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: 6/30/16
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 June 30, 2016 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 70.3 % | ||||
ADVERTISING - 3.1 % | ||||
39,325 | MDC Partners, Inc. - Cl. A | $ 719,254 | ||
AIRLINES - 0.3 % | ||||
1,325 | Spirit Airlines, Inc. * | 59,453 | ||
APPAREL - 0.2 % | ||||
1,375 | Steven Madden Ltd. * | 46,997 | ||
BANKS - 8.2 % | ||||
1,750 | Capital City Bank Group, Inc. | 24,360 | ||
2,415 | Cardinal Financial Corp. | 52,985 | ||
191,540 | First Bancorp. * | 760,414 | ||
2,885 | Iberiabank Corp. | 172,321 | ||
24,215 | Popular, Inc. | 709,499 | ||
6,650 | Yadkin Financial Corp. | 166,848 | ||
1,886,427 | ||||
BIOTECHNOLOGY - 0.2 % | ||||
660 | Charles River Laboratories International, Inc. * | 54,410 | ||
BUILDING MATERIALS - 0.7 % | ||||
3,125 | Apogee Enterprises, Inc. | 144,844 | ||
1,400 | Quanex Building Products Corp. | 26,026 | ||
170,870 | ||||
COMMERCIAL SERVICES - 11.0 % | ||||
875 | AMN Healthcare Services, Inc. * | 34,974 | ||
8,215 | Cardtronics, Inc. * | 327,039 | ||
5,040 | Cross Country Healthcare, Inc. * | 70,157 | ||
2,440 | Euronet Worlwide, Inc. * | 168,824 | ||
20 | FTI Consulting Inc. * | 813 | ||
4,500 | Grand Canyon Education, Inc. * | 179,640 | ||
1,485 | INC Research Holdings, Inc. - Cl. A * | 56,623 | ||
67,365 | Information Services Group, Inc. * | 252,619 | ||
10,105 | KAR Auction Services, Inc. | 421,783 | ||
19,825 | On Assignment, Inc. * | 732,534 | ||
12,275 | TrueBlue, Inc. * | 232,243 | ||
535 | United Rentals, Inc. * | 35,898 | ||
2,513,147 | ||||
COMPUTERS - 6.4 % | ||||
2,825 | Cognizant Technology Solutions Corp. - Cl. A * | 161,703 | ||
9,300 | Electronics For Imaging, Inc. * | 400,272 | ||
5,750 | Manhattan Associates, Inc. * | 368,747 | ||
3,870 | MAXIMUS, Inc. | 214,282 | ||
11,920 | WNS Holdings Ltd. (ADR) * | 321,840 | ||
1,466,844 | ||||
DISTRIBUTION/WHOLESALE - 5.1 % | ||||
53,795 | H&E Equipment Services, Inc. | 1,023,719 | ||
4,090 | HD Supply Holdings, Inc. * | 142,414 | ||
1,166,133 |
Schedule of Investments |Aggressive Growth | |||||
As of June 30, 2016 (Unaudited) (Continued) | |||||
Shares | Fair Value | ||||
DIVERSIFIED FINANCIAL SERVICES - 4.2 % | |||||
51,755 | Cowen Group, Inc. * | $ 153,195 | |||
14,425 | SEI Investments Co. | 693,987 | |||
1,985 | WageWorks, Inc. * | 118,723 | |||
965,905 | |||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.2 % | |||||
795 | Belden, Inc. | 47,994 | |||
ELECTRONICS - 0.5 % | |||||
445 | PerkinElmer, Inc. | 23,327 | |||
3,270 | Trimble Navigation Ltd. * | 79,657 | |||
102,984 | |||||
HAND/MACHINE TOOLS - 0.1 % | |||||
175 | Snap-on, Inc. | 27,619 | |||
HEALTHCARE - PRODUCTS - 1.9 % | |||||
1,350 | Brucker Corp. | 30,699 | |||
920 | Dentsply Sirona, Inc. | 57,077 | |||
1,330 | Globus Medical, Inc. - Cl. A * | 31,694 | |||
3,425 | Masimo Corp. * | 179,864 | |||
2,815 | NxStage Medical, Inc. * | 61,029 | |||
3,245 | Spectranetics Corp. * | 60,714 | |||
1,375 | Wright Medical Group NV * | 23,884 | |||
444,961 | |||||
HEALTHCARE - SERVICES - 2.8 % | |||||
8,000 | Centene Corp. * | 570,960 | |||
1,080 | Icon PLC * | 75,611 | |||
646,571 | |||||
HOME BUILDERS - 0.5 % | |||||
4,200 | Toll Brothers, Inc. * | 113,022 | |||
INSURANCE - 3.6 % | |||||
18,365 | Assured Guaranty Ltd. | 465,920 | |||
59,695 | MGIC Investment Corp. * | 355,185 | |||
821,105 | |||||
LEISURE TIME - 3.5 % | |||||
17,735 | Brunswick Corp. | 803,750 | |||
OIL & GAS - 1.6 % | |||||
370 | Concho Resources, Inc. * | 44,130 | |||
2,650 | Diamondback Energy, Inc. * | 241,706 | |||
3,895 | Matador Resources Co. * | 77,121 | |||
362,957 | |||||
OIL & GAS SERVICES - 1.4 % | |||||
17,505 | Superior Energy Services, Inc. | 322,267 | |||
PHARMACEUTICALS - 0.1 % | |||||
360 | Quintiles Transnational Holdings, Inc. * | 23,515 | |||
REAL ESTATE - 0.1 % | |||||
225 | Howard Hughes Corp. * | 25,722 |
Schedule of Investments |Aggressive Growth | |||||
As of June 30, 2016 (Unaudited) (Continued) | |||||
Shares | Fair Value | ||||
RETAIL - 4.0 % | |||||
475 | Coach, Inc. | $ 19,351 | |||
2,850 | Kate Spade & Co. * | 58,738 | |||
115 | Kona Grill, Inc. * | 1,233 | |||
22,980 | MarineMax, Inc. * | 389,971 | |||
1,150 | Popeyes Louisiana Kitchen, Inc. * | 62,836 | |||
6,250 | Sonic Corp. | 169,063 | |||
2,250 | Tractor Supply Co. | 205,155 | |||
906,347 | |||||
SEMICONDUCTORS - 2.1 % | |||||
555 | Broadcom Ltd. | 86,247 | |||
1,115 | Cavium, Inc. * | 43,039 | |||
1,500 | Monolithic Power System, Inc. | 102,480 | |||
3,345 | NXP Semiconductor NV * | 262,047 | |||
493,813 | |||||
SOFTWARE - 7.3 % | |||||
4,870 | Aspen Technology, Inc. * | 195,969 | |||
1,310 | Imperva, Inc. * | 56,343 | |||
3,300 | Proofpoint, Inc. * | 208,197 | |||
2,225 | PTC, Inc. * | 83,616 | |||
25,210 | SS&C Technologies Holdings, Inc. | 707,897 | |||
2,485 | Tyler Technologies, Inc. * | 414,274 | |||
1,666,296 | |||||
TELECOMMUNICATIONS - 0.8 % | |||||
1,750 | Finisar Corp. * | 30,643 | |||
1,285 | Palo Alto Networks, Inc. * | 157,592 | |||
188,235 | |||||
TRANSPORTATION - 0.4 % | |||||
1,515 | Old Dominion Freight Line, Inc. * | 91,370 | |||
TOTAL COMMON STOCK (Cost $16,167,406) | 16,137,968 | ||||
MASTER LIMITED PARTNERSHIPS - 1.7 % | |||||
12,925 | Lazard Ltd. - Cl. A (Cost $588,517) | 384,907 | |||
REITS - 1.0 % | |||||
590 | Equinix, Inc. - (Cost $222,311) | 228,761 | |||
MONEY MARKET FUND - 25.2 % | |||||
5,798,942 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.26% (A) | ||||
(Cost $5,798,942) | 5,798,942 | ||||
TOTAL INVESTMENTS - 98.2 % (Cost $22,777,176) (B) | $ 22,550,578 | ||||
OTHER ASSETS LESS LIABILITIES - NET - 1.8 % | 410,772 | ||||
NET ASSETS - 100.0 % | $ 22,961,350 | ||||
* Non-income producing securities. | |||||
ADR - American Depositary Receipt | |||||
MLP - Master Limited Partnership | |||||
REIT - Real Estate Investment Trust | |||||
(A) Variable rate security; the rate shown represents the yield at June 30, 2016. | |||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $22,891,793 and differs from fair value by net unrealized depreciation of securities as follows: | |||||
Unrealized appreciation | $ 857,177 | ||||
Unrealized depreciation | (1,198,392) | ||||
Net unrealized depreciation | $ (341,215) |
Schedule of Investments | International | ||||
As of June 30, 2016 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 82.0 % | ||||
AIRLINES - 2.2 % | ||||
14,300 | International Consolidated Airlines Group SA (ADR) | $ 355,355 | ||
81,100 | Japan Airlines Co. Ltd. (ADR) | 1,295,573 | ||
1,650,928 | ||||
AUTO PARTS & EQUIPMENT - 6.5 % | ||||
37,400 | Continental AG (ADR) | 1,421,200 | ||
52,000 | Magna International, Inc. | 1,823,640 | ||
73,100 | Valeo SA (ADR) | 1,637,075 | ||
4,881,915 | ||||
BANKS - 8.1 % | ||||
10,500 | Banco Macro SA (ADR) | 779,310 | ||
32,739 | DBS Group Holdings Ltd. (ADR) | 1,539,388 | ||
60,100 | Intesa Sanpaolo SpA (ADR) | 704,973 | ||
50,200 | KBC Group NV (ADR) * | 1,236,677 | ||
392,000 | Mizuho Financial Group, Inc. (ADR) | 1,117,200 | ||
35,100 | Swedbank AB (ADR) | 736,749 | ||
6,114,297 | ||||
BUILDING MATERIALS - 0.7 % | ||||
100,000 | Asahi Glass Co. Ltd. (ADR) | 534,500 | ||
CHEMICALS - 0.9 % | ||||
7,300 | Agrium, Inc. | 660,066 | ||
DIVERSIFIED FINANCIAL SERVICES - 5.3 % | ||||
14,000 | AerCap Holdings NV * | 470,260 | ||
175,500 | Daiwa Securities Group, Inc. (ADR) | 914,355 | ||
40,600 | ORIX Corp. (ADR) | 2,594,746 | ||
3,979,361 | ||||
ELECTRIC - 0.6 % | ||||
47,900 | Power Assets Holdings Ltd. (ADR) | 438,285 | ||
ELECTRONICS - 1.6 % | ||||
45,900 | Orbotech Ltd. * | 1,172,745 | ||
ENGINEERING & CONSTRUCTION - 2.4 % | ||||
103,000 | Vinci SA (ADR) | 1,824,130 | ||
FOOD - 7.5 % | ||||
96,800 | Cencosud SA (ADR) | 866,360 | ||
14,000 | Kerry Group PLC (ADR) | 1,260,560 | ||
118,800 | Marine Harvest ASA (ADR) | 2,007,720 | ||
73,100 | Seven & I Holdings Co. Ltd. (ADR) | 1,524,135 | ||
5,658,775 | ||||
HAND/MACHINE TOOLS - 2.9 % | ||||
104,650 | Techtronic Industries Co. (ADR) | 2,171,487 | ||
HEALTHCARE - PRODUCTS - 4.2 % | ||||
92,000 | Smith & Nephew PLC (ADR) | 3,157,440 | ||
HEALTHCARE - SERVICES - 3.8 % | ||||
65,000 | Fresenius Medical Care AG & Co. (ADR) | 2,832,050 | ||
HOLDING COMPANIES - DIVERSIFIED - 1.0 % | ||||
69,402 | CK Hutchinson Holdings Ltd. (ADR) | 761,340 | ||
HOME BUILDERS - 1.9 % | ||||
81,000 | Sekisui House Ltd. (ADR) | 1,405,350 | ||
INSURANCE - 5.3 % | ||||
47,900 | Ageas (ADR) | 1,647,281 | ||
75,200 | Muenchener Rueckversicherungs AG (ADR) | 1,261,104 | ||
43,900 | Zurich Insurance Group AG (ADR) | 1,085,647 | ||
3,994,032 | ||||
Schedule of Investments | International | |||||
As of June 30, 2016 (Unaudited) (Continued) | |||||
Shares | Fair Value | ||||
INTERNET - 1.5 % | |||||
50,000 | Tencent Holdings Ltd. (ADR) | $ 1,148,500 | |||
MACHINERY-CONSTRUCTION&MINING - 1.0 % | |||||
33,000 | Atlas Copco AB (ADR) | 788,700 | |||
METAL FABRICATE/HARDWARE - 0.9 % | |||||
70,000 | Assa Abloy AB (ADR) | 714,000 | |||
MINING - 0.4 % | |||||
10,000 | Rio Tinto PLC (ADR) | 313,000 | |||
MISCELLANEOUS MANUFACTURING - 2.2 % | |||||
43,538 | FUJIFILM Holdings Corp. (ADR) | 1,674,471 | |||
OIL & GAS - 3.4 % | |||||
26,200 | Eni SpA (ADR) | 847,570 | |||
97,500 | Statoil ASA (ADR) | 1,687,725 | |||
2,535,295 | |||||
PHARMACEUTICALS - 7.1 % | |||||
103,000 | Ipsen SA (ADR) | 1,577,445 | |||
48,700 | Ono Pharmaceutical Co. Ltd. (ADR) | 694,949 | |||
16,700 | Shire PLC (ADR) | 3,074,136 | |||
5,346,530 | |||||
SEMICONDUCTORS - 2.0 % | |||||
19,600 | NXP Semiconductors NV * | 1,535,464 | |||
SOFTWARE - 2.8 % | |||||
17,000 | Amadeus IT Holdings SA (ADR) | 746,300 | |||
22,970 | Open Text Corp. | 1,358,905 | |||
2,105,205 | |||||
TELECOMMUNICATIONS - 3.9 % | |||||
10,000 | Globe Telecom, Inc. (ADR) | 514,400 | |||
51,000 | Nippon Telegraph & Telephone Corp. (ADR) | 2,401,080 | |||
2,915,480 | |||||
TRANSPORTATION - 0.8 % | |||||
5,000 | Canadian Pacific Railway Ltd. | 643,950 | |||
WATER - 1.1 % | |||||
96,000 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 860,160 | |||
TOTAL COMMON STOCK (Cost $55,190,609) | 61,817,456 | ||||
MONEY MARKET FUND - 17.7 % | |||||
13,351,156 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.26% (A) | 13,351,156 | |||
(Cost $13,351,156) | |||||
TOTAL INVESTMENTS - 99.7 % (Cost $68,541,765) (B) | $ 75,168,612 | ||||
OTHER ASSETS LESS LIABILITIES - NET - 0.3 % | 225,629 | ||||
NET ASSETS - 100.0 % | $ 75,394,241 | ||||
*Non-income producing securities. | |||||
(ADR) American Depositary Receipt. | |||||
(A) Variable rate security; the rate shown represents the yield at June 30, 2016. | |||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $68,813,676 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | |||||
Unrealized appreciation | $ 9,824,355 | ||||
Unrealized depreciation | (3,469,419) | ||||
Net unrealized appreciation | $ 6,354,936 | ||||
Schedule of Investments | International | ||||
As of June 30, 2016 (Unaudited) (Continued) | ||||
Diversification of Assets | ||||
Country | % of Net Assets | |||
Japan | 18.78% | |||
Germany | 7.31% | |||
France | 6.68% | |||
Canada | 5.95% | |||
Britain | 5.07% | |||
Norway | 4.90% | |||
Hong Kong | 4.47% | |||
United States | 4.08% | |||
Belguim | 3.83% | |||
Sweden | 2.97% | |||
Ireland | 2.30% | |||
Italy | 2.06% | |||
Netherlands | 2.04% | |||
Singapore | 2.04% | |||
Israel | 1.56% | |||
China | 1.52% | |||
Switzerland | 1.44% | |||
Chile | 1.15% | |||
Brazil | 1.14% | |||
Argentina | 1.03% | |||
Spain | 0.99% | |||
Philippines | 0.68% | |||
Total | 81.99% | |||
Money Market Fund | 17.71% | |||
Other Assets in Excess of Liabilities | 0.30% | |||
Grand Total | 100.00% |
Schedule of Investments | Large/Mid Cap Growth | ||||
As of June 30, 2016 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 71.8 % | ||||
AEROSPACE/DEFENSE - 1.7 % | ||||
7,740 | General Dynamics Corp. | $ 1,077,718 | ||
APPAREL - 2.0 % | ||||
1,470 | Steven Madden Ltd. * | 50,245 | ||
19,930 | VF Corp. | 1,225,496 | ||
1,275,741 | ||||
BANKS - 2.2 % | ||||
6,210 | Iberiabank Corp. | 370,923 | ||
34,670 | Popular, Inc. | 1,015,831 | ||
1,386,754 | ||||
BIOTECHNOLOGY - 2.5 % | ||||
15,010 | Celgene Corp. * | 1,480,436 | ||
905 | Charles River Laboratories International, Inc. * | 74,608 | ||
1,555,044 | ||||
CHEMICALS - 3.2 % | ||||
6,840 | LyondellBasell Industries NV | 509,033 | ||
13,435 | Praxair, Inc. | 1,509,960 | ||
2,018,993 | ||||
COMMERCIAL SERVICES - 3.2 % | ||||
13,505 | Euronet Worldwide, Inc. * | 934,411 | ||
24,315 | KAR Auction Services, Inc. | 1,014,908 | ||
945 | United Rentals, Inc. * | 63,410 | ||
2,012,729 | ||||
COMPUTERS - 1.8 % | ||||
8,570 | Cognizant Technology Solutions Corp. - Cl. A * | 490,547 | ||
5,295 | Electronics for Imaging, Inc. * | 227,897 | ||
6,610 | Manhattan Associates, Inc. * | 423,899 | ||
1,142,343 | ||||
DISTRIBUTION/WHOLESALE - 1.2 % | ||||
22,360 | HD Supply Holdings, Inc. * | 778,575 | ||
DIVERSIFIED FINANCIAL SERVICES - 3.5 % | ||||
44,975 | SEI Investments Co. | 2,163,747 | ||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.2 % | ||||
1,735 | Belden, Inc. | 104,742 | ||
ELECTRONICS - 4.6 % | ||||
18,300 | Amphenol Corp. | 1,049,139 | ||
13,985 | Honeywell International, Inc. | 1,626,735 | ||
955 | PerkinElmer, Inc. | 50,061 | ||
7,540 | Trimble Navigation Ltd. * | 183,675 | ||
2,909,610 | ||||
FOOD - 7.6 % | ||||
21,710 | Hain Celestial Group, Inc. * | 1,080,073 | ||
12,140 | JM Smucker Co. | 1,850,258 | ||
16,900 | McCormick & Co., Inc. | 1,802,723 | ||
4,733,054 | ||||
HAND/MACHINE TOOLS - 0.1 % | ||||
410 | Snap-on, Inc. | 64,706 | ||
HEALTHCARE - PRODUCTS - 0.2 % | ||||
1,985 | Dentsply Sirona, Inc. | 123,149 | ||
HEALTHCARE - SERVICES - 1.7 % | ||||
13,527 | Centene Corp. * | 965,422 | ||
1,165 | Icon PLC * | 81,562 | ||
1,046,984 | ||||
Schedule of Investments | Large/Mid Cap Growth | ||||
As of June 30, 2016 (Unaudited) (Continued) | ||||
Shares | Fair Value | |||
HOME BUILDERS - 0.4 % | ||||
9,000 | Toll Brothers, Inc. * | $ 242,190 | ||
HOUSEWARES - 1.6 % | ||||
19,942 | Newell Brands, Inc. | 968,583 | ||
INSURANCE - 6.0 % | ||||
39,380 | Assured Guaranty, Ltd. | 999,071 | ||
16,675 | Chubb Ltd. | 2,179,589 | ||
91,185 | MGIC Investment Corp. * | 542,551 | ||
3,721,211 | ||||
LEISURE TIME - 2.1 % | ||||
29,345 | Brunswick Corp. | 1,329,915 | ||
OIL & GAS - 1.3 % | ||||
1,005 | Concho Resources, Inc. * | 119,866 | ||
8,010 | ConocoPhillips | 349,236 | ||
3,820 | Diamondback Energy, Inc. * | 348,422 | ||
817,524 | ||||
OIL & GAS SERVICES- 0.6 % | ||||
20,510 | Superior Energy Services, Inc. | 377,589 | ||
PHARMACEUTICALS - 4.0 % | ||||
21,000 | AbbVie, Inc. | 1,300,110 | ||
14,810 | Express Scripts Holding Co. * | 1,122,598 | ||
770 | Quintiles Transnational Holdings, Inc. * | 50,296 | ||
2,473,004 | ||||
RETAIL - 8.9 % | ||||
2,310 | AutoZone, Inc. * | 1,833,770 | ||
960 | Coach, Inc. | 39,110 | ||
9,080 | Costco Wholesale Corp. | 1,425,923 | ||
23,540 | Lowe's Cos, Inc. | 1,863,662 | ||
4,845 | Tractor Supply Co. | 441,767 | ||
5,604,232 | ||||
SEMICONDUCTORS - 6.5 % | ||||
1,180 | Broadcom Ltd. | 183,372 | ||
1,205 | Cavium, Inc. * | 46,513 | ||
16,320 | Linear Technology Corp. | 759,370 | ||
23,075 | Maxim Integrated Products, Inc. | 823,547 | ||
2,400 | Monolithic Power Systems, Inc. | 163,968 | ||
32,690 | NVIDIA Corp. | 1,536,757 | ||
7,245 | NXP Semiconductor NV * | 567,573 | ||
4,081,100 | ||||
SOFTWARE - 3.8 % | ||||
12,700 | Check Point Software Technologies Ltd. * | 1,011,936 | ||
2,745 | PTC, Inc. * | 103,157 | ||
29,390 | SS&C Technologies Holdings, Inc. | 825,271 | ||
2,745 | Tyler Technologies, Inc. * | 457,619 | ||
2,397,983 | ||||
TELECOMMUNICATIONS - 0.6 % | ||||
2,785 | Palo Alto Networks, Inc. * | 341,552 | ||
TRANSPORTATION - 0.3 % | ||||
3,310 | Old Dominion Freight Line, Inc. * | 199,626 | ||
TOTAL COMMON STOCK (Cost $40,527,940) | 44,948,398 | |||
MASTER LIMITED PARTNERSHIPS - 0.8 % | ||||
16,430 | Lazard, Ltd. MLP - Cl. A (Cost $810,536) | 489,285 | ||
Schedule of Investments | Large/Mid Cap Growth | ||||
As of June 30, 2016 (Unaudited) (Continued) | ||||
Shares | Fair Value | |||
REITS - 0.8 % | ||||
1,280 | Equinix, Inc. (Cost $486,244) | $ 496,294 | ||
MONEY MARKET FUND - 27.0 % | ||||
16,933,247 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.37% (A) | 16,933,247 | ||
(Cost $16,933,247) | ||||
TOTAL INVESTMENTS - 100.4 % (Cost $58,757,967)(B) | $ 62,867,224 | |||
OTHER ASSETS LESS LIABILITIES - NET - (0.4) % | (277,178) | |||
NET ASSETS - 100.0 % | $ 62,590,046 | |||
*Non-income producing securities. | ||||
MLP - Master Limited Partnership | ||||
REIT - Real Estate Investment Trust | ||||
(A) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $58,818,287 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 5,800,861 | |||
Unrealized depreciation | (1,751,924) | |||
Net unrealized appreciation | $ 4,048,937 |
Schedule of Investments | Small Cap Value | ||||
As of June 30, 2016 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 80.2 % | ||||
APPAREL - 2.0 % | ||||
35,155 | Oxford Industries, Inc. | $ 1,990,476 | ||
BANKS - 12.7 % | ||||
51,217 | Chemical Financial Corp. | 1,909,882 | ||
66,008 | Columbia Banking System, Inc. | 1,852,184 | ||
72,800 | Glacier Bancorp, Inc. | 1,935,024 | ||
86,644 | Heritage Commerce Corp. | 912,361 | ||
75,204 | Legacy Texas Financial Group, Inc. | 2,023,740 | ||
57,374 | Opus Bank | 1,939,241 | ||
35,654 | Wintrust Financial Corp. | 1,818,354 | ||
12,390,786 | ||||
BUILDING MATERIALS - 6.2 % | ||||
45,711 | Apogee Enterprises, Inc. | 2,118,705 | ||
84,186 | Continental Building Products, Inc. * | 1,871,455 | ||
47,126 | Trex Co., Inc. * | 2,116,900 | ||
6,107,060 | ||||
CHEMICALS - 1.9 % | ||||
77,900 | A. Schulman, Inc. | 1,902,318 | ||
COMMERCIAL SERVICES - 2.1 % | ||||
62,618 | Kelly Services, Inc. - Cl. A | 1,187,863 | ||
46,436 | TrueBlue, Inc. * | 878,569 | ||
2,066,432 | ||||
ELECTRIC - 4.3 % | ||||
32,200 | ALLETE, Inc. | 2,081,086 | ||
33,300 | NorthWestern Corp. | 2,100,231 | ||
4,181,317 | ||||
ELECTRICAL COMPONENTS & EQUIPMENT - 2.1 % | ||||
17,545 | Littelfuse, Inc. | 2,073,644 | ||
ELECTRONICS - 1.2 % | ||||
19,825 | OSI Systems, Inc. * | 1,152,427 | ||
ENTERTAINMENT - 2.0 % | ||||
57,933 | International Speedway Corp. | 1,937,859 | ||
FOOD - 2.2 % | ||||
18,463 | J & J Snack Foods Corp. | 2,202,082 | ||
HEALTHCARE - PRODUCTS - 5.3 % | ||||
45,556 | CONMED Corp. | 2,174,388 | ||
25,726 | Integra LifeSciences Holdings Corp. * | 2,052,420 | ||
50,873 | Merit Medical Systems, Inc. * | 1,008,812 | ||
5,235,620 | ||||
HOME FURNISHINGS - 2.0 % | ||||
74,728 | DTS, Inc. * | 1,976,556 | ||
INSURANCE - 5.0 % | ||||
31,345 | AMERISAFE, Inc. | 1,918,941 | ||
66,129 | Employers Holdings, Inc. | 1,919,064 | ||
16,297 | Safety Insurance Group, Inc. | 1,003,569 | ||
4,841,574 | ||||
INTERNET - 1.8 % | ||||
94,250 | AVG Technologies NV * | 1,789,808 | ||
Schedule of Investments | Small Cap Value | ||||
As of June 30, 2016 (Unaudited) (Continued) | ||||
Shares | Fair Value | |||
LEISURE TIME - 1.4 % | ||||
106,162 | ClubCorp Holdings, Inc. | $ 1,380,106 | ||
MACHINERY - 2.1 % | ||||
15,762 | Alamo Group, Inc. | 1,039,819 | ||
35,293 | Gorman-Rupp Co. | 967,381 | ||
2,007,200 | ||||
OFFICE FURNISHINGS - 2.8 % | ||||
74,800 | Interface, Inc. | 1,140,700 | ||
64,215 | Knoll, Inc. | 1,559,140 | ||
2,699,840 | ||||
OIL & GAS - 6.2 % | ||||
176,800 | Callon Petroleum Co. * | 1,985,464 | ||
59,800 | RSP Permian, Inc. * | 2,086,422 | ||
296,792 | Synergy Resources Corp. * | 1,976,635 | ||
6,048,521 | ||||
OIL & GAS SERVICES - 0.9 % | ||||
52,131 | Matrix Service Co. * | 859,640 | ||
PACKAGING & CONTAINERS - 1.5 % | ||||
110,800 | KapStone Paper and Packaging Corp. | 1,441,508 | ||
RETAIL - 4.2 % | ||||
27,700 | Lithia Motors, Inc. | 1,968,639 | ||
77,700 | Sonic Corp. | 2,101,785 | ||
4,070,424 | ||||
SAVINGS & LOANS - 2.0 % | ||||
71,823 | Berkshire Hills Bancorp, Inc. | 1,933,475 | ||
SEMICONDUCTORS - 1.2 % | ||||
26,700 | MKS Instruments, Inc. | 1,149,702 | ||
SOFTWARE - 2.9 % | ||||
105,450 | Everyday Health, Inc.* | 830,946 | ||
58,321 | Omnicell, Inc. * | 1,996,328 | ||
2,827,274 | ||||
TEXTILES - 1.1 % | ||||
13,835 | G&K Services, Inc. | 1,059,346 | ||
TRANSPORTATION - 1.9 % | ||||
104,415 | Heartland Express, Inc. | 1,815,777 | ||
WATER - 1.2 % | ||||
20,517 | Connecticut Water Service, Inc. | 1,153,055 | ||
TOTAL COMMON STOCK (Cost $75,322,732) | 78,293,827 | |||
REITS - 9.7 % | ||||
36,693 | CyrusOne, Inc. | 2,042,332 | ||
62,574 | Easterly Government Properties, Inc. | 1,234,585 | ||
85,200 | STAG Industrial, Inc. | 2,028,612 | ||
156,897 | Summit Hotel Properties, Inc. | 2,077,316 | ||
79,473 | Terreno Realty Corp. | 2,055,967 | ||
TOTAL REITS (Cost $7,258,746) | 9,438,812 | |||
Schedule of Investments | Small Cap Value | ||||
As of June 30, 2016 (Unaudited) (Continued) | ||||
Shares | Fair Value | |||
MONEY MARKET FUND - 8.9 % | ||||
8,701,793 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.37% (A) | $ 8,701,793 | ||
(Cost $8,701,793) | ||||
TOTAL INVESTMENTS - 98.8 % (Cost $91,283,271)(B) | $ 96,434,432 | |||
OTHER ASSETS LESS LIABILITIES - NET - 1.2 % | 1,157,487 | |||
NET ASSETS - 100.0 % | $ 97,591,919 | |||
* Non-income producing securities. | ||||
REIT - Real Estate Investment Trust. | ||||
(A) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $91,401,827 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 10,512,406 | |||
Unrealized depreciation | (5,479,801) | |||
Net unrealized appreciation | $ 5,032,605 |
Schedule of Investments | Large/Mid Cap Value | ||||
As of June 30, 2016 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 72.5 % | ||||
AEROSPACE/DEFENSE - 1.8 % | ||||
24,100 | General Dynamics Corp. | $ 3,355,684 | ||
APPAREL - 2.0 % | ||||
59,100 | VF Corp. | 3,634,059 | ||
AUTO PARTS & EQUIPMENT - 1.5 % | ||||
89,600 | BorgWarner, Inc. | 2,644,992 | ||
BANKS - 3.2 % | ||||
88,200 | East West Bancorp, Inc. | 3,014,676 | ||
28,886 | SVB Financial Group * | 2,748,792 | ||
5,763,468 | ||||
BEVERAGES - 2.4 % | ||||
45,800 | Dr. Pepper Snapple Group, Inc. | 4,425,654 | ||
CHEMICALS - 2.3 % | ||||
13,850 | Sherwin-Williams Co. | 4,067,330 | ||
COMPUTERS - 5.3 % | ||||
91,600 | Amdocs Ltd. | 5,287,152 | ||
36,300 | DST Systems, Inc. | 4,226,409 | ||
9,513,561 | ||||
DIVERSIFIED FINANCIAL SERVICES - 1.6 % | ||||
113,600 | Invesco, Ltd. | 2,901,344 | ||
ELECTRIC - 2.8 % | ||||
77,600 | WEC Energy Group, Inc | 5,067,280 | ||
ELECTRONICS - 10.4 % | ||||
69,500 | Amphenol Corp. | 3,984,435 | ||
84,400 | Avnet, Inc. | 3,419,044 | ||
125,200 | FLIR Systems, Inc. | 3,874,940 | ||
36,800 | Honeywell International, Inc. | 4,280,576 | ||
57,000 | TE Connectivity, Ltd. | 3,255,270 | ||
18,814,265 | ||||
FOOD - 5.4 % | ||||
28,100 | JM Smucker Co. | 4,282,721 | ||
52,300 | McCormick & Co., Inc. | 5,578,841 | ||
9,861,562 | ||||
HEALTHCARE - PRODUCTS - 2.7 % | ||||
20,500 | CR Bard, Inc. | 4,820,780 | ||
INSURANCE 2.4 % | ||||
33,300 | Chubb Ltd. | 4,352,643 | ||
MACHINERY - 0.9 % | ||||
36,800 | Flowserve Corp. | 1,662,256 | ||
MISCELLANEOUS MANUFACTURING - 2.4 % | ||||
50,300 | AO Smith Corp. | 4,431,933 | ||
Schedule of Investments | Large/Mid Cap Value | ||||
As of June 30, 2016 (Unaudited) (Continued) | ||||
Shares | Fair Value | |||
OIL & NATURAL GAS - 7.2 % | ||||
45,900 | EOG Resources, Inc. | $ 3,828,978 | ||
29,700 | EQT Corp. | 2,299,671 | ||
46,900 | Exxon Mobil Corp. | 4,396,406 | ||
65,500 | Marathon Petroleum Corp. | 2,486,380 | ||
13,011,435 | ||||
PHARMACEUTICALS - 4.3 % | ||||
44,800 | Express Scripts Holding Co. * | 3,395,840 | ||
47,500 | Mead Johnson Nutrition Co. | 4,310,625 | ||
7,706,465 | ||||
RETAIL - 6.9 % | ||||
23,475 | Advance Auto Parts, Inc. | 3,794,264 | ||
97,800 | Dick's Sporting Goods, Inc. | 4,406,868 | ||
42,200 | Genuine Parts Co. | 4,272,750 | ||
12,473,882 | ||||
SEMICONDUCTORS - 2.5 % | ||||
29,300 | Broadcom Ltd. | 4,553,220 | ||
TEXTILES - 2.1 % | ||||
20,100 | Mohawk Industries, Inc. * | 3,814,176 | ||
TRANSPORTATION - 2.4 % | ||||
45,600 | Union Pacific Corp. | 4,327,600 | ||
TOTAL COMMON STOCK (Cost $106,580,459) | 131,203,589 | |||
MASTER LIMITED PATNERSHIPS - 1.4 % | ||||
82,300 | Lazard, Ltd. MLP - Cl. A (Cost $3,830,967) | 2,450,894 | ||
REITS - 6.1 % | ||||
41,572 | Alexandria Real Estate Equities, Inc. | 4,303,533 | ||
26,600 | Regency Centers Corp. | 2,227,218 | ||
20,500 | Simon Property Group, Inc. | 4,446,450 | ||
TOTAL REITS (Cost $9,207,624) | 10,977,201 | |||
MONEY MARKET FUND - 20.0 % | ||||
36,281,239 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.37% (A) | 36,281,239 | ||
(Cost $36,281,239) | ||||
TOTAL INVESTMENTS - 100.0 % (Cost $155,900,289)(B) | $ 180,912,923 | |||
OTHER ASSETS LESS LIABILITIES - NET - 0.0 % | 58,812 | |||
NET ASSETS - 100.0 % | $ 180,971,735 | |||
* Non-income producing securities. | ||||
MLP - Master Limited Partnership. | ||||
REIT - Real Estate Investment Trust | ||||
(A) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $155,781,478 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 29,666,722 | |||
Unrealized depreciation | (4,535,277) | |||
Net unrealized appreciation | $ 25,131,445 |
Schedule of Investments | Fixed Income | ||||||
As of June 30, 2016 (Unaudited) | ||||||
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||
BONDS & NOTES - 90.6 % | ||||||
CORPORATE BONDS - 23.2 % | ||||||
$ 1,000,000 | ABB Finance USA, Inc. | 2.875 | 5/8/2022 | $ 1,042,646 | ||
1,000,000 | Boardwalk Pipelines LP | 5.750 | 9/15/2019 | 1,047,907 | ||
1,000,000 | Broadridge Financial Solutions | 3.400 | 6/27/2026 | 1,012,885 | ||
1,000,000 | Delphi Automotive Systems Corp. | 4.150 | 3/15/2024 | 1,064,761 | ||
325,000 | Eaton Corp. | 5.600 | 5/15/2018 | 349,738 | ||
1,170,000 | Enable Midstream Partners LP | 3.900 | 5/15/2024 | 1,044,570 | ||
1,000,000 | Energy Transfer Partners LP | 6.700 | 7/1/2018 | 1,064,527 | ||
500,000 | Enterprise Products Operating, LLC | 6.125 | 10/15/2039 | 594,188 | ||
750,000 | Husky Energy, Inc. | 3.950 | 4/15/2022 | 776,672 | ||
945,431 | John Sevier Combined Cycle Generation LLC | 4.626 | 1/15/2042 | 1,109,058 | ||
750,000 | Johnson Controls, Inc. | 5.000 | 3/30/2020 | 821,348 | ||
1,000,000 | Kennametal, Inc. | 3.875 | 2/15/2022 | 1,019,417 | ||
1,000,000 | Lam Research Corp. | 3.900 | 6/15/2026 | 1,054,912 | ||
800,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 857,862 | ||
500,000 | ONEOK, Inc. | 4.250 | 2/1/2022 | 462,500 | ||
1,250,000 | Pentair Finance SA | 4.650 | 9/15/2025 | 1,304,225 | ||
1,000,000 | Phillips 66 | 2.950 | 5/1/2017 | 1,014,844 | ||
1,000,000 | Plains All American Pipeline LP | 3.650 | 6/1/2022 | 981,969 | ||
1,000,000 | Rio Tinto Finance USA PLC | 2.875 | 8/21/2022 | 1,016,651 | ||
1,200,000 | Ventas Realty LP/CAP Corp. | 3.250 | 8/15/2022 | 1,241,816 | ||
1,200,000 | Sunoco Logistics Partners LP | 4.250 | 4/1/2024 | 1,214,091 | ||
750,000 | Tyco Electronics Group SA | 6.550 | 10/1/2017 | 797,542 | ||
1,000,000 | Zimmer Biomet Holdings, Inc. | 2.700 | 4/1/2020 | 1,013,017 | ||
TOTAL CORPORATE BONDS (Cost $21,443,155) | 21,907,146 | |||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 67.4 % | ||||||
GOVERNMENT NOTES & BONDS - 33.7 % | ||||||
1,000,000 | Federal Home Loan Banks | 5.000 | 11/17/2017 | 1,059,685 | ||
4,000,000 | United States Treasury Note | 1.375 | 4/30/2021 | 4,069,298 | ||
2,500,000 | United States Treasury Note | 1.625 | 2/15/2026 | 2,528,223 | ||
2,400,000 | United States Treasury Note | 2.125 | 8/31/2020 | 2,517,656 | ||
6,750,000 | United States Treasury Note | 2.250 | 11/15/2024 | 7,201,669 | ||
7,000,000 | United States Treasury Note | 3.125 | 5/15/2021 | 7,703,007 | ||
2,900,000 | United States Treasury Note | 3.875 | 5/15/2018 | 3,081,250 | ||
2,500,000 | United States Treasury Note | 4.500 | 2/15/2036 | 3,602,003 | ||
TOTAL GOVERNMENT NOTES & BONDS (Cost $30,446,798) | 31,762,791 | |||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 33.7 % | ||||||
2,545 | GNMA Pool 585163 | 5.000 | 2/15/2018 | 2,585 | ||
3,147 | GNMA Pool 585180 | 5.000 | 2/15/2018 | 3,206 | ||
1,408 | GNMA Pool 592492 | 5.000 | 3/15/2018 | 1,434 | ||
2,042 | GNMA Pool 599821 | 5.000 | 1/15/2018 | 2,069 | ||
128,683 | GNMA Pool 604182 | 5.500 | 4/15/2033 | 148,100 | ||
82,387 | GNMA Pool 663776 | 6.500 | 1/15/2037 | 98,284 | ||
416,694 | GNMA Pool 701857 | 4.500 | 5/15/2039 | 460,223 | ||
934,782 | GNMA Pool 701961 | 4.500 | 6/15/2039 | 1,032,142 | ||
263,378 | GNMA Pool 734437 | 4.500 | 5/15/2041 | 290,701 | ||
720,992 | GNMA Pool 737556 | 4.500 | 10/15/2040 | 795,285 | ||
32,975 | GNMA Pool 781694 | 6.000 | 12/15/2031 | 37,843 | ||
298,891 | GNMA Pool 782916 | 5.500 | 2/15/2040 | 337,304 | ||
854,308 | GNMA Pool 783060 | 4.000 | 8/15/2040 | 921,422 | ||
443,744 | GNMA Pool 783403 | 3.500 | 9/15/2041 | 471,506 | ||
3,290,590 | GNMA Pool AD 8801 | 3.500 | 3/15/2043 | 3,518,116 | ||
30,236 | GNMA Pool G2 3584 | 6.000 | 7/20/2034 | 35,747 | ||
81,440 | GNMA Pool G2 3612 | 6.500 | 9/20/2034 | 100,258 | ||
230,998 | GNMA Pool G2 3625 | 6.000 | 10/20/2034 | 272,431 | ||
83,885 | GNMA Pool G2 3637 | 5.500 | 11/20/2034 | 94,359 | ||
144,612 | GNMA Pool G2 3665 | 5.500 | 1/20/2035 | 162,918 | ||
79,424 | GNMA Pool G2 3679 | 6.000 | 2/20/2035 | 93,905 | ||
159,635 | GNMA Pool G2 3711 | 5.500 | 5/20/2035 | 180,127 | ||
Schedule of Investments | Fixed Income | ||||||
As of June 30, 2016 (Unaudited) (Continued) | ||||||
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 33.7 % (Cont.) | ||||||
$ 123,882 | GNMA Pool G2 3865 | 6.000 | 6/20/2036 | $ 142,898 | ||
83,395 | GNMA Pool G2 3910 | 6.000 | 10/20/2036 | 96,262 | ||
102,444 | GNMA Pool G2 4058 | 5.000 | 12/20/2037 | 111,265 | ||
166,135 | GNMA Pool G2 4072 | 5.500 | 1/20/2038 | 184,503 | ||
606,084 | GNMA Pool G2 4520 | 5.000 | 8/20/2039 | 674,210 | ||
389,403 | GNMA Pool G2 4541 | 5.000 | 9/20/2039 | 433,354 | ||
718,057 | GNMA Pool G2 4947 | 5.000 | 2/20/2041 | 799,196 | ||
311,333 | GNMA Pool G2 5204 | 4.500 | 10/20/2041 | 340,051 | ||
722,922 | GNMA Pool G2 752631 | 4.500 | 10/20/2040 | 783,285 | ||
1,639,092 | GNMA Pool G2 AL 9364 | 3.500 | 3/20/2045 | 1,751,710 | ||
2,573,094 | GNMA Pool G2 MA0155 | 4.000 | 6/20/2042 | 2,767,873 | ||
1,672,118 | GNMA Pool G2 MA0220 | 3.500 | 7/20/2042 | 1,782,739 | ||
721,557 | GNMA Pool G2 MA2681 | 5.000 | 3/20/2045 | 784,895 | ||
656,585 | GNMA Pool G2 MA2892 | 3.500 | 6/20/2045 | 697,829 | ||
1,133,932 | GNMA Pool G2 MA2893 | 4.000 | 6/20/2045 | 1,213,230 | ||
1,794,213 | GNMA Pool G2 MA2961 | 3.500 | 7/20/2045 | 1,907,051 | ||
847,531 | GNMA Pool G2 MA2962 | 4.000 | 7/20/2045 | 906,711 | ||
939,266 | GNMA Pool G2 MA3106 | 4.000 | 9/20/2045 | 1,004,860 | ||
1,103,105 | GNMA Pool G2 MA3173 | 3.500 | 10/20/2045 | 1,172,706 | ||
1,821,114 | GNMA Pool G2 MA3376 | 3.500 | 1/20/2046 | 1,936,162 | ||
2,992,669 | GNMA Pool G2 MA33663 | 3.500 | 5/20/2046 | 3,182,837 | ||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $31,223,967) | 31,733,592 | |||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $61,670,765) | 63,496,383 | |||||
TOTAL BONDS AND NOTES (Cost $83,113,920) | 85,403,529 | |||||
Shares | ||||||
MONEY MARKET FUND - 8.8 % | ||||||
8,289,254 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.26% (A) | 8,289,254 | ||||
(Cost $8,289,254) | ||||||
TOTAL INVESTMENTS - 99.4 % (Cost $91,403,174)(B) | $ 93,692,783 | |||||
OTHER ASSETS LESS LIABILITIES - NET - 0.6 % | 548,465 | |||||
NET ASSETS - 100.0 % | $ 94,241,248 |
GNMA - Government National Mortgage Association | ||||||
(A) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $91,403,174 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||||
Unrealized appreciation | $ 2,570,631 | |||||
Unrealized depreciation | (281,022) | |||||
Net unrealized appreciation | $ 2,289,609 |
Schedule of Investments | High Yield Bond | ||||||
As of June 30, 2016 (Unaudited) | ||||||
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS - 91.7 % | ||||||
$ 1,000,000 | AerCap Ireland Capital Ltd. | 4.625 | 7/1/2022 | $ 1,027,830 | ||
1,000,000 | Ally Financial, Inc. | 3.500 | 1/27/2019 | 996,250 | ||
500,000 | AmeriGas Finance, LLC | 7.000 | 5/20/2022 | 530,310 | ||
600,000 | AmeriGas Finance, LP | 5.875 | 8/20/2026 | 602,250 | ||
500,000 | Amsted Industries, Inc. (A) | 5.000 | 3/15/2022 | 502,500 | ||
250,000 | Amsted Industries, Inc. (A) | 5.375 | 9/15/2024 | 246,250 | ||
500,000 | Anixter, Inc. | 5.625 | 5/1/2019 | 531,250 | ||
500,000 | ArcelorMittal | 7.250 | 2/25/2022 | 528,750 | ||
1,000,000 | Berry Plastics Corp. | 5.125 | 7/15/2023 | 1,002,500 | ||
500,000 | Bombardier, Inc. (A) | 6.125 | 1/15/2023 | 428,750 | ||
500,000 | Braskem Finance, Ltd. | 6.450 | 2/3/2024 | 507,550 | ||
500,000 | Cascades, Inc. (A) | 5.500 | 7/15/2022 | 488,125 | ||
500,000 | Cemex Finance LLC (A) | 6.000 | 4/1/2024 | 486,250 | ||
500,000 | Centene Corp. (A) | 6.125 | 2/15/2024 | 532,813 | ||
1,000,000 | CIT Group, Inc. | 3.875 | 2/19/2019 | 1,007,500 | ||
500,000 | Cloud Peak Energy Resources LLC | 8.500 | 12/15/2019 | 223,555 | ||
500,000 | CommScope, Inc. (A) | 5.000 | 6/15/2021 | 512,625 | ||
775,000 | Corrections Corp. of America | 4.125 | 4/1/2020 | 801,156 | ||
750,000 | Covanta Holding Corp. | 5.875 | 3/1/2024 | 731,250 | ||
750,000 | DaVita HealthCare Partners, Inc. | 5.000 | 5/1/2025 | 745,312 | ||
500,000 | DCP Midstream, LLC (A) (B) | 5.850 | 5/21/2043 | 362,500 | ||
750,000 | Digicel, Ltd. (A) | 6.000 | 4/15/2021 | 646,650 | ||
500,000 | Dollar Tree, Inc. (A) | 5.750 | 3/1/2023 | 533,750 | ||
500,000 | DR Horton, Inc. | 4.750 | 2/15/2023 | 520,625 | ||
500,000 | DuPont Fabros Technology LP | 5.875 | 9/15/2021 | 525,625 | ||
500,000 | Eldorado Gold Corp. (A) | 6.125 | 12/15/2020 | 502,500 | ||
750,000 | Energy Transfer Equity LP | 5.875 | 1/15/2024 | 733,125 | ||
500,000 | Ferrellgas LP | 6.750 | 1/15/2022 | 457,500 | ||
500,000 | Ferrellgas LP (A) | 6.750 | 6/15/2023 | 441,250 | ||
500,000 | FTI Consulting, Inc. | 6.000 | 11/15/2022 | 527,125 | ||
500,000 | General Cable Corp. (B) | 5.750 | 10/1/2022 | 462,500 | ||
500,000 | Genesis Energy LP | 5.750 | 2/15/2021 | 475,000 | ||
500,000 | Geo Group, Inc. | 5.125 | 4/1/2023 | 490,000 | ||
500,000 | Gibraltar Industries, Inc. (B) | 6.250 | 2/1/2021 | 505,000 | ||
500,000 | Global Parthners LP/ Global Fianance Corp. | 6.250 | 7/15/2022 | 418,750 | ||
500,000 | Group 1 Automotive, Inc. (B) | 5.000 | 6/1/2022 | 495,000 | ||
1,000,000 | HCA, Inc. | 5.250 | 4/15/2025 | 1,047,500 | ||
500,000 | Kaiser Aluminum Corp. (A) | 5.875 | 5/15/2024 | 515,000 | ||
500,000 | Kinder Morgan, Inc. (A) | 5.000 | 2/15/2021 | 527,508 | ||
500,000 | Land O' Lakes, Inc. (A) | 6.000 | 11/15/2026 | 532,500 | ||
500,000 | Legg Mason, Inc. | 4.750 | 3/15/2026 | 528,278 | ||
625,000 | LKQ Corp. | 4.750 | 5/15/2023 | 617,188 | ||
500,000 | Martin Midstream Partners LP | 7.250 | 2/15/2021 | 465,000 | ||
500,000 | Mednax, Inc. (A) | 5.250 | 12/1/2023 | 507,500 | ||
750,000 | Millicom International Cellular SA (A) | 4.750 | 5/22/2020 | 756,562 | ||
500,000 | Molina Healthcare, Inc. (A) | 5.375 | 11/15/2022 | 501,250 | ||
500,000 | MPT Operating Partnership LP | 6.375 | 2/15/2022 | 520,625 | ||
750,000 | Navient Corp. | 4.875 | 6/17/2019 | 725,625 | ||
250,000 | NGL Energy Partners LP | 5.125 | 7/15/2019 | 228,750 | ||
500,000 | NGL Energy Partners LP | 6.875 | 10/15/2021 | 441,250 | ||
500,000 | NuStar Logistics LP | 6.750 | 2/1/2021 | 507,500 | ||
500,000 | NXP BV / NXP Funding, LLC (A) | 4.625 | 6/1/2023 | 510,000 | ||
500,000 | Omega Healthcare Investers, Inc. | 5.875 | 3/15/2024 | 523,842 | ||
500,000 | Oshkosh Corp. | 5.375 | 3/1/2025 | 516,250 | ||
250,000 | Parker Drilling Co. | 7.500 | 8/1/2020 | 191,250 | ||
250,000 | Parker Drilling Co. | 6.750 | 7/15/2022 | 189,375 | ||
Schedule of Investments | High Yield Bond | ||||||
As of June 30, 2016 (Unaudited) (Continued) | ||||||
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS - 91.7 % (Cont.) | ||||||
$ 500,000 | Regency Energy Partners LP | 4.500 | 11/1/2023 | $ 488,858 | ||
750,000 | Reynolds Group Issuer, Inc. | 5.750 | 10/15/2020 | 776,250 | ||
500,000 | Rose Rock Midstream LP | 5.625 | 7/15/2022 | 442,500 | ||
500,000 | Scotts Miracle-Gro Co. (A) | 6.000 | 10/15/2023 | 528,750 | ||
500,000 | Sealed Air Corp. (A) | 5.250 | 4/1/2023 | 520,000 | ||
200,000 | Sealed Air Corp. (A) | 6.500 | 12/1/2020 | 228,500 | ||
500,000 | SemGroup LP | 7.500 | 6/15/2021 | 485,000 | ||
500,000 | Steel Dynamics, Inc. | 5.250 | 4/15/2023 | 512,500 | ||
500,000 | Suburban Propane Partners LP | 5.500 | 6/1/2024 | 493,750 | ||
500,000 | Summit Midstream Holdings LLC | 7.500 | 7/1/2021 | 482,500 | ||
500,000 | Sunoco LP (A) | 5.500 | 8/1/2020 | 494,375 | ||
100,000 | Sunoco LP (A) | 6.375 | 4/1/2023 | 99,750 | ||
500,000 | Targa Resources Partners LP | 4.250 | 11/15/2023 | 451,250 | ||
250,000 | Teck Resources, LTD (A) | 8.000 | 6/1/2021 | 258,125 | ||
500,000 | Teleflex, Inc. | 4.875 | 6/1/2026 | 506,250 | ||
500,000 | Tempur Sealy International, Inc. (A) | 5.625 | 10/15/2023 | 517,500 | ||
1,000,000 | Tenet Healthcare Corp. | 4.375 | 10/1/2021 | 997,500 | ||
500,000 | Tesoro Corp. | 5.375 | 10/1/2022 | 511,875 | ||
391,000 | Tesoro Logistics LP | 5.875 | 10/1/2020 | 403,707 | ||
500,000 | Toll Brothers Finance Corp. | 4.875 | 11/15/2025 | 496,250 | ||
500,000 | TreeHouse Foods, Inc. (A) | 6.000 | 2/15/2024 | 532,500 | ||
750,000 | TRI Pointe Group, Inc. | 4.875 | 7/1/2021 | 750,000 | ||
500,000 | Tullow Oil PLC (A) | 6.000 | 11/1/2020 | 406,250 | ||
500,000 | United Rentals North America, Inc. | 4.625 | 7/15/2023 | 506,250 | ||
500,000 | United States Steel Corp. | 7.500 | 3/15/2022 | 439,844 | ||
100,000 | USG Corp. (A) | 5.875 | 11/1/2021 | 105,125 | ||
500,000 | USG Corp. (B) | 9.500 | 1/15/2018 | 550,625 | ||
1,000,000 | VeriSign, Inc. | 4.625 | 5/1/2023 | 1,017,500 | ||
1,000,000 | WhiteWave Foods Co. | 5.375 | 10/1/2022 | 1,075,000 | ||
500,000 | WPX Energy, Inc. | 5.250 | 9/15/2024 | 442,500 | ||
750,000 | WR Grace & Co. (A) | 5.125 | 10/1/2021 | 772,500 | ||
TOTAL BONDS & NOTES (Cost $48,068,457) | 47,175,713 | |||||
Shares | ||||||
MONEY MARKET FUND - 6.9 % | ||||||
3,578,802 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.26% (B) | |||||
(Cost $3,578,802) | 3,578,802 | |||||
TOTAL INVESTMENTS - 98.6 % (Cost $51,647,259)(C) | $ 50,754,515 | |||||
OTHER ASSETS LESS LIABILITIES - NET - 1.4 % | 705,928 | |||||
NET ASSETS - 100.0 % | $ 51,460,443 | |||||
(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 26.5% 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. | ||||||
(B) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $51,647,259 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||||
Unrealized appreciation | $ 760,334 | |||||
Unrealized depreciation | (1,653,078) | |||||
Net unrealized depreciation | $ (892,744) |
Schedule of Investments | Israel Common Values | ||||
As of June 30, 2016 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 82.8 % | ||||
AEROSPACE/DEFENSE - 3.0 % | ||||
6,501 | Elbit Systems Ltd. | $ 591,266 | ||
APPAREL - 2.0 % | ||||
14,500 | Delta-Galil Industries Ltd. | 388,188 | ||
AUTO PARTS & EQUIPMENT - 2.4 % | ||||
10,400 | Mobileye NV * | 479,856 | ||
BANKS - 10.6 % | ||||
20,500 | Bank Hapoalim BM (ADR) | 511,885 | ||
106,000 | Bank Leumi Le-Israel BM * | 372,408 | ||
33,300 | First International Bank Of Israel Ltd. | 407,700 | ||
215,000 | Israel Discount Bank Ltd. * | 370,141 | ||
36,000 | Mizrahi Tefahot Bank Ltd. | 415,050 | ||
2,077,184 | ||||
BUILDING MATERIALS - 1.7 % | ||||
9,600 | CaesarStone Ltd. * | 333,696 | ||
CHEMICALS - 1.3 % | ||||
62,700 | Israel Chemicals Ltd. | 244,530 | ||
COMPUTERS - 0.8 % | ||||
24,210 | Matrix IT Ltd. | 154,271 | ||
ELECTRIC - 0.7 % | ||||
4,200 | Kenon Holdings Ltd. * | 43,449 | ||
2,300 | Ormat Technologies, Inc. | 100,664 | ||
144,113 | ||||
ELECTRONICS - 5.2 % | ||||
20,896 | Ituran Location and Control Ltd. | 474,130 | ||
21,500 | Orbotech Ltd. * | 549,325 | ||
1,023,455 | ||||
ENERGY-ALTERNATE SOURCES - 0.0 % | ||||
6,360 | Energix-Renewable Energies Ltd. | 4,403 | ||
FOOD - 7.1 % | ||||
17,000 | Frutarom Industries Ltd. | 783,101 | ||
8,500 | Hashikma Marketing 2006 Ltd. | 320,038 | ||
89,000 | Shufersal Ltd. * | 297,892 | ||
1,401,031 | ||||
HOME BUILDERS - 2.1 % | ||||
1,200 | Bayside Land Corp. | 409,753 | ||
OIL & NATURAL GAS - 8.9 % | ||||
620,000 | Avner Oil Exploration LP | 400,068 | ||
85,000 | Delek Drilling LP | 300,174 | ||
1,786,664 | Isramco Negev 2 LP | 304,342 | ||
770,000 | Oil Refineries Ltd. * | 271,922 | ||
1,900 | Paz Oil Co. Ltd. | 305,985 | ||
2,100,000 | Ratio Oil Exploration 1992 LP * | 163,590 | ||
1,746,081 | ||||
PHARMACEUTICALS - 4.1 % | ||||
45,000 | OPKO Health, Inc. * | 420,300 | ||
2,600 | Taro Pharmaceutical Industries Ltd. * | 378,560 | ||
798,860 | ||||
REAL ESTATE - 8.2 % | ||||
121,000 | Amot Investments Ltd. | 493,288 | ||
9,100 | Azrieli Group Ltd. | 386,581 | ||
30,000 | Gazit-Globe Ltd. | 267,975 | ||
11,366 | Melisron Ltd. | 456,852 | ||
1,604,696 | ||||
Schedule of Investments | Israel Common Values | ||||
As of June 30, 2016 (Unaudited) (Continued) | ||||
Shares | Fair Value | |||
SEMICONDUCTORS - 6.1 % | ||||
8,500 | Mellanox Technologies Ltd. * | $ 407,660 | ||
34,000 | Nova Measuring Instruments Ltd. * | 371,960 | ||
1,411 | Tower Semiconductor Ltd. * | 16,892 | ||
33,100 | Tower Semiconductor Ltd. * | 411,102 | ||
1,207,614 | ||||
SOFTWARE - 8.7 % | ||||
5,100 | Check Point Software Technologies Ltd. * | 406,368 | ||
9,600 | CyberArk Software Ltd. * | 466,464 | ||
63,783 | Magic Software Enterprises Ltd. | 422,881 | ||
35,900 | Sapiens International Corp. N.V. | 420,389 | ||
1,716,102 | ||||
TELECOMMUNICATIONS - 8.2 % | ||||
71,000 | AudioCodes Ltd. * | 297,490 | ||
56,000 | Cellcom Israel Ltd. * | 367,920 | ||
9,900 | Nice Ltd. (ADR) | 632,115 | ||
10,717 | Silicom Ltd. | 320,438 | ||
1,617,963 | ||||
TEXTILES - 1.7 % | ||||
26,100 | Fox Wizel Ltd. | 329,444 | ||
TOTAL COMMON STOCK (Cost $13,435,412) | 16,272,506 | |||
REITS - 2.1 % | ||||
52,000 | Alony Hetz Properties & Investments Ltd. (Cost $325,311) | 423,983 | ||
MONEY MARKET FUND - 15.2 % | ||||
2,988,365 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.37% (A) | 2,988,365 | ||
(Cost $2,988,365) | ||||
TOTAL INVESTMENTS - 100.1 % (Cost $16,749,088) (B) | $ 19,684,854 | |||
OTHER ASSETS LESS LIABILITIES - NET - (0.1) % | (23,561) | |||
NET ASSETS - 100.0 % | $ 19,661,293 | |||
*Non-income producing securities. | ||||
(ADR) American Depositary Receipt. | ||||
REIT - Real Estate Investment Trust | ||||
(A) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $17,349,406 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 3,531,277 | |||
Unrealized depreciation | (1,195,829) | |||
Net unrealized appreciation | $ 2,335,448 | |||
Diversification of Assets | ||||
Country | % of Net Assets | |||
Israel | 82.05% | |||
United States | 2.65% | |||
Singapore | 0.22% | |||
Total | 84.92% | |||
Money Market Fund | 15.20% | |||
Other Assets Less Liabilities - Net | (0.12)% | |||
Grand Total | 100.00% |
Schedule of Investments | Defensive Strategies Fund | ||||||
As of June 30, 2016 (Unaudited) | ||||||
Shares | Fair Value | |||||
COMMON STOCK - 16.9 % | ||||||
AGRICULTURE - 0.3 % | ||||||
726 | Andersons, Inc. | $ 25,802 | ||||
3,215 | Bunge Ltd. | 190,167 | ||||
215,969 | ||||||
CHEMICALS - 2.0 % | ||||||
261 | Agrium, Inc. | 23,600 | ||||
9,535 | CF Industries Holdings, Inc. | 229,794 | ||||
2,298 | FMC Corp. | 106,420 | ||||
15,960 | K+S AG | 325,271 | ||||
13,033 | Mosaic Co. | 341,204 | ||||
10,853 | Potash Corp. of Saskatchewan, Inc. | 176,253 | ||||
4,735 | Sociedad Quimica Y Minera de Chile, SA (ADR) | 117,049 | ||||
5,372 | Syngenta AG (ADR) | 412,516 | ||||
1,732,107 | ||||||
ENVIRONMENTAL CONTROL - 0.0 % | ||||||
1,300 | Kurita Water Industries Ltd. | 28,866 | ||||
FOOD - 2.0 % | ||||||
764 | BRF (ADR) | 10,643 | ||||
7,477 | Cal-Maine Foods, Inc. | 331,381 | ||||
867 | Darling Ingredients, Inc. * | 12,918 | ||||
1,214 | Ingredion, Inc. | 157,104 | ||||
13,664 | Pilgrim's Pride Corp. | 348,159 | ||||
6,827 | Sanderson Farms, Inc. | 591,491 | ||||
4,162 | Tyson Foods, Inc. | 277,980 | ||||
1,729,676 | ||||||
IRON/STEEL - 1.0 % | ||||||
1,178 | Allegheny Technologies, Inc. | 15,019 | ||||
6,888 | ArcelorMittal (ADR) * | 32,098 | ||||
28,900 | Hitachi Metals Ltd. | 289,873 | ||||
1,483 | Nippon Steel & Sumitomo Metal Corp. | 28,300 | ||||
2,640 | Nucor Corp. | 130,442 | ||||
1,839 | POSCO (ADR) | 81,836 | ||||
502 | Reliance Steel & Aluminum Co. | 38,604 | ||||
11,215 | Severstal PAO (GDR) | 122,692 | ||||
841 | Steel Dynamics, Inc. | 20,604 | ||||
2,358 | ThyssenKrupp AG | 47,179 | ||||
1,660 | United States Steel Corp. | 27,988 | ||||
834,635 | ||||||
MACHINERY - CONSTRUCTION & MINING - 0.1 % | ||||||
2,525 | Joy Global, Inc. | 53,378 | ||||
MACHINERY - DIVERSIFIED - 0.4 % | ||||||
4,531 | AGCO Corp. | 213,546 | ||||
10,000 | Kubota Corp. | 133,298 | ||||
346,844 | ||||||
MINING - 4.6 % | ||||||
3,187 | Agnico Eagle Mines Ltd. | 170,505 | ||||
8,885 | Anglo American PLC | 86,337 | ||||
1,459 | AngloGold Ashanti Ltd. (ADR) * | 26,350 | ||||
2,159 | Antofagasta PLC | 13,438 | ||||
10,419 | BHP Billiton Ltd. | 297,567 | ||||
234 | BHP Billiton PLC (ADR) | 5,939 | ||||
451 | Cameco Corp. | 4,947 | ||||
11,212 | Cia De Minas Buenaventura (ADR) * | 133,983 | ||||
1,877 | Coeur Mining, Inc. * | 20,009 | ||||
Schedule of Investments | Defensive Strategies Fund | ||||||
As of June 30, 2016 (Unaudited) (Continued) | ||||||
Shares | Fair Value | |||||
MINING - 4.6 % (Continued) | ||||||
1,600 | Detour Gold Corp. | $ 39,818 | ||||
6,686 | Eldorado Gold Corp. | 30,087 | ||||
4,798 | First Quantum Minerals Ltd. | 33,509 | ||||
2,732 | Franco-Nevada Corp. | 207,796 | ||||
1,351 | Freeport-McMoRan, Inc. | 15,050 | ||||
52,642 | Glencore PLC | 107,563 | ||||
26,594 | Gold Fields Ltd. (ADR) | 130,311 | ||||
1,417 | Goldcorp, Inc. | 27,107 | ||||
7,062 | Kinross Gold Corp. * | 34,533 | ||||
28,300 | Lundin Mining Corp. * | 95,009 | ||||
34,000 | Mitsubishi Materials Corp. | 80,534 | ||||
45,406 | MMC Norilsk Nickel PJSC (ADR) | 603,446 | ||||
4,211 | New Gold, Inc. * | 18,444 | ||||
5,535 | Newmont Mining Corp. | 216,529 | ||||
1,708 | Pan American Silver Corp. | 28,097 | ||||
2,098 | Randgold Resources Ltd. (ADR) | 235,060 | ||||
11,596 | Rio Tinto PLC (ADR) | 362,955 | ||||
2,073 | Royal Gold, Inc. | 149,298 | ||||
5,502 | Southern Copper Corp. | 148,444 | ||||
28,000 | Sumitomo Metal Mining Co. Ltd. | 280,710 | ||||
7,700 | Tahoe Resources, Inc. | 114,726 | ||||
3,943 | Teck Resources Ltd. | 51,644 | ||||
21,857 | Turquoise Hill Resources Ltd. * | 73,877 | ||||
4,405 | Yamana Gold, Inc. | 22,906 | ||||
3,866,528 | ||||||
OIL & GAS - 4.7 % | ||||||
492 | Anadarko Petroleum Corp. | 26,199 | ||||
712 | Apache Corp. | 39,637 | ||||
3,500 | ARC Resources Ltd | 59,587 | ||||
3,170 | Cabot Oil & Gas Corp. | 81,596 | ||||
7,967 | Canadian Natural Resources Ltd. | 245,623 | ||||
5,866 | Cenovus Energy, Inc. | 80,716 | ||||
901 | Chesapeake Energy Corp. * | 3,856 | ||||
293 | Cimarex Energy Co. | 34,961 | ||||
1,237 | ConocoPhillips | 53,933 | ||||
4,400 | Crescent Point Energy Corp. | 69,149 | ||||
2,320 | Devon Energy Corp. | 84,100 | ||||
544 | Diamondback Energy, Inc. * | 49,618 | ||||
1,026 | Ecopetrol SA (ADR) | 9,808 | ||||
1,870 | Encana Corp. | 14,567 | ||||
1,233 | Ensco PLC - Cl. A | 11,972 | ||||
1,001 | EQT Corp. | 77,507 | ||||
1,529 | Gulftport Energy Corp. * | 47,796 | ||||
1,004 | Helmerich & Payne, Inc. | 67,399 | ||||
65,800 | Inpex Corp. | 508,877 | ||||
13,313 | Lukoil PJSC (ADR) | 556,084 | ||||
10,433 | Marathon Oil Corp. | 156,599 | ||||
1,821 | Murphy Oil Corp. | 57,817 | ||||
1,611 | Newfield Exploration Co. * | 71,174 | ||||
4,903 | Noble Corp. PLC | 40,401 | ||||
647 | Noble Energy, Inc. | 23,208 | ||||
1,840 | Novatek OJSC | 187,680 | ||||
1,799 | Occidental Petroleum Corp. | 135,932 | ||||
3,913 | Petroleo Brasileiro SA (ADR) * | 28,017 | ||||
2,100 | Peyto Exploration & Development Corp. | 56,078 | ||||
244 | Pioneer Natural Resources Co. | 36,895 | ||||
159 | PrairieSky Royalty Ltd. | 2,976 | ||||
2,659 | QEP Resources, Inc. | 46,878 | ||||
1,297 | Range Resources Corp. | 55,952 | ||||
75,618 | Rosneft Oil Company (GDR) | 387,164 | ||||
1,829 | Southwestern Energy Co. * | 23,009 | ||||
19,620 | Statoil ASA (ADR) | 339,622 | ||||
2,867 | Total SA | 138,169 | ||||
2,200 | Tourmaline Oil Corp. | 57,613 | ||||
2,350 | Transocean Ltd. | 27,942 | ||||
971 | YPF SA (ADR) | 18,643 | ||||
4,014,754 | ||||||
Schedule of Investments | Defensive Strategies Fund | ||||||
As of June 30, 2016 (Unaudited) (Continued) | ||||||
Shares | Fair Value | |||||
OIL & GAS SERVICES - 1.4 % | ||||||
3,073 | Baker Hughes, Inc. | $ 138,685 | ||||
439 | Core Laboratories NV | 54,388 | ||||
764 | Dril-Quip, Inc. * | 44,641 | ||||
9,592 | FMC Technologies, Inc. * | 255,819 | ||||
4,511 | Halliburton Co. | 204,303 | ||||
3,527 | National Oilwell Varco, Inc. | 118,684 | ||||
1,700 | Oceaneering International, Inc. | 50,762 | ||||
2,842 | Schlumberger Ltd. | 224,745 | ||||
1,256 | Technip SA | 68,114 | ||||
1,160,141 | ||||||
WATER - 0.4 % | ||||||
1,420 | American Water Works Co. | 120,004 | ||||
12,830 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 114,957 | ||||
963 | Severn Trent PLC | 31,347 | ||||
2,116 | United Utilities Group PLC | 29,277 | ||||
295,585 | ||||||
TOTAL COMMON STOCK (Cost $15,914,027) | 14,278,483 | |||||
EXCHANGE TRADED FUNDS - 16.1 % | ||||||
85,300 | iShares Silver Trust * | 1,524,311 | ||||
154,300 | PowerShares DB Agriculture Fund * | 3,405,401 | ||||
97,400 | PowerShares DB Base Metals Fund * | 1,307,108 | ||||
181,200 | PowerShares DB Commodity Index Tracking Fund * | 2,781,420 | ||||
121,700 | PowerShares DB Energy Fund * | 1,529,769 | ||||
58,300 | PowerShares DB US Dollar Endex Bearish Fund * | 1,280,851 | ||||
14,050 | SPDR Gold Shares * | 1,777,606 | ||||
TOTAL EXCHANGE TRADED FUNDS (Cost $14,600,185) | 13,606,466 | |||||
REITS - 17.1 % | ||||||
2,230 | American Campus Communities, Inc. | 117,900 | ||||
5,900 | Apartment Investment & Management Co. | 260,544 | ||||
3,550 | AvalonBay Communities, Inc. | 640,385 | ||||
4,600 | Boston Properties, Inc. | 606,740 | ||||
29,000 | DDR Corp. | 526,060 | ||||
15,900 | DiamondRock Hospitality Co. | 143,577 | ||||
9,000 | Douglas Emmett, Inc. | 319,680 | ||||
4,833 | Education Realty Trust, Inc. | 222,995 | ||||
2,700 | Equity Lifestyle Properties, Inc. | 216,135 | ||||
10,600 | Equity Residential | 730,128 | ||||
954 | Essex Property Trust, Inc. | 217,598 | ||||
3,800 | Extra Space Storage, Inc. | 351,652 | ||||
1,700 | Federal Realty Investment Trust | 281,435 | ||||
18,100 | FelCor Lodging Trust, Inc. | 112,763 | ||||
17,600 | Hospitality Properties Trust | 506,880 | ||||
23,500 | Kimco Realty Corp. | 737,430 | ||||
8,263 | Macerich Co. | 705,577 | ||||
3,708 | Mid-America Apartment Communities, Inc. | 394,531 | ||||
6,100 | National Retail Properties, Inc. | 315,492 | ||||
15,294 | Prologis, Inc. | 750,018 | ||||
2,200 | PS Business Parks, Inc. | 233,376 | ||||
3,200 | Public Storage | 817,888 | ||||
5,812 | Rayonier, Inc. | 152,507 | ||||
3,200 | Regency Centers Corp. | 267,936 | ||||
8,029 | Simon Property Group, Inc. | 1,741,490 | ||||
6,350 | SL Green Realty Corp. | 676,085 | ||||
6,400 | Summit Hotel Properties, Inc. | 84,736 | ||||
5,000 | Taubman Centers, Inc. | 371,000 | ||||
12,300 | UDR, Inc. | 454,116 | ||||
5,359 | Ventas, Inc. | 390,242 | ||||
10,300 | Weingarten Realty Investors | 420,446 | ||||
4,100 | Welltower, Inc. | 312,297 | ||||
14,000 | Weyerhaeuser Co. | 416,780 | ||||
TOTAL REITS (Cost $10,776,405) | 14,496,419 | |||||
Schedule of Investments | Defensive Strategies Fund | ||||||
As of June 30, 2016 (Unaudited) (Continued) | ||||||
Par Value | Coupon Rate % | Maturity | Fair Value | |||
BONDS & NOTES - 30.7 % | ||||||
COPORATE BONDS - 1.6 % | ||||||
$ 400,000 | Energy Transfer Partners LP | 6.700 | 7/1/2018 | $ 425,811 | ||
400,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 428,931 | ||
500,000 | Welltower, Inc. | 3.750 | 3/15/2023 | 518,954 | ||
TOTAL CORPORATE BONDS (Cost $1,319,976) | 1,373,696 | |||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 1.5 % | ||||||
271,573 | GNMA Pool 4947 | 5.000 | 2/20/2041 | 302,260 | ||
311,333 | GNMA Pool 5204 | 4.500 | 10/20/2041 | 340,051 | ||
561,331 | GNMA Pool MA0155 | 4.000 | 6/20/2042 | 603,823 | ||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $1,218,541) | 1,246,134 | |||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 27.6 % | ||||||
1,500,000 | TIPS | 0.125 | 4/15/2019 | 1,564,601 | ||
2,495,000 | TIPS | 1.375 | 1/15/2020 | 2,949,125 | ||
40,000 | TIPS | 1.250 | 7/15/2020 | 47,197 | ||
3,140,000 | TIPS | 1.125 | 1/15/2021 | 3,676,547 | ||
2,770,000 | TIPS | 0.125 | 1/15/2023 | 2,912,490 | ||
3,230,000 | TIPS | 0.625 | 1/15/2024 | 3,471,243 | ||
1,460,000 | TIPS | 2.375 | 1/15/2025 | 2,214,878 | ||
700,000 | TIPS | 2.000 | 1/15/2026 | 993,803 | ||
950,000 | TIPS | 1.750 | 1/15/2028 | 1,269,994 | ||
1,350,000 | TIPS | 2.500 | 1/15/2029 | 1,908,964 | ||
1,660,000 | TIPS | 2.125 | 2/15/2041 | 2,397,336 | ||
TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $22,905,900) | 23,406,178 | |||||
TOTAL BONDS AND NOTES (Cost $25,444,417) | 26,026,008 | |||||
Shares | ||||||
WARRANTS - 0.00 % | ||||||
312 | Hycroft Mining Corp. (Cost $54,161) | 0 | ||||
Ounces | ||||||
ALTERNATIVE INVESTMENTS - 11.8% | ||||||
6,743 | Gold Bars * | 8,920,804 | ||||
57,827 | Silver Bars * | 1,084,929 | ||||
TOTAL ALTERNATIVE INVESTMENTS (Cost $8,900,255) | 10,005,733 | |||||
Shares | ||||||
MONEY MARKET FUND - 7.2 % | ||||||
6,108,352 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.37% (A) (Cost $6,108,352) |
6,108,352 | ||||
TOTAL INVESTMENTS - 99.8 % (Cost $81,797,802) (B) | $ 84,521,461 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2 % | 201,383 | |||||
NET ASSETS - 100.0 % | $ 84,722,844 |
(ADR) American Depositary Receipt. | ||||||
* Non-income producing securities/investments. | ||||||
GNMA - Government National Mortgage Association | ||||||
ETF - Exchange Traded Fund | ||||||
REIT - Real Estate Investment Trust. | ||||||
(GDR) Global Depositary Receipt. | ||||||
(A) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $81,162,562 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||||
Unrealized appreciation | $ 8,003,123 | |||||
Unrealized depreciation | (4,644,224) | |||||
Net unrealized appreciation | $ 3,358,899 |
Schedule of Investments | Strategic Growth | ||||
As of June 30, 2016 (Unaudited) | ||||
Shares | Fair Value | |||
MUTUAL FUNDS - 94.4 % (A) | ||||
168,755 | Timothy Plan Aggressive Growth Fund | $ 1,105,344 | ||
784,382 | Timothy Plan Defensive Strategies Fund * | 8,981,177 | ||
156,799 | Timothy Plan Emerging Markets Fund * | 1,171,291 | ||
429,143 | Timothy Plan Fixed Income Fund | 4,497,415 | ||
541,225 | Timothy Plan Growth & Income Fund | 5,769,461 | ||
333,413 | Timothy Plan High Yield Bond Fund | 2,950,709 | ||
606,936 | Timothy Plan International Fund | 4,952,595 | ||
114,674 | Timothy Plan Israel Common Values Fund * | 1,331,364 | ||
403,096 | Timothy Plan Large/Mid Cap Growth Fund | 2,946,631 | ||
189,513 | Timothy Plan Large/Mid-Cap Value Fund | 3,206,561 | ||
98,970 | Timothy Plan Small-Cap Value Fund | 1,576,593 | ||
TOTAL MUTUAL FUNDS (Cost $39,067,808) | 38,489,141 | |||
MONEY MARKET FUND - 5.9 % | ||||
2,388,013 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.26% (B) | |||
(Cost $2,388,013) | 2,388,013 | |||
TOTAL INVESTMENTS - 100.3 % (Cost $41,455,821) (C) | $ 40,877,154 | |||
OTHER ASSETS LESS LIABILITIES - NET - (0.3) % | (102,886) | |||
NET ASSETS - 100.0 % | $ 40,774,268 | |||
* Non-income producing securities. | ||||
(A) Affiliated Funds - Class A. | ||||
(B) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $42,257,327 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 532,820 | |||
Unrealized depreciation | (1,912,993) | |||
Net unrealized depreciation | $ (1,380,173) |
Schedule of Investments | Conservative Growth | |||||
As of June 30, 2016 (Unaudited) | |||||
Shares | Fair Value | ||||
MUTUAL FUNDS - 93.0 % (A) | |||||
165,945 | Timothy Plan Aggressive Growth Fund | $ 1,086,942 | |||
936,970 | Timothy Plan Defensive Strategies Fund * | 10,728,303 | |||
154,226 | Timothy Plan Emerging Markets Fund * | 1,152,064 | |||
1,344,702 | Timothy Plan Fixed Income Fund | 14,092,478 | |||
679,320 | Timothy Plan Growth & Income Fund | 7,241,552 | |||
310,808 | Timothy Plan High Yield Bond Fund | 2,750,650 | |||
639,883 | Timothy Plan International Fund | 5,221,442 | |||
143,004 | Timothy Plan Israel Common Values Fund * | 1,660,281 | |||
319,388 | Timothy Plan Large/Mid Cap Growth Fund | 2,334,729 | |||
165,263 | Timothy Plan Large/Mid-Cap Value Fund | 2,796,257 | |||
124,861 | Timothy Plan Small-Cap Value Fund | 1,989,035 | |||
TOTAL MUTUAL FUNDS (Cost $52,133,861) | 51,053,733 | ||||
MONEY MARKET FUND - 7.3% | |||||
4,003,701 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.26% (B) | 4,003,701 | |||
(Cost $4,003,701) | |||||
TOTAL INVESTMENTS - 100.3 % (Cost $56,117,562) (C) | $ 55,057,434 | ||||
OTHER ASSETS LESS LIABILITIES - NET - (0.31) % | (161,304) | ||||
NET ASSETS - 100.0 % | $ 54,896,130 | ||||
* Non-income producing securities. | |||||
(A) Affiliated Funds - Class A. | |||||
(B) Variable rate security; the rate shown represents the yield at June 30, 2016. | |||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $56,255,979 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | |||||
Unrealized appreciation | $ 497,151 | ||||
Unrealized depreciation | (1,695,696) | ||||
Net unrealized depreciation | $ (1,198,545) |
Schedule of Investments | Emerging Markets | |||||||||
As of June 30, 2016 (Unaudited) | |||||||||
Shares | Fair Value | ||||||||
COMMON STOCK - 74.1 % | |||||||||
AEROSPACE/DEFENSE - 2.0 % | |||||||||
7,820 | Embraer SA (ADR) | $ 169,850 | |||||||
AGRICULTURE - 0.7 % | |||||||||
5,029 | Adecoagro SA * | 55,168 | |||||||
AIRLINES - 2.0 % | |||||||||
3,207 | Copa Holdings SA - Cl. A | 167,598 | |||||||
APPAREL - 1.6 % | |||||||||
34,000 | Yue Yuen Industrial Holdings Ltd. | 134,327 | |||||||
AUTO MANUFACTURERS - 1.6 % | |||||||||
3,700 | Kia Motors Corp. | 138,768 | |||||||
AUTO PARTS & EQUIPMENT - 2.9 % | |||||||||
2,268 | China Tuchai International Ltd. | 24,540 | |||||||
989 | Hyundai Mobis Co. Ltd. | 216,372 | |||||||
240,912 | |||||||||
BANKS - 13.5 % | |||||||||
29,407 | AkBank TAS | 84,162 | |||||||
22,600 | Banco do Brasil SA | 119,922 | |||||||
17,500 | Bangkok Bank PCL | 78,934 | |||||||
7,177 | Erste Group Bank AG | 161,938 | |||||||
18,990 | Grupo Aval Acciones y Valores SA (ADR) | 152,870 | |||||||
17,800 | Kasikornbank PCL | 86,113 | |||||||
20,423 | Sberbank of Russia (ADR) | 178,293 | |||||||
5,639 | Standard Chartered PLC | 42,561 | |||||||
34,666 | Turkiye Garanti Bankasi AS | 91,377 | |||||||
87,174 | Turkiye Vakiflar Bankasi Tao | 136,719 | |||||||
1,132,889 | |||||||||
BUILDING MATERIALS - 3.1 % | |||||||||
31,240 | Cemex SAB de CV (ADR) * | 192,748 | |||||||
85,571,573 | Urbi Desarrollos Urbanos SAB de CV * (A) | 65,348 | |||||||
258,096 | |||||||||
CHEMICALS - 1.5 % | |||||||||
3,542 | Sociedad Quimica y Minera de Chile (ADR) | 87,558 | |||||||
44,900 | Synthos SA * | 40,804 | |||||||
128,362 | |||||||||
COMMERCIAL SERVICES - 3.9 % | |||||||||
30,500 | Estacio Participacoes SA | 160,985 | |||||||
42,900 | ITE Group PLC | 82,009 | |||||||
12,300 | Kroton Educacional SA | 52,099 | |||||||
22,400 | Mills Estruturas e Servicos de Engenharia SA * | 31,114 | |||||||
326,207 | |||||||||
DIVERSIFIED FINANCIAL SERVICES - 3.6 % | |||||||||
5,221 | Hana Financial Group, Inc. | 105,385 | |||||||
3,100 | KB Financial Group, Inc. | 87,737 | |||||||
3,420 | Shinhan Financial Group Co. Ltd. | 112,827 | |||||||
305,949 | |||||||||
ELECTRIC - 5.6 % | |||||||||
8,600 | Cia Paranaense de Energia | 53,365 | |||||||
10,480 | Cia Paranaense de Energia (ADR) | 94,110 | |||||||
1,091,383 | Enersis Chile SA | 128,579 | |||||||
8,187 | Reliance Infrastructure Ltd. (GDR) | 194,851 | |||||||
470,905 | |||||||||
FOOD - 3.4 % | |||||||||
19,400 | First Pacific Co. Ltd. | 140,537 | |||||||
82,000 | Marfrig Global Foods SA * | 142,564 | |||||||
283,101 | |||||||||
HOLDING COMPANIES - 1.2 % | |||||||||
336,900 | Jasmine Broadband Internet Infrastructure Fund | 100,667 | |||||||
Schedule of Investments | Emerging Markets | |||||||||
As of June 30, 2016 (Unaudited) (Continued) | |||||||||
Shares | Fair Value | ||||||||
IRON/STEEL - 3.1 % | |||||||||
571 | POSCO | $ 99,888 | |||||||
8,515 | Ternium SA (ADR) | 162,296 | |||||||
262,184 | |||||||||
MULTI-NATIONAL - 1.0 % | |||||||||
3,062 | Banco Latinoamericano de Comercio Exterior SA | 81,143 | |||||||
OIL & GAS - 4.6 % | |||||||||
6,624 | Lukoil PJSC (ADR) | 276,419 | |||||||
19,701 | Petroleo Brasileiro SA (ADR) * | 114,463 | |||||||
390,882 | |||||||||
RETAIL - 8.5 % | |||||||||
21,641 | Arcos Dorados Holdings, Inc. | 103,228 | |||||||
1,828,000 | Bosideng International Holdings Ltd. | 155,515 | |||||||
171,200 | Chow Tai Fook Jewellery Group Ltd. | 122,696 | |||||||
124,500 | Lifestyle International Holdings Ltd. | 208,625 | |||||||
54,000 | Luk Fook Holdings International Ltd. | 119,026 | |||||||
709,090 | |||||||||
SEMICONDUCTORS - 3.0 % | |||||||||
1,100 | MediaTek, Inc. | 83,201 | |||||||
136 | Samsung Electronics Co., Ltd. | 168,251 | |||||||
251,452 | |||||||||
TELECOMMUNICATIONS - 4.8 % | |||||||||
11,702 | Empresa Nacional de Telecomunicaciones SA | 106,050 | |||||||
36,817 | Mobile TeleSystems PJSC | 140,086 | |||||||
574,375 | XL Axiata TBK PT * | 159,542 | |||||||
405,678 | |||||||||
TEXTILES - 1.1 % | |||||||||
119,500 | Weiqiao Textile Co. | 90,419 | |||||||
TRANSPORTATION - 1.4 % | |||||||||
29,577 | Globaltrans Investment PLC (GDR) * | 115,942 | |||||||
TOTAL COMMON STOCK (Cost $7,906,367) | 6,219,589 | ||||||||
RIGHTS - 0.1 % | |||||||||
3,206 | Empresa Nacional de Telecomunicaciones SA * | 3,099 | |||||||
20,927,802 | Urbi Desarrollos Urbanos SAB (Cost $2,762) | 0 | |||||||
3,099 | |||||||||
PREFERRED STOCK - 9.2 % | |||||||||
37,300 | Alpargatas SA | 121,316 | |||||||
11,782 | Banco Bradesco SA | 92,564 | |||||||
15,300 | Cia Brasileira de Distribuicao | 222,498 | |||||||
3,600 | Cia Paranaense de Energia (ADR) | 32,666 | |||||||
1,914 | Hyundai Mobis Co. Ltd. | 157,028 | |||||||
238,761 | Surgutneftegas OJSC * | 143,377 | |||||||
TOTAL PREFERRED STOCK (Cost $747,278) | 769,449 | ||||||||
REITs - 6.0 % | |||||||||
172,800 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 171,860 | |||||||
126,245 | Macquarie Mexico Real Estate Management SA de CV | 164,091 | |||||||
100,525 | PLA Administradora Industrial S de RL de CV | 169,510 | |||||||
TOTAL REITs (Cost $536,821) | 505,461 | ||||||||
MONEY MARKET FUND - 10.3 % | |||||||||
868,662 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.26% (B) | ||||||||
(Cost $868,662) | 868,662 | ||||||||
TOTAL INVESTMENTS - 99.7 % (Cost $10,061,890) (C) | $ 8,366,260 | ||||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.3 % | 21,841 | ||||||||
NET ASSETS - 100.0 % | $ 8,388,101 | ||||||||
ADR-American Depositary Receipt | |||||||||
* Non-income producing securities. | |||||||||
GDR-Global Depositary Receipt | |||||||||
REITS - Real Estate Investment Trust | |||||||||
Schedule of Investments | Emerging Markets | ||||
As of June 30, 2016 (Unaudited) (Continued) | ||||
(A) Illiquid security; the Advisor has determined the security to be illiquid. At June 30, 2016 the securities amounted to 0.8% of net assets. | ||||
(B) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $10,098,063 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 314,008 | |||
Unrealized depreciation | (2,045,811) | |||
Net unrealized depreciation | $ (1,731,803) | |||
Diversification of Assets | ||||
Country | % of Net Assets | |||
Brazil | 16.80% | |||
South Korea | 12.90% | |||
Hong Kong | 10.50% | |||
Russia | 8.80% | |||
Mexico | 7.00% | |||
Turkey | 5.80% | |||
Chile | 3.90% | |||
Thailand | 3.20% | |||
Panama | 3.00% | |||
India | 2.30% | |||
Luxembourg | 1.90% | |||
Indonesia | 1.90% | |||
Austria | 1.90% | |||
Argentina | 1.90% | |||
Colombia | 1.80% | |||
Britian | 1.50% | |||
Cyprus | 1.40% | |||
China | 1.10% | |||
Taiwan | 1.00% | |||
Poland | 0.50% | |||
Singapore | 0.30% | |||
Total | 89.40% | |||
Money Market Fund | 10.30% | |||
Other Assets in Excess of Liabilities - Net | 0.30% | |||
Grand Total | 100.00% |
Schedule of Investments | Growth & Income | ||||||||||||||||
As of June 30, 2016 (Unaudited) | ||||||||||||||||
Shares | Fair Value | |||||||||||||||
COMMON STOCK - 41.8 % | ||||||||||||||||
AUTO PARTS & EQUIPMENT - 1.5 % | ||||||||||||||||
10,000 | Cooper Tire & Rubber Co. | $ 298,200 | ||||||||||||||
12,000 | Goodyear Tire & Rubber Co. | 307,920 | ||||||||||||||
606,120 | ||||||||||||||||
BEVERAGES - 1.3 % | ||||||||||||||||
5,300 | Dr Pepper Snapple Group, Inc. | 512,139 | ||||||||||||||
CHEMICALS - 1.8 % | ||||||||||||||||
4,700 | Celanese Corp. | 307,615 | ||||||||||||||
9,000 | Innospec, Inc. | 413,910 | ||||||||||||||
721,525 | ||||||||||||||||
COMMERCIAL SERVICES - 1.4 % | ||||||||||||||||
8,000 | Deluxe Corp. | 530,960 | ||||||||||||||
DISTRIBUTION/WHOLESALE - 0.7 % | ||||||||||||||||
7,900 | Ingram Micro, Inc. | 274,762 | ||||||||||||||
ELECTRIC - 1.6 % | ||||||||||||||||
7,500 | IDACORP, Inc. | 610,125 | ||||||||||||||
ELECTRONICS - 2.8 % | ||||||||||||||||
2,900 | Arrow Electronics, Inc. * | 179,510 | ||||||||||||||
5,900 | Avnet, Inc. | 239,009 | ||||||||||||||
27,000 | Orbotech Ltd. * | 689,850 | ||||||||||||||
1,108,369 | ||||||||||||||||
FOOD - 1.7 % | ||||||||||||||||
8,000 | Cal-Maine Foods, Inc. | 354,560 | ||||||||||||||
3,500 | Sanderson Farms, Inc. | 303,240 | ||||||||||||||
657,800 | ||||||||||||||||
GAS 1.1 % | ||||||||||||||||
18,500 | CenterPoint Energy, Inc. | 444,000 | ||||||||||||||
HOME FURNISHINGS 0.8 % | ||||||||||||||||
4,500 | American Woodmark Corp. * | 298,710 | ||||||||||||||
HOUSEHOLD PRODUCTS/WARES - 3.3 % | ||||||||||||||||
6,000 | Helen of Troy Ltd. * | 617,040 | ||||||||||||||
21,000 | ACCO Brands Corp. * | 216,930 | ||||||||||||||
6,000 | Avery Dennison Corp. | 448,500 | ||||||||||||||
1,282,470 | ||||||||||||||||
INSURANCE - 5.2 % | ||||||||||||||||
8,000 | American Financial Group, Inc. | 591,440 | ||||||||||||||
2,200 | Chubb Ltd. | 287,562 | ||||||||||||||
18,000 | AmTrust Financial Services, Inc. | 441,000 | ||||||||||||||
6,600 | Argo Group International Holdings Ltd. | 342,540 | ||||||||||||||
3,000 | RenaissanceRe Holdings Ltd. | 352,320 | ||||||||||||||
2,014,862 |
Schedule of Investments | Growth & Income | ||||||||||||||||
As of June 30, 2016 (Unaudited) (Continued) | ||||||||||||||||
Shares | Fair Value | |||||||||||||||
MINING - 3.5 % | ||||||||||||||||
9,000 | Agnico Eagle Mines Ltd. | $ 481,500 | ||||||||||||||
10,000 | Newmont Mining Corp. | 391,200 | ||||||||||||||
21,000 | Silver Wheaton Corp. | 494,130 | ||||||||||||||
1,366,830 | ||||||||||||||||
MISCELLANEOUS - 1.0 % | ||||||||||||||||
15,000 | Smith & Wesson Holding Corp. * | 407,700 | ||||||||||||||
OIL & GAS - 4.2 % | ||||||||||||||||
6,000 | Exxon Mobil Corp. | 562,440 | ||||||||||||||
7,000 | HollyFrontier Corp. | 166,390 | ||||||||||||||
6,000 | Tesoro Corp. | 449,520 | ||||||||||||||
9,000 | Valero Energy Corp. | 459,000 | ||||||||||||||
1,637,350 | ||||||||||||||||
OIL & GAS SERVICES - 1.0 % | ||||||||||||||||
75,000 | McDermott International, Inc. * | 370,500 | ||||||||||||||
PACKAGING & CONTAINERS - 0.4 % | ||||||||||||||||
3,400 | Crown Holdings, Inc. * | 172,278 | ||||||||||||||
PHARMACEUTICALS - 0.5 % | ||||||||||||||||
10,000 | Omega Protein Corp. * | 199,900 | ||||||||||||||
RETAIL - 2.7 % | ||||||||||||||||
20,000 | Express, Inc. * | 290,200 | ||||||||||||||
8,000 | Foot Locker, Inc. | 438,880 | ||||||||||||||
7,000 | Vista Outdoor, Inc. * | 334,110 | ||||||||||||||
1,063,190 | ||||||||||||||||
SHIPBUILDING - 1.5 % | ||||||||||||||||
3,500 | Huntington Ingalls Industries, Inc. | 588,105 | ||||||||||||||
SOFTWARE - 2.2 % | ||||||||||||||||
12,500 | Ebix, Inc. | 598,750 | ||||||||||||||
2,900 | Synnex Corp. | 274,978 | ||||||||||||||
873,728 | ||||||||||||||||
TELECOMMUNICATIONS - 1.6 % | ||||||||||||||||
100,000 | Vonage Holdings Corp. * | 610,000 | ||||||||||||||
TOTAL COMMON STOCK (Cost $14,877,570) | 16,351,423 | |||||||||||||||
EXCHANGE TRADED FUNDS - 3.6 % | ||||||||||||||||
30,000 | iShares Gold Trust * | 382,800 | ||||||||||||||
30,000 | iShares Silver Trust * | 536,100 | ||||||||||||||
3,700 | SPDR Gold Shares * | 468,124 | ||||||||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $1,163,723) | 1,387,024 | |||||||||||||||
REITS - 4.3 % | ||||||||||||||||
34,000 | Brandywine Realty Trust | 571,200 | ||||||||||||||
35,000 | Chimera Investment Corp. | 549,500 | ||||||||||||||
25,000 | Government Properties Income Trust | 576,500 | ||||||||||||||
TOTAL REITS (Cost $1,655,731) | 1,697,200 | |||||||||||||||
Schedule of Investments | Growth & Income | ||||||||||||||||
As of June 30, 2016 (Unaudited) (Continued) | ||||||||||||||||
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||||
BONDS & NOTES - 48.3 % | ||||||||||||||||
CORPORATE BONDS - 1.3 % | ||||||||||||||||
$ 250,000 | ConocoPhillips Co. | 3.350 | 11/15/2024 | $ 257,993 | ||||||||||||
250,000 | Exxon Mobil Corp. | 2.709 | 3/6/2025 | 261,330 | ||||||||||||
TOTAL CORPORATE BONDS (Cost $505,444) | 519,323 | |||||||||||||||
GOVERNMENT NOTES & BONDS - 47.0 % | ||||||||||||||||
196,429 | Federal Home Loan Banks | 2.780 | 2/19/2025 | 196,434 | ||||||||||||
500,000 | Federal Home Loan Banks | 3.000 | 4/18/2031 | 500,330 | ||||||||||||
1,000,000 | United States Treasury Note | 1.000 | 9/30/2016 | 1,001,650 | ||||||||||||
3,000,000 | United States Treasury Note | 0.875 | 11/30/2016 | 3,006,338 | ||||||||||||
2,000,000 | United States Treasury Note | 1.000 | 3/31/2017 | 2,007,649 | ||||||||||||
2,000,000 | United States Treasury Note | 1.000 | 9/15/2017 | 2,010,859 | ||||||||||||
2,000,000 | United States Treasury Note | 1.000 | 2/15/2018 | 2,013,398 | ||||||||||||
1,000,000 | United States Treasury Note | 1.250 | 1/31/2019 | 1,014,922 | ||||||||||||
2,000,000 | United States Treasury Note | 1.625 | 8/15/2022 | 2,051,289 | ||||||||||||
2,000,000 | United States Treasury Note | 1.750 | 5/15/2023 | 2,063,594 | ||||||||||||
1,000,000 | United States Treasury Note | 3.125 | 8/15/2040 | 1,182,129 | ||||||||||||
1,000,000 | United States Treasury Note | 3.875 | 2/15/2042 | 1,327,754 | ||||||||||||
TOTAL GOVERNMENT NOTES & BONDS (Cost 17,678,272) | 18,376,346 | |||||||||||||||
TOTAL BONDS & NOTES (Cost $18,183,716) | 18,895,669 | |||||||||||||||
Shares | MONEY MARKET FUND - 7.0 % | |||||||||||||||
2,744,767 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.26% (A) | 2,744,767 | ||||||||||||||
(Cost $2,744,767) | ||||||||||||||||
TOTAL INVESTMENTS - 105.0 % (Cost $38,625,507)(B) | $ 41,076,083 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES - NET - (5.0) % | (1,962,380) | |||||||||||||||
NET ASSETS - 100.0 % | $ 39,113,703 | |||||||||||||||
* Non-income producing securities. | ||||||||||||||||
(A) Variable rate security; the rate shown represents the yield at June 30, 2016. | ||||||||||||||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $38,642,256 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||||||||||||||
Unrealized appreciation | $ 3,034,878 | |||||||||||||||
Unrealized depreciation | (601,051) | |||||||||||||||
Net unrealized appreciation | $ 2,433,827 | |||||||||||||||
SCHEDULE OF INVESTMENTS I The Timothy Plan | ||||
June 30, 2016 (Unaudited) | ||||
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. | ||||
Commodities (such as physical metal) are valued at the spot price at 4:00 p.m. E.S.T., as provided by an independent pricing source. |
SCHEDULE OF INVESTMENTS I The Timothy Plan | ||||
June 30, 2016 (Unaudited) (Continued) | ||||
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 June 30, 2016: | ||||
Aggressive Growth Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stock | $ 16,137,968 | $ - | $ - | $ 16,137,968 |
Master Limited Partnerships | 384,907 | - | - | 384,907 |
REITS | 228,761 | - | - | 228,761 |
Money Market Fund | 5,798,942 | - | - | 5,798,942 |
Total | $ 22,550,578 | $ - | $ - | $ 22,550,578 |
International Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stock | $ 60,042,496 | $ 1,774,960 | $ - | $ 61,817,456 |
Money Market Fund | 13,351,156 | - | - | 13,351,156 |
Total | $ 73,393,652 | $ 1,774,960 | $ - | $ 75,168,612 |
Large/Mid Cap Growth Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stock | $ 44,948,398 | $ - | $ - | $ 44,948,398 |
Master Limited Partnerships | 489,285 | - | - | 489,285 |
REITS | 496,294 | - | - | 496,294 |
Money Market Fund | 16,933,247 | - | - | 16,933,247 |
Total | $ 62,867,224 | $ - | $ - | $ 62,867,224 |
SCHEDULE OF INVESTMENTS I The Timothy Plan | ||||
June 30, 2016 (Unaudited) (Continued) | ||||
Small Cap Value Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stock | $ 78,293,827 | $ - | $ - | $ 78,293,827 |
REITS | 9,438,812 | - | - | 9,438,812 |
Money Market Fund | 8,701,793 | - | - | 8,701,793 |
Total | $ 96,434,432 | $ - | $ - | $ 96,434,432 |
Large/Mid Cap Value Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stock | $ 131,203,589 | $ - | $ - | $ 131,203,589 |
Master Limited Partnerships | 2,450,894 | - | - | 2,450,894 |
REITS | 10,977,201 | - | - | 10,977,201 |
Money Market Fund | 36,281,239 | - | - | 36,281,239 |
Total | $ 180,912,923 | $ - | $ - | $ 180,912,923 |
Fixed Income Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ - | $ 21,907,146 | $ - | $ 21,907,146 |
Government Notes & Bonds | - | 31,762,791 | - | 31,762,791 |
Government Mortage-Backed Securities | - | 31,733,592 | - | 31,733,592 |
Money Market Fund | 8,289,254 | - | - | 8,289,254 |
Total | $ 8,289,254 | $ 85,403,529 | $ - | $ 93,692,783 |
High Yield Bond Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ - | $ 47,175,713 | $ - | $ 47,175,713 |
Money Market Fund | 3,578,802 | - | - | 3,578,802 |
Total | $ 3,578,802 | $ 47,175,713 | $ - | $ 50,754,515 |
Israel Common Values Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stock | $ 15,760,621 | $ 511,885 | $ - | $ 16,272,506 |
REITS | 423,983 | - | - | 423,983 |
Money Market Fund | 2,988,365 | - | - | 2,988,365 |
Total | $ 19,172,969 | $ 511,885 | $ - | $ 19,684,854 |
Defensive Strategies Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stock | $ 14,278,483 | $ - | $ - | $ 14,278,483 |
Exchange Traded Funds | 13,606,466 | - | - | 13,606,466 |
REITS | 14,496,419 | - | - | 14,496,419 |
Corporate Bonds | - | 1,373,696 | - | 1,373,696 |
Government Mortgage-Backed Securities | - | 1,246,134 | - | 1,246,134 |
Treasury Inflation Protected Securities (TIPS) | - | 23,406,178 | - | 23,406,178 |
Alternative Investments | 10,005,733 | - | - | 10,005,733 |
Money Market Fund | 6,108,352 | - | - | 6,108,352 |
Total | $ 58,495,453 | $ 26,026,008 | $ - | $ 84,521,461 |
* Reflects the fund's investment in gold and silver. | ||||
SCHEDULE OF INVESTMENTS I The Timothy Plan | ||||
June 30, 2016 (Unaudited) (Continued) | ||||
Strategic Growth Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $ 38,489,141 | $ - | $ - | $ 38,489,141 |
Money Market Fund | 2,388,013 | - | - | 2,388,013 |
Total | $ 40,877,154 | $ - | $ - | $ 40,877,154 |
Conservative Growth Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $ 51,053,733 | $ - | $ - | $ 51,053,733 |
Money Market Fund | 4,003,701 | - | - | 4,003,701 |
Total | $ 55,057,434 | $ - | $ - | $ 55,057,434 |
Emerging Markets Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stock | $ 6,154,241 | $ - | $ 65,348 | $ 6,219,589 |
Rights | 3,099 | - | - | 3,099 |
Preferred Stock | 769,449 | - | - | 769,449 |
REITs | 505,461 | - | - | 505,461 |
Money Market Fund | 868,662 | - | - | 868,662 |
Total | $ 8,300,912 | $ - | $ 65,348 | $ 8,366,260 |
Growth & Income Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stock | $ 16,351,423 | $ - | $ - | $ 16,351,423 |
Exchange Traded Funds | 1,387,024 | - | - | 1,387,024 |
REITS | 1,697,200 | - | - | 1,697,200 |
Corporate Bonds | - | 519,323 | - | 519,323 |
Government Notes & Bonds | - | 18,376,346 | - | 18,376,346 |
Money Market Fund | 2,744,767 | - | - | 2,744,767 |
Total | $ 22,180,414 | $ 18,895,669 | $ - | $ 41,076,083 |
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 following is a reconcilation of assets in which Level 3 inputs were used in determining value: | ||||||||
Emerging Markets Fund | ||||||||
Common Stock | ||||||||
Beginning Balance | $ 5,513 | |||||||
Total Appreciation(Depreciation) | 6,478 | |||||||
Cost of Purchases | 53,357 | |||||||
Ending Balance | $ 65,348 |
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 / Principal Executive Officer, Treasurer / Principal Financial Officer
Date 8/31/16
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 / Principal Executive Officer, Treasurer / Principal Financial Officer
Date 8/31/16
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: |
8/31/16 |