united
states
securities and exchange commission
washington, d.c. 20549
form n-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08228
The Timothy Plan
(Exact name of registrant as specified in charter)
1055 Maitland Center Commons, Maitland, FL 32751
(Address of principal executive offices) (Zip code)
Gemini Fund Services, LLC., 80 Arkay Drive, Suite 110, Hauppauge, NY 11788
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-846-7526
Date of fiscal year end: 9/30
Date of reporting period: 12/31/18
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 Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCK - 86.6% | ||||||||
AEROSPACE/DEFENSE - 1.3% | ||||||||
4,144 | HEICO Corp. | $ | 321,077 | |||||
BANKS - 4.6% | ||||||||
10,855 | CenterState Banks, Inc. | 228,389 | ||||||
6,602 | East West Bancorp, Inc. | 287,385 | ||||||
1,482 | SVB Financial Group * | 281,462 | ||||||
8,861 | Western Alliance Bancorp * | 349,921 | ||||||
1,147,157 | ||||||||
BIOTECHNOLOGY - 2.4% | ||||||||
1,348 | Sage Therapeutics, Inc. * | 129,125 | ||||||
2,852 | Vertex Pharmaceuticals, Inc. * | 472,605 | ||||||
601,730 | ||||||||
CHEMICALS - 7.1% | ||||||||
7,750 | Albemarle Corp. | 597,293 | ||||||
4,170 | FMC Corp. | 308,413 | ||||||
2,915 | Ingevity Corp. * | 243,956 | ||||||
11,969 | Mosaic Co. | 349,615 | ||||||
1,506 | Quaker Chemical Corp. | 267,631 | ||||||
1,766,908 | ||||||||
COMMERCIAL SERVICES - 10.8% | ||||||||
12,065 | ASGN, Inc. * | 657,543 | ||||||
1,918 | FleetCor Technologies, Inc. * | 356,211 | ||||||
6,681 | Grand Canyon Education, Inc. * | 642,311 | ||||||
1,271 | Medifast, Inc. | 158,900 | ||||||
3,530 | Strategic Education, Inc. | 400,373 | ||||||
4,526 | United Rentals, Inc. * | 464,051 | ||||||
2,679,389 | ||||||||
COMPUTERS - 3.5% | ||||||||
19,033 | Rapid7, Inc. * | 593,068 | ||||||
4,999 | Varonis Systems, Inc. * | 264,447 | ||||||
857,515 | ||||||||
ELECTRONICS - 3.2% | ||||||||
7,415 | Fortive Corp. | 501,699 | ||||||
8,795 | Trimble, Inc. * | 289,443 | ||||||
791,142 | ||||||||
ENTERTAINMENT - 0.8% | ||||||||
983 | Vail Resorts, Inc. | 207,236 | ||||||
FOOD - 1.4% | ||||||||
14,591 | Sprouts Farmers Market, Inc. * | 343,034 | ||||||
HEALTHCARE - PRODUCTS - 13.0% | ||||||||
7,480 | Henry Schein, Inc. * | 587,330 | ||||||
1,407 | ICU Medical, Inc. * | 323,089 | ||||||
2,179 | Inogen, Inc. * | 270,566 | ||||||
9,142 | Insulet Corp. * | 725,143 | ||||||
3,809 | LivaNova PLC * | 348,409 | ||||||
5,326 | Quidel Corp. * | 260,015 | ||||||
2,743 | Teleflex, Inc. | 709,011 | ||||||
3,223,563 | ||||||||
HEALTHCARE - SERVICES - 1.1% | ||||||||
4,260 | Encompass Health Corp. | 262,842 | ||||||
INSURANCE - 1.1% | ||||||||
9,974 | American Equity Investment Life Holding Co. | 278,674 | ||||||
INTERNET - 10.2% | ||||||||
10,001 | GoDaddy, Inc. * | 656,266 | ||||||
4,098 | Palo Alto Networks, Inc. * | 771,858 |
Schedule of Investments | Aggressive Growth Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
INTERNET (continued) - 10.2% | ||||||||
2,095 | Proofpoint, Inc. * | $ | 175,582 | |||||
10,985 | RingCentral, Inc. - Class A * | 905,603 | ||||||
2,509,309 | ||||||||
MACHINERY - CONSTRUCTION & MINING - 1.5% | ||||||||
5,885 | Oshkosh Corp. | 360,809 | ||||||
MACHINERY - DIVERSIFIED - 1.1% | ||||||||
3,247 | Kadant, Inc. | 264,501 | ||||||
OIL & GAS - 0.9% | ||||||||
2,080 | Concho Resources, Inc. * | 213,803 | ||||||
PHARMACEUTICALS - 3.6% | ||||||||
4,033 | PRA Health Sciences, Inc. * | 370,875 | ||||||
3,469 | Sarepta Therapeutics, Inc. * | 378,572 | ||||||
3,966 | Zogenix, Inc. * | 144,600 | ||||||
894,047 | ||||||||
RETAIL - 5.1% | ||||||||
2,274 | Burlington Stores, Inc. * | 369,912 | ||||||
6,746 | Ollies Bargain Outlet Holdings, Inc. * | 448,677 | ||||||
7,250 | Texas Roadhouse, Inc. | 432,825 | ||||||
1,251,414 | ||||||||
SEMICONDUCTORS - 5.0% | ||||||||
22,659 | Advanced Micro Devices, Inc. * | 418,285 | ||||||
4,108 | Monolithic Power System, Inc. | 477,555 | ||||||
4,782 | NXP Semiconductors NV | 350,425 | ||||||
1,246,265 | ||||||||
SOFTWARE - 6.9% | ||||||||
6,969 | Fidelity National Information Services, Inc. | 714,671 | ||||||
6,132 | InterXion Holding NV * | 332,109 | ||||||
7,742 | ManTech International Corp. | 404,868 | ||||||
1,643 | MSCI, Inc. | 242,228 | ||||||
1,693,876 | ||||||||
TELECOMMUNICATIONS - 2.0% | ||||||||
55,573 | Vonage Holdings Corp. * | 485,152 | ||||||
TOTAL COMMON STOCK (Cost $22,117,221) | 21,399,443 | |||||||
REITs - 1.8% | ||||||||
5,210 | CyrusOne, Inc. | 275,505 | ||||||
10,425 | Easterly Government Properties, Inc. | 163,464 | ||||||
TOTAL REITS (Cost $477,566) | 438,969 | |||||||
MONEY MARKET FUND - 11.8% | ||||||||
2,907,425 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A) | |||||||
(Cost $2,907,425) | 2,907,425 | |||||||
TOTAL INVESTMENTS - 100.2% (Cost $25,502,212) | $ | 24,745,837 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.2)% | (39,725 | ) | ||||||
NET ASSETS - 100.0% | $ | 24,706,112 |
* | Non-income producing securities. |
PLC - Public Limited Co.
REITs - Real Estate Investment Trust.
(A) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Schedule of Investments | International Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCK - 96.4% | ||||||||
APPAREL - 1.4% | ||||||||
187,360 | Prada SpA (ADR) | $ | 1,232,829 | |||||
AUTO PARTS & EQUIPMENT - 2.8% | ||||||||
30,400 | Magna International, Inc. - Class A | 1,381,680 | ||||||
70,800 | Valeo SA (ADR) | 1,032,264 | ||||||
2,413,944 | ||||||||
BANKS - 11.4% | ||||||||
41,839 | DBS Group Holdings Ltd. (ADR) | 2,917,224 | ||||||
124,000 | DNB ASA (ADR) | 1,982,140 | ||||||
72,500 | Intesa Sanpaola SpA (ADR) | 972,950 | ||||||
82,600 | KBC Group NV (ADR) | 2,639,896 | ||||||
462,000 | Mizuho Financial Group, Inc. (ADR) | 1,386,000 | ||||||
9,898,210 | ||||||||
BIOTECHNOLOGY - 2.2% | ||||||||
11,000 | Shire PLC (ADR) | 1,914,440 | ||||||
BUILDING MATERIALS - 1.3% | ||||||||
52,600 | Xinyi Glass Holdings Ltd. (ADR) | 1,148,626 | ||||||
CHEMICALS - 2.4% | ||||||||
24,600 | Arkema SA (ADR) | 2,090,385 | ||||||
COMMERCIAL SERVICES - 1.6% | ||||||||
16,600 | Ashtead Group PLC (ADR) | 1,392,076 | ||||||
COSMETICS - 0.9% | ||||||||
12,000 | Shiseido Co. Ltd. (ADR) | 756,120 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 3.6% | ||||||||
44,100 | ORIX Corp. (ADR) | 3,155,355 | ||||||
ELECTRIC - 0.6% | ||||||||
68,900 | Power Assets Holdings Ltd. (ADR) | 480,233 | ||||||
ELECTRONICS - 1.9% | ||||||||
28,700 | Orbotech Ltd. * | 1,622,698 | ||||||
ENGINEERING & CONSTRUCTION - 3.2% | ||||||||
137,000 | Vinci SA (ADR) | 2,809,870 | ||||||
FOOD - 5.1% | ||||||||
18,000 | Kerry Group PLC (ADR) | 1,816,650 | ||||||
125,000 | Marine Harvest ASA (ADR) | 2,648,750 | ||||||
4,465,400 | ||||||||
FOREST PRODUCTS & PAPER - 0.5% | ||||||||
10,000 | Mondi PLC (ADR) | 441,900 | ||||||
HAND/MACHINE TOOLS - 3.4% | ||||||||
114,650 | Techtronic Industries Co. (ADR) | 3,009,563 | ||||||
HEALTHCARE - PRODUCTS - 2.5% | ||||||||
58,000 | Smith & Nephew PLC (ADR) | 2,168,040 | ||||||
HEALTHCARE - SERVICES - 2.1% | ||||||||
58,000 | Fresenius Medical Care AG & Co. (ADR) | 1,878,620 | ||||||
HOME BUILDERS - 1.0% | ||||||||
58,000 | Sekisui House Ltd. (ADR) | 855,790 |
Schedule of Investments | International Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
INSURANCE - 7.0% | ||||||||
60,300 | Ageas (ADR) | $ | 2,696,013 | |||||
75,000 | AIA Group Ltd. (ADR) | 2,466,000 | ||||||
44,200 | Muenchener Rueckversicherungs AG (ADR) | 965,770 | ||||||
6,127,783 | ||||||||
INTERNET - 7.2% | ||||||||
64,800 | Tencent Holdings Ltd. (ADR) | 2,557,656 | ||||||
36,000 | Weibo Corp. (ADR) * | 2,103,480 | ||||||
58,700 | Yandex NV * | 1,605,445 | ||||||
6,266,581 | ||||||||
MACHINERY - CONSTRUCTION & MINING - 3.1% | ||||||||
53,500 | Atlas Copco AB (ADR) | 1,170,045 | ||||||
70,600 | Komatsu Ltd. (ADR) | 1,520,724 | ||||||
2,690,769 | ||||||||
MACHINERY - DIVERSIFIED - 0.5% | ||||||||
47,000 | CNH Industrial NV | 432,870 | ||||||
MINING - 1.6% | ||||||||
29,000 | Rio Tinto PLC (ADR) | 1,405,920 | ||||||
MISCELLANEOUS MANUFACTURING - 1.8% | ||||||||
41,138 | FUJIFILM Holdings Corp. (ADR) | 1,602,736 | ||||||
OIL & GAS - 5.2% | ||||||||
55,100 | Eni SpA (ADR) | 1,735,650 | ||||||
131,000 | EQUINOR ASA (ADR) | 2,773,270 | ||||||
4,508,920 | ||||||||
OIL & GAS SERVICES - 1.2% | ||||||||
55,600 | Technip SA * | 1,088,648 | ||||||
PHARMACEUTICALS - 2.0% | ||||||||
55,500 | Ipsen SA (ADR) | 1,775,445 | ||||||
RETAIL - 1.4% | ||||||||
152,400 | Arcos Dorados Holdings, Inc. | 1,203,960 | ||||||
SEMICONDUCTORS - 1.8% | ||||||||
8,500 | Mellanox Technologies Ltd. * | 785,230 | ||||||
10,500 | NXP Semiconductors NV | 769,440 | ||||||
1,554,670 | ||||||||
SOFTWARE - 4.6% | ||||||||
34,200 | Amadeus IT Holdings SA (ADR) | 2,394,513 | ||||||
50,140 | Open Text Corp. | 1,634,564 | ||||||
4,029,077 | ||||||||
TELECOMMUNICATIONS - 6.8% | ||||||||
57,000 | BT Group PLC (ADR) | 866,400 | ||||||
18,600 | Nice Ltd. (ADR) * | 2,012,706 | ||||||
63,900 | Nippon Telegraph & Telephone Corp. (ADR) | 2,596,896 | ||||||
75,000 | Nokia OYJ (ADR) | 436,500 | ||||||
5,912,502 | ||||||||
TRANSPORTATION - 2.6% | ||||||||
12,800 | Canadian Pacific Railway Ltd. | 2,273,536 | ||||||
TRUCKING & LEASING - 1.7% | ||||||||
36,600 | AerCap Holdings NV * | 1,449,360 | ||||||
TOTAL COMMON STOCK (Cost $86,607,157) | 84,056,876 | |||||||
MONEY MARKET FUND - 3.5% | ||||||||
3,073,005 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A) | 3,073,005 | ||||||
(Cost $3,073,005) | ||||||||
TOTAL INVESTMENTS - 99.9% (Cost $89,680,162) | $ | 87,129,881 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1% | 57,282 | |||||||
NET ASSETS - 100.0% | $ | 87,187,163 |
* | Non-income producing securities. |
ADR - American Depositary Receipt.
PLC - Public Limited Co.
(A) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Schedule of Investments | International Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Diversification of Assets | ||||
Country | % of Net Assets | |||
Japan | 13.6 | % | ||
Britain | 8.9 | % | ||
France | 8.8 | % | ||
Norway | 8.5 | % | ||
Hong Kong | 8.2 | % | ||
Belgium | 6.1 | % | ||
Canada | 6.1 | % | ||
China | 5.4 | % | ||
Israel | 5.1 | % | ||
Italy | 4.5 | % | ||
Ireland | 3.7 | % | ||
Singapore | 3.3 | % | ||
Germany | 3.3 | % | ||
Spain | 2.8 | % | ||
United States | 2.2 | % | ||
Russia | 1.8 | % | ||
Uruguay | 1.4 | % | ||
Sweden | 1.3 | % | ||
Netherlands | 0.9 | % | ||
Finland | 0.5 | % | ||
Total | 96.4 | % | ||
Money Market Fund | 3.5 | % | ||
Other Assets Less Liabilities - Net | 0.1 | % | ||
Grand Total | 100.0 | % |
Schedule of Investments | Large/Mid Cap Growth Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCK - 92.3% | ||||||||
AEROSPACE/DEFENSE - 1.9% | ||||||||
9,596 | General Dynamics Corp. | $ | 1,508,587 | |||||
BANKS - 3.3% | ||||||||
21,660 | East West Bancorp, Inc. | 942,860 | ||||||
5,701 | SVB Financial Group * | 1,082,734 | ||||||
13,298 | Western Alliance Bancorp * | 525,138 | ||||||
2,550,732 | ||||||||
BIOTECHNOLOGY - 1.7% | ||||||||
2,791 | Sage Therapeutics, Inc. * | 267,350 | ||||||
6,321 | Vertex Pharmaceuticals, Inc. * | 1,047,453 | ||||||
1,314,803 | ||||||||
CHEMICALS - 3.2% | ||||||||
11,822 | Albemarle Corp. | 911,121 | ||||||
8,965 | FMC Corp. | 663,051 | ||||||
11,161 | LyondellBasell Industries NV | 928,149 | ||||||
2,502,321 | ||||||||
COMMERCIAL SERVICES - 1.4% | ||||||||
6,277 | Grand Canyon Education, Inc. * | 603,471 | ||||||
2,273 | MarketAxess Holdings, Inc. | 480,308 | ||||||
1,083,779 | ||||||||
COMPUTERS - 4.8% | ||||||||
11,090 | Nutanix, Inc. * | 461,233 | ||||||
47,853 | Rapid7, Inc. * | 1,491,099 | ||||||
17,329 | Varonis Systems, Inc. * | 916,704 | ||||||
24,462 | Western Digital Corp. | 904,360 | ||||||
3,773,396 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 2.5% | ||||||||
26,415 | Intercontinental Exchange, Inc. | 1,989,842 | ||||||
ELECTRIC - 1.3% | ||||||||
35,693 | PPL Corp. | 1,011,183 | ||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 1.5% | ||||||||
19,796 | Emerson Electric Co. | 1,182,811 | ||||||
ELECTRONICS - 6.9% | ||||||||
18,298 | Amphenol Corp. - Class A | 1,482,504 | ||||||
12,459 | Fortive Corp. | 842,976 | ||||||
17,459 | Honeywell International, Inc. | 2,306,683 | ||||||
6,795 | Keysight Technologies, Inc. * | 421,834 | ||||||
11,762 | Trimble, Inc. * | 387,087 | ||||||
5,441,084 | ||||||||
ENTERTAINMENT - 0.5% | ||||||||
2,147 | Vail Resorts, Inc. | 452,630 | ||||||
FOOD - 2.1% | ||||||||
11,686 | McCormick & Co., Inc. | 1,627,159 | ||||||
HEALTHCARE - PRODUCTS - 6.7% | ||||||||
1,167 | ABIOMED, Inc. * | 379,322 | ||||||
4,680 | Edwards Lifesciences Corp. * | 716,836 | ||||||
19,519 | Henry Schein, Inc. * | 1,532,632 | ||||||
6,949 | Insulet Corp. * | 551,195 | ||||||
1,751 | Intuitive Surgical, Inc. * | 838,589 | ||||||
4,647 | Teleflex, Inc. | 1,201,156 | ||||||
5,219,730 |
Schedule of Investments | Large/Mid Cap Growth Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
HEALTHCARE - SERVICES - 1.3% | ||||||||
8,512 | Centene Corp. * | $ | 981,434 | |||||
INSURANCE - 2.3% | ||||||||
24,487 | Arthur J. Gallagher & Co. | 1,804,692 | ||||||
INTERNET - 5.2% | ||||||||
28,267 | CDW Corp. | 2,291,040 | ||||||
4,337 | GrubHub, Inc. * | 333,125 | ||||||
7,535 | Palo Alto Networks, Inc. * | 1,419,217 | ||||||
4,043,382 | ||||||||
MACHINERY - CONSTRUCTION & MINING - 2.5% | ||||||||
9,994 | Caterpillar, Inc. | 1,269,937 | ||||||
10,772 | Oshkosh Corp. | 660,431 | ||||||
1,930,368 | ||||||||
MACHINERY - DIVERSIFIED - 1.0% | ||||||||
13,140 | Xylem, Inc. | 876,701 | ||||||
OIL & GAS - 3.7% | ||||||||
3,172 | Concho Resources, Inc. * | 326,050 | ||||||
32,071 | ConocoPhillips | 1,999,627 | ||||||
5,956 | Diamondback Energy, Inc. | 552,121 | ||||||
2,877,798 | ||||||||
PHARMACEUTICALS - 4.4% | ||||||||
7,371 | Elanco Animal Health, Inc. * | 232,408 | ||||||
7,694 | Neurocrine Biosciences, Inc. * | 549,428 | ||||||
6,992 | Sarepta Therapeutics, Inc. * | 763,037 | ||||||
21,888 | Zoetis, Inc. | 1,872,300 | ||||||
3,417,173 | ||||||||
RETAIL - 13.6% | ||||||||
6,770 | Burlington Stores, Inc. * | 1,101,276 | ||||||
8,452 | Costco Wholesale Corp. | 1,721,757 | ||||||
11,849 | Dollar General Corp. | 1,280,640 | ||||||
27,652 | Lowes Cos, Inc. | 2,553,939 | ||||||
2,855 | Lululemon Athletica, Inc. * | 347,197 | ||||||
5,009 | OReilly Automotive, Inc. * | 1,724,749 | ||||||
22,635 | Restaurant Brands International, Inc. | 1,183,810 | ||||||
12,708 | Texas Roadhouse, Inc. | 758,668 | ||||||
10,672,036 | ||||||||
SEMICONDUCTORS - 10.0% | ||||||||
12,196 | Advanced Micro Devices, Inc. * | 225,138 | ||||||
6,568 | Broadcom Ltd. | 1,670,111 | ||||||
23,480 | Maxim Integrated Products, Inc. | 1,193,958 | ||||||
32,208 | Micron Technology, Inc. * | 1,021,960 | ||||||
5,929 | Monolithic Power Systems, Inc. | 689,246 | ||||||
13,403 | NVIDIA Corp. | 1,789,300 | ||||||
16,628 | NXP Semiconductors NV | 1,218,500 | ||||||
7,808,213 | ||||||||
SOFTWARE - 7.2% | ||||||||
10,619 | Fidelity National Information Services, Inc. | 1,088,978 | ||||||
22,426 | InterXion Holding NV * | 1,214,592 | ||||||
14,442 | PTC, Inc. * | 1,197,242 | ||||||
7,652 | ServiceNow, Inc. * | 1,362,439 | ||||||
3,243 | Ultimate Software Group, Inc. * | 794,113 | ||||||
5,657,364 | ||||||||
TELECOMMUNICATIONS - 0.7% | ||||||||
75,864 | Vonage Holdings Corp. * | 662,293 |
Schedule of Investments | Large/Mid Cap Growth Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
TRANSPORTATION - 2.6% | ||||||||
13,579 | CSX Corp. | $ | 843,663 | |||||
12,675 | JB Hunt Transport Services, Inc. | 1,179,282 | ||||||
2,022,945 | ||||||||
TOTAL COMMON STOCK (Cost $71,703,205) | 72,412,456 | |||||||
MONEY MARKET FUND - 7.7% | ||||||||
6,034,589 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A) | 6,034,589 | ||||||
(Cost $6,034,589) | ||||||||
TOTAL INVESTMENTS - 100.0% (Cost $77,737,794) | $ | 78,447,045 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.0% | (36,722 | ) | ||||||
NET ASSETS - 100.0% | $ | 78,410,323 |
* | Non-income producing securities. |
(A) Variable rate security; the rate shown represents the yield at December 31, 2018.
Schedule of Investments | Small Cap Value Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCK - 86.2% | ||||||||
AEROSPACE/DEFENSE - 2.3% | ||||||||
52,180 | Kaman Corp. | $ | 2,926,776 | |||||
APPAREL - 2.0% | ||||||||
36,045 | Oxford Industries, Inc. | 2,560,637 | ||||||
AUTO PARTS & EQUIPMENT - 4.4% | ||||||||
80,420 | Douglas Dynamics, Inc. | 2,886,274 | ||||||
34,840 | Gentherm, Inc. * | 1,392,903 | ||||||
58,129 | Methode Electronics, Inc. | 1,353,824 | ||||||
5,633,001 | ||||||||
BANKS - 16.2% | ||||||||
77,539 | Columbia Banking System, Inc. | 2,813,890 | ||||||
37,935 | Glacier Bancorp, Inc. | 1,502,985 | ||||||
81,230 | Great Western Bancorp, Inc. | 2,538,437 | ||||||
128,350 | Hanmi Financial Corp. | 2,528,495 | ||||||
99,244 | Heritage Commerce Corp. | 1,125,427 | ||||||
73,434 | Legacy Texas Financial Group, Inc. | 2,356,497 | ||||||
84,310 | Renasant Corp. | 2,544,476 | ||||||
77,995 | ServisFirst Bancshares, Inc. | 2,485,701 | ||||||
44,070 | South State Corp. | 2,641,996 | ||||||
20,537,904 | ||||||||
BUILDING MATERIALS - 6.5% | ||||||||
41,061 | Apogee Enterprises, Inc. | 1,225,671 | ||||||
103,096 | Continental Building Products, Inc. * | 2,623,793 | ||||||
136,624 | Summit Materials, Inc. - Class A * | 1,694,138 | ||||||
102,006 | Universal Forest Products, Inc. | 2,648,076 | ||||||
8,191,678 | ||||||||
CHEMICALS - 2.1% | ||||||||
42,631 | Innospec, Inc. | 2,632,891 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 1.0% | ||||||||
35,540 | Houlihan Lokey, Inc. | 1,307,872 | ||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 2.2% | ||||||||
45,178 | Novanta, Inc. * | 2,846,214 | ||||||
ELECTRONICS - 1.2% | ||||||||
20,765 | OSI Systems, Inc. * | 1,522,074 | ||||||
ENGINEERING & CONSTRUCTION - 2.0% | ||||||||
57,955 | Comfort Systems USA, Inc. | 2,531,474 | ||||||
FOOD - 5.2% | ||||||||
237,455 | Hostess Brands, Inc. * | 2,597,758 | ||||||
17,318 | J & J Snack Foods Corp. | 2,504,010 | ||||||
90,975 | Nomad Foods Ltd. * | 1,521,102 | ||||||
6,622,870 | ||||||||
GAS - 1.1% | ||||||||
48,070 | South Jersey Industries, Inc. | 1,336,346 | ||||||
HEALTHCARE - PRODUCTS - 2.3% | ||||||||
45,236 | CONMED Corp. | 2,904,151 | ||||||
HOME BUILDERS - 2.0% | ||||||||
77,034 | Installed Building Products, Inc. * | 2,595,275 |
Schedule of Investments | Small Cap Value Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
INSURANCE - 4.7% | ||||||||
22,080 | Argo Group International Holdings Ltd | $ | 1,484,880 | |||||
32,307 | Employers Holdings, Inc. | 1,355,925 | ||||||
32,460 | Mercury General Corp. | 1,678,507 | ||||||
17,397 | Safety Insurance Group, Inc. | 1,423,249 | ||||||
5,942,561 | ||||||||
MACHINERY - 4.5% | ||||||||
20,537 | Alamo Group, Inc. | 1,587,921 | ||||||
43,629 | Albany International Corp. - Class A | 2,723,758 | ||||||
47,900 | Columbus McKinnon Corp. | 1,443,706 | ||||||
5,755,385 | ||||||||
MISCELLANEOUS MANUFACTURER - 1.1% | ||||||||
66,139 | Lydall, Inc. * | 1,343,283 | ||||||
OFFICE FURNISHINGS - 4.3% | ||||||||
187,280 | Interface, Inc. | 2,668,740 | ||||||
165,060 | Knoll, Inc. | 2,720,189 | ||||||
5,388,929 | ||||||||
OIL & GAS - 6.7% | ||||||||
391,015 | Callon Petroleum Co. * | 2,537,687 | ||||||
217,161 | Jagged Peak Energy, Inc. * | 1,980,508 | ||||||
40,180 | Penn Virginia Corp. * | 2,172,131 | ||||||
386,667 | SRC Energy, Inc. * | 1,817,335 | ||||||
8,507,661 | ||||||||
OIL & GAS SERVICES - 1.5% | ||||||||
153,935 | ProPetro Holding Corp. * | 1,896,479 | ||||||
RETAIL - 5.3% | ||||||||
81,033 | BJs Wholesale Club Holdings, Inc. * | 1,795,691 | ||||||
153,435 | Bloomin Brands, Inc. | 2,744,952 | ||||||
24,464 | Childrens Place, Inc. | 2,203,962 | ||||||
6,744,605 | ||||||||
SAVINGS & LOANS - 1.9% | ||||||||
91,348 | Berkshire Hills Bancorp, Inc. | 2,463,656 | ||||||
SEMICONDUCTORS - 1.6% | ||||||||
79,640 | Brooks Automation, Inc. | 2,084,975 | ||||||
SOFTWARE - 1.9% | ||||||||
39,140 | Omnicell, Inc. * | 2,396,934 | ||||||
TELECOMMUNICATIONS - 2.2% | ||||||||
276,765 | Viavi Solutions, Inc. * | 2,781,488 | ||||||
TOTAL COMMON STOCK (Cost $125,959,580) | 109,455,119 | |||||||
REITs - 13.5% | ||||||||
100,328 | Americold Realty Trust | 2,562,377 | ||||||
78,625 | Columbia Property Trust, Inc. | 1,521,394 | ||||||
170,109 | Easterly Government Properties, Inc. | 2,667,309 | ||||||
56,842 | PotlatchDeltic Corp. | 1,798,481 | ||||||
152,510 | Ramco-Gershenson Properties Trust | 1,822,494 | ||||||
110,095 | STAG Industrial, Inc. | 2,739,164 | ||||||
273,742 | Summit Hotel Properties, Inc. | 2,663,510 | ||||||
38,323 | Terreno Realty Corp. | 1,347,820 | ||||||
TOTAL REITs (Cost $19,172,188) | 17,122,549 |
Schedule of Investments | Small Cap Value Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
MONEY MARKET FUND - 0.7% | ||||||||
823,655 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A) | $ | 823,655 | |||||
(Cost $823,655) | ||||||||
TOTAL INVESTMENTS - 100.4% (Cost $145,955,423) | $ | 127,401,323 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.4)% | (484,700 | ) | ||||||
NET ASSETS - 100.0% | $ | 126,916,623 |
* | Non-income producing securities. |
REITs - Real Estate Investment Trust.
(A) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Schedule of Investments | Large/Mid Cap Value Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCK - 92.8% | ||||||||
AEROSPACE/DEFENSE - 4.7% | ||||||||
44,050 | Curtiss-Wright Corp. | $ | 4,498,386 | |||||
28,780 | General Dynamics Corp. | 4,524,504 | ||||||
9,022,890 | ||||||||
BANKS - 6.4% | ||||||||
97,650 | Chemical Financial Corp. | 3,574,967 | ||||||
53,900 | East West Bancorp, Inc. | 2,346,267 | ||||||
104,360 | First Hawaiian, Inc. | 2,349,144 | ||||||
98,815 | Western Alliance Bancorp * | 3,902,204 | ||||||
12,172,582 | ||||||||
BUILDING MATERIALS - 1.7% | ||||||||
51,900 | Eagle Materials, Inc. | 3,167,457 | ||||||
CHEMICALS - 3.4% | ||||||||
16,300 | Sherwin-Williams Co. | 6,413,398 | ||||||
COMPUTERS - 2.5% | ||||||||
80,785 | Amdocs Ltd. | 4,732,385 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 3.3% | ||||||||
84,870 | Intercontinental Exchange, Inc. | 6,393,257 | ||||||
ELECTRIC - 6.2% | ||||||||
116,440 | CMS Energy Corp. | 5,781,246 | ||||||
55,800 | DTE Energy Co. | 6,154,740 | ||||||
11,935,986 | ||||||||
ELECTRIC COMPONENTS & EQUIPMENT - 3.2% | ||||||||
48,530 | Energizer Holdings, Inc. | 2,191,130 | ||||||
40,500 | Hubbell, Inc. | 4,023,270 | ||||||
6,214,400 | ||||||||
ELECTRONICS - 14.2% | ||||||||
70,740 | Amphenol Corp. - Class A | 5,731,355 | ||||||
96,800 | Avnet, Inc. | 3,494,480 | ||||||
102,450 | FLIR Systems, Inc. | 4,460,673 | ||||||
36,245 | Honeywell International, Inc. | 4,788,689 | ||||||
121,500 | nVent Electric PLC | 2,728,890 | ||||||
75,900 | PerkinElmer, Inc. | 5,961,945 | ||||||
27,166,032 | ||||||||
ENVIRONMENTAL CONTROL - 1.6% | ||||||||
78,500 | Pentair PLC | 2,965,730 | ||||||
FOOD - 7.5% | ||||||||
130,890 | Flowers Foods, Inc. | 2,417,538 | ||||||
49,990 | JM Smucker Co. | 4,673,565 | ||||||
52,300 | McCormick & Co., Inc. | 7,282,252 | ||||||
14,373,355 | ||||||||
HEALTHCARE - PRODUCTS - 5.5% | ||||||||
79,800 | Dentsply Sirona, Inc. | 2,969,358 | ||||||
114,800 | Patterson Companies, Inc. | 2,256,968 | ||||||
49,730 | STERIS PLC | 5,313,651 | ||||||
10,539,977 | ||||||||
INSURANCE - 6.4% | ||||||||
86,500 | Arthur J. Gallagher & Co. | 6,375,050 | ||||||
27,220 | Everest Re Group Ltd. | 5,927,427 | ||||||
12,302,477 | ||||||||
MEDIA - 2.5% | ||||||||
5,832 | Cable One, Inc. | 4,782,823 | ||||||
MISCELLANEOUS MANUFACTURING - 1.2% | ||||||||
34,750 | Eaton Corp. PLC | 2,385,935 |
Schedule of Investments | Large/Mid Cap Value Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
OIL & GAS - 5.8% | ||||||||
45,500 | Diamondback Energy, Inc. | $ | 4,217,850 | |||||
50,585 | EOG Resources, Inc. | 4,411,518 | ||||||
42,100 | Marathon Petroleum Corp. | 2,484,321 | ||||||
11,113,689 | ||||||||
OIL & GAS SERVICES - 0.6% | ||||||||
46,305 | Halliburton Co. | 1,230,787 | ||||||
RETAIL - 3.8% | ||||||||
15,390 | Advance Auto Parts, Inc. | 2,423,309 | ||||||
49,900 | Genuine Parts Co. | 4,791,398 | ||||||
7,214,707 | ||||||||
SEMICONDUCTORS - 6.2% | ||||||||
51,200 | KLA - Tencor Corp. | 4,581,888 | ||||||
16,500 | Lam Research Corp. | 2,246,805 | ||||||
100,800 | Maxim Integrated Products, Inc. | 5,125,680 | ||||||
11,954,373 | ||||||||
SOFTWARE - 1.5% | ||||||||
29,650 | Broadridge Financial Solutions, Inc. | 2,853,812 | ||||||
TEXTILES - 1.1% | ||||||||
18,800 | Mohawk Industries, Inc. * | 2,198,848 | ||||||
TRANSPORTATION - 3.5% | ||||||||
47,900 | Union Pacific Corp. | 6,621,217 | ||||||
TOTAL COMMON STOCK (Cost $168,861,886) | 177,756,117 | |||||||
REITs - 6.3% | ||||||||
28,825 | Public Storage | 5,834,468 | ||||||
36,925 | Simon Property Group, Inc. | 6,203,031 | ||||||
TOTAL REITs (Cost $13,477,918) | 12,037,499 | |||||||
MONEY MARKET FUND - 0.9% | ||||||||
1,786,608 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A) | 1,786,608 | ||||||
(Cost $1,786,608) | ||||||||
TOTAL INVESTMENTS - 100.0% (Cost $184,126,412) | $ | 191,580,224 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.0% | (82,433 | ) | ||||||
NET ASSETS - 100.0% | $ | 191,497,791 |
* | Non-income producing securities. |
PLC - Public Limited Co.
REITs - Real Estate Investment Trust.
(A) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Schedule of Investments | Fixed Income Fund |
As of December 31, 2018 (Unaudited) |
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||
BONDS & NOTES - 97.7% | ||||||||||||
CORPORATE BONDS - 34.4% | ||||||||||||
$ | 1,000,000 | ABB Finance USA, Inc. | 2.875 | 5/8/2022 | $ | 985,134 | ||||||
1,000,000 | Abbvie, Inc. | 3.200 | 5/14/2026 | 928,279 | ||||||||
1,000,000 | American Electric Power | 3.200 | 11/13/2027 | 950,317 | ||||||||
500,000 | Analog Devices, Inc. | 3.900 | 12/15/2025 | 491,410 | ||||||||
1,000,000 | Aptiv Corp. | 4.150 | 3/15/2024 | 1,002,106 | ||||||||
1,000,000 | Boardwalk Pipelines LP | 5.750 | 9/15/2019 | 1,011,940 | ||||||||
1,000,000 | Broadridge Financial Solutions, Inc. | 3.400 | 6/27/2026 | 952,965 | ||||||||
1,000,000 | Buckeye Partners LP | 3.950 | 12/1/2026 | 879,956 | ||||||||
1,000,000 | Canadian Pacific RR Co. | 2.900 | 2/1/2025 | 958,848 | ||||||||
1,000,000 | CBOE Holdings, Inc. | 3.650 | 1/12/2027 | 974,277 | ||||||||
1,000,000 | Celgene Corp. | 3.875 | 8/15/2025 | 964,049 | ||||||||
1,000,000 | Columbia Pipeline Group, Inc. | 4.500 | 6/1/2025 | 1,008,547 | ||||||||
1,000,000 | CSX Corp. | 3.250 | 6/1/2027 | 942,568 | ||||||||
500,000 | Digital Realty Trust LP | 3.700 | 8/15/2027 | 472,767 | ||||||||
500,000 | Dollar General Corp. | 4.125 | 5/1/2028 | 486,208 | ||||||||
750,000 | Eaton Corp. | 2.750 | 11/2/2022 | 730,101 | ||||||||
1,000,000 | Enable Midstream Partners LP | 3.900 | 5/15/2024 | 960,382 | ||||||||
750,000 | Husky Energy, Inc. | 3.950 | 4/15/2022 | 754,436 | ||||||||
906,076 | John Sevier Combined Cycle Generation LLC | 4.626 | 1/15/2042 | 963,353 | ||||||||
750,000 | Johnson Controls, Inc. | 5.000 | 3/30/2020 | 765,888 | ||||||||
1,000,000 | Kennametal, Inc. | 3.875 | 2/15/2022 | 997,243 | ||||||||
800,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 804,663 | ||||||||
1,500,000 | NiSource Finance Corp. | 3.490 | 5/15/2027 | 1,433,931 | ||||||||
1,000,000 | Nutrien Ltd. | 4.000 | 12/15/2026 | 976,621 | ||||||||
1,000,000 | Phillips 66 | 3.605 | 2/15/2025 | 962,037 | ||||||||
1,000,000 | Stanley Black & Decker, Inc. | 2.900 | 11/1/2022 | 982,974 | ||||||||
700,000 | Sunoco Logistics Partners LP | 4.250 | 4/1/2024 | 679,801 | ||||||||
1,200,000 | Ventas Realty LP/CAP Corp. | 3.250 | 8/15/2022 | 1,186,747 | ||||||||
1,000,000 | Zimmer Biomet Holdings, Inc. | 2.700 | 4/1/2020 | 990,757 | ||||||||
TOTAL CORPORATE BONDS (Cost $27,026,947) | 26,198,305 | |||||||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 63.3% | ||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 26.1% | ||||||||||||
583,421 | GNMA Pool 783060 | 4.000 | 8/15/2040 | 601,840 | ||||||||
264,106 | GNMA Pool 783403 | 3.500 | 9/15/2041 | 267,329 | ||||||||
319,901 | GNMA Pool G2 4520 | 5.000 | 8/20/2039 | 339,862 | ||||||||
395,051 | GNMA Pool G2 4947 | 5.000 | 2/20/2041 | 418,063 | ||||||||
1,076,163 | GNMA Pool G2 MA3376 | 3.500 | 1/20/2046 | 1,085,272 | ||||||||
760,396 | GNMA Pool G2 MA3596 | 3.000 | 4/20/2046 | 750,630 | ||||||||
1,946,833 | GNMA Pool G2 MA3663 | 3.500 | 5/20/2046 | 1,962,113 | ||||||||
909,227 | GNMA Pool G2 MA3735 | 3.000 | 6/20/2046 | 896,990 | ||||||||
715,419 | GNMA Pool G2 MA3736 | 3.500 | 6/20/2046 | 720,924 | ||||||||
1,158,428 | GNMA Pool G2 MA4004 | 3.500 | 10/20/2046 | 1,166,629 | ||||||||
807,197 | GNMA Pool G2 MA4509 | 3.000 | 6/20/2047 | 795,660 | ||||||||
1,099,272 | GNMA Pool G2 MA4652 | 3.500 | 8/20/2047 | 1,106,916 | ||||||||
1,498,323 | GNMA Pool G2 MA4719 | 3.500 | 9/20/2047 | 1,508,742 | ||||||||
1,513,033 | GNMA Pool G2 MA4778 | 3.500 | 10/20/2047 | 1,523,554 | ||||||||
1,336,455 | GNMA Pool G2 MA4901 | 4.000 | 12/20/2047 | 1,369,969 | ||||||||
1,245,966 | GNMA Pool G2 MA4963 | 4.000 | 1/20/2048 | 1,277,210 | ||||||||
1,280,034 | GNMA Pool G2 MA5529 | 4.500 | 10/20/2048 | 1,325,980 | ||||||||
1,282,476 | GNMA Pool G2 MA5596 | 4.500 | 11/20/2048 | 1,328,858 | ||||||||
1,420,000 | GNMA Pool G2 MA5652 | 4.500 | 12/20/2048 | 1,472,399 | ||||||||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $20,373,585) | 19,918,940 |
Schedule of Investments | Fixed Income Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||
GOVERNMENT NOTES & BONDS - 37.2% | ||||||||||||
$ | 4,730,000 | United States Treasury Note | 3.125 | 5/15/2021 | $ | 4,801,689 | ||||||
10,915,000 | United States Treasury Note | 2.125 | 6/30/2022 | 10,787,942 | ||||||||
5,935,000 | United States Treasury Note | 2.250 | 11/15/2024 | 5,834,615 | ||||||||
3,000,000 | United States Treasury Note | 2.000 | 8/15/2025 | 2,893,066 | ||||||||
1,000,000 | United States Treasury Note | 1.625 | 2/15/2026 | 936,367 | ||||||||
2,500,000 | United States Treasury Note | 4.500 | 2/15/2036 | 3,082,520 | ||||||||
TOTAL GOVERNMENT NOTES & BONDS (Cost $28,957,273) | 28,336,199 | |||||||||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $49,330,858) | 48,255,139 | |||||||||||
TOTAL BONDS AND NOTES (Cost $76,357,805) | 74,453,444 | |||||||||||
Shares | ||||||||||||
MONEY MARKET FUND - 1.8% | ||||||||||||
1,369,243 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A) | 1,369,243 | ||||||||||
(Cost $1,369,243) | ||||||||||||
TOTAL INVESTMENTS - 99.5% (Cost $77,727,048) | $ | 75,822,687 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.5% | 348,878 | |||||||||||
NET ASSETS - 100.0% | $ | 76,171,565 |
GNMA - Government National Mortgage Association.
LLC - Limited Liability Company.
LP - Limited Partnership.
(A) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Schedule of Investments | High Yield Bond Fund |
As of December 31, 2018 (Unaudited) |
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS - 94.4% | ||||||||||||
$ | 1,000,000 | Adient Global Holdings Ltd. (A) | 4.875 | 8/15/2026 | $ | 770,000 | ||||||
1,000,000 | Alliance Resource Finance Corp. (A) | 7.500 | 5/1/2025 | 1,006,250 | ||||||||
500,000 | Amsted Industries, Inc. (A) | 5.000 | 3/15/2022 | 488,750 | ||||||||
500,000 | Amsted Industries, Inc. (A) | 5.375 | 9/15/2024 | 473,750 | ||||||||
1,000,000 | Ashtead Capital, Inc. (A) | 4.125 | 8/15/2025 | 920,000 | ||||||||
950,000 | B&G Foods, Inc. | 5.250 | 4/1/2025 | 887,063 | ||||||||
750,000 | BBA US Holdings, Inc. (A) | 5.375 | 5/1/2026 | 712,493 | ||||||||
500,000 | Braskem Finance, Ltd. | 6.450 | 2/3/2024 | 526,880 | ||||||||
500,000 | BWX Technologies, Inc. (A) | 5.375 | 7/15/2026 | 483,600 | ||||||||
500,000 | Cascades, Inc. (A) | 5.500 | 7/15/2022 | 490,000 | ||||||||
500,000 | Cemex Finance LLC (A) | 6.000 | 4/1/2024 | 498,120 | ||||||||
500,000 | Centene Corp. | 4.750 | 1/15/2025 | 478,750 | ||||||||
600,000 | Community Health Systems, Inc. | 6.250 | 3/31/2023 | 547,530 | ||||||||
250,000 | Crestwood Midstream Finance Corp. | 5.750 | 4/1/2025 | 233,125 | ||||||||
1,000,000 | CyrusOne Finance Corp. | 5.000 | 3/15/2024 | 982,500 | ||||||||
1,000,000 | Dana, Inc. | 5.500 | 12/15/2024 | 935,000 | ||||||||
750,000 | DaVita HealthCare Partners, Inc. | 5.000 | 5/1/2025 | 683,438 | ||||||||
500,000 | DCP Midstream, LLC, 3 mo. LIBOR + 3.85% (A) (B) | 5.850 | 5/21/2043 | 402,500 | ||||||||
1,000,000 | Delphi Jersey Holdings PLC (A) | 5.000 | 10/1/2025 | 842,500 | ||||||||
1,000,000 | Equinix, Inc. | 5.375 | 5/15/2027 | 980,000 | ||||||||
750,000 | FMG Resources (A) | 5.125 | 5/15/2024 | 692,812 | ||||||||
750,000 | Gartner, Inc. (A) | 5.125 | 4/1/2025 | 729,847 | ||||||||
500,000 | Genesis Energy LP | 6.750 | 8/1/2022 | 490,000 | ||||||||
750,000 | Geo Group, Inc. | 5.125 | 4/1/2023 | 677,812 | ||||||||
500,000 | Gibraltar Industries, Inc. | 6.250 | 2/1/2021 | 501,150 | ||||||||
500,000 | Global Partners LP/ Global Finance Corp. | 6.250 | 7/15/2022 | 475,000 | ||||||||
1,000,000 | Goodyear Tire & Rubber Co. | 4.875 | 3/15/2027 | 881,250 | ||||||||
500,000 | Hanesbrands, Inc. (A) | 4.875 | 5/15/2026 | 453,125 | ||||||||
500,000 | IHS Markit Ltd. (A) | 4.750 | 2/15/2025 | 493,125 | ||||||||
600,000 | Ingevity Corp. (A) | 4.500 | 2/1/2026 | 544,500 | ||||||||
100,000 | Itron, Inc. (A) | 5.000 | 1/15/2026 | 91,750 | ||||||||
750,000 | Jagged Peak Energy LLC (A) | 5.875 | 5/1/2026 | 701,250 | ||||||||
500,000 | Kaiser Aluminum Corp. | 5.875 | 5/15/2024 | 490,000 | ||||||||
1,000,000 | Koppers, Inc. (A) | 6.000 | 2/15/2025 | 885,000 | ||||||||
500,000 | Magnolia Oil Gas (A) | 6.000 | 8/1/2026 | 485,000 | ||||||||
1,000,000 | Millicom International Cellular SA (A) | 5.125 | 1/15/2028 | 895,000 | ||||||||
1,000,000 | MPT Operating Partnership LP | 5.250 | 8/1/2026 | 947,500 | ||||||||
500,000 | MSCI, Inc. (A) | 5.375 | 5/15/2027 | 490,625 | ||||||||
500,000 | Newmark Group, Inc. (A) | 6.125 | 11/15/2023 | 492,852 | ||||||||
500,000 | NGL Energy Partners LP | 6.125 | 3/1/2025 | 432,500 | ||||||||
1,000,000 | Nova Chemicals Corp. (A) | 5.250 | 6/1/2027 | 888,750 | ||||||||
250,000 | NRG Energy, Inc. | 7.250 | 5/15/2026 | 260,312 | ||||||||
1,000,000 | NuStar Logistics LP | 5.625 | 4/28/2027 | 936,250 | ||||||||
850,000 | Olin Corp. | 5.125 | 9/15/2027 | 786,250 | ||||||||
500,000 | Parsley Finance Corp. (A) | 5.250 | 8/15/2025 | 455,000 | ||||||||
1,000,000 | PBF Finance Corp. | 7.250 | 6/15/2025 | 945,000 | ||||||||
1,000,000 | Plastipak Holdings, Inc. (A) | 6.250 | 10/15/2025 | 890,000 | ||||||||
500,000 | QTS LP (A) | 4.750 | 11/15/2025 | 470,000 | ||||||||
1,000,000 | Reynolds Group Issuer, Inc. (A) | 5.125 | 7/15/2023 | 953,750 | ||||||||
750,000 | Scotts Miracle-Gro Co. | 5.250 | 12/15/2026 | 684,375 | ||||||||
500,000 | SemGroup LP | 5.625 | 7/15/2022 | 473,750 | ||||||||
500,000 | SemGroup LP | 6.375 | 3/15/2025 | 463,750 | ||||||||
1,000,000 | Standard Industries, Inc. (A) | 5.000 | 2/15/2027 | 877,500 | ||||||||
500,000 | Steel Dynamics, Inc. | 5.250 | 4/15/2023 | 495,000 | ||||||||
1,000,000 | Suburban Propane Partners LP | 5.875 | 3/1/2027 | 890,000 | ||||||||
1,000,000 | Summit Midstream Holdings LLC | 5.750 | 4/15/2025 | 925,000 |
Schedule of Investments | High Yield Bond Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS - 94.4% (Cont.) | ||||||||||||
$ | 500,000 | Targa Resources Partners LP | 4.250 | 11/15/2023 | $ | 464,375 | ||||||
500,000 | Targa Resources Partners LP | 5.375 | 2/1/2027 | 471,250 | ||||||||
500,000 | Teleflex, Inc. | 4.875 | 6/1/2026 | 480,000 | ||||||||
750,000 | Tenet Healthcare Corp. | 4.375 | 10/1/2021 | 729,375 | ||||||||
750,000 | TRI Pointe Group, Inc. | 5.875 | 6/15/2024 | 672,188 | ||||||||
1,000,000 | TTM Technologies, Inc. (A) | 5.625 | 10/1/2025 | 932,500 | ||||||||
750,000 | United Rentals North America, Inc. | 4.875 | 1/15/2028 | 660,000 | ||||||||
500,000 | Valvoline, Inc. | 4.375 | 8/15/2025 | 460,625 | ||||||||
500,000 | Valvoline, Inc. | 5.500 | 7/15/2024 | 490,000 | ||||||||
1,000,000 | VeriSign, Inc. | 4.625 | 5/1/2023 | 987,500 | ||||||||
1,000,000 | Waste Pro USA, Inc. (A) | 5.500 | 2/15/2026 | 925,000 | ||||||||
325,000 | Weekley Finance Corp. | 6.000 | 2/1/2023 | 305,500 | ||||||||
500,000 | Weekley Finance Corp. | 6.625 | 8/15/2025 | 461,250 | ||||||||
500,000 | Whiting Petroleum Corp. | 6.625 | 1/15/2026 | 431,250 | ||||||||
500,000 | WPX Energy, Inc. | 5.250 | 9/15/2024 | 455,000 | ||||||||
250,000 | WPX Energy, Inc. | 5.750 | 6/1/2026 | 227,500 | ||||||||
TOTAL CORPORATE BONDS (Cost $49,108,264) | 45,740,347 | |||||||||||
Shares | ||||||||||||
MONEY MARKET FUND - 4.3% | ||||||||||||
2,060,034 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (C) | |||||||||||
(Cost $2,060,034) | 2,060,034 | |||||||||||
TOTAL INVESTMENTS - 98.7% (Cost $51,168,298) | $ | 47,800,381 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 1.3% | 639,024 | |||||||||||
NET ASSETS - 100.0% | $ | 48,439,405 |
LIBOR - London Interbank Offered Rate.
LLC - Limited Liability Company.
LP - Limited Partnership.
PLC - Public Limited Co.
(A) | 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities had a fair value of $20,435,349 and represent 42.2% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
(B) | Variable rate security; the interest rate shown reflects the effective rate at December 31, 2018. |
(C) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Schedule of Investments | Israel Common Values Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCK - 96.4% | ||||||||
AEROSPACE/DEFENSE - 3.4% | ||||||||
16,001 | Elbit Systems Ltd. | $ | 1,824,434 | |||||
APPAREL - 0.9% | ||||||||
19,500 | Delta-Galil Industries Ltd. | 482,131 | ||||||
BANKS - 16.7% | ||||||||
67,500 | Bank Hapoalim BM (ADR) | 2,092,500 | ||||||
388,000 | Bank Leumi Le-Israel BM | 2,346,638 | ||||||
62,300 | First International Bank Of Israel Ltd. * | 1,310,438 | ||||||
632,000 | Israel Discount Bank Ltd. | 1,955,154 | ||||||
69,000 | Mizrahi Tefahot Bank Ltd. * | 1,165,895 | ||||||
8,870,625 | ||||||||
CHEMICALS - 4.8% | ||||||||
6,001 | International Flavors & Fragrances, Inc. * | 802,154 | ||||||
306,000 | Israel Chemicals Ltd. | 1,731,960 | ||||||
2,534,114 | ||||||||
COMPUTERS - 6.0% | ||||||||
12,200 | Check Point Software Technologies Ltd. * | 1,252,330 | ||||||
17,200 | CyberArk Software Ltd. * | 1,275,208 | ||||||
6,000 | Kornit Digital Ltd. * | 112,320 | ||||||
49,210 | Matrix IT Ltd. | 544,810 | ||||||
3,184,668 | ||||||||
ELECTRIC - 2.1% | ||||||||
21,500 | Ormat Technologies, Inc. | 1,124,469 | ||||||
ELECTRONICS - 4.2% | ||||||||
27,896 | Ituran Location and Control Ltd. | 894,346 | ||||||
23,400 | Orbotech Ltd. * | 1,323,036 | ||||||
2,217,382 | ||||||||
ENERGY-ALTERNATE SOURCES - 0.0% ** | ||||||||
6,360 | Energix-Renewable Energies Ltd. * | 8,140 | ||||||
ENGINEERING & CONSTRUCTION - 0.3% | ||||||||
86,211 | Shikun & Binui Ltd. * | 146,294 | ||||||
FOOD - 6.3% | ||||||||
21,700 | Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. * | 1,117,302 | ||||||
160,000 | Shufersal Ltd. | 1,051,181 | ||||||
52,500 | Strauss Group Ltd. | 1,192,112 | ||||||
3,360,595 | ||||||||
HOLDING COMPANIES - DIVERSIFIED - 2.7% | ||||||||
45,000 | Elco Ltd. | 820,098 | ||||||
209,400 | Inrom Construction Industries Ltd. | 610,814 | ||||||
1,430,912 | ||||||||
HOME BUILDERS - 1.5% | ||||||||
1,800 | Bayside Land Corp. | 766,388 | ||||||
INSURANCE - 6.4% | ||||||||
54,600 | Clal Insurance Enterprises Holdings Ltd. * | 769,741 | ||||||
165,000 | Harel Insurance Investments & Financial Services Ltd. | 1,085,796 | ||||||
1,080,000 | Migdal Insurance & Financial Holding Ltd. * | 920,533 | ||||||
121,000 | Phoenix Holdings Ltd. * | 615,564 | ||||||
3,391,634 | ||||||||
LEISURE TIME - 0.9% | ||||||||
86,000 | Maytronics Ltd. | 491,593 |
Schedule of Investments | Israel Common Values Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
OIL & NATURAL GAS - 8.4% | ||||||||
345,541 | Delek Drilling LP | $ | 908,066 | |||||
3,000 | Israel Corp. Ltd. | 796,815 | ||||||
32,200 | Noble Energy, Inc. | 604,072 | ||||||
1,595,000 | Oil Refineries Ltd. | 761,058 | ||||||
5,900 | Paz Oil Co. Ltd. | 890,664 | ||||||
737,500 | Ratio Oil Exploration 1992 LP * | 502,489 | ||||||
4,463,164 | ||||||||
PHARMACEUTICALS - 1.2% | ||||||||
1,575,013 | Novolog Ltd. | 471,229 | ||||||
2,200 | Taro Pharmaceutical Industries Ltd. | 186,208 | ||||||
657,437 | ||||||||
REAL ESTATE - 7.2% | ||||||||
80,000 | Alony Hetz Properties & Investments Ltd. | 746,960 | ||||||
176,000 | Amot Investments Ltd. | 854,390 | ||||||
11,000 | Azrieli Group Ltd. | 525,457 | ||||||
54,000 | Gazit-Globe Ltd. | 375,728 | ||||||
332,522 | Jerusalem Economy Ltd. * | 855,788 | ||||||
11,366 | Melisron Ltd. | 473,874 | ||||||
3,832,197 | ||||||||
RETAIL - 2.0% | ||||||||
84,909 | Delek Automotive Systems Ltd. * | 334,251 | ||||||
34,300 | Tadiran Holdings Ltd. | 732,492 | ||||||
1,066,743 | ||||||||
SEMICONDUCTORS - 5.9% | ||||||||
16,200 | Mellanox Technologies Ltd. * | 1,496,556 | ||||||
48,000 | Nova Measuring Instruments Ltd. * | 1,093,440 | ||||||
1 | Tower Semiconductor Ltd. * | 9 | ||||||
36,900 | Tower Semiconductor Ltd. * | 543,906 | ||||||
3,133,911 | ||||||||
SOFTWARE - 5.6% | ||||||||
95,783 | Magic Software Enterprises Ltd. | 730,824 | ||||||
27,455 | Pointer Telocation Ltd. * | 333,578 | ||||||
43,500 | Radware Ltd. * | 987,885 | ||||||
48,600 | Sapiens International Corp. NV | 536,058 | ||||||
9,500 | Verint Systems, Inc. * | 401,945 | ||||||
2,990,290 | ||||||||
TELECOMMUNICATIONS - 8.6% | ||||||||
81,000 | AudioCodes Ltd. | 800,280 | ||||||
69,800 | Cellcom Israel Ltd. * | 410,424 | ||||||
23,600 | Nice Ltd. (ADR) * | 2,553,756 | ||||||
73,600 | Partner Communications Co. Ltd. * | 361,426 | ||||||
13,117 | Silicom Ltd. * | 458,308 | ||||||
4,584,194 | ||||||||
TEXTILES - 1.3% | ||||||||
30,300 | Fox Wizel Ltd. | 687,614 | ||||||
TOTAL COMMON STOCK (Cost $44,419,950) | 51,248,929 |
Schedule of Investments | Israel Common Values Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
MONEY MARKET FUND - 3.8% | ||||||||
1,994,068 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A) | $ | 1,994,068 | |||||
(Cost $1,994,068) | ||||||||
TOTAL INVESTMENTS - 100.2% (Cost $46,414,018) | $ | 53,242,997 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.2)% | (89,384 | ) | ||||||
NET ASSETS - 100.0% | $ | 53,153,613 |
* | Non-income producing securities. |
** | Less than 0.05%. |
ADR - American Depositary Receipt.
LP - Limited Partnership.
(A) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Diversification of Assets | ||||
Country | % of Net Assets | |||
Israel | 92.4 | % | ||
United States | 4.0 | % | ||
Total | 96.4 | % | ||
Money Market Fund | 3.8 | % | ||
Other Assets Less Liabilities - Net | (0.2 | )% | ||
Grand Total | 100.0 | % |
Schedule of Investments | Defensive Strategies Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCK - 23.8% | ||||||||
AGRICULTURE - 0.6% | ||||||||
1,709 | Adecoagro SA * | $ | 11,895 | |||||
1,026 | Bunge Ltd. | 54,830 | ||||||
3,622 | Nutrien Ltd. * | 170,234 | ||||||
236,959 | ||||||||
CHEMICALS - 1.7% | ||||||||
2,755 | CF Industries Holdings, Inc. | 119,870 | ||||||
2,969 | FMC Corp. | 219,587 | ||||||
1,952 | K+S AG | 35,078 | ||||||
5,762 | Mosaic Co. | 168,308 | ||||||
1,463 | Sasol Ltd. (ADR) | 42,851 | ||||||
3,811 | Sociedad Quimica Y Minera de Chile, SA (ADR) | 145,961 | ||||||
731,655 | ||||||||
ENVIRONMENTAL CONTROL - 0.2% | ||||||||
1,300 | Kurita Water Industries Ltd. | 31,565 | ||||||
1,279 | Pentair PLC | 48,321 | ||||||
79,886 | ||||||||
FOOD - 0.8% | ||||||||
5,133 | BRF SA (ADR) * | 29,156 | ||||||
680 | Cal-Maine Foods, Inc. | 28,764 | ||||||
3,205 | Darling Ingredients, Inc. * | 61,664 | ||||||
269 | Fresh Del Monte Produce, Inc. | 7,605 | ||||||
1,040 | Ingredion, Inc. | 95,056 | ||||||
1,900 | Megmilk Snow Brand Co. Ltd. | 49,303 | ||||||
12,300 | Nippon Suisan Kaisha Ltd. | 68,835 | ||||||
340,383 | ||||||||
FOREST PRODUCTS & PAPER - 0.0% ** | ||||||||
900 | Sumitomo Forestry Co. Ltd. | 11,812 | ||||||
HEALTHCARE - SERVICES - 0.9% | ||||||||
58,900 | Brookdale Senior Living, Inc. * | 394,630 | ||||||
IRON/STEEL - 1.4% | ||||||||
1,178 | Allegheny Technologies, Inc. * | 25,645 | ||||||
1,052 | ArcelorMittal (ADR) * | 21,745 | ||||||
1,259 | Gerdau SA (ADR) | 4,734 | ||||||
4,300 | Hitachi Metals Ltd. | 45,071 | ||||||
5,600 | Kobe Steel Ltd. | 38,996 | ||||||
2,000 | Nippon Steel & Sumitomo Metal Corp. | 34,499 | ||||||
762 | POSCO (ADR) | 41,864 | ||||||
588 | Salzgitter AG | 17,188 | ||||||
3,654 | Severstal PAO (GDR) | 49,877 | ||||||
2,055 | Steel Dynamics, Inc. | 61,732 | ||||||
841 | Ternium SA (ADR) | 22,791 | ||||||
7,000 | Tokyo Steel Manufacturing Co. Ltd. | 56,784 | ||||||
4,228 | United States Steel Corp. | 77,119 | ||||||
6,765 | Vale SA (ADR) | 89,230 | ||||||
587,275 | ||||||||
MACHINERY - DIVERSIFIED - 1.4% | ||||||||
1,442 | AGCO Corp. | 80,276 | ||||||
4,046 | CNH Industrial NV | 37,264 | ||||||
1,861 | Deere & Co. | 277,605 | ||||||
14,500 | Kubota Corp. | 206,369 | ||||||
601,514 | ||||||||
METAL FABRICATE/HARDWARE - 0.1% | ||||||||
500 | Maruichi Steel Tube Ltd. * | 15,791 | ||||||
942 | Tenaris SA (ADR) | 20,084 | ||||||
35,875 | ||||||||
MINING - 7.8% | ||||||||
3,452 | Agnico Eagle Mines Ltd. | 139,461 | ||||||
2,967 | Alamos Gold, Inc. | 10,681 |
Schedule of Investments | Defensive Strategies Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
MINING - 7.8% (Continued) | ||||||||
3,064 | Anglo American PLC | $ | 68,205 | |||||
1,391 | Antofagasta PLC | 13,875 | ||||||
9,511 | Barrick Gold Corp. | 128,774 | ||||||
6,952 | BHP Billiton Ltd. (ADR) | 335,712 | ||||||
234 | BHP Billiton PLC (ADR) | 9,802 | ||||||
2,352 | Cameco Corp. * | 26,695 | ||||||
3,247 | Cia De Minas Buenaventura (ADR) | 52,666 | ||||||
817 | Compass Minerals International, Inc. | 34,061 | ||||||
3,000 | Detour Gold Corp. * | 25,326 | ||||||
145 | Eramet | 10,003 | ||||||
8,498 | First Quantum Minerals Ltd. | 68,691 | ||||||
1,730 | Franco-Nevada Corp. | 121,394 | ||||||
21,980 | Freeport-McMoRan, Inc. | 226,614 | ||||||
24,174 | Glencore PLC | 89,701 | ||||||
25,830 | Gold Fields Ltd. (ADR) | 90,922 | ||||||
2,494 | Goldcorp, Inc. * | 24,441 | ||||||
21,521 | Hecla Mining Co. | 50,790 | ||||||
9,900 | Hudbay Minerals, Inc. | 46,825 | ||||||
31,631 | IAMGOLD Corp. * | 116,402 | ||||||
1,412 | KAZ Minerals PLC | 9,567 | ||||||
36,641 | Kinross Gold Corp. * | 118,717 | ||||||
16,000 | Lundin Mining Corp. | 66,071 | ||||||
3,400 | Mitsubishi Materials Corp. | 89,714 | ||||||
6,967 | MMC Norilsk Nickel PJSC (ADR) | 130,701 | ||||||
7,267 | Newmont Mining Corp. | 251,802 | ||||||
6,874 | Pan American Silver Corp. | 100,360 | ||||||
3,600 | Pretium Resources, Inc. * | 30,420 | ||||||
7,430 | Rio Tinto PLC (ADR) | 360,206 | ||||||
117 | Royal Gold, Inc. | 10,021 | ||||||
1,948 | Southern Copper Corp. | 59,940 | ||||||
3,300 | Sumitomo Metal Mining Co. Ltd. | 88,655 | ||||||
9,143 | Teck Resources Ltd. | 196,744 | ||||||
1,249 | Vedanta Ltd. (ADR) | 14,414 | ||||||
7,883 | Wheaton Precious Metals Corp. * | 153,955 | ||||||
3,372,328 | ||||||||
MISCELLANEOUS MANUFACTURER - 0.1% | ||||||||
1,043 | Harsco Corp. * | 20,714 | ||||||
OIL & GAS - 7.0% | ||||||||
268 | Anadarko Petroleum Corp. | 11,749 | ||||||
4,506 | Antero Resources Corp. * | 42,311 | ||||||
2,136 | Apache Corp. | 56,070 | ||||||
21,100 | ARC Resources Ltd | 125,135 | ||||||
2,514 | Cabot Oil & Gas Corp. | 56,188 | ||||||
4,417 | Callon Petroleum Co. * | 28,666 | ||||||
5,800 | Canadian Natural Resources Ltd. | 139,954 | ||||||
13,966 | Cenovus Energy, Inc. | 98,165 | ||||||
1,323 | Centennial Resource Development, Inc. * | 14,579 | ||||||
901 | Chesapeake Energy Corp. * | 1,892 | ||||||
370 | Cimarex Energy Co. | 22,811 | ||||||
69 | Concho Resources, Inc. * | 7,093 | ||||||
876 | ConocoPhillips | 54,619 | ||||||
2,504 | Continental Resources, Inc. * | 100,636 | ||||||
20,700 | Crescent Point Energy Corp. | 62,746 | ||||||
3,890 | Devon Energy Corp. | 87,681 | ||||||
319 | Diamondback Energy, Inc. | 29,571 | ||||||
1,026 | Ecopetrol SA (ADR) | 16,293 | ||||||
1,870 | Encana Corp. | 10,809 | ||||||
17,000 | Enerplus Corp. | 132,186 | ||||||
1,233 | Ensco PLC - Class A | 4,390 |
Schedule of Investments | Defensive Strategies Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
OIL & GAS - 7.0% (Continued) | ||||||||
1,962 | EOG Resources, Inc. | $ | 171,106 | |||||
127 | EQT Corp. | 2,399 | ||||||
1,865 | Equinor ASA (ADR) | 39,482 | ||||||
587 | Helmerich & Payne, Inc. | 28,141 | ||||||
628 | Hess Corp. | 25,434 | ||||||
3,600 | Husky Energy, Inc. | 37,191 | ||||||
15,200 | Inpex Corp. | 136,006 | ||||||
2,638 | Lukoil PJSC (ADR) | 188,564 | ||||||
894 | Marathon Oil Corp. | 12,820 | ||||||
2,350 | Matador Resources Co. * | 36,495 | ||||||
151 | Murphy Oil Corp. | 3,532 | ||||||
393 | Newfield Exploration Co. * | 5,761 | ||||||
2,548 | Noble Energy, Inc. | 47,801 | ||||||
392 | Novatek OJSC (GDR) | 67,032 | ||||||
10,965 | Oasis Petroleum, Inc. * | 60,636 | ||||||
435 | Occidental Petroleum Corp. | 26,700 | ||||||
800 | Parex Resources, Inc. * | 9,577 | ||||||
3,768 | Parsley Energy, Inc. * | 60,213 | ||||||
861 | Patterson-UTI Energy, Inc. | 8,911 | ||||||
1,939 | PDC Energy, Inc. * | 57,705 | ||||||
3,018 | Petroleo Brasileiro SA (ADR) | 39,264 | ||||||
12,300 | Peyto Exploration & Development Corp. | 63,760 | ||||||
1,094 | Pioneer Natural Resources Co. | 143,883 | ||||||
3,059 | PrairieSky Royalty Ltd. | 39,576 | ||||||
2,659 | QEP Resources, Inc. * | 14,970 | ||||||
3,069 | Range Resources Corp. | 29,370 | ||||||
14,357 | Rosneft Oil Company (GDR) * | 88,726 | ||||||
4,859 | Rowan Cos PLC * | 40,767 | ||||||
9,000 | Seven Generations Energy Ltd. * | 73,408 | ||||||
1,829 | Southwestern Energy Co. * | 6,237 | ||||||
6,100 | Suncor Energy, Inc. | 170,298 | ||||||
4,900 | Tourmaline Oil Corp. | 60,918 | ||||||
2,400 | Vermillion Energy, Inc. | 50,537 | ||||||
14,500 | Whitecap Resources, Inc. | 46,182 | ||||||
1,925 | WPX Energy, Inc. * | 21,849 | ||||||
504 | YPF SA (ADR) | 6,749 | ||||||
3,025,544 | ||||||||
OIL & GAS SERVICES - 0.9% | ||||||||
1,569 | Baker Hughes, Inc. | 33,733 | ||||||
682 | Core Laboratories NV | 40,688 | ||||||
1,006 | Dril-Quip, Inc. * | 30,210 | ||||||
2,336 | Halliburton Co. | 62,091 | ||||||
409 | National Oilwell Varco, Inc. | 10,511 | ||||||
3,327 | Oceaneering International, Inc. * | 40,257 | ||||||
2,616 | Schlumberger Ltd. | 94,385 | ||||||
733 | TechnipFMC PLC (France) | 14,789 | ||||||
3,683 | TechnipFMC PLC * | 72,113 | ||||||
398,777 | ||||||||
WATER - 0.9% | ||||||||
459 | American States Water Co. | 30,771 | ||||||
1,356 | American Water Works Co., Inc. | 123,084 | ||||||
818 | Aqua America, Inc. | 27,967 | ||||||
437 | California Water Service Group | 20,827 | ||||||
8,680 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 70,048 | ||||||
1,505 | United Utilities Group PLC | 14,111 | ||||||
5,651 | Veolia Environnement SA | 115,988 | ||||||
402,796 | ||||||||
TOTAL COMMON STOCK (Cost $12,715,603) | 10,240,148 |
Schedule of Investments | Defensive Strategies Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||||||
REITs - 19.6% | ||||||||||||
6,500 | Apartment Investment & Management Co. - Class A | $ | 285,220 | |||||||||
2,550 | AvalonBay Communities, Inc. | 443,827 | ||||||||||
1,700 | Boston Properties, Inc. | 191,335 | ||||||||||
5,300 | Brandywine Realty Trust | 68,211 | ||||||||||
8,100 | Columbia Property Trust, Inc. | 156,735 | ||||||||||
2,200 | Crown Castle International Corp. | 238,986 | ||||||||||
4,900 | CubeSmart | 140,581 | ||||||||||
11,200 | Duke Realty Corp. | 290,080 | ||||||||||
2,400 | EPR Properties | 153,672 | ||||||||||
1,000 | Equinix, Inc. | 352,560 | ||||||||||
2,600 | Equity Lifestyle Properties, Inc. | 252,538 | ||||||||||
6,600 | Equity Residential | 435,666 | ||||||||||
754 | Essex Property Trust, Inc. | 184,888 | ||||||||||
1,900 | Federal Realty Investment Trust | 224,276 | ||||||||||
6,400 | HCP, Inc. | 178,752 | ||||||||||
7,800 | Hospitality Properties Trust | 186,264 | ||||||||||
3,700 | Hudson Pacific Properties, Inc. | 107,522 | ||||||||||
8,400 | Invitation Homes, Inc. | 168,672 | ||||||||||
1,800 | Kilroy Realty Corp. | 113,184 | ||||||||||
1,508 | Mid-America Apartment Communities, Inc. | 144,315 | ||||||||||
1,500 | National Health Investors, Inc. | 113,310 | ||||||||||
4,000 | National Retail Properties, Inc. | 194,040 | ||||||||||
998 | PotlatchDeltic Corp. | 31,577 | ||||||||||
8,266 | Prologis, Inc. | 485,380 | ||||||||||
2,000 | PS Business Parks, Inc. | 262,000 | ||||||||||
800 | Public Storage | 161,928 | ||||||||||
2,233 | Rayonier, Inc. | 61,832 | ||||||||||
3,100 | Regency Centers Corp. | 181,908 | ||||||||||
7,352 | RLJ Lodging Trust | 120,573 | ||||||||||
4,000 | Sabra Health Care REIT, Inc. | 65,920 | ||||||||||
4,329 | Simon Property Group, Inc. | 727,229 | ||||||||||
1,450 | SL Green Realty Corp. | 114,666 | ||||||||||
2,700 | Spirit Realty Capital, Inc. | 95,175 | ||||||||||
8,100 | Store Capital Corp. | 229,311 | ||||||||||
9,800 | UDR, Inc. | 388,276 | ||||||||||
4,100 | Vornado Realty Trust | 254,323 | ||||||||||
4,500 | Weingarten Realty Investors | 111,645 | ||||||||||
6,800 | Welltower, Inc. | 471,988 | ||||||||||
1,726 | Weyerhaeuser Co. | 37,730 | ||||||||||
TOTAL REITS (Cost $8,280,159) | 8,426,095 | |||||||||||
Principal | Coupon Rate % | Maturity | ||||||||||
BONDS & NOTES - 30.9% | ||||||||||||
COPORATE BONDS - 2.1% | ||||||||||||
$ | 400,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 402,331 | |||||||
500,000 | Welltower, Inc. | 3.750 | 3/15/2023 | 499,575 | ||||||||
TOTAL CORPORATE BONDS (Cost $893,757) | 901,906 | |||||||||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 28.8% | ||||||||||||
2,292,847 | TIPS | 0.125 | 4/15/2022 | 2,218,837 | ||||||||
1,403,533 | TIPS | 0.625 | 1/15/2024 | 1,381,987 | ||||||||
1,341,590 | TIPS | 2.375 | 1/15/2025 | 1,450,960 | ||||||||
1,210,414 | TIPS | 2.000 | 1/15/2026 | 1,292,225 | ||||||||
1,316,689 | TIPS | 2.375 | 1/15/2027 | 1,453,997 | ||||||||
1,146,754 | TIPS | 1.750 | 1/15/2028 | 1,218,576 | ||||||||
1,148,403 | TIPS | 2.500 | 1/15/2029 | 1,308,164 | ||||||||
1,772,571 | TIPS | 2.125 | 2/15/2041 | 2,097,671 | ||||||||
TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $12,831,604) | 12,422,417 | |||||||||||
TOTAL BONDS AND NOTES (Cost $13,725,361) | 13,324,323 |
Schedule of Investments | Defensive Strategies Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Fair Value | ||||||||
Ounces | ||||||||
ALTERNATIVE INVESTMENTS - 22.2% | ||||||||
6,744 | Gold Bars * | $ | 8,648,763 | |||||
57,827 | Silver Bars * | 896,026 | ||||||
TOTAL ALTERNATIVE INVESTMENTS (Cost $8,900,255) | 9,544,789 | |||||||
Shares | ||||||||
MONEY MARKET FUND - 3.1% | ||||||||
1,333,097 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A) | 1,333,097 | ||||||
(Cost $1,333,097) | ||||||||
TOTAL INVESTMENTS - 99.6% (Cost $44,954,475) | $ | 42,868,452 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.4% | 152,769 | |||||||
NET ASSETS - 100.0% | $ | 43,021,221 |
* | Non-income producing securities/investments. |
** | Less than 0.05%. |
ADR - American Depositary Receipt.
GDR - Global Depositary Receipt.
PLC - Public Limited Co.
REITs - Real Estate Investment Trust.
(A) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Schedule of Investments | Strategic Growth Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
MUTUAL FUNDS - 96.7% (A) | ||||||||
256,459 | Timothy Plan Aggressive Growth Fund | $ | 1,749,051 | |||||
396,189 | Timothy Plan Defensive Strategies Fund | 4,183,753 | ||||||
299,098 | Timothy Plan Emerging Markets Fund | 2,419,707 | ||||||
186,024 | Timothy Plan Fixed Income Fund | 1,839,778 | ||||||
333,446 | Timothy Plan Growth & Income Fund | 3,227,762 | ||||||
266,477 | Timothy Plan High Yield Bond Fund | 2,281,041 | ||||||
803,872 | Timothy Plan International Fund | 6,487,246 | ||||||
119,361 | Timothy Plan Israel Common Values Fund | 1,696,126 | ||||||
448,554 | Timothy Plan Large/Mid Cap Growth Fund | 3,269,957 | ||||||
230,616 | Timothy Plan Large/Mid Cap Value Fund | 3,636,807 | ||||||
132,219 | Timothy Plan Small Cap Value Fund | 1,870,896 | ||||||
TOTAL MUTUAL FUNDS (Cost $35,347,642) | 32,662,124 | |||||||
MONEY MARKET FUND - 3.5% | ||||||||
1,183,780 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (B) | 1,183,780 | ||||||
(Cost $1,183,780) | ||||||||
TOTAL INVESTMENTS - 100.2% (Cost $36,531,422) | $ | 33,845,904 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.2)% | (70,661 | ) | ||||||
NET ASSETS - 100.0% | $ | 33,775,243 |
(A) | Affiliated Funds - Class A. |
(B) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Schedule of Investments | Conservative Growth Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
MUTUAL FUNDS - 97.4% (A) | ||||||||
249,774 | Timothy Plan Aggressive Growth Fund | $ | 1,703,458 | |||||
486,377 | Timothy Plan Defensive Strategies Fund | 5,136,143 | ||||||
257,508 | Timothy Plan Emerging Markets Fund | 2,083,243 | ||||||
1,220,783 | Timothy Plan Fixed Income Fund | 12,073,544 | ||||||
446,571 | Timothy Plan Growth & Income Fund | 4,322,802 | ||||||
356,880 | Timothy Plan High Yield Bond Fund | 3,054,892 | ||||||
579,695 | Timothy Plan International Fund | 4,678,141 | ||||||
111,894 | Timothy Plan Israel Common Values Fund | 1,590,010 | ||||||
450,519 | Timothy Plan Large/Mid Cap Growth Fund | 3,284,283 | ||||||
238,641 | Timothy Plan Large/Mid Cap Value Fund | 3,763,373 | ||||||
147,559 | Timothy Plan Small Cap Value Fund | 2,087,951 | ||||||
TOTAL MUTUAL FUNDS (Cost $46,590,184) | 43,777,840 | |||||||
MONEY MARKET FUND - 2.7% | ||||||||
1,200,177 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (B) | 1,200,177 | ||||||
(Cost $1,200,177) | ||||||||
TOTAL INVESTMENTS - 100.1% (Cost $47,790,361) | $ | 44,978,017 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)% | (53,637 | ) | ||||||
NET ASSETS - 100.0% | $ | 44,924,380 |
(A) | Affiliated Funds - Class A. |
(B) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
Schedule of Investments | Emerging Markets Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCK - 70.2% | ||||||||
AEROSPACE/DEFENSE - 3.9% | ||||||||
33,706 | Embraer SA (ADR) | $ | 745,914 | |||||
AGRICULTURE - 1.5% | ||||||||
42,566 | Adecoagro SA * | 296,259 | ||||||
APPAREL - 1.8% | ||||||||
111,500 | Yue Yuen Industrial Holdings Ltd. | 356,744 | ||||||
AUTO MANUFACTURERS - 2.6% | ||||||||
16,724 | Kia Motors Corp. | 505,107 | ||||||
AUTO PARTS & EQUIPMENT - 2.7% | ||||||||
2,268 | China Yuchai International Ltd. | 28,214 | ||||||
2,852 | Hyundai Mobis Co. Ltd. | 485,643 | ||||||
513,857 | ||||||||
BANKS - 15.7% | ||||||||
30,638 | Absa Group Ltd. | 344,654 | ||||||
146,301 | AkBank TAS * | 188,655 | ||||||
65,501 | Banco del Bajio SA (A) | 127,185 | ||||||
31,700 | Bangkok Bank PCL (NVDR) | 197,638 | ||||||
1,529,900 | Bank Rakyat Indonesia Persero Tbk PT | 388,858 | ||||||
21,200 | Hapvida Participacoes E Investimentos SA * | 170,661 | ||||||
30,448 | Nova Ljubljanska Banka dd (GDR) * | 452,834 | ||||||
140,804 | Sberbank of Russia | 376,488 | ||||||
111,100 | Siam Commercial Bank Public Company Limited | 455,524 | ||||||
11,134 | TBC Bank Group PLC * | 215,824 | ||||||
67,379 | Turkiye Garanti Bankasi AS | 100,817 | ||||||
3,019,138 | ||||||||
BUILDING MATERIALS - 3.7% | ||||||||
147,702 | Cemex SAB de CV (ADR) * | 711,924 | ||||||
85,571 | Urbi Desarrollos Urbanos SAB de CV * | 10,515 | ||||||
722,439 | ||||||||
COMMERCIAL SERVICES - 7.5% | ||||||||
73,700 | Cielo SA | 169,049 | ||||||
60,300 | Estacio Participacoes SA | 369,665 | ||||||
275,506 | ITE Group PLC | 222,812 | ||||||
88,700 | Kroton Educacional SA | 202,998 | ||||||
73,700 | Mills Estruturas e Servicos de Engenharia SA * | 81,387 | ||||||
94,290 | Prosegur Cash SA | 208,461 | ||||||
2,184 | S-1 Corp. * | 196,713 | ||||||
1,451,085 | ||||||||
COMPUTERS - 1.8% | ||||||||
54,000 | Asustek Computer, Inc. | 354,003 | ||||||
ELECTRIC - 2.1% | ||||||||
89,500 | AES Tiete Energia SA | 231,385 | ||||||
13,280 | Reliance Infrastructure Ltd. (GDR) | 169,984 | ||||||
401,369 | ||||||||
ELECTRONICS - 1.0% | ||||||||
25,235 | Flex Ltd. * | 192,038 | ||||||
ENGINEERING & CONSTRUCTION - 1.6% | ||||||||
988,400 | Jasmine Broadband Internet Infrastructure Fund | 303,563 | ||||||
FOOD - 4.3% | ||||||||
109 | Binggrae Co. Ltd. * | 7,082 | ||||||
502,000 | First Pacific Co. Ltd. | 193,636 | ||||||
164,900 | Marfrig Global Foods SA * | 232,305 | ||||||
15,677 | X5 Retail Group NV (GDR) | 388,476 | ||||||
821,499 |
Schedule of Investments | Emerging Markets Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
INSURANCE - 1.2% | ||||||||
30,867 | Korean Reinsurance Company * | $ | 239,566 | |||||
IRON/STEEL - 1.5% | ||||||||
1,301 | POSCO | 283,333 | ||||||
MINING - 0.9% | ||||||||
12,804 | NAC Kazatomprom JSC (GDR) * | 174,288 | ||||||
MULTI-NATIONAL - 2.1% | ||||||||
23,437 | Banco Latinoamericano de Comercio Exterior SA | 405,460 | ||||||
OIL & GAS - 4.5% | ||||||||
1,272 | Lukoil PJSC (ADR) | 90,745 | ||||||
217,078 | Vivo Energy PLC (A) | 345,588 | ||||||
32,117 | YPF SA (ADR) | 430,047 | ||||||
866,380 | ||||||||
RETAIL - 2.4% | ||||||||
277,900 | Bosideng International Holdings Ltd. | 52,532 | ||||||
138,500 | Lifestyle International Holdings Ltd. | 209,802 | ||||||
68,000 | Luk Fook Holdings International Ltd. | 194,116 | ||||||
456,450 | ||||||||
SEMICONDUCTORS - 1.5% | ||||||||
8,376 | Samsung Electronics Co., Ltd. | 290,510 | ||||||
SOFTWARE - 1.4% | ||||||||
560,000 | Chinasoft International Ltd. | 278,235 | ||||||
TELECOMMUNICATIONS - 4.3% | ||||||||
27,164 | Empresa Nacional de Telecomunicaciones SA * | 210,642 | ||||||
55,991 | Mobile TeleSystems PJSC * | 191,204 | ||||||
3,074,175 | XL Axiata TBK PT * | 422,752 | ||||||
824,598 | ||||||||
TEXTILES - 0.2% | ||||||||
110,500 | Weiqiao Textile Co. | 37,401 | ||||||
TOTAL COMMON STOCK (Cost $16,701,846) | 13,539,236 | |||||||
PREFERRED STOCK - 7.8% | ||||||||
17,700 | Cia Brasileira de Distribuicao | 369,824 | ||||||
23,681 | Cia Paranaense de Energia * | 186,662 | ||||||
943,717 | Grupo Aval Acciones y Valores SA | 284,786 | ||||||
33,200 | Petroleo Brasileiro SA * | 194,279 | ||||||
836,971 | Surgutneftegas OJSC * | 468,222 | ||||||
TOTAL PREFERRED STOCK (Cost $1,538,376) | 1,503,773 | |||||||
REITs - 8.1% | ||||||||
1,102,377 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 310,826 | ||||||
443,043 | Fibra Uno Administracion SA de CV | 491,551 | ||||||
286,350 | Macquarie Mexico Real Estate Management SA de CV (A) | 256,634 | ||||||
420,201 | PLA Administradora Industrial S de RL de CV | 498,854 | ||||||
TOTAL REITs (Cost $2,553,956) | 1,557,865 | |||||||
MONEY MARKET FUND - 14.0% | ||||||||
2,701,723 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (B) | |||||||
(Cost $2,701,723) | 2,701,723 | |||||||
TOTAL INVESTMENTS - 100.1% (Cost $23,495,901) | $ | 19,302,597 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)% | (23,216 | ) | ||||||
NET ASSETS - 100.0% | $ | 19,279,381 |
* | Non-income producing securities. |
ADR - American Depositary Receipt.
GDR - Global Depositary Receipt.
NVDR - Non-Voting Depositary Receipt.
PLC - Public Limited Co.
REITs - Real Estate Investment Trust.
(A) | 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities had a fair value of $729,401 and represent 3.8% 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 December 31, 2018. |
Schedule of Investments | Emerging Markets Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Diversification of Assets | ||||
Country | % of Net Assets | |||
Brazil | 15.3 | % | ||
Mexico | 10.9 | % | ||
South Korea | 10.4 | % | ||
Russia | 7.9 | % | ||
Hong Kong | 5.2 | % | ||
Thailand | 5.0 | % | ||
Indonesia | 4.2 | % | ||
Argentina | 3.8 | % | ||
Turkey | 3.1 | % | ||
Britain | 2.9 | % | ||
Slovenia | 2.4 | % | ||
Panama | 2.1 | % | ||
Taiwan | 1.8 | % | ||
South Africa | 1.8 | % | ||
China | 1.6 | % | ||
Colombia | 1.5 | % | ||
Georgia | 1.1 | % | ||
Chile | 1.1 | % | ||
Spain | 1.1 | % | ||
United States | 1.0 | % | ||
Kazakhstan | 0.9 | % | ||
India | 0.9 | % | ||
Singapore | 0.1 | % | ||
Total | 86.1 | % | ||
Money Market Fund | 14.0 | % | ||
Other Assets in Excess of Liabilities - Net | (0.1 | )% | ||
Grand Total | 100.0 | % |
Schedule of Investments | Growth & Income Fund |
As of December 31, 2018 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCK - 36.3% | ||||||||
AIRLINES - 0.7% | ||||||||
4,335 | SkyWest, Inc. | $ | 192,777 | |||||
APPAREL - 1.0% | ||||||||
2,410 | Deckers Outdoor Corp. * | 308,360 | ||||||
AUTO PARTS & EQUIPMENT - 3.6% | ||||||||
5,255 | Allison Transmission Holdings, Inc. | 230,747 | ||||||
3,805 | BorgWarner, Inc. | 132,186 | ||||||
8,400 | Dana, Inc. | 114,492 | ||||||
2,225 | Lear Corp. | 273,364 | ||||||
18,445 | Meritor, Inc. * | 311,905 | ||||||
1,062,694 | ||||||||
BIOTECHNOLOGY - 0.5% | ||||||||
8,125 | Exelixis, Inc. * | 159,819 | ||||||
BUILDING MATERIALS - 2.5% | ||||||||
5,565 | Boise Cascade Co. | 132,725 | ||||||
11,735 | Builders FirstSource, Inc. * | 128,029 | ||||||
14,350 | Louisiana-Pacific Corp. | 318,857 | ||||||
5,760 | Norbord, Inc. | 153,158 | ||||||
732,769 | ||||||||
CHEMICALS - 0.5% | ||||||||
6,795 | Huntsman Corp. | 131,076 | ||||||
COMMERCIAL SERVICES - 1.7% | ||||||||
2,960 | FTI Consulting, Inc. * | 197,254 | ||||||
1,220 | United Rentals, Inc. * | 125,087 | ||||||
11,130 | Western Union Co. | 189,878 | ||||||
512,219 | ||||||||
COMPUTERS - 1.8% | ||||||||
2,280 | DXC Technology Co. | 121,228 | ||||||
5,030 | Seagate Technology PLC | 194,108 | ||||||
5,810 | Western Digital Corp. | 214,796 | ||||||
530,132 | ||||||||
DISTRIBUTION/WHOLESALE - 0.6% | ||||||||
6,035 | Triton International Ltd. | 187,507 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 1.6% | ||||||||
15,890 | BGC Partners, Inc. | 82,151 | ||||||
6,915 | OneMain Holdings, Inc. * | 167,965 | ||||||
12,040 | Santander Consumer USA Holdings, Inc. | 211,784 | ||||||
461,900 | ||||||||
ELECTRIC - 2.0% | ||||||||
3,355 | Entergy Corp. | 288,765 | ||||||
7,260 | NRG Energy, Inc. | 287,496 | ||||||
576,261 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.7% | ||||||||
4,105 | Generac Holdings, Inc. * | 204,018 | ||||||
ELECTRONICS - 0.7% | ||||||||
11,890 | Vishay Intertechnology, Inc. | 214,139 | ||||||
ENGINEERING & CONSTRUCTION - 0.2% | ||||||||
1,855 | ARCOSA, Inc. * | 51,365 | ||||||
HAND/MACHINE TOOLS - 0.5% | ||||||||
4,515 | Kennametal, Inc. | 150,259 |
Schedule of Investments | Growth & Income Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||
HEALTHCARE - SERVICES - 0.8% | ||||||||
2,535 | Magellan Health, Inc. * | $ | 144,216 | |||||
5,420 | Tenet Healthcare Corp. * | 92,899 | ||||||
237,115 | ||||||||
HOME BUILDERS - 3.4% | ||||||||
3,055 | LGI Homes, Inc. * | 138,147 | ||||||
7,103 | MDC Holdings, Inc. | 199,665 | ||||||
14,145 | PulteGroup, Inc. | 367,629 | ||||||
5,030 | Toll Brothers, Inc. | 165,638 | ||||||
12,720 | TRI Pointe Group, Inc. * | 139,030 | ||||||
1,010,109 | ||||||||
INSURANCE - 2.8% | ||||||||
9,770 | American Equity Investment Life Holding Co. | 272,974 | ||||||
21,475 | MGIC Investment Corp. * | 224,628 | ||||||
14,055 | Radian Group, Inc. | 229,940 | ||||||
3,850 | Unum Group | 113,113 | ||||||
840,655 | ||||||||
IRON/STEEL - 1.1% | ||||||||
26,225 | Cleveland-Cliffs, Inc. | 201,670 | ||||||
7,340 | United States Steel Corp. | 133,882 | ||||||
335,552 | ||||||||
MACHINERY - CONSTRUCTION & MINING - 0.5% | ||||||||
2,475 | Oshkosh Corp. | 151,742 | ||||||
MINING - 0.9% | ||||||||
13,650 | Freeport-McMoRan, Inc. | 140,731 | ||||||
27,120 | Hudbay Minerals, Inc. * | 128,006 | ||||||
268,737 | ||||||||
MISCELLANEOUS MANUFACTURER - 0.5% | ||||||||
2,880 | Trinseo SA | 131,846 | ||||||
OIL & GAS - 1.1% | ||||||||
64,300 | Chesapeake Energy Corp. * | 135,030 | ||||||
3,875 | HollyFrontier Corp. | 198,090 | ||||||
333,120 | ||||||||
PACKAGING & CONTAINERS - 1.1% | ||||||||
18,255 | Owens-Illinois, Inc. * | 314,716 | ||||||
REAL ESTATE - 0.0% ** | ||||||||
0 | Newmark Group, Inc. | 2 | ||||||
RETAIL - 2.5% | ||||||||
3,385 | Group 1 Automotive, Inc. | 178,457 | ||||||
10,800 | Michaels Companies, Inc. * | 146,232 | ||||||
8,915 | Qurate Retail Group, Inc. * | 174,021 | ||||||
4,455 | Rush Enterprises, Inc. | 153,608 | ||||||
6,995 | Tailored Brands, Inc. | 95,412 | ||||||
747,730 | ||||||||
SEMICONDUCTORS - 2.5% | ||||||||
1,995 | KLA-Tencor Corp. | 178,533 | ||||||
1,235 | Lam Research Corp. | 168,170 | ||||||
8,195 | Micron Technology, Inc. * | 260,027 | ||||||
1,900 | MKS Instruments, Inc. | 122,759 | ||||||
729,489 | ||||||||
TRUCKING & LEASING - 0.5% | ||||||||
3,930 | AerCap Holdings NV * | 155,628 | ||||||
TOTAL COMMON STOCK (Cost $12,291,363) | 10,731,736 |
Schedule of Investments | Growth & Income Fund |
As of December 31, 2018 (Unaudited) (Continued) |
Shares | Fair Value | |||||||||||
EXCHANGE TRADED FUNDS - 0.3% | ||||||||||||
4,490 | James Biblically Responsible Investment ETF * (A) (Cost $112,195) | $ | 87,621 | |||||||||
REITs - 1.1% | ||||||||||||
10,235 | New Residential Investment Corp. | 145,439 | ||||||||||
9,765 | Xenia Hotels & Resorts, Inc. | 167,958 | ||||||||||
TOTAL REITs (Cost $367,037) | 313,397 | |||||||||||
Par Value | Coupon Rate (%) | Maturity | ||||||||||
BONDS & NOTES - 53.9% | ||||||||||||
GOVERNMENT NOTES, BONDS & AGENCIES - 44.6% | ||||||||||||
$ | 314,815 | Federal Home Loan Banks | 3.000 | 4/18/2031 | 299,386 | |||||||
500,000 | Federal Home Loan Mortgage Corp. | 3.100 | 3/29/2023 | 500,177 | ||||||||
500,000 | United States Treasury Note | 1.250 | 1/31/2019 | 499,574 | ||||||||
3,000,000 | United States Treasury Note | 2.620 | 1/31/2019 | 3,000,389 | ||||||||
1,500,000 | United States Treasury Note | 1.250 | 4/30/2019 | 1,494,111 | ||||||||
2,000,000 | United States Treasury Note | 2.625 | 11/15/2020 | 2,004,180 | ||||||||
1,500,000 | United States Treasury Note | 1.625 | 8/15/2022 | 1,455,703 | ||||||||
3,000,000 | United States Treasury Note | 1.750 | 5/15/2023 | 2,907,891 | ||||||||
1,000,000 | United States Treasury Note | 3.125 | 2/15/2042 | 1,024,141 | ||||||||
TOTAL GOVERNMENT NOTES, BONDS & AGENCIES (Cost $13,286,730) | 13,185,552 | |||||||||||
Principal | ||||||||||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 9.3% | ||||||||||||
2,507,980 | United States Treasury Note TIPS (Cost $2,874,271) | 2.375 | 1/15/2027 | 2,769,519 | ||||||||
TOTAL BONDS & NOTES (Cost $16,161,001) | 15,955,071 | |||||||||||
Shares | ||||||||||||
MONEY MARKET FUND - 8.2% | ||||||||||||
2,428,466 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (B) | 2,428,466 | ||||||||||
(Cost $2,428,466) | ||||||||||||
TOTAL INVESTMENTS - 99.8% (Cost $31,360,062) | $ | 29,516,291 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2% | 61,418 | |||||||||||
NET ASSETS - 100.0% | $ | 29,577,709 |
* | Non-income producing securities. |
** | Less than 0.05%. |
LP - Limited Partnerships.
PLC - Public Limited Company.
REITs - Real Estate Investment Trust.
(A) | Affiliated issuer. |
(B) | Variable rate security; the rate shown represents the yield at December 31, 2018. |
SCHEDULE OF INVESTMENTS I The Timothy Plan |
December 31, 2018 (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 entitys 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.
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 Funds 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.
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.
SCHEDULE OF INVESTMENTS I The Timothy Plan |
December 31, 2018 (Unaudited) (Continued) |
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 Funds investments as of December 31, 2018:
Aggressive Growth Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 21,399,443 | $ | — | $ | — | $ | 21,399,443 | ||||||||
REITS | 438,969 | — | — | 438,969 | ||||||||||||
Money Market Fund | 2,907,425 | — | — | 2,907,425 | ||||||||||||
Total | $ | 24,745,837 | $ | — | $ | — | $ | 24,745,837 | ||||||||
International Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 84,056,876 | $ | — | $ | — | $ | 84,056,876 | ||||||||
Money Market Fund | 3,073,005 | — | — | 3,073,005 | ||||||||||||
Total | $ | 87,129,881 | $ | — | $ | — | $ | 87,129,881 | ||||||||
Large/Mid Cap Growth Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 72,412,456 | $ | — | $ | — | $ | 72,412,456 | ||||||||
Money Market Fund | 6,034,589 | — | — | 6,034,589 | ||||||||||||
Total | $ | 78,447,045 | $ | — | $ | — | $ | 78,447,045 | ||||||||
Small Cap Value Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 109,455,119 | $ | — | $ | — | $ | 109,455,119 | ||||||||
REITS | 17,122,549 | — | — | 17,122,549 | ||||||||||||
Money Market Fund | 823,655 | — | — | 823,655 | ||||||||||||
Total | $ | 127,401,323 | $ | — | $ | — | $ | 127,401,323 |
SCHEDULE OF INVESTMENTS I The Timothy Plan |
December 31, 2018 (Unaudited) (Continued) |
Large/Mid Cap Value Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 177,756,117 | $ | — | $ | — | $ | 177,756,117 | ||||||||
REITS | 12,037,499 | — | — | 12,037,499 | ||||||||||||
Money Market Fund | 1,786,608 | — | — | 1,786,608 | ||||||||||||
Total | $ | 191,580,224 | $ | — | $ | — | $ | 191,580,224 | ||||||||
Fixed Income Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | — | $ | 26,198,305 | $ | — | $ | 26,198,305 | ||||||||
Government Mortage-Backed Securities | — | 19,918,940 | — | 19,918,940 | ||||||||||||
Government Notes & Bonds | — | 28,336,199 | — | 28,336,199 | ||||||||||||
Money Market Fund | 1,369,243 | — | — | 1,369,243 | ||||||||||||
Total | $ | 1,369,243 | $ | 74,453,444 | $ | — | $ | 75,822,687 | ||||||||
High Yield Bond Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | — | $ | 45,740,347 | $ | — | $ | 45,740,347 | ||||||||
Money Market Fund | 2,060,034 | — | — | 2,060,034 | ||||||||||||
Total | $ | 2,060,034 | $ | 45,740,347 | $ | — | $ | 47,800,381 | ||||||||
Israel Common Values Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 51,248,929 | $ | — | $ | — | $ | 51,248,929 | ||||||||
Money Market Fund | 1,994,068 | — | — | 1,994,068 | ||||||||||||
Total | $ | 53,242,997 | $ | — | $ | — | $ | 53,242,997 | ||||||||
Defensive Strategies Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 10,240,148 | $ | — | $ | — | $ | 10,240,148 | ||||||||
REITS | 8,426,095 | — | — | 8,426,095 | ||||||||||||
Corporate Bonds | — | 901,906 | — | 901,906 | ||||||||||||
Treasury Inflation Protected Securities (TIPS) | — | 12,422,417 | — | 12,422,417 | ||||||||||||
Alternative Investments * | 9,544,789 | — | — | 9,544,789 | ||||||||||||
Money Market Fund | 1,333,097 | — | — | 1,333,097 | ||||||||||||
Total | $ | 29,544,129 | $ | 13,324,323 | $ | — | $ | 42,868,452 | ||||||||
* Reflects the funds investment in gold and silver. | ||||||||||||||||
Strategic Growth Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual Funds | $ | 32,662,124 | $ | — | $ | — | $ | 32,662,124 | ||||||||
Money Market Fund | 1,183,780 | — | — | 1,183,780 | ||||||||||||
Total | $ | 33,845,904 | $ | — | $ | — | $ | 33,845,904 |
SCHEDULE OF INVESTMENTS I The Timothy Plan |
December 31, 2018 (Unaudited) (Continued) |
Conservative Growth Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual Funds | $ | 43,777,840 | $ | — | $ | — | $ | 43,777,840 | ||||||||
Money Market Fund | 1,200,177 | — | — | 1,200,177 | ||||||||||||
Total | $ | 44,978,017 | $ | — | $ | — | $ | 44,978,017 | ||||||||
Emerging Markets Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 12,403,661 | $ | 1,135,575 | $ | — | $ | 13,539,236 | ||||||||
Preferred Stock | 1,035,551 | 468,222 | — | 1,503,773 | ||||||||||||
REITs | 1,557,865 | — | — | 1,557,865 | ||||||||||||
Money Market Fund | 2,701,723 | — | — | 2,701,723 | ||||||||||||
Total | $ | 17,698,800 | $ | 1,603,797 | $ | — | $ | 19,302,597 | ||||||||
Growth & Income Fund | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 10,731,736 | $ | — | $ | — | $ | 10,731,736 | ||||||||
Exchange Traded Funds | 87,621 | — | — | 87,621 | ||||||||||||
REITS | 313,397 | — | — | 313,397 | ||||||||||||
Government Notes & Bonds | — | 13,185,552 | — | 13,185,552 | ||||||||||||
Treasury Inflation Protected Securities (TIPS) | — | 2,769,519 | — | 2,769,519 | ||||||||||||
Money Market Fund | 2,428,466 | — | — | 2,428,466 | ||||||||||||
Total | $ | 13,561,220 | $ | 15,955,071 | $ | — | $ | 29,516,291 |
The Funds did not hold any Level 3 securities during the period presented. There were no transfers into or out of Level 1 or Level 2 during the current period presented. It is the Trusts policy to record transfers between Level 1 and Level 2 at the end of the reporting period.
The identified cost of investments in securities (including written options and short sales) owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at December 31, 2018, were as follows:
Net Unrealized | ||||||||||||||||
Gross Unrealized | Gross Unrealized | Appreciation/ | ||||||||||||||
Fund | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
Aggressive Growth | $ | 25,505,965 | $ | 2,028,425 | $ | (2,788,553 | ) | $ | (760,128 | ) | ||||||
International | 91,328,900 | 6,836,118 | (11,035,137 | ) | (4,199,019 | ) | ||||||||||
Large/Mid Cap Growth | 77,746,120 | 7,256,208 | (6,555,283 | ) | 700,925 | |||||||||||
Small Cap Value | 146,519,250 | 6,204,474 | (25,322,401 | ) | (19,117,927 | ) | ||||||||||
Large/Mid Cap Value | 184,057,607 | 28,264,420 | (20,741,803 | ) | 7,522,617 | |||||||||||
Fixed Income | 77,727,048 | 111,866 | (2,016,227 | ) | (1,904,361 | ) | ||||||||||
High Yield Bond | 51,168,298 | 35,941 | (3,403,858 | ) | (3,367,917 | ) | ||||||||||
Israel Common Values | 47,913,446 | 9,477,440 | (4,147,889 | ) | 5,329,551 | |||||||||||
Defensive Strategies | 45,040,958 | 1,637,092 | (3,809,598 | ) | (2,172,506 | ) | ||||||||||
Strategic Growth | 36,638,955 | 180,275 | (2,973,326 | ) | (2,793,051 | ) | ||||||||||
Conservative Growth | 47,906,584 | 150,062 | (3,078,629 | ) | (2,928,567 | ) | ||||||||||
Emerging Markets | 23,599,440 | 548,039 | (4,844,882 | ) | (4,296,843 | ) | ||||||||||
Growth & Income | 31,350,590 | 505,823 | (2,340,122 | ) | (1,834,299 | ) |
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 2/25/19
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 2/25/19
CERTIFICATIONS
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002: |
I, Arthur D. Ally, certify that:
1. I have reviewed this report on Form N-Q of The Timothy Plan;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
By | /s/ Arthur D. Ally | ||
Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer | |||
Date: |
2/25/19 |