N-Q 1 timothynq.htm N-Q

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   Ollie’s 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   Lowe’s Cos, Inc.   2,553,939 
 2,855   Lululemon Athletica, Inc. *   347,197 
 5,009   O’Reilly 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   BJ’s Wholesale Club Holdings, Inc. *   1,795,691 
 153,435   Bloomin’ Brands, Inc.   2,744,952 
 24,464   Children’s 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 entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

 

A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the board of directors of the Underlying Funds. Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

 

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

 

●Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

 

●Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

●Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

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

 

Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, ADRs, REITs, MLPs, ETFs and warrants are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. When market quotations are not readily available, when the Advisor or Sub-Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review by the Board. These securities will generally be categorized as Level 3 securities.

 

Commodities (such as physical metal) are valued at the spot price at 4:00 p.m. E.S.T., as provided by an independent pricing source.

 

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 Fund’s 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 fund’s 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 Trust’s 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