united states

securities and exchange commission

washington, d.c. 20549

 

form n-csr

 

certified shareholder report of registered management

investment companies

 

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)

 

Art Ally, The Timothy Plan

1055 Maitland Center Commons, Maitland, FL 32751

 

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 800-846-7526

 

Date of fiscal year end: 9/30

 

Date of reporting period: 9/30/22

 

Amended to correct the language in response to Item 11(b) of Form N-CSR on the initial filing. There is no change to the financial statements and no impact to the documents made available to shareholders.

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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. Reports to Stockholders.

 

The Registrant’s audited annual financial reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:

 

 

 

 

Table of Contents

 

Section 1 | Shareholder Letters  3
Letter from the Advisor  3
Letter from the Managers  4
Section 2 | Fund Performance  29
Section 3 | Schedule of Investments  41
Section 4 | Statements of Assets & Liabilities  86
Section 5 | Statements of Operations  90
Section 6 | Statements of Changes in Net Assets  94
Section 7 | Financial Highlights  100
Section 8 | Notes to Financial Statements  134
Section 9 | Report to Shareholder Meeting  163
Section 10 | Opinion Letter  164
Section 11 | Expense Examples 165
Section 12 | Officers & Trustees  171
Section 13 | Privacy Notice  177

 

ANNUAL REPORT | 2

 

Section 1 |   Shareholder Letters

 

SHAREHOLDER LETTER

 

 

September 30, 2022

 

Dear Shareholder,

 

This report covers our fiscal year ending September 30, 2022. As you review the details of our funds on the following pages, including remarks by our various sub-advisors who serve as the money managers for the specific funds under their purview, you will see that this fiscal year has been negatively impacted by the economic recession that has plagued the markets for the past nine months or so. While our performance (10-1-21 thru 9-30-22) was negative among all market segments, six of our funds, although down, were down less than their respective indexes. On an absolute return basis, three of our funds were down less than 10%; five were down between 10% and 20%, while two were down over 20% for the fiscal year. All of that simply underscores the wisdom of asset allocation since different market segments perform differently over differing periods.

 

Timothy Partners, Ltd. (the “Advisor”) has always attempted to take a conservative approach to the markets as we believe our shareholders prefer a preservation of principal course to that of chasing returns. I do need to reiterate, however, that, in the capital markets in general and our funds in particular, returns can never be guaranteed.

 

For complete information about the individual funds, please read each of the sub-advisors' annual review letters on the following pages. They more fully detail the various factors that impacted this fiscal year’s performance and their economic outlook for the coming year.

 

Although we cannot guarantee any actual outcome, I remain confident that all our sub-advisors are, in our opinion, among the best in the industry. They each continue to honor our overall policy to manage their respective funds both in accordance with our screening restrictions and with a continued conservative bias.

 

Since 2019, Timothy Plan has added six Exchange Traded Funds (ETFs) to our diversified product line. These ETFs are all smart-beta index funds traded on the New York Stock Exchange:

 

· Timothy Plan Large/Mid-Cap Core (TPLC), · Timothy Plan High Dividend Stock Enhanced (TPHE),
· Timothy Plan Large/Mid Cap Core Enhanced (TPLE), · Timothy Plan Small Cap Core (TPSC) and
· Timothy Plan High Dividend Stock (TPHD), · Timothy Plan International (TPIF)

 

Thank you for your moral convictions that led you to become part of the Timothy Plan family.

 

Yours in Christ,

 

Arthur D. Ally
President

 

ANNUAL REPORT | 3

 

AGGRESSIVE GROWTH FUND

 

 

September 30, 2022

 

This time last year, the market was in the midst of a remarkable “post-Covid” surge, and the S&P500 had gained 30% in the prior 12-month period (9/30/20-9/30/21). Fiscal and monetary stimulus combined to create a very constructive scenario for equity markets: real GDP grew over 6%, the unemployment rate was below 5%, and the 10-year Treasury yield was 1.5% (9/30/21). The only “fly in the ointment” was inflation; it had spiked to over 5%, a level not seen in a decade. Supply-chain issues were thought to be the main contributor and many, including Fed chair Jerome Powell, espoused the view that inflation was going to be “transitory.” Inflation accelerated – and has stayed stubbornly high around 8%*-- the Fed has raised Fed Funds rates by 300 basis points, the Russia/Ukraine war has wreaked havoc in energy markets, we have seen two quarters of GDP contraction in 2022, and the 10-year Treasury bond now yields 3.8%. Key debates now coalesce around: 1) has inflation already peaked; 2) when, and at what level, will the Fed cease raising rates; 3) will the rate increases bring about a recession, or could we pull off a “soft landing;” 4) will corporate earnings fall more than is being currently envisioned, likely bringing about further equity-market downside.

 

This past year has been challenging for small-cap and mid-cap growth investors, especially when compared to large-cap growth. The Russell 2000 Growth Index and the Russell Midcap Growth were both down approximately 29%, while the Russell 1000 Growth Index was ‘only’ down 22.6%. The value style was again in favor, notably outperforming growth, although each style and subset of the equity market has suffered double-digit losses.

 

The Fund’s gross return was -25.6%, outperforming the -29.5% return of the benchmark Russell Midcap Growth for the 12-month period. Analyzing the sector returns, the Consumer Discretionary return performed very well due to excellent stock selection and a modest underweighting. We also generated good relative outperformance in the Communication Services, Materials, and Tech Sectors. Outperformance in the Communication Services and Tech sectors resulted from not owning many stocks that had significant corrections over the past year. Within the Materials sector, outperformance was largely driven by the ownership of Albemarle, a US based lithium producer. Conversely, the healthcare sector had the worst performance, due an equal amount of subpar stock selection and sector overweighting.

 

For the portfolio, there has been no change to our time-tested, bottom-up fundamental approach to managing mid-cap growth investments. As an overview, the Fund remains well diversified across all sectors and industries, as all areas of the economy are impacted by broad macroeconomic trends. We have taken opportunities throughout the year to add to positions (or to initiate new ones) where we have conviction in the long-term investment thesis and the market has given us an attractive buying opportunity. Industrials were an area of particular interest. On the other side of the coin, we have exited or reduced positions where fundamentals have deteriorated, and valuations suggest risk of additional downside. We remain focused on generating alpha and producing the strongest investment results over the long run. We thank you for your continuing support and investment.

 

Chartwell Investment Partners, LLC

 

ANNUAL REPORT | 4

 

INTERNATONAL FUND

 

 

 

September 30, 2022

 

The last twelve months have been a very challenging period for global investors and the Fund. Equity markets reversed course and fell precipitously during this period as inflation expectations rose and central banks reacted aggressively with sharp interest rate hikes. The Fund underperformed the benchmark MSCI ACWI ex. US during this period mostly as a result of a sharp reversal away from secular growth and quality companies into value stocks as interest rates rose sharply. Sector allocation was slightly positive while stock selection was more challenging during this fiscal year. An underweight to Consumer Discretionary and Communications Servicers was helpful while an overweight to Technology and Industrials hurt performance.

 

From a stock selection standpoint, positive attribution in Financials and Energy was outweighed by negative selection in Technology, Communication Services, and Health Care. Russia’s invasion of Ukraine led to the halting of all Russian stocks and affected the Fund’s position in Yandex (Communication Services), which we have now written down significantly and are fair valuing given it remains halted. Positive attributors included Norwegian energy company Equinor, Singapore bank DBS Group, and North American railway operator Canadian Pacific. Notable negatives for the year included Russian company Yandex, Hong Kong power tools manufacturer Techtronic Industries, and Brazilian digital payments company PagSeguro. Stock selection was positive in Germany, Norway, and Singapore, but outweighed by negative selection in Russia, Canada, and Hong Kong.

 

Claims of transitory inflation were proven wrong and central banks pivoted hard to an extreme hawkish stance, raising rates very aggressively during this fiscal year. This sharp pivot spooked equity markets and increased equity volatility significantly. With the Fed leading this hike cycle, the US dollar appreciated considerably during the year, hurting international equity returns for US dollar investors. Russia’s invasion of Ukraine added an additional variable as commodity prices rose sharply, in particular natural gas prices in Europe and agricultural commodity prices such as wheat. Europe’s reliance on Russian natural gas became a heated debate in the continent with countries pledging to diversify energy sources and increase defense spending.

 

The near term remains uncertain as central bank policies are sure to affect global growth over the coming year. Despite that, international equity valuations are at historic lows, the dollar is nearing historic highs, and investor sentiment is quite poor. This combination may provide long term investors good opportunities in international equities over the coming year. We remain committed to a disciplined and consistent investment approach dedicated to finding long-term investments for shareholders and we thank you for your continued investment in the Fund.

 

Eagle Global Advisors, LLC 

 

ANNUAL REPORT | 5

 

LARGE/MID CAP GROWTH FUND

 

September 30, 2022

 

Dear Timothy Plan Large/Mid-Cap Growth Fund Shareholder:

 

As mentioned in my letter to shareholders, we have added six Exchange Traded Funds (ETFs) to our diversified product line. Since two of these ETFs fit nicely into the investment objective of our Large/Mid-Cap Growth Fund, we incorporated them into the holdings of this fund so that:

 

·Approximately 7% of the fund is now invested in TPLC,

·Approximately 13% of the fund is now invested in TPLE,

·And the remainder of the fund continues to be actively managed by our long-time sub-advisor, Chartwell Investment Partners.

 

In addition to greatly increasing the diversification of the holdings in this fund, we believe this addition should have the positive effect of lowering our expense ratio over both the near and longer term.

 

For past performance of this fund and future market outlook, please read Chartwell’s Sub-Advisor’s letter.

 

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is every one of our sub-advisors is doing their very best and our team here at Timothy is working very hard to provide you an investment in which you can feel comfortable.

 

Sincerely,

 

Arthur D. Ally
President

 

ANNUAL REPORT | 6

 

LARGE/MID CAP GROWTH FUND

 

 

September 30, 2022

 

This time last year, the market was in the midst of a remarkable “post-Covid” surge, and the S&P500 had gained 30% in the prior 12-month period (9/30/20-9/30/21). Fiscal and monetary stimulus combined to create a very constructive scenario for equity markets: real GDP grew over 6%, the unemployment rate was below 5%, and the 10-year Treasury yield was 1.5% (9/30/21). The only “fly in the ointment” was inflation; it had spiked to over 5%, a level not seen in a decade. Supply-chain issues were thought to be the main contributor and many, including Fed chair Jerome Powell, espoused the view that inflation was going to be “transitory.” Here we are a year later, and the S&P500 has fallen 15.5% over the prior 12 months (and 23.9% calendar year-to-date). Inflation accelerated – and has stayed stubbornly high around 8% – the Fed has raised Fed Funds rates by 300 basis points, the Russia/Ukraine war has wreaked havoc in energy markets, we have seen two quarters of GDP contraction in 2022, and the 10-year Treasury bond now yields 3.8%. Key debates now coalesce around: 1) has inflation already peaked; 2) when, and at what level, will the Fed cease raising rates; 3) will the rate increases bring about a recession, or could we pull off a “soft landing;” 4) will corporate earnings fall more than is being currently envisioned, likely bringing about further equity-market downside.

 

For the second year running, Russell 1000 Value stocks have outperformed Russell 1000 Growth stocks; last year ending 9/30/21 it was up-market outperformance (+35% vs. +27.3%), this year, value held up much better in a down market: Russell 1000 Value -11.4% vs. Russell 1000 Growth -22.6%. This helped the Fund’s relative performance, as it is usually challenging when growth leads, given that we can’t own many of the largest growth stocks in the benchmark index. On the other hand, size did not work in our favor, with large stocks (Russell Top 200 -16.4%) outperforming small (Russell 2000 -23.5%); the restrictions on many large-cap stocks create a significant lower-cap “skew” for the Fund.

 

The Fund’s gross return was -19.8%, ahead of the -22.6% return of the benchmark Russell 1000 Growth for the 12-month period. Cash, averaging 5.6% throughout the year, added almost a full percentage point to relative performance. There was an extreme range of outcomes at the sector level in the benchmark, with Energy gaining 45.9% and Communication Services falling by 44.2%. Our positioning took advantage of this with a small overweight of Energy but, more importantly, an almost-9-percentage-point underweight of Communication Services (largely due to restrictions), which alone added 230 basis points to our relative performance – primarily by not owning Meta Platforms, Netflix, and Alphabet (the first two were down about 60%). Selection was also positive in the Materials sector, where the Fund’s holdings were up 5.3%, as compared to the benchmark sector’s decline of 20.7%. Technology was the sector with the most negative impact. The Fund’s holdings were down 30.3%, vs. the benchmark Tech decline of 22.3%. Our shortfall, however, was largely due to not owning Apple (restricted), which has a very large weight in the benchmark and was only down 1.8% in the 12-month period (this accounted for 215 basis points of the 288-basis-point negative stock-selection effect).

 

For the portfolio, there has been no change to our time-tested, bottom-up fundamental approach to managing large and mid-cap growth investments. As an overview, the Fund remains well diversified by issuers and sectors, as all areas of the economy are impacted by broad macroeconomic trends. We have taken opportunities throughout the year to add to positions (or to initiate new ones) where we have conviction in the long-term investment thesis and the market has given us an attractive buying opportunity. Tech and Industrials were areas of particular interest, though we remain significantly underweight Tech due to restrictions. On the other side of the coin, we have exited or reduced positions where fundamentals have deteriorated, and valuations suggest risk of additional downside. We remain focused on generating alpha and producing the strongest investment results over the long run. We thank you for your continuing support and investment.

 

Chartwell Investment Partners, LLC

 

ANNUAL REPORT | 7

 

SMALL CAP VALUE FUND

 

 

 

September 30, 2022

 

Dear Timothy Plan Small-Cap Value Fund Shareholder:

 

As mentioned in my letter to shareholders, we have added six Exchange Traded Funds (ETFs) to our diversified product line. Since our Small Cap Core ETF fits nicely into the investment objective of our Small Cap Value Fund, we incorporated it into the holdings of this fund so that:

 

·Approximately 10% of the fund is now invested in TPSC.

·And the remainder of the fund continues to be actively managed by our long-time sub-advisor, Westwood Capital Management.

 

In addition to greatly increasing the diversification of the holdings in this fund, we believe this addition should have the positive effect of lowering our expense ratio over both the near and longer term.

 

For past performance of this fund and future market outlook, please read Westwood’s Sub-Advisor’s letter.

 

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is every one of our sub-advisors is doing their very best and our team here at Timothy is working very hard to provide you an investment in which you can feel comfortable.

 

Sincerely,

 

Arthur D. Ally
President

 

ANNUAL REPORT | 8

 

SMALL CAP VALUE FUND

 

 

September 30, 2022

 

We are pleased to provide you with our report for the Timothy Plan Small Cap Value Fund for the twelve months ending September 30, 2022 and would like to thank you for entrusting your assets with us.

 

Last September, a consumer-led rally helped drive the economy, pushing stock prices to new highs while fears of COVID-19 were beginning to fade. The S&P 500® Index gained over 9% in the last quarter of 2021, and U.S. Gross Domestic Product (“GDP”) surged 6.9%, as the U.S. economy seemed to find its footing after the forced closures of 2020 receded into the rear-view mirror; however, storm clouds were on the horizon for those who were looking. Inflation was soon to become a significant problem, accelerating from an average of 3.3% for the previous twelve months from October 2020 through September 2021 to 6.7% for the fourth quarter of 2021. Part of that inflation figure came from strained supply chains which continued to be a nuisance and a concern. New shortages seemed to pop up every few weeks. A diverse list of products, such as chicken wings, diapers, baby formula, computer chips, rental cars, palm oil, lumber, toilet paper, bacon and coffee, were all cited as being in short supply at one point during the past twelve months.

 

As the calendar turned to 2021, inflation became the top story, growing from already elevated levels and reaching 9.0% year-over-year in June which was the highest rate in over forty years. Gasoline prices spiked, reaching a national average of more than five dollars per gallon in June which, at the time, was the highest price on record. The Federal Reserve (the “Fed”), concerned that higher prices could lead to graver issues in the economy, began a series of steps designed to contain inflation and, hopefully, stave off a recession. The Fed began to increase its benchmark Fed Funds rate in March 2022, showing increasing aggressiveness in rate increases and pushing rates up by 300 basis points in the twelve-month period, with more increases expected.

 

After months of saber-rattling, Russia invaded Ukraine in February 2022, authorizing what that government refers to as its special military operation by sending troops and missiles into the sovereign nation. As bombs rained down on Kyiv, Kharkiv and Dnipro, many nations banded together to denounce the aggression and provide support to the people and the defenders of Ukraine. The war caused oil and natural gas prices to rise from already elevated levels and threatened supply chains of natural gas and foodstuffs to Europe and elsewhere.

 

The troubles related to inflation, supply chains, interest rates and international tensions began to weigh heavily on the economy and stock markets. With these headwinds, the economy quickly slumped, with GDP coming in negative for the first and second quarters of 2022. Equity markets declined, as the S&P 500® Index fell by more than 25% from its peak in December 2021. As interest rates rose rapidly, bond markets also declined. There was no safe haven for investors in the market. As expected in a “risk-off” environment, growth stocks fared substantially worse than value stocks and small-cap stocks trailed large-cap stocks.

 

For the twelve months ending September 30, 2022, the Timothy Plan Small Cap Value Fund produced a net return of -17.23% while the Russell 2000® Index produced a return of -23.50%. While returns were negative, the portfolio outperformed the benchmark and provided some support to the downside during a volatile period.

 

On an absolute basis, the Energy and Utilities sectors provided positive returns for the year as both sectors gained ground as companies benefitted from higher oil and natural gas prices. The Consumer Staples sector was close to neutral on the year, losing a small bit of ground for the period as the portfolio benefitted from a producer of certain snack foods that few consumers could live without.

 

ANNUAL REPORT | 9

 

From a relative perspective, stock selection and sector allocation were beneficial to performance with the gains from sector allocation greater than the gains from stock selection. The underweight in both Health Care and Information Technology along with the neutral weight in Energy contributed to the overall performance in the portfolio. We remain underweight in Health Care and Technology, as we tend to avoid lower-quality names with limited to no earnings. Our neutral position in Energy was accomplished in a similar way, as we focus on quality and earnings rather than high growth potential. Stock selection was beneficial in Energy, as our holdings gained nearly twice as much as those in the benchmark. Stock selection in Financials, however, was a disappointment, as several of our holdings in the investment banking industry struggled as interest rates rose much faster than expected, putting a crimp in their mergers and acquisitions business activities.

 

PDC Energy Inc., which gained over 80% in the year, was the top contributor in the portfolio. The company increased production and also announced it would distribute $1 billion to shareholders, including a higher dividend and a one-time special dividend. The stock was sold in the period as it was growing too large for the portfolio.

 

Hostess Brands Inc., maker of the iconic Twinkie, among other snack treats, gained over 30% in the year as the company was able to pass on increased costs to consumers and to improve their productivity, which resulted in higher profit margins. Comfort Systems USA Inc., a Houston-based HVAC service and installation company, was a top contributor as the company gained market share through its service capabilities and from a well-managed workforce. Other top-contributing securities included South Jersey Industries Inc., a utility that was able to increase prices through satisfactory regulatory action, and Livent Corp., a lithium miner that gained ground from strong results and increased demand for lithium used in batteries and other electronics.

 

Top detractors to performance included financial firms Repay Holdings Corp. and Triumph Bancorp Inc. Repay Holdings declined significantly over the last twelve months, largely due to contracting earnings from a slowing economy and growing competition. Triumph Bancorp declined as the company’s primary business is as a payments platform for commercial truckers, and macro concerns over the economy produced a headwind to their future earnings. Radius Global Infrastructure Inc., which installs wireless towers, often moves in a similar manner to real estate investment trusts, or REITs, so the company declined precipitously as interest rates rose over the past six months. CONMED Corp., which makes medical devices for orthopedic surgery, declined as a strong dollar led to reduced earnings on their sales overseas. Altra Industrial Motion Corp., which makes electromechanical power transmission motion control products, struggled in the period as supply chain issues hampered revenues and earnings; however, we believe that the company can work through these short-term challenges.

 

We expect continued volatility for both equities and fixed income in the fourth quarter, as the effects of the Fed’s bellicose stance towards inflation and subsequent economy-slowing actions are realized, along with an increased number of market participants adjusting forecasts to account for those effects. There is no doubt that the tightening actions of central banks across the globe remain the biggest known risk to the markets. Additional risks that we are monitoring include the ongoing war in Ukraine, and volatility in the global energy markets.

 

We see a continued slowdown in earnings growth in the U.S. with some analysts already revising their estimates lower to account for slowing economic growth. From our position, we believe that consensus estimates for full-year 2023 are optimistic and are likely to decline going forward. There is a risk that the market has already “factored-in recession” may be too shallow and that could result in an increase in negative earnings surprises.

 

Our focus will remain on quality and value, seeking high-quality businesses trading at an attractive price. In an uncertain economic environment, with higher interest rates increasing the cost of capital, we believe quality businesses that have sustainable competitive advantages, strong cash flows, attractive dividends and a history of execution, tend to perform better and could limit downside risk. The mid-cycle tends to be where quality emerges as a larger tailwind while persisting until the end of the cycle, as investors gravitate toward companies that are better positioned to navigate slowing growth and the rising cost of capital, and where stock picking tends to be paramount in driving future returns.

 

ANNUAL REPORT | 10

 

We thank you for your continued confidence in the Westwood process and investment teams and we look forward to serving your investment needs through the years ahead.

 

Westwood Management Corp.

 

Net returns are net of the sub-adviser’s fees, not the mutual fund fees.

 

Past performance is not indicative of future results. Portfolio returns reflect the reinvestment of dividend and interest income. All information provided is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. A description of the methodology used to calculate the attribution analysis or a complete list of each holding’s contribution to overall performance during the measurement period may be obtained by contacting info@westwoodgroup.com. Benchmark Data Source: © 2022 FactSet Research Systems Inc. All Rights Reserved. Russell Investment Group is the owner of the trademarks, service marks, and copyrights related to its indexes, which have been licensed for use by Westwood.

 

ANNUAL REPORT | 11

 

LARGE/MID CAP VALUE FUND

 

 

September 30, 2022

 

Dear Timothy Plan Large/Mid-Cap Value Fund Shareholder:

 

As mentioned in my letter to shareholders, we have added six Exchange Traded Funds (ETFs) to our diversified product line. Since four of these ETFs fit nicely into the investment objective of our Large/Mid-Cap Value Fund, we incorporated them into the holdings of this fund so that approximately 5% of the fund is invested in each of the following:

 

·TPLC

·TPLE

·TPHD

·TPHE

·The remaining 80% of the fund continues to be actively managed by our long-time sub-advisor, Westwood Capital Management.

 

In addition to greatly increasing the diversification of the holdings in this fund, we believe this addition should have the positive effect of lowering our expense ratio over both the near and longer term.

 

For past performance of this fund and future market outlook, please read Westwood’s Sub-Advisor’s letter.

 

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is every one of our sub-advisors is doing their very best and our team here at Timothy is working very hard to provide you an investment in which you can feel comfortable.

 

Sincerely,

 

 

Arthur D. Ally
President

 

ANNUAL REPORT | 12

 

LARGE/MID CAP VALUE FUND

 

 

 

September 30, 2022

 

We are pleased to provide you with our report for the Timothy Plan Large/Mid Cap Value Fund for the twelve months ending September 30, 2022 and would like to thank you for entrusting your assets with us.

 

Last September, a consumer-led rally helped drive the economy, pushing stock prices to new highs while fears of COVID-19 were beginning to fade. The S&P 500® Index gained over 9% in the last quarter of 2021, and U.S. Gross Domestic Product (“GDP”) surged 6.9%, as the U.S. economy seemed to find its footing after the forced closures of 2020 receded into the rear-view mirror; however, storm clouds were on the horizon for those who were looking. Inflation was soon to become a significant problem, accelerating from an average of 3.3% for the previous twelve months from October 2020 through September 2021 to 6.7% for the fourth quarter of 2021. Part of that inflation figure came from strained supply chains which continued to be a nuisance and a concern. New shortages seemed to pop up every few weeks. A diverse list of products, such as chicken wings, diapers, baby formula, computer chips, rental cars, palm oil, lumber, toilet paper, bacon and coffee, were all cited as being in short supply at one point during the past twelve months.

 

As the calendar turned to 2021, inflation became the top story, growing from already elevated levels and reaching 9.0% year-over-year in June which was the highest rate in over forty years. Gasoline prices spiked, reaching a national average of more than five dollars per gallon in June which, at the time, was the highest price on record. The Federal Reserve (the “Fed”), concerned that higher prices could lead to graver issues in the economy, began a series of steps designed to contain inflation and, hopefully, stave off a recession. The Fed began to increase its benchmark Fed Funds rate in March 2022, showing increasing aggressiveness in rate increases and pushing rates up by 300 basis points in the twelve-month period, with more increases expected.

 

After months of saber-rattling, Russia invaded Ukraine in February 2022, authorizing what that government refers to as its special military operation by sending troops and missiles into the sovereign nation. As bombs rained down on Kyiv, Kharkiv and Dnipro, many nations banded together to denounce the aggression and provide support to the people and the defenders of Ukraine. The war caused oil and natural gas prices to rise from already elevated levels and threatened supply chains of natural gas and foodstuffs to Europe and elsewhere.

 

The troubles related to inflation, supply chains, interest rates and international tensions began to weigh heavily on the economy and stock markets. With these headwinds, the economy quickly slumped, with GDP coming in negative for the first and second quarters of 2022. Equity markets declined, as the S&P 500® Index fell by more than 25% from its peak in December 2021. As interest rates rose rapidly, bond markets also declined. There was no safe haven for investors in the market. As expected in a “risk-off” environment, growth stocks fared substantially worse than value stocks and small-cap stocks trailed large-cap stocks.

 

For the twelve months ending September 30, 2022, the Timothy Plan Large/Mid Cap Value Fund produced a net return of -9.69% while the S&P 500® Index produced a return of -15.47%. Given the volatility in the equity markets, and the overall downward trend of stocks in general, only two sectors, Energy and Consumer Discretionary, delivered a positive absolute total return for the year. The Energy sector was boosted by strong demand, limited production and concerns over further kinks in the global supply chain due to Russia’s invasion of Ukraine. Within Consumer Discretionary, we held a couple of stocks that were supported by a transition in the market, as higher- income consumers traded down from luxury retailers to more thrifty options.

 

ANNUAL REPORT | 13

 

From a relative perspective, asset allocation decisions contributed to the gains for the year, including an overweight in Energy, where we averaged nearly double the weight of the benchmark, and the underweight in

 

Communication Services, a sector that was down nearly 40% for the year. Stock selection was a minor drag to relative performance as our selections in the Health Care and Materials sectors fared poorly.

 

The top three individual performers in the portfolio were in the Energy sector. Boosted by higher oil and natural gas prices arising from increasing demand and limitations on supply, shares of energy companies surged in the past twelve months. Our holdings were diverse, touching various parts of the energy value chain, and included Valero Energy Corp.(refining), EOG Resources Inc. (exploration and production), and ConocoPhillips (integrated). We believe each company is well-positioned to maintain their gains and continue to grow as oil prices remain elevated. O’Reilly Automotive Inc., a specialty shop for automotive parts and accessories, appealed to a do-it-yourself crowd. The stock gained ground as consumers have retrenched in the past year, seeking to maintain their vehicles rather than fight through delays and price increases for new and used vehicles. Insurance broker Arthur J. Gallagher & Co. was among the top contributors for the year, as the company executed on its initiatives and captured market share.

 

Top detractors to performance included semiconductor testing company Teradyne, Inc., and specialty chip maker ASML Holding N.V. Both holdings within the Technology sector struggled with supply chain issues resulting in delays delivering completed goods to customers amid an increasing backlog of orders which impacted earnings and slowed their growth trajectories. Cable One Inc. fell as streaming services continued to cut into market share for traditional cable providers; however, we believe the company remains well-positioned within their business units, providing data and video services to companies as well as residential areas. Western Alliance Bancorp declined as higher interest rates cut into future bank earnings, while Vertiv Holdings Co., an industrial holding that makes power management products and hardware for servers, fell as fears of a slowing economy caused analysts to write down future growth prospects for the company.

 

The Westwood team remains focused on seeking high-quality companies trading at a discount to intrinsic value. Given the market dislocation of the past several months, we recognize that several key variables will have an outsize impact on future stock prices, including overall economic growth, the Fed, and ongoing international tensions. The “Goldilocks” scenario was that the Fed would hike rates quickly and reach a plateau expeditiously, with a possible rate decline by the end of 2023. It has since become clear that the primary concern is that a longer duration of higher interest rates will have a wider and deeper impact on economic activity. The Fed has pledged to tamp down inflation, regardless of the impact on economic growth.

 

We expect continued volatility for both equities and fixed income in the fourth quarter, as the effects of the Fed’s bellicose stance towards inflation and subsequent economy-slowing actions are realized, along with an increased number of market participants adjusting forecasts to account for those effects. There is no doubt that the tightening actions of central banks across the globe remain the biggest known risk to the markets. Additional risks that we are monitoring include the ongoing war in Ukraine, and volatility in the global energy markets.

 

We believe this sort of environment, with uncertainty in abundance and no apparent trend, may be an ideal place for active managers to thrive. We continue to leverage our intensive research-driven process to identify quality businesses with company-specific opportunities and visible earnings growth. As has always been our practice, we look to invest in companies with conservative balance sheets, robust free cash flow generation, and high returns on invested capital, as we believe those characteristics, among others, can help provide attractive risk-adjusted returns for the portfolio. As higher interest rates increase the cost of capital, these quality businesses with sustainable competitive advantages tend to perform better and could limit downside risk.

 

ANNUAL REPORT | 14

 

We thank you for your continued confidence in the Westwood process and investment teams and we look forward to serving your investment needs through the years ahead.

 

Westwood Management Corp.

 

Net returns are net of the sub-adviser’s fees, not the mutual fund fees.

 

Past performance is not indicative of future results. Portfolio returns reflect the reinvestment of dividend and interest income. All information provided is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. A description of the methodology used to calculate the attribution analysis or a complete list of each holding’s contribution to overall performance during the measurement period may be obtained by contacting info@westwoodgroup.com. Benchmark Data Source: © 2022 FactSet Research Systems Inc. All Rights Reserved. Russell Investment Group is the owner of the trademarks, service marks, and copyrights related to its indexes, which have been licensed for use by Westwood.

 

ANNUAL REPORT | 15

 

FIXED INCOME FUND

 

 

 

September 30, 2022

 

The fiscal year ending September 30, 2022 saw an increase in U.S. Treasury (UST) yields as the Federal Reserve (Fed) signaled their intent to fight higher prices by hiking rates in 2022. They also accelerated the timeline for tapering additional Quantitative Easing (QE) purchases. The Timothy Plan Fixed Income Fund invests in the broad U.S. investment grade bond market benchmarked to the Bloomberg Aggregate Index which began the last 12 months with a yield of 1.56% and ended at 4.63%.

 

In an effort to curb inflation, the Fed hiked rates 5 times by September 30th for a total of 300 basis points (bps). These hikes took the Fed Funds rate to 3.25%. UST yields jumped in response to Fed policy and inflation, which remained stubbornly high. The Fed continued to argue its hawkish policies had yet to have an impact on the labor market, which is their necessary pre-condition for reducing the pace of rate hikes. However, many other U.S. and global indicators forewarned of slowing inflation and economic activity. U.S. Purchasing Manager Index (PMI) manufacturing surveys inched closer to the 50.0 level, which signifies a contraction in activity, while the JP Morgan Global PMI did fall below 50.0 in September. U.S. consumer spending slowed in 3Q22 and goods inflation decelerated to a 7.1% y/y rate, much slower than the 10.7% y/y pace of December 2021. While services inflation has offset the deceleration in goods prices, the University of Michigan consumer survey of one-year inflation expectations fell 70bps q/q to 4.70%.

 

The 10-year UST yield rose after starting the fiscal period at 1.49%, peaking at 3.95% in late September 2022, and ending at 3.83%. By comparison, the 2-year rate started the period at 0.28% and ended the last 12 months at 4.28%, by far the largest increase of any other maturity level. The 2yr UST yield reached its highest level since August 2007, leading the UST curve to become more inverted than at any time since April 1982.

 

Investment Grade (IG) Credit spreads started the last 12 months at 80bps and ended at 147bps by September 2022. A key driver of the YTD credit spread widening has been the nearly continuous outflows suffered by IG fixed income funds. August was the first month of 2022 in which IG credit funds received net inflows. However, outflows resumed in September and reached $119B YTD. Fortunately, outflows have been partially offset by waning new issue supply. New issuance only reached $397B in 3Q2, a 10.0% decline from 3Q21 and YTD supply now trails the YTD21 pace by 12.8%.

 

Mortgage-backed securities (MBS) were more resilient than IG Credit during the fiscal year ending September. Over the 12-month period, the MBS sector, within the Bloomberg Aggregate, generated a return of -13.98% versus -17.89% for IG Credit. During 4Q21, issuance grew 8% y/y and 2021 supply of $880B surpassed 2020’s total by 70%, both of which were an all-time high for MBS. However, rate volatility and Fed policy created a difficult environment for MBS in 2022. By the end of September, 30yr mortgage rates reached 6.80% which was a 350bps YTD increase. The level of rates not only reduced MBS issuance but it also lowered MBS prices to the point the sector became positively convex for the first time in its history.

 

ANNUAL REPORT | 16

 

According to Morningstar, the Timothy Fixed Income Fund A shares returned -13.59% over the 12-month period ending September 30, 2022 which was ahead of the Bloomberg Aggregate Index at -14.60%. The overweight allocation to USTs contributed to relative performance as the sector generated better nominal returns than IG Credit bonds and the overall index. In addition, our lower portfolio duration stance helped performance in a period of rising rates. The portfolio’s underweight to Financials detracted from relative performance as the sector had better performance than the other major credit sectors in the index. Lastly, an overweight to Utilities hurt as the sectors posted the worst nominal and excess returns than the Bloomberg Aggregate Index. We remain focused on generating income consistent with a prudent level of risk.

 

BARROW HANLEY GLOBAL INVESTORS

 

ANNUAL REPORT | 17

 

HIGH YIELD FUND

 

 

September 30, 2022

 

During the fiscal year ending September 30, 2022, Ba/B High Yield (HY) spreads started at 251 basis points (bps), climbed to a high of 511bps by July, and finished the period at 464bps. The Timothy Plan High Yield Fund invests primarily in BB and B rated HY bonds with a benchmark of the Bloomberg US HY Ba/B 3% Issuer Cap Index. The benchmark began the last 12 months with a Yield to Worst (YTW) of 3.68% and ended higher at 8.80%. Over the period, the HY market posted a return of -13.83% which was better than the return of investment grade credit bonds of -17.89%.

 

As the Fed shifted to a more hawkish monetary policy coming into 2022, the HY market recorded its second worst performance in a first quarter, behind only the 1Q20 pandemic-affected return. The main catalyst of the index’s -4.96% 1Q22 return was increasing inflation, which led to higher UST yields. The war in Ukraine exacerbated global energy and food supply concerns as prices spiked, leading to increasing inflation expectations. The 5-year U.S. Treasury, which is the main HY reference point, increased from 1.26% to 2.46% in 1Q22. As global macro concerns persisted throughout 2022, the HY market continued to decline.

 

Also impacting the 12-month performance of below investment grade issues has been outflows in HY bond funds. Year-to-date (YTD), HY bond funds have experienced $61B of net outflows. These outflows have put pressure on HY credit spreads resulting in further widening. One offset has been the decline in new issue supply. Supply of HY bonds lags YTD21 by 77%. By the end of September 2022, the YTD return for the US HY Ba/B 3% Issuer Cap Index fell -14.49%.

 

According to Morningstar, the Timothy High Yield Fund A shares generated a total return of -15.45% over the 12-month period ending September 30, 2022 while the Bloomberg US HY Ba/B 3% Issuer Cap index returned -13.83%. An overweight to Financials detracted from performance as the sector generated the worst nominal and excess returns in the index. In addition, an underweight to Utilities hurt relative performance as this sector posted better returns than the overall index. Security selection in Energy holdings benefited performance. Within Financials, our REIT holdings generated returns ahead of their counterparts in the index, positively contributing to performance. The portfolio remains focused on generating a higher level of carry income consistent with a reasonable level of risk.

 

BARROW HANLEY GLOBAL INVESTORS

 

ANNUAL REPORT | 18

 

Israel Common Values FUND

 

 

 

September 30, 2022

 

The Fund began the fiscal year on a firmer footing but eventually succumbed to the global equity selloff. While inflation in the country had remained subdued for some time, it rose above the Bank of Israel’s target level, forcing the bank to hike rates more aggressively. This surprise pivot to a much more hawkish stance hurt the growthier areas of the Fund and has helped more value oriented and defensive sectors. This was a major headwind for the Fund this year leading the Fund to underperform the TA-125 index for the fiscal year ended Sep. 30th after many years of outperformance. Both sector allocation and stock selection contributed to the underperformance. From a sector standpoint, an underweight to Health Care and Real Estate was helpful as both sectors underperformed but was not enough to offset headwinds from an overweight to underperforming Technology and underweight to outperforming Communication Services and Energy. Stock selection was positive in Technology but detrimental in Industrials and Consumer Discretionary. Notable positive attributors for the year included Tadiran (Consumer Discretionary), Tel Aviv Exchange (Financials), and Ratio Oil (Energy). Negative attributors included Kornit Digital (Industrials), Varonis Systems (Technology), and Global-e Online (Consumer Discretionary).

 

While inflation began the fiscal year of the Fund well below other developed market levels, it subsequently rose quickly, forcing the Bank of Israel (BoI) to begin raising rates aggressively. The BoI has stated now that it intends to “front load” these hikes in order to bring inflation down to its target range of 1-3% by calendar year 2023. Economic growth is still robust in the country with the OECD projecting in June 2022 that Israeli GDP would grow by 4.8% in 2022 and 3.4% in 2023. Employment is strong while housing prices have risen faster than desired by the central bank. The economy is likely to continue to grow above most developed economies for the foreseeable future.

 

The Russia-Ukraine war has prompted a rethink of its energy security by European countries and handed Israel a much stronger negotiating hand with the region. Israel’s vast new natural gas resources are now highly sought after by its European neighbors, prompting the European Union to sign a Memorandum of Understanding with Israel and Egypt to help get Israeli gas to Europe. It also led to the eventual negotiation between Israel and Lebanon to settle their maritime border disputes. This should provide Israel with a prolonged period of export revenue from its vast resource development.

 

The Fund continues to invest alongside the innovate spirit of Israeli companies providing ample attractive investment opportunities. While global economic uncertainty is likely to continue in the near term, we are optimistic of the long-term prospects for this robust economic engine. We remain committed to a consistent investment approach dedicated to finding long-term investments for shareholders and we thank you for your continued investment in the Fund.

 

Eagle Global Advisors, LLC

 

ANNUAL REPORT | 19

 

Defensive Strategies Fund

 

 

 

September 30, 2022

 

Dear Timothy Plan Defensive Strategies Fund Shareholder:

 

The Defensive Strategies Fund was designed and is managed to do what its name implies, hedge against a possible scenario of hyper-inflation which could result from our Congress’s proven unwillingness to address our core problems of too much spending and too much debt. The Fund was also designed with built-in flexibility that allows it to be adjusted to address a possible risk of extreme deflation, with the ability to convert the inflation sensitive assets to cash and fixed income securities during a deflationary environment, and to be adjusted to a more normal, traditional investment strategy.

 

The Fund’s portfolio is primarily comprised of several inflation sensitive investment sleeves: commodities (commodity company stocks and ETF’s), real estate (in the form of REITs), precious metals (primarily gold bullion) and silver ETFs, TIPs (Treasury Inflation Protected Bonds), with the balance in cash. Timothy Partners, Ltd. (the “Advisor”) is responsible for setting the percentages of the Fund that will be allocated to each investment sleeve. Different sub-advisors manage the holdings in each sleeve. I believe you are aware that this past year, especially the past nine months has been a very difficult period in the capital markets with the economic recession creating a lot of turbulence in the real estate, commodity and precious metals markets (that comprise much of our Defensive Strategies portfolio) as well as the equity and fixed income sectors. As a result, this Fund experienced a negative 6.80% return for the fiscal year ended September 30, 2022. For a more complete description of the elements that impacted Fund performance and the outlook for the future, please read the various sub-advisors' reports in the pages that follow.

 

I would like to point out that, since there does not exist an appropriate benchmark index with which to compare our performance, we have created a blended index comprised of roughly 33% each of U.S. Government TIPs, FTSE NAREIT Equity Index and Bloomberg Commodity Index. We believe the blend offers a fairly accurate reflection and comparison of the composition of the Fund. For the fiscal year ended September 30, 2022, the blended index had a negative return of 3.16%. The difference between the fund’s performance and the blended index was due mainly to the drag our precious metals position had on the fund which is not reflected in the index.

 

While no one can predict future events, I remain confident that our sub-advisors (i.e. money management firms that manage the various sleeves of this Fund) are, in our opinion, among the best in the industry, and they each continue to honor our overall policy that they manage their respective Fund sleeve both in accordance with our screening restrictions and with a conservative bias. As I stated in last year’s report, although we will do our very best to be successful, we cannot guarantee results in any of these scenarios.

 

Finally, I would once again like to thank you for your moral convictions that led you to become part of the Timothy Plan Family..

 

Sincerely,

 

 

Arthur D. Ally
President

 

ANNUAL REPORT | 20

 

Defensive Strategies Fund | TIPS SLEEVE

 

 

 

September 30, 2022

 

Stubbornly high inflation led to the Federal Reserve’s (Fed) decision to press ahead with tighter U.S. monetary policy in 2022. The pace of rate hikes that began in March of 2022 is the fastest level since the early 1980’s. According to the Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI) accelerated by 8.2% year-over-year (y/y) in September 2022. The Timothy Defensive Fund has an allocation of U.S. Treasury Inflation Protected Securities (TIPS) designed to help protect assets from higher rates of inflation.

 

As of year-end 2021, investors had priced in three rate hikes for 2022 via the Fed Funds futures curve. However, by the end of 1Q22, futures were projecting more than eight additional 25 basis points (bps) hikes, which would take the Fed Funds rate to 2.00-2.25%. Despite three rate hikes totaling 1.50 bps by the end of June 2022, inflation continued to persist. The Fed kept responding with further rate hikes, which continued to lift the Fed Funds rate by another 150bps, bringing its total increases to 300bps by the end of September 2022.

 

The Fed continued to argue its hawkish policies had yet to have an impact on the labor market, which is their necessary pre-condition for reducing the pace of rate hikes. However, many other U.S. and global indicators forewarned of slowing inflation and economic activity. U.S. Purchasing Manager Index (PMI) manufacturing surveys inched closer to the 50.0 level, which signifies a contraction in activity, while the JP Morgan Global PMI did fall below 50.0 in September. U.S. consumer spending slowed in 3Q and goods inflation decelerated to a 7.1% y/y rate, much slower than the 10.7% y/y pace of December 2021. While services inflation has offset the deceleration in goods prices, the University of Michigan consumer survey of one-year inflation expectations fell 70bps q/q to 4.70%.

 

Over the previous 12-month period, investors’ future inflation expectations climbed significantly. We measure investors’ inflation expectations as the difference between the U.S. Treasury 10-year and the U.S. TIPS 10-year. This “breakeven rate” of inflation is what would be required to make these two securities have the same yield. The “breakeven rate” of inflation started the fiscal period at 2.38%, reached a 12-month high of 3.04% in April 2022 but subsequently declined to 2.15% by the end of September. The Bloomberg U.S. TIPS Index generated a 12-month return of -11.57% versus -10.00% for the Timothy Plan’s TIPS portfolio. The TIPS portfolio ended the fiscal year-end period with an overweight to the 1 to 4.99-year maturity segment, overweight to the 5 to 9.99-year, and underweight to 20+ year securities. The primary goal of the TIPS allocation continues to be protection from rising inflation rates.

 

BARROW HANLEY GLOBAL INVESTORS

 

ANNUAL REPORT | 21

 

Defensive Strategies Fund | REIT SLEEVE

 

 

 

September 30, 2022

 

While the fourth quarter of 2021 was extremely strong, the story in the first nine months of 2022 has been completely different. The Federal Reserve (‘Fed’) has gone from being accommodative to the markets to having an explicit goal of quashing inflation at any cost. The result has been the quickest increase in the Fed Funds Rate in at least 35 years. As a result, the 10 yr US Treasury yield rose from 1.52% on September 30, 2021 to 3.83% as of September 30, 2022. The rapid rise in the risk-free rate also caused equities, bonds, and REITs to have lower prices.

 

In the year ending September 30, 2022, the MSCI US REIT Index (Bloomberg: RMZ) produced a total return of -16.6%. While the economy appears to be strong on the surface, still producing job growth as of September, nominal GDP growth has not been able to keep up with inflation, leading to negative real GDP growth. Combined with the aggressive Fed policy to bring down inflation, the market is expecting for the economy to go through a recession in the next 12 months. The severity and duration of the recession is not yet known, but we believe the current pricing of REITs reflects a severe downturn that may or may not materialize.

 

Importantly, construction starts are already starting to fall as banks pull back from lending and developers can’t achieve positive returns with such high cost of debt. As such, the supply and demand environment appears favorable for the next several years. While interest rates beget higher interest expense, REITs have very little floating rate debt and minimal fixed rate debt maturing in the next 18 months. Furthermore, REITs balance sheets have the lowest Debt/Gross Asset Value and Net Debt/EBITDA ratios in history. Therefore, REIT earnings are mostly insulated from rising interest rates. Finally, the ‘re-rating’ of REIT multiples may be justified under the assumption that interest rates will remain high for a prolonged period; however, the Fed projects to be done with its hiking cycle in February of 2023, and we believe long term rates will begin to fall well ahead of this date. In short, this pullback could be the beginning of a multi-year recovery.

 

The portfolio outperformed the benchmark over the year ending September 30, 2022. The Timothy Fund REIT Sleeve produced a total return of -15.0% in the relevant period, which compared to the RMZ total return of -16.6%. The top contributors to relative performance were stock selection in the residential and shopping center sectors, as well as an underweight allocation to the office sector. The top detractors from relative performance over the same period were an underweight allocations to the triple net and specialty sectors, as well an overweight allocation to the diversified sector.

 

In particular, the performance of triple net has been surprising. Historically, triple net has had the highest correlation to interest rates, meaning the sector would have the worst performance during times of rising interest rates. In this case, triple net is the best performing sector in 2022. We believe this is due to fears of a recession, in which case the long term leases with investment grade tenants should be defensive. We believe our portfolio should outperform in a recession despite an underweight allocation to triple net as our exposure to cell towers, data centers, industrial, and residential should prove defensive. Several of these sectors are among the worst performers in 2022, which is a head-scratcher. We look forward to getting 3Q22 earnings reports, and, more importantly, 2023 guidance figures so that many of these companies can show how durable their earnings streams are today.

 

Chilton Capital Management

 

An investment cannot be made directly in an index. The information contained herein should be considered to be current only as of the date indicated, and we do not undertake any obligation to update the information contained herein in light of later circumstances or events. This publication may contain forward looking statements and projections that are based on the current beliefs and assumptions of Chilton Capital Management and on information currently available that we believe to be reasonable, however, such statements necessarily involve risks, uncertainties and assumptions, and prospective investors may not put undue reliance on any of these statements. This communication is provided for informational purposes only and does not constitute an offer or a solicitation to buy, hold, or sell an interest in any Chilton investment or any other security. Past performance does not guarantee future results.

 

ANNUAL REPORT | 22

 

Defensive Strategies Fund | COMMODITY SLEEVE

 

 

 

September 30, 2022

 

We are pleased to provide you with our annual report for the Timothy Plan Defensive Strategies Fund Commodity Sleeve (the “Portfolio”) for the twelve months ending September 30, 2022. Markets in general were more volatile during these twelve months with both stocks and bonds falling roughly (15%). However, commodities broadly posted strong gains with the Bloomberg Commodity Index Total Return (the “BCOM”) gaining 11.8%. The Portfolio rose 3.42% on a gross basis, generating (8.38%) of underperformance versus the BCOM benchmark. Negative contributions came from energy, agriculture, and industrial metals, with a small amount of relative outperformance being generated by precious metals.

 

Energy

 

Energy was the best performing sector in absolute terms, for the prior year, with the Bloomberg Energy Subindex Total Return rising 30.3%. The Portfolio’s energy holdings were also the best performing sector in absolute terms, gaining 26.4% for the period but were responsible for roughly a quarter of the Portfolio’s overall relative underperformance versus the BCOM. US WTI crude oil futures prices spiked up over $120/barrel following Russia’s invasion of Ukraine earlier in 2022 before falling back towards the levels seen prior to the war. Russia slashed supplies of natural gas to Europe – which relies heavily on Russia for its energy needs – in retaliation for sanctions imposed over Ukraine, which drove natural gas prices there significantly higher during the period. Natural gas prices in the US rose 15% in response; constrained by LNG export capacity to Europe being fully utilized with no ability to increase it further in the near-term. Upstream E&P companies held in the Portfolio benefited the most from these higher prices with profitability and earnings reaching record levels though capital expenditures and investment in production growth have not materialized. This focus on restraint comes in response to shareholder pressure against increased investment in production, preferring instead for producers to pay down debt and return capital in the form of increased dividends and share buybacks. The Portfolio’s largest energy holdings as of September 30th were TotalEnergies (TTE FP), EOG Resources (EOG US), and Petrobras (PBR US).

 

Agriculture

 

Over the past year agricultural commodities, as proxied by the Bloomberg Commodity Agriculture and Livestock Subindex Total Return, rose by 16.9%. Over the same period the Portfolio’s agricultural holdings underperformed, rising just 0.8% and generating over half of the Portfolio’s overall relative underperformance. While the more upstream industries within the sector – such as fertilizer and seed companies – posted strong outperformance on rising crop prices, animal and fish producers fell significantly as the cost of feed and labor pressured margins. The Portfolio’s largest agriculture holdings as of September 30th were Deere & Co (DE US), Nutrien Ltd (NTR US), and CF Industries Holdings (CF US).

 

Metals & Mining

 

Industrial metal commodity futures were down for the period as recession fears escalated with central banks raising interest rates to fight inflation. The Bloomberg Industrial Metals Subindex Total Return fell (9%), and the Portfolio’s industrial metal holdings fell further, dropping (13.6%) over the same period and generating roughly a quarter of the Portfolio’s overall relative underperformance. The Portfolio’s largest industrial metal holdings as of September 30th were BHP Group (BHP US), Rio Tinto (RIO US), and Teck Resources (TECK/B CN).

 

ANNUAL REPORT | 23

 

Despite falling as real interest rates rose, precious metals were the only sector to contribute positively to relative performance over the prior year: the Portfolio’s precious metals miners fell (7.6%) while the Bloomberg Precious Metals Subindex Total Return fell (7.8%). The Portfolio’s largest precious metal holdings as of September 30th were Gold Fields (GFI US), Newmont (NEM US), and B2Gold Corp (BTG US).

 

Market Outlook

 

The Timothy Plan Defensive Strategy Fund Commodity Sleeve currently utilizes a diversified portfolio of natural resource equities that is intended to capture commodity price movements. We believe that the lack of investment in the global supply of many important commodities, in addition to geopolitical risks, has resulted in a precarious supply situation unable to respond effectively to increases in demand. Recent events – especially the war in Ukraine – have also exposed vulnerabilities in supply chains for many of the worlds essential commodities and have driven prices and volatility higher. To the extent this growing uncertainty in future supply continues and global demand continues to increase over time, we expect the Portfolio to perform positively.

 

CoreCommodity Management, LLC

 

Past performance is not indicative of future results. STANDARD & POOR’S, and S&P are registered trademarks of Standard & Poor’s Financial Services LLC. “Bloomberg®,” “Bloomberg Commodity IndexSM” and the names of the other indexes and sub-indexes that are part of the Bloomberg Commodity Index family are service marks of Bloomberg Finance L.P. and its affiliates. Source for all Index data: Bloomberg L.P. Commodity Sectors are represented by the Bloomberg Commodity Sector Sub-Indices. This document does not constitute an offer of any commodities, securities or investment advisory services. Any such offer may be made only by means of a disclosure document or similar materials which contain a description of material terms and risks. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The economic statistics presented herein are subject to revision by the agencies that issue them. This information is accurate only as of the date hereof, or as of historical dates otherwise indicated herein, and we do not undertake any obligation to update this material Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. All investments are subject to risk.

 

ANNUAL REPORT | 24

 

Strategic Growth & Conservative Growth Funds

 

 

 

September 30, 2022

 

Dear Timothy Plan Strategic Growth and Conservative Growth Fund Shareholder:

 

This report covers the fiscal year (10-1-21 thru 9-30-22). Asset allocation has normally been, and we believe it continues to be, a very prudent approach to investing. As a review, your Timothy Plan investment is a compilation of many of Timothy’s underlying funds (including four of our ETF’s) and, as such, your performance is directly related to the performance of those underlying funds. I believe you are aware that this has been a very difficult period in the capital markets with the economic recession which created a lot of turbulence in both the equity and fixed income markets. As a result, performance in all our underlying funds was negative for this past fiscal year which contributed to our (-15.82%) for Strategic Growth and (-14.48%) for Conservative Growth. While I am never happy with negative performance, at least both these asset allocation funds were down less than their respective indexes. You can find the specific details in the financial highlights of the main body of this report. Having said that, we intend to participate in this market while maintaining a more cautious outlook for the economy in the year ahead. As a result, we have adjusted our positions in the underlying funds to the allocations shown below:

 

    Conservative Growth Strategic Growth
       
· Large/Mid-Cap Core Enhanced ETF 15.00 % 17.50 %
· High Dividend Stock Enhanced ETF 4.50 % 8.50 %
· Small-Cap Core ETF 7.00 % 9.00 %
· International ETF 12.00 % 21.50 %
· International Fund 5.50 % 8.00 %
· High-Yield Bond Fund 6.50 % 6.00 %
· Defensive Strategies Fund 7.00 % 9.00 %
· Fixed Income Fund 38.50 % 17.50 %
· Cash 4.00 % 3.00 %

 

Even though the Portfolios have been designed to be conservatively allocated, we understand that recent market gyrations may be unsettling for some investors. Please understand that our #1 concern is preservation of principal, and, even though we do want to participate in the markets’ hoped for potential recovery, we will attempt to adjust our allocation above to changing market conditions.

 

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is every one of our sub-advisors is doing their very best and our team here at Timothy is working very hard to provide you an investment in which you can feel comfortable

 

Sincerely,

 

 

Arthur D. Ally
President

 

ANNUAL REPORT | 25

 

Growth & Income Fund

 

 

 

September 30, 2022

 

Dear Timothy Plan Growth and Income Fund Shareholder:

 

Since two of our ETFs (TPHD and TPHE) fit nicely into the investment objective of our Growth & Income Fund, we incorporated them into the holdings of this fund so that:

 

·Approximately 22% of the fund is invested in TPHD and

·Approximately 36% of the fund is invested in TPHE

·While the remaining fixed income portion of the fund is now actively managed by our long-time fixed income sub-advisor, Barrow Hanley.

 

It is our belief that this dual managed arrangement will result in both better performance and a reduction of this fund’s expense ratio.

 

As you can see from the performance portion of this Annual Report, this fund had a negative return of (-7.79%) while its best fit index (a blended of 60% Russell 1000 Value Index and 40% of Bloomberg Aggregate Bond Index) was down (-12.45%) for the 12 months ending 9-30-22. This negative performance is primarily the result of the impact the economic recession has had on the markets for the past nine months or so.

 

For a comprehensive review and a future market outlook for this fund, please read Barrow Hanley’s Sub-Advisor’s letter in this Annual Report.

 

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is, for every one of our Timothy Plan Funds, all of our sub-advisors are doing their very best and our team here at Timothy is working very hard to provide you an investment in which you can feel comfortable.

 

Sincerely,

 

 

Arthur D. Ally
President

 

ANNUAL REPORT | 26

 

Growth & Income Fund | Fixed Income Allocation

 

 

 

September 30, 2022

 

The fiscal year ending September 30, 2022 saw an increase in U.S. Treasury (UST) yields as the Federal Reserve (Fed) signaled their intent to fight higher prices by hiking rates in 2022. They also accelerated the timeline for tapering additional Quantitative Easing (QE) purchases. The fixed income allocation of the Timothy Plan Growth & Income Fund invests in the broad U.S. investment grade bond market benchmarked to the Bloomberg Aggregate Index which began the last 12- months with a yield of 1.56% and ended at 4.63%.

 

In an effort to curb inflation, the Fed hiked rates 5 times by September 30th for a total of 300 basis points (bps). These hikes took the Fed Funds rate to 3.25%. UST yields jumped in response to Fed policy and inflation, which remained stubbornly high. The Fed continued to argue its hawkish policies had yet to have an impact on the labor market, which is their necessary pre-condition for reducing the pace of rate hikes. However, many other U.S. and global indicators forewarned of slowing inflation and economic activity. U.S. Purchasing Manager Index (PMI) manufacturing surveys inched closer to the 50.0 level, which signifies a contraction in activity, while the JP Morgan Global PMI did fall below 50.0 in September. U.S. consumer spending slowed in 3Q22 and goods inflation decelerated to a 7.1% y/y rate, much slower than the 10.7% y/y pace of December 2021. While services inflation has offset the deceleration in goods prices, the University of Michigan consumer survey of one-year inflation expectations fell 70bps q/q to 4.70%.

 

The 10-year UST yield rose after starting the fiscal period at 1.49%, peaking at 3.95% in late September 2022, and ending at 3.83%. By comparison, the 2-year rate started the period at 0.28% and ended the last 12 months at 4.28%, by far the largest increase of any other maturity level. The 2yr UST yield reached its highest level since August 2007, leading the UST curve to become more inverted than at any time since April 1982.

 

Investment Grade (IG) Credit spreads started the last 12 months at 80bps and ended at 147bps by September 2022. A key driver of the YTD credit spread widening has been the nearly continuous outflows suffered by IG fixed income funds. August was the first month of 2022 in which IG credit funds received net inflows. However, outflows resumed in September and reached $119B YTD. Fortunately, outflows have been partially offset by waning new issue supply. New issuance only reached $397B in 3Q2, a 10.0% decline from 3Q21 and YTD supply now trails the YTD21 pace by 12.8%.

 

Mortgage-backed securities (MBS) were more resilient than IG Credit during the fiscal year ending September. Over the 12-month period, the MBS sector, within the Bloomberg Aggregate, generated a return of -13.98% versus -17.89% for IG Credit. During 4Q21, issuance grew 8% y/y and 2021 supply of $880B surpassed 2020’s total by 70%, both of which were an all-time high for MBS. However, rate volatility and Fed policy created a difficult environment for MBS in 2022. By the end of September, 30yr mortgage rates reached 6.80% which was a 350bps YTD increase. The level of rates not only reduced MBS issuance but it also lowered MBS prices to the point the sector became positively convex for the first time in its history.

 

ANNUAL REPORT | 27

 

The fixed income allocation, of the Timothy Plan Growth & Income, generated a return of -12.52% versus the Bloomberg Aggregate of -14.60% for the 12-month period ending September 30th. For the same time period, the overweight allocation to USTs contributed to relative performance as the sector generated better nominal returns than IG Credit bonds and the overall index. In addition, our lower portfolio duration stance helped performance in a period of rising rates. The portfolio’s underweight to Financials detracted from relative performance as the sector had better performance than the other major credit sectors in the index. Lastly, an overweight to Utilities hurt as the sectors posted the worst nominal and excess returns than the Bloomberg Aggregate Index. We remain focused on generating income consistent with a prudent level of risk.

 

BARROW HANLEY GLOBAL INVESTORS

 

ANNUAL REPORT | 28

 

 

 

Section 2 | Fund Performance

SEPTEMBER 30, 2022 (UNAUDITED)

 

Aggressive Growth Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average Annual Return  
Timothy Aggressive Growth Fund - Class A (w/Sales Charge) (30.70)% 4.07% 6.75%  
Russell Mid-Cap Growth Index (29.50)% 7.62% 10.85%  
Timothy Aggressive Growth Fund - Class C * (27.88)% 4.48% 6.56%  
Russell Mid-Cap Growth Index (29.50)% 7.62% 10.85%  
Timothy Aggressive Growth Fund - Class I (26.48)% 5.50% 5.73% (a)
Russell Mid-Cap Growth Index (29.50)% 7.62% 9.09% (a)

 

(a) For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN AGGRESSIVE GROWTH FUND VS.
RUSSELL MID-CAP GROWTH INDEX

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Russell Mid-Cap Growth Index on September 30, 2012 and held through September 30, 2022. The Russell Mid-Cap Growth Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 29

 

 

International Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average  Annual Return  
Timothy International Fund - Class A (w/Sales Charge) (32.29)% (1.69)% 2.66%  
MSCI EAFE Index (27.17)% (3.39)% 0.96%  
MSCI AC World Index ex USA Net (USD) (25.17)% (0.81)% 3.01%  
Timothy International Fund - Class C * (29.62)% (1.32)% 2.47%  
MSCI EAFE Index (27.17)% (3.39)% 0.96%  
MSCI AC World Index ex USA Net (USD) (25.17)% (0.81)% 3.01%  
Timothy International Fund - Class I (28.20)% (0.33)% 2.06% (a)
MSCI EAFE Index (27.17)% (3.39)% (0.51)% (a)
MSCI AC World Index ex USA Net (USD) (25.17)% (0.81)% 2.07% (a)

 

(a) For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN INTERNATIONAL FUND VS. MSCI EAFE INDEX VS.
MSCI AC WORLD INDEX EX USA NET (USD)

 

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares, the MSCI EAFE Index and the MSCI AC World Index ex USA Net (USD) on September 30, 2012 and held through September 30, 2022. The MSCI EAFE Index is a widely recognized unmanaged index of equity prices and is representative of equity market performance of developed countries, excluding the U.S. and Canada. The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries. With 2,377 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 30

 

 

Large/Mid Cap Growth Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average Annual Return  
Timothy Large/Mid Cap Growth Fund - Class A (w/Sales Charge) (23.19)% 5.31% 8.37%  
Russell 1000 Growth Total Return Index (22.59)% 12.16% 13.70%  
Timothy Large/Mid Cap Growth Fund - Class C * (20.01)% 5.73% 8.17%  
Russell 1000 Growth Total Return Index (22.59)% 12.16% 13.70%  
Timothy Large/Mid Cap Growth Fund - Class I (18.50)% 6.78% 7.86% (a)
Russell 1000 Growth Total Return Index (22.59)% 12.16% 13.00% (a)

 

(a) For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND VS.
RUSSELL 1000 GROWTH TOTAL RETURN INDEX

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Russell 1000 Growth Total Return Index on September 30, 2012 and held through September 30, 2022. The Russell 1000 Growth Total Return Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 31

 

 

Small Cap Value Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average Annual Return  
Timothy Small Cap Value Fund - Class A (w/Sales Charge) (22.35)% 1.25% 8.00%  
Russell 2000 Index (23.50)% 3.55% 8.55%  
Timothy Small Cap Value Fund - Class C * (19.15)% 1.62% 7.81%  
Russell 2000 Index (23.50)% 3.55% 8.55%  
Timothy Small Cap Value Fund - Class I (17.65)% 2.65% 6.28% (a)
Russell 2000 Index (23.50)% 3.55% 6.46% (a)

 

(a) For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN SMALL CAP VALUE FUND VS.
RUSSELL 2000 INDEX

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Russell 2000 Index on September 30, 2012 and held through September 30, 2022. The Russell 2000 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 32

 

 

Large/Mid Cap Value Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average Annual Return  
Timothy Large/Mid Cap Value Fund - Class A (w/Sales Charge) (14.65)% 6.05% 8.89%  
S&P 500 Index (15.47)% 9.24% 11.70%  
Timothy Large/Mid Cap Value Fund - Class C * (11.19)% 6.46% 8.69%  
S&P 500 Index (15.47)% 9.24% 11.70%  
Timothy Large/Mid Cap Value Fund - Class I (9.48)% 7.52% 8.17% (a)
S&P 500 Index (15.47)% 9.24% 10.55% (a)

 

(a) For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN LARGE/MID CAP VALUE FUND VS.
S&P 500 INDEX

 

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the S&P 500 Index on September 30, 2012 and held through September 30, 2022. The S&P 500 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 33

 

 

Fixed Income Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average Annual Return  
Timothy Fixed Income Fund - Class A (w/Sales Charge) (17.47)% (2.18)% (0.75)%  
Bloomberg U.S. Aggregate Bond Index (14.60)% (0.27)% 0.89%  
Timothy Fixed Income Fund - Class C * (15.09)% (2.03)% (1.04)%  
Bloomberg U.S. Aggregate Bond Index (14.60)% (0.27)% 0.89%  
Timothy Fixed Income Fund - Class I (13.41)% (1.05)% 0.35% (a)
Bloomberg U.S. Aggregate Bond Index (14.60)% (0.27)% 1.27% (a)

 

(a) For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN FIXED INCOME FUND VS.
BLOOMBERG U.S. AGGREGATE BOND INDEX

 

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Bloomberg U.S. Aggregate Bond Index on September 30, 2012 and held through September 30, 2022. The Bloomberg U.S. Aggregate Bond Index is a widely recognized, unmanaged index of bond prices. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 34

 

 

High Yield Bond Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average Annual Return  
Timothy High Yield Bond Fund - Class A (w/Sales Charge) (19.28)% 0.13% 2.17%  
Bloomberg U.S. High Yield Ba/B 3% Index (13.83)% 1.82% 3.91%  
Timothy High Yield Bond Fund - Class C * (16.95)% 0.30% 1.87%  
Bloomberg U.S. High Yield Ba/B 3% Index (13.83)% 1.82% 3.91%  
Timothy High Yield Bond Fund - Class I (15.24)% 1.29% 2.69% (a)
Bloomberg U.S. High Yield Ba/B 3% Index (13.83)% 1.82% 3.63% (a)

 

(a) For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN HIGH YIELD BOND FUND VS.
BLOOMBERG U.S. HIGH YIELD BA/B 3% INDEX

 

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and Bloomberg U.S. High Yield Ba/B 3% Index on September 30, 2012 and held through September 30, 2022. The Bloomberg U.S. High Yield Ba/B 3% Index is an issuer-constrained version of the flagship U.S. Corporate High Yield Index, which measures the USD-denominated, high yield, fixed-rate corporate bond market. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 35

 

 

Israel Common Values Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average Annual Return  
Timothy Israel Common Values Fund - Class A (w/Sales Charge) (17.33)% 7.13% 8.26%  
TA - 125 Index (8.02)% 7.68% 6.98%  
Timothy Israel Common Values Fund - Class C * (14.05)% 7.53% 8.05%  
TA - 125 Index (8.02)% 7.68% 6.98%  
Timothy Israel Common Values Fund - Class I (12.30)% 8.62% 7.81% (a)
TA - 125 Index (8.02)% 7.68% 6.08% (a)

 

(a) For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND VS.

TA - 125 INDEX

 

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the TA - 125 Index on September 30, 2012 and held through September 30, 2022. The TA - 125 Index is an unmanaged index of equity prices representing the 125 most highly capitalized companies listed on the Tel Aviv Stock Exchange . Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 36

 

 

Defensive Strategies Fund

 

FUND / INDEX 1 Year Total Return 5 Year Total Return 10 Year Average Annual Return  
Timothy Defensive Strategies Fund - Class A (w/Sales Charge) (12.06)% 2.01% 0.61%  
Timothy Defensive Strategies Fund Blended Index * (3.16)% 4.03% 2.03%  
Timothy Defensive Strategies Fund - Class C ** (8.62)% 2.39% 0.42%  
Timothy Defensive Strategies Fund Blended Index * (3.16)% 4.03% 2.03%  
Timothy Defensive Strategies Fund - Class I (6.80)% 3.40% 2.49% (a)
Timothy Defensive Strategies Fund Blended Index * (3.16)% 4.03% 2.44% (a)

 

(a) For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* The Timothy Defensive Strategies Fund Blended Index reflects an unmanaged portfolio of 33% of the BB U.S. Treasury: 1-3 years Index, 33% of the BB Commodity Index Total Return and 34% of the MSCI U.S. REIT Gross (USD) Index.
** With Maximum Deferred Sales Charge

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND VS. THE TIMOTHY DEFENSIVE

STRATEGIES FUND BLENDED INDEX

 

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Timothy Defensive Strategies Fund Blended Index on September 30, 2012 and held through September 30, 2022. The Timothy Defensive Strategies Fund Blended Index reflects an unmanaged portfolio of 33% of the Bloomberg Barclays U.S. Treasury: 1-3 years Index, 33% of the Bloomberg Commodity Index Total Return and 34% of the MSCI U.S. REIT Gross (USD) Index. Performance figures include the change in value of the asset classes in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 37

 

 

Strategic Growth Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average Annual Return
Timothy Strategic Growth Fund - Class A (w/Sales Charge) (20.48)% (0.26)% 2.56%
Dow Jones Moderately Aggressive Portfolio Index (18.88)% 3.95% 6.79%
Timothy Strategic Growth Fund - Class C * (17.21)% 0.12% 2.37%
Dow Jones Moderately Aggressive Portfolio Index (18.88)% 3.95% 6.79%

 

* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN STRATEGIC GROWTH FUND VS. DOW JONES MODERATELY

AGGRESSIVE PORTFOLIO INDEX

 

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Dow Jones Moderately Aggressive Portfolio Index on September 30, 2012 and held through September 30, 2022. The Dow Jones Moderately Aggressive Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 38

 

 

Conservative Growth Fund

 

FUND / INDEX 1 Year Total Return 5 Year Average Annual Return 10 Year Average Annual Return
Timothy Conservative Growth Fund - Class A (w/Sales Charge) (19.19)% (0.70)% 1.54%
Dow Jones Moderate Portfolio Index (18.11)% 2.70% 5.12%
Timothy Conservative Growth Fund - Class C * (15.92)% (0.33)% 1.35%
Dow Jones Moderate Portfolio Index (18.11)% 2.70% 5.12%

 

* With Maximum Deferred Sales Charge

 

TIMOTHY PLAN CONSERVATIVE GROWTH FUND VS.
DOW JONES MODERATE PORTFOLIO INDEX

 

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Dow Jones Moderate Portfolio Index on September 30, 2012 and held through September 30, 2022. The Dow Jones Moderate Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 39

 

 

Growth & Income Fund

 

FUND / INDEX 1 Year Total Return 5 Year Total Return Average Annual Return Since Inception  
Timothy Growth & Income Fund - Class A (w/Sales Charge) (13.01)% (0.60)% 1.05% (a)
Timothy Growth & Income Fund Blended Index * (12.45)% 3.42% 5.34% (a)
Timothy Growth & Income Fund - Class C ** (9.53)% (0.21)% 0.94% (a)
Timothy Growth & Income Fund Blended Index * (12.45)% 3.42% 5.34% (a)
Timothy Growth & Income Fund - Class I (7.67)% 0.79% 1.93% (a)
Timothy Growth & Income Fund Blended Index * (12.45)% 3.42% 5.34% (a)

 

(a) For the period October 1, 2013 (commencement of investment in accordance with objective) to September 30, 2022.
* The Timothy Growth & Income Fund Blended Index reflects an unmanaged portfolio of 40% of the BB Barclays U.S. Aggregate Bond Index and 60% of the Russell 1000 Value Index.
** With Maximum Deferred Sales Charge

 

TIMOTHY GROWTH & INCOME FUND VS.
TIMOTHY GROWTH & INCOME FUND BLENDED INDEX

 

 

 

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Timothy Growth & Income Fund Blended Index on October 1, 2013 and held through September 30, 2022. The Timothy Growth & Income Fund Blended Index reflects an unmanaged portfolio of 40% of the Barclays U.S. Aggregate Bond Index and 60% of the Russell 1000 Value Index. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

 

FUND PERFORMANCE (UNAUDITED)

 

ANNUAL REPORT | 40

 

 

Section 3 | Schedule of Investments

SEPTEMBER 30, 2022

 

Aggressive Growth Fund

  

SHARES      FAIR VALUE 
    COMMON STOCKS — 91.0%    
     AEROSPACE & DEFENSE - 1.0%     
 639   TransDigm Group, Inc.  $335,360 
           
     APPAREL & TEXTILE PRODUCTS - 7.7%     
 26,304   Capri Holdings Ltd.(a)   1,011,126 
 2,579   Deckers Outdoor Corporation(a)   806,221 
 29,749   Tapestry, Inc.   845,764 
         2,663,111 
     BIOTECH & PHARMA - 3.4%     
 1,455   Argenx S.E. - ADR(a)   513,688 
 2,137   Seagen, Inc.(a)   292,406 
 1,678   United Therapeutics Corporation(a)   351,339 
         1,157,433 
     CHEMICALS - 5.4%     
 7,030   Albemarle Corporation   1,859,013 
           
     CONSTRUCTION MATERIALS - 1.8%     
 1,947   Martin Marietta Materials, Inc.   627,109 
           
     ELECTRICAL EQUIPMENT - 1.5%     
 3,671   Trane Technologies PLC   531,598 
           
     ENGINEERING & CONSTRUCTION - 2.4%     
 6,411   Quanta Services, Inc.   816,697 
           
     FOOD - 1.9%     
 10,181   Darling Ingredients, Inc.(a)   673,473 
           
     HEALTH CARE FACILITIES & SERVICES - 1.3%     
 6,460   Catalent, Inc.(a)   467,446 
           
     INDUSTRIAL SUPPORT SERVICES - 4.3%     
 5,503   United Rentals, Inc.(a)   1,486,470 
           
     LEISURE FACILITIES & SERVICES - 2.1%     
 40,303   Bloomin' Brands, Inc.   738,754 
           
     MACHINERY - 6.1%     
 6,510   Lincoln Electric Holdings, Inc.   818,437 
 9,435   Oshkosh Corporation   663,186 
 2,663   Parker-Hannifin Corporation   645,272 
         2,126,895 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements. 

 

ANNUAL REPORT | 41

 

 

Aggressive Growth Fund

 

SHARES      FAIR VALUE 
    MEDICAL EQUIPMENT & DEVICES - 7.7%    
 46,042   Avantor, Inc.(a)  $902,423 
 4,244   DexCom, Inc.(a)   341,812 
 5,065   Insulet Corporation(a)   1,161,910 
 1,375   Teleflex, Inc.   277,008 
         2,683,153 
     OIL & GAS PRODUCERS - 9.2%     
 7,072   Cheniere Energy, Inc.   1,173,316 
 7,452   Continental Resources, Inc.   497,868 
 4,290   Diamondback Energy, Inc.   516,773 
 13,055   EQT Corporation   531,991 
 10,653   New Fortress Energy, Inc.   465,643 
         3,185,591 
     RENEWABLE ENERGY - 3.1%     
 8,253   First Solar, Inc.(a)   1,091,624 
           
     RETAIL - CONSUMER STAPLES - 1.7%     
 4,338   Dollar Tree, Inc.(a)   590,402 
           
     SEMICONDUCTORS - 10.5%     
 1,932   KLA Corporation   584,681 
 28,579   Marvell Technology, Inc.   1,226,325 
 4,239   Monolithic Power Systems, Inc.   1,540,452 
 3,217   Skyworks Solutions, Inc.   274,314 
         3,625,772 
     SOFTWARE - 14.7%     
 7,315   Cadence Design Systems, Inc.(a)   1,195,490 
 26,735   Fortinet, Inc.(a)   1,313,491 
 498   HubSpot, Inc.(a)   134,520 
 8,700   Palo Alto Networks, Inc.(a)   1,424,973 
 17,373   Rapid7, Inc.(a)   745,302 
 11,082   Varonis Systems, Inc.(a)   293,895 
         5,107,671 
     TECHNOLOGY HARDWARE - 3.2%     
 4,649   Arista Networks, Inc.(a)   524,826 
 10,886   Seagate Technology Holdings plc   579,461 
         1,104,287 
     TECHNOLOGY SERVICES - 2.0%     
 1,678   MSCI, Inc.   707,764 
           
     TOTAL COMMON STOCKS (Cost $31,703,684)   31,579,623 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 42

 

 

Aggressive Growth Fund

 

SHARES      FAIR VALUE 
    SHORT-TERM INVESTMENT — 9.1%    
    MONEY MARKET FUND - 9.1%    
 3,155,617   Fidelity Government Portfolio, Class I, 2.73% (b) (Cost $3,155,617)  $3,155,617 
           
     TOTAL INVESTMENTS - 100.1% (Cost $34,859,301)  $34,735,240 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (17,241)
     NET ASSETS - 100.0%  $34,717,999 

 

ADR   American Depositary Receipt
LTD   Limited Company
MSCI   Morgan Stanley Capital International
PLC   Public Limited Company

 

(a)   Non-income producing security.
(b)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 43

 

 

International Fund

  

SHARES      FAIR VALUE 
    COMMON STOCKS — 95.0%    
    AEROSPACE & DEFENSE - 1.5%    
 78,000   Safran S.A. - ADR  $1,769,040 
           
     AUTOMOTIVE - 2.7%     
 65,800   Magna International, Inc.   3,120,236 
           
     BANKING - 11.0%     
 42,739   DBS Group Holdings Ltd. - ADR   3,958,271 
 83,000   DNB Bank ASA - ADR   1,303,515 
 35,200   HDFC Bank Ltd. - ADR   2,056,384 
 120,100   ICICI Bank Ltd. - ADR   2,518,497 
 272,000   Itau Unibanco Holding S.A. - ADR   1,406,240 
 73,600   KBC Group N.V. - ADR   1,725,184 
         12,968,091 
     CHEMICALS - 2.7%     
 75,920   Air Liquide S.A. - ADR   1,724,902 
 18,100   Arkema S.A. - ADR   1,337,409 
         3,062,311 
     CONSTRUCTION MATERIALS - 2.1%     
 51,800   CRH plc - ADR   1,669,514 
 27,500   Xinyi Glass Holdings Ltd. - ADR   795,575 
         2,465,089 
     ELECTRIC UTILITIES - 2.9%     
 407,000   Enel SpA - ADR   1,652,420 
 45,200   Iberdrola S.A. - ADR   1,681,892 
         3,334,312 
     ELECTRICAL EQUIPMENT - 2.5%     
 129,600   Schneider Electric S.E. - ADR   2,916,000 
           
     ENGINEERING & CONSTRUCTION - 3.9%     
 79,000   Cellnex Telecom S.A. - ADR   1,215,810 
 168,000   Vinci S.A. - ADR   3,375,960 
         4,591,770 
     FOOD - 2.8%     
 26,700   Kerry Group plc - ADR   2,384,310 
           
     FOOD - 2.8% (Continued)     
 57,000   Mowi ASA - ADR   725,040 
         3,109,350 
     HEALTH CARE FACILITIES & SERVICES - 2.3%     
 14,800   ICON plc(a)   2,719,944 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 44

 

 

International Fund

 

SHARES      FAIR VALUE 
    HOUSEHOLD PRODUCTS - 1.4%    
 85,000   Beiersdorf A.G. - ADR  $1,666,850 
           
     INDUSTRIAL SUPPORT SERVICES - 1.5%     
 10,000   Ashtead Group plc - ADR   1,798,100 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.6%     
 185,500   Deutsche Boerse A.G. - ADR   3,029,215 
           
     INSURANCE - 6.8%     
 48,100   Ageas S.A./NV - ADR   1,751,802 
 64,500   AIA Group Ltd. - ADR   2,133,660 
 66,400   Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR   1,600,240 
 113,600   Sampo OYJ - ADR   2,411,728 
         7,897,430 
     INTERNET MEDIA & SERVICES - 1.3%     
 143,000   Prosus N.V. - ADR   1,491,490 
 43,600   Yandex N.V., Class A(a)(b)(c)   43,600 
         1,535,090 
     LEISURE PRODUCTS - 1.0%     
 77,000   Shimano, Inc. - ADR   1,207,360 
           
     MACHINERY - 5.6%     
 234,000   Atlas Copco A.B. - ADR   1,949,220 
 79,000   FANUC Corporation - ADR   1,106,000 
 71,850   Techtronic Industries Company Ltd. - ADR   3,436,586 
         6,491,806 
     MEDICAL EQUIPMENT & DEVICES - 7.8%     
 47,100   Alcon, Inc.   2,740,278 
           
     MEDICAL EQUIPMENT & DEVICES - 7.8%      
 31,500   Hoya Corporation - ADR   3,032,568 
 41,000   Olympus Corporation - ADR   811,800 
 59,900   Smith & Nephew plc - ADR   1,390,878 
 40,000   Sysmex Corporation - ADR   1,069,600 
         9,045,124 
     METALS & MINING - 1.4%     
 29,900   Rio Tinto plc - ADR   1,646,294 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 45

 

 

International Fund

 

SHARES      FAIR VALUE 
     OIL & GAS PRODUCERS - 6.7%     
 146,000   Equinor ASA - ADR  $4,834,060 
 438,000   Galp Energia SGPS S.A. - ADR   2,067,360 
 72,500   Petroleo Brasileiro S.A. - ADR   894,650 
         7,796,070 
     RETAIL - CONSUMER STAPLES - 1.7%     
 100,000   Seven & i Holdings Company Ltd. - ADR   2,024,000 
           
     RETAIL - DISCRETIONARY - 1.4%     
 5,800   ANTA Sports Products Ltd. - ADR   1,535,666 
           
     SEMICONDUCTORS - 5.1%     
 5,850   ASML Holding N.V. - ADR   2,429,798 
 13,000   NXP Semiconductors N.V.   1,917,630 
 23,900   Taiwan Semiconductor Manufacturing Company Ltd. - ADR   1,638,584 
         5,986,012 
     SOFTWARE - 2.9%     
 13,300   Nice Ltd. - ADR(a)   2,503,592 
 34,640   Open Text Corporation   915,882 
         3,419,474 
     SPECIALTY FINANCE - 2.2%     
 36,800   ORIX Corporation - ADR   2,600,656 
           
     TECHNOLOGY HARDWARE - 1.6%     
 40,338   FUJIFILM Holdings Corporation - ADR   1,836,589 
           
     TECHNOLOGY SERVICES - 3.4%     
 52,000   Amadeus IT Group S.A. - ADR(a)   2,410,460 
 89,000   Infosys Ltd. - ADR   1,510,330 
         3,920,790 
     TELECOMMUNICATIONS - 2.2%     
 95,300   Nippon Telegraph & Telephone Corporation - ADR   2,582,630 
           
     TRANSPORTATION & LOGISTICS - 3.5%     
 60,800   Canadian Pacific Railway Ltd.   4,056,577 
           
     WHOLESALE - CONSUMER STAPLES - 0.5%     
 13,000   ITOCHU Corporation - ADR   629,050 
           
     TOTAL COMMON STOCKS (Cost $114,686,710)   110,760,926 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 46

 

 

International Fund

 

SHARES      FAIR VALUE 
    SHORT-TERM INVESTMENT — 4.6%    
     MONEY MARKET FUND - 4.6%     
 5,386,875   Fidelity Government Portfolio, Class I, 2.73% (d) (Cost $5,386,875)  $5,386,875 
           
     TOTAL INVESTMENTS - 99.6% (Cost $120,073,585)  $116,147,801 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%   438,541 
     NET ASSETS - 100.0%  $116,586,342 

 

ADR   American Depositary Receipt
LTD   Limited Company
NV   Naamioze Vennootschap
OYJ   Julkinen osakeyhtiö
PLC   Public Limited Company
S/A   Société Anonyme

 

(a)   Non-income producing security.
(b)   Illiquid security. At September 30, 2022, the illiquid security amounted to 0.04% of net assets.
(c)   The value of this security has been determined in good faith under policies approved by the Board of Trustees. This is a Level 3 security.
(d)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

    DIVERSIFICATION OF ASSETS   
% OF NET ASSETS   COUNTRY  % OF NET ASSETS   COUNTRY
 14.5%  Japan   2.1%  Israel
 9.5%  France   2.1%  Finland
 6.9%  Canada   2.0%  Brazil
 5.9%  Norway   1.8%  Portugal
 5.8%  Ireland   1.7%  Sweden
 5.5%  Hong Kong   1.4%  Italy
 5.4%  Germany   1.4%  Taiwan Province Of China
 5.2%  India   1.3%  China
 5.0%  Netherlands   0.0%*  Russia
 4.6%  Spain   95.0%  Total
 4.1%  United Kingdom   4.6%  Money Market Funds
 3.4%  Singapore   0.4%  Other Assets Less Liabilities - Net
 3.0%  Belgium   100.0%  Grand Total
 2.4%  Switzerland        

 

* Less than 0.05%

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 47

 

 

Large/Mid Cap Growth Fund

 

SHARES      FAIR VALUE 
    COMMON STOCKS — 74.3%    
    AEROSPACE & DEFENSE - 1.2%    
 2,605   TransDigm Group, Inc.  $1,367,156 
           
     BANKING - 1.6%     
 3,231   SVB Financial Group(a)   1,084,905 
 11,617   Western Alliance Bancorp   763,702 
         1,848,607 
     BIOTECH & PHARMA - 4.6%     
 38,462   Horizon Therapeutics plc(a)   2,380,413 
 3,490   Vertex Pharmaceuticals, Inc.(a)   1,010,495 
 12,696   Zoetis, Inc.   1,882,690 
         5,273,598 
     CABLE & SATELLITE - 1.0%     
 1,361   Cable One, Inc.   1,161,001 
           
     CHEMICALS - 3.2%     
 18,038   FMC Corporation   1,906,616 
 6,420   Linde plc   1,730,768 
         3,637,384 
     CONSTRUCTION MATERIALS - 0.9%     
 13,688   Owens Corning   1,076,014 
           
     DIVERSIFIED INDUSTRIALS - 1.0%     
 6,747   Honeywell International, Inc.   1,126,547 
           
     ELECTRIC UTILITIES - 1.6%     
 23,016   NextEra Energy, Inc.   1,804,685 
           
     ELECTRICAL EQUIPMENT - 4.7%     
 34,912   Amphenol Corporation, Class A   2,337,707 
 29,945   Fortive Corporation   1,745,793 
 8,802   Trane Technologies PLC   1,274,618 
         5,358,118 
     HEALTH CARE FACILITIES & SERVICES - 1.3%     
 7,978   IQVIA Holdings, Inc.(a)   1,445,135 
           
     INSTITUTIONAL FINANCIAL SERVICES - 1.5%     
 18,387   Intercontinental Exchange, Inc.   1,661,265 
           
     INSURANCE - 4.1%     
 16,987   Arthur J Gallagher & Company   2,908,514 
 61,346   Equitable Holdings, Inc.   1,616,467 
         4,524,981 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 48

 

 

Large/Mid Cap Growth Fund

 

SHARES      FAIR VALUE 
    LEISURE FACILITIES & SERVICES - 1.7%    
 1,250   Chipotle Mexican Grill, Inc.(a)  $1,878,450 
           
     MACHINERY - 1.8%     
 5,959   Caterpillar, Inc.   977,753 
 15,489   Oshkosh Corporation   1,088,722 
         2,066,475 
     MEDICAL EQUIPMENT & DEVICES - 5.5%     
 7,429   Danaher Corporation   1,918,836 
 17,746   Edwards Lifesciences Corporation(a)   1,466,352 
 6,398   Insulet Corporation(a)   1,467,701 
 7,646   Intuitive Surgical, Inc.(a)   1,433,166 
         6,286,055 
     OIL & GAS PRODUCERS - 2.7%     
 29,684   ConocoPhillips   3,037,861 
           
     RETAIL - CONSUMER STAPLES - 4.7%     
 5,540   Costco Wholesale Corporation   2,616,376 
 10,909   Dollar General Corporation   2,616,633 
         5,233,009 
     RETAIL - DISCRETIONARY - 5.7%     
 9,803   Lowe's Companies, Inc.   1,841,101 
 5,242   Lululemon Athletica, Inc.(a)   1,465,454 
 4,511   O'Reilly Automotive, Inc.(a)   3,172,812 
         6,479,367 
     SEMICONDUCTORS - 10.0%     
 35,921   Advanced Micro Devices, Inc.(a)   2,275,954 
 7,890   Analog Devices, Inc.   1,099,393 
 4,463   Broadcom, Inc.   1,981,616 
 3,873   Lam Research Corporation   1,417,518 
 11,878   NVIDIA Corporation   1,441,870 
 11,107   NXP Semiconductors N.V.   1,638,394 
 24,764   ON Semiconductor Corporation(a)   1,543,540 
         11,398,285 
     SOFTWARE - 7.0%     
 16,197   Palo Alto Networks, Inc.(a)   2,652,906 
 27,805   Rapid7, Inc.(a)   1,192,835 
 4,642   ServiceNow, Inc.(a)   1,752,866 
 7,820   Synopsys, Inc.(a)   2,389,088 
         7,987,695 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 49

 

 

Large/Mid Cap Growth Fund

 

SHARES      FAIR VALUE 
    TECHNOLOGY HARDWARE - 3.7%    
 10,952   Arista Networks, Inc.(a)  $1,236,371 
 30,306   Seagate Technology Holdings plc   1,613,188 
 36,596   Western Digital Corporation(a)   1,191,200 
         4,040,759 
     TECHNOLOGY SERVICES - 1.6%     
 11,519   CDW Corporation/DE   1,797,886 
           
     TRANSPORTATION & LOGISTICS - 1.4%     
 23,317   Canadian Pacific Railway Ltd.   1,555,711 
           
     TRANSPORTATION EQUIPMENT - 1.8%     
 24,371   PACCAR, Inc.   2,039,609 
           
     TOTAL COMMON STOCKS (Cost $75,680,580)   84,085,653 
           
     EXCHANGE-TRADED FUNDS — 20.4%     
     EQUITY - 20.4%     
 647,000   Timothy Plan US Large/Mid Cap Core Enhanced ETF(b)   15,086,746 
 265,000   Timothy Plan US Large/Mid Cap Core ETF(b)   7,989,750 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $23,553,050)   23,076,496 
           
     SHORT-TERM INVESTMENT — 6.0%     
     MONEY MARKET FUND - 6.0%     
 6,787,989   Fidelity Government Portfolio, Class I, 2.73% (c) (Cost $6,787,989)   6,787,989 
           
     TOTAL INVESTMENTS - 100.7% (Cost $106,021,619)  $113,950,138 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%   (780,233)
     NET ASSETS - 100.0%  $113,169,905 

 

ETF   Exchange-Traded Fund
LTD   Limited Company
NV   Naamloze Vennootschap
PLC   Public Limited Company

 

(a)   Non-income producing security.
(b)   Investment in affiliate.
(c)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 50

 

 

Small Cap Value Fund

 

SHARES      FAIR VALUE 
    COMMON STOCKS — 87.2%    
     AEROSPACE & DEFENSE - 1.7%     
 34,515   Moog, Inc., Class A  $2,428,130 
           
     AUTOMOTIVE - 1.0%     
 36,330   Methode Electronics, Inc.   1,349,660 
           
     BANKING - 14.9%     
 80,795   Atlantic Union Bankshares Corporation   2,454,552 
 25,003   City Holding Company   2,217,516 
 92,438   Columbia Banking System, Inc.   2,670,534 
 62,071   Provident Financial Services, Inc.   1,210,385 
 86,062   Renasant Corporation   2,692,019 
 69,626   Sandy Spring Bancorp, Inc.   2,455,013 
 81,214   Seacoast Banking Corp of Florida   2,455,099 
 43,692   Triumph Bancorp, Inc.(a)   2,374,660 
 92,610   Veritex Holdings, Inc.   2,462,500 
         20,992,278 
     CHEMICALS - 4.2%     
 31,556   Avient Corporation   956,147 
 157,857   Ecovyst, Inc.(a)   1,332,313 
 13,026   Innospec, Inc.   1,115,937 
 26,894   Stepan Company   2,519,162 
         5,923,559 
     ELECTRIC UTILITIES - 3.5%     
 66,273   Avista Corporation   2,455,415 
 49,125   NorthWestern Corporation   2,420,880 
         4,876,295 
     ENGINEERING & CONSTRUCTION - 2.0%     
 28,308   Comfort Systems USA, Inc.   2,755,218 
           
     FOOD - 3.8%     
 116,554   Hostess Brands, Inc.(a)   2,708,715 
 19,619   J & J Snack Foods Corporation   2,540,072 
         5,248,787 
     FORESTRY, PAPER & WOOD PRODUCTS - 1.0%     
 20,007   UFP Industries, Inc.   1,443,705 
           
     HEALTH CARE FACILITIES & SERVICES - 1.7%     
 101,169   Patterson Companies, Inc.   2,430,079 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 51

 

 

Small Cap Value Fund

 

SHARES      FAIR VALUE 
    HOME CONSTRUCTION - 3.7%    
 60,409   Century Communities, Inc.  $2,584,297 
 36,930   Masonite International Corporation(a)   2,632,739 
         5,217,036 
     HOUSEHOLD PRODUCTS - 1.8%     
 74,388   Central Garden & Pet Company, Class A(a)   2,541,094 
           
     INDUSTRIAL INTERMEDIATE PROD - 0.9%     
 32,788   AZZ, Inc.   1,197,090 
           
     INSTITUTIONAL FINANCIAL SERVICES - 3.5%     
 68,387   Moelis & Company, Class A   2,312,164 
 24,912   Piper Sandler Cos   2,609,283 
         4,921,447 
     INSURANCE - 0.9%     
 28,380   AMERISAFE, Inc.   1,326,197 
           
     LEISURE FACILITIES & SERVICES - 2.8%     
 65,998   Chuy's Holdings, Inc.(a)   1,529,834 
 34,420   Papa John's International, Inc.   2,409,744 
         3,939,578 
     MACHINERY - 7.6%     
 11,227   Alamo Group, Inc.   1,372,725 
 21,914   Albany International Corporation, Class A   1,727,481 
 75,204   Altra Industrial Motion Corporation   2,528,358 
 35,000   Astec Industries, Inc.   1,091,650 
 47,247   Columbus McKinnon Corporation   1,235,982 
 70,792   Federal Signal Corporation   2,641,956 
         10,598,152 
     MEDICAL EQUIPMENT & DEVICES - 4.8%     
 57,122   Avanos Medical, Inc.(a)   1,244,117 
 32,670   CONMED Corporation   2,619,154 
 49,087   Merit Medical Systems, Inc.(a)   2,773,907 
         6,637,178 
     METALS & MINING - 1.9%     
 11,881   Encore Wire Corporation   1,372,731 
 41,693   Livent Corporation(a)   1,277,890 
         2,650,621 
     OFFICE REIT - 1.7%     
 103,081   Corporate Office Properties Trust   2,394,572 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 52

 

 

Small Cap Value Fund

 

SHARES      FAIR VALUE 
    OIL & GAS PRODUCERS - 5.8%    
 105,114   Brigham Minerals, Inc., Class A  $2,593,162 
 19,829   Chord Energy Corporation   2,712,012 
 102,874   Northern Oil and Gas, Inc.   2,819,777 
         8,124,951 
     REAL ESTATE INVESTMENT TRUSTS - 6.4%     
 57,012   Community Healthcare Trust, Inc.   1,867,143 
 140,826   Plymouth Industrial REIT, Inc.   2,367,285 
 30,068   PotlatchDeltic Corporation   1,233,991 
 163,351   Summit Hotel Properties, Inc.   1,097,719 
 179,696   Urban Edge Properties   2,397,145 
         8,963,283 
     REAL ESTATE OWNERS & DEVELOPERS - 1.5%     
 221,606   Radius Global Infrastructure, Inc., Class A(a)   2,087,529 
           
     RETAIL - DISCRETIONARY - 2.5%     
 26,119   Academy Sports & Outdoors, Inc.   1,101,699 
 56,859   Monro, Inc.   2,471,093 
         3,572,792 
     RETAIL REIT - 1.7%     
 100,212   Four Corners Property Trust, Inc.   2,424,127 
           
     SEMICONDUCTORS - 2.0%     
 109,353   Rambus, Inc.(a)   2,779,753 
           
     TECHNOLOGY HARDWARE - 2.7%     
 73,229   ADTRAN Holdings, Inc.   1,433,824 
 184,828   Viavi Solutions, Inc.(a)   2,412,005 
         3,845,829 
     TECHNOLOGY SERVICES - 1.2%     
 241,127   Repay Holdings Corporation(a)   1,702,357 
           
     TOTAL COMMON STOCKS (Cost $139,485,655)   122,371,297 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 53

 

 

Small Cap Value Fund

  

SHARES      FAIR VALUE 
    EXCHANGE-TRADED FUND — 11.5%    
     EQUITY - 11.5%     
 580,000   Timothy Plan US Small Cap Core ETF (b) (Cost $14,834,080)  $16,068,204 
           
     SHORT-TERM INVESTMENT — 1.6%     
     MONEY MARKET FUND - 1.6%     
 2,189,084   Fidelity Government Portfolio, Class I, 2.73% (c) (Cost $2,189,084)   2,189,084 
           
     TOTAL INVESTMENTS - 100.3% (Cost $156,508,819)  $140,628,585 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%   (425,000)
     NET ASSETS - 100.0%  $140,203,585 

 

ETF   Exchange-Traded Fund
REIT   Real Estate Investment Trust

 

(a)   Non-income producing security.
(b)   Investment in affiliate.
(c)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 54

 

 

Large/Mid Cap Value Fund

 

SHARES      FAIR VALUE 
    COMMON STOCKS — 73.1%    
    AEROSPACE & DEFENSE - 1.8%    
 20,381   General Dynamics Corporation  $4,324,237 
           
     BANKING - 3.6%     
 50,836   BOK Financial Corporation   4,517,287 
 62,373   Western Alliance Bancorp   4,100,401 
         8,617,688 
     CABLE & SATELLITE - 0.8%     
 2,382   Cable One, Inc.   2,031,965 
           
     CHEMICALS - 3.4%     
 152,481   Huntsman Corporation   3,741,884 
 22,223   Sherwin-Williams Company (The)   4,550,159 
         8,292,043 
     DIVERSIFIED INDUSTRIALS - 3.9%     
 35,704   Eaton Corp plc   4,761,486 
 28,187   Honeywell International, Inc.   4,706,383 
         9,467,869 
     ELECTRIC UTILITIES - 3.8%     
 80,613   CMS Energy Corporation   4,694,901 
 48,720   WEC Energy Group, Inc.   4,357,030 
         9,051,931 
     FOOD - 4.1%     
 38,411   J M Smucker Company (The)   5,278,055 
 65,484   McCormick & Company, Inc.   4,667,045 
         9,945,100 
     INSTITUTIONAL FINANCIAL SERVICES - 1.8%     
 48,072   Intercontinental Exchange, Inc.   4,343,305 
           
     INSURANCE - 2.1%     
 30,074   Arthur J Gallagher & Company   5,149,270 
           
     LEISURE FACILITIES & SERVICES - 1.8%     
 14,315   Domino's Pizza, Inc.   4,440,513 
           
     MEDICAL EQUIPMENT & DEVICES - 6.3%     
 18,340   Danaher Corporation   4,737,038 
 34,148   PerkinElmer, Inc.   4,109,029 
 21,538   STERIS plc   3,581,339 
 26,921   Zimmer Biomet Holdings, Inc.   2,814,591 
         15,241,997 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 55

 

 

Large/Mid Cap Value Fund

 

SHARES      FAIR VALUE 
    OIL & GAS PRODUCERS - 5.4%    
 44,945   ConocoPhillips  $4,599,672 
 38,044   EOG Resources, Inc.   4,250,656 
 38,145   Valero Energy Corporation   4,075,793 
         12,926,121 
     REAL ESTATE INVESTMENT TRUSTS - 3.7%     
 32,109   Crown Castle, Inc.   4,641,356 
 43,218   Prologis, Inc.   4,390,949 
         9,032,305 
     RETAIL - CONSUMER STAPLES - 4.1%     
 10,630   Costco Wholesale Corporation   5,020,230 
 20,072   Dollar General Corporation   4,814,470 
         9,834,700 
     RETAIL - DISCRETIONARY - 4.3%     
 8,006   O'Reilly Automotive, Inc.(a)   5,631,020 
 25,417   Tractor Supply Company   4,724,512 
         10,355,532 
     SEMICONDUCTORS - 12.2%     
 10,533   ASML Holding N.V. - ADR   4,374,882 
 9,051   Broadcom, Inc.   4,018,735 
 93,501   Lattice Semiconductor Corporation(a)   4,601,183 
 75,189   Microchip Technology, Inc.   4,588,785 
 10,949   Monolithic Power Systems, Inc.   3,978,867 
 30,093   NVIDIA Corporation   3,652,989 
 54,002   Teradyne, Inc.   4,058,250 
         29,273,691 
     SOFTWARE - 6.0%     
 35,281   Cadence Design Systems, Inc.(a)   5,765,973 
 16,143   Synopsys, Inc.(a)   4,931,848 
     SOFTWARE - 6.0% (Continued)     
 11,035   Tyler Technologies, Inc.(a)   3,834,663 
         14,532,484 
     TECHNOLOGY SERVICES - 2.1%     
 19,382   CACI International, Inc., Class A(a)   5,059,865 
           
     TRANSPORTATION & LOGISTICS - 1.9%     
 23,482   Union Pacific Corporation   4,574,763 
           
     TOTAL COMMON STOCKS (Cost $157,389,057)   176,495,379 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 56

 

 

Large/Mid Cap Value Fund 

 

SHARES      FAIR VALUE 
    EXCHANGE-TRADED FUNDS — 22.5%    
    EQUITY - 22.5%    
 573,000   Timothy Plan High Dividend Stock Enhanced ETF(b)  $12,836,862 
 442,500   Timothy Plan High Dividend Stock ETF(b)   12,405,001 
 687,000   Timothy Plan US Large/Mid Cap Core Enhanced ETF(b)   16,019,465 
 435,000   Timothy Plan US Large/Mid Cap Core ETF(b)   13,115,250 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $54,728,199)   54,376,578 
           
     SHORT-TERM INVESTMENT — 4.6%     
     MONEY MARKET FUND - 4.6%     
 11,219,806   Fidelity Government Portfolio, Class I, 2.73% (c) (Cost $11,219,806)   11,219,806 
           
     TOTAL INVESTMENTS - 100.2% (Cost $223,337,062)  $242,091,763 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%   (523,533)
     NET ASSETS - 100.0%  $241,568,230 

 

ADR   American Depositary Receipt
ETF   Exchange-Traded Fund
NV   Naamioze Vennootschap
PLC   Public Limited Company

 

(a)   Non-income producing security.
(b)   Investment in affiliate.
(c)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 57

 

 

Fixed Income Fund

 

PRINCIPAL AMOUNT ($)      COUPON
RATE (%)
   MATURITY  FAIR VALUE 
    CORPORATE BONDS — 21.7%           
    CHEMICALS — 2.4%           
 1,212,000   LYB International Finance BV   4.000   07/15/23  $1,205,263 
 1,570,000   Nutrien Ltd.   4.000   12/15/26   1,491,374 
                 2,696,637 
     ELECTRIC UTILITIES — 3.7%             
 2,205,000   American Electric Power Company, Inc.   3.200   11/13/27   2,014,468 
 832,956   John Sevier Combined Cycle Generation, LLC   4.626   01/15/42   790,791 
 855,000   National Rural Utilities Cooperative Finance Corporation   2.950   02/07/24   836,020 
 442,000   WEC Energy Group, Inc.   3.550   06/15/25   422,835 
                 4,064,114 
     GAS & WATER UTILITIES — 1.8%             
 2,185,000   NiSource, Inc.   3.490   05/15/27   2,011,563 
                   
     INSTITUTIONAL FINANCIAL SERVICES — 0.9%             
 1,000,000   Cboe Global Markets, Inc.   3.650   01/12/27   947,205 
                   
     OIL & GAS PRODUCERS — 5.9%             
 1,580,000   Columbia Pipeline Group, Inc.   4.500   06/01/25   1,548,862 
 3,150,000   Energy Transfer Operating, L.P.   5.250   04/15/29   2,965,841 
 2,240,000   Phillips 66 Company(a)   3.605   02/15/25   2,153,143 
                 6,667,846 
     REAL ESTATE INVESTMENT TRUSTS — 3.0%             
 1,520,000   Digital Realty Trust, L.P.   3.700   08/15/27   1,411,246 
 2,200,000   Healthpeak Properties, Inc.   3.500   07/15/29   1,935,275 
                 3,346,521 
     RETAIL - CONSUMER STAPLES — 1.3%             
 1,575,000   Dollar General Corporation   4.125   05/01/28   1,494,437 
                   
     TRANSPORTATION & LOGISTICS — 2.7%             
 1,000,000   Canadian Pacific Railway Company   2.900   02/01/25   951,846 
 2,190,000   CSX Corporation   3.250   06/01/27   2,020,022 
                 2,971,868 
                   
     TOTAL CORPORATE BONDS (Cost $26,611,084)           24,200,191 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 58

 

 

Fixed Income Fund

 

PRINCIPAL AMOUNT ($)      COUPON
RATE (%)
   MATURITY  FAIR VALUE 
    NON U.S. GOVERNMENT & AGENCIES — 1.9%    
    LOCAL AUTHORITY — 1.9%           
 2,235,000   Province of Ontario Canada   2.500   04/27/26   2,085,341 
     TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $2,311,870)             
                   
     U.S. GOVERNMENT & AGENCIES — 29.7%             
     AGENCY FIXED RATE — 29.7%             
 1,405,819   Fannie Mae Pool FM5537   2.000   01/01/36  $1,242,343 
 1,074,490   Fannie Mae Pool MA4316   2.500   04/01/36   981,090 
 1,186,535   Fannie Mae Pool MA4329   2.000   05/01/36   1,048,523 
 1,543,899   Fannie Mae Pool MA4333   2.000   05/01/41   1,296,401 
 745,996   Fannie Mae Pool MA4366   2.500   06/01/41   644,093 
 445,290   Fannie Mae Pool MA4475   2.500   10/01/41   382,759 
 1,274,569   Fannie Mae Pool MA4617   3.000   04/01/42   1,132,428 
 1,068,175   Fannie Mae Pool FM4053   2.500   08/01/50   907,758 
 1,387,219   Fannie Mae Pool CA8897   3.000   02/01/51   1,220,149 
 928,809   Fannie Mae Pool MA4258   3.500   02/01/51   843,160 
 472,403   Fannie Mae Pool FM6550   2.000   03/01/51   386,077 
 879,013   Fannie Mae Pool CB0855   3.000   06/01/51   770,897 
 551,409   Fannie Mae Pool FS1807   3.500   07/01/51   502,339 
 544,613   Fannie Mae Pool FS1704   4.000   05/01/52   510,308 
 64,131   Ginnie Mae I Pool 723248   5.000   10/15/39   64,786 
 271,048   Ginnie Mae I Pool 783060   4.000   08/15/40   256,681 
 150,766   Ginnie Mae I Pool 783403   3.500   09/15/41   140,455 
 115,389   Ginnie Mae II Pool 4520   5.000   08/20/39   117,413 
 151,298   Ginnie Mae II Pool 4947   5.000   02/20/41   151,265 
 274,393   Ginnie Mae II Pool MA3376   3.500   01/20/46   254,433 
 175,356   Ginnie Mae II Pool MA3596   3.000   04/20/46   158,060 
 470,875   Ginnie Mae II Pool MA3663   3.500   05/20/46   435,936 
 169,426   Ginnie Mae II Pool MA3736   3.500   06/20/46   156,778 
 288,018   Ginnie Mae II Pool MA4004   3.500   10/20/46   266,461 
 195,207   Ginnie Mae II Pool MA4509   3.000   06/20/47   175,256 
 233,924   Ginnie Mae II Pool MA4652   3.500   08/20/47   216,039 
 289,008   Ginnie Mae II Pool MA4719   3.500   09/20/47   268,081 
 297,525   Ginnie Mae II Pool MA4778   3.500   10/20/47   274,601 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 59

 

 

Fixed Income Fund

 

PRINCIPAL AMOUNT ($)      COUPON
RATE (%)
   MATURITY  FAIR VALUE 
     U.S. GOVERNMENT & AGENCIES — 29.7% (Continued) 
 234,973   Ginnie Mae II Pool MA4901   4.000   12/20/47   223,247 
 203,883   Ginnie Mae II Pool MA4963   4.000   01/20/48   193,644 
 197,381   Ginnie Mae II Pool MA6092   4.500   08/20/49   190,491 
 217,326   Ginnie Mae II Pool MA6156   4.500   09/20/49   210,406 
 695,377   Ginnie Mae II Pool BN2662   3.000   10/20/49   617,647 
 195,606   Ginnie Mae II Pool MA6221   4.500   10/20/49   188,874 
 196,151   Ginnie Mae II Pool MA6477   4.500   02/20/50   190,471 
 324,778   Ginnie Mae II Pool MA6478   5.000   02/20/50   322,863 
 321,115   Ginnie Mae II Pool MA6544   4.500   03/20/50   312,164 
 227,256   Ginnie Mae II Pool MA6545   5.000   03/20/50   226,397 
 1,230,379   Ginnie Mae II Pool MA6598   2.500   04/20/50  $1,068,278 
 316,310   Ginnie Mae II Pool MA6600   3.500   04/20/50   290,784 
 267,599   Ginnie Mae II Pool MA6601   4.000   04/20/50   252,647 
 244,778   Ginnie Mae II Pool MA6603   5.000   04/20/50   243,224 
 1,089,981   Ginnie Mae II Pool MA7255   2.500   03/20/51   942,977 
 799,170   Ginnie Mae II Pool MA7418   2.500   06/20/51   691,188 
 1,353,115   Ginnie Mae II Pool MA7419   3.000   06/20/51   1,200,238 
 1,203,485   Ginnie Mae II Pool MA7472   2.500   07/20/51   1,040,640 
 1,417,372   Ginnie Mae II Pool CE1974   3.000   08/20/51   1,272,595 
 1,170,373   Ginnie Mae II Pool CE1990   2.500   09/20/51   1,010,285 
 1,402,462   Ginnie Mae II Pool MA7705   2.500   11/20/51   1,212,202 
 1,135,727   Ginnie Mae II Pool MA7768   3.000   12/20/51   1,007,251 
 1,150,403   Ginnie Mae II Pool MA7829   3.500   01/20/52   1,050,714 
 1,137,400   Ginnie Mae II Pool MA7939   4.000   03/20/52   1,065,426 
 1,239,176   Ginnie Mae II Pool MA7987   2.500   04/20/52   1,068,377 
 1,210,094   Ginnie Mae II Pool MA8098   3.000   06/20/52   1,073,047 
 1,155,000   Ginnie Mae II Pool MA8268   4.500   09/20/52   1,107,876 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $37,975,738)           33,078,523 
                   
     SHORT-TERM INVESTMENT — 45.1%             
     MONEY MARKET FUND - 0.8%             
 935,216   Fidelity Government Portfolio, Class I, 2.73% (b) (Cost $935,216)           935,216 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 60

 

 

Fixed Income Fund 

 

AMOUNT ($)               
    U.S. TREASURY NOTES — 44.3%           
 7,920,000   United States Treasury Note   2.250   11/15/24  $7,601,653 
 8,355,000   United States Treasury Note   2.000   08/15/25   7,852,395 
 9,220,000   United States Treasury Note   0.625   07/31/26   8,069,301 
 10,300,000   United States Treasury Note   1.250   09/30/28   8,775,116 
 9,655,000   United States Treasury Note   1.250   08/15/31   7,805,087 
 9,790,000   United States Treasury Note   1.750   08/15/41   6,703,282 
 3,625,000   United States Treasury Note   2.000   08/15/51   2,477,815 
     TOTAL U.S. TREASURY NOTES (Cost $57,286,922)           49,284,649 
                   
     TOTAL SHORT-TERM INVESTMENTS (Cost $58,222,138)           50,219,865 
                   
     TOTAL INVESTMENTS - 98.4% (Cost $125,120,830)          $109,583,920 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%           1,804,047 
     NET ASSETS - 100.0%          $111,387,967 

 

LLC   - Limited Liability Company
LP   - Limited Partnership
LTD   - Limited Company
REIT   - Real Estate Investment Trust

 

(a)   Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of September 30, 2022 the total market value of 144A securities is $2,153,143 or 1.9% of net assets.
(b)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 61

 

 

High Yield Bond Fund

 

SHARES      FAIR VALUE 
    PREFERRED STOCKS 0.0%(a)    
     INDUSTRIAL SUPPORT SERVICES 0.0%(a)     
 219   WESCO International, Inc. - Series A, 10.625% (Cost $5,795)  $5,902 

 

PRINCIPAL AMOUNT ($)       SPREAD  COUPON
RATE (%)
   MATURITY  FAIR VALUE 
    CORPORATE BONDS — 96.4%               
     ASSET MANAGEMENT — 1.5%                 
 100,000   AG TTMT Escrow Issuer, LLC(c)       8.625   09/30/27  $94,116 
 250,000   Icahn Enterprises, L.P. / Icahn Enterprises       4.750   09/15/24   234,133 
 1,000,000   Icahn Enterprises, L.P. / Icahn Enterprises       6.250   05/15/26   930,705 
 1,000,000   Icahn Enterprises, L.P. / Icahn Enterprises       4.375   02/01/29   807,400 
                     2,066,354 
     AUTOMOTIVE — 3.2%                 
 2,000,000   Adient Global Holdings Ltd.(c)       4.875   08/15/26   1,755,260 
 522,000   Clarios Global, L.P. / Clarios US Finance Company(c)       6.250   05/15/26   499,209 
 1,000,000   Clarios Global, L.P. / Clarios US Finance Company(c)       8.500   05/15/27   951,425 
 1,500,000   Goodyear Tire & Rubber Company (The)       5.625   04/30/33   1,187,295 
                     4,393,189 
     BIOTECH & PHARMA — 2.6%                 
 750,000   Bausch Health Companies, Inc. (c)       6.125   02/01/27   521,100 
 250,000   Bausch Health Companies, Inc. (c)       5.000   01/30/28   93,739 
 750,000   Bausch Health Companies, Inc. (c)       4.875   06/01/28   484,785 
 125,000   Bausch Health Companies, Inc. (c)       5.000   02/15/29   48,705 
 1,500,000   Bausch Health Companies, Inc. (c)       5.250   01/30/30   562,572 
 50,000   Bausch Health Companies, Inc. (c)       5.250   02/15/31   19,522 
 2,500,000   Emergent BioSolutions, Inc. (c)       3.875   08/15/28   1,667,113 
 250,000   Jazz Securities DAC(c)       4.375   01/15/29   216,490 
                     3,614,026 
     CHEMICALS — 7.5%                 
 1,250,000   Avient Corporation(c)       7.125   08/01/30   1,156,519 
 2,000,000   Axalta Coating Systems LLC(c)       3.375   02/15/29   1,570,960 
 3,000,000   Chemours Company (The) (c)       4.625   11/15/29   2,236,649 
 1,500,000   Diamond BC BV(c)       4.625   10/01/29   1,054,320 
 1,500,000   Koppers, Inc. (c)       6.000   02/15/25   1,345,223 
 1,000,000   Olin Corporation       5.625   08/01/29   889,545 
 2,000,000   Polar US Borrower, LLC / Schenectady International(c)       6.750   05/15/26   1,103,850 
 1,000,000   WR Grace Holdings, LLC(c)       5.625   08/15/29   752,500 
                     10,109,566 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 62

 

 

High Yield Bond Fund

 

PRINCIPAL AMOUNT ($)      SPREAD  COUPON
RATE (%)
   MATURITY  FAIR VALUE 
    COMMERCIAL SUPPORT SERVICES — 8.3%              
 2,125,000   Allied Universal Holdco, LLC / Allied Universal(c)      4.625   06/01/28  $1,640,638 
 125,000   Atlas LuxCompany 4 S.A.RL / Allied Universal(c)      4.625   06/01/28   94,557 
 2,000,000   Covanta Holding Corporation      5.000   09/01/30   1,571,850 
 1,125,000   Covert Mergeco, Inc. (c)      4.875   12/01/29   911,239 
 2,550,000   GFL Environmental Inc. (c)      4.000   08/01/28   2,140,763 
 50,000   GFL Environmental, Inc. (c)      4.750   06/15/29   42,197 
 250,000   GFL Environmental, Inc. (c)      4.375   08/15/29   208,920 
 2,255,000   Harsco Corporation(c)      5.750   07/31/27   1,413,037 
 500,000   Sotheby's/Bidfair Holdings, Inc. (c)      5.875   06/01/29   413,988 
 3,200,000   Waste Pro USA, Inc. (c)      5.500   02/15/26   2,823,855 
                    11,261,044 
     CONSTRUCTION MATERIALS — 0.3%                
 250,000   Cemex S.A.B. de C.V. (c)      5.200   09/17/30   216,255 
 250,000   Cemex S.A.B. de C.V. (c)      3.875   07/11/31   197,113 
                    413,368 
     CONSUMER SERVICES — 2.0%                
 2,000,000   PROG Holdings, Inc. (c)      6.000   11/15/29   1,602,600 
 1,500,000   Rent-A-Center, Inc. (c)      6.375   02/15/29   1,173,105 
                    2,775,705 
     CONTAINERS & PACKAGING — 6.3%                
 625,000   Ardagh Metal Packaging Finance USA, LLC / Ardagh(c)      6.000   06/15/27   590,033 
 500,000   Ardagh Metal Packaging Finance USA, LLC / Ardagh(c)      4.000   09/01/29   368,370 
 1,750,000   Canpack S.A. / Canpack US, LLC(c)      3.875   11/15/29   1,370,774 
 1,000,000   Graham Packaging Company, Inc. (c)      7.125   08/15/28   805,180 
 750,000   Graphic Packaging International, LLC(c)      3.750   02/01/30   619,779 
 1,250,000   LABL, Inc. (c)      5.875   11/01/28   1,014,718 
 750,000   LABL, Inc. (c)      8.250   11/01/29   546,556 
 2,750,000   Pactiv Evergreen Group Issuer, LLC(c)      4.375   10/15/28   2,279,255 
 1,250,000   TriMas Corporation(c)      4.125   04/15/29   1,057,831 
                    8,652,496 
     ELECTRIC UTILITIES — 0.8%                
 1,000,000   Vistra Corporation(b),(c)  H15T5Y + 5.740%   7.000   06/15/70   875,255 
 250,000   Vistra Operations Company, LLC(c)      4.375   05/01/29   208,690 
                    1,083,945 
     ELECTRICAL EQUIPMENT — 0.6%                
 500,000   BWX Technologies, Inc. (c)      4.125   06/30/28   437,720 
 500,000   BWX Technologies, Inc. (c)      4.125   04/15/29   433,530 
                    871,250 
     ENGINEERING & CONSTRUCTION — 1.3%                
 2,194,000   Dycom Industries, Inc. (c)      4.500   04/15/29   1,853,366 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 63

 

 

High Yield Bond Fund

 

PRINCIPAL AMOUNT ($)      SPREAD  COUPON
RATE (%)
   MATURITY  FAIR VALUE 
    FOOD — 1.5%              
 2,100,000   Darling Ingredients, Inc. (c)     6.000   06/15/30  $2,003,337 
                      
     FORESTRY, PAPER & WOOD PRODUCTS — 1.0%                
 1,750,000   Mercer International, Inc.      5.125   02/01/29   1,407,079 
                      
     GAS & WATER UTILITIES — 0.7%                
 1,000,000   Suburban Propane Partners, L.P./Suburban Energy      5.875   03/01/27   948,796 
                      
     HEALTH CARE FACILITIES & SERVICES — 3.0%                
 1,391,000   Ardent Health Services, Inc. (c)      5.750   07/15/29   1,081,967 
 500,000   Catalent Pharma Solutions, Inc. (c)      3.125   02/15/29   386,163 
 750,000   Legacy LifePoint Health, LLC(c)      4.375   02/15/27   620,733 
 250,000   LifePoint Health, Inc. (c)      5.375   01/15/29   174,785 
 500,000   MEDNAX, Inc. (c)      5.375   02/15/30   415,050 
 100,000   Option Care Health, Inc. (c)      4.375   10/31/29   84,689 
 125,000   Owens & Minor, Inc. (c)      6.625   04/01/30   111,410 
 1,000,000   Tenet Healthcare Corporation(c)      6.125   10/01/28   877,283 
 500,000   Tenet Healthcare Corporation(c)      4.375   01/15/30   418,430 
                    4,170,510 
     HOME & OFFICE PRODUCTS — 0.5%                
 500,000   Scotts Miracle-Gro Company (The)      4.000   04/01/31   353,098 
 500,000   Scotts Miracle-Gro Company (The)      4.375   02/01/32   356,382 
                    709,480 
     HOME CONSTRUCTION — 5.8%                
 500,000   Ashton Woods USA, LLC / Ashton Woods Finance(c)      6.625   01/15/28   419,515 
 500,000   Ashton Woods USA, LLC / Ashton Woods Finance(c)      4.625   08/01/29   364,024 
 500,000   Ashton Woods USA, LLC / Ashton Woods Finance(c)      4.625   04/01/30   359,073 
 3,542,000   Interface, Inc. (c)      5.500   12/01/28   3,015,955 
 1,500,000   PGT Innovations, Inc. (c)      4.375   10/01/29   1,232,719 
 1,500,000   STL Holding Company, LLC(c)      7.500   02/15/26   1,274,999 
 1,000,000   Toll Brothers Finance Corporation      4.350   02/15/28   873,761 
 500,000   Weekley Homes, LLC / Weekley Finance Corporation(c)      4.875   09/15/28   404,921 
                    7,944,967 
     HOUSEHOLD PRODUCTS 0.0%(a)                
 50,000   Energizer Holdings, Inc. (c)      6.500   12/31/27   44,484 
                      
     INDUSTRIAL INTERMEDIATE PROD — 0.1%                
 125,000   Roller Bearing Company of America, Inc. (c)      4.375   10/15/29   104,844 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 64

 

 

High Yield Bond Fund

 

 

PRINCIPAL AMOUNT ($)      SPREAD  COUPON
RATE (%)
   MATURITY  FAIR VALUE 
     INDUSTRIAL SUPPORT SERVICES — 1.4%                
 1,000,000   Ashtead Capital, Inc. (c)     4.375   08/15/27  $919,476 
 1,000,000   Ashtead Capital, Inc. (c)      2.450   08/12/31   736,120 
 250,000   BCPE Empire Holdings, Inc. (c)      7.625   05/01/27   217,088 
                    1,872,684 
     INSTITUTIONAL FINANCIAL SERVICES — 1.1%                
 1,750,000   LPL Holdings, Inc. (c)      4.000   03/15/29   1,504,668 
                      
     LEISURE FACILITIES & SERVICES — 0.3%                
 500,000   Papa John's International, Inc. (c)      3.875   09/15/29   400,283 
                      
     LEISURE PRODUCTS — 0.5%                
 1,000,000   Vista Outdoor, Inc. (c)      4.500   03/15/29   707,940 
                      
     MACHINERY — 0.3%                
 250,000   Madison IAQ, LLC (c)      4.125   06/30/28   201,170 
 250,000   Redwood Star Merger Sub, Inc. (c)      8.750   04/01/30   194,885 
                    396,055 
     MEDICAL EQUIPMENT & DEVICES — 0.6%                
 500,000   Mozart Debt Merger Sub, Inc. (c)      3.875   04/01/29   402,078 
 500,000   Mozart Debt Merger Sub, Inc. (c)      5.250   10/01/29   378,725 
                    780,803 
     METALS & MINING — 1.4%                
 1,000,000   Compass Minerals International, Inc. (c)      6.750   12/01/27   941,040 
 1,250,000   Kaiser Aluminum Corporation (c)      4.500   06/01/31   917,625 
                    1,858,665 
     OIL & GAS PRODUCERS — 9.2%                
 1,500,000   Colgate Energy Partners III, LLC (c)      5.875   07/01/29   1,342,373 
 3,072,000   CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC (c)      5.500   06/15/31   2,605,209 
 250,000   Crestwood Midstream Partners, L.P.      5.750   04/01/25   237,545 
 1,500,000   Crestwood Midstream Partners, L.P. (c)      5.625   05/01/27   1,360,718 
 500,000   DCP Midstream Operating, L.P.(b),(c)  ICE LIBOR USD 3M + 3.850%   5.850   05/21/43   480,990 
 250,000   DT Midstream, Inc. (c)      4.125   06/15/29   211,791 
 750,000   DT Midstream, Inc. (c)      4.375   06/15/31   616,159 
 100,000   Earthstone Energy Holdings, LLC (c)      8.000   04/15/27   93,426 
 500,000   Genesis Energy, L.P. / Genesis Energy Finance      7.750   02/01/28   435,595 
 1,000,000   Global Partners, L.P. / GLP Finance Corporation      7.000   08/01/27   912,400 
 1,000,000   ITT Holdings, LLC (c)      6.500   08/01/29   778,036 
 2,000,000   Kinetik Holdings, L.P. (c)      5.875   06/15/30   1,835,528 
 1,500,000   NuStar Logistics, L.P.      5.625   04/28/27   1,309,842 
 275,000   PBF Holding Company, LLC / PBF Finance Corporation      7.250   06/15/25   263,095 
 185,000   PBF Holding Company, LLC / PBF Finance Corporation      6.000   02/15/28   160,636 
                    12,643,343 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 65

 

 

High Yield Bond Fund

 

PRINCIPAL AMOUNT ($)      SPREAD  COUPON
RATE (%)
   MATURITY  FAIR VALUE 
     PUBLISHING & BROADCASTING — 1.2%                
 500,000   Gray Escrow II, Inc. (c)     5.375   11/15/31  $393,280 
 1,750,000   Gray Television, Inc. (c)      4.750   10/15/30   1,314,106 
                    1,707,386 
     REAL ESTATE INVESTMENT TRUSTS — 4.3%                
 1,500,000   Diversified Healthcare Trust      9.750   06/15/25   1,360,020 
 1,500,000   GEO Group, Inc. (The)      5.125   04/01/23   1,500,334 
 1,500,000   iStar, Inc.      5.500   02/15/26   1,511,294 
 1,250,000   Service Properties Trust      7.500   09/15/25   1,170,313 
 500,000   Service Properties Trust      5.500   12/15/27   406,785 
                    5,948,746 
     REAL ESTATE OWNERS & DEVELOPERS — 2.0%                
 3,749,000   Howard Hughes Corporation (The) (c)      4.375   02/01/31   2,698,755 
                      
     RETAIL - CONSUMER STAPLES — 0.1%                
 100,000   Ingles Markets, Inc. (c)      4.000   06/15/31   81,800 
                      
     RETAIL - DISCRETIONARY — 4.7%                
 2,050,000   Beacon Roofing Supply, Inc. (c)      4.125   05/15/29   1,662,970 
 1,372,000   Ken Garff Automotive, LLC (c)      4.875   09/15/28   1,123,952 
 1,250,000   Lithia Motors, Inc. (c)      3.875   06/01/29   1,005,206 
 500,000   Lithia Motors, Inc. (c)      4.375   01/15/31   410,088 
 1,000,000   PetSmart, Inc. / PetSmart Finance Corporation (c)      7.750   02/15/29   895,540 
 1,800,000   Sonic Automotive, Inc. (c)      4.875   11/15/31   1,366,416 
                    6,464,172 
     SOFTWARE — 0.6%                
 1,000,000   Crowdstrike Holdings, Inc.      3.000   02/15/29   842,430 
                      
     SPECIALTY FINANCE — 12.9%                
 500,000   AerCap Global Aviation Trust(b),(c)  ICE LIBOR USD 3M + 4.300%   6.500   06/15/45   456,988 
 3,000,000   Air Lease Corporation(d)  H15T5Y + 4.076%   4.650   06/15/70   2,512,137 
 1,000,000   Alliance Data Systems Corporation (c)      7.000   01/15/26   878,675 
 2,500,000   Burford Capital Global Finance, LLC (c)      6.250   04/15/28   2,195,298 
 115,000   Freedom Mortgage Corporation (c)      8.125   11/15/24   100,838 
 786,000   Freedom Mortgage Corporation (c)      8.250   04/15/25   650,947 
 500,000   Freedom Mortgage Corporation (c)      7.625   05/01/26   374,325 
 1,000,000   Freedom Mortgage Corporation (c)      6.625   01/15/27   714,437 
 2,955,000   ILFC E-Capital Trust I(b),(c)  T30Y + 1.550%   5.115   12/21/65   1,929,172 
 1,500,000   ILFC E-Capital Trust II(b),(c)  T30Y + 1.800%   5.365   12/21/65   1,027,500 
 750,000   Ladder Capital Finance Holdings (c)      4.250   02/01/27   605,061 
 1,700,000   LFS Topco, LLC (c)      5.875   10/15/26   1,354,750 
 500,000   Nationstar Mortgage Holdings, Inc. (c)      6.000   01/15/27   423,675 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 66

 

 

High Yield Bond Fund

 

PRINCIPAL AMOUNT ($)      SPREAD  COUPON
RATE (%)
   MATURITY  FAIR VALUE 
    SPECIALTY FINANCE — 12.9% (Continued)              
 1,250,000   Nationstar Mortgage Holdings, Inc. (c)  654   5.500   08/15/28   983,218 
 1,250,000   Nationstar Mortgage Holdings, Inc. (c)      5.750   11/15/31   918,993 
 3,000,000   New Residential Investment Corporation (c)      6.250   10/15/25   2,545,874 
 125,000   PHH Mortgage Corporation (c)      7.875   03/15/26   108,915 
                    17,780,803 
     STEEL — 2.9%                
 1,500,000   ATI, Inc.      5.125   10/01/31  $1,228,346 
 500,000   Commercial Metals Company      4.375   03/15/32   395,874 
 3,399,000   TMS International Corporation (c)      6.250   04/15/29   2,419,408 
                    4,043,628 
     TECHNOLOGY HARDWARE — 1.5%                
 300,000   Ciena Corporation (c)      4.000   01/31/30   250,916 
 1,000,000   CommScope, Inc. (c)      8.250   03/01/27   827,730 
 750,000   CommScope, Inc. (c)      7.125   07/01/28   580,545 
 500,000   TTM Technologies, Inc. (c)      4.000   03/01/29   403,700 
                    2,062,891 
     TECHNOLOGY SERVICES — 1.8%                
 260,000   Fair Isaac Corporation (c)      4.000   06/15/28   222,089 
 1,250,000   HealthEquity, Inc. (c)      4.500   10/01/29   1,073,438 
 500,000   MSCI, Inc. (c)      3.625   11/01/31   401,794 
 1,000,000   MSCI, Inc. (c)      3.250   08/15/33   773,810 
                    2,471,131 
     TRANSPORTATION & LOGISTICS — 0.7%                
 1,250,000   First Student Bidco, Inc. / First Transit Parent, Inc. (c)      4.000   07/31/29   1,015,352 
                      
     TRANSPORTATION EQUIPMENT — 0.4%                
 500,000   Trinity Industries, Inc.      4.550   10/01/24   478,472 
 125,000   Wabash National Corporation (c)      4.500   10/15/28   97,057 
                    575,529 
     WHOLESALE - CONSUMER STAPLES — 1.5%                
 2,000,000   United Natural Foods, Inc. (c)      6.750   10/15/28   1,836,050 
 295,000   US Foods, Inc. (c)      4.625   06/01/30   246,259 
                    2,082,309 
     TOTAL CORPORATE BONDS (Cost $159,283,320)              132,367,179 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 67

 

 

High Yield Bond Fund

 

SHARES      FAIR VALUE 
    SHORT-TERM INVESTMENT — 2.0%    
     MONEY MARKET FUND - 2.0%     
 2,722,404   Fidelity Government Portfolio, Class I, 2.73% (d) (Cost $2,722,404)  $2,722,404 
           
     TOTAL INVESTMENTS - 98.4% (Cost $162,011,519)  $135,095,485 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%   2,100,127 
     NET ASSETS - 100.0%  $137,195,612 

 

LLC   Limited Liability Company
LP   Limited Partnership
LTD   Limited Company
MSCI   Morgan Stanley Capital International
REIT   Real Estate Investment Trust
     
H15T5Y   US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
ICE LIBOR
USD 3M
  ICE LIBOR USD 3 Month
T30Y   30 Year Treasury

 

(a)   Percentage rounds to less than 0.1%.
(b)   Variable rate security; the rate shown represents the rate on September 30, 2022.
(c)   Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of September 30, 2022 the total market value of 144A securities is $108,082,017 or 78.8% of net assets.
(d)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 68

 

 

Israel Common Values Fund

 

SHARES      FAIR VALUE 
    COMMON STOCKS — 97.1%    
    AEROSPACE & DEFENSE - 4.3%    
 18,001   Elbit Systems Ltd.  $3,423,250 
 98,000   RADA Electronic Industries Ltd.(a)   943,740 
         4,366,990 
     APPAREL & TEXTILE PRODUCTS - 3.1%     
 22,063   Delta Galil Industries Ltd.   1,016,560 
 18,700   Fox Wizel Ltd.   2,109,183 
         3,125,743 
     BANKING - 18.7%     
 110,000   Bank Hapoalim BM - ADR   4,511,100 
 549,000   Bank Leumi Le-Israel BM   4,714,205 
 63,300   First International Bank Of Israel Ltd.   2,573,965 
 602,000   Israel Discount Bank Ltd., Class A   3,048,913 
 112,000   Mizrahi Tefahot Bank Ltd.   3,941,782 
         18,789,965 
     BIOTECH & PHARMA - 1.0%     
 490,000   Enlight Renewable Energy Ltd.(a)   1,040,626 
           
     CHEMICALS - 3.2%     
 389,902   ICL Group Ltd.   3,189,399 
           
     CONSTRUCTION MATERIALS - 0.8%     
 213,000   Inrom Construction Industries Ltd.   845,214 
           
     ELECTRIC UTILITIES - 2.9%     
 33,700   Ormat Technologies, Inc.   2,904,971 
           
     FOOD - 1.2%     
 50,500   Strauss Group Ltd.   1,200,506 
           
     HEALTH CARE FACILITIES & SERVICES - 2.7%     
 12,769   Danel Adir Yeoshua Ltd.   1,342,108 
 1,575,013   Novolog Ltd.   1,302,536 
         2,644,644 
     HOME & OFFICE PRODUCTS - 1.4%     
 116,585   Maytronics Ltd.   1,446,074 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 69

 

 

Israel Common Values Fund

 

SHARES

      FAIR VALUE 
    INSTITUTIONAL FINANCIAL SERVICES - 2.5%    
 491,194   Tel Aviv Stock Exchange Ltd.  $2,542,820 
           
     INSURANCE - 5.3%     
 184,000   Harel Insurance Investments & Financial Services   1,625,396 
 1,230,000   Migdal Insurance & Financial Holdings Ltd.   1,644,990 
 220,400   Phoenix Holdings Ltd. (The)   2,099,607 
         5,369,993 
     LEISURE FACILITIES & SERVICES - 1.8%     
 18,300   Fattal Holdings 1998 Ltd.(a)   1,783,351 
           
     MEDICAL EQUIPMENT & DEVICES - 0.9%     
 18,700   Inmode Ltd.(a)   544,357 
 4,700   Novocure Ltd.(a)   357,106 
         901,463 
     OIL & GAS PRODUCERS - 7.0%     
 74,968   Energean plc(a)   1,116,789 
 92,000   Energean plc(a)   1,328,439 
 5,600   Israel Corp Ltd. (The)(a)   2,170,335 
 2,000,000   Oil Refineries Ltd.   684,259 
 7,000   Paz Oil Company Ltd.(a)   766,567 
 1,425,000   Ratio Energies Finance, L.P.(a)   1,016,630 
         7,083,019 
     REAL ESTATE INVESTMENT TRUSTS - 1.4%     
 284,000   Reit 1 Ltd.   1,437,561 
           
     REAL ESTATE OWNERS & DEVELOPERS - 12.3%     
 125,000   Alony Hetz Properties & Investments Ltd.   1,498,570 
 212,000   Amot Investments Ltd.   1,219,361 
 34,000   Azrieli Group Ltd.   2,328,388 
 160,000   Bayside Land Corporation   1,320,059 
 40,000   Elco Ltd.   2,389,299 
 175,000   Gazit-Globe Ltd.   814,661 
 16,380   Melisron Ltd.   1,102,410 
 593,430   Mivne Real Estate KD Ltd.   1,749,054 
         12,421,802 
     RENEWABLE ENERGY - 1.7%     
 296,360   Energix-Renewable Energies Ltd.   1,161,869 
 2,300   SolarEdge Technologies, Inc.(a)   532,358 
         1,694,227 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 70

 

 

Israel Common Values Fund

 

SHARES

      FAIR VALUE 
    RETAIL - CONSUMER STAPLES - 3.0%    
 18,700   Rami Levy Chain Stores Hashikma Marketing 2006  $1,343,018 
 210,000   Shufersal Ltd.   1,316,218 
 27,315   Victory Supermarket Chain Ltd.(a)   365,921 
         3,025,157 
     SEMICONDUCTORS - 5.7%     
 30,000   Nova Measuring Instruments Ltd.(a)   2,559,000 
 73,223   Tower Semiconductor Ltd.(a)   3,217,419 
         5,776,419 
     SOFTWARE - 11.0%     
 12,600   CyberArk Software Ltd.(a)   1,889,244 
 29,935   Hilan Ltd.   1,603,406 
 23,300   Nice Ltd. - ADR(a)   4,385,992 
 41,000   One Software Technologies Ltd.   620,881 
 45,300   Sapiens International Corp N.V.   868,854 
 34,200   Varonis Systems, Inc.(a)   906,984 
 21,500   Verint Systems, Inc.(a)   721,970 
         10,997,331 
     TECHNOLOGY HARDWARE - 0.6%     
 17,800   AudioCodes Ltd.   388,218 
 10,000   Kornit Digital Ltd.(a)   266,100 
         654,318 
     TECHNOLOGY SERVICES - 2.5%     
 78,783   Magic Software Enterprises Ltd.   1,225,863 
 56,210   Matrix IT Ltd.   1,275,243 
         2,501,106 
     WHOLESALE - DISCRETIONARY - 2.1%     
 15,300   Tadiran Holdings Ltd.   2,151,757 
           
     TOTAL COMMON STOCKS (Cost $58,004,543)   97,894,456 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 71

 

 

Israel Common Values Fund

 

 SHARES        FAIR VALUE  
    SHORT-TERM INVESTMENT — 2.9%    
     MONEY MARKET FUND - 2.9%     
 2,917,803   Fidelity Government Portfolio, Class I, 2.73% (b) (Cost $2,917,803)  $2,917,803 
           
     TOTAL INVESTMENTS - 100.0% (Cost $60,922,346)  $100,812,259 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%   40,744 
     NET ASSETS - 100.0%  $100,853,003 

 

ADR   American Depositary Receipt
LP   Limited Partnership
LTD   Limited Company
NV   Naamloze Vennootschap
PLC   Public Limited Company
REIT   Real Estate Investment Trust
     
(a)   Non-income producing security.
(b)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

% OF NET ASSETS   COUNTRY
 89.8%  Israel
 4.5%  United States
 2.4%  United Kingdom
 0.4%  Jersey
 97.1%  Total
 2.9%  Money Market Funds
 0.0%  Other Assets Less Liabilities - Net
 100.0%  Grand Total

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 72

 

 

Defensive Strategies Fund

 

SHARES      FAIR VALUE 
    CLOSED END FUND — 5.1%          
     COMMODITY - 5.1%     
 579,000   Sprott Physical Silver Trust (Cost $5,163,934) (a)  $3,832,980 
           
     COMMON STOCKS — 44.3%       
     CHEMICALS - 3.2%     
 3,358   CF Industries Holdings, Inc.   323,208 
 3,382   Chemours Company (The)   83,366 
 2,566   FMC Corporation   271,226 
 6,014   ICL Group Ltd.   49,195 
 15,637   K+S A.G.   297,264 
 6,057   Mosaic Company (The)   292,735 
 6,829   Nutrien Ltd.   569,401 
 2,879   OCI N.V.   105,963 
 1,463   Sasol Ltd. - ADR(a)   23,042 
 2,263   Sociedad Quimica y Minera de Chile S.A. - ADR   205,368 
 5,942   Yara International ASA   209,188 
         2,429,956 
     DIVERSIFIED INDUSTRIALS - 0.0%(b)     
 638   Pentair PLC   25,922 
           
     ELECTRIC UTILITIES - 0.1%     
 865   Neoen S.A.   29,107 
 503   Ormat Technologies, Inc.   43,359 
         72,466 
     FOOD - 1.4%     
 2,563   Adecoagro S.A.   21,247 
 428   Bakkafrost P/F   17,014 
 870   Beyond Meat, Inc.(a)   12,328 
 15,806   BRF S.A. - ADR(a)   36,986 
 545   Cal-Maine Foods, Inc.   30,297 
 1,977   Darling Ingredients, Inc.(a)   130,779 
 1,100   Ezaki Glico Company Ltd.   27,095 
 3,940   Hormel Foods Corporation   179,034 
 875   Ingredion, Inc.   70,455 
 2,700   MEIJI Holdings Company Ltd.   119,954 
 2,300   Morinaga Milk Industry Company Ltd.   67,619 
 9,888   Mowi ASA   125,784 
 1,100   NH Foods Ltd.   28,957 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 73

 

 

Defensive Strategies Fund

 

SHARES      FAIR VALUE 
    CHEMICALS - 3.2% (Continued)    
 4,700   Nippon Suisan Kaisha Ltd.  $17,698 
 1,279   Pilgrim's Pride Corporation(a)   29,443 
 841   Salmar ASA   28,364 
 7,600   Saputo, Inc.   181,200 
         1,124,254 
     FORESTRY, PAPER & WOOD PRODUCTS - 0.2%     
 2,400   Canfor Corporation(a)   34,945 
 2,600   Interfor Corporation(a)   45,518 
 3,200   Sumitomo Forestry Company Ltd.   48,753 
         129,216 
     GAS & WATER UTILITIES - 0.7%     
 403   American States Water Company   31,414 
 671   American Water Works Company, Inc.   87,337 
 1,254   California Water Service Group   66,073 
 8,014   Cia de Saneamento Basico do Estado de Sao Paulo - ADR   73,008 
 1,797   Essential Utilities, Inc.   74,360 
 1,154   Severn Trent PLC   30,348 
 6,590   United Utilities Group PLC   65,408 
 7,081   Veolia Environnement S.A.   136,763 
         564,711 
     HEALTH CARE FACILITIES & SERVICES - 0.3%     
 48,754   Brookdale Senior Living, Inc.(a)   208,180 
           
     INDUSTRIAL REIT - 0.7%     
 3,500   EastGroup Properties, Inc.   505,190 
           
     MACHINERY - 1.8%     
 1,831   AGCO Corporation   176,087 
 17,198   CNH Industrial N.V.   192,102 
 1,777   Deere & Company   593,323 
 1,340   Evoqua Water Technologies Corporation(a)   44,314 
 16,900   Kubota Corporation   234,005 
 2,700   Kurita Water Industries Ltd.   96,262 
 840   Weir Group PLC (The)   13,193 
         1,349,286 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 74

 

 

Defensive Strategies Fund

 

SHARES      FAIR VALUE 
    METALS & MINING - 5.9%    
 915   Agnico Eagle Mines Ltd.  $38,640 
 734   Agnico Eagle Mines Ltd.   31,015 
 692   Alamos Gold, Inc., Class A   5,128 
 3,073   Alcoa Corporation   103,437 
 2,553   Anglo American PLC   77,988 
 7,567   AngloGold Ashanti Ltd. - ADR   104,576 
 1,391   Antofagasta PLC   17,328 
 513   Aurubis A.G.   27,135 
 65,168   B2Gold Corporation   209,841 
 6,990   Barrick Gold Corporation   108,345 
 6,609   BHP Group Ltd. - ADR   330,714 
 2,352   Cameco Corporation   62,352 
 4,500   Capstone Copper Corporation(a)   10,622 
 3,247   Cia de Minas Buenaventura S.A.A - ADR   21,852 
 964   Cleveland-Cliffs, Inc.(a)   12,985 
 1,125   Compass Minerals International, Inc.   43,346 
 7,100   Endeavour Mining PLC   130,983 
 180   Eramet S.A.   14,358 
 807   First Majestic Silver Corporation   6,149 
 7,700   First Quantum Minerals Ltd.   130,734 
 859   Franco-Nevada Corporation   102,633 
 6,497   Freeport-McMoRan, Inc.   177,563 
 22,264   Glencore plc   118,879 
 35,707   Gold Fields Ltd. - ADR   288,870 
 1,842   Hecla Mining Company   7,257 
 5,000   Hudbay Minerals, Inc.   20,128 
 2,500   Ivanhoe Mines Ltd.(a)   16,092 
 49,113   Kinross Gold Corporation   184,665 
 1,334   Lithium Americas Corporation(a)   34,991 
 22   Livent Corporation(a)   674 
 20,800   Lundin Mining Corporation   105,117 
 4,500   Mitsubishi Materials Corporation   61,843 
 2,026   MP Materials Corporation(a)   55,310 
 6,095   Newmont Corporation   256,173 
 9,396   Norsk Hydro ASA   50,779 
 538   Pan American Silver Corporation   8,543 
 5,270   Rio Tinto plc - ADR   290,166 
 188   Royal Gold, Inc.   17,638 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 75

 

  

Defensive Strategies Fund

 

SHARES      FAIR VALUE 
    METALS & MINING - 5.9% (Continued)    
 8,669   Sandstorm Gold Ltd.(a)  $44,819 
 4,778   Sibanye Stillwater Ltd. - ADR   44,531 
 2,337   Southern Copper Corporation   104,791 
 10,239   SSR Mining, Inc.   150,616 
 800   Sumitomo Metal Mining Company Ltd.   22,995 
 9,243   Teck Resources Ltd., Class B   281,138 
 20,423   Vale S.A. - ADR   272,034 
 4,166   Wheaton Precious Metals Corporation   134,812 
 8,737   Yamana Gold, Inc.   39,579 
         4,380,164 
     OIL & GAS PRODUCERS - 6.3%     
 5,196   Aker BP ASA   149,184 
 4,673   APA Corporation   159,770 
 8,400   ARC Resources Ltd.   100,898 
 3,406   Canadian Natural Resources Ltd.   158,617 
 2,100   Cenovus Energy, Inc.   32,264 
 1,338   Civitas Resources, Inc.   76,788 
 1,701   CNX Resources Corporation(a)   26,417 
 2,396   ConocoPhillips   245,207 
 877   Continental Resources, Inc.   58,592 
 5,110   Coterra Energy, Inc.   133,473 
 30,100   Crescent Point Energy Corporation   185,243 
 1,915   Devon Energy Corporation   115,149 
 1,892   Diamondback Energy, Inc.   227,910 
 3,518   Enerplus Corporation   49,850 
 1,525   Eni SpA - ADR   32,239 
 2,866   EOG Resources, Inc.   320,218 
 127   EQT Corporation   5,175 
 5,173   Equinor ASA - ADR   171,278 
 42   Hess Corporation   4,578 
 300   Imperial Oil Ltd.   12,991 
 24,000   Inpex Corporation   225,358 
 5,174   Kosmos Energy Ltd.(a)   26,750 
 1,380   Magnolia Oil & Gas Corporation   27,338 
 3,793   Marathon Oil Corporation   85,646 
 2,684   Matador Resources Company   131,301 
 2,800   MEG Energy Corporation(a)   31,342 
 1,677   Murphy Oil Corporation   58,980 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 76

 

  

Defensive Strategies Fund

 

SHARES      FAIR VALUE 
    OIL & GAS PRODUCERS - 6.3% (Continued)    
 1,071   Occidental Petroleum Corporation  $65,813 
 650   Ovintiv, Inc.   29,900 
 2,800   Parex Resources, Inc.   40,890 
 1,975   PDC Energy, Inc.   114,135 
 20,434   Petroleo Brasileiro S.A. - ADR   252,155 
 927   Pioneer Natural Resources Company   200,723 
 2,900   PrairieSky Royalty Ltd.   37,395 
 1,670   Range Resources Corporation(a)   42,184 
 1,405   SM Energy Company   52,842 
 9,131   Southwestern Energy Company(a)   55,882 
 7,200   Suncor Energy, Inc.   202,786 
 8,648   TOTAL S.E.   409,095 
 3,100   Tourmaline Oil Corporation   161,132 
 9,600   Vermilion Energy, Inc.   205,532 
 8,700   Whitecap Resources, Inc.   55,054 
         4,778,074 
     OIL & GAS SERVICES & EQUIPMENT - 0.8%     
 3,881   Baker Hughes Company   81,346 
 2,561   ChampionX Corporation   50,119 
 3,524   Halliburton Company   86,760 
 2,171   Helmerich & Payne, Inc.   80,262 
 3,117   Liberty Oilfield Services, Inc., Class A(a)   39,524 
 1,425   NOV, Inc.   23,057 
 3,391   Patterson-UTI Energy, Inc.   39,607 
 4,683   Schlumberger N.V.   168,119 
 18,096   Transocean Ltd.(a)   44,697 
         613,491 
     REAL ESTATE INVESTMENT TRUSTS - 20.3%     
 28,000   Alexander & Baldwin, Inc.   464,240 
 13,000   American Assets Trust, Inc.   334,360 
 21,000   American Homes 4 Rent, Class A   689,010 
 2,960   American Tower Corporation   635,512 
 20,000   Americold Realty Trust   492,000 
 13,100   Armada Hoffler Properties, Inc.   135,978 
 5,100   AvalonBay Communities, Inc.   939,369 
 5,050   Camden Property Trust   603,223 
 8,600   Crown Castle, Inc.   1,243,129 
 15,000   CTO Realty Growth, Inc.   281,100 
 1,050   Equinix, Inc.   597,282 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 77

 

 

Defensive Strategies Fund

 

SHARES      FAIR VALUE 
    REAL ESTATE INVESTMENT TRUSTS - 20.3% (Continued)    
 1,300   Essex Property Trust, Inc.  $314,899 
 22,000   InvenTrust Properties Corporation   469,260 
 23,500   Invitation Homes, Inc.   793,595 
 5,000   Life Storage, Inc.   553,800 
 25,000   Plymouth Industrial REIT, Inc.   420,250 
 2,898   PotlatchDeltic Corporation   118,934 
 12,000   Prologis, Inc.   1,219,200 
 2,700   Public Storage   790,587 
 2,865   Rayonier, Inc.   85,864 
 27,000   Sabra Health Care REIT, Inc.   354,240 
 3,250   SBA Communications Corp., A   925,113 
 44,000   SITE Centers Corporation   471,240 
 4,500   Sun Communities, Inc.   608,985 
 21,000   Ventas, Inc.   843,570 
 12,000   Welltower, Inc.   771,840 
 5,069   Weyerhaeuser Company   144,771 
         15,301,351 
     RENEWABLE ENERGY - 0.9%     
 3,523   Array Technologies, Inc.(a)   58,411 
 2,006   Atlantica Sustainable Infrastructure PLC   52,758 
 2,867   Daqo New Energy Corporation - ADR(a)   152,180 
 508   Enphase Energy, Inc.(a)   140,955 
 1,043   First Solar, Inc.(a)   137,958 
 1,733   Green Plains, Inc.(a)   50,378 
 1,754   Plug Power, Inc.(a)   36,852 
 183   SolarEdge Technologies, Inc.(a)   42,357 
         671,849 
     RESIDENTIAL REIT - 0.6%     
 7,100   Equity Residential   477,262 
           
     STEEL - 0.6%     
 873   ArcelorMittal S.A. - ADR   17,381 
 1,303   ATI, Inc.(a)   34,673 
 21,328   Cia Siderurgica Nacional S.A. - ADR   50,761 
 11,855   Gerdau S.A. - ADR   53,585 
 1,300   Hitachi Metals Ltd.(a)   19,536 
 2,200   JFE Holdings, Inc.   20,384 
 473   Reliance Steel & Aluminum Company   82,496 
 346   Steel Dynamics, Inc.   24,549 
 1,300   Stelco Holdings, Inc.   32,388 
 3,672   Ternium S.A. - ADR   100,576 
 24   United States Steel Corporation   435 
         436,764 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 78

 

 

Defensive Strategies Fund

 

SHARES              FAIR VALUE 
    TELECOMMUNICATIONS - 0.3%            
 7,020   Switch, Inc., Class A            $236,504 
                     
     WHOLESALE - CONSUMER STAPLES - 0.2%               
 1,115   Andersons, Inc. (The)             34,598 
 960   Bunge Ltd.             79,268 
                   113,866 
                     
     TOTAL COMMON STOCKS (Cost $36,108,919)             33,418,506 
                     
     EXCHANGE-TRADED FUND — 2.1%               
     SPECIALTY - 2.1%               
 92,000   Invesco DB US Dollar Index Bearish Fund (a) (Cost $1,904,438)             1,574,120 
                     
     PRECIOUS METALS - PHYSICAL HOLDING — 13.5%           
     PRECIOUS METAL - 13.5%               
 6,143   GOLD BARS - XAU BGN CURNCY (a) (Cost $7,240,876)             10,208,685 
                     
 PRINCIPAL AMOUNT ($)        COUPON
RATE (%)
    MATURITY    FAIR VALUE  
     U.S. TREASURY INFLATION PROTECTED — 26.1%           
 3,009,355   United States Treasury Inflation Indexed Bonds   0.625    1/15/2024   $2,940,722 
 2,019,737   United States Treasury Inflation Indexed Bonds   2.375    1/15/2025     2,028,391 
 2,440,630   United States Treasury Inflation Indexed Bonds   2.000    1/15/2026     2,434,582 
 2,372,677   United States Treasury Inflation Indexed Bonds   2.375    1/15/2027     2,412,074 
 1,951,820   United States Treasury Inflation Indexed Bonds   0.500    1/15/2028     1,812,215 
 1,923,353   United States Treasury Inflation Indexed Bonds   1.750    1/15/2028     1,905,076 
 1,443,233   United States Treasury Inflation Indexed Bonds   0.875    1/15/2029     1,357,612 
 1,462,758   United States Treasury Inflation Indexed Bonds   2.500    1/15/2029     1,513,729 
 1,081,233   United States Treasury Inflation Indexed Bonds   0.125    1/15/1931    944,076 
 1,292,029   United States Treasury Inflation Indexed Bonds   2.125    2/15/1941    1,330,846 
 1,530,583   United States Treasury Inflation Indexed Bonds   0.125    2/15/1951     957,629 
     TOTAL U.S. TREASURY INFLATION PROTECTED  (Cost $22,148,043)         19,636,952 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 79

 

 

Defensive Strategies Fund

 

SHARES      FAIR VALUE 
    SHORT-TERM INVESTMENT — 9.2%    
    MONEY MARKET FUND - 9.2%    
 6,935,593   Fidelity Government Portfolio, Class I, 2.73% (c) (Cost $6,935,593)  $6,935,593 
           
     TOTAL INVESTMENTS - 100.3% (Cost $79,501,803)  $75,606,836 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%   (145,125)
     NET ASSETS - 100.0%   $75,461,711 

 

ADR   American Depositary Receipt
LTD   Limited Company
NV   Naamloze Vennootschap
PLC   Public Limited Company
REIT   Real Estate Investment Trust
S/A   Société Anonyme
     
(a)   Non-income producing security.
(b)   Percentage rounds to less than 0.1%.
(c)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 80

 

 

Strategic Growth Fund

 

SHARES      FAIR VALUE 
    EXCHANGE-TRADED FUNDS — 55.7%    
    EQUITY - 55.7%    
 117,306   Timothy Plan High Dividend Stock Enhanced ETF(a)  $2,627,995 
 328,756   Timothy Plan International ETF(a)      6,660,760 
 262,339   Timothy Plan US Large/Mid Cap Core Enhanced ETF(a)   6,117,220 
 99,923   Timothy Plan US Small Cap Core ETF(a)      2,768,247 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $20,191,542)    18,174,222 
           
     OPEN END FUNDS — 41.5%     
     EQUITY - 7.7%      
 273,782   Timothy Plan International Fund, Class A(a)   2,507,844 
           
     FIXED INCOME - 24.7%      
 676,844   Timothy Plan Fixed Income Fund, Class A(a)   6,037,508 
 252,384   Timothy Plan High Yield Bond Fund, Class A(a)   2,013,994 
         8,051,502 
     MIXED ALLOCATION - 9.1%      
 237,989   Timothy Plan Defensive Strategies Fund, Class A(a)   2,979,619 
           
     TOTAL OPEN END FUNDS (Cost $15,219,087)   13,538,965 
           
     SHORT-TERM INVESTMENT — 2.9%     
     MONEY MARKET FUND - 2.9%      
 949,678   Fidelity Government Portfolio, Class I, 2.73% (b) (Cost $949,678)   949,678 
           
     TOTAL INVESTMENTS - 100.1% (Cost $36,360,307)  $32,662,865 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%   (38,581)
     NET ASSETS - 100.0%   $32,624,284 

 

ETF    - Exchange-Traded Fund
     
(a)   Investment in affiliate.
(b)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 81

 

 

Conservative Growth Fund

 

SHARES      FAIR VALUE 
    EXCHANGE-TRADED FUNDS — 38.5%    
    EQUITY - 38.5%    
 77,260   Timothy Plan High Dividend Stock Enhanced ETF(a)  $1,730,848 
 237,944   Timothy Plan International ETF(a)      4,820,864 
 280,086   Timothy Plan US Large/Mid Cap Core Enhanced ETF(a)   6,531,046 
 96,705   Timothy Plan US Small Cap Core ETF(a)      2,679,096 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $17,305,839)    15,761,854 
           
     OPEN END FUNDS — 59.3%     
     EQUITY - 5.2%      
 234,223   Timothy Plan International Fund, Class A(a)   2,145,482 
           
     FIXED INCOME – 47.0%      
 1,854,326   Timothy Plan Fixed Income Fund, Class A(a)   16,540,774 
 340,411   Timothy Plan High Yield Bond Fund, Class A(a)   2,716,436 
         19,257,210 
     MIXED ALLOCATION - 7.1%      
 230,474   Timothy Plan Defensive Strategies Fund, Class A(a)   2,885,540 
           
     TOTAL OPEN END FUNDS (Cost $27,470,149)   24,288,232 
           
     SHORT-TERM INVESTMENT — 2.3%     
     MONEY MARKET FUND - 2.3%      
 940,028   Fidelity Government Portfolio, Class I, 2.73% (b) (Cost $940,028)   940,028 
           
     TOTAL INVESTMENTS – 100.1% (Cost $45,716,016)  $40,990,114 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (57,941)
     NET ASSETS - 100.0%   $40,932,173 

 

ETF   Exchange-Traded Fund
     
(a)   Investment in affiliate.
(b)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 82

 

 

Growth & Income Fund

 

SHARES              FAIR VALUE 
    EXCHANGE-TRADED FUNDS — 57.8%            
    EQUITY - 57.8%            
 295,000   Timothy Plan High Dividend Stock Enhanced ETF(a)            $6,608,855 
 140,000   Timothy Plan High Dividend Stock ETF(a)             3,924,746 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $10,895,105)             10,533,601 

 

 PRINCIPAL AMOUNT ($)       COUPON
RATE (%)
    MATURITY    FAIR VALUE  
     CORPORATE BONDS — 6.8%               
     CHEMICALS — 0.8%               
 59,000   LYB International Finance BV   4.000    07/15/23   $58,647 
 85,000   Nutrien Ltd.   4.000    12/15/26    80,626 
                   139,273 
     ELECTRIC UTILITIES — 0.9%               
 110,000   American Electric Power Company, Inc.   3.200    11/13/27    100,311 
 45,000   National Rural Utilities Cooperative Finance Corporation   2.950    02/07/24    43,968 
 22,000   WEC Energy Group, Inc.   3.550    06/15/25    21,021 
                   165,300 
     GAS & WATER UTILITIES — 0.6%               
 110,000   NiSource, Inc.   3.490    05/15/27    101,104 
                     
     INSTITUTIONAL FINANCIAL SERVICES — 0.3%               
 55,000   Cboe Global Markets, Inc.   3.650    01/12/27    52,031 
                     
     OIL & GAS PRODUCERS — 2.0%               
 85,000   Columbia Pipeline Group, Inc.   4.500    06/01/25    83,224 
 200,000   Energy Transfer Operating, L.P.   5.250    04/15/29    188,045 
 115,000   Phillips 66 Company(b)   3.605    02/15/25    110,422 
                   381,691 
     REAL ESTATE INVESTMENT TRUSTS — 1.0%               
 75,000   Digital Realty Trust, L.P.   3.700    08/15/27    69,517 
 120,000   Healthpeak Properties, Inc.   3.500    07/15/29    105,412 
                   174,929 
     RETAIL - CONSUMER STAPLES — 0.4%               
 80,000   Dollar General Corporation   4.125    05/01/28    75,734 
                     
     TRANSPORTATION & LOGISTICS — 0.8%               
 55,000   Canadian Pacific Railway Company   2.900    02/01/25    52,295 
 110,000   CSX Corporation   3.250    06/01/27    101,297 
                   153,592 
                     
     TOTAL CORPORATE BONDS (Cost $1,352,383)             1,243,654 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 83

 

 

Growth & Income Fund

 

PRINCIPAL AMOUNT ($)      COUPON
RATE (%)
   MATURITY   FAIR VALUE 
    NON U.S. GOVERNMENT & AGENCIES — 0.6%         
    LOCAL AUTHORITY — 0.6%            
 120,000   Province of Ontario Canada (Cost $120,896)   2.500    04/27/26   $111,843 
                     
     U.S. GOVERNMENT & AGENCIES — 11.4%               
     AGENCY FIXED RATE — 11.4%               
 58,576   Fannie Mae Pool FM5537   2.000    01/01/36    51,695 
 41,327   Fannie Mae Pool MA4316   2.500    04/01/36    37,689 
 20,317   Fannie Mae Pool MA4329   2.000    05/01/36    17,930 
 65,235   Fannie Mae Pool MA4333   2.000    05/01/41    54,700 
 22,953   Fannie Mae Pool MA4475   2.500    10/01/41    19,705 
 67,848   Fannie Mae Pool MA4617   3.000    04/01/42    60,211 
 53,219   Fannie Mae Pool FM4053   2.500    08/01/50    45,168 
 56,621   Fannie Mae Pool CA8897   3.000    02/01/51    49,743 
 8,635   Fannie Mae Pool MA4258   3.500    02/01/51    7,830 
 21,871   Fannie Mae Pool FM6550   2.000    03/01/51    17,848 
 43,166   Fannie Mae Pool CB0855   3.000    06/01/51    37,812 
 75,406   Fannie Mae Pool FS1807   3.500    07/01/51    68,625 
 75,772   Fannie Mae Pool FS1704   4.000    05/01/52    70,928 
 55,536   Ginnie Mae I Pool 723248   5.000    10/15/39    56,051 
 57,602   Ginnie Mae I Pool 783403   3.500    09/15/41    53,608 
 48,813   Ginnie Mae II Pool MA3376   3.500    01/20/46    45,217 
 36,468   Ginnie Mae II Pool MA3596   3.000    04/20/46    32,833 
 31,392   Ginnie Mae II Pool MA3663   3.500    05/20/46    29,033 
 40,791   Ginnie Mae II Pool MA3736   3.500    06/20/46    37,707 
 13,836   Ginnie Mae II Pool MA4509   3.000    06/20/47    12,408 
 38,833   Ginnie Mae II Pool MA4652   3.500    08/20/47    35,828 
 36,783   Ginnie Mae II Pool MA4719   3.500    09/20/47    34,085 
 27,108   Ginnie Mae II Pool MA6092   4.500    08/20/49    26,136 
 21,384   Ginnie Mae II Pool MA6156   4.500    09/20/49    20,683 
 48,676   Ginnie Mae II Pool BN2662   3.000    10/20/49    43,185 
 22,603   Ginnie Mae II Pool MA6221   4.500    10/20/49    21,804 
 20,989   Ginnie Mae II Pool MA6478   5.000    02/20/50    20,846 
 24,861   Ginnie Mae II Pool MA6544   4.500    03/20/50    24,144 
 16,018   Ginnie Mae II Pool MA6545   5.000    03/20/50    15,942 
 108,900   Ginnie Mae II Pool MA6598   2.500    04/20/50    94,434 
 24,568   Ginnie Mae II Pool MA6600   3.500    04/20/50    22,562 
 22,300   Ginnie Mae II Pool MA6601   4.000    04/20/50    21,033 
 29,227   Ginnie Mae II Pool MA6603   5.000    04/20/50    29,014 
 52,439   Ginnie Mae II Pool MA7255   2.500    03/20/51    45,309 

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 84

 

 

Growth & Income Fund

 

PRINCIPAL AMOUNT ($)      COUPON
RATE (%)
   MATURITY   FAIR VALUE 
 64,797   Ginnie Mae II Pool MA7419   3.000    06/20/51   $57,409 
 56,892   Ginnie Mae II Pool MA7472   2.500    07/20/51    49,132 
 72,070   Ginnie Mae II Pool CE1974   3.000    08/20/51    64,634 
 80,552   Ginnie Mae II Pool CE1990   2.500    09/20/51    69,446 
 74,549   Ginnie Mae II Pool MA7705   2.500    11/20/51    64,354 
 79,454   Ginnie Mae II Pool MA7768   3.000    12/20/51    70,384 
 62,574   Ginnie Mae II Pool MA7829   3.500    01/20/52    57,093 
 82,986   Ginnie Mae II Pool MA7939   4.000    03/20/52    77,658 
 87,816   Ginnie Mae II Pool MA7987   2.500    04/20/52    75,616 
 83,966   Ginnie Mae II Pool MA8098   3.000    06/20/52    74,369 
 115,000   Ginnie Mae II Pool MA8268   4.500    09/20/52    110,201 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,338,810)             2,068,567 

 

SHARES                 FAIR VALUE  
     SHORT-TERM INVESTMENTS — 23.7%               
     MONEY MARKET FUNDS - 1.2%               
 217,907   Fidelity Government Portfolio, Class I, 2.73% (c) (Cost $217,907)             217,907 
                     

 

PRINCIPAL AMOUNT ($)       COUPON
RATE (%)
    MATURITY    FAIR VALUE  
     U.S.TREASURY NOTES — 22.5%               
 595,000   United States Treasury Note   2.250    11/15/24    570,944 
 800,000   United States Treasury Note   2.000    08/15/25    751,688 
 890,000   United States Treasury Note   0.625    07/31/26    778,716 
 820,000   United States Treasury Note   1.250    09/30/28    698,409 
 890,000   United States Treasury Note   1.250    08/15/31    719,196 
 445,000   United States Treasury Note   1.750    08/15/41    304,408 
 410,000   United States Treasury Note   2.000    08/15/51    280,081 
     TOTAL U.S. TREASURY NOTES (Cost $4,619,098)             4,103,442 
                     
     TOTAL SHORT-TERM INVESTMENTS (Cost $4,837,005)             4,321,349 
                     
     TOTAL INVESTMENTS - 100.3% (Cost $19,544,199)            $18,279,014 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%             (52,296)
     NET ASSETS - 100.0%            $18,226,718 

 

ETF   Exchange-Traded Fund
LP   Limited Partnership
LTD   Limited Company
REIT   Real Estate Investment Trust
     
(a)   Investment in affiliate.
(b)   Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of September 30, 2022 the total market value of 144A securities is $110,422 or 0.6% of net assets. Unless otherwise indicated, the security is not considered to be illiquid.
(c)   Rate disclosed is the seven day effective yield as of September 30, 2022.

 

SCHEDULE OF INVESTMENTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 85

 

Section 4 | Statements of Assets and Liabilities

SEPTEMBER 30, 2022

 

  

AGGRESSIVE

GROWTH

FUND

  

INTERNATIONAL

FUND

  

LARGE/MID CAP

GROWTH

FUND

 
ASSETS:            
Investments, at cost  $34,859,301   $120,073,585   $82,468,569 
Investments in affiliates, at cost   -    -    23,553,050 
Investments, at value  $34,735,240   $116,147,801   $90,873,642 
Investments in affiliates, at value   -    -    23,076,496 
Cash   2,460    99,150    5,897 
Dividends and interest receivable   24,901    262,347    111,162 
Receivable for fund shares sold   44,859    93,935    78,444 
Receivable for securities sold   -    -    - 
Receivable for foreign tax reclaims   -    398,030    - 
Prepaid expenses and other assets   10,281    21,197    12,788 
Total Assets   34,817,741    117,022,460    114,158,429 
                
LIABILITIES:               
Payable for securities purchased   -    49,120    - 
Payable for fund shares redeemed   13,107    171,055    806,525 
Payable to service providers   16,836    45,633    39,055 
Accrued advisory fees   23,436    97,305    65,253 
Accrued 12b-1 fees   7,942    11,193    25,526 
Accrued expenses and other liabilities   38,421    61,812    52,165 
Total Liabilities   99,742    436,118    988,524 
Net Assets  $34,717,999   $116,586,342   $113,169,905 
                
NET ASSETS CONSIST OF:               
Paid in capital ($0 par value, unlimited shares authorized)  $33,953,057   $123,004,794   $95,117,033 
Accumulated earnings (deficit)   764,942    (6,418,452)   18,052,872 
Net Assets  $34,717,999   $116,586,342   $113,169,905 
                
Class A               
Net Assets  $27,982,634   $45,524,236   $82,626,867 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) 3,323,469   4,972,199 8,558,087
Net Asset Value, offering price and redemption price per share       $   8.42           $   9.16           $   9.65    
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)  $8.91   $9.69   $10.21 
Class C               
Net Assets  $2,149,770   $1,492,412   $8,576,983 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   337,897    169,969    1,173,714 
Net Asset Value, offering price and redemption price per share  $6.36   $8.78   $7.31 
Minimum Redemption Price Per Share (NAV * 0.99)  $6.30   $8.69   $7.24 
Class I               
Net Assets  $4,585,595   $69,569,694   $21,966,055 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   528,960    7,567,775    2,210,443 
Net Asset Value, offering price and redemption price per share  $8.67   $9.19   $9.94 

 

STATEMENTS OF ASSETS LIABILITIES

 

ANNUAL REPORT | 86

 

 

   SMALL CAP  VALUE  FUND   LARGE/MID CAP VALUE  FUND   FIXED INCOME   FUND 
ASSETS:            
Investments, at cost  $141,674,739   $168,608,863   $125,120,830 
Investments in affiliates, at cost   14,834,080    54,728,199    - 
Investments, at value  $124,560,381   $187,715,185   $109,583,920 
Investments in affiliates, at value   16,068,204    54,376,578    - 
Cash   -    -    - 
Dividends and interest receivable   163,135    105,738    567,679 
Receivable for fund shares sold   62,078    120,029    82,469 
Receivable for securities sold   62,814    -    1,293,757 
Receivable for foreign tax reclaims   -    -    - 
Prepaid expenses and other assets   43,229    59,431    24,030 
Total Assets   140,959,841    242,376,961    111,551,855 
                
LIABILITIES:               
Payable for securities purchased   498,479    -    - 
Payable for fund shares redeemed   51,634    529,283    31,865 
Payable to service providers   47,714    65,206    26,589 
Accrued advisory fees   87,398    130,912    39,505 
Accrued 12b-1 fees   23,563    43,013    23,898 
Accrued expenses and other liabilities   47,468    40,317    42,031 
Total Liabilities   756,256    808,731    163,888 
Net Assets  $140,203,585   $241,568,230   $111,387,967 
                
NET ASSETS CONSIST OF:               
Paid in capital ($0 par value, unlimited shares  authorized)  $146,607,452   $208,451,349   $129,597,245 
Accumulated earnings (deficit)   (6,403,867)   33,116,881    (18,209,278)
Net Assets  $140,203,585   $241,568,230   $111,387,967 
                
Class A               
Net Assets  $88,234,215   $147,928,326   $81,218,941 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   5,522,256    7,822,774    9,107,558 
Net Asset Value, offering price and redemption price per share  $15.98   $18.91   $8.92 
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)  $16.91   $20.01   $9.34*
                
Class C               
Net Assets  $5,746,876   $13,695,219   $8,860,568 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   571,253    993,899    1,035,161 
Net Asset Value, offering price and redemption price per share  $10.06   $13.78   $8.56 
Minimum Redemption Price Per Share (NAV * 0.99)  $9.96   $13.64   $8.47 
                
Class I               
Net Assets  $46,222,494   $79,944,685   $21,308,458 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)           2,840,745               4,169,723               2,412,236    
Net Asset Value, offering price and redemption price per share  $16.27   $19.17   $8.83 

 

STATEMENTS OF ASSETS LIABILITIES

 

ANNUAL REPORT | 87

 

 

   HIGH YIELD BOND FUND   ISRAEL COMMON VALUES FUND   DEFENSIVE STRATEGIES FUND 
ASSETS:            
Investments, at cost  $162,011,519   $60,922,346   $72,260,927 
Investments in affiliates, at cost   -    -    - 
Investments, at value  $135,095,485   $100,812,259   $65,398,151 
Investments in affiliates, at value   -    -    - 
Gold Investments, at fair value (Cost $7,240,876)           -               -               10,208,685    
Dividends and interest receivable   2,398,743    106,706    168,500 
Receivable for fund shares sold   91,358    155,239    65,978 
Receivable for foreign tax reclaims   -    -    3,778 
Prepaid expenses and other assets   90,380    16,779    21,870 
Total Assets   137,675,966    101,090,983    75,866,962 
                
LIABILITIES:               
Payable for securities purchased   -    -    244,979 
Payable for fund shares redeemed   312,392    83,245    27,398 
Payable to service providers   74,860    9,826    32,306 
Accrued advisory fees   58,645    91,405    35,732 
Accrued 12b-1 fees   16,247    21,447    11,244 
Accrued expenses and other liabilities   18,210    32,057    53,592 
Total Liabilities   480,354    237,980    405,251 
Net Assets  $137,195,612   $100,853,003   $75,461,711 
                
NET ASSETS CONSIST OF:               
Paid in capital ($0 par value, unlimited shares    authorized)  $164,176,877   $66,507,322   $76,130,647 
Accumulated earnings (deficit)   (26,981,265)   34,345,681    (668,936)
Net Assets  $137,195,612   $100,853,003   $75,461,711 
                
Class A               
Net Assets  $67,765,533   $53,800,406   $45,313,355 
Shares of beneficial interest outstanding   ($0 par value, unlimited shares authorized)   8,491,673    2,490,095    3,620,399 
Net Asset Value, offering price and  redemption price per share  $7.98   $21.61   $12.52 
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)  $8.36*  $22.87   $13.25 
                
Class C               
Net Assets  $2,336,923   $10,262,867   $4,879,534 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   287,688    507,478    414,902 
Net Asset Value, offering price and redemption price per share  $8.12   $20.22   $11.76 
Minimum Redemption Price Per Share (NAV * 0.99)  $8.04   $20.02   $11.64 
                
Class I               
Net Assets  $67,093,156   $36,789,730   $25,268,822 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   8,405,124    1,681,553    2,014,482 
Net Asset Value, offering price and redemption price per share  $7.98   $21.88   $12.54 

 

STATEMENTS OF ASSETS LIABILITIES

 

ANNUAL REPORT | 88

 

 

  

STRATEGIC GROWTH

FUND

   CONSERVATIVE  GROWTH  FUND   GROWTH  & INCOME  FUND 
ASSETS:            
Investments, at cost  $949,678   $940,028   $8,649,094 
Investments in affiliates, at cost   35,410,629    44,775,988    10,895,105 
Investments, at value  $949,678   $940,028   $7,745,413 
Investments in affiliates, at value   31,713,187    40,050,086    10,533,601 
Gold Investments, at fair value (Cost  $7,240,876)   -    -    - 
Dividends and interest receivable   1,809    1,976    37,184 
Receivable for fund shares sold   5,866    2,108    5,394 
Receivable for foreign tax reclaims   -    -    - 
Prepaid expenses and other assets   11,456    28,838    11,400 
Total Assets   32,681,996    41,023,036    18,332,992 
                
LIABILITIES:               
Payable for securities purchased   -    -    59,808 
Payable for fund shares redeemed   2,211    16,281    6,563 
Payable to service providers   15,000    28,094    8,162 
Accrued advisory fees   11,970    17,473    4,447 
Accrued 12b-1 fees   1,208    2,175    4,584 
Accrued expenses and other liabilities   27,323    26,840    22,710 
Total Liabilities   57,712    90,863    106,274 
Net Assets  $32,624,284   $40,932,173   $18,226,718 
                
NET ASSETS CONSIST OF:               
Paid in capital ($0 par value, unlimited shares authorized)  $34,013,425   $43,606,574   $18,677,347 
Accumulated earnings (deficit)   (1,389,141)   (2,674,401)   (450,629)
Net Assets  $32,624,284   $40,932,173   $18,226,718 
                
Class A               
Net Assets  $29,944,095   $37,037,058   $13,150,188 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   3,413,202    3,865,497    1,233,263 
Net Asset Value, offering price and redemption price per share  $8.77   $9.58   $10.66 
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)  $9.28   $10.14   $11.28 
                
Class C               
Net Assets  $2,680,189   $3,895,115   $1,922,969 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   355,425    465,925    187,623 
Net Asset Value, offering price and redemption price per share  $7.54   $8.36   $10.25 
Minimum Redemption Price Per Share (NAV * 0.99)  $7.46   $8.28   $10.15 
                
Class I               
Net Assets  $-   $-   $3,153,561 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   -    -    293,617 
Net Asset Value, offering price and redemption price per share  $-   $-   $10.74 

 

STATEMENTS OF ASSETS LIABILITIES

 

ANNUAL REPORT | 89

 

Section 5 | Statements of Operations

FOR THE YEAR ENDED SEPTEMBER 30, 2022

 

   AGGRESSIVE  GROWTH  FUND     INTERNATIONAL  FUND    LARGE/MID CAP  GROWTH   FUND 
Investment Income:            
Interest income  $13,915   $35,565   $41,852 
Dividend Income   267,489    3,966,602    1,036,754 
Dividend income from affiliated investments   -    -    215,625 
Reclaims Receivable   -    197,902    - 
Foreign tax withheld   -    (810,978)   (6,729)
Total Investment Income   281,404    3,389,091    1,287,502 
                
Operating Expenses:               
Investment advisory fees   387,272    1,331,411    1,153,064 
12b-1 Fees:               
Class A   85,655    138,312    242,638 
Class C   26,913    19,935    106,548 
Administration fees   97,932    267,552    265,706 
Registration fees   42,060    53,610    58,422 
Printing expenses   29,902    55,222    51,922 
Non 12b-1 shareholder service fees   21,217    143,462    78,352 
Audit fees   14,702    14,794    14,566 
Custody fees   10,959    22,642    21,569 
Compliance officer fees   10,228    10,545    12,195 
Trustees' fees   4,752    35,896    21,820 
Insurance expenses   2,401    5,509    6,678 
Miscellaneous expenses   9,555    7,295    7,836 
Total Operating Expenses   743,548    2,106,185    2,041,316 
Less: Expenses waived by Advisor for Affiliated Holdings   -    -    (202,624)
Less: Expenses waived by Advisor   (45,561)   (66,571)   (67,865)
Net Operating Expenses   697,987    2,039,614    1,770,827 
                
Net Investment Income (Loss)   (416,583)   1,349,477    (483,325)
                
Realized and Unrealized               
Gain (Loss) on Investments:               
Net realized gain (loss) on               
investments   2,412,528    (3,060,089)   7,858,820 
foreign currency transactions   -    142    35 
and affiliated investments   -    -    4,843,924 
Capital gain dividends from REITs   -    -    - 
Net change in unrealized appreciation (depreciation) on investments   (15,341,328)   (41,656,086)   (32,333,049)
affiliated investments   -    -    (6,870,803)
and foreign currency translations   -    (47)   (45)
Net Realized and Unrealized  Loss on Investments   (12,928,800)   (44,716,080)   (26,501,118)
                
Net Decrease in Net Assets Resulting From Operations       $   (13,345,383   )       $   (43,366,603   )       $   (26,984,443   )

 

STATEMENTS OF OPERATIONS

 

ANNUAL REPORT | 90

 

 

   SMALL CAP VALUE FUND   LARGE/MID CAP VALUE FUND   FIXED INCOME FUND 
Investment Income:               
Interest income  $12,932   $60,080   $2,271,394 
Dividend Income   2,690,378    3,099,918    - 
Dividend income from affiliated investments   211,981    945,780    - 
Reclaims Receivable   -    -    - 
Foreign tax withheld   -    (7,225)   - 
Total Investment Income   2,915,291    4,098,553    2,271,394 
                
Operating Expenses:               
Investment advisory fees   1,381,034    2,264,756    729,804 
12b-1 Fees:               
Class A   252,726    416,314    223,993 
Class C   70,888    159,484    103,462 
Administration fees   317,752    491,043    217,875 
Registration fees   74,004    80,804    33,684 
Printing expenses   75,154    90,430    34,910 
Non 12b-1 shareholder service fees   62,138    139,072    99,290 
Audit fees   14,469    14,834    14,640 
Custody fees   26,298    29,737    19,098 
Compliance officer fees   7,294    19,037    9,870 
Trustees' fees   25,613    28,758    14,000 
Insurance expenses   8,138    12,814    5,851 
Miscellaneous expenses   7,677    6,679    2,983 
Total Operating Expenses   2,323,185    3,753,762    1,509,460 
Less: Expenses waived by Advisor for Affiliated Holdings         (150,017   )     (488,193   )         -    
Less: Expenses waived by Advisor           (79,214   )           (133,291   )           (243,268   )
Net Operating Expenses    2,093,954    3,132,278    1,266,192 
                
Net Investment Income (Loss)   821,337    966,275    1,005,202 
                
Realized and Unrealized               
Gain (Loss) on Investments:               
Net realized gain (loss) on               
investments   11,989,881    8,418,473    (1,094,738)
foreign currency transactions   -    -    - 
and affiliated investments   -    7,970,147    - 
Capital gain dividends from REITs   145,929    3,114    - 
Net change in unrealized appreciation (depreciation) on investments           (39,655,942   )           (31,853,876   )           (17,624,089   )
affiliated investments   (3,105,784)   (12,506,964)   - 
and foreign currency translations   -    -    - 
Net Realized and Unrealized Loss on Investments     (30,625,916 )     (27,969,106 )     (18,718,827 )
                
Net Decrease in Net Assets   Resulting From Operations       $   (29,804,579   )       $   (27,002,831   )       $   (17,713,625   )

 

STATEMENTS OF OPERATIONS

 

ANNUAL REPORT | 91

 

 

   HIGH YIELD BOND FUND   ISRAEL COMMON VALUES FUND   DEFENSIVE STRATEGIES FUND 
Investment Income:            
Interest income  $8,038,964   $17,816   $1,465,420 
Dividend Income   12,057    3,094,327    1,115,727 
Dividend income from affiliated investments   -    -    - 
Foreign tax withheld   -    (748,905)   (44,417)
Total Investment Income   8,051,021    2,363,238    2,536,730 
                
Operating Expenses:               
Investment advisory fees   860,419    1,231,241    442,488 
12b-1 fees:               
Class A   191,309    156,142    117,061 
Class C   29,494    126,988    44,239 
Administration fees   255,100    224,700    178,407 
Non 12b-1 shareholder service fees   119,986    68,062    61,733 
Registration fees   68,514    58,133    48,671 
Printing expenses   63,682    59,780    35,220 
Custody fees   20,230    111,968    53,581 
Miscellaneous expenses   17,527    4,550    3,956 
Trustees' fees   14,584    12,202    12,079 
Audit fees   13,904    12,939    12,741 
Compliance officer fees   11,405    8,729    5,577 
Insurance expenses   5,769    4,377    2,920 
Total Operating Expenses   1,671,923    2,079,811    1,018,673 
Less: Expenses waived  by Advisor for Affiliated Holdings   -    -    - 
Less: Expenses waived  by Advisor   (124,946)   -    (36,874)
Net Operating Expenses    1,546,977    2,079,811    981,799 
                
Net Investment Income   6,504,044    283,427    1,554,931 
                
Realized and Unrealized  Gain (Loss) on Investments:               
Net realized gain (loss) on               
investments   784,476    (2,694,366)   2,824,398 
foreign currency transactions   -    (44,840)   (6,515)
and affiliated investments   -    -    - 
Capital gain dividends from REITs   -    -    73,885 
Net change in unrealized appreciation (depreciation) on investments   (31,248,562)   (13,149,791)   (11,288,018)
affiliated investments   -    -    - 
alternative investments   -    -    (588,019)
and foreign currency translations   -    (648)   (496)
Net Realized and Unrealized Loss on Investments   (30,464,086)   (15,889,645)   (8,984,765)
                
Net Decrease in Net Assets Resulting From Operations  $(23,960,042)  $(15,606,218)  $(7,429,834)

 

STATEMENTS OF OPERATIONS

 

ANNUAL REPORT | 92

 

 

   STRATEGIC GROWTH FUND   CONSERVATIVE GROWTH FUND   GROWTH & INCOME FUND 
Investment Income:            
Interest income  $7,396   $7,203   $154,331 
Dividend Income   -    -    - 
Dividend income from affiliated investments   623,419    707,118    285,919 
Foreign tax withheld   -    -    - 
Total Investment Income   630,815    714,321    440,250 
                
Operating Expenses:               
Investment advisory fees   245,270    314,615    169,395 
12b-1 fees:               
Class A   -    -    37,384 
Class C   22,545    36,849    21,561 
Administration fees   84,180    95,550    64,185 
Non 12b-1 shareholder service fees   14,337    13,229    13,610 
Registration fees   21,885    29,634    27,610 
Printing expenses   15,926    18,651    10,207 
Custody fees   7,145    7,934    7,748 
Miscellaneous expenses   4,253    3,288    6,876 
Trustees' fees   4,887    6,944    2,892 
Audit fees   12,775    12,512    13,038 
Compliance officer fees   2,917    149    2,091 
Insurance expenses   2,521    3,981    764 
Total Operating Expenses   438,641    543,336    377,361 
Less: Expenses waived by Advisor for Affiliated Holdings   -    -    (85,876)
Less: Expenses waived by Advisor   -    -    (29,901)
Net Operating Expenses   438,641    543,336    261,584 
                
Net Investment Income   192,174    170,985    178,666 
                
Realized and Unrealized Gain (Loss) on Investments:               
Net realized gain (loss) on               
investments   -    -    (148,656)
foreign currency transactions   -    -    - 
and affiliated investments   2,361,108    2,241,593    1,130,502 
Capital gain dividends from REITs   -    -    - 
Net change in unrealized appreciation (depreciation) on investments   -    -    (1,029,738)
affiliated investments   (8,683,199)   (9,647,239)   (1,830,532)
alternative investments   -    -    - 
and foreign currency translations   -    -    - 
Net Realized and Unrealized Loss  on Investments   (6,322,091)   (7,405,646)   (1,878,424)
                
Net Decrease in Net Assets Resulting From Operations  $(6,129,917)  $(7,234,661)  $(1,699,758)

 

STATEMENTS OF OPERATIONS

 

ANNUAL REPORT | 93

 

Section 6 | Statements of Changes in Net Assets

 

   AGGRESSIVE GROWTH FUND   INTERNATIONAL FUND 
   Year Ended September 30, 2022   Year Ended September 30, 2021   Year Ended September 30, 2022   Year Ended September 30, 2021 
Operations:                
Net investment income (loss)  $(416,583)  $(549,424)  $1,349,477   $376,485 
Net realized gain (loss) from investments    and foreign currency transactions   2,412,528    4,965,183    (3,059,947)   3,800,568 
Capital gain dividends from REITs   -    762    -    - 
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations   (15,341,328)   7,354,050    (41,656,133)   21,845,405 
Net increase (decrease) in net assets resulting from operations   (13,345,383)   11,770,571    (43,366,603)   26,022,458 
                     
Distributions to Shareholders:                    
Total distributions paid                    
Class A   (3,166,804)   (1,759,027)   (270,831)   - 
Class C   (319,674)   (179,742)   -    - 
Class I   (1,078,951)   (311,960)   (517,840)   - 
Total dividends and distributions    to shareholders   (4,565,429)   (2,250,729)   (788,671)   - 
                     
Share Transactions of Beneficial Interest:                    
Net proceeds from shares sold                    
Class A   6,798,763    10,261,986    12,160,604    15,219,293 
Class C   472,219    822,801    284,468    399,937 
Class I   4,132,982    11,257,925    35,654,044    43,620,770 
Reinvestment of dividends and distributions                    
Class A   3,076,335    1,710,650    237,790    - 
Class C   314,956    177,642    -    - 
Class I   1,017,533    292,104    347,901    - 
Cost of shares redeemed                    
Class A   (6,520,183)   (11,786,611)   (10,240,838)   (16,161,405)
Class C   (371,290)   (891,732)   (494,212)   (746,545)
Class I   (9,190,149)   (4,771,795)   (13,721,678)   (19,797,614)
Net increase (decrease) in net assets from share transactions of beneficial interest   (268,834)   7,072,970    24,228,079    22,534,436 
                     
Total Increase (Decrease) in Net Assets   (18,179,646)   16,592,812    (19,927,195)   48,556,894 
                     
Net Assets:                    
Beginning of year   52,897,645    36,304,833    136,513,537    87,956,643 
End of year  $34,717,999   $52,897,645   $116,586,342   $136,513,537 
                     
Share Activity:                    
Shares Sold                    
Class A   645,706    878,326    1,074,374    1,230,383 
Class C   57,410    88,276    24,476    33,623 
Class I   361,658    932,116    3,086,411    3,540,045 
Shares Reinvested                    
Class A   261,372    159,724    18,947    - 
Class C   35,191    21,098    -    - 
Class I   84,094    26,676    27,677    - 
Shares Redeemed                    
Class A   (609,956)   (1,066,906)   (888,203)   (1,361,302)
Class C   (48,564)   (96,564)   (43,694)   (65,127)
Class I   (859,288)   (387,181)   (1,204,533)   (1,627,542)
Net increase (decrease) in shares of    beneficial interest outstanding   (72,377)   555,565    2,095,455    1,750,080 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

ANNUAL REPORT | 94

 

 

   LARGE/MID CAP GROWTH FUND   SMALL CAP VALUE FUND 
   Year Ended September 30, 2022   Year Ended September 30, 2021   Year Ended September 30, 2022   Year Ended September 30, 2021 
Operations:                
Net investment income (loss)  $(483,325)  $(732,152)  $821,337   $650,037 
Net realized gain (loss) from investments and foreign currency transactions   12,702,779    9,497,692    11,989,881    20,016,550 
Capital gain dividends from REITs   -    -    145,929    68,869 
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations   (39,203,897)   22,105,166    (42,761,726)   36,449,930 
Net increase (decrease) in net assets resulting from operations   (26,984,443)   30,870,706    (29,804,579)   57,185,386 
                     
Distributions to Shareholders:                    
Total distributions paid                    
Class A   (6,125,923)   (1,333,781)   (9,637,804)   (145,591)
Class C   (919,025)   (201,076)   (983,809)   - 
Class I   (1,710,601)   (437,156)   (5,204,941)   (235,809)
Total dividends and distributions to shareholders   (8,755,549)   (1,972,013)   (15,826,554)   (381,400)
                     
Share Transactions of Beneficial Interest:                    
Net proceeds from shares sold                    
Class A   22,960,254    19,629,181    14,285,397    14,073,350 
Class C   1,737,733    2,201,953    1,136,844    1,321,147 
Class I   24,914,569    15,853,873    16,782,944    24,763,371 
Reinvestment of dividends and distributions                    
Class A   5,942,037    1,294,897    9,252,978    139,050 
Class C   893,579    196,543    965,184    - 
Class I   1,548,553    406,909    4,805,204    189,231 
Cost of shares redeemed                    
Class A   (17,431,366)   (16,164,437)   (12,852,757)   (19,125,740)
Class C   (1,860,539)   (2,014,066)   (1,306,981)   (2,250,567)
Class I   (24,237,143)   (14,322,410)   (16,626,684)   (21,788,455)
Net increase (decrease) in net assets from share transactions of beneficial interest   14,467,677    7,082,443    16,442,129    (2,678,613)
                     
Total Increase (Decrease) in Net Assets   (21,272,315)   35,981,136    (29,189,004)   54,125,373 
                     
Net Assets:                    
Beginning of year   134,442,220    98,461,084    169,392,589    115,267,216 
End of year  $113,169,905   $134,442,220   $140,203,585   $169,392,589 
                     
Share Activity:                    
Shares Sold                    
Class A   1,963,175    1,701,127    766,831    705,641 
Class C   185,900    247,285    88,010    99,030 
Class I   2,023,305    1,385,905    859,880    1,236,880 
Shares Reinvested                    
Class A   458,845    122,045    461,955    8,089 
Class C   90,627    23,708    76,059    - 
Class I   116,433    37,469    236,012    10,183 
Shares Redeemed                    
Class A   (1,506,365)   (1,433,860)   (661,742)   (992,273)
Class C   (210,222)   (229,790)   (107,700)   (183,375)
Class I   (2,034,559)   (1,257,328)   (848,425)   (1,114,591)
Net increase (decrease) in shares of beneficial interest outstanding   1,087,139    596,561    870,880    (230,416)

 

STATEMENTS OF CHANGES IN NET ASSETS

 

ANNUAL REPORT | 95

 

 

   LARGE/MID CAP VALUE FUND   FIXED INCOME FUND 
   Year Ended September 30, 2022   Year Ended  September 30, 2021   Year Ended September 30, 2022   Year Ended  September 30, 2021 
Operations:                
Net investment income (loss)  $966,275   $(42,843)  $1,005,202   $340,238 
Net realized gain (loss) from investments and foreign currency transactions   16,388,620    17,909,400    (1,094,738)   724,416 
Capital gain dividends from REITs   3,114    13,632    -    - 
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations   (44,360,840)   36,411,327    (17,624,089)   (3,838,709)
Net increase (decrease) in net assets resulting from operations   (27,002,831)   54,291,516    (17,713,625)   (2,774,055)
                     
Distributions to Shareholders:                    
Total distributions paid                    
Class A   (7,549,688)   (4,723,162)   (962,214)   (1,095,468)
Class C   (979,388)   (629,087)   (57,666)   (31,078)
Class I   (3,830,408)   (1,718,701)   (341,148)   (272,172)
Total dividends and distributions to shareholders   (12,359,484)   (7,070,950)   (1,361,028)   (1,398,718)
                     
Share Transactions of Beneficial Interest:                    
Net proceeds from shares sold                    
Class A   30,609,409    22,929,759    18,885,674    26,437,486 
Class C   2,753,183    2,286,681    1,105,757    4,820,492 
Class I   52,851,310    37,132,392    30,558,230    15,917,543 
Reinvestment of dividends and distributions                    
Class A   7,176,779    4,496,466    869,034    1,002,964 
Class C   944,691    603,732    44,199    23,671 
Class I   3,624,620    1,579,911    295,153    231,009 
Cost of shares redeemed                    
Class A   (26,834,180)   (29,756,516)   (21,295,182)   (19,027,079)
Class C   (2,568,862)   (4,891,508)   (2,050,201)   (2,466,111)
Class I   (41,124,442)   (19,841,245)   (24,293,736)   (10,362,221)
Net increase (decrease) in net assets from share transactions of beneficial interest   27,432,508    14,539,672    4,118,928    16,577,754 
                     
Total Increase (Decrease) in Net Assets   (11,929,807)   61,760,238    (14,955,725)   12,404,981 
                     
Net Assets:                    
Beginning of year   253,498,037    191,737,799    126,343,692    113,938,711 
End of year  $241,568,230   $253,498,037   $111,387,967   $126,343,692 
                     
Share Activity:                    
Shares Sold                    
Class A   1,417,264    1,118,061    1,911,750    2,484,863 
Class C   169,511    146,472    114,172    473,801 
Class I   2,393,106    1,743,744    3,122,628    1,511,851 
Shares Reinvested                    
Class A   313,123    237,030    92,242    95,205 
Class C   56,232    42,427    4,850    2,355 
Class I   156,234    82,459    31,359    22,100 
Shares Redeemed                    
Class A   (1,247,185)   (1,492,161)   (2,150,743)   (1,786,331)
Class C   (161,301)   (326,823)   (216,378)   (241,630)
Class I   (1,892,940)   (998,773)   (2,519,843)   (987,793)
Net increase (decrease) in shares of beneficial interest outstanding   1,204,044    552,436    390,037    1,574,421 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

ANNUAL REPORT | 96

 

 

   HIGH YIELD BOND FUND   ISRAEL COMMON VALUES FUND 
   Year Ended September 30, 2022   Year Ended September 30, 2021   Year Ended September 30, 2022   Year Ended September 30, 2021 
Operations:                
Net investment income (loss)  $6,504,044   $4,451,608   $283,427   $(446,419)
Net realized gain (loss) from investments and foreign currency transactions   784,476    1,339,672    (2,739,206)   779,525 
Capital gain dividends from REITs   -    -    -    - 
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations   (31,248,562)   4,545,311    (13,150,439)   34,790,289 
Net increase (decrease) in net assets resulting from operations   (23,960,042)   10,336,591    (15,606,218)   35,123,395 
                     
Distributions to Shareholders:                    
Total distributions paid                    
Class A   (3,718,716)   (2,251,965)   -    - 
Class C   (114,907)   (89,077)   -    - 
Class I   (3,044,420)   (2,180,847)   -    - 
Total dividends and distributions to shareholders   (6,878,043)   (4,521,889)   -    - 
                     
Share Transactions of Beneficial Interest:                    
Net proceeds from shares sold                    
Class A   43,968,574    26,411,790    13,848,947    12,218,199 
Class C   844,628    1,212,283    2,187,797    1,648,189 
Class I   82,264,598    50,130,344    26,289,974    17,632,057 
Reinvestment of dividends and distributions                    
Class A   3,368,274    2,008,049    -    - 
Class C   110,779    86,707    -    - 
Class I   2,211,923    1,658,971    -    - 
Cost of shares redeemed                    
Class A   (27,111,540)   (13,406,616)   (9,733,404)   (9,390,476)
Class C   (1,124,126)   (761,780)   (2,581,546)   (2,519,410)
Class I   (73,002,858)   (15,941,614)   (28,575,652)   (9,491,711)
Net increase (decrease) in net assets from share transactions of beneficial interest   31,530,252    51,398,134    1,436,116    10,096,848 
                     
Total Increase (Decrease) in Net Assets   692,167    57,212,836    (14,170,102)   45,220,243 
                     
Net Assets:                    
Beginning of year   136,503,445    79,290,609    115,023,105    69,802,862 
End of year  $137,195,612   $136,503,445   $100,853,003   $115,023,105 
                     
Share Activity:                    
Shares Sold                    
Class A   4,614,615    2,690,563    542,485    551,098 
Class C   87,645    121,685    89,184    77,687 
Class I   9,130,532    5,082,748    992,186    799,074 
Shares Reinvested                    
Class A   381,666    204,598    -    - 
Class C   12,351    8,691    -    - 
Class I   252,153    168,803    -    - 
Shares Redeemed                    
Class A   (2,983,722)   (1,379,460)   (387,283)   (439,335)
Class C   (123,685)   (77,099)   (109,454)   (126,867)
Class I   (7,952,995)   (1,616,588)   (1,116,899)   (427,214)
Net increase (decrease) in shares of  beneficial interest outstanding   3,418,560    5,203,941    10,219    434,443 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

ANNUAL REPORT | 97

 

 

   DEFENSIVE STRATEGIES FUND   STRATEGIC GROWTH FUND 
   Year Ended September 30, 2022   Year Ended September 30, 2021   Year Ended September 30, 2022   Year Ended September 30, 2021 
Operations:                
Net investment income (loss)  $1,554,931   $395,652   $192,174   $85,467 
Net realized gain (loss) from investments and foreign currency transactions   2,817,883    1,565,378    2,361,108    1,998,299 
Capital gain dividends from REITs   73,885    38,438    -    - 
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations   (11,876,533)   3,625,027    (8,683,199)   4,426,668 
Net increase (decrease) in net assets  resulting from operations   (7,429,834)   5,624,495    (6,129,917)   6,510,434 
                     
Distributions to Shareholders:                    
Total distributions paid                    
Class A   (228,420)   -    (1,761,432)   (1,165,888)
Class C   -    -    (157,484)   (98,452)
Class I   (110,752)   -    -    - 
Total dividends and distributions to shareholders   (339,172)   -    (1,918,916)   (1,264,340)
                     
Share Transactions of Beneficial Interest:                    
Net proceeds from shares sold                    
Class A   18,091,026    13,192,053    3,552,656    4,181,203 
Class C   2,626,397    1,269,492    649,841    625,855 
Class I   33,004,917    12,525,965    0    0 
Reinvestment of dividends and distributions                    
Class A   204,444    -    1,721,067    1,140,481 
Class C   -    -    156,745    98,074 
Class I   102,358    -    -    - 
Cost of shares redeemed                    
Class A   (9,343,406)   (6,804,176)   (5,687,137)   (4,732,445)
Class C   (610,355)   (663,983)   (417,642)   (865,233)
Class I   (19,324,283)   (3,917,640)   -    - 
Net increase (decrease) in net assets from share transactions of beneficial interest   24,751,098    15,601,711    (24,470)   447,935 
                     
Total Increase (Decrease) in Net Assets   16,982,092    21,226,206    (8,073,303)   5,694,029 
                     
Net Assets:                    
Beginning of year   58,479,619    37,253,413    40,697,587    35,003,558 
End of year  $75,461,711   $58,479,619   $32,624,284   $40,697,587 
                     
Share Activity:                    
Shares Sold                    
Class A   1,286,505    1,001,465    354,853    388,876 
Class C   196,058    99,773    73,324    66,790 
Class I   2,328,285    950,790    -    0 
Shares Reinvested                    
Class A   14,740    -    162,212    112,807 
Class C   -    -    17,093    11,082 
Class I   7,380    -    -    - 
Shares Redeemed                    
Class A   (664,053)   (528,846)   (560,494)   (446,881)
Class C   (47,132)   (54,213)   (47,405)   (94,445)
Class I   (1,410,020)   (304,722)   -    - 
Net increase (decrease) in shares of beneficial interest outstanding   1,711,763    1,164,247    (417)   38,229 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

ANNUAL REPORT | 98

 

 

   CONSERVATIVE GROWTH FUND   GROWTH AND INCOME FUND 
   Year Ended September 30, 2022   Year Ended September 30, 2021   Year Ended September 30, 2022   Year Ended September 30, 2021 
Operations:                
Net investment income (loss)  $170,985   $61,729   $178,666   $92,861 
Net realized gain (loss) from investments and foreign currency transactions   2,241,593    2,207,288    981,846    667,461 
Capital gain dividends from REITs   -    -    -    - 
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations   (9,647,239)   3,541,820    (2,860,270)   2,014,597 
Net increase (decrease) in net assets resulting from operations   (7,234,661)   5,810,837    (1,699,758)   2,774,919 
                     
Distributions to Shareholders:                    
Total distributions paid                    
Class A   (1,825,573)   (1,105,678)   (210,548)   (116,254)
Class C   (241,602)   (119,253)   (17,407)   (2,105)
Class I   -    -    (48,672)   (23,691)
Total dividends and distributions to shareholders   (2,067,175)   (1,224,931)   (276,627)   (142,050)
                     
Share Transactions of Beneficial Interest:                    
Net proceeds from shares sold                    
Class A   5,574,779    6,236,902    3,439,486    1,972,327 
Class C   1,088,995    1,394,069    544,945    467,983 
Class I   0    0    3,133,878    1,060,966 
Reinvestment of dividends and distributions                    
Class A   1,763,564    1,064,304    197,107    107,423 
Class C   233,389    115,430    17,139    2,043 
Class I   -    -    45,237    21,449 
Cost of shares redeemed                    
Class A   (8,140,008)   (6,830,283)   (3,283,823)   (3,211,912)
Class C   (1,934,133)   (1,177,101)   (372,602)   (522,375)
Class I   -    -    (1,717,298)   (1,448,464)
Net increase (decrease) in net assets from share transactions of beneficial interest   (1,413,414)   803,321    2,004,069    (1,550,560)
                     
Total Increase (Decrease) in Net Assets   (10,715,250)   5,389,227    27,684    1,082,309 
                     
Net Assets:                    
Beginning of year   51,647,423    46,258,196    18,199,034    17,116,725 
End of year  $40,932,173   $51,647,423   $18,226,718   $18,199,034 
                     
Share Activity:                    
Shares Sold                    
Class A   504,674    542,123    283,962    169,337 
Class C   114,455    138,897    47,121    42,191 
Class I   -    0    257,713    91,596 
Shares Reinvested                    
Class A   155,516    95,883    16,679    9,139 
Class C   23,433    11,719    1,485    181 
Class I   -    -    3,830    1,813 
Shares Redeemed                    
Class A   (753,775)   (592,797)   (275,448)   (285,347)
Class C   (206,214)   (116,026)   (32,396)   (47,530)
Class I   -    -    (142,912)   (124,851)
Net increase (decrease) in shares of beneficial interest outstanding   (161,911)   79,799    160,034    (143,471)

 

STATEMENTS OF CHANGES IN NET ASSETS

 

ANNUAL REPORT | 99

 

Section 7 | Financial Highlights

 

Aggressive Growth Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year
ended
September 30,
 2022
   For the Year
ended
September 30,
 2021
   For the Year
ended
September 30,
 2020
   For the Year
ended
September 30,
 2019
   For the Year
ended
September 30,
 2018
 
Net asset value, beginning of year  $12.53   $9.92   $7.87   $9.27   $8.10 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:  
Net investment loss (A)   (0.09)   (0.14)   (0.09)   (0.07)   (0.09)
Net realized and unrealized gain (loss) on investments   (2.95)   3.39    2.14    (0.81)   1.26 
Total from investment operations   (3.04)   3.25    2.05    (0.88)   1.17 
                          
LESS DISTRIBUTIONS:                         
From net realized gains on investments   (1.07)   (0.64)   -    (0.52)   - 
Return of Capital   -    -    -    (0.00)*   - 
Total distributions   (1.07)   (0.64)   -    (0.52)   - 
                          
Net asset value, end of year  $8.42   $12.53   $9.92   $7.87   $9.27 
                          
Total return (B)(C)   (26.66)%   33.89%   26.05%   (8.72)%   14.44%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $27,983   $37,917   $30,316   $21,802   $25,926 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.62%   1.60%   1.71%   1.64%   1.73%
Expenses, net waiver and reimbursement (D)   1.52%   1.50%   1.61%   1.56%   1.63%
Net investment loss, before waiver and reimbursement   (1.00)%   (1.30)%   (1.19)%   (0.91)%   (1.16)%
Net investment loss, net waiver and reimbursement (D)   (0.90)%   (1.20)%   (1.09)%   (0.82)%   (1.06)%
Portfolio turnover rate   46%   46%   96%   77%   85%

 

*Amount is less than $0.005 per share.
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 100

 

 

Aggressive Growth Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year 

 

   For the Year
ended
September 30,
 2022
   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
Net asset value, beginning of year  $9.79   $7.93   $6.34   $7.64   $6.73 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)   (0.13)   (0.18)   (0.12)   (0.11)   (0.13)
Net realized and unrealized gain (loss) on investments   (2.23)   2.68    1.71    (0.67)   1.04 
Total from investment operations   (2.36)   2.50    1.59    (0.78)   0.91 
                          
LESS DISTRIBUTIONS:                         
From net realized gains on investments   (1.07)   (0.64)   -    (0.52)   - 
Return of Capital   -    -    -    (0.00)*   - 
Total distributions   (1.07)   (0.64)   -    (0.52)   - 
                          
Net asset value, end of year  $6.36   $9.79   $7.93   $6.34   $7.64 
                          
Total return (B)(C)   (27.23)%   32.87%   25.08%   (9.33)%   13.52%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $2,150   $2,877   $2,230   $2,433   $4,358 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   2.37%   2.35%   2.46%   2.39%   2.48%
Expenses, net waiver and reimbursement (D)   2.27%   2.25%   2.36%   2.31%   2.38%
Net investment loss, before waiver and reimbursement   (1.75)%   (2.05)%   (1.92)%   (1.73)%   (1.91)%
Net investment loss, net waiver and reimbursement (D)   (1.65)%   (1.95)%   (1.82)%   (1.64)%   (1.81)%
Portfolio turnover rate   46%   56%   96%   77%   85%

 

* Amount is less than $0.005 per share.
(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.
(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 101

 

 

Aggressive Growth Fund (Class I Shares)

 

 

Selected data based on a share outstanding throughout each year

  

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
Net asset value, beginning of year  $12.84   $10.13   $8.02   $9.41   $8.21 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)   (0.09)   (0.12)   (0.08)   (0.05)   (0.07)
Net realized and unrealized gain (loss) on investments   (3.01)   3.47    2.19    (0.82)   1.27 
Total from investment operations   (3.10)   3.35    2.11    (0.87)   1.20 
                          
LESS DISTRIBUTIONS:                         
From net realized gains on investments   (1.07)   (0.64)   -    (0.52)   - 
Return of Capital   -    -    -    (0.00)*   - 
Total distributions   (1.07)   (0.64)   -    (0.52)   - 
                          
Net asset value, end of year  $8.67   $12.84   $10.13   $8.02   $9.41 
                          
Total return (B)   (26.48)%   34.19%   26.31%   (8.48)%   14.62%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $4,586   $12,104   $3,759   $1,233   $1,273 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.44%   1.35%   1.46%   1.39%   1.48%
Expenses, net waiver and reimbursement (D)   1.34%   1.25%   1.36%   1.31%   1.38%
Net investment loss, before waiver and reimbursement   (0.85)%   (1.05)%   (1.02)%   (0.67)%   (0.91)%
Net investment loss, net waiver and reimbursement (D)   (0.75)%   (0.95)%   (0.92)%   (0.57)%   (0.81)%
Portfolio turnover rate   46%   56%   96%   77%   85%

 

* Amount is less than $0.005 per share.
(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment
   of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 102

 

 

International Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year
ended
September 30,
 2022
   For the Year
ended
September 30,
 2021
   For the Year
ended
September 30,
 2020
   For the Year
ended
September 30,
 2019
   For the Year
ended
September 30,
 2018
 
Net asset value, beginning of year  $12.84   $9.92   $9.09   $9.74   $9.86 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)   0.10    0.02    (0.03)   0.09    0.11 
Net realized and unrealized gain (loss) on investments   (3.72)   2.90    0.94    (0.64)   (0.02)
Total from investment operations   (3.62)   2.92    0.91    (0.55)   0.09 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.06)   -    (0.08)   (0.10)   (0.21)
Return of Capital   -    -    0.00*   -    - 
Total distributions   (0.06)   -    (0.08)   (0.10)   (0.21)
                          
Net asset value, end of year  $9.16   $12.84   $9.92   $9.09   $9.74 
                          
Total return (B)(C)   (28.33)%   29.44%   10.00%   (5.55)%   0.91%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $45,524   $61,220   $48,608   $58,397   $70,790 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.72%   1.63%   1.76%   1.71%   1.71%
Expenses, net waiver and reimbursement (D)   1.67%   1.58%   1.71%   1.67%   1.66%
Net investment income (loss) before waiver and reimbursement   0.79%   0.13%   (0.38)%   0.96%   1.05%
Net investment income (loss), net waiver and reimbursement (D)   0.84%   0.18%   (0.33)%   1.01%   1.10%
Portfolio turnover rate   7%   17%   25%   27%   19%

 

* Amount is less than $0.005 per share.
(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.
(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 103

 

 

International Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

  

   For the Year
ended
September 30,
 2022
   For the Year
ended
September 30,
 2021
   For the Year
ended
September 30,
 2020
   For the Year
ended
September 30,
 2019
   For the Year
ended
September 30,
 2018
 
Net asset value, beginning of year  $12.35   $9.62   $8.80   $9.41   $9.55 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)   0.00*   (0.07)   (0.10)   0.01    0.03 
Net realized and unrealized gain (loss) on investments   (3.57)   2.80    0.92    (0.61)   (0.01)
Total from investment operations   (3.57)   2.73    0.82    (0.60)   0.02 
                          
LESS DISTRIBUTIONS:                         
From net investment income   -    -    -    (0.01)   (0.16)
Total distributions   -    -    -    (0.01)   (0.16)
                          
Net asset value, end of year  $8.78   $12.35   $9.62   $8.80   $9.41 
                          
Total return (B)(C)   (28.91)%   28.38%   9.32%   (6.31)%   0.12%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $1,492   $2,337   $2,122   $2,641   $4,779 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   2.47%   2.38%   2.51%   2.46%   2.46%
Expenses, net waiver and reimbursement (D)   2.42%   2.33%   2.46%   2.42%   2.41%
Net investment income (loss) before waiver and reimbursement   0.00%   (0.65)%   (1.17)%   0.09%   0.28%
Net investment income (loss), net waiver and reimbursement (D)   0.05%   (0.60)%   (1.12)%   0.12%   0.33%
Portfolio turnover rate   7%   17%   25%   27%   19%

  

* Amount is less than $0.005 per share.
(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return calculation does not reflect redemption fee.
(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 104

 

 

International Fund (Class I Shares)

 

Selected data based on a share outstanding throughout each year

 

   For the Year
ended
September 30,
 2022
   For the Year
ended
September 30,
 2021
   For the Year
ended
September 30,
 2020
   For the Year
ended
September 30,
 2019
   For the Year
ended
September 30,
 2018
 
Net asset value, beginning of year  $12.89   $9.94   $9.10   $9.76   $9.89 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)   0.13    0.06    (0.01)   0.11    0.17 
Net realized and unrealized gain (loss) on investments   (3.74)   2.89    0.96    (0.64)   (0.06)
Total from investment operations   (3.61)   2.95    0.95    (0.53)   0.11 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.09)   -    (0.11)   (0.13)   (0.24)
Return of Capital   -    -    0.00*   -    - 
Total distributions   (0.09)   -    (0.11)   (0.13)   (0.24)
                          
Net asset value, end of year  $9.19   $12.89   $9.94   $9.10   $9.76 
                          
Total return (B)   (28.20)%   29.68%   10.42%   (5.33)%   1.04%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $69,570   $72,957   $37,226   $28,542   $31,286 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.47%   1.38%   1.51%   1.46%   1.45%
Expenses, net waiver and reimbursement (C)   1.42%   1.33%   1.46%   1.42%   1.41%
Net investment income (loss), before waiver and reimbursement   1.13%   0.45%   (0.16)%   1.24%   1.60%
Net investment income (loss), net waiver and reimbursement (C)   1.18%   0.50%   (0.11)%   1.28%   1.65%
Portfolio turnover rate   7%   17%   25%   27%   19%

 

* Amount is less than $0.005 per share.
(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(C) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 105

 

 

Large/Mid Cap Growth Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each year

  

   For the Year
ended
September 30,
 2022
   For the Year
ended
September 30,
 2021
   For the Year
ended
September 30,
 2020
   For the Year
ended
September 30,
 2019
   For the Year
ended
September 30,
 2018
 
Net asset value, beginning of year  $12.61   $9.77   $8.70   $9.34   $8.59 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)   (0.04)   (0.07)   (0.04)   (0.03)   (0.02)
Net realized and unrealized gain (loss) on investments   (2.12)   3.10    1.48    (0.19)   0.99 
Total from investment operations   (2.16)   3.03    1.44    (0.22)   0.97 
                          
LESS DISTRIBUTIONS:                         
From net realized gains on investments   (0.80)   (0.19)   (0.37)   (0.42)   (0.22)
Total distributions   (0.80)   (0.19)   (0.37)   (0.42)   (0.22)
                          
Net asset value, end of year  $9.65   $12.61   $9.77   $8.70   $9.34 
                          
Total return (B)(C)   (18.74)%   31.32%   16.93%   (1.48)%   11.49%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)   82,627   $96,378   $70,891   $64,150   $79,897 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.50%   1.50%   1.54%   1.56%   1.52%
Expenses, net waiver and reimbursement (D,E)   1.30%   1.39%   1.49%   1.52%   1.47%
Net investment loss before waiver and reimbursement   (0.55)%   (0.71)%   (0.48)%   (0.35)%   (0.25)%
Net investment loss, net waiver and reimbursement (D,E)   (0.35)%   (0.60)%   (0.43)%   (0.31)%   (0.20)%
Portfolio turnover rate   35%   22%   23%   44%   57%

 

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return calculation does not reflect sales load.
(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 106

 

 

Large/Mid Cap Growth Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

    For the Year
ended
September 30,
 2022
    For the Year
ended
September 30,
 2021
    For the Year
ended
September 30,
 2020
    For the Year
ended
September 30,
 2019
    For the Year
ended
September 30,
 2018
 
                               
Net asset value, beginning of year   $ 9.79     $ 7.68     $ 6.96     $ 7.63     $ 7.11  
                                         
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                        
Net investment loss (A)     (0.10 )     (0.12 )     (0.08 )     (0.07 )     (0.07 )
Net realized and unrealized gain (loss) on investments     (1.58 )     2.42       1.17       (0.18 )     0.81  
Total from investment operations     (1.68 )     2.30       1.09       (0.25 )     0.74  
                                         
LESS DISTRIBUTIONS:                                        
From net realized gains on investments     (0.80 )     (0.19 )     (0.37 )     (0.42 )     (0.22 )
Total distributions     (0.80 )     (0.19 )     (0.37 )     (0.42 )     (0.22 )
                                         
Net asset value, end of year   $ 7.31     $ 9.79     $ 7.68     $ 6.96     $ 7.63  
                                         
Total return (B)(C)     (19.27 )%     30.32 %     16.09 %     (2.24 )%     10.63 %
                                         
RATIOS/SUPPLEMENTAL DATA:                                        
Net assets, end of year (in 000's)     8,577     $ 10,845     $ 8,192     $ 7,950     $ 11,355  
Ratios to average net assets                                        
Expenses, before waiver and reimbursement     2.25 %     2.25 %     2.29 %     2.31 %     2.27 %
Expenses, net waiver and reimbursement (D,E)     2.05 %     2.14 %     2.24 %     2.27 %     2.22 %
Net investment loss before waiver and reimbursement     (1.30 )%     (1.46 )%     (1.23 )%     (1.10 )%     (1.00 )%
Net investment loss, net waiver and reimbursement (D,E)     (1.10 )%     (1.35 )%     (1.18 )%     (1.06 )%     (0.95 )%
Portfolio turnover rate     35 %     22 %     23 %     44 %     57 %

 

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return calculation does not reflect redemption fee.
(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 107

 

 

Large/Mid Cap Growth Fund (Class I Shares)

 

 

Selected data based on a share outstanding throughout each year

 

    For the Year ended September 30,  2022     For the Year ended September 30,  2021     For the Year ended September 30,  2020     For the Year ended September 30,  2019     For the Year ended September 30,  2018  
                               
Net asset value, beginning of year   $ 12.93     $ 9.99     $ 8.86     $ 9.48     $ 8.70  
                                         
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                        
Net investment income (loss) (A)     (0.01 )     (0.04 )     (0.02 )     (0.01 )     0.00  
Net realized and unrealized gain (loss) on investments     (2.18 )     3.17       1.52       (0.19 )     1.00  
Total from investment operations     (2.19 )     3.13       1.50       (0.20 )     1.00  
                                         
LESS DISTRIBUTIONS:                                        
From net realized gains on investments     (0.80 )     (0.19 )     (0.37 )     (0.42 )     (0.22 )
Total distributions     (0.80 )     (0.19 )     (0.37 )     (0.42 )     (0.22 )
                                         
Net asset value, end of year   $ 9.94     $ 12.93     $ 9.99     $ 8.86     $ 9.48  
                                         
Total return (B)     (18.50 )%     31.64 %     17.30 %     (1.24 )%     11.69 %
                                         
RATIOS/SUPPLEMENTAL DATA:                                        
Net assets, end of year (in 000's)     21,966     $ 27,220     $ 19,378     $ 14,016     $ 10,551  
Ratios to average net assets                                        
Expenses, before waiver and reimbursement     1.25 %     1.25 %     1.29 %     1.31 %     1.27 %
Expenses, net waiver and reimbursement (C,D)     1.05 %     1.14 %     1.24 %     1.27 %     1.22 %
Net investment income (loss), before waiver and reimbursement     (0.30 )%     (0.45 )%     (0.22 )%     (0.09 )%     (0.03 )%
Net investment income (loss), net waiver and reimbursement (C,D)     (0.10 )%     (0.34 )%     (0.17 )%     (0.06 )%     0.02 %
Portfolio turnover rate     35 %     22 %     23 %     44 %     57 %

 

* Amount is less than $0.005 per share.
(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(C) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(D) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 108

 

 

Small Cap Value Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

    For the Year ended September 30,  2022     For the Year ended September 30,  2021     For the Year ended September 30,  2020     For the Year ended September 30,  2019     For the Year ended September 30,  2018  
                               
Net asset value, beginning of year   $ 21.35     $ 14.16     $ 17.15     $ 20.67     $ 20.50  
                                         
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                        
Net investment income (loss) (A)     0.09       0.12       0.04       0.06       (0.00 )
Net realized and unrealized gain (loss) on investments     (3.50 )     7.10       (2.39 )     (1.28 )     1.96  
Total from investment operations     (3.41 )     7.22       (2.35 )     (1.22 )     1.96  
                                         
LESS DISTRIBUTIONS:                                        
From net investment income     (0.08 )     (0.03 )     (0.04 )     -       (0.00 )
From net realized gains on investments     (1.88 )     -       (0.60 )     (2.30 )     (1.79 )
Total distributions     (1.96 )     (0.03 )     (0.64 )     (2.30 )     (1.79 )
                                         
Net asset value, end of year   $ 15.98     $ 21.35     $ 14.16     $ 17.15     $ 20.67  
                                         
Total return (B)(C)     (17.84 )%     51.03 %     (14.38 )%     (3.77 )%     10.11 %
                                         
RATIOS/SUPPLEMENTAL DATA:                                        
Net assets, end of year (in 000's)   $ 88,234     $ 105,800     $ 74,130     $ 99,077     $ 114,985  
Ratios to average net assets                                        
Expenses, before waiver and reimbursement     1.50 %     1.46 %     1.57 %     1.52 %     1.50 %
Expenses, net waiver and reimbursement (D)(F)     1.34 %     1.34 %     1.47 %     1.43 %     1.44 %
Net investment income (loss), before waiver and reimbursement     0.30 %     0.50 %     0.19 %     0.29 %     (0.08 )%
Net investment income (loss), net waiver and reimbursement (D)(E)(F)     0.46 %     0.62 %     0.29 %     0.38 %     (0.02 )%
Portfolio turnover rate     49 %     61 %     73 %     63 %     58 %

 

* Amount is less than $0.005 per share.    
(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.    
(B) Total return calculation does not reflect sales load.    
(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.    
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.    
(D) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.    
(E) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies    
   in which the Fund invests.    
(F) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.    

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 109

 

 

Small Cap Value Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

    For the Year ended September 30,  2022     For the Year ended September 30,  2021     For the Year ended September 30,  2020     For the Year ended September 30,  2019     For the Year ended September 30,  2018  
                               
Net asset value, beginning of year   $ 14.16     $ 9.45     $ 11.69     $ 15.09     $ 15.54  
                                         
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                        
Net investment loss (A)     (0.04 )     (0.02 )     (0.05 )     (0.05 )     (0.11 )
Net realized and unrealized gain (loss) on investments     (2.18 )     4.73       (1.59 )     (1.05 )     1.45  
Total from investment operations     (2.22 )     4.71       (1.64 )     (1.10 )     1.34  
                                         
LESS DISTRIBUTIONS:                                        
From net realized gains on investments     (1.88 )     -       (0.60 )     (2.30 )     (1.79 )
Total distributions     (1.88 )     -       (0.60 )     (2.30 )     (1.79 )
                                         
Net asset value, end of year   $ 10.06     $ 14.16     $ 9.45     $ 11.69     $ 15.09  
                                         
Total return (B)(C)     (18.44 )%     49.84 %     (15.01 )%     (4.49 )%     9.24 %
                                         
RATIOS/SUPPLEMENTAL DATA:                                        
Net assets, end of year (in 000's)   $ 5,747     $ 7,293     $ 5,663     $ 8,963     $ 14,603  
Ratios to average net assets                                        
Expenses, before waiver and reimbursement     2.25 %     2.21 %     2.32 %     2.27 %     2.25 %
Expenses, net waiver and reimbursement (D)(F)     2.09 %     2.09 %     2.22 %     2.18 %     2.19 %
Net investment loss, before waiver and reimbursement     (0.46 )%     (0.26 )%     (0.55 )%     (0.50 )%     (0.82 )%
Net investment loss, net waiver and reimbursement (D)(E)(F)     (0.30 )%     (0.14 )%     (0.45 )%     (0.42 )%     (0.76 )%
Portfolio turnover rate     49 %     61 %     73 %     63 %     58 %

 

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return calculation does not reflect redemption fee.
(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(E) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
   in which the Fund invests.
(F) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 110

 

 

Small Cap Value Fund (Class I Shares)

 

 

Selected data based on a share outstanding throughout each year

 

    For the Year ended September 30,  2022     For the Year ended September 30,  2021     For the Year ended September 30,  2020     For the Year ended September 30,  2019     For the Year ended September 30,  2018  
                               
Net asset value, beginning of year   $ 21.71     $ 14.42     $ 17.45     $ 20.93     $ 20.74  
                                         
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                        
Net investment income (A)     0.14       0.17       0.08       0.11       0.06  
Net realized and unrealized gain (loss) on investments     (3.57 )     7.21       (2.42 )     (1.29 )     1.97  
Total from investment operations     (3.43 )     7.38       (2.34 )     (1.18 )     2.03  
                                         
LESS DISTRIBUTIONS:                                        
From net investment income     (0.13 )     (0.09 )     (0.09 )     -       (0.05 )
From net realized gains on investments     (1.88 )     -       (0.60 )     (2.30 )     (1.79 )
Total distributions     (2.01 )     (0.09 )     (0.69 )     (2.30 )     (1.84 )
                                         
Net asset value, end of year   $ 16.27     $ 21.71     $ 14.42     $ 17.45     $ 20.93  
                                         
Total return (B)     (17.65 )%     51.33 %     (14.14 )%     (3.51 )%     10.37 %
                                         
RATIOS/SUPPLEMENTAL DATA:                                        
Net assets, end of year (in 000's)   $ 46,222     $ 56,299     $ 35,473     $ 36,993     $ 35,140  
Ratios to average net assets                                        
Expenses, before waiver and reimbursement     1.25 %     1.21 %     1.32 %     1.27 %     1.25 %
Expenses, net waiver and reimbursement (C)(E)     1.09 %     1.09 %     1.22 %     1.18 %     1.19 %
Net investment income, before waiver and reimbursement     0.55 %     0.75 %     0.44 %     0.56 %     0.21 %
Net investment income, net waiver and reimbursement (C)(D)€     0.72 %     0.87 %     0.54 %     0.64 %     0.27 %
Portfolio turnover rate     49 %     61 %     73 %     63 %     58 %
              56 %                        

 

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
  Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(C) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(D) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
   in which the Fund invests.
(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 111

 

 

 

Large/Mid Cap Value Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year Ended September 30, 2022   For the Year Ended September 30, 2021   For the Year Ended September 30, 2020   For the Year Ended September 30, 2019   For the Year Ended September 30, 2018 
                     
Net asset value, beginning of year  $21.88   $17.43   $18.86   $20.38   $19.16 
                          
INCOME FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (A)   0.07    (0.01)   0.03    0.09    0.07 
Net realized and unrealized gain (loss) on investments (B)   (2.01)   5.12    0.72    0.12    2.45 
Total from investment operations   (1.94)   5.11    0.75    0.21    2.52 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.00)*   (0.03)   (0.08)   (0.06)   (0.03)
From net realized gains on investments   (1.03)   (0.63)   (2.10)   (1.67)   (1.27)
Total distributions   (1.03)   (0.66)   (2.18)   (1.73)   (1.30)
                          
Net asset value, end of year  $18.91   $21.88   $17.43   $18.86   $20.38 
                          
Total return (C)(D)   (9.70)%   29.89%   3.93%   2.54%   13.58%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $147,928   $160,560   $130,296   $142,420   $172,163 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.46%   1.45%   1.51%   1.51%   1.46%
Expenses, net waiver and reimbursement (E)(G)   1.21%   1.30%   1.41%   1.41%   1.35%
Net investment income (loss), before waiver and reimbursement   0.08%   (0.17)%   0.06%   0.42%   0.27%
Net investment income (loss), net waiver and reimbursement (E)(F)(G)   0.33%   (0.02)%   0.16%   0.52%   0.38%
Portfolio turnover rate   34%   33%   26%   51%   24%

 

 

*Amount is less than $0.005 per share.

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions.
(C)Total return calculation does not reflect sales load.
(D)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(F)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(G)These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 112

 

 

Large/Mid Cap Value Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

    For the Year Ended September 30, 2022   For the Year Ended September 30, 2021   For the Year Ended September 30, 2020   For the Year Ended September 30, 2019   For the Year Ended September 30, 2018 
                     
Net asset value, beginning of year  $16.31   $13.21   $14.82   $16.49   $15.82 
                          
INCOME (LOSS) FROM INVESTMENT  OPERATIONS:                         
                          
Net investment loss (A)   (0.07)   (0.12)   (0.08)   (0.03)   (0.06)
Net realized and unrealized gain (loss) on investments (B)   (1.43)   3.85    0.57    0.03    2.00 
Total from investment operations   (1.50)   3.73    0.49    0.00    1.94 
                          
LESS DISTRIBUTIONS:                         
From net realized gains on investments   (1.03)   (0.63)   (2.10)   (1.67)   (1.27)
Total distributions   (1.03)   (0.63)   (2.10)   (1.67)   (1.27)
                          
Net asset value, end of year  $13.78   $16.31   $13.21   $14.82   $16.49 
                          
Total return (C)(D)   (10.34)%   28.91%   3.14%   1.74%   12.75%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $13,695   $15,162   $14,102   $16,627   $25,852 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   2.21%   2.20%   2.26%   2.26%   2.21%
Expenses, net waiver and reimbursement (E)(G)   1.96%   2.05%   2.16%   2.16%   2.10%
Net investment loss, before waiver and reimbursement   (0.67)%   (0.92)%   (0.69)%   (0.32)%   (0.48)%
Net investment loss, net waiver and reimbursement (E)(F)(G)   (0.42)%   (0.77)%   (0.59)%   (0.22)%   (0.37)%
Portfolio turnover rate   34%   33%   26%   51%   24%

 

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period.
(C)Total return calculation does not reflect redemption fee.
(D)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(F)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(G)These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 113

 

 

Large/Mid Cap Value Fund (Class I Shares)

 

 

Selected data based on a share outstanding throughout each year

 

     For the Year Ended September 30, 2022     For the Year Ended September 30, 2021    For the Year Ended September 30, 2020    For the Year Ended September 30, 2019   For the Year Ended September 30, 2018 
                     
Net asset value, beginning of year  $22.14   $17.63   $19.05   $20.58   $19.34 
                          
INCOME FROM INVESTMENT                         
  OPERATIONS:                         
Net investment income (A)   0.13    0.04    0.07    0.14    0.13 
Net realized and unrealized gain (loss) on investments   (2.04)   5.18    0.74    0.11    2.45 
Total from investment operations   (1.91)    5.22    0.81    0.25    2.58 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.03)   (0.08)   (0.13)   (0.11)   (0.07)
From net realized gains on investments   (1.03)   (0.63)   (2.10)   (1.67)   (1.27)
Total distributions   (1.06)   (0.71)   (2.23)   (1.78)   (1.34)
                          
Net asset value, end of year  $19.17   $22.14   $17.63   $19.05   $20.58 
                          
Total return (B)   (9.48)%   30.20%   4.24%   2.78%   13.83%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $79,945   $77,776   $47,340   $47,477   $35,573 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.21%   1.20%   1.26%   1.26%   1.21%
Expenses, net waiver and reimbursement (C)(E)   0.96%   1.05%   1.16%   1.16%   1.10%
Net investment income, before waiver and reimbursement   0.34%   0.08%   0.31%   0.66%   0.54%
Net investment income, net waiver and reimbursement (C) (D) (E)   0.59%   0.23%   0.41%   0.77%   0.65%
Portfolio turnover rate   34%   33%   26%   51%   24%

 

 

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(C)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(D)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(E)These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 114

 

 

Fixed Income Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

     For the Year Ended September 30, 2022     For the Year Ended September 30, 2021    For the Year Ended September 30, 2020    For the Year Ended September 30, 2019   For the Year Ended September 30, 2018 
                     
Net asset value, beginning of year  $10.44   $10.80   $10.39   $9.81   $10.22 
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (A)   0.08    0.03    0.12    0.16    0.16 
Net realized and unrealized gain (loss) on investments   (1.49)   (0.27)   0.44    0.60    (0.39)
Total from investment operations   (1.41)   (0.24)   0.56    0.76    (0.23)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.11)   (0.12)   (0.15)   (0.18)   (0.18)
Total distributions   (0.11)   (0.12)   (0.15)   (0.18)   (0.18)
                          
Net asset value, end of year  $8.92   $10.44   $10.80   $10.39   $9.81 
                          
Total return (B)(C)   (13.60)%   (2.20)%   5.39%   7.76%   (2.31)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $81,219   $96,586   $91,403   $85,375   $66,119 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.22%   1.34%   1.30%   1.30%   1.30%
Expenses, net waiver and reimbursement (D)   1.02%   1.14%   1.10%   1.13%   1.10%
Net investment income, before waiver and reimbursement   0.64%   0.11%   0.90%   1.46%   1.40%
Net investment income, net waiver and reimbursement (D)   0.84%   0.31%   1.10%   1.62%   1.60%
Portfolio turnover rate   68%   45%   32%   53%   30%

 

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect sales load.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 115

 

 

Fixed Income Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

     For the Year Ended September 30, 2022     For the Year Ended September 30, 2021    For the Year Ended September 30, 2020    For the Year Ended September 30, 2019   For the Year Ended September 30, 2018 
                     
Net asset value, beginning of year  $10.04   $10.38   $9.99   $9.44   $9.85 
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (loss)(A)   0.01    (0.04)   0.04    0.09    0.08 
Net realized and unrealized gain (loss) on investments   (1.44)   (0.27)   0.42    0.57    (0.39)
Total from investment operations   (1.43)    (0.31)   0.46    0.66    (0.31)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.05)   (0.03)   (0.07)   (0.11)   (0.10)
Total distributions   (0.05)   (0.03)   (0.07)   (0.11)   (0.10)
                          
Net asset value, end of year  $8.56   $10.04   $10.38   $9.99   $9.44 
                          
Total return (B)(C)   (14.24)%   (2.99)%   4.59%   7.06%   (3.15)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $8,861   $11,369   $9,320   $8,502   $9,653 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.97%   2.09%   2.05%   2.05%   2.05%
Expenses, net waiver and reimbursement (D)   1.77%   1.89%   1.85%   1.88%   1.85%
Net investment income (loss), before waiver and reimbursement   (0.11)%   (0.64)%   0.15%   0.72%   0.65%
Net investment income (loss), net waiver and reimbursement (D)   0.09%   (0.44)%   0.35%   0.89%   0.85%
Portfolio turnover rate   68%   45%   32%   53%   30%

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect redemption fee.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 116

 

 

Fixed Income Fund (Class I Shares)

 

 

Selected data based on a share outstanding throughout each year

 

     For the Year Ended September 30, 2022     For the Year Ended September 30, 2021    For the Year Ended September 30, 2020    For the Year Ended September 30, 2019   For the Year Ended September 30, 2018 
                     
Net asset value, beginning of year  $10.34   $10.73   $10.32   $9.74   $10.15 
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (A)   0.11    0.06    0.14    0.19    0.18 
Net realized and unrealized gain (loss) on investments   (1.49)   (0.28)   0.44    0.59    (0.39)
Total from investment operations   (1.38)   (0.22)   0.58    0.78    (0.21)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.13)   (0.17)   (0.17)   (0.20)   (0.20)
Total distributions   (0.13)   (0.17)   (0.17)   (0.20)   (0.20)
                          
Net asset value, end of year  $8.83   $10.34   $10.73   $10.32   $9.74 
                          
Total return (B)   (13.41)%   (2.07)%   5.70%   8.05%   (2.06)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $21,308   $18,389   $13,215   $8,095   $3,208 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   0.97%   1.09%   1.05%   1.05%   1.05%
Expenses, net waiver and reimbursement (C)   0.77%   0.89%   0.85%   0.88%   0.85%
Net investment income, before waiver and reimbursement   0.90%   0.36%   1.12%   1.68%   1.66%
Net investment income, net waiver and reimbursement (C)   1.10%   0.56%   1.32%   1.86%   1.86%
Portfolio turnover rate   68%   45%   32%   53%   30%

 

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(C)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 117

 

 

High Yield Bond Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

     For the Year Ended September 30, 2022     For the Year Ended September 30, 2021    For the Year Ended September 30, 2020    For the Year Ended September 30, 2019   For the Year Ended September 30, 2018 
                     
Net asset value, beginning of year  $9.91   $9.26   $9.39   $9.02   $9.40 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
                          
Net investment income (A)   0.41    0.41    0.43    0.39    0.34 
Net realized and unrealized gain (loss) on investments   (1.90)   0.64    (0.15)   0.36    (0.36)
Total from investment operations   (1.49)   1.05    0.28    0.75    (0.02)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.41)   (0.40)   (0.41)   (0.38)   (0.36)
From net realized gains on investments   (0.03)   -    -    -    - 
Total distributions   (0.44)   (0.40)   (0.41)   (0.38)   (0.36)
                          
Net asset value, end of year  $7.98   $9.91   $9.26   $9.39   $9.02 
                          
Total return (B)(C)   (15.45)%   11.42%   3.26%   8.50%   (0.17)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $67,766   $64,216   $45,940   $39,777   $41,991 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.26%   1.38%   1.34%   1.35%   1.44%
Expenses, net waiver and reimbursement (D)   1.18%   1.33%   1.29%   1.31%   1.39%
Net investment income, before waiver and reimbursement   4.36%   4.15%   4.61%   4.24%   3.67%
Net investment income, net waiver and reimbursement (D)   4.44%   4.20%   4.66%   4.28%   3.72%
Portfolio turnover rate   24%   57%   91%   75%   12%

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect sales load.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 118

 

 

High Yield Bond Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $10.08   $9.40   $9.52   $9.14   $9.51 
INCOME (LOSS) FROM INVESTMENT  OPERATIONS:                         
                          
Net investment income (A)   0.34    0.34    0.36    0.32    0.28 
Net realized and unrealized gain (loss) on investments   (1.93)   0.66    (0.14)   0.36    (0.36)
Total from investment operations   (1.59)   1.00    0.22    0.68    (0.08)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.34)   (0.32)   (0.34)   (0.30)   (0.29)
From net realized gains on investments   (0.03)   -    -    -    - 
Total distributions   (0.37)   (0.32)   (0.34)   (0.30)   (0.29)
                          
Net asset value, end of year  $8.12   $10.08   $9.40   $9.52   $9.14 
                          
Total return (B)(C)   (16.14)%   10.71%   2.45%   7.63%   (0.85)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $2,337   $3,138   $2,427   $2,660   $3,219 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   2.01%   2.13%   2.09%   2.10%   2.19%
Expenses, net waiver and reimbursement (D)   1.93%   2.08%   2.04%   2.06%   2.14%
Net investment income, before waiver and reimbursement   3.60%   3.40%   3.84%   3.46%   2.92%
Net investment income, net waiver and reimbursement (D)   3.68%   3.45%   3.89%   3.50%   2.97%
Portfolio turnover rate   24%   57%   91%   75%   12%

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect redemption fee.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 119

 

 

High Yield Bond Fund (Class I Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $9.91   $9.26   $9.39   $9.02   $9.41 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
                         
Net investment income (A)   0.43    0.44    0.45    0.42    0.36 
Net realized and unrealized gain (loss) on investments   (1.90)   0.63    (0.14)   0.35    (0.36)
Total from investment operations   (1.47)   1.07    0.31    0.77    0.00 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.43)   (0.42)   (0.44)   (0.40)   (0.39)
From net realized gains on investments   (0.03)   -    -    -    - 
Total distributions   (0.46)   (0.42)   (0.44)   (0.40)   (0.39)
                          
Net asset value, end of year  $7.98   $9.91   $9.26   $9.39   $9.02 
                          
Total return (B)   (15.24)%   11.71%   3.53%   8.78%   0.00%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $67,093   $69,150   $30,924   $18,363   $11,578 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.01%   1.13%   1.09%   1.10%   1.19%
Expenses, net waiver and reimbursement (C)   0.93%   1.08%   1.04%   1.06%   1.14%
Net investment income, before waiver and reimbursement   4.59%   4.40%   4.86%   4.52%   3.92%
Net investment income, net waiver and reimbursement (C)   4.68%   4.45%   4.91%   4.56%   3.97%
Portfolio turnover rate   24%   57%   91%   75%   12%

 

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(C)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 120

 

 

Israel Common Values Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $24.70   $16.55   $17.84   $15.74   $14.91 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
                          
Net investment income (loss)(A)   0.05    (0.10)   (0.10)   0.00*   (0.04)
Net realized and unrealized gain (loss) on investments   (3.14)   8.25    (1.01)   2.20    1.07 
Total from investment operations   (3.09)   8.15    (1.11)   2.20    1.03 
                          
LESS DISTRIBUTIONS:                         
From net investment income   -    -    (0.18)   -    (0.14)
From net realized gains on investments   -    -    -    (0.10)   - 
Return of Capital        -    0.00*   -    (0.06)
Total distributions   -    -    (0.18)   (0.10)   (0.20)
                          
Net asset value, end of year  $21.61   $24.70   $16.55   $17.84   $15.74 
                          
Total return (B)(C)   (12.51)%   49.24%   (6.35)%   14.12%   7.00%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $53,800   $57,667   $36,800   $49,123   $41,137 
Ratio of expenses to average net assets   1.72%   1.72%   1.84%   1.76%   1.84%
Ratio of net investment income (loss) to average net assets   0.20%   (0.48)%   (0.62)%   0.02%   (0.27)%
Portfolio turnover rate   8%   12%   16%   23%   9%

 

 

*Amount is less than $0.005 per share.
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect sales load.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 121

 

 

Israel Common Values Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30, 2022   For the Year ended September 30, 2021   For the Year ended September 30, 2020   For the Year ended September 30, 2019   For the Year ended September 30, 2018 
                     
Net asset value, beginning of year  $23.29   $15.73   $16.97   $15.09   $14.33 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment loss (A)   (0.13)   (0.26)   (0.22)   (0.12)   (0.15)
Net realized and unrealized gain (loss) on investments   (2.94)   7.82    (0.96)   2.10    1.03 
Total from investment operations   (3.07)   7.56    (1.18)   1.98    0.88 
                          
LESS DISTRIBUTIONS:                         
From net investment income   -    -    (0.06)   -    (0.07)
From net realized gains on investments   -    -    -    (0.10)   - 
Return of Capital   -    -    0.00*   -    (0.05)
Total distributions   -    -    (0.06)   (0.10)   (0.12)
                          
Net asset value, end of year  $20.22   $23.29   $15.73   $16.97   $15.09 
                          
Total return (B)(C)   (13.18)%   48.06%   (7.00)%   13.26%   6.20%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $10,263   $12,293   $9,076   $9,750   $9,220 
Ratio of expenses to average net assets   2.47%   2.47%   2.59%   2.51%   2.59%
Ratio of net investment loss to average net assets   (0.54%)   (1.27)%   (1.37)%   (0.75)%   (1.01)%
Portfolio turnover rate   8%   12%   16%   23%   9%

 

*Amount is less than $0.005 per share.
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect redemption fee.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 122

 

 

Israel Common Values Fund (Class I Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30, 2022   For the Year ended September 30, 2021   For the Year ended September 30, 2020   For the Year ended September 30, 2019   For the Year ended September 30, 2018 
                     
Net asset value, beginning of year  $24.95   $16.68   $17.97   $15.81   $14.97 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (A)   0.12    (0.05)*   (0.06)   0.06    0.01 
Net realized and unrealized gain (loss) on investments   (3.19)   8.32    (1.01)   2.20    1.06(B)
Total from investment operations   (3.07)   8.27    (1.07)   2.26    1.07 
                          
LESS DISTRIBUTIONS:                         
From net investment income   -    -    (0.22)   -    (0.04)
From net realized gains on investments   -    -    -    (0.10)   - 
Return of Capital   -    -    0.00*   -    (0.19)
Total distributions   -    -    (0.22)   (0.10)   (0.23)
                          
Net asset value, end of year  $21.88   $24.95   $16.68   $17.97   $15.81 
                          
Total return (C)   (12.30)%   49.58%   (6.08)%   14.44%   7.22%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $36,790   $45,063   $23,928   $21,533   $10,084 
Ratio of expenses to average net assets   1.47%   1.47%   1.59%   1.51%   1.69%
Ratio of net investment income (loss) to average net assets   0.48%   (0.22)%   (0.37)%   0.38%   0.05%
Portfolio turnover rate   8%   12%   16%   23%   9%

 

*Amount is less than $0.005 per share.
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 123

 

 

Defensive Strategies Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $13.52   $11.78   $11.69   $11.44   $11.37 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (A)   0.28    0.10    (0.01)   0.06    0.10 
Net realized and unrealized gain (loss) on investments   (1.21)   1.64    0.44    0.48    (0.01)
Total from investment operations   (0.93)   1.74    0.43    0.54    0.09 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.07)   -    (0.06)   (0.11)   (0.02)
From net realized gains on investments   -    -    (0.28)   (0.18)   - 
Return of capital   -    -    0.00*   -    - 
Total distributions   (0.07)   -    (0.34)   (0.29)   (0.02)
                          
Net asset value, end of year  $12.52   $13.52   $11.78   $11.69   $11.44 
                          
Total return (B)(C)   (6.92)%   14.77%   3.75%   4.92%   0.75%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $45,313   $40,342   $29,577   $33,926   $40,573 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.42%   1.48%   1.54%   1.45%   1.41%
Expenses, net waiver and reimbursement (D)   1.37%   1.43%   1.49%   1.41%   1.36%
Net investment income (loss), before waiver and reimbursement   1.95%   0.74%   (0.13)%   0.52%   0.86%
Net investment income (loss), net waiver and reimbursement (D)   2.00%   0.79%   (0.08)%   0.56%   0.91%
Portfolio turnover rate   35%   34%   49%   34%   35%

 

*Amount is less than $0.005 per share.
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 124

 

 

Defensive Strategies Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $12.74   $11.18   $11.13   $10.90   $10.90 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (A)   0.18    0.01    (0.09)   (0.03)   0.02 
Net realized and unrealized gain (loss) on investments   (1.16)   1.55    0.42    0.46    (0.02)
Total from investment operations   (0.98)   1.56    0.33    0.43    0.00 
                          
LESS DISTRIBUTIONS:                         
From net investment income   -    -    -    (0.02)   - 
From net realized gains on investments   -    -    (0.28)   (0.18)   - 
From return of capital   -    -    0.00*   -    - 
Total distributions   -    -    (0.28)   (0.20)   - 
                          
Net asset value, end of year  $11.76   $12.74   $11.18   $11.13   $10.90 
                          
Total return (B)(C)   (7.69)%   13.95%   3.01%   4.06%   0.00%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $4,880   $3,388   $2,464   $3,110   $5,432 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   2.17%   2.23%   2.29%   2.20%   2.16%
Expenses, net waiver and reimbursement (D)   2.12%   2.18%   2.24%   2.16%   2.11%
Net investment income (loss), before waiver and reimbursement   1.32%   (0.01)%   (0.89)%   (0.31)%   0.09%
Net investment income (loss), net waiver and reimbursement (D)   1.37%   0.04%   (0.84)%   (0.27)%   0.14%
Portfolio turnover rate   35%   34%   49%   34%   35%

 

*Amount is less than $0.005 per share.
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect redemption fee. Total return represents aggregate total return based on Net Asset Value.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 125

 

 

Defensive Strategies Fund (Class I Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $13.55   $11.77   $11.69   $11.45   $11.38 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (A)   0.35    0.17    0.02    0.09    0.14 
Net realized and unrealized gain (loss) on investments   (1.26)   1.61    0.43    0.47    (0.02)
Total from investment operations   (0.91)   1.78    0.45    0.56    0.12 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.10)   -    (0.09)   (0.14)   (0.05)
From net realized gains on investments   -    -    (0.28)   (0.18)   - 
From return of capital   -    -    0.00*   -    - 
Total distributions   (0.10)   -    (0.37)   (0.32)   (0.05)
                          
Net asset value, end of year  $12.54   $13.55   $11.77   $11.69   $11.45 
                          
Total return (B)(C)   (6.80)%   15.12%   3.96%   5.17%   1.04%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $25,269   $14,750   $5,212   $3,692   $3,071 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.17%   1.23%   1.29%   1.20%   1.16%
Expenses, net waiver and reimbursement (D)   1.12%   1.18%   1.24%   1.16%   1.11%
Net investment income, before waiver and reimbursement   2.39%   1.21%   0.16%   0.78%   1.14%
Net investment income, net waiver and reimbursement (D)   2.44%   1.26%   0.21%   0.82%   1.19%
Portfolio turnover rate   35%   34%   49%   34%   35%

 

*Amount is less than $0.005 per share.
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return represents aggregate total return based on Net Asset Value.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 126

 

 

Strategic Growth Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $10.92   $9.48   $9.64   $9.70   $9.48 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (A)   0.06    0.03    0.04    0.01    0.00*
Net realized and unrealized gain (loss) on investments   (1.70)   1.75    0.16    (0.04)   0.22 
Total from investment operations   (1.64)   1.78    0.20    (0.03)   0.22 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.02)   (0.01)   -    -    - 
From net realized gains on investments   (0.49)   (0.33)   (0.36)   (0.03)   - 
Total distributions   (0.51)   (0.34)   (0.36)   (0.03)   - 
                          
Net asset value, end of year  $8.77   $10.92   $9.48   $9.64   $9.70 
                          
Total return (B)(C)   (15.82)%   19.15%   2.03%   (0.26)%   2.32%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $29,944   $37,731   $32,260   $32,318   $32,078 
Ratio of expenses to average net assets (D)   1.09%   1.10%   1.15%   1.12%   1.10%
Ratio of net investment income, to average net assets (D)(E)   0.56%   0.27%   0.42%   0.16%   0.00%
Portfolio turnover rate   28%   22%   47%   50%   8%

 

*Amount is less than $0.005 per share.
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect sales load.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(E)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 127

 

 

Strategic Growth Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $9.50   $8.34   $8.58   $8.70   $8.57 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (A)   (0.02)   (0.05)   (0.03)   0.03    (0.06)
Net realized and unrealized gain (loss) on investments   (1.45)   1.54    0.15    (0.12)   0.19 
Total from investment operations   (1.47)   1.49    0.12    (0.09)   0.13 
                          
LESS DISTRIBUTIONS:                         
From net realized gains on investments   (0.49)   (0.33)   (0.36)   (0.03)   - 
Total distributions   (0.49)   (0.33)   (0.36)   (0.03)   - 
                          
Net asset value, end of year  $7.54   $9.50   $8.34   $8.58   $8.70 
                          
Total return (B)(C)   (16.42)%   18.19%   1.33%   (0.99)%   1.52%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $2,680   $2,967   $2,743   $3,247   $6,313 
Ratio of expenses to average net assets (D)   1.84%   1.85%   1.90%   1.87%   1.85%
Ratio of net investment income (loss), to average net assets (D)(E)   (0.20)%   (0.48)%   (0.32)%   0.35%   (0.70)%
Portfolio turnover rate   28%   22%   47%   50%   8%

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect redemption fee.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(E)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 128

 

 

Conservative Growth Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $11.66   $10.62   $10.66   $10.75   $10.67 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (A)   0.05    0.02    0.05    0.05    0.02 
Net realized and unrealized gain (loss) on investments   (1.66)   1.31    0.30    0.10    0.09 
Total from investment operations   (1.61)   1.33    0.35    0.15    0.11 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.02)   (0.04)   -    -    - 
From net realized gains on investments   (0.45)   (0.25)   (0.39)   (0.24)   (0.03)
Total distributions   (0.47)   (0.29)   (0.39)   (0.24)   (0.03)
                          
Net asset value, end of year  $9.58   $11.66   $10.62   $10.66   $10.75 
                          
Total return (B)(C)   (14.48)%   12.63%   3.27%   1.61%   1.06%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $37,037   $46,151   $41,546   $40,590   $42,040 
Ratio of expenses to average net assets (D)   1.04%   1.10%   1.12%   1.08%   1.08%
Ratio of net investment income to average net assets (D)(E)   0.43%   0.20%   0.43%   0.44%   0.14%
Portfolio turnover rate   21%   21%   37%   42%   7%

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect sales load.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(E)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 129

 

 

Conservative Growth Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $10.29   $9.43   $9.59   $9.76   $9.76 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (A)   (0.03)   (0.06)   (0.03)   0.01    (0.06)
Net realized and unrealized gain (loss) on investments   (1.45)   1.17    0.26    0.06    0.09(B)
Total from investment operations   (1.48)   1.11    0.23    0.07    0.03 
                          
LESS DISTRIBUTIONS:                         
From net investment income   -    -    -    -    - 
From net realized gains on investments   (0.45)   (0.25)   (0.39)   (0.24)   (0.03)
Total distributions   (0.45)   (0.25)   (0.39)   (0.24)   (0.03)
                          
Net asset value, end of year  $8.36   $10.29   $9.43   $9.59   $9.76 
                          
Total return (C)(D)   (15.10)%   11.84%   2.36%   0.94%   0.34%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $3,895   $5,496   $4,712   $5,504   $9,218 
Ratio of expenses to average net assets (E)   1.79%   1.85%   1.87%   1.83%   1.83%
Ratio of net investment income (loss), to average net assets (E)(F)   (0.32)%   (0.56)%   (0.31)%   0.14%   (0.63)%
Portfolio turnover rate   21%   21%   37%   42%   7%

 

(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period.
(C)Total return calculation does not reflect redemption fees. Total return represents aggregate total return based on Net Asset Value.
(D)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 130

 

 

Growth & Income Fund (Class A Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $11.75   $10.11   $10.60   $10.87   $11.28 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (A)   0.11    0.06    0.09    0.04    0.01 
Net realized and unrealized gain (loss) on investments   (1.03)   1.68    (0.47)   (0.07)   (0.14)
Total from investment operations   (0.92)   1.74    (0.38)   (0.03)   (0.13)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.12)   (0.10)   (0.11)   (0.05)   (0.01)
From net realized gains on investments   (0.05)   -    -    (0.19)   (0.27)
Return of Capital   -    -    0.00*   (0.00)*   - 
Total distributions   (0.17)   (0.10)   (0.11)   (0.24)   (0.28)
                          
Net asset value, end of year  $10.66   $11.75   $10.11   $10.60   $10.87 
                          
Total return (B)(C)   (7.97)%   17.18%   (3.48)%   (0.10)%   (1.22)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $-   $14,191   $13,295   $14,500   $27,716 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.85%   1.90%   1.85%   1.69%   1.70%
Expenses, net waiver and reimbursement (D)   1.27%   1.52%   1.50%   1.65%   1.65%
Net investment income, before waiver and reimbursement   0.36%   0.18%   0.55%   0.37%   0.08%
Net investment income, net waiver and reimbursement (D)(E)   0.94%   0.56%   0.90%   0.42%   0.13%
Portfolio turnover rate   60%   43%   39%   167%   56%

 

*Amount is less than $0.005 per share
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect sales load.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(E)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 131

 

 

Growth & Income Fund (Class C Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $11.31   $9.74   $10.21   $10.51   $10.99 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (A)   0.02    (0.02)   0.02    (0.03)   (0.07)
Net realized and unrealized gain (loss) on investments   (0.98)   1.60    (0.45)   (0.07)   (0.14)
Total from investment operations   (0.96)   1.58    (0.43)   (0.10)   (0.21)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.05)   (0.01)   (0.04)   (0.01)   - 
From net realized gains on investments   (0.05)   -    -    (0.19)   (0.27)
Return of Capital   -    -    0.00*   (0.00)*   - 
Total distributions   (0.10)   (0.01)   (0.04)   (0.20)   (0.27)
                          
Net asset value, end of year  $10.25   $11.31   $9.74   $10.21   $10.51 
                          
Total return (B)(C)   (8.62)%   16.25%   (4.20)%   (0.82)%   (1.97)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $1,923   $1,938   $1,719   $2,388   $3,176 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   2.60%   2.65%   2.60%   2.44%   2.45%
Expenses, net waiver and reimbursement (D)   2.02%   2.27%   2.25%   2.40%   2.40%
Net investment loss, before waiver and reimbursement   (0.41%)   (0.57%)   (0.19%)   (0.34%)   (0.67%)
Net investment income (loss), net waiver and reimbursement (D)(E)   0.17%   (0.19%)   0.16%   (0.29%)   (0.62%)
Portfolio turnover rate   60%   43%   39%   167%   56%

 

*Amount is less than $0.005 per share
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return calculation does not reflect redemption fee.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(E)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 132

 

 

Growth & Income Fund (Class I Shares)

 

 

Selected data based on a share outstanding throughout each year

 

   For the Year ended September 30,  2022   For the Year ended September 30,  2021   For the Year ended September 30,  2020   For the Year ended September 30,  2019   For the Year ended September 30,  2018 
                     
Net asset value, beginning of year  $11.83   $10.18   $10.67   $10.94   $11.34 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment income (A)   0.15    0.09    0.12    0.08    0.04 
Net realized and unrealized gain (loss) on investments   (1.04)   1.69    (0.47)   (0.09)   (0.15)
Total from investment operations   (0.89)   1.78    (0.35)   (0.01)   (0.11)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.15)   (0.13)   (0.14)   (0.07)   (0.02)
From net realized gains on investments   (0.05)   -    -    (0.19)   (0.27)
Return of Capital   -    -    0.00*   (0.00)*   - 
Total distributions   (0.20)   (0.13)   (0.14)   (0.26)   (0.29)
                          
Net asset value, end of year  $10.74   $11.83   $10.18   $10.67   $10.94 
                          
Total return (B)(C)   (7.67)%   17.44%   (3.20)%   0.11%   (0.96)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000's)  $3,154   $2,070   $2,102   $3,182   $3,012 
Ratios to average net assets                         
Expenses, before waiver and reimbursement   1.69%   1.65%   1.60%   1.44%   1.45%
Expenses, net waiver and reimbursement (D)   1.02%   1.27%   1.25%   1.40%   1.40%
Net investment income, before waiver and reimbursement   0.52%   0.43%   0.86%   0.70%   0.33%
Net investment income, net waiver and reimbursement (D)(E)   1.19%   0.81%   1.21%   0.75%   0.38%
Portfolio turnover rate   60%   43%   39%   167%   56%

 

*Amount is less than $0.005 per share
(A)Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.
(B)Total return represents aggregate total return based on Net Asset Value.
(C)Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(E)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

FINANCIAL HIGHLIGHTS

The accompanying notes are an integral part of these financial statements.

 

ANNUAL REPORT | 133

 

Section 7 |    Notes to Financial Statements
SEPTEMBER 30, 2022

 

Timothy Plan Family of Funds

 

Note 1 |Significant Accounting Policies

 

The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of September 30, 2022, the Trust consisted of twenty series. These financial statements include the following twelve series: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund and Timothy Plan Growth & Income Fund (the “Funds”). The Funds are diversified funds except for the Timothy Plan Defensive Strategy Fund which is a non-diversified fund.

 

The Timothy Plan Aggressive Growth Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks without regard to market capitalizations and investing in the securities of a limited number of companies which the Fund’s advisor believes show a high probability for superior growth.

 

The Timothy Plan International Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the securities of foreign companies (companies domiciled in countries other than the United States), without regard to market capitalizations. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

 

The Timothy Plan Large/Mid Cap Growth Fund’s investment objective is long-term growth of capital. Current income is not a significant investment consideration and any such income realized will be considered incidental to the Fund’s investment objective. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks with market capitalizations in excess of $2 billion.

 

The Timothy Plan Small Cap Value Fund’s primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing at least 80% of the Fund’s total assets in U.S. stocks with market capitalizations that fall within the range of companies included in the Russell 2000 Index.

 

The Timothy Plan Large/Mid Cap Value Fund’s investment objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.

 

Notes to Financial Statements

 

ANNUAL REPORT | 134

 

The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities.

 

The Timothy Plan High Yield Bond Fund’s investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of high yield fixed income securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of “BBB” or lower as rated by Standard and Poor’s or a comparable rating by another nationally recognized rating agency. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

 

The Timothy Plan Israel Common Values Fund seeks to provide long-term growth of capital. This Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the common stock of companies domiciled and/or headquartered in Israel through the purchase of American Depositary Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.

 

The Timothy Plan Defensive Strategies Fund’s investment objective is the protection of principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objective, the Fund normally invests in Real Estate Investment Trusts (“REITs”), commodities based Exchange-Traded Funds (“ETFs”), Treasury Inflation Protected Securities (“TIPS”), and currently holds gold bullion.

 

The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 0-20% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 0-20% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-20% of its net assets in the Timothy Plan International Fund; approximately 0-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-20% of its net assets in the Timothy Fixed Income Fund; approximately 0-40% of its net assets in the Timothy Plan U.S. Large/Mid Cap Core ETF; approximately 0-20% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately 0-30% of its net assets in the Timothy Plan International ETF; and approximately 0-20% of its net assets in the Timothy Plan Small Cap Core ETF.

 

The Timothy Plan Conservative Growth Fund seeks to generate moderate levels of long-term capital growth with a secondary objective of current income. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 0-15% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 0-15% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 0-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-20% of its net assets in the Timothy Plan International Fund; approximately 20%-40% of its net assets in the Timothy Plan Fixed Income Fund; approximately 5-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-30% of its net assets in the Timothy Plan U.S. Large/Mid Cap Core ETF; approximately 0-25% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately 0-25% of its net assets in the Timothy Plan International ETF; and approximately 0-15% of its net assets in the Timothy Plan Small Cap Core ETF.

 

Notes to Financial Statements

 

ANNUAL REPORT | 135

 

The Timothy Plan Growth & Income Fund’s investment objective is to provide total return through a combination of growth and income and preservation of capital in declining markets. To achieve its goals, the Fund primarily invests in equity securities of foreign and domestic companies that the advisor believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities.

 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The Funds are an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

 

A.SECURITY VALUATION AND FAIR VALUE MEASUREMENTS

 

All investments in securities are recorded at their estimated fair value as described in Note 2.

 

B.INVESTMENT INCOME AND SECURITIES TRANSACTIONS

 

Security transactions are accounted for on the date the securities are purchased or sold (trade date). The costing method for the Timothy Plan Funds is specific identification. Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large/Mid Cap Value Fund, Israel Common Values Fund, Small Cap Value Fund and Defensive Strategies Fund have made certain investments in REITs. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in REITS are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective yield method. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

 

Notes to Financial Statements

 

ANNUAL REPORT | 136

 

C.FOREIGN TAXES

 

The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

 

D.FOREIGN CURRENCY

 

Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

 

E.GOLD RISK FACTORS

 

There is a risk that some or all of the Trust’s gold bars held by the custodian or any sub-custodian on behalf of the Trust could be lost, damaged or stolen. Access to the Trust’s gold bars could be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the fund shares.

 

Several factors may affect the price of gold, including but not limited to:

 

·Global or regional political, economic or financial events and situations;

 

·Investors’ expectations with respect to the rate of inflation;

 

·Currency exchange rates;

 

·Interest rates; and

 

·Investment and trading activities of hedge funds and commodity funds.

 

F.NET ASSET VALUE PER SHARE

 

The Net Asset Value (“NAV”) per share of the capital stock of the Funds is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding. The NAV is calculated separately for each class of each Fund in the Trust. The net asset value of the classes may differ because of different fees and expenses charged to each class.

 

Notes to Financial Statements

 

ANNUAL REPORT | 137

 

G.EXPENSES

 

Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund’s relative net assets or another appropriate basis as determined by the Board of Trustees (the “Board”).

 

H.CLASSES

 

There are three classes of shares currently offered by all Funds in the Trust, except Strategic Growth Fund and Conservative Growth Fund: Class A shares are offered with a front-end sales charge and ongoing service/distribution fees; Class C shares are offered with a contingent deferred sales charge (“CDSC”) that ends after the first year and ongoing service and distribution fees; Class I shares, which commenced operations on August 1, 2013, are offered without any sales charges or ongoing service distribution fees.

 

Class specific expenses are borne by each specific class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.

 

I.USE OF ESTIMATES

 

In the preparation of financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the year ended. Actual results could differ from those estimates.

 

J.FEDERAL INCOME TAXES

 

It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.

 

As of September 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended September 30, 2022, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.

 

K.INDEMNIFICATION

 

The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

 

Notes to Financial Statements

 

ANNUAL REPORT | 138

 

L.DISTRIBUTIONS TO SHAREHOLDERS

 

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or Net Asset Values (NAVs) per share of the Funds.

 

During the fiscal year ended September 30, 2022, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax treatment of net operating losses, distributions in excess, use of tax equalization credits, resulted in reclassifications for the Funds for the fiscal year ended September 30, 2022 as follows:

 

FUND

  PAID IN Capital  Accumulated earnings (Losses)
Aggressive Growth Fund  $(4,868)  $4,868 
International Fund   17,416    (17,416)
Large/Mid Cap Growth Fund   1,410,300    (1,410,300)
Small Cap Value Fund   1,035,912    (1,035,912)
Large/Mid Cap Value Fund   1,953,880    (1,953,880)
Fixed Income Fund   ---      ---  
High Yield Bond Fund   638,001    (638,001)
Israel Common Values Fund   (383,973)   383,973 
Defensive Strategies Fund   684,878    (684,878)
Strategic Growth Fund   198,405    (198,405)
Conservative Growth Fund   267,199    (267,199)
Growth & Income Fund   126,258    (126,258)

 

M.SUB-CUSTODIAN

 

Effective May 22, 2015, the Timothy Plan Family of Funds entered into a precious metals storage agreement with Brink’s Global Services U.S.A., Inc. to maintain the custody of the gold held in the Timothy Plan Defensive Strategies Fund.

 

Notes to Financial Statements

 

ANNUAL REPORT | 139

 

Note 2 |Security Valuation and Fair Value Measurements

 

The Funds’ securities are valued at fair value. 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.

 

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the “Valuation Designee”). The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

 

FAIR VALUATION PROCESS

 

The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

 

Notes to Financial Statements

 

ANNUAL REPORT | 140

 

VALUATION OF FUND OF FUNDS

 

A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the Board of Trustees 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.

 

EXCHANGE TRADED FUNDS

 

The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.

 

OPTIONS TRANSACTIONS

 

The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

 

Each Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.

 

When the Funds write a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

 

Notes to Financial Statements

 

ANNUAL REPORT | 141

 

The Funds may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a Funds’ portfolio. If such an increase occurs, the call options will permit the Fund to purchase the securities underlying such options at the exercise price, not at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Fund’s portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

 

There were no options held at September 30, 2022, and there were no options transactions for the year ended September 30, 2022.

 

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, preferred stock, ADRs, REITs, LPs, LLCs, PLCs, GDRs and NVDRs 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 including ETFs, 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. Equity securities traded on inactive markets or valued by reference to similar instruments are categorized as a Level 2. 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. Foreign investments are not fair valued using fair value triggers.

 

Notes to Financial Statements

 

ANNUAL REPORT | 142

 

Investments in alternative investments, such as gold bars, are valued at the spot rate at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.

 

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

 

Fixed income securities such as corporate bonds, convertible bonds, government mortgage-backed securities, government notes and bonds, non U.S. government bonds, 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 responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the 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.

 

Notes to Financial Statements

 

ANNUAL REPORT | 143

 

The following is a summary of the inputs used to value each Fund’s investments as of September 30, 2022:

 

Aggressive Growth Fund

 

Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $31,579,623   $---   $---   $31,579,623 
Money Market Fund   3,155,617    ---    ---    3,155,617 
TOTAL  $34,735,240   $---   $---   $34,735,240 

 

International Fund

 

Assets

  Level 1   Level 2   Level 3   Total 
Common Stocks  $110,717,326   $---   $43,600   $110,760,926 
Money Market Fund   5,386,875    ---    ---    5,386,875 
TOTAL  $116,104,201   $---   $43,600   $116,147,801 

 

Large/Mid Cap Growth Fund

 

Assets

  Level 1   Level 2   Level 3   Total 
Common Stocks  $84,085,653   $---   $---   $84,085,653 
Exchange Traded Funds   23,076,496    ---    ---    23,076,496 
Money Market Fund   6,787,989    ---    ---    6,787,989 
TOTAL  $113,950,138   $---   $---   $113,950,138 

 

Small Cap Value Fund

 

 

Assets

  Level 1   Level 2   Level 3   Total 
Common Stocks  $122,371,297   $---   $---   $122,371,297 
Exchange Traded Funds   16,068,204    ---    ---    16,068,204 
Money Market Fund   2,189,084    ---    ---    2,189,084 
TOTAL  $140,628,585   $---   $---   $140,628,585 

 

Notes to Financial Statements

 

ANNUAL REPORT | 144

 

Large/Mid Cap Value Fund

 

Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $176,495,379   $---   $---   $176,495,379 
Exchange Traded Funds   54,376,578    ---    ---    54,376,578 
Money Market Fund   11,219,806    ---    ---    11,219,806 
TOTAL  $242,091,763   $---   $---   $242,091,763 

 

Fixed Income Fund

 

Assets  Level 1   Level 2   Level 3   Total 
Corporate Bonds  $---   $24,200,191   $---   $24,200,191 
Non U.S. Government & Agencies   ---    2,085,341    ---    2,085,341 
U.S. Government & Agencies   ---    33,078,523    ---    33,078,523 
Money Market Fund   935,216    ---    ---    935,216 
U.S. Treasury Notes   ---    49,284,649    ---    49,284,649 
TOTAL  $935,216   $108,648,704   $---   $109,583,920 

 

High Yield Bond Fund

 

Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $---   $132,367,179   $---   $132,367,179 
Preferred Stocks   5,902    ---    ---    5,902 
Money Market Fund   2,722,404    ---    ---    2,722,404 
TOTAL  $2,728,306   $132,367,179   $---   $135,095,485 

 

Notes to Financial Statements

 

ANNUAL REPORT | 145

 

Israel Common Values Fund

 

Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $97,894,456   $---   $---   $97,894,456 
Money Market Fund   2,917,803    ---    ---    2,917,803 
TOTAL  $100,812,259   $---   $---   $100,812,259 

 

Defensive Strategies Fund

 

Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $33,418,506   $---   $---   $33,418,506 
Exchange Traded Funds   1,574,120    ---    ---    1,574,120 
Treasury Inflation Protected Securities (TIPS)   ---    19,636,952    ---    19,636,952 
Closed End Fund   3,832,980    ---    ---    3,832,980 
Alternative Investments   10,208,685    ---    ---    10,208,685 
Money Market Fund   6,935,593    ---    ---    6,935,593 
TOTAL  $55,969,884   $19,636,952   $---   $75,606,836 

 

Strategic Growth Fund

 

Assets  Level 1   Level 2   Level 3   Total 
Exchange Traded Funds  $18,174,222   $---   $---   $18,174,222 
Mutual Funds   13,538,965    ---    ---    13,538,965 
Money Market Fund   949,678    ---    ---    949,678 
TOTAL  $32,662,865   $---   $---   $32,662,865 

 

Notes to Financial Statements

 

ANNUAL REPORT | 146

 

Conservative Growth Fund

 

Assets  Level 1   Level 2   Level 3   Total 
Exchange Traded Funds  $15,761,854   $---   $---   $15,761,854 
Mutual Funds   24,288,232    ---    ---    24,288,232 
Money Market Fund   940,028    ---    ---    940,028 
TOTAL  $40,990,114   $---   $---   $40,990,114 

 

Growth & Income Fund

 

Assets  Level 1   Level 2   Level 3   Total 
Corporate Bonds  $---   $1,243,654   $---   $1,243,654 
Non U.S. Government & Agencies   ---    111,843    ---    111,843 
U.S. Government & Agencies   ---    2,068,567    ---    2,068,567 
Exchange Traded Funds   10,533,601    ---    ---    10,533,601 
Money Market Fund   217,907    ---    ---    217,907 
U.S. Treasury Notes   ---    4,103,442    ---    4,103,442 
TOTAL  $10,751,508   $7,527,506   $---   $18,279,014 

 

Refer to the Schedules of Investments for industry classifications.

 

For the year ended September 30, 2022, there were no significant changes into/out of Level 3. The transfers into Level 3 investments for the International Fund recognized at the end of the period, were immaterial, although the change in unrealized appreciation/(depreciation) on these investments was $(3,354,924).

 

Notes to Financial Statements

 

ANNUAL REPORT | 147

 

Note 3 |Purchases and Sales of Securities

 

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the year ended September 30, 2022:

 

   PURCHASES   SALES 
Fund  U.S. Gov't Obligations   Other   U.S. Gov't Obligations   Other 
Aggressive Growth  $-   $19,574,226   $-   $24,744,371 
International   -    33,008,934    -    8,451,242 
Large/Mid Cap Growth *   -    50,731,136    -    44,776,996 
Small Cap Value *   -    79,783,598    -    78,317,699 
Large/Mid Cap Value *   -    107,991,961    -    85,792,881 
Fixed Income   80,516,717    5,530,217    66,628,430    14,530,101 
High Yield Bond   -    61,416,624    -    30,594,845 
Israel Common Values   -    14,506,046    -    9,893,939 
Defensive Strategies   -    45,167,490    -    23,321,592 
Strategic Growth *   -    10,506,626    -    11,965,791 
Conservative Growth *   -    9,937,113    -    12,737,674 
Growth & Income *   8,253,764    5,248,179    4,806,070    6,830,278 

 

*The security transactions are inclusive of purchases and sales of affiliated funds.

 

Note 4 |Investment Advisory Agreement and Transactions with Service Providers

 

Timothy Partners, Ltd., (“TPL”) is the investment advisor for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on February 23, 2022. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund; 0.85% of the average daily net assets of the Timothy Plan Aggressive Growth, the Timothy Plan Small Cap Value, the Timothy Plan Large/Mid Cap Growth, the Timothy Plan Growth & Income and the Timothy Plan Large/Mid Cap Value Funds; 0.60% of the average daily net assets of the Timothy Plan Fixed Income, the Timothy Plan High Yield Bond, and the Timothy Plan Defensive Strategies Funds; and 0.65% of the average daily net assets of the Timothy Plan Conservative Growth and the Timothy Plan Strategic Growth Funds. TPL has voluntarily agreed to reduce the fee it receives from the International Fund to 0.95%; from the Large/Mid Cap Growth Fund, the Small Cap Value Fund and the Large/Mid Cap Value Fund to 0.80%; from the Aggressive Growth Fund to 0.75%; from the High Yield Bond Fund and the Defensive Strategies Fund to 0.55%; from the Growth & Income Fund to 0.70%; and from the Fixed Income Fund to 0.40%. From January 1, 2022 through September 30, 2022 TPL voluntarily reduced the fee it receives from the High Yield Bond Fund to 0.50%. Such voluntary fee reductions/reimbursements may be authorized by TPL at any time, but such action shall not obligate TPL to waive any fees in the near future. Such voluntary fee reductions/reimbursements are not subject to future recoupment. An officer and trustees of the Funds is also an officer and owner of the advisor.

 

Notes to Financial Statements

 

ANNUAL REPORT | 148

 

For the year ended September 30, 2022, TPL waived advisory fees for the Funds as follows:

 

FUND  YEAR ENDED SEPTEMBER 30, 2022 
Aggressive Growth Fund  $45,561 
International Fund   66,571 
Large/Mid Cap Growth Fund   67,865 
Small Cap Value Fund   79,214 
Large/Mid Cap Value Fund   133,291 
Fixed Income Fund   243,268 
High Yield Bond Fund   124,946 
Defensive Strategies Fund   36,874 
Growth & Income Fund   29,901 

 

The Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund and the Growth & Income Fund invested a portion of assets in the Timothy Plan High Dividend Stock Enhanced ETF, the Timothy Plan High Dividend Stock ETF, the Timothy Plan US Large/Mid Cap Core Enhanced ETF, the Timothy Plan US Large/Mid Cap Core ETF and the Timothy Plan US Small Cap Core ETF. The adviser has agreed to waive its advisory fee on the portion of the Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund and the Growth & Income Fund assets that are invested in the ETF’s. For the year ended September 30, 2022, the Funds’ waived fees as follows pursuant to that arrangement.

 

FUND  YEAR ENDED SEPTEMBER 30, 2022 
Large/Mid Cap Growth Fund  $202,624 
Small Cap Value Fund   150,017 
Large/Mid Cap Value Fund   488,193 
Growth & Income Fund   85,876 

 

Notes to Financial Statements

 

ANNUAL REPORT | 149

 

TPL, with the prior approval of the Board and shareholders of the applicable Fund, has engaged the services of other investment advisory firms (“Investment Managers”) to provide portfolio management services to the Funds. TPL pays the Investment Managers as follows:

 

Barrow Hanley

 

As compensation for its services with respect to the Fixed-Income Fund and High Yield Bond Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375% of 1% of the first $20,000,000 in the average net assets of each Fund. As compensation for its services with respect to the Defensive Strategies Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.15% of the average net assets in the Debt Instrument Allocation of the Fund. As compensation for its services with respect to the Growth and Income Fund , Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375 of 1% of the first $20,000,00 of the average net assets in the fixed income allocation of the Fund.

 

Chartwell

 

As compensation for its services, Chartwell receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.

 

Chilton

 

For its services rendered to the DS Fund, Adviser will pay to Investment Manager a fee at an annual rate equal to 0.42% of the Defensive Strategies Fund’s average daily assets allocated to the REIT sleeve of the Defensive Strategies Fund’s investment portfolio (“Allocated Assets”) up to $10 million, 0.39% for the next $10 million in Allocated Assets, 0.35% for the next $30 million in Allocated Assets, and 0.30% of Allocated Assets over $50 million.

 

CoreCommodity

 

As compensation for its services to the Fund, CORE receives from TPL an annual fee at a rate equal to 0.40% of the Fund’s average daily assets up to $25 million, and 0.35% of average daily net assets over $25 million.

 

Eagle

 

As compensation for its services, Eagle receives from TPL an annual fee at a rate equal to 0.60% of the first $100 million in assets of the Fund; and 0.50% of assets over $100 million.

 

Westwood

 

As compensation for its services, Westwood receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.

 

Ultimus Fund Services, LLC (“UFS”) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:

 

Notes to Financial Statements

 

ANNUAL REPORT | 150

 

Fund Accounting and Fund Administration Fees:

 

Fund Complex Base annual fee:

 

·25 basis points (0.25%) on the first $200 million of net assets

 

·15 basis points (0.15%) on the next $200 million of net assets;

 

·8 basis points (0.08%) on the next $600 million of net assets; and

 

·6 basis points (0.06%) on net assets greater than $1 billion.

 

Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trust’s agreement with UFS. Therefore, there is no separate base annual fee per Fund or share class.

 

The Timothy Plan Aggressive Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares. Class I shares are not subject to the shareholder services plan.

 

The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds do not impose a service fee. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares.

 

Notes to Financial Statements

 

ANNUAL REPORT | 151

 

For the year ended September 30, 2022, the Funds paid TPL under the terms of the Plans as follows:

 

FUND  YEAR ENDED SEPTEMBER 30, 2022 
Aggressive Growth  $112,568 
International   158,247 
Large/Mid Cap Growth   349,186 
Small Cap Value   323,614 
Large/Mid Cap Value   575,798 
Fixed Income   327,455 
High Yield Bond   220,803 
Israel Common Values   283,130 
Defensive Strategies   161,300 
Strategic Growth   22,545 
Conservative Growth   36,849 
Growth & Income   58,945 

 

For the year ended September 30, 2022, the Funds paid TPL under the terms of the Plans as follows:

 

FUND  SALES CHARGES (CLASS A)   CDSC FEES (CLASS C) 
Aggressive Growth  $19,684   $472 
International   20,603    212 
Large/Mid Cap Growth   59,528    337 
Small Cap Value   27,152    651 
Large/Mid Cap Value   60,943    2,132 
Fixed Income   41,406    3,731 
High Yield Bond   28,269    547 
Israel Common Values   29,760    7,268 
Defensive Strategies   26,088    136 
Strategic Growth   12,504    488 
Conservative Growth   22,492    1,062 
Growth & Income   8,578    155 

 

Notes to Financial Statements

 

ANNUAL REPORT | 152

 

Note 5 |Control Ownership

 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. At September 30, 2022, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.

 

Certain Timothy Plan Funds own shares of other Timothy Plan Funds. U.S. Bank, N.A., custodian of the Timothy Plan Funds, holds these shares in omnibus accounts, some of which are controlled by National Financial Services, Inc. The following shows the percentage of each Timothy Plan Fund that is held by U.S. Bank, N.A., as custodian of the Timothy Plan Funds. These accounts can be considered affiliated to the Timothy Plan.

 

FUND – CLASS A % OF FUND OWNED BY
OTHER TIMOTHY PLAN FUNDS
International 13.66%
Fixed Income 35.44%
High Yield Bond 9.15%
Defensive Strategies 17.21%

 

Note 6 |Underlying Investment in Other Investment Companies

 

The Conservative Growth Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund (the “Security”). The Fund may redeem its investments from the Security at any time if the advisor determines that it is in the best interest of the Fund and its shareholders to do so.

 

The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of September 30, 2022, 40.4% of the Conservative Growth Fund’s net assets were invested in the Timothy Plan Fixed Income Fund.

 

The Growth & Income Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan High Dividend Stock Enhanced ETF (the “ETF”). The Fund may redeem its investments from the ETF at any time if the advisor determines that it is in the best interest of the Fund and its shareholders to do so.

 

The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of September 30, 2022, 36.3% of the Growth & Income Fund’s net assets were invested in the Timothy Plan High Dividend Stock Enhanced ETF.

 

Notes to Financial Statements

 

ANNUAL REPORT | 153

 

Note 7 |Investments in Affiliated Companies

 

The Funds’ transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund’s investment advisor is under common control with the Fund’s investment advisor.

 

The Timothy Plan Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the year ended September 30, 2022, with affiliates:

 

LARGE/MID CAP GROWTH  YEAR ENDED SEPTEMBER 30, 2022 
Fund  Fair Value ($) September 30, 2021   Purchases ($)   Sales ($)   Dividends Credited to Income ($)   Amount of Gain (Loss) Realized on Sale of Shares ($)   Net Change in Unrealized Appreciation (Depreciation) ($)   Fair Value ($) September 30, 2022 
TP US Large/Mid Cap Core Enhanced ETF   1,885,976    14,942,550    -    119,355    -    (1,741,780)   15,086,746 
TP US Large/Mid Cap Core ETF   23,152,773    -    14,877,924    96,270    4,843,924    (5,129,023)   7,989,750 
Total   25,038,749              215,625    4,843,924    (6,870,803)   23,076,496 

 

SMALL CAP VALUE  YEAR ENDED SEPTEMBER 30, 2022 
Fund  Fair Value ($) September 30, 2021   Purchases ($)   Sales ($)   Dividends Credited to Income ($)   Amount of Gain (Loss) Realized on Sale of Shares ($)   Net Change in Unrealized Appreciation (Depreciation) ($)   Fair Value ($) September 30, 2022 
TP US Small Cap Core ETF   19,173,988    -    -    211,981    -    (3,105,784)   16,068,204 

 

Notes to Financial Statements

 

ANNUAL REPORT | 154

 

LARGE/MID CAP VALUE  YEAR ENDED SEPTEMBER 30, 2022 
Fund  Fair Value ($) September 30, 2021   Purchases ($)   Sales ($)   Dividends Credited to Income ($)   Amount of Gain (Loss) Realized on Sale of Shares ($)   Net Change in Unrealized Appreciation (Depreciation) ($)   Fair Value ($) September 30, 2022 
TP High Dividend Stock Enhanced ETF   802,943    13,967,100    -    332,659    -    (1,933,181)   12,836,862 
TP High Dividend Stock ETF   26,150,161    -    14,006,179    334,029    2,762,929    (2,501,910)   12,405,001 
TP US Large/Mid Cap Core Enhanced ETF   1,885,976    15,991,149    -    126,658    -    (1,857,660)   16,019,465 
TP US Large/Mid Cap Core ETF   30,116,013    -    15,993,768    152,434    5,207,218    (6,214,213)   13,115,250 
Total   58,955,093              945,780    7,970,147    (12,506,964)   54,376,578 

 

STRATEGIC GROWTH  YEAR ENDED SEPTEMBER 30, 2022 
Fund  Fair Value ($) September 30, 2021   Purchases ($)   Sales ($)   Dividends Credited to Income ($)   Amount of Gain (Loss) Realized on Sale of Shares ($)   Net Change in Unrealized Appreciation (Depreciation) ($)   Fair Value ($) September 30, 2022 
International   4,026,138    368,770    927,647    14,981    276,995    (1,236,412)   2,507,844 
Fixed Income   7,781,458    1,101,616    1,816,828    72,256    (4,391)   (1,024,347)   6,037,508 
High Yield Bond   2,119,374    692,475    317,515    108,769    25,382    (505,722)   2,013,994 
Defensive Strategies   2,884,121    963,861    618,771    19,277    145,418    (395,010)   2,979,619 
Timothy Plan High Dividend Stock Enhanced ETF   1,194,681    2,320,374    565,108    75,324    7,515    (329,467)   2,627,995 
Timothy Plan High Dividend Stock ETF   1,788,261    -    1,899,643    3,918    428,172    (316,790)   - 
Timothy Plan International ETF   9,157,507    525,428    454,299    236,461    52,141    (2,620,017)   6,660,760 
Timothy Plan US Large/Mid Cap Core Enhanced ETF   3,007,765    4,495,911    820,656    51,153    (19,202)   (546,598)   6,117,220 
Timothy Plan US Large/Mid Cap Core ETF   3,793,886    -    4,053,081    2,690    1,319,873    (1,060,678)   - 
Timothy Plan US Small Cap Core ETF   3,696,976    82,470    492,246    38,590    129,205    (648,158)   2,768,247 
Total   39,450,167              623,419    2,361,108    (8,683,199)   31,713,187 

 

Notes to Financial Statements

 

ANNUAL REPORT | 155

 

CONSERVATIVE GROWTH  YEAR ENDED SEPTEMBER 30, 2022 
Fund  Fair Value ($) September 30, 2021   Purchases ($)   Sales ($)   Dividends Credited to Income ($)   Amount of Gain (Loss) Realized on Sale of Shares ($)   Net Change in Unrealized Appreciation (Depreciation) ($)   Fair Value ($) September 30, 2022 
International   3,326,366    405,321    756,224    12,946    167,486    (997,467)   2,145,482 
Fixed Income   21,117,696    1,057,884    2,749,861    201,148    (117,414)   (2,767,531)   16,540,774 
High Yield Bond   2,963,127    729,148    320,125    148,714    883    (656,597)   2,716,436 
Defensive Strategies   3,142,415    462,296    496,948    18,859    124,293    (346,516)   2,885,540 
TP High Dividend Stock Enhanced ETF   759,146    1,598,220    425,753    50,719    10,496    (211,261)   1,730,848 
TP High Dividend Stock ETF   1,014,128    -    1,077,293    2,222    309,995    (246,830)   - 
TP International ETF   7,084,554    541,995    941,932    175,911    88,533    (1,952,286)   4,820,864 
TP US Large/Mid Cap Core Enhanced ETF   3,044,505    5,047,089    960,139    55,601    (4,557)   (595,852)   6,531,046 
TP US Large/Mid Cap Core ETF   4,063,782    -    4,341,415    2,882    1,489,567    (1,211,934)   - 
TP US Small Cap Core ETF   3,653,736    182,000    667,986    38,116    172,311    (660,965)   2,679,096 
Total   50,169,455              707,118    2,241,593    (9,647,239)   40,050,086 

 

GROWTH & INCOME  YEAR ENDED SEPTEMBER 30, 2022 
Fund  Fair Value ($) September 30, 2021   Purchases ($)   Sales ($)   Dividends Credited to Income ($)   Amount of Gain (Loss) Realized on Sale of Shares ($)   Net Change in Unrealized Appreciation (Depreciation) ($)   Fair Value ($) September 30, 2022 
TP High Dividend Stock Enhanced ETF   2,433,160    5,043,675    -    175,138    -    (867,980)   6,608,855 
TP High Dividend Stock ETF   9,434,568    -    5,677,772    110,781    1,130,502    (962,552)   3,924,746 
Total   11,867,728              285,919    1,130,502    (1,830,532)   10,533,601 

 

Notes to Financial Statements

 

ANNUAL REPORT | 156

 

Note 8 |Aggregate Unrealized Appreciation and Depreciation

 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at September 30, 2022, were as follows:

 

FUND  TAX COST   GROSS UNREALIZED APPRECIATION   GROSS UNREALIZED DEPRECIATION   NET UNREALIZED APPRECIATION/ (DEPRECIATION) 
Aggressive Growth  $34,858,236   $4,331,962   $(4,454,958)  $(122,996)
International   120,158,475    11,666,647    (15,677,321)   (4,010,674)
Large/Mid Cap Growth   106,252,743    17,065,614    (9,368,219)   7,697,395 
Small Cap Value   157,195,996    7,043,705    (23,611,116)   (16,567,411)
Large/Mid Cap Value   223,233,439    36,222,975    (17,364,651)   18,858,324 
Fixed Income   125,802,626    ---    (16,218,706)   (16,218,706)
High Yield Bond   162,076,750    209,917    (27,191,182)   (26,981,265)
Israel Common Values   62,810,365    40,958,430    (2,956,536)   38,001,894 
Defensive Strategies   79,776,580    5,217,173    (9,386,918)   (4,169,745)
Strategic Growth   36,409,941    414,924    (4,162,000)   (3,747,076)
Conservative Growth   45,830,260    541,264    (5,381,410)   (4,840,146)
Growth & Income   19,639,260    604,815    (1,965,061)   (1,360,246)

 

Note 9 |Distributions to Shareholders and Tax Components of Capital

 

The tax character of distributions paid during the fiscal year ended September 30, 2022 and the fiscal year ended September 30, 2021 were as follows:

 

Notes to Financial Statements

 

ANNUAL REPORT | 157

 

   AGGRESSIVE GROWTH ($)   INTERNATIONAL ($)   LARGE/MID CAP GROWTH ($)   SMALL CAP VALUE ($) 
Year ended September 30, 2022                
Ordinary Income   140,857    788,671    -    10,915,173 
Long-term Capital Gains   4,424,572    -    8,755,549    4,911,381 
    4,565,429    788,671    8,755,549    15,826,554 

 

 

  

Year ended September 30, 2021                    
Ordinary Income   -    -    -    381,400 
Long-term Capital Gains   2,250,728    -    1,972,013    - 
    2,250,728    -    1,972,013    381,400 

 

   LARGE/MID CAP VALUE ($)   FIXED INCOME ($)   HIGH YIELD BOND ($)   ISRAEL COMMON VALUES ($) 
Year ended September 30, 2022                
Ordinary Income   392,066    1,361,028    6,878,043    - 
Long-term Capital Gains   11,967,418    -    -    - 
    12,359,484    1,361,028    6,878,043    - 
                     

 

 

 

Year ended September 30, 2021                    
Ordinary Income   4,829,716    1,398,718    4,521,889    - 
Long-term Capital Gains   2,241,234    -    -    - 
    7,070,950    1,398,718    4,521,889    - 

 

Notes to Financial Statements

 

ANNUAL REPORT | 158

 

   DEFENSIVE STRATEGIES ($)   STRATEGIC GROWTH ($)   CONSERVATIVE GROWTH ($)   GROWTH & INCOME FUND ($) 
Year ended September 30, 2022                
Ordinary Income   339,172    90,957    68,117    198,901 
Long-term Capital Gains   -    1,827,959    1,999,058    77,726 
   339,172    1,918,916    2,067,175    276,627 

 

 

  

Year ended September 30, 2021                
Ordinary Income   -    57,336    156,686    137,308 
Long-term Capital Gains   -    1,207,004    1,068,245    4,742 
    -    1,264,340    1,224,931    142,050 

 

Notes to Financial Statements

 

ANNUAL REPORT | 159

 

As of September 30, 2022, the components of distributable earnings on a tax basis were as follows:

 

   AGGRESSIVE GROWTH FUND
($)
   INTERNATIONAL FUND
($)
   LARGE/MID CAP GROWTH FUND
($)
   SMALL CAP VALUE FUND
($)
 
Undistributed Ordinary Income   -    814,346    -    731,485 
Undistributed Long-Term Capital Gains   1,123,705    -    10,629,628    9,432,059 
Capital Loss Carry Forward   -    (354,740)   -    - 
Post October and Other Losses   (235,767)   (2,867,324)   (274,101)   - 
Unrealized Appreciation (Depreciation)   (122,996)   (4,010,734)   7,697,345    (16,567,411)
    764,942    (6,418,452)   18,052,872    (6,403,867)

 

   LARGE/MID CAP VALUE FUND
($)
   FIXED INCOME FUND
($)
   HIGH YIELD BOND FUND
($)
   ISRAEL COMMON VALUES FUND
($)
 
Undistributed Ordinary Income   684,451    17,511    -    - 
Undistributed Long-Term Capital Gains   13,574,106    -    -    - 
Capital Loss Carry Forward   -    (682,864)   -    (900,215)
Post October and Other Losses   -    (1,325,219)   -    (2,755,144)
Unrealized Appreciation (Depreciation)   18,858,324    (16,218,706)   (26,981,265)   38,001,040 
    33,116,881    (18,209,278)   (26,981,265)   34,345,681 

 

   DEFENSIVE STRATEGIES FUND
($)
   STRATEGIC GROWTH FUND
($)
   CONSERVATIVE GROWTH FUND
($)
   GROWTH & INCOME FUND
($)
 
Undistributed Ordinary Income   1,817,944    191,787    184,097    - 
Undistributed Long-Term Capital Gains   1,683,324    2,166,148    1,981,648    909,617 
Capital Loss Carry Forward   -    -    -    - 
Post October and Other Losses   -    -    -    - 
Unrealized Appreciation (Depreciation)   (4,170,204)   (3,747,076)   (4,840,146)   (1,360,246)
    (668,936)   (1,389,141)   (2,674,401)   (450,629)

 

Notes to Financial Statements

 

ANNUAL REPORT | 160

 

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from investments are primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and adjustments for C-Corporation return of capital distributions, partnerships, and perpetual bonds. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $(60), $(459), $(50), $(854) for the International, Defensive Strategies, Large-Mid Cap Growth, and Israel Common Values Funds, respectively.

 

Note 10 |Capital Loss Carryforwards, Post October and Other Losses

 

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:

 

FUND  LATE YEAR LOSSES 
Aggressive Growth Fund  $235,767 
Large/Mid Cap Growth Fund   274,101 
Israel Common Values Fund   60,778 

 

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

 

FUND  POST OCTOBER LOSSES 
International Fund  $2,867,324 
Fixed Income Fund   1,325,219 
Israel Common Values Fund   2,694,366 

 

Notes to Financial Statements

 

ANNUAL REPORT | 161

 

At September 30, 2022, the Funds had capital loss carry forwards, which have an unlimited expiration, for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards as follows:

 

   Capital Loss Carry Forward 
FUND  SHORT-TERM   LONG-TERM   TOTAL   UTILIZED 
International Fund  $350,281   $4,459   $354,740    $--- 
Fixed Income Fund   682,864    -    682,864    414,139 
Israel Common Values Fund   900,215    -    900,215    - 
Defensive Strategies Fund   -    -    -    149,153 

 

To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset, will not be distributed to shareholders. 

 

Note 11 |Subsequent Events

 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial issues were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

 

Note 12 |Foreign Tax Credit (UNAUDITED)

 

The following funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended September 30, 2022, were as follows:

 

9/30/2022  FOREIGN TAXES PAID   FOREIGN SOURCE INCOME 
International Fund   0.04    0.07 
Israel Common Values Fund   0.16    0.07 
Strategic Growth Fund   0.01    0.06 
Conservative Growth Fund   0.01    0.04 

 

FOR FISCAL YEAR ENDED 9/30/2021  FOREIGN TAXES PAID   FOREIGN SOURCE INCOME 
International Fund   0.03    0.09 
Israel Common Values Fund   -    - 
Strategic Growth Fund   0.01    0.05 
Conservative Growth Fund   0.00    0.03 

 

Notes to Financial Statements

 

ANNUAL REPORT | 162

 

Section 9 |  Report to Shareholder Meeting
SEPTEMBER 30, 2022 (UNAUDITED)

 

Timothy Plan Family of Funds

 

A Special Meeting of Shareholders of the Timothy Plan Aggressive Growth Fund and Timothy Plan Large/Mid Cap Growth Fund (the “Funds”), each a series of the Timothy Plan Trust (the “Trust”), was called on Monday, August 1, 2022, reconvened on August 8, 2022, and reconvened on Monday, August 15, at 3:00 p.m. Eastern Time at the offices of Ultimus Fund Solutions, LLC, the Fund’s administrator, located at 80 Arkay Drive, Suite 110, Hauppauge, NY 11788 (the “Shareholder Meeting”). At the Shareholder Meeting, the shareholders of the Funds were asked to approve, with respect to each Fund, a new sub-investment advisory agreement by and between the Trust and Chartwell Investment Partners, LLC (“Chartwell”). The following shares of each Fund were present at the Shareholder Meeting by proxy.

TIMOTHY PLAN FUNDS

SHARES OUTSTANDING SHARES PRESENT IN PERSON OR BY PROXY PERCENTAGE OF SHARES PRESENT FOR QUORUM
TP Aggressive Growth Fund 4,276,749 2,208,340 51.64%
TP Large/Mid Cap Growth Fund 11,999,583 6,011,258 50.10%

 

The final tabulation results of the Shareholder Meeting were as follows:

 

pROPOSAL 1 |For each Fund’s shareholders, voting separately for their own Fund, the sole matter to be considered at the Shareholder Meeting will be:

 

Timothy Plan Aggressive Growth Fund: Approval of new investment sub-advisory agreement with Chartwell by the Timothy Plan Aggressive Growth Fund’s shareholders.

 

Timothy Plan Large/Mid Cap Growth Fund: Approval of new investment sub-advisory agreement with Chartwell by the Timothy Plan Large/Mid Cap Growth Fund’s shareholders.

 

 

TIMOTHY PLAN funds

fOR aGAINST aBSTAIN % vOTED IN fAVOR
TP Aggressive Growth Fund 2,002,585 57,987 147,768 90.68%
TP Large/Mid Cap Growth Fund 5,473,749 57,704 479,806 91.06%

 

REPORT TO SHAREHOLDER MEETING (UNAUDITED)

 

ANNUAL REPORT | 163

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Trustees of

The Timothy Plan

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund, and Timothy Plan Growth & Income Fund (the “Funds”), twelve of the portfolios constituting The Timothy Plan, as of September 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, including observation of precious metals, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

We have served as the auditor of one or more investment companies advised by Timothy Partners, Ltd., since 2005.

 

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 29, 2022

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

ANNUAL REPORT | 164

 

Section 11 | Expense Examples
SEPTEMBER 30, 2022 (UNAUDITED)

 

As a shareholder of a Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs”, (in dollars) of investing in each Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.

 

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of April 1, 2022 through September 30, 2022.

 

Actual Expenses

 

The first line of the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

Hypothetical Example for Comparison Purposes

 

The second line of the tables provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
AGGRESSIVE GROWTH FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $781.10 $5.27
Hypothetical - Class A ** $1,000.00 $1,019.15 $5.97
Actual - Class C * $1,000.00 $778.50 $8.60
Hypothetical - Class C ** $1,000.00 $1,015.39 $9.75
Actual - Class I * $1,000.00 $782.50 $4.16
Hypothetical - Class I ** $1,000.00 $1,020.41 $4.71

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.18% for Class A, 1.93% for Class C and 0.93% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Aggressive Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -21.89% for Class A, -22.15% for Class C and -21.75% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

ANNUAL REPORT | 165

 

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
INTERNATIONAL FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $782.20 $6.30
Hypothetical - Class A ** $1,000.00 $1,018.00 $7.13
Actual - Class C * $1,000.00 $779.10 $9.63
Hypothetical - Class C ** $1,000.00 $1,014.24 $10.91
Actual - Class I * $1,000.00 $782.80 $5.18
Hypothetical - Class I ** $1,000.00 $1,019.25 $5.87

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.41% for Class A, 2.16% for Class C and 1.16% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The International Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -21.78% for Class A, -22.09% for Class C, and -21.72% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
LARGE/MID CAP GROWTH FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $798.20 $5.50
Hypothetical - Class A ** $1,000.00 $1,018.95 $6.17
Actual - Class C * $1,000.00 $796.30 $8.87
Hypothetical - Class C ** $1,000.00 $1,015.19 $9.95
Actual - Class I * $1,000.00 $799.70 $4.38
Hypothetical - Class I ** $1,000.00 $1,020.21 $4.91

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.22% for Class A, 1.97% for Class C and 0.97% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -20.18% for Class A, -20.37% for Class C, and -20.03% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

ANNUAL REPORT | 166

 

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
SMALL CAP VALUE FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $835.30 $4.74
Hypothetical - Class A ** $1,000.00 $1,019.90 $5.22
Actual - Class C * $1,000.00 $832.10 $8.18
Hypothetical - Class C ** $1,000.00 $1,016.14 $9.00
Actual - Class I * $1,000.00 $836.10 $3.59
Hypothetical - Class I ** $1,000.00 $1,021.16 $3.95

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.03% for Class A, 1.78% for Class C and 0.78% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -16.47% for Class A, -16.79% for Class C, and -16.39% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
LARGE/MID CAP VALUE FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $833.00 $5.01
Hypothetical - Class A ** $1,000.00 $1,019.60 $5.52
Actual - Class C * $1,000.00 $829.60 $8.44
Hypothetical - Class C ** $1,000.00 $1,015.84 $9.30
Actual - Class I * $1,000.00 $833.80 $3.86
Hypothetical - Class I ** $1,000.00 $1,020.86 $4.26

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.09% for Class A, 1.84% for Class C, and 0.84% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -16.70% for Class A, -17.04% for Class C, and -16.62% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

ANNUAL REPORT | 167

 

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
FIXED INCOME FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $916.80 $5.67
Hypothetical - Class A ** $1,000.00 $1,019.15 $5.97
Actual - Class C * $1,000.00 $913.00 $9.26
Hypothetical - Class C ** $1,000.00 $1,015.39 $9.75
Actual - Class I * $1,000.00 $917.30 $4.47
Hypothetical - Class I ** $1,000.00 $1,020.41 $4.71

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.18% for Class A, 1.93% for Class C, and 0.93% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -8.32% for Class A, -8.70% for Class C, and -8.27% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
HIGH YIELD BOND FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $881.60 $6.13
Hypothetical - Class A ** $1,000.00 $1,018.55 $6.58
Actual - Class C * $1,000.00 $878.80 $9.66
Hypothetical - Class C ** $1,000.00 $1,014.79 $10.35
Actual - Class I * $1,000.00 $882.70 $4.96
Hypothetical - Class I ** $1,000.00 $1,019.80 $5.32

 

**Expenses are equal to the Fund’s annualized expense ratio of 1.30% for Class A, 2.05% for Class C, and 1.05% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -11.84% for Class A, -12.12% for Class C, and -11.73% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

ANNUAL REPORT | 168

 

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
ISRAEL COMMON VALUES FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $792.20 $8.85
Hypothetical - Class A ** $1,000.00 $1,015.19 $9.95
Actual - Class C * $1,000.00 $788.60 $12.20
Hypothetical - Class C ** $1,000.00 $1,011.43 $13.72
Actual - Class I * $1,000.00 $793.00 $7.73
Hypothetical - Class I ** $1,000.00 $1,016.44 $8.69

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.97% for Class A, 2.72% for Class C and 1.72% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Israel Common Values Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -20.78% for Class A, -21.14% for Class C and -20.70% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
DEFENSIVE STRATEGIES FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $843.70 $5.82
Hypothetical - Class A ** $1,000.00 $1,018.75 $6.38
Actual - Class C * $1,000.00 $840.00 $9.27
Hypothetical - Class C ** $1,000.00 $1,014.99 $10.15
Actual - Class I * $1,000.00 $843.90 $4.67
Hypothetical - Class I ** $1,000.00 $1,020.00 $5.11

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.26% for Class A, 2.01% for Class C and 1.01% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Defensive Strategies Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -15.63% for Class A, -16.00% for Class C and -15.61% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

ANNUAL REPORT | 169

 

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
STRATEGIC GROWTH FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $847.30 $5.88
Hypothetical - Class A ** $1,000.00 $1,018.70 $6.43
Actual - Class C * $1,000.00 $844.30 $9.34
Hypothetical - Class C ** $1,000.00 $1,014.94 $10.20

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.27% for Class A and 2.02% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Strategic Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -15.27% for Class A and -15.57% for Class C for the six-month period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
CONSERVATIVE GROWTH FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $872.50 $5.54
Hypothetical - Class A ** $1,000.00 $1,019.15 $5.97
Actual - Class C * $1,000.00 $869.00 $9.04
Hypothetical - Class C ** $1,000.00 $1,015.39 $9.75

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.18% for Class A and 1.93% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Conservative Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -12.75% for Class A and -13.10% for Class C for the six-month period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

FUND BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING PERIOD
GROWTH & INCOME FUND 4/1/2022 9/30/2022

4/1/2022 through

9/30/2022

Actual - Class A * $1,000.00 $868.50 $6.23
Hypothetical - Class A ** $1,000.00 $1,018.40 $6.73
Actual - Class C * $1,000.00 $864.90 $9.72
Hypothetical - Class C ** $1,000.00 $1,014.64 $10.50
Actual - Class I * $1,000.00 $869.10 $5.06
Hypothetical - Class I ** $1,000.00 $1,019.65 $5.47

 

*Expenses are equal to the Fund’s annualized expense ratio of 1.33% for Class A, 2.08% for Class C and 1.08% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Growth & Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of -13.15% for Class A, -13.51% for Class C and -13.09% for Class I for the period of April 1, 2022, to September 30, 2022.

 

**Assumes a 5% return before expenses.

 

ANNUAL REPORT | 170

 

Section 12 | Officers & Trustees of the Trust
SEPTEMBER 30, 2022 (UNAUDITED)

 

The Trustees and Principal Executive Officers of the Trust and their principal occupations for the past five years are listed as follows:

 

Interested Trustees

 

Name, age & Address Position(s) Held with Trust Term of Office & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Arthur D. Ally1

1055 Maitland Center Commons

Maitland, FL

Born: 1942

Trustee, Chairman, President, and Treasurer Indefinite; Trustee and President since 1994 20
  Principal occupation  during THE past Five years directorships held by trustee
  President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL. None

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Mathew D. Staver2

1055 Maitland Center Commons

Maitland, FL

Born: 1956

Trustee Indefinite; Trustee since 2000 20
  Principal occupation  during THE past Five years directorships held by trustee
  An attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. None

 

Officers & Trustees of the Trust

 

ANNUAL REPORT | 171

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Patrice Tsague3

1055 Maitland Center Commons

Maitland, FL

Born: 1973

Trustee Indefinite; Trustee since 2011 20
  Principal occupation  during THE past Five years directorships held by trustee
  President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999. None

 

1.Mr. Ally is an “interested” Trustee, as defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL.

2.Mr. Staver is an “interested” Trustee, as defined in the 1940 Act, because he has a limited partnership interest in TPL.

3.Mr. Tsague is an “interested” Trustee, as defined in the 1940 Act, because of a charitable relationship with TPL.

 

Independent Trustees

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Dale A. Bissonette

1055 Maitland Center Commons

Maitland, FL

Born: 1958

Trustee Indefinite; Trustee since 2020 20
  Principal occupation during THE past Five years directorships held by trustee
  President, Good Place Holdings, a Christian Centered Business Holding Company. None

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Kenneth Blackwell

1055 Maitland Center Commons

Maitland, FL

Born: 1948

Trustee Indefinite; Trustee from 2011 to 2020 and 2022 to present 20
  Principal occupation  during THE past Five years directorships held by trustee
  Self-Employed Independent Public Policy Consultant; Other Directorships: Public Interest Legal Foundation; National Rifle Association; Columbia International University; International Foundation For Electoral Systems; Law Enforcement Legal Defense Fund; American Constitution Rights Union. None

 

Officers & Trustees of the Trust

 

ANNUAL REPORT | 172

 

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Richard W. Copeland

1055 Maitland Center Commons

Maitland, FL

Born: 1947

Trustee Indefinite; Trustee since 2005 20
  Principal occupation  during THE past Five years directorships held by trustee
   Retired. Associate Professor of Law Stetson University. Retired Principal of Copeland & Covert, Attorneys at Law, specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida and LLM Taxation from the University of Miami. None

 

Name, age & Address Position(s) Held with Trust Term of Office & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Deborah Honeycutt

1055 Maitland Center Commons

Maitland, FL

Born: 1947

Trustee Indefinite; Trustee since 2010 20
  Principal occupation  during THE past Five years directorships held by trustee
 

Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois. 

None

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Bill Johnson

1055 Maitland Center Commons

Maitland, FL

Born: 1946

Trustee Indefinite; Trustee since 2005 20
  Principal occupation  during THE past Five years directorships held by trustee
  President (and Founder) of the American Decency Association, Freemont, MI, since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Master of Religious Education from Grand Rapids Baptist Seminary. None

 

Officers & Trustees of the Trust

 

ANNUAL REPORT | 173

 

 

 

Name, age & Address Position(s) Held with Trust Term of Office & Length of Time Served Number of portfolios in fund complex overseen by Trustee

John C. Mulder

1055 Maitland Center Commons

Maitland, FL

Born: 1950

Trustee Indefinite; Trustee since 2005 20
  Principal occupation  during THE past Five years directorships held by trustee
  President of WaterStone (FKA the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from the University of Chicago. None

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Scott Preissler, Ph.D.

1055 Maitland Center Commons

Maitland, FL

Born: 1960

Trustee Indefinite; Trustee since 2004 20
  Principal occupation  during THE past Five years directorships held by trustee
  Scott Preissler, Ph.D., is the Executive Director of Friendship Christian School in Suwanee, Georgia and The National Center for Stewardship & Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia. None

 

Name, age & Address Position(s) Held with Trust Term of Office & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Abraham M. Rivera

1055 Maitland Center Commons

Maitland, FL

Born: 1969

Trustee Indefinite; Trustee since 2020 20
  Principal occupation  during THE past Five years directorships held by trustee
  Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation. 1

 

Officers & Trustees of the Trust

 

ANNUAL REPORT | 174

 

 

Name, age & Address

Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Alan M. Ross

1055 Maitland Center Commons

Maitland, FL

Born: 1951

Trustee, Vice Chairman Indefinite; Trustee since 2004 20
  Principal occupation  during THE past Five years directorships held by trustee
  Founder and CEO Kingdom Companies founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ. Alan is currently the President of the Electric Power Reliability Alliance (EPRA), a nonprofit serving industrial, commercial and grid-edge electrical reliability practitioners. None

  

PRINCIPAL EXECUTIVE OFFICERS

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Terry Covert

1055 Maitland Center Commons

Maitland, FL

Born: 1947

Executive Officer, Vice President Officer since 2019 Indefinite Term N/A
  Principal occupation  during THE past Five years directorships held by trustee
  Chief Compliance Officer and General Counsel for the Advisor, Timothy Partners, Ltd; Partner, Copeland Covert & Smith PLLC, law firm. N/A

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Cheryl Mumbert

1055 Maitland Center Commons

Maitland, FL

Born: 1970

Executive Officer, Vice President Officer since 2019 Indefinite Term N/A
  Principal occupation  during THE past Five years directorships held by trustee
  Chief Marketing Officer for Advisor, Timothy Partners, Ltd. N/A

 

Officers & Trustees of the Trust

 

ANNUAL REPORT | 175

 

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

David D. Jones

1055 Maitland Center Commons

Maitland, FL

Born: 1957

Chief Compliance Officer Since 2004, Indefinite Term N/A
  Principal occupation  during THE past Five years directorships held by trustee
  Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015. N/A

 

Name, age & Address Position(s) Held with Trust Term of Office  & Length of Time Served Number of portfolios in fund complex overseen by Trustee

Joseph E. Boatwright

1055 Maitland Center Commons

Maitland, FL

Born: 1930

Trustee Emeritus and Secretary Indefinite; Trustee and Secretary since 1995, Trustee Emeritus as of 2020 N/A
  Principal occupation  during THE past Five years directorships held by trustee
  Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996. N/A

 

The Fund’s Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-800-846-7526.

 

Officers & Trustees of the Trust

 

ANNUAL REPORT | 176

 

 

Section 12 | Privacy Notice

 

 

FACTS WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL INFORMATION?

 

WHY? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do.

 

WHAT?

The types of information we collect and share depend on the product or service you have with us. This information can include:

 

·    Social Security Number

·    Assets

·    Retirement Assets

·    Transaction History

·    Checking Account History

·    Purchase History

·    Account Balances

·    Account Transactions

·    Wire Transfer Instructions

When you are no longer our customer, we continue to share your information as described in this Notice.

 

HOW? All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Timothy Plan chooses to share; and whether you can limit this sharing.

 

Reasons we can share your personal information. Does The Timothy Plan share? Can you limit this sharing?

For our everyday business purposes-

Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.

Yes No

For our marketing purposes-

to offer our products and services to you.

No We don't share
For joint marketing with other financial companies No We don't share

For our affiliates' everyday business purposes-

information about your transactions and experiences.

Yes No

For our affiliates' everyday business purposes-

information about your creditworthiness

No We don't share
For non-affiliates to market to you No We don't share

 

Questions? Call 800-662-0201

 

Privacy Notice

 

ANNUAL REPORT | 177

 

Page 2  

 

Who we are  
Who is providing this Notice?

Timothy Plan Family of Mutual Funds

Timothy Partners, Ltd.

What we do  
How does The Timothy Plan protect your personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

 

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does The Timothy Plan collect your personal information?

We collect your personal information, for example, when you

·    Open an account

·    Provide account information

·    Give us your contact information

·    Make deposits or withdrawals from your account

·    Make a wire transfer

·    Tell us where to send the money

·    Tell us who receives the money

·    Show your government-issued ID

·    Show your driver’s license

We also collect your personal information from other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only:

·    Sharing for affiliates' everyday business purposes- information about your creditworthiness.

·    Affiliates from using your information to market to you.

·    Sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions  
Affiliates

Companies related by common ownership or control. They can be financial and non-financial companies.

Timothy Partners, Ltd. is an affiliate of The Timothy Plan

Non-affiliates

Companies not related by common ownership or control. They can be financial and non-financial companies.

·    The Timothy Plan does not share with non-affiliates so they can market to you.

Joint marketing

A formal agreement between non-affiliated financial companies that together market financial products to you.

·    The Timothy Plan does not jointly market.

 

Privacy Notice

 

ANNUAL REPORT | 178

 

Customer Identification Program

The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.

 

Disclosures

 

HOW TO OBTAIN PROXY VOTING INFORMATION

Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 of well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-800-732-0330 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov

 

HOW TO OBTAIN 1ST AND 3RD FISCAL QUARTER PORTFOLIO HOLDINGS

The Trust files a complete listing of the Fund’s portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-Q’s successor form, Form N-PORT. The filings are available free of charge, upon request, by calling the Trust toll-free at 1-800-662-0201. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov.

 

ANNUAL REPORT | 179

 

INVESTMENT ADVISOR

Timothy Partners, Ltd.

1055 Maitland Center Commons

Maitland, FL 32751

 

DISTRIBUTOR

Timothy Partners, Ltd.

1055 Maitland Center Commons

Maitland, FL 32751

 

TRANSFER AGENT

Ultimus Fund Solutions, LLC

4221 N. 203rd St, Suite 100

Elkhorn, NE 68022-3474

 

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Ave., Suite 800
Cleveland, OH 44115

 

LEGAL COUNSEL

David D Jones, Esq.

20770 Hwy 281 N., Suite 108-619

San Antonio, TX  78258

 

 

For additional information or a prospectus, please call:
1-800-846-7526

 

Visit the Timothy Plan website on the internet at:
timothyplan.com

 

This report is submitted for the general information for shareholders
of the Funds. It is not authorized for distribution to prospective
investors in the Funds unless preceded or accompanied by an
effective Prospectus which includes details regarding the Funds’
objectives, policies, expenses and other information. Distributed by
Timothy Partners, Ltd.

HEADQUARTERS

The Timothy Plan

1055 Maitland Center Commons

Maitland, Florida 32751

(800) 846-7526

www.timothyplan.com

invest@timothyplan.com

 

SHAREHOLDER SERVICES

Ultimus Fund Solutions, LLC

4221 N. 203rd St, Suite 100

Elkhorn, NE 68022-3474

 

 

 

 

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

 

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule. Not applicable

 

Item 2. Code of Ethics.

 

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

 

(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

 

  (1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
  (2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;
(3)Compliance with applicable governmental laws, rules, and regulations;
  (4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
(5)Accountability for adherence to the code.

 

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

 

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

 

(e) Posting: We do not intend to post the Code of Ethics for the Officers or any amendments or waivers on a website.

 

(f) Availability: The Code of Ethics for the Officers can be obtained, free of charge by calling the toll free number for the appropriate Fund.

 

Item 3. Audit Committee Financial Expert.

 

(a) The registrant has an Audit committee currently composed of three independent Trustees, Mr. Alan Ross, Mr. John Mulder and Mr. Richard Copeland. The registrant’s board of trustees has determined that Mr. Alan Ross is qualified to serve as an Audit Committee Financial Expert, and has designated him as such.

 

 

 

Item 4. Principal Accountant Fees and Services.

 

(a)Audit Fees

 

The Timothy Plan  
FY 2022 $ 177,625
FY 2021 $ 158,250

 

(b)Audit-Related Fees

 

The Timothy Plan Registrant Adviser
FY 2022 $ 0 $ 0
FY 2021 $ 0 $ 0

 

Nature of the fees:

 

(c)Tax Fees

 

The Timothy Plan  
FY 2022 $ 0
FY 2021 $ 0

 

Nature of the fees: preparation of the 1120 RIC

 

(d)All Other Fees

 

The Timothy Plan Registrant
FY 2022 $ 0
FY 2021 $ 0

 

(e) (1) Audit Committee’s Pre-Approval Policies

 

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors’ specific representations as to their independence;

 

 

 

  (2) Percentages of Services Approved by the Audit Committee

 

Registrant
Audit-Related Fees: 0%
Tax Fees: 0%
All Other Fees: 0%

 

(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

 

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

 

Registrant Adviser
FY 2022 $ 0 $ 0
FY 2021 $ 0 $ 0

 

(h) Not applicable. The auditor performed no services for the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

 

Item 5. Audit Committee of Listed Companies. Not applicable.

 

Item 6. Schedule of Investments. Not applicable – schedule filed with Item 1.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

 

Item 11. Controls and Procedures.

 

(a)Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

 

(b)There were no significant changes in the registrant’s internal control over financial reporting that occurred during 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.

 

 

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.

 

Item 13. Exhibits.

 

(a)(1)Code is filed herewith

 

(a)(2) Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.

 

(a)(3) Not Applicable

 

(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is 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.

 

(Registrant) The Timothy Plan  
     
By /s/ Arthur D. Ally  
  Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
   
Date 12/8/22  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /s/ Arthur D. Ally  
  Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
   
Date 12/8/22  

 

 

 

 


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

fp0081115-1_ex99code.htm

fp0081115-1_ex99cert.htm

fp0081115-1_ex99906cert.htm