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.
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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.
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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
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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
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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
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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:
Visit the Timothy Plan website on the internet at:
This report is submitted for the general information for shareholders | 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)(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 | |