Timothy Plan Small Cap Value Fund (TPLNX) N-CSRS Certified semi-annual shareholder report (management investment company)

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: 3/31/23

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: 

SEMI-ANNUAL REPORT

March 31, 2023

TIMOTHY PLAN FAMILY OF FUNDS

Table of Contents

Section 1 | Fund Profiles	2
Section 2 | Schedule of Investments	5
Section 3 | Statements of Assets and Liabilities	48
Section 4 | Statements of Operations	53
Section 5 | Statements of Changes in Net Assets	57
Section 6 | Financial Highlights	63
Section 7 | Notes to Financial Statements	97
Section 8 | Expense Examples	121
Section 9 | Supplemental Information	127
Section 10 | Liquidity Risk Management Program	131
Section 11 | Privacy Notice	132
Section 12 | Disclosures	134

SEMI-ANNUAL REPORT | 1

Section 1 | Fund Profiles

AS OF MARCH 31, 2023 (UNAUDITED)

Small Cap Value Fund

Top Ten Industries
(% of Net Assets)

Banking	15.3%
Exchange Traded Fund	11.1%
Oil & Gas Producers	6.7%
REITs	6.1%
Machinery	5.4%
Chemicals	4.8%
Food	3.6%
Electric Utilities	3.6%
Home Construction	3.6%
Institutional Financial Services	3.5%
Other Assets Less Liabilities - Net	36.3%
	100.0%

Large/Mid Cap Value Fund

Top Ten Industries
(% of Net Assets)

Exchange Traded Funds	18.2%
Semiconductors	16.4%
Medical Equipment & Devices	6.5%
Money Market Fund	6.4%
Software	6.3%
Oil & Gas Producers	5.2%
Retail - Discretionary	4.5%
Food	4.4%
Diversified Industrials	4.0%
Electric Utilities	3.8%
Other Assets Less Liabilities - Net	24.3%
	100.0%

Aggressive Growth Fund

Top Ten Industries
(% of Net Assets)

Medical Equipment & Devices	10.5%
Apparel & Textile Products	10.5%
Semiconductors	10.3%
Software	10.1%
Machinery	6.8%
Oil & Gas Producers	6.0%
Healthcare Facilities & Services	5.5%
Money Market Fund	5.3%
Renewable Energy	4.3%
Biotech & Pharma	4.2%
Other Assets Less Liabilities - Net	26.5%
	100.0%

Large/Mid Cap Growth Fund

Top Ten Industries
(% of Net Assets)

Exchange Traded Funds	16.0%
Semiconductors	13.2%
Software	7.4%
Medical Equipment & Devices	7.1%
Electrical Equipment	5.4%
Technology Hardware	4.3%
Biotech & Pharma	4.2%
Money Market Fund	4.2%
Retail - Consumer Staples	3.7%
Chemicals	3.3%
Other Assets Less Liabilities - Net	31.2%
	100.0%

FUND PROFILE (UNAUDITED)

SEMI-ANNUAL REPORT | 2 

Growth & Income Fund

Top Ten Industries
(% of Net Assets)

U.S. Government & Agencies	44.6%
Exchange Traded Funds	44.2%
Corporate Bonds	8.1%
Non U.S. Government & Agencies	0.6%
Money Market Fund	0.1%
Other Assets Less Liabilities - Net	2.4%
	100.0%

Fixed Income Fund

Top Ten Industries
(% of Net Assets)

U.S. Government & Agencies	56.6%
Corporate Bonds	23.9%
Exchange Traded Fund	14.9%
Non U.S. Government & Agencies	2.1%
Money Market Fund	1.9%
Other Assets Less Liabilities - Net	0.6%
	100.0%

High Yield Bond Fund

Top Ten Industries
(% of Net Assets)

Corporate Bonds	81.4%
Exchange Traded Fund	16.1%
Money Market Fund	1.3%
Other Assets Less Liabilities - Net	1.2%
	100.0%

International Fund

Top Ten Industries
(% of Net Assets)

Banking	10.3%
Medical Equipment & Devices	7.9%
Money Market Fund	6.1%
Insurance	5.5%
Machinery	5.4%
Semiconductors	5.2%
Engineering & Construction	4.6%
Oil & Gas Producers	4.5%
Technology Services	3.6%
Institutional Financial Services	3.5%
Other Assets Less Liabilities - Net	43.4%
	100.0%

Israel Common Values Fund

Top Ten Industries
(% of Net Assets)

Banking	17.7%
Software	12.9%
Real Estate Owners & Developers	10.4%
Oil & Gas Producers	8.7%
Semiconductors	6.5%
Aerospace & Defense	4.8%
Insurance	4.2%
Money Market Fund	3.6%
Electric Utilities	3.2%
Chemicals	2.7%
Other Assets Less Liabilities - Net	25.3%
	100.0%

FUND PROFILE (UNAUDITED)

SEMI-ANNUAL REPORT | 3

Defensive Strategies Fund

Top Ten Industries
(% of Net Assets)

U.S. Government & Agencies	22.1%
REITs	18.8%
Precious Metals - Physical Holding	15.4%
Exchange Traded Funds	10.1%
Oil & Gas Producers	6.1%
Closed End Fund	6.1%
Metals & Mining	5.3%
Money Market Fund	4.1%
Chemicals	2.3%
Machinery	1.8%
Other Assets Less Liabilities - Net	7.9%
	100.0%

Strategic Growth Fund

Top Ten Industries
(% of Net Assets)

Exchange Traded Funds	62.3%
Open End Funds	35.1%
Money Market Fund	2.5%
Other Assets Less Liabilities - Net	0.1%
	100.0%

Conservative Growth Fund

Top Ten Industries
(% of Net Assets)

Open End Funds	49.6%
Exchange Traded Funds	47.8%
Money Market Fund	2.1%
Other Assets Less Liabilities - Net	0.5%
	100.0%

FUND PROFILE (UNAUDITED)

SEMI-ANNUAL REPORT | 4

Section 2 | Schedule of Investments

MARCH 31, 2023 (UNAUDITED)

Small Cap Value Fund

Shares			Fair Value
		COMMON STOCKS — 86.5%
		AEROSPACE & DEFENSE — 1.9%
	31,382	Moog, Inc., Class A	$	3,161,737
		AUTOMOTIVE — 1.0%
	36,330	Methode Electronics, Inc.		1,594,160
		BANKING — 15.3%
	86,891	Atlantic Union Bankshares Corporation		3,045,529
	15,943	Banner Corporation		866,821
	32,315	City Holding Company		2,936,786
	78,438	First Bancorp		2,786,118
	41,036	National Bank Holdings Corporation, Class A		1,373,065
	71,754	Provident Financial Services, Inc.		1,376,242
	91,855	Renasant Corporation		2,808,926
	85,393	Sandy Spring Bancorp, Inc.		2,218,510
	120,235	Seacoast Banking Corp of Florida		2,849,570
	49,350	Triumph Bancorp, Inc.(a)		2,865,261
	96,305	Veritex Holdings, Inc.		1,758,529
				24,885,357
		BIOTECH & PHARMA — 2.0%
	51,213	Prestige Consumer Healthcare, Inc.(a)		3,207,470
		CHEMICALS — 4.8%
	33,838	Avient Corporation		1,392,772
	161,971	Ecovyst, Inc.(a)		1,789,780
	15,172	Innospec, Inc.		1,557,709
	29,012	Stepan Company		2,989,107
				7,729,368
		ELECTRIC UTILITIES — 3.6%
	69,195	Avista Corporation		2,937,328
	51,766	NorthWestern Corporation		2,995,181
				5,932,509
		ENGINEERING & CONSTRUCTION — 1.7%
	19,520	Comfort Systems USA, Inc.		2,849,139
		FOOD — 3.6%
	121,233	Hostess Brands, Inc.(a)		3,016,277
	19,541	J & J Snack Foods Corporation		2,896,367
				5,912,644

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 5

Small Cap Value Fund

Shares			Fair Value
		FORESTRY, PAPER & WOOD PRODUCTS — 0.9%
	18,481	UFP Industries, Inc.	$	1,468,685
		HEALTH CARE FACILITIES & SERVICES — 1.8%
	108,988	Patterson Companies, Inc.		2,917,609
		HOME CONSTRUCTION — 3.6%
	48,515	Century Communities, Inc.		3,101,078
	32,004	Masonite International Corporation(a)		2,905,003
				6,006,081
		HOUSEHOLD PRODUCTS — 0.9%
	38,384	Central Garden & Pet Company, Class A(a)		1,499,663
		INDUSTRIAL INTERMEDIATE PROD — 1.0%
	38,788	AZZ, Inc.		1,599,617
		INSTITUTIONAL FINANCIAL SERVICES — 3.5%
	68,387	Moelis & Company, Class A		2,628,796
	21,303	Piper Sandler Cos		2,952,809
				5,581,605
		INSURANCE — 2.1%
	33,923	AMERISAFE, Inc.		1,660,531
	51,270	BRP Group, Inc., Class A(a)		1,305,334
	24,156	Skyward Specialty Insurance Group, Inc.(a)		528,292
				3,494,157
		LEISURE FACILITIES & SERVICES — 2.7%
	43,441	Chuy’s Holdings, Inc.(a)		1,557,360
	37,161	Papa John’s International, Inc.		2,784,474
				4,341,834
		MACHINERY — 5.4%
	16,348	Alamo Group, Inc.		3,010,648
	31,618	Albany International Corporation, Class A		2,825,384
	53,903	Federal Signal Corporation		2,922,082
				8,758,114
		MEDICAL EQUIPMENT & DEVICES — 3.5%
	49,499	Avanos Medical, Inc.(a)		1,472,100
	27,667	CONMED Corporation		2,873,494
	19,447	Merit Medical Systems, Inc.(a)		1,438,106
				5,783,700
		METALS & MINING — 2.0%
	9,948	Encore Wire Corporation		1,843,662
	69,005	Livent Corporation(a)		1,498,789
				3,342,451

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 6

Small Cap Value Fund

Shares			Fair Value
		OFFICE REIT — 2.8%
	129,556	Corporate Office Properties Trust	$	3,071,773
	110,007	Easterly Government Properties, Inc.		1,511,496
				4,583,269
		OIL & GAS PRODUCERS — 6.7%
	23,625	Chord Energy Corporation		3,179,925
	103,675	Enerplus Corporation		1,493,957
	104,414	Northern Oil and Gas, Inc.		3,168,965
	141,069	Sitio Royalties Corporation		3,188,159
				11,031,006
		REAL ESTATE INVESTMENT TRUSTS — 6.1%
	134,522	Plymouth Industrial REIT, Inc.		2,826,307
	59,074	PotlatchDeltic Corporation		2,924,163
	192,412	Summit Hotel Properties, Inc.		1,346,884
	194,086	Urban Edge Properties		2,922,935
				10,020,289
		RETAIL - DISCRETIONARY — 3.2%
	34,498	Academy Sports & Outdoors, Inc.		2,250,995
	60,870	Monro, Inc.		3,008,804
				5,259,799
		RETAIL REIT — 1.8%
	108,359	Four Corners Property Trust, Inc.		2,910,523
		SEMICONDUCTORS — 1.9%
	59,307	Rambus, Inc.(a)		3,040,077
		TECHNOLOGY HARDWARE — 2.7%
	97,839	ADTRAN Holdings, Inc.		1,551,727
	275,289	Viavi Solutions, Inc.(a)		2,981,379
				4,533,106
		TOTAL COMMON STOCKS (Cost $138,644,817)		141,443,969
		EXCHANGE-TRADED FUND — 11.1%
		EQUITY — 11.1%
	580,000	Timothy Plan US Small Cap Core ETF(b) (Cost $14,834,080)		18,134,976

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 7

Small Cap Value Fund

Shares			Fair Value
		SHORT-TERM INVESTMENT — 2.7%
		MONEY MARKET FUND — 2.7%
	4,413,776	Fidelity Government Portfolio, Class I, 4.71% (Cost $4,413,776)(c)	$	4,413,776
		TOTAL INVESTMENTS — 100.3% (Cost $157,892,673)	$	163,992,721
		LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%		(542,651	)
		NET ASSETS — 100.0%	$	163,450,070

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 March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 8

Large/Mid Cap Value Fund

Shares			Fair Value
		COMMON STOCKS — 75.4%
		AEROSPACE & DEFENSE — 1.7%
	20,381	General Dynamics Corporation	$	4,651,148
		BANKING — 1.5%
	50,836	BOK Financial Corporation		4,291,067
		CABLE & SATELLITE — 0.6%
	2,382	Cable One, Inc.		1,672,164
		CHEMICALS — 3.4%
	152,481	Huntsman Corporation		4,171,880
	23,973	Sherwin-Williams Company (The)		5,388,411
				9,560,291
		DIVERSIFIED INDUSTRIALS — 4.0%
	35,704	Eaton Corp plc		6,117,524
	28,187	Honeywell International, Inc.		5,387,099
				11,504,623
		ELECTRIC UTILITIES — 3.8%
	80,613	CMS Energy Corporation		4,948,026
	59,445	WEC Energy Group, Inc.		5,634,791
				10,582,817
		FOOD — 4.4%
	38,411	J M Smucker Company (The)		6,044,739
	74,329	McCormick & Company, Inc.		6,184,916
				12,229,655
		INSTITUTIONAL FINANCIAL SERVICES — 1.8%
	48,072	Intercontinental Exchange, Inc.		5,013,429
		INSURANCE — 2.1%
	30,074	Arthur J Gallagher & Company		5,753,457
		LEISURE FACILITIES & SERVICES — 2.1%
	17,718	Domino’s Pizza, Inc.		5,844,637
		MEDICAL EQUIPMENT & DEVICES — 6.5%
	21,080	Danaher Corporation		5,313,004
	39,198	PerkinElmer, Inc.		5,223,525
	21,538	STERIS plc		4,119,789
	26,921	Zimmer Biomet Holdings, Inc.		3,478,193
				18,134,511

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 9

Large/Mid Cap Value Fund

Shares			Fair Value
		OIL & GAS PRODUCERS — 5.2%
	44,945	ConocoPhillips	$	4,458,993
	38,044	EOG Resources, Inc.		4,360,984
	40,310	Valero Energy Corporation		5,627,276
				14,447,253
		REAL ESTATE INVESTMENT TRUSTS — 3.6%
	32,109	Crown Castle, Inc.		4,297,469
	47,188	Prologis, Inc.		5,887,646
				10,185,115
		RETAIL - CONSUMER STAPLES — 3.5%
	11,020	Costco Wholesale Corporation		5,475,508
	20,607	Dollar General Corporation		4,336,949
				9,812,457
		RETAIL - DISCRETIONARY — 4.5%
	8,006	O’Reilly Automotive, Inc.(a)		6,796,933
	25,417	Tractor Supply Company		5,974,012
				12,770,945
		SEMICONDUCTORS — 16.4%
	10,828	ASML Holding N.V.		7,370,728
	9,051	Broadcom, Inc.		5,806,579
	93,501	Lattice Semiconductor Corporation(a)		8,929,346
	75,189	Microchip Technology, Inc.		6,299,334
	10,949	Monolithic Power Systems, Inc.		5,480,412
	23,213	NVIDIA Corporation		6,447,875
	54,002	Teradyne, Inc.		5,805,755
				46,140,029
		SOFTWARE — 6.3%
	35,281	Cadence Design Systems, Inc.(a)		7,412,185
	16,143	Synopsys, Inc.(a)		6,235,234
	11,035	Tyler Technologies, Inc.(a)		3,913,452
				17,560,871
		TECHNOLOGY SERVICES — 2.0%
	19,382	CACI International, Inc., Class A(a)		5,742,499
		TRANSPORTATION & LOGISTICS — 2.0%
	27,432	Union Pacific Corporation		5,520,965
		TOTAL COMMON STOCKS (Cost $159,193,480)		211,417,933

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 10

Large/Mid Cap Value Fund

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 18.2%
		EQUITY — 18.2%
	573,000	Timothy Plan High Dividend Stock Enhanced ETF(b)	$	13,491,400
	382,500	Timothy Plan High Dividend Stock ETF(b)		11,943,563
	634,000	Timothy Plan US Large/Mid Cap Core Enhanced ETF(b)		14,690,160
	318,000	Timothy Plan US Large/Mid Cap Core ETF(b)		10,953,828
		TOTAL EXCHANGE-TRADED FUNDS (Cost $48,945,129)		51,078,951
		SHORT-TERM INVESTMENT — 6.4%
		MONEY MARKET FUND — 6.4%
	17,976,600	Fidelity Government Portfolio, Class I, 4.71% (Cost $17,976,600)(c)		17,976,600
		TOTAL INVESTMENTS — 100.0% (Cost $226,115,209)	$	280,473,484
		LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%		(105,338	)
		NET ASSETS — 100.0%	$	280,368,146

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 March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 11

Aggressive Growth Fund

Shares			Fair Value
		COMMON STOCKS — 94.7%
		AEROSPACE & DEFENSE — 1.1%
	639	TransDigm Group, Inc.	$	470,975
		APPAREL & TEXTILE PRODUCTS — 10.5%
	26,304	Capri Holdings Ltd.(a)		1,236,288
	4,109	Deckers Outdoor Corporation(a)		1,847,201
	29,749	Tapestry, Inc.		1,282,479
				4,365,968
		BIOTECH & PHARMA — 4.2%
	2,460	Argenx S.E. - ADR(a)		916,547
	3,779	United Therapeutics Corporation(a)		846,345
				1,762,892
		CHEMICALS — 3.7%
	7,030	Albemarle Corporation		1,553,911
		DIVERSIFIED INDUSTRIALS — 2.0%
	5,493	Dover Corporation		834,606
		ELECTRICAL EQUIPMENT — 1.6%
	3,671	Trane Technologies PLC		675,391
		ENGINEERING & CONSTRUCTION — 2.6%
	6,411	Quanta Services, Inc.		1,068,329
		FOOD — 1.4%
	10,181	Darling Ingredients, Inc.(a)		594,570
		HEALTH CARE FACILITIES & SERVICES — 5.5%
	19,555	Cardinal Health, Inc.		1,476,403
	3,787	ICON PLC(a)		808,865
				2,285,268
		INDUSTRIAL SUPPORT SERVICES — 4.2%
	4,355	United Rentals, Inc.		1,723,535
		LEISURE FACILITIES & SERVICES — 2.5%
	40,303	Bloomin’ Brands, Inc.		1,033,772
		MACHINERY — 6.8%
	6,510	Lincoln Electric Holdings, Inc.		1,100,841
	9,435	Oshkosh Corporation		784,803
	2,663	Parker-Hannifin Corporation		895,061
				2,780,705

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 12

Aggressive Growth Fund

Shares			Fair Value
		MEDICAL EQUIPMENT & DEVICES — 10.5%
	1,280	Align Technology, Inc.(a)	$	427,699
	46,042	Avantor, Inc.(a)		973,328
	4,244	DexCom, Inc.(a)		493,068
	15,402	GE HealthCare Technologies, Inc.(a)		1,263,426
	3,755	Insulet Corporation(a)		1,197,695
				4,355,216
		OIL & GAS PRODUCERS — 6.0%
	7,072	Cheniere Energy, Inc.		1,114,547
	7,239	Devon Energy Corporation		366,366
	4,290	Diamondback Energy, Inc.		579,879
	13,055	EQT Corporation		416,585
				2,477,377
		RENEWABLE ENERGY — 4.3%
	8,253	First Solar, Inc.(a)		1,795,028
		RETAIL - CONSUMER STAPLES — 1.5%
	4,338	Dollar Tree, Inc.(a)		622,720
		SEMICONDUCTORS — 10.3%
	1,932	KLA Corporation		771,196
	4,239	Monolithic Power Systems, Inc.		2,121,790
	11,565	ON Semiconductor Corporation(a)		952,031
	3,217	Skyworks Solutions, Inc.		379,542
				4,224,559
		SOFTWARE — 10.1%
	4,864	Cadence Design Systems, Inc.(a)		1,021,878
	9,732	Fortinet, Inc.(a)		646,789
	8,700	Palo Alto Networks, Inc.(a)		1,737,737
	17,373	Rapid7, Inc.(a)		797,594
				4,203,998
		TECHNOLOGY HARDWARE — 3.6%
	4,649	Arista Networks, Inc.(a)		780,381
	10,886	Seagate Technology Holdings plc		719,782
				1,500,163
		TECHNOLOGY SERVICES — 2.3%
	1,678	MSCI, Inc.		939,160
		TOTAL COMMON STOCKS (Cost $32,273,803)		39,268,143

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 13

Aggressive Growth Fund

Shares			Fair Value
		SHORT-TERM INVESTMENT — 5.3%
		MONEY MARKET FUND — 5.3%
	2,217,233	Fidelity Government Portfolio, Class I, 4.71% (Cost $2,217,233)(b)	$	2,217,233
		TOTAL INVESTMENTS — 100.0% (Cost $34,491,036)	$	41,485,376
		LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%		(751	)
		NET ASSETS — 100.0%	$	41,484,625

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 March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 14

Large/Mid Cap Growth Fund

Shares			Fair Value
		COMMON STOCKS — 78.6%
		AEROSPACE & DEFENSE — 1.4%
	2,605	TransDigm Group, Inc.	$	1,920,015
		AUTOMOTIVE — 1.6%
	10,523	Tesla, Inc.(a)		2,183,102
		BANKING — 0.3%
	11,617	Western Alliance Bancorp		412,868
		BIOTECH & PHARMA — 4.2%
	9,889	Vertex Pharmaceuticals, Inc.(a)		3,115,727
	15,182	Zoetis, Inc.		2,526,892
				5,642,619
		CABLE & SATELLITE — 1.5%
	2,839	Cable One, Inc.		1,992,978
		CHEMICALS — 3.3%
	18,012	FMC Corporation		2,199,806
	6,420	New Linde plc		2,281,924
				4,481,730
		CONSTRUCTION MATERIALS — 2.3%
	5,054	Martin Marietta Materials, Inc.		1,794,474
	13,688	Owens Corning		1,311,310
				3,105,784
		DIVERSIFIED INDUSTRIALS — 1.7%
	11,889	Honeywell International, Inc.		2,272,226
		ELECTRIC UTILITIES — 1.3%
	23,016	NextEra Energy, Inc.		1,774,073
		ELECTRICAL EQUIPMENT — 5.4%
	34,912	Amphenol Corporation, Class A		2,853,009
	15,291	Fortive Corporation		1,042,387
	11,421	Keysight Technologies, Inc.(a)		1,844,263
	8,802	Trane Technologies plc		1,619,392
				7,359,051
		INFRASTRUCTURE REIT — 1.6%
	16,489	Crown Castle, Inc.		2,206,888
		INSTITUTIONAL FINANCIAL SERVICES — 1.4%
	18,387	Intercontinental Exchange, Inc.		1,917,580

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 15

Large/Mid Cap Growth Fund

Shares			Fair Value
		INSURANCE — 2.8%
	11,251	Arthur J Gallagher & Company	$	2,152,429
	61,346	Equitable Holdings, Inc.		1,557,575
				3,710,004
		LEISURE FACILITIES & SERVICES — 0.8%
	635	Chipotle Mexican Grill, Inc.(a)		1,084,764
		MACHINERY — 2.4%
	5,959	Caterpillar, Inc.		1,363,658
	22,052	Oshkosh Corporation		1,834,285
				3,197,943
		MEDICAL EQUIPMENT & DEVICES — 7.1%
	3,988	Danaher Corporation		1,005,136
	36,345	Edwards Lifesciences Corporation(a)		3,006,821
	6,398	Insulet Corporation(a)		2,040,706
	7,646	Intuitive Surgical, Inc.(a)		1,953,324
	22,001	Merit Medical Systems, Inc.(a)		1,626,974
				9,632,961
		OIL & GAS PRODUCERS — 2.5%
	18,934	ConocoPhillips		1,878,442
	11,023	Diamondback Energy, Inc.		1,489,979
				3,368,421
		RETAIL - CONSUMER STAPLES — 3.7%
	5,540	Costco Wholesale Corporation		2,752,660
	10,909	Dollar General Corporation		2,295,908
				5,048,568
		RETAIL - DISCRETIONARY — 3.1%
	9,803	Lowe’s Companies, Inc.		1,960,306
	2,547	O’Reilly Automotive, Inc.(a)		2,162,352
				4,122,658
		SEMICONDUCTORS — 13.2%
	31,137	Advanced Micro Devices, Inc.(a)		3,051,737
	15,018	Analog Devices, Inc.		2,961,850
	5,930	Broadcom, Inc.		3,804,333
	13,933	NVIDIA Corporation		3,870,170
	11,107	NXP Semiconductors N.V.		2,071,178
	24,764	ON Semiconductor Corporation(a)		2,038,572
				17,797,840
		SOFTWARE — 7.4%
	26,455	DocuSign, Inc.(a)		1,542,327
	16,197	Palo Alto Networks, Inc.(a)		3,235,189
	4,642	ServiceNow, Inc.(a)		2,157,230
	7,820	Synopsys, Inc.(a)		3,020,475
				9,955,221

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 16

Large/Mid Cap Growth Fund

Shares			Fair Value
		TECHNOLOGY HARDWARE — 4.3%
	19,267	Arista Networks, Inc.(a)	$	3,234,159
	39,929	Seagate Technology Holdings plc		2,640,105
				5,874,264
		TECHNOLOGY SERVICES — 2.0%
	13,642	CDW Corporation		2,658,689
		TRANSPORTATION & LOGISTICS — 1.3%
	23,317	Canadian Pacific Railway Ltd.		1,794,010
	��	TRANSPORTATION EQUIPMENT — 2.0%
	36,556	PACCAR, Inc.		2,675,899
		TOTAL COMMON STOCKS (Cost $83,509,927)		106,190,156
		EXCHANGE-TRADED FUNDS — 16.0%
		EQUITY — 16.0%
	624,000	Timothy Plan US Large/Mid Cap Core Enhanced ETF(b)		14,458,454
	209,000	Timothy Plan US Large/Mid Cap Core ETF(b)		7,199,214
		TOTAL EXCHANGE-TRADED FUNDS (Cost $21,565,045)		21,657,668
		SHORT-TERM INVESTMENT — 4.2%
		MONEY MARKET FUND — 4.2%
	5,720,622	Fidelity Government Portfolio, Class I, 4.71% (Cost $5,720,622)(c)		5,720,622
		TOTAL INVESTMENTS — 98.8% (Cost $110,795,594)	$	133,568,446
		OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%		1,596,664
		NET ASSETS — 100.0%	$	135,165,110

ETF	Exchange-Traded Fund
LTD	Limited Company
NV	Naamioze Vennootschap
PLC	Public Limited Company
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 March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 17

Growth & Income Fund

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 44.2%
		EQUITY — 44.2%
	295,000	Timothy Plan High Dividend Stock Enhanced ETF(a)	$	6,945,834
	27,500	Timothy Plan High Dividend Stock ETF(a)		858,688
		TOTAL EXCHANGE-TRADED FUNDS (Cost $8,197,973)		7,804,522

Principal Amount ($)			Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 8.1%
		CHEMICALS — 0.8%
	59,000	LYB International Finance BV		4.0000		07/15/23	$	58,624
	85,000	Nutrien Ltd.		4.0000		12/15/26		82,018
								140,642
		ELECTRIC UTILITIES — 0.9%
	110,000	American Electric Power Company, Inc.		3.2000		11/13/27		102,635
	45,000	National Rural Utilities Cooperative Finance		2.9500		02/07/24		44,079
	22,000	WEC Energy Group, Inc.		3.5500		06/15/25		21,130
								167,844
		GAS & WATER UTILITIES — 0.6%
	110,000	NiSource, Inc.		3.4900		05/15/27		104,125
		INSTITUTIONAL FINANCIAL SERVICES — 0.3%
	55,000	Cboe Global Markets, Inc.		3.6500		01/12/27		53,055
		OIL & GAS PRODUCERS — 3.2%
	85,000	Columbia Pipeline Group, Inc.		4.5000		06/01/25		83,939
	220,000	Energy Transfer Operating, L.P.		6.2500		04/15/49		216,981
	125,000	Energy Transfer, L.P.		5.7500		02/15/33		127,451
	115,000	Phillips 66 Company(b)		3.6050		02/15/25		111,665
								540,036
		REAL ESTATE INVESTMENT TRUSTS — 1.0%
	75,000	Digital Realty Trust, L.P.		3.7000		08/15/27		69,079
	120,000	Healthpeak Properties, Inc.		3.5000		07/15/29		109,856
								178,935
		RETAIL - CONSUMER STAPLES — 0.4%
	80,000	Dollar General Corporation		4.1250		05/01/28		77,811
		TRANSPORTATION & LOGISTICS — 0.9%
	55,000	Canadian Pacific Railway Company		2.9000		02/01/25		52,911
	110,000	CSX Corporation		3.2500		06/01/27		104,903
								157,814
		TOTAL CORPORATE BONDS (Cost $1,484,271)						1,420,262

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 18

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 $120,776)		2.5000		04/27/26	$	114,505
		U.S. GOVERNMENT & AGENCIES — 44.6%
		AGENCY FIXED RATE — 11.5%
	54,895	Fannie Mae Pool FM5537		2.0000		01/01/36		49,468
	38,975	Fannie Mae Pool MA4316		2.5000		04/01/36		36,200
	62,798	Fannie Mae Pool MA4333		2.0000		05/01/41		54,235
	21,928	Fannie Mae Pool MA4475		2.5000		10/01/41		19,424
	65,352	Fannie Mae Pool MA4617		3.0000		04/01/42		59,717
	51,871	Fannie Mae Pool FM4053		2.5000		08/01/50		45,170
	54,827	Fannie Mae Pool CA8897		3.0000		02/01/51		49,512
	8,227	Fannie Mae Pool MA4258		3.5000		02/01/51		7,676
	21,219	Fannie Mae Pool FM6550		2.0000		03/01/51		17,625
	41,863	Fannie Mae Pool CB0855		3.0000		06/01/51		37,603
	71,854	Fannie Mae Pool FS1807		3.5000		07/01/51		67,275
	74,317	Fannie Mae Pool FS1704		4.0000		05/01/52		71,628
	14,813	Fannie Mae Pool FS3392		4.0000		09/01/52		14,158
	51,972	Ginnie Mae I Pool 723248		5.0000		10/15/39		53,533
	54,009	Ginnie Mae I Pool 783403		3.5000		09/15/41		52,403
	46,035	Ginnie Mae II Pool MA3376		3.5000		01/20/46		43,778
	34,503	Ginnie Mae II Pool MA3596		3.0000		04/20/46		31,941
	29,622	Ginnie Mae II Pool MA3663		3.5000		05/20/46		28,146
	38,376	Ginnie Mae II Pool MA3736		3.5000		06/20/46		36,474
	13,070	Ginnie Mae II Pool MA4509		3.0000		06/20/47		12,056
	36,517	Ginnie Mae II Pool MA4652		3.5000		08/20/47		34,648
	34,568	Ginnie Mae II Pool MA4719		3.5000		09/20/47		32,902
	25,493	Ginnie Mae II Pool MA6092		4.5000		08/20/49		25,225
	19,876	Ginnie Mae II Pool MA6156		4.5000		09/20/49		19,714
	45,646	Ginnie Mae II Pool BN2662		3.0000		10/20/49		41,577
	21,324	Ginnie Mae II Pool MA6221		4.5000		10/20/49		21,236
	19,319	Ginnie Mae II Pool MA6478		5.0000		02/20/50		19,631
	23,212	Ginnie Mae II Pool MA6544		4.5000		03/20/50		23,084
	14,894	Ginnie Mae II Pool MA6545		5.0000		03/20/50		15,137
	103,349	Ginnie Mae II Pool MA6598		2.5000		04/20/50		91,595
	23,147	Ginnie Mae II Pool MA6600		3.5000		04/20/50		21,857
	21,010	Ginnie Mae II Pool MA6601		4.0000		04/20/50		20,355
	26,840	Ginnie Mae II Pool MA6603		5.0000		04/20/50		27,270
	49,961	Ginnie Mae II Pool MA7255		2.5000		03/20/51		43,978
	40,534	Ginnie Mae II Pool MA7418		2.5000		06/20/51		35,748

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 19

Growth & Income Fund

Principal Amount ($)			Coupon Rate (%)		Maturity		Fair Value
		AGENCY FIXED RATE — 11.5% (Continued)
	61,693	Ginnie Mae II Pool MA7419		3.0000		06/20/51	$	56,385
	54,605	Ginnie Mae II Pool MA7472		2.5000		07/20/51		48,060
	69,322	Ginnie Mae II Pool CE1974		3.0000		08/20/51		63,830
	76,252	Ginnie Mae II Pool CE1990		2.5000		09/20/51		67,065
	71,648	Ginnie Mae II Pool MA7705		2.5000		11/20/51		63,066
	76,375	Ginnie Mae II Pool MA7768		3.0000		12/20/51		69,612
	60,141	Ginnie Mae II Pool MA7829		3.5000		01/20/52		56,273
	80,101	Ginnie Mae II Pool MA7939		4.0000		03/20/52		77,007
	84,954	Ginnie Mae II Pool MA7987		2.5000		04/20/52		74,752
	81,709	Ginnie Mae II Pool MA8098		3.0000		06/20/52		74,321
	113,372	Ginnie Mae II Pool MA8268		4.5000		09/20/52		111,610
		TOTAL AGENCY FIXED RATE (Cost $2,227,869)						2,023,960
		U.S. TREASURY NOTES — 33.1%
	925,000	United States Treasury Note		2.2500		11/15/24		895,623
	920,000	United States Treasury Note		2.0000		08/15/25		879,427
	1,155,000	United States Treasury Note		0.6250		07/31/26		1,040,989
	1,385,000	United States Treasury Note		1.2500		09/30/28		1,220,963
	1,265,000	United States Treasury Note		1.2500		08/15/31		1,060,129
	500,000	United States Treasury Note		1.7500		08/15/41		361,387
	545,000	United States Treasury Note		2.0000		08/15/51		381,544
		TOTAL U.S. TREASURY NOTES (Cost $5,973,291)						5,840,062
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,201,160)						7,864,022

Shares
		SHORT-TERM INVESTMENT — 0.1%
		MONEY MARKET FUND - 0.1%
	18,529	Fidelity Government Portfolio, Class I, 4.71% (Cost $18,529)(c)		18,529
		TOTAL INVESTMENTS — 97.6% (Cost $18,022,709)	$	17,221,840
		OTHER ASSETS IN EXCESS OF LIABILITIES — 2.4%		417,943
		NET ASSETS — 100.0%	$	17,639,783

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 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 March 31, 2023 the total market value of 144A securities is 111,665 or 0.6% of net assets.
(c)	Rate disclosed is the seven day effective yield as of March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 20

Fixed Income Fund

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 14.9%
		EQUITY — 14.9%
	620,000	Timothy Plan Market Neutral ETF (a) (Cost $15,521,700)	$	15,428,762

Principal Amount ($)			Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 23.9%
		CHEMICALS — 2.6%
	1,212,000	LYB International Finance BV		4.0000		07/15/23	$	1,204,428
	1,570,000	Nutrien Ltd.		4.0000		12/15/26		1,516,630
								2,721,058
		ELECTRIC UTILITIES — 4.0%
	2,205,000	American Electric Power Company, Inc.		3.2000		11/13/27		2,058,985
	822,839	John Sevier Combined Cycle Generation, LLC		4.6260		01/15/42		808,207
	855,000	National Rural Utilities Cooperative Finance		2.9500		02/07/24		837,894
	442,000	WEC Energy Group, Inc.		3.5500		06/15/25		424,964
								4,130,050
		GAS & WATER UTILITIES — 2.0%
	2,185,000	NiSource, Inc.		3.4900		05/15/27		2,069,696
		INSTITUTIONAL FINANCIAL SERVICES — 0.9%
	1,000,000	Cboe Global Markets, Inc.		3.6500		01/12/27		965,968
		OIL & GAS PRODUCERS — 6.6%
	1,580,000	Columbia Pipeline Group, Inc.		4.5000		06/01/25		1,561,131
	1,980,000	Energy Transfer Operating, L.P.		6.2500		04/15/49		1,956,531
	1,125,000	Energy Transfer, L.P.		5.7500		02/15/33		1,148,265
	2,240,000	Phillips 66 Company(b)		3.6050		02/15/25		2,176,447
								6,842,374
		REAL ESTATE INVESTMENT TRUSTS — 3.3%
	1,520,000	Digital Realty Trust, L.P.		3.7000		08/15/27		1,401,826
	2,200,000	Healthpeak Properties, Inc.		3.5000		07/15/29		2,017,213
								3,419,039
		RETAIL - CONSUMER STAPLES — 1.5%
	1,575,000	Dollar General Corporation		4.1250		05/01/28		1,533,253
		TRANSPORTATION & LOGISTICS — 3.0%
	1,000,000	Canadian Pacific Railway Company		2.9000		02/01/25		962,502
	2,190,000	CSX Corporation		3.2500		06/01/27		2,089,927
								3,052,429
		TOTAL CORPORATE BONDS (Cost $26,336,094)						24,733,867

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 21

Fixed Income Fund

Principal Amount ($)			Coupon Rate (%)		Maturity		Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 2.1%
		LOCAL AUTHORITY — 2.1%
	2,235,000	Province of Ontario Canada (Cost $2,301,301)		2.5000		04/27/26	$	2,134,194
		U.S. GOVERNMENT & AGENCIES — 56.6%
		AGENCY FIXED RATE — 31.3%
	1,317,469	Fannie Mae Pool FM5537		2.0000		01/01/36		1,188,794
	1,013,343	Fannie Mae Pool MA4316		2.5000		04/01/36		942,315
	1,486,219	Fannie Mae Pool MA4333		2.0000		05/01/41		1,285,328
	717,005	Fannie Mae Pool MA4366		2.5000		06/01/41		636,792
	425,407	Fannie Mae Pool MA4475		2.5000		10/01/41		377,284
	1,227,692	Fannie Mae Pool MA4617		3.0000		04/01/42		1,123,091
	1,041,128	Fannie Mae Pool FM4053		2.5000		08/01/50		907,765
	1,343,265	Fannie Mae Pool CA8897		3.0000		02/01/51		1,214,441
	884,940	Fannie Mae Pool MA4258		3.5000		02/01/51		826,504
	458,329	Fannie Mae Pool FM6550		2.0000		03/01/51		381,238
	852,474	Fannie Mae Pool CB0855		3.0000		06/01/51		766,619
	525,434	Fannie Mae Pool FS1807		3.5000		07/01/51		492,444
	534,151	Fannie Mae Pool FS1704		4.0000		05/01/52		515,326
	1,081,367	Fannie Mae Pool FS3392		4.0000		09/01/52		1,034,558
	60,015	Ginnie Mae I Pool 723248		5.0000		10/15/39		61,874
	260,122	Ginnie Mae I Pool 783060		4.0000		08/15/40		247,791
	141,362	Ginnie Mae I Pool 783403		3.5000		09/15/41		137,290
	109,103	Ginnie Mae II Pool 4520		5.0000		08/20/39		112,099
	144,354	Ginnie Mae II Pool 4947		5.0000		02/20/41		147,228
	258,778	Ginnie Mae II Pool MA3376		3.5000		01/20/46		246,330
	165,907	Ginnie Mae II Pool MA3596		3.0000		04/20/46		153,760
	444,337	Ginnie Mae II Pool MA3663		3.5000		05/20/46		422,613
	159,397	Ginnie Mae II Pool MA3736		3.5000		06/20/46		151,647
	271,641	Ginnie Mae II Pool MA4004		3.5000		10/20/46		258,138
	184,395	Ginnie Mae II Pool MA4509		3.0000		06/20/47		170,274
	219,969	Ginnie Mae II Pool MA4652		3.5000		08/20/47		208,920
	271,607	Ginnie Mae II Pool MA4719		3.5000		09/20/47		258,773
	278,123	Ginnie Mae II Pool MA4778		3.5000		10/20/47		264,097
	220,623	Ginnie Mae II Pool MA4901		4.0000		12/20/47		215,317
	192,479	Ginnie Mae II Pool MA4963		4.0000		01/20/48		187,810
	185,623	Ginnie Mae II Pool MA6092		4.5000		08/20/49		183,842
	201,993	Ginnie Mae II Pool MA6156		4.5000		09/20/49		200,537
	652,088	Ginnie Mae II Pool BN2662		3.0000		10/20/49		594,633
	184,534	Ginnie Mae II Pool MA6221		4.5000		10/20/49		183,948
	183,726	Ginnie Mae II Pool MA6477		4.5000		02/20/50		182,776

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 22

Fixed Income Fund

Principal Amount ($)			Coupon Rate (%)		Maturity		Fair Value
		AGENCY FIXED RATE — 31.3% (Continued)
	298,935	Ginnie Mae II Pool MA6478		5.0000		02/20/50	$	304,047
	299,819	Ginnie Mae II Pool MA6544		4.5000		03/20/50		298,448
	211,303	Ginnie Mae II Pool MA6545		5.0000		03/20/50		214,950
	1,167,666	Ginnie Mae II Pool MA6598		2.5000		04/20/50		1,036,148
	298,014	Ginnie Mae II Pool MA6600		3.5000		04/20/50		281,690
	252,123	Ginnie Mae II Pool MA6601		4.0000		04/20/50		244,501
	224,782	Ginnie Mae II Pool MA6603		5.0000		04/20/50		228,598
	1,038,472	Ginnie Mae II Pool MA7255		2.5000		03/20/51		915,259
	766,090	Ginnie Mae II Pool MA7418		2.5000		06/20/51		676,476
	1,288,303	Ginnie Mae II Pool MA7419		3.0000		06/20/51		1,178,777
	1,155,115	Ginnie Mae II Pool MA7472		2.5000		07/20/51		1,017,914
	1,363,325	Ginnie Mae II Pool CE1974		3.0000		08/20/51		1,256,741
	1,107,892	Ginnie Mae II Pool CE1990		2.5000		09/20/51		975,627
	1,347,873	Ginnie Mae II Pool MA7705		2.5000		11/20/51		1,187,902
	1,091,710	Ginnie Mae II Pool MA7768		3.0000		12/20/51		996,171
	1,105,678	Ginnie Mae II Pool MA7829		3.5000		01/20/52		1,035,587
	1,097,853	Ginnie Mae II Pool MA7939		4.0000		03/20/52		1,056,476
	1,198,799	Ginnie Mae II Pool MA7987		2.5000		04/20/52		1,056,141
	1,177,565	Ginnie Mae II Pool MA8098		3.0000		06/20/52		1,072,310
	1,138,653	Ginnie Mae II Pool MA8268		4.5000		09/20/52		1,122,031
		TOTAL AGENCY FIXED RATE (Cost $36,174,288)						32,437,990
		U.S. TREASURY NOTES — 25.3%
	3,405,000	United States Treasury Note		2.2500		11/15/24		3,297,729
	3,260,000	United States Treasury Note		2.0000		08/15/25		3,117,375
	4,990,000	United States Treasury Note		0.6250		07/31/26		4,498,894
	5,965,000	United States Treasury Note		1.2500		09/30/28		5,260,034
	4,440,000	United States Treasury Note		1.2500		08/15/31		3,722,316
	5,215,000	United States Treasury Note		1.7500		08/15/41		3,773,338
	3,625,000	United States Treasury Note		2.0000		08/15/51		2,539,412
		TOTAL U.S. TREASURY NOTES (Cost $29,130,268)						26,209,098
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $65,304,556)						58,647,088

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 23

Fixed Income Fund

Shares			Fair Value
		SHORT-TERM INVESTMENT — 1.9%
		MONEY MARKET FUND — 1.9%
	1,918,261	Fidelity Government Portfolio, Class I, 4.71% (Cost $1,918,261)(c)	$	1,918,261
		TOTAL INVESTMENTS — 99.4% (Cost $111,381,912)	$	102,862,172
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%		598,041
		NET ASSETS — 100.0%	$	103,460,213

ETF	Exchange-Traded Fund
LLC	Limited Liability Company
LP	Limited Partnership
LTD	Limited Company
REIT	Real Estate Investment Trust
(a)	Investment in affiliate.
(b)	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 March 31, 2023 the total market value of 144A securities is 2,176,447 or 2.1% of net assets.
(c)	Rate disclosed is the seven day effective yield as of March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 24

High Yield Bond Fund

Shares			Fair Value
		EXCHANGE-TRADED FUND — 16.1%
		EQUITY — 16.1%
	908,400	Timothy Plan Market Neutral ETF (a) (Cost $22,741,794)	$	22,605,625

Principal Amount ($)			Coupon Rate (%)			Maturity		Fair Value
		CORPORATE BONDS — 81.4%
		AEROSPACE & DEFENSE — 0.7%
	1,000,000	TransDigm, Inc.(b)		6.7500			08/15/28	$	1,012,500
		ASSET MANAGEMENT — 0.9%
	100,000	AG TTMT Escrow Issuer, LLC(b)		8.6250			09/30/27		100,750
	250,000	Icahn Enterprises, L.P. / Icahn Enterprises		4.7500			09/15/24		244,115
	1,000,000	Icahn Enterprises, L.P. / Icahn Enterprises		4.3750			02/01/29		861,370
									1,206,235
		AUTOMOTIVE — 2.4%			��
	1,500,000	Adient Global Holdings Ltd.(b)		8.2500			04/15/31		1,545,893
	522,000	Clarios Global, L.P. / Clarios US Finance Company(b)		6.2500			05/15/26		518,677
	1,500,000	Goodyear Tire & Rubber Company (The)		5.6250			04/30/33		1,299,450
									3,364,020
		BIOTECH & PHARMA — 1.9%
	750,000	Bausch Health Companies, Inc.(b)		6.1250			02/01/27		486,165
	250,000	Bausch Health Companies, Inc.(b)		5.0000			01/30/28		95,320
	750,000	Bausch Health Companies, Inc.(b)		4.8750			06/01/28		443,175
	125,000	Bausch Health Companies, Inc.(b)		5.0000			02/15/29		49,099
	1,500,000	Bausch Health Companies, Inc.(b)		5.2500			01/30/30		556,793
	50,000	Bausch Health Companies, Inc.(b)		5.2500			02/15/31		19,375
	1,500,000	Emergent BioSolutions, Inc.(b)		3.8750			08/15/28		733,755
	250,000	Jazz Securities DAC(b)		4.3750			01/15/29		229,600
									2,613,282
		CHEMICALS — 5.3%
	1,250,000	Avient Corporation(b)		7.1250			08/01/30		1,290,250
	2,000,000	Axalta Coating Systems LLC(b)		3.3750			02/15/29		1,716,087
	1,500,000	Koppers, Inc.(b)		6.0000			02/15/25		1,500,542
	2,000,000	Polar US Borrower, LLC / Schenectady International(b)		6.7500			05/15/26		1,033,557
	1,000,000	WR Grace Holdings, LLC(b)		5.6250			08/15/29		850,000
	1,000,000	WR Grace Holdings, LLC(b)		7.3750			03/01/31		1,004,735
									7,395,171
		COMMERCIAL SUPPORT SERVICES — 7.7%
	1,125,000	Allied Universal Holdco, LLC / Allied Universal(b)		4.6250			06/01/28		958,539
	125,000	Atlas LuxCompany 4 S.A.RL / Allied Universal(b)		4.6250			06/01/28		105,059
	1,125,000	Clean Harbors, Inc.(b)		6.3750			02/01/31		1,148,963

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 25

High Yield Bond Fund

Principal Amount ($)				Spread	Coupon Rate (%)		Maturity		Fair Value
		COMMERCIAL SUPPORT SERVICES — 7.7% (Continued)
	2,000,000	Covanta Holding Corporation				5.0000		09/01/30	$	1,724,750
	1,125,000	Covert Mergeco, Inc.(b)				4.8750		12/01/29		1,002,161
	2,550,000	GFL Environmental Inc(b)				4.0000		08/01/28		2,310,044
	250,000	GFL Environmental, Inc.(b)				4.3750		08/15/29		226,118
	2,255,000	Harsco Corporation(b)				5.7500		07/31/27		1,772,813
	1,700,000	Waste Pro USA, Inc.(b)				5.5000		02/15/26		1,565,169
										10,813,616
		CONSTRUCTION MATERIALS — 0.3%
	250,000	Cemex S.A.B. de C.V.(b)				5.2000		09/17/30		230,825
	250,000	Cemex S.A.B. de C.V.(b)				3.8750		07/11/31		206,604
										437,429
		CONSUMER SERVICES — 1.8%
	2,000,000	PROG Holdings, Inc.(b)				6.0000		11/15/29		1,702,872
	1,000,000	Rent-A-Center, Inc.(b)				6.3750		02/15/29		840,922
										2,543,794
		CONTAINERS & PACKAGING — 8.3%
	625,000	Ardagh Metal Packaging Finance USA, LLC / Ardagh(b)				6.0000		06/15/27		620,250
	500,000	Ardagh Metal Packaging Finance USA, LLC / Ardagh(b)				4.0000		09/01/29		391,728
	1,750,000	Canpack S.A. / Canpack US, LLC(b)				3.8750		11/15/29		1,418,431
	1,000,000	Graham Packaging Company, Inc.(b)				7.1250		08/15/28		865,688
	750,000	Graphic Packaging International, LLC(b)				3.7500		02/01/30		651,915
	1,250,000	LABL, Inc.(b)				5.8750		11/01/28		1,112,529
	375,000	LABL, Inc.(b)				9.5000		11/01/28		378,750
	750,000	LABL, Inc.(b)				8.2500		11/01/29		640,950
	2,050,000	Mauser Packaging Solutions Holding Company(b)				7.8750		08/15/26		2,051,855
	2,750,000	Pactiv Evergreen Group Issuer, LLC / Pactiv(b)				4.3750		10/15/28		2,406,902
	1,250,000	TriMas Corporation(b)				4.1250		04/15/29		1,101,500
										11,640,498
		ELECTRIC UTILITIES — 0.8%
	1,000,000	Vistra Corporation(b),(c)	H15T5Y + 5.740%			7.0000		06/15/70		881,035
	250,000	Vistra Operations Company, LLC(b)				4.3750		05/01/29		221,631
										1,102,666
		ELECTRICAL EQUIPMENT — 0.6%
	500,000	BWX Technologies, Inc.(b)				4.1250		06/30/28		450,810
	500,000	BWX Technologies, Inc.(b)				4.1250		04/15/29		443,984
										894,794
		ENGINEERING & CONSTRUCTION — 1.4%
	2,194,000	Dycom Industries, Inc.(b)				4.5000		04/15/29		1,982,597
		FOOD — 0.8%
	1,100,000	Darling Ingredients, Inc.(b)				6.0000		06/15/30		1,097,250

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 26

High Yield Bond Fund

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity		Fair Value
		FORESTRY, PAPER & WOOD PRODUCTS — 1.1%
	1,750,000	Mercer International, Inc.			5.1250		02/01/29	$	1,500,625
		HEALTH CARE FACILITIES & SERVICES — 2.6%
	1,391,000	Ardent Health Services, Inc.(b)			5.7500		07/15/29		1,172,049
	500,000	Catalent Pharma Solutions, Inc.(b)			3.1250		02/15/29		440,117
	250,000	LifePoint Health, Inc.(b)			5.3750		01/15/29		153,125
	500,000	MEDNAX, Inc.(b)			5.3750		02/15/30		453,080
	1,000,000	Tenet Healthcare Corporation			6.1250		10/01/28		956,575
	500,000	Tenet Healthcare Corporation			4.3750		01/15/30		449,200
									3,624,146
		HOME CONSTRUCTION — 4.4%
	500,000	Ashton Woods USA, LLC / Ashton Woods Finance(b)			6.6250		01/15/28		453,906
	500,000	Ashton Woods USA, LLC / Ashton Woods Finance(b)			4.6250		08/01/29		406,155
	500,000	Ashton Woods USA, LLC / Ashton Woods Finance(b)			4.6250		04/01/30		412,250
	2,792,000	Interface Inc(b)			5.5000		12/01/28		2,265,680
	1,000,000	PGT Innovations, Inc.(b)			4.3750		10/01/29		906,250
	1,500,000	STL Holding Company, LLC(b)			7.5000		02/15/26		1,308,750
	500,000	Weekley Homes, LLC / Weekley Finance Corporation(b)			4.8750		09/15/28		423,662
									6,176,653
		HOUSEHOLD PRODUCTS — 0.0%(d)
	50,000	Energizer Holdings, Inc.(b)			6.5000		12/31/27		48,606
		INDUSTRIAL SUPPORT SERVICES — 0.2%
	250,000	BCPE Empire Holdings, Inc.(b)			7.6250		05/01/27		228,663
		INSTITUTIONAL FINANCIAL SERVICES — 1.1%
	1,750,000	LPL Holdings, Inc.(b)			4.0000		03/15/29		1,576,715
		INSURANCE — 1.0%
	500,000	Alliant Holdings Intermediate, LLC / Alliant(b)			6.7500		04/15/28		494,890
	1,000,000	Ryan Specialty Group, LLC(b)			4.3750		02/01/30		872,512
									1,367,402
		LEISURE PRODUCTS — 0.6%
	1,000,000	Vista Outdoor, Inc.(b)			4.5000		03/15/29		808,370
		MACHINERY — 0.3%
	250,000	Madison IAQ, LLC(b)			4.1250		06/30/28		216,529
	250,000	Redwood Star Merger Sub, Inc.(b)			8.7500		04/01/30		216,030
									432,559

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 27

High Yield Bond Fund

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity		Fair Value
		MEDICAL EQUIPMENT & DEVICES — 0.6%
	500,000	Mozart Debt Merger Sub, Inc.(b)			3.8750		04/01/29	$	433,795
	500,000	Mozart Debt Merger Sub, Inc.(b)			5.2500		10/01/29		434,284
									868,079
		METALS & MINING — 0.7%
	1,250,000	Kaiser Aluminum Corporation(b)			4.5000		06/01/31		1,028,125
		OIL & GAS PRODUCERS — 7.3%
	1,500,000	Colgate Energy Partners III, LLC(b)			5.8750		07/01/29		1,422,000
	3,072,000	CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(b)			5.5000		06/15/31		2,764,862
	250,000	Crestwood Midstream Partners, L.P. / Crestwood			5.7500		04/01/25		244,450
	1,500,000	Crestwood Midstream Partners, L.P. / Crestwood(b)			5.6250		05/01/27		1,446,930
	100,000	Earthstone Energy Holdings, LLC(b)			8.0000		04/15/27		97,131
	500,000	Genesis Energy, L.P. / Genesis Energy Finance			7.7500		02/01/28		485,258
	250,000	Genesis Energy, L.P. / Genesis Energy Finance			8.8750		04/15/30		254,375
	1,000,000	Global Partners, L.P. / GLP Finance Corporation			7.0000		08/01/27		960,785
	1,000,000	ITT Holdings, LLC(b)			6.5000		08/01/29		845,220
	1,500,000	NuStar Logistics, L.P.			5.6250		04/28/27		1,422,296
	275,000	PBF Holding Company, LLC / PBF Finance Corporation			7.2500		06/15/25		273,298
									10,216,605
		PUBLISHING & BROADCASTING — 0.2%
	500,000	Gray Television, Inc.(b)			4.7500		10/15/30		332,500
		REAL ESTATE INVESTMENT TRUSTS — 2.2%
	1,500,000	Diversified Healthcare Trust			9.7500		06/15/25		1,441,523
	1,250,000	Service Properties Trust			7.5000		09/15/25		1,234,646
	500,000	Service Properties Trust			5.5000		12/15/27		447,250
									3,123,419
		REAL ESTATE OWNERS & DEVELOPERS — 1.6%
	2,749,000	Howard Hughes Corporation (The)(b)			4.3750		02/01/31		2,216,464
		RETAIL - CONSUMER STAPLES — 0.1%
	100,000	Ingles Markets, Inc.(b)			4.0000		06/15/31		87,000
		RETAIL - DISCRETIONARY — 4.2%
	1,550,000	Beacon Roofing Supply, Inc.(b)			4.1250		05/15/29		1,369,548
	1,372,000	Ken Garff Automotive, LLC(b)			4.8750		09/15/28		1,168,130
	1,250,000	Lithia Motors, Inc.(b)			3.8750		06/01/29		1,081,263
	500,000	Lithia Motors, Inc.(b)			4.3750		01/15/31		431,328
	1,000,000	PetSmart, Inc. / PetSmart Finance Corporation(b)			7.7500		02/15/29		982,680
	1,050,000	Sonic Automotive, Inc.(b)			4.8750		11/15/31		847,805
									5,880,754

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 28

High Yield Bond Fund

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		SOFTWARE — 0.6%
	1,000,000	Crowdstrike Holdings, Inc.				3.0000		02/15/29	$	873,671
		SPECIALTY FINANCE — 11.7%
	2,000,000	Air Lease Corporation(c)		H15T5Y+4.076%		4.6500		06/15/70		1,665,927
	1,000,000	Bread Financial Holdings, Inc.(b)				7.0000		01/15/26		882,947
	2,500,000	Burford Capital Global Finance, LLC(b)				6.2500		04/15/28		2,178,113
	115,000	Freedom Mortgage Corporation(b)				8.1250		11/15/24		110,811
	786,000	Freedom Mortgage Corporation(b)				8.2500		04/15/25		728,150
	1,000,000	Freedom Mortgage Corporation(b)				6.6250		01/15/27		770,475
	2,955,000	ILFC E-Capital Trust I(b),(c)		T30Y+1.550%		6.5480		12/21/65		1,887,705
	1,500,000	ILFC E-Capital Trust II(b),(c)		T30Y+1.800%		6.7980		12/21/65		999,738
	750,000	Ladder Capital Finance Holdings LLLP(b)				4.2500		02/01/27		593,220
	1,700,000	LFS Topco, LLC(b)				5.8750		10/15/26		1,483,701
	500,000	Nationstar Mortgage Holdings, Inc.(b)				6.0000		01/15/27		454,225
	1,250,000	Nationstar Mortgage Holdings, Inc.(b)				5.5000		08/15/28		1,073,150
	1,250,000	Nationstar Mortgage Holdings, Inc.(b)				5.7500		11/15/31		969,792
	3,000,000	New Residential Investment Corporation(b)				6.2500		10/15/25		2,680,229
										16,478,183
		STEEL — 3.2%
	1,500,000	ATI, Inc.				5.1250		10/01/31		1,367,198
	500,000	Commercial Metals Company				4.3750		03/15/32		430,880
	3,399,000	TMS International Corporation(b)				6.2500		04/15/29		2,624,475
										4,422,553
		TECHNOLOGY HARDWARE — 1.5%
	300,000	Ciena Corporation(b)				4.0000		01/31/30		261,270
	1,000,000	CommScope, Inc.(b)				8.2500		03/01/27		798,399
	750,000	CommScope, Inc.(b)				7.1250		07/01/28		554,078
	500,000	TTM Technologies, Inc.(b)				4.0000		03/01/29		431,723
										2,045,470
		TECHNOLOGY SERVICES — 1.1%
	1,250,000	HealthEquity, Inc.(b)				4.5000		10/01/29		1,112,360
	500,000	MSCI, Inc.(b)				3.6250		11/01/31		427,730
										1,540,090
		TRANSPORTATION & LOGISTICS — 0.8%
	1,250,000	First Student Bidco, Inc. / First Transit Parent,(b)				4.0000		07/31/29		1,088,811
		TRANSPORTATION EQUIPMENT — 0.1%
	125,000	Wabash National Corporation(b)				4.5000		10/15/28		108,527

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 29

High Yield Bond Fund

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity		Fair Value
		WHOLESALE - CONSUMER STAPLES — 1.3%
	2,000,000	United Natural Foods, Inc.(b)			6.7500		10/15/28	$	1,860,620
		TOTAL CORPORATE BONDS (Cost $129,654,654)							114,038,462

Shares
		SHORT-TERM INVESTMENT — 1.3%
		MONEY MARKET FUND — 1.3%
	1,855,591	Fidelity Government Portfolio, Class I, 4.71% (Cost $1,855,591)(e)		1,855,591
		TOTAL INVESTMENTS — 98.8% (Cost $154,252,039)	$	138,499,678
		OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%		1,629,776
		NET ASSETS — 100.0%	$	140,129,454

ETF	Exchange-Traded Fund
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
T30Y	30 Year Treasury
(a)	Investment in affiliate.
(b)	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 March 31, 2023 the total market value of 144A securities is 95,900,820 or 68.4% of net assets.
(c)	Variable rate security; the rate shown represents the rate on March 31, 2023.
(d)	Percentage rounds to less than 0.1%.
(e)	Rate disclosed is the seven day effective yield as of March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 30

International Fund

Shares			Fair Value
		COMMON STOCKS — 93.6%
		AEROSPACE & DEFENSE — 2.7%
	78,000	Safran S.A. - ADR	$	2,887,560
	43,000	Thales S.A. - ADR		1,268,930
				4,156,490
		AUTOMOTIVE — 2.4%
	67,300	Magna International, Inc.		3,605,261
		BANKING — 10.3%
	42,739	DBS Group Holdings Ltd. - ADR		4,235,862
	110,000	DNB Bank ASA - ADR		1,970,100
	37,800	HDFC Bank Ltd. - ADR		2,520,126
	120,100	ICICI Bank Ltd. - ADR		2,591,758
	284,000	Itau Unibanco Holding S.A. - ADR		1,383,080
	93,600	KBC Group N.V. - ADR		3,206,736
				15,907,662
		CHEMICALS — 2.7%
	83,420	Air Liquide S.A. - ADR		2,787,896
	12,400	Arkema S.A. - ADR		1,220,780
				4,008,676
		CONSTRUCTION MATERIALS — 2.4%
	55,000	CRH plc - ADR		2,797,850
	27,500	Xinyi Glass Holdings Ltd. - ADR		976,250
				3,774,100
		ELECTRIC UTILITIES — 3.4%
	440,000	Enel SpA - ADR		2,657,600
	53,200	Iberdrola S.A. - ADR		2,645,104
				5,302,704
		ELECTRICAL EQUIPMENT — 2.4%
	112,600	Schneider Electric S.E. - ADR		3,752,958
		ENGINEERING & CONSTRUCTION — 4.6%
	134,000	Cellnex Telecom S.A. - ADR		2,595,580
	155,000	Vinci S.A. - ADR		4,439,200
				7,034,780
		FOOD — 3.3%
	31,000	Kerry Group plc - ADR		3,096,435
	104,000	Mowi ASA - ADR		1,920,880
				5,017,315
		HEALTH CARE FACILITIES & SERVICES — 2.2%
	15,600	ICON PLC(a)		3,332,004

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 31

International Fund

Shares			Fair Value
		HOUSEHOLD PRODUCTS — 1.4%
	85,000	Beiersdorf A.G. - ADR	$	2,209,150
		INDUSTRIAL SUPPORT SERVICES — 1.6%
	10,000	Ashtead Group plc - ADR		2,440,300
		INSTITUTIONAL FINANCIAL SERVICES — 3.5%
	191,500	Deutsche Boerse A.G. - ADR		3,718,930
	66,000	London Stock Exchange Group plc - ADR		1,623,600
				5,342,530
		INSURANCE — 5.5%
	50,600	Ageas S.A./NV - ADR		2,190,095
	71,000	AIA Group Ltd. - ADR		2,981,999
	66,400	Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR		2,320,680
	44,300	Sampo OYJ - ADR		1,042,158
				8,534,932
		INTERNET MEDIA & SERVICES — 1.7%
	169,000	Prosus N.V. - ADR		2,619,500
	43,600	Yandex N.V., Class A(a)(b)(c)		43,600
				2,663,100
		LEISURE FACILITIES & SERVICES — 1.6%
	40,000	Yum China Holdings, Inc.		2,535,600
		LEISURE PRODUCTS — 1.0%
	89,000	Shimano, Inc. - ADR		1,539,700
		MACHINERY — 5.4%
	239,000	Atlas Copco A.B. - ADR		2,753,280
	79,000	FANUC Corporation - ADR		1,418,050
	77,150	Techtronic Industries Company Ltd. - ADR		4,154,528
				8,325,858
		MEDICAL EQUIPMENT & DEVICES — 7.9%
	53,400	Alcon, Inc.		3,766,836
	30,000	Hoya Corporation - ADR		3,339,600
	111,000	Olympus Corporation - ADR(a)		1,943,610
	59,900	Smith & Nephew plc - ADR		1,671,809
	49,000	Sysmex Corporation - ADR		1,603,770
				12,325,625
		METALS & MINING — 1.3%
	29,900	Rio Tinto plc - ADR		2,051,140

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 32

International Fund

Shares			Fair Value
		OIL & GAS PRODUCERS — 4.5%
	145,000	Equinor ASA - ADR	$	4,122,350
	438,000	Galp Energia SGPS S.A. - ADR		2,459,370
	30,500	Petroleo Brasileiro S.A. - ADR		318,115
				6,899,835
		RETAIL - CONSUMER STAPLES — 1.7%
	115,000	Seven & i Holdings Company Ltd. - ADR		2,597,850
		RETAIL - DISCRETIONARY — 1.5%
	6,600	ANTA Sports Products Ltd. - ADR		2,393,952
		SEMICONDUCTORS — 5.2%
	5,750	ASML Holding N.V.		3,914,083
	10,000	NXP Semiconductors N.V.		1,864,750
	24,300	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		2,260,386
				8,039,219
		SOFTWARE — 2.7%
	12,800	Nice Ltd. - ADR(a)		2,929,792
	30,640	Open Text Corporation		1,181,172
				4,110,964
		SPECIALTY FINANCE — 2.0%
	37,400	ORIX Corporation - ADR		3,069,792
		TECHNOLOGY HARDWARE — 1.3%
	40,338	FUJIFILM Holdings Corporation - ADR		2,046,750
		TECHNOLOGY SERVICES — 3.6%
	59,000	Amadeus IT Group S.A. - ADR(a)		3,957,720
	89,000	Infosys Ltd. - ADR		1,552,160
				5,509,880
		TRANSPORTATION & LOGISTICS — 3.0%
	60,800	Canadian Pacific Railway Ltd.		4,677,952
		WHOLESALE - CONSUMER STAPLES — 0.8%
	19,000	ITOCHU Corporation - ADR		1,235,190
		TOTAL COMMON STOCKS (Cost $123,430,213)		144,441,269

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 33

International Fund

Shares			Fair Value
		SHORT-TERM INVESTMENT — 6.1%
		MONEY MARKET FUND — 6.1%
	9,442,806	Fidelity Government Portfolio, Class I, 4.71% (Cost $9,442,806)(d)	$	9,442,806
		TOTAL INVESTMENTS — 99.7% (Cost $132,873,019)	$	153,884,075
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%		499,690
		NET ASSETS — 100.0%	$	154,383,765

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 March 31,2023, the illiquid security amounted to 0.03% of net assets.
(c)	The value of this security has been determined in good faith under policies approved by the Board of Trustees.
(d)	Rate disclosed is the seven-day effective yield as of March 31, 2023.

			DIVERSIFICATION OF ASSETS
% OF NET ASSETS			COUNTRY	% OF NET ASSETS			COUNTRY
	12.2	%	Japan		2.4	%	Switzerland
	10.6	%	France		1.9	%	Israel
	6.1	%	Canada		1.8	%	Sweden
	6.0	%	Ireland		1.7	%	Italy
	6.0	%	Spain		1.6	%	Portugal
	5.4	%	Netherlands		1.5	%	Taiwan Province Of China
	5.3	%	Germany		1.1	%	Brazil
	5.3	%	Hong Kong		0.7	%	Finland
	5.2	%	Norway		0.0	%*	Russia
	5.1	%	United Kingdom		93.6	%	Total
	4.3	%	India		6.1	%	Money Market Funds
	3.5	%	Belgium		0.3	%	Other Assets Less Liabilities - Net
	3.2	%	China		100.0	%	Grand Total
	2.1	%	Singapore

* Less than 0.05%

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 34

Israel Common Values Fund

Shares			Fair Value
		COMMON STOCKS — 96.0%
		ADVERTISING & MARKETING — 0.2%
	33,148	Tremor International Ltd. - ADR(a)	$	173,861
		AEROSPACE & DEFENSE — 4.8%
	18,501	Elbit Systems Ltd.		3,149,056
	113,000	Leonardo DRS, Inc.(a)		1,465,610
				4,614,666
		APPAREL & TEXTILE PRODUCTS — 2.7%
	22,063	Delta Galil Industries Ltd.		872,804
	20,000	Fox Wizel Ltd.		1,698,590
				2,571,394
		BANKING — 17.7%
	106,300	Bank Hapoalim BM - ADR		4,527,317
	518,000	Bank Leumi Le-Israel BM		3,888,131
	63,300	First International Bank Of Israel Ltd.		2,226,085
	602,000	Israel Discount Bank Ltd., Class A		2,937,116
	112,000	Mizrahi Tefahot Bank Ltd.		3,493,481
				17,072,130
		BIOTECH & PHARMA — 0.9%
	49,000	Enlight Renewable Energy Ltd.(a)		817,461
		CHEMICALS — 2.7%
	386,902	ICL Group Ltd.		2,630,934
		CONSTRUCTION MATERIALS — 0.8%
	213,000	Inrom Construction Industries Ltd.		722,415
		ELECTRIC UTILITIES — 3.2%
	36,200	Ormat Technologies, Inc.		3,068,705
		ENGINEERING & CONSTRUCTION — 0.2%
	80,000	Shikun & Binui Ltd.(a)		149,231
		FOOD — 1.3%
	55,500	Strauss Group Ltd.		1,250,528
		HEALTH CARE FACILITIES & SERVICES — 1.7%
	12,769	Danel Adir Yeoshua Ltd.		933,599
	1,575,013	Novolog Ltd.		792,520
				1,726,119
		HOME & OFFICE PRODUCTS — 1.3%
	116,585	Maytronics Ltd.		1,235,825

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 35

Israel Common Values Fund

Shares			Fair Value
		INSTITUTIONAL FINANCIAL SERVICES — 1.8%
	400,194	Tel Aviv Stock Exchange Ltd.	$	1,746,698
		INSURANCE — 4.2%
	132,000	Harel Insurance Investments & Financial Services		1,108,226
	1,048,628	Migdal Insurance & Financial Holdings Ltd.(a)		1,116,523
	182,400	Phoenix Holdings Ltd. (The)		1,805,187
				4,029,936
		LEISURE FACILITIES & SERVICES — 2.0%
	20,300	Fattal Holdings 1998 Ltd.(a)		1,890,551
		MEDICAL EQUIPMENT & DEVICES — 1.6%
	38,400	Inmode Ltd.(a)		1,227,264
	4,700	Novocure Ltd.(a)		282,658
				1,509,922
		OIL & GAS PRODUCERS — 8.7%
	250,000	Delek Drilling, L.P.		730,450
	92,968	Energean plc		1,493,287
	102,000	Energean plc		1,684,357
	5,600	Israel Corp Ltd. (The)		1,833,766
	2,350,000	Oil Refineries Ltd.(b)		640,891
	8,000	Paz Oil Company Ltd.(a)		781,963
	1,600,000	Ratio Oil Exploration 1992, L.P.		1,170,276
				8,334,990
		REAL ESTATE INVESTMENT TRUSTS — 1.3%
	284,000	Reit 1 Ltd.		1,239,554
		REAL ESTATE OWNERS & DEVELOPERS — 10.4%
	150,000	Alony Hetz Properties & Investments Ltd.		1,169,692
	237,000	Amot Investments Ltd.		1,201,109
	36,500	Azrieli Group Ltd.		2,088,266
	160,000	Bayside Land Corporation		1,167,607
	40,000	Elco Ltd.		1,445,609
	20,380	Melisron Ltd.		1,274,747
	593,430	Mivne Real Estate KD Ltd.		1,636,548
				9,983,578
		RENEWABLE ENERGY — 1.9%
	296,360	Energix-Renewable Energies Ltd.		828,829
	3,300	SolarEdge Technologies, Inc.(a)		1,003,035
				1,831,864

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 36

Israel Common Values Fund

Shares			Fair Value
		RETAIL - CONSUMER STAPLES — 2.5%
	18,700	Rami Levy Chain Stores Hashikma Marketing 2006	$	1,106,269
	210,000	Shufersal Ltd.		1,016,402
	27,315	Victory Supermarket Chain Ltd.		272,611
				2,395,282
		SEMICONDUCTORS — 6.5%
	30,000	Nova Measuring Instruments Ltd.(a)		3,134,100
	73,223	Tower Semiconductor Ltd.(a)		3,109,781
				6,243,881
		SOFTWARE — 12.9%
	12,600	CyberArk Software Ltd.(a)		1,864,547
	29,935	Hilan Ltd.		1,241,639
	8,300	Mobileye Global, Inc., Class A(a)		359,141
	23,900	Nice Ltd. - ADR(a)		5,470,471
	41,000	One Software Technologies Ltd.		416,030
	55,300	Sapiens International Corp N.V.		1,201,116
	43,200	Varonis Systems, Inc.(a)		1,123,632
	21,500	Verint Systems, Inc.(a)		800,660
				12,477,236
		TECHNOLOGY HARDWARE — 0.5%
	30,800	AudioCodes Ltd.		464,464
		TECHNOLOGY SERVICES — 2.1%
	72,783	Magic Software Enterprises Ltd.		992,033
	56,210	Matrix IT Ltd.		986,968
				1,979,001
		TELECOMMUNICATIONS — 0.5%
	46,000	Cellcom Israel Ltd.(a)		164,966
	74,000	Partner Communications Company Ltd.(a)		342,732
				507,698
		WHOLESALE - DISCRETIONARY — 1.6%
	17,300	Tadiran Holdings Ltd.		1,564,028
		TOTAL COMMON STOCKS (Cost $61,350,276)		92,231,952

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 37

Israel Common Values Fund

Shares			Fair Value
		SHORT-TERM INVESTMENT — 3.6%
		MONEY MARKET FUND — 3.6%
	3,500,140	Fidelity Government Portfolio, Class I, 4.71% (Cost $3,500,140)(b)	$	3,500,140
		TOTAL INVESTMENTS — 99.6% (Cost $64,850,416)	$	95,732,092
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%		426,265
		NET ASSETS — 100.0%	$	96,158,357

ADR	American Depositary Receipt
LP	Limited Partnership
LTD	Limited Company
NV	Naamioze 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 March 31, 2023.

% OF NET ASSETS			COUNTRY
	85.6	%	Israel
	6.8	%	United States
	3.3	%	United Kingdom
	0.3	%	Jersey
	96.0	%	Total
	3.6	%	Money Market Funds
	0.4	%	Other Assets Less Liabilities - Net
	100.0	%	Grand Total

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 38

Defensive Strategies Fund

Shares			Fair Value
		CLOSED END FUNDS — 6.1%
		COMMODITY — 6.1%
	579,000	Sprott Physical Silver Trust(a) (Cost $5,163,934)	$	4,828,860
		COMMON STOCKS — 42.2%
		CHEMICALS — 2.3%
	2,778	CF Industries Holdings, Inc.		201,377
	1,853	FMC Corporation		226,307
	6,014	ICL Group Ltd.		40,895
	10,002	K+S A.G.		212,593
	5,282	Mosaic Company (The)		242,338
	5,109	Nutrien Ltd.		377,300
	5,206	OCI N.V.		176,526
	1,463	Sasol Ltd. - ADR		19,970
	1,687	Sociedad Quimica y Minera de Chile S.A. - ADR		136,748
	3,555	Yara International ASA		154,185
				1,788,239
		DATA CENTER REIT — 1.1%
	8,600	Digital Realty Trust, Inc.		845,466
		DIVERSIFIED INDUSTRIALS — 0.0%(c)
	638	Pentair PLC		35,262
		ELECTRIC UTILITIES — 0.1%
	2,006	Atlantica Sustainable Infrastructure plc		59,298
	503	Ormat Technologies, Inc.		42,639
				101,937
		FOOD — 1.5%
	2,563	Adecoagro S.A.		20,735
	870	Beyond Meat, Inc.(a)		14,120
	545	Cal-Maine Foods, Inc.		33,185
	1,977	Darling Ingredients, Inc.(a)		115,457
	1,100	Ezaki Glico Company Ltd.		27,631
	3,940	Hormel Foods Corporation		157,127
	1,749	Ingredion, Inc.		177,927
	5,400	MEIJI Holdings Company Ltd.		128,323
	2,300	Morinaga Milk Industry Company Ltd.		82,633
	6,365	Mowi ASA		117,624
	1,100	NH Foods Ltd.		31,774
	4,700	Nissui Corporation		19,222
	1,279	Pilgrim’s Pride Corporation(a)		29,647
	841	Salmar ASA		36,628

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 39

Defensive Strategies Fund

Shares			Fair Value
		FOOD — 1.5% (Continued)
	5,100	Saputo, Inc.	$	131,960
				1,123,993
		FORESTRY, PAPER & WOOD PRODUCTS — 0.2%
	2,400	Canfor Corporation(a)		38,570
	2,600	Interfor Corporation(a)		42,361
	3,200	Sumitomo Forestry Company Ltd.		63,148
				144,079
		GAS & WATER UTILITIES — 1.0%
	403	American States Water Company		35,823
	181	American Water Works Company, Inc.		26,515
	1,254	California Water Service Group		72,983
	20,948	Cia de Saneamento Basico do Estado de Sao Paulo - ADR		209,689
	598	Essential Utilities, Inc.		26,103
	1,154	Severn Trent plc		40,987
	6,590	United Utilities Group plc		86,176
	6,602	Veolia Environnement S.A.		203,380
				701,656
		HEALTH CARE FACILITIES & SERVICES — 0.2%
	48,754	Brookdale Senior Living, Inc.(a)		143,824
		INDUSTRIAL REIT — 0.7%
	3,400	EastGroup Properties, Inc.		562,088
		MACHINERY — 1.8%
	1,310	AGCO Corporation		177,112
	11,595	CNH Industrial N.V.		177,056
	1,426	Deere & Company		588,767
	1,340	Evoqua Water Technologies Corporation(a)		66,625
	16,900	Kubota Corporation		254,454
	2,700	Kurita Water Industries Ltd.		122,832
	840	Weir Group plc (The)		19,264
				1,406,110
		METALS & MINING — 5.3%
	915	Agnico Eagle Mines Ltd.		46,638
	2,934	Agnico Eagle Mines Ltd.		149,574
	692	Alamos Gold, Inc., Class A		8,463
	1,829	Alcoa Corporation		77,842
	2,553	Anglo American PLC		84,345
	1,172	AngloGold Ashanti Ltd. - ADR		28,351
	1,391	Antofagasta plc		27,131
	513	Aurubis A.G.		47,332
	59,125	B2Gold Corporation		232,953
	6,990	Barrick Gold Corporation		129,804

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 40

Defensive Strategies Fund

Shares			Fair Value
		METALS & MINING — 5.3% (Continued)
	4,449	BHP Group Ltd. - ADR	$	282,111
	2,352	Cameco Corporation		61,552
	4,500	Capstone Copper Corporation(a)		20,310
	3,247	Cia de Minas Buenaventura S.A.A - ADR		26,560
	964	Cleveland-Cliffs, Inc.(a)		17,670
	1,125	Compass Minerals International, Inc.		38,576
	7,100	Endeavour Mining plc		171,101
	180	Eramet S.A.		18,783
	5,300	First Quantum Minerals Ltd.		121,841
	1,354	Franco-Nevada Corporation		197,413
	6,238	Freeport-McMoRan, Inc.		255,197
	22,264	Glencore PLC		127,609
	22,314	Gold Fields Ltd. - ADR		297,223
	1,842	Hecla Mining Company		11,660
	5,000	Hudbay Minerals, Inc.		26,230
	2,500	Ivanhoe Mines Ltd.(a)		22,586
	33,591	Kinross Gold Corporation		158,214
	1,334	Lithium Americas Corporation(a)		29,028
	22	Livent Corporation(a)		478
	20,800	Lundin Mining Corporation		141,281
	4,500	Mitsubishi Materials Corporation		73,109
	2,026	MP Materials Corporation(a)		57,113
	6,095	Newmont Corporation		298,778
	9,396	Norsk Hydro ASA		69,850
	538	Pan American Silver Corporation		9,792
	2,870	Rio Tinto plc - ADR		196,882
	188	Royal Gold, Inc.		24,385
	8,669	Sandstorm Gold Ltd.		50,367
	34	Sibanye Stillwater Ltd. - ADR		283
	881	Southern Copper Corporation		67,176
	6,047	SSR Mining, Inc.		91,431
	800	Sumitomo Metal Mining Company Ltd.		30,423
	1,143	Teck Resources Ltd., Class B		41,736
	15,410	Vale S.A. - ADR		243,170
	306	Wheaton Precious Metals Corporation		14,737
	8,737	Yamana Gold, Inc.		51,111
				4,178,199
		OIL & GAS PRODUCERS — 6.1%
	5,196	Aker BP ASA		127,251
	3,408	APA Corporation		122,892
	8,400	ARC Resources Ltd.		95,279
	40,200	Baytex Energy Corporation(a)		150,804

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 41

Defensive Strategies Fund

Shares			Fair Value
		OIL & GAS PRODUCERS — 6.1% (Continued)
	2,357	Callon Petroleum Company(a)	$	78,818
	1,665	Canadian Natural Resources Ltd.		92,158
	12,100	Cenovus Energy, Inc.		211,109
	592	Chord Energy Corporation		79,683
	1,338	Civitas Resources, Inc.		91,439
	1,701	CNX Resources Corporation(a)		27,250
	3,310	ConocoPhillips		328,385
	4,962	Coterra Energy, Inc.		121,767
	21,800	Crescent Point Energy Corporation		153,880
	3,063	Devon Energy Corporation		155,018
	1,189	Diamondback Energy, Inc.		160,717
	3,518	Enerplus Corporation		50,694
	1,525	Eni SpA - ADR		42,700
	1,611	EOG Resources, Inc.		184,669
	127	EQT Corporation		4,053
	8,976	Equinor ASA - ADR		255,188
	42	Hess Corporation		5,558
	2,300	Imperial Oil Ltd.		116,964
	24,000	Inpex Corporation		252,533
	5,174	Kosmos Energy Ltd.(a)		38,495
	1,380	Magnolia Oil & Gas Corporation, Class A		30,194
	6,233	Marathon Oil Corporation		149,343
	1,615	Matador Resources Company		76,955
	2,800	MEG Energy Corporation(a)		44,978
	1,677	Murphy Oil Corporation		62,015
	1,901	Occidental Petroleum Corporation		118,679
	650	Ovintiv, Inc.		23,452
	2,800	Parex Resources, Inc.		52,084
	1,975	PDC Energy, Inc.		126,756
	13,405	Petroleo Brasileiro S.A. - ADR		139,814
	1,256	Pioneer Natural Resources Company		256,525
	2,900	PrairieSky Royalty Ltd.		45,919
	1,670	Range Resources Corporation		44,205
	3,139	SM Energy Company		88,394
	9,131	Southwestern Energy Company(a)		45,655
	2,100	Suncor Energy, Inc.		65,198
	2,403	TotalEnergies S.E.		141,693
	3,100	Tourmaline Oil Corporation		129,182
	14,900	Vermilion Energy, Inc.		193,262
	14,500	Whitecap Resources, Inc.		112,115
				4,893,722

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 42

Defensive Strategies Fund

Shares			Fair Value
		OIL & GAS SERVICES & EQUIPMENT — 1.0%
	3,881	Baker Hughes Company	$	112,006
	2,561	ChampionX Corporation		69,480
	3,524	Halliburton Company		111,499
	770	Helmerich & Payne, Inc.		27,528
	7,939	Liberty Oilfield Services, Inc., Class A		101,699
	1,425	NOV, Inc.		26,377
	3,391	Patterson-UTI Energy, Inc.		39,675
	4,683	Schlumberger Ltd		229,934
	18,096	Transocean Ltd.(a)		115,090
				833,288
		REAL ESTATE INVESTMENT TRUSTS — 18.8%
	25,000	Alexander & Baldwin, Inc.		472,750
	20,500	American Homes 4 Rent, Class A		644,725
	16,800	Americold Realty Trust, Inc.		477,960
	15,000	Armada Hoffler Properties, Inc.		177,150
	5,800	AvalonBay Communities, Inc.		974,748
	6,000	Camden Property Trust		629,040
	9,750	Crown Castle, Inc.		1,304,940
	19,000	CTO Realty Growth, Inc.		327,940
	1,000	Equinix, Inc.		721,040
	20,000	InvenTrust Properties Corporation		468,000
	28,000	Invitation Homes, Inc.		874,440
	5,300	Life Storage, Inc.		694,777
	19,000	Plymouth Industrial REIT, Inc.		399,190
	930	PotlatchDeltic Corporation		46,035
	13,345	Prologis, Inc.		1,665,056
	2,750	Public Storage		830,885
	2,865	Rayonier, Inc.		95,290
	3,700	SBA Communications Corporation, A		965,959
	40,000	SITE Centers Corporation		491,200
	4,550	Sun Communities, Inc.		641,004
	18,000	Ventas, Inc.		780,300
	13,500	Welltower, Inc.		967,815
	5,069	Weyerhaeuser Company		152,729
				14,802,973
		RENEWABLE ENERGY — 0.6%
	155	Array Technologies, Inc.(a)		3,391
	2,867	Daqo New Energy Corporation - ADR(a)		134,290
	508	Enphase Energy, Inc.(a)		106,822
	404	First Solar, Inc.(a)		87,870
	1,733	Green Plains, Inc.(a)		53,706

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 43

Defensive Strategies Fund

Shares			Fair Value
		RENEWABLE ENERGY — 0.6% (Continued)
	183	SolarEdge Technologies, Inc.(a)	$	55,623
				441,702
		RESIDENTIAL REIT — 0.6%
	8,000	Equity Residential		480,000
		STEEL — 0.6%
	873	ArcelorMittal S.A. - ADR		26,295
	1,303	ATI, Inc.(a)		51,416
	1,374	Gerdau S.A. - ADR		6,776
	2,200	JFE Holdings, Inc.		27,822
	2,000	OSAKA Titanium Technologies Company Ltd.		48,054
	140	Reliance Steel & Aluminum Company		35,944
	346	Steel Dynamics, Inc.		39,119
	1,300	Stelco Holdings, Inc.		50,345
	1,624	Ternium S.A. - ADR		67,006
	4,041	United States Steel Corporation		105,469
				458,246
		WHOLESALE - CONSUMER STAPLES — 0.3%
	1,115	Andersons, Inc. (The)		46,072
	2,308	Bunge Ltd.		220,460
				266,532
		TOTAL COMMON STOCKS (Cost $32,967,084)		33,207,316
		EXCHANGE-TRADED FUNDS — 10.1%
		EQUITY — 7.6%
	240,000	Timothy Plan Market Neutral ETF(b)		5,972,424
		SPECIALTY — 2.5%
	106,000	Invesco DB US Dollar Index Bearish Fund		1,989,620
		TOTAL EXCHANGE-TRADED FUNDS (Cost $8,005,175)		7,962,044
		PRECIOUS METALS - PHYSICAL HOLDING — 15.4%
		PRECIOUS METAL — 15.4%
	6,143	GOLD BARS - XAU BGN CURNCY(a) (Cost $7,240,876)		12,098,060

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 44

Defensive Strategies Fund

Principal Amount ($)			Coupon Rate (%)		Maturity		Fair Value
		U.S. GOVERNMENT & AGENCIES — 22.1%
		U.S. TREASURY INFLATION PROTECTED — 22.1%
	1,570,000	United States Treasury Inflation Indexed Bonds		0.6250		01/15/24	$	1,996,544
	1,285,000	United States Treasury Inflation Indexed Bonds		2.3750		01/15/25		2,065,010
	1,455,000	United States Treasury Inflation Indexed Bonds		2.0000		01/15/26		2,225,122
	1,450,000	United States Treasury Inflation Indexed Bonds		2.3750		01/15/27		2,230,679
	1,625,000	United States Treasury Inflation Indexed Bonds		0.5000		01/15/28		1,903,581
	655,000	United States Treasury Inflation Indexed Bonds		1.7500		01/15/28		957,557
	1,230,000	United States Treasury Inflation Indexed Bonds		0.8750		01/15/29		1,431,933
	1,060,000	United States Treasury Inflation Indexed Bonds		2.5000		01/15/29		1,581,673
	1,400,000	United States Treasury Inflation Indexed Bonds		0.1250		01/15/31		1,487,584
	235,000	United States Treasury Inflation Indexed Bonds		2.1250		02/15/41		354,624
	1,345,000	United States Treasury Inflation Indexed Bonds		0.1250		02/15/51		1,072,812
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $18,811,133)						17,307,119

Shares
		SHORT-TERM INVESTMENT — 4.1%
		MONEY MARKET FUND — 4.1%
	3,261,006	Fidelity Government Portfolio, Class I, 4.71% (Cost $3,261,006)(d)		3,261,006
		TOTAL INVESTMENTS — 100.0% (Cost $75,449,208)	$	78,664,405
		LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%		(7,534	)
		NET ASSETS — 100.0%	$	78,656,871

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
LTD	Limited Company
NV	Naamioze Vennootschap
PLC	Public Limited Company
REIT	Real Estate Investment Trust
S/A	Société Anonyme
(a)	Non-income producing security.
(b)	Investment in affiliate.
(c)	Percentage rounds to less than 0.1%.
(d)	Rate disclosed is the seven day effective yield as of March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 45

Strategic Growth Fund

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 62.3%
		EQUITY — 62.3%
	120,406	Timothy Plan High Dividend Stock Enhanced ETF(a)	$	2,834,983
	228,756	Timothy Plan International ETF(a)		5,716,612
	212,700	Timothy Plan Market Neutral Etf		5,293,061
	223,439	Timothy Plan US Large/Mid Cap Core Enhanced ETF(a)		5,177,216
	89,423	Timothy Plan US Small Cap Core ETF(a)		2,796,007
				21,817,879
		TOTAL EXCHANGE-TRADED FUNDS (Cost $21,870,737)		21,817,879
		OPEN END FUNDS — 35.1%
		EQUITY — 8.1%
	252,227	Timothy Plan International Fund, Class A		2,822,418
		FIXED INCOME — 17.9%
	457,171	Timothy Plan Fixed Income Fund, Class A(a)		4,187,686
	249,386	Timothy Plan High Yield Bond Fund, Class A		2,097,338
				6,285,024
		MIXED ALLOCATION — 9.1%
	241,021	Timothy Plan Defensive Strategies Fund, Class A		3,169,425
		TOTAL OPEN END FUNDS (Cost $12,763,553)		12,276,867
		SHORT-TERM INVESTMENTS — 2.5%
		MONEY MARKET FUNDS — 2.5%
	885,093	Fidelity Government Portfolio, CLASS I, 4.71% (Cost $885,093)(b)		885,093
		TOTAL INVESTMENTS — 99.9% (Cost $35,519,383)	$	34,979,839
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%		28,905
		NET ASSETS — 100.0%	$	35,008,744

ETF	Exchange-Traded Fund
(a)	Investment in affiliate.
(b)	Rate disclosed is the seven day effective yield as of March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 46

Conservative Growth Fund

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 47.8%
		EQUITY — 47.8%
	110,860	Timothy Plan High Dividend Stock Enhanced ETF(a)	$	2,610,221
	157,144	Timothy Plan International ETF(a)		3,927,029
	261,300	Timothy Plan Market Neutral Etf		6,502,476
	219,586	Timothy Plan US Large/Mid Cap Core Enhanced ETF(a)		5,087,939
	68,705	Timothy Plan US Small Cap Core ETF(a)		2,148,213
				20,275,878
		TOTAL EXCHANGE-TRADED FUNDS (Cost $20,411,871)		20,275,878
		OPEN END FUNDS — 49.6%
		EQUITY — 5.6%
	213,035	Timothy Plan International Fund, Class A		2,383,862
		FIXED INCOME — 36.9%
	1,404,674	Timothy Plan Fixed Income Fund, Class A(a)		12,866,810
	331,827	Timothy Plan High Yield Bond Fund, Class A		2,790,669
				15,657,479
		MIXED ALLOCATION — 7.1%
	230,268	Timothy Plan Defensive Strategies Fund, Class A		3,028,020
		TOTAL OPEN END FUNDS (Cost $22,579,288)		21,069,361
		SHORT-TERM INVESTMENTS — 2.1%
		MONEY MARKET FUNDS — 2.1%
	892,137	Fidelity Government Portfolio, CLASS I, 4.71% (Cost $892,137)(b)		892,137
		TOTAL INVESTMENTS — 99.5% (Cost $43,883,296)	$	42,237,376
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%		192,793
		NET ASSETS — 100.0%	$	42,430,169

ETF	Exchange-Traded Fund
(a)	Investment in affiliate.
(b)	Rate disclosed is the seven day effective yield as of March 31, 2023.

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 47

Section 3 | Statements of Assets and Liabilities

MARCH 31, 2023 (UNAUDITED)

	SMALL CAP VALUE FUND		LARGE/MID CAP VALUE FUND		AGGRESSIVE GROWTH FUND
ASSETS:
Investments, at cost	$	143,058,593	$	177,170,080	$	34,491,036
Investments in affiliates, at cost		14,834,080		48,945,129		—
Investments, at value	$	145,857,745	$	229,394,533	$	41,485,376
Investments in affiliates, at value		18,134,976		51,078,951		—
Dividends and interest receivable		211,735		113,985		40,917
Receivable for fund shares sold		106,735		245,116		10,002
Receivable for securities sold		908,120		—		—
Receivable for foreign tax reclaims		—		—		—
Prepaid expenses and other assets		59,136		27,268		16,168
Total Assets		165,278,447		280,859,853		41,552,463
LIABILITIES:
Payable for securities purchased		1,564,292		—		—
Payable for fund shares redeemed		78,632		225,416		4,303
Payable to service providers		28,843		46,090		5,518
Accrued advisory fees		99,598		152,913		25,896
Accrued 12b-1 fees		26,412		46,439		8,710
Accrued expenses and other liabilities		30,600		20,849		23,411
Total Liabilities		1,828,377		491,707		67,838
Net Assets	$	163,450,070	$	280,368,146	$	41,484,625
NET ASSETS CONSIST OF:
Paid in capital ($0 par value, unlimited shares authorized)	$	157,312,410	$	226,499,108	$	35,578,590
Accumulated earnings (deficit)		6,137,660		53,869,038		5,906,035
Net Assets	$	163,450,070	$	280,368,146	$	41,484,625
Class A
Net Assets	$	100,371,577	$	166,794,272	$	32,601,643
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		5,748,142		8,122,584		3,372,720
Net Asset Value, offering price and redemption price per share	$	17.46	$	20.53	$	9.67
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)	$	18.48	$	21.72	$	10.23
Class C
Net Assets	$	6,617,710	$	15,452,722	$	2,619,806
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		624,026		1,054,842		363,452
Net Asset Value, offering price and redemption price per share	$	10.60	$	14.65	$	7.21
Minimum Redemption Price Per Share (NAV * 0.99)	$	10.49	$	14.50	$	7.14
Class I
Net Assets	$	56,460,783	$	98,121,152	$	6,263,176
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,175,432		4,715,467		627,956
Net Asset Value, offering price and redemption price per share	$	17.78	$	20.81	$	9.97

STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)

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

SEMI-ANNUAL REPORT | 48

	LARGE/MID CAP GROWTH FUND		GROWTH & INCOME FUND			FIXED INCOME FUND
ASSETS:
Investments, at cost	$	89,230,549	$	9,824,736		$	95,860,212
Investments in affiliates, at cost		21,565,045		8,197,973			15,521,700
Investments, at value	$	111,910,778	$	9,417,318		$	87,433,410
Investments in affiliates, at value		21,657,668		7,804,522			15,428,762
Dividends and interest receivable		102,284		43,619			491,083
Receivable for fund shares sold		168,335		410,959			327,048
Receivable for securities sold		1,569,031		—			—
Prepaid expenses and other assets		19,063		11,690			17,488
Total Assets		135,427,159		17,688,108			103,697,791
LIABILITIES:
Payable for fund shares redeemed		82,159		24,743			103,572
Payable to service providers		41,451		7,304			44,649
Accrued advisory fees		75,712		5,668			31,575
Accrued 12b-1 fees		26,888		4,344			21,888
Accrued expenses and other liabilities		35,839		6,266			35,894
Total Liabilities		262,049		48,325			237,578
Net Assets	$	135,165,110	$	17,639,783		$	103,460,213
NET ASSETS CONSIST OF:
Paid in capital ($0 par value, unlimited shares authorized)	$	111,413,525	$	18,305,494		$	118,724,823
Accumulated earnings (deficit)		23,751,585		(665,711	)		(15,264,610	)
Net Assets	$	135,165,110	$	17,639,783		$	103,460,213
Class A
Net Assets	$	92,710,274	$	12,976,726		$	71,565,164
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		9,141,781		1,230,168			7,810,556
Net Asset Value, offering price and redemption price per share	$	10.14	$	10.55		$	9.16
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)	$	10.73	$	11.16		$	9.59	*
Class C
Net Assets	$	9,604,694	$	1,919,816		$	8,786,682
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1,297,675		189,866			996,840
Net Asset Value, offering price and redemption price per share	$	7.40	$	10.11		$	8.81
Minimum Redemption Price Per Share (NAV * 0.99)	$	7.33	$	10.01		$	8.72
Class I
Net Assets	$	32,850,142	$	2,743,241		$	23,108,367
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,134,231		258,015			2,546,147
Net Asset Value, offering price and redemption price per share	$	10.48	$	10.63		$	9.08

STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)

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

SEMI-ANNUAL REPORT | 49

	HIGH YIELD BOND FUND			INTERNATIONAL FUND		ISRAEL COMMON VALUES FUND
ASSETS:
Investments, at cost	$	131,510,245		$	132,873,019	$	64,850,416
Investments in affiliates, at cost		22,741,794			—		—
Investments, at value	$	115,894,053		$	153,884,075	$	95,732,092
Investments in affiliates, at value		22,605,625			—		—
Dividends and interest receivable		1,920,872			327,916		329,348
Receivable for fund shares sold		376,671			127,852		196,248
Receivable for securities sold		—			77,450		995,040
Receivable for foreign tax reclaims		—			445,738		—
Prepaid expenses and other assets		21,470			28,216		8,201
Total Assets		140,818,691			154,891,247		97,260,929
LIABILITIES:
Payable for securities purchased		375,000			206,370		724,416
Payable for fund shares redeemed		210,824			96,237		188,423
Payable to service providers		18,859			27,278		27,774
Accrued advisory fees		52,585			119,575		81,965
Accrued 12b-1 fees		16,682			12,839		18,084
Accrued expenses and other liabilities		15,287			45,183		61,910
Total Liabilities		689,237			507,482		1,102,572
Net Assets	$	140,129,454		$	154,383,765	$	96,158,357
NET ASSETS CONSIST OF:
Paid in capital ($0 par value, unlimited shares authorized)	$	159,987,819		$	134,689,690	$	71,162,893
Accumulated earnings (deficit)		(19,858,365	)		19,694,075		24,995,464
Net Assets	$	140,129,454		$	154,383,765	$	96,158,357
Class A
Net Assets	$	70,321,518		$	55,717,521	$	49,340,697
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		8,361,760			4,978,871		2,503,554
Net Asset Value, offering price and redemption price per share	$	8.41		$	11.19	$	19.71
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)	$	8.81	*	$	11.84	$	20.86
Class C
Net Assets	$	2,449,153		$	1,886,257	$	8,771,670
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		285,983			175,637		477,283
Net Asset Value, offering price and redemption price per share	$	8.56		$	10.74	$	18.38
Minimum Redemption Price Per Share (NAV * 0.99)	$	8.47		$	10.63	$	18.20
Class I
Net Assets	$	67,358,783		$	96,779,987	$	38,045,990
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		8,005,981			8,624,549		1,903,854
Net Asset Value, offering price and redemption price per share	$	8.41		$	11.22	$	19.98

STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)

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

SEMI-ANNUAL REPORT | 50

	DEFENSIVE STRATEGIES FUND		STRATEGIC GROWTH FUND			CONSERVATIVE GROWTH FUND
ASSETS:
Investments, at cost	$	68,208,332	$	885,093		$	892,137
Investments in affiliates, at cost		—		34,634,290			42,991,159
Investments, at value	$	66,566,344	$	885,093		$	892,137
Investments in affiliates, at value		—		34,094,746			41,345,239
Gold Investments, at fair value (Cost $7,240,876)		12,098,061		—			—
Cash		566		—			—
Foreign Cash
Canadian Dollar (CAD)(Cost $2,833)		2,823		—			—
Euro (EUR)(Cost $13)		0		—			—
Great British Pound (GBP)(Cost $752)		750		—			—
Japanese Yen (JPY)(Cost $1,213)		1,327		—			—
Dividends and interest receivable		159,987		66,102			139,414
Receivable for fund shares sold		127,099		29,122			106,883
Receivable for securities sold		1,985,224		—			—
Receivable for foreign tax reclaims		4,104		—			—
Prepaid expenses and other assets		11,338		9,331			14,346
Total Assets		80,957,623		35,084,394			42,498,019
LIABILITIES:
Payable for securities purchased		1,996,775		—			—
Payable for fund shares redeemed		206,966		25,358			21,824
Payable to service providers		20,688		16,948			13,649
Accrued advisory fees		32,330		12,683			17,922
Accrued 12b-1 fees		10,829		1,252			2,303
Accrued expenses and other liabilities		33,164		19,409			12,152
Total Liabilities		2,300,752		75,650			67,850
Net Assets	$	78,656,871	$	35,008,744		$	42,430,169
NET ASSETS CONSIST OF:
Paid in capital ($0 par value, unlimited shares authorized)	$	75,479,006	$	35,568,843		$	44,268,732
Accumulated earnings (deficit)		3,177,865		(560,099	)		(1,838,563	)
Net Assets	$	78,656,871	$	35,008,744		$	42,430,169

STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)

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

SEMI-ANNUAL REPORT | 51

	DEFENSIVE STRATEGIES FUND		STRATEGIC GROWTH FUND		CONSERVATIVE GROWTH FUND
Class A
Net Assets	$	47,566,033	$	32,209,048	$	38,353,656
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,617,036		3,579,498		3,920,196
Net Asset Value, offering price and redemption price per share	$	13.15	$	9.00	$	9.78
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)	$	13.92	$	9.52	$	10.35
Class C
Net Assets	$	4,309,624	$	2,799,696	$	4,076,513
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		348,694		364,944		480,505
Net Asset Value, offering price and redemption price per share	$	12.36	$	7.67	$	8.48
Minimum Redemption Price Per Share (NAV * 0.99)	$	12.24	$	7.59	$	8.40
Class I
Net Assets	$	26,781,214	$	—	$	—
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,034,339		—		—
Net Asset Value, offering price and redemption price per share	$	13.16	$	—	$	—

STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)

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

SEMI-ANNUAL REPORT | 52

Section 4 | Statements of Operations

FOR THE SIX MONTHS ENDED MARCH 31, 2023 (UNAUDITED)

	SMALL CAP VALUE FUND			LARGE/MID CAP VALUE FUND			AGGRESSIVE GROWTH FUND
Investment Income:
Interest income	$	59,693		$	295,178		$	51,226
Dividend Income		1,896,263			1,714,735			216,038
Dividend income from affiliated investments		94,450			542,632			—
Foreign tax withheld		(932	)		(4,567	)		(29	)
Total Investment Income		2,049,474			2,547,978			267,235
Operating Expenses:
Investment advisory fees		680,561			1,146,196			164,582
12b-1 Fees:
Class A		125,424			203,306			38,648
Class C		33,003			76,324			11,757
Administration fees		136,934			235,187			34,219
Registration fees		14,689			57,860			17,290
Printing expenses		26,425			35,914			9,857
Non 12b-1 shareholder service fees		43,590			75,667			9,500
Audit fees		7,720			7,739			7,671
Trustees’ fees		6,059			14,906			4,205
Compliance officer fees		4,898			11,727			1,265
Custody fees		14,432			15,062			834
Insurance expenses		2,127			671			766
Miscellaneous expenses		2,996			961			4,466
Total Operating Expenses		1,098,858			1,881,520			305,060
Less: Expenses waived by Advisor for Affiliated Holdings		(72,615	)		(207,283	)		—
Less: Expenses waived by Advisor		(40,485	)		(68,189	)		(19,363	)
Net Operating Expenses		985,758			1,606,048			285,697
Net Investment Income (Loss)		1,063,716			941,930			(18,462	)
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on
investments		(333,324	)		(2,303,279	)		(834,913	)
foreign currency transactions		—			—			—
and affiliated investments		—			790,494			—
Net change in unrealized appreciation (depreciation) on investments		19,913,510			33,118,132			7,118,401
affiliated investments		2,066,772			2,485,442			—
and foreign currency translations		—			—			—
Net Realized and Unrealized Gain (Loss) on Investments		21,646,958			34,090,789			6,283,488
Net Increase (Decrease) in Net Assets Resulting From Operations	$	22,710,674		$	35,032,719		$	6,265,026

STATEMENTS OF OPERATIONS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 53

	LARGE/MID CAP GROWTH FUND			GROWTH & INCOME FUND			FIXED INCOME FUND
Investment Income:
Interest income	$	139,545		$	151,873		$	1,388,832
Dividend Income		626,658			—			—
Dividend income from affiliated investments		191,144			122,498			40,756
Foreign tax withheld		(4,404	)		—			—
Total Investment Income		952,943			274,371			1,429,588
Operating Expenses:
Investment advisory fees		533,688			137,711			320,617
12b-1 Fees:
Class A		112,273			—			95,644
Class C		46,788			15,266			43,293
Administration fees		126,857			55,764			134,214
Registration fees		29,039			3,931			33,434
Printing expenses		16,316			16,164			15,578
Non 12b-1 shareholder service fees		35,480			8,162			48,841
Audit fees		7,758			3,178			7,663
Trustees’ fees		7,195			4,020			9,214
Compliance officer fees		6,282			8,258			5,091
Custody fees		9,119			508			11,927
Insurance expenses		1,236			497			1,812
Miscellaneous expenses		4,417			793			994
Total Operating Expenses		936,448			254,252			728,322
Less: Expenses waived by Advisor for Affiliated Holdings		(88,196	)		—			(10,081	)
Less: Expenses waived by Advisor		(31,816	)		—			(106,609	)
Net Operating Expenses		816,436			254,252			611,632
Net Investment Income (Loss)		136,507			179,854			817,956
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on
investments		2,162,364			—			(4,037,084	)
foreign currency transactions		26			—			—
and affiliated investments		274,680			(257,761	)		—
Net change in unrealized appreciation (depreciation) on investments		14,275,156			—			7,110,108
affiliated investments		569,177			3,079,982			(92,938	)
alternative investments					—
and foreign currency translations		52			—			—
Net Realized and Unrealized Gain (Loss) on Investments		17,281,455			2,822,221			2,980,086
Net Increase (Decrease) in Net Assets Resulting From Operations	$	17,417,962		$	3,002,075		$	3,798,042

STATEMENTS OF OPERATIONS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 54

	HIGH YIELD BOND FUND			INTERNATIONAL FUND			ISRAEL COMMON VALUES FUND
Investment Income:
Interest income	$	4,441,049		$	130,793		$	80,167
Dividend Income		145			1,222,246			1,375,754
Dividend income from affiliated investments		59,715			—			—
Foreign tax withheld		—			(172,194	)		(313,727	)
Total Investment Income		4,500,909			1,180,845			1,142,194
Operating Expenses:
Investment advisory fees		440,098			692,098			509,602
12b-1 Fees:
Class A		86,195			65,713			66,730
Class C		12,022			8,808			49,714
Administration fees		153,745			118,594			129,025
Non 12b-1 shareholder service fees		70,602			30,940			44,572
Registration fees		49,575			21,925			30,174
Printing expenses		30,008			62,323			33,219
Custody fees		9,209			7,519			63,616
Trustees’ fees		8,692			9,689			10,023
Audit fees		8,421			7,177			8,087
Compliance officer fees		6,528			10,072			5,930
Insurance expenses		1,725			1,274			2,051
Miscellaneous expenses		3,218			1,037			1,070
Total Operating Expenses		880,038			1,037,169			953,813
Less: Expenses waived by Advisor for Affiliated Holdings		(18,462	)		—			—
Less: Expenses waived by Advisor		(73,057	)		(34,605	)		—
Net Operating Expenses		788,519			1,002,564			953,813
Net Investment Income (Loss)		3,712,390			178,281			188,381
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on
investments		(4,093,532	)		1,811,959			(530,010	)
foreign currency transactions		—			122			213
and affiliated investments		—			—			—
Net change in unrealized appreciation (depreciation) on investments		11,299,842			24,936,840			(9,008,237	)
affiliated investments		(136,169	)		—			—
alternative investments		—						—
and foreign currency translations		—			65			(564	)
Net Realized and Unrealized Gain (Loss) on Investments		7,070,141			26,748,986			(9,538,598	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	10,782,531		$	26,927,267		$	(9,350,217	)

STATEMENTS OF OPERATIONS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 55

	DEFENSIVE STRATEGIES FUND			STRATEGIC GROWTH FUND			CONSERVATIVE GROWTH FUND
Investment Income:
Interest income	$	282,454		$	17,970		$	25,504
Dividend Income		591,469			—			—
Dividend income from affiliated investments		21,036			339,265			408,602
Foreign tax withheld		(22,517	)		—			—
Total Investment Income		872,442			357,235			434,106
Operating Expenses:
Investment advisory fees		236,233			111,948			137,711
12b-1 Fees:
Class A		59,668			—			—
Class C		23,548			10,329			15,266
Administration fees		83,029			42,265			55,764
Non 12b-1 shareholder service fees		23,653			6,886			3,931
Registration fees		29,459			19,220			16,164
Printing expenses		14,850			7,132			8,162
Custody fees		22,883			3,463			3,178
Trustees’ fees		4,381			3,762			4,020
Audit fees		8,125			8,163			8,258
Compliance officer fees		4,474			2,301			508
Insurance expenses		1,293			258			497
Miscellaneous expenses		1,184			638			793
Total Operating Expenses		512,780			216,365			254,252
Less: Expenses waived by Advisor for Affiliated Holdings		(7,154	)		—			—
Less: Expenses waived by Advisor		(19,608	)		—			—
Net Operating Expenses		486,018			216,365			254,252
Net Investment Income (Loss)		386,424			140,870			179,854
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on
investments		(126,244	)		—			—
foreign currency transactions		561			—			—
and affiliated investments		(17,576	)		(111,561	)		(257,761	)
Net change in unrealized appreciation (depreciation) on investments		5,256,764			—			—
affiliated investments		(35,976	)		3,157,898			3,079,982
alternative investments		1,889,376			—			—
and foreign currency translations		575			—			—
Net Realized and Unrealized Gain (Loss) on Investments		6,967,480			3,046,337			2,822,221
Net Increase (Decrease) in Net Assets Resulting From Operations	$	7,353,904		$	3,187,207		$	3,002,075

STATEMENTS OF OPERATIONS (UNAUDITED)

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

SEMI-ANNUAL REPORT | 56

Section 5 | Statements of Changes in Net Assets

	Small Cap Value Fund						Large/Mid Cap Value Fund
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Operations:
Net investment income (loss)	$	1,063,716		$	821,337		$	941,930		$	966,275
Net realized gain (loss) from investments and foreign currency transactions		(333,324	)		11,989,881			(1,512,785	)		16,388,620
Capital gain dividends from REITs		—			145,929			—			3,114
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations		21,980,282			(42,761,726	)		35,603,574			(44,360,840	)
Net increase (decrease) in net assets resulting from operations		22,710,674			(29,804,579	)		35,032,719			(27,002,831	)
Distributions to Shareholders:
Total distributions paid
Class A		(6,249,977	)		(9,637,804	)		(8,491,776	)		(7,549,688	)
Class C		(616,255	)		(983,809	)		(1,067,512	)		(979,388	)
Class I		(3,302,915	)		(5,204,941	)		(4,721,274	)		(3,830,408	)
Total dividends and distributions to shareholders		(10,169,147	)		(15,826,554	)		(14,280,562	)		(12,359,484	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		3,466,815			14,285,397			9,216,082			30,609,409
Class C		620,399			1,136,844			1,676,517			2,753,183
Class I		12,198,884			16,782,944			31,680,062			52,851,310
Reinvestment of dividends and distributions
Class A		6,022,124			9,252,978			8,119,209			7,176,779
Class C		600,778			965,184			1,041,605			944,691
Class I		3,083,981			4,805,204			4,208,753			3,624,620
Cost of shares redeemed
Class A		(5,538,598	)		(12,852,757	)		(11,238,620	)		(26,834,180	)
Class C		(645,484	)		(1,306,981	)		(1,792,337	)		(2,568,862	)
Class I		(9,103,941	)		(16,626,684	)		(24,863,512	)		(41,124,442	)
Net increase (decrease) in net assets from share transactions of beneficial interest		10,704,958			16,442,129			18,047,759			27,432,508
Total Increase (Decrease) in Net Assets		23,246,485			(29,189,004	)		38,799,916			(11,929,807	)
Net Assets:
Beginning of period		140,203,585			169,392,589			241,568,230			253,498,037
End of period	$	163,450,070		$	140,203,585		$	280,368,146		$	241,568,230
Share Activity:
Shares Sold
Class A		196,889			766,831			457,119			1,417,264
Class C		56,681			88,010			113,641			169,511
Class I		676,226			859,880			1,537,094			2,393,106
Shares Reinvested
Class A		343,925			461,955			399,567			313,123
Class C		56,358			76,059			71,687			56,232
Class I		173,063			236,012			204,606			156,234
Shares Redeemed
Class A		(314,928	)		(661,742	)		(556,876	)		(1,247,185	)
Class C		(60,266	)		(107,700	)		(124,385	)		(161,301	)
Class I		(514,602	)		(848,425	)		(1,195,956	)		(1,892,940	)
Net increase (decrease) in shares of beneficial interest outstanding		613,346			870,880			906,497			1,204,044

STATEMENTS OF CHANGES IN NET ASSETS

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

SEMI-ANNUAL REPORT | 57

	Aggressive Growth Fund						Large/Mid Cap Growth Fund
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Operations:
Net investment income (loss)	$	(18,462	)	$	(416,583	)	$	136,507		$	(483,325	)
Net realized gain (loss) from investments and foreign currency transactions		(834,913	)		2,412,528			2,437,070			12,702,779
Capital gain dividends from REITs
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations		7,118,401			(15,341,328	)		14,844,385			(39,203,897	)
Net increase (decrease) in net assets resulting from operations		6,265,026			(13,345,383	)		17,417,962			(26,984,443	)
Distributions to Shareholders:
Total distributions paid
Class A		(886,181	)		(3,166,804	)		(8,357,597	)		(6,125,923	)
Class C		(91,155	)		(319,674	)		(1,163,353	)		(919,025	)
Class I		(146,597	)		(1,078,951	)		(2,198,299	)		(1,710,601	)
Total dividends and distributions to shareholders		(1,123,933	)		(4,565,429	)		(11,719,249	)		(8,755,549	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		2,274,920			6,798,763			5,721,126			22,960,254
Class C		330,834			472,219			625,769			1,737,733
Class I		2,106,509			4,132,982			12,102,691			24,914,569
Reinvestment of dividends and distributions
Class A		854,542			3,076,335			8,050,809			5,942,037
Class C		90,051			314,956			1,134,944			893,579
Class I		135,571			1,017,533			2,010,936			1,548,553
Cost of shares redeemed
Class A		(2,677,266	)		(6,520,183	)		(8,000,070	)		(17,431,366	)
Class C		(236,254	)		(371,290	)		(852,443	)		(1,860,539	)
Class I		(1,253,374	)		(9,190,149	)		(4,497,270	)		(24,237,143	)
Net increase (decrease) in net assets from share transactions of beneficial interest		1,625,533			(268,834	)		16,296,492			14,467,677
Total Increase (Decrease) in Net Assets		6,766,626			(18,179,646	)		21,995,205			(21,272,315	)
Net Assets:
Beginning of period		34,717,999			52,897,645			113,169,905			134,442,220
End of period	$	41,484,625		$	34,717,999		$	135,165,110		$	113,169,905
Share Activity:
Shares Sold
Class A		249,245			645,706			571,765			1,963,175
Class C		47,342			57,410			83,753			185,900
Class I		216,421			361,658			1,158,665			2,023,305
Shares Reinvested
Class A		94,113			261,372			812,392			458,845
Class C		13,261			35,191			156,544			90,627
Class I		14,484			84,094			196,572			116,433
Shares Redeemed
Class A		(294,107	)		(609,956	)		(800,463	)		(1,506,365	)
Class C		(35,048	)		(48,564	)		(116,336	)		(210,222	)
Class I		(131,909	)		(859,288	)		(431,449	)		(2,034,559	)
Net increase (decrease) in shares of beneficial interest outstanding		173,802			(72,377	)		1,631,443			1,087,139

STATEMENTS OF CHANGES IN NET ASSETS

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

SEMI-ANNUAL REPORT | 58

	Growth & Income Fund						Fixed Income Fund
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Operations:
Net investment income (loss)	$	137,428		$	178,666		$	817,956		$	1,005,202
Net realized gain (loss) from investments and foreign currency transactions		463,826			981,846			(4,037,084	)		(1,094,738	)
Capital gain dividends from REITs								—			—
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations		464,316			(2,860,270	)		7,017,170			(17,624,089	)
Net increase (decrease) in net assets resulting from operations		1,065,570			(1,699,758	)		3,798,042			(17,713,625	)
Distributions to Shareholders:
Total distributions paid
Class A		(893,227	)		(210,548	)		(591,009	)		(962,214	)
Class C		(128,891	)		(17,407	)		(48,698	)		(57,666	)
Class I		(258,534	)		(48,672	)		(213,667	)		(341,148	)
Total dividends and distributions to shareholders		(1,280,652	)		(276,627	)		(853,374	)		(1,361,028	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		741,063			3,439,486			5,742,134			18,885,674
Class C		337,671			544,945			751,648			1,105,757
Class I		1,373,925			3,133,878			8,513,232			30,558,230
Reinvestment of dividends and distributions
Class A		841,605			197,107			516,607			869,034
Class C		127,544			17,139			35,871			44,199
Class I		247,300			45,237			174,065			295,153
Cost of shares redeemed
Class A		(1,633,082	)		(3,283,823	)		(18,124,966	)		(21,295,182	)
Class C		(440,455	)		(372,602	)		(1,078,129	)		(2,050,201	)
Class I		(1,967,424	)		(1,717,298	)		(7,402,884	)		(24,293,736	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(371,853	)		2,004,069			(10,872,422	)		4,118,928
Total Increase (Decrease) in Net Assets		(586,935	)		27,684			(7,927,754	)		(14,955,725	)
Net Assets:
Beginning of period		18,226,718			18,199,034			111,387,967			126,343,692
End of period		17,639,783		$	18,226,718		$	103,460,213		$	111,387,967
Share Activity:
Shares Sold
Class A		69,886			283,962			633,081			1,911,750
Class C		32,617			47,121			82,487			114,172
Class I		126,147			257,713			946,796			3,122,628
Shares Reinvested
Class A		79,368			16,679			56,561			92,242
Class C		12,545			1,485			4,090			4,850
Class I		23,145			3,830			19,232			31,359
Shares Redeemed
Class A		(152,349	)		(275,448	)		(1,986,644	)		(2,150,743	)
Class C		(42,919	)		(32,396	)		(124,898	)		(216,378	)
Class I		(184,894	)		(142,912	)		(832,117	)		(2,519,843	)
Net increase (decrease) in shares of beneficial interest outstanding		(36,454	)		160,034			(1,201,412	)		390,037

STATEMENTS OF CHANGES IN NET ASSETS

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

SEMI-ANNUAL REPORT | 59

	High Yield Bond Fund						International Fund
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Operations:
Net investment income (loss)	$	3,712,390		$	6,504,044		$	178,281		$	1,349,477
Net realized gain (loss) from investments and foreign currency transactions		(4,093,532	)		784,476			1,812,081			(3,059,947	)
Capital gain dividends from REITs		—			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		11,163,673			(31,248,562	)		24,936,905			(41,656,133	)
Net increase (decrease) in net assets resulting from operations		10,782,531			(23,960,042	)		26,927,267			(43,366,603	)
Distributions to Shareholders:
Total distributions paid
Class A		(1,747,761	)		(3,718,716	)		(242,141	)		(270,831	)
Class C		(50,576	)		(114,907	)		—			—
Class I		(1,861,294	)		(3,044,420	)		(572,599	)		(517,840	)
Total dividends and distributions to shareholders		(3,659,631	)		(6,878,043	)		(814,740	)		(788,671	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		11,548,687			43,968,574			5,973,245			12,160,604
Class C		396,201			844,628			345,769			284,468
Class I		42,502,448			82,264,598			23,746,120			35,654,044
Reinvestment of dividends and distributions
Class A		1,558,442			3,368,274			203,371			237,790
Class C		48,929			110,779			—			—
Class I		1,230,853			2,211,923			405,754			347,901
Cost of shares redeemed
Class A		(14,145,619	)		(27,111,540	)		(6,199,045	)		(10,240,838	)
Class C		(459,202	)		(1,124,126	)		(285,759	)		(494,212	)
Class I		(46,869,797	)		(73,002,858	)		(12,504,559	)		(13,721,678	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(4,189,058	)		31,530,252			11,684,896			24,228,079
Total Increase (Decrease) in Net Assets		2,933,842			692,167			37,797,423			(19,927,195	)
Net Assets:
Beginning of period		137,195,612			136,503,445			116,586,342			136,513,537
End of period	$	140,129,454		$	137,195,612		$	154,383,765		$	116,586,342
Share Activity:
Shares Sold
Class A		1,385,878			4,614,615			564,685			1,074,374
Class C		46,297			87,645			34,084			24,476
Class I		5,065,137			9,130,532			2,214,825			3,086,411
Shares Reinvested
Class A		186,557			381,666			18,971			18,947
Class C		5,752			12,351			—			—
Class I		147,231			252,153			37,780			27,677
Shares Redeemed
Class A		(1,702,348	)		(2,983,722	)		(576,984	)		(888,203	)
Class C		(53,754	)		(123,685	)		(28,416	)		(43,694	)
Class I		(5,611,511	)		(7,952,995	)		(1,195,831	)		(1,204,533	)
Net increase (decrease) in shares of beneficial interest outstanding		(530,761	)		3,418,560			1,069,114			2,095,455

STATEMENTS OF CHANGES IN NET ASSETS

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

SEMI-ANNUAL REPORT | 60

	Israel Common Values Fund						Defensive Strategies Fund
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Operations:
Net investment income (loss)	$	188,381		$	283,427		$	386,424		$	1,554,931
Net realized gain (loss) from investments and foreign currency transactions		(529,797	)		(2,739,206	)		(143,259	)		2,817,883
Capital gain dividends from REITs		—			—			—			73,885
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations		(9,008,801	)		(13,150,439	)		7,110,739			(11,876,533	)
Net increase (decrease) in net assets resulting from operations		(9,350,217	)		(15,606,218	)		7,353,904			(7,429,834	)
Distributions to Shareholders:
Total distributions paid
Class A		—			—			(2,087,703	)		(228,420	)
Class C		—			—			(187,628	)		—
Class I		—			—			(1,231,772	)		(110,752	)
Total dividends and distributions to shareholders		—			—			(3,507,103	)		(339,172	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		7,535,724			13,848,947			4,549,528			18,091,026
Class C		517,392			2,187,797			210,529			2,626,397
Class I		9,700,308			26,289,974			7,028,754			33,004,917
Reinvestment of dividends and distributions
Class A		—			—			1,819,449			204,444
Class C		—			—			176,672			—
Class I		—			—			1,168,983			102,358
Cost of shares redeemed
Class A		(7,143,207	)		(9,733,404	)		(6,436,911	)		(9,343,406	)
Class C		(1,090,924	)		(2,581,546	)		(1,208,411	)		(610,355	)
Class I		(4,863,722	)		(28,575,652	)		(7,960,234	)		(19,324,283	)
Net increase (decrease) in net assets from share transactions of beneficial interest		4,655,571			1,436,116			(651,641	)		24,751,098
Total Increase (Decrease) in Net Assets		(4,694,646	)		(14,170,102	)		3,195,160			16,982,092
Net Assets:
Beginning of period		100,853,003			115,023,105			75,461,711			58,479,619
End of period	$	96,158,357		$	100,853,003		$	78,656,871		$	75,461,711
Share Activity:
Shares Sold
Class A		349,620			542,485			351,839			1,286,505
Class C		26,305			89,184			17,293			196,058
Class I		450,737			992,186			541,321			2,328,285
Shares Reinvested
Class A		—			—			141,702			14,740
Class C		—			—			14,613			—
Class I		—			—			91,042			7,380
Shares Redeemed
Class A		(336,161	)		(387,283	)		(496,904	)		(664,053	)
Class C		(56,500	)		(109,454	)		(98,114	)		(47,132	)
Class I		(228,436	)		(1,116,899	)		(612,506	)		(1,410,020	)
Net increase (decrease) in shares of beneficial interest outstanding		205,565			10,219			(49,714	)		1,711,763

STATEMENTS OF CHANGES IN NET ASSETS

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

SEMI-ANNUAL REPORT | 61

	Strategic Growth Fund						Conservative Growth Fund
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Operations:
Net investment income (loss)	$	140,870		$	192,174		$	179,854		$	170,985
Net realized gain (loss) from investments, affiliated investments and foreign currency transactions		(111,561	)		2,361,108			(257,761	)		2,241,593
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations		3,157,898			(8,683,199	)		3,079,982			(9,647,239	)
Net increase (decrease) in net assets resulting from operations		3,187,207			(6,129,917	)		3,002,075			(7,234,661	)
Distributions to Shareholders:
Total distributions paid
Class A		(2,160,890	)		(1,761,432	)		(1,949,664	)		(1,825,573	)
Class C		(197,275	)		(157,484	)		(216,573	)		(241,602	)
Class I		—			—			—			—
Total dividends and distributions to shareholders		(2,358,165	)		(1,918,916	)		(2,166,237	)		(2,067,175	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		1,232,224			3,552,656			1,212,795			5,574,779
Class C		149,442			649,841			470,897			1,088,995
Class I		—			—			—			—
Reinvestment of dividends and distributions
Class A		2,096,847			1,721,067			1,878,918			1,763,564
Class C		196,816			156,745			207,916			233,389
Class I		—			—			—			—
Cost of shares redeemed
Class A		(1,845,760	)		(5,687,137	)		(2,555,322	)		(8,140,008	)
Class C		(274,151	)		(417,642	)		(553,046	)		(1,934,133	)
Class I		—			—			—			—
Net increase (decrease) in net assets from share transactions of beneficial interest		1,555,418			(24,470	)		662,158			(1,413,414	)
Total Increase (Decrease) in Net Assets		2,384,460			(8,073,303	)		1,497,996			(10,715,250	)
Net Assets:
Beginning of period		32,624,284			40,697,587			40,932,173			51,647,423
End of period	$	35,008,744		$	32,624,284		$	42,430,169		$	40,932,173
Share Activity:
Shares Sold
Class A		136,627			354,853			123,589			504,674
Class C		19,180			73,324			55,388			114,455
Class I		—			—			—			—
Shares Reinvested
Class A		232,983			162,212			191,922			155,516
Class C		25,594			17,093			24,432			23,433
Class I		—			—			—			—
Shares Redeemed
Class A		(203,314	)		(560,494	)		(260,812	)		(753,775	)
Class C		(35,255	)		(47,405	)		(65,240	)		(206,214	)
Class I		—			—			—			—
Net increase (decrease) in shares of beneficial interest outstanding		175,815			(417	)		69,279			(161,911	)

STATEMENTS OF CHANGES IN NET ASSETS

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

SEMI-ANNUAL REPORT | 62

Section 6 | Financial Highlights

Small Cap Value Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	15.98		$	21.35		$	14.16		$	17.15		$	20.67		$	20.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.11			0.09			0.12			0.04			0.06			(0.00	)*
Net realized and unrealized gain (loss) on investments		2.51			(3.50	)		7.10			(2.39	)		(1.28	)		1.96
Total from investment operations		2.62			(3.41	)		7.22			(2.35	)		(1.22	)		1.96
LESS DISTRIBUTIONS:
From net investment income		(0.07	)		(0.08	)		(0.03	)		(0.04	)		—			(0.00	)*
From net realized gains on investments		(1.07	)		(1.88	)		—			(0.60	)		(2.30	)		(1.79	)
Total distributions		(1.14	)		(1.96	)		(0.03	)		(0.64	)		(2.30	)		(1.79	)
Net asset value, end of period	$	17.46		$	15.98		$	21.35		$	14.16		$	17.15		$	20.67
Total return (B)(C)		16.38	%(D)		(17.84	)%		51.03	%		(14.38	)%		(3.77	)%		10.11	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	100,372		$	88,234		$	105,800		$	74,130		$	99,077		$	114,985
Ratios to average net assets
Expenses, before waiver and reimbursement		1.44	%(E)		1.50	%		1.46	%		1.57	%		1.52	%		1.50	%
Expenses, net waiver and reimbursement (F)(H)		1.28	%(E)		1.34	%		1.34	%		1.47	%		1.43	%		1.44	%
Net investment income (loss), before waiver and reimbursement		1.12	%(E)		0.30	%		0.50	%		0.19	%		0.29	%		(0.08	)%
Net investment income (loss), net waiver and reimbursement (F)(G)(H)		1.27	%(E)		0.46	%		0.62	%		0.29	%		0.38	%		(0.02	)%
Portfolio turnover rate		27	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

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

(G) 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.

(H) 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.

SEMI-ANNUAL REPORT | 63

Small Cap Value Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	10.06		$	14.16		$	9.45		$	11.69		$	15.09		$	15.54
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		0.03			(0.04	)		(0.02	)		(0.05	)		(0.05	)		(0.11	)
Net realized and unrealized gain (loss) on investments		1.58			(2.18	)		4.73			(1.59	)		(1.05	)		1.45
Total from investment operations		1.61			(2.22	)		4.71			(1.64	)		(1.10	)		1.34
LESS DISTRIBUTIONS:
From net realized gains on investments		(1.07	)		(1.88	)		—			(0.60	)		(2.30	)		(1.79	)
Total distributions		(1.07	)		(1.88	)		—			(0.60	)		(2.30	)		(1.79	)
Net asset value, end of period	$	10.60		$	10.06		$	14.16		$	9.45		$	11.69		$	15.09
Total return (B)(C)		16.03	%(D)		(18.44	)%		49.84	%		(15.01	)%		(4.49	)%		9.24	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	6,618		$	5,747		$	7,293		$	5,663		$	8,963		$	14,603
Ratios to average net assets
Expenses, before waiver and reimbursement		2.19	%(E)		2.25	%		2.21	%		2.32	%		2.27	%		2.25	%
Expenses, net waiver and reimbursement (F)(H)		2.03	%(E)		2.09	%		2.09	%		2.22	%		2.18	%		2.19	%
Net investment loss, before waiver and reimbursement		0.37	%(E)		(0.46	)%		(0.26	)%		(0.55	)%		(0.50	)%		(0.82	)%
Net investment loss, net waiver and reimbursement (F)(G)(H)		0.53	%(E)		(0.30	)%		(0.14	)%		(0.45	)%		(0.42	)%		(0.76	)%
Portfolio turnover rate		27	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

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

(G) 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.

(H) 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.

SEMI-ANNUAL REPORT | 64

Small Cap Value Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	16.27		$	21.71		$	14.42		$	17.45		$	20.93		$	20.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.14			0.14			0.17			0.08			0.11			0.06
Net realized and unrealized gain (loss) on investments		2.56			(3.57	)		7.21			(2.42	)		(1.29	)		1.97
Total from investment operations		2.70			(3.43	)		7.38			(2.34	)		(1.18	)		2.03
LESS DISTRIBUTIONS:
From net investment income		(0.12	)		(0.13	)		(0.09	)		(0.09	)		—			(0.05	)
From net realized gains on investments		(1.07	)		(1.88	)		—			(0.60	)		(2.30	)		(1.79	)
Total distributions		(1.19	)		(2.01	)		(0.09	)		(0.69	)		(2.30	)		(1.84	)
Net asset value, end of period	$	17.78		$	16.27		$	21.71		$	14.42		$	17.45		$	20.93
Total return (B)		16.56	%(C)		(17.65	)%		51.33	%		(14.14	)%		(3.51	)%		10.37	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	56,461		$	46,222		$	56,299		$	35,473		$	36,993		$	35,140
Ratios to average net assets
Expenses, before waiver and reimbursement		1.19	%(D)		1.25	%		1.21	%		1.32	%		1.27	%		1.25	%
Expenses, net waiver and reimbursement (E)(G)		1.03	%(D)		1.09	%		1.09	%		1.22	%		1.18	%		1.19	%
Net investment income, before waiver and reimbursement		1.38	%(D)		0.55	%		0.75	%		0.44	%		0.56	%		0.21	%
Net investment income, net waiver and reimbursement (E)(F)(G)		1.54	%(D)		0.72	%		0.87	%		0.54	%		0.64	%		0.27	%
Portfolio turnover rate		27	%(C)		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 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) For periods of less than one full year, total return and turnover are not annualized.

(D) Annualized.

(E) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 65

Large/Mid Cap Value Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	18.91		$	21.88		$	17.43		$	18.86		$	20.38		$	19.16
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.07			0.07			(0.01	)		0.03			0.09			0.07
Net realized and unrealized gain (loss) on investments (B)		2.64			(2.01	)		5.12			0.72			0.12			2.45
Total from investment operations		2.71			(1.94	)		5.11			0.75			0.21			2.52
LESS DISTRIBUTIONS:
From net investment income		(0.04	)		(0.00	)*		(0.03	)		(0.08	)		(0.06	)		(0.03	)
From net realized gains on investments		(1.05	)		(1.03	)		(0.63	)		(2.10	)		(1.67	)		(1.27	)
Total distributions		(1.09	)		(1.03	)		(0.66	)		(2.18	)		(1.73	)		(1.30	)
Net asset value, end of period	$	20.53		$	18.91		$	21.88		$	17.43		$	18.86		$	20.38
Total return (C)(D)		14.40	%(E)		(9.70	)%		29.89	%		3.93	%		2.54	%		13.58	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	166,794		$	147,928		$	160,560		$	130,296		$	142,420		$	172,163
Ratios to average net assets
Expenses, before waiver and reimbursement		1.46	%(F)		1.46	%		1.45	%		1.51	%		1.51	%		1.46	%
Expenses, net waiver and reimbursement (G)(I)		1.23	%(F)		1.21	%		1.30	%		1.41	%		1.41	%		1.35	%
Net investment income (loss), before waiver and reimbursement		0.44	%(F)		0.08	%		(0.17	)%		0.06	%		0.42	%		0.27	%
Net investment income (loss), net waiver and reimbursement (G)(H)(I)		0.65	%(F)		0.33	%		(0.02	)%		0.16	%		0.52	%		0.38	%
Portfolio turnover rate		3%(E)			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) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

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

(H) 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.

(I) 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.

SEMI-ANNUAL REPORT | 66

Large/Mid Cap Value Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	13.78		$	16.31		$	13.21		$	14.82		$	16.49		$	15.82
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.01	)		(0.07	)		(0.12	)		(0.08	)		(0.03	)		(0.06	)
Net realized and unrealized gain (loss) on investments (B)		1.93			(1.43	)		3.85			0.57			0.03			2.00
Total from investment operations		1.92			(1.50	)		3.73			0.49			0.00			1.94
LESS DISTRIBUTIONS:
From net realized gains on investments		(1.05	)		(1.03	)		(0.63	)		(2.10	)		(1.67	)		(1.27	)
Total distributions		(1.05	)		(1.03	)		(0.63	)		(2.10	)		(1.67	)		(1.27	)
Net asset value, end of period	$	14.65		$	13.78		$	16.31		$	13.21		$	14.82		$	16.49
Total return (C)(D)		14.00	%(E)		(10.34	)%		28.91	%		3.14	%		1.74	%		12.75	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	15,453		$	13,695		$	15,162		$	14,102		$	16,627		$	25,852
Ratios to average net assets
Expenses, before waiver and reimbursement		2.21	%(F)		2.21	%		2.20	%		2.26	%		2.26	%		2.21	%
Expenses, net waiver and reimbursement (G)(I)		1.98	%(F)		1.96	%		2.05	%		2.16	%		2.16	%		2.10	%
Net investment loss, before waiver and reimbursement		(0.32	)%(F)		(0.67	)%		(0.92	)%		(0.69	)%		(0.32	)%		(0.48	)%
Net investment loss, net waiver and reimbursement (G)(H)(I)		(0.09	)%(F)		(0.42	)%		(0.77	)%		(0.59	)%		(0.22	)%		(0.37	)%
Portfolio turnover rate		3%(E)			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) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

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

(H) 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.

(I) 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.

SEMI-ANNUAL REPORT | 67

Large/Mid Cap Value Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	19.17		$	22.14		$	17.63		$	19.05		$	20.58		$	19.34
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.09			0.13			0.04			0.07			0.14			0.13
Net realized and unrealized gain (loss) on investments		2.69			(2.04	)		5.18			0.74			0.11			2.45
Total from investment operations		2.78			(1.91	)		5.22			0.81			0.25			2.58
LESS DISTRIBUTIONS:
From net investment income		(0.09	)		(0.03	)		(0.08	)		(0.13	)		(0.11	)		(0.07	)
From net realized gains on investments		(1.05	)		(1.03	)		(0.63	)		(2.10	)		(1.67	)		(1.27	)
Total distributions		(1.14	)		(1.06	)		(0.71	)		(2.23	)		(1.78	)		(1.34	)
Net asset value, end of period	$	20.81		$	19.17		$	22.14		$	17.63		$	19.05		$	20.58
Total return (B)		14.59	%(C)		(9.48	)%		30.20	%		4.24	%		2.78	%		13.83	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	98,121		$	79,945		$	77,776		$	47,340		$	47,477		$	35,573
Ratios to average net assets
Expenses, before waiver and reimbursement		1.21	%(D)		1.21	%		1.20	%		1.26	%		1.26	%		1.21	%
Expenses, net waiver and reimbursement (E)(G)		0.98	%(D)		0.96	%		1.05	%		1.16	%		1.16	%		1.10	%
Net investment income, before waiver and reimbursement		0.70	%(D)		0.34	%		0.08	%		0.31	%		0.66	%		0.54	%
Net investment income, net waiver and reimbursement (E)(F)(G)		0.92	%(D)		0.59	%		0.23	%		0.41	%		0.77	%		0.65	%
Portfolio turnover rate		3%(C)			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) For periods of less than one full year, total return and turnover are not annualized.

(D) Annualized.

(E) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 68

Aggressive Growth Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	8.42		$	12.53		$	9.92		$	7.87		$	9.27		$	8.10
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.00	)*		(0.09	)		(0.14	)		(0.09	)		(0.07	)		(0.09	)
Net realized and unrealized gain (loss) on investments		1.52			(2.95	)		3.39			2.14			(0.81	)		1.26
Total from investment operations		1.52			(3.04	)		3.25			2.05			(0.88	)		1.17
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.27	)		(1.07	)		(0.64	)		—			(0.52	)		—
Return of Capital		—			—			—			—			(0.00	)*		—
Total distributions		(0.27	)		(1.07	)		(0.64	)		—			(0.52	)		—
Net asset value, end of period	$	9.67		$	8.42		$	12.53		$	9.92		$	7.87		$	9.27
Total return (B)(C)		18.21	%(D)		(26.66	)%		33.89	%		26.05	%		(8.72	)%		14.44	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	32,602		$	27,983		$	37,917		$	30,316		$	21,802		$	25,926
Ratios to average net assets
Expenses, before waiver and reimbursement		1.56	%(E)		1.62	%		1.60	%		1.71	%		1.64	%		1.73	%
Expenses, net waiver and reimbursement (F)		1.46	%(E)		1.52	%		1.50	%		1.61	%		1.56	%		1.63	%
Net investment loss, before waiver and reimbursement		(0.19	)%(E)		(1.00	)%		(1.30	)%		(1.19	)%		(0.91	)%		(1.16	)%
Net investment loss, net waiver and reimbursement (F)		(0.09	)%(E)		(0.90	)%		(1.20	)%		(1.09	)%		(0.82	)%		(1.06	)%
Portfolio turnover rate		21	%(D)		46	%		21	%		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 69

Aggressive Growth Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	6.36		$	9.79		$	7.93		$	6.34		$	7.64		$	6.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.03	)		(0.13	)		(0.18	)		(0.12	)		(0.11	)		(0.13	)
Net realized and unrealized gain (loss) on investments		1.15			(2.23	)		2.68			1.71			(0.67	)		1.04
Total from investment operations		1.12			(2.36	)		2.50			1.59			(0.78	)		0.91
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.27	)		(1.07	)		(0.64	)		—			(0.52	)		—
Return of Capital		—			—			—			—			(0.00	)*		—
Total distributions		(0.27	)		(1.07	)		(0.64	)		—			(0.52	)		—
Net asset value, end of period	$	7.21		$	6.36		$	9.79		$	7.93		$	6.34		$	7.64
Total return (B)(C)		17.80	%(D)		(27.23	)%		32.87	%		25.08	%		(9.33	)%		13.52	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,620		$	2,150		$	2,877		$	2,230		$	2,433		$	4,358
Ratios to average net assets
Expenses, before waiver and reimbursement		2.31	%(E)		2.37	%		2.35	%		2.46	%		2.39	%		2.48	%
Expenses, net waiver and reimbursement (F)		2.21	%(E)		2.27	%		2.25	%		2.36	%		2.31	%		2.38	%
Net investment loss, before waiver and reimbursement		(0.94	)%(E)		(1.75	)%		(2.05	)%		(1.92	)%		(1.73	)%		(1.91	)%
Net investment loss, net waiver and reimbursement (F)		(0.84	)%(E)		(1.65	)%		(1.95	)%		(1.82	)%		(1.64	)%		(1.81	)%
Portfolio turnover rate		21	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 70

Aggressive Growth Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	8.67		$	12.84		$	10.13		$	8.02		$	9.41		$	8.21
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.01			(0.09	)		(0.12	)		(0.08	)		(0.05	)		(0.07	)
Net realized and unrealized gain (loss) on investments		1.56			(3.01	)		3.47			2.19			(0.82	)		1.27
Total from investment operations		1.57			(3.10	)		3.35			2.11			(0.87	)		1.20
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.27	)		(1.07	)		(0.64	)		—			(0.52	)		—
Return of Capital		—			—			—			—			(0.00	)*		—
Total distributions		(0.27	)		(1.07	)		(0.64	)		—			(0.52	)		—
Net asset value, end of period	$	9.97		$	8.67		$	12.84		$	10.13		$	8.02		$	9.41
Total return (B)		18.26	%(C)		(26.48	)%		34.19	%		26.31	%		(8.48	)%		14.62	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	6,263		$	4,586		$	12,104		$	3,759		$	1,233		$	1,273
Ratios to average net assets
Expenses, before waiver and reimbursement		1.31	%(D)		1.44	%		1.35	%		1.46	%		1.39	%		1.48	%
Expenses, net waiver and reimbursement (E)		1.21	%(D)		1.34	%		1.25	%		1.36	%		1.31	%		1.38	%
Net investment income (loss), before waiver and reimbursement		0.08	%(D)		(0.85	)%		(1.05	)%		(1.02	)%		(0.67	)%		(0.91	)%
Net investment income (loss), net waiver and reimbursement (E)		0.18	%(D)		(0.75	)%		(0.95	)%		(0.92	)%		(0.57	)%		(0.81	)%
Portfolio turnover rate		21	%(C)		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.

(C) For periods of less than one full year, total return and turnover are not annualized.

(D) Annualized.

(E) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 71

Large/Mid Cap Growth Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	9.65		$	12.61		$	9.77		$	8.70		$	9.34		$	8.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.01			(0.04	)		(0.07	)		(0.04	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.47			(2.12	)		3.10			1.48			(0.19	)		0.99
Total from investment operations		1.48			(2.16	)		3.03			1.44			(0.22	)		0.97
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.99	)		(0.80	)		(0.19	)		(0.37	)		(0.42	)		(0.22	)
Total distributions		(0.99	)		(0.80	)		(0.19	)		(0.37	)		(0.42	)		(0.22	)
Net asset value, end of period	$	10.14		$	9.65		$	12.61		$	9.77		$	8.70		$	9.34
Total return (B)(C)		15.53	%(D)		(18.74	)%		31.32	%		16.93	%		(1.48	)%		11.49	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)		92,710			82,627		$	96,378		$	70,891		$	64,150		$	79,897
Ratios to average net assets
Expenses, before waiver and reimbursement		1.50	%(E)		1.50	%		1.50	%		1.54	%		1.56	%		1.52	%
Expenses, net waiver and reimbursement (F,G)		1.30	%(E)		1.30	%		1.39	%		1.49	%		1.52	%		1.47	%
Net investment income (loss) before waiver and reimbursement		0.03	%(E)		(0.55	)%		(0.71	)%		(0.48	)%		(0.35	)%		(0.25	)%
Net investment income (loss), net waiver and reimbursement (F,G)		0.23	%(E)		(0.35	)%		(0.60	)%		(0.43	)%		(0.31	)%		(0.20	)%
Portfolio turnover rate		20	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

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

(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.

SEMI-ANNUAL REPORT | 72

Large/Mid Cap Growth Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	7.31		$	9.79		$	7.68		$	6.96		$	7.63		$	7.11
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.02	)		(0.10	)		(0.12	)		(0.08	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss) on investments		1.10			(1.58	)		2.42			1.17			(0.18	)		0.81
Total from investment operations		1.08			(1.68	)		2.30			1.09			(0.25	)		0.74
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.99	)		(0.80	)		(0.19	)		(0.37	)		(0.42	)		(0.22	)
Total distributions		(0.99	)		(0.80	)		(0.19	)		(0.37	)		(0.42	)		(0.22	)
Net asset value, end of period	$	7.40		$	7.31		$	9.79		$	7.68		$	6.96		$	7.63
Total return (B)(C)		14.99	%(D)		(19.27	)%		30.32	%		16.09	%		(2.24	)%		10.63	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)		9,605			8,577		$	10,845		$	8,192		$	7,950		$	11,355
Ratios to average net assets
Expenses, before waiver and reimbursement		2.24	%(E)		2.25	%		2.25	%		2.29	%		2.31	%		2.27	%
Expenses, net waiver and reimbursement (F,G)		2.05	%(E)		2.05	%		2.14	%		2.24	%		2.27	%		2.22	%
Net investment loss before waiver and reimbursement		(0.71	)%(E)		(1.30	)%		(1.46	)%		(1.23	)%		(1.10	)%		(1.00	)%
Net investment loss, net waiver and reimbursement (F,G)		(0.52	)%(E)		(1.10	)%		(1.35	)%		(1.18	)%		(1.06	)%		(0.95	)%
Portfolio turnover rate		20	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

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

(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.

SEMI-ANNUAL REPORT | 73

Large/Mid Cap Growth Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	9.94		$	12.93		$	9.99		$	8.86		$	9.48		$	8.70
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.03			(0.01	)		(0.04	)		(0.02	)		(0.01	)		0.00	*
Net realized and unrealized gain (loss) on investments		1.50			(2.18	)		3.17			1.52			(0.19	)		1.00
Total from investment operations		1.53			(2.19	)		3.13			1.50			(0.20	)		1.00
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.99	)		(0.80	)		(0.19	)		(0.37	)		(0.42	)		(0.22	)
Total distributions		(0.99	)		(0.80	)		(0.19	)		(0.37	)		(0.42	)		(0.22	)
Net asset value, end of period	$	10.48		$	9.94		$	12.93		$	9.99		$	8.86		$	9.48
Total return (B)		15.59	%(C)		(18.50	)%		31.64	%		17.30	%		(1.24	)%		11.69	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)		32,850			21,966		$	27,220		$	19,378		$	14,016		$	10,551
Ratios to average net assets
Expenses, before waiver and reimbursement		1.24	%(D)		1.25	%		1.25	%		1.29	%		1.31	%		1.27	%
Expenses, net waiver and reimbursement (E,F)		1.05	%(D)		1.05	%		1.14	%		1.24	%		1.27	%		1.22	%
Net investment income (loss), before waiver and reimbursement		0.28	%(D)		(0.30	)%		(0.45	)%		(0.22	)%		(0.09	)%		(0.03	)%
Net investment income (loss), net waiver and reimbursement (E,F)		0.48	%(D)		(0.10	)%		(0.34	)%		(0.17	)%		(0.06	)%		0.02	%
Portfolio turnover rate		20	%(C)		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) For periods of less than one full year, total return and turnover are not annualized.

(D) Annualized.

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

(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.

SEMI-ANNUAL REPORT | 74

Growth & Income Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	10.66		$	11.75		$	10.11		$	10.60		$	10.87		$	11.28
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.08			0.11			0.06			0.09			0.04			0.01
Net realized and unrealized gain (loss) on investments		0.55			(1.03	)		1.68			(0.47	)		(0.07	)		(0.14	)
Total from investment operations		0.63			(0.92	)		1.74			(0.38	)		(0.03	)		(0.13	)
LESS DISTRIBUTIONS:
From net investment income		(0.08	)		(0.12	)		(0.10	)		(0.11	)		(0.05	)		(0.01	)
From net realized gains on investments		(0.66	)		(0.05	)		—			—			(0.19	)		(0.27	)
Return of Capital		—			—			—			0.00	*		(0.00	)*		—
Total distributions		(0.74	)		(0.17	)		(0.10	)		(0.11	)		(0.24	)		(0.28	)
Net asset value, end of period	$	10.55		$	10.66		$	11.75		$	10.11		$	10.60		$	10.87
Total return (B)(C)		5.95	%(D)		(7.97	)%		17.18	%		(3.48	)%		(0.10	)%		(1.22	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	12,977		$	13,150		$	14,191		$	13,295		$	14,500		$	27,716
Ratios to average net assets
Expenses, before waiver and reimbursement		1.95	%(E)		1.85	%		1.90	%		1.85	%		1.69	%		1.70	%
Expenses, net waiver and reimbursement (F)		1.45	%(E)		1.27	%		1.52	%		1.50	%		1.65	%		1.65	%
Net investment income, before waiver and reimbursement		1.02	%(E)		0.36	%		0.18	%		0.55	%		0.37	%		0.08	%
Net investment income, net waiver and reimbursement (F)(G)		1.51	%(E)		0.94	%		0.56	%		0.90	%		0.42	%		0.13	%
Portfolio turnover rate		61	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

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

(G) 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.

SEMI-ANNUAL REPORT | 75

Growth & Income Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	10.25		$	11.31		$	9.74		$	10.21		$	10.51		$	10.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.04			0.02			(0.02	)		0.02			(0.03	)		(0.07	)
Net realized and unrealized gain (loss) on investments		0.53			(0.98	)		1.60			(0.45	)		(0.07	)		(0.14	)
Total from investment operations		0.57			(0.96	)		1.58			(0.43	)		(0.10	)		(0.21	)
LESS DISTRIBUTIONS:
From net investment income		(0.05	)		(0.05	)		(0.01	)		(0.04	)		(0.01	)		—
From net realized gains on investments		(0.66	)		(0.05	)		—			—			(0.19	)		(0.27	)
Return of Capital		—			—			—			0.00	*		(0.00	)*		—
Total distributions		(0.71	)		(0.10	)		(0.01	)		(0.04	)		(0.20	)		(0.27	)
Net asset value, end of period	$	10.11		$	10.25		$	11.31		$	9.74		$	10.21		$	10.51
Total return (B)(C)		5.51	%(D)		(8.62	)%		16.25	%		(4.20	)%		(0.82	)%		(1.97	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	1,920		$	1,923		$	1,938		$	1,719		$	2,388		$	3,176
Ratios to average net assets
Expenses, before waiver and reimbursement		2.70	%(E)		2.60	%		2.65	%		2.60	%		2.44	%		2.45	%
Expenses, net waiver and reimbursement (E)		2.20	%(E)		2.02	%		2.27	%		2.25	%		2.40	%		2.40	%
Net investment loss, before waiver and reimbursement		0.26	%(E)		(0.41	%)		(0.57	%)		(0.19	%)		(0.34	%)		(0.67	%)
Net investment income (loss), net waiver and reimbursement (F)(G)		0.76	%(E)		0.17	%		(0.19	%)		0.16	%		(0.29	%)		(0.62	%)
Portfolio turnover rate		61	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

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

(G) 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.

SEMI-ANNUAL REPORT | 76

Growth & Income Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	10.74		$	11.83		$	10.18		$	10.67		$	10.94		$	11.34
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.10			0.15			0.09			0.12			0.08			0.04
Net realized and unrealized gain (loss) on investments		0.55			(1.04	)		1.69			(0.47	)		(0.09	)		(0.15	)
Total from investment operations		0.65			(0.89	)		1.78			(0.35	)		(0.01	)		(0.11	)
LESS DISTRIBUTIONS:
From net investment income		(0.10	)		(0.15	)		(0.13	)		(0.14	)		(0.07	)		(0.02	)
From net realized gains on investments		(0.66	)		(0.05	)		—			—			(0.19	)		(0.27	)
Return of Capital		—			—			—			0.00	*		(0.00	)*		—
Total distributions		(0.76	)		(0.20	)		(0.13	)		(0.14	)		(0.26	)		(0.29	)
Net asset value, end of period	$	10.63		$	10.74		$	11.83		$	10.18		$	10.67		$	10.94
Total return (B)(C)		6.04	%(D)		(7.67	)%		17.44	%		(3.20	)%		0.11	%		(0.96	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	2,743		$	3,154		$	2,070		$	2,102		$	3,182		$	3,012
Ratios to average net assets
Expenses, before waiver and reimbursement		1.70	%(E)		1.69	%		1.65	%		1.60	%		1.44	%		1.45	%
Expenses, net waiver and reimbursement (F)		1.20	%(E)		1.02	%		1.27	%		1.25	%		1.40	%		1.40	%
Net investment income, before waiver and reimbursement		1.21	%(E)		0.52	%		0.43	%		0.86	%		0.70	%		0.33	%
Net investment income, net waiver and reimbursement (F)(G)		1.83	%(E)		1.19	%		0.81	%		1.21	%		0.75	%		0.38	%
Portfolio turnover rate		61	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

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

(G) 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.

SEMI-ANNUAL REPORT | 77

Fixed Income Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	8.92		$	10.44		$	10.80		$	10.39		$	9.81		$	10.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.07			0.08			0.03			0.12			0.16			0.16
Net realized and unrealized gain (loss) on investments		0.24			(1.49	)		(0.27	)		0.44			0.60			(0.39	)
Total from investment operations		0.31			(1.41	)		(0.24	)		0.56			0.76			(0.23	)
LESS DISTRIBUTIONS:
From net investment income		(0.07	)		(0.11	)		(0.12	)		(0.15	)		(0.18	)		(0.18	)
Total distributions		(0.07	)		(0.11	)		(0.12	)		(0.15	)		(0.18	)		(0.18	)
Net asset value, end of period	$	9.16		$	8.92		$	10.44		$	10.80		$	10.39		$	9.81
Total return (B)(C)		3.53	%(D)		(13.60	)%		(2.20	)%		5.39	%		7.76	%		(2.31	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	71,565		$	81,219		$	96,586		$	91,403		$	85,375		$	66,119
Ratios to average net assets
Expenses, before waiver and reimbursement		1.35	%(E)		1.22	%		1.34	%		1.30	%		1.30	%		1.30	%
Expenses, net waiver and reimbursement (F)		1.14	%(E)		1.02	%		1.14	%		1.10	%		1.13	%		1.10	%
Net investment income, before waiver and reimbursement		1.32	%(E)		0.64	%		0.11	%		0.90	%		1.46	%		1.40	%
Net investment income, net waiver and reimbursement (F)		1.54	%(E)		0.84	%		0.31	%		1.10	%		1.62	%		1.60	%
Portfolio turnover rate		23	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 78

Fixed Income Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	8.56		$	10.04		$	10.38		$	9.99		$	9.44		$	9.85
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.03			0.01			(0.04	)		0.04			0.09			0.08
Net realized and unrealized gain (loss) on investments		0.27			(1.44	)		(0.27	)		0.42			0.57			(0.39	)
Total from investment operations		0.30			(1.43	)		(0.31	)		0.46			0.66			(0.31	)
LESS DISTRIBUTIONS:
From net investment income		(0.05	)		(0.05	)		(0.03	)		(0.07	)		(0.11	)		(0.10	)
Total distributions		(0.05	)		(0.05	)		(0.03	)		(0.07	)		(0.11	)		(0.10	)
Net asset value, end of period	$	8.81		$	8.56		$	10.04		$	10.38		$	9.99		$	9.44
Total return (B)(C)		3.14	%(D)		(14.24	)%		(2.99	)%		4.59	%		7.06	%		(3.15	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	8,787		$	8,861		$	11,369		$	9,320		$	8,502		$	9,653
Ratios to average net assets
Expenses, before waiver and reimbursement		2.10	%(E)		1.97	%		2.09	%		2.05	%		2.05	%		2.05	%
Expenses, net waiver and reimbursement (F)		1.89	%(E)		1.77	%		1.89	%		1.85	%		1.88	%		1.85	%
Net investment income (loss), before waiver and reimbursement		0.57	%(E)		(0.11	)%		(0.64	)%		0.15	%		0.72	%		0.65	%
Net investment income (loss), net waiver and reimbursement (F)		0.79	%(E)		0.09	%		(0.44	)%		0.35	%		0.89	%		0.85	%
Portfolio turnover rate		23	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 79

Fixed Income Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	8.83		$	10.34		$	10.73		$	10.32		$	9.74		$	10.15
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.08			0.11			0.06			0.14			0.19			0.18
Net realized and unrealized gain (loss) on investments		0.26			(1.49	)		(0.28	)		0.44			0.59			(0.39	)
Total from investment operations		0.34			(1.38	)		(0.22	)		0.58			0.78			(0.21	)
LESS DISTRIBUTIONS:
From net investment income		(0.09	)		(0.13	)		(0.17	)		(0.17	)		(0.20	)		(0.20	)
Total distributions		(0.09	)		(0.13	)		(0.17	)		(0.17	)		(0.20	)		(0.20	)
Net asset value, end of period	$	9.08		$	8.83		$	10.34		$	10.73		$	10.32		$	9.74
Total return (B)		3.81	%(C)		(13.41	)%		(2.07	)%		5.70	%		8.05	%		(2.06	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	23,108		$	21,308		$	18,389		$	13,215		$	8,095		$	3,208
Ratios to average net assets
Expenses, before waiver and reimbursement		1.10	%(D)		0.97	%		1.09	%		1.05	%		1.05	%		1.05	%
Expenses, net waiver and reimbursement (E)		0.89	%(D)		0.77	%		0.89	%		0.85	%		0.88	%		0.85	%
Net investment income, before waiver and reimbursement		1.57	%(D)		0.90	%		0.36	%		1.12	%		1.68	%		1.66	%
Net investment income, net waiver and reimbursement (E)		1.80	%(D)		1.10	%		0.56	%		1.32	%		1.86	%		1.86	%
Portfolio turnover rate		23	%(C)		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) For periods of less than one full year, total return and turnover are not annualized.

(D) Annualized.

(E) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 80

High Yield Bond Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	7.98		$	9.91		$	9.26		$	9.39		$	9.02		$	9.40
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.21			0.41			0.41			0.43			0.39			0.34
Net realized and unrealized gain (loss) on investments		0.43			(1.90	)		0.64			(0.15	)		0.36			(0.36	)
Total from investment operations		0.64			(1.49	)		1.05			0.28			0.75			(0.02	)
LESS DISTRIBUTIONS:
From net investment income		(0.21	)		(0.41	)		(0.40	)		(0.41	)		(0.38	)		(0.36	)
From net realized gains on investments		—			(0.03	)		—			—			—			—
Total distributions		(0.21	)		(0.44	)		(0.40	)		(0.41	)		(0.38	)		(0.36	)
Net asset value, end of period	$	8.41		$	7.98		$	9.91		$	9.26		$	9.39		$	9.02
Total return (B)(C)		8.05	%(D)		(15.45	)%		11.42	%		3.26	%		8.50	%		(0.17	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	70,322		$	67,766		$	64,216		$	45,940		$	39,777		$	41,991
Ratios to average net assets
Expenses, before waiver and reimbursement		1.32	%(E)		1.26	%		1.38	%		1.34	%		1.35	%		1.44	%
Expenses, net waiver and reimbursement (F)		1.19	%(E)		1.18	%		1.33	%		1.29	%		1.31	%		1.39	%
Net investment income, before waiver and reimbursement		4.84	%(E)		4.36	%		4.15	%		4.61	%		4.24	%		3.67	%
Net investment income, net waiver and reimbursement (F)		4.95	%(E)		4.44	%		4.20	%		4.66	%		4.28	%		3.72	%
Portfolio turnover rate		27	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 81

High Yield Bond Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	8.12		$	10.08		$	9.40		$	9.52		$	9.14		$	9.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.18			0.34			0.34			0.36			0.32			0.28
Net realized and unrealized gain (loss) on investments		0.44			(1.93	)		0.66			(0.14	)		0.36			(0.36	)
Total from investment operations		0.62			(1.59	)		1.00			0.22			0.68			(0.08	)
LESS DISTRIBUTIONS:
From net investment income		(0.18	)		(0.34	)		(0.32	)		(0.34	)		(0.30	)		(0.29	)
From net realized gains on investments		—			(0.03	)		—			—			—			—
Total distributions		(0.18	)		(0.37	)		(0.32	)		(0.34	)		(0.30	)		(0.29	)
Net asset value, end of period	$	8.56		$	8.12		$	10.08		$	9.40		$	9.52		$	9.14
Total return (B)(C)		7.64	%(D)		(16.14	)%		10.71	%		2.45	%		7.63	%		(0.85	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,449		$	2,337		$	3,138		$	2,427		$	2,660		$	3,219
Ratios to average net assets
Expenses, before waiver and reimbursement		2.07	%(E)		2.01	%		2.13	%		2.09	%		2.10	%		2.19	%
Expenses, net waiver and reimbursement (F)		1.94	%(E)		1.93	%		2.08	%		2.04	%		2.06	%		2.14	%
Net investment income, before waiver and reimbursement		4.07	%(E)		3.60	%		3.40	%		3.84	%		3.46	%		2.92	%
Net investment income, net waiver and reimbursement (F)		4.19	%(E)		3.68	%		3.45	%		3.89	%		3.50	%		2.97	%
Portfolio turnover rate		27	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 82

High Yield Bond Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	7.98		$	9.91		$	9.26		$	9.39		$	9.02		$	9.41
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.22			0.43			0.44			0.45			0.42			0.36
Net realized and unrealized gain (loss) on investments		0.43			(1.90	)		0.63			(0.14	)		0.35			(0.36	)
Total from investment operations		0.65			(1.47	)		1.07			0.31			0.77			0.00
LESS DISTRIBUTIONS:
From net investment income		(0.22	)		(0.43	)		(0.42	)		(0.44	)		(0.40	)		(0.39	)
From net realized gains on investments		—			(0.03	)		—			—			—			—
Total distributions		(0.22	)		(0.46	)		(0.42	)		(0.44	)		(0.40	)		(0.39	)
Net asset value, end of period	$	8.41		$	7.98		$	9.91		$	9.26		$	9.39		$	9.02
Total return (B)		8.18	%(C)		(15.24	)%		11.71	%		3.53	%		8.78	%		0.00	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	67,359		$	67,093		$	69,150		$	30,924		$	18,363		$	11,578
Ratios to average net assets
Expenses, before waiver and reimbursement		1.07	%(D)		1.01	%		1.13	%		1.09	%		1.10	%		1.19	%
Expenses, net waiver and reimbursement (E)		0.94	%(D)		0.93	%		1.08	%		1.04	%		1.06	%		1.14	%
Net investment income, before waiver and reimbursement		5.04	%(D)		4.59	%		4.40	%		4.86	%		4.52	%		3.92	%
Net investment income, net waiver and reimbursement (E)		5.18	%(D)		4.68	%		4.45	%		4.91	%		4.56	%		3.97	%
Portfolio turnover rate		27	%(C)		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) For periods of less than one full year, total return and turnover are not annualized.

(D) Annualized.

(E) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 83

International Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	9.16		$	12.84		$	9.92		$	9.09		$	9.74		$	9.86
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.01			0.10			0.02			(0.03	)		0.09			0.11
Net realized and unrealized gain (loss) on investments		2.07			(3.72	)		2.90			0.94			(0.64	)		(0.02	)
Total from investment operations		2.08			(3.62	)		2.92			0.91			(0.55	)		0.09
LESS DISTRIBUTIONS:
From net investment income		(0.05	)		(0.06	)		—			(0.08	)		(0.10	)		(0.21	)
Return of Capital		—			—			—			0.00	*		—			—
Total distributions		(0.05	)		(0.06	)		—			(0.08	)		(0.10	)		(0.21	)
Net asset value, end of period	$	11.19		$	9.16		$	12.84		$	9.92		$	9.09		$	9.74
Total return (B)(C)		22.71	%(D)		(28.33	)%		29.44	%		10.00	%		(5.55	)%		0.91	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	55,718		$	45,524		$	61,220		$	48,608		$	58,397		$	70,790
Ratios to average net assets
Expenses, before waiver and reimbursement		1.64	%(E)		1.72	%		1.63	%		1.76	%		1.71	%		1.71	%
Expenses, net waiver and reimbursement (F)		1.59	%(E)		1.67	%		1.58	%		1.71	%		1.67	%		1.66	%
Net investment income (loss) before waiver and reimbursement		0.06	%(E)		0.79	%		0.13	%		(0.38	)%		0.96	%		1.05	%
Net investment income (loss), net waiver and reimbursement (F)		0.11	%(E)		0.84	%		0.18	%		(0.33	)%		1.01	%		1.10	%
Portfolio turnover rate		7%(D)			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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 84

International Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	8.78		$	12.35		$	9.62		$	8.80		$	9.41		$	9.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.03	)		—	*		(0.07	)		(0.10	)		0.01			0.03
Net realized and unrealized gain (loss) on investments		1.99			(3.57	)		2.80			0.92			(0.61	)		(0.01	)
Total from investment operations		1.96			(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 period	$	10.74		$	8.78		$	12.35		$	9.62		$	8.80		$	9.41
Total return (B)(C)		22.32	%(D)		(28.91	)%		28.38	%		9.32	%		(6.31	)%		0.12	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	1,886		$	1,492		$	2,337		$	2,122		$	2,641		$	4,779
Ratios to average net assets
Expenses, before waiver and reimbursement		2.39	%(E)		2.47	%		2.38	%		2.51	%		2.46	%		2.46	%
Expenses, net waiver and reimbursement (F)		2.34	%(E)		2.42	%		2.33	%		2.46	%		2.42	%		2.41	%
Net investment income (loss) before waiver and reimbursement		(0.68	)%(E)		0.00	%		(0.65	)%		(1.17	)%		0.09	%		0.28	%
Net investment income (loss), net waiver and reimbursement (F)		(0.63	)%(E)		0.05	%		(0.60	)%		(1.12	)%		0.12	%		0.33	%
Portfolio turnover rate		7%(D)			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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 85

International Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	9.19		$	12.89		$	9.94		$	9.10		$	9.76		$	9.89
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.02			0.13			0.06			(0.01	)		0.11			0.17
Net realized and unrealized gain (loss) on investments		2.09			(3.74	)		2.89			0.96			(0.64	)		(0.06	)
Total from investment operations		2.11			(3.61	)		2.95			0.95			(0.53	)		0.11
LESS DISTRIBUTIONS:
From net investment income		(0.08	)		(0.09	)		—			(0.11	)		(0.13	)		(0.24	)
Return of Capital		—			—			—			0.00	*		—			—
Total distributions		(0.08	)		(0.09	)		—			(0.11	)		(0.13	)		(0.24	)
Net asset value, end of period	$	11.22		$	9.19		$	12.89		$	9.94		$	9.10		$	9.76
Total return (B)		22.94	%(C)		(28.20	)%		29.68	%		10.42	%		(5.33	)%		1.04	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	96,780		$	69,570		$	72,957		$	37,226		$	28,542		$	31,286
Ratios to average net assets
Expenses, before waiver and reimbursement		1.39	%(D)		1.47	%		1.38	%		1.51	%		1.46	%		1.45	%
Expenses, net waiver and reimbursement (E)		1.34	%(D)		1.42	%		1.33	%		1.46	%		1.42	%		1.41	%
Net investment income (loss), before waiver and reimbursement		0.33	%(D)		1.13	%		0.45	%		(0.16	)%		1.24	%		1.60	%
Net investment income (loss), net waiver and reimbursement (E)		0.38	%(D)		1.18	%		0.50	%		(0.11	)%		1.28	%		1.65	%
Portfolio turnover rate		7%(C)			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) For periods of less than one full year, total return and turnover are not annualized.

(D) Annualized.

(E) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 86

Israel Common Values Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	21.61		$	24.70		$	16.55		$	17.84		$	15.74		$	14.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.04			0.05			(0.10	)		(0.10	)		0.00	*		(0.04	)
Net realized and unrealized gain (loss) on investments		(1.94	)		(3.14	)		8.25			(1.01	)		2.20			1.07
Total from investment operations		(1.90	)		(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 period	$	19.71		$	21.61		$	24.70		$	16.55		$	17.84		$	15.74
Total return (B)(C)		(8.79	)%(D)		(12.51	)%		49.24	%		(6.35	)%		14.12	%		7.00	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	49,341	(E)	$	53,800		$	57,667		$	36,800		$	49,123		$	41,137
Ratio of expenses to average net assets		1.89	%(E)		1.72	%		1.72	%		1.84	%		1.76	%		1.84	%
Ratio of net investment income (loss) to average net assets		0.33	%(E)		0.20	%		(0.48	)%		(0.62	)%		0.02	%		(0.27	)%
Portfolio turnover rate		4%(D)			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.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

FINANCIAL HIGHLIGHTS

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

SEMI-ANNUAL REPORT | 87

Israel Common Values Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	20.22		$	23.29		$	15.73		$	16.97		$	15.09		$	14.33
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.04	)		(0.13	)		(0.26	)		(0.22	)		(0.12	)		(0.15	)
Net realized and unrealized gain (loss) on investments		(1.80	)		(2.94	)		7.82			(0.96	)		2.10			1.03
Total from investment operations		(1.84	)		(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 period	$	18.38		$	20.22		$	23.29		$	15.73		$	16.97		$	15.09
Total return (B)(C)		(9.10	)%(D)		(13.18	)%		48.06	%		(7.00	)%		13.26	%		6.20	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	8,772	(E)	$	10,263		$	12,293		$	9,076		$	9,750		$	9,220
Ratio of expenses to average net assets		2.64	%(E)		2.47	%		2.47	%		2.59	%		2.51	%		2.59	%
Ratio of net investment loss to average net assets		(0.45	%)(E)		(0.54	%)		(1.27	)%		(1.37	)%		(0.75	)%		(1.01	)%
Portfolio turnover rate		4%(D)			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.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

FINANCIAL HIGHLIGHTS

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

SEMI-ANNUAL REPORT | 88

Israel Common Values Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	21.88		$	24.95		$	16.68		$	17.97		$	15.81		$	14.97
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.07			0.12			(0.05	)		(0.06	)		0.06			0.01
Net realized and unrealized gain (loss) on investments		(1.97	)		(3.19	)		8.32			(1.01	)		2.20			1.06	(B)
Total from investment operations		(1.90	)		(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 period	$	19.98		$	21.88		$	24.95		$	16.68		$	17.97		$	15.81
Total return (C)		(8.68	)%(D)		(12.30	)%		49.58	%		(6.08	)%		14.44	%		7.22	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	38,046	(E)	$	36,790		$	45,063		$	23,928		$	21,533		$	10,084
Ratio of expenses to average net assets		1.64	%(E)		1.47	%		1.47	%		1.59	%		1.51	%		1.69	%
Ratio of net investment income (loss) to average net assets		0.65	%(E)		0.48	%		(0.22	)%		(0.37	)%		0.38	%		0.05	%
Portfolio turnover rate		4%(D)			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.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

FINANCIAL HIGHLIGHTS

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

SEMI-ANNUAL REPORT | 89

Defensive Strategies Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	12.52		$	13.52		$	11.78		$	11.69		$	11.44		$	11.37
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.06			0.28			0.10			(0.01	)		0.06			0.10
Net realized and unrealized gain (loss) on investments		1.14			(1.21	)		1.64			0.44			0.48			(0.01	)
Total from investment operations		1.20			(0.93	)		1.74			0.43			0.54			0.09
LESS DISTRIBUTIONS:
From net investment income		(0.25	)		(0.07	)		—			(0.06	)		(0.11	)		(0.02	)
From net realized gains on investments		(0.32	)		—			—			(0.28	)		(0.18	)		—
Return of capital		—			—			—			0.00	*		—			—
Total distributions		(0.57	)		(0.07	)		—			(0.34	)		(0.29	)		(0.02	)
Net asset value, end of period	$	13.15		$	12.52		$	13.52		$	11.78		$	11.69		$	11.44
Total return (B)(C)		9.72	%(D)		(6.92	)%		14.77	%		3.75	%		4.92	%		0.75	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	47,566		$	45,313		$	40,342		$	29,577		$	33,926		$	40,573
Ratios to average net assets
Expenses, before waiver and reimbursement		1.34	%(E)		1.42	%		1.48	%		1.54	%		1.45	%		1.41	%
Expenses, net waiver and reimbursement (F)		1.27	%(E)		1.37	%		1.43	%		1.49	%		1.41	%		1.36	%
Net investment income (loss), before waiver and reimbursement		0.88	%(E)		1.95	%		0.74	%		(0.13	)%		0.52	%		0.86	%
Net investment income (loss), net waiver and reimbursement (F)		0.95	%(E)		2.00	%		0.79	%		(0.08	)%		0.56	%		0.91	%
Portfolio turnover rate		27	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 90

Defensive Strategies Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	11.76		$	12.74		$	11.18		$	11.13		$	10.90		$	10.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.01			0.18			0.01			(0.09	)		(0.03	)		0.02
Net realized and unrealized gain (loss) on investments		1.08			(1.16	)		1.55			0.42			0.46			(0.02	)
Total from investment operations		1.09			(0.98	)		1.56			0.33			0.43			0.00
LESS DISTRIBUTIONS:
From net investment income		(0.17	)		—			—			—			(0.02	)		—
From net realized gains on investments		(0.32	)		—			—			(0.28	)		(0.18	)		—
From return of capital		—			—			—			0.00	*		—			—
Total distributions		(0.49	)		—			—			(0.28	)		(0.20	)		—
Net asset value, end of period	$	12.36		$	11.76		$	12.74		$	11.18		$	11.13		$	10.90
Total return (B)(C)		9.36	%(D)		(7.69	)%		13.95	%		3.01	%		4.06	%		0.00	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	4,310		$	4,880		$	3,388		$	2,464		$	3,110		$	5,432
Ratios to average net assets
Expenses, before waiver and reimbursement		2.09	%(E)		2.17	%		2.23	%		2.29	%		2.20	%		2.16	%
Expenses, net waiver and reimbursement (F)		2.02	%(E)		2.12	%		2.18	%		2.24	%		2.16	%		2.11	%
Net investment income (loss), before waiver and reimbursement		0.04	%(E)		1.32	%		(0.01	)%		(0.89	)%		(0.31	)%		0.09	%
Net investment income (loss), net waiver and reimbursement (F)		0.11	%(E)		1.37	%		0.04	%		(0.84	)%		(0.27	)%		0.14	%
Portfolio turnover rate		27	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 91

Defensive Strategies Fund (Class I Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	12.54		$	13.55		$	11.77		$	11.69		$	11.45		$	11.38
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.08			0.35			0.17			0.02			0.09			0.14
Net realized and unrealized gain (loss) on investments		1.15			(1.26	)		1.61			0.43			0.47			(0.02	)
Total from investment operations		1.23			(0.91	)		1.78			0.45			0.56			0.12
LESS DISTRIBUTIONS:
From net investment income		(0.29	)		(0.10	)		—			(0.09	)		(0.14	)		(0.05	)
From net realized gains on investments		(0.32	)		—			—			(0.28	)		(0.18	)		—
From return of capital		—			—			—			0.00	*		—			—
Total distributions		(0.61	)		(0.10	)		—			(0.37	)		(0.32	)		(0.05	)
Net asset value, end of period	$	13.16		$	12.54		$	13.55		$	11.77		$	11.69		$	11.45
Total return (B)(C)		9.89	%(D)		(6.80	)%		15.12	%		3.96	%		5.17	%		1.04	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	26,781		$	25,269		$	14,750		$	5,212		$	3,692		$	3,071
Ratios to average net assets
Expenses, before waiver and reimbursement		1.09	%(E)		1.17	%		1.23	%		1.29	%		1.20	%		1.16	%
Expenses, net waiver and reimbursement (F)		1.02	%(E)		1.12	%		1.18	%		1.24	%		1.16	%		1.11	%
Net investment income, before waiver and reimbursement		1.08	%(E)		2.39	%		1.21	%		0.16	%		0.78	%		1.14	%
Net investment income, net waiver and reimbursement (F)		1.15	%(E)		2.44	%		1.26	%		0.21	%		0.82	%		1.19	%
Portfolio turnover rate		27	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

(F) This expense decrease from the contractual 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.

SEMI-ANNUAL REPORT | 92

Strategic Growth Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	8.77		$	10.92		$	9.48		$	9.64		$	9.70		$	9.48
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.04			0.06			0.03			0.04			0.01			0.00	*
Net realized and unrealized gain (loss) on investments		0.83			(1.70	)		1.75			0.16			(0.04	)		0.22
Total from investment operations		0.87			(1.64	)		1.78			0.20			(0.03	)		0.22
LESS DISTRIBUTIONS:
From net investment income		(0.06	)		(0.02	)		(0.01	)		—			—			—
From net realized gains on investments		(0.58	)		(0.49	)		(0.33	)		(0.36	)		(0.03	)		—
Total distributions		(0.64	)		(0.51	)		(0.34	)		(0.36	)		(0.03	)		—
Net asset value, end of period	$	9.00		$	8.77		$	10.92		$	9.48		$	9.64		$	9.70
Total return (B)(C)		9.94	%(D)		(15.82	)%		19.15	%		2.03	%		(0.26	)%		2.32	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	32,209		$	29,944		$	37,731		$	32,260		$	32,318		$	32,078
Ratio of expenses to average net assets (E)		1.20	%(F)		1.09	%		1.10	%		1.15	%		1.12	%		1.10	%
Ratio of net investment income, to average net assets (E)(G)		0.88	%(F)		0.56	%		0.27	%		0.42	%		0.16	%		0.00	%
Portfolio turnover rate		17	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(F) Annualized.

(G) 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.

SEMI-ANNUAL REPORT | 93

Strategic Growth Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	7.54		$	9.50		$	8.34		$	8.58		$	8.70		$	8.57
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.00	*		(0.02	)		(0.05	)		(0.03	)		0.03			(0.06	)
Net realized and unrealized gain (loss) on investments		0.71			(1.45	)		1.54			0.15			(0.12	)		0.19
Total from investment operations		0.71			(1.47	)		1.49			0.12			(0.09	)		0.13
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.58	)		(0.49	)		(0.33	)		(0.36	)		(0.03	)		—
Total distributions		(0.58	)		(0.49	)		(0.33	)		(0.36	)		(0.03	)		—
Net asset value, end of period	$	7.67		$	7.54		$	9.50		$	8.34		$	8.58		$	8.70
Total return (B)(C)		9.46	%(D)		(16.42	)%		18.19	%		1.33	%		(0.99	)%		1.52	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,800		$	2,680		$	2,967		$	2,743		$	3,247		$	6,313
Ratio of expenses to average net assets (E)		1.95	%(F)		1.84	%		1.85	%		1.90	%		1.87	%		1.85	%
Ratio of net investment income (loss), to average net assets (E)(G)		0.13	%(F)		(0.20	)%		(0.48	)%		(0.32	)%		0.35	%		(0.70	)%
Portfolio turnover rate		17	%(D)		28	%		22	%		47	%		50	%		8	%

* 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) For periods of less than one full year, total return and turnover are not annualized.

(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(F) Annualized.

(G) 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.

SEMI-ANNUAL REPORT | 94

Conservative Growth Fund (Class A Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	9.58		$	11.66		$	10.62		$	10.66		$	10.75		$	10.67
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.05			0.05			0.02			0.05			0.05			0.02
Net realized and unrealized gain (loss) on investments		0.66			(1.66	)		1.31			0.30			0.10			0.09
Total from investment operations		0.71			(1.61	)		1.33			0.35			0.15			0.11
LESS DISTRIBUTIONS:
From net investment income		(0.04	)		(0.02	)		(0.04	)		—			—			—
From net realized gains on investments		(0.47	)		(0.45	)		(0.25	)		(0.39	)		(0.24	)		(0.03	)
Total distributions		(0.51	)		(0.47	)		(0.29	)		(0.39	)		(0.24	)		(0.03	)
Net asset value, end of period	$	9.78		$	9.58		$	11.66		$	10.62		$	10.66		$	10.75
Total return (B)(C)		7.43	%(D)		(14.48	)%		12.63	%		3.27	%		1.61	%		1.06	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	38,354		$	37,037		$	46,151		$	41,546		$	40,590		$	42,040
Ratio of expenses to average net assets (E)		1.13	%(F)		1.04	%		1.10	%		1.12	%		1.08	%		1.08	%
Ratio of net investment income to average net assets (E)(G)		0.92	%(F)		0.43	%		0.20	%		0.43	%		0.44	%		0.14	%
Portfolio turnover rate		19	%(D)		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) For periods of less than one full year, total return and turnover are not annualized.

(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(F) Annualized.

(G) 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.

SEMI-ANNUAL REPORT | 95

Conservative Growth Fund (Class C Shares)

SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

	FOR THE SIX MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	2023			2022			2021			2020			2019			2018
		(Unaudited	)
Net asset value, beginning of period	$	8.36		$	10.29		$	9.43		$	9.59		$	9.76		$	9.76
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.01			(0.03	)		(0.06	)		(0.03	)		0.01			(0.06	)
Net realized and unrealized gain (loss) on investments		0.58			(1.45	)		1.17			0.26			0.06			0.09	(B)
Total from investment operations		0.59			(1.48	)		1.11			0.23			0.07			0.03
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.47	)		(0.45	)		(0.25	)		(0.39	)		(0.24	)		(0.03	)
Total distributions		(0.47	)		(0.45	)		(0.25	)		(0.39	)		(0.24	)		(0.03	)
Net asset value, end of period	$	8.48		$	8.36		$	10.29		$	9.43		$	9.59		$	9.76
Total return (C)(D)		7.00	%(E)		(15.10	)%		11.84	%		2.36	%		0.94	%		0.34	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	4,077		$	3,895		$	5,496		$	4,712		$	5,504		$	9,218
Ratio of expenses to average net assets (F)		1.88	%(G)		1.79	%		1.85	%		1.87	%		1.83	%		1.83	%
Ratio of net investment income (loss), to average net assets (F)(H)		0.17	%(G)		(0.32	)%		(0.56	)%		(0.31	)%		0.14	%		(0.63	)%
Portfolio turnover rate		19	%(E)		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) For periods of less than one full year, total return and turnover are not annualized.

(F) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(G) Annualized.

(H) 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.

SEMI-ANNUAL REPORT | 96

Section 7 | Notes to Financial Statements

MARCH 31, 2023 (UNAUDITED)

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 March 31, 2023, the Trust consisted of nineteen 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.

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

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 97

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.

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”.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 98

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.

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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 99

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.

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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 100

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.

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)
Small Cap Value Fund	$	1,035,912		$	(1,035,912	)
Large/Mid Cap Value Fund		1,953,880			(1,953,880	)
Aggressive Growth Fund		(4,868	)		4,868
Large/Mid Cap Growth Fund		1,410,300			(1,410,300	)
Growth & Income Fund		126,258			(126,258	)
Fixed Income Fund		—			—
High Yield Bond Fund		638,001			(638,001	)
International Fund		17,416			(17,416	)
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	)

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 (UNAUDITED)

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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 (UNAUDITED)

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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.

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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 103

There were no options held at March 31, 2023, and there were no options transactions for the six months ended March 31, 2023.

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.

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

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 104

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.

The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2023:

Small Cap Value Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Common Stocks	$	141,443,969	$	—	$	—	$	141,443,969
Exchange Traded Fund		18,134,976		—		—		18,134,976
Money Market Fund		4,413,776		—		—		4,413,776
Total	$	163,992,721	$	—	$	—	$	163,992,721

Large/Mid Cap Value Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Common Stocks	$	211,417,933	$	—	$	—	$	211,417,933
Exchange Traded Funds		51,078,951		—		—		51,078,951
Money Market Fund		17,976,600		—		—		17,976,600
Total	$	280,473,484	$	—	$	—	$	280,473,484

Aggressive Growth Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Common Stocks	$	39,268,143	$	—	$	—	$	39,268,143
Money Market Fund		2,217,233		—		—		2,217,233
Total	$	41,485,376	$	—	$	—	$	41,485,376

Large/Mid Cap Growth Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Common Stocks	$	106,190,156	$	—	$	—	$	106,190,156
Exchange Traded Funds		21,657,668		—		—		21,657,668
Money Market Fund		5,720,622		—		—		5,720,622
Total	$	133,568,446	$	—	$	—	$	133,568,446

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 105

Growth & Income Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Corporate Bonds	$	—	$	1,420,262	$	—	$	1,420,262
Non U.S. Government & Agencies		—		114,505		—		114,505
Agency Fixed Rate		—		2,023,960		—		2,023,960
Exchange Traded Funds		7,804,522		—		—		7,804,522
Money Market Fund		18,529		—		—		18,529
U.S. Treasury Notes		—		5,840,062		—		5,840,062
Total	$	7,823,051	$	9,398,789	$	—	$	17,221,840

Fixed Income Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Exchange Traded Fund	$	15,428,762	$	—	$	—	$	15,428,762
Corporate Bonds		—		24,733,867		—		24,733,867
Non U.S. Government & Agencies		—		2,134,194		—		2,134,194
Agency Fixed Rate		—		32,437,990		—		32,437,990
U.S. Treasury Notes		—		26,209,098		—		26,209,098
Money Market Fund		1,918,261		—		—		1,918,261
Total	$	17,347,023	$	85,515,149	$	—	$	102,862,172

High Yield Bond Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Exchange Traded Fund	$	22,605,625	$	—	$	—	$	22,605,625
Corporate Bonds		—		114,038,462		—		114,038,462
Money Market Fund		1,855,591		—		—		1,855,591
Total	$	24,461,216	$	114,038,462	$	—	$	138,499,678

International Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Common Stocks	$	144,397,669	$	—	$	43,600	$	144,441,269
Money Market Fund		9,442,806		—		—		9,442,806
Total	$	153,840,475	$	—	$	43,600	$	153,884,075

Israel Common Values Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Common Stocks	$	92,231,952	$	—	$	—	$	92,231,952
Money Market Fund		3,500,140		—		—		3,500,140
Total	$	95,732,092	$	—	$	—	$	95,732,092

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 106

Defensive Strategies Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Common Stocks	$	33,207,316	$	—	$	—	$	33,207,316
Exchange Traded Funds		7,962,044		—		—		7,962,044
Treasury Inflation Protected Securities (TIPS)		—		17,307,119		—		17,307,119
Closed End Fund		4,828,860		—		—		4,828,860
Alternative Investments		12,098,060		—		—		12,098,060
Money Market Fund		3,261,006		—		—		3,261,006
Total	$	61,357,286	$	17,307,119	$	—	$	78,664,405

Strategic Growth Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Exchange Traded Funds	$	21,817,879	$	—	$	—	$	21,817,879
Mutual Funds		12,276,867		—		—		12,276,867
Money Market Fund		885,093		—		—		885,093
Total	$	34,979,839	$	—	$	—	$	34,979,839

Conservative Growth Fund

ASSETS	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Exchange Traded Funds	$	20,275,878	$	—	$	—	$	20,275,878
Mutual Funds		21,069,361		—		—		21,069,361
Money Market Fund		892,137		—		—		892,137
Total	$	42,237,376	$	—	$	—	$	42,237,376

Refer to the Schedules of Investments for industry classifications.

For the six months ended March 31, 2023, 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, the change in unrealized appreciation/(depreciation) on these investments was $0.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 107

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 six months ended March 31, 2023:

	PURCHASES				SALES
Fund	U.S. Gov’t Obligations		Other		U.S. Gov’t Obligations		Other
Small Cap Value *	$	—	$	42,261,436	$	—	$	42,679,694
Large/Mid Cap Value *		—		7,562,213		—		10,028,075
Aggressive Growth		—		8,894,148		—		7,489,115
Large/Mid Cap Growth *		—		26,994,588		—		23,590,288
Growth & Income *		3,799,326		7,269,456		2,338,091		10,549,857
Fixed Income *		5,123,814		18,583,556		31,146,832		3,151,739
High Yield Bond *		—		36,885,519		—		34,705,669
International		—		16,200,151		—		9,267,686
Israel Common Values		—		7,430,767		—		3,555,025
Defensive Strategies *		—		19,019,708		—		19,252,535
Strategic Growth *		—		5,717,049		—		6,272,366
Conservative Growth *		—		7,707,276		—		9,083,941

* 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, 2023. 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 is paid an annual fee equal to 0.85% on the Small Cap Value Fund, 0.85% on the Large/Mid Cap Value Fund, 0.85% on the Aggressive Growth Fund, 0.85% on the Large/Mid Cap Growth Fund, 1.00% on the International Fund, 0.60% on the Fixed Income Fund, 0.60% on the High Yield Bond Fund, 1.00% on the Israel Common Values Fund, 0.60% on the Defensive Strategies Fund, 0.85% on the Growth & Income Fund and 0.65% on both the Strategic Growth Fund and the Conservative Growth Fund. TPL has contractually agreed, through January 28, 2024, 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 Defensive Strategies Fund to 0.55%; from the High Yield Bond Fund to 0.50%; from the Growth & Income Fund to 0.70%; and from the Fixed Income Fund to 0.40%. An officer and trustee of the Funds is also an officer and owner of the advisor.

Timothy Partners, Ltd (“TPL”) has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed income mutual funds and exchange-traded funds managed by TPL or its affiliates that have a contractual management fee, through January 28, 2024. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 108

For the six months ended March 31, 2023, TPL waived advisory fees for the Funds as follows:

FUND	SIX MONTHS ENDED MARCH 31, 2023
Small Cap Value Fund	$	40,485
Large/Mid Cap Value Fund		68,189
Aggressive Growth Fund		19,363
Large/Mid Cap Growth Fund		31,816
Growth & Income Fund		13,809
Fixed Income Fund		106,609
High Yield Bond Fund		73,057
International Fund		34,605
Defensive Strategies Fund		19,608

The Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund, the Fixed Income Fund, the High Yield Bond Fund, the Defensive Strategies 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, the Timothy Plan US Small Cap Core ETF and the Timothy Plan Market Neutral ETF. For the six months ended March 31, 2023, the Funds’ waived fees as follows pursuant to that arrangement.

FUND	SIX MONTHS ENDED MARCH 31, 2023
Small Cap Value Fund	$	72,615
Large/Mid Cap Value Fund		207,283
Large/Mid Cap Growth Fund		88,196
Growth & Income Fund		32,086
Fixed Income Fund		10,081
High Yield Bond Fund		18,462
Defensive Strategies Fund		7,154

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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 109

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:

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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 110

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.

For the six months ended March 31, 2023, the Funds paid TPL under the terms of the Plans as follows:

FUND	12B-1 FEES
	Six Months Ended March 31, 2023
Small Cap Value	$	158,427
Large/Mid Cap Value		279,630
Aggressive Growth		50,405
Large/Mid Cap Growth		159,061
Growth & Income		26,179
Fixed Income		138,937
High Yield Bond		98,217
International		74,521
Israel Common Values		116,444
Defensive Strategies		83,216
Strategic Growth		10,329
Conservative Growth		15,266

TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the six months ended March 31, 2023, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class C capital shares as follows:

FUND	SALES CHARGES (CLASS A)		CDSC FEES (CLASS C)
Small Cap Value	$	11,774	$	372
Large/Mid Cap Value		20,430		408
Aggressive Growth		6,481		95
Large/Mid Cap Growth		15,263		119
Growth & Income		1,439		153
Fixed Income		13,037		1,022
High Yield Bond		8,115		101
International		5,894		155
Israel Common Values		14,046		381
Defensive Strategies		6,769		1,328
Strategic Growth		4,962		344
Conservative Growth		4,290		537

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 111

Note 5 | Control Ownership

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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 March 31, 2023, 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
Fixed Income	24.01%
High Yield Bond	7.06%
International	9.34%
Defensive Strategies	13.03%

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 March 31, 2023, 30.3% 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 March 31, 2023, 39.4% of the Growth & Income Fund’s net assets were invested in the Timothy Plan High Dividend Stock Enhanced ETF.

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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 112

The Timothy Plan Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Fixed Income Fund. High Yield Bond Fund, Defensive Strategies Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the six months ended March 31, 2023, with affiliates:

SMALL CAP VALUE	SIX MONTHS ENDED MARCH 31, 2023
Fund	Fair Value September 30, 2022		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)		Fair Value March 31, 2023
Timothy Plan US Small Cap Core ETF	$	16,068,204	$	—	$	—	$	94,450	$	—	$	2,066,772	$	18,134,976

LARGE/MID CAP VALUE	SIX MONTHS ENDED MARCH 31, 2023
Fund	Fair Value September 30, 2022		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)		Fair Value March 31, 2023
Timothy Plan High Dividend Stock Enhanced ETF	$	12,836,862	$	—	$	—	$	187,645	$	—		$	654,538	$	13,491,400
Timothy Plan High Dividend Stock ETF		12,405,001		—		1,730,510		140,883		231,410			1,037,662		11,943,563
Timothy Plan US Large/Mid Cap Core Enhanced ETF		16,019,465		—		1,239,243		158,950		(109,781	)		19,719		14,690,160
Timothy Plan US Large/Mid Cap Core ETF		13,115,250		—		3,603,810		55,154		668,865			773,523		10,953,828
Total	$	54,376,578					$	542,632	$	790,494		$	2,485,442	$	51,078,951

LARGE/MID CAP GROWTH	SIX MONTHS ENDED MARCH 31, 2023
Fund	Fair Value September 30, 2022		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2023
Timothy Plan US Large/Mid Cap Core Enhanced ETF	$	15,086,746	$	—	$	537,785	$	155,499	$	(45,460	)	$	(45,047	)	$	14,458,454
Timothy Plan US Large/Mid Cap Core ETF		7,989,750		—		1,724,900		35,645		320,140			614,224			7,199,214
Total	$	23,076,496					$	191,144	$	274,680		$	569,177		$	21,657,668

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 113

GROWTH & INCOME	SIX MONTHS ENDED MARCH 31, 2023
Fund	Fair Value September 30, 2022		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2023
Timothy Plan High Dividend Stock Enhanced ETF	$	6,608,855	$	6,929,250	$	6,951,621	$	96,606	$	22,371	$	336,979		$	6,945,834
Timothy Plan High Dividend Stock ETF		3,924,746		—		3,398,821		25,892		701,689		(368,926	)		858,688
Total	$	10,533,601					$	122,498	$	724,060	$	(31,947	)	$	7,804,522

FIXED INCOME	SIX MONTHS ENDED MARCH 31, 2023
Fund	Fair Value September 30, 2022		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2023
Timothy Plan Market Neutral ETF	$	—	$	15,521,700	$	—	$	40,756	$	—	$	(92,938	)	$	15,428,762

HIGH YIELD BOND	SIX MONTHS ENDED MARCH 31, 2023
Fund	Fair Value September 30, 2022		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2023
Timothy Plan Market Neutral ETF	$	—	$	22,741,794	$	—	$	59,715	$	—	$	(136,169	)	$	22,605,625

DEFENSIVE STRATEGIES	SIX MONTHS ENDED MARCH 31, 2023
Fund	Fair Value September 30, 2022		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2023
Timothy Plan Market Neutral ETF	$	—	$	8,011,200	$	1,985,224	$	21,036	$	(17,576	)	$	(35,976	)	$	5,972,424

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 114

STRATEGIC GROWTH	SIX MONTHS ENDED MARCH 31, 2023
Fund	Fair Value September 30, 2022		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2023
International	$	2,507,844	$	115,249	$	382,853	$	13,605	$	52,355		$	529,823		$	2,822,418
Fixed Income		6,037,508		6,488		2,029,251		35,931		(248,584	)		421,525			4,187,686
High Yield Bond		2,013,994		18,877		42,779		52,223		(1,481	)		108,727			2,097,338
Defensive Strategies		2,979,619		134,496		162,486		69,313		82,964			134,832			3,169,425
Timothy Plan High Dividend Stock Enhanced ETF		2,627,995		72,717		—		38,715					134,271			2,834,983
Timothy Plan International ETF		6,660,760		—		2,464,204		38,258		(2,266	)		1,522,322			5,716,612
Timothy Plan US Large/Mid Cap Core Enhanced ETF		6,117,220		—		923,950		61,649		(69,154	)		53,100			5,177,216
Timothy Plan Market Neutral ETF		—		5,324,945		—		13,982					(31,884	)		5,293,061
Timothy Plan US Small Cap Core ETF		2,768,247		—		332,027		15,589		74,605			285,182			2,796,007
Total	$	31,713,187					$	339,265	$	(111,561	)	$	3,157,898		$	34,094,746

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 115

CONSERVATIVE GROWTH	SIX MONTHS ENDED MARCH 31, 2023
Fund	Fair Value September 30, 2022		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2023
International	$	2,145,482	$	115,926	$	379,784	$	11,727	$	62,170		$	440,068		$	2,383,862
Fixed Income		16,540,774		17,897		4,155,248		108,363		(492,730	)		956,117			12,866,810
High Yield Bond		2,716,436		25,640		97,747		70,009		(8,971	)		155,311			2,790,669
Defensive Strategies		2,885,540		131,158		201,247		67,594		90,260			122,309			3,028,020
Timothy Plan High Dividend Stock Enhanced ETF		1,730,848		788,172		—		28,538		—			91,201			2,610,221
Timothy Plan International ETF		4,820,864		—		1,991,076		27,110		(1,831	)		1,099,072			3,927,029
Timothy Plan US Large/Mid Cap Core Enhanced ETF		6,531,046		—		1,436,995		64,156		(105,606	)		99,494			5,087,939
Timothy Plan Market Neutral ETF		—		6,541,645		—		17,177		—			(39,169	)		6,502,476
Timothy Plan US Small Cap Core ETF		2,679,096		—		885,409		13,928		198,947			155,579			2,148,213
Total	$	40,050,086					$	408,602	$	(257,761	)	$	3,079,982		$	41,345,239

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 March 31 2023, were as follows:

FUND	TAX COST		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
Small Cap Value	$	158,268,268	$	16,369,430	$	(10,644,977	)	$	5,724,453
Large/Mid Cap Growth		111,020,821		28,249,449		(5,701,824	)		22,547,625
Aggressive Growth		34,487,511		8,939,683		(1,941,818	)		6,997,865
Large/Mid Cap Value		225,875,919		62,329,938		(7,732,373	)		54,597,565
Growth & Income		22,272,709		240,569		(1,136,499	)		(895,930	)
Fixed Income		112,063,708		44,275		(9,245,811	)		(9,201,536	)
High Yield Bond		154,317,270		340,825		(16,158,417	)		(15,817,592	)
International		132,859,060		25,372,719		(4,347,704	)		21,025,015
Israel Common Values		66,738,435		32,678,755		(3,685,098	)		28,993,657
Defensive Strategies		75,723,985		7,503,038		(4,562,618	)		2,940,420
Strategic Growth		35,611,824		1,185,706		(1,817,691	)		(631,985	)
Conservative Growth		44,082,561		1,198,640		(3,043,825	)		(1,845,185	)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 116

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:

	SMALL CAP VALUE		LARGE/MID CAP VALUE		AGGRESSIVE GROWTH		LARGE/MID CAP GROWTH
Year ended September 30, 2022
Ordinary Income	$	10,915,173	$	392,066	$	140,857	$	—
Long-term Capital Gains		4,911,381		11,967,418		4,424,572		8,755,549
	$	15,826,554	$	12,359,484	$	4,565,429	$	8,755,549
Year ended September 30, 2021
Ordinary Income	$	381,400	$	4,829,716	$	—	$	—
Long-term Capital Gains		—		2,241,234		2,250,728		1,972,013
	$	381,400	$	7,070,950	$	2,250,728	$	1,972,013

	GROWTH & INCOME FUND		FIXED INCOME		HIGH YIELD BOND		INTERNATIONAL
Year ended September 30, 2022
Ordinary Income	$	198,901	$	1,361,028	$	6,878,043	$	788,671
Long-term Capital Gains		77,726		—		—		—
	$	276,627	$	1,361,028	$	6,878,043	$	788,671
Year ended September 30, 2021
Ordinary Income	$	137,308	$	1,398,718	$	4,521,889	$	—
Long-term Capital Gains		4,742		—		—		—
	$	142,050	$	1,398,718	$	4,521,889	$	—

	ISRAEL COMMON VALUES		DEFENSIVE STRATEGIES		STRATEGIC GROWTH		CONSERVATIVE GROWTH
Year ended September 30, 2022
Ordinary Income	$	—	$	339,172	$	90,957	$	68,117
Long-term Capital Gains		—		—		1,827,959		1,999,058
	$	—	$	339,172	$	1,918,916	$	2,067,175
Year ended September 30, 2021
Ordinary Income	$	—	$	—	$	57,336	$	156,686
Long-term Capital Gains		—		—		1,207,004		1,068,245
	$	—	$	—	$	1,264,340	$	1,224,931

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 117

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

	SMALL CAP VALUE FUND			LARGE/MID CAP VALUE FUND		AGGRESSIVE GROWTH FUND			LARGE/MID CAP GROWTH FUND
Undistributed Ordinary Income	$	731,485		$	684,451	$	—		$	—
Undistributed Long-Term Capital Gains		9,432,059			13,574,106		1,123,705			10,629,628
Capital Loss Carry Forward		—			—		—			—
Post October and Other Losses		—			—		(235,767	)		(274,101	)
Unrealized Appreciation (Depreciation)		(16,567,411	)		18,858,324		(122,996	)		7,697,345
	$	(6,403,867	)	$	33,116,881	$	764,942		$	18,052,872

	GROWTH & INCOME FUND			FIXED INCOME FUND			HIGH YIELD BOND FUND			INTERNATIONAL FUND
Undistributed Ordinary Income	$	—		$	17,511		$	—		$	814,346
Undistributed Long-Term Capital Gains		909,617			—			—			—
Capital Loss Carry Forward		—			(682,864	)		—			(354,740	)
Post October and Other Losses		—			(1,325,219	)		—			(2,867,324	)
Unrealized Appreciation (Depreciation)		(1,360,246	)		(16,218,706	)		(26,981,265	)		(4,010,734	)
	$	(450,629	)	$	(18,209,278	)	$	(26,981,265	)	$	(6,418,452	)

	ISRAEL COMMON VALUES FUND			DEFENSIVE STRATEGIES FUND			STRATEGIC GROWTH FUND			CONSERVATIVE GROWTH 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
Capital Loss Carry Forward		(900,215	)		—			—			—
Post October and Other Losses		(2,755,144	)		—			—			—
Unrealized Appreciation (Depreciation)		38,001,040			(4,170,204	)		(3,747,076	)		(4,840,146	)
	$	34,345,681		$	(668,936	)	$	(1,389,141	)	$	(2,674,401	)

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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 118

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

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
Fixed Income Fund	$	682,864	$	—	$	682,864	$	414,139
International Fund		350,281		4,459		354,740		—
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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEMI-ANNUAL REPORT | 119

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:

FOR FISCAL YEAR ENDED 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 (UNAUDITED)

SEMI-ANNUAL REPORT | 120

Section 8 | Expense Examples

MARCH 31, 2023 (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 October 1, 2022 through March 31, 2023.

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
SMALL CAP VALUE FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,163.80	$6.91
Hypothetical - Class A **	$1,000.00	$1,018.55	$6.44
Actual - Class C *	$1,000.00	$1,160.30	$10.93
Hypothetical - Class C **	$1,000.00	$1,014.81	$10.20
Actual - Class I *	$1,000.00	$1,165.60	$5.56
Hypothetical - Class I **	$1,000.00	$1,019.80	$5.19

* Expenses are equal to the Fund’s annualized expense ratio of 1.28% for Class A, 2.03% for Class C and 1.03% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 16.38% for Class A, 16.03% for Class C, and 16.56% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

EXPENSE EXAMPLES (UNAUDITED)

SEMI-ANNUAL REPORT | 121

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
LARGE/MID CAP VALUE FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,144.00	$6.57
Hypothetical - Class A **	$1,000.00	$1,018.80	$6.19
Actual - Class C *	$1,000.00	$1,140.00	$10.56
Hypothetical - Class C **	$1,000.00	$1,015.06	$9.95
Actual - Class I *	$1,000.00	$1,145.90	$5.24
Hypothetical - Class I **	$1,000.00	$1,020.04	$4.94

* Expenses are equal to the Fund’s annualized expense ratio of 1.23% for Class A, 1.98% for Class C, and 0.98% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 14.40% for Class A, 14.00% for Class C, and 14.59% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
AGGRESSIVE GROWTH FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,182.10	$7.94
Hypothetical - Class A **	$1,000.00	$1,017.65	$7.34
Actual - Class C *	$1,000.00	$1,178.00	$12.00
Hypothetical - Class C **	$1,000.00	$1,013.91	$11.10
Actual - Class I *	$1,000.00	$1,182.60	$6.58
Hypothetical - Class I **	$1,000.00	$1,018.90	$6.09

* Expenses are equal to the Fund’s annualized expense ratio of 1.46% for Class A, 2.21% for Class C and 1.21% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 18.21% for Class A, 17.80% for Class C and 18.26% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

EXPENSE EXAMPLES (UNAUDITED)

SEMI-ANNUAL REPORT | 122

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
LARGE/MID CAP GROWTH FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,155.30	$6.99
Hypothetical - Class A **	$1,000.00	$1,018.45	$6.54
Actual - Class C *	$1,000.00	$1,149.90	$10.99
Hypothetical - Class C **	$1,000.00	$1,014.71	$10.30
Actual - Class I *	$1,000.00	$1,155.90	$5.64
Hypothetical - Class I **	$1,000.00	$1,019.70	$5.29

* 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 182 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 15.53% for Class A, 14.99% for Class C, and 15.59% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
GROWTH & INCOME FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,059.50	$7.45
Hypothetical - Class A **	$1,000.00	$1,017.70	$7.29
Actual - Class C *	$1,000.00	$1.055.10	$11.27
Hypothetical - Class C **	$1,000.00	$1,013.96	$11.05
Actual - Class I ***	$1,000.00	$1.060.40	$6.16
Hypothetical - Class I **	$1,000.00	$1,018.95	$6.04

* Expenses are equal to the Fund’s annualized expense ratio of 1.45% for Class A, 2.20% for Class C and 1.20% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 5.95% for Class A, 5.51% for Class C and 6.04% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

EXPENSE EXAMPLES (UNAUDITED)

SEMI-ANNUAL REPORT | 123

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
FIXED INCOME FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,035.30	$5.78
Hypothetical - Class A **	$1,000.00	$1,019.25	$5.74
Actual - Class C *	$1,000.00	$1,031.40	$9.57
Hypothetical - Class C **	$1,000.00	$1,015.51	$9.50
Actual - Class I *	$1,000.00	$1,038.10	$4.52
Hypothetical - Class I **	$1,000.00	$1,020.49	$4.48

* Expenses are equal to the Fund’s annualized expense ratio of 1.14% for Class A, 1.89% for Class C, and 0.89% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 3.53% for Class A, 3.14% for Class C, and 3.81% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
HIGH YIELD BOND FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,080.50	$6.17
Hypothetical - Class A **	$1,000.00	$1,019.00	$5.99
Actual - Class C *	$1,000.00	$1,076.40	$10.04
Hypothetical - Class C **	$1,000.00	$1,015.26	$9.75
Actual - Class I *	$1,000.00	$1,081.80	$4.88
Hypothetical - Class I **	$1,000.00	$1,020.24	$4.73

* Expenses are equal to the Fund’s annualized expense ratio of 1.19% for Class A, 1.94% for Class C, and 0.94% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 8.05% for Class A, 7.64% for Class C, and 8.18% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

EXPENSE EXAMPLES (UNAUDITED)

SEMI-ANNUAL REPORT | 124

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
INTERNATIONAL FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,227.10	$8.83
Hypothetical - Class A **	$1,000.00	$1,017.00	$8.00
Actual - Class C *	$1,000.00	$1,223.20	$12.97
Hypothetical - Class C **	$1,000.00	$1,013.26	$11.75
Actual - Class I *	$1,000.00	$1,229.40	$7.45
Hypothetical - Class I **	$1,000.00	$1,018.25	$6.74

* Expenses are equal to the Fund’s annualized expense ratio of 1.59% for Class A, 2.34% for Class C and 1.34% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 22.71% for Class A, 22.32% for Class C, and 22.94% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
ISRAEL COMMON VALUES FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$912.10	$9.01
Hypothetical - Class A **	$1,000.00	$1,015.51	$9.50
Actual - Class C *	$1,000.00	$909.00	$12.56
Hypothetical - Class C **	$1,000.00	$1,011.77	$13.24
Actual - Class I *	$1,000.00	$913.20	$7.82
Hypothetical - Class I **	$1,000.00	$1,016.75	$8.25

* Expenses are equal to the Fund’s annualized expense ratio of 1.89% for Class A, 2.64% for Class C and 1.64% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 -8.79% for Class A, -9.10% for Class C and -8.68% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

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FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
DEFENSIVE STRATEGIES FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,097.20	$6.64
Hypothetical - Class A **	$1,000.00	$1,018.60	$6.39
Actual - Class C *	$1,000.00	$1,093.60	$10.54
Hypothetical - Class C **	$1,000.00	$1,014.86	$10.15
Actual - Class I *	$1,000.00	$1,098.90	$5.34
Hypothetical - Class I **	$1,000.00	$1,019.85	$5.14

* Expenses are equal to the Fund’s annualized expense ratio of 1.27% for Class A, 2.02% for Class C and 1.02% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 9.72% for Class A, 9.36% for Class C and 9.89% for Class I for the period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
STRATEGIC GROWTH FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,099.40	$6.28
Hypothetical - Class A **	$1,000.00	$1,018.95	$6.04
Actual - Class C *	$1,000.00	$1,094.60	$10.18
Hypothetical - Class C **	$1,000.00	$1,015.21	$9.80

* Expenses are equal to the Fund’s annualized expense ratio of 1.20% for Class A and 1.95% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 9.94% for Class A and 9.46% for Class C for the six-month period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
CONSERVATIVE GROWTH FUND	10/1/2022	3/31/2023	10/1/2022 through 3/31/2023
Actual - Class A *	$1,000.00	$1,074.30	$5.84
Hypothetical - Class A **	$1,000.00	$1,019.30	$5.69
Actual - Class C *	$1,000.00	$1,070.00	$9.70
Hypothetical - Class C **	$1,000.00	$1,015.56	$9.45

* Expenses are equal to the Fund’s annualized expense ratio of 1.13% for Class A and 1.88% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 7.43% for Class A and 7.00% for Class C for the six-month period of October 1, 2022, to March 31, 2023.

** Assumes a 5% return before expenses.

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Section 9 | Supplemental Information

MARCH 31, 2023 (UNAUDITED)

Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (“TPL”)

At an in-person meeting held February 23-24, 2023, the Trustees considered the Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (the “Advisor” or “TPL”), for the Funds. Fund counsel reviewed the standards of review required of Trustees, and Independent Trustees in particular, with respect to the renewal of advisory and sub-advisory agreements.

The Trustees reviewed the questionnaire responses provided by TPL and the related documents in support of those responses. With respect to the questionnaire responses, the Trustees noted that the questionnaire appeared to fully include requests for information relating to all areas of required inquiry, and that TPL’s responses were satisfactory. The Trustees then generally reviewed TPL’s responses, including but not limited to the conduct of its business operations and personnel changes, a description of the compensation received by TPL from the Funds, and information relating to the Advisor’s compliance and operational policies and procedures. In addition, the Trustees had requested and received financial statements of TPL for its fiscal year ended December 31, 2022 and noted that updated financial statements were provided at each Trustees Meeting.

Initially, the Trustees reviewed and discussed at length the Advisor’s experience and consistency in incorporating and implementing the unique, biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds’ prospectus. The Trustees noted that the Advisor had managed the Funds since their inceptions, had developed, implemented and provided continuous monitoring of the Biblically Responsible Investing (“BRI”) screens utilized by the Funds, oversaw and monitored the ongoing activities of the Funds’ Sub-Advisors, and provided general management services to the Funds. In each of these areas, the Trustees concluded that TPL had performed in a satisfactory manner.

The Trustees reviewed reports provided in advance of the meeting from TPL relating to the fees charged by TPL, both as an aggregate and in relation to fees charged by other advisors to funds that incorporated similar religious criteria into their investment process. The Trustees considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPL’s role as a manager of managers. The Trustees also noted that the Advisor had agreed to waive a portion of its advisory fee for several Funds in order to lower the overall expenses of those Funds. After careful consideration of the materials presented to the Trustees, the Trustees concluded that the fees charged by TPL for each Fund were within the range of fees charged to peer funds. In light of the unique facts and circumstances applicable to this Trust, the Trustees agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds.

The Trustees next discussed the nature, extent and quality of TPL’s services to the Funds. In particular, the Trustees noted TPL’s commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment managers to each Fund, and its efforts to maintain ongoing regulatory compliance for the Funds.

The Trustees also discussed TPL’s current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Trustees noted that TPL’s current fee structure did not include breakpoints that would reduce the Advisor’s fee rate as the Fund grew in assets, but the Trustees noted that the Funds currently were not large enough to realize meaningful economies of scale. The Trustees also noted that the Advisor was currently waiving a portion of its fees for certain Funds, which acted as a substitute for formal breakpoints.

The Trustees next considered the investment performance of each Fund and the Advisor’s performance in monitoring the investment managers of the underlying funds. The Trustees noted that comprehensive performance information was provided at each Trustees Meeting, and the Trustees incorporated that information into their considerations. The Trustees concluded that each Fund’s performance was satisfactory. The Trustees also considered the performance of the two Funds directly managed by the Advisor, the Conservative Growth Fund and the Strategic Growth Fund. The Trustees noted that the Conservative Growth Fund had outperformed the Dow Jones Moderate Portfolio index and that the Strategic Growth Fund had outperformed the Dow Jones Moderately Aggressive Portfolio index, each for the year ended December 31, 2022. The Trustees acknowledged that the screening process employed by TPL eliminated a number of companies that constituted major contributors to the Funds’ underlying benchmark indices and that this could adversely affect relative performance. After review of the Funds’ performance over time, the Trustees concluded that Fund performance was adequate and that the Advisor was performing its oversight function effectively. Further, the Trustees noted that the investment managers of each Fund avoided “style drift” in their management of each Fund, and that each Fund was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. The Trustees noted the Advisor’s ongoing efforts to maintain consistent investment discipline.

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The Trustees then reviewed the internal operations of TPL and examined whether TPL received any ancillary benefits from its relationship with the Trust. The Trustees noted that the Advisor’s business was devoted exclusively to serving the Funds, and that the Advisor did not realize any material ancillary benefits or profits deriving from its relationship with the Funds other than advisory fees and fees received as the Funds’ distributor.

After careful discussion and consideration, the Independent Trustees, themselves constituting a majority of the Trustees, voted to renew the Advisory Agreement until February 28, 2024. In approving the renewal of the Advisory Agreement, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently. Further, the Independent Trustees were advised by counsel during their consideration of the Advisory Agreement renewal and the Sub-Advisor Agreement renewals.

Westwood Management Corporation; Sub-Advisor to the Large/Mid Cap Value and the Small Cap Value Funds.

The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Westwood Management Corporation (“Westwood”), on behalf of the Timothy Plan Small Cap Value and Large/Mid Cap Value Funds. The Trustees considered the following factors in arriving at its conclusions to renew the Westwood Sub-Advisory Agreement for an additional year. The Trustees first noted that TPL recommended that the Westwood Agreement should be renewed for an additional year. The Trustees also noted the favorable review given by UBS PRIME Consultants. The Trustees then considered the fees charged by Westwood in light of the services provided by Westwood. The Trustees noted that the fees payable to Westwood were not obligations of the Trust but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Westwood. After careful consideration, the Trustees agreed that the fees charged by Westwood and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Westwood. Next, the Trustees discussed the nature, extent and quality of Westwood’s services to each Fund, including the investment performance of the Funds under Westwood’s investment management. The Trustees considered that during the calendar year ended December 31, 2022, the Large/Mid Cap Value Fund outperformed the S&P 500^® Index and the Small Cap Value Fund outperformed the Russell 2000^® Index. Further, the Trustees noted that Westwood avoided “style drift” in its management of each Fund’s assets, and that Westwood was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. Next, the Trustees considered whether Westwood’s current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was not relevant with respect to the Westwood Sub-Advisory Agreement because Westwood was paid out of the fees paid to TPL. After careful consideration, the Trustees, including the independent Trustees separately concurring, determined that the renewal of the Westwood Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Westwood Sub-Advisory Agreement for an additional one-year period, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently.

Barrow, Hanley, Mewhinney & Strauss; Sub-Advisor for the Fixed Income, High Yield Bond, Defensive Strategies TIPS sleeve, and fixed income sleeve of the Growth and Income Fund.

The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Barrow, Hanley, Mewhinney & Strauss (“BHM&S”), on behalf of the Fixed Income Fund, High Yield Bond Fund, Defensive Strategies Fund TIPS sleeve, and fixed income sleeve of the Growth and Income Fund. The Trustees considered the following factors in arriving at its conclusions to renew the BHM&S Sub-Advisory Agreement for an additional year. The Trustees first noted that TPL recommended that the BHM&S Agreement should be renewed for an additional year. The Trustees also noted the favorable review given by UBS PRIME Consultants. The Trustees then considered the fees charged by BHM&S in light of the services provided by BHM&S. The Trustees noted that the fees payable to BHM&S were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by BHM&S. After careful consideration, the Trustees agreed that the fees charged by BHM&S and paid out of the fees received by TPL were fair and reasonable in light of the services provided by BHM&S. Next, the Trustees discussed the nature, extent and quality of BHM&S’s services to each Fund, including the investment performance of the Funds and the sleeves under BHM&S’s investment management. The Trustees noted that the Fixed Income Fund had outperformed the Bloomberg U.S. Aggregate Bond Index for the year ended December 31, 2022, and that the High Yield Bond Fund had underperformed the Bloomberg High Yield Ba/B Index for the year ended December 31, 2022. They also noted that the TIPs sleeve managed by BHM&S had outperformed the Bloomberg U.S. TIPS Index and that the fixed income sleeve had outperformed the Bloomberg U.S. Aggregate Bond Index, each for the year ended December 31, 2022. The Trustees generally approved of BHM&S’s performance. Further, the Trustees noted that

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BHM&S avoided “style drift” in its management of each Fund’s assets, and that BHM&S was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. Next, the Trustees considered whether BHM&S’s current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was not relevant with respect to the BHM&S Sub-Advisory Agreement because BHM&S was paid out of the fees paid to TPL. After careful consideration, the Trustees, including the independent Trustees separately concurring, determined that the renewal of the BHM&S Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the BHM&S Sub-Advisory Agreement for an additional one-year period, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently.

Chartwell Investment Partners; Sub-Advisor to the Aggressive Growth and Large/Mid Cap Growth Funds.

The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Chartwell Investment Partners (“Chartwell”), on behalf of the Aggressive Growth and Large/Mid Cap Growth Funds. The Trustees considered the following factors in arriving at its conclusions to renew the Chartwell Sub-Advisory Agreement for an additional year. The Trustees first noted that TPL recommended that the Westwood Agreement should be renewed for an additional year. The Trustees also noted the favorable review given by UBS PRIME Consultants. The Trustees next considered the fees charged by Chartwell in light of the services provided by Chartwell. The Trustees noted that the fees payable to Chartwell were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Chartwell. After careful consideration, the Trustees agreed that the fees charged by Chartwell and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chartwell. Next, the Trustees discussed the nature, extent and quality of Chartwell’s services to each Fund, including the investment performance of the Funds under Chartwell’s investment management. The Board considered that during the calendar year ended December 31, 2022, the Aggressive Growth Fund outperformed the Russell Midcap Growth Index and the Large/Mid Cap Growth Fund outperformed the Russell 1000 Growth Index. The Trustees generally approved of Chartwell’s performance. Further, the Trustees noted that Chartwell avoided “style drift” in its management of each Fund’s assets, and that Chartwell was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. Next, the Trustees considered whether Chartwell’s current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was not relevant with respect to the Chartwell Sub-Advisory Agreement because Chartwell was paid out of the fees paid to TPL. After careful consideration, the Trustees, including the independent Trustees separately concurring, determined that the renewal of the Chartwell Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Chartwell Sub-Advisory Agreement for an additional one-year period, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently.

Chilton Capital Partners, LLC; Sub-Advisor to the Defensive Strategies Fund REITs sleeve.

The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Chilton Capital Partners, LLC (“Chilton”), on behalf of the Defensive Strategies Fund REITs sleeve. The Trustees considered the following factors in arriving at its conclusions to renew the Chilton Sub-Advisory Agreement for an additional year. The Trustees first noted that TPL recommended that the Chilton Agreement should be renewed for an additional year. The Trustees also noted the favorable review given by UBS PRIME Consultants. The Trustees next considered the fees charged by Chilton in light of the services provided by Chilton. The Trustees noted that the fees payable to Chilton were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Chilton. After careful consideration, the Trustees, the Trustees agreed that the fees charged by Chilton and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chilton. Next, the Trustees discussed the nature, extent and quality of Chilton’s services to the Funds, including the investment performance of the REIT sleeve under Chilton’s investment management. The Trustees noted that the REIT sleeve had performed in line with the MSCI US REIT index, gross of fees, for the year ended December 31, 2022. The Trustees generally approved of Chilton’s performance. Further, the Trustees noted that Chilton avoided “style drift” in its management of the Funds’ assets, and that Chilton was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. Next, the Trustees considered whether Chilton’s current fee structure would allow the Fund to realize economies of scale as it grows. The Trustees decided that this particular factor was not relevant with respect to the Chilton Sub-Advisory Agreement because Chilton was paid out of the fees paid to TPL. After careful consideration, the Trustees, including the independent Trustees separately concurring,

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determined that the renewal of the Chilton Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Chilton Sub-Advisory Agreement for an additional one-year period, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently.

CoreCommodity Management, LLC; Sub-Advisor to the Defensive Strategies Fund commodities sleeve.

The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and CoreCommodity Management, LLC (“Core”), on behalf of the Timothy Plan Defensive Strategies Fund commodity sleeve. The Trustees considered the following factors in arriving at its conclusions to renew the Core Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Core Agreement should be renewed for an additional year. The Trustees also noted the favorable review given by UBS PRIME Consultants. The Trustees next considered the fees charged by Core in light of the services provided by Core. The Trustees noted that the fees payable to Core were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Fund in light of the services provided by Core. After careful consideration, the Trustees agreed that the fees charged by Core and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Core. Next, the Trustees discussed the nature, extent and quality of Core’s services to the Fund, including the investment performance of the Fund’s commodities sleeve under Core’s investment management. The Trustees noted that the sleeve had underperformed the Bloomberg Commodity Total Return Index for the year ended December 31, 2022 but had outperformed for the three- and five-year periods. The Trustees generally approved of Core’s performance. Further, the Trustees noted that Core avoided “style drift” in its management of the Fund’s assets, and that Core was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. Next, the Trustees considered whether Core’s current fee structure would allow the Fund to realize economies of scale as it grows. The Trustees decided that this particular factor was not relevant with respect to the Core Sub-Advisory Agreement because Core was paid out of the fees paid to TPL. After careful consideration, the Trustees, including the independent Trustees separately concurring, determined that the renewal of the Core Sub-Advisory Agreement would be in the best interests of the Fund’s shareholders. In approving the renewal of the Core Sub-Advisory Agreement, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently.

Eagle Global Advisors; Sub-Advisor to the International Fund and Israel Common Values Fund.

The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors (“Eagle”), on behalf of the Timothy Plan International Fund and Israel Common Values Fund. The Trustees considered the following factors in arriving at its conclusions to renew the Eagle Sub-Advisory Agreement for an additional year. The Trustees first noted that TPL recommended that the Eagle Agreement should be renewed for an additional year. The Trustees also noted the favorable review given by UBS PRIME Consultants. The Trustees noted that the fees payable to Eagle were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Eagle. The Trustees next considered the fees charged by Eagle in light of the services provided by Eagle. After careful consideration, the Trustees agreed that the fees charged by Eagle and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Eagle. Next, the Trustees discussed the nature, extent and quality of Eagle’s services to the Funds, including the investment performance of the Funds under Eagle’s investment management. The Trustees noted that the International Fund had underperformed the MSCI ACWI ex USA index for the year ended December 31, 2022 but had outperformed for the three- and five-year periods. They also noted that the Israel Common Values Fund had underperformed the Israel TA-125 index for the year ended December 31, 2022, but had outperformed the index for the three- and five-year periods. The Trustees generally approved of Eagle’s performance. Further, the Trustees noted that Eagle avoided “style drift” in its management of the Funds’ assets, and that Eagle was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. Next, the Trustees considered whether Eagle’s current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was not relevant with respect to the Eagle Sub-Advisory Agreement because Eagle was paid out of the fees paid to TPL. After careful discussion and consideration, the Trustees, including the independent Trustees separately concurring, determined that the renewal of the Eagle Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Eagle Sub-Advisory Agreement for an additional one-year period, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently.

SUPPLEMENTAL INFORMATION (UNAUDITED)

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Section 10 | Liquidity Risk Management Program

MARCH 31, 2023 (UNAUDITED)

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2022 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February, 2023.

During the Review Period, none of the Funds experienced excess stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)

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Section 11 | 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

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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.

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Section 12 | Disclosures

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.

DISCLOSURES

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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 C. Mahaffey, Esq.
20770 Hwy 281 N., Suite 108-619
San Antonio, TX 78258

For additional information or a prospectus, please call:
1-800-846-7526   Visit the Timothy Plan website on the internet at:
timothyplan.com   This report is submitted for the general information for shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding the Funds’ objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd. HEADQUARTERS
The Timothy Plan
1055 Maitland Center Commons
Maitland, Florida 32751   (800) 846-7526   www.timothyplan.com
invest@timothyplan.com   SHAREHOLDER SERVICES
Ultimus Fund Solutions, LLC
4221 N. 203rd St, Suite 100
Elkhorn, NE 68022-3474

TP-SAR23 

(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.

Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report

Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report

Item 4. Principal Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report

Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only

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 – applies to closed-end funds only

Item 8. Portfolio Managers of Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only

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 have materially affected, or are 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)	Not Applicable – filed with annual report
(a)(2)	Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.
(a)(3)	Not Applicable
(b)	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	The Timothy Plan
By	/s/ Arthur D. Ally
	Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
Date	6/7/23

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	6/7/23