united states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered management
investment companies
| Investment Company Act file number | 811-08228 |
The Timothy Plan
(Exact name of registrant as specified in charter)
1055 Maitland Center Commons, Maitland, FL 32751
(Address of principal executive offices) (Zip code)
Art Ally, The Timothy Plan
1055 Maitland Center Commons, Maitland, FL 32751
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-846-7526
Date of fiscal year end: 9/30
Date of reporting period: 9/30/23
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.
-1-
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:
ANNUAL REPORT
September 30, 2023
TIMOTHY PLAN FAMILY OF FUNDS
Table of Contents
Section 1 | Shareholder Letters | 2 |
Section 2 | Fund Performance | 22 |
Section 3 | Schedule of Investments | 34 |
Section 4 | Statements of Assets and Liabilities | 78 |
Section 5 | Statements of Operations | 84 |
Section 6 | Statements of Changes in Net Assets | 88 |
Section 7 | Financial Highlights | 94 |
Section 8 | Notes to Financial Statements | 130 |
Section 9 | Opinion Letter | 154 |
Section 10 | Expense Examples | 155 |
Section 11 | Officers & Trustees | 162 |
Section 12 | Privacy Notice | 169 |
ANNUAL REPORT | 1
September 30, 2023
Dear Shareholder,
This report covers our fiscal year ending September 30, 2023. As you review the details of our funds and their respective performance on the following pages, including remarks by our various sub-advisors who serve as the money managers for the specific funds under their purview, you will see that this fiscal year has rebounded very well vs. last fiscal year’s negative performance. The equities market was led by technology stocks, with growth outperforming value and interest-rate sensitive sectors being the worst performing. Our performance (10-1-22 thru 9-30-23) was positive among nearly all market segments, with the exceptions of Growth & Income (down 5.02% for Class A), Fixed Income (down 5.02% for Class A) and Israel Common Values (down 15.44% for Class A). On an absolute return basis, six of our funds were up between 10.41% and 19.18%, three were up between 4.46% and 8.48% and two of the three mentioned above were down less than 1%.
For more complete details and information about the individual funds, please read each of the sub-advisor’s annual review letters in the pages that follow. They more fully detail the various factors that impacted this fiscal year’s performance along with their economic outlook for the coming year. All of that simply underscores the wisdom of asset allocation since different market segments perform differently over differing periods.
Timothy Partners, Ltd, (the “Advisor”) has always attempted to take a conservative approach to the markets as we believe our shareholders prefer a preservation of principal course to that of chasing returns. I do need to reiterate, however, that, in the capital markets in general and our funds in particular, returns can never be guaranteed.
Although we cannot guarantee any actual outcome, I remain confident that all our sub- advisors are, in our opinion, among the best in the industry and they each continue to honor our overall policy to manage their respective funds both in accordance with our screening restrictions and with a continued conservative bias.
Finally, I would once again like to thank you for your moral convictions that led you to becoming part of the Timothy Plan Family.
Yours in Christ,
Arthur D. Ally
President
ANNUAL REPORT | 2
Timothy Plan Aggressive Growth Fund Letter from the Manager – September 30, 2023 |  |
The stock market bottomed last October and proceeded to stage a remarkable recovery over the 12-month period ending 9/30/23, with the Russell Midcap Growth up 17.5%. This is in stark contrast to the prior 12 months where the Russell Midcap Growth index was down 29.5%. In that period, inflation was accelerating, the Fed was early in their rate-raising campaign, we had two down quarters of GDP, and the Russia/Ukraine war had just started. The rally in the past year was largely due to the directional improvement in inflation (Core Sept CPI down to +4.1% year-over-year), though still not close to the Fed’s target of 2% -- and along with this, the expectation that the Fed is either at or close-to the end of their rate tightening. Additionally, the economy has held up much stronger than many had expected it to after 500 basis-points of increases in the Fed Funds rate. In fact, earlier this year, a 2024 recession had been many economists’ “base case,” but now, as reported by the Wall Street Journal, the odds are seen as less than 50% (for a recession in the next 12 months). As of this writing, however, in addition to the Russia/Ukraine war showing no promise of resolution, the Israel/Hamas conflict has begun and has a high risk of contagion/acceleration. And on the domestic political front, not only are we facing a possible government shutdown in November, but we are soon going to be upon another presidential election cycle that is likely to be a “heated” one. All this is to say that the upcoming 12-months could see higher market volatility than we have had recently.
The Fund’s gross return was +17.8%, as compared to the benchmark Russell Midcap Growth’s rise of 17.5%. Analyzing the sector returns, the Industrials sector performed very well due to excellent stock selection and a modest overweighting. We also generated good relative outperformance in the Information Tech sector. Conversely, the Materials sector had the worst performance due to subpar stock selection.
For the portfolio, there has been no change to our time-tested, bottom-up fundamental approach to managing mid-cap growth investments. As an overview, the Fund remains well diversified by issuers and sectors, as all areas of the economy are impacted by broad macroeconomic trends. We are currently underweight in the Consumer Discretionary sector and overweight in the Energy and Industrials sectors. We remain focused on generating alpha and producing the strongest investment results over the long run. We thank you for your continuing support and investment.
Chartwell Investment Partners, LLC
ANNUAL REPORT | 3
The Timothy Plan International Fund
Letter from The Manager - September 30, 2023
Equity markets were strong in this twelve-month period rebounding from the prior period when central banks raised interest rates aggressively and worries spiked over the potential for a recession. International equities rallied as inflation fell across the globe and as optimism rose that central bank rate hikes would not tilt the global economy into a severe recession. Markets focused on this soft-landing scenario and equities followed suit. The Fund had a strong positive absolute move over the last twelve months and a similar performance to the MSCI AC World ex. US index on a relative basis.
Sector allocation was a big positive for this period while stock selection was slightly negative. An overweight to a strong performing Industrials sector led sector allocation in addition to underweights to underperforming Real Estate and Communication Services sectors. On the stock selection front, positive selection in Materials and Utilities led the way while negative selection in Consumer Discretionary, Health Care, and Technology sectors was a headwind for the portfolio. From a country standpoint, the largest detractors were stock selection in Japan and underweight allocation to Denmark. Positive country selection in France and Canada and an underweight to China and an overweight to Ireland all helped performance. Key positive stock attributors for the period included construction materials company CRH (Materials-Ireland), airplane engine manufacturer Safran SA (Industrials-France), and electrical equipment company Schneider Electric SE (Industrials-France). Negative attributors for the period were led by not owning screened out diabetes and obesity drug company Novo Nordisk as well as owning underperforming health care equipment manufacturer Olympus Corp (Health Care-Japan), and power tools leader Techtronic Industries (Industrial-Hong Kong).
Other key areas of interest during the fiscal year included the US Dollar and Japan. While the US Dollar appeared to have peaked early in the period and began to depreciate, helping international equity returns, it soon reversed course and recovered some of its lost ground in the 2nd half of the fiscal year, creating a headwind to international equity returns. Japan was also a strong focus in this period as calls for better corporate governance by the Tokyo Stock Exchange to Japanese corporates was heard loud and clear and companies began to make adjustments which gave hope to global investors of better shareholder treatment from Japanese corporates going forward.
Global interest rates have risen significantly over the last twelve months and there are concerns their lagged effect will impact economic growth negatively which could influence markets. International equity valuations are attractive not only compared to their own history but also compared to the US. We remain committed to a disciplined and consistent investment approach dedicated to finding long-term investments for shareholders and we thank you for your continued investment in the Fund.
Eagle Global Advisors, LLC
ANNUAL REPORT | 4
Timothy Plan Large/Mid Cap Growth Fund Letter from the Manager – September 30, 2023 | |
The stock market bottomed last October and proceeded to stage a remarkable recovery over the 12-month period ending 9/30/23, with the S&P500 gaining 21.6% and the Russell 1000 Growth up 27.7%. This is in stark contrast to the prior 12 months (S&P500 and R1G down 15.5% and 22.6%, respectively). In that period, inflation was accelerating, the Fed was early in their rate-raising campaign, we had two down quarters of GDP, and the Russia/Ukraine war had just started. The rally in the past year was largely due to the directional improvement in inflation (Core Sept CPI down to +4.1% year-over-year), though still not close to the Fed’s target of 2% -- and along with this, the expectation that the Fed is either at or close-to the end of their rate tightening. Additionally, the economy has held up much stronger than many had expected it to after 500 basis- points of increases in the Fed Funds rate. In fact, earlier this year, a 2024 recession had been many economists’ “base case,” but now, as reported by the Wall Street Journal, the odds are seen as less than 50% (for a recession in the next 12 months). As of this writing, however, in addition to the Russia/Ukraine war showing no promise of resolution, the Israel/Hamas conflict has begun and has a high risk of contagion/acceleration. And on the domestic political front, we are not only facing a possible government shutdown in November, but we are soon going to be upon another presidential election cycle that is likely to be a “heated” one. All this is to say that the upcoming 12-months could see higher market volatility than we have had recently.
After 2 years of the Russell 1000 Value outperforming its Growth counterpart, the R1G made a comeback and outperformed by over 13 percentage points over the last year (up 27.7% vs. +14.4% for the R1V). This scenario usually presents a challenge for the Fund’s relative performance, as we are restricted from owning most of the large growth stocks in the benchmark index. Size was an even larger differentiator: the Russell Top 200 stocks gained 23.9%, while the small-cap Russell 2000 only rose by 8.9%. This, too, is a headwind for the Fund, as the restrictions on many large-cap stocks create a significant lower-cap “skew” for the fund. With these challenges, we were pleased to have an upside capture (ratio of the Fund gross return to the R1G) of 86%. A related aside: Strategas Research just published a report showing that the “Magnificent Seven*” now accounts for nearly 50% of the market cap of the R1G, up from 29% five years ago and 12% ten years ago.
The Fund’s gross return was +19.0%, as compared to the benchmark Russell 1000 Growth’s rise of 27.7%. Sector allocation had an inordinate impact on relative performance; underweights in Technology and Communication Services, combined with an overweight in Materials, accounted for much of the allocation shortfall. Cash averaging 6% was also a detractor in a strong up market. Stock selection, though overall about neutral, was very additive in the Tech sector, with the Fund holdings returning 51% vs. the benchmark sector +43%. Additionally, the Industrials sector served the Fund well; our holdings gained 44%, well ahead of the R1G sector rise of 22.0%. On the downside, the fund holdings in the Financial sector, down 7.9%, markedly well short of the benchmark’s gain of 24.5%.
For the portfolio, there has been no change to our time-tested, bottom-up fundamental approach to managing large and mid-cap growth investments. As an overview, the Fund remains well diversified by issuers and sectors, as all areas of the economy are impacted by broad macroeconomic trends. We are currently underweight in the Tech sector by 5-6 percentage points and overweight in Industrials and Materials. We are looking at the Healthcare sector closely after some rather large hits have been taken by stocks thought to be negatively impacted by the success of the “GLP-1” (diabetes/obesity) drugs. For the first time in quite a while, we are neutral to slightly underweight in the sector, having been overweight previously. Some strategists, (RBC, to name one) believe that large-cap growth stocks are “over-owned and overvalued,” particularly the Magnificent Seven. If this gets corrected in the coming months by their underperformance, that will bode well for outperformance by the Fund.
Chartwell Investment Partners, LLC
*the Magnificent Seven: Apple, Microsoft, Alphabet (Google), Amazon, NVIDIA, Meta, Tesla
ANNUAL REPORT | 5
LETTER FROM THE MANAGER
September 30, 2023
TIMOTHY PLAN SMALL CAP VALUE FUND
We are pleased to provide you with our report on the Timothy Plan Small Cap Value Fund for the twelve months ending September 30, 2023, and would like to thank you for entrusting your assets with us.
Market Overview
Despite the best efforts of the Federal Reserve, the economy continued to chug along, and the U.S. stock market responded in kind, rising by more than 20% for the twelve months ended September 30, 2023. The S&P 500 Index gained 21.62% for the period, eclipsing the index’s long-term average. Small-cap stocks, as measured by the Russell 2000 Index, trailed the broad market, gaining 8.93%.
The biggest story in the year was the Federal Reserve, which began to raise interest rates in March 2022 and has increased its benchmark federal funds rate by 525 basis points over the past 18 months. The inflation rate, measured by the Consumer Price Index (CPI), peaked in June 2022, and has trended downward since. However, Fed chair Jerome Powell has reiterated the Fed’s 2% inflation target and has hinted that rates would remain high until the inflation monster has been slain.
The equity market was led by technology stocks, as the sector gained 41.1% in the last twelve months, driven primarily by companies involved in artificial intelligence, as semiconductor companies were among the primary beneficiaries. Interest-rate sensitive sectors Utilities and Real Estate were the worst performing sectors for the year, declining as the Federal Reserve accelerated its rate hike campaign.
The bond market didn’t fare as well, beset by rising interest rates and deteriorating credit conditions. The Bloomberg U.S. Aggregate, a broad bond market measure, gained 0.64% for the year; the index was led by corporate credits (the Bloomberg U.S. Credit added 3.47%), while government bonds were the lagging sector, as the Bloomberg U.S. Government declined 0.74%. During the year, the Treasury yield curve became significantly inverted, only to flatten out in September. The ten-year treasury rose from 3.83% to 4.57%, gaining 74 basis points, nearly all of that gain in the third quarter, in large part due to the Federal Reserve’s messaging of “higher for longer.”
Fund Performance
For the twelve months ending September 30, 2023, the Timothy Plan Small Cap Value Fund produced a return of 15.78%, compared to the benchmark Russell 2000 Index, which gained 8.93%.
On an absolute basis, only two sectors provided a negative total return: Utilities and Financials. In the case of Utilities, the sector struggled as interest rates rose; Financials were in much the same boat, though higher interest rates had a greater impact on balance sheets, as some smaller banks were required to mark to market certain long-dated Treasury bonds, causing a liquidity crisis as long bond prices fell. The top performing sectors in the fund included Industrials and Communications Services, both adding more than 50%, while Energy and Consumer Staples were also strong gainers.
From a relative perspective, performance was driven largely by stock selection, as two sectors – Industrials and Health Care – drove most of the gains for the year. Selection in Communication Services was also a positive factor returns, driven primarily by one company. Asset allocation was a factor in Health Care, where we were underweight the worst-performing sector in the index, and in Financials, where we were overweight the second worst-performing sector.
Net returns are net of the sub-adviser’s fees, not the mutual fund fees.
Past performance is not indicative of future results. Portfolio returns reflect the reinvestment of dividend and interest income. All information provided is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. A description of the methodology used to calculate the attribution analysis or a complete list of each holding’s contribution to overall performance during the measurement period may be obtained by contacting info@westwoodgroup.com. Benchmark Data Source: © 2022 FactSet Research Systems Inc. All Rights Reserved. Russell Investment Group is the owner of the trademarks, service marks, and copyrights related to its indexes, which have been licensed for use by Westwood.
ANNUAL REPORT | 6
A diverse group of companies were the top contributors for the trailing twelve months. There were two “graduates” from the portfolio, stocks which exceeded our market cap range or were purchased by a bigger company, in our top five. Rambus (RMBS), a semiconductor designer and manufacturer, gained more than 75% while we held it, growing to a bigger company than our market cap limitations allow. Hostess Brands Inc. (TWNK), the snack food maker, was a focus of takeover speculation for most of the year, and the company finally agreed to be purchased by J.M. Smucker Co. in August. The purchase price was a 30% premium, and we sold the position on the news.
Other top contributors included Boise Cascade Co. (BCC), which advanced on strong demand and firm pricing for lumber and engineered wood products, and Northern Oil & Gas Inc. (NOG), gaining on higher prices for oil and natural gas. Rounding out the top five was Comfort Systems USA, Inc. (FIX), a Houston-based HVAC installation and repair company, advancing on strong growth opportunities.
The Financials sector was a detractor in the year, and three of the top five detractors were banks: Veritex Holdings (VBTX), Sandy Spring Bancorp (SASR), and First Bancorp (FBNC). Regional bank stocks suffered after the shuttering of Signature Bank (not owned) and Silicon Valley Bank (not owned) in March, largely due to liquidity issues as interest rates rose and the value of the banks’ long-dated bond holdings declined. Other detractors included Monro, Inc. (MNRO), one of several companies in the auto services industry seeing declines as sales and earnings have slowed due to a pullback by consumers and sharply higher oil and gas prices.
Industrial chemical supplier Stepan Co. (SCL) was a detractor after poor earnings reports led to declines in the second and third quarters.
Market Outlook
Current market conditions continue to produce dislocations with respect to valuation and increased levels of fundamental skepticism that we believe play to our strengths. Our emphasis on bottom-up fundamental analysis in both equity and credit markets helps us see beyond headlines and understand how businesses can perform over the long term.
In the U.S. equity markets, we see a very modest improvement to S&P 500 earnings in 2024, but the fourth quarter may prove to be more challenging in terms of overall earnings growth. We believe that the consensus (year-over- year) earnings growth estimates of 7.8% for the fourth quarter may be slightly optimistic as the actual effects of the Fed’s extended prohibitive rate prescription and subsequent economy-slowing actions are realized.
The macro environment remains challenging and warrants caution. We are carefully monitoring our holdings and actively managing risk in the portfolio. While we believe the portfolio is positioned appropriately, striking a good balance between upside and potential downside as we navigate this period of elevated uncertainty, the upcoming earnings season will likely be choppy – misses will likely be punished, as investors will look to sell first and ask questions later. On the other hand, companies that perform well, meeting or exceeding expectations, will likely be rewarded – and we believe the companies exhibiting the quality factors we seek are likely to lead in a difficult market.
Nevertheless, we continue to focus on investing at the intersection of quality and value. The portfolio’s superior quality profile relative to the benchmark is underappreciated and the reward/risk for the portfolio continues to look very attractive. We especially like our Industrials and Energy holdings, although we worry about our underweight in the latter and are actively evaluating new ideas to add to the portfolio.
We thank you for your continued confidence in the Westwood process and investment teams and we look forward to serving your investment needs through the years ahead.
Westwood Management Corp.
Net returns are net of the sub-adviser’s fees, not the mutual fund fees.
Past performance is not indicative of future results. Portfolio returns reflect the reinvestment of dividend and interest income. All information provided is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. A description of the methodology used to calculate the attribution analysis or a complete list of each holding’s contribution to overall performance during the measurement period may be obtained by contacting info@westwoodgroup.com. Benchmark Data Source: © 2022 FactSet Research Systems Inc. All Rights Reserved. Russell Investment Group is the owner of the trademarks, service marks, and copyrights related to its indexes, which have been licensed for use by Westwood.
ANNUAL REPORT | 7
LETTER FROM THE MANAGER
September 30, 2023
TIMOTHY PLAN LARGE/MID CAP VALUE FUND
We are pleased to provide you with our report on the Timothy Plan Large/Mid Cap Value Fund for the twelve months ending September 30, 2023, and would like to thank you for entrusting your assets with us.
Market Overview
Despite the best efforts of the Federal Reserve, the economy continued to chug along, and the U.S. stock market responded in kind, rising by more than 20% for the twelve months ended September 30, 2023. The S&P 500 Index gained 21.62% for the period, eclipsing the index’s long-term average.
The biggest story in the year was the Federal Reserve, which began to raise interest rates in March 2022 and has increased its benchmark federal funds rate by 525 basis points over the past 18 months. The inflation rate, measured by the Consumer Price Index (CPI), peaked in June 2022, and has trended downward since. However, Fed chair Jerome Powell has reiterated the Fed’s 2% inflation target and has hinted that rates would remain high until the inflation monster has been slain.
The equity market was led by technology stocks, as the sector gained 41.1% over the last twelve months, driven primarily by companies involved in artificial intelligence, as semiconductor companies were among the primary beneficiaries. Interest-rate sensitive sectors Utilities and Real Estate were the worst performing sectors for the year, declining as the Federal Reserve accelerated its rate hike campaign.
The bond market didn’t fare as well, beset by rising interest rates and deteriorating credit conditions. The Bloomberg U.S. Aggregate, a broad bond market measure, gained 0.64% for the year; the index was led by corporate credits (the Bloomberg U.S. Credit added 3.47%), while government bonds were the lagging sector, as the Bloomberg U.S. Government declined 0.74%. During the year, the Treasury yield curve became significantly inverted, only to flatten out in September. The ten-year treasury rose from 3.83% to 4.57%, gaining 74 basis points, nearly all of that gain in the third quarter, in large part due to the Federal Reserve’s messaging of “higher for longer.”
Fund Performance
For the twelve months ending September 30, 2023, the Timothy Plan Large/Mid Cap Value Fund produced a return of 14.21%, compared to the S&P 500® Index which gained 21.62%. It's important to note that for the last twelve months, large-cap growth stocks (measured by the Russell 1000 Growth Index) gained 27.72%, compared to just 14.44% for large-cap value stocks (measured by the Russell 1000 Value Index). This discrepancy was driven in large part by the so-called “Magnificent Seven,” seven growth stocks that most value managers do not hold.
For the year, our top-performing sector was Information Technology, followed by Energy and Consumer Discretionary. We benefitted from one of the Magnificent Seven – NVIDIA (NVDA), which accounted for about a third of the return in the sector. Energy was driven by higher oil and natural gas prices throughout the period, while our Consumer Discretionary holdings were companies with strong fundamentals.
From a relative perspective, stock selection was the primary cause of our underperformance versus the index. One of the sectors detracting from relative performance was Communication Services, where two of the Magnificent Seven (Google and Meta) helped drive returns; these are growth-oriented names that we don’t hold in this
Net returns are net of the sub-adviser’s fees, not the mutual fund fees.
Past performance is not indicative of future results. Portfolio returns reflect the reinvestment of dividend and interest income. All information provided is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. A description of the methodology used to calculate the attribution analysis or a complete list of each holding’s contribution to overall performance during the measurement period may be obtained by contacting info@westwoodgroup.com. Benchmark Data Source: © 2022 FactSet Research Systems Inc. All Rights Reserved. Russell Investment Group is the owner of the trademarks, service marks, and copyrights related to its indexes, which have been licensed for use by Westwood.
ANNUAL REPORT | 8
portfolio. On the other hand, stock selection was beneficial in the Information Technology sector, where we held NVIDIA as our top performer. Our underweight in the health care sector was positive overall, while the underweight in the Communication Services sector was a drawback.
Four of the top five performers in the calendar year are linked to the technology sector. NVIDIA Corp (NVDA) was one of the top performers in the stock market for the year, gaining over 250% as the chip maker’s applications for artificial intelligence (AI) became known and appreciated. Broadcom (AVGO) was another strong performer, as the semiconductor manufacturer showed upside potential for their AI-related business. Lattice Semiconductor (LSCC) and ASML Holding NV (ASML) also soared in the year, in a similar fashion both companies make chips that help make artificial intelligence possible. The lone top performer that was not in technology was Eaton Corp (ETN), an industrial company that builds electrification solutions for data centers and other facilities – data centers, of course, are also tied to the boom around artificial intelligence.
Detracting from performance were a couple of regional banks, hard-hit due to liquidity issues in the industry. Western Alliance Bancorp (WAL) and Cullen/Frost Bankers Inc. (CFD). Both were sold from the portfolio amid concerns about higher interest rates. Crown Castle Inc. (CCI) is a real estate company that manages land for wireless towers; the stock came under pressure as Real Estate declined amid higher interest rates. Cable One Inc. (CABO) fell by about 20% on declining demand for the company’s set-top box business. Last, Dollar General (DG) was the top detractor, as the company faced pressure from increasing wages and poor sales execution.
Market Outlook
Current market conditions continue to produce dislocations with respect to valuation and increased levels of fundamental skepticism that we believe play to our strengths. Our emphasis on bottom-up fundamental analysis in both equity and credit markets helps us see beyond headlines and understand how businesses can perform over the long term.
In the U.S. equity markets, we see a very modest improvement to S&P 500 earnings in 2024, but the fourth quarter may prove to be more challenging in terms of overall earnings growth. We believe that the consensus (year-over- year) earnings growth estimates of 7.8% for the fourth quarter may be slightly optimistic as the actual effects of the Fed’s extended prohibitive rate prescription and subsequent economy-slowing actions are realized.
We expect earnings estimates to continue to fall for the current and future quarters as the fourth quarter earnings season begins. That being said, there are still many areas of growth, but stock selection will be critical. As earnings growth becomes less stable, quality characteristics, which are a key attribute of our process, are likely to be an important driver of excess returns.
We will continue to focus on the intersection of quality and value, seeking select businesses trading at an attractive valuation. These basic rules form a strong investment foundation that applies across the market capitalization spectrum. We’ve found our approach to be especially effective in uncertain economic environments like we see today. With higher interest rates increasing the cost of capital, we believe high-caliber, high-demand businesses that have sustainable competitive advantages, strong cash flows, attractive dividends and a history of execution, tend to perform better and can limit downside risk.
We thank you for your continued confidence in the Westwood process and investment teams and we look forward to serving your investment needs through the years ahead.
Westwood Management Corp.
Net returns are net of the sub-adviser’s fees, not the mutual fund fees.
Past performance is not indicative of future results. Portfolio returns reflect the reinvestment of dividend and interest income. All information provided is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. A description of the methodology used to calculate the attribution analysis or a complete list of each holding’s contribution to overall performance during the measurement period may be obtained by contacting info@westwoodgroup.com. Benchmark Data Source: © 2022 FactSet Research Systems Inc. All Rights Reserved. Russell Investment Group is the owner of the trademarks, service marks, and copyrights related to its indexes, which have been licensed for use by Westwood.
ANNUAL REPORT | 9
Letter from the Manager
September 30, 2023
Timothy Plan Fixed Income Fund
The fiscal year ending September 30, 2023 witnessed extreme volatility in U.S. Treasury (UST) yields as the Federal Reserve (Fed) remained hawkish in response to persistent inflation, continued strength in employment and concerns over the economic effects of U.S. bank failures. The Timothy Plan Fixed Income Fund invests in the broad U.S. investment grade bond market benchmarked to the Bloomberg Aggregate Index which began the last 12 months with a yield-to-worst of 4.63% and ended at 5.39%.
After raising the Fed Funds rate by 150 basis points (bps), between October 2022 and February 2023, the Fed took a step back and lowered the level of the rate hike at its March meeting. Prior to the failure of Silicon Valley Bank, the Fed Funds Futures market had predicted a 50bp increase at the March Fed meeting. Instead, the Fed complied with the market’s reduced forecast of a 25bps hike. By the end of 1Q23, only one more 25bp hike was priced in by Fed Funds Futures, but with nearly 75bps of cuts predicted to follow by the end of 2023.
The Fed was torn between ensuring financial stability amid an ongoing bank crisis and achieving their goal of reducing inflation to their long-term target of 2.0%. Core-PCE (the Fed’s preferred measure of inflation) had fallen to a 4.6% y/y rate by February, only an 80bp reduction from the peak-rate of one-year prior. The Fed continued to look to the U.S. labor market for confirmation that its aggressive rate increases over the past twelve months had some effect in slowing the economy and inflation. The labor market continued to defy the Fed’s hopes with unemployment falling to a 54-year low of 3.4% in January, and only climbing to 3.5% by March.
The Fed paused its rate hike cycle in June after 10-consecutive meetings with a hike. Inflation remained stubbornly high through much of 2Q23 although the June Consumer Price Index (CPI) rose at a lower than forecast 3.0% y/y rate. The debt ceiling debate, strong economic data, and hawkish Fed rhetoric sparked a sell-off in USTs during 2Q23. The 10-year UST yield started the fiscal period at 3.83%, fell to a low of 3.31% in early April, but ended September higher at 4.57%. By comparison, the 2-year rate started the period at 4.28%, dropped to 3.84% on March 23rd only to close the last 12 months higher at 5.05%.
Investment Grade (IG) Credit spreads started the last 12 months at 147bps and ended at 112bps by September 2023. At the beginning of 4Q22, IG Credit offered a yield-to-maturity of 5.57% and at the end of the fiscal period it was 5.95%. A key driver of the YTD credit spread tightening has been resilient profits and management teams restraining themselves from boosting shareholder payouts. In addition, higher yields have begun to attract inflows into IG Credit. IG balance sheets are, in most cases, well prepared for an economic slowdown. However, technicals can overwhelm fundamentals in a market downturn as well. The Fed’s 550bps
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of rate hikes have tightened financial conditions, but so far, this is only noticeable in the level of spreads in the Bank sector. Industrials trade inside of their long-term average, so a recession could see them underperform Banks and Utilities. The rating agencies have become more cautious in recent months, increasing the number of issuers with negative outlooks to a higher number than those with positive outlooks. However, low-BBB Corporates still have a net positive outlook at the ratings agencies, reflecting the continued strength of their balance sheets and conservative management teams.
Mortgage-backed securities (MBS) underperformed IG Credit during the fiscal year ending September. Over the 12-month period, the MBS sector, within the Bloomberg Aggregate, generated a return of -0.17% versus 3.47% for IG Credit. During 4Q21, issuance declined 44% q/q which was driven by higher mortgage rates. The 30-year fixed mortgage rate ended 2022 at 6.76% and climbed further to reach a rate of 7.50% by the end of September 2023. Purchase activity also collapsed as the vast majority of the 72% of borrowers with a mortgage rate of 4.00% or less are unwilling to assume the punitive increase in monthly payments that would come with moving to a new home. The 2023 year-to-date new issuance total of $172B represented a 63% decline versus the same period from 2022.
According to Morningstar, the Timothy Fixed Income Fund A shares returned -0.55% over the 12-month period ending September 30, 2023 which was behind the Bloomberg Aggregate Index at 0.64%. The overweight allocation to Mortgages detracted from relative performance as the sector generated nominal returns below IG Credit bonds and the overall index. In addition, an underweight in Financials negatively impacted performance as they posted the highest nominal returns of any other sector. Helping performance was an overweight to Utilities which outperformed the overall index during the period. Lastly, a lower duration stance for most of the last 12-months also contributed to performance. We remain focused on generating income consistent with a prudent level of risk.
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Letter from the Manager
September 30, 2023
Timothy Plan High Yield Fund
During the fiscal year ending September 30, 2023, Ba/B High Yield (HY) spreads started at 464 basis points (bps), fell to a low of 296bps by the end of July, and finished the period at 325bps. The Timothy Plan High Yield Fund invests primarily in BB and B rated HY bonds benchmarked to the Bloomberg US HY Ba/B 3% Issuer Cap Index. The benchmark began the last 12 months with a yield-to-worst (YTW) of 8.80% and ended lower at 8.25%. Over the period, the HY market posted a return of 9.79% which was better than the return of investment grade credit bonds of 3.47%.
Despite the Federal Reserve’s continued rate hikes, coming into 2023, and their Quantitative Tightening program, the HY market remained resilient. The Bloomberg US HY Ba/B 3% Issuer Cap Index posted positive returns in each of the four quarters during the fiscal period. The HY market’s continued increase in quality (BBs making up a higher percentage) and higher mix of secured bonds in the Index are factors that have led to the resilience of the sector. The price stratification is sizable within the HY market, highlighting why, going forward, credit selection will be an even more important component of future returns.
According to Morningstar, the Timothy High Yield Fund A shares generated a total return of 10.00% over the 12-month period ending September 30, 2023 while the Bloomberg US HY Ba/B 3% Issuer Cap index returned 9.79%. An overweight to Financials contributed to performance as the sector generated the highest nominal and excess returns in the index. In addition, an underweight to Utilities helped relative performance as this sector posted returns below the overall index. An underweight in Cyclical Services detracted from performance as the subsector performed better than the index. Lastly, an overweight to REIT holdings negatively impacted performance as the category’s performance trailed the index. The portfolio remains focused on generating a higher level of carry income consistent with a reasonable level of risk.
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September 30, 2023
Dear Shareholder,
The Defensive Strategies Fund was designed and is managed to do what its name implies, hedge against a possible scenario of hyper-inflation which could result from our Congress’s proven unwillingness to address our core problems of too much spending and too much debt. The Fund was also designed with built-in flexibility that allows it to be adjusted to address a possible risk of extreme deflation, with the ability to convert the inflation sensitive assets to cash and fixed income securities during a deflationary environment, and to be adjusted to a more normal, traditional investment strategy.
The Fund’s portfolio is primarily comprised of several inflation sensitive investment sleeves: commodities (commodity company stocks and ETF’s), real estate (in the form of REITs), precious metals (primarily gold bullion) and silver ETFs, TIPs (Treasury Inflation Protected Bonds), and our newer Market Neutral ETF with the balance in cash. Timothy Partners, Ltd. (the “Advisor”) is responsible for setting the percentages of the Fund that will be allocated to each investment sleeve. Different sub-advisors manage the holdings in each sleeve. This past year rewarded us with a nice recovery following the turbulent previous fiscal year, with the commodity sleeve performing very well, the REIT sleeve in the low-positive territory, and the metals peaking early but dropping during the year. As a result, this Fund experienced a positive 8.30% return for the fiscal year ended September 30, 2023. For a more complete description of the elements that impacted Fund performance and the outlook for the future, please read the various sub-advisors’ reports in the pages that follow.
I would like to point out that, since there does not exist an appropriate benchmark index with which to compare our performance, we have created a blended index comprised of roughly 33% each of U.S. Government TIPs, FTSE NAREIT Equity Index and Bloomberg Commodity Index. We believe the blend offers a fairly accurate reflection and comparison of the composition of the Fund. For the fiscal year ended September 30, 2023, the blended index had a return of 1.79%.
While no one can predict future events, I remain confident that our sub-advisors (i.e. money management firms that manage the various sleeves of this Fund) are, in our opinion, among the best in the industry, and they each continue to honor our overall policy that they manage their respective Fund sleeve both in accordance with our screening restrictions and with a conservative bias. As I stated in last year’s report, although we will do our very best to be successful, we cannot guarantee results in any of these scenarios.
Finally, I would once again like to thank you for your moral convictions that led you to become part of the Timothy Plan Family.
Yours in Christ,
Arthur D. Ally
Fund Advisor
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Letter from the Manager
September 30, 2023
Timothy Plan Defensive Fund – Treasury Inflation Protected Securities (TIPS)
The Federal Reserve (Fed) raised the Fed Funds rate 125 basis points (bps) in 4Q22 to end the year at 4.50%. The hiking cycle was the most aggressive since the early-1980s and the inversion of the UST yield curve reached its most inverted measure since 1981. According to the Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI) accelerated 3.70% year-over-year (y/y) at the end of September 2023. The Timothy Defensive Fund has an allocation of U.S. Treasury Inflation Protected Securities (TIPS) designed to help protect assets from higher rates of inflation.
Coming into 2023, investors were pricing in four rate hikes in 2023 via the Fed Funds futures rate. However, by the end of 1Q23, futures were projecting only one more hike partly due to the second and third-largest bank failures in U.S. history. The March decline in UST yields reflected a reduction in the forecast for additional Fed rate hikes. Prior to the failure of Silicon Valley Bank, the Fed Funds Futures market had predicted a 50bp increase at the March Fed meeting. Instead, the Fed complied with the market’s reduced forecast of a 25bps hike. By the end of 1Q23, only one more 25bp hike was priced in by Fed Funds Futures, but with nearly 75bps of cuts predicted to follow by the end of 2023.
The Fed was torn between ensuring financial stability amid an ongoing bank crisis and achieving their goal of reducing inflation to their long-term target of 2.0%. Core-PCE (the Fed’s preferred measure of inflation) had fallen to a 4.6% y/y rate by February. The Fed continued to look to the U.S. labor market for confirmation that its rate increases over the prior twelve months had some effect in slowing the economy and inflation. The labor market continued to defy the Fed’s hopes with unemployment falling to a 54-year low of 3.4% in January, and only climbing to 3.5% by March.
The Federal Reserve (Fed) paused its rate hike cycle in June after 10-consecutive meetings with a hike. Inflation remained stubbornly high through much of 2Q23 although the June Consumer Price Index (CPI) rose at a lower than forecast 3.0% y/y rate. However, the pause was short lived as the Fed hiked rates by 25bps during 3Q23 which ended at 5.50% by the end of the fiscal period. Higher energy prices sparked fears of a re-acceleration in inflation, but TIPS implied inflation forecast was little changed in 3Q.
Over the previous 12-month period, investors’ future inflation expectations climbed modestly. We measure investors’ inflation expectations as the difference between the U.S. Treasury 10-year and the U.S. TIPS 10- year. This “breakeven rate” of inflation is what would be required to make these two securities have the same yield. The “breakeven rate” of inflation started the fiscal period at 2.24%, reached a 12-month high of 2.59% in November 2022 but subsequently declined to 2.31% by the end of September 2023. The Bloomberg U.S.
TIPS Index generated a 12-month return of 1.25% versus 2.22% for the Barrow Hanley TIPS portfolio. Relative to the Bloomberg U.S. TIPS Index, the portfolio ended the fiscal year-end period with an overweight to the 1 to 4.99-year maturity segment, underweight to the 5 to 9.99-year, and overweight to 20+ year securities. The primary goal of the TIPS allocation continues to be protection from rising inflation rates.
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The Timothy Plan Defensive Strategies Fund
Real Estate Sleeve (the “Portfolio”)
Annual Manager Letter: 12 months ended September 30, 2023
In the year ending September 30, 2023, the MSCI US REIT Index (Bloomberg: RMZ) produced a total return of +3.2%. While the performance was positive, most of the developments in the economy over the past 12 months have had a negative impact on real estate. Most importantly, the Fed’s original projection for the February 2023 rate hike to be ‘one and done’ did not come true; instead, the resilient economy and continued high inflation reports forced the Fed to continue its unprecedented rate hike cycle, reaching a Fed Funds Rate of 5.25-5.50% as of September 30, 2023. While the majority of economist project that the Fed is ‘done’, there is still a chance for more hikes.
Furthermore, the strength of the economy has now lowered the chances of a recession in the near term, which also ‘took away’ several expected rate cuts for 2024, pushing up long term Treasury yields. As a result, the 10 year Treasury yield closed at 4.6% on September 30, 2023, the highest level since October 2007. The newfound ‘higher for longer’ mantra in the markets is rippling through all asset classes, as investors are speculating the level at which long term interest rates will stabilize. While the effects of higher rates are only just starting to be felt by private real estate investors and showing up in income statements, we believe that the downside to public REIT prices is somewhat limited as they have already sold off % from the 12/31/2021 high, as measured by the RMZ through September 30, 2023.
The portfolio performed inline with the benchmark over the year ending September 30, 2023. The Timothy Fund REIT Sleeve produced a total return of +3.1% in the relevant period, which compared to the RMZ total return of +3.2%. The top contributors to relative performance were underweight allocations to the office and triple net sectors, as well as stock selection in the healthcare sector. The top detractors from relative performance over the same period were underweight allocations to the regional mall and specialty sectors, as well as an overweight allocation to the cell tower sector. Notably, the portfolio’s secondary benchmark, Vanguard REIT ETF (NYSE: VNQ), which includes cell towers, produced a total return of -1.3% over the same period, well below the portfolio.
In the 2023 year to date period, the portfolio has outperformed the benchmark significantly, as the portfolio’s positioning for higher interest rates finally started to work. In particular, the underweight to triple net has been a large contributor. However, with the Fed getting close to the end of the rate hike cycle, we are beginning to position the portfolio for stable or declining interest rates. As such, we trimmed a data center REIT and added a triple net REIT in August. Going forward, we expect to continue to move the portfolio further to benefit from a ‘Fed pivot’. The bifurcation in performance between sectors and intra-sector has created a ripe environment for new ideas and, in particular, buying high quality businesses at a discount. We firmly believe active management will have a distinct opportunity to outperform passive in the near term using a repeatable process based on fundamental analysis and an emphasis on quality.
An investment cannot be made directly in an index. The information contained herein should be considered to be current only as of the date indicated, and we do not undertake any obligation to update the information contained herein in light of later circumstances or events. This publication may contain forward looking statements and projections that are based on the current beliefs and assumptions of Chilton Capital Management and on information currently available that we believe to be reasonable, however, such statements necessarily involve risks, uncertainties and assumptions, and prospective investors may not put undue reliance on any of these statements. This communication is provided for informational purposes only and does not constitute an offer or a solicitation to buy, hold, or sell an interest in any Chilton investment or any other security. Past performance does not guarantee future results.
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The Timothy Plan Defensive Strategies Fund Commodity Sleeve (the “Portfolio”)
Annual Letter from the Manager (September 30, 2023)
We are pleased to provide you with our annual report for the Timothy Plan Defensive Strategies Fund Commodity Sleeve (the “Portfolio”) for the twelve months ending September 30, 2023. The Portfolio rose 20.1% on a gross basis, while the Bloomberg Commodity Index Total Return (the “BCOM”) declined (1.3%) during the twelve-month period. The Portfolio generated 21.4% of outperformance versus the BCOM benchmark with positive contributions from energy, agriculture, and industrial metals, while precious metals modestly detracted from relative performance.
Energy
Energy was the worst performing sector in the BCOM over the prior year, with the Bloomberg Energy Subindex Total Return falling (13.0%). In the Portfolio, however, energy holdings were the best performing sector: gaining 28.3% over the same period which made them the largest contributor to the Portfolio’s overall outperformance versus the BCOM benchmark. Crude oil prices rose over the period with a series of supply curtailments by OPEC+ coupled with rising global demand which has shifted the oil market expectation into a deficit estimated to be the largest imbalance in over a decade. U.S. natural gas prices declined significantly over the period as a result of limited heating demand due to a mild winter, rising U.S. production, muted Asian demand, and earlier-than-anticipated European gas storage fill levels. Upstream E&P companies along with integrated energy and oil service companies held in the Portfolio benefited the most from increasing oil prices and were responsible for the bulk of the outperformance from the sector. The Portfolio’s largest energy holdings as of September 30th were ConocoPhillips (COP US), TotalEnergies SE (TTE FP), and Schlumberger N.V. (SLB US).
Agriculture
Agricultural commodities rose by 1.1% as measured by the Bloomberg Commodity Agriculture and Livestock Subindex Total Return over the past year. During the same period, the Portfolio’s agricultural holdings appreciated 4.5%. Among the holdings, agricultural machinery and water companies were the two largest positive contributors, while fertilizer and pesticide companies dragged on performance within the sector alongside falling wheat and corn prices. After the extended Black Sea Grain Initiative eased supply concerns, wheat prices were further pressured by a bump in harvest from top global exporter Russia, while corn prices were weighed down due to improving growing conditions. The Portfolio’s largest agriculture holdings as of September 30th were Nutrien Ltd. (NTR US), Deere & Company (DE US), and CF Industries Holdings, Inc. (CF US).
Metals & Mining
Industrial metal commodity futures were up 5.6% for the period, as measured by the Bloomberg Industrial Metals Subindex Total Return. The Portfolio’s industrial metal holdings outperformed, rising 23.3% over the same period and contributing considerably to the Portfolio’s overall outperformance. The Portfolio’s exposure to steel – a commodity not included in the BCOM benchmark – was particularly beneficial as steel and steel-related companies, such as iron miners and metallurgical coal companies, appreciated approximately 55.0%, 17.4%, and 62.0% respectively. Additionally, copper companies rallied about 46.2% over the same period, as copper prices increased due to earlier disruptions to Latin America supply. The Portfolio’s largest industrial metal holdings as of September 30th were Rio Tinto PLC (RIO US), Vale S.A. (VALE US), and Teck Resources Ltd. (TECK/B CN).
Precious metals were the best performing sector in the BCOM, with a 12.5% gain posted by the Bloomberg Precious Metals Subindex Total Return for the twelve months ending September 30, 2023. The Portfolio’s precious metal miners were up 12.2%, modestly underperforming. The Portfolio’s largest precious metal holdings as of September 30th were B2Gold Corp. (BTG US), Gold Fields Ltd (GFI US), and Kinross Gold Corporation (KGC US).
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Market Outlook
The Timothy Plan Defensive Strategy Fund Commodity Sleeve currently utilizes a diversified portfolio of natural resource equities that is intended to capture commodity price movements. We believe that increasing market volatility, driven by macroeconomic factors as well as geopolitical events, has led to a precarious supply situation following decades of underinvestment in the global supply of many important commodities. With projected strong demand for many commodities along with recent market tightness, we believe there is ample support for commodity prices. To the extent that geopolitical risk remains elevated, supply remains uncertain and global demand continues to grow, we expect the Portfolio to perform positively.
Past performance is not indicative of future results. STANDARD & POOR’S, and S&P are registered trademarks of Standard & Poor’s Financial Services LLC. “Bloomberg®,” “Bloomberg Commodity IndexSM” and the names of the other indexes and sub-indexes that are part of the Bloomberg Commodity Index family are service marks of Bloomberg Finance L.P. and its affiliates. Source for all Index data: Bloomberg L.P. Commodity Sectors are represented by the Bloomberg Commodity Sector Sub-Indices. This document does not constitute an offer of any commodities, securities or investment advisory services. Any such offer may be made only by means of a disclosure document or similar materials which contain a description of material terms and risks. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The economic statistics presented herein are subject to revision by the agencies that issue them. This information is accurate only as of the date hereof, or as of historical dates otherwise indicated herein, and we do not undertake any obligation to update this material Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. All investments are subject to risk.
ANNUAL REPORT | 17
September 30, 2023
Dear Timothy Plan Strategic Growth and Conservative Growth Fund Shareholder:
This report covers the fiscal year (10-1-22 thru 9-30-23). Asset allocation has normally been, and we believe it continues to be, a very prudent approach to investing. As a review, your Timothy Plan investment is a compilation of many of Timothy’s underlying funds (including five of our ETF’s) and, as such, your performance is directly related to the performance of those underlying funds. I am pleased to report that this fiscal year produced positive performance following the recession fears of the previous year, with the equities market led by technology stocks, growth outperforming value and interest-rate sensitive sectors being the worst performing. As a result, performance in nearly all our underlying funds was positive for this past fiscal year which contributed to our 7.37% return for Strategic Growth and 4.79% return for Conservative Growth. You can find the specific details in the financial highlights of the main body of this report. Having said that, we intend to participate in this market while maintaining a more cautious outlook for the economy in the year ahead. As a result, we have adjusted our positions in the underlying funds to the allocations shown below:
| Conservative Growth | Strategic Growth | |
| · Large/Mid-Cap Core Enhanced ETF 12.00 % | 12.00% | 15.00% |
| · High Dividend Stock Enhanced ETF | 6.00% | 8.00% |
| · Small-Cap Core ETF | 7.00% | 12.00% |
| · International ETF | 9.00% | 16.00% |
| · Market Neutral ETF | 15.00% | 15.00% |
| · International Fund | 11.50% | 13.00% |
| · High-Yield Bond Fund | 6.50% | 6.00% |
| · Fixed Income Fund | 30.00% | 12.00% |
| · Cash | 3.00% | 3.00% |
Even though the Portfolios have been designed to be conservatively allocated, we understand that recent market gyrations may be unsettling for some investors. Please understand that our #1 concern is preservation of principal, and, even though we do want to participate in the markets’ hoped for potential recovery, we will attempt to adjust our allocation above to changing market conditions.
As you know, no one can guarantee future performance. However, the one thing that I can assure you of is every one of our sub-advisors is doing their very best and our team here at Timothy is working very hard to provide you an investment in which you can feel comfortable.
Sincerely,
Arthur D. Ally
President
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The Timothy Plan Israel Common Values Fund
Letter from The Manager - September 30, 2023
Israeli equity markets were unable to participate in the global market rebound during the fiscal year as continued interest rate hikes by the Bank of Israel were joined with an unanticipated election result that created a grey cloud over the markets. The Fund succumbed to this headwind and underperformed the benchmark TA-125 index for the fiscal year. Both sector allocation and stock selection contributed to the underperformance. From a sector standpoint, an underweight to outperforming Health Care and overweight to underperforming Consumer Discretionary hurt performance. Underweights to both Utilities and Real Estate were both positive as both sectors underperformed for the period. Stock selection was positive in Industrials and Consumer Staples but detrimental in Health Care and Communication Services. Key headwind for the year was not owning screened out Health Care company Teva Pharmaceutical. Notable positive attributors for the year included defense company Leonardo DRS (Industrials), Tel Aviv Stock Exchange (Financials), and semiconductor services company Nova Ltd (Technology). In addition to not owning Teva, negative attributors included electrical products firm Elco Ltd (Industrials) and HVAC and energy company Tadiran Group Ltd (Consumer Discretionary).
While the Bank of Israel aggressively raised interest rates during the last twelve months, the Israeli economy remains well underpinned and is on a strong footing. Debt/GDP is enviable at close to 60% while unemployment levels are low, and inflation is declining markedly. Interest rates have created a headwind for those sectors affected by these higher rates such as the important Real Estate sector. Housing has slowed while commercial real estate is also affected by rising funding costs.
A major headwind during the year was the late 2022 election which resulted in a coalition government which some call the most right-wing religious government coalition in Israel’s history. The unpopular reform agenda supported by this coalition, in particular the judicial reform, was not only unpopular with many Israelis but affected the markets negatively. Protests erupted throughout the country against some of the proposed laws hurting economic and market sentiment. A grey cloud remains over the country as this coalition continues to rule.
The Fund continues to invest alongside the innovate spirit of Israeli companies providing ample attractive investment opportunities. While global economic uncertainty and domestic political struggles are likely to continue in the near term, we are optimistic of the long-term prospects for this robust economic engine. We remain committed to a consistent investment approach dedicated to finding long-term investments for shareholders and we thank you for your continued investment in the Fund.
Eagle Global Advisors, LLC
ANNUAL REPORT | 19
Letter from the Manager
September 30, 2023
Timothy Growth and Income Fund – Fixed Income Allocation
The fiscal year ending September 30, 2023 witnessed extreme volatility in U.S. Treasury (UST) yields as the Federal Reserve (Fed) remained hawkish in response to persistent inflation, continued strength in employment and concerns over the economic effects of U.S. bank failures. The fixed income allocation of the Timothy Plan Growth & Income Fund invests in the broad U.S. investment grade bond market benchmarked to the Bloomberg Aggregate Index which began the last 12 months with a yield-to-worst of 4.63% and ended at 5.39%.
After raising the Fed Funds rate by 150 basis points (bps), between October 2022 and February 2023, the Fed took a step back and lowered the level of the rate hike at its March meeting. Prior to the failure of Silicon Valley Bank, the Fed Funds Futures market had predicted a 50bp increase at the March Fed meeting. Instead, the Fed complied with the market’s reduced forecast of a 25bps hike. By the end of 1Q, only one more 25bp hike was priced in by Fed Funds Futures, but with nearly 75bps of cuts predicted to follow by the end of 2023.
The Fed was torn between ensuring financial stability amid an ongoing bank crisis and achieving their goal of reducing inflation to their long-term target of 2.0%. Core-PCE (the Fed’s preferred measure of inflation) had fallen to a 4.6% y/y rate by February, only an 80bp reduction from the peak-rate of one-year ago. The Fed continued to look to the U.S. labor market for confirmation that its aggressive rate increases over the prior twelve months had some effect in slowing the economy and inflation. The labor market continued to defy the Fed’s hopes with unemployment falling to a 54-year low of 3.4% in January, and only climbing to 3.5% by March.
The Federal Reserve (Fed) paused its rate hike cycle in June after 10-consecutive meetings with a hike. Inflation remained stubbornly high through much of 2Q although the June Consumer Price Index (CPI) rose at a lower than forecast 3.0% y/y rate. The debt ceiling debate, strong economic data, and hawkish Fed rhetoric sparked a sell-off in USTs during 2Q23. The 10-year UST yield started the fiscal period at 3.83%, fell to a low of 3.31% in early April, but ended September higher at 4.57%. By comparison, the 2-year rate started the period at 4.28%, dropped to 3.84% on March 23rd only to close the last 12 months higher at 5.05%.
Investment Grade (IG) Credit spreads started the last 12 months at 147bps and ended at 112bps by September 2023. At the beginning of 4Q22, IG Credit offered a yield-to-maturity of 5.57% and at the end of September it was 5.95%. A key driver of the YTD credit spread tightening has been resilient profits and management teams restraining themselves from boosting shareholder payouts. In addition, higher yields have begun to attract inflows into IG Credit. IG balance sheets are, in most cases, well prepared for an economic
ANNUAL REPORT | 20
slowdown. However, technicals can overwhelm fundamentals in a market downturn as well. The Fed’s 550bps of rate hikes have tightened financial conditions, but so far, this is only noticeable in the level of spreads in the Bank sector. Industrials trade inside of their long-term average, so a recession could see them underperform Banks and Utilities. The rating agencies have become more cautious in recent months, increasing the number of issuers with negative outlooks to a higher number than those with positive outlooks. However, low-BBB Corporates still have a net positive outlook at the ratings agencies, reflecting the continued strength of their balance sheets and conservative management teams.
Mortgage-backed securities (MBS) under performed IG Credit during the fiscal year ending September. Over the 12-month period, the MBS sector, within the Bloomberg Aggregate, generated a return of -0.17% versus 3.47% for IG Credit. During 4Q21, issuance declined 44% q/q which was driven by higher mortgage rates. The 30-year fixed mortgage rate ended 2022 at 6.76% and climbed further to reach a rate of 7.50% by the end of September 2023. Purchase activity also collapsed as the vast majority of the 72% of borrowers with a mortgage rate of 4.00% or less are unwilling to assume the punitive increase in monthly payments that would come with moving to a new home. The 2023 year-to-date new issuance total of $172B represented a 63% decline versus the same period from 2022.
Barrow Hanley’s fixed income portfolio of the Timothy Plan Growth & Income, generated a net of fees return of -0.70% versus the Bloomberg Aggregate of 0.64% for the 12-month period ending September 30th. The overweight allocation to Mortgages detracted from relative performance as the sector generated nominal returns below IG Credit bonds and the overall index. In addition, an underweight in Financials negatively impacted performance as they posted the highest nominal returns of any other sector. Helping performance was an overweight to Utilities which outperformed the overall index during the period. Lastly, an overweight to Energy also contributed to performance. We remain focused on generating income consistent with a prudent level of risk.
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Section 2 | Fund Performance
SEPTEMBER 30, 2023 (UNAUDITED)
Aggressive Growth Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Aggressive Growth Fund - Class A (With Sales Charge) | 11.13% | 4.65% | 5.97% |
Russell Mid-Cap Growth Index | 17.47% | 6.97% | 9.94% |
Timothy Aggressive Growth Fund - Class C * | 15.66% | 5.02% | 5.77% |
Russell Mid-Cap Growth Index | 17.47% | 6.97% | 9.94% |
Timothy Aggressive Growth Fund - Class I | 17.78% | 6.08% | 6.81% |
Russell Mid-Cap Growth Index | 17.47% | 6.97% | 9.94% |
* | With Maximum Deferred Sales Charge |
Timothy Plan Aggressive Growth Fund vs.
Russell Mid-Cap Growth Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Russell Mid-Cap Growth Index on September 30, 2013 and held through September 30, 2023. The Class C returns are calculated using the traded NAV on September 29, 2023. The Russell Mid-Cap Growth Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
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International Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy International Fund - Class A (With Sales Charge) | 12.78% | 1.67% | 2.67% |
MSCI AC World Index ex USA Net (USD) | 20.39% | 2.58% | 3.35% |
Timothy International Fund - Class C * | 17.45% | 2.06% | 2.48% |
MSCI AC World Index ex USA Net (USD) | 20.39% | 2.58% | 3.35% |
Timothy International Fund - Class I | 19.66% | 3.10% | 3.50% |
MSCI AC World Index ex USA Net (USD) | 20.39% | 2.58% | 3.35% |
* | With Maximum Deferred Sales Charge |
Timothy Plan International Fund vs.
MSCI AC World Index ex USA Net (USD)
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the MSCI AC World Index ex USA Net (USD) on September 30, 2013 and held through September 30, 2023. The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries. With 2,377 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
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Large/Mid Cap Growth Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Large/Mid Cap Growth Fund - Class A (With Sales Charge) | 12.32% | 6.67% | 8.11% |
Russell 1000 Growth Total Return Index | 27.72% | 12.42% | 14.48% |
Timothy Large/Mid Cap Growth Fund - Class C * | 16.79% | 7.06% | 7.90% |
Russell 1000 Growth Total Return Index | 27.72% | 12.42% | 14.48% |
Timothy Large/Mid Cap Growth Fund - Class I | 19.01% | 8.15% | 8.99% |
Russell 1000 Growth Total Return Index | 27.72% | 12.42% | 14.48% |
* | With Maximum Deferred Sales Charge |
Timothy Plan Large/Mid Cap Growth Fund vs.
Russell 1000 Growth Total Return Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Russell 1000 Growth Total Return Index on September 30, 2013 and held through September 30, 2023. The Russell 1000 Growth Total Return Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 24
Small Cap Value Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Small Cap Value Fund - Class A (With Sales Charge) | 9.10% | 2.21% | 6.10% |
Russell 2000 Index | 8.93% | 2.40% | 6.65% |
Timothy Small Cap Value Fund - Class C * | 13.61% | 2.60% | 5.91% |
Russell 2000 Index | 8.93% | 2.40% | 6.65% |
Timothy Small Cap Value Fund - Class I | 15.78% | 3.63% | 6.97% |
Russell 2000 Index | 8.93% | 2.40% | 6.65% |
* | With Maximum Deferred Sales Charge |
Timothy Plan Small Cap Value Fund vs.
Russell 2000 Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Russell 2000 Index on September 30, 2013 and held through September 30, 2023. The Russell 2000 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 25
Large/Mid Cap Value Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Large/Mid Cap Value Fund - Class A (With Sales Charge) | 7.69% | 6.12% | 8.06% |
S&P 500 Index | 21.62% | 9.92% | 11.91% |
Timothy Large/Mid Cap Value Fund - Class C * | 12.06% | 6.52% | 7.86% |
S&P 500 Index | 21.62% | 9.92% | 11.91% |
Timothy Large/Mid Cap Value Fund - Class I | 14.21% | 7.60% | 8.94% |
S&P 500 Index | 21.62% | 9.92% | 11.91% |
* | With Maximum Deferred Sales Charge |
Timothy Plan Large/Mid Cap Value Fund vs.
S&P 500 Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the S&P 500 Index on September 30, 2013 and held through September 30, 2023. The S&P 500 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 26
Fixed Income Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Fixed Income Fund - Class A (With Sales Charge) | (5.02)% | (1.83)% | (0.51)% |
Bloomberg U.S. Aggregate Bond Index | 0.64% | 0.10% | 1.13% |
Timothy Fixed Income Fund - Class C * | (2.21)% | (1.65)% | (0.80)% |
Bloomberg U.S. Aggregate Bond Index | 0.64% | 0.10% | 1.13% |
Timothy Fixed Income Fund - Class I | (0.30)% | (0.70)% | 0.18% |
Bloomberg U.S. Aggregate Bond Index | 0.64% | 0.10% | 1.13% |
* | With Maximum Deferred Sales Charge |
Timothy Plan Fixed Income Fund vs.
Bloomberg U.S. Aggregate Bond Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Bloomberg U.S. Aggregate Bond Index on September 30, 2013 and held through September 30, 2023. The Bloomberg U.S. Aggregate Bond Index is a widely recognized, unmanaged index of bond prices. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 27
High Yield Bond Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy High Yield Bond Fund - Class A (With Sales Charge) | 5.00% | 2.07% | 2.73% |
Bloomberg U.S. High Yield Ba/B 3% Index | 9.79% | 3.29% | 4.26% |
Timothy High Yield Bond Fund - Class C * | 8.27% | 2.27% | 2.43% |
Bloomberg U.S. High Yield Ba/B 3% Index | 9.79% | 3.29% | 4.26% |
Timothy High Yield Bond Fund - Class I | 10.40% | 3.29% | 3.45% |
Bloomberg U.S. High Yield Ba/B 3% Index | 9.79% | 3.29% | 4.26% |
* | With Maximum Deferred Sales Charge |
Timothy Plan High Yield Bond Fund vs.
Bloomberg U.S. High Yield Ba/B 3% Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and Bloomberg U.S. High Yield Ba/B 3% Index on September 30, 2013 and held through September 30, 2023. The Bloomberg U.S. High Yield Ba/B 3% Index is an issuer-constrained version of the flagship U.S. Corporate High Yield Index, which measures the USD-denominated, high yield, fixed-rate corporate bond market. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 28
Israel Common Values Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Israel Common Values Fund - Class A (With Sales Charge) | (15.44)% | 3.37% | 4.74% |
TA — 125 Index | (7.81)% | 3.48% | 4.19% |
Timothy Israel Common Values Fund - Class C * | (12.02)% | 3.77% | 4.54% |
TA — 125 Index | (7.81)% | 3.48% | 4.19% |
Timothy Israel Common Values Fund - Class I | (10.24)% | 4.82% | 5.59% |
TA — 125 Index | (7.81)% | 3.48% | 4.19% |
* | With Maximum Deferred Sales Charge |
Timothy Plan Israel Common Values Fund vs.
TA — 125 Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the TA — 125 Index on September 30, 2013 and held through September 30, 2023. The TA — 125 Index is an unmanaged index of equity prices representing the 125 most highly capitalized companies listed on the Tel Aviv Stock Exchange . Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 29
Defensive Strategies Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Defensive Strategies Fund - Class A (With Sales Charge) | 2.34% | 3.54% | 2.28% |
Timothy Defensive Strategies Fund Blended Index * | 1.79% | 3.91% | 2.49% |
Timothy Defensive Strategies Fund - Class C ** | 6.50% | 3.92% | 2.08% |
Timothy Defensive Strategies Fund Blended Index * | 1.79% | 3.91% | 2.49% |
Timothy Defensive Strategies Fund - Class I | 8.64% | 4.97% | 3.13% |
Timothy Defensive Strategies Fund Blended Index * | 1.79% | 3.91% | 2.49% |
* | The Timothy Defensive Strategies Fund Blended Index reflects an unmanaged portfolio of 33% of the BB U.S. Treasury: 1-3 years Index, 33% of the BB Commodity Index Total Return and 34% of the MSCI U.S. REIT Gross (USD) Index. |
** | With Maximum Deferred Sales Charge |
Timothy Plan Defensive Strategies Fund vs.
The Timothy Defensive Strategies Fund Blended Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Timothy Defensive Strategies Fund Blended Index on September 30, 2013 and held through September 30, 2023. The Timothy Defensive Strategies Fund Blended Index reflects an unmanaged portfolio of 33% of the Bloomberg U.S. Treasury: 1-3 years Index, 33% of the Bloomberg Commodity Index Total Return and 34% of the MSCI U.S. REIT Gross (USD) Index. Performance figures include the change in value of the asset classes in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 30
Strategic Growth Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Strategic Growth Fund - Class A (With Sales Charge) | 1.47% | 0.71% | 2.05% |
Dow Jones Moderately Aggressive Portfolio Index | 13.86% | 4.79% | 6.54% |
Timothy Strategic Growth Fund - Class C * | 5.76% | 1.13% | 1.90% |
Dow Jones Moderately Aggressive Portfolio Index | 13.86% | 4.79% | 6.54% |
Timothy Strategic Growth Fund - Class I | N/A | N/A | (3.19)% (a) |
Dow Jones Moderately Aggressive Portfolio Index | N/A | N/A | (3.81)% (a) |
(a) | Inception date for Class I shares is September 1, 2023. |
* | With Maximum Deferred Sales Charge |
Timothy Plan Strategic Growth Fund vs.
Dow Jones Moderately Aggressive Portfolio Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Dow Jones Moderately Aggressive Portfolio Index on September 30, 2013 and held through September 30, 2023. The Dow Jones Moderately Aggressive Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 31
Conservative Growth Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Conservative Growth Fund - Class A (With Sales Charge) | (1.00)% | 0.01% | 1.40% |
Dow Jones Moderate Portfolio Index | 10.24% | 3.36% | 5.01% |
Timothy Conservative Growth Fund - Class C * | 3.11% | 0.42% | 1.22% |
Dow Jones Moderate Portfolio Index | 10.24% | 3.36% | 5.01% |
Timothy Conservative Growth Fund - Class I | N/A | N/A | -2.65% (a) |
Dow Jones Moderate Portfolio Index | N/A | N/A | -3.38% (a) |
(a) | Inception date for Class I shares is September 1, 2023. |
* | With Maximum Deferred Sales Charge |
Timothy Plan Conservative Growth Fund vs.
Dow Jones Moderate Portfolio Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Dow Jones Moderate Portfolio Index on September 30, 2013 and held through September 30, 2023. The Dow Jones Moderate Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 32
Growth & Income Fund
Fund/Index | 1 Year | 5 Year | 10 Year |
Timothy Growth & Income Fund - Class A (With Sales Charge) | (5.02)% | (0.25)% | 1.00% (a) |
Timothy Growth & Income Fund Blended Index * | 9.01% | 4.17% | 5.70% (a) |
Timothy Growth & Income Fund - Class C ** | (1.15)% | 0.14% | 0.82% (a) |
Timothy Growth & Income Fund Blended Index * | 9.01% | 4.17% | 5.70% (a) |
Timothy Growth & Income Fund - Class I | 0.75% | 1.14% | 1.81% (a) |
Timothy Growth & Income Fund Blended Index * | 9.01% | 4.17% | 5.70% (a) |
(a) | For the period October 1, 2013 (commencement of investment in accordance with objective) to September 30, 2023. |
* | The Timothy Growth & Income Fund Blended Index reflects an unmanaged portfolio of 40% of the BB Barclays U.S. Aggregate Bond Index and 60% of the Russell 1000 Value Index. |
** | With Maximum Deferred Sales Charge |
Timothy Growth & Income Fund vs.
Timothy Growth & Income Fund Blended Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Timothy Growth & Income Fund Blended Index on October 1, 2013 and held through September 30, 2023. The Timothy Growth & Income Fund Blended Index reflects an unmanaged portfolio of 40% of the Barclays U.S. Aggregate Bond Index and 60% of the Russell 1000 Value Index. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
FUND PERFORMANCE (UNAUDITED)
ANNUAL REPORT | 33
Section 3 | Schedule of Investments
SEPTEMBER 30, 2023
Aggressive Growth Fund
Shares |
| Fair Value | ||||||
| COMMON STOCKS — 98.2% |
| ||||||
AEROSPACE & DEFENSE — 1.5% | ||||||||
| 745 | TransDigm Group, Inc.(a) | $ | 628,132 | |||||
APPAREL & TEXTILE PRODUCTS — 4.2% | ||||||||
| 3,468 | Deckers Outdoor Corporation(a) | 1,782,864 | ||||||
BIOTECH & PHARMA — 1.8% | ||||||||
| 1,522 | Argenx S.E. - ADR(a) | 748,261 | ||||||
CHEMICALS — 3.1% | ||||||||
| 7,829 | Albemarle Corporation | 1,331,243 | ||||||
COMMERCIAL SUPPORT SERVICES — 2.7% | ||||||||
| 6,860 | Clean Harbors, Inc.(a) | 1,148,090 | ||||||
DATA CENTER REIT — 2.1% | ||||||||
| 7,436 | Digital Realty Trust, Inc. | 899,905 | ||||||
DIVERSIFIED INDUSTRIALS — 2.1% | ||||||||
| 6,400 | Dover Corporation | 892,864 | ||||||
ELECTRICAL EQUIPMENT — 4.6% | ||||||||
| 12,857 | Amphenol Corporation, Class A | 1,079,859 | ||||||
| 4,277 | Trane Technologies PLC | 867,846 | ||||||
| 1,947,705 | ||||||||
ENGINEERING & CONSTRUCTION — 3.3% | ||||||||
| 7,469 | Quanta Services, Inc. | 1,397,225 | ||||||
HEALTH CARE FACILITIES & SERVICES — 7.0% | ||||||||
| 15,027 | Cardinal Health, Inc. | 1,304,644 | ||||||
| 6,794 | ICON plc(a) | 1,673,023 | ||||||
| 2,977,667 | ||||||||
HOME CONSTRUCTION — 4.9% | ||||||||
| 54,533 | AZEK Company, Inc. (The)(a) | 1,621,811 | ||||||
| 4,281 | Lennar Corporation, Class A | 480,457 | ||||||
| 2,102,268 | ||||||||
INDUSTRIAL SUPPORT SERVICES — 2.5% | ||||||||
| 2,389 | United Rentals, Inc. | 1,062,078 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 34
Aggressive Growth Fund
Shares |
| Fair Value | ||||||
LEISURE FACILITIES & SERVICES — 2.6% | ||||||||
| 2,880 | Domino’s Pizza, Inc. | $ | 1,090,915 | |||||
MACHINERY — 8.1% | ||||||||
| 6,243 | Lincoln Electric Holdings, Inc. | 1,134,915 | ||||||
| 10,985 | Oshkosh Corporation | 1,048,299 | ||||||
| 3,102 | Parker-Hannifin Corporation | 1,208,290 | ||||||
| 3,391,504 | ||||||||
MEDICAL EQUIPMENT & DEVICES — 11.7% | ||||||||
| 1,492 | Align Technology, Inc.(a) | 455,537 | ||||||
| 53,642 | Avantor, Inc.(a) | 1,130,773 | ||||||
| 11,767 | DexCom, Inc.(a) | 1,097,861 | ||||||
| 15,196 | GE HealthCare Technologies, Inc. | 1,033,936 | ||||||
| 10,919 | Zimmer Biomet Holdings, Inc. | 1,225,331 | ||||||
| 4,943,438 | ||||||||
OIL & GAS PRODUCERS — 7.5% | ||||||||
| 8,239 | Cheniere Energy, Inc. | 1,367,344 | ||||||
| 8,434 | Devon Energy Corporation | 402,302 | ||||||
| 4,998 | Diamondback Energy, Inc. | 774,090 | ||||||
| 15,210 | EQT Corporation | 617,222 | ||||||
| 3,160,958 | ||||||||
RENEWABLE ENERGY — 1.5% | ||||||||
| 4,023 | First Solar, Inc.(a) | 650,077 | ||||||
RETAIL - DISCRETIONARY — 3.8% | ||||||||
| 11,889 | Burlington Stores, Inc.(a) | 1,608,582 | ||||||
SEMICONDUCTORS — 8.3% | ||||||||
| 4,159 | Monolithic Power Systems, Inc. | 1,921,459 | ||||||
| 13,474 | ON Semiconductor Corporation(a) | 1,252,408 | ||||||
| 3,748 | Skyworks Solutions, Inc. | 369,515 | ||||||
| 3,543,382 | ||||||||
SOFTWARE — 4.0% | ||||||||
| 9,332 | Fortinet, Inc.(a) | 547,602 | ||||||
| 7,258 | Zscaler, Inc.(a) | 1,129,272 | ||||||
| 1,676,874 | ||||||||
SPECIALTY FINANCE — 2.2% | ||||||||
| 15,038 | AerCap Holdings N.V.(a) | 942,431 | ||||||
TECHNOLOGY HARDWARE — 5.1% | ||||||||
| 7,227 | Arista Networks, Inc.(a) | 1,329,262 | ||||||
| 12,683 | Seagate Technology Holdings plc | 836,444 | ||||||
| 2,165,706 | ||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 35
Aggressive Growth Fund
Shares |
| Fair Value | ||||||
TECHNOLOGY SERVICES — 3.6% | ||||||||
| 2,642 | Globant S.A.(a) | $ | 522,720 | |||||
| 1,955 | MSCI, Inc. | 1,003,071 | ||||||
| 1,525,791 | ||||||||
TOTAL COMMON STOCKS (Cost $38,300,003) | 41,617,960 | |||||||
| SHORT-TERM INVESTMENT — 1.8% |
| ||||||
MONEY MARKET FUND — 1.8% | ||||||||
| 776,002 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $776,002)(b) | 776,002 | ||||||
TOTAL INVESTMENTS — 100.0% (Cost $39,076,005) | $ | 42,393,962 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% | (19,489 | ) | ||||||
NET ASSETS — 100.0% | $ | 42,374,473 | ||||||
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 36
International Fund
Shares |
| Fair Value | ||||||
| COMMON STOCKS — 92.0% |
| ||||||
AEROSPACE & DEFENSE — 3.1% | ||||||||
| 82,000 | Safran S.A. - ADR | $ | 3,209,480 | |||||
| 65,000 | Thales S.A. - ADR | 1,823,900 | ||||||
| 5,033,380 | ||||||||
AUTOMOTIVE — 1.4% | ||||||||
| 42,800 | Magna International, Inc. | 2,294,508 | ||||||
BANKING — 10.7% | ||||||||
| 46,739 | DBS Group Holdings Ltd. - ADR | 4,602,857 | ||||||
| 104,000 | DNB Bank ASA - ADR | 2,100,800 | ||||||
| 44,900 | HDFC Bank Ltd. - ADR | 2,649,549 | ||||||
| 120,100 | ICICI Bank Ltd. - ADR | 2,776,712 | ||||||
| 284,000 | Itau Unibanco Holding S.A. - ADR | 1,525,080 | ||||||
| 52,500 | KBC Group N.V. - ADR | 1,633,800 | ||||||
| 202,000 | Sumitomo Mitsui Financial Group, Inc. - ADR | 1,989,700 | ||||||
| 17,278,498 | ||||||||
BIOTECH & PHARMA — 1.4% | ||||||||
| 4,600 | Argenx S.E. - ADR(a) | 2,261,498 | ||||||
CHEMICALS — 2.0% | ||||||||
| 96,420 | Air Liquide S.A. - ADR | 3,246,461 | ||||||
CONSTRUCTION MATERIALS — 2.0% | ||||||||
| 58,000 | CRH plc | 3,174,340 | ||||||
ELECTRIC UTILITIES — 3.0% | ||||||||
| 440,000 | Enel - Societa per Azioni - ADR | 2,679,600 | ||||||
| 50,200 | Iberdrola S.A. - ADR | 2,245,948 | ||||||
| 4,925,548 | ||||||||
ELECTRICAL EQUIPMENT — 3.2% | ||||||||
| 109,000 | Daikin Industries Ltd. - ADR | 1,709,120 | ||||||
| 104,600 | Schneider Electric S.E. - ADR | 3,450,754 | ||||||
| 5,159,874 | ||||||||
ENGINEERING & CONSTRUCTION — 4.2% | ||||||||
| 148,000 | Cellnex Telecom S.A. - ADR | 2,570,760 | ||||||
| 155,000 | Vinci S.A. - ADR | 4,288,850 | ||||||
| 6,859,610 | ||||||||
FOOD — 2.4% | ||||||||
| 26,300 | Kerry Group plc - ADR | 2,194,998 | ||||||
| 103,000 | Mowi ASA - ADR | 1,825,160 | ||||||
| 4,020,158 | ||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 37
International Fund
Shares |
| Fair Value | ||||||
HEALTH CARE FACILITIES & SERVICES — 2.3% | ||||||||
| 15,400 | ICON PLC(a) | $ | 3,792,250 | |||||
HOUSEHOLD PRODUCTS — 2.0% | ||||||||
| 123,000 | Beiersdorf A.G. - ADR | 3,175,860 | ||||||
INDUSTRIAL SUPPORT SERVICES — 1.5% | ||||||||
| 10,000 | Ashtead Group plc - ADR | 2,458,000 | ||||||
INSTITUTIONAL FINANCIAL SERVICES — 4.0% | ||||||||
| 188,500 | Deutsche Boerse A.G. - ADR | 3,249,740 | ||||||
| 129,000 | London Stock Exchange Group plc - ADR | 3,281,760 | ||||||
| 6,531,500 | ||||||||
INSURANCE — 5.5% | ||||||||
| 36,100 | Ageas S.A./NV - ADR | 1,498,872 | ||||||
| 77,000 | AIA Group Ltd. - ADR | 2,487,100 | ||||||
| 66,400 | Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR | 2,583,624 | ||||||
| 105,000 | Tokio Marine Holdings, Inc. - ADR | 2,438,100 | ||||||
| 9,007,696 | ||||||||
INTERNET MEDIA & SERVICES — 1.9% | ||||||||
| 536,182 | Prosus N.V. - ADR(a) | 3,131,301 | ||||||
| 43,600 | Yandex N.V., Class A(a)(b)(c) | 43,600 | ||||||
| 3,174,901 | ||||||||
LEISURE PRODUCTS — 0.8% | ||||||||
| 95,000 | Shimano, Inc. - ADR | 1,272,050 | ||||||
MACHINERY — 4.1% | ||||||||
| 254,000 | Atlas Copco A.B. - ADR | 2,981,960 | ||||||
| 77,150 | Techtronic Industries Company Ltd. - ADR | 3,717,087 | ||||||
| 6,699,047 | ||||||||
MEDICAL EQUIPMENT & DEVICES — 7.7% | ||||||||
| 55,400 | Alcon, Inc. | 4,269,124 | ||||||
| 33,500 | Hoya Corporation - ADR | 3,442,125 | ||||||
| 118,000 | Olympus Corporation - ADR | 1,519,840 | ||||||
| 88,400 | Smith & Nephew plc - ADR | 2,189,668 | ||||||
| 39,500 | Sysmex Corporation - ADR | 938,915 | ||||||
| 12,359,672 | ||||||||
METALS & MINING — 1.3% | ||||||||
| 32,300 | Rio Tinto plc - ADR | 2,055,572 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 38
International Fund
Shares |
| Fair Value | ||||||
OIL & GAS PRODUCERS — 5.7% | ||||||||
| 59,000 | Canadian Natural Resources Ltd. | $ | 3,815,530 | |||||
| 151,000 | Equinor ASA - ADR | 4,951,290 | ||||||
| 40,500 | Petroleo Brasileiro S.A. - ADR | 607,095 | ||||||
| 9,373,915 | ||||||||
RETAIL - CONSUMER STAPLES — 1.2% | ||||||||
| 100,000 | Seven & i Holdings Company Ltd. - ADR | 1,957,000 | ||||||
SEMICONDUCTORS — 6.4% | ||||||||
| 7,250 | ASML Holding N.V. - ADR | 4,267,785 | ||||||
| 9,000 | NXP Semiconductors N.V. | 1,799,280 | ||||||
| 28,700 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2,494,030 | ||||||
| 28,200 | Tokyo Electron Ltd. - ADR | 1,927,470 | ||||||
| 10,488,565 | ||||||||
SOFTWARE — 2.5% | ||||||||
| 17,100 | Nice Ltd. - ADR(a) | 2,907,000 | ||||||
| 30,640 | Open Text Corporation | 1,075,464 | ||||||
| 3,982,464 | ||||||||
SPECIALTY FINANCE — 2.3% | ||||||||
| 39,500 | ORIX Corporation - ADR | 3,708,260 | ||||||
TECHNOLOGY HARDWARE — 1.7% | ||||||||
| 46,338 | FUJIFILM Holdings Corporation - ADR | 2,685,750 | ||||||
TECHNOLOGY SERVICES — 3.5% | ||||||||
| 70,000 | Amadeus IT Group S.A. - ADR | 4,225,200 | ||||||
| 89,000 | Infosys Ltd. - ADR | 1,522,790 | ||||||
| 5,747,990 | ||||||||
TRANSPORTATION & LOGISTICS — 2.8% | ||||||||
| 61,800 | Canadian Pacific Kansas City Ltd. | 4,598,538 | ||||||
WHOLESALE - CONSUMER STAPLES — 1.4% | ||||||||
| 31,400 | ITOCHU Corporation - ADR | 2,270,849 | ||||||
TOTAL COMMON STOCKS (Cost $134,216,679) | 149,593,754 | |||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 39
International Fund
Shares |
| Fair Value | ||||||
| SHORT-TERM INVESTMENT — 8.1% |
| ||||||
MONEY MARKET FUND — 8.1% | ||||||||
| 13,106,845 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $13,106,845)(d) | $ | 13,106,845 | |||||
TOTAL INVESTMENTS — 100.1% (Cost $147,323,524) | $ | 162,700,599 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% | (240,729 | ) | ||||||
NET ASSETS — 100.0% | $ | 162,459,870 | ||||||
ADR | American Depositary Receipt |
LTD | Limited Company |
NV | Naamioze Vennootschap |
PLC | Public Limited Company |
S/A | Société Anonyme |
(a) | Non-income producing security. |
(b) | Illiquid security. At September 30,2023, 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. This is a level 3 security. |
(d) | Rate disclosed is the seven day effective yield as of September 30, 2023. |
DIVERSIFICATION OF ASSETS | |||||||||
% OF NET ASSETS | COUNTRY | % OF NET ASSETS | COUNTRY | ||||||
| 15.9 | % | Japan | 2.6 | % | Switzerland | ||||
| 9.8 | % | France | 1.9 | % | Belgium | ||||
| 7.3 | % | Canada | 1.8 | % | Sweden | ||||
| 7.1 | % | Netherlands | 1.8 | % | Israel | ||||
| 6.2 | % | United Kingdom | 1.7 | % | Italy | ||||
| 5.6 | % | Ireland | 1.5 | % | Taiwan Province Of China | ||||
| 5.6 | % | Spain | 1.3 | % | Brazil | ||||
| 5.5 | % | Germany | 92.0 | % | Total | ||||
| 5.5 | % | Norway | 8.1 | % | Money Market Funds | ||||
| 4.3 | % | India | -0.1 | % | Other Assets Less Liabilities - Net | ||||
| 3.8 | % | Hong Kong | 100.0 | % | Grand Total | ||||
| 2.8 | % | Singapore | |||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 40
Large/Mid Cap Growth Fund
Shares |
| Fair Value | ||||||
| COMMON STOCKS — 78.2% |
| ||||||
AEROSPACE & DEFENSE — 1.6% | ||||||||
| 2,878 | TransDigm Group, Inc.(a) | $ | 2,426,528 | |||||
AUTOMOTIVE — 0.4% | ||||||||
| 2,530 | Tesla, Inc.(a) | 633,057 | ||||||
BANKING — 1.2% | ||||||||
| 40,058 | Western Alliance Bancorp | 1,841,466 | ||||||
BIOTECH & PHARMA — 1.1% | ||||||||
| 9,470 | Zoetis, Inc. | 1,647,591 | ||||||
CABLE & SATELLITE — 1.8% | ||||||||
| 4,324 | Cable One, Inc. | 2,662,027 | ||||||
CHEMICALS — 3.5% | ||||||||
| 19,904 | FMC Corporation | 1,332,971 | ||||||
| 10,269 | New Linde plc | 3,823,662 | ||||||
| 5,156,633 | ||||||||
CONSTRUCTION MATERIALS — 3.8% | ||||||||
| 8,874 | Martin Marietta Materials, Inc. | 3,642,599 | ||||||
| 15,126 | Owens Corning | 2,063,338 | ||||||
| 5,705,937 | ||||||||
DATA CENTER REIT — 1.7% | ||||||||
| 20,313 | Digital Realty Trust, Inc. | 2,458,279 | ||||||
ELECTRIC UTILITIES — 1.0% | ||||||||
| 25,433 | NextEra Energy, Inc. | 1,457,057 | ||||||
ELECTRICAL EQUIPMENT — 4.2% | ||||||||
| 38,579 | Amphenol Corporation, Class A | 3,240,250 | ||||||
| 16,897 | Fortive Corporation | 1,253,082 | ||||||
| 12,620 | Keysight Technologies, Inc.(a) | 1,669,752 | ||||||
| 6,163,084 | ||||||||
INFRASTRUCTURE REIT — 1.1% | ||||||||
| 18,221 | Crown Castle, Inc. | 1,676,879 | ||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.5% | ||||||||
| 20,318 | Intercontinental Exchange, Inc. | 2,235,386 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 41
Large/Mid Cap Growth Fund
Shares |
| Fair Value | ||||||
INSURANCE — 4.6% | ||||||||
| 17,929 | Arthur J Gallagher & Company | $ | 4,086,558 | |||||
| 95,055 | Equitable Holdings, Inc. | 2,698,611 | ||||||
| 6,785,169 | ||||||||
LEISURE FACILITIES & SERVICES — 1.7% | ||||||||
| 1,364 | Chipotle Mexican Grill, Inc.(a) | 2,498,616 | ||||||
MACHINERY — 2.8% | ||||||||
| 6,585 | Caterpillar, Inc. | 1,797,705 | ||||||
| 24,368 | Oshkosh Corporation | 2,325,438 | ||||||
| 4,123,143 | ||||||||
MEDICAL EQUIPMENT & DEVICES — 8.9% | ||||||||
| 4,406 | Danaher Corporation | 1,093,129 | ||||||
| 22,363 | Edwards Lifesciences Corporation(a) | 1,549,309 | ||||||
| 15,471 | Insulet Corporation(a) | 2,467,470 | ||||||
| 8,449 | Intuitive Surgical, Inc.(a) | 2,469,558 | ||||||
| 41,594 | Merit Medical Systems, Inc.(a) | 2,870,817 | ||||||
| 24,962 | Zimmer Biomet Holdings, Inc. | 2,801,235 | ||||||
| 13,251,518 | ||||||||
OIL & GAS PRODUCERS — 2.9% | ||||||||
| 20,923 | ConocoPhillips | 2,506,576 | ||||||
| 12,181 | Diamondback Energy, Inc. | 1,886,593 | ||||||
| 4,393,169 | ||||||||
RETAIL - CONSUMER STAPLES — 1.4% | ||||||||
| 3,617 | Costco Wholesale Corporation | 2,043,460 | ||||||
RETAIL - DISCRETIONARY — 3.7% | ||||||||
| 10,832 | Lowe’s Companies, Inc. | 2,251,323 | ||||||
| 3,518 | O’Reilly Automotive, Inc.(a) | 3,197,369 | ||||||
| 5,448,692 | ||||||||
SEMICONDUCTORS — 11.4% | ||||||||
| 21,908 | Advanced Micro Devices, Inc.(a) | 2,252,581 | ||||||
| 9,021 | Analog Devices, Inc. | 1,579,487 | ||||||
| 6,552 | Broadcom, Inc. | 5,441,959 | ||||||
| 8,947 | NVIDIA Corporation | 3,891,856 | ||||||
| 6,673 | NXP Semiconductors N.V. | 1,334,066 | ||||||
| 27,365 | ON Semiconductor Corporation(a) | 2,543,577 | ||||||
| 17,043,526 | ||||||||
SOFTWARE — 10.2% | ||||||||
| 38,849 | DocuSign, Inc.(a) | 1,631,658 | ||||||
| 17,898 | Palo Alto Networks, Inc.(a) | 4,196,007 | ||||||
| 5,129 | ServiceNow, Inc.(a) | 2,866,906 | ||||||
| 6,974 | Synopsys, Inc.(a) | 3,200,857 | ||||||
| 8,492 | Tyler Technologies, Inc.(a) | 3,279,101 | ||||||
| 15,174,529 | ||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 42
Large/Mid Cap Growth Fund
Shares |
| Fair Value | ||||||
TECHNOLOGY HARDWARE — 3.5% | ||||||||
| 10,877 | Arista Networks, Inc.(a) | $ | 2,000,607 | |||||
| 43,979 | Ciena Corporation(a) | 2,078,447 | ||||||
| 18,236 | Seagate Technology Holdings plc | 1,202,664 | ||||||
| 5,281,718 | ||||||||
TECHNOLOGY SERVICES — 2.0% | ||||||||
| 15,075 | CDW Corporation | 3,041,532 | ||||||
TRANSPORTATION & LOGISTICS — 1.3% | ||||||||
| 25,766 | Canadian Pacific Kansas City Ltd. | 1,917,248 | ||||||
TRANSPORTATION EQUIPMENT — 0.9% | ||||||||
| 16,394 | PACCAR, Inc. | 1,393,818 | ||||||
TOTAL COMMON STOCKS (Cost $98,494,763) | 116,460,062 | |||||||
| EXCHANGE-TRADED FUNDS — 14.0% |
| ||||||
EQUITY — 14.0% | ||||||||
| 624,000 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(b) | 13,724,506 | ||||||
| 209,000 | Timothy Plan US Large/Mid Cap Core ETF(b) | 7,204,230 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $21,565,045) | 20,928,736 | |||||||
| SHORT-TERM INVESTMENT — 5.7% |
| ||||||
MONEY MARKET FUND — 5.7% | ||||||||
| 8,502,038 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $8,502,038)(c) | 8,502,038 | ||||||
TOTAL INVESTMENTS — 97.9% (Cost $128,561,846) | $ | 145,890,836 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.1% | 3,146,033 | |||||||
NET ASSETS — 100.0% | $ | 149,036,869 | ||||||
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 September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 43
Small Cap Value Fund
Shares |
| Fair Value | ||||||
| COMMON STOCKS — 88.2% |
| ||||||
AEROSPACE & DEFENSE — 2.8% | ||||||||
| 42,286 | Mercury Systems, Inc.(a) | $ | 1,568,388 | |||||
| 27,852 | Moog, Inc., Class A | 3,146,162 | ||||||
| 4,714,550 | ||||||||
BANKING — 14.8% | ||||||||
| 105,705 | Atlantic Union Bankshares Corporation | 3,042,190 | ||||||
| 40,081 | Banner Corporation | 1,698,633 | ||||||
| 34,815 | City Holding Company | 3,145,535 | ||||||
| 108,172 | First Bancorp | 3,043,960 | ||||||
| 55,466 | National Bank Holdings Corporation, Class A | 1,650,668 | ||||||
| 98,660 | Provident Financial Services, Inc. | 1,508,511 | ||||||
| 125,846 | Renasant Corporation | 3,295,907 | ||||||
| 140,893 | Seacoast Banking Corp of Florida | 3,094,010 | ||||||
| 48,413 | Triumph Financial, Inc.(a) | 3,136,678 | ||||||
| 84,928 | Veritex Holdings, Inc. | 1,524,458 | ||||||
| 25,140,550 | ||||||||
BIOTECH & PHARMA — 1.7% | ||||||||
| 50,806 | Prestige Consumer Healthcare, Inc.(a) | 2,905,595 | ||||||
CHEMICALS — 4.6% | ||||||||
| 45,965 | Avient Corporation | 1,623,484 | ||||||
| 159,348 | Ecovyst, Inc.(a) | 1,567,984 | ||||||
| 15,172 | Innospec, Inc. | 1,550,578 | ||||||
| 40,930 | Stepan Company | 3,068,523 | ||||||
| 7,810,569 | ||||||||
COMMERCIAL SUPPORT SERVICES — 0.8% | ||||||||
| 131,303 | Legalzoom.com, Inc.(a) | 1,436,455 | ||||||
CONSTRUCTION MATERIALS — 1.0% | ||||||||
| 53,766 | Summit Materials, Inc., Class A(a) | 1,674,273 | ||||||
ELECTRIC UTILITIES — 3.5% | ||||||||
| 93,943 | Avista Corporation | 3,040,935 | ||||||
| 61,467 | NorthWestern Corporation | 2,954,104 | ||||||
| 5,995,039 | ||||||||
ENGINEERING & CONSTRUCTION — 1.7% | ||||||||
| 17,489 | Comfort Systems USA, Inc. | 2,980,300 | ||||||
FOOD — 1.7% | ||||||||
| 18,557 | J & J Snack Foods Corporation | 3,036,853 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 44
Small Cap Value Fund
Shares |
| Fair Value | ||||||
FORESTRY, PAPER & WOOD PRODUCTS — 1.8% | ||||||||
| 30,524 | Boise Cascade Company | $ | 3,145,193 | |||||
HEALTH CARE FACILITIES & SERVICES — 1.8% | ||||||||
| 102,700 | Patterson Companies, Inc. | 3,044,028 | ||||||
HOME CONSTRUCTION — 2.7% | ||||||||
| 23,704 | Century Communities, Inc. | 1,582,953 | ||||||
| 32,544 | Masonite International Corporation(a) | 3,033,752 | ||||||
| 4,616,705 | ||||||||
HOUSEHOLD PRODUCTS — 0.9% | ||||||||
| 36,428 | Central Garden & Pet Company, Class A(a) | 1,460,399 | ||||||
INDUSTRIAL INTERMEDIATE PROD — 0.9% | ||||||||
| 33,903 | AZZ, Inc. | 1,545,299 | ||||||
INSTITUTIONAL FINANCIAL SERVICES — 3.6% | ||||||||
| 68,308 | Moelis & Company, Class A | 3,082,740 | ||||||
| 21,054 | Piper Sandler Cos | 3,059,357 | ||||||
| 6,142,097 | ||||||||
INSURANCE — 2.9% | ||||||||
| 31,814 | AMERISAFE, Inc. | 1,592,927 | ||||||
| 69,682 | BRP Group, Inc., Class A(a) | 1,618,713 | ||||||
| 62,534 | Skyward Specialty Insurance Group, Inc.(a) | 1,710,930 | ||||||
| 4,922,570 | ||||||||
LEISURE FACILITIES & SERVICES — 2.8% | ||||||||
| 42,452 | Chuy’s Holdings, Inc.(a) | 1,510,442 | ||||||
| 47,466 | Papa John’s International, Inc. | 3,238,131 | ||||||
| 4,748,573 | ||||||||
MACHINERY — 5.5% | ||||||||
| 17,608 | Alamo Group, Inc. | 3,043,719 | ||||||
| 35,409 | Albany International Corporation, Class A | 3,055,089 | ||||||
| 51,441 | Federal Signal Corporation | 3,072,570 | ||||||
| 9,171,378 | ||||||||
MEDICAL EQUIPMENT & DEVICES — 5.0% | ||||||||
| 111,763 | Avanos Medical, Inc.(a) | 2,259,848 | ||||||
| 30,332 | CONMED Corporation | 3,058,982 | ||||||
| 47,104 | Merit Medical Systems, Inc.(a) | 3,251,118 | ||||||
| 8,569,948 | ||||||||
METALS & MINING — 2.8% | ||||||||
| 17,027 | Encore Wire Corporation | 3,106,746 | ||||||
| 89,275 | Livent Corporation(a) | 1,643,553 | ||||||
| 4,750,299 | ||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 45
Small Cap Value Fund
Shares |
| Fair Value | ||||||
OFFICE REIT — 2.6% | ||||||||
| 129,556 | Corporate Office Properties Trust | $ | 3,087,319 | |||||
| 128,214 | Easterly Government Properties, Inc. | 1,465,486 | ||||||
| 4,552,805 | ||||||||
OIL & GAS PRODUCERS — 5.3% | ||||||||
| 169,675 | Enerplus Corporation | 2,991,370 | ||||||
| 74,198 | Northern Oil and Gas, Inc. | 2,984,986 | ||||||
| 124,317 | Sitio Royalties Corporation, Class A | 3,009,714 | ||||||
| 8,986,070 | ||||||||
OIL & GAS SERVICES & EQUIPMENT — 0.9% | ||||||||
| 17,142 | Weatherford International plc(a) | 1,548,437 | ||||||
REAL ESTATE INVESTMENT TRUSTS — 6.3% | ||||||||
| 144,863 | Plymouth Industrial REIT, Inc. | 3,034,880 | ||||||
| 69,908 | PotlatchDeltic Corporation | 3,173,125 | ||||||
| 261,884 | Summit Hotel Properties, Inc. | 1,518,927 | ||||||
| 197,212 | Urban Edge Properties | 3,009,455 | ||||||
| 10,736,387 | ||||||||
RETAIL - DISCRETIONARY — 3.7% | ||||||||
| 67,696 | Academy Sports & Outdoors, Inc. | 3,199,989 | ||||||
| 112,617 | Monro, Inc. | 3,127,374 | ||||||
| 6,327,363 | ||||||||
RETAIL REIT — 1.8% | ||||||||
| 137,104 | Four Corners Property Trust, Inc. | 3,042,338 | ||||||
SOFTWARE — 1.0% | ||||||||
| 63,181 | Avid Technology, Inc.(a) | 1,697,673 | ||||||
TECHNOLOGY HARDWARE — 1.5% | ||||||||
| 282,868 | Viavi Solutions, Inc.(a) | 2,585,414 | ||||||
TRANSPORTATION & LOGISTICS — 1.8% | ||||||||
| 30,450 | ArcBest Corporation | 3,095,243 | ||||||
TOTAL COMMON STOCKS (Cost $155,172,124) | 150,382,403 | |||||||
| EXCHANGE-TRADED FUND — 10.5% |
| ||||||
EQUITY — 10.5% | ||||||||
| 580,000 | Timothy Plan US Small Cap Core ETF(b) (Cost $14,834,080) | 17,967,936 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 46
Small Cap Value Fund
Shares |
| Fair Value | ||||||
| SHORT-TERM INVESTMENT — 1.3% |
| ||||||
MONEY MARKET FUND — 1.3% | ||||||||
| 2,177,472 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $2,177,472)(c) | $ | 2,177,472 | |||||
TOTAL INVESTMENTS — 100.0% (Cost $172,183,676) | $ | 170,527,811 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% | 15,532 | |||||||
NET ASSETS — 100.0% | $ | 170,543,343 | ||||||
ETF | Exchange-Traded Fund |
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 September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 47
Large/Mid Cap Value Fund
Shares |
| Fair Value | ||||||
| COMMON STOCKS — 76.4% |
| ||||||
AEROSPACE & DEFENSE — 2.2% | ||||||||
| 28,467 | General Dynamics Corporation | $ | 6,290,353 | |||||
BANKING — 2.9% | ||||||||
| 61,433 | BOK Financial Corporation | 4,913,412 | ||||||
| 37,002 | Cullen/Frost Bankers, Inc. | 3,374,952 | ||||||
| 8,288,364 | ||||||||
CHEMICALS — 2.2% | ||||||||
| 24,982 | Sherwin-Williams Company (The) | 6,371,659 | ||||||
COMMERCIAL SUPPORT SERVICES — 1.9% | ||||||||
| 39,871 | Waste Connections, Inc. | 5,354,675 | ||||||
CONTAINERS & PACKAGING — 1.7% | ||||||||
| 55,114 | Crown Holdings, Inc. | 4,876,487 | ||||||
DIVERSIFIED INDUSTRIALS — 2.8% | ||||||||
| 36,789 | Eaton Corporation plc | 7,846,359 | ||||||
ELECTRIC UTILITIES — 3.5% | ||||||||
| 89,542 | CMS Energy Corporation | 4,755,576 | ||||||
| 66,304 | WEC Energy Group, Inc. | 5,340,787 | ||||||
| 10,096,363 | ||||||||
FOOD — 3.9% | ||||||||
| 45,194 | J M Smucker Company (The) | 5,554,795 | ||||||
| 74,329 | McCormick & Company, Inc. | 5,622,245 | ||||||
| 11,177,040 | ||||||||
HEALTH CARE FACILITIES & SERVICES — 1.0% | ||||||||
| 11,754 | HCA Healthcare, Inc. | 2,891,249 | ||||||
INSTITUTIONAL FINANCIAL SERVICES — 2.2% | ||||||||
| 57,253 | Intercontinental Exchange, Inc. | 6,298,975 | ||||||
INSURANCE — 2.4% | ||||||||
| 30,074 | Arthur J Gallagher & Company | 6,854,767 | ||||||
LEISURE FACILITIES & SERVICES — 2.5% | ||||||||
| 18,731 | Domino’s Pizza, Inc. | 7,095,115 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 48
Large/Mid Cap Value Fund
Shares |
| Fair Value | ||||||
MEDICAL EQUIPMENT & DEVICES — 7.1% | ||||||||
| 25,379 | Danaher Corporation | $ | 6,296,530 | |||||
| 51,957 | PerkinElmer, Inc. | 5,751,640 | ||||||
| 23,046 | STERIS plc | 5,056,753 | ||||||
| 26,921 | Zimmer Biomet Holdings, Inc. | 3,021,075 | ||||||
| 20,125,998 | ||||||||
OIL & GAS PRODUCERS — 4.4% | ||||||||
| 54,647 | ConocoPhillips | 6,546,711 | ||||||
| 48,266 | EOG Resources, Inc. | 6,118,198 | ||||||
| 12,664,909 | ||||||||
REAL ESTATE INVESTMENT TRUSTS — 3.5% | ||||||||
| 49,812 | Crown Castle, Inc. | 4,584,198 | ||||||
| 47,188 | Prologis, Inc. | 5,294,966 | ||||||
| 9,879,164 | ||||||||
RETAIL - CONSUMER STAPLES — 4.3% | ||||||||
| 12,242 | Costco Wholesale Corporation | 6,916,240 | ||||||
| 51,036 | Dollar General Corporation | 5,399,609 | ||||||
| 12,315,849 | ||||||||
RETAIL - DISCRETIONARY — 4.6% | ||||||||
| 8,006 | O’Reilly Automotive, Inc.(a) | 7,276,334 | ||||||
| 28,837 | Tractor Supply Company | 5,855,353 | ||||||
| 13,131,687 | ||||||||
SEMICONDUCTORS — 12.3% | ||||||||
| 9,051 | Broadcom, Inc. | 7,517,580 | ||||||
| 93,501 | Lattice Semiconductor Corporation(a) | 8,034,540 | ||||||
| 75,189 | Microchip Technology, Inc. | 5,868,501 | ||||||
| 12,515 | Monolithic Power Systems, Inc. | 5,781,930 | ||||||
| 17,708 | NVIDIA Corporation | 7,702,803 | ||||||
| 34,905,354 | ||||||||
SOFTWARE — 6.6% | ||||||||
| 24,878 | Cadence Design Systems, Inc.(a) | 5,828,915 | ||||||
| 16,143 | Synopsys, Inc.(a) | 7,409,152 | ||||||
| 14,719 | Tyler Technologies, Inc.(a) | 5,683,595 | ||||||
| 18,921,662 | ||||||||
TECHNOLOGY SERVICES — 2.2% | ||||||||
| 20,120 | CACI International, Inc., Class A(a) | 6,316,272 | ||||||
TRANSPORTATION & LOGISTICS — 2.2% | ||||||||
| 31,118 | Union Pacific Corporation | 6,336,557 | ||||||
TOTAL COMMON STOCKS (Cost $168,580,570) | 218,038,858 | |||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 49
Large/Mid Cap Value Fund
Shares |
| Fair Value | ||||||
| EXCHANGE-TRADED FUNDS — 17.3% |
| ||||||
EQUITY — 17.3% | ||||||||
| 573,000 | Timothy Plan High Dividend Stock Enhanced ETF(b) | $ | 12,610,985 | |||||
| 382,500 | Timothy Plan High Dividend Stock ETF(b) | 11,709,511 | ||||||
| 634,000 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(b) | 13,944,449 | ||||||
| 318,000 | Timothy Plan US Large/Mid Cap Core ETF(b) | 10,961,460 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $48,945,130) | 49,226,405 | |||||||
| SHORT-TERM INVESTMENT — 6.3% |
| ||||||
MONEY MARKET FUND — 6.3% | ||||||||
| 17,992,749 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $17,992,749)(c) | 17,992,749 | ||||||
TOTAL INVESTMENTS — 100.0% (Cost $235,518,449) | $ | 285,258,012 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% | (90,763 | ) | ||||||
NET ASSETS — 100.0% | $ | 285,167,249 | ||||||
ETF | Exchange-Traded Fund |
PLC | Public Limited Company |
(a) | Non-income producing security. |
(b) | Investment in affiliate. |
(c) | Rate disclosed is the seven day effective yield as of September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 50
Fixed Income Fund
Principal |
| Coupon | Maturity | Fair Value | ||||||||||||
| CORPORATE BONDS — 30.1% |
|
|
| ||||||||||||
CHEMICALS — 2.1% | ||||||||||||||||
| 1,570,000 | Nutrien Ltd. | 4.0000 | 12/15/26 | $ | 1,489,623 | |||||||||||
| 805,000 | Nutrien Ltd. | 2.9500 | 05/13/30 | 672,831 | ||||||||||||
| 2,162,454 | ||||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.8% | ||||||||||||||||
| 450,000 | Republic Services, Inc. | 5.0000 | 04/01/34 | 426,396 | ||||||||||||
| 450,000 | Waste Management, Inc. | 4.6250 | 02/15/33 | 419,641 | ||||||||||||
| 846,037 | ||||||||||||||||
ELECTRIC UTILITIES — 4.5% | ||||||||||||||||
| 2,205,000 | American Electric Power Company, Inc. | 3.2000 | 11/13/27 | 2,015,512 | ||||||||||||
| 1,000,000 | Electricite de France S.A.(a) | 5.7000 | 05/23/28 | 991,088 | ||||||||||||
| 855,000 | National Rural Utilities Cooperative Finance | 2.9500 | 02/07/24 | 846,432 | ||||||||||||
| 405,000 | National Rural Utilities Cooperative Finance | 5.0500 | 09/15/28 | 398,237 | ||||||||||||
| 442,000 | WEC Energy Group, Inc. | 3.5500 | 06/15/25 | 424,861 | ||||||||||||
| 4,676,130 | ||||||||||||||||
GAS & WATER UTILITIES — 2.0% | ||||||||||||||||
| 2,185,000 | NiSource, Inc. | 3.4900 | 05/15/27 | 2,027,067 | ||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.9% | ||||||||||||||||
| 1,000,000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 949,133 | ||||||||||||
MACHINERY — 1.7% | ||||||||||||||||
| 900,000 | Caterpillar Financial Services Corporation | 4.3500 | 05/15/26 | 880,523 | ||||||||||||
| 900,000 | John Deere Capital Corporation | 4.3500 | 09/15/32 | 837,768 | ||||||||||||
| 1,718,291 | ||||||||||||||||
METALS & MINING — 1.7% | ||||||||||||||||
| 1,425,000 | BHP Billiton Finance USA Ltd. | 4.9000 | 02/28/33 | 1,355,489 | ||||||||||||
| 450,000 | Rio Tinto Finance USA plc | 5.0000 | 03/09/33 | 432,612 | ||||||||||||
| 1,788,101 | ||||||||||||||||
OIL & GAS PRODUCERS — 7.2% | ||||||||||||||||
| 1,815,000 | Columbia Pipelines Holding Company, LLC(a) | 6.0420 | 08/15/28 | 1,807,592 | ||||||||||||
| 1,980,000 | Energy Transfer Operating, L.P. | 6.2500 | 04/15/49 | 1,821,097 | ||||||||||||
| 1,125,000 | Energy Transfer, L.P. | 5.7500 | 02/15/33 | 1,082,853 | ||||||||||||
| 450,000 | Enterprise Products Operating, LLC | 5.3500 | 01/31/33 | 440,528 | ||||||||||||
| 2,240,000 | Phillips 66 Company | 3.6050 | 02/15/25 | 2,172,963 | ||||||||||||
| 7,325,033 | ||||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 3.3% | ||||||||||||||||
| 1,520,000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 1,404,979 | ||||||||||||
| 2,200,000 | Healthpeak Properties, Inc. | 3.5000 | 07/15/29 | 1,943,091 | ||||||||||||
| 3,348,070 | ||||||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 51
Fixed Income Fund
Principal |
| Coupon | Maturity | Fair Value | ||||||||||||
RETAIL - CONSUMER STAPLES — 1.4% | ||||||||||||||||
| 1,575,000 | Dollar General Corporation | 4.1250 | 05/01/28 | $ | 1,470,764 | |||||||||||
RETAIL - DISCRETIONARY — 1.6% | ||||||||||||||||
| 1,795,000 | Tractor Supply Company | 5.2500 | 05/15/33 | 1,697,244 | ||||||||||||
TRANSPORTATION & LOGISTICS — 2.9% | ||||||||||||||||
| 1,000,000 | Canadian Pacific Railway Company | 2.9000 | 02/01/25 | 963,205 | ||||||||||||
| 2,190,000 | CSX Corporation | 3.2500 | 06/01/27 | 2,037,803 | ||||||||||||
| 3,001,008 | ||||||||||||||||
TOTAL CORPORATE BONDS (Cost $33,316,863) | 31,009,332 | |||||||||||||||
| NON U.S. GOVERNMENT & AGENCIES — 2.0% |
|
|
| ||||||||||||
LOCAL AUTHORITY — 2.0% | ||||||||||||||||
| 2,235,000 | Province of Ontario Canada (Cost $2,290,655) | 2.5000 | 04/27/26 | 2,095,548 | ||||||||||||
| U.S. GOVERNMENT & AGENCIES — 66.3% |
|
|
| ||||||||||||
AGENCY FIXED RATE — 34.7% | ||||||||||||||||
| 1,239,324 | Fannie Mae Pool FM5537 | 2.0000 | 01/01/36 | 1,066,804 | ||||||||||||
| 945,037 | Fannie Mae Pool MA4316 | 2.5000 | 04/01/36 | 836,152 | ||||||||||||
| 683,949 | Fannie Mae Pool MA4366 | 2.5000 | 06/01/41 | 565,690 | ||||||||||||
| 404,870 | Fannie Mae Pool MA4475 | 2.5000 | 10/01/41 | 333,177 | ||||||||||||
| 1,171,185 | Fannie Mae Pool MA4617 | 3.0000 | 04/01/42 | 994,491 | ||||||||||||
| 970,772 | Fannie Mae Pool FM4053 | 2.5000 | 08/01/50 | $ | 783,257 | |||||||||||
| 1,284,332 | Fannie Mae Pool CA8897 | 3.0000 | 02/01/51 | 1,076,933 | ||||||||||||
| 844,737 | Fannie Mae Pool MA4258 | 3.5000 | 02/01/51 | 735,521 | ||||||||||||
| 440,338 | Fannie Mae Pool FM6550 | 2.0000 | 03/01/51 | 340,401 | ||||||||||||
| 812,013 | Fannie Mae Pool CB0855 | 3.0000 | 06/01/51 | 675,112 | ||||||||||||
| 1,482,113 | Fannie Mae Pool FS3744 | 2.0000 | 07/01/51 | 1,136,465 | ||||||||||||
| 495,849 | Fannie Mae Pool FS1807 | 3.5000 | 07/01/51 | 433,563 | ||||||||||||
| 939,369 | Fannie Mae Pool CB3486 | 3.5000 | 05/01/52 | 810,467 | ||||||||||||
| 516,447 | Fannie Mae Pool FS1704 | 4.0000 | 05/01/52 | 464,319 | ||||||||||||
| 865,692 | Fannie Mae Pool BV9960 | 4.0000 | 06/01/52 | 774,707 | ||||||||||||
| 1,040,543 | Fannie Mae Pool FS3392 | 4.0000 | 09/01/52 | 928,967 | ||||||||||||
| 887,151 | Fannie Mae Pool FS3159 | 4.5000 | 10/01/52 | 817,964 | ||||||||||||
| 869,732 | Fannie Mae Pool FS4075 | 5.0000 | 04/01/53 | 824,966 | ||||||||||||
| 884,785 | Fannie Mae Pool FS5044 | 4.5000 | 06/01/53 | 818,327 | ||||||||||||
| 1,035,000 | Fannie Mae Pool FS5850 | 6.0000 | 09/01/53 | 1,022,814 | ||||||||||||
| 57,511 | Ginnie Mae I Pool 723248 | 5.0000 | 10/15/39 | 56,298 | ||||||||||||
| 244,991 | Ginnie Mae I Pool 783060 | 4.0000 | 08/15/40 | 223,653 | ||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 52
Fixed Income Fund
Principal |
| Coupon | Maturity | Fair Value | ||||||||||||
AGENCY FIXED RATE — 34.7% (Continued) | ||||||||||||||||
| 132,725 | Ginnie Mae I Pool 783403 | 3.5000 | 09/15/41 | $ | 119,523 | |||||||||||
| 102,321 | Ginnie Mae II Pool 4520 | 5.0000 | 08/20/39 | 100,547 | ||||||||||||
| 137,287 | Ginnie Mae II Pool 4947 | 5.0000 | 02/20/41 | 133,868 | ||||||||||||
| 244,421 | Ginnie Mae II Pool MA3376 | 3.5000 | 01/20/46 | 218,339 | ||||||||||||
| 156,110 | Ginnie Mae II Pool MA3596 | 3.0000 | 04/20/46 | 133,809 | ||||||||||||
| 418,309 | Ginnie Mae II Pool MA3663 | 3.5000 | 05/20/46 | 373,734 | ||||||||||||
| 150,149 | Ginnie Mae II Pool MA3736 | 3.5000 | 06/20/46 | 134,193 | ||||||||||||
| 256,242 | Ginnie Mae II Pool MA4004 | 3.5000 | 10/20/46 | 228,254 | ||||||||||||
| 173,622 | Ginnie Mae II Pool MA4509 | 3.0000 | 06/20/47 | 149,752 | ||||||||||||
| 207,607 | Ginnie Mae II Pool MA4652 | 3.5000 | 08/20/47 | 184,633 | ||||||||||||
| 255,299 | Ginnie Mae II Pool MA4719 | 3.5000 | 09/20/47 | 227,021 | ||||||||||||
| 261,890 | Ginnie Mae II Pool MA4778 | 3.5000 | 10/20/47 | 232,725 | ||||||||||||
| 208,792 | Ginnie Mae II Pool MA4901 | 4.0000 | 12/20/47 | 191,429 | ||||||||||||
| 179,585 | Ginnie Mae II Pool MA4963 | 4.0000 | 01/20/48 | 164,752 | ||||||||||||
| 173,557 | Ginnie Mae II Pool MA6092 | 4.5000 | 08/20/49 | 161,874 | ||||||||||||
| 186,879 | Ginnie Mae II Pool MA6156 | 4.5000 | 09/20/49 | 175,038 | ||||||||||||
| 639,384 | Ginnie Mae II Pool BN2662 | 3.0000 | 10/20/49 | 544,053 | ||||||||||||
| 171,282 | Ginnie Mae II Pool MA6221 | 4.5000 | 10/20/49 | 160,616 | ||||||||||||
| 172,802 | Ginnie Mae II Pool MA6477 | 4.5000 | 02/20/50 | 162,055 | ||||||||||||
| 277,345 | Ginnie Mae II Pool MA6478 | 5.0000 | 02/20/50 | 267,644 | ||||||||||||
| 279,713 | Ginnie Mae II Pool MA6544 | 4.5000 | 03/20/50 | 258,791 | ||||||||||||
| 195,025 | Ginnie Mae II Pool MA6545 | 5.0000 | 03/20/50 | 188,234 | ||||||||||||
| 1,100,895 | Ginnie Mae II Pool MA6598 | 2.5000 | 04/20/50 | 906,399 | ||||||||||||
| 277,734 | Ginnie Mae II Pool MA6600 | 3.5000 | 04/20/50 | 245,310 | ||||||||||||
| 235,156 | Ginnie Mae II Pool MA6601 | 4.0000 | 04/20/50 | 214,611 | ||||||||||||
| 211,919 | Ginnie Mae II Pool MA6603 | 5.0000 | 04/20/50 | 204,472 | ||||||||||||
| 984,940 | Ginnie Mae II Pool MA7255 | 2.5000 | 03/20/51 | 807,605 | ||||||||||||
| 726,722 | Ginnie Mae II Pool MA7418 | 2.5000 | 06/20/51 | 596,024 | ||||||||||||
| 1,218,283 | Ginnie Mae II Pool MA7419 | 3.0000 | 06/20/51 | 1,038,752 | ||||||||||||
| 1,098,301 | Ginnie Mae II Pool MA7472 | 2.5000 | 07/20/51 | 900,578 | ||||||||||||
| 1,276,025 | Ginnie Mae II Pool CE1974 | 3.0000 | 08/20/51 | 1,098,816 | ||||||||||||
| 1,077,759 | Ginnie Mae II Pool CE1990 | 2.5000 | 09/20/51 | 882,519 | ||||||||||||
| 1,286,395 | Ginnie Mae II Pool MA7705 | 2.5000 | 11/20/51 | 1,055,085 | ||||||||||||
| 1,038,503 | Ginnie Mae II Pool MA7768 | 3.0000 | 12/20/51 | 883,816 | ||||||||||||
| 1,055,335 | Ginnie Mae II Pool MA7829 | 3.5000 | 01/20/52 | 926,567 | ||||||||||||
| 1,043,706 | Ginnie Mae II Pool MA7939 | 4.0000 | 03/20/52 | 941,867 | ||||||||||||
| 1,146,631 | Ginnie Mae II Pool MA7987 | 2.5000 | 04/20/52 | 939,738 | ||||||||||||
| 1,133,462 | Ginnie Mae II Pool MA8098 | 3.0000 | 06/20/52 | 963,199 | ||||||||||||
| 1,102,597 | Ginnie Mae II Pool MA8268 | 4.5000 | 09/20/52 | 1,020,631 | ||||||||||||
| 878,538 | Ginnie Mae II Pool MA8800 | 5.0000 | 04/20/53 | 833,647 | ||||||||||||
| 1,055,275 | Ginnie Mae II Pool MA9017 | 5.5000 | 07/20/53 | 1,025,043 | ||||||||||||
TOTAL AGENCY FIXED RATE (Cost $41,310,695) | 35,715,611 | |||||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 53
Fixed Income Fund
Principal |
| Coupon | Maturity | Fair Value | ||||||||||||
U.S. TREASURY NOTES — 31.6% | ||||||||||||||||
| 700,000 | United States Treasury Note | 2.2500 | 11/15/24 | $ | 676,320 | |||||||||||
| 3,180,000 | United States Treasury Note | 2.0000 | 08/15/25 | 3,005,349 | ||||||||||||
| 3,530,000 | United States Treasury Note | 0.6250 | 07/31/26 | 3,142,389 | ||||||||||||
| 8,200,000 | United States Treasury Note | 1.2500 | 09/30/28 | 6,972,082 | ||||||||||||
| 2,010,000 | United States Treasury Note | 1.2500 | 08/15/31 | 1,571,412 | ||||||||||||
| 7,545,000 | United States Treasury Note | 3.5000 | 02/15/33 | 6,925,485 | ||||||||||||
| 5,215,000 | United States Treasury Note | 1.7500 | 08/15/41 | 3,247,356 | ||||||||||||
| 2,570,000 | United States Treasury Note | 2.0000 | 08/15/51 | 1,481,364 | ||||||||||||
| 6,635,000 | United States Treasury Note | 3.6250 | 02/15/53 | 5,482,687 | ||||||||||||
TOTAL U.S. TREASURY NOTES (Cost $36,791,119) | 32,504,444 | |||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $78,101,814) | 68,220,055 | |||||||||||||||
Shares |
|
| ||||||
| SHORT-TERM INVESTMENT — 1.1% |
| ||||||
MONEY MARKET FUND — 1.1% | ||||||||
| 1,090,399 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $1,090,399)(b) | 1,090,399 | ||||||
TOTAL INVESTMENTS — 99.5% (Cost $114,799,731) | $ | 102,415,334 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5% | 525,102 | |||||||
NET ASSETS — 100.0% | $ | 102,940,436 | ||||||
LLC | Limited Liability Company |
LP | Limited Partnership |
LTD | Limited Company |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
S/A | Société Anonyme |
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023 the total market value of 144A securities is 2,798,680 or 2.7% of net assets. |
(b) | Rate disclosed is the seven day effective yield as of September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 54
High Yield Bond Fund
Principal |
| Spread | Coupon | Maturity | Fair Value | |||||||||||||||
| CORPORATE BONDS — 97.0% |
|
|
|
| |||||||||||||||
AEROSPACE & DEFENSE — 0.7% | ||||||||||||||||||||
| 1,000,000 | TransDigm, Inc.(a) | 6.8750 | 12/15/30 | $ | 980,075 | |||||||||||||||
ASSET MANAGEMENT — 1.4% | ||||||||||||||||||||
| 1,350,000 | AG TTMT Escrow Issuer, LLC(a) | 8.6250 | 09/30/27 | 1,359,470 | ||||||||||||||||
| 500,000 | NFP Corporation(a) | 8.5000 | 10/01/31 | 501,289 | ||||||||||||||||
| 1,860,759 | ||||||||||||||||||||
AUTOMOTIVE — 3.6% | ||||||||||||||||||||
| 1,750,000 | Adient Global Holdings Ltd.(a) | 8.2500 | 04/15/31 | 1,754,363 | ||||||||||||||||
| 1,750,000 | Goodyear Tire & Rubber Company (The) | 5.6250 | 04/30/33 | 1,434,099 | ||||||||||||||||
| 2,000,000 | Tenneco, Inc.(a) | 8.0000 | 11/17/28 | 1,630,000 | ||||||||||||||||
| 4,818,462 | ||||||||||||||||||||
BIOTECH & PHARMA — 0.5% | ||||||||||||||||||||
| 1,500,000 | Emergent BioSolutions, Inc.(a) | 3.8750 | 08/15/28 | 628,403 | ||||||||||||||||
CHEMICALS — 6.1% | ||||||||||||||||||||
| 1,750,000 | Avient Corporation(a) | 7.1250 | 08/01/30 | 1,721,059 | ||||||||||||||||
| 2,250,000 | Axalta Coating Systems LLC(a) | 3.3750 | 02/15/29 | 1,875,363 | ||||||||||||||||
| 2,500,000 | Chemours Company (The)(a) | 4.6250 | 11/15/29 | 2,014,492 | ||||||||||||||||
| 2,000,000 | Polar US Borrower, LLC / Schenectady International(a) | 6.7500 | 05/15/26 | 1,009,550 | ||||||||||||||||
| 1,500,000 | WR Grace Holdings, LLC(a) | 7.3750 | 03/01/31 | 1,450,845 | ||||||||||||||||
| 8,071,309 | ||||||||||||||||||||
COMMERCIAL SUPPORT SERVICES — 9.4% | ||||||||||||||||||||
| 125,000 | Atlas LuxCompany 4 S.A.RL / Allied Universal(a) | 4.6250 | 06/01/28 | 103,927 | ||||||||||||||||
| 1,375,000 | Clean Harbors, Inc.(a) | 6.3750 | 02/01/31 | 1,338,771 | ||||||||||||||||
| 2,250,000 | Covanta Holding Corporation | 5.0000 | 09/01/30 | 1,818,956 | ||||||||||||||||
| 1,125,000 | Covert Mergeco, Inc.(a) | 4.8750 | 12/01/29 | 924,654 | ||||||||||||||||
| 2,800,000 | GFL Environmental Inc(a) | 4.0000 | 08/01/28 | 2,449,901 | ||||||||||||||||
| 2,755,000 | Harsco Corporation(a) | 5.7500 | 07/31/27 | 2,426,397 | ||||||||||||||||
| 1,950,000 | Waste Pro USA, Inc.(a) | 5.5000 | 02/15/26 | 1,823,716 | ||||||||||||||||
| 1,500,000 | Williams Scotsman, Inc.(a) | 7.3750 | 10/01/31 | 1,492,048 | ||||||||||||||||
| 12,378,370 | ||||||||||||||||||||
CONSTRUCTION MATERIALS — 0.7% | ||||||||||||||||||||
| 500,000 | Cemex S.A.B. de C.V.(a) | 5.2000 | 09/17/30 | 460,076 | ||||||||||||||||
| 500,000 | Cemex S.A.B. de C.V.(a) | 3.8750 | 07/11/31 | 418,809 | ||||||||||||||||
| 878,885 | ||||||||||||||||||||
CONSUMER SERVICES — 2.2% | ||||||||||||||||||||
| 2,000,000 | PROG Holdings, Inc.(a) | 6.0000 | 11/15/29 | 1,756,740 | ||||||||||||||||
| 1,250,000 | Rent-A-Center, Inc.(a) | 6.3750 | 02/15/29 | 1,110,769 | ||||||||||||||||
| 2,867,509 | ||||||||||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 55
High Yield Bond Fund
Principal |
| Spread | Coupon | Maturity | Fair Value | |||||||||||||||
CONTAINERS & PACKAGING — 10.5% | ||||||||||||||||||||
| 625,000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh(a) | 6.0000 | 06/15/27 | $ | 602,007 | |||||||||||||||
| 1,750,000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh(a) | 4.0000 | 09/01/29 | 1,371,904 | ||||||||||||||||
| 1,750,000 | Canpack S.A. / Canpack US, LLC(a) | 3.8750 | 11/15/29 | 1,432,098 | ||||||||||||||||
| 1,250,000 | Graham Packaging Company, Inc.(a) | 7.1250 | 08/15/28 | 1,049,005 | ||||||||||||||||
| 1,000,000 | Graphic Packaging International, LLC(a) | 3.7500 | 02/01/30 | 837,300 | ||||||||||||||||
| 1,250,000 | LABL, Inc.(a) | 5.8750 | 11/01/28 | 1,124,772 | ||||||||||||||||
| 375,000 | LABL, Inc.(a) | 9.5000 | 11/01/28 | 384,844 | ||||||||||||||||
| 750,000 | LABL, Inc.(a) | 8.2500 | 11/01/29 | 614,531 | ||||||||||||||||
| 2,800,000 | Mauser Packaging Solutions Holding Company(a) | 7.8750 | 08/15/26 | 2,704,726 | ||||||||||||||||
| 3,000,000 | Pactiv Evergreen Group Issuer, LLC / Pactiv(a) | 4.3750 | 10/15/28 | 2,607,496 | ||||||||||||||||
| 1,500,000 | TriMas Corporation(a) | 4.1250 | 04/15/29 | 1,287,405 | ||||||||||||||||
| 14,016,088 | ||||||||||||||||||||
ELECTRIC UTILITIES — 1.2% | ||||||||||||||||||||
| 1,500,000 | Vistra Corporation(a),(b) | H15T5Y + 5.740% | 7.0000 | 06/15/70 | 1,370,272 | |||||||||||||||
| 250,000 | Vistra Operations Company, LLC(a) | 4.3750 | �� | 05/01/29 | 215,163 | |||||||||||||||
| 1,585,435 | ||||||||||||||||||||
ELECTRICAL EQUIPMENT — 0.7% | ||||||||||||||||||||
| 500,000 | BWX Technologies, Inc.(a) | 4.1250 | 06/30/28 | 442,573 | ||||||||||||||||
| 500,000 | BWX Technologies, Inc.(a) | 4.1250 | 04/15/29 | 439,110 | ||||||||||||||||
| 881,683 | ||||||||||||||||||||
ENGINEERING & CONSTRUCTION — 1.2% | ||||||||||||||||||||
| 1,694,000 | Dycom Industries, Inc.(a) | 4.5000 | 04/15/29 | 1,467,047 | ||||||||||||||||
FOOD — 1.0% | ||||||||||||||||||||
| 1,350,000 | Darling Ingredients, Inc.(a) | 6.0000 | 06/15/30 | 1,281,016 | ||||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 4.4% | ||||||||||||||||||||
| 750,000 | Catalent Pharma Solutions, Inc.(a) | 3.1250 | 02/15/29 | 614,749 | ||||||||||||||||
| 500,000 | Heartland Dental, LLC / Heartland Dental Finance(a) | 10.5000 | 04/30/28 | 503,750 | ||||||||||||||||
| 250,000 | LifePoint Health, Inc.(a) | 5.3750 | 01/15/29 | 175,666 | ||||||||||||||||
| 2,000,000 | LifePoint Health, Inc.(a) | 9.8750 | 08/15/30 | 1,938,760 | ||||||||||||||||
| 125,000 | LifePoint Health, Inc.(a) | 11.0000 | 10/15/30 | 125,000 | ||||||||||||||||
| 1,000,000 | MEDNAX, Inc.(a) | 5.3750 | 02/15/30 | 881,910 | ||||||||||||||||
| 250,000 | Star Parent, Inc.(a) | 9.0000 | 10/01/30 | 252,919 | ||||||||||||||||
| 1,500,000 | Tenet Healthcare Corporation | 6.1250 | 10/01/28 | 1,409,520 | ||||||||||||||||
| 5,902,274 | ||||||||||||||||||||
HOME CONSTRUCTION — 5.1% | ||||||||||||||||||||
| 500,000 | Ashton Woods USA, LLC / Ashton Woods Finance(a) | 6.6250 | 01/15/28 | 472,298 | ||||||||||||||||
| 1,000,000 | Ashton Woods USA, LLC / Ashton Woods Finance(a) | 4.6250 | 08/01/29 | 848,119 | ||||||||||||||||
| 500,000 | Ashton Woods USA, LLC / Ashton Woods Finance(a) | 4.6250 | 04/01/30 | 410,115 | ||||||||||||||||
| 2,792,000 | Interface Inc(a) | 5.5000 | 12/01/28 | 2,376,208 | ||||||||||||||||
| 1,650,000 | STL Holding Company, LLC(a) | 7.5000 | 02/15/26 | 1,530,375 | ||||||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 56
High Yield Bond Fund
Principal |
| Spread | Coupon | Maturity | Fair Value | |||||||||||||||
HOME CONSTRUCTION — 5.1% (Continued) | ||||||||||||||||||||
| 1,273,000 | Weekley Homes, LLC / Weekley Finance Corporation(a) | 4.8750 | 09/15/28 | $ | 1,098,995 | |||||||||||||||
| 6,736,110 | ||||||||||||||||||||
HOUSEHOLD PRODUCTS — 1.1% | ||||||||||||||||||||
| 1,550,000 | Energizer Holdings, Inc.(a) | 6.5000 | 12/31/27 | 1,469,478 | ||||||||||||||||
INDUSTRIAL SUPPORT SERVICES — 1.0% | ||||||||||||||||||||
| 1,500,000 | Ashtead Capital, Inc.(a) | 2.4500 | 08/12/31 | 1,139,822 | ||||||||||||||||
| 250,000 | BCPE Empire Holdings, Inc.(a) | 7.6250 | 05/01/27 | 237,743 | ||||||||||||||||
| 1,377,565 | ||||||||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.2% | ||||||||||||||||||||
| 1,750,000 | LPL Holdings, Inc.(a) | 4.0000 | 03/15/29 | 1,527,752 | ||||||||||||||||
INSURANCE — 0.4% | ||||||||||||||||||||
| 500,000 | HUB International Ltd.(a) | 7.2500 | 06/15/30 | 499,630 | ||||||||||||||||
LEISURE FACILITIES & SERVICES — 0.7% | ||||||||||||||||||||
| 1,000,000 | Brinker International, Inc.(a) | 8.2500 | 07/15/30 | 963,465 | ||||||||||||||||
MACHINERY — 0.3% | ||||||||||||||||||||
| 500,000 | Redwood Star Merger Sub, Inc.(a) | 8.7500 | 04/01/30 | 462,840 | ||||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 1.7% | ||||||||||||||||||||
| 500,000 | Bausch & Lomb Escrow Corporation(a) | 8.3750 | 10/01/28 | 502,375 | ||||||||||||||||
| 1,000,000 | Mozart Debt Merger Sub, Inc.(a) | 3.8750 | 04/01/29 | 846,370 | ||||||||||||||||
| 1,000,000 | Mozart Debt Merger Sub, Inc.(a) | 5.2500 | 10/01/29 | 865,563 | ||||||||||||||||
| 2,214,308 | ||||||||||||||||||||
METALS & MINING — 1.2% | ||||||||||||||||||||
| 250,000 | Arsenal AIC Parent, LLC(a) | 8.0000 | 10/01/30 | 249,068 | ||||||||||||||||
| 1,750,000 | Kaiser Aluminum Corporation(a) | 4.5000 | 06/01/31 | 1,388,524 | ||||||||||||||||
| 1,637,592 | ||||||||||||||||||||
OIL & GAS PRODUCERS — 7.3% | ||||||||||||||||||||
| 1,000,000 | Colgate Energy Partners III, LLC(a) | 5.8750 | 07/01/29 | 943,434 | ||||||||||||||||
| 2,322,000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(a) | 5.5000 | 06/15/31 | 2,060,729 | ||||||||||||||||
| 500,000 | Crestwood Midstream Partners, L.P. / Crestwood | 5.7500 | 04/01/25 | 492,365 | ||||||||||||||||
| 1,500,000 | Crestwood Midstream Partners, L.P. / Crestwood(a) | 5.6250 | 05/01/27 | 1,439,849 | ||||||||||||||||
| 500,000 | Genesis Energy, L.P. / Genesis Energy Finance | 7.7500 | 02/01/28 | 474,524 | ||||||||||||||||
| 500,000 | Genesis Energy, L.P. / Genesis Energy Finance | 8.8750 | 04/15/30 | 488,660 | ||||||||||||||||
| 1,250,000 | Global Partners, L.P. / GLP Finance Corporation | 7.0000 | 08/01/27 | 1,219,340 | ||||||||||||||||
| 1,000,000 | ITT Holdings, LLC(a) | 6.5000 | 08/01/29 | 848,894 | ||||||||||||||||
| 1,750,000 | NuStar Logistics, L.P. | 5.6250 | 04/28/27 | 1,669,045 | ||||||||||||||||
| 9,636,840 | ||||||||||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 57
High Yield Bond Fund
Principal |
| Spread | Coupon | Maturity | Fair Value | |||||||||||||||
PUBLISHING & BROADCASTING — 0.4% | ||||||||||||||||||||
| 750,000 | Gray Television, Inc.(a) | 4.7500 | 10/15/30 | $ | 497,795 | |||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.4% | ||||||||||||||||||||
| 1,500,000 | Diversified Healthcare Trust | 9.7500 | 06/15/25 | 1,446,142 | ||||||||||||||||
| 500,000 | Service Properties Trust | 5.5000 | 12/15/27 | 427,859 | ||||||||||||||||
| 1,874,001 | ||||||||||||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 2.1% | ||||||||||||||||||||
| 500,000 | Greystar Real Estate Partners, LLC(a) | 7.7500 | 09/01/30 | 494,466 | ||||||||||||||||
| 2,999,000 | Howard Hughes Corporation (The)(a) | 4.3750 | 02/01/31 | 2,304,725 | ||||||||||||||||
| 2,799,191 | ||||||||||||||||||||
RETAIL - CONSUMER STAPLES — 0.6% | ||||||||||||||||||||
| 1,000,000 | Ingles Markets, Inc.(a) | 4.0000 | 06/15/31 | 822,330 | ||||||||||||||||
RETAIL - DISCRETIONARY — 5.3% | ||||||||||||||||||||
| 2,050,000 | Beacon Roofing Supply, Inc.(a) | 4.1250 | 05/15/29 | 1,754,472 | ||||||||||||||||
| 2,912,000 | Ken Garff Automotive, LLC(a) | 4.8750 | 09/15/28 | 2,490,967 | ||||||||||||||||
| 1,250,000 | Lithia Motors, Inc.(a) | 3.8750 | 06/01/29 | 1,054,875 | ||||||||||||||||
| 750,000 | Lithia Motors, Inc.(a) | 4.3750 | 01/15/31 | 621,174 | ||||||||||||||||
| 1,300,000 | Sonic Automotive, Inc.(a) | 4.8750 | 11/15/31 | 1,036,277 | ||||||||||||||||
| 6,957,765 | ||||||||||||||||||||
SEMICONDUCTORS — 1.2% | ||||||||||||||||||||
| 1,750,000 | Entegris Escrow Corporation(a) | 4.7500 | 04/15/29 | 1,574,721 | ||||||||||||||||
SOFTWARE — 0.6% | ||||||||||||||||||||
| 1,000,000 | Crowdstrike Holdings, Inc. | 3.0000 | 02/15/29 | 844,472 | ||||||||||||||||
SPECIALTY FINANCE — 15.0% | ||||||||||||||||||||
| 2,250,000 | Air Lease Corporation(b) | H15T5Y + 4.076% | 4.6500 | 06/15/70 | 1,986,974 | |||||||||||||||
| 1,250,000 | Bread Financial Holdings, Inc.(a) | 7.0000 | 01/15/26 | 1,172,117 | ||||||||||||||||
| 1,000,000 | Burford Capital Global Finance, LLC(a) | 6.2500 | 04/15/28 | 923,255 | ||||||||||||||||
| 3,000,000 | Burford Capital Global Finance, LLC(a) | 9.2500 | 07/01/31 | 3,033,702 | ||||||||||||||||
| 786,000 | Freedom Mortgage Corporation(a) | 8.2500 | 04/15/25 | 786,898 | ||||||||||||||||
| 1,000,000 | Freedom Mortgage Corporation(a) | 6.6250 | 01/15/27 | 879,846 | ||||||||||||||||
| 500,000 | Freedom Mortgage Corporation(a) | 12.0000 | 10/01/28 | 509,082 | ||||||||||||||||
| 2,955,000 | ILFC E-Capital Trust I(a),(b) | T30Y + 1.550% | 7.2090 | 12/21/65 | 2,166,080 | |||||||||||||||
| 1,500,000 | ILFC E-Capital Trust II(a),(b) | T30Y + 1.800% | 7.4590 | 12/21/65 | 1,135,085 | |||||||||||||||
| 1,000,000 | Ladder Capital Finance Holdings LLLP(a) | 4.2500 | 02/01/27 | 875,561 | ||||||||||||||||
| 500,000 | Nationstar Mortgage Holdings, Inc.(a) | 6.0000 | 01/15/27 | 473,009 | ||||||||||||||||
| 1,250,000 | Nationstar Mortgage Holdings, Inc.(a) | 5.5000 | 08/15/28 | 1,103,981 | ||||||||||||||||
| 1,250,000 | Nationstar Mortgage Holdings, Inc.(a) | 5.7500 | 11/15/31 | 1,035,775 | ||||||||||||||||
| 3,000,000 | New Residential Investment Corporation(a) | 6.2500 | 10/15/25 | 2,849,940 | ||||||||||||||||
| 1,000,000 | OneMain Finance Corporation | 9.0000 | 01/15/29 | 997,760 | ||||||||||||||||
| 19,929,065 | ||||||||||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 58
High Yield Bond Fund
Principal |
| Spread | Coupon | Maturity | Fair Value | |||||||||||||||
STEEL — 2.0% | ||||||||||||||||||||
| 750,000 | Commercial Metals Company | 4.3750 | 03/15/32 | $ | 629,978 | |||||||||||||||
| 2,404,000 | TMS International Corporation(a) | 6.2500 | 04/15/29 | 1,990,775 | ||||||||||||||||
| 2,620,753 | ||||||||||||||||||||
TECHNOLOGY HARDWARE — 1.7% | ||||||||||||||||||||
| 550,000 | Ciena Corporation(a) | 4.0000 | 01/31/30 | 466,018 | ||||||||||||||||
| 1,000,000 | CommScope, Inc.(a) | 8.2500 | 03/01/27 | 654,909 | ||||||||||||||||
| 750,000 | CommScope, Inc.(a) | 7.1250 | 07/01/28 | 440,018 | ||||||||||||||||
| 750,000 | TTM Technologies, Inc.(a) | 4.0000 | 03/01/29 | 622,758 | ||||||||||||||||
| 2,183,703 | ||||||||||||||||||||
TECHNOLOGY SERVICES — 1.5% | ||||||||||||||||||||
| 250,000 | GTCR W-2 Merger Sub, LLC(a) | 7.5000 | 01/15/31 | 251,256 | ||||||||||||||||
| 1,500,000 | HealthEquity, Inc.(a) | 4.5000 | 10/01/29 | 1,293,922 | ||||||||||||||||
| 500,000 | VT Topco, Inc.(a) | 8.5000 | 08/15/30 | 495,778 | ||||||||||||||||
| 2,040,956 | ||||||||||||||||||||
TRANSPORTATION EQUIPMENT — 0.2% | ||||||||||||||||||||
| 375,000 | Wabash National Corporation(a) | 4.5000 | 10/15/28 | 316,354 | ||||||||||||||||
WHOLESALE - CONSUMER STAPLES — 1.4% | ||||||||||||||||||||
| 2,500,000 | United Natural Foods, Inc.(a) | 6.7500 | 10/15/28 | 1,909,126 | ||||||||||||||||
TOTAL CORPORATE BONDS (Cost $141,128,166) | 128,513,127 | |||||||||||||||||||
Shares | ||||||||
| SHORT-TERM INVESTMENT — 1.9% |
| ||||||
MONEY MARKET FUND — 1.9% | ||||||||
| 2,544,998 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $2,544,998)(c) | 2,544,998 | ||||||
TOTAL INVESTMENTS – 98.9% (Cost $143,673,164) | $ | 131,058,125 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1% | 1,464,132 | |||||||
NET ASSETS — 100.0% | $ | 132,522,257 | ||||||
LLC | Limited Liability Company |
LP | Limited Partnership |
LTD | Limited Company |
REIT | Real Estate Investment Trust |
H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
T30Y | 30 Year Treasury |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 59
High Yield Bond Fund
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023 the total market value of 144A securities is 113,173,432 or 85.5% of net assets. |
(b) | Variable rate security; the rate shown represents the rate on September 30, 2023. |
(c) | Rate disclosed is the seven day effective yield as of September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 60
Israel Common Values Fund
Shares |
| Fair Value | ||||||
| COMMON STOCKS — 96.6% |
| ||||||
AEROSPACE & DEFENSE — 5.7% | ||||||||
| 18,501 | Elbit Systems Ltd. | $ | 3,662,828 | |||||
| 109,000 | Leonardo DRS, Inc.(a) | 1,820,300 | ||||||
| 5,483,128 | ||||||||
APPAREL & TEXTILE PRODUCTS — 2.3% | ||||||||
| 22,063 | Delta Galil Ltd. | 853,716 | ||||||
| 20,000 | Fox Wizel Ltd. | 1,384,716 | ||||||
| 2,238,432 | ||||||||
BANKING — 19.4% | ||||||||
| 102,000 | Bank Hapoalim BM - ADR | 4,349,280 | ||||||
| 518,000 | Bank Leumi Le-Israel BM | 4,278,984 | ||||||
| 63,300 | First International Bank Of Israel Ltd. | 2,714,872 | ||||||
| 602,000 | Israel Discount Bank Ltd., Class A | 3,249,490 | ||||||
| 105,000 | Mizrahi Tefahot Bank Ltd. | 3,801,416 | ||||||
| 18,394,042 | ||||||||
BIOTECH & PHARMA — 1.1% | ||||||||
| 67,000 | Enlight Renewable Energy Ltd.(a) | 1,055,279 | ||||||
CHEMICALS — 2.0% | ||||||||
| 338,902 | ICL Group Ltd. | 1,880,906 | ||||||
CONSTRUCTION MATERIALS — 0.7% | ||||||||
| 213,000 | Inrom Construction Industries Ltd. | 657,790 | ||||||
ELECTRIC UTILITIES — 2.5% | ||||||||
| 33,700 | Ormat Technologies, Inc. | 2,356,329 | ||||||
ELECTRICAL EQUIPMENT — 1.1% | ||||||||
| 16,800 | Camtek Ltd.(a) | 1,045,968 | ||||||
FOOD — 1.4% | ||||||||
| 63,000 | Strauss Group Ltd.(a) | 1,322,430 | ||||||
HEALTH CARE FACILITIES & SERVICES — 1.9% | ||||||||
| 12,769 | Danel Adir Yeoshua Ltd. | 1,045,085 | ||||||
| 1,575,013 | Novolog Ltd. | 735,791 | ||||||
| 1,780,876 | ||||||||
HOME & OFFICE PRODUCTS — 1.3% | ||||||||
| 116,585 | Maytronics Ltd. | 1,223,462 | ||||||
INSTITUTIONAL FINANCIAL SERVICES — 2.6% | ||||||||
| 425,194 | Tel Aviv Stock Exchange Ltd.(a) | 2,441,145 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 61
Israel Common Values Fund
Shares |
| Fair Value | ||||||
INSURANCE — 4.4% | ||||||||
| 132,000 | Harel Insurance Investments & Financial Services | $ | 1,042,297 | |||||
| 1,048,628 | Migdal Insurance & Financial Holdings Ltd. | 1,284,360 | ||||||
| 182,400 | Phoenix Holdings Ltd. (The) | 1,894,530 | ||||||
| 4,221,187 | ||||||||
INTERNET MEDIA & SERVICES — 0.9% | ||||||||
| 38,000 | Fiverr International Ltd.(a) | 929,860 | ||||||
LEISURE FACILITIES & SERVICES — 2.1% | ||||||||
| 20,300 | Fattal Holdings 1998 Ltd.(a) | 2,043,571 | ||||||
MEDICAL EQUIPMENT & DEVICES — 1.3% | ||||||||
| 40,900 | Inmode Ltd.(a) | 1,245,814 | ||||||
OIL & GAS PRODUCERS — 8.6% | ||||||||
| 350,000 | Delek Drilling, L.P. | 1,052,432 | ||||||
| 92,968 | Energean plc | 1,296,421 | ||||||
| 102,000 | Energean plc | 1,454,393 | ||||||
| 5,600 | Israel Corp Ltd. (The) | 1,425,214 | ||||||
| 2,350,000 | Oil Refineries Ltd. | 775,632 | ||||||
| 8,000 | Paz Ashdod Refinery Ltd.(a) | 221,261 | ||||||
| 8,000 | Paz Oil Company Ltd.(a) | 659,588 | ||||||
| 1,600,000 | Ratio Energies Finance, L.P. | 1,333,438 | ||||||
| 8,218,379 | ||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.2% | ||||||||
| 284,000 | Reit 1 Ltd. | 1,157,740 | ||||||
REAL ESTATE OWNERS & DEVELOPERS — 8.7% | ||||||||
| 62,000 | Alony Hetz Properties & Investments Ltd.(b) | 424,223 | ||||||
| 237,000 | Amot Investments Ltd. | 1,146,323 | ||||||
| 36,500 | Azrieli Group Ltd. | 1,869,735 | ||||||
| 40,000 | Elco Ltd. | 1,180,758 | ||||||
| 160,000 | Gav-Yam Lands Corp Ltd. | 1,015,074 | ||||||
| 20,380 | Melisron Ltd. | 1,271,015 | ||||||
| 593,430 | Mivne Real Estate KD Ltd. | 1,425,352 | ||||||
| 8,332,480 | ||||||||
RENEWABLE ENERGY — 1.5% | ||||||||
| 296,360 | Energix-Renewable Energies Ltd. | 873,269 | ||||||
| 4,200 | SolarEdge Technologies, Inc.(a) | 543,942 | ||||||
| 1,417,211 | ||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 62
Israel Common Values Fund
Shares |
| Fair Value | ||||||
RETAIL - CONSUMER STAPLES — 2.1% | ||||||||
| 18,700 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | $ | 1,069,692 | |||||
| 210,000 | Shufersal Ltd.(a) | 973,889 | ||||||
| 2,043,581 | ||||||||
SEMICONDUCTORS — 5.4% | ||||||||
| 30,000 | Nova Ltd.(a) | 3,373,200 | ||||||
| 73,223 | Tower Semiconductor Ltd.(a) | 1,798,357 | ||||||
| 5,171,557 | ||||||||
SOFTWARE — 14.5% | ||||||||
| 14,100 | CyberArk Software Ltd.(a) | 2,309,157 | ||||||
| 29,935 | Hilan Ltd. | 1,549,918 | ||||||
| 42,800 | Mobileye Global, Inc., Class A(a) | 1,778,340 | ||||||
| 3,500 | Monday.com Ltd.(a) | 557,270 | ||||||
| 22,700 | Nice Ltd. - ADR(a) | 3,859,000 | ||||||
| 41,000 | One Software Technologies Ltd. | 516,034 | ||||||
| 55,300 | Sapiens International Corp N.V. | 1,572,179 | ||||||
| 43,200 | Varonis Systems, Inc.(a) | 1,319,328 | ||||||
| 21,500 | Verint Systems, Inc.(a) | 494,285 | ||||||
| 13,955,511 | ||||||||
TECHNOLOGY SERVICES — 2.1% | ||||||||
| 72,783 | Magic Software Enterprises Ltd. | 821,720 | ||||||
| 56,210 | Matrix IT Ltd. | 1,149,398 | ||||||
| 1,971,118 | ||||||||
TELECOMMUNICATIONS — 0.5% | ||||||||
| 46,000 | Cellcom Israel Ltd.(a) | 148,570 | ||||||
| 74,000 | Partner Communications Company Ltd.(a) | 289,831 | ||||||
| 438,401 | ||||||||
WHOLESALE - DISCRETIONARY — 1.3% | ||||||||
| 17,300 | Tadiran Group Ltd. | 1,222,270 | ||||||
TOTAL COMMON STOCKS (Cost $62,138,865) | 92,248,467 | |||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 63
Israel Common Values Fund
Shares |
| Fair Value | ||||||
| SHORT-TERM INVESTMENT — 3.6% |
| ||||||
MONEY MARKET FUND — 3.6% | ||||||||
| 3,469,515 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $3,469,515)(b) | $ | 3,469,515 | |||||
TOTAL INVESTMENTS — 100.2% (Cost $65,608,380) | $ | 95,717,982 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% | (196,680 | ) | ||||||
NET ASSETS — 100.0% | $ | 95,521,302 | ||||||
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 September 30, 2023. |
% OF NET ASSETS | COUNTRY | ||||||||
| 87.4 | % | Israel | |||||||
| 6.3 | % | United States | |||||||
| 2.9 | % | United Kingdom | |||||||
| 96.6 | % | Total | |||||||
| 3.6 | % | Money Market Funds | |||||||
| -0.2 | % | Other Assets Less Liabilities - Net | |||||||
| 100.0 | % | Grand Total | |||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 64
Defensive Strategies Fund
Shares |
| Fair Value | ||||||
| COMMON STOCKS — 36.8% |
| ||||||
CHEMICALS — 1.8% | ||||||||
| 375 | Albemarle Corporation | $ | 63,765 | |||||
| 2,778 | CF Industries Holdings, Inc. | 238,186 | ||||||
| 1,853 | FMC Corporation | 124,095 | ||||||
| 6,014 | ICL Group Ltd. | 33,378 | ||||||
| 7,069 | K+S A.G.(a) | 128,391 | ||||||
| 4,962 | Mosaic Company (The) | 176,647 | ||||||
| 5,109 | Nutrien Ltd. | 315,531 | ||||||
| 3,601 | OCI N.V.(a) | 100,466 | ||||||
| 171 | Sociedad Quimica y Minera de Chile S.A. - ADR | 10,204 | ||||||
| 3,087 | Yara International ASA(a) | 116,958 | ||||||
| 1,307,621 | ||||||||
DATA CENTER REIT — 1.1% | ||||||||
| 6,400 | Digital Realty Trust, Inc. | 774,528 | ||||||
FOOD — 1.1% | ||||||||
| 2,563 | Adecoagro S.A. | 29,961 | ||||||
| 545 | Cal-Maine Foods, Inc. | 26,389 | ||||||
| 1,977 | Darling Ingredients, Inc.(a) | 103,199 | ||||||
| 2,408 | Hormel Foods Corporation | 91,576 | ||||||
| 1,385 | Ingredion, Inc. | 136,284 | ||||||
| 4,300 | MEIJI Holdings Company Ltd. | 106,924 | ||||||
| 1,300 | Morinaga Milk Industry Company Ltd. | 48,950 | ||||||
| 5,082 | Mowi ASA | 90,048 | ||||||
| 1,100 | NH Foods Ltd. | 32,910 | ||||||
| 4,300 | Nisshin Seifun Group, Inc. | 54,829 | ||||||
| 4,700 | Nissui Corporation | 23,012 | ||||||
| 1,279 | Pilgrim’s Pride Corporation(a) | 29,200 | ||||||
| 841 | Salmar ASA | 42,720 | ||||||
| 816,002 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 0.2% | ||||||||
| 2,400 | Canfor Corporation(a) | 29,809 | ||||||
| 2,600 | Sumitomo Forestry Company Ltd.(a) | 66,218 | ||||||
| 900 | West Fraser Timber Company Ltd. | 65,341 | ||||||
| 161,368 | ||||||||
GAS & WATER UTILITIES — 0.8% | ||||||||
| 403 | American States Water Company | 31,708 | ||||||
| 559 | American Water Works Company, Inc. | 69,221 | ||||||
| 910 | California Water Service Group | 43,052 | ||||||
| 8,755 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 106,111 | ||||||
| 598 | Essential Utilities, Inc. | 20,529 | ||||||
| 1,154 | Severn Trent plc | 33,297 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 65
Defensive Strategies Fund
Shares |
| Fair Value | ||||||
GAS & WATER UTILITIES — 0.8% (Continued) | ||||||||
| 4,078 | United Utilities Group plc | $ | 47,175 | |||||
| 5,278 | Veolia Environnement S.A. | 153,056 | ||||||
| 504,149 | ||||||||
HEALTH CARE FACILITIES & SERVICES — 0.3% | ||||||||
| 48,754 | Brookdale Senior Living, Inc.(a) | 201,842 | ||||||
INDUSTRIAL REIT — 0.4% | ||||||||
| 6,400 | Rexford Industrial Realty, Inc. | 315,840 | ||||||
MACHINERY — 1.0% | ||||||||
| 748 | AGCO Corporation | 88,473 | ||||||
| 7,354 | CNH Industrial N.V. | 88,983 | ||||||
| 746 | Deere & Company | 281,526 | ||||||
| 10,900 | Kubota Corporation(a) | 160,757 | ||||||
| 1,700 | Kurita Water Industries Ltd. | 59,313 | ||||||
| 840 | Weir Group plc (The) | 19,487 | ||||||
| 698,539 | ||||||||
METALS & MINING — 3.7% | ||||||||
| 413 | Agnico Eagle Mines Ltd. | 18,771 | ||||||
| 234 | Agnico Eagle Mines Ltd. | 10,633 | ||||||
| 5,121 | Alamos Gold, Inc., Class A | 57,816 | ||||||
| 1,829 | Alcoa Corporation | 53,151 | ||||||
| 2,139 | Anglo American PLC | 59,121 | ||||||
| 389 | Anglogold Ashanti plc | 6,146 | ||||||
| 1,391 | Antofagasta plc | 24,251 | ||||||
| 513 | Aurubis A.G. | 38,040 | ||||||
| 44,540 | B2Gold Corporation | 128,721 | ||||||
| 3,493 | BHP Group Ltd. - ADR | 198,682 | ||||||
| 2,352 | Cameco Corporation | 93,233 | ||||||
| 4,500 | Capstone Copper Corporation(a) | 19,084 | ||||||
| 3,247 | Cia de Minas Buenaventura S.A.A - ADR | 27,664 | ||||||
| 964 | Cleveland-Cliffs, Inc.(a) | 15,067 | ||||||
| 795 | Compass Minerals International, Inc. | 22,220 | ||||||
| 600 | Endeavour Mining plc | 11,759 | ||||||
| 3,200 | First Quantum Minerals Ltd. | 75,604 | ||||||
| 287 | Franco-Nevada Corporation | 38,312 | ||||||
| 5,440 | Freeport-McMoRan, Inc. | 202,858 | ||||||
| 9,263 | Gold Fields Ltd. - ADR | 100,596 | ||||||
| 1,842 | Hecla Mining Company | 7,202 | ||||||
| 5,000 | Hudbay Minerals, Inc. | 24,333 | ||||||
| 2,500 | Ivanhoe Mines Ltd.(a) | 21,425 | ||||||
| 20,463 | Kinross Gold Corporation | 93,311 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 66
Defensive Strategies Fund
Shares |
| Fair Value | ||||||
METALS & MINING — 5.3% (Continued) | ||||||||
| 1,334 | Lithium Americas Corporation(a) | $ | 22,691 | |||||
| 2,500 | Mitsubishi Materials Corporation | 40,467 | ||||||
| 2,026 | MP Materials Corporation(a) | 38,697 | ||||||
| 330 | Newmont Corporation | 12,194 | ||||||
| 15,704 | Norsk Hydro ASA | 98,649 | ||||||
| 642 | Pan American Silver Corporation | 9,296 | ||||||
| 4,975 | Rio Tinto plc - ADR | 316,608 | ||||||
| 62 | Royal Gold, Inc. | 6,592 | ||||||
| 6,049 | Sandstorm Gold Ltd. | 28,188 | ||||||
| 34 | Sibanye Stillwater Ltd. - ADR | 210 | ||||||
| 509 | Southern Copper Corporation | 38,323 | ||||||
| 5,042 | SSR Mining, Inc. | 67,008 | ||||||
| 800 | Sumitomo Metal Mining Company Ltd. | 23,549 | ||||||
| 4,943 | Teck Resources Ltd., Class B | 212,752 | ||||||
| 17,157 | Vale S.A. - ADR | 229,904 | ||||||
| 1,660 | Warrior Met Coal, Inc. | 84,793 | ||||||
| 306 | Wheaton Precious Metals Corporation | 12,408 | ||||||
| 2,590,329 | ||||||||
OIL & GAS PRODUCERS — 6.1% | ||||||||
| 5,196 | Aker BP ASA | 143,772 | ||||||
| 83 | APA Corporation | 3,411 | ||||||
| 6,300 | ARC Resources Ltd. | 100,560 | ||||||
| 14,900 | Baytex Energy Corporation | 65,711 | ||||||
| 3,492 | Callon Petroleum Company(a) | 136,607 | ||||||
| 946 | Canadian Natural Resources Ltd. | 61,178 | ||||||
| 7,600 | Cenovus Energy, Inc. | 158,240 | ||||||
| 400 | Chord Energy Corporation | 64,828 | ||||||
| 735 | Civitas Resources, Inc. | 59,439 | ||||||
| 549 | CNX Resources Corporation(a) | 12,396 | ||||||
| 2,302 | ConocoPhillips | 275,780 | ||||||
| 4,962 | Coterra Energy, Inc. | 134,222 | ||||||
| 600 | Crescent Point Energy Corporation | 4,974 | ||||||
| 4,251 | Devon Energy Corporation | 202,773 | ||||||
| 1,248 | Diamondback Energy, Inc. | 193,290 | ||||||
| 3,518 | Enerplus Corporation | 62,022 | ||||||
| 1,525 | Eni SpA - ADR | 48,678 | ||||||
| 1,772 | EOG Resources, Inc. | 224,619 | ||||||
| 1,232 | EQT Corporation | 49,995 | ||||||
| 6,311 | Equinor ASA - ADR | 206,938 | ||||||
| 42 | Hess Corporation | 6,426 | ||||||
| 200 | Imperial Oil Ltd. | 12,319 | ||||||
| 8,800 | Inpex Corporation | 132,847 | ||||||
| 1,313 | Kosmos Energy Ltd.(a) | 10,740 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 67
Defensive Strategies Fund
Shares |
| Fair Value | ||||||
OIL & GAS PRODUCERS — 6.1% (Continued) | ||||||||
| 1,380 | Magnolia Oil & Gas Corporation, Class A | $ | 31,616 | |||||
| 4,038 | Marathon Oil Corporation | 108,017 | ||||||
| 1,615 | Matador Resources Company | 96,060 | ||||||
| 2,900 | MEG Energy Corporation(a) | 56,431 | ||||||
| 2,759 | Murphy Oil Corporation | 125,121 | ||||||
| 1,901 | Occidental Petroleum Corporation | 123,337 | ||||||
| 255 | Ovintiv, Inc. | 12,130 | ||||||
| 2,000 | Parex Resources, Inc. | 37,534 | ||||||
| 7,187 | Petroleo Brasileiro S.A. - ADR | 107,733 | ||||||
| 904 | Pioneer Natural Resources Company | 207,513 | ||||||
| 2,000 | PrairieSky Royalty Ltd. | 36,753 | ||||||
| 546 | Range Resources Corporation | 17,696 | ||||||
| 2,299 | SM Energy Company | 91,155 | ||||||
| 18,856 | Southwestern Energy Company(a) | 121,621 | ||||||
| 6,000 | Suncor Energy, Inc. | 206,341 | ||||||
| 3,796 | TotalEnergies S.E.(a) | 250,057 | ||||||
| 1,000 | Tourmaline Oil Corporation | 50,322 | ||||||
| 13,900 | Vermilion Energy, Inc. | 203,346 | ||||||
| 14,500 | Whitecap Resources, Inc. | 122,449 | ||||||
| 4,376,997 | ||||||||
OIL & GAS SERVICES & EQUIPMENT — 1.4% | ||||||||
| 3,881 | Baker Hughes Company | 137,077 | ||||||
| 2,140 | ChampionX Corporation | 76,227 | ||||||
| 3,524 | Halliburton Company | 142,722 | ||||||
| 770 | Helmerich & Payne, Inc. | 32,463 | ||||||
| 6,476 | Liberty Oilfield Services, Inc., Class A | 119,936 | ||||||
| 969 | Noble Corp plc | 49,080 | ||||||
| 1,425 | NOV, Inc. | 29,783 | ||||||
| 8,724 | Patterson-UTI Energy, Inc. | 120,740 | ||||||
| 3,908 | Schlumberger Ltd | 227,835 | ||||||
| 4,187 | Transocean Ltd.(a) | 34,375 | ||||||
| 970,238 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 15.1% | ||||||||
| 17,000 | American Homes 4 Rent, Class A | 572,730 | ||||||
| 14,500 | Americold Realty Trust, Inc. | 440,945 | ||||||
| 12,000 | Armada Hoffler Properties, Inc. | 122,880 | ||||||
| 4,800 | AvalonBay Communities, Inc. | 824,352 | ||||||
| 5,000 | Camden Property Trust | 472,900 | ||||||
| 11,000 | Crown Castle, Inc. | 1,012,329 | ||||||
| 18,000 | CTO Realty Growth, Inc. | 291,780 | ||||||
| 900 | Equinix, Inc. | 653,634 | ||||||
| 16,000 | Highwoods Properties, Inc. | 329,759 | ||||||
| 18,000 | InvenTrust Properties Corporation | 428,580 | ||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 68
Defensive Strategies Fund
Shares |
| Fair Value | ||||||
REAL ESTATE INVESTMENT TRUSTS – 15.1% (Continued) | ||||||||
| 13,000 | Plymouth Industrial REIT, Inc. | $ | 272,350 | |||||
| 378 | PotlatchDeltic Corporation | 17,157 | ||||||
| 8,680 | Prologis, Inc. | 973,983 | ||||||
| 2,750 | Public Storage | 724,680 | ||||||
| 1,623 | Rayonier, Inc. | 46,191 | ||||||
| 4,300 | SBA Communications Corporation, A | 860,731 | ||||||
| 31,000 | SITE Centers Corporation | 382,230 | ||||||
| 5,400 | Sun Communities, Inc. | 639,036 | ||||||
| 17,000 | Ventas, Inc. | 716,210 | ||||||
| 9,000 | Welltower, Inc. | 737,280 | ||||||
| 2,682 | Weyerhaeuser Company | 82,230 | ||||||
| 10,601,967 | ||||||||
RENEWABLE ENERGY — 0.2% | ||||||||
| 155 | Array Technologies, Inc.(a) | 3,439 | ||||||
| 266 | Enphase Energy, Inc.(a) | 31,960 | ||||||
| 223 | First Solar, Inc.(a) | 36,035 | ||||||
| 2,163 | Shoals Technologies Group, Inc., Class A(a) | 39,475 | ||||||
| 110,909 | ||||||||
RESIDENTIAL REIT — 1.5% | ||||||||
| 6,750 | Equity Residential | 396,293 | ||||||
| 20,500 | Invitation Homes, Inc. | 649,645 | ||||||
| 1,045,938 | ||||||||
RETAIL REIT — 0.4% | ||||||||
| 7,500 | NNN REIT, Inc. | 265,050 | ||||||
SELF-STORAGE REIT — 0.6% | ||||||||
| 3,500 | Extra Space Storage, Inc. | 425,530 | ||||||
SEMICONDUCTORS — 0.1% | ||||||||
| 6,500 | SUMCO Corporation | 84,773 | ||||||
STEEL — 0.7% | ||||||||
| 873 | ArcelorMittal S.A. - ADR | 21,851 | ||||||
| 1,303 | ATI, Inc.(a) | 53,618 | ||||||
| 1,374 | Gerdau S.A. - ADR | 6,554 | ||||||
| 2,200 | JFE Holdings, Inc. | 32,255 | ||||||
| 539 | Nucor Corporation | 84,273 | ||||||
| 1,400 | OSAKA Titanium Technologies Company Ltd. | 28,526 | ||||||
| 60 | Reliance Steel & Aluminum Company | 15,734 | ||||||
| 740 | Steel Dynamics, Inc. | 79,343 | ||||||
| 1,095 | Ternium S.A. - ADR | 43,691 | ||||||
| 4,041 | United States Steel Corporation | 131,252 | ||||||
| 497,097 | ||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 69
Defensive Strategies Fund
Shares |
| Fair Value | ||||||
WHOLESALE - CONSUMER STAPLES — 0.3% | ||||||||
| 1,772 | Bunge Ltd. | $ | 191,819 | |||||
TOTAL COMMON STOCKS (Cost $27,021,180) | 25,940,536 | |||||||
| EXCHANGE-TRADED FUNDS — 21.0% |
| ||||||
EQUITY — 21.0% | ||||||||
| 588,600 | Timothy Plan Market Neutral ETF(b) (Cost $14,652,774) | 14,810,883 | ||||||
| PRECIOUS METALS - PHYSICAL HOLDING — 16.1% |
| ||||||
PRECIOUS METAL — 16.1% | ||||||||
| 6,143 | GOLD BARS - XAU BGN CURNCY(a) (Cost $7,240,876) | 11,361,072 | ||||||
Principal |
| Coupon | Maturity | Fair Value | ||||||||||||
| U.S. GOVERNMENT & AGENCIES — 23.8% |
|
|
| ||||||||||||
U.S. TREASURY INFLATION PROTECTED — 23.8% | ||||||||||||||||
| 2,056,888 | United States Treasury Inflation Indexed Bonds | 0.6250 | 01/15/24 | 2,037,422 | ||||||||||||
| 2,083,923 | United States Treasury Inflation Indexed Bonds | 2.3750 | 01/15/25 | 2,059,699 | ||||||||||||
| 2,240,962 | United States Treasury Inflation Indexed Bonds | 2.0000 | 01/15/26 | 2,197,812 | ||||||||||||
| 2,197,968 | United States Treasury Inflation Indexed Bonds | 2.3750 | 01/15/27 | 2,182,533 | ||||||||||||
| 2,013,846 | United States Treasury Inflation Indexed Bonds | 0.5000 | 01/15/28 | 1,857,392 | ||||||||||||
| 955,756 | United States Treasury Inflation Indexed Bonds | 1.7500 | 01/15/28 | 928,855 | ||||||||||||
| 1,489,099 | United States Treasury Inflation Indexed Bonds | 0.8750 | 01/15/29 | 1,382,748 | ||||||||||||
| 1,509,239 | United States Treasury Inflation Indexed Bonds | 2.5000 | 01/15/29 | 1,520,600 | ||||||||||||
| 1,644,034 | United States Treasury Inflation Indexed Bonds | 0.1250 | 01/15/31 | 1,406,995 | ||||||||||||
| 328,039 | United States Treasury Inflation Indexed Bonds | 2.1250 | 02/15/41 | 317,180 | ||||||||||||
| 1,579,232 | United States Treasury Inflation Indexed Bonds | 0.1250 | 02/15/51 | 878,174 | ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,024,115) | 16,769,410 | |||||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 70
Defensive Strategies Fund
Shares |
| |||||||
| SHORT-TERM INVESTMENTS — 2.4% |
| ||||||
MONEY MARKET FUNDS — 2.4% | ||||||||
| 1,670,937 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $1,670,937)(c) | $ | 1,670,937 | |||||
TOTAL INVESTMENTS — 100.1% (Cost $69,609,882) | $ | 70,552,838 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% | (36,798 | ) | ||||||
NET ASSETS — 100.0% | $ | 70,516,040 | ||||||
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) | Rate disclosed is the seven day effective yield as of September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 71
Strategic Growth Fund
Shares |
| Fair Value | ||||||
| EXCHANGE-TRADED FUNDS — 67.3% |
| ||||||
EQUITY — 67.3% | ||||||||
| 119,606 | Timothy Plan High Dividend Stock Enhanced ETF(a) | $ | 2,632,373 | |||||
| 215,856 | Timothy Plan International ETF(a) | 5,174,284 | ||||||
| 211,800 | Timothy Plan Market Neutral ETF(a) | 5,329,502 | ||||||
| 223,639 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(a) | 4,918,806 | ||||||
| 125,523 | Timothy Plan US Small Cap Core ETF(a) | 3,888,602 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $22,700,353) | 21,943,567 | |||||||
| OPEN END FUNDS — 31.4% |
| ||||||
EQUITY — 12.8% | ||||||||
| 384,474 | Timothy Plan International Fund, Class A(a) | 4,183,074 | ||||||
FIXED INCOME — 18.6% | ||||||||
| 464,371 | Timothy Plan Fixed Income Fund, Class A(a) | 4,030,737 | ||||||
| 244,867 | Timothy Plan High Yield Bond Fund, Class A(a) | 2,037,294 | ||||||
| 6,068,031 | ||||||||
TOTAL OPEN END FUNDS (Cost $11,405,828) | 10,251,105 | |||||||
| SHORT-TERM INVESTMENT — 1.3% |
| ||||||
MONEY MARKET FUND — 1.3% | ||||||||
| 436,897 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $436,897)(b) | 436,897 | ||||||
TOTAL INVESTMENTS — 100.0% (Cost $34,543,078) | $ | 32,631,569 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% | 561 | |||||||
NET ASSETS — 100.0% | $ | 32,632,130 | ||||||
ETF | Exchange-Traded Fund |
(a) | Investment in affiliate. |
(b) | Rate disclosed is the seven day effective yield as of September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 72
Conservative Growth Fund
Shares |
| Fair Value | ||||||
| EXCHANGE-TRADED FUNDS — 49.9% |
| ||||||
EQUITY — 49.9% | ||||||||
| 105,760 | Timothy Plan High Dividend Stock Enhanced ETF(a) | $ | 2,327,640 | |||||
| 143,044 | Timothy Plan International ETF(a) | 3,428,908 | ||||||
| 249,500 | Timothy Plan Market Neutral ETF(a) | 6,278,143 | ||||||
| 210,686 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(a) | 4,633,912 | ||||||
| 86,205 | Timothy Plan US Small Cap Core ETF(a) | 2,670,562 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $19,994,835) | 19,339,165 | |||||||
| OPEN END FUNDS — 48.7% |
| ||||||
EQUITY — 11.3% | ||||||||
| 402,377 | Timothy Plan International Fund, Class A(a) | 4,377,866 | ||||||
FIXED INCOME — 37.4% | ||||||||
| 1,371,115 | Timothy Plan Fixed Income Fund, Class A(a) | 11,901,279 | ||||||
| 313,318 | Timothy Plan High Yield Bond Fund, Class A(a) | 2,606,804 | ||||||
| 14,508,083 | ||||||||
TOTAL OPEN END FUNDS (Cost $21,685,651) | 18,885,949 | |||||||
| SHORT-TERM INVESTMENT — 1.2% |
| ||||||
MONEY MARKET FUND — 1.2% | ||||||||
| 455,073 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $455,073)(b) | 455,073 | ||||||
TOTAL INVESTMENTS – 99.8% (Cost $42,135,559) | $ | 38,680,187 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% | 77,340 | |||||||
NET ASSETS — 100.0% | $ | 38,757,527 | ||||||
ETF | Exchange-Traded Fund |
(a) | Investment in affiliate. |
(b) | Rate disclosed is the seven day effective yield as of September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 73
Growth & Income Fund
Shares |
| Fair Value | ||||||
| EXCHANGE-TRADED FUNDS — 41.3% |
| ||||||
EQUITY — 41.3% | ||||||||
| 295,000 | Timothy Plan High Dividend Stock Enhanced ETF(a) | $ | 6,492,567 | |||||
| 27,500 | Timothy Plan High Dividend Stock ETF(a) | 841,860 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $8,197,973) | 7,334,427 | |||||||
Principal |
| Coupon | Maturity | Fair Value | ||||||||||||
| CORPORATE BONDS — 17.4% |
|
|
| ||||||||||||
CHEMICALS — 1.4% | ||||||||||||||||
| 85,000 | Nutrien Ltd. | 4.0000 | 12/15/26 | 80,577 | ||||||||||||
| 195,000 | Nutrien Ltd. | 2.9500 | 05/13/30 | 162,807 | ||||||||||||
| 243,384 | ||||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.6% | ||||||||||||||||
| 70,000 | Republic Services, Inc. | 5.0000 | 04/01/34 | 66,281 | ||||||||||||
| 50,000 | Waste Management, Inc. | 4.6250 | 02/15/33 | 46,580 | ||||||||||||
| 112,861 | ||||||||||||||||
ELECTRIC UTILITIES — 2.1% | ||||||||||||||||
| 245,000 | American Electric Power Company, Inc. | 3.2000 | 11/13/27 | 223,617 | ||||||||||||
| 45,000 | National Rural Utilities Cooperative Finance | 2.9500 | 02/07/24 | 44,543 | ||||||||||||
| 95,000 | National Rural Utilities Cooperative Finance | 5.0500 | 09/15/28 | 93,343 | ||||||||||||
| 22,000 | WEC Energy Group, Inc. | 3.5500 | 06/15/25 | 21,131 | ||||||||||||
| 382,634 | ||||||||||||||||
GAS & WATER UTILITIES — 1.3% | ||||||||||||||||
| 240,000 | NiSource, Inc. | 3.4900 | 05/15/27 | 222,479 | ||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.3% | ||||||||||||||||
| 55,000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 52,160 | ||||||||||||
MACHINERY — 1.4% | ||||||||||||||||
| 100,000 | Caterpillar Financial Services Corporation | 4.3500 | 05/15/26 | 97,805 | ||||||||||||
| 170,000 | John Deere Capital Corporation | 4.3500 | 09/15/32 | 158,126 | ||||||||||||
| 255,931 | ||||||||||||||||
METALS & MINING — 1.4% | ||||||||||||||||
| 145,000 | BHP Billiton Finance USA Ltd. | 4.9000 | 02/28/33 | 137,758 | ||||||||||||
| 120,000 | Rio Tinto Finance USA plc | 5.0000 | 03/09/33 | 115,214 | ||||||||||||
| 252,972 | ||||||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 74
Growth & Income Fund
Principal |
| Coupon | Maturity | Fair Value | ||||||||||||
OIL & GAS PRODUCERS — 3.8% | ||||||||||||||||
| 185,000 | Columbia Pipelines Holding Company, LLC(b) | 6.0420 | 08/15/28 | $ | 184,130 | |||||||||||
| 220,000 | Energy Transfer Operating, L.P. | 6.2500 | 04/15/49 | 201,999 | ||||||||||||
| 125,000 | Energy Transfer, L.P. | 5.7500 | 02/15/33 | 120,181 | ||||||||||||
| 70,000 | Enterprise Products Operating, LLC | 5.3500 | 01/31/33 | 68,471 | ||||||||||||
| 115,000 | Phillips 66 Company | 3.6050 | 02/15/25 | 111,503 | ||||||||||||
| 686,284 | ||||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.5% | ||||||||||||||||
| 170,000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 157,018 | ||||||||||||
| 120,000 | Healthpeak Properties, Inc. | 3.5000 | 07/15/29 | 105,877 | ||||||||||||
| 262,895 | ||||||||||||||||
RETAIL - CONSUMER STAPLES — 0.9% | ||||||||||||||||
| 175,000 | Dollar General Corporation | 4.1250 | 05/01/28 | 163,279 | ||||||||||||
RETAIL - DISCRETIONARY — 1.1% | ||||||||||||||||
| 205,000 | Tractor Supply Company | 5.2500 | 05/15/33 | 193,642 | ||||||||||||
TRANSPORTATION & LOGISTICS — 1.6% | ||||||||||||||||
| 55,000 | Canadian Pacific Railway Company | 2.9000 | 02/01/25 | 52,947 | ||||||||||||
| 240,000 | CSX Corporation | 3.2500 | 06/01/27 | 223,093 | ||||||||||||
| 276,040 | ||||||||||||||||
TOTAL CORPORATE BONDS (Cost $3,275,560) | 3,104,561 | |||||||||||||||
| NON U.S. GOVERNMENT & AGENCIES — 1.3% |
|
|
| ||||||||||||
LOCAL AUTHORITY — 1.3% | ||||||||||||||||
| 250,000 | Province of Ontario Canada (Cost $245,425) | 2.5000 | 04/27/26 | 234,244 | ||||||||||||
| U.S. GOVERNMENT & AGENCIES — 39.2% |
|
|
| ||||||||||||
AGENCY FIXED RATE — 18.3% | ||||||||||||||||
| 110,162 | Fannie Mae Pool FM5537 | 2.0000 | 01/01/36 | 94,730 | ||||||||||||
| 73,356 | Fannie Mae Pool MA4316 | 2.5000 | 04/01/36 | 64,847 | ||||||||||||
| 20,870 | Fannie Mae Pool MA4475 | 2.5000 | 10/01/41 | 17,158 | ||||||||||||
| 62,344 | Fannie Mae Pool MA4617 | 3.0000 | 04/01/42 | 52,894 | ||||||||||||
| 48,366 | Fannie Mae Pool FM4053 | 2.5000 | 08/01/50 | 38,986 | ||||||||||||
| 52,422 | Fannie Mae Pool CA8897 | 3.0000 | 02/01/51 | 43,919 | ||||||||||||
| 7,853 | Fannie Mae Pool MA4258 | 3.5000 | 02/01/51 | 6,833 | ||||||||||||
| 20,386 | Fannie Mae Pool FM6550 | 2.0000 | 03/01/51 | 15,741 | ||||||||||||
| 46,367 | Fannie Mae Pool FS1564 | 2.0000 | 04/01/51 | 35,392 | ||||||||||||
| 39,876 | Fannie Mae Pool CB0855 | 3.0000 | 06/01/51 | 33,124 | ||||||||||||
| 62,557 | Fannie Mae Pool FS3744 | 2.0000 | 07/01/51 | 47,913 | ||||||||||||
| 105,951 | Fannie Mae Pool FS1807 | 3.5000 | 07/01/51 | 92,576 | ||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 75
Growth & Income Fund
Principal |
| Coupon | Maturity | Fair Value | ||||||||||||
AGENCY FIXED RATE — 18.3% (Continued) | ||||||||||||||||
| 48,437 | Fannie Mae Pool FS4624 | 2.5000 | 11/01/51 | $ | 38,790 | |||||||||||
| 53,678 | Fannie Mae Pool CB2857 | 2.5000 | 02/01/52 | 43,046 | ||||||||||||
| 101,804 | Fannie Mae Pool CB3486 | 3.5000 | 05/01/52 | 87,770 | ||||||||||||
| 71,853 | Fannie Mae Pool FS1704 | 4.0000 | 05/01/52 | 64,556 | ||||||||||||
| 123,670 | Fannie Mae Pool BV9960 | 4.0000 | 06/01/52 | 110,595 | ||||||||||||
| 107,321 | Fannie Mae Pool FS3071 | 3.0000 | 07/01/52 | 89,750 | ||||||||||||
| 104,529 | Fannie Mae Pool FS3392 | 4.0000 | 09/01/52 | 93,256 | ||||||||||||
| 94,378 | Fannie Mae Pool FS3159 | 4.5000 | 10/01/52 | 86,958 | ||||||||||||
| 92,837 | Fannie Mae Pool FS4075 | 5.0000 | 04/01/53 | 88,015 | ||||||||||||
| 102,655 | Fannie Mae Pool FS5044 | 4.5000 | 06/01/53 | 94,896 | ||||||||||||
| 43,873 | Fannie Mae Pool FS4621 | 5.0000 | 06/01/53 | 41,785 | ||||||||||||
| 105,000 | Fannie Mae Pool FS5850 | 6.0000 | 09/01/53 | 103,715 | ||||||||||||
| 49,803 | Ginnie Mae I Pool 723248 | 5.0000 | 10/15/39 | 48,722 | ||||||||||||
| 50,709 | Ginnie Mae I Pool 783403 | 3.5000 | 09/15/41 | 45,633 | ||||||||||||
| 43,481 | Ginnie Mae II Pool MA3376 | 3.5000 | 01/20/46 | 38,814 | ||||||||||||
| 32,465 | Ginnie Mae II Pool MA3596 | 3.0000 | 04/20/46 | 27,804 | ||||||||||||
| 27,887 | Ginnie Mae II Pool MA3663 | 3.5000 | 05/20/46 | 24,898 | ||||||||||||
| 36,150 | Ginnie Mae II Pool MA3736 | 3.5000 | 06/20/46 | 32,285 | ||||||||||||
| 12,306 | Ginnie Mae II Pool MA4509 | 3.0000 | 06/20/47 | 10,606 | ||||||||||||
| 34,464 | Ginnie Mae II Pool MA4652 | 3.5000 | 08/20/47 | 30,629 | ||||||||||||
| 32,493 | Ginnie Mae II Pool MA4719 | 3.5000 | 09/20/47 | 28,873 | ||||||||||||
| 62,089 | Ginnie Mae II Pool MA4778 | 3.5000 | 10/20/47 | 55,136 | ||||||||||||
| 23,836 | Ginnie Mae II Pool MA6092 | 4.5000 | 08/20/49 | 22,217 | ||||||||||||
| 18,389 | Ginnie Mae II Pool MA6156 | 4.5000 | 09/20/49 | 17,212 | ||||||||||||
| 44,757 | Ginnie Mae II Pool BN2662 | 3.0000 | 10/20/49 | 38,051 | ||||||||||||
| 19,793 | Ginnie Mae II Pool MA6221 | 4.5000 | 10/20/49 | 18,548 | ||||||||||||
| 17,924 | Ginnie Mae II Pool MA6478 | 5.0000 | 02/20/50 | 17,286 | ||||||||||||
| 21,655 | Ginnie Mae II Pool MA6544 | 4.5000 | 03/20/50 | 20,022 | ||||||||||||
| 13,746 | Ginnie Mae II Pool MA6545 | 5.0000 | 03/20/50 | 13,259 | ||||||||||||
| 97,439 | Ginnie Mae II Pool MA6598 | 2.5000 | 04/20/50 | 80,149 | ||||||||||||
| 21,572 | Ginnie Mae II Pool MA6600 | 3.5000 | 04/20/50 | 19,040 | ||||||||||||
| 19,596 | Ginnie Mae II Pool MA6601 | 4.0000 | 04/20/50 | 17,872 | ||||||||||||
| 25,304 | Ginnie Mae II Pool MA6603 | 5.0000 | 04/20/50 | 24,399 | ||||||||||||
| 47,385 | Ginnie Mae II Pool MA7255 | 2.5000 | 03/20/51 | 38,817 | ||||||||||||
| 38,451 | Ginnie Mae II Pool MA7418 | 2.5000 | 06/20/51 | 31,506 | ||||||||||||
| 58,340 | Ginnie Mae II Pool MA7419 | 3.0000 | 06/20/51 | 49,701 | ||||||||||||
| 51,920 | Ginnie Mae II Pool MA7472 | 2.5000 | 07/20/51 | 42,532 | ||||||||||||
| 64,883 | Ginnie Mae II Pool CE1974 | 3.0000 | 08/20/51 | 55,825 | ||||||||||||
| 74,178 | Ginnie Mae II Pool CE1990 | 2.5000 | 09/20/51 | 60,682 | ||||||||||||
| 132,486 | Ginnie Mae II Pool MA7705 | 2.5000 | 11/20/51 | 108,560 | ||||||||||||
| 136,758 | Ginnie Mae II Pool MA7768 | 3.0000 | 12/20/51 | 116,287 | ||||||||||||
| 57,403 | Ginnie Mae II Pool MA7829 | 3.5000 | 01/20/52 | 50,363 | ||||||||||||
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 76
Growth & Income Fund
Principal |
| Coupon | Maturity | Fair Value | ||||||||||||
AGENCY FIXED RATE — 18.3% (Continued) | ||||||||||||||||
| 76,150 | Ginnie Mae II Pool MA7939 | 4.0000 | 03/20/52 | $ | 68,672 | |||||||||||
| 139,943 | Ginnie Mae II Pool MA7987 | 2.5000 | 04/20/52 | 114,582 | ||||||||||||
| 134,165 | Ginnie Mae II Pool MA8098 | 3.0000 | 06/20/52 | 113,914 | ||||||||||||
| 109,782 | Ginnie Mae II Pool MA8268 | 4.5000 | 09/20/52 | 101,553 | ||||||||||||
| 93,777 | Ginnie Mae II Pool MA8800 | 5.0000 | 04/20/53 | 88,941 | ||||||||||||
| 104,532 | Ginnie Mae II Pool MA9017 | 5.5000 | 07/20/53 | 101,488 | ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,648,861) | 3,262,123 | |||||||||||||||
U.S. TREASURY NOTES — 20.9% | ||||||||||||||||
| 260,000 | United States Treasury Note | 2.2500 | 11/15/24 | 251,144 | ||||||||||||
| 320,000 | United States Treasury Note | 2.0000 | 08/15/25 | 302,375 | ||||||||||||
| 565,000 | United States Treasury Note | 0.6250 | 07/31/26 | 502,872 | ||||||||||||
| 615,000 | United States Treasury Note | 1.2500 | 09/30/28 | 522,822 | ||||||||||||
| 640,000 | United States Treasury Note | 1.2500 | 08/15/31 | 500,250 | ||||||||||||
| 695,000 | United States Treasury Note | 3.5000 | 02/15/33 | 637,771 | ||||||||||||
| 430,000 | United States Treasury Note | 1.7500 | 08/15/41 | 267,574 | ||||||||||||
| 250,000 | United States Treasury Note | 2.0000 | 08/15/51 | 144,062 | ||||||||||||
| 700,000 | United States Treasury Note | 3.6250 | 02/15/53 | 578,266 | ||||||||||||
TOTAL U.S. TREASURY NOTES (Cost $3,978,916) | 3,707,136 | |||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $7,627,777) | 6,969,259 | |||||||||||||||
Shares |
| |||||||
| SHORT-TERM INVESTMENT — 0.7% |
| ||||||
MONEY MARKET FUND — 0.7% | ||||||||
| 128,453 | Fidelity Investments Money Market Government Portfolio, Class I, 5.23% (Cost $128,453)(c) | 128,453 | ||||||
TOTAL INVESTMENTS — 99.9% (Cost $19,475,188) | $ | 17,770,944 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 23,227 | |||||||
NET ASSETS — 100.0% | $ | 17,794,171 | ||||||
ETF | Exchange-Traded Fund |
LLC | Limited Liability Company |
LP | Limited Partnership |
LTD | Limited Company |
PLC | Public 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 September 30, 2023 the total market value of 144A securities is 184,130 or 1.0% of net assets. |
(c) | Rate disclosed is the seven day effective yield as of September 30, 2023. |
SCHEDULE OF INVESTMENTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 77
Section 4 | Statements of Assets and Liabilities
SEPTEMBER 30, 2023
| AGGRESSIVE | INTERNATIONAL | LARGE/MID CAP | |||||||||
ASSETS: | ||||||||||||
Investments, at cost | $ | 39,076,005 | $ | 147,323,524 | $ | 106,996,801 | ||||||
Investments in affiliates, at cost | — | — | 21,565,045 | |||||||||
Investments, at value | $ | 42,393,962 | $ | 162,700,599 | $ | 124,962,100 | ||||||
Investments in affiliates, at value | — | — | 20,928,736 | |||||||||
Dividends and interest receivable | 28,580 | 382,736 | 96,387 | |||||||||
Receivable for fund shares sold | 22,767 | 329,231 | 175,690 | |||||||||
Receivable for securities sold | — | — | 3,236,788 | |||||||||
Receivable for foreign tax reclaims | — | 420,247 | — | |||||||||
Prepaid expenses and other assets | 12,840 | 22,713 | 14,709 | |||||||||
Total Assets | 42,458,149 | 163,855,526 | 149,414,410 | |||||||||
| ||||||||||||
LIABILITIES: | ||||||||||||
Payable for securities purchased | — | 1,091,400 | — | |||||||||
Payable for fund shares redeemed | 1,891 | 56,221 | 151,663 | |||||||||
Payable to service providers | 13,856 | 53,108 | 60,040 | |||||||||
Accrued advisory fees | 27,204 | 127,698 | 87,189 | |||||||||
Accrued 12b-1 fees | 8,723 | 13,652 | 27,798 | |||||||||
Accrued expenses and other liabilities | 32,002 | 53,577 | 50,851 | |||||||||
Total Liabilities | 83,676 | 1,395,656 | 377,541 | |||||||||
Net Assets | $ | 42,374,473 | $ | 162,459,870 | $ | 149,036,869 | ||||||
| ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) | $ | 37,291,689 | $ | 147,489,885 | $ | 122,344,957 | ||||||
Accumulated earnings (deficit) | 5,082,784 | 14,969,985 | 26,691,912 | |||||||||
Net Assets | $ | 42,374,473 | $ | 162,459,870 | $ | 149,036,869 | ||||||
| ||||||||||||
Class A | ||||||||||||
Net Assets | $ | 32,075,874 | $ | 57,823,908 | $ | 94,109,286 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3,335,252 | 5,315,087 | 9,026,759 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 9.62 | $ | 10.88 | $ | 10.43 | ||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 10.18 | $ | 11.51 | $ | 11.04 | ||||||
Class C | ||||||||||||
Net Assets | $ | 2,465,993 | $ | 1,841,284 | $ | 9,801,770 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 345,145 | 177,026 | 1,293,056 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 7.14 | (a) | $ | 10.40 | $ | 7.58 | |||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 7.07 | $ | 10.30 | $ | 7.50 | ||||||
Class I | ||||||||||||
Net Assets | $ | 7,832,606 | $ | 102,794,678 | $ | 45,125,813 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 788,562 | 9,411,088 | 4,182,787 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 9.93 | $ | 10.92 | $ | 10.79 | ||||||
(a) | The NAV for Class C shown above differs from the traded NAV on September 29, 2023 due to financial statement rounding and/or financial statement adjustments. |
STATEMENTS OF ASSETS LIABILITIES
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 78
| SMALL CAP | LARGE/MID CAP | FIXED | |||||||||
ASSETS: | ||||||||||||
Investments, at cost | $ | 157,349,596 | $ | 186,573,319 | $ | 114,799,731 | ||||||
Investments in affiliates, at cost | 14,834,080 | 48,945,130 | — | |||||||||
Investments, at value | $ | 152,559,875 | $ | 236,031,607 | $ | 102,415,334 | ||||||
Investments in affiliates, at value | 17,967,936 | 49,226,405 | — | |||||||||
Dividends and interest receivable | 237,903 | 123,613 | 678,000 | |||||||||
Receivable for fund shares sold | 74,262 | 319,716 | 68,814 | |||||||||
Receivable for securities sold | 246,943 | — | — | |||||||||
Receivable for foreign tax reclaims | — | — | — | |||||||||
Prepaid expenses and other assets | 20,740 | 27,965 | 20,758 | |||||||||
Total Assets | 171,107,659 | 285,729,306 | 103,182,906 | |||||||||
| ||||||||||||
LIABILITIES: | ||||||||||||
Payable for securities purchased | 256,104 | — | — | |||||||||
Payable for fund shares redeemed | 73,785 | 210,541 | 92,546 | |||||||||
Payable to service providers | 57,938 | 94,092 | 44,952 | |||||||||
Accrued advisory fees | 108,836 | 150,229 | 36,018 | |||||||||
Accrued 12b-1 fees | 25,458 | 46,193 | 19,986 | |||||||||
Accrued expenses and other liabilities | 42,195 | 61,002 | 48,968 | |||||||||
Total Liabilities | 564,316 | 562,057 | 242,470 | |||||||||
Net Assets | $ | 170,543,343 | $ | 285,167,249 | $ | 102,940,436 | ||||||
| ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) | $ | 167,490,912 | $ | 233,501,063 | $ | 123,864,007 | ||||||
Accumulated earnings (deficit) | 3,052,431 | 51,666,186 | (20,923,571 | ) | ||||||||
Net Assets | $ | 170,543,343 | $ | 285,167,249 | $ | 102,940,436 | ||||||
| ||||||||||||
Class A | ||||||||||||
Net Assets | $ | 96,864,651 | $ | 162,861,288 | $ | 68,641,212 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 5,592,738 | 7,965,596 | 7,909,405 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 17.32 | $ | 20.45 | $ | 8.68 | ||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 18.33 | $ | 21.64 | $ | 9.09 | * | |||||
Class C | ||||||||||||
Net Assets | $ | 6,501,724 | $ | 15,110,970 | $ | 7,627,716 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 620,425 | 1,039,907 | 917,184 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 10.48 | $ | 14.53 | $ | 8.32 | ||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 10.38 | $ | 14.38 | $ | 8.24 | ||||||
Class I | ||||||||||||
Net Assets | $ | 67,176,968 | $ | 107,194,991 | $ | 26,671,508 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3,804,145 | 5,167,517 | 3,103,202 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 17.66 | $ | 20.74 | $ | 8.59 | ||||||
STATEMENTS OF ASSETS LIABILITIES
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 79
| HIGH YIELD | ISRAEL | DEFENSIVE | |||||||||
ASSETS: | ||||||||||||
Investments, at cost | $ | 143,673,164 | $ | 65,608,380 | $ | 47,716,232 | ||||||
Investments in affiliates, at cost | — | — | 14,652,774 | |||||||||
Investments, at value | $ | 131,058,125 | $ | 95,717,982 | $ | 44,380,883 | ||||||
Investments in affiliates, at value | — | — | 14,810,883 | |||||||||
Gold Investments, at fair value (Cost $7,240,876) | — | — | 11,361,072 | |||||||||
Cash | — | — | 1,677 | |||||||||
Foreign Cash (Cost $4,543) | — | — | 1,730 | |||||||||
Dividends and interest receivable | 2,273,474 | 25,671 | 137,936 | |||||||||
Receivable for fund shares sold | 119,780 | 52,953 | 34,762 | |||||||||
Receivable for foreign tax reclaims | — | — | 4,772 | |||||||||
Prepaid expenses and other assets | 21,735 | 24,743 | 19,568 | |||||||||
Total Assets | 133,473,114 | 95,821,349 | 70,753,283 | |||||||||
| ||||||||||||
LIABILITIES: | ||||||||||||
Payable for securities purchased | 375,000 | — | 87,936 | |||||||||
Payable for fund shares redeemed | 383,263 | 78,463 | 16,941 | |||||||||
Payable to service providers | 60,767 | 46,665 | 37,108 | |||||||||
Accrued advisory fees | 55,490 | 78,736 | 25,824 | |||||||||
Accrued 12b-1 fees | 13,812 | 16,420 | 9,123 | |||||||||
Accrued expenses and other liabilities | 62,525 | 79,763 | 60,311 | |||||||||
Total Liabilities | 950,857 | 300,047 | 237,243 | |||||||||
Net Assets | $ | 132,522,257 | $ | 95,521,302 | $ | 70,516,040 | ||||||
| ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) | $ | 153,599,576 | $ | 72,257,240 | $ | 68,456,114 | ||||||
Accumulated earnings (deficit) | (21,077,319 | ) | 23,264,062 | 2,059,926 | ||||||||
Net Assets | $ | 132,522,257 | $ | 95,521,302 | $ | 70,516,040 | ||||||
STATEMENTS OF ASSETS LIABILITIES
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 80
| HIGH YIELD | ISRAEL | DEFENSIVE | |||||||||
Class A | ||||||||||||
Net Assets | $ | 56,854,616 | $ | 47,003,944 | $ | 39,823,333 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 6,830,712 | 2,429,966 | 3,068,096 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 8.32 | $ | 19.34 | $ | 12.98 | ||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 8.71 | * | $ | 20.47 | $ | 13.74 | |||||
Class C | ||||||||||||
Net Assets | $ | 2,558,561 | $ | 8,100,658 | $ | 4,116,587 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 301,721 | 450,773 | 338,743 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 8.48 | $ | 17.97 | $ | 12.15 | ||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 8.40 | $ | 17.79 | $ | 12.03 | ||||||
Class I | ||||||||||||
Net Assets | $ | 73,109,080 | $ | 40,416,700 | $ | 26,576,120 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 8,778,977 | 2,058,015 | 2,042,862 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 8.33 | $ | 19.64 | $ | 13.01 | ||||||
STATEMENTS OF ASSETS LIABILITIES
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 81
| STRATEGIC | CONSERVATIVE | GROWTH & | |||||||||
ASSETS: | ||||||||||||
Investments, at cost | $ | 436,897 | $ | 455,073 | $ | 11,277,215 | ||||||
Investments in affiliates, at cost | 34,106,181 | 41,680,486 | 8,197,973 | |||||||||
Investments, at value | $ | 436,897 | $ | 455,073 | $ | 10,436,517 | ||||||
Investments in affiliates, at value | 32,194,672 | 38,225,114 | 7,334,427 | |||||||||
Gold Investments, at fair value (Cost $7,240,876) | — | — | — | |||||||||
Cash | — | — | — | |||||||||
Foreign Cash (Cost $4,543) | — | — | — | |||||||||
Dividends and interest receivable | 62,434 | 125,617 | 69,082 | |||||||||
Receivable for fund shares sold | 2,297 | 917 | 2,970 | |||||||||
Receivable for foreign tax reclaims | — | — | — | |||||||||
Prepaid expenses and other assets | 5,042 | 9,009 | 14,246 | |||||||||
Total Assets | 32,701,342 | 38,815,730 | 17,857,242 | |||||||||
| ||||||||||||
LIABILITIES: | ||||||||||||
Payable for securities purchased | — | — | — | |||||||||
Payable for fund shares redeemed | 12,159 | 7,260 | 8,668 | |||||||||
Payable to service providers | 17,222 | 21,198 | 12,224 | |||||||||
Accrued advisory fees | 4,106 | 4,861 | 6,055 | |||||||||
Accrued 12b-1 fees | 7,462 | 9,253 | 4,070 | |||||||||
Accrued expenses and other liabilities | 28,263 | 15,631 | 32,054 | |||||||||
Total Liabilities | 69,212 | 58,203 | 63,071 | |||||||||
Net Assets | $ | 32,632,130 | $ | 38,757,527 | $ | 17,794,171 | ||||||
| ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) | $ | 34,040,516 | $ | 41,667,426 | $ | 19,593,479 | ||||||
Accumulated earnings (deficit) | (1,408,386 | ) | (2,909,899 | ) | (1,799,308 | ) | ||||||
Net Assets | $ | 32,632,130 | $ | 38,757,527 | $ | 17,794,171 | ||||||
STATEMENTS OF ASSETS LIABILITIES
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 82
| STRATEGIC | CONSERVATIVE | GROWTH & | |||||||||
Class A | ||||||||||||
Net Assets | $ | 29,927,813 | $ | 35,238,432 | $ | 12,726,459 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3,403,237 | 3,692,648 | 1,282,708 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 8.79 | $ | 9.54 | $ | 9.92 | ||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 9.30 | $ | 10.10 | $ | 10.50 | ||||||
Class C | ||||||||||||
Net Assets | $ | 2,704,299 | $ | 3,519,077 | $ | 1,664,178 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 361,638 | 426,359 | 175,039 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 7.48 | $ | 8.25 | $ | 9.51 | ||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 7.41 | $ | 8.17 | $ | 9.41 | ||||||
Class I | ||||||||||||
Net Assets | $ | 18 | $ | 18 | $ | 3,403,534 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2 | 2 | 340,356 | |||||||||
Net Asset Value, offering price and redemption price per share | $ | 8.79 | (a) | $ | 9.54 | (a) | $ | 10.00 | ||||
(a) | NAV does not reclaculate due to rounding of shares. |
STATEMENTS OF ASSETS LIABILITIES
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 83
Section 5 | Statements of Operations
FOR THE YEAR ENDED SEPTEMBER 30, 2023
| AGGRESSIVE | INTERNATIONAL | LARGE/MID CAP | |||||||||
Investment Income: | ||||||||||||
Interest income | $ | 125,326 | $ | 328,325 | $ | 295,732 | ||||||
Dividend Income | 381,052 | 4,020,746 | 1,222,240 | |||||||||
Dividend income from affiliated investments | — | — | 338,957 | |||||||||
Foreign tax withheld | (29 | ) | (749,014 | ) | (8,384 | ) | ||||||
Total Investment Income | 506,349 | 3,600,057 | 1,848,545 | |||||||||
| ||||||||||||
Operating Expenses: | ||||||||||||
Investment advisory fees | 358,040 | 1,498,407 | 1,148,702 | |||||||||
12b-1 Fees: | ||||||||||||
Class A | 80,021 | 138,643 | 232,197 | |||||||||
Class C | 24,568 | 18,303 | 96,366 | |||||||||
Administration fees | 87,679 | 278,983 | 268,170 | |||||||||
Registration fees | 33,425 | 47,826 | 46,877 | |||||||||
Non 12b-1 shareholder service fees | 21,932 | 136,021 | 81,738 | |||||||||
Printing expenses | 21,879 | 40,934 | 38,023 | |||||||||
Audit fees | 14,857 | 14,772 | 15,090 | |||||||||
Trustees’ fees | 6,874 | 16,506 | 14,386 | |||||||||
Legal fees | 2,588 | 5,130 | 4,080 | |||||||||
Compliance officer fees | 1,448 | 14,981 | 10,597 | |||||||||
Insurance expenses | 1,352 | 3,263 | 3,674 | |||||||||
Custody fees | 1,145 | 20,070 | 17,111 | |||||||||
Miscellaneous expenses | 8,781 | 4,572 | 9,771 | |||||||||
Total Operating Expenses | 664,589 | 2,238,411 | 1,986,782 | |||||||||
Less: Expenses waived by Advisor for Affiliated Holdings | — | — | (174,958 | ) | ||||||||
Less: Expenses waived by Advisor | (42,122 | ) | (74,920 | ) | (57,279 | ) | ||||||
Net Operating Expenses | 622,467 | 2,163,491 | 1,754,545 | |||||||||
| ||||||||||||
Net Investment Income (Loss) | (116,118 | ) | 1,436,566 | 94,000 | ||||||||
| ||||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||
Net realized gain (loss) on | ||||||||||||
investments | 2,575,164 | 1,463,748 | 11,477,197 | |||||||||
foreign currency transactions | — | 150 | 38 | |||||||||
and affiliated investments | — | — | 274,680 | |||||||||
Capital gain dividends from REITs | 1,508 | — | 4,119 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 3,442,018 | 19,302,859 | 9,560,226 | |||||||||
affiliated investments | — | — | (159,755 | ) | ||||||||
and foreign currency translations | — | (146 | ) | 29 | ||||||||
Net Realized and Unrealized Gain on Investments | 6,018,690 | 20,766,611 | 21,156,534 | |||||||||
| ||||||||||||
Net Increase in Net Assets Resulting From Operations | $ | 5,902,572 | $ | 22,203,177 | $ | 21,250,534 | ||||||
STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 84
| SMALL CAP | LARGE/MID CAP | FIXED | |||||||||
Investment Income: | ||||||||||||
Interest income | $ | 159,115 | $ | 732,608 | $ | 3,025,842 | ||||||
Dividend Income | 3,270,339 | 3,303,148 | — | |||||||||
Dividend income from affiliated investments | 192,605 | 1,037,989 | 332,316 | |||||||||
Foreign tax withheld | (4,390 | ) | (13,222 | ) | — | |||||||
Total Investment Income | 3,617,669 | 5,060,523 | 3,358,158 | |||||||||
| ||||||||||||
Operating Expenses: | ||||||||||||
Investment advisory fees | 1,390,347 | 2,388,677 | 620,665 | |||||||||
12b-1 Fees: | ||||||||||||
Class A | 251,111 | 414,710 | 184,332 | |||||||||
Class C | 66,208 | 155,092 | 85,308 | |||||||||
Administration fees | 305,782 | 519,461 | 233,227 | |||||||||
Registration fees | 38,651 | 79,405 | 48,514 | |||||||||
Non 12b-1 shareholder service fees | 113,738 | 172,390 | 89,282 | |||||||||
Printing expenses | 39,151 | 64,362 | 32,440 | |||||||||
Audit fees | 14,966 | 14,985 | 14,952 | |||||||||
Trustees’ fees | 17,241 | 43,310 | 15,591 | |||||||||
Legal fees | 5,100 | 8,850 | 3,060 | |||||||||
Compliance officer fees | 17,110 | 24,978 | 9,495 | |||||||||
Insurance expenses | 4,343 | 2,111 | 2,712 | |||||||||
Custody fees | 27,254 | 30,423 | 20,529 | |||||||||
Miscellaneous expenses | 7,356 | 5,407 | 3,357 | |||||||||
Total Operating Expenses | 2,298,358 | 3,924,161 | 1,363,464 | |||||||||
Less: Expenses waived by Advisor for Affiliated Holdings | (145,931 | ) | (406,839 | ) | (29,805 | ) | ||||||
Less: Expenses waived by Advisor | (73,201 | ) | (162,414 | ) | (196,953 | ) | ||||||
Net Operating Expenses | 2,079,226 | 3,354,908 | 1,136,706 | |||||||||
| ||||||||||||
Net Investment Income | 1,538,443 | 1,705,615 | 2,221,452 | |||||||||
| ||||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||
Net realized gain (loss) on | ||||||||||||
investments | 4,566,296 | 207,415 | (5,624,090 | ) | ||||||||
foreign currency transactions | (54 | ) | — | — | ||||||||
and affiliated investments | — | 790,494 | (187,673 | ) | ||||||||
Capital gain dividends from REITs | 185,673 | 3,088 | — | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 12,324,637 | 30,351,965 | 3,152,513 | |||||||||
affiliated investments | 1,899,732 | 632,897 | — | |||||||||
and foreign currency translations | — | — | — | |||||||||
Net Realized and Unrealized Gain on Investments | 18,976,284 | 31,985,859 | (2,659,250 | ) | ||||||||
| ||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 20,514,727 | $ | 33,691,474 | $ | (437,798 | ) | |||||
STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 85
| HIGH YIELD | INTERNATIONAL | ISRAEL | |||||||||
Investment Income: | ||||||||||||
Interest income | $ | 9,051,686 | $ | 171,972 | $ | 689,470 | ||||||
Dividend Income | 145 | 2,833,764 | 1,041,206 | |||||||||
Dividend income from affiliated investments | 454,008 | — | 215,586 | |||||||||
Foreign tax withheld | — | (648,159 | ) | (52,050 | ) | |||||||
Total Investment Income | 9,505,839 | 2,357,577 | 1,894,212 | |||||||||
| ||||||||||||
Operating Expenses: | ||||||||||||
Investment advisory fees | 883,693 | 1,002,146 | 460,311 | |||||||||
12b-1 fees: | ||||||||||||
Class A | 161,706 | 128,308 | 115,789 | |||||||||
Class C | 24,807 | 93,035 | 45,029 | |||||||||
Administration fees | 336,910 | 235,635 | 173,641 | |||||||||
Non 12b-1 shareholder service fees | 149,394 | 74,950 | 45,869 | |||||||||
Registration fees | 67,150 | 37,979 | 43,463 | |||||||||
Printing expenses | 55,862 | 56,856 | 27,408 | |||||||||
Trustees’ fees | 29,524 | 21,516 | 14,017 | |||||||||
Custody fees | 18,227 | 102,376 | 55,691 | |||||||||
Audit fees | 16,842 | 16,433 | 16,471 | |||||||||
Compliance officer fees | 12,693 | 10,132 | 8,545 | |||||||||
Insurance expenses | 3,735 | 3,547 | 2,264 | |||||||||
Legal fees | 2,700 | 2,160 | 1,620 | |||||||||
Miscellaneous expenses | 10,451 | 4,250 | 6,992 | |||||||||
Total Operating Expenses | 1,773,694 | 1,789,323 | 1,017,110 | |||||||||
Less: Expenses waived by Advisor for Affiliated Holdings | (52,505 | ) | — | (30,894 | ) | |||||||
Less: Expenses waived by Advisor | (138,531 | ) | — | (35,785 | ) | |||||||
Net Operating Expenses | 1,582,658 | 1,789,323 | 950,431 | |||||||||
Net Investment Income | 7,923,181 | 568,254 | 943,781 | |||||||||
| ||||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||
Net realized gain (loss) on | ||||||||||||
investments | (8,202,117 | ) | (1,919,375 | ) | 744,621 | |||||||
foreign currency transactions | — | (11,859 | ) | (1,444 | ) | |||||||
and affiliated investments | (281,021 | ) | — | (17,576 | ) | |||||||
Capital gain distributions from affiliated funds | — | — | — | |||||||||
Capital gain dividends from REITs | — | — | 65,638 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 14,300,995 | (9,780,311 | ) | 3,527,427 | ||||||||
affiliated investments | — | — | 158,109 | |||||||||
alternative investments | — | — | 1,152,387 | |||||||||
and foreign currency translations | — | 894 | (37 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 5,817,857 | (11,710,651 | ) | 5,629,125 | ||||||||
| ||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 13,741,038 | $ | (11,142,397 | ) | $ | 6,572,906 | |||||
STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 86
| DEFENSIVE | STRATEGIC | CONSERVATIVE | |||||||||
Investment Income: | ||||||||||||
Interest income | $ | 40,226 | $ | 51,139 | $ | 355,942 | ||||||
Dividend Income | — | — | — | |||||||||
Dividend income from affiliated investments | 773,727 | 954,879 | 227,483 | |||||||||
Foreign tax withheld | — | — | — | |||||||||
Total Investment Income | 813,953 | 1,006,018 | 583,425 | |||||||||
| ||||||||||||
Operating Expenses: | ||||||||||||
Investment advisory fees | 224,050 | 271,072 | 141,747 | |||||||||
12b-1 fees: | ||||||||||||
Class A | 37,410 | 43,940 | 32,823 | |||||||||
Class C | 20,848 | 29,502 | 18,628 | |||||||||
Administration fees | 78,442 | 104,694 | 67,789 | |||||||||
Non 12b-1 shareholder service fees | 13,477 | 4,291 | 12,564 | |||||||||
Registration fees | 29,015 | 27,558 | 27,068 | |||||||||
Printing expenses | 21,406 | 26,063 | 20,059 | |||||||||
Trustees’ fees | 6,087 | 8,184 | 4,150 | |||||||||
Custody fees | 5,059 | 4,954 | 10,369 | |||||||||
Audit fees | 16,581 | 16,460 | 16,234 | |||||||||
Compliance officer fees | 4,358 | 805 | 2,743 | |||||||||
Insurance expenses | 441 | 683 | 768 | |||||||||
Legal fees | 720 | 900 | 360 | |||||||||
Miscellaneous expenses | 1,613 | 2,386 | 10,444 | |||||||||
Total Operating Expenses | 459,507 | 541,492 | 365,746 | |||||||||
Less: Expenses waived by Advisor for Affiliated Holdings | — | — | (58,867 | ) | ||||||||
Less: Expenses waived by Advisor | (86,232 | ) | (102,745 | ) | (14,626 | ) | ||||||
Net Operating Expenses | 373,275 | 438,747 | 292,253 | |||||||||
Net Investment Income | 440,678 | 567,271 | 291,172 | |||||||||
| ||||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||
Net realized gain (loss) on | ||||||||||||
investments | — | — | (452,385 | ) | ||||||||
foreign currency transactions | — | — | — | |||||||||
and affiliated investments | 142,428 | 110,867 | 724,060 | |||||||||
Capital gain distributions from affiliated funds | 65,184 | 63,565 | — | |||||||||
Capital gain dividends from REITs | — | — | — | |||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | 62,983 | |||||||||
affiliated investments | 1,785,933 | 1,270,530 | (502,042 | ) | ||||||||
alternative investments | — | — | — | |||||||||
and foreign currency translations | — | — | — | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1,993,545 | 1,444,962 | (167,384 | ) | ||||||||
| ||||||||||||
Net Increase in Net Assets Resulting From Operations | $ | 2,434,223 | $ | 2,012,233 | $ | 123,788 | ||||||
STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 87
Section 6 | Statements of Changes in Net Assets
| Aggressive Growth Fund | International Fund | ||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (116,118 | ) | $ | (416,583 | ) | $ | 1,436,566 | $ | 1,349,477 | ||||||
Net realized gain (loss) from investments and foreign currency transactions | 2,576,672 | 2,412,528 | 1,463,898 | (3,059,947 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 3,442,018 | (15,341,328 | ) | 19,302,713 | (41,656,133 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 5,902,572 | (13,345,383 | ) | 22,203,177 | (43,366,603 | ) | ||||||||||
Distributions to Shareholders: | ||||||||||||||||
Total distributions paid | ||||||||||||||||
Class A | (886,181 | ) | (3,166,804 | ) | (242,141 | ) | (270,831 | ) | ||||||||
Class C | (91,155 | ) | (319,674 | ) | — | — | ||||||||||
Class I | (146,597 | ) | (1,078,951 | ) | (572,599 | ) | (517,840 | ) | ||||||||
Total dividends and distributions to shareholders | (1,123,933 | ) | (4,565,429 | ) | (814,740 | ) | (788,671 | ) | ||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||
Class A | 4,490,305 | 6,798,763 | 14,838,545 | 12,160,604 | ||||||||||||
Class C | 462,776 | 472,219 | 478,792 | 284,468 | ||||||||||||
Class I | 20,983,945 | 4,132,982 | 51,222,061 | 35,654,044 | ||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||
Class A | 854,542 | 3,076,335 | 203,371 | 237,790 | ||||||||||||
Class C | 90,051 | 314,956 | — | — | ||||||||||||
Class I | 135,571 | 1,017,533 | 405,754 | 347,901 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class A | (5,273,576 | ) | (6,520,183 | ) | (11,132,405 | ) | (10,240,838 | ) | ||||||||
Class C | (497,386 | ) | (371,290 | ) | (402,666 | ) | (494,212 | ) | ||||||||
Class I | (18,368,393 | ) | (9,190,149 | ) | (31,128,361 | ) | (13,721,678 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 2,877,835 | (268,834 | ) | 24,485,091 | 24,228,079 | |||||||||||
Total Increase (Decrease) in Net Assets | 7,656,474 | (18,179,646 | ) | 45,873,528 | (19,927,195 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 34,717,999 | 52,897,645 | 116,586,342 | 136,513,537 | ||||||||||||
End of year | $ | 42,374,473 | $ | 34,717,999 | $ | 162,459,870 | $ | 116,586,342 | ||||||||
Share Activity: | ||||||||||||||||
Shares Sold | ||||||||||||||||
Class A | 474,340 | 645,706 | 1,334,490 | 1,074,374 | ||||||||||||
Class C | 65,331 | 57,410 | 46,285 | 24,476 | ||||||||||||
Class I | 1,996,454 | 361,658 | 4,641,314 | 3,086,411 | ||||||||||||
Shares Reinvested | ||||||||||||||||
Class A | 94,113 | 261,372 | 18,972 | 18,947 | ||||||||||||
Class C | 13,261 | 35,191 | — | — | ||||||||||||
Class I | 14,484 | 84,094 | 37,780 | 27,677 | ||||||||||||
Shares Redeemed | ||||||||||||||||
Class A | (556,670 | ) | (609,956 | ) | (1,010,574 | ) | (888,203 | ) | ||||||||
Class C | (71,344 | ) | (48,564 | ) | (39,228 | ) | (43,694 | ) | ||||||||
Class I | (1,751,336 | ) | (859,288 | ) | (2,835,781 | ) | (1,204,533 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 278,633 | (72,377 | ) | 2,193,258 | 2,095,455 | |||||||||||
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 88
| Large/Mid Cap Growth Fund | Small Cap Value Fund | ||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 94,000 | $ | (483,325 | ) | $ | 1,538,443 | $ | 821,337 | |||||||
Net realized gain from investments and foreign currency transactions | 11,756,034 | 12,702,779 | 4,566,242 | 11,989,881 | ||||||||||||
Capital gain dividends from REITs | — | — | 185,673 | 145,929 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 9,400,500 | (39,203,897 | ) | 14,224,369 | (42,761,726 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 21,250,534 | (26,984,443 | ) | 20,514,727 | (29,804,579 | ) | ||||||||||
Distributions to Shareholders: | ||||||||||||||||
Total distributions paid | ||||||||||||||||
Class A | (8,357,597 | ) | (6,125,923 | ) | (6,249,977 | ) | (9,637,804 | ) | ||||||||
Class C | (1,163,353 | ) | (919,025 | ) | (616,255 | ) | (983,809 | ) | ||||||||
Class I | (2,198,299 | ) | (1,710,601 | ) | (3,302,915 | ) | (5,204,941 | ) | ||||||||
Total dividends and distributions to shareholders | (11,719,249 | ) | (8,755,549 | ) | (10,169,147 | ) | (15,826,554 | ) | ||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||
Class A | 12,086,420 | 22,960,254 | 7,002,628 | 14,285,397 | ||||||||||||
Class C | 1,454,167 | 1,737,733 | 1,199,547 | 1,136,844 | ||||||||||||
Class I | 28,650,628 | 24,914,569 | 38,632,157 | 16,782,944 | ||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||
Class A | 8,050,811 | 5,942,037 | 6,022,122 | 9,252,978 | ||||||||||||
Class C | 1,134,944 | 893,579 | 600,778 | 965,184 | ||||||||||||
Class I | 2,010,936 | 1,548,553 | 3,083,981 | 4,805,204 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class A | (15,511,902 | ) | (17,431,366 | ) | (11,829,855 | ) | (12,852,757 | ) | ||||||||
Class C | (1,702,208 | ) | (1,860,539 | ) | (1,248,875 | ) | (1,306,981 | ) | ||||||||
Class I | (9,838,117 | ) | (24,237,143 | ) | (23,468,305 | ) | (16,626,684 | ) | ||||||||
Net increase in net assets from share transactions of beneficial interest | 26,335,679 | 14,467,677 | 19,994,178 | 16,442,129 | ||||||||||||
Total Increase (Decrease) in Net Assets | 35,866,964 | (21,272,315 | ) | 30,339,758 | (29,189,004 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 113,169,905 | 134,442,220 | 140,203,585 | 169,392,589 | ||||||||||||
End of year | $ | 149,036,869 | $ | 113,169,905 | $ | 170,543,343 | $ | 140,203,585 | ||||||||
Share Activity: | ||||||||||||||||
Shares Sold | ||||||||||||||||
Class A | 1,171,671 | 1,963,175 | 397,289 | 766,831 | ||||||||||||
Class C | 190,058 | 185,900 | 109,728 | 88,010 | ||||||||||||
Class I | 2,695,519 | 2,023,305 | 2,113,130 | 859,880 | ||||||||||||
Shares Reinvested | ||||||||||||||||
Class A | 812,395 | 458,845 | 343,925 | 461,955 | ||||||||||||
Class C | 156,544 | 90,627 | 56,358 | 76,059 | ||||||||||||
Class I | 196,572 | 116,433 | 173,063 | 236,012 | ||||||||||||
Shares Redeemed | ||||||||||||||||
Class A | (1,515,394 | ) | (1,506,365 | ) | (670,732 | ) | (661,742 | ) | ||||||||
Class C | (227,260 | ) | (210,222 | ) | (116,914 | ) | (107,700 | ) | ||||||||
Class I | (919,747 | ) | (2,034,559 | ) | (1,322,793 | ) | (848,425 | ) | ||||||||
Net increase in shares of beneficial interest outstanding | 2,560,358 | 1,087,139 | 1,083,054 | 870,880 | ||||||||||||
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 89
| Large/Mid Cap Value Fund | Fixed Income Fund | ||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,705,615 | $ | 966,275 | $ | 2,221,452 | $ | 1,005,202 | ||||||||
Net realized gain (loss) from investments and foreign currency transactions | 997,909 | 16,388,620 | (5,811,763 | ) | (1,094,738 | ) | ||||||||||
Capital gain dividends from REITs | 3,088 | 3,114 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 30,984,862 | (44,360,840 | ) | 3,152,513 | (17,624,089 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 33,691,474 | (27,002,831 | ) | (437,798 | ) | (17,713,625 | ) | |||||||||
Distributions to Shareholders: | ||||||||||||||||
Total distributions paid | ||||||||||||||||
Class A | (8,491,776 | ) | (7,549,688 | ) | (1,537,644 | ) | (962,214 | ) | ||||||||
Class C | (1,067,512 | ) | (979,388 | ) | (132,190 | ) | (57,666 | ) | ||||||||
Class I | (4,721,274 | ) | (3,830,408 | ) | (606,661 | ) | (341,148 | ) | ||||||||
Total dividends and distributions to shareholders | (14,280,562 | ) | (12,359,484 | ) | (2,276,495 | ) | (1,361,028 | ) | ||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||
Class A | 17,644,025 | 30,609,409 | 10,264,261 | 18,885,674 | ||||||||||||
Class C | 2,912,101 | 2,753,183 | 930,481 | 1,105,757 | ||||||||||||
Class I | 59,642,729 | 52,851,310 | 16,118,195 | 30,558,230 | ||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||
Class A | 8,119,208 | 7,176,779 | 1,344,833 | 869,034 | ||||||||||||
Class C | 1,041,605 | 944,691 | 99,296 | 44,199 | ||||||||||||
Class I | 4,208,753 | 3,624,620 | 492,335 | 295,153 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class A | (22,922,491 | ) | (26,834,180 | ) | (22,610,116 | ) | (21,295,182 | ) | ||||||||
Class C | (3,233,973 | ) | (2,568,862 | ) | (2,037,419 | ) | (2,050,201 | ) | ||||||||
Class I | (43,223,850 | ) | (41,124,442 | ) | (10,335,104 | ) | (24,293,736 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 24,188,107 | 27,432,508 | (5,733,238 | ) | 4,118,928 | |||||||||||
Total Increase (Decrease) in Net Assets | 43,599,019 | (11,929,807 | ) | (8,447,531 | ) | (14,955,725 | ) | |||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 241,568,230 | 253,498,037 | 111,387,967 | 126,343,692 | ||||||||||||
End of year | $ | 285,167,249 | $ | 241,568,230 | $ | 102,940,436 | $ | 111,387,967 | ||||||||
Share Activity: | ||||||||||||||||
Shares Sold | ||||||||||||||||
Class A | 858,342 | 1,417,264 | 1,133,685 | 1,911,750 | ||||||||||||
Class C | 195,481 | 169,511 | 106,527 | 114,172 | ||||||||||||
Class I | 2,849,297 | 2,393,106 | 1,794,335 | 3,122,628 | ||||||||||||
Shares Reinvested | ||||||||||||||||
Class A | 399,567 | 313,123 | 150,383 | 92,242 | ||||||||||||
Class C | 71,687 | 56,232 | 11,577 | 4,850 | ||||||||||||
Class I | 204,606 | 156,234 | 55,645 | 31,359 | ||||||||||||
Shares Redeemed | ||||||||||||||||
Class A | (1,115,087 | ) | (1,247,185 | ) | (2,482,221 | ) | (2,150,743 | ) | ||||||||
Class C | (221,160 | ) | (161,301 | ) | (236,081 | ) | (216,378 | ) | ||||||||
Class I | (2,056,109 | ) | (1,892,940 | ) | (1,159,014 | ) | (2,519,843 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 1,186,624 | 1,204,044 | (625,164 | ) | 390,037 | |||||||||||
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 90
| High Yield Bond Fund | Israel Common Values Fund | ||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 7,923,181 | $ | 6,504,044 | $ | 568,254 | $ | 283,427 | ||||||||
Net realized gain (loss) from investments and foreign currency transactions | (8,483,138 | ) | 784,476 | (1,931,234 | ) | (2,739,206 | ) | |||||||||
Capital gain dividends from REITs | — | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 14,300,995 | (31,248,562 | ) | (9,779,417 | ) | (13,150,439 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 13,741,038 | (23,960,042 | ) | (11,142,397 | ) | (15,606,218 | ) | |||||||||
Distributions to Shareholders: | ||||||||||||||||
Total distributions paid | ||||||||||||||||
Class A | (3,373,954 | ) | (3,718,716 | ) | — | — | ||||||||||
Class C | (113,340 | ) | (114,907 | ) | — | — | ||||||||||
Class I | (4,349,798 | ) | (3,044,420 | ) | — | — | ||||||||||
Total dividends and distributions to shareholders | (7,837,092 | ) | (6,878,043 | ) | — | — | ||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||
Class A | 18,004,465 | 43,968,574 | 11,962,354 | 13,848,947 | ||||||||||||
Class C | 766,453 | 844,628 | 781,957 | 2,187,797 | ||||||||||||
Class I | 102,250,908 | 82,264,598 | 19,014,293 | 26,289,974 | ||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||
Class A | 2,974,022 | 3,368,274 | — | — | ||||||||||||
Class C | 110,085 | 110,779 | — | — | ||||||||||||
Class I | 3,135,159 | 2,211,923 | — | — | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class A | (35,077,468 | ) | (27,111,540 | ) | (13,029,177 | ) | (9,733,404 | ) | ||||||||
Class C | (754,350 | ) | (1,124,126 | ) | (1,854,766 | ) | (2,581,546 | ) | ||||||||
Class I | (101,986,575 | ) | (73,002,858 | ) | (11,063,965 | ) | (28,575,652 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | (10,577,301 | ) | 31,530,252 | 5,810,696 | 1,436,116 | |||||||||||
Total Increase (Decrease) in Net Assets | (4,673,355 | ) | 692,167 | (5,331,701 | ) | (14,170,102 | ) | |||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 137,195,612 | 136,503,445 | 100,853,003 | 115,023,105 | ||||||||||||
End of year | $ | 132,522,257 | $ | 137,195,612 | $ | 95,521,302 | $ | 100,853,003 | ||||||||
Share Activity: | ||||||||||||||||
Shares Sold | ||||||||||||||||
Class A | 2,145,704 | 4,614,615 | 572,009 | 542,485 | ||||||||||||
Class C | 89,026 | 87,645 | 40,465 | 89,184 | ||||||||||||
Class I | 12,107,178 | 9,130,532 | 911,164 | 992,186 | ||||||||||||
Shares Reinvested | ||||||||||||||||
Class A | 356,016 | 381,666 | — | — | ||||||||||||
Class C | 12,935 | 12,351 | — | — | ||||||||||||
Class I | 374,875 | 252,153 | — | — | ||||||||||||
Shares Redeemed | ||||||||||||||||
Class A | (4,162,681 | ) | (2,983,722 | ) | (632,138 | ) | (387,283 | ) | ||||||||
Class C | (87,930 | ) | (123,685 | ) | (97,170 | ) | (109,454 | ) | ||||||||
Class I | (12,108,200 | ) | (7,952,995 | ) | (534,702 | ) | (1,116,899 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (1,273,077 | ) | 3,418,560 | 259,628 | 10,219 | |||||||||||
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 91
| Defensive Strategies Fund | Strategic Growth Fund | ||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 943,781 | $ | 1,554,931 | $ | 440,678 | $ | 192,174 | ||||||||
Net realized gain from investments and foreign currency transactions | 725,601 | 2,817,883 | 207,612 | 2,361,108 | ||||||||||||
Capital gain dividends from REITs | 65,638 | 73,885 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 4,837,886 | (11,876,533 | ) | 1,785,933 | (8,683,199 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 6,572,906 | (7,429,834 | ) | 2,434,223 | (6,129,917 | ) | ||||||||||
Distributions to Shareholders: | ||||||||||||||||
Total distributions paid | ||||||||||||||||
Class A | (2,087,703 | ) | (228,420 | ) | (2,160,890 | ) | (1,761,432 | ) | ||||||||
Class C | (187,628 | ) | — | (197,275 | ) | (157,484 | ) | |||||||||
Class I | (1,231,772 | ) | (110,752 | ) | — | — | ||||||||||
Total dividends and distributions to shareholders | (3,507,103 | ) | (339,172 | ) | (2,358,165 | ) | (1,918,916 | ) | ||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||
Class A | 7,149,362 | 18,091,026 | 2,119,961 | 3,552,656 | ||||||||||||
Class C | 416,209 | 2,626,397 | 261,558 | 649,841 | ||||||||||||
Class I | 12,672,145 | 33,004,917 | 18 | — | ||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||
Class A | 1,819,449 | 204,444 | 2,096,847 | 1,721,067 | ||||||||||||
Class C | 176,672 | — | 196,816 | 156,745 | ||||||||||||
Class I | 1,168,983 | 102,358 | — | — | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class A | (16,427,011 | ) | (9,343,406 | ) | (4,331,805 | ) | (5,687,137 | ) | ||||||||
Class C | (1,534,029 | ) | (610,355 | ) | (411,607 | ) | (417,642 | ) | ||||||||
Class I | (13,453,254 | ) | (19,324,283 | ) | — | — | ||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | (8,011,474 | ) | 24,751,098 | (68,212 | ) | (24,470 | ) | |||||||||
Total Increase (Decrease) in Net Assets | (4,945,671 | ) | 16,982,092 | 7,846 | (8,073,303 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 75,461,711 | 58,479,619 | 32,624,284 | 40,697,587 | ||||||||||||
End of year | $ | 70,516,040 | $ | 75,461,711 | $ | 32,632,130 | $ | 32,624,284 | ||||||||
Share Activity: | ||||||||||||||||
Shares Sold | ||||||||||||||||
Class A | 548,607 | 1,286,505 | 234,939 | 354,853 | ||||||||||||
Class C | 33,759 | 196,058 | 33,800 | 73,324 | ||||||||||||
Class I | 968,235 | 2,328,285 | 2 | — | ||||||||||||
Shares Reinvested | ||||||||||||||||
Class A | 141,702 | 14,740 | 232,983 | 162,212 | ||||||||||||
Class C | 14,612 | — | 25,594 | 17,093 | ||||||||||||
Class I | 91,042 | 7,380 | — | — | ||||||||||||
Shares Redeemed | ||||||||||||||||
Class A | (1,242,611 | ) | (664,053 | ) | (477,887 | ) | (560,494 | ) | ||||||||
Class C | (124,531 | ) | (47,132 | ) | (53,181 | ) | (47,405 | ) | ||||||||
Class I | (1,030,897 | ) | (1,410,020 | ) | — | — | ||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (600,082 | ) | 1,711,763 | (3,750 | ) | (417 | ) | |||||||||
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 92
| Conservative Growth Fund | Growth & Income Fund | ||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 567,271 | $ | 170,985 | $ | 291,172 | $ | 178,666 | ||||||||
Net realized gain from investments, affiliated investments and foreign currency transactions | 174,432 | 2,241,593 | 271,675 | 981,846 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 1,270,530 | (9,647,239 | ) | (439,059 | ) | (2,860,270 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 2,012,233 | (7,234,661 | ) | 123,788 | (1,699,758 | ) | ||||||||||
Distributions to Shareholders: | ||||||||||||||||
Total distributions paid | ||||||||||||||||
Class A | (1,949,664 | ) | (1,825,573 | ) | (1,005,818 | ) | (210,548 | ) | ||||||||
Class C | (216,573 | ) | (241,602 | ) | (138,050 | ) | (17,407 | ) | ||||||||
Class I | — | — | (289,249 | ) | (48,672 | ) | ||||||||||
Total dividends and distributions to shareholders | (2,166,237 | ) | (2,067,175 | ) | (1,433,117 | ) | (276,627 | ) | ||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||
Class A | 1,813,711 | 5,574,779 | 1,777,993 | 3,439,486 | ||||||||||||
Class C | 555,686 | 1,088,995 | 432,927 | 544,945 | ||||||||||||
Class I | 18 | — | 2,501,037 | 3,133,878 | ||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||
Class A | 1,878,918 | 1,763,564 | 947,767 | 197,107 | ||||||||||||
Class C | 207,916 | 233,389 | 136,611 | 17,139 | ||||||||||||
Class I | — | — | 276,568 | 45,237 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class A | (5,380,917 | ) | (8,140,008 | ) | (2,236,709 | ) | (3,283,823 | ) | ||||||||
Class C | (1,095,974 | ) | (1,934,133 | ) | (691,367 | ) | (372,602 | ) | ||||||||
Class I | — | — | (2,268,045 | ) | (1,717,298 | ) | ||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | (2,020,642 | ) | (1,413,414 | ) | 876,782 | 2,004,069 | ||||||||||
Total Increase (Decrease) in Net Assets | (2,174,646 | ) | (10,715,250 | ) | (432,547 | ) | 27,684 | |||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 40,932,173 | 51,647,423 | 18,226,718 | 18,199,034 | ||||||||||||
End of year | $ | 38,757,527 | $ | 40,932,173 | 17,794,171 | $ | 18,226,718 | |||||||||
Share Activity: | ||||||||||||||||
Shares Sold | ||||||||||||||||
Class A | 185,211 | 504,674 | 170,280 | 283,962 | ||||||||||||
Class C | 65,417 | 114,455 | 42,270 | 47,121 | ||||||||||||
Class I | 2 | — | 234,320 | 257,713 | ||||||||||||
Shares Reinvested | ||||||||||||||||
Class A | 191,920 | 155,516 | 89,873 | 16,679 | ||||||||||||
Class C | 24,432 | 23,433 | 13,480 | 1,485 | ||||||||||||
Class I | — | — | 26,024 | 3,830 | ||||||||||||
Shares Redeemed | ||||||||||||||||
Class A | (549,980 | ) | (753,775 | ) | (210,706 | ) | (275,448 | ) | ||||||||
Class C | (129,415 | ) | (206,214 | ) | (68,334 | ) | (32,396 | ) | ||||||||
Class I | — | — | (213,605 | ) | (142,912 | ) | ||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (212,413 | ) | (161,911 | ) | 83,602 | 160,034 | ||||||||||
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 93
Section 7 | Financial Highlights
Aggressive Growth Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.42 | $ | 12.53 | $ | 9.92 | $ | 7.87 | $ | 9.27 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.03 | ) | (0.09 | ) | (0.14 | ) | (0.09 | ) | (0.07 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments | 1.50 | (2.95 | ) | 3.39 | 2.14 | (0.81 | ) | |||||||||||||
Total from investment operations | 1.47 | �� | (3.04 | ) | 3.25 | 2.05 | (0.88 | ) | ||||||||||||
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 year | $ | 9.62 | $ | 8.42 | $ | 12.53 | $ | 9.92 | $ | 7.87 | ||||||||||
Total return (B)(C) | 17.59 | % | (26.66 | )% | 33.89 | % | 26.05 | % | (8.72 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 32,076 | $ | 27,983 | $ | 37,917 | $ | 30,316 | $ | 21,802 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.58 | % | 1.62 | % | 1.60 | % | 1.71 | % | 1.64 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.48 | %(E) | 1.52 | % | 1.50 | % | 1.61 | % | 1.56 | % | ||||||||||
Net investment loss, before waiver and reimbursement | (0.38 | )% | (1.00 | )% | (1.30 | )% | (1.19 | )% | (0.91 | )% | ||||||||||
Net investment loss, net waiver and reimbursement (D) | (0.28 | )%(E) | (0.90 | )% | (1.20 | )% | (1.09 | )% | (0.82 | )% | ||||||||||
Portfolio turnover rate | 67 | % | 46 | % | 67 | % | 96 | % | 77 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.03%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 94
Aggressive Growth Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 6.36 | $ | 9.79 | $ | 7.93 | $ | 6.34 | $ | 7.64 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.07 | ) | (0.13 | ) | (0.18 | ) | (0.12 | ) | (0.11 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments | 1.12 | (2.23 | ) | 2.68 | 1.71 | (0.67 | ) | |||||||||||||
Total from investment operations | 1.05 | (2.36 | ) | 2.50 | 1.59 | (0.78 | ) | |||||||||||||
| ||||||||||||||||||||
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 year | $ | 7.14 | $ | 6.36 | $ | 9.79 | $ | 7.93 | $ | 6.34 | ||||||||||
Total return (B)(C) | 16.66 | % | (27.23 | )% | 32.87 | % | 25.08 | % | (9.33 | )% | ||||||||||
| ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 2,466 | $ | 2,150 | $ | 2,877 | $ | 2,230 | $ | 2,433 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.33 | % | 2.37 | % | 2.35 | % | 2.46 | % | 2.39 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 2.23 | %(E) | 2.27 | % | 2.25 | % | 2.36 | % | 2.31 | % | ||||||||||
Net investment loss, before waiver and reimbursement | (1.13 | )% | (1.75 | )% | (2.05 | )% | (1.92 | )% | (1.73 | )% | ||||||||||
Net investment loss, net waiver and reimbursement (D) | (1.03 | )%(E) | (1.65 | )% | (1.95 | )% | (1.82 | )% | (1.64 | )% | ||||||||||
Portfolio turnover rate | 67 | % | 46 | % | 56 | % | 96 | % | 77 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.03%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 95
Aggressive Growth Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.67 | $ | 12.84 | $ | 10.13 | $ | 8.02 | $ | 9.41 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.00 | )* | (0.09 | ) | (0.12 | ) | (0.08 | ) | (0.05 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments | 1.53 | (3.01 | ) | 3.47 | 2.19 | (0.82 | ) | |||||||||||||
Total from investment operations | 1.53 | (3.10 | ) | 3.35 | 2.11 | (0.87 | ) | |||||||||||||
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 year | $ | 9.93 | $ | 8.67 | $ | 12.84 | $ | 10.13 | $ | 8.02 | ||||||||||
Total return (B) | 17.78 | % | (26.48 | )% | 34.19 | % | 26.31 | % | (8.48 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 7,833 | $ | 4,586 | $ | 12,104 | $ | 3,759 | $ | 1,233 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.33 | % | 1.44 | % | 1.35 | % | 1.46 | % | 1.39 | % | ||||||||||
Expenses, net waiver and reimbursement (C) | 1.23 | %(D) | 1.34 | % | 1.25 | % | 1.36 | % | 1.31 | % | ||||||||||
Net investment income (loss), before waiver and reimbursement | (0.13 | )% | (0.85 | )% | (1.05 | )% | (1.02 | )% | (0.67 | )% | ||||||||||
Net investment income (loss), net waiver and reimbursement (C) | (0.03 | )%(D) | (0.75 | )% | (0.95 | )% | (0.92 | )% | (0.57 | )% | ||||||||||
Portfolio turnover rate | 67 | % | 46 | % | 56 | % | 96 | % | 77 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(D) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.03%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 96
International Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 9.16 | $ | 12.84 | $ | 9.92 | $ | 9.09 | $ | 9.74 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.09 | 0.10 | 0.02 | (0.03 | ) | 0.09 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.68 | (3.72 | ) | 2.90 | 0.94 | (0.64 | ) | |||||||||||||
Total from investment operations | 1.77 | (3.62 | ) | 2.92 | 0.91 | (0.55 | ) | |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.05 | ) | (0.06 | ) | — | (0.08 | ) | (0.10 | ) | |||||||||||
Return of Capital | — | — | — | 0.00 | * | — | ||||||||||||||
Total distributions | (0.05 | ) | (0.06 | ) | — | (0.08 | ) | (0.10 | ) | |||||||||||
Net asset value, end of year | $ | 10.88 | $ | 9.16 | $ | 12.84 | $ | 9.92 | $ | 9.09 | ||||||||||
Total return (B)(C) | 19.31 | % | (28.33 | )% | 29.44 | % | 10.00 | % | (5.55 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 57,824 | $ | 45,524 | $ | 61,220 | $ | 48,608 | $ | 58,397 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.64 | % | 1.72 | % | 1.63 | % | 1.76 | % | 1.71 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.59 | %(E) | 1.67 | % | 1.58 | % | 1.71 | % | 1.67 | % | ||||||||||
Net investment income (loss) before waiver and reimbursement | 0.76 | % | 0.79 | % | 0.13 | % | (0.38 | )% | 0.96 | % | ||||||||||
Net investment income (loss), net waiver and reimbursement (D) | 0.81 | %(E) | 0.84 | % | 0.18 | % | (0.33 | )% | 1.01 | % | ||||||||||
Portfolio turnover rate | 20 | % | 7 | % | 17 | % | 25 | % | 27 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.02%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 97
International Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.78 | $ | 12.35 | $ | 9.62 | $ | 8.80 | $ | 9.41 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.01 | 0.00 | * | (0.07 | ) | (0.10 | ) | 0.01 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 1.61 | (3.57 | ) | 2.80 | 0.92 | (0.61 | ) | |||||||||||||
Total from investment operations | 1.62 | (3.57 | ) | 2.73 | 0.82 | (0.60 | ) | |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | — | — | — | — | (0.01 | ) | ||||||||||||||
Total distributions | — | — | — | — | (0.01 | ) | ||||||||||||||
Net asset value, end of year | $ | 10.40 | $ | 8.78 | $ | 12.35 | $ | 9.62 | $ | 8.80 | ||||||||||
Total return (B)(C) | 18.45 | % | (28.91 | )% | 28.38 | % | 9.32 | % | (6.31 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 1,841 | $ | 1,492 | $ | 2,337 | $ | 2,122 | $ | 2,641 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.39 | % | 2.47 | % | 2.38 | % | 2.51 | % | 2.46 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 2.34 | %(E) | 2.42 | % | 2.33 | % | 2.46 | % | 2.42 | % | ||||||||||
Net investment income (loss) before waiver and reimbursement | 0.02 | % | 0.00 | % | (0.65 | )% | (1.17 | )% | 0.09 | % | ||||||||||
Net investment income (loss), net waiver and reimbursement (D) | 0.07 | %(E) | 0.05 | % | (0.60 | )% | (1.12 | )% | 0.12 | % | ||||||||||
Portfolio turnover rate | 20 | % | 7 | % | 17 | % | 25 | % | 27 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.02%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 98
International Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 9.19 | $ | 12.89 | $ | 9.94 | $ | 9.10 | $ | 9.76 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.12 | 0.13 | 0.06 | (0.01 | ) | 0.11 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.69 | (3.74 | ) | 2.89 | 0.96 | (0.64 | ) | |||||||||||||
Total from investment operations | 1.81 | (3.61 | ) | 2.95 | 0.95 | (0.53 | ) | |||||||||||||
| ||||||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.08 | ) | (0.09 | ) | — | (0.11 | ) | (0.13 | ) | |||||||||||
Return of Capital | — | — | — | 0.00 | * | — | ||||||||||||||
Total distributions | (0.08 | ) | (0.09 | ) | — | (0.11 | ) | (0.13 | ) | |||||||||||
| ||||||||||||||||||||
Net asset value, end of year | $ | 10.92 | $ | 9.19 | $ | 12.89 | $ | 9.94 | $ | 9.10 | ||||||||||
| ||||||||||||||||||||
Total return (B) | 19.66 | % | (28.20 | )% | 29.68 | % | 10.42 | % | (5.33 | )% | ||||||||||
| ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 102,795 | $ | 69,570 | $ | 72,957 | $ | 37,226 | $ | 28,542 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.39 | % | 1.47 | % | 1.38 | % | 1.51 | % | 1.46 | % | ||||||||||
Expenses, net waiver and reimbursement (C) | 1.34 | %(D) | 1.42 | % | 1.33 | % | 1.46 | % | 1.42 | % | ||||||||||
Net investment income (loss), before waiver and reimbursement | 1.03 | % | 1.13 | % | 0.45 | % | (0.16 | )% | 1.24 | % | ||||||||||
Net investment income (loss), net waiver and reimbursement (C) | 1.08 | %(D) | 1.18 | % | 0.50 | % | (0.11 | )% | 1.28 | % | ||||||||||
Portfolio turnover rate | 20 | % | 7 | % | 17 | % | 25 | % | 27 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(D) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.02%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 99
Large/Mid Cap Growth Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 9.65 | $ | 12.61 | $ | 9.77 | $ | 8.70 | $ | 9.34 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.01 | (0.04 | ) | (0.07 | ) | (0.04 | ) | (0.03 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 1.76 | (2.12 | ) | 3.10 | 1.48 | (0.19 | ) | |||||||||||||
Total from investment operations | 1.77 | (2.16 | ) | 3.03 | 1.44 | (0.22 | ) | |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||
Total distributions | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||
Net asset value, end of year | $ | 10.43 | $ | 9.65 | $ | 12.61 | $ | 9.77 | $ | 8.70 | ||||||||||
Total return (B)(C) | 18.83 | % | (18.74 | )% | 31.32 | % | 16.93 | % | (1.48 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 94,109 | $ | 82,627 | $ | 96,378 | $ | 70,891 | $ | 64,150 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.48 | % | 1.50 | % | 1.50 | % | 1.54 | % | 1.56 | % | ||||||||||
Expenses, net waiver and reimbursement (D,E) | 1.29 | %(F) | 1.30 | % | 1.39 | % | 1.49 | % | 1.52 | % | ||||||||||
Net investment income (loss) before waiver and reimbursement | (0.11 | )% | (0.55 | )% | (0.71 | )% | (0.48 | )% | (0.35 | )% | ||||||||||
Net investment income (loss), net waiver and reimbursement (D,E) | 0.07 | %(F) | (0.35 | )% | (0.60 | )% | (0.43 | )% | (0.31 | )% | ||||||||||
Portfolio turnover rate | 39 | % | 35 | % | 22 | % | 23 | % | 44 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.06%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 100
Large/Mid Cap Growth Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 7.31 | $ | 9.79 | $ | 7.68 | $ | 6.96 | $ | 7.63 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.05 | ) | (0.10 | ) | (0.12 | ) | (0.08 | ) | (0.07 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments | 1.31 | (1.58 | ) | 2.42 | 1.17 | (0.18 | ) | |||||||||||||
Total from investment operations | 1.26 | (1.68 | ) | 2.30 | 1.09 | (0.25 | ) | |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||
Total distributions | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||
Net asset value, end of year | $ | 7.58 | $ | 7.31 | $ | 9.79 | $ | 7.68 | $ | 6.96 | ||||||||||
Total return (B)(C) | 17.79 | % | (19.27 | )% | 30.32 | % | 16.09 | % | (2.24 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 9,802 | $ | 8,577 | $ | 10,845 | $ | 8,192 | $ | 7,950 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.21 | % | 2.25 | % | 2.25 | % | 2.29 | % | 2.31 | % | ||||||||||
Expenses, net waiver and reimbursement (D,E) | 2.04 | %(F) | 2.05 | % | 2.14 | % | 2.24 | % | 2.27 | % | ||||||||||
Net investment loss before waiver and reimbursement | (0.85 | )% | (1.30 | )% | (1.46 | )% | (1.23 | )% | (1.10 | )% | ||||||||||
Net investment loss, net waiver and reimbursement (D,E) | (0.68 | )%(F) | (1.10 | )% | (1.35 | )% | (1.18 | )% | (1.06 | )% | ||||||||||
Portfolio turnover rate | 39 | % | 35 | % | 22 | % | 23 | % | 44 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.06%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 101
Large/Mid Cap Growth Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 9.94 | $ | 12.93 | $ | 9.99 | $ | 8.86 | $ | 9.48 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.03 | (0.01 | ) | (0.04 | ) | (0.02 | ) | (0.01 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 1.81 | (2.18 | ) | 3.17 | 1.52 | (0.19 | ) | |||||||||||||
Total from investment operations | 1.84 | (2.19 | ) | 3.13 | 1.50 | (0.20 | ) | |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||
Total distributions | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||
Net asset value, end of year | $ | 10.79 | $ | 9.94 | $ | 12.93 | $ | 9.99 | $ | 8.86 | ||||||||||
Total return (B) | 19.01 | % | (18.50 | )% | 31.64 | % | 17.30 | % | (1.24 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 45,126 | $ | 21,966 | $ | 27,220 | $ | 19,378 | $ | 14,016 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.21 | % | 1.25 | % | 1.25 | % | 1.29 | % | 1.31 | % | ||||||||||
Expenses, net waiver and reimbursement (C,D) | 1.04 | %(E) | 1.05 | % | 1.14 | % | 1.24 | % | 1.27 | % | ||||||||||
Net investment income (loss), before waiver and reimbursement | 0.13 | % | (0.30 | )% | (0.45 | )% | (0.22 | )% | (0.09 | )% | ||||||||||
Net investment income (loss), net waiver and reimbursement (C,D) | 0.31 | %(E) | (0.10 | )% | (0.34 | )% | (0.17 | )% | (0.06 | )% | ||||||||||
Portfolio turnover rate | 39 | % | 35 | % | 22 | % | 23 | % | 44 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(D) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.06%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 102
Small Cap Value Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 15.98 | $ | 21.35 | $ | 14.16 | $ | 17.15 | $ | 20.67 | ||||||||||
| �� | |||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.16 | 0.09 | 0.12 | 0.04 | 0.06 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.32 | (3.50 | ) | 7.10 | (2.39 | ) | (1.28 | ) | ||||||||||||
Total from investment operations | 2.48 | (3.41 | ) | 7.22 | (2.35 | ) | (1.22 | ) | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.07 | ) | (0.08 | ) | (0.03 | ) | (0.04 | ) | — | |||||||||||
From net realized gains on investments | (1.07 | ) | (1.88 | ) | — | (0.60 | ) | (2.30 | ) | |||||||||||
Total distributions | (1.14 | ) | (1.96 | ) | (0.03 | ) | (0.64 | ) | (2.30 | ) | ||||||||||
Net asset value, end of year | $ | 17.32 | $ | 15.98 | $ | 21.35 | $ | 14.16 | $ | 17.15 | ||||||||||
Total return (B)(C) | 15.45 | % | (17.84 | )% | 51.03 | % | (14.38 | )% | (3.77 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 96,865 | $ | 88,234 | $ | 105,800 | $ | 74,130 | $ | 99,077 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.47 | % | 1.50 | % | 1.46 | % | 1.57 | % | 1.52 | % | ||||||||||
Expenses, net waiver and reimbursement (D,F) | 1.32 | %(G) | 1.34 | % | 1.34 | % | 1.47 | % | 1.43 | % | ||||||||||
Net investment income, before waiver and reimbursement | 0.74 | % | 0.30 | % | 0.50 | % | 0.19 | % | 0.29 | % | ||||||||||
Net investment income, net waiver and reimbursement (D,E,F) | 0.89 | %(G) | 0.46 | % | 0.62 | % | 0.29 | % | 0.38 | % | ||||||||||
Portfolio turnover rate | 55 | % | 49 | % | 61 | % | 73 | % | 63 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(F) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(G) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.05%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 103
Small Cap Value Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 10.06 | $ | 14.16 | $ | 9.45 | $ | 11.69 | $ | 15.09 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.01 | (0.04 | ) | (0.02 | ) | (0.05 | ) | (0.05 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 1.48 | (2.18 | ) | 4.73 | (1.59 | ) | (1.05 | ) | ||||||||||||
Total from investment operations | 1.49 | (2.22 | ) | 4.71 | (1.64 | ) | (1.10 | ) | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (1.07 | ) | (1.88 | ) | — | (0.60 | ) | (2.30 | ) | |||||||||||
Total distributions | (1.07 | ) | (1.88 | ) | — | (0.60 | ) | (2.30 | ) | |||||||||||
Net asset value, end of year | $ | 10.48 | $ | 10.06 | $ | 14.16 | $ | 9.45 | $ | 11.69 | ||||||||||
Total return (B)(C) | 14.61 | % | (18.44 | )% | 49.84 | % | (15.01 | )% | (4.49 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 6,502 | $ | 5,747 | $ | 7,293 | $ | 5,663 | $ | 8,963 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.22 | % | 2.25 | % | 2.21 | % | 2.32 | % | 2.27 | % | ||||||||||
Expenses, net waiver and reimbursement (D,F) | 2.07 | %(G) | 2.09 | % | 2.09 | % | 2.22 | % | 2.18 | % | ||||||||||
Net investment income (loss), before waiver and reimbursement | 0.00 | %* | (0.46 | )% | (0.26 | )% | (0.55 | )% | (0.50 | )% | ||||||||||
Net investment income (loss), net waiver and reimbursement (D,E,F) | 0.15 | %(G) | (0.30 | )% | (0.14 | )% | (0.45 | )% | (0.42 | )% | ||||||||||
Portfolio turnover rate | 55 | % | 49 | % | 61 | % | 73 | % | 63 | % | ||||||||||
* | Amount is less than 0.005% per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(F) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(G) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.05%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 104
Small Cap Value Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 16.27 | $ | 21.71 | $ | 14.42 | $ | 17.45 | $ | 20.93 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.20 | 0.14 | 0.17 | 0.08 | 0.11 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.38 | (3.57 | ) | 7.21 | (2.42 | ) | (1.29 | ) | ||||||||||||
Total from investment operations | 2.58 | (3.43 | ) | 7.38 | (2.34 | ) | (1.18 | ) | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.12 | ) | (0.13 | ) | (0.09 | ) | (0.09 | ) | — | |||||||||||
From net realized gains on investments | (1.07 | ) | (1.88 | ) | — | (0.60 | ) | (2.30 | ) | |||||||||||
Total distributions | (1.19 | ) | (2.01 | ) | (0.09 | ) | (0.69 | ) | (2.30 | ) | ||||||||||
Net asset value, end of year | $ | 17.66 | $ | 16.27 | $ | 21.71 | $ | 14.42 | $ | 17.45 | ||||||||||
Total return (B) | 15.78 | % | (17.65 | )% | 51.33 | % | (14.14 | )% | (3.51 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 67,177 | $ | 46,222 | $ | 56,299 | $ | 35,473 | $ | 36,993 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.22 | % | 1.25 | % | 1.21 | % | 1.32 | % | 1.27 | % | ||||||||||
Expenses, net waiver and reimbursement (C,E) | 1.07 | %(F) | 1.09 | % | 1.09 | % | 1.22 | % | 1.18 | % | ||||||||||
Net investment income, before waiver and reimbursement | 1.00 | % | 0.55 | % | 0.75 | % | 0.44 | % | 0.56 | % | ||||||||||
Net investment income, net waiver and reimbursement (C,D,E) | 1.15 | %(F) | 0.72 | % | 0.87 | % | 0.54 | % | 0.64 | % | ||||||||||
Portfolio turnover rate | 55 | % | 49 | % | 61 | % | 73 | % | 63 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(D) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.05%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 105
Large/Mid Cap Value Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 18.91 | $ | 21.88 | $ | 17.43 | $ | 18.86 | $ | 20.38 | ||||||||||
| ||||||||||||||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.12 | 0.07 | (0.01 | ) | 0.03 | 0.09 | ||||||||||||||
Net realized and unrealized gain (loss) on investments (B) | 2.51 | (2.01 | ) | 5.12 | 0.72 | 0.12 | ||||||||||||||
Total from investment operations | 2.63 | (1.94 | ) | 5.11 | 0.75 | 0.21 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.04 | ) | (0.00 | )* | (0.03 | ) | (0.08 | ) | (0.06 | ) | ||||||||||
From net realized gains on investments | (1.05 | ) | (1.03 | ) | (0.63 | ) | (2.10 | ) | (1.67 | ) | ||||||||||
Total distributions | (1.09 | ) | (1.03 | ) | (0.66 | ) | (2.18 | ) | (1.73 | ) | ||||||||||
Net asset value, end of year | $ | 20.45 | $ | 18.91 | $ | 21.88 | $ | 17.43 | $ | 18.86 | ||||||||||
Total return (C)(D) | 13.95 | % | (9.70 | )% | 29.89 | % | 3.93 | % | 2.54 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 162,861 | $ | 147,928 | $ | 160,560 | $ | 130,296 | $ | 142,420 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.45 | % | 1.46 | % | 1.45 | % | 1.51 | % | 1.51 | % | ||||||||||
Expenses, net waiver and reimbursement (E,G) | 1.24 | %(H) | 1.21 | % | 1.30 | % | 1.41 | % | 1.41 | % | ||||||||||
Net investment income (loss), before waiver and reimbursement | 0.36 | % | 0.08 | % | (0.17 | )% | 0.06 | % | 0.42 | % | ||||||||||
Net investment income (loss), net waiver and reimbursement (E,F,G) | 0.56 | %(H) | 0.33 | % | (0.02 | )% | 0.16 | % | 0.52 | % | ||||||||||
Portfolio turnover rate | 17 | % | 34 | % | 33 | % | 26 | % | 51 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions. |
(C) | Total return calculation does not reflect sales load. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | This expense decrease from the 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. |
(H) | For the year ended September 30, 2023, the voluntary waiver was 0.07%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 106
Large/Mid Cap Value Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 13.78 | $ | 16.31 | $ | 13.21 | $ | 14.82 | $ | 16.49 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.03 | ) | (0.07 | ) | (0.12 | ) | (0.08 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments (B) | 1.83 | (1.43 | ) | 3.85 | 0.57 | 0.03 | ||||||||||||||
Total from investment operations | 1.80 | (1.50 | ) | 3.73 | 0.49 | 0.00 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (1.05 | ) | (1.03 | ) | (0.63 | ) | (2.10 | ) | (1.67 | ) | ||||||||||
Total distributions | (1.05 | ) | (1.03 | ) | (0.63 | ) | (2.10 | ) | (1.67 | ) | ||||||||||
Net asset value, end of year | $ | 14.53 | $ | 13.78 | $ | 16.31 | $ | 13.21 | $ | 14.82 | ||||||||||
Total return (C)(D) | 13.06 | % | (10.34 | )% | 28.91 | % | 3.14 | % | 1.74 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 15,111 | $ | 13,695 | $ | 15,162 | $ | 14,102 | $ | 16,627 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.20 | % | 2.21 | % | 2.20 | % | 2.26 | % | 2.26 | % | ||||||||||
Expenses, net waiver and reimbursement (E,G) | 1.99 | %(H) | 1.96 | % | 2.05 | % | 2.16 | % | 2.16 | % | ||||||||||
Net investment loss, before waiver and reimbursement | (0.40 | )% | (0.67 | )% | (0.92 | )% | (0.69 | )% | (0.32 | )% | ||||||||||
Net investment loss, net waiver and reimbursement (E,F,G) | (0.19 | )%(H) | (0.42 | )% | (0.77 | )% | (0.59 | )% | (0.22 | )% | ||||||||||
Portfolio turnover rate | 17 | % | 34 | % | 33 | % | 26 | % | 51 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period,and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period. |
(C) | Total return calculation does not reflect redemption fee. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | This expense decrease from the 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. |
(H) | For the year ended September 30, 2023, the voluntary waiver was 0.07%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 107
Large/Mid Cap Value Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 19.17 | $ | 22.14 | $ | 17.63 | $ | 19.05 | $ | 20.58 | ||||||||||
| ||||||||||||||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.17 | 0.13 | 0.04 | 0.07 | 0.14 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.54 | (2.04 | ) | 5.18 | 0.74 | 0.11 | ||||||||||||||
Total from investment operations | 2.71 | (1.91 | ) | 5.22 | 0.81 | 0.25 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.09 | ) | (0.03 | ) | (0.08 | ) | (0.13 | ) | (0.11 | ) | ||||||||||
From net realized gains on investments | (1.05 | ) | (1.03 | ) | (0.63 | ) | (2.10 | ) | (1.67 | ) | ||||||||||
Total distributions | (1.14 | ) | (1.06 | ) | (0.71 | ) | (2.23 | ) | (1.78 | ) | ||||||||||
Net asset value, end of year | $ | 20.74 | $ | 19.17 | $ | 22.14 | $ | 17.63 | $ | 19.05 | ||||||||||
Total return (B) | 14.21 | % | (9.48 | )% | 30.20 | % | 4.24 | % | 2.78 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 107,195 | $ | 79,945 | $ | 77,776 | $ | 47,340 | $ | 47,477 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.20 | % | 1.21 | % | 1.20 | % | 1.26 | % | 1.26 | % | ||||||||||
Expenses, net waiver and reimbursement (C,E) | 0.99 | %(F) | 0.96 | % | 1.05 | % | 1.16 | % | 1.16 | % | ||||||||||
Net investment income, before waiver and reimbursement | 0.61 | % | 0.34 | % | 0.08 | % | 0.31 | % | 0.66 | % | ||||||||||
Net investment income, net waiver and reimbursement (C,D,E) | 0.81 | %(F) | 0.59 | % | 0.23 | % | 0.41 | % | 0.77 | % | ||||||||||
Portfolio turnover rate | 17 | % | 34 | % | 33 | % | 26 | % | 51 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(D) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | For the year ended September 30, 2023, the voluntary waiver was 0.07%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 108
Fixed Income Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.92 | $ | 10.44 | $ | 10.80 | $ | 10.39 | $ | 9.81 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.19 | 0.08 | 0.03 | 0.12 | 0.16 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.23 | ) | (1.49 | ) | (0.27 | ) | 0.44 | 0.60 | ||||||||||||
Total from investment operations | (0.04 | ) | (1.41 | ) | (0.24 | ) | 0.56 | 0.76 | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.20 | ) | (0.11 | ) | (0.12 | ) | (0.15 | ) | (0.18 | ) | ||||||||||
Total distributions | (0.20 | ) | (0.11 | ) | (0.12 | ) | (0.15 | ) | (0.18 | ) | ||||||||||
Net asset value, end of year | $ | 8.68 | $ | 8.92 | $ | 10.44 | $ | 10.80 | $ | 10.39 | ||||||||||
Total return (B)(C) | (0.55 | )% | (13.60 | )% | (2.20 | )% | 5.39 | % | 7.76 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 68,641 | $ | 81,219 | $ | 96,586 | $ | 91,403 | $ | 85,375 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.29 | % | 1.22 | % | 1.34 | % | 1.30 | % | 1.30 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.07 | %(E) | 1.02 | % | 1.14 | % | 1.10 | % | 1.13 | % | ||||||||||
Net investment income, before waiver and reimbursement | 1.87 | % | 0.64 | % | 0.11 | % | 0.90 | % | 1.46 | % | ||||||||||
Net investment income, net waiver and reimbursement (D) | 2.09 | %(E) | 0.84 | % | 0.31 | % | 1.10 | % | 1.62 | % | ||||||||||
Portfolio turnover rate | 68 | % | 68 | % | 45 | % | 32 | % | 53 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.07%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 109
Fixed Income Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.56 | $ | 10.04 | $ | 10.38 | $ | 9.99 | $ | 9.44 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.12 | 0.01 | (0.04 | ) | 0.04 | 0.09 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.22 | ) | (1.44 | ) | (0.27 | ) | 0.42 | 0.57 | ||||||||||||
Total from investment operations | (0.10 | ) | (1.43 | ) | (0.31 | ) | 0.46 | 0.66 | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.14 | ) | (0.05 | ) | (0.03 | ) | (0.07 | ) | (0.11 | ) | ||||||||||
Total distributions | (0.14 | ) | (0.05 | ) | (0.03 | ) | (0.07 | ) | (0.11 | ) | ||||||||||
Net asset value, end of year | $ | 8.32 | $ | 8.56 | $ | 10.04 | $ | 10.38 | $ | 9.99 | ||||||||||
Total return (B)(C) | (1.24 | )% | (14.24 | )% | (2.99 | )% | 4.59 | % | 7.06 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 7,628 | $ | 8,861 | $ | 11,369 | $ | 9,320 | $ | 8,502 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.04 | % | 1.97 | % | 2.09 | % | 2.05 | % | 2.05 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.82 | %(E) | 1.77 | % | 1.89 | % | 1.85 | % | 1.88 | % | ||||||||||
Net investment income (loss), before waiver and reimbursement | 1.12 | % | (0.11 | )% | (0.64 | )% | 0.15 | % | 0.72 | % | ||||||||||
Net investment income (loss), net waiver and reimbursement (D) | 1.35 | %(E) | 0.09 | % | (0.44 | )% | 0.35 | % | 0.89 | % | ||||||||||
Portfolio turnover rate | 68 | % | 68 | % | 45 | % | 32 | % | 53 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.07%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 110
Fixed Income Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.83 | $ | 10.34 | $ | 10.73 | $ | 10.32 | $ | 9.74 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.22 | 0.11 | 0.06 | 0.14 | 0.19 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.24 | ) | (1.49 | ) | (0.28 | ) | 0.44 | 0.59 | ||||||||||||
Total from investment operations | (0.02 | ) | (1.38 | ) | (0.22 | ) | 0.58 | 0.78 | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.22 | ) | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.20 | ) | ||||||||||
Total distributions | (0.22 | ) | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.20 | ) | ||||||||||
Net asset value, end of year | $ | 8.59 | $ | 8.83 | $ | 10.34 | $ | 10.73 | $ | 10.32 | ||||||||||
Total return (B) | (0.30 | )% | (13.41 | )% | (2.07 | )% | 5.70 | % | 8.05 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 26,672 | $ | 21,308 | $ | 18,389 | $ | 13,215 | $ | 8,095 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.04 | % | 0.97 | % | 1.09 | % | 1.05 | % | 1.05 | % | ||||||||||
Expenses, net waiver and reimbursement (C) | 0.82 | %(D) | 0.77 | % | 0.89 | % | 0.85 | % | 0.88 | % | ||||||||||
Net investment income, before waiver and reimbursement | 2.18 | % | 0.90 | % | 0.36 | % | 1.12 | % | 1.68 | % | ||||||||||
Net investment income, net waiver and reimbursement (C) | 2.41 | %(D) | 1.10 | % | 0.56 | % | 1.32 | % | 1.86 | % | ||||||||||
Portfolio turnover rate | 68 | % | 68 | % | 45 | % | 32 | % | 53 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(D) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.07%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 111
High Yield Bond Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 7.98 | $ | 9.91 | $ | 9.26 | $ | 9.39 | $ | 9.02 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.44 | 0.41 | 0.41 | 0.43 | 0.39 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.35 | (1.90 | ) | 0.64 | (0.15 | ) | 0.36 | |||||||||||||
Total from investment operations | 0.79 | (1.49 | ) | 1.05 | 0.28 | 0.75 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.45 | ) | (0.41 | ) | (0.40 | ) | (0.41 | ) | (0.38 | ) | ||||||||||
From net realized gains on investments | — | (0.03 | ) | — | — | — | ||||||||||||||
Total distributions | (0.45 | ) | (0.44 | ) | (0.40 | ) | (0.41 | ) | (0.38 | ) | ||||||||||
Net asset value, end of year | $ | 8.32 | $ | 7.98 | $ | 9.91 | $ | 9.26 | $ | 9.39 | ||||||||||
Total return (B)(C) | 10.00 | % | (15.45 | )% | 11.42 | % | 3.26 | % | 8.50 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 56,855 | $ | 67,766 | $ | 64,216 | $ | 45,940 | $ | 39,777 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.32 | % | 1.26 | % | 1.38 | % | 1.34 | % | 1.35 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.19 | %(E) | 1.18 | % | 1.33 | % | 1.29 | % | 1.31 | % | ||||||||||
Net investment income, before waiver and reimbursement | 5.06 | % | 4.36 | % | 4.15 | % | 4.61 | % | 4.24 | % | ||||||||||
Net investment income, net waiver and reimbursement (D) | 5.18 | %(E) | 4.44 | % | 4.20 | % | 4.66 | % | 4.28 | % | ||||||||||
Portfolio turnover rate | 72 | % | 24 | % | 57 | % | 91 | % | 75 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.03%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 112
High Yield Bond Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.12 | $ | 10.08 | $ | 9.40 | $ | 9.52 | $ | 9.14 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.38 | 0.34 | 0.34 | 0.36 | 0.32 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.37 | (1.93 | ) | 0.66 | (0.14 | ) | 0.36 | |||||||||||||
Total from investment operations | 0.75 | (1.59 | ) | 1.00 | 0.22 | 0.68 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.39 | ) | (0.34 | ) | (0.32 | ) | (0.34 | ) | (0.30 | ) | ||||||||||
From net realized gains on investments | — | (0.03 | ) | — | — | — | ||||||||||||||
Total distributions | (0.39 | ) | (0.37 | ) | (0.32 | ) | (0.34 | ) | (0.30 | ) | ||||||||||
Net asset value, end of year | $ | 8.48 | $ | 8.12 | $ | 10.08 | $ | 9.40 | $ | 9.52 | ||||||||||
Total return (B)(C) | 9.27 | % | (16.14 | )% | 10.71 | % | 2.45 | % | 7.63 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 2,559 | $ | 2,337 | $ | 3,138 | $ | 2,427 | $ | 2,660 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.07 | % | 2.01 | % | 2.13 | % | 2.09 | % | 2.10 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.94 | %(E) | 1.93 | % | 2.08 | % | 2.04 | % | 2.06 | % | ||||||||||
Net investment income, before waiver and reimbursement | 4.32 | % | 3.60 | % | 3.40 | % | 3.84 | % | 3.46 | % | ||||||||||
Net investment income, net waiver and reimbursement (D) | 4.44 | %(E) | 3.68 | % | 3.45 | % | 3.89 | % | 3.50 | % | ||||||||||
Portfolio turnover rate | 72 | % | 24 | % | 57 | % | 91 | % | 75 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.03%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 113
High Yield Bond Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 7.98 | $ | 9.91 | $ | 9.26 | $ | 9.39 | $ | 9.02 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.46 | 0.43 | 0.44 | 0.45 | 0.42 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.36 | (1.90 | ) | 0.63 | (0.14 | ) | 0.35 | |||||||||||||
Total from investment operations | 0.82 | (1.47 | ) | 1.07 | 0.31 | 0.77 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.47 | ) | (0.43 | ) | (0.42 | ) | (0.44 | ) | (0.40 | ) | ||||||||||
From net realized gains on investments | — | (0.03 | ) | — | — | — | ||||||||||||||
Total distributions | (0.47 | ) | (0.46 | ) | (0.42 | ) | (0.44 | ) | (0.40 | ) | ||||||||||
Net asset value, end of year | $ | 8.33 | $ | 7.98 | $ | 9.91 | $ | 9.26 | $ | 9.39 | ||||||||||
Total return (B) | 10.40 | % | (15.24 | )% | 11.71 | % | 3.53 | % | 8.78 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 73,109 | $ | 67,093 | $ | 69,150 | $ | 30,924 | $ | 18,363 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.07 | % | 1.01 | % | 1.13 | % | 1.09 | % | 1.10 | % | ||||||||||
Expenses, net waiver and reimbursement (C) | 0.94 | %(D) | 0.93 | % | 1.08 | % | 1.04 | % | 1.06 | % | ||||||||||
Net investment income, before waiver and reimbursement | 5.31 | % | 4.59 | % | 4.40 | % | 4.86 | % | 4.52 | % | ||||||||||
Net investment income, net waiver and reimbursement (C) | 5.45 | %(D) | 4.68 | % | 4.45 | % | 4.91 | % | 4.56 | % | ||||||||||
Portfolio turnover rate | 72 | % | 24 | % | 57 | % | 91 | % | 75 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(D) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.03%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 114
Israel Common Values Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 21.61 | $ | 24.70 | $ | 16.55 | $ | 17.84 | $ | 15.74 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.11 | 0.05 | (0.10 | ) | (0.10 | ) | 0.00 | * | ||||||||||||
Net realized and unrealized gain (loss) on investments | (2.38 | ) | (3.14 | ) | 8.25 | (1.01 | ) | 2.20 | ||||||||||||
Total from investment operations | (2.27 | ) | (3.09 | ) | 8.15 | (1.11 | ) | 2.20 | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | — | — | — | (0.18 | ) | — | ||||||||||||||
From net realized gains on investments | — | — | — | — | (0.10 | ) | ||||||||||||||
Return of Capital | — | — | — | 0.00 | * | — | ||||||||||||||
Total distributions | — | — | — | (0.18 | ) | (0.10 | ) | |||||||||||||
Net asset value, end of year | $ | 19.34 | $ | 21.61 | $ | 24.70 | $ | 16.55 | $ | 17.84 | ||||||||||
Total return (B)(C) | (10.50 | )% | (12.51 | )% | 49.24 | % | (6.35 | )% | 14.12 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 47,004 | $ | 53,800 | $ | 57,667 | $ | 36,800 | $ | 49,123 | ||||||||||
Ratio of expenses to average net assets | 1.82 | % | 1.72 | % | 1.72 | % | 1.84 | % | 1.76 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.53 | % | 0.20 | % | (0.48 | )% | (0.62 | )% | 0.02 | % | ||||||||||
Portfolio turnover rate | 7 | % | 8 | % | 12 | % | 16 | % | 23 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 115
Israel Common Values Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 20.22 | $ | 23.29 | $ | 15.73 | $ | 16.97 | $ | 15.09 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.05 | ) | (0.13 | ) | (0.26 | ) | (0.22 | ) | (0.12 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments | (2.20 | ) | (2.94 | ) | 7.82 | (0.96 | ) | 2.10 | ||||||||||||
Total from investment operations | (2.25 | ) | (3.07 | ) | 7.56 | (1.18 | ) | 1.98 | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | — | — | — | (0.06 | ) | — | ||||||||||||||
From net realized gains on investments | — | — | — | — | (0.10 | ) | ||||||||||||||
Return of Capital | — | — | — | 0.00 | * | — | ||||||||||||||
Total distributions | — | — | — | (0.06 | ) | (0.10 | ) | |||||||||||||
Net asset value, end of year | $ | 17.97 | $ | 20.22 | $ | 23.29 | $ | 15.73 | $ | 16.97 | ||||||||||
Total return (B)(C) | (11.13 | )% | (13.18 | )% | 48.06 | % | (7.00 | )% | 13.26 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 8,101 | $ | 10,263 | $ | 12,293 | $ | 9,076 | $ | 9,750 | ||||||||||
Ratio of expenses to average net assets | 2.57 | % | 2.47 | % | 2.47 | % | 2.59 | % | 2.51 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.25 | %) | (0.54 | %) | (1.27 | )% | (1.37 | )% | (0.75 | )% | ||||||||||
Portfolio turnover rate | 7 | % | 8 | % | 12 | % | 16 | % | 23 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 116
Israel Common Values Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 21.88 | $ | 24.95 | $ | 16.68 | $ | 17.97 | $ | 15.81 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.17 | 0.12 | (0.05 | ) | (0.06 | ) | 0.06 | |||||||||||||
Net realized and unrealized gain (loss) on investments | (2.41 | ) | (3.19 | ) | 8.32 | (1.01 | ) | 2.20 | ||||||||||||
Total from investment operations | (2.24 | ) | (3.07 | ) | 8.27 | (1.07 | ) | 2.26 | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | — | — | — | (0.22 | ) | — | ||||||||||||||
From net realized gains on investments | — | — | — | — | (0.10 | ) | ||||||||||||||
Return of Capital | — | — | — | 0.00 | * | — | ||||||||||||||
Total distributions | — | — | — | (0.22 | ) | (0.10 | ) | |||||||||||||
Net asset value, end of year | $ | 19.64 | $ | 21.88 | $ | 24.95 | $ | 16.68 | $ | 17.97 | ||||||||||
Total return (B) | (10.24 | )% | (12.30 | )% | 49.58 | % | (6.08 | )% | 14.44 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 40,417 | $ | 36,790 | $ | 45,063 | $ | 23,928 | $ | 21,533 | ||||||||||
Ratio of expenses to average net assets | 1.56 | % | 1.47 | % | 1.47 | % | 1.59 | % | 1.51 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.82 | % | 0.48 | % | (0.22 | )% | (0.37 | )% | 0.38 | % | ||||||||||
Portfolio turnover rate | 7 | % | 8 | % | 12 | % | 16 | % | 23 | % | ||||||||||
* | 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. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 117
Defensive Strategies Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 12.52 | $ | 13.52 | $ | 11.78 | $ | 11.69 | $ | 11.44 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.15 | 0.28 | 0.10 | (0.01 | ) | 0.06 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.88 | (1.21 | ) | 1.64 | 0.44 | 0.48 | ||||||||||||||
Total from investment operations | 1.03 | (0.93 | ) | 1.74 | 0.43 | 0.54 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.25 | ) | (0.07 | ) | — | (0.06 | ) | (0.11 | ) | |||||||||||
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 | ) | |||||||||||
Net asset value, end of year | $ | 12.98 | $ | 12.52 | $ | 13.52 | $ | 11.78 | $ | 11.69 | ||||||||||
Total return (B)(C) | 8.30 | % | (6.92 | )% | 14.77 | % | 3.75 | % | 4.92 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 39,823 | $ | 45,313 | $ | 40,342 | $ | 29,577 | $ | 33,926 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.36 | % | 1.42 | % | 1.48 | % | 1.54 | % | 1.45 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.27 | %(E) | 1.37 | % | 1.43 | % | 1.49 | % | 1.41 | % | ||||||||||
Net investment income (loss), before waiver and reimbursement | 1.09 | % | 1.95 | % | 0.74 | % | (0.13 | )% | 0.52 | % | ||||||||||
Net investment income (loss), net waiver and reimbursement (D) | 1.18 | %(E) | 2.00 | % | 0.79 | % | (0.08 | )% | 0.56 | % | ||||||||||
Portfolio turnover rate | 46 | % | 35 | % | 34 | % | 49 | % | 34 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.02%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 118
Defensive Strategies Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 11.76 | $ | 12.74 | $ | 11.18 | $ | 11.13 | $ | 10.90 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.05 | 0.18 | 0.01 | (0.09 | ) | (0.03 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 0.83 | (1.16 | ) | 1.55 | 0.42 | 0.46 | ||||||||||||||
Total from investment operations | 0.88 | (0.98 | ) | 1.56 | 0.33 | 0.43 | ||||||||||||||
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 year | $ | 12.15 | $ | 11.76 | $ | 12.74 | $ | 11.18 | $ | 11.13 | ||||||||||
Total return (B)(C) | 7.50 | % | (7.69 | )% | 13.95 | % | 3.01 | % | 4.06 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 4,117 | $ | 4,880 | $ | 3,388 | $ | 2,464 | $ | 3,110 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.11 | % | 2.17 | % | 2.23 | % | 2.29 | % | 2.20 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 2.02 | %(E) | 2.12 | % | 2.18 | % | 2.24 | % | 2.16 | % | ||||||||||
Net investment income (loss), before waiver and reimbursement | 0.30 | % | 1.32 | % | (0.01 | )% | (0.89 | )% | (0.31 | )% | ||||||||||
Net investment income (loss), net waiver and reimbursement (D) | 0.39 | %(E) | 1.37 | % | 0.04 | % | (0.84 | )% | (0.27 | )% | ||||||||||
Portfolio turnover rate | 46 | % | 35 | % | 34 | % | 49 | % | 34 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.02%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 119
Defensive Strategies Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 12.54 | $ | 13.55 | $ | 11.77 | $ | 11.69 | $ | 11.45 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.19 | 0.35 | 0.17 | 0.02 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.89 | (1.26 | ) | 1.61 | 0.43 | 0.47 | ||||||||||||||
Total from investment operations | 1.08 | (0.91 | ) | 1.78 | 0.45 | 0.56 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.29 | ) | (0.10 | ) | — | (0.09 | ) | (0.14 | ) | |||||||||||
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 | ) | |||||||||||
Net asset value, end of year | $ | 13.01 | $ | 12.54 | $ | 13.55 | $ | 11.77 | $ | 11.69 | ||||||||||
Total return (B)(C) | 8.64 | % | (6.80 | )% | 15.12 | % | 3.96 | % | 5.17 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 26,576 | $ | 25,269 | $ | 14,750 | $ | 5,212 | $ | 3,692 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.11 | % | 1.17 | % | 1.23 | % | 1.29 | % | 1.20 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.03 | %(E) | 1.12 | % | 1.18 | % | 1.24 | % | 1.16 | % | ||||||||||
Net investment income, before waiver and reimbursement | 1.36 | % | 2.39 | % | 1.21 | % | 0.16 | % | 0.78 | % | ||||||||||
Net investment income, net waiver and reimbursement (D) | 1.44 | %(E) | 2.44 | % | 1.26 | % | 0.21 | % | 0.82 | % | ||||||||||
Portfolio turnover rate | 46 | % | 35 | % | 34 | % | 49 | % | 34 | % | ||||||||||
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.02%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 120
Strategic Growth Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.77 | $ | 10.92 | $ | 9.48 | $ | 9.64 | $ | 9.70 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.12 | 0.06 | 0.03 | 0.04 | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.54 | (1.70 | ) | 1.75 | 0.16 | (0.04 | ) | |||||||||||||
Total from investment operations | 0.66 | (1.64 | ) | 1.78 | 0.20 | (0.03 | ) | |||||||||||||
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 year | $ | 8.79 | $ | 8.77 | $ | 10.92 | $ | 9.48 | $ | 9.64 | ||||||||||
Total return (B)(C) | 7.37 | % | (15.82 | )% | 19.15 | % | 2.03 | % | (0.26 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 29,928 | $ | 29,944 | $ | 37,731 | $ | 32,260 | $ | 32,318 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement (D) | 1.28 | % | 1.09 | % | 1.10 | % | 1.15 | % | 1.12 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.03 | %(E) | N/A | N/A | N/A | N/A | ||||||||||||||
Net investment income, before waiver and reimbursement (D,F) | 1.08 | % | 0.56 | % | 0.27 | % | 0.42 | % | 0.16 | % | ||||||||||
Net investment income, net waiver and reimbursement (D,F) | 1.33 | %(E) | N/A | N/A | N/A | N/A | ||||||||||||||
Portfolio turnover rate | 26 | % | 28 | % | 22 | % | 47 | % | 50 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(E) | For the period April 1, 2023 through September 30, 2023 the voluntary waiver was 0.25%. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 121
Strategic Growth Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 7.54 | $ | 9.50 | $ | 8.34 | $ | 8.58 | $ | 8.70 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.05 | (0.02 | ) | (0.05 | ) | (0.03 | ) | 0.03 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.47 | (1.45 | ) | 1.54 | 0.15 | (0.12 | ) | |||||||||||||
Total from investment operations | 0.52 | (1.47 | ) | 1.49 | 0.12 | (0.09 | ) | |||||||||||||
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 year | $ | 7.48 | $ | 7.54 | $ | 9.50 | $ | 8.34 | $ | 8.58 | ||||||||||
Total return (B)(C) | 6.75 | % | (16.42 | )% | 18.19 | % | 1.33 | % | (0.99 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 2,704 | $ | 2,680 | $ | 2,967 | $ | 2,743 | $ | 3,247 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement (D) | 1.91 | % | 1.84 | % | 1.85 | % | 1.90 | % | 1.87 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.66 | %(E) | N/A | N/A | N/A | N/A | ||||||||||||||
Net investment income, before waiver and reimbursement (D,F) | 0.45 | % | (0.20 | )% | (0.48 | )% | (0.32 | )% | 0.35 | % | ||||||||||
Net investment income, net waiver and reimbursement (D,F) | 0.70 | %(E) | N/A | N/A | N/A | N/A | ||||||||||||||
Portfolio turnover rate | 26 | % | 28 | % | 22 | % | 47 | % | 50 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(E) | For the period April 1, 2023 through September 30, 2023 the voluntary waiver was 0.25%. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 122
Strategic Growth Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE | ||||
2023* | ||||
Net asset value, beginning of period | $ | 9.08 | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||
Net investment income (A) | 0.03 | |||
Net realized and unrealized loss on investments (B) | (0.32 | ) | ||
Total from investment operations | (0.29 | ) | ||
Net asset value, end of period | $ | 8.79 | ||
Total return (C)(D) | (3.19 | )%(E) | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period | $ | 18 | ||
Ratios to average net assets | ||||
Expenses, before waiver and reimbursement (F) | 1.03 | %(G) | ||
Expenses, net waiver and reimbursement (F) | 0.78%(G,H) | |||
Net investment income, before waiver and reimbursement (F,I) | 3.37 | %(G) | ||
Net investment income, net waiver and reimbursement (F,I) | 3.62%(G,H) | |||
Portfolio turnover rate | 26 | %(E) | ||
* | The Strategic Growth Fund Class I shares inception date is September 1, 2023. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gain (loss) 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) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(G) | Annualized. |
(H) | For the period September 1, 2023 through September 30, 2023 the voluntary waiver was 0.02%. |
(I) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 123
Conservative Growth Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 9.58 | $ | 11.66 | $ | 10.62 | $ | 10.66 | $ | 10.75 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.14 | 0.05 | 0.02 | 0.05 | 0.05 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.33 | (1.66 | ) | 1.31 | 0.30 | 0.10 | ||||||||||||||
Total from investment operations | 0.47 | (1.61 | ) | 1.33 | 0.35 | 0.15 | ||||||||||||||
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 | ) | ||||||||||
Total distributions | (0.51 | ) | (0.47 | ) | (0.29 | ) | (0.39 | ) | (0.24 | ) | ||||||||||
Net asset value, end of year | $ | 9.54 | $ | 9.58 | $ | 11.66 | $ | 10.62 | $ | 10.66 | ||||||||||
Total return (B)(C) | 4.79 | % | (14.48 | )% | 12.63 | % | 3.27 | % | 1.61 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 35,238 | $ | 37,037 | $ | 46,151 | $ | 41,546 | $ | 40,590 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement (D) | 1.24 | % | 1.04 | % | 1.10 | % | 1.12 | % | 1.08 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 0.99 | %(E) | N/A | N/A | N/A | N/A | ||||||||||||||
Net investment income, before waiver and reimbursement (D,F) | 1.17 | % | 0.43 | % | 0.20 | % | 0.43 | % | 0.44 | % | ||||||||||
Net investment income, net waiver and reimbursement (D,F) | 1.42 | %(E) | N/A | N/A | N/A | N/A | ||||||||||||||
Portfolio turnover rate | 27 | % | 21 | % | 21 | % | 37 | % | 42 | % | ||||||||||
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(E) | For the period April 1, 2023 through September 30, 2023 the voluntary waiver was 0.25%. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 124
Conservative Growth Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.36 | $ | 10.29 | $ | 9.43 | $ | 9.59 | $ | 9.76 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.06 | (0.03 | ) | (0.06 | ) | (0.03 | ) | 0.01 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.30 | (1.45 | ) | 1.17 | 0.26 | 0.06 | ||||||||||||||
Total from investment operations | 0.36 | (1.48 | ) | 1.11 | 0.23 | 0.07 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (0.47 | ) | (0.45 | ) | (0.25 | ) | (0.39 | ) | (0.24 | ) | ||||||||||
Total distributions | (0.47 | ) | (0.45 | ) | (0.25 | ) | (0.39 | ) | (0.24 | ) | ||||||||||
Net asset value, end of year | $ | 8.25 | $ | 8.36 | $ | 10.29 | $ | 9.43 | $ | 9.59 | ||||||||||
Total return (B)(C) | 4.10 | % | (15.10 | )% | 11.84 | % | 2.36 | % | 0.94 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 3,519 | $ | 3,895 | $ | 5,496 | $ | 4,712 | $ | 5,504 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement (D) | 1.87 | % | 1.79 | % | 1.85 | % | 1.87 | % | 1.83 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.63 | %(E) | N/A | N/A | N/A | N/A | ||||||||||||||
Net investment income, before waiver and reimbursement (D,F) | 0.53 | % | (0.32 | )% | (0.56 | )% | (0.31 | )% | 0.14 | % | ||||||||||
Net investment income, net waiver and reimbursement (D,F) | 0.77 | %(E) | N/A | N/A | N/A | N/A | ||||||||||||||
Portfolio turnover rate | 27 | % | 21 | % | 21 | % | 37 | % | 42 | % | ||||||||||
(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 fees. 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) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(E) | For the period April 1, 2023 through September 30, 2023 the voluntary waiver was 0.25%. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 125
Conservative Growth Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE | ||||
2023* | ||||
Net asset value, beginning of period | $ | 9.80 | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||
Net investment income (loss) (A) | 0.05 | |||
Net realized and unrealized gain (loss) on investments (B) | (0.31 | ) | ||
Total from investment operations | (0.26 | ) | ||
Net asset value, end of period | $ | 9.54 | ||
Total return (C)(D) | (2.65 | )%(E) | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period | $ | 18 | ||
Ratios to average net assets | ||||
Expenses, before waiver and reimbursement (F) | 0.99 | %(G) | ||
Expenses, net waiver and reimbursement (F) | 0.74%(G,H) | |||
Net investment income, before waiver and reimbursement (F,I) | 5.50 | %(G) | ||
Net investment income, net waiver and reimbursement (F,I) | 5.75%(G,H) | |||
Portfolio turnover rate | 27 | %(E) | ||
* | The Conservative Growth Fund Class I shares inception date is September 1, 2023. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gain (loss) 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) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(G) | Annualized. |
(H) | For the period September 1, 2023 through September 30, 2023 the voluntary waiver was 0.02%. |
(I) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 126
Growth & Income Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 10.66 | $ | 11.75 | $ | 10.11 | $ | 10.60 | $ | 10.87 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.17 | 0.11 | 0.06 | 0.09 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.08 | ) | (1.03 | ) | 1.68 | (0.47 | ) | (0.07 | ) | |||||||||||
Total from investment operations | 0.09 | (0.92 | ) | 1.74 | (0.38 | ) | (0.03 | ) | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.17 | ) | (0.12 | ) | (0.10 | ) | (0.11 | ) | (0.05 | ) | ||||||||||
From net realized gains on investments | (0.66 | ) | (0.05 | ) | — | — | (0.19 | ) | ||||||||||||
Return of Capital | — | — | — | 0.00 | * | (0.00 | )* | |||||||||||||
Total distributions | (0.83 | ) | (0.17 | ) | (0.10 | ) | (0.11 | ) | (0.24 | ) | ||||||||||
Net asset value, end of year | $ | 9.92 | $ | 10.66 | $ | 11.75 | $ | 10.11 | $ | 10.60 | ||||||||||
Total return (B)(C) | 0.50 | % | (7.97 | )% | 17.18 | % | (3.48 | )% | (0.10 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 12,726 | $ | 13,150 | $ | 14,191 | $ | 13,295 | $ | 14,500 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.98 | % | 1.85 | % | 1.90 | % | 1.85 | % | 1.69 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.58 | %(F) | 1.27 | % | 1.52 | % | 1.50 | % | 1.65 | % | ||||||||||
Net investment income, before waiver and reimbursement | 1.23 | % | 0.36 | % | 0.18 | % | 0.55 | % | 0.37 | % | ||||||||||
Net investment income, net waiver and reimbursement (D,E) | 1.63 | %(F) | 0.94 | % | 0.56 | % | 0.90 | % | 0.42 | % | ||||||||||
Portfolio turnover rate | 96 | % | 60 | % | 43 | % | 39 | % | 167 | % | ||||||||||
* | Amount is less than $0.005 per share |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(F) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.15%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 127
Growth & Income Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 10.25 | $ | 11.31 | $ | 9.74 | $ | 10.21 | $ | 10.51 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.09 | 0.02 | (0.02 | ) | 0.02 | (0.03 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | (0.07 | ) | (0.98 | ) | 1.60 | (0.45 | ) | (0.07 | ) | |||||||||||
Total from investment operations | 0.02 | (0.96 | ) | 1.58 | (0.43 | ) | (0.10 | ) | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.10 | ) | (0.05 | ) | (0.01 | ) | (0.04 | ) | (0.01 | ) | ||||||||||
From net realized gains on investments | (0.66 | ) | (0.05 | ) | — | — | (0.19 | ) | ||||||||||||
Return of Capital | — | — | — | 0.00 | * | (0.00 | )* | |||||||||||||
Total distributions | (0.76 | ) | (0.10 | ) | (0.01 | ) | (0.04 | ) | (0.20 | ) | ||||||||||
Net asset value, end of year | $ | 9.51 | $ | 10.25 | $ | 11.31 | $ | 9.74 | $ | 10.21 | ||||||||||
Total return (B)(C) | (0.23 | )% | (8.62 | )% | 16.25 | % | (4.20 | )% | (0.82 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 1,664 | $ | 1,923 | $ | 1,938 | $ | 1,719 | $ | 2,388 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.73 | % | 2.60 | % | 2.65 | % | 2.60 | % | 2.44 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 2.33 | %(F) | 2.02 | % | 2.27 | % | 2.25 | % | 2.40 | % | ||||||||||
Net investment loss, before waiver and reimbursement | 0.47 | % | (0.41 | %) | (0.57 | %) | (0.19 | %) | (0.34 | %) | ||||||||||
Net investment income (loss), net waiver and reimbursement (D,E) | 0.88 | %(F) | 0.17 | % | (0.19 | %) | 0.16 | % | (0.29 | %) | ||||||||||
Portfolio turnover rate | 96 | % | 60 | % | 43 | % | 39 | % | 167 | % | ||||||||||
* | Amount is less than $0.005 per share |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(F) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.15%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 128
Growth & Income Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR
FOR THE | FOR THE | FOR THE | FOR THE | FOR THE | ||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net asset value, beginning of year | $ | 10.74 | $ | 11.83 | $ | 10.18 | $ | 10.67 | $ | 10.94 | ||||||||||
| ||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.20 | 0.15 | 0.09 | 0.12 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.08 | ) | (1.04 | ) | 1.69 | (0.47 | ) | (0.09 | ) | |||||||||||
Total from investment operations | 0.12 | (0.89 | ) | 1.78 | (0.35 | ) | (0.01 | ) | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.20 | ) | (0.15 | ) | (0.13 | ) | (0.14 | ) | (0.07 | ) | ||||||||||
From net realized gains on investments | (0.66 | ) | (0.05 | ) | — | — | (0.19 | ) | ||||||||||||
Return of Capital | — | — | — | 0.00 | * | (0.00 | )* | |||||||||||||
Total distributions | (0.86 | ) | (0.20 | ) | (0.13 | ) | (0.14 | ) | (0.26 | ) | ||||||||||
Net asset value, end of year | $ | 10.00 | $ | 10.74 | $ | 11.83 | $ | 10.18 | $ | 10.67 | ||||||||||
Total return (B)(C) | 0.75 | % | (7.67 | )% | 17.44 | % | (3.20 | )% | 0.11 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 3,404 | $ | 3,154 | $ | 2,070 | $ | 2,102 | $ | 3,182 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.73 | % | 1.69 | % | 1.65 | % | 1.60 | % | 1.44 | % | ||||||||||
Expenses, net waiver and reimbursement (D) | 1.32 | %(F) | 1.02 | % | 1.27 | % | 1.25 | % | 1.40 | % | ||||||||||
Net investment income, before waiver and reimbursement | 1.50 | % | 0.52 | % | 0.43 | % | 0.86 | % | 0.70 | % | ||||||||||
Net investment income, net waiver and reimbursement (D,E) | 1.91 | %(F) | 1.19 | % | 0.81 | % | 1.21 | % | 0.75 | % | ||||||||||
Portfolio turnover rate | 96 | % | 60 | % | 43 | % | 39 | % | 167 | % | ||||||||||
* | Amount is less than $0.005 per share |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(E) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(F) | For the period October 1, 2022 through January 28, 2023 the voluntary waiver was 0.15%. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
ANNUAL REPORT | 129
Section 8 | Notes to Financial Statements
SEPTEMBER 30, 2023
Timothy Plan Family of Funds
NOTE 1 | | Significant Accounting Policies |
The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of September 30, 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
ANNUAL REPORT | 130
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
ANNUAL REPORT | 131
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
ANNUAL REPORT | 132
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: 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 except for Strategic Growth and Conservative Growth which commenced operations on September 1, 2023, 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.
Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended September 30, 2020 to September 30, 2022, or expected to be taken in the Funds’ September 30, 2023 year-end tax returns.
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 133
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, the Funds did not incur any interest or penalties.
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, 2023, 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, 2023, as follows:
FUND | PAID IN CAPITAL | ACCUMULATED | ||||||
Aggressive Growth Fund | $ | 460,797 | $ | (460,797 | ) | |||
International Fund | — | — | ||||||
Large/Mid Cap Growth Fund | 892,245 | (892,245 | ) | |||||
Small Cap Value Fund | 889,282 | (889,282 | ) | |||||
Large/Mid Cap Value Fund | 861,607 | (861,607 | ) | |||||
Fixed Income Fund | — | — | ||||||
High Yield Bond Fund | — | — | ||||||
Israel Common Values Fund | (60,778 | ) | 60,778 | |||||
Defensive Strategies Fund | 336,941 | (336,941 | ) | |||||
Strategic Growth Fund | 95,303 | (95,303 | ) | |||||
Conservative Growth Fund | 81,494 | (81,494 | ) | |||||
Growth & Income Fund | 39,350 | (39,350 | ) | |||||
M. | SUB-CUSTODIAN |
Effective May 22, 2015, the Timothy Plan Family of Funds entered into a precious metals storage agreement with Brink’s Global Services U.S.A., Inc. to maintain the custody of the gold held in the Timothy Plan Defensive Strategies Fund.
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 134
Note 2 | | Security Valuation and Fair Value Measurements |
The Funds’ securities are valued at fair value. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the “Valuation Designee”). The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.
FAIR VALUATION PROCESS
The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 135
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
ANNUAL REPORT | 136
There were no options held at September 30, 2023, and there were no options transactions for the year ended September 30, 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
ANNUAL REPORT | 137
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 September 30, 2023:
Aggressive Growth Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Common Stocks | $ | 41,617,960 | $ | — | $ | — | $ | 41,617,960 | ||||||||
Money Market Fund | 776,002 | — | — | 776,002 | ||||||||||||
Total | $ | 42,393,962 | $ | — | $ | — | $ | 42,393,962 | ||||||||
International Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Common Stocks | $ | 149,550,154 | $ | — | $ | 43,600 | $ | 149,593,754 | ||||||||
Money Market Fund | 13,106,845 | — | — | 13,106,845 | ||||||||||||
Total | $ | 162,656,999 | $ | — | $ | 43,600 | $ | 162,700,599 | ||||||||
Large/Mid Cap Growth Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Common Stocks | $ | 116,460,062 | $ | — | $ | — | $ | 116,460,062 | ||||||||
Exchange-Traded Funds | 20,928,736 | — | — | 20,928,736 | ||||||||||||
Money Market Fund | 8,502,038 | — | — | 8,502,038 | ||||||||||||
Total | $ | 145,890,836 | $ | — | $ | — | $ | 145,890,836 | ||||||||
Small Cap Value Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Common Stocks | $ | 150,382,403 | $ | — | $ | — | $ | 150,382,403 | ||||||||
Exchange-Traded Fund | 17,967,936 | — | — | 17,967,936 | ||||||||||||
Money Market Fund | 2,177,472 | — | — | 2,177,472 | ||||||||||||
Total | $ | 170,527,811 | $ | — | $ | — | $ | 170,527,811 | ||||||||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 138
Large/Mid Cap Value Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Common Stocks | $ | 218,038,858 | $ | — | $ | — | $ | 218,038,858 | ||||||||
Exchange-Traded Funds | 49,226,405 | — | — | 49,226,405 | ||||||||||||
Money Market Fund | 17,992,749 | — | — | 17,992,749 | ||||||||||||
Total | $ | 285,258,012 | $ | — | $ | — | $ | 285,258,012 | ||||||||
Fixed Income Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Corporate Bonds | $ | — | $ | 31,009,332 | $ | — | $ | 31,009,332 | ||||||||
Non U.S. Government & Agencies | — | 2,095,548 | — | 2,095,548 | ||||||||||||
U.S. Government & Agencies | — | 68,220,055 | — | 68,220,055 | ||||||||||||
Money Market Fund | 1,090,399 | — | — | 1,090,399 | ||||||||||||
Total | $ | 1,090,399 | $ | 101,324,935 | $ | — | $ | 102,415,334 | ||||||||
High Yield Bond Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Corporate Bonds | $ | — | $ | 128,513,127 | $ | — | $ | 128,513,127 | ||||||||
Money Market Fund | 2,544,998 | — | — | 2,544,998 | ||||||||||||
Total | $ | 2,544,998 | $ | 128,513,127 | $ | — | $ | 131,058,125 | ||||||||
Israel Common Values Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Common Stocks | $ | 87,899,187 | $ | 4,349,280 | $ | — | $ | 92,248,467 | ||||||||
Money Market Fund | 3,469,515 | — | — | 3,469,515 | ||||||||||||
Total | $ | 91,368,702 | $ | 4,349,280 | $ | — | $ | 95,717,982 | ||||||||
Defensive Strategies Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Common Stocks | $ | 25,940,536 | $ | — | $ | — | $ | 25,940,536 | ||||||||
Exchange-Traded Funds | 14,810,883 | — | — | 14,810,883 | ||||||||||||
Treasury Inflation Protected Securities (TIPS) | — | 16,769,410 | — | 16,769,410 | ||||||||||||
Alternative Investments | 11,361,072 | — | — | 11,361,072 | ||||||||||||
Money Market Fund | 1,670,937 | — | — | 1,670,937 | ||||||||||||
Total | $ | 53,783,428 | $ | 16,769,410 | $ | — | $ | 70,552,838 | ||||||||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 139
Strategic Growth Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Exchange-Traded Funds | $ | 21,943,567 | $ | — | $ | — | $ | 21,943,567 | ||||||||
Mutual Funds | 10,251,105 | — | — | 10,251,105 | ||||||||||||
Money Market Fund | 436,897 | — | — | 436,897 | ||||||||||||
Total | $ | 32,631,569 | $ | — | $ | — | $ | 32,631,569 | ||||||||
Conservative Growth Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Exchange-Traded Funds | $ | 19,339,165 | $ | — | $ | — | $ | 19,339,165 | ||||||||
Mutual Funds | 18,885,949 | — | — | 18,885,949 | ||||||||||||
Money Market Fund | 455,073 | — | — | 455,073 | ||||||||||||
Total | $ | 38,680,187 | $ | — | $ | — | $ | 38,680,187 | ||||||||
Growth & Income Fund
ASSETS | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Corporate Bonds | $ | — | $ | 3,104,561 | $ | — | $ | 3,104,561 | ||||||||
Non U.S. Government & Agencies | — | 234,244 | — | 234,244 | ||||||||||||
U.S. Government & Agencies | — | 3,262,123 | — | 3,262,123 | ||||||||||||
Exchange-Traded Funds | 7,334,427 | — | — | 7,334,427 | ||||||||||||
Money Market Fund | 128,453 | — | — | 128,453 | ||||||||||||
U.S. Treasury Notes | — | 3,707,136 | — | 3,707,136 | ||||||||||||
Total | $ | 7,462,880 | $ | 10,308,064 | $ | — | $ | 17,770,944 | ||||||||
Refer to the Schedules of Investments for industry classifications.
For the year ended September 30, 2023, there were no changes into/out of Level 3. Additional disclosures surrounding Level 3 investments were not significant to the financial statements.
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 140
Note 3 | | Purchases and Sales of Securities |
The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the year ended September 30, 2023:
PURCHASES | SALES | |||||||||||||||
Fund | U.S. Gov’t | Other | U.S. Gov’t | Other | ||||||||||||
Aggressive Growth | $ | — | $ | 30,745,565 | $ | — | $ | 26,722,156 | ||||||||
International | — | 46,419,331 | — | 28,353,130 | ||||||||||||
Large/Mid Cap Growth * | — | 60,303,715 | — | 51,194,834 | ||||||||||||
Small Cap Value * | — | 100,692,858 | — | 89,267,110 | ||||||||||||
Large/Mid Cap Value * | — | 48,201,736 | — | 43,713,302 | ||||||||||||
Fixed Income * | 38,911,032 | 31,106,546 | 50,711,919 | 23,847,928 | ||||||||||||
High Yield Bond * | — | 90,933,948 | — | 101,031,260 | ||||||||||||
Israel Common Values | — | 12,859,816 | — | 6,806,119 | ||||||||||||
Defensive Strategies * | — | 32,887,741 | — | 38,373,827 | ||||||||||||
Strategic Growth * | — | 8,781,366 | — | 10,293,426 | ||||||||||||
Conservative Growth * | — | 10,871,466 | — | 14,141,400 | ||||||||||||
Growth & Income * | 7,433,235 | 9,669,726 | 6,392,698 | 11,031,295 | ||||||||||||
* | 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. Effective January 28, 2023, 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%. For the period October 1, 2022 through January 27, 2023, TPL has voluntarily agreed to reduce the fee it receives from the International Fund to 0.95%; from the Large/Mid Cap Growth Fund, the Small Cap Value Fund and 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%. Effective April 1, 2023, TPL voluntarily reduced the fee to 0.15% for the Strategic Growth Fund and the Conservative Growth Fund. Effective August 12, 2023, TPL voluntarily reduced the fee to 0.75% for the Large/Mid Cap Value Fund. An officer and trustee of the Funds is also an officer and owner of the advisor.
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 141
Effective January 28, 2023, Timothy Partners, Ltd (“TPL”) has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets, except Strategic Growth Fund and Conservative Growth Fund, 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. For the period October 1, 2022 through January 27, 2023 these waivers were voluntarily waived by TPL.
For the year ended September 30, 2023, TPL waived advisory fees for the Funds as follows:
FUND | YEAR ENDED | |||
Aggressive Growth Fund | $ | 42,122 | ||
International Fund | 74,920 | |||
Large/Mid Cap Growth Fund | 57,279 | |||
Small Cap Value Fund | 73,201 | |||
Large/Mid Cap Value Fund | 162,414 | |||
Fixed Income Fund | 196,953 | |||
High Yield Bond Fund | 138,531 | |||
Defensive Strategies Fund | 35,785 | |||
Strategic Growth | 86,232 | |||
Conservative Growth | 102,745 | |||
Growth & Income Fund | 14,626 | |||
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 year ended September 30, 2023, the Funds’ waived fees as follows pursuant to that arrangement.
FUND | YEAR ENDED | |||
Large/Mid Cap Growth Fund | $ | 174,958 | ||
Small Cap Value Fund | 145,931 | |||
Large/Mid Cap Value Fund | 406,839 | |||
Fixed Income Fund | 29,805 | |||
High Yield Bond Fund | 52,505 | |||
Defensive Strategies Fund | 30,894 | |||
Growth & Income Fund | 58,867 | |||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 142
TPL, with the prior approval of the Board and shareholders of the applicable Fund, has engaged the services of other investment advisory firms (“Investment Managers”) to provide portfolio management services to the Funds. TPL pays the Investment Managers as follows:
Barrow Hanley
As compensation for its services with respect to the Fixed-Income Fund and High Yield Bond Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375% of 1% of the first $20,000,000 in the average net assets of each Fund. As compensation for its services with respect to the Defensive Strategies Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.15% of the average net assets in the Debt Instrument Allocation of the Fund. As compensation for its services with respect to the Growth and Income Fund , Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375 of 1% of the first $20,000,00 of the average net assets in the fixed income allocation of the Fund.
Chartwell
As compensation for its services, Chartwell receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.
Chilton
For its services rendered to the DS Fund, Adviser will pay to Investment Manager a fee at an annual rate equal to 0.42% of the Defensive Strategies Fund’s average daily assets allocated to the REIT sleeve of the Defensive Strategies Fund’s investment portfolio (“Allocated Assets”) up to $10 million, 0.39% for the next $10 million in Allocated Assets, 0.35% for the next $30 million in Allocated Assets, and 0.30% of Allocated Assets over $50 million.
CoreCommodity
As compensation for its services to the Fund, CORE receives from TPL an annual fee at a rate equal to 0.40% of the Fund’s average daily assets up to $25 million, and 0.35% of average daily net assets over $25 million.
Eagle
As compensation for its services, Eagle receives from TPL an annual fee at a rate equal to 0.60% of the first $100 million in assets of the Fund; and 0.50% of assets over $100 million.
Westwood
As compensation for its services, Westwood receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.
Ultimus Fund Services, LLC (“UFS”) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:
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. |
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 143
Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trust’s agreement with UFS. Therefore, there is no separate base annual fee per Fund or share class.
The Timothy Plan Aggressive Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares. Class I shares are not subject to the shareholder services plan.
The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Effective April 10, 2023, Class A shares of the Funds pay a service 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 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares.
For the year ended September 30, 2023, the Funds paid TPL under the terms of the Plans as follows:
12B-1 FEES | ||||
FUND | Year Ended | |||
Aggressive Growth | $104,589 | |||
International | 156,946 | |||
Large/Mid Cap Growth | 328,563 | |||
Small Cap Value | 317,319 | |||
Large/Mid Cap Value | 569,802 | |||
Fixed Income | 269,640 | |||
High Yield Bond | 186,513 | |||
Israel Common Values | 221,343 | |||
Defensive Strategies | 160,818 | |||
Strategic Growth | 58,258 | |||
Conservative Growth | 73,442 | |||
Growth & Income | 51,451 | |||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 144
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 year ended September 30, 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 | CDSC FEES | ||||||
Aggressive Growth | $ | 12,837 | $ | 330 | ||||
International | 13,789 | 194 | ||||||
Large/Mid Cap Growth | 34,308 | 343 | ||||||
Small Cap Value | 23,592 | 786 | ||||||
Large/Mid Cap Value | 45,199 | 1,054 | ||||||
Fixed Income | 23,456 | 1,888 | ||||||
High Yield Bond | 14,338 | 238 | ||||||
Israel Common Values | 20,013 | 777 | ||||||
Defensive Strategies | 13,466 | 1,723 | ||||||
Strategic Growth | 8,139 | 414 | ||||||
Conservative Growth | 6,492 | 602 | ||||||
Growth & Income | 3,880 | 466 | ||||||
Note 5 | | Control Ownership |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. At September 30, 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 |
International | 14.80% |
Fixed Income | 23.37% |
High Yield Bond | 8.30% |
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.
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 145
The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of September 30, 2023, 30.7% of the Conservative Growth Fund’s net assets were invested in the Timothy Plan Fixed Income Fund.
The Growth & Income Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan High Dividend Stock Enhanced ETF (the “ETF”). The Fund may redeem its investments from the ETF at any time if the advisor determines that it is in the best interest of the Fund and its shareholders to do so.
The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of September 30, 2023, 36.5% 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.
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 year ended September 30, 2023, with affiliates:
LARGE/MID | YEAR ENDED SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||
Fund | Fair Value | Purchases | Sales | Dividends | Amount of | Net Change | Fair Value | |||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF | $ | 15,086,746 | $ | — | $ | 537,785 | $ | 268,258 | $ | (45,460 | ) | $ | (778,995 | ) | $ | 13,724,506 | ||||||||||||
Timothy Plan US Large/Mid Cap Core ETF | 7,989,750 | — | 1,724,900 | 70,699 | 320,140 | 619,240 | 7,204,230 | |||||||||||||||||||||
Total | $ | 23,076,496 | $ | 338,957 | $ | 274,680 | $ | (159,755 | ) | $ | 20,928,736 | |||||||||||||||||
SMALL CAP | YEAR ENDED SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||
Fund | Fair Value | Purchases | Sales | Dividends | Amount of | Net Change | Fair Value | |||||||||||||||||||||
Timothy Plan US Small Cap Core ETF | $ | 16,068,204 | $ | — | $ | — | $ | 192,605 | $ | — | $ | 1,899,732 | $ | 17,967,936 | ||||||||||||||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 146
LARGE/MID | YEAR ENDED SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||
Fund | Fair Value September 30, 2022 | Purchases | Sales | Dividends | Amount of | Net Change | Fair Value | |||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF | $ | 12,836,862 | $ | — | $ | — | 371,515 | $ | — | $ | (225,877 | ) | $ | 12,610,985 | ||||||||||||||
Timothy Plan High Dividend Stock ETF | 12,405,001 | — | 1,730,510 | 284,469 | 231,410 | 803,610 | 11,709,511 | |||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF | 16,019,465 | — | 1,239,244 | 273,516 | (109,781 | ) | (725,991 | ) | 13,944,449 | |||||||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF | 13,115,250 | — | 3,603,810 | 108,489 | 668,865 | 781,155 | 10,961,460 | |||||||||||||||||||||
Total | $ | 54,376,578 | $ | 1,037,989 | $ | 790,494 | $ | 632,897 | $ | 49,226,405 | ||||||||||||||||||
FIXED INCOME | YEAR ENDED SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||
Fund | Fair Value September 30, 2022 | Purchases | Sales | Dividends | Amount of | Net Change | Fair Value | |||||||||||||||||||||
Timothy Plan Market Neutral ETF | $ | — | $ | 15,521,700 | $ | 15,334,027 | $ | 332,316 | $ | (187,673 | ) | $ | — | $ | — | |||||||||||||
HIGH YIELD | YEAR ENDED SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||
Fund | Fair Value September 30, 2022 | Purchases | Sales | Dividends | Amount of | Net Change | Fair Value | |||||||||||||||||||||
Timothy Plan Market Neutral ETF | $ | — | $ | 22,741,794 | $ | 22,460,773 | $ | 454,008 | $ | (281,021 | ) | $ | — | $ | — | |||||||||||||
DEFENSIVE | YEAR ENDED SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||
Fund | Fair Value September 30, 2022 | Purchases | Sales | Dividends | Amount of | Net Change | Fair Value | |||||||||||||||||||||
Timothy Plan Market Neutral ETF | $ | — | $ | 16,655,574 | $ | 1,985,224 | $ | 215,586 | $ | (17,576 | ) | $ | 158,109 | $ | 14,810,883 | |||||||||||||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 147
STRATEGIC | YEAR ENDED SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||
Fund | Fair Value September 30, 2022 | Purchases | Sales | Dividends | Amount of | Net Change | Fair Value | |||||||||||||||||||||
International | $ | 2,507,844 | $ | 1,727,074 | $ | 438,806 | $ | 13,605 | $ | 59,307 | $ | 327,655 | $ | 4,183,074 | ||||||||||||||
Fixed Income | 6,037,508 | 144,020 | 2,102,990 | 91,426 | (258,557 | ) | 210,756 | 4,030,737 | ||||||||||||||||||||
High Yield Bond | 2,013,994 | 78,795 | 142,113 | 111,165 | (5,348 | ) | 91,966 | 2,037,294 | ||||||||||||||||||||
Defensive Strategies | 2,979,619 | 134,496 | 3,419,960 | 69,313 | 410,822 | (104,977 | ) | — | ||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF | 2,627,995 | 72,718 | 18,786 | 77,269 | (1,794 | ) | (47,760 | ) | 2,632,373 | |||||||||||||||||||
Timothy Plan International ETF | 6,660,760 | — | 2,791,417 | 132,217 | 6,773 | 1,298,168 | 5,174,284 | |||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF | 6,117,220 | 102,814 | 1,025,055 | 102,455 | (77,936 | ) | (198,237 | ) | 4,918,806 | |||||||||||||||||||
Timothy Plan Market Neutral ETF | — | 5,324,945 | 22,272 | 143,400 | (260 | ) | 27,089 | 5,329,502 | ||||||||||||||||||||
Timothy Plan US Small Cap Core ETF | 2,768,247 | 1,196,504 | 332,027 | 32,877 | 74,605 | 181,273 | 3,888,602 | |||||||||||||||||||||
Total | $ | 31,713,187 | $ | 773,727 | $ | 207,612 | $ | 1,785,933 | $ | 32,194,672 | ||||||||||||||||||
* | Includes capital gain distributions from affiliated funds |
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 148
CONSERVATIVE | YEAR ENDED SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||
Fund | Fair Value September 30, 2022 | Purchases | Sales | Dividends | Amount of | Net Change | Fair Value | |||||||||||||||||||||
International | $ | 2,145,482 | $ | 2,452,735 | $ | 488,007 | $ | 11,727 | $ | 85,913 | $ | 181,743 | $ | 4,377,866 | ||||||||||||||
Fixed Income | 16,540,774 | 270,795 | 4,719,332 | 273,289 | (542,424 | ) | 351,466 | 11,901,279 | ||||||||||||||||||||
High Yield Bond | 2,716,436 | 104,451 | 335,456 | 145,871 | (26,952 | ) | 148,325 | 2,606,804 | ||||||||||||||||||||
Defensive Strategies | 2,885,540 | 131,158 | 3,311,036 | 67,594 | 593,658 | (299,320 | ) | — | ||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF | 1,730,848 | 788,173 | 118,252 | 63,234 | (12,655 | ) | (60,474 | ) | 2,327,640 | |||||||||||||||||||
Timothy Plan International ETF | 4,820,864 | — | 2,349,027 | 90,831 | 8,348 | 948,723 | 3,428,908 | |||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF | 6,531,046 | — | 1,645,304 | 103,191 | (124,568 | ) | (127,262 | ) | 4,633,912 | |||||||||||||||||||
Timothy Plan Market Neutral ETF | — | 6,541,645 | 289,577 | 172,598 | (5,836 | ) | 31,911 | 6,278,143 | ||||||||||||||||||||
Timothy Plan US Small Cap Core ETF | 2,679,096 | 582,509 | 885,409 | 26,544 | 198,948 | 95,418 | 2,670,562 | |||||||||||||||||||||
Total | $ | 40,050,086 | $ | 954,879 | $ | 174,432 | $ | 1,270,530 | $ | 38,225,114 | ||||||||||||||||||
* | Includes capital gain distributions from affiliated funds |
GROWTH & | YEAR ENDED SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||
Fund | Fair Value September 30, 2022 | Purchases | Sales | Dividends | Amount of | Net Change | Fair Value | |||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF | $ | 6,608,855 | $ | 6,929,251 | $ | 6,951,621 | $ | 191,268 | $ | 22,371 | $ | (116,289 | ) | $ | 6,492,567 | |||||||||||||
Timothy Plan High Dividend Stock ETF | 3,924,746 | — | 3,398,822 | 36,215 | 701,689 | (385,753 | ) | 841,860 | ||||||||||||||||||||
Total | $ | 10,533,601 | $ | 227,483 | $ | 724,060 | $ | (502,042 | ) | $ | 7,334,427 | |||||||||||||||||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 149
Note 8 | | Aggregate Unrealized Appreciation and Depreciation |
The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at September 30, 2023, were as follows:
FUND | TAX COST | GROSS | GROSS | NET UNREALIZED | ||||||||||||
Aggressive Growth | $ | 39,076,005 | $ | 5,959,407 | $ | (2,641,450 | ) | $ | 3,317,957 | |||||||
International | 147,940,995 | 23,151,530 | (8,391,926 | ) | 14,759,604 | |||||||||||
Large/Mid Cap Growth | 128,705,111 | 26,938,887 | (9,753,162 | ) | 17,185,725 | |||||||||||
Small Cap Value | 174,810,337 | 14,013,554 | (18,296,080 | ) | (4,282,526 | ) | ||||||||||
Large/Mid Cap Value | 235,293,639 | 63,087,068 | (13,122,695 | ) | 49,964,373 | |||||||||||
Fixed Income | 115,414,888 | 6,259 | (13,005,813 | ) | (12,999,554 | ) | ||||||||||
High Yield Bond | 143,727,912 | 601,268 | (13,271,055 | ) | (12,669,787 | ) | ||||||||||
Israel Common Values | 66,979,480 | 31,987,847 | (3,249,345 | ) | 28,738,502 | |||||||||||
Defensive Strategies | 70,063,074 | 6,499,061 | (6,009,298 | ) | 489,763 | |||||||||||
Strategic Growth | 34,560,820 | 548,262 | (2,477,513 | ) | (1,929,251 | ) | ||||||||||
Conservative Growth | 42,216,960 | 499,786 | (4,036,559 | ) | (3,536,773 | ) | ||||||||||
Growth & Income | 19,673,873 | 219,590 | (2,122,519 | ) | (1,902,929 | ) | ||||||||||
Note 9 | | Distributions to Shareholders and Tax Components of Capital |
The tax character of distributions paid during the fiscal year ended September 30, 2023, and the fiscal year ended September 30, 2022, were as follows:
AGGRESSIVE | INTERNATIONAL | LARGE/MID | SMALL CAP | |||||||||||||
Year ended September 30, 2023 | ||||||||||||||||
Ordinary Income | $ | — | $ | 814,710 | $ | — | $ | 736,882 | ||||||||
Long-term Capital Gains | 1,123,933 | — | 11,719,249 | 9,432,265 | ||||||||||||
| $ | 1,123,933 | $ | 814,710 | $ | 11,719,249 | $ | 10,169,147 | |||||||||
Year ended September 30, 2022 | ||||||||||||||||
Ordinary Income | $ | 140,857 | $ | 788,671 | $ | — | $ | 10,915,173 | ||||||||
Long-term Capital Gains | 4,424,572 | — | 8,755,549 | 4,911,381 | ||||||||||||
| $ | 4,565,429 | $ | 788,671 | $ | 8,755,549 | $ | 15,826,554 | |||||||||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 150
LARGE/MID | FIXED | HIGH | ISRAEL COMMON | |||||||||||||
Year ended September 30, 2023 | ||||||||||||||||
Ordinary Income | $ | 705,131 | $ | 2,276,495 | $ | 7,837,092 | $ | — | ||||||||
Long-term Capital Gains | 13,575,431 | — | — | — | ||||||||||||
| $ | 14,280,562 | $ | 2,276,495 | $ | 7,837,092 | $ | — | |||||||||
Year ended September 30, 2022 | ||||||||||||||||
Ordinary Income | $ | 392,066 | $ | 1,361,028 | $ | 6,878,043 | $ | — | ||||||||
Long-term Capital Gains | 11,967,418 | — | — | — | ||||||||||||
| $ | 12,359,484 | $ | 1,361,028 | $ | 6,878,043 | $ | — | |||||||||
DEFENSIVE | STRATEGIC | CONSERVATIVE | GROWTH & | |||||||||||||
Year ended September 30, 2023 | ||||||||||||||||
Ordinary Income | $ | 1,823,639 | $ | 191,945 | $ | 184,255 | $ | 291,798 | ||||||||
Long-term Capital Gains | 1,683,464 | 2,166,220 | 1,982,982 | 1,141,319 | ||||||||||||
| $ | 3,507,103 | $ | 2,358,165 | $ | 2,167,237 | $ | 1,433,117 | |||||||||
Year ended September 30, 2022 | ||||||||||||||||
Ordinary Income | $ | 339,172 | $ | 90,957 | $ | 68,117 | $ | 198,901 | ||||||||
Long-term Capital Gains | — | 1,827,959 | 1,999,058 | 77,726 | ||||||||||||
| $ | 339,172 | $ | 1,918,916 | $ | 2,067,175 | $ | 276,627 | |||||||||
As of September 30, 2023, the components of distributable earnings on a tax basis were as follows:
AGGRESSIVE | INTERNATIONAL | LARGE/MID | SMALL CAP | |||||||||||||
Undistributed Ordinary Income | $ | — | $ | 1,970,766 | $ | — | $ | 3,218,514 | ||||||||
Undistributed Long-Term Capital Gains | 1,848,043 | — | 9,521,891 | 4,116,443 | ||||||||||||
Capital Loss Carry Forward | — | (1,760,179 | ) | — | — | |||||||||||
Post October and Other Losses | (83,216 | ) | — | (15,683 | ) | — | ||||||||||
Unrealized Appreciation (Depreciation) | 3,317,957 | 14,759,398 | 17,185,704 | (4,282,526 | ) | |||||||||||
| $ | 5,082,784 | $ | 14,969,985 | $ | 26,691,912 | $ | 3,052,431 | |||||||||
LARGE/MID | FIXED | HIGH | ISRAEL COMMON | |||||||||||||
Undistributed Ordinary Income | $ | 1,558,894 | $ | 79,312 | $ | 79,138 | $ | 39,476 | ||||||||
Undistributed Long-Term Capital Gains | 142,919 | — | — | — | ||||||||||||
Capital Loss Carry Forward | — | (2,620,947 | ) | (497,036 | ) | (3,587,324 | ) | |||||||||
Post October and Other Losses | — | (5,382,382 | ) | (7,989,634 | ) | (1,926,632 | ) | |||||||||
Unrealized Appreciation (Depreciation) | 49,964,373 | (12,999,554 | ) | (12,669,787 | ) | 28,738,542 | ||||||||||
| $ | 51,666,186 | $ | (20,923,571 | ) | $ | (21,077,319 | ) | $ | 23,264,062 | |||||||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 151
DEFENSIVE | STRATEGIC | CONSERVATIVE | GROWTH & | |||||||||||||
Undistributed Ordinary Income | $ | 1,418,416 | $ | 446,339 | $ | 568,244 | $ | 9,965 | ||||||||
Undistributed Long-Term Capital Gains | 152,243 | 74,526 | 58,630 | 93,656 | ||||||||||||
Capital Loss Carry Forward | — | — | — | — | ||||||||||||
Post October and Other Losses | — | — | — | — | ||||||||||||
Unrealized Appreciation (Depreciation) | 489,267 | (1,929,251 | ) | (3,536,773 | ) | (1,902,929 | ) | |||||||||
| $ | 2,059,926 | $ | (1,408,386 | ) | $ | (2,909,899 | ) | $ | (1,799,308 | ) | ||||||
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, and perpetual bonds. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $(206), $(496), $(21), $40 for the International, Defensive Strategies, Large-Mid Cap Growth, and Israel Common Values Funds, respectively.
Note 10 | | Capital Loss Carryforwards, Post October and Other Losses |
Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:
FUND | LATE YEAR LOSSES | |||
Aggressive Growth Fund | $ | 83,216 | ||
Large/Mid Cap Growth Fund | 15,683 | |||
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 | |||
Fixed Income Fund | $ | 5,382,382 | ||
High Yield Bond Fund | 7,989,634 | |||
Israel Common Values Fund | 1,926,632 | |||
At September 30, 2023, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:
| Capital Loss Carry Forward | |||||||||||
FUND | SHORT-TERM | LONG-TERM | TOTAL | |||||||||
International Fund | $ | 1,760,179 | $ | — | $ | 1,760,179 | ||||||
Fixed Income Fund | 2,160,243 | 460,704 | 2,620,947 | |||||||||
High Yield Bond Fund | — | 497,036 | 497,036 | |||||||||
Israel Common Values Fund | 3,587,324 | — | 3,587,324 | |||||||||
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 152
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 | | Recent Regulatory Update |
On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
Note 12 | | Subsequent Events |
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements other than the following.
The U.S.-designated terrorist group Hamas attacked Israel on October 7, 2023, resulting in an ensuing war in the region. Current hostilities and the potential for future hostilities may diminish the value, or cause significant volatility in the share price, of companies based in or having significant operations in Israel. The Israeli securities market may be closed for extended periods of time or trading on the Israeli securities market may be suspended altogether. How long the armed conflict and related events will last cannot be predicted.
Note 13 | | 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, 2023, were as follows:
FOR FISCAL YEAR ENDED | FOREIGN | FOREIGN SOURCE |
International Fund | 0.04 | 0.10 |
Israel Common Values Fund | 0.13 | 0.01 |
Strategic Growth Fund | 0.01 | 0.04 |
Conservative Growth Fund | 0.01 | 0.02 |
FOR FISCAL YEAR ENDED | FOREIGN | FOREIGN SOURCE |
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 |
NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT | 153
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
The Timothy Plan
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund, and Timothy Plan Growth & Income Fund (the “Funds”), twelve of the portfolios constituting The Timothy Plan, as of September 30, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2023, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, including observation of precious metals, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies advised by Timothy Partners, Ltd., since 2005.
COHEN & COMPANY, LTD.
Cleveland, Ohio
November 29, 2023
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ANNUAL REPORT | 154
Section 10 | Expense Examples
SEPTEMBER 30, 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 April 1, 2023 through September 30, 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 | ENDING ACCOUNT | EXPENSES PAID |
AGGRESSIVE GROWTH FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $994.80 | $7.50 |
Hypothetical - Class A ** | $1,000.00 | $1,017.55 | $7.59 |
Actual - Class C * | $1,000.00 | $991.70 | $11.23 |
Hypothetical - Class C ** | $1,000.00 | $1,013.79 | $11.36 |
Actual - Class I * | $1,000.00 | $996.00 | $6.25 |
Hypothetical - Class I ** | $1,000.00 | $1,018.80 | $6.33 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.50% for Class A, 2.25% for Class C and 1.25% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Aggressive Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (0.52)% for Class A, (0.83)% for Class C and (0.40)% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
ANNUAL REPORT | 155
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
INTERNATIONAL FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $972.30 | $7.86 |
Hypothetical - Class A ** | $1,000.00 | $1,017.10 | $8.04 |
Actual - Class C * | $1,000.00 | $968.30 | $11.55 |
Hypothetical - Class C ** | $1,000.00 | $1,013.34 | $11.81 |
Actual - Class I * | $1,000.00 | $973.30 | $6.63 |
Hypothetical - Class I ** | $1,000.00 | $1,018.35 | $6.78 |
* | 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 183 days/365 days (to reflect the partial year period). The International Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (2.77)% for Class A, (3.17)% for Class C, and (2.67)% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
LARGE/MID CAP GROWTH FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $1,028.60 | $6.56 |
Hypothetical - Class A ** | $1,000.00 | $1,018.60 | $6.53 |
Actual - Class C * | $1,000.00 | $1,024.30 | $10.35 |
Hypothetical - Class C ** | $1,000.00 | $1,014.84 | $10.30 |
Actual - Class I * | $1,000.00 | $1,029.60 | $5.29 |
Hypothetical - Class I ** | $1,000.00 | $1,019.85 | $5.27 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.29% for Class A, 2.04% for Class C and 1.04% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 2.86% for Class A, 2.43% for Class C, and 2.96% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
ANNUAL REPORT | 156
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
SMALL CAP VALUE FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $992.00 | $6.74 |
Hypothetical - Class A ** | $1,000.00 | $1,018.30 | $6.83 |
Actual - Class C * | $1,000.00 | $987.70 | $10.46 |
Hypothetical - Class C ** | $1,000.00 | $1,014.54 | $10.61 |
Actual - Class I * | $1,000.00 | $993.30 | $5.50 |
Hypothetical - Class I ** | $1,000.00 | $1,019.55 | $5.57 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.35% for Class A, 2.10% for Class C and 1.10% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (0.80)% for Class A, (1.23) for Class C, and (0.67)% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
LARGE/MID CAP VALUE FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $996.10 | $6.25 |
Hypothetical - Class A ** | $1,000.00 | $1,018.80 | $6.33 |
Actual - Class C * | $1,000.00 | $991.80 | $9.99 |
Hypothetical - Class C ** | $1,000.00 | $1,015.04 | $10.10 |
Actual - Class I * | $1,000.00 | $996.60 | $5.01 |
Hypothetical - Class I ** | $1,000.00 | $1,020.05 | $5.06 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.25% for Class A, 2.00% for Class C, and 1.00% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (0.39)% for Class A, (0.82)% for Class C, and (0.34)% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
ANNUAL REPORT | 157
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
FIXED INCOME FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $960.60 | $4.91 |
Hypothetical - Class A ** | $1,000.00 | $1,020.05 | $5.06 |
Actual - Class C * | $1,000.00 | $957.50 | $8.59 |
Hypothetical - Class C ** | $1,000.00 | $1,016.29 | $8.85 |
Actual - Class I * | $1,000.00 | $960.40 | $3.69 |
Hypothetical - Class I ** | $1,000.00 | $1,021.31 | $3.80 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.00% for Class A, 1.75% for Class C, and 0.75% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (3.94)% for Class A, (4.25)% for Class C, and (3.96)% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
HIGH YIELD BOND FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $1,080.00 | $6.02 |
Hypothetical - Class A ** | $1,000.00 | $1,019.10 | $6.02 |
Actual - Class C * | $1,000.00 | $1,015.20 | $9.80 |
Hypothetical - Class C ** | $1,000.00 | $1,015.34 | $9.80 |
Actual - Class I * | $1,000.00 | $1,020.60 | $4.76 |
Hypothetical - Class I ** | $1,000.00 | $1,020.36 | $4.76 |
* | 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 183 days/365 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 1.80% for Class A, 1.52% for Class C, and 2.06% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
ANNUAL REPORT | 158
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
ISRAEL COMMON VALUES FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $981.20 | $8.59 |
Hypothetical - Class A ** | $1,000.00 | $1,016.39 | $8.74 |
Actual - Class C * | $1,000.00 | $977.70 | $12.30 |
Hypothetical - Class C ** | $1,000.00 | $1,012.63 | $12.51 |
Actual - Class I * | $1,000.00 | $983.00 | $7.36 |
Hypothetical - Class I ** | $1,000.00 | $1,017.65 | $7.49 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.73% for Class A, 2.48% for Class C and 1.48% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Israel Common Values Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (1.88)% for Class A, (2.23)% for Class C and (1.70)% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
DEFENSIVE STRATEGIES FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $987.10 | $6.33 |
Hypothetical - Class A ** | $1,000.00 | $1,018.70 | $6.43 |
Actual - Class C * | $1,000.00 | $983.00 | $10.04 |
Hypothetical - Class C ** | $1,000.00 | $1,014.94 | $10.20 |
Actual - Class I * | $1,000.00 | $988.60 | $5.08 |
Hypothetical - Class I ** | $1,000.00 | $1,019.95 | $5.16 |
* | 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 183 days/365 days (to reflect the partial year period). The Defensive Strategies Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (1.29)% for Class A, (1.70)% for Class C and (1.14)% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
ANNUAL REPORT | 159
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
STRATEGIC GROWTH FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $976.70 | $4.36 |
Hypothetical - Class A ** | $1,000.00 | $1,020.66 | $4.46 |
Actual - Class C * | $1,000.00 | $975.20 | $6.83 |
Hypothetical - Class C ** | $1,000.00 | $1,018.15 | $6.98 |
Actual - Class I *** | $1,000.00 | $968.10 | $0.51 |
Hypothetical - Class I ** | $1,000.00 | $1,021.91 | $6.99 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.88% for Class A and 1.38% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Strategic Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (2.33)% for Class A and (2.48)% for Class C for the six-month period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
*** | Expenses are equal to the Fund’s annualized expense ratio of 0.63% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 30/365 days for the actuals expenses and 183 days/365 days for the hypothetical expenses (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 (3.19)% for Class I for the period of September 1, 2023, to September 30, 2023. |
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
CONSERVATIVE GROWTH FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $975.50 | $4.31 |
Hypothetical - Class A ** | $1,000.00 | $1,020.71 | $4.41 |
Actual - Class C * | $1,000.00 | $972.90 | $6.78 |
Hypothetical - Class C ** | $1,000.00 | $1,018.20 | $6.93 |
Actual - Class I *** | $1,000.00 | $973.50 | $0.50 |
Hypothetical - Class I ** | $1,000.00 | $1,021.96 | $6.94 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.87% for Class A and 1.37% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Conservative Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (2.45)% for Class A and (2.71)% for Class C for the six-month period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
*** | Expenses are equal to the Fund’s annualized expense ratio of 0.62% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 30/365 days for the actuals expenses and 183 days/365 days for the hypothetical expenses (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 (2.65)% for Class I for the period of September 1, 2023, to September 30, 2023. |
EXPENSE EXAMPLES (UNAUDITED)
ANNUAL REPORT | 160
FUND | BEGINNING | ENDING ACCOUNT | EXPENSES PAID |
GROWTH & INCOME FUND | 4/1/23 | 9/30/2023 | 4/1/2023 through |
Actual - Class A * | $1,000.00 | $948.50 | $8.30 |
Hypothetical - Class A ** | $1,000.00 | $1,016.55 | $8.59 |
Actual - Class C * | $1,000.00 | $945.60 | $11.95 |
Hypothetical - Class C ** | $1,000.00 | $1,012.78 | $12.36 |
Actual - Class I ** | $1,000.00 | $950.10 | $7.09 |
Hypothetical - Class I ** | $1,000.00 | $1,017.80 | $7.33 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.70% for Class A, 2.45% for Class C and 1.45% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Growth & Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (5.15)% for Class A, (5.44)% for Class C and (4.99)% for Class I for the period of April 1, 2023, to September 30, 2023. |
** | Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
ANNUAL REPORT | 161
Section 11 | Officers & Trustees
SEPTEMBER 30, 2023 (UNAUDITED)
TRUSTEES AND PRINCIPAL EXECUTIVE OFFICERS OF THE TRUST
The Trustees and Principal Executive Officers of the Trust and their principal occupations for the past five years are listed as follows:
INTERESTED TRUSTEES
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Arthur D. Ally1 1055 Maitland Center Commons Maitland, FL Born: 1942 | Trustee, Chairman, President, and Treasurer | Indefinite; Trustee and President since 1994 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL. | None | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Mathew D. Staver2 1055 Maitland Center Commons Maitland, FL Born: 1956 | Trustee | Indefinite; Trustee since 2000 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| An attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. | None | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Patrice Tsague3 1055 Maitland Center Commons Maitland, FL Born: 1973 | Trustee | Indefinite; Trustee since 2011 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999. | None | |||
| 1. | Mr. Ally is an “interested” Trustee, as defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL. |
| 2. | Mr. Staver is an “interested” Trustee, as defined in the 1940 Act, because he has a limited partnership interest in TPL. |
| 3. | Mr. Tsague is an “interested” Trustee, as defined in the 1940 Act, because of a charitable relationship with TPL. |
OFFICERS & TRUSTEES OF THE TRUST
ANNUAL REPORT | 162
Independent Trustees
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Dale A. Bissonette 1055 Maitland Center Commons Maitland, FL Born: 1958 | Trustee | Indefinite; Trustee since 2020 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| President, Good Place Holdings, a Christian Centered Business Holding Company. | None | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Kenneth Blackwell 1055 Maitland Center Commons Maitland, FL Born: 1948 | Trustee | Indefinite; Trustee from 2011 to 2020 and 2022 to present | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Self-Employed Independent Public Policy Consultant; Other Directorships: Public Interest Legal Foundation; National Rifle Association; Columbia International University; International Foundation For Electoral Systems; Law Enforcement Legal Defense Fund; American Constitution Rights Union. | None | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Richard W. Copeland 1055 Maitland Center Commons Maitland, FL Born: 1947 | Trustee | Indefinite; Trustee since 2005 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Retired. Associate Professor of Law Stetson University. Retired Principal of Copeland & Covert, Attorneys at Law, specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida and LLM Taxation from the University of Miami. | None | |||
OFFICERS & TRUSTEES OF THE TRUST
ANNUAL REPORT | 163
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Deborah Honeycutt 1055 Maitland Center Commons Maitland, FL Born: 1947 | Trustee | Indefinite; Trustee since 2010 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois. | None | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Bill Johnson 1055 Maitland Center Commons Maitland, FL Born: 1946 | Trustee | Indefinite; Trustee since 2005 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| President (and Founder) of the American Decency Association, Freemont, MI, since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Master of Religious Education from Grand Rapids Baptist Seminary. | None | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
John C. Mulder 1055 Maitland Center Commons Maitland, FL Born: 1950 | Trustee | Indefinite; Trustee since 2005 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| President of WaterStone (FKA the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from the University of Chicago. | None | |||
OFFICERS & TRUSTEES OF THE TRUST
ANNUAL REPORT | 164
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Scott Preissler, Ph.D. 1055 Maitland Center Commons Maitland, FL Born: 1960 | Trustee | Indefinite; Trustee since 2004 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Scott Preissler, Ph.D., is the Executive Director of Friendship Christian School in Suwanee, Georgia and The National Center for Stewardship & Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia. | None | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
[Pastor] Abraham M. Rivera 1055 Maitland Center Commons Maitland, FL Born: 1969 | Trustee | Indefinite; Trustee since 2020 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation. | 1 | |||
Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Alan M. Ross 1055 Maitland Center Commons Maitland, FL Born: 1951 | Trustee, Vice Chairman | Indefinite; Trustee since 2004 | 19 | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Founder and CEO Kingdom Companies founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ. Alan is currently the President of the Electric Power Reliability Alliance (EPRA), a nonprofit serving industrial, commercial and grid-edge electrical reliability practitioners. | None | |||
OFFICERS & TRUSTEES OF THE TRUST
ANNUAL REPORT | 165
PRINCIPAL EXECUTIVE OFFICERS
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Terry Covert 1055 Maitland Center Commons Maitland, FL Born: 1947 | Executive Officer, Vice President | Officer since 2019 Indefinite Term | N/A | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Chief Compliance Officer and General Counsel for the Advisor, Timothy Partners, Ltd; Partner, Copeland Covert & Smith PLLC, law firm. | N/A | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Cheryl Mumbert 1055 Maitland Center Commons Maitland, FL Born: 1970 | Executive Officer, Vice President | Officer since 2019 Indefinite Term | N/A | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Chief Marketing Officer for Advisor, Timothy Partners, Ltd. | N/A | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
David D. Jones 1055 Maitland Center Commons Maitland, FL Born: 1957 | Chief Compliance Officer | Since 2004, Indefinite Term | N/A | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015. | N/A | |||
OFFICERS & TRUSTEES OF THE TRUST
ANNUAL REPORT | 166
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
David James 225 Pictoria Drive Cincinnati, Ohio 45246 Born: 1970 | Secretary | Secretary since 2023, Assistant Secretary 2022- 2023, Indefinite Term | N/A | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| As Executive Vice President, Chief Legal and Risk Officer at Ultimus Fund Solutions, since 2018; Department Head of State Street Bank and Trust Company’s Fund Administration Legal Department -2003-2018. | N/A | |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Brittany Weise 225 Pictoria Drive Cincinnati, Ohio 45246 Born: 1990 | Assistant Secretary | Assistant Secretary since 2023, Indefinite Term | N/A | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
Associate Counsel – Ultimus Fund Solutions 2022- Pres. Attorney – Morgan & Morgan P.A. (formerly Mitcheson & Lee, LLP) 2019 – 2022, Fund Officer – State Street Bank and Trust Company, 2018-2019 | N/A
| |||
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Deryk Jones 4221 North 203rd St. Suite 100 Elkhorn, NE 68022 Born: 1988 | AML Officer | AML Officer since 2022, Indefinite Term | N/A | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Compliance Analyst since March 2018 | N/A | |||
OFFICERS & TRUSTEES OF THE TRUST
ANNUAL REPORT | 167
| Name, age & Address | Position(s) Held with Trust | Term of Office & Length of Time Served | Number of portfolios in fund complex overseen by Trustee | |
Joseph E. Boatwright 1055 Maitland Center Commons Maitland, FL Born: 1930 | Trustee Emeritus | Trustee and Secretary 1995-2022, Trustee Emeritus as of 2020, Term Indefinite. | N/A | |
| Principal occupation during THE past Five years | directorships held by trustee | |||
| Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996. | N/A | |||
The Fund’s Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-800-846-7526.
OFFICERS & TRUSTEES OF THE TRUST
ANNUAL REPORT | 168
Section 12 | Privacy Notice
FACTS | WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL INFORMATION? | ||
WHY? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do. | ||
WHAT? | The types of information we collect and share depend on the product or service you have with us. This information can include:
● Social Security Number ● Assets ● Retirement Assets ● Transaction History ● Checking Account History ● Purchase History ● Account Balances ● Account Transactions ● Wire Transfer Instructions
When you are no longer our customer, we continue to share your information as described in this Notice. | ||
HOW? | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons The Timothy Plan chooses to share; and whether you can limit this sharing. | ||
Reasons we can share your personal information. | Does The Timothy Plan share? | Can you limit this sharing? | |
For our everyday business purposes- | Yes | No | |
For our marketing purposes- | No | We don’t share | |
For joint marketing with other financial companies | No | We don’t share | |
For our affiliates’ everyday business purposes- | Yes | No | |
For our affiliates’ everyday business purposes- | No | We don’t share | |
For non-affiliates to market to you | No | We don’t share | |
Questions? | Call 800-662-0201 | ||
PRIVACY NOTICE
ANNUAL REPORT | 169
Page 2 | ||
WHO WE ARE | ||
Who is providing this Notice? | Timothy Plan Family of Mutual Funds | |
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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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.
PRIVACY NOTICE
ANNUAL REPORT | 171
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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 Mahaffey
Sullivan & Worcester LLP
For additional information or a prospectus, please call:
Visit the Timothy Plan website on the internet at:
This report is submitted for the general information for shareholders 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
(800) 846-7526
www.timothyplan.com
SHAREHOLDER SERVICES |
TP-AR23
(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule. Not applicable
Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
| (1) | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; | |
| (2) | Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; | |
| (3) | Compliance with applicable governmental laws, rules, and regulations; | |
| (4) | The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and | |
| (5) | Accountability for adherence to the code. |
(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.
(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.
(e) Posting: We do not intend to post the Code of Ethics for the Officers or any amendments or waivers on a website.
(f) Availability: The Code of Ethics for the Officers can be obtained, free of charge by calling the toll free number for the appropriate Fund.
Item 3. Audit Committee Financial Expert.
| (a) | The registrant has an Audit committee currently composed of three independent Trustees, Mr. Alan Ross, Mr. John Mulder and Mr. Richard Copeland. The registrant’s board of trustees has determined that Mr. Alan Ross is qualified to serve as an Audit Committee Financial Expert, and has designated him as such. |
Item 4. Principal Accountant Fees and Services.
| (a) | Audit Fees |
| The Timothy Plan | |||||
| FY 2023 | $ | 190,100 | |||
| FY 2022 | $ | 177,625 | |||
| (b) | Audit-Related Fees |
| The Timothy Plan | Registrant | Adviser | ||||||
| FY 2023 | $ | 0 | $ | 0 | ||||
| FY 2022 | $ | 0 | $ | 0 | ||||
| Nature of the fees: |
| (c) | Tax Fees |
| The Timothy Plan | ||||
| FY 2023 | $ | 0 | ||
| FY 2022 | $ | 0 | ||
Nature of the fees: preparation of the 1120 RIC
| (d) | All Other Fees |
| The Timothy Plan | Registrant | ||||||
| FY 2023 | $ | 0 | |||||
| FY 2022 | $ | 0 | |||||
| (e) | (1) | Audit Committee’s Pre-Approval Policies |
The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors’ specific representations as to their independence;
| (2) | Percentages of Services Approved by the Audit Committee |
| Registrant | ||||
| Audit-Related Fees: | 0% | |||
| Tax Fees: | 0% | |||
| All Other Fees: | 0% |
(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:
| Registrant | Adviser | ||
| FY 2023 | $0 | $0 | |
| FY 2022 | $0 | $0 |
(h) Not applicable. The auditor performed no services for the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.
(i) Not applicable
(j) Not applicable
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments. Not applicable – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
| (a) | Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis. |
| (b) | There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | The Timothy Plan | |
| By | /s/ Arthur D. Ally | |
| Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer | ||
| Date | 12/7/23 | |
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 | 12/7/23 | |