united
states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered management
investment companies
Investment Company Act file number | 811-08228 |
The Timothy Plan
(Exact name of registrant as specified in charter)
1055 Maitland Center Commons, Maitland, FL 32751
(Address of principal executive offices) (Zip code)
Art Ally, The Timothy Plan
1055 Maitland Center Commons, Maitland, FL 32751
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-846-7526
Date of fiscal year end: 9/30
Date of reporting period: 3/31/24
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Registrant’s audited annual financial reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:
SEMI-ANNUAL REPORT
March 31, 2024
TIMOTHY PLAN FAMILY OF FUNDS
Table of Contents
Section 1 | Fund Profiles |
2 |
Section 2 | Schedule of Investments |
5 |
Section 3 | Statements of Assets and Liabilities |
50 |
Section 4 | Statements of Operations |
57 |
Section 5 | Statements of Changes in Net Assets |
61 |
Section 6 | Financial Highlights |
67 |
Section 7 | Notes to Financial Statements |
103 |
Section 8 | Expense Examples |
127 |
Section 9 | Supplemental Information |
134 |
Section 10 | Liquidity Risk Management Program |
139 |
Section 11 | Privacy Notice |
140 |
Section 12 | Disclosures |
142 |
SEMI-ANNUAL REPORT | 1
Section 1 | Fund Profiles
AS OF MARCH 31, 2024 (UNAUDITED)
Small/Mid Cap Growth Fund
Top Ten Industries
(% of Net Assets)
Software |
9.2% |
Home Construction |
9.1% |
Retail - Discretionary |
7.2% |
Healthcare Facilities & Services |
7.1% |
Electrical Equipment |
6.8% |
Machinery |
6.3% |
Medical Equipment & Devices |
5.7% |
Semiconductors |
5.5% |
Technology Hardware |
5.4% |
Money Market Fund |
5.1% |
Other Assets Less Liabilities - Net |
32.6% |
|
100.0% |
Large/Mid Cap Growth Fund
Top Ten Industries
(% of Net Assets)
Semiconductors |
17.1% |
Exchange Traded Funds |
12.8% |
Software |
12.0% |
Money Market Fund |
7.3% |
Medical Equipment & Devices |
5.4% |
Electrical Equipment |
4.6% |
Retail - Discretionary |
4.6% |
Chemicals |
4.3% |
Technology Hardware |
4.1% |
Retail - Consumer Staples |
3.2% |
Other Assets Less Liabilities - Net |
24.6% |
|
100.0% |
International Fund
Top Ten Industries
(% of Net Assets)
Banking |
10.7% |
Semiconductors |
7.2% |
Medical Equipment & Devices |
6.7% |
Oil & Gas Producers |
5.8% |
Institutional Financial Services |
5.3% |
Insurance |
4.9% |
Machinery |
4.8% |
Aerospace & Defense |
4.2% |
Engineering & Construction |
3.9% |
Household Products |
3.6% |
Other Assets Less Liabilities - Net |
42.9% |
|
100.0% |
Small Cap Value Fund
Top Ten Industries
(% of Net Assets)
Banking |
14.0% |
Exchange Traded Fund |
11.1% |
Oil & Gas Producers |
6.3% |
REITs |
6.3% |
Retail - Discretionary |
5.5% |
Chemicals |
5.3% |
Medical Equipment & Devices |
4.5% |
Aerospace & Defense |
3.6% |
Electric Utilities |
3.5% |
Institutional Financial Services |
3.5% |
Other Assets Less Liabilities - Net |
36.4% |
|
100.0% |
FUND PROFILE (UNAUDITED)
SEMI-ANNUAL REPORT | 2
Large/Mid Cap Value Fund
Top Ten Industries
(% of Net Assets)
Exchange Traded Funds |
16.3% |
Semiconductors |
13.0% |
Money Market Fund |
6.9% |
Retail - Discretionary |
6.8% |
Software |
5.8% |
Medical Equipment & Devices |
5.4% |
Leisure Facilities & Services |
5.0% |
Food |
4.3% |
Retail - Consumer Staples |
4.2% |
Electric Utilities |
4.1% |
Other Assets Less Liabilities - Net |
28.2% |
|
100.0% |
High Yield Bond Fund
Top Ten Industries
(% of Net Assets)
Corporate Bonds |
92.8% |
Money Market Fund |
5.2% |
Other Assets Less Liabilities - Net |
2.0% |
|
100.0% |
Fixed Income Fund
Top Ten Industries
(% of Net Assets)
U.S. Government & Agencies |
68.6% |
Corporate Bonds |
27.2% |
Money Market Fund |
3.0% |
Non U.S. Government & Agencies |
1.9% |
Other Assets Less Liabilities - Net |
(0.7)% |
|
100.0% |
Israel Common Values Fund
Top Ten Industries
(% of Net Assets)
Software |
19.1% |
Banking |
16.2% |
Real Estate Owners & Developers |
10.1% |
Oil & Gas Producers |
8.0% |
Semiconductors |
6.1% |
Aerospace & Defense |
5.6% |
Insurance |
4.3% |
Apparel & Textile Products |
2.8% |
Institutional Financial Services |
2.5% |
Retail - Consumer Staples |
2.4% |
Other Assets Less Liabilities - Net |
22.9% |
|
100.0% |
FUND PROFILE (UNAUDITED)
SEMI-ANNUAL REPORT | 3
Defensive Strategies Fund
Top Ten Industries
(% of Net Assets)
U.S. Government & Agencies |
21.2% |
Exchange Traded Funds |
18.9% |
Precious Metals - Physical Holding |
18.2% |
REITs |
14.1% |
Oil & Gas Producers |
5.5% |
Money Market Fund |
4.3% |
Metals & Mining |
4.2% |
Chemicals |
1.6% |
Machinery |
1.3% |
Other Assets Less Liabilities - Net |
10.7% |
|
100.0% |
Conservative Growth Fund
Top Ten Industries
(% of Net Assets)
Exchange Traded Funds |
49.7% |
Open End Funds |
48.8% |
Money Market Fund |
1.6% |
Other Assets Less Liabilities - Net |
(0.1)% |
|
100.0% |
Strategic Growth Fund
Top Ten Industries
(% of Net Assets)
Exchange Traded Funds |
67.0% |
Open End Funds |
31.3% |
Money Market Fund |
1.6% |
Other Assets Less Liabilities - Net |
0.1% |
|
100.0% |
Growth & Income Fund
Top Ten Industries
(% of Net Assets)
Exchange Traded Funds |
44.5% |
U.S. Government & Agencies |
35.8% |
Corporate Bonds |
17.2% |
Non U.S. Government & Agencies |
1.3% |
Money Market Fund |
0.7% |
Other Assets Less Liabilities - Net |
0.5% |
|
100.0% |
FUND PROFILE (UNAUDITED)
SEMI-ANNUAL REPORT | 4
Section 2 | Schedule of Investments
MARCH 31, 2024 (UNAUDITED)
Small/Mid Cap Growth Fund
Shares |
|
Fair Value |
||||||
|
COMMON STOCKS — 94.8% |
|
||||||
AEROSPACE & DEFENSE — 1.4% |
||||||||
854 | TransDigm Group, Inc. |
$ | 1,051,786 | |||||
APPAREL & TEXTILE PRODUCTS — 2.8% |
||||||||
2,295 | Deckers Outdoor Corporation(a) |
2,160,192 | ||||||
BIOTECH & PHARMA — 2.9% |
||||||||
11,756 | Ionis Pharmaceuticals, Inc.(a) |
509,623 | ||||||
13,511 | Sarepta Therapeutics, Inc.(a) |
1,749,134 | ||||||
2,258,757 | ||||||||
COMMERCIAL SUPPORT SERVICES — 2.6% |
||||||||
10,040 | Clean Harbors, Inc.(a) |
2,021,152 | ||||||
DATA CENTER REIT — 1.6% |
||||||||
8,513 | Digital Realty Trust, Inc. |
1,226,213 | ||||||
ELECTRICAL EQUIPMENT — 6.8% |
||||||||
14,718 | Amphenol Corporation, Class A |
1,697,721 | ||||||
4,897 | Trane Technologies PLC |
1,470,079 | ||||||
25,941 | Vertiv Holdings Company |
2,118,602 | ||||||
5,286,402 | ||||||||
ENGINEERING & CONSTRUCTION — 5.0% |
||||||||
7,395 | Comfort Systems USA, Inc. |
2,349,465 | ||||||
5,810 | Quanta Services, Inc. |
1,509,438 | ||||||
3,858,903 | ||||||||
HEALTH CARE FACILITIES & SERVICES — 7.1% |
||||||||
8,231 | Cardinal Health, Inc. |
921,049 | ||||||
4,190 | ICON plc(a) |
1,407,631 | ||||||
12,451 | IQVIA Holdings, Inc.(a) |
3,148,732 | ||||||
5,477,412 | ||||||||
HOME CONSTRUCTION — 9.1% |
||||||||
48,450 | AZEK Company, Inc. (The)(a) |
2,433,159 | ||||||
13,095 | Lennar Corporation, Class A |
2,252,078 | ||||||
18,116 | Toll Brothers, Inc. |
2,343,667 | ||||||
7,028,904 | ||||||||
INDUSTRIAL SUPPORT SERVICES — 2.1% |
||||||||
2,269 | United Rentals, Inc. |
1,636,199 | ||||||
LEISURE FACILITIES & SERVICES — 2.8% |
||||||||
4,397 | Domino’s Pizza, Inc. |
2,184,781 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 5
Small/Mid Cap Growth Fund
Shares |
|
Fair Value |
||||||
MACHINERY — 6.3% |
||||||||
7,147 | Lincoln Electric Holdings, Inc. |
$ | 1,825,630 | |||||
8,866 | Oshkosh Corporation |
1,105,679 | ||||||
3,551 | Parker-Hannifin Corporation |
1,973,610 | ||||||
4,904,919 | ||||||||
MEDICAL EQUIPMENT & DEVICES — 5.7% |
||||||||
22,052 | Avantor, Inc.(a) |
563,870 | ||||||
9,703 | DexCom, Inc.(a) |
1,345,806 | ||||||
10,069 | GE HealthCare Technologies, Inc. |
915,373 | ||||||
4,051 | West Pharmaceutical Services, Inc. |
1,603,021 | ||||||
4,428,070 | ||||||||
OIL & GAS PRODUCERS — 3.4% |
||||||||
9,432 | Cheniere Energy, Inc. |
1,521,192 | ||||||
5,723 | Diamondback Energy, Inc. |
1,134,127 | ||||||
2,655,319 | ||||||||
RENEWABLE ENERGY — 3.1% |
||||||||
14,087 | First Solar, Inc.(a) |
2,377,886 | ||||||
RETAIL - DISCRETIONARY — 7.2% |
||||||||
10,238 | Burlington Stores, Inc.(a) |
2,377,161 | ||||||
21,682 | Ross Stores, Inc. |
3,182,051 | ||||||
5,559,212 | ||||||||
SEMICONDUCTORS — 5.5% |
||||||||
30,482 | Marvell Technology, Inc. |
2,160,564 | ||||||
3,057 | Monolithic Power Systems, Inc. |
2,070,873 | ||||||
4,231,437 | ||||||||
SOFTWARE — 9.2% |
||||||||
4,770 | Crowdstrike Holdings, Inc., Class A(a) |
1,529,214 | ||||||
6,746 | Manhattan Associates, Inc.(a) |
1,688,052 | ||||||
1,554 | MongoDB, Inc.(a) |
557,327 | ||||||
39,871 | Nutanix, Inc., Class A(a) |
2,460,837 | ||||||
4,450 | Zscaler, Inc.(a) |
857,204 | ||||||
7,092,634 | ||||||||
SPECIALTY FINANCE — 2.4% |
||||||||
21,816 | AerCap Holdings N.V.(a) |
1,896,029 | ||||||
TECHNOLOGY HARDWARE — 5.4% |
||||||||
8,274 | Arista Networks, Inc.(a) |
2,399,294 | ||||||
14,520 | Seagate Technology Holdings PLC |
1,351,086 | ||||||
423 | Super Micro Computer, Inc.(a) |
427,243 | ||||||
4,177,623 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 6
Small/Mid Cap Growth Fund
Shares |
|
Fair Value |
||||||
TECHNOLOGY SERVICES — 2.4% |
||||||||
3,025 | Globant SA(a) |
$ | 610,748 | |||||
2,238 | MSCI, Inc. |
1,254,287 | ||||||
1,865,035 | ||||||||
TOTAL COMMON STOCKS (Cost $56,843,446) |
73,378,865 | |||||||
|
SHORT-TERM INVESTMENT — 5.1% |
|
||||||
MONEY MARKET FUND — 5.1% |
||||||||
3,946,378 | Fidelity Government Portfolio, Class I, 5.21% (Cost $3,946,378)(b) |
3,946,378 | ||||||
TOTAL INVESTMENTS — 99.9% (Cost $60,789,824) |
$ | 77,325,243 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% |
66,067 | |||||||
NET ASSETS — 100.0% |
$ | 77,391,310 |
MSCI |
Morgan Stanley Capital International |
NV |
Naamioze Vennootschap |
PLC |
Public Limited Company |
REIT |
Real Estate Investment Trust |
(a) |
Non-income producing security. |
(b) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 7
International Fund
Shares |
|
Fair Value |
||||||
|
COMMON STOCKS — 96.8% |
|
||||||
AEROSPACE & DEFENSE — 4.2% |
||||||||
82,000 | Safran S.A. - ADR |
$ | 4,645,300 | |||||
73,000 | Thales S.A. - ADR |
2,492,140 | ||||||
7,137,440 | ||||||||
APPAREL & TEXTILE PRODUCTS — 1.5% |
||||||||
168,000 | Cie Financiere Richemont S.A. - ADR |
2,560,320 | ||||||
AUTOMOTIVE — 1.4% |
||||||||
43,800 | Magna International, Inc. |
2,386,224 | ||||||
BANKING — 10.7% |
||||||||
36,839 | DBS Group Holdings Ltd. - ADR |
3,926,301 | ||||||
94,000 | DNB Bank ASA - ADR |
1,879,201 | ||||||
41,900 | HDFC Bank Ltd. - ADR |
2,345,143 | ||||||
120,100 | ICICI Bank Ltd. - ADR |
3,171,841 | ||||||
294,000 | Itau Unibanco Holding S.A. - ADR |
2,037,420 | ||||||
50,500 | KBC Group N.V. - ADR |
1,894,255 | ||||||
268,000 | Sumitomo Mitsui Financial Group, Inc. - ADR |
3,154,360 | ||||||
18,408,521 | ||||||||
BIOTECH & PHARMA — 1.1% |
||||||||
4,900 | Argenx S.E. - ADR(a) |
1,929,228 | ||||||
CHEMICALS — 2.4% |
||||||||
98,420 | Air Liquide S.A. - ADR |
4,103,130 | ||||||
CONSTRUCTION MATERIALS — 2.9% |
||||||||
58,000 | CRH plc |
5,003,080 | ||||||
DIVERSIFIED INDUSTRIALS — 0.7% |
||||||||
6,600 | Hitachi Ltd. - ADR |
1,203,114 | ||||||
ELECTRIC UTILITIES — 2.6% |
||||||||
453,000 | Enel - Societa per Azioni - ADR |
2,971,680 | ||||||
29,200 | Iberdrola SA - ADR |
1,455,620 | ||||||
4,427,300 | ||||||||
ELECTRICAL EQUIPMENT — 3.1% |
||||||||
77,000 | ABB Ltd. - ADR |
3,569,720 | ||||||
134,000 | Daikin Industries Ltd. - ADR |
1,825,080 | ||||||
5,394,800 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 8
International Fund
Shares |
|
Fair Value |
||||||
ENGINEERING & CONSTRUCTION — 3.9% |
||||||||
123,000 | Cellnex Telecom S.A. - ADR |
$ | 2,167,260 | |||||
141,000 | Vinci S.A. - ADR |
4,543,020 | ||||||
6,710,280 | ||||||||
FOOD — 0.6% |
||||||||
53,000 | Mowi ASA - ADR |
970,960 | ||||||
HEALTH CARE FACILITIES & SERVICES — 2.8% |
||||||||
14,400 | ICON plc(a) |
4,837,680 | ||||||
HOUSEHOLD PRODUCTS — 3.6% |
||||||||
137,000 | Beiersdorf A.G. - ADR |
3,993,550 | ||||||
340,000 | Unicharm Corporation - ADR |
2,162,400 | ||||||
6,155,950 | ||||||||
INDUSTRIAL SUPPORT SERVICES — 1.7% |
||||||||
10,000 | Ashtead Group plc - ADR |
2,905,900 | ||||||
INSTITUTIONAL FINANCIAL SERVICES — 5.3% |
||||||||
194,500 | Deutsche Boerse A.G. - ADR |
3,973,635 | ||||||
166,000 | London Stock Exchange Group plc - ADR |
5,051,380 | ||||||
9,025,015 | ||||||||
INSURANCE — 4.9% |
||||||||
62,000 | AIA Group Ltd. - ADR |
1,666,560 | ||||||
62,400 | Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR |
3,049,488 | ||||||
115,000 | Tokio Marine Holdings, Inc. - ADR |
3,607,550 | ||||||
8,323,598 | ||||||||
INTERNET MEDIA & SERVICES — 2.0% |
||||||||
546,181 | Prosus N.V. - ADR |
3,419,093 | ||||||
MACHINERY — 4.8% |
||||||||
244,000 | Atlas Copco A.B. - ADR |
3,618,520 | ||||||
68,150 | Techtronic Industries Company Ltd. - ADR |
4,633,177 | ||||||
8,251,697 | ||||||||
MEDICAL EQUIPMENT & DEVICES — 6.7% |
||||||||
61,900 | Alcon, Inc. |
5,155,651 | ||||||
35,600 | Hoya Corporation - ADR |
4,433,446 | ||||||
74,400 | Smith & Nephew plc - ADR |
1,886,784 | ||||||
11,475,881 | ||||||||
METALS & MINING — 1.0% |
||||||||
26,300 | Rio Tinto plc - ADR |
1,676,362 | ||||||
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 9
International Fund
Shares |
|
Fair Value |
||||||
OIL & GAS PRODUCERS — 5.8% |
||||||||
64,600 | Canadian Natural Resources Ltd. |
$ | 4,930,272 | |||||
139,000 | Equinor ASA - ADR |
3,757,170 | ||||||
81,500 | Petroleo Brasileiro S.A. - ADR |
1,239,615 | ||||||
9,927,057 | ||||||||
SEMICONDUCTORS — 7.2% |
||||||||
7,400 | ASM International N.V. - ADR |
4,528,800 | ||||||
6,000 | NXP Semiconductors N.V. |
1,486,620 | ||||||
27,900 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR |
3,795,795 | ||||||
19,200 | Tokyo Electron Ltd. - ADR |
2,494,704 | ||||||
12,305,919 | ||||||||
SOFTWARE — 2.8% |
||||||||
15,400 | Nice Ltd. - ADR(a) |
4,013,548 | ||||||
18,640 | Open Text Corporation |
723,791 | ||||||
4,737,339 | ||||||||
SPECIALTY FINANCE — 2.5% |
||||||||
39,500 | ORIX Corporation - ADR |
4,352,900 | ||||||
TECHNOLOGY HARDWARE — 2.3% |
||||||||
57,838 | FUJIFILM Holdings Corporation - ADR |
3,961,903 | ||||||
TECHNOLOGY SERVICES — 3.4% |
||||||||
68,000 | Amadeus IT Group S.A. - ADR |
4,360,160 | ||||||
84,000 | Infosys Ltd. - ADR |
1,506,120 | ||||||
5,866,280 | ||||||||
TRANSPORTATION & LOGISTICS — 3.2% |
||||||||
61,800 | Canadian Pacific Kansas City Ltd. |
5,448,906 | ||||||
WHOLESALE - CONSUMER STAPLES — 1.7% |
||||||||
35,100 | ITOCHU Corporation - ADR |
3,003,156 | ||||||
TOTAL COMMON STOCKS (Cost $122,954,075) |
165,909,033 | |||||||
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 10
International Fund
Shares |
|
Fair Value |
||||||
|
SHORT-TERM INVESTMENT — 3.1% |
|
||||||
MONEY MARKET FUND — 3.1% |
||||||||
5,383,736 | Fidelity Government Portfolio, Class I, 5.21% (Cost $5,383,736)(b) |
$ | 5,383,736 | |||||
TOTAL INVESTMENTS — 99.9% (Cost $128,337,811) |
$ | 171,292,769 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% |
204,787 | |||||||
NET ASSETS — 100.0% |
$ | 171,497,556 |
ADR |
American Depositary Receipt |
LTD |
Limited Company |
NV |
Naamioze Vennootschap |
PLC |
Public Limited Company |
S/A |
Société Anonyme |
(a) |
Non-income producing security. |
(b) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
DIVERSIFICATION OF ASSETS |
|||||||||
% OF NET |
COUNTRY |
% OF NET |
COUNTRY |
||||||
17.6 | % | Japan |
2.3 | % | Israel |
||||
9.2 | % | France |
2.3 | % | Singapore |
||||
7.9 | % | Canada |
2.2 | % | Taiwan Province Of China |
||||
6.7 | % | United Kingdom |
2.1 | % | Sweden |
||||
6.6 | % | Netherlands |
1.9 | % | Brazil |
||||
6.6 | % | Switzerland |
1.7 | % | Italy |
||||
6.4 | % | Germany |
1.1 | % | Belgium |
||||
5.8 | % | Ireland |
96.8 | % | Total |
||||
4.7 | % | Spain |
3.1 | % | Money Market Fund |
||||
4.1 | % | India |
0.1 | % | Other Assets Less Liabilities - Net |
||||
3.9 | % | Norway |
100.0 | % | Grand Total |
||||
3.7 | % | Hong Kong |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 11
Large/Mid Cap Growth Fund
Shares |
|
Fair Value |
||||||
|
COMMON STOCKS — 81.7% |
|
||||||
AEROSPACE & DEFENSE — 2.1% |
||||||||
3,239 | TransDigm Group, Inc. |
$ | 3,989,152 | |||||
APPAREL & TEXTILE PRODUCTS — 0.6% |
||||||||
34,132 | On Holding A.G.(a) |
1,207,590 | ||||||
AUTOMOTIVE — 0.2% |
||||||||
2,530 | Tesla, Inc.(a) |
444,749 | ||||||
BANKING — 0.5% |
||||||||
16,395 | Western Alliance Bancorp |
1,052,395 | ||||||
BIOTECH & PHARMA — 1.6% |
||||||||
1,333 | Regeneron Pharmaceuticals, Inc.(a) |
1,282,999 | ||||||
10,661 | Zoetis, Inc. |
1,803,948 | ||||||
3,086,947 | ||||||||
CHEMICALS — 4.3% |
||||||||
11,560 | Linde plc |
5,367,539 | ||||||
8,457 | Sherwin-Williams Company (The) |
2,937,370 | ||||||
8,304,909 | ||||||||
CONSTRUCTION MATERIALS — 1.3% |
||||||||
4,097 | Martin Marietta Materials, Inc. |
2,515,312 | ||||||
DATA CENTER REIT — 1.7% |
||||||||
22,867 | Digital Realty Trust, Inc. |
3,293,763 | ||||||
ELECTRICAL EQUIPMENT — 4.6% |
||||||||
43,431 | Amphenol Corporation, Class A |
5,009,765 | ||||||
19,022 | Fortive Corporation |
1,636,272 | ||||||
14,207 | Keysight Technologies, Inc.(a) |
2,221,691 | ||||||
8,867,728 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 0.7% |
||||||||
12,885 | Trex Company, Inc.(a) |
1,285,279 | ||||||
HEALTH CARE FACILITIES & SERVICES — 0.7% |
||||||||
4,280 | HCA Healthcare, Inc. |
1,427,508 | ||||||
INFRASTRUCTURE REIT — 1.6% |
||||||||
8,578 | American Tower Corporation |
1,694,927 | ||||||
13,204 | Crown Castle, Inc. |
1,397,379 | ||||||
3,092,306 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 12
Large/Mid Cap Growth Fund
Shares |
|
Fair Value |
||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.5% |
||||||||
20,318 | Intercontinental Exchange, Inc. |
$ | 2,792,303 | |||||
INSURANCE — 2.6% |
||||||||
20,183 | Arthur J Gallagher & Company |
5,046,557 | ||||||
LEISURE FACILITIES & SERVICES — 2.3% |
||||||||
1,535 | Chipotle Mexican Grill, Inc.(a) |
4,461,892 | ||||||
MACHINERY — 1.8% |
||||||||
27,432 | Oshkosh Corporation |
3,421,045 | ||||||
MEDICAL EQUIPMENT & DEVICES — 5.4% |
||||||||
9,822 | Danaher Corporation |
2,452,750 | ||||||
9,511 | Intuitive Surgical, Inc.(a) |
3,795,745 | ||||||
11,459 | Stryker Corporation |
4,100,833 | ||||||
10,349,328 | ||||||||
OIL & GAS PRODUCERS — 3.0% |
||||||||
23,554 | ConocoPhillips |
2,997,953 | ||||||
13,713 | Diamondback Energy, Inc. |
2,717,505 | ||||||
5,715,458 | ||||||||
RETAIL - CONSUMER STAPLES — 3.2% |
||||||||
8,347 | Costco Wholesale Corporation |
6,115,263 | ||||||
RETAIL - DISCRETIONARY — 4.6% |
||||||||
3,722 | Burlington Stores, Inc.(a) |
864,211 | ||||||
13,464 | Lowe’s Companies, Inc. |
3,429,685 | ||||||
3,960 | O’Reilly Automotive, Inc.(a) |
4,470,365 | ||||||
8,764,261 | ||||||||
SEMICONDUCTORS — 17.1% |
||||||||
24,663 | Advanced Micro Devices, Inc.(a) |
4,451,425 | ||||||
17,617 | Analog Devices, Inc. |
3,484,466 | ||||||
5,779 | Broadcom, Inc. |
7,659,544 | ||||||
4,029 | KLA Corporation |
2,814,539 | ||||||
13,925 | NVIDIA Corporation |
12,582,073 | ||||||
7,512 | NXP Semiconductors N.V. |
1,861,248 | ||||||
32,853,295 | ||||||||
SOFTWARE — 12.0% |
||||||||
6,166 | Crowdstrike Holdings, Inc., Class A(a) |
1,976,758 | ||||||
13,792 | Datadog, Inc., Class A(a) |
1,704,691 | ||||||
43,735 | DocuSign, Inc.(a) |
2,604,419 | ||||||
3,037 | HubSpot, Inc.(a) |
1,902,863 | ||||||
1,752 | MongoDB, Inc.(a) |
628,337 | ||||||
7,556 | ServiceNow, Inc.(a) |
5,760,694 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 13
Large/Mid Cap Growth Fund
Shares |
|
Fair Value |
||||||
SOFTWARE — 12.0% (Continued) |
||||||||
7,851 | Synopsys, Inc.(a) |
$ | 4,486,847 | |||||
9,560 | Tyler Technologies, Inc.(a) |
4,063,096 | ||||||
23,127,705 | ||||||||
TECHNOLOGY HARDWARE — 4.1% |
||||||||
12,245 | Arista Networks, Inc.(a) |
3,550,805 | ||||||
49,510 | Ciena Corporation(a) |
2,448,270 | ||||||
20,529 | Seagate Technology Holdings PLC |
1,910,223 | ||||||
7,909,298 | ||||||||
TECHNOLOGY SERVICES — 1.3% |
||||||||
9,844 | CDW Corporation |
2,517,898 | ||||||
TRANSPORTATION & LOGISTICS — 1.8% |
||||||||
29,006 | Canadian Pacific Kansas City Ltd. |
2,557,459 | ||||||
3,700 | Old Dominion Freight Line, Inc. |
811,447 | ||||||
3,368,906 | ||||||||
TRANSPORTATION EQUIPMENT — 1.1% |
||||||||
16,394 | PACCAR, Inc. |
2,031,053 | ||||||
TOTAL COMMON STOCKS (Cost $108,024,466) |
157,041,900 | |||||||
|
EXCHANGE-TRADED FUNDS — 12.8% |
|
||||||
EQUITY — 12.8% |
||||||||
791,000 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(b) |
19,871,502 | ||||||
109,000 | Timothy Plan US Large/Mid Cap Core ETF(b) |
4,589,990 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $23,130,928) |
24,461,492 | |||||||
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 14
Large/Mid Cap Growth Fund
Shares |
|
Fair Value |
||||||
|
SHORT-TERM INVESTMENT — 7.3% |
|
||||||
MONEY MARKET FUND — 7.3% |
||||||||
14,055,739 | Fidelity Government Portfolio, Class I, 5.21% (Cost $14,055,739)(c) |
$ | 14,055,739 | |||||
TOTAL INVESTMENTS — 101.8% (Cost $145,211,133) |
$ | 195,559,131 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)% |
(3,373,831 | ) | ||||||
NET ASSETS — 100.0% |
$ | 192,185,300 |
ETF |
Exchange-Traded Fund |
LTD |
Limited Company |
NV |
Naamioze Vennootschap |
PLC |
Public Limited Company |
REIT |
Real Estate Investment Trust |
(a) |
Non-income producing security. |
(b) |
Investment in affiliate. |
(c) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 15
Small Cap Value Fund
Shares |
|
FairValue |
||||||
|
COMMON STOCKS — 86.9% |
|
||||||
AEROSPACE & DEFENSE — 3.6% |
||||||||
91,167 | Kratos Defense & Security Solutions, Inc.(a) |
$ | 1,675,649 | |||||
59,300 | Mercury Systems, Inc.(a) |
1,749,350 | ||||||
22,431 | Moog, Inc., Class A |
3,581,109 | ||||||
7,006,108 | ||||||||
BANKING — 14.0% |
||||||||
95,144 | Atlantic Union Bankshares Corporation |
3,359,535 | ||||||
37,278 | Banner Corporation |
1,789,344 | ||||||
31,949 | City Holding Company |
3,329,725 | ||||||
95,253 | First Bancorp |
3,440,538 | ||||||
48,180 | National Bank Holdings Corporation, Class A |
1,737,853 | ||||||
116,243 | Provident Financial Services, Inc. |
1,693,661 | ||||||
98,742 | Renasant Corporation |
3,092,599 | ||||||
131,693 | Seacoast Banking Corporation of Florida |
3,343,685 | ||||||
44,159 | Triumph Financial, Inc.(a) |
3,502,691 | ||||||
74,099 | Veritex Holdings, Inc. |
1,518,289 | ||||||
26,807,920 | ||||||||
BIOTECH & PHARMA — 1.7% |
||||||||
44,078 | Prestige Consumer Healthcare, Inc.(a) |
3,198,300 | ||||||
CHEMICALS — 5.3% |
||||||||
40,015 | Avient Corporation |
1,736,651 | ||||||
162,714 | Ecovyst, Inc.(a) |
1,814,261 | ||||||
20,870 | Hawkins, Inc. |
1,602,816 | ||||||
13,197 | Innospec, Inc. |
1,701,621 | ||||||
36,326 | Stepan Company |
3,270,794 | ||||||
10,126,143 | ||||||||
COMMERCIAL SUPPORT SERVICES — 1.7% |
||||||||
241,665 | Legalzoom.com, Inc.(a) |
3,223,811 | ||||||
ELECTRIC UTILITIES — 3.5% |
||||||||
98,105 | Avista Corporation |
3,435,637 | ||||||
65,557 | Northwestern Energy Group, Inc. |
3,338,818 | ||||||
6,774,455 | ||||||||
FOOD — 1.8% |
||||||||
23,408 | J & J Snack Foods Corporation |
3,383,861 | ||||||
FORESTRY, PAPER & WOOD PRODUCTS — 1.8% |
||||||||
22,006 | Boise Cascade Company |
3,375,060 | ||||||
HEALTH CARE FACILITIES & SERVICES — 1.8% |
||||||||
122,643 | Patterson Companies, Inc. |
3,391,079 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 16
Small Cap Value Fund
Shares |
|
FairValue |
||||||
HOME CONSTRUCTION — 1.8% |
||||||||
34,903 | Century Communities, Inc. |
$ | 3,368,140 | |||||
HOUSEHOLD PRODUCTS — 0.9% |
||||||||
48,757 | Central Garden & Pet Company, Class A(a) |
1,800,108 | ||||||
INDUSTRIAL INTERMEDIATE PROD — 1.2% |
||||||||
29,841 | AZZ, Inc. |
2,307,008 | ||||||
INSTITUTIONAL FINANCIAL SERVICES — 3.5% |
||||||||
56,971 | Moelis & Company, Class A |
3,234,244 | ||||||
17,466 | Piper Sandler Cos |
3,466,826 | ||||||
6,701,070 | ||||||||
INSURANCE — 2.5% |
||||||||
32,367 | AMERISAFE, Inc. |
1,623,852 | ||||||
108,388 | BRP Group, Inc., Class A(a) |
3,136,749 | ||||||
4,760,601 | ||||||||
LEISURE FACILITIES & SERVICES — 2.5% |
||||||||
50,101 | Chuy’s Holdings, Inc.(a) |
1,689,907 | ||||||
46,892 | Papa John’s International, Inc. |
3,123,007 | ||||||
4,812,914 | ||||||||
MACHINERY — 3.5% |
||||||||
14,890 | Alamo Group, Inc. |
3,399,833 | ||||||
34,680 | Albany International Corporation, Class A |
3,242,927 | ||||||
6,642,760 | ||||||||
MEDICAL EQUIPMENT & DEVICES — 4.5% |
||||||||
111,763 | Avanos Medical, Inc.(a) |
2,225,201 | ||||||
40,940 | CONMED Corporation |
3,278,475 | ||||||
43,432 | Merit Medical Systems, Inc.(a) |
3,289,974 | ||||||
8,793,650 | ||||||||
METALS & MINING — 1.0% |
||||||||
87,359 | Constellium S.E.(a) |
1,931,507 | ||||||
OFFICE REIT — 1.7% |
||||||||
137,064 | COPT Defense Properties |
3,312,837 | ||||||
OIL & GAS PRODUCERS — 6.3% |
||||||||
96,299 | Enerplus Corporation |
1,893,238 | ||||||
82,683 | Northern Oil and Gas, Inc. |
3,280,861 | ||||||
142,534 | Sitio Royalties Corporation, Class A |
3,523,441 | ||||||
66,584 | SM Energy Company |
3,319,213 | ||||||
12,016,753 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 17
Small Cap Value Fund
Shares |
|
FairValue |
||||||
OIL & GAS SERVICES & EQUIPMENT — 1.2% |
||||||||
22,422 | Thermon Group Holdings, Inc.(a) |
$ | 733,648 | |||||
14,122 | Weatherford International plc(a) |
1,629,961 | ||||||
2,363,609 | ||||||||
REAL ESTATE INVESTMENT TRUSTS — 6.3% |
||||||||
156,764 | Plymouth Industrial REIT, Inc. |
3,527,189 | ||||||
73,944 | PotlatchDeltic Corporation |
3,476,847 | ||||||
261,884 | Summit Hotel Properties, Inc. |
1,704,865 | ||||||
189,629 | Urban Edge Properties |
3,274,893 | ||||||
11,983,794 | ||||||||
RETAIL - DISCRETIONARY — 5.5% |
||||||||
50,403 | Academy Sports & Outdoors, Inc. |
3,404,218 | ||||||
21,657 | Boot Barn Holdings, Inc.(a) |
2,060,664 | ||||||
34,523 | GMS, Inc.(a) |
3,360,469 | ||||||
32,560 | Sonic Automotive, Inc., Class A |
1,853,966 | ||||||
10,679,317 | ||||||||
RETAIL REIT — 1.7% |
||||||||
131,274 | Four Corners Property Trust, Inc. |
3,212,275 | ||||||
SOFTWARE — 1.7% |
||||||||
132,033 | Verra Mobility Corporation(a) |
3,296,864 | ||||||
TECHNOLOGY HARDWARE — 1.5% |
||||||||
314,774 | Viavi Solutions, Inc.(a) |
2,861,296 | ||||||
TELECOMMUNICATIONS — 0.8% |
||||||||
22,531 | Cogent Communications Holdings, Inc. |
1,471,950 | ||||||
TRANSPORTATION & LOGISTICS — 1.7% |
||||||||
22,297 | ArcBest Corporation |
3,177,323 | ||||||
TRANSPORTATION EQUIPMENT — 1.9% |
||||||||
97,173 | Blue Bird Corporation(a) |
3,725,613 | ||||||
TOTAL COMMON STOCKS (Cost $150,694,824) |
166,506,126 | |||||||
|
EXCHANGE-TRADED FUND — 11.1% |
|
||||||
EQUITY — 11.1% |
||||||||
580,000 | Timothy Plan US Small Cap Core ETF(b) (Cost $14,834,080) |
21,280,200 | ||||||
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 18
Small Cap Value Fund
Shares |
|
FairValue |
||||||
|
SHORT-TERM INVESTMENT — 1.6% |
|
||||||
MONEY MARKET FUND — 1.6% |
||||||||
3,116,237 | Fidelity Government Portfolio, Class I, 5.21% (Cost $3,116,237)(c) |
$ | 3,116,237 | |||||
TOTAL INVESTMENTS — 99.6% (Cost $168,645,141) |
$ | 190,902,563 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4% |
675,826 | |||||||
NET ASSETS — 100.0% |
$ | 191,578,389 |
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 March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 19
Large/Mid Cap Value Fund
Shares |
|
Fair Value |
||||||
|
COMMON STOCKS — 78.8% |
|
||||||
AEROSPACE & DEFENSE — 1.8% |
||||||||
21,813 | General Dynamics Corporation |
$ | 6,161,954 | |||||
BANKING — 3.5% |
||||||||
179,501 | Atlantic Union Bankshares Corporation |
6,338,181 | ||||||
52,269 | Cullen/Frost Bankers, Inc. |
5,883,921 | ||||||
12,222,102 | ||||||||
CHEMICALS — 2.2% |
||||||||
22,268 | Sherwin-Williams Company (The) |
7,734,344 | ||||||
COMMERCIAL SUPPORT SERVICES – 2.0% |
||||||||
39,871 | Waste Connections, Inc. |
6,858,211 | ||||||
CONTAINERS & PACKAGING — 1.2% |
||||||||
55,114 | Crown Holdings, Inc. |
4,368,336 | ||||||
ELECTRIC UTILITIES — 4.1% |
||||||||
120,525 | CMS Energy Corporation |
7,272,478 | ||||||
88,274 | WEC Energy Group, Inc. |
7,249,061 | ||||||
14,521,539 | ||||||||
ELECTRICAL EQUIPMENT — 2.0% |
||||||||
29,706 | Littelfuse, Inc. |
7,199,249 | ||||||
FOOD — 4.3% |
||||||||
56,816 | JM Smucker Co./The |
7,151,430 | ||||||
102,319 | McCormick & Company, Inc. |
7,859,123 | ||||||
15,010,553 | ||||||||
HEALTH CARE FACILITIES & SERVICES — 1.8% |
||||||||
19,366 | HCA Healthcare, Inc. |
6,459,142 | ||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.8% |
||||||||
47,052 | Intercontinental Exchange, Inc. |
6,466,356 | ||||||
INSURANCE — 2.1% |
||||||||
30,074 | Arthur J Gallagher & Company |
7,519,704 | ||||||
LEISURE FACILITIES & SERVICES — 5.0% |
||||||||
2,812 | Chipotle Mexican Grill, Inc.(a) |
8,173,837 | ||||||
18,731 | Domino’s Pizza, Inc. |
9,307,060 | ||||||
17,480,897 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 20
Large/Mid Cap Value Fund
Shares |
|
Fair Value |
||||||
MEDICAL EQUIPMENT & DEVICES — 5.4% |
||||||||
28,024 | Danaher Corporation |
$ | 6,998,153 | |||||
65,307 | Revvity, Inc. |
6,857,235 | ||||||
23,046 | STERIS plc |
5,181,202 | ||||||
19,036,590 | ||||||||
OIL & GAS PRODUCERS — 3.9% |
||||||||
57,825 | ConocoPhillips |
7,359,966 | ||||||
48,266 | EOG Resources, Inc. |
6,170,325 | ||||||
13,530,291 | ||||||||
REAL ESTATE INVESTMENT TRUSTS — 3.5% |
||||||||
49,812 | Crown Castle, Inc. |
5,271,604 | ||||||
54,735 | Prologis, Inc. |
7,127,592 | ||||||
12,399,196 | ||||||||
RETAIL - CONSUMER STAPLES — 4.2% |
||||||||
9,508 | Costco Wholesale Corporation |
6,965,846 | ||||||
51,036 | Dollar General Corporation |
7,964,678 | ||||||
14,930,524 | ||||||||
RETAIL - DISCRETIONARY — 6.8% |
||||||||
28,619 | Lowe’s Companies, Inc. |
7,290,118 | ||||||
8,006 | O’Reilly Automotive, Inc.(a) |
9,037,812 | ||||||
28,837 | Tractor Supply Company |
7,547,220 | ||||||
23,875,150 | ||||||||
SEMICONDUCTORS — 13.0% |
||||||||
6,673 | Broadcom, Inc. |
8,844,460 | ||||||
79,794 | Lattice Semiconductor Corporation(a) |
6,242,285 | ||||||
96,066 | Marvell Technology, Inc. |
6,809,158 | ||||||
80,875 | Microchip Technology, Inc. |
7,255,296 | ||||||
12,515 | Monolithic Power Systems, Inc. |
8,477,911 | ||||||
8,837 | NVIDIA Corporation |
7,984,760 | ||||||
45,613,870 | ||||||||
SOFTWARE — 5.8% |
||||||||
24,878 | Cadence Design Systems, Inc.(a) |
7,744,024 | ||||||
11,229 | Synopsys, Inc.(a) |
6,417,374 | ||||||
14,719 | Tyler Technologies, Inc.(a) |
6,255,722 | ||||||
20,417,120 | ||||||||
TECHNOLOGY SERVICES — 2.2% |
||||||||
20,120 | CACI International, Inc., Class A(a) |
7,622,060 | ||||||
TRANSPORTATION & LOGISTICS — 2.2% |
||||||||
31,118 | Union Pacific Corporation |
7,652,850 | ||||||
TOTAL COMMON STOCKS (Cost $192,623,549) |
277,080,038 | |||||||
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 21
Large/Mid Cap Value Fund
Shares |
|
Fair Value |
||||||
|
EXCHANGE-TRADED FUNDS — 16.3% |
|
||||||
EQUITY — 16.3% |
||||||||
868,000 | Timothy Plan High Dividend Stock Enhanced ETF(b) |
$ | 21,381,097 | |||||
182,500 | Timothy Plan High Dividend Stock ETF |
6,601,025 | ||||||
969,000 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(b) |
24,343,218 | ||||||
118,000 | Timothy Plan US Large/Mid Cap Core ETF(b) |
4,968,980 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $54,059,654) |
57,294,320 | |||||||
|
SHORT-TERM INVESTMENT — 6.9% |
|
||||||
MONEY MARKET FUND — 6.9% |
||||||||
24,355,515 | Fidelity Government Portfolio, Class I, 5.21% (Cost $24,355,515)(c) |
24,355,515 | ||||||
TOTAL INVESTMENTS — 102.0% (Cost $271,038,718) |
$ | 358,729,873 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)% |
(6,981,598 | ) | ||||||
NET ASSETS — 100.0% |
$ | 351,748,275 |
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 March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 22
Fixed Income Fund
Principal |
|
Coupon |
Maturity |
Fair Value |
||||||||||||
|
CORPORATE BONDS — 27.2% |
|
|
|
||||||||||||
CHEMICALS — 1.9% |
||||||||||||||||
1,570,000 | Nutrien Ltd. |
4.0000 | 12/15/26 | $ | 1,523,578 | |||||||||||
805,000 | Nutrien Ltd. |
2.9500 | 05/13/30 | 718,474 | ||||||||||||
2,242,052 | ||||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.8% |
||||||||||||||||
450,000 | Republic Services, Inc. |
5.0000 | 04/01/34 | 447,449 | ||||||||||||
450,000 | Waste Management, Inc. |
4.6250 | 02/15/33 | 441,117 | ||||||||||||
888,566 | ||||||||||||||||
ELECTRIC UTILITIES — 3.4% |
||||||||||||||||
2,205,000 | American Electric Power Company, Inc. |
3.2000 | 11/13/27 | 2,072,964 | ||||||||||||
1,000,000 | Electricite de France S.A.(a) |
5.7000 | 05/23/28 | 1,014,731 | ||||||||||||
405,000 | National Rural Utilities Cooperative Finance |
5.0500 | 09/15/28 | 407,725 | ||||||||||||
442,000 | WEC Energy Group, Inc. |
3.5500 | 06/15/25 | 430,352 | ||||||||||||
3,925,772 | ||||||||||||||||
GAS & WATER UTILITIES — 1.8% |
||||||||||||||||
2,185,000 | NiSource, Inc. |
3.4900 | 05/15/27 | 2,087,461 | ||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.8% |
||||||||||||||||
1,000,000 | Cboe Global Markets, Inc. |
3.6500 | 01/12/27 | 970,181 | ||||||||||||
MACHINERY — 1.5% |
||||||||||||||||
900,000 | Caterpillar Financial Services Corporation |
4.3500 | 05/15/26 | 890,759 | ||||||||||||
900,000 | John Deere Capital Corporation |
3.9000 | 06/07/32 | 845,167 | ||||||||||||
1,735,926 | ||||||||||||||||
METALS & MINING — 1.7% |
||||||||||||||||
1,430,000 | BHP Billiton Finance USA Ltd. |
5.2500 | 09/08/33 | 1,449,173 | ||||||||||||
450,000 | Rio Tinto Finance USA plc |
5.0000 | 03/09/33 | 452,681 | ||||||||||||
1,901,854 | ||||||||||||||||
OIL & GAS PRODUCERS — 6.7% |
||||||||||||||||
1,815,000 | Columbia Pipelines Holding Company, LLC(a) |
6.0420 | 08/15/28 | 1,856,554 | ||||||||||||
1,125,000 | Energy Transfer, L.P. |
5.7500 | 02/15/33 | 1,145,062 | ||||||||||||
1,980,000 | Energy Transfer, L.P. |
6.2500 | 04/15/49 | 2,036,832 | ||||||||||||
450,000 | Enterprise Products Operating, LLC |
5.3500 | 01/31/33 | 459,822 | ||||||||||||
2,240,000 | Phillips 66 Company |
3.6050 | 02/15/25 | 2,203,261 | ||||||||||||
7,701,531 | ||||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 3.0% |
||||||||||||||||
1,520,000 | Digital Realty Trust, L.P. |
3.7000 | 08/15/27 | 1,452,533 | ||||||||||||
2,200,000 | Healthpeak Properties, Inc. |
3.5000 | 07/15/29 | 2,038,523 | ||||||||||||
3,491,056 | ||||||||||||||||
RETAIL - CONSUMER STAPLES — 1.3% |
||||||||||||||||
1,575,000 | Dollar General Corporation |
4.1250 | 05/01/28 | 1,530,151 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 23
Fixed Income Fund
Principal |
|
Coupon |
Maturity |
Fair Value |
||||||||||||
RETAIL - DISCRETIONARY — 1.6% |
||||||||||||||||
1,795,000 | Tractor Supply Company |
5.2500 | 05/15/33 | $ | 1,807,568 | |||||||||||
TRANSPORTATION & LOGISTICS — 2.7% |
||||||||||||||||
1,000,000 | Canadian Pacific Railway Company |
2.9000 | 02/01/25 | 977,608 | ||||||||||||
2,190,000 | CSX Corporation |
3.2500 | 06/01/27 | 2,088,210 | ||||||||||||
3,065,818 | ||||||||||||||||
TOTAL CORPORATE BONDS (Cost $32,333,323) |
31,347,936 |
|
NON U.S. GOVERNMENT & AGENCIES — 1.9% |
|
|
|
||||||||||||
LOCAL AUTHORITY — 1.9% |
||||||||||||||||
2,235,000 | Province of Ontario Canada (Cost $2,279,958) |
2.5000 | 04/27/26 | 2,135,278 | ||||||||||||
|
U.S. GOVERNMENT & AGENCIES — 68.6% |
|
|
|
||||||||||||
AGENCY FIXED RATE — 37.3% |
||||||||||||||||
1,172,362 | Fannie Mae Pool FM5537 |
2.0000 | 01/01/36 | 1,047,849 | ||||||||||||
880,941 | Fannie Mae Pool MA4316 |
2.5000 | 04/01/36 | 803,829 | ||||||||||||
658,955 | Fannie Mae Pool MA4366 |
2.5000 | 06/01/41 | 575,430 | ||||||||||||
386,085 | Fannie Mae Pool MA4475 |
2.5000 | 10/01/41 | 335,391 | ||||||||||||
1,117,179 | Fannie Mae Pool MA4617 |
3.0000 | 04/01/42 | 999,905 | ||||||||||||
921,800 | Fannie Mae Pool FM4053 |
2.5000 | 08/01/50 | 776,527 | ||||||||||||
1,221,096 | Fannie Mae Pool CA8897 |
3.0000 | 02/01/51 | 1,066,959 | ||||||||||||
801,361 | Fannie Mae Pool MA4258 |
3.5000 | 02/01/51 | 726,667 | ||||||||||||
428,641 | Fannie Mae Pool FM6550 |
2.0000 | 03/01/51 | 346,490 | ||||||||||||
777,494 | Fannie Mae Pool CB0855 |
3.0000 | 06/01/51 | 673,448 | ||||||||||||
1,439,095 | Fannie Mae Pool FS3744 |
2.0000 | 07/01/51 | 1,149,873 | ||||||||||||
474,596 | Fannie Mae Pool FS1807 |
3.5000 | 07/01/51 | 431,926 | ||||||||||||
1,316,097 | Fannie Mae Pool FS6141 |
2.0000 | 01/01/52 | 1,054,007 | ||||||||||||
329,102 | Fannie Mae Pool BU1322 |
2.5000 | 02/01/52 | 273,277 | ||||||||||||
918,155 | Fannie Mae Pool CB3486 |
3.5000 | 05/01/52 | 823,507 | ||||||||||||
499,197 | Fannie Mae Pool FS1704 |
4.0000 | 05/01/52 | 467,901 | ||||||||||||
839,203 | Fannie Mae Pool BV9960 |
4.0000 | 06/01/52 | 781,185 | ||||||||||||
1,695,381 | Fannie Mae Pool FS3392 |
4.0000 | 09/01/52 | 1,574,739 | ||||||||||||
870,383 | Fannie Mae Pool FS3159 |
4.5000 | 10/01/52 | 834,971 | ||||||||||||
839,092 | Fannie Mae Pool FS4075 |
5.0000 | 04/01/53 | 826,640 | ||||||||||||
1,115,917 | Fannie Mae Pool FS5044 |
4.5000 | 06/01/53 | 1,076,964 | ||||||||||||
982,273 | Fannie Mae Pool FS5850 |
6.0000 | 09/01/53 | 992,552 | ||||||||||||
1,146,270 | Fannie Mae Pool MA5246 |
5.5000 | 01/01/54 | 1,141,551 | ||||||||||||
1,181,709 | Fannie Mae Pool FS6787 |
6.0000 | 01/01/54 | 1,200,553 | ||||||||||||
1,141,824 | Fannie Mae Pool CB7980 |
5.5000 | 02/01/54 | 1,143,121 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 24
Fixed Income Fund
Principal |
|
Coupon |
Maturity |
Fair Value |
||||||||||||
AGENCY FIXED RATE — 37.3% (Continued) |
||||||||||||||||
54,837 | Ginnie Mae I Pool 723248 |
5.0000 | 10/15/39 | $ | 55,427 | |||||||||||
227,460 | Ginnie Mae I Pool 783060 |
4.0000 | 08/15/40 | 219,887 | ||||||||||||
124,573 | Ginnie Mae I Pool 783403 |
3.5000 | 09/15/41 | 116,328 | ||||||||||||
97,473 | Ginnie Mae II Pool 4520 |
5.0000 | 08/20/39 | 98,413 | ||||||||||||
131,362 | Ginnie Mae II Pool 4947 |
5.0000 | 02/20/41 | 131,637 | ||||||||||||
233,606 | Ginnie Mae II Pool MA3376 |
3.5000 | 01/20/46 | 216,236 | ||||||||||||
149,495 | Ginnie Mae II Pool MA3596 |
3.0000 | 04/20/46 | 134,029 | ||||||||||||
398,389 | Ginnie Mae II Pool MA3663 |
3.5000 | 05/20/46 | 368,684 | ||||||||||||
143,452 | Ginnie Mae II Pool MA3736 |
3.5000 | 06/20/46 | 132,733 | ||||||||||||
245,766 | Ginnie Mae II Pool MA4004 |
3.5000 | 10/20/46 | 226,670 | ||||||||||||
164,710 | Ginnie Mae II Pool MA4509 |
3.0000 | 06/20/47 | 147,430 | ||||||||||||
198,153 | Ginnie Mae II Pool MA4652 |
3.5000 | 08/20/47 | 182,987 | ||||||||||||
243,644 | Ginnie Mae II Pool MA4719 |
3.5000 | 09/20/47 | 224,717 | ||||||||||||
250,124 | Ginnie Mae II Pool MA4778 |
3.5000 | 10/20/47 | 230,678 | ||||||||||||
198,785 | Ginnie Mae II Pool MA4901 |
4.0000 | 12/20/47 | 188,835 | ||||||||||||
170,949 | Ginnie Mae II Pool MA4963 |
4.0000 | 01/20/48 | 162,201 | ||||||||||||
164,339 | Ginnie Mae II Pool MA6092 |
4.5000 | 08/20/49 | 159,287 | ||||||||||||
175,886 | Ginnie Mae II Pool MA6156 |
4.5000 | 09/20/49 | 170,630 | ||||||||||||
617,809 | Ginnie Mae II Pool BN2662 |
3.0000 | 10/20/49 | 546,383 | ||||||||||||
162,425 | Ginnie Mae II Pool MA6221 |
4.5000 | 10/20/49 | 158,275 | ||||||||||||
165,144 | Ginnie Mae II Pool MA6477 |
4.5000 | 02/20/50 | 160,893 | ||||||||||||
252,988 | Ginnie Mae II Pool MA6478 |
5.0000 | 02/20/50 | 252,817 | ||||||||||||
264,610 | Ginnie Mae II Pool MA6544 |
4.5000 | 03/20/50 | 257,744 | ||||||||||||
184,734 | Ginnie Mae II Pool MA6545 |
5.0000 | 03/20/50 | 184,632 | ||||||||||||
1,055,929 | Ginnie Mae II Pool MA6598 |
2.5000 | 04/20/50 | 904,607 | ||||||||||||
264,175 | Ginnie Mae II Pool MA6600 |
3.5000 | 04/20/50 | 242,674 | ||||||||||||
223,661 | Ginnie Mae II Pool MA6601 |
4.0000 | 04/20/50 | 211,762 | ||||||||||||
204,093 | Ginnie Mae II Pool MA6603 |
5.0000 | 04/20/50 | 203,929 | ||||||||||||
945,561 | Ginnie Mae II Pool MA7255 |
2.5000 | 03/20/51 | 808,001 | ||||||||||||
699,435 | Ginnie Mae II Pool MA7418 |
2.5000 | 06/20/51 | 597,530 | ||||||||||||
1,167,887 | Ginnie Mae II Pool MA7419 |
3.0000 | 06/20/51 | 1,031,530 | ||||||||||||
1,057,102 | Ginnie Mae II Pool MA7472 |
2.5000 | 07/20/51 | 902,703 | ||||||||||||
1,240,386 | Ginnie Mae II Pool CE1974 |
3.0000 | 08/20/51 | 1,109,205 | ||||||||||||
1,056,755 | Ginnie Mae II Pool CE1990 |
2.5000 | 09/20/51 | 900,846 | ||||||||||||
1,238,723 | Ginnie Mae II Pool MA7705 |
2.5000 | 11/20/51 | 1,057,468 | ||||||||||||
1,335,650 | Ginnie Mae II Pool MA7768 |
3.0000 | 12/20/51 | 1,180,324 | ||||||||||||
1,014,378 | Ginnie Mae II Pool MA7829 |
3.5000 | 01/20/52 | 924,220 | ||||||||||||
998,271 | Ginnie Mae II Pool MA7939 |
4.0000 | 03/20/52 | 935,255 | ||||||||||||
1,105,001 | Ginnie Mae II Pool MA7987 |
2.5000 | 04/20/52 | 942,666 | ||||||||||||
1,089,371 | Ginnie Mae II Pool MA8098 |
3.0000 | 06/20/52 | 962,081 | ||||||||||||
1,065,495 | Ginnie Mae II Pool MA8268 |
4.5000 | 09/20/52 | 1,025,567 | ||||||||||||
1,095,902 | Ginnie Mae II Pool MA8800 |
5.0000 | 04/20/53 | 1,078,508 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 25
Fixed Income Fund
Principal |
|
Coupon |
Maturity |
Fair Value |
||||||||||||
AGENCY FIXED RATE — 37.3% (Continued) |
||||||||||||||||
1,172,550 | Ginnie Mae II Pool MA8943 |
3.0000 | 06/20/53 | $ | 1,038,342 | |||||||||||
1,035,043 | Ginnie Mae II Pool MA9017 |
5.5000 | 07/20/53 | 1,035,266 | ||||||||||||
42,945,299 | ||||||||||||||||
U.S. TREASURY NOTES — 31.3% |
||||||||||||||||
1,815,000 | United States Treasury Note |
2.2500 | 11/15/24 | 1,782,157 | ||||||||||||
1,525,000 | United States Treasury Note |
2.0000 | 08/15/25 | 1,468,170 | ||||||||||||
3,530,000 | United States Treasury Note |
0.6250 | 07/31/26 | 3,227,330 | ||||||||||||
6,460,000 | United States Treasury Note |
1.2500 | 09/30/28 | 5,672,435 | ||||||||||||
3,015,000 | United States Treasury Note |
1.2500 | 08/15/31 | 2,458,462 | ||||||||||||
10,605,000 | United States Treasury Note |
3.5000 | 02/15/33 | 10,054,036 | ||||||||||||
5,215,000 | United States Treasury Note |
1.7500 | 08/15/41 | 3,527,459 | ||||||||||||
2,570,000 | United States Treasury Note |
2.0000 | 08/15/51 | 1,596,412 | ||||||||||||
7,115,000 | United States Treasury Note |
3.6250 | 02/15/53 | 6,261,478 | ||||||||||||
36,047,939 | ||||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $85,808,089) |
78,993,238 |
Shares |
|
|
||||||
|
SHORT-TERM INVESTMENT — 3.0% |
|
||||||
MONEY MARKET FUND — 3.0% |
||||||||
3,438,858 | Fidelity Government Portfolio, Class I, 5.21% (Cost $3,438,858)(b) |
3,438,858 | ||||||
TOTAL INVESTMENTS — 100.7% (Cost $123,860,228) |
$ | 115,915,310 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)% |
(749,288 | ) | ||||||
NET ASSETS — 100.0% |
$ | 115,166,022 |
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 March 31, 2024 the total market value of 144A securities is $2,871,285 or 2.5% of net assets. |
(b) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 26
High Yield Bond Fund
Principal |
|
Spread |
Coupon |
Maturity |
Fair Value |
|||||||||||||||
|
CORPORATE BONDS — 92.8% |
|
|
|
|
|||||||||||||||
AEROSPACE & DEFENSE — 1.1% |
||||||||||||||||||||
1,000,000 | TransDigm, Inc.(a) |
6.3750 | 03/01/29 | $ | 1,005,629 | |||||||||||||||
1,250,000 | TransDigm, Inc.(a) |
6.8750 | 12/15/30 | 1,275,621 | ||||||||||||||||
2,281,250 | ||||||||||||||||||||
ASSET MANAGEMENT — 1.1% |
||||||||||||||||||||
1,600,000 | AG TTMT Escrow Issuer, LLC(a) |
8.6250 | 09/30/27 | 1,658,829 | ||||||||||||||||
500,000 | NFP Corporation(a) |
8.5000 | 10/01/31 | 550,671 | ||||||||||||||||
2,209,500 | ||||||||||||||||||||
AUTOMOTIVE — 2.3% |
||||||||||||||||||||
2,250,000 | Adient Global Holdings Ltd.(a) |
8.2500 | 04/15/31 | 2,376,052 | ||||||||||||||||
2,500,000 | Goodyear Tire & Rubber Company (The) |
5.6250 | 04/30/33 | 2,285,139 | ||||||||||||||||
4,661,191 | ||||||||||||||||||||
BIOTECH & PHARMA — 0.1% |
||||||||||||||||||||
439,000 | Bausch Health Americas, Inc.(a) |
8.5000 | 01/31/27 | 258,480 | ||||||||||||||||
CHEMICALS — 5.9% |
||||||||||||||||||||
2,000,000 | Avient Corporation(a) |
7.1250 | 08/01/30 | 2,058,458 | ||||||||||||||||
1,500,000 | Axalta Coating Systems Dutch Holding B BV(a) |
7.2500 | 02/15/31 | 1,561,083 | ||||||||||||||||
2,500,000 | Axalta Coating Systems, LLC(a) |
3.3750 | 02/15/29 | 2,239,494 | ||||||||||||||||
3,000,000 | Chemours Company (The)(a) |
4.6250 | 11/15/29 | 2,583,515 | ||||||||||||||||
1,360,000 | INEOS Finance plc(a) |
7.5000 | 04/15/29 | 1,366,160 | ||||||||||||||||
2,000,000 | Polar US Borrower, LLC / Schenectady International(a) |
6.7500 | 05/15/26 | 483,920 | ||||||||||||||||
1,750,000 | WR Grace Holdings, LLC(a) |
7.3750 | 03/01/31 | 1,774,273 | ||||||||||||||||
12,066,903 | ||||||||||||||||||||
COMMERCIAL SUPPORT SERVICES — 8.9% |
||||||||||||||||||||
1,360,000 | Allied Universal Holdco, LLC(a) |
7.8750 | 02/15/31 | 1,379,443 | ||||||||||||||||
125,000 | Allied Universal Holdco, LLC/Allied Universal(a) |
4.6250 | 06/01/28 | 113,754 | ||||||||||||||||
1,625,000 | Clean Harbors, Inc.(a) |
6.3750 | 02/01/31 | 1,638,530 | ||||||||||||||||
1,625,000 | Covanta Holding Corporation(a) |
4.8750 | 12/01/29 | 1,457,846 | ||||||||||||||||
2,250,000 | Covanta Holding Corporation |
5.0000 | 09/01/30 | 1,986,944 | ||||||||||||||||
3,255,000 | Enviri Corporation(a) |
5.7500 | 07/31/27 | 3,067,629 | ||||||||||||||||
3,300,000 | GFL Environmental, Inc.(a) |
4.0000 | 08/01/28 | 3,045,869 | ||||||||||||||||
500,000 | GFL Environmental, Inc.(a) |
6.7500 | 01/15/31 | 513,228 | ||||||||||||||||
1,000,000 | VT Topco, Inc.(a) |
8.5000 | 08/15/30 | 1,049,760 | ||||||||||||||||
2,200,000 | Waste Pro USA, Inc.(a) |
5.5000 | 02/15/26 | 2,168,566 | ||||||||||||||||
1,750,000 | Williams Scotsman, Inc.(a) |
7.3750 | 10/01/31 | 1,819,947 | ||||||||||||||||
18,241,516 | ||||||||||||||||||||
CONSTRUCTION MATERIALS — 0.5% |
||||||||||||||||||||
500,000 | Cemex S.A.B. de C.V.(a) |
5.2000 | 09/17/30 | 483,654 | ||||||||||||||||
500,000 | Cemex S.A.B. de C.V.(a) |
3.8750 | 07/11/31 | 443,308 | ||||||||||||||||
926,962 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 27
High Yield Bond Fund
Principal |
|
Spread |
Coupon |
Maturity |
Fair Value |
|||||||||||||||
CONSUMER SERVICES — 1.9% |
||||||||||||||||||||
2,592,000 | PROG Holdings, Inc.(a) |
6.0000 | 11/15/29 | $ | 2,424,386 | |||||||||||||||
1,500,000 | Upbound Group, Inc.(a) |
6.3750 | 02/15/29 | 1,457,617 | ||||||||||||||||
3,882,003 | ||||||||||||||||||||
CONTAINERS & PACKAGING — 8.9% |
||||||||||||||||||||
875,000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh(a) |
6.0000 | 06/15/27 | 850,954 | ||||||||||||||||
2,500,000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh(a) |
4.0000 | 09/01/29 | 2,019,444 | ||||||||||||||||
1,750,000 | Canpack S.A. / Canpack US, LLC(a) |
3.8750 | 11/15/29 | 1,550,617 | ||||||||||||||||
2,000,000 | Graham Packaging Company, Inc.(a) |
7.1250 | 08/15/28 | 1,815,635 | ||||||||||||||||
1,250,000 | Graphic Packaging International, LLC(a) |
3.7500 | 02/01/30 | 1,112,986 | ||||||||||||||||
1,250,000 | LABL, Inc.(a) |
5.8750 | 11/01/28 | 1,151,788 | ||||||||||||||||
625,000 | LABL, Inc.(a) |
9.5000 | 11/01/28 | 633,024 | ||||||||||||||||
1,000,000 | LABL, Inc.(a) |
8.2500 | 11/01/29 | 855,646 | ||||||||||||||||
3,300,000 | Mauser Packaging Solutions Holding Company(a) |
7.8750 | 08/15/26 | 3,364,969 | ||||||||||||||||
3,500,000 | Pactiv Evergreen Group Issuer, LLC / Pactiv(a) |
4.3750 | 10/15/28 | 3,269,328 | ||||||||||||||||
1,750,000 | TriMas Corporation(a) |
4.1250 | 04/15/29 | 1,588,046 | ||||||||||||||||
18,212,437 | ||||||||||||||||||||
ELECTRIC UTILITIES — 1.1% |
||||||||||||||||||||
2,000,000 | Vistra Corporation(a),(b) |
H15T5Y + 5.740% |
7.0000 | 06/15/70 | 1,982,029 | |||||||||||||||
250,000 | Vistra Operations Company, LLC(a) |
4.3750 | 05/01/29 | 231,850 | ||||||||||||||||
2,213,879 | ||||||||||||||||||||
ELECTRICAL EQUIPMENT — 1.8% |
||||||||||||||||||||
500,000 | BWX Technologies, Inc.(a) |
4.1250 | 06/30/28 | 466,610 | ||||||||||||||||
500,000 | BWX Technologies, Inc.(a) |
4.1250 | 04/15/29 | 461,794 | ||||||||||||||||
1,360,000 | WESCO Distribution, Inc.(a) |
6.3750 | 03/15/29 | 1,375,781 | ||||||||||||||||
1,360,000 | WESCO Distribution, Inc.(a) |
6.6250 | 03/15/32 | 1,384,220 | ||||||||||||||||
3,688,405 | ||||||||||||||||||||
ENGINEERING & CONSTRUCTION — 1.0% |
||||||||||||||||||||
2,194,000 | Dycom Industries, Inc.(a) |
4.5000 | 04/15/29 | 2,053,826 | ||||||||||||||||
FOOD — 0.8% |
||||||||||||||||||||
1,600,000 | Darling Ingredients, Inc.(a) |
6.0000 | 06/15/30 | 1,587,158 | ||||||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 1.2% |
||||||||||||||||||||
2,500,000 | Schweitzer-Mauduit International, Inc.(a) |
6.8750 | 10/01/26 | 2,490,950 | ||||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 5.1% |
||||||||||||||||||||
1,000,000 | Catalent Pharma Solutions, Inc.(a) |
3.1250 | 02/15/29 | 956,530 | ||||||||||||||||
1,750,000 | HealthEquity, Inc.(a) |
4.5000 | 10/01/29 | 1,617,179 | ||||||||||||||||
500,000 | Heartland Dental, LLC / Heartland Dental Finance(a) |
10.5000 | 04/30/28 | 531,875 | ||||||||||||||||
250,000 | LifePoint Health, Inc.(a) |
5.3750 | 01/15/29 | 206,335 | ||||||||||||||||
2,000,000 | LifePoint Health, Inc.(a) |
9.8750 | 08/15/30 | 2,094,205 | ||||||||||||||||
625,000 | LifePoint Health, Inc.(a) |
11.0000 | 10/15/30 | 668,776 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 28
High Yield Bond Fund
Principal |
|
Spread |
Coupon |
Maturity |
Fair Value |
|||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 5.1% (Continued) |
||||||||||||||||||||
1,250,000 | Pediatrix Medical Group, Inc.(a) |
5.3750 | 02/15/30 | $ | 1,136,757 | |||||||||||||||
500,000 | Star Parent, Inc.(a) |
9.0000 | 10/01/30 | 529,778 | ||||||||||||||||
1,000,000 | Tenet Healthcare Corporation |
6.2500 | 02/01/27 | 1,000,438 | ||||||||||||||||
1,750,000 | Tenet Healthcare Corporation |
6.1250 | 10/01/28 | 1,747,266 | ||||||||||||||||
10,489,139 | ||||||||||||||||||||
HOME CONSTRUCTION — 3.5% |
||||||||||||||||||||
500,000 | Ashton Woods USA, LLC / Ashton Woods Finance(a) |
6.6250 | 01/15/28 | 501,998 | ||||||||||||||||
1,250,000 | Ashton Woods USA, LLC / Ashton Woods Finance(a) |
4.6250 | 08/01/29 | 1,154,737 | ||||||||||||||||
500,000 | Ashton Woods USA, LLC / Ashton Woods Finance(a) |
4.6250 | 04/01/30 | 457,459 | ||||||||||||||||
3,042,000 | Interface, Inc.(a) |
5.5000 | 12/01/28 | 2,908,734 | ||||||||||||||||
680,000 | STL Holding Company, LLC(a) |
8.7500 | 02/15/29 | 698,533 | ||||||||||||||||
1,523,000 | Weekley Homes, LLC / Weekley Finance Corporation(a) |
4.8750 | 09/15/28 | 1,409,948 | ||||||||||||||||
7,131,409 | ||||||||||||||||||||
HOUSEHOLD PRODUCTS — 1.0% |
||||||||||||||||||||
2,050,000 | Energizer Holdings, Inc.(a) |
6.5000 | 12/31/27 | 2,040,743 | ||||||||||||||||
INDUSTRIAL SUPPORT SERVICES — 0.8% |
||||||||||||||||||||
1,500,000 | Ashtead Capital, Inc.(a) |
2.4500 | 08/12/31 | 1,219,960 | ||||||||||||||||
500,000 | BCPE Empire Holdings, Inc.(a) |
7.6250 | 05/01/27 | 488,663 | ||||||||||||||||
1,708,623 | ||||||||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.5% |
||||||||||||||||||||
1,250,000 | Aretec Group, Inc.(a) |
10.0000 | 08/15/30 | 1,366,839 | ||||||||||||||||
1,750,000 | LPL Holdings, Inc.(a) |
4.0000 | 03/15/29 | 1,610,714 | ||||||||||||||||
2,977,553 | ||||||||||||||||||||
INSURANCE — 2.5% |
||||||||||||||||||||
1,000,000 | Acrisure, LLC / Acrisure Finance, Inc.(a) |
8.2500 | 02/01/29 | 1,005,501 | ||||||||||||||||
800,000 | AmWINS Group, Inc.(a) |
6.3750 | 02/15/29 | 805,140 | ||||||||||||||||
1,500,000 | AssuredPartners, Inc.(a) |
7.5000 | 02/15/32 | 1,475,343 | ||||||||||||||||
1,250,000 | HUB International Ltd.(a) |
7.2500 | 06/15/30 | 1,285,914 | ||||||||||||||||
500,000 | HUB International Ltd.(a) |
7.3750 | 01/31/32 | 503,680 | ||||||||||||||||
5,075,578 | ||||||||||||||||||||
LEISURE FACILITIES & SERVICES — 1.6% |
||||||||||||||||||||
1,000,000 | Brinker International, Inc.(a) |
8.2500 | 07/15/30 | 1,054,466 | ||||||||||||||||
500,000 | Hilton Grand Vacations Borrower Escrow, LLC (a) |
6.6250 | 01/15/32 | 502,324 | ||||||||||||||||
1,500,000 | Raising Cane’s Restaurants, LLC(a) |
9.3750 | 05/01/29 | 1,622,575 | ||||||||||||||||
3,179,365 | ||||||||||||||||||||
MACHINERY — 0.2% |
||||||||||||||||||||
500,000 | SPX FLOW, Inc.(a) |
8.7500 | 04/01/30 | 505,521 | ||||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 1.5% |
||||||||||||||||||||
750,000 | Bausch & Lomb Escrow Corporation(a) |
8.3750 | 10/01/28 | 774,818 | ||||||||||||||||
1,000,000 | Medline Borrower, L.P.(a) |
3.8750 | 04/01/29 | 911,867 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 29
High Yield Bond Fund
Principal |
|
Spread |
Coupon |
Maturity |
Fair Value |
|||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 1.5% (Continued) |
||||||||||||||||||||
1,500,000 | Medline Borrower, L.P.(a) |
5.2500 | 10/01/29 | $ | 1,418,657 | |||||||||||||||
3,105,342 | ||||||||||||||||||||
METALS & MINING — 1.3% |
||||||||||||||||||||
750,000 | Arsenal AIC Parent, LLC(a) |
8.0000 | 10/01/30 | 790,286 | ||||||||||||||||
2,000,000 | Kaiser Aluminum Corporation(a) |
4.5000 | 06/01/31 | 1,771,844 | ||||||||||||||||
2,562,130 | ||||||||||||||||||||
OIL & GAS PRODUCERS — 6.6% |
||||||||||||||||||||
2,822,000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(a) |
5.5000 | 06/15/31 | 2,668,262 | ||||||||||||||||
1,000,000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC |
7.5000 | 12/15/33 | 1,029,104 | ||||||||||||||||
500,000 | Energy Transfer, L.P. |
5.7500 | 04/01/25 | 500,190 | ||||||||||||||||
1,500,000 | Energy Transfer, L.P.(a) |
5.6250 | 05/01/27 | 1,495,690 | ||||||||||||||||
500,000 | Genesis Energy, L.P. / Genesis Energy Finance |
7.7500 | 02/01/28 | 503,058 | ||||||||||||||||
100,000 | Genesis Energy, L.P. / Genesis Energy Finance |
8.2500 | 01/15/29 | 102,753 | ||||||||||||||||
750,000 | Genesis Energy, L.P. / Genesis Energy Finance |
8.8750 | 04/15/30 | 785,601 | ||||||||||||||||
1,500,000 | Global Partners, L.P. / GLP Finance Corporation |
7.0000 | 08/01/27 | 1,502,186 | ||||||||||||||||
500,000 | Global Partners, L.P. / GLP Finance Corporation(a) |
8.2500 | 01/15/32 | 518,670 | ||||||||||||||||
1,250,000 | ITT Holdings, LLC(a) |
6.5000 | 08/01/29 | 1,141,660 | ||||||||||||||||
2,000,000 | NuStar Logistics, L.P. B |
5.6250 | 04/28/27 | 1,980,359 | ||||||||||||||||
1,250,000 | Permian Resources Operating, LLC(a) |
5.8750 | 07/01/29 | 1,230,269 | ||||||||||||||||
100,000 | Permian Resources Operating, LLC(a) |
7.0000 | 01/15/32 | 103,807 | ||||||||||||||||
13,561,609 | ||||||||||||||||||||
PUBLISHING & BROADCASTING — 0.2% |
||||||||||||||||||||
750,000 | Gray Television, Inc.(a) |
4.7500 | 10/15/30 | 492,710 | ||||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.8% |
||||||||||||||||||||
1,500,000 | Diversified Healthcare Trust |
9.7500 | 06/15/25 | 1,502,754 | ||||||||||||||||
750,000 | Service Properties Trust |
5.5000 | 12/15/27 | 713,265 | ||||||||||||||||
1,375,000 | Service Properties Trust(a) |
8.6250 | 11/15/31 | 1,468,002 | ||||||||||||||||
3,684,021 | ||||||||||||||||||||
REAL ESTATE OWNERS & DEVELOPERS — 2.3% |
||||||||||||||||||||
1,500,000 | Greystar Real Estate Partners, LLC(a) |
7.7500 | 09/01/30 | 1,554,724 | ||||||||||||||||
3,499,000 | Howard Hughes Corporation (The)(a) |
4.3750 | 02/01/31 | 3,041,472 | ||||||||||||||||
4,596,196 | ||||||||||||||||||||
REAL ESTATE SERVICES — 0.7% |
||||||||||||||||||||
1,345,000 | Newmark Group, Inc.(a) |
7.5000 | 01/12/29 | 1,384,482 | ||||||||||||||||
RETAIL - CONSUMER STAPLES — 0.5% |
||||||||||||||||||||
1,250,000 | Ingles Markets, Inc.(a) |
4.0000 | 06/15/31 | 1,092,441 | ||||||||||||||||
RETAIL - DISCRETIONARY — 4.7% |
||||||||||||||||||||
2,550,000 | Beacon Roofing Supply, Inc.(a) |
4.1250 | 05/15/29 | 2,314,995 | ||||||||||||||||
500,000 | Builders FirstSource, Inc.(a) |
6.3750 | 03/01/34 | 503,006 | ||||||||||||||||
68,000 | Champions Financing, Inc.(a) |
8.7500 | 02/15/29 | 71,298 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 30
High Yield Bond Fund
Principal |
|
Spread |
Coupon |
Maturity |
Fair Value |
|||||||||||||||
RETAIL - DISCRETIONARY — 4.7% (Continued) |
||||||||||||||||||||
3,162,000 | Ken Garff Automotive, LLC(a) |
4.8750 | 09/15/28 | $ | 2,927,809 | |||||||||||||||
1,500,000 | Lithia Motors, Inc.(a) |
3.8750 | 06/01/29 | 1,353,544 | ||||||||||||||||
750,000 | Lithia Motors, Inc.(a) |
4.3750 | 01/15/31 | 671,518 | ||||||||||||||||
500,000 | Sally Holdings, LLC / Sally Capital, Inc. |
6.7500 | 03/01/32 | 496,791 | ||||||||||||||||
1,550,000 | Sonic Automotive, Inc.(a) |
4.8750 | 11/15/31 | 1,357,825 | ||||||||||||||||
9,696,786 | ||||||||||||||||||||
SEMICONDUCTORS — 1.1% |
||||||||||||||||||||
2,250,000 | Entegris Escrow Corporation(a) |
4.7500 | 04/15/29 | 2,157,153 | ||||||||||||||||
SOFTWARE — 1.0% |
||||||||||||||||||||
1,250,000 | Crowdstrike Holdings, Inc. |
3.0000 | 02/15/29 | 1,109,846 | ||||||||||||||||
1,000,000 | UKG, Inc.(a) |
6.8750 | 02/01/31 | 1,019,466 | ||||||||||||||||
2,129,312 | ||||||||||||||||||||
SPECIALTY FINANCE — 13.8% |
||||||||||||||||||||
2,500,000 | Air Lease Corporation(b) |
H15T5Y + 4.076% | 4.6500 | 06/15/70 | 2,366,916 | |||||||||||||||
290,000 | Bread Financial Holdings, Inc.(a) |
7.0000 | 01/15/26 | 292,161 | ||||||||||||||||
1,250,000 | Bread Financial Holdings, Inc.(a) |
9.7500 | 03/15/29 | 1,301,593 | ||||||||||||||||
1,000,000 | Burford Capital Global Finance, LLC(a) |
6.2500 | 04/15/28 | 974,787 | ||||||||||||||||
3,710,000 | Burford Capital Global Finance, LLC(a) |
9.2500 | 07/01/31 | 3,932,788 | ||||||||||||||||
1,000,000 | Freedom Mortgage Corporation(a) |
6.6250 | 01/15/27 | 970,918 | ||||||||||||||||
1,000,000 | Freedom Mortgage Corporation(a) |
12.0000 | 10/01/28 | 1,091,069 | ||||||||||||||||
500,000 | Freedom Mortgage Holdings, LLC(a) |
9.2500 | 02/01/29 | 512,195 | ||||||||||||||||
2,955,000 | ILFC E-Capital Trust I(a),(b) |
TSFR3M + 1.812% | 7.1450 | 12/21/65 | 2,315,493 | |||||||||||||||
1,500,000 | ILFC E-Capital Trust II(a),(b) |
TSFR3M + 2.062% | 7.3950 | 12/21/65 | 1,204,557 | |||||||||||||||
1,250,000 | Ladder Capital Finance Holdings LLLP / Ladder(a) |
4.2500 | 02/01/27 | 1,170,729 | ||||||||||||||||
500,000 | Nationstar Mortgage Holdings, Inc.(a) |
6.0000 | 01/15/27 | 493,267 | ||||||||||||||||
1,250,000 | Nationstar Mortgage Holdings, Inc.(a) |
5.5000 | 08/15/28 | 1,197,996 | ||||||||||||||||
1,750,000 | Nationstar Mortgage Holdings, Inc.(a) |
5.7500 | 11/15/31 | 1,616,048 | ||||||||||||||||
1,300,000 | Nationstar Mortgage Holdings, Inc.(a) |
7.1250 | 02/01/32 | 1,291,355 | ||||||||||||||||
1,500,000 | OneMain Finance Corporation |
9.0000 | 01/15/29 | 1,592,417 | ||||||||||||||||
500,000 | OneMain Finance Corporation |
7.8750 | 03/15/30 | 516,154 | ||||||||||||||||
3,500,000 | Rithm Capital Corporation(a) |
6.2500 | 10/15/25 | 3,477,102 | ||||||||||||||||
2,000,000 | Rithm Capital Corporation(a) |
8.0000 | 04/01/29 | 1,942,655 | ||||||||||||||||
28,260,200 | ||||||||||||||||||||
STEEL — 1.7% |
||||||||||||||||||||
1,000,000 | Commercial Metals Company |
4.3750 | 03/15/32 | 901,737 | ||||||||||||||||
2,804,000 | TMS International Corporation(a) |
6.2500 | 04/15/29 | 2,565,157 | ||||||||||||||||
3,466,894 | ||||||||||||||||||||
TECHNOLOGY HARDWARE — 0.7% |
||||||||||||||||||||
550,000 | Ciena Corporation(a) |
4.0000 | 01/31/30 | 492,292 | ||||||||||||||||
250,000 | CommScope, Inc.(a) |
7.1250 | 07/01/28 | 99,566 | ||||||||||||||||
1,000,000 | TTM Technologies, Inc.(a) |
4.0000 | 03/01/29 | 907,929 | ||||||||||||||||
1,499,787 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 31
High Yield Bond Fund
Principal |
|
Spread |
Coupon |
Maturity |
Fair Value |
|||||||||||||||
TECHNOLOGY SERVICES — 0.1% |
||||||||||||||||||||
250,000 | GTCR W-2 Merger Sub, LLC(a) |
7.5000 | 01/15/31 | $ | 262,023 | |||||||||||||||
TRANSPORTATION EQUIPMENT — 0.3% |
||||||||||||||||||||
625,000 | Wabash National Corporation(a) |
4.5000 | 10/15/28 | 574,068 | ||||||||||||||||
WHOLESALE - CONSUMER STAPLES — 1.7% |
||||||||||||||||||||
1,000,000 | KeHE Distributors, LLC / KeHE Finance Corporation(a) |
9.0000 | 02/15/29 | 1,015,118 | ||||||||||||||||
3,000,000 | United Natural Foods, Inc.(a) |
6.7500 | 10/15/28 | 2,495,422 | ||||||||||||||||
3,510,540 | ||||||||||||||||||||
TOTAL CORPORATE BONDS (Cost $192,097,273) |
189,918,085 |
Shares |
||||||||
|
SHORT-TERM INVESTMENT — 5.2% |
|
||||||
MONEY MARKET FUND — 5.2% |
||||||||
10,638,654 | Fidelity Government Portfolio, Class I, 5.21% (Cost $10,638,654)(c) |
10,638,654 | ||||||
TOTAL INVESTMENTS — 98.0% (Cost $202,735,927) |
$ | 200,556,739 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.0% |
4,096,337 | |||||||
NET ASSETS — 100.0% |
$ | 204,653,076 |
LLC |
Limited Liability Company |
LP |
Limited Partnership |
LTD |
Limited Company |
PLC |
Public Limited Company |
REIT |
Real Estate Investment Trust |
H15T5Y |
US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
TSFR3M |
Term Secured Overnight Financing Rate (SOFR) 3 month |
(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 March 31, 2024 the total market value of 144A securities is 167,295,167 or 81.7% of net assets. |
(b) |
Variable rate security; the rate shown represents the rate on March 31, 2024. |
(c) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 32
Israel Common Values Fund
Shares |
|
Fair Value |
||||||
|
COMMON STOCKS — 97.6% |
|
||||||
AEROSPACE & DEFENSE — 5.6% |
||||||||
18,501 | Elbit Systems Ltd. |
$ | 3,889,465 | |||||
94,000 | Leonardo DRS, Inc.(a) |
2,076,460 | ||||||
5,965,925 | ||||||||
APPAREL & TEXTILE PRODUCTS — 2.8% |
||||||||
23,816 | Delta Galil Ltd. |
1,047,782 | ||||||
20,000 | Fox Wizel Ltd. |
1,869,103 | ||||||
2,916,885 | ||||||||
BANKING — 16.2% |
||||||||
92,000 | Bank Hapoalim BM - ADR |
4,084,800 | ||||||
508,000 | Bank Leumi Le-Israel BM |
4,222,628 | ||||||
55,300 | First International Bank Of Israel Ltd. |
2,300,595 | ||||||
602,000 | Israel Discount Bank Ltd., Class A |
3,115,007 | ||||||
95,000 | Mizrahi Tefahot Bank Ltd. |
3,562,145 | ||||||
17,285,175 | ||||||||
BIOTECH & PHARMA — 1.1% |
||||||||
67,000 | Enlight Renewable Energy Ltd.(a) |
1,120,948 | ||||||
CHEMICALS — 1.7% |
||||||||
328,902 | ICL Group Ltd. |
1,769,493 | ||||||
ELECTRIC UTILITIES — 1.7% |
||||||||
27,700 | Ormat Technologies, Inc. |
1,833,487 | ||||||
ELECTRICAL EQUIPMENT — 1.9% |
||||||||
24,300 | Camtek Ltd.(a) |
2,035,611 | ||||||
FOOD — 1.2% |
||||||||
68,000 | Strauss Group Ltd.(a) |
1,281,899 | ||||||
HEALTH CARE FACILITIES & SERVICES — 1.6% |
||||||||
12,769 | Danel Adir Yeoshua Ltd. |
1,091,599 | ||||||
1,575,013 | Novolog Ltd. |
669,371 | ||||||
1,760,970 | ||||||||
HOME & OFFICE PRODUCTS — 1.1% |
||||||||
116,585 | Maytronics Ltd. |
1,159,922 | ||||||
INSTITUTIONAL FINANCIAL SERVICES — 2.5% |
||||||||
400,194 | Tel Aviv Stock Exchange Ltd. |
2,699,734 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 33
Israel Common Values Fund
Shares |
|
Fair Value |
||||||
INSURANCE — 4.3% |
||||||||
132,000 | Harel Insurance Investments & Financial Services(a) |
$ | 1,270,218 | |||||
1,048,628 | Migdal Insurance & Financial Holdings Ltd. |
1,448,753 | ||||||
182,400 | Phoenix Holdings Ltd. (The) |
1,821,173 | ||||||
4,540,144 | ||||||||
INTERNET MEDIA & SERVICES — 0.8% |
||||||||
38,000 | Fiverr International Ltd.(a) |
800,660 | ||||||
LEISURE FACILITIES & SERVICES — 1.5% |
||||||||
12,800 | Fattal Holdings 1998 Ltd.(a) |
1,642,766 | ||||||
MEDICAL EQUIPMENT & DEVICES — 1.0% |
||||||||
46,900 | Inmode Ltd.(a) |
1,013,509 | ||||||
OIL & GAS PRODUCERS — 8.0% |
||||||||
350,000 | Delek Drilling, L.P. |
892,487 | ||||||
104,968 | Energean plc |
1,448,008 | ||||||
102,000 | Energean plc |
1,412,530 | ||||||
5,600 | Israel Corp Ltd. (The)(a) |
1,522,691 | ||||||
2,350,000 | Oil Refineries Ltd. |
779,563 | ||||||
8,000 | Paz Ashdod Refinery Ltd. |
190,336 | ||||||
8,000 | Paz Oil Company Ltd. |
854,447 | ||||||
1,600,000 | Ratio Energies Finance, L.P. |
1,322,566 | ||||||
8,422,628 | ||||||||
REAL ESTATE INVESTMENT TRUSTS — 2.0% |
||||||||
5,000 | Big Shopping Centers Ltd.(a) |
554,695 | ||||||
369,000 | Reit 1 Ltd. |
1,597,324 | ||||||
2,152,019 | ||||||||
REAL ESTATE OWNERS & DEVELOPERS — 10.1% |
||||||||
62,000 | Alony Hetz Properties & Investments Ltd. |
455,007 | ||||||
237,000 | Amot Investments Ltd. |
1,122,587 | ||||||
42,000 | Azrieli Group Ltd. |
3,032,058 | ||||||
40,000 | Elco Ltd. |
1,406,314 | ||||||
160,000 | Gav-Yam Lands Corp Ltd. |
1,219,023 | ||||||
24,380 | Melisron Ltd. |
1,803,754 | ||||||
703,430 | Mivne Real Estate KD Ltd. |
1,736,723 | ||||||
10,775,466 | ||||||||
RENEWABLE ENERGY — 1.0% |
||||||||
296,360 | Energix-Renewable Energies Ltd. |
1,084,646 | ||||||
RETAIL - CONSUMER STAPLES — 2.4% |
||||||||
18,700 | Rami Levy Chain Stores Hashikma Marketing 2006 |
1,123,719 | ||||||
210,000 | Shufersal Ltd.(a) |
1,472,632 | ||||||
2,596,351 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 34
Israel Common Values Fund
Shares |
|
Fair Value |
||||||
SEMICONDUCTORS — 6.1% |
||||||||
24,000 | Nova Ltd.(a) |
$ | 4,257,120 | |||||
66,223 | Tower Semiconductor Ltd.(a) |
2,215,159 | ||||||
6,472,279 | ||||||||
SOFTWARE — 19.1% |
||||||||
14,100 | CyberArk Software Ltd.(a) |
3,745,383 | ||||||
29,935 | Hilan Ltd. |
1,903,038 | ||||||
41,800 | Mobileye Global, Inc., Class A(a) |
1,343,870 | ||||||
6,500 | Monday.com Ltd.(a) |
1,468,155 | ||||||
21,100 | Nice Ltd. - ADR(a) |
5,499,082 | ||||||
25,000 | Oddity Tech Ltd.(a) |
1,086,250 | ||||||
41,000 | One Software Technologies Ltd. |
606,466 | ||||||
55,300 | Sapiens International Corp N.V. |
1,778,448 | ||||||
46,200 | Varonis Systems, Inc.(a) |
2,179,254 | ||||||
21,500 | Verint Systems, Inc.(a) |
712,725 | ||||||
20,322,671 | ||||||||
TECHNOLOGY HARDWARE — 0.4% |
||||||||
36,000 | AudioCodes Ltd. |
469,440 | ||||||
TECHNOLOGY SERVICES — 1.9% |
||||||||
72,783 | Magic Software Enterprises Ltd. |
833,365 | ||||||
56,210 | Matrix IT Ltd. |
1,238,922 | ||||||
2,072,287 | ||||||||
TELECOMMUNICATIONS — 0.3% |
||||||||
74,000 | Partner Communications Company Ltd.(a) |
322,343 | ||||||
WHOLESALE - DISCRETIONARY — 1.3% |
||||||||
17,300 | Tadiran Group Ltd. |
1,397,097 | ||||||
TOTAL COMMON STOCKS (Cost $60,637,599) |
103,914,355 | |||||||
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 35
Israel Common Values Fund
Shares |
|
Fair Value |
||||||
|
SHORT-TERM INVESTMENT — 2.1% |
|
||||||
MONEY MARKET FUND — 2.1% |
||||||||
2,189,054 | Fidelity Government Portfolio, Class I, 5.21%(b) (Cost $2,189,054) |
$ | 2,189,054 | |||||
TOTAL INVESTMENTS — 99.7% (Cost $62,826,653) |
$ | 106,103,409 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3% |
286,484 | |||||||
NET ASSETS — 100.0% |
$ | 106,389,893 |
ADR |
American Depositary Receipt |
LP |
Limited Partnership |
LTD |
Limited Company |
NV |
Naamioze Vennootschap |
PLC |
Public Limited Company |
REIT |
Real Estate Investment Trust |
(a) |
Non-income producing security. |
(b) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
% OF NET |
COUNTRY |
||||||||
88.6 | % | Israel |
|||||||
6.3 | % | United States |
|||||||
2.7 | % | United Kingdom |
|||||||
97.6 | % | Total |
|||||||
2.1 | % | Money Market Funds |
|||||||
0.3 | % | Other Assets Less Liabilities - Net |
|||||||
100.0 | % | Grand Total |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 36
Defensive Strategies Fund
Shares |
|
Fair Value |
||||||
|
COMMON STOCKS — 37.3% |
|
||||||
CHEMICALS — 1.6% |
||||||||
375 | Albemarle Corporation |
$ | 49,403 | |||||
2,778 | CF Industries Holdings, Inc. |
231,157 | ||||||
1,853 | FMC Corporation |
118,036 | ||||||
6,014 | ICL Group Ltd. |
32,355 | ||||||
7,069 | K+S A.G. |
110,267 | ||||||
4,962 | Mosaic Company (The) |
161,067 | ||||||
5,109 | Nutrien Ltd. |
277,470 | ||||||
3,601 | OCI N.V. |
98,629 | ||||||
171 | Sociedad Quimica y Minera de Chile S.A. - ADR |
8,406 | ||||||
3,087 | Yara International ASA |
97,488 | ||||||
1,184,278 | ||||||||
DATA CENTER REIT — 1.1% |
||||||||
6,000 | Digital Realty Trust, Inc. |
864,240 | ||||||
FOOD — 1.2% |
||||||||
2,563 | Adecoagro S.A. |
28,244 | ||||||
853 | Cal-Maine Foods, Inc. |
50,199 | ||||||
1,977 | Darling Ingredients, Inc.(a) |
91,951 | ||||||
1,353 | Dole plc |
16,141 | ||||||
564 | Fresh Del Monte Produce, Inc. |
14,613 | ||||||
2,408 | Hormel Foods Corporation |
84,015 | ||||||
1,385 | Ingredion, Inc. |
161,838 | ||||||
5,900 | MEIJI Holdings Company Ltd. |
128,610 | ||||||
2,600 | Morinaga Milk Industry Company Ltd |
53,120 | ||||||
5,082 | Mowi ASA |
93,117 | ||||||
1,100 | NH Foods Ltd. |
36,773 | ||||||
4,300 | Nisshin Seifun Group, Inc. |
59,136 | ||||||
4,700 | Nissui Corporation |
29,416 | ||||||
1,279 | Pilgrim’s Pride Corporation(a) |
43,895 | ||||||
841 | Salmar ASA |
55,410 | ||||||
946,478 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 0.4% |
||||||||
2,400 | Canfor Corporation(a) |
30,319 | ||||||
932 | Louisiana-Pacific Corporation |
78,204 | ||||||
3,700 | Sumitomo Forestry Company Ltd. |
115,993 | ||||||
1,300 | West Fraser Timber Company Ltd. |
112,261 | ||||||
336,777 | ||||||||
GAS & WATER UTILITIES — 0.8% |
||||||||
403 | American States Water Company |
29,113 | ||||||
559 | American Water Works Company, Inc. |
68,315 | ||||||
910 | California Water Service Group |
42,297 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 37
Defensive Strategies Fund
Shares |
|
Fair Value |
||||||
GAS & WATER UTILITIES — 0.8% (Continued) |
||||||||
8,755 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR |
$ | 147,347 | |||||
1,129 | Essential Utilities, Inc. |
41,829 | ||||||
1,154 | Severn Trent plc |
35,975 | ||||||
264 | SJW Group |
14,940 | ||||||
4,078 | United Utilities Group plc |
52,961 | ||||||
5,278 | Veolia Environnement S.A. |
171,549 | ||||||
604,326 | ||||||||
HEALTH CARE FACILITIES & SERVICES — 0.4% |
||||||||
48,754 | Brookdale Senior Living, Inc.(a) |
322,264 | ||||||
HEALTH CARE REIT — 0.8% |
||||||||
10,000 | American Healthcare REIT, Inc.(a) |
147,500 | ||||||
34,000 | Healthcare Realty Trust, Inc. |
481,100 | ||||||
628,600 | ||||||||
INDUSTRIAL REIT — 0.5% |
||||||||
7,000 | Rexford Industrial Realty, Inc. |
352,100 | ||||||
MACHINERY — 1.3% |
||||||||
748 | AGCO Corporation |
92,019 | ||||||
7,354 | CNH Industrial N.V. |
95,308 | ||||||
1,248 | Deere & Company |
512,603 | ||||||
10,900 | Kubota Corporation |
170,388 | ||||||
1,700 | Kurita Water Industries Ltd. |
70,228 | ||||||
400 | Organo Corporation |
19,737 | ||||||
840 | Weir Group plc (The) |
21,437 | ||||||
981,720 | ||||||||
METALS & MINING — 4.2% |
||||||||
413 | Agnico Eagle Mines Ltd. |
24,635 | ||||||
2,734 | Agnico Eagle Mines Ltd. |
163,040 | ||||||
8,093 | Alamos Gold, Inc., Class A |
119,372 | ||||||
1,829 | Alcoa Corporation |
61,802 | ||||||
2,139 | Anglo American PLC |
52,691 | ||||||
3,813 | Anglogold Ashanti plc |
84,649 | ||||||
1,391 | Antofagasta plc |
35,796 | ||||||
513 | Aurubis A.G. |
36,070 | ||||||
44,540 | B2Gold Corporation |
116,249 | ||||||
10,928 | Barrick Gold Corporation |
181,843 | ||||||
4,671 | BHP Group Ltd. - ADR |
269,470 | ||||||
300 | Cameco Corporation |
12,996 | ||||||
4,500 | Capstone Copper Corporation(a) |
28,640 | ||||||
8,700 | Centerra Gold, Inc. |
51,387 | ||||||
3,247 | Cia de Minas Buenaventura S.A.A - ADR |
51,562 | ||||||
964 | Cleveland-Cliffs, Inc.(a) |
21,921 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 38
Defensive Strategies Fund
Shares |
|
Fair Value |
||||||
METALS & MINING — 4.2% (Continued) |
||||||||
1,435 | Eldorado Gold Corporation(a) |
$ | 20,190 | |||||
2,100 | Endeavour Mining plc |
42,669 | ||||||
600 | First Quantum Minerals Ltd. |
6,450 | ||||||
765 | Franco-Nevada Corporation |
91,157 | ||||||
3,500 | Freeport-McMoRan, Inc. |
164,571 | ||||||
9,263 | Gold Fields Ltd. - ADR |
147,189 | ||||||
19,422 | Hecla Mining Company |
93,420 | ||||||
5,000 | Hudbay Minerals, Inc. |
34,997 | ||||||
2,500 | Ivanhoe Mines Ltd.(a) |
29,828 | ||||||
20,463 | Kinross Gold Corporation |
125,438 | ||||||
2,500 | Mitsubishi Materials Corporation |
46,899 | ||||||
2,026 | MP Materials Corporation(a) |
28,972 | ||||||
1,459 | Osisko Gold Royalties Ltd. |
23,957 | ||||||
1,963 | Pan American Silver Corporation |
29,602 | ||||||
6,774 | Rio Tinto plc - ADR |
431,775 | ||||||
62 | Royal Gold, Inc. |
7,552 | ||||||
6,049 | Sandstorm Gold Ltd. |
31,757 | ||||||
509 | Southern Copper Corporation |
54,219 | ||||||
7,739 | SSR Mining, Inc. |
34,516 | ||||||
800 | Sumitomo Metal Mining Company Ltd. |
23,690 | ||||||
1,143 | Teck Resources Ltd., Class B |
52,322 | ||||||
22,363 | Vale S.A. - ADR |
272,605 | ||||||
812 | Wheaton Precious Metals Corporation |
38,270 | ||||||
3,144,168 | ||||||||
OIL & GAS PRODUCERS — 5.5% |
||||||||
5,196 | Aker BP ASA |
129,109 | ||||||
1,807 | APA Corporation |
62,125 | ||||||
6,300 | ARC Resources Ltd. |
112,332 | ||||||
14,900 | Baytex Energy Corporation |
53,795 | ||||||
3,492 | Callon Petroleum Company(a) |
124,874 | ||||||
3,137 | Canadian Natural Resources Ltd. |
239,416 | ||||||
11,000 | Cenovus Energy, Inc. |
219,932 | ||||||
400 | Chord Energy Corporation |
71,296 | ||||||
735 | Civitas Resources, Inc. |
55,794 | ||||||
549 | CNX Resources Corporation(a) |
13,022 | ||||||
1,926 | ConocoPhillips |
245,142 | ||||||
4,962 | Coterra Energy, Inc. |
138,341 | ||||||
21,700 | Crescent Point Energy Corporation |
177,520 | ||||||
4,251 | Devon Energy Corporation |
213,315 | ||||||
7,447 | Enerplus Corporation |
146,408 | ||||||
1,525 | Eni SpA - ADR |
48,373 | ||||||
1,772 | EOG Resources, Inc. |
226,532 | ||||||
1,232 | EQT Corporation |
45,670 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 39
Defensive Strategies Fund
Shares |
|
Fair Value |
||||||
OIL & GAS PRODUCERS — 5.5% (Continued) |
||||||||
6,311 | Equinor ASA - ADR |
$ | 170,587 | |||||
42 | Hess Corporation |
6,411 | ||||||
200 | Imperial Oil Ltd. |
13,796 | ||||||
8,800 | Inpex Corporation |
133,666 | ||||||
1,313 | Kosmos Energy Ltd.(a) |
7,825 | ||||||
1,380 | Magnolia Oil & Gas Corporation, Class A |
35,811 | ||||||
4,038 | Marathon Oil Corporation |
114,437 | ||||||
1,615 | Matador Resources Company |
107,834 | ||||||
2,900 | MEG Energy Corporation(a) |
66,589 | ||||||
2,759 | Murphy Oil Corporation |
126,086 | ||||||
255 | Ovintiv, Inc. |
13,235 | ||||||
2,000 | Parex Resources, Inc. |
31,955 | ||||||
7,187 | Petroleo Brasileiro S.A. - ADR |
109,314 | ||||||
43 | Pioneer Natural Resources Company |
11,288 | ||||||
2,000 | PrairieSky Royalty Ltd. |
39,175 | ||||||
546 | Range Resources Corporation |
18,799 | ||||||
18,856 | Southwestern Energy Company(a) |
142,928 | ||||||
6,000 | Suncor Energy, Inc. |
221,453 | ||||||
2,296 | TotalEnergies S.E. |
157,203 | ||||||
2,700 | Tourmaline Oil Corporation |
126,247 | ||||||
3,900 | Vermilion Energy, Inc. |
48,490 | ||||||
14,500 | Whitecap Resources, Inc. |
109,733 | ||||||
4,135,858 | ||||||||
OIL & GAS SERVICES & EQUIPMENT — 1.3% |
||||||||
3,881 | Baker Hughes Company |
130,014 | ||||||
2,140 | ChampionX Corporation |
76,805 | ||||||
3,524 | Halliburton Company |
138,916 | ||||||
770 | Helmerich & Payne, Inc. |
32,386 | ||||||
6,476 | Liberty Oilfield Services, Inc., Class A |
134,183 | ||||||
969 | Noble Corp plc |
46,987 | ||||||
1,425 | NOV, Inc. |
27,816 | ||||||
8,724 | Patterson-UTI Energy, Inc. |
104,165 | ||||||
3,908 | Schlumberger Ltd. |
214,197 | ||||||
4,187 | Transocean Ltd.(a) |
26,294 | ||||||
931,763 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 14.1% |
||||||||
19,700 | American Homes 4 Rent, Class A |
724,566 | ||||||
4,000 | American Tower Corporation, A |
790,360 | ||||||
16,700 | Americold Realty Trust, Inc. |
416,164 | ||||||
4,500 | AvalonBay Communities, Inc. |
835,020 | ||||||
5,900 | Camden Property Trust |
580,560 | ||||||
6,000 | Crown Castle, Inc. |
634,980 | ||||||
1,000 | Equinix, Inc. |
825,330 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 40
Defensive Strategies Fund
Shares |
|
Fair Value |
||||||
REAL ESTATE INVESTMENT TRUSTS – 14.1% (Continued) |
||||||||
15,300 | Highwoods Properties, Inc. |
$ | 400,554 | |||||
20,000 | InvenTrust Properties Corporation |
514,200 | ||||||
14,500 | Plymouth Industrial REIT, Inc. |
326,250 | ||||||
378 | PotlatchDeltic Corporation |
17,774 | ||||||
6,500 | Prologis, Inc. |
846,429 | ||||||
2,550 | Public Storage |
739,653 | ||||||
1,623 | Rayonier, Inc. |
53,949 | ||||||
3,700 | SBA Communications Corporation, A |
801,790 | ||||||
5,400 | Sun Communities, Inc. |
694,332 | ||||||
17,500 | Ventas, Inc. |
761,950 | ||||||
6,300 | Welltower, Inc. |
588,672 | ||||||
2,682 | Weyerhaeuser Company |
96,311 | ||||||
10,648,844 | ||||||||
RENEWABLE ENERGY — 0.1% |
||||||||
266 | Enphase Energy, Inc.(a) |
32,181 | ||||||
223 | First Solar, Inc.(a) |
37,642 | ||||||
2,163 | Shoals Technologies Group, Inc., Class A(a) |
24,182 | ||||||
94,005 | ||||||||
RESIDENTIAL REIT — 0.9% |
||||||||
4,500 | Equity Residential |
283,995 | ||||||
11,000 | Invitation Homes, Inc. |
391,710 | ||||||
675,705 | ||||||||
RETAIL REIT — 1.0% |
||||||||
14,000 | Brixmor Property Group, Inc. |
328,300 | ||||||
10,300 | NNN REIT, Inc. |
440,222 | ||||||
768,522 | ||||||||
SELF-STORAGE REIT — 0.7% |
||||||||
3,500 | Extra Space Storage, Inc. |
514,500 | ||||||
SEMICONDUCTORS — 0.1% |
||||||||
6,500 | SUMCO Corporation |
102,251 | ||||||
STEEL — 1.0% |
||||||||
1,418 | ArcelorMittal S.A. - ADR |
39,108 | ||||||
1,303 | ATI, Inc.(a) |
39,108 | ||||||
300 | Commercial Metals Company |
17,631 | ||||||
22,576 | Gerdau S.A. - ADR |
99,786 | ||||||
3,200 | JFE Holdings, Inc.(b) |
52,812 | ||||||
4,200 | Nippon Steel Corporation(b) |
100,680 | ||||||
539 | Nucor Corporation |
106,667 | ||||||
1,078 | POSCO - ADR |
84,537 | ||||||
60 | Reliance, Inc. |
20,051 | ||||||
59 | Steel Dynamics, Inc. |
8,746 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 41
Defensive Strategies Fund
Shares |
|
Fair Value |
||||||
STEEL — 1.0% (Continued) |
||||||||
1,095 | Ternium S.A. - ADR |
$ | 45,574 | |||||
1,847 | United States Steel Corporation |
75,321 | ||||||
717,588 | ||||||||
WHOLESALE - CONSUMER STAPLES — 0.3% |
||||||||
2,104 | Bunge Global S.A. |
215,702 | ||||||
TOTAL COMMON STOCKS (Cost $26,947,917) |
28,169,689 | |||||||
|
EXCHANGE-TRADED FUNDS — 18.9% |
|
||||||
EQUITY — 18.9% |
||||||||
611,600 | Timothy Plan Market Neutral ETF(b) (Cost $15,212,536) |
14,247,895 | ||||||
|
PRECIOUS METALS - PHYSICAL HOLDING — 18.2% |
|
||||||
PRECIOUS METAL — 18.2% |
||||||||
6,143 | GOLD BARS - XAU BGN CURNCY(a) (Cost $7,240,876) |
13,698,342 |
Principal |
|
Coupon |
Maturity |
Fair Value |
||||||||||||
|
U.S. GOVERNMENT & AGENCIES — 21.2% |
|
|
|
||||||||||||
U.S. TREASURY INFLATION PROTECTED — 21.2% |
||||||||||||||||
1,060,000 | United States Treasury Inflation Indexed Bonds |
2.3750 | 01/15/25 | 1,732,789 | ||||||||||||
1,455,000 | United States Treasury Inflation Indexed Bonds |
2.0000 | 01/15/26 | 2,251,569 | ||||||||||||
1,450,000 | United States Treasury Inflation Indexed Bonds |
2.3750 | 01/15/27 | 2,236,902 | ||||||||||||
1,625,000 | United States Treasury Inflation Indexed Bonds |
0.5000 | 01/15/28 | 1,924,475 | ||||||||||||
655,000 | United States Treasury Inflation Indexed Bonds |
1.7500 | 01/15/28 | 957,252 | ||||||||||||
1,230,000 | United States Treasury Inflation Indexed Bonds |
0.8750 | 01/15/29 | 1,434,041 | ||||||||||||
1,060,000 | United States Treasury Inflation Indexed Bonds |
2.5000 | 01/15/29 | 1,566,339 | ||||||||||||
2,456,700 | United States Treasury Inflation Indexed Bonds |
0.1250 | 01/15/31 | 2,594,064 | ||||||||||||
235,000 | United States Treasury Inflation Indexed Bonds |
2.1250 | 02/15/41 | 336,346 | ||||||||||||
1,345,000 | United States Treasury Inflation Indexed Bonds |
0.1250 | 02/15/51 | 957,452 | ||||||||||||
15,991,229 | ||||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $17,702,060) |
15,991,229 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 42
Defensive Strategies Fund
Shares |
|
Fair Value |
||||||
|
SHORT-TERM INVESTMENT — 4.3% |
|
||||||
MONEY MARKET FUND — 4.3% |
||||||||
3,251,899 | Fidelity Government Portfolio, Class I, 5.21%(c) (Cost $3,251,899) |
$ | 3,251,899 | |||||
TOTAL INVESTMENTS — 99.9% (Cost $70,355,288) |
$ | 75,359,054 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% |
71,152 | |||||||
NET ASSETS — 100.0% |
$ | 75,430,206 |
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 is affiliate. |
(c) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 43
Strategic Growth Fund
Shares |
|
Fair Value |
||||||
|
EXCHANGE-TRADED FUNDS — 67.0% |
|
||||||
EQUITY — 67.0% |
||||||||
112,706 | Timothy Plan High Dividend Stock Enhanced ETF(a) |
$ | 2,776,242 | |||||
198,656 | Timothy Plan International ETF(a) |
5,412,383 | ||||||
217,200 | Timothy Plan Market Neutral ETF(a) |
5,059,913 | ||||||
204,739 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(a) |
5,143,453 | ||||||
114,923 | Timothy Plan US Small Cap Core ETF(a) |
4,216,525 | ||||||
22,608,516 | ||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $21,464,688) |
22,608,516 | |||||||
|
OPEN END FUNDS — 31.3% |
|
||||||
EQUITY — 13.6% |
||||||||
362,446 | Timothy Plan International Fund, Class A(a) |
4,581,314 | ||||||
FIXED INCOME — 17.7% |
||||||||
440,503 | Timothy Plan Fixed Income Fund, Class A(a) |
3,982,146 | ||||||
225,741 | Timothy Plan High Yield Bond Fund, Class A(a) |
1,984,266 | ||||||
5,966,412 | ||||||||
TOTAL OPEN END FUNDS (Cost $10,769,469) |
10,547,726 | |||||||
|
SHORT-TERM INVESTMENT — 1.6% |
|
||||||
MONEY MARKET FUND — 1.6% |
||||||||
546,724 | Fidelity Government Portfolio, Class I, 5.21%(b) (Cost $546,724) |
546,724 | ||||||
TOTAL INVESTMENTS – 99.9% (Cost $32,780,881) |
$ | 33,702,966 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% |
13,759 | |||||||
NET ASSETS — 100.0% |
$ | 33,716,725 |
ETF |
Exchange-Traded Fund |
(a) |
Investment of affiliate. |
(b) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 44
Conservative Growth Fund
Shares |
|
Fair Value |
||||||
|
EXCHANGE-TRADED FUNDS — 49.7% |
|
||||||
EQUITY — 49.7% |
||||||||
95,460 | Timothy Plan High Dividend Stock Enhanced ETF(a) |
$ | 2,351,428 | |||||
127,144 | Timothy Plan International ETF(a) |
3,464,038 | ||||||
246,900 | Timothy Plan Market Neutral ETF(a) |
5,751,808 | ||||||
186,486 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(a) |
4,684,902 | ||||||
75,405 | Timothy Plan US Small Cap Core ETF(a) |
2,766,609 | ||||||
19,018,785 | ||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $18,393,461) |
19,018,785 | |||||||
|
OPEN END FUNDS — 48.8% |
|
||||||
EQUITY — 12.4% |
||||||||
374,052 | Timothy Plan International Fund, Class A(a) |
4,728,017 | ||||||
FIXED INCOME — 36.4% |
||||||||
1,260,743 | Timothy Plan Fixed Income Fund, Class A(a) |
11,397,118 | ||||||
286,914 | Timothy Plan High Yield Bond Fund, Class A(a) |
2,521,976 | ||||||
13,919,094 | ||||||||
TOTAL OPEN END FUNDS (Cost $20,099,480) |
18,647,111 | |||||||
|
SHORT-TERM INVESTMENT — 1.6% |
|
||||||
MONEY MARKET FUND — 1.6% |
||||||||
595,618 | Fidelity Government Portfolio, Class I, 5.21%(b) (Cost $595,618) |
595,618 | ||||||
TOTAL INVESTMENTS — 100.1% (Cost $39,088,559) |
$ | 38,261,514 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% |
(51,916 | ) | ||||||
NET ASSETS — 100.0% |
$ | 38,209,598 |
ETF |
Exchange-Traded Fund |
(a) |
Investment in affiliate. |
(b) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 45
Growth & Income Fund
Shares |
|
Fair Value |
||||||
|
EXCHANGE-TRADED FUNDS — 44.5% |
|
||||||
EQUITY — 44.5% |
||||||||
335,000 | Timothy Plan High Dividend Stock Enhanced ETF(a) (Cost $8,518,275) |
$ | 8,251,921 |
Principal |
|
Coupon |
Maturity |
Fair Value |
||||||||||||
|
CORPORATE BONDS — 17.2% |
|
|
|
||||||||||||
CHEMICALS — 1.4% |
||||||||||||||||
85,000 | Nutrien Ltd. |
4.0000 | 12/15/26 | 82,428 | ||||||||||||
195,000 | Nutrien Ltd. |
2.9500 | 05/13/30 | 173,870 | ||||||||||||
256,298 | ||||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.6% |
||||||||||||||||
70,000 | Republic Services, Inc. |
5.0000 | 04/01/34 | 69,576 | ||||||||||||
50,000 | Waste Management, Inc. |
4.6250 | 02/15/33 | 48,980 | ||||||||||||
118,556 | ||||||||||||||||
ELECTRIC UTILITIES — 1.9% |
||||||||||||||||
245,000 | American Electric Power Company, Inc. |
3.2000 | 11/13/27 | 230,173 | ||||||||||||
95,000 | National Rural Utilities Cooperative Finance |
5.0500 | 09/15/28 | 95,567 | ||||||||||||
22,000 | WEC Energy Group, Inc. |
3.5500 | 06/15/25 | 21,411 | ||||||||||||
347,151 | ||||||||||||||||
GAS & WATER UTILITIES — 1.2% |
||||||||||||||||
240,000 | NiSource, Inc. |
3.4900 | 05/15/27 | 229,013 | ||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.3% |
||||||||||||||||
55,000 | Cboe Global Markets, Inc. |
3.6500 | 01/12/27 | 53,337 | ||||||||||||
MACHINERY — 1.4% |
||||||||||||||||
100,000 | Caterpillar Financial Services Corporation |
4.3500 | 05/15/26 | 98,937 | ||||||||||||
170,000 | John Deere Capital Corporation |
3.9000 | 06/07/32 | 159,532 | ||||||||||||
258,469 | ||||||||||||||||
METALS & MINING — 1.4% |
||||||||||||||||
140,000 | BHP Billiton Finance USA Ltd. |
5.2500 | 09/08/33 | 141,762 | ||||||||||||
120,000 | Rio Tinto Finance USA plc |
5.0000 | 03/09/33 | 120,665 | ||||||||||||
262,427 | ||||||||||||||||
OIL & GAS PRODUCERS — 3.9% |
||||||||||||||||
185,000 | Columbia Pipelines Holding Company, LLC(b) |
6.0420 | 08/15/28 | 189,130 | ||||||||||||
125,000 | Energy Transfer, L.P. |
5.7500 | 02/15/33 | 127,139 | ||||||||||||
220,000 | Energy Transfer, L.P. |
6.2500 | 04/15/49 | 226,095 | ||||||||||||
70,000 | Enterprise Products Operating, LLC |
5.3500 | 01/31/33 | 71,490 | ||||||||||||
115,000 | Phillips 66 Company |
3.6050 | 02/15/25 | 113,080 | ||||||||||||
726,934 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 46
Growth & Income Fund
Principal |
|
Coupon |
Maturity |
Fair Value |
||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.5% |
||||||||||||||||
170,000 | Digital Realty Trust, L.P. |
3.7000 | 08/15/27 | $ | 162,389 | |||||||||||
120,000 | Healthpeak Properties, Inc. |
3.5000 | 07/15/29 | 111,120 | ||||||||||||
273,509 | ||||||||||||||||
RETAIL - CONSUMER STAPLES — 0.9% |
||||||||||||||||
175,000 | Dollar General Corporation |
4.1250 | 05/01/28 | 169,900 | ||||||||||||
RETAIL - DISCRETIONARY — 1.1% |
||||||||||||||||
205,000 | Tractor Supply Company |
5.2500 | 05/15/33 | 206,334 | ||||||||||||
TRANSPORTATION & LOGISTICS — 1.6% |
||||||||||||||||
55,000 | Canadian Pacific Railway Company |
2.9000 | 02/01/25 | 53,755 | ||||||||||||
240,000 | CSX Corporation |
3.2500 | 06/01/27 | 228,611 | ||||||||||||
282,366 | ||||||||||||||||
TOTAL CORPORATE BONDS (Cost $3,213,579) |
3,184,294 | |||||||||||||||
|
NON U.S. GOVERNMENT & AGENCIES — 1.3% |
|
|
|
||||||||||||
LOCAL AUTHORITY — 1.3% |
||||||||||||||||
250,000 | Province of Ontario Canada (Cost $246,275) |
2.5000 | 04/27/26 | 238,700 | ||||||||||||
|
U.S. GOVERNMENT & AGENCIES — 35.8% |
|
|
|
||||||||||||
AGENCY FIXED RATE — 21.4% |
||||||||||||||||
104,210 | Fannie Mae Pool FM5537 |
2.0000 | 01/01/36 | 93,085 | ||||||||||||
68,381 | Fannie Mae Pool MA4316 |
2.5000 | 04/01/36 | 63,363 | ||||||||||||
19,901 | Fannie Mae Pool MA4475 |
2.5000 | 10/01/41 | 17,279 | ||||||||||||
59,470 | Fannie Mae Pool MA4617 |
3.0000 | 04/01/42 | 53,199 | ||||||||||||
45,926 | Fannie Mae Pool FM4053 |
2.5000 | 08/01/50 | 38,667 | ||||||||||||
49,841 | Fannie Mae Pool CA8897 |
3.0000 | 02/01/51 | 43,526 | ||||||||||||
7,450 | Fannie Mae Pool MA4258 |
3.5000 | 02/01/51 | 6,753 | ||||||||||||
19,845 | Fannie Mae Pool FM6550 |
2.0000 | 03/01/51 | 16,030 | ||||||||||||
45,507 | Fannie Mae Pool FS1564 |
2.0000 | 04/01/51 | 36,234 | ||||||||||||
38,180 | Fannie Mae Pool CB0855 |
3.0000 | 06/01/51 | 33,053 | ||||||||||||
60,741 | Fannie Mae Pool FS3744 |
2.0000 | 07/01/51 | 48,500 | ||||||||||||
101,409 | Fannie Mae Pool FS1807 |
3.5000 | 07/01/51 | 92,252 | ||||||||||||
47,011 | Fannie Mae Pool FS4624 |
2.5000 | 11/01/51 | 39,196 | ||||||||||||
159,089 | Fannie Mae Pool FS6141 |
2.0000 | 01/01/52 | 127,320 | ||||||||||||
51,949 | Fannie Mae Pool CB2857 |
2.5000 | 02/01/52 | 43,650 | ||||||||||||
31,558 | Fannie Mae Pool BU1322 |
2.5000 | 02/01/52 | 26,190 | ||||||||||||
99,504 | Fannie Mae Pool CB3486 |
3.5000 | 05/01/52 | 89,208 | ||||||||||||
69,454 | Fannie Mae Pool FS1704 |
4.0000 | 05/01/52 | 65,072 | ||||||||||||
119,886 | Fannie Mae Pool BV9960 |
4.0000 | 06/01/52 | 111,551 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 47
Growth & Income Fund
Principal |
|
Coupon |
Maturity |
Fair Value |
||||||||||||
AGENCY FIXED RATE — 21.4% (Continued) |
||||||||||||||||
102,776 | Fannie Mae Pool FS3071 |
3.0000 | 07/01/52 | $ | 89,621 | |||||||||||
163,017 | Fannie Mae Pool FS3392 |
4.0000 | 09/01/52 | 151,354 | ||||||||||||
92,594 | Fannie Mae Pool FS3159 |
4.5000 | 10/01/52 | 88,790 | ||||||||||||
89,566 | Fannie Mae Pool FS4075 |
5.0000 | 04/01/53 | 88,202 | ||||||||||||
99,298 | Fannie Mae Pool FS5044 |
4.5000 | 06/01/53 | 95,793 | ||||||||||||
42,081 | Fannie Mae Pool FS4621 |
5.0000 | 06/01/53 | 41,715 | ||||||||||||
99,651 | Fannie Mae Pool FS5850 |
6.0000 | 09/01/53 | 100,655 | ||||||||||||
103,312 | Fannie Mae Pool MA5246 |
5.5000 | 01/01/54 | 102,862 | ||||||||||||
107,874 | Fannie Mae Pool FS6787 |
6.0000 | 01/01/54 | 109,569 | ||||||||||||
99,289 | Fannie Mae Pool CB7980 |
5.5000 | 02/01/54 | 99,379 | ||||||||||||
47,488 | Ginnie Mae I Pool 723248 |
5.0000 | 10/15/39 | 47,980 | ||||||||||||
47,594 | Ginnie Mae I Pool 783403 |
3.5000 | 09/15/41 | 44,426 | ||||||||||||
41,557 | Ginnie Mae II Pool MA3376 |
3.5000 | 01/20/46 | 38,451 | ||||||||||||
31,090 | Ginnie Mae II Pool MA3596 |
3.0000 | 04/20/46 | 27,859 | ||||||||||||
26,559 | Ginnie Mae II Pool MA3663 |
3.5000 | 05/20/46 | 24,569 | ||||||||||||
34,537 | Ginnie Mae II Pool MA3736 |
3.5000 | 06/20/46 | 31,943 | ||||||||||||
11,675 | Ginnie Mae II Pool MA4509 |
3.0000 | 06/20/47 | 10,444 | ||||||||||||
32,895 | Ginnie Mae II Pool MA4652 |
3.5000 | 08/20/47 | 30,364 | ||||||||||||
31,009 | Ginnie Mae II Pool MA4719 |
3.5000 | 09/20/47 | 28,588 | ||||||||||||
59,300 | Ginnie Mae II Pool MA4778 |
3.5000 | 10/20/47 | 54,666 | ||||||||||||
22,570 | Ginnie Mae II Pool MA6092 |
4.5000 | 08/20/49 | 21,868 | ||||||||||||
17,307 | Ginnie Mae II Pool MA6156 |
4.5000 | 09/20/49 | 16,783 | ||||||||||||
43,247 | Ginnie Mae II Pool BN2662 |
3.0000 | 10/20/49 | 38,227 | ||||||||||||
18,769 | Ginnie Mae II Pool MA6221 |
4.5000 | 10/20/49 | 18,282 | ||||||||||||
16,350 | Ginnie Mae II Pool MA6478 |
5.0000 | 02/20/50 | 16,332 | ||||||||||||
20,486 | Ginnie Mae II Pool MA6544 |
4.5000 | 03/20/50 | 19,946 | ||||||||||||
13,021 | Ginnie Mae II Pool MA6545 |
5.0000 | 03/20/50 | 13,009 | ||||||||||||
93,460 | Ginnie Mae II Pool MA6598 |
2.5000 | 04/20/50 | 80,022 | ||||||||||||
20,518 | Ginnie Mae II Pool MA6600 |
3.5000 | 04/20/50 | 18,840 | ||||||||||||
18,638 | Ginnie Mae II Pool MA6601 |
4.0000 | 04/20/50 | 17,640 | ||||||||||||
24,369 | Ginnie Mae II Pool MA6603 |
5.0000 | 04/20/50 | 24,340 | ||||||||||||
45,491 | Ginnie Mae II Pool MA7255 |
2.5000 | 03/20/51 | 38,852 | ||||||||||||
37,007 | Ginnie Mae II Pool MA7418 |
2.5000 | 06/20/51 | 31,598 | ||||||||||||
55,927 | Ginnie Mae II Pool MA7419 |
3.0000 | 06/20/51 | 49,371 | ||||||||||||
49,972 | Ginnie Mae II Pool MA7472 |
2.5000 | 07/20/51 | 42,650 | ||||||||||||
63,070 | Ginnie Mae II Pool CE1974 |
3.0000 | 08/20/51 | 56,371 | ||||||||||||
72,732 | Ginnie Mae II Pool CE1990 |
2.5000 | 09/20/51 | 61,967 | ||||||||||||
127,576 | Ginnie Mae II Pool MA7705 |
2.5000 | 11/20/51 | 108,849 | ||||||||||||
131,107 | Ginnie Mae II Pool MA7768 |
3.0000 | 12/20/51 | 115,799 | ||||||||||||
55,175 | Ginnie Mae II Pool MA7829 |
3.5000 | 01/20/52 | 50,250 | ||||||||||||
72,835 | Ginnie Mae II Pool MA7939 |
4.0000 | 03/20/52 | 68,209 | ||||||||||||
134,862 | Ginnie Mae II Pool MA7987 |
2.5000 | 04/20/52 | 114,987 |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 48
Growth & Income Fund
Principal |
|
Coupon |
Maturity |
Fair Value |
||||||||||||
AGENCY FIXED RATE — 21.4% (Continued) |
||||||||||||||||
128,946 | Ginnie Mae II Pool MA8098 |
3.0000 | 06/20/52 | $ | 113,819 | |||||||||||
106,088 | Ginnie Mae II Pool MA8268 |
4.5000 | 09/20/52 | 102,071 | ||||||||||||
115,358 | Ginnie Mae II Pool MA8800 |
5.0000 | 04/20/53 | 113,482 | ||||||||||||
167,507 | Ginnie Mae II Pool MA8943 |
3.0000 | 06/20/53 | 148,256 | ||||||||||||
102,528 | Ginnie Mae II Pool MA9017 |
5.5000 | 07/20/53 | 102,526 | ||||||||||||
TOTAL AGENCY FIXED RATE (Cost $4,195,414) |
3,954,704 | |||||||||||||||
U.S. TREASURY NOTES — 14.4% |
||||||||||||||||
395,000 | United States Treasury Note |
3.5000 | 02/15/33 | 374,417 | ||||||||||||
475,000 | United States Treasury Note |
1.2500 | 09/30/28 | 416,998 | ||||||||||||
455,000 | United States Treasury Note |
0.6250 | 07/31/26 | 415,916 | ||||||||||||
445,000 | United States Treasury Note |
1.2500 | 08/15/31 | 362,762 | ||||||||||||
430,000 | United States Treasury Note |
1.7500 | 08/15/41 | 290,687 | ||||||||||||
250,000 | United States Treasury Note |
2.0000 | 08/15/51 | 155,215 | ||||||||||||
585,000 | United States Treasury Note |
3.6250 | 02/15/53 | 514,663 | ||||||||||||
80,000 | United States Treasury Note |
2.2500 | 11/15/24 | 78,550 | ||||||||||||
70,000 | United States Treasury Note |
2.0000 | 08/15/25 | 67,380 | ||||||||||||
TOTAL U.S. U.S. TREASURY NOTES (Cost $2,787,881) |
2,676,588 | |||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $6,983,295) |
6,631,292 |
Shares |
|
|||||||
|
SHORT-TERM INVESTMENT — 0.7% |
|
||||||
MONEY MARKET FUND — 0.7% |
||||||||
124,472 | Fidelity Government Portfolio, Class I, 5.21% (Cost $124,472)(c) |
124,472 | ||||||
TOTAL INVESTMENTS — 99.5% (Cost $19,085,896) |
$ | 18,430,679 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5% |
90,010 | |||||||
NET ASSETS — 100.0% |
$ | 18,520,689 |
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 March 31, 2024 the total market value of 144A securities is 189,130 or 1.0% of net assets. |
(c) |
Rate disclosed is the seven day effective yield as of March 31, 2024. |
SCHEDULE OF INVESTMENTS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 49
Section 3 | Statements of Assets and Liabilities
MARCH 31, 2024 (UNAUDITED)
|
SMALL/MID CAP |
INTERNATIONAL |
LARGE/MID CAP |
|||||||||
ASSETS: |
||||||||||||
Investments, at cost |
$ | 60,789,824 | $ | 128,337,811 | $ | 122,080,205 | ||||||
Investments in affiliates, at cost |
— | — | 23,130,928 | |||||||||
Investments, at value |
$ | 77,325,243 | $ | 171,292,769 | $ | 171,097,639 | ||||||
Investments in affiliates, at value |
— | — | 24,461,492 | |||||||||
Cash |
17,721 | — | 42,308 | |||||||||
Dividends and interest receivable |
60,984 | 477,418 | 105,988 | |||||||||
Receivable for fund shares sold |
103,906 | 452,480 | 293,420 | |||||||||
Receivable for securities sold |
— | 142,566 | — | |||||||||
Receivable for foreign tax reclaims |
— | 344,080 | — | |||||||||
Prepaid expenses and other assets |
26,621 | 29,756 | 28,140 | |||||||||
Total Assets |
77,534,475 | 172,739,069 | 196,028,987 | |||||||||
|
||||||||||||
LIABILITIES: |
||||||||||||
Payable for securities purchased |
— | 443,198 | 3,449,602 | |||||||||
Payable for fund shares redeemed |
46,895 | 573,766 | 189,607 | |||||||||
Payable to service providers |
14,438 | 45,319 | 36,781 | |||||||||
Accrued advisory fees |
48,210 | 129,235 | 111,949 | |||||||||
Accrued 12b-1 fees |
10,825 | 13,622 | 33,424 | |||||||||
Accrued expenses and other liabilities |
22,797 | 36,373 | 22,324 | |||||||||
Total Liabilities |
143,165 | 1,241,513 | 3,843,687 | |||||||||
Net Assets |
$ | 77,391,310 | $ | 171,497,556 | $ | 192,185,300 | ||||||
|
||||||||||||
NET ASSETS CONSIST OF: |
||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) |
$ | 57,772,464 | $ | 131,452,139 | $ | 136,300,294 | ||||||
Accumulated earnings (deficit) |
19,618,846 | 40,045,417 | 55,885,006 | |||||||||
Net Assets |
$ | 77,391,310 | $ | 171,497,556 | $ | 192,185,300 | ||||||
|
||||||||||||
Class A |
||||||||||||
Net Assets |
$ | 41,870,579 | $ | 56,505,565 | $ | 122,694,160 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
3,334,461 | 4,470,566 | 9,901,136 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 12.56 | $ | 12.64 | $ | 12.39 | ||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) |
$ | 13.29 | $ | 13.38 | $ | 13.11 | ||||||
Class C |
||||||||||||
Net Assets |
$ | 2,770,622 | $ | 1,693,714 | $ | 10,133,308 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
301,519 | 139,538 | 1,155,586 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 9.19 | $ | 12.14 | $ | 8.77 | ||||||
Minimum Redemption Price Per Share (NAV * 0.99) |
$ | 9.10 | $ | 12.02 | $ | 8.68 | ||||||
Class I |
||||||||||||
Net Assets |
$ | 32,750,109 | $ | 113,298,277 | $ | 59,357,832 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
2,519,478 | 8,937,875 | 4,618,990 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 13.00 | $ | 12.68 | $ | 12.85 |
STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 50
|
SMALL CAP |
LARGE/MID CAP |
FIXED |
|||||||||
ASSETS: |
||||||||||||
Investments, at cost |
$ | 153,811,061 | $ | 216,979,064 | $ | 123,860,228 | ||||||
Investments in affiliates, at cost |
14,834,080 | 54,059,654 | — | |||||||||
Investments, at value |
$ | 169,622,363 | $ | 301,435,553 | $ | 115,915,310 | ||||||
Investments in affiliates, at value |
21,280,200 | 57,294,320 | — | |||||||||
Cash |
153,552 | 211,777 | — | |||||||||
Dividends and interest receivable |
269,512 | 108,964 | 713,884 | |||||||||
Receivable for fund shares sold |
49,011 | 533,166 | 85,074 | |||||||||
Receivable for securities sold |
704,808 | — | — | |||||||||
Receivable for foreign tax reclaims |
— | — | — | |||||||||
Prepaid expenses and other assets |
19,792 | 34,201 | 22,414 | |||||||||
Total Assets |
192,099,238 | 359,617,981 | 116,736,682 | |||||||||
|
||||||||||||
LIABILITIES: |
||||||||||||
Payable for securities purchased |
245,106 | 7,147,730 | 1,128,050 | |||||||||
Payable for fund shares redeemed |
64,388 | 364,269 | 311,130 | |||||||||
Payable to service providers |
47,056 | 95,150 | 31,298 | |||||||||
Accrued advisory fees |
113,953 | 182,588 | 40,784 | |||||||||
Accrued 12b-1 fees |
27,495 | 50,834 | 20,657 | |||||||||
Accrued expenses and other liabilities |
22,851 | 29,135 | 38,741 | |||||||||
Total Liabilities |
520,849 | 7,869,706 | 1,570,660 | |||||||||
Net Assets |
$ | 191,578,389 | $ | 351,748,275 | $ | 115,166,022 | ||||||
|
||||||||||||
NET ASSETS CONSIST OF: |
||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) |
$ | 164,476,397 | $ | 242,867,103 | $ | 131,868,288 | ||||||
Accumulated earnings (deficit) |
27,101,992 | 108,881,172 | (16,702,266 | ) | ||||||||
Net Assets |
$ | 191,578,389 | $ | 351,748,275 | $ | 115,166,022 |
STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 51
|
SMALL CAP |
LARGE/MID CAP |
FIXED |
|||||||||
Class A |
||||||||||||
Net Assets |
$ | 110,659,915 | $ | 191,674,492 | $ | 75,719,685 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
5,589,009 | 7,807,689 | 8,378,741 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 19.80 | $ | 24.55 | $ | 9.04 | ||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) |
$ | 20.95 | $ | 25.98 | $ | 9.47 | * | |||||
Class C |
||||||||||||
Net Assets |
$ | 6,080,589 | $ | 14,170,530 | $ | 6,252,023 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
519,776 | 812,713 | 722,262 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 11.70 | $ | 17.44 | $ | 8.66 | (a) | |||||
Minimum Redemption Price Per Share (NAV * 0.99) |
$ | 11.58 | $ | 17.27 | $ | 8.57 | ||||||
Class I |
||||||||||||
Net Assets |
$ | 74,837,885 | $ | 145,903,253 | $ | 33,194,314 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
3,708,722 | 5,863,697 | 3,709,274 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 20.18 | $ | 24.88 | $ | 8.95 |
(a) |
The NAV shown above differs from the traded NAV on March 28, 2024 due to financial statement rounding and/or financial statement adjustments. |
STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 52
|
HIGH YIELD |
ISRAEL |
DEFENSIVE |
|||||||||
ASSETS: |
||||||||||||
Investments, at cost |
$ | 202,735,927 | $ | 62,826,653 | $ | 47,901,876 | ||||||
Investments in affiliates, at cost |
— | — | 15,212,536 | |||||||||
Investments, at value |
$ | 200,556,739 | $ | 106,103,409 | $ | 47,412,817 | ||||||
Investments in affiliates, at value |
— | — | 14,247,895 | |||||||||
Gold Investments, at fair value (Cost $7,240,876) |
— | — | 13,698,342 | |||||||||
Cash |
68,999 | — | 12,265 | |||||||||
Foreign Cash (Cost $124,904, $11,014) |
— | 124,909 | 8,631 | |||||||||
Dividends and interest receivable |
3,315,483 | 216,108 | 150,935 | |||||||||
Receivable for fund shares sold |
1,618,264 | 139,626 | 37,760 | |||||||||
Receivable for securities sold |
— | 185,388 | — | |||||||||
Receivable for foreign tax reclaims |
— | — | 4,271 | |||||||||
Prepaid expenses and other assets |
37,645 | 23,661 | 24,424 | |||||||||
Total Assets |
205,597,130 | 106,793,101 | 75,597,340 | |||||||||
|
||||||||||||
LIABILITIES: |
||||||||||||
Payable for securities purchased |
— | 105,804 | — | |||||||||
Payable for fund shares redeemed |
772,282 | 90,803 | 38,711 | |||||||||
Payable to service providers |
41,476 | 41,702 | 36,893 | |||||||||
Accrued advisory fees |
85,661 | 89,756 | 28,391 | |||||||||
Accrued 12b-1 fees |
15,287 | 16,594 | 8,566 | |||||||||
Accrued expenses and other liabilities |
29,348 | 58,549 | 54,573 | |||||||||
Total Liabilities |
944,054 | 403,208 | 167,134 | |||||||||
Net Assets |
$ | 204,653,076 | $ | 106,389,893 | $ | 75,430,206 | ||||||
|
||||||||||||
NET ASSETS CONSIST OF: |
||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) |
$ | 216,256,567 | $ | 70,042,127 | $ | 70,206,447 | ||||||
Accumulated earnings (deficit) |
(11,603,491 | ) | 36,347,766 | 5,223,759 | ||||||||
Net Assets |
$ | 204,653,076 | $ | 106,389,893 | $ | 75,430,206 | ||||||
STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 53
|
HIGH YIELD |
ISRAEL |
DEFENSIVE |
|||||||||
Class A |
||||||||||||
Net Assets |
$ | 62,680,350 | $ | 52,584,150 | $ | 41,562,727 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
7,126,886 | 2,393,140 | 3,064,948 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 8.79 | $ | 21.97 | (a) | $ | 13.56 | |||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) |
$ | 9.20 | * | $ | 23.25 | $ | 14.35 | |||||
Class C |
||||||||||||
Net Assets |
$ | 2,378,196 | $ | 6,384,447 | $ | 3,064,949 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
265,246 | 314,043 | 240,130 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 8.97 | (a) | $ | 20.33 | $ | 12.76 | |||||
Minimum Redemption Price Per Share (NAV * 0.99) |
$ | 8.88 | $ | 20.13 | $ | 12.63 | ||||||
Class I |
||||||||||||
Net Assets |
$ | 139,594,530 | $ | 47,421,296 | $ | 30,802,530 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
15,863,201 | 2,125,107 | 2,269,441 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 8.80 | $ | 22.31 | (a) | $ | 13.57 |
(a) |
The NAV shown above differs from the traded NAV on March 28, 2024 due to financial statement rounding and/or financial statement adjustments. |
STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 54
|
STRATEGIC |
CONSERVATIVE |
GROWTH & |
|||||||||
ASSETS: |
||||||||||||
Investments, at cost |
$ | 546,724 | $ | 595,618 | $ | 10,567,621 | ||||||
Investments in affiliates, at cost |
32,234,157 | 38,492,941 | 8,518,275 | |||||||||
Investments, at value |
$ | 546,724 | $ | 595,618 | $ | 10,178,758 | ||||||
Investments in affiliates, at value |
33,156,242 | 37,665,896 | 8,251,921 | |||||||||
Gold Investments, at fair value (Cost $7,240,876) |
— | — | — | |||||||||
Cash |
— | — | — | |||||||||
Foreign Cash (Cost $124,904, $11,014) |
— | — | — | |||||||||
Dividends and interest receivable |
63,912 | 2,188 | 66,434 | |||||||||
Receivable for fund shares sold |
10,614 | 19,532 | 1,277 | |||||||||
Receivable for securities sold |
— | — | 103,126 | |||||||||
Receivable for foreign tax reclaims |
— | — | — | |||||||||
Prepaid expenses and other assets |
10,792 | 11,989 | 16,666 | |||||||||
Total Assets |
33,788,284 | 38,295,223 | 18,618,182 | |||||||||
|
||||||||||||
LIABILITIES: |
||||||||||||
Payable for securities purchased |
— | — | 44,064 | |||||||||
Payable for fund shares redeemed |
20,113 | 35,830 | 9,468 | |||||||||
Payable to service providers |
17,493 | 22,392 | 11,113 | |||||||||
Accrued advisory fees |
4,274 | 4,698 | 6,062 | |||||||||
Accrued 12b-1 fees |
7,556 | 9,045 | 4,031 | |||||||||
Accrued expenses and other liabilities |
22,123 | 13,660 | 22,755 | |||||||||
Total Liabilities |
71,559 | 85,625 | 97,493 | |||||||||
Net Assets |
$ | 33,716,725 | $ | 38,209,598 | $ | 18,520,689 | ||||||
|
||||||||||||
NET ASSETS CONSIST OF: |
||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) |
$ | 32,201,017 | $ | 38,463,946 | $ | 19,102,037 | ||||||
Accumulated earnings (deficit) |
1,515,708 | (254,348 | ) | (581,348 | ) | |||||||
Net Assets |
$ | 33,716,725 | $ | 38,209,598 | $ | 18,520,689 | ||||||
STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 55
|
STRATEGIC |
CONSERVATIVE |
GROWTH & |
|||||||||
Class A |
||||||||||||
Net Assets |
$ | 31,459,297 | $ | 35,153,976 | $ | 14,005,279 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
3,276,380 | 3,436,877 | 1,319,510 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 9.60 | $ | 10.23 | $ | 10.61 | ||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) |
$ | 10.16 | $ | 10.83 | $ | 11.23 | ||||||
Class C |
||||||||||||
Net Assets |
$ | 2,257,408 | $ | 3,055,376 | $ | 1,309,003 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
275,646 | 344,347 | 128,739 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 8.19 | $ | 8.87 | $ | 10.17 | ||||||
Minimum Redemption Price Per Share (NAV * 0.99) |
$ | 8.11 | $ | 8.78 | $ | 10.07 | ||||||
Class I |
||||||||||||
Net Assets |
$ | 20 | $ | 246 | $ | 3,206,407 | ||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
2 | 24 | 299,675 | |||||||||
Net Asset Value, offering price and redemption price per share |
$ | 9.60 | (b) | $ | 10.23 | (b) | $ | 10.70 |
(b) |
NAV does not reclaculate due to rounding of shares. |
STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 56
Section 4 | Statements of Operations
FOR THE SIX MONTHS ENDED MARCH 31, 2024 (UNAUDITED)
|
SMALL/MID CAP |
INTERNATIONAL |
LARGE/MID CAP |
|||||||||
Investment Income: |
||||||||||||
Interest income |
$ | 98,450 | $ | 154,653 | $ | 165,223 | ||||||
Dividend Income |
234,890 | 1,708,492 | 938,996 | |||||||||
Dividend income from affiliated investments |
— | — | 137,106 | |||||||||
Foreign tax withheld |
(30 | ) | (294,792 | ) | (3,519 | ) | ||||||
Total Investment Income |
333,310 | 1,568,353 | 1,237,806 | |||||||||
|
||||||||||||
Operating Expenses: |
||||||||||||
Investment advisory fees |
232,418 | 840,576 | 702,012 | |||||||||
12b-1 Fees: |
||||||||||||
Class A |
44,913 | 70,892 | 132,902 | |||||||||
Class C |
12,452 | 8,697 | 48,289 | |||||||||
Administration fees |
62,421 | 167,835 | 146,565 | |||||||||
Registration fees |
21,300 | 32,403 | 25,920 | |||||||||
Non 12b-1 shareholder service fees |
18,981 | 89,700 | 50,502 | |||||||||
Printing expenses |
11,370 | 28,305 | 24,474 | |||||||||
Audit fees |
5,964 | 5,958 | 5,937 | |||||||||
Custody fees |
4,545 | 13,644 | 11,991 | |||||||||
Trustees’ fees |
3,678 | 6,132 | 6,210 | |||||||||
Legal fees |
3,243 | 6,216 | 5,334 | |||||||||
Compliance officer fees |
1,380 | 8,595 | 6,087 | |||||||||
Insurance expenses |
366 | 2,610 | 1,836 | |||||||||
Miscellaneous expenses |
3,990 | 2,109 | 4,081 | |||||||||
Total Operating Expenses |
441,913 | 1,283,672 | 1,172,140 | |||||||||
Less: Expenses waived by Advisor for Affiliated Holdings |
— | — | (87,794 | ) | ||||||||
Less: Expenses waived by Advisor |
(27,343 | ) | (56,011 | ) | (36,131 | ) | ||||||
Net Operating Expenses |
414,570 | 1,227,661 | 1,048,215 | |||||||||
|
||||||||||||
Net Investment Income (Loss) |
(81,260 | ) | 340,692 | 189,591 | ||||||||
|
||||||||||||
Realized and Unrealized Gain (Loss) on Investments: |
||||||||||||
Net realized gain (loss) on |
||||||||||||
investments |
3,248,282 | (871,606 | ) | 3,996,171 | ||||||||
foreign currency transactions |
— | (179 | ) | (138 | ) | |||||||
and affiliated investments |
— | — | 1,569,717 | |||||||||
Net change in unrealized appreciation (depreciation) on investments |
13,217,462 | 27,577,883 | 31,052,134 | |||||||||
affiliated investments |
— | — | 1,966,874 | |||||||||
and foreign currency translations |
— | 179 | 28 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
16,465,744 | 26,706,277 | 38,584,786 | |||||||||
|
||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations |
$ | 16,384,484 | $ | 27,046,969 | $ | 38,774,377 |
STATEMENTS OF OPERATIONS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 57
|
SMALL CAP |
LARGE/MID CAP |
FIXED |
|||||||||
Investment Income: |
||||||||||||
Interest income |
$ | 66,161 | $ | 416,070 | $ | 2,097,977 | ||||||
Dividend Income |
1,990,850 | 1,990,350 | — | |||||||||
Dividend income from affiliated investments |
120,473 | 476,839 | — | |||||||||
Foreign tax withheld |
(3,673 | ) | (3,409 | ) | — | |||||||
Total Investment Income |
2,173,811 | 2,879,850 | 2,097,977 | |||||||||
|
||||||||||||
Operating Expenses: |
||||||||||||
Investment advisory fees |
750,639 | 1,278,672 | 326,233 | |||||||||
12b-1 Fees: |
||||||||||||
Class A |
128,605 | 217,733 | 90,365 | |||||||||
Class C |
30,213 | 70,253 | 34,359 | |||||||||
Administration fees |
176,142 | 306,630 | 113,205 | |||||||||
Registration fees |
32,280 | 38,175 | 28,815 | |||||||||
Non 12b-1 shareholder service fees |
60,735 | 98,040 | 46,788 | |||||||||
Printing expenses |
29,748 | 42,252 | 18,702 | |||||||||
Audit fees |
6,978 | 11,565 | 8,073 | |||||||||
Custody fees |
23,552 | 17,094 | 10,953 | |||||||||
Trustees’ fees |
6,726 | 12,021 | 4,608 | |||||||||
Legal fees |
5,310 | 9,018 | 3,642 | |||||||||
Compliance officer fees |
11,565 | 14,094 | 4,998 | |||||||||
Insurance expenses |
1,782 | 3,372 | 1,830 | |||||||||
Miscellaneous expenses |
4,764 | 2,655 | 1,656 | |||||||||
Total Operating Expenses |
1,269,039 | 2,121,574 | 694,227 | |||||||||
Less: Expenses waived by Advisor for Affiliated Holdings |
(77,379 | ) | (193,356 | ) | — | |||||||
Less: Expenses waived by Advisor |
(39,604 | ) | (127,684 | ) | (108,744 | ) | ||||||
Net Operating Expenses |
1,152,056 | 1,800,534 | 585,483 | |||||||||
|
||||||||||||
Net Investment Income (Loss) |
1,021,755 | 1,079,316 | 1,512,494 | |||||||||
|
||||||||||||
Realized and Unrealized Gain (Loss) on Investments: |
||||||||||||
Net realized gain (loss) on |
||||||||||||
investments |
6,455,729 | 16,033,424 | (266,664 | ) | ||||||||
foreign currency transactions |
4 | — | — | |||||||||
and affiliated investments |
— | 5,038,880 | — | |||||||||
Net change in unrealized appreciation (depreciation) on investments |
20,601,023 | 34,998,203 | 4,439,479 | |||||||||
affiliated investments |
3,312,264 | 2,953,389 | — | |||||||||
and foreign currency translations |
— | — | — | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
30,369,020 | 59,023,896 | 4,172,815 | |||||||||
|
||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations |
$ | 31,390,775 | $ | 60,103,212 | $ | 5,685,309 |
STATEMENTS OF OPERATIONS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 58
|
HIGH YIELD |
ISRAEL |
DEFENSIVE |
|||||||||
Investment Income: |
||||||||||||
Interest income |
$ | 6,178,598 | $ | 70,725 | $ | 194,170 | ||||||
Dividend Income |
— | 1,254,291 | 468,631 | |||||||||
Dividend income from affiliated investments |
— | — | 545,029 | |||||||||
Foreign tax withheld |
— | (330,200 | ) | (17,404 | ) | |||||||
Total Investment Income |
6,178,598 | 994,816 | 1,190,426 | |||||||||
|
||||||||||||
Operating Expenses: |
||||||||||||
Investment advisory fees |
527,166 | 486,222 | 216,070 | |||||||||
12b-1 fees: |
||||||||||||
Class A |
77,207 | 60,109 | 51,668 | |||||||||
Class C |
12,135 | 34,094 | 17,605 | |||||||||
Administration fees |
167,547 | 103,305 | 88,110 | |||||||||
Non 12b-1 shareholder service fees |
67,725 | 38,160 | 25,923 | |||||||||
Registration fees |
30,750 | 22,020 | 20,142 | |||||||||
Printing expenses |
24,618 | 13,782 | 13,143 | |||||||||
Custody fees |
12,420 | 47,442 | 30,339 | |||||||||
Audit fees |
9,552 | 8,001 | 7,620 | |||||||||
Trustees’ fees |
7,485 | 8,085 | 2,478 | |||||||||
Compliance officer fees |
7,329 | 5,910 | 3,750 | |||||||||
Legal fees |
6,402 | 3,441 | 2,859 | |||||||||
Insurance expenses |
1,947 | 897 | 903 | |||||||||
Miscellaneous expenses |
1,815 | 1,929 | 2,175 | |||||||||
Total Operating Expenses |
954,098 | 833,397 | 482,785 | |||||||||
Less: Expenses waived by Advisor for Affiliated Holdings |
— | — | (40,188 | ) | ||||||||
Less: Expenses waived by Advisor |
(87,861 | ) | — | (14,657 | ) | |||||||
Net Operating Expenses |
866,237 | 833,397 | 427,940 | |||||||||
Net Investment Income (Loss) |
5,312,361 | 161,419 | 762,486 | |||||||||
|
||||||||||||
Realized and Unrealized Gain (Loss) on Investments: |
||||||||||||
Net realized gain (loss) on |
||||||||||||
investments |
(1,160,991 | ) | (195,621 | ) | 93,240 | |||||||
foreign currency transactions |
— | (9,386 | ) | 409 | ||||||||
and affiliated investments |
— | — | — | |||||||||
Net change in unrealized appreciation (depreciation) on investments |
10,435,851 | 13,167,154 | 2,846,291 | |||||||||
affiliated investments |
— | — | (1,122,751 | ) | ||||||||
alternative investments |
— | — | 2,337,270 | |||||||||
and foreign currency translations |
— | (356 | ) | (1,933 | ) | |||||||
Net Realized and Unrealized Gain (Loss) on Investments |
9,274,860 | 12,961,791 | 4,152,526 | |||||||||
|
||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations |
$ | 14,587,221 | $ | 13,123,210 | $ | 4,915,012 |
STATEMENTS OF OPERATIONS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 59
|
STRATEGIC |
CONSERVATIVE |
GROWTH & |
|||||||||
Investment Income: |
||||||||||||
Interest income |
$ | 16,177 | $ | 17,374 | $ | 214,351 | ||||||
Dividend Income |
— | — | — | |||||||||
Dividend income from affiliated investments |
502,149 | 602,808 | 93,088 | |||||||||
Foreign tax withheld |
— | — | — | |||||||||
Total Investment Income |
518,326 | 620,182 | 307,439 | |||||||||
|
||||||||||||
Operating Expenses: |
||||||||||||
Investment advisory fees |
107,754 | 123,924 | 70,408 | |||||||||
12b-1 fees: |
||||||||||||
Class A |
38,440 | 43,640 | 16,564 | |||||||||
Class C |
8,990 | 12,081 | 7,204 | |||||||||
Administration fees |
43,860 | 49,791 | 38,820 | |||||||||
Non 12b-1 shareholder service fees |
6,246 | 3,144 | 6,924 | |||||||||
Registration fees |
9,510 | 15,210 | 14,715 | |||||||||
Printing expenses |
10,950 | 13,071 | 6,924 | |||||||||
Custody fees |
2,772 | 9,374 | 5,892 | |||||||||
Audit fees |
5,769 | 6,141 | 5,124 | |||||||||
Trustees’ fees |
2,865 | 3,555 | 2,298 | |||||||||
Compliance officer fees |
1,665 | 677 | 953 | |||||||||
Legal fees |
1,008 | 2,223 | 1,779 | |||||||||
Insurance expenses |
183 | 183 | 333 | |||||||||
Miscellaneous expenses |
570 | 825 | 2,916 | |||||||||
Total Operating Expenses |
240,582 | 283,839 | 180,854 | |||||||||
Less: Expenses waived by Advisor for Affiliated Holdings |
— | — | (26,313 | ) | ||||||||
Less: Expenses waived by Advisor |
(82,892 | ) | (95,479 | ) | (7,781 | ) | ||||||
Net Operating Expenses |
157,690 | 188,360 | 146,760 | |||||||||
Net Investment Income (Loss) |
360,636 | 431,822 | 160,679 | |||||||||
|
||||||||||||
Realized and Unrealized Gain (Loss) on Investments: |
||||||||||||
Net realized gain (loss) on |
||||||||||||
investments |
— | — | (56,712 | ) | ||||||||
foreign currency transactions |
— | — | — | |||||||||
and affiliated investments |
251,247 | 222,624 | 325,463 | |||||||||
Net change in unrealized appreciation (depreciation) on investments |
— | — | 451,835 | |||||||||
affiliated investments |
2,833,594 | 2,628,327 | 597,192 | |||||||||
alternative investments |
— | — | — | |||||||||
and foreign currency translations |
— | — | — | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
3,084,841 | 2,850,951 | 1,317,778 | |||||||||
|
||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations |
$ | 3,445,477 | $ | 3,282,773 | $ | 1,478,457 |
STATEMENTS OF OPERATIONS (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 60
Section 5 | Statements of Changes in Net Assets
|
Small/Mid Cap Growth Fund |
International Fund |
||||||||||||||
|
Six Months |
Year Ended |
Six Months |
Year Ended |
||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | (81,260 | ) | $ | (116,118 | ) | $ | 340,692 | $ | 1,436,566 | ||||||
Net realized gain (loss) from investments and foreign currency transactions |
3,248,282 | 2,576,672 | (871,785 | ) | 1,463,898 | |||||||||||
Capital gain dividends from REITs |
— | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations |
13,217,462 | 3,442,018 | 27,578,062 | 19,302,713 | ||||||||||||
Net increase (decrease) in net assets resulting from operations |
16,384,484 | 5,902,572 | 27,046,969 | 22,203,177 | ||||||||||||
Distributions to Shareholders: |
||||||||||||||||
Total distributions paid |
||||||||||||||||
Class A |
(1,126,332 | ) | (886,181 | ) | (594,610 | ) | (242,141 | ) | ||||||||
Class C |
(96,042 | ) | (91,155 | ) | (3,064 | ) | — | |||||||||
Class I |
(626,048 | ) | (146,597 | ) | (1,373,863 | ) | (572,599 | ) | ||||||||
Total dividends and distributions to shareholders |
(1,848,422 | ) | (1,123,933 | ) | (1,971,537 | ) | (814,740 | ) | ||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||
Class A |
2,941,942 | 4,490,305 | 2,541,219 | 14,838,545 | ||||||||||||
Class C |
249,279 | 462,776 | 128,836 | 478,792 | ||||||||||||
Class I |
44,786,847 | 20,983,945 | 20,978,657 | 51,222,061 | ||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||
Class A |
1,088,816 | 854,542 | 533,706 | 203,371 | ||||||||||||
Class C |
95,775 | 90,051 | 3,038 | — | ||||||||||||
Class I |
600,916 | 135,571 | 1,085,332 | 405,754 | ||||||||||||
Cost of shares redeemed |
||||||||||||||||
Class A |
(4,138,563 | ) | (5,273,576 | ) | (12,877,505 | ) | (11,132,405 | ) | ||||||||
Class C |
(682,548 | ) | (497,386 | ) | (549,971 | ) | (402,666 | ) | ||||||||
Class I |
(24,461,689 | ) | (18,368,393 | ) | (27,881,058 | ) | (31,128,361 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
20,480,775 | 2,877,835 | (16,037,746 | ) | 24,485,091 | |||||||||||
Total Increase (Decrease) in Net Assets |
35,016,837 | 7,656,474 | 9,037,686 | 45,873,528 | ||||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
42,374,473 | 34,717,999 | 162,459,870 | 116,586,342 | ||||||||||||
End of period |
$ | 77,391,310 | $ | 42,374,473 | $ | 171,497,556 | $ | 162,459,870 | ||||||||
Share Activity: |
||||||||||||||||
Shares Sold |
||||||||||||||||
Class A |
272,148 | 474,340 | 217,884 | 1,334,490 | ||||||||||||
Class C |
31,113 | 65,331 | 11,501 | 46,285 | ||||||||||||
Class I |
3,864,849 | 1,996,454 | 1,775,832 | 4,641,314 | ||||||||||||
Shares Reinvested |
||||||||||||||||
Class A |
106,642 | 94,113 | 46,330 | 18,972 | ||||||||||||
Class C |
12,787 | 13,261 | 274 | — | ||||||||||||
Class I |
56,905 | 14,484 | 93,968 | 37,780 | ||||||||||||
Shares Redeemed |
||||||||||||||||
Class A |
(379,581 | ) | (556,670 | ) | (1,108,735 | ) | (1,010,574 | ) | ||||||||
Class C |
(87,526 | ) | (71,344 | ) | (49,263 | ) | (39,228 | ) | ||||||||
Class I |
(2,190,838 | ) | (1,751,336 | ) | (2,343,013 | ) | (2,835,781 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding |
1,686,499 | 278,633 | (1,355,222 | ) | 2,193,258 |
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 61
|
Large/Mid Cap Growth Fund |
Small Cap Value Fund |
||||||||||||||
|
Six Months |
Year Ended |
Six Months |
Year Ended |
||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 189,591 | $ | 94,000 | $ | 1,021,755 | $ | 1,538,443 | ||||||||
Net realized gain (loss) from investments and foreign currency transactions |
5,565,750 | 11,756,034 | 6,455,733 | 4,566,242 | ||||||||||||
Capital gain dividends from REITs |
— | — | — | 185,673 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations |
33,019,036 | 9,400,500 | 23,913,287 | 14,224,369 | ||||||||||||
Net increase (decrease) in net assets resulting from operations |
38,774,377 | 21,250,534 | 31,390,775 | 20,514,727 | ||||||||||||
Distributions to Shareholders: |
||||||||||||||||
Total distributions paid |
||||||||||||||||
Class A |
(6,001,965 | ) | (8,357,597 | ) | (4,172,819 | ) | (6,249,977 | ) | ||||||||
Class C |
(726,775 | ) | (1,163,353 | ) | (338,254 | ) | (616,255 | ) | ||||||||
Class I |
(2,852,543 | ) | (2,198,299 | ) | (2,830,141 | ) | (3,302,915 | ) | ||||||||
Total dividends and distributions to shareholders |
(9,581,283 | ) | (11,719,249 | ) | (7,341,214 | ) | (10,169,147 | ) | ||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||
Class A |
10,930,994 | 12,086,420 | 4,675,228 | 7,002,628 | ||||||||||||
Class C |
771,609 | 1,454,167 | 476,038 | 1,199,547 | ||||||||||||
Class I |
14,634,755 | 28,650,628 | 17,295,084 | 38,632,157 | ||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||
Class A |
5,826,879 | 8,050,811 | 4,069,229 | 6,022,122 | ||||||||||||
Class C |
712,715 | 1,134,944 | 330,170 | 600,778 | ||||||||||||
Class I |
2,617,058 | 2,010,936 | 2,697,660 | 3,083,981 | ||||||||||||
Cost of shares redeemed |
||||||||||||||||
Class A |
(7,082,465 | ) | (15,511,902 | ) | (8,907,140 | ) | (11,829,855 | ) | ||||||||
Class C |
(2,620,336 | ) | (1,702,208 | ) | (1,932,113 | ) | (1,248,875 | ) | ||||||||
Class I |
(11,835,872 | ) | (9,838,117 | ) | (21,718,671 | ) | (23,468,305 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
13,955,337 | 26,335,679 | (3,014,515 | ) | 19,994,178 | |||||||||||
Total Increase (Decrease) in Net Assets |
43,148,431 | 35,866,964 | 21,035,046 | 30,339,758 | ||||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
149,036,869 | 113,169,905 | 170,543,343 | 140,203,585 | ||||||||||||
End of period |
$ | 192,185,300 | $ | 149,036,869 | $ | 191,578,389 | $ | 170,543,343 | ||||||||
Share Activity: |
||||||||||||||||
Shares Sold |
||||||||||||||||
Class A |
957,972 | 1,171,671 | 254,854 | 397,289 | ||||||||||||
Class C |
93,965 | 190,058 | 43,714 | 109,728 | ||||||||||||
Class I |
1,254,634 | 2,695,519 | 939,930 | 2,113,130 | ||||||||||||
Shares Reinvested |
||||||||||||||||
Class A |
543,555 | 812,395 | 227,968 | 343,925 | ||||||||||||
Class C |
93,778 | 156,544 | 31,236 | 56,358 | ||||||||||||
Class I |
235,559 | 196,572 | 148,468 | 173,063 | ||||||||||||
Shares Redeemed |
||||||||||||||||
Class A |
(627,150 | ) | (1,515,394 | ) | (486,551 | ) | (670,732 | ) | ||||||||
Class C |
(325,213 | ) | (227,260 | ) | (175,599 | ) | (116,914 | ) | ||||||||
Class I |
(1,053,990 | ) | (919,747 | ) | (1,183,821 | ) | (1,322,793 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding |
1,173,110 | 2,560,358 | (199,801 | ) | 1,083,054 |
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 62
|
Large/Mid Cap Value Fund |
Fixed Income Fund |
||||||||||||||
|
Six Months |
Year Ended |
Six Months |
Year Ended |
||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 1,079,316 | $ | 1,705,615 | $ | 1,512,494 | $ | 2,221,452 | ||||||||
Net realized gain (loss) from investments and foreign currency transactions |
21,072,304 | 997,909 | (266,664 | ) | (5,811,763 | ) | ||||||||||
Capital gain dividends from REITs |
— | 3,088 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations |
37,951,592 | 30,984,862 | 4,439,479 | 3,152,513 | ||||||||||||
Net increase (decrease) in net assets resulting from operations |
60,103,212 | 33,691,474 | 5,685,309 | (437,798 | ) | |||||||||||
Distributions to Shareholders: |
||||||||||||||||
Total distributions paid |
||||||||||||||||
Class A |
(1,533,936 | ) | (8,491,776 | ) | (953,351 | ) | (1,537,644 | ) | ||||||||
Class C |
(74,122 | ) | (1,067,512 | ) | (62,754 | ) | (132,190 | ) | ||||||||
Class I |
(1,280,168 | ) | (4,721,274 | ) | (447,899 | ) | (606,661 | ) | ||||||||
Total dividends and distributions to shareholders |
(2,888,226 | ) | (14,280,562 | ) | (1,464,004 | ) | (2,276,495 | ) | ||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||
Class A |
11,295,294 | 17,644,025 | 11,189,528 | 10,264,261 | ||||||||||||
Class C |
1,335,319 | 2,912,101 | 311,507 | 930,481 | ||||||||||||
Class I |
34,298,022 | 59,642,729 | 10,147,562 | 16,118,195 | ||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||
Class A |
1,478,791 | 8,119,208 | 835,818 | 1,344,833 | ||||||||||||
Class C |
72,383 | 1,041,605 | 48,284 | 99,296 | ||||||||||||
Class I |
1,181,987 | 4,208,753 | 373,156 | 492,335 | ||||||||||||
Cost of shares redeemed |
||||||||||||||||
Class A |
(16,550,541 | ) | (22,922,491 | ) | (7,724,492 | ) | (22,610,116 | ) | ||||||||
Class C |
(4,875,622 | ) | (3,233,973 | ) | (2,053,822 | ) | (2,037,419 | ) | ||||||||
Class I |
(18,869,593 | ) | (43,223,850 | ) | (5,123,260 | ) | (10,335,104 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
9,366,040 | 24,188,107 | 8,004,281 | (5,733,238 | ) | |||||||||||
Total Increase (Decrease) in Net Assets |
66,581,026 | 43,599,019 | 12,225,586 | (8,447,531 | ) | |||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
285,167,249 | 241,568,230 | 102,940,436 | 111,387,967 | ||||||||||||
End of period |
$ | 351,748,275 | $ | 285,167,249 | $ | 115,166,022 | $ | 102,940,436 | ||||||||
Share Activity: |
||||||||||||||||
Shares Sold |
||||||||||||||||
Class A |
510,574 | 858,342 | 1,245,194 | 1,133,685 | ||||||||||||
Class C |
85,867 | 195,481 | 36,403 | 106,527 | ||||||||||||
Class I |
1,505,676 | 2,849,297 | 1,143,480 | 1,794,335 | ||||||||||||
Shares Reinvested |
||||||||||||||||
Class A |
69,135 | 399,567 | 92,755 | 150,383 | ||||||||||||
Class C |
4,753 | 71,687 | 5,591 | 11,577 | ||||||||||||
Class I |
54,570 | 204,606 | 41,828 | 55,645 | ||||||||||||
Shares Redeemed |
||||||||||||||||
Class A |
(737,616 | ) | (1,115,087 | ) | (868,613 | ) | (2,482,221 | ) | ||||||||
Class C |
(317,814 | ) | (221,160 | ) | (236,916 | ) | (236,081 | ) | ||||||||
Class I |
(864,066 | ) | (2,056,109 | ) | (579,236 | ) | (1,159,014 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding |
311,079 | 1,186,624 | 880,486 | (625,164 | ) |
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 63
|
High Yield Bond Fund |
Israel Common Values Fund |
||||||||||||||
|
Six Months |
Year Ended |
Six Months |
Year Ended |
||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 5,312,361 | $ | 7,923,181 | $ | 161,419 | $ | 568,254 | ||||||||
Net realized gain (loss) from investments and foreign currency transactions |
(1,160,991 | ) | (8,483,138 | ) | (205,007 | ) | (1,931,234 | ) | ||||||||
Capital gain dividends from REITs |
— | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
10,435,851 | 14,300,995 | 13,166,798 | (9,779,417 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations |
14,587,221 | 13,741,038 | 13,123,210 | (11,142,397 | ) | |||||||||||
Distributions to Shareholders: |
||||||||||||||||
Total distributions paid |
||||||||||||||||
Class A |
(1,615,502 | ) | (3,373,954 | ) | — | — | ||||||||||
Class C |
(50,902 | ) | (113,340 | ) | — | — | ||||||||||
Class I |
(3,446,989 | ) | (4,349,798 | ) | (39,506 | ) | — | |||||||||
Total dividends and distributions to shareholders |
(5,113,393 | ) | (7,837,092 | ) | (39,506 | ) | — | |||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||
Class A |
9,093,409 | 18,004,465 | 6,750,906 | 11,962,354 | ||||||||||||
Class C |
274,320 | 766,453 | 356,403 | 781,957 | ||||||||||||
Class I |
80,733,686 | 102,250,908 | 8,215,701 | 19,014,293 | ||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||
Class A |
1,421,549 | 2,974,022 | — | — | ||||||||||||
Class C |
49,839 | 110,085 | — | — | ||||||||||||
Class I |
2,925,873 | 3,135,159 | 34,442 | — | ||||||||||||
Cost of shares redeemed |
||||||||||||||||
Class A |
(8,154,352 | ) | (35,077,468 | ) | (7,575,220 | ) | (13,029,177 | ) | ||||||||
Class C |
(643,808 | ) | (754,350 | ) | (2,872,191 | ) | (1,854,766 | ) | ||||||||
Class I |
(23,043,525 | ) | (101,986,575 | ) | (7,125,154 | ) | (11,063,965 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
62,656,991 | (10,577,301 | ) | (2,215,113 | ) | 5,810,696 | ||||||||||
Total Increase (Decrease) in Net Assets |
72,130,819 | (4,673,355 | ) | 10,868,591 | (5,331,701 | ) | ||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
132,522,257 | 137,195,612 | 95,521,302 | 100,853,003 | ||||||||||||
End of period |
$ | 204,653,076 | $ | 132,522,257 | $ | 106,389,893 | $ | 95,521,302 | ||||||||
Share Activity: |
||||||||||||||||
Shares Sold |
||||||||||||||||
Class A |
1,069,596 | 2,145,704 | 347,002 | 572,009 | ||||||||||||
Class C |
31,153 | 89,026 | 19,871 | 40,465 | ||||||||||||
Class I |
9,411,041 | 12,107,178 | 417,556 | 911,164 | ||||||||||||
Shares Reinvested |
||||||||||||||||
Class A |
163,975 | 356,016 | — | — | ||||||||||||
Class C |
5,630 | 12,935 | — | — | ||||||||||||
Class I |
336,639 | 374,875 | 1,740 | — | ||||||||||||
Shares Redeemed |
||||||||||||||||
Class A |
(937,397 | ) | (4,162,681 | ) | (383,828 | ) | (632,138 | ) | ||||||||
Class C |
(73,258 | ) | (87,930 | ) | (156,601 | ) | (97,170 | ) | ||||||||
Class I |
(2,663,456 | ) | (12,108,200 | ) | (352,204 | ) | (534,702 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding |
7,343,923 | (1,273,077 | ) | (106,464 | ) | 259,628 |
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 64
|
Defensive Strategies Fund |
Strategic Growth Fund |
||||||||||||||
|
Six Months |
Year Ended |
Six Months |
Year Ended |
||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 762,486 | $ | 943,781 | $ | 360,636 | $ | 440,678 | ||||||||
Net realized gain (loss) from investments and foreign currency transactions |
93,649 | 725,601 | 251,247 | 207,612 | ||||||||||||
Capital gain dividends from REITs |
— | 65,638 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
4,058,877 | 4,837,886 | 2,833,594 | 1,785,933 | ||||||||||||
Net increase (decrease) in net assets resulting from operations |
4,915,012 | 6,572,906 | 3,445,477 | 2,434,223 | ||||||||||||
Distributions to Shareholders: |
||||||||||||||||
Total distributions paid |
||||||||||||||||
Class A |
(998,781 | ) | (2,087,703 | ) | (498,217 | ) | (2,160,890 | ) | ||||||||
Class C |
(48,377 | ) | (187,628 | ) | (23,166 | ) | (197,275 | ) | ||||||||
Class I |
(704,021 | ) | (1,231,772 | ) | 0 | * | — | |||||||||
Total dividends and distributions to shareholders |
(1,751,179 | ) | (3,507,103 | ) | (521,383 | ) | (2,358,165 | ) | ||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||
Class A |
4,779,934 | 7,149,362 | 1,742,962 | 2,119,961 | ||||||||||||
Class C |
113,306 | 416,209 | 128,132 | 261,558 | ||||||||||||
Class I |
7,618,876 | 12,672,145 | — | 18 | ||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||
Class A |
869,149 | 1,819,449 | 482,302 | 2,096,847 | ||||||||||||
Class C |
45,507 | 176,672 | 22,701 | 196,816 | ||||||||||||
Class I |
649,838 | 1,168,983 | — | — | ||||||||||||
Cost of shares redeemed |
||||||||||||||||
Class A |
(5,687,476 | ) | (16,427,011 | ) | (3,400,349 | ) | (4,331,805 | ) | ||||||||
Class C |
(1,393,259 | ) | (1,534,029 | ) | (815,247 | ) | (411,607 | ) | ||||||||
Class I |
(5,245,542 | ) | (13,453,254 | ) | — | — | ||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
1,750,333 | (8,011,474 | ) | (1,839,499 | ) | (68,212 | ) | |||||||||
Total Increase (Decrease) in Net Assets |
4,914,166 | (4,945,671 | ) | 1,084,595 | 7,846 | |||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
70,516,040 | 75,461,711 | 32,632,130 | 32,624,284 | ||||||||||||
End of period |
$ | 75,430,206 | $ | 70,516,040 | $ | 33,716,725 | $ | 32,632,130 | ||||||||
Share Activity: |
||||||||||||||||
Shares Sold |
||||||||||||||||
Class A |
361,241 | 548,607 | 193,700 | 234,939 | ||||||||||||
Class C |
9,125 | 33,759 | 16,676 | 33,800 | ||||||||||||
Class I |
574,330 | 968,235 | — | 2 | ||||||||||||
Shares Reinvested |
||||||||||||||||
Class A |
66,653 | 141,702 | 53,649 | 232,983 | ||||||||||||
Class C |
3,699 | 14,612 | 2,956 | 25,594 | ||||||||||||
Class I |
49,834 | 91,042 | — | — | ||||||||||||
Shares Redeemed |
||||||||||||||||
Class A |
(431,041 | ) | (1,242,611 | ) | (374,206 | ) | (477,887 | ) | ||||||||
Class C |
(111,438 | ) | (124,531 | ) | (105,624 | ) | (53,181 | ) | ||||||||
Class I |
(397,585 | ) | (1,030,897 | ) | — | — | ||||||||||
Net increase (decrease) in shares of beneficial interest outstanding |
124,818 | (600,082 | ) | (212,849 | ) | (3,750 | ) |
* |
Less than $1. |
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 65
|
Conservative Growth Fund |
Growth & Income Fund |
||||||||||||||
|
Six Months |
Year Ended |
Six Months |
Year Ended |
||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 431,822 | $ | 567,271 | $ | 160,679 | $ | 291,172 | ||||||||
Net realized gain (loss) from investments, affiliated investments and foreign currency transactions |
222,624 | 174,432 | 268,751 | 271,675 | ||||||||||||
Capital gain dividends from REITs |
— | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations |
2,628,327 | 1,270,530 | 1,049,027 | (439,059 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations |
3,282,773 | 2,012,233 | 1,478,457 | 123,788 | ||||||||||||
Distributions to Shareholders: |
||||||||||||||||
Total distributions paid |
||||||||||||||||
Class A |
(592,194 | ) | (1,949,664 | ) | (195,696 | ) | (1,005,818 | ) | ||||||||
Class C |
(35,028 | ) | (216,573 | ) | (14,832 | ) | (138,050 | ) | ||||||||
Class I |
— | — | (49,969 | ) | (289,249 | ) | ||||||||||
Total dividends and distributions to shareholders |
(627,222 | ) | (2,166,237 | ) | (260,497 | ) | (1,433,117 | ) | ||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||
Class A |
1,749,539 | 1,813,711 | 1,544,823 | 1,777,993 | ||||||||||||
Class C |
173,658 | 555,686 | 88,345 | 432,927 | ||||||||||||
Class I |
221 | 18 | 457,301 | 2,501,037 | ||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||
Class A |
569,811 | 1,878,918 | 186,089 | 947,767 | ||||||||||||
Class C |
33,144 | 207,916 | 14,792 | 136,611 | ||||||||||||
Class I |
— | — | 47,651 | 276,568 | ||||||||||||
Cost of shares redeemed |
||||||||||||||||
Class A |
(4,825,082 | ) | (5,380,917 | ) | (1,359,112 | ) | (2,236,709 | ) | ||||||||
Class C |
(904,771 | ) | (1,095,974 | ) | (554,650 | ) | (691,367 | ) | ||||||||
Class I |
— | — | (916,681 | ) | (2,268,045 | ) | ||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
(3,203,480 | ) | (2,020,642 | ) | (491,442 | ) | 876,782 | |||||||||
Total Increase (Decrease) in Net Assets |
(547,929 | ) | (2,174,646 | ) | 726,518 | (432,547 | ) | |||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
38,757,527 | 40,932,173 | 17,794,171 | 18,226,718 | ||||||||||||
End of period |
$ | 38,209,598 | $ | 38,757,527 | 18,520,689 | $ | 17,794,171 | |||||||||
Share Activity: |
||||||||||||||||
Shares Sold |
||||||||||||||||
Class A |
177,678 | 185,211 | 152,264 | 170,280 | ||||||||||||
Class C |
20,432 | 65,417 | 8,980 | 42,270 | ||||||||||||
Class I |
22 | 2 | 44,735 | 234,320 | ||||||||||||
Shares Reinvested |
||||||||||||||||
Class A |
58,562 | 191,920 | 18,161 | 89,873 | ||||||||||||
Class C |
3,922 | 24,432 | 1,510 | 13,480 | ||||||||||||
Class I |
— | — | 4,615 | 26,024 | ||||||||||||
Shares Redeemed |
||||||||||||||||
Class A |
(492,011 | ) | (549,980 | ) | (133,623 | ) | (210,706 | ) | ||||||||
Class C |
(106,366 | ) | (129,415 | ) | (56,790 | ) | (68,334 | ) | ||||||||
Class I |
— | — | (90,031 | ) | (213,605 | ) | ||||||||||
Net increase (decrease) in shares of beneficial interest outstanding |
(337,761 | ) | (212,413 | ) | (50,179 | ) | 83,602 |
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 66
Section 6 | Financial Highlights
Small/Mid Cap Growth Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.62 | $ | 8.42 | $ | 12.53 | $ | 9.92 | $ | 7.87 | $ | 9.27 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (A) |
(0.02 | ) | (0.03 | ) | (0.09 | ) | (0.14 | ) | (0.09 | ) | (0.07 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments |
3.29 | 1.50 | (2.95 | ) | 3.39 | 2.14 | (0.81 | ) | ||||||||||||||||
Total from investment operations |
3.27 | 1.47 | (3.04 | ) | 3.25 | 2.05 | (0.88 | ) | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.33 | ) | (0.27 | ) | (1.07 | ) | (0.64 | ) | — | (0.52 | ) | |||||||||||||
Return of Capital |
— | — | — | — | — | (0.00 | )* | |||||||||||||||||
Total distributions |
(0.33 | ) | (0.27 | ) | (1.07 | ) | (0.64 | ) | — | (0.52 | ) | |||||||||||||
Net asset value, end of period |
$ | 12.56 | $ | 9.62 | $ | 8.42 | $ | 12.53 | $ | 9.92 | $ | 7.87 | ||||||||||||
Total return (B)(C) |
34.81 | %(D) | 17.59 | % | (26.66 | )% | 33.89 | % | 26.05 | % | (8.72 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 41,871 | $ | 32,076 | $ | 27,983 | $ | 37,917 | $ | 30,316 | $ | 21,802 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.66 | %(E) | 1.58 | % | 1.62 | % | 1.60 | % | 1.71 | % | 1.64 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.56 | %(E) | 1.48 | %(G) | 1.52 | % | 1.50 | % | 1.61 | % | 1.56 | % | ||||||||||||
Net investment loss, before waiver and reimbursement |
(0.47 | )%(E) | (0.38 | )% | (1.00 | )% | (1.30 | )% | (1.19 | )% | (0.91 | )% | ||||||||||||
Net investment loss, net waiver and reimbursement (F) |
(0.37 | )%(E) | (0.28 | )%(G) | (0.90 | )% | (1.20 | )% | (1.09 | )% | (0.82 | )% | ||||||||||||
Portfolio turnover rate |
48 | %(D) | 67 | % | 46 | % | 48 | % | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 67
Small/Mid Cap Growth Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.14 | $ | 6.36 | $ | 9.79 | $ | 7.93 | $ | 6.34 | $ | 7.64 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (A) |
(0.04 | ) | (0.07 | ) | (0.13 | ) | (0.18 | ) | (0.12 | ) | (0.11 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments |
2.42 | 1.12 | (2.23 | ) | 2.68 | 1.71 | (0.67 | ) | ||||||||||||||||
Total from investment operations |
2.38 | 1.05 | (2.36 | ) | 2.50 | 1.59 | (0.78 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.33 | ) | (0.27 | ) | (1.07 | ) | (0.64 | ) | — | (0.52 | ) | |||||||||||||
Return of Capital |
— | — | — | — | — | (0.00 | )* | |||||||||||||||||
Total distributions |
(0.33 | ) | (0.27 | ) | (1.07 | ) | (0.64 | ) | — | (0.52 | ) | |||||||||||||
|
||||||||||||||||||||||||
Net asset value, end of period |
$ | 9.19 | $ | 7.14 | $ | 6.36 | $ | 9.79 | $ | 7.93 | $ | 6.34 | ||||||||||||
Total return (B)(C) |
34.23 | %(D) | 16.66 | % | (27.23 | )% | 32.87 | % | 25.08 | % | (9.33 | )% | ||||||||||||
|
||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 2,771 | $ | 2,466 | $ | 2,150 | $ | 2,877 | $ | 2,230 | $ | 2,433 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.41 | %(E) | 2.33 | % | 2.37 | % | 2.35 | % | 2.46 | % | 2.39 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
2.31 | %(E) | 2.23 | %(G) | 2.27 | % | 2.25 | % | 2.36 | % | 2.31 | % | ||||||||||||
Net investment loss, before waiver and reimbursement |
(1.22 | )%(E) | (1.13 | )% | (1.75 | )% | (2.05 | )% | (1.92 | )% | (1.73 | )% | ||||||||||||
Net investment loss, net waiver and reimbursement (F) |
(1.12 | )%(E) | (1.03 | )%(G) | (1.65 | )% | (1.95 | )% | (1.82 | )% | (1.64 | )% | ||||||||||||
Portfolio turnover rate |
48 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 68
Small/Mid Cap Growth Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.93 | $ | 8.67 | $ | 12.84 | $ | 10.13 | $ | 8.02 | $ | 9.41 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (A) |
(0.00 | )* | (0.00 | )* | (0.09 | ) | (0.12 | ) | (0.08 | ) | (0.05 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments |
3.40 | 1.53 | (3.01 | ) | 3.47 | 2.19 | (0.82 | ) | ||||||||||||||||
Total from investment operations |
3.40 | 1.53 | (3.10 | ) | 3.35 | 2.11 | (0.87 | ) | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.33 | ) | (0.27 | ) | (1.07 | ) | (0.64 | ) | — | (0.52 | ) | |||||||||||||
Return of Capital |
— | — | — | — | — | (0.00 | )* | |||||||||||||||||
Total distributions |
(0.33 | ) | (0.27 | ) | (1.07 | ) | (0.64 | ) | — | (0.52 | ) | |||||||||||||
Net asset value, end of period |
$ | 13.00 | $ | 9.93 | $ | 8.67 | $ | 12.84 | $ | 10.13 | $ | 8.02 | ||||||||||||
Total return (B) |
35.03 | %(C) | 17.78 | % | (26.48 | )% | 34.19 | % | 26.31 | % | (8.48 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 32,750 | $ | 7,833 | $ | 4,586 | $ | 12,104 | $ | 3,759 | $ | 1,233 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.41 | %(D) | 1.33 | % | 1.44 | % | 1.35 | % | 1.46 | % | 1.39 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) |
1.31 | %(D) | 1.23 | %(F) | 1.34 | % | 1.25 | % | 1.36 | % | 1.31 | % | ||||||||||||
Net investment income (loss), before waiver and reimbursement |
(0.10 | )%(D) | (0.13 | )% | (0.85 | )% | (1.05 | )% | (1.02 | )% | (0.67 | )% | ||||||||||||
Net investment income (loss), net waiver and reimbursement (E) |
0.00 | %(D) | (0.03 | )%(F) | (0.75 | )% | (0.95 | )% | (0.92 | )% | (0.57 | )% | ||||||||||||
Portfolio turnover rate |
48 | %(C) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(D) |
Annualized. |
(E) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(F) |
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.
SEMI-ANNUAL REPORT | 69
International Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.88 | $ | 9.16 | $ | 12.84 | $ | 9.92 | $ | 9.09 | $ | 9.74 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.02 | 0.09 | 0.10 | 0.02 | (0.03 | ) | 0.09 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.86 | 1.68 | (3.72 | ) | 2.90 | 0.94 | (0.64 | ) | ||||||||||||||||
Total from investment operations |
1.88 | 1.77 | (3.62 | ) | 2.92 | 0.91 | (0.55 | ) | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.12 | ) | (0.05 | ) | (0.06 | ) | — | (0.08 | ) | (0.10 | ) | |||||||||||||
Return of Capital |
— | — | — | — | 0.00 | * | — | |||||||||||||||||
Total distributions |
(0.12 | ) | (0.05 | ) | (0.06 | ) | — | (0.08 | ) | (0.10 | ) | |||||||||||||
Net asset value, end of period |
$ | 12.64 | $ | 10.88 | $ | 9.16 | $ | 12.84 | $ | 9.92 | $ | 9.09 | ||||||||||||
Total return (B)(C) |
17.36 | %(D) | 19.31 | % | (28.33 | )% | 29.44 | % | 10.00 | % | (5.55 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 56,506 | $ | 57,824 | $ | 45,524 | $ | 61,220 | $ | 48,608 | $ | 58,397 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.68 | %(E) | 1.64 | % | 1.72 | % | 1.63 | % | 1.76 | % | 1.71 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.62 | %(E) | 1.59 | %(G) | 1.67 | % | 1.58 | % | 1.71 | % | 1.67 | % | ||||||||||||
Net investment income (loss) before waiver and reimbursement |
0.19 | %(E) | 0.76 | % | 0.79 | % | 0.13 | % | (0.38 | )% | 0.96 | % | ||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
0.25 | %(E) | 0.81 | %(G) | 0.84 | % | 0.18 | % | (0.33 | )% | 1.01 | % | ||||||||||||
Portfolio turnover rate |
13 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 70
International Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.40 | $ | 8.78 | $ | 12.35 | $ | 9.62 | $ | 8.80 | $ | 9.41 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.03 | ) | 0.01 | 0.00 | * | (0.07 | ) | (0.10 | ) | 0.01 | ||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.79 | 1.61 | (3.57 | ) | 2.80 | 0.92 | (0.61 | ) | ||||||||||||||||
Total from investment operations |
1.76 | 1.62 | (3.57 | ) | 2.73 | 0.82 | (0.60 | ) | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.02 | ) | — | — | — | — | (0.01 | ) | ||||||||||||||||
Total distributions |
— | — | — | — | — | (0.01 | ) | |||||||||||||||||
Net asset value, end of period |
$ | 12.14 | $ | 10.40 | $ | 8.78 | $ | 12.35 | $ | 9.62 | $ | 8.80 | ||||||||||||
Total return (B)(C) |
16.95 | %(D) | 18.45 | % | (28.91 | )% | 28.38 | % | 9.32 | % | (6.31 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 1,694 | $ | 1,841 | $ | 1,492 | $ | 2,337 | $ | 2,122 | $ | 2,641 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.43 | %(E) | 2.39 | % | 2.47 | % | 2.38 | % | 2.51 | % | 2.46 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
2.37 | %(E) | 2.34 | %(G) | 2.42 | % | 2.33 | % | 2.46 | % | 2.42 | % | ||||||||||||
Net investment income (loss) before waiver and reimbursement |
(0.53 | )%(E) | 0.02 | % | 0.00 | % | (0.65 | )% | (1.17 | )% | 0.09 | % | ||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
(0.47 | )%(E) | 0.07 | %(G) | 0.05 | % | (0.60 | )% | (1.12 | )% | 0.12 | % | ||||||||||||
Portfolio turnover rate |
13 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 71
International Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.92 | $ | 9.19 | $ | 12.89 | $ | 9.94 | $ | 9.10 | $ | 9.76 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.03 | 0.12 | 0.13 | 0.06 | (0.01 | ) | 0.11 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.88 | 1.69 | (3.74 | ) | 2.89 | 0.96 | (0.64 | ) | ||||||||||||||||
Total from investment operations |
1.91 | 1.81 | (3.61 | ) | 2.95 | 0.95 | (0.53 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.15 | ) | (0.08 | ) | (0.09 | ) | — | (0.11 | ) | (0.13 | ) | |||||||||||||
Return of Capital |
— | — | — | — | 0.00 | * | — | |||||||||||||||||
Total distributions |
(0.15 | ) | (0.08 | ) | (0.09 | ) | — | (0.11 | ) | (0.13 | ) | |||||||||||||
|
||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.68 | $ | 10.92 | $ | 9.19 | $ | 12.89 | $ | 9.94 | $ | 9.10 | ||||||||||||
|
||||||||||||||||||||||||
Total return (B) |
17.58 | %(C) | 19.66 | % | (28.20 | )% | 29.68 | % | 10.42 | % | (5.33 | )% | ||||||||||||
|
||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 113,298 | $ | 102,795 | $ | 69,570 | $ | 72,957 | $ | 37,226 | $ | 28,542 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.43 | %(D) | 1.39 | % | 1.47 | % | 1.38 | % | 1.51 | % | 1.46 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) |
1.37 | %(D) | 1.34 | %(F) | 1.42 | % | 1.33 | % | 1.46 | % | 1.42 | % | ||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.45 | %(D) | 1.03 | % | 1.13 | % | 0.45 | % | (0.16 | )% | 1.24 | % | ||||||||||||
Net investment income (loss), net waiver and reimbursement (E) |
0.51 | %(D) | 1.08 | %(F) | 1.18 | % | 0.50 | % | (0.11 | )% | 1.28 | % | ||||||||||||
Portfolio turnover rate |
13 | %(C) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(D) |
Annualized. |
(E) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(F) |
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.
SEMI-ANNUAL REPORT | 72
Large/Mid Cap Growth Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.43 | $ | 9.65 | $ | 12.61 | $ | 9.77 | $ | 8.70 | $ | 9.34 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.01 | 0.01 | (0.04 | ) | (0.07 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.61 | 1.76 | (2.12 | ) | 3.10 | 1.48 | (0.19 | ) | ||||||||||||||||
Total from investment operations |
2.62 | 1.77 | (2.16 | ) | 3.03 | 1.44 | (0.22 | ) | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.66 | ) | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||||
Total distributions |
(0.66 | ) | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||||
Net asset value, end of period |
$ | 12.39 | $ | 10.43 | $ | 9.65 | $ | 12.61 | $ | 9.77 | $ | 8.70 | ||||||||||||
Total return (B)(C) |
26.06 | %(D) | 18.83 | % | (18.74 | )% | 31.32 | % | 16.93 | % | (1.48 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 122,694 | $ | 94,109 | $ | 82,627 | $ | 96,378 | $ | 70,891 | $ | 64,150 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.45 | %(E) | 1.48 | % | 1.50 | % | 1.50 | % | 1.54 | % | 1.56 | % | ||||||||||||
Expenses, net waiver and reimbursement (F,G) |
1.29 | %(E) | 1.29 | %(H) | 1.30 | % | 1.39 | % | 1.49 | % | 1.52 | % | ||||||||||||
Net investment income (loss) before waiver and reimbursement |
0.04 | %(E) | (0.11 | )% | (0.55 | )% | (0.71 | )% | (0.48 | )% | (0.35 | )% | ||||||||||||
Net investment income (loss), net waiver and reimbursement (F,G) |
0.20 | %(E) | 0.07 | %(H) | (0.35 | )% | (0.60 | )% | (0.43 | )% | (0.31 | )% | ||||||||||||
Portfolio turnover rate |
30 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(H) |
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.
SEMI-ANNUAL REPORT | 73
Large/Mid Cap Growth Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.58 | $ | 7.31 | $ | 9.79 | $ | 7.68 | $ | 6.96 | $ | 7.63 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (A) |
(0.02 | ) | (0.05 | ) | (0.10 | ) | (0.12 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments |
1.87 | 1.31 | (1.58 | ) | 2.42 | 1.17 | (0.18 | ) | ||||||||||||||||
Total from investment operations |
1.85 | 1.26 | (1.68 | ) | 2.30 | 1.09 | (0.25 | ) | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.66 | ) | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||||
Total distributions |
(0.66 | ) | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||||
Net asset value, end of period |
$ | 8.77 | $ | 7.58 | $ | 7.31 | $ | 9.79 | $ | 7.68 | $ | 6.96 | ||||||||||||
Total return (B)(C) |
25.68 | %(D) | 17.79 | % | (19.27 | )% | 30.32 | % | 16.09 | % | (2.24 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 10,133 | $ | 9,802 | $ | 8,577 | $ | 10,845 | $ | 8,192 | $ | 7,950 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.20 | %(E) | 2.21 | % | 2.25 | % | 2.25 | % | 2.29 | % | 2.31 | % | ||||||||||||
Expenses, net waiver and reimbursement (F,G) |
2.04 | %(E) | 2.04 | %(H) | 2.05 | % | 2.14 | % | 2.24 | % | 2.27 | % | ||||||||||||
Net investment loss before waiver and reimbursement |
(0.71 | )%(E) | (0.85 | )% | (1.30 | )% | (1.46 | )% | (1.23 | )% | (1.10 | )% | ||||||||||||
Net investment loss, net waiver and reimbursement (F,G) |
(0.55 | )%(E) | (0.68 | )%(H) | (1.10 | )% | (1.35 | )% | (1.18 | )% | (1.06 | )% | ||||||||||||
Portfolio turnover rate |
30 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(H) |
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.
SEMI-ANNUAL REPORT | 74
Large/Mid Cap Growth Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.79 | $ | 9.94 | $ | 12.93 | $ | 9.99 | $ | 8.86 | $ | 9.48 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.03 | 0.03 | (0.01 | ) | (0.04 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.70 | 1.81 | (2.18 | ) | 3.17 | 1.52 | (0.19 | ) | ||||||||||||||||
Total from investment operations |
2.73 | 1.84 | (2.19 | ) | 3.13 | 1.50 | (0.20 | ) | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.01 | ) | — | — | — | — | — | |||||||||||||||||
From net realized gains on investments |
(0.66 | ) | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||||
Total distributions |
(0.67 | ) | (0.99 | ) | (0.80 | ) | (0.19 | ) | (0.37 | ) | (0.42 | ) | ||||||||||||
Net asset value, end of period |
$ | 12.85 | $ | 10.79 | $ | 9.94 | $ | 12.93 | $ | 9.99 | $ | 8.86 | ||||||||||||
Total return (B) |
26.27 | %(C) | 19.01 | % | (18.50 | )% | 31.64 | % | 17.30 | % | (1.24 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 59,358 | $ | 45,126 | $ | 21,966 | $ | 27,220 | $ | 19,378 | $ | 14,016 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.20 | %(D) | 1.21 | % | 1.25 | % | 1.25 | % | 1.29 | % | 1.31 | % | ||||||||||||
Expenses, net waiver and reimbursement (E,F) |
1.04 | %(D) | 1.04 | %(G) | 1.05 | % | 1.14 | % | 1.24 | % | 1.27 | % | ||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.29 | %(D) | 0.13 | % | (0.30 | )% | (0.45 | )% | (0.22 | )% | (0.09 | )% | ||||||||||||
Net investment income (loss), net waiver and reimbursement (E,F) |
0.45 | %(D) | 0.31 | %(G) | (0.10 | )% | (0.34 | )% | (0.17 | )% | (0.06 | )% | ||||||||||||
Portfolio turnover rate |
30 | %(C) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(D) |
Annualized. |
(E) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(F) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(G) |
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.
SEMI-ANNUAL REPORT | 75
Small Cap Value Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.32 | $ | 15.98 | $ | 21.35 | $ | 14.16 | $ | 17.15 | $ | 20.67 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.10 | 0.16 | 0.09 | 0.12 | 0.04 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
3.14 | 2.32 | (3.50 | ) | 7.10 | (2.39 | ) | (1.28 | ) | |||||||||||||||
Total from investment operations |
3.24 | 2.48 | (3.41 | ) | 7.22 | (2.35 | ) | (1.22 | ) | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.15 | ) | (0.07 | ) | (0.08 | ) | (0.03 | ) | (0.04 | ) | — | |||||||||||||
From net realized gains on investments |
(0.61 | ) | (1.07 | ) | (1.88 | ) | — | (0.60 | ) | (2.30 | ) | |||||||||||||
Total distributions |
(0.76 | ) | (1.14 | ) | (1.96 | ) | (0.03 | ) | (0.64 | ) | (2.30 | ) | ||||||||||||
Net asset value, end of period |
$ | 19.80 | $ | 17.32 | $ | 15.98 | $ | 21.35 | $ | 14.16 | $ | 17.15 | ||||||||||||
Total return (B)(C) |
19.16 | %(D) | 15.45 | % | (17.84 | )% | 51.03 | % | (14.38 | )% | (3.77 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 110,660 | $ | 96,865 | $ | 88,234 | $ | 105,800 | $ | 74,130 | $ | 99,077 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.52 | %(E) | 1.47 | % | 1.50 | % | 1.46 | % | 1.57 | % | 1.52 | % | ||||||||||||
Expenses, net waiver and reimbursement (F,H) |
1.37 | %(E) | 1.32 | %(I) | 1.34 | % | 1.34 | % | 1.47 | % | 1.43 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
0.92 | %(E) | 0.74 | % | 0.30 | % | 0.50 | % | 0.19 | % | 0.29 | % | ||||||||||||
Net investment income, net waiver and reimbursement (F,G,H) |
1.07 | %(E) | 0.89 | %(I) | 0.46 | % | 0.62 | % | 0.29 | % | 0.38 | % | ||||||||||||
Portfolio turnover rate |
29 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(H) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(I) |
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.
SEMI-ANNUAL REPORT | 76
Small Cap Value Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.48 | $ | 10.06 | $ | 14.16 | $ | 9.45 | $ | 11.69 | $ | 15.09 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.02 | 0.01 | (0.04 | ) | (0.02 | ) | (0.05 | ) | (0.05 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.87 | 1.48 | (2.18 | ) | 4.73 | (1.59 | ) | (1.05 | ) | |||||||||||||||
Total from investment operations |
1.89 | 1.49 | (2.22 | ) | 4.71 | (1.64 | ) | (1.10 | ) | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.06 | ) | — | — | — | — | — | |||||||||||||||||
From net realized gains on investments |
(0.61 | ) | (1.07 | ) | (1.88 | ) | — | (0.60 | ) | (2.30 | ) | |||||||||||||
Total distributions |
(0.67 | ) | (1.07 | ) | (1.88 | ) | — | (0.60 | ) | (2.30 | ) | |||||||||||||
Net asset value, end of period |
$ | 11.70 | $ | 10.48 | $ | 10.06 | $ | 14.16 | $ | 9.45 | $ | 11.69 | ||||||||||||
Total return (B)(C) |
18.71 | %(D) | 14.61 | % | (18.44 | )% | 49.84 | % | (15.01 | )% | (4.49 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 6,081 | $ | 6,502 | $ | 5,747 | $ | 7,293 | $ | 5,663 | $ | 8,963 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.27 | %(E) | 2.22 | % | 2.25 | % | 2.21 | % | 2.32 | % | 2.27 | % | ||||||||||||
Expenses, net waiver and reimbursement (F,H) |
2.12 | %(E) | 2.07 | %(I) | 2.09 | % | 2.09 | % | 2.22 | % | 2.18 | % | ||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.19 | %(E) | 0.00 | %* | (0.46 | )% | (0.26 | )% | (0.55 | )% | (0.50 | )% | ||||||||||||
Net investment income (loss), net waiver and reimbursement (F,G,H) |
0.34 | %(E) | 0.15 | %(I) | (0.30 | )% | (0.14 | )% | (0.45 | )% | (0.42 | )% | ||||||||||||
Portfolio turnover rate |
29 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(H) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(I) |
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.
SEMI-ANNUAL REPORT | 77
Small Cap Value Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.66 | $ | 16.27 | $ | 21.71 | $ | 14.42 | $ | 17.45 | $ | 20.93 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.13 | 0.20 | 0.14 | 0.17 | 0.08 | 0.11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
3.19 | 2.38 | (3.57 | ) | 7.21 | (2.42 | ) | (1.29 | ) | |||||||||||||||
Total from investment operations |
3.32 | 2.58 | (3.43 | ) | 7.38 | (2.34 | ) | (1.18 | ) | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.19 | ) | (0.12 | ) | (0.13 | ) | (0.09 | ) | (0.09 | ) | — | |||||||||||||
From net realized gains on investments |
(0.61 | ) | (1.07 | ) | (1.88 | ) | — | (0.60 | ) | (2.30 | ) | |||||||||||||
Total distributions |
(0.80 | ) | (1.19 | ) | (2.01 | ) | (0.09 | ) | (0.69 | ) | (2.30 | ) | ||||||||||||
Net asset value, end of period |
$ | 20.18 | $ | 17.66 | $ | 16.27 | $ | 21.71 | $ | 14.42 | $ | 17.45 | ||||||||||||
Total return (B) |
19.30 | %(C) | 15.78 | % | (17.65 | )% | 51.33 | % | (14.14 | )% | (3.51 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 74,838 | $ | 67,177 | $ | 46,222 | $ | 56,299 | $ | 35,473 | $ | 36,993 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.27 | %(D) | 1.22 | % | 1.25 | % | 1.21 | % | 1.32 | % | 1.27 | % | ||||||||||||
Expenses, net waiver and reimbursement (E,G) |
1.12 | %(D) | 1.07 | %(H) | 1.09 | % | 1.09 | % | 1.22 | % | 1.18 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
1.23 | %(D) | 1.00 | % | 0.55 | % | 0.75 | % | 0.44 | % | 0.56 | % | ||||||||||||
Net investment income, net waiver and reimbursement (E,F,G) |
1.38 | %(D) | 1.15 | %(H) | 0.72 | % | 0.87 | % | 0.54 | % | 0.64 | % | ||||||||||||
Portfolio turnover rate |
29 | %(C) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(D) |
Annualized. |
(E) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(F) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(G) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(H) |
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.
SEMI-ANNUAL REPORT | 78
Large/Mid Cap Value Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.45 | $ | 18.91 | $ | 21.88 | $ | 17.43 | $ | 18.86 | $ | 20.38 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.07 | 0.12 | 0.07 | (0.01 | ) | 0.03 | 0.09 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments (B) |
4.22 | 2.51 | (2.01 | ) | 5.12 | 0.72 | 0.12 | |||||||||||||||||
Total from investment operations |
4.29 | 2.63 | (1.94 | ) | 5.11 | 0.75 | 0.21 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.10 | ) | (0.04 | ) | (0.00 | )* | (0.03 | ) | (0.08 | ) | (0.06 | ) | ||||||||||||
From net realized gains on investments |
(0.09 | ) | (1.05 | ) | (1.03 | ) | (0.63 | ) | (2.10 | ) | (1.67 | ) | ||||||||||||
Total distributions |
(0.19 | ) | (1.09 | ) | (1.03 | ) | (0.66 | ) | (2.18 | ) | (1.73 | ) | ||||||||||||
Net asset value, end of period |
$ | 24.55 | $ | 20.45 | $ | 18.91 | $ | 21.88 | $ | 17.43 | $ | 18.86 | ||||||||||||
Total return (C)(D) |
21.12 | %(E) | 13.95 | % | (9.70 | )% | 29.89 | % | 3.93 | % | 2.54 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 191,674 | $ | 162,861 | $ | 147,928 | $ | 160,560 | $ | 130,296 | $ | 142,420 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.46 | %(F) | 1.45 | % | 1.46 | % | 1.45 | % | 1.51 | % | 1.51 | % | ||||||||||||
Expenses, net waiver and reimbursement (G,I) |
1.23 | %(F) | 1.24 | %(J) | 1.21 | % | 1.30 | % | 1.41 | % | 1.41 | % | ||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.41 | %(F) | 0.36 | % | 0.08 | % | (0.17 | )% | 0.06 | % | 0.42 | % | ||||||||||||
Net investment income (loss), net waiver and reimbursement (G,H,I) |
0.64 | %(F) | 0.56 | %(J) | 0.33 | % | (0.02 | )% | 0.16 | % | 0.52 | % | ||||||||||||
Portfolio turnover rate |
17 | %(E) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(F) |
Annualized. |
(G) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(H) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(I) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(J) |
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.
SEMI-ANNUAL REPORT | 79
Large/Mid Cap Value Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.53 | $ | 13.78 | $ | 16.31 | $ | 13.21 | $ | 14.82 | $ | 16.49 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (A) |
(0.01 | ) | (0.03 | ) | (0.07 | ) | (0.12 | ) | (0.08 | ) | (0.03 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments (B) |
3.01 | 1.83 | (1.43 | ) | 3.85 | 0.57 | 0.03 | |||||||||||||||||
Total from investment operations |
3.00 | 1.80 | (1.50 | ) | 3.73 | 0.49 | 0.00 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.09 | ) | (1.05 | ) | (1.03 | ) | (0.63 | ) | (2.10 | ) | (1.67 | ) | ||||||||||||
Total distributions |
(0.09 | ) | (1.05 | ) | (1.03 | ) | (0.63 | ) | (2.10 | ) | (1.67 | ) | ||||||||||||
Net asset value, end of period |
$ | 17.44 | $ | 14.53 | $ | 13.78 | $ | 16.31 | $ | 13.21 | $ | 14.82 | ||||||||||||
Total return (C)(D) |
20.73 | %(E) | 13.06 | % | (10.34 | )% | 28.91 | % | 3.14 | % | 1.74 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 14,171 | $ | 15,111 | $ | 13,695 | $ | 15,162 | $ | 14,102 | $ | 16,627 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.21 | %(F) | 2.20 | % | 2.21 | % | 2.20 | % | 2.26 | % | 2.26 | % | ||||||||||||
Expenses, net waiver and reimbursement (G,I) |
1.98 | %(F) | 1.99 | %(J) | 1.96 | % | 2.05 | % | 2.16 | % | 2.16 | % | ||||||||||||
Net investment loss, before waiver and reimbursement |
(0.36 | )%(F) | (0.40 | )% | (0.67 | )% | (0.92 | )% | (0.69 | )% | (0.32 | )% | ||||||||||||
Net investment loss, net waiver and reimbursement (G,H,I) |
(0.13 | )%(F) | (0.19 | )%(J) | (0.42 | )% | (0.77 | )% | (0.59 | )% | (0.22 | )% | ||||||||||||
Portfolio turnover rate |
17 | %(E) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(F) |
Annualized. |
(G) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(H) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(I) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(J) |
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.
SEMI-ANNUAL REPORT | 80
Large/Mid Cap Value Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.74 | $ | 19.17 | $ | 22.14 | $ | 17.63 | $ | 19.05 | $ | 20.58 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.10 | 0.17 | 0.13 | 0.04 | 0.07 | 0.14 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
4.28 | 2.54 | (2.04 | ) | 5.18 | 0.74 | 0.11 | |||||||||||||||||
Total from investment operations |
4.38 | 2.71 | (1.91 | ) | 5.22 | 0.81 | 0.25 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.16 | ) | (0.09 | ) | (0.03 | ) | (0.08 | ) | (0.13 | ) | (0.11 | ) | ||||||||||||
From net realized gains on investments |
(0.09 | ) | (1.05 | ) | (1.03 | ) | (0.63 | ) | (2.10 | ) | (1.67 | ) | ||||||||||||
Total distributions |
(0.24 | ) | (1.14 | ) | (1.06 | ) | (0.71 | ) | (2.23 | ) | (1.78 | ) | ||||||||||||
Net asset value, end of period |
$ | 24.88 | $ | 20.74 | $ | 19.17 | $ | 22.14 | $ | 17.63 | $ | 19.05 | ||||||||||||
Total return (B) |
21.31 | %(C) | 14.21 | % | (9.48 | )% | 30.20 | % | 4.24 | % | 2.78 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 145,903 | $ | 107,195 | $ | 79,945 | $ | 77,776 | $ | 47,340 | $ | 47,477 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.21 | %(D) | 1.20 | % | 1.21 | % | 1.20 | % | 1.26 | % | 1.26 | % | ||||||||||||
Expenses, net waiver and reimbursement (E,G) |
0.98 | %(D) | 0.99 | %(H) | 0.96 | % | 1.05 | % | 1.16 | % | 1.16 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
0.67 | %(D) | 0.61 | % | 0.34 | % | 0.08 | % | 0.31 | % | 0.66 | % | ||||||||||||
Net investment income, net waiver and reimbursement (E,F,G) |
0.90 | %(D) | 0.81 | %(H) | 0.59 | % | 0.23 | % | 0.41 | % | 0.77 | % | ||||||||||||
Portfolio turnover rate |
17 | %(C) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(D) |
Annualized. |
(E) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(F) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(G) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(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.
SEMI-ANNUAL REPORT | 81
Fixed Income Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.68 | $ | 8.92 | $ | 10.44 | $ | 10.80 | $ | 10.39 | $ | 9.81 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.12 | 0.19 | 0.08 | 0.03 | 0.12 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.36 | (0.23 | ) | (1.49 | ) | (0.27 | ) | 0.44 | 0.60 | |||||||||||||||
Total from investment operations |
0.48 | (0.04 | ) | (1.41 | ) | (0.24 | ) | 0.56 | 0.76 | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.12 | ) | (0.20 | ) | (0.11 | ) | (0.12 | ) | (0.15 | ) | (0.18 | ) | ||||||||||||
Total distributions |
(0.12 | ) | (0.20 | ) | (0.11 | ) | (0.12 | ) | (0.15 | ) | (0.18 | ) | ||||||||||||
Net asset value, end of period |
$ | 9.04 | $ | 8.68 | $ | 8.92 | $ | 10.44 | $ | 10.80 | $ | 10.39 | ||||||||||||
Total return (B)(C) |
5.50 | %(D) | (0.55 | )% | (13.60 | )% | (2.20 | )% | 5.39 | % | 7.76 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 75,720 | $ | 68,641 | $ | 81,219 | $ | 96,586 | $ | 91,403 | $ | 85,375 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.30 | %(E) | 1.29 | % | 1.22 | % | 1.34 | % | 1.30 | % | 1.30 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.10 | %(E) | 1.07 | %(G) | 1.02 | % | 1.14 | % | 1.10 | % | 1.13 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
2.51 | %(E) | 1.87 | % | 0.64 | % | 0.11 | % | 0.90 | % | 1.46 | % | ||||||||||||
Net investment income, net waiver and reimbursement (F) |
2.76 | %(E) | 2.09 | %(G) | 0.84 | % | 0.31 | % | 1.10 | % | 1.62 | % | ||||||||||||
Portfolio turnover rate |
10 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 82
Fixed Income Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.32 | $ | 8.56 | $ | 10.04 | $ | 10.38 | $ | 9.99 | $ | 9.44 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.09 | 0.12 | 0.01 | (0.04 | ) | 0.04 | 0.09 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.33 | (0.22 | ) | (1.44 | ) | (0.27 | ) | 0.42 | 0.57 | |||||||||||||||
Total from investment operations |
0.42 | (0.10 | ) | (1.43 | ) | (0.31 | ) | 0.46 | 0.66 | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.08 | ) | (0.14 | ) | (0.05 | ) | (0.03 | ) | (0.07 | ) | (0.11 | ) | ||||||||||||
Total distributions |
(0.08 | ) | (0.14 | ) | (0.05 | ) | (0.03 | ) | (0.07 | ) | (0.11 | ) | ||||||||||||
Net asset value, end of period |
$ | 8.66 | $ | 8.32 | $ | 8.56 | $ | 10.04 | $ | 10.38 | $ | 9.99 | ||||||||||||
Total return (B)(C) |
4.97 | %(D) | (1.24 | )% | (14.24 | )% | (2.99 | )% | 4.59 | % | 7.06 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 6,252 | $ | 7,628 | $ | 8,861 | $ | 11,369 | $ | 9,320 | $ | 8,502 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.05 | %(E) | 2.04 | % | 1.97 | % | 2.09 | % | 2.05 | % | 2.05 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.85 | %(E) | 1.82 | %(G) | 1.77 | % | 1.89 | % | 1.85 | % | 1.88 | % | ||||||||||||
Net investment income (loss), before waiver and reimbursement |
1.76 | %(E) | 1.12 | % | (0.11 | )% | (0.64 | )% | 0.15 | % | 0.72 | % | ||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
2.01 | %(E) | 1.35 | %(G) | 0.09 | % | (0.44 | )% | 0.35 | % | 0.89 | % | ||||||||||||
Portfolio turnover rate |
10 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 83
Fixed Income Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.59 | $ | 8.83 | $ | 10.34 | $ | 10.73 | $ | 10.32 | $ | 9.74 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.13 | 0.22 | 0.11 | 0.06 | 0.14 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.36 | (0.24 | ) | (1.49 | ) | (0.28 | ) | 0.44 | 0.59 | |||||||||||||||
Total from investment operations |
0.49 | (0.02 | ) | (1.38 | ) | (0.22 | ) | 0.58 | 0.78 | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.13 | ) | (0.22 | ) | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.20 | ) | ||||||||||||
Total distributions |
(0.13 | ) | (0.22 | ) | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.20 | ) | ||||||||||||
Net asset value, end of period |
$ | 8.95 | $ | 8.59 | $ | 8.83 | $ | 10.34 | $ | 10.73 | $ | 10.32 | ||||||||||||
Total return (B) |
5.68 | %(C) | (0.30 | )% | (13.41 | )% | (2.07 | )% | 5.70 | % | 8.05 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 33,194 | $ | 26,672 | $ | 21,308 | $ | 18,389 | $ | 13,215 | $ | 8,095 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.05 | %(D) | 1.04 | % | 0.97 | % | 1.09 | % | 1.05 | % | 1.05 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) |
0.85 | %(D) | 0.82 | %(F) | 0.77 | % | 0.89 | % | 0.85 | % | 0.88 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
2.76 | %(D) | 2.18 | % | 0.90 | % | 0.36 | % | 1.12 | % | 1.68 | % | ||||||||||||
Net investment income, net waiver and reimbursement (E) |
3.01 | %(D) | 2.41 | %(F) | 1.10 | % | 0.56 | % | 1.32 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate |
10 | %(C) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(D) |
Annualized. |
(E) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(F) |
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.
SEMI-ANNUAL REPORT | 84
High Yield Bond Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.32 | $ | 7.98 | $ | 9.91 | $ | 9.26 | $ | 9.39 | $ | 9.02 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.25 | 0.44 | 0.41 | 0.41 | 0.43 | 0.39 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.45 | 0.35 | (1.90 | ) | 0.64 | (0.15 | ) | 0.36 | ||||||||||||||||
Total from investment operations |
0.70 | 0.79 | (1.49 | ) | 1.05 | 0.28 | 0.75 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.23 | ) | (0.45 | ) | (0.41 | ) | (0.40 | ) | (0.41 | ) | (0.38 | ) | ||||||||||||
From net realized gains on investments |
— | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions |
(0.23 | ) | (0.45 | ) | (0.44 | ) | (0.40 | ) | (0.41 | ) | (0.38 | ) | ||||||||||||
Net asset value, end of period |
$ | 8.79 | $ | 8.32 | $ | 7.98 | $ | 9.91 | $ | 9.26 | $ | 9.39 | ||||||||||||
Total return (B)(C) |
8.44 | %(D) | 10.00 | % | (15.45 | )% | 11.42 | % | 3.26 | % | 8.50 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 62,680 | $ | 56,855 | $ | 67,766 | $ | 64,216 | $ | 45,940 | $ | 39,777 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.24 | %(E) | 1.32 | % | 1.26 | % | 1.38 | % | 1.34 | % | 1.35 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.14 | %(E) | 1.19 | %(G) | 1.18 | % | 1.33 | % | 1.29 | % | 1.31 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
5.79 | %(E) | 5.06 | % | 4.36 | % | 4.15 | % | 4.61 | % | 4.24 | % | ||||||||||||
Net investment income, net waiver and reimbursement (F) |
5.89 | %(E) | 5.18 | %(G) | 4.44 | % | 4.20 | % | 4.66 | % | 4.28 | % | ||||||||||||
Portfolio turnover rate |
6%(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 85
High Yield Bond Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.48 | $ | 8.12 | $ | 10.08 | $ | 9.40 | $ | 9.52 | $ | 9.14 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.23 | 0.38 | 0.34 | 0.34 | 0.36 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.45 | 0.37 | (1.93 | ) | 0.66 | (0.14 | ) | 0.36 | ||||||||||||||||
Total from investment operations |
0.68 | 0.75 | (1.59 | ) | 1.00 | 0.22 | 0.68 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.19 | ) | (0.39 | ) | (0.34 | ) | (0.32 | ) | (0.34 | ) | (0.30 | ) | ||||||||||||
From net realized gains on investments |
— | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions |
(0.19 | ) | (0.39 | ) | (0.37 | ) | (0.32 | ) | (0.34 | ) | (0.30 | ) | ||||||||||||
Net asset value, end of period |
$ | 8.97 | $ | 8.48 | $ | 8.12 | $ | 10.08 | $ | 9.40 | $ | 9.52 | ||||||||||||
Total return (B)(C) |
7.98 | %(D) | 9.27 | % | (16.14 | )% | 10.71 | % | 2.45 | % | 7.63 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 2,378 | $ | 2,559 | $ | 2,337 | $ | 3,138 | $ | 2,427 | $ | 2,660 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.99 | %(E) | 2.07 | % | 2.01 | % | 2.13 | % | 2.09 | % | 2.10 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.89 | %(E) | 1.94 | %(G) | 1.93 | % | 2.08 | % | 2.04 | % | 2.06 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
5.03 | %(E) | 4.32 | % | 3.60 | % | 3.40 | % | 3.84 | % | 3.46 | % | ||||||||||||
Net investment income, net waiver and reimbursement (F) |
5.13 | %(E) | 4.44 | %(G) | 3.68 | % | 3.45 | % | 3.89 | % | 3.50 | % | ||||||||||||
Portfolio turnover rate |
6%(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 86
High Yield Bond Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.33 | $ | 7.98 | $ | 9.91 | $ | 9.26 | $ | 9.39 | $ | 9.02 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.27 | 0.46 | 0.43 | 0.44 | 0.45 | 0.42 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.44 | 0.36 | (1.90 | ) | 0.63 | (0.14 | ) | 0.35 | ||||||||||||||||
Total from investment operations |
0.71 | 0.82 | (1.47 | ) | 1.07 | 0.31 | 0.77 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.24 | ) | (0.47 | ) | (0.43 | ) | (0.42 | ) | (0.44 | ) | (0.40 | ) | ||||||||||||
From net realized gains on investments |
— | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions |
(0.24 | ) | (0.47 | ) | (0.46 | ) | (0.42 | ) | (0.44 | ) | (0.40 | ) | ||||||||||||
Net asset value, end of period |
$ | 8.80 | $ | 8.33 | $ | 7.98 | $ | 9.91 | $ | 9.26 | $ | 9.39 | ||||||||||||
Total return (B) |
8.56 | %(C) | 10.40 | % | (15.24 | )% | 11.71 | % | 3.53 | % | 8.78 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 139,595 | $ | 73,109 | $ | 67,093 | $ | 69,150 | $ | 30,924 | $ | 18,363 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
0.99 | %(D) | 1.07 | % | 1.01 | % | 1.13 | % | 1.09 | % | 1.10 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) |
0.89 | %(D) | 0.94 | %(F) | 0.93 | % | 1.08 | % | 1.04 | % | 1.06 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
6.02 | %(D) | 5.31 | % | 4.59 | % | 4.40 | % | 4.86 | % | 4.52 | % | ||||||||||||
Net investment income, net waiver and reimbursement (E) |
6.12 | %(D) | 5.45 | %(F) | 4.68 | % | 4.45 | % | 4.91 | % | 4.56 | % | ||||||||||||
Portfolio turnover rate |
6%(C) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(D) |
Annualized. |
(E) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(F) |
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.
SEMI-ANNUAL REPORT | 87
Israel Common Values Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.34 | $ | 21.61 | $ | 24.70 | $ | 16.55 | $ | 17.84 | $ | 15.74 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.03 | 0.11 | 0.05 | (0.10 | ) | (0.10 | ) | 0.00 | * | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.60 | (2.38 | ) | (3.14 | ) | 8.25 | (1.01 | ) | 2.20 | |||||||||||||||
Total from investment operations |
2.63 | (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 period |
$ | 21.97 | $ | 19.34 | $ | 21.61 | $ | 24.70 | $ | 16.55 | $ | 17.84 | ||||||||||||
Total return (B)(C) |
13.65 | %(D) | (10.50 | )% | (12.51 | )% | 49.24 | % | (6.35 | )% | 14.12 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 52,584 | $ | 47,004 | $ | 53,800 | $ | 57,667 | $ | 36,800 | $ | 49,123 | ||||||||||||
Ratio of expenses to average net assets |
1.77 | %(E) | 1.82 | % | 1.72 | % | 1.72 | % | 1.84 | % | 1.76 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets |
0.28 | %(E) | 0.53 | % | 0.20 | % | (0.48 | )% | (0.62 | )% | 0.02 | % | ||||||||||||
Portfolio turnover rate |
6%(D) | 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. |
(D) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 88
Israel Common Values Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.97 | $ | 20.22 | $ | 23.29 | $ | 15.73 | $ | 16.97 | $ | 15.09 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (A) |
(0.05 | ) | (0.05 | ) | (0.13 | ) | (0.26 | ) | (0.22 | ) | (0.12 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments |
2.41 | (2.20 | ) | (2.94 | ) | 7.82 | (0.96 | ) | 2.10 | |||||||||||||||
Total from investment operations |
2.36 | (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 period |
$ | 20.33 | $ | 17.97 | $ | 20.22 | $ | 23.29 | $ | 15.73 | $ | 16.97 | ||||||||||||
Total return (B)(C) |
13.13 | %(D) | (11.13 | )% | (13.18 | )% | 48.06 | % | (7.00 | )% | 13.26 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 6,384 | $ | 8,101 | $ | 10,263 | $ | 12,293 | $ | 9,076 | $ | 9,750 | ||||||||||||
Ratio of expenses to average net assets |
2.52 | %(E) | 2.57 | % | 2.47 | % | 2.47 | % | 2.59 | % | 2.51 | % | ||||||||||||
Ratio of net investment loss to average net assets |
(0.58 | %)(E) | (0.25 | %) | (0.54 | %) | (1.27 | )% | (1.37 | )% | (0.75 | )% | ||||||||||||
Portfolio turnover rate |
6%(D) | 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. |
(D) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 89
Israel Common Values Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.64 | $ | 21.88 | $ | 24.95 | $ | 16.68 | $ | 17.97 | $ | 15.81 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.05 | 0.17 | 0.12 | (0.05 | ) | (0.06 | ) | 0.06 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.64 | (2.41 | ) | (3.19 | ) | 8.32 | (1.01 | ) | 2.20 | |||||||||||||||
Total from investment operations |
2.69 | (2.24 | ) | (3.07 | ) | 8.27 | (1.07 | ) | 2.26 | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.02 | ) | — | — | — | (0.22 | ) | — | ||||||||||||||||
From net realized gains on investments |
— | — | — | — | — | (0.10 | ) | |||||||||||||||||
Return of Capital |
— | — | — | — | 0.00 | * | — | |||||||||||||||||
Total distributions |
(0.02 | ) | — | — | — | (0.22 | ) | (0.10 | ) | |||||||||||||||
Net asset value, end of period |
$ | 22.31 | $ | 19.64 | $ | 21.88 | $ | 24.95 | $ | 16.68 | $ | 17.97 | ||||||||||||
Total return (B) |
13.75 | %(C) | (10.24 | )% | (12.30 | )% | 49.58 | % | (6.08 | )% | 14.44 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 47,421 | $ | 40,417 | $ | 36,790 | $ | 45,063 | $ | 23,928 | $ | 21,533 | ||||||||||||
Ratio of expenses to average net assets |
1.52 | %(D) | 1.56 | % | 1.47 | % | 1.47 | % | 1.59 | % | 1.51 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets |
0.55 | %(D) | 0.82 | % | 0.48 | % | (0.22 | )% | (0.37 | )% | 0.38 | % | ||||||||||||
Portfolio turnover rate |
6%(C) | 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. |
(C) |
For periods of less than one full year, total return and turnover are not annualized. |
(D) |
Annualized. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 90
Defensive Strategies Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.98 | $ | 12.52 | $ | 13.52 | $ | 11.78 | $ | 11.69 | $ | 11.44 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.13 | 0.15 | 0.28 | 0.10 | (0.01 | ) | 0.06 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.77 | 0.88 | (1.21 | ) | 1.64 | 0.44 | 0.48 | |||||||||||||||||
Total from investment operations |
0.90 | 1.03 | (0.93 | ) | 1.74 | 0.43 | 0.54 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.22 | ) | (0.25 | ) | (0.07 | ) | — | (0.06 | ) | (0.11 | ) | |||||||||||||
From net realized gains on investments |
(0.10 | ) | (0.32 | ) | — | — | (0.28 | ) | (0.18 | ) | ||||||||||||||
Return of capital |
— | — | — | — | 0.00 | * | — | |||||||||||||||||
Total distributions |
(0.32 | ) | (0.57 | ) | (0.07 | ) | — | (0.34 | ) | (0.29 | ) | |||||||||||||
Net asset value, end of period |
$ | 13.56 | $ | 12.98 | $ | 12.52 | $ | 13.52 | $ | 11.78 | $ | 11.69 | ||||||||||||
Total return (B)(C) |
7.00 | %(D) | 8.30 | % | (6.92 | )% | 14.77 | % | 3.75 | % | 4.92 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 41,563 | $ | 39,823 | $ | 45,313 | $ | 40,342 | $ | 29,577 | $ | 33,926 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.38 | %(E) | 1.36 | % | 1.42 | % | 1.48 | % | 1.54 | % | 1.45 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.23 | %(E) | 1.27 | %(G) | 1.37 | % | 1.43 | % | 1.49 | % | 1.41 | % | ||||||||||||
Net investment income (loss), before waiver and reimbursement |
1.89 | %(E) | 1.09 | % | 1.95 | % | 0.74 | % | (0.13 | )% | 0.52 | % | ||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
2.04 | %(E) | 1.18 | %(G) | 2.00 | % | 0.79 | % | (0.08 | )% | 0.56 | % | ||||||||||||
Portfolio turnover rate |
11 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 91
Defensive Strategies Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.15 | $ | 11.76 | $ | 12.74 | $ | 11.18 | $ | 11.13 | $ | 10.90 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.07 | 0.05 | 0.18 | 0.01 | (0.09 | ) | (0.03 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.73 | 0.83 | (1.16 | ) | 1.55 | 0.42 | 0.46 | |||||||||||||||||
Total from investment operations |
0.80 | 0.88 | (0.98 | ) | 1.56 | 0.33 | 0.43 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.09 | ) | (0.17 | ) | — | — | — | (0.02 | ) | |||||||||||||||
From net realized gains on investments |
(0.10 | ) | (0.32 | ) | — | — | (0.28 | ) | (0.18 | ) | ||||||||||||||
From return of capital |
— | — | — | — | 0.00 | * | — | |||||||||||||||||
Total distributions |
(0.19 | ) | (0.49 | ) | — | — | (0.28 | ) | (0.20 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.76 | $ | 12.15 | $ | 11.76 | $ | 12.74 | $ | 11.18 | $ | 11.13 | ||||||||||||
Total return (B)(C) |
6.61 | %(D) | 7.50 | % | (7.69 | )% | 13.95 | % | 3.01 | % | 4.06 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 3,065 | $ | 4,117 | $ | 4,880 | $ | 3,388 | $ | 2,464 | $ | 3,110 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.13 | %(E) | 2.11 | % | 2.17 | % | 2.23 | % | 2.29 | % | 2.20 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.98 | %(E) | 2.02 | %(G) | 2.12 | % | 2.18 | % | 2.24 | % | 2.16 | % | ||||||||||||
Net investment income (loss), before waiver and reimbursement |
1.04 | %(E) | 0.30 | % | 1.32 | % | (0.01 | )% | (0.89 | )% | (0.31 | )% | ||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
1.19 | %(E) | 0.39 | %(G) | 1.37 | % | 0.04 | % | (0.84 | )% | (0.27 | )% | ||||||||||||
Portfolio turnover rate |
11 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 92
Defensive Strategies Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.01 | $ | 12.54 | $ | 13.55 | $ | 11.77 | $ | 11.69 | $ | 11.45 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.15 | 0.19 | 0.35 | 0.17 | 0.02 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.76 | 0.89 | (1.26 | ) | 1.61 | 0.43 | 0.47 | |||||||||||||||||
Total from investment operations |
0.91 | 1.08 | (0.91 | ) | 1.78 | 0.45 | 0.56 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.25 | ) | (0.29 | ) | (0.10 | ) | — | (0.09 | ) | (0.14 | ) | |||||||||||||
From net realized gains on investments |
(0.10 | ) | (0.32 | ) | — | — | (0.28 | ) | (0.18 | ) | ||||||||||||||
From return of capital |
— | — | — | — | 0.00 | * | — | |||||||||||||||||
Total distributions |
(0.35 | ) | (0.61 | ) | (0.10 | ) | — | (0.37 | ) | (0.32 | ) | |||||||||||||
Net asset value, end of period |
$ | 13.57 | $ | 13.01 | $ | 12.54 | $ | 13.55 | $ | 11.77 | $ | 11.69 | ||||||||||||
Total return (B)(C) |
7.12 | %(D) | 8.64 | % | (6.80 | )% | 15.12 | % | 3.96 | % | 5.17 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 30,803 | $ | 26,576 | $ | 25,269 | $ | 14,750 | $ | 5,212 | $ | 3,692 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.13 | %(E) | 1.11 | % | 1.17 | % | 1.23 | % | 1.29 | % | 1.20 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
0.98 | %(E) | 1.03 | %(G) | 1.12 | % | 1.18 | % | 1.24 | % | 1.16 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
2.09 | %(E) | 1.36 | % | 2.39 | % | 1.21 | % | 0.16 | % | 0.78 | % | ||||||||||||
Net investment income, net waiver and reimbursement (F) |
2.24 | %(E) | 1.44 | %(G) | 2.44 | % | 1.26 | % | 0.21 | % | 0.82 | % | ||||||||||||
Portfolio turnover rate |
11 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
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.
SEMI-ANNUAL REPORT | 93
Strategic Growth Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.79 | $ | 8.77 | $ | 10.92 | $ | 9.48 | $ | 9.64 | $ | 9.70 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.10 | 0.12 | 0.06 | 0.03 | 0.04 | 0.01 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.85 | 0.54 | (1.70 | ) | 1.75 | 0.16 | (0.04 | ) | ||||||||||||||||
Total from investment operations |
0.95 | 0.66 | (1.64 | ) | 1.78 | 0.20 | (0.03 | ) | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.12 | ) | (0.06 | ) | (0.02 | ) | (0.01 | ) | — | — | ||||||||||||||
From net realized gains on investments |
(0.02 | ) | (0.58 | ) | (0.49 | ) | (0.33 | ) | (0.36 | ) | (0.03 | ) | ||||||||||||
Total distributions |
(0.14 | ) | (0.64 | ) | (0.51 | ) | (0.34 | ) | (0.36 | ) | (0.03 | ) | ||||||||||||
Net asset value, end of period |
$ | 9.60 | $ | 8.79 | $ | 8.77 | $ | 10.92 | $ | 9.48 | $ | 9.64 | ||||||||||||
Total return (B)(C) |
10.99 | %(D) | 7.37 | % | (15.82 | )% | 19.15 | % | 2.03 | % | (0.26 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 31,459 | $ | 29,928 | $ | 29,944 | $ | 37,731 | $ | 32,260 | $ | 32,318 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement (E) |
1.41 | %(F) | 1.28 | % | 1.09 | % | 1.10 | % | 1.15 | % | 1.12 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) |
0.91 | %(F) | 1.03 | %(G) | N/A | N/A | N/A | N/A | ||||||||||||||||
Net investment income, before waiver and reimbursement (E,H) |
1.72 | %(F) | 1.08 | % | 0.56 | % | 0.27 | % | 0.42 | % | 0.16 | % | ||||||||||||
Net investment income, net waiver and reimbursement (E,H) |
2.22 | %(F) | 1.33 | %(G) | N/A | N/A | N/A | N/A | ||||||||||||||||
Portfolio turnover rate |
2%(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) |
Annualized. |
(G) |
For the period April 1, 2023 through September 30, 2023 the voluntary waiver was 0.25%. |
(H) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 94
Strategic Growth Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.48 | $ | 7.54 | $ | 9.50 | $ | 8.34 | $ | 8.58 | $ | 8.70 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.06 | 0.05 | (0.02 | ) | (0.05 | ) | (0.03 | ) | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.73 | 0.47 | (1.45 | ) | 1.54 | 0.15 | (0.12 | ) | ||||||||||||||||
Total from investment operations |
0.79 | 0.52 | (1.47 | ) | 1.49 | 0.12 | (0.09 | ) | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.06 | ) | — | — | — | — | — | |||||||||||||||||
From net realized gains on investments |
(0.02 | ) | (0.58 | ) | (0.49 | ) | (0.33 | ) | (0.36 | ) | (0.03 | ) | ||||||||||||
Total distributions |
(0.08 | ) | (0.58 | ) | (0.49 | ) | (0.33 | ) | (0.36 | ) | (0.03 | ) | ||||||||||||
Net asset value, end of period |
$ | 8.19 | $ | 7.48 | $ | 7.54 | $ | 9.50 | $ | 8.34 | $ | 8.58 | ||||||||||||
Total return (B)(C) |
10.67 | %(D) | 6.75 | % | (16.42 | )% | 18.19 | % | 1.33 | % | (0.99 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 2,257 | $ | 2,704 | $ | 2,680 | $ | 2,967 | $ | 2,743 | $ | 3,247 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement (E) |
1.91 | %(F) | 1.91 | % | 1.84 | % | 1.85 | % | 1.90 | % | 1.87 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) |
1.41 | %(F) | 1.66 | %(G) | N/A | N/A | N/A | N/A | ||||||||||||||||
Net investment income, before waiver and reimbursement (E,H) |
1.06 | %(F) | 0.45 | % | (0.20 | )% | (0.48 | )% | (0.32 | )% | 0.35 | % | ||||||||||||
Net investment income, net waiver and reimbursement (E,H) |
1.56 | %(F) | 0.70 | %(G) | N/A | N/A | N/A | N/A | ||||||||||||||||
Portfolio turnover rate |
2%(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) |
Annualized. |
(G) |
For the period April 1, 2023 through September 30, 2023 the voluntary waiver was 0.25%. |
(H) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 95
Strategic Growth Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
|||||||
2024 |
2023* |
|||||||
(Unaudited | ) | |||||||
Net asset value, beginning of period |
$ | 8.79 | $ | 9.08 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||
Net investment income (A) |
0.14 | 0.03 | ||||||
Net realized and unrealized gain (loss) on investments (B) |
0.81 | (0.32 | ) | |||||
Total from investment operations |
0.95 | (0.29 | ) | |||||
LESS DISTRIBUTIONS: |
||||||||
From net investment income |
(0.12 | ) | — | |||||
From net realized gains on investments |
(0.02 | ) | — | |||||
Total distributions |
(0.14 | ) | — | |||||
Net asset value, end of period |
$ | 9.60 | $ | 8.79 | ||||
Total return (C)(D) |
10.97 | %(E) | (3.19 | )%(E) | ||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||
Net assets, end of period |
$ | 20 | $ | 18 | ||||
Ratios to average net assets |
||||||||
Expenses, before waiver and reimbursement (F) |
0.91 | %(G) | 1.03 | %(G) | ||||
Expenses, net waiver and reimbursement (F) |
0.41 | %(G) | 0.78%(G,H) | |||||
Net investment income, before waiver and reimbursement (F,I) |
2.88 | %(G) | 3.37 | %(G) | ||||
Net investment income, net waiver and reimbursement (F,I) |
3.13 | %(G) | 3.62%(G,H) | |||||
Portfolio turnover rate |
2%(E) | 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.
SEMI-ANNUAL REPORT | 96
Conservative Growth Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.54 | $ | 9.58 | $ | 11.66 | $ | 10.62 | $ | 10.66 | $ | 10.75 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.11 | 0.14 | 0.05 | 0.02 | 0.05 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.75 | 0.33 | (1.66 | ) | 1.31 | 0.30 | 0.10 | |||||||||||||||||
Total from investment operations |
0.86 | 0.47 | (1.61 | ) | 1.33 | 0.35 | 0.15 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.15 | ) | (0.04 | ) | (0.02 | ) | (0.04 | ) | — | — | ||||||||||||||
From net realized gains on investments |
(0.02 | ) | (0.47 | ) | (0.45 | ) | (0.25 | ) | (0.39 | ) | (0.24 | ) | ||||||||||||
Total distributions |
(0.17 | ) | (0.51 | ) | (0.47 | ) | (0.29 | ) | (0.39 | ) | (0.24 | ) | ||||||||||||
Net asset value, end of period |
$ | 10.23 | $ | 9.54 | $ | 9.58 | $ | 11.66 | $ | 10.62 | $ | 10.66 | ||||||||||||
Total return (B)(C) |
9.06 | %(D) | 4.79 | % | (14.48 | )% | 12.63 | % | 3.27 | % | 1.61 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 35,154 | $ | 35,238 | $ | 37,037 | $ | 46,151 | $ | 41,546 | $ | 40,590 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement (E) |
1.45 | %(F) | 1.24 | % | 1.04 | % | 1.10 | % | 1.12 | % | 1.08 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) |
0.95 | %(F) | 0.99 | %(G) | N/A | N/A | N/A | N/A | ||||||||||||||||
Net investment income, before waiver and reimbursement (E,H) |
1.82 | %(F) | 1.17 | % | 0.43 | % | 0.20 | % | 0.43 | % | 0.44 | % | ||||||||||||
Net investment income, net waiver and reimbursement (E,H) |
2.32 | %(F) | 1.42 | %(G) | N/A | N/A | N/A | N/A | ||||||||||||||||
Portfolio turnover rate |
2%(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) |
Annualized. |
(G) |
For the period April 1, 2023 through September 30, 2023 the voluntary waiver was 0.25%. |
(H) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 97
Conservative Growth Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.25 | $ | 8.36 | $ | 10.29 | $ | 9.43 | $ | 9.59 | $ | 9.76 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.07 | 0.06 | (0.03 | ) | (0.06 | ) | (0.03 | ) | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.65 | 0.30 | (1.45 | ) | 1.17 | 0.26 | 0.06 | |||||||||||||||||
Total from investment operations |
0.72 | 0.36 | (1.48 | ) | 1.11 | 0.23 | 0.07 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.02 | ) | (0.47 | ) | (0.45 | ) | (0.25 | ) | (0.39 | ) | (0.24 | ) | ||||||||||||
Total distributions |
(0.10 | ) | (0.47 | ) | (0.45 | ) | (0.25 | ) | (0.39 | ) | (0.24 | ) | ||||||||||||
Net asset value, end of period |
$ | 8.87 | $ | 8.25 | $ | 8.36 | $ | 10.29 | $ | 9.43 | $ | 9.59 | ||||||||||||
Total return (B)(C) |
8.74 | %(D) | 4.10 | % | (15.10 | )% | 11.84 | % | 2.36 | % | 0.94 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 3,055 | $ | 3,519 | $ | 3,895 | $ | 5,496 | $ | 4,712 | $ | 5,504 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement (E) |
1.95 | %(F) | 1.87 | % | 1.79 | % | 1.85 | % | 1.87 | % | 1.83 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) |
1.45 | %(F) | 1.63 | %(G) | N/A | N/A | N/A | N/A | ||||||||||||||||
Net investment income, before waiver and reimbursement (E,H) |
1.21 | %(F) | 0.53 | % | (0.32 | )% | (0.56 | )% | (0.31 | )% | 0.14 | % | ||||||||||||
Net investment income, net waiver and reimbursement (E,H) |
1.71 | %(F) | 0.77 | %(G) | N/A | N/A | N/A | N/A | ||||||||||||||||
Portfolio turnover rate |
2%(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) |
Annualized. |
(G) |
For the period April 1, 2023 through September 30, 2023 the voluntary waiver was 0.25%. |
(H) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
FINANCIAL HIGHLIGHTS
The accompanying notes are an integral part of these financial statements.
SEMI-ANNUAL REPORT | 98
Conservative Growth Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
|||||||
2024 |
2023* |
|||||||
(Unaudited | ) | |||||||
Net asset value, beginning of period |
$ | 9.54 | $ | 9.80 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||
Net investment income (A) |
0.14 | 0.05 | ||||||
Net realized and unrealized gain (loss) on investments (B) |
0.72 | (0.31 | ) | |||||
Total from investment operations |
0.86 | (0.26 | ) | |||||
LESS DISTRIBUTIONS: |
||||||||
From net investment income |
(0.15 | ) | — | |||||
From net realized gains on investments |
(0.02 | ) | — | |||||
Total distributions |
(0.17 | ) | — | |||||
Net asset value, end of period |
$ | 10.23 | $ | 9.54 | ||||
Total return (C)(D) |
9.05 | %(E) | (2.65 | )%(E) | ||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||
Net assets, end of period |
$ | 246 | $ | 18 | ||||
Ratios to average net assets |
||||||||
Expenses, before waiver and reimbursement (F) |
0.99 | %(G) | 0.99 | %(G) | ||||
Expenses, net waiver and reimbursement (F) |
0.74 | %(G) | 0.74%(G,H) | |||||
Net investment income, before waiver and reimbursement (F,I) |
17.27 | %(G) | 5.50 | %(G) | ||||
Net investment income, net waiver and reimbursement (F,I) |
17.52 | %(G) | 5.75%(G,H) | |||||
Portfolio turnover rate |
2%(E) | 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.
SEMI-ANNUAL REPORT | 99
Growth & Income Fund (Class A Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.92 | $ | 10.66 | $ | 11.75 | $ | 10.11 | $ | 10.60 | $ | 10.87 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.09 | 0.17 | 0.11 | 0.06 | 0.09 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.75 | (0.08 | ) | (1.03 | ) | 1.68 | (0.47 | ) | (0.07 | ) | ||||||||||||||
Total from investment operations |
0.84 | 0.09 | (0.92 | ) | 1.74 | (0.38 | ) | (0.03 | ) | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.09 | ) | (0.17 | ) | (0.12 | ) | (0.10 | ) | (0.11 | ) | (0.05 | ) | ||||||||||||
From net realized gains on investments |
(0.06 | ) | (0.66 | ) | (0.05 | ) | — | — | (0.19 | ) | ||||||||||||||
Return of Capital |
— | — | — | — | 0.00 | * | (0.00 | )* | ||||||||||||||||
Total distributions |
(0.15 | ) | (0.83 | ) | (0.17 | ) | (0.10 | ) | (0.11 | ) | (0.24 | ) | ||||||||||||
Net asset value, end of period |
$ | 10.61 | $ | 9.92 | $ | 10.66 | $ | 11.75 | $ | 10.11 | $ | 10.60 | ||||||||||||
Total return (B)(C) |
8.53 | %(D) | 0.50 | % | (7.97 | )% | 17.18 | % | (3.48 | )% | (0.10 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 14,005 | $ | 12,726 | $ | 13,150 | $ | 14,191 | $ | 13,295 | $ | 14,500 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.00 | %(E) | 1.98 | % | 1.85 | % | 1.90 | % | 1.85 | % | 1.69 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.62 | %(E) | 1.58 | %(H) | 1.27 | % | 1.52 | % | 1.50 | % | 1.65 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
1.43 | %(E) | 1.23 | % | 0.36 | % | 0.18 | % | 0.55 | % | 0.37 | % | ||||||||||||
Net investment income, net waiver and reimbursement (F,G) |
1.81 | %(E) | 1.63 | %(H) | 0.94 | % | 0.56 | % | 0.90 | % | 0.42 | % | ||||||||||||
Portfolio turnover rate |
12 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(H) |
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.
SEMI-ANNUAL REPORT | 100
Growth & Income Fund (Class C Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.51 | $ | 10.25 | $ | 11.31 | $ | 9.74 | $ | 10.21 | $ | 10.51 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.05 | 0.09 | 0.02 | (0.02 | ) | 0.02 | (0.03 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.72 | (0.07 | ) | (0.98 | ) | 1.60 | (0.45 | ) | (0.07 | ) | ||||||||||||||
Total from investment operations |
0.77 | 0.02 | (0.96 | ) | 1.58 | (0.43 | ) | (0.10 | ) | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.05 | ) | (0.10 | ) | (0.05 | ) | (0.01 | ) | (0.04 | ) | (0.01 | ) | ||||||||||||
From net realized gains on investments |
(0.06 | ) | (0.66 | ) | (0.05 | ) | — | — | (0.19 | ) | ||||||||||||||
Return of Capital |
— | — | — | — | 0.00 | * | (0.00 | )* | ||||||||||||||||
Total distributions |
(0.11 | ) | (0.76 | ) | (0.10 | ) | (0.01 | ) | (0.04 | ) | (0.20 | ) | ||||||||||||
Net asset value, end of period |
$ | 10.17 | $ | 9.51 | $ | 10.25 | $ | 11.31 | $ | 9.74 | $ | 10.21 | ||||||||||||
Total return (B)(C) |
8.13 | %(D) | (0.23 | )% | (8.62 | )% | 16.25 | % | (4.20 | )% | (0.82 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 1,309 | $ | 1,664 | $ | 1,923 | $ | 1,938 | $ | 1,719 | $ | 2,388 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.75 | %(E) | 2.73 | % | 2.60 | % | 2.65 | % | 2.60 | % | 2.44 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
2.37 | %(E) | 2.33 | %(H) | 2.02 | % | 2.27 | % | 2.25 | % | 2.40 | % | ||||||||||||
Net investment loss, before waiver and reimbursement |
0.68 | %(E) | 0.47 | % | (0.41 | %) | (0.57 | %) | (0.19 | %) | (0.34 | %) | ||||||||||||
Net investment income (loss), net waiver and reimbursement (F,G) |
1.06 | %(E) | 0.88 | %(H) | 0.17 | % | (0.19 | %) | 0.16 | % | (0.29 | %) | ||||||||||||
Portfolio turnover rate |
12 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(H) |
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.
SEMI-ANNUAL REPORT | 101
Growth & Income Fund (Class I Shares)
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FOR THE SIX |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
FOR THE |
|||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
(Unaudited | ) | |||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.00 | $ | 10.74 | $ | 11.83 | $ | 10.18 | $ | 10.67 | $ | 10.94 | ||||||||||||
|
||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.11 | 0.20 | 0.15 | 0.09 | 0.12 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.76 | (0.08 | ) | (1.04 | ) | 1.69 | (0.47 | ) | (0.09 | ) | ||||||||||||||
Total from investment operations |
0.87 | 0.12 | (0.89 | ) | 1.78 | (0.35 | ) | (0.01 | ) | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.11 | ) | (0.20 | ) | (0.15 | ) | (0.13 | ) | (0.14 | ) | (0.07 | ) | ||||||||||||
From net realized gains on investments |
(0.06 | ) | (0.66 | ) | (0.05 | ) | — | — | (0.19 | ) | ||||||||||||||
Return of Capital |
— | — | — | — | 0.00 | * | (0.00 | )* | ||||||||||||||||
Total distributions |
(0.17 | ) | (0.86 | ) | (0.20 | ) | (0.13 | ) | (0.14 | ) | (0.26 | ) | ||||||||||||
Net asset value, end of period |
$ | 10.70 | $ | 10.00 | $ | 10.74 | $ | 11.83 | $ | 10.18 | $ | 10.67 | ||||||||||||
Total return (B)(C) |
8.69 | %(D) | 0.75 | % | (7.67 | )% | 17.44 | % | (3.20 | )% | 0.11 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000’s) |
$ | 3,206 | $ | 3,404 | $ | 3,154 | $ | 2,070 | $ | 2,102 | $ | 3,182 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.75 | %(E) | 1.73 | % | 1.69 | % | 1.65 | % | 1.60 | % | 1.44 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) |
1.37 | %(E) | 1.32 | %(H) | 1.02 | % | 1.27 | % | 1.25 | % | 1.40 | % | ||||||||||||
Net investment income, before waiver and reimbursement |
1.68 | %(E) | 1.50 | % | 0.52 | % | 0.43 | % | 0.86 | % | 0.70 | % | ||||||||||||
Net investment income, net waiver and reimbursement (F,G) |
2.06 | %(E) | 1.91 | %(H) | 1.19 | % | 0.81 | % | 1.21 | % | 0.75 | % | ||||||||||||
Portfolio turnover rate |
12 | %(D) | 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) |
For periods of less than one full year, total return and turnover are not annualized. |
(E) |
Annualized. |
(F) |
This expense decrease from the contractual waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) |
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(H) |
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.
SEMI-ANNUAL REPORT | 102
Section 7 | Notes to Financial Statements
MARCH 31, 2024 (UNAUDITED)
Timothy Plan Family of Funds
NOTE 1 | |
Significant Accounting Policies |
The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of March 31, 2024, the Trust consisted of nineteen series. These financial statements include the following twelve series: Timothy Plan Small/Mid Cap 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 Small/Mid Cap Growth Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks without regard to market capitalizations and investing in the securities of a limited number of companies which the Fund’s advisor believes show a high probability for superior growth.
The Timothy Plan International Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the securities of foreign companies (companies domiciled in countries other than the United States), without regard to market capitalizations. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.
The Timothy Plan Large/Mid Cap Growth Fund’s investment objective is long-term growth of capital. Current income is not a significant investment consideration and any such income realized will be considered incidental to the Fund’s investment objective. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks with market capitalizations in excess of $2 billion.
The Timothy Plan Small Cap Value Fund’s primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing at least 80% of the Fund’s total assets in U.S. stocks with market capitalizations that fall within the range of companies included in the Russell 2000 Index.
The Timothy Plan Large/Mid Cap Value Fund’s investment objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.
The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities.
The Timothy Plan High Yield Bond Fund’s investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of high yield fixed income securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 103
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 Small/Mid Cap 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 Small/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 20%-40% of its net assets in the Timothy Plan Fixed Income Fund; approximately 5-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-30% of its net assets in the Timothy Plan U.S. Large/Mid Cap Core ETF; approximately 0-25% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately 0-25% of its net assets in the Timothy Plan International ETF; and approximately 0-15% of its net assets in the Timothy Plan Small Cap Core ETF.
The Timothy Plan Growth & Income Fund’s investment objective is to provide total return through a combination of growth and income and preservation of capital in declining markets. To achieve its goals, the Fund primarily invests in equity securities of foreign and domestic companies that the advisor believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities.
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The Funds are an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 104
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 Small/Mid Cap Growth Fund, Large/Mid Cap Value Fund, Israel Common Values Fund, Small Cap Value Fund and Defensive Strategies Fund have made certain investments in REITs. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in REITS are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective yield method. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.
C. |
FOREIGN TAXES |
The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.
D. |
FOREIGN CURRENCY |
Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
E. |
GOLD RISK FACTORS |
There is a risk that some or all of the Trust’s gold bars held by the custodian or any sub-custodian on behalf of the Trust could be lost, damaged or stolen. Access to the Trust’s gold bars could be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the fund shares.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 105
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, 2021 to September 30, 2023, or expected to be taken in the Funds’ September 30, 2024 year-end tax returns.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 106
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 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 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 (UNAUDITED)
SEMI-ANNUAL REPORT | 107
Note 2 | |
Security Valuation and Fair Value Measurements |
The Funds’ securities are valued at fair value. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the “Valuation Designee”). The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.
FAIR VALUATION PROCESS
The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 108
VALUATION OF FUND OF FUNDS
A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the Board of Trustees of the Underlying Funds.
Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.
EXCHANGE TRADED FUNDS
The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.
OPTIONS TRANSACTIONS
The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.
Each Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.
When the Funds write a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.
The Funds may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a Funds’ portfolio. If such an increase occurs, the call options will permit the Fund to purchase the securities underlying such options at the exercise price, not at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Fund’s portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 109
There were no options held at March 31, 2024, and there were no options transactions for the six months ended March 31, 2024.
The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
● |
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access. |
● |
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
● |
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, preferred stock, ADRs, REITs, LPs, LLCs, PLCs, GDRs and NVDRs are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the advisor or sub-advisor believes such prices more accurately reflect the fair value of such securities. Securities including ETFs, that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Equity securities traded on inactive markets or valued by reference to similar instruments are categorized as a Level 2. When market quotations are not readily available, when the advisor or sub-advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the advisor or sub-advisor, in conformity with guidelines adopted by and subject to review by the Board. These securities will generally be categorized as Level 3 securities. Foreign investments are not fair valued using fair value triggers.
Investments in alternative investments, such as gold bars, are valued at the spot rate at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.
Fixed income securities such as corporate bonds, convertible bonds, government mortgage-backed securities, government notes and bonds, non U.S. government bonds, U.S. government agency securities and treasury inflation protected securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the advisor or sub-advisor believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the advisor or sub-advisor decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 110
available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the advisor or sub-advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.
Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.
The Board has delegated to the advisor responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the advisor will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The advisor must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the advisor and sub-advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities.
The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2024:
Small/Mid Cap Growth Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Common Stocks |
$ | 73,378,865 | $ | — | $ | — | $ | 73,378,865 | ||||||||
Money Market Fund |
3,946,378 | — | — | 3,946,378 | ||||||||||||
Total |
$ | 77,325,243 | $ | — | $ | — | $ | 77,325,243 |
International Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Common Stocks |
$ | 165,909,033 | $ | — | $ | 165,909,033 | ||||||||||
Money Market Fund |
5,383,736 | — | — | 5,383,736 | ||||||||||||
Total |
$ | 171,292,769 | $ | — | $ | — | $ | 171,292,769 |
Large/Mid Cap Growth Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Common Stocks |
$ | 157,041,900 | $ | — | $ | — | $ | 157,041,900 | ||||||||
Exchange - Traded Funds |
24,461,492 | — | — | 24,461,492 | ||||||||||||
Money Market Fund |
14,055,739 | — | — | 14,055,739 | ||||||||||||
Total |
$ | 195,559,131 | $ | — | $ | — | $ | 195,559,131 |
Small Cap Value Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Common Stocks |
$ | 166,506,126 | $ | — | $ | — | $ | 166,506,126 | ||||||||
Exchange - Traded Fund |
21,280,200 | — | — | 21,280,200 | ||||||||||||
Money Market Fund |
3,116,237 | — | — | 3,116,237 | ||||||||||||
Total |
$ | 190,902,563 | $ | — | $ | — | $ | 190,902,563 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 111
Large/Mid Cap Value Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Common Stocks |
$ | 277,080,038 | $ | — | $ | — | $ | 277,080,038 | ||||||||
Exchange - Traded Funds |
57,294,320 | — | — | 57,294,320 | ||||||||||||
Money Market Fund |
24,355,515 | — | — | 24,355,515 | ||||||||||||
Total |
$ | 358,729,873 | $ | — | $ | — | $ | 358,729,873 |
Fixed Income Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Corporate Bonds |
$ | — | $ | 31,347,936 | $ | — | $ | 31,347,936 | ||||||||
Non U.S. Government & Agencies |
— | 2,135,278 | — | 2,135,278 | ||||||||||||
U.S. Government & Agencies |
— | 78,993,238 | — | 78,993,238 | ||||||||||||
Money Market Fund |
3,438,858 | — | — | 3,438,858 | ||||||||||||
Total |
$ | 3,438,858 | $ | 112,476,452 | $ | — | $ | 115,915,310 |
High Yield Bond Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Corporate Bonds |
$ | — | $ | 189,918,085 | $ | — | $ | 189,918,085 | ||||||||
Money Market Fund |
10,638,654 | — | — | 10,638,654 | ||||||||||||
Total |
$ | 10,638,654 | $ | 189,918,085 | $ | — | $ | 200,556,739 |
Israel Common Values Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Common Stocks |
$ | 103,914,355 | $ | — | $ | — | $ | 103,914,355 | ||||||||
Money Market Fund |
2,189,054 | — | — | 2,189,054 | ||||||||||||
Total |
$ | 106,103,409 | $ | — | $ | — | $ | 106,103,409 |
Defensive Strategies Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Common Stocks |
$ | 28,169,689 | $ | — | $ | — | $ | 28,169,689 | ||||||||
Exchange - Traded Fund |
14,247,895 | — | — | 14,247,895 | ||||||||||||
Treasury Inflation Protected Securities (TIPS) |
— | 15,991,229 | — | 15,991,229 | ||||||||||||
Alternative Investments |
13,698,342 | — | — | 13,698,342 | ||||||||||||
Money Market Fund |
3,251,899 | — | — | 3,251,899 | ||||||||||||
Total |
$ | 59,367,825 | $ | 15,991,229 | $ | — | $ | 75,359,054 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 112
Strategic Growth Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Exchange - Traded Funds |
$ | 22,608,516 | $ | — | $ | — | $ | 22,608,516 | ||||||||
Mutual Funds |
10,547,726 | — | — | 10,547,726 | ||||||||||||
Money Market Fund |
546,724 | — | — | 546,724 | ||||||||||||
Total |
$ | 33,702,966 | $ | — | $ | — | $ | 33,702,966 |
Conservative Growth Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Exchange - Traded Funds |
$ | 19,018,785 | $ | — | $ | — | $ | 19,018,785 | ||||||||
Mutual Funds |
18,647,111 | — | — | 18,647,111 | ||||||||||||
Money Market Fund |
595,618 | — | — | 595,618 | ||||||||||||
Total |
$ | 38,261,514 | $ | — | $ | — | $ | 38,261,514 |
Growth & Income Fund
ASSETS |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
TOTAL |
||||||||||||
Corporate Bonds |
$ | — | $ | 3,184,294 | $ | — | $ | 3,184,294 | ||||||||
Non U.S. Government & Agencies |
— | 238,700 | — | 238,700 | ||||||||||||
U.S. Government & Agencies |
— | 3,954,704 | — | 3,954,704 | ||||||||||||
Exchange - Traded Fund |
8,251,921 | — | — | 8,251,921 | ||||||||||||
Money Market Fund |
124,472 | — | — | 124,472 | ||||||||||||
U.S. Treasury Notes |
— | 2,676,588 | — | 2,676,588 | ||||||||||||
Total |
$ | 8,376,393 | $ | 10,054,286 | $ | — | $ | 18,430,679 |
Refer to the Schedules of Investments for industry classifications.
For the six months ended March 31, 2024, there were no changes into/out of Level 3.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 113
Note 3 | |
Purchases and Sales of Securities |
The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the six months ended March 31, 2024:
PURCHASES |
SALES |
|||||||||||||||
Fund |
U.S. Gov’t |
Other |
U.S. Gov’t |
Other |
||||||||||||
Small/Mid Cap Growth |
$ | — | $ | 30,745,565 | $ | — | $ | 26,722,156 | ||||||||
International |
— | 20,228,104 | — | 30,619,102 | ||||||||||||
Large/Mid Cap Growth * |
— | 52,600,812 | — | 47,071,019 | ||||||||||||
Small Cap Value * |
— | 50,302,376 | — | 61,507,982 | ||||||||||||
Large/Mid Cap Value * |
— | 59,295,033 | — | 51,109,328 | ||||||||||||
Fixed Income * |
14,890,396 | 2,262,852 | 7,184,298 | 3,114,651 | ||||||||||||
High Yield Bond * |
— | 45,362,207 | — | 8,199,588 | ||||||||||||
Israel Common Values |
— | 12,859,816 | — | 6,806,119 | ||||||||||||
Defensive Strategies * |
1,114,288 | 6,512,936 | 2,426,878 | 6,134,004 | ||||||||||||
Strategic Growth * |
— | 806,718 | — | 2,929,989 | ||||||||||||
Conservative Growth * |
— | 699,862 | — | 3,962,918 | ||||||||||||
Growth & Income * |
865,839 | 1,239,404 | 1,488,965 | 1,297,525 |
* |
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 29, 2024. 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 Small/Mid Cap 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 0.15% on both the Strategic Growth Fund and the Conservative Growth Fund. TPL has contractually agreed, through January 28, 2025, 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 Small/Mid Cap 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 August 12, 2023, TPL voluntarily reduced the fee to 0.75% for the Large/Mid Cap Value Fund. Effective February 1, 2024, TPL voluntarily reduced the fee to 0.90% for the International Fund. An officer and trustee of the Funds is also an officer and owner of the advisor.
Timothy Partners, Ltd (“TPL”) has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets, 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, 2025. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 114
For the six months ended March 31, 2024, TPL waived advisory fees for the Funds as follows:
FUND |
SIX MONTHS ENDED |
|||
Small/Mid Cap Growth Fund |
$ | 27,343 | ||
International Fund |
56,011 | |||
Large/Mid Cap Growth Fund |
36,131 | |||
Small Cap Value Fund |
39,604 | |||
Large/Mid Cap Value Fund |
127,684 | |||
Fixed Income Fund |
108,744 | |||
High Yield Bond Fund |
87,861 | |||
Defensive Strategies Fund |
14,657 | |||
Strategic Growth |
82,892 | |||
Conservative Growth |
95,479 | |||
Growth & Income Fund |
7,781 |
The Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund, the Defensive Strategies Fund and the Growth & Income Fund invested a portion of assets in the Timothy Plan High Dividend Stock Enhanced ETF, the Timothy Plan High Dividend Stock ETF, the Timothy Plan US Large/Mid Cap Core Enhanced ETF, the Timothy Plan US Large/Mid Cap Core ETF, the Timothy Plan US Small Cap Core ETF and the Timothy Plan Market Neutral ETF. For the six months ended March 31, 2024, the Funds’ waived fees as follows pursuant to that arrangement.
FUND |
SIX MONTHS ENDED |
|||
Large/Mid Cap Growth Fund |
$ | 87,794 | ||
Small Cap Value Fund |
77,379 | |||
Large/Mid Cap Value Fund |
193,356 | |||
Defensive Strategies Fund |
40,188 | |||
Growth & Income Fund |
26,313 |
TPL, with the prior approval of the Board and shareholders of the applicable Fund, has engaged the services of other investment advisory firms (“Investment Managers”) to provide portfolio management services to the Funds. TPL pays the Investment Managers as follows:
Barrow Hanley
As compensation for its services with respect to the Fixed-Income Fund and High Yield Bond Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375% of 1% of the first $20,000,000 in the average net assets of each Fund. As compensation for its services with respect to the Defensive Strategies Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.15% of the average net assets in the Debt Instrument Allocation of the Fund. As compensation for its services with respect to the Growth and Income Fund , Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375 of 1% of the first $20,000,00 of the average net assets in the fixed income allocation of the Fund.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 115
Chartwell
As compensation for its services, Chartwell receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.
Chilton
For its services rendered to the DS Fund, Adviser will pay to Investment Manager a fee at an annual rate equal to 0.42% of the Defensive Strategies Fund’s average daily assets allocated to the REIT sleeve of the Defensive Strategies Fund’s investment portfolio (“Allocated Assets”) up to $10 million, 0.39% for the next $10 million in Allocated Assets, 0.35% for the next $30 million in Allocated Assets, and 0.30% of Allocated Assets over $50 million.
CoreCommodity
As compensation for its services to the Fund, CORE receives from TPL an annual fee at a rate equal to 0.40% of the Fund’s average daily assets up to $25 million, and 0.35% of average daily net assets over $25 million.
Eagle
As compensation for its services, Eagle receives from TPL an annual fee at a rate equal to 0.60% of the first $100 million in assets of the Fund; and 0.50% of assets over $100 million.
Westwood
As compensation for its services, Westwood receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.
Ultimus Fund Services, LLC (“UFS”) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:
Fund Accounting and Fund Administration Fees:
Fund Complex Base annual fee:
● |
25 basis points (0.25%) on the first $200 million of net assets |
● |
15 basis points (0.15%) on the next $200 million of net assets; |
● |
8 basis points (0.08%) on the next $600 million of net assets; and |
● |
6 basis points (0.06%) on net assets greater than $1 billion. |
Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trust’s agreement with UFS. Therefore, there is no separate base annual fee per Fund or share class.
The Timothy Plan Small/Mid Cap Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares. Class I shares are not subject to the shareholder services plan.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 116
The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds 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 six months ended March 31, 2024, the Funds paid TPL under the terms of the Plans as follows:
FUND |
12B-1 FEES |
|||
|
Six Months Ended |
|||
Small/Mid Cap Growth |
$ | 57,365 | ||
International |
79,589 | |||
Large/Mid Cap Growth |
181,191 | |||
Small Cap Value |
158,818 | |||
Large/Mid Cap Value |
287,986 | |||
Fixed Income |
124,724 | |||
High Yield Bond |
89,342 | |||
Israel Common Values |
94,203 | |||
Defensive Strategies |
69,273 | |||
Strategic Growth |
47,430 | |||
Conservative Growth |
55,721 | |||
Growth & Income |
23,768 |
TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the six months ended March 31, 2024, 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 |
||||||
Small/Mid Cap Growth |
$ | 5,022 | $ | 16 | ||||
International |
4,368 | 20 | ||||||
Large/Mid Cap Growth |
20,259 | 362 | ||||||
Small Cap Value |
8,736 | 290 | ||||||
Large/Mid Cap Value |
17,314 | 591 | ||||||
Fixed Income |
41,873 | 1,414 | ||||||
High Yield Bond |
5,074 | 23 | ||||||
Israel Common Values |
6,271 | 565 | ||||||
Defensive Strategies |
7,885 | 20 | ||||||
Strategic Growth |
3,444 | 13 | ||||||
Conservative Growth |
3,135 | 138 | ||||||
Growth & Income |
2,146 | 12 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 117
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 March 31, 2024, 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 |
16.47% |
Fixed Income |
20.47% |
High Yield Bond |
7.30% |
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.
The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of March 31, 2024, 29.8% of the Conservative Growth Fund’s net assets were invested in the Timothy Plan Fixed Income Fund.
The Growth & Income Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan High Dividend Stock Enhanced ETF (the “ETF”). The Fund may redeem its investments from the ETF at any time if the advisor determines that it is in the best interest of the Fund and its shareholders to do so.
The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of March 31, 2024, 44.5% of the Growth & Income Fund’s net assets were invested in the Timothy Plan High Dividend Stock Enhanced ETF.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 118
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, Defensive Strategies Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the six months ended March 31, 2024, with affiliates:
LARGE/MID |
SIX MONTHS ENDED MARCH 31, 2024 |
|||||||||||||||||||||||||||
Fund |
Fair Value |
Purchases |
Sales |
Dividends |
Amount of |
Net Change |
Fair Value |
|||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF |
$ | 13,724,506 | $ | 4,074,382 | $ | — | $ | 102,851 | $ | — | $ | 2,072,614 | $ | 19,871,502 | ||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF |
7,204,230 | — | 4,078,217 | 34,255 | 1,569,717 | (105,740 | ) | 4,589,990 | ||||||||||||||||||||
Total |
$ | 20,928,736 | $ | 137,106 | $ | 1,569,717 | $ | 1,966,874 | $ | 24,461,492 |
SMALL CAP |
SIX MONTHS ENDED MARCH 31, 2024 |
|||||||||||||||||||||||||||
Fund |
Fair Value |
Purchases |
Sales |
Dividends |
Amount of |
Net Change |
Fair Value |
|||||||||||||||||||||
Timothy Plan US Small Cap Core ETF |
$ | 17,967,936 | $ | — | $ | — | $ | 120,473 | $ | — | $ | 3,312,264 | $ | 21,280,200 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 119
LARGE/MID |
SIX MONTHS ENDED MARCH 31, 2024 |
|||||||||||||||||||||||||||
Fund |
Fair Value |
Purchases |
Sales |
Dividends |
Amount of |
Net Change |
Fair Value |
|||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF |
$ | 12,610,985 | $ | 6,955,363 | $ | — | 190,565 | $ | — | $ | 1,814,749 | $ | 21,381,097 | |||||||||||||||
Timothy Plan High Dividend Stock ETF |
11,709,511 | — | 6,896,445 | 124,554 | 1,899,445 | (111,486 | ) | 6,601,025 | ||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF |
13,944,449 | 8,173,163 | — | 113,041 | — | 2,225,606 | 24,343,218 | |||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF |
10,961,460 | — | 8,156,435 | 48,679 | 3,139,435 | (975,480 | ) | 4,968,980 | ||||||||||||||||||||
Total |
$ | 49,226,405 | $ | 476,839 | $ | 5,038,880 | $ | 2,953,389 | $ | 57,294,320 |
DEFENSIVE |
SIX MONTHS ENDED MARCH 31, 2024 |
|||||||||||||||||||||||||||
Fund |
Fair Value |
Purchases |
Sales |
Dividends |
Amount of |
Net Change |
Fair Value |
|||||||||||||||||||||
Timothy Plan Market Neutral ETF |
$ | 14,810,883 | $ | 559,763 | $ | — | $ | 545,029 | $ | — | $ | (1,122,751 | ) | $ | 14,247,895 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 120
STRATEGIC |
SIX MONTHS ENDED MARCH 31, 2024 |
|||||||||||||||||||||||||||
Fund |
Fair Value |
Purchases |
Sales |
Dividends |
Amount of |
Net Change |
Fair Value |
|||||||||||||||||||||
International |
$ | 4,183,074 | $ | 96,466 | $ | 360,600 | $ | 44,511 | $ | 65,147 | $ | 597,227 | $ | 4,581,314 | ||||||||||||||
Fixed Income |
4,030,737 | 47,368 | 259,091 | 51,760 | (45,519 | ) | 208,651 | 3,982,146 | ||||||||||||||||||||
High Yield Bond |
2,037,294 | 54,235 | 218,039 | 52,203 | (16,327 | ) | 127,103 | 1,984,266 | ||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF |
2,632,373 | 31,665 | 199,235 | 33,291 | (14,421 | ) | 325,860 | 2,776,242 | ||||||||||||||||||||
Timothy Plan International ETF |
5,174,284 | — | 459,059 | 78,137 | 34,826 | 662,332 | 5,412,383 | |||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF |
4,918,806 | 31,959 | 498,412 | 33,852 | (17,535 | ) | 708,635 | 5,143,453 | ||||||||||||||||||||
Timothy Plan Market Neutral ETF |
5,329,502 | 545,024 | 556,155 | 183,014 | 125,553 | (384,011 | ) | 5,059,913 | ||||||||||||||||||||
Timothy Plan US Small Cap Core ETF |
3,888,602 | — | 379,397 | 25,381 | 119,523 | 587,797 | 4,216,525 | |||||||||||||||||||||
Total |
$ | 32,194,672 | $ | 502,149 | $ | 251,247 | $ | 2,833,594 | $ | 33,156,242 |
* |
Includes capital gain distributions from affiliated funds |
CONSERVATIVE |
SIX MONTHS ENDED MARCH 31, 2024 |
|||||||||||||||||||||||||||
Fund |
Fair Value September 30, 2023 |
Purchases |
Sales |
Dividends |
Amount of |
Net Change |
Fair Value |
|||||||||||||||||||||
International |
$ | 4,377,866 | $ | 106,675 | $ | 438,557 | $ | 45,510 | $ | 106,889 | $ | 575,144 | $ | 4,728,017 | ||||||||||||||
Fixed Income |
11,901,279 | 138,629 | 1,126,150 | 148,688 | (125,452 | ) | 608,812 | 11,397,118 | ||||||||||||||||||||
High Yield Bond |
2,606,804 | 68,796 | 292,783 | 65,937 | (24,218 | ) | 163,377 | 2,521,976 | ||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF |
2,327,640 | — | 242,197 | 28,762 | (21,128 | ) | 287,113 | 2,351,428 | ||||||||||||||||||||
Timothy Plan International ETF |
3,428,908 | — | 421,722 | 50,415 | 29,554 | 427,298 | 3,464,038 | |||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF |
4,633,912 | — | 580,246 | 31,337 | (36,859 | ) | 668,095 | 4,684,902 | ||||||||||||||||||||
Timothy Plan Market Neutral ETF |
6,278,143 | 385,762 | 621,820 | 214,958 | 148,659 | (438,936 | ) | 5,751,808 | ||||||||||||||||||||
Timothy Plan US Small Cap Core ETF |
2,670,562 | — | 386,556 | 17,201 | 145,179 | 337,424 | 2,766,609 | |||||||||||||||||||||
Total |
$ | 38,225,114 | $ | 602,808 | $ | 222,624 | $ | 2,628,327 | $ | 37,665,896 |
* |
Includes capital gain distributions from affiliated funds |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 121
GROWTH & |
SIX MONTHS ENDED MARCH 31, 2024 |
|||||||||||||||||||||||||||
Fund |
Fair Value September 30, 2023 |
Purchases |
Sales |
Dividends |
Amount of |
Net Change |
Fair Value |
|||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF |
$ | 6,492,567 | $ | 943,100 | $ | — | $ | 85,968 | $ | — | $ | 816,254 | $ | 8,251,921 | ||||||||||||||
Timothy Plan High Dividend Stock ETF |
841,860 | — | 948,261 | 7,120 | 325,463 | (219,062 | ) | — | ||||||||||||||||||||
Total |
$ | 7,334,427 | $ | 93,088 | $ | 325,463 | $ | 597,192 | $ | 8,251,921 |
Note 8 | |
Aggregate Unrealized Appreciation and Depreciation |
The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at March 31, 2024, were as follows:
FUND |
TAX COST |
GROSS |
GROSS |
NET UNREALIZED |
||||||||||||
Small/Mid Cap Growth |
$ | 60,789,824 | $ | 16,771,053 | $ | (235,634 | ) | $ | 16,535,419 | |||||||
International |
128,955,282 | 45,944,773 | (3,607,286 | ) | 42,337,487 | |||||||||||
Large/Mid Cap Growth |
145,354,398 | 51,467,200 | (1,262,467 | ) | 50,204,733 | |||||||||||
Small Cap Value |
171,271,802 | 27,257,861 | (7,627,100 | ) | 19,630,761 | |||||||||||
Large/Mid Cap Value |
270,813,908 | 91,050,485 | (3,134,520 | ) | 87,915,965 | |||||||||||
Fixed Income |
124,475,385 | 383,891 | (8,943,966 | ) | (8,560,075 | ) | ||||||||||
High Yield Bond |
202,790,675 | 3,404,825 | (5,638,761 | ) | (2,233,936 | ) | ||||||||||
Israel Common Values |
64,197,753 | 44,670,451 | (2,764,795 | ) | 41,905,656 | |||||||||||
Defensive Strategies |
63,567,604 | 3,115,416 | (5,022,308 | ) | (1,906,892 | ) | ||||||||||
Strategic Growth |
32,798,623 | 2,264,493 | (1,360,150 | ) | 904,343 | |||||||||||
Conservative Growth |
39,169,960 | 1,649,860 | (2,558,307 | ) | (908,447 | ) | ||||||||||
Growth & Income |
19,284,581 | 42,857 | (896,759 | ) | (853,902 | ) |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 122
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 |
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 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 123
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 |
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.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 124
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 |
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.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEMI-ANNUAL REPORT | 125
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 the 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 (UNAUDITED)
SEMI-ANNUAL REPORT | 126
Section 8 | Expense Examples
MARCH 31, 2024 (UNAUDITED)
As a shareholder of a Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs”, (in dollars) of investing in each Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of October 1, 2023 through March 31, 2024.
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 |
SMALL/MID CAP GROWTH FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,348.10 |
$9.16 |
Hypothetical - Class A ** |
$1,000.00 |
$1,017.20 |
$7.87 |
Actual - Class C * |
$1,000.00 |
$1,342.30 |
$13.53 |
Hypothetical - Class C ** |
$1,000.00 |
$1,013.45 |
$11.63 |
Actual - Class I * |
$1,000.00 |
$1,350.30 |
$7.70 |
Hypothetical - Class I ** |
$1,000.00 |
$1,018.45 |
$6.61 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 1.56% for Class A, 2.31% for Class C and 1.31% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 34.81% for Class A, 34.23% for Class C and 35.03% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
SEMI-ANNUAL REPORT | 127
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
INTERNATIONAL FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,173.60 |
$8.80 |
Hypothetical - Class A ** |
$1,000.00 |
$1,016.90 |
$8.17 |
Actual - Class C * |
$1,000.00 |
$1,169.50 |
$12.85 |
Hypothetical - Class C ** |
$1,000.00 |
$1,013.15 |
$11.93 |
Actual - Class I * |
$1,000.00 |
$1,175.80 |
$7.45 |
Hypothetical - Class I ** |
$1,000.00 |
$1,018.15 |
$6.91 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 1.62% for Class A, 2.37% for Class C and 1.37% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 17.36% for Class A, 16.95% for Class C, and 17.58% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
LARGE/MID CAP GROWTH FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,260.60 |
$7.29 |
Hypothetical - Class A ** |
$1,000.00 |
$1,018.55 |
$6.51 |
Actual - Class C * |
$1,000.00 |
$1,256.80 |
$11.51 |
Hypothetical - Class C ** |
$1,000.00 |
$1,014.80 |
$10.28 |
Actual - Class I * |
$1,000.00 |
$1,262.70 |
$5.88 |
Hypothetical - Class I ** |
$1,000.00 |
$1,019.80 |
$5.25 |
* |
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/366 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 26.06% for Class A, 25.68% for Class C, and 26.27% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
SEMI-ANNUAL REPORT | 128
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
SMALL CAP VALUE FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,191.60 |
$7.51 |
Hypothetical - Class A ** |
$1,000.00 |
$1,018.15 |
$6.91 |
Actual - Class C * |
$1,000.00 |
$1,187.10 |
$11.59 |
Hypothetical - Class C ** |
$1,000.00 |
$1,014.40 |
$10.68 |
Actual - Class I * |
$1,000.00 |
$1,193.00 |
$6.14 |
Hypothetical - Class I ** |
$1,000.00 |
$1,019.40 |
$5.65 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 1.37% for Class A, 2.12% for Class C and 1.12% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 19.16% for Class A, 18.71% for Class C, and 19.30% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
LARGE/MID CAP VALUE FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,211.20 |
$6.80 |
Hypothetical - Class A ** |
$1,000.00 |
$1,018.85 |
$6.21 |
Actual - Class C * |
$1,000.00 |
$1,207.30 |
$10.93 |
Hypothetical - Class C ** |
$1,000.00 |
$1,015.10 |
$9.97 |
Actual - Class I * |
$1,000.00 |
$1,213.10 |
$5.42 |
Hypothetical - Class I ** |
$1,000.00 |
$1,020.10 |
$4.95 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 1.23% for Class A, 1.98% for Class C, and 0.98% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 21.12% for Class A, 20.73% for Class C, and 21.31% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
SEMI-ANNUAL REPORT | 129
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
FIXED INCOME FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,055.00 |
$5.65 |
Hypothetical - Class A ** |
$1,000.00 |
$1,019.50 |
$5.55 |
Actual - Class C * |
$1,000.00 |
$1,049.70 |
$9.48 |
Hypothetical - Class C ** |
$1,000.00 |
$1,015.75 |
$9.32 |
Actual - Class I * |
$1,000.00 |
$1,056.80 |
$4.37 |
Hypothetical - Class I ** |
$1,000.00 |
$1,020.75 |
$4.29 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 1.10% for Class A, 1.85% for Class C, and 0.85% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 5.50% for Class A, 4.97% for Class C, and 5.68% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
HIGH YIELD BOND FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,084.40 |
$5.94 |
Hypothetical - Class A ** |
$1,000.00 |
$1,019.30 |
$5.76 |
Actual - Class C * |
$1,000.00 |
$1,079.80 |
$9.83 |
Hypothetical - Class C ** |
$1,000.00 |
$1,015.55 |
$9.52 |
Actual - Class I * |
$1,000.00 |
$1,085.60 |
$4.64 |
Hypothetical - Class I ** |
$1,000.00 |
$1,020.55 |
$4.50 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 1.14% for Class A, 1.89% for Class C, and 0.89% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 8.44% for Class A, 7.98% for Class C, and 8.56% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
SEMI-ANNUAL REPORT | 130
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
DEFENSIVE STRATEGIES FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,070.00 |
$6.37 |
Hypothetical - Class A ** |
$1,000.00 |
$1,018.85 |
$6.21 |
Actual - Class C * |
$1,000.00 |
$1,066.10 |
$10.23 |
Hypothetical - Class C ** |
$1,000.00 |
$1,015.10 |
$9.97 |
Actual - Class I * |
$1,000.00 |
$1,071.20 |
$5.07 |
Hypothetical - Class I ** |
$1,000.00 |
$1,020.10 |
$4.95 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 1.23% for Class A, 1.98% for Class C and 0.98% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 7.00% for Class A, 6.61% for Class C and 7.12% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
STRATEGIC GROWTH FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,109.90 |
$4.80 |
Hypothetical - Class A ** |
$1,000.00 |
$1,020.45 |
$4.60 |
Actual - Class C * |
$1,000.00 |
$1,106.70 |
$7.43 |
Hypothetical - Class C ** |
$1,000.00 |
$1,017.95 |
$7.11 |
Actual - Class I * |
$1,000.00 |
$1,109.70 |
$2.16 |
Hypothetical - Class I ** |
$1,000.00 |
$1,022.95 |
$2.07 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 0.91% for Class A, 1.41% for Class C and 0.41% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 10.99% for Class A, 10.67% for Class C and 10.97% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
SEMI-ANNUAL REPORT | 131
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
CONSERVATIVE GROWTH FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,090.60 |
$4.97 |
Hypothetical - Class A ** |
$1,000.00 |
$1,020.25 |
$4.80 |
Actual - Class C * |
$1,000.00 |
$1,087.40 |
$7.57 |
Hypothetical - Class C ** |
$1,000.00 |
$1,017.75 |
$7.31 |
Actual - Class I ** |
$1,000.00 |
$1,090.50 |
$2.35 |
Hypothetical - Class I ** |
$1,000.00 |
$1,022.75 |
$2.28 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 0.95% for Class A, 1.45% for Class C and 0.45% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 9.06% for Class A, 8.74% for Class C and 9.05% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
ISRAEL COMMON VALUES FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,136.50 |
$9.45 |
Hypothetical - Class A ** |
$1,000.00 |
$1,016.15 |
$8.92 |
Actual - Class C * |
$1,000.00 |
$1,131.30 |
$13.43 |
Hypothetical - Class C ** |
$1,000.00 |
$1,012.40 |
$12.68 |
Actual - Class I * |
$1,000.00 |
$1,137.50 |
$8.12 |
Hypothetical - Class I ** |
$1,000.00 |
$1,017.40 |
$7.67 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 1.77% for Class A, 2.52% for Class C and 1.52% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 13.65% for Class A, 13.13% for Class C and 13.75% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
SEMI-ANNUAL REPORT | 132
FUND |
BEGINNING |
ENDING ACCOUNT |
EXPENSES PAID |
GROWTH & INCOME FUND |
10/1/2023 |
3/31/2024 |
10/1/2023 through |
Actual - Class A * |
$1,000.00 |
$1,085.30 |
$8.45 |
Hypothetical - Class A ** |
$1,000.00 |
$1,016.90 |
$8.17 |
Actual - Class C * |
$1,000.00 |
$1,081.30 |
$12.33 |
Hypothetical - Class C ** |
$1,000.00 |
$1,013.15 |
$11.93 |
Actual - Class I ** |
$1,000.00 |
$1,086.90 |
$7.15 |
Hypothetical - Class I ** |
$1,000.00 |
$1,018.15 |
$6.91 |
* |
Expenses are equal to the Fund’s annualized expense ratio of 1.62% for Class A, 2.37% for Class C and 1.37% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 8.53% for Class A, 8.13% for Class C and 8.69% for Class I for the period of October 1, 2023, to March 31, 2024. |
** |
Assumes a 5% return before expenses. |
EXPENSE EXAMPLES (UNAUDITED)
SEMI-ANNUAL REPORT | 133
Section 9 | Supplemental Information
MARCH 31, 2024 (UNAUDITED)
Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (“TPL”)
At an in-person meeting held February 29, 2024, the Trustees considered the Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (the “Advisor” or “TPL”), for the Funds. Fund counsel reviewed the duties and responsibilities of review required of Trustees with respect to the renewal of advisory and sub-advisory agreements.
The Trustees reviewed the 2024 Annual Investment Advisory Agreement Renewal Questionnaire responses provided by TPL and the materials provided by the Advisor in support of the continuance of the Investment Advisory Agreement, including, among other things, the Advisor’s financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding the Advisor’s key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Investment Advisory Agreement.
The Trustees received and considered information regarding the nature, extent and quality of services provided to the Funds by the Advisor. The Trustees specifically reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees noted that Mr. Ally is responsible for the day-to-day management of the Trust. The Trustees considered that the Advisor has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that the Advisor possesses adequate resources to manage the Funds. The Trustees also considered the Advisor’s compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees also considered the Advisor’s experience and consistency in incorporating and implementing the unique, biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds’ prospectus. The Trustees noted that the Advisor had managed the Funds since their inceptions, had implemented and provided continuous monitoring of the Biblically Responsible Investing (“BRI”) screens utilized by the Trust, oversaw and monitored the ongoing activities of the Funds’ various sub-advisors, and provided general management services to the Trust.
The Trustees next considered the investment performance of each Fund and the Advisor’s performance in monitoring the investment managers of the Funds. The Trustees noted that comprehensive performance information had been provided for each Fund at each Trustees Meeting, and the Trustees incorporated that information into their considerations. The Board considered how the performance of each Fund compared to each Fund’s respective benchmarks and peer groups while acknowledging that the BRI screening process employed by the Advisor disqualified a number of companies that constituted major components to the Funds’ underlying benchmark indices. Accordingly, the Trustees noted that in rising markets, absent compensating efforts by the Advisor and sub-advisors, the Funds would tend to underperform the market. In falling markets, the opposite should be the general case. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was adequate, and that the Advisor was performing its responsibilities in a professional manner.
The Trustees next reviewed the contractual investment advisory fee rates payable by the Funds. As a part of their review, the Trustees considered each Fund’s management fee and total expense ratio compared to similar funds. The Trustees considered the fees charged by the Advisor in light of the services provided to the Funds by the Advisor, the unique nature of the Funds and their BRI screening requirements, and the Advisor’s role as a manager of managers. The Trustees noted that that in 2023, the Advisor had contractually agreed to fee waivers for several Funds in order to lower the overall expenses of those Funds. After full and careful consideration of the materials presented to the Trustees, the Trustees made the following conclusions: The fees charged by the Advisor for each Fund were not as low as some of its competitors with similar screens, but the fees were not as high or higher than other competitors. The Trustees concluded that the fees were not so high as to fall outside the realm of fees negotiated at arms length. Further, the Trustees noted with approval that the Advisor had contractually waived a portion of its fees for certain Funds. After review of the facts and circumstances applicable to this Trust, the Trustees agreed that the fees charged by the Advisor were fair and reasonable in light of the services provided to the Funds
The Independent Trustees then considered the extent to which economies of scale are being realized as the Funds grow and noted that the Advisor intends to lower the advisory fees assessed as asset size increases. The Independent Trustees also considered the “fallout” benefits to the Advisor with respect to the Funds, but given the amounts involved, viewed these as secondary factors in connection with the evaluation of the reasonableness of the advisory fees paid by the Funds.
After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, unanimously concluded that approval of the continuance of the Investment Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees’
SUPPLEMENTAL INFORMATION (UNAUDITED)
SEMI-ANNUAL REPORT | 134
decision to approve the continuation of the Investment Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.. Further, the Independent Trustees were advised by counsel during their consideration of the Advisory Agreement renewal and the Sub-Advisor Agreement renewals.
Westwood Management Corporation; Sub-Advisor to the Large/Mid Cap Value and the Small Cap Value Funds.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Westwood Management Corporation (“Westwood”), on behalf of the Timothy Plan Small Cap Value and Large/Mid Cap Value Funds. The Trustees reviewed the 2024 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Westwood and reviewed in detail the materials provided by Westwood in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Westwood’s financial statements, Form ADV, the Compliance Policies and Procedures Manual, information regarding Westwood’s key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Westwood Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Timothy Plan Large/Mid Cap Value Fund and the Timothy Plan Small Cap Value Fund (each a “Fund” and collectively, the “Funds”) by Westwood. The Trustees specifically reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees considered that Westwood has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Westwood possesses adequate resources to manage the Funds. The Trustees also considered Westwood’s compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of each Fund and Westwood’s performance managing each of the Funds. The Trustees noted that comprehensive performance information had been provided for the Funds at each Trustees Meeting, and the Trustees incorporated that information into their considerations. The Board considered that the Timothy Plan Large/Mid Cap Value Fund underperformed the S&P 500® Index in the one-year, five-years, and ten-years ending December 31, 2023 and outperformed the S&P 500® Index in the three-years ended December 31, 2023. The Board additionally considered that the Timothy Plan Small Cap Value Fund outperformed the Russell 2000® Index in the one-year, three-years, five-years, and ten-years ended December 31, 2023. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was adequate, and that Westwood was performing this function in a professional manner. The Trustees noted that the fees payable to Westwood were paid by the Advisor out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Advisor by the subject Funds in light of the services provided by Westwood. After full and careful consideration, the Trustees agreed that the fees charged by Westwood and paid out of the fees received by the Advisor were fair and reasonable in light of the services provided by Westwood. The Independent Trustees considered that the economies of scale could not be quantified and noted that the tiered fee schedules had been designed to reflect potential future economies of scales as asset levels increase. The Independent Trustees also considered any “fallout” benefits to Westwood with respect to the Funds, noting there had not been any identified or quantified at the time. After consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, unanimously concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees’ decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.
Barrow Hanley Global Investors; Sub-Advisor for the Fixed Income, High Yield Bond, Defensive Strategies TIPS sleeve, and fixed income sleeve of the Growth and Income Fund.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Barrow Hanley Global Investors (“Barrow Hanley”), on behalf of the Fixed Income Fund, High Yield Bond Fund, Defensive Strategies Fund TIPS sleeve, and fixed income sleeve of the Growth and Income Fund. The Trustees reviewed the 2024 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Barrow Hanley and reviewed the materials provided by Barrow Hanley in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Barrow Hanley’s financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding Barrow Hanley’s key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Barrow Hanley Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Timothy Plan Fixed Income Fund, the Timothy Plan High Yield Bond Fund, the Timothy Plan Defensive
SUPPLEMENTAL INFORMATION (UNAUDITED)
SEMI-ANNUAL REPORT | 135
Strategies Fund TIPS sleeve, and the Timothy Plan Growth and Income Fund fixed income sleeve (each a “Fund” and collectively, the “Funds”) by Barrow Hanley. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees considered that Barrow Hanley has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Barrow Hanley possesses adequate resources to manage the Funds. The Trustees also considered Barrow Hanley’s compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of each Fund and Barrow Hanley’s performance in managing each of the Funds. The Trustees noted that comprehensive performance information had been provided for the Funds at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was adequate, and that Barrow Hanley was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Barrow Hanley were paid by the Advisor out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Advisor by the subject Funds in light of the services provided by Barrow Hanley. After full and careful consideration, the Trustees agreed that the fees charged by Barrow Hanley and paid out of the fees received by the Advisor were fair and reasonable in light of the services provided by Barrow Hanley. The Independent Trustees considered the economies of scale, noting that the fee schedule contained breakpoints that were within industry standard. The Independent Trustees also considered any “fallout” benefits to Barrow Hanley with respect to the Funds, noting that no affiliate of Barrow Hanley derives any direct or indirect benefits from Barrow Hanley’s relationship with the Trust. After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, unanimously concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees’ decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.
Chartwell Investment Partners; Sub-Advisor to the Aggressive Growth and Large/Mid Cap Growth Funds.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Chartwell Investment Partners (“Chartwell”), on behalf of the Aggressive Growth and Large/Mid Cap Growth Funds. The Trustees reviewed the 2024 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Chartwell and reviewed the materials provided by Chartwell in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Chartwell’s financial statements, Form ADV, the Compliance Policies and Procedures Manual, information regarding Chartwell’s key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Chartwell Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Timothy Plan Aggressive Growth Fund, and the Timothy Plan Large/Mid Cap Growth Fund (each a “Fund” and collectively, the “Funds”) by Chartwell. The Trustees specifically reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees considered that Chartwell has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Chartwell possesses adequate resources to manage the Funds. The Trustees also considered Chartwell’s compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of each Fund and Chartwell’s performance in managing each of the Funds. The Trustees noted that comprehensive performance information had been provided for the Funds at each Trustees Meeting, and the Trustees incorporated that information into their considerations. The Board considered that during the calendar year ended December 31, 2023 the Timothy Plan Aggressive Growth Fund outperformed the Russell Midcap Growth Index and the Timothy Plan Large/Mid Cap Growth Fund underperformed the Russell 1000 Growth Index. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was adequate, and that Chartwell was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Chartwell were paid by the Advisor out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Advisor by the subject Funds in light of the services provided by Chartwell. After full and careful consideration, the Trustees agreed that the fees charged by Chartwell and paid out of the fees received by the Advisor were fair and reasonable in light of the services provided by Chartwell. The Independent Trustees considered the economies of scale, deciding that this particular factor was moot with respect to the Chartwell Sub-Advisory Agreement because Chartwell was paid out of the fees paid to Advisor. The Independent Trustees also considered any “fallout” benefits to Chartwell with respect to the Funds. After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, unanimously concluded that
SUPPLEMENTAL INFORMATION (UNAUDITED)
SEMI-ANNUAL REPORT | 136
approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees’ decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.
Chilton Capital Partners, LLC; Sub-Advisor to the Defensive Strategies Fund REITs sleeve.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Chilton Capital Partners, LLC (“Chilton”), on behalf of the Defensive Strategies Fund REITs sleeve. The Trustees reviewed the 2024 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Chilton and reviewed the materials provided by Chilton in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Chilton’s financial statements, Form ADV, the Compliance Policies and Procedures Manual, information regarding Chilton’s key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Chilton Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Timothy Plan Defensive Strategies Fund REITs sleeve (the “Fund”) by Chilton. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Fund. The Trustees considered that Chilton has a staff of skilled investment professionals who provide research and trading services to the Fund and determined that Chilton possesses adequate resources to manage the Fund. The Trustees also considered Chilton’s compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of the Fund and Chilton’s performance in managing the of the Fund. The Trustees noted that comprehensive performance information had been provided for the Fund at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After reviewing the Fund’s performance over time, the Trustees concluded that the Fund’s performance was adequate, and that Chilton was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Chilton were paid by the Advisor out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Advisor by the Fund in light of the services provided by Chilton. After full and careful consideration, the Trustees agreed that the fees charged by Chilton and paid out of the fees received by the Advisor were fair and reasonable in light of the services provided by Chilton. The Independent Trustees considered the economies of scale, noting that the fee schedule contained breakpoints that were within industry standard. The Trustees decided that this particular factor was moot with respect to the Chilton Sub-Advisory Agreement because Chilton was paid out of the fees paid to Advisor. The Independent Trustees also considered any “fallout” benefits to Chilton with respect to the Fund. After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, unanimously concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Fund and its shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees’ decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.
CoreCommodity Management, LLC; Sub-Advisor to the Defensive Strategies Fund commodities sleeve.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and CoreCommodity Management, LLC (“CoreCommodity”), on behalf of the Timothy Plan Defensive Strategies Fund commodity sleeve. The Trustees reviewed the 2024 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for CoreCommodity and reviewed the materials provided by CoreCommodity in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, CoreCommodity’s financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding CoreCommodity’s key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the CoreCommodity Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Timothy Plan Defensive Strategies Fund commodities sleeve (the “Fund”) by CoreCommodity. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Fund. The Trustees considered that CoreCommodity has a staff of skilled investment professionals who provide research and trading services to the Fund and determined that CoreCommodity possesses adequate resources to manage the Fund. The Trustees also considered CoreCommodity’s compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of
SUPPLEMENTAL INFORMATION (UNAUDITED)
SEMI-ANNUAL REPORT | 137
the Fund and CoreCommodity’s performance in managing the of the Fund. The Trustees noted that comprehensive performance information had been provided for the Fund at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After reviewing the Fund’s performance over time, the Trustees concluded that the Fund’s performance was adequate, and that CoreCommodity was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to CoreCommodity were paid by the Advisor out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Advisor by the Fund in light of the services provided by CoreCommodity. After full and careful consideration, the Trustees agreed that the fees charged by CoreCommodity and paid out of the fees received by the Advisor were fair and reasonable in light of the services provided by CoreCommodity. The Independent Trustees considered the economies of scale, deciding that this particular factor was moot with respect to the CoreCommodity Sub-Advisory Agreement because CoreCommodity was paid out of the fees paid to Advisor. The Independent Trustees also considered any “fallout” benefits to CoreCommodity with respect to the Fund. After consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, unanimously concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Fund and its shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees’ decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.
Eagle Global Advisors, LLC; Sub-Advisor to the International Fund and Israel Common Values Fund.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors, LLC (“Eagle”), on behalf of the Timothy Plan International Fund and Israel Common Values Fund. The Trustees reviewed the 2024 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Eagle and reviewed the materials provided by Eagle in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Eagle’s financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding Eagle’s key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Eagle Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Timothy Plan International Fund, and the Timothy Plan Israel Common Values Fund (each a “Fund” and collectively, the “Funds”) by Eagle. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees considered that Eagle has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Eagle possesses adequate resources to manage the Funds. The Trustees also considered Eagle’s compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of each Fund and Eagle’s performance in managing each of the Funds. The Trustees noted that comprehensive performance information had been provided for the Funds at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was adequate, and that Eagle was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Eagle were paid by the Advisor out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Advisor by the subject Funds in light of the services provided by Eagle. After full and careful consideration, the Trustees agreed that the fees charged by Eagle and paid out of the fees received by the Advisor were fair and reasonable in light of the services provided by Eagle. The Independent Trustees considered the economies of scale, noting that the fee schedule contained breakpoints that were within industry standard. The Independent Trustees also considered any “fallout” benefits to Eagle with respect to the Funds. After consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, unanimously concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees’ decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.
SUPPLEMENTAL INFORMATION (UNAUDITED)
SEMI-ANNUAL REPORT | 138
Section 10 | Liquidity Risk Management Program
MARCH 31, 2024 (UNAUDITED)
The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2023, in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February 2024.
During the Review Period, none of the Funds experienced excess stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.
LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)
SEMI-ANNUAL REPORT | 139
Section 11 | Privacy Notice
FACTS |
WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL INFORMATION? |
||
WHY? |
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do. |
||
WHAT? |
The types of information we collect and share depend on the product or service you have with us. This information can include:
● Social Security Number ● Assets ● Retirement Assets ● Transaction History ● Checking Account History ● Purchase History ● Account Balances ● Account Transactions ● Wire Transfer Instructions
When you are no longer our customer, we continue to share your information as described in this Notice. |
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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. |
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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
SEMI-ANNUAL REPORT | 140
Page 2 |
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WHO WE ARE |
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Who is providing this Notice? |
Timothy Plan Family of Mutual Funds |
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WHAT WE DO |
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How does The Timothy Plan protect your personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
|
How does The Timothy Plan collect your personal information? |
We collect your personal information, for example, when you
● Open an account ● Provide account information ● Give us your contact information ● Make deposits or withdrawals from your account ● Make a wire transfer ● Tell us where to send the money ● Tell us who receives the money ● Show your government-issued ID ● Show your driver’s license
We also collect your personal information from other companies. |
|
Why can’t I limit all sharing? |
Federal law gives you the right to limit only: ● Sharing for affiliates’ everyday business purposes- information about your creditworthiness. ● Affiliates from using your information to market to you. ● Sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
|
DEFINITIONS |
||
Affiliates |
Companies related by common ownership or control. They can be financial and non-financial companies. Timothy Partners, Ltd. is an affiliate of The Timothy Plan |
|
Non-affiliates |
Companies not related by common ownership or control. They can be financial and non-financial companies. ● The Timothy Plan does not share with non-affiliates so they can market to you. |
|
Joint marketing |
A formal agreement between non-affiliated financial companies that together market financial products to you. ● The Timothy Plan does not jointly market. |
PRIVACY NOTICE
SEMI-ANNUAL REPORT | 141
Section 12 | Disclosures
Customer Identification Program
The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.
Disclosures
HOW TO OBTAIN PROXY VOTING INFORMATION
Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 of well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-800-732-0330 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov
HOW TO OBTAIN 1ST AND 3RD FISCAL QUARTER PORTFOLIO HOLDINGS
The Trust files a complete listing of the Fund’s portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-Q’s successor form, Form N-PORT. The filings are available free of charge, upon request, by calling the Trust toll-free at 1-800-662-0201. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov.
DISCLOSURES
SEMI-ANNUAL REPORT | 142
Intentionally Left Blank
Intentionally Left Blank
Intentionally Left Blank
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-SAR24
(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report
Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report
Item 4. Principal Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report
Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only
Item 6. Schedule of Investments. NOT APPLICABLE – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. NOT APPLICABLE – applies to closed-end funds only
Item 8. Portfolio Managers of Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only
Item 10. Submission of Matters to a Vote of Security Holders. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) | Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis. |
(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. NOT APPLICABLE.
Item 13. Exhibits.
(a)(1) | Not Applicable – filed with annual report | |
(a)(2) | Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith. | |
(a)(3) | Not Applicable | |
(b) | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith |
-2-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | The Timothy Plan |
By | /s/ Arthur D. Ally | |
Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer | ||
Date | 6/3/24 |
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 | ||
6/3/24 | 6/3/24 |
-3-
SECTION 302 CERTIFICATIONS
I, Arthur D. Ally, certify that:
1. I have reviewed this report on Form N-CSR of the Timothy Plan;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change 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; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date | 6/3/24 | /s/ Arthur D. Ally | ||
Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer |
-4-
SECTION 906 CERTIFICATION
Arthur D. Ally, Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer of the Timothy Plan (the "Registrant"), certifies to the best of his knowledge that:
1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2024 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
Timothy Plan
/s/ Arthur D. Ally | ||
Arthur D. Ally |
||
Date | 6/3/24 | |
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Timothy Plan and will be retained by the Timothy Plan and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.
This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.
-5-
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