N-CSRS

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 ASSETS			COUNTRY	% OF NET ASSETS			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 Amount ($)			Coupon Rate (%)		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 Amount ($)			Coupon Rate (%)		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 Amount ($)			Coupon Rate (%)		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 Amount ($)			Coupon Rate (%)		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 Amount ($)			Spread	Coupon Rate (%)		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 Amount ($)				Spread	Coupon Rate (%)		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 Amount ($)			Spread	Coupon Rate (%)		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 Amount ($)			Spread	Coupon Rate (%)		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 Amount ($)			Spread		Coupon Rate (%)		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 Amount ($)			Spread	Coupon Rate (%)		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 ASSETS			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 Amount ($)			Coupon Rate (%)		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 Amount ($)			Coupon Rate (%)		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 Amount ($)			Coupon Rate (%)		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 Amount ($)			Coupon Rate (%)		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 Amount ($)			Coupon Rate (%)		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 GROWTH FUND		INTERNATIONAL FUND		LARGE/MID CAP GROWTH FUND
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 VALUE FUND		LARGE/MID CAP VALUE FUND		FIXED INCOME FUND
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 VALUE FUND		LARGE/MID CAP VALUE FUND		FIXED INCOME FUND
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 BOND FUND			ISRAEL COMMON VALUES FUND		DEFENSIVE STRATEGIES FUND
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 BOND FUND			ISRAEL COMMON VALUES FUND			DEFENSIVE STRATEGIES FUND
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 GROWTH FUND		CONSERVATIVE GROWTH FUND			GROWTH & INCOME FUND
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 GROWTH FUND			CONSERVATIVE GROWTH FUND			GROWTH & INCOME FUND
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 GROWTH FUND			INTERNATIONAL FUND			LARGE/MID CAP GROWTH FUND
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 VALUE FUND			LARGE/MID CAP VALUE FUND			FIXED INCOME FUND
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 BOND FUND			ISRAEL COMMON VALUES FUND			DEFENSIVE STRATEGIES FUND
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 GROWTH FUND			CONSERVATIVE GROWTH FUND			GROWTH & INCOME FUND
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 Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023			Six Months Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023
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 Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023			Six Months Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023
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 Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023			Six Months Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023
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 Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023			Six Months Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023
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 Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023			Six Months Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023
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 Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023			Six Months Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023
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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE PERIOD ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE PERIOD ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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 MONTHS ENDED MARCH 31			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30			FOR THE YEAR ENDED SEPTEMBER 30
	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)

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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)

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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.

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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 EARNINGS (LOSSES)
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)

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Note 2 | Security Valuation and Fair Value Measurements

The Funds’ securities are valued at fair value. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

FAIR VALUATION PROCESS

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

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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VALUATION OF FUND OF FUNDS

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

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

EXCHANGE TRADED FUNDS

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

OPTIONS TRANSACTIONS

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

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

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

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

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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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)

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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)

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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)

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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 Obligations		Other		U.S. Gov’t Obligations		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 MARCH 31, 2024
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 MARCH 31, 2024
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 March 31, 2024
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 (CLASS A)		CDSC FEES (CLASS C)
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 BY OTHER TIMOTHY PLAN FUNDS
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 CAP GROWTH	SIX MONTHS ENDED MARCH 31, 2024
Fund	Fair Value September 30, 2023		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2024
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 VALUE	SIX MONTHS ENDED MARCH 31, 2024
Fund	Fair Value September 30, 2023		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)		Fair Value March 31, 2024
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 CAP VALUE	SIX MONTHS ENDED MARCH 31, 2024
Fund	Fair Value September 30, 2023		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2024
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 STRATEGIES	SIX MONTHS ENDED MARCH 31, 2024
Fund	Fair Value September 30, 2023		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2024
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 GROWTH	SIX MONTHS ENDED MARCH 31, 2024
Fund	Fair Value September 30, 2023		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2024
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 GROWTH	SIX MONTHS ENDED MARCH 31, 2024
Fund	Fair Value September 30, 2023		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2024
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 & INCOME	SIX MONTHS ENDED MARCH 31, 2024
Fund	Fair Value September 30, 2023		Purchases		Sales		Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)			Fair Value March 31, 2024
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 UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
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 GROWTH		INTERNATIONAL		LARGE/MID CAP GROWTH		SMALL CAP VALUE
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 CAP VALUE		FIXED INCOME		HIGH YIELD BOND		ISRAEL COMMON VALUES
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 STRATEGIES		STRATEGIC GROWTH		CONSERVATIVE GROWTH		GROWTH & INCOME FUND
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 GROWTH			INTERNATIONAL			LARGE/MID CAP GROWTH			SMALL CAP VALUE
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 CAP VALUE		FIXED INCOME			HIGH YIELD BOND			ISRAEL COMMON VALUES
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 STRATEGIES		STRATEGIC GROWTH			CONSERVATIVE GROWTH			GROWTH & INCOME FUND
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)

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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 LOSSES
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)

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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 9/30/2023	FOREIGN TAXES PAID	FOREIGN SOURCE INCOME
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 9/30/2022	FOREIGN TAXES PAID	FOREIGN SOURCE INCOME
International Fund	0.04	0.07
Israel Common Values Fund	0.16	0.07
Strategic Growth Fund	0.01	0.06
Conservative Growth Fund	0.01	0.04

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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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 ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
SMALL/MID CAP GROWTH FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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)

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FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
INTERNATIONAL FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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 ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
LARGE/MID CAP GROWTH FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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)

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FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
SMALL CAP VALUE FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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 ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
LARGE/MID CAP VALUE FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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)

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FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
FIXED INCOME FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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 ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
HIGH YIELD BOND FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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)

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FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
DEFENSIVE STRATEGIES FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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 ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
STRATEGIC GROWTH FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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)

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FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
CONSERVATIVE GROWTH FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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 ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
ISRAEL COMMON VALUES FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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)

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FUND	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	EXPENSES PAID DURING PERIOD
GROWTH & INCOME FUND	10/1/2023	3/31/2024	10/1/2023 through 3/31/2024
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)

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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)

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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

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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)

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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)

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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)

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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)

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Section 11 | Privacy Notice

FACTS	WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL INFORMATION?
WHY?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do.
WHAT?	The types of information we collect and share depend on the product or service you have with us. This information can include: ● Social Security Number ● Assets ● Retirement Assets ● Transaction History ● Checking Account History ● Purchase History ● Account Balances ● Account Transactions ● Wire Transfer Instructions When you are no longer our customer, we continue to share your information as described in this Notice.
HOW?	All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons The Timothy Plan chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information.		Does The Timothy Plan share?	Can you limit this sharing?
For our everyday business purposes- Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.		Yes	No
For our marketing purposes- to offer our products and services to you.		No	We don’t share
For joint marketing with other financial companies		No	We don’t share
For our affiliates’ everyday business purposes- information about your transactions and experiences.		Yes	No
For our affiliates’ everyday business purposes- information about your creditworthiness		No	We don’t share
For non-affiliates to market to you		No	We don’t share
Questions?		Call 800-662-0201

PRIVACY NOTICE

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Page 2
WHO WE ARE
Who is providing this Notice?	Timothy Plan Family of Mutual Funds Timothy Partners, Ltd.
WHAT WE DO
How does The Timothy Plan protect your personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does The Timothy Plan collect your personal information?	We collect your personal information, for example, when you ● Open an account ● Provide account information ● Give us your contact information ● Make deposits or withdrawals from your account ● Make a wire transfer ● Tell us where to send the money ● Tell us who receives the money ● Show your government-issued ID ● Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ● Sharing for affiliates’ everyday business purposes- information about your creditworthiness. ● Affiliates from using your information to market to you. ● Sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
DEFINITIONS
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. Timothy Partners, Ltd. is an affiliate of The Timothy Plan
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ● The Timothy Plan does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products to you. ● The Timothy Plan does not jointly market.

PRIVACY NOTICE

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Section 12 | Disclosures

Customer Identification Program

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

Disclosures

HOW TO OBTAIN PROXY VOTING INFORMATION

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

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

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

DISCLOSURES

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INVESTMENT ADVISOR

Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751

DISTRIBUTOR

Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751

TRANSFER AGENT

Ultimus Fund Solutions, LLC
4221 N. 203rd St, Suite 100
Elkhorn, NE 68022-3474

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, OH 44115

LEGAL COUNSEL

David Mahaffey
Sullivan & Worcester LLP

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

TP-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-

EX-99.CERT

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

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EX-99.906 CERT

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.

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