# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0001398344-26-010739
**Filing Date:** 2026-6
**Character Count:** 616527
**Document Hash:** beff1163d3188020842b6f0987b3057e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010739.hdr.sgml**: 20260611

**ACCESSION NUMBER**: 0001398344-26-010739

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 130

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20260611

**DATE AS OF CHANGE**: 20260611

**EFFECTIVENESS DATE**: 20260611

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIMOTHY PLAN
- **CENTRAL INDEX KEY:** 0000916490

**ORGANIZATION NAME:**
- **EIN:** 597016828
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08228
- **FILM NUMBER:** 261083418

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 MAITLAND CENTER COMMONS
- **CITY:** MAITLAND
- **STATE:** FL
- **ZIP:** 32751
- **BUSINESS PHONE:** 4076441986

**MAIL ADDRESS:**
- **STREET 1:** 1055 MAITLAND CENTER COMMONS
- **CITY:** MAITLAND
- **STATE:** FL
- **ZIP:** 32751

## Series and Classes Contracts Data

### Timothy Plan Small Cap Value Fund (Series ID: S000004479)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000012330 | Timothy Plan Small Cap Value Fund Class A | TPLNX           |
| C000012332 | Timothy Plan Small Cap Value Fund Class C | TSVCX           |
| C000126993 | Timothy Plan Small Cap Value Fund Class I | TPVIX           |

### Timothy Plan Large/Mid Cap Value Fund (Series ID: S000004480)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000012333 | Timothy Plan Large/Mid Cap Value Fund Class A | TLVAX           |
| C000012335 | Timothy Plan Large/Mid Cap Value Fund Class C | TLVCX           |
| C000126994 | Timothy Plan Large/Mid Cap Value Fund Class I | TMVIX           |

### Timothy Plan Fixed Income Fund (Series ID: S000004481)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000012336 | Timothy Plan Fixed Income Fund Class A | TFIAX           |
| C000012338 | Timothy Plan Fixed Income Fund Class C | TFICX           |
| C000126995 | Timothy Plan Fixed Income Fund Class I | TPFIX           |

### Timothy Plan Small/Mid Cap Growth Fund (Series ID: S000004482)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000012339 | Timothy Plan Small/Mid Cap Growth Fund Class A | TAAGX           |
| C000012341 | Timothy Plan Small/Mid Cap Growth Fund Class C | TCAGX           |
| C000126996 | Timothy Plan Small/Mid Cap Growth Fund Class I | TIAGX           |

### Timothy Plan Large/Mid Cap Growth Fund (Series ID: S000004483)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000012342 | Timothy Plan Large/Mid Cap Growth Fund Class A | TLGAX           |
| C000012344 | Timothy Plan Large/Mid Cap Growth Fund Class C | TLGCX           |
| C000126997 | Timothy Plan Large/Mid Cap Growth Fund Class I | TPLIX           |

### Timothy Plan Strategic Growth Fund (Series ID: S000004484)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000012345 | Timothy Plan Strategic Growth Fund Class A | TSGAX           |
| C000012347 | Timothy Plan Strategic Growth Fund Class C | TSGCX           |
| C000126998 | Timothy Strategic Growth Fund Class I      | TISGX           |

### Timothy Plan Conservative Growth Fund (Series ID: S000004485)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000012348 | Timothy Plan Conservative Growth Fund Class A | TCGAX           |
| C000012350 | Timothy Plan Conservative Growth Fund Class C | TCVCX           |
| C000126999 | Timothy Conservative Growth Fund Class I      | TIICX           |

### Timothy Plan International Fund (Series ID: S000017790)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000049121 | Timothy Plan International Fund Class A | TPIAX           |
| C000065170 | Timothy Plan International Fund Class C | TPICX           |
| C000127000 | Timothy Plan International Fund Class I | TPIIX           |

### Timothy Plan High Yield Bond Fund (Series ID: S000017791)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000049122 | Timothy Plan High Yield Bond Fund Class A | TPHAX           |
| C000065171 | Timothy Plan High Yield Bond Fund Class C | TPHCX           |
| C000127001 | Timothy Plan High Yield Bond Fund Class I | TPHIX           |

### Timothy Plan Defensive Strategies Fund (Series ID: S000026812)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000080683 | Timothy Plan Defensive Strategies Fund Class A | TPDAX           |
| C000080684 | Timothy Plan Defensive Strategies Fund Class C | TPDCX           |
| C000127002 | Timothy Plan Defensive Strategies Fund Class I | TPDIX           |

### Timothy Plan Israel Common Values Fund (Series ID: S000033751)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000104306 | Timothy Plan Israel Common Values Fund Class A | TPAIX           |
| C000104307 | Timothy Plan Israel Common Values Fund Class C | TPCIX           |
| C000127003 | Timothy Plan Israel Common Values Fund Class I | TICIX           |

### Timothy Plan Growth & Income Fund (Series ID: S000042201)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000130991 | Timothy Plan Growth & Income Fund Class A | TGIAX           |
| C000130992 | Timothy Plan Growth & Income Fund Class C | TGCIX           |
| C000130993 | Timothy Plan Growth & Income Fund Class I | TIGIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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 <u>811-08228</u>

The Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

The Timothy Plan

1055 Maitland Center Commons, Maitland, FL 32751

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(407) 644-1986</u>

Date of fiscal year end: <u>9/30</u>

Date of reporting period: <u>9/30/2025</u>

This amended Form N-CSR is filed to update the investment strategy for the Timothy Plan Defensive Strategies Fund on the Report to Shareholders under Item 7(a).

**Item 1. Reports to Stockholders.** 

(a) Included Tailored Shareholder Report

**#### Timothy Plan Conservative Growth Fund

#### Class A (TCGAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Conservative Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $93 | 0.90% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib424b547f0aefbc2aac91946.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Conservative Growth Fund | Dow Jones Moderate Portfolio Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $9451 | $10000 | $10000 |
| Sep-2016 | $9850 | $11098 | $11496 |
| Sep-2017 | $10447 | $12218 | $13647 |
| Sep-2018 | $10558 | $13039 | $16046 |
| Sep-2019 | $10728 | $13542 | $16514 |
| Sep-2020 | $11079 | $14419 | $18992 |
| Sep-2021 | $12478 | $17042 | $25045 |
| Sep-2022 | $10671 | $13956 | $20630 |
| Sep-2023 | $11182 | $15385 | $24852 |
| Sep-2024 | $12826 | $18558 | $33598 |
| Sep-2025 | $13691 | $20439 | $39447 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

Conservative Growth Fund

The Fund's more conservative allocation focuses on income-generating assets and stability. Significant allocations to Fixed Income and High Yield Bond contributed to underperformance in a growth-focused market but are crucial to providing stability in the portfolio. TPSC and TPLC provided gains in growth sectors like technology and Industrials. TPHD contributed steady income but underperformed in a high growth market. International exposure was the key contributor to performance, besting domestic markets. TPMN closed on 07/29/2025, and was reallocated to the bond position of the portfolio. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Conservative Growth Fund |  |  |  |
| Without Load | 6.74% | 4.32% | 3.78% |
| With Load | 0.84% | 3.15% | 3.19% |
| Dow Jones Moderate Portfolio Index | 10.14% | 7.23% | 7.41% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $35928968 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $53786 |
| Portfolio Turnover | 37% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i9824c38cbdefb44dd9a851d9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | -0.1% |
| Money Market Funds | 1.1% |
| Fixed Income | 42.6% |
| Equity | 56.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i9afa914bb9dba47daf624aa1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 44.1% |
| Money Market Funds | 1.1% |
| Open End Funds | 54.8% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan Fixed Income Fund - Class A | &nbsp;&nbsp;34.0% |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;15.1% |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | &nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;Timothy Plan International Fund - Class A | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;Timothy Plan International ETF | &nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;Timothy Plan High Yield Bond Fund - Class A | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;7.1% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Conservative Growth Fund - Class A (TCGAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TCGAX

#### Timothy Plan Conservative Growth Fund

#### Class C (TCVCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Conservative Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $144 | 1.40% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i475451f2a4f8d538b9b70d6c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Conservative Growth Fund | Dow Jones Moderate Portfolio Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10339 | $11098 | $11496 |
| Sep-2017 | $10897 | $12218 | $13647 |
| Sep-2018 | $10922 | $13039 | $16046 |
| Sep-2019 | $11025 | $13542 | $16514 |
| Sep-2020 | $11286 | $14419 | $18992 |
| Sep-2021 | $12622 | $17042 | $25045 |
| Sep-2022 | $10716 | $13956 | $20630 |
| Sep-2023 | $11155 | $15385 | $24852 |
| Sep-2024 | $12732 | $18558 | $33598 |
| Sep-2025 | $13531 | $20439 | $39447 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

Conservative Growth Fund

The Fund's more conservative allocation focuses on income-generating assets and stability. Significant allocations to Fixed Income and High Yield Bond contributed to underperformance in a growth-focused market but are crucial to providing stability in the portfolio. TPSC and TPLC provided gains in growth sectors like technology and Industrials. TPHD contributed steady income but underperformed in a high growth market. International exposure was the key contributor to performance, besting domestic markets. TPMN closed on 07/29/2025, and was reallocated to the bond position of the portfolio. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Conservative Growth Fund | 6.27% | 3.70% | 3.07% |
| Dow Jones Moderate Portfolio Index | 10.14% | 7.23% | 7.41% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $35928968 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $53786 |
| Portfolio Turnover | 37% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](iaa4c3e8115150c8dce23458b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | -0.1% |
| Money Market Funds | 1.1% |
| Fixed Income | 42.6% |
| Equity | 56.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i56688c30f8068e636938606e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 44.1% |
| Money Market Funds | 1.1% |
| Open End Funds | 54.8% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan Fixed Income Fund - Class A | &nbsp;&nbsp;34.0% |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;15.1% |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | &nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;Timothy Plan International Fund - Class A | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;Timothy Plan International ETF | &nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;Timothy Plan High Yield Bond Fund - Class A | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;7.1% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Conservative Growth Fund - Class C (TCVCX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TCVCX

#### Timothy Plan Conservative Growth Fund

#### Class I (TIICX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Conservative Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $67 | 0.65% |

---

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib711665e9017ddda4a7f802f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Conservative Growth Fund | Dow Jones Moderate Portfolio Index | Russell 3000<sup>®</sup> Index |
| Sep-2023 | $10000 | $10000 | $10000 |
| Sep-2023 | $9735 | $9662 | $9496 |
| Sep-2024 | $11145 | $11654 | $12837 |
| Sep-2025 | $11939 | $12836 | $15072 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

Conservative Growth Fund

The Fund's more conservative allocation focuses on income-generating assets and stability. Significant allocations to Fixed Income and High Yield Bond contributed to underperformance in a growth-focused market but are crucial to providing stability in the portfolio. TPSC and TPLC provided gains in growth sectors like technology and Industrials. TPHD contributed steady income but underperformed in a high growth market. International exposure was the key contributor to performance, besting domestic markets. TPMN closed on 07/29/2025, and was reallocated to the bond position of the portfolio. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (September 1, 2023) |
| Timothy Plan Conservative Growth Fund | 7.12% | 8.90% |
| Dow Jones Moderate Portfolio Index | 10.14% | 12.76% |
| Russell 3000<sup>®</sup> Index | 17.41% | 21.81% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $35928968 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $53786 |
| Portfolio Turnover | 37% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i79386d876d19636455208553.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | -0.1% |
| Money Market Funds | 1.1% |
| Fixed Income | 42.6% |
| Equity | 56.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i92a50387d2dfeb9352f0f629.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 44.1% |
| Money Market Funds | 1.1% |
| Open End Funds | 54.8% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan Fixed Income Fund - Class A | &nbsp;&nbsp;34.0% |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;15.1% |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | &nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;Timothy Plan International Fund - Class A | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;Timothy Plan International ETF | &nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;Timothy Plan High Yield Bond Fund - Class A | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;7.1% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Conservative Growth Fund - Class I (TIICX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TIICX

#### Timothy Plan Defensive Strategies Fund

#### Class A (TPDAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Defensive Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $133 | 1.24% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3b75589472c93f56b80fa6c0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Defensive Strategies Fund | 33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $9453 | $10000 | $10000 |
| Sep-2016 | $10305 | $10623 | $11496 |
| Sep-2017 | $10257 | $10651 | $13647 |
| Sep-2018 | $10307 | $10903 | $16046 |
| Sep-2019 | $10814 | $11483 | $16514 |
| Sep-2020 | $11220 | $10669 | $18992 |
| Sep-2021 | $12877 | $13400 | $25045 |
| Sep-2022 | $11986 | $12976 | $20630 |
| Sep-2023 | $12981 | $13209 | $24852 |
| Sep-2024 | $15048 | $15060 | $33598 |
| Sep-2025 | $17188 | $15629 | $39447 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

DEFENSIVE STRATEGIES FUND

Each sleeve of this fund plays a crucial role in navigating inflationary pressures and market volatility. Physical gold appreciated by over 43%, increasing its percentage in the portfolio to 27%. TPMN closed on 07/29/2025 and was reallocated to TIPS and REITS. The uncertainty of the fed rate cuts (how many and how much) challenged TIPS. REITS had an overweight to healthcare which was positive, but allocation to cell towers dragged performance. Commodities continued to shine, specifically in mining companies. The Defensive Strategies Fund is well-positioned to manage future market volatility and inflationary pressures. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Defensive Strategies Fund | 14.22% | 8.90% | 6.16% |
| With Load | 7.97% | 7.67% | 5.57% |
| 33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS | 3.78% | 7.94% | 4.57% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $86532760 |
| Number of Portfolio Holdings | 209 |
| Advisory Fee (net of waivers) | $366560 |
| Portfolio Turnover | 50% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i3e6e0778a0494dbe4f74a34e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Industries | 0.5% |
| Wholesale - Consumer Staples | 0.2% |
| Forestry, Paper & Wood Products | 0.3% |
| Health Care Facilities & Services | 0.5% |
| Gas & Water Utilities | 0.8% |
| Steel | 1.0% |
| Machinery | 1.1% |
| Food | 1.5% |
| Chemicals | 1.5% |
| Oil & Gas Services & Equipment | 1.6% |
| Money Market Funds | 2.6% |
| Oil & Gas Producers | 6.3% |
| Metals & Mining | 7.1% |
| REIT | 8.7% |
| REITs | 16.0% |
| U.S. Treasury Inflation Protected | 23.0% |
| Precious Metal | 27.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i1d01689d56a50a8f918db71b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 47.1% |
| Money Market Funds | 2.6% |
| Precious Metals - Physical Holding | 27.4% |
| U.S. Government & Agencies | 22.9% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;GOLD BARS | &nbsp;&nbsp;27.4% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/31 | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.375%, 01/15/27 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 02/15/51 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.500%, 01/15/28 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.000%, 01/15/26 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.500%, 01/15/29 | &nbsp;&nbsp;1.6% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Defensive Strategies Fund - Class A (TPDAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPDAX

#### Timothy Plan Defensive Strategies Fund

#### Class C (TPDCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Defensive Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $212 | 1.99% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8214a5cd7c98a69c9ff8665d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Defensive Strategies Fund | Russell 3000<sup>®</sup> Index | 33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10832 | $11496 | $10623 |
| Sep-2017 | $10685 | $13647 | $10651 |
| Sep-2018 | $10665 | $16046 | $10903 |
| Sep-2019 | $11098 | $16514 | $11483 |
| Sep-2020 | $11432 | $18992 | $10669 |
| Sep-2021 | $13027 | $25045 | $13400 |
| Sep-2022 | $12025 | $20630 | $12976 |
| Sep-2023 | $12927 | $24852 | $13209 |
| Sep-2024 | $14883 | $33598 | $15060 |
| Sep-2025 | $16872 | $39447 | $15629 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

DEFENSIVE STRATEGIES FUND

Each sleeve of this fund plays a crucial role in navigating inflationary pressures and market volatility. Physical gold appreciated by over 43%, increasing its percentage in the portfolio to 27%. TPMN closed on 07/29/2025 and was reallocated to TIPS and REITS. The uncertainty of the fed rate cuts (how many and how much) challenged TIPS. REITS had an overweight to healthcare which was positive, but allocation to cell towers dragged performance. Commodities continued to shine, specifically in mining companies. The Defensive Strategies Fund is well-positioned to manage future market volatility and inflationary pressures. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Defensive Strategies Fund | 13.36% | 8.10% | 5.37% |
| 33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS | 3.78% | 7.94% | 4.57% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $86532760 |
| Number of Portfolio Holdings | 209 |
| Advisory Fee (net of waivers) | $366560 |
| Portfolio Turnover | 50% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](id19c6deb6dd844db3ee0a198.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Industries | 0.5% |
| Wholesale - Consumer Staples | 0.2% |
| Forestry, Paper & Wood Products | 0.3% |
| Health Care Facilities & Services | 0.5% |
| Gas & Water Utilities | 0.8% |
| Steel | 1.0% |
| Machinery | 1.1% |
| Food | 1.5% |
| Chemicals | 1.5% |
| Oil & Gas Services & Equipment | 1.6% |
| Money Market Funds | 2.6% |
| Oil & Gas Producers | 6.3% |
| Metals & Mining | 7.1% |
| REIT | 8.7% |
| REITs | 16.0% |
| U.S. Treasury Inflation Protected | 23.0% |
| Precious Metal | 27.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i56d4e180b5cf46d3a42265ef.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 47.1% |
| Money Market Funds | 2.6% |
| Precious Metals - Physical Holding | 27.4% |
| U.S. Government & Agencies | 22.9% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;GOLD BARS | &nbsp;&nbsp;27.4% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/31 | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.375%, 01/15/27 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 02/15/51 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.500%, 01/15/28 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.000%, 01/15/26 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.500%, 01/15/29 | &nbsp;&nbsp;1.6% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Defensive Strategies Fund - Class C (TPDCX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPDCX

#### Timothy Plan Defensive Strategies Fund

#### Class I (TPDIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Defensive Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $106 | 0.99% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i101942e8edf124423cf2de5a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Defensive Strategies Fund | Russell 3000<sup>®</sup> Index | 33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10941 | $11496 | $10623 |
| Sep-2017 | $10910 | $13647 | $10651 |
| Sep-2018 | $10995 | $16046 | $10903 |
| Sep-2019 | $11563 | $16514 | $11483 |
| Sep-2020 | $12021 | $18992 | $10669 |
| Sep-2021 | $13839 | $25045 | $13400 |
| Sep-2022 | $12898 | $20630 | $12976 |
| Sep-2023 | $14013 | $24852 | $13209 |
| Sep-2024 | $16283 | $33598 | $15060 |
| Sep-2025 | $18651 | $39447 | $15629 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

DEFENSIVE STRATEGIES FUND

Each sleeve of this fund plays a crucial role in navigating inflationary pressures and market volatility. Physical gold appreciated by over 43%, increasing its percentage in the portfolio to 27%. TPMN closed on 07/29/2025 and was reallocated to TIPS and REITS. The uncertainty of the fed rate cuts (how many and how much) challenged TIPS. REITS had an overweight to healthcare which was positive, but allocation to cell towers dragged performance. Commodities continued to shine, specifically in mining companies. The Defensive Strategies Fund is well-positioned to manage future market volatility and inflationary pressures. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Defensive Strategies Fund | 14.55% | 9.18% | 6.43% |
| 33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS | 3.78% | 7.94% | 4.57% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $86532760 |
| Number of Portfolio Holdings | 209 |
| Advisory Fee (net of waivers) | $366560 |
| Portfolio Turnover | 50% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i965723bae8c92b0c95571a35.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Industries | 0.5% |
| Wholesale - Consumer Staples | 0.2% |
| Forestry, Paper & Wood Products | 0.3% |
| Health Care Facilities & Services | 0.5% |
| Gas & Water Utilities | 0.8% |
| Steel | 1.0% |
| Machinery | 1.1% |
| Food | 1.5% |
| Chemicals | 1.5% |
| Oil & Gas Services & Equipment | 1.6% |
| Money Market Funds | 2.6% |
| Oil & Gas Producers | 6.3% |
| Metals & Mining | 7.1% |
| REIT | 8.7% |
| REITs | 16.0% |
| U.S. Treasury Inflation Protected | 23.0% |
| Precious Metal | 27.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](idfef96bee597679ebabaaedf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 47.1% |
| Money Market Funds | 2.6% |
| Precious Metals - Physical Holding | 27.4% |
| U.S. Government & Agencies | 22.9% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;GOLD BARS | &nbsp;&nbsp;27.4% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/31 | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.375%, 01/15/27 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 02/15/51 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.500%, 01/15/28 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.000%, 01/15/26 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.500%, 01/15/29 | &nbsp;&nbsp;1.6% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Defensive Strategies Fund - Class I (TPDIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPDIX

#### Timothy Plan Fixed Income Fund

#### Class A (TFIAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Fixed Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $116 | 1.15% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie99f0316ae53068bfdafbda1.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan Fixed Income Fund | Bloomberg U.S. Aggregate Bond Index |
| Sep-2015 | $9553 | $10000 |
| Sep-2016 | $9885 | $10519 |
| Sep-2017 | $9806 | $10527 |
| Sep-2018 | $9580 | $10399 |
| Sep-2019 | $10323 | $11470 |
| Sep-2020 | $10880 | $12271 |
| Sep-2021 | $10641 | $12161 |
| Sep-2022 | $9194 | $10385 |
| Sep-2023 | $9144 | $10452 |
| Sep-2024 | $10092 | $11662 |
| Sep-2025 | $10285 | $11998 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

FIXED INCOME FUND

The fiscal year was marked by volatility in U.S. Treasury yields as the Federal Reserve paused its easing cycle in late 2024 before cutting rates in September 2025. Investor sentiment shifted amid tariff policy uncertainty, inflation concerns, and resilient economic data. The Fund's overweight to mortgage-backed securities benefited relative performance, while an underweight to Financials detracted. Underexposure to the Financials sector hindered relative results. While the Fund lagged its benchmark, portfolio positioning remains focused on income stability and capital preservation. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Fixed Income Fund |  |  |  |
| Without Load | 1.91% | -1.12% | 0.74% |
| With Load | -2.69% | -2.03% | 0.28% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $111458557 |
| Number of Portfolio Holdings | 114 |
| Advisory Fee (net of waivers) | $446739 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i7047ba9c24d3564858e368e2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Industries | 2.8% |
| Retail - Consumer Staples | 1.4% |
| CLO | 1.5% |
| Machinery | 1.6% |
| Retail - Discretionary | 1.7% |
| Transportation & Logistics | 1.9% |
| Gas & Water Utilities | 2.0% |
| Local Authority | 2.0% |
| Chemicals | 2.1% |
| Sovereign | 2.6% |
| Other ABS | 3.1% |
| Electric Utilities | 3.3% |
| Metals & Mining | 3.4% |
| REIT | 4.1% |
| Oil & Gas Producers | 6.4% |
| U.S. Treasury Bills | 21.8% |
| Agency Fixed Rate | 37.6% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ia6fc8976080d9136d8d93538.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 4.6% |
| Corporate Bonds | 29.8% |
| Money Market Funds | 1.1% |
| Non U.S. Government & Agencies | 4.7% |
| U.S. Government & Agencies | 59.8% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.250%, 08/15/35 | 8.3% |
| United States Treasury Note, 4.625%, 05/15/54 | 6.1% |
| United States Treasury Note, 4.500%, 02/15/44 | 3.0% |
| John Deere Owner Trust 2025, 4.230%, 09/17/29 | 2.1% |
| United States Treasury Note, 4.875%, 04/30/26 | 2.0% |
| Province of Ontario Canada, 2.500%, 04/27/26 | 2.0% |
| NiSource, Inc., 3.490%, 05/15/27 | 1.9% |
| CSX Corporation, 3.250%, 06/01/27 | 1.9% |
| American Electric Power Company, Inc., 3.200%, 11/13/27 | 1.9% |
| Healthpeak Properties, Inc., 3.500%, 07/15/29 | 1.9% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Fixed Income Fund - Class A (TFIAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TFIAX

#### Timothy Plan Fixed Income Fund

#### Class C (TFICX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Fixed Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $191 | 1.90% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i780d09fd125136bc7c970919.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan Fixed Income Fund | Bloomberg U.S. Aggregate Bond Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $10266 | $10519 |
| Sep-2017 | $10113 | $10527 |
| Sep-2018 | $9795 | $10399 |
| Sep-2019 | $10487 | $11470 |
| Sep-2020 | $10969 | $12271 |
| Sep-2021 | $10641 | $12161 |
| Sep-2022 | $9126 | $10385 |
| Sep-2023 | $9012 | $10452 |
| Sep-2024 | $9869 | $11662 |
| Sep-2025 | $9990 | $11998 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

FIXED INCOME FUND

The fiscal year was marked by volatility in U.S. Treasury yields as the Federal Reserve paused its easing cycle in late 2024 before cutting rates in September 2025. Investor sentiment shifted amid tariff policy uncertainty, inflation concerns, and resilient economic data. The Fund's overweight to mortgage-backed securities benefited relative performance, while an underweight to Financials detracted. Underexposure to the Financials sector hindered relative results. While the Fund lagged its benchmark, portfolio positioning remains focused on income stability and capital preservation. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Fixed Income Fund | 1.23% | -1.85% | -0.01% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $111458557 |
| Number of Portfolio Holdings | 114 |
| Advisory Fee (net of waivers) | $446739 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i0e985915a6fb3591c7bf54e8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Industries | 2.8% |
| Retail - Consumer Staples | 1.4% |
| CLO | 1.5% |
| Machinery | 1.6% |
| Retail - Discretionary | 1.7% |
| Transportation & Logistics | 1.9% |
| Gas & Water Utilities | 2.0% |
| Local Authority | 2.0% |
| Chemicals | 2.1% |
| Sovereign | 2.6% |
| Other ABS | 3.1% |
| Electric Utilities | 3.3% |
| Metals & Mining | 3.4% |
| REIT | 4.1% |
| Oil & Gas Producers | 6.4% |
| U.S. Treasury Bills | 21.8% |
| Agency Fixed Rate | 37.6% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](idb9df53d1a37fe75c6cf54bf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 4.6% |
| Corporate Bonds | 29.8% |
| Money Market Funds | 1.1% |
| Non U.S. Government & Agencies | 4.7% |
| U.S. Government & Agencies | 59.8% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.250%, 08/15/35 | 8.3% |
| United States Treasury Note, 4.625%, 05/15/54 | 6.1% |
| United States Treasury Note, 4.500%, 02/15/44 | 3.0% |
| John Deere Owner Trust 2025, 4.230%, 09/17/29 | 2.1% |
| United States Treasury Note, 4.875%, 04/30/26 | 2.0% |
| Province of Ontario Canada, 2.500%, 04/27/26 | 2.0% |
| NiSource, Inc., 3.490%, 05/15/27 | 1.9% |
| CSX Corporation, 3.250%, 06/01/27 | 1.9% |
| American Electric Power Company, Inc., 3.200%, 11/13/27 | 1.9% |
| Healthpeak Properties, Inc., 3.500%, 07/15/29 | 1.9% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Fixed Income Fund - Class C (TFICX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TFICX

#### Timothy Plan Fixed Income Fund

#### Class I (TPFIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Fixed Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $91 | 0.90% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i45345463e5a56ac8859d2a14.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan Fixed Income Fund | Bloomberg U.S. Aggregate Bond Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $10391 | $10519 |
| Sep-2017 | $10324 | $10527 |
| Sep-2018 | $10112 | $10399 |
| Sep-2019 | $10926 | $11470 |
| Sep-2020 | $11549 | $12271 |
| Sep-2021 | $11310 | $12161 |
| Sep-2022 | $9793 | $10385 |
| Sep-2023 | $9764 | $10452 |
| Sep-2024 | $10814 | $11662 |
| Sep-2025 | $11050 | $11998 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

FIXED INCOME FUND

The fiscal year was marked by volatility in U.S. Treasury yields as the Federal Reserve paused its easing cycle in late 2024 before cutting rates in September 2025. Investor sentiment shifted amid tariff policy uncertainty, inflation concerns, and resilient economic data. The Fund's overweight to mortgage-backed securities benefited relative performance, while an underweight to Financials detracted. Underexposure to the Financials sector hindered relative results. While the Fund lagged its benchmark, portfolio positioning remains focused on income stability and capital preservation. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Fixed Income Fund | 2.19% | -0.88% | 1.00% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $111458557 |
| Number of Portfolio Holdings | 114 |
| Advisory Fee (net of waivers) | $446739 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](ie3ba88ea265d789663f76200.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Industries | 2.8% |
| Retail - Consumer Staples | 1.4% |
| CLO | 1.5% |
| Machinery | 1.6% |
| Retail - Discretionary | 1.7% |
| Transportation & Logistics | 1.9% |
| Gas & Water Utilities | 2.0% |
| Local Authority | 2.0% |
| Chemicals | 2.1% |
| Sovereign | 2.6% |
| Other ABS | 3.1% |
| Electric Utilities | 3.3% |
| Metals & Mining | 3.4% |
| REIT | 4.1% |
| Oil & Gas Producers | 6.4% |
| U.S. Treasury Bills | 21.8% |
| Agency Fixed Rate | 37.6% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i60376555c03d2adebf3f202f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 4.6% |
| Corporate Bonds | 29.8% |
| Money Market Funds | 1.1% |
| Non U.S. Government & Agencies | 4.7% |
| U.S. Government & Agencies | 59.8% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.250%, 08/15/35 | 8.3% |
| United States Treasury Note, 4.625%, 05/15/54 | 6.1% |
| United States Treasury Note, 4.500%, 02/15/44 | 3.0% |
| John Deere Owner Trust 2025, 4.230%, 09/17/29 | 2.1% |
| United States Treasury Note, 4.875%, 04/30/26 | 2.0% |
| Province of Ontario Canada, 2.500%, 04/27/26 | 2.0% |
| NiSource, Inc., 3.490%, 05/15/27 | 1.9% |
| CSX Corporation, 3.250%, 06/01/27 | 1.9% |
| American Electric Power Company, Inc., 3.200%, 11/13/27 | 1.9% |
| Healthpeak Properties, Inc., 3.500%, 07/15/29 | 1.9% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Fixed Income Fund - Class I (TPFIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPFIX

#### Timothy Plan Growth & Income Fund

#### Class A (TGIAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Growth & Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $159 | 1.57% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i05c14e9b0382371c155289f8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Growth & Income Fund | 40% BB US Aggregate Bond / 60% Russell 1000 Value | S&P 500<sup>®</sup> Index |
| Sep-2015 | $9452 | $10000 | $10000 |
| Sep-2016 | $9676 | $11186 | $11543 |
| Sep-2017 | $10151 | $12191 | $13691 |
| Sep-2018 | $10026 | $12818 | $16143 |
| Sep-2019 | $10017 | $13711 | $16830 |
| Sep-2020 | $9668 | $13762 | $19380 |
| Sep-2021 | $11328 | $16474 | $25194 |
| Sep-2022 | $10425 | $14423 | $21296 |
| Sep-2023 | $10477 | $15722 | $25900 |
| Sep-2024 | $11873 | $19044 | $35315 |
| Sep-2025 | $12248 | $20363 | $41530 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

GROWTH & INCOME FUND

The fiscal year was characterized by volatile interest rates as the Federal Reserve paused its easing cycle in late 2024 before cutting rates in September 2025. Economic resilience, coupled with new tariff policies, created uncertainty around inflation and growth throughout the period. 53.0% of the Fund is invested in TPHD, benefiting from stable, dividend-paying stocks that provide diversification and income. The remaining portion of the fund is in bonds managed by Barrow Hanley. An overweight to mortgage-backed securities benefited relative performance, while an underweight to Financials. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Growth & Income Fund | 3.16% | 4.85% | 2.62% |
| With Load | -2.52% | 3.66% | 2.05% |
| 40% BB US Aggregate Bond / 60% Russell 1000 Value | 6.93% | 8.15% | 7.37% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $18960617 |
| Number of Portfolio Holdings | 98 |
| Advisory Fee (net of waivers) | $62482 |
| Portfolio Turnover | 67% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i62fab71dc02f69178076abd7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 1.9% |
| Retail - Discretionary | 0.5% |
| Gas & Water Utilities | 0.7% |
| Transportation & Logistics | 0.7% |
| Local Authority | 0.7% |
| CLO | 0.7% |
| Chemicals | 0.7% |
| Money Market Funds | 0.8% |
| Electric Utilities | 1.1% |
| Sovereign | 1.1% |
| Other ABS | 1.4% |
| REIT | 1.5% |
| Metals & Mining | 1.6% |
| Oil & Gas Producers | 2.7% |
| U.S. Treasury Bills | 15.1% |
| Agency Fixed Rate | 15.7% |
| Equity | 53.0% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i2acd573681e04fd5b146c1c3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 2.1% |
| Corporate Bonds | 11.4% |
| Exchange-Traded Funds | 53.0% |
| Money Market Funds | 0.8% |
| Non U.S. Government & Agencies | 1.8% |
| U.S. Government & Agencies | 30.9% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;52.9% |
| &nbsp;&nbsp;United States Treasury Note, 4.250%, 08/15/35 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;United States Treasury Note, 4.625%, 04/30/31 | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;United States Treasury Note, 4.750%, 08/15/55 | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;United States Treasury Note, 4.500%, 02/15/44 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 04/30/26 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Israel Government International Bond, 5.500%, 03/12/34 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;John Deere Owner Trust 2025, 4.230%, 09/17/29 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Kubota Credit Owner Trust 2025-2, 4.420%, 09/17/29 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Province of Ontario Canada, 2.500%, 04/27/26 | &nbsp;&nbsp;0.7% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Growth & Income Fund - Class A (TGIAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TGIAX

#### Timothy Plan Growth & Income Fund

#### Class C (TGCIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Growth & Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $235 | 2.32% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia34c461ae41dbece98f12965.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Growth & Income Fund | S&P 500<sup>®</sup> Index | 40% BB US Aggregate Bond / 60% Russell 1000 Value |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10154 | $11543 | $11186 |
| Sep-2017 | $10577 | $13691 | $12191 |
| Sep-2018 | $10369 | $16143 | $12818 |
| Sep-2019 | $10284 | $16830 | $13711 |
| Sep-2020 | $9853 | $19380 | $13762 |
| Sep-2021 | $11454 | $25194 | $16474 |
| Sep-2022 | $10466 | $21296 | $14423 |
| Sep-2023 | $10442 | $25900 | $15722 |
| Sep-2024 | $11744 | $35315 | $19044 |
| Sep-2025 | $12020 | $41530 | $20363 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

GROWTH & INCOME FUND

The fiscal year was characterized by volatile interest rates as the Federal Reserve paused its easing cycle in late 2024 before cutting rates in September 2025. Economic resilience, coupled with new tariff policies, created uncertainty around inflation and growth throughout the period. 53.0% of the Fund is invested in TPHD, benefiting from stable, dividend-paying stocks that provide diversification and income. The remaining portion of the fund is in bonds managed by Barrow Hanley. An overweight to mortgage-backed securities benefited relative performance, while an underweight to Financials. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Growth & Income Fund | 2.35% | 4.06% | 1.86% |
| 40% BB US Aggregate Bond / 60% Russell 1000 Value | 6.93% | 8.15% | 7.37% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $18960617 |
| Number of Portfolio Holdings | 98 |
| Advisory Fee (net of waivers) | $62482 |
| Portfolio Turnover | 67% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i1ec58030ae245027bc3f9483.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 1.9% |
| Retail - Discretionary | 0.5% |
| Gas & Water Utilities | 0.7% |
| Transportation & Logistics | 0.7% |
| Local Authority | 0.7% |
| CLO | 0.7% |
| Chemicals | 0.7% |
| Money Market Funds | 0.8% |
| Electric Utilities | 1.1% |
| Sovereign | 1.1% |
| Other ABS | 1.4% |
| REIT | 1.5% |
| Metals & Mining | 1.6% |
| Oil & Gas Producers | 2.7% |
| U.S. Treasury Bills | 15.1% |
| Agency Fixed Rate | 15.7% |
| Equity | 53.0% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i79d6a664c46582b273b289ee.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 2.1% |
| Corporate Bonds | 11.4% |
| Exchange-Traded Funds | 53.0% |
| Money Market Funds | 0.8% |
| Non U.S. Government & Agencies | 1.8% |
| U.S. Government & Agencies | 30.9% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;52.9% |
| &nbsp;&nbsp;United States Treasury Note, 4.250%, 08/15/35 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;United States Treasury Note, 4.625%, 04/30/31 | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;United States Treasury Note, 4.750%, 08/15/55 | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;United States Treasury Note, 4.500%, 02/15/44 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 04/30/26 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Israel Government International Bond, 5.500%, 03/12/34 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;John Deere Owner Trust 2025, 4.230%, 09/17/29 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Kubota Credit Owner Trust 2025-2, 4.420%, 09/17/29 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Province of Ontario Canada, 2.500%, 04/27/26 | &nbsp;&nbsp;0.7% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Growth & Income Fund - Class C (TGCIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TGCIX

#### Timothy Plan Growth & Income Fund

#### Class I (TIGIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Growth & Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $134 | 1.32% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifc5c6440c0aeaa3100512951.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Growth & Income Fund | S&P 500<sup>®</sup> Index | 40% BB US Aggregate Bond / 60% Russell 1000 Value |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10261 | $11543 | $11186 |
| Sep-2017 | $10794 | $13691 | $12191 |
| Sep-2018 | $10686 | $16143 | $12818 |
| Sep-2019 | $10697 | $16830 | $13711 |
| Sep-2020 | $10355 | $19380 | $13762 |
| Sep-2021 | $12161 | $25194 | $16474 |
| Sep-2022 | $11228 | $21296 | $14423 |
| Sep-2023 | $11312 | $25900 | $15722 |
| Sep-2024 | $12849 | $35315 | $19044 |
| Sep-2025 | $13284 | $41530 | $20363 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

GROWTH & INCOME FUND

The fiscal year was characterized by volatile interest rates as the Federal Reserve paused its easing cycle in late 2024 before cutting rates in September 2025. Economic resilience, coupled with new tariff policies, created uncertainty around inflation and growth throughout the period. 53.0% of the Fund is invested in TPHD, benefiting from stable, dividend-paying stocks that provide diversification and income. The remaining portion of the fund is in bonds managed by Barrow Hanley. An overweight to mortgage-backed securities benefited relative performance, while an underweight to Financials. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Growth & Income Fund | 3.39% | 5.11% | 2.88% |
| 40% BB US Aggregate Bond / 60% Russell 1000 Value | 6.93% | 8.15% | 7.37% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $18960617 |
| Number of Portfolio Holdings | 98 |
| Advisory Fee (net of waivers) | $62482 |
| Portfolio Turnover | 67% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i8a63242551095bee2a5140d7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 1.9% |
| Retail - Discretionary | 0.5% |
| Gas & Water Utilities | 0.7% |
| Transportation & Logistics | 0.7% |
| Local Authority | 0.7% |
| CLO | 0.7% |
| Chemicals | 0.7% |
| Money Market Funds | 0.8% |
| Electric Utilities | 1.1% |
| Sovereign | 1.1% |
| Other ABS | 1.4% |
| REIT | 1.5% |
| Metals & Mining | 1.6% |
| Oil & Gas Producers | 2.7% |
| U.S. Treasury Bills | 15.1% |
| Agency Fixed Rate | 15.7% |
| Equity | 53.0% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ia598b3f8289a4abb4318c222.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 2.1% |
| Corporate Bonds | 11.4% |
| Exchange-Traded Funds | 53.0% |
| Money Market Funds | 0.8% |
| Non U.S. Government & Agencies | 1.8% |
| U.S. Government & Agencies | 30.9% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;52.9% |
| &nbsp;&nbsp;United States Treasury Note, 4.250%, 08/15/35 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;United States Treasury Note, 4.625%, 04/30/31 | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;United States Treasury Note, 4.750%, 08/15/55 | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;United States Treasury Note, 4.500%, 02/15/44 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 04/30/26 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Israel Government International Bond, 5.500%, 03/12/34 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;John Deere Owner Trust 2025, 4.230%, 09/17/29 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Kubota Credit Owner Trust 2025-2, 4.420%, 09/17/29 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Province of Ontario Canada, 2.500%, 04/27/26 | &nbsp;&nbsp;0.7% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Growth & Income Fund - Class I (TIGIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TIGIX

#### Timothy Plan High Yield Bond Fund

#### Class A (TPHAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan High Yield Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $123 | 1.19% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i01d29e08e366c8de1d6f9121.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan High Yield Bond Fund | Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index | ICE BofA U.S. Broad Market Index |
| Sep-2015 | $9547 | $10000 | $10000 |
| Sep-2016 | $10483 | $11170 | $10526 |
| Sep-2017 | $11211 | $12034 | $10528 |
| Sep-2018 | $11192 | $12296 | $10405 |
| Sep-2019 | $12143 | $13318 | $11503 |
| Sep-2020 | $12539 | $13911 | $12313 |
| Sep-2021 | $13971 | $15280 | $12180 |
| Sep-2022 | $11812 | $13168 | $10402 |
| Sep-2023 | $12994 | $14457 | $10471 |
| Sep-2024 | $14952 | $16571 | $11683 |
| Sep-2025 | $15845 | $17727 | $12022 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

HIGH YIELD BOND FUND

The High Yield market delivered strong total returns during the fiscal year, supported by improving credit quality, solid corporate fundamentals, and steady investor demand. High yield spreads widened briefly in early 2025 on macroeconomic uncertainty but tightened later in the year as confidence returned. The Fund's overweight to Financials contributed positively to results. Conversely, an underweight to Industrials detracted from relative performance. The Fund continues to emphasize disciplined credit research and active selection, focusing on BB- and B-rated bonds with attractive risk-adjusted return potential. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan High Yield Bond Fund |  |  |  |
| Without Load | 5.97% | 4.79% | 5.20% |
| With Load | 1.16% | 3.82% | 4.71% |
| Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index | 6.98% | 4.97% | 5.89% |
| ICE BofA U.S. Broad Market Index | 2.90% | -0.48% | 1.86% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $232292135 |
| Number of Portfolio Holdings | 136 |
| Advisory Fee (net of waivers) | $1026841 |
| Portfolio Turnover | 46% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i9e4c95632b84c4d24d865dbe.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 1.6% |
| Other Industries | 15.1% |
| Aerospace & Defense | 2.1% |
| Insurance | 2.3% |
| Electric Utilities | 2.3% |
| Steel | 2.3% |
| Electrical Equipment | 2.4% |
| Consumer Services | 3.0% |
| Health Care Facilities & Services | 3.1% |
| Retail - Discretionary | 4.5% |
| Home Construction | 4.8% |
| Containers & Packaging | 5.5% |
| Money Market Funds | 6.3% |
| Automotive | 6.2% |
| Oil & Gas Producers | 6.8% |
| Commercial Support Services | 8.2% |
| Chemicals | 9.0% |
| Specialty Finance | 14.5% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](id71c36d4b50d731320800719.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 94.3% |
| Money Market Funds | 5.7% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Aptiv plc / Aptiv Global Financing DAC, 6.875%, due 12/15/54 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Enviri Corporation, 5.750%, due 07/31/27 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Mativ Holdings, Inc., 8.000%, due 10/1/29 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Rithm Capital Corporation, 8.000%, due 04/1/29 | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Interface, Inc., 5.500%, due 12/1/28 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Burford Capital Global Finance, LLC, 9.250%, due 07/1/31 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;TMS International Corporation, 6.250%, due 04/15/29 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Global Partners, L.P. / GLP Finance Corporation, 8.250%, due 01/15/32 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Adient Global Holdings Ltd., 8.250%, due 04/15/31 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;PROG Holdings, Inc., 6.000%, due 11/15/29 | &nbsp;&nbsp;1.5% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan High Yield Bond Fund - Class A (TPHAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPHAX

#### Timothy Plan High Yield Bond Fund

#### Class C (TPHCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan High Yield Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $199 | 1.94% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia3734b7a2148ef5d70cfd131.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan High Yield Bond Fund | Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index | ICE BofA U.S. Broad Market Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10904 | $11170 | $10526 |
| Sep-2017 | $11563 | $12034 | $10528 |
| Sep-2018 | $11465 | $12296 | $10405 |
| Sep-2019 | $12340 | $13318 | $11503 |
| Sep-2020 | $12642 | $13911 | $12313 |
| Sep-2021 | $13997 | $15280 | $12180 |
| Sep-2022 | $11737 | $13168 | $10402 |
| Sep-2023 | $12826 | $14457 | $10471 |
| Sep-2024 | $14640 | $16571 | $11683 |
| Sep-2025 | $15385 | $17727 | $12022 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

HIGH YIELD BOND FUND

The High Yield market delivered strong total returns during the fiscal year, supported by improving credit quality, solid corporate fundamentals, and steady investor demand. High yield spreads widened briefly in early 2025 on macroeconomic uncertainty but tightened later in the year as confidence returned. The Fund's overweight to Financials contributed positively to results. Conversely, an underweight to Industrials detracted from relative performance. The Fund continues to emphasize disciplined credit research and active selection, focusing on BB- and B-rated bonds with attractive risk-adjusted return potential. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan High Yield Bond Fund | 5.09% | 4.01% | 4.40% |
| Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index | 6.98% | 4.97% | 5.89% |
| ICE BofA U.S. Broad Market Index | 2.90% | -0.48% | 1.86% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $232292135 |
| Number of Portfolio Holdings | 136 |
| Advisory Fee (net of waivers) | $1026841 |
| Portfolio Turnover | 46% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](ifbff1f7b37d0947100500089.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 1.6% |
| Other Industries | 15.1% |
| Aerospace & Defense | 2.1% |
| Insurance | 2.3% |
| Electric Utilities | 2.3% |
| Steel | 2.3% |
| Electrical Equipment | 2.4% |
| Consumer Services | 3.0% |
| Health Care Facilities & Services | 3.1% |
| Retail - Discretionary | 4.5% |
| Home Construction | 4.8% |
| Containers & Packaging | 5.5% |
| Money Market Funds | 6.3% |
| Automotive | 6.2% |
| Oil & Gas Producers | 6.8% |
| Commercial Support Services | 8.2% |
| Chemicals | 9.0% |
| Specialty Finance | 14.5% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i63de9c0ebd4d6720961a0aff.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 94.3% |
| Money Market Funds | 5.7% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Aptiv plc / Aptiv Global Financing DAC, 6.875%, due 12/15/54 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Enviri Corporation, 5.750%, due 07/31/27 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Mativ Holdings, Inc., 8.000%, due 10/1/29 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Rithm Capital Corporation, 8.000%, due 04/1/29 | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Interface, Inc., 5.500%, due 12/1/28 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Burford Capital Global Finance, LLC, 9.250%, due 07/1/31 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;TMS International Corporation, 6.250%, due 04/15/29 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Global Partners, L.P. / GLP Finance Corporation, 8.250%, due 01/15/32 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Adient Global Holdings Ltd., 8.250%, due 04/15/31 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;PROG Holdings, Inc., 6.000%, due 11/15/29 | &nbsp;&nbsp;1.5% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan High Yield Bond Fund - Class C (TPHCX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPHCX

#### Timothy Plan High Yield Bond Fund

#### Class I (TPHIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan High Yield Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $97 | 0.94% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib27540d0da0365caa9953749.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan High Yield Bond Fund | Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index | ICE BofA U.S. Broad Market Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $11012 | $11170 | $10526 |
| Sep-2017 | $11806 | $12034 | $10528 |
| Sep-2018 | $11807 | $12296 | $10405 |
| Sep-2019 | $12843 | $13318 | $11503 |
| Sep-2020 | $13296 | $13911 | $12313 |
| Sep-2021 | $14853 | $15280 | $12180 |
| Sep-2022 | $12589 | $13168 | $10402 |
| Sep-2023 | $13899 | $14457 | $10471 |
| Sep-2024 | $16030 | $16571 | $11683 |
| Sep-2025 | $17009 | $17727 | $12022 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

HIGH YIELD BOND FUND

The High Yield market delivered strong total returns during the fiscal year, supported by improving credit quality, solid corporate fundamentals, and steady investor demand. High yield spreads widened briefly in early 2025 on macroeconomic uncertainty but tightened later in the year as confidence returned. The Fund's overweight to Financials contributed positively to results. Conversely, an underweight to Industrials detracted from relative performance. The Fund continues to emphasize disciplined credit research and active selection, focusing on BB- and B-rated bonds with attractive risk-adjusted return potential. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan High Yield Bond Fund | 6.10% | 5.05% | 5.45% |
| Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index | 6.98% | 4.97% | 5.89% |
| ICE BofA U.S. Broad Market Index | 2.90% | -0.48% | 1.86% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $232292135 |
| Number of Portfolio Holdings | 136 |
| Advisory Fee (net of waivers) | $1026841 |
| Portfolio Turnover | 46% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i5604c139ee056a07b37ea477.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 1.6% |
| Other Industries | 15.1% |
| Aerospace & Defense | 2.1% |
| Insurance | 2.3% |
| Electric Utilities | 2.3% |
| Steel | 2.3% |
| Electrical Equipment | 2.4% |
| Consumer Services | 3.0% |
| Health Care Facilities & Services | 3.1% |
| Retail - Discretionary | 4.5% |
| Home Construction | 4.8% |
| Containers & Packaging | 5.5% |
| Money Market Funds | 6.3% |
| Automotive | 6.2% |
| Oil & Gas Producers | 6.8% |
| Commercial Support Services | 8.2% |
| Chemicals | 9.0% |
| Specialty Finance | 14.5% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i29904cf716660d781decf491.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 94.3% |
| Money Market Funds | 5.7% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Aptiv plc / Aptiv Global Financing DAC, 6.875%, due 12/15/54 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Enviri Corporation, 5.750%, due 07/31/27 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Mativ Holdings, Inc., 8.000%, due 10/1/29 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Rithm Capital Corporation, 8.000%, due 04/1/29 | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Interface, Inc., 5.500%, due 12/1/28 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Burford Capital Global Finance, LLC, 9.250%, due 07/1/31 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;TMS International Corporation, 6.250%, due 04/15/29 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Global Partners, L.P. / GLP Finance Corporation, 8.250%, due 01/15/32 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Adient Global Holdings Ltd., 8.250%, due 04/15/31 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;PROG Holdings, Inc., 6.000%, due 11/15/29 | &nbsp;&nbsp;1.5% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan High Yield Bond Fund - Class I (TPHIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPHIX

#### Timothy Plan International Fund

#### Class A (TPIAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan International Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $170 | 1.57% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i47c61c33868c22ff0128936f.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan International Fund | MSCI ACWI ex USA Index |
| Sep-2015 | $9453 | $10000 |
| Sep-2016 | $9628 | $10926 |
| Sep-2017 | $11255 | $13068 |
| Sep-2018 | $11347 | $13298 |
| Sep-2019 | $10717 | $13135 |
| Sep-2020 | $11788 | $13529 |
| Sep-2021 | $15258 | $16765 |
| Sep-2022 | $10935 | $12546 |
| Sep-2023 | $13046 | $15104 |
| Sep-2024 | $16535 | $18933 |
| Sep-2025 | $19366 | $22046 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

INTERNATIONAL FUND

Equity markets suffered volatility driven by global tariff uncertainty and geopolitical shifts. Although the first half of the year presented a challenging environment, performance improved in the latter half, surpassing the funds' benchmark. Over twelve months, the Fund achieved double-digit returns, with relative performance enhanced by effective stock selection and sound sector allocation. The Fund's underweight exposure to Consumer Staples contributed positively. Positives were found in Technology and Consumer Discretionary, which offset negative contributions from Industrials and Financials. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan International Fund |  |  |  |
| Without Load | 17.12% | 10.44% | 7.44% |
| With Load | 10.71% | 9.19% | 6.83% |
| MSCI ACWI ex USA Index | 16.45% | 10.26% | 8.23% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $208788095 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee (net of waivers) | $1669397 |
| Portfolio Turnover | 16% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i83fe493be63167fbb088259e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 17.8% |
| Technology Services | 2.7% |
| Electrical Equipment | 2.9% |
| Engineering & Construction | 3.0% |
| Electric Utilities | 3.3% |
| Construction Materials | 3.3% |
| Machinery | 3.8% |
| Biotech & Pharma | 4.0% |
| Oil & Gas Producers | 4.2% |
| Transportation & Logistics | 4.2% |
| Insurance | 4.2% |
| Money Market Funds | 4.3% |
| Medical Equipment & Devices | 5.4% |
| Aerospace & Defense | 6.3% |
| Internet Media & Services | 7.1% |
| Semiconductors | 7.2% |
| Banking | 16.3% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ia103e9128cbb76c3396a1f60.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 95.7% |
| Money Market Funds | 4.3% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Nebius Group N.V. - Class A | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Safran S.A. - ADR | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Prosus N.V. - ADR | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;UniCredit SpA - ADR | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;ABB Ltd. - ADR | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Thales S.A. - ADR | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;KBC Group N.V. - ADR | &nbsp;&nbsp;2.8% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan International Fund - Class A (TPIAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPIAX

#### Timothy Plan International Fund

#### Class C (TPICX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan International Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $251 | 2.32% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i37ee928344f88af552455282.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan International Fund | MSCI ACWI ex USA Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $10109 | $10926 |
| Sep-2017 | $11720 | $13068 |
| Sep-2018 | $11733 | $13298 |
| Sep-2019 | $10992 | $13135 |
| Sep-2020 | $12017 | $13529 |
| Sep-2021 | $15427 | $16765 |
| Sep-2022 | $10967 | $12546 |
| Sep-2023 | $12991 | $15104 |
| Sep-2024 | $16344 | $18933 |
| Sep-2025 | $18998 | $22046 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

INTERNATIONAL FUND

Equity markets suffered volatility driven by global tariff uncertainty and geopolitical shifts. Although the first half of the year presented a challenging environment, performance improved in the latter half, surpassing the funds' benchmark. Over twelve months, the Fund achieved double-digit returns, with relative performance enhanced by effective stock selection and sound sector allocation. The Fund's underweight exposure to Consumer Staples contributed positively. Positives were found in Technology and Consumer Discretionary, which offset negative contributions from Industrials and Financials. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan International Fund | 16.24% | 9.59% | 6.63% |
| MSCI ACWI ex USA Index | 16.45% | 10.26% | 8.23% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $208788095 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee (net of waivers) | $1669397 |
| Portfolio Turnover | 16% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i992e987e31c8bf0d849c2433.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 17.8% |
| Technology Services | 2.7% |
| Electrical Equipment | 2.9% |
| Engineering & Construction | 3.0% |
| Electric Utilities | 3.3% |
| Construction Materials | 3.3% |
| Machinery | 3.8% |
| Biotech & Pharma | 4.0% |
| Oil & Gas Producers | 4.2% |
| Transportation & Logistics | 4.2% |
| Insurance | 4.2% |
| Money Market Funds | 4.3% |
| Medical Equipment & Devices | 5.4% |
| Aerospace & Defense | 6.3% |
| Internet Media & Services | 7.1% |
| Semiconductors | 7.2% |
| Banking | 16.3% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i499e343f070341db64a78022.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 95.7% |
| Money Market Funds | 4.3% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Nebius Group N.V. - Class A | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Safran S.A. - ADR | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Prosus N.V. - ADR | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;UniCredit SpA - ADR | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;ABB Ltd. - ADR | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Thales S.A. - ADR | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;KBC Group N.V. - ADR | &nbsp;&nbsp;2.8% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan International Fund - Class C (TPICX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPICX

#### Timothy Plan International Fund

#### Class I (TPIIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan International Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $143 | 1.32% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic44b76fe88ed0fd7196b2402.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan International Fund | MSCI ACWI ex USA Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $10208 | $10926 |
| Sep-2017 | $11961 | $13068 |
| Sep-2018 | $12086 | $13298 |
| Sep-2019 | $11442 | $13135 |
| Sep-2020 | $12634 | $13529 |
| Sep-2021 | $16384 | $16765 |
| Sep-2022 | $11763 | $12546 |
| Sep-2023 | $14076 | $15104 |
| Sep-2024 | $17894 | $18933 |
| Sep-2025 | $20996 | $22046 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

INTERNATIONAL FUND

Equity markets suffered volatility driven by global tariff uncertainty and geopolitical shifts. Although the first half of the year presented a challenging environment, performance improved in the latter half, surpassing the funds' benchmark. Over twelve months, the Fund achieved double-digit returns, with relative performance enhanced by effective stock selection and sound sector allocation. The Fund's underweight exposure to Consumer Staples contributed positively. Positives were found in Technology and Consumer Discretionary, which offset negative contributions from Industrials and Financials. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan International Fund | 17.34% | 10.69% | 7.70% |
| MSCI ACWI ex USA Index | 16.45% | 10.26% | 8.23% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $208788095 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee (net of waivers) | $1669397 |
| Portfolio Turnover | 16% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i63c284af4933b7f29d460ea7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 17.8% |
| Technology Services | 2.7% |
| Electrical Equipment | 2.9% |
| Engineering & Construction | 3.0% |
| Electric Utilities | 3.3% |
| Construction Materials | 3.3% |
| Machinery | 3.8% |
| Biotech & Pharma | 4.0% |
| Oil & Gas Producers | 4.2% |
| Transportation & Logistics | 4.2% |
| Insurance | 4.2% |
| Money Market Funds | 4.3% |
| Medical Equipment & Devices | 5.4% |
| Aerospace & Defense | 6.3% |
| Internet Media & Services | 7.1% |
| Semiconductors | 7.2% |
| Banking | 16.3% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i3d818d66cd88bc12bd5cebfd.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 95.7% |
| Money Market Funds | 4.3% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Nebius Group N.V. - Class A | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Safran S.A. - ADR | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Prosus N.V. - ADR | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;UniCredit SpA - ADR | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;ABB Ltd. - ADR | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Thales S.A. - ADR | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;KBC Group N.V. - ADR | &nbsp;&nbsp;2.8% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan International Fund - Class I (TPIIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPIIX

#### Timothy Plan Israel Common Values Fund

#### Class A (TPAIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Israel Common Values Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $225 | 1.71% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id68efffbd2dc855e0d76cb23.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan Israel Common Values Fund | Israel TA-125 Index |
| Sep-2015 | $9447 | $10000 |
| Sep-2016 | $10596 | $10147 |
| Sep-2017 | $12886 | $11044 |
| Sep-2018 | $13788 | $12420 |
| Sep-2019 | $15735 | $13246 |
| Sep-2020 | $14736 | $11851 |
| Sep-2021 | $21993 | $17382 |
| Sep-2022 | $19241 | $15989 |
| Sep-2023 | $17220 | $14740 |
| Sep-2024 | $19589 | $17151 |
| Sep-2025 | $32051 | $29570 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

ISRAEL COMMON VALUES FUND

The fund recorded its strongest annual return since inception. Performance was largely driven by renewed Israeli optimism for a conclusion to the war in Gaza based on the United States' re-election of Donald Trump. Inflation in Israel is now back to the target range of the Bank of Israel. Iran's positioning in the region declined with Israel's and the United States' direct attacks. The underweight to the Health Care sector was positive but was overshadowed by an overweight in the Technology sector. Stock selection was good in Financials and Real Estate but more challenged in Consumer Discretionary, Energy, and Technology. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Israel Common Values Fund |  |  |  |
| Without Load | 63.62% | 16.81% | 12.99% |
| With Load | 54.62% | 15.50% | 12.35% |
| Israel TA-125 Index | 72.41% | 20.07% | 11.45% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $158438766 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee | $1231992 |
| Portfolio Turnover | 8% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i3494393d7a5617012dc27a6c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 6.3% |
| Health Care Facilities & Services | 1.2% |
| Leisure Facilities & Services | 1.5% |
| Electrical Equipment | 2.1% |
| Technology Services | 2.2% |
| Apparel & Textile Products | 2.4% |
| Retail - Consumer Staples | 2.5% |
| Money Market Funds | 2.7% |
| REIT | 3.5% |
| Institutional Financial Services | 5.3% |
| Oil & Gas Producers | 7.1% |
| Semiconductors | 7.3% |
| Insurance | 7.9% |
| Aerospace & Defense | 8.2% |
| Real Estate Owners & Developers | 10.8% |
| Software | 13.8% |
| Banking | 15.2% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i9b76e151abcad9ed4a0f5fd4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 93.8% |
| Money Market Funds | 2.7% |
| Partnership Shares | 3.5% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Elbit Systems Ltd. | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Phoenix Holdings Ltd. (The) | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Nova Ltd. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Israel Discount Bank Ltd. - Class A | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Azrieli Group Ltd. | &nbsp;&nbsp;2.8% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Israel Common Values Fund - Class A (TPAIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPAIX

#### Timothy Plan Israel Common Values Fund

#### Class C (TPCIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Israel Common Values Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $323 | 2.46% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia80ec3cd2f7864116622521e.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan Israel Common Values Fund | Israel TA-125 Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $11141 | $10147 |
| Sep-2017 | $13436 | $11044 |
| Sep-2018 | $14269 | $12420 |
| Sep-2019 | $16161 | $13246 |
| Sep-2020 | $15030 | $11851 |
| Sep-2021 | $22253 | $17382 |
| Sep-2022 | $19320 | $15989 |
| Sep-2023 | $17170 | $14740 |
| Sep-2024 | $19377 | $17151 |
| Sep-2025 | $31464 | $29570 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

ISRAEL COMMON VALUES FUND

The fund recorded its strongest annual return since inception. Performance was largely driven by renewed Israeli optimism for a conclusion to the war in Gaza based on the United States' re-election of Donald Trump. Inflation in Israel is now back to the target range of the Bank of Israel. Iran's positioning in the region declined with Israel's and the United States' direct attacks. The underweight to the Health Care sector was positive but was overshadowed by an overweight in the Technology sector. Stock selection was good in Financials and Real Estate but more challenged in Consumer Discretionary, Energy, and Technology. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Israel Common Values Fund | 62.38% | 15.92% | 12.15% |
| Israel TA-125 Index | 72.41% | 20.07% | 11.45% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $158438766 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee | $1231992 |
| Portfolio Turnover | 8% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i60ede463dbd098d0ad3bce0e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 6.3% |
| Health Care Facilities & Services | 1.2% |
| Leisure Facilities & Services | 1.5% |
| Electrical Equipment | 2.1% |
| Technology Services | 2.2% |
| Apparel & Textile Products | 2.4% |
| Retail - Consumer Staples | 2.5% |
| Money Market Funds | 2.7% |
| REIT | 3.5% |
| Institutional Financial Services | 5.3% |
| Oil & Gas Producers | 7.1% |
| Semiconductors | 7.3% |
| Insurance | 7.9% |
| Aerospace & Defense | 8.2% |
| Real Estate Owners & Developers | 10.8% |
| Software | 13.8% |
| Banking | 15.2% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ieeb5fe2c090413168438cab7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 93.8% |
| Money Market Funds | 2.7% |
| Partnership Shares | 3.5% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Elbit Systems Ltd. | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Phoenix Holdings Ltd. (The) | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Nova Ltd. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Israel Discount Bank Ltd. - Class A | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Azrieli Group Ltd. | &nbsp;&nbsp;2.8% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Israel Common Values Fund - Class C (TPCIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPCIX

#### Timothy Plan Israel Common Values Fund

#### Class I (TICIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Israel Common Values Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $193 | 1.46% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i99f2b6e5ea4f0a552e40fbce.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan Israel Common Values Fund | Israel TA-125 Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $11251 | $10147 |
| Sep-2017 | $13712 | $11044 |
| Sep-2018 | $14702 | $12420 |
| Sep-2019 | $16825 | $13246 |
| Sep-2020 | $15802 | $11851 |
| Sep-2021 | $23636 | $17382 |
| Sep-2022 | $20728 | $15989 |
| Sep-2023 | $18606 | $14740 |
| Sep-2024 | $21212 | $17151 |
| Sep-2025 | $34792 | $29570 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

ISRAEL COMMON VALUES FUND

The fund recorded its strongest annual return since inception. Performance was largely driven by renewed Israeli optimism for a conclusion to the war in Gaza based on the United States' re-election of Donald Trump. Inflation in Israel is now back to the target range of the Bank of Israel. Iran's positioning in the region declined with Israel's and the United States' direct attacks. The underweight to the Health Care sector was positive but was overshadowed by an overweight in the Technology sector. Stock selection was good in Financials and Real Estate but more challenged in Consumer Discretionary, Energy, and Technology. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Israel Common Values Fund | 64.02% | 17.10% | 13.28% |
| Israel TA-125 Index | 72.41% | 20.07% | 11.45% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $158438766 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee | $1231992 |
| Portfolio Turnover | 8% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i3318ee0892d09ad2d5058283.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 6.3% |
| Health Care Facilities & Services | 1.2% |
| Leisure Facilities & Services | 1.5% |
| Electrical Equipment | 2.1% |
| Technology Services | 2.2% |
| Apparel & Textile Products | 2.4% |
| Retail - Consumer Staples | 2.5% |
| Money Market Funds | 2.7% |
| REIT | 3.5% |
| Institutional Financial Services | 5.3% |
| Oil & Gas Producers | 7.1% |
| Semiconductors | 7.3% |
| Insurance | 7.9% |
| Aerospace & Defense | 8.2% |
| Real Estate Owners & Developers | 10.8% |
| Software | 13.8% |
| Banking | 15.2% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i120a097ad8a2ebf9391e5876.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 93.8% |
| Money Market Funds | 2.7% |
| Partnership Shares | 3.5% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Elbit Systems Ltd. | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Phoenix Holdings Ltd. (The) | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Nova Ltd. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Israel Discount Bank Ltd. - Class A | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Azrieli Group Ltd. | &nbsp;&nbsp;2.8% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Israel Common Values Fund - Class I (TICIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TICIX

#### Timothy Plan Large/Mid Cap Growth Fund

#### Class A (TLGAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Large/Mid Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $148 | 1.38% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iaf8ea50de1f4016b62594768.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Large/Mid Cap Growth Fund | Russell 1000<sup>®</sup> Growth Index | Russell 1000<sup>®</sup> Index |
| Sep-2015 | $9451 | $10000 | $10000 |
| Sep-2016 | $10079 | $11376 | $11493 |
| Sep-2017 | $11745 | $13872 | $13624 |
| Sep-2018 | $13095 | $17520 | $16044 |
| Sep-2019 | $12902 | $18169 | $16665 |
| Sep-2020 | $15086 | $24989 | $19334 |
| Sep-2021 | $19811 | $31815 | $25321 |
| Sep-2022 | $16098 | $24628 | $20962 |
| Sep-2023 | $19130 | $31455 | $25404 |
| Sep-2024 | $26042 | $44726 | $34468 |
| Sep-2025 | $29952 | $56188 | $40586 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

LARGE/MID CAP GROWTH FUND

The market continues to be led by large technology companies—the "Magnificent 7"—which accounted for 61% of the index's rise. Timothy Plan screens filtered out all but two (Tesla and Nvidia) during this period. These gains were largely fueled by artificial intelligence and confidence in these firms' ability to profit from development. Information Technology was a bright spot for the portfolio. Health Care, Consumer Discretionary, and Industrials sectors detracted from relative performance. The Fund remains focused on high-quality growth names while managing valuation and concentration risk in a technology-driven market. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Large/Mid Cap Growth Fund |  |  |  |
| Without Load | 15.01% | 14.70% | 12.23% |
| With Load | 8.68% | 13.41% | 11.59% |
| Russell 1000<sup>®</sup> Growth Index | 25.63% | 17.59% | 18.84% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $283418267 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $1715933 |
| Portfolio Turnover | 40% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i670e7650ea0ff31156fdd39e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 9.6% |
| Industrial Support Services | 1.7% |
| Insurance | 1.8% |
| Entertainment Content | 1.8% |
| Institutional Financial Services | 1.8% |
| Commercial Support Services | 2.1% |
| Machinery | 2.3% |
| Chemicals | 3.3% |
| Money Market Funds | 3.6% |
| Medical Equipment & Devices | 3.7% |
| Retail - Discretionary | 3.9% |
| Technology Hardware | 4.3% |
| Retail - Consumer Staples | 4.7% |
| Electrical Equipment | 5.1% |
| Equity | 9.4% |
| Software | 17.9% |
| Semiconductors | 23.0% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i41626ae9372d695c34f01655.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 87.1% |
| Exchange-Traded Funds | 9.3% |
| Money Market Funds | 3.6% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;2.3% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Large/Mid Cap Growth Fund - Class A (TLGAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TLGAX

#### Timothy Plan Large/Mid Cap Growth Fund

#### Class C (TLGCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Large/Mid Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $228 | 2.13% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7adf96eef0191e696c40db28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Large/Mid Cap Growth Fund | Russell 1000<sup>®</sup> Growth Index | Russell 1000<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10604 | $11376 | $11493 |
| Sep-2017 | $12256 | $13872 | $13624 |
| Sep-2018 | $13558 | $17520 | $16044 |
| Sep-2019 | $13254 | $18169 | $16665 |
| Sep-2020 | $15387 | $24989 | $19334 |
| Sep-2021 | $20054 | $31815 | $25321 |
| Sep-2022 | $16190 | $24628 | $20962 |
| Sep-2023 | $19070 | $31455 | $25404 |
| Sep-2024 | $25772 | $44726 | $34468 |
| Sep-2025 | $29442 | $56188 | $40586 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

LARGE/MID CAP GROWTH FUND

The market continues to be led by large technology companies—the "Magnificent 7"—which accounted for 61% of the index's rise. Timothy Plan screens filtered out all but two (Tesla and Nvidia) during this period. These gains were largely fueled by artificial intelligence and confidence in these firms' ability to profit from development. Information Technology was a bright spot for the portfolio. Health Care, Consumer Discretionary, and Industrials sectors detracted from relative performance. The Fund remains focused on high-quality growth names while managing valuation and concentration risk in a technology-driven market. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Large/Mid Cap Growth Fund | 14.24% | 13.86% | 11.40% |
| Russell 1000<sup>®</sup> Growth Index | 25.63% | 17.59% | 18.84% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $283418267 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $1715933 |
| Portfolio Turnover | 40% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i1e935c67d3e1cac081434c38.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 9.6% |
| Industrial Support Services | 1.7% |
| Insurance | 1.8% |
| Entertainment Content | 1.8% |
| Institutional Financial Services | 1.8% |
| Commercial Support Services | 2.1% |
| Machinery | 2.3% |
| Chemicals | 3.3% |
| Money Market Funds | 3.6% |
| Medical Equipment & Devices | 3.7% |
| Retail - Discretionary | 3.9% |
| Technology Hardware | 4.3% |
| Retail - Consumer Staples | 4.7% |
| Electrical Equipment | 5.1% |
| Equity | 9.4% |
| Software | 17.9% |
| Semiconductors | 23.0% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie1221e62c0ff933e0841d475.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 87.1% |
| Exchange-Traded Funds | 9.3% |
| Money Market Funds | 3.6% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;2.3% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Large/Mid Cap Growth Fund - Class C (TLGCX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TLGCX

#### Timothy Plan Large/Mid Cap Growth Fund

#### Class I (TPLIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Large/Mid Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $122 | 1.13% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ieefdc1a0c708befb4de4a3ca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Large/Mid Cap Growth Fund | Russell 1000<sup>®</sup> Growth Index | Russell 1000<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10701 | $11376 | $11493 |
| Sep-2017 | $12494 | $13872 | $13624 |
| Sep-2018 | $13955 | $17520 | $16044 |
| Sep-2019 | $13782 | $18169 | $16665 |
| Sep-2020 | $16167 | $24989 | $19334 |
| Sep-2021 | $21282 | $31815 | $25321 |
| Sep-2022 | $17346 | $24628 | $20962 |
| Sep-2023 | $20644 | $31455 | $25404 |
| Sep-2024 | $28177 | $44726 | $34468 |
| Sep-2025 | $32499 | $56188 | $40586 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

LARGE/MID CAP GROWTH FUND

The market continues to be led by large technology companies—the "Magnificent 7"—which accounted for 61% of the index's rise. Timothy Plan screens filtered out all but two (Tesla and Nvidia) during this period. These gains were largely fueled by artificial intelligence and confidence in these firms' ability to profit from development. Information Technology was a bright spot for the portfolio. Health Care, Consumer Discretionary, and Industrials sectors detracted from relative performance. The Fund remains focused on high-quality growth names while managing valuation and concentration risk in a technology-driven market. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Large/Mid Cap Growth Fund | 15.34% | 14.99% | 12.51% |
| Russell 1000<sup>®</sup> Growth Index | 25.63% | 17.59% | 18.84% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $283418267 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $1715933 |
| Portfolio Turnover | 40% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i3a11924313fb132bc9816834.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 9.6% |
| Industrial Support Services | 1.7% |
| Insurance | 1.8% |
| Entertainment Content | 1.8% |
| Institutional Financial Services | 1.8% |
| Commercial Support Services | 2.1% |
| Machinery | 2.3% |
| Chemicals | 3.3% |
| Money Market Funds | 3.6% |
| Medical Equipment & Devices | 3.7% |
| Retail - Discretionary | 3.9% |
| Technology Hardware | 4.3% |
| Retail - Consumer Staples | 4.7% |
| Electrical Equipment | 5.1% |
| Equity | 9.4% |
| Software | 17.9% |
| Semiconductors | 23.0% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](if1a76de3d27b67aa9a6fced1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 87.1% |
| Exchange-Traded Funds | 9.3% |
| Money Market Funds | 3.6% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;2.3% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Large/Mid Cap Growth Fund - Class I (TPLIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPLIX

#### Timothy Plan Large/Mid Cap Value Fund

#### Class A (TLVAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Large/Mid Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $126 | 1.25% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i050bc63132b63275124b0744.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan Large/Mid Cap Value Fund | S&P 500<sup>®</sup> Index |
| Sep-2015 | $9450 | $10000 |
| Sep-2016 | $10055 | $11543 |
| Sep-2017 | $11372 | $13691 |
| Sep-2018 | $12916 | $16143 |
| Sep-2019 | $13244 | $16830 |
| Sep-2020 | $13765 | $19380 |
| Sep-2021 | $17880 | $25194 |
| Sep-2022 | $16146 | $21296 |
| Sep-2023 | $18398 | $25900 |
| Sep-2024 | $23583 | $35315 |
| Sep-2025 | $24022 | $41530 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

LARGE/MID CAP VALUE FUND

The Fund performed well for the first half of the period but a market shift in April toward risk left our quality value style behind. An underweight position in the growth-oriented Information Technology sector as well as an underweight in the Industrials sector hampered performance. The Fund benefited from stock selection in the Consumer Discretionary sector. The Fund's Adviser (Westwood) believes that downside risks remain and are underweight sectors with high valuations such as Communication Services and Information Technology while favoring Industrials, Materials and Utilities that show more consistent cash flow. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Large/Mid Cap Value Fund |  |  |  |
| Without Load | 1.86% | 11.78% | 9.78% |
| With Load | -3.73% | 10.53% | 9.16% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $330662896 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $2014793 |
| Portfolio Turnover | 31% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i59673fdf82ecd7e832d3009f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 19.3% |
| Institutional Financial Services | 2.2% |
| Health Care Facilities & Services | 2.2% |
| Retail - Discretionary | 2.3% |
| Aerospace & Defense | 2.4% |
| Medical Equipment & Devices | 3.3% |
| Food | 3.5% |
| Oil & Gas Producers | 3.6% |
| Containers & Packaging | 3.6% |
| Technology Services | 3.6% |
| Banking | 3.9% |
| Electric Utilities | 4.2% |
| Electrical Equipment | 4.6% |
| Money Market Funds | 5.5% |
| Software | 5.7% |
| Semiconductors | 11.3% |
| Equity | 18.8% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i8aeccce89b31e345413a5cc0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 75.7% |
| Exchange-Traded Funds | 18.8% |
| Money Market Funds | 5.5% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;8.6% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Rambus, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;2.2% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024.

Effective December 1, 2024, Timothy Plan voluntarily reduced the advisory fee to 0.70% from 0.75%. Effective February 1, 2025, Timothy Plan increased the fee to 0.75%.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Large/Mid Cap Value Fund - Class A (TLVAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TLVAX

#### Timothy Plan Large/Mid Cap Value Fund

#### Class C (TLVCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Large/Mid Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $201 | 2.00% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1ef38af879304ff55989f2c2.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan Large/Mid Cap Value Fund | S&P 500<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $10564 | $11543 |
| Sep-2017 | $11861 | $13691 |
| Sep-2018 | $13372 | $16143 |
| Sep-2019 | $13605 | $16830 |
| Sep-2020 | $14033 | $19380 |
| Sep-2021 | $18089 | $25194 |
| Sep-2022 | $16218 | $21296 |
| Sep-2023 | $18337 | $25900 |
| Sep-2024 | $23331 | $35315 |
| Sep-2025 | $23606 | $41530 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

LARGE/MID CAP VALUE FUND

The Fund performed well for the first half of the period but a market shift in April toward risk left our quality value style behind. An underweight position in the growth-oriented Information Technology sector as well as an underweight in the Industrials sector hampered performance. The Fund benefited from stock selection in the Consumer Discretionary sector. The Fund's Adviser (Westwood) believes that downside risks remain and are underweight sectors with high valuations such as Communication Services and Information Technology while favoring Industrials, Materials and Utilities that show more consistent cash flow. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Large/Mid Cap Value Fund | 1.18% | 10.96% | 8.97% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $330662896 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $2014793 |
| Portfolio Turnover | 31% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i61bf38ec40a282bf42840fd3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 19.3% |
| Institutional Financial Services | 2.2% |
| Health Care Facilities & Services | 2.2% |
| Retail - Discretionary | 2.3% |
| Aerospace & Defense | 2.4% |
| Medical Equipment & Devices | 3.3% |
| Food | 3.5% |
| Oil & Gas Producers | 3.6% |
| Containers & Packaging | 3.6% |
| Technology Services | 3.6% |
| Banking | 3.9% |
| Electric Utilities | 4.2% |
| Electrical Equipment | 4.6% |
| Money Market Funds | 5.5% |
| Software | 5.7% |
| Semiconductors | 11.3% |
| Equity | 18.8% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](iddcf1973744434efa29e7a77.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 75.7% |
| Exchange-Traded Funds | 18.8% |
| Money Market Funds | 5.5% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;8.6% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Rambus, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;2.2% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024.

Effective December 1, 2024, Timothy Plan voluntarily reduced the advisory fee to 0.70% from 0.75%. Effective February 1, 2025, Timothy Plan increased the fee to 0.75%.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Large/Mid Cap Value Fund - Class C (TLVCX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TLVCX

#### Timothy Plan Large/Mid Cap Value Fund

#### Class I (TMVIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Large/Mid Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526. This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $101 | 1.00% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ide1f089eab0837189dadc945.jpg)

---

| | | |
|:---|:---|:---|
| | Timothy Plan Large/Mid Cap Value Fund | S&P 500<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $10674 | $11543 |
| Sep-2017 | $12099 | $13691 |
| Sep-2018 | $13773 | $16143 |
| Sep-2019 | $14156 | $16830 |
| Sep-2020 | $14755 | $19380 |
| Sep-2021 | $19211 | $25194 |
| Sep-2022 | $17390 | $21296 |
| Sep-2023 | $19861 | $25900 |
| Sep-2024 | $25527 | $35315 |
| Sep-2025 | $26080 | $41530 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

LARGE/MID CAP VALUE FUND

The Fund performed well for the first half of the period but a market shift in April toward risk left our quality value style behind. An underweight position in the growth-oriented Information Technology sector as well as an underweight in the Industrials sector hampered performance. The Fund benefited from stock selection in the Consumer Discretionary sector. The Fund's Adviser (Westwood) believes that downside risks remain and are underweight sectors with high valuations such as Communication Services and Information Technology while favoring Industrials, Materials and Utilities that show more consistent cash flow. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Large/Mid Cap Value Fund | 2.17% | 12.07% | 10.06% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $330662896 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $2014793 |
| Portfolio Turnover | 31% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i9af2f050d3589457b7b5e93f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 19.3% |
| Institutional Financial Services | 2.2% |
| Health Care Facilities & Services | 2.2% |
| Retail - Discretionary | 2.3% |
| Aerospace & Defense | 2.4% |
| Medical Equipment & Devices | 3.3% |
| Food | 3.5% |
| Oil & Gas Producers | 3.6% |
| Containers & Packaging | 3.6% |
| Technology Services | 3.6% |
| Banking | 3.9% |
| Electric Utilities | 4.2% |
| Electrical Equipment | 4.6% |
| Money Market Funds | 5.5% |
| Software | 5.7% |
| Semiconductors | 11.3% |
| Equity | 18.8% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i2e6847b1a04bfcbbb3542f41.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 75.7% |
| Exchange-Traded Funds | 18.8% |
| Money Market Funds | 5.5% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;8.6% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Rambus, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;2.2% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024.

Effective December 1, 2024, Timothy Plan voluntarily reduced the advisory fee to 0.70% from 0.75%. Effective February 1, 2025, Timothy Plan increased the fee to 0.75%.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Large/Mid Cap Value Fund - Class I (TMVIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TMVIX

#### Timothy Plan Small Cap Value Fund

#### Class A (TPLNX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Small Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $143 | 1.43% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2b9b46290d1693572d070e1e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Small Cap Value Fund | Russell 2000<sup>®</sup> Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $9448 | $10000 | $10000 |
| Sep-2016 | $10456 | $11547 | $11496 |
| Sep-2017 | $12709 | $13942 | $13647 |
| Sep-2018 | $13994 | $16066 | $16046 |
| Sep-2019 | $13467 | $14638 | $16514 |
| Sep-2020 | $11530 | $14695 | $18992 |
| Sep-2021 | $17413 | $21701 | $25045 |
| Sep-2022 | $14307 | $16602 | $20630 |
| Sep-2023 | $16518 | $18085 | $24852 |
| Sep-2024 | $20507 | $22925 | $33598 |
| Sep-2025 | $20473 | $25391 | $39447 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

Small Cap Value

Small-cap and value stocks lagged large-caps for most of the year, but signs of rotation toward smaller companies appeared late in the period. Relative underperformance was driven by positions in Health Care, Materials, and Industrials. Conversely, a relative overweight in Utilities benefited the Fund. After the strong returns of the past twelve months, there is concern that valuations are stretched and risks are pointing to the downside. The Fund is underweight high-growth sectors such as Information Technology and Health Care while favoring sectors like Industrials, Materials and Real Estate. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Small Cap Value Fund |  |  |  |
| Without Load | -0.17% | 12.17% | 8.04% |
| With Load | -5.66% | 10.91% | 7.43% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $173795101 |
| Number of Portfolio Holdings | 61 |
| Advisory Fee (net of waivers) | $1266675 |
| Portfolio Turnover | 56% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i65775f38b3b69ca65b4616d8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 20.0% |
| Engineering & Construction | 1.8% |
| Money Market Funds | 2.1% |
| Household Products | 2.4% |
| Institutional Financial Services | 2.6% |
| Machinery | 2.6% |
| Medical Equipment & Devices | 3.1% |
| Electric Utilities | 3.2% |
| Retail - Discretionary | 3.4% |
| Electrical Equipment | 3.5% |
| Aerospace & Defense | 3.7% |
| Software | 4.4% |
| Oil & Gas Producers | 4.7% |
| Chemicals | 6.4% |
| REIT | 7.7% |
| Equity | 13.9% |
| Banking | 14.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](if3272db4e8db28dbf25c0e01.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 84.0% |
| Exchange-Traded Funds | 13.9% |
| Money Market Funds | 2.1% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;Avista Corporation | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;National Bank Holdings Corporation - Class A | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Veeco Instruments, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Hayward Holdings, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Merit Medical Systems, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;City Holding Company | &nbsp;&nbsp;1.8% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Small Cap Value Fund - Class A (TPLNX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPLNX

#### Timothy Plan Small Cap Value Fund

#### Class C (TSVCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Small Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $217 | 2.18% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iff7461195272bdd1070dc0aa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Small Cap Value Fund | Russell 2000<sup>®</sup> Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10981 | $11547 | $11496 |
| Sep-2017 | $13254 | $13942 | $13647 |
| Sep-2018 | $14479 | $16066 | $16046 |
| Sep-2019 | $13829 | $14638 | $16514 |
| Sep-2020 | $11753 | $14695 | $18992 |
| Sep-2021 | $17611 | $21701 | $25045 |
| Sep-2022 | $14363 | $16602 | $20630 |
| Sep-2023 | $16461 | $18085 | $24852 |
| Sep-2024 | $20293 | $22925 | $33598 |
| Sep-2025 | $20105 | $25391 | $39447 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

Small Cap Value

Small-cap and value stocks lagged large-caps for most of the year, but signs of rotation toward smaller companies appeared late in the period. Relative underperformance was driven by positions in Health Care, Materials, and Industrials. Conversely, a relative overweight in Utilities benefited the Fund. After the strong returns of the past twelve months, there is concern that valuations are stretched and risks are pointing to the downside. The Fund is underweight high-growth sectors such as Information Technology and Health Care while favoring sectors like Industrials, Materials and Real Estate. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Small Cap Value Fund | -0.93% | 11.33% | 7.23% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $173795101 |
| Number of Portfolio Holdings | 61 |
| Advisory Fee (net of waivers) | $1266675 |
| Portfolio Turnover | 56% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](ib1a7ae77ae22e934edef9be1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 20.0% |
| Engineering & Construction | 1.8% |
| Money Market Funds | 2.1% |
| Household Products | 2.4% |
| Institutional Financial Services | 2.6% |
| Machinery | 2.6% |
| Medical Equipment & Devices | 3.1% |
| Electric Utilities | 3.2% |
| Retail - Discretionary | 3.4% |
| Electrical Equipment | 3.5% |
| Aerospace & Defense | 3.7% |
| Software | 4.4% |
| Oil & Gas Producers | 4.7% |
| Chemicals | 6.4% |
| REIT | 7.7% |
| Equity | 13.9% |
| Banking | 14.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i7d075884b40529a9be5c56e1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 84.0% |
| Exchange-Traded Funds | 13.9% |
| Money Market Funds | 2.1% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;Avista Corporation | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;National Bank Holdings Corporation - Class A | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Veeco Instruments, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Hayward Holdings, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Merit Medical Systems, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;City Holding Company | &nbsp;&nbsp;1.8% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Small Cap Value Fund - Class C (TSVCX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TSVCX

#### Timothy Plan Small Cap Value Fund

#### Class I (TPVIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Small Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $118 | 1.18% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if12edbe75908b7fbf41d965b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Small Cap Value Fund | Russell 2000<sup>®</sup> Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $11092 | $11547 | $11496 |
| Sep-2017 | $13520 | $13942 | $13647 |
| Sep-2018 | $14922 | $16066 | $16046 |
| Sep-2019 | $14399 | $14638 | $16514 |
| Sep-2020 | $12363 | $14695 | $18992 |
| Sep-2021 | $18708 | $21701 | $25045 |
| Sep-2022 | $15406 | $16602 | $20630 |
| Sep-2023 | $17836 | $18085 | $24852 |
| Sep-2024 | $22197 | $22925 | $33598 |
| Sep-2025 | $22223 | $25391 | $39447 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

Small Cap Value

Small-cap and value stocks lagged large-caps for most of the year, but signs of rotation toward smaller companies appeared late in the period. Relative underperformance was driven by positions in Health Care, Materials, and Industrials. Conversely, a relative overweight in Utilities benefited the Fund. After the strong returns of the past twelve months, there is concern that valuations are stretched and risks are pointing to the downside. The Fund is underweight high-growth sectors such as Information Technology and Health Care while favoring sectors like Industrials, Materials and Real Estate. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Small Cap Value Fund | 0.12% | 12.44% | 8.31% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $173795101 |
| Number of Portfolio Holdings | 61 |
| Advisory Fee (net of waivers) | $1266675 |
| Portfolio Turnover | 56% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i43836ff890e7ecc419f2d3c5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 20.0% |
| Engineering & Construction | 1.8% |
| Money Market Funds | 2.1% |
| Household Products | 2.4% |
| Institutional Financial Services | 2.6% |
| Machinery | 2.6% |
| Medical Equipment & Devices | 3.1% |
| Electric Utilities | 3.2% |
| Retail - Discretionary | 3.4% |
| Electrical Equipment | 3.5% |
| Aerospace & Defense | 3.7% |
| Software | 4.4% |
| Oil & Gas Producers | 4.7% |
| Chemicals | 6.4% |
| REIT | 7.7% |
| Equity | 13.9% |
| Banking | 14.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i66045806586d87c8d4e9bed4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 84.0% |
| Exchange-Traded Funds | 13.9% |
| Money Market Funds | 2.1% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;Avista Corporation | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;National Bank Holdings Corporation - Class A | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Veeco Instruments, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Hayward Holdings, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Merit Medical Systems, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;City Holding Company | &nbsp;&nbsp;1.8% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Small Cap Value Fund - Class I (TPVIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TPVIX

#### Timothy Plan Small/Mid Cap Growth Fund

#### Class A (TAAGX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Small/Mid Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $170 | 1.60% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0d0a683c55dc7a8ffbb16834.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Small/Mid Cap Growth Fund | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Growth Index |
| Sep-2015 | $9455 | $10000 | $10000 |
| Sep-2016 | $9358 | $11496 | $11124 |
| Sep-2017 | $11127 | $13647 | $13106 |
| Sep-2018 | $12719 | $16046 | $15872 |
| Sep-2019 | $11610 | $16514 | $16698 |
| Sep-2020 | $14634 | $18992 | $20577 |
| Sep-2021 | $19592 | $25045 | $26843 |
| Sep-2022 | $14368 | $20630 | $18925 |
| Sep-2023 | $16896 | $24852 | $22230 |
| Sep-2024 | $24120 | $33598 | $28751 |
| Sep-2025 | $27124 | $39447 | $35084 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

SMALL/MID CAP GROWTH FUND

The environment for small and mid-cap stocks was favorable, as excitement from broad deregulation was abundant. The continued robust AI capex cycle had a positive impact on many industries. Industrial engineering companies, industrial HVAC sectors, and independent power providers all participated in this vigorous capex cycle. Conversely, the worst performing sectors were Consumer Discretionary and Healthcare. The Fund continues to focus on innovative growth companies across diversified industries, positioned for potential upside from continued AI and infrastructure investment. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Small/Mid Cap Growth Fund |  |  |  |
| Without Load | 12.46% | 13.14% | 11.11% |
| With Load | 6.30% | 11.86% | 10.49% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $87577183 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $588740 |
| Portfolio Turnover | 74% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](iac2ee413d7b456d3153b1fae.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 7.4% |
| REIT | 2.0% |
| Retail - Discretionary | 2.5% |
| Leisure Facilities & Services | 2.6% |
| Electric Utilities | 3.3% |
| Specialty Finance | 3.5% |
| Oil & Gas Producers | 4.1% |
| Industrial Support Services | 4.8% |
| Aerospace & Defense | 5.4% |
| Technology Services | 5.9% |
| Banking | 7.1% |
| Technology Hardware | 7.2% |
| Electrical Equipment | 7.3% |
| Software | 8.5% |
| Medical Equipment & Devices | 9.0% |
| Semiconductors | 9.0% |
| Engineering & Construction | 10.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i745aeaf6700839ecb76e1ac9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Vistra Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;3.0% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Small/Mid Cap Growth Fund - Class A (TAAGX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TAAGX

#### Timothy Plan Small/Mid Cap Growth Fund

#### Class C (TCAGX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Small/Mid Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $249 | 2.35% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6590c8d61990496c3b1edbe9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Small/Mid Cap Growth Fund | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Growth Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $9827 | $11496 | $11124 |
| Sep-2017 | $11583 | $13647 | $13106 |
| Sep-2018 | $13166 | $16046 | $15872 |
| Sep-2019 | $11923 | $16514 | $16698 |
| Sep-2020 | $14913 | $18992 | $20577 |
| Sep-2021 | $19815 | $25045 | $26843 |
| Sep-2022 | $14419 | $20630 | $18925 |
| Sep-2023 | $16844 | $24852 | $22230 |
| Sep-2024 | $23865 | $33598 | $28751 |
| Sep-2025 | $26648 | $39447 | $35084 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

SMALL/MID CAP GROWTH FUND

The environment for small and mid-cap stocks was favorable, as excitement from broad deregulation was abundant. The continued robust AI capex cycle had a positive impact on many industries. Industrial engineering companies, industrial HVAC sectors, and independent power providers all participated in this vigorous capex cycle. Conversely, the worst performing sectors were Consumer Discretionary and Healthcare. The Fund continues to focus on innovative growth companies across diversified industries, positioned for potential upside from continued AI and infrastructure investment. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Small/Mid Cap Growth Fund | 11.66% | 12.31% | 10.30% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $87577183 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $588740 |
| Portfolio Turnover | 74% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i2a3ef55587d45bc4878dc236.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 7.4% |
| REIT | 2.0% |
| Retail - Discretionary | 2.5% |
| Leisure Facilities & Services | 2.6% |
| Electric Utilities | 3.3% |
| Specialty Finance | 3.5% |
| Oil & Gas Producers | 4.1% |
| Industrial Support Services | 4.8% |
| Aerospace & Defense | 5.4% |
| Technology Services | 5.9% |
| Banking | 7.1% |
| Technology Hardware | 7.2% |
| Electrical Equipment | 7.3% |
| Software | 8.5% |
| Medical Equipment & Devices | 9.0% |
| Semiconductors | 9.0% |
| Engineering & Construction | 10.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](if88a7fb3664b2cd23a30cfd2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Vistra Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;3.0% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Small/Mid Cap Growth Fund - Class C (TCAGX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TCAGX

#### Timothy Plan Small/Mid Cap Growth Fund

#### Class I (TIAGX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Small/Mid Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $144 | 1.35% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7f0916a4568312ccfdcba617.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Small/Mid Cap Growth Fund | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Growth Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $9925 | $11496 | $11124 |
| Sep-2017 | $11826 | $13647 | $13106 |
| Sep-2018 | $13555 | $16046 | $15872 |
| Sep-2019 | $12405 | $16514 | $16698 |
| Sep-2020 | $15669 | $18992 | $20577 |
| Sep-2021 | $21026 | $25045 | $26843 |
| Sep-2022 | $15459 | $20630 | $18925 |
| Sep-2023 | $18208 | $24852 | $22230 |
| Sep-2024 | $26081 | $33598 | $28751 |
| Sep-2025 | $29393 | $39447 | $35084 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

SMALL/MID CAP GROWTH FUND

The environment for small and mid-cap stocks was favorable, as excitement from broad deregulation was abundant. The continued robust AI capex cycle had a positive impact on many industries. Industrial engineering companies, industrial HVAC sectors, and independent power providers all participated in this vigorous capex cycle. Conversely, the worst performing sectors were Consumer Discretionary and Healthcare. The Fund continues to focus on innovative growth companies across diversified industries, positioned for potential upside from continued AI and infrastructure investment. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Small/Mid Cap Growth Fund | 12.70% | 13.41% | 11.38% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $87577183 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $588740 |
| Portfolio Turnover | 74% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i50d9285cfea896e97f28aec3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Industries | 7.4% |
| REIT | 2.0% |
| Retail - Discretionary | 2.5% |
| Leisure Facilities & Services | 2.6% |
| Electric Utilities | 3.3% |
| Specialty Finance | 3.5% |
| Oil & Gas Producers | 4.1% |
| Industrial Support Services | 4.8% |
| Aerospace & Defense | 5.4% |
| Technology Services | 5.9% |
| Banking | 7.1% |
| Technology Hardware | 7.2% |
| Electrical Equipment | 7.3% |
| Software | 8.5% |
| Medical Equipment & Devices | 9.0% |
| Semiconductors | 9.0% |
| Engineering & Construction | 10.4% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](id0529ac30eb744847fdd67e3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Vistra Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;3.0% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Small/Mid Cap Growth Fund - Class I (TIAGX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TIAGX

#### Timothy Plan Strategic Growth Fund

#### Class A (TSGAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Strategic Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.94% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5da06926ec8bfa22074eb2b8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Strategic Growth Fund | Dow Jones Moderately Aggressive Portfolio Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $9450 | $10000 | $10000 |
| Sep-2016 | $9831 | $11217 | $11496 |
| Sep-2017 | $10676 | $12828 | $13647 |
| Sep-2018 | $10923 | $14033 | $16046 |
| Sep-2019 | $10895 | $14323 | $16514 |
| Sep-2020 | $11116 | $15295 | $18992 |
| Sep-2021 | $13245 | $19195 | $25045 |
| Sep-2022 | $11149 | $15570 | $20630 |
| Sep-2023 | $11972 | $17729 | $24852 |
| Sep-2024 | $14034 | $22002 | $33598 |
| Sep-2025 | $15290 | $24864 | $39447 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

STRATEGIC GROWTH FUND

The Fund's performance reflects its allocation across various Timothy Plan mutual funds and ETFs. TPIF was the main driver of performance, as International markets continued to be stronger than domestic. The allocation to TPHD, TPHE, TPLC, TPLE, and TPSC all slightly lagged their benchmarks, but did contribute positive performance, and helped minimize the downside. Allocations to Fixed Income and High-Yield Bonds added stability, though they trailed equities. TPMN closed on 07/29/2025 and was reallocated to the bond position of the portfolio. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Strategic Growth Fund |  |  |  |
| Without Load | 8.95% | 6.58% | 4.93% |
| With Load | 2.96% | 5.39% | 4.34% |
| Dow Jones Moderately Aggressive Portfolio Index | 13.01% | 10.21% | 9.54% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $34578299 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $50027 |
| Portfolio Turnover | 40% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i8ef6473b7645ee26f5f9e486.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | -0.1% |
| Money Market Funds | 1.5% |
| Fixed Income | 23.9% |
| Equity | 74.7% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i100278dff638f1f098fd3e73.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 60.9% |
| Money Market Funds | 1.5% |
| Open End Funds | 37.6% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Timothy Plan International ETF | &nbsp;&nbsp;16.3% |
| &nbsp;&nbsp;Timothy Plan Fixed Income Fund - Class A | &nbsp;&nbsp;15.9% |
| &nbsp;&nbsp;Timothy Plan International Fund - Class A | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | &nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;Timothy Plan High Yield Bond Fund - Class A | &nbsp;&nbsp;8.0% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Strategic Growth Fund - Class A (TSGAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TSGAX

#### Timothy Plan Strategic Growth Fund

#### Class C (TSGCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Strategic Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $150 | 1.44% |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i05a50b8396e7f544c8acef17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Strategic Growth Fund | Dow Jones Moderately Aggressive Portfolio Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10325 | $11217 | $11496 |
| Sep-2017 | $11130 | $12828 | $13647 |
| Sep-2018 | $11299 | $14033 | $16046 |
| Sep-2019 | $11187 | $14323 | $16514 |
| Sep-2020 | $11336 | $15295 | $18992 |
| Sep-2021 | $13398 | $19195 | $25045 |
| Sep-2022 | $11199 | $15570 | $20630 |
| Sep-2023 | $11954 | $17729 | $24852 |
| Sep-2024 | $13940 | $22002 | $33598 |
| Sep-2025 | $15093 | $24864 | $39447 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

STRATEGIC GROWTH FUND

The Fund's performance reflects its allocation across various Timothy Plan mutual funds and ETFs. TPIF was the main driver of performance, as International markets continued to be stronger than domestic. The allocation to TPHD, TPHE, TPLC, TPLE, and TPSC all slightly lagged their benchmarks, but did contribute positive performance, and helped minimize the downside. Allocations to Fixed Income and High-Yield Bonds added stability, though they trailed equities. TPMN closed on 07/29/2025 and was reallocated to the bond position of the portfolio. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Timothy Plan Strategic Growth Fund | 8.27% | 5.89% | 4.20% |
| Dow Jones Moderately Aggressive Portfolio Index | 13.01% | 10.21% | 9.54% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $34578299 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $50027 |
| Portfolio Turnover | 40% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i47ca49cb35361071d250f0e9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | -0.1% |
| Money Market Funds | 1.5% |
| Fixed Income | 23.9% |
| Equity | 74.7% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](if0c6591d78e39b1433c19a52.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 60.9% |
| Money Market Funds | 1.5% |
| Open End Funds | 37.6% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Timothy Plan International ETF | &nbsp;&nbsp;16.3% |
| &nbsp;&nbsp;Timothy Plan Fixed Income Fund - Class A | &nbsp;&nbsp;15.9% |
| &nbsp;&nbsp;Timothy Plan International Fund - Class A | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | &nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;Timothy Plan High Yield Bond Fund - Class A | &nbsp;&nbsp;8.0% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Strategic Growth Fund - Class C (TSGCX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TSGCX

#### Timothy Plan Strategic Growth Fund

#### Class I (TISGX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5b364f3b82f2b7c51af8bb96.jpg)

# Fund Overview
This annual shareholder report contains important information about Timothy Plan Strategic Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $72 | 0.69% |

---

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](icea21bac205b3b29ddee6d06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Timothy Plan Strategic Growth Fund | Dow Jones Moderately Aggressive Portfolio Index | Russell 3000<sup>®</sup> Index |
| Sep-2023 | $10000 | $10000 | $10000 |
| Sep-2023 | $9681 | $9619 | $9496 |
| Sep-2024 | $11358 | $11937 | $12837 |
| Sep-2025 | $12404 | $13490 | $15072 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

# How did the Fund perform during the reporting period?
12 Months Ended September 30, 2025

STRATEGIC GROWTH FUND

The Fund's performance reflects its allocation across various Timothy Plan mutual funds and ETFs. TPIF was the main driver of performance, as International markets continued to be stronger than domestic. The allocation to TPHD, TPHE, TPLC, TPLE, and TPSC all slightly lagged their benchmarks, but did contribute positive performance, and helped minimize the downside. Allocations to Fixed Income and High-Yield Bonds added stability, though they trailed equities. TPMN closed on 07/29/2025 and was reallocated to the bond position of the portfolio. Visit https://www.timothyplan.com for more recent performance information.

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (September 1, 2023) |
| Timothy Plan Strategic Growth Fund | 9.21% | 10.92% |
| Dow Jones Moderately Aggressive Portfolio Index | 13.01% | 15.48% |
| Russell 3000<sup>®</sup> Index | 17.41% | 21.81% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $34578299 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $50027 |
| Portfolio Turnover | 40% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i343804f6ad6f3b13e9c7d0af.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | -0.1% |
| Money Market Funds | 1.5% |
| Fixed Income | 23.9% |
| Equity | 74.7% |

---

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i1e8311f10c2a09831d3f23da.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 60.9% |
| Money Market Funds | 1.5% |
| Open End Funds | 37.6% |

---

# Top 10 Holdings\* (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Timothy Plan International ETF | &nbsp;&nbsp;16.3% |
| &nbsp;&nbsp;Timothy Plan Fixed Income Fund - Class A | &nbsp;&nbsp;15.9% |
| &nbsp;&nbsp;Timothy Plan International Fund - Class A | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | &nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;Timothy Plan High Yield Bond Fund - Class A | &nbsp;&nbsp;8.0% |

---

# \* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund's prospectus, and should not be considered investment advice.

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](icd720214b372461431881011.jpg)

#### Timothy Plan Strategic Growth Fund - Class I (TISGX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TISGX**

(b) Not applicable.

**Item 2. Code of Ethics.** 

(a) The registrant has, as of the end of the period covered by this
 report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal
 accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
 registrant or a third party.

(b) N/A

(c) During the period covered by this report, there were no amendments
 to any provision of the code of ethics.

(d) During the period covered by this report, there were no waivers
 or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The registrant has an Audit committee currently composed of three independent trustees, Mr. Alan Ross, Mr. John Mulder and Mr. Richard Copeland. The registrant's board of trustees has determined that Mr. Alan Ross is qualified to serve as an Audit Committee Financial expert, and has designated him as such.<br> (a)(2) Not applicable.<br> (a)(3) Not applicable.<br>

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection
 with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| The Timothy Plan |  |
| FY 2025 | $190000 |
| FY 2024 | $190100 |

---

---

| | |
|:---|:---|
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. |
| (c) | Tax Fees. There were no fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance. |
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended September 30, 2025 and 2024, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2025 and 2024, respectively, are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) Included Long Form Financial Statements

![](fp0095919-2_i.jpg)

Annual Financial Statements and Additional Information

September 30, 2025

TIMOTHY PLAN FAMILY OF FUNDS

![](fp0095919-2_ia.jpg)

**Table of Contents** 

---

| | |
|:---|:---|
| Section 1 \| Schedule of Investments  | 2 |
| Section 2 \| Statements of Assets and Liabilities  | 50 |
| Section 3 \| Statements of Operations  | 54 |
| Section 4 \| Statements of Changes in Net Assets  | 58 |
| Section 5 \| Financial Highlights  | 64 |
| Section 6 \| Notes to Financial Statements  | 100 |
| Section 7 \| Opinion Letter  | 125 |
| Section 8 \| Additional Information  | 126 |
| Section 9 \| Privacy Notice  | 127 |
| Section 10 \| Disclosures  | 129 |

---

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 1

**Section 1 \|** Schedule of Investments

**SEPTEMBER 30, 2025**

Small/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 98.5%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 5.4%** |  |
| 14108 | Howmet Aerospace, Inc. | $2768413 |
| 12776 | Rocket Lab Corporation<sup>(a)</sup> | 612098 |
| 999 | TransDigm Group, Inc. | 1316702 |
|  |  | 4697213 |
|  | **BANKING — 7.1%** |  |
| 110819 | First Horizon Corporation | 2505618 |
| 12924 | Pinnacle Financial Partners, Inc. | 1212142 |
| 18974 | Wintrust Financial Corporation | 2512916 |
|  |  | 6230676 |
|  | **BEVERAGES — 1.3%** |  |
| 19777 | Celsius Holdings, Inc.<sup>(a)</sup> | 1136980 |
|  | **BIOTECH & PHARMA — 1.5%** |  |
| 3118 | United Therapeutics Corporation<sup>(a)</sup> | 1307097 |
|  | **CONSTRUCTION MATERIALS — 1.7%** |  |
| 29969 | Amrize Ltd.<sup>(a)</sup> | 1454396 |
|  | **DATA CENTER REIT — 2.0%** |  |
| 9963 | Digital Realty Trust, Inc. | 1722403 |
|  | **ELECTRIC UTILITIES — 3.3%** |  |
| 14779 | Vistra Corporation | 2895502 |
|  | **ELECTRICAL EQUIPMENT — 7.3%** |  |
| 26630 | Amphenol Corporation, Class A | 3295462 |
| 8664 | Itron, Inc.<sup>(a)</sup> | 1079188 |
| 13172 | Vertiv Holdings Company, Class A | 1987128 |
|  |  | 6361778 |
|  | **ENGINEERING & CONSTRUCTION — 10.4%** |  |
| 4755 | Comfort Systems USA, Inc. | 3923732 |
| 11108 | MasTec, Inc.<sup>(a)</sup> | 2363893 |
| 6800 | Quanta Services, Inc. | 2818056 |
|  |  | 9105681 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.4%** |  |
| 11488 | GeneDx Holdings Corporation<sup>(a)</sup> | 1237717 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 2

Small/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **INDUSTRIAL SUPPORT SERVICES — 4.8%** |  |
| 34922 | Fastenal Company | $1712575 |
| 2655 | United Rentals, Inc. | 2534622 |
|  |  | 4247197 |
|  | **LEISURE FACILITIES & SERVICES — 2.6%** |  |
| 5146 | Domino's Pizza, Inc. | 2221580 |
|  | **MEDICAL EQUIPMENT & DEVICES — 9.0%** |  |
| 7529 | Insulet Corporation<sup>(a)</sup> | 2324428 |
| 7274 | Masimo Corporation<sup>(a)</sup> | 1073279 |
| 23376 | Merit Medical Systems, Inc.<sup>(a)</sup> | 1945584 |
| 15930 | Natera, Inc.<sup>(a)</sup> | 2564252 |
|  |  | 7907543 |
|  | **OIL & GAS PRODUCERS — 4.1%** |  |
| 11039 | Cheniere Energy, Inc. | 2593944 |
| 6698 | Diamondback Energy, Inc. | 958484 |
|  |  | 3552428 |
|  | **RETAIL - DISCRETIONARY — 2.5%** |  |
| 14539 | Ross Stores, Inc. | 2215598 |
|  | **SEMICONDUCTORS — 9.0%** |  |
| 11788 | Coherent Corp.<sup>(a)</sup> | 1269803 |
| 46722 | Marvell Technology, Inc. | 3927918 |
| 3031 | Monolithic Power Systems, Inc. | 2790460 |
|  |  | 7988181 |
|  | **SOFTWARE — 8.5%** |  |
| 7895 | Manhattan Associates, Inc.<sup>(a)</sup> | 1618317 |
| 7436 | MongoDB, Inc.<sup>(a)</sup> | 2307985 |
| 26265 | Nutanix, Inc., Class A<sup>(a)</sup> | 1953853 |
| 5208 | Zscaler, Inc.<sup>(a)</sup> | 1560629 |
|  |  | 7440784 |
|  | **SPECIALTY FINANCE — 3.5%** |  |
| 18225 | FTAI Aviation Ltd. | 3041024 |
|  | **TECHNOLOGY HARDWARE — 7.2%** |  |
| 16868 | Seagate Technology Holdings plc | 3981860 |
| 48074 | Super Micro Computer, Inc.<sup>(a)</sup> | 2304668 |
|  |  | 6286528 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 3

Small/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TECHNOLOGY SERVICES — 5.9%** |  |
| 3952 | CACI International, Inc., Class A<sup>(a)</sup> | $1971179 |
| 5176 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 1746848 |
| 2619 | MSCI, Inc. | 1486048 |
|  |  | 5204075 |
|  | **TOTAL COMMON STOCKS (Cost $66,098,525)** | 86254381 |
|  | **SHORT-TERM INVESTMENT — 1.5%** |  |
|  | **MONEY MARKET FUND — 1.5%** |  |
| 1352548 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(b)</sup> (Cost $1,352,548) | 1352548 |
|  | **TOTAL INVESTMENTS — 100.0% (Cost $67,451,073)** | $87606929 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%<sup>(c)</sup>** | (29746) |
|  | **NET ASSETS — 100.0%** | $87577183 |

---

---

| | |
|:---|:---|
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| MSCI | &nbsp;&nbsp;&nbsp; Morgan Stanley Capital International |
| plc | &nbsp;&nbsp;&nbsp; Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Percentage rounds to less than 0.1%. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 4

International Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 95.6%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 6.3%** |  |
| 82000 | Safran S.A. - ADR | $7241420 |
| 92200 | Thales S.A. - ADR | 5803068 |
|  |  | 13044488 |
|  | **APPAREL & TEXTILE PRODUCTS — 2.0%** |  |
| 219000 | Cie Financiere Richemont S.A. - ADR | 4185090 |
|  | **BANKING — 16.3%** |  |
| 38922 | DBS Group Holdings Ltd. - ADR | 6159796 |
| 38600 | HDFC Bank Ltd. - ADR | 1318576 |
| 67100 | ICICI Bank Ltd. - ADR | 2028433 |
| 414000 | Itau Unibanco Holding S.A. - ADR | 3038760 |
| 96700 | KBC Group N.V. - ADR | 5776858 |
| 930000 | Lloyds Banking Group plc - ADR | 4222200 |
| 303000 | Sumitomo Mitsui Financial Group, Inc. - ADR | 5072220 |
| 167000 | UniCredit SpA - ADR | 6335979 |
|  |  | 33952822 |
|  | **BIOTECH & PHARMA — 4.0%** |  |
| 5700 | Argenx S.E. - ADR<sup>(a)</sup> | 4204092 |
| 137000 | Genmab A/S - ADR<sup>(a)</sup> | 4201790 |
|  |  | 8405882 |
|  | **CHEMICALS — 2.2%** |  |
| 109362 | Air Liquide S.A. - ADR | 4530868 |
|  | **CONSTRUCTION MATERIALS — 3.3%** |  |
| 57000 | CRH plc | 6834300 |
|  | **DIVERSIFIED INDUSTRIALS — 1.7%** |  |
| 138000 | Hitachi Ltd. - ADR | 3629400 |
|  | **ELECTRIC UTILITIES — 3.3%** |  |
| 438000 | Enel SpA - ADR | 4143480 |
| 35200 | Iberdrola S.A. - ADR | 2677312 |
|  |  | 6820792 |
|  | **ELECTRICAL EQUIPMENT — 2.9%** |  |
| 84000 | ABB Ltd. - ADR | 6043800 |
|  | **ENGINEERING & CONSTRUCTION — 3.0%** |  |
| 63000 | Cellnex Telecom S.A. - ADR | 1088640 |
| 149000 | Vinci S.A. - ADR | 5164340 |
|  |  | 6252980 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 5

International Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **HOUSEHOLD PRODUCTS — 1.7%** |  |
| 248000 | Haleon plc - ADR | $2224560 |
| 408000 | Unicharm Corporation - ADR | 1313760 |
|  |  | 3538320 |
|  | **INDUSTRIAL SUPPORT SERVICES — 1.5%** |  |
| 11600 | Ashtead Group plc - ADR | 3114600 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.3%** |  |
| 169000 | London Stock Exchange Group plc - ADR | 4892550 |
|  | **INSURANCE — 4.2%** |  |
| 297000 | Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen - ADR | 3798630 |
| 120000 | Tokio Marine Holdings, Inc. - ADR | 5052000 |
|  |  | 8850630 |
|  | **INTERNET MEDIA & SERVICES — 7.1%** |  |
| 71500 | Nebius Group N.V., Class A<sup>(a)</sup> | 8027305 |
| 472181 | Prosus N.V. - ADR | 6667196 |
|  |  | 14694501 |
|  | **MACHINERY — 3.8%** |  |
| 244000 | Atlas Copco A.B. - ADR | 3648776 |
| 66150 | Techtronic Industries Company Ltd. - ADR | 4223347 |
|  |  | 7872123 |
|  | **MEDICAL EQUIPMENT & DEVICES — 5.4%** |  |
| 62500 | Alcon, Inc. | 4656875 |
| 34000 | Hoya Corporation - ADR | 4681460 |
| 55400 | Smith & Nephew plc - ADR | 2010466 |
|  |  | 11348801 |
|  | **METALS & MINING — 0.6%** |  |
| 20300 | Rio Tinto plc - ADR | 1340003 |
|  | **OIL & GAS PRODUCERS — 4.2%** |  |
| 142600 | Canadian Natural Resources Ltd. | 4557496 |
| 129000 | Equinor ASA - ADR | 3145020 |
| 81500 | Petroleo Brasileiro S.A. - ADR | 1031790 |
|  |  | 8734306 |
|  | **SEMICONDUCTORS — 7.2%** |  |
| 7200 | ASM International N.V. - ADR | 4327200 |
| 9300 | NXP Semiconductors N.V. | 2117889 |
| 38000 | STMicroelectronics N.V. - ADR | 1073880 |
| 26800 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 7484972 |
|  |  | 15003941 |
|  | **SPECIALTY FINANCE — 1.6%** |  |
| 126000 | ORIX Corporation - ADR | 3291120 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 6

International Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TECHNOLOGY HARDWARE — 2.1%** |  |
| 351328 | FUJIFILM Holdings Corporation - ADR | $4338901 |
|  | **TECHNOLOGY SERVICES — 2.7%** |  |
| 57500 | Amadeus IT Group S.A. - ADR | 4556875 |
| 70000 | Infosys Ltd. - ADR | 1138900 |
|  |  | 5695775 |
|  | **TRANSPORTATION & LOGISTICS — 4.2%** |  |
| 62000 | Canadian Pacific Kansas City Ltd. | 4618380 |
| 70000 | Ryanair Holdings plc - ADR | 4215400 |
|  |  | 8833780 |
|  | **WHOLESALE - CONSUMER STAPLES — 2.0%** |  |
| 37100 | ITOCHU Corporation - ADR | 4269616 |
|  | **TOTAL COMMON STOCKS (Cost $120,059,931)** | 199519389 |
|  | **SHORT-TERM INVESTMENT — 4.3%** |  |
|  | **MONEY MARKET FUND — 4.3%** |  |
| 9059946 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(b)</sup> (Cost $9,059,946) | 9059946 |
|  | **TOTAL INVESTMENTS — 99.9% (Cost $129,119,877)** | $208579335 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%** | 208760 |
|  | **NET ASSETS — 100.0%** | $208788095 |

---

---

| | |
|:---|:---|
| A.B. | &nbsp;&nbsp;&nbsp; Aktiebolag |
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| A/S | &nbsp;&nbsp;&nbsp; Anonim Sirketi |
| ASA | &nbsp;&nbsp;&nbsp; Allmennaksjeselskap |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| N.V. | &nbsp;&nbsp;&nbsp; Naamioze Vennootschap |
| plc | &nbsp;&nbsp;&nbsp; Public Limited Company |
| S.A. | &nbsp;&nbsp;&nbsp; Société Anonyme |
| S.E. | &nbsp;&nbsp;&nbsp; Societas Europaea |
| SpA | &nbsp;&nbsp;&nbsp; Societa per Azioni |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 7

International Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **DIVERSIFICATION OF ASSETS** |  |  |
| **% OF NET <br> ASSETS** | &nbsp;&nbsp; **COUNTRY** | **% OF NET <br> ASSETS** | &nbsp;&nbsp; **COUNTRY** |
| 15.2% | &nbsp;&nbsp; Japan | 2.1% | &nbsp;&nbsp; India |
| 12.7% | &nbsp;&nbsp; Netherlands | 2.0% | &nbsp;&nbsp; Hong Kong |
| 11.0% | &nbsp;&nbsp; France | 2.0% | &nbsp;&nbsp; Denmark |
| 8.5% | &nbsp;&nbsp; United Kingdom | 1.9% | &nbsp;&nbsp; Brazil |
| 7.1% | &nbsp;&nbsp; Switzerland | 1.8% | &nbsp;&nbsp; Germany |
| 5.3% | &nbsp;&nbsp; Ireland | 1.7% | &nbsp;&nbsp; Sweden |
| 5.0% | &nbsp;&nbsp; Italy | 1.5% | &nbsp;&nbsp; Norway |
| 4.4% | &nbsp;&nbsp; Canada | 95.6% | &nbsp;&nbsp; **Total** |
| 4.0% | &nbsp;&nbsp; Spain | 4.3% | &nbsp;&nbsp; **Money Market Fund** |
| 3.6% | &nbsp;&nbsp; Taiwan Province of China | 0.1% | &nbsp;&nbsp; **Other Assets in Excess of Liabilities** |
| 3.0% | &nbsp;&nbsp; Singapore | 100.0% | &nbsp;&nbsp; **Grand Total** |
| 2.8% | &nbsp;&nbsp; Belgium |  |  |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 8

Large/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 87.0%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 0.9%** |  |
| 1891 | TransDigm Group, Inc. | $2492376 |
|  | **ASSET MANAGEMENT — 0.8%** |  |
| 60966 | Blue Owl Capital, Inc. | 1032154 |
| 3745 | LPL Financial Holdings, Inc. | 1245924 |
|  |  | 2278078 |
|  | **BIOTECH & PHARMA — 1.1%** |  |
| 21563 | Zoetis, Inc. | 3155098 |
|  | **CHEMICALS — 3.3%** |  |
| 12952 | Linde plc | 6152199 |
| 9475 | Sherwin-Williams Company (The) | 3280814 |
|  |  | 9433013 |
|  | **COMMERCIAL SUPPORT SERVICES — 2.1%** |  |
| 17739 | Cintas Corporation | 3641107 |
| 10506 | Waste Management, Inc. | 2320040 |
|  |  | 5961147 |
|  | **CONSTRUCTION MATERIALS — 1.0%** |  |
| 4589 | Martin Marietta Materials, Inc. | 2892355 |
|  | **E-COMMERCE DISCRETIONARY — 0.9%** |  |
| 78880 | Coupang, Inc.<sup>(a)</sup> | 2539936 |
|  | **ELECTRICAL EQUIPMENT — 5.1%** |  |
| 64220 | Amphenol Corporation, Class A | 7947225 |
| 3179 | GE Vernova, LLC | 1954767 |
| 4342 | Trane Technologies plc | 1832150 |
| 18360 | Vertiv Holdings Company | 2769790 |
|  |  | 14503932 |
|  | **ENTERTAINMENT CONTENT — 1.8%** |  |
| 7106 | AppLovin Corporation, Class A<sup>(a)</sup> | 5105945 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.7%** |  |
| 4683 | HCA Healthcare, Inc. | 1995895 |
|  | **INDUSTRIAL REIT — 1.0%** |  |
| 24080 | Prologis, Inc. | 2757642 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 9

Large/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **INDUSTRIAL SUPPORT SERVICES — 1.7%** |  |
| 59178 | Fastenal Company | $2902089 |
| 1903 | WW Grainger, Inc. | 1813483 |
|  |  | 4715572 |
|  | **INFRASTRUCTURE REIT — 0.8%** |  |
| 12253 | American Tower Corporation | 2356497 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.8%** |  |
| 31227 | Intercontinental Exchange, Inc. | 5261126 |
|  | **INSURANCE — 1.8%** |  |
| 10545 | Arthur J. Gallagher & Company | 3266208 |
| 7297 | Progressive Corporation (The) | 1801994 |
|  |  | 5068202 |
|  | **LEISURE FACILITIES & SERVICES — 0.9%** |  |
| 65072 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 2550172 |
|  | **MACHINERY — 2.3%** |  |
| 13886 | Caterpillar, Inc. | 6625705 |
|  | **MEDICAL EQUIPMENT & DEVICES — 3.7%** |  |
| 10656 | Intuitive Surgical, Inc.<sup>(a)</sup> | 4765683 |
| 15558 | Stryker Corporation | 5751326 |
|  |  | 10517009 |
|  | **RETAIL - CONSUMER STAPLES — 4.7%** |  |
| 14369 | Costco Wholesale Corporation | 13300377 |
|  | **RETAIL - DISCRETIONARY — 3.9%** |  |
| 4657 | Carvana Company<sup>(a)</sup> | 1756807 |
| 66901 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 7212597 |
| 38605 | Tractor Supply Company | 2195466 |
|  |  | 11164870 |
|  | **SEMICONDUCTORS — 23.0%** |  |
| 19740 | Analog Devices, Inc. | 4850118 |
| 26287 | ARM Holdings plc - ADR<sup>(a)</sup> | 3719348 |
| 64034 | Broadcom, Inc. | 21125458 |
| 10789 | KLA Corporation | 11637015 |
| 93248 | NVIDIA Corporation | 17398212 |
| 5069 | NXP Semiconductors N.V. | 1154363 |
| 17995 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 5025823 |
|  |  | 64910337 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 10

Large/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SOFTWARE — 17.9%** |  |
| 17094 | Cadence Design Systems, Inc.<sup>(a)</sup> | $6004438 |
| 6980 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 3422852 |
| 13644 | Guidewire Software, Inc.<sup>(a)</sup> | 3136210 |
| 17603 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 3211139 |
| 28241 | Palo Alto Networks, Inc.<sup>(a)</sup> | 5750432 |
| 12908 | Roper Technologies, Inc. | 6437091 |
| 8528 | ServiceNow, Inc.<sup>(a)</sup> | 7848149 |
| 32394 | Shopify, Inc., Class A<sup>(a)</sup> | 4814072 |
| 8453 | Snowflake, Inc., Class A<sup>(a)</sup> | 1906574 |
| 10913 | Synopsys, Inc.<sup>(a)</sup> | 5384365 |
| 5482 | Tyler Technologies, Inc.<sup>(a)</sup> | 2867963 |
|  |  | 50783285 |
|  | **TECHNOLOGY HARDWARE — 4.3%** |  |
| 50819 | Arista Networks, Inc.<sup>(a)</sup> | 7404836 |
| 32883 | Ciena Corporation<sup>(a)</sup> | 4790067 |
|  |  | 12194903 |
|  | **TECHNOLOGY SERVICES — 0.4%** |  |
| 30373 | Toast, Inc., Class A<sup>(a)</sup> | 1108918 |
|  | **TRANSPORTATION & LOGISTICS — 1.1%** |  |
| 41821 | Canadian Pacific Kansas City Ltd. | 3115246 |
|  | **TOTAL COMMON STOCKS (Cost $180,397,256)** | 246787636 |
|  | **EXCHANGE-TRADED FUND — 9.4%** |  |
|  | **EQUITY — 9.4%** |  |
| 573000 | Timothy Plan US Large/Mid Cap Core ETF<sup>(b)</sup> | 26528181 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $20,988,985)** | 26528181 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 11

Large/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 3.6%** | **Fair Value**<br> |
|  | **MONEY MARKET FUND — 3.6%** |  |
| 10106622 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(c)</sup> (Cost $10,106,622) | $10106622 |
|  | **TOTAL INVESTMENTS — 100.0% (Cost $211,492,863)** | $283422439 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%<sup>(d)</sup>** | (4172) |
|  | **NET ASSETS — 100.0%** | $283418267 |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| LLC | &nbsp;&nbsp;&nbsp; Limited Liability Company |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| N.V. | &nbsp;&nbsp;&nbsp; Naamioze Vennootschap |
| plc | &nbsp;&nbsp;&nbsp; Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Investment in affiliate. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |
| <sup>(d)</sup> | &nbsp;&nbsp;&nbsp; Percentage rounds to less than 0.1%. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 12

Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 83.9%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 3.7%** |  |
| 33944 | AAR Corporation<sup>(a)</sup> | $3043758 |
| 15344 | Moog, Inc., Class A | 3186488 |
|  |  | 6230246 |
|  | **BANKING — 14.4%** |  |
| 83249 | Atlantic Union Bankshares Corporation | 2937857 |
| 32570 | Bank of NT Butterfield & Son Ltd. (The) | 1397904 |
| 45307 | Banner Corporation | 2967609 |
| 24954 | City Holding Company | 3091052 |
| 20834 | Coastal Financial Corporation<sup>(a)</sup> | 2253614 |
| 7221 | FB Financial Corporation | 402499 |
| 54940 | First Bancorp | 2905777 |
| 81169 | National Bank Holdings Corporation, Class A | 3136370 |
| 77643 | Renasant Corporation | 2864250 |
| 101098 | Seacoast Banking Corporation of Florida | 3076412 |
|  |  | 25033344 |
|  | **BIOTECH & PHARMA — 1.7%** |  |
| 46757 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 2917637 |
|  | **CHEMICALS — 6.4%** |  |
| 42180 | Avient Corporation | 1389831 |
| 12554 | Hawkins, Inc. | 2293867 |
| 18078 | Innospec, Inc. | 1394898 |
| 30875 | Sensient Technologies Corporation | 2897619 |
| 63835 | Stepan Company | 3044930 |
|  |  | 11021145 |
|  | **CONSTRUCTION MATERIALS — 1.3%** |  |
| 29120 | Knife River Corporation<sup>(a)</sup> | 2238454 |
|  | **ELECTRIC UTILITIES — 3.2%** |  |
| 87278 | Avista Corporation | 3299981 |
| 39096 | Northwestern Energy Group, Inc. | 2291417 |
|  |  | 5591398 |
|  | **ELECTRICAL EQUIPMENT — 3.5%** |  |
| 66703 | Atmus Filtration Technologies, Inc. | 3007638 |
| 205716 | Hayward Holdings, Inc.<sup>(a)</sup> | 3110426 |
|  |  | 6118064 |
|  | **ENGINEERING & CONSTRUCTION — 1.8%** |  |
| 36424 | Everus Construction Group, Inc.<sup>(a)</sup> | 3123358 |
|  | **FOOD — 0.8%** |  |
| 14733 | J & J Snack Foods Corporation | 1415694 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 13

Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 1.7%** |  |
| 38686 | Boise Cascade Company | $2991202 |
|  | **HOME CONSTRUCTION — 1.8%** |  |
| 48509 | Century Communities, Inc. | 3074015 |
|  | **HOUSEHOLD PRODUCTS — 2.4%** |  |
| 42488 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 1254671 |
| 30018 | Interparfums, Inc. | 2953170 |
|  |  | 4207841 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS — 1.3%** |  |
| 21020 | AZZ, Inc. | 2293913 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.6%** |  |
| 73863 | Perella Weinberg Partners | 1574759 |
| 8279 | Piper Sandler Companies | 2872730 |
|  |  | 4447489 |
|  | **INSURANCE — 1.7%** |  |
| 105282 | Baldwin Insurance Group, Inc. (The)<sup>(a)</sup> | 2970005 |
|  | **LEISURE FACILITIES & SERVICES — 1.3%** |  |
| 41176 | Cheesecake Factory, Inc. (The) | 2249857 |
|  | **LEISURE PRODUCTS — 1.8%** |  |
| 92040 | YETI Holdings, Inc.<sup>(a)</sup> | 3053887 |
|  | **MACHINERY — 2.6%** |  |
| 15077 | Alamo Group, Inc. | 2878199 |
| 7825 | Standex International Corporation | 1658118 |
|  |  | 4536317 |
|  | **MEDICAL EQUIPMENT & DEVICES — 3.1%** |  |
| 49484 | CONMED Corporation | 2327233 |
| 37185 | Merit Medical Systems, Inc.<sup>(a)</sup> | 3094907 |
|  |  | 5422140 |
|  | **OFFICE REIT — 1.7%** |  |
| 99146 | COPT Defense Properties | 2881183 |
|  | **OIL & GAS PRODUCERS — 4.7%** |  |
| 9109 | Gulfport Energy Corporation<sup>(a)</sup> | 1648547 |
| 71139 | Infinity Natural Resources, Inc., Class A<sup>(a)</sup> | 932632 |
| 109704 | Northern Oil & Gas, Inc. | 2720659 |
| 111296 | SM Energy Company | 2779061 |
|  |  | 8080899 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 14

Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.9%** |  |
| 58918 | Thermon Group Holdings, Inc.<sup>(a)</sup> | $1574289 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 4.3%** |  |
| 71552 | Plymouth Industrial REIT, Inc. | 1597756 |
| 72958 | PotlatchDeltic Corporation | 2973039 |
| 146021 | Urban Edge Properties | 2989050 |
|  |  | 7559845 |
|  | **REAL ESTATE SERVICES — 1.0%** |  |
| 96922 | Newmark Group, Inc., Class A | 1807595 |
|  | **RETAIL - DISCRETIONARY — 3.4%** |  |
| 62534 | Academy Sports & Outdoors, Inc. | 3127951 |
| 8290 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 1373819 |
| 20802 | Sonic Automotive, Inc., Class A | 1582824 |
|  |  | 6084594 |
|  | **RETAIL REIT — 1.7%** |  |
| 118479 | Four Corners Property Trust, Inc. | 2890888 |
|  | **SEMICONDUCTORS — 1.8%** |  |
| 102509 | Veeco Instruments, Inc.<sup>(a)</sup> | 3119349 |
|  | **SOFTWARE — 4.4%** |  |
| 57214 | Blackline, Inc.<sup>(a)</sup> | 3038063 |
| 29936 | Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 1539608 |
| 124923 | Verra Mobility Corporation, Class A<sup>(a)</sup> | 3085599 |
|  |  | 7663270 |
|  | **TRANSPORTATION & LOGISTICS — 1.2%** |  |
| 31052 | ArcBest Corporation | 2169603 |
|  | **TRANSPORTATION EQUIPMENT — 1.7%** |  |
| 51930 | Blue Bird Corporation<sup>(a)</sup> | 2988572 |
|  | **TOTAL COMMON STOCKS (Cost $138,116,135)** | 145756093 |
|  | **EXCHANGE-TRADED FUND — 13.9%** |  |
|  | **EQUITY — 13.9%** |  |
| 580000 | Timothy Plan US Small Cap Core ETF<sup>(b)</sup> | 24110600 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $14,834,080)** | 24110600 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 15

Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 2.1%** | **Fair Value**<br> |
|  | **MONEY MARKET FUND — 2.1%** |  |
| 3727983 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(c)</sup> (Cost $3,727,983) | $3727983 |
|  | **TOTAL INVESTMENTS — 99.9% (Cost $156,678,198)** | $173594676 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%** | 200425 |
|  | **NET ASSETS — 100.0%** | $173795101 |

---

---

| | |
|:---|:---|
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Investment in affiliate. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 16

Large/Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 75.7%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 2.4%** |  |
| 23452 | General Dynamics Corporation | $7997132 |
|  | **BANKING — 3.9%** |  |
| 46051 | Cullen/Frost Bankers, Inc. | 5837885 |
| 71186 | SouthState Bank Corporation | 7038160 |
|  |  | 12876045 |
|  | **CHEMICALS — 1.8%** |  |
| 16964 | Sherwin-Williams Company (The) | 5873955 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.6%** |  |
| 30277 | Waste Connections, Inc. | 5322697 |
|  | **CONSTRUCTION MATERIALS — 1.9%** |  |
| 45228 | Advanced Drainage Systems, Inc. | 6273124 |
|  | **CONTAINERS & PACKAGING — 3.6%** |  |
| 55114 | Crown Holdings, Inc. | 5323461 |
| 29860 | Packaging Corporation of America | 6507389 |
|  |  | 11830850 |
|  | **ELECTRIC UTILITIES — 4.2%** |  |
| 94157 | NextEra Energy, Inc. | 7107912 |
| 58443 | WEC Energy Group, Inc. | 6696983 |
|  |  | 13804895 |
|  | **ELECTRICAL EQUIPMENT — 4.6%** |  |
| 17436 | Hubbell, Inc. | 7502885 |
| 29706 | Littelfuse, Inc. | 7694151 |
|  |  | 15197036 |
|  | **FOOD — 3.5%** |  |
| 36524 | Marzetti Company (The) | 6310983 |
| 80220 | McCormick & Company, Inc. | 5367520 |
|  |  | 11678503 |
|  | **HEALTH CARE FACILITIES & SERVICES — 2.2%** |  |
| 17047 | HCA Healthcare, Inc. | 7265431 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.2%** |  |
| 42750 | Intercontinental Exchange, Inc. | 7202520 |
|  | **INSURANCE — 1.8%** |  |
| 19176 | Arthur J. Gallagher & Company | 5939574 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 17

Large/Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **LEISURE FACILITIES & SERVICES — 1.5%** |  |
| 11309 | Domino's Pizza, Inc. | $4882208 |
|  | **MACHINERY — 1.7%** |  |
| 12301 | Deere & Company | 5624755 |
|  | **MEDICAL EQUIPMENT & DEVICES — 3.3%** |  |
| 57927 | Revvity, Inc. | 5077302 |
| 23046 | STERIS plc | 5702502 |
|  |  | 10779804 |
|  | **OIL & GAS PRODUCERS — 3.6%** |  |
| 57825 | ConocoPhillips | 5469667 |
| 55916 | EOG Resources, Inc. | 6269302 |
|  |  | 11738969 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.0%** |  |
| 57041 | Prologis, Inc. | 6532335 |
|  | **RETAIL - CONSUMER STAPLES — 1.7%** |  |
| 5918 | Costco Wholesale Corporation | 5477878 |
|  | **RETAIL - DISCRETIONARY — 2.3%** |  |
| 70515 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 7602223 |
|  | **SEMICONDUCTORS — 11.3%** |  |
| 22450 | Broadcom, Inc. | 7406480 |
| 88646 | Microchip Technology, Inc. | 5692846 |
| 10218 | Monolithic Power Systems, Inc. | 9407100 |
| 79955 | Rambus, Inc.<sup>(a)</sup> | 8331311 |
| 37130 | Texas Instruments, Inc. | 6821895 |
|  |  | 37659632 |
|  | **SOFTWARE — 5.7%** |  |
| 19530 | Cadence Design Systems, Inc.<sup>(a)</sup> | 6860108 |
| 10890 | Tyler Technologies, Inc.<sup>(a)</sup> | 5697212 |
| 252214 | Verra Mobility Corporation, Class A<sup>(a)</sup> | 6229686 |
|  |  | 18787006 |
|  | **TECHNOLOGY SERVICES — 3.6%** |  |
| 66548 | Amdocs Ltd. | 5460263 |
| 13048 | CACI International, Inc., Class A<sup>(a)</sup> | 6508082 |
|  |  | 11968345 |
|  | **TIMBER REIT — 1.7%** |  |
| 225834 | Weyerhaeuser Company | 5598425 |
|  | **TRANSPORTATION & LOGISTICS — 1.8%** |  |
| 176004 | CSX Corporation | 6249902 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 18

Large/Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **WHOLESALE - DISCRETIONARY — 1.8%** |  |
| 19446 | Pool Corporation | $6029621 |
|  | **TOTAL COMMON STOCKS (Cost $193,517,847)** | 250192865 |
|  | **EXCHANGE-TRADED FUNDS — 18.8%** |  |
|  | **EQUITY — 18.8%** |  |
| 858500 | Timothy Plan High Dividend Stock ETF<sup>(b)</sup> | 33769355 |
| 616000 | Timothy Plan US Large/Mid Cap Core ETF<sup>(b)</sup> | 28518952 |
|  |  | 62288307 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $50,251,098)** | 62288307 |
|  | **SHORT-TERM INVESTMENT — 5.5%** |  |
|  | **MONEY MARKET FUND — 5.5%** |  |
| 18197456 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(c)</sup> (Cost $18,197,456) | 18197456 |
|  | **TOTAL INVESTMENTS — 100.0% (Cost $261,966,401)** | $330678628 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%<sup>(d)</sup>** | (15732) |
|  | **NET ASSETS — 100.0%** | $330662896 |

---

---

| | |
|:---|:---|
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| plc | &nbsp;&nbsp;&nbsp; Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Investment in affiliate. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |
| <sup>(d)</sup> | &nbsp;&nbsp;&nbsp; Percentage rounds to less than 0.1%. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 19

Fixed Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL <br> AMOUNT ($)**<br> | <br>**ASSET BACKED SECURITIES — 4.6%** | **COUPON <br> RATE (%)**<br> | **MATURITY**<br> | **FAIR VALUE**<br> |
|  | **CLO — 1.5%** |  |  |  |
| 1665000 | Kubota Credit Owner Trust 2025-2 Series 2A A3<sup>(a)</sup> | 4.4200 | 09/17/29 | $1683575 |
|  | **OTHER ABS — 3.1%** |  |  |  |
| 1115000 | CNH Equipment Trust 2025-A Series A A3 | 4.3600 | 08/15/30 | 1127113 |
| 2320000 | John Deere Owner Trust 2025 Series A A3 | 4.2300 | 09/17/29 | 2335199 |
|  |  |  |  | 3462312 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $5,099,759)** |  |  | 5145887 |
|  | **CORPORATE BONDS — 29.6%** |  |  |  |
|  | **CHEMICALS — 2.1%** |  |  |  |
| 1570000 | Nutrien Ltd. | 4.0000 | 12/15/26 | 1567336 |
| 805000 | Nutrien Ltd. | 2.9500 | 05/13/30 | 759181 |
|  |  |  |  | 2326517 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.8%** |  |  |  |
| 450000 | Republic Services, Inc. | 5.0000 | 04/01/34 | 461927 |
| 450000 | Waste Management, Inc. | 4.6250 | 02/15/33 | 455466 |
|  |  |  |  | 917393 |
|  | **ELECTRIC UTILITIES — 3.3%** |  |  |  |
| 2205000 | American Electric Power Company, Inc. | 3.2000 | 11/13/27 | 2164173 |
| 1000000 | Electricite de France S.A.<sup>(a)</sup> | 5.7000 | 05/23/28 | 1034995 |
| 405000 | National Rural Utilities Cooperative Finance Corporation | 5.0500 | 09/15/28 | 416003 |
|  |  |  |  | 3615171 |
|  | **GAS & WATER UTILITIES — 2.0%** |  |  |  |
| 2185000 | NiSource, Inc. | 3.4900 | 05/15/27 | 2165434 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.9%** |  |  |  |
| 1000000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 994695 |
|  | **MACHINERY — 1.6%** |  |  |  |
| 900000 | Caterpillar Financial Services Corporation | 4.3500 | 05/15/26 | 902806 |
| 900000 | John Deere Capital Corporation | 3.9000 | 06/07/32 | 878567 |
|  |  |  |  | 1781373 |
|  | **METALS & MINING — 3.4%** |  |  |  |
| 925000 | BHP Billiton Finance USA Ltd. | 5.1250 | 02/21/32 | 959231 |
| 1430000 | BHP Billiton Finance USA Ltd. | 5.2500 | 09/08/33 | 1489827 |
| 930000 | Rio Tinto Finance USA plc | 5.0000 | 03/14/32 | 956531 |
| 450000 | Rio Tinto Finance USA plc | 5.0000 | 03/09/33 | 463619 |
|  |  |  |  | 3869208 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 20

Fixed Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL <br> AMOUNT ($)** |  | **COUPON <br> RATE (%)** | **MATURITY** | **FAIR VALUE** |
|  | **OIL & GAS PRODUCERS — 6.4%** |  |  |  |
| 1815000 | Columbia Pipelines Holding Company, LLC<sup>(a)</sup> | 6.0420 | 08/15/28 | $1894953 |
| 1595000 | Columbia Pipelines Operating Company, LLC<sup>(a)</sup> | 5.6950 | 10/01/54 | 1536178 |
| 1150000 | Energy Transfer, L.P. | 5.6000 | 09/01/34 | 1181168 |
| 1980000 | Energy Transfer, L.P. | 6.2500 | 04/15/49 | 1999216 |
| 450000 | Enterprise Products Operating, LLC | 5.3500 | 01/31/33 | 470524 |
|  |  |  |  | 7082039 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 4.1%** |  |  |  |
| 930000 | American Tower Corporation | 5.3500 | 03/15/35 | 956133 |
| 1520000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 1510105 |
| 2200000 | Healthpeak Properties, Inc. | 3.5000 | 07/15/29 | 2134510 |
|  |  |  |  | 4600748 |
|  | **RETAIL - CONSUMER STAPLES — 1.4%** |  |  |  |
| 1575000 | Dollar General Corporation | 4.1250 | 05/01/28 | 1569155 |
|  | **RETAIL - DISCRETIONARY — 1.7%** |  |  |  |
| 1795000 | Tractor Supply Company | 5.2500 | 05/15/33 | 1854120 |
|  | **TRANSPORTATION & LOGISTICS — 1.9%** |  |  |  |
| 2190000 | CSX Corporation | 3.2500 | 06/01/27 | 2164376 |
|  | **TOTAL CORPORATE BONDS (Cost $32,750,970)** |  |  | 32940229 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 4.6%** |  |  |  |
|  | **LOCAL AUTHORITY — 2.0%** |  |  |  |
| 2235000 | Province of Ontario Canada | 2.5000 | 04/27/26 | 2216899 |
|  | **SOVEREIGN — 2.6%** |  |  |  |
| 1800000 | Israel Government International Bond | 5.5000 | 03/12/34 | 1851408 |
| 1000000 | Mexico Government International Bond | 6.8750 | 05/13/37 | 1080550 |
|  |  |  |  | 2931958 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $5,014,539)** |  |  | 5148857 |
|  | **U.S. GOVERNMENT & AGENCIES — 59.4%** |  |  |  |
|  | **AGENCY FIXED RATE — 37.6%** |  |  |  |
| 957194 | Fannie Mae Pool FM5537 | 2.0000 | 01/01/36 | 886117 |
| 703763 | Fannie Mae Pool MA4316 | 2.5000 | 04/01/36 | 663774 |
| 567471 | Fannie Mae Pool MA4366 | 2.5000 | 06/01/41 | 510497 |
| 330233 | Fannie Mae Pool MA4475 | 2.5000 | 11/01/41 | 296050 |
| 943915 | Fannie Mae Pool MA4617 | 3.0000 | 04/01/42 | 875139 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 21

Fixed Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL <br> AMOUNT ($)** |  | **COUPON <br> RATE (%)** | **MATURITY** | **FAIR VALUE** |
|  | **AGENCY FIXED RATE — 37.6% (Continued)** |  |  |  |
| 788519 | Fannie Mae Pool FM4053 | 2.5000 | 08/01/50 | $676712 |
| 1086089 | Fannie Mae Pool CA8897 | 3.0000 | 02/01/51 | 972761 |
| 659844 | Fannie Mae Pool MA4258 | 3.5000 | 02/01/51 | 610007 |
| 378231 | Fannie Mae Pool FM6550 | 2.0000 | 03/01/51 | 310350 |
| 660792 | Fannie Mae Pool CB0855 | 3.0000 | 06/01/51 | 586395 |
| 1297883 | Fannie Mae Pool FS3744 | 2.0000 | 07/01/51 | 1057538 |
| 393494 | Fannie Mae Pool FS1807 | 3.5000 | 07/01/51 | 363859 |
| 1310368 | Fannie Mae Pool CB1384 | 2.5000 | 08/01/51 | 1119779 |
| 698466 | Fannie Mae Pool FS9085 | 3.0000 | 12/01/51 | 616561 |
| 1166131 | Fannie Mae Pool FS6141 | 2.0000 | 01/01/52 | 950412 |
| 289788 | Fannie Mae Pool BU1322 | 2.5000 | 02/01/52 | 247870 |
| 810219 | Fannie Mae Pool CB3486 | 3.5000 | 05/01/52 | 743741 |
| 428321 | Fannie Mae Pool FS1704 | 4.0000 | 05/01/52 | 408365 |
| 705636 | Fannie Mae Pool BV9960 | 4.0000 | 06/01/52 | 670879 |
| 774568 | Fannie Mae Pool FS3159 | 4.5000 | 10/01/52 | 758330 |
| 1135848 | Fannie Mae Pool FS4075 | 5.0000 | 04/01/53 | 1138474 |
| 1086745 | Fannie Mae Pool FS5044 | 4.5000 | 06/01/53 | 1071619 |
| 260408 | Fannie Mae Pool FS4621 | 5.0000 | 06/01/53 | 262157 |
| 1574690 | Fannie Mae Pool MA5039 | 5.5000 | 06/01/53 | 1594869 |
| 840257 | Fannie Mae Pool FS8291 | 5.5000 | 07/01/53 | 857487 |
| 1009825 | Fannie Mae Pool FS6787 | 6.0000 | 01/01/54 | 1045634 |
| 1020854 | Fannie Mae Pool CB7980 | 5.5000 | 02/01/54 | 1039290 |
| 243862 | Fannie Mae Pool FS8138 | 6.5000 | 06/01/54 | 255579 |
| 1059699 | Fannie Mae Pool FS9456 | 5.5000 | 11/01/54 | 1073013 |
| 44195 | Ginnie Mae I Pool 723248 | 5.0000 | 10/15/39 | 45373 |
| 192129 | Ginnie Mae I Pool 783060 | 4.0000 | 08/15/40 | 184523 |
| 103866 | Ginnie Mae I Pool 783403 | 3.5000 | 09/15/41 | 97449 |
| 81620 | Ginnie Mae II Pool 4520 | 5.0000 | 08/20/39 | 83820 |
| 110680 | Ginnie Mae II Pool 4947 | 5.0000 | 02/20/41 | 112727 |
| 201553 | Ginnie Mae II Pool MA3376 | 3.5000 | 01/20/46 | 188132 |
| 128178 | Ginnie Mae II Pool MA3596 | 3.0000 | 04/20/46 | 116550 |
| 340986 | Ginnie Mae II Pool MA3663 | 3.5000 | 05/20/46 | 318174 |
| 123373 | Ginnie Mae II Pool MA3736 | 3.5000 | 06/20/46 | 115068 |
| 213429 | Ginnie Mae II Pool MA4004 | 3.5000 | 10/20/46 | 198885 |
| 142401 | Ginnie Mae II Pool MA4509 | 3.0000 | 06/20/47 | 128982 |
| 170828 | Ginnie Mae II Pool MA4652 | 3.5000 | 08/20/47 | 158937 |
| 209190 | Ginnie Mae II Pool MA4719 | 3.5000 | 09/20/47 | 193938 |
| 214495 | Ginnie Mae II Pool MA4778 | 3.5000 | 10/20/47 | 199563 |
| 169912 | Ginnie Mae II Pool MA4901 | 4.0000 | 12/20/47 | 162827 |
| 146708 | Ginnie Mae II Pool MA4963 | 4.0000 | 01/20/48 | 140357 |
| 136985 | Ginnie Mae II Pool MA6092 | 4.5000 | 08/20/49 | 134404 |
| 146493 | Ginnie Mae II Pool MA6156 | 4.5000 | 09/20/49 | 144297 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 22

Fixed Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL <br> AMOUNT ($)** |  | **COUPON <br> RATE (%)** | **MATURITY** | **FAIR VALUE** |
|  | **AGENCY FIXED RATE — 37.6% (Continued)** |  |  |  |
| 549673 | Ginnie Mae II Pool BN2662 | 3.0000 | 10/20/49 | $492592 |
| 137042 | Ginnie Mae II Pool MA6221 | 4.5000 | 10/20/49 | 136146 |
| 137665 | Ginnie Mae II Pool MA6477 | 4.5000 | 02/20/50 | 135944 |
| 217502 | Ginnie Mae II Pool MA6478 | 5.0000 | 02/20/50 | 221137 |
| 217140 | Ginnie Mae II Pool MA6544 | 4.5000 | 03/20/50 | 214090 |
| 153288 | Ginnie Mae II Pool MA6545 | 5.0000 | 03/20/50 | 156102 |
| 917535 | Ginnie Mae II Pool MA6598 | 2.5000 | 04/20/50 | 792746 |
| 224221 | Ginnie Mae II Pool MA6600 | 3.5000 | 04/20/50 | 206827 |
| 188667 | Ginnie Mae II Pool MA6601 | 4.0000 | 04/20/50 | 179438 |
| 173363 | Ginnie Mae II Pool MA6603 | 5.0000 | 04/20/50 | 175906 |
| 822499 | Ginnie Mae II Pool MA7255 | 2.5000 | 03/20/51 | 709599 |
| 606355 | Ginnie Mae II Pool MA7418 | 2.5000 | 06/20/51 | 522932 |
| 1003456 | Ginnie Mae II Pool MA7419 | 3.0000 | 06/20/51 | 898500 |
| 913836 | Ginnie Mae II Pool MA7472 | 2.5000 | 07/20/51 | 788386 |
| 1058477 | Ginnie Mae II Pool CE1974 | 3.0000 | 08/20/51 | 959054 |
| 1010170 | Ginnie Mae II Pool CE1990 | 2.5000 | 09/20/51 | 870565 |
| 1077737 | Ginnie Mae II Pool MA7705 | 2.5000 | 11/20/51 | 929449 |
| 1137450 | Ginnie Mae II Pool MA7768 | 3.0000 | 12/20/51 | 1019356 |
| 860389 | Ginnie Mae II Pool MA7829 | 3.5000 | 01/20/52 | 793242 |
| 838671 | Ginnie Mae II Pool MA7939 | 4.0000 | 03/20/52 | 796797 |
| 952819 | Ginnie Mae II Pool MA7987 | 2.5000 | 04/20/52 | 821716 |
| 901415 | Ginnie Mae II Pool MA8268 | 4.5000 | 09/20/52 | 881907 |
| 923315 | Ginnie Mae II Pool MA8800 | 5.0000 | 04/20/53 | 923544 |
| 1096686 | Ginnie Mae II Pool MA8874 | 3.0000 | 05/20/53 | 993876 |
| 1101106 | Ginnie Mae II Pool MA8943 | 3.0000 | 06/20/53 | 986761 |
| 830347 | Ginnie Mae II Pool MA9017 | 5.5000 | 07/20/53 | 842219 |
| 886740 | Ginnie Mae II Pool MB0091 | 5.0000 | 12/20/54 | 883990 |
| 217591 | Ginnie Mae II Pool MB0366 | 5.5000 | 05/20/55 | 219480 |
|  |  |  |  | 41939565 |
|  | **U.S. TREASURY BILLS — 21.8%** |  |  |  |
| 2210000 | United States Treasury Note | 4.8750 | 04/30/26 | 2223102 |
| 2030000 | United States Treasury Note | 4.6250 | 04/30/29 | 2095539 |
| 520000 | United States Treasury Note | 4.6250 | 04/30/31 | 541470 |
| 9135000 | United States Treasury Note | 4.2500 | 08/15/35 | 9209935 |
| 3430000 | United States Treasury Note | 4.5000 | 02/15/44 | 3353696 |
| 6945000 | United States Treasury Note | 4.6250 | 05/15/54 | 6819122 |
|  |  |  |  | 24242864 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $69,099,360)** |  |  | 66182429 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 23

Fixed Income Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 1.1%** | **Fair Value** <br> |
|  | **MONEY MARKET FUND — 1.1%** |  |
| 1228366 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(b)</sup> (Cost $1,228,366) | $1228366 |
|  | **TOTAL INVESTMENTS — 99.3% (Cost $113,192,994)** | $110645768 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%** | 812789 |
|  | **NET ASSETS — 100.0%** | $111458557 |

---

---

| | |
|:---|:---|
| LLC | &nbsp;&nbsp;&nbsp; Limited Liability Company |
| L.P. | &nbsp;&nbsp;&nbsp; Limited Partnership |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| plc | &nbsp;&nbsp;&nbsp; Public Limited Company |
| S.A. | &nbsp;&nbsp;&nbsp; Société Anonyme |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025, the total market value of Rule 144A securities is $6,149,701 or 5.5% of net assets. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 24

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)**<br> | <br>**CORPORATE BONDS — 92.1%** | **Spread**<br> | **Coupon <br> Rate (%)**<br> | **Maturity**<br> | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 2.1%** |  |  |  |  |
| 1165000 | Goat Holdco, LLC<sup>(a)</sup> |  | 6.7500 | 02/01/32 | $1194585 |
| 2000000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/29 | 2047175 |
| 1250000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.8750 | 12/15/30 | 1296308 |
| 325000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.2500 | 01/31/34 | 334157 |
|  |  |  |  |  | 4872225 |
|  | **AUTOMOTIVE — 6.2%** |  |  |  |  |
| 3500000 | Adient Global Holdings Ltd.<sup>(a)</sup> |  | 8.2500 | 04/15/31 | 3673082 |
| 2705000 | Adient Global Holdings Ltd.<sup>(a)</sup> |  | 7.5000 | 02/15/33 | 2800689 |
| 5620000 | Aptiv plc / Aptiv Global Financing DAC<sup>(b)</sup> | H15T5Y + 3.385% | 6.8750 | 12/15/54 | 5752890 |
| 2500000 | Goodyear Tire & Rubber Company (The) |  | 5.6250 | 04/30/33 | 2330898 |
|  |  |  |  |  | 14557559 |
|  | **CHEMICALS — 9.0%** |  |  |  |  |
| 1750000 | Avient Corporation<sup>(a)</sup> |  | 7.1250 | 08/01/30 | 1799796 |
| 1145000 | Avient Corporation<sup>(a)</sup> |  | 6.2500 | 11/01/31 | 1163588 |
| 1000000 | Axalta Coating Systems, LLC<sup>(a)</sup> |  | 3.3750 | 02/15/29 | 948228 |
| 2500000 | Chemours Company (The)<sup>(a)</sup> |  | 4.6250 | 11/15/29 | 2260831 |
| 2565000 | Chemours Company (The)<sup>(a)</sup> |  | 8.0000 | 01/15/33 | 2552903 |
| 1860000 | INEOS Finance plc<sup>(a)</sup> |  | 7.5000 | 04/15/29 | 1812096 |
| 5065000 | Mativ Holdings, Inc.<sup>(a)</sup> |  | 8.0000 | 10/01/29 | 5021070 |
| 1375000 | Tronox, Inc.<sup>(a)</sup> |  | 4.6250 | 03/15/29 | 897851 |
| 905000 | Tronox, Inc.<sup>(a)</sup> |  | 9.1250 | 09/30/30 | 887073 |
| 2500000 | WR Grace Holdings, LLC<sup>(a)</sup> |  | 5.6250 | 08/15/29 | 2325178 |
| 1000000 | WR Grace Holdings, LLC<sup>(a)</sup> |  | 7.3750 | 03/01/31 | 1020317 |
| 345000 | WR Grace Holdings, LLC<sup>(a)</sup> |  | 6.6250 | 08/15/32 | 341208 |
|  |  |  |  |  | 21030139 |
|  | **COMMERCIAL SUPPORT SERVICES — 8.2%** |  |  |  |  |
| 2310000 | Allied Universal Holdco, LLC<sup>(a)</sup> |  | 7.8750 | 02/15/31 | 2424451 |
| 2325000 | Allied Universal Holdco, LLC / Allied Universal Finance Corporation<sup>(a)</sup> |  | 6.8750 | 06/15/30 | 2391581 |
| 125000 | Allied Universal Holdco, LLC/Allied Universal Finance Corporation<sup>(a)</sup> |  | 4.6250 | 06/01/28 | 122660 |
| 1625000 | Clean Harbors, Inc.<sup>(a)</sup> |  | 6.3750 | 02/01/31 | 1665271 |
| 5600000 | Enviri Corporation<sup>(a)</sup> |  | 5.7500 | 07/31/27 | 5559362 |
| 1500000 | GFL Environmental, Inc.<sup>(a)</sup> |  | 6.7500 | 01/15/31 | 1571576 |
| 1000000 | VT Topco, Inc.<sup>(a)</sup> |  | 8.5000 | 08/15/30 | 1018264 |
| 3225000 | Waste Pro USA, Inc.<sup>(a)</sup> |  | 7.0000 | 02/01/33 | 3348124 |
| 1000000 | Williams Scotsman, Inc.<sup>(a)</sup> |  | 6.6250 | 06/15/29 | 1023794 |
|  |  |  |  |  | 19125083 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 25

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CONSTRUCTION MATERIALS — 0.9%** |  |  |  |  |
| 660000 | Quikrete Holdings, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/32 | $684241 |
| 975000 | Standard Building Solutions, Inc.<sup>(a)</sup> |  | 6.2500 | 08/01/33 | 988431 |
| 335000 | Standard Industries, Inc.<sup>(a)</sup> |  | 6.5000 | 08/15/32 | 344128 |
|  |  |  |  |  | 2016800 |
|  | **CONSUMER SERVICES — 3.0%** |  |  |  |  |
| 3592000 | PROG Holdings, Inc.<sup>(a)</sup> |  | 6.0000 | 11/15/29 | 3530630 |
| 3500000 | Upbound Group, Inc.<sup>(a)</sup> |  | 6.3750 | 02/15/29 | 3458905 |
|  |  |  |  |  | 6989535 |
|  | **CONTAINERS & PACKAGING — 5.5%** |  |  |  |  |
| 875000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh Metal Packaging Finance plc<sup>(a)</sup> |  | 6.0000 | 06/15/27 | 875559 |
| 2500000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh Metal Packaging Finance plc<sup>(a)</sup> |  | 4.0000 | 09/01/29 | 2315115 |
| 1000000 | Canpack S.A. / Canpack US, LLC<sup>(a)</sup> |  | 3.8750 | 11/15/29 | 939218 |
| 500000 | Graham Packaging Company, Inc.<sup>(a)</sup> |  | 7.1250 | 08/15/28 | 501767 |
| 1250000 | Graphic Packaging International, LLC<sup>(a)</sup> |  | 3.7500 | 02/01/30 | 1169521 |
| 1250000 | LABL, Inc.<sup>(a)</sup> |  | 5.8750 | 11/01/28 | 970937 |
| 625000 | LABL, Inc.<sup>(a)</sup> |  | 9.5000 | 11/01/28 | 531235 |
| 1000000 | LABL, Inc.<sup>(a)</sup> |  | 8.2500 | 11/01/29 | 630625 |
| 2550000 | Mauser Packaging Solutions Holding Company<sup>(a)</sup> |  | 7.8750 | 04/15/27 | 2578284 |
| 1750000 | TriMas Corporation<sup>(a)</sup> |  | 4.1250 | 04/15/29 | 1697085 |
| 300000 | Trivium Packaging Finance BV<sup>(a)</sup> |  | 8.2500 | 07/15/30 | 320336 |
| 300000 | Trivium Packaging Finance BV<sup>(a)</sup> |  | 12.2500 | 01/15/31 | 325022 |
|  |  |  |  |  | 12854704 |
|  | **ELECTRIC UTILITIES — 2.3%** |  |  |  |  |
| 2910000 | Alpha Generation, LLC<sup>(a)</sup> |  | 6.7500 | 10/15/32 | 3008041 |
| 2000000 | Vistra Corporation<sup>(a)(b)</sup> | H15T5Y + 5.740% | 7.0000 | 06/15/70 | 2032000 |
| 250000 | Vistra Operations Company, LLC<sup>(a)</sup> |  | 4.3750 | 05/01/29 | 244978 |
|  |  |  |  |  | 5285019 |
|  | **ELECTRICAL EQUIPMENT — 2.4%** |  |  |  |  |
| 1000000 | BWX Technologies, Inc.<sup>(a)</sup> |  | 4.1250 | 06/30/28 | 977070 |
| 1000000 | BWX Technologies, Inc.<sup>(a)</sup> |  | 4.1250 | 04/15/29 | 969135 |
| 700000 | Gates Corporation (The)<sup>(a)</sup> |  | 6.8750 | 07/01/29 | 727332 |
| 1360000 | WESCO Distribution, Inc.<sup>(a)</sup> |  | 6.3750 | 03/15/29 | 1401907 |
| 1360000 | WESCO Distribution, Inc.<sup>(a)</sup> |  | 6.6250 | 03/15/32 | 1415040 |
|  |  |  |  |  | 5490484 |
|  | **FOOD — 1.3%** |  |  |  |  |
| 3255000 | B&G Foods, Inc.<sup>(a)</sup> |  | 8.0000 | 09/15/28 | 3157588 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.1%** |  |  |  |  |
| 1835000 | Concentra Escrow Issuer Corporation<sup>(a)</sup> |  | 6.8750 | 07/15/32 | 1908000 |
| 2820000 | HAH Group Holding Company, LLC<sup>(a)</sup> |  | 9.7500 | 10/01/31 | 2681583 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 26

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.1% (Continued)** |  |  |  |  |
| 1750000 | Pediatrix Medical Group, Inc.<sup>(a)</sup> |  | 5.3750 | 02/15/30 | $1740037 |
| 750000 | Tenet Healthcare Corporation |  | 6.1250 | 10/01/28 | 751268 |
|  |  |  |  |  | 7080888 |
|  | **HOME CONSTRUCTION — 4.8%** |  |  |  |  |
| 1045000 | Ashton Woods USA, LLC / Ashton Woods Finance Company<sup>(a)</sup> |  | 6.8750 | 08/01/33 | 1055053 |
| 1750000 | Ashton Woods USA, LLC / Ashton Woods Finance Company<sup>(a)</sup> |  | 4.6250 | 08/01/29 | 1677284 |
| 1000000 | Ashton Woods USA, LLC / Ashton Woods Finance Company<sup>(a)</sup> |  | 4.6250 | 04/01/30 | 948266 |
| 685000 | Dream Finders Homes, Inc.<sup>(a)</sup> |  | 6.8750 | 09/15/30 | 689925 |
| 4042000 | Interface, Inc.<sup>(a)</sup> |  | 5.5000 | 12/01/28 | 4038001 |
| 680000 | STL Holding Company, LLC<sup>(a)</sup> |  | 8.7500 | 02/15/29 | 714962 |
| 2023000 | Weekley Homes, LLC / Weekley Finance Corporation<sup>(a)</sup> |  | 4.8750 | 09/15/28 | 1982507 |
|  |  |  |  |  | 11105998 |
|  | **HOUSEHOLD PRODUCTS — 1.4%** |  |  |  |  |
| 3230000 | Energizer Holdings, Inc.<sup>(a)</sup> |  | 6.0000 | 09/15/33 | 3157297 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.8%** |  |  |  |  |
| 1750000 | Aretec Group, Inc.<sup>(a)</sup> |  | 10.0000 | 08/15/30 | 1908715 |
|  | **INSURANCE — 2.3%** |  |  |  |  |
| 1000000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> |  | 7.5000 | 11/06/30 | 1042583 |
| 1000000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> |  | 6.7500 | 07/01/32 | 1030504 |
| 1075000 | Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance, Inc.<sup>(a)</sup> |  | 7.1250 | 05/15/31 | 1116944 |
| 1000000 | HUB International Ltd.<sup>(a)</sup> |  | 7.2500 | 06/15/30 | 1043341 |
| 1000000 | Ryan Specialty, LLC<sup>(a)</sup> |  | 5.8750 | 08/01/32 | 1012345 |
|  |  |  |  |  | 5245717 |
|  | **MACHINERY — 0.7%** |  |  |  |  |
| 1000000 | Esab Corporation<sup>(a)</sup> |  | 6.2500 | 04/15/29 | 1028783 |
| 500000 | SPX FLOW, Inc.<sup>(a)</sup> |  | 8.7500 | 04/01/30 | 513817 |
|  |  |  |  |  | 1542600 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.6%** |  |  |  |  |
| 750000 | Bausch & Lomb Escrow Corporation<sup>(a)</sup> |  | 8.3750 | 10/01/28 | 782578 |
| 325000 | Insulet Corporation<sup>(a)</sup> |  | 6.5000 | 04/01/33 | 338196 |
| 2500000 | Sotera Health Holdings, LLC<sup>(a)</sup> |  | 7.3750 | 06/01/31 | 2628170 |
|  |  |  |  |  | 3748944 |
|  | **METALS & MINING — 0.8%** |  |  |  |  |
| 2000000 | Kaiser Aluminum Corporation<sup>(a)</sup> |  | 4.5000 | 06/01/31 | 1886779 |
|  | **OIL & GAS PRODUCERS — 6.8%** |  |  |  |  |
| 2022000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC<sup>(a)</sup> |  | 5.5000 | 06/15/31 | 2004539 |
| 2000000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC<sup>(a)</sup> |  | 7.5000 | 12/15/33 | 2171600 |
| 500000 | Genesis Energy, L.P. / Genesis Energy Finance Corporation |  | 7.7500 | 02/01/28 | 503935 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 27

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **OIL & GAS PRODUCERS — 6.8% (Continued)** |  |  |  |  |
| 600000 | Genesis Energy, L.P. / Genesis Energy Finance Corporation |  | 8.2500 | 01/15/29 | $626345 |
| 750000 | Genesis Energy, L.P. / Genesis Energy Finance Corporation |  | 8.8750 | 04/15/30 | 794362 |
| 3500000 | Global Partners, L.P. / GLP Finance Corporation<sup>(a)</sup> |  | 8.2500 | 01/15/32 | 3694216 |
| 2075000 | ITT Holdings, LLC<sup>(a)</sup> |  | 6.5000 | 08/01/29 | 2041485 |
| 2000000 | NuStar Logistics, L.P.  |  | 5.6250 | 04/28/27 | 2012972 |
| 1750000 | Permian Resources Operating, LLC<sup>(a)</sup> |  | 5.8750 | 07/01/29 | 1759543 |
| 100000 | Permian Resources Operating, LLC<sup>(a)</sup> |  | 7.0000 | 01/15/32 | 103789 |
|  |  |  |  |  | 15712786 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.5%** |  |  |  |  |
| 1170000 | MPT Operating Partnership, L.P. / MPT Finance Corporation<sup>(a)</sup> |  | 8.5000 | 02/15/32 | 1244180 |
| 750000 | Service Properties Trust |  | 5.5000 | 12/15/27 | 736811 |
| 1375000 | Service Properties Trust<sup>(a)</sup> |  | 8.6250 | 11/15/31 | 1465558 |
|  |  |  |  |  | 3446549 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 1.8%** |  |  |  |  |
| 1500000 | Greystar Real Estate Partners, LLC<sup>(a)</sup> |  | 7.7500 | 09/01/30 | 1586333 |
| 2999000 | Howard Hughes Corporation (The)<sup>(a)</sup> |  | 4.3750 | 02/01/31 | 2814072 |
|  |  |  |  |  | 4400405 |
|  | **REAL ESTATE SERVICES — 0.5%** |  |  |  |  |
| 1000000 | Newmark Group, Inc. |  | 7.5000 | 01/12/29 | 1073644 |
|  | **RETAIL - CONSUMER STAPLES — 0.5%** |  |  |  |  |
| 1250000 | Ingles Markets, Inc.<sup>(a)</sup> |  | 4.0000 | 06/15/31 | 1175568 |
|  | **RETAIL - DISCRETIONARY — 4.5%** |  |  |  |  |
| 1250000 | Builders FirstSource, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/34 | 1289210 |
| 1618000 | Champions Financing, Inc.<sup>(a)</sup> |  | 8.7500 | 02/15/29 | 1564143 |
| 1065000 | Cougar JV Subsidiary, LLC<sup>(a)</sup> |  | 8.0000 | 05/15/32 | 1134089 |
| 2000000 | Ken Garff Automotive, LLC<sup>(a)</sup> |  | 4.8750 | 09/15/28 | 1959971 |
| 1000000 | Lithia Motors, Inc.<sup>(a)</sup> |  | 4.3750 | 01/15/31 | 950406 |
| 1600000 | Queen MergerCo, Inc.<sup>(a)</sup> |  | 6.7500 | 04/30/32 | 1658076 |
| 2050000 | Sonic Automotive, Inc.<sup>(a)</sup> |  | 4.8750 | 11/15/31 | 1961700 |
|  |  |  |  |  | 10517595 |
|  | **SOFTWARE — 0.4%** |  |  |  |  |
| 1000000 | UKG, Inc.<sup>(a)</sup> |  | 6.8750 | 02/01/31 | 1032583 |
|  | **SPECIALTY FINANCE — 14.5%** |  |  |  |  |
| 1000000 | AerCap Ireland Capital DAC / Aercap Global Aviation Trust<sup>(b)</sup> | H15T5Y + 2.720% | 6.9500 | 03/10/55 | 1046949 |
| 3000000 | Air Lease Corporation<sup>(b)</sup> | H15T5Y + 4.076% | 4.6500 | 06/15/70 | 2965416 |
| 980000 | Arbor Realty SR, Inc.<sup>(a)</sup> |  | 7.8750 | 07/15/30 | 1030820 |
| 500000 | Burford Capital Global Finance, LLC<sup>(a)</sup> |  | 6.2500 | 04/15/28 | 501308 |
| 3710000 | Burford Capital Global Finance, LLC<sup>(a)</sup> |  | 9.2500 | 07/01/31 | 3946672 |
| 500000 | Freedom Mortgage Corporation<sup>(a)</sup> |  | 6.6250 | 01/15/27 | 499195 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 28

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **SPECIALTY FINANCE — 14.5% (Continued)** |  |  |  |  |
| 1000000 | Freedom Mortgage Corporation<sup>(a)</sup> |  | 12.0000 | 10/01/28 | $1060000 |
| 2000000 | Freedom Mortgage Holdings, LLC<sup>(a)</sup> |  | 9.1250 | 05/15/31 | 2129412 |
| 330000 | Freedom Mortgage Holdings, LLC<sup>(a)</sup> |  | 8.3750 | 04/01/32 | 346163 |
| 1015000 | Freedom Mortgage Holdings, LLC<sup>(a)</sup> |  | 7.8750 | 04/01/33 | 1046558 |
| 2955000 | ILFC E-Capital Trust I<sup>(a)(b)</sup> | TSFR3M + 1.812% | 6.2700 | 12/21/65 | 2499556 |
| 2000000 | ILFC E-Capital Trust II<sup>(a)(b)</sup> | TSFR3M + 2.062% | 6.5200 | 12/21/65 | 1717924 |
| 2170000 | Jefferies Finance, LLC / JFIN Co-Issuer Corporation<sup>(a)</sup> |  | 6.6250 | 10/15/31 | 2184355 |
| 1000000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corporation<sup>(a)</sup> |  | 7.0000 | 07/15/31 | 1048712 |
| 1000000 | OneMain Finance Corporation |  | 6.1250 | 05/15/30 | 1013382 |
| 2000000 | PennyMac Financial Services, Inc.<sup>(a)</sup> |  | 6.8750 | 05/15/32 | 2073964 |
| 1150000 | Rithm Capital Corporation<sup>(a)</sup> |  | 8.0000 | 07/15/30 | 1177767 |
| 4050000 | Rithm Capital Corporation<sup>(a)</sup> |  | 8.0000 | 04/01/29 | 4148869 |
| 820000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.0000 | 04/15/30 | 833078 |
| 1000000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.5000 | 07/01/30 | 1035206 |
| 655000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.5000 | 10/15/30 | 677859 |
| 655000 | Walker & Dunlop, Inc.<sup>(a)</sup> |  | 6.6250 | 04/01/33 | 671658 |
|  |  |  |  |  | 33654823 |
|  | **STEEL — 2.3%** |  |  |  |  |
| 1500000 | Commercial Metals Company |  | 4.3750 | 03/15/32 | 1416719 |
| 4004000 | TMS International Corporation<sup>(a)</sup> |  | 6.2500 | 04/15/29 | 3886670 |
|  |  |  |  |  | 5303389 |
|  | **TECHNOLOGY HARDWARE — 1.1%** |  |  |  |  |
| 550000 | Ciena Corporation<sup>(a)</sup> |  | 4.0000 | 01/31/30 | 525183 |
| 1000000 | TTM Technologies, Inc.<sup>(a)</sup> |  | 4.0000 | 03/01/29 | 962518 |
| 1000000 | Zebra Technologies Corporation<sup>(a)</sup> |  | 6.5000 | 06/01/32 | 1027977 |
|  |  |  |  |  | 2515678 |
|  | **TECHNOLOGY SERVICES — 0.9%** |  |  |  |  |
| 995000 | CACI International, Inc.<sup>(a)</sup> |  | 6.3750 | 06/15/33 | 1028093 |
| 1000000 | Insight Enterprises, Inc.<sup>(a)</sup> |  | 6.6250 | 05/15/32 | 1026489 |
|  |  |  |  |  | 2054582 |
|  | **TRANSPORTATION & LOGISTICS — 0.3%** |  |  |  |  |
| 660000 | Stonepeak Nile Parent, LLC<sup>(a)</sup> |  | 7.2500 | 03/15/32 | 695442 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.6%** |  |  |  |  |
| 1280000 | KeHE Distributors, LLC / KeHE Finance Corporation / NextWave Distribution, Inc.<sup>(a)</sup> |  | 9.0000 | 02/15/29 | 1348342 |
|  | **TOTAL CORPORATE BONDS (Cost $208,704,543)** |  |  |  | 213987460 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 29

High Yield Bond Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 6.3%** |  |
|  | **MONEY MARKET FUND – 6.3%** |  |
| 14593473 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(c)</sup> (Cost $14,593,473) | $14593473 |
|  | **TOTAL INVESTMENTS — 98.4% (Cost $223,298,016)** | $228580933 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.6%** | 3711202 |
|  | **NET ASSETS — 100.0%** | $232292135 |

---

---

| | |
|:---|:---|
| BV | &nbsp;&nbsp;&nbsp; Besloten Vennootschap |
| DAC | &nbsp;&nbsp;&nbsp; Designated Activity Company |
| LLC | &nbsp;&nbsp;&nbsp; Limited Liability Company |
| LLLP | &nbsp;&nbsp;&nbsp; Limited Liability Limited Partnership |
| L.P. | &nbsp;&nbsp;&nbsp; Limited Partnership |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| plc | &nbsp;&nbsp;&nbsp; Public Limited Company |
| H15T5Y | &nbsp;&nbsp;&nbsp; US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| TSFR3M | &nbsp;&nbsp;&nbsp; Term Secured Overnight Financing Rate 3 Month |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025, the total market value of Rule 144A securities is $192,961,869 or 83.1% of net assets. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Variable rate security; the rate shown represents the rate on September 30, 2025. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 30

Israel Common Values Fund

---

| | | |
|:---|:---|:---|
| **SHARES**<br> | <br>**COMMON STOCKS — 97.3%** | **FAIR VALUE**<br> |
|  | **AEROSPACE & DEFENSE — 8.2%** |  |
| 17101 | Elbit Systems Ltd. | $8718089 |
| 97000 | Leonardo DRS, Inc. | 4403800 |
|  |  | 13121889 |
|  | **APPAREL & TEXTILE PRODUCTS — 2.4%** |  |
| 23816 | Delta Galil Ltd. | 1251771 |
| 23000 | Fox Wizel Ltd. | 2434429 |
|  |  | 3686200 |
|  | **BANKING — 15.2%** |  |
| 478000 | Bank Leumi Le-Israel BM | 9421756 |
| 45300 | First International Bank of Israel Ltd. | 3242552 |
| 527000 | Israel Discount Bank Ltd., Class A | 5208906 |
| 95000 | Mizrahi Tefahot Bank Ltd. | 6249396 |
|  |  | 24122610 |
|  | **CHEMICALS — 1.0%** |  |
| 247902 | ICL Group Ltd. | 1541950 |
|  | **ELECTRIC UTILITIES — 1.2%** |  |
| 19400 | Ormat Technologies, Inc. | 1867285 |
|  | **ELECTRICAL EQUIPMENT — 2.1%** |  |
| 31400 | Camtek Ltd.<sup>(a)</sup> | 3298570 |
|  | **ENGINEERING & CONSTRUCTION — 0.5%** |  |
| 167173 | Shikun & Binui Ltd.<sup>(a)</sup> | 762080 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.2%** |  |
| 12769 | Danel Adir Yeoshua Ltd. | 1957908 |
|  | **HOME CONSTRUCTION — 0.6%** |  |
| 150000 | Aura Investments Ltd. | 993992 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.3%** |  |
| 365194 | Tel Aviv Stock Exchange Ltd. | 8422041 |
|  | **INSURANCE — 7.9%** |  |
| 80000 | Harel Insurance Investments & Financial Services Ltd. | 2695327 |
| 693628 | Migdal Insurance & Financial Holdings Ltd. | 2406046 |
| 199400 | Phoenix Holdings Ltd. (The) | 7464557 |
|  |  | 12565930 |
|  | **LEISURE FACILITIES & SERVICES — 1.5%** |  |
| 13735 | Fattal Holdings 1998 Ltd.<sup>(a)</sup> | 2295110 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 31

Israel Common Values Fund

---

| | | |
|:---|:---|:---|
| **SHARES** |  | **FAIR VALUE** |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.7%** |  |
| 74326 | Brainsway Ltd. - ADR<sup>(a)</sup> | $1120093 |
|  | **OIL & GAS PRODUCERS — 7.1%** |  |
| 104968 | Energean plc | 1170311 |
| 102000 | Energean plc | 1177847 |
| 5600 | Israel Corp Ltd. (The) | 1748604 |
| 1100000 | Isramco Negev 2, L.P. | 817594 |
| 475000 | Newmed Energy, L.P. | 2500906 |
| 8000 | Paz Oil Company Ltd. | 1639416 |
| 1600000 | Ratio Energies Finance, L.P. | 2196353 |
|  |  | 11251031 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 3.5%** |  |
| 12000 | Big Shopping Centers Ltd. | 2465282 |
| 399000 | Reit 1 Ltd. | 2951183 |
|  |  | 5416465 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 10.8%** |  |
| 312000 | Amot Investments Ltd. | 2332182 |
| 44000 | Azrieli Group Ltd. | 4366260 |
| 40000 | Elco Ltd. | 2055307 |
| 117674 | G City Ltd. | 430922 |
| 160000 | Gav-Yam Lands Corp Ltd. | 1898321 |
| 27380 | Melisron Ltd. | 3306306 |
| 703430 | Mivne Real Estate KD Ltd. | 2743726 |
|  |  | 17133024 |
|  | **RENEWABLE ENERGY — 0.8%** |  |
| 296360 | Energix-Renewable Energies Ltd. | 1277629 |
|  | **RETAIL - CONSUMER STAPLES — 2.5%** |  |
| 18700 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1723557 |
| 195000 | Shufersal Ltd. | 2296507 |
|  |  | 4020064 |
|  | **SEMICONDUCTORS — 7.3%** |  |
| 22500 | Nova Ltd.<sup>(a)</sup> | 7192350 |
| 60323 | Tower Semiconductor Ltd.<sup>(a)</sup> | 4361353 |
|  |  | 11553703 |
|  | **SOFTWARE — 13.8%** |  |
| 13400 | CyberArk Software Ltd.<sup>(a)</sup> | 6474211 |
| 29935 | Hilan Ltd. | 2309922 |
| 6500 | Monday.com Ltd.<sup>(a)</sup> | 1258985 |
| 17100 | Nice Ltd. - ADR<sup>(a)</sup> | 2475738 |
| 37000 | Oddity Tech Ltd.<sup>(a)</sup> | 2305100 |
| 41000 | One Software Technologies Ltd. | 1001235 |
| 50300 | Sapiens International Corp N.V. | 2162900 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 32

Israel Common Values Fund

---

| | | |
|:---|:---|:---|
| **SHARES** |  | **FAIR VALUE** |
|  | **SOFTWARE — 13.8% (Continued)** |  |
| 67200 | Varonis Systems, Inc.<sup>(a)</sup> | $3861984 |
|  |  | 21850075 |
|  | **TECHNOLOGY HARDWARE — 1.0%** |  |
| 35348 | Next Vision Stabilized Systems Ltd. | 1600712 |
|  | **TECHNOLOGY SERVICES — 2.2%** |  |
| 72783 | Magic Software Enterprises Ltd. | 1485501 |
| 56210 | Matrix IT Ltd. | 1976955 |
|  |  | 3462456 |
|  | **WHOLESALE - DISCRETIONARY — 0.5%** |  |
| 17300 | Tadiran Group Ltd. | 868029 |
|  | **TOTAL COMMON STOCKS (Cost $52,995,791)** | 154188846 |
|  | **SHORT-TERM INVESTMENT — 2.7%** |  |
|  | **MONEY MARKET FUND — 2.7%** |  |
| 4252490 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(b)</sup> (Cost $4,252,490) | 4252490 |
|  | **TOTAL INVESTMENTS — 100.0% (Cost $57,248,281)** | $158441336 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%<sup>(c)</sup>** | (2570) |
|  | **NET ASSETS — 100.0%** | $158438766 |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| L.P. | &nbsp;&nbsp;&nbsp; Limited Partnership |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| N.V. | &nbsp;&nbsp;&nbsp; Naamioze Vennootschap |
| plc | &nbsp;&nbsp;&nbsp; Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Percentage rounds to less than 0.1%. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 33

Israel Common Values Fund

---

| | |
|:---|:---|
|  | **DIVERSIFICATION OF ASSETS** |
| **% OF NET <br> ASSETS** | &nbsp;&nbsp; **COUNTRY** |
| 88.0% | &nbsp;&nbsp; Israel |
| 6.4% | &nbsp;&nbsp; United States |
| 1.5% | &nbsp;&nbsp; United Kingdom |
| 1.4% | &nbsp;&nbsp; Cayman Islands |
| 97.3% | &nbsp;&nbsp; Total |
| 2.7% | &nbsp;&nbsp; Money Market Fund |
| 0.0% | &nbsp;&nbsp; Liabilities in Excess of Other Assets<sup>(c)</sup> |
| 100.0% | &nbsp;&nbsp; Grand Total |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 34

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **SHARES**<br> | <br>**COMMON STOCKS — 47.1%** | **FAIR VALUE**<br> |
|  | **CHEMICALS — 1.5%** |  |
| 940 | Albemarle Corporation | $76215 |
| 2049 | CF Industries Holdings, Inc. | 183795 |
| 3911 | FMC Corporation | 131527 |
| 6014 | ICL Group Ltd. | 37407 |
| 7069 | K+S A.G. | 95769 |
| 5479 | Mosaic Company (The) | 190012 |
| 5331 | Nutrien Ltd. | 312984 |
| 3601 | OCI N.V. | 16656 |
| 3097 | Sociedad Quimica y Minera de Chile S.A. - ADR<sup>(b)</sup> | 133109 |
| 2722 | Yara International ASA | 99437 |
|  |  | 1276911 |
|  | **DATA CENTER REIT — 1.4%** |  |
| 6300 | Digital Realty Trust, Inc. | 1089144 |
|  | **ELECTRIC UTILITIES — 0.1%** |  |
| 3200 | Northland Power, Inc. | 53584 |
|  | **ENGINEERING & CONSTRUCTION — 0.0%<sup>(a)</sup>** |  |
| 799 | Technip Energies N.V. | 37596 |
|  | **FOOD — 1.5%** |  |
| 2563 | Adecoagro S.A. | 20094 |
| 853 | Cal-Maine Foods, Inc. | 80267 |
| 3587 | Darling Ingredients, Inc.<sup>(b)</sup> | 110731 |
| 3957 | Dole plc | 53182 |
| 1547 | Fresh Del Monte Produce, Inc. | 53712 |
| 2408 | Hormel Foods Corporation | 59574 |
| 1385 | Ingredion, Inc. | 169123 |
| 1300 | Maruha Nichiro Corporation | 30164 |
| 14807 | MBRF Global Foods Company S.A. - ADR | 52713 |
| 5900 | MEIJI Holdings Company Ltd. | 122337 |
| 2600 | Morinaga Milk Industry Company Ltd. | 60909 |
| 5082 | Mowi ASA | 107337 |
| 2500 | NH Foods Ltd. | 99144 |
| 4300 | Nisshin Seifun Group, Inc. | 52810 |
| 4700 | Nissui Corporation | 33136 |
| 2546 | Pilgrim's Pride Corporation | 103673 |
| 841 | Salmar ASA | 44912 |
|  |  | 1253818 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 35

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **SHARES** |  | **FAIR VALUE** |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.3%** |  |
| 13800 | Sumitomo Forestry Company Ltd. | $164397 |
| 1300 | West Fraser Timber Company Ltd. | 88392 |
|  |  | 252789 |
|  | **GAS & WATER UTILITIES — 0.8%** |  |
| 826 | American States Water Company | 60562 |
| 722 | American Water Works Company, Inc. | 100495 |
| 1570 | California Water Service Group | 72047 |
| 6269 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 156035 |
| 1577 | Essential Utilities, Inc. | 62922 |
| 1154 | Severn Trent plc | 40166 |
| 903 | H2O America | 43976 |
| 4078 | United Utilities Group plc | 62880 |
| 3246 | Veolia Environnement S.A. | 110437 |
|  |  | 709520 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.5%** |  |
| 48754 | Brookdale Senior Living, Inc.<sup>(b)</sup> | 412946 |
|  | **HEALTH CARE REIT — 1.9%** |  |
| 19000 | American Healthcare REIT, Inc. | 798190 |
| 50000 | Healthcare Realty Trust, Inc. | 901500 |
|  |  | 1699690 |
|  | **INDUSTRIAL REIT — 0.9%** |  |
| 20000 | Rexford Industrial Realty, Inc. | 822200 |
|  | **MACHINERY — 1.1%** |  |
| 748 | AGCO Corporation | 80088 |
| 7354 | CNH Industrial N.V. | 79791 |
| 826 | Deere & Company | 377696 |
| 14900 | Kubota Corporation | 187729 |
| 2400 | Kurita Water Industries Ltd. | 81950 |
| 1200 | Organo Corporation | 92029 |
| 840 | Weir Group plc (The) | 30864 |
|  |  | 930147 |
|  | **METALS & MINING — 7.1%** |  |
| 413 | Agnico Eagle Mines Ltd. | 69615 |
| 1434 | Agnico Eagle Mines Ltd. | 241568 |
| 2084 | Alamos Gold, Inc. | 72648 |
| 4251 | Alcoa Corporation | 139815 |
| 3175 | Anglo American plc | 118921 |
| 637 | Anglogold Ashanti plc | 44800 |
| 2421 | Antofagasta plc | 89573 |
| 513 | Aurubis A.G. | 63959 |
| 4816 | Barrick Mining Corporation | 157820 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 36

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **SHARES** |  | **FAIR VALUE** |
|  | **METALS & MINING — 7.1% (Continued)** | **METALS & MINING — 7.1% (Continued)** |
| 8828 | BHP Group Ltd. - ADR | $492160 |
| 653 | Cameco Corporation | 54761 |
| 22700 | Capstone Copper Corporation<sup>(b)</sup> | 192831 |
| 8700 | Centerra Gold, Inc. | 93224 |
| 3247 | Cia de Minas Buenaventura S.A.A - ADR | 79000 |
| 964 | Cleveland-Cliffs, Inc.<sup>(b)</sup> | 11761 |
| 400 | Dowa Holdings Company Ltd. | 14602 |
| 7572 | Eldorado Gold Corporation<sup>(b)</sup> | 218755 |
| 3400 | Endeavour Mining plc | 142847 |
| 1900 | ERO Copper Corporation<sup>(b)</sup> | 38493 |
| 600 | First Quantum Minerals Ltd.<sup>(b)</sup> | 13574 |
| 26 | Franco-Nevada Corporation | 5796 |
| 4340 | Freeport-McMoRan, Inc. | 170215 |
| 1058 | Gold Fields Ltd. - ADR | 44394 |
| 2145 | Harmony Gold Mining Company Ltd. - ADR | 38932 |
| 13716 | Hecla Mining Company | 165964 |
| 13400 | Hudbay Minerals, Inc. | 203006 |
| 11131 | IAMGOLD Corporation<sup>(b)</sup> | 143924 |
| 13300 | Ivanhoe Mines Ltd.<sup>(b)</sup> | 141082 |
| 6715 | Kinross Gold Corporation | 166868 |
| 2500 | Labrador Iron Ore Royalty Corporation | 50451 |
| 18100 | Lundin Mining Corporation | 270047 |
| 2500 | Mitsubishi Materials Corporation | 46968 |
| 2026 | MP Materials Corporation<sup>(b)</sup> | 135884 |
| 2236 | Newmont Corporation | 188517 |
| 7557 | NexGen Energy Ltd.<sup>(b)</sup> | 67635 |
| 16834 | Norsk Hydro ASA | 114019 |
| 1459 | OR Royalties, Inc. | 58477 |
| 3259 | Pan American Silver Corporation | 126221 |
| 6890 | Rio Tinto plc - ADR | 454809 |
| 307 | Royal Gold, Inc. | 61578 |
| 6049 | Sandstorm Gold Ltd. | 75733 |
| 1847 | Southern Copper Corporation | 224209 |
| 4900 | Sumitomo Metal Mining Company Ltd. | 157969 |
| 1143 | Teck Resources Ltd., Class B | 50149 |
| 7213 | Teck Resources Ltd., Class B | 316580 |
| 22903 | Vale S.A. - ADR | 248727 |
| 963 | Warrior Met Coal, Inc. | 61285 |
| 544 | Wheaton Precious Metals Corporation | 60841 |
|  |  | 6201007 |
|  | **OFFICE REIT — 1.7%** |  |
| 5500 | Alexandria Real Estate Equities, Inc. | 458370 |
| 7000 | BXP, Inc. | 520380 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 37

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **SHARES** |  | **FAIR VALUE** |
|  | **OFFICE REIT — 1.7% (Continued)** | **OFFICE REIT — 1.7% (Continued)** |
| 17500 | Highwoods Properties, Inc. | $556850 |
|  |  | 1535600 |
|  | **OIL & GAS PRODUCERS — 6.3%** |  |
| 7597 | Aker BP ASA | 192654 |
| 247 | APA Corporation | 5997 |
| 6300 | ARC Resources Ltd. | 114912 |
| 7400 | Athabasca Oil Corporation | 35419 |
| 74500 | Baytex Energy Corporation | 174545 |
| 1128 | Black Stone Minerals, L.P. | 14822 |
| 1174 | California Resources Corporation | 62433 |
| 6274 | Canadian Natural Resources Ltd. | 200517 |
| 14000 | Cenovus Energy, Inc.<sup>(b)</sup> | 237752 |
| 969 | Chord Energy Corporation | 96290 |
| 3830 | Civitas Resources, Inc. | 124475 |
| 2443 | CNX Resources Corporation | 78469 |
| 4728 | ConocoPhillips | 447221 |
| 6726 | Coterra Energy, Inc.<sup>(b)</sup> | 159070 |
| 6477 | Devon Energy Corporation | 227084 |
| 771 | Diamondback Energy, Inc. | 110330 |
| 1525 | Eni SpA - ADR | 53299 |
| 2697 | EOG Resources, Inc. | 302388 |
| 1232 | EQT Corporation | 67058 |
| 9561 | Equinor ASA - ADR | 233097 |
| 900 | Imperial Oil Ltd. | 81621 |
| 18000 | Inpex Corporation | 325388 |
| 3174 | Magnolia Oil & Gas Corporation, Class A | 75763 |
| 3376 | Matador Resources Company | 151684 |
| 2000 | MEG Energy Corporation | 40361 |
| 5150 | Murphy Oil Corporation | 146312 |
| 1700 | Northern Oil & Gas, Inc. | 42160 |
| 3000 | NuVista Energy Ltd. | 34669 |
| 255 | Ovintiv, Inc. | 10297 |
| 8071 | Permian Resources Corporation<sup>(b)</sup> | 103309 |
| 12064 | Petroleo Brasileiro S.A. - ADR | 152730 |
| 3200 | Peyto Exploration & Development Corporation | 41695 |
| 3500 | PrairieSky Royalty Ltd. | 64947 |
| 546 | Range Resources Corporation | 20551 |
| 4459 | SM Energy Company | 111341 |
| 7400 | Suncor Energy, Inc. | 309731 |
| 1500 | Topaz Energy Corporation | 27845 |
| 3558 | TotalEnergies S.E. | 216078 |
| 3900 | Tourmaline Oil Corporation | 168226 |
| 15015 | Var Energi ASA | 50097 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 38

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **SHARES** |  | **FAIR VALUE** |
|  | **OIL & GAS PRODUCERS — 6.3% (Continued)** | **OIL & GAS PRODUCERS — 6.3% (Continued)** |
| 3312 | Viper Energy, Inc., Class A | $126585 |
| 13500 | Whitecap Resources, Inc. | 103036 |
| 2942 | Woodside Energy Group Ltd. - ADR | 44277 |
|  |  | 5386535 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 1.6%** |  |
| 2584 | Archrock, Inc. | 67985 |
| 4709 | Baker Hughes Company | 229423 |
| 2945 | Fugro N.V. | 31410 |
| 7252 | Halliburton Company | 178399 |
| 5583 | Helmerich & Payne, Inc. | 123328 |
| 12047 | Liberty Energy, Inc. | 148660 |
| 969 | Noble Corporation plc | 27403 |
| 2196 | NOV, Inc. | 29097 |
| 863 | Oceaneering International, Inc.<sup>(b)</sup> | 21385 |
| 21227 | Patterson-UTI Energy, Inc. | 109956 |
| 912 | SBM Offshore N.V. | 23298 |
| 1900 | Secure Waste Infrastructure Corporation | 27064 |
| 5873 | SLB Ltd. | 201856 |
| 1615 | Subsea 7 S.A. | 33334 |
| 2024 | Tidewater, Inc.<sup>(b)</sup> | 107940 |
| 4187 | Transocean Ltd.<sup>(b)</sup> | 13063 |
|  |  | 1373601 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 16.0%** |  |
| 26000 | American Homes 4 Rent, Class A | 864500 |
| 5800 | American Tower Corporation | 1115456 |
| 26000 | Americold Realty Trust, Inc. | 318240 |
| 5200 | AvalonBay Communities, Inc. | 1004484 |
| 10500 | Camden Property Trust | 1121190 |
| 2350 | Equinix, Inc. | 1840614 |
| 18500 | InvenTrust Properties Corporation | 529470 |
| 1010 | PotlatchDeltic Corporation | 41158 |
| 12500 | Prologis, Inc. | 1431500 |
| 2400 | Public Storage | 693240 |
| 1695 | Rayonier, Inc. | 44985 |
| 4400 | SBA Communications Corporation | 850740 |
| 21000 | Sila Realty Trust, Inc. | 527100 |
| 11500 | Smartstop Self Storage REIT, Inc. | 432860 |
| 6600 | Sun Communities, Inc. | 851400 |
| 20000 | Ventas, Inc. | 1399800 |
| 4100 | Welltower, Inc. | 730374 |
| 1049 | Weyerhaeuser Company | 26005 |
|  |  | 13823116 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 39

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **SHARES** |  | **FAIR VALUE** |
|  | **RENEWABLE ENERGY — 0.1%** |  |
| 223 | First Solar, Inc.<sup>(b)</sup> | $49178 |
| 1700 | GS Yuasa Corporation | 40239 |
|  |  | 89417 |
|  | **RESIDENTIAL REIT — 0.8%** |  |
| 24000 | Invitation Homes, Inc. | 703920 |
|  | **RETAIL REIT — 1.8%** |  |
| 26700 | Brixmor Property Group, Inc. | 739056 |
| 11000 | NNN REIT, Inc. | 468270 |
| 26000 | Whitestone REIT | 319280 |
|  |  | 1526606 |
|  | **SELF-STORAGE REIT — 0.4%** |  |
| 2500 | Extra Space Storage, Inc. | 352350 |
|  | **SEMICONDUCTORS — 0.1%** |  |
| 10900 | SUMCO Corporation | 116249 |
|  | **STEEL — 1.0%** |  |
| 2219 | ArcelorMittal S.A. - ADR | 80217 |
| 1091 | ATI, Inc.<sup>(b)</sup> | 88742 |
| 48408 | Gerdau S.A. - ADR | 150065 |
| 8700 | JFE Holdings, Inc. | 106878 |
| 38500 | Nippon Steel Corporation | 158695 |
| 554 | Nucor Corporation | 75028 |
| 1078 | POSCO Holdings, Inc. - ADR | 53048 |
| 476 | Steel Dynamics, Inc. | 66369 |
| 1095 | Ternium S.A. - ADR | 38029 |
| 6390 | thyssenkrupp A.G. | 87583 |
|  |  | 904654 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |
| 2621 | Bunge Global S.A. | 212956 |
|  | **TOTAL COMMON STOCKS (Cost $37,031,880)** | 40764356 |
|  | **PRECIOUS METALS - PHYSICAL HOLDING — 27.4%** |  |
|  | **PRECIOUS METAL — 27.4%** |  |
| 6143 | GOLD BARS<sup>(b)</sup> | 23685567 |
|  | **TOTAL PRECIOUS METALS - PHYSICAL HOLDING (Cost $7,240,876)** | 23685567 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 40

Defensive Strategies Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)**<br> | <br>**U.S. GOVERNMENT & AGENCIES — 23.0%** | **Coupon <br> Rate (%)**<br> | **Maturity**<br> | **Fair Value**<br> |
|  | **U.S. TREASURY INFLATION PROTECTED — 23.0%** |  |  |  |
| 1670274 | United States Treasury Inflation Indexed Bonds | 2.0000 | 01/15/26 | $1671801 |
| 3699131 | United States Treasury Inflation Indexed Bonds | 2.3750 | 01/15/27 | 3766027 |
| 1715655 | United States Treasury Inflation Indexed Bonds | 0.5000 | 01/15/28 | 1696190 |
| 817271 | United States Treasury Inflation Indexed Bonds | 1.7500 | 01/15/28 | 831018 |
| 1266596 | United States Treasury Inflation Indexed Bonds | 0.8750 | 01/15/29 | 1257388 |
| 1286476 | United States Treasury Inflation Indexed Bonds | 2.5000 | 01/15/29 | 1344758 |
| 7086492 | United States Treasury Inflation Indexed Bonds | 0.1250 | 01/15/31 | 6657764 |
| 4773644 | United States Treasury Inflation Indexed Bonds | 0.1250 | 02/15/51 | 2646624 |
|  |  |  |  | 19871570 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $20,077,776)** |  |  | 19871570 |

---

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 2.6%** |  |
|  | **MONEY MARKET FUND — 2.6%** |  |
| 2289820 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(c)</sup> (Cost $2,289,820) | 2289820 |
|  | **TOTAL INVESTMENTS — 100.1% (Cost $66,640,352)** | $86611313 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%** | (78553) |
|  | **NET ASSETS — 100.0%** | $86532760 |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| A.G. | &nbsp;&nbsp;&nbsp; Aktiengesellschaft |
| ASA | &nbsp;&nbsp;&nbsp; Aksjeselskap |
| L.P. | &nbsp;&nbsp;&nbsp; Limited Partnership |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| N.V. | &nbsp;&nbsp;&nbsp; Naamioze Vennootschap |
| plc | &nbsp;&nbsp;&nbsp; Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |
| S.A. | &nbsp;&nbsp;&nbsp; Société Anonyme |
| S.A.A. | &nbsp;&nbsp;&nbsp; Sociedad Anónima Abierta |
| S.E. | &nbsp;&nbsp;&nbsp; Societas Europaea |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Percentage rounds to less than 0.1%. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 41

Defensive Strategies Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **DIVERSIFICATION OF ASSETS** |  |  |
| **% OF NET <br> ASSETS** | &nbsp;&nbsp; **COUNTRY** | **% OF NET <br> ASSETS** | &nbsp;&nbsp; **COUNTRY** |
| 83.7% | &nbsp;&nbsp; United States | 0.1% | &nbsp;&nbsp; Chile |
| 5.8% | &nbsp;&nbsp; Canada | 0.1% | &nbsp;&nbsp; South Africa |
| 2.2% | &nbsp;&nbsp; Japan | 0.1% | &nbsp;&nbsp; Peru |
| 1.1% | &nbsp;&nbsp; United Kingdom | 0.1% | &nbsp;&nbsp; Cayman Islands |
| 1.0% | &nbsp;&nbsp; Norway | 0.1% | &nbsp;&nbsp; Italy |
| 0.9% | &nbsp;&nbsp; Brazil | 0.1% | &nbsp;&nbsp; Ireland |
| 0.6% | &nbsp;&nbsp; Australia | 0.1% | &nbsp;&nbsp; South Korea |
| 0.4% | &nbsp;&nbsp; France | 0.0 %<sup>**(a)**</sup> | &nbsp;&nbsp; Israel |
| 0.3% | &nbsp;&nbsp; Germany | 97.5% | &nbsp;&nbsp; Total |
| 0.2% | &nbsp;&nbsp; Switzerland | 2.6% | &nbsp;&nbsp; Money Market Funds |
| 0.2% | &nbsp;&nbsp; Curaçao | (0.1)% | &nbsp;&nbsp; Liabilities In Excess of Other Assets |
| 0.2% | &nbsp;&nbsp; Netherlands | 100.0% | &nbsp;&nbsp; Grand Total |
| 0.2% | &nbsp;&nbsp; Luxembourg |  |  |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 42

Strategic Growth Fund

---

| | | |
|:---|:---|:---|
| **SHARES**<br> | <br>**EXCHANGE-TRADED FUNDS — 60.8%** | **FAIR VALUE**<br> |
|  | **EQUITY — 60.8%** |  |
| 88200 | Timothy Plan High Dividend Stock ETF<sup>(a)</sup> | $3469373 |
| 168856 | Timothy Plan International ETF<sup>(a)</sup> | 5636413 |
| 164200 | Timothy Plan US Large/Mid Cap Core ETF<sup>(a)</sup> | 7601968 |
| 104023 | Timothy Plan US Small Cap Core ETF<sup>(a)</sup> | 4324236 |
|  |  | 21031990 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $16,887,120)** | 21031990 |
|  | **OPEN END FUNDS — 37.8%** |  |
|  | **EQUITY — 13.9%** |  |
| 304485 | Timothy Plan International Fund, Class A<sup>(a)</sup> | 4820003 |
|  | **FIXED INCOME — 23.9%** |  |
| 597548 | Timothy Plan Fixed Income Fund, Class A<sup>(a)</sup> | 5503415 |
| 303972 | Timothy Plan High Yield Bond Fund, Class A<sup>(a)</sup> | 2763105 |
|  |  | 8266520 |
|  | **TOTAL OPEN END FUNDS (Cost $12,396,644)** | 13086523 |
|  | **SHORT-TERM INVESTMENT — 1.5%** |  |
|  | **MONEY MARKET FUND — 1.5%** |  |
| 508067 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(b)</sup> (Cost $508,067) | 508067 |
|  | **TOTAL INVESTMENTS – 100.1% (Cost $29,791,831)** | $34626580 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1%)** | (48281) |
|  | **NET ASSETS — 100.0%** | $34578299 |

---

---

| | |
|:---|:---|
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Investment in affiliate. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 43

Conservative Growth Fund

---

| | | |
|:---|:---|:---|
| **SHARES**<br> | <br>**EXCHANGE-TRADED FUNDS — 44.0%** | **FAIR VALUE**<br> |
|  | **EQUITY — 44.0%** |  |
| 64700 | Timothy Plan High Dividend Stock ETF<sup>(a)</sup> | $2544994 |
| 99244 | Timothy Plan International ETF<sup>(a)</sup> | 3312765 |
| 117400 | Timothy Plan US Large/Mid Cap Core ETF<sup>(a)</sup> | 5435267 |
| 108805 | Timothy Plan US Small Cap Core ETF<sup>(a)</sup> | 4523024 |
|  |  | 15816050 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $13,328,345)** | 15816050 |
|  | **OPEN END FUNDS — 55.0%** |  |
|  | **EQUITY — 12.4%** |  |
| 281982 | Timothy Plan International Fund, Class A<sup>(a)</sup> | 4463774 |
|  | **FIXED INCOME — 42.6%** |  |
| 1327655 | Timothy Plan Fixed Income Fund, Class A<sup>(a)</sup> | 12227699 |
| 337681 | Timothy Plan High Yield Bond Fund, Class A<sup>(a)</sup> | 3069521 |
|  |  | 15297220 |
|  | **TOTAL OPEN END FUNDS (Cost $19,956,948)** | 19760994 |
|  | **SHORT-TERM INVESTMENT — 1.1%** |  |
|  | **MONEY MARKET FUND — 1.1%** |  |
| 395913 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(b)</sup> (Cost $395,913) | 395913 |
|  | **TOTAL INVESTMENTS – 100.1% (Cost $33,681,206)** | $35972957 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1%)** | (43989) |
|  | **NET ASSETS — 100.0%** | $35928968 |

---

---

| | |
|:---|:---|
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Investment in affiliate. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 44

Growth & Income Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**EXCHANGE-TRADED FUND — 53.0%** | **Fair Value**<br> |
|  | **EQUITY — 53.0%** |  |
| 255000 | Timothy Plan High Dividend Stock ETF<sup>(a)</sup> | $10030502 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $8,730,563)** | 10030502 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)**<br> | <br>**ASSET BACKED SECURITIES — 2.1%** | **Coupon <br> Rate (%)**<br> | **Maturity**<br> |  |
|  | **CLO — 0.7%** |  |  |  |
| 135000 | Kubota Credit Owner Trust 2025-2 Series 2A A3<sup>(b)</sup> | 4.4200 | 09/17/29 | 136353 |
|  | **OTHER ABS — 1.4%** |  |  |  |
| 85000 | CNH Equipment Trust 2025-A Series A A3 | 4.3600 | 08/15/30 | 85844 |
| 180000 | John Deere Owner Trust 2025 Series A A3 | 4.2300 | 09/17/29 | 181024 |
|  |  |  |  | 266868 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $399,981)** |  |  | 403221 |
|  | **CORPORATE BONDS — 11.4%** |  |  |  |
|  | **CHEMICALS — 0.7%** |  |  |  |
| 85000 | Nutrien Ltd. | 4.0000 | 12/15/26 | 84826 |
| 60000 | Nutrien Ltd. | 2.9500 | 05/13/30 | 56555 |
|  |  |  |  | 141381 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.5%** |  |  |  |
| 35000 | Republic Services, Inc. | 5.0000 | 04/01/34 | 35907 |
| 50000 | Waste Management, Inc. | 4.6250 | 02/15/33 | 50572 |
|  |  |  |  | 86479 |
|  | **ELECTRIC UTILITIES — 1.1%** |  |  |  |
| 135000 | American Electric Power Company, Inc. | 3.2000 | 11/13/27 | 132409 |
| 70000 | National Rural Utilities Cooperative Finance Corporation | 5.0500 | 09/15/28 | 71860 |
|  |  |  |  | 204269 |
|  | **GAS & WATER UTILITIES — 0.7%** |  |  |  |
| 130000 | NiSource, Inc. | 3.4900 | 05/15/27 | 128783 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.3%** |  |  |  |
| 55000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 54688 |
|  | **MACHINERY — 0.6%** |  |  |  |
| 55000 | Caterpillar Financial Services Corporation | 4.3500 | 05/15/26 | 55161 |
| 55000 | John Deere Capital Corporation | 3.9000 | 06/07/32 | 53632 |
|  |  |  |  | 108793 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 45

Growth & Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **METALS & MINING — 1.6%** |  |  |  |
| 75000 | BHP Billiton Finance USA Ltd. | 5.1250 | 02/21/32 | $77703 |
| 85000 | BHP Billiton Finance USA Ltd. | 5.2500 | 09/08/33 | 88529 |
| 70000 | Rio Tinto Finance USA plc | 5.0000 | 03/14/32 | 71969 |
| 70000 | Rio Tinto Finance USA plc | 5.0000 | 03/09/33 | 72011 |
|  |  |  |  | 310212 |
|  | **OIL & GAS PRODUCERS — 2.7%** |  |  |  |
| 115000 | Columbia Pipelines Holding Company, LLC<sup>(b)</sup> | 6.0420 | 08/15/28 | 120030 |
| 130000 | Columbia Pipelines Operating Company, LLC<sup>(b)</sup> | 5.6950 | 10/01/54 | 124775 |
| 70000 | Energy Transfer, L.P. | 5.6000 | 09/01/34 | 71862 |
| 120000 | Energy Transfer, L.P. | 6.2500 | 04/15/49 | 121091 |
| 70000 | Enterprise Products Operating, LLC | 5.3500 | 01/31/33 | 73157 |
|  |  |  |  | 510915 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.5%** |  |  |  |
| 70000 | American Tower Corporation | 5.3500 | 03/15/35 | 71913 |
| 95000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 94334 |
| 120000 | Healthpeak Properties, Inc. | 3.5000 | 07/15/29 | 116377 |
|  |  |  |  | 282624 |
|  | **RETAIL - CONSUMER STAPLES — 0.5%** |  |  |  |
| 95000 | Dollar General Corporation | 4.1250 | 05/01/28 | 94600 |
|  | **RETAIL - DISCRETIONARY — 0.5%** |  |  |  |
| 110000 | Tractor Supply Company | 5.2500 | 05/15/33 | 113420 |
|  | **TRANSPORTATION & LOGISTICS — 0.7%** |  |  |  |
| 130000 | CSX Corporation | 3.2500 | 06/01/27 | 128420 |
|  | **TOTAL CORPORATE BONDS (Cost $2,123,517)** |  |  | 2164584 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 1.8%** |  |  |  |
|  | **LOCAL AUTHORITY — 0.7%** |  |  |  |
| 135000 | Province of Ontario Canada | 2.5000 | 04/27/26 | 133875 |
|  | **SOVEREIGN — 1.1%** |  |  |  |
| 200000 | Israel Government International Bond | 5.5000 | 03/12/34 | 205312 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $327,551)** |  |  | 339187 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 46

Growth & Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)**<br> | <br>**U.S. GOVERNMENT & AGENCIES — 30.8%** | **Coupon <br> Rate (%)**<br> | **Maturity**<br> | **Fair Value**<br> |
|  | **AGENCY FIXED RATE — 15.7%** |  |  |  |
| 85084 | Fannie Mae Pool FM5537 | 2.0000 | 01/01/36 | $78706 |
| 54628 | Fannie Mae Pool MA4316 | 2.5000 | 04/01/36 | 51490 |
| 17022 | Fannie Mae Pool MA4475 | 2.5000 | 11/01/41 | 15250 |
| 50246 | Fannie Mae Pool MA4617 | 3.0000 | 04/01/42 | 46554 |
| 39286 | Fannie Mae Pool FM4053 | 2.5000 | 08/01/50 | 33691 |
| 44330 | Fannie Mae Pool CA8897 | 3.0000 | 02/01/51 | 39677 |
| 6134 | Fannie Mae Pool MA4258 | 3.5000 | 02/01/51 | 5668 |
| 17511 | Fannie Mae Pool FM6550 | 2.0000 | 03/01/51 | 14356 |
| 32450 | Fannie Mae Pool CB0855 | 3.0000 | 06/01/51 | 28776 |
| 54781 | Fannie Mae Pool FS3744 | 2.0000 | 07/01/51 | 44598 |
| 84080 | Fannie Mae Pool FS1807 | 3.5000 | 07/01/51 | 77702 |
| 125500 | Fannie Mae Pool CB1384 | 2.5000 | 08/01/51 | 107167 |
| 59737 | Fannie Mae Pool FS9085 | 3.0000 | 12/01/51 | 52695 |
| 27788 | Fannie Mae Pool BU1322 | 2.5000 | 02/01/52 | 23751 |
| 87807 | Fannie Mae Pool CB3486 | 3.5000 | 05/01/52 | 80554 |
| 59592 | Fannie Mae Pool FS1704 | 4.0000 | 05/01/52 | 56783 |
| 82401 | Fannie Mae Pool FS3159 | 4.5000 | 10/01/52 | 80628 |
| 73908 | Fannie Mae Pool FS4075 | 5.0000 | 04/01/53 | 74038 |
| 85796 | Fannie Mae Pool FS5044 | 4.5000 | 06/01/53 | 84555 |
| 123897 | Fannie Mae Pool MA5039 | 5.5000 | 06/01/53 | 125417 |
| 83150 | Fannie Mae Pool FS8291 | 5.5000 | 07/01/53 | 84810 |
| 79613 | Fannie Mae Pool FS6787 | 6.0000 | 01/01/54 | 82392 |
| 88770 | Fannie Mae Pool CB7980 | 5.5000 | 02/01/54 | 90325 |
| 24800 | Fannie Mae Pool FS8138 | 6.5000 | 06/01/54 | 25974 |
| 84401 | Fannie Mae Pool FS9456 | 5.5000 | 11/01/54 | 85415 |
| 38272 | Ginnie Mae I Pool 723248 | 5.0000 | 10/15/39 | 39271 |
| 39683 | Ginnie Mae I Pool 783403 | 3.5000 | 09/15/41 | 37210 |
| 35855 | Ginnie Mae II Pool MA3376 | 3.5000 | 01/20/46 | 33448 |
| 26657 | Ginnie Mae II Pool MA3596 | 3.0000 | 04/20/46 | 24222 |
| 22732 | Ginnie Mae II Pool MA3663 | 3.5000 | 05/20/46 | 21199 |
| 29703 | Ginnie Mae II Pool MA3736 | 3.5000 | 06/20/46 | 27687 |
| 10093 | Ginnie Mae II Pool MA4509 | 3.0000 | 06/20/47 | 9136 |
| 28359 | Ginnie Mae II Pool MA4652 | 3.5000 | 08/20/47 | 26369 |
| 26624 | Ginnie Mae II Pool MA4719 | 3.5000 | 09/20/47 | 24668 |
| 50853 | Ginnie Mae II Pool MA4778 | 3.5000 | 10/20/47 | 47285 |
| 18813 | Ginnie Mae II Pool MA6092 | 4.5000 | 08/20/49 | 18449 |
| 14415 | Ginnie Mae II Pool MA6156 | 4.5000 | 09/20/49 | 14191 |
| 38477 | Ginnie Mae II Pool BN2662 | 3.0000 | 10/20/49 | 34457 |
| 15836 | Ginnie Mae II Pool MA6221 | 4.5000 | 10/20/49 | 15724 |
| 14056 | Ginnie Mae II Pool MA6478 | 5.0000 | 02/20/50 | 14283 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 47

Growth & Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **AGENCY FIXED RATE — 15.7% (Continued)** |  |  |  |
| 16811 | Ginnie Mae II Pool MA6544 | 4.5000 | 03/20/50 | $16566 |
| 10804 | Ginnie Mae II Pool MA6545 | 5.0000 | 03/20/50 | 10997 |
| 17415 | Ginnie Mae II Pool MA6600 | 3.5000 | 04/20/50 | 16055 |
| 15722 | Ginnie Mae II Pool MA6601 | 4.0000 | 04/20/50 | 14945 |
| 20700 | Ginnie Mae II Pool MA6603 | 5.0000 | 04/20/50 | 20992 |
| 39570 | Ginnie Mae II Pool MA7255 | 2.5000 | 03/20/51 | 34114 |
| 32082 | Ginnie Mae II Pool MA7418 | 2.5000 | 06/20/51 | 27648 |
| 93279 | Ginnie Mae II Pool MA7419 | 3.0000 | 06/20/51 | 83464 |
| 99691 | Ginnie Mae II Pool MA7472 | 2.5000 | 07/20/51 | 85943 |
| 89701 | Ginnie Mae II Pool CE1974 | 3.0000 | 08/20/51 | 81220 |
| 69526 | Ginnie Mae II Pool CE1990 | 2.5000 | 09/20/51 | 59874 |
| 111652 | Ginnie Mae II Pool MA7768 | 3.0000 | 12/20/51 | 99990 |
| 46799 | Ginnie Mae II Pool MA7829 | 3.5000 | 01/20/52 | 43121 |
| 61191 | Ginnie Mae II Pool MA7939 | 4.0000 | 03/20/52 | 58102 |
| 97191 | Ginnie Mae II Pool MA8800 | 5.0000 | 04/20/53 | 97162 |
| 103897 | Ginnie Mae II Pool MA8874 | 3.0000 | 05/20/53 | 94092 |
| 88242 | Ginnie Mae II Pool MA8943 | 3.0000 | 06/20/53 | 79023 |
| 82251 | Ginnie Mae II Pool MA9017 | 5.5000 | 07/20/53 | 83382 |
| 67838 | Ginnie Mae II Pool MB0091 | 5.0000 | 12/20/54 | 67591 |
| 24726 | Ginnie Mae II Pool MB0366 | 5.5000 | 05/20/55 | 24933 |
|  |  |  |  | 2977785 |
|  | **U.S. TREASURY BILLS — 15.1%** |  |  |  |
| 225000 | United States Treasury Note | 4.8750 | 04/30/26 | 226321 |
| 100000 | United States Treasury Note | 4.6250 | 04/30/29 | 103211 |
| 740000 | United States Treasury Note | 4.6250 | 04/30/31 | 770409 |
| 940000 | United States Treasury Note | 4.2500 | 08/15/35 | 947638 |
| 320000 | United States Treasury Note | 4.5000 | 02/15/44 | 312800 |
| 505000 | United States Treasury Note | 4.7500 | 08/15/55 | 506341 |
|  |  |  |  | 2866720 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $5,967,244)** |  |  | 5844505 |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 48

Growth & Income Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 0.8%** | **Fair Value**<br> |
|  | **MONEY MARKET FUND — 0.8%** |  |
| 157521 | Fidelity Investments Money Market Government Portfolio, Class I, 4.03%<sup>(c)</sup> (Cost $157,521) | $157521 |
|  | **TOTAL INVESTMENTS — 99.9% (Cost $17,706,377)** | $18939520 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%** | 21097 |
|  | **NET ASSETS — 100.0%** | $18960617 |

---

---

| | |
|:---|:---|
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| LLC | &nbsp;&nbsp;&nbsp; Limited Liability Company |
| L.P. | &nbsp;&nbsp;&nbsp; Limited Partnership |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| plc | &nbsp;&nbsp;&nbsp; Public Limited Company |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Investment in affiliate. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025, the total market value of Rule 144A securities is $381,158 or 2.0% of net assets. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of September 30, 2025. |

---

**SCHEDULE OF INVESTMENTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 49

**Section 2 \|** Statements of Assets and Liabilities

**SEPTEMBER 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL/MID CAP <br> GROWTH <br> FUND** | **INTERNATIONAL<br> FUND** | **LARGE/MID CAP <br> GROWTH <br> FUND** |
|  **ASSETS:** |  |  |  |
|  Investments, at cost | $67451073 | $129119877 | $190503878 |
|  Investments in affiliates, at cost |  |  | 20988985 |
|  Investments, at value | $87606929 | $208579335 | $256894258 |
|  Investments in affiliates, at value |  |  | 26528181 |
|  Dividends and interest receivable | 42714 | 484713 | 97321 |
|  Receivable for fund shares sold | 87460 | 75494 | 215877 |
|  Receivable for securities sold | 360408 |  |  |
|  Receivable for foreign tax reclaims |  | 552609 | 685 |
|  Prepaid expenses and other assets | 24286 | 23811 | 38860 |
| &nbsp;&nbsp;&nbsp; Total Assets | **88121797** | **209715962** | **283775182** |
|  **LIABILITIES:** |  |  |  |
|  Payable for securities purchased | 363658 | 520823 |  |
|  Payable for fund shares redeemed | 24400 | 96903 | 58410 |
|  Payable to service providers | 28626 | 55913 | 42359 |
|  Accrued advisory fees | 52786 | 151562 | 164235 |
|  Accrued 12b-1 fees | 12925 | 14534 | 41140 |
|  Accrued expenses and other liabilities | 62219 | 88132 | 50771 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | **544614** | **927867** | **356915** |
| &nbsp;&nbsp;&nbsp; Net Assets | $**87577183** | $**208788095** | $**283418267** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid in capital ($0 par value, unlimited shares authorized) | $64511675 | $126662391 | $195084730 |
|  Accumulated earnings (deficit) | 23065508 | 82125704 | 88333537 |
|  **Net Assets** | $**87577183** | $**208788095** | $**283418267** |
|  **Class A** |  |  |  |
|  Net Assets | $52452705 | $66863995 | $159124757 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3798670 | 4225124 | 11036726 |
|  Net Asset Value, offering price and redemption price per share | $13.81 | $15.83 | $14.42 |
|  Offering Price Per Share (NAV / 0.945) | $14.61 | $16.75 | $15.26 |
|  **Class C** |  |  |  |
|  Net Assets | $3181586 | $1670843 | $11614474 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 327423 | 110320 | 1183887 |
|  Net Asset Value, offering price and redemption price per share | $9.72 | $15.15 | $9.81 |
|  Minimum Redemption Price Per Share (NAV \* 0.99) | $9.62 | $15.00 | $9.71 |
|  **Class I** |  |  |  |
|  Net Assets | $31942892 | $140253257 | $112679036 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2225169 | 8825194 | 7504260 |
|  Net Asset Value, offering price and redemption price per share | $14.36 | $15.89 | $15.02 |

---

**STATEMENTS OF ASSETS LIABILITIES** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 50

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL CAP <br> VALUE <br> FUND** | **LARGE/MID CAP<br> VALUE<br> FUND** | **FIXED<br> INCOME <br> FUND** |
|  **ASSETS:** |  |  |  |
|  Investments, at cost | $141844118 | $211715303 | $113192994 |
|  Investments in affiliates, at cost | 14834080 | 50251098 |  |
|  Investments, at value | $149484076 | $268390321 | $110645768 |
|  Investments in affiliates, at value | 24110600 | 62288307 |  |
|  Dividends and interest receivable | 209890 | 177593 | 894956 |
|  Receivable for fund shares sold | 104626 | 168975 | 212376 |
|  Receivable for securities sold | 469734 |  |  |
|  Receivable for foreign tax reclaims |  |  |  |
|  Prepaid expenses and other assets | 10102 | 53104 | 11514 |
| &nbsp;&nbsp;&nbsp; Total Assets | **174389028** | **331078300** | **111764614** |
|  **LIABILITIES:** |  |  |  |
|  Payable for securities purchased | 212770 |  |  |
|  Payable for fund shares redeemed | 71751 | 75309 | 146643 |
|  Payable to service providers | 85320 | 61201 | 36220 |
|  Accrued advisory fees | 102232 | 165140 | 38585 |
|  Accrued 12b-1 fees | 25263 | 49304 | 18504 |
|  Accrued expenses and other liabilities | 96591 | 64450 | 66105 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | **593927** | **415404** | **306057** |
| &nbsp;&nbsp;&nbsp; Net Assets | $**173795101** | $**330662896** | $**111458557** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid in capital ($0 par value, unlimited shares authorized) | $152712210 | $236485938 | $125943271 |
|  Accumulated earnings (deficit) | 21082891 | 94176958 | (14484714) |
|  **Net Assets** | $**173795101** | $**330662896** | $**111458557** |
|  **Class A** |  |  |  |
|  Net Assets | $104771983 | $194928407 | $74280748 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 5380107 | 8077920 | 8061025 |
|  Net Asset Value, offering price and redemption price per share | $19.47 | $24.13 | $9.21 |
|  Offering Price Per Share (NAV / 0.945) \*(NAV / 0.955) | $20.60 | $25.53 | $9.64 \* |
|  **Class C** |  |  |  |
|  Net Assets | $4612194 | $12869367 | $4595703 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 419364 | 785016 | 521720 |
|  Net Asset Value, offering price and redemption price per share | $11.00 | $16.39 | $8.81 |
|  Minimum Redemption Price Per Share (NAV \* 0.99) | $10.89 | $16.23 | $8.72 |
|  **Class I** |  |  |  |
|  Net Assets | $64410924 | $122865122 | $32582106 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3237012 | 5009728 | 3572432 |
|  Net Asset Value, offering price and redemption price per share | $19.90 | $24.53 | $9.12 |

---

**STATEMENTS OF ASSETS LIABILITIES** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 51

---

| | | | |
|:---|:---|:---|:---|
|  | **HIGH YIELD <br> BOND <br> FUND** | **ISRAEL <br> COMMON <br> VALUES FUND** | **DEFENSIVE <br> STRATEGIES <br> FUND** |
|  **ASSETS:** |  |  |  |
|  Investments, at cost | $223298016 | $57248281 | $59399476 |
|  Investments, at value | $228580933 | $158441336 | $62925746 |
|  Gold Investments, at fair value (Cost $7,240,876) |  |  | 23685567 |
|  Cash |  |  | 87 |
|  Foreign Cash (Cost $4,104) |  |  | 1191 |
|  Dividends and interest receivable | 3805759 | 114919 | 183288 |
|  Receivable for fund shares sold | 171797 | 126576 | 26258 |
|  Receivable for securities sold |  |  |  |
|  Receivable for foreign tax reclaims |  |  | 8330 |
|  Prepaid expenses and other assets | 27880 | 28611 | 17298 |
| &nbsp;&nbsp;&nbsp; Total Assets | **232586369** | **158711442** | **86847765** |
|  **LIABILITIES:** |  |  |  |
|  Payable for securities purchased |  |  | 142284 |
|  Payable for fund shares redeemed | 100834 | 58570 | 45314 |
|  Payable to service providers | 38152 | 28057 | 26884 |
|  Accrued advisory fees | 95871 | 124086 | 38201 |
|  Accrued 12b-1 fees | 18178 | 22710 | 9162 |
|  Accrued expenses and other liabilities | 41199 | 39253 | 53160 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | **294234** | **272676** | **315005** |
| &nbsp;&nbsp;&nbsp; Net Assets | $**232292135** | $**158438766** | $**86532760** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid in capital ($0 par value, unlimited shares authorized) | $239161389 | $61831461 | $66922379 |
|  Accumulated earnings (deficit) | (6869254) | 96607305 | 19610381 |
|  **Net Assets** | $**232292135** | $**158438766** | $**86532760** |
|  **Class A** |  |  |  |
|  Net Assets | $76911674 | $84168696 | $45599478 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 8464919 | 2360857 | 2790276 |
|  Net Asset Value, offering price and redemption price per share | $9.09 | $35.65 | $16.34 |
|  Offering Price Per Share (NAV / 0.945) \*(NAV / 0.955) | $9.52 \* | $37.72 | $17.29 |
|  **Class C** |  |  |  |
|  Net Assets | $3127231 | $7947602 | $3347041 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 337183 | 242014 | 218804 |
|  Net Asset Value, offering price and redemption price per share | $9.27 | $32.84 | $15.30 |
|  Minimum Redemption Price Per Share (NAV \* 0.99) | $9.18 | $32.51 | $15.15 |
|  **Class I** |  |  |  |
|  Net Assets | $152253230 | $66322468 | $37586241 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 16741454 | 1828453 | 2295073 |
|  Net Asset Value, offering price and redemption price per share | $9.09 | $36.27 | $16.38 |

---

**STATEMENTS OF ASSETS LIABILITIES** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 52

---

| | | | |
|:---|:---|:---|:---|
|  | **STRATEGIC <br> GROWTH <br> FUND** | **CONSERVATIVE <br> GROWTH <br> FUND** | **GROWTH & <br> INCOME <br> FUND** |
|  **ASSETS:** |  |  |  |
|  Investments, at cost | $508067 | $395913 | $8975814 |
|  Investments in affiliates, at cost | 29283764 | 33285293 | 8730563 |
|  Investments, at value | $508067 | $395913 | $8909018 |
|  Investments in affiliates, at value | 34118513 | 35577044 | 10030502 |
|  Dividends and interest receivable | 2260 | 2022 | 69801 |
|  Receivable for fund shares sold | 653 | 1500 | 8087 |
|  Prepaid expenses and other assets | 13341 | 18810 | 10626 |
| &nbsp;&nbsp;&nbsp; Total Assets | **34642834** | **35995289** | **19028034** |
|  **LIABILITIES:** |  |  |  |
|  Payable for fund shares redeemed | 299 | 4277 | 15338 |
|  Payable to service providers | 14532 | 15593 | 6820 |
|  Accrued advisory fees | 4255 | 4434 | 5099 |
|  Accrued 12b-1 fees | 7273 | 7955 | 3817 |
|  Accrued expenses and other liabilities | 38176 | 34062 | 36343 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | **64535** | **66321** | **67417** |
| &nbsp;&nbsp;&nbsp; Net Assets | $**34578299** | $**35928968** | $**18960617** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid in capital ($0 par value, unlimited shares authorized) | $29595400 | $33417379 | $18653277 |
|  Accumulated earnings (deficit) | 4982899 | 2511589 | 307340 |
|  **Net Assets** | $**34578299** | $**35928968** | $**18960617** |
|  **Class A** |  |  |  |
|  Net Assets | $32825129 | $33424111 | $14222751 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3069151 | 3007347 | 1278384 |
|  Net Asset Value, offering price and redemption price per share | $10.70 | $11.11 | $11.13 |
|  Offering Price Per Share (NAV / 0.945) | $11.32 | $11.76 | $11.78 |
|  **Class C** |  |  |  |
|  Net Assets | $1722406 | $2297396 | $1114098 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 190248 | 240121 | 104650 |
|  Net Asset Value, offering price and redemption price per share | $9.05 | $9.57 | $10.65 |
|  Minimum Redemption Price Per Share (NAV \* 0.99) | $8.96 | $9.47 | $10.54 |
|  **Class I** |  |  |  |
|  Net Assets | $30764 | $207461 | $3623768 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2873 | 18696 | 323033 |
|  Net Asset Value, offering price and redemption price per share | $10.71 | $11.10 | $11.22 |

---

**STATEMENTS OF ASSETS LIABILITIES** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 53

**Section 3 \|** Statements of Operations

FOR THE YEAR ENDED **SEPTEMBER 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL/MID CAP <br> GROWTH <br> FUND** | **INTERNATIONAL<br> FUND** | **LARGE/MID CAP <br> GROWTH <br> FUND** |
|  **Investment Income:** |  |  |  |
|  Interest income | $155899 | $316069 | $407394 |
|  Dividend Income | 681818 | 5114589 | 1641820 |
|  Dividend income from affiliated investments |  |  | 242371 |
|  Foreign tax withheld |  | (832160) | (17891) |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **837717** | **4598498** | **2273694** |
|  **Operating Expenses:** |  |  |  |
|  Investment advisory fees | 667239 | 1854885 | 2026818 |
|  12b-1 Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 116803 | 147309 | 355446 |
| &nbsp;&nbsp;&nbsp; Class C | 29517 | 15664 | 105497 |
|  Administration fees | 251185 | 404320 | 583457 |
|  Non 12b-1 shareholder service fees | 72669 | 153556 | 160830 |
|  Registration fees | 39550 | 47079 | 40120 |
|  Printing expenses | 30592 | 72211 | 83054 |
|  Audit fees | 18730 | 16000 | 19017 |
|  Custody fees | 14016 | 23750 | 25196 |
|  Trustees' fees | 10518 | 14810 | 17736 |
|  Compliance officer fees | 8548 | 18381 | 22707 |
|  Legal fees | 8043 | 21552 | 24962 |
|  Insurance expenses | 730 | 4412 | 3800 |
|  Miscellaneous expenses | 14720 | 3927 | 16450 |
| &nbsp;&nbsp;&nbsp; **Total Operating Expenses** | **1282860** | **2797856** | **3485090** |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor for Affiliated Holdings |  |  | (203639) |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor | (78499) | (185488) | (107246) |
| &nbsp;&nbsp;&nbsp; **Net Operating Expenses** | **1204361** | **2612368** | **3174205** |
|  **Net Investment Income Gain/Loss** | **(366644)** | **1986130** | **(900511)** |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
|  Net realized gain (loss) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | 4456356 | 4300862 | 21057868 |
| &nbsp;&nbsp;&nbsp; affiliated investments |  |  | (1871130) |
| &nbsp;&nbsp;&nbsp; foreign currency transactions |  | (270) | 13 |
| &nbsp;&nbsp;&nbsp; and capital gain dividends from REITs | 27395 |  | 7719 |
|  Net change in unrealized appreciation (depreciation) on  |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | 5000772 | 24452022 | 13370597 |
| &nbsp;&nbsp;&nbsp; affiliated investments |  |  | 3128564 |
| &nbsp;&nbsp;&nbsp; and foreign currency translations |  | (688) | 11 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | **9484523** | **28751926** | **35693642** |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**9117879** | $**30738056** | $**34793131** |

---

**STATEMENTS OF OPERATIONS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 54

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL CAP <br> VALUE <br> FUND** | **LARGE/MID CAP <br> VALUE <br> FUND** | **FIXED <br> INCOME <br> FUND** |
|  **Investment Income:** |  |  |  |
|  Interest income | $129077 | $674476 | $4615822 |
|  Dividend Income | 2522432 | 3718485 |  |
|  Dividend income from affiliated investments | 235072 | 915824 |  |
|  Foreign tax withheld |  | (6403) |  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **2886581** | **5302382** | **4615822** |
|  **Operating Expenses:** |  |  |  |
|  Investment advisory fees | 1527411 | 2753673 | 670109 |
|  12b-1 Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 260812 | 481246 | 185610 |
| &nbsp;&nbsp;&nbsp; Class C | 48050 | 129468 | 51200 |
|  Administration fees | 477366 | 748536 | 292297 |
|  Non 12b-1 shareholder service fees | 126353 | 228412 | 107086 |
|  Registration fees | 42460 | 44185 | 41035 |
|  Printing expenses | 92166 | 111216 | 38714 |
|  Audit fees | 18640 | 16393 | 15827 |
|  Custody fees | 26820 | 34726 | 19073 |
|  Trustees' fees | 13400 | 16479 | 10144 |
|  Compliance officer fees | 16019 | 29302 | 9720 |
|  Legal fees | 24108 | 31916 | 14788 |
|  Insurance expenses | 3514 | 4916 | 3378 |
|  Miscellaneous expenses | 13016 | 4227 | 3154 |
| &nbsp;&nbsp;&nbsp; **Total Operating Expenses** | **2690135** | **4634695** | **1462135** |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor for Affiliated Holdings | (181569) | (442218) |  |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor | (79167) | (296662) | (223370) |
| &nbsp;&nbsp;&nbsp; **Net Operating Expenses** | **2429399** | **3895815** | **1238765** |
|  **Net Investment Income (Loss)** | **457182** | **1406567** | **3377057** |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
|  Net realized gain (loss) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | 6974866 | 31494370 | 210018 |
| &nbsp;&nbsp;&nbsp; affiliated investments |  | (3650212) |  |
| &nbsp;&nbsp;&nbsp; foreign currency transactions |  |  |  |
| &nbsp;&nbsp;&nbsp; and capital gain dividends from REITs | 291495 | 207278 |  |
|  Net change in unrealized appreciation (depreciation) on  |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | (10225450) | (30983735) | (1381697) |
| &nbsp;&nbsp;&nbsp; affiliated investments | 1539204 | 6323777 |  |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | **(1419885)** | **3391478** | **(1171679)** |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(962703)** | $**4798045** | $**2205378** |

---

**STATEMENTS OF OPERATIONS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 55

---

| | | | |
|:---|:---|:---|:---|
|  | **HIGH YIELD <br> BOND <br> FUND** | **ISRAEL <br> COMMON <br> VALUES FUND** | **DEFENSIVE <br> STRATEGIES <br> FUND** |
|  **Investment Income:** |  |  |  |
|  Interest income | $14017152 | $112465 | $474229 |
|  Dividend Income |  | 3157255 | 1115800 |
|  Dividend income from affiliated investments |  |  | 479775 |
|  Foreign tax withheld |  | (717470) | (43508) |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **14017152** | **2552250** | **2026296** |
|  **Operating Expenses:** |  |  |  |
|  Investment advisory fees | 1232209 | 1231992 | 460555 |
|  12b-1 fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 170053 | 162227 | 106021 |
| &nbsp;&nbsp;&nbsp; Class C | 28337 | 63675 | 31566 |
|  Administration fees | 477695 | 280969 | 200165 |
|  Non 12b-1 shareholder service fees | 221430 | 90798 | 49100 |
|  Registration fees | 62485 | 38620 | 43305 |
|  Printing expenses | 62555 | 44081 | 22944 |
|  Audit fees | 15518 | 15959 | 17713 |
|  Custody fees | 15447 | 74131 | 43745 |
|  Trustees' fees | 10581 |  | 2703 |
|  Compliance officer fees | 18073 | 7408 | 7642 |
|  Legal fees | 19355 | 15672 | 11493 |
|  Insurance expenses | 2679 | 2112 | 1440 |
|  Miscellaneous expenses | 4237 | 636 | 49 |
| &nbsp;&nbsp;&nbsp; **Total Operating Expenses** | **2340654** | **2028280** | **998441** |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor for Affiliated Holdings |  |  | (60671) |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor | (205368) |  | (33324) |
| &nbsp;&nbsp;&nbsp; **Net Operating Expenses** | **2135286** | **2028280** | **904446** |
|  **Net Investment Income (Loss)**  | **11881866** | **523970** | **1121850** |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
|  Net realized gain (loss) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | 506596 | 3461767 | (303616) |
| &nbsp;&nbsp;&nbsp; affiliated investments |  |  | (411319) |
| &nbsp;&nbsp;&nbsp; foreign currency transactions | 2 | (6903) | 6793 |
| &nbsp;&nbsp;&nbsp; and capital gain dividends from REITs |  |  | 76377 |
|  Net change in unrealized appreciation (depreciation) on  |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | (225407) | 57542316 | 1974109 |
| &nbsp;&nbsp;&nbsp; affiliated investments |  |  | 580617 |
| &nbsp;&nbsp;&nbsp; alternative investments |  |  | 7510507 |
| &nbsp;&nbsp;&nbsp; and foreign currency translations |  | 380 | (9983) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | **281191** | **60997560** | **9423485** |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**12163057** | $**61521530** | $**10545335** |

---

**STATEMENTS OF OPERATIONS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 56

---

| | | | |
|:---|:---|:---|:---|
|  | **STRATEGIC <br> GROWTH <br> FUND** | **CONSERVATIVE <br> GROWTH <br> FUND** | **GROWTH & <br> INCOME <br> FUND** |
|  **Investment Income:** |  |  |  |
|  Interest income | $31594 | $28586 | $398401 |
|  Dividend income from affiliated investments | 710649 | 867109 | 206750 |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **742243** | **895695** | **605151** |
|  **Operating Expenses:** |  |  |  |
|  Investment advisory fees | 50027 | 53786 | 157168 |
|  12b-1 fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 78723 | 83049 | 34910 |
| &nbsp;&nbsp;&nbsp; Class C | 13794 | 18565 | 11085 |
|  Administration fees | 108382 | 107384 | 101140 |
|  Non 12b-1 shareholder service fees | 8663 | 13130 | 12938 |
|  Registration fees | 19373 | 16419 | 24770 |
|  Printing expenses | 10359 | 7013 | 2047 |
|  Audit fees | 17984 | 18062 | 16398 |
|  Custody fees | 4357 | 1935 | 6478 |
|  Trustees' fees |  | 2300 |  |
|  Compliance officer fees | 3534 | 6641 | 1479 |
|  Legal fees | 4333 | 2803 | 702 |
|  Insurance expenses | 365 | 365 | 365 |
|  Miscellaneous expenses | 3065 | 2542 | 16051 |
| &nbsp;&nbsp;&nbsp; **Total Operating Expenses** | **322959** | **333994** | **385531** |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor for Affiliated Holdings |  |  | (81297) |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor |  |  | (13389) |
| &nbsp;&nbsp;&nbsp; **Net Operating Expenses** | **322959** | **333994** | **290845** |
|  **Net Investment Income (Loss)**  | **419284** | **561701** | **314306** |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
|  Net realized gain (loss) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments |  |  | (955) |
| &nbsp;&nbsp;&nbsp; affiliated investments | (197912) | (23834) | (752013) |
| &nbsp;&nbsp;&nbsp; and foreign currency transactions |  |  |  |
|  Net change in unrealized appreciation (depreciation) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments |  |  | (140727) |
| &nbsp;&nbsp;&nbsp; and affiliated investments | 2634832 | 1710775 | 1157610 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | **2436920** | **1686941** | **263915** |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**2856204** | $**2248642** | $**578221** |

---

**STATEMENTS OF OPERATIONS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 57

**Section 4 \|** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **International Fund** | **International Fund** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(366644) | $(284684) | $1986130 | $1230093 |
|  Net realized gain (loss) from investments and foreign currency transactions | 4456356 | 7994387 | 4300592 | (258128) |
|  Capital gain dividends from REITs | 27395 | 27395 |  |  |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 5000772 | 11837127 | 24451334 | 39630798 |
|  **Net increase (decrease) in net assets resulting from operations** | **9117879** | **19574225** | **30738056** | **40602763** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (3778936) | (1126332) | (563748) | (594610) |
| &nbsp;&nbsp;&nbsp; Class C | (334330) | (96042) | (3228) | (3064) |
| &nbsp;&nbsp;&nbsp; Class I | (2239469) | (626048) | (1494391) | (1373863) |
|  **Total dividends and distributions to shareholders** | **(6352735)** | **(1848422)** | **(2061367)** | **(1971537)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 8346869 | 6898652 | 5481721 | 4816314 |
| &nbsp;&nbsp;&nbsp; Class C | 709271 | 674611 | 202957 | 282903 |
| &nbsp;&nbsp;&nbsp; Class I | 23460439 | 64434899 | 44943812 | 41113777 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 3639754 | 1088816 | 522373 | 533705 |
| &nbsp;&nbsp;&nbsp; Class C | 333484 | 95775 | 3161 | 3038 |
| &nbsp;&nbsp;&nbsp; Class I | 2068072 | 600916 | 1211236 | 1085333 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (7304019) | (6781266) | (7100009) | (17274527) |
| &nbsp;&nbsp;&nbsp; Class C | (845090) | (1028052) | (460303) | (821750) |
| &nbsp;&nbsp;&nbsp; Class I | (17622915) | (54058453) | (47338522) | (48184909) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **12785865** | **11925898** | **(2533574)** | **(18446116)** |
|  **Total Increase (Decrease) in Net Assets** | **15551009** | **29651701** | **26143115** | **20185110** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 72026174 | 42374473 | 182644980 | 162459870 |
| &nbsp;&nbsp;&nbsp; **End of year** | $**87577183** | $**72026174** | $**208788095** | $**182644980** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 671584 | 587191 | 400255 | 395030 |
| &nbsp;&nbsp;&nbsp; Class C | 80668 | 77073 | 15350 | 24076 |
| &nbsp;&nbsp;&nbsp; Class I | 1793419 | 5379082 | 3269486 | 3337117 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 278695 | 106642 | 39786 | 46330 |
| &nbsp;&nbsp;&nbsp; Class C | 36091 | 12787 | 250 | 274 |
| &nbsp;&nbsp;&nbsp; Class I | 152513 | 56905 | 92039 | 93968 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (590474) | (590220) | (518551) | (1452813) |
| &nbsp;&nbsp;&nbsp; Class C | (99013) | (125328) | (35250) | (71406) |
| &nbsp;&nbsp;&nbsp; Class I | (1408161) | (4537151) | (3451840) | (3926664) |
|  Net increase (decrease) in shares of beneficial interest outstanding | 915322 | 966981 | (188475) | (1554088) |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 58

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large/Mid Cap Growth Fund** | **Large/Mid Cap Growth Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(900511) | $(97545) | $457182 | $1115565 |
|  Net realized gain (loss) from investments, affiliated investments and foreign currency transactions | 19186751 | 16926978 | 6974866 | 10692134 |
|  Capital gain dividends from REITs | 7719 | 35373 | 291495 | 230951 |
|  Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 16499172 | 38101444 | (8686246) | 27258589 |
|  **Net increase (decrease) in net assets resulting from operations** | **34793131** | **54966250** | **(962703)** | **39297239** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (8946601) | (6001965) | (6234674) | (4172819) |
| &nbsp;&nbsp;&nbsp; Class C | (965010) | (726774) | (459154) | (338255) |
| &nbsp;&nbsp;&nbsp; Class I | (5072944) | (2852544) | (4645545) | (2830140) |
|  **Total dividends and distributions to shareholders** | **(14984555)** | **(9581283)** | **(11339373)** | **(7341214)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 23633826 | 20939680 | 7162854 | 8260717 |
| &nbsp;&nbsp;&nbsp; Class C | 2091101 | 1521435 | 781860 | 740974 |
| &nbsp;&nbsp;&nbsp; Class I | 54779334 | 38577219 | 20359128 | 28458185 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 8705071 | 5826879 | 6084230 | 4069229 |
| &nbsp;&nbsp;&nbsp; Class C | 951239 | 712715 | 451778 | 330170 |
| &nbsp;&nbsp;&nbsp; Class I | 4758080 | 2617058 | 4393704 | 2697660 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (17247974) | (17293754) | (12940698) | (16523668) |
| &nbsp;&nbsp;&nbsp; Class C | (2192313) | (3905905) | (1361589) | (3193778) |
| &nbsp;&nbsp;&nbsp; Class I | (28475611) | (26810225) | (34708254) | (31464693) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **47002753** | **22185102** | **(9776987)** | **(6625204)** |
|  **Total Increase (Decrease) in Net Assets** | **66811329** | **67570069** | **(22079063)** | **25330821** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 216606938 | 149036869 | 195874164 | 170543343 |
| &nbsp;&nbsp;&nbsp; **End of year** | $**283418267** | $**216606938** | $**173795101** | $**195874164** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 1801976 | 1760356 | 384196 | 437992 |
| &nbsp;&nbsp;&nbsp; Class C | 231907 | 178914 | 72992 | 66947 |
| &nbsp;&nbsp;&nbsp; Class I | 3950322 | 3098822 | 1056691 | 1498733 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 656990 | 543555 | 299421 | 227968 |
| &nbsp;&nbsp;&nbsp; Class C | 104877 | 93778 | 39149 | 31236 |
| &nbsp;&nbsp;&nbsp; Class I | 345540 | 235559 | 212051 | 148468 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (1316023) | (1436887) | (683943) | (878265) |
| &nbsp;&nbsp;&nbsp; Class C | (246571) | (472074) | (126350) | (285035) |
| &nbsp;&nbsp;&nbsp; Class I | (2117567) | (2191203) | (1812032) | (1671044) |
|  Net increase (decrease) in shares of beneficial interest outstanding | 3411451 | 1810820 | (557825) | (423000) |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 59

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large/Mid Cap Value Fund** | **Large/Mid Cap Value Fund** | **Fixed Income Fund** | **Fixed Income Fund** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $1406567 | $2008105 | $3377057 | $3228400 |
|  Net realized gain (loss) from investments, affiliated investments and foreign currency transactions | 27844158 | 34195417 | 210018 | (3523451) |
|  Capital gain dividends from REITs | 207278 | 11394 |  |  |
|  Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | (24659958) | 43632622 | (1381697) | 11218868 |
|  **Net increase (decrease) in net assets resulting from operations** | **4798045** | **79847538** | **2205378** | **10923817** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (17426783) | (1533935) | (2285589) | (2053790) |
| &nbsp;&nbsp;&nbsp; Class C | (1563250) | (74122) | (123450) | (131860) |
| &nbsp;&nbsp;&nbsp; Class I | (12725668) | (1280169) | (1100930) | (994719) |
|  **Total dividends and distributions to shareholders** | **(31715701)** | **(2888226)** | **(3509969)** | **(3180369)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 18500346 | 21410460 | 8785914 | 15332680 |
| &nbsp;&nbsp;&nbsp; Class C | 2371250 | 2236488 | 677938 | 585740 |
| &nbsp;&nbsp;&nbsp; Class I | 45098269 | 47999136 | 11476813 | 16173028 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 16834598 | 1478791 | 2117444 | 1833239 |
| &nbsp;&nbsp;&nbsp; Class C | 1542771 | 72383 | 103909 | 105049 |
| &nbsp;&nbsp;&nbsp; Class I | 12123558 | 1181987 | 905262 | 827734 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (25915332) | (29812138) | (10995457) | (15739938) |
| &nbsp;&nbsp;&nbsp; Class C | (3274872) | (6994515) | (1954544) | (2957491) |
| &nbsp;&nbsp;&nbsp; Class I | (64557910) | (44841279) | (13378781) | (11819275) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **2722678** | **(7268687)** | **(2261502)** | **4340766** |
|  **Total Increase (Decrease) in Net Assets** | **(24194978)** | **69690625** | **(3566093)** | **12084214** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 354857874 | 285167249 | 115024650 | 102940436 |
| &nbsp;&nbsp;&nbsp; **End of year** | $**330662896** | $**354857874** | $**111458557** | $**115024650** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 779601 | 922042 | 972484 | 1703628 |
| &nbsp;&nbsp;&nbsp; Class C | 147657 | 137591 | 78270 | 68198 |
| &nbsp;&nbsp;&nbsp; Class I | 1867345 | 2054807 | 1277687 | 1813310 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 717587 | 69135 | 232252 | 201491 |
| &nbsp;&nbsp;&nbsp; Class C | 96303 | 4753 | 11922 | 12059 |
| &nbsp;&nbsp;&nbsp; Class I | 509607 | 54570 | 100286 | 91906 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (1100831) | (1275210) | (1209422) | (1748813) |
| &nbsp;&nbsp;&nbsp; Class C | (202165) | (439030) | (225417) | (340496) |
| &nbsp;&nbsp;&nbsp; Class I | (2739905) | (1904213) | (1490884) | (1323075) |
|  Net increase (decrease) in shares of beneficial interest outstanding | 75199 | (375555) | (252822) | 478208 |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 60

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Bond Fund** | **High Yield Bond Fund** | **Israel Common Values Fund** | **Israel Common Values Fund** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $11881866 | $10640462 | $523970 | $833108 |
|  Net realized gain (loss) from investments and foreign currency transactions | 506598 | (4306843) | 3454864 | (1357269) |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (225407) | 18123363 | 57542696 | 13541134 |
|  **Net increase (decrease) in net assets resulting from operations** | **12163057** | **24456982** | **61521530** | **13016973** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (3734976) | (3512305) | (566636) |  |
| &nbsp;&nbsp;&nbsp; Class C | (131779) | (112492) | (17043) |  |
| &nbsp;&nbsp;&nbsp; Class I | (8050590) | (6869832) | (572074) | (39507) |
|  **Total dividends and distributions to shareholders** | **(11917345)** | **(10494629)** | **(1155753)** | **(39507)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 22818278 | 14807399 | 9466129 | 10189271 |
| &nbsp;&nbsp;&nbsp; Class C | 912035 | 542162 | 1183850 | 649800 |
| &nbsp;&nbsp;&nbsp; Class I | 161132777 | 124189467 | 14459008 | 12689327 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 3362257 | 3118565 | 497016 |  |
| &nbsp;&nbsp;&nbsp; Class C | 127899 | 110040 | 15887 |  |
| &nbsp;&nbsp;&nbsp; Class I | 6761439 | 5680419 | 485633 | 34442 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (13980101) | (15652928) | (9133371) | (12147547) |
| &nbsp;&nbsp;&nbsp; Class C | (399217) | (950350) | (2099256) | (3760290) |
| &nbsp;&nbsp;&nbsp; Class I | (131521976) | (95496352) | (16779786) | (16175892) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **49213391** | **36348422** | **(1904890)** | **(8520889)** |
|  **Total Increase (Decrease) in Net Assets** | **49459103** | **50310775** | **58460887** | **4456577** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 182833032 | 132522257 | 99977879 | 95521302 |
| &nbsp;&nbsp;&nbsp; **End of year** | $**232292135** | $**182833032** | $**158438766** | $**99977879** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 2530945 | 1712026 | 329173 | 511613 |
| &nbsp;&nbsp;&nbsp; Class C | 99301 | 60637 | 43255 | 34976 |
| &nbsp;&nbsp;&nbsp; Class I | 17946304 | 14300186 | 510825 | 628405 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 373909 | 354236 | 19707 |  |
| &nbsp;&nbsp;&nbsp; Class C | 13945 | 12246 | 680 |  |
| &nbsp;&nbsp;&nbsp; Class I | 751690 | 645045 | 18963 | 1740 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (1554069) | (1782840) | (327563) | (602039) |
| &nbsp;&nbsp;&nbsp; Class C | (43535) | (107132) | (85348) | (202322) |
| &nbsp;&nbsp;&nbsp; Class I | (14764056) | (10916692) | (613078) | (776417) |
|  Net increase (decrease) in shares of beneficial interest outstanding | 5354434 | 4277712 | (103386) | (404044) |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 61

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Strategies Fund** | **Defensive Strategies Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $1121850 | $1407830 | $419284 | $637273 |
|  Net realized gain (loss) from investments, affiliated investments and foreign currency transactions | (708142) | 243076 | (197912) | 370188 |
|  Capital gain dividends from affiliated funds |  | 375501 |  | 124146 |
|  Capital gain dividends from REITs | 76377 | 77654 |  |  |
|  Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 10055250 | 8970541 | 2634832 | 4111426 |
|  **Net increase (decrease) in net assets resulting from operations** | **10545335** | **11074602** | **2856204** | **5243033** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (1105695) | (998781) | (988639) | (498218) |
| &nbsp;&nbsp;&nbsp; Class C | (64638) | (48377) | (61964) | (23165) |
| &nbsp;&nbsp;&nbsp; Class I | (847209) | (704021) | (603) | 0 <sup>(a)</sup> |
|  **Total dividends and distributions to shareholders** | **(2017542)** | **(1751179)** | **(1051206)** | **(521383)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 4533644 | 6419448 | 2759494 | 2655271 |
| &nbsp;&nbsp;&nbsp; Class C | 441094 | 286819 | 251182 | 186455 |
| &nbsp;&nbsp;&nbsp; Class I | 12993688 | 11183629 | 10151 | 17000 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 946471 | 869149 | 958098 | 482302 |
| &nbsp;&nbsp;&nbsp; Class C | 61515 | 45507 | 61199 | 22701 |
| &nbsp;&nbsp;&nbsp; Class I | 752577 | 649838 | 603 | 0 <sup>(a)</sup> |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (7665836) | (9073954) | (4391491) | (5701485) |
| &nbsp;&nbsp;&nbsp; Class C | (750619) | (1615017) | (633598) | (1258361) |
| &nbsp;&nbsp;&nbsp; Class I | (12638170) | (9274279) |  |  |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(1325636)** | **(508860)** | **(984362)** | **(3596117)** |
|  **Total Increase (Decrease) in Net Assets** | **7202157** | **8814563** | **820636** | **1125533** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 79330603 | 70516040 | 33757663 | 32632130 |
| &nbsp;&nbsp;&nbsp; **End of year** | $**86532760** | $**79330603** | $**34578299** | $**33757663** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 304890 | 479122 | 279172 | 288442 |
| &nbsp;&nbsp;&nbsp; Class C | 31682 | 22514 | 29960 | 23777 |
| &nbsp;&nbsp;&nbsp; Class I | 874524 | 831142 | 1049 | 1760 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 66747 | 66652 | 97964 | 53649 |
| &nbsp;&nbsp;&nbsp; Class C | 4607 | 3699 | 7364 | 2956 |
| &nbsp;&nbsp;&nbsp; Class I | 53073 | 49834 | 62 | 0 <sup>(b)</sup> |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (520257) | (674972) | (441177) | (612136) |
| &nbsp;&nbsp;&nbsp; Class C | (54066) | (128377) | (75584) | (159863) |
| &nbsp;&nbsp;&nbsp; Class I | (866641) | (689721) |  |  |
|  Net increase (decrease) in shares of beneficial interest outstanding | (105441) | (40107) | (101190) | (401415) |

---

<sup>(a)</sup> Less than $1. 

<sup>(b)</sup> Less than 1 share.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 62

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative Growth Fund** | **Conservative Growth Fund** | **Growth & Income Fund** | **Growth & Income Fund** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $561701 | $782849 | $314306 | $334351 |
|  Net realized gain (loss) from investments, affiliated investments and foreign currency transactions | (23834) | 216684 | (752968) | 23842 |
|  Capital gain dividends from affiliated funds |  | 147113 |  |  |
|  Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 1710775 | 4036348 | 1016883 | 1920504 |
|  **Net increase (decrease) in net assets resulting from operations** | **2248642** | **5182994** | **578221** | **2278697** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (1125403) | (592194) | (245841) | (319139) |
| &nbsp;&nbsp;&nbsp; Class C | (90230) | (35028) | (12312) | (21089) |
| &nbsp;&nbsp;&nbsp; Class I | (4596) | 0 <sup>(a)</sup> | (67167) | (84722) |
|  **Total dividends and distributions to shareholders** | **(1220229)** | **(627222)** | **(325320)** | **(424950)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 1896934 | 2723395 | 1330179 | 2337063 |
| &nbsp;&nbsp;&nbsp; Class C | 248901 | 242896 | 218470 | 136292 |
| &nbsp;&nbsp;&nbsp; Class I | 58527 | 124054 | 1038722 | 1166692 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 1085370 | 569811 | 233689 | 302558 |
| &nbsp;&nbsp;&nbsp; Class C | 88064 | 33144 | 12308 | 21038 |
| &nbsp;&nbsp;&nbsp; Class I | 4596 | 0 <sup>(a)</sup> | 63660 | 80781 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (6021319) | (7220915) | (1749170) | (2520821) |
| &nbsp;&nbsp;&nbsp; Class C | (979185) | (1266967) | (269372) | (814601) |
| &nbsp;&nbsp;&nbsp; Class I | (50) |  | (1239131) | (1288559) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(3618162)** | **(4794582)** | **(360645)** | **(579557)** |
|  **Total Increase (Decrease) in Net Assets** | **(2589749)** | **(238810)** | **(107744)** | **1274190** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 38518717 | 38757527 | 19068361 | 17794171 |
| &nbsp;&nbsp;&nbsp; **End of year** | $**35928968** | $**38518717** | $**18960617** | $**19068361** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 180041 | 273121 | 123172 | 170280 |
| &nbsp;&nbsp;&nbsp; Class C | 26932 | 28153 | 21089 | 42270 |
| &nbsp;&nbsp;&nbsp; Class I | 6031 | 12221 | 95560 | 234320 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 105171 | 58562 | 21473 | 89873 |
| &nbsp;&nbsp;&nbsp; Class C | 9873 | 3922 | 1182 | 13480 |
| &nbsp;&nbsp;&nbsp; Class I | 447 | 0 <sup>(b)</sup> | 5799 | 26024 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (576659) | (725537) | (161724) | (210706) |
| &nbsp;&nbsp;&nbsp; Class C | (107944) | (147174) | (25901) | (68334) |
| &nbsp;&nbsp;&nbsp; Class I | (5) |  | (112813) | (213605) |
|  Net increase (decrease) in shares of beneficial interest outstanding | (356113) | (496732) | (32163) | 83602 |

---

<sup>(a)</sup> Less than $1. 

<sup>(b)</sup> Less than 1 share.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 63

**Section 5 \|** Financial Highlights

**Small/Mid Cap Growth Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $13.30 | $9.62 | $8.42 | $12.53 | $9.92 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment loss (A) | (0.07) | (0.06) | (0.03) | (0.09) | (0.14) |
|  Net realized and unrealized gain (loss) on investments | 1.66 | 4.07 | 1.50 | (2.95) | 3.39 |
|  Total from investment operations | 1.59 | 4.01 | 1.47 | (3.04) | 3.25 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.02) |  |  |  |  |
|  From net realized gains on investments | (1.06) | (0.33) | (0.27) | (1.07) | (0.64) |
|  Total distributions | (1.08) | (0.33) | (0.27) | (1.07) | (0.64) |
|  Net asset value, end of year | $13.81 | $13.30 | $9.62 | $8.42 | $12.53 |
|  Total return (B)(C) | 12.46% | 42.75% | 17.59% | (26.66)% | 33.89% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $52453 | $45754 | $32076 | $27983 | $37917 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.70% | 1.58% | 1.58% | 1.62% | 1.60% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.60% | 1.48% | 1.48 %(E) | 1.52% | 1.50% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement | (0.63)% | (0.61)% | (0.38)% | (1.00)% | (1.30)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (D) | (0.53)% | (0.51)% | (0.28)%(E) | (0.90)% | (1.20)% |
|  Portfolio turnover rate | 74% | 95% | 67% | 46% | 74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.03%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 64

**Small/Mid Cap Growth Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $9.70 | $7.14 | $6.36 | $9.79 | $7.93 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment loss (A) | (0.11) | (0.11) | (0.07) | (0.13) | (0.18) |
|  Net realized and unrealized gain (loss) on investments | 1.19 | 3.00 | 1.12 | (2.23) | 2.68 |
|  Total from investment operations | 1.08 | 2.89 | 1.05 | (2.36) | 2.50 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net realized gains on investments | (1.06) | (0.33) | (0.27) | (1.07) | (0.64) |
|  Total distributions | (1.06) | (0.33) | (0.27) | (1.07) | (0.64) |
|  Net asset value, end of year | $9.72 | $9.70 | $7.14 | $6.36 | $9.79 |
|  Total return (B)(C) | 11.66% | 41.88% | 16.66% | (27.23)% | 32.87% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $3182 | $3004 | $2466 | $2150 | $2877 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 2.45% | 2.33% | 2.33% | 2.37% | 2.35% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 2.35% | 2.23% | 2.23 %(E) | 2.27% | 2.25% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement | (1.38)% | (1.36)% | (1.13)% | (1.75)% | (2.05)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (D) | (1.28)% | (1.26)% | (1.03)%(E) | (1.65)% | (1.95)% |
|  Portfolio turnover rate | 74% | 95% | 67% | 46% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.03%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 65

**Small/Mid Cap Growth Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $13.79 | $9.93 | $8.67 | $12.84 | $10.13 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment loss (A) | (0.04) | (0.03) | (0.00) | (0.09) | (0.12) |
|  Net realized and unrealized gain (loss) on investments | 1.73 | 4.22 | 1.53 | (3.01) | 3.47 |
|  Total from investment operations | 1.69 | 4.19 | 1.53 | (3.10) | 3.35 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.06) |  |  |  |  |
|  From net realized gains on investments | (1.06) | (0.33) | (0.27 | (1.07) | (0.64) |
|  Total distributions | (1.12) | (0.33) | (0.27 | (1.07) | (0.64) |
|  Net asset value, end of year | $14.36 | $13.79 | $9.93 | $8.67 | $12.84 |
|  Total return (B) | 12.70% | 43.24% | 17.78 | (26.48)% | 34.19% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $31943 | $23269 | $7833 | $4586 | $12104 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.45% | 1.33% | 1.33 | 1.44% | 1.35% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C) | 1.35% | 1.23% | 1.23 | 1.34% | 1.25% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement | (0.38)% | (0.34)% | (0.13) | (0.85)% | (1.05)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (C) | (0.28)% | (0.24)% | (0.03) | (0.75)% | (0.95)% |
|  Portfolio turnover rate | 74% | 95% | 67 | 46% | 56% |

---

\* Amount is less than $0.005 per share. 

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.03%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 66

**International Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $13.65 | $10.88 | $9.16 | $12.84 | $9.92 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.12 | 0.07 | 0.09 | 0.10 | 0.02 |
|  Net realized and unrealized gain (loss) on investments | 2.19 | 2.82 | 1.68 | (3.72) | 2.90 |
|  Total from investment operations | 2.31 | 2.89 | 1.77 | (3.62) | 2.92 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.13) | (0.12) | (0.05) | (0.06) |  |
|  Total distributions | (0.13) | (0.12) | (0.05) | (0.06) |  |
|  Net asset value, end of year | $15.83 | $13.65 | $10.88 | $9.16 | $12.84 |
|  Total return (B)(C) | 17.12% | 26.74% | 19.31% | (28.33)% | 29.44% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $66864 | $58745 | $57824 | $45524 | $61220 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.67% | 1.67% | 1.64% | 1.72% | 1.63% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.57 %(G) | 1.59 %(E) | 1.59 %(F) | 1.67% | 1.58% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 0.79% | 0.49% | 0.76% | 0.79% | 0.13% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 0.89 %(G) | 0.57 %(E) | 0.81 %(F) | 0.84% | 0.18% |
|  Portfolio turnover rate | 16% | 18% | 20% | 7% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period February
 1, 2024 through September 30, 2024 the voluntary waiver was 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the year ended September
 30, 2025 the voluntary waiver was 0.05%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 67

**International Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $13.06 | $10.40 | $8.78 | $12.35 | $9.62 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.02 | (0.02) | 0.01 | 0.00 \* | (0.07) |
|  Net realized and unrealized gain (loss) on investments | 2.10 | 2.70 | 1.61 | (3.57) | 2.80 |
|  Total from investment operations | 2.12 | 2.68 | 1.62 | (3.57) | 2.73 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.03) | (0.02) |  |  |  |
|  Total distributions | (0.03) | (0.02) |  |  |  |
|  Net asset value, end of year | $15.15 | $13.06 | $10.40 | $8.78 | $12.35 |
|  Total return (B)(C) | 16.24% | 25.81% | 18.45% | (28.91)% | 28.38% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $1671 | $1697 | $1841 | $1492 | $2337 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 2.42% | 2.42% | 2.39% | 2.47% | 2.38% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 2.32 %(G) | 2.34 %(E) | 2.34 %(F) | 2.42% | 2.33% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement | 0.04% | (0.25)% | 0.02% | 0.00 %# | (0.65)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D) | 0.14 %(G) | (0.17)%(E) | 0.07 %(F) | 0.05% | (0.60)% |
|  Portfolio turnover rate | 16% | 18% | 20% | 7% | 17% |

---

\* Amount is less than $0.005 per share. 

# Amount is less than 0.005%. 

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period February
 1, 2024 through September 30, 2024 the voluntary waiver was 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the year ended September
 30, 2025 the voluntary waiver was 0.05%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 68

**International Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $13.71 | $10.92 | $9.19 | $12.89 | $9.94 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.16 | 0.10 | 0.12 | 0.13 | 0.06 |
|  Net realized and unrealized gain (loss) on investments | 2.18 | 2.84 | 1.69 | (3.74) | 2.89 |
|  Total from investment operations | 2.34 | 2.94 | 1.81 | (3.61) | 2.95 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.16) | (0.15) | (0.08) | (0.09) |  |
|  Total distributions | (0.16) | (0.15) | (0.08) | (0.09) |  |
|  Net asset value, end of year | $15.89 | $13.71 | $10.92 | $9.19 | $12.89 |
|  Total return (B) | 17.34% | 27.13% | 19.66% | (28.20)% | 29.68% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $140253 | $122203 | $102795 | $69570 | $72957 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.42% | 1.42% | 1.39% | 1.47% | 1.38% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C) | 1.32 %(F) | 1.34 %(D) | 1.34 %(E) | 1.42% | 1.33% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 1.04% | 0.73% | 1.03% | 1.13% | 0.45% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C) | 1.14 %(F) | 0.81 %(D) | 1.08 %(E) | 1.18% | 0.50% |
|  Portfolio turnover rate | 16% | 18% | 20% | 7% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) For the period February
 1, 2024 through September 30, 2024 the voluntary waiver was 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the year ended September
 30, 2025 the voluntary waiver was 0.05%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 69

**Large/Mid Cap Growth Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $13.38 | $10.43 | $9.65 | $12.61 | $9.77 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | (0.06) | (0.01) | 0.01 | (0.04) | (0.07) |
|  Net realized and unrealized gain (loss) on investments | 1.99 | 3.62 | 1.76 | (2.12) | 3.10 |
|  Total from investment operations | 1.93 | 3.61 | 1.77 | (2.16) | 3.03 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.00) |  |  |  |  |
|  From net realized gains on investments | (0.89 | (0.66) | (0.99) | (0.80) | (0.19) |
|  Total distributions | (0.89 | (0.66) | (0.99) | (0.80) | (0.19) |
|  Net asset value, end of year | $14.42 | $13.38 | $10.43 | $9.65 | $12.61 |
|  Total return (B)(C) | 15.01 | 36.13% | 18.83% | (18.74)% | 31.32% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | 159125 | 132332 | 94109 | 82627 | $96378 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 1.51 | 1.41% | 1.48% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 1.38 | 1.27% | 1.29 %(G) | 1.30% | 1.39% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement (E) | (0.55) | (0.21)% | (0.11)% | (0.55)% | (0.71)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D)(E)(F) | (0.42) | (0.08)% | 0.07 %(G) | (0.35)% | (0.60)% |
|  Portfolio turnover rate | 40 | 53% | 39% | 35% | 22% |

---

\* Amount is less than $0.005 per share. 

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.*

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 70

**Large/Mid Cap Growth Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $9.43 | $7.58 | $7.31 | $9.79 | $7.68 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment loss (A) | (0.11) | (0.07) | (0.05) | (0.10) | (0.12) |
|  Net realized and unrealized gain (loss) on investments | 1.38 | 2.58 | 1.31 | (1.58) | 2.42 |
|  Total from investment operations | 1.27 | 2.51 | 1.26 | (1.68) | 2.30 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net realized gains on investments | (0.89) | (0.66) | (0.99) | (0.80) | (0.19) |
|  Total distributions | (0.89) | (0.66) | (0.99) | (0.80) | (0.19) |
|  Net asset value, end of year | $9.81 | $9.43 | $7.58 | $7.31 | $9.79 |
|  Total return (B)(C) | 14.24% | 35.14% | 17.79% | (19.27)% | 30.32% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | 11614 | 10312 | 9802 | 8577 | $10845 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 2.26% | 2.16% | 2.21% | 2.25% | 2.25% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 2.13% | 2.02% | 2.04 %(G) | 2.05% | 2.14% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement (E) | (1.30)% | (0.96)% | (0.85)% | (1.30)% | (1.46)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (D)(E)(F) | (1.17)% | (0.82)% | (0.68)%(G) | (1.10)% | (1.35)% |
|  Portfolio turnover rate | 40% | 53% | 39% | 35% | 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.*

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 71

**Large/Mid Cap Growth Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $13.89 | $10.79 | $9.94 | $12.93 | $9.99 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | (0.02) | 0.02 | 0.03 | (0.01) | (0.04) |
|  Net realized and unrealized gain (loss) on investments | 2.07 | 3.75 | 1.81 | (2.18) | 3.17 |
|  Total from investment operations | 2.05 | 3.77 | 1.84 | (2.19) | 3.13 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.03) | (0.01) |  |  |  |
|  From net realized gains on investments | (0.89) | (0.66) | (0.99) | (0.80) | (0.19) |
|  Total distributions | (0.92) | (0.67) | (0.99) | (0.80) | (0.19) |
|  Net asset value, end of year | $15.02 | $13.89 | $10.79 | $9.94 | $12.93 |
|  Total return (B) | 15.34% | 36.49% | 19.01% | (18.50)% | 31.64% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | 112679 | 73963 | 45126 | 21966 | $27220 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.26% | 1.16% | 1.21% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C)(D) | 1.13% | 1.02% | 1.04 %(F) | 1.05% | 1.14% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement (D) | (0.30)% | 0.03% | 0.13% | (0.30)% | (0.45)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (C)(D)(E) | (0.17)% | 0.17% | 0.31 %(F) | (0.10)% | (0.34)% |
|  Portfolio turnover rate | 40% | 53% | 39% | 35% | 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) These ratios exclude the
 impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Recognition of net investment
 income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the
 Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.06%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 72

**Small Cap Value Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $20.63 | $17.32 | $15.98 | $21.35 | $14.16 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.03 | 0.10 | 0.16 | 0.09 | 0.12 |
|  Net realized and unrealized gain (loss) on investments | (0.02) | 3.97 | 2.32 | (3.50) | 7.10 |
|  Total from investment operations | 0.01 | 4.07 | 2.48 | (3.41) | 7.22 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.11) | (0.15) | (0.07) | (0.08) | (0.03) |
|  From net realized gains on investments | (1.06) | (0.61) | (1.07) | (1.88) |  |
|  Total distributions | (1.17) | (0.76) | (1.14) | (1.96) | (0.03) |
|  Net asset value, end of year | $19.47 | $20.63 | $17.32 | $15.98 | $21.35 |
|  Total return (B)(C) | (0.17)% | 24.15% | 15.45% | (17.84)% | 51.03% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $104772 | $111015 | $96865 | $88234 | $105800 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 1.57% | 1.46% | 1.47% | 1.50% | 1.46% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 1.43% | 1.33% | 1.32 %(G) | 1.34% | 1.34% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E) | 0.03% | 0.40% | 0.74% | 0.30% | 0.50% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E)(F) | 0.17% | 0.53% | 0.89 %(G) | 0.46% | 0.62% |
|  Portfolio turnover rate | 56% | 50% | 55% | 49% | 61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.05%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 73

**Small Cap Value Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $12.15 | $10.48 | $10.06 | $14.16 | $9.45 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | (0.05) | (0.02) | 0.01 | (0.04) | (0.02) |
|  Net realized and unrealized gain (loss) on investments | (0.01) | 2.36 | 1.48 | (2.18) | 4.73 |
|  Total from investment operations | (0.06) | 2.34 | 1.49 | (2.22) | 4.71 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.03) | (0.06) |  |  |  |
|  From net realized gains on investments | (1.06) | (0.61) | (1.07 | (1.88) |  |
|  Total distributions | (1.09) | (0.67) | (1.07 | (1.88) |  |
|  Net asset value, end of year | $11.00 | $12.15 | $10.48 | $10.06 | $14.16 |
|  Total return (B)(C) | (0.93)% | 23.28% | 14.61 | (18.44)% | 49.84% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $4612 | $5266 | $6502 | $5747 | $7293 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 2.32% | 2.21% | 2.22 | 2.25% | 2.21% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 2.18% | 2.08% | 2.07 | 2.09% | 2.09% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement (E) | (0.72)% | (0.30)% | 0.00 | (0.46)% | (0.26)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D)(E)(F) | (0.58)% | (0.17)% | 0.15 | (0.30)% | (0.14)% |
|  Portfolio turnover rate | 56% | 50% | 55 | 49% | 61% |

---

\* Amount is less than 0.005%. 

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.05%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 74

**Small Cap Value Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $21.05 | $17.66 | $16.27 | $21.71 | $14.42 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.08 | 0.15 | 0.20 | 0.14 | 0.17 |
|  Net realized and unrealized gain (loss) on investments | (0.01) | 4.04 | 2.38 | (3.57) | 7.21 |
|  Total from investment operations | 0.07 | 4.19 | 2.58 | (3.43) | 7.38 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.16) | (0.19) | (0.12) | (0.13) | (0.09) |
|  From net realized gains on investments | (1.06) | (0.61) | (1.07) | (1.88) |  |
|  Total distributions | (1.22) | (0.80) | (1.19) | (2.01) | (0.09) |
|  Net asset value, end of year | $19.90 | $21.05 | $17.66 | $16.27 | $21.71 |
|  Total return (B) | 0.12% | 24.45% | 15.78% | (17.65)% | 51.33% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $64411 | $79593 | $67177 | $46222 | $56299 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.32% | 1.21% | 1.22% | 1.25% | 1.21% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C)(D) | 1.18% | 1.08% | 1.07 %(F) | 1.09% | 1.09% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D) | 0.28% | 0.66% | 1.00% | 0.55% | 0.75% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C)(D)(E) | 0.43% | 0.79% | 1.15 %(F) | 0.72% | 0.87% |
|  Portfolio turnover rate | 56% | 50% | 55% | 49% | 61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) These ratios exclude the
 impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Recognition of net investment
 income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the
 Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.05%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 75

**Large/Mid Cap Value Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $25.98 | $20.45 | $18.91 | $21.88 | $17.43 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.10 | 0.13 | 0.12 | 0.07 | (0.01) |
|  Net realized and unrealized gain (loss) on investments | 0.32 | 5.59 | 2.51 | (2.01 | 5.12 |
|  Total from investment operations | 0.42 | 5.72 | 2.63 | (1.94 | 5.11 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.11) | (0.10) | (0.04) | (0.00) | (0.03) |
|  From net realized gains on investments | (2.16) | (0.09) | (1.05) | (1.03 | (0.63) |
|  Total distributions | (2.27) | (0.19) | (1.09) | (1.03 | (0.66) |
|  Net asset value, end of year | $24.13 | $25.98 | $20.45 | $18.91 | $21.88 |
|  Total return (B)(C) | 1.86% | 28.18% | 13.95% | (9.70) | 29.89% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $194928 | $199554 | $162861 | $147928 | $160560 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 1.47% | 1.39% | 1.45% | 1.46 | 1.45% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 1.25 %(I) | 1.19 %(G) | 1.24 %(H) | 1.21 | 1.30% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement (E) | 0.14% | 0.34% | 0.36% | 0.08 | (0.17)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D)(E)(F) | 0.36 %(I) | 0.55 %(G) | 0.56 %(H) | 0.33 | (0.02)% |
|  Portfolio turnover rate | 31% | 34% | 17% | 34 | 33% |

---

\* Amount is less than $0.005 per share. 

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the year ended September
 30, 2024, the voluntary waiver was 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For the year ended September
 30, 2023, the voluntary waiver was 0.07%.

&nbsp;&nbsp;&nbsp;&nbsp;(I) For the year ended September
 30, 2025, the voluntary waiver was 0.06%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 76

**Large/Mid Cap Value Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $18.38 | $14.53 | $13.78 | $16.31 | $13.21 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment loss (A) | (0.05) | (0.03) | (0.03) | (0.07) | (0.12) |
|  Net realized and unrealized gain (loss) on investments | 0.22 | 3.97 | 1.83 | (1.43) | 3.85 |
|  Total from investment operations | 0.17 | 3.94 | 1.80 | (1.50) | 3.73 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net realized gains on investments | (2.16) | (0.09) | (1.05) | (1.03) | (0.63) |
|  Total distributions | (2.16) | (0.09) | (1.05) | (1.03) | (0.63) |
|  Net asset value, end of year | $16.39 | $18.38 | $14.53 | $13.78 | $16.31 |
|  Total return (B)(C) | 1.18% | 27.23% | 13.06% | (10.34)% | 28.91% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $12869 | $13662 | $15111 | $13695 | $15162 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 2.22% | 2.14% | 2.20% | 2.21% | 2.20% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 2.00 %(I) | 1.94 %(G) | 1.99 %(H) | 1.96% | 2.05% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement (E) | (0.61)% | (0.41)% | (0.40)% | (0.67)% | (0.92)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (D)(E)(F) | (0.39)%(I) | (0.21)%(G) | (0.19)%(H) | (0.42)% | (0.77)% |
|  Portfolio turnover rate | 31% | 34% | 17% | 34% | 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the year ended September
 30, 2024, the voluntary waiver was 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For the year ended September
 30, 2023, the voluntary waiver was 0.07%.

&nbsp;&nbsp;&nbsp;&nbsp;(I) For the year ended September
 30, 2025, the voluntary waiver was 0.06%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 77

**Large/Mid Cap Value Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $26.36 | $20.74 | $19.17 | $22.14 | $17.63 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.16 | 0.19 | 0.17 | 0.13 | 0.04 |
|  Net realized and unrealized gain (loss) on investments | 0.34 | 5.67 | 2.54 | (2.04) | 5.18 |
|  Total from investment operations | 0.50 | 5.86 | 2.71 | (1.91) | 5.22 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.17) | (0.15) | (0.09) | (0.03) | (0.08) |
|  From net realized gains on investments | (2.16) | (0.09) | (1.05) | (1.03) | (0.63) |
|  Total distributions | (2.33) | (0.24) | (1.14) | (1.06) | (0.71) |
|  Net asset value, end of year | $24.53 | $26.36 | $20.74 | $19.17 | $22.14 |
|  Total return (B) | 2.17% | 28.53% | 14.21% | (9.48)% | 30.20% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $122865 | $141642 | $107195 | $79945 | $77776 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.22% | 1.14% | 1.20% | 1.21% | 1.20% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C)(D) | 1.00 %(H) | 0.94 %(F) | 0.99 %(G) | 0.96% | 1.05% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D) | 0.38% | 0.59% | 0.61% | 0.34% | 0.08% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C)(D)(E) | 0.60 %(H) | 0.80 %(F) | 0.81 %(G) | 0.59% | 0.23% |
|  Portfolio turnover rate | 31% | 34% | 17% | 34% | 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) These ratios exclude the
 impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Recognition of net investment
 income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the
 Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the year ended September
 30, 2024, the voluntary waiver was 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the year ended September
 30, 2023, the voluntary waiver was 0.07%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For the year ended September
 30, 2025, the voluntary waiver was 0.06%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 78

**Fixed Income Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $9.32 | $8.68 | $8.92 | $10.44 | $10.80 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.27 | 0.26 | 0.19 | 0.08 | 0.03 |
|  Net realized and unrealized gain (loss) on investments | (0.10) | 0.63 | (0.23) | (1.49) | (0.27) |
|  Total from investment operations | 0.17 | 0.89 | (0.04) | (1.41) | (0.24) |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.28) | (0.25) | (0.20) | (0.11) | (0.12) |
|  Total distributions | (0.28) | (0.25) | (0.20) | (0.11) | (0.12) |
|  Net asset value, end of year | $9.21 | $9.32 | $8.68 | $8.92 | $10.44 |
|  Total return (B)(C) | 1.91% | 10.37% | (0.55)% | (13.60)% | (2.20)% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $74281 | $75162 | $68641 | $81219 | $96586 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.35% | 1.27% | 1.29% | 1.22% | 1.34% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.15% | 1.07% | 1.07 %(E) | 1.02% | 1.14% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 2.79% | 2.67% | 1.87% | 0.64% | 0.11% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 2.99% | 2.86% | 2.09 %(E) | 0.84% | 0.31% |
|  Portfolio turnover rate | 28% | 50% | 68% | 68% | 45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.07%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 79

**Fixed Income Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $8.92 | $8.32 | $8.56 | $10.04 | $10.38 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)(A) | 0.19 | 0.18 | 0.12 | 0.01 | (0.04) |
|  Net realized and unrealized gain (loss) on investments | (0.08) | 0.61 | (0.22) | (1.44) | (0.27) |
|  Total from investment operations | 0.11 | 0.79 | (0.10) | (1.43) | (0.31) |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.22) | (0.19) | (0.14) | (0.05) | (0.03) |
|  Total distributions | (0.22) | (0.19) | (0.14) | (0.05) | (0.03) |
|  Net asset value, end of year | $8.81 | $8.92 | $8.32 | $8.56 | $10.04 |
|  Total return (B)(C) | 1.23% | 9.51% | (1.24)% | (14.24)% | (2.99)% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $4596 | $5860 | $7628 | $8861 | $11369 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 2.10% | 2.02% | 2.04% | 1.97% | 2.09% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.90% | 1.82% | 1.82 %(E) | 1.77% | 1.89% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement | 2.04% | 1.92% | 1.12% | (0.11)% | (0.64)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D) | 2.24% | 2.10% | 1.35 %(E) | 0.09% | (0.44)% |
|  Portfolio turnover rate | 28% | 50% | 68% | 68% | 45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.07%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 80

**Fixed Income Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $9.23 | $8.59 | $8.83 | $10.34 | $10.73 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.29 | 0.28 | 0.22 | 0.11 | 0.06 |
|  Net realized and unrealized gain (loss) on investments | (0.10) | 0.63 | (0.24) | (1.49) | (0.28) |
|  Total from investment operations | 0.19 | 0.91 | (0.02) | (1.38) | (0.22) |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.30) | (0.27) | (0.22) | (0.13) | (0.17) |
|  Total distributions | (0.30) | (0.27) | (0.22) | (0.13) | (0.17) |
|  Net asset value, end of year | $9.12 | $9.23 | $8.59 | $8.83 | $10.34 |
|  Total return (B) | 2.19% | 10.76% | (0.30)% | (13.41)% | (2.07)% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $32582 | $34002 | $26672 | $21308 | $18389 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.10% | 1.02% | 1.04% | 0.97% | 1.09% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C) | 0.90% | 0.82% | 0.82 %(D) | 0.77% | 0.89% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 3.04% | 2.92% | 2.18% | 0.90% | 0.36% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C) | 3.24% | 3.11% | 2.41 %(D) | 1.10% | 0.56% |
|  Portfolio turnover rate | 28% | 50% | 68% | 68% | 45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.07%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 81

**High Yield Bond Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $9.05 | $8.32 | $7.98 | $9.91 | $9.26 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.51 | 0.52 | 0.44 | 0.41 | 0.41 |
|  Net realized and unrealized gain (loss) on investments | 0.01 | 0.71 | 0.35 | (1.90) | 0.64 |
|  Total from investment operations | 0.52 | 1.23 | 0.79 | (1.49) | 1.05 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.48) | (0.50) | (0.45) | (0.41) | (0.40) |
|  From net realized gains on investments |  |  |  | (0.03) |  |
|  Total distributions | (0.48) | (0.50) | (0.45) | (0.44) | (0.40) |
|  Net asset value, end of year | $9.09 | $9.05 | $8.32 | $7.98 | $9.91 |
|  Total return (B)(C) | 5.97% | 15.07% | 10.00% | (15.45)% | 11.42% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $76912 | $64381 | $56855 | $67766 | $64216 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.29% | 1.24% | 1.32% | 1.26% | 1.38% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.19% | 1.14% | 1.19 %(E) | 1.18% | 1.33% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 5.53% | 5.78% | 5.06% | 4.36% | 4.15% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 5.63% | 5.88% | 5.18 %(E) | 4.44% | 4.20% |
|  Portfolio turnover rate | 46% | 33% | 72% | 24% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.03%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 82

**High Yield Bond Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $9.23 | $8.48 | $8.12 | $10.08 | $9.40 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.45 | 0.46 | 0.38 | 0.34 | 0.34 |
|  Net realized and unrealized gain (loss) on investments | 0.01 | 0.72 | 0.37 | (1.93) | 0.66 |
|  Total from investment operations | 0.46 | 1.18 | 0.75 | (1.59) | 1.00 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.42) | (0.43) | (0.39) | (0.34) | (0.32) |
|  From net realized gains on investments |  |  |  | (0.03) |  |
|  Total distributions | (0.42) | (0.43) | (0.39) | (0.37) | (0.32) |
|  Net asset value, end of year | $9.27 | $9.23 | $8.48 | $8.12 | $10.08 |
|  Total return (B)(C) | 5.09% | 14.14% | 9.27% | (16.14)% | 10.71% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $3127 | $2469 | $2559 | $2337 | $3138 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 2.04% | 1.99% | 2.07% | 2.01% | 2.13% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.94% | 1.89% | 1.94 %(E) | 1.93% | 2.08% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 4.78% | 5.02% | 4.32% | 3.60% | 3.40% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 4.88% | 5.12% | 4.44 %(E) | 3.68% | 3.45% |
|  Portfolio turnover rate | 46% | 33% | 72% | 24% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.03%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 83

**High Yield Bond Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $9.06 | $8.33 | $7.98 | $9.91 | $9.26 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.53 | 0.54 | 0.46 | 0.43 | 0.44 |
|  Net realized and unrealized gain (loss) on investments | 0.01 | 0.71 | 0.36 | (1.90) | 0.63 |
|  Total from investment operations | 0.54 | 1.25 | 0.82 | (1.47) | 1.07 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.51) | (0.52) | (0.47) | (0.43) | (0.42) |
|  From net realized gains on investments |  |  |  | (0.03) |  |
|  Total distributions | (0.51) | (0.52) | (0.47) | (0.46) | (0.42) |
|  Net asset value, end of year | $9.09 | $9.06 | $8.33 | $7.98 | $9.91 |
|  Total return (B) | 6.10% | 15.34% | 10.40% | (15.24)% | 11.71% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $152253 | $115983 | $73109 | $67093 | $69150 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.04% | 0.99% | 1.07% | 1.01% | 1.13% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C) | 0.94% | 0.89% | 0.94 %(D) | 0.93% | 1.08% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 5.78% | 6.02% | 5.31% | 4.59% | 4.40% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C) | 5.88% | 6.12% | 5.45 %(D) | 4.68% | 4.45% |
|  Portfolio turnover rate | 46% | 33% | 72% | 24% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.03%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 84

**Israel Common Values Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $22.00 | $19.34 | $21.61 | $24.70 | $16.55 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)(A) | 0.10 | 0.16 | 0.11 | 0.05 | (0.10) |
|  Net realized and unrealized gain (loss) on investments | 13.80 | 2.50 | (2.38) | (3.14) | 8.25 |
|  Total from investment operations | 13.90 | 2.66 | (2.27) | (3.09) | 8.15 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.25) |  |  |  |  |
|  Total distributions | (0.25) |  |  |  |  |
|  Net asset value, end of year | $35.65 | $22.00 | $19.34 | $21.61 | $24.70 |
|  Total return (B)(C) | 63.62% | 13.75% | (10.50)% | (12.51)% | 49.24% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $84169 | $51467 | $47004 | $53800 | $57667 |
|  Ratio of expenses to average net assets | 1.71% | 1.77% | 1.82% | 1.72% | 1.72% |
|  Ratio of net investment income (loss) to average net assets | 0.36% | 0.79% | 0.53% | 0.20% | (0.48)% |
|  Portfolio turnover rate | 8% | 9% | 7% | 8% | 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Total return in the above
 table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 85

**Israel Common Values Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $20.28 | $17.97 | $20.22 | $23.29 | $15.73 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment loss (A) | (0.11) | (0.01) | (0.05) | (0.13) | (0.26) |
|  Net realized and unrealized gain (loss) on investments | 12.73 | 2.32 | (2.20) | (2.94) | 7.82 |
|  Total from investment operations | 12.62 | 2.31 | (2.25) | (3.07) | 7.56 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.06) |  |  |  |  |
|  Total distributions | (0.06) |  |  |  |  |
|  Net asset value, end of year | $32.84 | $20.28 | $17.97 | $20.22 | $23.29 |
|  Total return (B)(C) | 62.38% | 12.85% | (11.13)% | (13.18)% | 48.06% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $7948 | $5747 | $8101 | $10263 | $12293 |
|  Ratio of expenses to average net assets | 2.46% | 2.52% | 2.57% | 2.47% | 2.47% |
|  Ratio of net investment loss to average net assets | (0.39%) | (0.06%) | (0.25%) | (0.54%) | (1.27)% |
|  Portfolio turnover rate | 8% | 9% | 7% | 8% | 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Total return in the above
 table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 86

**Israel Common Values Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $22.37 | $19.64 | $21.88 | $24.95 | $16.68 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.17 | 0.22 | 0.17 | 0.12 | (0.05) |
|  Net realized and unrealized gain (loss) on investments | 14.03 | 2.53 | (2.41) | (3.19) | 8.32 |
|  Total from investment operations | 14.20 | 2.75 | (2.24) | (3.07) | 8.27 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.30) | (0.02) |  |  |  |
|  Total distributions | (0.30) | (0.02) |  |  |  |
|  Net asset value, end of year | $36.27 | $22.37 | $19.64 | $21.88 | $24.95 |
|  Total return (B) | 64.02% | 14.00% | (10.24)% | (12.30)% | 49.58% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $66322 | $42764 | $40417 | $36790 | $45063 |
|  Ratio of expenses to average net assets | 1.46% | 1.52% | 1.56% | 1.47% | 1.47% |
|  Ratio of net investment income (loss) to average net assets | 0.61% | 1.06% | 0.82% | 0.48% | (0.22)% |
|  Portfolio turnover rate | 8% | 9% | 7% | 8% | 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return in the above
 table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 87

**Defensive Strategies Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $14.69 | $12.98 | $12.52 | $13.52 | $11.78 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.20 | 0.25 | 0.15 | 0.28 | 0.10 |
|  Net realized and unrealized gain (loss) on investments | 1.83 | 1.78 | 0.88 | (1.21) | 1.64 |
|  Total from investment operations | 2.03 | 2.03 | 1.03 | (0.93) | 1.74 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.30) | (0.22) | (0.25) | (0.07) |  |
|  From net realized gains on investments | (0.08) | (0.10) | (0.32) |  |  |
|  Total distributions | (0.38) | (0.32) | (0.57) | (0.07) |  |
|  Net asset value, end of year | $16.34 | $14.69 | $12.98 | $12.52 | $13.52 |
|  Total return (B)(C) | 14.22% | 15.92% | 8.30% | (6.92)% | 14.77% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $45599 | $43178 | $39823 | $45313 | $40342 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.36% | 1.35% | 1.36% | 1.42% | 1.48% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.24% | 1.19% | 1.27 %(E) | 1.37% | 1.43% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 1.24% | 1.68% | 1.09% | 1.95% | 0.74% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 1.36% | 1.84% | 1.18 %(E) | 2.00% | 0.79% |
|  Portfolio turnover rate | 50% | 19% | 46% | 35% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.02%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 88

**Defensive Strategies Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $13.78 | $12.15 | $11.76 | $12.74 | $11.18 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.09 | 0.13 | 0.05 | 0.18 | 0.01 |
|  Net realized and unrealized gain (loss) on investments | 1.71 | 1.69 | 0.83 | (1.16) | 1.55 |
|  Total from investment operations | 1.80 | 1.82 | 0.88 | (0.98) | 1.56 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.20) | (0.09) | (0.17) |  |  |
|  From net realized gains on investments | (0.08) | (0.10) | (0.32) |  |  |
|  Total distributions | (0.28) | (0.19) | (0.49) |  |  |
|  Net asset value, end of year | $15.30 | $13.78 | $12.15 | $11.76 | $12.74 |
|  Total return (B)(C) | 13.36% | 15.13% | 7.50% | (7.69)% | 13.95% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $3347 | $3259 | $4117 | $4880 | $3388 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 2.11% | 2.10% | 2.11% | 2.17% | 2.23% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.99% | 1.94% | 2.02 %(E) | 2.12% | 2.18% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement | 0.49% | 0.88% | 0.30% | 1.32% | (0.01)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D) | 0.61% | 1.04% | 0.39 %(E) | 1.37% | 0.04% |
|  Portfolio turnover rate | 50% | 19% | 46% | 35% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee. Total return represents aggregate total return based on Net Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.02%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 89

**Defensive Strategies Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $14.72 | $13.01 | $12.54 | $13.55 | $11.77 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.24 | 0.28 | 0.19 | 0.35 | 0.17 |
|  Net realized and unrealized gain (loss) on investments | 1.83 | 1.78 | 0.89 | (1.26) | 1.61 |
|  Total from investment operations | 2.07 | 2.06 | 1.08 | (0.91) | 1.78 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.33) | (0.25) | (0.29) | (0.10) |  |
|  From net realized gains on investments | (0.08) | (0.10) | (0.32) |  |  |
|  Total distributions | (0.41) | (0.35) | (0.61) | (0.10) |  |
|  Net asset value, end of year | $16.38 | $14.72 | $13.01 | $12.54 | $13.55 |
|  Total return (B)(C) | 14.55% | 16.20% | 8.64% | (6.80)% | 15.12% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $37586 | $32894 | $26576 | $25269 | $14750 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.11% | 1.10% | 1.11% | 1.17% | 1.23% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 0.99% | 0.94% | 1.03 %(E) | 1.12% | 1.18% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 1.51% | 1.88% | 1.36% | 2.39% | 1.21% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 1.63% | 2.05% | 1.44 %(E) | 2.44% | 1.26% |
|  Portfolio turnover rate | 50% | 19% | 46% | 35% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return represents
 aggregate total return based on Net Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.02%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 90

**Strategic Growth Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $10.14 | $8.79 | $8.77 | $10.92 | $9.48 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.13 | 0.18 | 0.12 | 0.06 | 0.03 |
|  Net realized and unrealized gain (loss) on investments | 0.74 | 1.32 | 0.54 | (1.70) | 1.75 |
|  Total from investment operations | 0.87 | 1.50 | 0.66 | (1.64) | 1.78 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.19) | (0.13) | (0.06) | (0.02) | (0.01) |
|  From net realized gains on investments | (0.12) | (0.02) | (0.58) | (0.49) | (0.33) |
|  Total distributions | (0.31) | (0.15) | (0.64) | (0.51) | (0.34) |
|  Net asset value, end of year | $10.70 | $10.14 | $8.79 | $8.77 | $10.92 |
|  Total return (B)(C) | 8.95% | 17.23% | 7.37% | (15.82)% | 19.15% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $32825 | $31769 | $29928 | $29944 | $37731 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 0.94% | 0.89% | 1.28% | 1.09% | 1.10% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 0.94% | 0.89% | 1.03 %(F) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D)(E) | 1.28% | 1.96% | 1.08% | 0.56% | 0.27% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E) | 1.28% | 1.96% | 1.33 %(F) | N/A | N/A |
|  Portfolio turnover rate | 40% | 3% | 26% | 28% | 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(D) These ratios exclude the
 impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Recognition of net investment
 income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the
 Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the period April 1,
 2023 through September 30, 2023 the voluntary waiver was 0.25%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 91

**Strategic Growth Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $8.63 | $7.48 | $7.54 | $9.50 | $8.34 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.07 | 0.11 | 0.05 | (0.02) | (0.05) |
|  Net realized and unrealized gain (loss) on investments | 0.62 | 1.12 | 0.47 | (1.45) | 1.54 |
|  Total from investment operations | 0.69 | 1.23 | 0.52 | (1.47) | 1.49 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.15) | (0.06) |  |  |  |
|  From net realized gains on investments | (0.12) | (0.02) | (0.58) | (0.49) | (0.33) |
|  Total distributions | (0.27) | (0.08) | (0.58) | (0.49) | (0.33) |
|  Net asset value, end of year | $9.05 | $8.63 | $7.48 | $7.54 | $9.50 |
|  Total return (B)(C) | 8.27% | 16.61% | 6.75% | (16.42)% | 18.19% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $1722 | $1971 | $2704 | $2680 | $2967 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.44% | 1.39% | 1.91% | 1.84% | 1.85% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.44% | 1.39% | 1.66 %(F) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D)(E) | 0.78% | 1.39% | 0.45% | (0.20)% | (0.48)% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E) | 0.78% | 1.39% | 0.70 %(F) | N/A | N/A |
|  Portfolio turnover rate | 40% | 3% | 26% | 28% | 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(D) These ratios exclude the
 impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Recognition of net investment
 income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the
 Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the period April 1,
 2023 through September 30, 2023 the voluntary waiver was 0.25%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 92

**Strategic Growth Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | |
|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER 30** <br>**2024** | **FOR THE <br> PERIOD ENDED <br> SEPTEMBER 30** <br>**2023\*** |
|  Net asset value, beginning of period | $10.15 | $8.79 | $9.08 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income (A) | 0.15 | 0.23 | 0.03 |
|  Net realized and unrealized gain (loss) on investments | 0.75 | 1.28 | (0.32)(B) |
|  Total from investment operations | 0.90 | 1.51 | (0.29) |
|  **LESS DISTRIBUTIONS:** |  |  |  |
|  From net investment income | (0.22) | (0.13) |  |
|  From net realized gains on investments | (0.12) | (0.02) |  |
|  Total distributions | (0.34) | (0.15) |  |
|  Net asset value, end of period | $10.71 | $10.15 | $8.79 |
|  Total return (C)(D) | 9.21% | 17.33% | (3.19)%(G) |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
|  Net assets, end of period | $30764 | $17889 | $18 |
|  Ratios to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 0.69% | 0.64% | 1.03 %(H) |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (E) | 0.69% | 0.64% | 0.78 %(H)(I) |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E)(F) | 1.53% | 2.33% | 3.37 %(H) |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (E)(F) | 1.53% | 2.33% | 3.62 %(H)(I) |
|  Portfolio turnover rate | 40% | 3% | 26 %(G) |

---

\* The Strategic Growth Fund Class I shares inception date is September 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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 Statements of Operations due to the timing of share transactions for the
 period.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(H) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(I) For the period September
 1, 2023 through September 30, 2023 the voluntary waiver was 0.02%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 93

**Conservative Growth Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $10.76 | $9.54 | $9.58 | $11.66 | $10.62 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.17 | 0.21 | 0.14 | 0.05 | 0.02 |
|  Net realized and unrealized gain (loss) on investments | 0.53 | 1.18 | 0.33 | (1.66) | 1.31 |
|  Total from investment operations | 0.70 | 1.39 | 0.47 | (1.61) | 1.33 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.25) | (0.15) | (0.04) | (0.02) | (0.04) |
|  From net realized gains on investments | (0.10) | (0.02) | (0.47) | (0.45) | (0.25) |
|  Total distributions | (0.35) | (0.17) | (0.51) | (0.47) | (0.29) |
|  Net asset value, end of year | $11.11 | $10.76 | $9.54 | $9.58 | $11.66 |
|  Total return (B)(C) | 6.74% | 14.71% | 4.79% | (14.48)% | 12.63% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $33424 | $35490 | $35238 | $37037 | $46151 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 0.90% | 0.90% | 1.24% | 1.04% | 1.10% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 0.90% | 0.90% | 0.99 %(F) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D)(E) | 1.60% | 2.11% | 1.17% | 0.43% | 0.20% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E) | 1.60% | 2.11% | 1.42 %(F) | N/A | N/A |
|  Portfolio turnover rate | 37% | 4% | 27% | 21% | 21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(D) These ratios exclude the
 impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Recognition of net investment
 income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the
 Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the period April 1,
 2023 through September 30, 2023 the voluntary waiver was 0.25%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 94

**Conservative Growth Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $9.31 | $8.25 | $8.36 | $10.29 | $9.43 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.10 | 0.14 | 0.06 | (0.03) | (0.06) |
|  Net realized and unrealized gain (loss) on investments | 0.47 | 1.02 | 0.30 | (1.45) | 1.17 |
|  Total from investment operations | 0.57 | 1.16 | 0.36 | (1.48) | 1.11 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.21) | (0.08) |  |  |  |
|  From net realized gains on investments | (0.10) | (0.02) | (0.47) | (0.45) | (0.25) |
|  Total distributions | (0.31) | (0.10) | (0.47) | (0.45) | (0.25) |
|  Net asset value, end of year | $9.57 | $9.31 | $8.25 | $8.36 | $10.29 |
|  Total return (B)(C) | 6.27% | 14.14% | 4.10% | (15.10)% | 11.84% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $2297 | $2898 | 3519 | $3895 | $5496 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.40% | 1.40% | 1.87% | 1.79% | 1.85% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.40% | 1.40% | 1.63 %(F) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D)(E) | 1.10% | 1.57% | 0.53% | (0.32)% | (0.56)% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E) | 1.10% | 1.57% | 0.77 %(F) | N/A | N/A |
|  Portfolio turnover rate | 37% | 4% | 27% | 21% | 21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fees. Total return represents aggregate total return based on Net Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(D) These ratios exclude the
 impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Recognition of net investment
 income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the
 Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the period April 1,
 2023 through September 30, 2023 the voluntary waiver was 0.25%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 95

**Conservative Growth Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | |
|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER 30** <br>**2024** | **FOR THE <br> PERIOD ENDED <br> SEPTEMBER 30** <br>**2023\*** |
|  Net asset value, beginning of period | $10.74 | $9.54 | $9.80 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income (A) | 0.20 | 0.28 | 0.05 |
|  Net realized and unrealized gain (loss) on investments | 0.54 | 1.09 | (0.31)(B) |
|  Total from investment operations | 0.74 | 1.37 | (0.26) |
|  **LESS DISTRIBUTIONS:** |  |  |  |
|  From net investment income | (0.28) | (0.15) |  |
|  From net realized gains on investments | (0.10) | (0.02) |  |
|  Total distributions | (0.38) | (0.17) |  |
|  Net asset value, end of period | $11.10 | $10.74 | $9.54 |
|  Total return (C)(D) | 7.12% | 14.49% | (2.65)%(G) |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
|  Net assets, end of period | $207461 | $131305 | $18 |
|  Ratios to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 0.65% | 0.65% | 0.99 %(H) |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (E) | 0.65% | 0.65% | 0.74 %(H)(I) |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E)(F) | 1.85% | 2.69% | 5.50 %(H) |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (E)(F) | 1.85% | 2.69% | 5.75 %(H)(I) |
|  Portfolio turnover rate | 37% | 4% | 27 %(G) |

---

\* The Conservative Growth Fund Class I shares inception date is September 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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 Statements of Operations due to the timing of share transactions for the
 period.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(H) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(I) For the period September
 1, 2023 through September 30, 2023 the voluntary waiver was 0.02%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 96

**Growth & Income Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $10.98 | $9.92 | $10.66 | $11.75 | $10.11 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.18 | 0.19 | 0.17 | 0.11 | 0.06 |
|  Net realized and unrealized gain (loss) on investments | 0.16 | 1.12 | (0.08) | (1.03) | 1.68 |
|  Total from investment operations | 0.34 | 1.31 | 0.09 | (0.92) | 1.74 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.19) | (0.19) | (0.17) | (0.12) | (0.10) |
|  From net realized gains on investments |  | (0.06) | (0.66) | (0.05) |  |
|  Total distributions | (0.19) | (0.25) | (0.83) | (0.17) | (0.10) |
|  Net asset value, end of year | $11.13 | $10.98 | $9.92 | $10.66 | $11.75 |
|  Total return (B)(C) | 3.16% | 13.32% | 0.50% | (7.97)% | 17.18% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $14223 | $14226 | $12726 | $13150 | $14191 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 2.08% | 1.98% | 1.98% | 1.85% | 1.90% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 1.57% | 1.59% | 1.58 %(G) | 1.27% | 1.52% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E) | 1.20% | 1.46% | 1.23% | 0.36% | 0.18% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E)(F) | 1.70% | 1.86% | 1.63 %(G) | 0.94% | 0.56% |
|  Portfolio turnover rate | 67% | 53% | 96% | 60% | 43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect sales load.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.15%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 97

**Growth & Income Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $10.52 | $9.51 | $10.25 | $11.31 | $9.74 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.10 | 0.11 | 0.09 | 0.02 | (0.02) |
|  Net realized and unrealized gain (loss) on investments | 0.14 | 1.07 | (0.07) | (0.98) | 1.60 |
|  Total from investment operations | 0.24 | 1.18 | 0.02 | (0.96) | 1.58 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.11) | (0.11) | (0.10) | (0.05) | (0.01) |
|  From net realized gains on investments |  | (0.06) | (0.66) | (0.05) |  |
|  Total distributions | (0.11) | (0.17) | (0.76) | (0.10) | (0.01) |
|  Net asset value, end of year | $10.65 | $10.52 | $9.51 | $10.25 | $11.31 |
|  Total return (B)(C) | 2.35% | 12.47% | (0.23)% | (8.62)% | 16.25% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $1114 | $1139 | $1664 | $1923 | $1938 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 2.83% | 2.73% | 2.73% | 2.60% | 2.65% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 2.32% | 2.34% | 2.33 %(G) | 2.02% | 2.27% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement (E) | 0.45% | 0.73% | 0.47% | (0.41%) | (0.57%) |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D)(E)(F) | 0.95% | 1.13% | 0.88 %(G) | 0.17% | (0.19%) |
|  Portfolio turnover rate | 67% | 53% | 96% | 60% | 43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return calculation
 does not reflect redemption fee.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.15%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 98

**Growth & Income Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH YEAR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2025** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2024** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2023** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2022** | **FOR THE <br> YEAR ENDED <br> SEPTEMBER <br> 30** <br>**2021** |
|  Net asset value, beginning of year | $11.07 | $10.00 | $10.74 | $11.83 | $10.18 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (A) | 0.21 | 0.22 | 0.20 | 0.15 | 0.09 |
|  Net realized and unrealized gain (loss) on investments | 0.16 | 1.13 | (0.08) | (1.04) | 1.69 |
|  Total from investment operations | 0.37 | 1.35 | 0.12 | (0.89) | 1.78 |
|  **LESS DISTRIBUTIONS:** |  |  |  |  |  |
|  From net investment income | (0.22) | (0.22) | (0.20) | (0.15) | (0.13) |
|  From net realized gains on investments |  | (0.06) | (0.66) | (0.05) |  |
|  Total distributions | (0.22) | (0.28) | (0.86) | (0.20) | (0.13) |
|  Net asset value, end of year | $11.22 | $11.07 | $10.00 | $10.74 | $11.83 |
|  Total return (B)(C) | 3.39% | 13.59% | 0.75% | (7.67)% | 17.44% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $3624 | $3703 | $3404 | $3154 | $2070 |
|  Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 1.83% | 1.73% | 1.73% | 1.69% | 1.65% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 1.32% | 1.34% | 1.32 %(G) | 1.02% | 1.27% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E) | 1.45% | 1.70% | 1.50% | 0.52% | 0.43% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E)(F) | 1.95% | 2.10% | 1.91 %(G) | 1.19% | 0.81% |
|  Portfolio turnover rate | 67% | 53% | 96% | 60% | 43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Per share amounts calculated
 using average shares method, which more appropriately presents the per share data for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Total return represents
 aggregate total return based on Net Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;(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. <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the period October 1,
 2022 through January 28, 2023 the voluntary waiver was 0.15%.

**FINANCIAL HIGHLIGHTS** 

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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 99

**Section 6 \|** Notes to Financial Statements

**SEPTEMBER 30, 2025**

Timothy Plan Family of Funds

---

| | |
|:---|:---|
| **NOTE 1 \|** | Significant Accounting Policies  |

---

The Timothy Plan (the "Trust") is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of September 30, 2025, the Trust consisted of eighteen 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 (the "Small/Mid Cap Growth Fund") investment objective is long-term growth of capital. The Fund seeks to achieve its investment strategy by normally investing at least 80% of the Fund's total assets in small and mid-cap stocks. The Adviser considers small and mid-cap companies to be companies that, at the time of investment, have market capitalizations within the range of market capitalization of the companies appearing in the Russell MidCap Growth<sup>®</sup> Index.

The Timothy Plan International Fund's (the "International Fund") 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 (the "Large/Mid Cap Growth Fund") 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 and affiliated exchange traded funds.

The Timothy Plan Small Cap Value Fund's (the "Small Cap Value Fund") 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 and affiliated exchange traded funds.

The Timothy Plan Large/Mid Cap Value Fund's (the "Large/Mid Cap Value Fund") 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 and affiliated exchange traded funds.

The Timothy Plan Fixed Income Fund (the "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.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 100

The Timothy Plan High Yield Bond Fund's (the "High Yield Bond Fund") investment objective is 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 high yield fixed income securities. These include corporate bonds, mortgage-backed securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of "BB" 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 (the "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 (the "Defensive Strategies Fund") investment objective is the protection of the principal through aggressive, proactive reactions to prevailing economic conditions.

The Timothy Plan Strategic Growth Fund (the "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:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Timothy Plan Traditional Funds** | **% of Fund's Net Assets <br> Invested in Timothy <br> Plan Traditional Funds** |
| &nbsp;&nbsp; Fixed Income Fund | 0 - 20% |
| &nbsp;&nbsp; International Fund | 0 - 20% |
| &nbsp;&nbsp; High Yield Bond Fund | 0 - 15% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Timothy Plan Exchange Traded Funds** | **% of Fund's Net Assets <br> Invested in Timothy <br> Plan Exchange Traded <br> Funds** |
| &nbsp;&nbsp; International ETF | 0 - 30% |
| &nbsp;&nbsp; US Large/Mid Cap Core Enhanced ETF | 0 - 40% |
| &nbsp;&nbsp; US Large/Mid Cap Core ETF | 0 - 40% |
| &nbsp;&nbsp; High Dividend Stock Enhanced ETF | 0 - 20%  |
| &nbsp;&nbsp; High Dividend Stock ETF | 0 - 20% |
| &nbsp;&nbsp; US Small Cap Core ETF | 0 - 20% |

---

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 101

The Timothy Plan Conservative Growth Fund (the "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:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Timothy Plan Traditional Funds** | **% of Fund's Net Assets <br> Invested in Timothy <br> Plan Traditional Funds** |
| &nbsp;&nbsp; Fixed Income | 20 - 40% |
| &nbsp;&nbsp; International | 0 - 20% |
| &nbsp;&nbsp; High Yield Bond | 0 - 15% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Timothy Plan Exchange Traded Funds** | **% of Fund's Net Assets <br> Invested in Timothy <br> Plan Exchange Traded <br> Funds** |
| &nbsp;&nbsp; International ETF | 0 - 25% |
| &nbsp;&nbsp; US Large/Mid Cap Core Enhanced ETF | 0 - 30% |
| &nbsp;&nbsp; US Large/Mid Cap Core ETF | 0 - 30% |
| &nbsp;&nbsp; High Dividend Stock Enhanced ETF | 0 - 25% |
| &nbsp;&nbsp; High Dividend Stock ETF | 0 - 25% |
| &nbsp;&nbsp; US Small Cap Core ETF | 0 - 15% |

---

The Timothy Plan Growth & Income Fund's (the "Growth & Income Fund") 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.

**Operating Segments** - The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds' CODM is comprised of its Adviser's Portfolio Management Team serving the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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 generally accepted accounting principles 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 FASB Accounting Standards Codification Topic 946 "*Financial Services – Investment Companies*".

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 102

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **SECURITY VALUATION AND FAIR VALUE MEASUREMENTS** 

All investments in securities are recorded at their estimated fair value as described in Note 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **GOLD RISK FACTORS** 

There is a risk that some or all of the Trust's gold bars held by the custodian or any sub-custodian on behalf of the Trust could be lost, damaged or stolen. Access to the Trust's gold bars could be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the fund shares.

Several factors may affect the price of gold, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;● Global or regional political, economic or financial events and situations;

&nbsp;&nbsp;&nbsp;&nbsp;● Investors' expectations with respect to the rate of inflation;

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 103

&nbsp;&nbsp;&nbsp;&nbsp;● Currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;● Interest rates; and

&nbsp;&nbsp;&nbsp;&nbsp;● Investment and trading activities of hedge funds and commodity funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 NAV of the classes may differ because of different fees and expenses charged to each class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 the Strategic Growth Fund and the Conservative Growth Fund 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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, 2022 to September 30, 2024, or expected to be taken in the Funds' September 30, 2025 year-end tax returns.

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.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 104

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **DISTRIBUTIONS TO SHAREHOLDERS** 

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or Net Asset Values (NAVs) per share of the Funds.

During the fiscal year ended September 30, 2025, 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 adjustments for prior year tax returns, and use of tax equalization credits, resulted in reclassifications for the Funds for the fiscal year ended September 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | **PAID IN CAPITAL** | **ACCUMULATED <br> EARNINGS (LOSSES)** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $184674 | $(184674) |
| &nbsp;&nbsp; International Fund | 152196 | (152196) |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 1504052 | (1504052) |
| &nbsp;&nbsp; Small Cap Value Fund | 276715 | (276715) |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 4208527 | (4208527) |
| &nbsp;&nbsp; Defensive Strategies Fund | 97183 | (97183) |
| &nbsp;&nbsp; Strategic Growth Fund | 32350 | (32350) |
| &nbsp;&nbsp; Conservative Growth Fund | 55902 | (55902) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 Defensive Strategies Fund.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 105

---

| | |
|:---|:---|
| **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 investments, 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 investments 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 as 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 NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 106

**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.

There were no options held at September 30, 2025, and there were no options transactions for the year ended September 30, 2025.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 107

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, ADRs, REITs, LPs, LLCs, and PLCs, 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, government mortgage-backed securities, government notes and bonds, non U.S. government bonds, U.S. government agency securities and treasury inflation protected securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the advisor or sub-advisor believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the advisor or sub-advisor decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the advisor or sub-advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 108

Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

The Board has delegated to the advisor responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the advisor will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The advisor must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the advisor and sub-advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities.

The following is a summary of the inputs used to value each Fund's investments as of September 30, 2025:

**Small/Mid Cap Growth Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $86254381 | $— | $— | $86254381 |
| &nbsp;&nbsp; Money Market Fund | 1352548 |  |  | 1352548 |
| &nbsp;&nbsp; **Total** | $**87606929** | $**—** | $**—** | $**87606929** |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $199519389 | $— | $— | $199519389 |
| &nbsp;&nbsp; Money Market Fund | 9059946 |  |  | 9059946 |
| &nbsp;&nbsp; **Total** | $**208579335** | $**—** | $**—** | $**208579335** |

---

**Large/Mid Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $246787636 | $— | $— | $246787636 |
| &nbsp;&nbsp; Exchange - Traded Fund | 26528181 |  |  | 26528181 |
| &nbsp;&nbsp; Money Market Fund | 10106622 |  |  | 10106622 |
| &nbsp;&nbsp; **Total** | $**283422439** | $**—** | $**—** | $**283422439** |

---

**Small Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $145756093 | $— | $— | $145756093 |
| &nbsp;&nbsp; Exchange - Traded Fund | 24110600 |  |  | 24110600 |
| &nbsp;&nbsp; Money Market Fund | 3727983 |  |  | 3727983 |
| &nbsp;&nbsp; **Total** | $**173594676** | $**—** | $**—** | $**173594676** |

---

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 109

**Large/Mid Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $250192865 | $— | $— | $250192865 |
| &nbsp;&nbsp; Exchange - Traded Funds | 62288307 |  |  | 62288307 |
| &nbsp;&nbsp; Money Market Fund | 18197456 |  |  | 18197456 |
| &nbsp;&nbsp; **Total** | $**330678628** | $**—** | $**—** | $**330678628** |

---

**Fixed Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Asset Backed Securities | $— | $5145887 | $— | $5145887 |
| &nbsp;&nbsp; Corporate Bonds |  | 32940229 |  | 32940229 |
| &nbsp;&nbsp; Non U.S. Government & Agencies |  | 5148857 |  | 5148857 |
| &nbsp;&nbsp; U.S. Government & Agencies |  | 66182429 |  | 66182429 |
| &nbsp;&nbsp; Money Market Fund | 1228366 |  |  | 1228366 |
| &nbsp;&nbsp; **Total** | $**1228366** | $**109417402** | $**—** | $**110645768** |

---

**High Yield Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Corporate Bonds | $— | $213987460 | $— | $213987460 |
| &nbsp;&nbsp; Money Market Fund | 14593473 |  |  | 14593473 |
| &nbsp;&nbsp; **Total** | $**14593473** | $**213987460** | $**—** | $**228580933** |

---

**Israel Common Values Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $154188846 | $— | $— | $154188846 |
| &nbsp;&nbsp; Money Market Fund | 4252490 |  |  | 4252490 |
| &nbsp;&nbsp; **Total** | $**158441336** | $**—** | $**—** | $**158441336** |

---

**Defensive Strategies Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $40764356 | $— | $— | $40764356 |
| &nbsp;&nbsp; Precious Metals - Physical Holding | 23685567 |  |  | 23685567 |
| &nbsp;&nbsp; U.S. Government & Agencies |  | 19871570 |  | 19871570 |
| &nbsp;&nbsp; Money Market Fund | 2289820 |  |  | 2289820 |
| &nbsp;&nbsp; **Total** | $**66739743** | $**19871570** | $**—** | $**86611313** |

---

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 110

**Strategic Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Exchange - Traded Funds | $21031990 | $— | $— | $21031990 |
| &nbsp;&nbsp; Open End Funds | 13086523 |  |  | 13086523 |
| &nbsp;&nbsp; Money Market Fund | 508067 |  |  | 508067 |
| &nbsp;&nbsp; **Total** | $**34626580** | $**—** | $**—** | $**34626580** |

---

**Conservative Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Exchange - Traded Funds | $15816050 | $— | $— | $15816050 |
| &nbsp;&nbsp; Open End Funds | 19760994 |  |  | 19760994 |
| &nbsp;&nbsp; Money Market Fund | 395913 |  |  | 395913 |
| &nbsp;&nbsp; **Total** | $**35972957** | $**—** | $**—** | $**35972957** |

---

**Growth & Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Exchange - Traded Fund | $10030502 | $— | $— | $10030502 |
| &nbsp;&nbsp; Asset Back Securities |  | 403221 |  | 403221 |
| &nbsp;&nbsp; Corporate Bonds |  | 2164584 |  | 2164584 |
| &nbsp;&nbsp; Non U.S. Government & Agencies |  | 339187 |  | 339187 |
| &nbsp;&nbsp; U.S. Government & Agencies |  | 5844505 |  | 5844505 |
| &nbsp;&nbsp; Money Market Fund | 157521 |  |  | 157521 |
| &nbsp;&nbsp; **Total** | $**10188023** | $**8751497** | $**—** | $**18939520** |

---

Refer to the Schedules of Investments for industry classifications.

For the year ended September 30, 2025, there were no changes into/out of Level 3. Additional disclosures surrounding Level 3 investments were not significant to the financial statements.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 111

---

| | |
|:---|:---|
| **Note 3 \|** | Purchases and Sales of Securities  |

---

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the year ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Purchases** | **Purchases** | **Sales** | **Sales** |
| <br>&nbsp;&nbsp; **Fund** | **U.S. Gov't <br> Obligations** | **Other** | **U.S. Gov't <br> Obligations** | **Other** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $— | $63503833 | $— | $55502676 |
| &nbsp;&nbsp; International Fund |  | 29265278 |  | 31987988 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund\* |  | 123505926 |  | 93085889 |
| &nbsp;&nbsp; Small Cap Value Fund\* |  | 98693760 |  | 120745631 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund\* |  | 98230291 |  | 131390763 |
| &nbsp;&nbsp; Fixed Income Fund | 23685620 | 6442547 | 27721048 | 3832493 |
| &nbsp;&nbsp; High Yield Bond Fund |  | 126410334 |  | 89714688 |
| &nbsp;&nbsp; Israel Common Values Fund  |  | 10075080 |  | 14685460 |
| &nbsp;&nbsp; Defensive Strategies Fund\* |  | 37051021 |  | 39014068 |
| &nbsp;&nbsp; Strategic Growth Fund\* |  | 12961199 |  | 14375082 |
| &nbsp;&nbsp; Conservative Growth Fund\* |  | 13024049 |  | 16746622 |
| &nbsp;&nbsp; Growth & Income Fund\* | 3164532 | 9136331 | 3778473 | 8865715 |

---

\* 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 November 22, 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, 2026, 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 February 1, 2024, TPL voluntarily reduced the fee to 0.90% for the International Fund. Effective August 12, 2023, TPL voluntarily reduced the fee to 0.75% for the Large/Mid Cap Value Fund through November 30, 2024. Effective December 1, 2024, TPL voluntarily reduced the fee to 0.70% for the Large/Mid Cap Value Fund through January 31, 2025. Effective February 1, 2025, TPL increased the fee to 0.75% for the Large/Mid Cap Value Fund. An officer and trustee of the Funds is also an officer and owner of the advisor.

Timothy Partners, Ltd ("TPL") has contractually agreed to waive the management fee with respect to any portion of the Funds' 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

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 112

affiliates that have a contractual management fee, through January 28, 2026. 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. The waived advisory fees are not recoupable.

For the year ended September 30, 2025, TPL waived advisory fees for the Funds as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FUND** | **Year Ended<br> September 30, 2025** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $78499 |
| &nbsp;&nbsp; International Fund | 185488 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 107246 |
| &nbsp;&nbsp; Small Cap Value Fund | 79167 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 296662 |
| &nbsp;&nbsp; Fixed Income Fund | 223370 |
| &nbsp;&nbsp; High Yield Bond Fund | 205368 |
| &nbsp;&nbsp; Defensive Strategies Fund | 33324 |
| &nbsp;&nbsp; Growth & Income Fund | 13389 |

---

The Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund, the Fixed Income Fund, the Defensive Strategies Fund and the Growth & Income Fund invested a portion of assets in the Timothy Plan High Dividend Stock Enhanced ETF, the Timothy Plan High Dividend Stock ETF, the Timothy Plan US Large/Mid Cap Core Enhanced ETF, the Timothy Plan US Large/Mid Cap Core ETF, the Timothy Plan US Small Cap Core ETF and the Timothy Plan Market Neutral ETF. For the year ended September 30, 2025, the Funds' waived fees as follows pursuant to that arrangement.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FUND** | **Year Ended<br> September 30, 2025** |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | $203639 |
| &nbsp;&nbsp; Small Cap Value Fund | 181569 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 442218 |
| &nbsp;&nbsp; Defensive Strategies Fund | 60671 |
| &nbsp;&nbsp; Growth & Income Fund | 81297 |

---

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, Mewhinney & Strauss, LLC ("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 million 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 million of the average net assets in the fixed income allocation of the Fund.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 113

**Chartwell Investment Partners ("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 Capital Management, LLC** 

For its services rendered to the Defensive Strategies Fund, the Adviser will pay to the 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 Management, LLC ("Core")** 

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 Global Advisors, LLC ("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 Management Corp. ("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:** 

&nbsp;&nbsp;&nbsp;&nbsp;● 25 basis points (0.25%) on the first $200 million of net assets

&nbsp;&nbsp;&nbsp;&nbsp;● 15 basis points (0.15%) on the next $200 million of net assets;

&nbsp;&nbsp;&nbsp;&nbsp;● 8 basis points (0.08%) on the next $600 million of net assets; and

&nbsp;&nbsp;&nbsp;&nbsp;● 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 Small/Mid Cap Growth Fund, International Fund, Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Fixed Income Fund, High Yield Bond Fund, Defensive Strategies Fund, Israel Common Values Fund and Growth & Income Fund 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**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 114

The Conservative Growth Fund and Strategic Growth Fund 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 year ended September 30, 2025, the Funds paid TPL under the terms of the Plans as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FUND**<br>&nbsp;&nbsp;  | **12B-1 FEES**<br>**Year Ended<br> September 30, 2025** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $146320 |
| &nbsp;&nbsp; International Fund | 162973 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 460943 |
| &nbsp;&nbsp; Small Cap Value Fund | 308862 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 610714 |
| &nbsp;&nbsp; Fixed Income Fund | 236810 |
| &nbsp;&nbsp; High Yield Bond Fund | 198390 |
| &nbsp;&nbsp; Israel Common Values Fund | 225902 |
| &nbsp;&nbsp; Defensive Strategies Fund | 137587 |
| &nbsp;&nbsp; Strategic Growth Fund | 92517 |
| &nbsp;&nbsp; Conservative Growth Fund | 101614 |
| &nbsp;&nbsp; Growth & Income Fund | 45995 |

---

TPL also serves as the principal underwriter of the Funds' shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the year ended September 30, 2025, 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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FUND** | **SALES CHARGES<br> (CLASS A)** | **CDSC FEES<br> (CLASS C)** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $20618 | $724 |
| &nbsp;&nbsp; International Fund | 15203 | 190 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 57732 | 1273 |
| &nbsp;&nbsp; Small Cap Value Fund | 19520 | 488 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 46591 | 1016 |
| &nbsp;&nbsp; Fixed Income Fund | 16445 | 133 |
| &nbsp;&nbsp; High Yield Bond Fund | 11019 | 160 |
| &nbsp;&nbsp; Israel Common Values Fund | 24870 | 476 |
| &nbsp;&nbsp; Defensive Strategies Fund | 12722 | 39 |
| &nbsp;&nbsp; Strategic Growth Fund | 5864 | 40 |
| &nbsp;&nbsp; Conservative Growth Fund | 5020 | 85 |
| &nbsp;&nbsp; Growth & Income Fund | 4167 | 34 |

---

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 115

---

| | |
|:---|:---|
| **Note 5 \|** | Control Ownership  |

---

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. At September 30, 2025, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FUND - CLASS A** | **% OF FUND OWNED <br> BY OTHER TIMOTHY <br> PLAN FUNDS** |
| &nbsp;&nbsp; International  | 13.88% |
| &nbsp;&nbsp; Fixed Income | 23.88% |
| &nbsp;&nbsp; High Yield Bond  | 7.58% |

---

---

| | |
|:---|:---|
| **Note 6 \|** | Underlying Investment in Other Investment Companies  |

---

The Conservative Growth Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund (the "Security"). The Fund may redeem its investments from the Security at any time if the advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security's N-CSRs available at www.sec.gov. As of September 30, 2025, 34.0% 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 ETF (the "ETF"). The Fund may redeem its investments from the ETF at any time if the advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Security's N-CSRs available at www.sec.gov. As of September 30, 2025, 53.0% of the Growth & Income Fund's net assets were invested in the Timothy Plan High Dividend Stock Enhanced ETF.

---

| | |
|:---|:---|
| **Note 7 \|** | Investments in Affiliated Companies  |

---

The Funds' transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund's investment advisor is under common control with the Fund's investment advisor.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 116

The 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 year ended September 30, 2025, with affiliates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
| &nbsp;&nbsp; **Large/Mid <br> Cap Growth <br> Fund** <br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2024** | **Purchases** | **Sales** | **Dividends <br> Credited to <br> Income** | **Amount of <br> Gain (Loss) <br> Realized on <br> Sale of Shares** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value <br> September 30, <br> 2025** | **Shares <br> September 30, <br> 2025** |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core Enhanced ETF | $20746268 | $— | $18525533 | $105763 | $(1871130) | $(349605) | $— |  |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core ETF | 4795292 | 18254720 |  | 136608 |  | 3478169 | 26528181 | 573000 |
| &nbsp;&nbsp; Total | $25541560 | $— | $— | $242371 | $(1871130) | $3128564 | $26528181 | 573000 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
| &nbsp;&nbsp; **Small Cap <br> Value Fund**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2024** | **Purchases** | **Sales** | **Dividends <br> Credited to <br> Income** | **Amount of <br> Gain (Loss) <br> Realized on <br> Sale of Shares** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value <br> September 30, <br> 2025** | **Shares <br> September 30, <br> 2025** |
| &nbsp;&nbsp; Timothy Plan US Small Cap Core ETF | $22571396 | $— | $— | $235072 | $— | $1539204 | $24110600 | 580000 |

---

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 117

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
| &nbsp;&nbsp; **LARGE/MID <br> CAP VALUE <br> FUND**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2024** | **Purchases** | **Sales** | **Dividends <br> Credited to <br> Income** | **Amount of <br> Gain (Loss) <br> Realized on <br> Sale of Shares** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value <br> September 30, <br> 2025** | **Shares <br> September 30, <br> 2025** |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock Enhanced ETF | $22286768 | $— | $20190228 | 239863 | $(1572911) | $(523629) | $— |  |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock ETF | 6880250 | 23178290 |  | 397194 |  | 3710815 | 33769355 | 858500 |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core Enhanced ETF | 25414835 |  | 22699421 | 130214 | (2077301) | (638113) |  |  |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core ETF | 5191233 | 19553015 |  | 148553 |  | 3774704 | 28518952 | 616000 |
| &nbsp;&nbsp; Total | $59773086 | $42731305 | $42889649 | $915824 | $(3650212) | $6323777 | $62288307 | 1474500 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
| &nbsp;&nbsp; **Defensive <br> Strategies <br> Fund**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2024** | **Purchases** | **Sales** | **Dividends <br> Credited to <br> Income** | **Amount of <br> Gain (Loss) <br> Realized <br> on Sale of <br> Shares\*** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value <br> September 30, <br> 2025** | **Shares <br> September 30, <br> 2025** |
| &nbsp;&nbsp; Timothy Plan Market Neutral ETF  | $14631918 | $— | $14801216 | $479775 | $(411319) | $580617 | $— |  |

---

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 118

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
| &nbsp;&nbsp; **Strategic <br> Growth <br> Fund**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2024** | **Purchases** | **Sales** | **Dividends <br> Credited to <br> Income** | **Amount of <br> Gain (Loss) <br> Realized on <br> Sale of Shares\*** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value <br> September 30, <br> 2025** | **Shares <br> September 30, <br> 2025** |
| &nbsp;&nbsp; International | $4458141 | $124277 | $449683 | $42589 | $181425 | $505843 | $4820003 | 304485 |
| &nbsp;&nbsp; Fixed Income | 4050753 | 1492496 | 35570 | 150836 | (5515) | 1251 | 5503415 | 597548 |
| &nbsp;&nbsp; High Yield Bond  | 2035213 | 797553 | 79836 | 117331 | (2174) | 12349 | 2763105 | 303972 |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock Enhanced ETF | 2739783 |  | 2513774 | 27601 | (218730) | (7279) |  |  |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock ETF |  | 3107443 |  | 29398 |  | 361930 | 3469373 | 88200 |
| &nbsp;&nbsp; Timothy Plan International ETF | 5458879 | 369322 | 1096653 | 137476 | 275318 | 629547 | 5636413 | 168856 |
| &nbsp;&nbsp; Timothy Plan Market Neutral ETF | 5067103 |  | 5054184 | 102708 | (220296) | 207377 |  |  |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core Enhanced ETF | 5175788 |  | 4732150 | 22995 | (383362) | (60276) |  |  |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core ETF |  | 6752814 |  | 38740 |  | 849154 | 7601968 | 164200 |
| &nbsp;&nbsp; Timothy Plan US Small Cap Core ETF | 4090988 | 336123 | 413233 | 40975 | 175422 | 134936 | 4324236 | 104023 |
| &nbsp;&nbsp; Total | $33076648 | $12980028 | $14375083 | $710649 | $(197912) | $2634832 | $34118513 | 1731284 |

---

\* Includes capital gain distributions from affiliated funds

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 119

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
| &nbsp;&nbsp; **Conservative <br> Growth <br> Fund**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2024** | **Purchases** | **Sales** | **Dividends <br> Credited to <br> Income** | **Amount of <br> Gain (Loss) <br> Realized on <br> Sale of Shares\*** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value <br> September 30, <br> 2025** | **Shares <br> September 30, <br> 2025** |
| &nbsp;&nbsp; International | $4494276 | $42934 | $696387 | $42934 | $44434 | $578517 | $4463774 | 281982 |
| &nbsp;&nbsp; Fixed Income | 11540609 | 1331366 | 536845 | 359262 | (63893) | (43538) | 12227699 | 1327655 |
| &nbsp;&nbsp; High Yield Bond  | 2512599 | 846989 | 300245 | 135245 | (9692) | 19870 | 3069521 | 337681 |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock Enhanced ETF | 2343192 |  | 2155430 | 23102 | (111953) | (75809) |  |  |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock ETF |  | 3509874 | 1396290 | 30134 | 179895 | 251515 | 2544994 | 64700 |
| &nbsp;&nbsp; Timothy Plan International ETF | 3497960 | 189192 | 882255 | 79620 | 181777 | 326091 | 3312765 | 99244 |
| &nbsp;&nbsp; Timothy Plan Market Neutral ETF | 5772861 |  | 5756045 | 115181 | (256003) | 239187 |  |  |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core Enhanced ETF | 4720655 |  | 4347920 | 19500 | (352886) | (19849) |  |  |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core ETF |  | 4893644 |  | 23921 |  | 541623 | 5435267 | 117400 |
| &nbsp;&nbsp; Timothy Plan US Small Cap Core ETF | 2720437 | 2220139 | 675207 | 38210 | 364487 | (106832) | 4523024 | 108805 |
| &nbsp;&nbsp; Total | $37602589 | $13034138 | $16746624 | $867109 | $(23834) | $1710775 | $35577044 | 2337467 |

---

\* Includes capital gain distributions from affiliated funds

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
| &nbsp;&nbsp; **Growth <br> & Income <br> Fund**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2024** | **Purchases** | **Sales** | **Dividends <br> Credited to <br> Income** | **Amount of <br> Gain (Loss) <br> Realized on <br> Sale of Shares** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value <br> September 30, <br> 2025** | **Shares <br> September 30, <br> 2025** |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock Enhanced ETF | $9551472 | $— | $8657129 | $120957 | $(752013) | $(142330) | $— | $— |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock ETF |  | 8730562 |  | 85793 |  | 1299940 | 10030502 | 255000 |
| &nbsp;&nbsp; Total | $9551472 | $8730562 | $8657129 | $206750 | $(752013) | $1157610 | $10030502 | 255000 |

---

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 120

---

| | |
|:---|:---|
| **Note 8 \|** | Aggregate Unrealized Appreciation and Depreciation  |

---

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | **Tax Cost** | **Gross** **Unrealized** **Appreciation** | **Gross** **Unrealized** **Depreciation** | **Net Unrealized** **Appreciation/** **(Depreciation)** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $67423742 | $21496027 | $(1312840) | $20183187 |
| &nbsp;&nbsp; International Fund | 130484547 | 81094951 | (3000163) | 78094788 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 211365786 | 75280894 | (3224241) | 72056653 |
| &nbsp;&nbsp; Small Cap Value Fund | 160660187 | 28802951 | (15868462) | 12934489 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 261908601 | 74976917 | (6206890) | 68770027 |
| &nbsp;&nbsp; Fixed Income Fund | 113192994 | 1183536 | (3730762) | (2547226) |
| &nbsp;&nbsp; High Yield Bond Fund | 223762840 | 6555911 | (1737818) | 4818093 |
| &nbsp;&nbsp; Israel Common Values Fund | 61213525 | 101362484 | (4134673) | 97227811 |
| &nbsp;&nbsp; Defensive Strategies Fund | 67667506 | 21984562 | (3040755) | 18943807 |
| &nbsp;&nbsp; Strategic Growth Fund | 29838101 | 5331555 | (543076) | 4788479 |
| &nbsp;&nbsp; Conservative Growth Fund | 33852001 | 3671456 | (1550500) | 2120956 |
| &nbsp;&nbsp; Growth & Income Fund | 17706377 | 1399355 | (166212) | 1233143 |

---

---

| | |
|:---|:---|
| **Note 9 \|** | Distributions to Shareholders and Tax Components of Capital  |

---

The tax character of distributions paid during the fiscal year ended September 30, 2025, and the fiscal year ended September 30, 2024, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **FOR FISCAL YEAR ENDED<br> SEPTEMBER 30, 2025** | **Ordinary** **Income** | **Long-Term** **Capital Gains** | **Total** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $3974776 | $2377959 | $6352735 |
| &nbsp;&nbsp; International Fund | 2061367 |  | 2061367 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 1382953 | 13601602 | 14984555 |
| &nbsp;&nbsp; Small Cap Value Fund | 6548230 | 4791143 | 11339373 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 4631974 | 27083727 | 31715701 |
| &nbsp;&nbsp; Fixed Income Fund | 3509969 |  | 3509969 |
| &nbsp;&nbsp; High Yield Bond Fund | 11917345 |  | 11917345 |
| &nbsp;&nbsp; Israel Common Values Fund | 1155753 |  | 1155753 |
| &nbsp;&nbsp; Defensive Strategies Fund | 1955827 | 61715 | 2017542 |
| &nbsp;&nbsp; Strategic Growth Fund | 638488 | 412718 | 1051206 |
| &nbsp;&nbsp; Conservative Growth Fund | 898331 | 321898 | 1220229 |
| &nbsp;&nbsp; Growth & Income Fund | 325320 |  | 325320 |

---

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 121

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **FOR FISCAL YEAR ENDED<br> SEPTEMBER 30, 2024** | **Ordinary** **Income** | **Long-Term** **Capital Gains** | **Total** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $— | $1848422 | $1848422 |
| &nbsp;&nbsp; International Fund | 1971537 |  | 1971537 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 58780 | 9522503 | 9581283 |
| &nbsp;&nbsp; Small Cap Value Fund | 3142570 | 4198644 | 7341214 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 1638034 | 1250192 | 2888226 |
| &nbsp;&nbsp; Fixed Income Fund | 3180369 |  | 3180369 |
| &nbsp;&nbsp; High Yield Bond Fund | 10494629 |  | 10494629 |
| &nbsp;&nbsp; Israel Common Values Fund | 39507 |  | 39507 |
| &nbsp;&nbsp; Defensive Strategies Fund | 1590608 | 160571 | 1751179 |
| &nbsp;&nbsp; Strategic Growth Fund | 446733 | 74650 | 521383 |
| &nbsp;&nbsp; Conservative Growth Fund | 568460 | 58762 | 627222 |
| &nbsp;&nbsp; Growth & Income Fund | 331177 | 93773 | 424950 |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Undistributed <br> Ordinary <br> Income** | **Undistributed <br> Long-Term <br> Capital Gains** | **Post October <br> Loss and Late <br> Year Loss** | **Capital <br> Loss Carry <br> Forwards** | **Other Book/<br> Tax Differences** | **Unrealized <br> Appreciation/ <br> (Depreciation)** | **Total <br> Accumulated <br> Earnings/<br> (Deficits)** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $— | $3286280 | $(403959) | $— | $— | $20183187 | $23065508 |
| &nbsp;&nbsp; International Fund | 3006076 | 1025297 |  |  |  | 78094331 | 82125704 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund |  | 17476693 | (1199818) |  |  | 72056662 | 88333537 |
| &nbsp;&nbsp; Small Cap Value Fund | 5756902 | 2391500 |  |  |  | 12934489 | 21082891 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 3086110 | 22320821 |  |  |  | 68770027 | 94176958 |
| &nbsp;&nbsp; Fixed Income Fund | 186499 |  |  | (12123987) |  | (2547226) | (14484714) |
| &nbsp;&nbsp; High Yield Bond Fund | 181693 |  |  | (11869040) |  | 4818093 | (6869254) |
| &nbsp;&nbsp; Israel Common Values Fund | 2791618 |  |  | (3412541) |  | 97228228 | 96607305 |
| &nbsp;&nbsp; Defensive Strategies Fund | 705559 |  |  | (36274) |  | 18941096 | 19610381 |
| &nbsp;&nbsp; Strategic Growth Fund | 386731 |  |  | (192311) |  | 4788479 | 4982899 |
| &nbsp;&nbsp; Conservative Growth Fund | 391647 |  |  | (1014) |  | 2120956 | 2511589 |
| &nbsp;&nbsp; Growth & Income Fund | 12454 |  | (757651) | (180606) |  | 1233143 | 307340 |

---

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

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 122

return of capital distributions, partnerships, and perpetual bonds. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $(457), $(2,711), $9, $417 for the International, Defensive Strategies, Large/Mid Cap Growth, and Israel Common Values Funds, respectively.

---

| | |
|:---|:---|
| **Note 10 \|** | Capital Loss Carryforwards, Post October and Other Losses  |

---

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund** | **Late Year Losses** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $403959 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 1199818 |

---

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:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund** | **Post October** **Losses** |
| &nbsp;&nbsp; Growth & Income | $757651 |

---

At September 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** | |
| &nbsp;&nbsp; **Fund** | **Short-Term** | **Long-Term** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **Utilized** |
| &nbsp;&nbsp; International Fund | $— | $— | $— | $1888081 |
| &nbsp;&nbsp; Fixed Income Fund | 3048111 | 9075876 | 12123987 |  |
| &nbsp;&nbsp; High Yield Bond Fund | 352822 | 11516218 | 11869040 |  |
| &nbsp;&nbsp; Israel Common Values Fund | 3412541 |  | 3412541 | 1856380 |
| &nbsp;&nbsp; Defensive Strategies Fund |  | 36274 | 36274 |  |
| &nbsp;&nbsp; Strategic Growth Fund |  | 192311 | 192311 |  |
| &nbsp;&nbsp; Conservative Growth Fund |  | 1014 | 1014 |  |
| &nbsp;&nbsp; Growth & Income Fund | 74636 | 105970 | 180606 |  |

---

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 \|** | New Accounting Pronouncements  |

---

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 123

---

| | |
|:---|:---|
| **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.

---

| | |
|:---|:---|
| **Note 13\|** | Foreign Tax Credit (UNAUDITED)  |

---

The following funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended September 30, 2025 and September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FOR FISCAL YEAR ENDED<br> SEPTEMBER 30, 2025** | **FOREIGN <br> TAXES PAID** | **FOREIGN SOURCE <br> INCOME** |
| &nbsp;&nbsp; International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23  |
| &nbsp;&nbsp; Israel Common Values Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53  |
| &nbsp;&nbsp; Strategic Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05  |
| &nbsp;&nbsp; Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **FOR FISCAL YEAR ENDED<br> SEPTEMBER 30, 2024** | **FOREIGN <br> TAXES PAID** | **FOREIGN SOURCE <br> INCOME** |
| &nbsp;&nbsp; International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07  |
| &nbsp;&nbsp; Israel Common Values Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07  |
| &nbsp;&nbsp; Strategic Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05  |
| &nbsp;&nbsp; Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04  |

---

**NOTES TO FINANCIAL STATEMENTS**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 124

<u><u>**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**</u></u>

To the Shareholders and Board of Trustees of

The Timothy Plan

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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"), twelve of the portfolios constituting The Timothy Plan, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, including observation of precious metals, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Timothy Partners, Ltd., since 2005.

![](fp0095919-2_125.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 26, 2025

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

ANNUAL REPORT \| 125

**Section 8 \|** Additional Information

**September 30, 2025**

**Changes in and Disagreements with Accountants** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** 

Not applicable.

**R** **emuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable.

**ADDITIONAL INFORMATION (UNAUDITED)**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 126

**Section 9 \|** 

---

| | | | |
|:---|:---|:---|:---|
| **FACTS** | **WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL INFORMATION?** | **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. | 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. | 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: <br>● Social Security Number <br> ● Assets <br> ● Retirement Assets <br> ● Transaction History <br> ● Checking Account History <br> ● Purchase History <br> ● Account Balances <br> ● Account Transactions <br> ● Wire Transfer Instructions <br>When you are *no longer* our customer, we continue to share your information as described in this Notice. | The types of information we collect and share depend on the product or service you have with us. This information can include: <br>● Social Security Number <br> ● Assets <br> ● Retirement Assets <br> ● Transaction History <br> ● Checking Account History <br> ● Purchase History <br> ● Account Balances <br> ● Account Transactions <br> ● Wire Transfer Instructions <br>When you are *no longer* our customer, we continue to share your information as described in this Notice. | The types of information we collect and share depend on the product or service you have with us. This information can include: <br>● Social Security Number <br> ● Assets <br> ● Retirement Assets <br> ● Transaction History <br> ● Checking Account History <br> ● Purchase History <br> ● Account Balances <br> ● Account Transactions <br> ● Wire Transfer Instructions <br>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. | 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. | 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.* | *Reasons we can share your personal information.* | *Does The Timothy Plan share?* | *Can you limit this sharing?* |
| **For our everyday business purposes-**<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | **For our everyday business purposes-**<br> 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-**<br> to offer our products and services to you. | **For our marketing purposes-**<br> to offer our products and services to you. | No | We don't share |
| **For joint marketing with other financial companies** | **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes-**<br> information about your transactions and experiences. | **For our affiliates' everyday business purposes-**<br> information about your transactions and experiences. | Yes | No |
| **For our affiliates' everyday business purposes-** <br> information about your creditworthiness | **For our affiliates' everyday business purposes-** <br> information about your creditworthiness | No | We don't share |
| **For non-affiliates to market to you** | **For non-affiliates to market to you** | No | We don't share |
| **Questions?** | **Questions?** | **Call 800-662-0201** | **Call 800-662-0201** |

---

**PRIVACY NOTICE**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 127

---

| | |
|:---|:---|
| **Page 2** | |
| **WHO WE ARE** | **WHO WE ARE** |
| **Who is providing this Notice?** | **Timothy Plan Family of Mutual Funds<br> Timothy Partners, Ltd.** |
| **WHAT WE DO** | **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. <br>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 <br>● Open an account <br> ● Provide account information <br> ● Give us your contact information <br> ● Make deposits or withdrawals from your account <br> ● Make a wire transfer <br> ● Tell us where to send the money <br> ● Tell us who receives the money <br> ● Show your government-issued ID <br> ● Show your driver's license <br>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: <br> ● Sharing for affiliates' everyday business purposes- information about your creditworthiness. <br> ● Affiliates from using your information to market to you. <br> ● Sharing for non-affiliates to market to you <br> State laws and individual companies may give you additional rights to limit sharing. |
| **DEFINITIONS** | **DEFINITIONS** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and non-financial companies. <br> *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. <br> *● 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. <br> *● The Timothy Plan does not jointly market.* |

---

**PRIVACY NOTICE**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 128

**Section 10 \|** 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**

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 129

![](fp0095919-2_130.jpg)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](fp0099356-1_ex99code.htm)

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)):

[Attached hereto. Exhibit 99. CERT](fp0099356-1_ex99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR
 270.30a-2(b)):

[Attached hereto. Exhibit 99.906CERT](fp0099356-1_ex99906cert.htm)

**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.

The Timothy Plan

---

| | |
|:---|:---|
| By | /s/ Arthur D. Ally |
| Arthur D. Ally | Arthur D. Ally |
| President/Principle Executive Officer & Treasurer/Principle Financial Officer | President/Principle Executive Officer & Treasurer/Principle Financial Officer |
| Date: 6/11/2026 | Date: 6/11/2026 |

---

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 | Arthur D. Ally |
| President/Principle Executive Officer & Treasurer/Principle Financial Officer | President/Principle Executive Officer & Treasurer/Principle Financial Officer |
| Date: 6/11/2026 | Date: 6/11/2026 |

---

## Ex-99.Code

**CODE OF ETHICS**

**OF**

**TIMOTHY PLAN**

I. Introduction

This Code of Ethics has been adopted by Timothy Plan (the "Trust") in compliance with Rule 17j-1 (the "Rule") under the Investment Trust Act of 1940, as amended (the "Act") to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Trust may abuse their fiduciary duties to the Trust, and to deal with other types of conflict-of-interest situations to which the Rule is addressed.

The Rule makes it unlawful for certain persons who have affiliations with the Trust to engage in conduct which is deceitful, fraudulent or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. This Code of Ethics is intended to establish policies and procedures designed to ensure that persons subject to this Code of Ethics and the Rule do not use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment-related information, for personal gain or in a manner detrimental to the interests of the Trust.

II. Principles

This Code of Ethics acknowledges the general principles that persons affiliated with the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) owe a fiduciary obligation to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) have the duty at all times to place
 the interests of Trust shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) must conduct
 all of their personal securities transactions in such a manner as to avoid any actual or
 potential conflict of interest or abuse of such person's position of trust and responsibility;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) should not take inappropriate advantage
 of their positions in relation to the Trust.

III. Definitions
 (as used herein)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "*Access Person*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Trustee, officer, general partner
 or Advisory Person of the Trust or any Adviser to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an
 Adviser to the Trust is primarily engaged in a business or businesses other than advising
 Funds or other advisory clients, the term Access Person means any Trustee, officer, general
 partner or Advisory Person of the Adviser who, with respect to any Fund, makes any recommendation,
 participates in the determination of which recommendation will be made, or whose principal
 function or duties relate to the determination of which recommendation will be made, or who,
 in connection with his or her duties, obtains any information concerning recommendations
 on Covered Securities being made by the Adviser to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Adviser
 is "primarily engaged in a business or businesses other than advising Funds or other
 advisory clients" if, for each of its most recent three fiscal years or for the period
 of time since its organization, whichever is less, the Adviser derived, on an unconsolidated
 basis, more than 50% of its income (or loss), before taxes and extraordinary items, from
 the other business or businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any Trustee,
 officer or general partner of a principal underwriter who, in the ordinary course of business,
 makes, participates in or obtains information regarding, the purchase or sale of Covered
 Securities by the Trust for which the principal underwriter acts, or whose functions or duties
 in the ordinary course of business relate to the making of any recommendation to the Trust,
 regarding the purchase or sale of Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *"Advisory Person"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any employee
 of the Trust or an Adviser to the Trust (or of any Trust in a control relationship to the
 Trust or an investment adviser to the Trust) who, in connection with his or her regular functions
 or duties, makes, participates in, or obtains information regarding the purchase or sale
 of Covered Securities by the Trust, or whose functions relate to the making of any recommendations
 with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any natural
 person in a control relationship to the Trust or an Adviser to the Trust who obtains information
 concerning recommendations made to the Trust with regard to the purchase or sale of Covered
 Securities by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "*Affiliated Person* "
 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any officer, Trustee, copartner or employee
 of the Trust, Adviser and/or Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any person
 directly or indirectly owning, controlling or holding with power to vote, 5% or more of the
 outstanding voting securities of the Trust, Adviser and/or Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any person
 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled
 or held with power to vote, by the Trust, Adviser and/or Underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any person
 directly or indirectly controlling, controlled by, or under common control with the Trust,
 Adviser and/or Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) "*Beneficial Interest* "
 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any interest
 by which an Access Person or any member of his or her immediate family (relative by blood
 or marriage living in the same household), can directly or indirectly derive a monetary benefit
 from the purchase, sale (or other acquisition or disposition) or ownership of a security,
 except such interests as Trust's Code of Ethics Officer shall determine to be too remote
 for the purpose of this Code of Ethics. (A transaction in which an Access Person acquires
 or disposes of a security in which he or she has or thereby acquires a direct or indirect
 Beneficial Interest will be referred to in this Code of Ethics as a "personal securities"
 transaction or as a transaction for the person's "own account").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) At the
 written request of a person subject to this Code of Ethics, the Trust's Code of Ethics
 Officer, in their sole discretion or with the advice of counsel, may from time to time issue
 written interpretations as to whether an Access Person has a "Beneficial Interest"
 in a security or a transaction, and whether a transaction is or would be considered to be
 a "personal securities" transaction or a transaction "for the person's
 own" account for purposes of the reporting requirements under this Code. Any such written
 interpretations shall be included in Appendix A attached to and incorporated by reference
 into this Code of Ethics, and may be relied upon solely by the person(s) seeking such interpretations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) *"Trust's Code of Ethics Officer"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trust officer appointed by the board
 to serve as the Trust's Code of Ethics Compliance Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) "*Control*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the power
 to exercise a controlling influence over the management or policies of a Trust (unless such
 power is solely the result of an official position with such Trust). Any person who owns
 beneficially, directly or through one or more controlled companies, more than 25% of the
 voting securities of a Trust shall be presumed to control such Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) "*Covered Security* "
 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all stock,
 debt obligations and other instruments comprising the investments of the Trust, including
 any warrant or option to acquire or sell a security, and financial futures contracts, except
 that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct obligations of the Government
 of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Banker's
 acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
 instruments, including repurchase agreements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares issued by open-end Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) References
 to a "Security" in this Code of Ethics shall include any warrant for, option in,
 or security immediately convertible into that "Security."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) *"Fund"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an investment
 company registered under the Act, and includes the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) A *"security held or to be acquired*" by the Trust means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Covered
 Security which, within the most recent 15 calendar days: (i) is or has been held by the Trust;
 or (ii) is being or has been considered by an Adviser for purchase by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) A security is *"being considered for purchase or sale" means:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) from the
 time an order is given by or on behalf of the Trust to the order room of the Adviser until
 all orders with respect to that security are completed or withdrawn.

IV. General
 Prohibitions

The specific provisions and reporting requirements of the Rule and this Code of Ethics are concerned primarily with those investment activities of **Access Persons** who are associated with the Trust and who thus may benefit from or interfere with the purchase or sale of portfolio securities by the Trust. However, the Rule and this Code of Ethics shall also apply to all Affiliated Persons of the Trust, the Adviser(s), Sub- Adviser(s) and the Underwriter ("Covered Persons"), unless specifically stated otherwise.

The Rule makes it "unlawful" for Covered Persons to engage in conduct which is deceitful, fraudulent, or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. Accordingly, under the Rule and this Code of Ethics, no Covered Person shall use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Trust.

In addition, no Covered Person shall, directly or indirectly in connection with the purchase or sale of a "security held or to be acquired" by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) employ any device, scheme or artifice
 to defraud the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) make
 to the Trust or an Adviser any untrue statement of material fact or omit to state to any
 of the foregoing a material fact necessary in order to make the statements made, in light
 of the circumstances under which they are made, not misleading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) engage
 in any act, practice, or course of business which operates or would operate as a fraud or
 deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) engage in any manipulative practice
 with respect to the Trust.

V. Prohibited
 Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Blackout
 Periods

Subject to any additional limiting requirements that may be set forth below, an **Advisory Person** may not effect a personal securities transaction in a "security held or to be acquired" by the Trust unless such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) executes
 such transaction at a price equal to or less advantageous than the price obtained for such
 security by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reports to the Trust the information described
 in Paragraph VI of this Code of Ethics.

Any profits realized on personal securities transactions in violation of this Section V shall be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Initial
 Public Offerings

An **Advisory Person** may not acquire any security in an initial public offering, unless such **Advisory Person** (1) obtains advance written clearance of such transaction by the Trust's Code of Ethics Officer and (2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Private
 Placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) An **Advisory Person** may not acquire any security in a private placement, unless such Advisory Person
 (1) obtains advance written clearance of such transaction by the Trust's Code of Ethics
 Officer and (2) reports to the Trust the information described in Paragraph VI of this Code
 of Ethics.

When considering whether to grant approval to the **Advisory Person** to engage in these transactions, the Trust's Code of Ethics Officer shall consider, among other factors, whether the investment opportunity should be reserved for the Trust, and whether the opportunity is being offered to the **Advisory Person** by virtue of his or her position with the Trust. If the Trust's Code of Ethics Officer find that the investment opportunity should be reserved to the Trust or that the opportunity is being offered to the **Advisory Person** by virtue of his or her position with the Trust, the Trust's Code of Ethics Officer shall refuse permission for the **Advisory Person** to enter into the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An **Advisory Person** who has been authorized to acquire securities in a private placement or an initial
 public offering shall be required to disclose that investment to the Trust and the appropriate
 Adviser whenever such **Advisory Person** participates, either directly or indirectly,
 in subsequent consideration of an investment in the issuer by any portfolio in the Trust
 complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the
 event that an **Advisory Person** has been given approval to acquire securities in a private
 placement or an initial public offering, any decision of the Trust to purchase securities
 of the issuer of such private placement or initial public offering shall be subject to prior
 review by the Trust's Code of Ethics Officer or Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Ban
 On Short - Term Trading Profits

An **Advisory Person** may not profit from the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 60 calendar days, unless such transactions fully comply with the restrictions of Section V(A) of this Code of Ethics. Any profits realized on non-complying short-term trades shall be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Gifts

**Advisory Persons** may not accept any gift or other thing of more than *de minimis* value from any person or entity that does business with or on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Service
 as a Trustee to Other Public Companies

**Advisory Persons** may not serve on the board of directors of any publicly traded company, without prior authorization of a majority of the Trust's Board of Trustees, which authorization shall be specifically based upon a determination that the board service would be consistent with the interests of the Trust and its shareholders. If and when such board service is authorized, the **Advisory Person** serving as a director will be isolated from other **Advisory Persons** who make investment decisions involving that company through "Chinese Wall" or other procedures.

VI. Advance
 Clearance Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *From Whom Obtained* 

Persons who desire to enter into personal securities transactions in transactions requiring prior approval under paragraph V above, must obtain the written approval of Trust's Code of Ethics Officer prior to entering into such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Time of Clearance* 

Transaction clearances must be obtained not more than three (3) days prior to the transaction. If the trade is not made within three (3) days of the date of clearance, a new clearance must be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Form* 

Persons seeking authorization to enter into transactions requiring prior clearance shall complete and sign a form approved for that purpose by the Trust, which form shall set forth the details of the proposed transaction. An example of such form is annexed hereto as Schedule A ("Clearance Forms"). Upon obtaining authorization to enter into the subject transaction, the Trust's Code of Ethics Officer authorizing the transaction shall affix their signatures to the Clearance Form to indicate such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Filing* 

Copies of all completed Clearance Forms, with all required signatures, shall be retained by the Administrator of this Code of Ethics in accordance with the record keeping requirements set forth in Section XII of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Factors
 Considered in Clearance of Personal Transactions

Trust's Code of Ethics Officer may refuse to grant clearance of a personal transaction in their sole discretion without being required to specify any reason for the refusal. Generally, Trust's Code of Ethics Officer will consider the following factors in determining whether or not to authorize a proposed transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Whether the amount or nature of the transaction,
 or person entering into the transaction, is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) likely to affect the price or market for
 the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whether
 the individual making the proposed purchase or sale is likely to benefit from purchases or
 sales in the same or similar security being made or being considered by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Whether
 the security proposed to be purchased or sold is one that would qualify for purchase or sale
 by the Trust.

VII. Exempt
 Transactions

Neither the prohibitions nor the reporting requirements of this Code of Ethics apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Purchases,
 sales or other acquisitions or dispositions of Securities for an account over which the person
 has no direct influence or control and does not exercise indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Purchases,
 sales or other acquisitions or dispositions of securities which are not eligible for purchase
 or sale by any portfolio of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Involuntary purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Purchases which are part of an automatic
 dividend reinvestment plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Purchases
 or other acquisitions or dispositions resulting from the exercise of rights acquired from
 an issuer as part of a pro rata distribution to all holders of a class of securities of such
 issuer and the sale of such rights;

VIII. Reporting
 of Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Reporting Requirements of Access Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *<u>Reports Required</u>* : Unless specifically excepted by other provisions of this Code of Ethics,
 every Access Person of the Trust, Adviser, Sub-Adviser(s) and Underwriter must provide to
 the Trust's Code of Ethics Officer and the Adviser(s) or Underwriter, as applicable,
 the following reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Reports</u> - Not later than ten (10) days after a person becomes an Access Person,
 such person shall complete, sign and deliver to the Trust's Code of Ethics Officer,
 an Initial Holdings Report, a form of which is attached to this Code of Ethics as Schedule
 B; except that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any person
 who qualified as an **Access Person** prior to March 1, 2000 shall be exempt from filing
 an Initial Holdings Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Transaction Reports</u> - Not later than ten (10) days after the end of each calendar quarter,
 each Access Person shall make a written report ("Quarterly Transaction Report"),
 a form of which is attached to this Code of Ethics as Schedule C, to the Trust's Code
 of Ethics Officer a, which;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect
 to any transaction during the previous calendar quarter in a Covered Security in which the **Access Person** had any direct or indirect Beneficial Ownership, contains the following
 information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 date of the transaction, the title, the interest rate and maturity date (if applicable),
 the number of shares and the principal amount of each Covered Security involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price of the Covered Security
 at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the report is submitted
 by the **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect
 to any account established by the **Access Person** in which any securities were held
 during the previous quarter for the direct or indirect benefit or the **Access Person**,
 contains the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name
 of the broker, dealer or bank with whom the **Access Person** established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the account was established;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the report is submitted
 by the **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Annual Holding Reports</u> - Not later than thirty (30) days after the end of the Trust's
 fiscal year end, each **Access Person** shall make a written report, a form of which is
 attached to this Code of Ethics as Schedule D ("Annual Holdings Report"), to the
 Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sets forth
 the title, number of shares and principal amount of each Covered Security in which the **Access Person** had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Sets forth
 the name of any broker, dealer or bank with whom the **Access Person** maintains an account
 in which any securities are held for the direct or indirect benefit of the **Access Person**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Contains the date that the report is
 submitted by the **Access Person**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) States
 that the information contained in the Annual Holdings Report is current as of a date not
 greater than thirty (30) days prior to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An Access
 Person of the Trust who is also an **Access Person** of the Trust's Underwriter
 or their affiliates or an Access Person of a Fund's Adviser or Sub-Advisers may submit
 reports required by this Section on forms prescribed by the Code of Ethics of such Underwriter,
 Adviser, or Sub-Adviser provided that such forms comply with the requirements of Rule 17j-1(d)(1)
 of the 1940 Act and that said Codes of Ethics has been approved by the Trust's Independent
 Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Exemptions
 from Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A person
 need not make an Initial Holdings Report with respect to transactions effected for, and Covered
 Securities held in, any account over which the person has no direct or indirect influence
 or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Trustee
 of the Trust who is not an "interested person" of the Trust, as such term is defined
 in Section 2(a)(19) of the Act, and who would otherwise be required to make a report solely
 by reason of being a Trustee of the Trust, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Initial Holdings Report or an Annual
 Holdings Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Quarterly
 Transaction Report, unless the Trustee knew, or in the ordinary course of fulfilling his
 or her official duties as a Trustee should have known, that during the fifteen (15) day period
 immediately before or after the Trustee's transaction in a Covered Security, the Trust
 purchased or sold the Covered Security, or the Trust or an Adviser considered purchasing
 or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) An **Access Person** of the Trust's
 Underwriter need not make a report to the Underwriter, if such person makes a report to the
 Trust and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Underwriter is not an affiliated
 person of the Trust or any Adviser to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriter
 has no officer, Trustee or general partner who serves as an officer, Trustee or general partner
 of the Trust or an Adviser to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An **Access Person** of an Adviser need not make a report to the Adviser, if such person makes a report
 to the Trust and all of the information contained in such report would duplicate information
 required to be recorded under §§ 275.204-2(a)(12) or 275.204(a)(13) of the Investment
 Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) An **Access Person** need not make a Quarterly Transaction Report if the Report would duplicate information
 contained in broker trade confirmations or account statements received by the Trust with
 respect to the **Access Person** for the applicable quarterly reporting period, but only
 if such broker trade confirmations or account statements contain ALL of the information required
 to be reported in the Quarterly Transaction Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Responsibility
 to Report

The responsibility for taking the initiative to report is imposed on each individual required to make a report. Any effort by the Trust to facilitate the reporting process does not change or alter that responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Where
 to File Report

All reports must be filed with the Trust's Code of Ethics Officer.

IX. Confidentiality
 of Trust Transactions

Until disclosed in a public report to shareholders or to the SEC in the normal course of the Trust's business, all information concerning Securities "being considered for purchase or sale" by the Trust shall be kept confidential by all **Access Persons** and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Trust's Code of Ethics Officer to report any inadequacy found by him or her to the Board of Trustees of the Trust or any committee appointed by the Board to deal with such information.

X. Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by the Trust as may be deemed appropriate under the circumstances to achieve the purposes of the Rule and this Code of Ethics which may include suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Trust and the more advantageous price paid or received by the offending person. Sanctions for violation of this Code of Ethics by a Trustee of the Trust will be determined by a majority vote of its Independent Trustees.

XI. Administration
 and Construction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The administration
 of this Code of Ethics shall be the responsibility of the Trust's Code of Ethics Officer
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The duties of such Trust's Code of Ethics
 Officer shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Continuous
 maintenance of a current list of the names of all **Access Persons** with an appropriate
 description of their title or employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Providing
 each **Covered Person** a copy of this Code of Ethics and informing them of their duties
 and obligations thereunder, and assuring that **Covered Persons** who are not **Access Persons** are familiar with applicable requirements of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Maintaining
 or supervising the maintenance of all records and reports required by this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Preparing
 listings of all transactions effected by any **Access Person** within fifteen (15) days
 of the date on which the same security was held, purchased or sold by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Determining
 whether any particular securities transaction should be exempted pursuant to the provisions
 of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Issuing
 either personally, or with the assistance of counsel as may be appropriate, an interpretation
 of this Code of Ethics which may appear consistent with the objectives of the Rule of this
 Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Conducting
 of such inspections or investigations, including scrutiny of the listings referred to in
 the preceding subparagraph, as shall reasonably be required to detect and report, with his
 or her recommendations, any apparent violations of this Code of Ethics to the Board of Trustees
 of the Trust or any Committee appointed by them to deal with such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Submitting
 a quarterly report to the Trustees of the Trust containing a description of any violation
 and the sanction imposed; transactions which suggest a possibility of a violation, and any
 exemptions or waivers found appropriate by the Trust's Code of Ethics Officer; and any other
 significant information concerning the appropriateness of this Code of Ethics.

XII. Required
 Records

The Trust's Code of Ethics Officer shall maintain or cause to be maintained in an easily accessible place, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A copy
 of this and any other Code of Ethics adopted pursuant to the Rule which has been in effect
 during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A record of any violation of such Codes
 of Ethics and of any action taken as a result of such violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) A
 copy of each report made by the Trust's Code of Ethics Officer within two (2) years from
 the end of the fiscal year of the Trust in which such report and interpretation is made or
 issued and for an additional three (3) years in a place which need not be easily accessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) A list
 of all persons who are, or within the past five (5) years have been, required to make reports
 pursuant to the Rule and this Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) A copy
 of all Initial Holdings Reports, Quarterly Transactions Reports, and Annual Holdings Reports
 submitted within the last five (5) years, the first two (2) years in an easily accessible
 place.

XIII. Amendments
 and Modifications

This Code of Ethics may not be amended or modified except in a written form which is specifically approved by majority vote of the Independent Trustees of the Trust.

This Code of Ethics was adopted by the Trust's Board of Trustees, including a majority of the Trust's "Independent Trustees", at a meeting held on November 17, 2023.

**SCHEDULE A**

CONFIDENTIAL TRANSACTION CLEARANCE<br> **REQUEST FORM**

Pursuant to the requirements of Section V of the Code of Ethics of Timothy Plan (the "Trust"),

I, ___________________________________________________________, being an Access Person of the Trust, as that term is defined in the Code, hereby request that the Trust approve the following transaction in Covered Securities:

Name of Security: <u>____________________________________________</u>

Number of shares/Principal amount: <u>_______________________________</u>

Nature of transaction: <u>_________________________________________</u><br> *(i.e., purchase, sale or other type of acquisition or disposition);*

Name of broker/dealer or bank executing transaction: <u>_________________</u>

Yes No <br>     The security described above represents an investment in an initial public offering. <br>     The security described above represents an investment in a private placement.

By my signature below, I swear and affirm that I have not engaged in any transactions in the above-described securities in violation of the Trust's Code of Ethics, that I will invest in the above-described securities only after obtaining clearance to do so from authorized officers of the Trust, will report all such transactions in accordance with the requirements of the Trust's Code of Ethics, and if I receive clearance to engage in the above-described security, I will execute the transaction not later than three (3) days after receiving clearance or will obtain a new clearance prior to executing the transaction.

    <br> Signature of Applicant Printed Name of Applicant

---

| | |
|:---|:---|
| ____ | After due consideration, the proposed transaction described above is APPROVED. |
| ____ | After due consideration, the proposed transaction is DENIED. |
| ____ | *(Check only if approving a transaction that represents an investment in an initial public offering or in a private placement).* We, the undersigned, in the exercise of our obligations to the Trust under the Trust's Code of Ethics, have found that the above-described transaction is not a transaction that should be reserved to the Trust, and we further find that the transaction is not being offered to the Applicant as a result of his/her position with the Trust, Adviser or Underwriter. |

---

---

| | | | |
|:---|:---|:---|:---|
| Signature / Trust's Code of Ethics Officer | Date | Signature / Trust's Code of Ethics Officer | Date |
| Printed Name |  | Printed Name |  |

---

**SCHEDULE B<br> CONFIDENTIAL INITIAL HOLDINGS REPORT<br> TIMOTHY PLAN**

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of _________________. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

**<u>HOLDINGS IN COVERED SECURITIES</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Transaction Date | Description of Security | Number of Shares/ Units | Per Unit<br> Price | Total Amount | Broker executing Transaction |

---

The following lists all accounts established by me as of ___________________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Date Account Established** |

---

      <br> Name Date Signature

**SCHEDULE C<br> QUARTERLY SECURITIES TRANSACTIONS CONFIDENTIAL REPORT<br> TIMOTHY PLAN**

The following lists all transactions in Covered Securities in which I had any direct or indirect beneficial ownership during the last calendar quarter. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

**<u>PURCHASES/SALES AND OTHER DISPOSITIONS</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Transaction Date | Description of Security | Purchase (P), Sale(S), or Other Disposition (Describe) | Number of Shares/ Units | Per Unit Price | Total Amount | Broker executing Transaction |

---

The following lists all accounts established by me during the last calendar quarter in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Date Account Established** |

---

      <br> Name Date Signature

**SCHEDULE D<br> CONFIDENTIAL ANNUAL SECURITIES HOLDINGS REPORT<br> TIMOTHY PLAN**

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of _____ . (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust's fiscal year end. Use reverse side if additional space is needed.

**<u>HOLDINGS IN COVERED SECURITIES</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Transaction Date | Description of Security | Number of Shares/ Units | Per Unit<br> Price | Total Amount | Broker executing Transaction |

---

The following lists all accounts established by me as of _____________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust's fiscal year end. Use reverse side if additional space is needed.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Date Account Established** |

---

I swear and affirm that the foregoing information is true and correct to the best of my information and belief, and that the information included in this report is current as of a date not later than thirty (30) days prior to the filing of this report.

      <br> Name Date Signature

**VERIFICATION OF ACCESS PERSONS<br> TIMOTHY PLAN**

Required Report for

Code of Ethics of Timothy Plan As Adopted November 17, 2023

Listed below are the names and current mailing addresses of all persons, as of November 17, 2023, who are considered to be "Access Persons" of Timothy Plan, as such term is defined in the Code of Ethics of Timothy Plan (the "Trust"), as adopted on November 17, 2023 (the "Code").

---

| | |
|:---|:---|
| Name of Access Person | Mailing Address |
| 1. |  |
| 2. |  |
| 3. |  |
| 4. |  |
| 5. |  |
| 6. |  |
| 7. |  |
| 8. |  |
| 9. |  |

---

**ACKNOWLEDGEMENT OF RECEIPT OF CODE OF ETHICS<br> OF<br> TIMOTHY PLAN**

Required Report for

Code of Ethics of Timothy Plan As Adopted November 17, 2023

I, <u>_______________________</u> , certify by my signature below as follows:

1. I have received,
 read, understand and agree to comply with the Code of Ethics of Timothy Plan (the "Trust"),
 as adopted on November 17, 2023 (the "Code"); and

2. I acknowledge
 that I am an "Access Person" of the Trust, as such term is defined in the Code
 and that Access Persons of the Trust are generally required make periodic reports of their
 securities transactions and securities holdings; and

3. I am subject to the reporting requirements
 of the Code; and

4. On the first
 day following the end of each calendar quarter (January 1<sup>st</sup>, April 1<sup>st</sup>,
 July 1<sup>st</sup>, October 1<sup>st</sup>) I will receive a Quarterly Securities Transaction
 Report from the Trust. I will complete and return the Report to the Trust's Code of Ethics
 Officer Terry Covert not later than the tenth day of the month in which the Report is sent;
 and

5. I will inform the Trust of any change in
 my mailing address within ten (10) days of such change.

      <br> Name Date Signature

Revised 11/2023

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Arthur D. Ally, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of The Timothy Plan ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 6/11/2026 | /s/ Arthur D. Ally |
|  | Arthur D. Ally |
|  | President/Principle Executive Officer & Treasurer/Principle Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer of The Timothy Plan (the "Registrant"), certifies to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

President/Principle Executive Officer & Treasurer/Principle Financial Officer

The Timothy Plan

---

| |
|:---|
| /s/ Arthur D. Ally |
| Arthur D. Ally |

---

Date: <u>6/11/2026</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.