# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0001398344-26-010417
**Filing Date:** 2026-6
**Character Count:** 517750
**Document Hash:** dbc321111b8012ee69833747d14a9338
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010417.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001398344-26-010417

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08228
- **FILM NUMBER:** 261068611

**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>3/31/2026</u>

**Item 1. Reports to Stockholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included Tailored Shareholder Report

**#### Timothy Plan Conservative Growth Fund

#### Class A (TCGAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Conservative Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $49 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $34708960 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $26434 |
| Portfolio Turnover | 2% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan Fixed Income Fund - Class A | 36.9% |
| Timothy Plan US Large/Mid Cap Core ETF | 15.2% |
| Timothy Plan International Fund - Class A | 11.3% |
| Timothy Plan US Small Cap Core ETF | 10.0% |
| Timothy Plan International ETF | 9.3% |
| Timothy Plan High Yield Bond Fund - Class A | 8.7% |
| Timothy Plan High Dividend Stock ETF | 7.5% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie55e1450ef6ab2fbffd07218.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 42.0% |
| Money Market Funds | 1.2% |
| Open End Funds | 56.8% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TCGAX

#### Timothy Plan Conservative Growth Fund

#### Class C (TCVCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Conservative Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $74 | 1.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $34708960 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $26434 |
| Portfolio Turnover | 2% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan Fixed Income Fund - Class A | 36.9% |
| Timothy Plan US Large/Mid Cap Core ETF | 15.2% |
| Timothy Plan International Fund - Class A | 11.3% |
| Timothy Plan US Small Cap Core ETF | 10.0% |
| Timothy Plan International ETF | 9.3% |
| Timothy Plan High Yield Bond Fund - Class A | 8.7% |
| Timothy Plan High Dividend Stock ETF | 7.5% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie55e1450ef6ab2fbffd07218.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 42.0% |
| Money Market Funds | 1.2% |
| Open End Funds | 56.8% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TCVCX

#### Timothy Plan Conservative Growth Fund

#### Class I (TIICX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Conservative Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $39 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $34708960 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $26434 |
| Portfolio Turnover | 2% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan Fixed Income Fund - Class A | 36.9% |
| Timothy Plan US Large/Mid Cap Core ETF | 15.2% |
| Timothy Plan International Fund - Class A | 11.3% |
| Timothy Plan US Small Cap Core ETF | 10.0% |
| Timothy Plan International ETF | 9.3% |
| Timothy Plan High Yield Bond Fund - Class A | 8.7% |
| Timothy Plan High Dividend Stock ETF | 7.5% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie55e1450ef6ab2fbffd07218.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 42.0% |
| Money Market Funds | 1.2% |
| Open End Funds | 56.8% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TIICX

#### Timothy Plan Defensive Strategies Fund

#### Class A (TPDAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Defensive Strategies Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $67 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $105558806 |
| Number of Portfolio Holdings | 205 |
| Advisory Fee (net of waivers) | $262508 |
| Portfolio Turnover | 15% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| GOLD BARS | 27.2% |
| United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/31 | 6.4% |
| United States Treasury Inflation Indexed Bonds, 2.375%, 01/15/27 | 3.0% |
| United States Treasury Inflation Indexed Bonds, 0.125%, 02/15/51 | 2.8% |
| Equinix, Inc. | 2.6% |
| Prologis, Inc. | 2.2% |
| Sprott Physical Silver Trust | 2.2% |
| Ventas, Inc. | 1.8% |
| United States Treasury Inflation Indexed Bonds, 1.875%, 07/15/35 | 1.6% |
| United States Treasury Inflation Indexed Bonds, 0.500%, 01/15/28 | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie481ecea9a88cd2f661285d3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Closed End Funds | 2.2% |
| Common Stocks | 46.9% |
| Money Market Funds | 5.2% |
| Precious Metals - Physical Holding | 27.2% |
| U.S. Government & Agencies | 18.5% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPDAX

#### Timothy Plan Defensive Strategies Fund

#### Class C (TPDCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Defensive Strategies Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $107 | 2.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $105558806 |
| Number of Portfolio Holdings | 205 |
| Advisory Fee (net of waivers) | $262508 |
| Portfolio Turnover | 15% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| GOLD BARS | 27.2% |
| United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/31 | 6.4% |
| United States Treasury Inflation Indexed Bonds, 2.375%, 01/15/27 | 3.0% |
| United States Treasury Inflation Indexed Bonds, 0.125%, 02/15/51 | 2.8% |
| Equinix, Inc. | 2.6% |
| Prologis, Inc. | 2.2% |
| Sprott Physical Silver Trust | 2.2% |
| Ventas, Inc. | 1.8% |
| United States Treasury Inflation Indexed Bonds, 1.875%, 07/15/35 | 1.6% |
| United States Treasury Inflation Indexed Bonds, 0.500%, 01/15/28 | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie481ecea9a88cd2f661285d3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Closed End Funds | 2.2% |
| Common Stocks | 46.9% |
| Money Market Funds | 5.2% |
| Precious Metals - Physical Holding | 27.2% |
| U.S. Government & Agencies | 18.5% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPDCX

#### Timothy Plan Defensive Strategies Fund

#### Class I (TPDIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Defensive Strategies Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $54 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $105558806 |
| Number of Portfolio Holdings | 205 |
| Advisory Fee (net of waivers) | $262508 |
| Portfolio Turnover | 15% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| GOLD BARS | 27.2% |
| United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/31 | 6.4% |
| United States Treasury Inflation Indexed Bonds, 2.375%, 01/15/27 | 3.0% |
| United States Treasury Inflation Indexed Bonds, 0.125%, 02/15/51 | 2.8% |
| Equinix, Inc. | 2.6% |
| Prologis, Inc. | 2.2% |
| Sprott Physical Silver Trust | 2.2% |
| Ventas, Inc. | 1.8% |
| United States Treasury Inflation Indexed Bonds, 1.875%, 07/15/35 | 1.6% |
| United States Treasury Inflation Indexed Bonds, 0.500%, 01/15/28 | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie481ecea9a88cd2f661285d3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Closed End Funds | 2.2% |
| Common Stocks | 46.9% |
| Money Market Funds | 5.2% |
| Precious Metals - Physical Holding | 27.2% |
| U.S. Government & Agencies | 18.5% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPDIX

#### Timothy Plan Fixed Income Fund

#### Class A (TFIAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Fixed Income Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $57 | 1.14%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $106656289 |
| Number of Portfolio Holdings | 117 |
| Advisory Fee (net of waivers) | $219387 |
| Portfolio Turnover | 10% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 05/15/54 | 6.9% |
| United States Treasury Note, 4.250%, 08/15/35 | 5.7% |
| United States Treasury Note, 4.500%, 02/15/44 | 2.6% |
| John Deere Owner Trust 2025, 4.230%, 09/17/29 | 2.2% |
| Province of Ontario Canada, 2.500%, 04/27/26 | 2.1% |
| CSX Corporation, 3.250%, 06/01/27 | 2.0% |
| American Electric Power Company, Inc., 3.200%, 11/13/27 | 2.0% |
| NiSource, Inc., 3.490%, 05/15/27 | 2.0% |
| Healthpeak Properties, Inc., 3.500%, 07/15/29 | 2.0% |
| Energy Transfer, L.P., 6.250%, 04/15/49 | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i8b076968e9817dc6346bc2e3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.7% |
| Corporate Bonds | 31.1% |
| Money Market Funds | 1.5% |
| Non U.S. Government & Agencies | 4.8% |
| U.S. Government & Agencies | 56.9% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TFIAX

#### Timothy Plan Fixed Income Fund

#### Class C (TFICX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Fixed Income Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $95 | 1.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $106656289 |
| Number of Portfolio Holdings | 117 |
| Advisory Fee (net of waivers) | $219387 |
| Portfolio Turnover | 10% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 05/15/54 | 6.9% |
| United States Treasury Note, 4.250%, 08/15/35 | 5.7% |
| United States Treasury Note, 4.500%, 02/15/44 | 2.6% |
| John Deere Owner Trust 2025, 4.230%, 09/17/29 | 2.2% |
| Province of Ontario Canada, 2.500%, 04/27/26 | 2.1% |
| CSX Corporation, 3.250%, 06/01/27 | 2.0% |
| American Electric Power Company, Inc., 3.200%, 11/13/27 | 2.0% |
| NiSource, Inc., 3.490%, 05/15/27 | 2.0% |
| Healthpeak Properties, Inc., 3.500%, 07/15/29 | 2.0% |
| Energy Transfer, L.P., 6.250%, 04/15/49 | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i8b076968e9817dc6346bc2e3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.7% |
| Corporate Bonds | 31.1% |
| Money Market Funds | 1.5% |
| Non U.S. Government & Agencies | 4.8% |
| U.S. Government & Agencies | 56.9% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TFICX

#### Timothy Plan Fixed Income Fund

#### Class I (TPFIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Fixed Income Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $45 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $106656289 |
| Number of Portfolio Holdings | 117 |
| Advisory Fee (net of waivers) | $219387 |
| Portfolio Turnover | 10% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 4.625%, 05/15/54 | 6.9% |
| United States Treasury Note, 4.250%, 08/15/35 | 5.7% |
| United States Treasury Note, 4.500%, 02/15/44 | 2.6% |
| John Deere Owner Trust 2025, 4.230%, 09/17/29 | 2.2% |
| Province of Ontario Canada, 2.500%, 04/27/26 | 2.1% |
| CSX Corporation, 3.250%, 06/01/27 | 2.0% |
| American Electric Power Company, Inc., 3.200%, 11/13/27 | 2.0% |
| NiSource, Inc., 3.490%, 05/15/27 | 2.0% |
| Healthpeak Properties, Inc., 3.500%, 07/15/29 | 2.0% |
| Energy Transfer, L.P., 6.250%, 04/15/49 | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i8b076968e9817dc6346bc2e3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.7% |
| Corporate Bonds | 31.1% |
| Money Market Funds | 1.5% |
| Non U.S. Government & Agencies | 4.8% |
| U.S. Government & Agencies | 56.9% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPFIX

#### Timothy Plan Growth & Income Fund

#### Class A (TGIAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Growth & Income Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $76 | 1.51%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $19009504 |
| Number of Portfolio Holdings | 102 |
| Advisory Fee (net of waivers) | $31614 |
| Portfolio Turnover | 9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan High Dividend Stock ETF | 55.5% |
| United States Treasury Note, 4.750%, 08/15/55 | 3.8% |
| United States Treasury Note, 4.250%, 08/15/35 | 2.9% |
| United States Treasury Note, 4.625%, 04/30/31 | 2.3% |
| United States Treasury Note, 4.500%, 02/15/44 | 1.6% |
| Israel Government International Bond, 5.500%, 03/12/34 | 1.1% |
| John Deere Owner Trust 2025, 4.230%, 09/17/29 | 1.0% |
| Fannie Mae Pool, 4.500%, 08/01/52 | 0.8% |
| Kubota Credit Owner Trust 2025-2, 4.420%, 09/17/29 | 0.7% |
| Province of Ontario Canada, 2.500%, 04/27/26 | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i7bb1d694e10bac04be9e440a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 2.5% |
| Corporate Bonds | 11.4% |
| Exchange-Traded Funds | 55.6% |
| Money Market Funds | 0.6% |
| Non U.S. Government & Agencies | 1.8% |
| U.S. Government & Agencies | 28.1% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TGIAX

#### Timothy Plan Growth & Income Fund

#### Class C (TGCIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Growth & Income Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $114 | 2.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $19009504 |
| Number of Portfolio Holdings | 102 |
| Advisory Fee (net of waivers) | $31614 |
| Portfolio Turnover | 9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan High Dividend Stock ETF | 55.5% |
| United States Treasury Note, 4.750%, 08/15/55 | 3.8% |
| United States Treasury Note, 4.250%, 08/15/35 | 2.9% |
| United States Treasury Note, 4.625%, 04/30/31 | 2.3% |
| United States Treasury Note, 4.500%, 02/15/44 | 1.6% |
| Israel Government International Bond, 5.500%, 03/12/34 | 1.1% |
| John Deere Owner Trust 2025, 4.230%, 09/17/29 | 1.0% |
| Fannie Mae Pool, 4.500%, 08/01/52 | 0.8% |
| Kubota Credit Owner Trust 2025-2, 4.420%, 09/17/29 | 0.7% |
| Province of Ontario Canada, 2.500%, 04/27/26 | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i7bb1d694e10bac04be9e440a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 2.5% |
| Corporate Bonds | 11.4% |
| Exchange-Traded Funds | 55.6% |
| Money Market Funds | 0.6% |
| Non U.S. Government & Agencies | 1.8% |
| U.S. Government & Agencies | 28.1% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TGCIX

#### Timothy Plan Growth & Income Fund

#### Class I (TIGIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Growth & Income Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $64 | 1.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $19009504 |
| Number of Portfolio Holdings | 102 |
| Advisory Fee (net of waivers) | $31614 |
| Portfolio Turnover | 9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan High Dividend Stock ETF | 55.5% |
| United States Treasury Note, 4.750%, 08/15/55 | 3.8% |
| United States Treasury Note, 4.250%, 08/15/35 | 2.9% |
| United States Treasury Note, 4.625%, 04/30/31 | 2.3% |
| United States Treasury Note, 4.500%, 02/15/44 | 1.6% |
| Israel Government International Bond, 5.500%, 03/12/34 | 1.1% |
| John Deere Owner Trust 2025, 4.230%, 09/17/29 | 1.0% |
| Fannie Mae Pool, 4.500%, 08/01/52 | 0.8% |
| Kubota Credit Owner Trust 2025-2, 4.420%, 09/17/29 | 0.7% |
| Province of Ontario Canada, 2.500%, 04/27/26 | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i7bb1d694e10bac04be9e440a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 2.5% |
| Corporate Bonds | 11.4% |
| Exchange-Traded Funds | 55.6% |
| Money Market Funds | 0.6% |
| Non U.S. Government & Agencies | 1.8% |
| U.S. Government & Agencies | 28.1% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TIGIX

#### Timothy Plan High Yield Bond Fund

#### Class A (TPHAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan High Yield Bond Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $59 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $215181159 |
| Number of Portfolio Holdings | 131 |
| Advisory Fee (net of waivers) | $588820 |
| Portfolio Turnover | 20% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Aptiv plc / Aptiv Global Financing DAC | 2.6% |
| Upbound Group, Inc. 144A | 2.6% |
| Mativ Holdings, Inc. 144A | 2.2% |
| PROG Holdings, Inc. 144A | 2.1% |
| National Mentor Holdings, Inc. 144A | 2.0% |
| Arbor Realty SR, Inc. 144A | 1.9% |
| Rithm Capital Corporation 144A | 1.8% |
| Energizer Holdings, Inc. 144A | 1.9% |
| HAH Group Holding Company, LLC 144A | 1.8% |
| B&G Foods, Inc. 144A | 1.7% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](icaff9f38a8bbb438f379f611.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 98.3% |
| Money Market Funds | 1.7% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPHAX

#### Timothy Plan High Yield Bond Fund

#### Class C (TPHCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan High Yield Bond Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $96 | 1.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $215181159 |
| Number of Portfolio Holdings | 131 |
| Advisory Fee (net of waivers) | $588820 |
| Portfolio Turnover | 20% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Aptiv plc / Aptiv Global Financing DAC | 2.6% |
| Upbound Group, Inc. 144A | 2.6% |
| Mativ Holdings, Inc. 144A | 2.2% |
| PROG Holdings, Inc. 144A | 2.1% |
| National Mentor Holdings, Inc. 144A | 2.0% |
| Arbor Realty SR, Inc. 144A | 1.9% |
| Rithm Capital Corporation 144A | 1.8% |
| Energizer Holdings, Inc. 144A | 1.9% |
| HAH Group Holding Company, LLC 144A | 1.8% |
| B&G Foods, Inc. 144A | 1.7% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](icaff9f38a8bbb438f379f611.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 98.3% |
| Money Market Funds | 1.7% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPHCX

#### Timothy Plan High Yield Bond Fund

#### Class I (TPHIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan High Yield Bond Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $47 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $215181159 |
| Number of Portfolio Holdings | 131 |
| Advisory Fee (net of waivers) | $588820 |
| Portfolio Turnover | 20% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Aptiv plc / Aptiv Global Financing DAC | 2.6% |
| Upbound Group, Inc. 144A | 2.6% |
| Mativ Holdings, Inc. 144A | 2.2% |
| PROG Holdings, Inc. 144A | 2.1% |
| National Mentor Holdings, Inc. 144A | 2.0% |
| Arbor Realty SR, Inc. 144A | 1.9% |
| Rithm Capital Corporation 144A | 1.8% |
| Energizer Holdings, Inc. 144A | 1.9% |
| HAH Group Holding Company, LLC 144A | 1.8% |
| B&G Foods, Inc. 144A | 1.7% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](icaff9f38a8bbb438f379f611.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 98.3% |
| Money Market Funds | 1.7% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPHIX

#### Timothy Plan International Fund

#### Class A (TPIAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan International Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $76 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $199312373 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee (net of waivers) | $933646 |
| Portfolio Turnover | 9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 4.4% |
| ABB Ltd. - ADR | 3.4% |
| Safran S.A. - ADR | 3.4% |
| UniCredit SpA - ADR | 3.2% |
| Canadian Natural Resources Ltd. | 3.0% |
| KBC Group N.V. - ADR | 3.0% |
| CRH plc | 2.9% |
| Hoya Corporation - ADR | 2.9% |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 2.9% |
| ASM International N.V. - ADR | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](if076a0720d834d0f57a68a5c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.5% |
| Money Market Funds | 2.5% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPIAX

#### Timothy Plan International Fund

#### Class C (TPICX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan International Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $113 | 2.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $199312373 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee (net of waivers) | $933646 |
| Portfolio Turnover | 9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 4.4% |
| ABB Ltd. - ADR | 3.4% |
| Safran S.A. - ADR | 3.4% |
| UniCredit SpA - ADR | 3.2% |
| Canadian Natural Resources Ltd. | 3.0% |
| KBC Group N.V. - ADR | 3.0% |
| CRH plc | 2.9% |
| Hoya Corporation - ADR | 2.9% |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 2.9% |
| ASM International N.V. - ADR | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](if076a0720d834d0f57a68a5c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.5% |
| Money Market Funds | 2.5% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPICX

#### Timothy Plan International Fund

#### Class I (TPIIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan International Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $63 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $199312373 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee (net of waivers) | $933646 |
| Portfolio Turnover | 9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 4.4% |
| ABB Ltd. - ADR | 3.4% |
| Safran S.A. - ADR | 3.4% |
| UniCredit SpA - ADR | 3.2% |
| Canadian Natural Resources Ltd. | 3.0% |
| KBC Group N.V. - ADR | 3.0% |
| CRH plc | 2.9% |
| Hoya Corporation - ADR | 2.9% |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 2.9% |
| ASM International N.V. - ADR | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](if076a0720d834d0f57a68a5c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.5% |
| Money Market Funds | 2.5% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPIIX

#### Timothy Plan Israel Common Values Fund

#### Class A (TPAIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Israel Common Values Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $88 | 1.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $189283619 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee | $884004 |
| Portfolio Turnover | 9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Tel Aviv Stock Exchange Ltd. | 8.5% |
| Elbit Systems Ltd. | 7.7% |
| Bank Leumi Le-Israel BM | 5.6% |
| Tower Semiconductor Ltd. | 5.6% |
| Phoenix Financial Ltd. | 5.6% |
| Nova Ltd. | 4.8% |
| Mizrahi Tefahot Bank Ltd. | 3.6% |
| Next Vision Stabilized Systems Ltd. | 3.1% |
| Azrieli Group Ltd. | 3.1% |
| Israel Discount Bank Ltd. - Class A | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i2e77badfb3ae65cc7e6bca68.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 94.6% |
| Money Market Funds | 4.0% |
| Partnership Shares | 1.4% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPAIX

#### Timothy Plan Israel Common Values Fund

#### Class C (TPCIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Israel Common Values Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $129 | 2.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $189283619 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee | $884004 |
| Portfolio Turnover | 9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Tel Aviv Stock Exchange Ltd. | 8.5% |
| Elbit Systems Ltd. | 7.7% |
| Bank Leumi Le-Israel BM | 5.6% |
| Tower Semiconductor Ltd. | 5.6% |
| Phoenix Financial Ltd. | 5.6% |
| Nova Ltd. | 4.8% |
| Mizrahi Tefahot Bank Ltd. | 3.6% |
| Next Vision Stabilized Systems Ltd. | 3.1% |
| Azrieli Group Ltd. | 3.1% |
| Israel Discount Bank Ltd. - Class A | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i2e77badfb3ae65cc7e6bca68.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 94.6% |
| Money Market Funds | 4.0% |
| Partnership Shares | 1.4% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPCIX

#### Timothy Plan Israel Common Values Fund

#### Class I (TICIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Israel Common Values Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $74 | 1.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $189283619 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee | $884004 |
| Portfolio Turnover | 9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Tel Aviv Stock Exchange Ltd. | 8.5% |
| Elbit Systems Ltd. | 7.7% |
| Bank Leumi Le-Israel BM | 5.6% |
| Tower Semiconductor Ltd. | 5.6% |
| Phoenix Financial Ltd. | 5.6% |
| Nova Ltd. | 4.8% |
| Mizrahi Tefahot Bank Ltd. | 3.6% |
| Next Vision Stabilized Systems Ltd. | 3.1% |
| Azrieli Group Ltd. | 3.1% |
| Israel Discount Bank Ltd. - Class A | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i2e77badfb3ae65cc7e6bca68.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 94.6% |
| Money Market Funds | 4.0% |
| Partnership Shares | 1.4% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TICIX

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

#### Class A (TLGAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Large/Mid Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $67 | 1.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $265350329 |
| Number of Portfolio Holdings | 57 |
| Advisory Fee (net of waivers) | $974510 |
| Portfolio Turnover | 26% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan US Large/Mid Cap Core ETF | 10.0% |
| Broadcom, Inc. | 7.4% |
| Costco Wholesale Corporation | 5.4% |
| KLA Corporation | 5.1% |
| Analog Devices, Inc. | 4.5% |
| Caterpillar, Inc. | 3.7% |
| Arista Networks, Inc. | 3.1% |
| Amphenol Corporation - Class A | 3.0% |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2.9% |
| Linde plc | 2.4% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ice86d969e4b5fd716d55059e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 85.3% |
| Exchange-Traded Funds | 10.0% |
| Money Market Funds | 4.7% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TLGAX

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

#### Class C (TLGCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Large/Mid Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $104 | 2.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $265350329 |
| Number of Portfolio Holdings | 57 |
| Advisory Fee (net of waivers) | $974510 |
| Portfolio Turnover | 26% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan US Large/Mid Cap Core ETF | 10.0% |
| Broadcom, Inc. | 7.4% |
| Costco Wholesale Corporation | 5.4% |
| KLA Corporation | 5.1% |
| Analog Devices, Inc. | 4.5% |
| Caterpillar, Inc. | 3.7% |
| Arista Networks, Inc. | 3.1% |
| Amphenol Corporation - Class A | 3.0% |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2.9% |
| Linde plc | 2.4% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ice86d969e4b5fd716d55059e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 85.3% |
| Exchange-Traded Funds | 10.0% |
| Money Market Funds | 4.7% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TLGCX

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

#### Class I (TPLIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Large/Mid Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $55 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $265350329 |
| Number of Portfolio Holdings | 57 |
| Advisory Fee (net of waivers) | $974510 |
| Portfolio Turnover | 26% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan US Large/Mid Cap Core ETF | 10.0% |
| Broadcom, Inc. | 7.4% |
| Costco Wholesale Corporation | 5.4% |
| KLA Corporation | 5.1% |
| Analog Devices, Inc. | 4.5% |
| Caterpillar, Inc. | 3.7% |
| Arista Networks, Inc. | 3.1% |
| Amphenol Corporation - Class A | 3.0% |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2.9% |
| Linde plc | 2.4% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ice86d969e4b5fd716d55059e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 85.3% |
| Exchange-Traded Funds | 10.0% |
| Money Market Funds | 4.7% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPLIX

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

#### Class A (TLVAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Large/Mid Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $61 | 1.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $314090849 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $935253 |
| Portfolio Turnover | 4% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan High Dividend Stock ETF | 11.3% |
| Timothy Plan US Large/Mid Cap Core ETF | 9.1% |
| Littelfuse, Inc. | 2.9% |
| NextEra Energy, Inc. | 2.8% |
| Hubbell, Inc. | 2.8% |
| EOG Resources, Inc. | 2.6% |
| ConocoPhillips | 2.4% |
| Qnity Electronics, Inc. | 2.3% |
| CSX Corporation | 2.3% |
| Deere & Company | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i01b9509e4fbea3e8285a7e6a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 73.5% |
| Exchange-Traded Funds | 20.4% |
| Money Market Funds | 6.1% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TLVAX

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

#### Class C (TLVCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Large/Mid Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $99 | 1.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $314090849 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $935253 |
| Portfolio Turnover | 4% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan High Dividend Stock ETF | 11.3% |
| Timothy Plan US Large/Mid Cap Core ETF | 9.1% |
| Littelfuse, Inc. | 2.9% |
| NextEra Energy, Inc. | 2.8% |
| Hubbell, Inc. | 2.8% |
| EOG Resources, Inc. | 2.6% |
| ConocoPhillips | 2.4% |
| Qnity Electronics, Inc. | 2.3% |
| CSX Corporation | 2.3% |
| Deere & Company | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i01b9509e4fbea3e8285a7e6a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 73.5% |
| Exchange-Traded Funds | 20.4% |
| Money Market Funds | 6.1% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TLVCX

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

#### Class I (TMVIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Large/Mid Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $49 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $314090849 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $935253 |
| Portfolio Turnover | 4% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan High Dividend Stock ETF | 11.3% |
| Timothy Plan US Large/Mid Cap Core ETF | 9.1% |
| Littelfuse, Inc. | 2.9% |
| NextEra Energy, Inc. | 2.8% |
| Hubbell, Inc. | 2.8% |
| EOG Resources, Inc. | 2.6% |
| ConocoPhillips | 2.4% |
| Qnity Electronics, Inc. | 2.3% |
| CSX Corporation | 2.3% |
| Deere & Company | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i01b9509e4fbea3e8285a7e6a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 73.5% |
| Exchange-Traded Funds | 20.4% |
| Money Market Funds | 6.1% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TMVIX

#### Timothy Plan Small Cap Value Fund

#### Class A (TPLNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $67 | 1.34%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $164516869 |
| Number of Portfolio Holdings | 67 |
| Advisory Fee (net of waivers) | $569788 |
| Portfolio Turnover | 29% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan US Small Cap Core ETF | 15.0% |
| Everus Construction Group, Inc. | 1.9% |
| Standex International Corporation | 1.8% |
| Blue Bird Corporation | 1.8% |
| Veeco Instruments, Inc. | 1.8% |
| National Bank Holdings Corporation - Class A | 1.8% |
| Avista Corporation | 1.7% |
| Renasant Corporation | 1.7% |
| Nicolet Bankshares, Inc. | 1.7% |
| MDU Resources Group, Inc. | 1.7% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i414a4801e9b02c998cd72119.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 83.4% |
| Exchange-Traded Funds | 14.9% |
| Money Market Funds | 1.7% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPLNX

#### Timothy Plan Small Cap Value Fund

#### Class C (TSVCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $105 | 2.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $164516869 |
| Number of Portfolio Holdings | 67 |
| Advisory Fee (net of waivers) | $569788 |
| Portfolio Turnover | 29% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan US Small Cap Core ETF | 15.0% |
| Everus Construction Group, Inc. | 1.9% |
| Standex International Corporation | 1.8% |
| Blue Bird Corporation | 1.8% |
| Veeco Instruments, Inc. | 1.8% |
| National Bank Holdings Corporation - Class A | 1.8% |
| Avista Corporation | 1.7% |
| Renasant Corporation | 1.7% |
| Nicolet Bankshares, Inc. | 1.7% |
| MDU Resources Group, Inc. | 1.7% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i414a4801e9b02c998cd72119.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 83.4% |
| Exchange-Traded Funds | 14.9% |
| Money Market Funds | 1.7% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TSVCX

#### Timothy Plan Small Cap Value Fund

#### Class I (TPVIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $55 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $164516869 |
| Number of Portfolio Holdings | 67 |
| Advisory Fee (net of waivers) | $569788 |
| Portfolio Turnover | 29% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan US Small Cap Core ETF | 15.0% |
| Everus Construction Group, Inc. | 1.9% |
| Standex International Corporation | 1.8% |
| Blue Bird Corporation | 1.8% |
| Veeco Instruments, Inc. | 1.8% |
| National Bank Holdings Corporation - Class A | 1.8% |
| Avista Corporation | 1.7% |
| Renasant Corporation | 1.7% |
| Nicolet Bankshares, Inc. | 1.7% |
| MDU Resources Group, Inc. | 1.7% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i414a4801e9b02c998cd72119.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 83.4% |
| Exchange-Traded Funds | 14.9% |
| Money Market Funds | 1.7% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TPVIX

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

#### Class A (TAAGX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Small/Mid Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $80 | 1.49%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $116895382 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $381043 |
| Portfolio Turnover | 19% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| FTAI Aviation Ltd. | 4.2% |
| Comfort Systems USA, Inc. | 3.9% |
| Ross Stores, Inc. | 3.8% |
| Howmet Aerospace, Inc. | 3.7% |
| Quanta Services, Inc. | 3.2% |
| MasTec, Inc. | 3.0% |
| Cheniere Energy, Inc. | 3.0% |
| Seagate Technology Holdings plc | 2.9% |
| Monolithic Power Systems, Inc. | 2.8% |
| Teradyne, Inc. | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i4f56bac9709484af8441cee7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 91.8% |
| Money Market Funds | 8.2% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TAAGX

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

#### Class C (TCAGX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Small/Mid Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $120 | 2.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $116895382 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $381043 |
| Portfolio Turnover | 19% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| FTAI Aviation Ltd. | 4.2% |
| Comfort Systems USA, Inc. | 3.9% |
| Ross Stores, Inc. | 3.8% |
| Howmet Aerospace, Inc. | 3.7% |
| Quanta Services, Inc. | 3.2% |
| MasTec, Inc. | 3.0% |
| Cheniere Energy, Inc. | 3.0% |
| Seagate Technology Holdings plc | 2.9% |
| Monolithic Power Systems, Inc. | 2.8% |
| Teradyne, Inc. | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i4f56bac9709484af8441cee7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 91.8% |
| Money Market Funds | 8.2% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TCAGX

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

#### Class I (TIAGX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Small/Mid Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $66 | 1.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $116895382 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $381043 |
| Portfolio Turnover | 19% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| FTAI Aviation Ltd. | 4.2% |
| Comfort Systems USA, Inc. | 3.9% |
| Ross Stores, Inc. | 3.8% |
| Howmet Aerospace, Inc. | 3.7% |
| Quanta Services, Inc. | 3.2% |
| MasTec, Inc. | 3.0% |
| Cheniere Energy, Inc. | 3.0% |
| Seagate Technology Holdings plc | 2.9% |
| Monolithic Power Systems, Inc. | 2.8% |
| Teradyne, Inc. | 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](i4f56bac9709484af8441cee7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 91.8% |
| Money Market Funds | 8.2% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TIAGX

#### Timothy Plan Strategic Growth Fund

#### Class A (TSGAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Strategic Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $47 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $33996344 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $25795 |
| Portfolio Turnover | 4% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan US Large/Mid Cap Core ETF | 18.1% |
| Timothy Plan Fixed Income Fund - Class A | 18.1% |
| Timothy Plan International ETF | 15.6% |
| Timothy Plan International Fund - Class A | 15.4% |
| Timothy Plan US Small Cap Core ETF | 11.4% |
| Timothy Plan High Dividend Stock ETF | 10.5% |
| Timothy Plan High Yield Bond Fund - Class A | 9.3% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie9915071682ca03bd3e75b4c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 55.5% |
| Money Market Funds | 1.7% |
| Open End Funds | 42.8% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TSGAX

#### Timothy Plan Strategic Growth Fund

#### Class C (TSGCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Strategic Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $73 | 1.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $33996344 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $25795 |
| Portfolio Turnover | 4% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan US Large/Mid Cap Core ETF | 18.1% |
| Timothy Plan Fixed Income Fund - Class A | 18.1% |
| Timothy Plan International ETF | 15.6% |
| Timothy Plan International Fund - Class A | 15.4% |
| Timothy Plan US Small Cap Core ETF | 11.4% |
| Timothy Plan High Dividend Stock ETF | 10.5% |
| Timothy Plan High Yield Bond Fund - Class A | 9.3% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie9915071682ca03bd3e75b4c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 55.5% |
| Money Market Funds | 1.7% |
| Open End Funds | 42.8% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TSGCX

#### Timothy Plan Strategic Growth Fund

#### Class I (TISGX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ief02635f3f1d0ba255748f59.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Timothy Plan Strategic Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $33996344 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $25795 |
| Portfolio Turnover | 4% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Timothy Plan US Large/Mid Cap Core ETF | 18.1% |
| Timothy Plan Fixed Income Fund - Class A | 18.1% |
| Timothy Plan International ETF | 15.6% |
| Timothy Plan International Fund - Class A | 15.4% |
| Timothy Plan US Small Cap Core ETF | 11.4% |
| Timothy Plan High Dividend Stock ETF | 10.5% |
| Timothy Plan High Yield Bond Fund - Class A | 9.3% |

---

\* 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.

# Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie9915071682ca03bd3e75b4c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 55.5% |
| Money Market Funds | 1.7% |
| Open End Funds | 42.8% |

---

# 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

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033126-TISGX**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** Not applicable

**Item 3. Audit Committee Financial Expert.** Not applicable

**Item 4. Principal Accountant Fees and Services.** Not applicable

**Item 5. Audit Committee of Listed Registrants.** Not applicable to open-end investment companies.

**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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included Long Form Financial Statements

![](fp0098502-2_i.jpg)

Semi-Annual Financial Statements and Additional Information

March 31, 2026

TIMOTHY PLAN FAMILY OF FUNDS

![](fp0098502-2_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 \|** Additional Information  | 124 |
| **Section 8 \|** Privacy Notice  | 130 |
| **Section 9 \|** Disclosures  | 132 |

---

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 1

**Section 1 \|** Schedule of Investments

**MARCH 31, 2026 (UNAUDITED)**

Small/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 95.2%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 9.6%** |  |
| 20250 | FTAI Aviation Ltd. | $4961250 |
| 18711 | Howmet Aerospace, Inc. | 4312137 |
| 12776 | Rocket Lab Corporation<sup>(a)</sup> | 820475 |
| 999 | TransDigm Group, Inc. | 1157801 |
|  |  | 11251663 |
|  | **APPAREL & TEXTILE PRODUCTS — 1.9%** |  |
| 31057 | Kontoor Brands, Inc. | 2182997 |
|  | **BANKING — 5.4%** |  |
| 110819 | First Horizon Corporation | 2522240 |
| 12924 | Pinnacle Financial Partners, Inc. | 1113273 |
| 18974 | Wintrust Financial Corporation | 2636248 |
|  |  | 6271761 |
|  | **BEVERAGES — 0.6%** |  |
| 19777 | Celsius Holdings, Inc.<sup>(a)</sup> | 701688 |
|  | **BIOTECH & PHARMA — 6.0%** |  |
| 110502 | Elanco Animal Health, Inc.<sup>(a)</sup> | 2644313 |
| 19945 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 1497670 |
| 4852 | United Therapeutics Corporation<sup>(a)</sup> | 2877139 |
|  |  | 7019122 |
|  | **CONSTRUCTION MATERIALS — 1.4%** |  |
| 29969 | Amrize Ltd. | 1678863 |
|  | **DATA CENTER REIT — 1.5%** |  |
| 9963 | Digital Realty Trust, Inc. | 1795432 |
|  | **E-COMMERCE DISCRETIONARY — 1.7%** |  |
| 26599 | Wayfair, Inc., Class A<sup>(a)</sup> | 2000511 |
|  | **ELECTRIC UTILITIES — 3.7%** |  |
| 49873 | CenterPoint Energy, Inc. | 2152519 |
| 14779 | Vistra Corporation | 2221727 |
|  |  | 4374246 |
|  | **ELECTRICAL EQUIPMENT — 7.1%** |  |
| 23258 | Amphenol Corporation, Class A | 2938648 |
| 22867 | Itron, Inc.<sup>(a)</sup> | 2049569 |
| 13172 | Vertiv Holdings Company, Class A | 3300640 |
|  |  | 8288857 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 2

Small/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **ENGINEERING & CONSTRUCTION — 10.1%** |  |
| 3296 | Comfort Systems USA, Inc. | $4545151 |
| 11108 | MasTec, Inc.<sup>(a)</sup> | 3573888 |
| 6800 | Quanta Services, Inc. | 3733336 |
|  |  | 11852375 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.5%** |  |
| 27566 | GeneDx Holdings Corporation<sup>(a)</sup> | 1770289 |
|  | **INDUSTRIAL SUPPORT SERVICES — 3.0%** |  |
| 34922 | Fastenal Company | 1620381 |
| 2655 | United Rentals, Inc. | 1934327 |
|  |  | 3554708 |
|  | **LEISURE FACILITIES & SERVICES — 1.6%** |  |
| 5146 | Domino's Pizza, Inc. | 1846333 |
|  | **MEDICAL EQUIPMENT & DEVICES — 5.5%** |  |
| 7529 | Insulet Corporation<sup>(a)</sup> | 1579885 |
| 23376 | Merit Medical Systems, Inc.<sup>(a)</sup> | 1611308 |
| 15930 | Natera, Inc.<sup>(a)</sup> | 3185841 |
|  |  | 6377034 |
|  | **OIL & GAS PRODUCERS — 4.2%** |  |
| 12477 | Cheniere Energy, Inc. | 3540474 |
| 6698 | Diamondback Energy, Inc. | 1324797 |
|  |  | 4865271 |
|  | **RETAIL - CONSUMER STAPLES — 1.0%** |  |
| 5096 | Five Below, Inc.<sup>(a)</sup> | 1164334 |
|  | **RETAIL - DISCRETIONARY — 5.3%** |  |
| 11935 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 1746807 |
| 20579 | Ross Stores, Inc. | 4458028 |
|  |  | 6204835 |
|  | **SEMICONDUCTORS — 12.8%** |  |
| 11788 | Coherent Corporation<sup>(a)</sup> | 2808019 |
| 26763 | Marvell Technology, Inc. | 2650875 |
| 3031 | Monolithic Power Systems, Inc. | 3313945 |
| 4510 | Sandisk Corporation<sup>(a)</sup> | 2865383 |
| 11157 | Teradyne, Inc. | 3307604 |
|  |  | 14945826 |
|  | **SOFTWARE — 2.9%** |  |
| 7436 | MongoDB, Inc.<sup>(a)</sup> | 1820110 |
| 42018 | QXO, Inc.<sup>(a)</sup> | 815990 |
| 5208 | Zscaler, Inc.<sup>(a)</sup> | 730630 |
|  |  | 3366730 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 3

Small/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TECHNOLOGY HARDWARE — 5.4%** |  |
| 5613 | Fabrinet<sup>(a)</sup> | $2927292 |
| 8665 | Seagate Technology Holdings plc | 3394600 |
|  |  | 6321892 |
|  | **TECHNOLOGY SERVICES — 3.0%** |  |
| 3952 | CACI International, Inc., Class A<sup>(a)</sup> | 2149374 |
| 2619 | MSCI, Inc. | 1411667 |
|  |  | 3561041 |
|  | **TOTAL COMMON STOCKS (Cost $82,942,546)** | 111395808 |
|  | **SHORT-TERM INVESTMENT — 8.6%** |  |
|  | **MONEY MARKET FUND — 8.6%** |  |
| 9998964 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(b)</sup> (Cost $9,998,964) | 9998964 |
|  | **TOTAL INVESTMENTS — 103.8% (Cost $92,941,510)** | $121394772 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — (3.8)%** | (4499390) |
|  | **NET ASSETS — 100.0%** | $116895382 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 4

International Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 97.1%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 6.1%** |  |
| 82000 | Safran S.A. - ADR | $6726460 |
| 92200 | Thales S.A. - ADR | 5421360 |
|  |  | 12147820 |
|  | **APPAREL & TEXTILE PRODUCTS — 2.3%** |  |
| 264000 | Cie Financiere Richemont S.A. - ADR | 4664880 |
|  | **BANKING — 16.9%** |  |
| 27922 | DBS Group Holdings Ltd. - ADR | 5005577 |
| 67100 | ICICI Bank Ltd. - ADR | 1737890 |
| 426420 | Itau Unibanco Holding S.A. - ADR | 3573399 |
| 96700 | KBC Group N.V. - ADR | 5919007 |
| 1005000 | Lloyds Banking Group plc - ADR | 5055150 |
| 292000 | Sumitomo Mitsui Financial Group, Inc. - ADR | 5767000 |
| 176000 | UniCredit SpA - ADR | 6346560 |
|  |  | 33404583 |
|  | **BIOTECH & PHARMA — 5.7%** |  |
| 6000 | Argenx S.E. - ADR<sup>(a)</sup> | 4381500 |
| 137000 | Genmab A/S - ADR<sup>(a)</sup> | 3675710 |
| 22000 | UCB S.A. - ADR | 3317270 |
|  |  | 11374480 |
|  | **CHEMICALS — 1.8%** |  |
| 85362 | Air Liquide S.A. - ADR | 3542523 |
|  | **CONSTRUCTION MATERIALS — 2.9%** |  |
| 56000 | CRH plc | 5886720 |
|  | **DIVERSIFIED INDUSTRIALS — 2.2%** |  |
| 153000 | Hitachi Ltd. - ADR | 4453830 |
|  | **E-COMMERCE DISCRETIONARY — 0.7%** |  |
| 16800 | Sea Ltd. - ADR<sup>(a)</sup> | 1391208 |
|  | **ELECTRIC UTILITIES — 4.3%** |  |
| 438000 | Enel SpA - ADR | 4765440 |
| 40700 | Iberdrola S.A. - ADR | 3754168 |
|  |  | 8519608 |
|  | **ELECTRICAL EQUIPMENT — 4.2%** |  |
| 84000 | ABB Ltd. - ADR | 6760320 |
| 10000 | Siemens Energy A.G. - ADR | 1687200 |
|  |  | 8447520 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 5

International Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **ENGINEERING & CONSTRUCTION — 1.4%** |  |
| 74500 | Vinci S.A. - ADR | $2795985 |
|  | **FOOD — 0.7%** |  |
| 47000 | Ajinomoto Company, Inc. - ADR<sup>(a)</sup> | 1326810 |
|  | **HOUSEHOLD PRODUCTS — 1.6%** |  |
| 318000 | Haleon plc - ADR | 3183180 |
|  | **INDUSTRIAL SUPPORT SERVICES — 1.8%** |  |
| 53600 | Sunbelt Rentals Holdings, Inc. | 3488824 |
|  | **INSURANCE — 4.5%** |  |
| 297000 | Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen - ADR | 3733290 |
| 109000 | Tokio Marine Holdings, Inc. - ADR | 5138260 |
|  |  | 8871550 |
|  | **INTERNET MEDIA & SERVICES — 2.3%** |  |
| 493181 | Prosus N.V. - ADR | 4561924 |
|  | **MACHINERY — 4.1%** |  |
| 244000 | Atlas Copco A.B. - ADR | 3796640 |
| 66150 | Techtronic Industries Company Ltd. - ADR | 4400298 |
|  |  | 8196938 |
|  | **MEDICAL EQUIPMENT & DEVICES — 6.2%** |  |
| 63500 | Alcon, Inc. | 4784725 |
| 34000 | Hoya Corporation - ADR | 5869420 |
| 55400 | Smith & Nephew plc - ADR | 1760612 |
|  |  | 12414757 |
|  | **METALS & MINING — 3.0%** |  |
| 29000 | BHP Group Ltd. - ADR | 2109460 |
| 19100 | Cameco Corporation | 2074451 |
| 20300 | Rio Tinto plc - ADR | 1893787 |
|  |  | 6077698 |
|  | **OIL & GAS PRODUCERS — 5.1%** |  |
| 122600 | Canadian Natural Resources Ltd. | 5974298 |
| 100000 | Equinor ASA - ADR | 4220000 |
|  |  | 10194298 |
|  | **SEMICONDUCTORS — 8.7%** |  |
| 7410 | ASM International N.V. - ADR | 5586251 |
| 28000 | Infineon Technologies A.G. - ADR | 1265880 |
| 9300 | NXP Semiconductors N.V. | 1830798 |
| 25800 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 8719110 |
|  |  | 17402039 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 6

International Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SOFTWARE — 1.5%** |  |
| 27500 | Nebius Group N.V.<sup>(a)</sup> | $2853400 |
|  | **SPECIALTY FINANCE — 2.2%** |  |
| 149000 | ORIX Corporation - ADR | 4468510 |
|  | **TECHNOLOGY HARDWARE — 1.0%** |  |
| 213328 | FUJIFILM Holdings Corporation - ADR | 2033016 |
|  | **TRANSPORTATION & LOGISTICS — 3.6%** |  |
| 43800 | Canadian Pacific Kansas City Ltd. | 3445308 |
| 64000 | Ryanair Holdings plc - ADR | 3699200 |
|  |  | 7144508 |
|  | **WHOLESALE - CONSUMER STAPLES — 2.3%** |  |
| 371000 | ITOCHU Corporation - ADR | 4730250 |
|  | **TOTAL COMMON STOCKS (Cost $113,961,651)** | 193576859 |
|  | **SHORT-TERM INVESTMENT — 2.5%** |  |
|  | **MONEY MARKET FUND — 2.5%** |  |
| 4963173 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(b)</sup> (Cost $4,963,173) | 4963173 |
|  | **TOTAL INVESTMENTS — 99.6% (Cost $118,924,824)** | $198540032 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%** | 772341 |
|  | **NET ASSETS — 100.0%** | $199312373 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-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** |
| 16.9% | &nbsp;&nbsp; Japan | 2.1% | &nbsp;&nbsp; Norway |
| 9.6% | &nbsp;&nbsp; Netherlands | 1.9% | &nbsp;&nbsp; Sweden |
| 9.3% | &nbsp;&nbsp; France | 1.9% | &nbsp;&nbsp; Spain |
| 8.1% | &nbsp;&nbsp; Switzerland | 1.8% | &nbsp;&nbsp; Denmark |
| 6.0% | &nbsp;&nbsp; United Kingdom | 1.8% | &nbsp;&nbsp; Brazil |
| 5.8% | &nbsp;&nbsp; Canada | 1.7% | &nbsp;&nbsp; United States |
| 5.6% | &nbsp;&nbsp; Italy | 1.1% | &nbsp;&nbsp; Australia |
| 4.8% | &nbsp;&nbsp; Ireland | 0.9% | &nbsp;&nbsp; India |
| 4.6% | &nbsp;&nbsp; Belgium | 0.7% | &nbsp;&nbsp; Cayman Islands |
| 4.4% | &nbsp;&nbsp; Taiwan Province of China | 97.1% | &nbsp;&nbsp; **Total** |
| 3.4% | &nbsp;&nbsp; Germany | 2.5% | &nbsp;&nbsp; **Money Market Fund** |
| 2.5% | &nbsp;&nbsp; Singapore | 0.4% | &nbsp;&nbsp; **Other Assets in Excess of Liabilities** |
| 2.2% | &nbsp;&nbsp; Hong Kong | 100.0% | &nbsp;&nbsp; **Grand Total** |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 8

Large/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 85.3%** | **Fair Value**<br> |
|  | **ADVERTISING & MARKETING — 1.1%** |  |
| 7078 | AppLovin Corporation, Class A<sup>(a)</sup> | $2817044 |
|  | **AEROSPACE & DEFENSE — 1.6%** |  |
| 9302 | Howmet Aerospace, Inc. | 2143739 |
| 1883 | TransDigm Group, Inc. | 2182322 |
|  |  | 4326061 |
|  | **ASSET MANAGEMENT — 0.8%** |  |
| 6624 | LPL Financial Holdings, Inc. | 1992698 |
|  | **BIOTECH & PHARMA — 0.7%** |  |
| 2973 | United Therapeutics Corporation<sup>(a)</sup> | 1762930 |
|  | **CHEMICALS — 3.6%** |  |
| 12899 | Linde plc | 6394809 |
| 9437 | Sherwin-Williams Company (The) | 3025030 |
|  |  | 9419839 |
|  | **COMMERCIAL SUPPORT SERVICES — 2.0%** |  |
| 17667 | Cintas Corporation | 2988196 |
| 10464 | Waste Management, Inc. | 2404523 |
|  |  | 5392719 |
|  | **CONSTRUCTION MATERIALS — 1.0%** |  |
| 4571 | Martin Marietta Materials, Inc. | 2690856 |
|  | **ELECTRIC UTILITIES — 0.9%** |  |
| 10556 | American Electric Power Company, Inc. | 1383680 |
| 6512 | Vistra Corporation | 978949 |
|  |  | 2362629 |
|  | **ELECTRICAL EQUIPMENT — 8.0%** |  |
| 63958 | Amphenol Corporation, Class A | 8081093 |
| 5267 | GE Vernova, Inc. | 4597564 |
| 9078 | Trane Technologies plc | 3783166 |
| 18286 | Vertiv Holdings Company, Class A | 4582106 |
|  |  | 21043929 |
|  | **ENGINEERING & CONSTRUCTION — 1.3%** |  |
| 1268 | Comfort Systems USA, Inc. | 1748560 |
| 3111 | Quanta Services, Inc. | 1708001 |
|  |  | 3456561 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.8%** |  |
| 4664 | HCA Healthcare, Inc. | 2207191 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 9

Large/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **INDUSTRIAL REIT — 1.2%** |  |
| 23982 | Prologis, Inc. | $3169941 |
|  | **INDUSTRIAL SUPPORT SERVICES — 1.0%** |  |
| 58936 | Fastenal Company | 2734630 |
|  | **INFRASTRUCTURE REIT — 0.8%** |  |
| 12203 | American Tower Corporation | 2105994 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.8%** |  |
| 31099 | Intercontinental Exchange, Inc. | 4891251 |
|  | **INSURANCE — 0.5%** |  |
| 7268 | Progressive Corporation (The) | 1440808 |
|  | **MACHINERY — 3.7%** |  |
| 13830 | Caterpillar, Inc. | 9798002 |
|  | **MEDICAL EQUIPMENT & DEVICES — 4.5%** |  |
| 4215 | Insulet Corporation<sup>(a)</sup> | 884476 |
| 10612 | Intuitive Surgical, Inc.<sup>(a)</sup> | 4892026 |
| 5328 | Natera, Inc.<sup>(a)</sup> | 1065547 |
| 15495 | Stryker Corporation | 5091502 |
|  |  | 11933551 |
|  | **OIL & GAS PRODUCERS — 0.9%** |  |
| 33202 | Williams Companies, Inc. (The) | 2416442 |
|  | **RETAIL - CONSUMER STAPLES — 5.4%** |  |
| 14310 | Costco Wholesale Corporation | 14258913 |
|  | **RETAIL - DISCRETIONARY — 4.8%** |  |
| 4639 | Carvana Company<sup>(a)</sup> | 1458409 |
| 66627 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 6150338 |
| 15539 | Ross Stores, Inc. | 3366214 |
| 38447 | Tractor Supply Company | 1741649 |
|  |  | 12716610 |
|  | **SEMICONDUCTORS — 20.3%** |  |
| 37240 | Analog Devices, Inc. | 11847534 |
| 10249 | Astera Labs, Inc.<sup>(a)</sup> | 1123290 |
| 63773 | Broadcom, Inc. | 19738381 |
| 9192 | KLA Corporation | 13534393 |
| 22641 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 7651526 |
|  |  | 53895124 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 10

Large/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SOFTWARE — 11.6%** |  |
| 17024 | Cadence Design Systems, Inc.<sup>(a)</sup> | $4730459 |
| 9670 | Cloudflare, Inc., Class A<sup>(a)</sup> | 1995308 |
| 9470 | CoreWeave, Inc., Class A<sup>(a)</sup> | 733641 |
| 8028 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 3134211 |
| 16439 | Datadog, Inc., Class A<sup>(a)</sup> | 1940624 |
| 13588 | Guidewire Software, Inc.<sup>(a)</sup> | 2032221 |
| 5587 | MongoDB, Inc.<sup>(a)</sup> | 1367530 |
| 17532 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 2564581 |
| 39632 | Palo Alto Networks, Inc.<sup>(a)</sup> | 6353802 |
| 32262 | Shopify, Inc., Class A<sup>(a)</sup> | 3826918 |
| 13970 | Snowflake, Inc.<sup>(a)</sup> | 2106955 |
|  |  | 30786250 |
|  | **TECHNOLOGY HARDWARE — 5.4%** |  |
| 66639 | Arista Networks, Inc.<sup>(a)</sup> | 8181936 |
| 16105 | Ciena Corporation<sup>(a)</sup> | 6252444 |
|  |  | 14434380 |
|  | **TRANSPORTATION & LOGISTICS — 1.6%** |  |
| 41651 | Canadian Pacific Kansas City Ltd. | 3276268 |
| 6027 | CH Robinson Worldwide, Inc. | 1000904 |
|  |  | 4277172 |
|  | **TOTAL COMMON STOCKS (Cost $179,270,229)** | 226331525 |
|  | **EXCHANGE-TRADED FUND — 10.0%** |  |
|  | **EQUITY — 10.0%** |  |
| 573000 | Timothy Plan US Large/Mid Cap Core ETF<sup>(b)</sup> | 26610120 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $20,988,985)** | 26610120 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 11

Large/Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 4.7%** | **Fair Value**<br> |
|  | **MONEY MARKET FUND — 4.7%** |  |
| 12482263 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(c)</sup> (Cost $12,482,263) | $12482263 |
|  | **TOTAL INVESTMENTS — 100.0% (Cost $212,741,477)** | $265423908 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%<sup>(d)</sup>** | (73579) |
|  | **NET ASSETS — 100.0%** | $265350329 |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| 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 March 31, 2026. |
| <sup>(d)</sup> | &nbsp;&nbsp;&nbsp; Percentage rounds to less than 0.1%. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 12

Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 83.5%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 1.7%** |  |
| 25348 | AAR Corporation<sup>(a)</sup> | $2774592 |
|  | **AUTOMOTIVE — 0.7%** |  |
| 27128 | XPEL, Inc.<sup>(a)</sup> | 1200685 |
|  | **BANKING — 14.4%** |  |
| 78227 | Atlantic Union Bankshares Corporation | 2795833 |
| 23198 | City Holding Company | 2772625 |
| 18953 | Coastal Financial Corporation<sup>(a)</sup> | 1442323 |
| 53690 | FB Financial Corporation | 2788659 |
| 49669 | First Bancorp | 2798848 |
| 73899 | National Bank Holdings Corporation, Class A | 2893885 |
| 19008 | Nicolet Bankshares, Inc. | 2824969 |
| 78391 | Renasant Corporation | 2832267 |
| 87335 | Seacoast Banking Corporation of Florida | 2645377 |
|  |  | 23794786 |
|  | **BIOTECH & PHARMA — 1.6%** |  |
| 43479 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 2577001 |
|  | **CHEMICALS — 3.8%** |  |
| 35201 | Avient Corporation | 1277796 |
| 13381 | Hawkins, Inc. | 2055322 |
| 32399 | Sensient Technologies Corporation | 2800569 |
|  |  | 6133687 |
|  | **CONSTRUCTION MATERIALS — 2.5%** |  |
| 33800 | Knife River Corporation<sup>(a)</sup> | 2759770 |
| 37842 | Trex Company, Inc.<sup>(a)</sup> | 1378206 |
|  |  | 4137976 |
|  | **ELECTRIC UTILITIES — 2.3%** |  |
| 71634 | Avista Corporation | 2875389 |
| 14417 | Northwestern Energy Group, Inc. | 950657 |
|  |  | 3826046 |
|  | **ELECTRICAL EQUIPMENT — 3.3%** |  |
| 48540 | Atmus Filtration Technologies, Inc. | 2755616 |
| 196050 | Hayward Holdings, Inc.<sup>(a)</sup> | 2623149 |
|  |  | 5378765 |
|  | **ENGINEERING & CONSTRUCTION — 3.2%** |  |
| 25948 | Everus Construction Group, Inc.<sup>(a)</sup> | 3063422 |
| 8325 | MYR Group, Inc.<sup>(a)</sup> | 2350314 |
|  |  | 5413736 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 13

Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **FOOD — 0.7%** |  |
| 75214 | Once Upon a Farm PBC<sup>(a)</sup> | $1229749 |
|  | **GAS & WATER UTILITIES — 1.7%** |  |
| 135433 | MDU Resources Group, Inc. | 2806172 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.9%** |  |
| 16129 | Addus HomeCare Corporation<sup>(a)</sup> | 1510481 |
|  | **HOME CONSTRUCTION — 1.4%** |  |
| 41048 | Century Communities, Inc. | 2355334 |
|  | **HOUSEHOLD PRODUCTS — 2.7%** |  |
| 52220 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 1692972 |
| 30018 | Interparfums, Inc. | 2726835 |
|  |  | 4419807 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 3.3%** |  |
| 19113 | AZZ, Inc. | 2391610 |
| 11810 | Standex International Corporation | 3009896 |
|  |  | 5401506 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.2%** |  |
| 75528 | Perella Weinberg Partners | 1371588 |
| 30988 | Piper Sandler Cos | 2372132 |
|  |  | 3743720 |
|  | **INSURANCE — 2.3%** |  |
| 100248 | Baldwin Insurance Group, Inc. (The)<sup>(a)</sup> | 2199441 |
| 34669 | Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 1514342 |
|  |  | 3713783 |
|  | **LEISURE FACILITIES & SERVICES — 1.2%** |  |
| 36512 | Cheesecake Factory, Inc. (The) | 1999032 |
|  | **LEISURE PRODUCTS — 1.3%** |  |
| 57081 | YETI Holdings, Inc.<sup>(a)</sup> | 2088594 |
|  | **MACHINERY — 2.6%** |  |
| 8056 | Alamo Group, Inc. | 1328998 |
| 11578 | Lindsay Corporation | 1378592 |
| 29984 | Thermon Group Holdings, Inc.<sup>(a)</sup> | 1511194 |
|  |  | 4218784 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.5%** |  |
| 36622 | Merit Medical Systems, Inc.<sup>(a)</sup> | 2524354 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 14

Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **METALS & MINING — 2.0%** |  |
| 113220 | Centerra Gold, Inc. | $2014184 |
| 54707 | Constellium S.E.<sup>(a)</sup> | 1344698 |
|  |  | 3358882 |
|  | **OFFICE REIT — 1.8%** |  |
| 91565 | COPT Defense Properties | 2801889 |
|  | **OIL & GAS PRODUCERS — 5.2%** |  |
| 7743 | Gulfport Energy Corporation<sup>(a)</sup> | 1638187 |
| 92151 | Infinity Natural Resources, Inc., Class A<sup>(a)</sup> | 1622779 |
| 68067 | Magnolia Oil & Gas Corporation, Class A | 2148875 |
| 51054 | Northern Oil & Gas, Inc. | 1492308 |
| 25105 | Par Pacific Holdings, Inc.<sup>(a)</sup> | 1572577 |
|  |  | 8474726 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6%** |  |
| 135800 | Urban Edge Properties | 2713284 |
|  | **REAL ESTATE SERVICES — 0.8%** |  |
| 85461 | Newmark Group, Inc., Class A | 1281060 |
|  | **RETAIL - DISCRETIONARY — 3.5%** |  |
| 49026 | Academy Sports & Outdoors, Inc. | 2767518 |
| 8429 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 1233668 |
| 24582 | Sonic Automotive, Inc., Class A | 1685588 |
|  |  | 5686774 |
|  | **RETAIL REIT — 2.4%** |  |
| 52246 | Curbline Properties Corporation | 1347424 |
| 110530 | Four Corners Property Trust, Inc. | 2614035 |
|  |  | 3961459 |
|  | **SEMICONDUCTORS — 4.5%** |  |
| 23059 | IPG Photonics Corporation<sup>(a)</sup> | 2642331 |
| 34457 | Power Integrations, Inc. | 1764198 |
| 87078 | Veeco Instruments, Inc.<sup>(a)</sup> | 2948462 |
|  |  | 7354991 |
|  | **SOFTWARE — 3.2%** |  |
| 56508 | BlackLine, Inc.<sup>(a)</sup> | 2090795 |
| 25963 | Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 1223896 |
| 135140 | Verra Mobility Corporation<sup>(a)</sup> | 1931151 |
|  |  | 5245842 |
|  | **TRANSPORTATION & LOGISTICS — 0.8%** |  |
| 14148 | ArcBest Corporation | 1391597 |
|  | **TRANSPORTATION EQUIPMENT — 1.8%** |  |
| 52351 | Blue Bird Corporation<sup>(a)</sup> | 2973013 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 15

Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **WHOLESALE - DISCRETIONARY — 0.6%** |  |
| 46500 | Climb Global Solutions, Inc. | $921630 |
|  | **TOTAL COMMON STOCKS (Cost $127,508,146)** | 137413737 |
|  | **EXCHANGE-TRADED FUND — 15.0%** |  |
|  | **EQUITY — 15.0%** |  |
| 580000 | Timothy Plan US Small Cap Core ETF<sup>(b)</sup> | 24618274 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $14,834,080)** | 24618274 |
|  | **SHORT-TERM INVESTMENT — 1.7%** |  |
|  | **MONEY MARKET FUND — 1.7%** |  |
| 2823418 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(c)</sup> (Cost $2,823,418) | 2823418 |
|  | **TOTAL INVESTMENTS — 100.2% (Cost $145,165,644)** | $164855429 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%** | (338560) |
|  | **NET ASSETS — 100.0%** | $164516869 |

---

---

| | |
|:---|:---|
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| PBC | &nbsp;&nbsp;&nbsp; Public Benefit Corporation |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |
| S.E. | &nbsp;&nbsp;&nbsp; Societas Europaea |
| <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 March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 16

Large/Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 73.6%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 1.9%** |  |
| 17708 | General Dynamics Corporation | $6077740 |
|  | **BANKING — 4.1%** |  |
| 46051 | Cullen/Frost Bankers, Inc. | 6312671 |
| 71186 | SouthState Bank Corporation | 6586129 |
|  |  | 12898800 |
|  | **CHEMICALS — 4.0%** |  |
| 63202 | Qnity Electronics, Inc. | 7292246 |
| 16964 | Sherwin-Williams Company (The) | 5437810 |
|  |  | 12730056 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.6%** |  |
| 30277 | Waste Connections, Inc. | 4918196 |
|  | **CONSTRUCTION MATERIALS — 2.0%** |  |
| 45228 | Advanced Drainage Systems, Inc. | 6202116 |
|  | **CONTAINERS & PACKAGING — 3.8%** |  |
| 55114 | Crown Holdings, Inc. | 5525179 |
| 29860 | Packaging Corporation of America | 6336889 |
|  |  | 11862068 |
|  | **ELECTRIC UTILITIES — 4.9%** |  |
| 94157 | NextEra Energy, Inc. | 8745302 |
| 58443 | WEC Energy Group, Inc. | 6765946 |
|  |  | 15511248 |
|  | **ELECTRICAL EQUIPMENT — 5.7%** |  |
| 17436 | Hubbell, Inc. | 8556543 |
| 26828 | Littelfuse, Inc. | 9104082 |
|  |  | 17660625 |
|  | **FOOD — 2.9%** |  |
| 36524 | Marzetti Company | 5052364 |
| 80220 | McCormick & Company, Inc. | 4046297 |
|  |  | 9098661 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.8%** |  |
| 11939 | HCA Healthcare, Inc. | 5650012 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.9%** |  |
| 37125 | Intercontinental Exchange, Inc. | 5839020 |
|  | **INSURANCE — 1.3%** |  |
| 19176 | Arthur J. Gallagher & Company | 4153138 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 17

Large/Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **LEISURE FACILITIES & SERVICES — 1.3%** |  |
| 11309 | Domino's Pizza, Inc. | $4057556 |
|  | **MACHINERY — 2.2%** |  |
| 12301 | Deere & Company | 6929153 |
|  | **MEDICAL EQUIPMENT & DEVICES — 3.2%** |  |
| 57927 | Revvity, Inc. | 5074984 |
| 23046 | STERIS plc | 5096163 |
|  |  | 10171147 |
|  | **OIL & GAS PRODUCERS — 5.0%** |  |
| 57825 | ConocoPhillips | 7632900 |
| 55916 | EOG Resources, Inc. | 8083776 |
|  |  | 15716676 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.0%** |  |
| 47957 | Prologis, Inc. | 6338956 |
|  | **RETAIL - CONSUMER STAPLES — 1.9%** |  |
| 5918 | Costco Wholesale Corporation | 5896873 |
|  | **RETAIL - DISCRETIONARY — 2.0%** |  |
| 70515 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 6509240 |
|  | **SEMICONDUCTORS — 6.8%** |  |
| 16263 | Broadcom, Inc. | 5033561 |
| 86922 | Microchip Technology, Inc. | 5616030 |
| 5310 | Monolithic Power Systems, Inc. | 5805688 |
| 53758 | Rambus, Inc.<sup>(a)</sup> | 4624801 |
|  |  | 21080080 |
|  | **SOFTWARE — 2.8%** |  |
| 18138 | Cadence Design Systems, Inc.<sup>(a)</sup> | 5040006 |
| 10890 | Tyler Technologies, Inc.<sup>(a)</sup> | 3728518 |
|  |  | 8768524 |
|  | **TECHNOLOGY HARDWARE — 2.1%** |  |
| 15438 | Motorola Solutions, Inc. | 6699629 |
|  | **TECHNOLOGY SERVICES — 3.0%** |  |
| 66548 | Amdocs Ltd. | 4342922 |
| 9445 | CACI International, Inc., Class A<sup>(a)</sup> | 5136853 |
|  |  | 9479775 |
|  | **TIMBER REIT — 1.8%** |  |
| 225834 | Weyerhaeuser Company | 5517125 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 18

Large/Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TRANSPORTATION & LOGISTICS — 2.3%** |  |
| 176004 | CSX Corporation | $7224964 |
|  | **WHOLESALE - DISCRETIONARY — 1.3%** |  |
| 19446 | Pool Corporation | 3934509 |
|  | **TOTAL COMMON STOCKS (Cost $184,325,375)** | 230925887 |
|  | **EXCHANGE-TRADED FUNDS — 20.4%** |  |
|  | **EQUITY — 20.4%** |  |
| 858500 | Timothy Plan High Dividend Stock ETF<sup>(b)</sup> | 35507560 |
| 616000 | Timothy Plan US Large/Mid Cap Core ETF<sup>(b)</sup> | 28607040 |
|  |  | 64114600 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $50,251,098)** | 64114600 |
|  | **SHORT-TERM INVESTMENT — 6.1%** |  |
|  | **MONEY MARKET FUND — 6.1%** |  |
| 19253869 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(c)</sup> (Cost $19,253,869) | 19253869 |
|  | **TOTAL INVESTMENTS — 100.1% (Cost $253,830,342)** | $314294356 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%** | (203507) |
|  | **NET ASSETS — 100.0%** | $314090849 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 19

Fixed Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)**<br> | <br>**ASSET BACKED SECURITIES — 5.7%** | **Coupon <br> Rate (%)**<br> | **Maturity**<br> | **Fair Value**<br> |
|  | **CLO — 1.6%** |  |  |  |
| 1665000 | Kubota Credit Owner Trust 2025-2 Series 2A A3<sup>(a)</sup> | 4.4200 | 09/17/29 | $1670385 |
|  | **OTHER ABS — 4.1%** |  |  |  |
| 1115000 | CNH Equipment Trust 2025-A Series A A3 | 4.3600 | 08/15/30 | 1120873 |
| 925000 | CNH Equipment Trust 2026-A Series A A3 | 4.0000 | 05/15/31 | 921832 |
| 2320000 | John Deere Owner Trust 2025 Series A A3 | 4.2300 | 09/17/29 | 2327839 |
|  |  |  |  | 4370544 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $6,024,614)** |  |  | 6040929 |
|  | **CORPORATE BONDS — 30.9%** |  |  |  |
|  | **CHEMICALS — 2.2%** |  |  |  |
| 1570000 | Nutrien Ltd. | 4.0000 | 12/15/26 | 1566654 |
| 805000 | Nutrien Ltd. | 2.9500 | 05/13/30 | 754764 |
|  |  |  |  | 2321418 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.9%** |  |  |  |
| 450000 | Republic Services, Inc. | 5.0000 | 04/01/34 | 454943 |
| 450000 | Waste Management, Inc. | 4.6250 | 02/15/33 | 451739 |
|  |  |  |  | 906682 |
|  | **ELECTRIC UTILITIES — 3.4%** |  |  |  |
| 2205000 | American Electric Power Company, Inc. | 3.2000 | 11/13/27 | 2165393 |
| 1000000 | Electricite de France S.A.<sup>(a)</sup> | 5.7000 | 05/23/28 | 1023623 |
| 405000 | National Rural Utilities Cooperative Finance Corporation | 5.0500 | 09/15/28 | 411469 |
|  |  |  |  | 3600485 |
|  | **GAS & WATER UTILITIES — 2.0%** |  |  |  |
| 2185000 | NiSource, Inc. | 3.4900 | 05/15/27 | 2162294 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.9%** |  |  |  |
| 1000000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 995676 |
|  | **MACHINERY — 1.7%** |  |  |  |
| 900000 | Caterpillar Financial Services Corporation | 4.3500 | 05/15/26 | 900292 |
| 900000 | John Deere Capital Corporation | 3.9000 | 06/07/32 | 872785 |
|  |  |  |  | 1773077 |
|  | **METALS & MINING — 3.6%** |  |  |  |
| 925000 | BHP Billiton Finance USA Ltd. | 5.1250 | 02/21/32 | 944755 |
| 1430000 | BHP Billiton Finance USA Ltd. | 5.2500 | 09/08/33 | 1461688 |
| 930000 | Rio Tinto Finance USA plc | 5.0000 | 03/14/32 | 948858 |
| 450000 | Rio Tinto Finance USA plc | 5.0000 | 03/09/33 | 457672 |
|  |  |  |  | 3812973 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 20

Fixed Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **OIL & GAS PRODUCERS — 6.5%** |  |  |  |
| 1815000 | Columbia Pipelines Holding Company, LLC<sup>(a)</sup> | 6.0420 | 08/15/28 | $1873352 |
| 1595000 | Columbia Pipelines Operating Company, LLC<sup>(a)</sup> | 5.6950 | 10/01/54 | 1511704 |
| 1150000 | Energy Transfer, L.P. | 5.6000 | 09/01/34 | 1172965 |
| 1980000 | Energy Transfer, L.P. | 6.2500 | 04/15/49 | 1945376 |
| 450000 | Enterprise Products Operating, LLC | 5.3500 | 01/31/33 | 464522 |
|  |  |  |  | 6967919 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 4.5%** |  |  |  |
| 930000 | American Tower Corporation | 5.3500 | 03/15/35 | 936993 |
| 1520000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 1504789 |
| 260000 | Extra Space Storage, L.P. | 3.9000 | 04/01/29 | 254623 |
| 2200000 | Healthpeak Properties, Inc. | 3.5000 | 07/15/29 | 2129002 |
|  |  |  |  | 4825407 |
|  | **RETAIL - CONSUMER STAPLES — 1.5%** |  |  |  |
| 1575000 | Dollar General Corporation | 4.1250 | 05/01/28 | 1565374 |
|  | **RETAIL - DISCRETIONARY — 1.7%** |  |  |  |
| 1795000 | Tractor Supply Company | 5.2500 | 05/15/33 | 1824429 |
|  | **TRANSPORTATION & LOGISTICS — 2.0%** |  |  |  |
| 2190000 | CSX Corporation | 3.2500 | 06/01/27 | 2165806 |
|  | **TOTAL CORPORATE BONDS (Cost $32,956,530)** |  |  | 32921540 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 4.8%** |  |  |  |
|  | **LOCAL AUTHORITY — 2.1%** |  |  |  |
| 2235000 | Province of Ontario Canada | 2.5000 | 04/27/26 | 2232847 |
|  | **SOVEREIGN — 2.7%** |  |  |  |
| 1800000 | Israel Government International Bond | 5.5000 | 03/12/34 | 1824755 |
| 1000000 | Mexico Government International Bond | 6.8750 | 05/13/37 | 1043420 |
|  |  |  |  | 2868175 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $5,005,518)** |  |  | 5101022 |
|  | **U.S. GOVERNMENT & AGENCIES — 56.4%** |  |  |  |
|  | **AGENCY FIXED RATE — 38.2%** |  |  |  |
| 890335 | Fannie Mae Pool FM5537 | 2.0000 | 01/01/36 | 821272 |
| 653595 | Fannie Mae Pool MA4316 | 2.5000 | 04/01/36 | 617673 |
| 542445 | Fannie Mae Pool MA4366 | 2.5000 | 06/01/41 | 490461 |
| 308102 | Fannie Mae Pool MA4475 | 2.5000 | 10/01/41 | 277842 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 21

Fixed Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **AGENCY FIXED RATE — 38.2% (Continued)** |  |  |  |
| 899756 | Fannie Mae Pool MA4617 | 3.0000 | 04/01/42 | $835438 |
| 735218 | Fannie Mae Pool FM4053 | 2.5000 | 08/01/50 | 630920 |
| 1037653 | Fannie Mae Pool CA8897 | 3.0000 | 02/01/51 | 930590 |
| 642451 | Fannie Mae Pool MA4258 | 3.5000 | 02/01/51 | 593828 |
| 362888 | Fannie Mae Pool FM6550 | 2.0000 | 03/01/51 | 298585 |
| 616066 | Fannie Mae Pool CB0855 | 3.0000 | 06/01/51 | 547216 |
| 1248491 | Fannie Mae Pool FS3744 | 2.0000 | 07/01/51 | 1016851 |
| 377702 | Fannie Mae Pool FS1807 | 3.5000 | 07/01/51 | 349946 |
| 1262739 | Fannie Mae Pool CB1384 | 2.5000 | 08/01/51 | 1081759 |
| 672450 | Fannie Mae Pool FS9085 | 3.0000 | 12/01/51 | 594388 |
| 1132448 | Fannie Mae Pool FS6141 | 2.0000 | 01/01/52 | 925589 |
| 277353 | Fannie Mae Pool BU1322 | 2.5000 | 02/01/52 | 238439 |
| 780718 | Fannie Mae Pool CB3486 | 3.5000 | 05/01/52 | 718087 |
| 410446 | Fannie Mae Pool FS1704 | 4.0000 | 05/01/52 | 391072 |
| 676614 | Fannie Mae Pool BV9960 | 4.0000 | 06/01/52 | 644066 |
| 1700153 | Fannie Mae Pool BV8017 | 4.5000 | 08/01/52 | 1649454 |
| 1021921 | Fannie Mae Pool MA4733 | 4.5000 | 09/01/52 | 991130 |
| 740641 | Fannie Mae Pool FS3159 | 4.5000 | 10/01/52 | 721270 |
| 1053970 | Fannie Mae Pool FS4075 | 5.0000 | 04/01/53 | 1050963 |
| 1017871 | Fannie Mae Pool FS5044 | 4.5000 | 06/01/53 | 994769 |
| 243112 | Fannie Mae Pool FS4621 | 5.0000 | 06/01/53 | 243358 |
| 791491 | Fannie Mae Pool FS8291 | 5.5000 | 07/01/53 | 807267 |
| 933029 | Fannie Mae Pool FS6787 | 6.0000 | 01/01/54 | 967795 |
| 983253 | Fannie Mae Pool CB7980 | 5.5000 | 02/01/54 | 1001560 |
| 198697 | Fannie Mae Pool FS8138 | 6.5000 | 06/01/54 | 208953 |
| 1080000 | Fannie Mae Pool DG2249 | 5.0000 | 03/01/56 | 1065838 |
| 41438 | Ginnie Mae I Pool 723248 | 5.0000 | 10/15/39 | 42314 |
| 185474 | Ginnie Mae I Pool 783060 | 4.0000 | 08/15/40 | 177683 |
| 97952 | Ginnie Mae I Pool 783403 | 3.5000 | 09/15/41 | 92161 |
| 76467 | Ginnie Mae II Pool 4520 | 5.0000 | 08/20/39 | 77940 |
| 104570 | Ginnie Mae II Pool 4947 | 5.0000 | 02/20/41 | 105702 |
| 191861 | Ginnie Mae II Pool MA3376 | 3.5000 | 01/20/46 | 180592 |
| 122163 | Ginnie Mae II Pool MA3596 | 3.0000 | 04/20/46 | 110554 |
| 324537 | Ginnie Mae II Pool MA3663 | 3.5000 | 05/20/46 | 303934 |
| 117635 | Ginnie Mae II Pool MA3736 | 3.5000 | 06/20/46 | 110166 |
| 204165 | Ginnie Mae II Pool MA4004 | 3.5000 | 10/20/46 | 192066 |
| 136304 | Ginnie Mae II Pool MA4509 | 3.0000 | 06/20/47 | 123518 |
| 163000 | Ginnie Mae II Pool MA4652 | 3.5000 | 08/20/47 | 153622 |
| 200235 | Ginnie Mae II Pool MA4719 | 3.5000 | 09/20/47 | 187910 |
| 204549 | Ginnie Mae II Pool MA4778 | 3.5000 | 10/20/47 | 190631 |
| 161315 | Ginnie Mae II Pool MA4901 | 4.0000 | 12/20/47 | 154035 |
| 139236 | Ginnie Mae II Pool MA4963 | 4.0000 | 01/20/48 | 132926 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 22

Fixed Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **AGENCY FIXED RATE — 38.2% (Continued)** |  |  |  |
| 129633 | Ginnie Mae II Pool MA6092 | 4.5000 | 08/20/49 | $126724 |
| 139898 | Ginnie Mae II Pool MA6156 | 4.5000 | 09/20/49 | 137081 |
| 517674 | Ginnie Mae II Pool BN2662 | 3.0000 | 10/20/49 | 463342 |
| 128222 | Ginnie Mae II Pool MA6221 | 4.5000 | 10/20/49 | 126722 |
| 128835 | Ginnie Mae II Pool MA6477 | 4.5000 | 02/20/50 | 126640 |
| 203011 | Ginnie Mae II Pool MA6478 | 5.0000 | 02/20/50 | 205406 |
| 205323 | Ginnie Mae II Pool MA6544 | 4.5000 | 03/20/50 | 201698 |
| 144925 | Ginnie Mae II Pool MA6545 | 5.0000 | 03/20/50 | 146872 |
| 877522 | Ginnie Mae II Pool MA6598 | 2.5000 | 04/20/50 | 756615 |
| 213572 | Ginnie Mae II Pool MA6600 | 3.5000 | 04/20/50 | 199244 |
| 179769 | Ginnie Mae II Pool MA6601 | 4.0000 | 04/20/50 | 170190 |
| 154228 | Ginnie Mae II Pool MA6603 | 5.0000 | 04/20/50 | 155731 |
| 786982 | Ginnie Mae II Pool MA7255 | 2.5000 | 03/20/51 | 677508 |
| 581309 | Ginnie Mae II Pool MA7418 | 2.5000 | 06/20/51 | 500478 |
| 958722 | Ginnie Mae II Pool MA7419 | 3.0000 | 06/20/51 | 857164 |
| 875513 | Ginnie Mae II Pool MA7472 | 2.5000 | 07/20/51 | 753724 |
| 992479 | Ginnie Mae II Pool CE1974 | 3.0000 | 08/20/51 | 898152 |
| 962158 | Ginnie Mae II Pool CE1990 | 2.5000 | 09/20/51 | 827775 |
| 1031319 | Ginnie Mae II Pool MA7705 | 2.5000 | 11/20/51 | 887904 |
| 1087853 | Ginnie Mae II Pool MA7768 | 3.0000 | 12/20/51 | 972694 |
| 820987 | Ginnie Mae II Pool MA7829 | 3.5000 | 01/20/52 | 759913 |
| 784616 | Ginnie Mae II Pool MA7939 | 4.0000 | 03/20/52 | 741682 |
| 911227 | Ginnie Mae II Pool MA7987 | 2.5000 | 04/20/52 | 784511 |
| 857012 | Ginnie Mae II Pool MA8268 | 4.5000 | 09/20/52 | 834240 |
| 865649 | Ginnie Mae II Pool MA8800 | 5.0000 | 04/20/53 | 860990 |
| 1045321 | Ginnie Mae II Pool MA8874 | 3.0000 | 05/20/53 | 938953 |
| 1035922 | Ginnie Mae II Pool MA8943 | 3.0000 | 06/20/53 | 929866 |
| 743676 | Ginnie Mae II Pool MA9017 | 5.5000 | 07/20/53 | 753620 |
| 838156 | Ginnie Mae II Pool MB0091 | 5.0000 | 12/20/54 | 831352 |
| 188448 | Ginnie Mae II Pool MB0366 | 5.5000 | 05/20/55 | 189866 |
|  |  |  |  | 40858790 |
|  | **U.S. TREASURY BILLS — 18.2%** |  |  |  |
| 845000 | United States Treasury Note | 3.6250 | 08/31/30 | 834801 |
| 430000 | United States Treasury Note | 4.6250 | 04/30/31 | 442858 |
| 6130000 | United States Treasury Note | 4.2500 | 08/15/35 | 6112759 |
| 2940000 | United States Treasury Note | 4.5000 | 02/15/44 | 2817462 |
| 7655000 | United States Treasury Note | 4.6250 | 05/15/54 | 7320393 |
| 1970000 | United States Treasury Note | 4.7500 | 08/15/55 | 1925213 |
|  |  |  |  | 19453486 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $63,612,333)** |  |  | 60312276 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 23

Fixed Income Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 1.5%** | **Fair Value**<br> |
|  | **MONEY MARKET FUND — 1.5%** |  |
| 1568813 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(b)</sup> (Cost $1,568,813) | $1568813 |
|  | **TOTAL INVESTMENTS — 99.3% (Cost $109,167,808)** | $105944580 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%** | 711709 |
|  | **NET ASSETS — 100.0%** | $106656289 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026, the total market value of Rule 144A securities is $6,079,064 or 5.7% of net assets. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 24

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)**<br> | <br>**CORPORATE BONDS — 96.9%** | **Spread**<br> | **Coupon <br> Rate (%)**<br> | **Maturity**<br> | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 2.2%** |  |  |  |  |
| 1165000 | Goat Holdco, LLC<sup>(a)</sup> |  | 6.7500 | 02/01/32 | $1173417 |
| 2000000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/29 | 2033088 |
| 1250000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.8750 | 12/15/30 | 1280843 |
| 325000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.2500 | 01/31/34 | 328735 |
|  |  |  |  |  | 4816083 |
|  | **AUTOMOTIVE — 5.0%** |  |  |  |  |
| 2705000 | Adient Global Holdings Ltd.<sup>(a)</sup> |  | 7.5000 | 02/15/33 | 2736343 |
| 5620000 | Aptiv plc / Aptiv Global Financing DAC<sup>(b)</sup> | H15T5Y + 3.385% | 6.8750 | 12/15/54 | 5669208 |
| 2500000 | Goodyear Tire & Rubber Company (The) |  | 5.6250 | 04/30/33 | 2193488 |
|  |  |  |  |  | 10599039 |
|  | **CHEMICALS — 10.3%** |  |  |  |  |
| 1750000 | Avient Corporation<sup>(a)</sup> |  | 7.1250 | 08/01/30 | 1779579 |
| 1145000 | Avient Corporation<sup>(a)</sup> |  | 6.2500 | 11/01/31 | 1153781 |
| 2500000 | Chemours Company (The)<sup>(a)</sup> |  | 4.6250 | 11/15/29 | 2352459 |
| 2815000 | Chemours Company (The)<sup>(a)</sup> |  | 8.0000 | 01/15/33 | 2831656 |
| 2360000 | INEOS Finance plc<sup>(a)</sup> |  | 7.5000 | 04/15/29 | 2291113 |
| 5065000 | Mativ Holdings, Inc.<sup>(a)</sup> |  | 8.0000 | 10/01/29 | 4723325 |
| 1375000 | Tronox, Inc.<sup>(a)</sup> |  | 4.6250 | 03/15/29 | 1102587 |
| 905000 | Tronox, Inc.<sup>(a)</sup> |  | 9.1250 | 09/30/30 | 904700 |
| 2500000 | WR Grace Holdings, LLC<sup>(a)</sup> |  | 5.6250 | 08/15/29 | 2294264 |
| 1000000 | WR Grace Holdings, LLC<sup>(a)</sup> |  | 7.3750 | 03/01/31 | 1003206 |
| 1345000 | WR Grace Holdings, LLC<sup>(a)</sup> |  | 6.6250 | 08/15/32 | 1307853 |
| 330000 | WR Grace Holdings, LLC<sup>(a)</sup> |  | 7.0000 | 08/01/33 | 320770 |
|  |  |  |  |  | 22065293 |
|  | **COMMERCIAL SUPPORT SERVICES — 5.8%** |  |  |  |  |
| 2310000 | Allied Universal Holdco, LLC<sup>(a)</sup> |  | 7.8750 | 02/15/31 | 2383135 |
| 125000 | Allied Universal Holdco, LLC/ Allied Universal Finance Corporation<sup>(a)</sup> |  | 4.6250 | 06/01/28 | 122028 |
| 1625000 | Clean Harbors, Inc.<sup>(a)</sup> |  | 6.3750 | 02/01/31 | 1650693 |
| 1500000 | GFL Environmental, Inc.<sup>(a)</sup> |  | 6.7500 | 01/15/31 | 1553553 |
| 2250000 | VT Topco, Inc.<sup>(a)</sup> |  | 8.5000 | 08/15/30 | 2292334 |
| 3225000 | Waste Pro USA, Inc.<sup>(a)</sup> |  | 7.0000 | 02/01/33 | 3269231 |
| 1000000 | Williams Scotsman, Inc.<sup>(a)</sup> |  | 6.6250 | 06/15/29 | 1012526 |
|  |  |  |  |  | 12283500 |
|  | **CONSTRUCTION MATERIALS — 0.9%** |  |  |  |  |
| 660000 | Quikrete Holdings, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/32 | 669411 |
| 975000 | Standard Building Solutions, Inc.<sup>(a)</sup> |  | 6.2500 | 08/01/33 | 962394 |
| 335000 | Standard Industries, Inc.<sup>(a)</sup> |  | 6.5000 | 08/15/32 | 335388 |
|  |  |  |  |  | 1967193 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 25

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CONSUMER SERVICES — 4.7%** |  |  |  |  |
| 4842000 | PROG Holdings, Inc.<sup>(a)</sup> |  | 6.0000 | 11/15/29 | $4603822 |
| 5750000 | Upbound Group, Inc.<sup>(a)</sup> |  | 6.3750 | 02/15/29 | 5576711 |
|  |  |  |  |  | 10180533 |
|  | **CONTAINERS & PACKAGING — 2.9%** |  |  |  |  |
| 1250000 | Graphic Packaging International, LLC<sup>(a)</sup> |  | 3.7500 | 02/01/30 | 1148087 |
| 2800000 | Mauser Packaging Solutions Holding Company<sup>(a)</sup> |  | 7.8750 | 04/15/30 | 2793602 |
| 1750000 | TriMas Corporation<sup>(a)</sup> |  | 4.1250 | 04/15/29 | 1666473 |
| 238000 | Trivium Packaging Finance BV<sup>(a)</sup> |  | 8.2500 | 07/15/30 | 249188 |
| 300000 | Trivium Packaging Finance BV<sup>(a)</sup> |  | 12.2500 | 01/15/31 | 325088 |
|  |  |  |  |  | 6182438 |
|  | **ELECTRIC UTILITIES — 2.4%** |  |  |  |  |
| 2910000 | Alpha Generation, LLC<sup>(a)</sup> |  | 6.7500 | 10/15/32 | 2941821 |
| 2000000 | Vistra Corporation<sup>(a)(b)</sup> | H15T5Y + 5.740% | 7.0000 | Perpetual | 2011676 |
| 250000 | Vistra Operations Company, LLC<sup>(a)</sup> |  | 4.3750 | 05/01/29 | 244222 |
|  |  |  |  |  | 5197719 |
|  | **ELECTRICAL EQUIPMENT — 2.5%** |  |  |  |  |
| 1000000 | BWX Technologies, Inc.<sup>(a)</sup> |  | 4.1250 | 06/30/28 | 970820 |
| 1000000 | BWX Technologies, Inc.<sup>(a)</sup> |  | 4.1250 | 04/15/29 | 961669 |
| 700000 | Gates Corporation (The)<sup>(a)</sup> |  | 6.8750 | 07/01/29 | 718982 |
| 1360000 | WESCO Distribution, Inc.<sup>(a)</sup> |  | 6.3750 | 03/15/29 | 1385128 |
| 1360000 | WESCO Distribution, Inc.<sup>(a)</sup> |  | 6.6250 | 03/15/32 | 1392953 |
|  |  |  |  |  | 5429552 |
|  | **FOOD — 1.7%** |  |  |  |  |
| 3755000 | B&G Foods, Inc.<sup>(a)</sup> |  | 8.0000 | 09/15/28 | 3686099 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.8%** |  |  |  |  |
| 4320000 | HAH Group Holding Company, LLC<sup>(a)</sup> |  | 9.7500 | 10/01/31 | 3786207 |
| 4215000 | National Mentor Holdings, Inc.<sup>(a)</sup> |  | 10.5000 | 12/15/30 | 4354393 |
| 1750000 | Pediatrix Medical Group, Inc.<sup>(a)</sup> |  | 5.3750 | 02/15/30 | 1726295 |
| 526000 | Tenet Healthcare Corporation |  | 6.1250 | 10/01/28 | 527029 |
|  |  |  |  |  | 10393924 |
|  | **HOME CONSTRUCTION — 3.3%** |  |  |  |  |
| 1000000 | Ashton Woods USA, LLC / Ashton Woods Finance Company<sup>(a)</sup> |  | 4.6250 | 04/01/30 | 928019 |
| 1045000 | Ashton Woods USA, LLC / Ashton Woods Finance Company<sup>(a)</sup> |  | 6.8750 | 08/01/33 | 1008118 |
| 685000 | Dream Finders Homes, Inc.<sup>(a)</sup> |  | 6.8750 | 09/15/30 | 655734 |
| 680000 | STL Holding Company, LLC<sup>(a)</sup> |  | 8.7500 | 02/15/29 | 702970 |
| 2023000 | Weekley Homes, LLC / Weekley Finance Corporation<sup>(a)</sup> |  | 4.8750 | 09/15/28 | 1952193 |
| 1890000 | Weekley Homes, LLC / Weekley Finance Corporation<sup>(a)</sup> |  | 6.7500 | 01/15/34 | 1810998 |
|  |  |  |  |  | 7058032 |
|  | **HOUSEHOLD PRODUCTS — 1.9%** |  |  |  |  |
| 4230000 | Energizer Holdings, Inc.<sup>(a)</sup> |  | 6.0000 | 09/15/33 | 3963723 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 26

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.8%** |  |  |  |  |
| 1576000 | Aretec Group, Inc.<sup>(a)</sup> |  | 10.0000 | 08/15/30 | $1673299 |
|  | **INSURANCE — 3.4%** |  |  |  |  |
| 1000000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> |  | 7.5000 | 11/06/30 | 1004308 |
| 3000000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> |  | 6.7500 | 07/01/32 | 2894638 |
| 65000 | Asurion, LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup> |  | 8.0000 | 12/31/32 | 67377 |
| 350000 | Asurion, LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup> |  | 8.3750 | 02/01/34 | 339358 |
| 1075000 | Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance, Inc.<sup>(a)</sup> |  | 7.1250 | 05/15/31 | 1078161 |
| 1000000 | HUB International Ltd.<sup>(a)</sup> |  | 7.2500 | 06/15/30 | 1025514 |
| 1000000 | Ryan Specialty, LLC<sup>(a)</sup> |  | 5.8750 | 08/01/32 | 989149 |
|  |  |  |  |  | 7398505 |
|  | **MACHINERY — 0.7%** |  |  |  |  |
| 1000000 | Esab Corporation<sup>(a)</sup> |  | 6.2500 | 04/15/29 | 1016011 |
| 500000 | SPX FLOW, Inc.<sup>(a)</sup> |  | 8.7500 | 04/01/30 | 510940 |
|  |  |  |  |  | 1526951 |
|  | **MEDICAL EQUIPMENT & DEVICES — 2.0%** |  |  |  |  |
| 750000 | Bausch & Lomb Escrow Corporation<sup>(a)</sup> |  | 8.3750 | 10/01/28 | 775313 |
| 325000 | Insulet Corporation<sup>(a)</sup> |  | 6.5000 | 04/01/33 | 331175 |
| 3000000 | Sotera Health Holdings, LLC<sup>(a)</sup> |  | 7.3750 | 06/01/31 | 3099117 |
|  |  |  |  |  | 4205605 |
|  | **METALS & MINING — 0.4%** |  |  |  |  |
| 1000000 | Kaiser Aluminum Corporation<sup>(a)</sup> |  | 4.5000 | 06/01/31 | 945454 |
|  | **OIL & GAS PRODUCERS — 5.5%** |  |  |  |  |
| 2022000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC<sup>(a)</sup> |  | 5.5000 | 06/15/31 | 1971700 |
| 600000 | Genesis Energy, L.P. / Genesis Energy Finance Corporation |  | 8.2500 | 01/15/29 | 620214 |
| 750000 | Genesis Energy, L.P. / Genesis Energy Finance Corporation |  | 8.8750 | 04/15/30 | 783608 |
| 3500000 | Global Partners, L.P. / GLP Finance Corporation<sup>(a)</sup> |  | 8.2500 | 01/15/32 | 3632548 |
| 3075000 | ITT Holdings, LLC<sup>(a)</sup> |  | 6.5000 | 08/01/29 | 2991356 |
| 1750000 | Permian Resources Operating, LLC<sup>(a)</sup> |  | 5.8750 | 07/01/29 | 1753080 |
| 100000 | Permian Resources Operating, LLC<sup>(a)</sup> |  | 7.0000 | 01/15/32 | 103672 |
|  |  |  |  |  | 11856178 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.6%** |  |  |  |  |
| 2500000 | MPT Operating Partnership, L.P. / MPT Finance Corporation |  | 4.6250 | 08/01/29 | 1943969 |
| 1420000 | MPT Operating Partnership, L.P. / MPT Finance Corporation<sup>(a)</sup> |  | 8.5000 | 02/15/32 | 1440755 |
| 750000 | Service Properties Trust |  | 5.5000 | 12/15/27 | 752185 |
| 1375000 | Service Properties Trust<sup>(a)</sup> |  | 8.6250 | 11/15/31 | 1436291 |
|  |  |  |  |  | 5573200 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 27

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 2.0%** |  |  |  |  |
| 1500000 | Greystar Real Estate Partners, LLC<sup>(a)</sup> |  | 7.7500 | 09/01/30 | $1561248 |
| 2999000 | Howard Hughes Corporation (The)<sup>(a)</sup> |  | 4.3750 | 02/01/31 | 2753723 |
|  |  |  |  |  | 4314971 |
|  | **REAL ESTATE SERVICES — 0.5%** |  |  |  |  |
| 1000000 | Newmark Group, Inc. |  | 7.5000 | 01/12/29 | 1048955 |
|  | **RETAIL — CONSUMER STAPLES — 0.5%** |  |  |  |  |
| 1250000 | Ingles Markets, Inc.<sup>(a)</sup> |  | 4.0000 | 06/15/31 | 1166222 |
|  | **RETAIL — DISCRETIONARY — 4.5%** |  |  |  |  |
| 1250000 | Builders FirstSource, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/34 | 1235127 |
| 1065000 | Cougar JV Subsidiary, LLC<sup>(a)</sup> |  | 8.0000 | 05/15/32 | 1103256 |
| 2000000 | Ken Garff Automotive, LLC<sup>(a)</sup> |  | 4.8750 | 09/15/28 | 1968300 |
| 1000000 | Lithia Motors, Inc.<sup>(a)</sup> |  | 4.3750 | 01/15/31 | 940261 |
| 325000 | Michaels Companies, Inc. (The)<sup>(a)</sup> |  | 8.5000 | 03/15/33 | 316734 |
| 655000 | Michaels Companies, Inc. (The)<sup>(a)</sup> |  | 11.0000 | 03/15/34 | 606909 |
| 1600000 | Queen MergerCo, Inc.<sup>(a)</sup> |  | 6.7500 | 04/30/32 | 1628106 |
| 2050000 | Sonic Automotive, Inc.<sup>(a)</sup> |  | 4.8750 | 11/15/31 | 1942700 |
|  |  |  |  |  | 9741393 |
|  | **SOFTWARE — 1.8%** |  |  |  |  |
| 700000 | Clarivate Science Holdings Corporation<sup>(a)</sup> |  | 3.8750 | 07/01/28 | 661182 |
| 1400000 | Clarivate Science Holdings Corporation<sup>(a)</sup> |  | 4.8750 | 07/01/29 | 1216127 |
| 2000000 | UKG, Inc.<sup>(a)</sup> |  | 6.8750 | 02/01/31 | 1942446 |
|  |  |  |  |  | 3819755 |
|  | **SPECIALTY FINANCE — 19.6%** |  |  |  |  |
| 1000000 | AerCap Ireland Capital DAC / Aercap Global Aviation Trust<sup>(b)</sup> | H15T5Y + 2.720% | 6.9500 | 03/10/55 | 1024931 |
| 3000000 | Air Lease Corporation<sup>(b)</sup> | H15T5Y + 4.076% | 4.6500 | Perpetual | 2994486 |
| 650000 | Arbor Realty SR, Inc.<sup>(a)</sup> |  | 8.5000 | 12/15/28 | 639334 |
| 4355000 | Arbor Realty SR, Inc.<sup>(a)</sup> |  | 7.8750 | 07/15/30 | 4028990 |
| 500000 | Burford Capital Global Finance, LLC<sup>(a)</sup> |  | 6.2500 | 04/15/28 | 470860 |
| 1785000 | Burford Capital Global Finance, LLC<sup>(a)</sup> |  | 9.2500 | 07/01/31 | 1613096 |
| 705000 | Burford Capital Global Finance, LLC<sup>(a)</sup> |  | 7.5000 | 07/15/33 | 589528 |
| 500000 | Freedom Mortgage Corporation<sup>(a)</sup> |  | 6.6250 | 01/15/27 | 499549 |
| 2090000 | Freedom Mortgage Holdings, LLC<sup>(a)</sup> |  | 6.8750 | 05/01/31 | 1956193 |
| 2500000 | Freedom Mortgage Holdings, LLC<sup>(a)</sup> |  | 9.1250 | 05/15/31 | 2542753 |
| 330000 | Freedom Mortgage Holdings, LLC<sup>(a)</sup> |  | 8.3750 | 04/01/32 | 324915 |
| 1015000 | Freedom Mortgage Holdings, LLC<sup>(a)</sup> |  | 7.8750 | 04/01/33 | 952870 |
| 3955000 | ILFC E-Capital Trust I<sup>(a)(b)</sup> | TSFR3M + 1.812% | 6.3800 | 12/21/65 | 3375407 |
| 3000000 | ILFC E-Capital Trust II<sup>(a)(b)</sup> | TSFR3M + 2.062% | 6.6300 | 12/21/65 | 2616294 |
| 3670000 | Jefferies Finance, LLC / JFIN Co-Issuer Corporation<sup>(a)</sup> |  | 6.6250 | 10/15/31 | 3504142 |
| 1000000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corporation<sup>(a)</sup> |  | 7.0000 | 07/15/31 | 1034329 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 28

High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **SPECIALTY FINANCE — 19.6% (Continued)** |  |  |  |  |
| 1000000 | OneMain Finance Corporation |  | 6.1250 | 05/15/30 | $978542 |
| 2000000 | PennyMac Financial Services, Inc.<sup>(a)</sup> |  | 6.8750 | 05/15/32 | 1923063 |
| 4050000 | Rithm Capital Corporation<sup>(a)</sup> |  | 8.0000 | 04/01/29 | 3979772 |
| 2150000 | Rithm Capital Corporation<sup>(a)</sup> |  | 8.0000 | 07/15/30 | 2075103 |
| 820000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.0000 | 04/15/30 | 818490 |
| 1000000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.5000 | 07/01/30 | 1021315 |
| 655000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.5000 | 10/15/30 | 664334 |
| 1995000 | Velocity Commercial Capital, LLC<sup>(a)</sup> |  | 9.3750 | 02/15/31 | 1995908 |
| 655000 | Walker & Dunlop, Inc.<sup>(a)</sup> |  | 6.6250 | 04/01/33 | 640726 |
|  |  |  |  |  | 42264930 |
|  | **STEEL — 1.8%** |  |  |  |  |
| 1500000 | Commercial Metals Company |  | 4.3750 | 03/15/32 | 1388374 |
| 640000 | Commercial Metals Company<sup>(a)</sup> |  | 5.7500 | 11/15/33 | 633771 |
| 2004000 | TMS International Corporation<sup>(a)</sup> |  | 6.2500 | 04/15/29 | 1936045 |
|  |  |  |  |  | 3958190 |
|  | **TECHNOLOGY HARDWARE — 1.2%** |  |  |  |  |
| 550000 | Ciena Corporation<sup>(a)</sup> |  | 4.0000 | 01/31/30 | 523509 |
| 1000000 | TTM Technologies, Inc.<sup>(a)</sup> |  | 4.0000 | 03/01/29 | 960096 |
| 1000000 | Zebra Technologies Corporation<sup>(a)</sup> |  | 6.5000 | 06/01/32 | 1006071 |
|  |  |  |  |  | 2489676 |
|  | **TECHNOLOGY SERVICES — 0.9%** |  |  |  |  |
| 995000 | CACI International, Inc.<sup>(a)</sup> |  | 6.3750 | 06/15/33 | 1013211 |
| 1000000 | Insight Enterprises, Inc.<sup>(a)</sup> |  | 6.6250 | 05/15/32 | 965974 |
|  |  |  |  |  | 1979185 |
|  | **TRANSPORTATION & LOGISTICS — 0.3%** |  |  |  |  |
| 660000 | Stonepeak Nile Parent, LLC<sup>(a)</sup> |  | 7.2500 | 03/15/32 | 688379 |
|  | **TOTAL CORPORATE BONDS (Cost $208,190,493)** |  |  |  | 208473976 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 29

High Yield Bond Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 1.7%** | **Fair Value**<br> |
|  | **MONEY MARKET FUND — 1.7%** |  |
| 3636838 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(c)</sup> (Cost $3,636,838) | $3636838 |
|  | **TOTAL INVESTMENTS — 98.6% (Cost $211,827,331)** | $212110814 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%** | 3070345 |
|  | **NET ASSETS — 100.0%** | $215181159 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026, the total market value of Rule 144A securities is $188,548,987 or 87.6% of net assets. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; Variable rate security; the rate shown represents the rate on March 31, 2026. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 30

Israel Common Values Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**COMMON STOCKS — 95.8%** | **Fair Value**<br> |
|  | **AEROSPACE & DEFENSE — 9.9%** |  |
| 17101 | Elbit Systems Ltd. | $14520288 |
| 97000 | Leonardo DRS, Inc. | 4318440 |
|  |  | 18838728 |
|  | **APPAREL & TEXTILE PRODUCTS — 1.8%** |  |
| 23816 | Delta Galil Ltd. | 1233860 |
| 23000 | Fox Wizel Ltd. | 1982318 |
|  |  | 3216178 |
|  | **BANKING — 13.8%** |  |
| 478000 | Bank Leumi Le-Israel BM | 10609555 |
| 45300 | First International Bank of Israel Ltd. | 3490821 |
| 527000 | Israel Discount Bank Ltd., Class A | 5276201 |
| 95000 | Mizrahi Tefahot Bank Ltd. | 6882614 |
|  |  | 26259191 |
|  | **ELECTRIC UTILITIES — 1.4%** |  |
| 23400 | Ormat Technologies, Inc. | 2618968 |
|  | **ELECTRICAL EQUIPMENT — 2.5%** |  |
| 31400 | Camtek Ltd.<sup>(a)</sup> | 4760554 |
|  | **ENGINEERING & CONSTRUCTION — 0.5%** |  |
| 167173 | Shikun & Binui Ltd.<sup>(a)</sup> | 873002 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.0%** |  |
| 12769 | Danel Adir Yeoshua Ltd. | 1809987 |
|  | **HOME CONSTRUCTION — 0.6%** |  |
| 200000 | Aura Investments Ltd. | 1208536 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.5%** |  |
| 365194 | Tel Aviv Stock Exchange Ltd. | 16097665 |
|  | **INSURANCE — 9.8%** |  |
| 80000 | Harel Insurance Investments & Financial Services Ltd. | 4429603 |
| 693628 | Migdal Insurance & Financial Holdings Ltd.<sup>(a)</sup> | 3639876 |
| 199400 | Phoenix Financial Ltd. | 10527112 |
|  |  | 18596591 |
|  | **LEISURE FACILITIES & SERVICES — 1.3%** |  |
| 13735 | Fattal Holdings 1998 Ltd.<sup>(a)</sup> | 2500370 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.2%** |  |
| 172606 | Brainsway Ltd. - ADR<sup>(a)</sup> | 2293934 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 31

Israel Common Values Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OIL & GAS PRODUCERS — 6.0%** |  |
| 74968 | Energean plc | $857299 |
| 102000 | Energean plc | 1188913 |
| 5600 | Israel Corp Ltd. | 1564965 |
| 1100000 | Isramco Negev 2, L.P. | 741660 |
| 475000 | Newmed Energy, L.P. | 2717695 |
| 8000 | Paz Oil Company Ltd. | 1969786 |
| 1600000 | Ratio Energies Finance, L.P. | 2213529 |
|  |  | 11253847 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.9%** |  |
| 12000 | Big Shopping Centers Ltd. | 2735617 |
| 399000 | Reit 1 Ltd. | 2848822 |
|  |  | 5584439 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 9.8%** |  |
| 312000 | Amot Investments Ltd. | 1908139 |
| 44000 | Azrieli Group Ltd. | 5859109 |
| 40000 | Elco Ltd. | 1679229 |
| 117674 | G City Ltd. | 435996 |
| 180000 | Gav-Yam Lands Corp Ltd. | 2051713 |
| 27380 | Melisron Ltd. | 3535313 |
| 703430 | Mivne Real Estate KD Ltd. | 2915019 |
| 14226 | Orion Retail Properties Ltd.<sup>(a)</sup> | 13763 |
|  |  | 18398281 |
|  | **RENEWABLE ENERGY — 1.4%** |  |
| 446360 | Energix-Renewable Energies Ltd. | 2683014 |
|  | **RETAIL - CONSUMER STAPLES — 3.7%** |  |
| 225000 | Max Stock Ltd. | 1904160 |
| 18700 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 2239742 |
| 195000 | Shufersal Ltd. | 2848440 |
|  |  | 6992342 |
|  | **SEMICONDUCTORS — 10.4%** |  |
| 20900 | Nova Ltd.<sup>(a)</sup> | 9076452 |
| 60323 | Tower Semiconductor Ltd.<sup>(a)</sup> | 10585480 |
|  |  | 19661932 |
|  | **SOFTWARE — 4.2%** |  |
| 13400 | Cyber Ark Software Ltd.<sup>(a)(b)</sup> | 603000 |
| 29935 | Hilan Ltd. | 1846958 |
| 41000 | One Software Technologies Ltd. | 769329 |
| 29486 | Palo Alto Networks, Inc.<sup>(a)</sup> | 4727195 |
|  |  | 7946482 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 32

Israel Common Values Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TECHNOLOGY HARDWARE — 3.7%** |  |
| 61348 | Next Vision Stabilized Systems Ltd. | $5950813 |
| 95614 | RP Optical Lab Ltd.<sup>(a)</sup> | 1114782 |
|  |  | 7065595 |
|  | **TECHNOLOGY SERVICES — 1.4%** |  |
| 98993 | Matrix IT Ltd. | 2743456 |
|  | **TOTAL COMMON STOCKS (Cost $56,757,905)** | 181403092 |
|  | **SHORT-TERM INVESTMENT — 4.1%** |  |
|  | **MONEY MARKET FUND – 4.1%** |  |
| 7693495 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(c)</sup> (Cost $7,693,495) | 7693495 |
|  | **TOTAL INVESTMENTS — 99.9% (Cost $64,451,400)** | $189096587 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%** | 187032 |
|  | **NET ASSETS — 100.0%** | $189283619 |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| L.P. | &nbsp;&nbsp;&nbsp; Limited Partnership |
| 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; Security is fair valued and is Level 2. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 33

Israel Common Values Fund

---

| | |
|:---|:---|
|  | **DIVERSIFICATION OF ASSETS** |
| **% OF NET <br> ASSETS** | &nbsp;&nbsp; **COUNTRY** |
| 88.6% | &nbsp;&nbsp; Israel |
| 6.1% | &nbsp;&nbsp; United States |
| 1.1% | &nbsp;&nbsp; United Kingdom |
| 95.8% | &nbsp;&nbsp; Total |
| 4.1% | &nbsp;&nbsp; Money Market Fund |
| 0.1% | &nbsp;&nbsp; Other Assets in Excess of Liabilities |
| 100.0% | &nbsp;&nbsp; Grand Total |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 34

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**CLOSED END FUND — 2.2%** | **Fair Value**<br> |
|  | **COMMODITY — 2.2%** |  |
| 94000 | Sprott Physical Silver Trust<sup>(a)</sup> | $2292660 |
|  | **TOTAL CLOSED END FUND (Cost $2,101,370)** | 2292660 |
|  | **COMMON STOCKS — 46.9%** |  |
|  | **AEROSPACE & DEFENSE — 0.1%** |  |
| 433 | ATI, Inc.<sup>(a)</sup> | 62984 |
|  | **CHEMICALS — 1.3%** |  |
| 269 | Albemarle Corporation | 48294 |
| 2648 | CF Industries Holdings, Inc. | 343816 |
| 3911 | FMC Corporation | 67347 |
| 6014 | ICL Group Ltd. | 31153 |
| 7069 | K+S A.G. | 133177 |
| 6068 | Mosaic Company (The) | 154734 |
| 5716 | Nutrien Ltd. | 431329 |
| 588 | Sociedad Quimica y Minera de Chile S.A. - ADR<sup>(a)</sup> | 47593 |
| 2722 | Yara International ASA | 158590 |
|  |  | 1416033 |
|  | **DATA CENTER REIT — 1.2%** |  |
| 7750 | Digital Realty Trust, Inc. | 1396627 |
|  | **ELECTRIC UTILITIES — 0.1%** |  |
| 3200 | Northland Power, Inc. | 53679 |
|  | **ELECTRICAL EQUIPMENT — 0.1%** |  |
| 837 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 113405 |
|  | **FOOD — 1.6%** |  |
| 2563 | Adecoagro S.A. | 38496 |
| 739 | Bakkafrost P/F | 34567 |
| 2039 | Cal-Maine Foods, Inc. | 161387 |
| 3587 | Darling Ingredients, Inc.<sup>(a)</sup> | 221856 |
| 3957 | Dole plc | 56546 |
| 1547 | Fresh Del Monte Produce, Inc. | 62282 |
| 5499 | Hormel Foods Corporation | 124552 |
| 1149 | Ingredion, Inc. | 129446 |
| 1800 | Maple Leaf Foods, Inc. | 38810 |
| 9900 | MEIJI Holdings Company Ltd. | 240713 |
| 2600 | Morinaga Milk Industry Company Ltd. | 78043 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 35

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **FOOD — 1.6% (Continued)** |  |
| 5082 | Mowi ASA | $115285 |
| 2500 | NH Foods Ltd. | 110734 |
| 4300 | Nisshin Seifun Group, Inc. | 56773 |
| 4700 | Nissui Corporation | 39785 |
| 2546 | Pilgrim's Pride Corporation | 96137 |
| 1450 | Salmar ASA | 84630 |
|  |  | 1690042 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.1%** |  |
| 13800 | Sumitomo Forestry Company Ltd. | 122077 |
|  | **GAS & WATER UTILITIES — 0.6%** |  |
| 826 | American States Water Company | 62462 |
| 464 | American Water Works Company, Inc. | 63146 |
| 1570 | California Water Service Group | 71184 |
| 3547 | Cia de Saneamento Basico do Estado de Sao Paulo S.A. - ADR | 108210 |
| 2189 | Essential Utilities, Inc. | 88151 |
| 903 | H2O America | 52979 |
| 1154 | Severn Trent plc | 47196 |
| 4078 | United Utilities Group plc | 70977 |
| 4547 | Veolia Environnement S.A. | 171642 |
|  |  | 735947 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.6%** |  |
| 48754 | Brookdale Senior Living, Inc.<sup>(a)</sup> | 666955 |
|  | **HEALTH CARE REIT — 2.2%** |  |
| 17000 | American Healthcare REIT, Inc. | 801720 |
| 61000 | Healthcare Realty Trust, Inc. | 1036390 |
| 30640 | Healthpeak Properties, Inc. | 503415 |
|  |  | 2341525 |
|  | **INDUSTRIAL REIT — 0.7%** |  |
| 3810 | EastGroup Properties, Inc. | 705193 |
|  | **MACHINERY — 1.2%** |  |
| 748 | AGCO Corporation | 86671 |
| 7354 | CNH Industrial N.V. | 80894 |
| 1048 | Deere & Company | 590338 |
| 14900 | Kubota Corporation | 230664 |
| 2400 | Kurita Water Industries Ltd. | 110811 |
| 1200 | Organo Corporation | 102903 |
| 1600 | Tsukishima Holdings Company Ltd. | 27108 |
| 840 | Weir Group plc (The) | 31108 |
|  |  | 1260497 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 36

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **METALS & MINING — 5.0%** |  |
| 217 | Agnico Eagle Mines Ltd. | $44047 |
| 1134 | Agnico Eagle Mines Ltd. | 230137 |
| 2084 | Alamos Gold, Inc | 92592 |
| 672 | Alcoa Corporation | 44574 |
| 3175 | Anglo American plc | 133591 |
| 637 | Anglogold Ashanti plc | 62018 |
| 1947 | Antofagasta plc | 85736 |
| 513 | Aurubis A.G. | 88939 |
| 11522 | BHP Group Ltd. - ADR | 838110 |
| 653 | Cameco Corporation | 70922 |
| 19500 | Capstone Copper Corporation<sup>(a)</sup> | 147016 |
| 2300 | Centerra Gold, Inc. | 40896 |
| 1282 | Century Aluminum Company<sup>(a)</sup> | 75241 |
| 2149 | Cia de Minas Buenaventura S.A.A - ADR | 77450 |
| 2765 | Eldorado Gold Corporation | 94922 |
| 2800 | Endeavour Mining plc | 167854 |
| 2586 | Energy Fuels Inc<sup>(a)</sup> | 47195 |
| 1900 | ERO Copper Corporation<sup>(a)</sup> | 50621 |
| 6400 | First Quantum Minerals Ltd.<sup>(a)</sup> | 152988 |
| 26 | Franco-Nevada Corporation | 6423 |
| 4340 | Freeport-McMoRan, Inc. | 255105 |
| 1058 | Gold Fields Ltd. - ADR | 48033 |
| 2145 | Harmony Gold Mining Company Ltd. - ADR | 32969 |
| 1000 | Hudbay Minerals, Inc. | 20936 |
| 6628 | IAMGOLD Corporation<sup>(a)</sup> | 124739 |
| 13300 | Ivanhoe Mines Ltd.<sup>(a)</sup> | 113655 |
| 5182 | Kinross Gold Corporation | 158155 |
| 2500 | Labrador Iron Ore Royalty Corporation | 52682 |
| 900 | Lundin Mining Corporation | 22439 |
| 2500 | Mitsubishi Materials Corporation | 75844 |
| 1626 | MP Materials Corporation<sup>(a)</sup> | 78471 |
| 7557 | NexGen Energy Ltd.<sup>(a)</sup> | 87661 |
| 16834 | Norsk Hydro ASA | 178246 |
| 768 | OR Royalties, Inc. | 29199 |
| 5142 | Rio Tinto plc - ADR | 479697 |
| 255 | Royal Gold, Inc. | 64895 |
| 85 | Southern Copper Corporation | 14629 |
| 3200 | Sumitomo Metal Mining Company Ltd. | 178536 |
| 1143 | Teck Resources Ltd., Class B | 59229 |
| 5945 | Teck Resources Ltd., Class B | 307653 |
| 21028 | Vale S.A. - ADR | 334555 |
| 643 | Warrior Met Coal, Inc. | 59895 |
| 544 | Wheaton Precious Metals Corporation | 71269 |
|  |  | 5399764 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 37

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **MULTI ASSET CLASS REIT — 0.5%** |  |
| 31500 | FrontView REIT, Inc. | $487305 |
|  | **OFFICE REIT — 1.5%** |  |
| 18655 | BXP, Inc. | 968195 |
| 28000 | Highwoods Properties, Inc. | 599480 |
|  |  | 1567675 |
|  | **OIL & GAS PRODUCERS — 8.1%** |  |
| 7597 | Aker BP ASA | 283385 |
| 247 | APA Corporation | 10483 |
| 6300 | ARC Resources Ltd. | 131082 |
| 7400 | Athabasca Oil Corporation<sup>(a)</sup> | 59833 |
| 9300 | Baytex Energy Corporation | 41575 |
| 1128 | Black Stone Minerals, L.P. | 17055 |
| 1174 | California Resources Corporation | 81264 |
| 596 | Canadian Natural Resources Ltd. | 29043 |
| 15208 | Cenovus Energy, Inc. | 403541 |
| 2516 | Chord Energy Corporation | 357725 |
| 2443 | CNX Resources Corporation<sup>(a)</sup> | 94178 |
| 4728 | ConocoPhillips | 624095 |
| 6726 | Coterra Energy, Inc. | 236352 |
| 6477 | Devon Energy Corporation | 325923 |
| 771 | Diamondback Energy, Inc. | 152496 |
| 1525 | Eni SpA - ADR | 86330 |
| 3448 | EOG Resources, Inc. | 498477 |
| 1232 | EQT Corporation | 78404 |
| 17473 | Equinor ASA - ADR | 737361 |
| 1900 | Imperial Oil Ltd. | 248817 |
| 8300 | Inpex Corporation | 244639 |
| 3174 | Magnolia Oil & Gas Corporation, Class A | 100203 |
| 3376 | Matador Resources Company | 213296 |
| 5150 | Murphy Oil Corporation | 212438 |
| 1700 | Northern Oil & Gas, Inc. | 49691 |
| 4664 | Occidental Petroleum Corporation | 303160 |
| 255 | Ovintiv, Inc. | 15137 |
| 298 | Ovintiv, Inc. | 17689 |
| 8071 | Permian Resources Corporation | 172074 |
| 23717 | Petroleo Brasileiro S.A. - ADR | 492128 |
| 3200 | Peyto Exploration & Development Corporation | 62511 |
| 3500 | PrairieSky Royalty Ltd. | 80999 |
| 546 | Range Resources Corporation | 24668 |
| 19378 | SM Energy Company | 604205 |
| 3900 | Suncor Energy, Inc. | 257902 |
| 10100 | Tamarack Valley Energy Ltd. | 83478 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 38

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OIL & GAS PRODUCERS — 8.1% (Continued)** |  |
| 1500 | Topaz Energy Corporation | $33334 |
| 3558 | TotalEnergies S.E. | 332730 |
| 3900 | Tourmaline Oil Corporation | 186622 |
| 15015 | Var Energi ASA<sup>(b)</sup> | 78391 |
| 3312 | Viper Energy, Inc., Class A | 155631 |
| 13500 | Whitecap Resources, Inc. | 152331 |
| 2942 | Woodside Energy Group Ltd. - ADR | 70255 |
|  |  | 8440931 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.4%** |  |
| 2584 | Archrock, Inc. | 89923 |
| 4709 | Baker Hughes Company | 287484 |
| 5181 | DNOW, Inc.<sup>(a)</sup> | 61706 |
| 7252 | Halliburton Company | 282755 |
| 5583 | Helmerich & Payne, Inc. | 201155 |
| 1679 | Kodiak Gas Services, Inc. | 97919 |
| 12047 | Liberty Energy, Inc. | 346954 |
| 969 | Noble Corporation plc | 47549 |
| 5443 | NOV, Inc. | 102383 |
| 863 | Oceaneering International, Inc.<sup>(a)</sup> | 30611 |
| 21227 | Patterson-UTI Energy, Inc. | 229888 |
| 912 | SBM Offshore N.V. | 36493 |
| 1900 | Secure Waste Infrastructure Corporation | 29810 |
| 7769 | SLB Ltd. | 399250 |
| 1615 | Subsea 7 S.A. | 50116 |
| 2024 | Tidewater, Inc.<sup>(a)</sup> | 169105 |
| 4187 | Transocean Ltd.<sup>(a)</sup> | 27760 |
|  |  | 2490861 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 15.1%** |  |
| 36500 | American Homes 4 Rent, Class A | 1019080 |
| 7650 | American Tower Corporation | 1320237 |
| 31000 | Americold Realty Trust, Inc. | 355260 |
| 4500 | AvalonBay Communities, Inc. | 735075 |
| 7300 | Camden Property Trust | 712918 |
| 25199 | Cousins Properties, Inc. | 568741 |
| 2850 | Equinix, Inc. | 2793685 |
| 17110 | Getty Realty Corporation | 544098 |
| 31000 | InvenTrust Properties Corporation | 944260 |
| 17800 | Prologis, Inc. | 2352804 |
| 2200 | Public Storage | 595936 |
| 3613 | Rayonier, Inc. | 74500 |
| 7000 | Sun Communities, Inc. | 881720 |
| 23000 | Ventas, Inc. | 1880940 |
| 5500 | Welltower, Inc. | 1087405 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 39

Defensive Strategies Fund

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **REAL ESTATE INVESTMENT TRUSTS — 15.1% (Continued)** |  |
| 2959 | Weyerhaeuser Company | $72288 |
|  |  | 15938947 |
|  | **RENEWABLE ENERGY — 0.0%<sup>(c)</sup>** |  |
| 223 | First Solar, Inc.<sup>(a)</sup> | 43989 |
|  | **RESIDENTIAL REIT — 0.7%** |  |
| 11965 | Centerspace | 687389 |
|  | **RETAIL REIT — 2.2%** |  |
| 32900 | Brixmor Property Group, Inc. | 947520 |
| 12200 | NNN REIT, Inc. | 512766 |
| 51000 | Whitestone REIT | 823650 |
|  |  | 2283936 |
|  | **SELF-STORAGE REIT — 0.6%** |  |
| 20000 | Smartstop Self Storage REIT, Inc. | 605600 |
|  | **SEMICONDUCTORS — 0.1%** |  |
| 8400 | SUMCO Corporation | 87830 |
|  | **STEEL — 0.7%** |  |
| 415 | ArcelorMittal S.A. - ADR | 21572 |
| 964 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 8146 |
| 48408 | Gerdau S.A. - ADR | 174752 |
| 8700 | JFE Holdings, Inc. | 99518 |
| 14600 | Nippon Steel Corporation | 52977 |
| 554 | Nucor Corporation | 93681 |
| 691 | POSCO Holdings, Inc. - ADR | 40417 |
| 476 | Steel Dynamics, Inc. | 85680 |
| 1095 | Ternium S.A. - ADR | 43964 |
| 4054 | thyssenkrupp A.G. | 34702 |
|  |  | 655409 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |
| 2029 | Bunge Global S.A. | 258089 |
|  | **TOTAL COMMON STOCKS (Cost $40,640,857)** | 49512689 |
|  | **PRECIOUS METALS — PHYSICAL HOLDING — 27.2%** |  |
|  | **PRECIOUS METAL — 27.2%** |  |
| 6143 | GOLD BARS<sup>(a)</sup> | 28692695 |
|  | **TOTAL PRECIOUS METALS — PHYSICAL HOLDING (Cost $7,240,876)** | 28692695 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 40

Defensive Strategies Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)**<br> | <br>**U.S. GOVERNMENT & AGENCIES — 18.4%** | **Coupon <br> Rate (%)**<br> | **Maturity**<br> | **Fair Value**<br> |
|  | **U.S. TREASURY INFLATION PROTECTED — 18.4%** |  |  |  |
| 3143748 | United States Treasury Inflation Indexed Bonds | 2.3750 | 01/15/27 | $3200129 |
| 1727353 | United States Treasury Inflation Indexed Bonds | 0.5000 | 01/15/28 | 1714491 |
| 411423 | United States Treasury Inflation Indexed Bonds | 1.7500 | 01/15/28 | 417446 |
| 1275229 | United States Treasury Inflation Indexed Bonds | 0.8750 | 01/15/29 | 1266255 |
| 1295257 | United States Treasury Inflation Indexed Bonds | 2.5000 | 01/15/29 | 1344056 |
| 115635 | United States Treasury Inflation Indexed Bonds | 1.1250 | 10/15/30 | 114642 |
| 7134859 | United States Treasury Inflation Indexed Bonds | 0.1250 | 01/15/31 | 6710980 |
| 1721998 | United States Treasury Inflation Indexed Bonds | 1.8750 | 07/15/35 | 1715377 |
| 5574537 | United States Treasury Inflation Indexed Bonds | 0.1250 | 02/15/51 | 2977766 |
|  |  |  |  | 19461142 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,767,089)** |  |  | 19461142 |

---

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 5.2%** |  |
|  | **MONEY MARKET FUND — 5.2%** |  |
| 5462379 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(d)</sup> (Cost $5,462,379) | 5462379 |
|  | **TOTAL INVESTMENTS — 99.9% (Cost $75,212,571)** | $105421565 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%** | 137241 |
|  | **NET ASSETS — 100.0%** | $105558806 |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| A.G. | &nbsp;&nbsp;&nbsp; Aktiengesellschaft |
| ASA | &nbsp;&nbsp;&nbsp; Allmennaksjeselskap |
| L.P. | &nbsp;&nbsp;&nbsp; Limited Partnership |
| Ltd. | &nbsp;&nbsp;&nbsp; Limited Company |
| N.V. | &nbsp;&nbsp;&nbsp; Naamioze Vennootschap |
| P/F | &nbsp;&nbsp;&nbsp; Partafelag |
| 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 |
| SpA | &nbsp;&nbsp;&nbsp; Societa per Azioni |
| <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Non-income producing security. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 41

Defensive Strategies Fund

<sup>(b)</sup> 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 March 31, 2026, the total market value of Rule 144A securities is $78,391 or 0.1% of net assets.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | **DIVERSIFICATION OF ASSETS** |  |  |
| **% OF NET <br> ASSETS** | &nbsp;&nbsp; **COUNTRY** | **% OF NET <br> ASSETS** | &nbsp;&nbsp; **COUNTRY** |
| 80.0% | &nbsp;&nbsp; United States | 0.1% | &nbsp;&nbsp; Italy |
| 6.3% | &nbsp;&nbsp; Canada | 0.1% | &nbsp;&nbsp; South Africa |
| 1.8% | &nbsp;&nbsp; Japan | 0.1% | &nbsp;&nbsp; Peru |
| 1.5% | &nbsp;&nbsp; Norway | 0.1% | &nbsp;&nbsp; Cayman Islands |
| 1.1% | &nbsp;&nbsp; United Kingdom | 0.1% | &nbsp;&nbsp; Ireland |
| 1.0% | &nbsp;&nbsp; Brazil | 0.0 %<sup>(a)</sup> | &nbsp;&nbsp; Chile |
| 0.9% | &nbsp;&nbsp; Australia | 0.0 %<sup>(a)</sup> | &nbsp;&nbsp; South Korea |
| 0.5% | &nbsp;&nbsp; France | 0.0 %<sup>(a)</sup> | &nbsp;&nbsp; Faroe Islands |
| 0.4% | &nbsp;&nbsp; Curaçao | 0.0 %<sup>(a)</sup> | &nbsp;&nbsp; Israel |
| 0.3% | &nbsp;&nbsp; Switzerland | 94.7% | &nbsp;&nbsp; Total |
| 0.2% | &nbsp;&nbsp; Germany | 5.2% | &nbsp;&nbsp; Money Market Fund |
| 0.1% | &nbsp;&nbsp; Luxembourg | 0.1% | &nbsp;&nbsp; Other Assets in Excess of Liabilities |
| 0.1% | &nbsp;&nbsp; Netherlands | 100.0% | &nbsp;&nbsp; Grand Total |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 42

Strategic Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**EXCHANGE-TRADED FUNDS — 55.6%** | **Fair Value**<br> |
|  | **EQUITY — 55.6%** |  |
| 86200 | Timothy Plan High Dividend Stock ETF<sup>(a)</sup> | $3565232 |
| 146956 | Timothy Plan International ETF<sup>(a)</sup> | 5296294 |
| 132600 | Timothy Plan US Large/Mid Cap Core ETF<sup>(a)</sup> | 6157944 |
| 91423 | Timothy Plan US Small Cap Core ETF<sup>(a)</sup> | 3880477 |
|  |  | 18899947 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $14,612,081)** | 18899947 |
|  | **OPEN END FUNDS — 42.8%** |  |
|  | **EQUITY — 15.4%** |  |
| 327913 | Timothy Plan International Fund, Class A<sup>(a)</sup> | 5220372 |
|  | **FIXED INCOME — 27.4%** |  |
| 677924 | Timothy Plan Fixed Income Fund, Class A<sup>(a)</sup> | 6209594 |
| 351291 | Timothy Plan High Yield Bond Fund, Class A<sup>(a)</sup> | 3115628 |
|  |  | 9325222 |
|  | **TOTAL OPEN END FUNDS (Cost $13,940,390)** | 14545594 |
|  | **SHORT-TERM INVESTMENT — 1.7%** |  |
|  | **MONEY MARKET FUND — 1.7%** |  |
| 586485 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(b)</sup> (Cost $586,485) | 586485 |
|  | **TOTAL INVESTMENTS — 100.1% (Cost $29,138,956)** | $34032026 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%** | (35682) |
|  | **NET ASSETS — 100.0%** | $33996344 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 43

Conservative Growth Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**EXCHANGE-TRADED FUNDS — 42.0%** | **Fair Value**<br> |
|  | **EQUITY — 42.0%** |  |
| 63200 | Timothy Plan High Dividend Stock ETF<sup>(a)</sup> | $2613952 |
| 89644 | Timothy Plan International ETF<sup>(a)</sup> | 3230770 |
| 113500 | Timothy Plan US Large/Mid Cap Core ETF<sup>(a)</sup> | 5270940 |
| 82005 | Timothy Plan US Small Cap Core ETF<sup>(a)</sup> | 3480727 |
|  |  | 14596389 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $12,008,108)** | 14596389 |
|  | **OPEN END FUNDS — 56.9%** |  |
|  | **EQUITY — 11.3%** |  |
| 247179 | Timothy Plan International Fund, Class A<sup>(a)</sup> | 3935086 |
|  | **FIXED INCOME — 45.6%** |  |
| 1398329 | Timothy Plan Fixed Income Fund, Class A<sup>(a)</sup> | 12808302 |
| 338250 | Timothy Plan High Yield Bond Fund, Class A<sup>(a)</sup> | 3000044 |
|  |  | 15808346 |
|  | **TOTAL OPEN END FUNDS (Cost $20,202,772)** | 19743432 |
|  | **SHORT-TERM INVESTMENT — 1.2%** |  |
|  | **MONEY MARKET FUND — 1.2%** |  |
| 410147 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(b)</sup> (Cost $410,147) | 410147 |
|  | **TOTAL INVESTMENTS — 100.1% (Cost $32,621,027)** | $34749968 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%** | (41008) |
|  | **NET ASSETS — 100.0%** | $34708960 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 44

Growth & Income Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**EXCHANGE-TRADED FUND — 55.5%** | **Fair Value**<br> |
|  | **EQUITY — 55.5%** |  |
| 255000 | Timothy Plan High Dividend Stock ETF<sup>(a)</sup> | $10546800 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $8,730,563)** | 10546800 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)**<br> | <br>**ASSET BACKED SECURITIES — 2.5%** | **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 | 135437 |
|  | **OTHER ABS — 1.8%** |  |  |  |
| 85000 | CNH Equipment Trust 2025-A Series A A3 | 4.3600 | 08/15/30 | 85448 |
| 75000 | CNH Equipment Trust 2026-A Series A A3 | 4.0000 | 05/15/31 | 74743 |
| 180000 | John Deere Owner Trust 2025 Series A A3 | 4.2300 | 09/17/29 | 180608 |
|  |  |  |  | 340799 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $474,970)** |  |  | 476236 |
|  | **CORPORATE BONDS — 11.4%** |  |  |  |
|  | **CHEMICALS — 0.7%** |  |  |  |
| 85000 | Nutrien Ltd. | 4.0000 | 12/15/26 | 84819 |
| 60000 | Nutrien Ltd. | 2.9500 | 05/13/30 | 56256 |
|  |  |  |  | 141075 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.5%** |  |  |  |
| 35000 | Republic Services, Inc. | 5.0000 | 04/01/34 | 35384 |
| 50000 | Waste Management, Inc. | 4.6250 | 02/15/33 | 50194 |
|  |  |  |  | 85578 |
|  | **ELECTRIC UTILITIES — 1.1%** |  |  |  |
| 135000 | American Electric Power Company, Inc. | 3.2000 | 11/13/27 | 132575 |
| 70000 | National Rural Utilities Cooperative Finance Corporation | 5.0500 | 09/15/28 | 71118 |
|  |  |  |  | 203693 |
|  | **GAS & WATER UTILITIES — 0.7%** |  |  |  |
| 130000 | NiSource, Inc. | 3.4900 | 05/15/27 | 128649 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.3%** |  |  |  |
| 55000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 54762 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 45

Growth & Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **MACHINERY — 0.6%** |  |  |  |
| 55000 | Caterpillar Financial Services Corporation | 4.3500 | 05/15/26 | $55018 |
| 55000 | John Deere Capital Corporation | 3.9000 | 06/07/32 | 53337 |
|  |  |  |  | 108355 |
|  | **METALS & MINING — 1.6%** |  |  |  |
| 75000 | BHP Billiton Finance USA Ltd. | 5.1250 | 02/21/32 | 76602 |
| 85000 | BHP Billiton Finance USA Ltd. | 5.2500 | 09/08/33 | 86884 |
| 70000 | Rio Tinto Finance USA plc | 5.0000 | 03/14/32 | 71419 |
| 70000 | Rio Tinto Finance USA plc | 5.0000 | 03/09/33 | 71193 |
|  |  |  |  | 306098 |
|  | **OIL & GAS PRODUCERS — 2.6%** |  |  |  |
| 115000 | Columbia Pipelines Holding Company, LLC<sup>(b)</sup> | 6.0420 | 08/15/28 | 118697 |
| 130000 | Columbia Pipelines Operating Company, LLC<sup>(b)</sup> | 5.6950 | 10/01/54 | 123212 |
| 70000 | Energy Transfer, L.P. | 5.6000 | 09/01/34 | 71398 |
| 120000 | Energy Transfer, L.P. | 6.2500 | 04/15/49 | 117902 |
| 70000 | Enterprise Products Operating, LLC | 5.3500 | 01/31/33 | 72259 |
|  |  |  |  | 503468 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6%** |  |  |  |
| 70000 | American Tower Corporation | 5.3500 | 03/15/35 | 70526 |
| 95000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 94049 |
| 19000 | Extra Space Storage, L.P. | 3.9000 | 04/01/29 | 18607 |
| 120000 | Healthpeak Properties, Inc. | 3.5000 | 07/15/29 | 116128 |
|  |  |  |  | 299310 |
|  | **RETAIL - CONSUMER STAPLES — 0.5%** |  |  |  |
| 95000 | Dollar General Corporation | 4.1250 | 05/01/28 | 94419 |
|  | **RETAIL - DISCRETIONARY — 0.6%** |  |  |  |
| 110000 | Tractor Supply Company | 5.2500 | 05/15/33 | 111803 |
|  | **TRANSPORTATION & LOGISTICS — 0.6%** |  |  |  |
| 130000 | CSX Corporation | 3.2500 | 06/01/27 | 128564 |
|  | **TOTAL CORPORATE BONDS (Cost $2,145,853)** |  |  | 2165774 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 1.8%** |  |  |  |
|  | **LOCAL AUTHORITY — 0.7%** |  |  |  |
| 135000 | Province of Ontario Canada | 2.5000 | 04/27/26 | 134870 |
|  | **SOVEREIGN — 1.1%** |  |  |  |
| 200000 | Israel Government International Bond | 5.5000 | 03/12/34 | 202751 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $328,893)** |  |  | 337621 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 46

Growth & Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)**<br> | <br>**U.S. GOVERNMENT & AGENCIES — 28.1%** | **Coupon <br> Rate (%)**<br> | **Maturity**<br> | **Fair Value**<br> |
|  | **AGENCY FIXED RATE — 15.6%** |  |  |  |
| 79141 | Fannie Mae Pool FM5537 | 2.0000 | 01/01/36 | $73002 |
| 50734 | Fannie Mae Pool MA4316 | 2.5000 | 04/01/36 | 47945 |
| 15882 | Fannie Mae Pool MA4475 | 2.5000 | 10/01/41 | 14322 |
| 47896 | Fannie Mae Pool MA4617 | 3.0000 | 04/01/42 | 44472 |
| 36630 | Fannie Mae Pool FM4053 | 2.5000 | 08/01/50 | 31434 |
| 42353 | Fannie Mae Pool CA8897 | 3.0000 | 02/01/51 | 37983 |
| 5973 | Fannie Mae Pool MA4258 | 3.5000 | 02/01/51 | 5521 |
| 16800 | Fannie Mae Pool FM6550 | 2.0000 | 03/01/51 | 13823 |
| 30253 | Fannie Mae Pool CB0855 | 3.0000 | 06/01/51 | 26872 |
| 52696 | Fannie Mae Pool FS3744 | 2.0000 | 07/01/51 | 42919 |
| 80705 | Fannie Mae Pool FS1807 | 3.5000 | 07/01/51 | 74775 |
| 120938 | Fannie Mae Pool CB1384 | 2.5000 | 08/01/51 | 103606 |
| 57512 | Fannie Mae Pool FS9085 | 3.0000 | 12/01/51 | 50836 |
| 26595 | Fannie Mae Pool BU1322 | 2.5000 | 02/01/52 | 22864 |
| 84610 | Fannie Mae Pool CB3486 | 3.5000 | 05/01/52 | 77822 |
| 57106 | Fannie Mae Pool FS1704 | 4.0000 | 05/01/52 | 54410 |
| 149136 | Fannie Mae Pool BV8017 | 4.5000 | 08/01/52 | 144688 |
| 91515 | Fannie Mae Pool MA4733 | 4.5000 | 09/01/52 | 88758 |
| 78792 | Fannie Mae Pool FS3159 | 4.5000 | 10/01/52 | 76731 |
| 68580 | Fannie Mae Pool FS4075 | 5.0000 | 04/01/53 | 68385 |
| 80358 | Fannie Mae Pool FS5044 | 4.5000 | 06/01/53 | 78534 |
| 78325 | Fannie Mae Pool FS8291 | 5.5000 | 07/01/53 | 79886 |
| 73558 | Fannie Mae Pool FS6787 | 6.0000 | 01/01/54 | 76299 |
| 85500 | Fannie Mae Pool CB7980 | 5.5000 | 02/01/54 | 87092 |
| 20206 | Fannie Mae Pool FS8138 | 6.5000 | 06/01/54 | 21249 |
| 125000 | Fannie Mae Pool DG2249 | 5.0000 | 03/01/56 | 123361 |
| 35885 | Ginnie Mae I Pool 723248 | 5.0000 | 10/15/39 | 36643 |
| 37424 | Ginnie Mae I Pool 783403 | 3.5000 | 09/15/41 | 35211 |
| 34131 | Ginnie Mae II Pool MA3376 | 3.5000 | 01/20/46 | 32126 |
| 25406 | Ginnie Mae II Pool MA3596 | 3.0000 | 04/20/46 | 22991 |
| 21636 | Ginnie Mae II Pool MA3663 | 3.5000 | 05/20/46 | 20262 |
| 28322 | Ginnie Mae II Pool MA3736 | 3.5000 | 06/20/46 | 26523 |
| 9661 | Ginnie Mae II Pool MA4509 | 3.0000 | 06/20/47 | 8755 |
| 27059 | Ginnie Mae II Pool MA4652 | 3.5000 | 08/20/47 | 25502 |
| 25484 | Ginnie Mae II Pool MA4719 | 3.5000 | 09/20/47 | 23916 |
| 48495 | Ginnie Mae II Pool MA4778 | 3.5000 | 10/20/47 | 45195 |
| 17804 | Ginnie Mae II Pool MA6092 | 4.5000 | 08/20/49 | 17404 |
| 13766 | Ginnie Mae II Pool MA6156 | 4.5000 | 09/20/49 | 13488 |
| 36237 | Ginnie Mae II Pool BN2662 | 3.0000 | 10/20/49 | 32434 |
| 14817 | Ginnie Mae II Pool MA6221 | 4.5000 | 10/20/49 | 14643 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 47

Growth & Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon <br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **AGENCY FIXED RATE — 15.6% (Continued)** |  |  |  |
| 13120 | Ginnie Mae II Pool MA6478 | 5.0000 | 02/20/50 | $13275 |
| 15896 | Ginnie Mae II Pool MA6544 | 4.5000 | 03/20/50 | 15615 |
| 10215 | Ginnie Mae II Pool MA6545 | 5.0000 | 03/20/50 | 10352 |
| 16588 | Ginnie Mae II Pool MA6600 | 3.5000 | 04/20/50 | 15475 |
| 14981 | Ginnie Mae II Pool MA6601 | 4.0000 | 04/20/50 | 14183 |
| 18415 | Ginnie Mae II Pool MA6603 | 5.0000 | 04/20/50 | 18595 |
| 37862 | Ginnie Mae II Pool MA7255 | 2.5000 | 03/20/51 | 32595 |
| 30757 | Ginnie Mae II Pool MA7418 | 2.5000 | 06/20/51 | 26480 |
| 89121 | Ginnie Mae II Pool MA7419 | 3.0000 | 06/20/51 | 79680 |
| 95511 | Ginnie Mae II Pool MA7472 | 2.5000 | 07/20/51 | 82224 |
| 84108 | Ginnie Mae II Pool CE1974 | 3.0000 | 08/20/51 | 76115 |
| 66221 | Ginnie Mae II Pool CE1990 | 2.5000 | 09/20/51 | 56972 |
| 106783 | Ginnie Mae II Pool MA7768 | 3.0000 | 12/20/51 | 95480 |
| 44656 | Ginnie Mae II Pool MA7829 | 3.5000 | 01/20/52 | 41334 |
| 57247 | Ginnie Mae II Pool MA7939 | 4.0000 | 03/20/52 | 54114 |
| 91121 | Ginnie Mae II Pool MA8800 | 5.0000 | 04/20/53 | 90632 |
| 99030 | Ginnie Mae II Pool MA8874 | 3.0000 | 05/20/53 | 88953 |
| 83018 | Ginnie Mae II Pool MA8943 | 3.0000 | 06/20/53 | 74519 |
| 73666 | Ginnie Mae II Pool MA9017 | 5.5000 | 07/20/53 | 74651 |
| 64121 | Ginnie Mae II Pool MB0091 | 5.0000 | 12/20/54 | 63601 |
| 21415 | Ginnie Mae II Pool MB0366 | 5.5000 | 05/20/55 | 21576 |
|  |  |  |  | 2969103 |
|  | **U.S. TREASURY BILLS — 12.5%** |  |  |  |
| 125000 | United States Treasury Note | 4.8750 | 04/30/26 | 125110 |
| 125000 | United States Treasury Note | 4.6250 | 04/30/29 | 127839 |
| 115000 | United States Treasury Note | 3.6250 | 08/31/30 | 113612 |
| 420000 | United States Treasury Note | 4.6250 | 04/30/31 | 432559 |
| 545000 | United States Treasury Note | 4.2500 | 08/15/35 | 543467 |
| 320000 | United States Treasury Note | 4.5000 | 02/15/44 | 306663 |
| 735000 | United States Treasury Note | 4.7500 | 08/15/55 | 718291 |
|  |  |  |  | 2367541 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $5,513,740)** |  |  | 5336644 |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 48

Growth & Income Fund

---

| | | |
|:---|:---|:---|
| **Shares**<br> | <br>**SHORT-TERM INVESTMENT — 0.6%** | **Fair Value**<br> |
|  | **MONEY MARKET FUND — 0.6%** |  |
| 119818 | Fidelity Investments Money Market Government Portfolio, Class I, 3.52%<sup>(c)</sup> (Cost $119,818) | $119818 |
|  | **TOTAL INVESTMENTS — 99.9% (Cost $17,313,837)** | $18982893 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%** | 26611 |
|  | **NET ASSETS — 100.0%** | $19009504 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026, the total market value of Rule 144A securities is $377,346 or 2.0% of net assets. |
| <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; Rate disclosed is the seven day effective yield as of March 31, 2026. |

---

**SCHEDULE OF INVESTMENTS (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 49

**Section 2 \|** Statements of Assets and Liabilities

**MARCH 31, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL/MID CAP <br> GROWTH <br> FUND** | **INTERNATIONAL<br> FUND** | **LARGE/MID CAP <br> GROWTH <br> FUND** |
|  **ASSETS:** |  |  |  |
|  Investments, at cost | $92941510 | $118924824 | $191752492 |
|  Investments in affiliates, at cost |  |  | 20988985 |
|  Investments, at value | $121394772 | $198540032 | $238813788 |
|  Investments in affiliates, at value |  |  | 26610120 |
|  Dividends and interest receivable | 51390 | 569028 | 102331 |
|  Receivable for fund shares sold | 211615 | 181889 | 280518 |
|  Receivable for securities sold | 1214233 |  |  |
|  Receivable for foreign tax reclaims |  | 577300 | 682 |
|  Prepaid expenses and other assets | 27898 | 35102 | 63140 |
| &nbsp;&nbsp;&nbsp; Total Assets | **122899908** | **199903351** | **265870579** |
|  **LIABILITIES:** |  |  |  |
|  Payable for securities purchased | 5774910 |  |  |
|  Payable for fund shares redeemed | 41217 | 315142 | 216813 |
|  Payable to service providers | 39167 | 53509 | 80337 |
|  Accrued advisory fees | 70266 | 147140 | 155669 |
|  Accrued 12b-1 fees | 16549 | 16192 | 42783 |
|  Accrued expenses and other liabilities | 62417 | 58995 | 24648 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | **6004526** | **590978** | **520250** |
| &nbsp;&nbsp;&nbsp; Net Assets | $**116895382** | $**199312373** | $**265350329** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid in capital ($0 par value, unlimited shares authorized) | $83912805 | $115634538 | $211692960 |
|  Accumulated earnings (deficit) | 32982577 | 83677835 | 53657369 |
|  **Net Assets** | $**116895382** | $**199312373** | $**265350329** |
|  **Class A** |  |  |  |
|  Net Assets | $62587766 | $70712335 | $156314756 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 4090766 | 4443057 | 12312221 |
|  Net Asset Value, offering price and redemption price per share | $15.30 | $15.92 | $12.70 |
|  Offering Price Per Share (NAV / 0.945) \*(NAV / 0.955) | $16.19 | $16.85 | $13.44 |
|  **Class C** |  |  |  |
|  Net Assets | $3908076 | $1414996 | $10773571 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 369521 | 92590 | 1327343 |
|  Net Asset Value, offering price and redemption price per share | $10.58 | $15.28 | $8.12 |
|  Minimum Redemption Price Per Share (NAV \* 0.99) | $10.47 | $15.13 | $8.04 |
|  **Class I** |  |  |  |
|  Net Assets | $50399540 | $127185042 | $98262002 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3160566 | 7965626 | 7386742 |
|  Net Asset Value, offering price and redemption price per share | $15.95 | $15.97 | $13.30 |

---

**STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)** 

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

SEMI-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 | $130331564 | $203579244 | $109167808 |
|  Investments in affiliates, at cost | 14834080 | 50251098 |  |
|  Investments, at value | $140237155 | $250179756 | $105944580 |
|  Investments in affiliates, at value | 24618274 | 64114600 |  |
|  Dividends and interest receivable | 168462 | 180819 | 824282 |
|  Receivable for fund shares sold | 63552 | 53909 | 117033 |
|  Receivable for securities sold | 549362 |  |  |
|  Receivable for foreign tax reclaims |  | 1060 |  |
|  Prepaid expenses and other assets | 36050 | 76172 | 23502 |
| &nbsp;&nbsp;&nbsp; Total Assets | **165672855** | **314606316** | **106909397** |
|  **LIABILITIES:** |  |  |  |
|  Payable for securities purchased | 207629 |  |  |
|  Payable for fund shares redeemed | 634575 | 142938 | 77001 |
|  Payable to service providers | 104239 | 100640 | 58950 |
|  Accrued advisory fees | 97603 | 152435 | 38297 |
|  Accrued 12b-1 fees | 24833 | 50181 | 19039 |
|  Accrued expenses and other liabilities | 87107 | 69273 | 59821 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | **1155986** | **515467** | **253108** |
| &nbsp;&nbsp;&nbsp; Net Assets | $**164516869** | $**314090849** | $**106656289** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid in capital ($0 par value, unlimited shares authorized) | $150012089 | $242313546 | $121822967 |
|  Accumulated earnings (deficit) | 14504780 | 71777303 | (15166678) |
|  **Net Assets** | $**164516869** | $**314090849** | $**106656289** |
|  **Class A** |  |  |  |
|  Net Assets | $101001057 | $190895058 | $76376280 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 5383999 | 8506459 | 8341899 |
|  Net Asset Value, offering price and redemption price per share | $18.76 | $22.44 | $9.16 |
|  Offering Price Per Share (NAV / 0.945) \*(NAV / 0.955) | $19.85 | $23.75 | $9.59 \* |
|  **Class C** |  |  |  |
|  Net Assets | $4246309 | $11876873 | $4002512 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 416269 | 810456 | 457597 |
|  Net Asset Value, offering price and redemption price per share | $10.20 | $14.65 | $8.75 |
|  Minimum Redemption Price Per Share (NAV \* 0.99) | $10.10 | $14.50 | $8.66 |
|  **Class I** |  |  |  |
|  Net Assets | $59269503 | $111318918 | $26277497 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3092829 | 4880293 | 2900361 |
|  Net Asset Value, offering price and redemption price per share | $19.16 | $22.81 | $9.06 |

---

**STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)** 

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

SEMI-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 | $211827331 | $64451400 | $67971695 |
|  Investments in affiliates, at cost |  |  |  |
|  Investments, at value | $212110814 | $189096587 | $76728870 |
|  Investments in affiliates, at value |  |  |  |
|  Gold Investments, at fair value (Cost $7,240,876) |  |  | 28692695 |
|  Foreign Cash (Cost $14,678) |  |  | 9606 |
|  Dividends and interest receivable | 3765818 | 371898 | 212663 |
|  Receivable for fund shares sold | 169400 | 188065 | 91512 |
|  Receivable for foreign tax reclaims |  |  | 10572 |
|  Prepaid expenses and other assets | 58478 | 114189 | 25765 |
| &nbsp;&nbsp;&nbsp; Total Assets | **216104510** | **189770739** | **105771683** |
|  **LIABILITIES:** |  |  |  |
|  Payable for securities purchased | 590438 |  |  |
|  Payable for fund shares redeemed | 82461 | 237328 | 86272 |
|  Payable to service providers | 89267 | 28009 | 33711 |
|  Accrued advisory fees | 93390 | 168584 | 49675 |
|  Accrued 12b-1 fees | 22676 | 31622 | 12102 |
|  Accrued expenses and other liabilities | 45119 | 21577 | 31117 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | **923351** | **487120** | **212877** |
| &nbsp;&nbsp;&nbsp; Net Assets | $**215181159** | $**189283619** | $**105558806** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid in capital ($0 par value, unlimited shares authorized) | $227432099 | $65292174 | $74086045 |
|  Accumulated earnings (deficit) | (12250940) | 123991445 | 31472761 |
|  **Net Assets** | $**215181159** | $**189283619** | $**105558806** |
|  **Class A** |  |  |  |
|  Net Assets | $94766402 | $103172836 | $54689357 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 10687794 | 2456008 | 2947622 |
|  Net Asset Value, offering price and redemption price per share | $8.87 | $42.01 | $18.55 |
|  Offering Price Per Share (NAV / 0.945) \*(NAV / 0.955) | $9.29 \* | $44.46 | $19.63 |
|  **Class C** |  |  |  |
|  Net Assets | $3126350 | $10022201 | $3631680 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 345154 | 258891 | 208523 |
|  Net Asset Value, offering price and redemption price per share | $9.06 | $38.71 | $17.42 |
|  Minimum Redemption Price Per Share (NAV \* 0.99) | $8.97 | $38.32 | $17.25 |
|  **Class I** |  |  |  |
|  Net Assets | $117288407 | $76088582 | $47237769 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 13210519 | 1781011 | 2543042 |
|  Net Asset Value, offering price and redemption price per share | $8.88 | $42.72 | $18.58 |

---

**STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)** 

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

SEMI-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 | $586485 | $410147 | $8583274 |
|  Investments in affiliates, at cost | 28552471 | 32210880 | 8730563 |
|  Investments, at value | $586485 | $410147 | $8436093 |
|  Investments in affiliates, at value | 33445541 | 34339821 | 10546800 |
|  Dividends and interest receivable | 2969 | 1522 | 61595 |
|  Receivable for fund shares sold | 1491 | 1479 | 162 |
|  Prepaid expenses and other assets | 16994 | 14623 | 13251 |
| &nbsp;&nbsp;&nbsp; Total Assets | **34053480** | **34767592** | **19057901** |
|  **LIABILITIES:** |  |  |  |
|  Payable for fund shares redeemed | 53 | 1023 | 7325 |
|  Payable to service providers | 20849 | 19749 | 11582 |
|  Accrued advisory fees | 4369 | 4391 | 5058 |
|  Accrued 12b-1 fees | 7536 | 7957 | 3912 |
|  Accrued expenses and other liabilities | 24329 | 25512 | 20520 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | **57136** | **58632** | **48397** |
| &nbsp;&nbsp;&nbsp; Net Assets | $**33996344** | $**34708960** | $**19009504** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid in capital ($0 par value, unlimited shares authorized) | $28521553 | $31929703 | $18256525 |
|  Accumulated earnings (deficit) | 5474791 | 2779257 | 752979 |
|  **Net Assets** | $**33996344** | $**34708960** | $**19009504** |
|  **Class A** |  |  |  |
|  Net Assets | $32100604 | $32600058 | $14348085 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2959210 | 2912081 | 1260400 |
|  Net Asset Value, offering price and redemption price per share | $10.85 | $11.19 | $11.38 |
|  Offering Price Per Share (NAV / 0.945) | $11.48 | $11.84 | $12.04 |
|  **Class C** |  |  |  |
|  Net Assets | $1843340 | $2049287 | $965523 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 200629 | 212386 | 88650 |
|  Net Asset Value, offering price and redemption price per share | $9.19 | $9.65 | $10.89 |
|  Minimum Redemption Price Per Share (NAV \* 0.99) | $9.10 | $9.55 | $10.78 |
|  **Class I** |  |  |  |
|  Net Assets | $52400 | $59615 | $3695896 |
|  Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 4829 | 5275 | 321951 |
|  Net Asset Value, offering price and redemption price per share | $10.85 | $11.30 | $11.48 |

---

**STATEMENTS OF ASSETS LIABILITIES (UNAUDITED)** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 53

**Section 3 \|** Statements of Operations

FOR THE SIX MONTHS ENDED **MARCH 31, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL/MID CAP <br> GROWTH <br> FUND** | **INTERNATIONAL<br> FUND** | **LARGE/MID CAP <br> GROWTH <br> FUND** |
|  **Investment Income:** |  |  |  |
|  Interest income | $91257 | $144964 | $211119 |
|  Dividend Income | 318450 | 1794542 | 905380 |
|  Dividend income from affiliated investments |  |  | 113866 |
|  Foreign tax withheld |  | (312295) | (12396) |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **409707** | **1627211** | **1217969** |
|  **Operating Expenses:** |  |  |  |
|  Investment advisory fees | 431848 | 1055638 | 1159421 |
|  12b-1 Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 72749 | 87644 | 199245 |
| &nbsp;&nbsp;&nbsp; Class C | 17731 | 7635 | 57069 |
|  Administration fees | 129717 | 212716 | 325990 |
|  Non 12b-1 shareholder service fees | 41230 | 85750 | 102585 |
|  Registration fees | 27230 | 29330 | 19670 |
|  Trustees' fees | 18515 | 6720 | 9737 |
|  Printing expenses | 10773 | 21735 | 26026 |
|  Audit fees | 7539 | 7665 | 7868 |
|  Legal fees | 5726 | 9464 | 11109 |
|  Compliance officer fees | 5278 | 10570 | 15015 |
|  Custody fees | 2331 | 3318 | 7924 |
|  Insurance expenses | 1099 | 1820 | 910 |
|  Miscellaneous expenses | 3633 | 287 | 1260 |
| &nbsp;&nbsp;&nbsp; **Total Operating Expenses** | **775399** | **1540292** | **1943829** |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor for Affiliated Holdings |  |  | (104223) |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor | (50805) | (121992) | (80688) |
| &nbsp;&nbsp;&nbsp; **Net Operating Expenses** | **724594** | **1418300** | **1758918** |
|  **Net Investment Income (Loss)** | **(314887)** | **208911** | **(540949)** |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
|  Net realized gain (loss) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | 5225936 | 5259911 | 16493668 |
| &nbsp;&nbsp;&nbsp; and foreign currency transactions |  | (817) | (23) |
|  Net change in unrealized appreciation (depreciation) on  |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | 8297406 | 155750 | (19329084) |
| &nbsp;&nbsp;&nbsp; affiliated investments |  |  | 81939 |
| &nbsp;&nbsp;&nbsp; and foreign currency translations |  | (248) | (22) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | **13523342** | **5414596** | **(2753522)** |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**13208455** | $**5623507** | $**(3294471)** |

---

**STATEMENTS OF OPERATIONS (UNAUDITED)** 

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

SEMI-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 | $62930 | $300542 | $2245234 |
|  Dividend Income | 1148487 | 1863308 |  |
|  Dividend income from affiliated investments | 128127 | 461561 |  |
|  Foreign tax withheld | (1136) | (2119) |  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **1338408** | **2623292** | **2245234** |
|  **Operating Expenses:** |  |  |  |
|  Investment advisory fees | 703438 | 1312356 | 329081 |
|  12b-1 Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 128196 | 241188 | 95159 |
| &nbsp;&nbsp;&nbsp; Class C | 22207 | 61583 | 21047 |
|  Administration fees | 216328 | 366324 | 154987 |
|  Non 12b-1 shareholder service fees | 55160 | 122416 | 51968 |
|  Registration fees | 6930 | 19670 | 15470 |
|  Trustees' fees | 5859 | 14203 | 3584 |
|  Printing expenses | 23989 | 25319 | 13174 |
|  Audit fees | 7826 | 8757 | 7868 |
|  Legal fees | 7896 | 15078 | 6587 |
|  Compliance officer fees | 9065 | 23275 | 6713 |
|  Custody fees | 4956 | 10318 | 4333 |
|  Insurance expenses | 1456 | 1820 | 1092 |
|  Miscellaneous expenses | 1197 | 182 | 182 |
| &nbsp;&nbsp;&nbsp; **Total Operating Expenses** | **1194503** | **2222489** | **711245** |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor for Affiliated Holdings | (98038) | (229982) |  |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor | (35612) | (147121) | (109694) |
| &nbsp;&nbsp;&nbsp; **Net Operating Expenses** | **1060853** | **1845386** | **601551** |
|  **Net Investment Income (Loss)** | **277555** | **777906** | **1643683** |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
|  Net realized gain (loss) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | (1451860) | 11466862 | 119635 |
| &nbsp;&nbsp;&nbsp; and foreign currency transactions | (55) |  |  |
|  Net change in unrealized appreciation (depreciation) on  |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | 2265633 | (10074506) | (676002) |
| &nbsp;&nbsp;&nbsp; and affiliated investments | 507674 | 1826293 |  |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | **1321392** | **3218649** | **(556367)** |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**1598947** | $**3996555** | $**1087316** |

---

**STATEMENTS OF OPERATIONS (UNAUDITED)** 

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

SEMI-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 | $8319894 | $88071 | $302496 |
|  Dividend Income |  | 1833043 | 736101 |
|  Foreign tax withheld |  | (418855) | (14920) |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **8319894** | **1502259** | **1023677** |
|  **Operating Expenses:** |  |  |  |
|  Investment advisory fees | 729632 | 884004 | 286372 |
|  12b-1 fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 105666 | 119922 | 63225 |
| &nbsp;&nbsp;&nbsp; Class C | 15655 | 45211 | 17457 |
|  Administration fees  | 296412 | 182000 | 120148 |
|  Non 12b-1 shareholder service fees | 134384 | 43134 | 26380 |
|  Printing expenses | 32486 | 35672 | 10320 |
|  Registration fees | 25150 | 10010 | 10920 |
|  Compliance officer fees | 16198 | 2548 | 4212 |
|  Legal fees | 11422 | 14924 | 6410 |
|  Trustees' fees | 8756 | 182 | 2114 |
|  Audit fees | 8100 | 7280 | 7098 |
|  Custody fees  | 7196 | 12922 | 26528 |
|  Insurance expenses | 1736 | 728 | 908 |
|  Miscellaneous expenses  | 2553 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; **Total Operating Expenses** | **1395346** | **1358719** | **582273** |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor | (140812) |  | (23864) |
| &nbsp;&nbsp;&nbsp; **Net Operating Expenses** | **1254534** | **1358719** | **558409** |
|  **Net Investment Income (Loss)**  | **7065360** | **143540** | **465268** |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
|  Net realized gain (loss) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | (383859) | 7047798 | 1958468 |
| &nbsp;&nbsp;&nbsp; and foreign currency transactions |  | 155 | 1465 |
|  Net change in unrealized appreciation (depreciation) on  |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | (4999434) | 23452132 | 5230905 |
| &nbsp;&nbsp;&nbsp; alternative investments |  |  | 5007128 |
| &nbsp;&nbsp;&nbsp; and foreign currency translations |  | (409) | (2186) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | **(5383293)** | **30499676** | **12195780** |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**1682067** | $**30643216** | $**12661048** |

---

**STATEMENTS OF OPERATIONS (UNAUDITED)** 

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

SEMI-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 | $10001 | $9793 | $197913 |
|  Dividend income from affiliated investments | 398590 | 450735 | 100737 |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **408591** | **460528** | **298650** |
|  **Operating Expenses:** |  |  |  |
|  Investment advisory fees | 25795 | 26434 | 81473 |
|  12b-1 fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 40736 | 41298 | 17964 |
| &nbsp;&nbsp;&nbsp; Class C | 6603 | 8102 | 5431 |
|  Administration fees  | 58710 | 55844 | 55220 |
|  Non 12b-1 shareholder service fees | 3824 | 14980 | 5818 |
|  Printing expenses | 3790 | 826 | 542 |
|  Registration fees | 8874 | 5610 | 9560 |
|  Compliance officer fees | 2088 | 13592 | 1006 |
|  Legal fees | 2264 | 1830 | 452 |
|  Trustees' fees | 734 | 542 | 182 |
|  Audit fees | 7112 | 7292 | 6120 |
|  Custody fees  | 3844 | 2106 | 3476 |
|  Insurance expenses | 458 | 274 | 182 |
|  Miscellaneous expenses  | 992 | 182 | 6588 |
| &nbsp;&nbsp;&nbsp; **Total Operating Expenses** | **165824** | **178912** | **194014** |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor for Affiliated Holdings |  |  | (43085) |
| &nbsp;&nbsp;&nbsp; Less: Expenses waived by Advisor |  |  | (6774) |
| &nbsp;&nbsp;&nbsp; **Net Operating Expenses** | **165824** | **178912** | **144155** |
|  **Net Investment Income (Loss)**  | **242767** | **281616** | **154495** |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
|  Net realized gain (loss) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments |  |  | 18539 |
| &nbsp;&nbsp;&nbsp; affiliated investments | 552324 | 520792 |  |
| &nbsp;&nbsp;&nbsp; and capital gain distributions from affiliated funds | 25754 | 20296 |  |
|  Net change in unrealized appreciation (depreciation) on |  |  |  |
| &nbsp;&nbsp;&nbsp; investments |  |  | (80385) |
| &nbsp;&nbsp;&nbsp; and affiliated investments | 58321 | (162810) | 516298 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | **636399** | **378278** | **454452** |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**879166** | $**659894** | $**608947** |

---

**STATEMENTS OF OPERATIONS (UNAUDITED)** 

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

SEMI-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** |
|  | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(314887) | $(366644) | $208911 | $1986130 |
|  Net realized gain (loss) from investments and foreign currency transactions | 5225936 | 4456356 | 5259094 | 4300592 |
|  Capital gain dividends from REITs |  | 27395 |  |  |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 8297406 | 5000772 | 155502 | 24451334 |
|  **Net increase (decrease) in net assets resulting from operations** | **13208455** | **9117879** | **5623507** | **30738056** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (1835604) | (3778936) | (1254547) | (563748) |
| &nbsp;&nbsp;&nbsp; Class C | (158496) | (334330) | (17228) | (3228) |
| &nbsp;&nbsp;&nbsp; Class I | (1297286) | (2239469) | (2799601) | (1494391) |
|  **Total dividends and distributions to shareholders** | **(3291386)** | **(6352735)** | **(4071376)** | **(2061367)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 5595739 | 8346869 | 6508943 | 5481721 |
| &nbsp;&nbsp;&nbsp; Class C | 541659 | 709271 | 163659 | 202957 |
| &nbsp;&nbsp;&nbsp; Class I | 25562273 | 23460439 | 21556131 | 44943812 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 1781878 | 3639754 | 1175635 | 522373 |
| &nbsp;&nbsp;&nbsp; Class C | 157577 | 333484 | 17090 | 3161 |
| &nbsp;&nbsp;&nbsp; Class I | 1203841 | 2068072 | 2471855 | 1211236 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (3174036) | (7304019) | (4195164) | (7100009) |
| &nbsp;&nbsp;&nbsp; Class C | (270365) | (845090) | (458347) | (460303) |
| &nbsp;&nbsp;&nbsp; Class I | (11997436) | (17622915) | (38267655) | (47338522) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **19401130** | **12785865** | **(11027853)** | **(2533574)** |
|  **Total Increase (Decrease) in Net Assets** | **29318199** | **15551009** | **(9475722)** | **26143115** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 87577183 | 72026174 | 208788095 | 182644980 |
| &nbsp;&nbsp;&nbsp; **End of period** | $**116895382** | $**87577183** | $**199312373** | $**208788095** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 380523 | 671584 | 402762 | 400255 |
| &nbsp;&nbsp;&nbsp; Class C | 52377 | 80668 | 10557 | 15350 |
| &nbsp;&nbsp;&nbsp; Class I | 1655672 | 1793419 | 1324184 | 3269486 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 124433 | 278695 | 74267 | 39786 |
| &nbsp;&nbsp;&nbsp; Class C | 15885 | 36091 | 1121 | 250 |
| &nbsp;&nbsp;&nbsp; Class I | 80686 | 152513 | 155757 | 92039 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (212860) | (590474) | (259096) | (518551) |
| &nbsp;&nbsp;&nbsp; Class C | (26164) | (99013) | (29408) | (35250) |
| &nbsp;&nbsp;&nbsp; Class I | (800961) | (1408161) | (2339509) | (3451840) |
|  Net increase (decrease) in shares of beneficial interest outstanding | 1269591 | 915322 | (659365) | (188475) |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

SEMI-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** |
|  | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(540949) | $(900511) | $277555 | $457182 |
|  Net realized gain (loss) from investments, affiliated investments and foreign currency transactions | 16493645 | 19186751 | (1451915) | 6974866 |
|  Capital gain dividends from REITs |  | 7719 |  | 291495 |
|  Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | (19247167) | 16499172 | 2773307 | (8686246) |
|  **Net increase (decrease) in net assets resulting from operations** | **(3294471)** | **34793131** | **1598947** | **(962703)** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (17661381) | (8946601) | (4938877) | (6234674) |
| &nbsp;&nbsp;&nbsp; Class C | (1880373) | (965010) | (360492) | (459154) |
| &nbsp;&nbsp;&nbsp; Class I | (11839943) | (5072944) | (2877689) | (4645545) |
|  **Total dividends and distributions to shareholders** | **(31381697)** | **(14984555)** | **(8177058)** | **(11339373)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 12179016 | 23633826 | 2802418 | 7162854 |
| &nbsp;&nbsp;&nbsp; Class C | 838186 | 2091101 | 218114 | 781860 |
| &nbsp;&nbsp;&nbsp; Class I | 25837511 | 54779334 | 8793091 | 20359128 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 17249123 | 8705071 | 4838957 | 6084230 |
| &nbsp;&nbsp;&nbsp; Class C | 1855805 | 951239 | 354690 | 451778 |
| &nbsp;&nbsp;&nbsp; Class I | 11181560 | 4758080 | 2673157 | 4393704 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (12561990) | (17247974) | (7608156) | (12940698) |
| &nbsp;&nbsp;&nbsp; Class C | (1477798) | (2192313) | (610316) | (1361589) |
| &nbsp;&nbsp;&nbsp; Class I | (38493183) | (28475611) | (14162076) | (34708254) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **16608230** | **47002753** | **(2700121)** | **(9776987)** |
|  **Total Increase (Decrease) in Net Assets** | **(18067938)** | **66811329** | **(9278232)** | **(22079063)** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 283418267 | 216606938 | 173795101 | 195874164 |
| &nbsp;&nbsp;&nbsp; **End of period** | $**265350329** | $**283418267** | $**164516869** | $**173795101** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 906506 | 1801976 | 147099 | 384196 |
| &nbsp;&nbsp;&nbsp; Class C | 95681 | 231907 | 20675 | 72992 |
| &nbsp;&nbsp;&nbsp; Class I | 1806726 | 3950322 | 451157 | 1056691 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 1301824 | 656990 | 257391 | 299421 |
| &nbsp;&nbsp;&nbsp; Class C | 218587 | 104877 | 34604 | 39149 |
| &nbsp;&nbsp;&nbsp; Class I | 806169 | 345540 | 139300 | 212051 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (932835) | (1316023) | (400598) | (683943) |
| &nbsp;&nbsp;&nbsp; Class C | (170812) | (246571) | (58374) | (126350) |
| &nbsp;&nbsp;&nbsp; Class I | (2730413) | (2117567) | (734640) | (1812032) |
|  Net increase (decrease) in shares of beneficial interest outstanding | 1301433 | 3411451 | (143386) | (557825) |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 59

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large/Mid Cap Value Fund** | **Large/Mid Cap Value Fund** | **Fixed Income Fund** | **Fixed Income Fund** |
|  | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $777906 | $1406567 | $1643683 | $3377057 |
|  Net realized gain (loss) from investments, affiliated investments and foreign currency transactions | 11466862 | 27844158 | 119635 | 210018 |
|  Capital gain dividends from REITs |  | 207278 |  |  |
|  Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | (8248213) | (24659958) | (676002) | (1381697) |
|  **Net increase (decrease) in net assets resulting from operations** | **3996555** | **4798045** | **1087316** | **2205378** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (15864783) | (17426783) | (1222096) | (2285589) |
| &nbsp;&nbsp;&nbsp; Class C | (1417520) | (1563250) | (52357) | (123450) |
| &nbsp;&nbsp;&nbsp; Class I | (9113907) | (12725668) | (494827) | (1100930) |
|  **Total dividends and distributions to shareholders** | **(26396210)** | **(31715701)** | **(1769280)** | **(3509969)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 8916154 | 18500346 | 6661733 | 8785914 |
| &nbsp;&nbsp;&nbsp; Class C | 737323 | 2371250 | 407786 | 677938 |
| &nbsp;&nbsp;&nbsp; Class I | 12596601 | 45098269 | 4924447 | 11476813 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 15372941 | 16834598 | 1144197 | 2117444 |
| &nbsp;&nbsp;&nbsp; Class C | 1399346 | 1542771 | 45206 | 103909 |
| &nbsp;&nbsp;&nbsp; Class I | 8630042 | 12123558 | 412382 | 905262 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (14955287) | (25915332) | (5206280) | (10995457) |
| &nbsp;&nbsp;&nbsp; Class C | (1834560) | (3274872) | (1022174) | (1954544) |
| &nbsp;&nbsp;&nbsp; Class I | (25034952) | (64557910) | (11487601) | (13378781) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **5827608** | **2722678** | **(4120304)** | **(2261502)** |
|  **Total Increase (Decrease) in Net Assets** | **(16572047)** | **(24194978)** | **(4802268)** | **(3566093)** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 330662896 | 354857874 | 111458557 | 115024650 |
| &nbsp;&nbsp;&nbsp; **End of period** | $**314090849** | $**330662896** | $**106656289** | $**111458557** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 385967 | 779601 | 718486 | 972484 |
| &nbsp;&nbsp;&nbsp; Class C | 48179 | 147657 | 46098 | 78270 |
| &nbsp;&nbsp;&nbsp; Class I | 538745 | 1867345 | 536238 | 1277687 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 690298 | 717587 | 124820 | 232252 |
| &nbsp;&nbsp;&nbsp; Class C | 96043 | 96303 | 5158 | 11922 |
| &nbsp;&nbsp;&nbsp; Class I | 381523 | 509607 | 45411 | 100286 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (647726) | (1100831) | (562432) | (1209422) |
| &nbsp;&nbsp;&nbsp; Class C | (118782) | (202165) | (115379) | (225417) |
| &nbsp;&nbsp;&nbsp; Class I | (1049703) | (2739905) | (1253720) | (1490884) |
|  Net increase (decrease) in shares of beneficial interest outstanding | 324544 | 75199 | (455320) | (252822) |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 60

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Bond Fund** | **High Yield Bond Fund** | **Israel Common Values Fund** | **Israel Common Values Fund** |
|  | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $7065360 | $11881866 | $143540 | $523970 |
|  Net realized gain (loss) from investments and foreign currency transactions | (383859) | 506598 | 7047953 | 3454864 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (4999434) | (225407) | 23451723 | 57542696 |
|  **Net increase (decrease) in net assets resulting from operations** | **1682067** | **12163057** | **30643216** | **61521530** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (2710946) | (3734976) | (1750133) | (566636) |
| &nbsp;&nbsp;&nbsp; Class C | (82054) | (131779) | (128961) | (17043) |
| &nbsp;&nbsp;&nbsp; Class I | (4270753) | (8050590) | (1379982) | (572074) |
|  **Total dividends and distributions to shareholders** | **(7063753)** | **(11917345)** | **(3259076)** | **(1155753)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 24938281 | 22818278 | 8356870 | 9466129 |
| &nbsp;&nbsp;&nbsp; Class C | 287950 | 912035 | 1593934 | 1183850 |
| &nbsp;&nbsp;&nbsp; Class I | 31403288 | 161132777 | 30324678 | 14459008 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 2489381 | 3362257 | 1560775 | 497016 |
| &nbsp;&nbsp;&nbsp; Class C | 81450 | 127899 | 121089 | 15887 |
| &nbsp;&nbsp;&nbsp; Class I | 3510733 | 6761439 | 1120491 | 485633 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (7198731) | (13980101) | (6249096) | (9133371) |
| &nbsp;&nbsp;&nbsp; Class C | (297493) | (399217) | (1064039) | (2099256) |
| &nbsp;&nbsp;&nbsp; Class I | (66944149) | (131521976) | (32303989) | (16779786) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(11729290)** | **49213391** | **3460713** | **(1904890)** |
|  **Total Increase (Decrease) in Net Assets** | **(17110976)** | **49459103** | **30844853** | **58460887** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 232292135 | 182833032 | 158438766 | 99977879 |
| &nbsp;&nbsp;&nbsp; **End of period** | $**215181159** | $**232292135** | $**189283619** | $**158438766** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 2735123 | 2530945 | 207510 | 329173 |
| &nbsp;&nbsp;&nbsp; Class C | 31018 | 99301 | 41800 | 43255 |
| &nbsp;&nbsp;&nbsp; Class I | 3445165 | 17946304 | 708438 | 510825 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 279571 | 373909 | 41214 | 19707 |
| &nbsp;&nbsp;&nbsp; Class C | 8945 | 13945 | 3462 | 680 |
| &nbsp;&nbsp;&nbsp; Class I | 392412 | 751690 | 29111 | 18963 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (791819) | (1554069) | (153573) | (327563) |
| &nbsp;&nbsp;&nbsp; Class C | (31992) | (43535) | (28385) | (85348) |
| &nbsp;&nbsp;&nbsp; Class I | (7368512) | (14764056) | (784991) | (613078) |
|  Net increase (decrease) in shares of beneficial interest outstanding | (1300089) | 5354434 | 64586 | (103386) |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 61

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Strategies Fund** | **Defensive Strategies Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $465268 | $1121850 | $242767 | $419284 |
|  Net realized gain (loss) from investments, affiliated investments and foreign currency transactions | 1959933 | (708142) | 552324 | (197912) |
|  Capital gain dividends from affiliated funds |  |  | 25754 |  |
|  Capital gain dividends from REITs |  | 76377 |  |  |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 10235847 | 10055250 | 58321 | 2634832 |
|  **Net increase (decrease) in net assets resulting from operations** | **12661048** | **10545335** | **879166** | **2856204** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (392785) | (1105695) | (372152) | (988639) |
| &nbsp;&nbsp;&nbsp; Class C | (4867) | (64638) | (14666) | (61964) |
| &nbsp;&nbsp;&nbsp; Class I | (401016) | (847209) | (456) | (603) |
|  **Total dividends and distributions to shareholders** | **(798668)** | **(2017542)** | **(387274)** | **(1051206)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 5691352 | 4533644 | 801656 | 2759494 |
| &nbsp;&nbsp;&nbsp; Class C | 137599 | 441094 | 209774 | 251182 |
| &nbsp;&nbsp;&nbsp; Class I | 8174834 | 12993688 | 20423 | 10151 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 347093 | 946471 | 360278 | 958098 |
| &nbsp;&nbsp;&nbsp; Class C | 4793 | 61515 | 14417 | 61199 |
| &nbsp;&nbsp;&nbsp; Class I | 370707 | 752577 | 456 | 603 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (3331855) | (7665836) | (2354125) | (4391491) |
| &nbsp;&nbsp;&nbsp; Class C | (310529) | (750619) | (126702) | (633598) |
| &nbsp;&nbsp;&nbsp; Class I | (3920328) | (12638170) | (24) |  |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **7163666** | **(1325636)** | **(1073847)** | **(984362)** |
|  **Total Increase (Decrease) in Net Assets** | **19026046** | **7202157** | **(581955)** | **820636** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 86532760 | 79330603 | 34578299 | 33757663 |
| &nbsp;&nbsp;&nbsp; **End of period** | $**105558806** | $**86532760** | $**33996344** | $**34578299** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 326188 | 304890 | 73770 | 279172 |
| &nbsp;&nbsp;&nbsp; Class C | 8188 | 31682 | 22561 | 29960 |
| &nbsp;&nbsp;&nbsp; Class I | 450203 | 874524 | 1916 | 1049 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 20514 | 66747 | 33797 | 97964 |
| &nbsp;&nbsp;&nbsp; Class C | 300 | 4607 | 1595 | 7364 |
| &nbsp;&nbsp;&nbsp; Class I | 21896 | 53073 | 42 | 62 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (189355) | (520257) | (217508) | (441177) |
| &nbsp;&nbsp;&nbsp; Class C | (18770) | (54066) | (13775) | (75584) |
| &nbsp;&nbsp;&nbsp; Class I | (224130) | (866641) |  |  |
|  Net increase (decrease) in shares of beneficial interest outstanding | 395034 | (105441) | (97602) | (101190) |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 62

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative Growth Fund** | **Conservative Growth Fund** | **Growth & Income Fund** | **Growth & Income Fund** |
|  | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** | **Six Months <br> Ended<br> March 31, 2026<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2025** |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $281616 | $561701 | $154495 | $314306 |
|  Net realized gain (loss) from investments, affiliated investments and foreign currency transactions | 520792 | (23834) | 18539 | (752968) |
|  Capital gain dividends from affiliated funds | 20296 |  |  |  |
|  Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | (162810) | 1710775 | 435913 | 1016883 |
|  **Net increase (decrease) in net assets resulting from operations** | **659894** | **2248642** | **608947** | **578221** |
|  **Distributions to Shareholders:** |  |  |  |  |
|  Total distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (372796) | (1125403) | (123060) | (245841) |
| &nbsp;&nbsp;&nbsp; Class C | (16512) | (90230) | (4798) | (12312) |
| &nbsp;&nbsp;&nbsp; Class I | (2918) | (4596) | (35450) | (67167) |
|  **Total dividends and distributions to shareholders** | **(392226)** | **(1220229)** | **(163308)** | **(325320)** |
|  **Share Transactions of Beneficial Interest:** |  |  |  |  |
|  Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 780064 | 1896934 | 1976839 | 1330179 |
| &nbsp;&nbsp;&nbsp; Class C | 133130 | 248901 | 90098 | 218470 |
| &nbsp;&nbsp;&nbsp; Class I | 57363 | 58527 | 498581 | 1038722 |
|  Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 357220 | 1085370 | 117738 | 233689 |
| &nbsp;&nbsp;&nbsp; Class C | 15967 | 88064 | 4798 | 12308 |
| &nbsp;&nbsp;&nbsp; Class I | 2918 | 4596 | 33663 | 63660 |
|  Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (2205719) | (6021319) | (2301277) | (1749170) |
| &nbsp;&nbsp;&nbsp; Class C | (417548) | (979185) | (271444) | (269372) |
| &nbsp;&nbsp;&nbsp; Class I | (211071) | (50) | (545748) | (1239131) |
|  **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(1487676)** | **(3618162)** | **(396752)** | **(360645)** |
|  **Total Increase (Decrease) in Net Assets** | **(1220008)** | **(2589749)** | **48887** | **(107744)** |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 35928968 | 38518717 | 18960617 | 19068361 |
| &nbsp;&nbsp;&nbsp; **End of period** | $**34708960** | $**35928968** | $**19009504** | $**18960617** |
|  **Share Activity:** |  |  |  |  |
|  Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 69183 | 180041 | 177841 | 123172 |
| &nbsp;&nbsp;&nbsp; Class C | 13835 | 26932 | 8407 | 21089 |
| &nbsp;&nbsp;&nbsp; Class I | 5093 | 6031 | 44064 | 95560 |
|  Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 32299 | 105171 | 10483 | 21473 |
| &nbsp;&nbsp;&nbsp; Class C | 1674 | 9873 | 446 | 1182 |
| &nbsp;&nbsp;&nbsp; Class I | 265 | 447 | 2972 | 5799 |
|  Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (196748) | (576659) | (206308) | (161724) |
| &nbsp;&nbsp;&nbsp; Class C | (43244) | (107944) | (24853) | (25901) |
| &nbsp;&nbsp;&nbsp; Class I | (18779) | (5) | (48118) | (112813) |
|  Net increase (decrease) in shares of beneficial interest outstanding | (136422) | (356113) | (35066) | (32163) |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

SEMI-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 PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $13.81 | $13.30 | $9.62 | $8.42 | $12.53 | $9.92 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment loss (A) | (0.05) | (0.07) | (0.06) | (0.03) | (0.09) | (0.14) |
|  Net realized and unrealized gain (loss) on investments  | 2.01 | 1.66 | 4.07 | 1.50 | (2.95) | 3.39 |
|  Total from investment operations  | 1.96 | 1.59 | 4.01 | 1.47 | (3.04) | 3.25 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  |  | (0.02) |  |  |  |  |
|  From net realized gains on investments  | (0.47) | (1.06) | (0.33) | (0.27) | (1.07) | (0.64) |
|  Total distributions  | (0.47) | (1.08) | (0.33) | (0.27) | (1.07) | (0.64) |
|  Net asset value, end of period | $15.30 | $13.81 | $13.30 | $9.62 | $8.42 | $12.53 |
|  Total return (B)(C) | 14.46 %(F) | 12.46% | 42.75% | 17.59% | (26.66)% | 33.89% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $62588 | $52453 | $45754 | $32076 | $27983 | $37917 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.59 %(G) | 1.70% | 1.58% | 1.58% | 1.62% | 1.60% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.49 %(G) | 1.60% | 1.48% | 1.48 %(E) | 1.52% | 1.50% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement | (0.79)%(G) | (0.63)% | (0.61)% | (0.38)% | (1.00)% | (1.30)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (D) | (0.69)%(G) | (0.53)% | (0.51)% | (0.28)%(E) | (0.90)% | (1.20)% |
|  Portfolio turnover rate  | 19 %(F) | 74% | 95% | 67% | 46% | 19% |

---

&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%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 64

**Small/Mid Cap Growth Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $9.72 | $9.70 | $7.14 | $6.36 | $9.79 | $7.93 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment loss (A) | (0.07) | (0.11) | (0.11) | (0.07) | (0.13) | (0.18) |
|  Net realized and unrealized gain (loss) on investments  | 1.40 | 1.19 | 3.00 | 1.12 | (2.23) | 2.68 |
|  Total from investment operations  | 1.33 | 1.08 | 2.89 | 1.05 | (2.36) | 2.50 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net realized gains on investments  | (0.47) | (1.06) | (0.33) | (0.27) | (1.07) | (0.64) |
|  Total distributions  | (0.47) | (1.06) | (0.33) | (0.27) | (1.07) | (0.64) |
|  Net asset value, end of period | $10.58 | $9.72 | $9.70 | $7.14 | $6.36 | $9.79 |
|  Total return (B)(C)  | 14.06 %(F) | 11.66% | 41.88% | 16.66% | (27.23)% | 32.87% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $3908 | $3182 | $3004 | $2466 | $2150 | $2877 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 2.34 %(G) | 2.45% | 2.33% | 2.33% | 2.37% | 2.35% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 2.24 %(G) | 2.35% | 2.23% | 2.23 %(E) | 2.27% | 2.25% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement | (1.54)%(G) | (1.38)% | (1.36)% | (1.13)% | (1.75)% | (2.05)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (D) | (1.44)%(G) | (1.28)% | (1.26)% | (1.03)%(E) | (1.65)% | (1.95)% |
|  Portfolio turnover rate  | 19 %(F) | 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 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 65

**Small/Mid Cap Growth Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $14.36 | $13.79 | $9.93 | $8.67 | $12.84 | $10.13 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment loss (A)  | (0.03) | (0.04) | (0.03) | (0.00) | (0.09) | (0.12) |
|  Net realized and unrealized gain (loss) on investments  | 2.09 | 1.73 | 4.22 | 1.53 | (3.01) | 3.47 |
|  Total from investment operations  | 2.06 | 1.69 | 4.19 | 1.53 | (3.10) | 3.35 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  |  | (0.06) |  |  |  |  |
|  From net realized gains on investments  | (0.47) | (1.06) | (0.33) | (0.27 | (1.07) | (0.64) |
|  Total distributions  | (0.47) | (1.12) | (0.33) | (0.27 | (1.07) | (0.64) |
|  Net asset value, end of period | $15.95 | $14.36 | $13.79 | $9.93 | $8.67 | $12.84 |
|  Total return (B)  | 14.61 %(E) | 12.70% | 43.24% | 17.78 | (26.48)% | 34.19% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $50400 | $31943 | $23269 | $7833 | $4586 | $12104 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.34 %(F) | 1.45% | 1.33% | 1.33 | 1.44% | 1.35% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C) | 1.24 %(F) | 1.35% | 1.23% | 1.23 | 1.34% | 1.25% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement  | (0.54)%(F) | (0.38)% | (0.34)% | (0.13) | (0.85)% | (1.05)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (C) | (0.44)%(F) | (0.28)% | (0.24)% | (0.03) | (0.75)% | (0.95)% |
|  Portfolio turnover rate  | 19 %(E) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(E) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(F) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 66

**International Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $15.83 | $13.65 | $10.88 | $9.16 | $12.84 | $9.92 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.01 | 0.12 | 0.07 | 0.09 | 0.10 | 0.02 |
|  Net realized and unrealized gain (loss) on investments  | 0.37 | 2.19 | 2.82 | 1.68 | (3.72) | 2.90 |
|  Total from investment operations  | 0.38 | 2.31 | 2.89 | 1.77 | (3.62) | 2.92 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.15) | (0.13) | (0.12) | (0.05) | (0.06) |  |
|  From net realized gains on investments  | (0.14) |  |  |  |  |  |
|  Total distributions  | (0.29) | (0.13) | (0.12) | (0.05) | (0.06) |  |
|  Net asset value, end of period | $15.92 | $15.83 | $13.65 | $10.88 | $9.16 | $12.84 |
|  Total return (B)(C)  | 2.44 %(I) | 17.12% | 26.74% | 19.31% | (28.33)% | 29.44% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $70712 | $66864 | $58745 | $57824 | $45524 | $61220 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement  | 1.62 %(J) | 1.67% | 1.67% | 1.64% | 1.72% | 1.63% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.50 %(H)(J) | 1.57 %(G) | 1.59 %(E) | 1.59 %(F) | 1.67% | 1.58% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement | (0.08)%(J) | 0.79% | 0.49% | 0.76% | 0.79% | 0.13% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 0.04 %(H)(J) | 0.89 %(G) | 0.57 %(E) | 0.81 %(F) | 0.84% | 0.18% |
|  Portfolio turnover rate  | 9%(I) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For the six months ended
 March 31, 2026, the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(I) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(J) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 67

**International Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $15.15 | $13.06 | $10.40 | $8.78 | $12.35 | $9.62 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss) (A) | (0.06) | 0.02 | (0.02) | 0.01 | 0.00 \* | (0.07) |
|  Net realized and unrealized gain (loss) on investments  | 0.36 | 2.10 | 2.70 | 1.61 | (3.57) | 2.80 |
|  Total from investment operations  | 0.30 | 2.12 | 2.68 | 1.62 | (3.57) | 2.73 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.03) | (0.03) | (0.02) |  |  |  |
|  From net realized gains on investments  | (0.14) |  |  |  |  |  |
|  Total distributions  | (0.17) | (0.03) | (0.02) |  |  |  |
|  Net asset value, end of period | $15.28 | $15.15 | $13.06 | $10.40 | $8.78 | $12.35 |
|  Total return (B)(C)  | 2.01 %(I) | 16.24% | 25.81% | 18.45% | (28.91)% | 28.38% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $1415 | $1671 | $1697 | $1841 | $1492 | $2337 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 2.37 %(J) | 2.42% | 2.42% | 2.39% | 2.47% | 2.38% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 2.25 %(H)(J) | 2.32 %(G) | 2.34 %(E) | 2.34 %(F) | 2.42% | 2.33% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement  | (0.83)%(J) | 0.04% | (0.25)% | 0.02% | 0.00 %# | (0.65)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D) | (0.71)%(H)(J) | 0.14 %(G) | (0.17)%(E) | 0.07 %(F) | 0.05% | (0.60)% |
|  Portfolio turnover rate  | 9%(I) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For the six months ended
 March 31, 2026, the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(I) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(J) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 68

**International Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $15.89 | $13.71 | $10.92 | $9.19 | $12.89 | $9.94 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A)  | 0.02 | 0.16 | 0.10 | 0.12 | 0.13 | 0.06 |
|  Net realized and unrealized gain (loss) on investments  | 0.39 | 2.18 | 2.84 | 1.69 | (3.74) | 2.89 |
|  Total from investment operations  | 0.41 | 2.34 | 2.94 | 1.81 | (3.61) | 2.95 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.19) | (0.16) | (0.15) | (0.08) | (0.09) |  |
|  From net realized gains on investments  | (0.14) |  |  |  |  |  |
|  Total distributions  | (0.33) | (0.16) | (0.15) | (0.08) | (0.09) |  |
|  Net asset value, end of period | $15.97 | $15.89 | $13.71 | $10.92 | $9.19 | $12.89 |
|  Total return (B)  | 2.60 %(H) | 17.34% | 27.13% | 19.66% | (28.20)% | 29.68% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $127185 | $140253 | $122203 | $102795 | $69570 | $72957 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement  | 1.37 %(I) | 1.42% | 1.42% | 1.39% | 1.47% | 1.38% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C) | 1.25 %(G)(I) | 1.32 %(F) | 1.34 %(D) | 1.34 %(E) | 1.42% | 1.33% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement  | 0.17 %(I) | 1.04% | 0.73% | 1.03% | 1.13% | 0.45% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C) | 0.29 %(G)(I) | 1.14 %(F) | 0.81 %(D) | 1.08 %(E) | 1.18% | 0.50% |
|  Portfolio turnover rate  | 9%(H) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the six months ended
 March 31, 2026, the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(I) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 69

**Large/Mid Cap Growth Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $14.42 | $13.38 | $10.43 | $9.65 | $12.61 | $9.77 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss) (A) | (0.03) | (0.06) | (0.01) | 0.01 | (0.04) | (0.07) |
|  Net realized and unrealized gain (loss) on investments  | (0.09) | 1.99 | 3.62 | 1.76 | (2.12) | 3.10 |
|  Total from investment operations  | (0.12) | 1.93 | 3.61 | 1.77 | (2.16) | 3.03 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  |  | (0.00) |  |  |  |  |
|  From net realized gains on investments  | (1.60) | (0.89 | (0.66) | (0.99) | (0.80) | (0.19) |
|  Total distributions  | (1.60) | (0.89 | (0.66) | (0.99) | (0.80) | (0.19) |
|  Net asset value, end of period | $12.70 | $14.42 | $13.38 | $10.43 | $9.65 | $12.61 |
|  Total return (B)(C)  | (1.30)%(I) | 15.01 | 36.13% | 18.83% | (18.74)% | 31.32% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $156315 | $159125 | $132332 | $94109 | $82627 | $96378 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 1.48 %(J) | 1.51 | 1.41% | 1.48% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E)  | 1.35 %(H)(J) | 1.38 | 1.27% | 1.29 %(G) | 1.30% | 1.39% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement (E) | (0.59)%(J) | (0.55) | (0.21)% | (0.11)% | (0.55)% | (0.71)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D)(E)(F) | (0.46)%(H)(J) | (0.42) | (0.08)% | 0.07 %(G) | (0.35)% | (0.60)% |
|  Portfolio turnover rate  | 26 %(I) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For the six months ended
 March 31, 2026, the voluntary waiver was 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(I) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(J) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 70

**Large/Mid Cap Growth Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $9.81 | $9.43 | $7.58 | $7.31 | $9.79 | $7.68 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment loss (A) | (0.05) | (0.11) | (0.07) | (0.05) | (0.10) | (0.12) |
|  Net realized and unrealized gain (loss) on investments  | (0.04) | 1.38 | 2.58 | 1.31 | (1.58) | 2.42 |
|  Total from investment operations  | (0.09) | 1.27 | 2.51 | 1.26 | (1.68) | 2.30 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net realized gains on investments  | (1.60) | (0.89) | (0.66) | (0.99) | (0.80) | (0.19) |
|  Total distributions  | (1.60) | (0.89) | (0.66) | (0.99) | (0.80) | (0.19) |
|  Net asset value, end of period | $8.12 | $9.81 | $9.43 | $7.58 | $7.31 | $9.79 |
|  Total return (B)(C)  | (1.65)%(I) | 14.24% | 35.14% | 17.79% | (19.27)% | 30.32% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $10774 | $11614 | $10312 | $9802 | $8577 | $10845 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 2.23 %(J) | 2.26% | 2.16% | 2.21% | 2.25% | 2.25% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E)  | 2.10 %(H)(J) | 2.13% | 2.02% | 2.04 %(G) | 2.05% | 2.14% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement (E) | (1.34)%(J) | (1.30)% | (0.96)% | (0.85)% | (1.30)% | (1.46)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (D)(E)(F) | (1.21)%(H)(J) | (1.17)% | (0.82)% | (0.68)%(G) | (1.10)% | (1.35)% |
|  Portfolio turnover rate  | 26 %(I) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For the six months ended
 March 31, 2026, the voluntary waiver was 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(I) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(J) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 71

**Large/Mid Cap Growth Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $15.02 | $13.89 | $10.79 | $9.94 | $12.93 | $9.99 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss) (A)  | (0.01) | (0.02) | 0.02 | 0.03 | (0.01) | (0.04) |
|  Net realized and unrealized gain (loss) on investments  | (0.11) | 2.07 | 3.75 | 1.81 | (2.18) | 3.17 |
|  Total from investment operations  | (0.12) | 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  | (1.60) | (0.89) | (0.66) | (0.99) | (0.80) | (0.19) |
|  Total distributions  | (1.60) | (0.92) | (0.67) | (0.99) | (0.80) | (0.19) |
|  Net asset value, end of period | $13.30 | $15.02 | $13.89 | $10.79 | $9.94 | $12.93 |
|  Total return (B) | (1.25)%(H) | 15.34% | 36.49% | 19.01% | (18.50)% | 31.64% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $98262 | $112679 | $73963 | $45126 | $21966 | $27220 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.23 %(I) | 1.26% | 1.16% | 1.21% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C)(D)  | 1.10 %(G)(I) | 1.13% | 1.02% | 1.04 %(F) | 1.05% | 1.14% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement (D) | (0.34)%(I) | (0.30)% | 0.03% | 0.13% | (0.30)% | (0.45)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (C)(D)(E)  | (0.21)%(G)(I) | (0.17)% | 0.17% | 0.31 %(F) | (0.10)% | (0.34)% |
|  Portfolio turnover rate  | 26 %(H) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(G) For the six months ended
 March 31, 2026, the voluntary waiver was 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(I) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 72

**Small Cap Value Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $19.47 | $20.63 | $17.32 | $15.98 | $21.35 | $14.16 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.03 | 0.03 | 0.10 | 0.16 | 0.09 | 0.12 |
|  Net realized and unrealized gain (loss) on investments  | 0.19 | (0.02) | 3.97 | 2.32 | (3.50) | 7.10 |
|  Total from investment operations  | 0.22 | 0.01 | 4.07 | 2.48 | (3.41) | 7.22 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.05) | (0.11) | (0.15) | (0.07) | (0.08) | (0.03) |
|  From net realized gains on investments  | (0.88) | (1.06) | (0.61) | (1.07) | (1.88) |  |
|  Total distributions  | (0.93) | (1.17) | (0.76) | (1.14) | (1.96) | (0.03) |
|  Net asset value, end of period | $18.76 | $19.47 | $20.63 | $17.32 | $15.98 | $21.35 |
|  Total return (B)(C)  | 1.15 %(H) | (0.17)% | 24.15% | 15.45% | (17.84)% | 51.03% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $101001 | $104772 | $111015 | $96865 | $88234 | $105800 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 1.50 %(I) | 1.57% | 1.46% | 1.47% | 1.50% | 1.46% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 1.34 %(I) | 1.43% | 1.33% | 1.32 %(G) | 1.34% | 1.34% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E) | 0.10 %(I) | 0.03% | 0.40% | 0.74% | 0.30% | 0.50% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E)(F) | 0.26 %(I) | 0.17% | 0.53% | 0.89 %(G) | 0.46% | 0.62% |
|  Portfolio turnover rate  | 29 %(H) | 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. <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%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(I) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 73

**Small Cap Value Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $11.00 | $12.15 | $10.48 | $10.06 | $14.16 | $9.45 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss) (A) | (0.03) | (0.05) | (0.02) | 0.01 | (0.04) | (0.02) |
|  Net realized and unrealized gain (loss) on investments  | 0.11 | (0.01) | 2.36 | 1.48 | (2.18) | 4.73 |
|  Total from investment operations  | 0.08 | (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  | (0.88) | (1.06) | (0.61) | (1.07 | (1.88) |  |
|  Total distributions  | (0.88) | (1.09) | (0.67) | (1.07 | (1.88) |  |
|  Net asset value, end of period | $10.20 | $11.00 | $12.15 | $10.48 | $10.06 | $14.16 |
|  Total return (B)(C)  | 0.72 %(H) | (0.93)% | 23.28% | 14.61 | (18.44)% | 49.84% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $4246 | $4612 | $5266 | $6502 | $5747 | $7293 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 2.25 %(I) | 2.32% | 2.21% | 2.22 | 2.25% | 2.21% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 2.09 %(I) | 2.18% | 2.08% | 2.07 | 2.09% | 2.09% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement (E) | (0.65)%(I) | (0.72)% | (0.30)% | 0.00 | (0.46)% | (0.26)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D)(E)(F) | (0.49)%(I) | (0.58)% | (0.17)% | 0.15 | (0.30)% | (0.14)% |
|  Portfolio turnover rate  | 29 %(H) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(I) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 74

**Small Cap Value Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $19.90 | $21.05 | $17.66 | $16.27 | $21.71 | $14.42 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.05 | 0.08 | 0.15 | 0.20 | 0.14 | 0.17 |
|  Net realized and unrealized gain (loss) on investments  | 0.19 | (0.01) | 4.04 | 2.38 | (3.57) | 7.21 |
|  Total from investment operations  | 0.24 | 0.07 | 4.19 | 2.58 | (3.43) | 7.38 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.10) | (0.16) | (0.19) | (0.12) | (0.13) | (0.09) |
|  From net realized gains on investments  | (0.88) | (1.06) | (0.61) | (1.07) | (1.88) |  |
|  Total distributions  | (0.98) | (1.22) | (0.80) | (1.19) | (2.01) | (0.09) |
|  Net asset value, end of period | $19.16 | $19.90 | $21.05 | $17.66 | $16.27 | $21.71 |
|  Total return (B) | 1.22 %(G) | 0.12% | 24.45% | 15.78% | (17.65)% | 51.33% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $59270 | $64411 | $79593 | $67177 | $46222 | $56299 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.25 %(H) | 1.32% | 1.21% | 1.22% | 1.25% | 1.21% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C)(D) | 1.09 %(H) | 1.18% | 1.08% | 1.07 %(F) | 1.09% | 1.09% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D) | 0.35 %(H) | 0.28% | 0.66% | 1.00% | 0.55% | 0.75% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C)(D)(E) | 0.51 %(H) | 0.43% | 0.79% | 1.15 %(F) | 0.72% | 0.87% |
|  Portfolio turnover rate  | 29 %(G) | 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%.

&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.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 75

**Large/Mid Cap Value Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $24.13 | $25.98 | $20.45 | $18.91 | $21.88 | $17.43 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.05 | 0.10 | 0.13 | 0.12 | 0.07 | (0.01) |
|  Net realized and unrealized gain (loss) on investments | 0.24 | 0.32 | 5.59 | 2.51 | (2.01 | 5.12 |
|  Total from investment operations  | 0.29 | 0.42 | 5.72 | 2.63 | (1.94 | 5.11 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.16) | (0.11) | (0.10) | (0.04) | (0.00) | (0.03) |
|  From net realized gains on investments  | (1.82) | (2.16) | (0.09) | (1.05) | (1.03 | (0.63) |
|  Total distributions  | (1.98) | (2.27) | (0.19) | (1.09) | (1.03 | (0.66) |
|  Net asset value, end of period | $22.44 | $24.13 | $25.98 | $20.45 | $18.91 | $21.88 |
|  Total return (B)(C)  | 1.30 %(K) | 1.86% | 28.18% | 13.95% | (9.70) | 29.89% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $190895 | $194928 | $199554 | $162861 | $147928 | $160560 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 1.46 %(L) | 1.47% | 1.39% | 1.45% | 1.46 | 1.45% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E)  | 1.22 %(J)(L) | 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) | 0.19 %(L) | 0.14% | 0.34% | 0.36% | 0.08 | (0.17)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D)(E)(F) | 0.43 %(J)(L) | 0.36 %(I) | 0.55 %(G) | 0.56 %(H) | 0.33 | (0.02)% |
|  Portfolio turnover rate  | 4%(K) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(J) For the six months ended
 March 31, 2026, the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(K) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(L) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 76

**Large/Mid Cap Value Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $16.39 | $18.38 | $14.53 | $13.78 | $16.31 | $13.21 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment loss (A) | (0.02) | (0.05) | (0.03) | (0.03) | (0.07) | (0.12) |
|  Net realized and unrealized gain (loss) on investments | 0.16 | 0.22 | 3.97 | 1.83 | (1.43) | 3.85 |
|  Total from investment operations  | 0.14 | 0.17 | 3.94 | 1.80 | (1.50) | 3.73 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.06) |  |  |  |  |  |
|  From net realized gains on investments  | (1.82) | (2.16) | (0.09) | (1.05) | (1.03) | (0.63) |
|  Total distributions  | (1.88) | (2.16) | (0.09) | (1.05) | (1.03) | (0.63) |
|  Net asset value, end of period | $14.65 | $16.39 | $18.38 | $14.53 | $13.78 | $16.31 |
|  Total return (B)(C)  | 0.92 %(K) | 1.18% | 27.23% | 13.06% | (10.34)% | 28.91% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $11877 | $12869 | $13662 | $15111 | $13695 | $15162 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 2.21 %(L) | 2.22% | 2.14% | 2.20% | 2.21% | 2.20% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 1.97 %(J)(L) | 2.00 %(I) | 1.94 %(G) | 1.99 %(H) | 1.96% | 2.05% |
| &nbsp;&nbsp;&nbsp; Net investment loss, before waiver and reimbursement (E) | (0.56)%(L) | (0.61)% | (0.41)% | (0.40)% | (0.67)% | (0.92)% |
| &nbsp;&nbsp;&nbsp; Net investment loss, net waiver and reimbursement (D)(E)(F) | (0.32)%(J)(L) | (0.39)%(I) | (0.21)%(G) | (0.19)%(H) | (0.42)% | (0.77)% |
|  Portfolio turnover rate  | 4%(K) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(J) For the six months ended
 March 31, 2026, the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(K) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(L) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 77

**Large/Mid Cap Value Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $24.53 | $26.36 | $20.74 | $19.17 | $22.14 | $17.63 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.08 | 0.16 | 0.19 | 0.17 | 0.13 | 0.04 |
|  Net realized and unrealized gain (loss) on investments | 0.24 | 0.34 | 5.67 | 2.54 | (2.04) | 5.18 |
|  Total from investment operations  | 0.32 | 0.50 | 5.86 | 2.71 | (1.91) | 5.22 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.22) | (0.17) | (0.15) | (0.09) | (0.03) | (0.08) |
|  From net realized gains on investments  | (1.82) | (2.16) | (0.09) | (1.05) | (1.03) | (0.63) |
|  Total distributions  | (2.04) | (2.33) | (0.24) | (1.14) | (1.06) | (0.71) |
|  Net asset value, end of period | $22.81 | $24.53 | $26.36 | $20.74 | $19.17 | $22.14 |
|  Total return (B) | 1.41 %(J) | 2.17% | 28.53% | 14.21% | (9.48)% | 30.20% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $111319 | $122865 | $141642 | $107195 | $79945 | $77776 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.21 %(K) | 1.22% | 1.14% | 1.20% | 1.21% | 1.20% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C)(D) | 0.97 %(I)(K) | 1.00 %(H) | 0.94 %(F) | 0.99 %(G) | 0.96% | 1.05% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D) | 0.44 %(K) | 0.38% | 0.59% | 0.61% | 0.34% | 0.08% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C)(D)(E) | 0.68 %(I)(K) | 0.60 %(H) | 0.80 %(F) | 0.81 %(G) | 0.59% | 0.23% |
|  Portfolio turnover rate  | 4%(J) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(I) For the six months ended
 March 31, 2026, the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(J) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(K) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 78

**Fixed Income Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $9.21 | $9.32 | $8.68 | $8.92 | $10.44 | $10.80 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.14 | 0.27 | 0.26 | 0.19 | 0.08 | 0.03 |
|  Net realized and unrealized gain (loss) on investments  | (0.04) | (0.10) | 0.63 | (0.23) | (1.49) | (0.27) |
|  Total from investment operations  | 0.10 | 0.17 | 0.89 | (0.04) | (1.41) | (0.24) |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.15) | (0.28) | (0.25) | (0.20) | (0.11) | (0.12) |
|  Total distributions  | (0.15) | (0.28) | (0.25) | (0.20) | (0.11) | (0.12) |
|  Net asset value, end of period | $9.16 | $9.21 | $9.32 | $8.68 | $8.92 | $10.44 |
|  Total return (B)(C)  | 1.06 %(F) | 1.91% | 10.37% | (0.55)% | (13.60)% | (2.20)% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $76376 | $74281 | $75162 | $68641 | $81219 | $96586 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement  | 1.34 %(G) | 1.35% | 1.27% | 1.29% | 1.22% | 1.34% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.14 %(G) | 1.15% | 1.07% | 1.07 %(E) | 1.02% | 1.14% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement  | 2.76 %(G) | 2.79% | 2.67% | 1.87% | 0.64% | 0.11% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 2.96 %(G) | 2.99% | 2.86% | 2.09 %(E) | 0.84% | 0.31% |
|  Portfolio turnover rate  | 10 %(F) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 79

**Fixed Income Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $8.81 | $8.92 | $8.32 | $8.56 | $10.04 | $10.38 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss)(A) | 0.10 | 0.19 | 0.18 | 0.12 | 0.01 | (0.04) |
|  Net realized and unrealized gain (loss) on investments  | (0.05) | (0.08) | 0.61 | (0.22) | (1.44) | (0.27) |
|  Total from investment operations  | 0.05 | 0.11 | 0.79 | (0.10) | (1.43) | (0.31) |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.11) | (0.22) | (0.19) | (0.14) | (0.05) | (0.03) |
|  Total distributions  | (0.11) | (0.22) | (0.19) | (0.14) | (0.05) | (0.03) |
|  Net asset value, end of period | $8.75 | $8.81 | $8.92 | $8.32 | $8.56 | $10.04 |
|  Total return (B)(C)  | 0.60 %(F) | 1.23% | 9.51% | (1.24)% | (14.24)% | (2.99)% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $4003 | $4596 | $5860 | $7628 | $8861 | $11369 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement  | 2.09 %(G) | 2.10% | 2.02% | 2.04% | 1.97% | 2.09% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.89 %(G) | 1.90% | 1.82% | 1.82 %(E) | 1.77% | 1.89% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement  | 2.01 %(G) | 2.04% | 1.92% | 1.12% | (0.11)% | (0.64)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D) | 2.21 %(G) | 2.24% | 2.10% | 1.35 %(E) | 0.09% | (0.44)% |
|  Portfolio turnover rate  | 10 %(F) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 80

**Fixed Income Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $9.12 | $9.23 | $8.59 | $8.83 | $10.34 | $10.73 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.15 | 0.29 | 0.28 | 0.22 | 0.11 | 0.06 |
|  Net realized and unrealized gain (loss) on investments  | (0.05) | (0.10) | 0.63 | (0.24) | (1.49) | (0.28) |
|  Total from investment operations  | 0.10 | 0.19 | 0.91 | (0.02) | (1.38) | (0.22) |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.16) | (0.30) | (0.27) | (0.22) | (0.13) | (0.17) |
|  Total distributions  | (0.16) | (0.30) | (0.27) | (0.22) | (0.13) | (0.17) |
|  Net asset value, end of period | $9.06 | $9.12 | $9.23 | $8.59 | $8.83 | $10.34 |
|  Total return (B) | 1.09 %(E) | 2.19% | 10.76% | (0.30)% | (13.41)% | (2.07)% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $26277 | $32582 | $34002 | $26672 | $21308 | $18389 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement  | 1.09 %(F) | 1.10% | 1.02% | 1.04% | 0.97% | 1.09% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C)  | 0.89 %(F) | 0.90% | 0.82% | 0.82 %(D) | 0.77% | 0.89% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement  | 3.01 %(F) | 3.04% | 2.92% | 2.18% | 0.90% | 0.36% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C) | 3.21 %(F) | 3.24% | 3.11% | 2.41 %(D) | 1.10% | 0.56% |
|  Portfolio turnover rate  | 10 %(E) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(E) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(F) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 81

**High Yield Bond Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $9.09 | $9.05 | $8.32 | $7.98 | $9.91 | $9.26 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.26 | 0.51 | 0.52 | 0.44 | 0.41 | 0.41 |
|  Net realized and unrealized gain (loss) on investments  | (0.20) | 0.01 | 0.71 | 0.35 | (1.90) | 0.64 |
|  Total from investment operations  | 0.06 | 0.52 | 1.23 | 0.79 | (1.49) | 1.05 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.28) | (0.48) | (0.50) | (0.45) | (0.41) | (0.40) |
|  From net realized gains on investments  |  |  |  |  | (0.03) |  |
|  Total distributions  | (0.28) | (0.48) | (0.50) | (0.45) | (0.44) | (0.40) |
|  Net asset value, end of period | $8.87 | $9.09 | $9.05 | $8.32 | $7.98 | $9.91 |
|  Total return (B)(C)  | 0.64 %(G) | 5.97% | 15.07% | 10.00% | (15.45)% | 11.42% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $94766 | $76912 | $64381 | $56855 | $67766 | $64216 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement  | 1.30 %(H) | 1.29% | 1.24% | 1.32% | 1.26% | 1.38% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.18 %(F)(H) | 1.19% | 1.14% | 1.19 %(E) | 1.18% | 1.33% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 5.55 %(H) | 5.53% | 5.78% | 5.06% | 4.36% | 4.15% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 5.67 %(F)(H) | 5.63% | 5.88% | 5.18 %(E) | 4.44% | 4.20% |
|  Portfolio turnover rate  | 20 %(G) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the six months ended
 March 31, 2026, the voluntary waiver was 0.02%.

&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.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 82

**High Yield Bond Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $9.27 | $9.23 | $8.48 | $8.12 | $10.08 | $9.40 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.23 | 0.45 | 0.46 | 0.38 | 0.34 | 0.34 |
|  Net realized and unrealized gain (loss) on investments  | (0.20) | 0.01 | 0.72 | 0.37 | (1.93) | 0.66 |
|  Total from investment operations  | 0.03 | 0.46 | 1.18 | 0.75 | (1.59) | 1.00 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.24) | (0.42) | (0.43) | (0.39) | (0.34) | (0.32) |
|  From net realized gains on investments  |  |  |  |  | (0.03) |  |
|  Total distributions  | (0.24) | (0.42) | (0.43) | (0.39) | (0.37) | (0.32) |
|  Net asset value, end of period | $9.06 | $9.27 | $9.23 | $8.48 | $8.12 | $10.08 |
|  Total return (B)(C)  | 0.35 %(G) | 5.09% | 14.14% | 9.27% | (16.14)% | 10.71% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $3126 | $3127 | $2469 | $2559 | $2337 | $3138 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement  | 2.05 %(H) | 2.04% | 1.99% | 2.07% | 2.01% | 2.13% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.93 %(F)(H) | 1.94% | 1.89% | 1.94 %(E) | 1.93% | 2.08% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement | 4.80 %(H) | 4.78% | 5.02% | 4.32% | 3.60% | 3.40% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 4.92 %(F)(H) | 4.88% | 5.12% | 4.44 %(E) | 3.68% | 3.45% |
|  Portfolio turnover rate  | 20 %(G) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For the six months ended
 March 31, 2026, the voluntary waiver was 0.02%.

&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.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 83

**High Yield Bond Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $9.09 | $9.06 | $8.33 | $7.98 | $9.91 | $9.26 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.27 | 0.53 | 0.54 | 0.46 | 0.43 | 0.44 |
|  Net realized and unrealized gain (loss) on investments  | (0.19) | 0.01 | 0.71 | 0.36 | (1.90) | 0.63 |
|  Total from investment operations  | 0.08 | 0.54 | 1.25 | 0.82 | (1.47) | 1.07 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.29) | (0.51) | (0.52) | (0.47) | (0.43) | (0.42) |
|  From net realized gains on investments  |  |  |  |  | (0.03) |  |
|  Total distributions  | (0.29) | (0.51) | (0.52) | (0.47) | (0.46) | (0.42) |
|  Net asset value, end of period | $8.88 | $9.09 | $9.06 | $8.33 | $7.98 | $9.91 |
|  Total return (B)  | 0.87 %(F) | 6.10% | 15.34% | 10.40% | (15.24)% | 11.71% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $117288 | $152253 | $115983 | $73109 | $67093 | $69150 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement  | 1.05 %(G) | 1.04% | 0.99% | 1.07% | 1.01% | 1.13% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C) | 0.93 %(E)(G) | 0.94% | 0.89% | 0.94 %(D) | 0.93% | 1.08% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement  | 5.80 %(G) | 5.78% | 6.02% | 5.31% | 4.59% | 4.40% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (C) | 5.92 %(E)(G) | 5.88% | 6.12% | 5.45 %(D) | 4.68% | 4.45% |
|  Portfolio turnover rate  | 20 %(F) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(E) For the six months ended
 March 31, 2026, the voluntary waiver was 0.02%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 84

**Israel Common Values Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $35.65 | $22.00 | $19.34 | $21.61 | $24.70 | $16.55 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss)(A) | 0.02 | 0.10 | 0.16 | 0.11 | 0.05 | (0.10) |
|  Net realized and unrealized gain (loss) on investments  | 7.07 | 13.80 | 2.50 | (2.38) | (3.14) | 8.25 |
|  Total from investment operations  | 7.09 | 13.90 | 2.66 | (2.27) | (3.09) | 8.15 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.73) | (0.25) |  |  |  |  |
|  Total distributions  | (0.73) | (0.25) |  |  |  |  |
|  Net asset value, end of period | $42.01 | $35.65 | $22.00 | $19.34 | $21.61 | $24.70 |
|  Total return (B)(C) | 20.13 %(D) | 63.62% | 13.75% | (10.50)% | (12.51)% | 49.24% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $103173 | $84169 | $51467 | $47004 | $53800 | $57667 |
|  Ratio of expenses to average net assets | 1.60 %(E) | 1.71% | 1.77% | 1.82% | 1.72% | 1.72% |
|  Ratio of net investment income (loss) to average net assets | 0.10 %(E) | 0.36% | 0.79% | 0.53% | 0.20% | (0.48)% |
|  Portfolio turnover rate  | 9%(D) | 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 85

**Israel Common Values Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $32.84 | $20.28 | $17.97 | $20.22 | $23.29 | $15.73 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment loss (A) | (0.12) | (0.11) | (0.01) | (0.05) | (0.13) | (0.26) |
|  Net realized and unrealized gain (loss) on investments  | 6.52 | 12.73 | 2.32 | (2.20) | (2.94) | 7.82 |
|  Total from investment operations  | 6.40 | 12.62 | 2.31 | (2.25) | (3.07) | 7.56 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.53) | (0.06) |  |  |  |  |
|  Total distributions  | (0.53) | (0.06) |  |  |  |  |
|  Net asset value, end of period | $38.71 | $32.84 | $20.28 | $17.97 | $20.22 | $23.29 |
|  Total return (B)(C) | 19.65 %(D) | 62.38% | 12.85% | (11.13)% | (13.18)% | 48.06% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $10022 | $7948 | $5747 | $8101 | $10263 | $12293 |
|  Ratio of expenses to average net assets | 2.35 %(E) | 2.46% | 2.52% | 2.57% | 2.47% | 2.47% |
|  Ratio of net investment loss to average net assets | (0.65)%(E) | (0.39)% | (0.06)% | (0.25)% | (0.54)% | (1.27)% |
|  Portfolio turnover rate  | 9%(D) | 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 86

**Israel Common Values Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $36.27 | $22.37 | $19.64 | $21.88 | $24.95 | $16.68 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.07 | 0.17 | 0.22 | 0.17 | 0.12 | (0.05) |
|  Net realized and unrealized gain (loss) on investments  | 7.19 | 14.03 | 2.53 | (2.41) | (3.19) | 8.32 |
|  Total from investment operations  | 7.26 | 14.20 | 2.75 | (2.24) | (3.07) | 8.27 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.81) | (0.30) | (0.02) |  |  |  |
|  Total distributions  | (0.81) | (0.30) | (0.02) |  |  |  |
|  Net asset value, end of period | $42.72 | $36.27 | $22.37 | $19.64 | $21.88 | $24.95 |
|  Total return (B) | 20.26 %(C) | 64.02% | 14.00% | (10.24)% | (12.30)% | 49.58% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $76089 | $66322 | $42764 | $40417 | $36790 | $45063 |
|  Ratio of expenses to average net assets | 1.35 %(D) | 1.46% | 1.52% | 1.56% | 1.47% | 1.47% |
|  Ratio of net investment income (loss) to average net assets | 0.35 %(D) | 0.61% | 1.06% | 0.82% | 0.48% | (0.22)% |
|  Portfolio turnover rate  | 9%(C) | 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 87

**Defensive Strategies Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $16.34 | $14.69 | $12.98 | $12.52 | $13.52 | $11.78 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.08 | 0.20 | 0.25 | 0.15 | 0.28 | 0.10 |
|  Net realized and unrealized gain (loss) on investments  | 2.27 | 1.83 | 1.78 | 0.88 | (1.21) | 1.64 |
|  Total from investment operations  | 2.35 | 2.03 | 2.03 | 1.03 | (0.93) | 1.74 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.14) | (0.30) | (0.22) | (0.25) | (0.07) |  |
|  From net realized gains on investments  |  | (0.08) | (0.10) | (0.32) |  |  |
|  Total distributions  | (0.14) | (0.38) | (0.32) | (0.57) | (0.07) |  |
|  Net asset value, end of period | $18.55 | $16.34 | $14.69 | $12.98 | $12.52 | $13.52 |
|  Total return (B)(C) | 14.44 %(F) | 14.22% | 15.92% | 8.30% | (6.92)% | 14.77% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $54689 | $45599 | $43178 | $39823 | $45313 | $40342 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.30 %(G) | 1.36% | 1.35% | 1.36% | 1.42% | 1.48% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.25 %(G) | 1.24% | 1.19% | 1.27 %(E) | 1.37% | 1.43% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement  | 0.83 %(G) | 1.24% | 1.68% | 1.09% | 1.95% | 0.74% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 0.88 %(G) | 1.36% | 1.84% | 1.18 %(E) | 2.00% | 0.79% |
|  Portfolio turnover rate  | 15 %(F) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 88

**Defensive Strategies Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $15.30 | $13.78 | $12.15 | $11.76 | $12.74 | $11.18 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.01 | 0.09 | 0.13 | 0.05 | 0.18 | 0.01 |
|  Net realized and unrealized gain (loss) on investments  | 2.13 | 1.71 | 1.69 | 0.83 | (1.16) | 1.55 |
|  Total from investment operations  | 2.14 | 1.80 | 1.82 | 0.88 | (0.98) | 1.56 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.02) | (0.20) | (0.09) | (0.17) |  |  |
|  From net realized gains on investments  |  | (0.08) | (0.10) | (0.32) |  |  |
|  Total distributions  | (0.02) | (0.28) | (0.19) | (0.49) |  |  |
|  Net asset value, end of period | $17.42 | $15.30 | $13.78 | $12.15 | $11.76 | $12.74 |
|  Total return (B)(C)  | 14.02 %(F) | 13.36% | 15.13% | 7.50% | (7.69)% | 13.95% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $3632 | $3347 | $3259 | $4117 | $4880 | $3388 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 2.05 %(G) | 2.11% | 2.10% | 2.11% | 2.17% | 2.23% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 2.00 %(G) | 1.99% | 1.94% | 2.02 %(E) | 2.12% | 2.18% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement  | 0.08 %(G) | 0.49% | 0.88% | 0.30% | 1.32% | (0.01)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D) | 0.13 %(G) | 0.61% | 1.04% | 0.39 %(E) | 1.37% | 0.04% |
|  Portfolio turnover rate  | 15 %(F) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 89

**Defensive Strategies Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $16.38 | $14.72 | $13.01 | $12.54 | $13.55 | $11.77 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.10 | 0.24 | 0.28 | 0.19 | 0.35 | 0.17 |
|  Net realized and unrealized gain (loss) on investments  | 2.27 | 1.83 | 1.78 | 0.89 | (1.26) | 1.61 |
|  Total from investment operations  | 2.37 | 2.07 | 2.06 | 1.08 | (0.91) | 1.78 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.17) | (0.33) | (0.25) | (0.29) | (0.10) |  |
|  From net realized gains on investments  |  | (0.08) | (0.10) | (0.32) |  |  |
|  Total distributions  | (0.17) | (0.41) | (0.35) | (0.61) | (0.10) |  |
|  Net asset value, end of period | $18.58 | $16.38 | $14.72 | $13.01 | $12.54 | $13.55 |
|  Total return (B)(C) | 14.59 %(F) | 14.55% | 16.20% | 8.64% | (6.80)% | 15.12% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $47238 | $37586 | $32894 | $26576 | $25269 | $14750 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement | 1.05 %(G) | 1.11% | 1.10% | 1.11% | 1.17% | 1.23% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.00 %(G) | 0.99% | 0.94% | 1.03 %(E) | 1.12% | 1.18% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement  | 1.08 %(G) | 1.51% | 1.88% | 1.36% | 2.39% | 1.21% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D) | 1.13 %(G) | 1.63% | 2.05% | 1.44 %(E) | 2.44% | 1.26% |
|  Portfolio turnover rate  | 15 %(F) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(F) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 90

**Strategic Growth Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $10.70 | $10.14 | $8.79 | $8.77 | $10.92 | $9.48 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.08 | 0.13 | 0.18 | 0.12 | 0.06 | 0.03 |
|  Net realized and unrealized gain (loss) on investments  | 0.19 | 0.74 | 1.32 | 0.54 | (1.70) | 1.75 |
|  Total from investment operations  | 0.27 | 0.87 | 1.50 | 0.66 | (1.64) | 1.78 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.12) | (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  | (0.12) | (0.31) | (0.15) | (0.64) | (0.51) | (0.34) |
|  Net asset value, end of period | $10.85 | $10.70 | $10.14 | $8.79 | $8.77 | $10.92 |
|  Total return (B)(C)  | 2.58 %(G) | 8.95% | 17.23% | 7.37% | (15.82)% | 19.15% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $32101 | $32825 | $31769 | $29928 | $29944 | $37731 |
|  Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 0.94 %(H) | 0.94% | 0.89% | 1.28% | 1.09% | 1.10% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 0.94 %(H) | 0.94% | 0.89% | 1.03 %(F) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D)(E) | 1.44 %(H) | 1.28% | 1.96% | 1.08% | 0.56% | 0.27% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E) | 1.44 %(H) | 1.28% | 1.96% | 1.33 %(F) | N/A | N/A |
|  Portfolio turnover rate  | 4%(G) | 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%.

&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.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 91

**Strategic Growth Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $9.05 | $8.63 | $7.48 | $7.54 | $9.50 | $8.34 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.04 | 0.07 | 0.11 | 0.05 | (0.02) | (0.05) |
|  Net realized and unrealized gain (loss) on investments  | 0.18 | 0.62 | 1.12 | 0.47 | (1.45) | 1.54 |
|  Total from investment operations  | 0.22 | 0.69 | 1.23 | 0.52 | (1.47) | 1.49 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.08) | (0.15) | (0.06) |  |  |  |
|  From net realized gains on investments  |  | (0.12) | (0.02) | (0.58) | (0.49) | (0.33) |
|  Total distributions  | (0.08) | (0.27) | (0.08) | (0.58) | (0.49) | (0.33) |
|  Net asset value, end of period | $9.19 | $9.05 | $8.63 | $7.48 | $7.54 | $9.50 |
|  Total return (B)(C)  | 2.42 %(G) | 8.27% | 16.61% | 6.75% | (16.42)% | 18.19% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $1843 | $1722 | $1971 | $2704 | $2680 | $2967 |
|  Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.44 %(H) | 1.44% | 1.39% | 1.91% | 1.84% | 1.85% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.44 %(H) | 1.44% | 1.39% | 1.66 %(F) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D)(E) | 0.94 %(H) | 0.78% | 1.39% | 0.45% | (0.20)% | (0.48)% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E) | 0.94 %(H) | 0.78% | 1.39% | 0.70 %(F) | N/A | N/A |
|  Portfolio turnover rate  | 4%(G) | 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%.

&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.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-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 SIX <br> MONTHS <br> ENDED MARCH <br> 31** <br>**2026** | **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\*** |
|  | (Unaudited) |  |  |  |
|  Net asset value, beginning of period | $10.71 | $10.15 | $8.79 | $9.08 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
|  Net investment income (A) | 0.08 | 0.15 | 0.23 | 0.03 |
|  Net realized and unrealized gain (loss) on investments  | 0.21 | 0.75 | 1.28 | (0.32)(B) |
|  Total from investment operations  | 0.29 | 0.90 | 1.51 | (0.29) |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |
|  From net investment income  | (0.15) | (0.22) | (0.13) |  |
|  From net realized gains on investments  |  | (0.12) | (0.02) |  |
|  Total distributions  | (0.15) | (0.34) | (0.15) |  |
|  Net asset value, end of period | $10.85 | $10.71 | $10.15 | $8.79 |
|  Total return (C)(D)  | 2.74 %(G) | 9.21% | 17.33% | (3.19)%(G) |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |
|  Net assets, end of period  | $52400 | $30764 | $17889 | $18 |
|  Ratios to average net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 0.68 %(H) | 0.69% | 0.64% | 1.03 %(H) |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (E) | 0.68 %(H) | 0.69% | 0.64% | 0.78 %(H)(I) |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E)(F) | 1.51 %(H) | 1.53% | 2.33% | 3.37 %(H) |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (E)(F) | 1.51 %(H) | 1.53% | 2.33% | 3.62 %(H)(I) |
|  Portfolio turnover rate  | 4%(G) | 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 Statement 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.*

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 93

**Conservative Growth Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $11.11 | $10.76 | $9.54 | $9.58 | $11.66 | $10.62 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.09 | 0.17 | 0.21 | 0.14 | 0.05 | 0.02 |
|  Net realized and unrealized gain (loss) on investments  | 0.12 | 0.53 | 1.18 | 0.33 | (1.66) | 1.31 |
|  Total from investment operations  | 0.21 | 0.70 | 1.39 | 0.47 | (1.61) | 1.33 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.13) | (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  | (0.13) | (0.35) | (0.17) | (0.51) | (0.47) | (0.29) |
|  Net asset value, end of period | $11.19 | $11.11 | $10.76 | $9.54 | $9.58 | $11.66 |
|  Total return (B)(C)  | 1.87 %(G) | 6.74% | 14.71% | 4.79% | (14.48)% | 12.63% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $32600 | $33424 | $35490 | $35238 | $37037 | $46151 |
|  Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 0.98 %(H) | 0.90% | 0.90% | 1.24% | 1.04% | 1.10% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 0.98 %(H) | 0.90% | 0.90% | 0.99 %(F) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D)(E) | 1.63 %(H) | 1.60% | 2.11% | 1.17% | 0.43% | 0.20% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E) | 1.63 %(H) | 1.60% | 2.11% | 1.42 %(F) | N/A | N/A |
|  Portfolio turnover rate  | 2%(G) | 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%.

&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.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 94

**Conservative Growth Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $9.57 | $9.31 | $8.25 | $8.36 | $10.29 | $9.43 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.05 | 0.10 | 0.14 | 0.06 | (0.03) | (0.06) |
|  Net realized and unrealized gain (loss) on investments  | 0.10 | 0.47 | 1.02 | 0.30 | (1.45) | 1.17 |
|  Total from investment operations  | 0.15 | 0.57 | 1.16 | 0.36 | (1.48) | 1.11 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.07) | (0.21) | (0.08) |  |  |  |
|  From net realized gains on investments  |  | (0.10) | (0.02) | (0.47) | (0.45) | (0.25) |
|  Total distributions  | (0.07) | (0.31) | (0.10) | (0.47) | (0.45) | (0.25) |
|  Net asset value, end of period | $9.65 | $9.57 | $9.31 | $8.25 | $8.36 | $10.29 |
|  Total return (B)(C) | 1.61 %(G) | 6.27% | 14.14% | 4.10% | (15.10)% | 11.84% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $2049 | $2297 | $2898 | 3519 | $3895 | $5496 |
|  Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 1.48 %(H) | 1.40% | 1.40% | 1.87% | 1.79% | 1.85% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D) | 1.48 %(H) | 1.40% | 1.40% | 1.63 %(F) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (D)(E) | 1.13 %(H) | 1.10% | 1.57% | 0.53% | (0.32)% | (0.56)% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E) | 1.13 %(H) | 1.10% | 1.57% | 0.77 %(F) | N/A | N/A |
|  Portfolio turnover rate  | 2%(G) | 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%.

&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.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-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 SIX <br> MONTHS <br> ENDED MARCH <br> 31** <br>**2026** | **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\*** |
|  | (Unaudited) |  |  |  |
|  Net asset value, beginning of period | $11.10 | $10.74 | $9.54 | $9.80 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
|  Net investment income (A) | 0.12 | 0.20 | 0.28 | 0.05 |
|  Net realized and unrealized gain (loss) on investments  | 0.23 | 0.54 | 1.09 | (0.31)(B) |
|  Total from investment operations  | 0.35 | 0.74 | 1.37 | (0.26) |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |
|  From net investment income  | (0.15) | (0.28) | (0.15) |  |
|  From net realized gains on investments  |  | (0.10) | (0.02) |  |
|  Total distributions  | (0.15) | (0.38) | (0.17) |  |
|  Net asset value, end of period | $11.30 | $11.10 | $10.74 | $9.54 |
|  Total return (C)(D)  | 3.23 %(G) | 7.12% | 14.49% | (2.65)%(G) |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |
|  Net assets, end of period  | $59615 | $207461 | $131305 | $18 |
|  Ratios to average net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 0.77 %(H) | 0.65% | 0.65% | 0.99 %(H) |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (E) | 0.77 %(H) | 0.65% | 0.65% | 0.74 %(H)(I) |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E)(F) | 2.12 %(H) | 1.85% | 2.69% | 5.50 %(H) |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (E)(F) | 2.12 %(H) | 1.85% | 2.69% | 5.75 %(H)(I) |
|  Portfolio turnover rate  | 2%(G) | 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 Statement 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.*

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 96

**Growth & Income Fund (Class A Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $11.13 | $10.98 | $9.92 | $10.66 | $11.75 | $10.11 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.09 | 0.18 | 0.19 | 0.17 | 0.11 | 0.06 |
|  Net realized and unrealized gain (loss) on investments  | 0.25 | 0.16 | 1.12 | (0.08) | (1.03) | 1.68 |
|  Total from investment operations  | 0.34 | 0.34 | 1.31 | 0.09 | (0.92) | 1.74 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.09) | (0.19) | (0.19) | (0.17) | (0.12) | (0.10) |
|  From net realized gains on investments  |  |  | (0.06) | (0.66) | (0.05) |  |
|  Total distributions  | (0.09) | (0.19) | (0.25) | (0.83) | (0.17) | (0.10) |
|  Net asset value, end of period | $11.38 | $11.13 | $10.98 | $9.92 | $10.66 | $11.75 |
|  Total return (B)(C) | 3.11 %(H) | 3.16% | 13.32% | 0.50% | (7.97)% | 17.18% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $14348 | $14223 | $14226 | $12726 | $13150 | $14191 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 1.95 %(I) | 2.08% | 1.98% | 1.98% | 1.85% | 1.90% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 1.51 %(I) | 1.57% | 1.59% | 1.58 %(G) | 1.27% | 1.52% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E) | 1.14 %(I) | 1.20% | 1.46% | 1.23% | 0.36% | 0.18% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E)(F) | 1.58 %(I) | 1.70% | 1.86% | 1.63 %(G) | 0.94% | 0.56% |
|  Portfolio turnover rate  | 9%(H) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(I) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 97

**Growth & Income Fund (Class C Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $10.65 | $10.52 | $9.51 | $10.25 | $11.31 | $9.74 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (loss) (A) | 0.04 | 0.10 | 0.11 | 0.09 | 0.02 | (0.02) |
|  Net realized and unrealized gain (loss) on investments  | 0.25 | 0.14 | 1.07 | (0.07) | (0.98) | 1.60 |
|  Total from investment operations  | 0.29 | 0.24 | 1.18 | 0.02 | (0.96) | 1.58 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.05) | (0.11) | (0.11) | (0.10) | (0.05) | (0.01) |
|  From net realized gains on investments  |  |  | (0.06) | (0.66) | (0.05) |  |
|  Total distributions  | (0.05) | (0.11) | (0.17) | (0.76) | (0.10) | (0.01) |
|  Net asset value, end of period | $10.89 | $10.65 | $10.52 | $9.51 | $10.25 | $11.31 |
|  Total return (B)(C) | 2.74 %(H) | 2.35% | 12.47% | (0.23)% | (8.62)% | 16.25% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $966 | $1114 | $1139 | $1664 | $1923 | $1938 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 2.70 %(I) | 2.83% | 2.73% | 2.73% | 2.60% | 2.65% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 2.26 %(I) | 2.32% | 2.34% | 2.33 %(G) | 2.02% | 2.27% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement (E) | 0.39 %(I) | 0.45% | 0.73% | 0.47% | (0.41%) | (0.57%) |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net waiver and reimbursement (D)(E)(F) | 0.83 %(I) | 0.95% | 1.13% | 0.88 %(G) | 0.17% | (0.19%) |
|  Portfolio turnover rate | 9%(H) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(I) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 98

**Growth & Income Fund (Class I Shares)** 

**SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE SIX <br> MONTHS <br> ENDED <br> MARCH 31** <br>**2026** | **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** |
|  | (Unaudited) |  |  |  |  |  |
|  Net asset value, beginning of period | $11.22 | $11.07 | $10.00 | $10.74 | $11.83 | $10.18 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income (A) | 0.10 | 0.21 | 0.22 | 0.20 | 0.15 | 0.09 |
|  Net realized and unrealized gain (loss) on investments  | 0.27 | 0.16 | 1.13 | (0.08) | (1.04) | 1.69 |
|  Total from investment operations  | 0.37 | 0.37 | 1.35 | 0.12 | (0.89) | 1.78 |
|  **LESS DISTRIBUTIONS:**  |  |  |  |  |  |  |
|  From net investment income  | (0.11) | (0.22) | (0.22) | (0.20) | (0.15) | (0.13) |
|  From net realized gains on investments  |  |  | (0.06) | (0.66) | (0.05) |  |
|  Total distributions  | (0.11) | (0.22) | (0.28) | (0.86) | (0.20) | (0.13) |
|  Net asset value, end of period | $11.48 | $11.22 | $11.07 | $10.00 | $10.74 | $11.83 |
|  Total return (B)(C) | 3.29 %(H) | 3.39% | 13.59% | 0.75% | (7.67)% | 17.44% |
|  **RATIOS/SUPPLEMENTAL DATA:**  |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $3696 | $3624 | $3703 | $3404 | $3154 | $2070 |
|  Ratios to average net assets  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (E) | 1.70 %(I) | 1.83% | 1.73% | 1.73% | 1.69% | 1.65% |
| &nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (D)(E) | 1.26 %(I) | 1.32% | 1.34% | 1.32 %(G) | 1.02% | 1.27% |
| &nbsp;&nbsp;&nbsp; Net investment income, before waiver and reimbursement (E) | 1.39 %(I) | 1.45% | 1.70% | 1.50% | 0.52% | 0.43% |
| &nbsp;&nbsp;&nbsp; Net investment income, net waiver and reimbursement (D)(E)(F) | 1.83 %(I) | 1.95% | 2.10% | 1.91 %(G) | 1.19% | 0.81% |
|  Portfolio turnover rate | 9%(H) | 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(H) For periods of less than
 one full year, total return and turnover are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(I) Annualized.

**FINANCIAL HIGHLIGHTS** 

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

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 99

**Section 6 \|** Notes to Financial Statements

**MARCH 31, 2026 (UNAUDITED)**

Timothy Plan Family of Funds

---

| | |
|:---|:---|
| **NOTE 1 \|** | Significant Accounting Policies  |

---

The Timothy Plan (the "Trust") is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of March 31, 2026, the Trust consisted of sixteen 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 (UNAUDITED)**

SEMI-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 principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objective, the Fund normally invests in Real Estate Investment Trusts ("REITs"), commodities based securities, various fixed-income securities and Treasury Inflation Protected Securities ("TIPS"), and currently holds gold bullion.

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 - 30% |
| &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 ETF | 0 - 40% |
| &nbsp;&nbsp; High Dividend Stock ETF | 0 - 20% |
| &nbsp;&nbsp; US Small Cap Core ETF | 0 - 20% |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-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 ETF | 0 - 30% |
| &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.

**Segment Reporting** – An operating segment is defined 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. Each Fund's CODM is comprised of the Adviser's Portfolio Management Team serving the Funds. The Funds operate as a single operating segment. The Funds' 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 the Funds, using the information presented in the financial statements and financial highlights.

**Accounting Pronouncement** – The Funds adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09 are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

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 (UNAUDITED)**

SEMI-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 (UNAUDITED)**

SEMI-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, 2023 to September 30, 2025, or expected to be taken in the Funds' September 30, 2026 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 (UNAUDITED)**

SEMI-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 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 (UNAUDITED)**

SEMI-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 (UNAUDITED)**

SEMI-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 March 31, 2026, and there were no options transactions for the six months ended March 31, 2026.

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-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 (UNAUDITED)**

SEMI-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 March 31, 2026:

**Small/Mid Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $111395808 | $— | $— | $111395808 |
| &nbsp;&nbsp; Money Market Fund | 9998964 |  |  | 9998964 |
| &nbsp;&nbsp; **Total** | $**121394772** | $**—** | $**—** | $**121394772** |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $193576859 | $— | $— | $193576859 |
| &nbsp;&nbsp; Money Market Fund | 4963173 |  |  | 4963173 |
| &nbsp;&nbsp; **Total** | $**198540032** | $**—** | $**—** | $**198540032** |

---

**Large/Mid Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $226331525 | $— | $— | $226331525 |
| &nbsp;&nbsp; Exchange - Traded Fund | 26610120 |  |  | 26610120 |
| &nbsp;&nbsp; Money Market Fund | 12482263 |  |  | 12482263 |
| &nbsp;&nbsp; **Total** | $**265423908** | $**—** | $**—** | $**265423908** |

---

**Small Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $137413737 | $— | $— | $137413737 |
| &nbsp;&nbsp; Exchange - Traded Fund | 24618274 |  |  | 24618274 |
| &nbsp;&nbsp; Money Market Fund | 2823418 |  |  | 2823418 |
| &nbsp;&nbsp; **Total** | $**164855429** | $**—** | $**—** | $**164855429** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-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 | $230925887 | $— | $— | $230925887 |
| &nbsp;&nbsp; Exchange - Traded Funds | 64114600 |  |  | 64114600 |
| &nbsp;&nbsp; Money Market Fund | 19253869 |  |  | 19253869 |
| &nbsp;&nbsp; **Total** | $**314294356** | $**—** | $**—** | $**314294356** |

---

**Fixed Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Asset Backed Securities | $— | $6040929 | $— | $6040929 |
| &nbsp;&nbsp; Corporate Bonds |  | 32921540 |  | 32921540 |
| &nbsp;&nbsp; Non U.S. Government & Agencies |  | 5101022 |  | 5101022 |
| &nbsp;&nbsp; U.S. Government & Agencies |  | 60312276 |  | 60312276 |
| &nbsp;&nbsp; Money Market Fund | 1568813 |  |  | 1568813 |
| &nbsp;&nbsp; **Total** | $**1568813** | $**104375767** | $**—** | $**105944580** |

---

**High Yield Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Corporate Bonds | $— | $208473976 | $— | $208473976 |
| &nbsp;&nbsp; Money Market Fund | 3636838 |  |  | 3636838 |
| &nbsp;&nbsp; **Total** | $**3636838** | $**208473976** | $**—** | $**212110814** |

---

**Israel Common Values Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Common Stocks | $180800092 | $603000 | $— | $181403092 |
| &nbsp;&nbsp; Money Market Fund | 7693495 |  |  | 7693495 |
| &nbsp;&nbsp; **Total** | $**188493587** | $**603000** | $**—** | $**189096587** |

---

**Defensive Strategies Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Closed End Fund | $2292660 | $— | $— | $2292660 |
| &nbsp;&nbsp; Common Stocks | 49512689 |  |  | 49512689 |
| &nbsp;&nbsp; Precious Metals - Physical Holding | 28692695 |  |  | 28692695 |
| &nbsp;&nbsp; U.S. Government & Agencies |  | 19461142 |  | 19461142 |
| &nbsp;&nbsp; Money Market Fund | 5462379 |  |  | 5462379 |
| &nbsp;&nbsp; **Total** | $**85960423** | $**19461142** | $**—** | $**105421565** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-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 | $18899947 | $— | $— | $18899947 |
| &nbsp;&nbsp; Open End Funds | 14545594 |  |  | 14545594 |
| &nbsp;&nbsp; Money Market Fund | 586485 |  |  | 586485 |
| &nbsp;&nbsp; **Total** | $**34032026** | $**—** | $**—** | $**34032026** |

---

**Conservative Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Exchange - Traded Funds | $14596389 | $— | $— | $14596389 |
| &nbsp;&nbsp; Open End Funds | 19743432 |  |  | 19743432 |
| &nbsp;&nbsp; Money Market Fund | 410147 |  |  | 410147 |
| &nbsp;&nbsp; **Total** | $**34749968** | $**—** | $**—** | $**34749968** |

---

**Growth & Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| &nbsp;&nbsp; Exchange - Traded Fund | $10546800 | $— | $— | $10546800 |
| &nbsp;&nbsp; Asset Back Securities |  | 476236 |  | 476236 |
| &nbsp;&nbsp; Corporate Bonds |  | 2165774 |  | 2165774 |
| &nbsp;&nbsp; Non U.S. Government & Agencies |  | 337621 |  | 337621 |
| &nbsp;&nbsp; U.S. Government & Agencies |  | 5336644 |  | 5336644 |
| &nbsp;&nbsp; Money Market Fund | 119818 |  |  | 119818 |
| &nbsp;&nbsp; **Total** | $**10666618** | $**8316275** | $**—** | $**18982893** |

---

Refer to the Schedules of Investments for industry classifications.

For the six months ended March 31, 2026, there were no changes into/out of Level 3.

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-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 six months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $— | $29836768 | $— | $18218682 |
| &nbsp;&nbsp; International Fund |  | 19266579 |  | 30624771 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund |  | 69873537 |  | 87494232 |
| &nbsp;&nbsp; Small Cap Value Fund |  | 47932035 |  | 57088163 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund |  | 12349442 |  | 33008775 |
| &nbsp;&nbsp; Fixed Income Fund | 10735559 | 256516 | 15432231 |  |
| &nbsp;&nbsp; High Yield Bond Fund |  | 44903118 |  | 46491678 |
| &nbsp;&nbsp; Israel Common Values Fund  |  | 15292597 |  | 18578281 |
| &nbsp;&nbsp; Defensive Strategies Fund |  | 17591882 |  | 14296093 |
| &nbsp;&nbsp; Strategic Growth Fund\* |  | 1506069 |  | 2827364 |
| &nbsp;&nbsp; Conservative Growth Fund\* |  | 774229 |  | 2434665 |
| &nbsp;&nbsp; Growth & Income Fund | 1742793 | 18745 | 2139984 |  |

---

\* 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 21, 2025. 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, 2027, 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 through January 31. 2026. Effective February 1, 2026, TPL voluntarily reduced the fee to 0.85% for the International Fund. Effective February 1, 2026, TPL voluntarily reduced the fee to 0.75% for the Large/Mid Cap Growth 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 through January 31, 2026. Effective February 1, 2026, TPL voluntarily reduced the fee to 0.70% for the Large/Mid Cap Value Fund. Effective February 1, 2026, TPL voluntarily reduced the fee to 0.45% for the High Yield Bond Fund. An officer and trustee of the Funds is also an officer and owner of the advisor.

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 112

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 affiliates that have a contractual management fee, through January 28, 2027. 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 six months ended March 31, 2026, TPL waived advisory fees for the Funds as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FUND** | **Six Months Ended<br> March 31, 2026** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $50805 |
| &nbsp;&nbsp; International Fund | 121992 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 80688 |
| &nbsp;&nbsp; Small Cap Value Fund | 35612 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 147121 |
| &nbsp;&nbsp; Fixed Income Fund | 109694 |
| &nbsp;&nbsp; High Yield Bond Fund | 140812 |
| &nbsp;&nbsp; Defensive Strategies Fund | 23864 |
| &nbsp;&nbsp; Growth & Income Fund | 6774 |

---

The Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund, and the Growth & Income Fund invested a portion of assets in the Timothy Plan High Dividend Stock ETF, the Timothy Plan US Large/Mid Cap Core ETF, and the Timothy Plan US Small Cap Core ETF. For the six months ended March 31, 2026, the Funds' waived fees as follows pursuant to that arrangement.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FUND** | **Six Months Ended<br> March 31, 2026** |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | $104223 |
| &nbsp;&nbsp; Small Cap Value Fund | 98038 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 229982 |
| &nbsp;&nbsp; Growth & Income Fund | 43085 |

---

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 (UNAUDITED)**

SEMI-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 (UNAUDITED)**

SEMI-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 six months ended March 31, 2026, the Funds paid TPL under the terms of the Plans as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FUND**<br>&nbsp;&nbsp;  | **12B-1 FEES**<br>**Six Months Ended<br> March 31, 2026** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $90480 |
| &nbsp;&nbsp; International Fund | 95279 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 256314 |
| &nbsp;&nbsp; Small Cap Value Fund | 150403 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 302771 |
| &nbsp;&nbsp; Fixed Income Fund | 116206 |
| &nbsp;&nbsp; High Yield Bond Fund | 121321 |
| &nbsp;&nbsp; Israel Common Values Fund | 165133 |
| &nbsp;&nbsp; Defensive Strategies Fund | 80682 |
| &nbsp;&nbsp; Strategic Growth Fund | 47339 |
| &nbsp;&nbsp; Conservative Growth Fund | 49400 |
| &nbsp;&nbsp; Growth & Income Fund | 23395 |

---

TPL also serves as the principal underwriter of the Funds' shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the six months ended March 31, 2026, 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 | $12020 | $134 |
| &nbsp;&nbsp; International Fund | 10585 | 66 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 28076 | 350 |
| &nbsp;&nbsp; Small Cap Value Fund | 7704 | 150 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 20473 | 1504 |
| &nbsp;&nbsp; Fixed Income Fund | 11104 | 156 |
| &nbsp;&nbsp; High Yield Bond Fund | 8719 | 160 |
| &nbsp;&nbsp; Israel Common Values Fund | 21264 | 1170 |
| &nbsp;&nbsp; Defensive Strategies Fund | 12823 | 115 |
| &nbsp;&nbsp; Strategic Growth Fund | 2756 | 39 |
| &nbsp;&nbsp; Conservative Growth Fund | 1331 | 26 |
| &nbsp;&nbsp; Growth & Income Fund | 2341 | 414 |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-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 March 31, 2026, 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  | 12.94% |
| &nbsp;&nbsp; Fixed Income | 24.89% |
| &nbsp;&nbsp; High Yield Bond  | 6.45% |

---

---

| | |
|:---|:---|
| **Note 6 \|** | Underlying Investment in Other Investment Companies  |

---

The Conservative Growth Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund (the "Security"). The Fund may redeem its investments from the Security at any time if the advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security's N-CSRs available at www.sec.gov. As of March 31, 2026, 36.9% 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 March 31, 2026, 55.5% of the Growth & Income Fund's net assets were invested in the Timothy Plan High Dividend Stock ETF.

---

| | |
|:---|:---|
| **Note 7 \|** | Investments in Affiliated Companies  |

---

The Funds' transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund's investment advisor is under common control with the Fund's investment advisor.

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 116

The Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the six months ended March 31, 2026, with affiliates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** |
| &nbsp;&nbsp; **Large/Mid <br> Cap Growth <br> Fund** <br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2025** | **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> March 31, <br> 2026** | **Shares <br> March 31, <br> 2026** |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core ETF | $26528181 | $— | $— | $113866 | $— | $81939 | $26610120 | 573000 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** |
| &nbsp;&nbsp; **Small Cap <br> Value Fund**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2025** | **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> March 31, <br> 2026** | **Shares <br> March 31, <br> 2026** |
| &nbsp;&nbsp; Timothy Plan US Small Cap Core ETF | $24110600 | $— | $— | $128127 | $— | $507674 | $24618274 | 580000 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** |
| &nbsp;&nbsp; **LARGE/MID <br> CAP VALUE <br> FUND**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2025** | **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> March 31, <br> 2026** | **Shares <br> March 31, <br> 2026** |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock ETF | $33769355 | $— | $— | 339150 | $— | $1738205 | $35507560 | 858500 |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core ETF | 28518952 |  |  | 122411 |  | 88088 | 28607040 | 616000 |
| &nbsp;&nbsp; Total | $62288307 | $— | $— | $461561 | $— | $1826293 | $64114600 | 1474500 |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 117

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** |
| &nbsp;&nbsp; **Strategic <br> Growth <br> Fund**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2025** | **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> March 31, <br> 2026** | **Shares <br> March 31, <br> 2026** |
| &nbsp;&nbsp; International | $4820003 | $373299 | $25754 | $52006 | $25754 | $27070 | $5220372 | 327913 |
| &nbsp;&nbsp; Fixed Income | 5503415 | 743280 |  | 98587 |  | (37101) | 6209594 | 677924 |
| &nbsp;&nbsp; High Yield Bond  | 2763105 | 427168 |  | 95253 |  | (74645) | 3115628 | 351291 |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock ETF | 3469373 |  | 80624 | 34549 | 12670 | 163813 | 3565232 | 86200 |
| &nbsp;&nbsp; Timothy Plan International ETF | 5636413 |  | 756510 | 69052 | 216353 | 200038 | 5296294 | 146956 |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core ETF | 7601968 |  | 1452443 | 27573 | 81713 | (73294) | 6157944 | 132600 |
| &nbsp;&nbsp; Timothy Plan US Small Cap Core ETF | 4324236 |  | 537787 | 21570 | 241588 | (147560) | 3880477 | 91423 |
| &nbsp;&nbsp; Total | $34118513 | $1543747 | $2853118 | $398590 | $578078 | $58321 | $33445541 | 1814307 |

---

\* Includes capital gain distributions from affiliated funds

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** |
| &nbsp;&nbsp; **Conservative <br> Growth <br> Fund**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2025** | **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> March 31, <br> 2026** | **Shares <br> March 31, <br> 2026** |
| &nbsp;&nbsp; International | $4463774 | $74714 | $656535 | $54418 | $175083 | $(121950) | $3935086 | 247179 |
| &nbsp;&nbsp; Fixed Income | 12227699 | 652419 |  | 203104 |  | (71816) | 12808302 | 1398329 |
| &nbsp;&nbsp; High Yield Bond  | 3069521 | 92030 | 88476 | 92030 | (3411) | (69620) | 3000044 | 338250 |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock ETF | 2544994 |  | 59059 | 25339 | 8093 | 119924 | 2613952 | 63200 |
| &nbsp;&nbsp; Timothy Plan International ETF | 3312765 |  | 341035 | 33011 | 104254 | 154786 | 3230770 | 89644 |
| &nbsp;&nbsp; Timothy Plan US Large/Mid Cap Core ETF | 5435267 |  | 183192 | 23046 | 14020 | 4845 | 5270940 | 113500 |
| &nbsp;&nbsp; Timothy Plan US Small Cap Core ETF | 4523024 |  | 1106367 | 19787 | 243049 | (178979) | 3480727 | 82005 |
| &nbsp;&nbsp; Total | $35577044 | $819163 | $2434664 | $450735 | $541088 | $(162810) | $34339821 | 2332107 |

---

\* Includes capital gain distributions from affiliated funds

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 118

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** |
| &nbsp;&nbsp; **Growth <br> & Income <br> Fund**<br>&nbsp;&nbsp; **Fund** | **Fair Value <br> September 30, <br> 2025** | **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> March 31, <br> 2026** | **Shares <br> March 31, <br> 2026** |
| &nbsp;&nbsp; Timothy Plan High Dividend Stock ETF | $10030502 | $— | $— | $100737 | $— | $516298 | $10546800 | 255000 |

---

---

| | |
|:---|:---|
| **Note 8 \|** | Aggregate Unrealized Appreciation and Depreciation  |

---

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | **Tax Cost** | **Gross <br> Unrealized <br> Appreciation** | **Gross <br> Unrealized <br> Depreciation** | **Net Unrealized <br> Appreciation/ <br> (Depreciation)** |
| &nbsp;&nbsp; Small/Mid Cap Growth Fund | $92914179 | $33595172 | $(5114579) | $28480593 |
| &nbsp;&nbsp; International Fund | 120289494 | 80922199 | (2671661) | 78250538 |
| &nbsp;&nbsp; Large/Mid Cap Growth Fund | 212614400 | 61140332 | (8330824) | 52809508 |
| &nbsp;&nbsp; Small Cap Value Fund | 149147633 | 28908668 | (13200872) | 15707796 |
| &nbsp;&nbsp; Large/Mid Cap Value Fund | 253772542 | 72002957 | (11481143) | 60521814 |
| &nbsp;&nbsp; Fixed Income Fund | 109167808 | 663119 | (3886347) | (3223228) |
| &nbsp;&nbsp; High Yield Bond Fund | 212292155 | 3438429 | (3619770) | (181341) |
| &nbsp;&nbsp; Israel Common Values Fund | 68416644 | 125445414 | (4765471) | 120679943 |
| &nbsp;&nbsp; Defensive Strategies Fund | 76239725 | 32326485 | (3144645) | 29181840 |
| &nbsp;&nbsp; Strategic Growth Fund | 29185226 | 5501623 | (654823) | 4846800 |
| &nbsp;&nbsp; Conservative Growth Fund | 32791822 | 3650081 | (1691935) | 1958146 |
| &nbsp;&nbsp; Growth & Income Fund | 17313837 | 1863197 | (194141) | 1669056 |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 119

---

| | |
|:---|:---|
| **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 <br> Income** | **Long-Term <br> 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **FOR FISCAL YEAR ENDED<br> SEPTEMBER 30, 2024** | **Ordinary <br> Income** | **Long-Term <br> 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 |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 120

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 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 |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 121

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 <br> 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 \|** | 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 12 \|** | Foreign Tax Credit (UNAUDITED)  |

---

The following funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal 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  |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 122

---

| | | |
|:---|:---|:---|
| &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 (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 123

**Section 7 \|** Additional Information

**MARCH 31, 2026 (UNAUDITED)**

**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** 

**Investment Advisory Agreement between the Trust and Timothy Partners, Ltd.** 

At an in-person meeting held February 26 and 27, 2026, the Trustees considered the Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (the "Adviser" or "TPL"), for the Funds. Fund counsel reviewed the duties and responsibilities of review required of Trustees with respect to the renewal of advisory and sub-advisory agreements.

The Trustees reviewed the 2026 Annual Investment Advisory Agreement Renewal Questionnaire responses provided by TPL and the materials provided by the Adviser in support of the continuance of the Investment Advisory Agreement, including, among other things, the Adviser's financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding the Adviser's key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Investment Advisory Agreement.

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Funds by the Adviser. The Trustees specifically reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees considered that the Adviser has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that the Adviser possesses adequate resources to manage the Funds. The Trustees also considered the Adviser's compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees also considered the Adviser's experience and consistency in incorporating and implementing the unique, biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds' prospectuses. The Trustees noted that the Adviser had managed the Funds since their inceptions, had implemented and provided continuous monitoring of the Biblically Responsible Investing ("BRI") screens utilized by the Trust, oversaw and monitored the ongoing activities of the Funds' various sub-advisers, and provided general management services to the Trust.

The Trustees next considered the investment performance of each Fund and the Adviser's performance in monitoring the investment managers of the Funds. The Trustees noted that comprehensive performance information had been provided for each Fund at each Trustees Meeting, and the Trustees incorporated that information into their considerations. The Board considered how the performance of each Fund compared to each Fund's respective benchmarks and peer groups while acknowledging that the BRI screening process employed by the Adviser disqualified a number of companies that constituted major components of the Funds' underlying benchmark indices. After review of the Funds' performance over time, the Trustees concluded that each Fund's performance was satisfactory, and that the Adviser was performing its responsibilities in a professional manner.

The Trustees next reviewed the contractual investment advisory fee rates payable by the Funds. As a part of their review, the Trustees considered each Fund's management fee and total expense ratio compared to similar funds. The Trustees considered the fees charged by the Adviser in light of the services provided to the Funds by the Adviser, the unique nature of the Funds and their BRI screening requirements, and the Adviser's role as a manager of managers. The Trustees noted that the Adviser had contractually agreed to fee waivers for several Funds in order to lower the overall expenses of those Funds. After full and careful consideration of the materials presented to the Trustees, the Trustees made the following conclusions: The fees charged by the Adviser for each Fund were not as low as some of its competitors with similar screens, but the fees were not as high or higher than other competitors. The Trustees concluded that the fees were not so high as to fall outside the range of fees negotiated at arm's length. Further, the Trustees

**ADDITIONAL INFORMATION (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 124

noted with approval that the Adviser had contractually waived a portion of its fees for certain Funds. After review of the facts and circumstances applicable to the Funds, the Trustees agreed that the fees charged by the Adviser were fair and reasonable in light of the services provided to the Funds.

The Independent Trustees then considered the extent to which economies of scale are being realized as the Funds grow and noted that the Adviser intends to lower the advisory fees assessed as asset size increases. The Independent Trustees also considered any "fallout" benefits to the Adviser with respect to the Funds.

After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees' decision to approve the continuation of the Investment Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions. Further, the Independent Trustees were advised by counsel during their consideration of the Investment Advisory Agreement renewal and the Investment Sub-Advisory Agreement renewals.

<u>**Westwood Management Corporation;**</u> Sub-Adviser to the Timothy Plan Large/Mid Cap Value Fund and the Timothy Plan Small Cap Value Fund.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Westwood Management Corporation ("Westwood"), on behalf of the Timothy Plan Small Cap Value Fund and Timothy Plan Large/Mid Cap Value Fund (each a "Fund" and collectively the "Funds"). The Trustees reviewed the 2026 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Westwood and reviewed in detail the materials provided by Westwood in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Westwood's financial statements, Form ADV, the Compliance Policies and Procedures Manual, information regarding Westwood's key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Investment Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Westwood Investment Sub-Advisory Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Funds by Westwood. The Trustees specifically reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees considered that Westwood has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Westwood possesses adequate resources to manage the Funds. The Trustees also considered Westwood's compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of each Fund and Westwood's performance managing each of the Funds. The Trustees noted that comprehensive performance information had been provided for the Funds at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After review of the Funds' performance over time, the Trustees concluded that each Fund's performance was satisfactory, and that Westwood was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Westwood were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees' inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the subject Funds in light of the services provided by Westwood. After full and careful consideration, the Trustees agreed that the fees charged by Westwood and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Westwood. The Independent Trustees considered that the economies of scale could not be quantified and noted that the tiered fee schedules had been designed to reflect potential future economies of scales as asset levels increase. The Independent Trustees also considered any "fallout" benefits to Westwood with respect to the Funds. After consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees' decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

<u>**Chartwell Investment Partners;**</u> Sub-Adviser to the Timothy Plan Small/Mid Cap Growth Fund and the Timothy Plan Large/Mid Cap Growth Fund.

**ADDITIONAL INFORMATION (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 125

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Chartwell Investment Partners ("Chartwell"), on behalf of the Timothy Plan Small/Mid Cap Growth Fund and the Timothy Plan Large/Mid Cap Growth Fund (each a "Fund" and collectively the "Funds"). The Trustees reviewed the 2026 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Chartwell and reviewed the materials provided by Chartwell in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Chartwell's financial statements, Form ADV, the Compliance Policies and Procedures Manual, information regarding Chartwell's key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Investment Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Chartwell Investment Sub-Advisory Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Funds by Chartwell. The Trustees specifically reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees considered that Chartwell has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Chartwell possesses adequate resources to manage the Funds. The Trustees also considered Chartwell's compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of each Fund and Chartwell's performance in managing each of the Funds. The Trustees noted that comprehensive performance information had been provided for the Funds at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After review of the Funds' performance over time, the Trustees concluded that each Fund's performance was satisfactory, and that Chartwell was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Chartwell were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees' inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the subject Funds in light of the services provided by Chartwell. After full and careful consideration, the Trustees agreed that the fees charged by Chartwell and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Chartwell. The Independent Trustees considered the economies of scale, deciding that this particular factor was less relevant with respect to the Chartwell Investment Sub-Advisory Agreement because Chartwell was paid out of the fees paid to the Adviser. The Independent Trustees also considered any "fallout" benefits to Chartwell with respect to the Funds. After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees' decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

<u>**Barrow, Hanley, Mewhinney & Strauss, LLC;**</u> Sub-Adviser for the Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, debt instrument allocation of the Timothy Plan Defensive Strategies Fund, and fixed income allocation of the Timothy Plan Growth & Income Fund.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), on behalf of the Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Defensive Strategies Fund debt instrument allocation, and the Timothy Plan Growth & Income Fund fixed income allocation (each a "Fund" and collectively the "Funds"). The Trustees reviewed the 2026 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Barrow Hanley and reviewed the materials provided by Barrow Hanley in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Barrow Hanley's financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding Barrow Hanley's key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Barrow Hanley Investment Sub-Advisory Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Funds by Barrow Hanley. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees considered that Barrow Hanley has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Barrow Hanley possesses adequate resources to manage the Funds. The Trustees also considered Barrow Hanley's compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of each Fund and Barrow Hanley's performance in managing each of the Funds. The Trustees noted that comprehensive performance information had been provided for the Funds at each Trustees Meeting, and the Trustees incorporated that information

**ADDITIONAL INFORMATION (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 126

into their considerations. After review of the Funds' performance over time, the Trustees concluded that each Fund's performance was satisfactory, and that Barrow Hanley was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Barrow Hanley were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees' inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the subject Funds in light of the services provided by Barrow Hanley. After full and careful consideration, the Trustees agreed that the fees charged by Barrow Hanley and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Barrow Hanley. The Independent Trustees considered the economies of scale, noting that the fee schedule contained breakpoints. The Trustees decided that this particular factor was less relevant with respect to the Barrow Hanley Investment Sub-Advisory Agreement because Barrow Hanley was paid out of the fees paid to the Adviser. The Independent Trustees also considered any "fallout" benefits to Barrow Hanley with respect to the Funds. After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees' decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

<u>**Eagle Global Advisors, LLC;**</u> Sub-Adviser to the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors, LLC ("Eagle"), on behalf of the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund (each a "Fund" and collectively the "Funds"). The Trustees reviewed the 2026 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Eagle and reviewed the materials provided by Eagle in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Eagle's financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding Eagle's key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Eagle Investment Sub-Advisory Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Funds by Eagle. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Funds. The Trustees considered that Eagle has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Eagle possesses adequate resources to manage the Funds. The Trustees also considered Eagle's compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of each Fund and Eagle's performance in managing each of the Funds. The Trustees noted that comprehensive performance information had been provided for the Funds at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After review of the Funds' performance over time, the Trustees concluded that each Fund's performance was satisfactory, and that Eagle was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Eagle were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees' inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the subject Funds in light of the services provided by Eagle. After full and careful consideration, the Trustees agreed that the fees charged by Eagle and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Eagle. The Independent Trustees considered the economies of scale, noting that the fee schedule contained breakpoints. The Trustees decided that this particular factor was less relevant with respect to the Eagle Investment Sub-Advisory Agreement because Eagle was paid out of the fees paid to the Adviser. The Independent Trustees also considered any "fallout" benefits to Eagle with respect to the Funds. After consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Funds and their shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees' decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

<u>**Chilton Capital Management, LLC;**</u> Sub-Adviser to the Timothy Plan Defensive Strategies Fund REIT allocation.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Chilton Capital Management, LLC ("Chilton"), on behalf of the Timothy Plan Defensive Strategies Fund REIT allocation (the "Fund"). The Trustees reviewed the 2026 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Chilton and reviewed the materials provided by Chilton in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Chilton's financial statements,

**ADDITIONAL INFORMATION (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 127

Form ADV, the Compliance Policies and Procedures Manual, information regarding Chilton's key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Investment Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Chilton Investment Sub-Advisory Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund by Chilton. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Fund. The Trustees considered that Chilton has a staff of skilled investment professionals who provide research and trading services to the Fund and determined that Chilton possesses adequate resources to manage the Fund. The Trustees also considered Chilton's compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of the Fund and Chilton's performance in managing the Fund. The Trustees noted that comprehensive performance information had been provided for the Fund at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After reviewing the Fund's performance over time, the Trustees concluded that the Fund's performance was satisfactory, and that Chilton was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Chilton were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees' inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the Fund in light of the services provided by Chilton. After full and careful consideration, the Trustees agreed that the fees charged by Chilton and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Chilton. The Independent Trustees considered the economies of scale, noting that the fee schedule contained breakpoints. The Trustees decided that this particular factor was less relevant with respect to the Chilton Investment Sub-Advisory Agreement because Chilton was paid out of the fees paid to the Adviser. The Independent Trustees also considered any "fallout" benefits to Chilton with respect to the Fund. After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Fund and its shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees' decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

<u>**CoreCommodity Management, LLC;**</u> Sub-Adviser to the Timothy Plan Defensive Strategies Fund commodity allocation.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and CoreCommodity Management, LLC ("CoreCommodity"), on behalf of the Timothy Plan Defensive Strategies Fund commodity allocation (the "Fund"). The Trustees reviewed the 2026 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for CoreCommodity and reviewed the materials provided by CoreCommodity in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, CoreCommodity's financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding CoreCommodity's key personnel and brokerage policies, and comparative expense and performance information. The Trustees considered the following factors, among others, in connection with determining whether to approve the continuance of the Investment Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the CoreCommodity Investment Sub-Advisory Agreement should be renewed for an additional year. The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund by CoreCommodity. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Fund. The Trustees considered that CoreCommodity has a staff of skilled investment professionals who provide research and trading services to the Fund and determined that CoreCommodity possesses adequate resources to manage the Fund. The Trustees also considered CoreCommodity's compliance program and noted the resources it has dedicated towards compliance, including providing a qualified compliance officer to oversee its compliance program. The Trustees next considered the investment performance of the Fund and CoreCommodity's performance in managing the Fund. The Trustees noted that comprehensive performance information had been provided for the Fund at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After reviewing the Fund's performance over time, the Trustees concluded that the Fund's performance was satisfactory, and that CoreCommodity was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to CoreCommodity were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees' inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the Fund in light of the services provided by CoreCommodity. After full and careful consideration, the Trustees agreed that the fees charged by CoreCommodity and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by CoreCommodity. The Independent Trustees considered the economies of scale, deciding that this particular factor was less relevant with respect to the CoreCommodity Investment Sub-Advisory Agreement because CoreCommodity was paid out of the fees paid to the Adviser. The Independent Trustees

**ADDITIONAL INFORMATION (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 128

also considered any "fallout" benefits to CoreCommodity with respect to the Fund. After consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the Fund and its shareholders. In arriving at this conclusion, the Trustees noted that no single factor was responsible for the Trustees' decision to approve the continuation of the Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

**ADDITIONAL INFORMATION (UNAUDITED)**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 129

**Section 8 \|** 

---

| | | | |
|:---|:---|:---|:---|
| **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**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 130

---

| | |
|:---|:---|
| **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**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 131

**Section 9 \|** Disclosures

**Customer Identification Program** 

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

**Disclosures** 

**HOW TO OBTAIN PROXY VOTING INFORMATION** 

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

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

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

**DISCLOSURES**

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION \| 132

![](fp0098502-2_133.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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(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](fp0098502-1_ex99cert.htm)

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):

[Attached hereto. Exhibit 99.906CERT](fp0098502-1_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/ Greg Ally |
| Greg Ally | Greg Ally |
| Treasurer/Principle Financial Officer | Treasurer/Principle Financial Officer |

---

Date: 6/5/2026

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/ Brian Mumbert |
| Brian Mumbert | Brian Mumbert |
| President/Principle Executive Officer | President/Principle Executive Officer |

---

Date: 6/5/2026

---

| | |
|:---|:---|
| By | /s/ Greg Ally |
| Greg Ally | Greg Ally |
| Treasurer/Principle Financial Officer | Treasurer/Principle Financial Officer |

---

Date: 6/5/2026

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Brian Mumbert, 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: 6/5/2026 | /s/ Brian Mumbert |
|  | Brian Mumbert |
|  | President/Principle Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Greg Ally, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;2. I have reviewed this report on Form N-CSR of The Timothy Plan ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;3. 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;4. 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;5. 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;b. 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;c. 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;d. 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;e. 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;6. 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;b. 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;c. 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: 6/5/2026 | /s/ Greg Ally |
|  | Greg Ally |
|  | Treasurer/Principle Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

Brian Mumbert, President/Principle Executive Officer & Greg Ally, Treasurer/Principle Financial Officer of The Timothy Plan (the "Registrant"), certify 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 March 31, 2026, (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 | President/Principle Executive Officer |
| The Timothy Plan | The Timothy Plan |
| /s/ Brian Mumbert | /s/ Brian Mumbert |
| Brian Mumbert | Brian Mumbert |
| Date: | 6/5/2026 |
| Treasurer/Principle Financial Officer | Treasurer/Principle Financial Officer |
| The Timothy Plan | The Timothy Plan |
| /s/ Greg Ally | /s/ Greg Ally |
| Greg Ally | Greg Ally |
| Date: | 6/5/2026 |

---

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.