US Equity Fixed IncomeInternationaland Global

Inflation Sensitive Assets Asset Allocation

Value Growth Corporate Hybrid Global Israel Multi-Managed Internally Managed

Small CapValue

Large/MidCap Value

Large/MidCap Growth

AggressiveGrowth

FixedIncome

High YieldBond International

Israel Common

ValuesStrategic Growth Conservative GrowthDefensive Strategies

Westwood Westwood Chartwell Barrow Hanley

EagleGlobal Timothy Partners

WilliamCostello

LisaDong

PeterSchofield

JohnGualy

Core-Commodity Delaware Barrow

Hanley

AdamDeChiara

Babak “Bob”Zenouzi

JohnWilliams

LisaDong

MarkFreeman

Edward Allen III

BobHyman

DamonAndres

Matthew Lockridge

ScottLawson

Thomas Hunt III

BobHyman

FredericRowsey

MatthewLockridge

StevenRusso Hybrid Hybrid

VarunSingh

JohnWilliams

Hybrid Hybrid

Hybrid Hybrid Hybrid Hybrid

B O A R D O F T R U S T E E S

T I M O T H Y P L A N ’ S B I B L I C A L S C R E E N S

A T E A M O F P R O F E S S I O N A L S U B A D V I S O R A N A LY S T S

Chartwell

EdAntoian

PeterScholfield

Barrow Hanley

DavidHardin

MarkLuchsinger

Scott McDonald

JohnWilliams

EagleGlobal

JohnGualy

Timothy Partners

Large/Mid CapValue

Large/Mid CapGrowth

AggressiveGrowth

Small CapValue

Emerging Markets

Israel CommonValues

DefensiveStrategies

International

DeborahPetruzzelli

A: TLGAXC: TLGCXI: TPLIX

ScottHastings

Family of Mutual FundsThe Timothy Plan offers diversification across 4 asset categories, 9 investment styles, 13 funds, 8 management firms and 39 fund managers.

Kingdom Class management processAt The Timothy Plan, we believe following “Kingdom Class” practices is essential in every aspect ofour funds. Through a multi-faceted process, each manager is carefully assessed by Timothy Partners,Ltd, our Board of Trustees, and by a team of professional subadviser analysts, to ensure they are agood fit, especially considering the implementation of our biblical screens. As a result, we believeour funds give investors access to some of the industry’s best of class money managers.

Investing in a mutual fund may result in a loss of principal. Carefully consider the investment objectives, risks, charges, and expenses beforeinvesting. A prospectus is available from the fund or your financial professional that contains this, and other more complete, importantinformation. Please read it carefully before investing or sending money. Distributed by Timothy Partners, Ltd. Member FINRA.This sample allocation represents The Timothy Plan’s Conservative Growth Portfolio target allocations of The Timothy Plan funds; allocations may fluctuate with market conditions. *Growth & In-come fund commenced October 1, 2013.

Money managers are current as of 9/31/2016. The Timothy Plan has the right to alter the allocations of the asset allocation funds without a shareholder vote. Investments in the funds are not de-posits with or other liabilities of any of the money managers and are subject to investment risk, including loss of income and principal invested and possible delays in payment of redemption pro-ceeds. The money managers do not guarantee the performance of any fund or any particular rate of return.

JohnHeffern

EmergingMarkets*

Brandes

LouisLau

Growth& Income

Total Return

Growth &Income

James

FrankJames

BrianCulpepper

BarryJames

DavidJames

ThomasMangan

AnnShaw

BrianShepardson

High YieldBond

1055 Maitland Center CommonsMaitland, FL 32751

(800) 846-7526invest@timothyplan.comtimothyplan.com

TrentDysert

MatthewWatson

DavidHardin

MarkLuchsinger

Scott McDonald

ErikOlson

ErikOlson

EACH FUND MAY BE SUBJECT TO SOME OR ALL OF THE FOLLOWING PRINCIPAL RISKS:

1. General Risk | As with most other mutual funds, you can lose moneyby investing in these Funds. Share prices fluctuate from day to day,and when you sell your shares, they may be worth less than you paidfor them.

2. Principal Risks:

Commodities-based Exchange Traded Funds Risk: Commodity ETFsinvest in Physical Commodities and/or Commodity Futures Con-tracts, which Contracts are highly leveraged investment vehicles,and therefore generally considered to be high risk. By investing inCommodity ETFs, the Fund assumes portions of that risk. ETFsmay only purchase commodities futures contracts (the buy side),therefore the Fund’s risk includes missing opportunities to realizegains by shorting futures contracts (the sell side) in deflationaryeconomic periods. It is possible the Fund’s entire ETF investmentcould be lost.

Commodities-based Exchange Traded Funds Risk: Commodity ETFsinvest in Physical Commodities and/or Commodity Futures Con-tracts which Contracts are highly leveraged investment vehicles,and therefore generally considered to be high risk. By investingin underlying funds holding Commodity ETFs, the Fund assumesportions of that risk. ETFs may only purchase commodities futurescontracts (the buy side), therefore the risks include missing op-portunities to realize gains by shorting futures contracts (the sellside) in deflationary economic periods. It is possible an underlyingFund’s entire ETF investment could be lost. Also, ETF's have ex-penses associated with them, and although indirect, these ex-penses may cause the Fund's return to be lower.

Country-Specific Risk: One underlying fund invests in Israeli securi-ties, and Israel is subject to unique political and economic risks.As a result, Israeli securities can be more volatile than the marketas a whole and can perform differently from the value of the mar-ket as a whole. The investments in the securities of Israel may ex-perience more rapid and extreme changes in value than fundswith investments solely in securities of U.S. companies or fundsthat invest across a larger spectrum of the foreign market. This isbecause the securities market in Israel is relatively small, with alimited number of companies representing a smaller number ofindustries. Israeli issuers are not subject to the same degree ofregulation as U.S. issuers. Also, nationalization, expropriation orconfiscatory taxation or political changes could adversely affectthe Fund’s investments in a foreign country.

Credit Risk: If investment grade bonds are downgraded in credit rat-ing or go into default, the result could be a loss of value, and theFund could lose money. The degree of risk for a particular securitymay or may not be reflected in its credit rating. Bonds that areunrated, or rated BBB by Standard & Poor’s at the time of pur-chase, are subject to greater market risk and credit risk, or loss ofprincipal and interest, than higher-rated securities. High yield se-curities (“junk” bonds) are subject to greater risk of loss than in-vestment grade securities. Unrated bonds or bonds rated BB orlower by Standard & Poor’s at the time of purchase, (“junk”bonds) are subject to greater market risk and credit risk, or loss ofprincipal and interest, than higher-rated securities.

Currency Risk: Securities represented by ADRs are foreign stocks de-nominated in non-U.S. currency, and there is a risk that fluctua-tions in the exchange rates between the U.S. dollar and foreigncurrencies may negatively affect the value of the investments inforeign securities. For securities that are foreign stocks denomi-nated in non-U.S. currency, there is a risk that fluctuations in theexchange rates between the U.S. dollar and foreign currenciesmay negatively affect the value of the investments in foreign se-curities.

Emerging Market Risk: Investments in the securities of emergingcountries may experience more rapid and extreme changes invalue than investments solely in securities of U.S. companies andinvestments in a larger spectrum of the foreign market. This is be-cause the securities markets in some emerging countries are rela-tively small, with a limited number of companies representing a

smaller number of industries. Issuers in emerging countries are fre-quently not subject to the same degree of regulation as U.S. is-suers. Also, nationalization, expropriation or confiscatory taxationor political changes could adversely affect investments in emergingforeign countries.

Equity Market Risk: Overall, stock market risks may affect the valueof the Fund. Factors such as domestic economic growth and mar-ket conditions, interest rate levels, and political events affect thesecurities markets. When the value of the Fund’s investments goesdown, your investment in the Fund decreases in value and youcould lose money.

Exchange Traded Fund Risk: An ETF may trade at a discount to itsnet asset value. Investors indirectly bear fees and expensescharged by the underlying ETFs in addition to the Fund’s directfees and expenses. There are also brokerage costs incurred whenpurchasing ETFs. In addition, losses of the underlying ETF and thelevel of risk arising from the investment practices of an underlyingETF may impact returns.

Excluded Security Risk: Because the underlying Funds do not investin Excluded Securities (including certain REITs) , and will divestthemselves of securities that are subsequently discovered to be in-eligible, the Fund may be riskier than similar funds that invest inunderlying funds that invest in broader arrays of securities.

Fixed Income Risk: Fixed income securities will increase or decreasein value based on changes in interest rates. If rates increase, fixedincome securities generally will decline, and those securities withlonger terms generally will decline more. Your investment will de-cline in value if the value of fixed income securities decrease. Thereis a risk that issuers and counterparties will not make paymentson fixed income securities and repurchase agreements. Such de-faults could result in losses to the Fund.

Foreign Investment Risk: Foreign investing involves risks not typicallyassociated with U.S. investments and may experience more rapidand extreme changes in value than investments solely in securitiesof U.S. companies. These risks include, among others, adversefluctuations in foreign currency values as well as adverse political,social and economic developments affecting a foreign country. Inaddition, foreign investing involves less publicly available infor-mation, and more volatile or less liquid securities markets. Invest-ments in foreign countries could be affected by factors not presentin the U.S., such as restrictions on receiving the investment pro-ceeds from a foreign country, foreign tax laws, and potential dif-ficulties in enforcing contractual obligations. Foreign accountingmay be less transparent than U.S. accounting practices and foreignregulation may be inadequate or irregular. Underlying Funds own-ing foreign securities could cause the Fund’s performance to fluc-tuate more than if it held only U.S. securities.

General Risk: As with most other mutual funds, you can lose moneyby investing in this Fund. Share prices fluctuate from day to day,and when you sell your shares, they may be worth less than youpaid for them.

Growth Risk: Some underlying Funds invest in companies after as-sessing their growth potential. Securities of growth companiesmay be more volatile than other stocks. If a portfolio manager’sperception of a company’s growth potential is not realized, thesecurities purchased may not perform as expected, reducing theFund’s return. In addition, because different types of stocks tendto shift in and out of favor depending on market and economicconditions, “growth” stocks may perform differently from themarket as a whole and other types of securities.

High Portfolio Turnover Risk: Higher portfolio turnover rates may in-dicate higher transaction costs and may result in higher taxeswhen Fund shares are held in a taxable account. These costs,which are not reflected in annual Fund operating expenses or inthe Example, affect the Fund’s performance.

High Yield Security Risk: Investments in fixed-income securities thatare rated below investment grade (“high yield securities”) by oneor more Nationally Recognized Statistical Rating Organizations(NRSROs) may be subject to greater risk of loss of principal andinterest than investments in higher-rated fixed-income securities.

High yield securities are also generally considered to be subject togreater market risk than higher-rated securities. The capacity ofissuers of high yield securities to pay interest and repay principalis more likely to weaken than is that of issuers of higher-rated se-curities in times of deteriorating economic conditions or rising in-terest rates. In addition, high yield securities may be moresusceptible to real or perceived adverse economic conditions thanhigher-rated securities. The market for high yield securities maybe less liquid than the market for higher-rated securities. This canadversely affect an underlying Fund’s ability to buy or sell optimalquantities of high yield securities at desired prices.

Interest Rate Risk: When interest rates rise, bond prices fall; thehigher an underlying Fund’s duration (a calculation reflecting timerisk, taking into account both the average maturity of the Fund’sportfolio and its average coupon return), the more sensitive theunderlying Fund is to interest rate risk.

Investing In Other Funds Risk: The Fund invests in the securities ofother investment companies. To the extent that the Fund investsin other mutual funds, exchange traded funds and other commin-gled funds, it will indirectly bear the expenses of those funds,which will cause the Fund's return to be lower.

Issuer-Specific Risk: The value of an individual security or a particulartype of security can be more volatile than the market as a wholeand can perform differently from the value of the market as awhole.

Larger Company Investing Risk: Larger, more established companiesmay be unable to respond quickly to new competitive challengeslike changes in consumer tastes or innovative smaller competitors.Also, larger companies are sometimes unable to attain the highgrowth rates of successful, smaller companies, especially duringextended periods of economic expansion.

Management Risk: An Advisor’s judgments about the attractiveness,value and potential appreciation of a particular asset class or indi-vidual security in which an underlying Fund invests may prove tobe incorrect. The Fund may experience losses regardless of theoverall performance of the market.

Mid-Sized Company Investing Risk: Investing in mid-sized compa-nies often involves greater risk than investing in larger companies.Mid-sized companies may not have the management experience,financial resources, product diversification and competitivestrengths of larger companies. The securities of mid-sized com-panies, therefore, tend to be more volatile than the securities oflarger, more established companies. Mid-sized company stockstend to be bought and sold less often and in smaller amounts thanlarger company stocks. Because of this, if a fund wants to sell alarge quantity of a mid-sized company’s stock, it may have to sellat a lower price than would otherwise be indicated, or it may haveto sell in smaller than desired quantities over an increased timeperiod.

Municipal Securities Risk: The power or ability of an issuer to makeprincipal and interest payments on municipal securities may bematerially adversely affected by economic conditions, litigation orother factors. An underlying Fund's right to receive principal andinterest payments may be subject to the provisions of bankruptcy,insolvency, and other laws affecting the rights and remedies ofcreditors, as wells as laws, if any, which may be enacted by Con-gress or state legislatures extending the time for payment of prin-cipal and/or interest or imposing other constraints upon theenforcement of such obligations. In addition, substantial changesin federal income tax laws could cause municipal security pricesto decline because the demand for municipal securities is stronglyinfluenced by the value of tax exempt income to investors.

Non-Diversification Risk: Because the underlying Funds may investin a smaller number of securities, adverse changes to a single se-curity might have a more pronounced negative effect on a Fundthan if the Fund’s investments were more widely distributed.

Real Estate Investment Trust Risk: To the extent underlying Funds in-vest in real estate investment trusts, the Fund is subject to risksexperienced in real estate ownership, real estate financing, orboth. As the economy is subjected to a period of economic de-

flation or interest rate increases, the demand for real estate mayfall, causing a decline in the value of real estate owned. Also, asinterest rates increase, the values of existing mortgages fall. Thehigher the duration (a calculation reflecting time risk, taking intoaccount the average maturity of the mortgages) of the mortgagesheld in REITs owned by underlying Funds, the more sensitive theFund is to interest rate risks. The underlying Funds are also subjectto credit risk; the Fund could lose money if mortgagors default onmortgages held in the REITs.

Sector Risk: If certain industry sectors or types of securities don’t per-form as well as the managers of the underlying Funds expect, theFund’s performance could suffer.

Small Cap Company Risk: Smaller capitalization companies may ex-perience higher failure rates than do larger capitalization compa-nies. In addition, smaller companies may be more vulnerable toeconomic, market and industry changes. As a result, share pricechanges may be more sudden or erratic than the prices of otherequity securities, especially over the short term. Such companiesmay have limited product lines, markets or financial resources andmay lack management depth. The trading volume of securities ofsmaller capitalization companies is normally less than that of largercapitalization companies, and therefore may disproportionatelyaffect their market price, tending to make them fall more in re-sponse to selling pressure than is the case with larger capitalizationcompanies. Some small capitalization stocks may be illiquid. Theserisks may be enhanced for micro-cap securities. Many micro-capcompanies tend to be new and have no proven track record. Someof these companies have no assets or operations, while othershave products and services that are still in development or haveyet to be tested in the market. Because micro-cap stocks trade inlow volumes, any size of trade can have a large percentage impacton the price of the stock.

Sovereign Debt Risk: The underlying Funds may invest in sovereigndebt obligations. Investment in sovereign debt obligations involvesspecial risks not present in corporate debt obligations. The issuerof the sovereign debt or the governmental authorities that controlthe repayment of the debt may be unable or unwilling to repayprincipal or interest when due, and the Fund may have limited re-course in the event of a default. During periods of economic un-certainty, the market prices of sovereign debt, and the underlyingFunds’ net asset values, may be more volatile than prices of U.S.debt obligations.

Stock Market Risk: The Fund is an equity fund, so it is subject to therisks inherent in the stock market in general. The stock market iscyclical, with prices generally rising and falling over periods oftime. Some of these price cycles can be pronounced and last fora long time.

Treasury-Inflation Protected Securities Risk: Because the real rate ofreturn offered by TIPS, which represents the growth of purchasingpower, is guaranteed by the Federal Government, TIPS may offera lower return than other fixed income instruments that do nothave such guarantees. Other conventional bond issues may offerhigher yields.

Value Investing Risk: Because different types of stocks tend to shiftin and out of favor depending on market and economic condi-tions, “value” stocks may perform differently from the market asa whole and other types of stocks and can continue to be under-valued by the market for long periods of time. It is also possiblethat a value stock may never appreciate to the extent expected.

DIVERSIFICATION AND ASSET ALLOCATION DO NOT ASSURE PROFITOR PROTECT AGAINST LOSS IN DECLINING MARKETS.

Family ofMutual Funds

Strategic GrowthPortfolioThe Timothy Plan offers diversification across 4 asset categories, 8 investment styles, 11 funds, 8 management firms, over 762 portfolioholdings and 43 fund managers.

Institutional quality portfolio solutionAt The Timothy Plan, we believe following “Kingdom Class” practices is essential in every aspect ofour funds. Through a multi-faceted process, each manager is carefully assessed by Timothy Partners,Ltd, our Board of Trustees, and by a team of professional subadviser analysts, to ensure they are agood fit, especially considering the implementation of our biblical screens. As a result, we believeour funds give investors access to some of the industry’s best of class money managers.

Investing in a mutual fund may result in a loss of principal. Carefully consider the investment objectives, risks, charges, and expenses beforeinvesting. A prospectus is available from the fund or your financial professional that contains this, and other more complete, importantinformation. Please read it carefully before investing or sending money. Distributed by Timothy Partners, Ltd. Member FINRA.This sample allocation represents The Timothy Plan’s Strategic Growth Portfolio target allocation of The Timothy Plan funds; the allocation may fluctuate with market conditions. *Growth & Income fund commenced October 1, 2013.

Money managers and portfolio holdings listed are current as of 9/30/2016. Cash holdings which are not listed in chart above make up 10.5% of the portfolio. Timothy Plan has the right to alter theallocation of the portfolio without a shareholder vote. Investments in the funds are not deposits with or other liabilities of any of the money managers and are subject to investment risk, includingloss of income and principal invested and possible delays in payment of redemption proceeds. The money managers do not guarantee the performance of any fund or any particular rate of return.

1055 Maitland Center CommonsMaitland, FL 32751

(800) 846-7526invest@timothyplan.comtimothyplan.com

33% US Equity 19% Fixed Income 16% Non US Equity 22% Inflation Sensitive Assets

Value Growth Corporate Hybrid International Israel Multi-Managed

Small Cap Value3%

Large/Mid CapValue

7%

Large/Mid CapGrowth

6%

AggressiveGrowth

2%Fixed Income

13%High Yield Bond

6%International

11%

Israel CommonValues

3%Defensive Strategies

22%

Westwood Westwood Chartwell Barrow Hanley Eagle Global CoreCommodity Delaware BarrowHanley

B O A R D O F T R U S T E E S

T I M O T H Y P L A N ’ S B I B L I C A L S C R E E N S

A T E A M O F P R O F E S S I O N A L S U B A D V I S O R A N A LY S T S

Chartwell Barrow Hanley Eagle Global

4 asset categories

8 investment styles

3 “Kingdom Class” investment processes

8 management firms

767 portfolio holdings

44 fund managers

11 Timothy Plan funds

51Holdings

37Holdings

71Holdings

28Holdings

44Holdings

118Holdings

42Holdings

21Holdings

103Holdings

95Holdings

42Holdings

Emerging Markets

2%

Brandes

65Holdings

Income

Growth& Income

15%

James

45Holdings

William Costello

Lisa Dong

Peter Schofield John Gualy Adam DeChiara Babak “Bob”Zenouzi John Williams

Lisa Dong

Mark Freeman

Edward Allen III Bob Hyman Damon Andres

Matthew Lockridge

Scott Lawson

Thomas Hunt III Blank Mark Luchsinger

Frederic Rowsey Matthew Lockridge Steven Russo Blank Blank Scott McDonald

Varun Singh Blank

John Williams

Blank Blank Erik Olson

Blank Blank Blank Blank

Ed Antoian

John Heffern

Peter Schofield

David Hardin

Mark Luchsinger

Scott McDonald

John Williams John Gualy

Deborah Petruzzelli

Scott Hastings

Blank

Blank

Louis LauFrank James

David Hardin

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Strategic GrowthPortfolioThe Fund’s investment objective is to generate moderate levels of long-term capital growth. The Fund attempts to achieve its investment ob-jective by normally investing at least 75% of its total assets in thefollowing Traditional Funds according to the following approximaterange of percentages:

TIMOTHY PLAN % OF FUND’S NET ASSETSTRADITIONAL FUND INVESTED IN TRADITIONAL FUNDSmall Cap Value Fund 2 - 10%Large/Mid Cap Value Fund 10 - 20%Large/Mid Cap Growth Fund 10 - 20%Aggressive Growth Fund 2 - 10%Growth & Income Fund 5 - 20%High Yield Bond Fund 6 - 18%International Fund 10 - 20%Israel Common Values Fund 0 - 10%Emerging Markets Fund 0 - 10%Defensive Strategies Fund 10 - 30%

Timothy Partners, Ltd. (“TPL”) will determine the specific asset alloca-tion program on a continuous basis, based on its forecast of the overallmarket. On each day that the Fund is open for business, TPL will reviewthe asset allocation program and reallocate, as necessary, for any newfunds invested in the Fund. The Advisor also will reallocate the Fund’sinvestments in the Traditional Funds at the end of each fiscal quarter tomaintain the asset allocation program.

DIVERSIFICATION AND ASSET ALLOCATION DO NOT ASSUREPROFIT OR PROTECT AGAINST LOSS IN DECLINING MARKETS.

THE FUND IS SUBJECT TO THE FOLLOWING PRINCIPAL RISKS:

1. General Risk | As with most other mutual funds, you can losemoney by investing in these Funds. Share prices fluctuate from dayto day, and when you sell your shares, they may be worth less thanyou paid for them.

2. Portfolio Risks | The Fund is indirectly subject to the following risksthat are inherent in the Traditional Funds in which the Fund invests:

Commodities-based Exchange Traded Funds Risk: Commodity ETFsinvest in Physical Commodities and/or Commodity Futures Con-tracts which Contracts are highly leveraged investment vehicles,and therefore generally considered to be high risk. By investingin underlying funds holding Commodity ETFs, the Fund assumesportions of that risk. ETFs may only purchase commodities fu-tures contracts (the buy side), therefore the risks include missingopportunities to realize gains by shorting futures contracts (thesell side) in deflationary economic periods. It is possible an un-derlying Fund’s entire ETF investment could be lost. Also, ETF'shave expenses associated with them, and although indirect,these expenses may cause the Fund's return to be lower.

Country-Specific Risk: One underlying fund invests in Israeli secu-rities, and Israel is subject to unique political and economic risks.As a result, Israeli securities can be more volatile than the marketas a whole and can perform differently from the value of themarket as a whole. The investments in the securities of Israelmay experience more rapid and extreme changes in value thanfunds with investments solely in securities of U.S. companies orfunds that invest across a larger spectrum of the foreign market.This is because the securities market in Israel is relatively small,with a limited number of companies representing a smaller num-ber of industries. Israeli issuers are not subject to the same de-gree of regulation as U.S. issuers. Also, nationalization,expropriation or confiscatory taxation or political changes couldadversely affect the Fund’s investments in a foreign country.

Credit Risk: If investment grade bonds are downgraded in creditrating or go into default, the result could be a loss of value, andthe Fund could lose money. The degree of risk for a particularsecurity may or may not be reflected in its credit rating. Bondsthat are unrated, or rated BBB by Standard & Poor’s at the timeof purchase, are subject to greater market risk and credit risk, orloss of principal and interest, than higher-rated securities. Highyield securities (“junk” bonds) are subject to greater risk of lossthan investment grade securities. Unrated bonds or bonds ratedBB or lower by Standard & Poor’s at the time of purchase,(“junk” bonds) are subject to greater market risk and credit risk,or loss of principal and interest, than higher-rated securities.

Currency Risk: Securities represented by ADRs are foreign stocksdenominated in non-U.S. currency, and there is a risk that fluc-tuations in the exchange rates between the U.S. dollar and for-eign currencies may negatively affect the value of theinvestments in foreign securities. For securities that are foreignstocks denominated in non-U.S. currency, there is a risk that fluc-tuations in the exchange rates between the U.S. dollar and for-eign currencies may negatively affect the value of theinvestments in foreign securities.

Emerging Market Risk: Investments in the securities of emergingcountries may experience more rapid and extreme changes invalue than investments solely in securities of U.S. companies andinvestments in a larger spectrum of the foreign market. This isbecause the securities markets in some emerging countries arerelatively small, with a limited number of companies representinga smaller number of industries. Issuers in emerging countries arefrequently not subject to the same degree of regulation as U.S.issuers. Also, nationalization, expropriation or confiscatory tax-ation or political changes could adversely affect investments inemerging foreign countries.

Equity Market Risk: Overall, stock market risks may affect the valueof the Fund. Factors such as domestic economic growth andmarket conditions, interest rate levels, and political events affectthe securities markets. When the value of the Fund’s investmentsgoes down, your investment in the Fund decreases in value andyou could lose money.

Exchange Traded Fund Risk: An ETF may trade at a discount to itsnet asset value. Investors indirectly bear fees and expensescharged by the underlying ETFs in addition to the Fund’s directfees and expenses. There are also brokerage costs incurred whenpurchasing ETFs. In addition, losses of the underlying ETF andthe level of risk arising from the investment practices of an un-derlying ETF may impact returns.

Excluded Security Risk: Because the underlying Funds do not investin Excluded Securities (including certain REITs) , and will divestthemselves of securities that are subsequently discovered to beineligible, the Fund may be riskier than similar funds that investin underlying funds that invest in broader arrays of securities.

Fixed Income Risk: Fixed income securities will increase or decreasein value based on changes in interest rates. If rates increase, fixedincome securities generally will decline, and those securities withlonger terms generally will decline more. Your investment willdecline in value if the value of fixed income securities decrease.There is a risk that issuers and counterparties will not make pay-ments on fixed income securities and repurchase agreements.Such defaults could result in losses to the Fund.

Foreign Investment Risk: Foreign investing involves risks not typi-cally associated with U.S. investments and may experience morerapid and extreme changes in value than investments solely insecurities of U.S. companies. These risks include, among others,adverse fluctuations in foreign currency values as well as adversepolitical, social and economic developments affecting a foreigncountry. In addition, foreign investing involves less publicly avail-able information, and more volatile or less liquid securities mar-kets. Investments in foreign countries could be affected by factorsnot present in the U.S., such as restrictions on receiving the in-vestment proceeds from a foreign country, foreign tax laws, andpotential difficulties in enforcing contractual obligations. Foreignaccounting may be less transparent than U.S. accounting prac-tices and foreign regulation may be inadequate or irregular. Un-derlying Funds owning foreign securities could cause the Fund’sperformance to fluctuate more than if it held only U.S. securities.

General Risk: As with most other mutual funds, you can losemoney by investing in this Fund. Share prices fluctuate fromday to day, and when you sell your shares, they may be worthless than you paid for them.

Growth Risk: Some underlying Funds invest in companies after as-sessing their growth potential. Securities of growth companiesmay be more volatile than other stocks. If a portfolio manager’sperception of a company’s growth potential is not realized, thesecurities purchased may not perform as expected, reducing theFund’s return. In addition, because different types of stocks tendto shift in and out of favor depending on market and economicconditions, “growth” stocks may perform differently from themarket as a whole and other types of securities.

High Portfolio Turnover Risk: Higher portfolio turnover rates mayindicate higher transaction costs and may result in higher taxeswhen Fund shares are held in a taxable account. These costs,which are not reflected in annual Fund operating expenses or inthe Example, affect the Fund’s performance.

High Yield Security Risk: Investments in fixed-income securitiesthat are rated below investment grade (“high yield securities”)by one or more Nationally Recognized Statistical Rating Organ-izations (NRSROs) may be subject to greater risk of loss of prin-cipal and interest than investments in higher-rated fixed-incomesecurities. High yield securities are also generally considered tobe subject to greater market risk than higher-rated securities.The capacity of issuers of high yield securities to pay interest andrepay principal is more likely to weaken than is that of issuers ofhigher-rated securities in times of deteriorating economic con-ditions or rising interest rates. In addition, high yield securitiesmay be more susceptible to real or perceived adverse economicconditions than higher-rated securities. The market for highyield securities may be less liquid than the market for higher-rated securities. This can adversely affect an underlying Fund’sability to buy or sell optimal quantities of high yield securities atdesired prices.

Interest Rate Risk: When interest rates rise, bond prices fall; thehigher an underlying Fund’s duration (a calculation reflectingtime risk, taking into account both the average maturity of theFund’s portfolio and its average coupon return), the more sen-sitive the underlying Fund is to interest rate risk.

Investing In Other Funds Risk: The Fund invests in the securitiesof other investment companies. To the extent that the Fund in-vests in other mutual funds, exchange traded funds and othercommingled funds, it will indirectly bear the expenses of thosefunds, which will cause the Fund's return to be lower.

Issuer-Specific Risk: The value of an individual security or a partic-ular type of security can be more volatile than the market as awhole and can perform differently from the value of the marketas a whole.

Larger Company Investing Risk: Larger, more established compa-nies may be unable to respond quickly to new competitive chal-lenges like changes in consumer tastes or innovative smallercompetitors. Also, larger companies are sometimes unable toattain the high growth rates of successful, smaller companies,especially during extended periods of economic expansion.

Management Risk: An Advisor’s judgments about the attractive-ness, value and potential appreciation of a particular asset classor individual security in which an underlying Fund invests mayprove to be incorrect. The Fund may experience losses regardlessof the overall performance of the market.

Mid-Sized Company Investing Risk: Investing in mid-sized com-panies often involves greater risk than investing in larger com-panies. Mid-sized companies may not have the managementexperience, financial resources, product diversification and com-petitive strengths of larger companies. The securities of mid-sized companies, therefore, tend to be more volatile than thesecurities of larger, more established companies. Mid-sized com-pany stocks tend to be bought and sold less often and in smalleramounts than larger company stocks. Because of this, if a fundwants to sell a large quantity of a mid-sized company’s stock, itmay have to sell at a lower price than would otherwise be indi-cated, or it may have to sell in smaller than desired quantitiesover an increased time period.

Municipal Securities Risk: The power or ability of an issuer to makeprincipal and interest payments on municipal securities may bematerially adversely affected by economic conditions, litigationor other factors. An underlying Fund's right to receive principaland interest payments may be subject to the provisions of bank-ruptcy, insolvency, and other laws affecting the rights and reme-dies of creditors, as wells as laws, if any, which may be enactedby Congress or state legislatures extending the time for paymentof principal and/or interest or imposing other constraints uponthe enforcement of such obligations. In addition, substantialchanges in federal income tax laws could cause municipal secu-rity prices to decline because the demand for municipal securitiesis strongly influenced by the value of tax exempt income to in-vestors.

Non-Diversification Risk: Because the underlying Funds may investin a smaller number of securities, adverse changes to a single se-curity might have a more pronounced negative effect on a Fundthan if the Fund’s investments were more widely distributed.

Real Estate Investment Trust Risk: To the extent underlying Fundsinvest in real estate investment trusts, the Fund is subject to risksexperienced in real estate ownership, real estate financing, orboth. As the economy is subjected to a period of economic de-flation or interest rate increases, the demand for real estate mayfall, causing a decline in the value of real estate owned. Also,as interest rates increase, the values of existing mortgages fall.The higher the duration (a calculation reflecting time risk, takinginto account the average maturity of the mortgages) of themortgages held in REITs owned by underlying Funds, the moresensitive the Fund is to interest rate risks. The underlying Fundsare also subject to credit risk; the Fund could lose money if mort-gagors default on mortgages held in the REITs.

Sector Risk: If certain industry sectors or types of securities don’tperform as well as the managers of the underlying Funds expect,the Fund’s performance could suffer.

Small Cap Company Risk: Smaller capitalization companies may ex-perience higher failure rates than do larger capitalization com-panies. In addition, smaller companies may be more vulnerableto economic, market and industry changes. As a result, shareprice changes may be more sudden or erratic than the prices ofother equity securities, especially over the short term. Such com-panies may have limited product lines, markets or financial re-sources and may lack management depth. The trading volumeof securities of smaller capitalization companies is normally lessthan that of larger capitalization companies, and therefore maydisproportionately affect their market price, tending to makethem fall more in response to selling pressure than is the casewith larger capitalization companies. Some small capitalizationstocks may be illiquid. These risks may be enhanced for micro-cap securities. Many micro-cap companies tend to be new andhave no proven track record. Some of these companies have noassets or operations, while others have products and servicesthat are still in development or have yet to be tested in the mar-ket. Because micro-cap stocks trade in low volumes, any size oftrade can have a large percentage impact on the price of thestock.

Sovereign Debt Risk: The underlying Funds may invest in sovereigndebt obligations. Investment in sovereign debt obligations in-volves special risks not present in corporate debt obligations. Theissuer of the sovereign debt or the governmental authorities thatcontrol the repayment of the debt may be unable or unwillingto repay principal or interest when due, and the Fund may havelimited recourse in the event of a default. During periods of eco-nomic uncertainty, the market prices of sovereign debt, and theunderlying Funds’ net asset values, may be more volatile thanprices of U.S. debt obligations.

Stock Market Risk: The Fund is an equity fund, so it is subject tothe risks inherent in the stock market in general. The stock mar-ket is cyclical, with prices generally rising and falling over periodsof time. Some of these price cycles can be pronounced and lastfor a long time.

Treasury-Inflation Protected Securities Risk: Because the real rateof return offered by TIPS, which represents the growth of pur-chasing power, is guaranteed by the Federal Government, TIPSmay offer a lower return than other fixed income instrumentsthat do not have such guarantees. Other conventional bond is-sues may offer higher yields.

Value Investing Risk: Because different types of stocks tend to shiftin and out of favor depending on market and economic condi-tions, “value” stocks may perform differently from the marketas a whole and other types of stocks and can continue to be un-dervalued by the market for long periods of time. It is also pos-sible that a value stock may never appreciate to the extentexpected.

31% US Equity 29% Fixed Income 13% Non US Equity 18% Inflation Sensitive Assets

Value Growth Corporate Hybrid International Israel Multi-Managed

Small Cap Value3%

Large/Mid CapValue

4%

Large/Mid CapGrowth

4%

AggressiveGrowth

5%Fixed Income

25%High Yield Bond

4%International

8%

Israel CommonValues

3%Defensive Strategies

18%

Westwood Westwood Chartwell Barrow Hanley Eagle Global CoreCommodity Delaware BarrowHanley

B O A R D O F T R U S T E E S

T I M O T H Y P L A N ’ S B I B L I C A L S C R E E N S

A T E A M O F P R O F E S S I O N A L S U B A D V I S O R A N A LY S T S

Chartwell Barrow Hanley Eagle Global

4 asset categories

8 investment styles

3 “Kingdom Class” investment processes

8 management firms

767 portfolio holdings

44 fund managers

11 Timothy Plan funds

51Holdings

37Holdings

71Holdings

28Holdings

44Holdings

118Holdings

42Holdings

21Holdings

103Holdings

95Holdings

42Holdings

Conservative GrowthPortfolioThe Timothy Plan offers diversification across 4 asset categories, 8 investment styles, 11 funds, 8 management firms, over 762 portfolioholdings and 43 fund managers.

Investing in a mutual fund may result in a loss of principal. Carefully consider the investment objectives, risks, charges, and expenses beforeinvesting. A prospectus is available from the fund or your financial professional that contains this, and other more complete, importantinformation. Please read it carefully before investing or sending money. Distributed by Timothy Partners, Ltd. Member FINRA.This sample allocation represents The Timothy Plan’s Conservative Growth Portfolio target allocation of The Timothy Plan funds; the allocation may fluctuate with market conditions. *Growth & Income fund commenced October 1, 2013.

Money managers and portfolio holdings listed are current as of 9/30/2016. Cash holdings which are not listed in chart above make up 12.5% of the portfolio. Timothy Plan has the right to alter theallocation of the portfolio without a shareholder vote. Investments in the Funds are not deposits with or other liabilities of any of the money managers and are subject to investment risk, includingloss of income and principal invested and possible delays in payment of redemption proceeds. The money managers do not guarantee the performance of any Fund or any particular rate of return.

Institutional quality portfolio solutionAt The Timothy Plan, we believe following “Kingdom Class” practices is essential in every aspect ofour funds. Through a multi-faceted process, each manager is carefully assessed by Timothy Partners,Ltd, our Board of Trustees, and by a team of professional subadviser analysts, to ensure they are agood fit, especially considering the implementation of our biblical screens. As a result, we believeour funds give investors access to some of the industry’s best of class money managers.

Emerging Markets

2%

Brandes

65Holdings

Income

Growth& Income

15%

James

45Holdings

1055 Maitland Center CommonsMaitland, FL 32751

(800) 846-7526invest@timothyplan.comtimothyplan.com

William Costello

Lisa Dong

Peter Schofield John Gualy Adam DeChiara Babak “Bob”Zenouzi John Williams

Lisa Dong

Mark Freeman

Edward Allen III Bob Hyman Damon Andres

Matthew Lockridge

Scott Lawson

Thomas Hunt III Blank Mark Luchsinger

Frederic Rowsey Matthew Lockridge Steven Russo Blank Blank Scott McDonald

Varun Singh Blank

John Williams

Blank Blank Erik Olson

Blank Blank Blank Blank

Ed Antoian

John Heffern

Peter Schofield

David Hardin

Mark Luchsinger

Scott McDonald

John Williams John Gualy

Deborah Petruzzelli

Scott Hastings

Blank

Blank

Louis LauFrank James

David Hardin

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

Blank

The Fund’s investment objective is to generate moderate levels of long-termcapital growth. The Fund attempts to achieve its investment objective bynormally investing at least 75% of its total assets in the following TraditionalFunds according to the following approximate range of percentages:

TIMOTHY PLAN % OF FUND’S NET ASSETSTRADITIONAL FUND INVESTED IN TRADITIONAL FUNDSmall Cap Value Fund 2 - 10%Large/Mid Cap Value Fund 5 - 15%Large/Mid Cap Growth Fund 5 - 15%Aggressive Growth Fund 2 - 5%Growth & Income Fund 5 - 20%High Yield Bond Fund 5 - 15%Fixed Income Fund 20 - 40%International Fund 0 - 10%Israel Common Values Fund 0 - 10%Emerging Markets Fund 0 - 10%Defensive Strategies Fund 10 - 30%

Timothy Partners, Ltd. (“TPL”) will determine the specific asset allocation pro-gram on a continuous basis, based on its forecast of the overall market. Oneach day that the Fund is open for business, TPL will review the asset allocationprogram and reallocate, as necessary, for any new funds invested in the Fund.The Advisor also will reallocate the Fund’s investments in the Traditional Fundsat the end of each fiscal quarter to maintain the asset allocation program.

DIVERSIFICATION AND ASSET ALLOCATION DO NOT ASSURE PROFIT ORPROTECT AGAINST LOSS IN DECLINING MARKETS.

THE FUND IS SUBJECT TO THE FOLLOWING PRINCIPAL RISKS:

1. General Risk | As with most other mutual funds, you can lose money by in-vesting in these Funds. Share prices fluctuate from day to day, and when yousell your shares, they may be worth less than you paid for them.

2. Portfolio Risks | The Fund is indirectly subject to the following risks that areinherent in the Traditional Funds in which the Fund invests:

Commodities-based Exchange Traded Funds Risk: Commodity ETFs in-vest in Physical Commodities and/or Commodity Futures Contracts,which Contracts are highly leveraged investment vehicles, and there-fore generally considered to be high risk. By investing in CommodityETFs, the Fund assumes portions of that risk. ETFs may only purchasecommodities futures contracts (the buy side), therefore the Fund’srisk includes missing opportunities to realize gains by shorting futurescontracts (the sell side) in deflationary economic periods. It is possiblethe Fund’s entire ETF investment could be lost.

Commodities-based Exchange Traded Funds Risk: Commodity ETFs in-vest in Physical Commodities and/or Commodity Futures Contractswhich Contracts are highly leveraged investment vehicles, and there-fore generally considered to be high risk. By investing in underlyingfunds holding Commodity ETFs, the Fund assumes portions of thatrisk. ETFs may only purchase commodities futures contracts (the buyside), therefore the risks include missing opportunities to realize gainsby shorting futures contracts (the sell side) in deflationary economicperiods. It is possible an underlying Fund’s entire ETF investmentcould be lost. Also, ETF's have expenses associated with them, andalthough indirect, these expenses may cause the Fund's return to belower.

Country-Specific Risk: One underlying fund invests in Israeli securities,and Israel is subject to unique political and economic risks. As a re-sult, Israeli securities can be more volatile than the market as a wholeand can perform differently from the value of the market as a whole.The investments in the securities of Israel may experience more rapidand extreme changes in value than funds with investments solely insecurities of U.S. companies or funds that invest across a larger spec-trum of the foreign market. This is because the securities market inIsrael is relatively small, with a limited number of companies repre-senting a smaller number of industries. Israeli issuers are not subjectto the same degree of regulation as U.S. issuers. Also, nationaliza-tion, expropriation or confiscatory taxation or political changes couldadversely affect the Fund’s investments in a foreign country.

Credit Risk: If investment grade bonds are downgraded in credit ratingor go into default, the result could be a loss of value, and the Fundcould lose money. The degree of risk for a particular security may ormay not be reflected in its credit rating. Bonds that are unrated, orrated BBB by Standard & Poor’s at the time of purchase, are subjectto greater market risk and credit risk, or loss of principal and interest,

than higher-rated securities. High yield securities (“junk” bonds) aresubject to greater risk of loss than investment grade securities. Un-rated bonds or bonds rated BB or lower by Standard & Poor’s at thetime of purchase, (“junk” bonds) are subject to greater market riskand credit risk, or loss of principal and interest, than higher-rated se-curities.

Currency Risk: Securities represented by ADRs are foreign stocks de-nominated in non-U.S. currency, and there is a risk that fluctuationsin the exchange rates between the U.S. dollar and foreign currenciesmay negatively affect the value of the investments in foreign secu-rities. For securities that are foreign stocks denominated in non-U.S.currency, there is a risk that fluctuations in the exchange rates be-tween the U.S. dollar and foreign currencies may negatively affectthe value of the investments in foreign securities.

Emerging Market Risk: Investments in the securities of emerging coun-tries may experience more rapid and extreme changes in value thaninvestments solely in securities of U.S. companies and investmentsin a larger spectrum of the foreign market. This is because the secu-rities markets in some emerging countries are relatively small, with alimited number of companies representing a smaller number of in-dustries. Issuers in emerging countries are frequently not subject tothe same degree of regulation as U.S. issuers. Also, nationalization,expropriation or confiscatory taxation or political changes could ad-versely affect investments in emerging foreign countries.

Equity Market Risk: Overall, stock market risks may affect the value ofthe Fund. Factors such as domestic economic growth and marketconditions, interest rate levels, and political events affect the securi-ties markets. When the value of the Fund’s investments goes down,your investment in the Fund decreases in value and you could losemoney.

Exchange Traded Fund Risk: An ETF may trade at a discount to its netasset value. Investors indirectly bear fees and expenses charged bythe underlying ETFs in addition to the Fund’s direct fees and ex-penses. There are also brokerage costs incurred when purchasingETFs. In addition, losses of the underlying ETF and the level of riskarising from the investment practices of an underlying ETF may im-pact returns.

Excluded Security Risk: Because the underlying Funds do not invest inExcluded Securities (including certain REITs) , and will divest them-selves of securities that are subsequently discovered to be ineligible,the Fund may be riskier than similar funds that invest in underlyingfunds that invest in broader arrays of securities.

Fixed Income Risk: Fixed income securities will increase or decrease invalue based on changes in interest rates. If rates increase, fixed in-come securities generally will decline, and those securities with longerterms generally will decline more. Your investment will decline invalue if the value of fixed income securities decrease. There is a riskthat issuers and counterparties will not make payments on fixed in-come securities and repurchase agreements. Such defaults could re-sult in losses to the Fund.

Foreign Investment Risk: Foreign investing involves risks not typicallyassociated with U.S. investments and may experience more rapidand extreme changes in value than investments solely in securitiesof U.S. companies. These risks include, among others, adverse fluc-tuations in foreign currency values as well as adverse political, socialand economic developments affecting a foreign country. In addition,foreign investing involves less publicly available information, andmore volatile or less liquid securities markets. Investments in foreigncountries could be affected by factors not present in the U.S., suchas restrictions on receiving the investment proceeds from a foreigncountry, foreign tax laws, and potential difficulties in enforcing con-tractual obligations. Foreign accounting may be less transparent thanU.S. accounting practices and foreign regulation may be inadequateor irregular. Underlying Funds owning foreign securities could causethe Fund’s performance to fluctuate more than if it held only U.S.securities.

General Risk: As with most other mutual funds, you can lose moneyby investing in this Fund. Share prices fluctuate from day to day,and when you sell your shares, they may be worth less than you paidfor them.

Growth Risk: Some underlying Funds invest in companies after assess-

ing their growth potential. Securities of growth companies may bemore volatile than other stocks. If a portfolio manager’s perceptionof a company’s growth potential is not realized, the securities pur-chased may not perform as expected, reducing the Fund’s return. Inaddition, because different types of stocks tend to shift in and outof favor depending on market and economic conditions, “growth”stocks may perform differently from the market as a whole and othertypes of securities.

High Portfolio Turnover Risk: Higher portfolio turnover rates may indi-cate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which arenot reflected in annual Fund operating expenses or in the Example,affect the Fund’s performance.

High Yield Security Risk: Investments in fixed-income securities that arerated below investment grade (“high yield securities”) by one ormore Nationally Recognized Statistical Rating Organizations(NRSROs) may be subject to greater risk of loss of principal and in-terest than investments in higher-rated fixed-income securities. Highyield securities are also generally considered to be subject to greatermarket risk than higher-rated securities. The capacity of issuers ofhigh yield securities to pay interest and repay principal is more likelyto weaken than is that of issuers of higher-rated securities in timesof deteriorating economic conditions or rising interest rates. In ad-dition, high yield securities may be more susceptible to real or per-ceived adverse economic conditions than higher-rated securities.The market for high yield securities may be less liquid than the mar-ket for higher-rated securities. This can adversely affect an underly-ing Fund’s ability to buy or sell optimal quantities of high yieldsecurities at desired prices.

Interest Rate Risk: When interest rates rise, bond prices fall; the higheran underlying Fund’s duration (a calculation reflecting time risk, tak-ing into account both the average maturity of the Fund’s portfolioand its average coupon return), the more sensitive the underlyingFund is to interest rate risk.

Investing In Other Funds Risk: The Fund invests in the securities ofother investment companies. To the extent that the Fund invests inother mutual funds, exchange traded funds and other commingledfunds, it will indirectly bear the expenses of those funds, which willcause the Fund's return to be lower.

Issuer-Specific Risk: The value of an individual security or a particulartype of security can be more volatile than the market as a whole andcan perform differently from the value of the market as a whole.

Larger Company Investing Risk: Larger, more established companiesmay be unable to respond quickly to new competitive challenges likechanges in consumer tastes or innovative smaller competitors. Also,larger companies are sometimes unable to attain the high growthrates of successful, smaller companies, especially during extendedperiods of economic expansion.

Management Risk: An Advisor’s judgments about the attractiveness,value and potential appreciation of a particular asset class or individ-ual security in which an underlying Fund invests may prove to be in-correct. The Fund may experience losses regardless of the overallperformance of the market.

Mid-Sized Company Investing Risk: Investing in mid-sized companiesoften involves greater risk than investing in larger companies. Mid-sized companies may not have the management experience, finan-cial resources, product diversification and competitive strengths oflarger companies. The securities of mid-sized companies, therefore,tend to be more volatile than the securities of larger, more establishedcompanies. Mid-sized company stocks tend to be bought and soldless often and in smaller amounts than larger company stocks. Be-cause of this, if a fund wants to sell a large quantity of a mid-sizedcompany’s stock, it may have to sell at a lower price than would oth-erwise be indicated, or it may have to sell in smaller than desiredquantities over an increased time period.

Municipal Securities Risk: The power or ability of an issuer to make prin-cipal and interest payments on municipal securities may be materiallyadversely affected by economic conditions, litigation or other factors.An underlying Fund's right to receive principal and interest paymentsmay be subject to the provisions of bankruptcy, insolvency, and otherlaws affecting the rights and remedies of creditors, as wells as laws,

if any, which may be enacted by Congress or state legislatures ex-tending the time for payment of principal and/or interest or imposingother constraints upon the enforcement of such obligations. In ad-dition, substantial changes in federal income tax laws could causemunicipal security prices to decline because the demand for munic-ipal securities is strongly influenced by the value of tax exempt in-come to investors.

Non-Diversification Risk: Because the underlying Funds may invest in asmaller number of securities, adverse changes to a single securitymight have a more pronounced negative effect on a Fund than ifthe Fund’s investments were more widely distributed.

Real Estate Investment Trust Risk: To the extent underlying Funds investin real estate investment trusts, the Fund is subject to risks experi-enced in real estate ownership, real estate financing, or both. As theeconomy is subjected to a period of economic deflation or interestrate increases, the demand for real estate may fall, causing a declinein the value of real estate owned. Also, as interest rates increase,the values of existing mortgages fall. The higher the duration (a cal-culation reflecting time risk, taking into account the average maturityof the mortgages) of the mortgages held in REITs owned by under-lying Funds, the more sensitive the Fund is to interest rate risks. Theunderlying Funds are also subject to credit risk; the Fund could losemoney if mortgagors default on mortgages held in the REITs.

Sector Risk: If certain industry sectors or types of securities don’t performas well as the managers of the underlying Funds expect, the Fund’sperformance could suffer.

Small Cap Company Risk: Smaller capitalization companies may expe-rience higher failure rates than do larger capitalization companies. Inaddition, smaller companies may be more vulnerable to economic,market and industry changes. As a result, share price changes maybe more sudden or erratic than the prices of other equity securities,especially over the short term. Such companies may have limitedproduct lines, markets or financial resources and may lack manage-ment depth. The trading volume of securities of smaller capitalizationcompanies is normally less than that of larger capitalization compa-nies, and therefore may disproportionately affect their market price,tending to make them fall more in response to selling pressure thanis the case with larger capitalization companies. Some small capital-ization stocks may be illiquid. These risks may be enhanced for micro-cap securities. Many micro-cap companies tend to be new and haveno proven track record. Some of these companies have no assets oroperations, while others have products and services that are still indevelopment or have yet to be tested in the market. Because micro-cap stocks trade in low volumes, any size of trade can have a largepercentage impact on the price of the stock.

Sovereign Debt Risk: The underlying Funds may invest in sovereign debtobligations. Investment in sovereign debt obligations involves specialrisks not present in corporate debt obligations. The issuer of the sov-ereign debt or the governmental authorities that control the repay-ment of the debt may be unable or unwilling to repay principal orinterest when due, and the Fund may have limited recourse in theevent of a default. During periods of economic uncertainty, the mar-ket prices of sovereign debt, and the underlying Funds’ net asset val-ues, may be more volatile than prices of U.S. debt obligations.

Stock Market Risk: The Fund is an equity fund, so it is subject to therisks inherent in the stock market in general. The stock market iscyclical, with prices generally rising and falling over periods of time.Some of these price cycles can be pronounced and last for a longtime.

Treasury-Inflation Protected Securities Risk: Because the real rate of re-turn offered by TIPS, which represents the growth of purchasingpower, is guaranteed by the Federal Government, TIPS may offer alower return than other fixed income instruments that do not havesuch guarantees. Other conventional bond issues may offer higheryields.

Value Investing Risk: Because different types of stocks tend to shift inand out of favor depending on market and economic conditions,“value” stocks may perform differently from the market as a wholeand other types of stocks and can continue to be undervalued bythe market for long periods of time. It is also possible that a valuestock may never appreciate to the extent expected.

Conservative GrowthPortfolio