0001752724-18-002126.txt : 20181204
0001752724-18-002126.hdr.sgml : 20181204
20181204100934
ACCESSION NUMBER: 0001752724-18-002126
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20180930
FILED AS OF DATE: 20181204
DATE AS OF CHANGE: 20181204
EFFECTIVENESS DATE: 20181204
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: TIMOTHY PLAN
CENTRAL INDEX KEY: 0000916490
IRS NUMBER: 597016828
STATE OF INCORPORATION: DE
FILING VALUES:
FORM TYPE: N-CEN
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-08228
FILM NUMBER: 181215567
BUSINESS ADDRESS:
STREET 1: 1055 MAITLAND CENTER COMMONS
CITY: MAITLAND
STATE: FL
ZIP: 32759
BUSINESS PHONE: 4076441986
MAIL ADDRESS:
STREET 1: 1055 MAITLAND CENTER COMMONS
CITY: MAITLAND
STATE: FL
ZIP: 32759
0000916490
S000004479
Timothy Small-Cap Value Fund
0000916490
S000004480
Timothy Large/Mid-Cap Value Fund
0000916490
S000004481
Timothy Fixed Income Fund
0000916490
S000004482
Timothy Aggressive Growth Fund
0000916490
S000004483
Timothy Large/Mip-Cap Growth Fund
0000916490
S000004484
Timothy Strategic Growth Fund
0000916490
S000004485
Timothy Conservative Growth Fund
0000916490
S000017790
Timothy Plan International Fund
0000916490
S000017791
Timothy Plan High Yield Bond Fund
0000916490
S000026812
Timothy Plan Defensive Strategies Fund
0000916490
S000033751
Timothy Israel Common Values Fund
0000916490
S000038851
Timothy Plan Emerging Markets Fund
0000916490
S000042201
Timothy Plan Growth & Income Fund
N-CEN
1
primary_doc.xml
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0000916490
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811-08228
N-1A
S000033751
true
S000004479
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S000017790
true
S000004482
true
S000038851
true
S000004483
true
S000004484
true
S000004481
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S000026812
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S000004485
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S000017791
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S000004480
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S000042201
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Timothy Plan
811-08228
0000916490
549300TW26XMX8DL8P98
1055 Maitland Center Commons
Maitland
32751
US-FL
US
1-800-846-7526
Gemini Fund Services
17605 Wright Street
Omaha
68130
631-470-2600
Fund Accounting and Transfer Agent Records
Y
N
N
N-1A
13
Y
Kenneth Blackwell
N/A
N
Scott Preissler
N/A
N
Charles Nelson
N/A
Y
Alan Ross
N/A
N
Deborah Honeycott
N/A
N
Arthur D. Ally
N/A
Y
Joseph E. Boatwright
N/A
Y
Mathew D. Staver
N/A
Y
Bill Johnson
N/A
N
Richard Copeland
N/A
N
John Mulder
N/A
N
Patrice Tsague
N/A
N
Drake Compliance LLC
N/A
230 Spring Hills Drive
N/A
Spring
77386
XXXXXX
N
N
N
N
N
N
N
Timothy Partners, Ltd
8-49589
N/A
N/A
Y
N
Cohen & Company
925
N/A
N
N
N
N
N
N
N
Timothy Plan Defensive Strategies Fund
S000026812
549300MHUB58F2JHD936
Y
3
0
0
N/A
Y
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Macquarie Investment Management
801-32108
N/A
N/A
N
N
CoreCommodity Management, LLC
801-65436
N/A
N/A
N
N
Barrow, Hanley, Mewhinney & Strauss, LLC.
801-31237
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
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N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
RAYMOND JAMES
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N/A
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GOLDMAN SACHS
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FOR8UP27PHTHYVLBNG30
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DEUTSCHE BANK
N/A
N/A
5299004WU5H2TF28UO75
913.50000000
MIZUHO SECURITIES
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N/A
N/A
SG
491.00000000
JPMORGAN CHASE
N/A
N/A
8I5DZWZKVSZI1NUHU748
286.00000000
MORGAN STANLEY SMITH BARNEY
N/A
N/A
7PDDXEMZ0ZV0CEDU4D16
282.67000000
WELLS FARGO BANK
N/A
N/A
KB1H1DSPRFMYMCUFXT09
951.73000000
CITIGROUP
N/A
N/A
549300A0FCOY5OEZ5E02
878.75000000
CREDIT SUISSE
N/A
N/A
EXD7DEVFDH4HOFFQ7349
2700.79000000
BARCLAYS
N/A
N/A
213800H14XVWOV87OI72
228.75000000
7518.63000000
BNY MELLON
N/A
N/A
N/A
1786698.17000000
NOMURA GROUP
N/A
N/A
5299001NL4HUX7OVHZ84
BS
3810157.04000000
CITIGROUP
N/A
N/A
549300A0FCOY5OEZ5E02
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WELLS FARGO BANK
N/A
N/A
KB1H1DSPRFMYMCUFXT09
HK
23.40000000
BANK OF AMERICA MERRILL LYNCH
N/A
N/A
EYKN6V0ZCB8VD9IULB80
GB
1056395.32000000
BARCLAYS
N/A
N/A
213800H14XVWOV87OI72
3892120.51000000
10902075.69000000
N
54203818.94000000
N
N
Timothy Plan International Fund
S000017790
549300IETIXDZBURPP20
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Eagle Global Advisors, LLC
801-53294
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
358.06000000
CONVERGEX
N/A
N/A
N/A
BM
15743.90000000
COWEN GROUP
N/A
N/A
5493008QI0EFC5WBED75
40.00000000
CREDIT SUISSE
N/A
N/A
EXD7DEVFDH4HOFFQ7349
358.00000000
16499.96000000
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
28822893.57000000
28822893.57000000
N
104715170.56000000
N
N
Timothy Aggressive Growth Fund
S000004482
549300NTK8733SJRQE22
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Chartwell Investment Partners
801-54124
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
0
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
47322832.59000000
47322832.59000000
N
29283317.69999999
N
N
Timothy Large Mid Cap Value Fund
S000004480
549300C5ZFBVD3B6BC29
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Westwood Management Corp.
801-18727
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
0
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
109155912.43000000
109155912.43000000
N
222840043.86000000
N
N
Timothy Israel Common Values Fund
S000033751
54930080J8HJH82OK753
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Eagle Global Advisors, LLC
801-53294
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
CHARDAN CAPITAL MARKETS
N/A
N/A
549300ULWYZWTC2WXL58
3561.21000000
CREDIT SUISSE
N/A
N/A
EXD7DEVFDH4HOFFQ7349
3750.86000000
EXCELLENCE NESSUAH BROKERAGE SERVICES
N/A
N/A
21380017T2YZN2UGRB97
IL
4508.89999999
CONVERGEX
N/A
N/A
N/A
BA
395.00000000
12215.97000000
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
8698503.00000000
8698503.00000000
N
49752687.84000000
N
N
Timothy Small Cap Value Fund
S000004479
549300X1RG2F787VPK25
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Westwood Management Corp.
801-18727
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
JEFFERIES GROUP
N/A
N/A
N/A
290.00000000
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
822.22000000
372.22000000
GOLDMAN SACHS
N/A
N/A
FOR8UP27PHTHYVLBNG30
17425.00000000
CREDIT SUISSE
N/A
N/A
EXD7DEVFDH4HOFFQ7349
40800.00000000
MORGAN STANLEY SMITH BARNEY
N/A
N/A
7PDDXEMZ0ZV0CEDU4D16
45430.00000000
BANK OF AMERICA MERRILL LYNCH
N/A
N/A
EYKN6V0ZCB8VD9IULB80
GB
236737.50000000
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
179867902.30000001
PLATINUM WEALTH PARTNERS
N/A
N/A
N/A
518728.83000000
US BANCORP
N/A
N/A
H85Z6XZP8B10ES0M2G89
407802.50000000
181134826.12000000
N
153740049.57000000
N
N
Timothy Conservative Growth Fund
S000004485
549300M1S2J8RNT89I39
Y
2
0
0
Fund of Funds
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
0
0
N
53438016.52000000
N
N
Timothy Plan High Yield Bond Fund
S000017791
549300ZLWMUCZ2433N54
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Barrow, Hanley, Mewhinney & Strauss, LLC.
801-31237
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
0
CREDIT SUISSE
N/A
N/A
EXD7DEVFDH4HOFFQ7349
774375.00000000
BANK OF AMERICA MERRILL LYNCH
N/A
N/A
EYKN6V0ZCB8VD9IULB80
GB
1081875.00000000
WELLS FARGO BANK
N/A
N/A
KB1H1DSPRFMYMCUFXT09
3507287.50000000
CITIGROUP
N/A
N/A
549300A0FCOY5OEZ5E02
2055727.50000000
MORGAN STANLEY SMITH BARNEY
N/A
N/A
7PDDXEMZ0ZV0CEDU4D16
1260625.00000000
DTC
N/A
N/A
25490001U14XUYIC0H65
HK
2445560.00000000
ROYAL BANK OF CANADA (RBC)
N/A
N/A
ES7IP3U3RHIGC71XBU11
CA
755625.00000000
JP MORGAN CHASE
N/A
N/A
8I5DZWZKVSZI1NUHU748
3702700.00000000
CANTOR FITZGERALD
N/A
N/A
549300DWZ3YOKJO5X179
1754812.50000000
GOLDMAN SACHS
N/A
N/A
FOR8UP27PHTHYVLBNG30
1206875.00000000
20578222.50000000
N
59820512.97000000
N
N
Timothy Large Mid Cap Growth Fund
S000004483
549300VZK45NZ443VV79
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Chartwell Investment Partners
801-54124
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
0
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
108957829.27000000
108957829.27000000
N
92829474.21000000
N
N
Timothy Plan Emerging Markets Fund
S000038851
549300U6T5MQ3II50527
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Brandes Investment Partners, LP
801-24896
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
DEUTSCHE BANK
N/A
N/A
5299004WU5H2TF28UO75
2124.44999999
MACQUARIE GROUP
N/A
N/A
ACMHD8HWFMFUIQQ8Y590
AU
2856.99000000
CITIGROUP
N/A
N/A
549300A0FCOY5OEZ5E02
2344.89000000
MORGAN STANLEY SMITH BARNEY
N/A
N/A
7PDDXEMZ0ZV0CEDU4D16
4098.39000000
CREDIT SUISSE
N/A
N/A
EXD7DEVFDH4HOFFQ7349
2145.92999999
DAEWOO SECURITIES
N/A
N/A
N/A
3562.89000000
JEFFERIES GROUP
N/A
N/A
NY9Q8VBNB6D1L6YV0J84
2156.79000000
UBS WARBURG
N/A
N/A
N/A
GB
5184.35000000
JPMORGAN CHASE
N/A
N/A
8I5DZWZKVSZI1NUHU748
1378.21000000
BANK OF AMERICA MERRILL LYNCH
N/A
N/A
EYKN6V0ZCB8VD9IULB80
GB
2038.36000000
36248.59000000
BANK OF AMERICA MERRILL LYNCH
N/A
N/A
EYKN6V0ZCB8VD9IULB80
GB
201051.45000000
JPMORGAN CHASE
N/A
N/A
8I5DZWZKVSZI1NUHU748
200547.75000000
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
C2
747059.65000000
MACQUARIE GROUP
N/A
N/A
ACMHD8HWFMFUIQQ8Y590
AU
204897.61000000
1353556.46000000
N
23001574.97000000
N
N
Timothy Fixed Income Fund
S000004481
549300SYFVMWGS40RP72
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Barrow, Hanley, Mewhinney & Strauss, LLC.
801-31237
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
0
JPMORGAN CHASE
N/A
N/A
8I5DZWZKVSZI1NUHU748
1904281.56000000
DTC
N/A
N/A
25490001U14XUYIC0H65
HK
2053330.00000000
INTERNATIONAL FCSTONE
N/A
N/A
Y4ZLLK11NDZZ8YBSVF78
12988629.37000000
ROBERT W. BAIRD & CO.
N/A
N/A
549300772UJAHRD6LO53
783838.75000000
BANK OF AMERICA MERRILL LYNCH
N/A
N/A
EYKN6V0ZCB8VD9IULB80
GB
1748592.35000000
CITIGROUP
N/A
N/A
8I5DZWZKVSZI1NUHU748
1899954.80000000
BNY MELLON
N/A
N/A
HPFHU0OQ28E4N0NFVK49
9933547.46000000
NOMURA GROUP
N/A
N/A
5299001NL4HUX7OVHZ84
BS
3299042.78000000
ROYAL BANK OF CANADA (RBC)
N/A
N/A
ES7IP3U3RHIGC71XBU11
CA
8459023.03000000
SUSQUEHANNA CAPITAL GROUP
N/A
N/A
549300UV4DM2KIBBQ741
IE
618715.00000000
45713910.09000000
N
82369368.54000000
N
N
Timothy Plan Growth & Income Fund
S000042201
549300PAYECSF1KLD321
Y
3
0
0
N/A
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
James Investment Research, Inc.
801-12359
N/A
N/A
N
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
12.49000000
12.49000000
UBS AG
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N/A
BFM8T61CT2L1QCEMIK50
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34725184.07000000
DUNCAN WILLIAMS
N/A
N/A
25490045VHLUZ7H92Y27
500000.00000000
35225184.07000000
N
35565475.05000000
N
N
Timothy Strategic Growth Fund
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2
0
0
Fund of Funds
N
N
N
N
N/A
0.00
0.00
Rule 22d-1 (17 CFR 270.22d-1)
N
N
N
N
Timothy Partners Ltd.
801-45766
N/A
N/A
N
Gemini Fund Services, LLC
84-1964
N/A
N
N
N
ICE Data Services
N/A
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
084-06083
Filing Number
N
N
N
0
0
N
39855813.70000000
N
N
true
INTERNAL CONTROL RPT
2
IC_Letter_Timothy.txt
TIMOTHY PLAN FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
The Timothy Plan
In planning and performing our audit of the financial
statements of The Timothy Plan, comprising Timothy
Plan Aggressive 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, Timothy Plan
Emerging Markets Fund, and Timothy Plan Growth &
Income Fund (the "Funds") as of and for the year ended
September 30, 2018, in accordance with the standards
of the Public Company Accounting Oversight Board
(United States), we considered the Funds' internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness
of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Funds is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. A fund's internal control over financial
reporting is a process designed 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 (GAAP). A fund's internal control
over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of
the fund; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance with
GAAP, and that receipts and expenditures of the fund
are being made only in accordance with authorizations
of management and trustees of the fund; and (3)
provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or
disposition of a fund's assets that could have a material
effect on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk
that controls may become inadequate because of
changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does
not allow management or employees, in the normal
course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A
material weakness is a deficiency, or combination of
deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a
material misstatement of the Funds' annual or interim
financial statements will not be prevented or detected
on a timely basis.
Our consideration of the Funds' internal control over
financial reporting was for the limited purpose
described in the first paragraph and would not
necessarily disclose all deficiencies in internal control
that might be material weaknesses under standards
established by the Public Company Accounting
Oversight Board (United States). However, we noted no
deficiencies in the Funds' internal control over financial
reporting and its operation, including controls over
safeguarding securities, that we consider to be a
material weakness as defined above as of September
30, 2018.
This report is intended solely for the information and
use of management and the Board of Trustees of the
Funds and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone
other than these specified parties.
COHEN & COMPANY, LTD.
Cleveland, Ohio
November 28, 2018