0001752724-20-255366.txt : 20201210
0001752724-20-255366.hdr.sgml : 20201210
20201210163848
ACCESSION NUMBER: 0001752724-20-255366
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20200930
FILED AS OF DATE: 20201210
DATE AS OF CHANGE: 20201210
EFFECTIVENESS DATE: 20201210
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: 201381062
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
C000012330
Timothy Small-Cap Value Fund Class A
TPLNX
C000012332
Timothy Small-Cap Value Fund Class C
TSVCX
C000126993
Timothy Small-Cap Value Fund Class I
TPVIX
0000916490
S000004480
Timothy Large/Mid-Cap Value Fund
C000012333
Timothy Large/Mid-Cap Value Fund Class A
TLVAX
C000012335
Timothy Large/Mid-Cap Value Fund Class C
TLVCX
C000126994
Timothy Large/Mid-Cap Value Fund Class I
TMVIX
0000916490
S000004481
Timothy Fixed Income Fund
C000012336
Timothy Fixed Income Fund Class A
TFIAX
C000012338
Timothy Fixed Income Fund Class C
TFICX
C000126995
Timothy Fixed Income Fund Class I
TPFIX
0000916490
S000004482
Timothy Aggressive Growth Fund
C000012339
Timothy Aggressive Growth Fund Class A
TAAGX
C000012341
Timothy Aggressive Growth Fund Class C
TCAGX
C000126996
Timothy Aggressive Growth Fund Class I
TIAGX
0000916490
S000004483
Timothy Large/Mid-Cap Growth Fund
C000012342
Timothy Large/Mid-Cap Growth Fund Class A
TLGAX
C000012344
Timothy Large/Mid-Cap Growth Fund Class C
TLGCX
C000126997
Timothy Large/Mid-Cap Growth Fund Class I
TPLIX
0000916490
S000004484
Timothy Strategic Growth Fund
C000012345
Timothy Strategic Growth Fund Class A
TSGAX
C000012347
Timothy Strategic Growth Fund Class C
TSGCX
0000916490
S000004485
Timothy Conservative Growth Fund
C000012348
Timothy Conservative Growth Fund Class A
TCGAX
C000012350
Timothy Conservative Growth Fund Class C
TCVCX
0000916490
S000017790
Timothy Plan International Fund
C000049121
Timothy Plan International Fund Class A
TPIAX
C000065170
TIMOTHY PLAN INTERNATIONAL FUND CLASS C
TPICX
C000127000
Timothy Plan International Fund Class I
TPIIX
0000916490
S000017791
Timothy Plan High Yield Bond Fund
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
0000916490
S000026812
Timothy Plan Defensive Strategies Fund
C000080683
Class A
TPDAX
C000080684
Class C
TPDCX
C000127002
Timothy Plan Defensive Strategies Fund Class I
TPDIX
0000916490
S000033751
Timothy Israel Common Values Fund
C000104306
Class A
TPAIX
C000104307
Class C
TPCIX
C000127003
Timothy Israel Common Values Fund Class I
TICIX
0000916490
S000042201
Timothy Plan Growth & Income Fund
C000130991
Class A
TGIAX
C000130992
Class C
TGCIX
C000130993
Class I
TIGIX
N-CEN
1
primary_doc.xml
X0303
N-CEN
LIVE
0000916490
XXXXXXXX
811-08228
N-1A
S000004481
C000126995
C000012336
C000012338
S000004479
C000012330
C000126993
C000012332
S000004480
C000012333
C000012335
C000126994
S000004484
C000012345
C000012347
S000004482
C000012339
C000012341
C000126996
S000004483
C000012344
C000126997
C000012342
S000004485
C000012350
C000012348
S000017790
C000065170
C000049121
C000127000
S000026812
C000080684
C000127002
C000080683
S000042201
C000130993
C000130992
C000130991
S000017791
C000049122
C000127001
C000065171
S000033751
C000104307
C000127003
C000104306
Timothy Plan
811-08228
0000916490
549300TW26XMX8DL8P98
1055 Maitland Center Commons
Maitland
32751
US-FL
US
1-800-846-7526
Ultimus Fund Solutions
17645 Wright Street, Ste. 200
Omaha
68130
631-470-2600
Fund Accounting and Transfer Agent Records
N
N
N
N-1A
13
Y
John Mulder
N/A
N
Bill Johnson
N/A
N
Deborah Honeycott
N/A
N
Joseph E. Boatwright
N/A
Y
Alan Ross
N/A
N
Scott Preissler
N/A
N
Arthur D. Ally
N/A
Y
Mathew D. Staver
N/A
Y
Abraham M. Rivera
N/A
N
Patrice Tsague
N/A
N
Richard Copeland
N/A
N
David Jones
N/A
230 Spring Hills Drive
Spring
77386
XXXXXX
N
N
N
N
N
N
N
Timothy Partners, Ltd
8-49589
000041835
N/A
Y
N
Cohen & Company
925
N/A
N
N
N
N
N
N
N
Timothy Large Mid Cap Growth Fund
S000004483
549300VZK45NZ443VV79
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
Rule 17a-7 (17 CFR 270.17a-7)
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Chartwell Investment Partners
801-79127
000170335
N/A
N
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
525.00000000
525.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
51136717.00000000
51136717.00000000
N
88004884.00000000
N
N
N
N
Timothy Fixed Income Fund
S000004481
549300SYFVMWGS40RP72
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Barrow, Hanley, Mewhinney & Strauss, LLC.
801-31237
000105519
N/A
N
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
0
BANK OF MONTREAL (BMO)
8-67064
000137115
3Y4U8VZURTYWI1W2K376
1119165.00000000
WELLS FARGO SECURITIES
8-65876
000126292
VYVVCKR63DVZZN70PB21
6398235.00000000
BANK OF AMERICA MERRILL LYNCH
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
9812817.00000000
NOMURA GROUP
8-15255
000004297
OXTKY6Q8X53C9ILVV871
12985746.00000000
BOK FINANCIAL SECURITIES INC
008-35381
000017530
5493008UZFTI4G7UQ733
16226859.00000000
INTERNATIONAL FCSTONE
8-49291
000041025
Y4ZLLK11NDZZ8YBSVF78
14228857.00000000
CITIGROUP
8-8177
000007059
6SHGI4ZSSLCXXQSBB395
14106089.00000000
BARCLAYS
8-41342
000019714
213800H14XVWOV87OI72
3130891.00000000
JP MORGAN CHASE
8-35008
000000079
ZBUT11V806EZRVTWT807
3335557.00000000
FCSTONE
8-49291
000041025
549300JUF07L8VF02M60
7839794.00000000
91538077.00000000
N
105303389.00000000
N
N
N
N
Timothy Strategic Growth Fund
S000004484
549300KJLTSL46OHU528
N
2
0
0
Fund of Funds
N
N
N
N
N/A
0.00000000
0.00000000
Rule 17a-7 (17 CFR 270.17a-7)
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
WALLACHBETH CAPITAL LLC
8-67936
000147853
549300R371KUKXEXC133
3521.00000000
3521.00000000
US BANCORP
8-35359
000017868
H85Z6XZP8B10ES0M2G89
4766669.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
18354444.00000000
23121113.00000000
N
34689938.00000000
N
N
N
N
Timothy Aggressive Growth Fund
S000004482
549300NTK8733SJRQE22
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Chartwell Investment Partners
801-79127
000170335
N/A
N
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
20.00000000
20.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
57191693.00000000
CHARLES SCHWAB
8-16514
000005393
549300ZP8XN77GK5BS04
280580.00000000
57472273.00000000
N
27686121.00000000
N
N
N
N
Timothy Conservative Growth Fund
S000004485
549300M1S2J8RNT89I39
N
2
0
0
Fund of Funds
N
N
N
N
N/A
0.00000000
0.00000000
Rule 17a-7 (17 CFR 270.17a-7)
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
WALLACHBETH CAPITAL LLC
8-67936
000147853
549300R371KUKXEXC133
3707.00000000
3707.00000000
US BANCORP
8-35359
000017868
H85Z6XZP8B10ES0M2G89
8925096.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
7019728.00000000
15944824.00000000
N
44851567.00000000
N
N
N
N
Timothy Large Mid Cap Value Fund
S000004480
549300C5ZFBVD3B6BC29
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17a-7 (17 CFR 270.17a-7)
Y
Y
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Westwood Management Corp.
801-18727
000110269
N/A
N
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
0
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
145672993.00000000
145672993.00000000
N
195872772.00000000
N
N
N
N
Timothy Plan International Fund
S000017790
549300IETIXDZBURPP20
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Eagle Global Advisors, LLC
801-53294
000107306
N/A
N
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
CREDIT SUISSE
8-422
000000816
1V8Y6QCX6YMJ2OELII46
2520.00000000
COWEN GROUP
8-22522
000007616
5493008QI0EFC5WBED75
32319.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
4560.00000000
39399.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
25216477.00000000
25216477.00000000
N
83216075.00000000
N
N
N
N
Timothy Small Cap Value Fund
S000004479
549300X1RG2F787VPK25
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17a-7 (17 CFR 270.17a-7)
Y
Y
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Westwood Management Corp.
801-18727
000110269
N/A
N
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
WALLACHBETH
8-67936
000147853
549300R371KUKXEXC133
4350.00000000
4350.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
211313154.00000000
211313154.00000000
N
125718472.00000000
N
N
N
N
Timothy Plan Growth & Income Fund
S000042201
549300PAYECSF1KLD321
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
Rule 17a-7 (17 CFR 270.17a-7)
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Barrow, Hanley, Mewhinney & Strauss, LLC.
801-31237
000105519
N/A
N
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
WALLACHBETH CAPITAL LLC
8-67936
000147853
549300R371KUKXEXC133
1178.00000000
1178.00000000
INTERNATIONAL FCSTONE
8-49291
000041025
Y4ZLLK11NDZZ8YBSVF78
3447102.00000000
BOK FINANCIAL SECURITIES INC
008-35381
000017530
5493008UZFTI4G7UQ733
1136795.00000000
BANK OF AMERICA MERRILL LYNCH
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
2183346.00000000
NOMURA GROUP
8-15255
000004297
OXTKY6Q8X53C9ILVV871
4402981.00000000
JPMORGAN CHASE
8-35008
000000079
ZBUT11V806EZRVTWT807
1537499.00000000
BARCLAYS
8-41342
000019714
213800H14XVWOV87OI72
228417.00000000
CITIGROUP
8-8177
000007059
6SHGI4ZSSLCXXQSBB395
2546875.00000000
BANK OF MONTREAL (BMO)
8-67064
000137115
3Y4U8VZURTYWI1W2K376
63051.00000000
15546066.00000000
N
18447787.00000000
N
N
N
N
Timothy Israel Common Values Fund
S000033751
54930080J8HJH82OK753
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Eagle Global Advisors, LLC
801-53294
000107306
N/A
N
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
EXCELLENCE NESSUAH BROKERAGE SERVICES
N/A
N/A
21380017T2YZN2UGRB97
IL
5589.00000000
COWEN EXECUTION SERVICES LLC
8-46838
000035693
5493005RJDJD18OPUP27
90.00000000
CREDIT SUISSE
8-422
000000816
1V8Y6QCX6YMJ2OELII46
7947.00000000
COWEN GROUP
8-22522
000007616
5493008QI0EFC5WBED75
480.00000000
14106.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
18668028.00000000
18668028.00000000
N
74479375.00000000
N
N
N
N
Timothy Plan High Yield Bond Fund
S000017791
549300ZLWMUCZ2433N54
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
Barrow, Hanley, Mewhinney & Strauss, LLC.
801-31237
000105519
N/A
N
N
Gemini Fund Services, LLC
84-06083
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
N/A
N/A
N
N
N
Cowen Group
8-22522
000007616
5493008QI0EFC5WBED75
525.00000000
525.00000000
BARCLAYS
8-41342
000019714
213800H14XVWOV87OI72
12914893.00000000
GOLDMAN SACHS
8-129
000000361
FOR8UP27PHTHYVLBNG30
11764499.00000000
WELLS FARGO BANK
8-65876
000126292
VYVVCKR63DVZZN70PB21
9678538.00000000
MORGAN STANLEY SMITH BARNEY
8-68191
000149777
7PDDXEMZ0ZV0CEDU4D16
9628049.00000000
BANK OF AMERICA MERRILL LYNCH
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
20560308.00000000
OPPENHEIMER & CO.
8-4077
000000249
254900VH02JQR2L8XD64
12446051.00000000
CITIGROUP
8-8177
000007059
6SHGI4ZSSLCXXQSBB395
10687325.00000000
SEAPORT GROUP
8-53535
000116270
54930028D6D0G5RZJ888
7113518.00000000
JP MORGAN CHASE
8-35008
000000079
ZBUT11V806EZRVTWT807
29235960.00000000
ROYAL BANK OF CANADA (RBC)
8-45411
000031194
549300LCO2FLSSVFFR64
7020624.00000000
159454493.00000000
N
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true
INTERNAL CONTROL RPT
2
icletter.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 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, and Timothy Plan Growth & Income Fund
(the Funds), twelve of the portfolios constituting The
Timothy Plan, as of and for the year ended September
30, 2020, 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 funds 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 funds 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 funds 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, 2020.
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.
/s/ COHEN & COMPANY, LTD.
Cleveland, Ohio
November 25, 2020