0001752724-21-267517.txt : 20211213
0001752724-21-267517.hdr.sgml : 20211213
20211213120230
ACCESSION NUMBER: 0001752724-21-267517
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20210930
FILED AS OF DATE: 20211213
DATE AS OF CHANGE: 20211213
EFFECTIVENESS DATE: 20211213
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: 211487442
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
X0404
N-CEN
LIVE
0000916490
XXXXXXXX
811-08228
N-1A
S000004480
C000126994
C000012333
C000012335
S000017790
C000049121
C000065170
C000127000
S000017791
C000127001
C000065171
C000049122
S000004483
C000012344
C000126997
C000012342
S000033751
C000127003
C000104307
C000104306
S000004484
C000012347
C000012345
S000042201
C000130993
C000130992
C000130991
S000004482
C000012341
C000126996
C000012339
S000004479
C000012332
C000126993
C000012330
S000026812
C000080684
C000127002
C000080683
S000004481
C000126995
C000012336
C000012338
S000004485
C000012350
C000012348
Timothy Plan
811-08228
0000916490
549300TW26XMX8DL8P98
1055 Maitland Center Commons
Maitland
32751
US-FL
US
1-800-846-7526
Ultimus Fund Solutions
225 Pictoria Drive, Suite 450
Cincinnati
68022
631-470-2600
Fund Accounting and Transfer Agent Records
N
N
N
N-1A
12
Y
Dale A. Bissonette
N/A
N
Bill Johnson
N/A
N
Mathew D. Staver
N/A
Y
Richard Copeland
N/A
N
Arthur D. Ally
N/A
Y
Deborah Honeycott
N/A
N
Alan Ross
N/A
N
Scott Preissler
N/A
N
Patrice Tsague
N/A
N
Abraham M. Rivera
N/A
N
John Mulder
N/A
N
Joseph E. Boatwright
N/A
Y
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 Value Fund
S000004480
549300C5ZFBVD3B6BC29
N
3
0
0
N/A
N
N
N
N
N/A
0.00000000
0.00000000
N/A
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
963.00000000
963.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
143899008.00000000
143899008.00000000
N
222936664.00000000
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
N/A
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
084-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
CLSA
8-69166
000165533
213800M2DXATWY7JMS07
120.00000000
BNY MELLON
8-35255
000017454
VJW2DOOHGDT6PR0ZRO63
28860.00000000
COWEN GROUP
8-22522
000007616
5493008QI0EFC5WBED75
14426.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
1.00000000
43407.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
25425184.00000000
US BANCORP
8-35359
000017868
H85Z6XZP8B10ES0M2G89
491988.00000000
BNY MELLON
8-35255
000017454
VJW2DOOHGDT6PR0ZRO63
582855.00000000
26500026.00000000
N
117059747.00000000
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
N/A
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
ROYAL BANK OF CANADA CAPITAL MARKETS
8-45411
000031194
549300LCO2FLSSVFFR64
11924125.00000000
JEFFERIES GROUP
8-15074
000002347
NY9Q8VBNB6D1L6YV0J84
9809555.00000000
JPMORGAN CHASE
8-35008
000000079
ZBUT11V806EZRVTWT807
27594148.00000000
OPPENHEIMER & CO
8-4077
000000249
254900VH02JQR2L8XD64
9582564.00000000
GOLDMAN SACHS
8-129
000000361
FOR8UP27PHTHYVLBNG30
12557544.00000000
CREDIT SUISSE
8-422
000000816
1V8Y6QCX6YMJ2OELII46
16778750.00000000
BANK OF AMERICA MERRILL LYNCH
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
13474115.00000000
MORGAN STANLEY SMITH BARNEY
8-68191
000149777
7PDDXEMZ0ZV0CEDU4D16
7753230.00000000
CITIGROUP
8-8177
000007059
6SHGI4ZSSLCXXQSBB395
13408183.00000000
SEAPORT GROUP
8-53535
000116270
54930028D6D0G5RZJ888
7530763.00000000
169609804.00000000
N
103764813.00000000
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
N/A
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
WALLACHBETH
8-67936
000147853
549300R371KUKXEXC133
660.00000000
660.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
47875614.00000000
47875614.00000000
N
120128361.00000000
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 15a-4 (17 CFR 270.15a-4)
Rule 22d-1 (17 CFR 270.22d-1)
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
084-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
530.00000000
EXCELLENCE NESSUAH BROKERAGE SERVICES
N/A
N/A
21380017T2YZN2UGRB97
IL
11303.00000000
COWEN GROUP
8-46838
000035693
5493005RJDJD18OPUP27
573.00000000
CREDIT SUISSE
8-422
000000816
1V8Y6QCX6YMJ2OELII46
1115.00000000
13521.00000000
COWEN GROUP
8-46838
000035693
5493005RJDJD18OPUP27
449889.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
14565397.00000000
15015286.00000000
N
94190775.00000000
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
N/A
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
084-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
WALLACHBETH
8-67936
000147853
549300R371KUKXEXC133
2656.00000000
2656.00000000
WALLACHBETH
8-67936
000147853
549300R371KUKXEXC133
129800.00000000
129800.00000000
N
39367186.00000000
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
N/A
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
WALLACHBETH
8-67936
000147853
549300R371KUKXEXC133
1113.00000000
1113.00000000
BANK OF AMERICA MERRILL LYNCH
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
678817.00000000
TD SECURITIES
8-36747
000018476
SUVUFHICNZMP2WKHG940
607576.00000000
JPMORGAN CHASE
8-35008
000000079
ZBUT11V806EZRVTWT807
3245932.00000000
INTERNATIONAL FCSTONE
8-49291
000041025
Y4ZLLK11NDZZ8YBSVF78
396046.00000000
NOMURA GROUP
8-15255
000004297
OXTKY6Q8X53C9ILVV871
2492722.00000000
BARCLAYS
8-41342
000019714
213800H14XVWOV87OI72
629324.00000000
WALLACHBETH
8-67936
000147853
549300R371KUKXEXC133
695305.00000000
DAIWA SECURITIES
8-12242
000001576
549300OE1DCA4NYQ5H32
396639.00000000
CITIGROUP
8-8177
000007059
6SHGI4ZSSLCXXQSBB395
303131.00000000
BANK OF MONTREAL (BMO)
8-67064
000137115
3Y4U8VZURTYWI1W2K376
669405.00000000
11427275.00000000
N
18229067.00000000
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
N/A
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
0
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
51672499.00000000
51672499.00000000
N
45873747.00000000
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
N/A
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
187613028.00000000
187613028.00000000
N
156034482.00000000
N
N
N
N
Timothy Plan Defensive Strategies Fund
S000026812
549300MHUB58F2JHD936
N
3
0
0
N/A
Y
N
N
N
N/A
0.00000000
0.00000000
N/A
Y
Y
N
N
Timothy Partners Ltd.
801-45766
000041835
N/A
N
CoreCommodity Management, LLC
801-65436
000135810
N/A
N
N
Barrow, Hanley, Mewhinney & Strauss, LLC.
801-31237
000105519
N/A
N
N
CHILTON CAPITAL MANAGEMENT LLC
801-51061
000104592
N/A
N
Macquarie Investment Management
801-32108
000105390
N/A
2020-09-30
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
659.00000000
CREDIT SUISSE FIRST BOSTON
8-422
000000816
1V8Y6QCX6YMJ2OELII46
204.00000000
WALLACHBETH
8-67936
000147853
549300R371KUKXEXC133
3088.00000000
US BANCORP
8-35359
000017868
H85Z6XZP8B10ES0M2G89
475.00000000
MORGAN STANLEY SMITH BARNEY
8-68191
000149777
7PDDXEMZ0ZV0CEDU4D16
772.00000000
5198.00000000
US BANCORP
8-35359
000017868
H85Z6XZP8B10ES0M2G89
147.00000000
NOMURA GROUP
8-15255
000004297
OXTKY6Q8X53C9ILVV871
2813265.00000000
WELLS FARGO BANK
8-65876
000126292
VYVVCKR63DVZZN70PB21
206514.00000000
JPMORGAN CHASE
8-35008
000000079
ZBUT11V806EZRVTWT807
5246673.00000000
MORGAN STANLEY SMITH BARNEY
8-68191
000149777
7PDDXEMZ0ZV0CEDU4D16
583.00000000
CITIGROUP
8-8177
000007059
6SHGI4ZSSLCXXQSBB395
825754.00000000
UBS AG
8-16267
000008174
BFM8T61CT2L1QCEMIK50
16697611.00000000
BANK OF AMERICA MERRILL LYNCH
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
328730.00000000
26119277.00000000
N
47168240.00000000
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 12d1-1 (17 CFR 270.12d1-1)
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
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FCSTONE
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DAIWA SECURITIES
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TD SECURITIES
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JANE STREET
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NOMURA GROUP
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CITIGROUP
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120751918.00000000
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Timothy Conservative Growth Fund
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Fund of Funds
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Rule 32a-4 (17 CFR 270.32a-4)
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Timothy Partners Ltd.
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Gemini Fund Services, LLC
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ICE Data Services
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U.S. BANK, N.A.
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
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Filing Number
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Gemini Fund Services, LLC
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ADM INVESTOR SERVICES
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WALLACHBETH
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true
INTERNAL CONTROL RPT
2
IC_Letter_Timothy.txt
TIMOTHY IC LETTER
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,
twelve of the portfolios constituting The Timothy Plan,
as of and for the year ended September 30, 2021, in
accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB),
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 PCAOB. 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, 2021.
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 24, 2021