NPORT-P
    false
    
      
      
        
          0000892657
          XXXXXXXX
        
      
      
      
      
        S000005722
        C000015716
        C000200602
      
      
    
  
  
    
      Johnson Mutual Funds Trust
      811-07254
      0000892657
      549300S4H6UK0EWKWY28
      3777 West Fork Road
      Cincinnati
      
      45247
      513-661-3100
      JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND
      S000005722
      549300P4YNN5J33NZG88
      2021-12-31
      2021-09-30
      N
    
    
      322505481.64
      1145876.98
      321359604.66
      0
      0
      0
      0
      0
      1145876.98
      0
      0
      0
      0
      0
      1145876.98
      0
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Aon plc
        VVT2B79I2Z4U3R6BY589
        AON INDUSTRY PROPERTY & CASUALTY INSURANCE 3.500%, DUE 06/14/2024
        00185AAF1
        
          
        
        2385000
        PA
        USD
        2545740.15
        0.007922
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-14
          Fixed
          3.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aon plc
        VVT2B79I2Z4U3R6BY589
        AON PLC 3.875% DUE 12/15/2025
        00185AAK0
        
          
        
        2700000
        PA
        USD
        2979585.22
        0.009272
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-12-15
          Fixed
          3.875
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chubb INA Holdings Inc
        CZCBJZWDMLTHWJDXU843
        ACE INA HOLDINGS 3.35%, DUE 05/15/2024
        00440EAR8
        
          
        
        5697000
        PA
        USD
        6094936.93
        0.018966
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-05-15
          Fixed
          3.35
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALLEGHENY CNTY PA
        N/A
        ALLEGHENY CNTY PA TAXABLE GO REF BDS C-79 0.843%, Due 11/01/2024
        01728VVJ6
        
          
        
        600000
        PA
        USD
        602907.12
        0.001876
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-11-01
          Fixed
          0.843
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALLEGHENY CNTY PA
        N/A
        ALLEGHENY CNTY PA TAXABLE GO REF BDS C-79 0.973%, Due 11/01/2025
        01728VVK3
        
          
        
        1835000
        PA
        USD
        1835041.84
        0.00571
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-11-01
          Fixed
          0.973
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Express Company
        R4PP93JZOLY261QX3811
        AMERICAN EXPRESS COMPANY 2.5%, DUE 07/30/2024
        025816CG2
        
          
        
        4340000
        PA
        USD
        4561429.49
        0.014194
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-07-30
          Fixed
          2.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Truist Financial Corporation
        549300DRQQI75D2JP341
        BB&T CORPORATION 3.75%, DUE 12/06/2023
        05531FBF9
        
          
        
        3075000
        PA
        USD
        3283999.29
        0.010219
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-12-06
          Fixed
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bank of America Corporation
        9DJT3UXIJIZJI4WXO774
        Bank of America Corporation 3.30%, Due 01/11/2023
        06051GEU9
        
          
        
        2080000
        PA
        USD
        2158465.36
        0.006717
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-01-11
          Fixed
          3.3
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bank of America Corporation
        9DJT3UXIJIZJI4WXO774
        Bank of America Corporation 3.875%, Due 08/01/2025
        06051GFS3
        
          
        
        3805000
        PA
        USD
        4191827.45
        0.013044
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-08-01
          Fixed
          3.875
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Energy Company
        549300JD0S5IZJE9LY15
        BERKSHIRE HATHAWAY ENERGY 2.80%, DUE 1/15/23
        084659AK7
        
          
        
        1272000
        PA
        USD
        1309426.46
        0.004075
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-01-15
          Fixed
          2.8
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Burlington Northern Santa Fe LLC
        N/A
        BURLI NORTHN SANTA FE CP SR DEB 3.05% due 09/01/2022
        12189LAL5
        
          
        
        1207000
        PA
        USD
        1229709.5
        0.003827
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-09-01
          Fixed
          3.05
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Burlington Northern Santa Fe LLC
        N/A
        BURLINGTON NORTHN SANTA FE CP SR GLBL 3.4%, Due 09/01/2024
        12189LAT8
        
          
        
        2201000
        PA
        USD
        2363584.57
        0.007355
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-01
          Fixed
          3.4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        CVS Health Corporation 3.875%, Due 7/20/2025
        126650CL2
        
          
        
        4300000
        PA
        USD
        4706136.55
        0.014644
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-20
          Fixed
          3.875
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Walt Disney Company
        549300GZKULIZ0WOW665
        Walt Disney Company (The) 1.75%, Due 08/30/2024
        254687FK7
        
          
        
        4530000
        PA
        USD
        4669741.12
        0.014531
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-08-30
          Fixed
          1.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dover Corporation
        549300FMC2ALGA7N9E80
        Dover Corporation 3.150%, Due 11/15/2025
        260003AM0
        
          
        
        4548000
        PA
        USD
        4865263.7
        0.01514
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-11-15
          Fixed
          3.15
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Duke Energy Corp
        I1BZKREC126H0VB1BL91
        DUKE ENERGY CORPORATION 3.05%, DUE 08/15/2022
        26441CAJ4
        
          
        
        1200000
        PA
        USD
        1219595.6
        0.003795
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-08-15
          Fixed
          3.05
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Duke Energy Corp
        I1BZKREC126H0VB1BL91
        Duke Energy Corp 3.750%, Due 04/15/2024
        26441CAN5
        
          
        
        4009000
        PA
        USD
        4277092.25
        0.013309
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-04-15
          Fixed
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eaton Corporation
        0NZWDMRCE180888QQE14
        EATON CORPORATION 2.75%, DUE 11/02/2022
        278062AC8
        
          
        
        3230000
        PA
        USD
        3313253.48
        0.01031
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-02
          Fixed
          2.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Enterprise Products Operating LLC
        5493004LGN656HWLDA30
        ENTERPRISE PRODUCTS OPERATING LLC 3.35%, DUE 03/15/2023
        29379VAZ6
        
          
        
        3300000
        PA
        USD
        3417925.24
        0.010636
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-03-15
          Fixed
          3.35
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Enterprise Products Operating LLC
        5493004LGN656HWLDA30
        Enterprise Products Operating, LLC 3.75%, DUE 2/15/25
        29379VBE2
        
          
        
        1200000
        PA
        USD
        1301444.39
        0.00405
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-15
          Fixed
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Essex Portfolio Lp
        5493003GN3O58H286O74
        ESSSEX PORTFOLIO LP 3.875%, DUE 05/01/2024
        29717PAN7
        
          
        
        1950000
        PA
        USD
        2085425.75
        0.006489
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-05-01
          Fixed
          3.875
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Essex Portfolio Lp
        5493003GN3O58H286O74
        ESSEX PORTFOLIO 3.375% 04/15/26 3.375% due 04/15/2026
        29717PAQ0
        
          
        
        2654000
        PA
        USD
        2861740.95
        0.008905
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          3.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eversource Energy
        SJ7XXD41SQU3ZNWUJ746
        EVERSOURCE ENERGY 2.75%, DUE 03/15/2022
        30040WAC2
        
          
        
        4907000
        PA
        USD
        4950753.81
        0.015406
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-03-15
          Fixed
          2.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP., POOL 2B0350, FLOATING RATE, DUE 04/01/2042
        3128LLL79
        
          
        
        69725.16
        PA
        USD
        72293.72
        0.000225
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        FREDDIE MAC 15 YEAR MORTGAGE BACKED SECURITY FGCI 3 2016
        3128ME2E0
        
          
        
        1343712.14
        PA
        USD
        1426761.96
        0.00444
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Giant Pool #G16330
        3128MFHF8
        
          
        
        1372290.59
        PA
        USD
        1471842.94
        0.00458
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        FREDDIE MAC GOLD 15 YEAR MORTGAGE BACKED 3.50%, MATURITY 04/01/2032
        3128MMWC3
        
          
        
        1587151
        PA
        USD
        1701174.85
        0.005294
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Banks
        2549001DPIFGXC1TOL40
        Federal Home Loan Bank 2.625%, Due 12/10/2021
        3130ANQD5
        
          
        
        3700000
        PA
        USD
        3727348
        0.011599
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2026-08-26
          Fixed
          1.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Home Loan Banks
        2549001DPIFGXC1TOL40
        Federal Home Loan Bank 1.375%, Due 09/29/2026
        3130ANWR7
        
          
        
        1585000
        PA
        USD
        1598911.13
        0.004975
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2026-09-29
          Fixed
          1.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORPORATION Pool ZS-9286
        3132AAJ70
        
          
        
        1184168.97
        PA
        USD
        1300261.4
        0.004046
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corporation Pool ZT-1964
        3132AEFD3
        
          
        
        1321875.56
        PA
        USD
        1422820.94
        0.004428
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        B1V7KEBTPIMZEU4LTD58
        Federal Home Loan Mortgage Corp. 2.50%, Due 12/01/2027
        3132CWBE3
        
          
        
        907902.19
        PA
        USD
        950936.33
        0.002959
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        FHLMC MBS Gold V6-1479
        3132KFUC4
        
          
        
        4413385.3
        PA
        USD
        4636249.74
        0.014427
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Banks
        2549001DPIFGXC1TOL40
        Federal Home Loan Bank 2.625%, Due 12/10/2021
        313376C94
        
          
        
        4200000
        PA
        USD
        4220081.33
        0.013132
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2021-12-10
          Fixed
          2.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac 0.450%, Due 07/22/2024
        3134GWCB0
        
          
        
        4000000
        PA
        USD
        3998464.8
        0.012442
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2024-07-22
          Fixed
          0.45
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae 0.500%, Due 06/17/2025
        3135G04Z3
        
          
        
        4195000
        PA
        USD
        4162474.19
        0.012953
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2025-06-17
          Fixed
          0.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATL MTG ASSN 0.375%, Due 08/25/2025
        3135G05X7
        
          
        
        11130000
        PA
        USD
        10955386.33
        0.034091
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2025-08-25
          Fixed
          0.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE COLLATERALIZED
        3136ABX57
        
          
        
        298620.58
        PA
        USD
        304051.89
        0.000946
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMIC 2013-3 Class DK
        3136ABYA5
        
          
        
        747871.48
        PA
        USD
        769785.39
        0.002395
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMIC TRUST 2013 1.25%, Due 02/25/2028
        3136ABZB2
        
          
        
        1318383.04
        PA
        USD
        1326880.68
        0.004129
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION SERIES #2017-30 G
        3136AWQL4
        
          
        
        284384.94
        PA
        USD
        287371.01
        0.000894
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Series 20-44 Class TE
        3136BAM68
        
          
        
        2795201.46
        PA
        USD
        2896432.76
        0.009013
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae 1.00%, due 1/25/2051
        3136BDRQ3
        
          
        
        7920338.74
        PA
        USD
        7759284.2
        0.024145
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        FREDDIE MAC 2.00%, DUE 06/15/2041
        3137ALBQ1
        
          
        
        125782.2
        PA
        USD
        129054.96
        0.000402
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corporation Series 4017-MA
        3137AMHK6
        
          
        
        4751.43
        PA
        USD
        4750.92
        0.000015
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp. Series 4125-KP
        3137AW6M2
        
          
        
        817826.98
        PA
        USD
        843729.69
        0.002626
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Series 4198 Class BE
        3137B1LE0
        
          
        
        439889.91
        PA
        USD
        443653.08
        0.001381
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp. Series 4440-VC
        3137BGG86
        
          
        
        791723.34
        PA
        USD
        792768.73
        0.002467
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corporation 2.375%, Due 01/13/2022
        3137EADB2
        
          
        
        4000000
        PA
        USD
        4026189.64
        0.012529
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2022-01-13
          Fixed
          2.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp. CMO SERIES 4980
        3137FTHV2
        
          
        
        3832713.96
        PA
        USD
        3841187.71
        0.011953
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FNMA SUPER INT 20 YEAR 4.00%, Due 07/15/2035
        3138EP2K9
        
          
        
        703526.2
        PA
        USD
        776574.79
        0.002417
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Commercial Mortgage Backed Security 3.252%, Due 11/01/2023
        3138EPFF6
        
          
        
        207182.89
        PA
        USD
        209480.32
        0.000652
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE 15 YR MORTGAGE BACKED SECURITY 3.5%, Due 12/01/2029
        3138ERHG8
        
          
        
        753424.23
        PA
        USD
        809104.28
        0.002518
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION POOL #AL8183
        3138ETCV6
        
          
        
        224195.84
        PA
        USD
        234646.43
        0.00073
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association 2.63%, Due 08/01/2022
        3138L0CC3
        
          
        
        1545311.69
        PA
        USD
        1559349.89
        0.004852
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Commercial Mortgage Backed Security 2.23%, Due 11/01/2023
        3138LFZJ0
        
          
        
        2917353.92
        PA
        USD
        3000524.91
        0.009337
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOC., POOL AY0089, FLOATING RATE, DUE 12/01/2044
        3138YDC31
        
          
        
        174644.33
        PA
        USD
        181799.52
        0.000566
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION SERIES #2003-79-NJ
        31393EER6
        
          
        
        60137.96
        PA
        USD
        61890.67
        0.000193
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Home Loan Mortgage Corporation
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORPORATION SERIES 2989-TG
        31395VG60
        
          
        
        159347.13
        PA
        USD
        167834.58
        0.000522
        Long
        ABS-O
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Fnma Pass-Thru I
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE Coventional Conv 15 YR Level Pay 3%, Due 09/01/2032
        3140X5DB6
        
          
        
        1500845.69
        PA
        USD
        1580330.28
        0.004918
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Fnma Pass-Thru I
        B1V7KEBTPIMZEU4LTD58
        FNMA SUPER INT 15 YEAR 4.50%, Due 03/01/2034
        3140X5RH8
        
          
        
        1522112.46
        PA
        USD
        1649460.46
        0.005133
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Fnma Pass-Thru I
        B1V7KEBTPIMZEU4LTD58
        FNMA SUPER INT 15 YEAR 3.00%, Due 09/01/2034
        3140X6KB6
        
          
        
        1304089.9
        PA
        USD
        1382631.6
        0.004302
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Fnma Pass-Thru I
        B1V7KEBTPIMZEU4LTD58
        FNMA SUPER INT 20 YEAR 4.50%, Due 07/01/2034
        3140XCU22
        
          
        
        1778877.05
        PA
        USD
        1932447.44
        0.006013
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN MA0384
        31417YNA1
        
          
        
        307240
        PA
        USD
        340802.55
        0.001061
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Fifth Third Bancorp
        THRNG6BD57P9QWTQLG42
        FIFTH THIRD BANCORP 4.30%, DUE 01/16/2024
        316773CP3
        
          
        
        3440000
        PA
        USD
        3697574.16
        0.011506
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-01-16
          Fixed
          4.3
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fifth Third Bancorp
        THRNG6BD57P9QWTQLG42
        Fifth Third Bancorp 2.375%, Due 01/28/2025
        316773CY4
        
          
        
        1770000
        PA
        USD
        1840079.29
        0.005726
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-01-28
          Fixed
          2.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FRANKLIN CNTY OHIO CONVENTION FACS AUTH
        N/A
        FRANKLIN COUNTY CONVENTION FACILITIES AUTHORITY 1.255%, Due 12/01/2025
        353174JA4
        
          
        
        500000
        PA
        USD
        503116.1
        0.001566
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-12-01
          Fixed
          1.255
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOL #726475
        3620ADCL4
        
          
        
        46619.82
        PA
        USD
        49316.51
        0.000153
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Georgia Power Company
        D981X4Z4RWS7PDMJUZ03
        GEORGIA POWER COMPANY 2.850%, DUE 05/15/2022
        373334JX0
        
          
        
        1600000
        PA
        USD
        1625280.18
        0.005058
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-05-15
          Fixed
          2.85
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Georgia Power Company
        D981X4Z4RWS7PDMJUZ03
        Georgia Power Company 2.20%, due 09/15/2024
        373334KK6
        
          
        
        2043000
        PA
        USD
        2121254.13
        0.006601
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-15
          Fixed
          2.2
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Georgia Power Company
        D981X4Z4RWS7PDMJUZ03
        Georgia Power Company 2.10%, due 7/30/2023
        373334KM2
        
          
        
        1200000
        PA
        USD
        1235430.8
        0.003844
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-07-30
          Fixed
          2.1
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Group, Inc.
        784F5XWPLTWKTBV3E584
        GOLDMAN SACHS GROUP INC SR NT 5.75%, Due 01/24/2022
        38141GGS7
        
          
        
        4750000
        PA
        USD
        4830426.76
        0.015031
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-01-24
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Bank USA
        KD3XUN7C6T14HNAYLU02
        Goldman Sachs Group, Inc. 3.4% CD, Due 10/17/23
        38148PY27
        
          
        
        250000
        PA
        USD
        265395.83
        0.000826
        Long
        STIV
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Huntington Bancshares Incorporated
        549300XTVCVV9I7B5T19
        Huntington Bancshares, Inc. 2.30%, Due 01/14/2022
        446150AK0
        
          
        
        1598000
        PA
        USD
        1604623.58
        0.004993
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-01-14
          Fixed
          2.3
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Huntington Bancshares Incorporated
        549300XTVCVV9I7B5T19
        Huntington Bankshares 2.625%, Due 08/06/2024
        446150AQ7
        
          
        
        2960000
        PA
        USD
        3104226.56
        0.00966
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-08-06
          Fixed
          2.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Interstate Power & Light Company
        EF9UQIIO4KY2BWOK3P26
        INTERSTATE POWER & LIGHT SENIOR UNSECURED NOTES 3.25%, DUE 12/01/2024
        461070AL8
        
          
        
        449000
        PA
        USD
        479463.8
        0.001492
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-12-01
          Fixed
          3.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Interstate Power & Light Company
        EF9UQIIO4KY2BWOK3P26
        INTERSTATE POWER & LIGHT CO. 3.40%, DUE 08/15/2025
        461070AM6
        
          
        
        4222000
        PA
        USD
        4519583.41
        0.014064
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-08-15
          Fixed
          3.4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE & CO 3.375%, DUE 5/01/2023
        46625HJJ0
        
          
        
        3212000
        PA
        USD
        3358906.83
        0.010452
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-05-01
          Fixed
          3.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co.
        8I5DZWZKVSZI1NUHU748
        JP MORGAN CHASE & COMPANY 3.875%, DUE 09/10/2024
        46625HJY7
        
          
        
        1545000
        PA
        USD
        1679471.93
        0.005226
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-10
          Fixed
          3.875
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Johnson Controls International Plc
        549300XQ6S1GYKGBL205
        JOHNSON CONTROLS, INC. 3.625%, DUE 07/02/2024
        478375AG3
        
          
        
        2801000
        PA
        USD
        2988350.68
        0.009299
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-07-02
          Fixed
          3.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KANSAS ST DEV FIN AUTH
        549300WTL7BL8KBDPR87
        Kansas State Development Finance Authority 3.227%, Due, 04/15/2022
        485429Y57
        
          
        
        1600000
        PA
        USD
        1625514.24
        0.005058
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2022-04-15
          Fixed
          3.227
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KANSAS ST DEV FIN AUTH
        549300WTL7BL8KBDPR87
        KANSAS ST DEV FIN AUTH REVENUE TXBL-SER H 3.491% DUE 04/15/2023
        485429Y65
        
          
        
        1400000
        PA
        USD
        1466669.54
        0.004564
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2023-04-15
          Fixed
          3.491
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KENT ST UNIV OHIO
        549300HL3HX54032AG28
        KENT STATE UNIVERISTY OH REVENUE 1.96%, Due 05/01/2024
        490728A77
        
          
        
        1000000
        PA
        USD
        1031099.2
        0.003209
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-05-01
          Fixed
          1.96
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KENTUCKY ST PPTY & BLDGS COMMN
        N/A
        KENTUCKY STATE PROPERTY AND LDGS COMMISSION 2.08%, Due 11/01/2023
        49151FE63
        
          
        
        700000
        PA
        USD
        719199.67
        0.002238
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2023-11-01
          Fixed
          2.08
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KeyBank National Association
        HUX2X73FUCYHUVH1BK78
        Key Bank NA 2.50%, Due 11/22/2021
        49327M2Q6
        
          
        
        3750000
        PA
        USD
        3761839.73
        0.011706
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2021-11-22
          Fixed
          2.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Kroger Co.
        6CPEOKI6OYJ13Q6O7870
        THE KROGER CO 4.00%, DUE 02/01/2024
        501044CY5
        
          
        
        4600000
        PA
        USD
        4915761.2
        0.015297
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-02-01
          Fixed
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MUFG Americas Holdings Corp
        5493004K1ECE43Q0BX47
        MUFG AMERICAS HOLDINGS CORP SR UNSECURED NOTES Callable 1/10/2025 @ $100
        553794AC2
        
          
        
        6048000
        PA
        USD
        6415029.77
        0.019962
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-10
          Fixed
          3
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marsh & McLennan Companies, Inc.
        549300XMP3KDCKJXIU47
        MARSH & MCLENNAN COMPANIES, INC. 3.50%, DUE 06/03/2024
        571748AV4
        
          
        
        3830000
        PA
        USD
        4086227.42
        0.012715
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-03
          Fixed
          3.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marsh & McLennan Companies, Inc.
        549300XMP3KDCKJXIU47
        MARSH & MCLENNAN COS, INC. 3.500%, DUE 03/10/2025
        571748AX0
        
          
        
        1000000
        PA
        USD
        1075301.41
        0.003346
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-10
          Fixed
          3.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        McDonald's Corporation
        UE2136O97NLB5BYP9H04
        MCDONALD'S CORPORATION SENIOR UNSECURED NOTES 2.625%, DUE 01/15/2022
        58013MEM2
        
          
        
        1000000
        PA
        USD
        1007090
        0.003134
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-01-15
          Fixed
          2.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Microsoft Corporation
        INR2EJN1ERAN0W5ZP974
        MICROSOFT CORPORATION 3.125%, DUE 11/03/2025
        594918BJ2
        
          
        
        1300000
        PA
        USD
        1409475.48
        0.004386
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-11-03
          Fixed
          3.125
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Energy Company
        549300JD0S5IZJE9LY15
        BERKSHIRE HATHAWAY ENERGY COMPANY 3.75%, DUE 11/15/2023
        59562VAY3
        
          
        
        1000000
        PA
        USD
        1062882.62
        0.003307
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-11-15
          Fixed
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley 4.000%, DUE 07/23/2025
        6174468C6
        
          
        
        2000000
        PA
        USD
        2202630.58
        0.006854
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-23
          Fixed
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley 3.70%, Due 10/23/2024
        61761JVL0
        
          
        
        2460000
        PA
        USD
        2667982.27
        0.008302
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-10-23
          Fixed
          3.7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        National Retail Properties, Inc.
        5493008JKH5SOTI0JS97
        NATIONAL RETAIL PROPERTIES INC SR GLBL NT 4.00% 11/15/2025
        637417AH9
        
          
        
        2121000
        PA
        USD
        2345010.62
        0.007297
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-11-15
          Fixed
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nike, Inc.
        787RXPR0UX0O0XUXPZ81
        NIKE INC. SR GLBL 2.40%, Due 03/27/2025
        654106AH6
        
          
        
        5745000
        PA
        USD
        6026956.5
        0.018755
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-27
          Fixed
          2.4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Norfolk Southern Corporation
        54930036C8MWP850MI84
        NORFOLK SOUTHN CORP SR 5.59%, DUE 05/17/2025
        655844AW8
        
          
        
        1000000
        PA
        USD
        1150873.62
        0.003581
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-17
          Fixed
          5.59
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Norfolk Southern Corporation
        54930036C8MWP850MI84
        Norfolk Southern Corp 2.903%, Due 02/15/2023
        655844BL1
        
          
        
        4000000
        PA
        USD
        4111017.32
        0.012793
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-02-15
          Fixed
          2.903
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OHIO ST
        5493005LEB5E170OMX59
        OHIO STATE SPL OBLIG CAP FACS LEASE 1.70%, DUE 04/01/2023
        67759HMN1
        
          
        
        500000
        PA
        USD
        510039.85
        0.001587
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2023-04-01
          Fixed
          1.7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PNC Financial Services Group Inc
        CFGNEKW0P8842LEUIA51
        PNC Financial Services Group, Inc. (The) 3.9%,Due 04/29/2024
        693475AP0
        
          
        
        4840000
        PA
        USD
        5221576.36
        0.016248
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-04-29
          Fixed
          3.9
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PENNSYLVANIA ST UNIV
        549300QDK4O4XCJ47X56
        PENNSYLVANIA ST UNIV TAXABLE BDS 2020 D 1.545%, Due 09/01/2024
        709235S30
        
          
        
        1145000
        PA
        USD
        1174067.2
        0.003653
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-09-01
          Fixed
          1.545
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PENNSYLVANIA ST UNIV
        549300QDK4O4XCJ47X56
        PENNSYLVANIA ST UNIV TAXABLE BDS 2020 D 1.645%, Due 09/01/2025
        709235S48
        
          
        
        2000000
        PA
        USD
        2054464.4
        0.006393
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-09-01
          Fixed
          1.645
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PORT GTR CINCINNATI DEV AUTH OHIO
        549300IK2RCZBY62ST97
        PORT GTR CINCINNATI DEV AUTH O TAXABLE REF BDS 2020B
        734195BN9
        
          
        
        500000
        PA
        USD
        500200.95
        0.001557
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2023-04-01
          Fixed
          2.1
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shell International Finance B.V.
        213800ITMMKU4Z7I4F78
        SHELL INTERNATIONAL FINANCE B.V., 3.25%, DUE 05/11/2025
        822582BD3
        
          
        
        5910000
        PA
        USD
        6381870.06
        0.019859
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-11
          Fixed
          3.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Truist Financial Corporation
        549300DRQQI75D2JP341
        Suntrust Bank, Inc. 4.000%, Due 05/01/2025
        867914BS1
        
          
        
        592000
        PA
        USD
        650970.76
        0.002026
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-01
          Fixed
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Union Pacific Corporation
        549300LMMRSZZCZ8CL11
        Union Pacific Corporation 3.15%, Due 03/01/2024
        907818FA1
        
          
        
        2700000
        PA
        USD
        2859300
        0.008898
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-03-01
          Fixed
          3.15
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. Bancorp
        N1GZ7BBF3NP8GI976H15
        US BANCORP SUBORDINATED NOTES 3.60%, DUE 09/11/2024
        91159HHK9
        
          
        
        5709000
        PA
        USD
        6183836.43
        0.019243
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-11
          Fixed
          3.6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 1.625%, Due 08/31/2022
        9128282S8
        
          
        
        3500000
        PA
        USD
        3548945.33
        0.011044
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-08-31
          Fixed
          1.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 2.25%, Due 04/30/2024
        9128286R6
        
          
        
        8000000
        PA
        USD
        8372812.48
        0.026054
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-04-30
          Fixed
          2.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 2.125%, Due 05/15/2022
        9128286U9
        
          
        
        6000000
        PA
        USD
        6076875
        0.01891
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-05-15
          Fixed
          2.125
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. TREASURY NOTES 2.000%, DUE 02/15/2025
        912828J27
        
          
        
        5400000
        PA
        USD
        5647007.83
        0.017572
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-02-15
          Fixed
          2
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 1.5%, Due 01/15/2023
        912828Z29
        
          
        
        7800000
        PA
        USD
        7935890.66
        0.024695
        Long
        DBT
        UST
        US
        N
        
        2
        
          2023-01-15
          Fixed
          1.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 0.25%, Due 06/30/2025
        912828ZW3
        
          
        
        2500000
        PA
        USD
        2454785.15
        0.007639
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-06-30
          Fixed
          0.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        US Treasury Notes 0.125%, Due 07/15/2023
        912828ZY9
        
          
        
        5000000
        PA
        USD
        4989453.1
        0.015526
        Long
        DBT
        UST
        US
        N
        
        2
        
          2023-07-15
          Fixed
          0.125
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 0.375%, Due 01/31/2026
        91282CBH3
        
          
        
        1000000
        PA
        USD
        978164.06
        0.003044
        Long
        DBT
        UST
        US
        N
        
        2
        
          2026-01-31
          Fixed
          0.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes Floating Rate, Due 01/31/2023
        91282CBK6
        
          
        
        700000
        PA
        USD
        700302.97
        0.002179
        Long
        DBT
        UST
        US
        N
        
        2
        
          2023-01-31
          Floating
          0.064
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNIVERSITY CINCINNATI OHIO
        549300E0RD3ICJ858L23
        UNIVERSITY OF CINCINNATI 1.878%, DUE 06/01/2023
        914119U34
        
          
        
        1100000
        PA
        USD
        1129141.86
        0.003514
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2023-06-01
          Fixed
          1.878
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNIVERSITY KY GEN RCPTS
        549300CXE3YQ1HXYCQ71
        UNIVERSITY OF KENTUCKYGENERAL RECEIPTS BUILD AMERICA BOND - FEDERALLY TAXABLE
        914378CP7
        
          
        
        1500000
        PA
        USD
        1504868.1
        0.004683
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2021-11-01
          Fixed
          4.85
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Virginia Electric and Power Company
        CQKUMNNZVDJLRYV2PT43
        VIRGINIA ELECTRIC & POWER COMPANY 2.95%, DUE 01/15/2022
        927804FK5
        
          
        
        3000000
        PA
        USD
        3003688.26
        0.009347
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-01-15
          Fixed
          2.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Virginia Electric and Power Company
        CQKUMNNZVDJLRYV2PT43
        VIRGINIA ELECTRIC & POWER COMPANY 2.75%, DUE 03/15/2023
        927804FN9
        
          
        
        2494000
        PA
        USD
        2565505.05
        0.007983
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-03-15
          Fixed
          2.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wells Fargo & Company
        PBLD0EJDB5FWOLXP3B76
        WELLS FARGO & COMPANY 3.45%, DUE 02/13/2023
        94974BFJ4
        
          
        
        4775000
        PA
        USD
        4969203.64
        0.015463
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-02-13
          Fixed
          3.45
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wells Fargo & Company
        PBLD0EJDB5FWOLXP3B76
        Wells Fargo & Company 3.55%, Due 09/29/2025
        94974BGP9
        
          
        
        600000
        PA
        USD
        653405.94
        0.002033
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-29
          Fixed
          3.55
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wisconsin Power and Light Company
        JWBYHVQVMY66CVCOSO49
        WISCONSIN PWR & LT CO SR GLBL DEB 22 2.50%, Due 11/15/2022
        976826BJ5
        
          
        
        1000000
        PA
        USD
        1015241.69
        0.003159
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-15
          Fixed
          2.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Xcel Energy Inc
        LGJNMI9GH8XIDG5RCM61
        XCEL ENERGY, INC. 3.30%, DUE 06/01/2025
        98389BAR1
        
          
        
        4720000
        PA
        USD
        5035720.23
        0.01567
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-01
          Fixed
          3.3
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YOUNGSTOWN OHIO
        N/A
        YOUNGSTOWN OH TAXABLE 1% 07/21/22 1% due 07/21/2022
        987643UX9
        
          
        
        1000000
        PA
        USD
        1006197.8
        0.003131
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2022-07-21
          Fixed
          1
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIRST AMERN FDS INC
        N/A
        First American Government Obligations Fund Class Z
        31846V567
        
          
        
        2805337.81
        PA
        USD
        2805337.81
        0.00873
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2021-11-29
      Johnson Mutual Funds Trust
      Marc Figgins
      Marc E. Figgins
      Treasurer
    
  
  XXXX




  

EQUITY INCOME FUND Portfolio of Investments as of September 30, 2021 - Unaudited

 

    Shares     Fair Value 
Common Stocks          
Alphabet Inc. - Class A*   4,735    12,659,117 
Comcast Corp. - Class A   177,800    9,944,354 
Walt Disney Co.*   25,350    4,288,460 
4.9% - Total For Communication Services       $26,891,931 
           
Lowe's Companies Inc.   57,000    11,563,020 
Nike Inc. - Class B   41,000    5,954,430 
TJX Companies Inc.   167,240    11,034,495 
VF Corporation   136,800    9,164,232 
6.8% - Total For Consumer Discretionary       $37,716,177 
           
Coca Cola Co.   161,320    8,464,460 
Costco Wholesale Corp.   28,600    12,851,410 
Dollar General Corp.   82,000    17,395,480 
Pepsico Inc.   35,200    5,294,432 
Procter & Gamble Co.   79,690    11,140,662 
Unilever PLC ADR   281,800    15,279,196 
12.8% - Total For Consumer Staples       $70,425,640 
           
Chevron Corp.   70,890    7,191,791 
Williams Companies Inc.   475,000    12,321,500 
3.4% - Total For Energy       $19,513,291 
           
American Express Co.   34,165    5,723,662 
Axis Capital Holdings Inc.   201,750    9,288,570 
Bank of America Corp.   129,915    5,514,892 
First Horizon National Bank   977,181    15,918,278 
Marsh & McLennan Companies Inc.   65,300    9,888,379 
Nasdaq Inc.   70,000    13,511,400 
Willis Towers Watson PLC   47,200    10,972,112 
12.9% - Total For Financial Services       $70,817,293 
           
Abbott Laboratories   97,435    11,509,997 
Danaher Corp.   44,043    13,408,451 
Medtronic PLC   86,500    10,842,775 
UnitedHealth Group Inc.   41,300    16,137,562 
Zimmer Biomet Holdings   99,600    14,577,456 
Zoetis Inc.   57,276    11,119,563 
14.1% - Total For Health Care       $77,595,804 
           
Amphenol Corp - Class A   227,300    16,645,179 
Honeywell International Inc.   49,000    10,401,720 
Hubbell Inc.   62,300    11,255,741 
Illinois Tool Works Inc.   52,000    10,744,760 
nVent Electric PLC   409,000    13,222,970 
Paccar Inc.   106,040    8,368,677 
Waste Management Inc.   68,600    10,246,096 
14.7% - Total For Industrials       $80,885,143 
           
Carlisle Cos Inc.   62,240    12,372,690 
PPG Industries, Inc.   69,495    9,938,480 
4.1% - Total For Materials       $22,311,170 
           
Accenture PLC - Class A   37,520    12,003,398 

 

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

 

 

 

 

EQUITY INCOME FUND Portfolio of Investments as of September 30, 2021 - Unaudited

 

   Shares    Fair Value  
Adobe Inc.*   33,700    19,401,764 
Analog Devices, Inc.   108,000    18,087,840 
Apple Inc.   73,760    10,437,040 
Automatic Data Processing Inc.        0 
Fidelity National Information Services Inc.   74,600    9,077,328 
Mastercard Inc.- Class A   27,050    9,404,744 
Microsoft Corp.   58,360    16,452,851 
S&P Global Inc   11,240    4,775,764 
VISA Inc. - Class A   65,500    14,590,125 
20.8% - Total For Technology       $114,230,854 
           
American Tower Corp.   61,857    16,417,466 
3.0% - Total For Real Estate       $16,417,466 
           
Alliant Energy Corp.   186,300    10,429,074 
1.9% - Total For Utilities       $10,429,074 
           
Total Common Stocks          99.4%       $547,233,843 
(Identified Cost $377,661,194)          
           
Cash Equivalents          
           
First American Government Obligation Fund, Class Z**   3,073,395    3,073,395 
Total Cash Equivalents         0.6%       $3,073,395 
(Identified Cost $3,073,395)          
           
Total Portfolio Value            100.0%       $550,307,238 
(Identified Cost $380,734,589)          
           
Assets in Excess of Other Liabilities  0.0%       $107,395 
           
Total Net Assets 100.0%       $550,414,633 

 

* Non-income producing security.
** Variable Rate Security; as of September 30, 2021, the 7 day annualized yield was 0.02%.
ADR - American Depositary Receipt
PLC - Public Liability Company

 

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

 

 

 

 

OPPORTUNITY FUND Portfolio of Investments as of September 30, 2021 - Unaudited

 

    Shares    Fair Value 
Common Stocks          
New York Times   34,700    1,709,669 
1.5% - Total For Energy       $1,709,669 
           
BorgWarner Inc.   27,600   $1,192,596 
Burlington Stores Inc.*   3,000    850,710 
Kimball International Inc. Class B   92,100    1,031,520 
Lithia Motors Inc.   4,300    1,363,272 
LKQ Corp.*   31,800    1,600,176 
Rocky Brands Inc.   22,800    1,085,508 
Sleep Number Corp.*   17,700    1,654,596 
Steven Madden LTD*   20,500    823,280 
Ulta Beauty Inc.*   2,800    1,010,576 
Williams-Sonoma Inc.   8,300    1,471,839 
10.4% - Total For Consumer Discretionary       $12,084,073 
           
BJs Wholesale Club Holdings Inc.*   28,700    1,576,204 
Church & Dwight Co. Inc.   6,900    569,733 
Reynolds Consumer Product   26,800    732,712 
2.5% - Total For Consumer Staples       $2,878,649 
           
World Fuel Services Corp.   48,500    1,630,570 
1.4% - Total For Energy       $1,630,570 
           
American Financial Group   15,000    1,887,450 
Arrow Financial Corp.   41,406    1,422,710 
Axis Capital Holdings Ltd.   17,700    814,908 
Diamond Hill Investment Group Inc.   4,900    860,734 
Everest Re Group Ltd.   8,300    2,081,474 
Farmers National Banc   130,400    2,048,584 
First Horizon National Bank   115,724    1,885,144 
Reinsurance Group of America Inc.   16,000    1,780,160 
SEI Investments Co.   26,700    1,583,310 
Signature Bank   4,700    1,279,716 
Wintrust Financial Corp.   26,300    2,113,731 
15.3% - Total For Financial Services       $17,757,921 
           
Catalent Inc.*   9,000    1,197,630 
Charles River Laboratories International Inc.*   5,500    2,269,685 
Chemed Corp.   3,400    1,581,408 
Collegium Pharmaceutical*   81,400    1,606,836 
Globus Medical Inc.*   21,000    1,609,020 
Universal Health Services Inc. - Class B   10,200    1,411,374 
US Physical Therapy Inc.   15,600    1,725,360 
9.8% - Total For Health Care       $11,401,313 
           
AMN Healthcare Services Inc.*   15,200    1,744,200 
Applied Industrial Technology   23,700    2,136,081 
Comfort Systems USA Inc.   20,800    1,483,456 
Gorman-Rupp Co.   58,587    2,098,001 
Hubbell Inc.   7,800    1,409,226 
Idex Corp.   6,900    1,427,955 
Installed Building Product *   6,100    653,615 
Littlefuse Inc.   6,900    1,885,563 
Nordson Corp.   7,800    1,857,570 
nVent Electric PLC   63,500    2,052,955 

 

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

 

 

 

 

OPPORTUNITY FUND Portfolio of Investments as of September 30, 2021 - Unaudited

 

    Shares    Fair Value 
Regal Beloit Corp.   12,000    1,804,080 
Smith (A.O.) Corp.   24,200    1,477,894 
Snap-On Inc.   4,700    982,065 
Watsco Inc.   5,200    1,376,024 
Watts Water Tech Inc. - Class A   9,100    1,529,619 
20.6% - Total For Industrials       $23,918,304 
           
Avery Dennison Corp.   9,700    2,009,937 
Avient Corp.   36,000    1,668,600 
Carlisle Companies Inc.   8,900    1,769,231 
RPM International Inc.   15,600    1,211,340 
Sonoco Products Co.   25,600    1,525,248 
Stepan Co.   8,200    926,108 
7.9% - Total For Materials       $9,110,464 
           
Amdocs Ltd.   9,900    749,529 
Black Knight Inc.*   18,800    1,353,600 
Blackbaud Inc.*   12,500    879,375 
Bottomline Technologies*   24,600    966,288 
CACI International Inc.*   6,400    1,677,440 
Constellation Software   600    985,718 
Fair Isaac Corp.   4,100    1,631,513 
ICF International Inc.   12,000    1,071,480 
IPG Photonics Corp.*   8,900    1,409,760 
Lumentum Holdings Inc.*   14,700    1,228,038 
Maximus Inc.   22,800    1,896,960 
Mimecast Ltd.   32,100    2,041,560 
On Semiconductor Corp.*   37,400    1,711,798 
Paylocity Holding Corp.*   7,000    1,962,800 
PTC Inc.*   13,200    1,581,228 
Tyler Technologies Inc.*   1,700    779,705 
Wex Inc.*   4,900    863,086 
19.6% - Total For Technology       $22,789,878 
           
Americold Realty Trust   25,400    737,870 
Camden Property Trust   6,400    943,808 
Coresite Realty Corp.   9,600    1,329,984 
Equity Lifestyles Prty   13,200    1,030,920 
First Industrial Realty   30,900    1,609,272 
National Retail Properties Inc.   13,500    583,065 
Stag Industrial Inc.   37,400    1,467,950 
6.6% - Total For Real Estate       $7,702,869 
           
Atmos Energy Corp.   14,500    1,278,900 
Portland General Electric   22,100    1,038,479 
Unitil Corp.   28,900    1,236,342 
3.1% - Total For Utilities       $3,553,721 
           
Total Common Stocks       98.7%       $114,537,431 
(Identified Cost $86,639,902)          
           
Cash Equivalents          
           
First American Government Obligation Fund, Class Z**   1,462,239    1,462,239 
Total Cash Equivalents     1.3%       $1,462,239 

 

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

 

 

 

 

OPPORTUNITY FUND Portfolio of Investments as of September 30, 2021 - Unaudited

 

      Shares    Fair Value 
(Identified Cost $1,462,239)             
              
              
Total Portfolio Value 100.0%          $115,999,670 
(Identified Cost $88,102,141)             
              
Other Assets in Excess of Liabilities  0.0%          $60,889 
              
Total Net Assets 100.0%          $116,060,559 

 

*  Non-income producing security.
** Variable Rate Security; as of September 30, 2021, the 7 day annualized yield was 0.02%.
ADR - American Depositary Receipt
PLC - Public Liability Company

 

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

 

 

 

 

INTERNATIONAL FUND  Portfolio of Investments as of September 30, 2021 - Unaudited

 

   Shares   Fair Value 
Preferred Stocks          
Itau Unibanco Holding SA ADR   11,550    60,869 
0.3% - Total For Financial Services        60,869 
           
Total Preferred Stocks                                       0.3%        60,869 
(Identified Cost $63,654)          
           
Common Stocks          
Baidu, Inc. ADR*   1,700   $261,375 
Deutsche Telekom AG ADR   7,100    143,065 
KDDI Corp. ADR   22,600    370,866 
Orange ADR   7,500    81,225 
PLDT Inc. ADR   3,600    117,252 
Publicis Groupe SA ADR   23,100    389,628 
RTL Group SA ADR*   15,000    87,150 
SK Telecom Co. Ltd. ADR   3,400    102,340 
SoftBank Group Corp. ADR   3,600    104,544 
Telenor ASA ADR   9,600    161,664 
Tencent Holdings Ltd. ADR   6,800    406,436 
WPP PLC ADR   1,800    120,672 
10.0% - Total For Communications       $2,346,217 
           
Adidas AG ADR*   600   $94,872 
Alibaba Group Holdings ADR*   1,600    236,880 
Bridgestone ADR   8,200    194,504 
Bunzl PLC ADR   7,700    253,638 
CIE Financiere Richemont AG ADR   22,000    225,940 
Daimler AG ADR   2,200    196,240 
Honda Motor Co. Ltd. ADR   5,500    168,685 
JD.com Inc. ADR*   3,000    216,720 
Magna International Inc.   6,000    451,440 
Toyota Motor Corp. ADR   1,100    195,525 
9.6% - Total For Consumer Discretionary       $2,234,444 
           
CK Hutchison Holdings LTD ADR   16,500    108,900 
Danone ADR   6,184    83,793 
Itochu Corp. ADR   3,700    217,301 
L'Oreal ADR   2,800    232,064 
Nestle SA ADR   2,800    336,588 
Reckitt Benckiser Group PLC ADR   5,900    93,220 
Shoprite Holdings Ltd. ADR   32,100    383,114 
Unilever PLC  ADR   6,600    357,852 
Wal-Mart De Mexico SAB de CV ADR   12,300    418,200 
9.5% - Total For Consumer Staples       $2,231,032 
           
BP PLC ADR   2,298    62,804 
Equinor ASA ADR   4,000    102,000 
Gazprom   14,000    139,160 
Lukoil Corp. ADR   4,100    388,106 
Royal Dutch Shell PLC, Class B ADR   2,600    115,102 
TotalEnergies SE ADR   2,352    112,731 
Technip FMC PLC ADR   12,200    91,866 
Woodside Petroleum ADR   5,200    88,400 
4.7% - Total For Energy       $1,100,169 

 

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

 

 

 

 

INTERNATIONAL FUND  Portfolio of Investments as of September 30, 2021 - Unaudited

 

   Shares   Fair Value 
Admiral Group PLC ADR   6,400    258,688 
Allianz SE ADR   10,700    240,322 
Banco Bradesco ADR   19,708    75,482 
Banco Santander SA ADR   37,155    134,501 
Bank of Montreal   1,240    123,665 
Barclays PLC ADR   15,000    154,800 
BNP Paribas ADR*   4,000    128,240 
China Construction Bank ADR   23,000    327,520 
Deutsche Boerse AG ADR   7,000    113,260 
Industrial and Commercial Bank Of China Ltd. ADR   39,100    432,055 
KB Financial Group Inc. ADR   2,400    111,384 
Legal and General Group PLC ADR   5,000    96,100 
Manulife Financial Corp.   7,720    148,533 
Mitsubishi UFJ Financial Group Inc. ADR   40,000    237,200 
Mizuho Financial Group Inc. ADR   25,000    71,000 
National Australia Bank ADR   8,700    86,478 
Orix Corp. ADR   2,450    231,574 
Royal Bank of Canada   1,900    189,012 
Sumitomo Mitsui Financial Group Inc. ADR   67,600    473,876 
Tokio Marine Holdings Inc. ADR   8,400    453,264 
Toronto Dominion Bank   2,700    178,605 
United Overseas Bank Ltd. ADR   4,100    155,759 
Westpac Banking Corp. Ltd. ADR   7,250    134,343 
Zurich Insurance Group Ltd. ADR   3,240    133,034 
20.1% - Total For Financial Services       $4,688,695 
           
Alcon Inc.*   3,796    305,464 
Astellas Pharma Inc. ADR   17,600    290,752 
Bayer AG ADR   5,200    70,720 
Dr. Reddy's Laboratories Ltd. ADR   3,340    217,568 
Novartis AG ADR   2,480    202,814 
Novo Nordisk AS ADR   4,400    422,444 
Roche Holdings Ltd. ADR   10,500    477,435 
Takeda Pharmaceutical Co. ADR   9,340    152,989 
Taro Pharmaceuticals Ltd.*   1,400    89,082 
9.5% - Total For Health Care       $2,229,268 
           
ABB Ltd. ADR   2,900    96,744 
Atlas Copco AB ADR   5,400    326,349 
BAE Systems PLC ADR   3,800    116,166 
Canadian National Railway Co.   1,400    161,910 
Compass Group PLC ADR   6,500    135,850 
Komatsu Ltd. ADR   6,300    151,200 
Schneider Electric SE ADR   13,900    461,821 
Sensata Technologies Holding NV*   2,200    120,384 
Siemens AG ADR   1,800    147,852 
7.3% - Total For Industrials       $1,718,276 
           
Air Liquide SA ADR   4,569    146,893 
BASF SE ADR   7,400    140,896 
BHP Billiton Ltd. ADR   2,550    136,476 
Cemex ADR   15,000    107,550 
CIA Siderurcgica NACL ADR   29,100    153,066 
Newcrest Mining Ltd. ADR   10,900    180,831 
Nitto Denko Corp. ADR   8,800    313,720 
Posco ADR   2,800    193,116 

 

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

 

 

 

 

INTERNATIONAL FUND  Portfolio of Investments as of September 30, 2021 - Unaudited

 

   Shares   Fair Value 
Rio Tinto PLC ADR   1,570    104,907 
Vale SA ADR   5,400    75,330 
6.6% - Total For Materials       $1,552,785 
           
Cap Gemini SA ADR   4,000    166,480 
ASML Holdings   360    268,240 
CGI Group Inc.*   5,100    432,276 
Infosys Ltd. ADR   20,100    447,225 
Lenovo Group Ltd. ADR   20,000    557,000 
Open Text Corp.   6,400    311,936 
Relx PLC ADR   4,200    121,212 
SAP SE ADR   2,200    297,088 
Sony Group Corp. ADR   3,800    420,204 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   3,600    401,940 
United Microelectronics ADR   38,800    443,484 
16.5% - Total For Technology       $3,867,085 
           
Sun Hung Kai Properties Ltd. ADR   27,600    343,068 
1.5% - Total For Real Estate       $343,068 
           
Enel SpA ADR   21,100    161,204 
Enersis SA ADR   41,800    244,530 
Iberdrola SA ADR   5,000    201,200 
National Grid PLC ADR   1,629    97,137 
SSE PLC ADR   4,000    84,760 
3.4% - Total For Utilities       $788,831 
           
Total Common Stocks                                    98.7%       $23,099,870 
(Identified Cost $16,831,003)          
           
           
Cash Equivalents          
First American Government Obligation Fund, Class Z**   121,826    121,826 
Total Cash Equivalents                                   0.5%       $121,826 
(Identified Cost $121,826)          
           
Total Portfolio Value                                    99.5%       $23,282,565 
(Identified Cost $17,016,483)          
           
Other Assets in Excess of Liabilities  0.5%       $113,139 
           
Total Net Assets 100.0%       $23,395,704 

 

* Non-income producing security.

** Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.02%.

ADR - American Depositary Receipt

PLC - Public Liability Company            

 

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

 

 

 

 

FIXED INCOME FUND   Portfolio of Investments as of September  30, 2021 - Unaudited

 

Fixed Income Securities - Bonds  Rate   Maturity   Face Value   Fair Value 
                 
Corporate Bonds:                
American Express Co.   3.000%   10/30/2024    12,700,000   $13,553,862 
AON PLC   3.500%   06/14/2024    3,320,000    3,543,756 
AON PLC   3.750%   05/02/2029    6,846,000    7,613,685 
AON PLC   4.000%   11/27/2023    4,330,000    4,606,873 
Bank of America Corp.   3.248%   10/21/2027    20,000,000    21,585,235 
BB&T Corp.   3.750%   12/06/2023    6,775,000    7,235,478 
Fifth Third Bancorp   4.300%   01/16/2024    12,999,000    13,972,316 
Huntington Bancshares   2.550%   02/04/2030    5,628,000    5,813,012 
Huntington Bancshares   2.625%   08/06/2024    11,530,000    12,091,801 
JP Morgan Chase & Co.   3.300%   04/01/2026    5,500,000    5,960,847 
JP Morgan Chase & Co.   3.875%   09/10/2024    10,060,000    10,935,591 
JP Morgan Chase & Co.   4.493%   03/24/2031    4,500,000    5,245,720 
Keycorp   2.550%   10/01/2029    6,430,000    6,685,481 
Keycorp   4.100%   04/30/2028    7,300,000    8,336,898 
Marsh & McLennan Co. Inc.   4.375%   03/15/2029    12,737,000    14,776,650 
Morgan Stanley   3.700%   10/23/2024    14,154,000    15,350,659 
Morgan Stanley   4.000%   07/23/2025    4,500,000    4,955,919 
MUFG Americas Holdings Corp.   3.000%   02/10/2025    8,124,000    8,617,014 
MUFG Americas Holdings Corp.   3.500%   06/18/2022    6,659,000    6,808,269 
PNC Financial Services   3.450%   04/23/2029    8,500,000    9,409,881 
PNC Financial Services   3.900%   04/29/2024    9,991,000    10,778,671 
Suntrust Banks Inc.   4.000%   05/01/2025    8,000,000    8,796,902 
Truist Bank   2.250%   03/11/2030    5,116,000    5,165,575 
US Bancorp   3.000%   07/30/2029    9,780,000    10,496,889 
US Bancorp   3.100%   04/27/2026    7,000,000    7,553,690 
Wells Fargo & Co.   4.100%   06/03/2026    9,500,000    10,574,575 
Wells Fargo & Co.   4.300%   07/22/2027    8,600,000    9,761,935 
24.3% - Total For Corporate Bonds: Bank and Finance                 $250,227,184 
                     
CVS Health Corp.   4.300%   03/25/2028    14,898,000    16,944,435 
Dover Corp.   2.950%   11/04/2029    6,045,000    6,429,091 
Dover Corp.   3.150%   11/15/2025    3,802,000    4,067,224 
Emerson Electric Co.   1.800%   10/15/2027    14,190,000    14,430,012 
Emerson Electric Co.   1.950%   10/15/2030    1,000,000    998,915 
Home Depot Inc.   2.500%   04/15/2027    8,606,000    9,129,037 
Johnson Controls International PLC   3.900%   02/14/2026    6,430,000    7,074,537 
Kroger Co.   2.200%   05/01/2030    1,000,000    1,003,642 
Kroger Co.   3.500%   02/01/2026    10,850,000    11,870,532 
Kroger Co.   4.000%   02/01/2024    595,000    635,843 
McDonald's Corp.   2.125%   03/01/2030    6,500,000    6,553,804 
Lowes Cos. Inc.   4.500%   04/15/2030    14,851,000    17,391,952 
McDonald's Corp.   3.600%   07/01/2030    11,000,000    12,221,804 
Nike Inc.   3.250%   03/27/2040    7,830,000    8,552,430 
Shell International   3.250%   05/11/2025    4,779,000    5,160,568 
Starbucks Corp.   2.250%   03/12/2030    2,621,000    2,639,351 
Starbucks Corp.   3.550%   08/15/2029    15,000,000    16,602,240 
Verizon Communication Inc.   4.016%   12/03/2029    17,390,000    19,679,795 
Walt Disney Co.   3.800%   03/22/2030    17,000,000    19,314,351 
17.6% - Total For Corporate Bonds:  Industrial                 $180,699,563 
                     
Berkshire Hathaway Energy Co.   3.250%   04/15/2028    2,000,000    2,179,968 
Berkshire Hathaway Energy Co.   3.500%   02/01/2025    1,500,000    1,610,593 
Berkshire Hathaway Energy Co.   3.750%   11/15/2023    9,574,000    10,176,038 
Duke Energy Corp.   2.450%   06/01/2030    11,000,000    11,099,550 
Duke Energy Corp.   2.650%   09/01/2026    6,000,000    6,326,694 
Enterprise Products   3.750%   02/15/2025    2,056,000    2,229,808 
Enterprise Products   4.150%   10/16/2028    11,617,000    13,215,376 
Eversource Energy   1.650%   08/15/2030    232,000    220,090 
Eversource Energy   3.300%   01/15/2028    6,440,000    6,965,884 
Eversource Energy   4.250%   04/01/2029    9,289,000    10,607,490 
Georgia Power Co.   2.200%   09/15/2024    260,000    269,959 
Georgia Power Co.   2.650%   09/15/2029    15,850,000    16,506,569 
Interstate Power & Light Co.   2.300%   06/01/2030    2,920,000    2,928,586 

 

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

 

 

 

 

FIXED INCOME FUND   Portfolio of Investments as of September  30, 2021 - Unaudited

 

Interstate Power & Light Co.   3.400%   08/15/2025    1,000,000    1,070,484 
Interstate Power & Light Co.   4.100%   09/26/2028    13,090,000    14,881,029 
National Rural Utilities Collateral Trust   3.700%   03/15/2029    5,800,000    6,458,641 
Virginia Electric & Power Co.   2.750%   03/15/2023    2,018,000    2,075,858 
Virginia Electric & Power Co.   2.950%   01/15/2022    1,170,000    1,171,438 
Virginia Electric & Power Co.   2.950%   11/15/2026    2,550,000    2,735,315 
Virginia Electric & Power Co.   3.450%   02/15/2024    3,590,000    3,803,770 
Virginia Electric & Power Co.   3.500%   03/15/2027    2,845,000    3,138,024 
Xcel Energy Inc.   3.300%   06/01/2025    12,201,000    13,017,123 
Xcel Energy Inc.   3.400%   06/01/2030    3,750,000    4,082,690 
Xcel Energy Inc.   4.000%   06/15/2028    4,153,000    4,658,218 
13.8% - Total For Corporate Bonds:  Utilities                 $141,429,195 
                     
55.7% Total Corporate Bonds                 $572,355,942 
                     
Certificates of Deposit                    
Goldmans Sachs   3.400%   10/17/2023    250,000    265,396 
0.0% - Total For Certificates of Deposit                  265,396 
                     
United States Government Treasury Obligations                    
Treasury Bond   2.000%   02/15/2050    40,125,000    39,308,394 
Treasury Note   0.625%   12/31/2027    23,000,000    22,172,539 
Treasury Note   2.125%   11/30/2023    4,000,000    4,155,313 
Treasury Bond   2.500%   02/15/2045    20,500,000    22,089,551 
Treasury Bond   2.500%   05/15/2046    23,500,000    25,369,902 
Treasury Note   1.500%   11/30/2024    10,000,000    10,290,234 
Treasury Note   1.625%   05/15/2026    5,000,000    5,154,883 
Treasury Note   2.750%   08/15/2047    38,500,000    43,590,723 
Treasury Note   3.125%   11/15/2028    35,500,000    39,854,297 
20.6% - Total For United States Government Treasury Obligations                 $211,985,836 
                     
United States Government Agency Obligations                    
FHLB Debenture   3.250%   11/16/2028    21,750,000    24,507,184 
2.4% - Total For United States Government Agency Obligations                 $24,507,184 
                     
United States Government Agency Obligations - Mortgage Backed Securities                    
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)*   3.272%   04/01/2042    316,981    328,658 
FHLMC Pool 780439 (1 year US T-Note Yield Curve + 2.223%)*   2.348%   04/01/2033    20,953    21,020 
FHLMC Pool A89335   5.000%   10/01/2039    85,859    96,801 
FHLMC Pool C01005   8.000%   06/01/2030    691    811 
FHLMC Pool G06616   4.500%   12/01/2035    278,447    309,524 
FHLMC Pool G15897   2.500%   09/01/2031    1,300,193    1,369,554 
FHLMC Pool G08068   5.500%   07/01/2035    597,446    694,784 
FHLMC Pool G18642   3.500%   04/01/2032    2,478,678    2,656,751 
FHLMC Pool G18667   3.500%   11/01/2032    1,195,891    1,282,140 
FHLMC Pool G31087   4.000%   07/01/2038    1,797,356    1,961,453 
FHLMC Pool SC0047   3.000%   01/01/2040    17,106,454    18,341,517 
FHLMC Pool G30933   4.000%   01/01/2036    10,111,377    11,049,376 
FHLMC Pool ZA3721   3.000%   06/01/2029    7,354,683    7,772,944 
FHLMC Series 2877 Class AL   5.000%   10/15/2024    61,134    63,431 
FHLMC Series 2985 Class GE   5.500%   06/15/2025    50,532    53,763 
FHLMC Series 3109 Class ZN   5.500%   02/15/2036    871,229    989,172 
FHLMC Series 3592 Class BZ   5.000%   10/15/2039    555,073    623,504 
FHLMC Series 3946 Class LN   3.500%   04/15/2041    186,663    197,311 
FHLMC Series 4017 Class MA   3.000%   03/15/2041    9,697    9,696 
FHLMC Series 4105 Class PJ   3.500%   06/15/2041    597,316    631,211 
FHLMC Series 4180 Class ME   2.500%   10/15/2042    1,259,685    1,312,557 
FHLMC Series 4287 Class AB   2.000%   12/15/2026    707,154    733,442 
FHLMC Series 4517 Class PC   2.500%   05/15/2044    1,140,276    1,176,236 
FHLMC Series 4567 Class LA   3.000%   08/15/2045    184,242    191,116 
FHLMC Series 4582 Class PA   3.000%   11/15/2045    1,607,569    1,679,883 
FHLMC Series 4689 Class DA   3.000%   07/15/2044    620,880    636,483 
FHLMC Series 4709 Class EA   3.000%   01/15/2046    666,408    690,133 
FHLMC Series 4768 Class GA   3.500%   09/15/2045    4,001,830    4,164,309 
FHLMC Series 4831 Class BA   3.500%   10/15/2044    1,375,785    1,414,980 
FHLMC Series 4906 Class DE   2.500%   09/25/2049    5,385,459    5,611,369 

 

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

 

 

 

 

FIXED INCOME FUND   Portfolio of Investments as of September  30, 2021 - Unaudited

 

FNMA Pool 725027   5.000%   11/01/2033    198,163    225,607 
FNMA Pool 725704   6.000%   08/01/2034    79,315    91,410 
FNMA Pool 888223   5.500%   01/01/2036    265,749    307,946 
FNMA Pool 995112   5.500%   07/01/2036    190,876    221,275 
FNMA Pool AA4392   4.000%   04/01/2039    470,264    517,488 
FNMA Pool AL6923   3.000%   05/01/2030    5,079,358    5,395,291 
FNMA Pool AL9309   3.500%   10/01/2031    769,644    825,363 
FNMA Pool AL9623   4.000%   12/01/2036    2,233,301    2,446,892 
FNMA Pool AN8842   3.320%   04/01/2028    6,000,000    6,553,964 
FNMA Pool AN9848   3.740%   07/01/2028    6,438,000    7,027,091 
FNMA Pool AS5794   3.000%   09/01/2030    1,557,044    1,651,545 
FNMA Pool AS6548   2.500%   01/01/2031    3,499,523    3,687,207 
FNMA Pool BD2396   2.500%   12/01/2031    7,683,717    8,040,397 
FNMA Pool BL0752   3.650%   01/01/2029    5,000,000    5,674,997 
FNMA Pool BL2935   3.150%   06/01/2029    5,000,000    5,519,150 
FNMA Pool BL5003   4.000%   03/01/2047    1,731,693    1,925,584 
FNMA Pool BM1971   3.500%   12/01/2035    1,929,394    2,087,472 
FNMA Pool MA0384   5.000%   04/01/2030    483,903    536,764 
FNMA Pool MA2773   3.000%   10/01/2036    4,549,077    4,825,274 
FNMA Pool MA3186   4.000%   11/01/2037    8,581,600    9,260,438 
FNMA Pool MA3337   4.000%   04/01/2038    2,377,593    2,565,157 
FNMA Series 2003-79 Class NJ   5.000%   08/25/2023    110,345    113,561 
FNMA Series 2013-21 Class VA   3.000%   07/25/2028    1,124,378    1,126,354 
FNMA Series 2013-6 Class BC   1.500%   12/25/2042    447,931    456,078 
FNMA Series 2013-75 Class EG   3.000%   02/25/2043    349,593    367,410 
FNMA Series 2014-04 Class PC   3.000%   02/25/2044    1,515,265    1,604,374 
FNMA Series 2014-28 Class PA   3.500%   02/25/2043    162,753    172,512 
FNMA Series 2015-72 Class GB   2.500%   12/25/2042    2,067,852    2,119,769 
FNMA Series 2016-2 Class PB   2.000%   02/25/2046    321,244    333,194 
FNMA Series 2016-39 Class LA   2.500%   03/25/2045    702,288    731,205 
FNMA Series 2016-40 Class PA   3.000%   07/25/2045    165,523    171,029 
FNMA Series 2016-49 Class PA   3.000%   09/25/2045    1,289,556    1,348,741 
FNMA Series 2016-64 Class PG   3.000%   05/25/2045    2,841,202    2,983,080 
FNMA Series 2016-79 Class L   2.500%   10/25/2044    898,008    928,699 
FNMA Series 2017-30 Class G   3.000%   07/25/2040    727,741    735,382 
FNMA Series 2018-25 Class P   3.500%   03/25/2046    3,583,494    3,757,268 
FNMA Series 2018-67 Class BA   4.500%   03/25/2046    3,509,131    3,698,691 
FNMA Series 2020-95 Class GA   1.000%   01/25/2051    4,040,989    3,958,818 
GNMA GNR 21-175   2.000%   10/20/2051    20,000,000    20,440,625 
GNMA II Pool 2658   6.500%   10/20/2028    8,761    9,888 
GNMA II Pool 2945   7.500%   07/20/2030    1,127    1,287 
GNMA II Pool 4187   5.500%   07/20/2038    7,945    8,870 
GNMA II Pool 4847   4.000%   11/20/2025    98,544    104,055 
GNMA Pool 780400   7.000%   12/15/2025    959    1,047 
GNMA Pool 780420   7.500%   08/15/2026    560    612 
17.5% - Total For Government Agency Obligations - Mortgage Backed Securities                 $180,622,790 
                     
Taxable Municipal Bonds                    
Cincinnati Children's Hospital Medical Center   2.853%   11/15/2026    1,085,000    1,142,529 
Kansas Development Finance Authority Revenue   3.941%   04/15/2026    8,000,000    8,958,811 
Hamilton County Ohio   3.374%   06/01/2034    5,000,000    5,411,306 
Kentucky Property and Buildings Commission Revenue   6.164%   08/01/2023    536,000    574,168 
Pennsylvania State University   1.893%   09/01/2026    4,635,000    4,793,454 
University of Cincinnati Ohio General Receipts Revenue   2.162%   06/01/2025    2,185,000    2,293,339 
University of Washington Revenue   5.400%   06/01/2036    3,000,000    4,120,322 
2.7% - Total For Taxable Municipal Bonds                 $27,293,929 
                     
Total Fixed Income Securities - Bonds                                             98.9%                 $1,017,031,077 
(Identified Cost $982,938,620)                    
                     
Preferred Stocks                    
Allstate Corp.   5.100%   01/15/2053    264,996    7,040,944 
Total Preferred Stocks                                                                           0.7%                 $7,040,944 
(Identified Cost $6,491,218)                    

 

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

 

 

 

 

 

FIXED INCOME FUND Portfolio of Investments as of September 30, 2021 - Unaudited

 

Cash Equivalents      Shares     
First American Government Obligation Fund, Class Z**        18,708,419    18,708,419 
Total Cash Equivalents   1.8%       $18,708,419 
(Identified Cost $18,708,419)               
                
Total Portfolio Value   101.4%       $1,042,780,440 
(Identified Cost $1,008,138,257)               
                
Liabilities in Excess of Other Assets   -1.4%       $(14,465,314)
                
Total Net Assets   100%       $1,028,315,126 

 

* Variable Rate Security; the rate shown is as of September 30, 2021.

** Variable Rate Security; as of September 30, 2021, the 7 day annualized yield was 0.02%.

 

ARM - Adjustable Rate Mortgage

FHLB - Federal Home Loan Banks

FHLMC - Federal Home Loan Mortgage Corp.

 

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

 

 

 

 

MUNICIPAL INCOME FUND  Portfolio of Investments as of September 30, 2021 - Unaudited
                 
Municipal Income Securities - Bonds   Rate    Maturity    Face Value    Fair Value 
Akron Ohio GO Limited   4.000%   12/01/2025    650,000   $737,356 
Abilene Texas GO Limited   5.000%   02/15/2029    730,000    929,287 
Akron Ohio GO Limited   4.000%   12/01/2026    395,000    456,497 
Akron Ohio GO Limited   5.000%   12/01/2024    400,000    456,126 
Austin Texas GO Limited   5.000%   09/01/2029    1,000,000    1,210,411 
Brecksville Ohio GO Limited   1.000%   02/24/2022    1,000,000    1,003,269 
Cincinnati Ohio GO Unlimited   4.000%   12/01/2030    685,000    804,178 
Cincinnati Ohio GO Unlimited   4.000%   12/01/2032    1,000,000    1,164,167 
Cincinnati Ohio GO Unlimited*   5.250%   12/01/2029    200,000    235,112 
Columbus Ohio GO Unlimited   4.000%   04/01/2031    1,000,000    1,151,642 
Columbus Ohio GO Unlimited   5.000%   04/01/2034    1,400,000    1,776,103 
Dublin Ohio GO Limited   4.000%   12/01/2028    500,000    568,298 
Elyria Ohio GO Limited   0.750%   06/29/2022    1,855,000    1,863,052 
Fort Worth Texas GO   5.000%   03/01/2028    1,000,000    1,251,025 
Gahanna Ohio GO Limited   4.000%   12/01/2021    420,000    422,584 
Haltom City Texas GO Limited   4.000%   08/01/2025    675,000    762,593 
Hurst Texas GO Limited   4.000%   08/15/2031    335,000    379,133 
Lakewood Ohio GO Limited   4.000%   12/01/2028    840,000    974,921 
Lakewood Ohio GO Limited   4.000%   12/01/2029    300,000    346,543 
Newport Kentucky GO Unlimited   3.000%   05/01/2023    205,000    212,917 
Parma Ohio GO Limited   4.000%   12/01/2025    500,000    566,097 
Reynoldsburg Ohio GO Limited   4.000%   12/01/2030    1,000,000    1,181,971 
Reynoldsburg Ohio GO Limited   4.000%   12/01/2031    595,000    697,516 
Strongsville Ohio GO Limited   4.000%   12/01/2030    350,000    387,113 
7.4% - Total For General Obligation - City                 $19,537,911 
                     
Ashtabula County Ohio GO Limited*   4.000%   12/01/2027    500,000    512,560 
Bexar County Texas GO Limited   4.000%   06/15/2037    1,360,000    1,600,645 
Butler County Ohio GO Limited   5.000%   12/01/2024    160,000    183,265 
Butler County Ohio GO Limited   5.250%   12/01/2026    1,000,000    1,164,711 
Clark County Ohio GO Limited   5.000%   12/01/2026    340,000    412,902 
Clark County Ohio GO Limited   5.000%   12/01/2028    325,000    412,976 
Hamilton County Ohio GO Limited   5.000%   12/01/2028    500,000    625,511 
Knox County Ohio GO Limited   4.000%   12/01/2025    460,000    523,850 
Licking County Ohio GO Limited*   3.000%   12/01/2024    240,000    253,609 
Licking County Ohio GO Limited   3.000%   12/01/2024    315,000    332,127 
Lorain County Ohio GO Limited   4.000%   12/01/2025    795,000    855,298 
Lorain County Ohio GO Unlimited   4.000%   12/01/2030    450,000    495,335 
Lucas County Ohio GO Limited   4.000%   10/01/2028    1,000,000    1,130,916 
Lucas County Ohio GO Limited   4.000%   10/01/2029    605,000    684,204 
Ottawa County Ohio GO Limited   4.000%   12/01/2021    295,000    296,768 
Portage County Ohio GO Limited   3.000%   12/01/2021    270,000    270,574 
Rowan County Kentucky GO Unlimited (AGM Insured)   4.000%   06/01/2024    390,000    426,423 
Summit County Ohio GO Limited   4.000%   12/01/2023    300,000    323,741 
Summit County Ohio GO Limited   4.000%   12/01/2031    500,000    552,190 
4.1% - Total For General Obligation - County                 $11,057,605 
                     
Ohio GO Limited   3.000%   09/01/2026    1,385,000    1,465,085 
Ohio GO Limited   4.000%   03/01/2026    1,060,000    1,150,048 
Ohio GO Unlimited   3.000%   03/01/2027    555,000    572,941 
Ohio GO Unlimited   5.000%   09/01/2022    400,000    417,665 
Ohio GO Unlimited   5.000%   06/15/2024    410,000    462,026 
Ohio GO Unlimited   5.000%   05/01/2029    1,300,000    1,505,617 
Ohio GO Unlimited   5.000%   09/15/2029    1,030,000    1,339,293 
Ohio GO Unlimited   5.000%   06/15/2030    1,335,000    1,761,592 
Ohio GO Unlimited   5.000%   05/01/2031    850,000    984,114 
Ohio GO Unlimited   5.000%   06/15/2034    1,000,000    1,271,497 
Ohio GO Unlimited   5.000%   06/15/2035    1,000,000    1,269,012 
Ohio GO Unlimited   5.000%   06/15/2039    2,000,000    2,512,705 
Pennsylvania GO Unlimited   4.000%   01/01/2030    645,000    739,912 
5.8% - Total For General Obligation - State                 $15,451,507 
                     
Arizona Board of Regents Revenue Arizona State University   5.000%   08/01/2028    815,000    914,475 
Arizona Board of Regents Revenue University of Arizona   5.000%   06/01/2029    125,000    139,303 
Bowling Green State University Ohio Revenue   4.000%   06/01/2045    2,830,000    3,217,434 
Bowling Green State University Ohio Revenue   5.000%   06/01/2024    405,000    453,511 
Bowling Green State University Ohio Revenue   5.000%   06/01/2030    750,000    899,215 
Bowling Green State University Ohio Revenue   5.000%   06/01/2031    500,000    597,179 
Bowling Green State University Ohio Revenue   5.000%   06/01/2032    500,000    595,713 
Bowling Green State University Ohio Revenue   5.000%   06/01/2037    1,000,000    1,249,247 
Butler University Revenue   4.000%   02/01/2029    940,000    1,116,677 
Butler University Revenue   5.000%   02/01/2032    1,065,000    1,388,685 
Colorado Board of Governors University Enterprise System Revenue   5.000%   03/01/2027    225,000    275,464 
Colorado Higher Education Lease Financing Program Certificate of Participation   5.000%   11/01/2025    290,000    339,980 
Cuyahoga County Ohio Community College GO Unlimited   4.000%   12/01/2033    1,275,000    1,445,311 
Cuyahoga County Ohio Community College GO Unlimited   5.000%   12/01/2027    400,000    480,040 
Denison University Ohio Revenue   5.000%   11/01/2030    400,000    507,172 
Denison University Ohio Revenue   5.000%   11/01/2033    325,000    408,124 
Kent State University Ohio General Receipt Revenue   4.000%   05/01/2022    255,000    260,522 
Kent State University Ohio General Receipt Revenue   5.000%   05/01/2028    710,000    839,378 
Kent State University Ohio Revenue   5.000%   05/01/2031    1,000,000    1,318,562 
Kent State University Ohio Revenue   5.000%   05/01/2045    950,000    1,172,647 

 

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

 

 

 

 

MUNICIPAL INCOME FUND   Portfolio of Investments as of September 30, 2021 - Unaudited
                     
Municipal Income Securities - Bonds   Rate    Maturity    Face Value    Fair Value 
Lorain County Ohio Community College District General Receipts Revenue Bond   4.000%   12/01/2025    600,000    683,283 
Miami University Ohio General Receipts Revenue   4.000%   09/01/2045    1,500,000    1,732,987 
Miami University Ohio General Receipts Revenue   5.000%   09/01/2031    735,000    877,855 
Miami University Ohio Revenue   4.000%   09/01/2027    300,000    309,354 
Miami Valley Ohio Career Tech Center GO Unlimited   4.000%   12/01/2024    1,000,000    1,114,035 
Morehead State University Kentucky General Receipts Revenue   3.000%   11/01/2025    300,000    326,379 
Nothern Kentucky University General Receipts Revenue   4.000%   09/01/2026    715,000    823,838 
Ohio Higher Education Facilities Revenue - University of Dayton   5.000%   12/01/2036    2,010,000    2,457,239 
Ohio Higher Education Facilities Revenue - University of Dayton   5.000%   02/01/2035    1,350,000    1,703,406 
Ohio Higher Education Facilities Revenue - University of Dayton   4.000%   02/01/2036    1,050,000    1,229,742 
Ohio Higher Education Facilities Revenue - University of Dayton   4.000%   12/01/2033    620,000    714,482 
Ohio Higher Education Facilities Revenue - Xavier University   4.500%   05/01/2036    1,000,000    1,131,286 
Ohio State University General Receipts Revenue   4.000%   06/01/2030    200,000    226,390 
Ohio University General Receipts Revenue Bond   5.000%   12/01/2022    110,000    116,112 
South Dakota Board of Regents Housing and Auxiliary Facilities System Revenue   5.000%   04/01/2026    315,000    373,707 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2024    610,000    672,481 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2028    410,000    464,677 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2029    650,000    709,276 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2029    435,000    515,778 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2033    1,000,000    1,184,881 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2034    400,000    494,257 
University of Akron Ohio General Receipts Revenue   4.000%   01/01/2027    2,050,000    2,379,696 
University of Akron Ohio Revenue   5.000%   01/01/2027    350,000    416,897 
University of Cincinnati General Receipts Revenue   4.000%   06/01/2036    250,000    269,206 
University of Cincinnati General Receipts Revenue*   5.000%   06/01/2026    330,000    332,500 
University of Cincinnati General Receipts Revenue   5.000%   06/01/2026    140,000    141,033 
University of Cincinnati General Receipts Revenue   5.000%   06/01/2036    1,250,000    1,592,630 
University of Cincinnati General Receipts Revenue   5.000%   06/01/2039    1,250,000    1,408,169 
University of Dayton Revenue   5.000%   12/01/2036    470,000    574,578 
University of North Dakota Certificate of Participation   4.000%   06/01/2037    555,000    648,191 
University of Toledo Revenue   5.000%   06/01/2024    500,000    557,774 
University of Toledo Revenue   5.000%   06/01/2026    885,000    944,677 
University of Toledo Revenue   5.000%   06/01/2034    1,000,000    1,186,057 
University of Toledo Revenue   5.000%   06/01/2027    1,590,000    1,935,627 
University of Toledo Revenue   5.000%   06/01/2031    500,000    644,149 
18.1% - Total For Higher Education                 $48,511,268 
                     
Butler County Ohio Cincinnati Childrens Hospital Medical Center Revenue   5.000%   05/15/2030    1,005,000    1,305,891 
Franklin County Ohio Hospital Revenue Nationwide Childrens   4.000%   11/01/2036    800,000    919,582 
Franklin County Ohio Hospital Revenue Nationwide Childrens   5.000%   11/01/2032    500,000    616,256 
Franklin County Ohio Hospital Revenue Nationwide Childrens   5.000%   11/01/2048    3,100,000    4,654,239 
Hamilton County Ohio Health Care Facilities Revenue - The Christ Hospital   4.125%   06/01/2030    500,000    509,465 
Hamilton County Ohio Health Care Facilities Revenue - The Christ Hospital   5.250%   06/01/2025    1,000,000    1,029,809 
Hamilton County Ohio Health Care Facilities Revenue - The Christ Hospital   5.250%   06/01/2027    1,000,000    1,029,472 
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital   5.000%   05/15/2027    100,000    112,040 
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital   5.000%   05/15/2028    1,715,000    1,920,530 
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital   5.000%   11/15/2041    1,205,000    1,743,416 
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital   5.000%   11/15/2049    1,300,000    1,969,541 
5.9% - Total For Hospital/Health Bonds                 $15,810,241 
                     
Columbus Ohio Metropolitan Library Special Obligation Revenue   4.000%   12/01/2034    755,000    928,796 
Columbus Ohio Metropolitan Library Special Obligation Revenue   5.000%   12/01/2026    705,000    856,165 
Columbus Ohio Metropolitan Library Special Obligation Revenue   5.000%   12/01/2027    500,000    621,451 
Franklin County Ohio Convention Facilities Authority Revenue*   5.000%   12/01/2022    500,000    528,054 
Franklin County Ohio Convention Facilities Authority Revenue   5.000%   12/01/2028    450,000    563,010 
Franklin County Ohio Convention Facilities Authority Revenue   5.000%   12/01/2029    375,000    477,939 
Franklin County Ohio Convention Facilities Authority Revenue   5.000%   12/01/2030    600,000    762,117 
Franklin County Ohio Convention Facilities Authority Revenue   5.000%   12/01/2032    505,000    636,961 
Hancock County Indiana   4.000%   02/15/2022    765,000    775,534 
Hancock County Indiana   4.000%   02/15/2023    795,000    833,276 
Ohio Capital Facilities Lease Appropriation Revenue*   5.000%   04/01/2022    425,000    435,170 
Ohio Capital Facilities Lease Appropriation Revenue   5.000%   04/01/2025    995,000    1,152,968 
Ohio Facilities Construction Commission   5.000%   10/01/2027    505,000    627,451 
Ohio Parks and Recreation Capital Facilities Revenue   5.000%   02/01/2023    300,000    319,033 
Ohio Parks and Recreation Capital Facilities Revenue   5.000%   02/01/2030    500,000    569,999 
Ohio Parks and Recreation Capital Facilities Revenue   5.000%   12/01/2031    710,000    960,750 
Ohio Parks and Recreation Capital Facilities Revenue   5.000%   12/01/2035    1,160,000    1,444,654 
4.7% - Total For Revenue Bonds - Facility                 $12,493,328 
                     
Anderson Indiana Sewage Works Revenue (AGM Insured)   4.000%   11/01/2026    300,000    344,392 
Cincinnati Ohio Water System Revenue   4.000%   12/01/2030    1,000,000    1,155,689 
Cleveland Ohio Water Revenue   5.000%   01/01/2033    500,000    642,876 
Evansville Indiana Waterworks District Revenue (BAM Insured)   4.000%   01/01/2029    400,000    460,862 
Evansville Indiana Waterworks District Revenue (BAM Insured)*   5.000%   01/01/2022    300,000    303,469 
Hamilton Ohio Sewer System Revenue   5.000%   12/01/2030    1,000,000    1,296,924 
Hamilton Ohio Wastewater System Revenue (BAM Insured)   5.000%   10/01/2027    930,000    1,147,546 
Lafayette Indiana Sewage Works Revenue   5.000%   07/01/2022    150,000    155,257 
Lima Ohio Sanitary Sewer Revenue   5.000%   12/01/2024    200,000    210,369 
Lima Ohio Sewer Revenue   3.000%   12/01/2021    575,000    577,536 
Ohio Water Development Authority Revenue   5.000%   12/01/2025    1,110,000    1,317,122 
Ohio Water Development Authority Revenue   5.250%   12/01/2034    2,000,000    2,769,698 
Owensboro Kentucky Water Revenue (BAM Insured)   5.000%   09/15/2025    485,000    567,200 

 

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

 

 

 

 

MUNICIPAL INCOME FUND   Portfolio of Investments as of September 30, 2021 - Unaudited
                     
Municipal Income Securities - Bonds   Rate    Maturity    Face Value    Fair Value 
Springboro Ohio Sewer System Revenue   4.000%   06/01/2022    245,000    251,217 
St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation   4.000%   12/01/2031    400,000    450,653 
Toledo Ohio Water System Revenue   5.000%   11/15/2025    255,000    295,806 
Toledo Ohio Waterworks Revenue   4.000%   11/15/2022    365,000    380,579 
Toledo Ohio Waterworks Revenue   5.000%   11/15/2026    500,000    606,469 
Wise County Virginia Soil & Wastewater   1.200%   11/01/2040    1,000,000    1,016,733 
5.2% - Total For Revenue Bonds - Water & Sewer                 $13,950,397 
                     
Akron Ohio Certificate of Participation   5.000%   12/01/2025    500,000    584,285 
Akron Ohio Income Tax Revenue   4.000%   12/01/2031    870,000    1,015,100 
Akron Ohio Income Tax Revenue   5.000%   12/01/2023    1,100,000    1,208,181 
Akron Ohio Income Tax Revenue Community Learning Centers   5.000%   12/01/2028    380,000    392,045 
Akron Ohio Income Tax Revenue   5.000%   12/01/2027    510,000    626,677 
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project)   4.750%   11/01/2030    500,000    583,345 
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project)   5.000%   11/01/2032    525,000    621,724 
Cincinnati Ohio Economic Development Revenue U-Square-the-Loop Project*   3.500%   11/01/2024    110,000    110,278 
Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue   5.000%   06/01/2030    655,000    751,922 
Linn County Iowa Certificates of Participation   2.000%   06/01/2023    455,000    468,184 
Mobile Alabama Industrial Development Board Pollution Control Revenue   2.924%   07/15/2034    1,025,000    1,078,468 
Monroe County Georgia Development Authority Pollution Control Revenue   2.050%   07/01/2049    1,085,000    1,087,395 
Ohio Major New State Infrastructure Project Revenue*   5.000%   12/15/2022    250,000    258,392 
Ohio Major New State Infrastructure Project Revenue   5.000%   12/15/2023    500,000    552,108 
Ohio Major New State Infrastructure Project Revenue   5.000%   12/15/2023    500,000    552,108 
Ohio Major New State Infrastructure Project Revenue   5.000%   12/15/2026    500,000    600,466 
Ohio Major New State Infrastructure Project Revenue   5.000%   12/15/2027    1,060,000    1,271,899 
Ohio Major New State Infrastructure Project Revenue   5.000%   12/15/2028    570,000    683,069 
Ohio Special Obligation Revenue   5.000%   12/01/2029    510,000    614,476 
Ohio Special Obligation Revenue   5.000%   04/01/2033    1,570,000    2,029,863 
Ohio Special Obligation Revenue   5.000%   04/01/2025    610,000    706,845 
Ohio Special Obligation Revenue   5.000%   04/01/2026    500,000    597,095 
Ohio Special Obligation Revenue   5.000%   04/01/2023    1,010,000    1,082,010 
Ohio Special Obligation Revenue   5.000%   04/01/2029    665,000    762,585 
St. Xavier High School Inc. Ohio Revenue   4.000%   04/01/2036    400,000    465,300 
St. Xavier High School Inc. Ohio Revenue   4.000%   04/01/2037    575,000    666,911 
St. Xavier High School Inc. Ohio Revenue   4.000%   04/01/2038    400,000    462,825 
St. Xavier High School Inc. Ohio Revenue   4.000%   04/01/2039    400,000    461,663 
Riversouth Ohio Authority Revenue   4.000%   12/01/2031    700,000    793,151 
Summit County Ohio Development Finance Authority Akron Lease Revenue   4.000%   12/01/2027    220,000    244,495 
Summit County Ohio Development Finance Authority Akron Lease Revenue   4.000%   12/01/2028    435,000    481,383 
8.1% - Total For Other Revenue Bonds                 $21,814,248 
                     
Aldine Texas ISD GO Unlimited   4.000%   02/15/2030    780,000    865,506 
Arcanum-Butler Ohio LSD GO   4.000%   12/01/2029    675,000    747,248 
Arcanum-Butler Ohio LSD GO   4.000%   12/01/2030    650,000    718,925 
Ashland Ohio CSD GO Unlimited   4.000%   11/01/2028    505,000    604,676 
Athens Ohio CSD GO Unlimited   4.000%   12/01/2033    750,000    881,279 
Avon Lake Ohio SD GO Unlimited   4.000%   12/01/2025    1,000,000    1,137,921 
Beachwood  Ohio CSD Certificates of Participation   3.000%   12/01/2024    435,000    459,134 
Bellbrook-Sugarcreek Ohio LSD GO Unlimited   4.000%   12/01/2031    325,000    368,249 
Bellfontaine Ohio SCD GO Unlimited (National RE Insured)   5.500%   12/01/2026    615,000    736,773 
Berea Ohio CSD GO Unlimited   4.000%   12/01/2031    500,000    568,907 
Bexley Ohio CSD GO Unlimited   3.000%   12/01/2023    500,000    529,379 
Big Walnut Ohio LSD GO Unlimited   4.000%   12/01/2033    500,000    581,689 
Bloom-Carroll Ohio LSD GO Unlimited   4.000%   11/01/2030    290,000    345,620 
Bloom-Carroll Ohio LSD GO Unlimited   4.000%   11/01/2031    150,000    178,099 
Bloom-Carroll Ohio LSD GO Unlimited (SDCP)   4.000%   11/01/2029    325,000    389,839 
Blue Mountain Pennsylvania SD GO Limited*   4.000%   08/01/2024    135,000    148,879 
Blue Mountain Pennsylvania SD GO Limited   4.000%   08/01/2024    365,000    402,140 
Boone County Kentucky SD Revenue   3.000%   03/01/2026    1,000,000    1,093,384 
Breckinridge County Kentucky SD Finance Corp.   5.000%   04/01/2025    265,000    305,276 
Brownsville Indianna CSC Revenue   5.000%   01/15/2027    535,000    647,515 
Chagrin Falls Ohio Exempted Village SD GO   4.000%   12/01/2022    100,000    104,436 
Chillicothe Ohio CSD Special Obligation Revenue   4.000%   12/01/2023    130,000    134,912 
Chillicothe Ohio SD GO Unlimited (AGM Insured)   4.000%   12/01/2029    400,000    439,524 
China Spring ISD Texas GO Unlimited   4.000%   08/15/2027    890,000    1,004,167 
Clark County Kentucky SD Finance Corp. Revenue Bond*   3.000%   08/01/2022    115,000    117,547 
Cleveland Heights and University Heights Ohio CSD GO Unlimited   4.000%   12/01/2032    1,000,000    1,154,534 
Colorado Building Excellent Schools Today Certificates of Participation   4.000%   03/15/2030    1,000,000    1,176,279 
Columbus Ohio CSD GO Unlimited   4.000%   12/01/2029    400,000    455,974 
Columbus Ohio CSD GO Unlimited   4.000%   12/01/2022    655,000    683,978 
Daviess County Kentucky SD GO Unlimited   5.000%   06/01/2027    1,825,000    2,223,954 
Dayton Ohio SCD GO Unlimited (SDCP)   5.000%   11/01/2025    1,000,000    1,179,857 
Dexter Michigan CSD GO Unlimited   4.000%   05/01/2031    670,000    771,715 
Dublin Ohio CSD GO Unlimited   4.000%   12/01/2034    500,000    591,570 
Dublin Ohio CSD GO Unlimited*   5.000%   12/01/2026    500,000    539,713 
Elyria Ohio SCD GO Unlimited (SDCP)   4.000%   12/01/2030    1,000,000    1,158,425 
Franklin Indiana Community Multi-School Building Corp.   5.000%   01/15/2023    200,000    211,923 
Granville Ohio Exempted Village SD GO Unlimited   5.000%   12/01/2026    510,000    604,006 
Greencastle Indiana School Corp Revenue   4.000%   07/15/2029    695,000    825,865 
Green County Ohio Vocational SD GO Unlimited   4.000%   12/01/2035    1,000,000    1,162,666 
Hamilton Indiana Southeastern Schools Corp Revenue   4.000%   07/15/2025    510,000    574,327 
Hamilton Ohio CSD GO Unlimited   4.000%   12/01/2025    500,000    569,402 

 

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

 

 

 

 

MUNICIPAL INCOME FUND   Portfolio of Investments as of September 30, 2021 - Unaudited
                     
Municipal Income Securities - Bonds   Rate    Maturity    Face Value    Fair Value 
Hardin County Kentucky SD Finance Corp. Revenue   5.000%   05/01/2024    500,000    556,758 
Houston Texas ISD GO Limited   5.000%   02/15/2030    440,000    519,022 
Huber Heights Ohio CSD GO Unlimited   4.000%   12/01/2025    775,000    862,081 
Hudson Ohio CSD GO Unlimited   4.000%   12/01/2033    800,000    906,862 
Huntington County Indiana Countryside School Building Corp. Revenue   4.000%   01/15/2028    1,000,000    1,163,813 
Jackson Milton Ohio LSD Certificates of Participation (BAM Insured)   4.000%   06/01/2031    270,000    296,462 
Jefferson County Kentucky SD Finance Corp.   5.000%   10/01/2026    530,000    639,857 
Johnstown-Monroe Ohio LSD GO Unlimited   4.000%   12/01/2029    800,000    924,114 
Kenton County Kentucky SD Finance Corp. Revenue   4.000%   02/01/2028    400,000    452,254 
Kettering Ohio CSD GO Unlimited   4.000%   12/01/2030    400,000    453,581 
Kettering Ohio CSD GO Unlimited   5.250%   12/01/2031    500,000    625,557 
Lake Ohio LSD of Stark County GO Unlimited*   4.000%   12/01/2023    400,000    417,816 
Lakota Ohio LSD GO   5.250%   12/01/2025    205,000    244,332 
Lakota Ohio LSD GO   4.000%   01/15/2026    400,000    456,817 
Lakota Ohio LSD GO Unlimited*   4.000%   12/01/2027    275,000    289,993 
Lakota Ohio LSD GO Unlimited   5.000%   12/01/2021    350,000    352,702 
Lancaster Ohio CSD GO Limited (SDCP)*   4.000%   10/01/2027    1,000,000    1,109,797 
Licking Heights Ohio LSD GO Unlimited   5.000%   10/01/2025    715,000    839,191 
Licking Heights Ohio LSD GO Unlimited   5.000%   10/01/2027    500,000    620,248 
Logan Hocking Ohio LSD Certificates of Participation   4.000%   12/01/2032    420,000    472,212 
Marysville Ohio Exempted Village SD GO Unlimited   4.000%   12/01/2023    165,000    172,255 
Marysville Ohio Exempted Village SD GO Unlimited   5.000%   12/01/2025    500,000    550,199 
Marysville Ohio Exempted Village SD GO Unlimited   5.000%   12/01/2022    715,000    753,784 
Mayfield Ohio CSD Certificates of Participation   4.000%   09/01/2032    280,000    317,421 
Menifee County Kentucky SD Financial Corp. Revenue   3.000%   08/01/2027    615,000    672,848 
Merrillville Indiana Multi School Building Corp.   5.000%   07/15/2026    1,000,000    1,198,622 
Middletown Ohio CSD GO Umlimited (SDCP)   4.000%   12/01/2027    585,000    667,199 
Milford Ohio Exempt Village SD GO Unlimited (AGM Insured)   5.500%   12/01/2030    1,260,000    1,618,593 
Munster Indiana School Building Corp. Revenue (State Intercept)   4.000%   01/15/2029    400,000    463,527 
Murray Kentucky ISD Finance Corporation Revenue   5.000%   03/01/2025    810,000    928,494 
Newark Ohio CSD GO Unlimited (School District Credit Program)   4.000%   12/01/2026    235,000    260,857 
North Olmsted Ohio CSD GO Unlimited   4.000%   12/01/2029    500,000    586,954 
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited*   5.000%   12/01/2028    100,000    110,149 
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited*   5.000%   12/01/2029    150,000    165,224 
Olentangy Ohio LSD GO Unlimited*   4.000%   12/01/2026    1,000,000    1,041,618 
Orchard Farm Missouri SD Certificate of Participation   4.000%   04/01/2029    550,000    644,962 
Orange County Florida School Board Certificates of Participation*   5.000%   08/01/2032    500,000    585,551 
Owen County Kentucky SD Revenue   4.000%   04/01/2027    1,320,000    1,532,547 
Pennsbury Pennsylvania SD GO Limited   5.000%   08/01/2029    550,000    678,125 
Princeton Ohio CSD Certificates of Participation   3.500%   12/01/2026    275,000    276,102 
Princeton Ohio CSD GO Unliimited (National RE Insured)   5.250%   12/01/2030    1,000,000    1,288,650 
Sarah Scott Indiana Middle School Building Corp. Revenue   5.000%   07/10/2022    640,000    662,826 
Shelby Indiana Eastern SD Revenue   4.000%   01/15/2025    510,000    566,528 
Shelby Ohio CSD Certificates of Participation   4.000%   11/01/2021    320,000    320,862 
Shelby Ohio CSD Certificates of Participation   4.000%   11/01/2022    675,000    700,733 
Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP)   4.000%   12/01/2026    930,000    1,082,446 
Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP)   4.000%   12/01/2027    965,000    1,141,779 
South-Western City Ohio SD GO Unlimited*   4.000%   12/01/2025    1,000,000    1,025,457 
Switzerland Ohio LSD GO Unlimited (SDCEP Insured)*   4.000%   12/01/2026    415,000    440,737 
Talawanda Ohio CSD   5.000%   12/01/2027    775,000    960,630 
Teays Valley Ohio LSD   4.000%   12/01/2032    580,000    654,888 
Toledo Ohio CSD GO Unlimited   5.000%   12/01/2029    660,000    778,667 
Tri Valley Ohio LSD GO   4.000%   12/01/2026    710,000    805,421 
Trotwood-Madison Ohio CSD GO Unlimited (SDCP)   4.000%   12/01/2028    410,000    478,112 
Trotwood-Madison Ohio CSD GO Unlimited (SDCP)   4.000%   12/01/2029    500,000    580,310 
Trotwood-Madison Ohio CSD GO Unlimited (SDCP)   4.000%   12/01/2030    350,000    405,449 
Upper Arlington Ohio CSD GO Unlimited   4.000%   12/01/2030    1,380,000    1,615,607 
Vandalia Butler Ohio CSD GO Unlimited   3.000%   12/01/2024    500,000    538,871 
Wadsworth Ohio CSD GO Unlimited   3.500%   12/01/2022    215,000    215,501 
Wadsworth Ohio CSD GO Unlimited   4.000%   12/01/2027    840,000    926,568 
Wadsworth Ohio CSD GO Unlimited   4.000%   12/01/2033    1,075,000    1,179,761 
Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation   4.000%   04/01/2030    395,000    436,863 
Western Reserve Ohio LSD GO (SDCEP Insured)   4.000%   12/01/2022    240,000    240,659 
Westerville Ohio SCD Certificate of Participation   5.000%   12/01/2032    555,000    678,568 
Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured)   4.000%   03/01/2030    810,000    880,388 
Wyoming Ohio CSD GO Unlimited   5.000%   12/01/2023    200,000    219,897 
26.7% - Total For School District                 $71,649,890 
                     
Colorado State Certificate of Participation   4.000%   12/15/2034    1,000,000    1,209,997 
Colorado State Certificate of Participation   4.000%   12/15/2039    2,000,000    2,375,913 
Kentucky Association of Counties Finance Corp. Revenue   4.000%   02/01/2029    575,000    680,416 
Kentucky Certificates of Participation    4.000%   04/15/2028    695,000     812,696  
Kentucky Certificates of Participation    4.000%   04/15/2031    500,000     574,270  
Kentucky Interlocal School Transportation Assoc. Certificate of Participation    3.000%   03/01/2024    560,000     579,305  
Kentucky Property and Buildings Commission Revenue    5.000%   10/01/2023    350,000     382,175  
Kentucky Property and Buildings Commission Revenue    5.000%   08/01/2029    600,000     693,571  
Kentucky Property and Buildings Commission Revenue    5.000%   08/01/2030    600,000     693,634  
Kentucky Property and Buildings Commission Revenue    5.000%   09/01/2024    1,000,000     1,130,924  
Kentucky Property and Buildings Commission Revenue    5.000%   11/01/2026    1,145,000     1,384,195  
Kentucky Property and Buildings Commission Revenue    5.000%   10/01/2026    635,000     765,930  
Kentucky Property and Buildings Commission Revenue    5.000%   04/01/2026    525,000     623,357  

 

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

 

 

 

 

 

Johnson Institutional Short Duration Bond Fund  Portfolio of Investments as of September 30, 2021 - Unaudited

 

Municipal Income Securities - Bonds   Rate   Maturity   Face Value    Fair Value 
Ohio Certificate of Participation   5.000%  09/01/2027   1,520,000    1,884,716 
Ohio Department of Administration Building Funding Series B   5.000%  10/01/2025   660,000    777,500 
Ohio Department of Administration Certificate of Participation*   5.000%  09/01/2023   1,320,000    1,346,232 
Ohio Department of Administration Certificate of Participation*   4.000%  09/01/2025   775,000    787,239 
Ohio Department of Administration Certificate of Participation*   5.000%  03/01/2024   300,000    305,962 
Ohio Department of Administration Certificate of Participation - Multi-Agency Radio Communication Project*   4.000%  09/01/2027   145,000    147,290 
Ohio Department of Administration Certificate of Participation   5.000%  09/01/2023   755,000    823,694 
6.7% - Total For State Agency               $17,979,016 
                   
FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement)   3.400%  01/25/2036   1,921,538    2,170,167 
FHLMC Series M 053 Class A   2.550%  06/15/2035   3,953,560    4,145,590 
Missouri State Housing Development Commission Single Family Mortgage Revenue   3.500%  11/01/2050   910,000    994,881 
Missouri State Housing Development Commission Single Family Mortgage Revenue   3.500%  11/01/2050   2,595,000    2,854,825 
Missouri State Housing Development Commission Single Family Mortgage Revenue   3.875%  05/01/2050   1,740,000    1,919,733 
Ohio Housing Finance Agency Residential Mortgage Revenue   3.000%  03/01/2052   2,000,000    2,173,554 
Ohio Housing Finance Agency Residential Mortgage Revenue   3.700%  03/01/2032   715,000    762,524 
5.6% - Total For Housing               $15,021,274 
                   
Total Municipal Income Securities - Bonds   12.3%          $263,276,685 
(Identified Cost $253,760,066)                  
            Shares      
Cash Equivalents                  
                   
Dreyfus AMT-Free Tax Cash Management Fund***           2,148,349    2,148,134 
Total Cash Equivalents   0.8%          $2,148,134 
(Identified Cost  $2,148,134)                  
                   
Total Portfolio Value   13.1%          $265,424,819 
(Identified Cost $255,908,200)                  
                   
Other Assets in Excess of Liabilities   1.1%          $2,900,375 
                   
Total Net Assets   14.2%          $268,325,194 

 

* Pre-refunded / Escrowed-to-Maturity Bonds; as of September 30, 2021, these bonds represented 4.30% of total assets.
** Variable Rate Security; as of September 30, 2021, the 7 day annualized yield was 0.01%.
 
AGM - Assured Guaranty Municipal Mortgage Association
AMBAC - American Municipal Bond Assurance Corp.
BAM - Build America Mutual
CSC - Community School Corporation
CSD - City School District
FGIC - Financial Guaranty Insurance Co.
FHLMC - Federal Home Loan Mortgage Corp.
FNMA - Federal National Mortgage Association

 

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

 

 

 

 

Johnson Institutional Short Duration Bond Fund  Portfolio of Investments as of September 30, 2021 - Unaudited

 

Fixed Income Securities - Bonds  Rate   Maturity   Face Value   Fair Value 
Corporate Bonds:                    
ACE INA Holdings   3.350%   05/15/2024    5,697,000   $6,094,937 
American Express Credit   2.500%   07/30/2024    4,340,000    4,561,429 
AON PLC   3.500%   06/14/2024    2,385,000    2,545,740 
AON PLC   3.875%   12/15/2025    2,700,000    2,979,585 
Bank of America Corp.   3.300%   01/11/2023    2,080,000    2,158,465 
Bank of America Corp.   3.875%   08/01/2025    3,805,000    4,191,827 
Essex Portfolio LP   3.375%   04/15/2026    2,654,000    2,861,741 
Essex Portfolio LP   3.875%   05/01/2024    1,950,000    2,085,426 
BB&T Corp.   3.750%   12/06/2023    3,075,000    3,283,999 
Fifth Third Bancorp   4.300%   01/16/2024    3,440,000    3,697,574 
Fifth Third Bancorp   2.375%   01/28/2025    1,770,000    1,840,079 
Goldman Sachs   5.750%   01/24/2022    4,750,000    4,830,427 
Huntington Bancshares   2.300%   01/14/2022    1,598,000    1,604,624 
Huntington Bancshares   2.625%   08/06/2024    2,960,000    3,104,227 
JP Morgan Chase & Co.   3.375%   05/01/2023    3,212,000    3,358,907 
JP Morgan Chase & Co.   3.875%   09/10/2024    1,545,000    1,679,472 
Key Bank Corp.   2.500%   11/22/2021    3,750,000    3,761,840 
Marsh & McLennan Co. Inc.   3.500%   06/03/2024    3,830,000    4,086,227 
Marsh & McLennan Co. Inc.   3.500%   03/10/2025    1,000,000    1,075,301 
Morgan Stanley   3.700%   10/23/2024    2,460,000    2,667,982 
Morgan Stanley   4.000%   07/23/2025    2,000,000    2,202,631 
National Retail Properties   4.000%   11/15/2025    2,121,000    2,345,011 
PNC Financial Services   3.900%   04/29/2024    4,840,000    5,221,576 
Suntrust Banks Inc.   4.000%   05/01/2025    592,000    650,971 
MUFG Americas Holding   3.000%   02/10/2025    6,048,000    6,415,030 
US Bancorp   3.600%   09/11/2024    5,709,000    6,183,836 
Wells Fargo & Co.   3.450%   02/13/2023    4,775,000    4,969,204 
Wells Fargo & Co.   3.550%   09/29/2025    600,000    653,406 
28.3% - Total Finance                 $91,111,474 
                     
                     
Dover Corp.   3.150%   11/15/2025    4,548,000    4,865,264 
Eaton Corp.   2.750%   11/02/2022    3,230,000    3,313,253 
Burlington Northern Santa Fe   3.400%   09/01/2024    2,201,000    2,363,585 
Burlington Northern Santa Fe   3.050%   09/01/2022    1,207,000    1,229,710 
CVS Health Corp.   3.875%   07/20/2025    4,300,000    4,706,137 
Johnson Controls International PLC   3.625%   07/02/2024    2,801,000    2,988,351 
Kroger Co.   4.000%   02/01/2024    4,600,000    4,915,761 
McDonalds Corp.   2.625%   01/15/2022    1,000,000    1,007,090 
Microsoft Corp.   3.125%   11/03/2025    1,300,000    1,409,475 
Nike Corp.   2.400%   03/27/2025    5,745,000    6,026,957 
Norfolk Southern Corp.   2.903%   02/15/2023    4,000,000    4,111,017 
Norfolk Southern Corp.   5.590%   05/17/2025    1,000,000    1,150,874 
Shell International   3.250%   05/11/2025    5,910,000    6,381,870 
Union Pacific Corp.   3.150%   03/01/2024    2,700,000    2,859,300 
Walt Disney Co.   1.750%   08/30/2024    4,530,000    4,669,741 
16.2% - Total Industrial                 $51,998,385 
                     
                     
Berkshire Hathaway Energy Co.   2.800%   01/15/2023    1,272,000    1,309,426 
Berkshire Hathaway Energy Co.   3.750%   11/15/2023    1,000,000    1,062,883 
Duke Energy Corp.   3.050%   08/15/2022    1,200,000    1,219,596 
Duke Energy Corp.   3.750%   04/15/2024    4,009,000    4,277,092 
Enterprise Products   3.350%   03/15/2023    3,300,000    3,417,925 

 

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

 

 

 

 

Johnson Institutional Short Duration Bond Fund  Portfolio of Investments as of September 30, 2021 - Unaudited

 

Enterprise Products   3.750%   02/15/2025    1,200,000    1,301,444 
Eversource Energy   2.750%   03/15/2022    4,907,000    4,950,754 
Georgia Power Co.   2.100%   07/30/2023    1,200,000    1,235,431 
Georgia Power Co.   2.200%   09/15/2024    2,043,000    2,121,254 
Georgia Power Co.   2.850%   05/15/2022    1,600,000    1,625,280 
Interstate Power & Light Co.   3.400%   08/15/2025    4,222,000    4,519,583 
Interstate Power & Light Co.   3.250%   12/01/2024    449,000    479,464 
Virginia Electric & Power Co.   2.750%   03/15/2023    2,494,000    2,565,505 
Virginia Electric & Power Co.   2.950%   01/15/2022    3,000,000    3,003,688 
Wisconsin Power   2.250%   11/15/2022    1,000,000    1,015,242 
Xcel Energy Inc.   3.300%   06/01/2025    4,720,000    5,035,720 
12.2% - Total Utilities                 $39,140,287 
                     
56.7% Total Corporate Bonds                 $182,250,146 
                     
Certificates of Deposit                    
Goldmans Sachs   3.400%   10/17/2023    250,000    265,396 
0.1% - Total For Certificates of Deposit                  265,396 
                     
United States Government Treasury Obligations                    
Treasury Note   0.125%   07/15/2023    5,000,000    4,989,453 
Treasury Note   0.250%   06/30/2025    2,500,000    2,454,785 
Treasury Note (Tbill 13week auction high + 0.049%)*   0.084%   01/31/2023    700,000    700,303 
Treasury Note   1.500%   01/15/2023    7,800,000    7,935,891 
Treasury Note   2.250%   04/30/2024    8,000,000    8,372,812 
Treasury Note   0.375%   01/31/2026    1,000,000    978,164 
Treasury Note   1.625%   08/31/2022    3,500,000    3,548,945 
Treasury Note   2.000%   02/15/2025    5,400,000    5,647,008 
Treasury Note   2.125%   05/15/2022    6,000,000    6,076,875 
12.6% - Total United States Government Treasury Obligations                 $40,704,236 
                     
United States Government Agency Obligations                    
FHLB   1.375%   08/26/2026    3,700,000    3,727,348 
FHLB   1.375%   09/29/2026    1,585,000    1,598,911 
FHLB   2.625%   12/10/2021    4,200,000    4,220,081 
FHLMC   0.450%   07/22/2024    4,000,000    3,998,465 
FHLMC   2.500%   12/01/2027    907,902    950,936 
FNMA   0.500%   06/17/2025    4,195,000    4,162,474 
FNMA   0.375%   08/25/2025    11,130,000    10,955,386 
FHLMC   2.375%   01/13/2022    4,000,000    4,026,190 
10.5% - Total United States Government Agency Obligations                 $33,639,791 
                     
United States Government Agency Obligations - Mortgage-Backed Securities                    
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)*   3.272%   04/01/2042    69,725    72,294 
FHLMC Pool G15973   3.000%   07/01/2031    1,343,712    1,426,762 
FHLMC Pool G16330   3.500%   08/01/2032    1,372,291    1,471,843 
FHLMC Pool G18642   3.500%   04/01/2032    1,587,151    1,701,175 
FHLMC Pool ZS9286   4.500%   04/01/2035    1,184,169    1,300,261 
FHLMC Pool ZT1964   3.500%   06/01/2032    1,321,876    1,422,821 
FHLMC Series 2989 Class TG   5.000%   06/15/2025    159,347    167,835 
FHLMC Series 4009 Class PA   2.000%   06/15/2041    125,782    129,055 
FHLMC Series 4017 Class MA   3.000%   03/15/2041    4,751    4,751 
FHLMC Series 4125 Class KP   2.500%   05/15/2041    817,827    843,730 
FHLMC Series 4198 Class BE   2.000%   10/15/2040    439,890    443,653 
FHLMC Series 4440 Class VC   2.500%   08/15/2026    791,723    792,769 
FHLMC Series 4980 Class DB   1.250%   10/25/2034    3,832,714    3,841,188 
FHLMC Pool V61479   2.500%   01/01/2032    4,413,385    4,636,250 
FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.599%)*   2.746%   02/01/2046    224,196    234,646 
FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600%)*   2.839%   12/01/2044    174,644    181,799 
FNMA Pool AL7077   4.000%   07/01/2035    703,526    776,575 
FNMA Pool AL6465   2.920%   11/01/2023    207,183    209,480 
FNMA Pool AL9230   3.500%   12/01/2029    753,424    809,104 

 

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

 

 

 

 

Johnson Institutional Short Duration Bond Fund  Portfolio of Investments as of September 30, 2021 - Unaudited

 

FNMA Pool AM0066   2.630%   08/01/2022    1,545,312    1,559,350 
FNMA Pool AN3444   2.230%   11/01/2023    2,917,354    3,000,525 
FNMA Pool FM1897   3.000%   09/01/2032    1,500,847    1,580,330 
FNMA Pool FM2287   4.500%   03/01/2034    1,522,112    1,649,460 
FNMA Pool FM2989   3.000%   09/01/2034    1,304,090    1,382,632 
FNMA Pool FM8700   4.500%   07/01/2034    1,778,877    1,932,447 
FNMA Pool MA0384   5.000%   04/01/2030    307,240    340,803 
FNMA Series 2003-79 Class NJ   5.000%   08/25/2023    60,138    61,891 
FNMA Series 2013-6 Class BC   1.500%   12/25/2042    298,621    304,052 
FNMA Series 2013-3 Class DK   1.750%   02/25/2033    747,871    769,785 
FNMA Series 2013-1 Class LA   1.250%   02/25/2028    1,318,383    1,326,881 
FNMA Series 2017-30 Class G   3.000%   07/25/2040    284,385    287,371 
FNMA Series 2020-44 Class TE   2.000%   12/25/2035    2,795,201    2,896,433 
FNMA Series 2020-95 Class GA   1.000%   01/25/2051    7,920,339    7,759,284 
GNMA Pool 726475   4.000%   11/15/2024    46,620    49,317 
14.1% - Total United States Government Agency Obligations- Mortgage-Backed Securities                 $45,366,552 
                     
Taxable Municipal Bonds                    
Allegeny County Pennsylvania   0.843%   11/01/2024    600,000    602,907 
Allegeny County Pennsylvania   0.973%   11/01/2025    1,835,000    1,835,042 
Franklin County Ohio Convention Facitilites   1.255%   12/01/2025    500,000    503,116 
Kansas Development Finance Authority Revenue   3.227%   04/15/2022    1,600,000    1,625,514 
Kansas Development Finance Authority Revenue   3.491%   04/15/2023    1,400,000    1,466,670 
Kent State University   1.960%   05/01/2024    1,000,000    1,031,099 
Kentucky State Property and Lodging Commission   2.080%   11/01/2023    700,000    719,200 
Ohio Special Obligation Capital Facilities Lease   1.700%   04/01/2023    500,000    510,040 
Pennsylvania State University   1.545%   09/01/2024    1,145,000    1,174,067 
Pennsylvania State University   1.645%   09/01/2025    2,000,000    2,054,464 
Port of Greater Cincinnati   2.100%   04/01/2023    500,000    500,201 
Youngstown Ohio   1.000%   07/21/2022    1,000,000    1,006,198 
University of Cincinnati General Receipts   1.878%   06/01/2023    1,100,000    1,129,142 
University of Kentucky General Receipts Build America Bond   4.850%   11/01/2021    1,500,000    1,504,868 
4.9% - Total For Taxable Municipal Bonds                 $15,662,528 
                     
                     
Total Fixed Income Securities        98.9%       $317,888,649 
(Identified Cost  $316,732,939)                    
                     
Cash Equivalents             Shares      
First American Government Obligation Fund, Class Z**             2,805,338    2,805,338 
Total Cash Equivalents        0.9%       $2,805,338 
(Identified Cost  $2,805,338)                    
                     
Total Portfolio Value        99.8%       $320,693,987 
(Identified Cost  $319,538,277)                    
                     
Other Assets in Excess of Liabilities        0.2%       $665,618 
                     
Total Net Assets        100.0%       $321,359,605 

 

* Variable Rate Security; the rate shown is as of September 30, 2021.
** Variable Rate Security; as of September 30, 2021, the 7 day annualized yield was 0.02%.
 
ARM - Adjustable Rate Mortgage
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
GNMA - Government National Mortgage Association

 

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

 

 

 

 

Johnson Institutional Intermediate Bond Fund   Portfolio of Investments as of September 30, 2021 - Unaudited
    
Fixed Income Securities   

 

Corporate Bonds:  Rate   Maturity  Face Value   Fair Value 
American Express Co.   4.200%  11/06/2025   3,550,000   $3,995,882 
AON Corp.   3.750%  05/02/2029   3,500,000    3,892,477 
Bank of America   3.248%  10/21/2027   4,400,000    4,748,752 
BB&T Corp.   3.750%  12/06/2023   2,000,000    2,135,934 
BB&T Corp.   3.950%  03/22/2022   1,000,000    1,014,622 
Essex Portfolio LP   3.000%  01/15/2030   2,120,000    2,227,896 
Essex Portfolio LP   4.000%  03/01/2029   1,216,000    1,362,494 
Fifth Third Bancorp   2.375%  01/28/2025   3,114,000    3,237,292 
Huntington Bancshares   4.000%  05/15/2025   3,725,000    4,082,591 
JP Morgan Chase & Co.   3.875%  09/10/2024   3,065,000    3,331,768 
Keycorp   2.550%  10/01/2029   1,655,000    1,720,758 
Keycorp   4.100%  04/30/2028   1,000,000    1,142,041 
Marsh & McLennan Co. Inc.   3.500%  06/03/2024   1,500,000    1,600,350 
Marsh & McLennan Co. Inc.   4.375%  03/15/2029   1,750,000    2,030,238 
Morgan Stanley   3.700%  10/23/2024   4,135,000    4,484,596 
MUFG Americas Holdings Corp.   3.000%  02/10/2025   4,300,000    4,560,950 
PNC Financial Services   3.450%  04/29/2029   1,000,000    1,107,045 
PNC Financial Services   3.500%  01/23/2024   2,000,000    2,126,070 
Suntrust Bank Inc.   4.000%  05/01/2025   2,000,000    2,199,226 
US Bancorp   3.000%  07/30/2029   2,125,000    2,280,766 
US Bancorp   3.100%  04/27/2026   2,000,000    2,158,197 
Wells Fargo & Co.   4.000%  06/03/2026   1,220,000    1,357,998 
Wells Fargo & Co.   4.300%  07/22/2027   2,600,000    2,951,283 
24.5% - Total Finance               $59,749,226 
                   
CVS Health Corp.   4.300%  03/25/2028   3,200,000    3,639,562 
Dover Corp   3.150%  11/15/2025   2,650,000    2,834,861 
Eaton Corp.   2.750%  11/02/2022   1,900,000    1,948,973 
Home Depot Inc.   2.500%  04/15/2027   3,000,000    3,182,327 
Johnson Controls International PLC   3.900%  02/14/2026   2,282,000    2,510,745 
JP Morgan Chase & Co.   3.300%  04/01/2026   970,000    1,051,277 
Kroger Co.   3.500%  02/01/2026   2,100,000    2,297,522 
Lowes Cos. Inc.   4.500%  04/15/2030   2,000,000    2,342,193 
McDonalds Corp.   3.600%  07/01/2030   3,025,000    3,360,996 
Starbucks Corp.   2.250%  03/12/2030   3,600,000    3,625,206 
Union Pacific Corp.   3.500%  06/08/2023   1,650,000    1,731,876 
Verizon Communication Inc.   4.016%  12/03/2029   3,235,000    3,660,962 
Walt Disney Corp.   3.800%  03/22/2030   4,245,000    4,822,907 
15.2% - Total Industrial               $37,009,407 
                   
Berkshire Hathaway Energy Co.   3.750%  11/15/2023   2,175,000    2,311,770 
Berkshire Hathaway Energy Co.   3.250%  04/15/2028   2,100,000    2,288,966 
Duke Energy Corp.   2.450%  06/01/2030   2,750,000    2,774,888 
Duke Energy Corp.   2.650%  09/01/2026   1,000,000    1,054,449 
Enterprise Products   3.750%  02/15/2025   1,860,000    2,017,239 
Enterprise Products   4.150%  10/16/2028   1,300,000    1,478,866 
Enterprise Products   4.250%  04/01/2029   1,000,000    1,141,941 
Eversource Energy   3.300%  01/15/2028   2,700,000    2,920,479 
Georgia Power Co.   2.200%  09/15/2024   325,000    337,449 
Georgia Power Co.   2.650%  09/15/2029   2,000,000    2,082,848 
Georgia Power Co.   2.850%  05/15/2022   1,111,000    1,128,554 
Interstate Power & Light Co.   3.400%  08/15/2025   1,035,000    1,107,951 
Interstate Power & Light Co.   4.100%  09/26/2028   2,225,000    2,529,434 
National Rural Utilites Corp.   3.400%  11/15/2023   3,000,000    3,165,649 
Virginia Electric & Power Co.   2.750%  03/15/2023   935,000    961,807 
Virginia Electric & Power Co.   2.950%  01/15/2022   500,000    500,615 
Virginia Electric & Power Co.   3.100%  05/15/2025   394,000    418,564 

 

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

 

 

 

 

 

Johnson Institutional Intermediate Bond Fund Portfolio of Investments as of September 30, 2021 - Unaudited

 

Virginia Electric & Power Co.   3.450%   02/15/2024    565,000    598,643 
Xcel Energy Inc.   3.300%   06/01/2025    3,500,000    3,734,114 
13.4% - Total Utilities                 $32,554,226 
                     
53.1% Total Corporate Bonds                 $129,312,859 
                     
Certificates of Deposit                    
Goldmans Sachs   3.400%   10/17/2023    250,000    265,396 
0.1% - Total For Certificates of Deposit                  265,396 
                     
United States Government Treasury Obligations                    
Treasury Note   0.125%   04/30/2022    3,250,000    3,251,016 
Treasury Note   1.500%   11/30/2024    5,450,000    5,608,178 
Treasury Note   1.500%   02/15/2030    5,750,000    5,780,772 
Treasury Note   1.625%   05/15/2026    11,200,000    11,546,937 
Treasury Note   2.000%   11/15/2026    12,500,000    13,108,887 
Treasury Note   2.125%   11/30/2023    10,200,000    10,596,047 
Treasury Note   2.625%   02/15/2029    8,000,000    8,715,313 
Treasury Note   2.750%   02/15/2028    9,000,000    9,839,883 
Treasury Note   3.125%   11/15/2028    9,000,000    10,103,906 
32.4% - Total United States Government Treasury Obligations                 $78,550,939 
                     
United States Government Agency Obligations                    
FHLB   2.875%   09/13/2024    1,500,000    1,603,295 
FHLB   3.250%   11/16/2028    1,800,000    2,028,181 
1.5% - Total United States Government Agency Obligations                 $3,631,476 
                     
United States Government Agency Obligations - Mortgage Backed Securities                    
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)*   3.272%   04/01/2042    74,705    77,457 
FHLMC Pool G08068   5.500%   07/01/2035    108,141    125,760 
FHLMC Pool G18642   3.500%   04/01/2032    845,879    906,649 
FHLMC Pool J12635   4.000%   07/01/2025    132,196    140,161 
FHLMC Pool SB0297   3.000%   03/01/2035    2,899,368    3,076,052 
FHLMC Pool SC0047   3.000%   01/01/2040    4,075,051    4,369,264 
FHLMC Series 2985 Class GE   5.500%   06/15/2025    40,426    43,010 
FHLMC Series 3946 Class LN   3.500%   04/15/2041    336,377    355,566 
FHLMC Series 4017 Class MA   3.000%   03/15/2041    1,939    1,939 
FHLMC Series 4151 Class PA   2.000%   01/15/2033    1,470,072    1,522,810 
FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)*   3.314%   12/01/2041    94,873    100,069 
FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600%)*   2.839%   12/01/2044    179,383    186,732 
FNMA Pool AA4392   4.000%   04/01/2039    116,836    128,568 
FNMA Pool FM5050   2.500%   02/01/2035    3,789,366    3,949,261 
FNMA Pool AN8842   3.320%   04/01/2028    2,500,000    2,730,818 
FNMA Pool MA0384   5.000%   04/01/2030    122,896    136,321 
FNMA Pool MA1237   3.000%   11/01/2032    1,182,762    1,253,311 
FNMA Series 2011-52 Class PC   3.000%   03/25/2041    534,287    559,306 
FNMA Series 2012-12 Class KD   2.000%   11/25/2042    758,001    772,348 
FNMA Series 2015-37 Class BA   3.000%   08/25/2044    991,217    1,046,887 
FNMA Series 2016-39 Class LA   2.500%   03/25/2045    702,288    731,205 
FNMA Series 2016-99 Class TA   3.500%   03/25/2036    407,293    434,130 
9.3% - Total United States Government Agency Obligations - Mortgage Backed Securities               $22,647,624 
                     
Taxable Municipal Bonds                    
Kansas Development Finance Authority Revenue   4.091%   04/15/2027    3,000,000    3,406,801 
Kentucky Asset Liability Commission Revenue   5.339%   04/01/2022    55,000    56,298 
Pennsylvania State University   1.893%   09/01/2026    2,000,000    2,068,373 
2.3% - Total Taxable Municipal Bonds                 $5,531,472 
                     
Total Fixed Income Securities   98.7%            $239,939,766 
(Identified Cost $235,888,806)                    

 

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

 

 

 

 

Johnson Institutional Intermediate Bond Fund Portfolio of Investments as of September 30, 2021 - Unaudited

 

           Shares     
Preferred Stocks                
Allstate Corp.   5.100%   01/15/2053    59,890    1,591,277 
Total Preferred Stocks   0.7%            $1,591,277 
(Identified Cost $1,446,031)                    
                     
Cash Equivalents                    
First American Government Obligation Fund, Class Z**             1,263,282    1,263,282 
Total Cash Equivalents   0.5%            $1,263,282 
(Identified Cost $1,263,282)                    
                     
Total Portfolio Value   99.9%            $242,794,325 
(Identified Cost $238,598,119)                    
                     
Other Assets in Excess of Liabilities   0.3%                  $677,262 
                           
Total Net Assets   100.2%                  $243,471,587 
                           

 

* Variable Rate Security; the rate shown is as of September 30, 2021.

** Variable Rate Security; as of September 30, 2021, the 7 day annualized yield was 0.02%.

 

ARM - Adjustable Rate Mortgage

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

 

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

 

 

 

 

Johnson Institutional Core Bond Fund Portfolio of Investments as of September 30, 2021 - Unaudited

 

Fixed Income Securities  Rate   Maturity   Face Value   Fair Value 
Corporate Bonds:                    
American Express Co.   3.000%   10/30/2024    9,135,000   $9,749,175 
AON Corp.   3.500%   06/14/2024    1,650,000    1,761,204 
AON Corp.   3.750%   05/02/2029    4,390,000    4,882,278 
AON Corp.   3.875%   12/15/2025    1,850,000    2,041,568 
AON Corp.   4.000%   11/27/2023    1,000,000    1,063,943 
Bank of America Corp.   3.248%   10/21/2027    12,340,000    13,318,090 
BB&T Corp.   3.750%   12/06/2023    1,300,000    1,388,357 
BB&T Corp.   3.875%   03/19/2029    5,160,000    5,821,074 
Fifth Third Bancorp   2.375%   01/28/2025    4,913,000    5,107,520 
Essex Portfolio LP   3.000%   01/15/2030    9,165,000    9,631,447 
Fifth Third Bancorp   4.300%   01/16/2024    4,500,000    4,836,943 
Georgia Power   2.650%   09/15/2029    10,000,000    10,414,239 
Huntington Bancshares   2.550%   02/04/2030    5,000,000    5,164,368 
Huntington Bancshares   2.625%   08/06/2024    5,230,000    5,484,833 
JP Morgan Chase & Co.   3.300%   04/01/2026    4,280,000    4,638,622 
JP Morgan Chase & Co.   3.875%   09/10/2024    6,670,000    7,250,536 
JP Morgan Chase & Co.   4.493%   03/24/2031    2,000,000    2,331,431 
Keycorp   2.550%   10/01/2029    3,325,000    3,457,111 
Keycorp   4.100%   04/30/2028    3,740,000    4,271,233 
MUFG Americas Holding   3.000%   02/10/2025    1,720,000    1,824,380 
Marsh & McLennan Co. Inc.   4.375%   03/15/2029    7,500,000    8,701,019 
Morgan Stanley   3.700%   10/23/2024    6,500,000    7,049,547 
Morgan Stanley   4.000%   07/23/2025    5,200,000    5,726,840 
MUFG Americas Holdings Corp.   3.500%   06/18/2022    2,650,000    2,709,403 
PNC Bank   3.450%   04/23/2029    11,850,000    13,118,482 
Suntrust Bank Inc.   4.000%   05/01/2025    3,300,000    3,628,722 
Truist Bank   2.250%   03/11/2030    3,000,000    3,029,070 
US Bancorp   3.100%   04/27/2026    4,500,000    4,855,944 
US Bancorp   3.000%   07/30/2029    6,815,000    7,314,550 
Wells Fargo & Co.   4.100%   06/03/2026    7,530,000    8,381,742 
Wells Fargo & Co.   4.300%   07/22/2027    4,599,000    5,220,365 
26.4% - Total Finance                 $174,174,036 
                     
                     
CVS Health Corp.   4.300%   03/25/2028    9,000,000    10,236,268 
Coca-Cola Corp.   3.450%   03/25/2030    5,230,000    5,845,192 
Dover Corp.   2.950%   11/04/2029    4,500,000    4,785,924 
Dover Corp.   3.150%   11/15/2025    1,500,000    1,604,638 
Eaton Corp.   2.750%   11/02/2022    1,945,000    1,995,133 
Eaton Corp.   3.103%   09/15/2027    3,721,000    4,030,388 
Emerson Electric Inc.   1.950%   10/15/2030    5,160,000    5,154,400 
Home Depot Inc.   2.500%   04/15/2027    1,515,000    1,607,075 
Johnson Controls International PLC   3.625%   07/02/2024    1,225,000    1,306,937 
Johnson Controls International PLC   3.900%   02/14/2026    1,000,000    1,100,239 
Kroger Co.   2.200%   05/01/2030    1,000,000    1,003,642 
Kroger Co.   3.500%   02/01/2026    3,300,000    3,610,392 
Kroger Co.   4.000%   02/01/2024    150,000    160,297 
Lowes Cos. Inc.   4.500%   04/15/2030    9,685,000    11,342,068 
McDonald's Corp.   3.600%   07/01/2030    5,955,000    6,616,440 
McDonald's Corp.   2.125%   03/01/2030    3,545,000    3,574,344 
Nike Inc.   3.250%   03/27/2040    2,850,000    3,112,953 
Starbucks Corp.   2.250%   03/12/2030    10,500,000    10,573,516 
Starbucks Corp.   3.550%   08/15/2029    2,000,000    2,213,632 
Union Pacific Corp.   3.500%   06/08/2023    800,000    839,698 
Union Pacific Corp.   3.950%   09/10/2028    2,801,000    3,171,720 
Verizon Communication Inc.   4.016%   12/03/2029    9,821,000    11,114,161 
Verizon Communication Inc.   4.329%   09/21/2028    1,675,000    1,923,831 
Walt Disney Corp.   3.800%   03/22/2030    11,455,000    13,014,464 
16.7% - Total Industrial                 $109,937,352.0 
                     
                     
Berkshire Hathaway Energy Co.   3.250%   04/15/2028    1,936,000    2,110,209 
Berkshire Hathaway Energy Co.   3.750%   11/15/2023    4,166,000    4,427,969 
Duke Energy Corp.   2.450%   06/01/2030    4,000,000    4,036,200 

 

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

 

 

 

 

Johnson Institutional Core Bond Fund Portfolio of Investments as of September 30, 2021 - Unaudited

 

Duke Energy Corp.   2.650%   09/01/2026    6,350,000    6,695,752 
Enterprise Products   4.150%   10/16/2028    9,500,000    10,807,100 
Eversource Energy   3.300%   01/15/2028    2,500,000    2,704,147 
Eversource Energy   4.250%   04/01/2029    6,924,000    7,906,799 
Interstate Power & Light Co.   2.300%   06/01/2030    1,490,000    1,494,381 
Interstate Power & Light Co.   3.400%   08/15/2025    1,525,000    1,632,488 
Interstate Power & Light Co.   4.100%   09/26/2028    7,605,000    8,645,548 
National Rural Utilities Corp.   2.950%   02/07/2024    1,000,000    1,051,047 
National Rural Utilities Corp.   3.050%   02/15/2022    100,000    100,295 
National Rural Utilities Corp.   3.700%   03/15/2029    3,900,000    4,342,879 
Virginia Electric & Power Co.   2.950%   11/15/2026    3,000,000    3,218,018 
Virginia Electric & Power Co.   3.100%   05/15/2025    2,732,000    2,902,326 
Virginia Electric & Power Co.   3.500%   03/15/2027    2,932,000    3,233,985 
Xcel Energy Inc.   3.400%   06/01/2030    4,500,000    4,899,228 
Xcel Energy Inc.   4.000%   06/15/2028    7,500,000    8,412,384 
11.9% - Total Utilities                 $78,620,755 
                     
55.0% Total Corporate Bonds                 $362,732,143 
                     
Certificates of Deposit                    
Goldmans Sachs   3.400%   10/17/2023    250,000    265,396 
0.0% - Total For Certificates of Deposit                  265,396 
                     
United States Government Treasury Obligations                    
Treasury Bond   2.000%   02/15/2050    21,050,000    20,621,600 
Treasury Bond   2.250%   08/15/2046    16,000,000    16,481,875 
Treasury Bond   2.750%   08/15/2047    24,800,000    28,079,219 
Treasury Note   0.265%   12/31/2027    8,000,000    7,712,188 
Treasury Note   2.000%   02/15/2025    10,000,000    10,457,422 
Treasury Note   2.000%   11/15/2026    9,000,000    9,438,398 
Treasury Note   1.500%   11/30/2024    24,000,000    24,696,563 
Treasury Note   2.500%   05/15/2046    11,800,000    12,738,930 
Treasury Note   2.750%   02/15/2028    25,000,000    27,333,008 
23.9% - Total United States Government Treasury Obligations                 $157,559,203 
                     
United States Government Agency Obligations                    
FHLB   3.250%   11/16/2028    4,250,000    4,788,760 
0.7% - Total United States Government Agency Obligations                  4,788,760 
                     
United States Government Agency Obligations  - Mortgage Backed Securities                    
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)*   3.272%   04/01/2042    74,705    77,457 
FHLMC Pool G01880   5.000%   08/01/2035    43,610    49,364 
FHLMC Pool G06616   4.500%   12/01/2035    95,964    106,674 
FHLMC Pool G08068   5.500%   07/01/2035    244,493    284,327 
FHLMC Pool G09921   4.000%   07/01/2024    65,582    69,472 
FHLMC Pool G15897   2.500%   09/01/2031    7,670,066    8,079,239 
FHLMC Pool G18642   3.500%   04/01/2032    1,268,818    1,359,973 
FHLMC Pool G18667   3.500%   11/01/2032    990,779    1,062,234 
FHLMC Pool G30933   4.000%   01/01/2036    5,938,428    6,489,316 
FHLMC Pool G31087   4.000%   07/01/2038    1,078,754    1,177,243 
FHLMC Pool V61479   2.500%   01/01/2032    3,950,675    4,150,174 
FHLMC Pool SC0047   3.000%   01/01/2040    13,571,991    14,551,870 
FHLMC Pool ZK6713   3.000%   06/01/2029    4,647,009    4,939,488 
FHLMC Pool ZT1964   3.500%   06/01/2032    5,346,185    5,754,448 
FHLMC Series 2985 Class GE   5.500%   06/15/2025    35,372    37,634 
FHLMC Series 3946 Class LN   3.500%   04/15/2041    336,377    355,566 
FHLMC Series 4017 Class MA   3.000%   03/15/2041    3,879    3,878 
FHLMC Series 4087 Class PT   3.000%   07/15/2042    530,213    563,468 
FHLMC Series 4151 Class PA   2.000%   01/15/2033    2,573,662    2,665,990 
FHLMC Series 4161 Class QA   3.000%   02/15/2043    136,361    145,043 
FHLMC Series 4582 Class PA   3.000%   11/15/2045    750,199    783,946 
FHLMC Series 4689 Class DA   3.000%   07/15/2044    697,618    715,150 
FHLMC Series 4709 Class EA   3.000%   01/15/2046    946,005    979,685 
FHLMC Series 4808 Class PK   3.500%   10/15/2045    168,405    170,725 
FHLMC Series 4887 Class A   3.250%   09/15/2038    931,786    997,703 
FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)*   3.314%   12/01/2041    94,873    100,069 
FNMA Pool 1107   3.500%   07/01/2032    444,470    476,270 

 

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

 

 

 

 

Johnson Institutional Core Bond Fund Portfolio of Investments as of September 30, 2021 - Unaudited

 

FNMA Pool 889050   6.000%   05/01/2037    177,610    203,768 
FNMA Pool 995112   5.500%   07/01/2036    95,438    110,638 
FNMA Pool AA4392   4.000%   04/01/2039    116,836    128,568 
FNMA Pool AL6923   3.000%   05/01/2030    3,177,126    3,374,742 
FNMA Pool AL7077   4.000%   07/01/2035    2,812,700    3,104,748 
FNMA Pool AL9309   3.500%   10/01/2031    466,450    500,220 
FNMA Pool AN8842   3.320%   04/01/2028    3,000,000    3,276,982 
FNMA Pool AN9848   3.740%   07/01/2028    2,500,000    2,728,755 
FNMA Pool BL0189   3.830%   10/01/2028    2,000,000    2,195,710 
FNMA Pool FM5050   2.500%   02/01/2035    2,015,943    2,101,007 
FNMA Pool BL2935   3.150%   06/01/2029    3,000,000    3,311,490 
FNMA Pool FM3388   4.000%   03/01/2034    1,985,673    2,102,224 
FNMA Pool FM5394   3.000%   03/01/2034    8,321,428    8,802,920 
FNMA Pool MA0384   5.000%   04/01/2030    98,317    109,057 
FNMA Pool MA2773   3.000%   10/01/2036    1,813,085    1,923,167 
FNMA Pool MA3337   4.000%   04/01/2038    724,736    781,909 
FNMA Series 2003-79 Class NJ   5.000%   08/25/2023    36,782    37,854 
FNMA Series 2005-64 Class PL   5.500%   07/25/2035    45,207    50,827 
FNMA Series 2011-53 Class DT   4.500%   06/25/2041    148,285    164,693 
FNMA Series 2012-12 Class KD   2.000%   11/25/2042    949,092    967,056 
FNMA Series 2013-21 Class VA   3.000%   07/25/2028    338,668    339,263 
FNMA Series 2013-83 Class MH   4.000%   08/25/2043    186,935    201,016 
FNMA Series 2014-20 Class AC   3.000%   08/25/2036    230,494    238,073 
FNMA Series 2014-28 Class PA   3.500%   02/25/2043    162,753    172,512 
FNMA Series 2015-72 Class GB   2.500%   12/25/2042    701,100    718,703 
FNMA Series 2016-39 Class LA   2.500%   03/25/2045    1,779,129    1,852,387 
FNMA Series 2016-79 Class L   2.500%   10/25/2044    1,097,565    1,135,077 
FNMA Series 2016-99 Class TA   3.500%   03/25/2036    344,633    367,341 
FNMA Series 2017-30 Class G   3.000%   07/25/2040    497,674    502,899 
FNMA Series 2018-67 Class BA   4.500%   03/25/2046    837,805    883,062 
FNMA Series 2019-60 Class DA   2.500%   03/25/2049    2,691,128    2,802,175 
GNMA GNR 21-175   2.000%   10/20/2051    9,215,000    9,418,018 
FNMA Series 2020-95 Class GA   1.000%   01/25/2051    7,475,830    7,323,814 
18.0% - Total United States Government Agency Obligations - Mortgage Backed Securities             $118,077,081 
                     
Taxable Municipal Bonds                    
Cincinnati Children's Hospital Medical Center   2.853%   11/15/2026    750,000    789,767 
Kansas Development Finance Authority Revenue   3.741%   04/15/2025    3,705,000    4,059,907 
Kansas Development Finance Authority Revenue   4.091%   04/15/2027    125,000    141,950 
Kentucky Asset Liability Commission Revenue   5.339%   04/01/2022    55,000    56,298 
Kentucky Property and Buildings Commission Revenue   5.373%   11/01/2025    590,000    650,258 
Ohio Higher Education Facilities - Cleveland Clinic Health Systems   3.849%   01/01/2022    945,000    953,090 
Ohio University General Receipts   1.766%   12/01/2026    2,000,000    2,046,921 
1.4% - Total Taxable Municipal Bonds                 $8,698,191 
                     
                     
Total Fixed Income Securities        99.0%       $652,120,774 
(Identified Cost $646,682,770)                    
                     
              Shares      
Preferred Stocks                    
Allstate Corp.   5.100%   01/15/2053    83,000    2,205,310 
Total Preferred Stocks        0.3%       $2,205,310 
(Identified Cost $2,034,817)                    
                     
Cash Equivalents                    
First American Government Obligation Fund, Class Z**             10,561,761    10,561,760 
Total Cash Equivalents        1.6%       $10,561,760 
(Identified Cost  $10,561,760)                    
                     
Total Portfolio Value        100.9%       $664,887,844 
(Identified Cost  $659,279,347)                    
                     
Liabilities in Excess of Other Assets        -0.9%       $(5,647,450)
                     
Total Net Assets        100.0%       $659,240,394 

 

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

 

 

 

 

Johnson Institutional Core Bond Fund Portfolio of Investments as of September 30, 2021 - Unaudited

 

* Variable Rate Security; the rate shown is as of September 30, 2021.

** Variable Rate Security; as of September 30, 2021, the 7 day annualized yield was 0.02%.

 

ARM - Adjustable Rate Mortgage

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

 

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

 

 

 

 

 

Johnson Enhanced Return Fund Portfolio of Investments as of September 30, 2021 - Unaudited

 

Fixed Income Securities  Rate   Maturity   Face Value   Fair Value 
Corporate Bonds                    
ACE INA Holdings   3.350%   05/15/2024    5,619,000    6,011,489 
American Express Credit   2.500%   08/01/2022    1,700,000    1,729,473 
American Express Credit   2.500%   07/30/2024    2,607,000    2,740,011 
AON Corp.   3.500%   06/14/2024    660,000    704,482 
AON Corp.   3.875%   12/15/2025    3,774,000    4,164,798 
Bank of America   3.875%   08/01/2025    5,499,000    6,058,044 
Branch Banking Trust   3.625%   09/16/2025    3,000,000    3,274,718 
BB&T Corp.   3.750%   12/06/2023    2,725,000    2,910,211 
Essex Portfolio LP   3.500%   04/01/2025    1,720,000    1,851,177 
Essex Portfolio LP   3.875%   05/01/2024    1,300,000    1,390,284 
Fifth Third Bancorp   3.500%   03/15/2022    865,000    875,396 
Fifth Third Bancorp   4.300%   01/16/2024    3,239,000    3,481,524 
Goldman Sachs   5.750%   01/24/2022    4,720,000    4,799,919 
Huntington Bancshares   2.300%   01/14/2022    970,000    974,021 
Huntington Bancshares   2.625%   08/06/2024    3,765,000    3,948,450 
JP Morgan Chase & Co.   3.875%   09/10/2024    4,354,000    4,732,958 
Key Bank Corp.   2.500%   11/22/2021    1,723,000    1,728,440 
Morgan Stanley   3.700%   10/23/2024    1,200,000    1,301,455 
Morgan Stanley   4.000%   07/23/2025    3,200,000    3,524,209 
National Retail Properties   4.000%   11/15/2025    2,020,000    2,233,343 
PNC Financial Services   2.950%   01/30/2023    750,000    773,890 
PNC Financial Services   3.800%   07/25/2023    1,998,000    2,111,294 
US Bancorp   2.400%   07/30/2024    4,100,000    4,294,580 
US Bancorp   3.600%   09/11/2024    1,685,000    1,825,147 
MUFG Americas Holding Corp.   3.000%   02/10/2025    5,635,000    5,976,966 
Marsh & McLennan Co. Inc.   3.500%   06/03/2024    4,010,000    4,278,269 
Marsh & McLennan Co. Inc.   3.500%   03/10/2025    765,000    822,606 
Wells Fargo & Co.   3.450%   02/13/2023    3,815,000    3,970,160 
Wells Fargo & Co.   3.550%   09/29/2025    830,000    903,878 
27.0% - Total Finance                 $83,391,192 
                     
                     
Burlington Northern Santa Fe   3.050%   03/15/2022    1,700,000    1,709,490 
Chevron Corp. (3 month LIBOR + 0.530)*   0.659%   03/03/2022    2,100,000    2,104,245 
CVS Health Corp.   3.700%   03/09/2023    1,335,000    1,393,982 
CVS Health Corp.   3.875%   07/20/2025    2,570,000    2,812,737 
Dover Corp.   3.150%   11/15/2025    4,515,000    4,829,962 
Eaton Corp.   2.750%   11/02/2022    4,000,000    4,103,100 
Johnson Controls International PLC   3.625%   07/02/2024    4,252,000    4,536,404 
Kroger Co.   3.400%   04/15/2022    1,000,000    1,008,846 
Kroger Co.   4.000%   02/01/2024    3,485,000    3,724,223 
McDonald's Corp.   2.625%   01/15/2022    2,300,000    2,316,307 
Microsoft Corp.   3.125%   11/03/2025    1,440,000    1,561,265 
Norfolk Southern Corp.   3.650%   08/01/2025    3,300,000    3,585,636 
Norfolk Southern Corp.   5.590%   05/17/2025    1,000,000    1,150,874 
Shell International   3.250%   05/11/2025    5,835,000    6,300,882 
Union Pacific Corp.   3.150%   03/01/2024    2,800,000    2,965,200 
Walt Disney Corp.   1.750%   08/30/2024    1,125,000    1,159,704 
Walt Disney Corp.   1.750%   01/13/2026    3,429,000    3,516,826 
15.8% - Total Industrials                 $48,779,683 
                     
                     
Berkshire Hathaway Energy Company   3.750%   11/15/2023    5,857,000    6,225,304 
Duke Energy Corp.   3.750%   04/15/2024    4,260,000    4,544,877 
Duke Energy Corp.   3.800%   09/01/2023    890,000    938,032 
Enterprise Products   3.350%   03/15/2023    4,207,000    4,357,337 
Enterprise Products   3.750%   02/15/2025    500,000    542,269 
Eversource Energy   2.750%   03/15/2022    3,938,000    3,973,114 

 

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

 

 

 

 

Johnson Enhanced Return Fund Portfolio of Investments as of September 30, 2021 - Unaudited

 

Eversource Energy   2.800%   05/01/2023    850,000    876,318 
Georgia Power Co.   2.100%   07/30/2023    1,700,000    1,750,194 
Georgia Power Co.   2.850%   05/15/2022    2,800,000    2,844,240 
Interstate Power & Light Co.   3.250%   12/01/2024    1,910,000    2,039,590 
Interstate Power & Light Co.   3.400%   08/15/2025    2,595,000    2,777,906 
Virginia Electric & Power Co.   2.750%   03/15/2023    2,610,000    2,684,831 
Virginia Electric & Power Co.   2.950%   01/15/2022    2,390,000    2,392,938 
Xcel Energy Inc.   3.300%   06/01/2025    4,310,000    4,598,295 
13.1% - Total Utilities                 $40,545,245 
                     
55.9% Total Corporate Bonds                 $172,716,120 
                     
United States Government Treasury Obligations                    
Treasury Note (a)   0.125%   04/30/2022    9,250,000    9,252,891 
Treasury Note   0.250%   10/31/2025    3,175,000    3,101,206 
Treasury Note (Tbill 13week auction high + 0.055%)* (a)   0.090%   10/31/2022    2,000,000    2,000,890 
Treasury Note   0.250%   06/30/2025    4,510,000    4,428,432 
Treasury Note (a)   1.500%   01/15/2023    6,600,000    6,714,984 
Treasury Note (a)   1.500%   02/28/2023    5,085,000    5,180,344 
Treasury Note   2.000%   02/15/2025    4,500,000    4,705,840 
Treasury Note   2.000%   06/30/2024    7,670,000    7,989,683 
Treasury Note   2.000%   08/15/2025    5,045,000    5,281,090 
15.8% - Total United States Government Treasury Obligations                  48,655,360 
                     
United States Government Agency Obligations                    
FHLB   1.375%   08/26/2026    4,100,000    4,130,305 
FHLB   1.375%   09/29/2026    1,600,000    1,614,043 
FHLMC   0.375%   09/23/2025    5,945,000    5,846,033 
FHLMC   0.450%   07/22/2024    4,000,000    3,998,465 
FHLMC   0.500%   06/03/2024    1,140,000    1,139,998 
FNMA   0.375%   08/25/2025    9,195,000    9,050,744 
FNMA   0.500%   06/17/2025    9,210,000    9,138,591 
11.3% - Total United States Government Agency Obligations                  34,918,179 
                     
United States Government Agency Obligations  - Mortgage Backed Securities                 
FHLMC Pool G16330   3.500%   08/01/2032    1,298,113    1,392,284 
FHLMC Pool G18642   3.500%   04/01/2032    1,184,231    1,269,308 
FHLMC Pool J12635   4.000%   07/01/2025    41,547    44,051 
FHLMC Pool J32364   2.500%   11/01/2028    1,412,089    1,478,119 
FHLMC Pool ZS7207   3.500%   07/01/2030    1,254,969    1,350,397 
FHLMC Pool ZT1964   3.500%   06/01/2032    2,570,281    2,766,561 
FHLMC Series 4009 Class PA   2.000%   06/15/2041    435,400    446,729 
FHLMC Series 4198 Class BE   2.000%   10/15/2040    1,213,824    1,224,208 
FHLMC Series 4271 Class CE   2.000%   08/15/2036    420,742    425,782 
FHLMC Series 4287 Class AB   2.000%   12/15/2026    377,149    391,169 
FHLMC Series 4440 Class VC   2.500%   08/15/2026    560,711    561,451 
FHLMC Series 5092 Class XC   1.500%   01/15/2041    2,633,014    2,663,797 
FHLMC Series 4050 Class BG   1.000%   01/15/2041    1,299,624    1,306,168 
FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)*   3.314%   12/01/2041    94,873    100,069 
FNMA Pool 1106   3.000%   07/01/2032    2,857,208    3,048,460 
FNMA Pool 833200   5.500%   09/01/2035    358,460    416,565 
FNMA Pool AL9230   3.500%   12/01/2029    1,255,707    1,348,507 
FNMA Pool AL7077   4.000%   07/01/2035    1,414,341    1,561,195 
FNMA Pool AT2060   2.500%   04/01/2028    1,482,702    1,555,374 
FNMA Pool FM1536   2.500%   11/01/2030    602,281    628,898 
FNMA Pool FM1973   4.000%   09/01/2036    2,443,517    2,675,781 
FNMA Pool FM2287   4.500%   03/01/2034    1,145,939    1,241,814 
FNMA Pool FM2989   3.000%   09/01/2034    1,499,703    1,590,026 
FNMA Pool FM7224   4.500%   11/01/2038    1,337,237    1,458,751 
FNMA Series 2013-3 Class DK   1.750%   02/25/2033    747,871    769,785 
FNMA Series 2013-6 Class BC   1.500%   12/25/2042    201,771    205,440 

 

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

 

 

 

 

Johnson Enhanced Return Fund Portfolio of Investments as of September 30, 2021 - Unaudited

 

FNMA Series 2015-28 Class P   2.500%   05/25/2045    3,352,111    3,511,573 
FNMA Series 2017-30 Class G   3.000%   07/25/2040    284,385    287,371 
FNMA Series 2020-44 Class TE   2.000%   12/25/2035    3,422,125    3,546,061 
FNMA Series 2020-95 Class GA   1.000%   01/25/2051    2,586,233    2,533,644 
GNMA Pool 726475   4.000%   11/15/2024    46,620    49,316 
GNMA Pool 728920   4.000%   12/15/2024    68,556    72,522 
13.6% - Total United States Government Agency Obligations - Mortgage Backed Securities                 $41,921,176 
                     
Taxable Municipal Bonds                    
Allegheny County Pennsylvania GO   0.694%   11/01/2023    2,200,000    2,212,652 
Franklin County Ohio Convention Facilities   1.155%   12/01/2024    550,000    556,013 
Kansas Development Finance Authority Revenue   3.227%   04/15/2022    1,700,000    1,727,109 
Kent State University Revenue   1.875%   05/01/2023    1,000,000    1,022,231 
Kentucky Asset Liability Commission Revenue   5.339%   04/01/2022    110,000    112,596 
Lucas County Ohio GO   1.000%   10/15/2021    3,435,000    3,435,859 
Pittsburgh Pennsylvania GO 2020B   0.507%   09/01/2022    500,000    500,895 
University of Cincinnati General Receipts   1.878%   06/01/2023    1,200,000    1,231,791 
3.5% Total Taxable Municipal Bonds                 $10,799,146 
                     
                     
Total Fixed Income Securities   100.1%            $309,009,981 
(Identified Cost  $308,256,674)                    

 

                 Shares     
Cash & Cash Equivalents                      
First American Government Obligation Fund, Class Z**                2,825,940    2,825,939 
Total Cash Equivalents   0.9%             $2,825,939 
(Identified Cost  $2,825,939)                       
                        
Total Portfolio Value   101.0%               $311,835,920 
(Identified Cost  $311,082,613)                       
                        
Liabilities in Excess of Other Assets   -1.0%               $(3,049,301)
                        
Total Net Assets:   100.0%               $308,786,619 

 

Futures Contracts  Long
Contracts
   Notional Value
at Purchase
   Notional Value
9/30/2021
   Unrealized
Appreciation
(Depreciation)
 
E-mini Standard & Poor's 500 (50 units per contract) expiring December 2021   1,429    319,026,557    307,074,238    (11,952,319)
        $319,026,557   $307,074,238   $(11,952,319)

 

* Variable Rate Security; the rate shown is as of September 30, 2021.
** Variable Rate Security; as of September 30, 2021, the 7 day annualized yield was 0.02%.
(a) All or a portion of this security is held as collateral for futures contracts.
 
ARM - Adjustable Rate Mortgage
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
GNMA - Government National Mortgage Association

 

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

 

 

 

 

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

 

·Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

 

·Level 2—Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

·Level 3—Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

Fair Value Measurements:

 

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.

 

Equity Securities (Common Stock, Preferred Stock and Real Estate Investment Trusts). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts (ADRs), financial futures, Exchange Traded Funds (ETFs), and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship, and are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

 

Corporate Bonds. The fair value of corporate bonds is estimated using market approach valuation techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

 

Municipal Bonds. Municipal Bonds are normally valued using market approach valuation techniques that incorporate observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Municipal Bonds are categorized in Level 1 or Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.

 

Short Term Notes. Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy.

 

 

 

 

 

U.S. Government Securities. U.S. government securities are normally valued using market approach valuation techniques that incorporate observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 1 or Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.

 

U.S. Agency Securities. U.S. agency securities are comprised of two main categories consisting of agency issued debt and mortgage-backed securities. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Mortgage-backed securities are generally valued using dealer quotations. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized in Level 1 or Level 2 of the fair value hierarchy.

 

Money Market. Investments in mutual funds, including money market mutual funds, are generally priced at the ending net asset value (“NAV”) provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

 

Derivative Instruments. Listed derivatives, including futures contracts that are actively traded, are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy.

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used to value each Fund’s net assets as of September 30, 2021:

 

Equity Income Fund  Level 1   Level 2   Level 3   Total 
Common Stocks*  $547,233,843   $---   $---   $547,233,843 
Cash Equivalents   3,073,395    ---    ---    3,073,395 
Total  $550,307,238   $--   $--   $550,307,238 
                     
Opportunity Fund   Level 1    Level 2    Level 3    Total 
Common Stocks*  $114,537,431   $---   $---   $114,537,431 
Cash Equivalents   1,462,239    ---    ---    1,462,239 
Total  $115,999,670   $---   $---   $115,999,670 
                     
International Fund   Level 1    Level 2    Level 3    Total 
Common Stocks*  $23,099,870   $---   $---   $23,099,870 
Cash Equivalents   121,826    ---    ---    121,826 
Total  $23,282,565   $---   $---   $23,282,565 
                     
Fixed Income Fund   Level 1    Level 2    Level 3    Total 
Corporate Bonds*  $---   $572,355,942   $---   $572,355,942 
Certificates of Deposit   ---    265,396    ---    265,396 
U.S. Government Treasury Obligations   ---    211,985,836    ---    211,985,836 
U.S. Government Agency Obligations   ---    24,507,184    ---    24,507,184 
U.S. Government Agency Obligations - Mortgage Backed   ---    180,622,790    ---    180,622,790 
Taxable Municipal Bonds   ---    27,293,929    ---    27,293,929 
Preferred Stocks   7,040,944    ---    ---    7,040,944 
Cash Equivalents   18,708,419    ---    ---    18,708,419 
Total  $25,749,363   $1,017,031,077   $0   $1,042,780,440 

 

 

 

 

Municipal Income Fund  Level 1   Level 2   Level 3   Total 
Municipal Bonds*  $---   $263,276,685   $---   $263,276,685 
Cash Equivalents   2,148,134    ---    ---    2,148,134 
Total  $2,148,134   $263,276,685   $0   $265,424,819 
                     
Short Duration Bond Fund   Level 1     Level 2     Level 3     Totals 
Corporate Bonds*  $---   $182,250,146   $---   $182,250,146 
Certificates of Deposit   ---    265,396    ---    265,396 
U.S. Treasury Obligations   ---    40,704,236    ---    40,704,236 
U.S. Agency Obligations   ---    38,276,041    ---    38,276,041 
U.S. Agency Obligations – Mortgage-Backed   ---    40,730,302    ---    40,730,302 
Taxable Municipal Bonds   ---    15,662,528    ---    15,662,528 
Cash Equivalents   2,805,338    ---    ---    2,805,338 
Total  $2,805,338   $317,888,649   $0   $320,693,987 
                     
Intermediate Bond Fund   Level 1     Level 2     Level 3     Totals 
Corporate Bonds*  $---   $129,312,859    ---   $129,312,859 
Certificates of Deposit   ---    265,396    ---    265,396 
U.S. Treasury Obligations   ---    78,550,939    ---    78,550,939 
U.S. Agency Obligations   ---    3,631,476    ---    3,631,476 
U.S. Agency Obligations – Mortgage-Backed   ---    22,647,624    ---    22,647,624 
Taxable Municipal Bonds   ---    5,531,472    ---    5,531,472 
Preferred Stocks   1,591,277    ---    ---    1,591,277 
Cash Equivalents   1,263,282    ---    ---    1,263,282 
Total  $2,854,559   $239,939,766   $0   $242,794,325 
                     
Core Bond Fund   Level 1     Level 2     Level 3     Totals 
Corporate Bonds*  $---   $362,732,143   $---   $362,732,143 
Certificates of Deposit   ---    265,396    ---    265,396 
U.S. Treasury Obligations   ---    157,559,203    ---    157,559,203 
U.S. Agency Obligations   ---    4,788,760    ---    4,788,760 
U.S. Agency Obligations – Mortgage-Backed   ---    118,077,081    ---    118,077,081 
Taxable Municipal Bonds   ---    8,698,191    ---    8,698,191 
Preferred Stocks   2,205,310    ---    ---    2,205,310 
Cash Equivalents   10,561,760    ---    ---    10,561,760 
Total  $12,767,070   $652,120,774   $0   $664,887,844 
                     
Enhanced Return Fund   Level 1     Level 2     Level 3     Totals 
Corporate Bonds*  $---   $172,716,120   $---   $172,716,120 
U.S. Treasury Obligations   ---    48,655,360    ---    48,655,360 

 

 

 

 

U.S. Agency Obligations   ---    34,918,179    ---    34,918,179 
U.S. Agency Obligations – Mortgage-Backed   ---    41,921,176    ---    41,921,176 
Taxable Municipal Bonds   ---    20,799,146    ---    20,799,146 
Cash Equivalents   2,825,939    ---    ---    2,825,939 
Sub-Total   2,825,939   $309,009,981   $0   $311,835,920 
Other Financial Instruments**   (11,952,319)   ---    ---    (11,952,319)
Total  $(9126,380)  $309,009,981   $0   $299,883,601 

 

* See Schedule of Investments for industry classification.

**Other financial instruments are futures contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation on the contracts.

 

The Funds did not hold any investments at any time during the reporting period in which unobservable inputs were used in determining fair value. Therefore, no reconciliation of Level 3 securities is included for this reporting period.

 

Financial Futures Contracts:

 

The Johnson Enhanced Return Fund invests in stock index futures (equity risk) only for the replication of returns, not speculation. The Enhanced Return Fund enters into S&P 500 Mini contracts four times a year generally near the time the contracts would expire (contracts expire the third Friday of March, June, September and December). The contracts are generally held until it is time to roll into the next contracts. The average daily notional value for the 9 months ended September 30, 2021 was $293,319,225. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. The amount of the daily variation margin is reflected as an asset or liability within the Statement of Assets and Liabilities, while the cumulative change in unrealized gain/loss on futures contracts is reported separately within the Statement of Operations. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss at the contract settlement date. A realized gain or loss is recognized when a contract is sold, and is the difference between the fair value of the contract at purchase and the fair value of the contract when sold. Realized gains/losses on futures contracts are reported separately within the Statement of Operations. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets.

 

Net variation margin receivable from the Broker on futures contracts as of September 30, 2021 was $446,563.

 

Tax Cost of Securities

 

As of September 30, 2021, the composition of unrealized appreciation (the excess of fair value over tax cost) and depreciation (the excess of tax cost over fair value) was as follows:

 

Fund  Cost of Securities   Appreciation   Depreciation   Net Appreciation 
Johnson Equity Income Fund  $380,734,589   $176,727,065   $(7,154,416)  $169,572,649 
Johnson Opportunity Fund   88,102,141    30,510,172    (2,612,643)   27,897,529 
Johnson International Fund   17,016,483    7,898,258    (1,632,177)   6,266,081 
Johnson Fixed Income Fund   1,008,138,257    42,136,762    (7,494,560)   34,642,182 
Johnson Municipal Income Fund   255,908,200    10,195,739    (679,120)   9,516,619 
Johnson Institutional Short Duration Bond Fund   319,538,277    2,310,442    (1,154,732)   1,155,710 
Johnson Institutional Intermediate Bond Fund   238,598,119    5,748,829    (1,552,623)   4,196,206 
Johnson Institutional Core Bond Fund   659,279,347    13,976,167    (8,367,671)   5,608,496 
Johnson Enhanced Return Fund   311,082,613    1,867,292    (1,113,985)   753,307