EQUITY INCOME FUND    Portfolio of Investments as of September 30, 2022 - unaudited

 

   Shares   Fair Value 
Common Stocks          
Alphabet Inc. - Class A*   100,600   $9,622,390 
Comcast Corp. - Class A   177,800    5,214,874 
Walt Disney Co.*   44,850    4,230,701 
3.7% - Total For Communication Services       $19,067,965 
           
Lowe's Companies Inc.   57,000    10,705,170 
McDonald's Corp.   45,100    10,406,374 
Nike Inc. - Class B   46,500    3,865,080 
TJX Companies Inc.   185,785    11,540,964 
VF Corporation   244,800    7,321,968 
8.5% - Total For Consumer Discretionary       $43,839,556 
           
Coca Cola Co.   208,920    11,703,698 
Dollar General Corp.   47,000    11,273,420 
Pepsico Inc.   35,200    5,746,752 
Procter & Gamble Co.   36,690    4,632,113 
Unilever PLC ADR   225,000    9,864,000 
Walmart Inc.   91,955    11,926,563 
10.7% - Total For Consumer Staples       $55,146,546 
           
Chevron Corp.   76,260    10,956,274 
Williams Companies Inc.   425,000    12,167,750 
4.5% - Total For Energy       $23,124,024 
           
Axis Capital Holdings Ltd.   356,550    17,524,432 
First Horizon National Bank   258,681    5,923,795 
M&T Bank Corp.   70,500    12,430,560 
Marsh & McLennan Companies Inc.   71,800    10,719,022 
Nasdaq Inc.    224,400    12,718,992 
Willis Towers Watson PLC   55,770    11,206,424 
13.7% - Total For Financial Services       $70,523,225 
           
Abbott Laboratories   97,435    9,427,811 
Danaher Corp.   68,743    17,755,629 
Medtronic PLC   107,000    8,640,250 
UnitedHealth Group Inc.   23,300    11,767,432 
Zimmer Biomet Holdings   99,600    10,413,180 
Zimvie Inc.    9,960    98,305 
Zoetis Inc.    62,376    9,249,737 
13.1% - Total For Health Care       $67,352,344 
           
Amphenol Corp - Class A   150,800    10,097,568 
Honeywell International Inc.   61,600    10,285,352 
Hubbell Inc.   62,300    13,892,900 
Illinois Tool Works Inc.   52,000    9,393,800 
Nordson Corp.   53,700    11,398,899 
nVent Electric PLC   323,300    10,219,513 
Waste Management Inc.   68,600    10,990,406 
14.9% - Total For Industrials       $76,278,438 
           
PPG Industries, Inc.     69,495    7,692,402 
1.5% - Total For Materials       $7,692,402 
           
Accenture PLC - Class A   37,790    9,723,367 

 

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

 

 

 

 

EQUITY INCOME FUND    Portfolio of Investments as of September 30, 2022 - unaudited

 

   Shares   Fair Value 
Adobe Inc.*     40,225    11,069,920 
Analog Devices, Inc.   108,000    15,048,720 
Apple Inc.    73,760    10,193,632 
Fidelity National Information Services Inc.   115,600    8,735,892 
Mastercard Inc.- Class A   32,350    9,198,399 
Microsoft Corp.   64,020    14,910,258 
S&P Global Inc   30,140    9,203,249 
VISA Inc. - Class A   85,700    15,224,605 
20.1% - Total For Technology       $103,308,042 
           
American Tower Corp.   43,857    9,416,098 
1.8% - Total For Real Estate       $9,416,098 
           
Alliant Energy Corp.   186,300    9,872,037 
American Electric Power   121,000    10,460,450 
4.0% - Total For Utilities       $20,332,487 
           
Total Common Stocks 96.5%       $496,081,127 
(Identified Cost $428,597,637)          
           
Cash Equivalents          
First American Government Obligation Fund, Class Z**   18,211,340    18,211,340 
Total Cash Equivalents 3.5%       $18,211,340 
(Identified Cost $18,211,340)          
           
Total Portfolio Value 100.0%       $514,292,467 
(Identified Cost $446,808,977)          
           
Assets in Excess of Other Liabilities  0.0%       $132,890 
           
Total Net Assets 100.0%       $514,425,357 

 

* Non-income producing security.

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 2.74%.

 

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, 2022 - unaudited

 

   Shares   Fair Value 
Common Stocks           
New York Times Co - Class A   46,600   $1,339,750 
1.3% - Total For Communications       $1,339,750 
           
BorgWarner Inc.    19,600    615,440 
Floor & Decor Holdings Inc.   13,600    955,536 
Lithia Motors Inc. - Class A   5,500    1,180,025 
LKQ Corp.    33,000    1,555,950 
NVR Inc.    270    1,076,512 
Sleep Number Corp.*    17,700    598,437 
Steven Madden LTD    20,500    546,735 
Williams-Sonoma Inc.    10,900    1,284,565 
7.3% - Total For Consumer Discretionary       $7,813,200 
           
BJs Wholesale Club Holdings Inc.*   28,700    2,089,647 
Reynolds Consumer Product Inc.   26,800    697,068 
2.6% - Total For Consumer Staples       $2,786,715 
           
World Fuel Services Corp.   48,500    1,136,840 
1.1% - Total For Energy       $1,136,840 
           
American Financial Group Inc.   15,000    1,843,950 
Arrow Financial Corp.    53,978    1,555,651 
Axis Capital Holdings Ltd.   42,300    2,079,045 
Diamond Hill Investment Group Inc.   4,900    808,500 
Everest Re Group Ltd.    8,300    2,178,252 
Farmers National Banc Corp.   130,400    1,706,936 
First Horizon National Bank Corp.   37,424    857,010 
SEI Investments Co.    35,100    1,721,655 
Signature Bank    11,700    1,766,700 
Wintrust Financial Corp.   26,300    2,144,765 
15.6% - Total For Financial Services       $16,662,464 
           
Catalent Inc.*    9,000    651,240 
Charles River Laboratories International Inc.*   5,500    1,082,400 
Chemed Corp.    3,400    1,484,304 
Collegium Pharmaceutical Inc.*   81,400    1,304,028 
Globus Medical Inc. - Class A*   21,000    1,250,970 
LeMaitre Vascular Inc.    28,100    1,424,108 
Repligen Corp.    7,800    1,459,458 
Universal Health Services Inc. - Class B   13,400    1,181,612 
US Physical Therapy Inc.   18,400    1,398,768 
10.5% - Total For Health Care       $11,236,888 
           
AMN Healthcare Services Inc.*   20,000    2,119,200 
Applied Industrial Technologies Inc.   23,700    2,435,886 
Comfort Systems USA Inc.   17,100    1,664,343 
Donaldson Company Inc.   29,100    1,426,191 
Gorman-Rupp Co.    50,500    1,201,395 
Hubbell Inc.    7,800    1,739,400 
IDEX Corp.    6,900    1,378,965 
Littelfuse Inc.    6,900    1,370,961 
Nordson Corp.    7,800    1,655,706 
nVent Electric PLC    63,500    2,007,235 
Regal Rexnord Corp.    12,000    1,684,320 
Siteone Landscape Supply   10,700    1,114,298 

 

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

 

 

 

 

OPPORTUNITY FUND    Portfolio of Investments as of September 30, 2022 - unaudited

 

   Shares    Fair Value 
A.O. Smith Corp.    30,000    1,457,400 
Watsco Inc.    5,200    1,338,792 
Watts Water Tech Inc. - Class A   9,900    1,244,727 
22.4% - Total For Industrials       $23,838,819 
           
Avery Dennison Corp.    9,700    1,578,190 
Avient Corp.    20,800    630,240 
H.B. Fuller Co.    26,800    1,610,680 
Hawkins Inc.    40,000    1,559,600 
RPM International Inc.    15,600    1,299,636 
Sonoco Products Co.    32,000    1,815,360 
8.0% - Total For Materials       $8,493,706 
           
Amdocs Ltd.    9,900    786,555 
Bentley Systems Inc.    34,800    1,064,532 
Black Knight Inc.*    18,800    1,216,924 
Blackbaud Inc.*    23,800    1,048,628 
CACI International Inc.*   5,300    1,383,618 
Fair Isaac Corp.*    4,100    1,689,241 
Five9 Inc.    10,600    794,788 
Globant S.A*    4,800    897,984 
ICF International Inc.    8,700    948,474 
Jack Henry & Assoc. Inc.   6,400    1,166,528 
Lumentum Holdings Inc.*   14,700    1,007,979 
Maximus Inc.    22,800    1,319,436 
On Semiconductor Corp.*   17,300    1,078,309 
Paylocity Holding Corp.*   6,900    1,666,902 
PTC Inc.*    13,200    1,380,719 
Tyler Technologies Inc.*   3,900    1,355,250 
Wex Inc.*    4,900    622,006 
18.2% - Total For Technology       $19,427,873 
           
Camden Property Trust    6,400    764,480 
Community Healthcare Trust   37,200    1,218,300 
Equity Lifestyle Properties Inc.   18,800    1,181,392 
First Industrial Realty Trust Inc.   30,900    1,384,629 
Jones Lange Lasalle Inc.    8,800    1,329,416 
National Retail Properties Inc.   34,400    1,371,184 
Stag Industrial Inc.    37,400    1,063,282 
7.8% - Total For Real Estate       $8,312,683 
           
Atmos Energy Corp.    14,500    1,476,825 
Portland General Electric Co.   22,100    960,466 
Unitil Corp.    28,900    1,342,405 
3.5% - Total For Utilities       $3,779,696 
           
Total Common Stocks 98.3%       $104,828,634 
(Identified Cost $99,867,903)          
           
Cash Equivalents           
First American Government Obligation Fund, Class Z**   5,056,538    5,056,538 
Total Cash Equivalents 4.7%       $5,056,538 
(Identified Cost $5,056,538)          

 

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

 

 

 

 

OPPORTUNITY FUND    Portfolio of Investments as of September 30, 2022 - unaudited

 

     Shares   Fair Value 
Total Portfolio Value 103.0%       $109,885,172 
(Identified Cost $104,924,441)               
           
Liabilities in Excess of Other Assets  (3.0)%       $(3,219,142)
           
Total Net Assets 100.0%       $106,666,030 

 

*  Non-income producing security.

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 2.74%.

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, 2022 - unaudited

 

   Shares   Fair Value 
Preferred Stocks          
Itau Unibanco Holding SA ADR   24,800   $128,216 
0.7% - Total For Financial Services       $128,216 
           
Total Preferred Stocks 0.7%       $128,216 
(Identified Cost $129,573)          
           
Common Stocks          
Baidu, Inc. ADR*   1,200    140,988 
Deutsche Telekom AG ADR   7,100    121,126 
KDDI Corp. ADR   22,600    331,316 
Orange ADR   7,500    67,425 
PLDT Inc. ADR   5,600    141,680 
Publicis Groupe SA ADR   27,800    328,040 
RTL Group SA ADR   15,000    47,758 
SK Telecom Co. Ltd. ADR   4,600    88,596 
Telenor ASA ADR   9,600    88,224 
Tencent Holdings Ltd. ADR   6,800    229,976 
WPP PLC ADR   1,800    74,142 
9.1% - Total For Communications       $1,659,271 
           
Adidas AG ADR   600    34,446 
Alibaba Group Holdings ADR*   1,600    127,984 
Bridgestone ADR   8,200    132,020 
Bunzl PLC ADR   7,700    234,542 
CIE Financiere Richemont AG ADR   22,000    206,030 
Daimler AG ADR   3,600    182,556 
Daimler Truck AG ADR*   2,200    24,704 
Honda Motor Co. Ltd. ADR   5,500    118,745 
JD.com Inc. ADR*   1,700    85,510 
Magna International Inc.   6,000    284,520 
Toyota Motor Corp. ADR   1,100    143,319 
8.6% - Total For Consumer Discretionary       $1,574,376 
           
Danone ADR   6,184    58,222 
Itochu Corp. ADR   3,700    179,043 
L'Oreal ADR   2,800    178,444 
Nestle SA ADR   2,800    301,308 
Reckitt Benckiser Group PLC ADR   5,900    78,411 
Shoprite Holdings Ltd. ADR   32,100    380,706 
Unilever PLC  ADR   9,200    403,328 
Wal-Mart De Mexico SAB de CV ADR   10,600    371,000 
10.5% - Total For Consumer Staples       $1,950,462 
           
BP PLC ADR   2,298    65,608 
Daqo New Energy Corp.   2,700    143,316 
Equinor ASA ADR   4,000    132,440 
Shell PLC F Shares ADR   4,600    228,896 
Gazprom   14,000    140 
TotalEnergies SE ADR   2,352    109,415 
Woodside Energy Group Ltd.   7,599    153,196 
4.5% - Total For Energy        $833,011 
           
Admiral Group PLC ADR   8,200    175,070 
Allianz SE ADR     10,700    167,027 

 

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

 

 

 

 

INTERNATIONAL FUND    Portfolio of Investments as of September 30, 2022 - unaudited

 

   Shares   Fair Value 
Banco Bradesco ADR   21,678    79,775 
Banco Santander SA ADR   37,155    86,200 
Bank of Montreal   1,240    108,674 
Barclays PLC ADR   15,000    96,000 
BNP Paribas ADR   4,000    84,480 
China Construction Bank ADR   23,000    264,500 
Deutsche Boerse AG ADR   7,000    114,310 
Industrial and Commercial Bank Of China Ltd. ADR   33,800    316,706 
KB Financial Group Inc. ADR   2,400    72,336 
Legal and General Group PLC ADR   5,000    60,150 
Manulife Financial Corp.   7,720    120,972 
Mitsubishi UFJ Financial Group Inc. ADR   40,000    180,000 
National Australia Bank ADR   8,700    82,041 
Orix Corp. ADR   2,450    173,142 
Royal Bank of Canada   1,900    171,076 
Sumitomo Mitsui Financial Group Inc. ADR   67,600    371,800 
Tokio Marine Holdings Inc. ADR   6,300    335,286 
Toronto Dominion Bank   2,700    165,591 
United Overseas Bank Ltd. ADR   4,100    148,666 
Zurich Insurance Group Ltd. ADR   3,240    128,887 
19.1% - Total For Financial Services       $3,502,689 
           
Alcon Inc.   3,796    220,851 
Astellas Pharma Inc. ADR   17,600    234,608 
Bayer AG ADR   10,700    123,692 
Dr. Reddy's Laboratories Ltd. ADR   3,340    174,816 
Novartis AG ADR   2,480    188,505 
Novo Nordisk AS ADR   3,700    368,631 
Roche Holdings Ltd. ADR   10,500    426,510 
Sanofi ADR   2,000    76,040 
Takeda Pharmaceutical Co. ADR   9,340    121,140 
Taro Pharmaceuticals Ltd.*   3,000    89,940 
11.1% - Total For Health Care        $2,024,733 
           
ABB Ltd. ADR   2,900    74,414 
Atlas Copco AB ADR   28,400    261,848 
BAE Systems PLC ADR   3,800    133,247 
Canadian National Railway Co.   1,400    151,186 
Compass Group PLC ADR   6,500    128,505 
Schneider Electric SE ADR   16,700    375,750 
Sensata Technologies Holding NV*   2,200    82,016 
Siemens AG ADR   1,800    88,110 
7.1% - Total For Industrials        $1,295,076 
           
Air Liquide SA ADR   5,025    114,168 
BASF SE ADR   7,400    71,040 
BHP Billiton Ltd. ADR   5,400    270,216 
Cemex ADR*   30,300    103,929 
CIA Siderurcgica NACL ADR   57,100    135,898 
Newcrest Mining Ltd. ADR   10,900    121,044 
Nitto Denko Corp. ADR   6,900    185,886 
Posco ADR   4,200    153,762 
Rio Tinto PLC ADR   1,570    86,444 
Vale SA ADR     9,600    127,872 
7.5% - Total For Materials        $1,370,259 

 

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

 

 

 

 

INTERNATIONAL FUND    Portfolio of Investments as of September 30, 2022 - unaudited

 

   Shares   Fair Value 
Cap Gemini SA ADR   4,000    128,080 
ASML Holdings   360    149,526 
CGI Group Inc.*   5,100    383,724 
Infosys Ltd. ADR   20,100    341,097 
Lenovo Group Ltd. ADR   24,800    342,240 
Open Text Corp.   11,500    304,060 
Relx PLC ADR   4,200    102,102 
SAP SE ADR   2,200    178,750 
Sony Group Corp. ADR   4,500    288,225 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   4,300    294,808 
United Microelectronics ADR   55,700    310,249 
15.4% - Total For Technology        $2,822,861 
           
Sun Hung Kai Properties Ltd. ADR   27,600    306,912 
1.7% - Total For Real Estate        $306,912 
           
Enel SpA ADR   33,700    136,822 
Iberdrola SA ADR   5,000    186,050 
National Grid PLC ADR   1,629    83,942 
SSE PLC ADR   4,000    67,520 
2.6% - Total For Utilities        $474,334 
           
Total Common Stocks 97.2%       $17,813,984 
(Identified Cost $17,101,609)          
           
           
Cash Equivalents          
First American Government Obligation Fund, Class Z**   258,592    258,592 
Total Cash Equivalents 1.4%       $258,592 
(Identified Cost $258,592)          
           
Total Portfolio Value 99.3%       $18,200,792 
(Identified Cost $17,360,201)          
           
Other Assets in Excess of Liabilities  0.7%       $120,705 
           
Total Net Assets 100.0%       $18,321,497 

 

* Non-income producing security.

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 2.74%.

 

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, 2022 - unaudited

 

Fixed Income Securities - Bonds   Rate     Maturity     Face Value     Fair Value  
Corporate Bonds:                                
American Express Co.     1.650 %     11/04/2026       2,870,000     $ 2,502,600  
American Express Co.     2.550 %     03/04/2027       2,011,000       1,795,658  
American Express Co.     3.000 %     10/30/2024       1,700,000       1,638,382  
AON PLC     3.500 %     06/14/2024       3,320,000       3,237,913  
AON PLC     3.750 %     05/02/2029       7,846,000       7,069,756  
AON PLC     4.000 %     11/27/2023       2,330,000       2,308,764  
Bank of America Corp.     3.248 %     10/21/2027       20,000,000       17,943,420  
Essex Portfolio LP     3.625 %     05/01/2027       2,298,000       2,134,757  
Fifth Third Bancorp     4.300 %     01/16/2024       15,815,000       15,656,818  
Huntington Bancshares     2.550 %     02/04/2030       5,628,000       4,560,881  
Huntington Bancshares     4.443 %     08/04/2028       8,500,000       8,016,724  
Huntington Bancshares     2.625 %     08/06/2024       3,045,000       2,910,292  
JP Morgan Chase & Co.     4.493 %     03/24/2031       20,555,000       18,732,532  
Keycorp     2.550 %     10/01/2029       6,430,000       5,253,484  
Keycorp     4.100 %     04/30/2028       8,300,000       7,707,297  
Marsh & McLennan Co. Inc.     4.375 %     03/15/2029       14,237,000       13,544,882  
Morgan Stanley     3.700 %     10/23/2024       6,154,000       6,003,264  
Morgan Stanley     4.000 %     07/23/2025       4,500,000       4,367,871  
PNC Financial Services     3.450 %     04/23/2029       8,500,000       7,618,380  
PNC Financial Services     3.900 %     04/29/2024       9,991,000       9,845,191  
Prologis Inc.     3.875 %     09/15/2028       3,470,000       3,233,582  
Suntrust Banks Inc.     4.000 %     05/01/2025       6,000,000       5,844,864  
Truist Bank     2.250 %     03/11/2030       14,716,000       11,540,537  
US Bancorp     3.000 %     07/30/2029       19,180,000       16,540,410  
US Bancorp     4.967 %     07/22/2033       2,000,000       1,876,182  
Wells Fargo & Co.     4.100 %     06/03/2026       9,500,000       9,047,743  
Wells Fargo & Co.     4.300 %     07/22/2027       9,600,000       8,988,154  
22.5% - Total For Corporate Bonds: Bank and Finance                           $ 199,920,338  
                                 
Becton Dickinson & Co.     3.700 %     06/06/2027       9,500,000       8,846,514  
Becton Dickinson & Co.     3.700 %     05/20/2030       1,000,000       838,119  
CVS Health Corp.     3.750 %     04/01/2030       4,000,000       3,563,192  
CVS Health Corp.     4.300 %     03/25/2028       10,898,000       10,307,524  
Dover Corp.     2.950 %     11/04/2029       8,323,000       7,156,790  
Dover Corp.     3.150 %     11/15/2025       2,802,000       2,644,455  
Emerson Electric Co.     1.800 %     10/15/2027       8,690,000       7,516,398  
Emerson Electric Co.     1.950 %     10/15/2030       1,000,000       796,624  
Emerson Electric Co.     2.200 %     12/21/2031       6,000,000       4,798,518  
Enterprise Products     4.150 %     10/16/2028       11,617,000       10,806,099  
Home Depot Inc.     3.250 %     04/15/2032       10,570,000       9,162,837  
Johnson Controls International PLC     3.900 %     02/14/2026       5,430,000       5,220,027  
Kroger Co.     2.200 %     05/01/2030       1,000,000       794,206  
Kroger Co.     3.500 %     02/01/2026       8,850,000       8,393,110  
Lowes Cos. Inc.     4.500 %     04/15/2030       15,817,000       14,804,981  
McDonald's Corp.     2.125 %     03/01/2030       4,500,000       3,672,405  
McDonald's Corp.     3.600 %     07/01/2030       11,000,000       9,905,225  
Nike Inc.     3.250 %     03/27/2040       7,830,000       6,030,337  
Roper Technologies Inc.     2.950 %     09/15/2029       11,360,000       9,579,968  
Starbucks Corp.     2.250 %     03/12/2030       2,621,000       2,121,094  
Starbucks Corp.     3.550 %     08/15/2029       15,000,000       13,542,420  
Verizon Communication Inc.     4.016 %     12/03/2029       18,390,000       16,674,728  
Xylem Inc.     1.950 %     01/30/2028       1,535,000       1,300,073  
Walt Disney Co.     3.800 %     03/22/2030       17,000,000       15,490,247  
19.6% - Total For Corporate Bonds:  Industrial                           $ 173,965,891  
                                 
Berkshire Hathaway Energy Co.     3.250 %     04/15/2028       2,000,000       1,813,410  
Berkshire Hathaway Energy Co.     3.700 %     07/15/2030       2,900,000       2,611,885  
Duke Energy Corp.     2.450 %     06/01/2030       11,000,000       8,805,808  
Duke Energy Corp.     2.650 %     09/01/2026       6,000,000       5,443,194  
Eversource Energy     1.650 %     08/15/2030       232,000       175,285  
Eversource Energy     3.300 %     01/15/2028       6,440,000       5,828,052  
Eversource Energy     4.250 %     04/01/2029       11,229,000       10,388,352  

 

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

 

   

 

 

FIXED INCOME FUND Portfolio of Investments as of September 30, 2022 - unaudited

 

Georgia Power Co.     2.200 %     09/15/2024       260,000       246,097  
Georgia Power Co.     2.650 %     09/15/2029       17,141,000       14,170,636  
Interstate Power & Light Co.     2.300 %     06/01/2030       4,920,000       3,944,133  
Interstate Power & Light Co.     3.400 %     08/15/2025       1,000,000       947,808  
Interstate Power & Light Co.     4.100 %     09/26/2028       11,880,000       11,223,654  
National Rural Utility Cooperative Finance Corp.     2.400 %     03/15/2030       15,950,000       13,147,298  
National Rural Utility Cooperative Finance Corp.     3.400 %     02/07/2028       335,000       308,653  
Virginia Electric & Power Co.     2.950 %     11/15/2026       2,550,000       2,350,174  
Virginia Electric & Power Co.     3.450 %     02/15/2024       1,590,000       1,558,815  
Virginia Electric & Power Co.     3.500 %     03/15/2027       2,845,000       2,665,830  
Xcel Energy Inc.     3.300 %     06/01/2025       1,201,000       1,146,356  
Xcel Energy Inc.     3.400 %     06/01/2030       3,750,000       3,263,715  
Xcel Energy Inc.     4.000 %     06/15/2028       15,182,000       14,245,848  
11.7% - Total For Corporate Bonds: Utilities                           $ 104,285,003  
                                 
53.8% Total For Corporate Bonds                           $ 478,171,232  
                                 
United States Government Treasury Obligations                                
Treasury Bond     2.375 %     02/15/2042       10,000,000       7,662,500  
Treasury Bond     2.500 %     02/15/2045       45,500,000       34,672,411  
Treasury Bond     2.500 %     05/15/2046       23,500,000       17,801,250  
Treasury Bond     2.000 %     02/15/2050       32,625,000       22,404,207  
Treasury Note     1.750 %     11/15/2026       8,500,000       7,384,375  
Treasury Note     2.250 %     08/15/2027       2,000,000       1,837,812  
Treasury Note     0.625 %     12/31/2027       9,500,000       7,967,384  
Treasury Note     3.125 %     11/15/2028       5,000,000       4,749,610  
Treasury Note     1.500 %     02/15/2030       39,000,000       33,101,250  
Treasury Note     1.375 %     11/15/2031       15,500,000       12,598,602  
Treasury Note     2.875 %     05/15/2032       58,000,000       53,659,048  
Treasury Note     2.750 %     08/15/2047       32,000,000       25,560,000  
25.8% - Total For United States Government Treasury Obligations                     $ 229,398,449  
                                 
United States Government Agency Obligations - Mortgage-backed Securities                        
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)*     2.345 %     04/01/2042       175,617       173,762  
FHLMC Pool 780439 (1 year US T-Note Yield Curve + 2.223%)*     3.223 %     04/01/2033       18,959       18,877  
FHLMC Pool A89335     5.000 %     10/01/2039       67,269       67,689  
FHLMC Pool C01005     8.000 %     06/01/2030       583       630  
FHLMC Pool G06616     4.500 %     12/01/2035       215,484       211,094  
FHLMC Pool G08068     5.500 %     07/01/2035       470,771       482,262  
FHLMC Pool G15897     2.500 %     09/01/2031       989,462       921,370  
FHLMC Pool G18642     3.500 %     04/01/2032       1,740,104       1,664,934  
FHLMC Pool G18667     3.500 %     10/01/2032       864,516       827,169  
FHLMC Pool G30933     4.000 %     01/01/2036       7,488,361       7,183,278  
FHLMC Pool G31087     4.000 %     07/01/2038       1,258,215       1,207,330  
FHLMC Pool SC0047     3.000 %     01/01/2040       14,024,271       12,557,612  
FHLMC Pool ZA3721     3.000 %     06/01/2029       5,417,650       5,129,745  
FHLMC Series 2877 Class AL     5.000 %     10/15/2024       23,813       23,824  
FHLMC Series 2985 Class GE     5.500 %     06/15/2025       30,150       30,432  
FHLMC Series 3109 Class ZN     5.500 %     02/15/2036       708,895       722,385  
FHLMC Series 3592 Class BZ     5.000 %     10/15/2039       452,526       454,789  
FHLMC Series 3946 Class LN     3.500 %     04/15/2041       138,893       134,795  
FHLMC Series 4105 Class PJ     3.500 %     06/15/2041       434,585       422,428  
FHLMC Series 4180 Class ME     2.500 %     10/15/2042       1,012,030       949,397  
FHLMC Series 4287 Class AB     2.000 %     12/15/2026       492,966       469,348  
FHLMC Series 4517 Class PC     2.500 %     05/15/2044       728,285       684,065  
FHLMC Series 4567 Class LA     3.000 %     08/15/2045       140,146       130,717  
FHLMC Series 4582 Class PA     3.000 %     11/15/2045       1,230,031       1,140,966  
FHLMC Series 4689 Class DA     3.000 %     07/15/2044       370,012       357,534  
FHLMC Series 4709 Class EA     3.000 %     01/15/2046       444,592       420,159  
FHLMC Series 4768 Class GA     3.500 %     09/15/2045       2,520,480       2,434,509  
FHLMC Series 4831 Class BA     3.500 %     10/15/2044       495,689       489,995  
FHLMC Series 4906 Class DE     2.500 %     09/25/2049       4,117,203       3,629,693  
FNMA Pool 725027     5.000 %     11/01/2033       156,751       156,982  
FNMA Pool 725704     6.000 %     08/01/2034       62,201       64,702  
FNMA Pool 888223     5.500 %     01/01/2036       216,559       221,592  

 

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

 

   

 

 

FIXED INCOME FUND Portfolio of Investments as of September 30, 2022 - unaudited

 

FNMA Pool 995112     5.500 %     07/01/2036       151,167       154,127  
FNMA Pool AA4392     4.000 %     04/01/2039       372,373       354,753  
FNMA Pool AL6923     3.000 %     05/01/2030       3,739,212       3,540,626  
FNMA Pool AL9309     3.500 %     10/01/2031       552,884       528,685  
FNMA Pool AL9623     4.000 %     12/01/2036       1,770,029       1,702,577  
FNMA Pool AN8842     3.320 %     04/01/2028       6,000,000       5,633,094  
FNMA Pool AN9848     3.740 %     07/01/2028       6,438,000       6,132,163  
FNMA Pool AS5794     3.000 %     09/01/2030       1,084,947       1,023,164  
FNMA Pool AS6548     2.500 %     01/01/2031       2,602,208       2,426,567  
FNMA Pool AU7025     3.000 %     11/01/2043       10,891,885       9,711,957  
FNMA Pool BD2396     2.500 %     12/01/2031       5,838,502       5,431,190  
FNMA Pool BL0752     3.650 %     01/01/2029       5,000,000       4,755,620  
FNMA Pool BL2935     3.150 %     06/01/2029       5,000,000       4,604,365  
FNMA Pool BM5003     4.000 %     11/01/2042       1,359,034       1,281,994  
FNMA Pool FM9469     4.000 %     08/01/2039       3,816,322       3,658,964  
FNMA Pool BM1971     3.500 %     12/01/2035       1,451,483       1,366,461  
FNMA Pool MA0384     5.000 %     04/01/2030       354,065       347,407  
FNMA Pool MA2773     3.000 %     09/01/2036       3,485,338       3,177,088  
FNMA Pool MA3186     4.000 %     10/01/2037       6,105,860       5,840,456  
FNMA Pool MA3337     4.000 %     04/01/2038       1,715,097       1,638,843  
FNMA Series 2003-79 Class NJ     5.000 %     08/25/2023       32,373       32,374  
FNMA Series 2013-6 Class BC     1.500 %     12/25/2042       285,356       273,272  
FNMA Series 2013-75 Class EG     3.000 %     02/25/2043       282,711       263,929  
FNMA Series 2014-04 Class PC     3.000 %     02/25/2044       1,187,985       1,135,057  
FNMA Series 2014-28 Class PA     3.500 %     02/25/2043       122,198       118,286  
FNMA Series 2015-72 Class GB     2.500 %     12/25/2042       1,379,935       1,304,254  
FNMA Series 2016-2 Class PB     2.000 %     02/25/2046       250,567       230,732  
FNMA Series 2016-39 Class LA     2.500 %     03/25/2045       581,046       534,275  
FNMA Series 2016-40 Class PA     3.000 %     07/25/2045       113,751       105,859  
FNMA Series 2016-49 Class PA     3.000 %     09/25/2045       978,053       906,286  
FNMA Series 2016-64 Class PG     3.000 %     05/25/2045       2,324,171       2,171,833  
FNMA Series 2016-79 Class L     2.500 %     10/25/2044       602,954       557,503  
FNMA Series 2017-30 Class G     3.000 %     07/25/2040       9,120       9,120  
FNMA Series 2018-25 Class P     3.500 %     03/25/2046       2,440,897       2,341,721  
FNMA Series 2018-67 Class BA     4.500 %     03/25/2046       1,883,508       1,873,601  
FNMA Series 2020-95 Class GA     1.000 %     01/01/2051       2,681,060       2,049,429  
FNMA Series 2022-25 Class KA     4.000 %     09/25/2048       9,808,615       9,433,818  
GNMA GNR 21-175     2.000 %     10/20/2051       17,947,005       15,244,617  
GNMA II Pool 2658     6.500 %     10/20/2028       6,630       6,848  
GNMA II Pool 2945     7.500 %     07/20/2030       946       1,008  
GNMA II Pool 4187     5.500 %     07/20/2038       7,617       7,824  
GNMA II Pool 4847     4.000 %     11/20/2025       60,598       59,608  
GNMA Pool 780400     7.000 %     12/15/2025       573       584  
GNMA Pool 780420     7.500 %     08/15/2026       418       429  
16.3% - Total For Government Agency Obligations - Mortgage-backed Securities               $ 145,356,432  
                                 
Taxable Municipal Bonds                                
Cincinnati Children's Hospital Medical Center     2.853 %     11/15/2026       1,085,000       997,294  
Kansas Development Finance Authority Revenue     3.941 %     04/15/2026       8,000,000       7,855,368  
Hamilton County Ohio     3.374 %     06/01/2034       5,000,000       4,172,805  
Kentucky Property and Buildings Commission Revenue     6.164 %     08/01/2023       273,000       276,497  
Pennsylvania State University     1.893 %     09/01/2026       4,635,000       4,191,750  
University of Cincinnati Ohio General Receipts Revenue     2.162 %     06/01/2025       2,185,000       2,055,119  
University of Washington Revenue     5.400 %     06/01/2036       3,000,000       3,082,080  
2.5% - Total For Taxable Municipal Bonds                           $ 22,630,913  
                                 
Total Fixed Income Securities - Bonds     98.4 %                   $ 875,557,026  
(Identified Cost $1,013,028,096)                                
                                 
Preferred Stocks                                
Allstate Corp.     5.100 %     01/15/2053       264,996       6,386,404  
Total Preferred Stocks     0.7 %                   $ 6,386,404  
(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, 2022 - unaudited

 

                    Shares          
Cash Equivalents                              
First American Government Obligation Fund, Class Z**                     1,300,390       1,300,390  
Total Cash Equivalents     0.2 %                   $ 1,300,390  
(Identified Cost $1,300,390)                                
                                 
Total Portfolio Value     99.3 %                   $ 883,243,820  
(Identified Cost $1,020,819,704)                                
                                 
Other Assets in Excess of Liabilities     0.7 %                   $ 6,143,196  
                                 
Total Net Assets     100 %                   $ 889,387,016  

 

* Variable Rate Security; the rate shown is as of September 30, 2022.

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 2.74%.

 

ARM - Adjustable Rate Mortgage

FHLB - Federal Home Loan Banks

FHLMC - Federal Home Loan Mortgage Corp.

FNMA -  Federal National Mortgage Association

GNMA - Government National Mortgage Association

 

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

 

   

 

 

MUNICIPAL INCOME FUND  Portfolio of Investments as of September 30, 2022 - unaudited

 

Municipal Income Securities - Bonds  Rate   Maturity   Face Value   Fair Value 
Abilene Texas GO Limited   5.000%   02/15/2029    730,000   $795,904 
Austin Texas GO Limited   5.000%   09/01/2029    1,000,000    1,064,250 
Brecksville Ohio GO Limited   4.000%   12/01/2051    1,885,000    1,666,513 
Cincinnati Ohio GO Unlimited   4.000%   12/01/2030    685,000    699,330 
Cincinnati Ohio GO Unlimited   4.000%   12/01/2032    1,000,000    1,011,550 
Columbus Ohio GO Unlimited   4.000%   04/01/2031    1,000,000    1,016,350 
Columbus Ohio GO   5.000%   04/01/2032    600,000    650,664 
Columbus Ohio GO Unlimited   5.000%   04/01/2034    1,400,000    1,507,618 
Columbus Ohio GO Unlimited   5.000%   04/01/2038    750,000    809,670 
Columbus Ohio GO Unlimited   5.000%   04/01/2041    3,120,000    3,332,722 
Dublin Ohio GO Limited   4.000%   12/01/2028    500,000    510,930 
Fort Worth Texas GO   5.000%   03/01/2028    1,000,000    1,079,280 
Hurst Texas GO Limited   4.000%   08/15/2031    335,000    337,352 
Lakewood Ohio GO Limited   4.000%   12/01/2028    840,000    861,857 
Lakewood Ohio GO Limited   4.000%   12/01/2029    300,000    306,756 
Lakewood Ohio GO Limited   5.000%   12/01/2036    500,000    521,355 
Reynoldsburg Ohio GO Limited   4.000%   12/01/2030    1,000,000    1,025,670 
Reynoldsburg Ohio GO Limited   4.000%   12/01/2031    595,000    606,442 
Strongsville Ohio GO Limited   4.000%   12/01/2030    350,000    353,307 
8.6% - Total For General Obligation - City                 $18,157,520 
                     
Bexar County Texas GO Limited   4.000%   06/15/2037    1,360,000    1,315,083 
Butler County Ohio GO Limited   5.250%   12/01/2026    1,000,000    1,055,350 
Clark County Ohio GO Limited   5.000%   12/01/2028    325,000    356,896 
Hamilton County Ohio GO Limited   5.000%   12/01/2028    500,000    542,400 
Lorain County Ohio GO Unlimited   4.000%   12/01/2030    450,000    454,914 
Lucas County Ohio GO Limited   4.000%   10/01/2028    1,000,000    1,014,680 
Lucas County Ohio GO Limited   4.000%   10/01/2029    605,000    611,836 
Summit County Ohio GO Limited   4.000%   12/01/2031    500,000    503,995 
2.8% - Total For General Obligation - County                 $5,855,154 
                     
Ohio GO Unlimited   5.000%   09/15/2029    1,030,000    1,138,397 
Ohio GO Unlimited   5.000%   06/15/2030    1,335,000    1,486,816 
Ohio GO Unlimited   5.000%   05/01/2031    850,000    885,640 
Ohio GO Unlimited   5.000%   06/15/2034    1,000,000    1,081,410 
Ohio GO Unlimited   5.000%   06/15/2035    1,000,000    1,074,960 
Ohio GO Unlimited   5.000%   06/15/2039    2,000,000    2,118,820 
Pennsylvania GO Unlimited   4.000%   01/01/2030    645,000    655,926 
Pennsylvania GO Unlimited   4.000%   03/01/2037    1,000,000    963,912 
Washington GO Unlimited   5.000%   08/01/2044    2,000,000    2,114,480 
5.5% - Total For General Obligation - State                 $11,520,361 
                     
Bowling Green State University Ohio Revenue   4.000%   06/01/2045    2,830,000    2,484,621 
Bowling Green State University Ohio Revenue   5.000%   06/01/2030    750,000    798,232 
Bowling Green State University Ohio Revenue   5.000%   06/01/2031    500,000    530,700 
Bowling Green State University Ohio Revenue   5.000%   06/01/2032    500,000    528,970 
Bowling Green State University Ohio Revenue   5.000%   06/01/2037    1,000,000    1,053,320 
Butler University Revenue   4.000%   02/01/2029    940,000    952,107 
Butler University Revenue   5.000%   02/01/2032    1,065,000    1,148,230 
Cuyahoga County Ohio Community College GO Unlimited   4.000%   12/01/2033    1,275,000    1,282,727 
Cuyahoga County Ohio Community College GO Unlimited   5.000%   12/01/2027    400,000    424,276 
Ohio Higher Education Facilities Revenue   5.000%   05/01/2032    630,000    674,509 
Ohio Higher Education Facilities Revenue   5.000%   12/01/2029    540,000    580,219 
Ohio Higher Education Facilities Revenue   5.000%   05/01/2030    570,000    615,663 
Denison University Ohio Revenue   5.000%   11/01/2030    400,000    436,420 
Denison University Ohio Revenue   5.000%   11/01/2033    325,000    347,857 
Kent State University Ohio General Receipt Revenue   5.000%   05/01/2028    710,000    749,327 
Kent State University Ohio Revenue   5.000%   05/01/2031    1,000,000    1,099,320 
Kent State University Ohio Revenue   5.000%   05/01/2035    2,000,000    2,140,660 
Kent State University Ohio Revenue   5.000%   05/01/2045    950,000    980,656 
Miami University Ohio General Receipts Revenue   4.000%   09/01/2036    1,000,000    958,177 
Miami University Ohio General Receipts Revenue   4.000%   09/01/2045    3,110,000    2,795,517 
Miami University Ohio General Receipts Revenue   5.000%   09/01/2031    735,000    777,652 
Ohio Higher Education Facilities Revenue - University of Dayton   5.000%   12/01/2036    2,010,000    2,077,275 
Ohio Higher Education Facilities Revenue - University of Dayton   5.000%   02/01/2035    1,350,000    1,420,443 
Ohio Higher Education Facilities Revenue - University of Dayton   5.000%   02/01/2036    1,050,000    987,541 
Ohio Higher Education Facilities Revenue - University of Dayton   4.000%   12/01/2033    620,000    603,192 
Ohio Higher Education Facilities Revenue - Xavier University   4.500%   05/01/2036    1,000,000    992,596 
Ohio State University General Receipts Revenue   4.000%   06/01/2030    200,000    203,436 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2028    410,000    424,539 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2029    650,000    663,117 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2029    435,000    458,925 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2030    720,000    744,257 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2033    1,000,000    1,046,600 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2034    400,000    421,304 

 

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

 

   

 

 

MUNICIPAL INCOME FUND  Portfolio of Investments as of September 30, 2022 - unaudited

 

Municipal Income Securities - Bonds  Rate   Maturity   Face Value   Fair Value 
University of Akron Ohio General Receipts Revenue   4.000%   01/01/2027    2,050,000    2,098,400 
University of Akron Ohio General Receipts Revenue   5.000%   01/01/2027    350,000    369,733 
University of Cincinnati General Receipts Revenue   4.000%   06/01/2036    250,000    240,814 
University of Cincinnati General Receipts Revenue   5.000%   06/01/2036    1,250,000    1,319,987 
University of Cincinnati General Receipts Revenue   5.000%   06/01/2039    1,250,000    1,273,550 
University of Dayton Revenue   5.000%   12/01/2036    470,000    485,731 
University of North Dakota Certificate of Participation   4.000%   06/01/2037    555,000    532,564 
University of Toledo Revenue   5.000%   06/01/2026    885,000    894,195 
University of Toledo Revenue   5.000%   06/01/2034    1,000,000    1,038,210 
University of Toledo Revenue   5.000%   06/01/2027    1,590,000    1,691,792 
University of Toledo Revenue   5.000%   06/01/2031    500,000    546,765 
19.9% - Total For Higher Education                 $41,894,126 
                     
Butler County Ohio Cincinnati Childrens Hospital Medical Center Revenue   5.000%   05/15/2030    1,005,000    1,097,802 
Franklin County Ohio Hospital Revenue Nationwide Childrens   4.000%   11/01/2036    800,000    756,937 
Franklin County Ohio Hospital Revenue Nationwide Childrens   5.000%   11/01/2032    500,000    527,600 
Franklin County Ohio Hospital Revenue Nationwide Childrens   5.000%   11/01/2048    3,100,000    3,217,831 
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital   5.000%   05/15/2028    1,715,000    1,757,721 
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital   5.000%   11/15/2041    2,410,000    2,516,691 
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital   5.000%   11/15/2049    1,300,000    1,371,604 
Ohio State Hospital Facilities Revenue   5.000%   01/01/2031    1,000,000    1,066,790 
Ohio State Hospital Facilities Revenue   4.000%   01/01/2036    2,100,000    2,015,574 
South Carolina Jobs Economic Dev Auth Hopsital Facilities   5.000%   10/01/2035    1,000,000    1,043,640 
7.3% - Total For Hospital/Health Bonds                 $15,372,190 
                     
Columbus Ohio Metropolitan Library Special Obligation Revenue   4.000%   12/01/2030    755,000    781,961 
Columbus Ohio Metropolitan Library Special Obligation Revenue   5.000%   12/01/2027    500,000    537,900 
Franklin County Ohio Convention Facilities Authority Revenue   5.000%   12/01/2028    450,000    484,286 
Franklin County Ohio Convention Facilities Authority Revenue   5.000%   12/01/2029    375,000    406,860 
Franklin County Ohio Convention Facilities Authority Revenue   5.000%   12/01/2030    600,000    650,664 
Franklin County Ohio Convention Facilities Authority Revenue   5.000%   12/01/2032    505,000    542,643 
Ohio Infrastructure Improvement   5.000%   03/01/2041    1,500,000    1,608,960 
Ohio Parks and Recreation Capital Facilities Revenue   5.000%   02/01/2030    500,000    519,540 
Ohio Parks and Recreation Capital Facilities Revenue   5.000%   12/01/2031    710,000    799,836 
Ohio Parks and Recreation Capital Facilities Revenue   5.000%   12/01/2029    1,500,000    1,657,080 
Ohio Parks and Recreation Capital Facilities Revenue   5.000%   12/01/2035    1,160,000    1,240,098 
4.4% - Total For Revenue Bonds - Facility                 $9,229,828 
                     
Cincinnati Ohio Water System Revenue   4.000%   12/01/2030    1,000,000    1,026,340 
Cleveland Ohio Water Revenue   5.000%   01/01/2033    500,000    547,990 
Evansville Indiana Waterworks District Revenue (BAM Insured)   4.000%   01/01/2029    400,000    404,820 
Hamilton Ohio Sewer System Revenue   5.000%   12/01/2030    1,000,000    1,106,780 
Hamilton Ohio Wastewater System Revenue (BAM Insured)   5.000%   10/01/2027    930,000    1,007,655 
Ohio Water Development Authority Revenue Polution Control   5.000%   12/01/2031    1,130,000    1,203,947 
Ohio Water Development Authority Revenue   5.250%   12/01/2034    2,000,000    2,251,060 
Ohio Water Development Authority Revenue   5.000%   06/01/2046    4,215,000    4,484,971 
Ohio Water Development Authority Revenue Polution Control   5.000%   06/01/2033    615,000    674,255 
Ohio Water Development Authority Revenue Polution Control   5.000%   12/01/2039    1,165,000    1,242,554 
Ohio Water Development Authority Revenue Polution Control   5.000%   12/01/2040    1,000,000    1,074,230 
Ohio Water Development Authority Revenue Polution Control   5.000%   12/01/2046    3,880,000    3,462,334 
St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation   4.000%   12/01/2031    400,000    401,960 
Wise County Virginia Soil & Wastewater   1.200%   11/01/2040    1,000,000    955,050 
9.4% - Total For Revenue Bonds - Water & Sewer                 $19,843,946 
                     
Akron Ohio Certificate of Participation   5.000%   12/01/2025    500,000    521,605 
Akron Ohio Income Tax Revenue   4.000%   12/01/2031    870,000    874,507 
Akron Ohio Income Tax Revenue   5.000%   12/01/2027    510,000    546,863 
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project)   4.750%   11/01/2030    500,000    520,380 
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project)   5.000%   11/01/2032    525,000    549,964 
Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue   5.000%   06/01/2030    655,000    679,962 
Mobile Alabama Industrial Development Board Pollution Control Revenue   2.924%   07/15/2034    1,025,000    1,018,217 
Monroe County Georgia Development Authority Pollution Control Revenue   0.233%   07/01/2049    1,000,000    893,611 
Ohio Major New State Infrastructure Project Revenue   5.000%   12/15/2027    1,060,000    1,124,342 
Ohio Major New State Infrastructure Project Revenue   5.000%   12/15/2028    570,000    604,445 
Ohio Special Obligation Revenue   5.000%   12/01/2029    510,000    543,915 
Ohio Special Obligation Revenue   5.000%   10/01/2031    1,945,000    2,118,358 
Ohio Special Obligation Revenue   5.000%   10/01/2032    1,545,000    1,675,135 
Ohio Special Obligation Revenue   5.000%   04/01/2033    1,570,000    1,707,642 
Ohio Special Obligation Revenue   5.000%   04/01/2039    1,000,000    1,052,360 
Ohio Special Obligation Revenue   5.000%   04/01/2029    665,000    693,362 
St. Xavier High School Inc. Ohio Revenue   4.000%   04/01/2036    400,000    370,695 
St. Xavier High School Inc. Ohio Revenue   4.000%   04/01/2037    575,000    525,608 
St. Xavier High School Inc. Ohio Revenue   4.000%   04/01/2038    400,000    361,295 
St. Xavier High School Inc. Ohio Revenue   4.000%   04/01/2039    400,000    357,545 
Riversouth Ohio Authority Revenue   4.000%   12/01/2031    700,000    705,523 

 

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

 

   

 

 

MUNICIPAL INCOME FUND  Portfolio of Investments as of September 30, 2022 - unaudited

 

Municipal Income Securities - Bonds  Rate   Maturity   Face Value   Fair Value 
Summit County Ohio Development Finance Authority Akron Lease Revenue   4.000%   12/01/2027    220,000    221,676 
Summit County Ohio Development Finance Authority Akron Lease Revenue   4.000%   12/01/2028    435,000    436,570 
8.6% - Total For Other Revenue Bonds                 $18,103,580 
                     
Aldine Texas ISD GO Unlimited   4.000%   02/15/2030    780,000    788,455 
Arcanum-Butler Ohio LSD GO   4.000%   12/01/2029    675,000    683,363 
Arcanum-Butler Ohio LSD GO   4.000%   12/01/2030    650,000    656,279 
Ashland Ohio CSD GO Unlimited   4.000%   11/01/2028    505,000    525,286 
Athens Ohio CSD GO Unlimited   4.000%   12/01/2033    750,000    754,005 
Bellbrook-Sugarcreek Ohio LSD GO Unlimited   4.000%   12/01/2031    325,000    328,396 
Bellfontaine Ohio SCD GO Unlimited (National RE Insured)   5.500%   12/01/2026    615,000    653,647 
Berea Ohio CSD GO Unlimited   4.000%   12/01/2031    500,000    502,100 
Big Walnut Ohio LSD GO Unlimited   4.000%   12/01/2033    500,000    502,650 
Bloom-Carroll Ohio LSD GO Unlimited   4.000%   11/01/2030    290,000    297,273 
Bloom-Carroll Ohio LSD GO Unlimited   4.000%   11/01/2031    150,000    152,613 
Bloom-Carroll Ohio LSD GO Unlimited (SDCP)   4.000%   11/01/2029    325,000    334,327 
Brownsville Indianna CSC Revenue   5.000%   01/15/2027    535,000    566,725 
Chillicothe Ohio SD GO Unlimited (AGM Insured)   4.000%   12/01/2029    400,000    402,384 
Cleveland Heights and University Heights Ohio CSD GO Unlimited   4.000%   12/01/2032    1,000,000    1,011,420 
Colorado Building Excellent Schools Today Certificates of Participation   4.000%   03/15/2030    1,000,000    1,019,060 
Columbus Ohio CSD GO Unlimited   4.000%   12/01/2029    400,000    407,888 
Daviess County Kentucky SD GO Unlimited   5.000%   06/01/2027    1,825,000    1,938,515 
Dexter Michigan CSD GO Unlimited   4.000%   05/01/2031    670,000    671,374 
Dublin Ohio CSD GO Unlimited   4.000%   12/01/2034    500,000    501,310 
Elyria Ohio SCD GO Unlimited (SDCP)   4.000%   12/01/2030    1,000,000    1,016,950 
Festus Missouri SD Certificates of Participation   4.000%   04/01/2026    875,000    893,664 
Greencastle Indiana School Corp Revenue   4.000%   07/15/2029    695,000    702,979 
Green County Ohio Vocational SD GO Unlimited   4.000%   12/01/2035    1,000,000    985,894 
Houston Texas ISD GO Limited   5.000%   02/15/2030    440,000    462,779 
Hudson Ohio CSD GO Unlimited   4.000%   12/01/2033    800,000    805,504 
Huntington County Indiana Countryside School Building Corp. Revenue   4.000%   01/15/2028    1,000,000    1,022,000 
Jackson Milton Ohio LSD Certificates of Participation (BAM Insured)   4.000%   06/01/2031    270,000    270,780 
Johnstown-Monroe Ohio LSD GO Unlimited   4.000%   12/01/2029    800,000    816,392 
Kenton County Kentucky SD Finance Corp. Revenue   4.000%   02/01/2028    400,000    404,332 
Kenton County Kentucky SD Finance Corp. Revenue   5.000%   02/01/2028    1,000,000    1,068,270 
Kettering Ohio CSD GO Unlimited   4.000%   12/01/2030    400,000    405,044 
Kettering Ohio CSD GO Unlimited   5.250%   12/01/2031    500,000    549,215 
Logan Hocking Ohio LSD Certificates of Participation   4.000%   12/01/2032    420,000    424,914 
Mayfield Ohio CSD Certificates of Participation   4.000%   09/01/2032    280,000    281,814 
McCracken County Kentucky SD Finance Corp   5.000%   08/01/2032    580,000    634,068 
Menifee County Kentucky SD Financial Corp. Revenue   3.000%   08/01/2027    615,000    592,523 
Middletown Ohio CSD GO Umlimited (SDCP)   4.000%   12/01/2027    585,000    595,594 
Milford Ohio Exempt Village SD GO Unlimited (AGM Insured)   5.500%   12/01/2030    1,260,000    1,398,676 
Munster Indiana School Building Corp. Revenue (State Intercept)   4.000%   01/15/2029    400,000    408,948 
North Olmsted Ohio CSD GO Unlimited   4.000%   12/01/2029    500,000    513,740 
Olentangy LSD Ohio GO Unlimited   4.000%   12/01/2031    1,000,000    1,016,660 
Orchard Farm Missouri SD Certificate of Participation   4.000%   04/01/2029    550,000    570,922 
Owen County Kentucky SD Revenue   4.000%   04/01/2027    1,320,000    1,345,595 
Palm Beach Florida SD Certificates of Participation   5.000%   08/01/2039    1,000,000    1,047,710 
Pennsbury Pennsylvania SD GO Limited   5.000%   08/01/2029    550,000    584,518 
Princeton Ohio CSD Certificates of Participation   3.500%   12/01/2026    275,000    273,520 
Princeton Ohio CSD GO Unliimited (National RE Insured)   5.250%   12/01/2030    1,735,000    1,939,001 
Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP)   4.000%   12/01/2027    965,000    989,000 
Talawanda Ohio CSD   5.000%   12/01/2027    775,000    837,581 
Teays Valley Ohio LSD   4.000%   12/01/2032    580,000    586,044 
Toledo Ohio CSD GO Unlimited   5.000%   12/01/2029    660,000    694,089 
Trotwood-Madison Ohio CSD GO Unlimited (SDCP)   4.000%   12/01/2028    410,000    419,795 
Trotwood-Madison Ohio CSD GO Unlimited (SDCP)   4.000%   12/01/2029    500,000    510,245 
Trotwood-Madison Ohio CSD GO Unlimited (SDCP)   4.000%   12/01/2030    350,000    355,932 
Upper Arlington Ohio CSD GO Unlimited   4.000%   12/01/2030    1,380,000    1,409,477 
Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation   4.000%   04/01/2030    395,000    397,524 
Westerville Ohio SCD Certificate of Participation   5.000%   12/01/2032    555,000    592,302 
Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured)   4.000%   03/01/2030    810,000    812,381 
19.6% - Total For School District                 $41,333,446 
                     
Colorado State Certificate of Participation   4.000%   12/15/2034    1,000,000    975,791 
Colorado State Certificate of Participation   4.000%   12/15/2039    2,000,000    1,847,534 
Kentucky Association of Counties Finance Corp. Revenue   4.000%   02/01/2029    575,000    577,421 
Kentucky Certificates of Participation   4.000%   04/15/2028    695,000    709,338 
Kentucky Certificates of Participation   4.000%   04/15/2031    500,000    499,791 
Kentucky Property and Buildings Commission Revenue   5.000%   08/01/2029    600,000    624,432 
Kentucky Property and Buildings Commission Revenue   5.000%   08/01/2030    600,000    623,874 
Kentucky Property and Buildings Commission Revenue   5.000%   10/01/2026    635,000    670,179 
Kentucky Property and Buildings Commission Revenue   5.000%   04/01/2026    525,000    551,481 

 

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

 

   

 

 

MUNICIPAL INCOME FUND  Portfolio of Investments as of September 30, 2022 - unaudited

 

Municipal Income Securities - Bonds  Rate   Maturity   Face Value   Fair Value 
Kentucky Property and Buildings Commission Revenue   5.000%   04/01/2028    1,000,000    1,061,220 
Kentucky Property and Buildings Commission Revenue   5.000%   05/01/2034    2,340,000    2,506,444 
Ohio Certificate of Participation   5.000%   09/01/2027    1,520,000    1,634,182 
Washington Certificates of Participation   5.000%   01/01/2041    675,000    704,599 
6.2% - Total For State Agency                 $12,986,286 
                     
FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement)   3.400%   01/25/2036    1,892,741    1,711,714 
FHLMC Series M 053 Class A   4.250%   06/15/2035    3,928,560    3,256,466 
Missouri State Housing Development Commission Single Family Mortgage Revenue   3.500%   11/01/2050    795,000    774,722 
Missouri State Housing Development Commission Single Family Mortgage Revenue   3.500%   11/01/2050    2,325,000    2,259,788 
Missouri State Housing Development Commission Single Family Mortgage Revenue   3.875%   05/01/2050    1,470,000    1,449,843 
Ohio Housing Finance Agency Residential Mortgage Revenue   3.000%   03/01/2052    1,910,000    1,810,298 
Ohio Housing Finance Agency Residential Mortgage Revenue   3.700%   03/01/2032    520,000    477,482 
5.6% - Total For Housing                 $11,740,313 
                     
Total Municipal Income Securities - Bonds   97.7%            $206,036,750 
(Identified Cost $229,301,112)                    
                     
             Shares      
Cash Equivalents                    
Dreyfus AMT-Free Tax Cash Management Fund***             2,151,510    2,151,080 
Total Cash Equivalents   1.0%            $2,151,080 
(Identified Cost  $2,151,080)                    
                     
Total Portfolio Value   98.7%            $208,187,830 
(Identified Cost $231,452,192)                    
                     
Other Assets in Excess of Liabilities   1.3%            $2,726,015 
                     
Total Net Assets   100.0%            $210,913,845 

  

* Pre-refunded / Escrowed-to-Maturity Bonds; as of September 30, 2022, these bonds represented 1.38% of total assets. 

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 1.96%.

 

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  

FSA - Financial Security Assurance  

GNMA - Government National Mortgage Association  

GO - General Obligation  

LSD - Local School District  

MBIA - Municipal Bond Insurance Association  

PSD - Public School District  

SD - School District  

SDCP - Ohio School District Credit Program  

SDCEP - Ohio School District Credit Enhancement Program      

 

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

 

   

 

 

Johnson Institutional Short Duration Bond Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

Fixed Income Securities - Bonds   Rate     Maturity     Face Value     Fair Value  
Corporate Bonds:                                
ACE INA Holdings     3.350 %     05/15/2024       2,697,000     $ 2,633,502  
American Express Credit     2.500 %     07/30/2024       2,900,000       2,776,869  
AON PLC     3.500 %     06/14/2024       2,385,000       2,326,031  
AON PLC     3.875 %     12/15/2025       2,700,000       2,597,457  
Bank of America Corp.     3.300 %     01/11/2023       2,080,000       2,073,852  
Bank of America Corp.     3.875 %     08/01/2025       2,765,000       2,684,779  
BB&T Corp.     3.750 %     12/06/2023       350,000       346,865  
Essex Portfolio LP     3.375 %     04/15/2026       2,654,000       2,479,229  
Essex Portfolio LP     3.875 %     05/01/2024       1,950,000       1,906,681  
Fifth Third Bancorp     2.375 %     01/28/2025       1,770,000       1,654,782  
Fifth Third Bancorp     4.300 %     01/16/2024       3,440,000       3,405,593  
Huntington Bancshares     2.625 %     08/06/2024       5,000,000       4,778,805  
JP Morgan Chase & Co.     3.375 %     05/01/2023       1,902,000       1,890,459  
JP Morgan Chase & Co.     3.875 %     09/10/2024       1,745,000       1,707,720  
Keycorp     4.150 %     10/29/2025       4,700,000       4,542,550  
M&T Bank Corp.     3.550 %     07/26/2023       3,431,000       3,405,889  
Marsh & McLennan Co. Inc.     3.500 %     06/03/2024       3,830,000       3,741,244  
Marsh & McLennan Co. Inc.     3.500 %     03/10/2025       1,000,000       964,847  
Morgan Stanley     3.700 %     10/23/2024       2,115,000       2,063,195  
Morgan Stanley     4.000 %     07/23/2025       2,750,000       2,669,254  
National Retail Properties     3.900 %     06/15/2024       1,197,000       1,170,889  
National Retail Properties     4.000 %     11/15/2025       2,965,000       2,837,549  
PNC Financial Services     3.800 %     07/25/2023       1,000,000       992,729  
PNC Financial Services     3.900 %     04/29/2024       4,840,000       4,769,365  
Suntrust Banks Inc.     4.000 %     05/01/2025       3,002,000       2,924,380  
US Bancorp     3.600 %     09/11/2024       4,839,000       4,749,919  
Wells Fargo & Co.     3.550 %     09/29/2025       600,000       571,310  
Wells Fargo & Co.     4.100 %     06/03/2026       2,550,000       2,428,605  
30.0% - Total Bank and Finance                           $ 71,094,349  
                                 
Becton Dickinson & Co.     3.363 %     06/06/2024       2,235,000       2,174,561  
Burlington Northern Santa Fe     3.850 %     09/01/2023       1,160,000       1,150,613  
CVS Health Corp.     3.875 %     07/20/2025       4,600,000       4,462,110  
Dover Corp.     3.150 %     11/15/2025       4,548,000       4,292,284  
Enterprise Products     3.350 %     03/15/2023       3,300,000       3,276,992  
Enterprise Products     3.750 %     02/15/2025       1,500,000       1,453,416  
Johnson Controls International PLC     3.625 %     07/02/2024       2,936,000       2,866,925  
Kroger Co.     4.000 %     02/01/2024       4,600,000       4,555,477  
McDonalds Corp.     3.350 %     04/01/2023       1,265,000       1,257,061  
McDonalds Corp.     3.375 %     05/26/2025       2,500,000       2,403,212  
Norfolk Southern Corp.     2.903 %     02/15/2023       4,409,000       4,375,351  
Norfolk Southern Corp.     5.590 %     05/17/2025       1,000,000       1,006,420  
Roper Technologies Inc.     1.000 %     09/15/2025       4,230,000       3,753,207  
Shell International     3.250 %     05/11/2025       3,115,000       2,994,792  
Starbucks Corp.     3.100 %     03/01/2023       4,765,000       4,743,820  
Union Pacific Corp.     3.150 %     03/01/2024       1,700,000       1,665,714  
Union Pacific Corp.     3.750 %     03/15/2024       2,025,000       1,997,235  
20.5% - Total Industrial                           $ 48,429,190  
                                 
Berkshire Hathaway Energy Co.     2.800 %     01/15/2023       1,272,000       1,264,439  
Berkshire Hathaway Energy Co.     3.750 %     11/15/2023       3,690,000       3,655,779  

 

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

 

 

 

 

Johnson Institutional Short Duration Bond Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

Duke Energy Corp.     3.750 %     04/15/2024       4,009,000       3,940,911  
Eversource Energy     3.150 %     01/15/2025       500,000       478,169  
Eversource Energy     1.400 %     08/15/2026       1,240,000       1,072,295  
Georgia Power Co.     2.100 %     07/30/2023       3,045,000       2,975,458  
Georgia Power Co.     2.200 %     09/15/2024       2,043,000       1,933,755  
Interstate Power & Light Co.     3.400 %     08/15/2025       4,472,000       4,238,597  
Interstate Power & Light Co.     3.250 %     12/01/2024       449,000       433,878  
National Rural Utility Cooperative Finance Corp.     2.850 %     01/27/2025       2,505,000       2,396,381  
National Rural Utility Cooperative Finance Corp.     2.950 %     02/07/2024       1,830,000       1,787,004  
National Rural Utility Cooperative Finance Corp.     3.250 %     11/01/2025       900,000       857,588  
Virginia Electric & Power Co.     2.750 %     03/15/2023       4,580,000       4,534,429  
Wisconsin Power     2.250 %     11/15/2022       1,000,000       997,236  
Xcel Energy Inc.     3.300 %     06/01/2025       4,720,000       4,505,245  
14.8% - Total Utilities                           $ 35,071,164  
                                 
65.3% Total Corporate Bonds                           $ 154,594,703  
                                 
Certificates of Deposit                                
Goldmans Sachs     3.400 %     10/17/2023       250,000       247,723  
0.1% - Total Certificates of Deposit                           $ 247,723  
                                 
United States Government Treasury Obligations                                
Treasury Note     0.125 %     07/15/2023       8,870,000       8,591,429  
Treasury Note     2.250 %     04/30/2024       4,585,000       4,438,674  
Treasury Note     0.250 %     06/30/2025       13,310,000       11,944,687  
10.5% - Total United States Government Treasury Obligations                           $ 24,974,790  
                                 
United States Government Agency Obligations                                
FHLB     1.375 %     08/26/2026       3,700,000       3,317,749  
FHLB     1.375 %     09/29/2026       1,585,000       1,414,315  
FHLB     3.500 %     12/08/2023       2,000,000       1,979,360  
FHLB     3.875 %     09/15/2023       1,325,000       1,317,716  
FHLB     4.300 %     09/26/2023       1,000,000       998,950  
FHLMC     0.450 %     07/22/2024       4,000,000       3,721,732  
FNMA     0.500 %     06/17/2025       1,195,000       1,079,947  
FNMA     0.375 %     08/25/2025       5,130,000       4,585,845  
7.8% - Total United States Government Agency Obligations                           $ 18,415,614  
                                 
United States Government Agency Obligations - Mortgage-backed Securities          
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)*     2.345 %     04/01/2042       38,630       38,222  
FHLMC Pool G15973     3.000 %     07/01/2031       1,033,110       961,568  
FHLMC Pool G16330     3.500 %     08/01/2032       1,002,804       960,101  
FHLMC Pool G18642     3.500 %     04/01/2032       1,114,226       1,066,093  
FHLMC Pool ZS9286     4.500 %     04/01/2035       841,297       824,803  
FHLMC Pool ZT1964     3.500 %     06/01/2032       885,478       846,804  
FHLMC Pool SB0037     2.500 %     12/01/2027       621,822       585,872  
FHLMC Pool V61479     2.500 %     01/01/2032       3,499,387       3,258,569  
FNMA Series 2013-6 Class BC     1.500 %     12/25/2042       190,237       182,181  
FNMA Series 2013-3 Class DK     1.750 %     02/25/2033       606,291       550,846  
FNMA Series 2013-1 Class LA     1.250 %     02/25/2028       905,152       848,168  
FNMA Series 2017-30 Class G     3.000 %     07/25/2040       3,564       3,564  
FNMA Series 2020-44 Class TE     2.000 %     12/25/2035       2,181,045       2,010,841  
FNMA Series 2020-95 Class GA     1.000 %     01/01/2051       5,254,878       4,016,881  
FHLMC Series 4009 Class PA     2.000 %     06/15/2041       77,051       73,050  
FHLMC Series 4125 Class KP     2.500 %     05/15/2041       503,661       477,686  
FHLMC Series 4198 Class BE     2.000 %     10/15/2040       191,392       186,936  
FHLMC Series 4980 Class DB     1.250 %     10/25/2034       2,789,226       2,435,686  
FHLMC Series 2989 Class TG     5.000 %     06/15/2025       85,396       85,730  
FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.599%)*     4.023 %     02/01/2046       131,783       133,690  
FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.600%)*     1.850 %     12/01/2044       130,888       130,251  

 

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

 

 

 

 

Johnson Institutional Short Duration Bond Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

FNMA Pool AL6465     2.920 %     11/01/2023       19,199       19,035  
FNMA Pool AL7077     4.000 %     07/01/2035       564,597       543,997  
FNMA Pool AL9230     3.500 %     12/01/2029       542,720       525,628  
FNMA Pool AN3444     2.230 %     11/01/2023       2,860,367       2,785,657  
FNMA Pool FM1897     3.000 %     09/01/2032       1,090,040       1,027,967  
FNMA Pool FM2287     4.500 %     03/01/2034       963,008       951,594  
FNMA Pool FM2989     3.000 %     09/01/2034       972,282       913,470  
FNMA Pool FM8700     4.500 %     07/01/2034       1,341,933       1,316,336  
FNMA Pool MA0384     5.000 %     04/01/2030       224,803       220,576  
FNMA Series 2003-79 Class NJ     5.000 %     08/25/2023       17,643       17,644  
GNMA Pool 726475     4.000 %     11/15/2024       26,960       26,646  
11.8% - Total United States Government Agency Obligations- Mortgage-backed Securities             $ 28,026,092  
                                 
Taxable Municipal Bonds                                
Allegeny County Pennsylvania     0.843 %     11/01/2024       600,000       556,939  
Allegeny County Pennsylvania     0.973 %     11/01/2025       1,835,000       1,646,052  
Franklin County Ohio Convention Facitilites     1.255 %     12/01/2025       500,000       450,602  
Kansas Development Finance Authority Revenue     3.491 %     04/15/2023       1,400,000       1,395,540  
Kentucky State Property and Lodging Commission     2.080 %     11/01/2023       700,000       682,519  
Ohio Special Obligation Capital Facilities Lease     1.700 %     04/01/2023       500,000       493,938  
Pennsylvania State University     1.545 %     09/01/2024       1,145,000       1,084,757  
Pennsylvania State University     1.645 %     09/01/2025       2,000,000       1,845,904  
Port of Greater Cincinnati     2.100 %     04/01/2023       255,000       252,309  
University of Cincinnati General Receipts     1.878 %     06/01/2023       1,100,000       1,083,392  
4.0% - Total Taxable Municipal Bonds                           $ 9,491,952  
                                 
Total Fixed Income Securities     99.5 %               $ 235,750,874  
(Identified Cost  $252,404,796)                                

 

         Shares     
Cash Equivalents                       
First American Government Obligation Fund, Class Z**     0.0 %        115,785    115,785 
Total Cash Equivalents                  $115,785 
(Identified Cost  $115,785)                       
                        
Total Portfolio Value     99.5 %          $235,866,659 
(Identified Cost  $252,520,581)                       
                        
Other Assets in Excess of Liabilities     0.5 %          $1,503,178 
                        
Total Net Assets     100.0 %          $237,369,837 

 

* Variable Rate Security; the rate shown is as of September 30, 2022.

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 2.74%.

 

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, 2022 - unaudited

 

Fixed Income Securities  Rate   Maturity   Face Value   Fair Value 
Corporate Bonds:                    
American Express Co.   4.200%   11/06/2025    4,250,000   $4,146,066 
AON Corp.   3.750%   05/02/2029    4,300,000    3,874,580 
Bank of America   3.248%   10/21/2027    5,835,000    5,234,993 
BB&T Corp.   3.750%   12/06/2023    1,500,000    1,486,565 
Branch Banking Trust   3.800%   10/30/2026    1,500,000    1,414,389 
Chubb INA Holdings Inc.   1.375%   09/15/2030    3,200,000    2,416,861 
Essex Portfolio LP   3.000%   01/15/2030    2,120,000    1,767,849 
Essex Portfolio LP   3.375%   04/15/2026    1,000,000    934,148 
Essex Portfolio LP   4.000%   03/01/2029    1,216,000    1,104,710 
Fifth Third Bancorp   2.375%   01/28/2025    3,114,000    2,911,294 
Fifth Third Bancorp   4.300%   01/16/2024    1,700,000    1,682,997 
Huntington Bancshares   4.000%   05/15/2025    1,225,000    1,186,170 
Huntington Bancshares   4.443%   08/04/2028    2,775,000    2,617,225 
JP Morgan Chase & Co.   3.875%   09/10/2024    3,065,000    2,999,519 
JP Morgan Chase & Co.   4.493%   03/24/2031    2,500,000    2,278,342 
Keycorp   2.550%   10/01/2029    1,655,000    1,352,180 
Keycorp   4.100%   04/30/2028    1,000,000    928,590 
Keycorp   4.150%   10/29/2025    2,000,000    1,933,000 
Marsh & McLennan Co. Inc.   3.500%   06/03/2024    1,500,000    1,465,239 
Marsh & McLennan Co. Inc.   4.375%   03/15/2029    2,400,000    2,283,326 
Morgan Stanley   3.700%   10/23/2024    4,135,000    4,033,717 
Morgan Stanley   4.000%   07/23/2025    1,500,000    1,455,957 
PNC Financial Services   3.450%   04/23/2029    1,000,000    896,280 
PNC Financial Services   3.500%   01/23/2024    2,000,000    1,968,236 
Suntrust Bank Inc.   4.000%   05/01/2025    2,000,000    1,948,288 
US Bancorp   3.000%   07/30/2029    2,625,000    2,263,742 
US Bancorp   3.100%   04/27/2026    3,000,000    2,803,203 
Wells Fargo & Co.   4.100%   06/03/2026    3,050,000    2,904,802 
Wells Fargo & Co.   4.300%   07/22/2027    2,600,000    2,434,292 
24.2% - Total Bank and Finance                 $64,726,560 
                     
Becton Dickinson & Co.   3.700%   06/06/2027    4,000,000    3,724,848 
CVS Health Corp.   4.300%   03/25/2028    3,200,000    3,026,618 
Dover Corp   2.950%   11/04/2029    1,495,000    1,285,522 
Dover Corp   3.150%   11/15/2025    2,650,000    2,501,001 
Emerson Electric Company   1.800%   10/15/2027    615,000    531,943 
Emerson Electric Company   2.200%   12/21/2031    3,000,000    2,399,259 
Enterprise Products   3.750%   02/15/2025    860,000    833,292 
Enterprise Products   4.150%   10/16/2028    1,300,000    1,209,256 
Johnson Controls International PLC   3.900%   02/14/2026    2,282,000    2,193,757 
Kroger Co.   3.500%   02/01/2026    2,100,000    1,991,585 
Lowes Cos. Inc.   4.500%   04/15/2030    3,750,000    3,510,064 
McDonalds Corp.   3.600%   07/01/2030    4,025,000    3,624,412 
Norfolk Southern Corp.   2.900%   06/15/2026    3,790,000    3,526,205 
Roper Technologies Inc.   1.000%   09/15/2025    485,000    430,332 
Starbucks Corp.   2.250%   03/12/2030    4,450,000    3,601,247 
Union Pacific Corp.   3.500%   06/08/2023    1,650,000    1,640,501 
Verizon Communication Inc.   4.016%   12/03/2029    3,935,000    3,567,975 
Xylem Inc.   3.250%   11/01/2026    4,000,000    3,716,170 
Xylem Inc.   1.950%   01/30/2028    500,000    423,476 
Walt Disney Corp.   3.800%   03/22/2030    5,245,000    4,779,197 
18.1% - Total Industrial                 $48,516,660 
                     
Berkshire Hathaway Energy Co.   3.250%   04/15/2028    3,500,000    3,173,468 
Berkshire Hathaway Energy Co.   3.750%   11/15/2023    2,175,000    2,154,829 
Duke Energy Corp.   2.450%   06/01/2030    2,750,000    2,201,452 
Duke Energy Corp.   2.650%   09/01/2026    1,550,000    1,406,158 
Eversource Energy   3.300%   01/15/2028    2,700,000    2,443,438 

 

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

 

 

 

 

Johnson Institutional Intermediate Bond Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

Eversource Energy   4.250%   04/01/2029    1,000,000    925,136 
Georgia Power Co.   2.200%   09/15/2024    325,000    307,621 
Georgia Power Co.   2.650%   09/15/2029    3,500,000    2,893,485 
Interstate Power & Light Co.   3.400%   08/15/2025    1,035,000    980,981 
Interstate Power & Light Co.   4.100%   09/26/2028    2,367,000    2,236,228 
National Rural Utility Cooperative Finance Corp.   3.400%   02/07/2028    3,090,000    2,846,981 
National Rural Utility Cooperative Finance Corp.   3.400%   11/15/2023    3,000,000    2,956,896 
Virginia Electric & Power Co.   2.750%   03/15/2023    935,000    925,697 
Virginia Electric & Power Co.   3.100%   05/15/2025    394,000    376,663 
Virginia Electric & Power Co.   3.150%   01/15/2026    2,150,000    2,026,654 
Virginia Electric & Power Co.   3.450%   02/15/2024    565,000    553,919 
Xcel Energy Inc.   3.300%   06/01/2025    4,050,000    3,865,729 
12.1% - Total Utilities                 $32,275,335 
                     
54.4% Total Corporate Bonds                 $145,518,555 
                     
Certificates of Deposit                    
Goldmans Sachs   3.400%   10/17/2023    250,000    247,723 
0.1% - Total Certificates of Deposit                 $247,723 
                     
United States Government Treasury Obligations                    
Treasury Note   0.250%   10/31/2025    10,250,000    9,075,258 
Treasury Note   0.625%   12/31/2027    16,000,000    13,418,752 
Treasury Note   1.375%   11/15/2031    5,250,000    4,267,268 
Treasury Note   1.500%   11/30/2024    13,200,000    12,449,250 
Treasury Note   1.500%   02/15/2030    3,250,000    2,758,437 
Treasury Note   1.625%   05/15/2026    6,500,000    5,940,896 
Treasury Note   2.000%   11/15/2026    13,900,000    12,765,190 
Treasury Note   2.625%   02/15/2029    8,000,000    7,370,624 
Treasury Note   2.750%   02/15/2028    8,750,000    8,191,505 
Treasury Note   3.125%   11/15/2028    8,000,000    7,599,376 
31.4% - Total United States Government Treasury Obligations                 $83,836,556 
                     
United States Government Agency Obligations                    
FHLB   1.950%   09/10/2025    4,000,000    3,729,456 
FHLB   2.875%   09/13/2024    1,500,000    1,457,238 
FHLB   3.250%   11/16/2028    1,800,000    1,718,770 
2.6% -  Total United States Government Agency Obligations                 $6,905,464 
                     
United States Government Agency Obligations - Mortgage-backed Securities      
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)*   2.345%   04/01/2042    41,389    40,952 
FHLMC Pool G08068   5.500%   07/01/2035    85,212    87,292 
FHLMC Pool G18642   3.500%   04/01/2032    593,832    568,179 
FHLMC Pool J12635   4.000%   07/01/2025    76,199    74,660 
FHLMC Pool SB0297   3.000%   03/01/2035    2,199,639    2,062,701 
FHLMC Pool SC0047   3.000%   01/01/2040    3,340,822    2,991,439 
FHLMC Series 2985 Class GE   5.500%   06/15/2025    24,120    24,346 
FHLMC Series 3946 Class LN   3.500%   04/15/2041    250,294    242,909 
FHLMC Series 4151 Class PA   2.000%   01/15/2033    1,149,209    1,062,840 
FHLMC Series 5189 Class PG   2.500%   09/25/2051    3,323,714    2,955,806 
FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)*   2.030%   12/01/2041    39,439    38,921 
FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.600%)*   1.850%   12/01/2044    134,439    133,785 
FNMA Pool AA4392   4.000%   04/01/2039    92,515    88,137 
FNMA Pool AN8842   3.320%   04/01/2028    2,500,000    2,347,123 
FNMA Pool FM5050   2.500%   02/01/2035    2,768,731    2,605,046 
FNMA Pool FS0140   4.000%   11/01/2037    3,955,400    3,785,496 
FNMA Pool MA0384   5.000%   04/01/2030    89,921    88,230 
FNMA Pool MA1237   3.000%   10/01/2032    924,497    843,529 
FNMA Series 2011-52 Class PC   3.000%   03/25/2041    363,758    352,004 
FNMA Series 2012-12 Class KD   2.000%   11/25/2042    557,377    516,214 
FNMA Series 2015-37 Class BA   3.000%   08/25/2044    755,598    709,305 
FNMA Series 2016-39 Class LA   2.500%   03/25/2045    581,046    534,275 
FNMA Series 2016-99 Class TA   3.500%   03/25/2036    247,609    240,028 
8.3% - Total United States Government Agency Obligations - Mortgage-backed Securities   $22,393,217 

 

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

 

 

 

 

Johnson Institutional Intermediate Bond Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

Taxable Municipal Bonds                    
Kansas Development Finance Authority Revenue   4.091%   04/15/2027    3,000,000    2,937,714 
Pennsylvania State University   1.893%   09/01/2026    2,000,000    1,808,738 
1.8% - Total Taxable Municipal Bonds                 $4,746,452 
                     
Total Fixed Income Securities   98.6%            $263,647,967 
(Identified Cost  $294,972,886)                    

 

             Shares      
Preferred Stocks                    
Allstate Corp.   5.100%   01/15/2053    59,890    1,443,349 
Total Preferred Stocks   0.5%            $1,443,349 
(Identified Cost  $1,446,031)                    
                     
Cash Equivalents                    
First American Government Obligation Fund, Class Z**             269,590    269,590 
Total Cash Equivalents   0.1%            $269,590 
(Identified Cost  $269,590)                    
                     
Total Portfolio Value   99.2%            $265,360,906 
(Identified Cost  $296,688,507)                    
                     
Other Assets in Excess of Liabilities   0.8%            $2,017,234 
                     
Total Net Assets   100.0%            $267,378,140 

 

* Variable Rate Security; the rate shown is as of September 30, 2022.

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 2.74%.

 

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, 2022 - unaudited

 

Fixed Income Securities  Rate   Maturity   Face Value   Fair Value 
Corporate Bonds:                    
American Express Co.   2.550%   03/04/2027    2,000,000   $1,785,836 
American Express Co.   3.000%   10/30/2024    4,135,000    3,985,123 
American Express Co.   3.125%   05/20/2026    1,000,000    933,961 
AON Corp.   3.750%   05/02/2029    5,390,000    4,856,740 
AON Corp.   3.875%   12/15/2025    1,850,000    1,779,739 
Bank of America Corp.   3.248%   10/21/2027    12,340,000    11,071,090 
BB&T Corp.   3.875%   03/19/2029    5,160,000    4,673,856 
Essex Portfolio LP   3.000%   01/15/2030    9,426,000    7,860,257 
Fifth Third Bancorp   2.375%   01/28/2025    4,913,000    4,593,188 
Fifth Third Bancorp   4.300%   01/16/2024    5,500,000    5,444,989 
Huntington Bancshares   2.550%   02/04/2030    5,000,000    4,051,955 
Huntington Bancshares   2.625%   08/06/2024    5,230,000    4,998,630 
JP Morgan Chase & Co.   4.493%   03/24/2031    12,000,000    10,936,044 
Keycorp   2.550%   10/01/2029    3,325,000    2,716,615 
Keycorp   4.100%   04/30/2028    3,740,000    3,472,927 
Keycorp   4.150%   10/29/2025    1,500,000    1,449,750 
Marsh & McLennan Co. Inc.   4.375%   03/15/2029    6,490,000    6,174,495 
Morgan Stanley   3.700%   10/23/2024    800,000    780,405 
Morgan Stanley   4.000%   07/23/2025    5,200,000    5,047,318 
PNC Bank   3.450%   04/23/2029    11,850,000    10,620,918 
Truist Bank   2.250%   03/11/2030    8,000,000    6,273,736 
US Bancorp   3.000%   07/30/2029    7,275,000    6,273,800 
US Bancorp   3.100%   04/27/2026    4,500,000    4,204,804 
Wells Fargo & Co.   4.100%   06/03/2026    7,530,000    7,171,527 
Wells Fargo & Co.   4.300%   07/22/2027    4,599,000    4,305,887 
23.4% - Total Bank and Finance                 $125,463,590 
                     
Becton Dickinson & Co.   3.700%   05/20/2030    10,000,000    8,381,190 
CVS Health Corp.   3.750%   04/01/2030    1,000,000    890,798 
CVS Health Corp.   4.300%   03/25/2028    9,000,000    8,512,362 
Dover Corp.   2.950%   11/04/2029    4,500,000    3,869,464 
Dover Corp.   3.150%   11/15/2025    1,500,000    1,415,661 
Eaton Corp.   3.103%   09/15/2027    2,221,000    2,035,085 
Emerson Electric Inc.   1.950%   10/15/2030    5,160,000    4,110,580 
Emerson Electric Inc.   2.200%   12/21/2031    6,200,000    4,958,469 
Enterprise Products   4.150%   10/16/2028    8,500,000    7,906,674 
Home Depot Inc.   3.250%   04/15/2032    7,520,000    6,518,877 
Johnson Controls International PLC   3.625%   07/02/2024    1,225,000    1,196,179 
Johnson Controls International PLC   3.900%   02/14/2026    1,000,000    961,331 
Kroger Co.   2.200%   05/01/2030    1,000,000    794,206 
Kroger Co.   3.500%   02/01/2026    2,300,000    2,181,260 
Lowes Cos. Inc.   4.500%   04/15/2030    10,685,000    10,001,342 
McDonald's Corp.   3.600%   07/01/2030    4,955,000    4,461,854 
McDonald's Corp.   2.125%   03/01/2030    3,545,000    2,893,039 
Roper Technologies Inc.   2.950%   09/15/2029    1,885,000    1,589,634 
Starbucks Corp.   2.250%   03/12/2030    9,550,000    7,728,519 
Starbucks Corp.   3.550%   08/15/2029    2,000,000    1,805,656 
Verizon Communication Inc.   4.016%   12/03/2029    9,821,000    8,904,976 
Verizon Communication Inc.   4.329%   09/21/2028    1,675,000    1,577,262 
Xylem Inc.   1.950%   01/30/2028    2,695,000    2,282,538 
Walt Disney Corp.   3.800%   03/22/2030    11,455,000    10,437,693 
19.6% - Total Industrial                 $105,414,649.0 
                     
Berkshire Hathaway Energy Co.   3.250%   04/15/2028    1,936,000    1,755,381 
Duke Energy Corp.   2.450%   06/01/2030    5,000,000    4,002,640 
Duke Energy Corp.   2.650%   09/01/2026    6,350,000    5,760,714 
Eversource Energy   3.300%   01/15/2028    2,500,000    2,262,442 
Eversource Energy   4.250%   04/01/2029    6,924,000    6,405,642 

 

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

 

 

 

 

Johnson Institutional Core Bond Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

Georgia Power   2.650%   09/15/2029    11,000,000    9,093,810 
Interstate Power & Light Co.   2.300%   06/01/2030    1,490,000    1,194,463 
Interstate Power & Light Co.   3.400%   08/15/2025    1,525,000    1,445,407 
Interstate Power & Light Co.   4.100%   09/26/2028    8,805,000    8,318,541 
National Rural Utility Cooperative Finance Corp.   3.400%   02/07/2028    2,000,000    1,842,706 
National Rural Utility Cooperative Finance Corp.   3.700%   03/15/2029    3,900,000    3,563,769 
Virginia Electric & Power Co.   2.950%   11/15/2026    2,075,000    1,912,397 
Virginia Electric & Power Co.   3.500%   03/15/2027    3,932,000    3,684,374 
Xcel Energy Inc.   3.400%   06/01/2030    4,500,000    3,916,458 
Xcel Energy Inc.   4.000%   06/15/2028    7,500,000    7,037,535 
11.6% - Total Utilities                 $62,196,279 
                     
54.6% Total Corporate Bonds                 $293,074,518 
                     
United States Government Treasury Obligations                    
Treasury Bond   2.000%   02/15/2050    12,800,000    8,790,003 
Treasury Bond   2.375%   02/15/2042    8,000,000    6,130,000 
Treasury Bond   2.500%   02/15/2045    34,500,000    26,290,070 
Treasury Bond   2.500%   05/15/2046    20,800,000    15,756,000 
Treasury Bond   2.750%   08/15/2047    12,290,000    9,816,638 
Treasury Note   0.625%   12/31/2027    10,900,000    9,141,525 
Treasury Note   1.375%   11/15/2031    17,500,000    14,224,227 
Treasury Note   1.500%   02/15/2030    15,500,000    13,155,625 
Treasury Note   1.750%   11/15/2029    3,500,000    3,040,625 
Treasury Note   2.250%   08/15/2027    9,000,000    8,270,154 
Treasury Note   2.750%   02/15/2028    8,000,000    7,489,376 
Treasury Note   2.875%   05/15/2032    28,500,000    26,366,946 
27.7% - Total United States Government Treasury Obligations                 $148,471,189 
                     
United States Government Agency Obligations  - Mortgage-backed Securities      
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)*   2.345%   04/01/2042    41,389    40,952 
FHLMC Pool G01880   5.000%   08/01/2035    32,301    32,390 
FHLMC Pool G06616   4.500%   12/01/2035    74,264    72,751 
FHLMC Pool G08068   5.500%   07/01/2035    192,654    197,356 
FHLMC Pool G09921   4.000%   07/01/2024    33,599    32,932 
FHLMC Pool G15897   2.500%   09/01/2031    5,837,008    5,435,322 
FHLMC Pool G18642   3.500%   04/01/2032    890,747    852,268 
FHLMC Pool G18667   3.500%   10/01/2032    716,239    685,298 
FHLMC Pool G30933   4.000%   01/01/2036    4,397,926    4,218,750 
FHLMC Pool G31087   4.000%   07/01/2038    755,167    724,626 
FHLMC Pool SC0047   3.000%   01/01/2040    11,126,635    9,963,012 
FHLMC Pool V61479   2.500%   01/01/2032    3,132,502    2,916,933 
FHLMC Pool ZK6713   3.000%   06/01/2029    3,508,984    3,322,510 
FHLMC Pool ZT1964   3.500%   06/01/2032    3,581,220    3,424,807 
FHLMC Series 2985 Class GE   5.500%   06/15/2025    21,105    21,302 
FHLMC Series 3946 Class LN   3.500%   04/15/2041    250,294    242,909 
FHLMC Series 4087 Class PT   3.000%   07/15/2042    430,544    406,993 
FHLMC Series 4151 Class PA   2.000%   01/15/2033    2,011,925    1,860,719 
FHLMC Series 4161 Class QA   3.000%   02/15/2043    112,328    105,326 
FHLMC Series 4582 Class PA   3.000%   11/15/2045    574,015    532,451 
FHLMC Series 4689 Class DA   3.000%   07/15/2044    415,744    401,724 
FHLMC Series 4709 Class EA   3.000%   01/15/2046    631,124    596,441 
FHLMC Series 4887 Class A   3.250%   09/15/2038    682,853    654,615 
FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)*   2.030%   12/01/2041    39,439    38,921 
FNMA Pool 1107   3.500%   07/01/2032    338,279    318,541 
FNMA Pool 889050   6.000%   05/01/2037    121,588    126,856 
FNMA Pool 995112   5.500%   07/01/2036    75,583    77,063 
FNMA Pool AA4392   4.000%   04/01/2039    92,515    88,137 
FNMA Pool AL6923   3.000%   05/01/2030    2,338,868    2,214,653 
FNMA Pool AL7077   4.000%   07/01/2035    2,257,262    2,174,901 
FNMA Pool AL9309   3.500%   10/01/2031    335,081    320,415 
FNMA Pool AN8842   3.320%   04/01/2028    3,000,000    2,816,547 
FNMA Pool AN9848   3.740%   07/01/2028    2,500,000    2,381,238 

 

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

 

 

 

 

Johnson Institutional Core Bond Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

FNMA Pool BL2935   3.150%   06/01/2029    3,000,000    2,762,619 
FNMA Pool FM3388   4.000%   03/01/2034    1,212,561    1,186,617 
FNMA Pool FM5050   2.500%   02/01/2035    1,472,965    1,385,885 
FNMA Pool FM5394   3.000%   03/01/2034    5,958,924    5,591,372 
FNMA Pool FM9469   4.000%   08/01/2039    3,051,431    2,925,611 
FNMA Pool MA0384   5.000%   04/01/2030    71,937    70,584 
FNMA Pool MA2773   3.000%   09/01/2036    1,389,120    1,266,264 
FNMA Pool MA3337   4.000%   04/01/2038    522,795    499,551 
FNMA Series 2003-79 Class NJ   5.000%   08/25/2023    10,791    10,791 
FNMA Series 2005-64 Class PL   5.500%   07/25/2035    33,288    33,946 
FNMA Series 2011-53 Class DT   4.500%   06/25/2041    117,182    116,307 
FNMA Series 2012-12 Class KD   2.000%   11/25/2042    697,891    646,350 
FNMA Series 2013-83 Class MH   4.000%   08/25/2043    145,514    139,370 
FNMA Series 2014-20 Class AC   3.000%   08/25/2036    126,253    123,137 
FNMA Series 2014-28 Class PA   3.500%   02/25/2043    122,198    118,286 
FNMA Series 2015-72 Class GB   2.500%   12/25/2042    467,864    442,204 
FNMA Series 2016-39 Class LA   2.500%   03/25/2045    1,471,983    1,353,497 
FNMA Series 2016-79 Class L   2.500%   10/25/2044    736,943    681,393 
FNMA Series 2016-99 Class PH   3.000%   01/25/2046    1,733,094    1,614,502 
FNMA Series 2016-99 Class TA   3.500%   03/25/2036    209,515    203,101 
FNMA Series 2017-30 Class G   3.000%   07/25/2040    6,237    6,237 
FNMA Series 2018-67 Class BA   4.500%   03/25/2046    449,687    447,322 
FNMA Series 2019-60 Class DA   2.500%   03/25/2049    1,965,973    1,734,458 
FNMA Series 2020-95 Class GA   1.000%   01/01/2051    4,959,961    3,791,444 
GNMA GNR 21-175   2.000%   10/20/2051    8,269,083    7,023,957 
15.2% - Total United States Government Agency Obligations - Mortgage-backed Securities   $81,474,464 
                     
Taxable Municipal Bonds                    
Cincinnati Children's Hospital Medical Center   2.853%   11/15/2026    750,000    689,374 
Kansas Development Finance Authority Revenue   3.741%   04/15/2025    3,705,000    3,646,076 
Kansas Development Finance Authority Revenue   4.091%   04/15/2027    125,000    122,405 
Kentucky Property and Buildings Commission Revenue   5.373%   11/01/2025    590,000    591,003 
Ohio University General Receipts   1.766%   12/01/2026    2,000,000    1,778,842 
1.3% - Total Taxable Municipal Bonds                 $6,827,700 
                     
Total Fixed Income Securities   98.8%          $529,847,871 
(Identified Cost  $615,348,820)                    

 

             Shares      
Preferred Stocks                    
Allstate Corp.   5.100%   01/15/2053    83,000    2,000,300 
Total Preferred Stocks   0.4%          $2,000,300 
(Identified Cost  $2,034,817)                    
                     
Cash Equivalents                    
First American Government Obligation Fund, Class Z**             503,170    503,169 
Total Cash Equivalents   0.1%          $503,169 
(Identified Cost  $503,170)                    
                     
Total Portfolio Value   99.3%          $532,351,340 
(Identified Cost  $617,886,807)                    
                     
Other Assets in Excess of Liabilities   0.7%          $3,855,442 
                     
Total Net Assets   100.0%          $536,206,782 

 

* Variable Rate Security; the rate shown is as of September 30, 2022.

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 2.74%.

 

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, 2022 - unaudited

 

Fixed Income Securities  Rate   Maturity  Face Value   Fair Value 
Corporate Bonds               
ACE INA Holdings   3.350%  05/15/2024   3,164,000   $3,089,507 
American Express Credit   2.500%  07/30/2024   3,647,000    3,492,152 
AON PLC   3.500%  06/14/2024   660,000    643,681 
AON PLC   3.875%  12/15/2025   3,999,000    3,847,122 
Bank of America   3.875%  08/01/2025   4,599,000    4,465,569 
BB&T Corp.   3.625%  09/16/2025   3,540,000    3,382,144 
Essex Portfolio LP   3.375%  04/15/2026   565,000    527,794 
Essex Portfolio LP   3.500%  04/01/2025   1,720,000    1,655,307 
Essex Portfolio LP   3.875%  05/01/2024   2,177,000    2,128,638 
Fifth Third Bancorp   4.300%  01/16/2024   3,964,000    3,924,352 
Goldmans Sachs   3.625%  01/22/2023   1,000,000    997,979 
Huntington Bancshares   2.625%  08/06/2024   3,840,000    3,670,122 
JP Morgan Chase & Co.   3.875%  09/10/2024   4,704,000    4,603,504 
Keycorp   4.150%  10/29/2025   4,562,000    4,409,173 
Marsh & McLennan Co. Inc.   3.500%  06/03/2024   3,010,000    2,940,246 
Marsh & McLennan Co. Inc.   3.500%  03/10/2025   765,000    738,108 
Morgan Stanley   3.700%  10/23/2024   200,000    195,101 
Morgan Stanley   4.000%  07/23/2025   4,200,000    4,076,680 
National Retail Properties   4.000%  11/15/2025   3,450,000    3,301,702 
PNC Financial Services   2.950%  01/30/2023   2,145,000    2,136,637 
PNC Financial Services   3.800%  07/25/2023   1,998,000    1,983,473 
PNC Financial Services   3.900%  04/29/2024   425,000    418,798 
US Bancorp   2.400%  07/30/2024   2,685,000    2,577,723 
US Bancorp   3.600%  09/11/2024   1,685,000    1,653,981 
Wells Fargo & Co.   3.550%  09/29/2025   830,000    790,313 
Wells Fargo & Co.   4.100%  06/03/2026   2,770,000    2,638,131 
33.0% - Total Bank and Finance               $64,287,937 
                   
Becton Dickinson & Co.   3.363%  06/06/2024   750,000    729,718 
CVS Health Corp.   3.875%  07/20/2025   4,100,000    3,977,098 
Dover Corp.   3.150%  11/15/2025   4,515,000    4,261,140 
Enterprise Products   3.350%  03/15/2023   4,407,000    4,376,274 
Enterprise Products   3.750%  02/15/2025   500,000    484,472 
Johnson Controls International PLC   3.625%  07/02/2024   4,252,000    4,151,963 
Kroger Co.   4.000%  02/01/2024   3,795,000    3,758,268 
McDonald's Corp.   3.375%  05/26/2025   2,545,000    2,446,470 
Norfolk Southern Corp.   3.650%  08/01/2025   3,300,000    3,181,131 
Norfolk Southern Corp.   5.590%  05/17/2025   1,280,000    1,288,218 
Roper Technologies Inc.   1.000%  09/15/2025   1,555,000    1,379,725 
Starbucks Corp.   3.100%  03/01/2023   2,335,000    2,324,621 
Union Pacific Corp.   3.150%  03/01/2024   2,800,000    2,743,530 
Union Pacific Corp.   3.750%  03/15/2024   450,000    443,830 
Walt Disney Corp.   1.750%  01/13/2026   3,429,000    3,101,990 
19.9% - Total Industrials               $38,648,448 
                   
Berkshire Hathaway Energy Company   3.750%  11/15/2023   2,142,000    2,122,135 
Duke Energy Corp.   3.750%  04/15/2024   4,610,000    4,531,704 
Duke Energy Corp.   3.800%  09/01/2023   890,000    881,864 
Eversource Energy   2.800%  05/01/2023   850,000    840,129 
Eversource Energy   3.150%  01/15/2025   1,495,000    1,429,727 
Eversource Energy   1.400%  08/15/2026   1,260,000    1,089,590 
Georgia Power Co.   2.100%  07/30/2023   3,650,000    3,566,641 
Georgia Power Co.   2.200%  09/15/2024   500,000    473,263 
Interstate Power & Light Co.   3.250%  12/01/2024   1,910,000    1,845,671 
Interstate Power & Light Co.   3.400%  08/15/2025   2,895,000    2,743,904 

 

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

 

 

 

Johnson Enhanced Return Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

National Rural Utility Cooperative Finance Corp.   2.850%  01/27/2025   1,000,000    956,639 
National Rural Utility Cooperative Finance Corp.   2.950%  02/07/2024   2,625,000    2,563,326 
Virginia Electric & Power Co.   2.750%  03/15/2023   4,540,000    4,494,827 
Xcel Energy Inc.   3.300%  06/01/2025   4,610,000    4,400,250 
16.4% - Total Utilities               $31,939,670 
                   
69.3% Total Corporate Bonds               $134,876,055 
                   
United States Government Treasury Obligations                  
Treasury Note (a)   1.500%  01/15/2023   5,100,000    5,070,318 
Treasury Note (a)   1.500%  02/28/2023   1,600,000    1,584,938 
Treasury Note (a)   0.837%  04/30/2024   3,000,000    2,996,034 
Treasury Note (a)   1.500%  02/15/2025   4,000,000    3,749,376 
6.9% - Total United States Government Treasury Obligations               $13,400,666 
                   
United States Government Agency Obligations                  
FHLB   1.375%  08/26/2026   4,100,000    3,676,425 
FHLB   1.375%  09/29/2026   1,600,000    1,427,699 
FHLMC   0.450%  07/22/2024   4,000,000    3,721,732 
4.5% - Total United States Government Agency Obligations               $8,825,856 
                   
United States Government Agency Obligations  - Mortgage-backed Securities              
FHLMC Pool G16330   3.500%  08/01/2032   948,599    908,204 
FHLMC Pool G18642   3.500%  04/01/2032   831,364    795,450 
FHLMC Pool J12635   4.000%  07/01/2025   23,948    23,465 
FHLMC Pool J32364   2.500%  11/01/2028   1,042,473    982,933 
FHLMC Pool SB0380   3.500%  02/01/2034   955,934    914,041 
FHLMC Pool ZS7207   3.500%  07/01/2030   911,473    872,427 
FHLMC Pool ZT1964   3.500%  06/01/2032   1,721,741    1,646,542 
FHLMC Series 4009 Class PA   2.000%  06/15/2041   266,715    252,864 
FHLMC Series 4050 Class BG   1.000%  01/15/2041   994,216    886,509 
FHLMC Series 4198 Class BE   2.000%  10/15/2040   528,123    515,827 
FHLMC Series 4271 Class CE   2.000%  08/15/2036   147,934    146,426 
FHLMC Series 4287 Class AB   2.000%  12/15/2026   262,915    250,319 
FHLMC Series 4709 Class EA   3.000%  01/15/2046   771,374    728,983 
FHLMC Series 5092 Class XC   1.500%  01/15/2041   2,069,543    1,796,785 
FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)*   2.030%  12/01/2041   39,439    38,921 
FNMA Pool 1106   3.000%  07/01/2032   2,188,443    1,996,777 
FNMA Pool 833200   5.500%  09/01/2035   273,730    280,092 
FNMA Pool AL7077   4.000%  07/01/2035   1,135,044    1,093,629 
FNMA Pool AL9230   3.500%  12/01/2029   904,534    876,046 
FNMA Pool AN2351   2.150%  09/01/2026   2,000,000    1,817,128 
FNMA Pool AT2060   2.500%  04/01/2028   1,032,997    973,077 
FNMA Pool FM1536   2.500%  11/01/2030   416,157    392,081 
FNMA Pool FM1973   4.000%  09/01/2036   1,915,996    1,842,981 
FNMA Pool FM2287   4.500%  03/01/2034   725,011    716,418 
FNMA Pool FM2989   3.000%  09/01/2034   1,118,124    1,050,490 
FNMA Pool FM7224   4.500%  11/01/2038   1,052,794    1,032,712 
FNMA Series 2013-3 Class DK   1.750%  02/25/2033   606,291    550,846 
FNMA Series 2013-6 Class BC   1.500%  12/25/2042   128,539    123,095 
FNMA Series 2015-28 Class P   2.500%  05/25/2045   2,613,299    2,412,316 
FNMA Series 2017-30 Class G   3.000%  07/25/2040   3,564    3,564 
FNMA Series 2020-44 Class TE   2.000%  12/25/2035   2,670,223    2,461,844 
FNMA Series 2020-95 Class GA   1.000%  01/01/2051   1,715,878    1,311,635 
GNMA Pool 726475   4.000%  11/15/2024   26,960    26,646 
GNMA Pool 728920   4.000%  12/15/2024   35,935    35,502 
15.3% - Total United States Government Agency Obligations - Mortgage-backed Securities       $29,756,575 
                   
Taxable Municipal Bonds                  
Allegheny County Pennsylvania GO   0.694%  11/01/2023   2,200,000    2,116,820 

 

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

 

 

 

Johnson Enhanced Return Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

Franklin County Ohio Convention Facilities   1.155%  12/01/2024   550,000    511,655 
University of Cincinnati General Receipts   1.878%  06/01/2023   1,200,000    1,181,882 
2.0% Total Taxable Municipal Bonds               $3,810,357 
                   
Total Fixed Income Securities   98.0%          $190,669,509 
(Identified Cost  $205,248,737)                  

 

           Shares      
Cash & Cash Equivalents                
First American Government Obligation Fund, Class Z**           5,383,335    5,383,335 
Total Cash Equivalents   2.8%          $5,383,335 
(Identified Cost  $5,383,335)                  
                   
Total Portfolio Value   100.8%          $196,052,844 
(Identified Cost  $210,632,072)                  
                   
Liabilities in Excess of Other Assets   -0.8%          $(1,646,607)
                   
Total Net Assets:   100.0%          $194,406,237 

 

Futures Contracts  Long
Contracts		  Notional Value
at Purchase		   Notional Value
9/30/2022		   Unrealized
Appreciation
(Depreciation)		 
E-mini Standard & Poor's 500 (50 units per contract) expiring September 2022  1,077  $215,332,260   $193,940,775   $(21,391,485)
      $215,332,260   $193,940,775   $(21,391,485)

 

* Variable Rate Security; the rate shown is as of September 30, 2022.

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 2.74%.

(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.

 

 

 

Johnson Core Plus Bond Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

Fixed Income Securities  Rate   Maturity  Face Value   Fair Value 
Corporate Bonds               
American Express Co.   1.650%  11/04/2026   250,000   $217,997 
AON Corp.   3.750%  05/02/2029   180,000    162,192 
AON PLC   4.750%  05/15/2045   70,000    59,734 
Bank of America Corp. Senior Unsecured Notes   3.248%  10/21/2027   295,000    264,665 
Essex Portfolio LP   3.000%  01/15/2030   225,000    187,625 
Huntington Bankcshares   2.550%  02/04/2030   230,000    186,390 
JPMorgan Chase & Co.   4.493%  03/24/2031   270,000    246,061 
Keycorp   2.550%  10/01/2029   220,000    179,746 
March McLennan Co.   4.375%  03/15/2029   205,000    195,034 
Morgan Stanley   4.000%  07/23/2025   215,000    208,687 
Truist Bank   2.250%  03/11/2030   315,000    247,028 
U. S. Bancorp.   3.000%  07/30/2029   295,000    254,402 
Wells Fargo Subordinated Notes   4.300%  01/22/2027   280,000    262,154 
19.4% - Total Bank and Finance               $2,671,715 
                   
Ball Corp   2.875%  08/15/2030   170,000    130,741 
Becton Dickinson & Co.   3.700%  05/20/2030   230,000    192,767 
CCO Holdings LLC Cap Corp.a    5.375%  06/01/2029   150,000    131,534 
CVS Health Corp.   4.300%  03/25/2028   210,000    198,622 
CVS Health Corp.   5.050%  03/25/2048   30,000    26,410 
Charles River Laboratories International Inc.a    5.050%  03/15/2029   165,000    137,356 
Dover Corp.   2.950%  11/04/2029   250,000    214,970 
Emerson Electric   1.950%  10/15/2030   320,000    254,920 
Enterprise Products Inc.   2.800%  01/31/2030   230,000    192,424 
H.B. Fuller Co.   4.250%  10/15/2028   160,000    134,551 
Iron Mountain Inc.a    4.875%  09/15/2027   160,000    143,473 
Kroger Co.   2.200%  05/01/2030   235,000    186,638 
Lowe's Co.   4.500%  04/15/2030   205,000    191,883 
Lowe's Co.   4.550%  04/05/2049   35,000    28,151 
McDonald's Corp.   3.600%  07/01/2030   180,000    162,086 
Roper Technologies Inc.   2.950%  09/15/2029   240,000    202,394 
SS&C Technologies Inc.a    5.500%  09/30/2027   150,000    137,631 
Starbucks Corp.   2.250%  03/12/2030   235,000    190,178 
SBA Communications Corp.   3.875%  02/15/2027   145,000    128,763 
Union Pacific Co.   3.950%  09/10/2028   210,000    198,081 
Verizon Communications   4.016%  12/03/2029   280,000    253,884 
Walt Disney Co.   3.800%  03/22/2030   210,000    191,350 
Xylem   1.950%  01/30/2028   235,000    199,034 
27.7% - Total Industrials               $3,827,841 
                   
Berkshire Hathaway Energy Company   3.250%  04/15/2028   220,000    199,475 
Duke Energy Corp.   2.450%  06/01/2030   235,000    188,124 
Eversource Energy   1.650%  08/15/2030   250,000    188,885 
Georgia Power Co.   2.650%  09/15/2029   230,000    190,143 
Interstate Power & Light Co.   4.100%  09/26/2028   210,000    198,398 
MPLX LP   6.875%  12/31/2099   140,000    137,379 
National Rural Utilities Corp.   3.400%  02/07/2028   290,000    267,192 
National Rural Utilities Corp.   4.300%  10/15/2028   220,000    201,911 
Virginia Electric & Power Co.   3.500%  03/15/2027   215,000    201,460 
Xcel Energy Inc.   3.400%  06/01/2030   220,000    191,471 
14.2% - Total Utilities               $1,964,438 
                   
61.3% Total Corporate Bonds               $8,463,994 
                   
United States Government Treasury Obligations                  
Treasury Bond   2.000%  02/15/2050   260,000    178,547 
Treasury Bond   2.375%  02/15/2042   785,000    601,506 

 

 

 

Johnson Core Plus Bond Fund Portfolio of Investments as of September 30, 2022 - unaudited

 

Treasury Note   1.500%  02/15/2030   240,000    203,700 
Treasury Note   2.000%  08/15/2051   645,000    440,313 
Treasury Note   2.125%  11/30/2023   150,000    146,350 
Treasury Note   2.500%  02/15/2045   390,000    297,192 
Treasury Note   2.875%  05/15/2032   370,000    342,308 
Treasury Note   1.500%  11/30/2024   210,000    198,056 
17.5% - Total United States Government Treasury Obligations               $2,407,972 
                   
United States Government Agency Obligations  - Mortgage-backed Securities              
FHLMC Pool ZS9278   4.000%  05/01/2037   379,689    364,957 
FHLMC Series 4709 Class EA   3.000%  01/15/2046   238,425    225,322 
FHLMC Series 5189 Class PG   2.500%  09/25/2051   367,235    326,585 
FNMA Pool AL5491   4.000%  06/01/2034   354,761    341,891 
FNMA Pool AU7025   3.000%  11/01/2043   392,679    350,140 
FNMA Pool FM9469   4.000%  08/01/2039   248,183    237,950 
FNMA Pool MA1222   4.000%  10/01/2032   392,141    377,694 
FNMA Pool MA3071   4.000%  10/01/2032   417,588    399,437 
19.0% - Total United States Government Agency Obligations - Mortgage-backed Securities       $2,623,976 
                   
Total Fixed Income Securities   97.8%          $13,495,942 
(Identified Cost  $15,809,688)                  
                   
           Shares      
Preferred Stocks                
Allstate Corp.   5.100%  01/15/2053   6,500    156,650 
Total Preferred Stocks   1.1%          $156,650 
(Identified Cost  $170,386)                  
                   
           Shares      
Cash & Cash Equivalents                
First American Government Obligation Fund, Class Z**           475,063    475,063 
Total Cash Equivalents   3.4%          $475,063 
(Identified Cost  $475,063)                  
                   
Total Portfolio Value   102.3%          $14,127,655 
(Identified Cost  $16,455,137)                  
                   
Liabilities in Excess of Other Assets   -2.3%          $(321,738)
                   
Total Net Assets:   100.0%          $13,805,917 

 

* Variable Rate Security; the rate shown is as of September 30, 2022.

** Variable Rate Security; as of September 30, 2022, the 7 day annualized yield was 2.74%.

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933.  These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration.  The total fair value of these securities as of September 30, 2022 was $549,994, representing 3.98% of net assets.

(b) All or a portion of this security is held as collateral for futures contracts.

 

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

 

 

 

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, 2022:

 

Equity Income Fund  Level 1   Level 2   Level 3   Total 
Common Stocks*  $496,081,127   $---   $---   $496,081,127 
Cash Equivalents   18,211,340    ---    ---    18,211,340 
Total  $514,292,467   $--   $--   $514,292,467 

 

Opportunity Fund  Level 1   Level 2   Level 3   Total 
Common Stocks*  $104,828,634   $---   $---   $104,828,634 
Cash Equivalents   5,056,538    ---    ---    5,056,538 
Total  $109,885,172   $---   $---   $109,885,172 

 

International Fund  Level 1   Level 2   Level 3   Total 
Preferred Stocks*  $129,216   $---   $---   $128,216 
Common Stocks*   17,813,984    ---    ---    17,813,984 
Cash Equivalents   258,592    ---    ---    258,592 
Total  $18,200,792   $---   $---   $18,200,792 

 

Fixed Income Fund  Level 1   Level 2   Level 3   Total 
Corporate Bonds*  $---   $478,171,232   $---   $478,171,232 
U.S. Government Treasury Obligations   ---    229,398,449    ---    229,398,449 
U.S. Government Agency Obligations - Mortgage Backed   ---    145,356,432    ---    145,356,432 
Taxable Municipal Bonds   ---    22,630,913    ---    22,630,913 
Preferred Stocks   6,386,404    ---    ---    6,386,404 
Cash Equivalents   1,300,390    ---    ---    1,300,390 
Total   7,686,794   $875,557,026   $0   $883,243,820 

 

 

 

 

Municipal Income Fund  Level 1   Level 2   Level 3   Total 
Municipal Bonds*  $---   $206,036,750   $---   $206,036,750 
Cash Equivalents   2,151,080    ---    ---    2,151,080 
Total  $2,151,080   $206,036,750   $0   $208,187,830 

 

Short Duration Bond Fund  Level 1   Level 2   Level 3   Totals 
Corporate Bonds*  $---   $154,594,703   $---   $154,594,703 
Certificates of Deposit   ---    247,723    ---    247,723 
U.S. Treasury Obligations   ---    24,974,790    ---    24,974,790 
U.S. Agency Obligations   ---    18,415,614    ---    18,415,614 
U.S. Agency Obligations – Mortgage-Backed   ---    28,026,092    ---    28,026,092 
Taxable Municipal Bonds   ---    9,491,952    ---    9,491,952 
Cash Equivalents   115,785    ---    ---    115,785 
Total  $115,785   $235,750,874   $0   $235,866,659 

 

Intermediate Bond Fund  Level 1   Level 2   Level 3   Totals 
Corporate Bonds*  $---   $145,518,555    ---   $145,518,555 
Certificates of Deposit   ---    247,723    ---    247,723 
U.S. Treasury Obligations   ---    83,836,556    ---    83,836,556 
U.S. Agency Obligations   ---    6,905,464    ---    6,905,464 
U.S. Agency Obligations – Mortgage-Backed   ---    22,393,217    ---    22,393,217 
Taxable Municipal Bonds   ---    4,746,452    ---    4,746,452 
Preferred Stocks   1,443,349    ---    ---    1,443,349 
Cash Equivalents   269,590    ---    ---    269,590 
Total   1,712,939   $263,647,967   $0   $265,360,906 

 

Core Bond Fund  Level 1   Level 2   Level 3   Totals 
Corporate Bonds*  $---   $293,074,518   $---   $293,074,518 
U.S. Treasury Obligations   ---    148,471,189    ---    148,471,189 
U.S. Agency Obligations   ---         ---      
U.S. Agency Obligations – Mortgage-Backed   ---    81,474,464    ---    81,474,464 
Taxable Municipal Bonds   ---    6,827,700    ---    6,827,700 
Preferred Stocks   2,000,300    ---    ---    2,000,300 
Cash Equivalents   503,169    ---    ---    503,169 
Total  $2,503,469   $529,847,871   $0   $532,351,340 

 

 

 

 

Enhanced Return Fund  Level 1   Level 2   Level 3   Totals 
Corporate Bonds*  $---   $134,876,055   $---   $134,876,055 
U.S. Treasury Obligations   ---    13,400,666    ---    13,400,666 
U.S. Agency Obligations   ---    8,825,856    ---    8,825,856 
U.S. Agency Obligations – Mortgage-Backed   ---    29,756,575    ---    29,756,575 
Taxable Municipal Bonds   ---    3,810,357    ---    3,810,357 
Cash Equivalents   5,383,335    ---    ---    5,383,335 
Sub-Total  $5,383,335   $190,669,509   $0   $196,052,844 
Other Financial Instruments**   (21,391,485)   ---    ---    (21,391,485)
Total  $(16,008,150)  $190,669,509   $0   $174,661,359 

 

Core Plus Bond Fund  Level 1   Level 2   Level 3   Totals 
Corporate Bonds*  $---   $8,463,994   $---   $8,463,994 
U.S. Treasury Obligations   ---    2,407,972    ---    2,407,972 
U.S. Agency Obligations – Mortgage-Backed   ---    2,623,976    ---    2,623,976 
Preferred Stocks   156,650    ---    ---    156,650 
Cash Equivalents   475,063    ---    ---    475,063 
Total  $631,713   $13,495,942   $---   $14,127,655 

 

* 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 Enhanced Return Fund invests in stock index futures (equity risk) in an attempt to replicate the returns of the leading large capitalization companies in the leading industries in the U.S. economy. The Fund enters into S&P 500 E-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, 2022 was $256,425,953. 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 futures contract. 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 Statements of Assets and Liabilities, while the cumulative change in unrealized gain/loss on futures contracts is reported separately within the Statements of Operations. The Net Unrealized Loss on futures contracts, as of September 30, 2022, was $21,391,485. 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 Statements 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 asset, as well as the risk that the counterparty will fail to perform its obligations.

 

As of September 30, 2022, Wells Fargo Services holds U.S. Treasury Notes with the custodian, which serves as collateral for future contracts, with a value of $13,404,766. Net variation margin payable on futures contracts as of September 30, 2022 was $2,840,588.

 

The Core Plus Bond Fund may enter into various exchange-traded and over-the-counter derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include futures, options, swaps, foreign currency futures and forwards. In particular, the Fund may use interest rate swaps, credit default swaps (including buying and selling credit default swaps on individual securities and/or baskets of securities), options (including options on credit default swaps and options on futures) and futures contracts to a significant extent, although the amounts invested in these instruments may change from time to time. As of September 30, 2022, the Core Plus Fund did not hold any contracts. Average daily notional value for the contracts held in the Core Plus Fund for the 9 months ended September 30, 2022 was $662,673.

 

As of September 30, 2022, Wells Fargo Services holds U.S. Treasury Notes with the custodian, which serves as collateral for future contracts, with a value of $33,033. There was no net variation margin receivable (nor payable) on futures contracts as of September 30, 2022.

 

 

 

 

Tax Cost of Securities

 

As of September 30, 2022, 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/
(Depreciation)		 
Johnson Equity Income Fund  $446,808,977   $114,104,687   $(46,621,197)  $67,483,490 
Johnson Opportunity Fund   104,924,441    17,860,591    (12,899,860)   4,960,731 
Johnson International Fund   17,360,201    4,041,637    (3,201,046)   840,591 
Johnson Fixed Income Fund   1,020,819,704    189,385    (137,765,269)   (137,575,884)
Johnson Municipal Income Fund   231,452,192    8,799    (23,273,161)   (23,264,362)
Johnson Institutional Short Duration Bond Fund   252,520,581    -    (16,653,922)   (16,653,922)
Johnson Institutional Intermediate Bond Fund   296,688,507    15,627    (31,343,228)   (31,327,601)
Johnson Institutional Core Bond Fund   617,886,807    7,643    (85,543,110)   (85,535,467)
Johnson Enhanced Return Fund   210,632,072    -    (14,579,228)   (14,579,228)
Johnson Core Plus Bond Fund   16,455,137    135    (2,327,617)   (2,327,482)