Form NPORT-EX JOHNSON MUTUAL FUNDS For: Mar 31
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| EQUITY INCOME FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Shares | Fair Value | |||||||
| Common Stocks | ||||||||
| AT&T Inc. | 112,540 | $ | 3,529,254 | |||||
| Alphabet Inc. - Class A* | 6,670 | 7,849,856 | ||||||
| Alphabet Inc. - Class C* | 979 | 1,148,670 | ||||||
| Comcast Corp. - Class A | 158,000 | 6,316,840 | ||||||
| The Walt Disney Co. | 58,600 | 6,506,358 | ||||||
| 7.8% - Total For Communication Services | $ | 25,350,978 | ||||||
| Carter's Inc. | 66,000 | 6,652,140 | ||||||
| Hasbro Inc. | 75,900 | 6,453,018 | ||||||
| TJX Companies Inc. | 113,140 | 6,020,179 | ||||||
| 5.9% - Total For Consumer Discretionary | $ | 19,125,337 | ||||||
| Coca Cola Co. | 138,020 | 6,467,617 | ||||||
| Colgate-Palmolive Co. | 92,000 | 6,305,680 | ||||||
| Hersey Company | 27,300 | 3,134,859 | ||||||
| J. M. Smuckers Co. | 54,800 | 6,384,200 | ||||||
| Procter & Gamble Co. | 71,090 | 7,396,915 | ||||||
| Wal-Mart Stores Inc. | 28,300 | 2,760,099 | ||||||
| 10.0% - Total For Consumer Staples | $ | 32,449,370 | ||||||
| Chevron Corp. | 47,905 | 5,900,938 | ||||||
| Royal Dutch Shell PLC, Class B ADR | 141,000 | 9,016,950 | ||||||
| Schlumberger Ltd. | 68,005 | 2,962,978 | ||||||
| 5.5% - Total For Energy | $ | 17,880,866 | ||||||
| American Express Co. | 81,566 | 8,915,164 | ||||||
| Axis Capital Holdings Inc. | 113,650 | 6,225,747 | ||||||
| Bank of America Corp. | 352,025 | 9,712,370 | ||||||
| Chubb Ltd. | 43,625 | 6,110,990 | ||||||
| First Hawaiian Inc. | 255,000 | 6,642,750 | ||||||
| Iberiabank Corp. | 91,510 | 6,562,182 | ||||||
| Invesco Ltd. | 110,185 | 2,127,672 | ||||||
| Marsh & McLennan Companies Inc. | 65,300 | 6,131,670 | ||||||
| S&P Global Inc. | 47,840 | 10,072,712 | ||||||
| 19.3% - Total For Financial Services | $ | 62,501,257 | ||||||
| Abbott Laboratories | 127,800 | 10,216,333 | ||||||
| CVS Health Corp. | 113,025 | 6,095,438 | ||||||
| Danaher Corp. | 52,430 | 6,921,809 | ||||||
| Medtronic PLC | 69,500 | 6,330,060 | ||||||
| Zimmer Biomet Holdings | 50,700 | 6,474,390 | ||||||
| Zoetis Inc. | 65,454 | 6,589,254 | ||||||
| 13.2% - Total For Health Care | $ | 42,627,284 | ||||||
| Carlisle Companies Inc. | 56,440 | 6,920,673 | ||||||
| Hubbell Inc. | 83,000 | 9,792,340 | ||||||
| Paccar Inc. | 97,540 | 6,646,376 | ||||||
| Waste Management Inc. | 62,700 | 6,515,157 | ||||||
| Xylem Inc. | 81,500 | 6,441,760 | ||||||
| 11.2% - Total For Industrials | $ | 36,316,306 | ||||||
| Accenture PLC - Class A | 38,420 | 6,762,688 | ||||||
| Apple Inc. | 48,740 | 9,258,163 | ||||||
| Automatic Data Processing Inc. | 45,250 | 7,228,235 | ||||||
| Cognizant Technology Solutions Corp. | 38,620 | 2,798,019 | ||||||
The accompanying notes are an integral part of these financial statements.
| EQUITY INCOME FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Shares | Fair Value | |||||||
| Fidelity National Information Services | 53,800 | 6,084,780 | ||||||
| Mastercard Inc.- Class A | 29,850 | 7,028,183 | ||||||
| Microsoft Corp. | 58,360 | 6,882,978 | ||||||
| 14.2% - Total For Information Technology | $ | 46,043,046 | ||||||
| Sherwin-Williams Co. | 20,620 | 8,881,240 | ||||||
| 2.7% - Total For Materials | $ | 8,881,240 | ||||||
| Essex Property Trust Inc. | 23,400 | 6,768,216 | ||||||
| Federal Realty Investors Trust | 46,400 | 6,396,240 | ||||||
| 4.1% - Total For Real Estate | $ | 13,164,456 | ||||||
| Alliant Energy Corp. | 140,000 | 6,598,200 | ||||||
| Nextera Energy, Inc. | 32,200 | 6,224,904 | ||||||
| 4.0% - Total For Utilities | $ | 12,823,104 | ||||||
| Total Common Stocks 97.9% | $ | 317,163,244 | ||||||
| (Identified Cost $255,711,961) | ||||||||
| Cash Equivalents | ||||||||
| First American Government Obligation Fund, Class Z** | 6,142,890 | 6,142,890 | ||||||
| Total Cash Equivalents 2.0% | $ | 6,142,890 | ||||||
| (Identified Cost $6,142,890) | ||||||||
| Total Portfolio Value 99.9% | $ | 323,306,134 | ||||||
| (Identified Cost $261,854,851) | ||||||||
| Other Assets in Excess of Liabilities 0.1% | $ | 440,280 | ||||||
| Total Net Assets 100.0% | $ | 323,746,414 | ||||||
* Non-income producing security.
** Variable Rate Security; as of March 31, 2019, the 7 day annualized yield was 2.32%.
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 March 31, 2019 - Unaudited |
| Shares | Fair Value | |||||||
| Common Stocks | ||||||||
| BorgWarner Inc. | 20,900 | $ | 802,769 | |||||
| Burlington Stores Inc.* | 4,200 | 658,056 | ||||||
| Carter's Inc. | 11,100 | 1,118,769 | ||||||
| Cooper-Standard Holdings* | 8,300 | 389,768 | ||||||
| Culp Inc. | 30,000 | 576,900 | ||||||
| Hanesbrands Inc. | 36,300 | 649,044 | ||||||
| Hasbro Inc. | 3,900 | 331,578 | ||||||
| Lithia Motors Inc. | 8,900 | 825,475 | ||||||
| LKQ Corp.* | 26,600 | 754,908 | ||||||
| PVH Corp. | 8,700 | 1,060,965 | ||||||
| Steven Madden Ltd. | 28,650 | 969,516 | ||||||
| Strum Ruger & Co. | 7,100 | 376,442 | ||||||
| 12.1% - Total For Consumer Discretionary | $ | 8,514,190 | ||||||
| Church & Dwight Co. Inc. | 9,800 | 698,054 | ||||||
| Lancaster Colony Corp. | 5,800 | 908,802 | ||||||
| Sprouts Farmers Market* | 23,400 | 504,036 | ||||||
| 3.0% - Total For Consumer Staples | $ | 2,110,892 | ||||||
| Delek US Holdings Inc. | 12,300 | 447,966 | ||||||
| Hollyfrontier Corp. | 19,800 | 975,546 | ||||||
| World Fuel Services Corp. | 42,700 | 1,233,603 | ||||||
| 3.8% - Total For Energy | $ | 2,657,115 | ||||||
| Axis Capital Holdings Ltd. | 17,700 | 969,606 | ||||||
| Diamond Hill Investment Group Inc. | 4,900 | 686,000 | ||||||
| East West Bancorp Inc. | 22,000 | 1,055,340 | ||||||
| Everest Re Group Ltd. | 4,700 | 1,015,012 | ||||||
| Farmers National Banc | 64,100 | 883,939 | ||||||
| First Hawaiian Inc. | 33,000 | 859,650 | ||||||
| First Interstate Bancsystem Inc. | 20,900 | 832,238 | ||||||
| Iberiabank Corp. | 16,000 | 1,147,360 | ||||||
| Invesco Ltd. | 42,700 | 824,537 | ||||||
| MidWestOne Financial Group | 30,000 | 817,500 | ||||||
| Reinsurance Group of America Inc. | 5,900 | 837,682 | ||||||
| Signature Bank | 6,600 | 845,262 | ||||||
| Westwood Holdings Group Inc. | 12,600 | 444,402 | ||||||
| Wintrust Financial Corp. | 13,600 | 915,688 | ||||||
| WSFS Financial Corp. | 21,200 | 818,320 | ||||||
| 18.3% - Total For Financial Services | $ | 12,952,536 | ||||||
| Align Technology Inc.* | 2,600 | 739,258 | ||||||
| Catalent Inc.* | 26,400 | 1,071,576 | ||||||
| Charles River Laboratories International Inc.* | 8,300 | 1,205,575 | ||||||
| Chemed Corp. | 2,500 | 800,175 | ||||||
| Globus Medical Inc.* | 17,700 | 874,557 | ||||||
| Inogen Inc.* | 10,100 | 963,237 | ||||||
| Prestige Brands Holdings Inc.* | 24,000 | 717,840 | ||||||
| Universal Health Services Inc. - Class B | 8,300 | 1,110,291 | ||||||
| Veeva Systems Inc. - Class A* | 4,400 | 558,184 | ||||||
| 11.4% - Total For Health Care | $ | 8,040,693 | ||||||
| Alamo Group Inc. | 10,000 | 999,400 | ||||||
| American Woodmark Corp.* | 6,200 | 512,306 | ||||||
| Barnes Group Inc. | 13,000 | 668,330 | ||||||
The accompanying notes are an integral part of these financial statements.
| OPPORTUNITY FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Shares | Fair Value | |||||||
| Carlisle Companies Inc. | 7,600 | 931,912 | ||||||
| Comfort Systems USA Inc. | 19,400 | 1,016,366 | ||||||
| Continental Building Products Inc.* | 24,000 | 594,960 | ||||||
| Gorman-Rupp Co. | 19,487 | 661,389 | ||||||
| Hubbell Inc. | 7,800 | 920,244 | ||||||
| ICF International Inc. | 15,000 | 1,141,200 | ||||||
| Idex Corp. | 5,100 | 773,874 | ||||||
| Quanta Services Inc. | 23,300 | 879,342 | ||||||
| Regal Beloit Corp. | 12,000 | 982,440 | ||||||
| Snap-On Inc. | 6,000 | 939,120 | ||||||
| Xylem Inc. | 9,100 | 719,264 | ||||||
| 16.6% - Total For Industrials | $ | 11,740,147 | ||||||
| Amdocs Ltd. | 16,500 | 892,815 | ||||||
| Black Knight Inc.* | 27,700 | 1,509,650 | ||||||
| Blackbaud Inc. | 17,200 | 1,371,356 | ||||||
| CACI International Inc.* | 5,800 | 1,055,716 | ||||||
| Coherent Inc.* | 3,300 | 467,676 | ||||||
| Constellation Software | 600 | 507,520 | ||||||
| Flir Systems Inc. | 13,600 | 647,088 | ||||||
| Tyler Technologies Inc.* | 6,400 | 1,308,160 | ||||||
| 11.0% - Total For Information Technology | $ | 7,759,981 | ||||||
| AptarGroup Inc. | 8,200 | 872,398 | ||||||
| Avery Dennison Corp. | 11,500 | 1,299,500 | ||||||
| Packaging Corp. of America | 6,000 | 596,280 | ||||||
| RPM International Inc. | 21,900 | 1,271,076 | ||||||
| Stepan Co. | 4,439 | 388,501 | ||||||
| 6.3% - Total For Materials | $ | 4,427,755 | ||||||
| Alexandria Real Estate Equities Inc. | 7,000 | 997,920 | ||||||
| American Assets Trust Inc. | 19,500 | 894,270 | ||||||
| Americold Realty Trust | 31,800 | 970,218 | ||||||
| Apartment Investment & Mangement Co. | 17,608 | 885,514 | ||||||
| Coresite Realty Corp. | 12,700 | 1,359,154 | ||||||
| First Realty Investors Trust | 6,700 | 923,595 | ||||||
| National Retail Properties Inc. | 13,500 | 747,765 | ||||||
| Retail Properties of America Inc. | 77,300 | 942,287 | ||||||
| 10.9% - Total For Real Estate | $ | 7,720,723 | ||||||
| Alliant Energy Corp. | 26,800 | 1,263,084 | ||||||
| Atmos Energy Corp. | 11,900 | 1,224,867 | ||||||
| 3.5% - Total For Utilities | $ | 2,487,951 | ||||||
| Total Common Stocks 96.9% | $ | 68,411,983 | ||||||
| (Identified Cost $64,844,975) | ||||||||
| Cash Equivalents | ||||||||
| First American Government Obligation Fund, Class Z** | 1,247,964 | 1,247,964 | ||||||
| Total Cash Equivalents 1.8% | $ | 1,247,964 | ||||||
| (Identified Cost $1,247,964) | ||||||||
| Total Portfolio Value 98.7% | $ | 69,659,947 | ||||||
| (Identified Cost $66,092,939) | ||||||||
| Other Assets in Excess of Liabilities 1.3% | $ | 968,964 | ||||||
| Total Net Assets 100.0% | $ | 70,628,911 | ||||||
* Non-income producing security.
** Variable Rate Security; as of March 31, 2019, the 7 day annualized yield was 2.32%.
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 March 31, 2019 - Unaudited |
| Shares | Fair Value | |||||||
| Preferred Stocks | ||||||||
| Itau Unibanco Holding SA ADR | 11,550 | $ | 101,755 | |||||
| 0.5% - Total For Financial Services | 101,755 | |||||||
| Total Preferred Stocks 0.5% | 101,755 | |||||||
| (Identified Cost $63,654) | ||||||||
| Common Stocks | ||||||||
| Baidu, Inc. ADR* | 1,000 | $ | 164,850 | |||||
| BT Group ADR | 7,200 | 106,488 | ||||||
| China Mobile Ltd. ADR | 6,100 | 311,039 | ||||||
| Deutsche Telekom AG ADR | 7,100 | 117,753 | ||||||
| KDDI Corp. ADR | 22,000 | 235,730 | ||||||
| Nippon Telegraph and Telephone Corp. ADR | 1,200 | 51,264 | ||||||
| Orange ADR | 7,500 | 122,250 | ||||||
| PLDT Inc. ADR | 3,600 | 78,012 | ||||||
| Publicis Groupe SA ADR | 12,100 | 161,596 | ||||||
| RTL Group SA ADR | 15,000 | 90,300 | ||||||
| SK Telecom Co. Ltd. ADR | 48,000 | 337,440 | ||||||
| SoftBank Group Corp. ADR | 1,800 | 87,570 | ||||||
| Telenor ASA ADR | 9,600 | 190,464 | ||||||
| Tencent Holdings Ltd. ADR | 6,500 | 298,870 | ||||||
| WPP PLC ADR | 1,800 | 95,040 | ||||||
| 12.4% - Total For Consumer Discretionary | $ | 2,448,666 | ||||||
| Adidas AG ADR | 2,000 | $ | 243,700 | |||||
| Alibaba Group Holdings ADR* | 1,300 | 237,185 | ||||||
| Bridgestone ADR | 4,400 | 84,568 | ||||||
| CIE Financiere Richemont AG ADR | 22,000 | 159,720 | ||||||
| Compass Group PLC ADR | 6,500 | 155,610 | ||||||
| Daimler AG | 2,200 | 128,854 | ||||||
| Honda Motor Co. Ltd. ADR | 5,500 | 149,435 | ||||||
| Magna International Inc. | 4,100 | 199,629 | ||||||
| Sony Corp. ADR | 15,500 | 171,818 | ||||||
| Toyota Motor Corp. ADR | 3,000 | 354,060 | ||||||
| 9.5% - Total For Consumer Discretionary | $ | 1,884,579 | ||||||
| Coca-Cola Amatil Ltd. ADR | 10,860 | 66,355 | ||||||
| Danone ADR | 6,184 | 95,172 | ||||||
| Essity AB ADR | 5,300 | 152,613 | ||||||
| L'Oreal ADR | 2,800 | 150,962 | ||||||
| Nestle SA ADR | 4,300 | 409,876 | ||||||
| Reckitt Benckiser Group PLC ADR | 5,900 | 99,887 | ||||||
| Shoprite Holdings Ltd. ADR | 4,000 | 62,160 | ||||||
| Svenska Cellulosa Aktiebolaget ADR | 6,040 | 123,035 | ||||||
| Unilever NV ADR | 2,500 | 145,725 | ||||||
| Unilever PLC ADR | 4,100 | 236,652 | ||||||
| Wal-Mart De Mexico SAB de CV ADR | 14,300 | 382,025 | ||||||
| 9.7% - Total For Consumer Staples | $ | 1,924,462 | ||||||
| BP PLC ADR | 2,298 | 100,469 | ||||||
| CNOOC Ltd. ADR | 1,400 | 260,064 | ||||||
| Equinor ASA ADR | 4,000 | 87,880 | ||||||
| Lukoil Corp. ADR | 4,700 | 420,227 | ||||||
| Royal Dutch Shell PLC, Class B ADR | 2,600 | 166,270 | ||||||
The accompanying notes are an integral part of these financial statements.
| INTERNATIONAL FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Shares | Fair Value | |||||||
| Suncor Energy Inc. | 17,500 | 301,263 | ||||||
| Technip FMC PLC | 5,900 | 138,768 | ||||||
| Total SA ADR | 2,352 | 130,889 | ||||||
| Woodside Petroleum ADR | 5,200 | 128,180 | ||||||
| 8.8% - Total For Energy | $ | 1,734,010 | ||||||
| Admiral Group PLC ADR | 6,400 | 177,920 | ||||||
| Allianz SE ADR | 7,900 | 175,459 | ||||||
| Australia and New Zealand Banking Group Ltd. ADR | 3,200 | 59,264 | ||||||
| Banco Bradesco ADR | 22,741 | 248,104 | ||||||
| Banco Santander SA ADR | 17,974 | 83,220 | ||||||
| Bank of Montreal | 1,240 | 92,777 | ||||||
| Barclays PLC ADR | 15,000 | 120,000 | ||||||
| BNP Paribas ADR | 4,000 | 95,160 | ||||||
| China Construction Bank ADR | 8,500 | 145,520 | ||||||
| Credit Suisse Group ADR | 3,777 | 44,002 | ||||||
| Deutsche Boerse AG ADR | 7,000 | 89,425 | ||||||
| ICICI Bank Ltd. ADR | 9,680 | 110,933 | ||||||
| Industrial and Commercial Bank Of China Ltd. ADR | 23,500 | 344,862 | ||||||
| KB Financial Group Inc. ADR | 2,400 | 88,944 | ||||||
| Legal and General Group PLC | 5,000 | 90,625 | ||||||
| Manulife Financial Corp. | 4,420 | 74,742 | ||||||
| Mitsubishi UFJ Financial Group Inc. ADR | 40,000 | 198,000 | ||||||
| Mizuho Financial Group Inc. ADR | 25,000 | 76,500 | ||||||
| National Australia Bank | 8,700 | 78,431 | ||||||
| Orix Corp. ADR | 2,450 | 176,081 | ||||||
| Royal Bank of Canada | 1,000 | 75,550 | ||||||
| Sumitomo Mitsui Financial Group Inc. ADR | 3,800 | 160,512 | ||||||
| Tokio Marine Holdings Inc. ADR | 7,000 | 339,465 | ||||||
| Toronto Dominion Bank | 1,400 | 76,062 | ||||||
| United Overseas Bank Ltd. ADR | 1,900 | 71,079 | ||||||
| Westpac Banking Corp. Ltd. ADR | 7,250 | 134,125 | ||||||
| Zurich Insurance Group Ltd. ADR | 3,240 | 107,131 | ||||||
| 17.9% - Total For Financial Services | $ | 3,533,893 | ||||||
| Astellas Pharma Inc. ADR | 23,000 | 344,310 | ||||||
| Bayer AG ADR | 5,200 | 83,746 | ||||||
| Dr. Reddy's Laboratories Ltd. ADR | 3,340 | 135,270 | ||||||
| Novartis AG ADR | 2,480 | 238,427 | ||||||
| Novo Nordisk AS | 5,200 | 272,012 | ||||||
| Roche Holdings Ltd. ADR | 8,400 | 288,876 | ||||||
| Taro Pharmaceuticals Ltd. | 1,400 | 151,326 | ||||||
| Takeda Pharmaceutical Co. | 1,800 | 96,750 | ||||||
| Teva Pharmaceuticals ADR | 2,400 | 37,632 | ||||||
| 8.3% - Total For Health Care | $ | 1,648,349 | ||||||
| ABB Ltd. ADR | 2,900 | 54,723 | ||||||
| Atlas Copco AB ADR | 5,400 | 145,530 | ||||||
| BAE Systems PLC ADR | 3,800 | 97,109 | ||||||
| Bunzl PLC ADR | 5,600 | 184,184 | ||||||
| Canadian National Railway Co. | 1,400 | 125,272 | ||||||
| CK Hutchison Holdings Ltd. ADR | 8,000 | 83,880 | ||||||
| Fanuc Corp. ADR | 4,000 | 68,160 | ||||||
| Itochu Corp. ADR | 3,700 | 133,699 | ||||||
| Keppel Corp. Ltd. ADR | 7,900 | 71,969 | ||||||
| Komatsu Ltd. ADR | 6,300 | 146,758 | ||||||
The accompanying notes are an integral part of these financial statements.
| INTERNATIONAL FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Shares | Fair Value | |||||||
| Mitsui & Co., Ltd. ADR | 300 | 93,325 | ||||||
| Schneider Electric SE ADR | 13,900 | 217,535 | ||||||
| Sensata Technologies Holding NV* | 3,200 | 103,776 | ||||||
| Siemens AG ADR | 3,400 | 83,266 | ||||||
| 8.1% - Total For Industrials | $ | 1,609,186 | ||||||
| Cap Gemini SA ADR | 4,000 | 96,880 | ||||||
| CGI Group Inc.* | 5,100 | 350,676 | ||||||
| Lenovo Group Ltd. ADR | 15,000 | 269,775 | ||||||
| Open Text Corp. | 5,000 | 192,150 | ||||||
| SAP SE ADR | 3,100 | 357,926 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 8,000 | 327,680 | ||||||
| United Microelectronics ADR | 44,930 | 84,468 | ||||||
| 8.5% - Total For Information Technology | $ | 1,679,555 | ||||||
| Air Liquide SA ADR | 4,154 | 105,470 | ||||||
| BASF SE ADR | 7,400 | 136,456 | ||||||
| BHP Billiton Ltd. ADR | 2,550 | 139,408 | ||||||
| Newcrest Mining Ltd. ADR | 15,000 | 273,300 | ||||||
| Nitto Denko Corp. ADR | 7,100 | 184,174 | ||||||
| Posco ADR | 1,400 | 77,294 | ||||||
| Rio Tinto PLC ADR | 1,570 | 92,395 | ||||||
| Sasol LTD ADR | 5,500 | 247,610 | ||||||
| 6.4% - Total For Materials | $ | 1,256,107 | ||||||
| Lend Lease Group ADR | 7,000 | 60,515 | ||||||
| Sun Hung Kai Properties Ltd. ADR | 11,100 | 94,866 | ||||||
| 0.8% - Total For Real Estate | $ | 155,381 | ||||||
| Enel SpA ADR | 21,100 | 134,196 | ||||||
| Enersis SA ADR | 18,200 | 162,526 | ||||||
| Iberdrola SA ADR | 3,578 | 125,874 | ||||||
| National Grid PLC ADR | 1,600 | 89,344 | ||||||
| SSE PLC ADR | 2,800 | 86,632 | ||||||
| 3.1% - Total For Utilities | $ | 598,572 | ||||||
| Total Common Stocks 93.5% | $ | 18,472,760 | ||||||
| (Identified Cost $15,378,128) | ||||||||
| Cash Equivalents | ||||||||
| First American Government Obligation Fund, Class Z** | 1,189,738 | 1,189,738 | ||||||
| Total Cash Equivalents 6.0% | $ | 1,189,738 | ||||||
| (Identified Cost $1,189,738) | ||||||||
| Total Portfolio Value 100.0% | $ | 19,764,253 | ||||||
| (Identified Cost $16,567,866) | ||||||||
| Liabilities in Excess of Other Assets 0.0% | $ | (6,850 | ) | |||||
| Total Net Assets 100.0% | $ | 19,757,403 | ||||||
* Non-income producing security.
** Variable Rate Security; as of March 31, 2019, the 7 day annualized yield was 2.32%.
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 March 31, 2019 - Unaudited |
| Fixed Income Securities - Bonds | Rate | Maturity | Face Value | Fair Value | ||||||||||
| Corporate Bonds: | ||||||||||||||
| Ace Ina Holdings Inc. | 3.350 | % | 05/15/2024 | 2,375,000 | $ | 2,429,818 | ||||||||
| American Express Co. | 3.000 | % | 10/30/2024 | 10,000,000 | 9,950,074 | |||||||||
| AON PLC | 3.500 | % | 06/14/2024 | 3,320,000 | 3,367,507 | |||||||||
| AON PLC | 4.000 | % | 11/27/2023 | 4,330,000 | 4,498,077 | |||||||||
| Bank of America Corp. | 3.248 | % | 10/21/2027 | 13,100,000 | 12,825,483 | |||||||||
| BB&T Corp. | 3.950 | % | 03/22/2022 | 8,054,000 | 8,275,343 | |||||||||
| BB&T Corp. | 5.250 | % | 11/01/2019 | 212,000 | 214,861 | |||||||||
| Chubb INA Holdings Inc. | 2.300 | % | 11/03/2020 | 7,793,000 | 7,754,312 | |||||||||
| Fifth Third Bancorp | 4.300 | % | 01/16/2024 | 10,999,000 | 11,520,060 | |||||||||
| Huntington Bancshares | 2.300 | % | 01/14/2022 | 2,290,000 | 2,255,460 | |||||||||
| Huntington Bancshares | 3.150 | % | 03/14/2021 | 4,280,000 | 4,315,582 | |||||||||
| JP Morgan Chase & Co. | 3.875 | % | 09/10/2024 | 10,000,000 | 10,252,294 | |||||||||
| Keycorp | 4.100 | % | 04/30/2028 | 7,300,000 | 7,600,582 | |||||||||
| Marsh & McLennan Co. Inc. | 3.500 | % | 06/03/2024 | 435,000 | 443,499 | |||||||||
| Marsh & McLennan Co. Inc. | 4.800 | % | 07/15/2021 | 3,955,000 | 4,112,449 | |||||||||
| Morgan Stanley | 2.625 | % | 11/17/2021 | 6,000,000 | 5,972,542 | |||||||||
| Morgan Stanley | 5.500 | % | 07/28/2021 | 1,500,000 | 1,587,177 | |||||||||
| MUFG Americas Holdings Corp. | 3.000 | % | 02/10/2025 | 5,864,000 | 5,762,456 | |||||||||
| MUFG Americas Holdings Corp. | 3.500 | % | 06/18/2022 | 7,474,000 | 7,589,424 | |||||||||
| PNC Financial Services | 3.900 | % | 04/29/2024 | 10,916,000 | 11,277,887 | |||||||||
| Suntrust Banks Inc. | 4.000 | % | 05/01/2025 | 8,000,000 | 8,370,105 | |||||||||
| US Bancorp | 3.100 | % | 04/27/2026 | 7,000,000 | 6,993,817 | |||||||||
| US Bancorp | 3.600 | % | 09/11/2024 | 6,000,000 | 6,187,805 | |||||||||
| Wells Fargo & Co. | 4.300 | % | 07/22/2027 | 4,600,000 | 4,789,050 | |||||||||
| Wells Fargo & Co. | 4.100 | % | 06/03/2026 | 5,500,000 | 5,622,891 | |||||||||
| 22.5% - Total For Corporate Bonds: Bank and Finance | $ | 153,968,555 | ||||||||||||
| CVS Health Corp. | 3.875 | % | 07/20/2025 | 8,500,000 | 8,602,005 | |||||||||
| Eaton Corp. | 2.750 | % | 11/02/2022 | 3,166,000 | 3,154,058 | |||||||||
| General Electric Capital Corp. (3 month LIBOR + 1.000%)* | 3.597 | % | 04/15/2023 | 7,275,000 | 7,041,724 | |||||||||
| General Electric Capital Corp. (3 month LIBOR + 1.000%)* | 3.610 | % | 03/15/2023 | 2,180,000 | 2,120,331 | |||||||||
| Goodrich Corp. | 4.875 | % | 03/01/2020 | 1,025,000 | 1,043,892 | |||||||||
| Johnson Controls International PLC | 3.900 | % | 02/14/2026 | 6,430,000 | 6,578,239 | |||||||||
| Johnson Controls International PLC | 5.000 | % | 03/30/2020 | 1,595,000 | 1,628,194 | |||||||||
| Kroger Co. Senior | 3.500 | % | 02/01/2026 | 10,000,000 | 9,885,251 | |||||||||
| Kroger Co. Senior | 4.000 | % | 02/01/2024 | 595,000 | 614,550 | |||||||||
| McDonald's Corp. | 3.700 | % | 01/30/2026 | 4,269,000 | 4,407,008 | |||||||||
| Norfolk Southern Corp. | 5.900 | % | 06/15/2019 | 2,668,000 | 2,684,416 | |||||||||
| Pepsico Inc. | 2.850 | % | 02/24/2026 | 9,090,000 | 9,025,754 | |||||||||
| Shell International | 3.250 | % | 05/11/2025 | 6,779,000 | 6,903,655 | |||||||||
| Target Corp. | 2.500 | % | 04/15/2026 | 5,500,000 | 5,348,826 | |||||||||
| Union Pacific Corp. | 3.500 | % | 06/08/2023 | 8,365,000 | 8,575,908 | |||||||||
| 11.4% - Total For Corporate Bonds: Industrial | $ | 77,613,811 | ||||||||||||
| Berkshire Hathaway Energy Co. | 3.500 | % | 02/01/2025 | 1,500,000 | 1,535,664 | |||||||||
| Berkshire Hathaway Energy Co. | 3.750 | % | 11/15/2023 | 9,574,000 | 9,952,698 | |||||||||
| Duke Energy Corp. | 2.650 | % | 09/01/2026 | 3,000,000 | 2,857,740 | |||||||||
| Duke Energy Corp. | 3.550 | % | 09/15/2021 | 6,860,000 | 6,966,375 | |||||||||
| Enterprise Products | 3.750 | % | 02/15/2025 | 9,000,000 | 9,290,248 | |||||||||
| Eversource Energy | 2.500 | % | 03/15/2021 | 1,665,000 | 1,655,268 | |||||||||
| Eversource Energy | 2.750 | % | 03/15/2022 | 1,500,000 | 1,499,222 | |||||||||
| Eversource Energy Senior | 2.800 | % | 05/01/2023 | 3,750,000 | 3,739,652 | |||||||||
| Eversource Energy Senior | 4.500 | % | 11/15/2019 | 1,200,000 | 1,211,113 | |||||||||
| Georgia Power Co. | 2.000 | % | 03/30/2020 | 5,660,000 | 5,616,074 | |||||||||
The accompanying notes are an integral part of these financial statements.
| FIXED INCOME FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Fixed Income Securities - Bonds | Rate | Maturity | Face Value | Fair Value | ||||||||||
| Georgia Power Co. | 2.000 | % | 09/08/2020 | 1,000,000 | 990,756 | |||||||||
| Georgia Power Co. | 2.850 | % | 05/15/2022 | 2,200,000 | 2,177,792 | |||||||||
| Georgia Power Co. | 4.250 | % | 12/01/2019 | 2,140,000 | 2,157,954 | |||||||||
| Interstate Power & Light Co. | 3.250 | % | 12/01/2024 | 5,120,000 | 5,144,772 | |||||||||
| Interstate Power & Light Co. | 3.650 | % | 09/01/2020 | 3,211,000 | 3,247,868 | |||||||||
| Interstate Power & Light Co. | 3.250 | % | 12/01/2024 | 1,000,000 | 995,790 | |||||||||
| Interstate Power & Light Co. | 4.100 | % | 09/26/2028 | 1,325,000 | 1,384,932 | |||||||||
| National Rural Utilities Collateral Trust | 2.300 | % | 11/01/2020 | 2,699,000 | 2,686,986 | |||||||||
| Virginia Electric & Power Co. | 3.450 | % | 02/15/2024 | 3,590,000 | 3,687,553 | |||||||||
| Virginia Electric & Power Co. | 2.950 | % | 11/15/2026 | 2,550,000 | 2,495,858 | |||||||||
| Virginia Electric & Power Co. | 2.950 | % | 01/15/2022 | 3,170,000 | 3,181,501 | |||||||||
| Xcel Energy Inc. | 3.300 | % | 06/01/2025 | 4,500,000 | 4,542,344 | |||||||||
| Xcel Energy Inc. | 4.700 | % | 05/15/2020 | 5,496,000 | 5,562,650 | |||||||||
| 12.1% - Total For Corporate Bonds: Utilities | $ | 82,580,810 | ||||||||||||
| 46.0% Total Corporate Bonds | $ | 314,163,176 | ||||||||||||
| Certificates of Deposit | ||||||||||||||
| Goldmans Sachs | 3.400 | % | 10/17/2023 | 250,000 | 255,092 | |||||||||
| 0.0% - Total For Certificates of Deposit | 255,092 | |||||||||||||
| United States Government Treasury Obligations | ||||||||||||||
| Treasury Bond | 2.500 | % | 02/15/2045 | 20,500,000 | 19,342,070 | |||||||||
| Treasury Inflation Protected Security | 1.000 | % | 02/15/2046 | 4,249,040 | 4,327,780 | |||||||||
| Treasury Inflation Protected Security | 1.375 | % | 02/15/2044 | 5,399,850 | 5,962,903 | |||||||||
| Treasury Note | 1.750 | % | 11/30/2019 | 14,500,000 | 14,434,297 | |||||||||
| Treasury Note | 2.125 | % | 11/30/2023 | 11,000,000 | 10,940,273 | |||||||||
| Treasury Note | 2.500 | % | 05/15/2046 | 19,700,000 | 18,515,691 | |||||||||
| Treasury Note | 2.750 | % | 02/15/2028 | 11,000,000 | 11,313,672 | |||||||||
| Treasury Note | 2.750 | % | 08/15/2047 | 30,000,000 | 29,572,266 | |||||||||
| Treasury Note | 2.750 | % | 08/15/2042 | 2,250,000 | 2,240,508 | |||||||||
| Treasury Note | 2.750 | % | 11/15/2042 | 8,425,000 | 8,383,204 | |||||||||
| Treasury Note | 3.125 | % | 11/15/2028 | 12,500,000 | 13,259,277 | |||||||||
| 20.2% - Total For United States Government Treasury Obligations | $ | 138,291,941 | ||||||||||||
| United States Government Agency Obligations | ||||||||||||||
| FHLMC Step-up* | 1.875 | % | 07/12/2021 | 5,000,000 | 4,971,084 | |||||||||
| FHLMC Step-up* | 2.000 | % | 06/15/2022 | 6,000,000 | 5,988,905 | |||||||||
| FHLMC Step-up* | 2.050 | % | 06/21/2022 | 9,000,000 | 8,976,568 | |||||||||
| FHLMC Step-up* | 2.000 | % | 07/12/2022 | 3,445,000 | 3,440,665 | |||||||||
| FHLMC Step-up* | 2.000 | % | 07/18/2022 | 8,355,000 | 8,326,908 | |||||||||
| FHLMC Step-up* | 2.150 | % | 10/27/2022 | 3,500,000 | 3,489,137 | |||||||||
| FHLMC Step-up* | 2.500 | % | 12/27/2022 | 4,000,000 | 4,003,247 | |||||||||
| 5.7% - Total For United States Government Agency Obligations | $ | 39,196,514 | ||||||||||||
| United States Government Agency Obligations - Mortgage Backed Securities | ||||||||||||||
| FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | 3.267 | % | 04/01/2042 | 1,138,211 | 1,152,150 | |||||||||
| FHLMC Series 2877 Class AL | 5.000 | % | 10/15/2024 | 219,531 | 227,582 | |||||||||
| FHLMC Series 2985 Class GE | 5.500 | % | 06/15/2025 | 131,499 | 137,716 | |||||||||
| FHLMC Series 3109 Class ZN | 5.500 | % | 02/15/2036 | 1,434,042 | 1,581,202 | |||||||||
| FHLMC Series 3592 Class BZ | 5.000 | % | 10/15/2039 | 1,202,241 | 1,296,173 | |||||||||
| FHLMC Series 3946 Class LN | 3.500 | % | 04/15/2041 | 374,756 | 379,840 | |||||||||
| FHLMC Series 4017 Class MA | 3.000 | % | 03/15/2041 | 716,062 | 714,682 | |||||||||
| FHLMC Series 4105 Class PJ | 3.500 | % | 06/15/2041 | 1,169,784 | 1,193,563 | |||||||||
| FHLMC Series 4180 Class ME | 2.500 | % | 10/15/2042 | 2,224,638 | 2,219,190 | |||||||||
| FHLMC Series 4287 Class AB | 2.000 | % | 12/15/2026 | 1,304,536 | 1,285,806 | |||||||||
| FHLMC Series 4517 Class PC | 2.500 | % | 05/15/2044 | 2,845,169 | 2,813,698 | |||||||||
The accompanying notes are an integral part of these financial statements.
| FIXED INCOME FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Fixed Income Securities - Bonds | Rate | Maturity | Face Value | Fair Value | ||||||||||
| FHLMC Series 4567 Class LA | 3.000 | % | 08/15/2045 | 423,900 | 423,681 | |||||||||
| FHLMC Series 4582 Class PA | 3.000 | % | 11/15/2045 | 3,037,498 | 3,072,417 | |||||||||
| FHLMC Series 4646 Class D | 3.500 | % | 01/15/2042 | 1,005,408 | 1,027,742 | |||||||||
| FHLMC Series 4689 Class DA | 3.000 | % | 07/15/2044 | 1,550,300 | 1,555,369 | |||||||||
| FHLMC Series 4709 Class EA | 3.000 | % | 01/15/2046 | 1,341,674 | 1,356,390 | |||||||||
| FHLMC Series 4768 Class GA | 3.500 | % | 09/15/2045 | 9,369,021 | 9,599,535 | |||||||||
| FHLMC Series 4831 Class BA | 3.500 | % | 10/15/2044 | 3,686,751 | 3,744,382 | |||||||||
| FHLMC Pool A89335 | 5.000 | % | 10/01/2039 | 155,104 | 167,877 | |||||||||
| FHLMC Pool C01005 | 8.000 | % | 06/01/2030 | 1,072 | 1,234 | |||||||||
| FHLMC Pool G06616 | 4.500 | % | 12/01/2035 | 493,106 | 521,954 | |||||||||
| FHLMC Pool G08068 | 5.500 | % | 07/01/2035 | 1,068,066 | 1,173,433 | |||||||||
| FHLMC Pool G13596 | 4.000 | % | 07/01/2024 | 810,924 | 836,887 | |||||||||
| FHLMC Pool G18642 | 3.500 | % | 04/01/2032 | 6,306,604 | 6,460,749 | |||||||||
| FHLMC Pool G18667 | 3.500 | % | 11/01/2032 | 2,878,695 | 2,949,188 | |||||||||
| FHLMC Pool G31087 | 4.000 | % | 07/01/2038 | 4,980,750 | 5,167,603 | |||||||||
| FHLMC Pool 780439 (1 year US T-Note Yield Curve + 2.223%)* | 2.723 | % | 04/01/2033 | 42,414 | 44,310 | |||||||||
| FNMA Series 2003-79 Class NJ | 5.000 | % | 08/25/2023 | 451,647 | 466,405 | |||||||||
| FNMA Series 2013-6 Class BC | 1.500 | % | 12/25/2042 | 1,523,585 | 1,496,166 | |||||||||
| FNMA Series 2013-21 Class VA | 3.000 | % | 07/25/2028 | 2,898,250 | 2,909,959 | |||||||||
| FNMA Series 2013-75 Class EG | 3.000 | % | 02/25/2043 | 585,591 | 590,427 | |||||||||
| FNMA Series 2014-04 Class PC | 3.000 | % | 02/25/2044 | 2,800,503 | 2,827,074 | |||||||||
| FNMA Series 2014-28 Class PA | 3.500 | % | 02/25/2043 | 348,721 | 356,416 | |||||||||
| FNMA Series 2015-72 Class GB | 2.500 | % | 12/25/2042 | 3,523,252 | 3,500,802 | |||||||||
| FNMA Series 2016-39 Class LA | 2.500 | % | 03/25/2045 | 1,050,282 | 1,041,400 | |||||||||
| FNMA Series 2016-40 Class PA | 3.000 | % | 07/25/2045 | 307,019 | 308,832 | |||||||||
| FNMA Series 2016-49 Class PA | 3.000 | % | 09/25/2045 | 2,208,638 | 2,215,064 | |||||||||
| FNMA Series 2016-64 Class PG | 3.000 | % | 05/25/2045 | 4,296,862 | 4,314,875 | |||||||||
| FNMA Series 2016-79 Class L | 2.500 | % | 10/25/2044 | 1,465,932 | 1,431,448 | |||||||||
| FNMA Series 2017-30 Class G | 3.000 | % | 07/25/2040 | 3,421,414 | 3,447,749 | |||||||||
| FNMA Series 2018-22 Class D | 3.250 | % | 11/25/2042 | 4,035,119 | 4,093,283 | |||||||||
| FNMA Series 2018-25 Class P | 3.500 | % | 03/25/2046 | 5,631,644 | 5,758,108 | |||||||||
| FNMA Series 2018-67 Class BA | 4.500 | % | 03/25/2046 | 7,812,364 | 8,276,324 | |||||||||
| FNMA Pool 109733 | 3.530 | % | 09/01/2028 | 7,275,000 | 7,604,063 | |||||||||
| FNMA Pool 253300 | 7.500 | % | 05/01/2020 | 86 | 86 | |||||||||
| FNMA Pool 725027 | 5.000 | % | 11/01/2033 | 349,141 | 375,667 | |||||||||
| FNMA Pool 725704 | 6.000 | % | 08/01/2034 | 134,425 | 148,236 | |||||||||
| FNMA Pool 888223 | 5.500 | % | 01/01/2036 | 479,632 | 527,672 | |||||||||
| FNMA Pool 889185 | 5.000 | % | 12/01/2019 | 2,496 | 2,552 | |||||||||
| FNMA Pool 995112 | 5.500 | % | 07/01/2036 | 331,523 | 364,717 | |||||||||
| FNMA Pool AA4392 | 4.000 | % | 04/01/2039 | 1,068,510 | 1,108,032 | |||||||||
| FNMA Pool AL9309 | 3.500 | % | 10/01/2031 | 1,541,632 | 1,579,179 | |||||||||
| FNMA Pool AN8842 | 3.320 | % | 04/01/2028 | 6,000,000 | 6,165,543 | |||||||||
| FNMA Pool AN9848 | 3.740 | % | 07/01/2028 | 6,438,000 | 6,805,236 | |||||||||
| FNMA Pool BL0359 | 3.700 | % | 11/01/2028 | 11,251,230 | 11,887,443 | |||||||||
| FNMA Pool BL0752 | 3.650 | % | 01/01/2029 | 5,000,000 | 5,284,761 | |||||||||
| FNMA Pool BM1971 | 3.500 | % | 12/01/2035 | 4,032,744 | 4,146,832 | |||||||||
| FNMA Pool MA0384 | 5.000 | % | 04/01/2030 | 961,698 | 1,016,931 | |||||||||
| FNMA Pool MA3186 | 4.000 | % | 11/01/2037 | 4,969,688 | 5,163,502 | |||||||||
| FNMA Pool MA3337 | 4.000 | % | 04/01/2038 | 7,540,686 | 7,817,845 | |||||||||
| GNMA Series 2009-124 Class L | 4.000 | % | 11/20/2038 | 60,116 | 60,355 | |||||||||
| GNMA II Pool 2658 | 6.500 | % | 10/20/2028 | 16,547 | 18,538 | |||||||||
| GNMA II Pool 2945 | 7.500 | % | 07/20/2030 | 2,865 | 3,231 | |||||||||
| GNMA II Pool 4187 | 5.500 | % | 07/20/2038 | 12,337 | 12,784 | |||||||||
| GNMA II Pool 4847 | 4.000 | % | 11/20/2025 | 244,878 | 253,052 | |||||||||
| GNMA Pool 780400 | 7.000 | % | 12/15/2025 | 1,955 | 2,146 | |||||||||
| GNMA Pool 780420 | 7.500 | % | 08/15/2026 | 1,046 | 1,156 | |||||||||
| 22.6% - Total For Government Agency Obligations - Mortgage Backed Securities | $ | 154,488,244 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
| FIXED INCOME FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Fixed Income Securities - Bonds | Rate | Maturity | Face Value | Fair Value | ||||||||||
| Taxable Municipal Bonds | ||||||||||||||
| Cincinnati Children's Hospital Medical Center | 2.853 | % | 11/15/2026 | 1,085,000 | 1,065,502 | |||||||||
| Kansas Development Finance Authority Revenue | 3.941 | % | 04/15/2026 | 8,000,000 | 8,423,120 | |||||||||
| Kentucky Property and Buildings Commission Revenue | 6.164 | % | 08/01/2023 | 1,000,000 | 1,088,280 | |||||||||
| Ohio Major New Infrastructure Revenue | 4.844 | % | 12/15/2019 | 2,450,000 | 2,483,246 | |||||||||
| University of Cincinnati Ohio General Receipts Revenue | 5.616 | % | 06/01/2025 | 930,000 | 980,211 | |||||||||
| University of Washington Revenue | 5.400 | % | 06/01/2036 | 3,000,000 | 3,756,810 | |||||||||
| 2.6% - Total For Taxable Municipal Bonds | $ | 17,797,169 | ||||||||||||
| Total Fixed Income Securities - Bonds | 97.1 | % | $ | 664,192,136 | ||||||||||
| (Identified Cost $652,107,189) | ||||||||||||||
| Preferred Stocks | Shares | |||||||||||||
| Allstate Corp. | 5.100 | % | 01/15/2053 | 264,996 | 6,762,698 | |||||||||
| Total Preferred Stocks | 1.0 | % | $ | 6,762,698 | ||||||||||
| (Identified Cost $6,491,218) | ||||||||||||||
| Cash Equivalents | ||||||||||||||
| First American Government Obligation Fund, Class Z** | 7,812,806 | 7,812,806 | ||||||||||||
| Total Cash Equivalents | 1.1 | % | $ | 7,812,806 | ||||||||||
| (Identified Cost $7,812,806) | ||||||||||||||
| Total Portfolio Value | 99.2 | % | $ | 678,767,640 | ||||||||||
| (Identified Cost $666,411,213) | ||||||||||||||
| Other Assets in Excess of Liabilities | 0.8 | % | $ | 5,104,979 | ||||||||||
| Total Net Assets | 100 | % | $ | 683,872,619 | ||||||||||
* Variable Rate Security; the rate shown is as of December 31, 2018.
** Variable Rate Security; as of March 31, 2019, the 7 day annualized yield was 2.32%.
ARM - Adjustable Rate Mortgage
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 March 31, 2019 - Unaudited |
| Municipal Income Securities - Bonds | Rate | Maturity | Face Value | Fair Value | ||||||||||
| Akron Ohio GO Limited | 4.000 | % | 12/01/2025 | 650,000 | $ | 728,091 | ||||||||
| Akron Ohio GO Limited | 4.000 | % | 12/01/2026 | 395,000 | 444,580 | |||||||||
| Akron Ohio GO Limited | 5.000 | % | 12/01/2024 | 400,000 | 466,004 | |||||||||
| Brecksville Ohio GO Limited | 2.750 | % | 06/06/2019 | 1,160,000 | 1,162,053 | |||||||||
| Cincinnati Ohio GO Unlimited | 4.000 | % | 12/01/2030 | 685,000 | 766,871 | |||||||||
| Cincinnati Ohio GO Unlimited | 4.000 | % | 12/01/2032 | 1,000,000 | 1,106,050 | |||||||||
| Cincinnati Ohio GO Unlimited | 5.000 | % | 12/01/2019 | 1,000,000 | 1,022,950 | |||||||||
| Cincinnati Ohio GO Unlimited | 5.250 | % | 12/01/2029 | 200,000 | 237,790 | |||||||||
| Columbus Ohio GO Unlimited | 4.000 | % | 04/01/2027 | 500,000 | 577,075 | |||||||||
| Columbus Ohio GO Unlimited | 4.000 | % | 04/01/2031 | 1,000,000 | 1,116,650 | |||||||||
| Delaware Ohio GO Bond Anticipation Note | 3.000 | % | 04/10/2019 | 1,000,000 | 1,000,310 | |||||||||
| Dublin Ohio GO Limited | 4.000 | % | 12/01/2028 | 500,000 | 557,935 | |||||||||
| Fairborn Ohio GO Umlimited | 2.500 | % | 03/19/2020 | 1,105,000 | 1,113,221 | |||||||||
| Forest Park Ohio GO Limited Bond Anticipation Note | 3.000 | % | 05/29/2019 | 1,095,000 | 1,096,883 | |||||||||
| Gahanna Ohio GO Limited | 4.000 | % | 12/01/2021 | 420,000 | 446,447 | |||||||||
| Groveport Ohio GO Limited (AMBAC Insured) | 3.500 | % | 12/01/2023 | 185,000 | 194,881 | |||||||||
| Hurst Texas GO Limited | 4.000 | % | 08/15/2031 | 335,000 | 365,006 | |||||||||
| Lakewood Ohio GO Limited | 4.000 | % | 12/01/2028 | 840,000 | 947,621 | |||||||||
| Lakewood Ohio GO Limited | 4.000 | % | 12/01/2029 | 300,000 | 336,351 | |||||||||
| Mayfield Heights Ohio GO Limited Bond Anticipation (State Standby Note Purchase Program) | 3.000 | % | 04/02/2020 | 1,025,000 | 1,037,443 | |||||||||
| Medina Ohio GO Limited | 2.000 | % | 12/01/2020 | 110,000 | 110,606 | |||||||||
| Newport Kentucky GO Unlimited | 3.000 | % | 05/01/2023 | 205,000 | 213,505 | |||||||||
| Pembroke Pines Florida GO Unlimited | 5.000 | % | 09/01/2024 | 200,000 | 233,908 | |||||||||
| Reynoldsburg Ohio GO Limited | 4.000 | % | 12/01/2030 | 1,000,000 | 1,136,220 | |||||||||
| Reynoldsburg Ohio GO Limited | 4.000 | % | 12/01/2031 | 595,000 | 671,588 | |||||||||
| Riversouth Ohio Authority Revenue | 4.000 | % | 12/01/2031 | 700,000 | 755,370 | |||||||||
| Sevens Hills Ohio GO Limited Bond Anticipation Notes | 2.875 | % | 04/10/2019 | 775,000 | 775,225 | |||||||||
| Shaker Heights Ohio GO Limited | 3.000 | % | 05/30/2019 | 805,000 | 806,449 | |||||||||
| Strongsville Ohio GO Limited | 4.000 | % | 12/01/2030 | 350,000 | 383,572 | |||||||||
| Sycamore Township Ohio GO Limited | 3.000 | % | 05/08/2019 | 750,000 | 750,780 | |||||||||
| Tiffin Ohio GO Unlimited | 3.000 | % | 12/01/2020 | 225,000 | 230,000 | |||||||||
| Tipp City Ohio GO Limited Bond Anticipation | 3.000 | % | 02/12/2020 | 585,000 | 590,634 | |||||||||
| Vandalia Ohio GO Limited Bond Anticipation Notes | 2.750 | % | 09/04/2019 | 1,000,000 | 1,004,840 | |||||||||
| Violet Township Ohio GO Limited Bond Anticipation Notes | 3.000 | % | 07/10/2019 | 1,100,000 | 1,103,300 | |||||||||
| 12.0% - Total For General Obligation - City | $ | 23,490,209 | ||||||||||||
| Ashtabula County Ohio GO Limited | 4.000 | % | 12/01/2027 | 500,000 | 533,525 | |||||||||
| Butler County Ohio GO Limited | 5.000 | % | 12/01/2024 | 160,000 | 188,755 | |||||||||
| Butler County Ohio GO Limited | 5.250 | % | 12/01/2026 | 1,000,000 | 1,196,570 | |||||||||
| Clark County Ohio GO Limited | 5.000 | % | 12/01/2026 | 340,000 | 415,096 | |||||||||
| Clark County Ohio GO Limited | 5.000 | % | 12/01/2028 | 325,000 | 408,151 | |||||||||
| Hamilton County Ohio GO Limited | 5.000 | % | 12/01/2028 | 500,000 | 619,410 | |||||||||
| Knox County Ohio GO Limited | 4.000 | % | 12/01/2025 | 460,000 | 517,707 | |||||||||
| Lake County Ohio GO Bond Anticipation | 2.250 | % | 09/05/2019 | 700,000 | 702,044 | |||||||||
| Lake County Ohio GO Bond Anticipation | 3.000 | % | 04/02/2020 | 550,000 | 556,693 | |||||||||
| Lake County Ohio GO Limited Bond Anticipation | 3.000 | % | 01/16/2020 | 1,000,000 | 1,009,770 | |||||||||
| Licking County Ohio GO Limited | 3.000 | % | 12/01/2024 | 555,000 | 581,313 | |||||||||
| Lorain County Ohio GO Limited | 4.000 | % | 12/01/2025 | 795,000 | 868,013 | |||||||||
| Lorain County Ohio GO Unlimited | 4.000 | % | 12/01/2030 | 450,000 | 485,194 | |||||||||
| Lucas County Ohio GO Limited | 4.000 | % | 10/01/2028 | 1,000,000 | 1,114,750 | |||||||||
| Lucas County Ohio GO Limited | 4.000 | % | 10/01/2029 | 605,000 | 671,278 | |||||||||
| Ottawa County Ohio GO Limited | 4.000 | % | 12/01/2021 | 295,000 | 312,544 | |||||||||
| Portage County Ohio GO Limited | 3.000 | % | 12/01/2021 | 270,000 | 270,346 | |||||||||
| Rowan County Kentucky GO Unlimited (AGM Insured) | 4.000 | % | 06/01/2024 | 390,000 | 426,602 | |||||||||
| Summit County Ohio GO Limited | 4.000 | % | 12/01/2023 | 300,000 | 330,510 | |||||||||
| Summit County Ohio GO Limited | 4.000 | % | 12/01/2031 | 500,000 | 545,865 | |||||||||
| 6.0% - Total For General Obligation - County | $ | 11,754,136 | ||||||||||||
| Ohio GO Limited | 3.000 | % | 09/01/2026 | 1,385,000 | 1,454,555 | |||||||||
| Ohio GO Limited | 4.000 | % | 03/01/2026 | 1,060,000 | 1,169,583 | |||||||||
| Ohio GO Unlimited | 3.000 | % | 03/01/2027 | 555,000 | 577,772 | |||||||||
| Ohio GO Unlimited | 3.125 | % | 08/01/2019 | 235,000 | 236,234 | |||||||||
| Ohio GO Unlimited | 4.000 | % | 03/01/2030 | 1,225,000 | 1,438,885 | |||||||||
| Ohio GO Unlimited | 5.000 | % | 05/01/2019 | 1,000,000 | 1,002,810 | |||||||||
| Ohio GO Unlimited | 5.000 | % | 09/01/2022 | 400,000 | 445,680 | |||||||||
| Ohio GO Unlimited | 5.000 | % | 12/15/2023 | 500,000 | 576,155 | |||||||||
| Ohio GO Unlimited | 5.000 | % | 06/15/2024 | 410,000 | 477,843 | |||||||||
| Ohio GO Unlimited Common Schools - Series C | 4.250 | % | 09/15/2022 | 845,000 | 921,320 | |||||||||
| Ohio GO Unlimited** | 1.300 | % | 08/01/2021 | 1,200,000 | 1,200,000 | |||||||||
| Ohio GO Unlimited** | 1.300 | % | 03/15/2024 | 1,000,000 | 1,000,000 | |||||||||
| Ohio Infrastructure Improvement GO Unlimited | 5.000 | % | 08/01/2022 | 500,000 | 555,765 | |||||||||
| Pennsylvania GO Unlimited | 4.000 | % | 01/01/2030 | 645,000 | 708,146 | |||||||||
| Pennsylvania GO Unlimited | 5.000 | % | 01/15/2027 | 1,000,000 | 1,213,000 | |||||||||
| 6.6% - Total For General Obligation - State | $ | 12,977,748 | ||||||||||||
| Arizona Board of Regents Revenue Arizona State University | 5.000 | % | 08/01/2028 | 815,000 | 936,997 | |||||||||
| Arizona Board of Regents Revenue University of Arizona | 5.000 | % | 06/01/2029 | 125,000 | 143,880 | |||||||||
| Bowling Green State University Ohio Revenue | 5.000 | % | 06/01/2024 | 405,000 | 466,171 | |||||||||
| Bowling Green State University Ohio Revenue | 5.000 | % | 06/01/2032 | 500,000 | 586,120 | |||||||||
| Colorado Board of Governors University Enterprise System Revenue | 5.000 | % | 03/01/2027 | 225,000 | 275,897 | |||||||||
| Colorado Higher Education Lease Financing Program Certificate of Participation | 5.000 | % | 11/01/2025 | 290,000 | 345,813 | |||||||||
| Cuyahoga County Ohio Community College GO Unlimited | 4.000 | % | 12/01/2033 | 400,000 | 436,076 | |||||||||
| Cuyahoga County Ohio Community College GO Unlimited | 5.000 | % | 12/01/2027 | 400,000 | 482,692 | |||||||||
| Denison University Ohio Revenue | 5.000 | % | 11/01/2030 | 400,000 | 496,584 | |||||||||
| Denison University Ohio Revenue | 5.000 | % | 11/01/2033 | 325,000 | 397,420 | |||||||||
| Kent State University Ohio General Receipt Revenue | 4.000 | % | 05/01/2022 | 255,000 | 272,246 | |||||||||
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Municipal Income Securities - Bonds | Rate | Maturity | Face Value | Fair Value | ||||||||||
| Lorain County Ohio Community College District General Receipts Revenue Bond | 3.000 | % | 06/01/2020 | 190,000 | 192,723 | |||||||||
| Lorain County Ohio Community College District General Receipts Revenue Bond | 4.000 | % | 12/01/2025 | 600,000 | 672,084 | |||||||||
| Miami University Ohio General Receipts Revenue | 4.000 | % | 09/01/2022 | 450,000 | 475,555 | |||||||||
| Miami University Ohio General Receipts Revenue | 4.000 | % | 09/01/2023 | 1,040,000 | 1,098,334 | |||||||||
| Miami University Ohio General Receipts Revenue | 5.000 | % | 09/01/2020 | 400,000 | 419,220 | |||||||||
| Miami University Ohio General Receipts Revenue | 5.000 | % | 09/01/2020 | 100,000 | 104,805 | |||||||||
| Miami University Ohio Revenue | 4.000 | % | 09/01/2027 | 300,000 | 319,338 | |||||||||
| Miami Valley Ohio Career Tech Center GO Unlimited | 4.000 | % | 12/01/2024 | 1,000,000 | 1,120,710 | |||||||||
| Northern Kentucky University General Receipts Revenue | 3.000 | % | 09/01/2021 | 210,000 | 216,174 | |||||||||
| Ohio Higher Education Facilities Revenue - University of Dayton | 4.000 | % | 12/01/2033 | 620,000 | 675,509 | |||||||||
| Ohio Higher Education Facilities Revenue - Xavier University | 4.500 | % | 05/01/2036 | 1,000,000 | 1,073,120 | |||||||||
| Ohio State University General Receipts Revenue | 4.000 | % | 06/01/2030 | 200,000 | 220,594 | |||||||||
| Ohio State University Revenue** | 1.300 | % | 06/01/2035 | 1,000,000 | 1,000,000 | |||||||||
| Ohio State University Revenue** | 1.300 | % | 12/01/2044 | 1,200,000 | 1,200,000 | |||||||||
| Ohio State University Revenue** | 1.580 | % | 12/01/2034 | 1,150,000 | 1,150,000 | |||||||||
| Ohio University General Receipts Revenue Bond | 5.000 | % | 12/01/2019 | 135,000 | 138,035 | |||||||||
| Ohio University General Receipts Revenue Bond | 5.000 | % | 12/01/2022 | 110,000 | 122,726 | |||||||||
| South Dakota Board of Regents Housing and Auxiliary Facilities System Revenue | 5.000 | % | 04/01/2026 | 315,000 | 375,823 | |||||||||
| University of Akron Ohio General Receipts Revenue | 5.000 | % | 01/01/2024 | 610,000 | 696,199 | |||||||||
| University of Akron Ohio General Receipts Revenue | 5.000 | % | 01/01/2028 | 410,000 | 475,149 | |||||||||
| University of Akron Ohio General Receipts Revenue | 5.000 | % | 01/01/2029 | 650,000 | 731,146 | |||||||||
| University of Akron Ohio General Receipts Revenue | 5.000 | % | 01/01/2029 | 335,000 | 397,193 | |||||||||
| University of Akron Ohio General Receipts Revenue (AGM Insured) | 5.000 | % | 01/01/2022 | 215,000 | 220,240 | |||||||||
| University of Akron Ohio General Receipts Revenue* | 5.000 | % | 01/01/2022 | 135,000 | 138,424 | |||||||||
| University of Akron Ohio Revenue | 5.000 | % | 01/01/2027 | 350,000 | 418,264 | |||||||||
| University of Cincinnati General Receipts Revenue | 4.000 | % | 06/01/2036 | 250,000 | 263,630 | |||||||||
| University of Cincinnati General Receipts Revenue | 5.000 | % | 06/01/2020 | 300,000 | 311,637 | |||||||||
| University of Cincinnati General Receipts Revenue | 5.000 | % | 06/01/2026 | 470,000 | 509,240 | |||||||||
| University of Cincinnati Ohio Receipts Revenue (Assured Guaranty Insured) | 5.000 | % | 06/01/2019 | 1,000,000 | 1,005,460 | |||||||||
| University of Toledo Revenue | 5.000 | % | 06/01/2021 | 300,000 | 320,775 | |||||||||
| University of Toledo Revenue | 5.000 | % | 06/01/2026 | 885,000 | 989,014 | |||||||||
| University of Toledo Revenue | 5.000 | % | 06/01/2027 | 1,590,000 | 1,932,709 | |||||||||
| University of Toledo Revenue | 5.000 | % | 06/01/2031 | 500,000 | 626,340 | |||||||||
| 12.5% - Total For Higher Education | $ | 24,450,066 | ||||||||||||
| Allegheny County Pennsylvania Hospital Development Authority Revenue - University of Pittsburgh Medical Center | 5.000 | % | 10/15/2024 | 100,000 | 107,708 | |||||||||
| Allegheny County Pennsylvania Hospital Development Authority Revenue - University of Pittsburgh Medical Center | 6.000 | % | 07/01/2027 | 250,000 | 321,367 | |||||||||
| Butler County Ohio Cincinnati Childrens Hospital Medical Center Revenue | 5.000 | % | 05/15/2030 | 1,005,000 | 1,268,601 | |||||||||
| Franklin County Ohio Hospital Revenue Nationwide Childrens | 4.000 | % | 11/01/2036 | 800,000 | 850,008 | |||||||||
| Franklin County Ohio Hospital Revenue Nationwide Childrens | 5.000 | % | 11/01/2032 | 500,000 | 598,570 | |||||||||
| Franklin County Ohio Hospital Revenue Nationwide Childrens* | 5.000 | % | 11/01/2024 | 500,000 | 509,750 | |||||||||
| Franklin County Ohio Hospital Revenue Nationwide Childrens** | 1.620 | % | 11/01/2045 | 1,000,000 | 1,000,000 | |||||||||
| Hamilton County Ohio Health Care Facilities Revenue - The Christ Hospital | 5.250 | % | 06/01/2025 | 1,000,000 | 1,097,940 | |||||||||
| Hamilton County Ohio Health Care Facilities Revenue - The Christ Hospital Obligated Group | 5.250 | % | 06/01/2027 | 1,000,000 | 1,095,360 | |||||||||
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital | 5.000 | % | 05/15/2027 | 100,000 | 115,204 | |||||||||
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital | 5.000 | % | 05/15/2028 | 1,715,000 | 1,971,221 | |||||||||
| Monroeville Pennsylvania Finance Authority Revenue - University of Pittsburgh Medical Center | 5.000 | % | 02/15/2027 | 300,000 | 363,420 | |||||||||
| Nashville and Davidson County Tennessee Vanderbilt University Medical Center | 5.000 | % | 07/01/2031 | 480,000 | 551,107 | |||||||||
| Ohio Hospital Facilities Revenue - Cleveland Clinic | 5.000 | % | 01/01/2020 | 170,000 | 174,298 | |||||||||
| Pennsylvania Economic Development Financing Authority - University of Pittsburgh Medical Center Revenue | 5.000 | % | 02/01/2025 | 450,000 | 522,792 | |||||||||
| Pennsylvania Economic Development Financing Authority - University of Pittsburgh Medical Center Revenue | 5.000 | % | 02/01/2029 | 250,000 | 286,333 | |||||||||
| 5.5% - Total For Hospital/Health Bonds | $ | 10,833,679 | ||||||||||||
| Columbus Ohio Metropolitan Library Special Obligation Revenue | 5.000 | % | 12/01/2026 | 705,000 | 860,156 | |||||||||
| Columbus Ohio Metropolitan Library Special Obligation Revenue | 5.000 | % | 12/01/2027 | 500,000 | 619,240 | |||||||||
| Franklin County Ohio Convention Facilities Authority Revenue | 5.000 | % | 12/01/2022 | 500,000 | 557,090 | |||||||||
| Hopkins County Kentucky Public Properties Corp. Judicial Center Project First Mortgage Revenue | 3.000 | % | 06/01/2019 | 300,000 | 300,639 | |||||||||
| Huntsville Alabama Public Building Authority Revenue | 5.000 | % | 10/01/2033 | 800,000 | 957,464 | |||||||||
| Newport Kentucky First Mortgage Court Facilities Project Revenue | 4.000 | % | 10/01/2025 | 500,000 | 503,560 | |||||||||
| Newport Kentucky First Mortgage Court Facilities Project Revenue | 4.000 | % | 10/01/2026 | 100,000 | 100,687 | |||||||||
| Ohio Capital Facilities Lease Appropriation Revenue | 5.000 | % | 04/01/2020 | 520,000 | 537,685 | |||||||||
| Ohio Capital Facilities Lease Appropriation Revenue | 5.000 | % | 04/01/2022 | 425,000 | 466,943 | |||||||||
| Ohio Capital Facilities Lease Appropriation Revenue* | 4.000 | % | 04/01/2026 | 150,000 | 157,412 | |||||||||
| Ohio Capital Facilities Lease Appropriation Revenue* | 5.000 | % | 04/01/2024 | 275,000 | 293,981 | |||||||||
| Ohio Cultural and Sports Facilities Project Revenue | 4.000 | % | 10/01/2019 | 225,000 | 227,732 | |||||||||
| Ohio Parks and Recreation Capital Facilities Revenue | 5.000 | % | 12/01/2020 | 1,000,000 | 1,056,430 | |||||||||
| Ohio Parks and Recreation Capital Facilities Revenue | 5.000 | % | 02/01/2023 | 300,000 | 337,143 | |||||||||
| Ohio Parks and Recreation Capital Facilities Revenue | 5.000 | % | 12/01/2035 | 1,160,000 | 1,400,770 | |||||||||
| 4.3% - Total For Revenue Bonds - Facility | $ | 8,376,932 | ||||||||||||
| Anderson Indiana Sewage Works Revenue (AGM Insured) | 4.000 | % | 11/01/2026 | 300,000 | 340,767 | |||||||||
| Cape Coral Florida Water & Sewer Revenue | 5.000 | % | 10/01/2024 | 535,000 | 624,457 | |||||||||
| Central Ohio Solid Waste Authority GO Limited | 5.000 | % | 12/01/2023 | 45,000 | 49,730 | |||||||||
| Central Ohio Solid Waste Authority GO Limited* | 5.000 | % | 12/01/2023 | 10,000 | 11,054 | |||||||||
| Central Ohio Solid Waste Authority GO Limited* | 5.000 | % | 12/01/2023 | 75,000 | 82,909 | |||||||||
| Cincinnati Ohio Water System Revenue | 4.000 | % | 12/01/2030 | 1,000,000 | 1,125,570 | |||||||||
| Evansville Indiana Waterworks District Revenue (BAM Insured) | 4.000 | % | 01/01/2029 | 400,000 | 446,704 | |||||||||
| Evansville Indiana Waterworks District Revenue (BAM Insured) | 5.000 | % | 01/01/2022 | 300,000 | 326,301 | |||||||||
| Hamilton Ohio Wastewater System Revenue (BAM Insured) | 5.000 | % | 10/01/2027 | 930,000 | 1,139,687 | |||||||||
| Lafayette Indiana Sewage Works Revenue | 5.000 | % | 07/01/2022 | 150,000 | 165,526 | |||||||||
| Lima Ohio Sanitary Sewer Revenue | 5.000 | % | 12/01/2024 | 200,000 | 221,314 | |||||||||
| Lima Ohio Sewer Revenue | 3.000 | % | 12/01/2021 | 575,000 | 594,136 | |||||||||
| Northern Kentucky Water District Revenue | 5.000 | % | 02/01/2023 | 1,000,000 | 1,123,420 | |||||||||
| Ohio Water Development Authority Revenue | 4.000 | % | 06/01/2030 | 500,000 | 585,130 | |||||||||
| Ohio Water Development Authority Water Pollution Control Revenue | 1.650 | % | 12/01/2036 | 1,000,000 | 1,000,000 | |||||||||
| Owensboro Kentucky Water Revenue (BAM Insured) | 5.000 | % | 09/15/2025 | 485,000 | 568,139 | |||||||||
| Springboro Ohio Sewer System Revenue | 4.000 | % | 06/01/2022 | 245,000 | 261,758 | |||||||||
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Municipal Income Securities - Bonds | Rate | Maturity | Face Value | Fair Value | ||||||||||
| St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation | 4.000 | % | 12/01/2031 | 400,000 | 431,896 | |||||||||
| Toledo Ohio Water System Revenue | 5.000 | % | 11/15/2025 | 255,000 | 299,189 | |||||||||
| Toledo Ohio Waterworks Revenue | 4.000 | % | 11/15/2022 | 365,000 | 394,258 | |||||||||
| Toledo Ohio Waterworks Revenue | 5.000 | % | 11/15/2026 | 500,000 | 604,035 | |||||||||
| 5.3% - Total For Revenue Bonds - Water & Sewer | $ | 10,395,980 | ||||||||||||
| Akron Ohio Certificate of Participation | 5.000 | % | 12/01/2025 | 500,000 | 587,645 | |||||||||
| Akron Ohio Income Tax Revenue | 5.000 | % | 12/01/2023 | 1,100,000 | 1,257,773 | |||||||||
| Akron Ohio Income Tax Revenue Community Learning Centers | 5.000 | % | 12/01/2028 | 380,000 | 416,400 | |||||||||
| Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | 4.750 | % | 11/01/2030 | 500,000 | 574,605 | |||||||||
| Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | 5.000 | % | 11/01/2032 | 525,000 | 608,590 | |||||||||
| Cincinnati Ohio Economic Development Revenue U-Square-the-Loop Project | 3.500 | % | 11/01/2024 | 110,000 | 114,193 | |||||||||
| Escambia County Florida Pollution Control Revenue (Gulf Power Company) | 2.100 | % | 07/01/2022 | 1,030,000 | 1,030,000 | |||||||||
| Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue | 5.000 | % | 06/01/2030 | 655,000 | 757,088 | |||||||||
| Humboldt County Nevada Polution Control Revenue (Sierra Pacific Power Co.) | 1.250 | % | 10/01/2029 | 300,000 | 299,601 | |||||||||
| Louisa Virginia Industrial Development Authority (Virginia Electric & Power Co.) | 1.850 | % | 11/01/2035 | 650,000 | 649,961 | |||||||||
| Louisa Virginia Industrial Development Authority (Virginia Electric & Power Co.) | 2.150 | % | 11/01/2035 | 800,000 | 802,880 | |||||||||
| Mason Ohio Certificate of Participation | 5.000 | % | 12/01/2023 | 750,000 | 789,817 | |||||||||
| Mobile Alabama Industrial Development Board Pollution Control Revenue | 1.625 | % | 07/15/2034 | 1,025,000 | 1,052,685 | |||||||||
| Monroe County Georgia Development Authority Pollution Control Revenue | 2.050 | % | 07/01/2049 | 1,085,000 | 1,076,852 | |||||||||
| Montgomery County Ohio Transportation Improvement Special Obligation Revenue | 3.500 | % | 12/01/2019 | 400,000 | 402,292 | |||||||||
| Ohio Housing Finance Agency Residential Mortgage Revenue | 3.700 | % | 03/01/2032 | 1,205,000 | 1,257,044 | |||||||||
| Ohio Major New State Infrastructure Project Revenue | 5.000 | % | 12/15/2022 | 250,000 | 276,613 | |||||||||
| Ohio Major New State Infrastructure Project Revenue | 5.000 | % | 12/15/2023 | 500,000 | 575,665 | |||||||||
| Ohio Major New State Infrastructure Project Revenue | 5.000 | % | 12/15/2023 | 500,000 | 575,665 | |||||||||
| Ohio Major New State Infrastructure Project Revenue | 5.000 | % | 12/15/2026 | 500,000 | 606,005 | |||||||||
| Ohio Major New State Infrastructure Project Revenue | 5.000 | % | 12/15/2028 | 570,000 | 685,049 | |||||||||
| Ohio Mental Health Capital Facilities Revenue | 5.000 | % | 02/01/2025 | 1,000,000 | 1,176,890 | |||||||||
| Ohio Special Obligation Revenue | 3.000 | % | 12/01/2019 | 500,000 | 504,795 | |||||||||
| Ohio Special Obligation Revenue | 5.000 | % | 12/01/2029 | 510,000 | 613,448 | |||||||||
| Summit County Ohio Development Finance Authority Akron Lease Revenue | 4.000 | % | 12/01/2027 | 220,000 | 240,425 | |||||||||
| Summit County Ohio Development Finance Authority Akron Lease Revenue | 4.000 | % | 12/01/2028 | 435,000 | 474,098 | |||||||||
| Washington Certificates of Participation | 5.000 | % | 07/01/2019 | 900,000 | 907,650 | |||||||||
| 9.3% - Total For Other Revenue Bonds | $ | 18,313,729 | ||||||||||||
| Aldine Texas ISD GO Unlimited | 4.000 | % | 02/15/2030 | 780,000 | 856,510 | |||||||||
| Athens Ohio CSD GO Unlimited Bond Anticipation | 3.000 | % | 06/26/2019 | 500,000 | 501,170 | |||||||||
| Bellbrook-Sugarcreek Ohio LSD GO Unlimited | 4.000 | % | 12/01/2031 | 325,000 | 357,370 | |||||||||
| Bellfontaine Ohio SCD GO Unlimited (National RE Insured) | 5.500 | % | 12/01/2026 | 615,000 | 739,107 | |||||||||
| Berea Ohio CSD GO Unlimited | 4.000 | % | 12/01/2031 | 500,000 | 539,510 | |||||||||
| Bloom-Carroll Ohio LSD GO Unlimited | 4.000 | % | 11/01/2030 | 290,000 | 328,912 | |||||||||
| Bloom-Carroll Ohio LSD GO Unlimited | 4.000 | % | 11/01/2031 | 150,000 | 167,836 | |||||||||
| Bloom-Carroll Ohio LSD GO Unlimited (SDCP) | 4.000 | % | 11/01/2029 | 325,000 | 374,663 | |||||||||
| Boone County Kentucky SD Finance Corporation Revenue | 2.500 | % | 05/01/2019 | 500,000 | 500,335 | |||||||||
| Breckinridge County Kentucky SD Finance Corp. | 5.000 | % | 04/01/2025 | 265,000 | 309,226 | |||||||||
| Brownsville Indianna CSC Revenue | 5.000 | % | 01/15/2027 | 535,000 | 647,666 | |||||||||
| Chagrin Falls Ohio Exempted Village SD GO | 4.000 | % | 12/01/2022 | 100,000 | 108,367 | |||||||||
| Chillicothe Ohio CSD Special Obligation Revenue | 4.000 | % | 12/01/2023 | 130,000 | 139,420 | |||||||||
| Chillicothe Ohio SD GO Unlimited (AGM Insured) | 4.000 | % | 12/01/2029 | 400,000 | 437,728 | |||||||||
| Clark County Kentucky SD Finance Corp. Revenue Bond | 3.000 | % | 08/01/2022 | 115,000 | 118,947 | |||||||||
| Cleveland Heights and University Heights Ohio CSD GO Unlimited | 4.000 | % | 12/01/2032 | 1,000,000 | 1,098,720 | |||||||||
| Colorado Building Excellent Schools Today Certificates of Participation | 4.000 | % | 03/15/2030 | 1,000,000 | 1,128,530 | |||||||||
| Columbus Ohio CSD GO Unlimited | 4.000 | % | 12/01/2029 | 400,000 | 443,596 | |||||||||
| Columbus Ohio CSD School Facilities Construction and Improvement GO* | 4.000 | % | 12/01/2023 | 175,000 | 175,724 | |||||||||
| Dayton Ohio SCD GO Unlimited (SDCP) | 5.000 | % | 11/01/2025 | 1,000,000 | 1,185,650 | |||||||||
| Denver Colorado City & County SD #1 Certificates of Participation | 5.000 | % | 12/01/2021 | 500,000 | 531,225 | |||||||||
| Dexter Michigan CSD GO Unlimited | 4.000 | % | 05/01/2031 | 670,000 | 745,006 | |||||||||
| Dublin Ohio CSD GO Unlimited | 4.000 | % | 12/01/2034 | 500,000 | 555,600 | |||||||||
| Dublin Ohio CSD GO Unlimited | 5.000 | % | 12/01/2026 | 500,000 | 564,955 | |||||||||
| Elyria Ohio SCD GO Unlimited (SDCP) | 4.000 | % | 12/01/2030 | 1,000,000 | 1,097,450 | |||||||||
| Fairfield Ohio CSD GO Unlimited | 5.000 | % | 12/01/2020 | 420,000 | 443,486 | |||||||||
| Firelands Ohio LSD GO Unlimited Bond Anticipation Notes | 3.000 | % | 08/22/2019 | 1,000,000 | 1,004,610 | |||||||||
| Fort Mill South Carolina School Facilities Corp. Installment Purchase Revenue | 5.000 | % | 12/01/2024 | 300,000 | 348,453 | |||||||||
| Franklin Indiana Community Multi-School Building Corp. | 5.000 | % | 01/15/2023 | 200,000 | 223,864 | |||||||||
| Granville Ohio Exempted Village SD GO Unlimited | 5.000 | % | 12/01/2026 | 510,000 | 610,261 | |||||||||
| Green County Ohio Vocational SD GO Umlimited | 4.000 | % | 12/01/2035 | 1,000,000 | 1,099,940 | |||||||||
| Greenville Ohio CSD GO Unlimited (SD Credit Program Insured) | 4.000 | % | 01/01/2021 | 110,000 | 114,490 | |||||||||
| Hamilton Ohio CSD GO Unlimited (School District Credit Program) | 5.000 | % | 12/01/2019 | 300,000 | 306,744 | |||||||||
| Hardin County Kentucky SD Finance Corp. Revenue | 2.500 | % | 06/01/2021 | 100,000 | 101,254 | |||||||||
| Hardin County Kentucky SD Finance Corp. Revenue | 5.000 | % | 05/01/2024 | 500,000 | 572,400 | |||||||||
| Hillsborough County Florida School Board Certificates of Participation | 5.000 | % | 07/01/2025 | 200,000 | 236,978 | |||||||||
| Houston Texas ISD GO Limited | 5.000 | % | 02/15/2030 | 440,000 | 523,433 | |||||||||
| Hudson Ohio CSD GO Unlimited | 4.000 | % | 12/01/2033 | 800,000 | 868,336 | |||||||||
| Huntington County Indiana Countryside School Building Corp. Revenue | 4.000 | % | 01/15/2028 | 1,000,000 | 1,130,570 | |||||||||
| Jackson Milton Ohio LSD Certificates of Participation (BAM Insured) | 2.000 | % | 06/01/2019 | 200,000 | 200,134 | |||||||||
| Jackson Milton Ohio LSD Certificates of Participation (BAM Insured) | 4.000 | % | 06/01/2031 | 270,000 | 290,628 | |||||||||
| Jefferson County Kentucky SD Finance Corp. | 3.500 | % | 04/01/2021 | 340,000 | 346,161 | |||||||||
| Jefferson County Kentucky SD Finance Corp. | 5.000 | % | 10/01/2026 | 530,000 | 639,397 | |||||||||
| Johnstown-Monroe Ohio LSD GO Unlimited | 4.000 | % | 12/01/2029 | 800,000 | 888,016 | |||||||||
| Kenston Ohio LSD Improvement GO Unlimited | 5.000 | % | 12/01/2019 | 150,000 | 153,442 | |||||||||
| Kenton County Kentucky SD Finance Corp. Revenue | 4.000 | % | 02/01/2028 | 400,000 | 441,448 | |||||||||
| Kettering Ohio CSD GO Unlimited | 4.000 | % | 12/01/2020 | 240,000 | 249,617 | |||||||||
| Kettering Ohio CSD GO Unlimited | 4.000 | % | 12/01/2030 | 400,000 | 437,392 | |||||||||
| Kettering Ohio CSD GO Unlimited | 5.250 | % | 12/01/2031 | 500,000 | 618,500 | |||||||||
| Lake Ohio LSD of Stark County GO Unlimited | 4.000 | % | 12/01/2023 | 400,000 | 429,720 | |||||||||
| Lakota Ohio LSD GO | 5.250 | % | 12/01/2025 | 205,000 | 249,065 | |||||||||
| Lakota Ohio LSD GO Unlimited | 4.000 | % | 12/01/2027 | 275,000 | 297,913 | |||||||||
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Municipal Income Securities - Bonds | Rate | Maturity | Face Value | Fair Value | ||||||||||
| Lakota Ohio LSD GO Unlimited | 5.000 | % | 12/01/2021 | 350,000 | 380,558 | |||||||||
| Lancaster Ohio CSD GO Limited (SDCP) | 4.000 | % | 10/01/2027 | 1,000,000 | 1,106,360 | |||||||||
| Licking Heights Ohio LSD GO Unlimited | 5.000 | % | 10/01/2025 | 715,000 | 841,591 | |||||||||
| Licking Heights Ohio LSD GO Unlimited | 5.000 | % | 10/01/2026 | 350,000 | 417,945 | |||||||||
| Licking Heights Ohio LSD GO Unlimited | 5.000 | % | 10/01/2027 | 500,000 | 606,230 | |||||||||
| Logan Hocking Ohio LSD Certificates of Participation | 4.000 | % | 12/01/2032 | 420,000 | 451,668 | |||||||||
| Louisville Ohio CSD GO Unlimited (SDCP) | 3.000 | % | 12/01/2020 | 370,000 | 378,284 | |||||||||
| Marysville Michigan PSD GO Unlimited | 5.000 | % | 05/01/2021 | 250,000 | 266,987 | |||||||||
| Marysville Ohio Exempted Village SD GO Unlimited | 4.000 | % | 12/01/2023 | 165,000 | 178,355 | |||||||||
| Marysville Ohio Exempted Village SD GO Unlimited | 5.000 | % | 12/01/2022 | 715,000 | 796,639 | |||||||||
| Marysville Ohio Exempted Village SD GO Unlimited (SDCP) | 5.000 | % | 12/01/2025 | 500,000 | 567,395 | |||||||||
| Mayfield Ohio CSD Certificates of Participation | 4.000 | % | 09/01/2032 | 280,000 | 302,705 | |||||||||
| Merrillville Indiana Multi School Building Corp. | 5.000 | % | 07/15/2026 | 1,000,000 | 1,206,540 | |||||||||
| Middletown Ohio CSD GO Umlimited (SDCP) | 4.000 | % | 12/01/2027 | 585,000 | 654,036 | |||||||||
| Milford Ohio Exempt Village SD GO Unlimited (AGM Insured) | 5.500 | % | 12/01/2030 | 1,260,000 | 1,590,284 | |||||||||
| Munster Indiana School Building Corp. Revenue (State Intercept) | 4.000 | % | 01/15/2029 | 400,000 | 436,684 | |||||||||
| Murray Kentucky ISD Finance Corporation Revenue | 5.000 | % | 03/01/2025 | 810,000 | 942,646 | |||||||||
| Newark Ohio CSD GO Unlimited (School District Credit Program) | 4.000 | % | 12/01/2026 | 235,000 | 259,379 | |||||||||
| North Olmsted Ohio CSD GO Unlimited | 4.000 | % | 12/01/2029 | 500,000 | 567,745 | |||||||||
| Northwest Ohio LSD Hamilton & Butler Counties Certificates of Participation | 2.500 | % | 12/01/2019 | 150,000 | 150,936 | |||||||||
| Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited | 5.000 | % | 12/01/2028 | 100,000 | 113,958 | |||||||||
| Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited | 5.000 | % | 12/01/2029 | 150,000 | 170,218 | |||||||||
| Olentangy Ohio LSD GO Unlimited | 4.000 | % | 12/01/2026 | 1,000,000 | 1,080,220 | |||||||||
| Orange County Florida School Board Certificates of Participation | 5.000 | % | 08/01/2032 | 500,000 | 575,345 | |||||||||
| Princeton Ohio CSD Certificates of Participation | 3.500 | % | 12/01/2026 | 275,000 | 282,824 | |||||||||
| Princeton Ohio CSD GO Unliimited (National RE Insured) | 5.250 | % | 12/01/2030 | 1,000,000 | 1,255,790 | |||||||||
| Sarah Scott Indiana Middle School Building Corp. Revenue | 5.000 | % | 07/10/2022 | 640,000 | 706,515 | |||||||||
| Southwest Ohio LSD of Hamilton County GO Umlimited (SDCP) | 4.000 | % | 12/01/2026 | 930,000 | 1,069,351 | |||||||||
| South-Western City Ohio SD GO Unlimited | 4.000 | % | 12/01/2025 | 1,000,000 | 1,068,910 | |||||||||
| South-Western City Ohio SD GO Unlimited Bond Anticipation Note | 3.125 | % | 06/04/2019 | 500,000 | 501,035 | |||||||||
| Switzerland Ohio LSD GO Unlimited (SDCEP Insured) | 4.000 | % | 12/01/2026 | 415,000 | 445,922 | |||||||||
| Toledo Ohio CSD GO Unlimited | 5.000 | % | 12/01/2029 | 660,000 | 774,913 | |||||||||
| Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | 4.000 | % | 12/01/2028 | 210,000 | 236,433 | |||||||||
| Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | 4.000 | % | 12/01/2029 | 500,000 | 559,465 | |||||||||
| Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | 4.000 | % | 12/01/2030 | 350,000 | 389,253 | |||||||||
| Upper Arlington Ohio CSD GO Unlimited | 4.000 | % | 12/01/2030 | 1,380,000 | 1,551,810 | |||||||||
| Vandalia Butler Ohio CSD GO Unlimited | 3.000 | % | 12/01/2024 | 500,000 | 528,795 | |||||||||
| Vermillion Ohio LSD Certificates of Participation | 5.000 | % | 12/01/2023 | 230,000 | 242,054 | |||||||||
| Wadsworth Ohio CSD GO Unlimited | 3.000 | % | 12/01/2019 | 120,000 | 121,024 | |||||||||
| Wadsworth Ohio CSD GO Unlimited | 3.500 | % | 12/01/2022 | 215,000 | 222,871 | |||||||||
| Wadsworth Ohio CSD GO Unlimited | 4.000 | % | 12/01/2027 | 840,000 | 927,175 | |||||||||
| Wadsworth Ohio CSD GO Unlimited | 4.000 | % | 12/01/2033 | 1,075,000 | 1,151,938 | |||||||||
| Walton County Florida Board Certificates of Participation | 5.000 | % | 07/01/2027 | 500,000 | 606,890 | |||||||||
| Washington County Kentucky SD Finance Corp. Revenue Bond | 3.000 | % | 08/01/2019 | 185,000 | 185,816 | |||||||||
| Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation | 4.000 | % | 04/01/2030 | 395,000 | 427,343 | |||||||||
| Western Reserve Ohio LSD GO (SDCEP Insured) | 4.000 | % | 12/01/2022 | 240,000 | 246,382 | |||||||||
| Westerville Ohio SCD Certificate of Participation | 5.000 | % | 12/01/2032 | 555,000 | 661,832 | |||||||||
| Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured) | 4.000 | % | 03/01/2030 | 810,000 | 874,460 | |||||||||
| Wyoming Ohio CSD GO Unlimited | 5.000 | % | 12/01/2023 | 200,000 | 228,494 | |||||||||
| Zanesville Ohio CSD GO Unlimited (SDCEP Insured) | 4.500 | % | 12/01/2019 | 200,000 | 203,838 | |||||||||
| 28.6% - Total For School District | $ | 55,993,316 | ||||||||||||
| FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement) | 3.400 | % | 01/25/2036 | 2,000,000 | 2,068,420 | |||||||||
| Kansas Development Finance Authority | 5.000 | % | 04/01/2019 | 580,000 | 580,000 | |||||||||
| Kentucky Asset and Liability Commission Revenue | 5.250 | % | 09/01/2023 | 965,000 | 1,103,835 | |||||||||
| Kentucky Association of Counties Finance Corp. Revenue | 4.000 | % | 02/01/2029 | 575,000 | 643,437 | |||||||||
| Kentucky Association of Counties Finance Corp. Revenue | 4.250 | % | 02/01/2023 | 20,000 | 20,635 | |||||||||
| Kentucky Association of Counties Finance Corp. Revenue* | 4.250 | % | 02/01/2023 | 180,000 | 186,082 | |||||||||
| Kentucky Certificates of Participation | 4.000 | % | 04/15/2031 | 500,000 | 541,325 | |||||||||
| Kentucky Interlocal School Transportation Assoc. Certificate of Participation | 3.000 | % | 03/01/2024 | 560,000 | 580,098 | |||||||||
| Kentucky Property and Buildings Commission Revenue | 5.000 | % | 10/01/2023 | 350,000 | 393,914 | |||||||||
| Kentucky Property and Buildings Commission Revenue | 5.000 | % | 11/01/2026 | 1,000,000 | 1,178,840 | |||||||||
| Kentucky Property and Buildings Commission Revenue | 5.000 | % | 08/01/2029 | 600,000 | 691,614 | |||||||||
| Kentucky Property and Buildings Commission Revenue | 5.000 | % | 08/01/2030 | 600,000 | 687,684 | |||||||||
| Ohio Building Authority Revenue | 5.000 | % | 10/01/2020 | 215,000 | 218,702 | |||||||||
| Ohio Certificate of Participation | 5.000 | % | 09/01/2027 | 1,520,000 | 1,878,720 | |||||||||
| Ohio Department of Administration Certificate of Participation | 4.000 | % | 09/01/2025 | 775,000 | 821,609 | |||||||||
| Ohio Department of Administration Certificate of Participation | 5.000 | % | 03/01/2020 | 500,000 | 515,310 | |||||||||
| Ohio Department of Administration Certificate of Participation | 5.000 | % | 09/01/2023 | 1,320,000 | 1,444,819 | |||||||||
| Ohio Department of Administration Certificate of Participation | 5.000 | % | 03/01/2024 | 300,000 | 328,098 | |||||||||
| Ohio Department of Administration Certificate of Participation - Multi-Agency Radio Communication Project | 4.000 | % | 09/01/2027 | 145,000 | 153,145 | |||||||||
| Ohio Department of Administration Certificate of Participation - Multi-Agency Radio Communication Project | 5.000 | % | 09/01/2020 | 810,000 | 848,337 | |||||||||
| 7.6% - Total For State Agency | $ | 14,884,624 | ||||||||||||
| Missouri State Housing Development Commission Single Family Mortgage Revenue (GNMA/FNMA/FHLMC Insured) | 3.550 | % | 05/01/2023 | 190,000 | 195,706 | |||||||||
| Missouri State Housing Development Commission Single Family Mortgage Revenue Series C (GNMA/FNMA/FHLMC Insured) | 4.650 | % | 09/01/2024 | 20,000 | 20,486 | |||||||||
| 0.1% - Total For Housing | $ | 216,192 | ||||||||||||
| Total Municipal Income Securities - Bonds | 97.8 | % | $ | 191,686,611 | ||||||||||
| (Identified Cost $187,343,586) | ||||||||||||||
| Cash Equivalents | Shares | |||||||||||||
| Dreyfus AMT-Free Tax Cash Management Fund*** | 3,328,111 | 3,328,111 | ||||||||||||
| Total Cash Equivalents | 1.7 | % | $ | 3,328,111 | ||||||||||
| (Identified Cost $3,328,111) | ||||||||||||||
| Total Portfolio Value | 99.5 | % | $ | 195,014,722 | ||||||||||
| (Identified Cost $190,671,697) | ||||||||||||||
| Other Assets in Excess of Liabilities | 0.5 | % | $ | 971,069 | ||||||||||
| Total Net Assets | 100.0 | % | $ | 195,985,791 | ||||||||||
* Pre-refunded / Escrowed-to-Maturity Bonds; as of March 31, 2019, these bonds represented 0.79% of total assets.
** Variable Rate Security; the rate shown is as of March 31, 2019.
*** Variable Rate Security; as of March 31, 2019, the 7 day annualized yield was 1.57%.
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 March 31, 2019 - Unaudited |
| Fixed Income Securities – Bonds | ||||||||||||||
| Rate | Maturity | Face Value | Fair Value | |||||||||||
| Corporate Bonds: | ||||||||||||||
| American Express Credit | 2.250 | % | 05/05/2021 | 2,750,000 | $ | 2,732,101 | ||||||||
| Bank of America Corp. | 3.300 | % | 01/11/2023 | 3,100,000 | 3,139,357 | |||||||||
| AON Corp. | 5.000 | % | 09/30/2020 | 2,575,000 | 2,662,598 | |||||||||
| BB&T Corp. | 5.250 | % | 11/01/2019 | 2,400,000 | 2,432,388 | |||||||||
| Chubb INA Holdings Inc. | 2.300 | % | 11/03/2020 | 3,000,000 | 2,985,107 | |||||||||
| Fifth Third Bancorp | 4.300 | % | 01/16/2024 | 2,300,000 | 2,408,959 | |||||||||
| Huntington Bancshares | 2.300 | % | 01/14/2022 | 2,500,000 | 2,462,293 | |||||||||
| JP Morgan Chase & Co. | 3.375 | % | 05/01/2023 | 1,000,000 | 1,010,246 | |||||||||
| JP Morgan Chase & Co. | 4.500 | % | 01/24/2022 | 2,000,000 | 2,093,001 | |||||||||
| Keycorp | 5.100 | % | 03/24/2021 | 2,500,000 | 2,608,417 | |||||||||
| Manufacturers & Traders Trust Co. | 2.100 | % | 02/06/2020 | 3,000,000 | 2,985,440 | |||||||||
| Morgan Stanley | 5.500 | % | 07/28/2021 | 2,500,000 | 2,645,295 | |||||||||
| MUFG Union Bank NA | 2.250 | % | 05/06/2019 | 1,745,000 | 1,743,923 | |||||||||
| PNC Bank | 2.700 | % | 11/01/2022 | 2,900,000 | 2,885,066 | |||||||||
| Prudential Financial Inc. | 5.375 | % | 06/21/2020 | 750,000 | 774,190 | |||||||||
| Suntrust Banks Inc. | 2.900 | % | 03/03/2021 | 2,500,000 | 2,506,217 | |||||||||
| Travelers Companies Inc. | 5.900 | % | 06/02/2019 | 3,000,000 | 3,014,870 | |||||||||
| Wells Fargo & Co. | 3.450 | % | 02/13/2023 | 2,800,000 | 2,829,992 | |||||||||
| 27.6% - Total Finance | $ | 43,919,460 | ||||||||||||
| BP AMI Leasing Inc. (a) | 5.523 | % | 05/08/2019 | 1,000,000 | 1,002,646 | |||||||||
| Burlington Northern Santa Fe | 4.700 | % | 10/01/2019 | 3,000,000 | 3,031,944 | |||||||||
| Chevron Corp. (3 month LIBOR + 0.950%)* | 3.475 | % | 05/16/2021 | 1,000,000 | 1,015,380 | |||||||||
| CVS Health Corp. | 4.125 | % | 05/15/2021 | 2,477,000 | 2,531,784 | |||||||||
| Eaton Electric Holdings | 3.875 | % | 12/15/2020 | 2,409,000 | 2,449,209 | |||||||||
| Emerson Electric Co. | 4.250 | % | 11/15/2020 | 1,200,000 | 1,230,754 | |||||||||
| Emerson Electric Co. | 4.875 | % | 10/15/2019 | 1,753,000 | 1,773,210 | |||||||||
| General Electric Capital Corp. (3 month LIBOR + 1.000%)* | 3.611 | % | 03/15/2023 | 3,500,000 | 3,404,201 | |||||||||
| Johnson Controls International PLC | 3.750 | % | 12/01/2021 | 1,476,000 | 1,499,989 | |||||||||
| Johnson Controls International PLC | 5.000 | % | 03/30/2020 | 1,025,000 | 1,046,332 | |||||||||
| Kroger Co. | 3.850 | % | 08/01/2023 | 2,200,000 | 2,267,067 | |||||||||
| Norfolk Southern Corp. | 5.900 | % | 06/15/2019 | 2,500,000 | 2,515,382 | |||||||||
| Shell International | 4.375 | % | 03/25/2020 | 1,800,000 | 1,831,012 | |||||||||
| Union Pacific Corp. | 3.150 | % | 03/01/2024 | 2,700,000 | 2,740,100 | |||||||||
| 17.8% - Total Industrial | $ | 28,339,010 | ||||||||||||
| Duke Energy Corp. | 5.050 | % | 09/15/2019 | 2,494,000 | 2,516,773 | |||||||||
| Enterprise Products | 3.350 | % | 03/15/2023 | 2,700,000 | 2,740,359 | |||||||||
| Eversource Energy | 2.500 | % | 03/15/2021 | 700,000 | 695,909 | |||||||||
| Eversource Energy | 2.750 | % | 03/15/2022 | 1,330,000 | 1,329,310 | |||||||||
| Georgia Power Co. | 2.850 | % | 05/15/2022 | 1,600,000 | 1,583,849 | |||||||||
| Georgia Power Co. | 4.250 | % | 12/01/2019 | 1,040,000 | 1,048,726 | |||||||||
| Interstate Power & Light | 3.650 | % | 09/01/2020 | 2,600,000 | 2,629,852 | |||||||||
| National Rural Utilites Corp. | 1.500 | % | 11/01/2019 | 1,000,000 | 991,959 | |||||||||
| National Rural Utilites Corp. | 2.300 | % | 11/15/2019 | 1,000,000 | 997,364 | |||||||||
| National Rural Utilites Corp. | 2.350 | % | 06/15/2020 | 1,000,000 | 997,742 | |||||||||
| Berkshire Hathaway Energy Co. | 2.400 | % | 02/01/2020 | 3,007,000 | 3,000,709 | |||||||||
| NStar | 4.500 | % | 11/15/2019 | 600,000 | 605,556 | |||||||||
| Virginia Electric & Power Co. | 5.000 | % | 06/30/2019 | 2,858,000 | 2,871,550 | |||||||||
| Xcel Energy Inc. | 4.700 | % | 05/15/2020 | 2,566,000 | 2,597,118 | |||||||||
| 15.5% - Total Utilities | $ | 24,606,776 | ||||||||||||
| 60.9% Total Corporate Bonds | $ | 96,865,246 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Rate | Maturity | Face Value | Fair Value | |||||||||||
| Certificates of Deposit | ||||||||||||||
| Goldmans Sachs | 3.400 | % | 10/17/2023 | 250,000 | 255,092 | |||||||||
| 0.2% - Total For Certificates of Deposit | 255,092 | |||||||||||||
| United States Government Treasury Obligations | ||||||||||||||
| Treasury Bond | 1.250 | % | 04/30/2019 | 1,000,000 | 998,950 | |||||||||
| Treasury Note | 1.500 | % | 05/31/2020 | 2,300,000 | 2,276,102 | |||||||||
| Treasury Note | 1.125 | % | 04/30/2020 | 2,500,000 | 2,466,211 | |||||||||
| Treasury Note | 1.625 | % | 08/31/2022 | 1,000,000 | 979,922 | |||||||||
| Treasury Note (TBill 13-week auction high rate + 0.033% )* | 2.357 | % | 04/30/2020 | 1,800,000 | 1,798,874 | |||||||||
| Treasury Note (TBill 13-week auction high rate + 0.045% )* | 2.369 | % | 10/31/2020 | 3,000,000 | 2,995,676 | |||||||||
| Treasury Note (TBill 13-week auction high rate + 0.043% )* | 2.367 | % | 07/30/2020 | 1,650,000 | 1,648,472 | |||||||||
| 8.3% - Total United States Government Treasury Obligations | $ | 13,164,207 | ||||||||||||
| United States Government Agency Obligations | ||||||||||||||
| FHLMC | 2.700 | % | 03/27/2023 | 1,500,000 | 1,502,472 | |||||||||
| FHLMC | 2.800 | % | 03/27/2024 | 1,600,000 | 1,603,462 | |||||||||
| FHLMC | 2.800 | % | 01/30/2023 | 1,000,000 | 1,002,333 | |||||||||
| FHLMC Step-up* | 1.750 | % | 08/24/2021 | 1,500,000 | 1,490,855 | |||||||||
| FHLMC Step-up* | 2.000 | % | 11/23/2021 | 2,000,000 | 1,989,116 | |||||||||
| FHLMC Step-up* | 2.500 | % | 05/10/2022 | 1,000,000 | 998,583 | |||||||||
| FHLMC Step-up* | 2.050 | % | 06/21/2022 | 2,000,000 | 1,994,793 | |||||||||
| FHLMC Step-up* | 2.000 | % | 07/12/2022 | 2,000,000 | 1,997,483 | |||||||||
| FHLMC Step-up* | 2.000 | % | 07/18/2022 | 1,000,000 | 996,638 | |||||||||
| FHLMC Step-up* | 2.000 | % | 07/26/2022 | 1,750,000 | 1,742,119 | |||||||||
| FHLMC Step-up* | 2.150 | % | 10/27/2022 | 1,900,000 | 1,894,103 | |||||||||
| FHLMC Step-up* | 2.125 | % | 09/29/2022 | 2,000,000 | 1,993,252 | |||||||||
| 12.1% - Total United States Government Agency Obligations | $ | 19,205,209 | ||||||||||||
| United States Government Agency Obligations - Mortgage-Backed Securities | ||||||||||||||
| FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | 3.267 | % | 04/01/2042 | 250,368 | 253,434 | |||||||||
| FHLMC Series 2989 Class TG | 5.000 | % | 06/15/2025 | 411,012 | 423,536 | |||||||||
| FHLMC Series 4009 Class PA | 2.000 | % | 06/15/2041 | 351,439 | 346,429 | |||||||||
| FHLMC Series 4017 Class MA | 3.000 | % | 03/15/2041 | 350,870 | 350,194 | |||||||||
| FHLMC Series 4440 Class VC | 2.500 | % | 08/15/2026 | 2,382,702 | 2,367,381 | |||||||||
| FHLMC Pool G16330 | 3.500 | % | 08/01/2032 | 2,878,476 | 2,952,530 | |||||||||
| FHLMC Pool G18642 | 3.500 | % | 04/01/2032 | 3,856,034 | 3,950,282 | |||||||||
| FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.599%)* | 2.752 | % | 02/01/2046 | 692,112 | 697,210 | |||||||||
| FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600%)* | 2.813 | % | 12/01/2044 | 487,928 | 491,980 | |||||||||
| FNMA Series 2003-79 Class NJ | 5.000 | % | 08/25/2023 | 246,148 | 254,191 | |||||||||
| FNMA Series 2013-6 Class BC | 1.500 | % | 12/25/2042 | 1,015,723 | 997,444 | |||||||||
| FNMA Series 2017-30 Class G | 3.000 | % | 07/25/2040 | 1,337,012 | 1,347,303 | |||||||||
| FNMA Pool 465973 | 3.590 | % | 10/01/2020 | 2,833,636 | 2,858,781 | |||||||||
| FNMA Pool 469488 | 3.360 | % | 11/01/2021 | 1,717,494 | 1,744,567 | |||||||||
| FNMA Pool AL6465 | 3.252 | % | 11/01/2023 | 530,927 | 540,355 | |||||||||
| FNMA Pool MA0384 | 5.000 | % | 04/01/2030 | 610,602 | 645,671 | |||||||||
| GNMA Pool 2004-95 Class QA | 4.500 | % | 03/20/2034 | 22,714 | 23,124 | |||||||||
| GNMA Pool 726475 | 4.000 | % | 11/15/2024 | 157,632 | 162,224 | |||||||||
| 12.8% - Total United States Government Agency Obligations- Mortgage-Backed Securities | $ | 20,406,636 | ||||||||||||
| Taxable Municipal Bonds | ||||||||||||||
| Kansas Development Finance Authority Revenue | 3.491 | % | 04/15/2023 | 1,400,000 | 1,438,906 | |||||||||
| University of Kentucky General Receipts Build America Bond | 4.850 | % | 11/01/2021 | 1,500,000 | 1,584,120 | |||||||||
| 1.9% - Total For Taxable Municipal Bonds | $ | 3,023,026 | ||||||||||||
| Total Fixed Income Securities | 96.2 | % | $ | 152,919,416 | ||||||||||
| (Identified Cost $152,970,040) | ||||||||||||||
| Cash Equivalents | Shares | |||||||||||||
| First American Government Obligation Fund, Class Z** | 3,188,239 | 3,188,239 | ||||||||||||
| Total Cash Equivalents | 2.0 | % | $ | 3,188,239 | ||||||||||
| (Identified Cost $3,188,239) | ||||||||||||||
| Total Portfolio Value | 98.2 | % | $ | 156,107,655 | ||||||||||
| (Identified Cost $156,158,279) | ||||||||||||||
| Other Assets in Excess of Liabilities | 1.8 | % | $ | 2,926,723 | ||||||||||
| Total Net Assets | 100.0 | % | $ | 159,034,378 | ||||||||||
* Variable Rate Security; the rate shown is as of March 31, 2019.
** Variable Rate Security; as of March 31, 2019, the 7 day annualized yield was 2.32%.
(a) 144a Securities. The total fair value of such securities as of March 31, 2019 was $1,002,646 and represented 0.63% of net assets.
- BP AMI Leasing Inc. was purchased on September 27, 2018 for $1,016,940; price on March 31, 2019 was $100.265.
ARM - Adjustable Rate Mortgage
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 March 31, 2019 - Unaudited |
| Fixed Income Securities | ||||||||||||||
| Rate | Maturity | Face Value | Fair Value | |||||||||||
| Corporate Bonds: | ||||||||||||||
| AON Corp. | 4.000 | % | 11/27/2023 | 2,116,000 | 2,198,137 | |||||||||
| Ace Ina Holdings Inc. | 3.350 | % | 05/15/2024 | 1,300,000 | 1,330,006 | |||||||||
| American Express Co. | 3.000 | % | 10/30/2024 | 2,300,000 | $ | 2,288,517 | ||||||||
| BB&T Corp. | 3.950 | % | 03/22/2022 | 1,000,000 | 1,027,482 | |||||||||
| BB&T Corp. | 5.250 | % | 11/01/2019 | 1,000,000 | 1,013,495 | |||||||||
| Bank of America Corp. | 3.248 | % | 10/21/2027 | 2,925,000 | 2,863,705 | |||||||||
| Fifth Third Bancorp | 4.300 | % | 01/16/2024 | 2,000,000 | 2,094,747 | |||||||||
| Huntington Bancshares | 2.300 | % | 01/14/2022 | 2,000,000 | 1,969,834 | |||||||||
| JP Morgan Chase & Co. | 3.875 | % | 09/10/2024 | 2,000,000 | 2,050,459 | |||||||||
| Keycorp | 5.100 | % | 03/24/2021 | 1,000,000 | 1,043,367 | |||||||||
| Keycorp | 4.100 | % | 04/30/2028 | 1,000,000 | 1,041,176 | |||||||||
| Marsh & McLennan Co. Inc. | 3.500 | % | 06/03/2024 | 1,500,000 | 1,529,306 | |||||||||
| Morgan Stanley | 5.500 | % | 07/28/2021 | 2,000,000 | 2,116,236 | |||||||||
| MUFG Americas Holdings Corp. | 3.000 | % | 02/10/2025 | 1,000,000 | 982,684 | |||||||||
| MUFG Americas Holdings Corp. | 3.500 | % | 06/18/2022 | 1,290,000 | 1,309,922 | |||||||||
| PNC Bank NA | 3.900 | % | 04/29/2024 | 2,000,000 | 2,066,304 | |||||||||
| Suntrust Bank Inc. | 4.000 | % | 05/01/2025 | 2,000,000 | 2,092,526 | |||||||||
| US Bancorp | 3.100 | % | 04/27/2026 | 2,000,000 | 1,998,233 | |||||||||
| US Bancorp | 3.600 | % | 09/11/2024 | 1,000,000 | 1,031,301 | |||||||||
| Wells Fargo & Co. | 4.300 | % | 07/22/2027 | 1,400,000 | 1,457,537 | |||||||||
| Wells Fargo & Co. | 4.480 | % | 01/16/2024 | 1,220,000 | 1,284,127 | |||||||||
| 23.5% - Total Finance | $ | 34,789,101 | ||||||||||||
| CVS Health Corp. | 3.875 | % | 07/20/2025 | 2,000,000 | 2,024,001 | |||||||||
| Eaton Corp. | 2.750 | % | 11/02/2022 | 1,900,000 | 1,892,833 | |||||||||
| General Electric Capital Corp. (3 month LIBOR + 1.00%)* | 3.611 | % | 03/15/2023 | 2,950,000 | 2,869,255 | |||||||||
| Goodrich Corp. | 4.875 | % | 03/01/2020 | 1,000,000 | 1,018,431 | |||||||||
| Johnson Controls International PLC | 3.750 | % | 12/01/2021 | 990,000 | 1,006,090 | |||||||||
| Johnson Controls International PLC | 3.900 | % | 02/14/2026 | 1,000,000 | 1,023,054 | |||||||||
| Kroger Co. | 3.500 | % | 02/01/2026 | 2,100,000 | 2,075,903 | |||||||||
| Norfolk Southern Corp. | 5.900 | % | 06/15/2019 | 500,000 | 503,076 | |||||||||
| Shell International | 3.250 | % | 05/11/2025 | 1,350,000 | 1,374,824 | |||||||||
| Target Corp. | 2.500 | % | 04/15/2026 | 2,000,000 | 1,945,028 | |||||||||
| Union Pacific Corp. | 3.500 | % | 06/08/2023 | 2,150,000 | 2,204,208 | |||||||||
| 12.1% - Total Industrial | $ | 17,936,703 | ||||||||||||
| Berkshire Hathaway Energy Co. | 3.750 | % | 11/15/2023 | 2,175,000 | 2,261,032 | |||||||||
| Duke Energy Corp. | 5.050 | % | 09/15/2019 | 620,000 | 625,661 | |||||||||
| Duke Energy Ohio First Mortgage | 5.450 | % | 04/01/2019 | 1,000,000 | 1,000,000 | |||||||||
| Enterprise Products | 3.750 | % | 02/15/2025 | 1,860,000 | 1,919,985 | |||||||||
| Eversource Energy | 2.500 | % | 03/15/2021 | 1,000,000 | 994,155 | |||||||||
| Eversource Energy | 2.800 | % | 05/01/2023 | 1,000,000 | 997,241 | |||||||||
| Interstate Power & Light | 3.250 | % | 12/01/2024 | 1,825,000 | 1,833,830 | |||||||||
| Georgia Power Co. | 2.000 | % | 03/30/2020 | 1,300,000 | 1,289,911 | |||||||||
| Georgia Power Co. | 2.850 | % | 05/15/2022 | 1,111,000 | 1,099,785 | |||||||||
| NStar | 4.500 | % | 11/15/2019 | 500,000 | 504,630 | |||||||||
| Virginia Electric & Power | 5.000 | % | 06/30/2019 | 2,000,000 | 2,009,482 | |||||||||
| Xcel Energy Inc. | 4.700 | % | 05/15/2020 | 2,000,000 | 2,024,254 | |||||||||
| 11.2% - Total Utilities | $ | 16,559,966 | ||||||||||||
| 46.8% Total Corporate Bonds | $ | 69,285,770 | ||||||||||||
| Certificates of Deposit | ||||||||||||||
| Goldmans Sachs | 3.400 | % | 10/17/2023 | 250,000 | 255,092 | |||||||||
| 0.2% - Total For Certificates of Deposit | 255,092 | |||||||||||||
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Rate | Maturity | Face Value | Fair Value | |||||||||||
| United States Government Treasury Obligations | ||||||||||||||
| Treasury Inflation Protected Security | 1.000 | % | 02/15/2046 | 1,805,842 | 1,839,306 | |||||||||
| Treasury Note | 1.500 | % | 05/31/2020 | 5,500,000 | 5,442,852 | |||||||||
| Treasury Note | 1.750 | % | 11/30/2019 | 7,250,000 | 7,217,148 | |||||||||
| Treasury Note | 2.750 | % | 08/15/2047 | 2,000,000 | 1,971,484 | |||||||||
| Treasury Note | 2.125 | % | 11/30/2023 | 7,000,000 | 6,961,992 | |||||||||
| Treasury Note | 2.750 | % | 02/15/2028 | 7,000,000 | 7,199,609 | |||||||||
| Treasury Note | 3.125 | % | 11/15/2028 | 2,300,000 | 2,439,707 | |||||||||
| Treasury Note (TBill 13-week auction high rate + 0)* | 2.324 | % | 01/31/2020 | 4,100,000 | 4,097,910 | |||||||||
| 25.1% - Total United States Government Treasury Obligations | $ | 37,170,008 | ||||||||||||
| United States Government Agency Obligations | ||||||||||||||
| FHLMC | 2.750 | % | 03/25/2024 | 1,400,000 | 1,403,619 | |||||||||
| FHLMC Step-up* | 1.875 | % | 07/12/2021 | 2,000,000 | 1,988,434 | |||||||||
| FHLMC Step-up* | 2.000 | % | 06/15/2022 | 1,800,000 | 1,796,671 | |||||||||
| FHLMC Step-up* | 2.050 | % | 06/21/2022 | 3,000,000 | 2,992,189 | |||||||||
| FHLMC Step-up* | 2.000 | % | 07/12/2022 | 3,500,000 | 3,495,596 | |||||||||
| 7.9% - Total United States Government Agency Obligations | $ | 11,676,509 | ||||||||||||
| United States Government Agency Obligations - Mortgage Backed Securities | ||||||||||||||
| FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | 3.267 | % | 04/01/2042 | 268,251 | 271,536 | |||||||||
| FHLMC Pool J12635 | 4.000 | % | 07/01/2025 | 324,495 | 334,884 | |||||||||
| FHLMC Series 2985 Class GE | 5.500 | % | 06/15/2025 | 105,199 | 110,173 | |||||||||
| FHLMC Series 3946 Class LN | 3.500 | % | 04/15/2041 | 675,330 | 684,492 | |||||||||
| FHLMC Series 4017 Class MA | 3.000 | % | 03/15/2041 | 143,212 | 142,936 | |||||||||
| FHLMC Series 4646 Class D | 3.500 | % | 01/15/2042 | 2,812,330 | 2,874,802 | |||||||||
| FHLMC Pool G08068 | 5.500 | % | 07/01/2035 | 193,326 | 212,398 | |||||||||
| FHLMC Pool G18642 | 3.500 | % | 04/01/2032 | 2,152,205 | 2,204,809 | |||||||||
| FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)* | 3.288 | % | 12/01/2041 | 263,940 | 268,303 | |||||||||
| FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600%)* | 2.813 | % | 12/01/2044 | 501,167 | 505,329 | |||||||||
| FNMA Pool AA4392 | 4.000 | % | 04/01/2039 | 265,468 | 275,287 | |||||||||
| FNMA Pool AN8842 | 3.320 | % | 04/01/2028 | 2,500,000 | 2,568,976 | |||||||||
| FNMA Series 2012-12 Class KD | 2.000 | % | 11/25/2042 | 2,035,922 | 1,979,251 | |||||||||
| FNMA Series 2015-37 Class BA | 3.000 | % | 08/25/2044 | 1,519,367 | 1,535,583 | |||||||||
| FNMA Series 2016-39 Class LA | 2.500 | % | 03/25/2045 | 1,050,282 | 1,041,400 | |||||||||
| FNMA Series 2016-99 Class TA | 3.500 | % | 03/25/2036 | 837,378 | 857,090 | |||||||||
| FNMA Pool MA0384 | 5.000 | % | 04/01/2030 | 244,241 | 258,268 | |||||||||
| FNMA Series 2011-52 Class PC | 3.000 | % | 03/25/2041 | 1,191,490 | 1,202,323 | |||||||||
| 11.7% - Total United States Government Agency Obligations - Mortgage Backed Securities | $ | 17,327,840 | ||||||||||||
| Taxable Municipal Bonds | ||||||||||||||
| Bowling Green State University Ohio Revenue | 5.330 | % | 06/01/2020 | 725,000 | 745,235 | |||||||||
| Kansas Development Finance Authority Revenue | 4.091 | % | 04/15/2027 | 3,000,000 | 3,187,110 | |||||||||
| Kentucky Asset Liability Commission Revenue | 4.104 | % | 04/01/2019 | 1,000,000 | 1,000,000 | |||||||||
| Kentucky Asset Liability Commission Revenue | 5.339 | % | 04/01/2022 | 300,000 | 313,653 | |||||||||
| University of Cincinnati Ohio General Receipts Revenue | 5.117 | % | 06/01/2021 | 1,435,000 | 1,481,968 | |||||||||
| 4.5% - Total Taxable Municipal Bonds | $ | 6,727,966 | ||||||||||||
| Total Fixed Income Securities | 96.2 | % | $ | 142,443,185 | ||||||||||
| (Identified Cost $141,112,811) | ||||||||||||||
| Preferred Stocks | Shares | |||||||||||||
| Allstate Corp. | 5.100 | % | 01/15/2053 | 59,890 | 1,528,393 | |||||||||
| Total Preferred Stocks | 1.0 | % | $ | 1,528,393 | ||||||||||
| (Identified Cost $1,446,031) | ||||||||||||||
| Cash Equivalents | ||||||||||||||
| First American Government Obligation Fund, Class Z** | 2,775,274 | 2,775,274 | ||||||||||||
| Total Cash Equivalents | 1.9 | % | $ | 2,775,274 | ||||||||||
| (Identified Cost $2,775,274) | ||||||||||||||
| Total Portfolio Value | 99.1 | % | $ | 146,746,852 | ||||||||||
| (Identified Cost $145,334,116) | ||||||||||||||
| Other Assets in Excess of Liabilities | 0.9 | % | $ | 1,268,787 | ||||||||||
| Total Net Assets | 100.0 | % | $ | 148,015,639 | ||||||||||
* Variable Rate Security; the rate shown is as of March 31, 2019.
** Variable Rate Security; as of March 31, 2019, the 7 day annualized yield was 2.32%.
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 March 31, 2019 - Unaudited |
| Fixed Income Securities | ||||||||||||||
| Rate | Maturity | Face Value | Fair Value | |||||||||||
| Corporate Bonds: | ||||||||||||||
| American Express Co. | 3.000 | % | 10/30/2024 | 3,300,000 | $ | 3,283,524 | ||||||||
| AON Corp. | 3.500 | % | 06/14/2024 | 1,650,000 | 1,673,610 | |||||||||
| AON Corp. | 3.875 | % | 12/15/2025 | 1,850,000 | 1,909,764 | |||||||||
| AON Corp. | 4.000 | % | 11/27/2023 | 1,000,000 | 1,038,817 | |||||||||
| Bank of America Corp. | 3.248 | % | 10/21/2027 | 5,000,000 | 4,895,222 | |||||||||
| BB&T Corp. | 3.950 | % | 03/22/2022 | 3,175,000 | 3,262,257 | |||||||||
| Fifth Third Bancorp | 4.300 | % | 01/16/2024 | 3,500,000 | 3,665,807 | |||||||||
| Huntington Bancshares | 2.300 | % | 01/14/2022 | 225,000 | 221,606 | |||||||||
| Huntington Bancshares | 3.150 | % | 03/14/2021 | 3,525,000 | 3,554,305 | |||||||||
| JP Morgan Chase & Co. | 3.375 | % | 05/01/2023 | 100,000 | 101,025 | |||||||||
| JP Morgan Chase & Co. | 3.875 | % | 09/10/2024 | 3,400,000 | 3,485,780 | |||||||||
| Keycorp | 4.100 | % | 04/30/2028 | 3,000,000 | 3,123,527 | |||||||||
| Marsh & McLennan Co. Inc. | 3.500 | % | 06/03/2024 | 1,265,000 | 1,289,715 | |||||||||
| Morgan Stanley | 2.625 | % | 11/17/2021 | 3,250,000 | 3,235,127 | |||||||||
| MUFG Americas Holdings Corp. | 3.500 | % | 06/18/2022 | 1,150,000 | 1,167,760 | |||||||||
| Suntrust Bank Inc. | 4.000 | % | 05/01/2025 | 3,300,000 | 3,452,668 | |||||||||
| PNC Financial Services | 3.900 | % | 04/29/2024 | 3,570,000 | 3,688,353 | |||||||||
| US Bancorp | 3.100 | % | 04/27/2026 | 3,500,000 | 3,496,908 | |||||||||
| US Bancorp | 3.600 | % | 09/11/2024 | 1,100,000 | 1,134,431 | |||||||||
| Wells Fargo & Co. | 4.100 | % | 06/03/2026 | 4,030,000 | 4,120,046 | |||||||||
| 21.7% - Total Finance | $ | 51,800,252 | ||||||||||||
| CVS Health Corp. | 3.875 | % | 07/20/2025 | 3,300,000 | 3,339,602 | |||||||||
| Eaton Corp. | 2.750 | % | 11/02/2022 | 3,445,000 | 3,432,006 | |||||||||
| General Electric Co. | 4.650 | % | 10/17/2021 | 2,000,000 | 2,072,725 | |||||||||
| General Electric Capital Corp. (3 month LIBOR + 1.000%)* | 3.597 | % | 04/15/2023 | 1,165,000 | 1,127,644 | |||||||||
| Georgia Power | 2.000 | % | 03/30/2020 | 1,930,000 | 1,915,022 | |||||||||
| Georgia Power | 2.000 | % | 09/08/2020 | 2,525,000 | 2,501,658 | |||||||||
| Johnson Controls International PLC | 3.625 | % | 07/02/2024 | 1,225,000 | 1,239,153 | |||||||||
| Johnson Controls International PLC | 3.750 | % | 12/01/2021 | 1,000,000 | 1,016,253 | |||||||||
| Johnson Controls International PLC | 3.900 | % | 02/14/2026 | 1,000,000 | 1,023,054 | |||||||||
| Kroger Co. | 4.000 | % | 02/01/2024 | 150,000 | 154,928 | |||||||||
| Kroger Co. | 3.500 | % | 02/01/2026 | 3,300,000 | 3,262,133 | |||||||||
| Norfolk Southern Corp. | 5.900 | % | 06/15/2019 | 70,000 | 70,431 | |||||||||
| Union Pacific Corp. | 3.500 | % | 06/08/2023 | 3,800,000 | 3,895,810 | |||||||||
| 10.5% - Total Industrial | $ | 25,050,419 | ||||||||||||
| Berkshire Hathaway Energy Co. | 3.750 | % | 11/15/2023 | 4,420,000 | 4,594,833 | |||||||||
| Duke Energy Corp. | 2.650 | % | 09/01/2026 | 475,000 | 452,475 | |||||||||
| Duke Energy Corp. | 3.550 | % | 09/15/2021 | 2,825,000 | 2,868,806 | |||||||||
| Enterprise Products | 3.350 | % | 03/15/2023 | 1,640,000 | 1,664,514 | |||||||||
| Enterprise Products | 3.750 | % | 02/15/2025 | 1,875,000 | 1,935,468 | |||||||||
| Eversource Energy | 2.800 | % | 05/01/2023 | 2,225,000 | 2,218,860 | |||||||||
| Interstate Power & Light | 3.400 | % | 08/15/2025 | 1,525,000 | 1,518,580 | |||||||||
| Interstate Power & Light | 3.650 | % | 09/01/2020 | 2,575,000 | 2,604,565 | |||||||||
| National Rural Utilities Corp. | 2.300 | % | 11/15/2019 | 1,595,000 | 1,590,796 | |||||||||
| National Rural Utilities Corp. | 3.050 | % | 02/15/2022 | 100,000 | 101,057 | |||||||||
| NStar | 4.500 | % | 11/15/2019 | 1,000,000 | 1,009,261 | |||||||||
| Virginia Electric & Power Co. | 2.950 | % | 01/15/2022 | 390,000 | 391,415 | |||||||||
| Virginia Electric & Power Co. | 2.950 | % | 11/15/2026 | 1,000,000 | 978,768 | |||||||||
| Virginia Electric & Power Co. | 3.450 | % | 09/01/2022 | 2,315,000 | 2,355,230 | |||||||||
| Xcel Energy Inc. | 3.300 | % | 06/01/2025 | 1,225,000 | 1,236,527 | |||||||||
| Xcel Energy Inc. | 4.700 | % | 05/15/2020 | 2,290,000 | 2,317,771 | |||||||||
| 11.7% - Total Utilities | $ | 27,838,926 | ||||||||||||
| 43.9% Total Corporate Bonds | $ | 104,689,597 | ||||||||||||
| Certificates of Deposit | ||||||||||||||
| Goldmans Sachs | 3.400 | % | 10/17/2023 | 250,000 | 255,092 | |||||||||
| 0.1% - Total For Certificates of Deposit | 255,092 | |||||||||||||
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Core Bond Fund | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Rate | Maturity | Face Value | Fair Value | |||||||||||
| United States Government Treasury Obligations | ||||||||||||||
| Treasury Bond | 2.500 | % | 02/15/2045 | 9,000,000 | 8,491,641 | |||||||||
| Treasury Bond | 2.750 | % | 08/15/2047 | 11,000,000 | 10,843,164 | |||||||||
| Treasury Inflation Protected Security | 1.375 | % | 02/15/2044 | 2,375,934 | 2,623,677 | |||||||||
| Treasury Note | 1.500 | % | 05/31/2020 | 2,000,000 | 1,979,219 | |||||||||
| Treasury Note | 1.750 | % | 11/30/2019 | 4,500,000 | 4,479,609 | |||||||||
| Treasury Note | 2.500 | % | 05/15/2046 | 11,800,000 | 11,090,617 | |||||||||
| Treasury Note | 2.750 | % | 02/15/2028 | 10,000,000 | 10,285,156 | |||||||||
| Treasury Note | 3.125 | % | 11/15/2028 | 500,000 | 530,371 | |||||||||
| 21.1% - Total United States Government Treasury Obligations | $ | 50,323,454 | ||||||||||||
| United States Government Agency Obligations | ||||||||||||||
| FHLMC | 2.700 | % | 03/27/2024 | 2,500,000 | 2,504,540 | |||||||||
| FHLMC Step-up* | 1.750 | % | 08/24/2021 | 5,225,000 | 5,193,145 | |||||||||
| FHLMC Step-up* | 2.500 | % | 05/10/2022 | 2,000,000 | 1,997,166 | |||||||||
| FHLMC Step-up* | 2.000 | % | 07/18/2022 | 200,000 | 199,328 | |||||||||
| FHLMC Step-up* | 2.000 | % | 07/26/2022 | 1,500,000 | 1,493,245 | |||||||||
| FHLMC Step-up* | 2.150 | % | 10/27/2022 | 1,000,000 | 996,896 | |||||||||
| FHLMC Step-up* | 2.125 | % | 09/29/2022 | 200,000 | 199,325 | |||||||||
| 5.3% - Total United States Government Agency Obligations | 12,583,645 | |||||||||||||
| United States Government Agency Obligations - Mortgage Backed Securities | ||||||||||||||
| FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | 3.267 | % | 04/01/2042 | 268,251 | 271,536 | |||||||||
| FHLMC Pool G01880 | 5.000 | % | 08/01/2035 | 83,332 | 89,784 | |||||||||
| FHLMC Pool G06616 | 4.500 | % | 12/01/2035 | 169,944 | 179,887 | |||||||||
| FHLMC Pool G08068 | 5.500 | % | 07/01/2035 | 437,085 | 480,205 | |||||||||
| FHLMC Pool G09921 | 4.000 | % | 07/01/2024 | 216,854 | 223,797 | |||||||||
| FHLMC Pool G13596 | 4.000 | % | 07/01/2024 | 800,393 | 826,019 | |||||||||
| FHLMC Pool G18642 | 3.500 | % | 04/01/2032 | 3,228,307 | 3,307,213 | |||||||||
| FHLMC Pool G18667 | 3.500 | % | 11/01/2032 | 2,384,957 | 2,443,360 | |||||||||
| FHLMC Pool G31087 | 4.000 | % | 07/01/2038 | 2,989,392 | 3,101,539 | |||||||||
| FHLMC Series 2985 Class GE | 5.500 | % | 06/15/2025 | 92,049 | 96,401 | |||||||||
| FHLMC Series 3946 Class LN | 3.500 | % | 04/15/2041 | 675,330 | 684,492 | |||||||||
| FHLMC Series 4017 Class MA | 3.000 | % | 03/15/2041 | 286,425 | 285,873 | |||||||||
| FHLMC Series 4087 Class PT | 3.000 | % | 07/15/2042 | 918,813 | 930,011 | |||||||||
| FHLMC Series 4161 Class QA | 3.000 | % | 02/15/2043 | 220,807 | 221,648 | |||||||||
| FHLMC Series 4582 Class PA | 3.000 | % | 11/15/2045 | 1,417,499 | 1,433,795 | |||||||||
| FHLMC Series 4689 Class DA | 3.000 | % | 07/15/2044 | 1,741,910 | 1,747,606 | |||||||||
| FHLMC Series 4709 Class EA | 3.000 | % | 01/15/2046 | 1,904,584 | 1,925,475 | |||||||||
| FHLMC Series 4808 Class PK | 3.500 | % | 10/15/2045 | 1,442,881 | 1,474,942 | |||||||||
| FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)* | 3.288 | % | 12/01/2041 | 263,940 | 268,303 | |||||||||
| FNMA Pool 1107 | 3.500 | % | 07/01/2032 | 880,287 | 905,212 | |||||||||
| FNMA Pool 889050 | 6.000 | % | 05/01/2037 | 307,854 | 338,781 | |||||||||
| FNMA Pool 995112 | 5.500 | % | 07/01/2036 | 165,762 | 182,358 | |||||||||
| FNMA Pool AA4392 | 4.000 | % | 04/01/2039 | 265,468 | 275,287 | |||||||||
| FNMA Pool AL9309 | 3.500 | % | 10/01/2031 | 934,322 | 957,078 | |||||||||
| FNMA Pool AN8842 | 3.320 | % | 04/01/2028 | 3,000,000 | 3,082,771 | |||||||||
| FNMA Pool AN9848 | 3.740 | % | 07/01/2028 | 2,500,000 | 2,642,605 | |||||||||
| FNMA Pool BL0189 | 3.830 | % | 10/01/2028 | 2,000,000 | 2,139,445 | |||||||||
| FNMA Pool BL0359 | 3.700 | % | 11/01/2028 | 4,973,139 | 5,254,351 | |||||||||
| FNMA Pool MA0384 | 5.000 | % | 04/01/2030 | 195,393 | 206,615 | |||||||||
| FNMA Pool MA3337 | 4.000 | % | 04/01/2038 | 2,298,546 | 2,383,030 | |||||||||
| FNMA Series 2003-79 Class NJ | 5.000 | % | 08/25/2023 | 150,549 | 155,468 | |||||||||
| FNMA Series 2005-64 Class PL | 5.500 | % | 07/25/2035 | 95,571 | 103,296 | |||||||||
| FNMA Series 2011-53 Class DT | 4.500 | % | 06/25/2041 | 256,191 | 273,080 | |||||||||
| FNMA Series 2012-12 Class KD | 2.000 | % | 11/25/2042 | 2,549,175 | 2,478,218 | |||||||||
| FNMA Series 2013-21 Class VA | 3.000 | % | 07/25/2028 | 872,967 | 876,494 | |||||||||
| FNMA Series 2013-83 Class MH | 4.000 | % | 08/25/2043 | 398,578 | 421,720 | |||||||||
| FNMA Series 2014-20 Class AC | 3.000 | % | 08/25/2036 | 707,956 | 711,220 | |||||||||
| FNMA Series 2014-28 Class PA | 3.500 | % | 02/25/2043 | 348,721 | 356,416 | |||||||||
| FNMA Series 2015-72 Class GB | 2.500 | % | 12/25/2042 | 1,194,550 | 1,186,939 | |||||||||
| FNMA Series 2016-39 Class LA | 2.500 | % | 03/25/2045 | 2,660,714 | 2,638,213 | |||||||||
| FNMA Series 2016-79 Class L | 2.500 | % | 10/25/2044 | 1,791,695 | 1,749,547 | |||||||||
| FNMA Series 2016-99 Class TA | 3.500 | % | 03/25/2036 | 708,551 | 725,230 | |||||||||
| FNMA Series 2017-30 Class G | 3.000 | % | 07/25/2040 | 2,339,772 | 2,357,780 | |||||||||
| FNMA Series 2018-67 Class BA | 4.500 | % | 03/25/2046 | 1,865,202 | 1,975,972 | |||||||||
| GNMA Pool 2009-124 Class L | 4.000 | % | 11/20/2038 | 42,244 | 42,411 | |||||||||
| 22.8% - Total United States Government Agency Obligations - Mortgage Backed Securities | $ | 54,411,423 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Core Bond Fund | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Rate | Maturity | Face Value | Fair Value | |||||||||||
| Taxable Municipal Bonds | ||||||||||||||
| Bowling Green State University Ohio Revenue | 5.330 | % | 06/01/2020 | 750,000 | 770,932 | |||||||||
| Cincinnati Children's Hospital Medical Center | 2.853 | % | 11/15/2026 | 750,000 | 736,522 | |||||||||
| Kansas Development Finance Authority Revenue | 3.741 | % | 04/15/2025 | 3,705,000 | 3,863,352 | |||||||||
| Kansas Development Finance Authority Revenue | 4.091 | % | 04/15/2027 | 125,000 | 132,796 | |||||||||
| Kentucky Asset Liability Commission Revenue | 5.339 | % | 04/01/2022 | 295,000 | 308,425 | |||||||||
| Kentucky Property and Buildings Commission Revenue | 5.373 | % | 11/01/2025 | 590,000 | 651,360 | |||||||||
| Ohio Higher Education Facilities - Cleveland Clinic Health Systems | 3.849 | % | 01/01/2022 | 945,000 | 975,845 | |||||||||
| Ohio Major New Infrastructure Revenue | 4.994 | % | 12/15/2020 | 850,000 | 885,598 | |||||||||
| 3.5% - Total Taxable Municipal Bonds | $ | 8,324,830 | ||||||||||||
| Total Fixed Income Securities | 96.7 | % | $ | 230,588,041 | ||||||||||
| (Identified Cost $227,766,008) | ||||||||||||||
| Preferred Stocks | Shares | |||||||||||||
| Allstate Corp. | 5.100 | % | 01/15/2053 | 83,000 | 2,118,160 | |||||||||
| Total Preferred Stocks | 0.9 | % | $ | 2,118,160 | ||||||||||
| (Identified Cost $2,034,817) | ||||||||||||||
| Cash Equivalents | ||||||||||||||
| First American Government Obligation Fund, Class Z** | 4,238,195 | 4,238,195 | ||||||||||||
| Total Cash Equivalents | 1.8 | % | $ | 4,238,195 | ||||||||||
| (Identified Cost $4,238,195) | ||||||||||||||
| Total Portfolio Value | 99.4 | % | $ | 236,944,396 | ||||||||||
| (Identified Cost $234,039,020) | ||||||||||||||
| Other Assets in Excess of Liabilities | 0.6 | % | $ | 1,573,616 | ||||||||||
| Total Net Assets | 100 | % | $ | 238,518,012 | ||||||||||
* Variable Rate Security; the rate shown is as of March 31, 2019.
** Variable Rate Security; as of March 31, 2019, the 7 day annualized yield was 2.32%.
ARM - Adjustable Rate Mortgage
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 March 31, 2019 - Unaudited |
| Fixed Income Securities | ||||||||||||||
| Rate | Maturity | Face Value | Fair Value | |||||||||||
| Corporate Bonds | ||||||||||||||
| Ace INA Holdings Inc. | 5.900 | % | 06/15/2019 | 679,000 | $ | 683,185 | ||||||||
| American Express Credit | 2.250 | % | 05/05/2021 | 2,600,000 | 2,583,077 | |||||||||
| AON Corp. | 5.000 | % | 09/30/2020 | 2,500,000 | 2,585,047 | |||||||||
| Bank of America Corp. | 3.300 | % | 01/11/2023 | 2,800,000 | 2,835,548 | |||||||||
| BB&T Corp. | 5.250 | % | 11/01/2019 | 1,810,000 | 1,834,426 | |||||||||
| BB&T Corp. | 6.850 | % | 04/30/2019 | 1,000,000 | 1,003,226 | |||||||||
| Chubb INA Holdings Inc. | 2.300 | % | 11/03/2020 | 2,151,000 | 2,140,322 | |||||||||
| Fith Third Bancorp | 4.300 | % | 01/16/2024 | 2,200,000 | 2,304,221 | |||||||||
| Huntington Bancshares | 2.300 | % | 01/14/2022 | 1,500,000 | 1,477,376 | |||||||||
| Huntington Bancshares | 3.150 | % | 03/14/2021 | 500,000 | 504,157 | |||||||||
| JP Morgan Chase & Co. | 4.500 | % | 01/24/2022 | 2,600,000 | 2,720,901 | |||||||||
| PNC Bank | 2.700 | % | 11/01/2022 | 2,700,000 | 2,686,096 | |||||||||
| Keycorp | 5.100 | % | 03/24/2021 | 2,000,000 | 2,086,733 | |||||||||
| Manufacturers & Traders Trust Co. | 2.100 | % | 02/06/2020 | 2,800,000 | 2,786,410 | |||||||||
| Morgan Stanley | 5.500 | % | 07/28/2021 | 2,200,000 | 2,327,860 | |||||||||
| Suntrust Banks Inc. | 2.900 | % | 03/03/2021 | 2,000,000 | 2,004,973 | |||||||||
| Travelers Companies Inc. | 5.900 | % | 06/02/2019 | 2,800,000 | 2,813,879 | |||||||||
| Wells Fargo & Co. | 3.450 | % | 02/13/2023 | 2,600,000 | 2,627,850 | |||||||||
| 26.3% - Total Finance | $ | 38,005,287 | ||||||||||||
| BP AMI Leasing Inc. (a) | 5.523 | % | 05/08/2019 | 1,400,000 | 1,403,705 | |||||||||
| Burlington Northern Santa Fe | 4.700 | % | 10/01/2019 | 1,640,000 | 1,657,463 | |||||||||
| Chevron Corp. | 1.561 | % | 05/16/2019 | 500,000 | 499,283 | |||||||||
| Chevron Corp. (3month LIBOR + 0.530)* | 3.145 | % | 03/03/2022 | 2,100,000 | 2,113,845 | |||||||||
| CVS Health Corp. | 4.125 | % | 05/15/2021 | 2,300,000 | 2,350,869 | |||||||||
| Eaton Electric Holdings | 3.875 | % | 12/15/2020 | 1,025,000 | 1,042,109 | |||||||||
| General Electric Capital Corp. (3 month LIBOR + 0.300%)* | 2.897 | % | 05/13/2024 | 1,600,000 | 1,471,624 | |||||||||
| General Electric Capital Corp. (3 month LIBOR + 1.000%)* | 3.597 | % | 04/15/2023 | 2,000,000 | 1,935,869 | |||||||||
| Johnson Controls International PLC | 4.250 | % | 03/01/2021 | 1,000,000 | 1,022,543 | |||||||||
| Johnson Controls International PLC | 5.000 | % | 03/30/2020 | 1,560,000 | 1,592,466 | |||||||||
| Kroger Co. | 3.850 | % | 08/01/2023 | 2,200,000 | 2,267,067 | |||||||||
| Norfolk Southern Corp. | 5.900 | % | 06/15/2019 | 1,377,000 | 1,385,472 | |||||||||
| Union Pacific Corp. | 1.800 | % | 02/01/2020 | 770,000 | 763,661 | |||||||||
| Union Pacific Corp. | 3.150 | % | 03/01/2024 | 2,000,000 | 2,029,704 | |||||||||
| 14.9% - Total Industrials | $ | 21,535,680 | ||||||||||||
| Duke Energy Corp. | 5.050 | % | 09/15/2019 | 2,748,000 | 2,773,093 | |||||||||
| Enterprise Products | 3.350 | % | 03/15/2023 | 2,447,000 | 2,483,577 | |||||||||
| Eversource Energy | 2.750 | % | 03/15/2022 | 2,000,000 | 1,998,963 | |||||||||
| Eversource | 4.500 | % | 11/15/2019 | 480,000 | 484,445 | |||||||||
| Georgia Power | 2.850 | % | 05/15/2022 | 2,600,000 | 2,573,754 | |||||||||
| Interstate Power & Light | 3.650 | % | 09/01/2020 | 2,450,000 | 2,478,130 | |||||||||
| National Rural Utilites Corp. | 2.950 | % | 02/07/2024 | 1,000,000 | 1,003,573 | |||||||||
| National Rural Utilites Corp. | 2.350 | % | 06/15/2020 | 1,817,000 | 1,812,898 | |||||||||
| Nevada Power Co. | 2.750 | % | 04/15/2020 | 1,300,000 | 1,301,432 | |||||||||
| Virginia Electric & Power | 5.000 | % | 06/30/2019 | 2,020,000 | 2,029,577 | |||||||||
| Xcel Energy Inc. | 4.700 | % | 05/15/2020 | 2,400,000 | 2,429,105 | |||||||||
| 14.8% - Total Utilities | $ | 21,368,547 | ||||||||||||
| 56.0% Total Corporate Bonds | $ | 80,909,514 | ||||||||||||
| Certificates of Deposit | ||||||||||||||
| Goldmans Sachs | 3.400 | % | 10/17/2023 | 250,000 | 255,092 | |||||||||
| 0.2% - Total For Certificates of Deposit | 255,092 | |||||||||||||
The accompanying notes are an integral part of these financial statements.
| Johnson Enhanced Return Fund | Portfolio of Investments as of March 31, 2019 - Unaudited |
| Rate | Maturity | Face Value | Fair Value | |||||||||||
| United States Government Treasury Obligations | ||||||||||||||
| Treasury Note | 1.125 | % | 04/30/2020 | 3,900,000 | 3,847,289 | |||||||||
| Treasury Note | 1.250 | % | 10/31/2019 | 3,000,000 | 2,979,023 | |||||||||
| Treasury Note (b) | 1.500 | % | 05/31/2020 | 1,665,000 | 1,647,700 | |||||||||
| Treasury Note (b) | 3.625 | % | 08/15/2019 | 5,610,000 | 5,633,010 | |||||||||
| Treasury Note (TBill 13-week auction high rate + 0.045% )* | 2.369 | % | 10/31/2020 | 5,000,000 | 4,992,793 | |||||||||
| Treasury Note (TBill 13-week auction high rate + 0.115% )* | 2.439 | % | 10/31/2021 | 1,600,000 | 1,598,427 | |||||||||
| 14.3% - Total United States Government Treasury Obligations | $ | 20,698,242 | ||||||||||||
| United States Government Agency Obligations | ||||||||||||||
| FHLMC | 2.650 | % | 02/28/2022 | 1,500,000 | 1,500,907 | |||||||||
| FHLMC | 2.720 | % | 03/27/2023 | 2,000,000 | 2,003,296 | |||||||||
| FHLMC | 2.800 | % | 01/30/2023 | 2,800,000 | 2,806,532 | |||||||||
| FHLMC Step-up* | 2.000 | % | 09/15/2022 | 1,500,000 | 1,489,316 | |||||||||
| FHLMC Step-up* | 2.000 | % | 06/15/2022 | 1,175,000 | 1,172,827 | |||||||||
| FHLMC Step-up* | 2.050 | % | 06/21/2022 | 2,910,000 | 2,902,424 | |||||||||
| FHLMC Step-up* | 2.000 | % | 07/18/2022 | 1,600,000 | 1,594,620 | |||||||||
| FHLMC Step-up* | 2.125 | % | 09/29/2022 | 1,000,000 | 996,626 | |||||||||
| FHLMC Step-up* | 2.150 | % | 10/27/2022 | 1,200,000 | 1,196,275 | |||||||||
| 10.8% - Total United States Government Agency Obligations | $ | 15,662,823 | ||||||||||||
| United States Government Agency Obligations - Mortgage Backed Securities | ||||||||||||||
| FHLMC Series 4009 Class PA | 2.000 | % | 06/15/2041 | 1,216,519 | 1,199,176 | |||||||||
| FHLMC Series 4287 Class AB | 2.000 | % | 12/15/2026 | 695,753 | 685,763 | |||||||||
| FHLMC Series 4440 Class VC | 2.500 | % | 08/15/2026 | 1,687,466 | 1,676,615 | |||||||||
| FHLMC Pool G16330 | 3.500 | % | 08/01/2032 | 2,722,883 | 2,792,934 | |||||||||
| FHLMC Pool G18642 | 3.500 | % | 04/01/2032 | 3,013,087 | 3,086,732 | |||||||||
| FHLMC Pool J12635 | 4.000 | % | 07/01/2025 | 101,984 | 105,249 | |||||||||
| FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)* | 3.288 | % | 12/01/2041 | 263,941 | 268,303 | |||||||||
| FNMA Pool 1106 | 3.000 | % | 07/01/2032 | 935,261 | 946,277 | |||||||||
| FNMA Pool 465973 | 3.590 | % | 10/01/2020 | 2,724,650 | 2,748,828 | |||||||||
| FNMA Pool 469488 | 3.360 | % | 11/01/2021 | 1,459,870 | 1,482,882 | |||||||||
| FNMA Pool 833200 | 5.500 | % | 09/01/2035 | 596,760 | 660,505 | |||||||||
| FNMA Series 2013-6 Class BC | 1.500 | % | 12/25/2042 | 686,299 | 673,949 | |||||||||
| FNMA Series 2017-30 Class G | 3.000 | % | 07/25/2040 | 1,337,012 | 1,347,303 | |||||||||
| GNMA Pool 726475 | 4.000 | % | 11/15/2024 | 157,632 | 162,224 | |||||||||
| GNMA Pool 728920 | 4.000 | % | 12/15/2024 | 194,454 | 200,115 | |||||||||
| 12.5% - Total United States Government Agency Obligations - Mortgage Backed Securities | $ | 18,036,855 | ||||||||||||
| Taxable Municipal Bonds | ||||||||||||||
| Kentucky Asset Liability Commission Revenue | 2.668 | % | 04/01/2021 | 820,000 | 820,049 | |||||||||
| University of Kentucky General Receipts Build America Bond | 4.850 | % | 11/01/2021 | 1,000,000 | 1,056,080 | |||||||||
| 1.4% Total Taxable Municipal Bonds | $ | 1,876,129 | ||||||||||||
| Total Fixed Income Securities | 95.2 | % | $ | 137,438,655 | ||||||||||
| (Identified Cost $137,501,693) | ||||||||||||||
| Cash & Cash Equivalents | Shares | |||||||||||||
| First American Government Obligation Fund, Class Z** | 4,993,693 | 4,993,693 | ||||||||||||
| Total Cash Equivalents | 3.4 | % | $ | 4,993,693 | ||||||||||
| (Identified Cost $4,993,693) | ||||||||||||||
| Total Portfolio Value | 98.6 | % | $ | 142,432,348 | ||||||||||
| (Identified Cost $142,495,386) | ||||||||||||||
| Other Assets in Excess of Liabilities | 1.4 | % | $ | 1,959,370 | ||||||||||
| Total Net Assets: | 100.0 | % | $ | 144,391,718 | ||||||||||
| Futures Contracts | Long Contracts | Unrealized Appreciation (Depreciation) | ||||||
| E-mini Standard & Poor's 500 expiring June 2019 (50 units per contract) | 1,004 | $ | 2,315,385 | |||||
| (Notional Value of $142,286,880) | ||||||||
* Variable Rate Security; the rate shown is as of March 31, 2019.
** Variable Rate Security; as of March 31, 2019, the 7 day annualized yield was 2.32%.
(a) 144a Securities. The total fair value of such securities as of March 31, 2019 was $1,403,705 and represented 0.97% of net assets.
- BP AMI Leasing Inc. was purchased on September 27, 2018 for $1,423,716; price on March 31, 2019 was $100.265.
(b) Held as collateral by RJ O'Brien for futures contracts
ARM - Adjustable Rate Mortgage
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
GNMA - Government National Mortgage Association
The accompanying notes are an integral part of these financial statements.
The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
| · | Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
| · | Level 2—Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| · | Level 3—Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Fair Value Measurements:
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.
Equity Securities (Common Stock, Preferred Stock and Real Estate Investment Trusts). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts (ADRs), financial futures, Exchange Traded Funds (ETFs), and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship, and are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.
Corporate Bonds. The fair value of corporate bonds is estimated using market approach valuation techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.
Municipal Bonds. Municipal Bonds are normally valued using market approach valuation techniques that incorporate observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Municipal Bonds are categorized in Level 1 or Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.
Short Term Notes. Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy.
U.S. Government Securities. U.S. government securities are normally valued using market approach valuation techniques that incorporate observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 1 or Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.
U.S. Agency Securities. U.S. agency securities are comprised of two main categories consisting of agency issued debt and mortgage-backed securities. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Mortgage-backed securities are generally valued using dealer quotations. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized in Level 1 or Level 2 of the fair value hierarchy.
Money Market. Investments in mutual funds, including money market mutual funds, are generally priced at the ending net asset value (“NAV”) provided by the service agent of the funds. These securities will be categorized as Level 1 securities.
Derivative Instruments. Listed derivatives, including futures contracts that are actively traded, are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value each Fund’s net assets as of March 31, 2019:
| Equity Income Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 317,163,244 | $ | — | $ | — | $ | 317,163,244 | ||||||||
| Money Market Fund | 6,142,890 | — | — | 6,142,890 | ||||||||||||
| Total | $ | 323,306,134 | $ | — | $ | — | $ | 323,306,134 | ||||||||
| Opportunity Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 68,411,983 | $ | — | $ | — | $ | 68,411,983 | ||||||||
| Money Market Fund | 1,247,964 | — | — | 1,247,964 | ||||||||||||
| Total | $ | 69,659,947 | $ | — | $ | — | $ | 69,659,947 | ||||||||
| International Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 18,472,760 | $ | — | $ | — | $ | 18,472,760 | ||||||||
| Money Market Fund | 1,189,738 | — | — | 1,189,738 | ||||||||||||
| Total | $ | 19,757,403 | $ | — | $ | — | $ | 19,757,403 | ||||||||
| Fixed Income Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Bonds* | $ | — | $ | 314,163,176 | $ | — | $ | 314,163,176 | ||||||||
| Certificates of Deposit | — | 255,092 | — | 255,092 | ||||||||||||
| U.S. Government Treasury Obligations | — | 138,291,941 | — | 138,291,941 | ||||||||||||
| U.S. Government Agency Obligations | — | 39,196,514 | — | 39,196,514 | ||||||||||||
| U.S. Government Agency Obligations - Mortgage Backed | — | 154,488,244 | — | 154,488,244 | ||||||||||||
| Taxable Municipal Bonds | — | 17,797,169 | — | 17,797,169 | ||||||||||||
| Preferred Stocks | 6,762,698 | — | — | 6,762,698 | ||||||||||||
| Money Market Fund | 7,812,806 | — | — | 7,812,806 | ||||||||||||
| Total | $ | 14,575,504 | $ | 664,192,136 | $ | 0 | $ | 678,767,640 | ||||||||
| Municipal Income Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Municipal Bonds* | $ | — | $ | 191,686,611 | $ | — | $ | 191,686,611 | ||||||||
| Money Market Fund | 3,328,111 | — | — | 3,328,111 | ||||||||||||
| Total | $ | 3,328,111 | $ | 191,686,611 | $ | 0 | $ | 195,014,722 | ||||||||
| Short Duration Bond Fund | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||
| Corporate Bonds* | $ | — | $ | 96,865,246 | $ | — | $ | 96,865,246 | ||||||||
| Certificates of Deposit | — | 255,092 | — | 255,092 | ||||||||||||
| U.S. Treasury Obligations | — | 13,164,207 | — | 13,164,207 | ||||||||||||
| U.S. Agency Obligations | — | 19,205,209 | — | 19,205,209 | ||||||||||||
| U.S. Agency Obligations – Mortgage-Backed | — | 20,406,636 | — | 20,406,636 | ||||||||||||
| Taxable Municipal Bonds | — | 3,023,026 | — | 3,023,026 | ||||||||||||
| Cash Equivalents | 3,188,239 | — | — | 3,188,239 | ||||||||||||
| Total | $ | 3,188,239 | $ | 152,919,416 | $ | 0 | $ | 156,107,655 | ||||||||
| Intermediate Bond Fund | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||
| Corporate Bonds* | $ | — | $ | 69,285,770 | — | $ | 69,285,770 | |||||||||
| Certificates of Deposit | — | 255,092 | — | 255,092 | ||||||||||||
| U.S. Treasury Obligations | — | 37,170,008 | — | 37,170,008 | ||||||||||||
| U.S. Agency Obligations | — | 11,676,509 | — | 11,676,509 | ||||||||||||
| U.S. Agency Obligations – Mortgage-Backed | — | 17,327,840 | — | 17,327,840 | ||||||||||||
| Taxable Municipal Bonds | — | 6,727,966 | — | 6,727,966 | ||||||||||||
| Preferred Stocks | 1,528,393 | — | — | 1,528,393 | ||||||||||||
| Cash Equivalents | 2,775,274 | — | — | 2,775,274 | ||||||||||||
| Total | $ | 4,303,667 | $ | 142,443,185 | $ | 0 | $ | 146,746,852 | ||||||||
| Core Bond Fund | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||
| Corporate Bonds* | $ | — | $ | 104,689,597 | $ | — | $ | 104,689,597 | ||||||||
| Certificates of Deposit | — | 255,092 | — | 255,092 | ||||||||||||
| U.S. Treasury Obligations | — | 50,323,454 | — | 50,323,454 | ||||||||||||
| U.S. Agency Obligations | — | 12,583,645 | — | 12,583,645 | ||||||||||||
| U.S. Agency Obligations – Mortgage-Backed | — | 54,411,423 | — | 54,411,423 | ||||||||||||
| Taxable Municipal Bonds | — | 8,324,830 | — | 8,324,830 | ||||||||||||
| Preferred Stocks | 2,118,160 | — | — | 2,118,160 | ||||||||||||
| Cash Equivalents | 4,238,195 | — | — | 4,238,195 | ||||||||||||
| Total | $ | 6,356,355 | $ | 230,588,041 | $ | 0 | $ | 236,944,396 | ||||||||
| Enhanced Return Fund | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||
| Corporate Bonds* | $ | — | $ | 80,909,514 | $ | — | $ | 80,909,514 | ||||||||
| Certificates of Deposit | — | 255,092 | — | 255,092 | ||||||||||||
| U.S. Treasury Obligations | — | 20,698,242 | — | 20,698,242 | ||||||||||||
| U.S. Agency Obligations | — | 15,662,823 | — | 15,662,823 | ||||||||||||
| U.S. Agency Obligations – Mortgage-Backed | — | 18,036,855 | — | 18,036,855 | ||||||||||||
| Taxable Municipal Bonds | — | 1,876,129 | — | 1,876,129 | ||||||||||||
| Cash Equivalents | 4,993,693 | — | — | 4,993,693 | ||||||||||||
| Sub-Total | $ | 4,993,693 | $ | 137,438,655 | $ | 0 | $ | 142,432,348 | ||||||||
| Other Financial Instruments** | 2,315,385 | — | — | 2,315,385 | ||||||||||||
| Total | $ | 7,309,078 | $ | 137,438,655 | $ | 0 | $ | 144,747,733 | ||||||||
* See Schedule of Investments for industry classification.
**Other financial instruments are futures contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation on the contracts.
The Funds did not hold any investments at any time during the reporting period in which unobservable inputs were used in determining fair value. Therefore, no reconciliation of Level 3 securities is included for this reporting period.
Financial Futures Contracts:
The Johnson Enhanced Return Fund invests in stock index futures (equity risk) only for the replication of returns, not speculation. The Enhanced Return Fund enters into S&P 500 Mini contracts four times a year generally near the time the contracts would expire (contracts expire the third Friday of March, June, September and December). The contracts are generally held until it is time to roll into the next contracts. The average daily notional value for the 3 months ended March 31, 2019 was $135,854,263. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. The amount of the daily variation margin is reflected as an asset or liability within the Statement of Assets and Liabilities, while the cumulative change in unrealized gain/loss on futures contracts is reported separately within the Statement of Operations. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss at the contract settlement date. A realized gain or loss is recognized when a contract is sold, and is the difference between the fair value of the contract at purchase and the fair value of the contract when sold. Realized gains/losses on futures contracts are reported separately within the Statement of Operations. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets.
Net variation margin receivable due from the Broker on futures contracts as of March 31, 2019 was $843,360.
Tax Cost of Securities
As of March 31, 2019, 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 | $ | 261,854,851 | $ | 69,062,073 | $ | (7,610,790 | ) | $ | 61,451,283 | |||||||
| Johnson Opportunity Fund | 66,092,939 | 8,300,940 | (4,733,932 | ) | $ | 3,567,008 | ||||||||||
| Johnson International Fund | 16,567,866 | 4,560,442 | (1,364,055 | ) | $ | 3,196,387 | ||||||||||
| Johnson Fixed Income Fund | 666,411,213 | 14,692,254 | (2,335,827 | ) | $ | 12,356,427 | ||||||||||
| Johnson Municipal Income Fund | 190,671,697 | 4,491,999 | (148,974 | ) | $ | 4,343,025 | ||||||||||
| Johnson Institutional Short Duration Bond Fund | 156,158,279 | 606,211 | (656,835 | ) | $ | (50,624 | ) | |||||||||
| Johnson Institutional Intermediate Bond Fund | 145,334,116 | 2,008,995 | (596,259 | ) | $ | 1,412,736 | ||||||||||
| Johnson Institutional Core Bond Fund | 234,039,020 | 4,009,841 | (1,104,465 | ) | $ | 2,905,376 | ||||||||||
| Johnson Enhanced Return Fund | 142,495,386 | 541,070 | (604,108 | ) | $ | (63,038 | ) | |||||||||
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