JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
March 31, 2023 (Unaudited) | ||||
CORPORATE BONDS - 58.3% | Coupon | Maturity | Par Value | Value |
Finance - 31.0% | ||||
American Express Co. | 2.500% | 07/30/24 | $ 2,900,000 | $ 2,804,251 |
AON plc | 3.500% | 06/14/24 | 2,385,000 | 2,341,040 |
AON plc | 3.875% | 12/15/25 | 2,700,000 | 2,632,865 |
Bank of America Corp., Series L | 3.875% | 08/01/25 | 2,765,000 | 2,703,194 |
Chubb INA Holdings, Inc. | 3.350% | 05/15/24 | 2,697,000 | 2,652,900 |
Essex Portfolio, L.P. | 3.875% | 05/01/24 | 1,950,000 | 1,918,868 |
Essex Portfolio, L.P. | 3.375% | 04/15/26 | 2,654,000 | 2,533,124 |
Fifth Third Bancorp | 4.300% | 01/16/24 | 3,440,000 | 3,360,034 |
Fifth Third Bancorp | 2.375% | 01/28/25 | 1,770,000 | 1,644,480 |
Huntington Bancshares, Inc. | 2.625% | 08/06/24 | 5,000,000 | 4,678,721 |
JPMorgan Chase & Co. | 3.375% | 05/01/23 | 1,902,000 | 1,898,926 |
JPMorgan Chase & Co. | 3.875% | 09/10/24 | 1,745,000 | 1,715,377 |
KeyCorp, Series O | 4.150% | 10/29/25 | 4,700,000 | 4,420,303 |
M&T Bank Corp. | 3.550% | 07/26/23 | 3,431,000 | 3,371,568 |
Marsh & McLennan Co., Inc. | 3.500% | 06/03/24 | 2,465,000 | 2,419,378 |
Marsh & McLennan Co., Inc. | 3.500% | 03/10/25 | 1,000,000 | 973,874 |
Microsoft Corp. | 3.125% | 11/03/25 | 2,500,000 | 2,438,600 |
Morgan Stanley, Series F | 3.700% | 10/23/24 | 2,115,000 | 2,077,827 |
Morgan Stanley, Series F | 4.000% | 07/23/25 | 2,750,000 | 2,696,812 |
National Retail Properties, Inc. | 3.900% | 06/15/24 | 1,197,000 | 1,174,092 |
National Retail Properties, Inc. | 4.000% | 11/15/25 | 2,965,000 | 2,870,647 |
PNC Bank NA | 3.800% | 07/25/23 | 1,000,000 | 992,036 |
PNC Financial Services Group, Inc. (The) | 3.900% | 04/29/24 | 3,440,000 | 3,370,914 |
Private Export Funding Corp., 144A | 5.500% | 03/14/25 | 2,000,000 | 2,030,840 |
Suntrust Bank, Inc. | 4.000% | 05/01/25 | 3,002,000 | 2,898,500 |
U.S. Bancorp, Series W | 3.600% | 09/11/24 | 3,454,000 | 3,346,733 |
Wells Fargo & Co., Series N | 3.550% | 09/29/25 | 600,000 | 577,147 |
Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 2,550,000 | 2,469,425 |
69,012,476 | ||||
Industrials - 15.3% | ||||
Becton Dickinson and Co. | 3.363% | 06/06/24 | 2,235,000 | 2,193,901 |
Burlington Northern Santa Fe | 3.850% | 09/01/23 | 1,160,000 | 1,155,223 |
CVS Health Corp. | 3.875% | 07/20/25 | 4,600,000 | 4,517,462 |
Dover Corp. | 3.150% | 11/15/25 | 4,548,000 | 4,396,670 |
Enterprise Products Operating, LLC | 3.750% | 02/15/25 | 1,500,000 | 1,475,948 |
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
CORPORATE BONDS - 58.3% (Continued) | Coupon | Maturity | Par Value | Value |
Industrials - 15.3% (Continued) | ||||
Johnson Controls International plc | 3.625% | 07/02/24 | $ 2,936,000 | $ 2,890,947 |
Kroger Co. (The) | 4.000% | 02/01/24 | 4,600,000 | 4,568,706 |
McDonald's Corp. | 3.350% | 04/01/23 | 1,265,000 | 1,265,000 |
Norfolk Southern Corp. | 5.590% | 05/17/25 | 1,000,000 | 1,011,190 |
Roper Technologies, Inc. | 1.000% | 09/15/25 | 4,230,000 | 3,867,159 |
Shell International | 3.250% | 05/11/25 | 3,115,000 | 3,044,921 |
Union Pacific Corp. | 3.150% | 03/01/24 | 1,700,000 | 1,671,066 |
Union Pacific Corp. | 3.750% | 03/15/24 | 2,025,000 | 2,002,302 |
34,060,495 | ||||
Utilities - 12.0% | ||||
Berkshire Hathaway Energy Co. | 3.750% | 11/15/23 | 2,190,000 | 2,169,962 |
Duke Energy Corp. | 0.900% | 09/15/25 | 4,112,000 | 3,740,419 |
Eversource Energy, Series H | 3.150% | 01/15/25 | 500,000 | 485,062 |
Eversource Energy, Series U | 1.400% | 08/15/26 | 1,240,000 | 1,110,814 |
Georgia Power Co., Series 2020A | 2.100% | 07/30/23 | 3,045,000 | 3,010,683 |
Georgia Power Co., Series 2019A | 2.200% | 09/15/24 | 2,043,000 | 1,961,166 |
Interstate Power & Light Co. | 3.250% | 12/01/24 | 449,000 | 436,045 |
Interstate Power & Light Co. | 3.400% | 08/15/25 | 4,472,000 | 4,252,970 |
National Rural Utilities Cooperative Finance Corp. (The) | 2.950% | 02/07/24 | 1,830,000 | 1,794,386 |
National Rural Utilities Cooperative Finance Corp. (The) | 2.850% | 01/27/25 | 2,505,000 | 2,424,497 |
National Rural Utilities Cooperative Finance Corp. (The) | 3.250% | 11/01/25 | 900,000 | 866,061 |
Xcel Energy, Inc. | 3.300% | 06/01/25 | 4,720,000 | 4,566,415 |
26,818,480 | ||||
Total Corporate Bonds (Cost $137,344,388) | $ 129,891,451 | |||
MUNICIPAL BONDS - 5.2% | Coupon | Maturity | Par Value | Value |
Allegheny County Pennsylvania, Series C-79 | 0.843% | 11/01/24 | $ 600,000 | $ 566,397 |
Allegheny County Pennsylvania, Series C-79 | 0.973% | 11/01/25 | 1,835,000 | 1,684,601 |
Franklin County Ohio Convention Facilities, Series 2020 B | 1.255% | 12/01/25 | 500,000 | 458,168 |
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MUNICIPAL BONDS - 5.2% (Continued) | Coupon | Maturity | Par Value | Value |
Kansas Development Finance Authority Revenue, Series H | 3.491% | 04/15/23 | $ 1,400,000 | $ 1,399,229 |
Kentucky State Property and Lodging Commission, Series D | 2.080% | 11/01/23 | 700,000 | 687,441 |
Ohio Special Obligation Capital Facilities Lease, Series 2020 C | 1.700% | 04/01/23 | 500,000 | 500,000 |
Pennsylvania State University, Series D | 1.545% | 09/01/24 | 1,145,000 | 1,097,220 |
Pennsylvania State University, Series D | 1.645% | 09/01/25 | 2,000,000 | 1,875,852 |
Port of Greater Cincinnati, Series 2020B | 2.100% | 04/01/23 | 255,000 | 255,000 |
University of Cincinnati General Receipts, Series B | 1.878% | 06/01/23 | 1,100,000 | 1,094,613 |
Wisconsin State GO Revenue, Series A | 4.330% | 05/01/27 | 2,000,000 | 1,999,166 |
Total Municipal Bonds (Cost $12,072,055) | $ 11,617,687 | |||
U.S. GOVERNMENT & AGENCIES - 8.8% | Coupon | Maturity | Par Value | Value |
Federal National Mortgage Association - 2.6% | ||||
FNMA | 0.500% | 06/17/25 | $ 1,195,000 | $ 1,104,283 |
FNMA | 0.375% | 08/25/25 | 5,130,000 | 4,697,992 |
5,802,275 | ||||
Federal Home Loan Bank - 4.5% | ||||
FHLB | 3.875% | 09/15/23 | 1,325,000 | 1,317,172 |
FHLB | 4.300% | 09/26/23 | 1,000,000 | 995,916 |
FHLB | 3.500% | 12/08/23 | 2,000,000 | 1,981,840 |
FHLB | 5.000% | 12/19/23 | 1,000,000 | 999,716 |
FHLB | 1.375% | 08/26/26 | 3,700,000 | 3,390,554 |
FHLB | 1.375% | 09/29/26 | 1,585,000 | 1,449,186 |
10,134,384 | ||||
Federal Home Loan Mortgage Corporation - 1.7% | ||||
FHLMC | 0.450% | 07/22/24 | 4,000,000 | 3,775,616 |
Total U.S. Government & Agencies (Cost $20,911,098) | $ 19,712,275 | |||
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 11.9% | Coupon | Maturity | Par Value | Value |
Federal Home Loan Mortgage Corporation - 4.8% | ||||
FHLMC, Series 2989, Class TG | 5.000% | 06/01/25 | $ 58,487 | $ 58,257 |
FHLMC, Pool #SB-0037 | 2.500% | 12/01/27 | 517,639 | 497,293 |
FHLMC, Pool #G1-5973 | 3.000% | 07/01/31 | 903,047 | 857,349 |
FHLMC, Pool #V6-1479, Series V6-1479 | 2.500% | 01/01/32 | 3,112,805 | 2,934,678 |
FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 1,011,040 | 987,636 |
FHLMC, Pool #ZT-1964 | 3.500% | 06/01/32 | 829,520 | 811,363 |
FHLMC, Pool #G1-6330 | 3.500% | 08/01/32 | 889,069 | 870,774 |
FHLMC, Series 4980, Class DB | 1.250% | 10/25/34 | 2,552,862 | 2,273,288 |
FHLMC, Pool #ZS-9286 | 4.500% | 04/01/35 | 783,598 | 787,908 |
FHLMC, Series 4198, Class BE | 2.000% | 10/15/40 | 125,698 | 122,718 |
FHLMC, Series 4125, Class KP | 2.500% | 05/15/41 | 463,596 | 441,853 |
FHLMC, Series 4009, Class PA | 2.000% | 06/15/41 | 71,311 | 67,728 |
FHLMC, Pool #2B-0350 (12MO LIBOR + 186) (a) | 3.833% | 04/01/42 | 37,886 | 37,573 |
10,748,418 | ||||
Federal National Mortgage Association - 7.1% | ||||
FNMA, Series 2003-79, Class NJ | 5.000% | 08/25/23 | 3,699 | 3,682 |
FNMA, Pool #AL6465 | 3.252% | 11/01/23 | 18,987 | 18,987 |
FNMA, Series 2013-1, Class LA | 1.250% | 02/25/28 | 758,419 | 712,729 |
FNMA, Pool #AL9230 | 3.500% | 12/01/29 | 464,428 | 455,015 |
FNMA, Pool #MA0384 | 5.000% | 04/01/30 | 195,679 | 198,350 |
FNMA, Pool #MA4424 | 1.500% | 09/01/31 | 3,769,115 | 3,422,326 |
FNMA, Pool #FM1926 | 3.000% | 09/01/32 | 962,782 | 928,963 |
FNMA, Series 2013-3, Class DK | 1.750% | 02/25/33 | 558,521 | 514,551 |
FNMA, Pool #FM2287 | 4.500% | 03/01/34 | 889,194 | 886,527 |
FNMA, Series 2020 B | 4.500% | 07/01/34 | 1,200,578 | 1,206,532 |
FNMA, Pool #FM2989 | 3.000% | 09/01/34 | 877,292 | 840,147 |
FNMA, Pool #AL7077 | 4.000% | 07/01/35 | 519,896 | 518,389 |
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 11.9% (Continued) | Coupon | Maturity | Par Value | Value |
Federal National Mortgage Association - 7.1% (Continued) | ||||
FNMA, Series 2020-044, Class TE | 2.000% | 12/25/35 | $ 1,922,464 | $ 1,783,664 |
FNMA, Series 2013-6, Class BC | 1.500% | 12/25/42 | 147,221 | 140,703 |
FNMA, Pool #AY0089 (12MO LIBOR + 160) (a) | 3.850% | 12/01/44 | 120,325 | 120,648 |
FNMA, Pool #AL8183 (12MO LIBOR + 160) (a) | 5.977% | 02/01/46 | 104,126 | 104,765 |
FNMA, Series 2020-95, Class GA | 1.000% | 01/25/51 | 5,008,188 | 3,907,003 |
15,762,981 | ||||
Government National Mortgage Association - 0.0% (b) | ||||
GNMA, Pool #726475X | 4.000% | 11/15/24 | 18,183 | 17,941 |
(Cost $18,393) | ||||
Total Collateralized Mortgage Obligations (Cost $29,372,844) | $ 26,529,340 | |||
CERTIFICATE OF DEPOSIT - 0.1% | Coupon | Maturity | Par Value | Value |
Goldman Sachs Group, Inc. (The) (Cost $249,866) | 3.400% | 10/17/23 | $ 250,000 | $ 246,849 |
U.S. TREASURY OBLIGATIONS - 11.2% | Coupon | Maturity | Par Value | Value |
U.S. Treasury Notes - 11.2% | ||||
U.S. Treasury Notes | 2.250% | 04/30/24 | $ 4,525,000 | $ 4,411,875 |
U.S. Treasury Notes | 2.000% | 11/15/26 | 4,300,000 | 4,044,352 |
U.S. Treasury Notes | 2.750% | 07/31/27 | 11,310,000 | 10,892,062 |
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
U.S. TREASURY OBLIGATIONS - 11.2% (Continued) | Coupon | Maturity | Par Value | Value |
U.S. Treasury Notes - 11.2% (Continued) | ||||
U.S. Treasury Notes | 2.750% | 02/15/28 | $ 5,865,000 | $ 5,633,608 |
Total U.S. Treasury Obligations (Cost $24,683,388) | $ 24,981,897 | |||
MONEY MARKET FUNDS - 3.8% | Shares | Value | ||
First American Government Obligations Fund - Class Z, 4.61% (c) (Cost $8,559,872) | 8,559,872 | $ 8,559,872 | ||
Investments at Value - 99.3% (Cost $233,193,511) | $ 221,539,371 | |||
Other Assets in Excess of Liabilities - 0.7% | 1,459,626 | |||
Net Assets - 100.0% | $ 222,998,997 | |||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
(b) | Percentage rounds to less than 0.1%. |
(c) | The rate shown is the 7-day effective yield as of March 31, 2023. |
144A | - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $2,030,840 as of March 31, 2023, representing 0.9% of net assets. |
LIBOR | - London Interbank Offered Rate |
plc | - Public Limited Company |
JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
March 31, 2023 (Unaudited) | ||||
CORPORATE BONDS - 50.9% | Coupon | Maturity | Par Value | Value |
Finance - 24.5% | ||||
American Express Co. | 3.950% | 08/01/25 | $ 4,250,000 | $ 4,169,644 |
AON Corp. | 3.750% | 05/02/29 | 4,300,000 | 4,107,652 |
Chubb INA Holdings, Inc., Series LY-9025 | 1.950% | 09/10/25 | 4,000,000 | 3,789,352 |
Chubb INA Holdings, Inc. | 1.375% | 09/15/30 | 2,700,000 | 2,183,744 |
Essex Portfolio, L.P. | 3.375% | 04/15/26 | 1,000,000 | 954,455 |
Essex Portfolio, L.P. | 4.000% | 03/01/29 | 1,216,000 | 1,145,016 |
Essex Portfolio, L.P. | 3.000% | 01/15/30 | 2,120,000 | 1,861,716 |
Fifth Third Bancorp | 4.300% | 01/16/24 | 1,700,000 | 1,660,482 |
Fifth Third Bancorp | 2.375% | 01/28/25 | 3,114,000 | 2,893,171 |
Huntington Bancshares, Inc. | 4.443% | 08/04/28 | 2,775,000 | 2,542,183 |
Huntington Bancshares, Inc. | 4.000% | 05/15/25 | 1,225,000 | 1,155,610 |
JPMorgan Chase & Co. | 3.875% | 09/10/24 | 3,065,000 | 3,012,968 |
JPMorgan Chase & Co. (SOFR + 379) (a) | 4.493% | 03/24/31 | 2,500,000 | 2,430,810 |
KeyCorp, Series O | 4.150% | 10/29/25 | 2,000,000 | 1,880,980 |
Marsh & McLennan Co., Inc. | 3.500% | 06/03/24 | 1,500,000 | 1,472,238 |
Morgan Stanley, Series F | 3.700% | 10/23/24 | 4,135,000 | 4,062,323 |
Morgan Stanley, Series I (SOFR + 166.9) (a) | 4.679% | 07/17/26 | 1,674,000 | 1,651,609 |
PNC Financial Services Group, Inc. (The) | 3.500% | 01/23/24 | 2,000,000 | 1,962,872 |
PNC Financial Services Group, Inc. (The) | 3.450% | 04/23/29 | 1,000,000 | 927,967 |
Suntrust Bank, Inc. | 4.000% | 05/01/25 | 2,000,000 | 1,931,046 |
Truist Financial Corp., Series J | 3.800% | 10/30/26 | 1,500,000 | 1,389,441 |
U.S. Bancorp, Series MTN | 3.100% | 04/27/26 | 3,000,000 | 2,783,934 |
U.S. Bancorp, Series Y | 3.000% | 07/30/29 | 2,625,000 | 2,290,528 |
Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 2,050,000 | 1,985,224 |
Wells Fargo & Co., Series Q | 3.196% | 06/17/27 | 1,000,000 | 941,207 |
Wells Fargo & Co., Series O | 4.300% | 07/22/27 | 2,600,000 | 2,521,228 |
57,707,400 | ||||
Industrials - 15.6% | ||||
Becton Dickinson & Co. | 3.700% | 06/06/27 | 4,000,000 | 3,866,416 |
Burlington Northern Santa Fe | 3.650% | 09/01/25 | 485,000 | 474,895 |
CVS Health Corp. | 4.300% | 03/25/28 | 3,200,000 | 3,143,018 |
Dover Corp. | 3.150% | 11/15/25 | 2,650,000 | 2,561,824 |
Dover Corp. | 2.950% | 11/04/29 | 1,495,000 | 1,334,453 |
Enterprise Products Operating, LLC | 3.750% | 02/15/25 | 860,000 | 846,210 |
Enterprise Products Operating, LLC | 4.150% | 10/16/28 | 1,300,000 | 1,263,085 |
JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
CORPORATE BONDS - 50.9% (Continued) | Coupon | Maturity | Par Value | Value |
Industrials - 15.6% (Continued) | ||||
Johnson Controls International plc | 3.900% | 02/14/26 | $ 2,282,000 | $ 2,226,917 |
Kroger Co. (The) | 3.500% | 02/01/26 | 2,100,000 | 2,049,398 |
Lowes Cos., Inc. | 4.500% | 04/15/30 | 2,250,000 | 2,221,769 |
Norfolk Southern Corp. | 2.900% | 06/15/26 | 3,790,000 | 3,602,206 |
Verizon Communications, Inc. | 4.016% | 12/03/29 | 3,935,000 | 3,768,939 |
Walt Disney Co. (The) | 3.800% | 03/22/30 | 5,245,000 | 5,056,762 |
Xylem, Inc. | 3.250% | 11/01/26 | 4,000,000 | 3,818,964 |
Xylem, Inc. | 1.950% | 01/30/28 | 500,000 | 442,733 |
36,677,589 | ||||
Utilities - 10.8% | ||||
Berkshire Hathaway, Inc. | 3.250% | 04/15/28 | 3,500,000 | 3,345,534 |
Duke Energy Corp. | 2.650% | 09/01/26 | 1,550,000 | 1,451,800 |
Eversource Energy, Series M | 3.300% | 01/15/28 | 2,700,000 | 2,536,904 |
Eversource Energy, Series O | 4.250% | 04/01/29 | 1,500,000 | 1,468,038 |
Georgia Power Co., Series 2019A | 2.200% | 09/15/24 | 325,000 | 311,982 |
Georgia Power Co., Series 2019B | 2.650% | 09/15/29 | 3,500,000 | 3,081,012 |
Interstate Power & Light Co. | 3.400% | 08/15/25 | 1,035,000 | 984,308 |
Interstate Power & Light Co. | 4.100% | 09/26/28 | 2,367,000 | 2,319,771 |
National Rural Utilities Cooperative Finance Corp. (The) | 3.400% | 02/07/28 | 3,090,000 | 2,941,566 |
Virginia Electric & Power Co., Series 2014A | 3.450% | 02/15/24 | 565,000 | 557,347 |
Virginia Electric & Power Co., Series 2015A | 3.100% | 05/15/25 | 394,000 | 379,697 |
Virginia Electric & Power Co., Series A | 3.800% | 04/01/28 | 2,250,000 | 2,184,995 |
Xcel Energy, Inc. | 3.300% | 06/01/25 | 4,050,000 | 3,918,216 |
25,481,170 | ||||
Total Corporate Bonds (Cost $130,479,933) | $ 119,866,159 | |||
COLLATERALIZED MORTGAGE OBLIGATIONS - 8.0% | Coupon | Maturity | Par Value | Value |
Federal Home Loan Mortgage Corporation - 4.1% | ||||
FHLMC, Series 2985, Class GE | 5.500% | 06/15/25 | $ 18,163 | $ 18,145 |
FHLMC, Pool #J1-2635 | 4.000% | 07/01/25 | 56,569 | 55,700 |
FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 538,838 | 526,365 |
FHLMC, Series 4151, Class PA | 2.000% | 01/15/33 | 1,020,279 | 953,750 |
JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 8.0% (Continued) | Coupon | Maturity | Par Value | Value |
Federal Home Loan Mortgage Corporation - 4.1% (Continued) | ||||
FHLMC, Pool #SB-0297 | 3.000% | 03/01/35 | $ 2,036,758 | $ 1,939,071 |
FHLMC, Pool #G0-8068 | 5.500% | 07/01/35 | 79,676 | 83,115 |
FHLMC, Pool #SC-0047 | 3.000% | 01/01/40 | 3,147,687 | 2,970,182 |
FHLMC, Series 3946, Class LN | 3.500% | 04/15/41 | 223,753 | 218,328 |
FHLMC, Pool #2B-0350 (12MO LIBOR + 186) (a) | 3.833% | 04/01/42 | 40,592 | 40,257 |
FHLMC, Series 5189, Class PG | 2.500% | 09/25/51 | 3,153,197 | 2,853,498 |
9,658,411 | ||||
Federal National Mortgage Association - 3.9% | ||||
FNMA, Pool #MA0384 | 5.000% | 04/01/30 | 78,272 | 79,340 |
FNMA, Pool #MA1237 | 3.000% | 11/01/32 | 849,777 | 809,687 |
FNMA, Pool #FM5050 | 2.500% | 02/01/35 | 2,435,101 | 2,325,023 |
FNMA, Series 2016-99, Class TA | 3.500% | 03/25/36 | 214,320 | 209,725 |
FNMA, Pool #FS0140 | 4.000% | 11/01/37 | 3,667,460 | 3,633,828 |
FNMA, Pool #AA4392 | 4.000% | 04/01/39 | 88,147 | 86,300 |
FNMA, Series 2011-52, Class PC | 3.000% | 03/25/41 | 311,035 | 302,599 |
FNMA, Pool #AJ7509 (12MO LIBOR + 178) (a) | 4.030% | 12/01/41 | 37,972 | 37,450 |
FNMA, Series 2012-128, Class TP | 2.000% | 11/25/42 | 502,619 | 466,184 |
FNMA, Series 2015-37, Class BA | 3.000% | 08/25/44 | 685,415 | 646,494 |
FNMA, Pool #AY0089 (12MO LIBOR + 160) (a) | 3.850% | 12/01/44 | 123,589 | 123,922 |
FNMA, Series 2016-39, Class LA | 2.500% | 03/25/45 | 530,853 | 491,998 |
9,212,550 | ||||
Total Collateralized Mortgage Obligations (Cost $20,673,033) | $ 18,870,961 | |||
U.S. GOVERNMENT & AGENCIES - 6.4% | Coupon | Maturity | Par Value | Value |
Federal National Mortgage Association - 1.0% | ||||
FNMA | 3.320% | 04/01/28 | $ 2,500,000 | $ 2,396,465 |
Federal Home Loan Bank - 5.4% | ||||
FHLB | 2.875% | 09/13/24 | 1,500,000 | 1,469,604 |
FHLB | 3.250% | 11/16/28 | 1,800,000 | 1,752,316 |
JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
U.S. GOVERNMENT & AGENCIES - 6.4% (Continued) | Coupon | Maturity | Par Value | Value |
Federal Home Loan Bank - 5.4% (Continued) | ||||
FHLB | 4.750% | 12/10/32 | $ 9,000,000 | $ 9,351,180 |
12,573,100 | ||||
Total U.S. Government & Agencies (Cost $15,369,302) | $ 14,969,565 | |||
MUNICIPAL BONDS - 2.0% | Coupon | Maturity | Par Value | Value |
Kansas Development Finance Authority, Series 2015 H | 4.091% | 04/15/27 | $ 3,000,000 | $ 2,937,879 |
Pennsylvania State University, Series 2020 D | 1.893% | 09/01/26 | 2,000,000 | 1,846,220 |
Total Municipal Bonds (Cost $5,104,161) | $ 4,784,099 | |||
U.S. TREASURY OBLIGATIONS - 30.2% | Coupon | Maturity | Par Value | Value |
U.S. Treasury Notes - 30.2% | ||||
U.S. Treasury Notes | 2.125% | 11/30/23 | $ 500,000 | $ 491,582 |
U.S. Treasury Notes | 2.000% | 08/15/25 | 4,000,000 | 3,827,500 |
U.S. Treasury Notes | 1.625% | 05/15/26 | 650,000 | 608,512 |
U.S. Treasury Notes | 2.250% | 08/15/27 | 3,750,000 | 3,538,185 |
U.S. Treasury Notes | 0.625% | 12/31/27 | 13,500,000 | 11,741,841 |
U.S. Treasury Notes | 2.750% | 02/15/28 | 10,950,000 | 10,517,990 |
U.S. Treasury Notes | 3.125% | 11/15/28 | 13,000,000 | 12,672,972 |
U.S. Treasury Notes | 2.625% | 02/15/29 | 14,000,000 | 13,275,934 |
U.S. Treasury Notes | 1.500% | 02/15/30 | 4,700,000 | 4,120,579 |
U.S. Treasury Notes | 1.375% | 11/15/31 | 12,000,000 | 10,128,756 |
Total U.S. Treasury Obligations (Cost $72,547,132) | $ 70,923,851 |
JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
PREFERRED STOCKS - 0.6% | Shares | Value | ||
Financials - 0.6% | ||||
Allstate Corp. (The), 5.10%, 01/15/2053 (Cost $1,446,031) | 59,890 | $ 1,528,393 | ||
MONEY MARKET FUNDS - 1.1% | Shares | Value | ||
First American Government Obligations Fund - Class Z, 4.61% (b) (Cost $2,507,484) | 2,507,484 | $ 2,507,484 | ||
Investments at Value - 99.2% (Cost $248,127,076) | $ 233,450,512 | |||
Other Assets in Excess of Liabilities - 0.8% | 1,764,681 | |||
Net Assets - 100.0% | $ 235,215,193 |
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
(b) | The rate shown is the 7-day effective yield as of March 31, 2023. |
LIBOR | - London Interbank Offered Rate | |
plc | - Public Limited Company | |
SOFR | - Secured Overnight Financing Rate |
JOHNSON INSTITUTIONAL CORE BOND FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
March 31, 2023 (Unaudited) | ||||
CORPORATE BONDS - 48.4% | Coupon | Maturity | Par Value | Value |
Finance - 20.6% | ||||
American Express Co. | 3.125% | 05/20/26 | $ 1,000,000 | $ 953,542 |
American Express Co. | 2.550% | 03/04/27 | 2,000,000 | 1,851,162 |
AON Corp. | 3.750% | 05/02/29 | 5,390,000 | 5,148,895 |
AON plc | 3.875% | 12/15/25 | 1,850,000 | 1,804,000 |
Bank of America Corp., Series L | 3.248% | 10/21/27 | 11,340,000 | 10,686,000 |
Essex Portfolio, L.P. | 3.000% | 01/15/30 | 9,426,000 | 8,277,612 |
Fifth Third Bancorp | 4.300% | 01/16/24 | 2,000,000 | 1,953,508 |
Fifth Third Bancorp | 2.375% | 01/28/25 | 4,913,000 | 4,564,595 |
Huntington Bancshares, Inc. | 2.625% | 08/06/24 | 5,230,000 | 4,893,941 |
Huntington Bancshares, Inc. | 2.550% | 02/04/30 | 5,000,000 | 3,958,835 |
JPMorgan Chase & Co. (SOFR + 379) (a) | 4.493% | 03/24/31 | 12,000,000 | 11,667,887 |
KeyCorp, Series O | 4.100% | 04/30/28 | 3,740,000 | 3,354,559 |
KeyCorp | 2.550% | 10/01/29 | 3,325,000 | 2,658,128 |
Marsh & McLennan Co., Inc. | 4.375% | 03/15/29 | 6,490,000 | 6,445,452 |
Morgan Stanley, Series F | 4.000% | 07/23/25 | 5,200,000 | 5,099,427 |
PNC Financial Services Group, Inc. (The) | 3.450% | 04/23/29 | 11,850,000 | 10,996,409 |
Truist Financial Corp., Series H | 3.875% | 03/19/29 | 5,160,000 | 4,646,606 |
Truist Financial Corp. | 2.250% | 03/11/30 | 8,000,000 | 6,566,408 |
U.S. Bancorp, Series MTN | 3.100% | 04/27/26 | 4,500,000 | 4,175,901 |
U.S. Bancorp, Series Y | 3.000% | 07/30/29 | 7,275,000 | 6,348,034 |
Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 7,530,000 | 7,292,067 |
Wells Fargo & Co., Series O | 4.300% | 07/22/27 | 4,599,000 | 4,459,664 |
117,802,632 | ||||
Industrials - 17.2% | ||||
Becton Dickinson & Co. | 2.823% | 05/20/30 | 10,000,000 | 8,917,701 |
Cincinnati Children's Hospital Medical Center, Series 2016Y | 2.853% | 11/15/26 | 750,000 | 712,932 |
CVS Health Corp. | 4.300% | 03/25/28 | 9,000,000 | 8,839,737 |
CVS Health Corp. | 3.750% | 04/01/30 | 1,000,000 | 935,394 |
Dover Corp. | 3.150% | 11/15/25 | 1,500,000 | 1,450,089 |
Dover Corp. | 2.950% | 11/04/29 | 4,500,000 | 4,016,750 |
Duke Energy Corp. | 2.450% | 06/01/30 | 5,000,000 | 4,261,010 |
Emerson Electric Co. | 1.950% | 10/15/30 | 5,160,000 | 4,341,376 |
Emerson Electric Co. | 2.200% | 12/21/31 | 6,200,000 | 5,238,622 |
Enterprise Products Operating, LLC | 4.150% | 10/16/28 | 8,500,000 | 8,258,634 |
JOHNSON INSTITUTIONAL CORE BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
CORPORATE BONDS - 48.4% (Continued) | Coupon | Maturity | Par Value | Value |
Industrials - 17.2% (Continued) | ||||
Home Depot, Inc. (The) | 3.250% | 04/15/32 | $ 6,520,000 | $ 5,951,938 |
Johnson Controls International plc | 3.900% | 02/14/26 | 1,000,000 | 975,862 |
Lowes Cos., Inc. | 4.500% | 04/15/30 | 8,685,000 | 8,576,029 |
McDonald's Corp. | 3.600% | 07/01/30 | 4,955,000 | 4,701,681 |
Roper Technologies, Inc. | 2.950% | 09/15/29 | 1,885,000 | 1,692,034 |
Starbucks Corp. | 2.250% | 03/12/30 | 5,550,000 | 4,776,363 |
Verizon Communications, Inc. | 4.329% | 09/21/28 | 1,675,000 | 1,653,580 |
Verizon Communications, Inc. | 4.016% | 12/03/29 | 9,821,000 | 9,406,544 |
Walt Disney Co. (The) | 3.800% | 03/22/30 | 11,455,000 | 11,043,892 |
Xylem, Inc. | 1.950% | 01/30/28 | 2,695,000 | 2,386,328 |
98,136,496 | ||||
Utilities - 10.6% | ||||
Berkshire Hathaway, Inc. | 3.250% | 04/15/28 | 1,936,000 | 1,850,559 |
Duke Energy Corp. | 2.650% | 09/01/26 | 6,350,000 | 5,947,696 |
Eversource Energy, Series M | 3.300% | 01/15/28 | 2,500,000 | 2,348,985 |
Eversource Energy, Series O | 4.250% | 04/01/29 | 6,924,000 | 6,776,463 |
Georgia Power Co., Series 2019B | 2.650% | 09/15/29 | 11,000,000 | 9,683,178 |
Interstate Power & Light Co. | 3.400% | 08/15/25 | 1,525,000 | 1,450,309 |
Interstate Power & Light Co. | 4.100% | 09/26/28 | 8,805,000 | 8,629,314 |
Interstate Power & Light Co. | 2.300% | 06/01/30 | 1,490,000 | 1,250,670 |
National Rural Utilities Cooperative Finance Corp. (The) | 3.400% | 02/07/28 | 2,000,000 | 1,903,926 |
National Rural Utilities Cooperative Finance Corp. (The) | 3.700% | 03/15/29 | 3,900,000 | 3,705,511 |
Virginia Electric & Power Co., Series B | 2.950% | 11/15/26 | 2,075,000 | 1,952,067 |
Virginia Electric & Power Co., Series A | 3.500% | 03/15/27 | 3,932,000 | 3,782,741 |
Xcel Energy, Inc. | 4.000% | 06/15/28 | 7,500,000 | 7,293,240 |
Xcel Energy, Inc. | 3.400% | 06/01/30 | 4,500,000 | 4,110,161 |
60,684,820 | ||||
Total Corporate Bonds (Cost $316,618,684) | $ 276,623,948 |
JOHNSON INSTITUTIONAL CORE BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 14.9% | Coupon | Maturity | Par Value | Value |
Federal Home Loan Mortgage Corporation - 5.2% | ||||
FHLMC, Pool #J0-9921 | 4.000% | 07/01/24 | $ 17,453 | $ 17,265 |
FHLMC, Series 2985, Class GE | 5.500% | 06/15/25 | 15,893 | 15,877 |
FHLMC, Pool #ZK-6713 | 3.000% | 06/01/29 | 3,085,879 | 2,978,907 |
FHLMC, Pool #V6-1479, Series V6-1479 | 2.500% | 01/01/32 | 2,786,450 | 2,626,999 |
FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 808,257 | 789,547 |
FHLMC, Pool #ZT-1964 | 3.500% | 06/01/32 | 3,354,906 | 3,281,471 |
FHLMC, Pool #G1-8667 | 3.500% | 11/01/32 | 649,986 | 634,940 |
FHLMC, Series 4151, Class PA | 2.000% | 01/15/33 | 1,786,207 | 1,669,734 |
FHLMC, Pool #G0-8068 | 5.500% | 07/01/35 | 180,138 | 187,912 |
FHLMC, Pool #G0-1880 | 5.000% | 08/01/35 | 30,371 | 31,194 |
FHLMC, Pool #G0-6616 | 4.500% | 12/01/35 | 70,296 | 70,652 |
FHLMC, Pool #G3-0933 | 4.000% | 01/01/36 | 4,049,012 | 4,017,049 |
FHLMC, Pool #G3-1087 | 4.000% | 07/01/38 | 701,007 | 698,009 |
FHLMC, Series 4887, Class A | 3.250% | 09/15/38 | 625,774 | 599,113 |
FHLMC, Pool #SC-0047 | 3.000% | 01/01/40 | 10,483,397 | 9,892,218 |
FHLMC, Series 3946, Class LN | 3.500% | 04/15/41 | 223,753 | 218,328 |
FHLMC, Pool #2B-0350 (12MO LIBOR + 186) (a) | 3.833% | 04/01/42 | 40,592 | 40,257 |
FHLMC, Series 4087, Class PT | 3.000% | 07/15/42 | 404,468 | 385,238 |
FHLMC, Series 4161, Class QA | 3.000% | 02/15/43 | 105,369 | 100,608 |
FHLMC, Series 4689, Class DA | 3.000% | 07/15/44 | 360,043 | 348,911 |
FHLMC, Series 4582, Class PA | 3.000% | 11/15/45 | 536,018 | 501,689 |
FHLMC, Series 4709, Class EA | 3.000% | 01/15/46 | 564,728 | 538,514 |
29,644,432 | ||||
Federal National Mortgage Association - 9.7% | ||||
FNMA, Series 2003-79, Class NJ | 5.000% | 08/25/23 | 2,263 | 2,252 |
FNMA, Pool #MA0384 | 5.000% | 04/01/30 | 62,617 | 63,472 |
FNMA, Pool #AL6923 | 3.000% | 05/01/30 | 2,056,849 | 1,985,524 |
FNMA, Pool #MA4424 | 1.500% | 09/01/31 | 13,413,386 | 12,179,246 |
FNMA, Pool #AL9309 | 3.500% | 10/01/31 | 298,771 | 292,243 |
FNMA, Pool #MA1107 | 3.500% | 07/01/32 | 308,849 | 300,476 |
FNMA, Pool #FM5394 | 3.000% | 03/01/34 | 5,568,861 | 5,324,594 |
FNMA, Pool #FM3388 | 4.000% | 03/01/34 | 935,703 | 919,388 |
FNMA, Pool #FM5050 | 2.500% | 02/01/35 | 1,295,474 | 1,236,912 |
FNMA, Pool #AL7077 | 4.000% | 07/01/35 | 2,078,546 | 2,072,520 |
JOHNSON INSTITUTIONAL CORE BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 14.9% (Continued) | Coupon | Maturity | Par Value | Value |
Federal National Mortgage Association - 9.7% (Continued) | ||||
FNMA, Series 2005-64, Class PL | 5.500% | 07/25/35 | $ 28,500 | $ 29,315 |
FNMA, Series 2016-99, Class TA | 3.500% | 03/25/36 | 181,348 | 177,460 |
FNMA, Pool #995112 | 5.500% | 07/01/36 | 69,988 | 72,703 |
FNMA, Series 2014-20, Class AC | 3.000% | 08/25/36 | 106,858 | 103,631 |
FNMA, Pool #MA2773 | 3.000% | 10/01/36 | 1,307,161 | 1,226,599 |
FNMA, Pool #889050 | 6.000% | 05/01/37 | 116,964 | 123,401 |
FNMA, Pool #MA3337 | 4.000% | 04/01/38 | 486,888 | 482,426 |
FNMA, Pool #AA4392 | 4.000% | 04/01/39 | 88,147 | 86,300 |
FNMA, Pool #FM9469 | 4.000% | 08/01/39 | 2,836,279 | 2,824,017 |
FNMA, Pool #CB0114 | 2.500% | 04/01/41 | 9,449,336 | 8,400,752 |
FNMA, Series 2011-53, Class DT | 4.500% | 06/25/41 | 109,154 | 109,164 |
FNMA, Pool #AJ7509 (12MO LIBOR + 178) (a) | 4.030% | 12/01/41 | 37,972 | 37,450 |
FNMA, Series 2012-128, Class TP | 2.000% | 11/25/42 | 629,328 | 583,708 |
FNMA, Series 2015-72, Class GB | 2.500% | 12/25/42 | 409,963 | 389,508 |
FNMA, Series 2014-28, Class PA | 3.500% | 02/25/43 | 110,332 | 107,543 |
FNMA, Series 2013-83, Class MH | 4.000% | 08/25/43 | 137,718 | 133,273 |
FNMA, Series 2016-79, Class L | 2.500% | 10/25/44 | 650,364 | 608,470 |
FNMA, Series 2016-39, Class LA | 2.500% | 03/25/45 | 1,344,828 | 1,246,395 |
FNMA, Series 2016-99, Class PH | 3.000% | 01/25/46 | 1,634,289 | 1,532,166 |
FNMA, Series 2018-67, Class BA | 4.500% | 03/25/46 | 406,124 | 408,801 |
FNMA, Series 2019-60, Class DA | 2.500% | 03/25/49 | 1,857,382 | 1,628,915 |
FNMA, Series 2020-95, Class GA | 1.000% | 01/25/51 | 4,727,116 | 3,687,732 |
GNMA, Series 2021-175, Class DG | 2.000% | 10/20/51 | 7,857,985 | 6,784,702 |
55,161,058 | ||||
Total Collateralized Mortgage Obligations (Cost $91,764,374) | $ 84,805,490 | |||
U.S. GOVERNMENT & AGENCIES - 3.4% | Coupon | Maturity | Par Value | Value |
Federal National Mortgage Association - 1.4% | ||||
FNMA | 3.320% | 04/01/28 | $ 3,000,000 | $ 2,875,758 |
FNMA | 3.740% | 07/01/28 | 2,500,000 | 2,439,823 |
FNMA | 3.150% | 06/01/29 | 3,000,000 | 2,828,493 |
8,144,074 |
JOHNSON INSTITUTIONAL CORE BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
U.S. GOVERNMENT & AGENCIES - 3.4% (Continued) | Coupon | Maturity | Par Value | Value |
Federal Home Loan Bank - 2.0% | ||||
FHLB | 4.750% | 12/10/32 | $ 10,940,000 | $ 11,366,878 |
Total U.S. Government & Agencies (Cost $20,018,085) | $ 19,510,952 | |||
MUNICIPAL BONDS - 1.8% | Coupon | Maturity | Par Value | Value |
Kansas Development Finance Authority, Series 2015 H | 3.741% | 04/15/25 | $ 3,705,000 | $ 3,640,170 |
Kansas Development Finance Authority, Series 2015 H | 4.091% | 04/15/27 | 125,000 | 122,412 |
Kentucky Property and Buildings Commission Revenue, Series 2010C | 5.373% | 11/01/25 | 450,000 | 449,228 |
Ohio University General Receipts, Series 2020 | 1.766% | 12/01/26 | 2,000,000 | 1,822,708 |
Texas Natural Gas Securitization Finance Corp. Revenue, Series 2023 A-1 | 5.102% | 04/01/35 | 4,000,000 | 4,108,749 |
Total Municipal Bonds (Cost $10,342,059) | $ 10,143,267 | |||
U.S. TREASURY OBLIGATIONS - 29.6% | Coupon | Maturity | Par Value | Value |
U.S. Treasury Bonds - 13.0% | ||||
U.S. Treasury Bonds | 2.375% | 02/15/42 | $ 16,000,000 | $ 12,862,496 |
U.S. Treasury Bonds | 2.500% | 02/15/45 | 34,500,000 | 27,519,132 |
U.S. Treasury Bonds | 2.500% | 05/15/46 | 20,800,000 | 16,506,755 |
U.S. Treasury Bonds | 2.750% | 08/15/47 | 12,290,000 | 10,216,063 |
U.S. Treasury Bonds | 2.000% | 02/15/50 | 10,300,000 | 7,300,125 |
74,404,571 | ||||
U.S. Treasury Notes - 16.6% | ||||
U.S. Treasury Notes | 2.000% | 11/15/26 | 6,000,000 | 5,643,282 |
U.S. Treasury Notes | 1.375% | 11/15/31 | 10,400,000 | 8,778,255 |
U.S. Treasury Notes | 2.875% | 05/15/32 | 40,500,000 | 38,544,620 |
U.S. Treasury Notes | 4.125% | 11/15/32 | 22,500,000 | 23,646,150 |
JOHNSON INSTITUTIONAL CORE BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
U.S. TREASURY OBLIGATIONS - 29.6% (Continued) | Coupon | Maturity | Par Value | Value |
U.S. Treasury Notes - 16.6% (Continued) | ||||
U.S. Treasury Notes | 3.500% | 02/15/33 | $ 18,000,000 | $ 18,030,960 |
94,643,267 | ||||
Total U.S. Treasury Obligations (Cost $176,604,941) | $ 169,047,838 | |||
PREFERRED STOCKS - 0.4% | Shares | Value | ||
Financials - 0.4% | ||||
Allstate Corp. (The), 5.10%, 01/15/2053 (Cost $2,034,817) | 83,000 | $ 2,118,160 | ||
MONEY MARKET FUNDS - 0.7% | Shares | Value | ||
First American Government Obligations Fund - Class Z, 4.61% (b) (Cost $4,210,963) | 4,210,963 | $ 4,210,963 | ||
Investments at Value - 99.2% (Cost $621,593,923) | $ 566,460,618 | |||
Other Assets in Excess of Liabilities - 0.8% | 4,284,017 | |||
Net Assets - 100.0% | $ 570,744,635 | |||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
(b) | The rate shown is the 7-day effective yield as of March 31, 2023. |
LIBOR | - London Interbank Offered Rate | |
plc | - Public Limited Company | |
SOFR | - Secured Overnight Financing Rate |
JOHNSON ENHANCED RETURN FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
March 31, 2023 (Unaudited) | ||||
CORPORATE BONDS - 56.2% | Coupon | Maturity | Par Value | Value |
Finance - 29.2% | ||||
American Express Co. | 2.500% | 07/30/24 | $ 3,647,000 | $ 3,526,587 |
AON plc | 3.500% | 06/14/24 | 660,000 | 647,835 |
AON plc | 3.875% | 12/15/25 | 3,999,000 | 3,899,565 |
Bank of America Corp., Series L | 3.875% | 08/01/25 | 4,599,000 | 4,496,198 |
Branch Banking & Trust Co. | 3.625% | 09/16/25 | 3,540,000 | 3,378,250 |
Chubb INA Holdings, Inc. | 3.350% | 05/15/24 | 3,164,000 | 3,112,265 |
Essex Portfolio, L.P. | 3.875% | 05/01/24 | 2,177,000 | 2,142,244 |
Essex Portfolio, L.P. | 3.500% | 04/01/25 | 1,720,000 | 1,658,940 |
Essex Portfolio, L.P. | 3.375% | 04/15/26 | 565,000 | 539,267 |
Fifth Third Bancorp | 4.300% | 01/16/24 | 3,964,000 | 3,871,853 |
Goldman Sachs Group, Inc. (The) | 3.625% | 02/20/24 | 1,000,000 | 985,859 |
Huntington Bancshares, Inc. | 2.625% | 08/06/24 | 3,840,000 | 3,593,257 |
JPMorgan Chase & Co. | 3.875% | 09/10/24 | 4,704,000 | 4,624,144 |
KeyCorp, Series O | 4.150% | 10/29/25 | 4,562,000 | 4,290,515 |
Marsh & McLennan Co., Inc. | 3.500% | 06/03/24 | 3,010,000 | 2,954,291 |
Marsh & McLennan Co., Inc. | 3.500% | 03/10/25 | 765,000 | 745,014 |
Morgan Stanley, Series F | 3.700% | 10/23/24 | 200,000 | 196,485 |
Morgan Stanley, Series F | 4.000% | 07/23/25 | 4,200,000 | 4,118,768 |
National Retail Properties, Inc. | 4.000% | 11/15/25 | 3,450,000 | 3,340,214 |
PNC Bank NA | 3.800% | 07/25/23 | 1,998,000 | 1,982,088 |
PNC Financial Services Group, Inc. (The) | 3.900% | 04/29/24 | 425,000 | 416,465 |
Private Export Funding Corp., 144A | 5.500% | 03/14/25 | 2,000,000 | 2,030,840 |
U.S. Bancorp, Series X | 2.400% | 07/30/24 | 2,685,000 | 2,585,553 |
U.S. Bancorp, Series W | 3.600% | 09/11/24 | 1,685,000 | 1,632,671 |
Wells Fargo & Co., Series N | 3.550% | 09/29/25 | 830,000 | 798,386 |
Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 2,770,000 | 2,682,474 |
64,250,028 | ||||
Industrials - 15.4% | ||||
Becton Dickinson and Co. | 3.363% | 06/06/24 | 750,000 | 736,208 |
Burlington Northern Santa Fe | 3.650% | 09/01/25 | 3,970,000 | 3,887,280 |
CVS Health Corp. | 3.875% | 07/20/25 | 4,100,000 | 4,026,434 |
Dover Corp. | 3.150% | 11/15/25 | 4,515,000 | 4,364,768 |
Enterprise Products Operating, LLC | 3.750% | 02/15/25 | 500,000 | 491,983 |
Johnson Controls International plc | 3.625% | 07/02/24 | 4,252,000 | 4,186,753 |
Kroger Co. (The) | 4.000% | 02/01/24 | 3,795,000 | 3,769,183 |
JOHNSON ENHANCED RETURN FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
CORPORATE BONDS - 56.2% (Continued) | Coupon | Maturity | Par Value | Value |
Industrials - 15.4% (Continued) | ||||
Norfolk Southern Corp. | 5.590% | 05/17/25 | $ 1,280,000 | $ 1,294,323 |
Norfolk Southern Corp. | 3.650% | 08/01/25 | 3,300,000 | 3,212,230 |
Roper Technologies, Inc. | 1.000% | 09/15/25 | 1,555,000 | 1,421,615 |
Union Pacific Corp. | 3.150% | 03/01/24 | 2,800,000 | 2,752,344 |
Union Pacific Corp. | 3.750% | 03/15/24 | 450,000 | 444,956 |
Walt Disney Co. (The) | 1.750% | 01/13/26 | 3,429,000 | 3,213,223 |
33,801,300 | ||||
Utilities - 11.6% | ||||
Duke Energy Corp. | 3.750% | 04/15/24 | 4,610,000 | 4,557,109 |
Duke Energy Ohio, Inc. | 3.800% | 09/01/23 | 890,000 | 881,939 |
Eversource Energy, Series F | 2.800% | 05/01/23 | 850,000 | 847,388 |
Eversource Energy, Series H | 3.150% | 01/15/25 | 1,495,000 | 1,450,335 |
Eversource Energy, Series U | 1.400% | 08/15/26 | 1,260,000 | 1,128,731 |
Georgia Power Co., Series 2020A | 2.100% | 07/30/23 | 3,650,000 | 3,608,865 |
Georgia Power Co., Series 2019A | 2.200% | 09/15/24 | 500,000 | 479,972 |
Interstate Power & Light Co. | 3.250% | 12/01/24 | 1,910,000 | 1,854,889 |
Interstate Power & Light Co. | 3.400% | 08/15/25 | 2,895,000 | 2,753,209 |
National Rural Utilities Cooperative Finance Corp. (The) | 2.950% | 02/07/24 | 2,625,000 | 2,573,915 |
National Rural Utilities Cooperative Finance Corp. (The) | 2.850% | 01/27/25 | 1,000,000 | 967,863 |
Xcel Energy, Inc. | 3.300% | 06/01/25 | 4,610,000 | 4,459,995 |
25,564,210 | ||||
Total Corporate Bonds (Cost $131,043,639) | $ 123,615,538 | |||
MUNICIPAL BONDS - 3.1% | Coupon | Maturity | Par Value | Value |
Allegheny County Pennsylvania, Series C-79 | 0.694% | 11/01/23 | $ 2,200,000 | $ 2,147,717 |
Franklin County Ohio Convention Facilities, Series 2020 B | 1.155% | 12/01/24 | 550,000 | 518,512 |
Kentucky State Property and Buildings Commission Revenue, Series 2009C | 6.155% | 11/01/29 | 2,750,000 | 2,896,135 |
JOHNSON ENHANCED RETURN FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MUNICIPAL BONDS - 3.1% (Continued) | Coupon | Maturity | Par Value | Value |
University of Cincinnati General Receipts, Series B | 1.878% | 06/01/23 | $ 1,200,000 | $ 1,194,124 |
Total Municipal Bonds (Cost $6,831,199) | $ 6,756,488 | |||
COLLATERALIZED MORTGAGE OBLIGATIONS - 12.5% | Coupon | Maturity | Par Value | Value |
Federal Home Loan Mortgage Corporation - 4.4% | ||||
FHLMC, Pool #J1-2635 | 4.000% | 07/01/25 | $ 17,779 | $ 17,506 |
FHLMC, Series 4287, Class AB | 2.000% | 12/15/26 | 222,241 | 212,308 |
FHLMC, Pool #J3-2364 | 2.500% | 11/01/28 | 906,014 | 873,355 |
FHLMC, Pool #ZS-7207 | 3.500% | 07/01/30 | 819,071 | 802,033 |
FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 754,373 | 736,911 |
FHLMC, Pool #ZT-1964 | 3.500% | 06/01/32 | 1,612,936 | 1,577,630 |
FHLMC, Pool #G1-6330 | 3.500% | 08/01/32 | 841,011 | 823,705 |
FHLMC, Pool #SB-0380 | 3.500% | 02/01/34 | 867,493 | 845,711 |
FHLMC, Series 4271, Class CE | 2.000% | 08/15/36 | 64,676 | 64,143 |
FHLMC, Series 4198, Class BE | 2.000% | 10/15/40 | 346,849 | 338,627 |
FHLMC, Series 5050, Class BG | 1.000% | 01/15/41 | 902,617 | 815,812 |
FHLMC, Series 5902, Class XC | 1.500% | 01/15/41 | 1,943,594 | 1,711,217 |
FHLMC, Series 4009, Class PA | 2.000% | 06/15/41 | 246,847 | 234,444 |
FHLMC, Series 4709, Class EA | 3.000% | 01/15/46 | 690,224 | 658,184 |
9,711,586 | ||||
Federal National Mortgage Association - 8.1% | ||||
FNMA, Pool #AN2351 | 2.150% | 09/01/26 | 2,000,000 | 1,840,570 |
FNMA, Pool #AT2060 | 2.500% | 04/01/28 | 884,270 | 851,574 |
FNMA, Pool #AL9230 | 3.500% | 12/01/29 | 774,047 | 758,358 |
FNMA, Pool #FM1536 | 2.500% | 11/01/30 | 351,490 | 336,803 |
FNMA, Pool #MA1106 | 3.000% | 07/01/32 | 2,020,867 | 1,925,529 |
FNMA, Series 2013-3, Class DK | 1.750% | 02/25/33 | 558,521 | 514,551 |
FNMA, Pool #FM2287 | 4.500% | 03/01/34 | 669,439 | 667,431 |
FNMA, Pool #FM2989 | 3.000% | 09/01/34 | 1,008,886 | 966,169 |
FNMA, Pool #AL7077 | 4.000% | 07/01/35 | 1,045,178 | 1,042,148 |
FNMA, Pool #833200 | 5.500% | 09/01/35 | 246,635 | 256,996 |
JOHNSON ENHANCED RETURN FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 12.5% (Continued) | Coupon | Maturity | Par Value | Value |
Federal National Mortgage Association - 8.1% (Continued) | ||||
FNMA, Series 2020-044, Class TE | 2.000% | 12/25/35 | $ 2,353,645 | $ 2,183,714 |
FNMA, Pool #FM2293 | 4.000% | 09/01/36 | 1,820,810 | 1,812,104 |
FNMA, Pool #FM7224 | 4.500% | 11/01/38 | 970,907 | 975,723 |
FNMA, Pool #AJ7509 (12MO LIBOR + 178) (a) | 4.030% | 12/01/41 | 37,972 | 37,450 |
FNMA, Series 2013-6, Class BC | 1.500% | 12/25/42 | 99,474 | 95,069 |
FNMA, Series 2015-28, Class P | 2.500% | 05/25/45 | 2,417,433 | 2,235,521 |
FNMA, Series 2020-95, Class GA | 1.000% | 01/25/51 | 1,635,327 | 1,275,756 |
17,775,466 | ||||
Government National Mortgage Association - 0.0% (b) | ||||
GNMA, Pool #726475X | 4.000% | 11/15/24 | 18,183 | 17,941 |
GNMA, Pool #728920 | 4.000% | 12/15/24 | 23,976 | 23,649 |
41,590 | ||||
Total Collateralized Mortgage Obligations (Cost $30,279,621) | $ 27,528,642 | |||
U.S. GOVERNMENT & AGENCIES - 6.2% | Coupon | Maturity | Par Value | Value |
Federal Home Loan Bank - 4.5% | ||||
FHLB | 5.000% | 12/19/23 | $ 4,700,000 | $ 4,698,665 |
FHLB | 1.375% | 08/26/26 | 4,100,000 | 3,757,101 |
FHLB | 1.375% | 09/29/26 | 1,600,000 | 1,462,901 |
9,918,667 | ||||
Federal Home Loan Mortgage Corporation - 1.7% | ||||
FHLMC | 0.450% | 07/22/24 | 4,000,000 | 3,775,616 |
Total U.S. Government & Agencies (Cost $14,400,000) | $ 13,694,283 | |||
U.S. TREASURY OBLIGATIONS - 13.0% | Coupon | Maturity | Par Value | Value |
U.S. Treasury Notes - 13.0% | ||||
U.S. Treasury Notes | 2.250% | 04/30/24 | $ 6,485,000 | $ 6,322,875 |
U.S. Treasury Notes (13WK T-Bill + 7.5) (a) | 4.656% | 04/30/24 | 3,000,000 | 2,994,258 |
U.S. Treasury Notes | 1.500% | 02/15/25 | 4,000,000 | 3,810,156 |
U.S. Treasury Notes | 2.000% | 08/15/25 | 5,800,000 | 5,549,875 |
JOHNSON ENHANCED RETURN FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
U.S. TREASURY OBLIGATIONS - 13.0% (Continued) | Coupon | Maturity | Par Value | Value |
U.S. Treasury Notes - 13.0% (Continued) | ||||
U.S. Treasury Notes | 2.750% | 07/31/27 | $ 10,280,000 | $ 9,900,123 |
Total U.S. Treasury Obligations (Cost $28,434,290) | $ 28,577,287 | |||
MONEY MARKET FUNDS - 7.0% | Shares | Value | ||
First American Government Obligations Fund - Class Z, 4.61% (c) (Cost $15,413,476) | 15,413,476 | $ 15,413,476 | ||
Investments at Value - 98.0% (Cost $226,402,225) | $ 215,585,714 | |||
Other Assets in Excess of Liabilities - 2.0% | 4,444,710 | |||
Net Assets - 100.0% | $ 220,030,424 | |||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
(b) | Percentage rounds to less than 0.1%. |
(c) | The rate shown is the 7-day effective yield as of March 31, 2023. |
144A | - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $2,030,840 as of March 31, 2023, representing 0.9% of net assets. | |
LIBOR | - London Interbank Offered Rate | |
plc | - Public Limited Company | |
T-Bill | - U.S. Treasury Bill (Auction Weekly High Rate) |
JOHNSON ENHANCED RETURN FUND | ||||
SCHEDULE OF FUTURES CONTRACTS | ||||
March 31, 2023 (Unaudited) | ||||
FUTURES CONTRACTS | Contracts | Expiration Date | Notional Value | Value/Unrealized Appreciation |
Index Futures | ||||
E-mini S&P 500 | 1,057 | 6/16/2023 | $ 218,680,088 | $ 9,934,259 |
The average monthly notional value of futures contracts during the three month period ended March 31, 2023 was $215,126,463. |
JOHNSON CORE PLUS BOND FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
March 31, 2023 (Unaudited) | ||||
CORPORATE BONDS - 52.0% | Coupon | Maturity | Par Value | Value |
Finance - 17.0% | ||||
American Express Co. | 1.650% | 11/04/26 | $ 250,000 | $ 224,288 |
AON Corp. | 3.750% | 05/02/29 | 180,000 | 171,948 |
AON plc | 4.750% | 05/15/45 | 70,000 | 63,854 |
Essex Portfolio, L.P. | 3.000% | 01/15/30 | 225,000 | 197,588 |
Huntington Bancshares, Inc. | 2.550% | 02/04/30 | 230,000 | 182,106 |
JPMorgan Chase & Co. (SOFR + 379) (a) | 4.493% | 03/24/31 | 270,000 | 262,527 |
KeyCorp | 2.550% | 10/01/29 | 220,000 | 175,876 |
Marsh & McLennan Co., Inc. | 4.375% | 03/15/29 | 205,000 | 203,593 |
Morgan Stanley, Series F | 4.000% | 07/23/25 | 215,000 | 210,842 |
National Retail Properties, Inc. | 4.300% | 10/15/28 | 220,000 | 207,389 |
SBA Communications Corp. | 3.875% | 02/15/27 | 160,000 | 151,046 |
Truist Financial Corp. | 2.250% | 03/11/30 | 315,000 | 258,552 |
U.S. Bancorp, Series Y | 3.000% | 07/30/29 | 295,000 | 257,412 |
2,567,021 | ||||
Industrials - 25.1% | ||||
Ball Corp | 2.875% | 08/15/30 | 170,000 | 142,551 |
Becton Dickinson & Co. | 2.823% | 05/20/30 | 230,000 | 205,107 |
CCO Holdings, LLC/CCO Holdings Capital Corp, 144A | 5.375% | 06/01/29 | 155,000 | 142,378 |
CVS Health Corp. | 4.300% | 03/25/28 | 210,000 | 206,261 |
Dover Corp. | 2.950% | 11/04/29 | 250,000 | 223,153 |
Duke Energy Corp. | 2.450% | 06/01/30 | 235,000 | 200,267 |
Emerson Electric Co. | 1.950% | 10/15/30 | 320,000 | 269,233 |
Enterprise Products Operating, LLC | 2.800% | 01/31/30 | 230,000 | 204,387 |
H.B. Fuller Co. | 4.250% | 10/15/28 | 160,000 | 142,765 |
Kroger Co. (The) | 2.200% | 05/01/30 | 270,000 | 226,512 |
Lowes Cos., Inc. | 4.500% | 04/15/30 | 205,000 | 202,428 |
Mattel, Inc. | 3.750% | 04/01/29 | 150,000 | 134,794 |
McDonald's Corp. | 3.600% | 07/01/30 | 180,000 | 170,798 |
Roper Technologies, Inc. | 2.950% | 09/15/29 | 240,000 | 215,431 |
Starbucks Corp. | 2.250% | 03/12/30 | 260,000 | 223,757 |
Union Pacific Corp. | 3.950% | 09/10/28 | 210,000 | 207,816 |
Verizon Communications, Inc. | 4.016% | 12/03/29 | 280,000 | 268,184 |
Walt Disney Co. (The) | 3.800% | 03/22/30 | 210,000 | 202,463 |
JOHNSON CORE PLUS BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
CORPORATE BONDS - 52.0% (Continued) | Coupon | Maturity | Par Value | Value |
Industrials - 25.1% (Continued) | ||||
Xylem, Inc. | 1.950% | 01/30/28 | $ 235,000 | $ 208,084 |
3,796,369 | ||||
Utilities - 9.9% | ||||
Berkshire Hathaway, Inc. | 3.250% | 04/15/28 | 220,000 | 210,291 |
Eversource Energy, Series R | 1.650% | 08/15/30 | 250,000 | 201,268 |
Georgia Power Co., Series 2019B | 2.650% | 09/15/29 | 230,000 | 202,466 |
Interstate Power & Light Co. | 4.100% | 09/26/28 | 210,000 | 205,810 |
National Rural Utilities Cooperative Finance Corp. (The) | 3.400% | 02/07/28 | 290,000 | 276,069 |
Virginia Electric & Power Co., Series A | 3.500% | 03/15/27 | 215,000 | 206,839 |
Xcel Energy, Inc. | 3.400% | 06/01/30 | 220,000 | 200,941 |
1,503,684 | ||||
Total Corporate Bonds (Cost $8,986,747) | $ 7,867,074 | |||
COLLATERALIZED MORTGAGE OBLIGATIONS - 22.1% | Coupon | Maturity | Par Value | Value |
Federal Home Loan Mortgage Corporation - 8.4% | ||||
FHLMC, Pool #ZS-9278 | 4.000% | 05/01/37 | $ 361,281 | $ 359,651 |
FHLMC, Series 4709, Class EA | 3.000% | 01/15/46 | 213,342 | 203,439 |
FHLMC, Series 5220, Class KC | 3.500% | 01/25/46 | 399,555 | 387,363 |
FHLMC, Series 5189, Class PG | 2.500% | 09/25/51 | 348,395 | 315,282 |
1,265,735 | ||||
Federal National Mortgage Association - 13.7% | ||||
FNMA, Pool #MA1222 | 4.000% | 10/01/32 | 367,799 | 364,558 |
FNMA, Pool #AL5491 | 4.000% | 06/01/34 | 325,008 | 323,298 |
FNMA, Pool #MA3071 | 4.000% | 07/01/37 | 395,416 | 391,695 |
FNMA, Pool #FM9469 | 4.000% | 08/01/39 | 230,684 | 229,687 |
FNMA, Pool #AU7025 | 3.000% | 11/01/43 | 379,959 | 349,294 |
FNMA, Pool #MA2895 | 3.000% | 02/01/47 | 450,336 | 411,219 |
2,069,751 | ||||
Total Collateralized Mortgage Obligations (Cost $3,517,348) | $ 3,335,486 | |||
JOHNSON CORE PLUS BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
U.S. GOVERNMENT & AGENCIES - 2.4% | Coupon | Maturity | Par Value | Value |
Federal Home Loan Bank - 2.4% | ||||
FHLB (Cost $366,786) | 4.750% | 12/10/32 | $ 350,000 | $ 363,657 |
U.S. TREASURY OBLIGATIONS - 19.8% | Coupon | Maturity | Par Value | Value |
U.S. Treasury Bills (b) - 5.3% | ||||
U.S. Treasury Bills | 4.711% | 04/27/23 | $ 800,000 | $ 797,510 |
U.S. Treasury Bonds - 10.4% | ||||
U.S. Treasury Bonds | 2.375% | 02/15/42 | 785,000 | 631,065 |
U.S. Treasury Bonds | 2.500% | 02/15/45 | 390,000 | 311,086 |
U.S. Treasury Bonds | 2.000% | 02/15/50 | 260,000 | 184,275 |
U.S. Treasury Bonds | 2.000% | 08/15/51 | 645,000 | 453,718 |
1,580,144 | ||||
U.S. Treasury Notes - 4.1% | ||||
U.S. Treasury Notes | 1.500% | 11/30/24 | 210,000 | 200,845 |
U.S. Treasury Notes | 2.875% | 05/15/32 | 440,000 | 418,757 |
619,602 | ||||
Total U.S. Treasury Obligations (Cost $3,213,066) | $ 2,997,256 | |||
PREFERRED STOCKS - 1.1% | Shares | Value | ||
Financials - 1.1% | ||||
Allstate Corp. (The), 5.10%, 01/15/2053 (Cost $170,386) | 6,500 | $ 165,880 | ||
JOHNSON CORE PLUS BOND FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MONEY MARKET FUNDS - 2.0% | Shares | Value | ||
First American Government Obligations Fund - Class Z, 4.61% (c) (Cost $301,825) | 301,825 | $ 301,825 | ||
Investments at Value - 99.4% (Cost $16,556,158) | $ 15,031,178 | |||
Other Assets in Excess of Liabilities - 0.6% | 94,448 | |||
Net Assets - 100.0% | $ 15,125,626 | |||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
(b) | Rate shown is the annualized yield at the time of purchase. |
(c) | The rate shown is the 7-day effective yield as of March 31, 2023. |
144A | - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $142,378 as of March 31, 2023, representing 0.9% of net assets. |
plc | - Public Limited Company |
SOFR | - Secured Overnight Financing Rate |
JOHNSON CORE PLUS BOND FUND | ||||||
SCHEDULE OF FUTURES CONTRACTS | ||||||
March 31, 2023 (Unaudited) | ||||||
FUTURES CONTRACTS | Contracts | Expiration Date | Notional Value | Value/Unrealized Appreciation | ||
Index Futures | ||||||
Ultra 10-Year U.S. Treasury Notes Future | 7 | 6/30/2023 | $ 847,987 | $ 29,016 | ||
The average monthly notional value of futures contracts during the three months ended March 31, 2023 was $717,705. | ||||||