united states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered management
investment companies
Investment Company Act file number 811-07254
Johnson Mutual Funds Trust
(Exact name of registrant as specified in charter)
3777 West Fork Road, Cincinnati, Ohio 45247
(Address of principal executive offices) (Zip code)
Marc E. Figgins, CFO, 3777 West Fork Road, Cincinnati, Ohio 45247
(Name and address of agent for service)
Registrant's telephone number, including area code (513) 661-3100
Date of fiscal year end:12/31
Date of reporting period:6/30/20
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
3777 West Fork Road | Cincinnati, Ohio 45247
513.661.3100 | 800.541.0170 | Fax 513.661.4901
JOHNSON MUTUAL FUNDS | June 30, 2020 – Unaudited |
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| Performance Review and Management Discussion | | | | |
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| Portfolio of Investments | | | | |
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| Financial Highlights | | | | |
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| Trustees and Officers, Transfer Agent and Fund Accountant, Custodian, Independent Registered Public Accounting Firm, Legal Counsel | | | Back Page | |
Letter from the Fund President: | July 2020 |
Letter from the Fund President: | July 2020 |
JOHNSON EQUITY INCOME FUND | PERFORMANCE REVIEW – JUNE 30, 2020 UNAUDITED |
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Equity Income Fund | | | S&P 500 Index | | ||||||
| Six Months | | | | | -7.58% | | | | | | -3.08% | | |
| One Year | | | | | 2.26% | | | | | | 7.51% | | |
| Three Years | | | | | 10.59% | | | | | | 10.73% | | |
| Five Years | | | | | 10.05% | | | | | | 10.73% | | |
| Ten Years | | | | | 12.47% | | | | | | 13.99% | | |
JOHNSON OPPORTUNITY FUND | PERFORMANCE REVIEW – JUNE 30, 2020 UNAUDITED |
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Opportunity Fund | | | Russell 2500 Index | | ||||||
| Six Months | | | | | -13.75% | | | | | | -11.05% | | |
| One Year | | | | | -6.77% | | | | | | -4.70% | | |
| Three Year | | | | | 1.85% | | | | | | 4.08% | | |
| Five Years | | | | | 4.36% | | | | | | 5.41% | | |
| Ten Years | | | | | 9.96% | | | | | | 11.46% | | |
JOHNSON INTERNATIONAL FUND | PERFORMANCE REVIEW – JUNE 30, 2020 UNAUDITED |
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | International Fund | | | MSCI ACWI ex US Index | | ||||||
| Six Months | | | | | -12.38% | | | | | | -11.00% | | |
| One Year | | | | | -6.80% | | | | | | -4.80% | | |
| Three Years | | | | | 0.98% | | | | | | 1.13% | | |
| Five Years | | | | | 1.02% | | | | | | 2.26% | | |
| Ten Years | | | | | 4.78% | | | | | | 4.97% | | |
| Asset Allocation by Country | | | as of June 30, 2020 | |
| Japan | | | | | 18.56% | | | | Taiwan | | | | | 2.85% | | |
| China | | | | | 10.08% | | | | Hong Kong | | | | | 2.78% | | |
| United Kingdom | | | | | 9.82% | | | | Sweden | | | | | 2.61% | | |
| Other* | | | | | 8.55% | | | | India | | | | | 2.42% | | |
| Switzerland | | | | | 8.03% | | | | Russia | | | | | 2.13% | | |
| France | | | | | 7.66% | | | | India | | | | | 1.80% | | |
| Germany | | | | | 6.94% | | | | Mexico | | | | | 1.69% | | |
| Canada | | | | | 6.06% | | | | South Korea | | | | | 1.65% | | |
| Australia | | | | | 4.78% | | | | Chile | | | | | 1.59% | | |
JOHNSON FIXED INCOME FUND | PERFORMANCE REVIEW – JUNE 30, 2020 UNAUDITED |
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Fixed Income Fund | | | Bloomberg Barclays Capital Aggregate Index | | ||||||
| Six Months | | | | | 7.31% | | | | | | 6.14% | | |
| One Year | | | | | 9.40% | | | | | | 8.74% | | |
| Three Years | | | | | 5.34% | | | | | | 5.32% | | |
| Five Years | | | | | 4.29% | | | | | | 4.30% | | |
| Ten Years | | | | | 3.74% | | | | | | 3.82% | | |
JOHNSON MUNICIPAL INCOME FUND | PERFORMANCE REVIEW – JUNE 30, 2020 UNAUDITED |
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Municipal Income Fund | | | Bloomberg Barclays Municipal Bond Index | | | Bloomberg Barclays Municipal Bond: 5 Year GO Index | | |||||||||
| Six Months | | | | | 3.03% | | | | | | 2.08% | | | | | | 2.60% | | |
| One Year | | | | | 4.62% | | | | | | 4.45% | | | | | | 4.16% | | |
| Three Years | | | | | 3.46% | | | | | | 4.22% | | | | | | 3.18% | | |
| Five Years | | | | | 3.00% | | | | | | 3.93% | | | | | | 2.79% | | |
| Ten Years | | | | | 2.98% | | | | | | 4.22% | | | | | | 2.78% | | |
EQUITY INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Alphabet Inc. – Class A* | | | | | 8,210 | | | | | $ | 11,642,191 | | |
Alphabet Inc. – Class C* | | | | | 979 | | | | | | 1,383,924 | | |
Comcast Corp. – Class A | | | | | 177,800 | | | | | | 6,930,644 | | |
Walt Disney Co. | | | | | 85,600 | | | | | | 9,545,256 | | |
7.7% – Total For Communication Services | | | | $ | 29,502,015 | | | ||||||
Home Depot Inc. | | | | | 31,000 | | | | | | 7,765,810 | | |
Nike Inc. – Class B | | | | | 87,500 | | | | | | 8,579,375 | | |
TJX Companies Inc. | | | | | 151,340 | | | | | | 7,651,750 | | |
VF Corporation | | | | | 125,800 | | | | | | 7,666,252 | | |
8.2% – Total For Consumer Discretionary | | | | $ | 31,663,187 | | | ||||||
Coca Cola Co. | | | | | 161,320 | | | | | | 7,207,778 | | |
Colgate-Palmolive Co. | | | | | 158,893 | | | | | | 11,640,501 | | |
Procter & Gamble Co. | | | | | 31,090 | | | | | | 3,717,431 | | |
Unilever PLC ADR | | | | | 145,300 | | | | | | 7,974,064 | | |
7.9% – Total For Consumer Staples | | | | $ | 30,539,774 | | | ||||||
Chevron Corp. | | | | | 70,890 | | | | | | 6,325,515 | | |
1.6% – Total For Energy | | | | $ | 6,325,515 | | | ||||||
American Express Co. | | | | | 64,665 | | | | | | 6,156,108 | | |
Axis Capital Holdings Inc. | | | | | 201,750 | | | | | | 8,182,980 | | |
Bank of America Corp. | | | | | 278,915 | | | | | | 6,624,231 | | |
First Hawaiian Inc. | | | | | 468,000 | | | | | | 8,068,320 | | |
Iberiabank Corp | | | | | 105,010 | | | | | | 4,782,155 | | |
Marsh & McLennan Companies Inc. | | | | | 65,300 | | | | | | 7,011,261 | | |
Nasdaq Inc. | | | | | 70,000 | | | | | | 8,362,900 | | |
Willis Towers Watson PLC | | | | | 39,600 | | | | | | 7,799,220 | | |
14.8% – Total For Financial Services | | | | $ | 56,987,175 | | | ||||||
Abbott Laboratories | | | | | 136,035 | | | | | | 12,437,680 | | |
Alcon AG | | | | | 128,985 | | | | | | 7,393,420 | | |
CVS Health Corp. | | | | | 113,025 | | | | | | 7,343,234 | | |
Danaher Corp. | | | | | 49,057 | | | | | | 8,674,749 | | |
Medtronic PLC | | | | | 69,500 | | | | | | 6,373,150 | | |
Zimmer Biomet Holdings | | | | | 87,700 | | | | | | 10,467,872 | | |
Zoetis Inc. | | | | | 65,454 | | | | | | 8,969,816 | | |
16.0% – Total For Health Care | | | | $ | 61,659,921 | | | ||||||
Amphenol Corp – Class A | | | | | 78,150 | | | | | | 7,487,552 | | |
Honeywell International Inc. | | | | | 49,000 | | | | | | 7,084,910 | | |
Hubbell Inc. | | | | | 62,300 | | | | | | 7,809,928 | | |
Paccar Inc. | | | | | 97,540 | | | | | | 7,300,869 | | |
Waste Management Inc. | | | | | 68,600 | | | | | | 7,265,426 | | |
9.7% – Total For Industrials | | | | $ | 36,948,685 | | | ||||||
Carlisle Cos Inc. | | | | | 62,240 | | | | | | 7,448,261 | | |
PPG Industries, Inc. | | | | | 99,995 | | | | | | 10,605,470 | | |
4.7% – Total For Materials | | | | $ | 18,053,731 | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Accenture PLC – Class A | | | | | 60,420 | | | | | $ | 12,973,382 | | |
Analog Devices, Inc. | | | | | 108,000 | | | | | | 13,245,120 | | |
Apple Inc. | | | | | 23,740 | | | | | | 8,660,352 | | |
Automatic Data Processing Inc. | | | | | 53,100 | | | | | | 7,906,059 | | |
Cognizant Technology Solutions Corp. | | | | | 53,120 | | | | | | 3,018,279 | | |
Fidelity National Information Services Inc. | | | | | 53,800 | | | | | | 7,214,042 | | |
Mastercard Inc.- Class A | | | | | 29,850 | | | | | | 8,826,645 | | |
Microsoft Corp. | | | | | 58,360 | | | | | | 11,876,844 | | |
S&P Global Inc | | | | | 23,640 | | | | | | 7,788,907 | | |
21.2% – Total For Technology | | | | $ | 81,509,630 | | | ||||||
American Tower Corp. | | | | | 47,757 | | | | | | 12,347,095 | | |
3.2% – Total For Real Estate | | | | $ | 12,347,095 | | | ||||||
Alliant Energy Corp. | | | | | 140,000 | | | | | | 6,697,600 | | |
1.7% – Total For Utilities | | | | $ | 6,697,600 | | | ||||||
Total Common Stocks 96.7% | | | | $ | 372,234,328 | | | ||||||
(Identified Cost $298,286,578) | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 12,333,620 | | | | | | 12,333,620 | | |
Total Cash Equivalents 3.2% | | | | $ | 12,333,620 | | | ||||||
(Identified Cost $12,333,620) | | | | | | | | | | | | | |
Total Portfolio Value 99.9% | | | | $ | 384,567,948 | | | ||||||
(Identified Cost $310,620,198) | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.1% | | | | $ | 199,294 | | | ||||||
Total Net Assets 100.0% | | | | $ | 384,767,242 | | | ||||||
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OPPORTUNITY FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
BorgWarner Inc. | | | | | 36,200 | | | | | $ | 1,277,860 | | |
Burlington Stores Inc.* | | | | | 3,000 | | | | | | 590,790 | | |
Cheesecake Factory Inc.* | | | | | 18,900 | | | | | | 433,188 | | |
Culp Inc. | | | | | 30,000 | | | | | | 258,300 | | |
Hanesbrands Inc. | | | | | 51,000 | | | | | | 575,790 | | |
Lithia Motors Inc. | | | | | 6,200 | | | | | | 938,246 | | |
LKQ Corp.* | | | | | 38,600 | | | | | | 1,011,320 | | |
PVH Corp. | | | | | 7,900 | | | | | | 379,595 | | |
Steven Madden LTD | | | | | 40,000 | | | | | | 987,600 | | |
Texas Roadhouse Inc. | | | | | 8,400 | | | | | | 441,588 | | |
9.4% – Total For Consumer Discretionary | | | | $ | 6,894,277 | | | ||||||
Church & Dwight Co. Inc. | | | | | 6,900 | | | | | | 533,370 | | |
Inter Parfums Inc. | | | | | 20,200 | | | | | | 972,630 | | |
Lancaster Colony Corp. | | | | | 4,700 | | | | | | 728,453 | | |
Reynolds Consumer Product | | | | | 17,800 | | | | | | 618,372 | | |
3.9% – Total For Consumer Staples | | | | $ | 2,852,825 | | | ||||||
World Fuel Services Corp. | | | | | 37,500 | | | | | | 966,000 | | |
1.3% – Total For Energy | | | | $ | 966,000 | | | ||||||
Axis Capital Holdings Ltd. | | | | | 17,700 | | | | | | 717,912 | | |
Diamond Hill Investment Group Inc. | | | | | 4,900 | | | | | | 556,983 | | |
East West Bancorp Inc. | | | | | 27,400 | | | | | | 992,976 | | |
Everest Re Group Ltd. | | | | | 6,700 | | | | | | 1,381,540 | | |
Farmers National Bank | | | | | 64,100 | | | | | | 760,226 | | |
First Hawaiian Inc. | | | | | 33,000 | | | | | | 568,920 | | |
First Interstate BancSystem Inc. | | | | | 29,400 | | | | | | 910,224 | | |
Iberiabank Corp. | | | | | 24,700 | | | | | | 1,124,838 | | |
Reinsurance Group of America Inc. | | | | | 11,600 | | | | | | 909,904 | | |
SEI Investments Co. | | | | | 14,700 | | | | | | 808,206 | | |
Signature Bank | | | | | 6,700 | | | | | | 716,364 | | |
Wintrust Financial Corp. | | | | | 29,700 | | | | | | 1,295,514 | | |
WSFS Financial Corp. | | | | | 30,300 | | | | | | 869,610 | | |
15.8% – Total For Financial Services | | | | $ | 11,613,217 | | | ||||||
Catalent Inc.* | | | | | 16,700 | | | | | | 1,224,110 | | |
Charles River Laboratories International Inc.* | | | | | 7,500 | | | | | | 1,307,625 | | |
Chemed Corp. | | | | | 2,500 | | | | | | 1,127,675 | | |
Collegium Pharmaceutical* | | | | | 33,200 | | | | | | 581,000 | | |
Globus Medical Inc.* | | | | | 21,000 | | | | | | 1,001,910 | | |
Hill-Rom Holdings Inc. | | | | | 10,500 | | | | | | 1,152,690 | | |
Integra Lifesciences Holding* | | | | | 19,400 | | | | | | 911,606 | | |
Universal Health Services Inc. – Class B | | | | | 10,200 | | | | | | 947,478 | | |
West Pharmaceutical Services Inc. | | | | | 5,300 | | | | | | 1,204,001 | | |
12.8% – Total For Health Care | | | | $ | 9,458,095 | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Comfort Systems USA Inc. | | | | | 19,400 | | | | | $ | 790,550 | | |
Gorman-Rupp Co. | | | | | 34,287 | | | | | | 1,065,640 | | |
Hubbell Inc. | | | | | 7,800 | | | | | | 977,808 | | |
Idex Corp. | | | | | 6,900 | | | | | | 1,090,476 | | |
Littlefuse Inc. | | | | | 5,600 | | | | | | 955,528 | | |
Nvent Electric PLC | | | | | 46,300 | | | | | | 867,199 | | |
Regal Beloit Corp. | | | | | 12,000 | | | | | | 1,047,840 | | |
Smith (A.O.) Corp. | | | | | 24,200 | | | | | | 1,140,304 | | |
Snap-On Inc. | | | | | 7,400 | | | | | | 1,024,974 | | |
Watsco Inc. | | | | | 3,500 | | | | | | 621,950 | | |
Watts Water Tech Inc. – Class A | | | | | 11,300 | | | | | | 915,300 | | |
14.3% – Total For Industrials | | | | $ | 10,497,569 | | | ||||||
Avery Dennison Corp. | | | | | 9,700 | | | | | | 1,106,673 | | |
Carlisle Companies Inc. | | | | | 6,000 | | | | | | 718,020 | | |
RPM International Inc. | | | | | 15,600 | | | | | | 1,170,936 | | |
Sonoco Products Co. | | | | | 20,500 | | | | | | 1,071,945 | | |
Stepan Co. | | | | | 8,200 | | | | | | 796,220 | | |
6.6% – Total For Materials | | | | $ | 4,863,794 | | | ||||||
Amdocs Ltd. | | | | | 9,900 | | | | | | 602,712 | | |
Black Knight Inc.* | | | | | 12,800 | | | | | | 928,768 | | |
Blackbaud Inc. | | | | | 12,500 | | | | | | 713,500 | | |
Bottomline Technologies* | | | | | 20,500 | | | | | | 1,040,785 | | |
CACI International Inc.* | | | | | 4,300 | | | | | | 932,584 | | |
Constellation Software | | | | | 600 | | | | | | 678,834 | | |
Exlservice Holdings, Inc.* | | | | | 10,900 | | | | | | 691,060 | | |
Flir Systems Inc. | | | | | 17,800 | | | | | | 722,146 | | |
Gartner Inc.* | | | | | 9,000 | | | | | | 1,091,970 | | |
ICF International Inc. | | | | | 15,000 | | | | | | 972,450 | | |
IPG Photonics Corp.* | | | | | 4,800 | | | | | | 769,872 | | |
On Semiconductor Corp.* | | | | | 37,400 | | | | | | 741,268 | | |
Paylocity Holding Corp.* | | | | | 7,500 | | | | | | 1,094,175 | | |
PTC Inc.* | | | | | 10,200 | | | | | | 793,458 | | |
Realpage, Inc.* | | | | | 13,300 | | | | | | 864,633 | | |
Tyler Technologies Inc.* | | | | | 1,700 | | | | | | 589,696 | | |
17.9% – Total For Technology | | | | $ | 13,227,911 | | | ||||||
American Assets Trust Inc. | | | | | 19,500 | | | | | | 542,880 | | |
Americold Realty Trust | | | | | 25,400 | | | | | | 922,020 | | |
Camden Property Trust | | | | | 9,200 | | | | | | 839,224 | | |
Coresite Realty Corp. | | | | | 4,800 | | | | | | 581,088 | | |
Equity Lifestyles Prty | | | | | 13,200 | | | | | | 824,736 | | |
Federal Realty Investors Trust | | | | | 8,100 | | | | | | 690,201 | | |
First Industrial Realty | | | | | 23,700 | | | | | | 911,028 | | |
Host Hotels & Resorts Inc. | | | | | 28,900 | | | | | | 311,831 | | |
National Retail Properties Inc. | | | | | 13,500 | | | | | | 478,980 | | |
QTS Realty Trust Inc. – Class A | | | | | 15,000 | | | | | | 961,350 | | |
Stag Industrial Inc. | | | | | 37,400 | | | | | | 1,096,568 | | |
11.1% – Total For Real Estate | | | | $ | 8,159,906 | | |
OPPORTUNITY FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Alliant Energy Corp. | | | | | 19,100 | | | | | $ | 913,744 | | |
Atmos Energy Corp. | | | | | 10,200 | | | | | | 1,015,716 | | |
Unitil Corp. | | | | | 23,200 | | | | | | 1,039,824 | | |
4.0% – Total For Utilities | | | | $ | 2,969,284 | | | ||||||
Total Common Stocks 97.1% | | | | $ | 71,502,878 | | | ||||||
(Identified Cost $69,977,559) | | | | | | | | ||||||
Cash Equivalents | | | | ||||||||||
First American Government Obligation Fund, Class Z** | | | | | 2,496,003 | | | | | | 2,496,003 | | |
Total Cash Equivalents 3.4% | | | | $ | 2,496,003 | | | ||||||
(Identified Cost $2,496,003) | | | | | | | | ||||||
Total Portfolio Value 100.5% | | | | | 73,998,881 | | | ||||||
(Identified Cost $72,473,562) | | | |||||||||||
Liabilities in Excess of Other Assets (0.5)% | | | | $ | (322,723) | | | ||||||
Total Net Assets 100.0% | | | | $ | 73,676,158 | | | ||||||
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INTERNATIONAL FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Itau Unibanco Holding SA ADR | | | | | 11,550 | | | | | $ | 54,170 | | |
0.3% – Total For Financial Services | | | | | 54,170 | | | ||||||
Total Preferred Stocks 0.3% | | | | | 54,170 | | | ||||||
(Identified Cost $63,654) | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | |
Baidu, Inc. ADR* | | | | | 1,000 | | | | | | 119,890 | | |
China Mobile Ltd. ADR | | | | | 7,400 | | | | | | 248,936 | | |
Deutsche Telekom AG ADR | | | | | 7,100 | | | | | | 119,067 | | |
KDDI Corp. ADR | | | | | 18,400 | | | | | | 273,976 | | |
Orange ADR | | | | | 7,500 | | | | | | 89,250 | | |
PLDT Inc. ADR | | | | | 3,600 | | | | | | 87,876 | | |
Publicis Groupe SA ADR* | | | | | 23,100 | | | | | | 187,861 | | |
RTL Group SA ADR* | | | | | 15,000 | | | | | | 42,900 | | |
SK Telecom Co. Ltd. ADR | | | | | 3,400 | | | | | | 65,688 | | |
SoftBank Group Corp. ADR | | | | | 3,600 | | | | | | 90,648 | | |
Telenor ASA ADR | | | | | 9,600 | | | | | | 139,392 | | |
Tencent Holdings Ltd. ADR | | | | | 5,500 | | | | | | 352,000 | | |
WPP PLC ADR | | | | | 1,800 | | | | | | 70,434 | | |
10.9% – Total For Communications | | | | $ | 1,887,918 | | | ||||||
Adidas AG ADR* | | | | | 2,000 | | | | | | 263,360 | | |
Alibaba Group Holdings ADR* | | | | | 1,300 | | | | | | 280,410 | | |
Bridgestone ADR | | | | | 8,200 | | | | | | 132,020 | | |
Bunzl PLC ADR | | | | | 5,600 | | | | | | 152,432 | | |
CIE Financiere Richemont AG ADR | | | | | 22,000 | | | | | | 140,140 | | |
Daimler AG | | | | | 2,200 | | | | | | 89,540 | | |
Honda Motor Co. Ltd. ADR | | | | | 5,500 | | | | | | 140,580 | | |
Magna International Inc. | | | | | 4,100 | | | | | | 182,573 | | |
Toyota Motor Corp. ADR | | | | | 2,200 | | | | | | 276,386 | | |
9.5% – Total For Consumer Discretionary | | | | $ | 1,657,441 | | | ||||||
CK Hutchison Holdings LTD ADR | | | | | 8,000 | | | | | | 50,960 | | |
Coca-Cola Amatil Ltd. ADR | | | | | 10,860 | | | | | | 65,160 | | |
Danone ADR | | | | | 6,184 | | | | | | 85,348 | | |
Essity AB ADR | | | | | 5,300 | | | | | | 168,540 | | |
Itochu Corp. ADR | | | | | 3,700 | | | | | | 159,729 | | |
L’Oreal ADR | | | | | 2,800 | | | | | | 181,188 | | |
Nestle SA ADR | | | | | 2,800 | | | | | | 309,232 | | |
Reckitt Benckiser Group PLC ADR | | | | | 5,900 | | | | | | 109,121 | | |
Shoprite Holdings Ltd. ADR | | | | | 32,100 | | | | | | 195,168 | | |
Unilever PLC ADR | | | | | 4,100 | | | | | | 225,008 | | |
Unilever NV ADR | | | | | 2,500 | | | | | | 133,175 | | |
Wal-Mart De Mexico SAB de CV ADR | | | | | 12,300 | | | | | | 295,692 | | |
11.4% – Total For Consumer Staples | | | | $ | 1,978,321 | | |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
BP PLC ADR | | | | | 2,298 | | | | | $ | 53,589 | | |
CNOOC Ltd. ADR | | | | | 2,000 | | | | | | 225,680 | | |
Equinor ASA ADR | | | | | 4,000 | | | | | | 57,920 | | |
Gazprom ADR | | | | | 14,000 | | | | | | 75,880 | | |
Lukoil Corp. ADR | | | | | 4,100 | | | | | | 304,302 | | |
Royal Dutch Shell PLC, Class B ADR | | | | | 2,600 | | | | | | 79,170 | | |
Technip FMC PLC | | | | | 5,900 | | | | | | 40,356 | | |
Total SA ADR | | | | | 2,352 | | | | | | 90,458 | | |
Woodside Petroleum ADR | | | | | 5,200 | | | | | | 77,116 | | |
5.8% – Total For Energy | | | | $ | 1,004,471 | | | ||||||
Admiral Group PLC ADR | | | | | 6,400 | | | | | | 182,272 | | |
Allianz SE ADR | | | | | 7,900 | | | | | | 162,108 | | |
Banco Bradesco ADR | | | | | 30,017 | | | | | | 114,365 | | |
Banco Santander SA ADR | | | | | 17,974 | | | | | | 43,317 | | |
Bank of Montreal | | | | | 1,240 | | | | | | 65,782 | | |
Barclays PLC ADR | | | | | 15,000 | | | | | | 84,900 | | |
BNP Paribas ADR* | | | | | 4,000 | | | | | | 79,640 | | |
China Construction Bank ADR | | | | | 8,500 | | | | | | 135,150 | | |
Deutsche Boerse AG ADR | | | | | 7,000 | | | | | | 126,840 | | |
Industrial and Commercial Bank Of China Ltd. ADR | | | | | 23,500 | | | | | | 283,410 | | |
KB Financial Group Inc. ADR | | | | | 2,400 | | | | | | 66,768 | | |
Legal and General Group PLC | | | | | 5,000 | | | | | | 68,607 | | |
Manulife Financial Corp. | | | | | 4,420 | | | | | | 60,200 | | |
Mitsubishi UFJ Financial Group Inc. ADR | | | | | 40,000 | | | | | | 157,200 | | |
Mizuho Financial Group Inc. ADR | | | | | 25,000 | | | | | | 61,750 | | |
National Australia Bank | | | | | 8,700 | | | | | | 54,810 | | |
Orix Corp. ADR | | | | | 2,450 | | | | | | 150,920 | | |
Royal Bank of Canada | | | | | 1,000 | | | | | | 67,800 | | |
Sumitomo Mitsui Financial Group Inc. ADR | | | | | 48,000 | | | | | | 269,760 | | |
Tokio Marine Holdings Inc. ADR | | | | | 7,000 | | | | | | 306,530 | | |
Toronto Dominion Bank | | | | | 1,400 | | | | | | 62,454 | | |
United Overseas Bank Ltd. ADR | | | | | 4,100 | | | | | | 119,966 | | |
Westpac Banking Corp. Ltd. ADR | | | | | 7,250 | | | | | | 90,698 | | |
Zurich Insurance Group Ltd. ADR | | | | | 3,240 | | | | | | 114,242 | | |
16.9% – Total For Financial Services | | | | $ | 2,929,489 | | | ||||||
Alcon Inc.* | | �� | | | 5,896 | | | | | | 337,959 | | |
Astellas Pharma Inc. ADR | | | | | 17,600 | | | | | | 293,216 | | |
Bayer AG ADR | | | | | 5,200 | | | | | | 96,824 | | |
Dr. Reddy’s Laboratories Ltd. ADR | | | | | 3,340 | | | | | | 177,053 | | |
Novartis AG ADR | | | | | 2,480 | | | | | | 216,603 | | |
Novo Nordisk AS | | | | | 4,400 | | | | | | 288,112 | | |
INTERNATIONAL FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Roche Holdings Ltd. ADR | | | | | 7,300 | | | | | $ | 316,674 | | |
Takeda Pharmaceutical Co. | | | | | 9,340 | | | | | | 167,466 | | |
Taro Pharmaceuticals Ltd.* | | | | | 1,400 | | | | | | 93,086 | | |
11.5% – Total For Health Care | | | | $ | 1,986,993 | | | ||||||
ABB Ltd. ADR | | | | | 2,900 | | | | | | 65,424 | | |
Atlas Copco AB ADR | | | | | 5,400 | | | | | | 230,310 | | |
BAE Systems PLC ADR | | | | | 3,800 | | | | | | 91,200 | | |
Canadian National Railway Co. | | | | | 1,400 | | | | | | 123,998 | | |
Compass Group PLC ADR | | | | | 6,500 | | | | | | 89,115 | | |
Komatsu Ltd. ADR | | | | | 6,300 | | | | | | 128,772 | | |
Lend Lease Group ADR | | | | | 7,000 | | | | | | 58,380 | | |
Schneider Electric SE ADR | | | | | 13,900 | | | | | | 309,970 | | |
Sensata Technologies Holding NV* | | | | | 5,500 | | | | | | 204,765 | | |
Siemens AG ADR | | | | | 1,800 | | | | | | 106,182 | | |
8.1% – Total For Industrials | | | | $ | 1,408,116 | | | ||||||
Air Liquide SA ADR | | | | | 4,569 | | | | | | 131,816 | | |
BASF SE ADR | | | | | 7,400 | | | | | | 103,600 | | |
BHP Billiton Ltd. ADR | | | | | 2,550 | | | | | | 126,812 | | |
Newcrest Mining Ltd. ADR | | | | | 15,000 | | | | | | 332,498 | | |
Nitto Denko Corp. ADR | | | | | 7,100 | | | | | | 201,143 | | |
Posco ADR | | | | | 2,800 | | | | | | 103,712 | | |
Rio Tinto PLC ADR | | | | | 1,570 | | | | | | 88,203 | | |
Svenska Cellulosa ADR | | | | | 6,500 | | | | | | 77,363 | | |
6.7% – Total For Materials | | | | $ | 1,165,147 | | | ||||||
Cap Gemini SA ADR | | | | | 4,000 | | | | | | 91,480 | | |
CGI Group Inc.* | | | | | 5,100 | | | | | | 321,300 | | |
Infosys Ltd. ADR | | | | | 14,700 | | | | | | 142,002 | | |
Lenovo Group Ltd. ADR | | | | | 15,000 | | | | | | 165,390 | | |
Open Text Corp. | | | | | 5,000 | | | | | | 212,400 | | |
Relx PLC ADR | | | | | 4,200 | | | | | | 98,952 | | |
SAP SE ADR | | | | | 2,200 | | | | | | 308,000 | | |
Sony Corp. ADR | | | | | 3,800 | | | | | | 262,694 | | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | | | 5,900 | | | | | | 334,943 | | |
United Microelectronics ADR | | | | | 44,930 | | | | | | 118,615 | | |
11.8% – Total For Technology | | | | $ | 2,055,776 | | | ||||||
Sun Hung Kai Properties Ltd. ADR | | | | | 17,500 | | | | | | 222,600 | | |
1.3% – Total For Real Estate | | | | $ | 222,600 | | |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Enel SpA ADR | | | | | 21,100 | | | | | $ | 180,827 | | |
Enersis SA ADR | | | | | 25,100 | | | | | | 188,501 | | |
Iberdrola SA ADR | | | | | 3,578 | | | | | | 166,162 | | |
National Grid PLC ADR | | | | | 1,629 | | | | | | 98,945 | | |
SSE PLC ADR | | | | | 4,000 | | | | | | 67,240 | | |
4.0% – Total For Utilities | | | | $ | 701,675 | | | ||||||
Total Common Stocks 97.9% | | | | $ | 16,997,947 | | | ||||||
(Identified Cost $15,026,365) | | | | | | | | ||||||
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 225,779 | | | | | | 225,779 | | |
Total Cash Equivalents 1.3% | | | | $ | 225,779 | | | ||||||
(Identified Cost $225,779) | | | | | | | | | | | | | |
Total Portfolio Value 99.2% | | | | $ | 17,277,896 | | | ||||||
(Identified Cost $15,315,798) | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.5% | | | | $ | 79,748 | | | ||||||
Total Net Assets 100.0% | | | | $ | 17,357,644 | | | ||||||
|
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2020 – 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 | | | | | $ | 2,610,714 | | |
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 11,000,000 | | | | | | 11,896,335 | | |
AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 1,000,000 | | | | | | 1,144,967 | | |
AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 3,320,000 | | | | | | 3,605,324 | | |
AON PLC | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 4,330,000 | | | | | | 4,732,890 | | |
Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 16,000,000 | | | | | | 17,645,982 | | |
BB&T Corp. | | | | | 3.950% | | | | | | 03/22/2022 | | | | | | 8,054,000 | | | | | | 8,466,217 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 6,775,000 | | | | | | 7,420,042 | | |
Chubb INA Holdings Inc. | | | | | 2.300% | | | | | | 11/03/2020 | | | | | | 7,793,000 | | | | | | 7,830,644 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 10,999,000 | | | | | | 12,130,790 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 2,290,000 | | | | | | 2,350,470 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 11,530,000 | | | | | | 12,208,666 | | |
JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 4,500,000 | | | | | | 5,029,799 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 10,000,000 | | | | | | 11,087,721 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 6,430,000 | | | | | | 6,655,822 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 7,300,000 | | | | | | 8,471,759 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 435,000 | | | | | | 476,708 | | |
Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 1,000,000 | | | | | | 1,190,716 | | |
Marsh & McLennan Co. Inc. | | | | | 4.800% | | | | | | 07/15/2021 | | | | | | 3,955,000 | | | | | | 4,088,064 | | |
Morgan Stanley | | | | | 2.625% | | | | | | 11/17/2021 | | | | | | 6,000,000 | | | | | | 6,167,606 | | |
Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 1,500,000 | | | | | | 1,579,512 | | |
MUFG Americas Holdings Corp. | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 6,949,000 | | | | | | 7,390,830 | | |
MUFG Americas Holdings Corp. | | | | | 3.500% | | | | | | 06/18/2022 | | | | | | 7,659,000 | | | | | | 8,046,621 | | |
PNC Financial Services | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 925,000 | | | | | | 1,011,209 | | |
PNC Financial Services | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 9,991,000 | | | | | | 11,028,814 | | |
Suntrust Banks Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 8,000,000 | | | | | | 9,086,149 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 7,000,000 | | | | | | 7,766,098 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 6,000,000 | | | | | | 6,679,360 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 8,500,000 | | | | | | 9,585,581 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 5,600,000 | | | | | | 6,428,686 | | |
22.9% – Total For Corporate Bonds: Bank and Finance | | | | $ | 203,814,096 | | | ||||||||||||||||||
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 11,750,000 | | | | | | 13,205,174 | | |
Coca-Cola Co. | | | | | 3.450% | | | | | | 03/25/2030 | | | | | | 1,990,000 | | | | | | 2,341,514 | | |
Dover Corp. | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 6,045,000 | | | | | | 6,467,510 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 6,166,000 | | | | | | 6,485,518 | | |
Emerson Electric Co. | | | | | 1.800% | | | | | | 10/15/2027 | | | | | | 14,190,000 | | | | | | 14,678,662 | | |
Emerson Electric Co. | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 2,850,000 | | | | | | 2,907,678 | | |
Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 12,606,000 | | | | | | 13,811,050 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 6,430,000 | | | | | | 7,152,876 | | |
Kroger Co. Senior | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 10,000,000 | | | | | | 11,278,347 | | |
Kroger Co. Senior | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 595,000 | | | | | | 656,577 | | |
McDonald’s Corp. | | | | | 3.500% | | | | | | 07/01/2027 | | | | | | 6,500,000 | | | | | | 7,380,675 | | |
McDonald’s Corp. | | | | | 3.700% | | | | | | 01/30/2026 | | | | | | 4,269,000 | | | | | | 4,839,704 | | |
Nike Inc. | | | | | 3.250% | | | | | | 03/27/2040 | | | | | | 8,830,000 | | | | | | 9,882,777 | | |
Pepsico Inc. | | | | | 2.850% | | | | | | 02/24/2026 | | | | | | 8,090,000 | | | | | | 8,938,315 | | |
Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 6,779,000 | | | | | | 7,509,826 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,500,000 | | | | | | 2,712,329 | | |
Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 8,365,000 | | | | | | 9,066,810 | | |
Walt Disney Co. | | | | | 3.350% | | | | | | 03/24/2025 | | | | | | 12,500,000 | | | | | | 13,856,726 | | |
Walt Disney Co. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 3,000,000 | | | | | | 3,508,617 | | |
16.5% – Total For Corporate Bonds: Industrial | | | | $ | 146,680,685 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.500% | | | | | | 02/01/2025 | | | | | | 1,500,000 | | | | | | 1,672,923 | | |
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 9,574,000 | | | | | | 10,522,131 | | |
Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 5,000,000 | | | | | | 5,424,786 | | |
Duke Energy Corp. | | | | | 3.550% | | | | | | 09/15/2021 | | | | | | 6,860,000 | | | | | | 7,052,584 | | |
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 10,500,000 | | | | | $ | 11,608,599 | | |
Eversource Energy | | | | | 2.500% | | | | | | 03/15/2021 | | | | | | 1,665,000 | | | | | | 1,685,939 | | |
Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 1,500,000 | | | | | | 1,554,631 | | |
Eversource Energy | | | | | 3.800% | | | | | | 12/01/2023 | | | | | | 4,707,000 | | | | | | 5,152,052 | | |
Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 1,400,000 | | | | | | 1,663,864 | | |
Eversource Energy Senior | | | | | 2.800% | | | | | | 05/01/2023 | | | | | | 3,750,000 | | | | | | 3,925,713 | | |
Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 260,000 | | | | | | 272,879 | | |
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 2,200,000 | | | | | | 2,284,219 | | |
Interstate Power & Light Co. | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 7,940,000 | | | | | | 8,617,468 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,000,000 | | | | | | 1,091,562 | | |
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 2,325,000 | | | | | | 2,692,900 | | |
National Rural Utilities Collateral Trust | | | | | 2.300% | | | | | | 11/01/2020 | | | | | | 2,699,000 | | | | | | 2,711,392 | | |
National Rural Utilities Collateral Trust | | | | | 3.400% | | | | | | 11/15/2023 | | | | | | 10,000,000 | | | | | | 10,870,845 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 2,550,000 | | | | | | 2,827,533 | | |
Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 02/15/2024 | | | | | | 3,590,000 | | | | | | 3,893,445 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 3,170,000 | | | | | | 3,256,872 | | |
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 2,018,000 | | | | | | 2,122,363 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 11,520,000 | | | | | | 12,661,013 | | |
11.7% – Total For Corporate Bonds: Utilities | | | | $ | 103,565,713 | | | ||||||||||||||||||
51.1% Total Corporate Bonds | | | | $ | 454,060,494 | | | ||||||||||||||||||
Certificates of Deposit | | | | | |||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 274,882 | | |
0.0% – Total For Certificates of Deposit | | | | $ | 274,882 | | | ||||||||||||||||||
United States Government Treasury Obligations | | | | | |||||||||||||||||||||
Treasury Note | | | | | 0.125% | | | | | | 04/30/2022 | | | | | | 5,000,000 | | | | | | 4,996,094 | | |
Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 14,000,000 | | | | | | 15,134,219 | | |
Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 18,500,000 | | | | | | 19,714,062 | | |
Treasury Bond | | | | | 2.500% | | | | | | 02/15/2045 | | | | | | 20,500,000 | | | | | | 25,287,070 | | |
Treasury Note | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 23,500,000 | | | | | | 29,146,426 | | |
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 13,500,000 | | | | | | 15,747,539 | | |
Treasury Note | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 27,000,000 | | | | | | 35,278,242 | | |
Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 23,500,000 | | | | | | 28,412,051 | | |
19.6% – Total For United States Government Treasury Obligations | | | | $ | 173,715,703 | | | ||||||||||||||||||
United States Government Agency Obligations | | | | | |||||||||||||||||||||
FHLB Debenture | | | | | 2.875% | | | | | | 09/13/2024 | | | | | | 4,250,000 | | | | | | 4,692,659 | | |
FHLB Debenture | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 21,750,000 | | | | | | 25,920,033 | | |
3.4% – Total For United States Government Agency Obligations | | | | $ | 30,612,692 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | | | | | 3.264% | | | | | | 04/01/2042 | | | | | | 802,118 | | | | | | 843,803 | | |
FHLMC Pool 780439 (1 year US T-Note Yield Curve + 2.223%)* | | | | | 4.723% | | | | | | 04/01/2033 | | | | | | 23,285 | | | | | | 23,436 | | |
FHLMC Pool A89335 | | | | | 5.000% | | | | | | 10/01/2039 | | | | | | 122,462 | | | | | | 140,692 | | |
FHLMC Pool C01005 | | | | | 8.000% | | | | | | 06/01/2030 | | | | | | 887 | | | | | | 1,064 | | |
FHLMC Pool G06616 | | | | | 4.500% | | | | | | 12/01/2035 | | | | | | 378,646 | | | | | | 413,433 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 858,890 | | | | | | 985,723 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 4,606,449 | | | | | | 4,873,167 | | |
FHLMC Pool G18667 | | | | | 3.500% | | | | | | 10/01/2032 | | | | | | 2,025,471 | | | | | | 2,139,738 | | |
FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 3,439,611 | | | | | | 3,690,512 | | |
FHLMC Pool SB0017 | | | | | 3.500% | | | | | | 11/01/2028 | | | | | | 5,198,821 | | | | | | 5,505,471 | | |
FHLMC Pool ZA3721 | | | | | 3.000% | | | | | | 06/01/2029 | | | | | | 10,955,547 | | | | | | 11,616,208 | | |
FHLMC Series 2877 Class AL | | | | | 5.000% | | | | | | 10/15/2024 | | | | | | 131,183 | | | | | | 137,667 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 87,813 | | | | | | 94,313 | | |
FHLMC Series 3109 Class ZN | | | | | 5.500% | | | | | | 02/15/2036 | | | | | | 1,166,429 | | | | | | 1,340,798 | | |
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FHLMC Series 3592 Class BZ | | | | | 5.000% | | | | | | 10/15/2039 | | | | | | 920,854 | | | | | $ | 1,047,378 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 291,172 | | | | | | 308,530 | | |
FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 528,398 | | | | | | 537,713 | | |
FHLMC Series 4105 Class PJ | | | | | 3.500% | | | | | | 06/15/2041 | | | | | | 862,327 | | | | | | 919,428 | | |
FHLMC Series 4180 Class ME | | | | | 2.500% | | | | | | 10/15/2042 | | | | | | 1,666,495 | | | | | | 1,739,389 | | |
FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 994,642 | | | | | | 1,016,910 | | |
FHLMC Series 4517 Class PC | | | | | 2.500% | | | | | | 05/15/2044 | | | | | | 2,144,471 | | | | | | 2,221,796 | | |
FHLMC Series 4567 Class LA | | | | | 3.000% | | | | | | 08/15/2045 | | | | | | 331,818 | | | | | | 345,832 | | |
FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/204 | | | | | | 2,438,388 | | | | | | 2,605,211 | | |
FHLMC Series 4646 Class D | | | | | 3.500% | | | | | | 01/15/2042 | | | | | | 599,186 | | | | | | 611,994 | | |
FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 1,276,282 | | | | | | 1,318,686 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 1,094,278 | | | | | | 1,148,172 | | |
FHLMC Series 4768 Class GA | | | | | 3.500% | | | | | | 09/15/2045 | | | | | | 8,096,301 | | | | | | 8,545,804 | | |
FHLMC Series 4831 Class BA | | | | | 3.500% | | | | | | 10/15/2044 | | | | | | 2,745,197 | | | | | | 2,835,925 | | |
FHLMC Series 4906 Class DE | | | | | 2.500% | | | | | | 09/25/2049 | | | | | | 6,816,914 | | | | | | 7,161,950 | | |
FNMA Pool 109733 | | | | | 3.530% | | | | | | 09/01/2028 | | | | | | 7,275,000 | | | | | | 8,439,430 | | |
FNMA Pool 725027 | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 272,245 | | | | | | 312,277 | | |
FNMA Pool 725704 | | | | | 6.000% | | | | | | 08/01/2034 | | | | | | 109,216 | | | | | | 127,416 | | |
FNMA Pool 888223 | | | | | 5.500% | | | | | | 01/01/2036 | | | | | | 381,631 | | | | | | 438,121 | | |
FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 262,727 | | | | | | 301,387 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 820,344 | | | | | | 899,767 | | |
FNMA Pool AL6923 | | | | | 3.000% | | | | | | 05/01/2030 | | | | | | 7,361,860 | | | | | | 7,844,684 | | |
FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 1,100,605 | | | | | | 1,164,527 | | |
FNMA Pool AL9623 | | | | | 4.000% | | | | | | 12/01/2036 | | | | | | 3,022,193 | | | | | | 3,256,915 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 6,000,000 | | | | | | 6,645,816 | | |
FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 6,438,000 | | | | | | 7,424,875 | | |
FNMA Pool AS5794 | | | | | 3.000% | | | | | | 09/01/2030 | | | | | | 2,356,002 | | | | | | 2,504,074 | | |
FNMA Pool AS6548 | | | | | 2.500% | | | | | | 01/01/2031 | | | | | | 4,906,856 | | | | | | 5,227,714 | | |
FNMA Pool BL0359 | | | | | 3.700% | | | | | | 11/01/2028 | | | | | | 11,026,401 | | | | | | 12,755,215 | | |
FNMA Pool BL0752 | | | | | 3.650% | | | | | | 01/01/2029 | | | | | | 5,000,000 | | | | | | 5,754,850 | | |
FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 5,000,000 | | | | | | 5,733,629 | | |
FNMA Pool BL5003 | | | | | 4.000% | | | | | | 11/01/2042 | | | | | | 2,472,694 | | | | | | 2,767,573 | | |
FNMA Pool BM1971 | | | | | 3.500% | | | | | | 12/01/2035 | | | | | | 3,072,297 | | | | | | 3,285,409 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 715,838 | | | | | | 802,555 | | |
FNMA Pool MA2773 | | | | | 3.000% | | | | | | 09/01/2036 | | | | | | 8,467,720 | | | | | | 8,967,637 | | |
FNMA Pool MA3186 | | | | | 4.000% | | | | | | 10/01/2037 | | | | | | 3,423,980 | | | | | | 3,668,322 | | |
FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 5,175,125 | | | | | | 5,556,769 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 259,969 | | | | | | 271,228 | | |
FNMA Series 2013-21 Class VA | | | | | 3.000% | | | | | | 07/25/2028 | | | | | | 2,261,433 | | | | | | 2,321,427 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 774,982 | | | | | | 779,641 | | |
FNMA Series 2013-75 Class EG | | | | | 3.000% | | | | | | 02/25/2043 | | | | | | 457,998 | | | | | | 486,134 | | |
FNMA Series 2014-04 Class PC | | | | | 3.000% | | | | | | 02/25/2044 | | | | | | 2,126,722 | | | | | | 2,263,859 | | |
FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 236,166 | | | | | | 252,223 | | |
FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 2,808,800 | | | | | | 2,903,417 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 869,592 | | | | | | 908,443 | | |
FNMA Series 2016-40 Class PA | | | | | 3.000% | | | | | | 07/25/2045 | | | | | | 245,153 | | | | | | 259,938 | | |
FNMA Series 2016-49 Class PA | | | | | 3.000% | | | | | | 09/25/2045 | | | | | | 1,793,327 | | | | | | 1,892,210 | | |
FNMA Series 2016-64 Class PG | | | | | 3.000% | | | | | | 05/25/2045 | | | | | | 3,529,794 | | | | | | 3,722,772 | | |
FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 1,197,978 | | | | | | 1,245,664 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 2,364,917 | | | | | | 2,418,230 | | |
FNMA Series 2018-22 Class D | | | | | 3.250% | | | | | | 11/25/2042 | | | | | | 1,790,649 | | | | | | 1,817,506 | | |
FNMA Series 2018-25 Class P | | | | | 3.500% | | | | | | 03/25/2046 | | | | | | 4,745,220 | | | | | | 5,031,121 | | |
FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 5,851,556 | | | | | | 6,198,958 | | |
GNMA II Pool 2658 | | | | | 6.500% | | | | | | 10/20/2028 | | | | | | 12,450 | | | | | | 14,317 | | |
GNMA II Pool 2945 | | | | | 7.500% | | | | | | 07/20/2030 | | | | | | 2,097 | | | | | | 2,467 | | |
GNMA II Pool 4187 | | | | | 5.500% | | | | | | 07/20/2038 | | | | | | 10,743 | | | | | | 11,775 | | |
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
GNMA II Pool 4847 | | | | | 4.000% | | | | | | 11/20/2025 | | | | | | 157,420 | | | | | $ | 165,852 | | |
GNMA Pool 780400 | | | | | 7.000% | | | | | | 12/15/2025 | | | | | | 1,387 | | | | | | 1,556 | | |
GNMA Pool 780420 | | | | | 7.500% | | | | | | 08/15/2026 | | | | | | 802 | | | | | | 907 | | |
21.5% – Total For Government Agency Obligations – Mortgage Backed Securities | | | | $ | 191,019,350 | | | ||||||||||||||||||
Taxable Municipal Bonds | | | |||||||||||||||||||||||
Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 1,085,000 | | | | | | 1,172,614 | | |
Kansas Development Finance Authority Revenue | | | | | 3.941% | | | | | | 04/15/2026 | | | | | | 8,000,000 | | | | | | 8,831,680 | | |
Hamilton County Ohio | | | | | 3.374% | | | | | | 06/01/2034 | | | | | | 5,000,000 | | | | | | 5,488,650 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 6.164% | | | | | | 08/01/2023 | | | | | | 1,000,000 | | | | | | 1,071,040 | | |
Pennsylvania State University | | | | | 1.893% | | | | | | 09/01/2026 | | | | | | 2,070,000 | | | | | | 2,135,309 | | |
University of Cincinnati Ohio General Receipts Revenue | | | | | 5.616% | | | | | | 06/01/2025 | | | | | | 930,000 | | | | | | 947,726 | | |
University of Cincinnati Ohio General Receipts Revenue | | | | | 2.162% | | | | | | 06/01/2025 | | | | | | 2,185,000 | | | | | | 2,256,122 | | |
University of Washington Revenue | | | | | 5.400% | | | | | | 06/01/2036 | | | | | | 3,000,000 | | | | | | 4,232,910 | | |
2.9% – Total For Taxable Municipal Bonds | | | | $ | 26,136,051 | | | ||||||||||||||||||
Total Fixed Income Securities – Bonds 98.5% | | | | $ | 875,819,172 | | | ||||||||||||||||||
(Identified Cost $799,028,377) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 264,996 | | | | | | 6,749,448 | | |
Total Preferred Stocks 0.8% | | | | $ | 6,749,448 | | | ||||||||||||||||||
(Identified Cost $6,491,218) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 812,602 | | | | | | 812,602 | | |
Total Cash Equivalents 0.1% | | | | $ | 812,602 | | | ||||||||||||||||||
(Identified Cost $812,602) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.4% | | | | $ | 883,381,222 | | | ||||||||||||||||||
(Identified Cost $806,332,197) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.5% | | | | $ | 4,848,850 | | | ||||||||||||||||||
Total Net Assets 100% | | | | $ | 888,230,072 | | | ||||||||||||||||||
|
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 650,000 | | | | | $ | 762,795 | | |
Abilene Texas GO Limited | | | | | 5.000% | | | | | | 02/15/2029 | | | | | | 730,000 | | | | | | 965,688 | | |
Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 395,000 | | | | | | 472,977 | | |
Akron Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 400,000 | | | | | | 477,184 | | |
Austin Texas GO Limited | | | | | 5.000% | | | | | | 09/01/2029 | | | | | | 1,000,000 | | | | | | 1,255,360 | | |
Avon Ohio Bond Anticipation Note | | | | | 2.000% | | | | | | 01/21/2021 | | | | | | 1,000,000 | | | | | | 1,009,090 | | |
Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 685,000 | | | | | | 822,891 | | |
Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,179,480 | | |
Cincinnati Ohio GO Unlimited* | | | | | 5.250% | | | | | | 12/01/2029 | | | | | | 200,000 | | | | | | 246,494 | | |
Columbus Ohio GO Unlimited | | | | | 4.000% | | | | | | 04/01/2031 | | | | | | 1,000,000 | | | | | | 1,181,950 | | |
Dublin Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 578,710 | | |
Fairborn Ohio GO Unlimited | | | | | 2.000% | | | | | | 09/03/2020 | | | | | | 942,000 | | | | | | 944,722 | | |
Gahanna Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2021 | | | | | | 420,000 | | | | | | 442,155 | | |
Gahanna Ohio GO Limited | | | | | 3.000% | | | | | | 08/06/2020 | | | | | | 745,000 | | | | | | 746,848 | | |
Haltom City Texas GO Limited | | | | | 4.000% | | | | | | 08/01/2025 | | | | | | 675,000 | | | | | | 779,645 | | |
Hurst Texas GO Limited | | | | | 4.000% | | | | | | 08/15/2031 | | | | | | 335,000 | | | | | | 387,752 | | |
Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 840,000 | | | | | | 994,736 | | |
Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 300,000 | | | | | | 354,810 | | |
Medina Ohio GO Limited | | | | | 2.000% | | | | | | 12/01/2020 | | | | | | 55,000 | | | | | | 55,405 | | |
Newport Kentucky GO Unlimited | | | | | 3.000% | | | | | | 05/01/2023 | | | | | | 205,000 | | | | | | 218,151 | | |
Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,214,270 | | |
Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 595,000 | | | | | | 713,102 | | |
Strongsville Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | | 393,152 | | |
Tiffin Ohio GO Unlimited | | | | | 3.000% | | | | | | 12/01/2020 | | | | | | 225,000 | | | | | | 227,444 | | |
6.8% – Total For General Obligation – City | | | | $ | 16,424,811 | | | ||||||||||||||||||
Ashtabula County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 500,000 | | | | | | 528,855 | | |
Butler County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 160,000 | | | | | | 191,646 | | |
Butler County Ohio GO Limited | | | | | 5.250% | | | | | | 12/01/2026 | | | | | | 1,000,000 | | | | | | 1,217,680 | | |
Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 340,000 | | | | | | 430,012 | | |
Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 325,000 | | | | | | 431,347 | | |
Hamilton County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 646,495 | | |
Knox County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 460,000 | | | | | | 536,360 | | |
Licking County Ohio GO Limited | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 555,000 | | | | | | 598,629 | | |
Lorain County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 795,000 | | | | | | 875,534 | | |
Lorain County Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 450,000 | | | | | | 498,713 | | |
Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2028 | | | | | | 1,000,000 | | | | | | 1,150,540 | | |
Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2029 | | | | | | 605,000 | | | | | | 695,417 | | |
Ottawa County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2021 | | | | | | 295,000 | | | | | | 309,871 | | |
Portage County Ohio GO Limited | | | | | 3.000% | | | | | | 12/01/2021 | | | | | | 270,000 | | | | | | 270,583 | | |
Rowan County Kentucky GO Unlimited (AGM Insured) | | | | | 4.000% | | | | | | 06/01/2024 | | | | | | 390,000 | | | | | | 437,666 | | |
Summit County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 300,000 | | | | | | 336,054 | | |
Summit County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 559,385 | | |
4.0% – Total For General Obligation – County | | | | $ | 9,714,787 | | | ||||||||||||||||||
Ohio GO Limited | | | | | 3.000% | | | | | | 09/01/2026 | | | | | | 1,385,000 | | | | | | 1,499,373 | | |
Ohio GO Limited | | | | | 4.000% | | | | | | 03/01/2026 | | | | | | 1,060,000 | | | | | | 1,190,115 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Ohio GO Unlimited | | | | | 3.000% | | | | | | 03/01/2027 | | | | | | 555,000 | | | | | $ | 587,828 | | |
Ohio GO Unlimited | | | | | 4.000% | | | | | | 03/01/2030 | | | | | | 1,225,000 | | | | | | 1,556,583 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 09/01/2022 | | | | | | 400,000 | | | | | | 440,888 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2030 | | | | | | 1,335,000 | | | | | | 1,841,032 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 579,315 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2034 | | | | | | 1,000,000 | | | | | | 1,312,520 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2035 | | | | | | 1,000,000 | | | | | | 1,306,840 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2039 | | | | | | 2,000,000 | | | | | | 2,579,220 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2024 | | | | | | 410,000 | | | | | | 483,644 | | |
Ohio Infrastructure Improvement GO Unlimited | | | | | 5.000% | | | | | | 08/01/2022 | | | | | | 500,000 | | | | | | 549,185 | | |
Pennsylvania GO Unlimited | | | | | 4.000% | | | | | | 01/01/2030 | | | | | | 645,000 | | | | | | 756,063 | | |
Virginia State Public Building Authority | | | | | 4.000% | | | | | | 08/01/2040 | | | | | | 1,000,000 | | | | | | 1,208,630 | | |
6.6% – Total For General Obligation – State | | | | $ | 15,891,236 | | | ||||||||||||||||||
Arizona Board of Regents Revenue Arizona State University | | | | | 5.000% | | | | | | 08/01/2028 | | | | | | 815,000 | | | | | | 944,911 | | |
Arizona Board of Regents Revenue University of Arizona | | | | | 5.000% | | | | | | 06/01/2029 | | | | | | 125,000 | | | | | | 144,468 | | |
Bowling Green State University Ohio Revenue | | | | | 4.000% | | | | | | 06/01/2045 | | | | | | 2,830,000 | | | | | | 3,151,516 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2024 | | | | | | 405,000 | | | | | | 462,660 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2030 | | | | | | 750,000 | | | | | | 907,650 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2031 | | | | | | 500,000 | | | | | | 602,150 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2032 | | | | | | 500,000 | | | | | | 598,665 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2037 | | | | | | 1,000,000 | | | | | | 1,246,300 | | |
Colorado Board of Governors University Enterprise System Revenue | | | | | 5.000% | | | | | | 03/01/2027 | | | | | | 225,000 | | | | | | 282,994 | | |
Colorado Higher Education Lease Financing Program Certificate of Participation | | | | | 5.000% | | | | | | 11/01/2025 | | | | | | 290,000 | | | | | | 354,026 | | |
Cuyahoga County Ohio Community College GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 1,275,000 | | | | | | 1,450,708 | | |
Cuyahoga County Ohio Community College GO Unlimited | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 400,000 | | | | | | 497,148 | | |
Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2030 | | | | | | 400,000 | | | | | | 525,748 | | |
Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 325,000 | | | | | | 419,400 | | |
Kent State University Ohio General Receipt Revenue | | | | | 4.000% | | | | | | 05/01/2022 | | | | | | 255,000 | | | | | | 269,892 | | |
Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2031 | | | | | | 1,000,000 | | | | | | 1,328,340 | | |
Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2045 | | | | | | 950,000 | | | | | | 1,167,484 | | |
Lorain County Ohio Community College District General Receipts Revenue Bond | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 600,000 | | | | | | 700,638 | | |
Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2022 | | | | | | 450,000 | | | | | | 468,468 | | |
Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2023 | | | | | | 1,040,000 | | | | | | 1,082,089 | | |
Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2045 | | | | | | 1,500,000 | | | | | | 1,743,690 | | |
Miami University Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 09/01/2020 | | | | | | 400,000 | | | | | | 403,096 | | |
Miami University Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 09/01/2020 | | | | | | 100,000 | | | | | | 100,774 | | |
Miami University Ohio Revenue | | | | | 4.000% | | | | | | 09/01/2027 | | | | | | 300,000 | | | | | | 319,362 | | |
Miami Valley Ohio Career Tech Center GO Unlimited | | | | | 4.000% | | | | | | 12/01/2024 | | | | | | 1,000,000 | | | | | | 1,151,790 | | |
Morehead State University Kentucky General Receipts Revenue | | | | | 3.000% | | | | | | 11/01/2025 | | | | | | 300,000 | | | | | | 331,314 | | |
Northern Kentucky University General Receipts Revenue | | | | | 3.000% | | | | | | 09/01/2021 | | | | | | 210,000 | | | | | | 216,308 | | |
Northern Kentucky University General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2026 | | | | | | 715,000 | | | | | | 820,198 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 620,000 | | | | | $ | 677,443 | | |
Ohio Higher Education Facilities Revenue – Xavier University | | | | | 4.500% | | | | | | 05/01/2036 | | | | | | 1,000,000 | | | | | | 1,085,260 | | |
Ohio State University General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2030 | | | | | | 200,000 | | | | | | 233,148 | | |
Ohio University General Receipts Revenue Bond | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 110,000 | | | | | | 122,087 | | |
South Dakota Board of Regents Housing and Auxiliary Facilities System Revenue | | | | | 5.000% | | | | | | 04/01/2026 | | | | | | 315,000 | | | | | | 376,491 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2024 | | | | | | 610,000 | | | | | | 691,051 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2028 | | | | | | 410,000 | | | | | | 470,569 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 650,000 | | | | | | 723,924 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 435,000 | | | | | | 518,146 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2033 | | | | | | 1,000,000 | | | | | | 1,164,100 | | |
University of Akron Ohio Revenue | | | | | 4.000% | | | | | | 01/01/2027 | | | | | | 2,050,000 | | | | | | 2,363,465 | | |
University of Akron Ohio Revenue | | | | | 5.000% | | | | | | 01/01/2027 | | | | | | 350,000 | | | | | | 419,576 | | |
University of Cincinnati General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2036 | | | | | | 250,000 | | | | | | 271,047 | | |
University of Cincinnati General Receipts Revenue* | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 330,000 | | | | | | 351,575 | | |
University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 140,000 | | | | | | 148,299 | | |
University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2036 | | | | | | 1,250,000 | | | | | | 1,611,937 | | |
University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2039 | | | | | | 1,250,000 | | | | | | 1,428,387 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2021 | | | | | | 300,000 | | | | | | 310,494 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 885,000 | | | | | | 973,022 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2027 | | | | | | 1,590,000 | | | | | | 1,939,768 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2031 | | | | | | 500,000 | | | | | | 648,720 | | |
15.8% – Total For Higher Education | | | | $ | 38,220,296 | | | ||||||||||||||||||
Butler County Ohio Cincinnati Childrens Hospital Medical Center Revenue | | | | | 5.000% | | | | | | 05/15/2030 | | | | | | 1,005,000 | | | | | | 1,325,012 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 4.000% | | | | | | 11/01/2036 | | | | | | 800,000 | | | | | | 908,048 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 500,000 | | | | | | 618,620 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 5.000% | | | | | | 11/01/2048 | | | | | | 2,100,000 | | | | | | 3,209,409 | | |
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 4.125% | | | | | | 06/01/2030 | | | | | | 500,000 | | | | | | 519,870 | | |
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 5.250% | | | | | | 06/01/2025 | | | | | | 1,000,000 | | | | | | 1,075,110 | | |
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 5.250% | | | | | | 06/01/2027 | | | | | | 1,000,000 | | | | | | 1,071,000 | | |
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 05/15/2027 | | | | | | 100,000 | | | | | | 114,693 | | |
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 05/15/2028 | | | | | | 1,715,000 | | | | | | 1,964,052 | | |
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 11/15/2041 | | | | | | 1,205,000 | | | | | | 1,776,857 | | |
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 11/15/2049 | | | | | | 3,300,000 | | | | | | 5,127,243 | | |
7.3% – Total For Hospital/Health Bonds | | | | $ | 17,709,914 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 705,000 | | | | | $ | 887,616 | | |
Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 500,000 | | | | | | 645,880 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 500,000 | | | | | | 552,390 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 450,000 | | | | | | 563,751 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 375,000 | | | | | | 477,469 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2030 | | | | | | 600,000 | | | | | | 759,126 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2032 | | | | | | 505,000 | | | | | | 630,043 | | |
Hancock County Indiana | | | | | 4.000% | | | | | | 02/15/2022 | | | | | | 765,000 | | | | | | 808,896 | | |
Hancock County Indiana | | | | | 4.000% | | | | | | 02/15/2023 | | | | | | 795,000 | | | | | | 866,478 | | |
Ohio Capital Facilities Lease Appropriation Revenue | | | | | 5.000% | | | | | | 04/01/2022 | | | | | | 425,000 | | | | | | 459,625 | | |
Ohio Capital Facilities Lease Appropriation Revenue* | | | | | 4.000% | | | | | | 04/01/2026 | | | | | | 150,000 | | | | | | 154,220 | | |
Ohio Capital Facilities Lease Appropriation Revenue* | | | | | 5.000% | | | | | | 04/01/2024 | | | | | | 275,000 | | | | | | 284,787 | | |
Ohio Cultural and Sports Facilities Project Revenue | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 505,000 | | | | | | 642,153 | | |
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 02/01/2023 | | | | | | 300,000 | | | | | | 335,172 | | |
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2035 | | | | | | 1,160,000 | | | | | | 1,463,491 | | |
3.9% – Total For Revenue Bonds – Facility | | | | $ | 9,531,097 | | | ||||||||||||||||||
Anderson Indiana Sewage Works Revenue (AGM Insured) | | | | | 4.000% | | | | | | 11/01/2026 | | | | | | 300,000 | | | | | | 354,348 | | |
Cincinnati Ohio Water System Revenue | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,175,140 | | |
Cleveland Ohio Water Revenue | | | | | 5.000% | | | | | | 01/01/2033 | | | | | | 500,000 | | | | | | 662,385 | | |
Evansville Indiana Waterworks District Revenue (BAM Insured) | | | | | 4.000% | | | | | | 01/01/2029 | | | | | | 400,000 | | | | | | 469,244 | | |
Evansville Indiana Waterworks District Revenue (BAM Insured) | | | | | 5.000% | | | | | | 01/01/2022 | | | | | | 300,000 | | | | | | 320,346 | | |
Hamilton Ohio Wastewater System Revenue (BAM Insured) | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 930,000 | | | | | | 1,193,776 | | |
Lafayette Indiana Sewage Works Revenue | | | | | 5.000% | | | | | | 07/01/2022 | | | | | | 150,000 | | | | | | 163,335 | | |
Lima Ohio Sanitary Sewer Revenue | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 200,000 | | | | | | 221,006 | | |
Lima Ohio Sewer Revenue | | | | | 3.000% | | | | | | 12/01/2021 | | | | | | 575,000 | | | | | | 595,890 | | |
Northern Kentucky Water District Revenue | | | | | 5.000% | | | | | | 02/01/2023 | | | | | | 1,000,000 | | | | | | 1,118,890 | | |
Owensboro Kentucky Water Revenue (BAM Insured) | | | | | 5.000% | | | | | | 09/15/2025 | | | | | | 485,000 | | | | | | 591,108 | | |
Springboro Ohio Sewer System Revenue | | | | | 4.000% | | | | | | 06/01/2022 | | | | | | 245,000 | | | | | | 262,336 | | |
St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 400,000 | | | | | | 457,468 | | |
Toledo Ohio Water System Revenue | | | | | 5.000% | | | | | | 11/15/2025 | | | | | | 255,000 | | | | | | 306,306 | | |
Toledo Ohio Waterworks Revenue | | | | | 4.000% | | | | | | 11/15/2022 | | | | | | 365,000 | | | | | | 395,791 | | |
Toledo Ohio Waterworks Revenue | | | | | 5.000% | | | | | | 11/15/2026 | | | | | | 500,000 | | | | | | 625,590 | | |
Wise County Virginia Soil & Wastewater | | | | | 1.875% | | | | | | 11/01/2040 | | | | | | 1,000,000 | | | | | | 1,002,470 | | |
4.1% – Total For Revenue Bonds – Water & Sewer | | | | $ | 9,915,429 | | | ||||||||||||||||||
Akron Ohio Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 607,330 | | |
Akron Ohio Income Tax Revenue | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 870,000 | | | | | | 1,049,150 | | |
Akron Ohio Income Tax Revenue | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 1,100,000 | | | | | | 1,268,212 | | |
Akron Ohio Income Tax Revenue Community Learning Centers | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 380,000 | | | | | | 411,981 | | |
Akron Ohio Income Tax Revenue | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 510,000 | | | | | | 657,533 | | |
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 4.750% | | | | | | 11/01/2030 | | | | | | 500,000 | | | | | | 594,640 | | |
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 525,000 | | | | | | 634,772 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Cincinnati Ohio Economic Development Revenue U-Square-the-Loop Project | | | | | 3.500% | | | | | | 11/01/2024 | | | | | | 110,000 | | | | | $ | 114,206 | | |
Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue | | | | | 5.000% | | | | | | 06/01/2030 | | | | | | 655,000 | | | | | | 778,415 | | |
Linn County Iowa Certificates of Participation | | | | | 2.000% | | | | | | 06/01/2023 | | | | | | 455,000 | | | | | | 476,471 | | |
Louisa Virginia Industrial Development Authority (Virginia Electric & Power Co.) | | | | | 2.150% | | | | | | 11/01/2035 | | | | | | 800,000 | | | | | | 800,256 | | |
Mason Ohio Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 750,000 | | | | | | 764,310 | | |
Mobile Alabama Industrial Development Board Pollution Control Revenue | | | | | 2.924% | | | | | | 07/15/2034 | | | | | | 1,025,000 | | | | | | 1,073,298 | | |
Monroe County Georgia Development Authority Pollution Control Revenue | | | | | 2.050% | | | | | | 07/01/2049 | | | | | | 1,085,000 | | | | | | 1,097,738 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2022 | | | | | | 250,000 | | | | | | 272,590 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 577,260 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 577,260 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2026 | | | | | | 500,000 | | | | | | 621,720 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2027 | | | | | | 1,060,000 | | | | | | 1,312,481 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2028 | | | | | | 570,000 | | | | | | 700,564 | | |
Ohio Mental Health Capital Facilities Revenue | | | | | 5.000% | | | | | | 02/01/2025 | | | | | | 1,000,000 | | | | | | 1,194,340 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 510,000 | | | | | | 632,038 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2033 | | | | | | 1,570,000 | | | | | | 2,063,828 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2023 | | | | | | 1,010,000 | | | | | | 1,135,816 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2029 | | | | | | 665,000 | | | | | | 791,450 | | |
Riversouth Ohio Authority Revenue | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 700,000 | | | | | | 796,635 | | |
Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 220,000 | | | | | | 248,864 | | |
Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 435,000 | | | | | | 490,980 | | |
9.0% – Total For Other Revenue Bonds | | | | $ | 21,744,138 | | | ||||||||||||||||||
Aldine Texas ISD GO Unlimited | | | | | 4.000% | | | | | | 02/15/2030 | | | | | | 780,000 | | | | | | 884,715 | | |
Arcanum-Butler Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 675,000 | | | | | | 759,814 | | |
Arcanum-Butler Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 650,000 | | | | | | 729,242 | | |
Athens Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 750,000 | | | | | | 891,030 | | |
Beachwood Ohio CSD Certificates of Participation | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 435,000 | | | | | | 469,043 | | |
Bellbrook-Sugarcreek Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 325,000 | | | | | | 369,866 | | |
Bellfontaine Ohio SCD GO Unlimited (National RE Insured) | | | | | 5.500% | | | | | | 12/01/2026 | | | | | | 615,000 | | | | | | 754,808 | | |
Berea Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 574,600 | | |
Bexley Ohio CSD GO Unlimited | | | | | 3.000% | | | | | | 12/01/2023 | | | | | | 500,000 | | | | | | 542,640 | | |
Big Walnut Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 500,000 | | | | | | 590,815 | | |
Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2030 | | | | | | 290,000 | | | | | | 352,860 | | |
Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2031 | | | | | | 150,000 | | | | | | 180,707 | | |
Bloom-Carroll Ohio LSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 11/01/2029 | | | | | | 325,000 | | | | | | 400,394 | | |
Blue Mountain School District Pennsylvania GO Limited | | | | | 4.000% | | | | | | 08/01/2024 | | | | | | 500,000 | | | | | | 564,210 | | |
Breckinridge County Kentucky SD Finance Corp. | | | | | 5.000% | | | | | | 04/01/2025 | | | | | | 265,000 | | | | | | 305,643 | | |
Brownsville Indianna CSC Revenue | | | | | 5.000% | | | | | | 01/15/2027 | | | | | | 535,000 | | | | | | 672,666 | | |
Chagrin Falls Ohio Exempted Village SD GO | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 100,000 | | | | | | 108,791 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Chillicothe Ohio CSD Special Obligation Revenue | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 130,000 | | | | | $ | 139,832 | | |
Chillicothe Ohio SD GO Unlimited (AGM Insured) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | | 449,156 | | |
China Spring ISD Texas GO Unlimited | | | | | 4.000% | | | | | | 08/15/2027 | | | | | | 890,000 | | | | | | 1,024,559 | | |
Clark County Kentucky SD Finance Corp. Revenue Bond | | | | | 3.000% | | | | | | 08/01/2022 | | | | | | 115,000 | | | | | | 120,634 | | |
Cleveland Heights and University Heights Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,164,190 | | |
Colorado Building Excellent Schools Today Certificates of Participation | | | | | 4.000% | | | | | | 03/15/2030 | | | | | | 1,000,000 | | | | | | 1,185,140 | | |
Columbus Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | | 466,808 | | |
Columbus Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 655,000 | | | | | | 712,581 | | |
Dayton Ohio SCD GO Unlimited (SDCP) | | | | | 5.000% | | | | | | 11/01/2025 | | | | | | 1,000,000 | | | | | | 1,220,780 | | |
Denver Colorado City & County SD #1 Certificates of Participation | | | | | 5.000% | | | | | | 12/01/2021 | | | | | | 500,000 | | | | | | 515,165 | | |
Dexter Michigan CSD GO Unlimited | | | | | 4.000% | | | | | | 05/01/2031 | | | | | | 670,000 | | | | | | 782,962 | | |
Dublin Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2034 | | | | | | 500,000 | | | | | | 607,345 | | |
Dublin Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 500,000 | | | | | | 565,470 | | |
Elyria Ohio SCD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,156,390 | | |
Franklin Indiana Community Multi-School Building Corp. | | | | | 5.000% | | | | | | 01/15/2023 | | | | | | 200,000 | | | | | | 222,626 | | |
Granville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 510,000 | | | | | | 625,219 | | |
Green County Ohio Vocational SD GO Umlimited 4.000% | | | | | 12/01/ 2035 | | | | | | 1,000,000 | | | | | | 1,179,090 | | | | |||||
Greenville Ohio CSD GO Unlimited (SD Credit Program Insured) | | | | | 4.000% | | | | | | 01/01/2021 | | | | | | 110,000 | | | | | | 111,970 | | |
Hamilton Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 584,735 | | |
Hardin County Kentucky SD Finance Corp. Revenue | | | | | 2.500% | | | | | | 06/01/2021 | | | | | | 100,000 | | | | | | 101,692 | | |
Hardin County Kentucky SD Finance Corp. Revenue | | | | | 5.000% | | | | | | 05/01/2024 | | | | | | 500,000 | | | | | | 579,195 | | |
Houston Texas ISD GO Limited | | | | | 5.000% | | | | | | 02/15/2030 | | | | | | 440,000 | | | | | | 537,495 | | |
Huber Heights Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 775,000 | | | | | | 885,399 | | |
Hudson Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 800,000 | | | | | | 912,672 | | |
Huntington County Indiana Countryside School Building Corp. Revenue | | | | | 4.000% | | | | | | 01/15/2028 | | | | | | 1,000,000 | | | | | | 1,198,330 | | |
Jackson Milton Ohio LSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 06/01/2031 | | | | | | 270,000 | | | | | | 300,105 | | |
Jefferson County Kentucky SD Finance Corp. | | | | | 3.500% | | | | | | 04/01/2021 | | | | | | 340,000 | | | | | | 340,833 | | |
Jefferson County Kentucky SD Finance Corp. | | | | | 5.000% | | | | | | 10/01/2026 | | | | | | 530,000 | | | | | | 655,928 | | |
Johnstown-Monroe Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 800,000 | | | | | | 935,336 | | |
Kenton County Kentucky SD Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2028 | | | | | | 400,000 | | | | | | 460,096 | | |
Kettering Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 400,000 | | | | | | 457,888 | | |
Kettering Ohio CSD GO Unlimited | | | | | 5.250% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 653,015 | | |
Lake Ohio LSD of Stark County GO Unlimited* | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 400,000 | | | | | | 435,064 | | |
Lakota Ohio LSD GO | | | | | 5.250% | | | | | | 12/01/2025 | | | | | | 205,000 | | | | | | 255,262 | | |
Lakota Ohio LSD GO | | | | | 4.000% | | | | | | 01/15/2026 | | | | | | 400,000 | | | | | | 468,444 | | |
Lakota Ohio LSD GO Unlimited* | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 275,000 | | | | | | 302,184 | | |
Lakota Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2021 | | | | | | 350,000 | | | | | | 373,345 | | |
Lancaster Ohio CSD GO Limited (SDCP) | | | | | 4.000% | | | | | | 10/01/2027 | | | | | | 1,000,000 | | | | | | 1,124,350 | | |
Licking Heights Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 10/01/2025 | | | | | | 715,000 | | | | | | 870,870 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Licking Heights Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 500,000 | | | | | $ | 637,795 | | |
Logan Hocking Ohio LSD Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 420,000 | | | | | | 469,321 | | |
Marysville Michigan PSD GO Unlimited | | | | | 5.000% | | | | | | 05/01/2021 | | | | | | 250,000 | | | | | | 259,440 | | |
Marysville Ohio Exempted Village SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 165,000 | | | | | | 179,177 | | |
Marysville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 715,000 | | | | | | 792,649 | | |
Marysville Ohio Exempted Village SD GO Unlimited (SDCP) | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 568,845 | | |
Mayfield Ohio CSD Certificates of Participation | | | | | 4.000% | | | | | | 09/01/2032 | | | | | | 280,000 | | | | | | 317,912 | | |
Menifee County Kentucky SD Financial Corp. Revenue | | | | | 3.000% | | | | | | 08/01/2027 | | | | | | 615,000 | | | | | | 659,747 | | |
Merrillville Indiana Multi School Building Corp. | | | | | 5.000% | | | | | | 07/15/2026 | | | | | | 1,000,000 | | | | | | 1,246,200 | | |
Middletown Ohio CSD GO Umlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 585,000 | | | | | | 679,694 | | |
Milford Ohio Exempt Village SD GO Unlimited (AGM Insured) | | | | | 5.500% | | | | | | 12/01/2030 | | | | | | 1,260,000 | | | | | | 1,693,453 | | |
Munster Indiana School Building Corp. Revenue (State Intercept) | | | | | 4.000% | | | | | | 01/15/2029 | | | | | | 400,000 | | | | | | 473,708 | | |
Murray Kentucky ISD Finance Corporation Revenue | | | | | 5.000% | | | | | | 03/01/2025 | | | | | | 810,000 | | | | | | 964,564 | | |
Newark Ohio CSD GO Unlimited (School District Credit Program) | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 235,000 | | | | | | 265,663 | | |
North Olmsted Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 607,835 | | |
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited* | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 100,000 | | | | | | 115,692 | | |
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited* | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 150,000 | | | | | | 173,538 | | |
Olentangy Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 1,000,000 | | | | | | 1,080,530 | | |
Orange County Florida School Board Certificates of Participation | | | | | 5.000% | | | | | | 08/01/2032 | | | | | | 500,000 | | | | | | 599,005 | | |
Port of Greater Cincinnati | | | | | 4.000% | | | | | | 04/01/2036 | | | | | | 400,000 | | | | | | 433,360 | | |
Port of Greater Cincinnati | | | | | 4.000% | | | | | | 04/01/2037 | | | | | | 575,000 | | | | | | 621,109 | | |
Port of Greater Cincinnati | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 400,000 | | | | | | 430,660 | | |
Port of Greater Cincinnati | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 400,000 | | | | | | 429,016 | | |
Princeton Ohio CSD Certificates of Participation | | | | | 3.500% | | | | | | 12/01/2026 | | | | | | 275,000 | | | | | | 284,694 | | |
Princeton Ohio CSD GO Unliimited (National RE Insured) | | | | | 5.250% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,344,160 | | |
Sarah Scott Indiana Middle School Building Corp. Revenue | | | | | 5.000% | | | | | | 07/10/2022 | | | | | | 640,000 | | | | | | 696,653 | | |
Shelby Ohio CSD | | | | | 4.000% | | | | | | 11/01/2021 | | | | | | 320,000 | | | | | | 335,008 | | |
Shelby Ohio CSD | | | | | 4.000% | | | | | | 11/01/2022 | | | | | | 675,000 | | | | | | 726,941 | | |
Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 930,000 | | | | | | 1,113,591 | | |
Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 965,000 | | | | | | 1,175,225 | | |
South-Western City Ohio SD GO Unlimited* | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 1,000,000 | | | | | | 1,070,950 | | |
Switzerland Ohio LSD GO Unlimited (SDCEP Insured)* | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 415,000 | | | | | | 458,621 | | |
Talawanda Ohio CSD | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 775,000 | | | | | | 999,835 | | |
Teays Valley Ohio LSD | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 580,000 | | | | | | 660,342 | | |
Toledo Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 660,000 | | | | | | 798,184 | | |
Tri Valley Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 710,000 | | | | | | 825,936 | | |
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 410,000 | | | | | | 484,132 | | |
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 586,265 | | |
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | | 408,236 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Upper Arlington Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,380,000 | | | | | $ | 1,668,696 | | |
Vandalia Butler Ohio CSD GO Unlimited | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 500,000 | | | | | | 551,800 | | |
Vermillion Ohio LSD Certificates of Participation | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 230,000 | | | | | | 234,234 | | |
Wadsworth Ohio CSD GO Unlimited | | | | | 3.500% | | | | | | 12/01/2022 | | | | | | 215,000 | | | | | | 220,893 | | |
Wadsworth Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 840,000 | | | | | | 946,999 | | |
Wadsworth Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 1,075,000 | | | | | | 1,187,800 | | |
Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation | | | | | 4.000% | | | | | | 04/01/2030 | | | | | | 395,000 | | | | | | 445,216 | | |
Western Reserve Ohio LSD GO (SDCEP Insured) | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 240,000 | | | | | | 240,691 | | |
Westerville Ohio SCD Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2032 | | | | | | 555,000 | | | | | | 695,726 | | |
Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 03/01/2030 | | | | | | 810,000 | | | | | | 901,579 | | |
Wyoming Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 200,000 | | | | | | 230,584 | | |
27.6% – Total For School District | | | | $ | 66,825,903 | | | ||||||||||||||||||
Colorado State Certificate of Participation | | | | | 4.000% | | | | | | 12/15/2039 | | | | | | 2,000,000 | | | | | | 2,402,040 | | |
Kentucky Association of Counties Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2029 | | | | | | 575,000 | | | | | | 685,992 | | |
Kentucky Association of Counties Finance Corp. Revenue* | | | | | 4.250% | | | | | | 02/01/2023 | | | | | | 180,000 | | | | | | 180,475 | | |
Kentucky Certificates of Participation | | | | | 4.000% | | | | | | 04/15/2031 | | | | | | 500,000 | | | | | | 588,340 | | |
Kentucky Interlocal School Transportation Assoc. Certificate of Participation | | | | | 3.000% | | | | | | 03/01/2024 | | | | | | 560,000 | | | | | | 592,413 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 10/01/2023 | | | | | | 350,000 | | | | | | 390,985 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2029 | | | | | | 600,000 | | | | | | 674,790 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2030 | | | | | | 600,000 | | | | | | 672,318 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 11/01/2026 | | | | | | 1,145,000 | | | | | | 1,343,371 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 10/01/2026 | | | | | | 635,000 | | | | | | 785,444 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 04/01/2026 | | | | | | 525,000 | | | | | | 609,861 | | |
Ohio Certificate of Participation | | | | | 5.000% | | | | | | 09/01/2027 | | | | | | 1,520,000 | | | | | | 1,928,728 | | |
Ohio Department of Administration Building Funding Series B | | | | | 5.000% | | | | | | 10/01/2025 | | | | | | 660,000 | | | | | | 803,880 | | |
Ohio Department of Administration Certificate of Participation | | | | | 5.000% | | | | | | 09/01/2023 | | | | | | 1,320,000 | | | | | | 1,416,954 | | |
Ohio Department of Administration Certificate of Participation | | | | | 4.000% | | | | | | 09/01/2025 | | | | | | 775,000 | | | | | | 815,982 | | |
Ohio Department of Administration Certificate of Participation | | | | | 5.000% | | | | | | 03/01/2024 | | | | | | 300,000 | | | | | | 321,723 | | |
Ohio Department of Administration Certificate of Participation – Multi-Agency Radio Communication Project | | | | | 4.000% | | | | | | 09/01/2027 | | | | | | 145,000 | | | | | | 152,066 | | |
Ohio Water Development Authority Revenue | | | | | 5.250% | | | | | | 12/01/2034 | | | | | | 2,000,000 | | | | | | 2,865,680 | | |
Ohio Water Development Authority Revenue | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 1,000,000 | | | | | | 1,335,800 | | |
7.7% – Total For State Agency | | | | $ | 18,566,842 | | | ||||||||||||||||||
FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement) | | | | | 3.400% | | | | | | 01/25/2036 | | | | | | 1,952,721 | | | | | | 2,209,230 | | |
FHLMC Series M 053 Class A | | | | | 0.425% | | | | | | 06/15/2035 | | | | | | 3,995,000 | | | | | | 4,332,098 | | |
Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.500% | | | | | | 11/01/2050 | | | | | | 1,000,000 | | | | | | 1,093,000 | | |
Missouri State Housing Development Commission Single Family Mortgage Revenue (GNMA/FNMA/FHLMC Insured)* | | | | | 3.550% | | | | | | 05/01/2023 | | | | | | 165,000 | | | | | | 169,221 | | |
Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.875% | | | | | | 05/01/2050 | | | | | | 1,955,000 | | | | | | 2,162,347 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2020 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Ohio Housing Finance Agency Residential Mortgage Revenue | | | | | 3.700% | | | | | | 03/01/2032 | | | | | | 1,150,000 | | | | | $ | 1,282,480 | | |
4.6% – Total For Housing | | | | $ | 11,248,376 | | | ||||||||||||||||||
Total Municipal Income Securities – Bonds 97.4% | | | | $ | 235,792,829 | | | ||||||||||||||||||
(Identified Cost $223,679,551) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
Dreyfus AMT-Free Tax Cash Management Fund*** | | | | | | | | | | | | | | | | | 7,977,681 | | | | | | 7,976,883 | | |
Total Cash Equivalents 3.3% | | | | $ | 7,976,883 | | | ||||||||||||||||||
(Identified Cost $7,976,883) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 100.7% | | | | $ | 243,769,712 | | | ||||||||||||||||||
(Identified Cost $231,656,434) | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities in Excess of Other Assets (0.7)% | | | | $ | (1,579,582) | | | ||||||||||||||||||
Total Net Assets 100.0% | | | | $ | 242,190,130 | | | ||||||||||||||||||
|
JOHNSON MUTUAL FUNDS | June 30, 2020 – Unaudited |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 384,567,948 | | | | | $ | 73,998,881 | | | | | $ | 17,277,896 | | |
Dividends and Interest Receivable | | | | | 429,232 | | | | | | 69,890 | | | | | | 65,415 | | |
Securities Sold Receivable | | | | | — | | | | | | 536,269 | | | | | | — | | |
Fund Shares Sold Receivable | | | | | 211,836 | | | | | | 62,000 | | | | | | 37,781 | | |
Total Assets | | | | $ | 385,209,016 | | | | | $ | 74,667,040 | | | | | $ | 17,381,092 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Accrued Management Fees | | | | $ | 318,143 | | | | | $ | 60,499 | | | | | $ | 14,423 | | |
Securities Purchased Payable | | | | | — | | | | | | 913,952 | | | | | | — | | |
Fund Shares Redeemed Payable | | | | | 123,631 | | | | | | 16,431 | | | | | | 9,025 | | |
Total Liabilities | | | | $ | 441,774 | | | | | $ | 990,882 | | | | | $ | 23,448 | | |
Net Assets | | | | $ | 384,767,242 | | | | | $ | 73,676,158 | | | | | $ | 17,357,644 | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 314,670,791 | | | | | $ | 72,333,684 | | | | | $ | 15,812,956 | | |
Accumulated Earnings | | | | | 70,096,451 | | | | | | 1,342,474 | | | | | | 1,544,688 | | |
Net Assets | | | | $ | 384,767,242 | | | | | $ | 73,676,158 | | | | | $ | 17,357,644 | | |
Shares Outstanding (Unlimited Amount Authorized) | | | | | 14,608,951 | | | | | | 2,010,936 | | | | | | 730,311 | | |
Offering, Redemption and Net Asset Value Per Share | | | | $ | 26.34 | | | | | $ | 36.64 | | | | | $ | 23.77 | | |
*Identified Cost of Investment Securities | | | | $ | 310,620,198 | | | | | $ | 72,473,562 | | | | | $ | 15,315,798 | | |
JOHNSON MUTUAL FUNDS | June 30, 2020 – Unaudited |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||
Assets: | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 883,381,222 | | | | | $ | 243,769,712 | | |
Dividends and Interest Receivable | | | | | 5,133,730 | | | | | | 1,553,466 | | |
Receivable for CMO Paydowns | | | | | 3,250 | | | | | | 680,000 | | |
Fund Shares Sold Receivable | | | | | 680,291 | | | | | | — | | |
Total Assets | | | | $ | 889,198,493 | | | | | $ | 246,003,178 | | |
Liabilities: | | | | | | | | | | | | | |
Accrued Management Fees | | | | $ | 613,717 | | | | | $ | 128,313 | | |
Securities Purchased Payable | | | | | — | | | | | | 3,649,735 | | |
Fund Shares Redeemed Payable | | | | | 354,704 | | | | | | 35,000 | | |
Total Liabilities | | | | $ | 968,421 | | | | | $ | 3,813,048 | | |
Net Assets | | | | $ | 888,230,072 | | | | | $ | 242,190,130 | | |
Net Assets Consist of: | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 802,221,057 | | | | | $ | 229,824,320 | | |
Accumulated Earnings | | | | | 86,009,015 | | | | | | 12,365,810 | | |
Net Assets | | | | $ | 888,230,072 | | | | | $ | 242,190,130 | | |
Shares Outstanding (Unlimited Amount Authorized) | | | | | 48,070,620 | | | | | | 13,381,386 | | |
Offering, Redemption and Net Asset Value Per Share | | | | $ | 18.48 | | | | | $ | 18.10 | | |
*Identified Cost of Investment Securities | | | | $ | 806,332,197 | | | | | $ | 231,656,434 | | |
JOHNSON MUTUAL FUNDS | June 30, 2020 – Unaudited |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||
| | | Six Months Ended 6/30/2020 | | | Six Months Ended 6/30/2020 | | | Six Months Ended 6/30/2020 | | |||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | |
Dividends | | | | $ | 3,767,043 | | | | | $ | 637,822 | | | | | $ | 274,120 | | |
Less: Foreign withholding taxes on dividends | | | | | (1,453) | | | | | | (181) | | | | | | (41,137) | | |
Total Investment Income | | | | $ | 3,765,590 | | | | | $ | 637,641 | | | | | $ | 232,983 | | |
Expenses: | | | | | | | | | | | | | | | | | | | |
Management Fee | | | | $ | 1,879,166 | | | | | $ | 342,140 | | | | | $ | 89,442 | | |
Net Expenses | | | | $ | 1,879,166 | | | | | $ | 342,140 | | | | | $ | 89,442 | | |
Net Investment Income | | | | $ | 1,886,424 | | | | | $ | 295,501 | | | | | $ | 143,541 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | |
Net Realized Gain (Loss) from Security Transactions | | | | $ | (11,347,224) | | | | | $ | (819,255) | | | | | $ | 100,125 | | |
Net Change in Unrealized (Loss) On Investments | | | | | (22,171,866) | | | | | | (9,049,907) | | | | | | (2,921,692) | | |
Net Gain/(Loss) on Investments | | | | $ | (33,519,090) | | | | | $ | (9,869,162) | | | | | $ | (2,821,567) | | |
Net Change in Net Assets from Operations | | | | $ | (31,632,666) | | | | | $ | (9,573,661) | | | | | $ | (2,678,026) | | |
JOHNSON MUTUAL FUNDS | June 30, 2020 – Unaudited |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||
| | | Six Months Ended 6/30/2020 | | | Six Months Ended 6/30/2020 | | ||||||
Investment Income: | | | | | | | | | | | | | |
Interest | | | | $ | 11,487,162 | | | | | $ | 2,912,206 | | |
Dividends | | | | | 199,865 | | | | | | 11,007 | | |
Total Investment Income | | | | $ | 11,687,027 | | | | | $ | 2,923,213 | | |
Expenses: | | | | | | | | | | | | | |
Management Fee | | | | $ | 3,584,555 | | | | | $ | 746,484 | | |
Net Expenses | | | | $ | 3,584,555 | | | | | $ | 746,484 | | |
Net Investment Income | | | | $ | 8,102,472 | | | | | $ | 2,176,729 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | |
Net Realized Gain from Security Transactions | | | | $ | 8,974,604 | | | | | $ | 238,803 | | |
Net Change in Unrealized Gain On Investments | | | | | 42,343,714 | | | | | | 4,445,349 | | |
Net Gain/(Loss) on Investments | | | | $ | 51,318,318 | | | | | $ | 4,684,152 | | |
Net Change in Net Assets from Operations | | | | $ | 59,420,790 | | | | | $ | 6,860,881 | | |
JOHNSON MUTUAL FUNDS | June 30, 2020 |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||||||||||||||||||||
| | | Six Months Ended 6/30/2020* | | | Year Ended 12/31/2019 | | | Six Months Ended 6/30/2020* | | | Year Ended 12/31/2019 | | | Six Months Ended 6/30/2020* | | | Year Ended 12/31/2019 | | ||||||||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 1,886,424 | | | | | $ | 3,846,358 | | | | | $ | 295,501 | | | | | $ | 484,856 | | | | | $ | 143,541 | | | | | $ | 401,309 | | |
Net Realized Gain (Loss) from Security Transactions | | | | | (11,347,224) | | | | | | 23,858,501 | | | | | | (819,255) | | | | | | 2,435,480 | | | | | | 100,125 | | | | | | (75,148) | | |
Net Change in Unrealized Gain (Loss) On Investments | | | | | (22,171,866) | | | | | | 69,472,603 | | | | | | (9,049,907) | | | | | | 14,627,523 | | | | | | (2,921,692) | | | | | | 3,211,975 | | |
Net Change in Net Assets from Operations | | | | $ | (31,632,666) | | | | | $ | 97,177,462 | | | | | $ | (9,573,661) | | | | | $ | 17,547,859 | | | | | $ | (2,678,026) | | | | | $ | 3,538,136 | | |
Distributions to Shareholders (see Note 2) | | | | $ | — | | | | | $ | (21,915,834) | | | | | $ | — | | | | | $ | (2,934,513) | | | | | $ | — | | | | | $ | (458,991) | | |
Return of Capital | | | | | — | | | | | | — | | | | | | — | | | | | | (284,319) | | | | | | — | | | | | | — | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds From Sale of Shares | | | | $ | 43,846,414 | | | | | $ | 71,481,089 | | | | | $ | 11,034,575 | | | | | $ | 8,985,737 | | | | | $ | 1,108,639 | | | | | $ | 2,540,825 | | |
Shares Issued on Reinvestment of Distributions | | | | | — | | | | | | 21,818,537 | | | | | | — | | | | | | 3,205,490 | | | | | | — | | | | | | 458,979 | | |
Cost of Shares Redeemed | | | | | (28,265,155) | | | | | | (41,405,569) | | | | | | (4,280,435) | | | | | | (12,202,346) | | | | | | (2,155,266) | | | | | | (2,945,657) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | 15,581,259 | | | | | $ | 51,894,057 | | | | | $ | 6,754,140 | | | | | $ | (11,119) | | | | | $ | (1,046,627) | | | | | $ | 54,147 | | |
Net Change in Net Assets | | | | $ | (16,051,407) | | | | | $ | 127,155,685 | | | | | $ | (2,819,521) | | | | | $ | 14,317,908 | | | | | $ | (3,724,653) | | | | | $ | 3,133,292 | | |
Net Assets at Beginning of Year | | | | $ | 400,818,649 | | | | | $ | 273,662,964 | | | | | $ | 76,495,679 | | | | | $ | 62,177,771 | | | | | $ | 21,082,296 | | | | | $ | 17,949,004 | | |
Net Assets at End of Year | | | | $ | 384,767,242 | | | | | $ | 400,818,649 | | | | | $ | 73,676,158 | | | | | $ | 76,495,679 | | | | | $ | 17,357,643 | | | | | $ | 21,082,296 | | |
Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Sold | | | | | 1,679,115 | | | | | | 2,631,731 | | | | | | 330,264 | | | | | | 221,839 | | | | | | 49,823 | | | | | | 99,367 | | |
Share Reinvested | | | | | — | | | | | | 767,178 | | | | | | — | | | | | | 75,637 | | | | | | — | | | | | | 16,949 | | |
Shares Redeemed | | | | | (1,134,154) | | | | | | (1,506,711) | | | | | | (120,243) | | | | | | (300,400) | | | | | | (96,467) | | | | | | (114,074) | | |
Net Increase (Decrease) in Shares Oustanding | | | | | 544,961 | | | | | | 1,892,198 | | | | | | 210,021 | | | | | | (2,924) | | | | | | (46,644) | | | | | | 2,242 | | |
Shares Outstanding, beginning of year | | | | | 14,063,990 | | | | | | 12,171,792 | | | | | | 1,800,915 | | | | | | 1,803,839 | | | | | | 776,955 | | | | | | 774,713 | | |
Shares Outstanding, end of year | | | | | 14,608,951 | | | | | | 14,063,990 | | | | | | 2,010,936 | | | | | | 1,800,915 | | | | | | 730,311 | | | | | | 776,955 | | |
JOHNSON MUTUAL FUNDS | June 30, 2020 |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||||||||||||||
| | | Six Months Ended 6/30/2020* | | | Year Ended 12/31/2019 | | | Six Months Ended 6/30/2020* | | | Year Ended 12/31/2019 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 8,102,472 | | | | | $ | 15,503,293 | | | | | $ | 2,176,729 | | | | | $ | 3,927,119 | | |
Net Realized Gain (Loss) from Security Transactions | | | | | 8,974,604 | | | | | | 1,478,337 | | | | | | 238,803 | | | | | | 345,185 | | |
Net Change in Unrealized Gain (Loss) On Investments | | | | | 42,343,714 | | | | | | 39,384,366 | | | | | | 4,445,349 | | | | | | 6,747,273 | | |
Net Change in Net Assets from Operations | | | | $ | 59,420,790 | | | | | $ | 56,365,996 | | | | | $ | 6,860,881 | | | | | $ | 11,019,577 | | |
Distributions to Shareholders (see Note 2) | | | | $ | (7,981,313) | | | | | $ | (16,052,208) | | | | | $ | (2,165,232) | | | | | $ | (4,270,072) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds From Sale of Shares | | | | $ | 86,885,170 | | | | | $ | 177,681,825 | | | | | $ | 27,141,578 | | | | | $ | 55,692,462 | | |
Shares Issued on Reinvestment of Distributions | | | | | 7,850,038 | | | | | | 15,757,035 | | | | | | 2,127,692 | | | | | | 4,188,565 | | |
Cost of Shares Redeemed | | | | | (55,437,645) | | | | | | (59,696,648) | | | | | | (16,901,434) | | | | | | (20,476,749) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | 39,297,563 | | | | | $ | 133,742,212 | | | | | $ | 12,367,836 | | | | | $ | 39,404,278 | | |
Net Change in Net Assets | | | | $ | 90,737,040 | | | | | $ | 174,056,000 | | | | | $ | 17,063,485 | | | | | $ | 46,153,783 | | |
Net Assets at Beginning of Year | | | | $ | 797,493,032 | | | | | $ | 623,437,032 | | | | | $ | 225,126,645 | | | | | $ | 178,972,862 | | |
Net Assets at End of Year | | | | $ | 888,230,072 | | | | | $ | 797,493,032 | | | | | $ | 242,190,130 | | | | | $ | 225,126,645 | | |
Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Sold | | | | | 4,822,523 | | | | | | 10,419,331 | | | | | | 1,511,409 | | | | | | 3,167,866 | | |
Share Reinvested | | | | | 430,942 | | | | | | 912,944 | | | | | | 118,307 | | | | | | 237,220 | | |
Shares Redeemed | | | | | (3,072,630) | | | | | | (3,479,130) | | | | | | (944,975) | | | | | | (1,162,024) | | |
Net Increase (Decrease) in Shares Oustanding | | | | | 2,180,835 | | | | | | 7,853,145 | | | | | | 684,741 | | | | | | 2,243,062 | | |
Shares Outstanding, beginning of year | | | | | 45,889,785 | | | | | | 38,036,640 | | | | | | 12,696,645 | | | | | | 10,453,583 | | |
Shares Outstanding, end of year | | | | | 48,070,620 | | | | | | 45,889,785 | | | | | | 13,381,386 | | | | | | 12,696,645 | | |
FINANCIAL HIGHLIGHTS | EQUITY INCOME FUND |
| | | Six Months Ended 6/30/2020* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 28.50 | | | | | $ | 22.48 | | | | | $ | 25.12 | | | | | $ | 21.67 | | | | | $ | 19.92 | | | | | $ | 22.93 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.04 | | | | | | 0.29 | | | | | | 0.28 | | | | | | 0.26 | | | | | | 0.29 | | | | | | 0.38 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (2.20) | | | | | | 7.37 | | | | | | (0.97) | | | | | | 5.15 | | | | | | 2.13 | | | | | | (1.87) | | |
Total Operations | | | | $ | (2.16) | | | | | $ | 7.66 | | | | | $ | (0.69) | | | | | $ | 5.41 | | | | | $ | 2.42 | | | | | $ | (1.49) | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | — | | | | | | (0.29) | | | | | | (0.28) | | | | | | (0.26) | | | | | | (0.29) | | | | | | (0.38) | | |
Net Realized Capital Gains | | | | | — | | | | | | (1.35) | | | | | | (1.67) | | | | | | (1.70) | | | | | | (0.38) | | | | | | (1.14) | | |
Total Distributions | | | | $ | — | | | | | $ | (1.64) | | | | | $ | (1.95) | | | | | $ | (1.96) | | | | | $ | (0.67) | | | | | $ | (1.52) | | |
Net Asset Value, end of year | | | | $ | 26.34 | | | | | $ | 28.50 | | | | | $ | 22.48 | | | | | $ | 25.12 | | | | | $ | 21.67 | | | | | $ | 19.92 | | |
Total Return(a) | | | | | (7.58)%(c) | | | | | | 34.07% | | | | | | (2.68)% | | | | | | 25.03% | | | | | | 12.16% | | | | | | (6.56)% | | |
Net Assets, end of year (millions) | | | | $ | 384.77 | | | | | $ | 400.82 | | | | | $ | 273.66 | | | | | $ | 198.28 | | | | | $ | 150.02 | | | | | $ | 132.19 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00%(b) | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.00%(b) | | | | | | 1.11% | | | | | | 1.23% | | | | | | 1.13% | | | | | | 1.39% | | | | | | 1.62% | | |
Portfolio Turnover Rate | | | | | 11.42%(c) | | | | | | 31.91% | | | | | | 30.17% | | | | | | 34.76% | | | | | | 42.36% | | | | | | 39.41% | | |
FINANCIAL HIGHLIGHTS | OPPORTUNITY FUND |
| | | Six Months Ended 6/30/2020* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 42.48 | | | | | $ | 34.47 | | | | | $ | 42.89 | | | | | $ | 40.54 | | | | | $ | 35.08 | | | | | $ | 39.35 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.15 | | | | | | 0.28 | | | | | | 0.31 | | | | | | 0.14 | | | | | | 0.20 | | | | | | 0.18 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (5.99) | | | | | | 9.58 | | | | | | (6.40) | | | | | | 6.74 | | | | | | 6.09 | | | | | | (1.08) | | |
Total Operations | | | | $ | (5.84) | | | | | $ | 9.86 | | | | | $ | (6.09) | | | | | $ | 6.88 | | | | | $ | 6.29 | | | | | $ | (0.90) | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | — | | | | | | (0.30) | | | | | | (0.30) | | | | | | (0.14) | | | | | | (0.20) | | | | | | (0.20) | | |
Return of Capital | | | | | — | | | | | | (0.16) | | | | | | — | | | | | | — | | | | | | (0.05) | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | (1.39) | | | | | | (2.03) | | | | | | (4.39) | | | | | | (0.58) | | | | | | (3.17) | | |
Total Distributions | | | | $ | — | | | | | $ | (1.85) | | | | | $ | (2.33) | | | | | $ | (4.53) | | | | | $ | (0.83) | | | | | $ | (3.37) | | |
Net Asset Value, end of year | | | | $ | 36.64 | | | | | $ | 42.48 | | ��� | | | $ | 34.47 | | | | | $ | 42.89 | | | | | $ | 40.54 | | | | | $ | 35.08 | | |
Total Return(a) | | | | | (13.75)%(c) | | | | | | 28.63% | | | | | | (14.16)% | | | | | | 16.91% | | | | | | 17.90% | | | | | | (2.39)% | | |
Net Assets, end of year (millions) | | | | $ | 73.68 | | | | | $ | 76.50 | | | | | $ | 62.18 | | | | | $ | 58.61 | | | | | $ | 41.52 | | | | | $ | 37.77 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00%(b) | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 0.86%(b) | | | | | | 0.67% | | | | | | 0.69% | | | | | | 0.35% | | | | | | 0.50% | | | | | | 0.40% | | |
Portfolio Turnover Rate | | | | | 21.44%(c) | | | | | | 36.19% | | | | | | 61.22% | | | | | | 41.50% | | | | | | 34.62% | | | | | | 35.17% | | |
FINANCIAL HIGHLIGHTS | INTERNATIONAL FUND |
| | | Six Months Ended 6/30/2020* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 27.13 | | | | | $ | 23.17 | | | | | $ | 26.37 | | | | | $ | 22.20 | | | | | $ | 22.01 | | | | | $ | 24.23 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.19 | | | | | | 0.53 | | | | | | 0.55 | | | | | | 0.37 | | | | | | 0.43 | | | | | | 0.57 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (3.55) | | | | | | 4.03 | | | | | | (3.17) | | | | | | 4.18 | | | | | | 0.23 | | | | | | (2.11) | | |
Total Operations | | | | $ | (3.36) | | | | | $ | 4.56 | | | | | $ | (2.62) | | | | | $ | 4.55 | | | | | $ | 0.66 | | | | | $ | (1.54) | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | — | | | | | | (0.60) | | | | | | (0.58) | | | | | | (0.38) | | | | | | (0.45) | | | | | | (0.68) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.02) | | | | | | — | | |
Total Distributions | | | | $ | — | | | | | $ | (0.60) | | | | | $ | (0.58) | | | | | $ | (0.38) | | | | | $ | (0.47) | | | | | $ | (0.68) | | |
Net Asset Value, end of year | | | | $ | 23.77 | | | | | $ | 27.13 | | | | | $ | 23.17 | | | | | $ | 26.37 | | | | | $ | 22.20 | | | | | $ | 22.01 | | |
Total Return(a) | | | | | (12.38)%(c) | | | | | | 19.69% | | | | | | (9.93)% | | | | | | 20.50% | | | | | | (3.00)% | | | | | | (6.38)% | | |
Net Assets, end of year (millions) | | | | $ | 17.36 | | | | | $ | 21.08 | | | | | $ | 17.95 | | | | | $ | 17.68 | | | | | $ | 14.18 | | | | | $ | 13.09 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00%(b) | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.60%(b) | | | | | | 2.02% | | | | | | 2.21% | | | | | | 1.53% | | | | | | 1.95% | | | | | | 1.85% | | |
Portfolio Turnover Rate | | | | | 3.14%(c) | | | | | | 4.33% | | | | | | 6.87% | | | | | | 2.48% | | | | | | 7.71% | | | | | | 20.49% | | |
FINANCIAL HIGHLIGHTS | FIXED INCOME FUND |
| | | Six Months Ended 6/30/2020* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 17.38 | | | | | $ | 16.39 | | | | | $ | 16.84 | | | | | $ | 16.67 | | | | | $ | 16.61 | | | | | $ | 17.03 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.17 | | | | | | 0.36 | | | | | | 0.34 | | | | | | 0.31 | | | | | | 0.30 | | | | | | 0.32 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 1.10 | | | | | | 1.00 | | | | | | (0.44) | | | | | | 0.22 | | | | | | 0.21 | | | | | | (0.27) | | |
Total Operations | | | | $ | 1.27 | | | | | $ | 1.36 | | | | | $ | (0.10) | | | | | $ | 0.53 | | | | | $ | 0.51 | | | | | $ | 0.05 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.17) | | | | | | (0.37) | | | | | | (0.35) | | | | | | (0.33) | | | | | | (0.32) | | | | | | (0.35) | | |
Return of Capital | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00)(a) | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.03) | | | | | | (0.13) | | | | | | (0.12) | | |
Total Distributions | | | | $ | (0.17) | | | | | $ | (0.37) | | | | | $ | (0.35) | | | | | $ | (0.36) | | | | | $ | (0.45) | | | | | $ | (0.47) | | |
Net Asset Value, end of year | | | | $ | 18.48 | | | | | $ | 17.38 | | | | | $ | 16.39 | | | | | $ | 16.84 | | | | | $ | 16.67 | | | | | $ | 16.61 | | |
Total Return(b) | | | | | 7.31%(c) | | | | | | 8.35% | | | | | | (0.56%) | | | | | | 3.22% | | | | | | 3.08% | | | | | | 0.32% | | |
Net Assets, end of year (millions) | | | | $ | 888.23 | | | | | $ | 797.49 | | | | | $ | 623.44 | | | | | $ | 417.66 | | | | | $ | 303.11 | | | | | $ | 244.24 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.85%(c) | | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.85% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.91%(c) | | | | | | 2.15% | | | | | | 2.17% | | | | | | 1.88% | | | | | | 1.83% | | | | | | 1.90% | | |
Portfolio Turnover Rate | | | | | 13.47%(d) | | | | | | 21.33% | | | | | | 23.40% | | | | | | 34.97% | | | | | | 40.80% | | | | | | 37.09% | | |
FINANCIAL HIGHLIGHTS | MUNICIPAL INCOME FUND |
| | | Six Months Ended 6/30/2020* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 17.73 | | | | | $ | 17.12 | | | | | $ | 17.29 | | | | | $ | 17.06 | | | | | $ | 17.36 | | | | | $ | 17.32 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.17 | | | | | | 0.32 | | | | | | 0.32 | | | | | | 0.31 | | | | | | 0.31 | | | | | | 0.34 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.37 | | | | | | 0.64 | | | | | | (0.16) | | | | | | 0.24 | | | | | | (0.30) | | | | | | 0.06 | | |
Total Operations | | | | $ | 0.54 | | | | | $ | 0.96 | | | | | $ | 0.16 | | | | | $ | 0.55 | | | | | $ | 0.01 | | | | | $ | 0.40 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.17) | | | | | | (0.32) | | | | | | (0.32) | | | | | | (0.31) | | | | | | (0.31) | | | | | | (0.34) | | |
Return of Capital | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00)(a) | | | | | | (0.00)(a) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.03) | | | | | | (0.01) | | | | | | (0.01) | | | | | | — | | | | | | (0.02) | | |
Total Distributions | | | | $ | (0.17) | | | | | $ | (0.35) | | | | | $ | (0.33) | | | | | $ | (0.32) | | | | | $ | (0.31) | | | | | $ | (0.36) | | |
Net Asset Value, end of year | | | | $ | 18.10 | | | | | $ | 17.73 | | | | | $ | 17.12 | | | | | $ | 17.29 | | | | | $ | 17.06 | | | | | $ | 17.36 | | |
Total Return(b) | | | | | 3.03%(c) | | | | | | 5.66% | | | | | | 0.90% | | | | | | 3.25% | | | | | | 0.05% | | | | | | 2.34% | | |
Net Assets, end of year (millions) | | | | $ | 242.19 | | | | | $ | 225.13 | | | | | $ | 178.97 | | | | | $ | 123.92 | | | | | $ | 87.75 | | | | | $ | 66.51 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.65%(c) | | | | | | 0.65% | | | | | | 0.65% | | | | | | 0.65% | | | | | | 0.65% | | | | | | 0.65% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.89%(c) | | | | | | 1.90% | | | | | | 1.94% | | | | | | 1.85% | | | | | | 1.85% | | | | | | 1.98% | | |
Portfolio Turnover Rate | | | | | 4.24%(d) | | | | | | 10.54% | | | | | | 10.45% | | | | | | 12.49% | | | | | | 10.05% | | | | | | 13.31% | | |
(c) | Annualized |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
| Equity Income Fund | | | Above average dividend income and long-term capital growth | |
| Opportunity Fund | | | Long-term capital growth | |
| International Fund | | | Long-term capital growth | |
| Fixed Income Fund | | | A high level of income over the long-term consistent with preservation of capital | |
| Municipal Income Fund | | | A high level of federally tax-free income over the long-term consistent with preservation of capital | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
| | | Equity Income | | | Opportunity | | | International | | | Fixed Income | | | Municipal Income | | |||||||||||||||
Cost of Portfolio Investments | | | | $ | 310,620,198 | | | | | $ | 72,473,562 | | | | | $ | 15,315,798 | | | | | $ | 806,332,197 | | | | | $ | 231,656,434 | | |
Gross unrealized appreciation | | | | | 89,815,884 | | | | | | 9,671,541 | | | | | | 4,566,099 | | | | | | 77,114,556 | | | | | | 12,313,790 | | |
Gross unrealized depreciation | | | | | (15,882,695) | | | | | | (7,805,313) | | | | | | (2,817,824) | | | | | | (244,909) | | | | | | (200,512) | | |
Net unrealized appreciation | | | | | 73,933,189 | | | | | | 1,866,228 | | | | | | 1,748,275 | | | | | | 76,869,647 | | | | | | 12,113,278 | | |
Undistributed ordinary income | | | | | 3,202,659 | | | | | | 295,501 | | | | | | 147,283 | | | | | | 166,408 | | | | | | 13,729 | | |
Undistributed long-term capital gains | | | | | (7,039,397) | | | | | | (819,255) | | | | | | (350,870) | | | | | | 8,972,960 | | | | | | 238,803 | | |
Accumulated Earnings | | | | $ | 70,096,451 | | | | | $ | 1,342,474 | | | | | $ | 1,544,688 | | | | | $ | 86,009,015 | | | | | $ | 12,365,810 | | |
| | | Long-Term | | | Short-Term | | | Total Capital Loss Carryover | | |||||||||
Johnson International Fund | | | | $ | 308,521 | | | | | $ | 142,475 | | | | | $ | 450,996 | | |
Johnson Fixed Income Fund | | | | | — | | | | | | 1,644 | | | | | | 1,644 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
| | | Tax year | | | Ordinary Income | | | Tax-Exempt Income | | | Net Realized Long-Term Capital Gain | | | Total Taxable Distributions Paid | | | Return of Capital | | | Total Distributions Paid | | |||||||||||||||||||||
Johnson Equity Income Fund | | | | | 2018 | | | | | $ | 5,920,630 | | | | | $ | — | | | | | $ | 16,143,619 | | | | | $ | 22,064,249 | | | | | $ | — | | | | | $ | 22,064,249 | | |
| | | | | 2019 | | | | | | 7,582,128 | | | | | | — | | | | | | 14,333,706 | | | | | | 21,915,834 | | | | | | — | | | | | | 21,915,834 | | |
Johnson Opportunity Fund | | | | | 2018 | | | | | | 480,234 | | | | | | — | | | | | | 3,532,076 | | | | | | 4,012,310 | | | | | | — | | | | | | 4,012,310 | | |
| | | | | 2019 | | | | | | 484,856 | | | | | | — | | | | | | 2,449,657 | | | | | | 2,934,513 | | | | | | 284,319 | | | | | | 3,218,832 | | |
Johnson International Fund | | | | | 2018 | | | | | | 440,863 | | | | | | — | | | | | | — | | | | | | 440,863 | | | | | | — | | | | | | 440,863 | | |
| | | | | 2019 | | | | | | 458,991 | | | | | | — | | | | | | — | | | | | | 458,991 | | | | | | — | | | | | | 458,991 | | |
Johnson Fixed Income Fund | | | | | 2018 | | | | | | 11,654,323 | | | | | | — | | | | | | 5,435 | | | | | | 11,659,758 | | | | | | — | | | | | | 11,659,758 | | |
| | | | | 2019 | | | | | | 16,052,208 | | | | | | — | | | | | | — | | | | | | 16,052,208 | | | | | | — | | | | | | 16,052,208 | | |
Johnson Municipal Income Fund | | | | | 2018 | | | | | | — | | | | | | 2,937,619 | | | | | | 62,706 | | | | | | 3,000,325 | | | | | | — | | | | | | 3,000,325 | | |
| | | | | 2019 | | | | | | 126,645 | | | | | | 3,877,473 | | | | | | 265,954 | | | | | | 4,270,072 | | | | | | — | | | | | | 4,270,072 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
Equity Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Common Stocks* | | | | $ | 372,234,328 | | | | | $ | — | | | | | $ | — | | | | | $ | 372,234,328 | | |
Cash Equivalents | | | | | 12,333,620 | | | | | | — | | | | | | — | | | | | | 12,333,620 | | |
Total | | | | $ | 384,567,948 | | | | | $ | — | | | | | $ | — | | | | | $ | 384,567,948 | | |
|
Opportunity Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Common Stocks* | | | | $ | 71,502,878 | | | | | $ | — | | | | | $ | — | | | | | $ | 71,502,878 | | |
Cash Equivalents | | | | | 2,496,003 | | | | | | — | | | | | | — | | | | | | 2,496,003 | | |
Total | | | | $ | 73,998,881 | | | | | $ | — | | | | | $ | — | | | | | $ | 73,998,881 | | |
|
International Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Preferred Stocks | | | | $ | 54,170 | | | | | $ | — | | | | | $ | — | | | | | $ | 54,170 | | |
Common Stocks* | | | | | 16,997,947 | | | | | $ | — | | | | | $ | — | | | | | | 16,997,947 | | |
Cash Equivalents | | | | | 225,779 | | | | | | — | | | | | | — | | | | | | 225,779 | | |
Total | | | | $ | 17,277,896 | | | | | $ | — | | | | | $ | — | | | | | $ | 17,277,896 | | |
|
Fixed Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 454,060,494 | | | | | $ | — | | | | | $ | 454,060,494 | | |
Certificates of Deposit | | | | | — | | | | | | 274,882 | | | | | | — | | | | | | 274,882 | | |
U.S. Government Treasury Obligations | | | | | — | | | | | | 173,715,703 | | | | | | — | | | | | | 173,715,703 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 30,612,692 | | | | | | — | | | | | | 30,612,692 | | |
U.S. Government Agency Obligations - Mortgage-Backed | | | | | — | | | | | | 191,019,350 | | | | | | — | | | | | | 191,019,350 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 26,136,051 | | | | | | — | | | | | | 26,136,051 | | |
Preferred Stocks | | | | | 6,749,448 | | | | | | — | | | | | | — | | | | | | 6,749,448 | | |
Cash Equivalents | | | | | 812,602 | | | | | | — | | | | | | — | | | | | | 812,602 | | |
Total | | | | $ | 7,562,050 | | | | | $ | 875,819,172 | | | | | $ | — | | | | | $ | 883,381,222 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
Municipal Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Municipal Bonds* | | | | $ | — | | | | | $ | 235,792,829 | | | | | $ | — | | | | | $ | 235,792,829 | | |
Cash Equivalents | | | | | 7,976,883 | | | | | | — | | | | | | — | | | | | | 7,976,883 | | |
Total | | | | $ | 7,976,883 | | | | | $ | 235,792,829 | | | | | $ | — | | | | | $ | 243,769,712 | | |
Fund | | | Fee | | | Management Fee | | | Payable as of June 30, 2020 | | |||||||||
Equity Income Fund | | | | | 1.00% | | | | | $ | 1,879,166 | | | | | $ | 318,143 | | |
Opportunity Fund | | | | | 1.00% | | | | | | 342,140 | | | | | | 60,499 | | |
International Fund | | | | | 1.00% | | | | | | 89,442 | | | | | | 14,423 | | |
Fixed Income Fund | | | | | 0.85% | | | | | | 3,584,555 | | | | | | 613,717 | | |
Municipal Income Fund | | | | | 0.65% | | | | | | 746,484 | | | | | | 128,313 | | |
| Equity Income Fund | | | | | 73.32% | | |
| Opportunity Fund | | | | | 80.63% | | |
| International Fund | | | | | 33.89% | | |
| Fixed Income Fund | | | | | 93.17% | | |
| Municipal Income Fund | | | | | 97.86% | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
| | | Investment Securities Other Than Short Term Investments and U.S. Government Obligations | | | U.S. Government Obligations | | ||||||||||||||||||
Fund | | | Purchases | | | Sales | | | Purchases | | | Sales | | ||||||||||||
Johnson Equity Income Fund | | | | $ | 76,180,671 | | | | | $ | 41,068,906 | | | | | $ | — | | | | | $ | — | | |
Johnson Opportunity Fund | | | | | 20,122,841 | | | | | | 13,540,321 | | | | | | — | | | | | | — | | |
Johnson International Fund | | | | | 559,631 | | | | | | 1,433,569 | | | | | | — | | | | | | — | | |
Johnson Fixed Income Fund | | | | | 134,299,537 | | | | | | 61,879,429 | | | | | | 32,458,926 | | | | | | 50,564,541 | | |
Johnson Municipal Income Fund | | | | | 30,744,731 | | | | | | 1,782,498 | | | | | | — | | | | | | — | | |
DISCLOSURE OF EXPENSES (Unaudited) | June 30, 2020 – Unaudited |
| | | Beginning Account Value December 31, 2019 | | | Ending Account Value June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 – June 30, 2020 | | |||||||||
Johnson Equity Income Fund | | | | | |||||||||||||||
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 924.21 | | | | | $ | 4.77 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.01 | | |
Johnson Opportunity Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 862.52 | | | | | $ | 4.62 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.01 | | |
Johnson International Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 876.15 | | | | | $ | 4.65 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.01 | | |
Johnson Fixed Income Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,063.29 | | | | | $ | 4.35 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,020.58 | | | | | $ | 4.26 | | |
Johnson Municipal Income Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,020.87 | | | | | $ | 3.26 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,021.57 | | | | | $ | 3.26 | | |
Review and Renewal of Management Agreements | June 30, 2020 – Unaudited |
Review and Renewal of Management Agreements | June 30, 2020 – Unaudited |
ADDITIONAL INFORMATION | June 30, 2020 – Unaudited |
3777 West Fork Road
Cincinnati OH 45247
NAME, ADDRESS AND AGE | | | CURRENT POSITION HELD WITH TRUST | | | YEAR SERVICE COMMENCED | | | PRINCIPAL OCCUPATION DURING PAST FIVE YEARS | | | NUMBER OF PORTFOLIOS OVERSEEN | | | OTHER DIRECTORSHIPS HELD DURING THE PAST FIVE YEARS | |
INTERESTED TRUSTEE | | | | | | | ||||||||||
Timothy E. Johnson (78) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Trustee | | | Since 1992 | | | Chairman of Johnson Investment Counsel, Inc., the Trust’s Adviser, and Professor of Finance at the University of Cincinnati | | | 9 | | | None | |
INDEPENDENT TRUSTEES | | | | | | | ||||||||||
Ronald H. McSwain (77) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chairman and Trustee | | | Since 1992 | | | President of McSwain Carpets, Inc. until 2001; partner of P&R Realty, a real estate development partnership since 1984 | | | 9 | | | None | |
John R. Green (77) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Retired from The Procter & Gamble Company, Global Purchases Director, Baby Care | | | 9 | | | None | |
James J. Berrens (54) 3777 West Fork Rd Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Christian Community Health: Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 | | | 9 | | | None | |
Dr. Jeri B. Ricketts (62) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2013 | | | Retired Director of Carl H. Lindner Honors-PLUS Program, University of Cincinnati (2002-2018); Associate Professor Emeritus of Accounting, University of Cincinnati since 1986 | | | 9 | | | None | |
NAME, ADDRESS AND AGE | | | CURRENT POSITION HELD WITH TRUST | | | YEAR SERVICE COMMENCED | | | PRINCIPAL OCCUPATION DURING PAST FIVE YEARS | | | NUMBER OF PORTFOLIOS OVERSEEN | | | OTHER DIRECTORSHIPS HELD DURING THE PAST FIVE YEARS | |
OFFICERS | | | | | | | ||||||||||
Jason O. Jackman (49) 3777 West Fork Rd. Cincinnati, Ohio 45247 | | | President | | | Since 2013 | | | President and Chief Investment Officer of the Adviser | | | N/A | | | N/A | |
Dale H. Coates (61) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Vice President | | | Since 1992 | | | Vice President and Portfolio Manager for the Trust’s Adviser | | | N/A | | | N/A | |
Marc E. Figgins (56) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chief Financial Officer and Treasurer | | | Since 2002 | | | Director of Fund Services for the Trust’s Adviser | | | NA | | | NA | |
Scott J. Bischoff (54) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chief Compliance Officer | | | Since 2005 | | | Chief Compliance Officer of the Trust’s Adviser | | | NA | | | NA | |
Jennifer J. Kelhoffer (48) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Secretary | | | Since 2007 | | | Fund Administration & Compliance Associate for the Trust’s Adviser | | | NA | | | NA | |
| Ronald H. McSwain | | | Independent Trustee, Chairman | |
| Timothy E. Johnson | | | Interested Trustee | |
| James J. Berrens | | | Independent Trustee | |
| John R. Green | | | Independent Trustee | |
| Jeri B. Ricketts | | | Independent Trustee | |
| Jason Jackman | | | President | |
| Dale H. Coates | | | Vice President | |
| Scott J. Bischoff | | | Chief Compliance Officer | |
| Marc E. Figgins | | | Chief Financial Officer, Treasurer | |
| Jennifer J. Kelhoffer | | | Secretary | |
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100 (800) 541-0170
425 Walnut Street
Cincinnati, OH 45202
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
312 Walnut Street, 14th Floor
Cincinnati, Ohio 45202
by the Funds’ prospectus, which illustrates each Fund’s objectives, policies, management fees,
and other information that may be helpful in making an investment decision.
3777 West Fork Road | Cincinnati, Ohio 45247
513.661.3100 | 800.541.0170 | Fax 513.661.4901
JOHNSON MUTUAL FUNDS | June 30, 2020 – Unaudited |
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| Performance Review and Management Discussion | | | | | | | |
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| Portfolio of Investments | | | | | | | |
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| Financial Highlights | | | | | | | |
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| Trustees and Officers, Transfer Agent and Fund Accountant, Custodian, Independent Registered Public Accounting Firm, Legal Counsel | | | | | Back Page | | |
Letter from the Fund President: | July 2020 |
Letter from the Fund President: | July 2020 |
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | Performance Review – June 30, 2020 Unaudited |
Class I Shares
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Johnson Institutional Short Duration Bond Fund – Class I Shares | | | B of A / ML 1-3 Year US Corp/Govt Index | | ||||||
| Six Months | | | | | 3.17% | | | | | | 2.83% | | |
| One Year | | | | | 4.73% | | | | | | 4.17% | | |
| Five Years | | | | | 2.44% | | | | | | 2.11% | | |
| Ten Years | | | | | 2.01% | | | | | | 1.67% | | |
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | Performance Review – June 30, 2020 Unaudited |
Class F Shares
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Johnson Institutional Short Duration Bond Fund – Class F Shares | | | B of A / ML 1-3 Year US Corp/Govt Index | | ||||||
| Six Months | | | | | 3.11% | | | | | | 2.83% | | |
| One Year | | | | | 4.52% | | | | | | 4.17% | | |
| Since Inception* | | | | | 3.24% | | | | | | 3.12% | | |
Johnson Institutional Intermediate Bond Fund | Performance Review – June 30, 2020 Unaudited |
Class I Shares
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Johnson Institutional Intermediate Bond Fund – Class I Shares | | | Bloomberg Barclays Capital Intermediate Govt/ Credit Index | | ||||||
| Six Months | | | | | 6.01% | | | | | | 5.28% | | |
| One Year | | | | | 8.00% | | | | | | 7.12% | | |
| Five Years | | | | | 4.10% | | | | | | 3.46% | | |
| Ten Years | | | | | 3.61% | | | | | | 3.13% | | |
Johnson Institutional Intermediate Bond Fund | Performance Review – June 30, 2020 Unaudited |
Class F Shares
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Johnson Institutional Intermediate Bond Fund – Class F Shares | | | Bloomberg Barclays Capital Intermediate Govt/ Credit Index | | ||||||
| Six Months | | | | | 5.90% | | | | | | 5.28% | | |
| One Year | | | | | 7.81% | | | | | | 7.12% | | |
| Since Inception* | | | | | 4.63% | | | | | | 4.52% | | |
Johnson Institutional Core Bond Fund | Performance Review – June 30, 2020 Unaudited |
Class I Shares
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Johnson Institutional Core Bond Fund – Class I Shares | | | Bloomberg Barclays Capital Aggregate Index | | ||||||
| Six Months | | | | | 8.54% | | | | | | 6.14% | | |
| One Year | | | | | 10.86% | | | | | | 8.74% | | |
| Five Years | | | | | 5.07% | | | | | | 4.30% | | |
| Ten Years | | | | | 4.50% | | | | | | 3.82% | | |
Johnson Institutional Core Bond Fund | Performance Review – June 30, 2020 Unaudited |
Class F Shares
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Johnson Institutional Core Bond Fund – Class F Shares | | | Bloomberg Barclays Capital Aggregate Index | | ||||||
| Six Months | | | | | 8.51% | | | | | | 6.14% | | |
| One Year | | | | | 10.62% | | | | | | 8.74% | | |
| Since Inception* | | | | | 5.44% | | | | | | 5.06% | | |
JOHNSON ENHANCED RETURN FUND | Performance Review – June 30, 2020 Unaudited |
| Average Annual Total Returns | | | as of June 30, 2020 | |
| | | | Enhanced Return Fund | | | S&P 500 Index | | ||||||
| Six Month | | | | | -2.39% | | | | | | -3.08% | | |
| One Year | | | | | 8.37% | | | | | | 7.51% | | |
| Five Years | | | | | 10.94% | | | | | | 10.73% | | |
| Ten Years | | | | | 14.48% | | | | | | 13.99% | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | | | | | ||||||||||||||||||||
American Express Credit | | | | | 2.500% | | | | | | 07/30/2024 | | | | | | 3,200,000 | | | | | $ | 3,386,984 | | |
Bank of America Corp. | | | | | 3.300% | | | | | | 01/11/2023 | | | | | | 3,300,000 | | | | | | 3,522,013 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 800,000 | | | | | | 876,167 | | |
Chubb INA Holdings Inc. | | | | | 2.300% | | | | | | 11/03/2020 | | | | | | 3,350,000 | | | | | | 3,366,182 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 2,300,000 | | | | | | 2,536,668 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 2,500,000 | | | | | | 2,566,015 | | |
JP Morgan Chase & Co. | | | | | 3.375% | | | | | | 05/01/2023 | | | | | | 1,000,000 | | | | | | 1,069,911 | | |
JP Morgan Chase & Co. | | | | | 4.500% | | | | | | 01/24/2022 | | | | | | 2,300,000 | | | | | | 2,441,507 | | |
Keycorp | | | | | 5.100% | | | | | | 03/24/2021 | | | | | | 2,500,000 | | | | | | 2,583,367 | | |
Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 2,900,000 | | | | | | 3,053,724 | | |
MUFG Americas Holding | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 3,300,000 | | | | | | 3,509,820 | | |
PNC Bank | | | | | 2.700% | | | | | | 11/01/2022 | | | | | | 3,200,000 | | | | | | 3,347,720 | | |
Suntrust Banks Inc. | | | | | 2.900% | | | | | | 03/03/2021 | | | | | | 2,500,000 | | | | | | 2,537,932 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 3,200,000 | | | | | | 3,562,325 | | |
Wells Fargo & Co. | | | | | 3.450% | | | | | | 02/13/2023 | | | | | | 2,800,000 | | | | | | 2,972,166 | | |
22.9% – Total Finance | | | | $ | 41,332,501 | | | ||||||||||||||||||
Chevron Corp. (3 month LIBOR + 0.950%)* | | | | | 1.336% | | | | | | 05/16/2021 | | | | | | 1,000,000 | | | | | | 1,006,110 | | |
Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 1,300,000 | | | | | | 1,405,339 | | |
Burlington Northern Santa Fe | | | | | 4.100% | | | | | | 06/01/2021 | | | | | | 1,070,000 | | | | | | 1,095,924 | | |
CVS Health Corp. | | | | | 3.700% | | | | | | 03/09/2023 | | | | | | 2,400,000 | | | | | | 2,577,442 | | |
Eaton Electric Holdings | | | | | 3.875% | | | | | | 12/15/2020 | | | | | | 2,649,000 | | | | | | 2,666,867 | | |
Emerson Electric Co. | | | | | 4.250% | | | | | | 11/15/2020 | | | | | | 2,636,000 | | | | | | 2,670,525 | | |
Johnson Controls International PLC | | | | | 3.750% | | | | | | 12/01/2021 | | | | | | 1,476,000 | | | | | | 1,509,633 | | |
McDonalds Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 1,000,000 | | | | | | 1,033,590 | | |
Oracle Corp. | | | | | 1.900% | | | | | | 09/15/2021 | | | | | | 1,000,000 | | | | | | 1,017,090 | | |
Norfolk Southern Corp. | | | | | 2.903% | | | | | | 02/15/2023 | | | | | | 2,000,000 | | | | | | 2,110,425 | | |
Norfolk Southern Corp. | | | | | 3.250% | | | | | | 12/01/2021 | | | | | | 500,000 | | | | | | 514,895 | | |
Shell International | | | | | 1.750% | | | | | | 09/12/2021 | | | | | | 1,600,000 | | | | | | 1,623,269 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,700,000 | | | | | | 2,929,315 | | |
Walt Disney Co. | | | | | 1.750% | | | | | | 08/30/2024 | | | | | | 2,945,000 | | | | | | 3,052,316 | | |
14.0% – Total Industrial | | | | $ | 25,212,740 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 2.375% | | | | | | 01/15/2021 | | | | | | 500,000 | | | | | | 505,570 | | |
BP Capital Markets | | | | | 4.500% | | | | | | 10/01/2020 | | | | | | 3,350,000 | | | | | | 3,381,089 | | |
Duke Energy Corp. | | | | | 3.750% | | | | | | 04/15/2024 | | | | | | 2,514,000 | | | | | | 2,752,638 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 2,700,000 | | | | | | 2,859,234 | | |
Eversource Energy | | | | | 2.500% | | | | | | 03/15/2021 | | | | | | 700,000 | | | | | | 708,803 | | |
Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 2,030,000 | | | | | | 2,103,934 | | |
Georgia Power Co. | | | | | 2.100% | | | | | | 07/30/2023 | | | | | | 1,000,000 | | | | | | 1,040,560 | | |
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 1,600,000 | | | | | | 1,661,250 | | |
National Rural Utilites Corp. | | | | | 3.400% | | | | | | 11/15/2023 | | | | | | 2,047,000 | | | | | | 2,225,262 | | |
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 2,000,000 | | | | | | 2,103,433 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 560,000 | | | | | | 575,347 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 1,300,000 | | | | | | 1,428,760 | | |
Xcel Energy Inc. | | | | | 2.400% | | | | | | 03/15/2021 | | | | | | 1,000,000 | | | | | | 1,010,849 | | |
12.3% – Total Utilities | | | | $ | 22,356,729 | | | ||||||||||||||||||
49.2% Total Corporate Bonds | | | | $ | 88,901,970 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Certificates of Deposit | | ||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | $ | 274,882 | | |
0.2% – Total For Certificates of Deposit | | | | | 274,882 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note (Quarterly USTMMR + 0.114%)* | | | | | 0.265% | | | | | | 04/30/2022 | | | | | | 3,500,000 | | | | | | 3,502,037 | | |
Treasury Note | | | | | 1.500% | | | | | | 10/31/2024 | | | | | | 3,500,000 | | | | | | 3,689,355 | | |
Treasury Note | | | | | 1.625% | | | | | | 08/31/2022 | | | | | | 2,500,000 | | | | | | 2,578,516 | | |
Treasury Note | | | | | 2.125% | | | | | | 05/15/2022 | | | | | | 1,700,000 | | | | | | 1,761,957 | | |
Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 2,500,000 | | | | | | 2,664,063 | | |
7.9% – Total United States Government Treasury Obligations | | | | $ | 14,195,928 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FFCB | | | | | 1.600% | | | | | | 08/14/2023 | | | | | | 3,200,000 | | | | | | 3,327,137 | | |
FHLB | | | | | 2.625% | | | | | | 12/10/2021 | | | | | | 4,200,000 | | | | | | 4,344,306 | | |
FHLB | | | | | 2.875% | | | | | | 09/13/2024 | | | | | | 2,600,000 | | | | | | 2,870,803 | | |
FFCB | | | | | 1.600% | | | | | | 09/17/2024 | | | | | | 2,000,000 | | | | | | 2,099,742 | | |
FHLMC | | | | | 0.430% | | | | | | 06/09/2023 | | | | | | 1,700,000 | | | | | | 1,700,463 | | |
FHLMC | | | | | 2.500% | | | | | | 12/01/2027 | | | | | | 1,512,490 | | | | | | 1,589,388 | | |
FNMA | | | | | 0.500% | | | | | | 06/17/2025 | | | | | | 1,700,000 | | | | | | 1,700,649 | | |
FHLMC | | | | | 2.375% | | | | | | 01/13/2022 | | | | | | 4,000,000 | | | | | | 4,133,348 | | |
12.0% – Total United States Government Agency Obligations | | | | $ | 21,765,836 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage-Backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | | | | | 3.264% | | | | | | 04/01/2042 | | | | | | 176,439 | | | | | | 185,608 | | |
FHLMC Pool G15973 | | | | | 3.000% | | | | | | 07/01/2031 | | | | | | 1,926,579 | | | | | | 2,048,409 | | |
FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 2,172,622 | | | | | | 2,300,345 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 2,949,608 | | | | | | 3,120,394 | | |
FHLMC Series 2989 Class TG | | | | | 5.000% | | | | | | 06/15/2025 | | | | | | 274,742 | | | | | | 291,790 | | |
FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 264,073 | | | | | | 272,006 | | |
FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 258,915 | | | | | | 263,480 | | |
FHLMC Series 4125 Class KP | | | | | 2.500% | | | | | | 05/15/2041 | | | | | | 1,731,439 | | | | | | 1,799,449 | | |
FHLMC Series 4198 Class BE | | | | | 2.000% | | | | | | 10/15/2040 | | | | | | 1,105,840 | | | | | | 1,121,785 | | |
FHLMC Series 4440 Class VC | | | | | 2.500% | | | | | | 08/15/2026 | | | | | | 2,007,449 | | | | | | 2,064,592 | | |
FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.599%)* | | | | | 2.758% | | | | | | 02/01/2046 | | | | | | 492,930 | | | | | | 508,826 | | |
FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600%)* | | | | | 2.805% | | | | | | 12/01/2044 | | | | | | 375,287 | | | | | | 390,008 | | |
FNMA Pool 469488 | | | | | 3.360% | | | | | | 11/01/2021 | | | | | | 1,660,587 | | | | | | 1,700,205 | | |
FNMA Pool AL6465 | | | | | 2.936% | | | | | | 11/01/2023 | | | | | | 412,059 | | | | | | 424,043 | | |
FNMA Pool AL9230 | | | | | 3.500% | | | | | | 12/01/2029 | | | | | | 1,087,140 | | | | | | 1,163,752 | | |
FNMA Pool AM0066 | | | | | 2.630% | | | | | | 08/01/2022 | | | | | | 1,595,372 | | | | | | 1,646,172 | | |
FNMA Pool AN3444 | | | | | 2.230% | | | | | | 11/01/2023 | | | | | | 2,985,313 | | | | | | 3,142,463 | | |
FNMA Pool FM1897 | | | | | 3.000% | | | | | | 09/01/2032 | | | | | | 2,114,434 | | | | | | 2,246,292 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 454,500 | | | | | | 509,559 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 141,683 | | | | | | 147,819 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 516,655 | | | | | | 519,761 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 924,157 | | | | | | 944,990 | | |
FNMA Series 2020-44 Class TE | | | | | 2.000% | | | | | | 12/25/2035 | | | | | | 3,500,000 | | | | | | 3,662,871 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
GNMA Pool 2004-95 Class QA | | | | | 4.500% | | | | | | 03/20/2034 | | | | | | 7,457 | | | | | $ | 7,512 | | |
GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 87,534 | | | | | | 92,369 | | |
16.9% – Total United States Government Agency Obligations – Mortgage-Backed Securities | | | | $ | 30,574,500 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Kansas Development Finance Authority Revenue | | | | | 3.227% | | | | | | 04/15/2022 | | | | | | 1,600,000 | | | | | | 1,644,448 | | |
Kansas Development Finance Authority Revenue | | | | | 3.491% | | | | | | 04/15/2023 | | | | | | 1,400,000 | | | | | | 1,467,018 | | |
Kent State University | | | | | 1.960% | | | | | | 05/01/2024 | | | | | | 1,000,000 | | | | | | 1,007,630 | | |
Kentucky State Property and Lodging Commission | | | | | 2.080% | | | | | | 11/01/2023 | | | | | | 700,000 | | | | | | 711,494 | | |
Ohio Special Obligation Capital Facilities Lease | | | | | 1.700% | | | | | | 04/01/2023 | | | | | | 500,000 | | | | | | 510,385 | | |
Pennsylvania State University | | | | | 1.545% | | | | | | 09/01/2024 | | | | | | 1,145,000 | | | | | | 1,165,644 | | |
Port of Greater Cincinnati | | | | | 2.100% | | | | | | 04/01/2023 | | | | | | 750,000 | | | | | | 749,962 | | |
University of Cincinnati General Receipts | | | | | 1.770% | | | | | | 06/01/2021 | | | | | | 1,845,000 | | | | | | 1,852,103 | | |
University of Cincinnati General Receipts | | | | | 1.878% | | | | | | 06/01/2023 | | | | | | 1,100,000 | | | | | | 1,115,048 | | |
University of Kentucky General Receipts Build America Bond | | | | | 4.850% | | | | | | 11/01/2021 | | | | | | 1,500,000 | | | | | | 1,564,680 | | |
6.5% – Total For Taxable Municipal Bonds | | | | $ | 11,788,412 | | | ||||||||||||||||||
Total Fixed Income Securities 92.7% | | | | $ | 167,501,528 | | | ||||||||||||||||||
(Identified Cost $162,575,038) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 11,040,457 | | | | | | 11,040,457 | | |
Total Cash Equivalents 6.1% | | | | $ | 11,040,457 | | | ||||||||||||||||||
(Identified Cost $11,040,457) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 98.8% | | | | $ | 178,541,985 | | | ||||||||||||||||||
(Identified Cost $173,615,495) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 1.2% | | | | | | | | | | | | | | | | | | | | | | $ | 2,168,146 | | |
Total Net Assets 100.0% | | | | $ | 180,710,131 | | | ||||||||||||||||||
|
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | | | | | ||||||||||||||||||||
Ace Ina Holdings Inc. | | | | | 3.350% | | | | | | 05/15/2024 | | | | | | 1,300,000 | | | | | $ | 1,429,022 | | |
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 2,300,000 | | | | | | 2,487,416 | | |
AON Corp. | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 2,116,000 | | | | | | 2,312,886 | | |
Bank of America | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 3,000,000 | | | | | | 3,308,622 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 2,000,000 | | | | | | 2,190,418 | | |
BB&T Corp. | | | | | 3.950% | | | | | | 03/22/2022 | | | | | | 1,000,000 | | | | | | 1,051,182 | | |
Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 2,114,000 | | | | | | 2,231,007 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 2,000,000 | | | | | | 2,052,812 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 1,605,000 | | | | | | 1,779,579 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 1,655,000 | | | | | | 1,713,124 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 1,000,000 | | | | | | 1,160,515 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 1,500,000 | | | | | | 1,643,820 | | |
Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 2,000,000 | | | | | | 2,106,016 | | |
MUFG Americas Holdings Corp. | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 1,000,000 | | | | | | 1,063,582 | | |
MUFG Americas Holdings Corp. | | | | | 3.500% | | | | | | 06/18/2022 | | | | | | 1,290,000 | | | | | | 1,355,287 | | |
PNC Bank | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 2,000,000 | | | | | | 2,186,397 | | |
Suntrust Bank Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 2,000,000 | | | | | | 2,271,537 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 2,000,000 | | | | | | 2,218,885 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 1,000,000 | | | | | | 1,113,227 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 1,400,000 | | | | | | 1,607,171 | | |
Wells Fargo & Co. | | | | | 4.480% | | | | | | 01/16/2024 | | | | | | 1,220,000 | | | | | | 1,353,687 | | |
22.8% – Total Finance | | | | $ | 38,636,192 | | | ||||||||||||||||||
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 2,000,000 | | | | | | 2,247,689 | | |
Coca-Cola Corp. | | | | | 3.450% | | | | | | 03/25/2030 | | | | | | 2,000,000 | | | | | | 2,353,281 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 1,900,000 | | | | | | 1,998,457 | | |
Emerson Electric Co. | | | | | 1.800% | | | | | | 10/15/2027 | | | | | | 3,000,000 | | | | | | 3,103,311 | | |
Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 3,000,000 | | | | | | 3,286,780 | | |
Johnson Controls International PLC | | | | | 3.750% | | | | | | 12/01/2021 | | | | | | 990,000 | | | | | | 1,012,559 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 1,000,000 | | | | | | 1,112,422 | | |
JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 395,000 | | | | | | 441,505 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 2,100,000 | | | | | | 2,368,453 | | |
McDonalds Corp. | | | | | 3.800% | | | | | | 04/01/2028 | | | | | | 2,140,000 | | | | | | 2,500,311 | | |
Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 2,150,000 | | | | | | 2,330,382 | | |
Walt Disney Corp. | | | | | 3.350% | | | | | | 03/24/2025 | | | | | | 3,000,000 | | | | | | 3,325,614 | | |
15.3% – Total Industrial | | | | $ | 26,080,764 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 2,175,000 | | | | | | 2,390,394 | | |
Duke Energy Corp. | | | | | 3.750% | | | | | | 04/15/2024 | | | | | | 2,250,000 | | | | | | 2,463,578 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 1,860,000 | | | | | | 2,056,380 | | |
Eversource Energy | | | | | 2.500% | | | | | | 03/15/2021 | | | | | | 1,000,000 | | | | | | 1,012,576 | | |
Eversource Energy | | | | | 2.800% | | | | | | 05/01/2023 | | | | | | 1,000,000 | | | | | | 1,046,857 | | |
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 1,111,000 | | | | | | 1,153,531 | | |
Interstate Power & Light | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 2,225,000 | | | | | | 2,414,845 | | |
National Rural Utilites Corp. | | | | | 3.400% | | | | | | 11/15/2023 | | | | | | 3,000,000 | | | | | | 3,261,253 | | |
Virginia Electric & Power | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 500,000 | | | | | | 513,702 | | |
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 935,000 | | | | | $ | 983,355 | | |
10.2% – Total Utilities | | | | $ | 17,296,471 | | | ||||||||||||||||||
48.3% Total Corporate Bonds | | | | $ | 82,013,427 | | | ||||||||||||||||||
Certificates of Deposit | | ||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 274,882 | | |
0.2% – Total For Certificates of Deposit | | | | $ | 274,882 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note | | | | | 0.125% | | | | | | 04/30/2022 | | | | | | 3,000,000 | | | | | | 2,997,656 | | |
Treasury Note | | | | | 2.000% | | | | | | 11/15/2026 | | | | | | 6,000,000 | | | | | | 6,588,281 | | |
Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 8,000,000 | | | | | | 8,525,000 | | |
Treasury Note | | | | | 2.250% | | | | | | 04/30/2021 | | | | | | 6,000,000 | | | | | | 6,103,125 | | |
Treasury Note | | | | | 2.625% | | | | | | 02/15/2029 | | | | | | 8,000,000 | | | | | | 9,374,375 | | |
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 7,000,000 | | | | | | 8,165,391 | | |
Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 8,000,000 | | | | | | 9,672,188 | | |
30.3% – Total United States Government Treasury Obligations | | | | $ | 51,426,016 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLB | | | | | 2.875% | | | | | | 09/13/2024 | | | | | | 5,000,000 | | | | | | 5,520,775 | | |
FHLB | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 1,800,000 | | | | | | 2,145,106 | | |
FHLMC | | | | | 2.750% | | | | | | 03/25/2024 | | | | | | 1,400,000 | | | | | | 1,407,298 | | |
5.3% – Total United States Government Agency Obligations | | | | $ | 9,073,179 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | | | | | 3.264% | | | | | | 04/01/2042 | | | | | | 189,041 | | | | | | 198,866 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 155,464 | | | | | | 178,421 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 1,572,007 | | | | | | 1,663,027 | | |
FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 219,656 | | | | | | 232,336 | | |
FHLMC Pool SB0017 | | | | | 3.500% | | | | | | 11/01/2028 | | | | | | 1,485,377 | | | | | | 1,572,992 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 70,251 | | | | | | 75,451 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 524,707 | | | | | | 555,987 | | |
FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 105,680 | | | | | | 107,543 | | |
FHLMC Series 4646 Class D | | | | | 3.500% | | | | | | 01/15/2042 | | | | | | 1,676,046 | | | | | | 1,711,872 | | |
FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)* | | | | | 3.292% | | | | | | 12/01/2041 | | | | | | 160,249 | | | | | | 168,191 | | |
FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600%)* | | | | | 2.805% | | | | | | 12/01/2044 | | | | | | 385,469 | | | | | | 400,589 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 203,812 | | | | | | 223,545 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 2,500,000 | | | | | | 2,769,090 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 181,800 | | | | | | 203,824 | | |
FNMA Pool MA1237 | | | | | 3.000% | | | | | | 10/01/2032 | | | | | | 1,859,953 | | | | | | 1,968,877 | | |
FNMA Series 2011-52 Class PC | | | | | 3.000% | | | | | | 03/25/2041 | | | | | | 886,348 | | | | | | 937,480 | | |
FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 1,398,969 | | | | | | 1,427,169 | | |
FNMA Series 2015-37 Class BA | | | | | 3.000% | | | | | | 08/25/2044 | | | | | | 1,273,846 | | | | | | 1,362,844 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 869,592 | | | | | | 908,443 | | |
FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 620,156 | | | | | | 670,394 | | |
10.2% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 17,336,941 | | |
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 3,000,000 | | | | | $ | 3,371,490 | | |
Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 180,000 | | | | | | 187,281 | | |
University of Cincinnati Ohio General Receipts Revenue | | | | | 5.117% | | | | | | 06/01/2021 | | | | | | 375,000 | | | | | | 376,144 | | |
2.3% – Total Taxable Municipal Bonds | | | | $ | 3,934,915 | | | ||||||||||||||||||
Total Fixed Income Securities 96.6% | | | | $ | 164,059,360 | | | ||||||||||||||||||
(Identified Cost $153,086,312) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | Shares | | | | | | | | |||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 59,890 | | | | | | 1,525,398 | | |
Total Preferred Stocks 0.9% | | | | $ | 1,525,398 | | | ||||||||||||||||||
(Identified Cost $1,446,031) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | ||||||||||||||||||||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 1,939,815 | | | | | | 1,939,815 | | |
Total Cash Equivalents 1.2% | | | | $ | 1,939,815 | | | ||||||||||||||||||
(Identified Cost $1,939,815) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 98.7% | | | | $ | 167,524,573 | | | ||||||||||||||||||
(Identified Cost $156,472,158) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 1.3% | | | | | | | | | | | | | | | | | | | | | | $ | 2,283,896 | | |
Total Net Assets 100.0% | | | | $ | 169,808,469 | | | ||||||||||||||||||
|
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | | | | | ||||||||||||||||||||
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 4,600,000 | | | | | $ | 4,974,831 | | |
AON Corp. | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 1,650,000 | | | | | | 1,791,803 | | |
AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 1,000,000 | | | | | | 1,144,967 | | |
AON Corp. | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 1,850,000 | | | | | | 2,100,445 | | |
AON Corp. | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 1,000,000 | | | | | | 1,093,046 | | |
Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 6,615,000 | | | | | | 7,295,511 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 2,300,000 | | | | | | 2,518,981 | | |
BB&T Corp. | | | | | 3.950% | | | | | | 03/22/2022 | | | | | | 3,175,000 | | | | | | 3,337,502 | | |
Chubb INA Holdings Inc. | | | | | 3.150% | | | | | | 03/15/2025 | | | | | | 1,400,000 | | | | | | 1,546,967 | | |
Chubb INA Holdings Inc. | | | | | 3.350% | | | | | | 05/03/2026 | | | | | | 2,000,000 | | | | | | 2,279,326 | | |
Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 1,000,000 | | | | | | 1,055,349 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 3,500,000 | | | | | | 3,860,148 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 225,000 | | | | | | 230,941 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 3,525,000 | | | | | | 3,732,485 | | |
JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 3,280,000 | | | | | | 3,666,164 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 3,400,000 | | | | | | 3,769,825 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 1,325,000 | | | | | | 1,371,534 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 3,740,000 | | | | | | 4,340,326 | | |
MUFG Americas Holding | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 942,000 | | | | | | 1,001,894 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 1,265,000 | | | | | | 1,386,289 | | |
Morgan Stanley | | | | | 2.625% | | | | | | 11/17/2021 | | | | | | 3,250,000 | | | | | | 3,340,786 | | |
MUFG Americas Holdings Corp. | | | | | 3.500% | | | | | | 06/18/2022 | | | | | | 2,650,000 | | | | | | 2,784,116 | | |
PNC Bank | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 3,570,000 | | | | | | 3,902,719 | | |
Suntrust Bank Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 3,300,000 | | | | | | 3,748,036 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 4,500,000 | | | | | | 4,992,491 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 1,100,000 | | | | | | 1,224,549 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 6,030,000 | | | | | | 6,800,124 | | |
21.3% – Total Finance | | | | $ | 79,291,155 | | | ||||||||||||||||||
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 5,000,000 | | | | | | 5,619,223 | | |
Coca-Cola Corp. | | | | | 3.450% | | | | | | 03/25/2030 | | | | | | 6,230,000 | | | | | | 7,330,470 | | |
Dover Corp. | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 4,500,000 | | | | | | 4,814,523 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 3,945,000 | | | | | | 4,149,427 | | |
Emerson Electric Inc. | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 7,160,000 | | | | | | 7,304,902 | | |
Home Depot Inc. | | | | | 2.950% | | | | | | 06/15/2029 | | | | | | 4,500,000 | | | | | | 5,060,664 | | |
Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 1,515,000 | | | | | | 1,659,824 | | |
Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 1,225,000 | | | | | | 1,308,658 | | |
Johnson Controls International PLC | | | | | 3.750% | | | | | | 12/01/2021 | | | | | | 1,000,000 | | | | | | 1,022,787 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 1,000,000 | | | | | | 1,112,422 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 3,300,000 | | | | | | 3,721,854 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 150,000 | | | | | | 165,524 | | |
McDonald’s Corp. | | | | | 3.500% | | | | | | 07/01/2027 | | | | | | 3,975,000 | | | | | | 4,513,567 | | |
McDonald’s Corp. | | | | | 3.700% | | | | | | 01/30/2026 | | | | | | 1,075,000 | | | | | | 1,218,712 | | |
Nike Inc. | | | | | 3.250% | | | | | | 03/27/2040 | | | | | | 3,000,000 | | | | | | 3,357,682 | | |
Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 3,800,000 | | | | | | 4,118,814 | | |
Walt Disney Corp. | | | | | 3.350% | | | | | | 03/24/2025 | | | | | | 2,945,000 | | | | | | 3,264,645 | | |
Walt Disney Corp. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 3,595,000 | | | | | | 4,204,492 | | |
17.1% – Total Industrial | | | | $ | 63,948,190 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | ��� | Fair Value | | ||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 6,166,000 | | | | | $ | 6,776,630 | | |
Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 1,475,000 | | | | | | 1,600,312 | | |
Duke Energy Corp. | | | | | 3.550% | | | | | | 09/15/2021 | | | | | | 3,325,000 | | | | | | 3,418,344 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 1,640,000 | | | | | | 1,736,720 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 1,875,000 | | | | | | 2,072,964 | | |
Eversource Energy | | | | | 2.800% | | | | | | 05/01/2023 | | | | | | 2,225,000 | | | | | | 2,329,257 | | |
Eversource Energy | | | | | 3.150% | | | | | | 01/15/2025 | | | | | | 923,000 | | | | | | 1,002,305 | | |
Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 570,000 | | | | | | 590,760 | | |
Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 1,007,000 | | | | | | 1,196,794 | | |
Interstate Power & Light | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,525,000 | | | | | | 1,664,632 | | |
Interstate Power & Light | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 3,357,000 | | | | | | 3,643,431 | | |
Interstate Power & Light | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 1,405,000 | | | | | | 1,627,322 | | |
National Rural Utilities Corp. | | | | | 2.950% | | | | | | 02/07/2024 | | | | | | 1,000,000 | | | | | | 1,070,101 | | |
National Rural Utilities Corp. | | | | | 3.050% | | | | | | 02/15/2022 | | | | | | 100,000 | | | | | | 103,649 | | |
National Rural Utilities Corp. | | | | | 3.400% | | | | | | 11/15/2023 | | | | | | 2,000,000 | | | | | | 2,174,169 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 2,000,000 | | | | | | 2,217,673 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 390,000 | | | | | | 400,688 | | |
Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 09/01/2022 | | | | | | 2,315,000 | | | | | | 2,431,025 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 4,210,000 | | | | | | 4,626,985 | | |
10.9% – Total Utilities | | | | $ | 40,683,761 | | | ||||||||||||||||||
49.3% Total Corporate Bonds | | | | $ | 183,923,106 | | | ||||||||||||||||||
Certificates of Deposit | | ||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 274,882 | | |
0.1% – Total For Certificates of Deposit | | | | | 274,882 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Bond | | | | | 2.250% | | | | | �� | 08/15/2046 | | | | | | 5,000,000 | | | | | | 5,930,273 | | |
Treasury Bond | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 11,500,000 | | | | | | 15,025,918 | | |
Treasury Note | | | | | 2.000% | | | | | | 02/15/2025 | | | | | | 10,000,000 | | | | | | 10,797,656 | | |
Treasury Note | | | | | 2.000% | | | | | | 11/15/2026 | | | | | | 3,000,000 | | | | | | 3,294,141 | | |
Treasury Note | | | | | 0.125% | | | | | | 04/30/2022 | | | | | | 2,500,000 | | | | | | 2,498,047 | | |
Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 14,000,000 | | | | | | 16,926,328 | | |
Treasury Note | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 11,800,000 | | | | | | 14,635,227 | | |
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 10,000,000 | | | | | | 11,664,844 | | |
21.7% – Total United States Government Treasury Obligations | | | | $ | 80,772,434 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLB | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 8,250,000 | | | | | | 9,831,737 | | |
2.6% – Total United States Government Agency Obligations | | | | | 9,831,737 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | | | | | 3.264% | | | | | | 04/01/2042 | | | | | | 189,041 | | | | | | 198,866 | | |
FHLMC Pool G01880 | | | | | 5.000% | | | | | | 08/01/2035 | | | | | | 69,518 | | | | | | 79,743 | | |
FHLMC Pool G06616 | | | | | 4.500% | | | | | | 12/01/2035 | | | | | | 130,497 | | | | | | 142,486 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 351,484 | | | | | | 403,388 | | |
FHLMC Pool G09921 | | | | | 4.000% | | | | | | 07/01/2024 | | | | | | 134,509 | | | | | | 142,176 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 2,358,010 | | | | | | 2,494,541 | | |
FHLMC Pool G18667 | | | | | 3.500% | | | | | | 10/01/2032 | | | | | | 1,678,073 | | | | | | 1,772,742 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 2,064,417 | | | | | $ | 2,215,005 | | |
FHLMC Pool SB0017 | | | | | 3.500% | | | | | | 11/01/2028 | | | | | | 4,060,440 | | | | | | 4,299,944 | | |
FHLMC Pool ZK6713 | | | | | 3.000% | | | | | | 06/01/2029 | | | | | | 6,419,997 | | | | | | 6,841,880 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 61,469 | | | | | | 66,019 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 524,707 | | | | | | 555,987 | | |
FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 211,359 | | | | | | 215,085 | | |
FHLMC Series 4087 Class PT | | | | | 3.000% | | | | | | 07/15/2042 | | | | | | 743,000 | | | | | | 787,928 | | |
FHLMC Series 4161 Class QA | | | | | 3.000% | | | | | | 02/15/2043 | | | | | | 179,305 | | | | | | 193,059 | | |
FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/2045 | | | | | | 1,137,914 | | | | | | 1,215,765 | | |
FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 1,434,025 | | | | | | 1,481,669 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 1,553,392 | | | | | | 1,629,897 | | |
FHLMC Series 4808 Class PK | | | | | 3.500% | | | | | | 10/15/2045 | | | | | | 950,507 | | | | | | 980,986 | | |
FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)* | | | | | 3.292% | | | | | | 12/01/2041 | | | | | | 160,249 | | | | | | 168,191 | | |
FNMA Pool 1107 | | | | | 3.500% | | | | | | 07/01/2032 | | | | | | 687,952 | | | | | | 736,144 | | |
FNMA Pool 889050 | | | | | 6.000% | | | | | | 05/01/2037 | | | | | | 246,249 | | | | | | 286,959 | | |
FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 131,364 | | | | | | 150,693 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 203,812 | | | | | | 223,545 | | |
FNMA Pool AL6923 | | | | | 3.000% | | | | | | 05/01/2030 | | | | | | 4,604,825 | | | | | | 4,906,831 | | |
FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 667,033 | | | | | | 705,774 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 3,000,000 | | | | | | 3,322,908 | | |
FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 2,500,000 | | | | | | 2,883,223 | | |
FNMA Pool BL0189 | | | | | 3.830% | | | | | | 10/01/2028 | | | | | | 2,000,000 | | | | | | 2,333,148 | | |
FNMA Pool BL0359 | | | | | 3.700% | | | | | | 11/01/2028 | | | | | | 4,873,763 | | | | | | 5,637,913 | | |
FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 3,000,000 | | | | | | 3,440,177 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 145,440 | | | | | | 163,059 | | |
FNMA Pool MA2773 | | | | | 3.000% | | | | | | 09/01/2036 | | | | | | 3,374,904 | | | | | | 3,574,152 | | |
FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 1,577,478 | | | | | | 1,693,810 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 86,656 | | | | | | 90,409 | | |
FNMA Series 2005-64 Class PL | | | | | 5.500% | | | | | | 07/25/2035 | | | | | | 65,792 | | | | | | 73,685 | | |
FNMA Series 2011-53 Class DT | | | | | 4.500% | | | | | | 06/25/2041 | | | | | | 203,141 | | | | | | 229,575 | | |
FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 1,751,647 | | | | | | 1,786,956 | | |
FNMA Series 2013-21 Class VA | | | | | 3.000% | | | | | | 07/25/2028 | | | | | | 681,155 | | | | | | 699,225 | | |
FNMA Series 2013-83 Class MH | | | | | 4.000% | | | | | | 08/25/2043 | | | | | | 314,640 | | | | | | 353,893 | | |
FNMA Series 2014-20 Class AC | | | | | 3.000% | | | | | | 08/25/2036 | | | | | | 554,346 | | | | | | 582,085 | | |
FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 236,166 | | | | | | 252,223 | | |
FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 952,317 | | | | | | 984,397 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 2,202,966 | | | | | | 2,301,389 | | |
FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 1,464,195 | | | | | | 1,522,478 | | |
FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 524,747 | | | | | | 567,256 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 1,617,274 | | | | | | 1,653,733 | | |
FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 1,397,059 | | | | | | 1,480,001 | | |
FNMA Series 2019-60 | | | | | 2.500% | | | | | | 03/25/2049 | | | | | | 3,585,966 | | | | | | 3,762,068 | | |
19.4% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 72,283,066 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 750,000 | | | | | | 810,562 | | |
Kansas Development Finance Authority Revenue | | | | | 3.741% | | | | | | 04/15/2025 | | | | | | 3,705,000 | | | | | | 4,015,109 | | |
Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 125,000 | | | | | | 140,479 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 180,000 | | | | | $ | 187,281 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.373% | | | | | | 11/01/2025 | | | | | | 590,000 | | | | | | 665,750 | | |
Ohio Higher Education Facilities – Cleveland Clinic Health Systems | | | | | 3.849% | | | | | | 01/01/2022 | | | | | | 945,000 | | | | | | 977,744 | | |
Ohio Major New Infrastructure Revenue | | | | | 4.994% | | | | | | 12/15/2020 | | | | | | 850,000 | | | | | | 864,713 | | |
2.0% – Total Taxable Municipal Bonds | | | | $ | 7,661,638 | | | ||||||||||||||||||
Total Fixed Income Securities 95.1% | | | | $ | 354,746,863 | | | ||||||||||||||||||
(Identified Cost $328,406,646) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | Shares | | | | | | | | |||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 83,000 | | | | | | 2,114,010 | | |
Total Preferred Stocks 0.6% | | | | $ | 2,114,010 | | | ||||||||||||||||||
(Identified Cost $2,034,817) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 15,330,955 | | | | | | 15,330,955 | | |
Total Cash Equivalents 4.1% | | | | $ | 15,330,955 | | | ||||||||||||||||||
(Identified Cost $15,330,955) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.8% | | | | $ | 372,191,828 | | | ||||||||||||||||||
(Identified Cost $345,772,418) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.2% | | | | | | | | | | | | | | | | | | | | | | $ | 674,432 | | |
Total Net Assets 100% | | | | $ | 372,866,260 | | | ||||||||||||||||||
|
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds | | ||||||||||||||||||||||||
American Express Credit | | | | | 2.250% | | | | | | 05/05/2021 | | | | | | 2,000,000 | | | | | $ | 2,027,482 | | |
American Express Credit | | | | | 2.500% | | | | | | 08/01/2022 | | | | | | 1,000,000 | | | | | | 1,035,642 | | |
American Express Credit | | | | | 2.500% | | | | | | 07/30/2024 | | | | | | 1,322,000 | | | | | | 1,399,248 | | |
Bank of America | | | | | 3.875% | | | | | | 08/01/2025 | | | | | | 861,000 | | | | | | 974,852 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 1,000,000 | | | | | | 1,095,209 | | |
Fifth Third Bancorp | | | | | 3.500% | | | | | | 03/15/2022 | | | | | | 865,000 | | | | | | 905,245 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 2,544,000 | | | | | | 2,805,776 | | |
Goldman Sachs Group Inc. | | | | | 2.600% | | | | | | 12/27/2020 | | | | | | 3,500,000 | | | | | | 3,536,714 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 2,123,000 | | | | | | 2,179,060 | | |
Huntington Bancshares | | | | | 3.150% | | | | | | 03/14/2021 | | | | | | 1,100,000 | | | | | | 1,118,318 | | |
JP Morgan Chase & Co. | | | | | 2.550% | | | | | | 10/29/2020 | | | | | | 1,700,000 | | | | | | 1,708,671 | | |
JP Morgan Chase & Co. | | | | | 4.500% | | | | | | 01/24/2022 | | | | | | 2,600,000 | | | | | | 2,759,965 | | |
Keycorp | | | | | 5.100% | | | | | | 03/24/2021 | | | | | | 3,500,000 | | | | | | 3,616,714 | | |
Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 3,500,000 | | | | | | 3,685,529 | | |
MUFG Americas Holding Corp. | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 3,500,000 | | | | | | 3,722,536 | | |
Shell International | | | | | 1.750% | | | | | | 09/12/2021 | | | | | | 4,050,000 | | | | | | 4,108,899 | | |
Wells Fargo & Co. | | | | | 3.450% | | | | | | 02/13/2023 | | | | | | 3,140,000 | | | | | | 3,333,072 | | |
19.4% – Total Finance | | | | $ | 40,012,932 | | | ||||||||||||||||||
Burlington Northern Santa Fe | | | | | 3.050% | | | | | | 03/15/2022 | | | | | | 1,700,000 | | | | | | 1,768,093 | | |
Chevron Corp. (3month LIBOR + 0.530)* | | | | | 1.993% | | | | | | 03/03/2022 | | | | | | 2,100,000 | | | | | | 2,109,203 | | |
CVS Health Corp. | | | | | 3.700% | | | | | | 03/09/2023 | | | | | | 3,095,000 | | | | | | 3,323,827 | | |
Eaton Electric Holdings | | | | | 3.875% | | | | | | 12/15/2020 | | | | | | 1,465,000 | | | | | | 1,474,881 | | |
Kroger Co. | | | | | 3.400% | | | | | | 04/15/2022 | | | | | | 1,000,000 | | | | | | 1,042,144 | | |
McDonald’s Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 2,300,000 | | | | | | 2,377,257 | | |
McDonald’s Corp. | | | | | 2.750% | | | | | | 12/09/2020 | | | | | | 1,000,000 | | | | | | 1,008,752 | | |
Oracle Corp. | | | | | 1.900% | | | | | | 09/15/2021 | | | | | | 1,063,000 | | | | | | 1,081,167 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,800,000 | | | | | | 3,037,808 | | |
8.3%- Total Industrials | | | | $ | 17,223,132 | | | ||||||||||||||||||
Berkshire Hathaway Energy Company | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 1,700,000 | | | | | | 1,868,354 | | |
Berkshire Hathaway Energy Company | | | | | 2.375% | | | | | | 01/15/2021 | | | | | | 1,462,000 | | | | | | 1,478,285 | | |
BP Capital Markets | | | | | 4.500% | | | | | | 10/01/2020 | | | | | | 4,300,000 | | | | | | 4,339,905 | | |
Duke Energy Corp. | | | | | 3.750% | | | | | | 04/15/2024 | | | | | | 3,220,000 | | | | | | 3,525,654 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 2,447,000 | | | | | | 2,591,313 | | |
Enterprise Products | | | | | 5.200% | | | | | | 09/01/2020 | | | | | | 1,000,000 | | | | | | 1,007,570 | | |
Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 3,200,000 | | | | | | 3,316,546 | | |
Georgia Power Co. | | | | | 2.100% | | | | | | 07/30/2023 | | | | | | 1,000,000 | | | | | | 1,040,560 | | |
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 2,600,000 | | | | | | 2,699,532 | | |
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 2,410,000 | | | | | | 2,534,636 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 500,000 | | | | | | 513,702 | | |
Xcel Energy Inc. | | | | | 2.600% | | | | | | 03/15/2022 | | | | | | 2,061,000 | | | | | | 2,121,733 | | |
13.1% – Total Utilities | | | | $ | 27,037,790 | | | ||||||||||||||||||
40.8% Total Corporate Bonds | | | | $ | 84,273,854 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Bill (b) | | | | | 0.150% | | | | | | 02/25/2021 | | | | | | 3,500,000 | | | | | | 3,496,282 | | |
Treasury Note (a) | | | | | 0.125% | | | | | | 04/30/2022 | | | | | | 8,235,000 | | | | | | 8,228,566 | | |
Treasury Note | | | | | 0.375% | | | | | | 04/30/2025 | | | | | | 5,500,000 | | | | | | 5,524,922 | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Treasury Note (b) | | | | | 1.375% | | | | | | 09/30/2020 | | | | | | 1,300,000 | | | | | $ | 1,303,859 | | |
Treasury Note (a) | | | | | 1.375% | | | | | | 05/31/2021 | | | | | | 4,800,000 | | | | | | 4,852,500 | | |
Treasury Note (a) | | | | | 1.500% | | | | | | 01/15/2023 | | | | | | 1,734,000 | | | | | | 1,792,116 | | |
Treasury Note (a) | | | | | 1.750% | | | | | | 05/31/2022 | | | | | | 44,000 | | | | | | 45,325 | | |
Treasury Note | | | | | 2.000% | | | | | | 08/15/2025 | | | | | | 8,400,000 | | | | | | 9,118,594 | | |
Treasury Note (a) | | | | | 2.500% | | | | | | 12/31/2020 | | | | | | 1,467,000 | | | | | | 1,483,733 | | |
17.4% – Total United States Government Treasury Obligations | | | | | 35,845,897 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLMC | | | | | 0.430% | | | | | | 06/09/2023 | | | | | | 3,770,000 | | | | | | 3,771,026 | | |
FHLMC | | | | | 0.450% | | | | | | 05/26/2023 | | | | | | 1,800,000 | | | | | | 1,800,144 | | |
FHLMC | | | | | 0.500% | | | | | | 06/03/2024 | | | | | | 1,140,000 | | | | | | 1,140,165 | | |
FNMA | | | | | 0.500% | | | | | | 06/17/2025 | | | | | | 6,200,000 | | | | | | 6,202,366 | | |
FNMA | | | | | 0.750% | | | | | | 04/20/2023 | | | | | | 9,000,000 | | | | | | 9,008,922 | | |
FHLMC | | | | | 1.100% | | | | | | 04/13/2023 | | | | | | 5,000,000 | | | | | | 5,001,385 | | |
13.0% – Total United States Government Agency Obligations | | | | | 26,924,008 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | ||||||||||||||||||||||||
FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 2,055,183 | | | | | | 2,176,002 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 2,200,809 | | | | | | 2,328,238 | | |
FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 69,035 | | | | | | 73,020 | | |
FHLMC Pool J32364 | | | | | 2.500% | | | | | | 11/01/2028 | | | | | | 2,097,830 | | | | | | 2,201,026 | | |
FHLMC Pool ZS7207 | | | | | 3.500% | | | | | | 07/01/2030 | | | | | | 1,882,963 | | | | | | 1,996,842 | | |
FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 914,098 | | | | | | 941,558 | | |
FHLMC Series 4198 Class BE | | | | | 2.000% | | | | | | 10/15/2040 | | | | | | 3,051,434 | | | | | | 3,095,435 | | |
FHLMC Series 4271 Class CE | | | | | 2.000% | | | | | | 08/15/2036 | | | | | | 871,780 | | | | | | 885,453 | | |
FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 530,476 | | | | | | 542,352 | | |
FHLMC Series 4440 Class VC | | | | | 2.500% | | | | | | 08/15/2026 | | | | | | 1,421,706 | | | | | | 1,462,176 | | |
FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)* | | | | | 3.289% | | | | | | 12/01/2041 | | | | | | 160,249 | | | | | | 168,191 | | |
FNMA Pool 1106 | | | | | 3.000% | | | | | | 07/01/2032 | | | | | | 4,431,838 | | | | | | 4,670,818 | | |
FNMA Pool 833200 | | | | | 5.500% | | | | | | 09/01/2035 | | | | | | 466,835 | | | | | | 536,031 | | |
FNMA Pool AL9230 | | | | | 3.500% | | | | | | 12/01/2029 | | | | | | 1,811,900 | | | | | | 1,939,587 | | |
FNMA Pool AT2060 | | | | | 2.500% | | | | | | 04/01/2028 | | | | | | 2,213,343 | | | | | | 2,348,870 | | |
FNMA Pool FM1536 | | | | | 2.500% | | | | | | 11/01/2030 | | | | | | 991,119 | | | | | | 1,038,825 | | |
FNMA Pool MA2710 | | | | | 2.500% | | | | | | 08/01/2026 | | | | | | 1,247,996 | | | | | | 1,307,506 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 349,091 | | | | | | 351,189 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 924,157 | | | | | | 944,990 | | |
FNMA Series 2020-44 Class TE | | | | | 2.000% | | | | | | 12/25/2035 | | | | | | 4,285,000 | | | | | | 4,484,399 | | |
GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 87,533 | | | | | | 92,369 | | |
GNMA Pool 728920 | | | | | 4.000% | | | | | | 12/15/2024 | | | | | | 126,682 | | | | | | 133,692 | | |
16.3% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 33,718,569 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Kansas Development Finance Authority Revenue | | | | | 3.227% | | | | | | 04/15/2022 | | | | | | 1,700,000 | | | | | | 1,747,226 | | |
Kent State University Revenue | | | | | 1.875% | | | | | | 05/01/2023 | | | | | | 1,000,000 | | | | | | 1,005,230 | | |
Kentucky Asset Liability Commission Revenue | | | | | 2.668% | | | | | | 04/01/2021 | | | | | | 820,000 | | | | | | 828,290 | | |
Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 355,000 | | | | | | 369,360 | | |
Lucas County Ohio Taxable Limited Tax GO | | | | | 1.250% | | | | | | 07/08/2021 | | | | | | 1,000,000 | | | | | | 1,004,970 | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2020 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
University of Akron General Receipts | | | | | 1.976% | | | | | | 01/01/2021 | | | | | | 500,000 | | | | | $ | 501,810 | | |
University of Cincinnati General Receipts | | | | | 1.878% | | | | | | 06/01/2023 | | | | | | 1,200,000 | | | | | | 1,216,416 | | |
3.2% Total Taxable Municipal Bonds | | | | $ | 6,673,302 | | | ||||||||||||||||||
Total Fixed Income Securities 90.7% | | | | $ | 187,435,630 | | | ||||||||||||||||||
(Identified Cost $184,059,112) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 16,406,100 | | | | | | 16,406,100 | | |
Total Cash Equivalents 7.9% | | | | $ | 16,406,100 | | | ||||||||||||||||||
(Identified Cost $16,406,100) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 98.6% | | | | $ | 203,841,730 | | | ||||||||||||||||||
(Identified Cost $200,465,212) | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities in Excess of Other Assets 1.4% | | | | | | | | | | | | | | | | | | | | | | $ | 2,784,449 | | |
Total Net Assets: 100.0% | | | | $ | 206,626,179 | | | ||||||||||||||||||
Futures Contracts | | | Long Contracts | | | Notional Value at Purchase | | | Notional Value 6/30/2020 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
E-mini Standard & Poor’s 500 (50 units per contract) expiring Sept 2020 | | | | | 1,322 | | | | | | 204,004,241 | | | | | | 204,262,220 | | | | | | 257,979 | | |
| | | | | | | | | | $ | 204,004,241 | | | | | $ | 204,262,220 | | | | | $ | 257,979 | | |
|
JOHNSON MUTUAL FUNDS | June 30, 2020 – Unaudited |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | | Johnson Enhanced Return Fund | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 178,541,985 | | | | | $ | 167,524,573 | | | | | $ | 372,191,828 | | | | | $ | 203,841,730 | | |
Variation Margin Receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 2,809,250 | | |
Interest Receivable | | | | | 1,061,277 | | | | | | 1,012,070 | | | | | | 2,000,020 | | | | | | 1,015,073 | | |
Fund Shares Sold Receivable | | | | | 1,904,806 | | | | | | 1,319,404 | | | | | | 391,480 | | | | | | 25,643 | | |
Receivable for CMO Paydowns | | | | | 682 | | | | | | 731 | | | | | | 740 | | | | | | — | | |
Total Assets | | | | $ | 181,508,750 | | | | | $ | 169,856,778 | | | | | $ | 374,584,068 | | | | | $ | 207,691,696 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued Management Fee | | | | $ | 35,288 | | | | | $ | 33,710 | | | | | $ | 70,987 | | | | | $ | 56,809 | | |
Securities Purchased Payable | | | | | 750,000 | | | | | | — | | | | | | 1,629,983 | | | | | | 1,004,960 | | |
Fund Shares Redeemed Payable | | | | | 13,331 | | | | | | 14,599 | | | | | | 16,838 | | | | | | 3,748 | | |
Total Liabilities | | | | $ | 798,619 | | | | | $ | 48,309 | | | | | $ | 1,717,808 | | | | | $ | 1,065,517 | | |
Net Assets | | | | $ | 180,710,131 | | | | | $ | 169,808,469 | | | | | $ | 372,866,260 | | | | | $ | 206,626,179 | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 176,243,533 | | | | | $ | 157,664,149 | | | | | $ | 341,956,879 | | | | | $ | 206,680,999 | | |
Accumulated Earnings | | | | | 4,466,598 | | | | | | 12,144,320 | | | | | | 30,909,381 | | | | | | (54,820) | | |
Net Assets | | | | $ | 180,710,131 | | | | | $ | 169,808,469 | | | | | $ | 372,866,260 | | | | | $ | 206,626,179 | | |
Pricing of Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets applicable to Class I Shares | | | | $ | 180,706,908 | | | | | $ | 169,805,073 | | | | | $ | 372,617,541 | | | | | $ | 206,626,179 | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 11,707,440 | | | | | | 10,136,548 | | | | | | 21,162,140 | | | | | | 12,591,697 | | |
Net Asset Value, Offering price and redemption price | | | | $ | 15.44 | | | | | $ | 16.75 | | | | | $ | 17.61 | | | | | $ | 16.41 | | |
Pricing of Class F Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets applicable to Class F Shares | | | | $ | 3,223 | | | | | $ | 3,396 | | | | | $ | 248,719 | | | | | | n/a | | |
Shares of beneficial interest outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
(unlimited number of shares authorized, no par value) | | | | | 207 | | | | | | 201 | | | | | | 14,032 | | | | | | n/a | | |
Net Asset Value, Offering price and redemption price | | | | $ | 15.55 | | | | | $ | 16.89 | | | | | $ | 17.73 | | | | | | n/a | | |
*Identified Cost of Investment Securities | | | | $ | 173,615,495 | | | | | $ | 156,472,158 | | | | | $ | 345,772,418 | | | | | $ | 200,465,212 | | |
JOHNSON MUTUAL FUNDS | June 30, 2020 – Unaudited |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | | Johnson Enhanced Return Fund | | ||||||||||||
| | | Six Months Ended 6/30/2020 | | | Six Months Ended 6/30/2020 | | | Six Months Ended 6/30/2020 | | | Six Months Ended 6/30/2020 | | ||||||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest | | | | $ | 1,986,757 | | | | | $ | 1,986,095 | | | | | $ | 3,944,519 | | | | | $ | 1,946,526 | | |
Dividends | | | | | 10,834 | | | | | | 43,375 | | | | | | 71,779 | | | | | | 57,444 | | |
Total Investment Income | | | | $ | 1,997,591 | | | | | $ | 2,029,470 | | | | | $ | 4,016,298 | | | | | $ | 2,003,970 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Management Fee | | | | $ | 254,488 | | | | | $ | 237,565 | | | | | $ | 460,473 | | | | | $ | 339,794 | | |
Distribution Fee | | | | | 4 | | | | | | 4 | | | | | | 252 | | | | | | — | | |
Management Fee Waiver (Note #4) | | | | | (42,414) | | | | | | (39,594) | | | | | | (76,745) | | | | | | — | | |
Distribution Fee Waiver (Note #4) | | | | | (2) | | | | | | (2) | | | | | | (101) | | | | | | — | | |
Net Expenses | | | | $ | 212,076 | | | | | $ | 197,973 | | | | | $ | 383,879 | | | | | $ | 339,794 | | |
Net Investment Income | | | | $ | 1,785,515 | | | | | $ | 1,831,497 | | | | | $ | 3,632,419 | | | | | $ | 1,664,176 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain from Security Transactions | | | | $ | 122,910 | | | | | $ | 1,040,972 | | | | | $ | 4,439,632 | | | | | $ | 801,696 | | |
Net Realized (Loss) from Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | (11,819,921) | | |
Net Change in Unrealized Gain on Investments | | | | | 3,338,651 | | | | | | 6,249,887 | | | | | | 16,315,398 | | | | | | 811,205 | | |
Net Change in Unrealized (Loss) on Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | (2,291,941) | | |
Net Gain/(Loss) on Investments | | | | $ | 3,461,561 | | | | | $ | 7,290,859 | | | | | $ | 20,755,030 | | | | | $ | (12,498,961) | | |
Net Change in Net Assets from Operations | | | | $ | 5,247,076 | | | | | $ | 9,122,356 | | | | | $ | 24,387,449 | | | | | $ | (10,834,785) | | |
JOHNSON MUTUAL FUNDS | June 30, 2020 |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | | Johnson Enhanced Return Fund | | ||||||||||||||||||||||||||||||||||||
| | | Six Months Ended 6/30/2020* | | | Year Ended 12/31/2019 | | | Six Months Ended 6/30/2020* | | | Year Ended 12/31/2019 | | | Six Months Ended 6/30/2020* | | | Year Ended 12/31/2019 | | | Six Months Ended 6/30/2020* | | | Year Ended 12/31/2019 | | ||||||||||||||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 1,785,515 | | | | | $ | 3,726,961 | | | | | $ | 1,831,497 | | | | | $ | 3,957,726 | | | | | $ | 3,632,419 | | | | | $ | 6,570,408 | | | | | $ | 1,664,176 | | | | | $ | 3,491,918 | | |
Net Realized Gain from Security Transactions | | | | | 122,910 | | | | | | 4,152 | | | | | | 1,040,972 | | | | | | 366,760 | | | | | | 4,439,632 | | | | | | 1,146,586 | | | | | | 801,696 | | | | | | 3,283 | | |
Net Realized Gain (Loss) from Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,819,921) | | | | | | 24,413,603 | | |
Net Change in Unrealized Gain on Investments | | | | | 3,338,651 | | | | | | 3,373,634 | | | | | | 6,249,887 | | | | | | 6,510,789 | | | | | | 16,315,398 | | | | | | 13,041,608 | | | | | | 811,205 | | | | | | 3,200,907 | | |
Net Change in Unrealized Gain (Loss) on Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,291,941) | | | | | | 13,006,856 | | |
Net Change in Net Assets from Operations | | | | $ | 5,247,076 | | | | | $ | 7,104,747 | | | | | $ | 9,122,356 | | | | | $ | 10,835,275 | | | | | $ | 24,387,449 | | | | | $ | 20,758,602 | | | | | $ | (10,834,785) | | | | | $ | 44,116,567 | | |
Distributions to Shareholders:(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From Class I | | | | $ | (1,777,573) | | | | | $ | (3,832,490) | | | | | $ | (1,804,944) | | | | | $ | (4,119,819) | | | | | $ | (3,609,992) | | | | | $ | (7,003,077) | | | | | $ | (1,656,616) | | | | | $ | (19,593,401) | | |
From Class F | | | | | (25) | | | | | | (68) | | | | | | (29) | | | | | | (79) | | | | | | (2,064) | | | | | | (813) | | | | | | n/a | | | | | | n/a | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | (1,777,598) | | | | | $ | (3,832,558) | | | | | $ | (1,804,973) | | | | | $ | (4,119,898) | | | | | $ | (3,612,056) | | | | | $ | (7,003,890) | | | | | $ | (1,656,616) | | | | | $ | (19,593,401) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | $ | 49,675,139 | | | | | $ | 53,128,126 | | | | | $ | 25,824,142 | | | | | $ | 28,392,444 | | | | | $ | 134,195,359 | | | | | $ | 57,725,632 | | | | | $ | 72,798,357 | | | | | $ | 27,840,881 | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 563,430 | | | | | | 997,278 | | | | | | 443,156 | | | | | | 861,961 | | | | | | 2,528,035 | | | | | | 4,285,676 | | | | | | 1,527,137 | | | | | | 19,593,400 | | |
Payments for Shares Redeemed | | | | | (37,800,759) | | | | | | (34,622,382) | | | | | | (17,509,945) | | | | | | (20,655,462) | | | | | | (46,148,617) | | | | | | (31,732,781) | | | | | | (39,142,225) | | | | | | (13,952,256) | | |
Net Increase from Class I share capital transactions | | | | | 12,437,810 | | | | | | 19,503,022 | | | | | | 8,757,353 | | | | | | 8,598,943 | | | | | | 90,574,777 | | | | | | 30,278,527 | | | | | | 35,183,269 | | | | | | 33,482,025 | | |
From Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | — | | | | | | 2,000 | | | | | | — | | | | | | 2,000 | | | | | | 376,000 | | | | | | 146,000 | | | | | | n/a | | | | | | n/a | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 25 | | | | | | 68 | | | | | | 29 | | | | | | 79 | | | | | | 2,064 | | | | | | 813 | | | | | | n/a | | | | | | n/a | | |
Payments for Shares Redeemed | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (289,439) | | | | | | — | | | | | | n/a | | | | | | n/a | | |
Net Increase from Class F share capital transactions | | | | | 25 | | | | | | 2,068 | | | | | | 29 | | | | | | 2,079 | | | | | | 88,625 | | | | | | 146,813 | | | | | | — | | | | | | — | | |
Net Change in Net Assets | | | | $ | 15,907,313 | | | | | $ | 22,777,279 | | | | | $ | 16,074,765 | | | | | $ | 15,316,399 | | | | | $ | 111,438,795 | | | | | $ | 44,180,052 | | | | | $ | 22,691,868 | | | | | $ | 58,005,191 | | |
Net Assets at Beginning of Year | | | | $ | 164,802,818 | | | | | $ | 142,025,539 | | | | | $ | 153,733,704 | | | | | $ | 138,417,305 | | | | | $ | 261,427,465 | | | | | $ | 217,247,413 | | | | | $ | 183,934,311 | | | | | $ | 125,929,120 | | |
Net Assets at End of Year | | | | $ | 180,710,131 | | | | | $ | 164,802,818 | | | | | $ | 169,808,469 | | | | | $ | 153,733,704 | | | | | $ | 372,866,260 | | | | | $ | 261,427,465 | | | | | $ | 206,626,179 | | | | | $ | 183,934,311 | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
| | | Six Months Ended 06/30/2020* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 15.12 | | | | | $ | 14.80 | | | | | $ | 14.96 | | | | | $ | 14.98 | | | | | $ | 14.96 | | | | | $ | 15.05 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.16 | | | | | | 0.35 | | | | | | 0.31 | | | | | | 0.24 | | | | | | 0.21 | | | | | | 0.17 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.32 | | | | | | 0.33 | | | | | | (0.14) | | | | | | (0.01) | | | | | | 0.04 | | | | | | (0.07) | | |
Total Operations | | | | $ | 0.48 | | | | | $ | 0.68 | | | | | $ | 0.17 | | | | | $ | 0.23 | | | | | $ | 0.25 | | | | | $ | 0.10 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.16) | | | | | | (0.36) | | | | | | (0.33) | | | | | | (0.25) | | | | | | (0.23) | | | | | | (0.19) | | |
Return of Capital(a) | | | | | — | | | | | | (0.00) | | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | (0.00) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.16) | | | | | $ | (0.36) | | | | | $ | (0.33) | | | | | $ | (0.25) | | | | | $ | (0.23) | | | | | $ | (0.19) | | |
Net Asset Value, end of year | | | | $ | 15.44 | | | | | $ | 15.12 | | | | | $ | 14.80 | | | | | $ | 14.96 | | | | | $ | 14.98 | | | | | $ | 14.96 | | |
Total Return(b) | | | | | 3.17%(d) | | | | | | 4.65% | | | | | | 1.16% | | | | | | 1.54% | | | | | | 1.68% | | | | | | 0.67% | | |
Net Assets, end of year (millions) | | | | $ | 180.71 | | | | | $ | 164.80 | | | | | $ | 142.03 | | | | | $ | 139.20 | | | | | $ | 124.37 | | | | | $ | 108.08 | | |
Ratios/supplemental data(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.30%(e) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.25%(e) | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.23% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.05%(e) | | | | | | 2.30% | | | | | | 2.06% | | | | | | 1.53% | | | | | | 1.32% | | | | | | 1.07% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.10%(e) | | | | | | 2.35% | | | | | | 2.11% | | | | | | 1.59% | | | | | | 1.38% | | | | | | 1.14% | | |
Portfolio Turnover Rate | | | | | 38.00%(d) | | | | | | 48.01% | | | | | | 39.88% | | | | | | 48.04% | | | | | | 73.88% | | | | | | 42.30% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
| | | Six Months Ended 06/30/2020* | | | Year Ended 12/31/2019 | | | Eight Months Ended 12/31/2018** | | |||||||||
Net Asset Value, beginning of period | | | | $ | 15.20 | | | | | $ | 14.91 | | | | | $ | 14.79 | | |
Operations: | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.15 | | | | | | 0.32 | | | | | | 0.18 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.32 | | | | | | 0.33 | | | | | | 0.02 | | |
Total Operations | | | | $ | 0.47 | | | | | $ | 0.65 | | | | | $ | 0.20 | | |
Distributions: | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.12) | | | | | | (0.36) | | | | | | (0.08) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.12) | | | | | $ | (0.36) | | | | | $ | (0.08) | | |
Net Asset Value, end of year | | | | $ | 15.55 | | | | | $ | 15.20 | | | | | $ | 14.91 | | |
Total Return(a) | | | | | 3.11%(c) | | | | | | 4.36% | | | | | | 1.37% | | |
Net Assets, end of year (millions) | | | | $ | 0.003 | | | | | $ | 0.003 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.80%(d) | | | | | | 1.98% | | | | | | 1.06% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.95%(d) | | | | | | 2.13% | | | | | | 1.21% | | |
Portfolio Turnover Rate | | | | | 38.00%(c) | | | | | | 48.01% | | | | | | 39.88% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
| | | Six Months Ended 06/30/2020* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 15.98 | | | | | $ | 15.27 | | | | | $ | 15.63 | | | | | $ | 15.56 | | | | | $ | 15.41 | | | | | $ | 15.61 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.19 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 0.35 | | | | | | 0.34 | | | | | | 0.33 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.77 | | | | | | 0.73 | | | | | | (0.35) | | | | | | 0.11 | | | | | | 0.18 | | | | | | (0.19) | | |
Total Operations | | | | $ | 0.96 | | | | | $ | 1.14 | | | | | $ | 0.06 | | | | | $ | 0.46 | | | | | $ | 0.52 | | | | | $ | 0.14 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.19) | | | | | | (0.42) | | | | | | (0.42) | | | | | | (0.36) | | | | | | (0.36) | | | | | | (0.34) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.01) | | | | | | — | | | | | | (0.03) | | | | | | (0.01) | | | | | | — | | |
Total Distributions | | | | $ | (0.19) | | | | | $ | (0.43) | | | | | $ | (0.42) | | | | | $ | (0.39) | | | | | $ | (0.37) | | | | | $ | (0.34) | | |
Net Asset Value, end of year | | | | $ | 16.75 | | | | | $ | 15.98 | | | | | $ | 15.27 | | | | | $ | 15.63 | | | | | $ | 15.56 | | | | | $ | 15.41 | | |
Total Return(b) | | | | | 6.01%(d) | | | | | | 7.53% | | | | | | 0.42% | | | | | | 2.99% | | | | | | 3.37% | | | | | | 0.90% | | |
Net Assets, end of year (millions) | | | | $ | 169.81 | | | | | $ | 153.73 | | | | | $ | 138.42 | | | | | $ | 126.54 | | | | | $ | 110.71 | | | | | $ | 104.36 | | |
Ratios/supplemental data(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.30%(e) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.25%(e) | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.23% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.26%(e) | | | | | | 2.57% | | | | | | 2.61% | | | | | | 2.19% | | | | | | 2.12% | | | | | | 2.06% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.31%(e) | | | | | | 2.62% | | | | | | 2.66% | | | | | | 2.25% | | | | | | 2.18% | | | | | | 2.13% | | |
Portfolio Turnover Rate | | | | | 22.12%(d) | | | | | | 32.83% | | | | | | 39.66% | | | | | | 40.37% | | | | | | 50.71% | | | | | | 32.75% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
| | | Six Months Ended 06/30/2020* | | | Year Ended 12/31/2019 | | | Eight Months Ended 12/31/2018** | | |||||||||
Net Asset Value, beginning of period | | | | $ | 16.09 | | | | | $ | 15.39 | | | | | $ | 15.25 | | |
Operations: | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.18 | | | | | | 0.37 | | | | | | 0.22 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.77 | | | | | | 0.75 | | | | | | 0.04 | | |
Total Operations | | | | $ | 0.95 | | | | | $ | 1.12 | | | | | $ | 0.26 | | |
Distributions: | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.15) | | | | | | (0.41) | | | | | | (0.12) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.01) | | | | | | — | | |
Total Distributions | | | | $ | (0.15) | | | | | $ | (0.42) | | | | | $ | (0.12) | | |
Net Asset Value, end of year | | | | $ | 16.89 | | | | | $ | 16.09 | | | | | $ | 15.39 | | |
Total Return(a) | | | | | 5.90%(c) | | | | | | 7.35% | | | | | | 1.72% | | |
Net Assets, end of year (millions) | | | | $ | 0.003 | | | | | $ | 0.003 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.02%(d) | | | | | | 2.26% | | | | | | 1.31% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.17%(d) | | | | | | 2.41% | | | | | | 1.46% | | |
Portfolio Turnover Rate | | | | | 22.12%(c) | | | | | | 32.83% | | | | | | 39.66% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
| | | Six Months Ended 06/30/2020* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 16.41 | | | | | $ | 15.49 | | | | | $ | 15.91 | | | | | $ | 15.73 | | | | | $ | 15.63 | | | | | $ | 15.98 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.20 | | | | | | 0.43 | | | | | | 0.40 | | | | | | 0.37 | | | | | | 0.39 | | | | | | 0.39 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 1.20 | | | | | | 0.94 | | | | | | (0.40) | | | | | | 0.21 | | | | | | 0.19 | | | | | | (0.21) | | |
Total Operations | | | | $ | 1.40 | | | | | $ | 1.37 | | | | | $ | (0.00) | | | | | $ | 0.58 | | | | | $ | 0.58 | | | | | $ | 0.18 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.20) | | | | | | (0.44) | | | | | | (0.42) | | | | | | (0.39) | | | | | | (0.40) | | | | | | (0.42) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | (0.00) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.01) | | | | | | — | | | | | | (0.01) | | | | | | (0.08) | | | | | | (0.11) | | |
Total Distributions | | | | $ | (0.20) | | | | | $ | (0.45) | | | | | $ | (0.42) | | | | | $ | (0.40) | | | | | $ | (0.48) | | | | | $ | (0.53) | | |
Net Asset Value, end of year | | | | $ | 17.61 | | | | | $ | 16.41 | | | | | $ | 15.49 | | | | | $ | 15.91 | | | | | $ | 15.73 | | | | | $ | 15.63 | | |
Total Return(b) | | | | | 8.54%(d) | | | | | | 8.94% | | | | | | 0.13% | | | | | | 3.72% | | | | | | 3.67% | | | | | | 1.16% | | |
Net Assets, end of year (millions) | | | | $ | 372.87 | | | | | $ | 261.28 | | | | | $ | 217.25 | | | | | $ | 201.22 | | | | | $ | 116.69 | | | | | $ | 86.90 | | |
Ratios/supplemental data(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.30%(e) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.25%(e) | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.23% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.31%(e) | | | | | | 2.59% | | | | | | 2.62% | | | | | | 2.29% | | | | | | 2.34% | | | | | | 2.39% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.36%(e) | | | | | | 2.64% | | | | | | 2.67% | | | | | | 2.35% | | | | | | 2.40% | | | | | | 2.46% | | |
Portfolio Turnover Rate | | | | | 21.30%(d) | | | | | | 28.83% | | | | | | 39.62% | | | | | | 31.42% | | | | | | 42.29% | | | | | | 29.51% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
| | | Six Months Ended 06/30/2020* | | | Year Ended 12/31/2019 | | | Eight Months Ended 12/31/2018** | | |||||||||
Net Asset Value, beginning of period | | | | $ | 16.49 | | | | | $ | 15.61 | | | | | $ | 15.41 | | |
Operations: | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.17 | | | | | | 0.40 | | | | | | 0.23 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 1.23 | | | | | | 0.92 | | | | | | 0.10 | | |
Total Operations | | | | $ | 1.40 | | | | | $ | 1.32 | | | | | $ | 0.33 | | |
Distributions: | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.16) | | | | | | (0.43) | | | | | | (0.13) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.01) | | | | | | — | | |
Total Distributions | | | | $ | (0.16) | | | | | $ | (0.44) | | | | | $ | (0.13) | | |
Net Asset Value, end of year | | | | $ | 17.73 | | | | | $ | 16.49 | | | | | $ | 15.61 | | |
Total Return(a) | | | | | 8.51%(c) | | | | | | 8.56% | | | | | | 2.14% | | |
Net Assets, end of year (millions) | | | | $ | 0.249 | | | | | $ | 0.148 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.01%(d) | | | | | | 2.18% | | | | | | 1.29% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.16%(d) | | | | | | 2.33% | | | | | | 1.44% | | |
Portfolio Turnover Rate | | | | | 21.30%(c) | | | | | | 28.83% | | | | | | 39.62% | | |
FINANCIAL HIGHLIGHTS | Johnson Enhanced Return Fund |
| | | Six Months Ended 06/30/2020* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 16.97 | | | | | $ | 14.21 | | | | | $ | 16.27 | | | | | $ | 16.28 | | | | | $ | 15.17 | | | | | $ | 15.82 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.13 | | | | | | 0.37 | | | | | | 0.35 | | | | | | 0.26 | | | | | | 0.18 | | | | | | 0.15 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.56) | | | | | | 4.40 | | | | | | (1.32) | | | | | | 3.21 | | | | | | 1.76 | | | | | | 0.07 | | |
Total Operations | | | | $ | (0.43) | | | | | $ | 4.77 | | | | | $ | (0.97) | | | | | $ | 3.47 | | | | | $ | 1.94 | | | | | $ | 0.22 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.13) | | | | | | (0.38) | | | | | | (0.35) | | | | | | (0.26) | | | | | | (0.21) | | | | | | (0.17) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00) | | |
Net Realized Capital Gains | | | | | — | | | | | | (1.63) | | | | | | (0.74) | | | | | | (3.22) | | | | | | (0.62) | | | | | | (0.70) | | |
Total Distributions | | | | $ | (0.13) | | | | | $ | (2.01) | | | | | $ | (1.09) | | | | | $ | (3.48) | | | | | $ | (0.83) | | | | | $ | (0.87) | | |
Net Asset Value, end of year | | | | $ | 16.41 | | | | | $ | 16.97 | | | | | $ | 14.21 | | | | | $ | 16.27 | | | | | $ | 16.28 | | | | | $ | 15.17 | | |
Total Return(b) | | | | | (2.39)%(c) | | | | | | 33.80% | | | | | | (6.06)% | | | | | | 21.39% | | | | | | 12.89% | | | | | | 1.34% | | |
Net Assets, end of year (millions) | | | | $ | 206.63 | | | | | $ | 183.93 | | | | | $ | 125.93 | | | | | $ | 137.98 | | | | | $ | 110.18 | | | | | $ | 97.95 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.30%(d) | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.71%(d) | | | | | | 2.21% | | | | | | 2.00% | | | | | | 1.45% | | | | | | 1.16% | | | | | | 0.91% | | |
Portfolio Turnover Rate | | | | | 79.87%(c) | | | | | | 46.04% | | | | | | 73.00% | | | | | | 40.40% | | | | | | 65.13% | | | | | | 57.75% | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
Description | | | Gross amounts of Recognized Assets | | | Gross Amounts Offset in the Statement of Assets & Liabilities | | | Net Amounts Presented in the Statement of Assets & Liabilities | | | Gross Amounts Not Offset in the Statement of Assets & Liabilities | | | Net Amount | | |||||||||||||||||||||
| Financial Instruments | | | Cash Collateral Pledged / Received | | ||||||||||||||||||||||||||||||||
Futures Contracts | | | | $ | 2,809,250 | | | | | $ | — | | | | | $ | 2,809,250 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,809,250* | | |
Total | | | | $ | 2,809,250 | | | | | $ | — | | | | | $ | 2,809,250 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,809,250* | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
| | | Short Duration | | | Intermediate | | | Core | | | Enhanced Return | | ||||||||||||
Cost of Portfolio Investments | | | | | 173,615,495 | | | | | | 156,472,158 | | | | | | 345,772,418 | | | | | | 200,465,212 | | |
Gross unrealized appreciation | | | | | 4,929,548 | | | | | | 11,054,757 | | | | | | 26,460,362 | | | | | | 2,040,884 | | |
Gross unrealized depreciation | | | | | (3,059) | | | | | | (4,979) | | | | | | (40,952) | | | | | | (1,956,308) | | |
Net unrealized appreciation | | | | | 4,926,489 | | | | | | 11,049,778 | | | | | | 26,419,410 | | | | | | 84,576 | | |
ndistributed ordinary income | | | | | 7,917 | | | | | | 53,570 | | | | | | 50,339 | | | | | | 4,326,461 | | |
Other accumulated gains/(losses) | | | | | (467,808) | | | | | | 1,040,972 | | | | | | 4,439,632 | | | | | | (4,465,857) | | |
Accumulated Earnings | | | | | 4,466,598 | | | | | | 12,144,320 | | | | | | 30,909,381 | | | | | | (54,820) | | |
| | | Long-term | | | Short-term | | | Total | | |||||||||
Short Duration | | | | $ | 427,040 | | | | | $ | 163,678 | | | | | $ | 590,718 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
| | | Paid in Capital | | | Accumulated Earnings | | ||||||
Short Duration Bond Fund | | | | $ | (4,110) | | | | | $ | 4,110 | | |
| | | | | | | | | Ordinary Income | | | Net Realized Long-Term Capital Gain | | | Total Taxable Distributions Paid | | |||||||||
Short Duration Bond Fund | | | | | 2018 | | | | | $ | 3,259,840 | | | | | $ | — | | | | | $ | 3,259,840 | | |
| | | | | 2019 | | | | | | 3,832,558 | | | | | | — | | | | | | 3,832,558 | | |
Intermediate Bond Fund | | | | | 2018 | | | | | | 3,637,579 | | | | | | 3,563 | | | | | | 3,641,142 | | |
| | | | | 2019 | | | | | | 4,119,898 | | | | | | — | | | | | | 4,119,898 | | |
Core Bond Fund | | | | | 2018 | | | | | | 5,821,958 | | | | | | 7,411 | | | | | | 5,829,369 | | |
| | | | | 2019 | | | | | | 6,805,209 | | | | | | 198,681 | | | | | | 7,003,890 | | |
Enhanced Return Fund | | | | | 2018 | | | | | | 5,441,277 | | | | | | 3,689,948 | | | | | | 9,131,225 | | |
| | | | | 2019 | | | | | | 10,075,564 | | | | | | 9,517,837 | | | | | | 19,593,401 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
Short Duration Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 88,901,970 | | | | | $ | — | | | | | $ | 88,901,970 | | |
Certificates of Deposit | | | | | — | | | | | | 274,882 | | | | | | — | | | | | | 274,882 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 14,195,928 | | | | | | — | | | | | | 14,195,928 | | |
U.S. Agency Obligations | | | | | — | | | | | | 21,765,836 | | | | | | — | | | | | | 21,765,836 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 30,574,500 | | | | | | — | | | | | | 30,574,500 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 11,788,412 | | | | | | — | | | | | | 11,788,412 | | |
Cash Equivalents | | | | | 11,040,457 | | | | | | — | | | | | | — | | | | | | 11,040,457 | | |
Total | | | | $ | 11,040,457 | | | | | $ | 167,501,528 | | | | | $ | — | | | | | $ | 178,541,985 | | |
|
Intermediate Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 82,013,427 | | | | | | — | | | | | $ | 82,013,427 | | |
Certificates of Deposit | | | | | — | | | | | | 274,882 | | | | | | — | | | | | | 274,882 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 51,426,016 | | | | | | — | | | | | | 51,426,016 | | |
U.S. Agency Obligations | | | | | — | | | | | | 9,073,179 | | | | | | — | | | | | | 9,073,179 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 17,336,941 | | | | | | — | | | | | | 17,336,941 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 3,934,915 | | | | | | — | | | | | | 3,934,915 | | |
Preferred Stocks | | | | | 1,525,398 | | | | | | — | | | | | | — | | | | | | 1,525,398 | | |
Cash Equivalents | | | | | 1,939,815 | | | | | | — | | | | | | — | | | | | | 1,939,815 | | |
Total | | | | $ | 3,465,213 | | | | | $ | 164,059,360 | | | | | $ | — | | | | | $ | 167,524,573 | | |
|
Core Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 183,923,106 | | | | | $ | — | | | | | $ | 183,923,106 | | |
Certificates of Deposit | | | | | — | | | | | | 274,882 | | | | | | — | | | | | | 274,882 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 80,772,434 | | | | | | — | | | | | | 80,772,434 | | |
U.S. Agency Obligations | | | | | — | | | | | | 9,831,737 | | | | | | — | | | | | | 9,831,737 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 72,283,066 | | | | | | — | | | | | | 72,283,066 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 7,661,638 | | | | | | — | | | | | | 7,661,638 | | |
Preferred Stocks | | | | | 2,114,010 | | | | | | — | | | | | | — | | | | | | 2,114,010 | | |
Cash Equivalents | | | | | 15,330,955 | | | | | | — | | | | | | — | | | | | | 15,330,955 | | |
Total | | | | $ | 17,444,965 | | | | | $ | 354,746,863 | | | | | $ | — | | | | | $ | 372,191,828 | | |
|
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
Enhanced Return Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 84,273,854 | | | | | $ | — | | | | | $ | 84,273,854 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 35,845,897 | | | | | | — | | | | | | 35,845,897 | | |
U.S. Agency Obligations | | | | | — | | | | | | 26,924,008 | | | | | | — | | | | | | 26,924,008 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 33,718,569 | | | | | | — | | | | | | 33,718,569 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 6,673,302 | | | | | | — | | | | | | 6,673,302 | | |
Cash Equivalents | | | | | 16,406,100 | | | | | | — | | | | | | — | | | | | | 16,406,100 | | |
Sub-Total | | | | $ | 16,406,100 | | | | | $ | 187,435,630 | | | | | $ | — | | | | | $ | 203,841,730 | | |
Other Financial Instruments** | | | | | 257,979 | | | | | | — | | | | | | — | | | | | | 257,979 | | |
Total | | | | $ | 16,664,079 | | | | | $ | 187,435,630 | | | | | $ | — | | | | | $ | 204,099,709 | | |
Fund | | | Fee | | | Fee Waiver | | | Effective Fee Ratio | | | Management Fee After Waiver | | | Contractual Waiver | | | Payable | | ||||||||||||||||||
Short Duration Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | $ | 212,074 | | | | | $ | 42,416 | | | | | $ | 35,288 | | |
Intermediate Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 197,971 | | | | | | 39,596 | | | | | | 33,710 | | |
Core Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 383,728 | | | | | | 76,846 | | | | | | 70,987 | | |
Enhanced Return Fund | | | | | 0.35% | | | | | | — | | | | | | 0.25% | | | | | | 339,794 | | | | | | — | | | | | | 56,809 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
| Short Duration Bond Fund (Class I Shares): | | | | | | | |
| Covenant Trust Company | | | | | 41.05% | | |
| Client accounts held by National Financial Services | | | | | 29.55% | | |
| Short Duration Bond Fund (Class F Shares): | | | | | | | |
| Client accounts held by the Advisor | | | | | 100% | | |
| Intermediate Bond Fund (Class I Shares): | | | | | | | |
| Covenant Trust Company | | | | | 47.71% | | |
| Client accounts held by National Financial Services | | | | | 28.45% | | |
| Intermediate Bond Fund (Class F Shares): | | | | | | | |
| Client accounts held by the Advisor | | | | | 100% | | |
| Core Bond Fund (Class I Shares): | | | | | | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 32.73% | | |
| Core Bond Fund (Class F Shares): | | | | | | | |
| Client accounts held by LPL Financial Services | | | | | 98.58% | | |
| Enhanced Return Fund: | | | | | | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 85.76% | | |
| | | Investment Securities Other Than Short Term Investments and U.S. Government Obligations | | | U.S. Government Obligations | | ||||||||||||||||||
Fund | | | Purchases | | | Sales | | | Purchases | | | Sales | | ||||||||||||
Short Duration Bond Fund | | | | $ | 44,085,869 | | | | | $ | 44,085,869 | | | | | $ | 14,224,568 | | | | | $ | 14,224,568 | | |
Intermediate Bond Fund | | | | | 23,681,087 | | | | | | 20,331,823 | | | | | | 19,047,598 | | | | | | 14,125,578 | | |
Core Bond Fund | | | | | 86,190,577 | | | | | | 25,361,170 | | | | | | 58,704,249 | | | | | | 39,825,159 | | |
Enhanced Return Fund | | | | | 80,124,570 | | | | | | 82,845,130 | | | | | | 46,920,874 | | | | | | 41,761,003 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
| | | Short Duration Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares* | | ||||||||||||||||||
| | | Six months ended 6/30/2020 | | | Year ended 12/31/2019 | | | Six months ended 6/30/2020 | | | Year ended 12/31/2019 | | ||||||||||||
Issued | | | | | 3,249,661 | | | | | | 3,537,967 | | | | | | 0 | | | | | | 133 | | |
Reinvested | | | | | 36,924 | | | | | | 66,376 | | | | | | 1 | | | | | | 5 | | |
Redeemed | | | | | (2,478,779) | | | | | | (2,298,119) | | | | | | 0 | | | | | | — | | |
Change in shares outstanding | | | | | 807,806 | | | | | | 1,306,224 | | | | | | 1 | | | | | | 138 | | |
Shares outstanding, beginning of period | | | | | 10,899,633 | | | | | | 9,593,409 | | | | | | 206 | | | | | | 68 | | |
Shares outstanding, end of period | | | | | 11,707,440 | | | | | | 10,899,633 | | | | | | 207 | | | | | | 206 | | |
|
| | | Intermediate Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares* | | ||||||||||||||||||
| | | Six months ended 6/30/2020 | | | Year ended 12/31/2019 | | | Six months ended 6/30/2020 | | | Year ended 12/31/2019 | | ||||||||||||
Issued | | | | | 1,566,601 | | | | | | 1,803,085 | | | | | | 0 | | | | | | 128 | | |
Reinvested | | | | | 26,986 | | | | | | 54,471 | | | | | | 2 | | | | | | 5 | | |
Redeemed | | | | | (1,075,001) | | | | | | (1,303,291) | | | | | | 0 | | | | | | 0 | | |
Change in shares outstanding | | | | | 518,586 | | | | | | 554,265 | | | | | | 2 | | | | | | 133 | | |
Shares outstanding, beginning of period | | | | | 9,617,962 | | | | | | 9,063,697 | | | | | | 199 | | | | | | 66 | | |
Shares outstanding, end of period | | | | | 10,136,548 | | | | | | 9,617,962 | | | | | | 201 | | | | | | 199 | | |
|
| | | Core Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares* | | ||||||||||||||||||
| | | Six months ended 6/30/2020 | | | Year ended 12/31/2019 | | | Six months ended 6/30/2020 | | | Year ended 12/31/2019 | | ||||||||||||
Issued | | | | | 7,797,819 | | | | | | 3,582,287 | | | | | | 21,412 | | | | | | 8,841 | | |
Reinvested | | | | | 146,906 | | | | | | 264,562 | | | | | | 119 | | | | | | 50 | | |
Redeemed | | | | | (2,702,644) | | | | | | (1,947,778) | | | | | | (16,455) | | | | | | 0 | | |
Change in shares outstanding | | | | | 5,242,081 | | | | | | 1,899,071 | | | | | | 5,076 | | | | | | 8,891 | | |
Shares outstanding, beginning of period | | | | | 15,920,059 | | | | | | 14,020,988 | | | | | | 8,956 | | | | | | 65 | | |
Shares outstanding, end of period | | | | | 21,162,140 | | | | | | 15,920,059 | | | | | | 14,032 | | | | | | 8,956 | | |
|
| | | Enhanced Return Fund | | |||||||||
| | | Six months ended 6/30/2020 | | | Year ended 12/31/2019 | | ||||||
Issued | | | | | 4,374,611 | | | | | | 1,604,799 | | |
Reinvested | | | | | 108,075 | | | | | | 1,154,935 | | |
Redeemed | | | | | (2,726,883) | | | | | | (784,111) | | |
Change in shares outstanding | | | | | 1,755,803 | | | | | | 1,975,623 | | |
Shares outstanding, beginning of period | | | | | 10,835,894 | | | | | | 8,860,271 | | |
Shares outstanding, end of period | | | | | 12,591,697 | | | | | | 10,835,894 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2020 – Unaudited |
DISCLOSURE OF EXPENSES (Unaudited) | June 30, 2020 – Unaudited |
| | | Beginning Account Value December 31, 2019 | | | Ending Account Value June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 – June 30, 2020 | | |||||||||
Short Duration Bond Fund | | | | | |||||||||||||||
Actual – Class I | | | | $ | 1,000.00 | | | | | $ | 1,021.16 | | | | | $ | 1.25 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.25 | | |
Actual - Class F | | | | $ | 1,000.00 | | | | | $ | 1,023.03 | | | | | $ | 2.01 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.01 | | |
Intermediate Bond Fund | | | | | |||||||||||||||
Actual – Class I | | | | $ | 1,000.00 | | | | | $ | 1,048.19 | | | | | $ | 1.27 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.25 | | |
Actual – Class F | | | | $ | 1,000.00 | | | | | $ | 987.57 | | | | | $ | 1.97 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.01 | | |
Core Bond Fund | | | | | |||||||||||||||
Actual – Class I | | | | $ | 1,000.00 | | | | | $ | 1,073.13 | | | | | $ | 1.29 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.28 | | |
Actual – Class F | | | | $ | 1,000.00 | | | | | $ | 1,075.20 | | | | | $ | 2.06 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.01 | | |
Enhanced Return Fund | | | | | |||||||||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 967.00 | | | | | $ | 1.71 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.06 | | | | | $ | 1.76 | | |
Review and Renewal of Management Agreements | June 30, 2020 – Unaudited |
Review and Renewal of Management Agreements | June 30, 2020 – Unaudited |
ADDITIONAL INFORMATION | June 30, 2020 – Unaudited |
3777 West Fork Road
Cincinnati OH 45247
Name, Address and Age | | | Current Position Held with Trust | | | Year Service Commenced | | | Principal Occupation During Past Five Years | | | Number of Portfolios Overseen | | | Other Directorships Held During the Past Five Years | |
INTERESTED TRUSTEE | | | | | | | ||||||||||
Timothy E. Johnson (78) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Trustee | | | Since 1992 | | | Chairman of Johnson Investment Counsel, Inc., the Trust’s Adviser, and Professor of Finance at the University of Cincinnati | | | 9 | | | None | |
INDEPENDENT TRUSTEES | | | | | | | ||||||||||
Ronald H. McSwain (77) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chairman and Trustee | | | Since 1992 | | | President of McSwain Carpets, Inc. until 2001; partner of P&R Realty, a real estate development partnership since 1984 | | | 9 | | | None | |
John R. Green (77) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Retired from The Procter & Gamble Company, Global Purchases Director, Baby Care | | | 9 | | | None | |
James J. Berrens (54) 3777 West Fork Rd Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Christian Community Health: Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 | | | 9 | | | None | |
Dr. Jeri B. Ricketts (62) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2013 | | | Retired Director of Carl H. Lindner Honors-PLUS Program, University of Cincinnati (2002 – 2018); Associate Professor Emeritus of Accounting, University of Cincinnati since 1986 | | | 9 | | | None | |
Name, Address and Age | | | Current Position Held with Trust | | | Year Service Commenced | | | Principal Occupation During Past Five Years | | | Number of Portfolios Overseen | | | Other Directorships Held During the Past Five Years | |
OFFICERS | | | | | | | ||||||||||
Jason O. Jackman (49) 3777 West Fork Rd. Cincinnati, Ohio 45247 | | | President | | | Since 2013 | | | President and Chief Investment Officer of the Adviser | | | N/A | | | N/A | |
Dale H. Coates (61) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Vice President | | | Since 1992 | | | Vice President and Portfolio Manager for the Trust’s Adviser | | | N/A | | | N/A | |
Marc E. Figgins (56) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chief Financial Officer and Treasurer | | | Since 2002 | | | Director of Fund Services for the Trust’s Adviser | | | NA | | | NA | |
Scott J. Bischoff (54) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chief Compliance Officer | | | Since 2005 | | | Chief Compliance Officer of the Trust’s Adviser | | | NA | | | NA | |
Jennifer J. Kelhoffer (48) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Secretary | | | Since 2007 | | | Fund Administration & Compliance Associate for the Trust’s Adviser | | | NA | | | NA | |
| Ronald H. McSwain | | | Independent Trustee, Chairman | |
| Timothy E. Johnson | | | Interested Trustee | |
| James J. Berrens | | | Independent Trustee | |
| John R. Green | | | Independent Trustee | |
| Jeri B. Ricketts | | | Independent Trustee | |
| Jason Jackman | | | President | |
�� | Dale H. Coates | | | Vice President | |
| Scott J. Bischoff | | | Chief Compliance Officer | |
| Marc E. Figgins | | | Chief Financial Officer, Treasurer | |
| Jennifer J. Kelhoffer | | | Secretary | |
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100 (800) 541-0170
425 Walnut Street
Cincinnati, OH 45202
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
312 Walnut Street, 14th Floor
Cincinnati, Ohio 45202
by the Funds’ prospectus, which illustrates each Fund’s objectives, policies, management fees,
and other information that may be helpful in making an investment decision.
Item 2. Code of Ethics.
Not applicable to semiannual report.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual report.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual report.
Item 5. Audit Committee of Listed Companies.
Not applicable.
Item 6. Schedule of Investments.
Not applicable – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Funds.
Not applicable.
Item 9. Purchases of Equity Securities by Closed End Funds and Affiliated Purchases.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.”
Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of August 20, 2020, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
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Item 12. Exhibits.
(a)(1) Not applicable
(a)(2) Certifications required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a))
(a)(3) Not applicable
(b) Certifications required by Rule 30a-2(b)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Johnson Mutual Funds Trust
By: | /s/ Jason O. Jackman |
Jason O. Jackman, President
Date September 8, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jason O. Jackman |
Jason O. Jackman, President
Date September 8, 2020
By | /s/ Marc E. Figgins |
Marc E. Figgins, Treasurer
Date September 8, 2020
* Print the name and title of each signing officer under his or her signature.
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