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:6/30/21
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.
JOHNSON EQUITY INCOME FUND – JEQIX
JOHNSON OPPORTUNITY FUND – JOPPX
JOHNSON INTERNATIONAL FUND – JINTX
JOHNSON FIXED INCOME FUND – JFINX
JOHNSON MUNICIPAL INCOME FUND – JMUNX
June 30, 2021 – Unaudited
Johnson Mutual Funds Trust
3777 West Fork Road | Cincinnati, Ohio 45247
513.661.3100 | 800.541.0170 | Fax 513.661.4901
WWW.JOHNSONMUTUALFUNDS.COM
| JOHNSON MUTUAL FUNDS | June 30, 2021 – Unaudited |
Table of Contents
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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 2021 |
We are pleased to present you with the Johnson Mutual Funds’ June 30, 2021 Semi-Annual Report to Shareholders. On the following pages, we have provided commentary on the performance of each of the Funds in the first half of 2021 as well as the relative performance compared to an appropriate index.
The remainder of the report provides the holdings of each Johnson Mutual Fund as well as other financial data and notes.
Economic Bounce Back Drives Stocks to New Highs
Stocks rose again in the second quarter as the pandemic dissipated and massive government stimulus continued. There were only a couple of small setbacks to the market’s rise in the quarter, which was notably quiet in terms of volatility. The major indices set multiple new records, supported by healthy earnings reports and robust economic data. Stocks that had been badly hit during the pandemic continued to make up ground as a result of reopening. In general, cyclical value stocks like energy, real estate, and financials have outperformed growth stocks this year, reflecting the unwind from the damage of the lockdowns. Energy and other commodity-related stocks have rebounded as energy and raw material prices have risen.
Bonds fared better in the second quarter after a rough first quarter. As inflation fears crept in earlier this year, bond yields rose, and prices fell. However, yields fell in the second quarter, especially on longer-term corporate bonds. This tightening of the spread between corporate bond yields relative to government bonds reflects investor confidence in the overall state of the economy and corporate profits. It also shows investors have become less anxious about inflation. The Fed has made clear it is watching inflation pressures, and more investors view the issue as temporary.
Economic activity picked up steam as more people were vaccinated and as government restrictions were lifted. That meant lots of money being spent, enabled by higher levels of cash on hand from government assistance through the lockdowns. It became evident that consumers worldwide were anxious to return to normal. Strange market dynamics, including supply chain bottlenecks and shortages, made more headlines as the fallout from the worldwide shutdown last year continued.
Life as Economics 101
The havoc of last year and the first part of this year has created unique dynamics in many industries across the global economy. It seems every day we are all confronted with some price increase, product shortage, or fierce buying competition resulting from the economic disturbances. The phrase “supply and demand” has become more familiar than ever in our conversation.
Housing is the most significant market in which this is playing out. Cash offers above the list price have become the norm in most markets in the U.S. The housing market was already hot prior to the pandemic, but the construction slowdown and supply shortages exacerbated the trend. The premium for new and used cars, even rental cars, has gone up because of a shortage of semiconductor chips. Lumber became the posterchild of the situation as it went from being virtually ignored by most people to a daily topic of conversation. Prices tripled in a matter of months before falling by half in a matter of weeks.
Despite some of these more egregious examples, the economic backdrop is generally positive, and likely set up for healthy growth in the coming year. Beyond the initial snapback from the depths of the lockdown, economists expect demand to continue to be strong, and companies project continued earnings growth.
Inflation: Short-Term or Here to Stay?
The recent price increases brought on by the disruptions has led to concerns about inflation. Short-term inflation is all-too real for most of us, but the extent and duration of it for the longer-term is up for debate. There are many myths about what inflation is, what causes it, and its impact. As always, it’s important to separate the reality from the noise.
This year has been a perfect storm for inflation. In addition to the supply and demand dynamics described above, policymakers have poured trillions of dollars in stimulus into the economy, with prospects for more. However, over the past couple of decades powerful structural forces have weighed heavily on inflation. Demographic trends have been the most significant headwind. Much of the developed world, including the U.S., has experienced subdued population growth. Further, the population that we do have in the U.S. is beginning to age. In addition, debt levels coming out of the financial crisis were
| LETTER FROM THE FUND PRESIDENT: | July 2021 |
extremely elevated. All of this will continue to weigh on inflation after the initial short-term inflationary data begins to subside. The dire predictions about the negative outcomes of inflation are sure to continue, so it will be helpful to focus on these structural forces that are likely to keep a lid on inflation in the years ahead.
Fed Balancing Inflation with Economic Growth
The Fed has made clear it views the current inflation data as “transitory,” and is more concerned with supporting economic activity at this point than it is worried about inflation. To that end, it has implemented various forms of stimulus and allowed its balance sheet to expand significantly. However, instead of being lent out irresponsibly as it was in the Financial Crisis, much of that money has been invested in the financial markets. This is at least part of the explanation for the elevated valuations in everything from investment-grade corporate bonds to large cap stocks. Still, the market will be closely watching for signs of Fed tightening, which has often led to short-term pullbacks in stocks and other asset prices.
Bull Market Rolls On
When inflation is in the headlines, investors frantically search for the portfolio antidote. Usually, it’s already too late by the time the headlines are out. Diversified portfolios built for any environment are the best protection against inflation and any number of other threats to investing success. So instead of focusing on just one risk, our discipline guides us as we build portfolios for the multitude of possibilities that confront our clients, both positive and negative.
In the near term, inflation data and Fed policy could be triggers for corrections in the stock market. Whatever the cause, corrections are sure to come. These tend to be short-lived and are impossible to time consistently. We don’t have to think back any further than 2020 to remember that some of the worst markets result from a surprise no one was expecting. We also understand there are powerful forces that have driven the market higher, most importantly economic growth and growing corporate profits. Both have allowed this bull market and the many before it to provide the growth our clients need to meet their financial goals over time. Coupled with the appropriate amount of bonds and cash, this is the formula for investing success.
We want you to know how much we appreciate the confidence you have placed in us for your investment needs. As always, please feel free to call us at (513) 661-3100 or (800) 541-0170 with your comments or questions. Thank you.
Sincerely,
Jason Jackman, President
| JOHNSON EQUITY INCOME FUND | PERFORMANCE REVIEW – JUNE 30, 2021 UNAUDITED |
Year-to-date through June 30, 2021, the Johnson Equity Income Fund returned 14.55%. The Fund underperformed the S&P 500 Index return of 15.25%.
So far, 2021 has provided above-average equity returns, with corporate earnings growth rebounding strongly as the economic recovery has gained momentum. The strong first half equity returns were led by outperformance from smaller cap, value-oriented stocks in more economically cyclical sectors such as Financials, Industrials, and Energy. However, leadership from these stocks calmed during the second quarter with balanced performance across sectors and with growth-oriented stocks outperforming value-oriented stocks. Consistent across both quarters, the Energy sector along with real assets including Real Estate have seen strong performance, as inflation concerns have increased.
Looking at year-to-date performance for dividend paying stocks, the highest yielding stocks, defined as those in the top 20% of yield, have outperformed the overall market while the remaining 80% have performed similarly in the 14-15% total return range. While we focus on building a portfolio of stocks with an overall dividend yield higher than the market, stocks with the highest absolute yields are not our focus. These high yielding companies often have more cyclical business models, are less profitable, and often are found in industries with challenged fundamentals. Our investment approach is to balance consideration for both dividend yield and dividend growth with an emphasis on sustainable profitability.
In terms of the Fund’s performance, higher allocations to the Financials and Real Estate sectors along with an underweight in the Consumer Discretion sector contributed positively to relative performance. Detractors to returns were an overweight to the Consumer Staples sector and an underweight to the Energy sector. Stock selection was positive in the Health Care, Real Estate, and Consumer Discretion sectors and negative in the Information Technology and Consumer Staples sectors. The strongest performing stocks in the portfolio included Alphabet and Camden Property Trust, as well as several Financials stocks including American Express, Nasdaq, and bank securities, First Horizon National and Bank of America. Each of these stocks had returns greater than 30% in the first half of 2021. New additions to the portfolio included nVent Electric, Dollar General, Adobe, Costco Wholesale, Lowe’s and UnitedHealth Group. The Fund sold positions in Camden Property Trust, Colgate-Palmolive, Home Depot and Alcon.
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Equity Income Fund | | | S&P 500 Index | |
| | Six Months | | | | | 14.55% | | | | | | 15.25% | | |
| | One Year | | | | | 39.11% | | | | | | 40.79% | | |
| | Three Years | | | | | 18.69% | | | | | | 18.67% | | |
| | Five Years | | | | | 17.31% | | | | | | 17.65% | | |
| | Ten Years | | | | | 13.30% | | | | | | 14.84% | | |
Above average dividend income and long-term capital growth is the objective of the Johnson Equity Income Fund, and the primary assets are stocks of large-sized U.S. companies. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Six month returns are not annualized. The average annual total return numbers include changes in the Fund’s or Index’s share price, plus reinvestment of any dividends and capital gains. The Fund’s performance is after all fees and expenses, whereas the Index does not incur fees or expenses. A shareholder cannot invest directly in the S&P 500 Index. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The S&P 500 Index is the established benchmark. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.
| Johnson Opportunity Fund | Performance Review – JUNE 30, 2021 UNAUDITED |
The Johnson Opportunity Fund had a net total return of 18.24% through the first six months of 2021, outperforming the Russell 2500 Index’s 16.97% return. This first half rally extended record highs and had broad participation as every sector had a positive return. Stocks benefitted as the economy reopened more fully from the COVID-19 pandemic (with the support of government stimulus), and many companies are poised to return to pre-pandemic earnings levels in 2021. This helped more cyclical value stocks finally outperform growth stocks, after lagging for much of the previous cycle.
The Fund’s positioning benefitted from this change in market leadership. Unprofitable companies were last year’s market leaders, but fundamentals and valuation have mattered more this year, and the Fund’s performance has benefitted from that shift. While underweight in the top two performing sectors, Energy and Consumer Discretionary, the Fund’s positive security selection was a bigger driver of returns and delivered the outperformance compared to the Index. The high return in the Financials sector was boosted by top performing holdings such as Signature Bank, American Financial Group, First Horizon, and East West Bancorp. Low interest rates have limited growth in the sector, but these companies had unique growth drivers that weren’t just reliant on net interest income for growth. Health Care security selection was additive as well, accomplished mostly by maintaining a quality discipline and avoiding the biotech industry, which consists of many unprofitable companies. The worst performing stocks in the portfolio tended to be companies with lackluster earnings growth, such as Bottomline Technologies and Black Knight, both specialty business software companies whose customers have yet to return to normal spending volumes.
Macroeconomic uncertainties always are an overhang, but low interest rates and economic growth are still the most likely path. Earnings growth naturally slows from its recovery pace as the cycle matures, and any cooling of the economic recovery will reduce the appeal of the more cyclical sectors. This often opens opportunities for a broader group of quality stocks to outperform. Companies with good management teams have seized the opportunity to improve their competitive position during last year’s recession, and we expect the market to reward them as the cycle progresses.
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Opportunity
Fund | | | Russell 2500 Index | |
| | Six Months | | | | | 18.24% | | | | | | 16.97% | | |
| | One Year | | | | | 47.84% | | | | | | 57.79% | | |
| | Three Year | | | | | 11.29% | | | | | | 15.24% | | |
| | Five Years | | | | | 13.28% | | | | | | 16.35% | | |
| | Ten Years | | | | | 10.56% | | | | | | 12.86% | | |
Long-term capital growth is the objective of the Johnson Opportunity Fund, and the primary assets are equity securities of medium sized companies. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund’s or Index’s share price, plus reinvestment of any dividends and capital gains. Six month returns are not annualized. The Fund’s performance is after all fees and expenses, whereas the Index does not incur fees or expenses. A shareholder cannot invest directly in the Russell 2500 Index. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Russell 2500 Index is the established benchmark. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.
| Johnson International Fund | Performance Review – JUNE 30, 2021 UNAUDITED |
The Johnson International Fund had a net total return of 9.34% in the first half of 2021, slightly ahead of the MSCI ACWI ex-US Index’s 9.16% return.
Last year’s pandemic shutdown and economic recession slowed business for many companies, but earnings growth is expected to rebound by nearly 50% in 2021. Stocks of companies with more exposure to this trend of economic improvement tended to perform better in the first six months of this year. The international market was led by the more cyclical sectors, including Energy, Materials, and Industrials. While the Fund had some exposure to these areas, sector allocation was more tilted toward the underperforming defensive sectors, such as Utilities, Health Care, and Communication Services. Despite a more conservative sector positioning, the Fund was able to outperform through effective security selection in seven of the eleven sectors.
Earnings growth for the more cyclical areas of the market are being driven by expectations that global GDP growth will surpass 6% this year — more than double the average pace of growth historically. The Fund had five stocks that captured that improvement well, all increasing by more than 25% in the first half of the year: Cie Financiere Richemont (luxury goods), Publicis Groupe (advertising), Lukoil Pjsc (oil), Magna International (automotive), and Infosys Technologies (consulting). These top performing stocks benefited greatly from the reopening of the global economy.
The Fund was also well positioned to benefit from a shift in country performance. An overweight position in European developed markets was additive and lower relative exposure to a lackluster Chinese stock market helped relative performance too. A weaker dollar clipped international stock returns for US investors, especially in Japanese stocks, which represent the largest country weight in the international stock market. The Fund’s two biggest performance detractors were Japan’s Nitto Denko Corp. and Tokio Marine Holdings.
International stocks have underperformed the U.S. stock market meaningfully for several years. The MSCI ACWI ex-US Index is still below its October 2007 high, whereas the S&P 500 Index is up 2.8 times from that starting point. Much of this can be explained by sector composition, with the U.S.’s higher Technology exposure outrunning the slower growth cyclical mix of most foreign markets. But as the economic expansion progresses and more companies experience sustained improvement, international stocks should stand to benefit from what has become a steeper than normal valuation discount to the U.S. market.
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | International Fund | | | MSCI ACWI ex US Index | |
| | Six Months | | | | | 9.34% | | | | | | 9.16% | | |
| | One Year | | | | | 33.02% | | | | | | 35.72% | | |
| | Three Years | | | | | 8.70% | | | | | | 9.38% | | |
| | Five Years | | | | | 9.45% | | | | | | 11.08% | | |
| | Ten Years | | | | | 4.89% | | | | | | 5.45% | | |
| | Asset Allocation by Country | | | as of June 30, 2021 | |
| | Japan | | | | | 16.59% | | | | Taiwan | | | | | 3.52% | | |
| | UK | | | | | 9.99% | | | | India | | | | | 3.22% | | |
| | Other* | | | | | 9.34% | | | | Australia | | | | | 3.03% | | |
| | Canada | | | | | 8.72% | | | | Mexico | | | | | 2.12% | | |
| | China | | | | | 8.52% | | | | Russia | | | | | 2.02% | | |
| | Switzerland | | | | | 7.98% | | | | South Korea | | | | | 1.83% | | |
| | France | | | | | 7.72% | | | | Brazil | | | | | 1.78% | | |
| | Germany | | | | | 6.44% | | | | Spain | | | | | 1.67% | | |
| | Hong Kong | | | | | 3.94% | | | | Netherlands | | | | | 1.57% | | |
*
Countries in “Other” category include: Belgium, Chile, Denmark, Israel, Italy, Norway, Philippines, South Africa, Singapore, and Sweden.
Long-term capital growth is the objective of the Johnson International Fund, and the primary assets are equity securities of foreign companies traded on U.S. exchanges and ADRs (American Depository Receipts). The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Six month returns are not annualized. The average annual total return numbers include changes in the Fund’s or Index’s share price, plus reinvestment of any dividends and capital gains. The Fund’s performance is after all fees and expenses, whereas neither Index incurs fees nor expenses. A shareholder cannot invest directly in the MSCI ACWI ex US Index. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The MSCI ACWI ex US Index is the primary benchmark. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.
| Johnson Fixed Income Fund | Performance Review – JUNE 30, 2021 UNAUDITED |
The Johnson Fixed Income Fund provided a total return of -1.90% during the first half of 2021, compared to a -1.60% return for the Bloomberg Barclays Capital Aggregate Index.
Bond yields increased sharply during the early part of this year as the economic recovery gained momentum. Widespread vaccinations, economic reopening, and ongoing government stimulus payments fueled investor fear of rising inflation. Despite the solid economic environment, the Federal Reserve (the “Fed”) reiterated its plan to remain patient in its approach to tightening monetary policy. As a result, short term interest rates remained largely unchanged, while longer term interest rates rose significantly. While the Fund’s modestly longer duration relative to its benchmark was a slight headwind during the first part of the year, the Fund’s reduced exposure to longer term interest rates helped soften the impact of rising interest rates.
After beginning the year at low levels, credit spreads continued to consistently tighten throughout the first half of this year. In fact, the Bloomberg Barclays Investment Grade Corporate Bond Index ended June at a spread of just 80 basis points, the lowest level since 2005. Performance across sectors was uneven, however, as low-quality, cyclical sectors outperformed high-quality, more stable industries. Additionally, longer duration corporate bonds outperformed intermediate-duration corporate bonds. While ongoing spread tightening was beneficial to the Fund’s relative performance, the Fund’s focus on high-quality, intermediate-maturity corporates was a modest headwind during the first half of the year. Looking forward, further spread tightening is likely to be somewhat limited by historically tight valuations in the credit market. Despite this limitation, we believe that the Fund’s emphasis on corporate bonds should help provide a modest yield advantage versus the benchmark, which should be beneficial for performance going forward.
While the economy will still likely benefit from the triple tailwinds of vaccinations, reopening, and stimulus, the magnitude to which these factors influence economic growth are all likely to wane over the remainder of the year. Similarly, the pace at which demand has recovered has put upward pressure on consumer prices. Temporary supply chain disruptions have also been important drivers of inflation but are likely to ease throughout the remainder of the year. The Fed has continued to reiterate its patient stance with regard to adjusting monetary policy — reinforcing the idea that robust economic growth and faster inflation may both prove temporary. Instead, they have emphasized full healing in labor markets as an important condition for policy tightening. Despite the Fed’s reluctance to raise interest rates in the near term, they have indicated it may be appropriate to taper asset purchases sometime later this year. As a result, mortgage-backed security (“MBS”) spreads have widened, which has been beneficial for the Fund’s performance as it remains underweight MBS. The Fund’s duration continues to be positioned modestly long relative to its benchmark. Additionally, the Fund’s emphasis on corporate bonds should be beneficial if corporate bond spreads remain relatively tight. We continue to emphasize high-quality bonds in counter-cyclical industries
to limit the Fund’s exposure to spread volatility should the market correct. Finally, the combination of historically low interest rates and tight credit spreads are likely to lead to subdued fixed income returns going forward.
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Fixed
Income Fund | | | Bloomberg
Barclays Capital
Aggregate Index | |
| | Six Months | | | | | -1.90% | | | | | | -1.60% | | |
| | One Year | | | | | -1.12% | | | | | | -0.33% | | |
| | Three Years | | | | | 5.17% | | | | | | 5.34% | | |
| | Five Years | | | | | 2.89% | | | | | | 3.03% | | |
| | Ten Years | | | | | 3.32% | | | | | | 3.39% | | |
A high level of income over the long term consistent with preservation of capital is the objective of the Johnson Fixed Income Fund, and the primary assets are investment-grade fixed income securities. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Six month returns are not annualized. The average annual total return numbers include changes in the Fund’s or Index’s share price, plus reinvestment of any income and capital gains. The Fund’s performance is after all fees and expenses, whereas the Index does not incur fees or expenses. A shareholder cannot invest directly in the Barclays Capital Aggregate Index. The Barclays Capital Aggregate Index is the benchmark. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.
| Johnson Municipal Income Fund | Performance Review – JUNE 30, 2021 UNAUDITED |
The Johnson Municipal Income Fund provided a total return of 0.01% compared to 1.06% for the Bloomberg Barclays Municipal Bond Index during the first half of the year.
After declining throughout 2020, municipal bond yields rose modestly throughout the curve during the first half of 2021. Despite this headwind, income generated by the portfolio pushed total returns into positive territory. Municipal credit spreads tightened from 2020’s levels as investor sentiment surrounding municipal credit health improved on the tailwinds of economic re-openings, vaccinations, and strong tax revenue collections. Municipal bond mutual funds experienced the fastest pace of inflows in history, causing investors to reach for yield in lower quality issuers as supply was unable to keep up with demand for tax-free securities. As a result, the Fund’s focus on higher-quality securities detracted from relative performance during the first half of the year as the lowest quality issuers outperformed.
New municipal bond issuance in the first half of 2021 ended higher than the first half of 2020 and marked the largest first half issuance number in over five years. However, this uptick in supply underwhelmed the market as demand for tax-exempt municipal bonds remains consistent and robust. In the coming months, tax-law reform has the potential to play a significant role in municipal bond mutual fund flows, which can be an important driver of performance and relative valuations. We maintain a high-quality focus as downgrades may continue throughout 2021, and low-quality securities remain expensive relative to prior periods. Although municipal credit health has improved, there remains some uncertainty for lower quality issuers, particularly those that rely on economically sensitive revenue sources. The Fund avoids such securities by maintaining a strict focus on high quality municipal issuers. Over 70% of the Fund is holdings are rated AA or higher. Furthermore, the Fund is diversified by issuer, sector and state with approximately 25% of its assets in states other than Ohio.
While the economy will still likely benefit from the triple tailwinds of vaccinations, reopening, and government stimulus payments, the magnitude to which these factors influence economic growth are all likely to wane over the remainder of the year. The Federal Reserve has continued to reiterate its patient stance with regard to adjusting monetary policy — reinforcing the idea that robust economic growth and faster inflation may both prove temporary. Instead, they have emphasized full healing in labor markets as an important condition for policy tightened. Despite the Fed’s reluctance to raise interest rates in the near term, they have indicated it may be appropriate to taper asset purchases sometime later this year. The Fund’s duration will be closer to neutral versus its benchmark but was lower in recent months given expensive valuations on longer duration municipal securities. Finally, the combination of historically low interest rates and tight credit spreads are likely to lead to subdued fixed income returns going forward.
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Municipal
Income
Fund | | | Bloomberg
Barclays
Municipal Bond
Index | | | Bloomberg
Barclays
Municipal Bond:
5 Year GO Index | |
| | Six Months | | | | | 0.01% | | | | | | 1.06% | | | | | | 0.12% | | |
| | One Year | | | | | 2.05% | | | | | | 4.17% | | | | | | 1.76% | | |
| | Three Years | | | | | 4.09% | | | | | | 5.10% | | | | | | 3.72% | | |
| | Five Years | | | | | 2.41% | | | | | | 3.25% | | | | | | 2.32% | | |
| | Ten Years | | | | | 2.88% | | | | | | 4.28% | | | | | | 2.54% | | |
A high level of federally tax-free income over the long term consistent with preservation of capital is the objective of the Johnson Municipal Income Fund, and the primary assets are intermediate term Ohio municipal bonds. The data on this page is unaudited and represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Six-month returns are not annualized. The average annual total return numbers include changes in the Fund’s or Index’s share price, plus reinvestment of any income and capital gains. The Fund’s performance is after all fees and expenses, whereas the Index does not incur fees or expenses. A shareholder cannot invest directly in the Barclays Capital Municipal Bond Index nor in the Barclays Capital Five Year General Obligation Municipal Bond Index. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Barclays Capital Municipal Bond Index is the primary benchmark, and the Barclays Capital Five Year General Obligation Municipal Bond Index is a supplementary index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.
| EQUITY INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Common Stocks | | | Shares | | | Fair Value | |
| Alphabet Inc. – Class A* | | | | | 4,735 | | | | | $ | 11,561,876 | | |
| Comcast Corp. – Class A | | | | | 177,800 | | | | | | 10,138,156 | | |
| Walt Disney Co.* | | | | | 25,350 | | | | | | 4,455,769 | | |
4.8% – Total For Communication
Services | | | | $ | 26,155,801 | | |
| Lowe’s Companies Inc. | | | | | 57,000 | | | | | | 11,056,290 | | |
| Nike Inc. – Class B | | | | | 41,000 | | | | | | 6,334,090 | | |
| TJX Companies Inc. | | | | | 167,240 | | | | | | 11,275,321 | | |
| VF Corporation | | | | | 136,800 | | | | | | 11,223,072 | | |
7.3% – Total For Consumer
Discretionary | | | | $ | 39,888,773 | | |
| Coca Cola Co. | | | | | 161,320 | | | | | | 8,729,025 | | |
| Costco Wholesale Corp. | | | | | 28,600 | | | | | | 11,316,162 | | |
| Dollar General Corp. | | | | | 82,000 | | | | | | 17,743,980 | | |
| Pepsico Inc. | | | | | 35,200 | | | | | | 5,215,584 | | |
| Procter & Gamble Co. | | | | | 79,690 | | | | | | 10,752,572 | | |
| Unilever PLC ADR | | | | | 281,800 | | | | | | 16,485,300 | | |
| 12.8% – Total For Consumer Staples | | | | $ | 70,242,623 | | |
| Chevron Corp. | | | | | 70,890 | | | | | | 7,425,019 | | |
| 1.3% – Total For Energy | | | | $ | 7,425,019 | | |
| American Express Co. | | | | | 34,165 | | | | | | 5,645,083 | | |
| Axis Capital Holdings Inc. | | | | | 201,750 | | | | | | 9,887,768 | | |
| Bank of America Corp. | | | | | 129,915 | | | | | | 5,356,395 | | |
| First Horizon National Bank | | | | | 977,181 | | | | | | 16,885,688 | | |
| Marsh & McLennan Companies Inc. | | | | | 65,300 | | | | | | 9,186,404 | | |
| Nasdaq Inc. | | | | | 70,000 | | | | | | 12,306,000 | | |
| Willis Towers Watson PLC | | | | | 47,200 | | | | | | 10,856,944 | | |
| 12.7% – Total For Financial Services | | | | $ | 70,124,282 | | |
| Abbott Laboratories | | | | | 97,435 | | | | | | 11,295,640 | | |
| CVS Health Corp. | | | | | 113,025 | | | | | | 9,430,806 | | |
| Danaher Corp. | | | | | 44,043 | | | | | | 11,819,379 | | |
| Medtronic PLC | | | | | 86,500 | | | | | | 10,737,245 | | |
| UnitedHealth Group Inc. | | | | | 26,700 | | | | | | 10,691,748 | | |
| Zimmer Biomet Holdings | | | | | 99,600 | | | | | | 16,017,672 | | |
| Zoetis Inc. | | | | | 57,276 | | | | | | 10,673,955 | | |
| 14.7% – Total For Health Care | | | | $ | 80,666,445 | | |
| Amphenol Corp – Class A | | | | | 227,300 | | | | | | 15,549,593 | | |
| Honeywell International Inc. | | | | | 49,000 | | | | | | 10,748,150 | | |
| Hubbell Inc. | | | | | 62,300 | | | | | | 11,640,132 | | |
| nVent Electric PLC | | | | | 409,000 | | | | | | 12,777,160 | | |
| Paccar Inc. | | | | | 106,040 | | | | | | 9,464,070 | | |
| Waste Management Inc. | | | | | 68,600 | | | | | | 9,611,546 | | |
| 12.7% – Total For Industrials | | | | $ | 69,790,651 | | |
| Carlisle Cos Inc. | | | | | 62,240 | | | | | | 11,911,491 | | |
| PPG Industries, Inc. | | | | | 69,495 | | | | | | 11,798,166 | | |
| 4.3% – Total For Materials | | | | $ | 23,709,657 | | |
| Common Stocks | | | Shares | | | Fair Value | |
| Accenture PLC – Class A | | | | | 37,520 | | | | | $ | 11,060,521 | | |
| Adobe Inc.* | | | | | 33,700 | | | | | | 19,736,068 | | |
| Analog Devices, Inc. | | | | | 108,000 | | | | | | 18,593,280 | | |
| Apple Inc. | | | | | 73,760 | | | | | | 10,102,170 | | |
| Automatic Data Processing Inc. | | | | | 51,850 | | | | | | 10,298,447 | | |
| Fidelity National Information Services Inc. | | | | | 74,600 | | | | | | 10,568,582 | | |
| Mastercard Inc.- Class A | | | | | 27,050 | | | | | | 9,875,684 | | |
| Microsoft Corp. | | | | | 58,360 | | | | | | 15,809,724 | | |
| S&P Global Inc | | | | | 11,240 | | | | | | 4,613,458 | | |
| VISA Inc. – Class A | | | | | 65,500 | | | | | | 15,315,210 | | |
| 22.9% – Total For Technology | | | | $ | 125,973,144 | | |
| American Tower Corp. | | | | | 61,857 | | | | | | 16,710,050 | | |
| 3.0% – Total For Real Estate | | | | $ | 16,710,050 | | |
| Alliant Energy Corp. | | | | | 186,300 | | | | | | 10,388,088 | | |
| 1.9% – Total For Utilities | | | | $ | 10,388,088 | | |
| Total Common Stocks 98.4% | | | | $ | 541,074,533 | | |
| (Identified Cost $362,874,057) | | | | | | | | | | | | | |
| Cash Equivalents | | | | | | | | | | | | | |
| First American Government Obligation Fund, Class Z** | | | | | 8,955,881 | | | | | | 8,955,881 | | |
| Total Cash Equivalents 1.6% | | | | $ | 8,955,881 | | |
| (Identified Cost $8,955,881) | | | | | | | | | | | | | |
| Total Portfolio Value 100.0% | | | | $ | 550,030,414 | | |
| (Identified Cost $371,829,938) | | | | | | | | | | | | | |
| Assets in Excess of Other Liabilities 0.0% | | | | $ | 110,652 | | |
| Total Net Assets 100.0% | | | | $ | 550,141,066 | | |
| |
*
Non-income producing security.
**
Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.02%.
ADR – American Depositary Receipt
PLC – Public Liability Company
The accompanying notes are an integral part of these financial statements.
| OPPORTUNITY FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Common Stocks | | | Shares | | | Fair Value | |
| New York Times | | | | | 34,700 | | | | | $ | 1,511,185 | | |
| 1.3% – Total For Energy | | | | $ | 1,511,185 | | |
| BorgWarner Inc. | | | | | 27,600 | | | | | | 1,339,704 | | |
| Burlington Stores Inc.* | | | | | 3,000 | | | | | | 965,970 | | |
| Kimball International Inc. Class B | | | | | 92,100 | | | | | | 1,211,115 | | |
| Lithia Motors Inc. | | | | | 3,400 | | | | | | 1,168,376 | | |
| LKQ Corp.* | | | | | 38,600 | | | | | | 1,899,892 | | |
| Rocky Brands Inc. | | | | | 22,800 | | | | | | 1,267,680 | | |
| Sleep Number Corp.* | | | | | 12,900 | | | | | | 1,418,355 | | |
| Steven Madden LTD* | | | | | 20,500 | | | | | | 897,080 | | |
| Ulta Beauty Inc.* | | | | | 2,800 | | | | | | 968,156 | | |
9.8% – Total For Consumer
Discretionary | | | | $ | 11,136,328 | | |
| BJs Wholesale Club Holdings Inc.* | | | | | 43,500 | | | | | | 2,069,730 | | |
| Church & Dwight Co. Inc. | | | | | 6,900 | | | | | | 588,018 | | |
| Reynolds Consumer Product | | | | | 26,800 | | | | | | 813,380 | | |
| 3.0% – Total For Consumer Staples | | | | $ | 3,471,128 | | |
| World Fuel Services Corp. | | | | | 37,500 | | | | | | 1,189,875 | | |
| 1.0% – Total For Energy | | | | $ | 1,189,875 | | |
| American Financial Group | | | | | 15,000 | | | | | | 1,870,800 | | |
| Arrow Financial Corp. | | | | | 40,200 | | | | | | 1,445,190 | | |
| Axis Capital Holdings Ltd. | | | | | 17,700 | | | | | | 867,477 | | |
| Diamond Hill Investment Group Inc. | | | | | 4,900 | | | | | | 819,819 | | |
| Everest Re Group Ltd. | | | | | 6,700 | | | | | | 1,688,467 | | |
| Farmers National Banc | | | | | 105,600 | | | | | | 1,637,856 | | |
| First Horizon National Bank | | | | | 115,724 | | | | | | 1,999,711 | | |
| Reinsurance Group of America Inc. | | | | | 11,600 | | | | | | 1,322,400 | | |
| SEI Investments Co. | | | | | 26,700 | | | | | | 1,654,599 | | |
| Signature Bank | | | | | 4,700 | | | | | | 1,154,555 | | |
| Wintrust Financial Corp. | | | | | 26,300 | | | | | | 1,989,069 | | |
| 14.4% – Total For Financial Services | | | | $ | 16,449,943 | | |
| Catalent Inc.* | | | | | 9,000 | | | | | | 973,080 | | |
| Charles River Laboratories International Inc.* | | | | | 6,500 | | | | | | 2,404,480 | | |
| Chemed Corp. | | | | | 3,400 | | | | | | 1,613,300 | | |
| Collegium Pharmaceutical* | | | | | 54,300 | | | | | | 1,283,652 | | |
| Globus Medical Inc.* | | | | | 21,000 | | | | | | 1,628,130 | | |
| Hill-Rom Holdings Inc. | | | | | 13,000 | | | | | | 1,476,670 | | |
| Integra Lifesciences Holding* | | | | | 11,600 | | | | | | 791,584 | | |
| Universal Health Services Inc. – Class B | | | | | 10,200 | | | | | | 1,493,586 | | |
| West Pharmaceutical Services Inc. | | | | | 2,200 | | | | | | 790,020 | | |
| 10.9% – Total For Health Care | | | | $ | 12,454,502 | | |
| AMN Healthcare Services Inc.* | | | | | 15,200 | | | | | | 1,474,096 | | |
| Applied Industrial Technology | | | | | 16,500 | | | | | | 1,502,490 | | |
| Common Stocks | | | Shares | | | Fair Value | |
| Comfort Systems USA Inc. | | | | | 20,800 | | | | | $ | 1,638,832 | | |
| Gorman-Rupp Co. | | | | | 58,587 | | | | | | 2,017,736 | | |
| Hubbell Inc. | | | | | 7,800 | | | | | | 1,457,352 | | |
| Idex Corp. | | | | | 6,900 | | | | | | 1,518,345 | | |
| Installed Building Product* | | | | | 6,100 | | | | | | 746,396 | | |
| Littlefuse Inc. | | | | | 6,900 | | | | | | 1,758,051 | | |
| Nordson Corp. | | | | | 7,800 | | | | | | 1,712,178 | | |
| nVent Electric PLC | | | | | 63,500 | | | | | | 1,983,740 | | |
| Regal Beloit Corp. | | | | | 12,000 | | | | | | 1,602,120 | | |
| Smith (A.O.) Corp. | | | | | 24,200 | | | | | | 1,743,852 | | |
| Snap-On Inc. | | | | | 4,700 | | | | | | 1,050,121 | | |
| Watsco Inc. | | | | | 2,400 | | | | | | 687,936 | | |
| Watts Water Tech Inc. – Class A | | | | | 9,100 | | | | | | 1,327,781 | | |
| 19.5% – Total For Industrials | | | | $ | 22,221,026 | | |
| Avery Dennison Corp. | | | | | 9,700 | | | | | | 2,039,328 | | |
| Avient Corp. | | | | | 26,700 | | | | | | 1,312,572 | | |
| Carlisle Companies Inc. | | | | | 8,900 | | | | | | 1,703,282 | | |
| RPM International Inc. | | | | | 15,600 | | | | | | 1,383,408 | | |
| Sonoco Products Co. | | | | | 25,600 | | | | | | 1,712,640 | | |
| Stepan Co. | | | | | 8,200 | | | | | | 986,214 | | |
| 8.0% – Total For Materials | | | | $ | 9,137,444 | | |
| Amdocs Ltd. | | | | | 9,900 | | | | | | 765,864 | | |
| Black Knight Inc.* | | | | | 18,800 | | | | | | 1,466,024 | | |
| Blackbaud Inc.* | | | | | 12,500 | | | | | | 957,125 | | |
| Bottomline Technologies* | | | | | 24,600 | | | | | | 912,168 | | |
| CACI International Inc.* | | | | | 6,400 | | | | | | 1,632,768 | | |
| Constellation Software | | | | | 600 | | | | | | 910,117 | | |
| Exlservice Holdings, Inc.* | | | | | 10,900 | | | | | | 1,158,234 | | |
| Gartner Inc.* | | | | | 6,100 | | | | | | 1,477,420 | | |
| ICF International Inc. | | | | | 12,000 | | | | | | 1,054,320 | | |
| IPG Photonics Corp.* | | | | | 8,900 | | | | | | 1,875,853 | | |
| Lumentum Holdings Inc.* | | | | | 14,700 | | | | | | 1,205,841 | | |
| Maximus Inc. | | | | | 18,500 | | | | | | 1,627,445 | | |
| On Semiconductor Corp.* | | | | | 37,400 | | | | | | 1,431,672 | | |
| Paylocity Holding Corp.* | | | | | 10,800 | | | | | | 2,060,640 | | |
| PTC Inc.* | | | | | 10,200 | | | | | | 1,440,852 | | |
| Tyler Technologies Inc.* | | | | | 1,700 | | | | | | 769,029 | | |
| Wex Inc.* | | | | | 4,900 | | | | | | 950,110 | | |
| 19.0% – Total For Technology | | | | $ | 21,695,482 | | |
| Americold Realty Trust | | | | | 25,400 | | | | | | 961,390 | | |
| Camden Property Trust | | | | | 6,400 | | | | | | 849,088 | | |
| Coresite Realty Corp. | | | | | 9,600 | | | | | | 1,292,160 | | |
| Equity Lifestyles Prty | | | | | 13,200 | | | | | | 980,892 | | |
| First Industrial Realty | | | | | 30,900 | | | | | | 1,613,907 | | |
| National Retail Properties Inc. | | | | | 13,500 | | | | | | 632,880 | | |
| Stag Industrial Inc. | | | | | 37,400 | | | | | | 1,399,882 | | |
| 6.8% – Total For Real Estate | | | | $ | 7,730,199 | | |
| Atmos Energy Corp. | | | | | 14,500 | | | | | | 1,393,595 | | |
The accompanying notes are an integral part of these financial statements.
| OPPORTUNITY FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Common Stocks | | | Shares | | | Fair Value | |
| Portland General Electric | | | | | 22,100 | | | | | $ | 1,018,368 | | |
| Unitil Corp. | | | | | 28,900 | | | | | | 1,530,833 | | |
| 3.5% – Total For Utilities | | | | $ | 3,942,796 | | |
| Total Common Stocks 97.2% | | | | $ | 110,939,908 | | |
| (Identified Cost $79,407,904) | | | | | | | |
| Cash Equivalents | | | | | | | | | | | | | |
| First American Government Obligation Fund, Class Z** | | | | | 3,248,777 | | | | | | 3,248,777 | | |
| Total Cash Equivalents 2.8% | | | | $ | 3,248,777 | | |
| (Identified Cost $3,248,777) | | | | | | | |
| Total Portfolio Value 100.0% | | | | $ | 114,188,685 | | |
| (Identified Cost $82,656,681) | | | | | | | |
| Other Assets in Excess of Liabilities 0.0% | | | | $ | 5,290 | | |
| Total Net Assets 100.0% | | | | $ | 114,193,975 | | |
| |
*
Non-income producing security.
**
Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.02%.
ADR – American Depositary Receipt
PLC – Public Liability Company
The accompanying notes are an integral part of these financial statements.
| INTERNATIONAL FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Preferred Stocks | | | Shares | | | Fair Value | |
| Itau Unibanco Holding SA ADR | | | | | 11,550 | | | | | $ | 69,415 | | |
| 0.3% – Total For Financial Services | | | | $ | 69,415 | | |
| Total Preferred Stocks 0.3% | | | | $ | 69,415 | | |
| (Identified Cost $63,654) | | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | | |
| Baidu, Inc. ADR* | | | | | 1,700 | | | | | | 346,630 | | |
| Deutsche Telekom AG ADR | | | | | 7,100 | | | | | | 150,946 | | |
| KDDI Corp. ADR | | | | | 22,600 | | | | | | 351,882 | | |
| Orange ADR | | | | | 7,500 | | | | | | 85,800 | | |
| PLDT Inc. ADR | | | | | 3,600 | | | | | | 94,608 | | |
| Publicis Groupe SA ADR | | | | | 23,100 | | | | | | 369,600 | | |
| RTL Group SA ADR* | | | | | 15,000 | | | | | | 86,250 | | |
| SK Telecom Co. Ltd. ADR | | | | | 3,400 | | | | | | 106,794 | | |
| SoftBank Group Corp. ADR | | | | | 3,600 | | | | | | 125,525 | | |
| Telenor ASA ADR | | | | | 9,600 | | | | | | 162,240 | | |
| Tencent Holdings Ltd. ADR | | | | | 5,700 | | | | | | 429,210 | | |
| WPP PLC ADR | | | | | 1,800 | | | | | | 122,022 | | |
| 10.1% – Total For Communications | | | | $ | 2,431,507 | | |
| Adidas AG ADR* | | | | | 600 | | | | | | 112,068 | | |
| Alibaba Group Holdings ADR* | | | | | 1,600 | | | | | | 362,848 | | |
| Bridgestone ADR | | | | | 8,200 | | | | | | 186,140 | | |
| Bunzl PLC ADR | | | | | 7,700 | | | | | | 257,719 | | |
| CIE Financiere Richemont AG ADR | | | | | 22,000 | | | | | | 265,760 | | |
| Daimler AG ADR | | | | | 2,200 | | | | | | 197,780 | | |
| Honda Motor Co. Ltd. ADR | | | | | 5,500 | | | | | | 176,990 | | |
| JD.com Inc. ADR* | | | | | 3,000 | | | | | | 239,430 | | |
| Magna International Inc. | | | | | 5,100 | | | | | | 472,464 | | |
| Toyota Motor Corp. ADR | | | | | 1,100 | | | | | | 192,324 | | |
| 10.2% – Total For Consumer Discretionary | | | | $ | 2,463,523 | | |
| CK Hutchison Holdings LTD ADR | | | | | 16,500 | | | | | | 127,708 | | |
| Danone ADR | | | | | 6,184 | | | | | | 87,008 | | |
| Itochu Corp. ADR | | | | | 3,700 | | | | | | 212,861 | | |
| L’Oreal ADR | | | | | 2,800 | | | | | | 250,299 | | |
| Nestle SA ADR | | | | | 2,800 | | | | | | 349,272 | | |
| Reckitt Benckiser Group PLC ADR | | | | | 5,900 | | | | | | 105,610 | | |
| Shoprite Holdings Ltd. ADR | | | | | 32,100 | | | | | | 347,162 | | |
| Unilever PLC ADR | | | | | 6,600 | | | | | | 386,100 | | |
Wal-Mart De Mexico SAB de CV
ADR | | | | | 12,300 | | | | | | 402,702 | | |
| 9.4% – Total For Consumer Staples | | | | $ | 2,268,722 | | |
| BP PLC ADR | | | | | 2,298 | | | | | | 60,713 | | |
| Equinor ASA ADR | | | | | 4,000 | | | | | | 84,800 | | |
| Gazprom | | | | | 14,000 | | | | | | 106,960 | | |
| Preferred Stocks | | | Shares | | | Fair Value | |
| Lukoil Corp. ADR | | | | | 4,100 | | | | | $ | 377,200 | | |
| Royal Dutch Shell PLC, Class B ADR | | | | | 2,600 | | | | | | 100,958 | | |
| Technip Energies NV ADR | | | | | 2,440 | | | | | | 33,282 | | |
| TotalEnergies SE ADR | | | | | 2,352 | | | | | | 106,452 | | |
| Technip FMC PLC ADR | | | | | 12,200 | | | | | | 110,410 | | |
| Woodside Petroleum ADR | | | | | 5,200 | | | | | | 87,204 | | |
| 4.4% – Total For Energy | | | | $ | 1,067,979 | | |
| Admiral Group PLC ADR | | | | | 6,400 | | | | | | 277,969 | | |
| Allianz SE ADR | | | | | 10,700 | | | | | | 267,393 | | |
| Banco Bradesco ADR | | | | | 19,708 | | | | | | 101,102 | | |
| Banco Santander SA ADR | | | | | 37,155 | | | | | | 145,276 | | |
| Bank of Montreal | | | | | 1,240 | | | | | | 127,174 | | |
| Barclays PLC ADR | | | | | 15,000 | | | | | | 144,750 | | |
| BNP Paribas ADR* | | | | | 4,000 | | | | | | 125,280 | | |
| China Construction Bank ADR | | | | | 18,100 | | | | | | 282,903 | | |
| Deutsche Boerse AG ADR | | | | | 7,000 | | | | | | 122,010 | | |
Industrial and Commercial Bank
Of China Ltd. ADR | | | | | 32,600 | | | | | | 381,094 | | |
| KB Financial Group Inc. ADR | | | | | 2,400 | | | | | | 118,320 | | |
| Legal and General Group PLC ADR | | | | | 5,000 | | | | | | 89,850 | | |
| Manulife Financial Corp. | | | | | 7,720 | | | | | | 152,084 | | |
| Mitsubishi UFJ Financial Group Inc. ADR | | | | | 40,000 | | | | | | 216,800 | | |
| Mizuho Financial Group Inc. ADR | | | | | 25,000 | | | | | | 71,250 | | |
| National Australia Bank ADR | | | | | 8,700 | | | | | | 85,913 | | |
| Orix Corp. ADR | | | | | 2,450 | | | | | | 207,417 | | |
| Royal Bank of Canada | | | | | 1,900 | | | | | | 192,489 | | |
| Sumitomo Mitsui Financial Group Inc. ADR | | | | | 67,600 | | | | | | 465,764 | | |
| Tokio Marine Holdings Inc. ADR | | | | | 8,400 | | | | | | 387,177 | | |
| Toronto Dominion Bank | | | | | 2,700 | | | | | | 189,135 | | |
| United Overseas Bank Ltd. ADR | | | | | 4,100 | | | | | | 157,973 | | |
| Westpac Banking Corp. Ltd. ADR | | | | | 7,250 | | | | | | 140,070 | | |
| Zurich Insurance Group Ltd. ADR | | | | | 3,240 | | | | | | 130,410 | | |
| 18.9% – Total For Financial Services | | | | $ | 4,579,603 | | |
| Alcon Inc.* | | | | | 4,696 | | | | | | 329,941 | | |
| Astellas Pharma Inc. ADR | | | | | 17,600 | | | | | | 305,800 | | |
| Bayer AG ADR | | | | | 5,200 | | | | | | 79,248 | | |
| Dr. Reddy’s Laboratories Ltd. ADR | | | | | 3,340 | | | | | | 245,523 | | |
| Novartis AG ADR | | | | | 2,480 | | | | | | 226,275 | | |
| Novo Nordisk AS ADR | | | | | 4,400 | | | | | | 368,588 | | |
| Roche Holdings Ltd. ADR | | | | | 10,500 | | | | | | 493,395 | | |
The accompanying notes are an integral part of these financial statements.
| INTERNATIONAL FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Preferred Stocks | | | Shares | | | Fair Value | |
| Takeda Pharmaceutical Co. ADR | | | | | 9,340 | | | | | $ | 157,192 | | |
| Taro Pharmaceuticals Ltd.* | | | | | 1,400 | | | | | | 100,744 | | |
| 9.5% – Total For Health Care | | | | $ | 2,306,706 | | |
| ABB Ltd. ADR | | | | | 2,900 | | | | | | 98,571 | | |
| Atlas Copco AB ADR | | | | | 5,400 | | | | | | 332,964 | | |
| BAE Systems PLC ADR | | | | | 3,800 | | | | | | 111,226 | | |
| Canadian National Railway Co. | | | | | 1,400 | | | | | | 147,728 | | |
| Compass Group PLC ADR | | | | | 6,500 | | | | | | 139,305 | | |
| Komatsu Ltd. ADR | | | | | 6,300 | | | | | | 156,240 | | |
| Schneider Electric SE ADR | | | | | 13,900 | | | | | | 439,101 | | |
| Sensata Technologies Holding NV* | | | | | 2,200 | | | | | | 127,534 | | |
| Siemens AG ADR | | | | | 1,800 | | | | | | 143,350 | | |
| 7.0% – Total For Industrials | | | | $ | 1,696,019 | | |
| Air Liquide SA ADR | | | | | 4,569 | | | | | | 160,555 | | |
| BASF SE ADR | | | | | 7,400 | | | | | | 146,742 | | |
| BHP Billiton Ltd. ADR | | | | | 2,550 | | | | | | 185,716 | | |
| Cemex ADR | | | | | 15,000 | | | | | | 126,000 | | |
| CIA Siderurcgica NACL ADR | | | | | 13,600 | | | | | | 119,408 | | |
| Newcrest Mining Ltd. ADR | | | | | 10,900 | | | | | | 209,002 | | |
| Nitto Denko Corp. ADR | | | | | 8,800 | | | | | | 327,448 | | |
| Posco ADR | | | | | 2,800 | | | | | | 214,956 | | |
| Rio Tinto PLC ADR | | | | | 1,570 | | | | | | 131,707 | | |
| Vale SA ADR | | | | | 5,400 | | | | | | 123,174 | | |
| 7.2% – Total For Materials | | | | $ | 1,744,708 | | |
| Cap Gemini SA ADR | | | | | 4,000 | | | | | | 153,640 | | |
| ASML Holdings | | | | | 360 | | | | | | 248,702 | | |
| CGI Group Inc.* | | | | | 5,100 | | | | | | 462,060 | | |
| Infosys Ltd. ADR | | | | | 25,400 | | | | | | 538,226 | | |
| Lenovo Group Ltd. ADR | | | | | 20,000 | | | | | | 460,600 | | |
| Open Text Corp. | | | | | 6,400 | | | | | | 325,120 | | |
| Relx PLC ADR | | | | | 4,200 | | | | | | 112,014 | | |
| SAP SE ADR | | | | | 2,200 | | | | | | 309,012 | | |
| Sony Group Corp. ADR | | | | | 3,800 | | | | | | 369,436 | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | | | 3,600 | | | | | | 432,576 | | |
| United Microelectronics ADR | | | | | 44,930 | | | | | | 424,589 | | |
| 15.9% – Total For Technology | | | | $ | 3,835,975 | | |
| Sun Hung Kai Properties Ltd. ADR | | | | | 22,400 | | | | | | 334,880 | | |
| 1.4% – Total For Real Estate | | | | $ | 334,880 | | |
| Enel SpA ADR | | | | | 21,100 | | | | | | 195,597 | | |
| Enersis SA ADR | | | | | 41,800 | | | | | | 301,796 | | |
| Iberdrola SA ADR | | | | | 5,000 | | | | | | 244,275 | | |
| National Grid PLC ADR | | | | | 1,629 | | | | | | 104,158 | | |
| SSE PLC ADR | | | | | 4,000 | | | | | | 83,120 | | |
| 3.8% – Total For Utilities | | | | $ | 928,946 | | |
| Preferred Stocks | | | Shares | | | Fair Value | |
| Total Common Stocks 97.8% | | | | $ | 23,658,568 | | |
| (Identified Cost $16,563,863) | | | | | | | |
| Cash Equivalents | | | | | | | | | | | | | |
| First American Government Obligation Fund, Class Z** | | | | | 335,936 | | | | | | 335,936 | | |
| Total Cash Equivalents 1.4% | | | | $ | 335,936 | | |
| (Identified Cost $335,936) | | | | | | | | | | | | | |
| Total Portfolio Value 99.5% | | | | $ | 24,063,919 | | |
| (Identified Cost $16,963,453) | | | | | | | | | | | | | |
| Other Assets in Excess of Liabilities 0.5% | | | | $ | 113,171 | | |
| Total Net Assets 100.0% | | | | $ | 24,177,090 | | |
| |
*
Non-income producing security.
**
Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.02%.
ADR – American Depositary Receipt
PLC – Public Liability Company
The accompanying notes are an integral part of these financial statements.
| FIXED INCOME FUND | Portfolio of Investments as of June 30, 2021 – 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 | | | | | $ | 2,563,089 | | |
| American Express Co. | | | | | 3.000% | | | | | ��� | 10/30/2024 | | | | | | 12,700,000 | | | | | | 13,623,243 | | |
| AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 3,320,000 | | | | | | 3,565,200 | | |
| AON PLC | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 5,846,000 | | | | | | 6,584,230 | | |
| AON PLC | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 4,330,000 | | | | | | 4,640,030 | | |
| Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 20,000,000 | | | | | | 21,685,393 | | |
| BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 6,775,000 | | | | | | 7,287,400 | | |
| BB&T Corp. | | | | | 3.950% | | | | | | 03/22/2022 | | | | | | 3,054,000 | | | | | | 3,125,392 | | |
| Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 10,999,000 | | | | | | 11,920,225 | | |
| Huntington Bancshares | | | | | 2.550% | | | | | | 02/04/2030 | | | | | | 5,628,000 | | | | | | 5,863,164 | | |
| Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 11,530,000 | | | | | | 12,177,530 | | |
| JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 5,500,000 | | | | | | 6,018,268 | | |
| JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 10,060,000 | | | | | | 10,968,340 | | |
| JP Morgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 4,500,000 | | | | | | 5,334,559 | | |
| Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 6,430,000 | | | | | | 6,735,190 | | |
| Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 7,300,000 | | | | | | 8,431,966 | | |
| Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 12,737,000 | | | | | | 14,942,823 | | |
| Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 14,154,000 | | | | | | 15,443,305 | | |
| Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 3,500,000 | | | | | | 3,898,414 | | |
| MUFG Americas Holdings Corp. | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 6,949,000 | | | | | | 7,397,901 | | |
| MUFG Americas Holdings Corp. | | | | | 3.500% | | | | | | 06/18/2022 | | | | | | 7,659,000 | | | | | | 7,895,999 | | |
| PNC Financial Services | | | | | 3.450% | | | | | | 04/23/2029 | | | | | | 2,500,000 | | | | | | 2,795,119 | | |
| PNC Financial Services | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 9,991,000 | | | | | | 10,849,167 | | |
| Suntrust Banks Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 8,000,000 | | | | | | 8,897,800 | | |
| Truist Bank | | | | | 2.250% | | | | | | 03/11/2030 | | | | | | 5,116,000 | | | | | | 5,192,616 | | |
| US Bancorp | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 9,780,000 | | | | | | 10,601,940 | | |
| US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 7,000,000 | | | | | | 7,612,508 | | |
| Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 9,500,000 | | | | | | 10,673,800 | | |
| Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 7,600,000 | | | | | | 8,670,025 | | |
| 24.5% – Total For Corporate Bonds: Bank and Financial | | | | $ | 245,394,636 | | |
| CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 14,898,000 | | | | | | 17,129,682 | | |
| Coca-Cola Co. | | | | | 3.450% | | | | | | 03/25/2030 | | | | | | 1,000,000 | | | | | | 1,127,232 | | |
| Dover Corp. | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 6,045,000 | | | | | | 6,497,998 | | |
| Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 3,802,000 | | | | | | 4,089,062 | | |
| Emerson Electric Co. | | | | | 1.800% | | | | | | 10/15/2027 | | | | | | 14,190,000 | | | | | | 14,549,261 | | |
| Emerson Electric Co. | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 2,850,000 | | | | | | 2,885,486 | | |
| Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 8,606,000 | | | | | | 9,176,022 | | |
| Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 6,430,000 | | | | | | 7,115,837 | | |
| Kroger Co. Senior | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 10,850,000 | | | | | | 11,916,267 | | |
| Kroger Co. Senior | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 595,000 | | | | | | 640,491 | | |
| McDonald’s Corp. | | | | | 2.125% | | | | | | 03/01/2030 | | | | | | 6,500,000 | | | | | | 6,578,042 | | |
| McDonald’s Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 11,000,000 | | | | | | 12,381,902 | | |
| Nike Inc. | | | | | 3.250% | | | | | | 03/27/2040 | | | | | | 8,830,000 | | | | | | 9,703,321 | | |
| Pepsico Inc. | | | | | 2.850% | | | | | | 02/24/2026 | | | | | | 4,590,000 | | | | | | 4,957,291 | | |
| Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 6,779,000 | | | | | | 7,357,935 | | |
| Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 2,621,000 | | | | | | 2,654,413 | | |
| Starbucks Corp. | | | | | 3.550% | | | | | | 08/15/2029 | | | | | | 15,000,000 | | | | | | 16,776,885 | | |
| Verizon Communication Inc. | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 16,390,000 | | | | | | 18,789,064 | | |
| Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 5,000,000 | | | | | | 5,292,093 | | |
| Walt Disney Co. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 17,000,000 | | | | | | 19,433,817 | | |
| 17.9% – Total For Corporate Bonds: Industrial | | | | $ | 179,052,101 | | |
| Berkshire Hathaway Energy Co. | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 2,000,000 | | | | | | 2,199,784 | | |
| Berkshire Hathaway Energy Co. | | | | | 3.500% | | | | | | 02/01/2025 | | | | | | 1,500,000 | | | | | | 1,620,670 | | |
| Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 9,574,000 | | | | | | 10,238,982 | | |
| Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 10,000,000 | | | | | | 10,107,353 | | |
The accompanying notes are an integral part of these financial statements.
| FIXED INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 6,000,000 | | | | | $ | 6,334,343 | | |
| Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 2,056,000 | | | | | | 2,243,309 | | |
| Enterprise Products | | | | | 4.150% | | | | | | 10/16/2028 | | | | | | 11,617,000 | | | | | | 13,362,105 | | |
| Eversource Energy | | | | | 1.650% | | | | | | 08/15/2030 | | | | | | 232,000 | | | | | | 222,289 | | |
| Eversource Energy | | | | | 3.300% | | | | | | 01/15/2028 | | | | | | 6,440,000 | | | | | | 7,059,020 | | |
| Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 9,289,000 | | | | | | 10,811,424 | | |
| Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 260,000 | | | | | | 270,585 | | |
| Georgia Power Co. | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 14,850,000 | | | | | | 15,586,554 | | |
| Interstate Power & Light Co. | | | | | 2.300% | | | | | | 06/01/2030 | | | | | | 2,920,000 | | | | | | 2,961,658 | | |
| Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,000,000 | | | | | | 1,081,955 | | |
| Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 13,090,000 | | | | | | 15,013,557 | | |
| National Rural Utilities Collateral Trust | | | | | 3.400% | | | | | | 11/15/2023 | | | | | | 2,825,000 | | | | | | 2,999,577 | | |
| National Rural Utilities Collateral Trust | | | | | 3.700% | | | | | | 03/15/2029 | | | | | | 5,800,000 | | | | | | 6,475,724 | | |
| Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 2,018,000 | | | | | | 2,087,692 | | |
| Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 3,170,000 | | | | | | 3,194,428 | | |
| Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 2,550,000 | | | | | | 2,759,779 | | |
| Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 02/15/2024 | | | | | | 3,590,000 | | | | | | 3,822,502 | | |
| Virginia Electric & Power Co. | | | | | 3.500% | | | | | | 03/15/2027 | | | | | | 2,845,000 | | | | | | 3,159,915 | | |
| Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 12,201,000 | | | | | | 13,154,781 | | |
| Xcel Energy Inc. | | | | | 3.400% | | | | | | 06/01/2030 | | | | | | 3,750,000 | | | | | | 4,114,603 | | |
| Xcel Energy Inc. | | | | | 4.000% | | | | | | 06/15/2028 | | | | | | 4,153,000 | | | | | | 4,730,450 | | |
| 14.5% – Total For Corporate Bonds: Utilities | | | | $ | 145,613,039 | | |
| 56.9% Total Corporate Bonds | | | | $ | 570,059,776 | | |
| Certificates of Deposit | | | | | | | | | | | | | | |
| Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 268,066 | | |
| 0.0% – Total For Certificates of Deposit | | | | $ | 268,066 | | |
| United States Government Treasury Obligations | | | | | | | | | | | | | | |
| Treasury Bond | | | | | 2.000% | | | | | | 02/15/2050 | | | | | | 26,250,000 | | | | | | 25,803,955 | | |
| Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 33,000,000 | | | | | | 34,424,414 | | |
| Treasury Bond | | | | | 2.500% | | | | | | 02/15/2045 | | | | | | 20,500,000 | | | | | | 22,195,254 | | |
| Treasury Bond | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 23,500,000 | | | | | | 25,474,551 | | |
| Treasury Note | | | | | 1.500% | | | | | | 11/30/2024 | | | | | | 2,000,000 | | | | | | 2,063,906 | | |
| Treasury Note | | | | | 1.625% | | | | | | 05/15/2026 | | | | | | 5,000,000 | | | | | | 5,184,570 | | |
| Treasury Note | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 38,500,000 | | | | | | 43,808,789 | | |
| Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 35,500,000 | | | | | | 40,187,109 | | |
| 19.9% – Total For United States Government Treasury Obligations | | | | $ | 199,142,548 | | |
| United States Government Agency Obligations | | | | | | | | | | | | | | |
| FHLB Debenture | | | | | 2.875% | | | | | | 09/13/2024 | | | | | | 3,450,000 | | | | | | 3,706,681 | | |
| FHLB Debenture | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 21,750,000 | | | | | | 24,724,935 | | |
| 2.8% – Total For United States Government Agency Obligations | | | | $ | 28,431,616 | | |
| United States Government Agency Obligations – Mortgage Backed Securities | | |
| FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | | | | | 3.273% | | | | | | 04/01/2042 | | | | | | 322,084 | | | | | | 334,774 | | |
| FHLMC Pool 780439 (1 year US T-Note Yield Curve + 2.223%)* | | | | | 2.348% | | | | | | 04/01/2033 | | | | | | 21,430 | | | | | | 21,506 | | |
| FHLMC Pool A89335 | | | | | 5.000% | | | | | | 10/01/2039 | | | | | | 90,157 | | | | | | 101,964 | | |
| FHLMC Pool C01005 | | | | | 8.000% | | | | | | 06/01/2030 | | | | | | 707 | | | | | | 835 | | |
| FHLMC Pool G06616 | | | | | 4.500% | | | | | | 12/01/2035 | | | | | | 295,597 | | | | | | 325,409 | | |
| FHLMC Pool G15897 | | | | | 2.500% | | | | | | 09/01/2031 | | | | | | 1,391,960 | | | | | | 1,465,846 | | |
| FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 645,969 | | | | | | 749,375 | | |
| FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 2,823,624 | | | | | | 3,043,609 | | |
| FHLMC Pool G18667 | | | | | 3.500% | | | | | | 11/01/2032 | | | | | | 1,327,273 | | | | | | 1,434,384 | | |
| FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 2,065,627 | | | | | | 2,222,768 | | |
| FHLMC Pool ZA3721 | | | | | 3.000% | | | | | | 06/01/2029 | | | | | | 8,086,207 | | | | | | 8,534,517 | | |
The accompanying notes are an integral part of these financial statements.
| FIXED INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| FHLMC Series 2877 Class AL | | | | | 5.000% | | | | | | 10/15/2024 | | | | | | 72,964 | | | | | $ | 76,058 | | |
| FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 55,779 | | | | | | 59,616 | | |
| FHLMC Series 3109 Class ZN | | | | | 5.500% | | | | | | 02/15/2036 | | | | | | 940,402 | | | | | | 1,073,863 | | |
| FHLMC Series 3592 Class BZ | | | | | 5.000% | | | | | | 10/15/2039 | | | | | | 609,130 | | | | | | 688,338 | | |
| FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 198,561 | | | | | | 210,676 | | |
| FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 44,374 | | | | | | 44,534 | | |
| FHLMC Series 4105 Class PJ | | | | | 3.500% | | | | | | 06/15/2041 | | | | | | 642,827 | | | | | | 681,925 | | |
| FHLMC Series 4180 Class ME | | | | | 2.500% | | | | | | 10/15/2042 | | | | | | 1,333,853 | | | | | | 1,388,987 | | |
| FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 760,976 | | | | | | 791,095 | | |
| FHLMC Series 4517 Class PC | | | | | 2.500% | | | | | | 05/15/2044 | | | | | | 1,317,181 | | | | | | 1,362,689 | | |
| FHLMC Series 4567 Class LA | | | | | 3.000% | | | | | | 08/15/2045 | | | | | | 207,079 | | | | | | 215,698 | | |
| FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/2045 | | | | | | 1,753,438 | | | | | | 1,838,777 | | |
| FHLMC Series 4646 Class D | | | | | 3.500% | | | | | | 01/15/2042 | | | | | | 41,862 | | | | | | 41,908 | | |
| FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 717,368 | | | | | | 737,243 | | |
| FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 748,068 | | | | | | 777,637 | | |
| FHLMC Series 4768 Class GA | | | | | 3.500% | | | | | | 09/15/2045 | | | | | | 4,729,311 | | | | | | 4,940,819 | | |
| FHLMC Series 4831 Class BA | | | | | 3.500% | | | | | | 10/15/2044 | | | | | | 1,617,083 | | | | | | 1,668,658 | | |
| FHLMC Series 4906 Class DE | | | | | 2.500% | | | | | | 09/25/2049 | | | | | | 5,888,631 | | | | | | 6,181,936 | | |
| FNMA Pool 109733 | | | | | 3.530% | | | | | | 09/01/2028 | | | | | | 7,275,000 | | | | | | 8,289,964 | | |
| FNMA Pool 725027 | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 212,181 | | | | | | 242,307 | | |
| FNMA Pool 725704 | | | | | 6.000% | | | | | | 08/01/2034 | | | | | | 84,861 | | | | | | 97,757 | | |
| FNMA Pool 888223 | | | | | 5.500% | | | | | | 01/01/2036 | | | | | | 294,335 | | | | | | 341,164 | | |
| FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 204,767 | | | | | | 237,429 | | |
| FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 543,206 | | | | | | 597,199 | | |
| FNMA Pool AL6923 | | | | | 3.000% | | | | | | 05/01/2030 | | | | | | 5,440,726 | | | | | | 5,766,042 | | |
| FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 833,723 | | | | | | 900,677 | | |
| FNMA Pool AL9623 | | | | | 4.000% | | | | | | 12/01/2036 | | | | | | 2,422,737 | | | | | | 2,639,723 | | |
| FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 6,000,000 | | | | | | 6,627,223 | | |
| FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 6,438,000 | | | | | | 7,163,567 | | |
| FNMA Pool AS5794 | | | | | 3.000% | | | | | | 09/01/2030 | | | | | | 1,678,275 | | | | | | 1,777,143 | | |
| FNMA Pool AS6548 | | | | | 2.500% | | | | | | 01/01/2031 | | | | | | 3,727,497 | | | | | | 3,927,055 | | |
| FNMA Pool BD2396 | | | | | 2.500% | | | | | | 12/01/2031 | | | | | | 8,229,097 | | | | | | 8,622,122 | | |
| FNMA Pool BL0359 | | | | | 3.700% | | | | | | 11/01/2028 | | | | | | 10,835,310 | | | | | | 12,411,644 | | |
| FNMA Pool BL0752 | | | | | 3.650% | | | | | | 01/01/2029 | | | | | | 5,000,000 | | | | | | 5,779,472 | | |
| FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 5,000,000 | | | | | | 5,596,136 | | |
| FNMA Pool BL5003 | | | | | 4.000% | | | | | | 03/01/2047 | | | | | | 1,875,439 | | | | | | 2,080,019 | | |
| FNMA Pool BM1971 | | | | | 3.500% | | | | | | 12/01/2035 | | | | | | 2,090,470 | | | | | | 2,241,407 | | |
| FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 509,693 | | | | | | 564,575 | | |
| FNMA Pool MA2773 | | | | | 3.000% | | | | | | 10/01/2036 | | | | | | 5,049,829 | | | | | | 5,327,360 | | |
| FNMA Pool MA3186 | | | | | 4.000% | | | | | | 11/01/2037 | | | | | | 1,966,939 | | | | | | 2,110,608 | | |
| FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 2,797,913 | | | | | | 3,001,582 | | |
| FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 135,972 | | | | | | 140,522 | | |
| FNMA Series 2013-21 Class VA | | | | | 3.000% | | | | | | 07/25/2028 | | | | | | 1,742,324 | | | | | | 1,754,013 | | |
| FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 501,492 | | | | | | 511,370 | | |
| FNMA Series 2013-75 Class EG | | | | | 3.000% | | | | | | 02/25/2043 | | | | | | 369,424 | | | | | | 389,761 | | |
| FNMA Series 2014-04 Class PC | | | | | 3.000% | | | | | | 02/25/2044 | | | | | | 1,611,487 | | | | | | 1,712,963 | | |
| FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 175,742 | | | | | | 186,903 | | |
| FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 2,245,921 | | | | | | 2,308,078 | | |
| FNMA Series 2016-2 Class PB | | | | | 2.000% | | | | | | 02/25/2046 | | | | | | 344,454 | | | | | | 358,615 | | |
| FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 734,112 | | | | | | 767,122 | | |
| FNMA Series 2016-40 Class PA | | | | | 3.000% | | | | | | 07/25/2045 | | | | | | 193,246 | | | | | | 200,552 | | |
| FNMA Series 2016-49 Class PA | | | | | 3.000% | | | | | | 09/25/2045 | | | | | | 1,431,403 | | | | | | 1,503,607 | | |
| FNMA Series 2016-64 Class PG | | | | | 3.000% | | | | | | 05/25/2045 | | | | | | 2,973,094 | | | | | | 3,138,887 | | |
| FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 1,008,750 | | | | | | 1,046,298 | | |
| FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 1,003,231 | | | | | | 1,014,890 | | |
| FNMA Series 2018-25 Class P | | | | | 3.500% | | | | | | 03/25/2046 | | | | | | 3,872,946 | | | | | | 4,075,515 | | |
The accompanying notes are an integral part of these financial statements.
| FIXED INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 3,955,068 | | | | | $ | 4,184,868 | | |
| FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/25/2051 | | | | | | 4,697,491 | | | | | | 4,598,636 | | |
| GNMA II Pool 2658 | | | | | 6.500% | | | | | | 10/20/2028 | | | | | | 9,487 | | | | | | 10,757 | | |
| GNMA II Pool 2945 | | | | | 7.500% | | | | | | 07/20/2030 | | | | | | 1,181 | | | | | | 1,354 | | |
| GNMA II Pool 4187 | | | | | 5.500% | | | | | | 07/20/2038 | | | | | | 9,230 | | | | | | 10,290 | | |
| GNMA II Pool 4847 | | | | | 4.000% | | | | | | 11/20/2025 | | | | | | 108,434 | | | | | | 114,815 | | |
| GNMA Pool 780400 | | | | | 7.000% | | | | | | 12/15/2025 | | | | | | 1,047 | | | | | | 1,151 | | |
| GNMA Pool 780420 | | | | | 7.500% | | | | | | 08/15/2026 | | | | | | 620 | | | | | | 680 | | |
| 15.5% – Total For Government Agency Obligations – Mortgage Backed Securities | | | | $ | 155,389,266 | | |
| Taxable Municipal Bonds | | | | | | | | | | | | | | |
| Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 1,085,000 | | | | | | 1,151,359 | | |
| Kansas Development Finance Authority Revenue | | | | | 3.941% | | | | | | 04/15/2026 | | | | | | 8,000,000 | | | | | | 8,979,622 | | |
| Hamilton County Ohio | | | | | 3.374% | | | | | | 06/01/2034 | | | | | | 5,000,000 | | | | | | 5,288,747 | | |
| Kentucky Property and Buildings Commission Revenue | | | | | 6.164% | | | | | | 08/01/2023 | | | | | | 788,000 | | | | | | 835,865 | | |
| Pennsylvania State University | | | | | 1.893% | | | | | | 09/01/2026 | | | | | | 4,635,000 | | | | | | 4,783,933 | | |
| University of Cincinnati Ohio General Receipts Revenue | | | | | 2.162% | | | | | | 06/01/2025 | | | | | | 2,185,000 | | | | | | 2,294,693 | | |
| University of Washington Revenue | | | | | 5.400% | | | | | | 06/01/2036 | | | | | | 3,000,000 | | | | | | 4,194,898 | | |
| 2.7% – Total For Taxable Municipal Bonds | | | | $ | 27,529,117 | | |
| Total Fixed Income Securities – Bonds 97.8% | | | | $ | 980,820,389 | | |
| (Identified Cost $936,141,637) | | | | | | | | | | | | | | | | | | | �� | | | | | | |
| Preferred Stocks | | |
| Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 264,996 | | | | | | 7,046,244 | | |
| Total Preferred Stocks 0.7% | | | | $ | 7,046,244 | | |
| (Identified Cost $6,491,218) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | |
| First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 9,279,649 | | | | | | 9,279,649 | | |
| Total Cash Equivalents 0.9% | | | | $ | 9,279,649 | | |
| (Identified Cost $9,279,649) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Portfolio Value 99.4% | | | | $ | 997,146,282 | | |
| (Identified Cost $951,912,504) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Assets in Excess of Liabilities 0.6% | | | | $ | 5,540,359 | | |
| Total Net Assets 100% | | | | $ | 1,002,686,641 | | |
| |
*
Variable Rate Security; the rate shown is as of June 30, 2021.
**
Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.02%.
ARM – Adjustable Rate Mortgage
FHLB – Federal Home Loan Banks
FHLMC – Federal Home Loan Mortgage Corp.
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 650,000 | | | | | $ | 743,891 | | |
| Abilene Texas GO Limited | | | | | 5.000% | | | | | | 02/15/2029 | | | | | | 730,000 | | | | | | 940,272 | | |
| Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 395,000 | | | | | | 460,982 | | |
| Akron Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 400,000 | | | | | | 460,751 | | |
| Austin Texas GO Limited | | | | | 5.000% | | | | | | 09/01/2029 | | | | | | 1,000,000 | | | | | | 1,220,049 | | |
| Brecksville Ohio GO Limited | | | | | 1.000% | | | | | | 02/24/2022 | | | | | | 1,000,000 | | | | | | 1,005,436 | | |
| Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 685,000 | | | | | | 813,779 | | |
| Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,178,659 | | |
| Cincinnati Ohio GO Unlimited* | | | | | 5.250% | | | | | | 12/01/2029 | | | | | | 200,000 | | | | | | 237,631 | | |
| Columbus Ohio GO Unlimited | | | | | 4.000% | | | | | | 04/01/2031 | | | | | | 1,000,000 | | | | | | 1,164,772 | | |
| Columbus Ohio GO Unlimited | | | | | 5.000% | | | | | | 04/01/2034 | | | | | | 1,400,000 | | | | | | 1,803,319 | | |
| Dublin Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 575,332 | | |
| Elyria Ohio GO Limited | | | | | 0.750% | | | | | | 06/29/2022 | | | | | | 1,855,000 | | | | | | 1,866,070 | | |
| Fort Worth Texas GO | | | | | 5.000% | | | | | | 03/01/2028 | | | | | | 1,000,000 | | | | | | 1,264,639 | | |
| Gahanna Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2021 | | | | | | 420,000 | | | | | | 426,760 | | |
| Haltom City Texas GO Limited | | | | | 4.000% | | | | | | 08/01/2025 | | | | | | 675,000 | | | | | | 769,277 | | |
| Hurst Texas GO Limited | | | | | 4.000% | | | | | | 08/15/2031 | | | | | | 335,000 | | | | | | 382,422 | | |
| Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 840,000 | | | | | | 985,984 | | |
| Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 300,000 | | | | | | 350,362 | | |
| Newport Kentucky GO Unlimited | | | | | 3.000% | | | | | | 05/01/2023 | | | | | | 205,000 | | | | | | 214,318 | | |
| Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,183,808 | | |
| Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 595,000 | | | | | | 700,099 | | |
| Strongsville Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | | 391,292 | | |
| 7.2% – Total For General Obligation – City | | | | $ | 19,139,904 | | |
| Ashtabula County Ohio GO Limited* | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 500,000 | | | | | | 517,432 | | |
| Bexar County Texas GO Limited | | | | | 4.000% | | | | | | 06/15/2037 | | | | | | 1,360,000 | | | | | | 1,624,580 | | |
| Butler County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 160,000 | | | | | | 185,185 | | |
| Butler County Ohio GO Limited | | | | | 5.250% | | | | | | 12/01/2026 | | | | | | 1,000,000 | | | | | | 1,178,721 | | |
| Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 340,000 | | | | | | 417,788 | | |
| Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 325,000 | | | | | | 418,447 | | |
| Hamilton County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 633,863 | | |
| Knox County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 460,000 | | | | | | 528,611 | | |
| Licking County Ohio GO Limited* | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 240,000 | | | | | | 255,394 | | |
| Licking County Ohio GO Limited | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 315,000 | | | | | | 334,209 | | |
| Lorain County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 795,000 | | | | | | 865,634 | | |
| Lorain County Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 450,000 | | | | | | 502,764 | | |
| Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2028 | | | | | | 1,000,000 | | | | | | 1,143,193 | | |
| Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2029 | | | | | | 605,000 | | | | | | 691,532 | | |
| Ottawa County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2021 | | | | | | 295,000 | | | | | | 299,624 | | |
| Portage County Ohio GO Limited | | | | | 3.000% | | | | | | 12/01/2021 | | | | | | 270,000 | | | | | | 270,617 | | |
| Rowan County Kentucky GO Unlimited (AGM Insured) | | | | | 4.000% | | | | | | 06/01/2024 | | | | | | 390,000 | | | | | | 430,040 | | |
| Summit County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 300,000 | | | | | | 326,676 | | |
| Summit County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 558,287 | | |
| 4.2% – Total For General Obligation – County | | | | $ | 11,182,597 | | |
| Ohio GO Limited | | | | | 3.000% | | | | | | 09/01/2026 | | | | | | 1,385,000 | | | | | | 1,475,798 | | |
| Ohio GO Limited | | | | | 4.000% | | | | | | 03/01/2026 | | | | | | 1,060,000 | | | | | | 1,160,670 | | |
| Ohio GO Unlimited | | | | | 3.000% | | | | | | 03/01/2027 | | | | | | 555,000 | | | | | | 576,863 | | |
| Ohio GO Unlimited | | | | | 5.000% | | | | | | 09/01/2022 | | | | | | 400,000 | | | | | | 422,667 | | |
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2030 | | | | | | 1,335,000 | | | | | $ | 1,787,014 | | |
| Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2034 | | | | | | 1,000,000 | | | | | | 1,297,364 | | |
| Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2035 | | | | | | 1,000,000 | | | | | | 1,295,635 | | |
| Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2039 | | | | | | 2,000,000 | | | | | | 2,563,038 | | |
| Ohio GO Unlimited | | | | | 5.000% | | | | | | 09/15/2029 | | | | | | 1,030,000 | | | | | | 1,358,344 | | |
| Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2024 | | | | | | 410,000 | | | | | | 466,949 | | |
| Pennsylvania GO Unlimited | | | | | 4.000% | | | | | | 01/01/2030 | | | | | | 645,000 | | | | | | 747,424 | | |
| 4.9% – Total For General Obligation – State | | | | $ | 13,151,766 | | |
| Arizona Board of Regents Revenue Arizona State University | | | | | 5.000% | | | | | | 08/01/2028 | | | | | | 815,000 | | | | | | 926,102 | | |
| Arizona Board of Regents Revenue University of Arizona | | | | | 5.000% | | | | | | 06/01/2029 | | | | | | 125,000 | | | | | | 140,401 | | |
| Bowling Green State University Ohio Revenue | | | | | 4.000% | | | | | | 06/01/2045 | | | | | | 2,830,000 | | | | | | 3,275,855 | | |
| Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2024 | | | | | | 405,000 | | | | | | 458,291 | | |
| Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2030 | | | | | | 750,000 | | | | | | 910,476 | | |
| Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2031 | | | | | | 500,000 | | | | | | 605,019 | | |
| Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2032 | | | | | | 500,000 | | | | | | 603,817 | | |
| Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2037 | | | | | | 1,000,000 | | | | | | 1,271,192 | | |
| Butler University Revenue | | | | | 4.000% | | | | | | 02/01/2029 | | | | | | 940,000 | | | | | | 1,126,178 | | |
| Butler University Revenue | | | | | 5.000% | | | | | | 02/01/2032 | | | | | | 1,065,000 | | | | | | 1,406,210 | | |
| Colorado Board of Governors University Enterprise System Revenue | | | | | 5.000% | | | | | | 03/01/2027 | | | | | | 225,000 | | | | | | 278,965 | | |
| Colorado Higher Education Lease Financing Program Certificate of Participation | | | | | 5.000% | | | | | | 11/01/2025 | | | | | | 290,000 | | | | | | 343,595 | | |
| Cuyahoga County Ohio Community College GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 1,275,000 | | | | | | 1,462,162 | | |
| Cuyahoga County Ohio Community College GO Unlimited | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 400,000 | | | | | | 485,530 | | |
| Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2030 | | | | | | 400,000 | | | | | | 512,421 | | |
| Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 325,000 | | | | | | 412,775 | | |
| Kent State University Ohio General Receipt Revenue | | | | | 4.000% | | | | | | 05/01/2022 | | | | | | 255,000 | | | | | | 263,017 | | |
| Kent State University Ohio General Receipt Revenue | | | | | 5.000% | | | | | | 05/01/2028 | | | | | | 710,000 | | | | | | 850,154 | | |
| Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2031 | | | | | | 1,000,000 | | | | | | 1,338,896 | | |
| Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2045 | | | | | | 950,000 | | | | | | 1,195,702 | | |
| Lorain County Ohio Community College District General Receipts Revenue Bond | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 600,000 | | | | | | 688,079 | | |
| Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2022 | | | | | | 450,000 | | | | | | 452,837 | | |
| Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2023 | | | | | | 1,040,000 | | | | | | 1,046,557 | | |
| Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2045 | | | | | | 1,500,000 | | | | | | 1,796,310 | | |
| Miami University Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 09/01/2031 | | | | | | 735,000 | | | | | | 889,217 | | |
| Miami University Ohio Revenue | | | | | 4.000% | | | | | | 09/01/2027 | | | | | | 300,000 | | | | | | 312,076 | | |
| Miami Valley Ohio Career Tech Center GO Unlimited | | | | | 4.000% | | | | | | 12/01/2024 | | | | | | 1,000,000 | | | | | | 1,123,507 | | |
| Morehead State University Kentucky General Receipts Revenue | | | | | 3.000% | | | | | | 11/01/2025 | | | | | | 300,000 | | | | | | 328,525 | | |
| Northern Kentucky University General Receipts Revenue | | | | | 3.000% | | | | | | 09/01/2021 | | | | | | 210,000 | | | | | | 210,925 | | |
| Nothern Kentucky University General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2026 | | | | | | 715,000 | | | | | | 832,140 | | |
| Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 5.000% | | | | | | 12/01/2036 | | | | | | 2,010,000 | | | | | | 2,496,968 | | |
| Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 5.000% | | | | | | 02/01/2035 | | | | | | 1,350,000 | | | | | | 1,731,671 | | |
| Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 4.000% | | | | | | 02/01/2036 | | | | | | 1,050,000 | | | | | | 1,249,281 | | |
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2021 – 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 | | | | | $ | 723,809 | | |
| Ohio Higher Education Facilities Revenue – Xavier University | | | | | 4.500% | | | | | | 05/01/2036 | | | | | | 1,000,000 | | | | | | 1,146,226 | | |
| Ohio State University General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2030 | | | | | | 200,000 | | | | | | 228,837 | | |
| Ohio University General Receipts Revenue Bond | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 110,000 | | | | | | 117,507 | | |
| South Dakota Board of Regents Housing and Auxiliary Facilities System Revenue | | | | | 5.000% | | | | | | 04/01/2026 | | | | | | 315,000 | | | | | | 377,954 | | |
| University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2024 | | | | | | 610,000 | | | | | | 679,843 | | |
| University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2028 | | | | | | 410,000 | | | | | | 470,437 | | |
| University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 650,000 | | | | | | 717,694 | | |
| University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 435,000 | | | | | | 522,417 | | |
| University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2033 | | | | | | 1,000,000 | | | | | | 1,201,531 | | |
| University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2034 | | | | | | 400,000 | | | | | | 501,739 | | |
| University of Akron Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 01/01/2027 | | | | | | 2,050,000 | | | | | | 2,404,869 | | |
| University of Akron Ohio Revenue | | | | | 5.000% | | | | | | 01/01/2027 | | | | | | 350,000 | | | | | | 421,924 | | |
| University of Cincinnati General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2036 | | | | | | 250,000 | | | | | | 271,112 | | |
| University of Cincinnati General Receipts Revenue* | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 330,000 | | | | | | 336,549 | | |
| University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 140,000 | | | | | | 142,702 | | |
| University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2036 | | | | | | 1,250,000 | | | | | | 1,606,949 | | |
| University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2039 | | | | | | 1,250,000 | | | | | | 1,421,148 | | |
| University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2024 | | | | | | 500,000 | | | | | | 563,459 | | |
| University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 885,000 | | | | | | 954,925 | | |
| University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2034 | | | | | | 1,000,000 | | | | | | 1,202,672 | | |
| University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2027 | | | | | | 1,590,000 | | | | | | 1,959,943 | | |
| University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2031 | | | | | | 500,000 | | | | | | 653,743 | | |
| 18.5% – Total For Higher Education | | | | $ | 49,652,840 | | |
| Butler County Ohio Cincinnati Childrens Hospital Medical Center Revenue | | | | | 5.000% | | | | | | 05/15/2030 | | | | | | 1,005,000 | | | | | | 1,324,204 | | |
| Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 4.000% | | | | | | 11/01/2036 | | | | | | 800,000 | | | | | | 912,609 | | |
| Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 500,000 | | | | | | 617,433 | | |
| Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 5.000% | | | | | | 11/01/2048 | | | | | | 3,100,000 | | | | | | 4,828,012 | | |
| Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 4.125% | | | | | | 06/01/2030 | | | | | | 500,000 | | | | | | 513,588 | | |
| Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 5.250% | | | | | | 06/01/2025 | | | | | | 1,000,000 | | | | | | 1,038,379 | | |
| Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 5.250% | | | | | | 06/01/2027 | | | | | | 1,000,000 | | | | | | 1,037,725 | | |
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 05/15/2027 | | | | | | 100,000 | | | | | | 112,452 | | |
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 05/15/2028 | | | | | | 1,715,000 | | | | | | 1,921,762 | | |
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 11/15/2041 | | | | | | 1,205,000 | | | | | | 1,809,548 | | |
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 11/15/2049 | | | | | | 1,300,000 | | | | | | 2,026,789 | | |
| 6.0% – Total For Hospital/Health Bonds | | | | $ | 16,142,501 | | |
| Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 4.000% | | | | | | 12/01/2034 | | | | | | 755,000 | | | | | | 941,153 | | |
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2021 – 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 | | | | | $ | 866,297 | | |
| Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 500,000 | | | | | | 629,468 | | |
| Franklin County Ohio Convention Facilities Authority Revenue* | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 500,000 | | | | | | 534,311 | | |
| Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 450,000 | | | | | | 568,365 | | |
| Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 375,000 | | | | | | 482,375 | | |
| Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2030 | | | | | | 600,000 | | | | | | 767,065 | | |
| Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2032 | | | | | | 505,000 | | | | | | 641,628 | | |
| Hancock County Indiana | | | | | 4.000% | | | | | | 02/15/2022 | | | | | | 765,000 | | | | | | 782,991 | | |
| Hancock County Indiana | | | | | 4.000% | | | | | | 02/15/2023 | | | | | | 795,000 | | | | | | 840,829 | | |
| Ohio Capital Facilities Lease Appropriation Revenue* | | | | | 5.000% | | | | | | 04/01/2022 | | | | | | 425,000 | | | | | | 440,485 | | |
| Ohio Capital Facilities Lease Appropriation Revenue | | | | | 5.000% | | | | | | 04/01/2025 | | | | | | 995,000 | | | | | | 1,164,403 | | |
| Ohio Facilities Construction Commission | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 505,000 | | | | | | 635,941 | | |
| Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 02/01/2023 | | | | | | 300,000 | | | | | | 322,900 | | |
| Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2031 | | | | | | 710,000 | | | | | | 975,171 | | |
| Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2035 | | | | | | 1,160,000 | | | | | | 1,466,939 | | |
| 4.5% – Total For Revenue Bonds – Facility | | | | $ | 12,060,321 | | |
| Anderson Indiana Sewage Works Revenue (AGM Insured) | | | | | 4.000% | | | | | | 11/01/2026 | | | | | | 300,000 | | | | | | 347,652 | | |
| Cincinnati Ohio Water System Revenue | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,169,234 | | |
| Cleveland Ohio Water Revenue | | | | | 5.000% | | | | | | 01/01/2033 | | | | | | 500,000 | | | | | | 652,580 | | |
| Evansville Indiana Waterworks District Revenue (BAM Insured) | | | | | 4.000% | | | | | | 01/01/2029 | | | | | | 400,000 | | | | | | 465,879 | | |
| Evansville Indiana Waterworks District Revenue (BAM Insured)* | | | | | 5.000% | | | | | | 01/01/2022 | | | | | | 300,000 | | | | | | 307,138 | | |
| Hamilton Ohio Sewer System Revenue | | | | | 5.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,315,442 | | |
| Hamilton Ohio Wastewater System Revenue (BAM Insured) | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 930,000 | | | | | | 1,162,117 | | |
| Lafayette Indiana Sewage Works Revenue | | | | | 5.000% | | | | | | 07/01/2022 | | | | | | 150,000 | | | | | | 157,108 | | |
| Lima Ohio Sanitary Sewer Revenue | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 200,000 | | | | | | 212,735 | | |
| Lima Ohio Sewer Revenue | | | | | 3.000% | | | | | | 12/01/2021 | | | | | | 575,000 | | | | | | 581,636 | | |
| Northern Kentucky Water District Revenue | | | | | 5.000% | | | | | | 02/01/2023 | | | | | | 1,000,000 | | | | | | 1,076,000 | | |
| Ohio Water Development Authority Revenue | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 1,110,000 | | | | | | 1,331,392 | | |
| Ohio Water Development Authority Revenue | | | | | 5.250% | | | | | | 12/01/2034 | | | | | | 2,000,000 | | | | | | 2,820,536 | | |
| Owensboro Kentucky Water Revenue (BAM Insured) | | | | | 5.000% | | | | | | 09/15/2025 | | | | | | 485,000 | | | | | | 573,225 | | |
| Springboro Ohio Sewer System Revenue | | | | | 4.000% | | | | | | 06/01/2022 | | | | | | 245,000 | | | | | | 253,682 | | |
| St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 400,000 | | | | | | 455,804 | | |
| Toledo Ohio Water System Revenue | | | | | 5.000% | | | | | | 11/15/2025 | | | | | | 255,000 | | | | | | 298,912 | | |
| Toledo Ohio Waterworks Revenue | | | | | 4.000% | | | | | | 11/15/2022 | | | | | | 365,000 | | | | | | 384,299 | | |
| Toledo Ohio Waterworks Revenue | | | | | 5.000% | | | | | | 11/15/2026 | | | | | | 500,000 | | | | | | 613,614 | | |
| Wise County Virginia Soil & Wastewater | | | | | 1.200% | | | | | | 11/01/2040 | | | | | | 1,000,000 | | | | | | 1,023,177 | | |
| 5.7% – Total For Revenue Bonds – Water & Sewer | | | | $ | 15,202,162 | | |
| Akron Ohio Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 590,344 | | |
| Akron Ohio Income Tax Revenue | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 870,000 | | | | | | 1,027,519 | | |
| Akron Ohio Income Tax Revenue | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 1,100,000 | | | | | | 1,221,428 | | |
| Akron Ohio Income Tax Revenue Community Learning Centers | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 380,000 | | | | | | 395,038 | | |
| Akron Ohio Income Tax Revenue | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 510,000 | | | | | | 634,489 | | |
| Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 4.750% | | | | | | 11/01/2030 | | | | | | 500,000 | | | | | | 592,228 | | |
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 525,000 | | | | | $ | 628,434 | | |
| Cincinnati Ohio Economic Development Revenue U-Square-the-Loop Project* | | | | | 3.500% | | | | | | 11/01/2024 | | | | | | 110,000 | | | | | | 111,228 | | |
Hamilton County Ohio Economic Development King Highland
Community Urban Redevelopment Corp. Revenue | | | | | 5.000% | | | | | | 06/01/2030 | | | | | | 655,000 | | | | | | 759,258 | | |
| Linn County Iowa Certificates of Participation | | | | | 2.000% | | | | | | 06/01/2023 | | | | | | 455,000 | | | | | | 470,499 | | |
| Mobile Alabama Industrial Development Board Pollution Control Revenue | | | | | 2.924% | | | | | | 07/15/2034 | | | | | | 1,025,000 | | | | | | 1,086,669 | | |
| Monroe County Georgia Development Authority Pollution Control Revenue | | | | | 2.050% | | | | | | 07/01/2049 | | | | | | 1,085,000 | | | | | | 1,092,136 | | |
| Ohio Major New State Infrastructure Project Revenue* | | | | | 5.000% | | | | | | 12/15/2022 | | | | | | 250,000 | | | | | | 261,466 | | |
| Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 558,247 | | |
| Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 558,247 | | |
| Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2026 | | | | | | 500,000 | | | | | | 606,800 | | |
| Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2027 | | | | | | 1,060,000 | | | | | | 1,288,149 | | |
| Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2028 | | | | | | 570,000 | | | | | | 690,820 | | |
| Ohio Mental Health Capital Facilities Revenue | | | | | 5.000% | | | | | | 02/01/2025 | | | | | | 1,000,000 | | | | | | 1,163,503 | | |
| Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 510,000 | | | | | | 621,526 | | |
| Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2033 | | | | | | 1,570,000 | | | | | | 2,059,358 | | |
| Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2025 | | | | | | 610,000 | | | | | | 713,855 | | |
| Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2026 | | | | | | 500,000 | | | | | | 603,828 | | |
| Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2023 | | | | | | 1,010,000 | | | | | | 1,095,090 | | |
| Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2029 | | | | | | 665,000 | | | | | | 770,138 | | |
| St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2036 | | | | | | 400,000 | | | | | | 472,636 | | |
| St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2037 | | | | | | 575,000 | | | | | | 677,599 | | |
| St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 400,000 | | | | | | 470,334 | | |
| St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 400,000 | | | | | | 469,242 | | |
| Riversouth Ohio Authority Revenue | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 700,000 | | | | | | 802,249 | | |
| Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 220,000 | | | | | | 244,358 | | |
| Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 435,000 | | | | | | 480,863 | | |
| 8.7% – Total For Other Revenue Bonds | | | | $ | 23,217,578 | | |
| Aldine Texas ISD GO Unlimited | | | | | 4.000% | | | | | | 02/15/2030 | | | | | | 780,000 | | | | | | 872,373 | | |
| Arcanum-Butler Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 675,000 | | | | | | 755,035 | | |
| Arcanum-Butler Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 650,000 | | | | | | 726,684 | | |
| Ashland Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2028 | | | | | | 505,000 | | | | | | 611,770 | | |
| Athens Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 750,000 | | | | | | 892,891 | | |
| Avon Lake Ohio SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 1,000,000 | | | | | | 1,148,210 | | |
| Beachwood Ohio CSD Certificates of Participation | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 435,000 | | | | | | 462,068 | | |
| Bellbrook-Sugarcreek Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 325,000 | | | | | | 372,473 | | |
| Bellfontaine Ohio SCD GO Unlimited (National RE Insured) | | | | | 5.500% | | | | | | 12/01/2026 | | | | | | 615,000 | | | | | | 746,077 | | |
| Berea Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 575,479 | | |
| Bexley Ohio CSD GO Unlimited | | | | | 3.000% | | | | | | 12/01/2023 | | | | | | 500,000 | | | | | | 532,444 | | |
| Big Walnut Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 500,000 | | | | | | 589,119 | | |
| Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2030 | | | | | | 290,000 | | | | | | 347,608 | | |
| Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2031 | | | | | | 150,000 | | | | | | 179,208 | | |
| Bloom-Carroll Ohio LSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 11/01/2029 | | | | | | 325,000 | | | | | | 390,333 | | |
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Blue Mountain Pennsylvania SD GO Limited* | | | | | 4.000% | | | | | | 08/01/2024 | | | | | | 135,000 | | | | | $ | 150,128 | | |
| Blue Mountain Pennsylvania SD GO Limited | | | | | 4.000% | | | | | | 08/01/2024 | | | | | | 365,000 | | | | | | 405,575 | | |
| Boone County Kentucky SD Revenue | | | | | 3.000% | | | | | | 03/01/2026 | | | | | | 1,000,000 | | | | | | 1,101,054 | | |
| Breckinridge County Kentucky SD Finance Corp. | | | | | 5.000% | | | | | | 04/01/2025 | | | | | | 265,000 | | | | | | 307,645 | | |
| Brownsville Indianna CSC Revenue | | | | | 5.000% | | | | | | 01/15/2027 | | | | | | 535,000 | | | | | | 655,084 | | |
| Chagrin Falls Ohio Exempted Village SD GO | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 100,000 | | | | | | 105,456 | | |
| Chillicothe Ohio CSD Special Obligation Revenue | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 130,000 | | | | | | 136,024 | | |
| Chillicothe Ohio SD GO Unlimited (AGM Insured) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | | 443,976 | | |
| China Spring ISD Texas GO Unlimited | | | | | 4.000% | | | | | | 08/15/2027 | | | | | | 890,000 | | | | | | 1,014,911 | | |
| Clark County Kentucky SD Finance Corp. Revenue Bond | | | | | 3.000% | | | | | | 08/01/2022 | | | | | | 115,000 | | | | | | 118,331 | | |
| Cleveland Heights and University Heights Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,165,182 | | |
| Colorado Building Excellent Schools Today Certificates of Participation | | | | | 4.000% | | | | | | 03/15/2030 | | | | | | 1,000,000 | | | | | | 1,185,870 | | |
| Columbus Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | | 461,698 | | |
| Columbus Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 655,000 | | | | | | 690,644 | | |
| Daviess County Kentucky SD GO Unlimited | | | | | 5.000% | | | | | | 06/01/2027 | | | | | | 1,825,000 | | | | | | 2,249,620 | | |
| Dayton Ohio SCD GO Unlimited (SDCP) | | | | | 5.000% | | | | | | 11/01/2025 | | | | | | 1,000,000 | | | | | | 1,184,811 | | |
| Dexter Michigan CSD GO Unlimited | | | | | 4.000% | | | | | | 05/01/2031 | | | | | | 670,000 | | | | | | 780,514 | | |
| Dublin Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2034 | | | | | | 500,000 | | | | | | 599,960 | | |
| Dublin Ohio CSD GO Unlimited* | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 500,000 | | | | | | 545,923 | | |
| Elyria Ohio SCD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,172,130 | | |
| Franklin Indiana Community Multi-School Building Corp. | | | | | 5.000% | | | | | | 01/15/2023 | | | | | | 200,000 | | | | | | 214,393 | | |
| Granville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 510,000 | | | | | | 611,473 | | |
| Greencastle Indiana School Corp Revenue | | | | | 4.000% | | | | | | 07/15/2029 | | | | | | 695,000 | | | | | | 831,026 | | |
| Green County Ohio Vocational SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2035 | | | | | | 1,000,000 | | | | | | 1,178,505 | | |
| Hamilton Indiana Southeastern Schools Corp Revenue | | | | | 4.000% | | | | | | 07/15/2025 | | | | | | 510,000 | | | | | | 579,258 | | |
| Hamilton Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 574,577 | | |
| Hardin County Kentucky SD Finance Corp. Revenue | | | | | 5.000% | | | | | | 05/01/2024 | | | | | | 500,000 | | | | | | 562,535 | | |
| Houston Texas ISD GO Limited | | | | | 5.000% | | | | | | 02/15/2030 | | | | | | 440,000 | | | | | | 524,589 | | |
| Huber Heights Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 775,000 | | | | | | 869,312 | | |
| Hudson Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 800,000 | | | | | | 916,606 | | |
Huntington County Indiana Countryside School Building Corp.
Revenue | | | | | 4.000% | | | | | | 01/15/2028 | | | | | | 1,000,000 | | | | | | 1,176,293 | | |
| Jackson Milton Ohio LSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 06/01/2031 | | | | | | 270,000 | | | | | | 299,381 | | |
| Jefferson County Kentucky SD Finance Corp. | | | | | 5.000% | | | | | | 10/01/2026 | | | | | | 530,000 | | | | | | 643,600 | | |
| Johnstown-Monroe Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 800,000 | | | | | | 934,298 | | |
| Kenton County Kentucky SD Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2028 | | | | | | 400,000 | | | | | | 456,996 | | |
| Kettering Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 400,000 | | | | | | 458,783 | | |
| Kettering Ohio CSD GO Unlimited | | | | | 5.250% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 634,346 | | |
| Lake Ohio LSD of Stark County GO Unlimited* | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 400,000 | | | | | | 421,801 | | |
| Lakota Ohio LSD GO | | | | | 5.250% | | | | | | 12/01/2025 | | | | | | 205,000 | | | | | | 247,127 | | |
| Lakota Ohio LSD GO | | | | | 4.000% | | | | | | 01/15/2026 | | | | | | 400,000 | | | | | | 461,020 | | |
| Lakota Ohio LSD GO Unlimited* | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 275,000 | | | | | | 292,733 | | |
| Lakota Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2021 | | | | | | 350,000 | | | | | | 357,067 | | |
| Lancaster Ohio CSD GO Limited (SDCP)* | | | | | 4.000% | | | | | | 10/01/2027 | | | | | | 1,000,000 | | | | | | 1,119,816 | | |
| Licking Heights Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 10/01/2025 | | | | | | 715,000 | | | | | | 846,595 | | |
| Licking Heights Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 500,000 | | | | | | 624,794 | | |
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Logan Hocking Ohio LSD Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 420,000 | | | | | $ | 477,649 | | |
| Marysville Ohio Exempted Village SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 165,000 | | | | | | 173,968 | | |
| Marysville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 556,348 | | |
| Marysville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 715,000 | | | | | | 762,631 | | |
| Mayfield Ohio CSD Certificates of Participation | | | | | 4.000% | | | | | | 09/01/2032 | | | | | | 280,000 | | | | | | 321,008 | | |
| Menifee County Kentucky SD Financial Corp. Revenue | | | | | 3.000% | | | | | | 08/01/2027 | | | | | | 615,000 | | | | | | 678,519 | | |
| Merrillville Indiana Multi School Building Corp. | | | | | 5.000% | | | | | | 07/15/2026 | | | | | | 1,000,000 | | | | | | 1,212,190 | | |
| Middletown Ohio CSD GO Umlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 585,000 | | | | | | 674,290 | | |
| Milford Ohio Exempt Village SD GO Unlimited (AGM Insured) | | | | | 5.500% | | | | | | 12/01/2030 | | | | | | 1,260,000 | | | | | | 1,641,092 | | |
| Munster Indiana School Building Corp. Revenue (State Intercept) | | | | | 4.000% | | | | | | 01/15/2029 | | | | | | 400,000 | | | | | | 463,323 | | |
| Murray Kentucky ISD Finance Corporation Revenue | | | | | 5.000% | | | | | | 03/01/2025 | | | | | | 810,000 | | | | | | 937,798 | | |
| Newark Ohio CSD GO Unlimited (School District Credit Program) | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 235,000 | | | | | | 263,422 | | |
| North Olmsted Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 593,536 | | |
| Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited* | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 100,000 | | | | | | 111,424 | | |
| Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited* | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 150,000 | | | | | | 167,136 | | |
| Olentangy Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 1,000,000 | | | | | | 1,051,614 | | |
| Orchard Farm Missouri SD Certificate of Participation | | | | | 4.000% | | | | | | 04/01/2029 | | | | | | 550,000 | | | | | | 651,989 | | |
| Orange County Florida School Board Certificates of Participation | | | | | 5.000% | | | | | | 08/01/2032 | | | | | | 500,000 | | | | | | 586,008 | | |
| Owen County Kentucky SD Revenue | | | | | 4.000% | | | | | | 04/01/2027 | | | | | | 1,320,000 | | | | | | 1,548,194 | | |
| Pennsbury Pennsylvania SD GO Limited | | | | | 5.000% | | | | | | 08/01/2029 | | | | | | 550,000 | | | | | | 686,923 | | |
| Princeton Ohio CSD Certificates of Participation | | | | | 3.500% | | | | | | 12/01/2026 | | | | | | 275,000 | | | | | | 277,960 | | |
| Princeton Ohio CSD GO Unliimited (National RE Insured) | | | | | 5.250% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,302,382 | | |
| Sarah Scott Indiana Middle School Building Corp. Revenue | | | | | 5.000% | | | | | | 07/10/2022 | | | | | | 640,000 | | | | | | 670,608 | | |
| Shelby Indiana Eastern SD Revenue | | | | | 4.000% | | | | | | 01/15/2025 | | | | | | 510,000 | | | | | | 571,124 | | |
| Shelby Ohio CSD Certificates of Participation | | | | | 4.000% | | | | | | 11/01/2021 | | | | | | 320,000 | | | | | | 323,801 | | |
| Shelby Ohio CSD Certificates of Participation | | | | | 4.000% | | | | | | 11/01/2022 | | | | | | 675,000 | | | | | | 707,096 | | |
| Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 930,000 | | | | | | 1,093,435 | | |
| Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 965,000 | | | | | | 1,154,749 | | |
| South-Western City Ohio SD GO Unlimited* | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 1,000,000 | | | | | | 1,035,334 | | |
| Switzerland Ohio LSD GO Unlimited (SDCEP Insured)* | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 415,000 | | | | | | 444,777 | | |
| Talawanda Ohio CSD | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 775,000 | | | | | | 972,922 | | |
| Teays Valley Ohio LSD | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 580,000 | | | | | | 659,611 | | |
| Toledo Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 660,000 | | | | | | 787,166 | | |
| Tri Valley Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 710,000 | | | | | | 812,073 | | |
| Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 410,000 | | | | | | 483,643 | | |
| Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 586,833 | | |
| Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | | 410,245 | | |
| Upper Arlington Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,380,000 | | | | | | 1,638,494 | | |
| Vandalia Butler Ohio CSD GO Unlimited | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 500,000 | | | | | | 542,136 | | |
| Wadsworth Ohio CSD GO Unlimited | | | | | 3.500% | | | | | | 12/01/2022 | | | | | | 215,000 | | | | | | 215,543 | | |
| Wadsworth Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 840,000 | | | | | | 936,241 | | |
| Wadsworth Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 1,075,000 | | | | | | 1,188,839 | | |
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation | | | | | 4.000% | | | | | | 04/01/2030 | | | | | | 395,000 | | | | | $ | 441,274 | | |
| Western Reserve Ohio LSD GO (SDCEP Insured) | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 240,000 | | | | | | 240,713 | | |
| Westerville Ohio SCD Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2032 | | | | | | 555,000 | | | | | | 688,038 | | |
| Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 03/01/2030 | | | | | | 810,000 | | | | | | 888,679 | | |
| Wyoming Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 200,000 | | | | | | 222,334 | | |
| 27.0% – Total For School District | | | | $ | 72,368,344 | | |
| Colorado State Certificate of Participation | | | | | 4.000% | | | | | | 12/15/2034 | | | | | | 1,000,000 | | | | | | 1,231,746 | | |
| Colorado State Certificate of Participation | | | | | 4.000% | | | | | | 12/15/2039 | | | | | | 2,000,000 | | | | | | 2,416,125 | | |
| Kentucky Association of Counties Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2029 | | | | | | 575,000 | | | | | | 688,223 | | |
| Kentucky Certificates of Participation | | | | | 4.000% | | | | | | 04/15/2028 | | | | | | 695,000 | | | | | | 821,540 | | |
| Kentucky Certificates of Participation | | | | | 4.000% | | | | | | 04/15/2031 | | | | | | 500,000 | | | | | | 580,661 | | |
| Kentucky Interlocal School Transportation Assoc. Certificate of Participation | | | | | 3.000% | | | | | | 03/01/2024 | | | | | | 560,000 | | | | | | 582,931 | | |
| Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 10/01/2023 | | | | | | 350,000 | | | | | | 386,450 | | |
| Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2029 | | | | | | 600,000 | | | | | | 702,089 | | |
| Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2030 | | | | | | 600,000 | | | | | | 702,278 | | |
| Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 09/01/2024 | | | | | | 1,000,000 | | | | | | 1,142,180 | | |
| Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 11/01/2026 | | | | | | 1,145,000 | | | | | | 1,400,287 | | |
| Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 10/01/2026 | | | | | | 635,000 | | | | | | 774,759 | | |
| Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 04/01/2026 | | | | | | 525,000 | | | | | | 630,196 | | |
| Ohio Certificate of Participation | | | | | 5.000% | | | | | | 09/01/2027 | | | | | | 1,520,000 | | | | | | 1,910,006 | | |
| Ohio Department of Administration Building Funding Series B | | | | | 5.000% | | | | | | 10/01/2025 | | | | | | 660,000 | | | | | | 785,451 | | |
| Ohio Department of Administration Certificate of Participation* | | | | | 5.000% | | | | | | 09/01/2023 | | | | | | 1,320,000 | | | | | | 1,362,733 | | |
| Ohio Department of Administration Certificate of Participation* | | | | | 4.000% | | | | | | 09/01/2025 | | | | | | 775,000 | | | | | | 794,948 | | |
| Ohio Department of Administration Certificate of Participation* | | | | | 5.000% | | | | | | 03/01/2024 | | | | | | 300,000 | | | | | | 309,712 | | |
Ohio Department of Administration Certificate of
Participation – Multi-Agency Radio Communication Project* | | | | | 4.000% | | | | | | 09/01/2027 | | | | | | 145,000 | | | | | | 148,732 | | |
| Ohio Department of Administration Certificate of Participation | | | | | 5.000% | | | | | | 09/01/2023 | | | | | | 755,000 | | | | | | 833,115 | | |
| Ohio Higher Education Facilities Revenue | | | | | 5.000% | | | | | | 05/01/2031 | | | | | | 850,000 | | | | | | 994,023 | | |
| 7.2% – Total For State Agency | | | | $ | 19,198,185 | | |
| FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement) | | | | | 3.400% | | | | | | 01/25/2036 | | | | | | 1,927,916 | | | | | | 2,207,933 | | |
| FHLMC Series M 053 Class A | | | | | 2.550% | | | | | | 06/15/2035 | | | | | | 3,958,560 | | | | | | 4,172,082 | | |
| Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.500% | | | | | | 11/01/2050 | | | | | | 940,000 | | | | | | 1,035,789 | | |
| Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.500% | | | | | | 11/01/2050 | | | | | | 2,635,000 | | | | | | 2,923,119 | | |
| Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.875% | | | | | | 05/01/2050 | | | | | | 1,795,000 | | | | | | 1,997,211 | | |
The accompanying notes are an integral part of these financial statements.
| MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Ohio Housing Finance Agency Residential Mortgage Revenue | | | | | 3.000% | | | | | | 03/01/2052 | | | | | | 2,000,000 | | | | | $ | 2,194,068 | | |
| Ohio Housing Finance Agency Residential Mortgage Revenue | | | | | 3.700% | | | | | | 03/01/2032 | | | | | | 825,000 | | | | | | 883,960 | | |
| 5.8% – Total For Housing | | | | $ | 15,414,162 | | |
| Total Municipal Income Securities – Bonds 99.6% | | | | $ | 266,730,360 | | |
| (Identified Cost $254,804,613) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash Equivalents | | | | | | | | | | | | | | | Shares | | |
| Dreyfus AMT-Free Tax Cash Management Fund*** | | | | | | | | | | | | | | | | | 5,974,868 | | | | | | 5,974,270 | | |
| Total Cash Equivalents 2.2% | | | | $ | 5,974,270 | | |
| (Identified Cost $5,974,269) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Portfolio Value 101.8% | | | | $ | 272,704,630 | | |
| (Identified Cost $260,778,882) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Other Assets – 1.8% | | | | $ | (4,774,463) | | |
| Total Net Assets 100.0% | | | | $ | 267,930,167 | | |
| |
*
Pre-refunded / Escrowed-to-Maturity Bonds; as of June 30, 2021, these bonds represented 3.70% of total assets.
**
Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.01%.
AGM – Assured Guaranty Municipal Mortgage Association
AMBAC – American Municipal Bond Assurance Corp.
BAM – Build America Mutual
CSC – Community School Corporation
CSD – City School District
FGIC – Financial Guaranty Insurance Co.
FHLMC – Federal Home Loan Mortgage Corp.
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
GO – General Obligation
LSD – Local School District
MBIA – Municipal Bond Insurance Association
PSD – Public School District
SD – School District
SDCP – Ohio School District Credit Program
SDCEP – Ohio School District Credit Enhancement Program
The accompanying notes are an integral part of these financial statements.
| JOHNSON MUTUAL FUNDS | June 30, 2021 – Unaudited |
Statements of Assets and Liabilities
| | | | Equity
Income Fund | | | Opportunity
Fund | | | International
Fund | |
| Assets: | | | | | | | | | | | | | | | | | | | |
| Investment Securities at Fair Value* | | | | $ | 550,030,414 | | | | | $ | 114,188,685 | | | | | $ | 24,063,919 | | |
| Dividends and Interest Receivable | | | | | 557,929 | | | | | | 99,279 | | | | | | 91,928 | | |
| Reclaims Receivable | | | | | — | | | | | | — | | | | | | 41,329 | | |
| Total Assets | | | | $ | 550,588,343 | | | | | $ | 114,287,964 | | | | | $ | 24,197,176 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | |
| Accrued Management Fees | | | | $ | 447,277 | | | | | $ | 93,989 | | | | | $ | 20,086 | | |
| Fund Shares Redeemed Payable | | | | | — | | | | | | — | | | | | | — | | |
| Total Liabilities | | | | $ | 447,277 | | | | | $ | 93,989 | | | | | $ | 20,086 | | |
| Net Assets | | | | $ | 550,141,066 | | | | | $ | 114,193,975 | | | | | $ | 24,177,090 | | |
| Net Assets Consist of: | | | | | | | | | | | | | | | | | | | |
| Paid in Capital | | | | $ | 338,624,889 | | | | | $ | 77,562,339 | | | | | $ | 17,145,477 | | |
| Accumulated Earnings | | | | | 211,516,177 | | | | | | 36,631,636 | | | | | | 7,031,613 | | |
| Net Assets | | | | $ | 550,141,066 | | | | | $ | 114,193,975 | | | | | $ | 24,177,090 | | |
| Shares Outstanding (Unlimited Amount Authorized) | | | | | 15,319,100 | | | | | | 2,120,009 | | | | | | 773,129 | | |
| Offering, Redemption and Net Asset Value Per Share | | | | $ | 35.91 | | | | | $ | 53.86 | | | | | $ | 31.27 | | |
| *Identified Cost of Investment Securities | | | | $ | 371,829,938 | | | | | $ | 82,656,681 | | | | | $ | 16,963,453 | | |
The accompanying notes are an integral part of these financial statements.
| JOHNSON MUTUAL FUNDS | June 30, 2021 – Unaudited |
Statements of Assets and Liabilities – Continued
| | | | Fixed
Income Fund | | | Municipal
Income Fund | |
| Assets: | | | | | | | | | | | | | |
| Investment Securities at Fair Value* | | | | $ | 997,146,282 | | | | | $ | 272,704,630 | | |
| Dividends and Interest Receivable | | | | | 6,237,060 | | | | | | 1,742,466 | | |
| Total Assets | | | | $ | 1,003,383,342 | | | | | $ | 274,447,096 | | |
| Liabilities: | | | | | | | | | | | | | |
| Accrued Management Fees | | | | $ | 696,701 | | | | | $ | 144,374 | | |
| Securities Purchased Payable | | | | | — | | | | | | 6,372,555 | | |
| Total Liabilities | | | | $ | 696,701 | | | | | $ | 6,516,929 | | |
| Net Assets | | | | $ | 1,002,686,641 | | | | | $ | 267,930,167 | | |
| Net Assets Consist of: | | | | | | | | | | | | | |
| Paid in Capital | | | | $ | 955,041,202 | | | | | $ | 255,464,810 | | |
| Accumulated Earnings | | | | | 47,645,439 | | | | | | 12,465,357 | | |
| Net Assets | | | | $ | 1,002,686,641 | | | | | $ | 267,930,167 | | |
| Shares Outstanding (Unlimited Amount Authorized) | | | | | 56,487,148 | | | | | | 14,789,193 | | |
| Offering, Redemption and Net Asset Value Per Share | | | | $ | 17.75 | | | | | $ | 18.12 | | |
| *Identified Cost of Investment Securities | | | | $ | 951,912,504 | | | | | $ | 260,778,882 | | |
The accompanying notes are an integral part of these financial statements.
| JOHNSON MUTUAL FUNDS | Unaudited |
Statements of Operations
| | | | Equity
Income Fund | | | Opportunity
Fund | | | International
Fund | |
| | | | Six months
ended
6/30/2021 | | | Six months
ended
6/30/2021 | | | Six months
ended
6/30/2021 | |
| Investment Income: | | | | | | | | | | | | | | | | | | | |
| Dividends | | | | $ | 4,055,237 | | | | | $ | 945,416 | | | | | $ | 397,340 | | |
| Less: Foreign withholding taxes on dividends | | | | | (9,500) | | | | | | (179) | | | | | | (61,064) | | |
| Total Investment Income | | | | $ | 4,045,737 | | | | | $ | 945,237 | | | | | $ | 336,276 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | |
| Management Fee | | | | $ | 2,507,198 | | | | | $ | 525,971 | | | | | $ | 113,551 | | |
| Net Expenses | | | | $ | 2,507,198 | | | | | $ | 525,971 | | | | | $ | 113,551 | | |
| Net Investment Income | | | | $ | 1,538,539 | | | | | $ | 419,266 | | | | | $ | 222,725 | | |
| Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | |
| Net Realized Gain/(Loss) from Security Transactions | | | | $ | 30,633,541 | | | | | $ | 6,157,444 | | | | | $ | (123,352) | | |
| Net Change in Unrealized Gain/(Loss) On Investments | | | | | 36,347,892 | | | | | | 10,628,340 | | | | | | 1,859,233 | | |
| Net Gain/(Loss) on Investments | | | | $ | 66,981,433 | | | | | $ | 16,785,784 | | | | | $ | 1,735,881 | | |
| Net Change in Net Assets from Operations | | | | $ | 68,519,972 | | | | | $ | 17,205,050 | | | | | $ | 1,958,606 | | |
The accompanying notes are an integral part of these financial statements.
| JOHNSON MUTUAL FUNDS | Unaudited |
Statements of Operations – Continued
| | | | Fixed
Income Fund | | | Municipal
Income Fund | |
| | | | Six months
ended 6/30/2021 | | | Six months
ended 6/30/2021 | |
| Investment Income: | | | | | | | | | | | | | |
| Interest | | | | $ | 11,400,225 | | | | | $ | 3,239,890 | | |
| Dividends | | | | | 169,943 | | | | | | 302 | | |
| Total Investment Income | | | | $ | 11,570,168 | | | | | $ | 3,240,192 | | |
| Expenses: | | | | | | | | | | | | | |
| Management Fee | | | | $ | 4,086,619 | | | | | $ | 852,149 | | |
| Net Expenses | | | | $ | 4,086,619 | | | | | $ | 852,149 | | |
| Net Investment Income | | | | $ | 7,483,549 | | | | | $ | 2,388,043 | | |
| Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | |
| Net Realized Gain/(Loss) from Security Transactions | | | | $ | 2,258,557 | | | | | $ | 516,888 | | |
| Net Change in Unrealized Gain/(Loss) On Investments | | | | | (27,772,341) | | | | | | (2,909,541) | | |
| Net Gain/(Loss) on Investments | | | | $ | (25,513,784) | | | | | $ | (2,392,653) | | |
| Net Change in Net Assets from Operations | | | | $ | (18,030,235) | | | | | $ | (4,610) | | |
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
| | | | Equity Income Fund | | | Opportunity Fund | | | International Fund | |
| | | | Six months
ended
6/30/2021* | | | Year ended
12/31/2020 | | | Six months
ended
6/30/2021* | | | Year ended
12/31/2020 | | | Six months
ended
6/30/2021* | | | Year ended
12/31/2020 | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | $ | 1,538,539 | | | | | $ | 3,674,692 | | | | | $ | 419,266 | | | | | $ | 509,109 | | | | | $ | 222,725 | | | | | $ | 326,634 | | |
| Net Realized Gain/(Loss) from Security Transactions | | | | | 30,633,541 | | | | | | 1,113,237 | | | | | | 6,157,444 | | | | | | (1,608,231) | | | | | | (123,352) | | | | | | 398,890 | | |
| Net Change in Unrealized Gain/(Loss) On Investments | | | | | 36,347,892 | | | | | | 45,735,571 | | | | | | 10,628,340 | | | | | | 10,118,681 | | | | | | 1,859,233 | | | | | | 357,457 | | |
| Net Change in Net Assets from Operations | | | | $ | 68,519,972 | | | | | $ | 50,523,500 | | | | | $ | 17,205,050 | | | | | $ | 9,019,559 | | | | | $ | 1,958,606 | | | | | $ | 1,082,981 | | |
| Distributions to Shareholders (see Note 2) | | | | $ | — | | | | | $ | (9,256,412) | | | | | $ | — | | | | | $ | (530,183) | | | | | $ | — | | | | | $ | (232,687) | | |
| Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds From Sale of Shares | | | | $ | 36,965,303 | | | | | $ | 72,797,317 | | | | | $ | 9,374,918 | | | | | $ | 16,758,399 | | | | | $ | 2,105,092 | | | | | $ | 2,229,105 | | |
| Shares Issued on Reinvestment of Distributions | | | | | — | | | | | | 9,204,575 | | | | | | — | | | | | | 528,793 | | | | | | — | | | | | | 232,684 | | |
| Cost of Shares Redeemed | | | | | (20,149,583) | | | | | | (59,282,255) | | | | | | (5,675,191) | | | | | | (8,983,049) | | | | | | (991,573) | | | | | | (3,289,414) | | |
| Net Change in Net Assets from Capital Share Transactions | | | | $ | 16,815,720 | | | | | $ | 22,719,637 | | | | | $ | 3,699,727 | | | | | $ | 8,304,143 | | | | | $ | 1,113,519 | | | | | $ | (827,625) | | |
| Net Change in Net Assets | | | | $ | 85,335,692 | | | | | $ | 63,986,725 | | | | | $ | 20,904,777 | | | | | $ | 16,793,519 | | | | | $ | 3,072,125 | | | | | $ | 22,669 | | |
| Net Assets at Beginning of Year | | | | $ | 464,805,374 | | | | | $ | 400,818,649 | | | | | $ | 93,289,198 | | | | | $ | 76,495,679 | | | | | $ | 21,104,965 | | | | | $ | 21,082,296 | | |
| Net Assets at End of Year | | | | $ | 550,141,066 | | | | | $ | 464,805,374 | | | | | $ | 114,193,975 | | | | | $ | 93,289,198 | | | | | $ | 24,177,090 | | | | | $ | 21,104,965 | | |
| Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Sold | | | | | 1,097,496 | | | | | | 2,649,131 | | | | | | 183,618 | | | | | | 471,128 | | | | | | 67,933 | | | | | | 92,235 | | |
| Share Reinvested | | | | | — | | | | | | 295,777 | | | | | | — | | | | | | 11,663 | | | | | | — | | | | | | 8,110 | | |
| Shares Redeemed | | | | | (604,287) | | | | | | (2,183,007) | | | | | | (111,857) | | | | | | (235,458) | | | | | | (32,736) | | | | | | (139,368) | | |
| Net Increase (Decrease) in Shares Oustanding | | | | | 493,209 | | | | | | 761,901 | | | | | | 71,761 | | | | | | 247,333 | | | | | | 35,197 | | | | | | (39,023) | | |
| Shares Outstanding, beginning of year | | | | | 14,825,891 | | | | | | 14,063,990 | | | | | | 2,048,248 | | | | | | 1,800,915 | | | | | | 737,932 | | | | | | 776,955 | | |
| Shares Outstanding, end of year | | | | | 15,319,100 | | | | | | 14,825,891 | | | | | | 2,120,009 | | | | | | 2,048,248 | | | | | | 773,129 | | | | | | 737,932 | | |
*
Unaudited
(a)
There were an unlimited number of shares of beneficial interest authorized for each Fund. Each Fund records purchases of its capital shares at the daily net asset value determined after receipt of a shareholder’s order in proper form. Redemptions are recorded at the net asset value determined following receipt of a shareholder’s written or telephone request in proper form
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets – Continued
| | | | Fixed Income Fund | | | Municipal Income Fund | |
| | | | Six months
ended
6/30/2021* | | | Year ended
12/31/2020 | | | Six months
ended
6/30/2021* | | | Year ended
12/31/2020 | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | $ | 7,483,549 | | | | | $ | 14,727,135 | | | | | $ | 2,388,043 | | | | | $ | 4,470,599 | | |
Net Realized Gain/(Loss) from Security
Transactions | | | | | 2,258,557 | | | | | | 13,803,636 | | | | | | 516,888 | | | | | | 273,660 | | |
Net Change in Unrealized Gain/(Loss) On
Investments | | | | | (27,772,341) | | | | | | 38,300,808 | | | | | | (2,909,541) | | | | | | 7,167,360 | | |
| Net Change in Net Assets from Operations | | | | $ | (18,030,235) | | | | | $ | 66,831,579 | | | | | $ | (4,610) | | | | | $ | 11,911,619 | | |
| Distributions to Shareholders (see Note 2) | | | | $ | (7,330,446) | | | | | $ | (28,424,055) | | | | | $ | (2,365,322) | | | | | $ | (4,778,564) | | |
| Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds From Sale of Shares | | | | $ | 107,253,955 | | | | | $ | 188,879,073 | | | | | $ | 24,537,478 | | | | | $ | 51,639,731 | | |
| Shares Issued on Reinvestment of Distributions | | | | | 7,216,942 | | | | | | 27,985,213 | | | | | | 2,337,112 | | | | | | 4,705,662 | | |
| Cost of Shares Redeemed | | | | | (44,928,207) | | | | | | (94,260,210) | | | | | | (16,302,861) | | | | | | (28,876,723) | | |
| Net Change in Net Assets from Capital Share Transactions | | | | $ | 69,542,690 | | | | | $ | 122,604,076 | | | | | $ | 10,571,729 | | | | | $ | 27,468,670 | | |
| Net Change in Net Assets | | | | $ | 44,182,009 | | | | | $ | 161,011,600 | | | | | $ | 8,201,797 | | | | | $ | 34,601,725 | | |
| Net Assets at Beginning of Year | | | | $ | 958,504,632 | | | | | $ | 797,493,032 | | | | | $ | 259,728,370 | | | | | $ | 225,126,645 | | |
| Net Assets at End of Year | | | | $ | 1,002,686,641 | | | | | $ | 958,504,632 | | | | | $ | 267,930,167 | | | | | $ | 259,728,370 | | |
| Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Sold | | | | | 6,038,606 | | | | | | 10,324,143 | | | | | | 1,351,347 | | | | | | 2,850,045 | | |
| Share Reinvested | | | | | 410,326 | | | | | | 1,532,866 | | | | | | 129,565 | | | | | | 259,569 | | |
| Shares Redeemed | | | | | (2,536,140) | | | | | | (5,172,438) | | | | | | (897,997) | | | | | | (1,599,981) | | |
| Net Increase (Decrease) in Shares Oustanding | | | | | 3,912,792 | | | | | | 6,684,571 | | | | | | 582,915 | | | | | | 1,509,633 | | |
| Shares Outstanding, beginning of year | | | | | 52,574,356 | | | | | | 45,889,785 | | | | | | 14,206,278 | | | | | | 12,696,645 | | |
| Shares Outstanding, end of year | | | | | 56,487,148 | | | | | | 52,574,356 | | | | | | 14,789,193 | | | | | | 14,206,278 | | |
*
Unaudited
(a)
There were an unlimited number of shares of beneficial interest authorized for each Fund. Each Fund records purchases of its capital shares at the daily net asset value determined after receipt of a shareholder’s order in proper form. Redemptions are recorded at the net asset value determined following receipt of a shareholder’s written or telephone request in proper form
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | EQUITY INCOME FUND |
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
Ended
6/30/2021* | | | Year Ended December 31 | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net Asset Value, beginning of year | | | | $ | 31.35 | | | | | $ | 28.50 | | | | | $ | 22.48 | | | | | $ | 25.12 | | | | | $ | 21.67 | | | | | $ | 19.92 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.10 | | | | | | 0.25 | | | | | | 0.29 | | | | | | 0.28 | | | | | | 0.26 | | | | | | 0.29 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 4.46 | | | | | | 3.24 | | | | | | 7.37 | | | | | | (0.97) | | | | | | 5.15 | | | | | | 2.13 | | |
| Total Operations | | | | $ | 4.56 | | | | | $ | 3.49 | | | | | $ | 7.66 | | | | | $ | (0.69) | | | | | $ | 5.41 | | | | | $ | 2.42 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | — | | | | | | (0.25) | | | | | | (0.29) | | | | | | (0.28) | | | | | | (0.26) | | | | | | (0.29) | | |
| Net Realized Capital Gains | | | | | — | | | | | | (0.39) | | | | | | (1.35) | | | | | | (1.67) | | | | | | (1.70) | | | | | | (0.38) | | |
| Total Distributions | | | | $ | — | | | | | $ | (0.64) | | | | | $ | (1.64) | | | | | $ | (1.95) | | | | | $ | (1.96) | | | | | $ | (0.67) | | |
| Net Asset Value, end of year | | | | $ | 35.91 | | | | | $ | 31.35 | | | | | $ | 28.50 | | | | | $ | 22.48 | | | | | $ | 25.12 | | | | | $ | 21.67 | | |
Total Return(a) | | | | | 14.55%(c) | | | | | | 12.24% | | | | | | 34.07% | | | | | | (2.68)% | | | | | | 25.03% | | | | | | 12.16% | | |
| Net Assets, end of year (millions) | | | | $ | 550.14 | | | | | $ | 464.81 | | | | | $ | 400.82 | | | | | $ | 273.66 | | | | | $ | 198.28 | | | | | $ | 150.02 | | |
| 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 | | | | | 0.61%(b) | | | | | | 0.91% | | | | | | 1.11% | | | | | | 1.23% | | | | | | 1.13% | | | | | | 1.39% | | |
| Portfolio Turnover Rate | | | | | 19.51%(c) | | | | | | 27.55% | | | | | | 31.91% | | | | | | 30.17% | | | | | | 34.76% | | | | | | 42.36% | | |
*
Unaudited
(a)
Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
(b)
Annualized.
(c)
Not annualized.
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | OPPORTUNITY FUND |
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
Ended
6/30/2021* | | | Year Ended December 31 | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net Asset Value, beginning of year | | | | $ | 45.55 | | | | | $ | 42.48 | | | | | $ | 34.47 | | | | | $ | 42.89 | | | | | $ | 40.54 | | | | | $ | 35.08 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.20 | | | | | | 0.25 | | | | | | 0.28 | | | | | | 0.31 | | | | | | 0.14 | | | | | | 0.20 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 8.11 | | | | | | 3.08 | | | | | | 9.58 | | | | | | (6.40) | | | | | | 6.74 | | | | | | 6.09 | | |
| Total Operations | | | | $ | 8.31 | | | | | $ | 3.33 | | | | | $ | 9.86 | | | | | $ | (6.09) | | | | | $ | 6.88 | | | | | $ | 6.29 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | — | | | | | | (0.26) | | | | | | (0.30) | | | | | | (0.30) | | | | | | (0.14) | | | | | | (0.20) | | |
| Return of Capital | | | | | — | | | | | | — | | | | | | (0.16) | | | | | | — | | | | | | — | | | | | | (0.05) | | |
| Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | (1.39) | | | | | | (2.03) | | | | | | (4.39) | | | | | | (0.58) | | |
| Total Distributions | | | | $ | — | | | | | $ | (0.26) | | | | | $ | (1.85) | | | | | $ | (2.33) | | | | | $ | (4.53) | | | | | $ | (0.83) | | |
| Net Asset Value, end of year | | | | $ | 53.86 | | | | | $ | 45.55 | | | | | $ | 42.48 | | | | | $ | 34.47 | | | | | $ | 42.89 | | | | | $ | 40.54 | | |
Total Return(a) | | | | | 18.24%(c) | | | | | | 7.84% | | | | | | 28.63% | | | | | | (14.16)% | | | | | | 16.91% | | | | | | 17.90% | | |
| Net Assets, end of year (millions) | | | | $ | 114.19 | | | | | $ | 93.29 | | | | | $ | 76.50 | | | | | $ | 62.18 | | | | | $ | 58.61 | | | | | $ | 41.52 | | |
| 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 | | | | | 0.80%(b) | | | | | | 0.67% | | | | | | 0.67% | | | | | | 0.69% | | | | | | 0.35% | | | | | | 0.50% | | |
| Portfolio Turnover Rate | | | | | 20.71%(c) | | | | | | 32.89% | | | | | | 36.19% | | | | | | 61.22% | | | | | | 41.50% | | | | | | 34.62% | | |
*
Unaudited
(a)
Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
(b)
Annualized.
(c)
Not annualized.
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | INTERNATIONAL FUND |
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
Ended
6/30/2021* | | | Year Ended December 31 | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net Asset Value, beginning of year | | | | $ | 28.60 | | | | | $ | 27.13 | | | | | $ | 23.17 | | | | | $ | 26.37 | | | | | $ | 22.20 | | | | | $ | 22.01 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.29 | | | | | | 0.43 | | | | | | 0.53 | | | | | | 0.55 | | | | | | 0.37 | | | | | | 0.43 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities** | | | | | 2.38 | | | | | | 1.36 | | | | | | 4.03 | | | | | | (3.17) | | | | | | 4.18 | �� | | | | | 0.23 | | |
| Total Operations | | | | $ | 2.67 | | | | | $ | 1.79 | | | | | $ | 4.56 | | | | | $ | (2.62) | | | | | $ | 4.55 | | | | | $ | 0.66 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | — | | | | | | (0.32) | | | | | | (0.60) | | | | | | (0.58) | | | | | | (0.38) | | | | | | (0.45) | | |
| Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.02) | | |
| Total Distributions | | | | $ | — | | | | | $ | (0.32) | | | | | $ | (0.60) | | | | | $ | (0.58) | | | | | $ | (0.38) | | | | | $ | (0.47) | | |
| Net Asset Value, end of year | | | | $ | 31.27 | | | | | $ | 28.60 | | | | | $ | 27.13 | | | | | $ | 23.17 | | | | | $ | 26.37 | | | | | $ | 22.20 | | |
Total Return(a) | | | | | 9.34%(c) | | | | | | 6.59% | | | | | | 19.69% | | | | | | (9.93)% | | | | | | 20.50% | | | | | | (3.00)% | | |
| Net Assets, end of year (millions) | | | | $ | 24.18 | | | | | $ | 21.10 | | | | | $ | 21.08 | | | | | $ | 17.95 | | | | | $ | 17.68 | | | | | $ | 14.18 | | |
| 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 | | | | | 1.96%(b) | | | | | | 1.77% | | | | | | 2.02% | | | | | | 2.21% | | | | | | 1.53% | | | | | | 1.95% | | |
| Portfolio Turnover Rate | | | | | 4.63%(c) | | | | | | 7.85% | | | | | | 4.33% | | | | | | 6.87% | | | | | | 2.48% | | | | | | 7.71% | | |
*
Unaudited
**
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(a)
Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
(b)
Annualized.
(c)
Not annualized.
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | FIXED INCOME FUND |
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
Ended
6/30/2021* | | | Year Ended December 31 | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net Asset Value, beginning of year | | | | $ | 18.23 | | | | | $ | 17.38 | | | | | $ | 16.39 | | | | | $ | 16.84 | | | | | $ | 16.67 | | | | | $ | 16.61 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.13 | | | | | | 0.30 | | | | | | 0.36 | | | | | | 0.34 | | | | | | 0.31 | | | | | | 0.30 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.48) | | | | | | 1.11 | | | | | | 1.00 | | | | | | (0.44) | | | | | | 0.22 | | | | | | 0.21 | | |
| Total Operations | | | | $ | (0.35) | | | | | $ | 1.41 | | | | | $ | 1.36 | | | | | $ | (0.10) | | | | | $ | 0.53 | | | | | $ | 0.51 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | (0.13) | | | | | | (0.32) | | | | | | (0.37) | | | | | | (0.35) | | | | | | (0.33) | | | | | | (0.32) | | |
| Return of Capital | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00(a) | | |
| Net Realized Capital Gains | | | | | — | | | | | | (0.24) | | | | | | — | | | | | | — | | | | | | (0.03) | | | | | | (0.13) | | |
| Total Distributions | | | | $ | (0.13) | | | | | $ | (0.56) | | | | | $ | (0.37) | | | | | $ | (0.35) | | | | | $ | (0.36) | | | | | $ | (0.45) | | |
| Net Asset Value, end of year | | | | $ | 17.75 | | | | | $ | 18.23 | | | | | $ | 17.38 | | | | | $ | 16.39 | | | | | $ | 16.84 | | | | | $ | 16.67 | | |
Total Return(b) | | | | | -1.90%(c) | | | | | | 8.17% | | | | | | 8.35% | | | | | | (0.56)% | | | | | | 3.22% | | | | | | 3.08% | | |
| Net Assets, end of year (millions) | | | | $ | 1,002.69 | | | | | $ | 958.50 | | | | | $ | 797.49 | | | | | $ | 623.44 | | | | | $ | 417.66 | | | | | $ | 303.11 | | |
| 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 | | | | | 1.56%(c) | | | | | | 1.66% | | | | | | 2.15% | | | | | | 2.17% | | | | | | 1.88% | | | | | | 1.83% | | |
| Portfolio Turnover Rate | | | | | 16.96%(d) | | | | | | 25.08% | | | | | | 21.33% | | | | | | 23.40% | | | | | | 34.97% | | | | | | 40.80% | | |
*
Unaudited
(a)
Return of Capital is less than $0.005 per share.
(b)
Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
(c)
Annualized
(d)
Not annualized
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | MUNICIPAL INCOME FUND |
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
Ended
6/30/2021* | | | Year Ended December 31 | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net Asset Value, beginning of year | | | | $ | 18.28 | | | | | $ | 17.73 | | | | | $ | 17.12 | | | | | $ | 17.29 | | | | | $ | 17.06 | | | | | $ | 17.36 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.16 | | | | | | 0.33 | | | | | | 0.32 | | | | | | 0.32 | | | | | | 0.31 | | | | | | 0.31 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.16) | | | | | | 0.57 | | | | | | 0.64 | | | | | | (0.16) | | | | | | 0.24 | | | | | | (0.30) | | |
| Total Operations | | | | $ | — | | | | | $ | 0.90 | | | | | $ | 0.96 | | | | | $ | 0.16 | | | | | $ | 0.55 | | | | | $ | 0.01 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | (0.16) | | | | | | (0.33) | | | | | | (0.32) | | | | | | (0.32) | | | | | | (0.31) | | | | | | (0.31) | | |
| Return of Capital | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00(a) | | |
| Net Realized Capital Gains | | | | | — | | | | | | (0.02) | | | | | | (0.03) | | | | | | (0.01) | | | | | | (0.01) | | | | | | — | | |
| Total Distributions | | | | $ | (0.16) | | | | | $ | (0.35) | | | | | $ | (0.35) | | | | | $ | (0.33) | | | | | $ | (0.32) | | | | | $ | (0.31) | | |
| Net Asset Value, end of year | | | | $ | 18.12 | | | | | $ | 18.28 | | | | | $ | 17.73 | | | | | $ | 17.12 | | | | | $ | 17.29 | | | | | $ | 17.06 | | |
Total Return(b) | | | | | 0.01%(c) | | | | | | 5.12% | | | | | | 5.66% | | | | | | 0.90% | | | | | | 3.25% | | | | | | 0.05% | | |
| Net Assets, end of year (millions) | | | | $ | 267.93 | | | | | $ | 259.73 | | | | | $ | 225.13 | | | | | $ | 178.97 | | | | | $ | 123.92 | | | | | $ | 87.75 | | |
| 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 | | | | | 1.82%(c) | | | | | | 1.86% | | | | | | 1.90% | | | | | | 1.94% | | | | | | 1.85% | | | | | | 1.85% | | |
| Portfolio Turnover Rate | | | | | 3.70%(d) | | | | | | 5.98% | | | | | | 10.54% | | | | | | 10.45% | | | | | | 12.49% | | | | | | 10.05% | | |
*
Unaudited
(a)
Return of Capital is less than $0.005 per share.
(b)
Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
(d)
Not annualized
The accompanying notes are an integral part of these financial statements.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
1) Organization:
The Johnson Equity Income Fund, Johnson Opportunity Fund, Johnson International Fund, Johnson Fixed Income Fund, and Johnson Municipal Income Fund (each individually a “Fund” and collectively the “Funds”) are each a series of the Johnson Mutual Funds Trust (the “Trust”), and are registered under the Investment Company Act of 1940, as amended, as no-load, open-end investment companies. The Johnson Mutual Funds Trust was established as an Ohio business trust under an Agreement and Declaration of Trust dated September 30, 1992. The Fixed Income Fund began offering its shares publicly on January 4, 1993. The Opportunity Fund and Municipal Income Fund began offering their shares publicly on May 16, 1994. The Equity Income Fund began offering its shares publicly on December 30, 2005. The International Fund began offering its shares publicly on December 8, 2008. All the Funds are managed by Johnson Investment Counsel, Inc. (the “Adviser”).
The investment objectives of the Funds are as follows:
| | 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 | |
The Funds are each diversified. The Municipal Income Fund invests primarily in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of Ohio.
2) Significant Accounting Policies:
Basis of Accounting:
The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Funds are investment companies and accordingly follow the investment company guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, “Financial Services — Investment Companies.”
Investment Income and Realized Capital Gains and Losses on Investment Securities:
Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Dividend and interest income are recorded net of foreign taxes. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Gains and losses on sales of investments are calculated using the specific identification method, mainly using high-cost lots. Discounts and premiums on securities purchased are amortized over the lives or to the earliest call date of the respective securities in accordance with GAAP. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported. Estimates are based on the most recent REIT distributions information available. Gains and losses on paydowns of mortgage-backed securities are reflected in interest income on the Statements of Operations. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.
Federal Income Tax:
The Funds have qualified and intend to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Fund of liability for federal income taxes to the extent is net investment income and net realized capital gains are distributed in accordance with the Code.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
2) Significant Accounting Policies, continued
In order to avoid imposition of a federal excise tax applicable to regulated investment companies, it is also the Funds’ intention to declare and pay as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the 12 months ended December 31, 2021 for the Opportunity, Fixed Income, and Municipal Income Funds, and October 31, 2021 for the Equity Income and International Funds) plus undistributed amounts from prior years.
The following information is computed on a tax basis for each item as of June 30. 2021:
| | | | Equity Income | | | Opportunity | | | International | | | Fixed Income | | | Municipal Income | |
| Cost of Portfolio Investments | | | | | 371,829,938 | | | | | | 82,656,681 | | | | | | 16,963,453 | | | | | | 951,912,504 | | | | | | 260,778,882 | | |
| Gross unrealized appreciation | | | | | 181,551,522 | | | | | | 32,543,487 | | | | | | 8,284,803 | | | | | | 50,519,834 | | | | | | 12,231,402 | | |
| Gross unrealized depreciation | | | | | (3,351,047) | | | | | | (1,011,483) | | | | | | (1,184,337) | | | | | | (5,286,056) | | | | | | (305,654) | | |
| Net unrealized appreciation | | | | | 178,200,475 | | | | | | 31,532,004 | | | | | | 7,100,466 | | | | | | 45,233,778 | | | | | | 11,925,748 | | |
| Undistributed ordinary income | | | | | 1,819,530 | | | | | | 419,267 | | | | | | 264,652 | | | | | | 153,103 | | | | | | 22,721 | | |
| Other accumulated gains/(losses) | | | | | 31,496,172 | | | | | | 4,680,365 | | | | | | (333,505) | | | | | | 2,258,558 | | | | | | 516,888 | | |
| Accumulated Earnings | | | | | 211,516,177 | | | | | | 36,631,636 | | | | | | 7,031,613 | | | | | | 47,645,439 | | | | | | 12,465,357 | | |
The difference between the federal income tax cost and the financial statement cost of the Funds’ portfolio investments is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and GAAP. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales.
As of December 31, 2020, the following Funds had capital loss carryovers which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. The capital loss carryovers, which may be carried forward on indefinite period of time, are as follows:
| | | | Long-Term | | | Short-Term | | | Total Capital
Loss Carryover | |
| Johnson Opportunity Fund | | | | $ | 1,534,583 | | | | | $ | — | | | | | $ | 1,534,583 | | |
| Johnson International Fund . | | | | | — | | | | | | 70,210 | | | | | | 70,210 | | |
The Funds recognize the tax benefits or expenses of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on Federal income tax returns for all open tax years (generally three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify its major tax jurisdictions as U.S. Federal and certain State tax authorities. The Funds are not aware of any tax positions for which it is reasonably likely that the total amounts of unrecognized tax benefits or expenses will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax expenses as income tax expense in the Statement of Operations. During the year ended December 31, 2020, the Funds did not incur any interest or penalties.
Distributions:
Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Fixed Income Fund and Municipal Income Fund intend to distribute net investment income on a calendar quarter basis. The Equity Income, Opportunity and International Funds intend to distribute net investment income, if any, at least once a year. The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains, if any, at least once a year. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
2) Significant Accounting Policies, continued
certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds.
For the year ended December 31, 2020, the Funds made the following reclassifications to increase (decrease) the components of the net assets:
| | | | Paid in
Capital | | | Accumulated
Earnings | |
| Opportunity Fund | | | | $ | (21,074) | | | | | $ | 21,074 | | |
| Fixed Income Fund | | | | | (29,058) | | | | | | 29,058 | | |
| Municipal Income Fund | | | | | (32,073) | | | | | | 32,073 | | |
The tax character of the distributions paid, as of December 31, 2020, is as follows:
| | | | 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 | | | | | 2019 | | | | | $ | 7,582,128 | | | | | $ | — | | | | | $ | 14,333,706 | | | | | $ | 21,915,834 | | | | | $ | — | | | | | $ | 21,915,834 | | |
| | | | | | 2020 | | | | | | 4,948,585 | | | | | | — | | | | | | 4,307,827 | | | | | | 9,256,412 | | | | | | — | | | | | | 9,256,412 | | |
| Johnson Opportunity Fund | | | | | 2019 | | | | | | 484,856 | | | | | | — | | | | | | 2,449,657 | | | | | | 2,934,513 | | | | | | 284,319 | | | | | | 3,218,832 | | |
| | | | | | 2020 | | | | | | 530,183 | | | | | | — | | | | | | — | | | | | | 530,183 | | | | | | — | | | | | | 530,183 | | |
| Johnson International Fund | | | | | 2019 | | | | | | 458,991 | | | | | | — | | | | | | — | | | | | | 458,991 | | | | | | — | | | | | | 458,991 | | |
| | | | | | 2020 | | | | | | 232,687 | | | | | | — | | | | | | — | | | | | | 232,687 | | | | | | — | | | | | | 232,687 | | |
| Johnson Fixed Income Fund | | | | | 2019 | | | | | | 16,052,208 | | | | | | — | | | | | | — | | | | | | 16,052,208 | | | | | | — | | | | | | 16,052,208 | | |
| | | | | | 2020 | | | | | | 18,396,451 | | | | | | — | | | | | | 9,998,546 | | | | | | 28,394,997 | | | | | | 29,508 | | | | | | 28,424,055 | | |
| Johnson Municipal Income Fund | | | | | 2019 | | | | | | 126,645 | | | | | | 3,877,473 | | | | | | 265,954 | | | | | | 4,270,072 | | | | | | — | | | | | | 4,270,072 | | |
| | | | | | 2020 | | | | | | — | | | | | | 4,473,651 | | | | | | 272,840 | | | | | | 4,746,491 | | | | | | 32,073 | | | | | | 4,778,564 | | |
*
Short-Term Capital Gains were combined with Ordinary Income, as they are taxed at the Ordinary Income tax rate.
3) Security Valuation and Transactions:
The Funds utilize various methods to measure the fair value of their investments on a recurring basis. The Funds’ portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m., Eastern time).
Securities for which representative market quotations are not readily available or are considered unreliable by the Investment Adviser are valued as determined in good faith by, or under the direction of, the Board of Trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations of investments that would have been used had greater market activity occurred.
GAAP established a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
♦
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
3) Security Valuation and Transactions, continued
♦
Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
♦
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Fair Value Measurements:
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows:
Equity Securities (Common Stock, Real Estate Investment Trusts). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. When adjustments to observable prices are applied or when the market is considered inactive, securities will be categorized in Level 2 of the fair value hierarchy.
Corporate Bonds. The fair value of Corporate Bonds is estimated using quotations from pricing vendors, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations for similar securities (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they would be categorized in Level 3.
Certificates of Deposit. Certificates of Deposit are generally valued at prices obtained from pricing vendors. Certificates of Deposit which are traded on the open market are normally valued using a market approach valuation technique that incorporates observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Certificates of Deposit are categorized in Level 2 of the fair value hierarchy.
Municipal Bonds. Municipal Bonds are normally valued using quotations from pricing vendors that incorporate observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Municipal Bonds are categorized in Level 2 of the fair value hierarchy.
U.S. Government Securities. U.S. government securities, including U.S. Treasury Obligations, are normally valued using market approach valuation techniques that incorporate observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 2 of the fair value hierarchy.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
3) Security Valuation and Transactions, continued
U.S. Agency Securities. U.S. agency securities are comprised of two main categories consisting of agency issued debt and mortgage-backed securities. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Mortgage-backed securities are generally valued based on models that consider the estimated cash flows of each tranche of the entity, establishes a benchmark yield, and develops an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized in Level 2 of the fair value hierarchy.
Preferred Stocks. Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Money Market. Investments in mutual funds, including money market mutual funds (notated throughout these financial statements as cash equivalents), are generally priced at the ending net asset value (“NAV”) provided by the service agent of the funds. These securities will be categorized as Level 1 securities.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value each Fund’s investment securities as of June 30, 2021:
| Equity Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | | | $ | 541,074,533 | | | | | $ | — | | | | | $ | — | | | | | $ | 541,074,533 | | |
| Cash Equivalents | | | | | 8,955,881 | | | | | | — | | | | | | — | | | | | | 8,955,881 | | |
| Total | | | | $ | 550,030,414 | | | | | $ | — | | | | | $ | — | | | | | $ | 550,030,414 | | |
| Opportunity Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | | | $ | 110,939,908 | | | | | $ | — | | | | | $ | — | | | | | $ | 110,939,908 | | |
| Cash Equivalents | | | | | 3,248,777 | | | | | | — | | | | | | — | | | | | | 3,248,777 | | |
| Total | | | | $ | 114,188,685 | | | | | $ | — | | | | | $ | — | | | | | $ | 114,188,685 | | |
| International Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Preferred Stocks | | | | $ | 69,415 | | | | | $ | — | | | | | $ | — | | | | | $ | 69,415 | | |
| Common Stocks* | | | | | 23,658,568 | | | | | | — | | | | | $ | — | | | | | | 23,658,568 | | |
| Cash Equivalents | | | | | 335,936 | | | | | | — | | | | | | — | | | | | | 335,936 | | |
| Total | | | | $ | 24,063,919 | | | | | $ | — | | | | | $ | — | | | | | $ | 24,063,919 | | |
| Fixed Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Corporate Bonds* | | | | $ | — | | | | | $ | 570,059,776 | | | | | $ | — | | | | | $ | 570,059,776 | | |
| Certificates of Deposit | | | | | — | | | | | | 268,066 | | | | | | — | | | | | | 268,066 | | |
| U.S. Government Treasury Obligations | | | | | — | | | | | | 199,142,548 | | | | | | — | | | | | | 199,142,548 | | |
| U.S. Government Agency Obligations | | | | | — | | | | | | 28,431,616 | | | | | | — | | | | | | 28,431,616 | | |
| U.S. Government Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 155,389,266 | | | | | | — | | | | | | 155,389,266 | | |
| Taxable Municipal Bonds | | | | | — | | | | | | 27,529,117 | | | | | | — | | | | | | 27,529,117 | | |
| Preferred Stocks | | | | | 7,046,244 | | | | | | — | | | | | | — | | | | | | 7,046,244 | | |
| Cash Equivalents | | | | | 9,279,649 | | | | | | — | | | | | | — | | | | | | 9,279,649 | | |
| Total | | | | $ | 16,325,893 | | | | | $ | 980,820,389 | | | | | $ | — | | | | | $ | 997,146,282 | | |
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
3) Security Valuation and Transactions, continued
| Municipal Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds* | | | | $ | — | | | | | $ | 266,730,360 | | | | | $ | — | | | | | $ | 266,730,360 | | |
| Cash Equivalents | | | | | 5,974,270 | | | | | | — | | | | | | — | | | | | | 5,974,270 | | |
| Total | | | | $ | 5,974,270 | | | | | $ | 266,730,360 | | | | | $ | — | | | | | $ | 272,704,630 | | |
*
See Portfolio of Investments for industry classification.
The Funds did not hold any investments at any time during the reporting period in which unobservable inputs were used in determining fair value. Therefore, no reconciliation of Level 3 Securities is included for this reporting period.
In accordance with GAAP, the Funds are required to enhance the disclosures relating to transactions in derivatives and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance, and cash flows. The Funds did not engage in any derivative transactions as of or during the six months ended June 30, 2021.
4) Portfolio Risks:
Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential impact of a transition away from LIBOR on the Fund or the financial instruments in which the Funds invest cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to affect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. Currently, the Fixed Income Fund has securities (less than 1% of holdings) using LIBOR as a basis for their variable rates.
The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.
5) Investment Advisory Agreements:
The investment advisory agreements provide that the Adviser will pay all of the Funds’ operating expenses, excluding brokerage fees and commissions, borrowing costs (such as interest), and extraordinary expenses.
The Funds incurred management fees for the year ended June 30, 2021, as indicated below.
| Fund | | | Fee | | | Management
Fee | | | Payable as of
June 30,
2021 | |
| Equity Income Fund | | | | | 1.00% | | | | | $ | 2,507,198 | | | | | $ | 447,277 | | |
| Opportunity Fund | | | | | 1.00% | | | | | | 525,971 | | | | | | 93,989 | | |
| International Fund | | | | | 1.00% | | | | | | 113,551 | | | | | | 20,086 | | |
| Fixed Income Fund | | | | | 0.85% | | | | | | 4,086,619 | | | | | | 696,701 | | |
| Municipal Income Fund | | | | | 0.65% | | | | | | 852,149 | | | | | | 144,374 | | |
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
6) Related Party Transactions:
All officers and one trustee of the Trust are employees of the Adviser. Total compensation for the independent Trustees as a group was $36,000 for the six months ended June 30, 2021, and as a group they received no additional compensation from the Trust. Compensation of the Trustees was paid by the Adviser. The Trust consists of nine Funds: Johnson Equity Income Fund, Johnson Opportunity Fund, Johnson International Fund, Johnson Fixed Income Fund, Johnson Municipal Income Fund, Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund, and Johnson Enhanced Return Fund. The Adviser is not a registered broker-dealer of securities and thus does not receive commissions on trades made on behalf of the Funds.
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the Investment Company Act of 1940. At June 30, 2021, client accounts managed by the Adviser and held by Charles Schwab & Co, with full advisory discretion, held in aggregate the following:
| | Equity Income Fund | | | | | 74.80% | | |
| | Opportunity Fund | | | | | 82.01% | | |
| | International Fund | | | | | 35.16% | | |
| | Fixed Income Fund | | | | | 93.63% | | |
| | Municipal Income Fund | | | | | 98.31% | | |
Johnson Financial, Inc. is a wholly-owned subsidiary of the Adviser. Johnson Financial, Inc. provides transfer agency and administration services to the Funds. These services are paid for by the Adviser.
7) Purchases and Sales of Securities:
From January 1, 2021 through June 30, 2021, purchases and sales of investment securities aggregated:
| | | | 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 | | | | $ | 110,671,017 | | | | | $ | 95,926,749 | | | | | $ | — | | | | | $ | — | | |
| Johnson Opportunity Fund | | | | | 20,856,440 | | | | | | 21,100,369 | | | | | | — | | | | | | — | | |
| Johnson International Fund | | | | | 2,438,006 | | | | | | 1,016,897 | | | | | | — | | | | | | — | | |
| Johnson Fixed Income Fund | | | | | 156,087,239 | | | | | | 98,829,021 | | | | | | 72,339,590 | | | | | | 59,918,027 | | |
| Johnson Municipal Income Fund | | | | | 25,541,756 | | | | | | 9,485,846 | | | | | | — | | | | | | — | | |
8) Estimates:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
9) Subsequent Events:
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements.
| DISCLOSURE OF EXPENSES (Unaudited) | June 30, 2021 – Unaudited |
Shareholders of the Funds incur ongoing operating expenses consisting solely of management fees. The following example is intended to help you understand your ongoing expenses of investing in the Funds and to compare these expenses with similar costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the Funds on December 31, 2020 and held through June 30, 2021.
The first line of the table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6) and then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid by a shareholder for the period. Shareholders may use this information to compare the ongoing expenses of investing in the Funds and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in other funds’ shareholder reports.
| | | | Beginning Account Value
December 31, 2020 | | | Ending Account Value
June 30, 2021 | | | Expenses Paid During Period*
January 1, 2021 – June 30, 2021 | |
| Johnson Equity Income Fund | | | | |
| Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,145.45 | | | | | $ | 5.32 | | |
| Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.06 | | |
| Johnson Opportunity Fund | | | | |
| Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,182.44 | | | | | $ | 5.41 | | |
| Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.06 | | |
| Johnson International Fund | | | | |
| Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,093.36 | | | | | $ | 5.19 | | |
| Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.06 | | |
| Johnson Fixed Income Fund | | | | |
| Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 980.91 | | | | | $ | 4.17 | | |
| Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,020.58 | | | | | $ | 4.30 | | |
| Johnson Municipal Income Fund | | | | |
| Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,000.05 | | | | | $ | 3.22 | | |
| Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,021.57 | | | | | $ | 3.29 | | |
*
Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For the Equity Income, Growth, Opportunity, and International Funds, the expense ratio is 1.00%, for the Fixed Income Fund, the expense ratio is 0.85% and for the Municipal Income Fund, the expense ratio is 0.65%.
| Review and Renewal of Management Agreements | June 30, 2021 – Unaudited |
The Trustees, including the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”), then considered the renewal of the Management Agreements between the Trust and the Adviser. The Trustees were assisted by experienced independent legal counsel throughout the contract review process. The Independent Trustees discussed the proposed continuance in executive session with such counsel at which no representatives of the Adviser were present. The Independent Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Management Agreements and the weight to be given to each such factor. Among other factors, the Trustees considered (i) the investment performance of each Fund and the Adviser; (ii) the nature, extent and quality of the services provided by the Adviser; (iii) the cost of services provided and the profits to be realized by the Adviser and its affiliates from the relationship with the Funds; and (iv) economies of scale. The conclusions reached by the Independent Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Additionally, each Independent Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Management Agreements.
The Trustees considered the responses and information prepared by the Adviser, discussing, the Adviser’s business and financial resources, its personnel and operations, advisory, administrative and compliance services provided by the Adviser to the Funds, and the compensation received for management services. The Board reviewed and discussed each Fund’s performance for various periods, the profitability of the Adviser with respect to each of the Funds and economies of scale.
With respect to the nature, extent and quality of services provided by the Adviser, the Trustees reviewed the information provided in the memorandum that described the Adviser’s business and personnel and discussed the Adviser’s experience and capabilities. The Board noted that the Adviser has been providing services to the Trust since 1992 and the nine Funds. The Trustees and representatives of the Adviser noted the continuance of their cooperative working relationship on Fund matters. The Board reviewed the individuals who serve as portfolio managers for the Funds and indicated that they were satisfied with the portfolio management being provided to the Funds. The Trustees then discussed the Adviser’s and Trust’s compliance programs with the chief compliance officer. Additionally, the Trustees noted that there not any recent litigations or regulatory investigations related to the Adviser. A representative of the Adviser provided an overview of the Adviser’s financial status and reviewed the Adviser’s resources in providing services to the Funds. The Trustees, including the Independent Trustees, concluded that the nature and extent of services provided by the Adviser was satisfactory, and that the overall quality of services was excellent. The Trustees also concluded that the Adviser had the appropriate resources to continue to provide quality advisory services to the Funds.
Next, the Trustees reviewed performance information for each of the Funds. The Trustees considered performance data presented by the Adviser showing the relevant Fund’s performance over various periods ended March 31, 2021 and May 19, 2021 which was compared to the Fund’s benchmark index. The Board also reviewed the Adviser’s expectations as to each Fund’s risk/return profile.
The Trustees then reviewed and discussed the performance of the Equity Income, Opportunity, International, Fixed Income and Municipal Income Funds. The Trustees noted that the Equity Income Fund was generally in line with the S&P 500 Index for the 1, 3, and 5-year periods as well as for the year-to-date. With respect to the Opportunity Fund, the Trustees noted that the Fund had slightly underperformed the Russell 2500 Total Return Index for the 1, 3 and 5-year periods but had outperformed the index for the year-to-date. The Trustees reviewed the International Fund’s performance was generally in line with that of its benchmark, the MSCI All Country World Index, for each of the 1, 3 and 5-year periods but had also outperformed the benchmark on a year-to-date basis. Next, the Trustees reviewed the performance of the Fixed Income Fund, noting that the Fund’s return had slightly underperformed its benchmark, the Barclays U.S. Aggregate Bond Index, for the 1, 3 and 5-year periods. The Trustees then discussed the Municipal Income Fund’s returns, noting that the Fund had slightly underperformed the Barclays Municipal Bond 5-year GO Index for the 1-year period and was generally in line with the index for the 3-year and 5-year periods. After discussion, the Trustees indicated that they were satisfied with the performance of each of the retail Funds and agreed that each of the retail Funds had reasonable performance.
The Trustees then reviewed the performance of each of the Institutional Funds. They noted that the Short Duration Bond Fund had outperformed its benchmark, the Bank of America Merrill Lynch 1-3 year U.S. Corporate and Government Index, for the 1, 3 and 5-year periods. Next, the Trustees discussed the performance of the Intermediate Bond Fund, noting that it was generally
| Review and Renewal of Management Agreements | June 30, 2021 – Unaudited |
in line with the Barclays Intermediate U.S. Government Credit Index for the 1 and 3-year periods and had outperformed for the 5-year period. With respect to the Core Bond Fund, the Board noted that the Fund had slightly underperformed the Barclays U.S. Aggregate Index for the 1-year period but had outperformed for the 3 and 5-year periods. The Trustees finally discussed the performance for the Enhanced Return Fund. The Board reviewed its performance, noting that the Enhanced Return Fund was generally in line with the S&P 500 Index for the 1, 3 and 5-year periods. After discussion, the Trustees indicated that it was their consensus all four of Institutional Funds continued to have satisfactory performance given their respective investment objectives, risks and strategies.
As to the cost of the services provided and the profits realized by the Adviser from the relationship with the Funds, the Trustees reviewed the fees paid to the Adviser for the fiscal year ended December 31, 2020 by the Funds. As in past years, the Board and counsel discussed that the total expense ratio for each Fund was a more meaningful comparison than the actual advisory fee because the Management Agreements for the Funds have a unitary fee structure which requires the Adviser to pay substantially all of the operating expenses of each Fund and is compensated with a single fee (noting that most of the funds in the Peer Group comparisons do not share this structure). The expense ratios for Municipal Income Fund, Short Duration Bond Fund, Intermediate Bond Fund, Opportunity Fund, Core Bond Fund and Enhanced Return Fund were at or below the mean, while expense ratios for Equity Income Fund, Fixed Income Fund and International Fund were slightly above the averages for their respective categories. The Trustees noted the contractual fee waivers which were in effect during the period for the Short Duration Bond Fund, the Intermediate Bond Fund and the Core Bond Fund as well as the overall fees paid to the Adviser by each Fund for the period. The Trustees also discussed the profitability of each of the Funds to the Adviser and the profitability of the Adviser with respect to the Funds in the aggregate. Representatives of the Adviser reported on the Adviser’s profitability on a fund by fund basis and discussed their methodologies in determining the profitability of the Adviser. The Trustees, including the Independent Trustees, concluded that the Management Fee payable by each Fund was reasonable and that the Adviser’s level of profitability from its relationship with the Funds is not excessive.
The Trustees then reviewed economies of scale. The Trustees noted that they considered that the Funds’ expense ratios were not unreasonable and that there were no excessive profits being derived from any of the Funds by the Adviser as a result of its management of each of the Funds. The Board also noted that the Adviser had agreed to extend its contractual fee waiver with respect to the Core Bond, Short Duration and Intermediate Bond Funds for another year. The Trustees and representatives from the Adviser again agreed to discuss the possibility of fee breakpoints in the future, depending on the asset level of a Fund. After a discussion, the Trustees concluded that no breakpoints are necessary at this time but that they would continue to evaluate the potential for establishing breakpoints with the Adviser.
After a discussion, the Trustees concluded and agreed, including all Independent Trustees, that renewal of each Management Agreement was in the best interests of each Fund and its shareholders.
| ADDITIONAL INFORMATION | June 30, 2021 – Unaudited |
Proxy Disclosure
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the most recent 12-month period ended June 30 are available without charge: (1) upon request by calling the Funds at 513-661-3100 or toll free at 1-800-541-0170; or (2) from the Fund’s documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.
Availability of Schedules of Portfolio Investments:
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year at www.johnsonmutualfunds.com or on Form N-PORT. The Funds’ holdings are available, without charge, (1) upon request by calling the Funds at 513-661-3100 or toll free at 1-800-541-0170; (2) by visiting www.johnsonmutualfunds.com; or (3) from the Fund’s documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.
Code of Ethics
The Trust’s Code of Ethics is available on request without charge; please call for your copy at 513-661-3100 or 1-800-541-0170 or write us at:
Johnson Mutual Funds
3777 West Fork Road
Cincinnati OH 45247
TRUSTEES AND OFFICERS (Unaudited)
Information pertaining to the Trustees and Officers of the Funds is provided below. Trustees who are not deemed to be interested persons of the Funds, as defined in the Investment Company Act of 1940, are referred to as Independent Trustees. Trustees who are deemed to be “interested persons” of the Funds are referred to as Interested Trustees. The Statement of Additional Information includes additional information about the Funds’ Trustees and may be obtained without charge by calling (513) 661-3100 or (800) 541-0170.
| 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 (79)
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 (78)
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 (78)
3777 West Fork Rd.
Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Retired from The Procter & Gamble Company; Purchases Director, Global Baby Care | | | 9 | | | None | |
James J. Berrens (55)
3777 West Fork Rd
Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Christian Community Health Services: Chief Executive Officer since May 2015 | | | 9 | | | None | |
Dr. Jeri B. Ricketts (63)
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 | |
TRUSTEES AND OFFICERS (Unaudited)
| 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 (50)
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 (62)
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 (57)
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 (55)
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 (49)
3777 West Fork Road
Cincinnati, Ohio 45247 | | | Secretary | | | Since 2007 | | | Fund Administration & Compliance Associate for the Trust’s Adviser | | | NA | | | NA | |
Trustees and Officers
| | 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 | |
Transfer Agent and Fund Accountant
Johnson Financial, Inc.
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100 (800) 541-0170
Custodian
US Bank
425 Walnut Street
Cincinnati, OH 45202
Independent Registered Public Accounting Firm
Cohen & Company
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
Legal Counsel
Thompson Hine LLP
312 Walnut Street, 14th Floor
Cincinnati, Ohio 45202
This report is authorized for distribution to prospective investors only when accompanied or preceded
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.
Investment Company Act #811-7254
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND
JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND
JOHNSON INSTITUTIONAL CORE BOND FUND
JOHNSON ENHANCED RETURN FUND
JUNE 30, 2021 (UNAUDITED)
Johnson Mutual Funds Trust
3777 West Fork Road | Cincinnati, Ohio 45247
513.661.3100 | 800.541.0170 | Fax 513.661.4901
WWW.JOHNSONMUTUALFUNDS.COM
| JOHNSON MUTUAL FUNDS | JUNE 30, 2021 (UNAUDITED) |
Table of Contents
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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 2021 |
We are pleased to present you with the Johnson Mutual Funds’ June 30, 2021 Semi-Annual Report to Shareholders. On the following pages, we have provided commentary on the performance of each of the Funds in the first half of 2021 as well as the relative performance compared to an appropriate index.
The remainder of the report provides the holdings of each Johnson Mutual Fund as well as other financial data and notes.
Economic Bounce Back Drives Stocks to New Highs
Stocks rose again in the second quarter as the pandemic dissipated and massive government stimulus continued. There were only a couple of small setbacks to the market’s rise in the quarter, which was notably quiet in terms of volatility. The major indices set multiple new records, supported by healthy earnings reports and robust economic data. Stocks that had been badly hit during the pandemic continued to make up ground as a result of reopening. In general, cyclical value stocks like energy, real estate, and financials have outperformed growth stocks this year, reflecting the unwind from the damage of the lockdowns. Energy and other commodity-related stocks have rebounded as energy and raw material prices have risen.
Bonds fared better in the second quarter after a rough first quarter. As inflation fears crept in earlier this year, bond yields rose, and prices fell. However, yields fell in the second quarter, especially on longer-term corporate bonds. This tightening of the spread between corporate bond yields relative to government bonds reflects investor confidence in the overall state of the economy and corporate profits. It also shows investors have become less anxious about inflation. The Fed has made clear it is watching inflation pressures, and more investors view the issue as temporary.
Economic activity picked up steam as more people were vaccinated and as government restrictions were lifted. That meant lots of money being spent, enabled by higher levels of cash on hand from government assistance through the lockdowns. It became evident that consumers worldwide were anxious to return to normal. Strange market dynamics, including supply chain bottlenecks and shortages, made more headlines as the fallout from the worldwide shutdown last year continued.
Life as Economics 101
The havoc of last year and the first part of this year has created unique dynamics in many industries across the global economy. It seems every day we are all confronted with some price increase, product shortage, or fierce buying competition resulting from the economic disturbances. The phrase “supply and demand” has become more familiar than ever in our conversation.
Housing is the most significant market in which this is playing out. Cash offers above the list price have become the norm in most markets in the U.S. The housing market was already hot prior to the pandemic, but the construction slowdown and supply shortages exacerbated the trend. The premium for new and used cars, even rental cars, has gone up because of a shortage of semiconductor chips. Lumber became the posterchild of the situation as it went from being virtually ignored by most people to a daily topic of conversation. Prices tripled in a matter of months before falling by half in a matter of weeks.
Despite some of these more egregious examples, the economic backdrop is generally positive, and likely set up for healthy growth in the coming year. Beyond the initial snapback from the depths of the lockdown, economists expect demand to continue to be strong, and companies project continued earnings growth.
Inflation: Short-Term or Here to Stay?
The recent price increases brought on by the disruptions has led to concerns about inflation. Short-term inflation is all-too real for most of us, but the extent and duration of it for the longer-term is up for debate. There are many myths about what inflation is, what causes it, and its impact. As always, it’s important to separate the reality from the noise.
This year has been a perfect storm for inflation. In addition to the supply and demand dynamics described above, policymakers have poured trillions of dollars in stimulus into the economy, with prospects for more. However, over the past couple of decades powerful structural forces have weighed heavily on inflation. Demographic trends have been the most significant headwind. Much of the developed world, including the U.S., has experienced subdued population growth. Further, the population that we do have in the U.S. is beginning to age. In addition, debt levels coming out of the financial crisis were
| Letter from the Fund President | July 2021 |
extremely elevated. All of this will continue to weigh on inflation after the initial short-term inflationary data begins to subside. The dire predictions about the negative outcomes of inflation are sure to continue, so it will be helpful to focus on these structural forces that are likely to keep a lid on inflation in the years ahead.
Fed Balancing Inflation with Economic Growth
The Fed has made clear it views the current inflation data as “transitory,” and is more concerned with supporting economic activity at this point than it is worried about inflation. To that end, it has implemented various forms of stimulus and allowed its balance sheet to expand significantly. However, instead of being lent out irresponsibly as it was in the Financial Crisis, much of that money has been invested in the financial markets. This is at least part of the explanation for the elevated valuations in everything from investment-grade corporate bonds to large cap stocks. Still, the market will be closely watching for signs of Fed tightening, which has often led to short-term pullbacks in stocks and other asset prices.
Bull Market Rolls On
When inflation is in the headlines, investors frantically search for the portfolio antidote. Usually, it’s already too late by the time the headlines are out. Diversified portfolios built for any environment are the best protection against inflation and any number of other threats to investing success. So instead of focusing on just one risk, our discipline guides us as we build portfolios for the multitude of possibilities that confront our clients, both positive and negative.
In the near term, inflation data and Fed policy could be triggers for corrections in the stock market. Whatever the cause, corrections are sure to come. These tend to be short-lived and are impossible to time consistently. We don’t have to think back any further than 2020 to remember that some of the worst markets result from a surprise no one was expecting. We also understand there are powerful forces that have driven the market higher, most importantly economic growth and growing corporate profits. Both have allowed this bull market and the many before it to provide the growth our clients need to meet their financial goals over time. Coupled with the appropriate amount of bonds and cash, this is the formula for investing success.
We want you to know how much we appreciate the confidence you have placed in us for your investment needs. As always, please feel free to call us at (513) 661-3100 or (800) 541-0170 with your comments or questions. Thank you.
Sincerely,
Jason Jackman, President
| Johnson Institutional Short Duration Bond Fund | Performance Review – June 30, 2021 Unaudited |
The Johnson Institutional Short Duration Bond Fund provided a total return of -0.35% during the first half of 2021, compared to a +0.03% return for the Bank of America/Merrill Lynch 1-3 Year US Corporate & Government Index.
Bond yields increased sharply during the early part of this year as the economic recovery gained momentum. Widespread vaccinations, economic reopening, and ongoing government stimulus payments fueled investor fear of rising inflation. Despite the solid economic environment, the Federal Reserve reiterated its plan to remain patient in its approach to tightening monetary policy. As a result, short term interest rates remained largely unchanged, while longer term interest rates rose significantly. The Fund’s modestly longer duration relative to its benchmark as well as its exposure to three-to-five-year maturities was a headwind during the first part of the year.
After beginning the year at low levels, credit spreads continued to consistently tighten throughout the first half of this year. In fact, the Bloomberg Barclays Investment Grade Corporate Bond Index ended June at a spread of just 80 basis points, the lowest level since 2005. Performance across sectors was uneven, however, as low-quality, cyclical sectors outperformed high-quality, more stable industries. While ongoing spread tightening was beneficial to the Fund’s relative performance, the Fund’s focus on higher-quality corporates was a modest headwind during the first half of the year. Looking forward, further spread tightening is likely to be somewhat limited by historically tight valuations in the credit market. Despite this limitation, we believe that the Fund’s emphasis on corporate bonds as well as its allocation to three-to-five year maturities should help provide a yield advantage versus the benchmark, which should be beneficial for performance going forward.
While the economy will still likely benefit from the triple tailwinds of vaccinations, reopening, and stimulus, the magnitude to which these factors influence economic growth are all likely to wane over the remainder of the year. Similarly, the pace at which demand has recovered has put upward pressure on consumer prices. Temporary supply chain disruptions have also been important drivers of inflation but are likely to ease throughout the remainder of the year. The Federal Reserve has continued to reiterate its patient stance with regard to adjusting monetary policy – reinforcing the idea that robust economic growth and faster inflation may both prove temporary. Instead, they have emphasized full healing in labor markets as an important condition for policy tightening. Despite the Fed’s reluctance to raise interest rates in the near term, they have indicated it may be appropriate to taper asset purchases sometime later this year. The Fund’s duration continues to be positioned modestly long relative to its benchmark. Additionally, the Fund’s emphasis on corporate bonds should be beneficial if corporate bond spreads remain relatively tight. We continue to emphasize high-quality bonds in counter-cyclical industries to limit the Fund’s exposure to spread volatility should the market correct. Finally, the combination of historically low interest rates and tight credit spreads are likely to lead to subdued fixed income returns going forward.
Performance Information
Class I Shares
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Johnson
Institutional
Short Duration
Bond Fund –
Class I Shares | | | B of A / ML
1-3 Year US
Corp/Govt Index | |
| | Six Months | | | | | -0.35% | | | | | | 0.03% | | |
| | One Year | | | | | 0.36% | | | | | | 0.54% | | |
| | Five Years | | | | | 2.11% | | | | | | 1.90% | | |
| | Ten Years | | | | | 1.82% | | | | | | 1.53% | | |
| Johnson Institutional Short Duration Bond Fund | Performance Review – June 30, 2021 Unaudited |
Performance Information
Class F Shares
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Johnson
Institutional
Short Duration
Bond Fund –
Class F Shares | | | B of A / ML
1-3 Year US
Corp/Govt Index | |
| | Six Months | | | | | -0.41% | | | | | | 0.03% | | |
| | One Year | | | | | 0.28% | | | | | | 0.54% | | |
| | Since
Inception* | | | | | 3.09% | | | | | | 3.00% | | |
*
Inception date was May 1, 2018.
A high level of income over the long term consistent with capital preservation is the objective of the Johnson Institutional Short Duration Bond Fund. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund’s or Index’s share price, plus reinvestment of any income and capital gains. Six month returns are not annualized. The Fund’s performance is after all fees, whereas the Index does not incur fees. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Merrill Lynch 1-3 Year Government/Corporate Index is the established benchmark. A shareholder cannot invest directly in the Merrill Lynch 1-3 Year Government/ Corporate Index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.
| Johnson Institutional Intermediate Bond Fund | Performance Review – June 30, 2021 Unaudited |
The Johnson Institutional Intermediate Bond Fund provided a total return of -0.97% during the first half of 2021, compared to a -0.90% return for the Bloomberg Barclays Capital Intermediate Government Credit Index.
Bond yields increased sharply during the early part of this year as the economic recovery gained momentum. Widespread vaccinations, economic reopening, and ongoing government stimulus payments fueled investor fear of rising inflation. Despite the solid economic environment, the Federal Reserve (the “Fed”) reiterated its plan to remain patient in its approach to tightening monetary policy. As a result, short term interest rates remained largely unchanged, while longer term interest rates rose significantly. The Fund’s modestly longer duration relative to its benchmark was a slight headwind during the first part of the year.
After beginning the year at low levels, credit spreads continued to consistently tighten throughout the first half of this year. In fact, the Bloomberg Barclays Investment Grade Corporate Bond Index ended June at a spread of just 80 basis points, the lowest level since 2005. Performance across sectors was uneven, however, as low-quality, cyclical sectors outperformed high-quality, more stable industries. Additionally, longer duration corporate bonds outperformed intermediate-duration corporate bonds. While ongoing spread tightening was beneficial to the Fund’s relative performance, the Fund’s focus on high-quality, intermediate-maturity corporates was a modest headwind during the first half of the year. Looking forward, further spread tightening is likely to be somewhat limited by historically tight valuations in the credit market. Despite this limitation, we believe that the Fund’s emphasis on corporate bonds should help provide a modest yield advantage versus the benchmark, which should be beneficial for performance going forward.
While the economy will still likely benefit from the triple tailwinds of vaccinations, reopening, and stimulus, the magnitude to which these factors influence economic growth are all likely to wane over the remainder of the year. Similarly, the pace at which demand has recovered has put upward pressure on consumer prices. Temporary supply chain disruptions have also been important drivers of inflation but are likely to ease throughout the remainder of the year. The Fed has continued to reiterate its patient stance with regard to adjusting monetary policy – reinforcing the idea that robust economic growth and faster inflation may both prove temporary. Instead, they have emphasized full healing in labor markets as an important condition for policy tightening. Despite the Fed’s reluctance to raise interest rates in the near term, they have indicated it may be appropriate to taper asset purchases sometime later this year. The Fund’s duration continues to be positioned modestly long relative to its benchmark. Additionally, the Fund’s emphasis on corporate bonds should be beneficial if corporate bond spreads remain relatively tight. We continue to emphasize high-quality bonds in counter-cyclical industries to limit the Fund’s exposure to spread volatility should the market correct. Finally, the combination of historically low interest rates and tight credit spreads are likely to lead to subdued fixed income returns going forward.
Performance Information
Class I Shares
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Johnson
Institutional
Intermediate
Bond Fund –
Class I Shares | | | Bloomberg Barclays
Capital Intermediate
Govt/ Credit Index | |
| | Six Months | | | | | -0.97% | | | | | | -0.90% | | |
| | One Year | | | | | 0.14% | | | | | | 0.19% | | |
| | Five Years | | | | | 3.16% | | | | | | 2.63% | | |
| | Ten Years | | | | | 3.23% | | | | | | 2.76% | | |
| Johnson Institutional Intermediate Bond Fund | Performance Review – June 30, 2021 Unaudited |
Performance Information
Class F Shares
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Johnson
Institutional
Intermediate
Bond Fund –
Class F Shares | | | Bloomberg Barclays
Capital Intermediate
Govt/ Credit Index | |
| | Six Months | | | | | -1.10% | | | | | | -0.90% | | |
| | One Year | | | | | -0.01% | | | | | | 0.19% | | |
| | Since
Inception* | | | | | 4.40% | | | | | | 4.31% | | |
*
Inception date was May 1, 2018.
A high level of income over the long term consistent with capital preservation is the objective of the Johnson Institutional Intermediate Bond Fund. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund’s or Index’s share price, plus reinvestment of any income and capital gains. Six month returns are not annualized. The Fund’s performance is after all fees, whereas the Index does not incur fees. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Bloomberg Barclays Capital Intermediate Government Credit Index is the established benchmark. A shareholder cannot invest directly in the Index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.
| Johnson Institutional Core Bond Fund | Performance Review – June 30, 2021 Unaudited |
The Johnson Institutional Core Bond Fund provided a total return of -1.80% during the first half of 2021, compared to a -1.60% return for the Bloomberg Barclays Capital Aggregate Index.
Bond yields increased sharply during the early part of this year as the economic recovery gained momentum. Widespread vaccinations, economic reopening, and ongoing stimulus fueled investor fear of rising inflation. Despite the solid economic environment, the Federal Reserve (the “Fed”) reiterated its plan to remain patient in its approach to tightening monetary policy. As a result, short term interest rates remained largely unchanged, while longer term interest rates rose significantly. While the Fund’s modestly longer duration relative to its benchmark was a slight headwind during the first part of the year, the Fund’s reduced exposure to longer term interest rates helped soften the impact of rising interest rates.
After beginning the year at low levels, credit spreads continued to consistently tighten throughout the first half of this year. In fact, the Bloomberg Barclays Investment Grade Corporate Bond Index ended June at a spread of just 80 basis points, the lowest level since 2005. Performance across sectors was uneven, however, as low-quality, cyclical sectors outperformed high-quality, more stable industries. Additionally, longer duration corporate bonds outperformed intermediate-duration corporate bonds. While ongoing spread tightening was beneficial to the Fund’s relative performance, the Fund’s focus on high-quality, intermediate-maturity corporates was a modest headwind during the first half of the year. Looking forward, further spread tightening is likely to be somewhat limited by historically tight valuations in the credit market. Despite this limitation, we believe that the Fund’s emphasis on corporate bonds should help provide a modest yield advantage versus the benchmark, which should be beneficial for performance going forward.
While the economy will still likely benefit from the triple tailwinds of vaccinations, reopening, and stimulus, the magnitude to which these factors influence economic growth are all likely to wane over the remainder of the year. Similarly, the pace at which demand has recovered has put upward pressure on consumer prices. Temporary supply chain disruptions have also been important drivers of inflation but are likely to ease throughout the remainder of the year. The Fed has continued to reiterate its patient stance with regard to adjusting monetary policy – reinforcing the idea that robust economic growth and faster inflation may both prove temporary. Instead, they have emphasized full healing in labor markets as an important condition for policy tightening. Despite the Fed’s reluctance to raise interest rates in the near term, they have indicated it may be appropriate to taper asset purchases sometime later this year. As a result, mortgage-backed security (“MBS”) spreads have widened, which has been beneficial for the Fund’s performance as it remains underweight MBS. The Fund’s duration continues to be positioned modestly long relative to its benchmark. Additionally, the Fund’s emphasis on corporate bonds should be beneficial if corporate bond spreads remain relatively tight. We continue to emphasize high-quality bonds in counter-cyclical industries to limit the Fund’s exposure to spread volatility should the market correct. Finally, the combination of historically low interest rates and tight credit spreads are likely to lead to subdued fixed income returns going forward.
Performance Information
Class I Shares
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Johnson
Institutional
Core Bond Fund –
Class I Shares(a) | | | Bloomberg Barclays
Capital Aggregate
Index | |
| | Six Months | | | | | -1.80% | | | | | | -1.60% | | |
| | One Year | | | | | -0.74% | | | | | | -0.33% | | |
| | Five Years | | | | | 3.60% | | | | | | 3.03% | | |
| | Ten Years | | | | | 4.02% | | | | | | 3.39% | | |
| Johnson Institutional Core Bond Fund | Performance Review – June 30, 2021 Unaudited |
Performance Information
Class F Shares
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Johnson
Institutional
Core Bond Fund –
Class F Shares | | | Bloomberg Barclays
Capital Aggregate
Index | |
| | Six Months | | | | | -1.82% | | | | | | -1.60% | | |
| | One Year | | | | | -0.87% | | | | | | -0.33% | | |
| | Since Inception* | | | | | 5.13% | | | | | | 4.79% | | |
*
Inception date was May 1, 2018
A high level of income over the long term consistent with capital preservation is the objective of the Johnson Institutional Core Bond Fund and the primary assets are investment-grade government and corporate bonds. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund’s or Index’s share price, plus reinvestment of any income and capital gains. Six month returns are not annualized. The Fund’s performance is after all fees, whereas the Index does not incur fees. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Bloomberg Barclays Capital Aggregate Index is the established benchmark. A shareholder cannot invest directly in the Index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.
| Johnson Enhanced Return Fund | Performance Review – June 30, 2021 Unaudited |
The total return for the Johnson Enhanced Return Fund in the first half of 2021 was 14.39% compared to 15.25% for the S&P 500 Index. The Fund’s underperformance was driven by rising short and intermediate bond yields which detracted from total returns in the bond portion of the portfolio.
So far in 2021, equities have marched consistently higher with the S&P 500 posting five straight monthly gains to close out the first half and hitting another all-time high along the way. Sector performance was broadly positive, with all sectors posting positive returns. Performance was uneven however, with Energy posting a return of over 45%, while Consumer Staples and Utilities generated returns of 5% or less. The Federal Reserve (the “Fed”) reiterated its plan to remain patient in its approach to tightening monetary policy, holding interest rates at zero but indicating it may be appropriate to taper asset purchases sometime later this year. The pace of potential changes in interest rates continues to be instrumental in our strategic positioning of the underlying bond portfolio.
Short duration bond yields began the year at low levels but increased during the first half of the year as the economic recovery gained momentum. Short-term interest rates remained largely unchanged, while intermediate-term interest rates rose as the market began to anticipate that the Fed’s first rate hike would occur in 2022 or 2023. As a result, the Fund’s allocation to three-to-five-year bond maturities detracted from performance. The Fund’s allocation to corporate bonds was additive, however, as investment-grade credit spreads tightened consistently throughout the first half of the year. Over half of the Fund’s bond allocation is to investment-grade rated corporate securities, which is a key reason why its yield is traditionally higher than the cost of carry in the futures contracts. Over time, this yield advantage is critical to the Fund’s ability to outperform its benchmark.
While the economy will still likely benefit from the triple tailwinds of vaccinations, reopening, and government stimulus payments, the magnitude to which these factors influence economic growth are all likely to wane over the remainder of the year. Similarly, the pace at which demand has recovered has put upward pressure on consumer prices. Temporary supply chain disruptions have also been important drivers of inflation but are likely to ease throughout the remainder of the year. The Fed has continued to reiterate its patient stance with regard to adjusting monetary policy, reinforcing the idea that robust economic growth and faster inflation may both prove temporary. Instead, they have emphasized full healing in labor markets as an important condition for policy tightening. The Fund’s duration continues to be positioned modestly long relative to its positioning in prior years. Additionally, the Fund’s emphasis on corporate bonds should be beneficial if corporate bond spreads remain relatively tight. We continue to emphasize high-quality bonds in counter-cyclical industries to limit the Fund’s exposure to spread volatility should the market correct. We continue to emphasize the financial sector due to its attractive value and high-quality characteristics.
| | Average Annual Total Returns | | | as of June 30, 2021 | |
| | | | | Enhanced Return
Fund | | | S&P 500 Index | |
| | Six Month | | | | | 14.39% | | | | | | 15.25% | | |
| | One Year | | | | | 39.90% | | | | | | 40.79% | | |
| | Five Years | | | | | 17.45% | | | | | | 17.65% | | |
| | Ten Years | | | | | 15.13% | | | | | | 14.84% | | |
Outperforming the Fund’s benchmark, the S&P 500 Index, over a full market cycle is the objective of the Johnson Enhanced Return Fund and the primary assets are stock index futures contracts and short-term investment-grade fixed income securities. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund’s or Index’s share price, plus reinvestment of any income and capital gains. Six month returns are not annualized. The Fund’s performance is after all fees, whereas the Index does not incur fees. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. A shareholder cannot invest directly in the S&P 500 Index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.
| Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Corporate Bonds: | |
| ACE INA Holdings | | | | | 3.350% | | | | | | 05/15/2024 | | | | | | 5,697,000 | | | | | $ | 6,148,175 | | |
| American Express Credit | | | | | 2.500% | | | | | | 07/30/2024 | | | | | | 4,340,000 | | | | | | 4,574,589 | | |
| AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 2,385,000 | | | | | | 2,561,145 | | |
| AON PLC | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 2,700,000 | | | | | | 2,999,143 | | |
| Bank of America Corp. | | | | | 3.300% | | | | | | 01/11/2023 | | | | | | 2,080,000 | | | | | | 2,170,600 | | |
| Bank of America Corp. | | | | | 3.875% | | | | | | 08/01/2025 | | | | | | 3,555,000 | | | | | | 3,951,248 | | |
| Essex Portfolio LP | | | | | 3.375% | | | | | | 04/15/2026 | | | | | | 1,545,000 | | | | | | 1,675,414 | | |
| BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 3,075,000 | | | | | | 3,307,566 | | |
| Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 3,440,000 | | | | | | 3,728,118 | | |
| Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 1,770,000 | | | | | | 1,856,108 | | |
| Goldman Sachs | | | | | 5.750% | | | | | | 01/24/2022 | | | | | | 3,395,000 | | | | | | 3,500,145 | | |
| Goldman Sachs | | | | | 5.250% | | | | | | 07/27/2021 | | | | | | 1,352,000 | | | | | | 1,356,704 | | |
| Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 1,598,000 | | | | | | 1,613,025 | | |
| Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 2,960,000 | | | | | | 3,126,235 | | |
| JP Morgan Chase & Co. | | | | | 3.375% | | | | | | 05/01/2023 | | | | | | 3,212,000 | | | | | | 3,381,098 | | |
| JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 1,545,000 | | | | | | 1,684,501 | | |
| Key Bank Corp. | | | | | 2.500% | | | | | | 11/22/2021 | | | | | | 3,750,000 | | | | | | 3,783,262 | | |
| Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 3,830,000 | | | | | | 4,115,997 | | |
| Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 2,460,000 | | | | | | 2,684,084 | | |
| Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 2,900,000 | | | | | | 2,911,136 | | |
| National Retail Properties | | | | | 4.000% | | | | | | 11/15/2025 | | | | | | 910,000 | | | | | | 1,005,690 | | |
| Suntrust Banks Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 592,000 | | | | | | 658,437 | | |
| MUFG Americas Holding | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 6,048,000 | | | | | | 6,438,697 | | |
| US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 5,535,000 | | | | | | 6,032,708 | | |
| Wells Fargo & Co. | | | | | 3.450% | | | | | | 02/13/2023 | | | | | | 4,775,000 | | | | | | 5,005,537 | | |
| Wells Fargo & Co. | | | | | 3.550% | | | | | | 09/29/2025 | | | | | | 600,000 | | | | | | 659,713 | | |
| 25.6% – Total Financial | | | | $ | 80,929,075 | | |
| BP Capital Markets | | | | | 3.245% | | | | | | 05/06/2022 | | | | | | 1,000,000 | | | | | | 1,023,965 | | |
| Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 4,548,000 | | | | | | 4,891,387 | | |
| Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 3,230,000 | | | | | | 3,334,313 | | |
| Burlington Northern Santa Fe | | | | | 3.400% | | | | | | 09/01/2024 | | | | | | 2,201,000 | | | | | | 2,379,037 | | |
| Burlington Northern Santa Fe | | | | | 3.050% | | | | | | 09/01/2022 | | | | | | 1,207,000 | | | | | | 1,236,723 | | |
| CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 3,910,000 | | | | | | 4,318,559 | | |
| Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 1,900,000 | | | | | | 2,040,605 | | |
| Johnson Controls International PLC | | | | | 3.750% | | | | | | 12/01/2021 | | | | | | 1,476,000 | | | | | | 1,483,607 | | |
| Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 3,200,000 | | | | | | 3,444,656 | | |
| McDonalds Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 1,000,000 | | | | | | 1,012,830 | | |
| Nike Corp. | | | | | 2.400% | | | | | | 03/27/2025 | | | | | | 5,745,000 | | | | | | 6,079,827 | | |
| Oracle Corp. | | | | | 1.900% | | | | | | 09/15/2021 | | | | | | 5,341,000 | | | | | | 5,352,253 | | |
| Norfolk Southern Corp. | | | | | 2.903% | | | | | | 02/15/2023 | | | | | | 2,000,000 | | | | | | 2,071,561 | | |
| Norfolk Southern Corp. | | | | | 3.250% | | | | | | 12/01/2021 | | | | | | 2,870,000 | | | | | | 2,884,120 | | |
| Progressive Corp. | | | | | 3.750% | | | | | | 08/23/2021 | | | | | | 6,361,000 | | | | | | 6,392,445 | | |
| Shell International | | | | | 1.750% | | | | | | 09/12/2021 | | | | | | 1,600,000 | | | | | | 1,604,774 | | |
| Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 1,000,000 | | | | | | 1,085,401 | | |
| Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,700,000 | | | | | | 2,881,440 | | |
| Verizon Communication Inc. | | | | | 3.376% | | | | | | 02/15/2025 | | | | | | 5,200,000 | | | | | | 5,652,295 | | |
| Walt Disney Co. | | | | | 1.750% | | | | | | 08/30/2024 | | | | | | 4,530,000 | | | | | | 4,684,290 | | |
| 20.2% – Total Industrial | | | | $ | 63,854,088 | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | |
| Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 1,000,000 | | | | | $ | 1,069,457 | | | | | |
| Duke Energy Corp. | | | | | 3.050% | | | | | | 08/15/2022 | | | | | | 1,200,000 | | | | | | 1,227,099 | | | | | |
| Duke Energy Corp. | | | | | 3.750% | | | | | | 04/15/2024 | | | | | | 4,009,000 | | | | | | 4,317,212 | | | | | |
| Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 3,300,000 | | | | | | 3,434,038 | | | | | |
| Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 700,000 | | | | | | 763,773 | | | | | |
| Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 3,030,000 | | | | | | 3,074,176 | | | | | |
| Georgia Power Co. | | | | | 2.100% | | | | | | 07/30/2023 | | | | | | 1,200,000 | | | | | | 1,239,360 | | | | | |
| Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 2,043,000 | | | | | | 2,126,173 | | | | | |
| Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 1,600,000 | | | | | | 1,636,584 | | | | | |
| Interstate Power & Light Co. | | | | | 3.140% | | | | | | 08/15/2025 | | | | | | 4,222,000 | | | | | | 4,568,014 | | | | | |
| Interstate Power & Light Co. | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 264,000 | | | | | | 283,909 | | | | | |
| Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 2,494,000 | | | | | | 2,580,131 | | | | | |
| Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 3,000,000 | | | | | | 3,023,118 | | | | | |
| Wisconsin Power | | | | | 2.250% | | | | | | 11/15/2022 | | | | | | 1,000,000 | | | | | | 1,020,556 | | | | | |
| Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 4,720,000 | | | | | | 5,088,973 | | | | | |
| 11.2% – Total Utilities | | | | $ | 35,452,573 | | | | | |
| 57.0% Total Corporate Bonds | | | | $ | 180,235,736 | | | | | |
| Certificates of Deposit | | | | |
| Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 268,066 | | | | | |
| 0.1% – Total For Certificates of Deposit | | | | | 268,066 | | | | | |
| United States Government Treasury Obligations | | | | |
| Treasury Note | | | | | 0.125% | | | | | | 07/15/2023 | | | | | | 3,500,000 | | | | | | 3,490,703 | | | | | |
| Treasury Note | | | | | 0.250% | | | | | | 06/30/2025 | | | | | | 2,500,000 | | | | | | 2,456,445 | | | | | |
| Treasury Note (Tbill 13 week auction high + 0.049)%* | | | | | 0.099% | | | | | | 01/31/2023 | | | | | | 700,000 | | | | | | 700,246 | | | | | |
| Treasury Note | | | | | 1.500% | | | | | | 01/15/2023 | | | | | | 3,300,000 | | | | | | 3,366,773 | | | | | |
| Treasury Note | | | | | 2.250% | | | | | | 04/30/2024 | | | | | | 4,500,000 | | | | | | 4,730,977 | | | | | |
| Treasury Note | | | | | 0.250% | | | | | | 10/31/2025 | | | | | | 1,000,000 | | | | | | 978,086 | | | | | |
| Treasury Note | | | | | 0.375% | | | | | | 01/31/2026 | | | | | | 1,000,000 | | | | | | 980,352 | | | | | |
| Treasury Note | | | | | 1.625% | | | | | | 08/31/2022 | | | | | | 5,000,000 | | | | | | 5,087,500 | | | | | |
| Treasury Note | | | | | 2.125% | | | | | | 05/15/2022 | | | | | | 8,000,000 | | | | | | 8,141,875 | | | | | |
| 9.5% – Total United States Government Treasury Obligations | | | | $ | 29,932,957 | | | | | |
| United States Government Agency Obligations | | | | |
| FHLB | | | | | 2.625% | | | | | | 12/10/2021 | | | | | | 4,200,000 | | | | | | 4,247,381 | | | | | |
| FHLMC | | | | | 0.450% | | | | | | 07/22/2024 | | | | | | 4,000,000 | | | | | | 3,994,934 | | | | | |
| FHLMC | | | | | 2.500% | | | | | | 12/01/2027 | | | | | | 1,023,201 | | | | | | 1,073,179 | | | | | |
| FHLMC | | | | | 2.500% | | | | | | 01/01/2032 | | | | | | 4,727,823 | | | | | | 4,966,070 | | | | | |
| FNMA | | | | | 0.500% | | | | | | 06/17/2025 | | | | | | 4,195,000 | | | | | | 4,170,302 | | | | | |
| FNMA | | | | | 0.375% | | | | | | 08/25/2025 | | | | | | 11,130,000 | | | | | | 10,969,456 | | | | | |
| FHLMC | | | | | 2.375% | | | | | | 01/13/2022 | | | | | | 4,000,000 | | | | | | 4,049,185 | | | | | |
| 10.6% – Total United States Government Agency Obligations | | | | $ | 33,470,507 | | | | | |
| United States Government Agency Obligations – Mortgage-Backed Securities | | | | | | | | | | | | | | | | |
| FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860)%* | | | | | 3.273% | | | | | | 04/01/2042 | | | | | | 70,848 | | | | | | 73,639 | | | | | |
| FHLMC Pool G15973 | | | | | 3.000% | | | | | | 07/01/2031 | | | | | | 1,455,858 | | | | | | 1,535,978 | | | | | |
| FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 1,507,452 | | | | | | 1,628,603 | | | | | |
| FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 1,808,027 | | | | | | 1,948,888 | | | | | |
| FHLMC Pool ZS9286 | | | | | 4.500% | | | | | | 04/01/2035 | | | | | | 1,299,173 | | | | | | 1,417,728 | | | | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| FHLMC Pool ZT1964 | | | | | 3.500% | | | | | | 06/01/2032 | | | | | | 1,437,710 | | | | | $ | 1,551,877 | | |
| FHLMC Series 2989 Class TG | | | | | 5.000% | | | | | | 06/15/2025 | | | | | | 178,802 | | | | | | 189,110 | | |
| FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 137,568 | | | | | | 141,469 | | |
| FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 21,743 | | | | | | 21,822 | | |
| FHLMC Series 4125 Class KP | | | | | 2.500% | | | | | | 05/15/2041 | | | | | | 988,846 | | | | | | 1,023,686 | | |
| FHLMC Series 4198 Class BE | | | | | 2.000% | | | | | | 10/15/2040 | | | | | | 532,215 | | | | | | 537,897 | | |
| FHLMC Series 4440 Class VC | | | | | 2.500% | | | | | | 08/15/2026 | | | | | | 1,698,698 | | | | | | 1,709,076 | | |
| FHLMC Series 4980 Class DB | | | | | 1.250% | | | | | | 10/25/2034 | | | | | | 4,207,135 | | | | | | 4,228,332 | | |
| FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.599)%* | | | | | 2.743% | | | | | | 02/01/2046 | | | | | | 251,269 | | | | | | 263,224 | | |
| FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600)%* | | | | | 2.820% | | | | | | 12/01/2044 | | | | | | 200,877 | | | | | | 209,285 | | |
| FNMA Pool 469488 | | | | | 3.360% | | | | | | 11/01/2021 | | | | | | 1,612,638 | | | | | | 1,612,285 | | |
| FNMA Pool AI7077 | | | | | 4.000% | | | | | | 07/01/2035 | | | | | | 757,406 | | | | | | 831,437 | | |
| FNMA Pool AL6465 | | | | | 2.920% | | | | | | 11/01/2023 | | | | | | 234,166 | | | | | | 237,837 | | |
| FNMA Pool AL9230 | | | | | 3.500% | | | | | | 12/01/2029 | | | | | | 819,588 | | | | | | 881,786 | | |
| FNMA Pool AM0066 | | | | | 2.630% | | | | | | 08/01/2022 | | | | | | 1,555,420 | | | | | | 1,578,066 | | |
| FNMA Pool AN3444 | | | | | 2.230% | | | | | | 11/01/2023 | | | | | | 2,931,026 | | | | | | 3,026,892 | | |
| FNMA Pool FM1897 | | | | | 3.000% | | | | | | 09/01/2032 | | | | | | 1,620,162 | | | | | | 1,705,952 | | |
| FNMA Pool FM2287 | | | | | 4.500% | | | | | | 03/01/2034 | | | | | | 1,726,132 | | | | | | 1,862,201 | | |
| FNMA Pool FM2989 | | | | | 3.000% | | | | | | 09/01/2034 | | | | | | 1,404,747 | | | | | | 1,489,524 | | |
| FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 323,614 | | | | | | 358,460 | | |
| FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 74,105 | | | | | | 76,585 | | |
| FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 334,328 | | | | | | 340,913 | | |
| FNMA Series 2013-3 Class DK | | | | | 1.750% | | | | | | 02/25/2033 | | | | | | 789,728 | | | | | | 816,189 | | |
| FNMA Series 2013-1 Class LA | | | | | 1.250% | | | | | | 02/25/2028 | | | | | | 1,454,253 | | | | | | 1,465,747 | | |
| FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 392,040 | | | | | | 396,596 | | |
| FNMA Series 2020-44 Class TE | | | | | 2.000% | | | | | | 12/25/2035 | | | | | | 2,971,642 | | | | | | 3,091,095 | | |
| FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/25/2051 | | | | | | 9,207,082 | | | | | | 9,013,327 | | |
| GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 53,494 | | | | | | 56,776 | | |
| 14.3% – Total United States Government Agency Obligations- Mortgage-Backed Securities | | | | $ | 45,322,282 | | |
| Taxable Municipal Bonds | |
| Allegeny County Pennsylvania | | | | | 0.843% | | | | | | 11/01/2024 | | | | | | 600,000 | | | | | | 603,986 | | |
| Allegeny County Pennsylvania | | | | | 0.973% | | | | | | 11/01/2025 | | | | | | 1,835,000 | | | | | | 1,844,426 | | |
| Franklin County Ohio Convention Facitilites | | | | | 1.255% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 505,736 | | |
| Kansas Development Finance Authority Revenue | | | | | 3.227% | | | | | | 04/15/2022 | | | | | | 1,600,000 | | | | | | 1,635,979 | | |
| Kansas Development Finance Authority Revenue | | | | | 3.491% | | | | | | 04/15/2023 | | | | | | 1,400,000 | | | | | | 1,472,285 | | |
| Kent State University | | | | | 1.960% | | | | | | 05/01/2024 | | | | | | 1,000,000 | | | | | | 1,034,094 | | |
| Kentucky State Property and Lodging Commission | | | | | 2.080% | | | | | | 11/01/2023 | | | | | | 700,000 | | | | | | 721,475 | | |
| Ohio Special Obligation Capital Facilities Lease | | | | | 1.700% | | | | | | 04/01/2023 | | | | | | 500,000 | | | | | | 512,524 | | |
| Pennsylvania State University | | | | | 1.545% | | | | | | 09/01/2024 | | | | | | 1,145,000 | | | | | | 1,172,510 | | |
| Pennsylvania State University | | | | | 1.645% | | | | | | 09/01/2025 | | | | | | 2,000,000 | | | | | | 2,051,033 | | |
| Port of Greater Cincinnati | | | | | 2.100% | | | | | | 04/01/2023 | | | | | | 500,000 | | | | | | 500,103 | | |
| University of Cincinnati General Receipts | | | | | 1.878% | | | | | | 06/01/2023 | | | | | | 1,100,000 | | | | | | 1,132,087 | | |
| University of Kentucky General Receipts Build America Bond | | | | | 4.850% | | | | | | 11/01/2021 | | | | | | 1,500,000 | | | | | | 1,521,375 | | |
| 4.6% – Total For Taxable Municipal Bonds | | | | $ | 14,707,613 | | |
| |
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Total Fixed Income Securities 96.1% | | | | $ | 303,937,161 | | |
| (Identified Cost $302,184,454) | | | | | | | | | | | | | | | | | | | |
| Cash Equivalents | | | | | | | | | Shares | | | | | | | |
| First American Government Obligation Fund, Class Z** | | | | | | | | | | | 11,666,748 | | | | | | 11,666,748 | | |
| Total Cash Equivalents 3.7% | | | | $ | 11,666,748 | | |
| (Identified Cost $11,666,748) | | | | | | | | | | | | | | | | | | | |
| Total Portfolio Value 99.8% | | | | $ | 315,603,909 | | |
| (Identified Cost $313,851,202) | | | | | | | | | | | | | | | | | | | |
| Other Assets in Excess of Liabilities 0.2% | | | | | | | | | | | | | | | | $ | 809,440 | | |
| Total Net Assets 100.0% | | | | $ | 316,413,349 | | |
| |
*
Variable Rate Security; the rate shown is as of June 30, 2021.
**
Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.02%.
ARM – Adjustable Rate Mortgage
FHLB – Federal Home Loan Bank
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Corporate Bonds: | | | | | |
| American Express Co. | | | | | 4.200% | | | | | | 11/06/2025 | | | | | | 3,550,000 | | | | | $ | 4,024,394 | | |
| AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 3,500,000 | | | | | | 3,941,978 | | |
| Bank of America | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 4,400,000 | | | | | | 4,770,787 | | |
| BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 2,000,000 | | | | | | 2,151,262 | | |
| BB&T Corp. | | | | | 3.950% | | | | | | 03/22/2022 | | | | | | 1,000,000 | | | | | | 1,023,377 | | |
| Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 3,114,000 | | | | | | 3,265,492 | | |
| Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 3,000,000 | | | | | | 3,168,481 | | |
| JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 3,065,000 | | | | | | 3,341,746 | | |
| Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 1,655,000 | | | | | | 1,733,552 | | |
| Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 1,000,000 | | | | | | 1,155,064 | | |
| Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 1,500,000 | | | | | | 1,612,009 | | |
| Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 1,750,000 | | | | | | 2,053,069 | | |
| Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 4,135,000 | | | | | | 4,511,662 | | |
| MUFG Americas Holdings Corp. | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 4,300,000 | | | | | | 4,577,777 | | |
| PNC Bank | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 2,000,000 | | | | | | 2,147,010 | | |
| Suntrust Bank Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 2,000,000 | | | | | | 2,224,450 | | |
| US Bancorp | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 2,125,000 | | | | | | 2,303,591 | | |
| US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 2,000,000 | | | | | | 2,175,002 | | |
| Wells Fargo & Co. | | | | | 4.000% | | | | | | 06/03/2026 | | | | | | 1,220,000 | | | | | | 1,370,741 | | |
| Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 2,600,000 | | | | | | 2,966,061 | | |
| 23.1% – Total Financial | | | | $ | 54,517,505 | | |
| CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 3,200,000 | | | | | | 3,679,352 | | |
| Dover Corp | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 2,650,000 | | | | | | 2,850,083 | | |
| Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 1,900,000 | | | | | | 1,961,361 | | |
| Eaton Corp. | | | | | 3.103% | | | | | | 09/15/2027 | | | | | | 800,000 | | | | | | 869,204 | | |
| Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 3,000,000 | | | | | | 3,198,706 | | |
| Johnson Controls International PLC | | | | | 3.750% | | | | | | 12/01/2021 | | | | | | 990,000 | | | | | | 995,102 | | |
| Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 2,282,000 | | | | | | 2,525,403 | | |
| JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 970,000 | | | | | | 1,061,404 | | |
| Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 2,100,000 | | | | | | 2,306,374 | | |
| McDonalds Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 3,025,000 | | | | | | 3,405,023 | | |
| Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 3,600,000 | | | | | | 3,645,894 | | |
| Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 2,150,000 | | | | | | 2,275,600 | | |
| Verizon Communication Inc. | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 3,235,000 | | | | | | 3,708,519 | | |
| Walt Disney Corp. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 4,245,000 | | | | | | 4,852,739 | | |
| 15.8% – Total Industrial | | | | $ | 37,334,764 | | |
| Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 2,175,000 | | | | | | 2,326,069 | | |
| Berkshire Hathaway Energy Co. | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 2,100,000 | | | | | | 2,309,773 | | |
| Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 2,750,000 | | | | | | 2,779,522 | | |
| Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 1,000,000 | | | | | | 1,055,724 | | |
| Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 1,860,000 | | | | | | 2,029,453 | | |
| Enterprise Products | | | | | 4.150% | | | | | | 10/16/2028 | | | | | | 1,300,000 | | | | | | 1,495,286 | | |
| Enterprise Products | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 1,000,000 | | | | | | 1,163,895 | | |
| Eversource Energy | | | | | 3.300% | | | | | | 01/15/2028 | | | | | | 2,700,000 | | | | | | 2,959,527 | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 325,000 | | | | | $ | 338,231 | | |
| Georgia Power Co. | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 2,000,000 | | | | | | 2,099,199 | | |
| Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 1,111,000 | | | | | | 1,136,403 | | |
| Interstate Power & Light | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,035,000 | | | | | | 1,119,824 | | |
| Interstate Power & Light | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 2,225,000 | | | | | | 2,551,961 | | |
| National Rural Utilites Corp. | | | | | 3.400% | | | | | | 11/15/2023 | | | | | | 3,000,000 | | | | | | 3,185,391 | | |
| Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 935,000 | | | | | | 967,290 | | |
| Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 500,000 | | | | | | 503,853 | | |
| Virginia Electric & Power Co. | | | | | 3.100% | | | | | | 05/15/2025 | | | | | | 394,000 | | | | | | 421,814 | | |
| Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 02/15/2024 | | | | | | 565,000 | | | | | | 601,591 | | |
| Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 3,500,000 | | | | | | 3,773,603 | | |
| 13.9% – Total Utilities | | | | $ | 32,818,409 | | |
| 52.8% Total Corporate Bonds | | | | $ | 124,670,678 | | |
| Certificates of Deposit | |
| Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 268,066 | | |
| 0.1% – Total For Certificates of Deposit | | | | | 268,066 | | |
| United States Government Treasury Obligations | |
| Treasury Note | | | | | 0.125% | | | | | | 04/30/2022 | | | | | | 9,400,000 | | | | | | 9,402,203 | | |
| Treasury Note | | | | | 1.500% | | | | | | 11/30/2024 | | | | | | 1,950,000 | | | | | | 2,012,309 | | |
| Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 4,750,000 | | | | | | 4,800,469 | | |
| Treasury Note | | | | | 1.625% | | | | | | 05/15/2026 | | | | | | 9,000,000 | | | | | | 9,332,227 | | |
| Treasury Note | | | | | 2.000% | | | | | | 11/15/2026 | | | | | | 10,500,000 | | | | | | 11,085,703 | | |
| Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 9,500,000 | | | | | | 9,910,059 | | |
| Treasury Note | | | | | 2.625% | | | | | | 02/15/2029 | | | | | | 8,000,000 | | | | | | 8,778,750 | | |
| Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 9,000,000 | | | | | | 9,922,500 | | |
| Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 9,000,000 | | | | | | 10,188,281 | | |
| 32.0% – Total United States Government Treasury Obligations | | | | $ | 75,432,501 | | |
| United States Government Agency Obligations | |
| FHLB | | | | | 2.875% | | | | | | 09/13/2024 | | | | | | 5,000,000 | | | | | | 5,372,002 | | |
| FHLB | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 1,800,000 | | | | | | 2,046,202 | | |
| 3.1% – Total United States Government Agency Obligations | | | | $ | 7,418,204 | | |
| United States Government Agency Obligations – Mortgage Backed Securities | |
| FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860)%* | | | | | 3.273% | | | | | | 04/01/2042 | | | | | | 75,908 | | | | | | 78,899 | | |
| FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 116,924 | | | | | | 135,641 | | |
| FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 963,596 | | | | | | 1,038,668 | | |
| FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 149,118 | | | | | | 158,607 | | |
| FHLMC Pool SB0297 | | | | | 3.000% | | | | | | 03/01/2035 | | | | | | 3,164,710 | | | | | | 3,358,833 | | |
| FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 44,623 | | | | | | 47,693 | | |
| FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 357,819 | | | | | | 379,650 | | |
| FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 8,875 | | | | | | 8,907 | | |
| FHLMC Series 4151 Class PA | | | | | 2.000% | | | | | | 01/15/2033 | | | | | | 1,561,867 | | | | | | 1,623,804 | | |
| FHLMC Series 4646 Class D | | | | | 3.500% | | | | | | 01/15/2042 | | | | | | 117,097 | | | | | | 117,225 | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780)%* | | | | | 3.314% | | | | | | 12/01/2041 | | | | | | 97,391 | | | | | $ | 102,988 | | |
| FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600)%* | | | | | 2.820% | | | | | | 12/01/2044 | | | | | | 206,327 | | | | | | 214,963 | | |
| FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 134,958 | | | | | | 148,372 | | |
| FNMA Pool FM5050 | | | | | 2.500% | | | | | | 02/01/2035 | | | | | | 4,151,767 | | | | | | 4,353,190 | | |
| FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 2,500,000 | | | | | | 2,761,343 | | |
| FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 129,446 | | | | | | 143,384 | | |
| FNMA Pool MA1237 | | | | | 3.000% | | | | | | 11/01/2032 | | | | | | 1,286,692 | | | | | | 1,356,134 | | |
| FNMA Series 2011-52 Class PC | | | | | 3.000% | | | | | | 03/25/2041 | | | | | | 618,308 | | | | | | 650,583 | | |
| FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 818,273 | | | | | | 836,246 | | |
| FNMA Series 2015-37 Class BA | | | | | 3.000% | | | | | | 08/25/2044 | | | | | | 1,063,637 | | | | | | 1,128,525 | | |
| FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 734,112 | | | | | | 767,122 | | |
| FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 438,520 | | | | | | 469,531 | | |
| 8.4% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 19,880,308 | | |
| Taxable Municipal Bonds | |
| Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 3,000,000 | | | | | | 3,431,794 | | |
| Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 55,000 | | | | | | 56,852 | | |
| Pennsylvania State University | | | | | 1.893% | | | | | | 09/01/2026 | | | | | | 2,000,000 | | | | | | 2,064,264 | | |
| 2.4% – Total Taxable Municipal Bonds | | | | $ | 5,552,910 | | |
| Total Fixed Income Securities 98.8% | | | | $ | 233,222,667 | | |
| (Identified Cost $227,849,555) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stocks | | | | | | | | | | | | | | | | | Shares | | | | | | | | |
| Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 59,890 | | | | | | 1,592,475 | | |
| Total Preferred Stocks 0.7% | | | | $ | 1,592,475 | | |
| (Identified Cost $1,446,031) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash Equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
| First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 324,237 | | | | | | 324,237 | | |
| Total Cash Equivalents 0.1% | | | | $ | 324,237 | | |
| (Identified Cost $324,237) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Portfolio Value 99.6% | | | | $ | 235,139,379 | | |
| (Identified Cost $229,619,823) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Assets in Excess of Liabilities 0.4% | | | | | | | | | | | | | | | | | | | | | | $ | 958,774 | | |
| Total Net Assets 100.0% | | | | $ | 236,098,153 | | |
| |
*
Variable Rate Security; the rate shown is as of June 30, 2021.
**
Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.02%.
ARM – Adjustable Rate Mortgage
FHLB – Federal Home Loan Bank
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Corporate Bonds: | |
| American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 9,135,000 | | | | | $ | 9,799,081 | | |
| AON Corp. | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 1,650,000 | | | | | | 1,771,861 | | |
| AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 4,390,000 | | | | | | 4,944,367 | | |
| AON Corp. | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 1,850,000 | | | | | | 2,054,968 | | |
| AON Corp. | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 1,000,000 | | | | | | 1,071,600 | | |
| Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 12,340,000 | | | | | | 13,379,887 | | |
| BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 2,300,000 | | | | | | 2,473,951 | | |
| BB&T Corp. | | | | | 3.875% | | | | | | 03/19/2029 | | | | | | 5,160,000 | | | | | | 5,883,296 | | |
| Chubb INA Holdings Inc. | | | | | 3.150% | | | | | | 03/15/2025 | | | | | | 1,400,000 | | | | | | 1,513,816 | | |
| Chubb INA Holdings Inc. | | | | | 3.350% | | | | | | 05/03/2026 | | | | | | 2,000,000 | | | | | | 2,198,467 | | |
| Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 4,913,000 | | | | | | 5,152,011 | | |
| Essex Portfolio LP | | | | | 3.000% | | | | | | 01/15/2030 | | | | | | 250,000 | | | | | | 263,250 | | |
| Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 4,500,000 | | | | | | 4,876,899 | | |
| Georgia Power | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 9,000,000 | | | | | | 9,446,396 | | |
| Huntington Bancshares | | | | | 2.550% | | | | | | 02/04/2030 | | | | | | 5,000,000 | | | | | | 5,208,923 | | |
| Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 5,230,000 | | | | | | 5,523,719 | | |
| JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 4,280,000 | | | | | | 4,683,307 | | |
| JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 6,670,000 | | | | | | 7,272,249 | | |
| JP Morgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 2,000,000 | | | | | | 2,370,915 | | |
| Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 3,325,000 | | | | | | 3,482,816 | | |
| Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 3,740,000 | | | | | | 4,319,939 | | |
| MUFG Americas Holding | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 1,720,000 | | | | | | 1,831,111 | | |
| Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 7,500,000 | | | | | | 8,798,867 | | |
| Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 6,500,000 | | | | | | 7,092,093 | | |
| Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 4,200,000 | | | | | | 4,678,097 | | |
| MUFG Americas Holdings Corp. | | | | | 3.500% | | | | | | 06/18/2022 | | | | | | 2,650,000 | | | | | | 2,732,001 | | |
| PNC Bank | | | | | 3.450% | | | | | | 04/23/2029 | | | | | | 1,500,000 | | | | | | 1,677,072 | | |
| PNC Bank | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 3,570,000 | | | | | | 3,832,412 | | |
| Suntrust Bank Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 3,300,000 | | | | | | 3,670,343 | | |
| Truist Bank | | | | | 2.250% | | | | | | 03/11/2030 | | | | | | 3,000,000 | | | | | | 3,044,927 | | |
| US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 4,500,000 | | | | | | 4,893,755 | | |
| US Bancorp | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 6,815,000 | | | | | | 7,387,753 | | |
| Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 7,530,000 | | | | | | 8,460,391 | | |
| Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 4,599,000 | | | | | | 5,246,506 | | |
| 24.7% – Total Financial | | | | $ | 161,037,046 | | |
| CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 9,000,000 | | | | | | 10,348,177 | | |
| Coca-Cola Corp. | | | | | 3.450% | | | | | | 03/25/2030 | | | | | | 6,230,000 | | | | | | 7,022,653 | | |
| Dover Corp. | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 4,500,000 | | | | | | 4,837,219 | | |
| Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 1,500,000 | | | | | | 1,613,254 | | |
| Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 1,945,000 | | | | | | 2,007,814 | | |
| Eaton Corp. | | | | | 3.103% | | | | | | 09/15/2027 | | | | | | 3,721,000 | | | | | | 4,042,885 | | |
| Emerson Electric Inc. | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 7,160,000 | | | | | | 7,249,151 | | |
| Home Depot Inc. | | | | | 2.950% | | | | | | 06/15/2029 | | | | | | 4,500,000 | | | | | | 4,920,047 | | |
| Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 1,515,000 | | | | | | 1,615,347 | | |
| Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 1,225,000 | | | | | | 1,315,653 | | |
| Johnson Controls International PLC | | | | | 3.750% | | | | | | 12/01/2021 | | | | | | 1,000,000 | | | | | | 1,005,154 | | |
| Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 1,000,000 | | | | | | 1,106,662 | | |
| Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 3,300,000 | | | | | | 3,624,303 | | |
| Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 150,000 | | | | | | 161,468 | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| McDonald’s Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 4,955,000 | | | | | $ | 5,577,484 | | |
| McDonald’s Corp. | | | | | 2.125% | | | | | | 03/01/2030 | | | | | | 3,545,000 | | | | | | 3,587,563 | | |
| Nike Inc. | | | | | 3.250% | | | | | | 03/27/2040 | | | | | | 3,850,000 | | | | | | 4,230,780 | | |
| Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 10,500,000 | | | | | | 10,633,857 | | |
| Starbucks Corp. | | | | | 3.550% | | | | | | 08/15/2029 | | | | | | 2,000,000 | | | | | | 2,236,918 | | |
| Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 3,800,000 | | | | | | 4,021,990 | | |
| Union Pacific Corp. | | | | | 3.950% | | | | | | 09/10/2028 | | | | | | 2,801,000 | | | | | | 3,214,495 | | |
| Verizon Communication Inc. | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 9,821,000 | | | | | | 11,258,535 | | |
| Verizon Communication Inc. | | | | | 4.329% | | | | | | 09/21/2028 | | | | | | 1,675,000 | | | | | | 1,947,165 | | |
| Walt Disney Corp. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 10,455,000 | | | | | | 11,951,798 | | |
| 16.8% – Total Industrial | | | | $ | 109,530,372.0 | | |
| Berkshire Hathaway Energy Co. | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 1,936,000 | | | | | | 2,129,391 | | |
| Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 6,166,000 | | | | | | 6,594,272 | | |
| Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 4,000,000 | | | | | | 4,042,941 | | |
| Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 6,350,000 | | | | | | 6,703,846 | | |
| Enterprise Products | | | | | 4.150% | | | | | | 10/16/2028 | | | | | | 8,500,000 | | | | | | 9,776,870 | | |
| Eversource Energy | | | | | 3.300% | | | | | | 01/15/2028 | | | | | | 2,500,000 | | | | | | 2,740,303 | | |
| Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 6,924,000 | | | | | | 8,058,812 | | |
| Interstate Power & Light | | | | | 2.300% | | | | | | 06/01/2030 | | | | | | 1,490,000 | | | | | | 1,511,257 | | |
| Interstate Power & Light | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,525,000 | | | | | | 1,649,982 | | |
| Interstate Power & Light | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 7,605,000 | | | | | | 8,722,544 | | |
| National Rural Utilities Corp. | | | | | 2.950% | | | | | | 02/07/2024 | | | | | | 1,000,000 | | | | | | 1,055,920 | | |
| National Rural Utilities Corp. | | | | | 3.050% | | | | | | 02/15/2022 | | | | | | 100,000 | | | | | | 101,043 | | |
| National Rural Utilities Corp. | | | | | 3.700% | | | | | | 03/15/2029 | | | | | | 3,900,000 | | | | | | 4,354,366 | | |
| Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 3,000,000 | | | | | | 3,246,799 | | |
| Virginia Electric & Power Co. | | | | | 3.100% | | | | | | 05/15/2025 | | | | | | 2,732,000 | | | | | | 2,924,863 | | |
| Virginia Electric & Power Co. | | | | | 3.500% | | | | | | 03/15/2027 | | | | | | 2,932,000 | | | | | | 3,256,546 | | |
| Xcel Energy Inc. | | | | | 3.400% | | | | | | 06/01/2030 | | | | | | 4,500,000 | | | | | | 4,937,524 | | |
| Xcel Energy Inc. | | | | | 4.000% | | | | | | 06/15/2028 | | | | | | 7,500,000 | | | | | | 8,542,831 | | |
| 12.3% – Total Utilities | | | | $ | 80,350,110 | | |
| 53.8% Total Corporate Bonds | | | | $ | 350,917,528 | | |
| Certificates of Deposit | |
| Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 268,066 | | |
| 0.0% – Total For Certificates of Deposit | | | | | 268,066 | | |
| United States Government Treasury Obligations | |
| Treasury Bond | | | | | 2.000% | | | | | | 02/15/2050 | | | | | | 15,200,000 | | | | | | 14,941,719 | | |
| Treasury Bond | | | | | 2.250% | | | | | | 08/15/2046 | | | | | | 16,000,000 | | | | | | 16,554,375 | | |
| Treasury Bond | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 24,800,000 | | | | | | 28,219,687 | | |
| Treasury Note | | | | | 2.000% | | | | | | 02/15/2025 | | | | | | 10,000,000 | | | | | | 10,501,953 | | |
| Treasury Note | | | | | 2.000% | | | | | | 11/15/2026 | | | | | | 9,000,000 | | | | | | 9,502,031 | | |
| Treasury Note | | | | | 1.500% | | | | | | 11/30/2024 | | | | | | 30,000,000 | | | | | | 30,958,594 | | |
| Treasury Note | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 11,800,000 | | | | | | 12,791,477 | | |
| Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 18,000,000 | | | | | | 18,776,953 | | |
| Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 25,000,000 | | | | | | 27,562,500 | | |
| 26.1% – Total United States Government Treasury Obligations | | | | $ | 169,809,289 | | |
| United States Government Agency Obligations | |
| FHLB | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 4,250,000 | | | | | | 4,831,309 | | |
| 0.7% – Total United States Government Agency Obligations | | | | | 4,831,309 | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| United States Government Agency Obligations – Mortgage Backed Securities | |
| FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860)%* | | | | | 3.273% | | | | | | 04/01/2042 | | | | | | 75,908 | | | | | $ | 78,899 | | |
| FHLMC Pool G01880 | | | | | 5.000% | | | | | | 08/01/2035 | | | | | | 49,271 | | | | | | 56,537 | | |
| FHLMC Pool G06616 | | | | | 4.500% | | | | | | 12/01/2035 | | | | | | 101,875 | | | | | | 112,149 | | |
| FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 264,350 | | | | | | 306,667 | | |
| FHLMC Pool G09921 | | | | | 4.000% | | | | | | 07/01/2024 | | | | | | 74,793 | | | | | | 79,444 | | |
| FHLMC Pool G15897 | | | | | 2.500% | | | | | | 09/01/2031 | | | | | | 8,211,415 | | | | | | 8,647,287 | | |
| FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 1,445,394 | | | | | | 1,558,003 | | |
| FHLMC Pool G18667 | | | | | 3.500% | | | | | | 11/01/2032 | | | | | | 1,099,627 | | | | | | 1,188,366 | | |
| FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 1,239,767 | | | | | | 1,334,081 | | |
| FHLMC Pool V61479 | | | | | 2.500% | | | | | | 01/01/2032 | | | | | | 4,232,146 | | | | | | 4,445,415 | | |
| FHLMC Pool ZK6713 | | | | | 3.000% | | | | | | 06/01/2029 | | | | | | 5,021,999 | | | | | | 5,328,104 | | |
| FHLMC Pool ZT1964 | | | | | 3.500% | | | | | | 06/01/2032 | | | | | | 5,814,666 | | | | | | 6,276,403 | | |
| FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 39,045 | | | | | | 41,731 | | |
| FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 357,819 | | | | | | 379,650 | | |
| FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 17,750 | | | | | | 17,814 | | |
| FHLMC Series 4087 Class PT | | | | | 3.000% | | | | | | 07/15/2042 | | | | | | 564,305 | | | | | | 603,004 | | |
| FHLMC Series 4151 Class PA | | | | | 2.000% | | | | | | 01/15/2033 | | | | | | 2,734,367 | | | | | | 2,842,801 | | |
| FHLMC Series 4161 Class QA | | | | | 3.000% | | | | | | 02/15/2043 | | | | | | 143,165 | | | | | | 153,215 | | |
| FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/2045 | | | | | | 818,271 | | | | | | 858,096 | | |
| FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 806,031 | | | | | | 828,363 | | |
| FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 1,061,926 | | | | | | 1,103,900 | | |
| FHLMC Series 4808 Class PK | | | | | 3.500% | | | | | | 10/15/2045 | | | | | | 297,989 | | | | | | 304,562 | | |
| FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780)%* | | | | | 3.314% | | | | | | 12/01/2041 | | | | | | 97,391 | | | | | | 102,988 | | |
| FNMA Pool 1107 | | | | | 3.500% | | | | | | 07/01/2032 | | | | | | 487,948 | | | | | | 520,419 | | |
| FNMA Pool 889050 | | | | | 6.000% | | | | | | 05/01/2037 | | | | | | 180,243 | | | | | | 207,803 | | |
| FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 102,384 | | | | | | 118,715 | | |
| FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 134,958 | | | | | | 148,372 | | |
| FNMA Pool AL6923 | | | | | 3.000% | | | | | | 05/01/2030 | | | | | | 3,403,161 | | | | | | 3,606,645 | | |
| FNMA Pool AL7077 | | | | | 4.000% | | | | | | 07/01/2035 | | | | | | 3,028,112 | | | | | | 3,324,087 | | |
| FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 505,287 | | | | | | 545,865 | | |
| FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 3,000,000 | | | | | | 3,313,612 | | |
| FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 2,500,000 | | | | | | 2,781,752 | | |
| FNMA Pool BL0189 | | | | | 3.830% | | | | | | 10/01/2028 | | | | | | 2,000,000 | | | | | | 2,231,993 | | |
| FNMA Pool BL0359 | | | | | 3.700% | | | | | | 11/01/2028 | | | | | | 4,789,299 | | | | | | 5,486,052 | | |
| FNMA Pool FM5050 | | | | | 2.500% | | | | | | 02/01/2035 | | | | | | 2,208,740 | | | | | | 2,315,897 | | |
| FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 3,000,000 | | | | | | 3,357,682 | | |
| FNMA Pool FM3388 | | | | | 4.000% | | | | | | 03/01/2034 | | | | | | 2,246,714 | | | | | | 2,393,256 | | |
| FNMA Pool FM5394 | | | | | 3.000% | | | | | | 03/01/2034 | | | | | | 9,072,547 | | | | | | 9,567,151 | | |
| FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 103,557 | | | | | | 114,707 | | |
| FNMA Pool MA2773 | | | | | 3.000% | | | | | | 10/01/2036 | | | | | | 2,012,665 | | | | | | 2,123,278 | | |
| FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 852,858 | | | | | | 914,940 | | |
| FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 45,324 | | | | | | 46,841 | | |
| FNMA Series 2005-64 Class PL | | | | | 5.500% | | | | | | 07/25/2035 | | | | | | 48,760 | | | | | | 55,005 | | |
| FNMA Series 2011-53 Class DT | | | | | 4.500% | | | | | | 06/25/2041 | | | | | | 158,853 | | | | | | 177,450 | | |
| FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 1,024,559 | | | | | | 1,047,062 | | |
| FNMA Series 2013-21 Class VA | | | | | 3.000% | | | | | | 07/25/2028 | | | | | | 524,796 | | | | | | 528,317 | | |
| FNMA Series 2013-83 Class MH | | | | | 4.000% | | | | | | 08/25/2043 | | | | | | 207,375 | | | | | | 224,351 | | |
| FNMA Series 2014-20 Class AC | | | | | 3.000% | | | | | | 08/25/2036 | | | | | | 277,921 | | | | | | 288,323 | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 175,742 | | | | | $ | 186,903 | | |
| FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 761,474 | | | | | | 782,548 | | |
| FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 1,859,750 | | | | | | 1,943,376 | | |
| FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 1,232,917 | | | | | | 1,278,808 | | |
| FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 371,056 | | | | | | 397,296 | | |
| FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 686,070 | | | | | | 694,044 | | |
| FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 944,273 | | | | | | 999,137 | | |
| FNMA Series 2019-60 Class DA | | | | | 2.500% | | | | | | 03/25/2049 | | | | | | 2,974,314 | | | | | | 3,107,220 | | |
| FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/25/2051 | | | | | | 8,690,358 | | | | | | 8,507,477 | | |
| 15.4% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 99,983,863 | | |
| Taxable Municipal Bonds | |
| Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 750,000 | | | | | | 795,871 | | |
| Kansas Development Finance Authority Revenue | | | | | 3.741% | | | | | | 04/15/2025 | | | | | | 3,705,000 | | | | | | 4,068,525 | | |
| Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 125,000 | | | | | | 142,991 | | |
| Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 55,000 | | | | | | 56,852 | | |
| Kentucky Property and Buildings Commission Revenue | | | | | 5.373% | | | | | | 11/01/2025 | | | | | | 590,000 | | | | | | 659,575 | | |
| Ohio Higher Education Facilities – Cleveland Clinic Health Systems | | | | | 3.849% | | | | | | 01/01/2022 | | | | | | 945,000 | | | | | | 961,538 | | |
| Ohio University General Receipts | | | | | 1.766% | | | | | | 12/01/2026 | | | | | | 2,000,000 | | | | | | 2,057,419 | | |
| 1.4%-Total Taxable Municipal Bonds | | | | $ | 8,742,771 | | |
| Total Fixed Income Securities 97.4% | | | | $ | 634,552,826 | | |
| (Identified Cost $624,337,083) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stocks | | | | | | | | | | | | | | | | | Shares | | | | | | | | |
| Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 83,000 | | | | | | 2,206,970 | | |
| Total Preferred Stocks 0.3% | | | | $ | 2,206,970 | | |
| (Identified Cost $2,034,817) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash Equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
| First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 8,039,372 | | | | | | 8,039,372 | | |
| Total Cash Equivalents 1.2% | | | | $ | 8,039,372 | | |
| (Identified Cost $8,039,372) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Portfolio Value 98.9% | | | | $ | 644,799,168 | | |
| (Identified Cost $634, 411,272) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Assets in Excess of Liabilities 1.1% | | | | $ | 6,963,224 | | |
| Total Net Assets 100.0% | | | | $ | 651,762,392 | | |
| |
*
Variable Rate Security; the rate shown is as of June 30, 2021.
**
Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.02%.
ARM – Adjustable Rate Mortgage
FHLB – Federal Home Loan Bank
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
The accompanying notes are an integral part of these financial statements.
| Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Corporate Bonds | |
| ACE INA Holdings | | | | | 3.350% | | | | | | 05/15/2024 | | | | | | 4,464,000 | | | | | $ | 4,817,528 | | |
| American Express Credit | | | | | 2.500% | | | | | | 08/01/2022 | | | | | | 1,700,000 | | | | | | 1,736,482 | | |
| American Express Credit | | | | | 2.500% | | | | | | 07/30/2024 | | | | | | 2,607,000 | | | | | | 2,747,915 | | |
| AON Corp. | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 660,000 | | | | | | 708,745 | | |
| AON Corp. | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 3,274,000 | | | | | | 3,636,739 | | |
| Bank of America | | | | | 3.875% | | | | | | 08/01/2025 | | | | | | 5,134,000 | | | | | | 5,706,247 | | |
| Branch Banking Trust | | | | | 3.625% | | | | | | 09/16/2025 | | | | | | 3,000,000 | | | | | | 3,303,244 | | |
| BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 1,325,000 | | | | | | 1,425,211 | | |
| Essex Portfolio LP | | | | | 3.500% | | | | | | 04/01/2025 | | | | | | 1,720,000 | | | | | | 1,862,780 | | |
| Fifth Third Bancorp | | | | | 3.500% | | | | | | 03/15/2022 | | | | | | 865,000 | | | | | | 881,807 | | |
| Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 3,239,000 | | | | | | 3,510,284 | | |
| Goldman Sachs | | | | | 5.250% | | | | | | 07/27/2021 | | | | | | 2,700,000 | | | | | | 2,709,394 | | |
| Goldman Sachs | | | | | 5.750% | | | | | | 01/24/2022 | | | | | | 1,705,000 | | | | | | 1,757,805 | | |
| Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 970,000 | | | | | | 979,120 | | |
| Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 3,350,000 | | | | | | 3,538,138 | | |
| JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 3,794,000 | | | | | | 4,136,569 | | |
| Key Bank Corp. | | | | | 2.500% | | | | | | 11/22/2021 | | | | | | 1,723,000 | | | | | | 1,738,283 | | |
| Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 1,200,000 | | | | | | 1,309,309 | | |
| Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 3,695,000 | | | | | | 3,709,189 | | |
| National Retail Properties | | | | | 4.000% | | | | | | 11/15/2025 | | | | | | 900,000 | | | | | | 994,638 | | |
| PNC Bank | | | | | 2.950% | | | | | | 01/30/2023 | | | | | | 750,000 | | | | | | 778,464 | | |
| US Bancorp | | | | | 2.400% | | | | | | 07/30/2024 | | | | | | 4,100,000 | | | | | | 4,313,290 | | |
| US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 560,000 | | | | | | 610,355 | | |
| MUFG Americas Holding Corp. | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 5,635,000 | | | | | | 5,999,018 | | |
| Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 4,010,000 | | | | | | 4,309,438 | | |
| Wells Fargo & Co. | | | | | 3.450% | | | | | | 02/13/2023 | | | | | | 3,815,000 | | | | | | 3,999,188 | | |
| Wells Fargo & Co. | | | | | 3.550% | | | | | | 09/29/2025 | | | | | | 500,000 | | | | | | 549,761 | | |
| 23.6% – Total Finance | | | | $ | 71,768,941 | | |
| BP Capital Markets | | | | | 3.245% | | | | | | 05/06/2022 | | | | | | 5,750,000 | | | | | | 5,887,799 | | |
| Burlington Northern Santa Fe | | | | | 3.050% | | | | | | 03/15/2022 | | | | | | 1,700,000 | | | | | | 1,721,237 | | |
| Chevron Corp. (3 month LIBOR + 0.530)* | | | | | 0.659% | | | | | | 03/03/2022 | | | | | | 2,100,000 | | | | | | 2,106,745 | | |
| CVS Health Corp. | | | | | 3.700% | | | | | | 03/09/2023 | | | | | | 1,335,000 | | | | | | 1,405,800 | | |
| CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 2,570,000 | | | | | | 2,838,541 | | |
| Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 3,375,000 | | | | | | 3,629,822 | | |
| Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 4,000,000 | | | | | | 4,129,180 | | |
| Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 3,067,000 | | | | | | 3,293,966 | | |
| Kroger Co. | | | | | 3.400% | | | | | | 04/15/2022 | | | | | | 1,000,000 | | | | | | 1,016,885 | | |
| Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 2,000,000 | | | | | | 2,152,910 | | |
| McDonald’s Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 2,300,000 | | | | | | 2,329,510 | | |
| Norfolk Southern Corp. | | | | | 3.250% | | | | | | 12/01/2021 | | | | | | 1,000,000 | | | | | | 1,004,920 | | |
| Norfolk Southern Corp. | | | | | 3.650% | | | | | | 08/01/2025 | | | | | | 3,300,000 | | | | | | 3,619,804 | | |
| Oracle Corp. | | | | | 1.900% | | | | | | 09/15/2021 | | | | | | 4,793,000 | | | | | | 4,803,098 | | |
| Progressive Corp. | | | | | 3.750% | | | | | | 08/23/2021 | | | | | | 5,355,000 | | | | | | 5,381,472 | | |
| Shell International | | | | | 1.750% | | | | | | 09/12/2021 | | | | | | 4,050,000 | | | | | | 4,062,084 | | |
| Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 1,715,000 | | | | | | 1,861,463 | | |
| Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,800,000 | | | | | | 2,988,160 | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Verizon Communication Inc. | | | | | 3.376% | | | | | | 02/15/2025 | | | | | | 4,030,000 | | | | | $ | 4,380,528 | | |
| Walt Disney Corp. | | | | | 1.750% | | | | | | 08/30/2024 | | | | | | 1,125,000 | | | | | | 1,163,317 | | |
| Walt Disney Corp. | | | | | 1.750% | | | | | | 01/13/2026 | | | | | | 3,179,000 | | | | | | 3,271,749 | | |
| 20.7% – Total Industrials | | | | $ | 63,048,990 | | |
| Berkshire Hathaway Energy Company | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 1,875,000 | | | | | | 2,005,232 | | |
| Duke Energy Corp. | | | | | 3.750% | | | | | | 04/15/2024 | | | | | | 3,220,000 | | | | | | 3,467,554 | | |
| Duke Energy Corp. | | | | | 3.800% | | | | | | 09/01/2023 | | | | | | 890,000 | | | | | | 947,319 | | |
| Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 4,207,000 | | | | | | 4,377,878 | | |
| Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 3,938,000 | | | | | | 3,995,414 | | |
| Eversource Energy | | | | | 2.800% | | | | | | 05/01/2023 | | | | | | 850,000 | | | | | | 880,821 | | |
| Georgia Power Co. | | | | | 2.100% | | | | | | 07/30/2023 | | | | | | 1,700,000 | | | | | | 1,755,760 | | |
| Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 2,600,000 | | | | | | 2,659,450 | | |
| Interstate Power & Light | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 1,550,000 | | | | | | 1,666,890 | | |
| Interstate Power & Light | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 2,595,000 | | | | | | 2,807,673 | | |
| Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 2,610,000 | | | | | | 2,700,137 | | |
| Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 2,390,000 | | | | | | 2,408,418 | | |
| Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 4,110,000 | | | | | | 4,431,288 | | |
| 11.2% – Total Utilities | | | | $ | 34,103,834 | | |
| 55.5% Total Corporate Bonds | | | | $ | 168,921,765 | | |
| United States Government Treasury Obligations | |
Treasury Note(a) | | | | | 0.125% | | | | | | 04/30/2022 | | | | | | 9,250,000 | | | | | | 9,252,168 | | |
| Treasury Note | | | | | 0.250% | | | | | | 10/31/2025 | | | | | | 4,175,000 | | | | | | 4,083,509 | | |
| Treasury Note | | | | | 0.375% | | | | | | 01/31/2026 | | | | | | 2,780,000 | | | | | | 2,725,377 | | |
Treasury Note (Tbill 13week auction high + 0.055)%*(a) | | | | | 0.105% | | | | | | 10/31/2022 | | | | | | 2,000,000 | | | | | | 2,001,099 | | |
| Treasury Note | | | | | 0.250% | | | | | | 06/30/2025 | | | | | | 10,510,000 | | | | | | 10,326,896 | | |
Treasury Note(a) | | | | | 1.500% | | | | | | 01/15/2023 | | | | | | 8,400,000 | | | | | | 8,569,969 | | |
| Treasury Note | | | | | 1.500% | | | | | | 02/28/2023 | | | | | | 3,500,000 | | | | | | 3,575,606 | | |
| Treasury Note | | | | | 2.000% | | | | | | 08/15/2025 | | | | | | 5,045,000 | | | | | | 5,310,257 | | |
| 15.2%-Total United States Government Treasury Obligations | | | | | 45,844,881 | | |
| United States Government Agency Obligations | |
| FHLMC | | | | | 0.375% | | | | | | 09/23/2025 | | | | | | 5,945,000 | | | | | | 5,854,300 | | |
| FHLMC | | | | | 0.450% | | | | | | 07/22/2024 | | | | | | 4,000,000 | | | | | | 3,994,934 | | |
| FHLMC | | | | | 0.500% | | | | | | 06/03/2024 | | | | | | 1,140,000 | | | | | | 1,139,324 | | |
| FNMA | | | | | 0.375% | | | | | | 08/25/2025 | | | | | | 9,195,000 | | | | | | 9,062,367 | | |
| FNMA | | | | | 0.500% | | | | | | 06/17/2025 | | | | | | 9,210,000 | | | | | | 9,155,775 | | |
| 9.6% – Total United States Government Agency Obligations | | | | | 29,206,700 | | |
| United States Government Agency Obligations – Mortgage Backed Securities | |
| FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 1,425,968 | | | | | | 1,540,571 | | |
| FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 1,349,034 | | | | | | 1,454,136 | | |
| FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 46,866 | | | | | | 49,848 | | |
| FHLMC Pool J32364 | | | | | 2.500% | | | | | | 11/01/2028 | | | | | | 1,530,548 | | | | | | 1,604,034 | | |
| FHLMC Pool ZS7207 | | | | | 3.500% | | | | | | 07/01/2030 | | | | | | 1,365,523 | | | | | | 1,474,543 | | |
| FHLMC Pool ZT1964 | | | | | 3.500% | | | | | | 06/01/2032 | | | | | | 2,795,512 | | | | | | 3,017,501 | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 476,199 | | | | | $ | 489,700 | | |
| FHLMC Series 4198 Class BE | | | | | 2.000% | | | | | | 10/15/2040 | | | | | | 1,468,585 | | | | | | 1,484,262 | | |
| FHLMC Series 4271 Class CE | | | | | 2.000% | | | | | | 08/15/2036 | | | | | | 530,642 | | | | | | 538,522 | | |
| FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 405,854 | | | | | | 421,918 | | |
| FHLMC Series 4440 Class VC | | | | | 2.500% | | | | | | 08/15/2026 | | | | | | 1,203,044 | | | | | | 1,210,394 | | |
| FHLMC Series 5092 Class XC | | | | | 1.500% | | | | | | 01/15/2041 | | | | | | 2,810,751 | | | | | | 2,855,414 | | |
| FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780)%* | | | | | 3.314% | | | | | | 12/01/2041 | | | | | | 97,391 | | | | | | 102,988 | | |
| FNMA Pool 1106 | | | | | 3.000% | | | | | | 07/01/2032 | | | | | | 3,102,406 | | | | | | 3,292,422 | | |
| FNMA Pool 833200 | | | | | 5.500% | | | | | | 09/01/2035 | | | | | | 369,859 | | | | | | 428,677 | | |
| FNMA Pool AL9230 | | | | | 3.500% | | | | | | 12/01/2029 | | | | | | 1,365,980 | | | | | | 1,469,644 | | |
| FNMA Pool AL7077 | | | | | 4.000% | | | | | | 07/01/2035 | | | | | | 1,522,659 | | | | | | 1,671,487 | | |
| FNMA Pool AT2060 | | | | | 2.500% | | | | | | 04/01/2028 | | | | | | 1,605,383 | | | | | | 1,685,290 | | |
| FNMA Pool FM1536 | | | | | 2.500% | | | | | | 11/01/2030 | | | | | | 673,282 | | | | | | 704,407 | | |
| FNMA Pool FM2287 | | | | | 4.500% | | | | | | 03/01/2034 | | | | | | 1,299,537 | | | | | | 1,401,977 | | |
| FNMA Pool FM2989 | | | | | 3.000% | | | | | | 09/01/2034 | | | | | | 1,615,459 | | | | | | 1,712,953 | | |
| FNMA Pool FM7224 | | | | | 4.500% | | | | | | 11/01/2038 | | | | | | 1,450,469 | | | | | | 1,587,875 | | |
| FNMA Series 2013-3 Class DK | | | | | 1.750% | | | | | | 02/25/2033 | | | | | | 789,727 | | | | | | 816,189 | | |
| FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 225,897 | | | | | | 230,347 | | |
| FNMA Series 2015-28 Class P | | | | | 2.500% | | | | | | 05/25/2045 | | | | | | 3,618,432 | | | | | | 3,808,319 | | |
| FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 392,040 | | | | | | 396,596 | | |
| FNMA Series 2020-44 Class TE | | | | | 2.000% | | | | | | 12/25/2035 | | | | | | 3,638,138 | | | | | | 3,784,384 | | |
| FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/25/2051 | | | | | | 3,006,394 | | | | | | 2,943,127 | | |
| GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 53,494 | | | | | | 56,776 | | |
| GNMA Pool 728920 | | | | | 4.000% | | | | | | 12/15/2024 | | | | | | 79,339 | | | | | | 84,183 | | |
| 13.9% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 42,318,484 | | |
| Taxable Municipal Bonds | |
| Allegheny County Pennsylvania GO | | | | | 0.694% | | | | | | 11/01/2023 | | | | | | 2,200,000 | | | | | | 2,215,014 | | |
| Franklin County Ohio Convention Facilities | | | | | 1.155% | | | | | | 12/01/2024 | | | | | | 550,000 | | | | | | 557,702 | | |
| Kansas Development Finance Authority Revenue | | | | | 3.227% | | | | | | 04/15/2022 | | | | | | 1,700,000 | | | | | | 1,738,228 | | |
| Kent State University Revenue | | | | | 1.875% | | | | | | 05/01/2023 | | | | | | 1,000,000 | | | | | | 1,025,405 | | |
| Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 110,000 | | | | | | 113,704 | | |
| Lucas County Ohio Taxable Limited Tax GO | | | | | 1.250% | | | | | | 07/08/2021 | | | | | | 1,000,000 | | | | | | 1,000,170 | | |
| Pittsburgh Pennsylvania GO 2020B | | | | | 0.507% | | | | | | 09/01/2022 | | | | | | 500,000 | | | | | | 501,058 | | |
| University of Cincinnati General Receipts | | | | | 1.878% | | | | | | 06/01/2023 | | | | | | 1,200,000 | | | | | | 1,235,004 | | |
| 2.8% Total Taxable Municipal Bonds | | | | $ | 8,386,285 | | |
| Total Fixed Income Securities 97.0% | | | | $ | 294,678,115 | | |
| (Identified Cost $293,346,550) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash & Cash Equivalents | | | | | | | | | | | | | | | | | Shares | | | | | | | | |
| First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 7,035,316 | ��� | | | | | 7,035,316 | | |
| Total Cash Equivalents 2.3% | | | | $ | 7,035,316 | | |
| (Identified Cost $7,035,316) | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2021 – Unaudited |
| Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | |
| Total Portfolio Value 99.3% | | | | $ | 301,713,431 | | |
| (Identified Cost $300,381,866) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Assets in Excess of Liabilities 0.7% | | | | $ | 2,222,206 | | |
| Total Net Assets 100.0%: | | | | $ | 303,935,637 | | |
| Futures Contracts | | | Long
Contracts | | | Notional Value
at Purchase | | | Notional Value
6/30/2021 | | | Unrealized
Appreciation
(Depreciation) | |
E-mini Standard & Poor’s 500 (50 units per contract)
expiring September 2021 | | | | | 1,408 | | | | | | 297,022,324 | | | | | | 301,917,440 | | | | | | 4,895,116 | | |
| | | | | | | | | | | $ | 297,022,324 | | | | | $ | 301,917,440 | | | | | $ | 4,895,116 | | |
| |
*
Variable Rate Security; the rate shown is as of June 30, 2021.
**
Variable Rate Security; as of June 30, 2021, the 7 day annualized yield was 0.02%.
(a)
All or a portion of this security is held as collateral for futures contracts.
ARM – Adjustable Rate Mortgage
FHLB – Federal Home Loan Bank
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
The accompanying notes are an integral part of these financial statements.
| JOHNSON MUTUAL FUNDS | June 30, 2021 – Unaudited |
Statements of Assets and Liabilities
| | | | 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* | | | | $ | 315,603,909 | | | | | $ | 235,139,379 | | | | | $ | 644,799,168 | | | | | $ | 301,713,431 | | |
| Variation Margin Receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 464,640 | | |
| Interest Receivable | | | | | 1,963,550 | | | | | | 1,430,607 | | | | | | 3,971,073 | | | | | | 1,843,763 | | |
| Securities Sold Receivable | | | | | — | | | | | | — | | | | | | 3,161,047 | | | | | | — | | |
| Fund Shares Sold Receivable | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for CMO Paydowns | | | | | 146 | | | | | | 156 | | | | | | 154 | | | | | | — | | |
| Total Assets | | | | $ | 317,567,605 | | | | | $ | 236,570,142 | | | | | $ | 651,931,442 | | | | | $ | 304,021,834 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Accrued Management Fee | | | | $ | 63,190 | | | | | $ | 48,359 | | | | | $ | 130,505 | | | | | $ | 86,197 | | |
| Securities Purchased Payable | | | | | 1,091,066 | | | | | | 423,630 | | | | | | — | | | | | | — | | |
| Fund Shares Redeemed Payable | | | | | — | | | | | | — | | | | | | 38,545 | | | | | | — | | |
| Total Liabilities | | | | $ | 1,154,256 | | | | | $ | 471,989 | | | | | $ | 169,050 | | | | | $ | 86,197 | | |
| Net Assets | | | | $ | 316,413,349 | | | | | $ | 236,098,153 | | | | | $ | 651,762,392 | | | | | $ | 303,935,637 | | |
| Net Assets Consist of: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid in Capital | | | | $ | 314,708,207 | | | | | $ | 229,685,483 | | | | | $ | 641,697,167 | | | | | $ | 231,722,773 | | |
| Accumulated Earnings | | | | | 1,705,142 | | | | | | 6,412,670 | | | | | | 10,065,225 | | | | | | 72,212,864 | | |
| Net Assets | | | | $ | 316,413,349 | | | | | $ | 236,098,153 | | | | | $ | 651,762,392 | | | | | $ | 303,935,637 | | |
| Pricing of Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to Class I Shares | | | | $ | 316,406,047 | | | | | $ | 236,090,707 | | | | | $ | 640,596,479 | | | | | $ | 303,935,637 | | |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 20,662,090 | | | | | | 14,475,523 | | | | | | 37,704,147 | | | | | | 13,952,340 | | |
| Net Asset Value, Offering price and redemption price | | | | $ | 15.31 | | | | | $ | 16.31 | | | | | $ | 16.99 | | | | | $ | 21.78 | | |
| Pricing of Class F Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to Class F Shares | | | | $ | 7,302 | | | | | $ | 7,446 | | | | | $ | 11,165,914 | | | | | | n/a | | |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 470 | | | | | | 449 | | | | | | 650,024 | | | | | | n/a | | |
| Net Asset Value, Offering price and redemption price | | | | $ | 15.53 | | | | | $ | 16.57 | | | | | $ | 17.18 | | | | | | n/a | | |
| *Identified Cost of Investment Securities | | | | $ | 313,851,202 | | | | | $ | 229,619,823 | | | | | $ | 634,411,272 | | | | | $ | 300,381,866 | | |
The accompanying notes are an integral part of these financial statements.
| JOHNSON MUTUAL FUNDS | Unaudited |
Statements of Operations
| | | | Johnson
Institutional
Short Duration
Bond Fund | | | Johnson
Institutional
Intermediate
Bond Fund | | | Johnson
Institutional
Core
Bond Fund | | | Johnson
Enhanced
Return Fund | |
| | | | Six months
ended
6/30/2021 | | | Six months
ended
6/30/2021 | | | Six months
ended
6/30/2021 | | | Six months
ended
6/30/2021 | |
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest | | | | $ | 2,044,360 | | | | | $ | 2,051,154 | | | | | $ | 5,811,376 | | | | | $ | 1,729,402 | | |
| Dividends | | | | | 504 | | | | | | 38,465 | | | | | | 53,616 | | | | | | 264 | | |
| Total Investment Income | | | | $ | 2,044,864 | | | | | $ | 2,089,619 | | | | | $ | 5,864,992 | | | | | $ | 1,729,666 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross Management Fee | | | | $ | 489,493 | | | | | $ | 336,761 | | | | | $ | 880,863 | | | | | $ | 495,672 | | |
| Distribution Fee | | | | | 9 | | | | | | 9 | | | | | | 11,593 | | | | | | — | | |
| Total Expenses | | | | $ | 489,502 | | | | | $ | 336,770 | | | | | $ | 892,456 | | | | | $ | 495,672 | | |
| Management Fee Waiver (Note #4) | | | | | (81,584) | | | | | | (56,128) | | | | | | (146,814) | | | | | | — | | |
| Distribution Fee Waiver (Note #4) | | | | | (4) | | | | | | (4) | | | | | | (4,638) | | | | | | — | | |
| Net Expenses | | | | $ | 407,914 | | | | | $ | 280,638 | | | | | $ | 741,004 | | | | | $ | 495,672 | | |
| Net Investment Income | | | | $ | 1,636,950 | | | | | $ | 1,808,981 | | | | | $ | 5,123,988 | | | | | $ | 1,233,994 | | |
| Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Realized Gain/(Loss) from Security Transactions | | | | $ | 427,610 | | | | | $ | 848,776 | | | | | $ | (388,716) | | | | | $ | (203,660) | | |
| Net Realized Gain from Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 37,273,019 | | |
| Net Change in Unrealized Gain/(Loss) on Investments | | | | | (3,215,518) | | | | | | (4,763,030) | | | | | | (14,926,179) | | | | | | (2,029,223) | | |
| Net Change in Unrealized Gain/(Loss) on Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 1,954,597 | | |
| Net Gain/(Loss) on Investments | | | | $ | (2,787,908) | | | | | $ | (3,914,254) | | | | | $ | (15,314,895) | | | | | $ | 36,994,733 | | |
| Net Change in Net Assets from Operations | | | | $ | (1,150,958) | | | | | $ | (2,105,273) | | | | | $ | (10,190,907) | | | | | $ | 38,228,727 | | |
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
| | | | Johnson Institutional
Short Duration Bond Fund | | | Johnson Institutional
Intermediate Bond Fund | | | Johnson Institutional
Core Bond Fund | | | Johnson
Enhanced Return Fund | |
| | | | Six months
ended
6/30/2021* | | | Year ending
12/31/2020 | | | Six months
ended
6/30/2021* | | | Year ending
12/31/2020 | | | Six months
ended
6/30/2021* | | | Year ending
12/31/2020 | | | Six months
ended
6/30/2021* | | | Year ending
12/31/2020 | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | $ | 1,636,950 | | | | | $ | 3,260,990 | | | | | $ | 1,808,981 | | | | | $ | 3,392,308 | | | | | $ | 5,123,988 | | | | | $ | 7,444,639 | | | | | $ | 1,233,994 | | | | | $ | 2,756,103 | | |
Net Realized Gain(Loss) from Security
Transactions | | | | | 427,610 | | | | | | 343,924 | | | | | | 848,776 | | | | | | 2,378,288 | | | | | | (388,716) | | | | | | 6,535,775 | | | | | | (203,660) | | | | | | 1,161,699 | | |
| Net Realized Gain from Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,273,019 | | | | | | 30,521,375 | | |
Net Change in Unrealized Gain (Loss)
on Investments | | | | | (3,215,518) | | | | | | 3,380,387 | | | | | | (4,763,030) | | | | | | 5,480,058 | | | | | | (14,926,179) | | | | | | 15,210,064 | | | | | | (2,029,223) | | | | | | 1,795,476 | | |
| Net Change in Unrealized (Loss) on Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,954,597 | | | | | | 390,598 | | |
| Net Change in Net Assets from Operations | | | | $ | (1,150,958) | | | | | $ | 6,985,301 | | | | | $ | (2,105,273) | | | | | $ | 11,250,654 | | | | | $ | (10,190,907) | | | | | $ | 29,190,478 | | | | | $ | 38,228,727 | | | | | $ | 36,625,251 | | |
| Distributions to Shareholders:(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| From Class I | | | | $ | (1,619,562) | | | | | $ | (3,516,307) | | | | | $ | (1,782,421) | | | | | $ | (5,777,067) | | | | | $ | (5,009,390) | | | | | $ | (13,907,824) | | | | | $ | (1,224,047) | | | | | $ | (13,853,649) | | |
| From Class F | | | | | (17) | | | | | | (33) | | | | | | (38) | | | | | | (121) | | | | | | (59,541) | | | | | | (91,578) | | | | | | n/a | | | | | | n/a | | |
| Net Change in Net Assets from Capital Share Transactions | | | | $ | (1,619,579) | | | | | $ | (3,516,340) | | | | | $ | (1,782,459) | | | | | $ | (5,777,188) | | | | | $ | (5,068,931) | | | | | $ | (13,999,402) | | | | | $ | (1,224,047) | | | | | $ | (13,853,649) | | |
| Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| From Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares sold | | | | $ | 83,761,552 | | | | | $ | 219,584,891 | | | | | $ | 33,696,010 | | | | | $ | 106,958,991 | | | | | $ | 156,832,925 | | | | | $ | 337,960,691 | | | | | $ | 13,566,600 | | | | | $ | 92,390,446 | | |
| Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 830,624 | | | | | | 1,294,489 | | | | | | 668,353 | | | | | | 1,681,927 | | | | | | 3,757,871 | | | | | | 10,321,322 | | | | | | 1,143,660 | | | | | | 13,633,185 | | |
| Payments for Shares Redeemed | | | | | (92,512,881) | | | | | | (62,050,701) | | | | | | (13,994,133) | | | | | | (48,236,675) | | | | | | (64,567,433) | | | | | | (65,101,336) | | | | | | (9,064,871) | | | | | | (51,443,976) | | |
Net Increase from Class I share capital
transactions | | | | | (7,920,705) | | | | | | 158,828,679 | | | | | | 20,370,230 | | | | | | 60,404,243 | | | | | | 96,023,363 | | | | | | 283,180,677 | | | | | | 5,645,389 | | | | | | 54,579,655 | | |
| From Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares sold | | | | | — | | | | | | 4,083 | | | | | | — | | | | | | 4,083 | | | | | | 5,276,030 | | | | | | 7,195,320 | | | | | | n/a | | | | | | n/a | | |
| Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 17 | | | | | | 33 | | | | | | 38 | | | | | | 121 | | | | | | 59,426 | | | | | | 17,234 | | | | | | n/a | | | | | | n/a | | |
| Payments for Shares Redeemed | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (869,967) | | | | | | (478,394) | | | | | | n/a | | | | | | n/a | | |
| Net Increase from Class F share capital transactions | | | | | 17 | | | | | | 4,116 | | | | | | 38 | | | | | | 4,204 | | | | | | 4,465,489 | | | | | | 6,734,160 | | | | | | — | | | | | | — | | |
| Net Change in Net Assets | | | | $ | (10,691,225) | | | | | $ | 162,301,756 | | | | | $ | 16,482,536 | | | | | $ | 65,881,913 | | | | | $ | 85,229,014 | | | | | $ | 305,105,913 | | | | | $ | 42,650,069 | | | | | $ | 77,351,257 | | |
| Net Assets at Beginning of Year . | | | | $ | 327,104,574 | | | | | $ | 164,802,818 | | | | | $ | 219,615,617 | | | | | $ | 153,733,704 | | | | | $ | 566,533,378 | | | | | $ | 261,427,465 | | | | | $ | 261,285,568 | | | | | $ | 183,934,311 | | |
| Net Assets at End of Year . | | | | $ | 316,413,349 | | | | | $ | 327,104,574 | | | | | $ | 236,098,153 | | | | | $ | 219,615,617 | | | | | $ | 651,762,392 | | | | | $ | 566,533,378 | | | | | $ | 303,935,637 | | | | | $ | 261,285,568 | | |
*
Unaudited
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
Class I
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
Ended
06/30/2021* | | | Year Ended December 31 | |
| | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net Asset Value, beginning of year | | | | $ | 15.44 | | | | | $ | 15.12 | | | | | $ | 14.80 | | | | | $ | 14.96 | | | | | $ | 14.98 | | | | | $ | 14.96 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.08 | | | | | | 0.26 | | | | | | 0.35 | | | | | | 0.31 | | | | | | 0.24 | | | | | | 0.21 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.13) | | | | | | 0.33 | | | | | | 0.33 | | | | | | (0.14) | | | | | | (0.01) | | | | | | 0.04 | | |
| Total Operations | | | | $ | (0.05) | | | | | $ | 0.59 | | | | | $ | 0.68 | | | | | $ | 0.17 | | | | | $ | 0.23 | | | | | $ | 0.25 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | (0.08) | | | | | | (0.27) | | | | | | (0.36) | | | | | | (0.33) | | | | | | (0.25) | | | | | | (0.23) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | — | | | | | | — | | | | | | (0.00) | | |
| Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Distributions | | | | $ | (0.08) | | | | | $ | (0.27) | | | | | $ | (0.36) | | | | | $ | (0.33) | | | | | $ | (0.25) | | | | | $ | (0.23) | | |
| Net Asset Value, end of year | | | | $ | 15.31 | | | | | $ | 15.44 | | | | | $ | 15.12 | | | | | $ | 14.80 | | | | | $ | 14.96 | | | | | $ | 14.98 | | |
Total Return(b) | | | | | (0.35)%(d) | | | | | | 3.91% | | | | | | 4.65% | | | | | | 1.16% | | | | | | 1.54% | | | | | | 1.68% | | |
| Net Assets, end of year (millions) | | | | $ | 316.41 | | | | | $ | 327.10 | | | | | $ | 164.80 | | | | | $ | 142.03 | | | | | $ | 139.20 | | | | | $ | 124.37 | | |
| 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% | | | | | | 0.25% | | | | | | 0.24% | | | | | | 0.24% | | |
| Ratio of Net Investment Income to average net assets before Waiver | | | | | 0.95%(e) | | | | | | 1.54% | | | | | | 2.30% | | | | | | 2.06% | | | | | | 1.53% | | | | | | 1.32% | | |
| Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.00%(e) | | | | | | 1.59% | | | | | | 2.35% | | | | | | 2.11% | | | | | | 1.59% | | | | | | 1.38% | | |
| Portfolio Turnover Rate | | | | | 36.05%(d) | | | | | | 37.11% | | | | | | 48.01% | | | | | | 39.88% | | | | | | 48.04% | | | | | | 73.88% | | |
*
Unaudited
(a)
Return of Capital is less than $0.005 per share.
(b)
Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.
(c)
In 2021, 2020, 2019, 2018, 2017, and 2016, the Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%, 0.25%, 0.25%, 0.25%, 0.24%, and 0.24%, respectively. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2022. (Note #4)
(d)
Not annualized
(e)
Annualized
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
Class F
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
ended
06/30/2021* | | | Year Ended
12/31/2020 | | | Year ended
12/31/2019 | | | Eight Months
ended
12/31/2018** | |
| Net Asset Value, beginning of period | | | | $ | 15.63 | | | | | $ | 15.20 | | | | | $ | 14.91 | | | | | $ | 14.79 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.06 | | | | | | 0.16 | | | | | | 0.32 | | | | | | 0.18 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities*** | | | | | (0.12) | | | | | | 0.42 | | | | | | 0.33 | | | | | | 0.02 | | |
| Total Operations | | | | $ | (0.06) | | | | | $ | 0.58 | | | | | $ | 0.65 | | | | | $ | 0.20 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | (0.04) | | | | | | (0.15) | | | | | | (0.36) | | | | | | (0.08) | | |
| Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Distributions | | | | $ | (0.04) | | | | | $ | (0.15) | | | | | $ | (0.36) | | | | | $ | (0.08) | | |
| Net Asset Value, end of year | | | | $ | 15.53 | | | | | $ | 15.63 | | | | | $ | 15.20 | | | | | $ | 14.91 | | |
Total Return(a) | | | | | (0.41)%(c) | | | | | | 3.82% | | | | | | 4.36% | | | | | | 1.37% | | |
| Net Assets, end of year (millions) | | | | $ | 0.007 | | | | | $ | 0.007 | | | | | $ | 0.003 | | | | | $ | 0.001 | | |
| Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | |
| Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before
Waiver | | | | | 0.70%(d) | | | | | | 1.33% | | | | | | 1.98% | | | | | | 1.06% | | |
| Ratio of Net Investment Income to average net assets after Waiver | | | | | 0.85%(d) | | | | | | 1.48% | | | | | | 2.13% | | | | | | 1.21% | | |
| Portfolio Turnover Rate | | | | | 36.05%(c) | | | | | | 37.11% | | | | | | 48.01% | | | | | | 39.88% | | |
*
Unaudited
**
Inception Date May 1, 2018.
***
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(a)
Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.
(b)
In 2021, 2020, 2019, and 2018, the Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%, and a portion of the 0.25% 12b-1 fee to sustain a new distribution fee of 0.15%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2022. (Note #4)
(c)
Not annulized
(d)
Annulized
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
Class I
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
Ended
06/30/2021* | | | Year Ended December 31 | |
| | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net Asset Value, beginning of year | | | | $ | 16.60 | | | | | $ | 15.98 | | | | | $ | 15.27 | | | | | $ | 15.63 | | | | | $ | 15.56 | | | | | $ | 15.41 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.13 | | | | | | 0.34 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 0.35 | | | | | | 0.34 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.29) | | | | | | 0.80 | | | | | | 0.73 | | | | | | (0.35) | | | | | | 0.11 | | | | | | 0.18 | | |
| Total Operations | | | | $ | (0.16) | | | | | $ | 1.14 | | | | | $ | 1.14 | | | | | $ | 0.06 | | | | | $ | 0.46 | | | | | $ | 0.52 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | (0.13) | | | | | | (0.35) | | | | | | (0.42) | | | | | | (0.42) | | | | | | (0.36) | | | | | | (0.36) | | |
| Net Realized Capital Gains | | | | | — | | | | | | (0.17) | | | | | | (0.01) | | | | | | — | | | | | | (0.03) | | | | | | (0.01) | | |
| Total Distributions | | | | $ | (0.13) | | | | | $ | (0.52) | | | | | $ | (0.43) | | | | | $ | (0.42) | | | | | $ | (0.39) | | | | | $ | (0.37) | | |
| Net Asset Value, end of year | | | | $ | 16.31 | | | | | $ | 16.60 | | | | | $ | 15.98 | | | | | $ | 15.27 | | | | | $ | 15.63 | | | | | $ | 15.56 | | |
Total Return(a) | | | | | (0.97)%(c) | | | | | | 7.20% | | | | | | 7.53% | | | | | | 0.42% | | | | | | 2.99% | | | | | | 3.37% | | |
| Net Assets, end of year (millions) | | | | $ | 236.09 | | | | | $ | 219.62 | | | | | $ | 153.73 | | | | | $ | 138.42 | | | | | $ | 126.54 | | | | | $ | 110.71 | | |
| Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets before Waiver | | | | | 0.30%(d) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
| Ratio of expenses to average net assets after Waiver | | | | | 0.25%(d) | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | | | | | 0.24% | | |
| Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.56%(d) | | | | | | 1.99% | | | | | | 2.57% | | | | | | 2.61% | | | | | | 2.19% | | | | | | 2.12% | | |
| Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.61%(d) | | | | | | 2.04% | | | | | | 2.62% | | | | | | 2.66% | | | | | | 2.25% | | | | | | 2.18% | | |
| Portfolio Turnover Rate | | | | | 12.88%(c) | | | | | | 41.17% | | | | | | 32.83% | | | | | | 39.66% | | | | | | 40.37% | | | | | | 50.71% | | |
*
Unaudited
(a)
Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.
(b)
In 2021, 2020, 2019, 2018, 2017, and 2016, the Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%, 0.25%, 0.25%, 0.25%, 0.24%, and 0.24%, respectively. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2022. (Note #4)
(c)
Not annualized
(d)
Annualized
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
Class F
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
ended
06/30/2021* | | | Year Ended
12/31/2020 | | | Year ended
12/31/2019 | | | Eight Months
ended
12/31/2018** | |
| Net Asset Value, beginning of period | | | | $ | 16.84 | | | | | $ | 16.09 | | | | | $ | 15.39 | | | | | $ | 15.25 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.11 | | | | | | 0.26 | | | | | | 0.37 | | | | | | 0.22 | | |
Net Realized and Unrealized Gains/(Losses) on
Securities*** | | | | | (0.30) | | | | | | 0.87 | | | | | | 0.75 | | | | | | 0.04 | | |
| Total Operations | | | | $ | (0.19) | | | | | $ | 1.13 | | | | | $ | 1.12 | | | | | $ | 0.26 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | (0.08) | | | | | | (0.21) | | | | | | (0.41) | | | | | | (0.12) | | |
| Net Realized Capital Gains | | | | | — | | | | | | (0.17) | | | | | | (0.01) | | | | | | — | | |
| Total Distributions | | | | $ | (0.08) | | | | | $ | (0.38) | | | | | $ | (0.42) | | | | | $ | (0.12) | | |
| Net Asset Value, end of year | | | | $ | 16.57 | | | | | $ | 16.84 | | | | | $ | 16.09 | | | | | $ | 15.39 | | |
Total Return(a) | | | | | (1.10)%(c) | | | | | | 7.07% | | | | | | 7.35% | | | | | | 1.72% | | |
| Net Assets, end of year (millions) | | | | $ | 0.007 | | | | | $ | 0.008 | | | | | $ | 0.003 | | | | | $ | 0.001 | | |
| Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | |
| Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before
Waiver | | | | | 1.31%(d) | | | | | | 1.75% | | | | | | 2.26% | | | | | | 1.31% | | |
| Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.46%(d) | | | | | | 1.90% | | | | | | 2.41% | | | | | | 1.46% | | |
| Portfolio Turnover Rate | | | | | 12.88%(c) | | | | | | 41.17% | | | | | | 32.83% | | | | | | 39.66% | | |
*
Unaudited
**
Inception date May 1, 2018.
***
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(a)
Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.
(b)
In 2021, 2020, 2019, and 2018, the Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%, and a portion of the 0.25% 12b-1 fee to sustain a new distribution fee of 0.15%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2022. (Note #4)
(c)
Not annulized
(d)
Annulized
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
Class I
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
Ended
06/30/2021* | | | Year Ended December 31 | |
| | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net Asset Value, beginning of year | | | | $ | 17.45 | | | | | $ | 16.41 | | | | | $ | 15.49 | | | | | $ | 15.91 | | | | | $ | 15.73 | | | | | $ | 15.63 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.15 | | | | | | 0.34 | | | | | | 0.43 | | | | | | 0.40 | | | | | | 0.37 | | | | | | 0.39 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.46) | | | | | | 1.24 | | | | | | 0.94 | | | | | | (0.40) | | | | | | 0.21 | | | | | | 0.19 | | |
| Total Operations | | | | $ | (0.31) | | | | | $ | 1.58 | | | | | $ | 1.37 | | | | | $ | (0.00) | | | | | $ | 0.58 | | | | | $ | 0.58 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | (0.15) | | | | | | (0.36) | | | | | | (0.44) | | | | | | (0.42) | | | | | | (0.39) | | | | | | (0.40) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00) | | |
| Net Realized Capital Gains | | | | | — | | | | | | (0.18) | | | | | | (0.01) | | | | | | — | | | | | | (0.01) | | | | | | (0.08) | | |
| Total Distributions | | | | $ | (0.15) | | | | | $ | (0.54) | | | | | $ | (0.45) | | | | | $ | (0.42) | | | | | $ | (0.40) | | | | | $ | (0.48) | | |
| Net Asset Value, end of year | | | | $ | 16.99 | | | | | $ | 17.45 | | | | | $ | 16.41 | | | | | $ | 15.49 | | | | | $ | 15.91 | | | | | $ | 15.73 | | |
Total Return(b) | | | | | (1.80)%(d) | | | | | | 9.71% | | | | | | 8.94% | | | | | | 0.13% | | | | | | 3.72% | | | | | | 3.67% | | |
| Net Assets, end of year (millions) | | | | $ | 640.60 | | | | | $ | 559.67 | | | | | $ | 261.28 | | | | | $ | 217.25 | | | | | $ | 201.22 | | | | | $ | 116.69 | | |
| 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% | | | | | | 0.25% | | | | | | 0.24% | | | | | | 0.24% | | |
| Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.70%(e) | | | | | | 1.83% | | | | | | 2.59% | | | | | | 2.62% | | | | | | 2.29% | | | | | | 2.34% | | |
| Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.75%(e) | | | | | | 1.88% | | | | | | 2.64% | | | | | | 2.67% | | | | | | 2.35% | | | | | | 2.40% | | |
| Portfolio Turnover Rate | | | | | 15.13%(d) | | | | | | 30.08% | | | | | | 28.83% | | | | | | 39.62% | | | | | | 31.42% | | | | | | 42.29% | | |
*
Unaudited
(a)
Return of Capital is less than $0.005 per share.
(b)
Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.
(c)
In 2021, 2020, 2019, 2018, 2017, and 2016, the Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%, 0.25%, 0.25%, 0.25%, 0.24%, and 0.24%, respectively. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2022. (Note #4)
(d)
Not annualized
(e)
Annualized
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
Class F
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
ended
06/30/2021* | | | Year Ended
12/31/2020 | | | Year ended
12/31/2019 | | | Eight Months
ended
12/31/2018** | |
| Net Asset Value, beginning of period | | | | $ | 17.61 | | | | | $ | 16.49 | | | | | $ | 15.61 | | | | | $ | 15.41 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.15 | | | | | | 0.26 | | | | | | 0.40 | | | | | | 0.23 | | |
Net Realized and Unrealized Gains/(Losses) on
Securities*** | | | | | (0.47) | | | | | | 1.31 | | | | | | 0.92 | | | | | | 0.10 | | |
| Total Operations | | | | $ | (0.32) | | | | | $ | 1.57 | | | | | $ | 1.32 | | | | | $ | 0.33 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | (0.11) | | | | | | (0.27) | | | | | | (0.43) | | | | | | (0.13) | | |
| Net Realized Capital Gains | | | | | — | | | | | | (0.18) | | | | | | (0.01) | | | | | | — | | |
| Total Distributions | | | | $ | (0.11) | | | | | $ | (0.45) | | | | | $ | (0.44) | | | | | $ | (0.13) | | |
| Net Asset Value, end of year | | | | $ | 17.18 | | | | | $ | 17.61 | | | | | $ | 16.49 | | | | | $ | 15.61 | | |
Total Return(a) | | | | | (1.82)%(c) | | | | | | 9.57% | | | | | | 8.56% | | | | | | 2.14% | | |
| Net Assets, end of year (millions) | | | | $ | 11.17 | | | | | $ | 6.867 | | | | | $ | 0.148 | | | | | $ | 0.001 | | |
| Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | |
| Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before
Waiver | | | | | 1.45%(d) | | | | | | 1.33% | | | | | | 2.18% | | | | | | 1.29% | | |
| Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.60%(d) | | | | | | 1.48% | | | | | | 2.33% | | | | | | 1.44% | | |
| Portfolio Turnover Rate | | | | | 15.13%(c) | | | | | | 30.08% | | | | | | 28.83% | | | | | | 39.62% | | |
*
Unaudited
**
Inception date May 1, 2018.
***
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(a)
Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.
(b)
In 2021, 2020, 2019, and 2018, the Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%, and a portion of the 0.25% 12b-1 fee to sustain a new distribution fee of 0.15%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2022. (Note #4)
(c)
Not annulized
(d)
Annulized
The accompanying notes are an integral part of these financial statements.
| FINANCIAL HIGHLIGHTS | Johnson Enhanced Return Fund |
Selected Data for a Share Outstanding Throughout each Period:
| | | | Six Months
Ended
06/30/2021* | | | Year Ended December 31 | |
| | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net Asset Value, beginning of year | | | | $ | 19.12 | | | | | $ | 16.97 | | | | | $ | 14.21 | | | | | $ | 16.27 | | | | | $ | 16.28 | | | | | $ | 15.17 | | |
| Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | 0.09 | | | | | | 0.21 | | | | | | 0.37 | | | | | | 0.35 | | | | | | 0.26 | | | | | | 0.18 | | |
| Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 2.66 | | | | | | 3.00 | | | | | | 4.40 | | | | | | (1.32) | | | | | | 3.21 | | | | | | 1.76 | | |
| Total Operations | | | | $ | 2.75 | | | | | $ | 3.21 | | | | | $ | 4.77 | | | | | $ | (0.97) | | | | | $ | 3.47 | | | | | $ | 1.94 | | |
| Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | | | (0.09) | | | | | | (0.23) | | | | | | (0.38) | | | | | | (0.35) | | | | | | (0.26) | | | | | | (0.21) | | |
| Net Realized Capital Gains | | | | | — | | | | | | (0.83) | | | | | | (1.63) | | | | | | (0.74) | | | | | | (3.22) | | | | | | (0.62) | | |
| Total Distributions | | | | $ | (0.09) | | | | | $ | (1.06) | | | | | $ | (2.01) | | | | | $ | (1.09) | | | | | $ | (3.48) | | | | | $ | (0.83) | | |
| Net Asset Value, end of year | | | | $ | 21.78 | | | | | $ | 19.12 | | | | | $ | 16.97 | | | | | $ | 14.21 | | | | | $ | 16.27 | | | | | $ | 16.28 | | |
Total Return(a) | | | | | 14.39%(b) | | | | | | 19.38% | | | | | | 33.80% | | | | | | (6.06)% | | | | | | 21.39% | | | | | | 12.89% | | |
| Net Assets, end of year (millions) | | | | $ | 303.94 | | | | | $ | 261.29 | | | | | $ | 183.93 | | | | | $ | 125.93 | | | | | $ | 137.98 | | | | | $ | 110.18 | | |
| Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | | | 0.35%(c) | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | |
| Ratio of Net Investment Income to average net assets | | | | | 0.88%(c) | | | | | | 1.27% | | | | | | 2.21% | | | | | | 2.00% | | | | | | 1.45% | | | | | | 1.16% | | |
| Portfolio Turnover Rate | | | | | 20.00%(b) | | | | | | 96.76% | | | | | | 46.04% | | | | | | 73.00% | | | | | | 40.40% | | | | | | 65.13% | | |
*
Unaudited
(a)
Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.
(b)
Not annualized
(c)
Annualized
The accompanying notes are an integral part of these financial statements.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
1) Organization:
The Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund (the “Bond Funds,”) and Johnson Enhanced Return Fund (each individually a “Fund” and collectively the “Funds”) are each a diversified series of the Johnson Mutual Funds Trust (the “Trust”), and are registered under the Investment Company Act of 1940, as amended, as no-load, open-end investment companies. The Johnson Mutual Funds Trust was established as an Ohio business trust under an Agreement and Declaration of Trust dated September 30, 1992. The Bond Funds began offering their shares publicly on August 31, 2000. The Johnson Enhanced Return Fund began offering shares publicly on December 30, 2005. All Funds are managed by Johnson Investment Counsel, Inc. (the “Adviser”).
Effective May 1, 2018, the Bond Funds each added a share class, Class F shares. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) fees and voting rights on matters affecting a single class of shares. Class F shares have a maximum distribution (12b-1) fee of 0.25%, currently waived by the Adviser to 0.15%.
The investment objective of the Bond Funds is a high level of income over the long term consistent with preservation of capital. The investment objective of the Johnson Enhanced Return Fund is to outperform the Fund’s benchmark, the S&P 500 Composite Stock Index, over a full market cycle.
2) Summary of Significant Accounting Policies:
Basis of Accounting:
The financial statements are prepared in accordance with accounting principles generally accepted in the United State of Americas (GAAP). The Funds are investment companies and accordingly follow the investment company guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, “Financial Services — Investment Companies”.
Financial Futures Contracts:
The Enhanced Return Fund invests in stock index futures (equity risk) in an attempt to replicate the returns of the leading large capitalization companies in the leading industries in the U.S. economy. The Fund enters into S&P 500 E-Mini contracts four times a year generally near the time the contracts would expire (contracts expire the third Friday of March, June, September and December). The contracts are generally held until it is time to roll into the next contracts. The average daily notional value for the six months ended June 30, 2021, was $282,419,602. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the futures contract. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. The amount of the daily variation margin is reflected as an asset or liability within the Statements of Assets and Liabilities, while the cumulative change in unrealized gain/loss on futures contracts is reported separately within the Statements of Operations. The Net Unrealized Gain on futures contracts, as of June 30, 2021, was $4,895,116. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss at the contract settlement date. A realized gain or loss is recognized when a contract is sold and is the difference between the fair value of the contract at purchase and the fair value of the contract when sold. Realized gains/losses on futures contracts are reported separately within the Statements of Operations. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged asset, as well as the risk that the counterparty will fail to perform its obligations.
As of June 30, 2021, Wells Fargo Services holds U.S. Treasury Notes with the custodian, which serves as collateral for future contracts, with a value of $17,683,505. Net variation margin receivable on futures contracts as of June 30, 2021, was $464,640.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
2) Summary of Significant Accounting Policies, continued
Offsetting Assets and Liabilities:
The Enhanced Return Fund has adopted financial reporting rules regarding offsetting assets and liabilities and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The Fund’s policy is to recognize a net asset/liability equal to the net variation margin for the futures contracts. As of June 30, 2021, the Fund only has one position and the variation margin applicable to that position is presented in the Statement of Assets and Liabilities.
The following table presents the Enhanced Return Fund’s liability derivatives available for offset under a master netting agreement, net of collateral pledged as of June 30, 2021.
Liabilities:
| 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 | | | | $ | 464,640 | | | | | $ | — | | | | | $ | 464,640 | | | | | $ | — | | | | | $ | — | | | | | $ | 464,640 | | |
| Total | | | | $ | 464,640 | | | | | $ | — | | | | | $ | 464,640 | | | | | $ | — | | | | | $ | — | | | | | $ | 464,640 | | |
*
The amount is limited to the derivative balance, and accordingly, does not include excess collateral pledged.
Investment Income and Realized Capital Gains and Losses on Investment Securities:
Interest income is recorded on an accrual basis. Gains and losses on sales of investments are calculated using the specific identification method. Discounts and premiums on securities purchased are amortized over the lives or to the earliest call date of the respective securities, in accordance with GAAP. Gains and losses on paydowns of mortgage-backed securities are reflected in interest income on the Statements of Operations. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.
Federal Income Tax:
The Funds have qualified and intend to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Fund of liability for federal income taxes to the extent is net investment income and net realized capital gains are distributed in accordance with the Code.
In order to avoid imposition of a federal excise tax applicable to regulated investment companies, it is also the Funds’ intention to declare and pay as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the 12 months ended December 31 for the Bond Funds, and October 31 for the Enhanced Return Fund) plus undistributed amounts from prior years.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
2) Summary of Significant Accounting Policies, continued
The following information is computed for each item as of June 30, 2021:
| | | | Short Duration | | | Intermediate | | | Core | | | Enhanced Return | |
| Cost of Portfolio Investments | | | | | 313,851,202 | | | | | | 229,619,823 | | | | | | 634,411,272 | | | | | | 300,381,866 | | |
| Gross unrealized appreciation | | | | | 2,743,488 | | | | | | 6,663,972 | | | | | | 17,305,283 | | | | | | 2,225,367 | | |
| Gross unrealized depreciation | | | | | (990,781) | | | | | | (1,147,055) | | | | | | (6,917,387) | | | | | | (893,802) | | |
| Net unrealized appreciation | | | | | 1,752,707 | | | | | | 5,519,556 | | | | | | 10,387,896 | | | | | | 1,331,565 | | |
| Undistributed ordinary income | | | | | 17,371 | | | | | | 43,224 | | | | | | 65,160 | | | | | | 45,693 | | |
| Other accumulated gains/(losses) | | | | | (64,936) | | | | | | 849,890 | | | | | | (387,831) | | | | | | 65,940,488 | | |
| Accumulated Earnings | | | | | 1,705,142 | | | | | | 6,412,670 | | | | | | 10,065,225 | | | | | | 72,212,864 | | |
As of December 31, 2020, the following Funds had capital loss carryovers which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. The capital loss carryovers which may be carried forward for an indefinite period are as follows:
| | | | Long-term | | | Short-term | | | Total | |
| Short Duration | | | | $ | 418,085 | | | | | $ | 74,461 | | | | | $ | 492,546 | | |
In 2020, the Johnson Short Duration Bond Fund utilized $86,217 of short-term capital loss carryforward.
The Funds recognize the tax benefits or expenses of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on Federal income tax returns for all open tax years (generally three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify its major tax jurisdictions as U.S. Federal and certain State tax authorities. The Funds are not aware of any tax positions for which it is reasonably likely that the total amounts of unrecognized tax benefits or expenses will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax expenses as income tax expense in the Statement of Operations. During the year ended December 31, 2020, the Funds did not incur any interest or penalties.
Allocations between Classes:
Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class specific expenses are charged directly to the class incurring the expense. Common expenses which are not attributable to a specific class are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund.
Distributions:
Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds intend to distribute net investment income on a calendar quarter basis. The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains, if any, at least once a year. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
2) Summary of Significant Accounting Policies, continued
For the year ended December 31, 2020, the Funds made the following reclassifications to increase (decrease) the components of the net assets:
| | | | Paid in Capital | | | Accumulated
Earnings | |
| Short Duration Bond Fund | | | | $ | (9,598) | | | | | $ | 9,598 | | |
Reasons for the reclassification of components of net assets are attributable to the paydowns received during the year from collateralized mortgage obligations.
The tax character of the distributions paid as of December 31, 2019 and 2020 are as follows:
| | | | | | | | | | Ordinary
Income | | | Net Realized
Long-Term
Capital Gain | | | Total Taxable
Distributions
Paid | | | Return of
Capital | | | Total
Distributions
Paid | |
| Short Duration Bond Fund | | | | | 2019 | | | | | | 3,828,448 | | | | | | — | | | | | $ | 3,828,448 | | | | | $ | 4,110 | | | | | $ | 3,832,558 | | |
| | | | | | 2020 | | | | | | 3,506,742 | | | | | | — | | | | | | 3,506,742 | | | | | | 9,598 | | | | | | 3,516,340 | | |
| Intermediate Bond Fund | | | | | 2019 | | | | | | 4,119,898 | | | | | | — | | | | | | 4,119,898 | | | | | | — | | | | | | 4,119,898 | | |
| | | | | | 2020 | | | | | | 4,253,092 | | | | | | 1,524,096 | | | | | | 5,777,188 | | | | | | — | | | | | | 5,777,188 | | |
| Core Bond Fund | | | | | 2019 | | | | | | 6,805,209 | | | | | | 198,681 | | | | | | 7,003,890 | | | | | | — | | | | | | 7,003,890 | | |
| | | | | | 2020 | | | | | | 10,120,371 | | | | | | 3,879,031 | | | | | | 13,999,402 | | | | | | — | | | | | | 13,999,402 | | |
| Enhanced Return Fund | | | | | 2019 | | | | | | 10,075,564 | | | | | | 9,517,837 | | | | | | 19,593,401 | | | | | | — | | | | | | 19,593,401 | | |
| | | | | | 2020 | | | | | | 7,301,274 | | | | | | 6,552,375 | | | | | | 13,853,649 | | | | | | — | | | | | | 13,853,649 | | |
*
Short-Term Capital Gains were combined with Ordinary Income, as they are taxed at the Ordinary Income tax rate.
3) Security Valuation and Transactions:
The Funds’ portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m., Eastern time. Fixed income securities typically are valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the market value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. When the Adviser decides that a price provided by the pricing service does not accurately reflect the market value of the securities, when prices are not readily available from the pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations of investments that would have been used had greater market activity occurred.
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
3) Security Valuation and Transactions, continued
GAAP established a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
♦
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
♦
Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
♦
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level of the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Fair Value Measurements:
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.
Corporate Bonds. Corporate bonds are generally valued at prices obtained from pricing vendors. The fair value of corporate bonds is estimated using market approach valuation techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations for similar securities (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they will be categorized in Level 3.
Certificates of Deposit. Certificates of Deposit are generally valued at prices obtained from pricing vendors. Certificates of Deposit which are traded on the open market are normally valued using a market approach valuation technique that incorporates observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Certificates of Deposit are categorized in Level 2 of the fair value hierarchy.
U.S. Government Securities. U.S. government securities are generally valued at prices obtained from pricing vendors. U.S. government securities, including U.S. Treasury Obligations, are normally valued using market approach valuation techniques that incorporate observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 2 of the fair value hierarchy.
U.S. Agency Securities. U.S. agency securities are generally valued at prices obtained from pricing vendors. U.S. agency securities are comprised of two main categories consisting of agency issued debt and mortgage-backed securities. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Mortgage-backed securities are
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
3) Security Valuation and Transactions, continued
generally valued based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized in Level 2 of the fair value hierarchy.
Municipal Bonds. Municipal bonds are generally valued at prices obtained from pricing vendors. Municipal Bonds are normally valued using a market approach valuation technique that incorporates observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Municipal Bonds are categorized in Level 2 of the fair value hierarchy.
Preferred Stocks. Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Money Market. Investments in mutual funds, including money market mutual funds (notated throughout these financial statements as cash equivalents), are generally priced at the ending net asset value (“NAV”) provided by the service agent of the funds. These securities will be categorized as Level 1 securities.
Derivative Instruments. Listed derivatives, including futures contracts that are actively traded, are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy.
The following is a summary of the inputs used to value each Fund’s investments as of June 30, 2021:
| Short Duration Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | |
| Corporate Bonds* | | | | $ | — | | | | | $ | 180,235,736 | | | | | $ | — | | | | | $ | 180,235,736 | | |
| Certificates of Deposit | | | | | — | | | | | | 268,066 | | | | | | — | | | | | | 268,066 | | |
| U.S. Treasury Obligations | | | | | — | | | | | | 29,932,957 | | | | | | — | | | | | | 29,932,957 | | |
| U.S. Agency Obligations | | | | | — | | | | | | 33,470,507 | | | | | | — | | | | | | 33,470,507 | | |
| U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 45,322,282 | | | | | | — | | | | | | 45,322,282 | | |
| Taxable Municipal Bonds | | | | | — | | | | | | 14,707,613 | | | | | | — | | | | | | 14,707,613 | | |
| Cash Equivalents | | | | | 11,666,748 | | | | | | — | | | | | | — | | | | | | 11,666,748 | | |
| Total | | | | $ | 11,666,748 | | | | | $ | 303,937,161 | | | | | $ | — | | | | | $ | 315,603,909 | | |
| Intermediate Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | |
| Corporate Bonds* | | | | $ | — | | | | | $ | 124,670,678 | | | | | | — | | | | | $ | 124,670,678 | | |
| Certificates of Deposit | | | | | — | | | | | | 268,066 | | | | | | — | | | | | | 268,066 | | |
| U.S. Treasury Obligations | | | | | — | | | | | | 75,432,501 | | | | | | — | | | | | | 75,432,501 | | |
| U.S. Agency Obligations | | | | | — | | | | | | 7,418,204 | | | | | | — | | | | | | 7,418,204 | | |
| U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 19,880,308 | | | | | | — | | | | | | 19,880,308 | | |
| Taxable Municipal Bonds | | | | | — | | | | | | 5,552,910 | | | | | | — | | | | | | 5,552,910 | | |
| Preferred Stocks | | | | | 1,592,475 | | | | | | — | | | | | | — | | | | | | 1,592,475 | | |
| Cash Equivalents | | | | | 324,237 | | | | | | — | | | | | | — | | | | | | 324,237 | | |
| Total | | | | $ | 1,916,712 | | | | | $ | 233,222,667 | | | | | $ | — | | | | | $ | 235,139,379 | | |
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
3) Security Valuation and Transactions, continued
| Core Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | |
| Corporate Bonds* | | | | $ | — | | | | | $ | 350,917,528 | | | | | $ | — | | | | | $ | 350,917,528 | | |
| Certificates of Deposit | | | | | — | | | | | | 268,066 | | | | | | — | | | | | | 268,066 | | |
| U.S. Treasury Obligations | | | | | — | | | | | | 169,809,289 | | | | | | — | | | | | | 169,809,289 | | |
| U.S. Agency Obligations | | | | | — | | | | | | 4,831,309 | | | | | | — | | | | | | 4,831,309 | | |
| U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 99,983,863 | | | | | | — | | | | | | 99,983,863 | | |
| Taxable Municipal Bonds | | | | | — | | | | | | 8,742,771 | | | | | | — | | | | | | 8,742,771 | | |
| Preferred Stocks | | | | | 2,206,970 | | | | | | — | | | | | | — | | | | | | 2,206,970 | | |
| Cash Equivalents | | | | | 8,039,372 | | | | | | — | | | | | | — | | | | | | 8,039,372 | | |
| Total | | | | $ | 10,246,342 | | | | | $ | 634,552,826 | | | | | $ | — | | | | | $ | 644,799,168 | | |
| Enhanced Return Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | |
| Corporate Bonds* | | | | $ | — | | | | | $ | 168,921,765 | | | | | $ | — | | | | | $ | 168,921,765 | | |
| U.S. Treasury Obligations | | | | | — | | | | | | 45,844,881 | | | | | | — | | | | | | 45,844,881 | | |
| U.S. Agency Obligations | | | | | — | | | | | | 29,206,700 | | | | | | — | | | | | | 29,206,700 | | |
| U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 42,318,484 | | | | | | — | | | | | | 42,318,484 | | |
| Taxable Municipal Bonds | | | | | — | | | | | | 8,386,285 | | | | | | — | | | | | | 8,386,285 | | |
| Cash Equivalents | | | | | 7,035,316 | | | | | | — | | | | | | — | | | | | | 7,035,316 | | |
| Sub-Total | | | | $ | 7,035,316 | | | | | $ | 294,678,115 | | | | | $ | — | | | | | $ | 301,713,431 | | |
| Other Financial Instruments** | | | | | 4,895,116 | | | | | | — | | | | | | — | | | | | | 4,895,116 | | |
| Total | | | | $ | 11,930,432 | | | | | $ | 294,678,115 | | | | | $ | — | | | | | $ | 306,608,547 | | |
*
See Portfolio of Investments for industry classification.
**
Other financial instruments are futures contracts reflected separately in the Portfolio of Investments, and are reflected at the net unrealized appreciation on the futures contracts.
The Funds did not hold any investments at any time during the reporting period in which unobservable inputs were used in determining fair value. Therefore, no reconciliation of Level 3 securities is included for this reporting period.
4) Portfolio Risks:
Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential impact of a transition away from LIBOR on the Fund or the financial instruments in which the Funds invest cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to affect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. Currently, the Bond Funds have securities (less than 1% of holdings) using LIBOR as a basis for their variable rates.
The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
5) Investment Advisory Agreement:
The investment advisory agreements provide that the Adviser will pay all of the Funds’ operating expenses, excluding brokerage fees and commissions, taxes, borrowing costs (such as interest), and extraordinary expenses. Under the terms of the investment advisory agreements, each of the Bond Funds pays the Adviser a management fee at the annual rate of 0.30% (before the contractual waiver described below) of the Fund’s average daily net assets, which is accrued daily and paid monthly. The Johnson Enhanced Return Fund pays the Adviser a management fee at the annual rate of 0.35% of the Fund’s average daily net assets. The Bond Funds F share classes also have a 12b-1 fee at the annual rate of 0.25% (before the contractual waiver described below) of the Fund’s average daily net assets, which is accrued daily and paid monthly.
The Funds incurred management fees for the six months ended June 30, 2021, as indicated below. Effective May 1, 2021, the Adviser has agreed to waive a part of the management fee for the Bond Funds from a maximum of 0.30% to an effective fee ratio of 0.25%, unchanged from the prior period (May 1, 2020 to April 30, 2021), and for the Bonds Funds F share classes, the Adviser has agreed to waive a part of the 12b-1 fee from a maximum of 0.25% to an effective annual rate of 0.15%. The Adviser has the right to remove this fee waiver any time after April 30, 2022.
For the six months ended June 30, 2021, information regarding fees was as follows:
| Fund | | | Fee | | | Fee
Waiver | | | Effective
Fee Ratio | | | Management
Fee & 12b-1 Fee
After Waiver | | | Contractual
Waiver | | | Payable | |
| Short Duration Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | $ | 407,914 | | | | | $ | 81,588 | | | | | $ | 63,190 | | |
| Intermediate Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 280,638 | | | | | | 56,132 | | | | | | 48,359 | | |
| Core Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 741,004 | | | | | | 151,452 | | | | | | 130,505 | | |
| Enhanced Return Fund | | | | | 0.35% | | | | | | — | | | | | | 0.35% | | | | | | 495,672 | | | | | | — | | | | | | 86,197 | | |
6) Related Party Transactions:
All officers and one Trustee of the Trust are employees of the Adviser. Total compensation for the Independent Trustees as a group was $36,000 for the six months ended June 30, 2021, which was paid by the Adviser, and as a group they received no additional compensation from the Trust. The Trust consists of nine Funds: Johnson Equity Income Fund, Johnson Opportunity Fund, Johnson International Fund, Johnson Fixed Income Fund, Johnson Municipal Income Fund, Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund, and Johnson Enhanced Return Fund. The Adviser is not a registered broker-dealer of securities and thus does not receive commissions on trades made on behalf of the Funds. The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of June 30, 2021, the following are identified as having an ownership of more than 25%:
| | Short Duration Bond Fund (Class I Shares): | | | | | | | |
| | Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 36.03% | | |
| | Covenant Trust Company | | | | | 31.58% | | |
| | Short Duration Bond Fund (Class F Shares): | | | | | | | |
| | Client accounts held by the Advisor | | | | | 100% | | |
| | Intermediate Bond Fund (Class I Shares): | | | | | | | |
| | Covenant Trust Company | | | | | 41.88% | | |
| | Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 27.52% | | |
| | National Financial Services | | | | | 27.40% | | |
| | Intermediate Bond Fund (Class F Shares): | | | | | | | |
| | Client accounts held by the Advisor | | | | | 100% | | |
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
6) Related Party Transactions, continued
| | Core Bond Fund (Class I Shares): | | | | | | | |
| | Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 31.73% | | |
| | Core Bond Fund (Class F Shares): | | | | | | | |
| | Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 68.62% | | |
| | Enhanced Return Fund: | | | | | | | |
| | Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 89.04% | | |
Johnson Financial, Inc. is a wholly-owned subsidiary of Johnson Investment Counsel, Inc., the Adviser. Johnson Financial, Inc. provides transfer agency and administration services to the Funds. These fees are paid by the Adviser.
7) Purchases and Sales of Securities:
For the six months ended June 30, 2021, purchases and sales of investment securities aggregated:
| | | | 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 | | | | $ | 81,954,320 | | | | | $ | 74,601,188 | | | | | $ | 24,733,349 | | | | | $ | 61,417,360 | | |
| Intermediate Bond Fund | | | | | 41,225,402 | | | | | | 22,644,347 | | | | | | 13,096,461 | | | | | | 6,106,262 | | |
| Core Bond Fund | | | | | 94,337,476 | | | | | | 23,724,704 | | | | | | 89,074,375 | | | | | | 51,822,637 | | |
| Enhanced Return Fund | | | | | 54,670,679 | | | | | | 23,717,284 | | | | | | 39,948,670 | | | | | | 26,993,345 | | |
8) Capital Share Transactions:
As of June 30, 2021, there were an unlimited number of shares of beneficial interest authorized for each Fund. Each Fund records purchases of its shares at the daily net asset value determined after receipt of a shareholder’s order in proper form. Redemptions are recorded at the net asset value determined following receipt of a shareholder’s written or telephone request in proper form.
| | | | Short Duration Bond Fund | |
| | | | Class I Shares | | | Class F Shares | |
| | | | Six months
ended
6/30/2021 | | | Year ended
12/31/2020 | | | Six months
ended
6/30/2021 | | | Year ended
12/31/2020 | |
| Issued | | | | | 5,438,528 | | | | | | 14,248,957 | | | | | | 0 | | | | | | 261 | | |
| Reinvested | | | | | 54,062 | | | | | | 84,281 | | | | | | 1 | | | | | | 2 | | |
| Redeemed | | | | | (6,013,883) | | | | | | (4,049,488) | | | | | | 0 | | | | | | 0 | | |
| Change in shares outstanding | | | | | (521,293) | | | | | | 10,283,750 | | | | | | 1 | | | | | | 263 | | |
| Shares outstanding, beginning of period | | | | | 21,183,383 | | | | | | 10,899,633 | | | | | | 469 | | | | | | 206 | | |
| Shares outstanding, end of period | | | | | 20,662,090 | | | | | | 21,183,383 | | | | | | 470 | | | | | | 469 | | |
| NOTES TO THE FINANCIAL STATEMENTS | June 30, 2021 – Unaudited |
8) Capital Share Transactions, continued
| | | | Intermediate Bond Fund | |
| | | | Class I Shares | | | Class F Shares | |
| | | | Six months
ended
6/30/2021 | | | Year ended
12/31/2020 | | | Six months
ended
6/30/2021 | | | Year ended
12/31/2020 | |
| Issued | | | | | 2,065,721 | | | | | | 6,405,223 | | | | | | 0 | | | | | | 241 | | |
| Reinvested | | | | | 40,969 | | | | | | 101,507 | | | | | | 2 | | | | | | 7 | | |
| Redeemed | | | | | (857,790) | | | | | | (2,898,069) | | | | | | 0 | | | | | | 0 | | |
| Change in shares outstanding | | | | | 1,248,900 | | | | | | 3,608,661 | | | | | | 2 | | | | | | 248 | | |
| Shares outstanding, beginning of period | | | | | 13,226,623 | | | | | | 9,617,962 | | | | | | 447 | | | | | | 199 | | |
| Shares outstanding, end of period | | | | | 14,475,523 | | | | | | 13,226,623 | | | | | | 449 | | | | | | 447 | | |
| | | | Core Bond Fund | |
| | | | Class I Shares | | | Class F Shares | |
| | | | Six months
ended
6/30/2021 | | | Year ended
12/31/2020 | | | Six months
ended
6/30/2021 | | | Year ended
12/31/2020 | |
| Issued | | | | | 9,208,957 | | | | | | 19,345,514 | | | | | | 307,413 | | | | | | 407,063 | | |
| Reinvested | | | | | 221,888 | | | | | | 592,448 | | | | | | 3,477 | | | | | | 980 | | |
| Redeemed | | | | | (3,806,917) | | | | | | (3,777,802) | | | | | | (50,771) | | | | | | (27,094) | | |
| Change in shares outstanding | | | | | 5,623,928 | | | | | | 16,160,160 | | | | | | 260,119 | | | | | | 380,949 | | |
| Shares outstanding, beginning of period | | | | | 32,080,219 | | | | | | 15,920,059 | | | | | | 389,905 | | | | | | 8,956 | | |
| Shares outstanding, end of period | | | | | 37,704,147 | | | | | | 32,080,219 | | | | | | 650,024 | | | | | | 389,905 | | |
| | | | Enhanced Return Fund | |
| | | | Six months
ended
6/30/2021 | | | Year ended
12/31/2020 | |
| Issued | | | | | 675,320 | | | | | | 5,493,586 | | |
| Reinvested | | | | | 54,836 | | | | | | 748,479 | | |
| Redeemed | | | | | (440,307) | | | | | | (3,415,468) | | |
| Change in shares outstanding | | | | | 289,849 | | | | | | 2,826,597 | | |
| Shares outstanding, beginning of period | | | | | 13,662,491 | | | | | | 10,835,894 | | |
| Shares outstanding, end of period | | | | | 13,952,340 | | | | | | 13,662,491 | | |
9) Estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
10) Subsequent Events:
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements.
DISCLOSURE OF EXPENSES (Unaudited)
Shareholders of the Funds incur ongoing operating expenses consisting solely of management fees. The following example is intended to help you understand your ongoing expenses of investing in the Funds and to compare these expenses with similar costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the Funds on December 31, 2020 and held through June 30, 2021.
The first line of the table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6) and then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid by a shareholder for the period. Shareholders may use this information to compare the ongoing expenses of investing in the Funds and other funds 5% hypothetical examples with the 5% hypothetical examples that appear in other funds’ shareholder reports.
| Short Duration Bond Fund | | | Beginning Account Value
December 31, 2020 | | | Ending Account Value
June 30, 2021 | | | Expenses Paid During Period*
January 1, 2021 – June 30, 2021 | |
| Actual – Class I | | | | $ | 1,000.00 | | | | | $ | 996.76 | | | | | $ | 1.24 | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.27 | | |
| Actual – Class F | | | | $ | 1,000.00 | | | | | $ | 996.16 | | | | | $ | 1.98 | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.03 | | |
| Intermediate Bond Fund | | | Beginning Account Value
December 31, 2020 | | | Ending Account Value
June 30, 2021 | | | Expenses Paid During Period*
January 1, 2021 – June 30, 2021 | |
| Actual – Class I | | | | $ | 1,000.00 | | | | | $ | 990.36 | | | | | $ | 1.23 | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.27 | | |
| Actual – Class F | | | | $ | 1,000.00 | | | | | $ | 988.72 | | | | | $ | 1.97 | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.03 | | |
| Core Bond Fund | | | Beginning Account Value
December 31, 2020 | | | Ending Account Value
June 30, 2021 | | | Expenses Paid During Period*
January 1, 2021 – June 30, 2021 | |
| Actual – Class I | | | | $ | 1,000.00 | | | | | $ | 982.23 | | | | | $ | 1.23 | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.27 | | |
| Actual – Class F | | | | $ | 1,000.00 | | | | | $ | 981.83 | | | | | $ | 1.97 | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.03 | | |
| Enhanced Return Fund | | | Beginning Account Value
December 31, 2020 | | | Ending Account Value
June 30, 2021 | | | Expenses Paid During Period*
January 1, 2021 – June 30, 2021 | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,143.83 | | | | | $ | 1.86 | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.06 | | | | | $ | 1.78 | | |
*
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For the Short Duration, Intermediate, and Core Bond Funds Class I, the expense ratio is 0.25%; for Short Duration, Intermediate, and Core Bond Funds Class F, the total expense ratio is 0.40%; and for the Enhanced Return Fund, the expense ratio is 0.35%.
| Review and Renewal of Management Agreements | June 30, 2021 – Unaudited |
The Trustees, including the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”), then considered the renewal of the Management Agreements between the Trust and the Adviser. The Trustees were assisted by experienced independent legal counsel throughout the contract review process. The Independent Trustees discussed the proposed continuance in executive session with such counsel at which no representatives of the Adviser were present. The Independent Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Management Agreements and the weight to be given to each such factor. Among other factors, the Trustees considered (i) the investment performance of each Fund and the Adviser; (ii) the nature, extent and quality of the services provided by the Adviser; (iii) the cost of services provided and the profits to be realized by the Adviser and its affiliates from the relationship with the Funds; and (iv) economies of scale. The conclusions reached by the Independent Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Additionally, each Independent Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Management Agreements.
The Trustees considered the responses and information prepared by the Adviser, discussing, the Adviser’s business and financial resources, its personnel and operations, advisory, administrative and compliance services provided by the Adviser to the Funds, and the compensation received for management services. The Board reviewed and discussed each Fund’s performance for various periods, the profitability of the Adviser with respect to each of the Funds and economies of scale.
With respect to the nature, extent and quality of services provided by the Adviser, the Trustees reviewed the information provided in the memorandum that described the Adviser’s business and personnel and discussed the Adviser’s experience and capabilities. The Board noted that the Adviser has been providing services to the Trust since 1992 and the nine Funds. The Trustees and representatives of the Adviser noted the continuance of their cooperative working relationship on Fund matters. The Board reviewed the individuals who serve as portfolio managers for the Funds and indicated that they were satisfied with the portfolio management being provided to the Funds. The Trustees then discussed the Adviser’s and Trust’s compliance programs with the chief compliance officer. Additionally, the Trustees noted that there not any recent litigations or regulatory investigations related to the Adviser. A representative of the Adviser provided an overview of the Adviser’s financial status and reviewed the Adviser’s resources in providing services to the Funds. The Trustees, including the Independent Trustees, concluded that the nature and extent of services provided by the Adviser was satisfactory, and that the overall quality of services was excellent. The Trustees also concluded that the Adviser had the appropriate resources to continue to provide quality advisory services to the Funds.
Next, the Trustees reviewed performance information for each of the Funds. The Trustees considered performance data presented by the Adviser showing the relevant Fund’s performance over various periods ended March 31, 2021 and May 19, 2021 which was compared to the Fund’s benchmark index. The Board also reviewed the Adviser’s expectations as to each Fund’s risk/return profile.
The Trustees then reviewed and discussed the performance of the Equity Income, Opportunity, International, Fixed Income and Municipal Income Funds. The Trustees noted that the Equity Income Fund was generally in line with the S&P 500 Index for the 1, 3, and 5-year periods as well as for the year-to-date. With respect to the Opportunity Fund, the Trustees noted that the Fund had slightly underperformed the Russell 2500 Total Return Index for the 1, 3 and 5-year periods but had outperformed the index for the year-to-date. The Trustees reviewed the International Fund’s performance was generally in line with that of its benchmark, the MSCI All Country World Index, for each of the 1, 3 and 5-year periods but had also outperformed the benchmark on a year-to-date basis. Next, the Trustees reviewed the performance of the Fixed Income Fund, noting that the Fund’s return had slightly underperformed its benchmark, the Barclays U.S. Aggregate Bond Index, for the 1, 3 and 5-year periods. The Trustees then discussed the Municipal Income Fund’s returns, noting that the Fund had slightly underperformed the Barclays Municipal Bond 5-year GO Index for the 1-year period and was generally in line with the index for the 3-year and 5-year periods. After discussion, the Trustees indicated that they were satisfied with the performance of each of the retail Funds and agreed that each of the retail Funds had reasonable performance.
The Trustees then reviewed the performance of each of the Institutional Funds. They noted that the Short Duration Bond Fund had outperformed its benchmark, the Bank of America Merrill Lynch 1-3 year U.S. Corporate and Government Index, for the 1, 3 and 5-year periods. Next, the Trustees discussed the performance of the Intermediate Bond Fund, noting that it was generally
| Review and Renewal of Management Agreements | June 30, 2021 – Unaudited |
in line with the Barclays Intermediate U.S. Government Credit Index for the 1 and 3-year periods and had outperformed for the 5-year period. With respect to the Core Bond Fund, the Board noted that the Fund had slightly underperformed the Barclays U.S. Aggregate Index for the 1-year period but had outperformed for the 3 and 5-year periods. The Trustees finally discussed the performance for the Enhanced Return Fund. The Board reviewed its performance, noting that the Enhanced Return Fund was generally in line with the S&P 500 Index for the 1, 3 and 5-year periods. After discussion, the Trustees indicated that it was their consensus all four of Institutional Funds continued to have satisfactory performance given their respective investment objectives, risks and strategies.
As to the cost of the services provided and the profits realized by the Adviser from the relationship with the Funds, the Trustees reviewed the fees paid to the Adviser for the fiscal year ended December 31, 2020 by the Funds. As in past years, the Board and counsel discussed that the total expense ratio for each Fund was a more meaningful comparison than the actual advisory fee because the Management Agreements for the Funds have a unitary fee structure which requires the Adviser to pay substantially all of the operating expenses of each Fund and is compensated with a single fee (noting that most of the funds in the Peer Group comparisons do not share this structure). The expense ratios for Municipal Income Fund, Short Duration Bond Fund, Intermediate Bond Fund, Opportunity Fund, Core Bond Fund and Enhanced Return Fund were at or below the mean, while expense ratios for Equity Income Fund, Fixed Income Fund and International Fund were slightly above the averages for their respective categories. The Trustees noted the contractual fee waivers which were in effect during the period for the Short Duration Bond Fund, the Intermediate Bond Fund and the Core Bond Fund as well as the overall fees paid to the Adviser by each Fund for the period. The Trustees also discussed the profitability of each of the Funds to the Adviser and the profitability of the Adviser with respect to the Funds in the aggregate. Representatives of the Adviser reported on the Adviser’s profitability on a fund by fund basis and discussed their methodologies in determining the profitability of the Adviser. The Trustees, including the Independent Trustees, concluded that the Management Fee payable by each Fund was reasonable and that the Adviser’s level of profitability from its relationship with the Funds is not excessive.
The Trustees then reviewed economies of scale. The Trustees noted that they considered that the Funds’ expense ratios were not unreasonable and that there were no excessive profits being derived from any of the Funds by the Adviser as a result of its management of each of the Funds. The Board also noted that the Adviser had agreed to extend its contractual fee waiver with respect to the Core Bond, Short Duration and Intermediate Bond Funds for another year. The Trustees and representatives from the Adviser again agreed to discuss the possibility of fee breakpoints in the future, depending on the asset level of a Fund. After a discussion, the Trustees concluded that no breakpoints are necessary at this time but that they would continue to evaluate the potential for establishing breakpoints with the Adviser.
After a discussion, the Trustees concluded and agreed, including all Independent Trustees, that renewal of each Management Agreement was in the best interests of each Fund and its shareholders.
| ADDITIONAL INFORMATION | June 30, 2021 – Unaudited |
Proxy Disclosure
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the most recent 12-month period ended June 30 are available without charge: (1) upon request by calling the Funds at 513-661-3100 or toll free at 1-800-541-0170; or (2) from the Fund’s documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.
Availability of Schedules of Portfolio Investments:
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year at www.johnsonmutualfunds.com or on Form N-PORT. The Funds’ holdings are available, without charge, (1) upon request by calling the Funds at 513-661-3100 or toll free at 1-800-541-0170; (2) by visiting www.johnsonmutualfunds.com; or (3) from the Fund’s documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.
Code of Ethics
The Trust’s Code of Ethics is available on request without charge; please call for your copy at 513-661-3100 or 1-800-541-0170 or write us at:
Johnson Mutual Funds
3777 West Fork Road
Cincinnati OH 45247
TRUSTEES AND OFFICERS (Unaudited)
Information pertaining to the Trustees and Officers of the Funds is provided below. Trustees who are not deemed to be interested persons of the Funds, as defined in the Investment Company Act of 1940, are referred to as Independent Trustees. Trustees who are deemed to be “interested persons” of the Funds are referred to as Interested Trustees. The Statement of Additional Information includes additional information about the Funds’ Trustees and may be obtained without charge by calling (513) 661-3100 or (800) 541-0170.
| 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 (79)
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 (78)
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 (78)
3777 West Fork Rd.
Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Retired from The Procter & Gamble Company; Purchases Director, Global Baby Care | | | 9 | | | None | |
James J. Berrens (55)
3777 West Fork Rd
Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Christian Community Health Services: Chief Executive Officer since May 2015 | | | 9 | | | None | |
Dr. Jeri B. Ricketts (63)
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 | |
TRUSTEES AND OFFICERS (Unaudited)
| 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 (50)
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 (62)
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 (57)
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 (55)
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 (49)
3777 West Fork Road
Cincinnati, Ohio 45247 | | | Secretary | | | Since 2007 | | | Fund Administration & Compliance Associate for the Trust’s Adviser | | | NA | | | NA | |
Trustees and Officers
| | 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 | |
Transfer Agent and Fund Accountant
Johnson Financial, Inc.
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100 (800) 541-0170
Custodian
US Bank
425 Walnut Street
Cincinnati, OH 45202
Independent Registered Public Accounting Firm
Cohen & Company
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
Legal Counsel
Thompson Hine LLP
312 Walnut Street, 14th Floor
Cincinnati, Ohio 45202
This report is authorized for distribution to prospective investors only when accompanied or preceded
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.
Investment Company Act #811-7254
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 June 23, 2021, 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.
Item 12. Exhibits.
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
Jason O. Jackman, President
Date September 8, 2021
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.
Jason O. Jackman, President
Date September 8, 2021
Marc E. Figgins, Treasurer
Date September 8, 2021
* Print the name and title of each signing officer under his or her signature.
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