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:12/31/21
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.
Item 1. Reports to Stockholders.
3777 West Fork Road | Cincinnati, Ohio 45247
513.661.3100 | 800.541.0170 | Fax 513.661.4901
JOHNSON MUTUAL FUNDS | December 31, 2021 |
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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 | DECEMBER 2021 |
LETTER FROM THE FUND PRESIDENT | DECEMBER 2021 |
LETTER FROM THE FUND PRESIDENT | DECEMBER 2021 |
JOHNSON EQUITY INCOME FUND | PERFORMANCE REVIEW – DECEMBER 31, 2021 |
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Equity Income Fund | | | S&P 500 Index | | ||||||
| One Year | | | | | 25.96% | | | | | | 28.71% | | |
| Three Years | | | | | 23.76% | | | | | | 26.07% | | |
| Five Years | | | | | 18.19% | | | | | | 18.47% | | |
| Ten Years | | | | | 14.70% | | | | | | 16.55% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Information Technology | | | | | 21.2% | | |
| Industrials | | | | | 14.6% | | |
| Health Care | | | | | 13.8% | | |
| Financial Services | | | | | 12.9% | | |
| Consumer Staples | | | | | 10.8% | | |
| Consumer Discretionary | | | | | 8.6% | | |
| Communication Services | | | | | 4.4% | | |
| Materials | | | | | 4.0% | | |
| Energy | | | | | 3.4% | | |
| Real Estate | | | | | 3.0% | | |
| Utilities | | | | | 1.9% | | |
| Cash Equivalents | | | | | 1.3% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.1% | | |
| | | | | | 100.0% | | |
Johnson Opportunity Fund | Performance Review – December 31, 2021 |
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Opportunity Fund | | | Russell 2500 Index | | ||||||
| One Year | | | | | 30.59% | | | | | | 18.18% | | |
| Three Year | | | | | 21.90% | | | | | | 21.91% | | |
| Five Years | | | | | 12.70% | | | | | | 13.75% | | |
| Ten Years | | | | | 13.75% | | | | | | 14.15% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Industrials | | | | | 21.4% | | |
| Information Technologies | | | | | 18.4% | | |
| Financial Services | | | | | 15.6% | | |
| Health Care | | | | | 9.7% | | |
| Materials | | | | | 9.5% | | |
| Consumer Discretionary | | | | | 9.3% | | |
| Real Estate | | | | | 6.0% | | |
| Utilities | | | | | 3.2% | | |
| Cash Equivalents | | | | | 2.4% | | |
| Consumer Staples | | | | | 2.2% | | |
| Communications | | | | | 1.3% | | |
| Energy | | | | | 1.0% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.0% | | |
| | | | | | 100.0% | | |
Johnson International Fund | Performance Review – December 31, 2021 |
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | International Fund | | | MSCI ACWI ex US Index | | ||||||
| One Year | | | | | 10.00% | | | | | | 7.82% | | |
| Three Years | | | | | 11.96% | | | | | | 13.18% | | |
| Five Years | | | | | 8.78% | | | | | | 9.61% | | |
| Ten Years | | | | | 6.89% | | | | | | 7.28% | | |
| Asset Allocation by Country | | | as of December 31, 2021 | |
| Japan | | | | | 16.96% | | | | Hong Kong | | | | | 3.63% | | |
| UK | | | | | 9.99% | | | | India | | | | | 2.82% | | |
| Canada | | | | | 9.41% | | | | Australia | | | | | 2.79% | | |
| Other* | | | | | 8.94% | | | | Mexico | | | | | 2.09% | | |
| Switzerland | | | | | 8.24% | | | | Denmark | | | | | 2.04% | | |
| China | | | | | 8.00% | | | | Russia | | | | | 2.01% | | |
| France | | | | | 7.88% | | | | South Korea | | | | | 1.91% | | |
| Germany | | | | | 6.28% | | | | Netherlands | | | | | 1.75% | | |
| Taiwan | | | | | 3.66% | | | | South Africa | | | | | 1.60% | | |
Johnson Fixed Income Fund | Performance Review – December 31, 2021 |
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Fixed Income Fund | | | Bloomberg Barclays Capital Aggregate Index | | ||||||
| One Year | | | | | -2.37% | | | | | | -1.54% | | |
| Three Years | | | | | 4.59% | | | | | | 4.79% | | |
| Five Years | | | | | 3.27% | | | | | | 3.57% | | |
| Ten Years | | | | | 2.80% | | | | | | 2.90% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Bank & Finance | | | | | 22.5% | | |
| US Govt Treasury Obligations | | | | | 21.9% | | |
| Industrial | | | | | 19.0% | | |
| US Agency Obligations Mortgage Backed | | | | | 17.2% | | |
| Utilities | | | | | 12.8% | | |
| Taxable Municipal | | | | | 2.6% | | |
| US Agency Obligations | | | | | 2.3% | | |
| Preferred Stocks | | | | | 0.7% | | |
| Cash Equivalents | | | | | 0.3% | | |
| Certificates of Deposit | | | | | 0.0% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.7% | | |
| | | | | | 100.0% | | |
Johnson Municipal Income Fund | Performance Review – December 31, 2021 |
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Municipal Income Fund | | | Bloomberg Barclays Municipal Bond Index | | | Bloomberg Barclays Municipal Bond: 5 Year GO Index | | |||||||||
| One Year | | | | | 0.30% | | | | | | 1.52% | | | | | | 0.29% | | |
| Three Years | | | | | 3.66% | | | | | | 4.73% | | | | | | 3.27% | | |
| Five Years | | | | | 3.02% | | | | | | 4.17% | | | | | | 2.91% | | |
| Ten Years | | | | | 2.49% | | | | | | 3.72% | | | | | | 2.22% | | |
EQUITY INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Alphabet Inc. – Class A* | | | | | 4,735 | | | | | $ | 13,717,484 | | |
Comcast Corp. – Class A | | | | | 177,800 | | | | | | 8,948,674 | | |
Walt Disney Co.* | | | | | 25,350 | | | | | | 3,926,462 | | |
4.4% – Total For Communication Services | | | | $ | 26,592,620 | | | ||||||
Lowe’s Companies Inc. | | | | | 57,000 | | | | | | 14,733,360 | | |
Nike Inc. – Class B | | | | | 41,000 | | | | | | 6,833,470 | | |
TJX Companies Inc. | | | | | 167,240 | | | | | | 12,696,861 | | |
VF Corporation | | | | | 244,800 | | | | | | 17,924,256 | | |
8.6% – Total For Consumer Discretionary | | | | $ | 52,187,947 | | | ||||||
Coca Cola Co. | | | | | 208,920 | | | | | | 12,370,153 | | |
Dollar General Corp. | | | | | 82,000 | | | | | | 19,338,060 | | |
Pepsico Inc. | | | | | 35,200 | | | | | | 6,114,592 | | |
Procter & Gamble Co. | | | | | 79,690 | | | | | | 13,035,690 | | |
Unilever PLC ADR | | | | | 281,800 | | | | | | 15,158,022 | | |
10.8% – Total For Consumer Staples | | | | $ | 66,016,517 | | | ||||||
Chevron Corp. | | | | | 70,890 | | | | | | 8,318,942 | | |
Williams Companies Inc. | | | | | 475,000 | | | | | | 12,369,000 | | |
3.4% – Total For Energy | | | | $ | 20,687,942 | | | ||||||
Axis Capital Holdings Ltd. | | | | | 234,250 | | | | | | 12,759,597 | | |
First Horizon National Bank | | | | | 1,134,681 | | | | | | 18,529,341 | | |
M&T Bank Corp. | | | | | 77,500 | | | | | | 11,902,450 | | |
Marsh & McLennan Companies Inc. | | | | | 71,800 | | | | | | 12,480,276 | | |
Nasdaq Inc. | | | | | 56,800 | | | | | | 11,928,568 | | |
Willis Towers Watson PLC | | | | | 47,200 | | | | | | 11,209,528 | | |
12.9% – Total For Financial Services | | | | $ | 78,809,760 | | | ||||||
Abbott Laboratories | | | | | 97,435 | | | | | | 13,713,002 | | |
Danaher Corp. | | | | | 37,043 | | | | | | 12,187,517 | | |
Medtronic PLC | | | | | 107,000 | | | | | | 11,069,150 | | |
UnitedHealth Group Inc. | | | | | 41,300 | | | | | | 20,738,382 | | |
Zimmer Biomet Holdings | | | | | 99,600 | | | | | | 12,653,184 | | |
Zoetis Inc. | | | | | 57,276 | | | | | | 13,977,062 | | |
13.8% – Total For Health Care | | | | $ | 84,338,297 | | | ||||||
Amphenol Corp – Class A | | | | | 227,300 | | | | | | 19,879,658 | | |
Honeywell International Inc. | | | | | 49,000 | | | | | | 10,216,990 | | |
Hubbell Inc. | | | | | 62,300 | | | | | | 12,975,221 | | |
Illinois Tool Works Inc. | | | | | 52,000 | | | | | | 12,833,600 | | |
nVent Electric PLC | | | | | 323,300 | | | | | | 12,285,400 | | |
Paccar Inc. | | | | | 106,040 | | | | | | 9,359,090 | | |
Waste Management Inc. | | | | | 68,600 | | | | | | 11,449,340 | | |
14.6% – Total For Industrials | | | | $ | 88,999,299 | | | ||||||
Carlisle Cos Inc. | | | | | 50,140 | | | | | | 12,440,737 | | |
PPG Industries, Inc. | | | | | 69,495 | | | | | | 11,983,718 | | |
4.0% – Total For Materials | | | | $ | 24,424,455 | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Accenture PLC – Class A | | | | | 31,920 | | | | | $ | 13,232,436 | | |
Adobe Inc.* | | | | | 29,080 | | | | | | 16,490,105 | | |
Analog Devices, Inc. | | | | | 108,000 | | | | | | 18,983,160 | | |
Apple Inc. | | | | | 73,760 | | | | | | 13,097,563 | | |
Fidelity National Information Services Inc. | | | | | 115,600 | | | | | | 12,617,740 | | |
Mastercard Inc. – Class A | | | | | 32,350 | | | | | | 11,624,002 | | |
Microsoft Corp. | | | | | 58,360 | | | | | | 19,627,635 | | |
S&P Global Inc | | | | | 11,240 | | | | | | 5,304,493 | | |
VISA Inc. – Class A | | | | | 85,700 | | | | | | 18,572,047 | | |
21.2% – Total For Technology | | | | $ | 129,549,181 | | | ||||||
American Tower Corp. | | | | | 61,857 | | | | | | 18,093,173 | | |
3.0% – Total For Real Estate | | | | $ | 18,093,173 | | | ||||||
Alliant Energy Corp. | | | | | 186,300 | | | | | | 11,451,861 | | |
1.9% – Total For Utilities | | | | $ | 11,451,861 | | | ||||||
Total Common Stocks 98.6% | | | | $ | 601,151,052 | | | ||||||
(Identified Cost $393,786,745) | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 8,225,688 | | | | | | 8,225,688 | | |
Total Cash Equivalents 1.3% | | | | $ | 8,225,688 | | | ||||||
(Identified Cost $8,225,688) | | | | | | | | | | | | | |
Total Portfolio Value 99.9% | | | | $ | 609,376,740 | | | ||||||
(Identified Cost $402,012,433) | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.1% | | | | $ | 336,549 | | | ||||||
Total Net Assets 100.0% | | | | $ | 609,713,289 | | | ||||||
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OPPORTUNITY FUND | Portfolio of Investments as of December 31, 2021 |
Common Stocks | | | Shares | | | Fair Value | | ||||||
New York Times Co – Class A | | | | | 34,700 | | | | | $ | 1,676,010 | | |
1.3% – Total For Communications | | | | $ | 1,676,010 | | | ||||||
BorgWarner Inc. | | | | | 19,600 | | | | | | 883,372 | | |
Burlington Stores Inc.* | | | | | 3,000 | | | | | | 874,530 | | |
Hibbett Sports Inc. | | | | | 19,400 | | | | | | 1,395,442 | | |
Kimball International Inc. – Class B | | | | | 92,100 | | | | | | 942,183 | | |
Lithia Motors Inc. – Class A | | | | | 5,500 | | | | | | 1,633,225 | | |
LKQ Corp. | | | | | 22,300 | | | | | | 1,338,669 | | |
Rocky Brands Inc. | | | | | 22,800 | | | | | | 907,440 | | |
Sleep Number Corp.* | | | | | 17,700 | | | | | | 1,355,820 | | |
Steven Madden LTD | | | | | 20,500 | | | | | | 952,635 | | |
Williams-Sonoma Inc. | | | | | 8,300 | | | | | | 1,403,779 | | |
9.3% – Total For Consumer Discretionary | | | | $ | 11,687,095 | | | ||||||
BJs Wholesale Club Holdings Inc.* | | | | | 28,700 | | | | | | 1,922,039 | | |
Reynolds Consumer Product Inc. | | | | | 26,800 | | | | | | 841,520 | | |
2.2% – Total For Consumer Staples | | | | $ | 2,763,559 | | | ||||||
World Fuel Services Corp. | | | | | 48,500 | | | | | | 1,283,795 | | |
1.0% – Total For Energy | | | | $ | 1,283,795 | | | ||||||
American Financial Group Inc. | | | | | 15,000 | | | | | | 2,059,800 | | |
Arrow Financial Corp. | | | | | 52,406 | | | | | | 1,846,263 | | |
Axis Capital Holdings Ltd. | | | | | 17,700 | | | | | | 964,119 | | |
Diamond Hill Investment Group Inc. | | | | | 4,900 | | | | | | 951,727 | | |
Everest Re Group Ltd. | | | | | 8,300 | | | | | | 2,273,536 | | |
Farmers National Banc Corp. | | | | | 130,400 | | | | | | 2,418,920 | | |
First Horizon National Bank Corp. | | | | | 115,724 | | | | | | 1,889,773 | | |
Reinsurance Group of America Inc. | | | | | 16,000 | | | | | | 1,751,840 | | |
SEI Investments Co. | | | | | 35,100 | | | | | | 2,138,994 | | |
Signature Bank | | | | | 3,000 | | | | | | 970,410 | | |
Wintrust Financial Corp. | | | | | 26,300 | | | | | | 2,388,566 | | |
15.6% – Total For Financial Services | | | | $ | 19,653,948 | | | ||||||
Catalent Inc.* | | | | | 9,000 | | | | | | 1,152,270 | | |
Charles River Laboratories International Inc.* | | | | | 5,500 | | | | | | 2,072,290 | | |
Chemed Corp. | | | | | 3,400 | | | | | | 1,798,736 | | |
Collegium Pharmaceutical Inc.* | | | | | 81,400 | | | | | | 1,520,552 | | |
Globus Medical Inc. – Class A* | | | | | 21,000 | | | | | | 1,516,200 | | |
LeMaitre Vascular Inc. | | | | | 28,100 | | | | | | 1,411,463 | | |
Universal Health Services Inc. – Class B | | | | | 10,200 | | | | | | 1,322,532 | | |
US Physical Therapy Inc. | | | | | 15,600 | | | | | | 1,490,580 | | |
9.7% – Total For Health Care | | | | $ | 12,284,623 | | | ||||||
AMN Healthcare Services Inc.* | | | | | 20,000 | | | | | | 2,446,600 | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Applied Industrial Technologies Inc. | | | | | 23,700 | | | | | $ | 2,433,990 | | |
Comfort Systems USA Inc. | | | | | 20,800 | | | | | | 2,057,952 | | |
Donaldson Company Inc. | | | | | 22,400 | | | | | | 1,327,424 | | |
Gorman-Rupp Co. | | | | | 50,500 | | | | | | 2,249,775 | | |
Hubbell Inc. | | | | | 7,800 | | | | | | 1,624,506 | | |
IDEX Corp. | | | | | 6,900 | | | | | | 1,630,608 | | |
Littelfuse Inc. | | | | | 6,900 | | | | | | 2,171,292 | | |
Nordson Corp. | | | | | 7,800 | | | | | | 1,991,106 | | |
nVent Electric PLC | | | | | 63,500 | | | | | | 2,413,000 | | |
Regal Rexnord Corp. | | | | | 12,000 | | | | | | 2,042,160 | | |
A.O. Smith Corp. | | | | | 24,200 | | | | | | 2,077,570 | | |
Watsco Inc. | | | | | 5,200 | | | | | | 1,626,976 | | |
Watts Water Tech Inc. – Class A | | | | | 4,800 | | | | | | 932,016 | | |
21.4% – Total For Industrials | | | | $ | 27,024,975 | | | ||||||
Avery Dennison Corp. | | | | | 9,700 | | | | | | 2,100,729 | | |
Avient Corp. | | | | | 36,000 | | | | | | 2,014,200 | | |
Carlisle Companies Inc. | | | | | 8,900 | | | | | | 2,208,268 | | |
H.B. Fuller Co. | | | | | 26,800 | | | | | | 2,170,800 | | |
RPM International Inc. | | | | | 15,600 | | | | | | 1,575,600 | | |
Sonoco Products Co. | | | | | 32,000 | | | | | | 1,852,480 | | |
9.5% – Total For Materials | | | | $ | 11,922,077 | | | ||||||
Amdocs Ltd. | | | | | 9,900 | | | | | | 740,916 | | |
Black Knight Inc.* | | | | | 18,800 | | | | | | 1,558,332 | | |
Blackbaud Inc.* | | | | | 12,500 | | | | | | 987,250 | | |
Bottomline Technologies* | | | | | 24,600 | | | | | | 1,389,162 | | |
CACI International Inc.* | | | | | 3,300 | | | | | | 888,393 | | |
Fair Isaac Corp.* | | | | | 4,100 | | | | | | 1,778,047 | | |
Globant S.A* | | | | | 4,800 | | | | | | 1,507,632 | | |
ICF International Inc. | | | | | 12,000 | | | | | | 1,230,600 | | |
IPG Photonics Corp.* | | | | | 8,900 | | | | | | 1,532,046 | | |
Lumentum Holdings Inc.* | | | | | 14,700 | | | | | | 1,554,819 | | |
Maximus Inc. | | | | | 22,800 | | | | | | 1,816,476 | | |
Mimecast Ltd.* | | | | | 26,800 | | | | | | 2,132,476 | | |
On Semiconductor Corp.* | | | | | 27,400 | | | | | | 1,861,008 | | |
Paylocity Holding Corp.* | | | | | 4,100 | | | | | | 968,256 | | |
PTC Inc.* | | | | | 13,200 | | | | | | 1,599,180 | | |
Tyler Technologies Inc.* | | | | | 1,700 | | | | | | 914,515 | | |
Wex Inc.* | | | | | 4,900 | | | | | | 687,911 | | |
18.4% – Total For Technology | | | | $ | 23,147,019 | | | ||||||
Americold Realty Trust | | | | | 25,400 | | | | | | 832,866 | | |
Camden Property Trust | | | | | 6,400 | | | | | | 1,143,552 | | |
Equity Lifestyle Properties Inc. | | | | | 13,200 | | | | | | 1,157,112 | | |
First Industrial Realty Trust Inc. | | | | | 30,900 | | | | | | 2,045,580 | | |
National Retail Properties Inc. | | | | | 13,500 | | | | | | 648,945 | | |
Stag Industrial Inc. | | | | | 37,400 | | | | | | 1,793,704 | | |
6.0% – Total For Real Estate | | | | $ | 7,621,759 | | |
OPPORTUNITY FUND | Portfolio of Investments as of December 31, 2021 |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Atmos Energy Corp. | | | | | 14,500 | | | | | $ | 1,519,165 | | |
Portland General Electric Co. | | | | | 22,100 | | | | | | 1,169,532 | | |
Unitil Corp.` | | | | | 28,900 | | | | | | 1,329,111 | | |
3.2% – Total For Utilities | | | | $ | 4,017,808 | | | ||||||
Total Common Stocks 97.6% | | | | $ | 123,082,668 | | | ||||||
(Identified Cost $89,387,125) | | | | | | | | ||||||
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 2,992,406 | | | | | | 2,992,406 | | |
Total Cash Equivalents 2.4% | | | | $ | 2,992,406 | | | ||||||
(Identified Cost $2,992,406) | | | | | | | | ||||||
Total Portfolio Value 100.0% | | | | $ | 126,075,074 | | | ||||||
(Identified Cost $92,379,531) | | | | | | | | ||||||
Other Assets in Excess of Liabilities 0.0% | | | | $ | 12,553 | | | ||||||
Total Net Assets 100.0% | | | | $ | 126,087,627 | | | ||||||
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INTERNATIONAL FUND | Portfolio of Investments as of December 31, 2021 |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Itau Unibanco Holding SA ADR | | | | | 11,550 | | | | | $ | 43,313 | | |
0.2% – Total For Financial Services | | | | $ | 43,313 | | | ||||||
Total Preferred Stocks 0.2% | | | | $ | 43,313 | | | ||||||
(Identified Cost $63,654) | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | |
Baidu, Inc. ADR* | | | | | 1,700 | | | | | | 252,943 | | |
Deutsche Telekom AG ADR | | | | | 7,100 | | | | | | 131,421 | | |
KDDI Corp. ADR | | | | | 22,600 | | | | | | 331,090 | | |
Orange ADR | | | | | 7,500 | | | | | | 79,125 | | |
PLDT Inc. ADR | | | | | 3,600 | | | | | | 128,592 | | |
Publicis Groupe SA ADR | | | | | 23,100 | | | | | | 390,390 | | |
RTL Group SA ADR | | | | | 15,000 | | | | | | 76,950 | | |
SK Telecom Co. Ltd. ADR | | | | | 2,065 | | | | | | 55,074 | | |
SoftBank Group Corp. ADR | | | | | 3,600 | | | | | | 86,580 | | |
Telenor ASA ADR | | | | | 9,600 | | | | | | 150,528 | | |
Tencent Holdings Ltd. ADR | | | | | 6,800 | | | | | | 396,440 | | |
WPP PLC ADR | | | | | 1,800 | | | | | | 135,990 | | |
8.9% – Total For Communications | | | | $ | 2,215,123 | | | ||||||
Adidas AG ADR | | | | | 600 | | | | | | 86,400 | | |
Alibaba Group Holdings ADR* | | | | | 1,600 | | | | | | 190,064 | | |
Bridgestone ADR | | | | | 8,200 | | | | | | 175,890 | | |
Bunzl PLC ADR | | | | | 7,700 | | | | | | 306,383 | | |
CIE Financiere Richemont AG ADR | | | | | 22,000 | | | | | | 328,900 | | |
Daimler AG ADR | | | | | 2,200 | | | | | | 169,620 | | |
Daimler Truck AG ADR* | | | | | 2,200 | | | | | | 39,600 | | |
Honda Motor Co. Ltd. ADR | | | | | 5,500 | | | | | | 156,475 | | |
JD.com Inc. ADR* | | | | | 3,000 | | | | | | 210,210 | | |
Magna International Inc. | | | | | 6,000 | | | | | | 485,640 | | |
Toyota Motor Corp. ADR | | | | | 1,100 | | | | | | 203,830 | | |
9.4% – Total For Consumer Discretionary | | | | $ | 2,353,012 | | | ||||||
CK Hutchison Holdings LTD ADR | | | | | 16,500 | | | | | | 105,930 | | |
Danone ADR | | | | | 6,184 | | | | | | 76,620 | | |
Itochu Corp. ADR | | | | | 3,700 | | | | | | 227,735 | | |
L’Oreal ADR | | | | | 2,800 | | | | | | 267,176 | | |
Nestle SA ADR | | | | | 2,800 | | | | | | 393,036 | | |
Reckitt Benckiser Group PLC ADR | | | | | 5,900 | | | | | | 103,250 | | |
Shoprite Holdings Ltd. ADR | | | | | 32,100 | | | | | | 421,152 | | |
Unilever PLC ADR | | | | | 6,600 | | | | | | 355,014 | | |
Wal-Mart De Mexico SAB de CV ADR | | | | | 12,300 | | | | | | 458,175 | | |
9.7% – Total For Consumer Staples | | | | $ | 2,408,088 | | | ||||||
BP PLC ADR | | | | | 2,298 | | | | | | 61,196 | | |
Equinor ASA ADR | | | | | 4,000 | | | | | | 105,320 | | |
Gazprom | | | | | 14,000 | | | | | | 128,660 | | |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Lukoil Corp. ADR | | | | | 4,100 | | | | | $ | 368,180 | | |
Royal Dutch Shell PLC, Class B ADR | | | | | 2,600 | | | | | | 112,710 | | |
TotalEnergies SE ADR | | | | | 2,352 | | | | | | 116,330 | | |
Technip FMC PLC ADR* | | | | | 12,200 | | | | | | 72,224 | | |
Woodside Petroleum ADR | | | | | 9,700 | | | | | | 154,327 | | |
4.5% – Total For Energy | | | | $ | 1,118,947 | | | ||||||
Admiral Group PLC ADR | | | | | 8,200 | | | | | | 338,578 | | |
Allianz SE ADR | | | | | 10,700 | | | | | | 252,627 | | |
Banco Bradesco ADR | | | | | 19,708 | | | | | | 67,401 | | |
Banco Santander SA ADR | | | | | 37,155 | | | | | | 122,240 | | |
Bank of Montreal | | | | | 1,240 | | | | | | 133,573 | | |
Barclays PLC ADR | | | | | 15,000 | | | | | | 155,250 | | |
BNP Paribas ADR | | | | | 4,000 | | | | | | 139,160 | | |
China Construction Bank ADR | | | | | 23,000 | | | | | | 316,020 | | |
Deutsche Boerse AG ADR | | | | | 7,000 | | | | | | 116,270 | | |
Industrial and Commercial Bank Of China Ltd. ADR | | | | | 39,100 | | | | | | 439,093 | | |
KB Financial Group Inc. ADR | | | | | 2,400 | | | | | | 110,784 | | |
Legal and General Group PLC ADR | | | | | 5,000 | | | | | | 103,100 | | |
Manulife Financial Corp. | | | | | 7,720 | | | | | | 147,220 | | |
Mitsubishi UFJ Financial Group Inc. ADR | | | | | 40,000 | | | | | | 218,400 | | |
Mizuho Financial Group Inc. ADR | | | | | 52,000 | | | | | | 132,600 | | |
National Australia Bank ADR | | | | | 8,700 | | | | | | 91,785 | | |
Orix Corp. ADR | | | | | 2,450 | | | | | | 249,361 | | |
Royal Bank of Canada | | | | | 1,900 | | | | | | 201,666 | | |
Sumitomo Mitsui Financial Group Inc. ADR | | | | | 67,600 | | | | | | 459,004 | | |
Tokio Marine Holdings Inc. ADR | | | | | 8,400 | | | | | | 470,484 | | |
Toronto Dominion Bank | | | | | 2,700 | | | | | | 207,036 | | |
United Overseas Bank Ltd. ADR | | | | | 4,100 | | | | | | 164,205 | | |
Zurich Insurance Group Ltd. ADR | | | | | 3,240 | | | | | | 142,560 | | |
19.3% – Total For Financial Services | | | | $ | 4,778,417 | | | ||||||
Alcon Inc. | | | | | 3,796 | | | | | | 330,708 | | |
Astellas Pharma Inc. ADR | | | | | 17,600 | | | | | | 286,352 | | |
Bayer AG ADR | | | | | 10,700 | | | | | | 141,882 | | |
Dr. Reddy’s Laboratories Ltd. ADR | | | | | 3,340 | | | | | | 218,469 | | |
Novartis AG ADR | | | | | 2,480 | | | | | | 216,926 | | |
Novo Nordisk AS ADR | | | | | 4,400 | | | | | | 492,800 | | |
Roche Holdings Ltd. ADR | | | | | 10,500 | | | | | | 542,745 | | |
Takeda Pharmaceutical Co. ADR | | | | | 9,340 | | | | | | 127,304 | | |
Taro Pharmaceuticals Ltd.* | | | | | 1,400 | | | | | | 70,154 | | |
9.7% – Total For Health Care | | | | $ | 2,427,340 | | |
INTERNATIONAL FUND | Portfolio of Investments as of December 31, 2021 |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
ABB Ltd. ADR | | | | | 2,900 | | | | | $ | 110,693 | | |
Atlas Copco AB ADR | | | | | 5,400 | | | | | | 374,274 | | |
BAE Systems PLC ADR | | | | | 3,800 | | | | | | 113,183 | | |
Canadian National Railway Co. | | | | | 1,400 | | | | | | 172,004 | | |
Compass Group PLC ADR | | | | | 6,500 | | | | | | 149,955 | | |
Komatsu Ltd. ADR | | | | | 6,300 | | | | | | 147,231 | | |
Schneider Electric SE ADR | | | | | 13,900 | | | | | | 545,019 | | |
Sensata Technologies Holding NV* | | | | | 2,200 | | | | | | 135,718 | | |
Siemens AG ADR | | | | | 1,800 | | | | | | 155,880 | | |
7.6% – Total For Industrials | | | | $ | 1,903,957 | | | ||||||
Air Liquide SA ADR | | | | | 4,569 | | | | | | 159,321 | | |
BASF SE ADR | | | | | 7,400 | | | | | | 129,722 | | |
BHP Billiton Ltd. ADR | | | | | 4,150 | | | | | | 250,453 | | |
Cemex ADR* | | | | | 15,000 | | | | | | 101,700 | | |
CIA Siderurcgica NACL ADR | | | | | 29,100 | | | | | | 129,204 | | |
Newcrest Mining Ltd. ADR | | | | | 10,900 | | | | | | 194,129 | | |
Nitto Denko Corp. ADR | | | | | 6,900 | | | | | | 266,823 | | |
Posco ADR | | | | | 4,200 | | | | | | 244,818 | | |
Rio Tinto PLC ADR | | | | | 1,570 | | | | | | 105,096 | | |
Vale SA ADR | | | | | 5,400 | | | | | | 75,708 | | |
6.7% – Total For Materials | | | | $ | 1,656,974 | | | ||||||
Cap Gemini SA ADR | | | | | 4,000 | | | | | | 195,760 | | |
ASML Holdings | | | | | 360 | | | | | | 286,610 | | |
CGI Group Inc.* | | | | | 5,100 | | | | | | 451,350 | | |
Infosys Ltd. ADR | | | | | 20,100 | | | | | | 508,731 | | |
Lenovo Group Ltd. ADR | | | | | 20,000 | | | | | | 459,600 | | |
Open Text Corp. | | | | | 9,000 | | | | | | 427,320 | | |
Relx PLC ADR | | | | | 4,200 | | | | | | 136,962 | | |
SAP SE ADR | | | | | 2,200 | | | | | | 308,242 | | |
Sony Group Corp. ADR | | | | | 3,800 | | | | | | 480,320 | | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | | | 3,600 | | | | | | 433,116 | | |
United Microelectronics ADR | | | | | 38,800 | | | | | | 453,960 | | |
16.6% – Total For Technology | | | | $ | 4,141,971 | | | ||||||
Sun Hung Kai Properties Ltd. ADR | | | | | 27,600 | | | | | | 333,684 | | |
1.3% – Total For Real Estate | | | | $ | 333,684 | | | ||||||
Enel SpA ADR | | | | | 21,100 | | | | | | 167,956 | | |
Enersis SA ADR | | | | | 41,800 | | | | | | 227,392 | | |
Iberdrola SA ADR | | | | | 5,000 | | | | | | 236,050 | | |
National Grid PLC ADR | | | | | 1,629 | | | | | | 117,809 | | |
SSE PLC ADR | | | | | 4,000 | | | | | | 89,160 | | |
3.4% – Total For Utilities | | | | $ | 838,367 | | | ||||||
Total Common Stocks 97.1% | | | | $ | 24,175,880 | | | ||||||
(Identified Cost $17,198,543) | | | | | | | |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 620,170 | | | | | $ | 620,170 | | |
Total Cash Equivalents 2.5% | | | | $ | 620,170 | | | ||||||
(Identified Cost $620,170) | | | | | | | | | | | | | |
Total Portfolio Value 99.8% | | | | $ | 24,839,363 | | | ||||||
(Identified Cost $17,882,367) | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.2% | | | | $ | 67,297 | | | ||||||
Total Net Assets 100.0% | | | | $ | 24,906,660 | | | ||||||
|
FIXED INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | | | | | | | | | | | | | | | | | | | | | | | | |
American Express Co. | | | | | 1.650% | | | | | | 11/04/2026 | | | | | | 2,870,000 | | | | | $ | 2,877,577 | | |
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 12,700,000 | | | | | | 13,312,648 | | |
AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 3,320,000 | | | | | | 3,490,449 | | |
AON PLC | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 6,846,000 | | | | | | 7,506,023 | | |
AON PLC | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 4,330,000 | | | | | | 4,537,017 | | |
Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 20,000,000 | | | | | | 21,322,000 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 3,075,000 | | | | | | 3,232,071 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 15,815,000 | | | | | | 16,728,633 | | |
Huntington Bancshares | | | | | 2.550% | | | | | | 02/04/2030 | | | | | | 5,628,000 | | | | | | 5,719,061 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 11,530,000 | | | | | | 11,881,780 | | |
JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 5,500,000 | | | | | | 5,867,565 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 10,060,000 | | | | | | 10,706,254 | | |
JP Morgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 6,500,000 | | | | | | 7,524,855 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 6,430,000 | | | | | | 6,580,398 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 7,300,000 | | | | | | 8,177,898 | | |
Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 12,737,000 | | | | | | 14,546,673 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 7,154,000 | | | | | | 7,620,727 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 4,500,000 | | | | | | 4,880,790 | | |
PNC Financial Services | | | | | 3.450% | | | | | | 04/23/2029 | | | | | | 8,500,000 | | | | | | 9,251,060 | | |
PNC Financial Services | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 9,991,000 | | | | | | 10,576,573 | | |
Suntrust Banks Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 8,000,000 | | | | | | 8,638,160 | | |
Truist Bank | | | | | 2.250% | | | | | | 03/11/2030 | | | | | | 10,116,000 | | | | | | 10,098,064 | | |
US Bancorp | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 9,780,000 | | | | | | 10,323,964 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 7,000,000 | | | | | | 7,410,620 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 9,500,000 | | | | | | 10,359,845 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 8,600,000 | | | | | | 9,612,994 | | |
22.5% – Total For Corporate Bonds: Bank and Finance | | | | $ | 232,783,699 | | | ||||||||||||||||||
CVS Health Corp. | | | | | 3.750% | | | | | | 04/01/2030 | | | | | | 4,000,000 | | | | | | 4,392,600 | | |
CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 10,898,000 | | | | | | 12,237,909 | | |
Dover Corp. | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 6,045,000 | | | | | | 6,382,915 | | |
Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 3,802,000 | | | | | | 4,019,360 | | |
Emerson Electric Co. | | | | | 1.800% | | | | | | 10/15/2027 | | | | | | 14,190,000 | | | | | | 14,243,638 | | |
Emerson Electric Co. | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 1,000,000 | | | | | | 985,871 | | |
Emerson Electric Co. | | | | | 2.200% | | | | | | 12/21/2031 | | | | | | 6,000,000 | | | | | | 5,975,124 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 2,056,000 | | | | | | 2,189,208 | | |
Enterprise Products | | | | | 4.150% | | | | | | 10/16/2028 | | | | | | 11,617,000 | | | | | | 13,033,345 | | |
Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 5,606,000 | | | | | | 5,862,194 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 6,430,000 | | | | | | 6,960,025 | | |
Kroger Co. | | | | | 2.200% | | | | | | 05/01/2030 | | | | | | 1,000,000 | | | | | | 995,534 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 10,850,000 | | | | | | 11,625,884 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 595,000 | | | | | | 626,059 | | |
Lowes Cos. Inc. | | | | | 4.500% | | | | | | 04/15/2030 | | | | | | 15,817,000 | | | | | | 18,362,588 | | |
McDonald’s Corp. | | | | | 2.125% | | | | | | 03/01/2030 | | | | | | 4,500,000 | | | | | | 4,489,281 | | |
McDonald’s Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 11,000,000 | | | | | | 12,164,020 | | |
Nike Inc. | | | | | 3.250% | | | | | | 03/27/2040 | | | | | | 7,830,000 | | | | | | 8,524,208 | | |
Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 4,779,000 | | | | | | 5,091,977 | | |
Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 2,621,000 | | | | | | 2,618,707 | | |
Starbucks Corp. | | | | | 3.550% | | | | | | 08/15/2029 | | | | | | 15,000,000 | | | | | | 16,394,400 | | |
Verizon Communication Inc. | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 18,390,000 | | | | | | 20,613,167 | | |
Walt Disney Co. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 17,000,000 | | | | | | 19,105,960 | | |
19.0% – Total For Corporate Bonds: Industrial | | | | $ | 196,893,974 | | |
FIXED INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 2,000,000 | | | | | $ | 2,145,500 | | | | | | ||||||
Berkshire Hathaway Energy Co. | | | | | 3.500% | | | | | | 02/01/2025 | | | | | | 1,500,000 | | | | | | 1,591,830 | | | | | | ||||||
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 9,574,000 | | | | | | 10,016,893 | | | | | | ||||||
Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 11,000,000 | | | | | | 10,950,335 | | | | | | ||||||
Duke Energy Corp. | | �� | | | 2.650% | | | | | | 09/01/2026 | | | | | | 6,000,000 | | | | | | 6,227,640 | | | | | | ||||||
Eversource Energy | | | | | 1.650% | | | | | | 08/15/2030 | | | | | | 232,000 | | | | | | 217,226 | | | | | | ||||||
Eversource Energy | | | | | 3.300% | | | | | | 01/15/2028 | | | | | | 6,440,000 | | | | | | 6,854,800 | | | | | | ||||||
Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 9,289,000 | | | | | | 10,371,168 | | | | | | ||||||
Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 260,000 | | | | | | 265,811 | | | | | | ||||||
Georgia Power Co. | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 15,850,000 | | | | | | 16,143,067 | | | | | | ||||||
Interstate Power & Light Co. | | | | | 2.300% | | | | | | 06/01/2030 | | | | | | 2,920,000 | | | | | | 2,904,982 | | | | | | ||||||
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,000,000 | | | | | | 1,056,440 | | | | | | ||||||
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 13,090,000 | | | | | | 14,586,187 | | | | | | ||||||
National Rural Utility Cooperative Finance Corp. | | | | | 2.400% | | | | | | 03/15/2030 | | | | | | 15,950,000 | | | | | | 16,110,457 | | | | | | ||||||
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 2,018,000 | | | | | | 2,056,645 | | | | | | ||||||
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 2,550,000 | | | | | | 2,691,397 | | | | | | ||||||
Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 02/15/2024 | | | | | | 3,590,000 | | | | | | 3,741,713 | | | | | | ||||||
Virginia Electric & Power Co. | | | | | 3.500% | | | | | | 03/15/2027 | | | | | | 2,845,000 | | | | | | 3,075,786 | | | | | | ||||||
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 12,201,000 | | | | | | 12,819,347 | | | | | | ||||||
Xcel Energy Inc. | | | | | 3.400% | | | | | | 06/01/2030 | | | | | | 3,750,000 | | | | | | 4,037,400 | | | | | | ||||||
Xcel Energy Inc. | | | | | 4.000% | | | | | | 06/15/2028 | | | | | | 4,153,000 | | | | | | 4,581,839 | | | | | | ||||||
12.8% – Total For Corporate Bonds: Utilities | | | | $ | 132,446,463 | | | | | | ||||||||||||||||||||||||
54.3%Total Corporate Bonds | | | | $ | 562,124,136 | | | | | | ||||||||||||||||||||||||
Certificates of Deposit | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 261,147 | | | | | | ||||||
0.0% – Total For Certificates of Deposit | | | | | 261,147 | | | | | | | | | | | | ||||||||||||||||||
United States Government Treasury Obligations | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 35,000,000 | | | | | | 35,185,850 | | | | | | ||||||
Treasury Note | | | | | 1.750% | | | | | | 11/15/2026 | | | | | | 2,000,000 | | | | | | 2,050,000 | | | | | | ||||||
Treasury Note | | | | | 2.000% | | | | | | 11/15/2026 | | | | | | 10,000,000 | | | | | | 10,350,000 | | | | | | ||||||
Treasury Note | | | | | 2.000% | | | | | | 02/15/2025 | | | | | | 17,000,000 | | | | | | 17,512,720 | | | | | | ||||||
Treasury Bond | | | | | 2.000% | | | | | | 02/15/2050 | | | | | | 42,625,000 | | | | | | 43,344,510 | | | | | | ||||||
Treasury Note | | | | | 2.000% | | | | | | 08/15/2051 | | | | | | 9,000,000 | | | | | | 9,188,460 | | | | | | ||||||
Treasury Bond | | | | | 2.500% | | | | | | 02/15/2045 | | | | | | 20,500,000 | | | | | | 22,562,915 | | | | | | ||||||
Treasury Bond | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 23,500,000 | | | | | | 25,989,590 | | | | | | ||||||
Treasury Note | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 32,000,000 | | | | | | 37,274,880 | | | | | | ||||||
Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 20,500,000 | | | | | | 22,793,540 | | | | | | ||||||
21.9% – Total For United States Government Treasury Obligations | | | | $ | 226,252,465 | | | | | | | | | | | | ||||||||||||||||||
United States Government Agency Obligations | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
FHLB | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 21,750,000 | | | | | | 24,276,480 | | | | | | ||||||
2.3% – Total For United States Government Agency Obligations | | | | $ | 24,276,480 | | | | | | ||||||||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | | | | | |||||||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)* | | | | | 3.278% | | | | | | 04/01/2042 | | | | | | 267,762 | | | | | | 277,204 | | | | | | ||||||
FHLMC Pool 780439 (1 year US T-Note Yield Curve + 2.223%)* | | | | | 2.348% | | | | | | 04/01/2033 | | | | | | 20,458 | | | | | | 21,195 | | | | | | ||||||
FHLMC Pool A89335 | | | | | 5.000% | | | | | | 10/01/2039 | | | | | | 80,359 | | | | | | 90,295 | | | | | | ||||||
FHLMC Pool C01005 | | | | | 8.000% | | | | | | 06/01/2030 | | | | | | 674 | | | | | | 800 | | | | | | ||||||
FHLMC Pool G06616 | | | | | 4.500% | | | �� | | | 12/01/2035 | | | | | | 265,664 | | | | | | 293,436 | | | | | | ||||||
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 567,110 | | | | | | 643,670 | | | | | | ||||||
FHLMC Pool G15897 | | | | | 2.500% | | | | | | 09/01/2031 | | | | | | 1,206,741 | | | | | | 1,254,672 | | | | | |
FIXED INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 2,205,733 | | | | | $ | 2,332,695 | | |
FHLMC Pool G18667 | | | | | 3.500% | | | | | | 10/01/2032 | | | | | | 1,080,137 | | | | | | 1,142,309 | | |
FHLMC Pool G30933 | | | | | 4.000% | | | | | | 01/01/2036 | | | | | | 9,165,670 | | | | | | 9,888,750 | | |
FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 1,655,732 | | | | | | 1,797,248 | | |
FHLMC Pool SC0047 | | | | | 3.000% | | | | | | 01/01/2040 | | | | | | 16,067,221 | | | | | | 16,942,402 | | |
FHLMC Pool ZA3721 | | | | | 3.000% | | | | | | 06/01/2029 | | | | | | 6,635,418 | | | | | | 6,958,961 | | |
FHLMC Series 2877 Class AL | | | | | 5.000% | | | | | | 10/15/2024 | | | | | | 50,353 | | | | | | 51,897 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 44,850 | | | | | | 47,416 | | |
FHLMC Series 3109 Class ZN | | | | | 5.500% | | | | | | 02/15/2036 | | | | | | 834,948 | | | | | | 938,190 | | |
FHLMC Series 3592 Class BZ | | | | | 5.000% | | | | | | 10/15/2039 | | | | | | 530,825 | | | | | | 586,169 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 172,419 | | | | | | 180,366 | | |
FHLMC Series 4105 Class PJ | | | | | 3.500% | | | | | | 06/15/2041 | | | | | | 553,820 | | | | | | 577,368 | | |
FHLMC Series 4180 Class ME | | | | | 2.500% | | | | | | 10/15/2042 | | | | | | 1,188,810 | | | | | | 1,225,271 | | |
FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 654,850 | | | | | | 668,359 | | |
FHLMC Series 4517 Class PC | | | | | 2.500% | | | | | | 05/15/2044 | | | | | | 1,019,353 | | | | | | 1,043,848 | | |
FHLMC Series 4567 Class LA | | | | | 3.000% | | | | | | 08/15/2045 | | | | | | 167,293 | | | | | | 173,990 | | |
FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/2045 | | | | | | 1,469,059 | | | | | | 1,532,567 | | |
FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 547,063 | | | | | | 562,419 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 580,358 | | | | | | 601,454 | | |
FHLMC Series 4768 Class GA | | | | | 3.500% | | | | | | 09/15/2045 | | | | | | 3,376,740 | | | | | | 3,500,262 | | |
FHLMC Series 4831 Class BA | | | | | 3.500% | | | | | | 10/15/2044 | | | | | | 1,270,585 | | | | | | 1,312,527 | | |
FHLMC Series 4906 Class DE | | | | | 2.500% | | | | | | 09/25/2049 | | | | | | 4,945,520 | | | | | | 5,100,810 | | |
FNMA Pool 725027 | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 185,350 | | | | | | 206,283 | | |
FNMA Pool 725704 | | | | | 6.000% | | | | | | 08/01/2034 | | | | | | 74,017 | | | | | | 85,070 | | |
FNMA Pool 888223 | | | | | 5.500% | | | | | | 01/01/2036 | | | | | | 255,215 | | | | | | 288,166 | | |
FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 179,754 | | | | | | 203,913 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 444,420 | | | | | | 484,328 | | |
FNMA Pool AL6923 | | | | | 3.000% | | | | | | 05/01/2030 | | | | | | 4,706,852 | | | | | | 4,935,840 | | |
FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 719,250 | | | | | | 762,211 | | |
FNMA Pool AL9623 | | | | | 4.000% | | | | | | 12/01/2036 | | | | | | 2,092,991 | | | | | | 2,285,964 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 6,000,000 | | | | | | 6,424,500 | | |
FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 6,438,000 | | | | | | 6,908,940 | | |
FNMA Pool AS5794 | | | | | 3.000% | | | | | | 09/01/2030 | | | | | | 1,404,688 | | | | | | 1,474,543 | | |
FNMA Pool AS6548 | | | | | 2.500% | | | | | | 01/01/2031 | | | | | | 3,216,058 | | | | | | 3,339,812 | | |
FNMA Pool AU7025 | | | | | 3.000% | | | | | | 11/01/2043 | | | | | | 12,026,019 | | | | | | 12,661,474 | | |
FNMA Pool BD2396 | | | | | 2.500% | | | | | | 12/01/2031 | | | | | | 7,087,636 | | | | | | 7,348,107 | | |
FNMA Pool BL0752 | | | | | 3.650% | | | | | | 01/01/2029 | | | | | | 5,000,000 | | | | | | 5,574,100 | | |
FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 5,000,000 | | | | | | 5,452,450 | | |
FNMA Pool BL5003 | | | | | 4.000% | | | | | | 11/01/2042 | | | | | | 1,600,033 | | | | | | 1,756,293 | | |
FNMA Pool BM1971 | | | | | 3.500% | | | | | | 12/01/2035 | | | | | | 1,761,784 | | | | | | 1,878,908 | | �� |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 443,023 | | | | | | 485,638 | | |
FNMA Pool MA2773 | | | | | 3.000% | | | | | | 09/01/2036 | | | | | | 4,104,738 | | | | | | 4,305,255 | | |
FNMA Pool MA3186 | | | | | 4.000% | | | | | | 10/01/2037 | | | | | | 7,635,094 | | | | | | 8,206,581 | | |
FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 2,110,745 | | | | | | 2,263,669 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 87,876 | | | | | | 90,046 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 399,253 | | | | | | 401,636 | | |
FNMA Series 2013-75 Class EG | | | | | 3.000% | | | | | | 02/25/2043 | | | | | | 330,645 | | | | | | 345,716 | | |
FNMA Series 2014-04 Class PC | | | | | 3.000% | | | | | | 02/25/2044 | | | | | | 1,424,319 | | | | | | 1,492,231 | | |
FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 150,517 | | | | | | 157,033 | | |
FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 1,872,660 | | | | | | 1,920,731 | | |
FNMA Series 2016-2 Class PB | | | | | 2.000% | | | | | | 02/25/2046 | | | | | | 302,351 | | | | | | 306,587 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 671,080 | | | | | | 693,736 | | |
FIXED INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | ||||||||||||||||||
FNMA Series 2016-40 Class PA | | | | | 3.000% | | | | | | 07/25/2045 | | | | | | 143,694 | | | | | $ | 149,077 | | | | | | ||||||
FNMA Series 2016-49 Class PA | | | | | 3.000% | | | | | | 09/25/2045 | | | | | | 1,170,857 | | | | | | 1,222,082 | | | | | | ||||||
FNMA Series 2016-64 Class PG | | | | | 3.000% | | | | | | 05/25/2045 | | | | | | 2,712,108 | | | | | | 2,846,140 | | | | | | ||||||
FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 796,908 | | | | | | 816,567 | | | | | | ||||||
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 499,921 | | | | | | 504,456 | | | | | | ||||||
FNMA Series 2018-25 Class P | | | | | 3.500% | | | | | | 03/25/2046 | | | | | | 3,224,382 | | | | | | 3,354,034 | | | | | | ||||||
FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 3,114,775 | | | | | | 3,273,005 | | | | | | ||||||
FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/01/2051 | | | | | | 3,370,589 | | | | | | 3,285,475 | | | | | | ||||||
GNMA GNR 21-175 | | | | | 2.000% | | | | | | 10/20/2051 | | | | | | 19,735,147 | | | | | | 20,016,768 | | | | | | ||||||
GNMA II Pool 2658 | | | | | 6.500% | | | | | | 10/20/2028 | | | | | | 8,300 | | | | | | 9,175 | | | | | | ||||||
GNMA II Pool 2945 | | | | | 7.500% | | | | | | 07/20/2030 | | | | | | 1,075 | | | | | | 1,233 | | | | | | ||||||
GNMA II Pool 4187 | | | | | 5.500% | | | | | | 07/20/2038 | | | | | | 7,868 | | | | | | 8,879 | | | | | | ||||||
GNMA II Pool 4847 | | | | | 4.000% | | | | | | 11/20/2025 | | | | | | 86,539 | | | | | | 89,102 | | | | | | ||||||
GNMA Pool 780400 | | | | | 7.000% | | | | | | 12/15/2025 | | | | | | 874 | | | | | | 938 | | | | | | ||||||
GNMA Pool 780420 | | | | | 7.500% | | | | | | 08/15/2026 | | | | | | 520 | | | | | | 559 | | | | | | ||||||
17.2% – Total For Government Agency Obligations – Mortgage Backed Securities | | | | $ | 178,063,801 | | | | | | | | | | | | ||||||||||||||||||
Taxable Municipal Bonds | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 1,085,000 | | | | | | 1,116,443 | | | | | | ||||||
Kansas Development Finance Authority Revenue | | | | | 3.941% | | | | | | 04/15/2026 | | | | | | 8,000,000 | | | | | | 8,749,920 | | | | | | ||||||
Hamilton County Ohio | | | | | 3.374% | | | | | | 06/01/2034 | | | | | | 5,000,000 | | | | | | 5,281,400 | | | | | | ||||||
Kentucky Property and Buildings Commission Revenue | | | | | 6.164% | | | | | | 08/01/2023 | | | | | | 536,000 | | | | | | 566,627 | | | | | | ||||||
Pennsylvania State University | | | | | 1.893% | | | | | | 09/01/2026 | | | | | | 4,635,000 | | | | | | 4,697,943 | | | | | | ||||||
University of Cincinnati Ohio General Receipts Revenue | | | | | 2.162% | | | | | | 06/01/2025 | | | | | | 2,185,000 | | | | | | 2,251,227 | | | | | | ||||||
University of Washington Revenue | | | | | 5.400% | | | | | | 06/01/2036 | | | | | | 3,000,000 | | | | | | 4,281,750 | | | | | | ||||||
2.6% – Total For Taxable Municipal Bonds | | | | $ | 26,945,310 | | | | | | | | | | | | ||||||||||||||||||
Total Fixed Income Securities – Bonds 98.3% | | | | $ | 1,017,923,339 | | | | | | ||||||||||||||||||||||||
(Identified Cost $988,115,161) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Preferred Stocks | | | | | | |||||||||||||||||||||||||||||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 264,996 | | | | | | 6,998,544 | | | | | | ||||||
Total Preferred Stocks 0.7% | | | | $ | 6,998,544 | | | | | | ||||||||||||||||||||||||
(Identified Cost $6,491,218) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | | | | |||||||||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 3,038,865 | | | | | | 3,038,864 | | | | | | ||||||
Total Cash Equivalents 0.3% | | | | $ | 3,038,864 | | | | | | ||||||||||||||||||||||||
(Identified Cost $3,038,865) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Total Portfolio Value 99.3% | | | | $ | 1,027,960,747 | | | | | | ||||||||||||||||||||||||
(Identified Cost $997,645,244) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Other Assets in Excess of Liabilities 0.7% | | | | $ | 7,405,608 | | | | | | ||||||||||||||||||||||||
Total Net Assets 100% | | | | $ | 1,035,366,355 | | | | | | ||||||||||||||||||||||||
|
MUNICIPAL INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | ||||||||||||||||||
Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 650,000 | | | | | $ | 734,214 | | | | | | ||||||
Abilene Texas GO Limited | | | | | 5.000% | | | | | | 02/15/2029 | | | | | | 730,000 | | | | | | 925,341 | | | | | | ||||||
Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 395,000 | | | | | | 455,779 | | | | | | ||||||
Akron Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 400,000 | | | | | | 451,852 | | | | | | ||||||
Austin Texas GO Limited | | | | | 5.000% | | | | | | 09/01/2029 | | | | | | 1,000,000 | | | | | | 1,194,700 | | | | | | ||||||
Brecksville Ohio GO Limited | | | | | 1.000% | | | | | | 02/24/2022 | | | | | | 1,000,000 | | | | | | 1,000,990 | | | | | | ||||||
Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 685,000 | | | | | | 801,813 | | | | | | ||||||
Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,164,970 | | | | | | ||||||
Cincinnati Ohio GO Unlimited* | | | | | 5.250% | | | | | | 12/01/2029 | | | | | | 200,000 | | | | | | 232,262 | | | | | | ||||||
Columbus Ohio GO Unlimited | | | | | 4.000% | | | | | | 04/01/2031 | | | | | | 1,000,000 | | | | | | 1,161,730 | | | | | | ||||||
Columbus Ohio GO | | | | | 5.000% | | | | | | 04/01/2032 | | | | | | 600,000 | | | | | | 754,056 | | | | | | ||||||
Columbus Ohio GO Unlimited | | | | | 5.000% | | | | | | 04/01/2034 | | | | | | 1,400,000 | | | | | | 1,775,466 | | | | | | ||||||
Dublin Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 565,165 | | | | | | ||||||
Elyria Ohio GO Limited | | | | | 0.750% | | | | | | 06/29/2022 | | | | | | 1,855,000 | | | | | | 1,859,211 | | | | | | ||||||
Fort Worth Texas GO | | | | | 5.000% | | | | | | 03/01/2028 | | | | | | 1,000,000 | | | | | | 1,243,380 | | | | | | ||||||
Haltom City Texas GO Limited | | | | | 4.000% | | | | | | 08/01/2025 | | | | | | 675,000 | | | | | | 754,292 | | | | | | ||||||
Hurst Texas GO Limited | | | | | 4.000% | | | | | | 08/15/2031 | | | | | | 335,000 | | | | | | 378,295 | | | | | | ||||||
Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 840,000 | | | | | | 972,686 | | | | | | ||||||
Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 300,000 | | | | | | 347,082 | | | | | | ||||||
Lakewood Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2036 | | | | | | 500,000 | | | | | | 598,670 | | | | | | ||||||
Newport Kentucky GO Unlimited | | | | | 3.000% | | | | | | 05/01/2023 | | | | | | 205,000 | | | | | | 211,972 | | | | | | ||||||
Parma Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 562,330 | | | | | | ||||||
Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,180,750 | | | | | | ||||||
Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 595,000 | | | | | | 700,987 | | | | | | ||||||
Strongsville Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | | 384,832 | | | | | | ||||||
7.5% – Total For General Obligation – City | | | | $ | 20,412,825 | | | | | | | | | | | | ||||||||||||||||||
Ashtabula County Ohio GO Limited* | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 500,000 | | | | | | 507,750 | | | | | | ||||||
Bexar County Texas GO Limited | | | | | 4.000% | | | | | | 06/15/2037 | | | | | | 1,360,000 | | | | | | 1,586,494 | | | | | | ||||||
Butler County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 160,000 | | | | | | 181,157 | | | | | | ||||||
Butler County Ohio GO Limited | | | | | 5.250% | | | | | | 12/01/2026 | | | | | | 1,000,000 | | | | | | 1,163,620 | | | | | | ||||||
Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 340,000 | | | | | | 410,125 | | | | | | ||||||
Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 325,000 | | | | | | 412,172 | | | | | | ||||||
Hamilton County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 618,645 | | | | | | ||||||
Knox County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 460,000 | | | | | | 517,951 | | | | | | ||||||
Licking County Ohio GO Limited* | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 240,000 | | | | | | 252,293 | | | | | | ||||||
Licking County Ohio GO Limited | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 315,000 | | | | | | 331,071 | | | | | | ||||||
Lorain County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 795,000 | | | | | | 850,419 | | | | | | ||||||
Lorain County Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 450,000 | | | | | | 494,703 | | | | | | ||||||
Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2028 | | | | | | 1,000,000 | | | | | | 1,125,160 | | | | | | ||||||
Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2029 | | | | | | 605,000 | | | | | | 680,068 | | | | | | ||||||
Rowan County Kentucky GO Unlimited (AGM Insured) | | | | | 4.000% | | | | | | 06/01/2024 | | | | | | 390,000 | | | | | | 422,191 | | | | | | ||||||
Summit County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 300,000 | | | | | | 320,991 | | | | | | ||||||
Summit County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 549,690 | | | | | | ||||||
3.8% – Total For General Obligation – County | | | | $ | 10,424,500 | | | | | | | | | | | | ||||||||||||||||||
Ohio GO Limited | | | | | 3.000% | | | | | | 09/01/2026 | | | | | | 1,385,000 | | | | | | 1,462,671 | | | | | | ||||||
Ohio GO Limited | | | | | 4.000% | | | | | | 03/01/2026 | | | | | | 1,060,000 | | | | | | 1,142,351 | | | | | | ||||||
Ohio GO Unlimited | | | | | 3.000% | | | | | | 03/01/2027 | | | | | | 555,000 | | | | | | 572,272 | | | | | | ||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 09/01/2022 | | | | | | 400,000 | | | | | | 412,560 | | | | | | ||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2024 | | | | | | 410,000 | | | | | | 456,166 | | | | | | ||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 05/01/2029 | | | | | | 1,300,000 | | | | | | 1,490,905 | | | | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | ||||||||||||||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 09/15/2029 | | | | | | 1,030,000 | | | | | $ | 1,337,919 | | | | | | ||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2030 | | | | | | 1,335,000 | | | | | | 1,763,602 | | | | | | ||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 05/01/2031 | | | | | | 850,000 | | | | | | 973,599 | | | | | | ||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2034 | | | | | | 1,000,000 | | | | | | 1,276,880 | | | | | | ||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2035 | | | | | | 1,000,000 | | | | | | 1,275,570 | | | | | | ||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2039 | | | | | | 2,000,000 | | | | | | 2,545,560 | | | | | | ||||||
Pennsylvania GO Unlimited | | | | | 4.000% | | | | | | 01/01/2030 | | | | | | 645,000 | | | | | | 745,020 | | | | | | ||||||
5.6% – Total For General Obligation – State | | | | $ | 15,455,075 | | | | | | | | | | | | ||||||||||||||||||
Arizona Board of Regents Revenue Arizona State University | | | | | 5.000% | | | | | | 08/01/2028 | | | | | | 815,000 | | | | | | 908,847 | | | | | | ||||||
Arizona Board of Regents Revenue University of Arizona | | | | | 5.000% | | | | | | 06/01/2029 | | | | | | 125,000 | | | | | | 138,475 | | | | | | ||||||
Bowling Green State University Ohio Revenue | | | | | 4.000% | | | | | | 06/01/2045 | | | | | | 2,830,000 | | | | | | 3,290,130 | | | | | | ||||||
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2024 | | | | | | 405,000 | | | | | | 449,631 | | | | | | ||||||
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2030 | | | | | | 750,000 | | | | | | 913,350 | | | | | | ||||||
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2031 | | | | | | 500,000 | | | | | | 608,290 | | | | | | ||||||
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2032 | | | | | | 500,000 | | | | | | 607,620 | | | | | | ||||||
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2037 | | | | | | 1,000,000 | | | | | | 1,281,600 | | | | | | ||||||
Butler University Revenue | | | | | 4.000% | | | | | | 02/01/2029 | | | | | | 940,000 | | | | | | 1,109,689 | | | | | | ||||||
Butler University Revenue | | | | | 5.000% | | | | | | 02/01/2032 | | | | | | 1,065,000 | | | | | | 1,396,311 | | | | | | ||||||
Colorado Board of Governors University Enterprise System Revenue | | | | | 5.000% | | | | | | 03/01/2027 | | | | | | 225,000 | | | | | | 272,986 | | | | | | ||||||
Colorado Higher Education Lease Financing Program Certificate of Participation | | | | | 5.000% | | | | | | 11/01/2025 | | | | | | 290,000 | | | | | | 338,694 | | | | | | ||||||
Cuyahoga County Ohio Community College GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 1,275,000 | | | | | | 1,454,444 | | | | | | ||||||
Cuyahoga County Ohio Community College GO Unlimited | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 400,000 | | | | | | 475,732 | | | | | | ||||||
Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2030 | | | | | | 400,000 | | | | | | 508,040 | | | | | | ||||||
Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 325,000 | | | | | | 409,640 | | | | | | ||||||
Kent State University Ohio General Receipt Revenue | | | | | 4.000% | | | | | | 05/01/2022 | | | | | | 255,000 | | | | | | 258,111 | | | | | | ||||||
Kent State University Ohio General Receipt Revenue | | | | | 5.000% | | | | | | 05/01/2028 | | | | | | 710,000 | | | | | | 840,207 | | | | | | ||||||
Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2031 | | | | | | 1,000,000 | | | | | | 1,330,860 | | | | | | ||||||
Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2045 | | | | | | 950,000 | | | | | | 1,203,992 | | | | | | ||||||
Lorain County Ohio Community College District General Receipts Revenue Bond | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 600,000 | | | | | | 679,344 | | | | | | ||||||
Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2045 | | | | | | 1,500,000 | | | | | | 1,762,140 | | | | | | ||||||
Miami University Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 09/01/2031 | | | | | | 735,000 | | | | | | 878,884 | | | | | | ||||||
Miami University Ohio Revenue | | | | | 4.000% | | | | | | 09/01/2027 | | | | | | 300,000 | | | | | | 307,602 | | | | | | ||||||
Miami Valley Ohio Career Tech Center GO Unlimited | | | | | 4.000% | | | | | | 12/01/2024 | | | | | | 1,000,000 | | | | | | 1,098,230 | | | | | | ||||||
Morehead State University Kentucky General Receipts Revenue | | | | | 3.000% | | | | | | 11/01/2025 | | | | | | 300,000 | | | | | | 323,535 | | | | | | ||||||
Nothern Kentucky University General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2026 | | | | | | 715,000 | | | | | | 816,637 | | | | | | ||||||
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 5.000% | | | | | | 12/01/2036 | | | | | | 2,010,000 | | | | | | 2,442,110 | | | | | | ||||||
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 5.000% | | | | | | 02/01/2035 | | | | | | 1,350,000 | | | | | | 1,698,421 | | | | | | ||||||
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 5.000% | | | | | | 02/01/2036 | | | | | | 1,050,000 | | | | | | 1,231,177 | | | | | | ||||||
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 620,000 | | | | | | 713,992 | | | | | | ||||||
Ohio Higher Education Facilities Revenue – Xavier University | | | | | 4.500% | | | | | | 05/01/2036 | | | | | | 1,000,000 | | | | | | 1,142,600 | | | | | | ||||||
Ohio State University General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2030 | | | | | | 200,000 | | | | | | 228,636 | | | | | | ||||||
Ohio University General Receipts Revenue Bond | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 110,000 | | | | | | 114,728 | | | | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | ||||||||||||||||||
South Dakota Board of Regents Housing and Auxiliary Facilities System Revenue | | | | | 5.000% | | | | | | 04/01/2026 | | | | | | 315,000 | | | | | $ | 372,469 | | | | | | ||||||
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2024 | | | | | | 10,000 | | | | | | 10,896 | | | | | | ||||||
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2028 | | | | | | 410,000 | | | | | | 461,865 | | | | | | ||||||
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 650,000 | | | | | | 706,010 | | | | | | ||||||
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 435,000 | | | | | | 512,595 | | | | | | ||||||
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2033 | | | | | | 1,000,000 | | | | | | 1,174,010 | | | | | | ||||||
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2034 | | | | | | 400,000 | | | | | | 489,136 | | | | | | ||||||
University of Akron Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 01/01/2027 | | | | | | 2,050,000 | | | | | | 2,354,589 | | | | | | ||||||
University of Akron Revenue | | | | | 5.000% | | | | | | 01/01/2024 | | | | | | 535,000 | | | | | | 584,177 | | | | | | ||||||
University of Akron Revenue | | | | | 5.000% | | | | | | 01/01/2024 | | | | | | 65,000 | | | | | | 70,722 | | | | | | ||||||
University of Akron Ohio Revenue | | | | | 5.000% | | | | | | 01/01/2027 | | | | | | 350,000 | | | | | | 413,339 | | | | | | ||||||
University of Cincinnati General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2036 | | | | | | 250,000 | | | | | | 270,087 | | | | | | ||||||
University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2036 | | | | | | 1,250,000 | | | | | | 1,597,412 | | | | | | ||||||
University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2039 | | | | | | 1,250,000 | | | | | | 1,402,450 | | | | | | ||||||
University of Dayton Revenue | | | | | 5.000% | | | | | | 12/01/2036 | | | | | | 470,000 | | | | | | 571,041 | | | | | | ||||||
University of North Dakota Certificate of Participation | | | | | 4.000% | | | | | | 06/01/2037 | | | | | | 555,000 | | | | | | 654,500 | | | | | | ||||||
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2024 | | | | | | 500,000 | | | | | | 552,600 | | | | | | ||||||
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 885,000 | | | | | | 940,277 | | | | | | ||||||
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2034 | | | | | | 1,000,000 | | | | | | 1,200,310 | | | | | | ||||||
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2027 | | | | | | 1,590,000 | | | | | | 1,923,964 | | | | | | ||||||
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2031 | | | | | | 500,000 | | | | | | 655,710 | | | | | | ||||||
17.5% – Total For Higher Education | | | | $ | 48,152,844 | | | | | | | | | | | | ||||||||||||||||||
Butler County Ohio Cincinnati Childrens Hospital Medical Center Revenue | | | | | 5.000% | | | | | | 05/15/2030 | | | | | | 1,005,000 | | | | | | 1,311,535 | | | | | | ||||||
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 4.000% | | | | | | 11/01/2036 | | | | | | 800,000 | | | | | | 913,344 | | | | | | ||||||
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 500,000 | | | | | | 614,870 | | | | | | ||||||
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 5.000% | | | | | | 11/01/2048 | | | | | | 3,100,000 | | | | | | 4,885,879 | | | | | | ||||||
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 4.125% | | | | | | 06/01/2030 | | | | | | 500,000 | | | | | | 507,535 | | | | | | ||||||
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 5.250% | | | | | | 06/01/2025 | | | | | | 1,000,000 | | | | | | 1,018,550 | | | | | | ||||||
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 5.250% | | | | | | 06/01/2027 | | | | | | 1,000,000 | | | | | | 1,018,480 | | | | | | ||||||
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 05/15/2027 | | | | | | 100,000 | | | | | | 110,683 | | | | | | ||||||
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 05/15/2028 | | | | | | 1,715,000 | | | | | | 1,897,425 | | | | | | ||||||
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 11/15/2041 | | | | | | 1,205,000 | | | | | | 1,782,749 | | | | | | ||||||
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 11/15/2049 | | | | | | 1,300,000 | | | | | | 2,046,018 | | | | | | ||||||
5.9% – Total For Hospital/Health Bonds | | | | $ | 16,107,068 | | | | | | | | | | | | ||||||||||||||||||
Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 755,000 | | | | | | 926,876 | | | | | | ||||||
Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 705,000 | | | | | | 838,055 | | | | | | ||||||
Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 500,000 | | | | | | 608,750 | | | | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | ||||||||||||||||||
Franklin County Ohio Convention Facilities Authority Revenue* | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 500,000 | | | | | $ | 521,305 | | | | | | ||||||
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 450,000 | | | | | | 564,008 | | | | | | ||||||
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 375,000 | | | | | | 479,318 | | | | | | ||||||
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2030 | | | | | | 600,000 | | | | | | 765,228 | | | | | | ||||||
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2032 | | | | | | 505,000 | | | | | | 638,754 | | | | | | ||||||
Hancock County Indiana | | | | | 4.000% | | | | | | 02/15/2022 | | | | | | 765,000 | | | | | | 768,167 | | | | | | ||||||
Hancock County Indiana | | | | | 4.000% | | | | | | 02/15/2023 | | | | | | 795,000 | | | | | | 826,840 | | | | | | ||||||
Ohio Capital Facilities Lease Appropriation Revenue* | | | | | 5.000% | | | | | | 04/01/2022 | | | | | | 425,000 | | | | | | 430,019 | | | | | | ||||||
Ohio Facilities Construction Commission | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 505,000 | | | | | | 622,892 | | | | | | ||||||
Ohio Infrastructure Improvement | | | | | 5.000% | | | | | | 03/01/2041 | | | | | | 1,500,000 | | | | | | 2,012,910 | | | | | | ||||||
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 02/01/2023 | | | | | | 300,000 | | | | | | 314,853 | | | | | | ||||||
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 02/01/2030 | | | | | | 500,000 | | | | | | 566,345 | | | | | | ||||||
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2031 | | | | | | 710,000 | | | | | | 962,511 | | | | | | ||||||
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 1,500,000 | | | | | | 1,946,790 | | | | | | ||||||
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2035 | | | | | | 1,160,000 | | | | | | 1,453,039 | | | | | | ||||||
5.5% – Total For Revenue Bonds – Facility | | | | $ | 15,246,660 | | | | | | | | | | | | ||||||||||||||||||
Anderson Indiana Sewage Works Revenue (AGM Insured) | | | | | 4.000% | | | | | | 11/01/2026 | | | | | | 300,000 | | | | | | 345,552 | | | | | | ||||||
Cincinnati Ohio Water System Revenue | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,156,170 | | | | | | ||||||
Cleveland Ohio Water Revenue | | | | | 5.000% | | | | | | 01/01/2033 | | | | | | 500,000 | | | | | | 643,090 | | | | | | ||||||
Evansville Indiana Waterworks District Revenue (BAM Insured) | | | | | 4.000% | | | | | | 01/01/2029 | | | | | | 400,000 | | | | | | 461,264 | | | | | | ||||||
Evansville Indiana Waterworks District Revenue (BAM Insured)* | | | | | 5.000% | | | | | | 01/01/2022 | | | | | | 300,000 | | | | | | 300,000 | | | | | | ||||||
Hamilton Ohio Sewer System Revenue | | | | | 5.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,293,240 | | | | | | ||||||
Hamilton Ohio Wastewater System Revenue (BAM Insured) | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 930,000 | | | | | | 1,138,301 | | | | | | ||||||
Lafayette Indiana Sewage Works Revenue | | | | | 5.000% | | | | | | 07/01/2022 | | | | | | 150,000 | | | | | | 153,504 | | | | | | ||||||
Lima Ohio Sanitary Sewer Revenue | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 200,000 | | | | | | 208,660 | | | | | | ||||||
Ohio Water Development Authority Revenue | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 1,110,000 | | | | | | 1,301,275 | | | | | | ||||||
Ohio Water Development Authority Revenue | | | | | 5.000% | | | | | | 12/01/2031 | | | | | | 1,130,000 | | | | | | 1,380,340 | | | | | | ||||||
Ohio Water Development Authority Revenue | | | | | 5.250% | | | | | | 12/01/2034 | | | | | | 2,000,000 | | | | | | 2,782,300 | | | | | | ||||||
Ohio Water Development Authority Revenue | | | | | 5.000% | | | | | | 06/01/2046 | | | | | | 3,500,000 | | | | | | 4,621,505 | | | | | | ||||||
Owensboro Kentucky Water Revenue (BAM Insured) | | | | | 5.000% | | | | | | 09/15/2025 | | | | | | 485,000 | | | | | | 562,687 | | | | | | ||||||
Springboro Ohio Sewer System Revenue | | | | | 4.000% | | | | | | 06/01/2022 | | | | | | 245,000 | | | | | | 248,726 | | | | | | ||||||
St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 400,000 | | | | | | 449,320 | | | | | | ||||||
Toledo Ohio Water System Revenue | | | | | 5.000% | | | | | | 11/15/2025 | | | | | | 255,000 | | | | | | 292,941 | | | | | | ||||||
Toledo Ohio Waterworks Revenue | | | | | 4.000% | | | | | | 11/15/2022 | | | | | | 365,000 | | | | | | 376,687 | | | | | | ||||||
Toledo Ohio Waterworks Revenue | | | | | 5.000% | | | | | | 11/15/2026 | | | | | | 500,000 | | | | | | 602,045 | | | | | | ||||||
Wise County Virginia Soil & Wastewater | | | | | 1.200% | | | | | | 11/01/2040 | | | | | | 1,000,000 | | | | | | 1,014,610 | | | | | | ||||||
7.0% – Total For Revenue Bonds – Water & Sewer | | | | $ | 19,332,217 | | | | | | | | | | ||||||||||||||||||||
Akron Ohio Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 578,555 | | | | | | ||||||
Akron Ohio Income Tax Revenue | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 870,000 | | | | | | 1,028,192 | | | | | | ||||||
Akron Ohio Income Tax Revenue | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 1,100,000 | | | | | | 1,197,152 | | | | | | ||||||
Akron Ohio Income Tax Revenue Community Learning Centers | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 380,000 | | | | | | 387,429 | | | | | | ||||||
Akron Ohio Income Tax Revenue | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 510,000 | | | | | | 630,620 | | | | | | ||||||
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 4.750% | | | | | | 11/01/2030 | | | | | | 500,000 | | | | | | 584,995 | | | | | | ||||||
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 525,000 | | | | | | 618,854 | | | | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue | | | | | 5.000% | | | | | | 06/01/2030 | | | | | | 655,000 | | | | | $ | 750,401 | | |
Linn County Iowa Certificates of Participation | | | | | 2.000% | | | | | | 06/01/2023 | | | | | | 455,000 | | | | | | 465,875 | | |
Mobile Alabama Industrial Development Board Pollution Control Revenue | | | | | 2.924% | | | | | | 07/15/2034 | | | | | | 1,025,000 | | | | | | 1,072,909 | | |
Monroe County Georgia Development Authority Pollution Control Revenue | | | | | 0.233% | | | | | | 07/01/2049 | | | | | | 1,000,000 | | | | | | 1,001,000 | | |
Ohio Major New State Infrastructure Project Revenue* | | | | | 5.000% | | | | | | 12/15/2022 | | | | | | 250,000 | | | | | | 255,265 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 545,905 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 545,905 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2026 | | | | | | 500,000 | | | | | | 596,160 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2027 | | | | | | 1,060,000 | | | | | | 1,262,619 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2028 | | | | | | 570,000 | | | | | | 678,249 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 510,000 | | | | | | 613,321 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2033 | | | | | | 1,570,000 | | | | | | 2,027,624 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2039 | | | | | | 1,000,000 | | | | | | 1,274,410 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2023 | | | | | | 1,010,000 | | | | | | 1,067,923 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2029 | | | | | | 665,000 | | | | | | 758,373 | | |
St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2036 | | | | | | 400,000 | | | | | | 467,028 | | |
St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2037 | | | | | | 575,000 | | | | | | 669,058 | | |
St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 400,000 | | | | | | 463,616 | | |
St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 400,000 | | | | | | 461,992 | | |
Riversouth Ohio Authority Revenue | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 700,000 | | | | | | 787,780 | | |
Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 220,000 | | | | | | 245,696 | | |
Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 435,000 | | | | | | 485,386 | | |
7.8% – Total For Other Revenue Bonds | | | | $ | 21,522,292 | | | ||||||||||||||||||
Aldine Texas ISD GO Unlimited | | | | | 4.000% | | | | | | 02/15/2030 | | | | | | 780,000 | | | | | | 861,533 | | |
Arcanum-Butler Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 675,000 | | | | | | 740,617 | | |
Arcanum-Butler Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 650,000 | | | | | | 712,693 | | |
Ashland Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2028 | | | | | | 505,000 | | | | | | 602,415 | | |
Athens Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 750,000 | | | | | | 883,980 | | |
Avon Lake Ohio SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 1,000,000 | | | | | | 1,129,080 | | |
Beachwood Ohio CSD Certificates of Participation | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 435,000 | | | | | | 454,123 | | |
Bellbrook-Sugarcreek Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 325,000 | | | | | | 365,060 | | |
Bellfontaine Ohio SCD GO Unlimited (National RE Insured) | | | | | 5.500% | | | | | | 12/01/2026 | | | | | | 615,000 | | | | | | 728,012 | | |
Berea Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 573,800 | | |
Bexley Ohio CSD GO Unlimited | | | | | 3.000% | | | | | | 12/01/2023 | | | | | | 500,000 | | | | | | 524,195 | | |
Big Walnut Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 500,000 | | | | | | 583,910 | | |
Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2030 | | | | | | 290,000 | | | | | | 341,188 | | |
Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2031 | | | | | | 150,000 | | | | | | 175,833 | | |
Bloom-Carroll Ohio LSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 11/01/2029 | | | | | | 325,000 | | | | | | 386,610 | | |
Blue Mountain Pennsylvania SD GO Limited* | | | | | 4.000% | | | | | | 08/01/2024 | | | | | | 135,000 | | | | | | 147,320 | | |
Blue Mountain Pennsylvania SD GO Limited | | | | | 4.000% | | | | | | 08/01/2024 | | | | | | 365,000 | | | | | | 396,273 | | |
Boone County Kentucky SD Revenue | | | | | 3.000% | | | | | | 03/01/2026 | | | | | | 1,000,000 | | | | | | 1,083,790 | | |
Breckinridge County Kentucky SD Finance Corp. | | | | | 5.000% | | | | | | 04/01/2025 | | | | | | 265,000 | | | | | | 302,352 | | |
Brownsville Indianna CSC Revenue | | | | | 5.000% | | | | | | 01/15/2027 | | | | | | 535,000 | | | | | | 642,508 | | |
Chagrin Falls Ohio Exempted Village SD GO | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 100,000 | | | | | | 103,446 | | |
Chillicothe Ohio CSD Special Obligation Revenue | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 130,000 | | | | | | 134,385 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Chillicothe Ohio SD GO Unlimited (AGM Insured) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | $ | 438,956 | | |
China Spring ISD Texas GO Unlimited | | | | | 4.000% | | | | | | 08/15/2027 | | | | | | 890,000 | | | | | | 992,492 | | |
Clark County Kentucky SD Finance Corp. Revenue Bond* | | | | | 3.000% | | | | | | 08/01/2022 | | | | | | 115,000 | | | | | | 116,820 | | |
Cleveland Heights and University Heights Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,157,360 | | |
Colorado Building Excellent Schools Today Certificates of Participation | | | | | 4.000% | | | | | | 03/15/2030 | | | | | | 1,000,000 | | | | | | 1,180,320 | | |
Columbus Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | | 455,344 | | |
Columbus Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 655,000 | | | | | | 677,296 | | |
Daviess County Kentucky SD GO Unlimited | | | | | 5.000% | | | | | | 06/01/2027 | | | | | | 1,825,000 | | | | | | 2,211,553 | | |
Dayton Ohio SCD GO Unlimited (SDCP) | | | | | 5.000% | | | | | | 11/01/2025 | | | | | | 1,000,000 | | | | | | 1,164,570 | | |
Dexter Michigan CSD GO Unlimited | | | | | 4.000% | | | | | | 05/01/2031 | | | | | | 670,000 | | | | | | 772,765 | | |
Dublin Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2034 | | | | | | 500,000 | | | | | | 594,735 | | |
Dublin Ohio CSD GO Unlimited* | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 500,000 | | | | | | 533,265 | | |
Elyria Ohio SCD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,148,710 | | |
Festus Missouri SD Certificates of Participation | | | | | 4.000% | | | | | | 04/01/2026 | | | | | | 875,000 | | | | | | 988,706 | | |
Franklin Indiana Community Multi-School Building Corp. | | | | | 5.000% | | | | | | 01/15/2023 | | | | | | 200,000 | | | | | | 209,484 | | |
Granville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 510,000 | | | | | | 594,788 | | |
Greencastle Indiana School Corp Revenue | | | | | 4.000% | | | | | | 07/15/2029 | | | | | | 695,000 | | | | | | 826,049 | | |
Green County Ohio Vocational SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2035 | | | | | | 1,000,000 | | | | | | 1,177,070 | | |
Hamilton Indiana Southeastern Schools Corp Revenue | | | | | 4.000% | | | | | | 07/15/2025 | | | | | | 510,000 | | | | | | 569,196 | | |
Hamilton Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 562,990 | | |
Hardin County Kentucky SD Finance Corp. Revenue | | | | | 5.000% | | | | | | 05/01/2024 | | | | | | 500,000 | | | | | | 552,250 | | |
Houston Texas ISD GO Limited | | | | | 5.000% | | | | | | 02/15/2030 | | | | | | 440,000 | | | | | | 517,871 | | |
Huber Heights Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 775,000 | | | | | | 849,106 | | |
Hudson Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 800,000 | | | | | | 912,656 | | |
Huntington County Indiana Countryside School Building Corp. Revenue | | | | | 4.000% | | | | | | 01/15/2028 | | | | | | 1,000,000 | | | | | | 1,173,130 | | |
Jackson Milton Ohio LSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 06/01/2031 | | | | | | 270,000 | | | | | | 298,831 | | |
Jefferson County Kentucky SD Finance Corp. | | | | | 5.000% | | | | | | 10/01/2026 | | | | | | 530,000 | | | | | | 634,209 | | |
Johnstown-Monroe Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 800,000 | | | | | | 919,656 | | |
Kenton County Kentucky SD Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2028 | | | | | | 400,000 | | | | | | 451,100 | | |
Kettering Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 400,000 | | | | | | 448,292 | | |
Kettering Ohio CSD GO Unlimited | | | | | 5.250% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 630,325 | | |
Lake Ohio LSD of Stark County GO Unlimited* | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 400,000 | | | | | | 413,696 | | |
Lakota Ohio LSD GO | | | | | 5.250% | | | | | | 12/01/2025 | | | | | | 205,000 | | | | | | 242,421 | | |
Lakota Ohio LSD GO | | | | | 4.000% | | | | | | 01/15/2026 | | | | | | 400,000 | | | | | | 451,660 | | |
Lakota Ohio LSD GO Unlimited* | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 275,000 | | | | | | 287,161 | | |
Lancaster Ohio CSD GO Limited (SDCP)* | | | | | 4.000% | | | | | | 10/01/2027 | | | | | | 1,000,000 | | | | | | 1,098,140 | | |
Licking Heights Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 10/01/2025 | | | | | | 715,000 | | | | | | 828,370 | | |
Licking Heights Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 500,000 | | | | | | 611,715 | | |
Logan Hocking Ohio LSD Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 420,000 | | | | | | 468,670 | | |
Marysville Ohio Exempted Village SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 165,000 | | | | | | 170,551 | | |
Marysville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 541,960 | | |
Marysville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 715,000 | | | | | | 745,295 | | |
Mayfield Ohio CSD Certificates of Participation | | | | | 4.000% | | | | | | 09/01/2032 | | | | | | 280,000 | | | | | | 320,653 | | |
Menifee County Kentucky SD Financial Corp. Revenue | | | | | 3.000% | | | | | | 08/01/2027 | | | | | | 615,000 | | | | | | 671,316 | | |
Merrillville Indiana Multi School Building Corp. | | | | | 5.000% | | | | | | 07/15/2026 | | | | | | 1,000,000 | | | | | | 1,185,450 | | |
Middletown Ohio CSD GO Umlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 585,000 | | | | | | 662,893 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | ||||||||||||||
Milford Ohio Exempt Village SD GO Unlimited (AGM Insured) | | | | | 5.500% | | | | | | 12/01/2030 | | | | | | 1,260,000 | | | | | $ | 1,628,840 | | | | ||
Munster Indiana School Building Corp. Revenue (State Intercept) | | | | | 4.000% | | | | | | 01/15/2029 | | | | | | 400,000 | | | | | | 466,648 | | | | ||
Murray Kentucky ISD Finance Corporation Revenue | | | | | 5.000% | | | | | | 03/01/2025 | | | | | | 810,000 | | | | | | 921,634 | | | | ||
Newark Ohio CSD GO Unlimited (School District Credit Program) | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 235,000 | | | | | | 258,375 | | | | ||
North Olmsted Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 581,520 | | | | ||
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited* | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 100,000 | | | | | | 108,804 | | | | ||
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited* | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 150,000 | | | | | | 163,206 | | | | ||
Orchard Farm Missouri SD Certificate of Participation | | | | | 4.000% | | | | | | 04/01/2029 | | | | | | 550,000 | | | | | | 651,953 | | | | ||
Orange County Florida School Board Certificates of Participation* | | | | | 5.000% | | | | | | 08/01/2032 | | | | | | 500,000 | | | | | | 579,225 | | | | ||
Owen County Kentucky SD Revenue | | | | | 4.000% | | | | | | 04/01/2027 | | | | | | 1,320,000 | | | | | | 1,525,788 | | | | ||
Palm Beach Florida SD Certificates of Participation | | | | | 5.000% | | | | | | 08/01/2039 | | | | | | 1,000,000 | | | | | | 1,302,960 | | | | ||
Pennsbury Pennsylvania SD GO Limited | | | | | 5.000% | | | | | | 08/01/2029 | | | | | | 550,000 | | | | | | 669,746 | | | | ||
Princeton Ohio CSD Certificates of Participation | | | | | 3.500% | | | | | | 12/01/2026 | | | | | | 275,000 | | | | | | 275,627 | | | | ||
Princeton Ohio CSD GO Unliimited (National RE Insured) | | | | | 5.250% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,295,570 | | | | ||
Sarah Scott Indiana Middle School Building Corp. Revenue | | | | | 5.000% | | | | | | 07/10/2022 | | | | | | 640,000 | | | | | | 655,309 | | | | ||
Shelby Indiana Eastern SD Revenue | | | | | 4.000% | | | | | | 01/15/2025 | | | | | | 510,000 | | | | | | 562,045 | | | | ||
Shelby Ohio CSD Certificates of Participation | | | | | 4.000% | | | | | | 11/01/2022 | | | | | | 675,000 | | | | | | 693,805 | | | | ||
Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 930,000 | | | | | | 1,069,137 | | | | ||
Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 965,000 | | | | | | 1,130,189 | | | | ||
Switzerland Ohio LSD GO Unlimited (SDCEP Insured)* | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 415,000 | | | | | | 436,779 | | | | ||
Talawanda Ohio CSD | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 775,000 | | | | | | 955,381 | | | | ||
Teays Valley Ohio LSD | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 580,000 | | | | | | 646,984 | | | | ||
Toledo Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 660,000 | | | | | | 767,441 | | | | ||
Tri Valley Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 710,000 | | | | | | 797,103 | | | | ||
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 410,000 | | | | | | 471,812 | | | | ||
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 574,865 | | | | ||
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | | 402,048 | | | | ||
Upper Arlington Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,380,000 | | | | | | 1,622,549 | | | | ||
Vandalia Butler Ohio CSD GO Unlimited | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 500,000 | | | | | | 534,715 | | | | ||
Wadsworth Ohio CSD GO Unlimited | | | | | 3.500% | | | | | | 12/01/2022 | | | | | | 215,000 | | | | | | 215,475 | | | | ||
Wadsworth Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 840,000 | | | | | | 923,017 | | | | ||
Wadsworth Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 1,075,000 | | | | | | 1,176,050 | | | | ||
Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation | | | | | 4.000% | | | | | | 04/01/2030 | | | | | | 395,000 | | | | | | 434,887 | | | | ||
Western Reserve Ohio LSD GO (SDCEP Insured) | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 240,000 | | | | | | 240,617 | | | | ||
Westerville Ohio SCD Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2032 | | | | | | 555,000 | | | | | | 684,287 | | | | ||
Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 03/01/2030 | | | | | | 810,000 | | | | | | 879,506 | | | | ||
Wyoming Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 200,000 | | | | | | 217,576 | | | | ||
25.8% – Total For School District | | | | $ | 70,854,442 | | | | | | ||||||||||||||||||
Colorado State Certificate of Participation | | | | | 4.000% | | | | | | 12/15/2034 | | | | | | 1,000,000 | | | | | | 1,212,250 | | | | ||
Colorado State Certificate of Participation | | | | | 4.000% | | | | | | 12/15/2039 | | | | | | 2,000,000 | | | | | | 2,389,080 | | | | ||
Kentucky Association of Counties Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2029 | | | | | | 575,000 | | | | | | 671,985 | | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of December 31, 2021 |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | ||||||||||||||||||
Kentucky Certificates of Participation | | | | | 4.000% | | | | | | 04/15/2028 | | | | | | 695,000 | | | | | $ | 816,632 | | | | | | ||||||
Kentucky Certificates of Participation | | | | | 4.000% | | | | | | 04/15/2031 | | | | | | 500,000 | | | | | | 579,150 | | | | | | ||||||
Kentucky Interlocal School Transportation Assoc. Certificate of Participation | | | | | 3.000% | | | | | | 03/01/2024 | | | | | | 560,000 | | | | | | 576,240 | | | | | | ||||||
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 10/01/2023 | | | | | | 350,000 | | | | | | 378,249 | | | | | | ||||||
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2029 | | | | | | 600,000 | | | | | | 692,004 | | | | | | ||||||
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2030 | | | | | | 600,000 | | | | | | 691,380 | | | | | | ||||||
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 09/01/2024 | | | | | | 1,000,000 | | | | | | 1,123,730 | | | | | | ||||||
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 11/01/2026 | | | | | | 1,145,000 | | | | | | 1,374,802 | | | | | | ||||||
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 10/01/2026 | | | | | | 635,000 | | | | | | 755,606 | | | | | | ||||||
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 04/01/2026 | | | | | | 525,000 | | | | | | 620,282 | | | | | | ||||||
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 04/01/2028 | | | | | | 1,000,000 | | | | | | 1,213,050 | | | | | | ||||||
Ohio Certificate of Participation | | | | | 5.000% | | | | | | 09/01/2027 | | | | | | 1,520,000 | | | | | | 1,868,278 | | | | | | ||||||
Ohio Department of Administration Building Funding Series B | | | | | 5.000% | | | | | | 10/01/2025 | | | | | | 660,000 | | | | | | 767,989 | | | | | | ||||||
Ohio Department of Administration Certificate of Participation* | | | | | 4.000% | | | | | | 09/01/2025 | | | | | | 775,000 | | | | | | 779,666 | | | | | | ||||||
Ohio Department of Administration Certificate of Participation* | | | | | 5.000% | | | | | | 03/01/2024 | | | | | | 300,000 | | | | | | 302,280 | | | | | | ||||||
Ohio Department of Administration Certificate of Participation – Multi-Agency Radio Communication Project* | | | | | 4.000% | | | | | | 09/01/2027 | | | | | | 145,000 | | | | | | 145,873 | | | | | | ||||||
Ohio Department of Administration Certificate of Participation | | | | | 5.000% | | | | | | 09/01/2023 | | | | | | 755,000 | | | | | | 812,735 | | | | | | ||||||
6.5% – Total For State Agency | | | | $ | 17,771,261 | | | | | | | | | | | | ||||||||||||||||||
FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement) | | | | | 3.400% | | | | | | 01/25/2036 | | | | | | 1,915,087 | | | | | | 2,227,285 | | | | | | ||||||
FHLMC Series M 053 Class A | | | | | 4.250% | | | | | | 06/15/2035 | | | | | | 3,948,560 | | | | | | 4,258,522 | | | | | | ||||||
Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.500% | | | | | | 11/01/2050 | | | | | | 885,000 | | | | | | 964,977 | | | | | | ||||||
Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.500% | | | | | | 11/01/2050 | | | | | | 2,520,000 | | | | | | 2,767,262 | | | | | | ||||||
Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.875% | | | | | | 05/01/2050 | | | | | | 1,685,000 | | | | | | 1,852,607 | | | | | | ||||||
Ohio Housing Finance Agency Residential Mortgage Revenue | | | | | 3.000% | | | | | | 03/01/2052 | | | | | | 2,000,000 | | | | | | 2,159,620 | | | | | | ||||||
Ohio Housing Finance Agency Residential Mortgage Revenue | | | | | 3.700% | | | | | | 03/01/2032 | | | | | | 665,000 | | | | | | 715,799 | | | | | | ||||||
5.4% – Total For Housing | | | | $ | 14,946,072 | | | | | | ||||||||||||||||||||||||
Total Municipal Income Securities – Bonds 11.9% | | | | $ | 270,225,256 | | | | | | ||||||||||||||||||||||||
(Identified Cost $259,793,113) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | ||||||||||||||
Dreyfus AMT-Free Tax Cash Management Fund** | | | | | | | | | | | | | | | | | 6,159,813 | | | | | | 6,159,197 | | | | | | ||||||
Total Cash Equivalents 2.2% | | | | $ | 6,159,197 | | | | | | ||||||||||||||||||||||||
(Identified Cost $6,159,197) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Total Portfolio Value 14.1% | | | | $ | 276,384,453 | | | | | | ||||||||||||||||||||||||
(Identified Cost $265,952,310) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Liabilities in Excess of Other Assets – 0.5% | | | | $ | (1,400,863) | | | | | | ||||||||||||||||||||||||
Total Net Assets 13.6% | | | | $ | 274,983,590 | | | | | | ||||||||||||||||||||||||
|
MUNICIPAL INCOME FUND | Portfolio of Investments as of December 31, 2021 |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 609,376,740 | | | | | $ | 126,075,074 | | | | | $ | 24,839,363 | | |
Cash & Cash Equivalents | | | | | — | | | | | | — | | | | | | 3,315 | | |
Dividends and Interest Receivable | | | | | 776,107 | | | | | | 112,961 | | | | | | 35,602 | | |
Reclaims Receivable | | | | | — | | | | | | — | | | | | | 40,427 | | |
Fund Shares Sold Receivable | | | | | 73,380 | | | | | | 5,437 | | | | | | 8,700 | | |
Total Assets | | | | $ | 610,226,227 | | | | | $ | 126,193,472 | | | | | $ | 24,927,407 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Accrued Management Fees | | | | $ | 508,151 | | | | | $ | 105,777 | | | | | $ | 20,645 | | |
Fund Shares Redeemed Payable | | | | | 4,787 | | | | | | 68 | | | | | | 102 | | |
Total Liabilities | | | | $ | 512,938 | | | | | $ | 105,845 | | | | | $ | 20,747 | | |
Net Assets | | | | $ | 609,713,289 | | | | | $ | 126,087,627 | | | | | $ | 24,906,660 | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 390,451,680 | | | | | $ | 92,224,183 | | | | | $ | 18,334,363 | | |
Accumulated Earnings | | | | | 219,261,609 | | | | | | 33,863,444 | | | | | | 6,572,296 | | |
Net Assets | | | | $ | 609,713,289 | | | | | $ | 126,087,627 | | | | | $ | 24,906,660 | | |
Shares Outstanding (Unlimited Amount Authorized) | | | | | 16,733,332 | | | | | | 2,396,293 | | | | | | 813,542 | | |
Offering, Redemption and Net Asset Value Per Share | | | | $ | 36.44 | | | | | $ | 52.62 | | | | | $ | 30.62 | | |
*Identified Cost of Investment Securities | | | | $ | 402,012,433 | | | | | $ | 92,379,531 | | | | | $ | 17,882,367 | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||
Assets: | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 1,027,960,747 | | | | | $ | 276,384,453 | | |
Cash & Cash Equivalents | | | | | — | | | | | | — | | |
Dividends and Interest Receivable | | | | | 6,755,875 | | | | | | 1,868,679 | | |
Receivable for CMO Paydowns | | | | | 4,534 | | | | | | — | | |
Fund Shares Sold Receivable | | | | | 1,426,145 | | | | | | 139,100 | | |
Total Assets | | | | $ | 1,036,147,301 | | | | | $ | 278,392,232 | | |
Liabilities: | | | | | | | | | | | | | |
Accrued Management Fees | | | | $ | 746,875 | | | | | $ | 151,238 | | |
Due to Custodian | | | | | — | | | | | | 1,303,051 | | |
Securities Purchased Payable | | | | | — | | | | | | 1,941,750 | | |
Fund Shares Redeemed Payable | | | | | 34,071 | | | | | | 12,603 | | |
Total Liabilities | | | | $ | 780,946 | | | | | $ | 3,408,642 | | |
Net Assets | | | | $ | 1,035,366,355 | | | | | $ | 274,983,590 | | |
Net Assets Consist of: | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 1,005,050,341 | | | | | $ | 264,551,447 | | |
Accumulated Earnings | | | | | 30,316,014 | | | | | | 10,432,143 | | |
Net Assets | | | | $ | 1,035,366,355 | | | | | $ | 274,983,590 | | |
Shares Outstanding (Unlimited Amount Authorized) | | | | | 59,301,562 | | | | | | 15,293,184 | | |
Offering, Redemption and Net Asset Value Per Share | | | | $ | 17.46 | | | | | $ | 17.98 | | |
*Identified Cost of Investment Securities | | | | $ | 997,645,244 | | | | | $ | 265,952,310 | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||
| | | Year Ended 12/31/2021 | | | Year Ended 12/31/2021 | | | Year Ended 12/31/2021 | | |||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | |
Dividends | | | | $ | 8,810,712 | | | | | $ | 1,950,058 | | | | | $ | 839,180 | | |
Less: Foreign withholding taxes on dividends | | | | | (66,358) | | | | | | (271) | | | | | | (113,274) | | |
Total Investment Income | | | | $ | 8,744,354 | | | | | $ | 1,949,787 | | | | | $ | 725,906 | | |
Expenses: | | | | | | | | | | | | | | | | | | | |
Management Fee | | | | $ | 5,423,657 | | | | | $ | 1,133,994 | | | | | $ | 234,907 | | |
Net Expenses | | | | $ | 5,423,657 | | | | | $ | 1,133,994 | | | | | $ | 234,907 | | |
Net Investment Income | | | | $ | 3,320,697 | | | | | $ | 815,793 | | | | | $ | 490,999 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) from Security Transactions | | | | $ | 54,836,346 | | | | | $ | 15,764,997 | | | | | $ | (98,132) | | |
Net Change in Unrealized Gain On Investments | | | | | 65,509,120 | | | | | | 12,660,727 | | | | | | 1,715,758 | | |
Net Gain/(Loss) on Investments | | | | $ | 120,345,466 | | | | | $ | 28,425,724 | | | | | $ | 1,617,626 | | |
Net Change in Net Assets from Operations | | | | $ | 123,666,163 | | | | | $ | 29,241,517 | | | | | $ | 2,108,625 | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||
| | | Year Ended 12/31/2021 | | | Year Ended 12/31/2021 | | ||||||
Investment Income: | | | | | | | | | | | | | |
Interest | | | | $ | 21,966,211 | | | | | $ | 6,492,507 | | |
Dividends | | | | | 339,865 | | | | | | 486 | | |
Total Investment Income | | | | $ | 22,306,076 | | | | | $ | 6,492,993 | | |
Expenses: | | | | | | | | | | | | | |
Management Fee | | | | $ | 8,497,123 | | | | | $ | 1,738,223 | | |
Net Expenses | | | | $ | 8,497,123 | | | | | $ | 1,738,223 | | |
Net Investment Income | | | | $ | 13,808,953 | | | | | $ | 4,754,770 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | |
Net Realized Gain from Security Transactions | | | | $ | 5,616,862 | | | | | $ | 487,031 | | |
Net Change in Unrealized (Loss) On Investments | | | | | (42,690,616) | | | | | | (4,403,146) | | |
Net Gain/(Loss) on Investments | | | | $ | (37,073,754) | | | | | $ | (3,916,115) | | |
Net Change in Net Assets from Operations | | | | $ | (23,264,801) | | | | | $ | 838,655 | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||||||||||||||||||||
| | | Year Ended 12/31/2021 | | | Year Ended 12/31/2020 | | | Year Ended 12/31/2021 | | | Year Ended 12/31/2020 | | | Year Ended 12/31/2021 | | | Year Ended 12/31/2020 | | ||||||||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 3,320,697 | | | | | $ | 3,674,692 | | | | | $ | 815,793 | | | | | $ | 509,109 | | | | | $ | 490,999 | | | | | $ | 326,634 | | |
Net Realized Gain/(Loss) from Security Transactions | | | | | 54,836,346 | | | | | | 1,113,237 | | | | | | 15,764,997 | | | | | | (1,608,231) | | | | | | (98,132) | | | | | | 398,890 | | |
Net Change in Unrealized Gain On Investments | | | | | 65,509,120 | | | | | | 45,735,571 | | | | | | 12,660,727 | | | | | | 10,118,681 | | | | | | 1,715,758 | | | | | | 357,457 | | |
Net Change in Net Assets from Operations | | | | $ | 123,666,163 | | | | | $ | 50,523,500 | | | | | $ | 29,241,517 | | | | | $ | 9,019,559 | | | | | $ | 2,108,625 | | | | | $ | 1,082,981 | | |
Distributions to Shareholders (see Note 2) | | | | $ | (47,400,751) | | | | | $ | (9,256,412) | | | | | $ | (14,800,439) | | | | | $ | (530,183) | | | | | $ | (667,193) | | | | | $ | (232,687) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds From Sale of Shares | | | | $ | 74,358,063 | | | | | $ | 72,797,317 | | | | | $ | 15,517,414 | | | | | $ | 16,758,399 | | | | | $ | 3,755,105 | | | | | $ | 2,229,105 | | |
Shares Issued on Reinvestment of Distributions | | | | | 47,190,597 | | | | | | 9,204,575 | | | | | | 14,763,088 | | | | | | 528,793 | | | | | | 666,925 | | | | | | 232,684 | | |
Cost of Shares Redeemed | | | | | (52,906,157) | | | | | | (59,282,255) | | | | | | (11,923,151) | | | | | | (8,983,049) | | | | | | (2,061,767) | | | | | | (3,289,414) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | 68,642,503 | | | | | $ | 22,719,637 | | | | | $ | 18,357,351 | | | | | $ | 8,304,143 | | | | | $ | 2,360,263 | | | | | $ | (827,625) | | |
Net Change in Net Assets | | | | $ | 144,907,915 | | | | | $ | 63,986,725 | | | | | $ | 32,798,429 | | | | | $ | 16,793,519 | | | | | $ | 3,801,695 | | | | | $ | 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 | | | | $ | 609,713,289 | | | | | $ | 464,805,374 | | | | | $ | 126,087,627 | | | | | $ | 93,289,198 | | | | | $ | 24,906,660 | | | | | $ | 21,104,965 | | |
Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Sold | | | | | 2,094,530 | | | | | | 2,649,131 | | | | | | 293,509 | | | | | | 471,128 | | | | | | 121,042 | | | | | | 92,235 | | |
Share Reinvested | | | | | 1,296,089 | | | | | | 295,777 | | | | | | 280,774 | | | | | | 11,663 | | | | | | 21,773 | | | | | | 8,110 | | |
Shares Redeemed | | | | | (1,483,178) | | | | | | (2,183,007) | | | | | | (226,238) | | | | | | (235,458) | | | | | | (67,205) | | | | | | (139,368) | | |
Net Increase (Decrease) in Shares Oustanding | | | | | 1,907,441 | | | | | | 761,901 | | | | | | 348,045 | | | | | | 247,333 | | | | | | 75,610 | | | | | | (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 | | | | | 16,733,332 | | | | | | 14,825,891 | | | | | | 2,396,293 | | | | | | 2,048,248 | | | | | | 813,542 | | | | | | 737,932 | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||||||||||||||
| | | Year Ended 12/31/2021 | | | Year Ended 12/31/2020 | | | Year Ended 12/31/2021 | | | Year Ended 12/31/2020 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 13,808,953 | | | | | $ | 14,727,135 | | | | | $ | 4,754,770 | | | | | $ | 4,470,599 | | |
Net Realized Gain from Security Transactions | | | | | 5,616,862 | | | | | | 13,803,636 | | | | | | 487,031 | | | | | | 273,660 | | |
Net Change in Unrealized Gain/(Loss) On Investments | | | | | (42,690,616) | | | | | | 38,300,808 | | | | | | (4,403,146) | | | | | | 7,167,360 | | |
Net Change in Net Assets from Operations | | | | $ | (23,264,801) | | | | | $ | 66,831,579 | | | | | $ | 838,655 | | | | | $ | 11,911,619 | | |
Distributions to Shareholders (see Note 2) | | | | $ | (19,425,305) | | | | | $ | (28,424,055) | | | | | $ | (5,266,506) | | | | | $ | (4,778,564) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds From Sale of Shares | | | | $ | 208,196,003 | | | | | $ | 188,879,073 | | | | | $ | 46,813,180 | | | | | $ | 51,639,731 | | |
Shares Issued on Reinvestment of Distributions | | | | | 19,143,519 | | | | | | 27,985,213 | | | | | | 5,200,684 | | | | | | 4,705,662 | | |
Cost of Shares Redeemed | | | | | (107,787,693) | | | | | | (94,260,210) | | | | | | (32,330,793) | | | | | | (28,876,723) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | 119,551,829 | | | | | $ | 122,604,076 | | | | | $ | 19,683,071 | | | | | $ | 27,468,670 | | |
Net Change in Net Assets | | | | $ | 76,861,723 | | | | | $ | 161,011,600 | | | | | $ | 15,255,220 | | | | | $ | 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 | | | | $ | 1,035,366,355 | | | | | $ | 958,504,632 | | | | | $ | 274,983,590 | | | | | $ | 259,728,370 | | |
Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Sold | | | | | 11,728,526 | | | | | | 10,324,143 | | | | | | 2,583,462 | | | | | | 2,850,045 | | |
Share Reinvested | | | | | 1,091,375 | | | | | | 1,532,866 | | | | | | 288,866 | | | | | | 259,569 | | |
Shares Redeemed | | | | | (6,092,695) | | | | | | (5,172,438) | | | | | | (1,785,422) | | | | | | (1,599,981) | | |
Net Increase (Decrease) in Shares Oustanding | | | | | 6,727,206 | | | | | | 6,684,571 | | | | | | 1,086,906 | | | | | | 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 | | | | | 59,301,562 | | | | | | 52,574,356 | | | | | | 15,293,184 | | | | | | 14,206,278 | | |
FINANCIAL HIGHLIGHTS | EQUITY INCOME FUND |
| | | Year Ended December 31 | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net Asset Value, beginning of year | | | | $ | 31.35 | | | | | $ | 28.50 | | | | | $ | 22.48 | | | | | $ | 25.12 | | | | | $ | 21.67 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.21 | | | | | | 0.25 | | | | | | 0.29 | | | | | | 0.28 | | | | | | 0.26 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 7.92 | | | | | | 3.24 | | | | | | 7.37 | | | | | | (0.97) | | | | | | 5.15 | | |
Total Operations | | | | $ | 8.13 | | | | | $ | 3.49 | | | | | $ | 7.66 | | | | | $ | (0.69) | | | | | $ | 5.41 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.21) | | | | | | (0.25) | | | | | | (0.29) | | | | | | (0.28) | | | | | | (0.26) | | |
Net Realized Capital Gains | | | | | (2.83) | | | | | | (0.39) | | | | | | (1.35) | | | | | | (1.67) | | | | | | (1.70) | | |
Total Distributions | | | | $ | (3.04) | | | | | $ | (0.64) | | | | | $ | (1.64) | | | | | $ | (1.95) | | | | | $ | (1.96) | | |
Net Asset Value, end of year | | | | $ | 36.44 | | | | | $ | 31.35 | | | | | $ | 28.50 | | | | | $ | 22.48 | | | | | $ | 25.12 | | |
Total Return(a) | | | | | 25.96% | | | | | | 12.24% | | | | | | 34.07% | | | | | | (2.68)% | | | | | | 25.03% | | |
Net Assets, end of year (millions) | | | | $ | 609.71 | | | | | $ | 464.81 | | | | | $ | 400.82 | | | | | $ | 273.66 | | | | | $ | 198.28 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 0.62% | | | | | | 0.91% | | | | | | 1.11% | | | | | | 1.23% | | | | | | 1.13% | | |
Portfolio Turnover Rate | | | | | 29.91% | | | | | | 27.55% | | | | | | 31.91% | | | | | | 30.17% | | | | | | 34.76% | | |
FINANCIAL HIGHLIGHTS | OPPORTUNITY FUND |
| | | Year Ended December 31 | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net Asset Value, beginning of year | | | | $ | 45.55 | | | | | $ | 42.48 | | | | | $ | 34.47 | | | | | $ | 42.89 | | | | | $ | 40.54 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.38 | | | | | | 0.25 | | | | | | 0.28 | | | | | | 0.31 | | | | | | 0.14 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 13.55 | | | | | | 3.08 | | | | | | 9.58 | | | | | | (6.40) | | | | | | 6.74 | | |
Total Operations | | | | $ | 13.93 | | | | | $ | 3.33 | | | | | $ | 9.86 | | | | | $ | (6.09) | | | | | $ | 6.88 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.39) | | | | | | (0.26) | | | | | | (0.30) | | | | | | (0.30) | | | | | | (0.14) | | |
Return of Capital | | | | | — | | | | | | — | | | | | | (0.16) | | | | | | — | | | | | | — | | |
Net Realized Capital Gains | | | | | (6.47) | | | | | | — | | | | | | (1.39) | | | | | | (2.03) | | | | | | (4.39) | | |
Total Distributions | | | | $ | (6.86) | | | | | $ | (0.26) | | | | | $ | (1.85) | | | | | $ | (2.33) | | | | | $ | (4.53) | | |
Net Asset Value, end of year | | | | $ | 52.62 | | | | | $ | 45.55 | | | | | $ | 42.48 | | | | | $ | 34.47 | | | | | $ | 42.89 | | |
Total Return(a) | | | | | 30.59% | | | | | | 7.84% | | | | | | 28.63% | | | | | | (14.16)% | | | | | | 16.91% | | |
Net Assets, end of year (millions) | | | | $ | 126.09 | | | | | $ | 93.29 | | | | | $ | 76.50 | | | | | $ | 62.18 | | | | | $ | 58.61 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 0.84% | | | | | | 0.67% | | | | | | 0.67% | | | | | | 0.69% | | | | | | 0.35% | | |
Portfolio Turnover Rate | | | | | 38.97% | | | | | | 32.89% | | | | | | 36.19% | | | | | | 61.22% | | | | | | 41.50% | | |
FINANCIAL HIGHLIGHTS | INTERNATIONAL FUND |
| | | Year Ended December 31 | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net Asset Value, beginning of year | | | | $ | 28.60 | | | | | $ | 27.13 | | | | | $ | 23.17 | | | | | $ | 26.37 | | | | | $ | 22.20 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.64 | | | | | | 0.43 | | | | | | 0.53 | | | | | | 0.55 | | | | | | 0.37 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 2.22 | | | | | | 1.36 | | | | | | 4.03 | | | | | | (3.17) | | | | | | 4.18 | | |
Total Operations | | | | $ | 2.86 | | | | | $ | 1.79 | | | | | $ | 4.56 | | | | | $ | (2.62) | | | | | $ | 4.55 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.77) | | | | | | (0.32) | | | | | | (0.60) | | | | | | (0.58) | | | | | | (0.38) | | |
Return of Capital | | | | | (0.07) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.84) | | | | | $ | (0.32) | | | | | $ | (0.60) | | | | | $ | (0.58) | | | | | $ | (0.38) | | |
Net Asset Value, end of year | | | | $ | 30.62 | | | | | $ | 28.60 | | | | | $ | 27.13 | | | | | $ | 23.17 | | | | | $ | 26.37 | | |
Total Return(a) | | | | | 10.00% | | | | | | 6.59% | | | | | | 19.69% | | | | | | (9.93)% | | | | | | 20.50% | | |
Net Assets, end of year (millions) | | | | $ | 24.91 | | | | | $ | 21.10 | | | | | $ | 21.08 | | | | | $ | 17.95 | | | | | $ | 17.68 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 2.09% | | | | | | 1.77% | | | | | | 2.02% | | | | | | 2.21% | | | | | | 1.53% | | |
Portfolio Turnover Rate | | | | | 6.62% | | | | | | 7.85% | | | | | | 4.33% | | | | | | 6.87% | | | | | | 2.48% | | |
FINANCIAL HIGHLIGHTS | FIXED INCOME FUND |
| | | Year Ended December 31 | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net Asset Value, beginning of year | | | | $ | 18.23 | | | | | $ | 17.38 | | | | | $ | 16.39 | | | | | $ | 16.84 | | | | | $ | 16.67 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.24 | | | | | | 0.30 | | | | | | 0.36 | | | | | | 0.34 | | | | | | 0.31 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.68) | | | | | | 1.11 | | | | | | 1.00 | | | | | | (0.44) | | | | | | 0.22 | | |
Total Operations | | | | $ | (0.44) | | | | | $ | 1.41 | | | | | $ | 1.36 | | | | | $ | (0.10) | | | | | $ | 0.53 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.26) | | | | | | (0.32) | | | | | | (0.37) | | | | | | (0.35) | | | | | | (0.33) | | |
Net Realized Capital Gains | | | | | (0.07) | | | | | | (0.24) | | | | | | — | | | | | | — | | | | | | (0.03) | | |
Total Distributions | | | | $ | (0.33) | | | | | $ | (0.56) | | | | | $ | (0.37) | | | | | $ | (0.35) | | | | | $ | (0.36) | | |
Net Asset Value, end of year | | | | $ | 17.46 | | | | | $ | 18.23 | | | | | $ | 17.38 | | | | | $ | 16.39 | | | | | $ | 16.84 | | |
Total Return(a) | | | | | (2.37)% | | | | | | 8.17% | | | | | | 8.35% | | | | | | (0.56)% | | | | | | 3.22% | | |
Net Assets, end of year (millions) | | | | $ | 1,035.37 | | | | | $ | 958.50 | | | | | $ | 797.49 | | | | | $ | 623.44 | | | | | $ | 417.66 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.85% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.38% | | | | | | 1.66% | | | | | | 2.15% | | | | | | 2.17% | | | | | | 1.88% | | |
Portfolio Turnover Rate | | | | | 38.78% | | | | | | 25.08% | | | | | | 21.33% | | | | | | 23.40% | | | | | | 34.97% | | |
FINANCIAL HIGHLIGHTS | MUNICIPAL INCOME FUND |
| | | Year Ended December 31 | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net Asset Value, beginning of year | | | | $ | 18.28 | | | | | $ | 17.73 | | | | | $ | 17.12 | | | | | $ | 17.29 | | | | | $ | 17.06 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.32 | | | | | | 0.33 | | | | | | 0.32 | | | | | | 0.32 | | | | | | 0.31 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.27) | | | | | | 0.57 | | | | | | 0.64 | | | | | | (0.16) | | | | | | 0.24 | | |
Total Operations | | | | $ | 0.05 | | | | | $ | 0.90 | | | | | $ | 0.96 | | | | | $ | 0.16 | | | | | $ | 0.55 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.32) | | | | | | (0.33) | | | | | | (0.32) | | | | | | (0.32) | | | | | | (0.31) | | |
Return of Capital | | | | | 0.00(a) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Realized Capital Gains | | | | | (0.03) | | | | | | (0.02) | | | | | | (0.03) | | | | | | (0.01) | | | | | | (0.01) | | |
Total Distributions | | | | $ | (0.35) | | | | | $ | (0.35) | | | | | $ | (0.35) | | | | | $ | (0.33) | | | | | $ | (0.32) | | |
Net Asset Value, end of year | | | | $ | 17.98 | | | | | $ | 18.28 | | | | | $ | 17.73 | | | | | $ | 17.12 | | | | | $ | 17.29 | | |
Total Return(b) | | | | | 0.30% | | | | | | 5.12% | | | | | | 5.66% | | | | | | 0.90% | | | | | | 3.25% | | |
Net Assets, end of year (millions) | | | | $ | 274.98 | | | | | $ | 259.73 | | | | | $ | 225.13 | | | | | $ | 178.97 | | | | | $ | 123.92 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.65% | | | | | | 0.65% | | | | | | 0.65% | | | | | | 0.65% | | | | | | 0.65% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.78% | | | | | | 1.86% | | | | | | 1.90% | | | | | | 1.94% | | | | | | 1.85% | | |
Portfolio Turnover Rate | | | | | 9.11% | | | | | | 5.98% | | | | | | 10.54% | | | | | | 10.45% | | | | | | 12.49% | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
| Equity Income Fund | | | Above average dividend income and long-term capital growth | |
| Opportunity Fund | | | Long-term capital growth | |
| International Fund | | | Long-term capital growth | |
| Fixed Income Fund | | | A high level of income over the long-term consistent with preservation of capital | |
| Municipal Income Fund | | | A high level of federally tax-free income over the long-term consistent with preservation of capital | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
| | | Equity Income | | | Opportunity | | | International | | | Fixed Income | | | Municipal Income | | |||||||||||||||
Cost of Portfolio Investments | | | | | 402,026,995 | | | | | | 92,379,531 | | | | | | 18,094,773 | | | | | | 997,645,243 | | | | | | 265,952,310 | | |
Gross unrealized appreciation | | | | | 211,744,854 | | | | | | 36,798,188 | | | | | | 8,494,818 | | | | | | 38,006,483 | | | | | | 10,928,241 | | |
Gross unrealized depreciation | | | | | (4,395,109) | | | | | | (3,102,645) | | | | | | (1,750,228) | | | | | | (7,690,979) | | | | | | (496,098) | | |
Net unrealized appreciation | | | | | 207,349,745 | | | | | | 33,695,543 | | | | | | 6,744,590 | | | | | | 30,315,504 | | | | | | 10,432,143 | | |
Undistributed ordinary income | | | | | 6,009,638 | | | | | | 142,672 | | | | | | — | | | | | | 510 | | | | | | — | | |
Undistributed Capital Gains | | | | | 5,902,226 | | | | | | 25,230 | | | | | | — | | | | | | — | | | | | | — | | |
Other accumulated gains/(losses) | | | | | — | | | | | | — | | | | | | (172,294) | | | | | | — | | | | | | — | | |
Accumulated Earnings | | | | | 219,261,609 | | | | | | 33,863,445 | | | | | | 6,572,296 | | | | | | 30,316,014 | | | | | | 10,432,143 | | |
| | | Long-Term | | | Short-Term | | | Total Capital Loss Carryover | | |||||||||
Johnson International Fund . | | | | | 79,164 | | | | | | 89,178 | | | | | | 168,342 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
| | | Paid in Capital | | | Accumulated Earnings | | ||||||
Equity Income Fund | | | | $ | 8 | | | | | $ | (8) | | |
Opportunity Fund | | | | | 4,218 | | | | | | (4,218) | | |
International Fund | | | | | (57,857) | | | | | | (57,857) | | |
Municipal Income | | | | | (24,705) | | | | | | 24,705 | | |
| | | 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 | | | | | 2020 | | | | | $ | 4,948,585 | | | | | $ | — | | | | | $ | 4,307,827 | | | | | $ | 9,256,412 | | | | | $ | — | | | | | $ | 9,256,412 | | |
| | | | | 2021 | | | | | | 14,109,774 | | | | | | — | | | | | | 33,290,977 | | | | | | 47,400,751 | | | | | | | | | | | | 47,400,751 | | |
Johnson Opportunity Fund | | | | | 2020 | | | | | | 509,109 | | | | | | — | | | | | | — | | | | | | 509,109 | | | | | | 21,074 | | | | | | 530,183 | | |
| | | | | 2021 | | | | | | 4,069,398 | | | | | | — | | | | | | 10,731,041 | | | | | | 14,800,439 | | | | | | — | | | | | | 14,800,439 | | |
Johnson International Fund | | | | | 2020 | | | | | | 232,687 | | | | | | — | | | | | | — | | | | | | 232,687 | | | | | | — | | | | | | 232,687 | | |
| | | | | 2021 | | | | | | 609,336 | | | | | | — | | | | | | — | | | | | | 609,336 | | | | | | 57,857 | | | | | | 667,193 | | |
Johnson Fixed Income Fund | | | | | 2020 | | | | | | 18,396,451 | | | | | | — | | | | | | 9,998,546 | | | | | | 28,394,997 | | | | | | 29,058 | | | | | | 28,424,055 | | |
| | | | | 2021 | | | | | | 15,102,867 | | | | | | — | | | | | | 4,322,438 | | | | | | 19,425,305 | | | | | | — | | | | | | 19,425,305 | | |
Johnson Municipal Income Fund | | | | | 2020 | | | | | | — | | | | | | 4,473,651 | | | | | | 272,840 | | | | | | 4,746,491 | | | | | | 32,073 | | | | | | 4,778,564 | | |
| | | | | 2021 | | | | | | — | | | | | | 4,755,295 | | | | | | 486,506 | | | | | | 5,241,801 | | | | | | 24,705 | | | | | | 5,266,506 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
Equity Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Common Stocks* | | | | $ | 601,151,052 | | | | | $ | — | | | | | $ | — | | | | | $ | 601,151,052 | | |
Cash Equivalents | | | | | 8,225,688 | | | | | | — | | | | | | — | | | | | | 8,225,688 | | |
Total | | | | $ | 609,376,740 | | | | | $ | — | | | | | $ | — | | | | | $ | 609,376,740 | | |
Opportunity Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Common Stocks* | | | | $ | 123,082,668 | | | | | $ | — | | | | | $ | — | | | | | $ | 123,082,668 | | |
Cash Equivalents | | | | | 2,992,406 | | | | | | — | | | | | | — | | | | | | 2,992,406 | | |
Total | | | | $ | 126,075,074 | | | | | $ | — | | | | | $ | — | | | | | $ | 126,075,074 | | |
International Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Preferred Stocks | | | | $ | 43,313 | | | | | $ | — | | | | | $ | — | | | | | $ | 43,313 | | |
Common Stocks* | | | | | 23,760,352 | | | | | | 415,528 | | | | | $ | — | | | | | | 24,175,880 | | |
Cash Equivalents | | | | | 620,170 | | | | | | — | | | | | | — | | | | | | 620,170 | | |
Total | | | | $ | 24,423,835 | | | | | $ | 415,528 | | | | | $ | — | | | | | $ | 24,839,363 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
Fixed Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 562,124,136 | | | | | $ | — | | | | | $ | 562,124,136 | | |
Certificates of Deposit | | | | | — | | | | | | 261,147 | | | | | | — | | | | | | 261,147 | | |
U.S. Government Treasury Obligations | | | | | — | | | | | | 226,252,465 | | | | | | — | | | | | | 226,252,465 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 24,276,480 | | | | | | — | | | | | | 24,276,480 | | |
U.S. Government Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 178,063,801 | | | | | | — | | | | | | 178,063,801 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 26,945,310 | | | | | | — | | | | | | 26,945,310 | | |
Preferred Stocks | | | | | 6,998,544 | | | | | | — | | | | | | — | | | | | | 6,998,544 | | |
Cash Equivalents | | | | | 3,038,864 | | | | | | — | | | | | | — | | | | | | 3,038,864 | | |
Total | | | | $ | 10,037,408 | | | | | $ | 1,017,923,339 | | | | | $ | — | | | | | $ | 1,027,960,747 | | |
Municipal Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Municipal Bonds* | | | | $ | — | | | | | $ | 270,225,256 | | | | | $ | — | | | | | $ | 270,225,256 | | |
Cash Equivalents | | | | | 6,159,197 | | | | | | — | | | | | | — | | | | | | 6,159,197 | | |
Total | | | | $ | 6,159,197 | | | | | $ | 270,225,256 | | | | | $ | — | | | | | $ | 276,384,453 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
Fund | | | Fee | | | Management Fee | | | Payable as of December 31, 2021 | | |||||||||
Equity Income Fund | | | | | 1.00% | | | | | $ | 5,423,657 | | | | | $ | 508,151 | | |
Opportunity Fund | | | | | 1.00% | | | | | | 1,133,994 | | | | | | 105,777 | | |
International Fund | | | | | 1.00% | | | | | | 234,907 | | | | | | 20,645 | | |
Fixed Income Fund | | | | | 0.85% | | | | | | 8,497,123 | | | | | | 746,875 | | |
Municipal Income Fund | | | | | 0.65% | | | | | | 1,738,223 | | | | | | 151,238 | | |
| Equity Income Fund | | | | | 74.95% | | |
| Opportunity Fund | | | | | 82.12% | | |
| International Fund | | | | | 34.31% | | |
| Fixed Income Fund | | | | | 93.81% | | |
| Municipal Income Fund | | | | | 98.18% | | |
| | | 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 | | | | $ | 179,594,523 | | | | | $ | 158,093,559 | | | | | $ | — | | | | | $ | — | | |
Johnson Opportunity Fund | | | | | 45,760,987 | | | | | | 42,657,816 | | | | | | — | | | | | | — | | |
Johnson International Fund | | | | | 3,532,646 | | | | | | 1,501,289 | | | | | | — | | | | | | — | | |
Johnson Fixed Income Fund | | | | | 303,936,328 | | | | | | 219,249,559 | | | | | | 196,803,403 | | | | | | 159,050,508 | | |
Johnson Municipal Income Fund | | | | | 46,373,619 | | | | | | 23,639,275 | | | | | | — | | | | | | — | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
DISCLOSURE OF EXPENSES (unaudited) | December 31, 2021 |
| | | Beginning Account Value June 30, 2021 | | | Ending Account Value December 31, 2021 | | | Expenses Paid During Period* July 1, 2021 – December 31, 2021 | | |||||||||
Johnson Equity Income Fund | | | | | |||||||||||||||
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,099.61 | | | | | $ | 5.29 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,020.16 | | | | | $ | 5.14 | | |
Johnson Opportunity Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,104.34 | | | | | $ | 5.30 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,020.16 | | | | | $ | 5.14 | | |
Johnson International Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,006.08 | | | | | $ | 5.06 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,020.16 | | | | | $ | 5.14 | | |
Johnson Fixed Income Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,002.70 | | | | | $ | 4.29 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,020.92 | | | | | $ | 4.37 | | |
Johnson Municipal Income Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,011.74 | | | | | $ | 3.30 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,021.93 | | | | | $ | 3.35 | | |
ADDITIONAL INFORMATION | December 31, 2021 |
3777 West Fork Road
Cincinnati OH 45247
Johnson Mutual Funds Trust
Cleveland, Ohio
March 1, 2022
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 | | | 10 | | | None | |
INDEPENDENT TRUSTEES | | | | | | | | | | | | | | | | |
Ronald H. McSwain (79) 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 | | | 10 | | | None | |
John R. Green (79) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Retired from The Procter & Gamble Company; Purchases Director, Global Baby Care | | | 10 | | | None | |
James J. Berrens (56) 3777 West Fork Rd Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Christian Community Health Services: Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 | | | 10 | | | None | |
Dr. Jeri B. Ricketts (64) 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 | | | 10 | | | None | |
Name, Address and Age | | | Current Position Held with Trust | | | Year Service Commenced | | | Principal Occupation During Past Five Years | | | Number of Portfolios Overseen | | | Other Directorships Held During the Past Five Years | |
Officers | | | | | | | | | | | | | | | | |
Jason O. Jackman (50) 3777 West Fork Rd. Cincinnati, Ohio 45247 | | | President | | | Since 2013 | | | President and Chief Investment Officer of the 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 (50) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Secretary | | | Since 2007 | | | Fund Administration & Compliance Associate for the Trust’s Adviser | | | NA | | | NA | |
| Ronald H. McSwain | | | Independent Trustee, Chairman | |
| Timothy E. Johnson | | | Interested Trustee | |
| James J. Berrens | | | Independent Trustee | |
| John R. Green | | | Independent Trustee | |
| Jeri B. Ricketts | | | Independent Trustee | |
| Jason Jackman | | | President | |
| Scott J. Bischoff | | | Chief Compliance Officer | |
| Marc E. Figgins | | | Chief Financial Officer, Treasurer | |
| Jennifer J. Kelhoffer | | | Secretary | |
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100 (800) 541-0170
425 Walnut Street
Cincinnati, OH 45202
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
312 Walnut Street, 14th Floor
Cincinnati, Ohio 45202
by the Funds’ prospectus, which illustrates each Fund’s objectives, policies, management fees,
and other information that may be helpful in making an investment decision.
3777 West Fork Road | Cincinnati, Ohio 45247
513.661.3100 | 800.541.0170 | Fax 513.661.4901
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | | | 1 | | | |
| Performance Review and Management Discussion | | | | | | | |
| | | | | 4 | | | |
| | | | | 6 | | | |
| | | | | 8 | | | |
| | | | | 10 | | | |
| | | | | 11 | | | |
| Portfolio of Investments | | | | | | | |
| | | | | 12 | | | |
| | | | | 16 | | | |
| | | | | 19 | | | |
| | | | | 23 | | | |
| | | | | 27 | | | |
| | | | | 29 | | | |
| | | | | 31 | | | |
| | | | | 33 | | | |
| Financial Highlights | | | | | | | |
| | | | | 35 | | | |
| | | | | 37 | | | |
| | | | | 39 | | | |
| | | | | 41 | | | |
| | | | | 42 | | | |
| | | | | 43 | | | |
| | | | | 54 | | | |
| | | | | 55 | | | |
| | | | | 56 | | | |
| | | | | 57 | | | |
| | | | | 59 | | | |
| | | | | Back Page | | |
Letter from the Fund President | December 2021 |
Letter from the Fund President | December 2021 |
Letter from the Fund President | December 2021 |
Johnson Institutional Short Duration Bond Fund | Performance Review – December 31, 2021 |
Class I Shares
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Johnson Institutional Short Duration Bond Fund – Class I Shares | | | B of A / ML 1-3 Year US Corp/Govt Index | | ||||||
| One Year | | | | | -0.91% | | | | | | -0.41% | | |
| Five Years | | | | | 2.05% | | | | | | 1.88% | | |
| Ten Years | | | | | 1.65% | | | | | | 1.43% | | |
Johnson Institutional Short Duration Bond Fund | Performance Review – December 31, 2021 |
Class F Shares
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Johnson Institutional Short Duration Bond Fund – Class F Shares | | | B of A / ML 1-3 Year US Corp/Govt Index | | ||||||
| One Year | | | | | -1.09% | | | | | | -0.41% | | |
| Since Inception* | | | | | 2.99% | | | | | | 2.90% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Bank and Finance | | | | | 28.0% | | |
| Industrial | | | | | 21.1% | | |
| US Govt Treasury Obligations | | | | | 14.9% | | |
| Mortgage-Backed Securities | | | | | 11.8% | | |
| Utilities | | | | | 11.2% | | |
| US Govt Agency Obligations | | | | | 8.4% | | |
| Taxable Municipal | | | | | 4.0% | | |
| Certificates of Deposit | | | | | 0.1% | | |
| Cash Equivalents | | | | | 0.1% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.4% | | |
| | | | | | 100.0% | | |
Johnson Institutional Intermediate Bond Fund | Performance Review – December 31, 2021 |
Class I Shares
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Johnson Institutional Intermediate Bond Fund – Class I Shares | | | Bloomberg Barclays Capital Intermediate Govt/ Credit Index | | ||||||
| One Year | | | | | -1.66% | | | | | | -1.44% | | |
| Five Years | | | | | 3.23% | | | | | | 2.91% | | |
| Ten Years | | | | | 2.86% | | | | | | 2.38% | | |
Johnson Institutional Intermediate Bond Fund | Performance Review – December 31, 2021 |
Class F Shares
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Johnson Institutional Intermediate Bond Fund – Class F Shares(a) | | | Bloomberg Barclays Capital Intermediate Govt/Credit Index | | ||||||
| One Year | | | | | -1.83% | | | | | | -1.44% | | |
| Since Inception* | | | | | 4.26% | | | | | | 4.18% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| US Govt Treasury | | | | | 31.1% | | |
| Bank and Finance | | | | | 24.3% | | |
| Industrial | | | | | 19.4% | | |
| Utilities | | | | | 11.5% | | |
| Mortgage-Backed Securities | | | | | 8.2% | | |
| Taxable Municipal | | | | | 2.1% | | |
| US Govt Agency | | | | | 1.4% | | |
| Cash Equivalents | | | | | 0.7% | | |
| Preferred Stocks | | | | | 0.6% | | |
| Certificate of Deposit | | | | | 0.1% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.6% | | |
| | | | | | 100.0% | | |
Johnson Institutional Core Bond Fund | Performance Review – December 31, 2021 |
Class I Shares
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Johnson Institutional Core Bond Fund – Class I Shares(a) | | | Bloomberg Barclays Capital Aggregate Index | | ||||||
| One Year | | | | | -2.04% | | | | | | -1.54% | | |
| Five Years | | | | | 3.99% | | | | | | 3.57% | | |
| Ten Years | | | | | 3.45% | | | | | | 2.90% | | |
Johnson Institutional Core Bond Fund | Performance Review – December 31, 2021 |
Class F Shares
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Johnson Institutional Core Bond Fund – Class F Shares | | | Bloomberg Barclays Capital Aggregate Index | | ||||||
| One Year | | | | | -2.15% | | | | | | -1.54% | | |
| Since Inception* | | | | | 4.99% | | | | | | 4.68% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Bank and Finance | | | | | 25.3% | | |
| US Govt Treasury | | | | | 22.6% | | |
| Industrial | | | | | 19.5% | | |
| Mortgage-Backed Securities | | | | | 16.7% | | |
| Utilities | | | | | 12.2% | | |
| Taxable Municipal | | | | | 1.3% | | |
| US Govt Agency | | | | | 0.7% | | |
| Cash Equivalents | | | | | 0.7% | | |
| Preferred Stocks | | | | | 0.3% | | |
| Certificate of Deposit | | | | | 0.1% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.6% | | |
| | | | | | 100.0% | | |
Johnson Enhanced Return Fund | Performance Review – December 31, 2021 |
| Average Annual Total Returns | | | as of December 31, 2021 | |
| | | | Enhanced Return Fund | | | S&P 500 Index | | ||||||
| One Year | | | | | 26.51% | | | | | | 28.71% | | |
| Five Years | | | | | 18.17% | | | | | | 18.47% | | |
| Ten Years | | | | | 16.72% | | | | | | 16.55% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Bank and Finance | | | | | 27.8% | | |
| Industrials | | | | | 19.6% | | |
| US Treasury Obligations | | | | | 14.5% | | |
| Mortgage-Backed Securities | | | | | 12.3% | | |
| Utilities | | | | | 11.9% | | |
| US Agency Obligations | | | | | 10.7% | | |
| Taxable Municipals | | | | | 2.2% | | |
| Cash Equivalents | | | | | 0.7% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.3% | | |
| | | | | | 100.0% | | |
Johnson Core Plus Bond Fund | Performance Review – December 31, 2021 |
| Holdings by Industry Sector | | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Industrials | | | | | 30.0% | | |
| Bank and Finance | | | | | 22.4% | | |
| US Treasury Obligations | | | | | 19.9% | | |
| Mortgage-Backed Securities | | | | | 13.4% | | |
| Utilities | | | | | 11.9% | | |
| Preferred Stocks | | | | | 1.0% | | |
| Cash Equivalents | | | | | 0.7% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.7% | | |
| | | | | | 100.0% | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | ||||||||||||||||||||||||
ACE INA Holdings | | | | | 3.350% | | | | | | 05/15/2024 | | | | | | 5,697,000 | | | | | $ | 6,012,272 | | |
American Express Credit | | | | | 2.500% | | | | | | 07/30/2024 | | | | | | 4,900,000 | | | | | | 5,061,357 | | |
AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 2,385,000 | | | | | | 2,507,446 | | |
AON PLC | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 2,700,000 | | | | | | 2,921,670 | | |
Bank of America Corp. | | | | | 3.300% | | | | | | 01/11/2023 | | | | | | 2,080,000 | | | | | | 2,136,514 | | |
Bank of America Corp. | | | | | 3.875% | | | | | | 08/01/2025 | | | | | | 3,990,000 | | | | | | 4,330,028 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 3,075,000 | | | | | | 3,232,071 | | |
Essex Portfolio LP | | | | | 3.375% | | | | | | 04/15/2026 | | | | | | 2,654,000 | | | | | | 2,808,251 | | |
Essex Portfolio LP | | | | | 3.875% | | | | | | 05/01/2024 | | | | | | 1,950,000 | | | | | | 2,052,921 | | |
Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 1,770,000 | | | | | | 1,816,604 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 3,440,000 | | | | | | 3,638,729 | | |
Goldman Sachs | | | | | 5.750% | | | | | | 01/24/2022 | | | | | | 4,750,000 | | | | | | 4,764,298 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 5,000,000 | | | | | | 5,152,550 | | |
JP Morgan Chase & Co. | | | | | 3.375% | | | | | | 05/01/2023 | | | | | | 3,212,000 | | | | | | 3,314,816 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 1,745,000 | | | | | | 1,857,099 | | |
Keycorp | | | | | 4.150% | | | | | | 10/29/2025 | | | | | | 4,700,000 | | | | | | 5,142,364 | | |
M&T Bank Corp. | | | | | 3.550% | | | | | | 07/26/2023 | | | | | | 4,431,000 | | | | | | 4,600,397 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 3,830,000 | | | | | | 4,041,148 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 03/10/2025 | | | | | | 1,000,000 | | | | | | 1,060,120 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 2,460,000 | | | | | | 2,620,490 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 2,750,000 | | | | | | 2,982,705 | | |
National Retail Properties | | | | | 3.900% | | | | | | 06/15/2024 | | | | | | 1,197,000 | | | | | | 1,265,097 | | |
National Retail Properties | | | | | 4.000% | | | | | | 11/15/2025 | | | | | | 2,965,000 | | | | | | 3,216,936 | | |
PNC Financial Services | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 4,840,000 | | | | | | 5,123,672 | | |
Suntrust Banks Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 3,002,000 | | | | | | 3,241,470 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 6,319,000 | | | | | | 6,713,432 | | |
Wells Fargo & Co. | | | | | 3.450% | | | | | | 02/13/2023 | | | | | | 4,775,000 | | | | | | 4,910,753 | | |
Wells Fargo & Co. | | | | | 3.550% | | | | | | 09/29/2025 | | | | | | 600,000 | | | | | | 640,656 | | |
28.0% – Total Bank and Finance | | | | $ | 97,165,866 | | | ||||||||||||||||||
Becton Dickinson & Co. | | | | | 3.363% | | | | | | 06/06/2024 | | | | | | 1,235,000 | | | | | | 1,293,082 | | |
Burlington Northern Santa Fe | | | | | 3.050% | | | | | | 09/01/2022 | | | | | | 1,207,000 | | | | | | 1,219,903 | | |
Burlington Northern Santa Fe | | | | | 3.400% | | | | | | 09/01/2024 | | | | | | 2,201,000 | | | | | | 2,322,781 | | |
Chevron Corp. | | | | | 2.355% | | | | | | 12/05/2022 | | | | | | 1,693,000 | | | | | | 1,714,281 | | |
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 4,600,000 | | | | | | 4,947,806 | | |
Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 4,548,000 | | | | | | 4,808,009 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 4,960,000 | | | | | | 5,044,419 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 3,300,000 | | | | | | 3,379,695 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 1,500,000 | | | | | | 1,597,185 | | |
Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 2,936,000 | | | | | | 3,090,111 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 4,600,000 | | | | | | 4,840,120 | | |
McDonalds Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 1,000,000 | | | | | | 1,000,640 | | |
McDonalds Corp. | | | | | 3.350% | | | | | | 04/01/2023 | | | | | | 1,265,000 | | | | | | 1,302,558 | | |
McDonalds Corp. | | | | | 3.375% | | | | | | 05/26/2025 | | | | | | 2,500,000 | | | | | | 2,657,275 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Microsoft Corp. | | | | | 3.125% | | | | | | 11/03/2025 | | | | | | 1,300,000 | | | | | $ | 1,385,956 | | |
Nike Corp. | | | | | 2.400% | | | | | | 03/27/2025 | | | | | | 5,745,000 | | | | | | 5,950,039 | | |
Norfolk Southern Corp. | | | | | 2.903% | | | | | | 02/15/2023 | | | | | | 4,409,000 | | | | | | 4,483,689 | | |
Norfolk Southern Corp. | | | | | 5.590% | | | | | | 05/17/2025 | | | | | | 1,000,000 | | | | | | 1,124,910 | | |
Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 6,115,000 | | | | | | 6,515,471 | | |
Starbucks Corp. | | | | | 3.100% | | | | | | 03/01/2023 | | | | | | 4,765,000 | | | | | | 4,885,840 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,700,000 | | | | | | 2,821,878 | | |
Union Pacific Corp. | | | | | 3.750% | | | | | | 03/15/2024 | | | | | | 2,025,000 | | | | | | 2,129,247 | | |
Walt Disney Co. | | | | | 1.750% | | | | | | 08/30/2024 | | | | | | 4,530,000 | | | | | | 4,608,641 | | |
21.1% – Total Industrial | | | | $ | 73,123,536 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 2.800% | | | | | | 01/15/2023 | | | | | | 1,272,000 | | | | | | 1,297,949 | | |
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 4,940,000 | | | | | | 5,168,524 | | |
Duke Energy Corp. | | | | | 3.050% | | | | | | 08/15/2022 | | | | | | 1,200,000 | | | | | | 1,211,220 | | |
Duke Energy Corp. | | | | | 3.750% | | | | | | 04/15/2024 | | | | | | 4,009,000 | | | | | | 4,212,697 | | |
Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 4,907,000 | | | | | | 4,918,482 | | |
Georgia Power Co. | | | | | 2.100% | | | | | | 07/30/2023 | | | | | | 1,200,000 | | | | | | 1,221,972 | | |
Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 2,043,000 | | | | | | 2,088,661 | | |
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 1,600,000 | | | | | | 1,614,880 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 4,472,000 | | | | | | 4,724,400 | | |
Interstate Power & Light Co. | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 449,000 | | | | | | 471,284 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 2.850% | | | | | | 01/27/2025 | | | | | | 2,505,000 | | | | | | 2,615,420 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 3.250% | | | | | | 11/01/2025 | | | | | | 900,000 | | | | | | 957,537 | | |
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 2,494,000 | | | | | | 2,541,760 | | |
Wisconsin Power | | | | | 2.250% | | | | | | 11/15/2022 | | | | | | 1,000,000 | | | | | | 1,007,830 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 4,720,000 | | | | | | 4,959,210 | | |
11.2% – Total Utilities | | | | $ | 39,011,826 | | | ||||||||||||||||||
60.3% Total Corporate Bonds | | | | $ | 209,301,228 | | | ||||||||||||||||||
Certificates of Deposit | | ||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 261,147 | | |
0.1% – Total For Certificates of Deposit | | | | | 261,147 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note (Tbill 13week auction high + 0.049%)* | | | | | 0.134% | | | | | | 01/31/2023 | | | | | | 700,000 | | | | | | 700,336 | | |
Treasury Note | | | | | 0.125% | | | | | | 07/15/2023 | | | | | | 5,750,000 | | | | | | 5,707,772 | | |
Treasury Note | | | | | 0.250% | | | | | | 06/30/2025 | | | | | | 2,500,000 | | | | | | 2,429,102 | | |
Treasury Note | | | | | 0.375% | | | | | | 01/31/2026 | | | | | | 1,000,000 | | | | | | 967,813 | | |
Treasury Note | | | | | 1.500% | | | | | | 01/15/2023 | | | | | | 7,800,000 | | | | | | 7,885,020 | | |
Treasury Note | | | | | 1.625% | | | | | | 08/31/2022 | | | | | | 3,500,000 | | | | | | 3,531,185 | | |
Treasury Note | | | | | 2.000% | | | | | | 02/15/2025 | | | | | | 5,400,000 | | | | | | 5,562,864 | | |
Treasury Note | | | | | 2.125% | | | | | | 05/15/2022 | | | | | | 5,000,000 | | | | | | 5,035,750 | | |
Treasury Note | | | | | 2.250% | | | | | | 04/30/2024 | | | | | | 6,000,000 | | | | | | 6,196,380 | | |
Treasury Note | | | | | 2.625% | | | | | | 12/31/2023 | | | | | | 13,000,000 | | | | | | 13,483,990 | | |
14.9% – Total United States Government Treasury Obligations | | | | $ | 51,500,212 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLB | | | | | 1.375% | | | | | | 08/26/2026 | | | | | | 3,700,000 | | | | | $ | 3,694,298 | | |
FHLB | | | | | 1.375% | | | | | | 09/29/2026 | | | | | | 1,585,000 | | | | | | 1,581,068 | | |
FHLMC | | | | | 0.450% | | | | | | 07/22/2024 | | | | | | 4,000,000 | | | | | | 3,940,948 | | |
FHLMC | | | | | 2.375% | | | | | | 01/13/2022 | | | | | | 4,000,000 | | | | | | 4,002,520 | | |
FHLMC | | | | | 0.375% | | | | | | 05/05/2023 | | | | | | 1,121,000 | | | | | | 1,118,628 | | |
FNMA | | | | | 0.500% | | | | | | 06/17/2025 | | | | | | 4,195,000 | | | | | | 4,111,889 | | |
FNMA | | | | | 0.375% | | | | | | 08/25/2025 | | | | | | 11,130,000 | | | | | | 10,823,068 | | |
8.4% – Total United States Government Agency Obligations | | | | $ | 29,272,419 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage-Backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)* | | | | | 3.278% | | | | | | 04/01/2042 | | | | | | 58,899 | | | | | | 60,975 | | |
FHLMC Pool G15973 | | | | | 3.000% | | | | | | 07/01/2031 | | | | | | 1,256,734 | | | | | | 1,320,388 | | |
FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 1,258,634 | | | | | | 1,329,746 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 1,412,378 | | | | | | 1,493,675 | | |
FHLMC Pool ZS9286 | | | | | 4.500% | | | | | | 04/01/2035 | | | | | | 1,091,125 | | | | | | 1,190,439 | | |
FHLMC Pool ZT1964 | | | | | 3.500% | | | | | | 06/01/2032 | | | | | | 1,178,940 | | | | | | 1,249,264 | | |
FHLMC Pool SB0037 | | | | | 2.500% | | | | | | 12/01/2027 | | | | | | 828,612 | | | | | | 858,384 | | |
FHLMC Pool V61479 | | | | | 2.500% | | | | | | 01/01/2032 | | | | | | 4,185,070 | | | | | | 4,344,981 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 266,169 | | | | | | 267,757 | | |
FNMA Series 2013-3 Class DK | | | | | 1.750% | | | | | | 02/25/2033 | | | | | | 707,878 | | | | | | 718,171 | | |
FNMA Series 2013-1 Class LA | | | | | 1.250% | | | | | | 02/25/2028 | | | | | | 1,191,740 | | | | | | 1,192,848 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 195,358 | | | | | | 197,130 | | |
FNMA Series 2020-44 Class TE | | | | | 2.000% | | | | | | 12/25/2035 | | | | | | 2,628,414 | | | | | | 2,665,265 | | |
FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/01/2051 | | | | | | 6,606,354 | | | | | | 6,439,530 | | |
FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 116,184 | | | | | | 117,880 | | |
FHLMC Series 4125 Class KP | | | | | 2.500% | | | | | | 05/15/2041 | | | | | | 689,733 | | | | | | 704,555 | | |
FHLMC Series 4198 Class BE | | | | | 2.000% | | | | | | 10/15/2040 | | | | | | 364,607 | | | | | | 367,819 | | |
FHLMC Series 4980 Class DB | | | | | 1.250% | | | | | | 10/25/2034 | | | | | | 3,502,157 | | | | | | 3,471,285 | | |
FHLMC Series 2989 Class TG | | | | | 5.000% | | | | | | 06/15/2025 | | | | | | 138,937 | | | | | | 144,442 | | |
FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.599%)* | | | | | 2.752% | | | | | | 02/01/2046 | | | | | | 186,388 | | | | | | 194,457 | | |
FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.600%)* | | | | | 1.992% | | | | | | 12/01/2044 | | | | | | 162,840 | | | | | | 169,357 | | |
FNMA Pool AL6465 | | | | | 2.920% | | | | | | 11/01/2023 | | | | | | 194,048 | | | | | | 195,073 | | |
FNMA Pool AL7077 | | | | | 4.000% | | | | | | 07/01/2035 | | | | | | 668,452 | | | | | | 735,625 | | |
FNMA Pool AL9230 | | | | | 3.500% | | | | | | 12/01/2029 | | | | | | 695,789 | | | | | | 733,675 | | |
FNMA Pool AM0066 | | | | | 2.630% | | | | | | 08/01/2022 | | | | | | 1,534,944 | | | | | | 1,536,325 | | |
FNMA Pool AN3444 | | | | | 2.230% | | | | | | 11/01/2023 | | | | | | 2,903,238 | | | | | | 2,945,161 | | |
FNMA Pool FM1897 | | | | | 3.000% | | | | | | 09/01/2032 | | | | | | 1,380,327 | | | | | | 1,450,862 | | |
FNMA Pool FM2287 | | | | | 4.500% | | | | | | 03/01/2034 | | | | | | 1,439,065 | | | | | | 1,549,298 | | |
FNMA Pool FM2989 | | | | | 3.000% | | | | | | 09/01/2034 | | | | | | 1,198,175 | | | | | | 1,259,773 | | |
FNMA Pool FM8700 | | | | | 4.500% | | | | | | 07/01/2034 | | | | | | 1,639,507 | | | | | | 1,775,341 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 281,285 | | | | | | 308,342 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 47,892 | | | | | $ | 49,075 | | |
GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 40,607 | | | | | | 41,573 | | |
11.8% – Total United States Government Agency Obligations – Mortgage-Backed Securities | | | | $ | 41,078,471 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Allegeny County Pennsylvania | | | | | 0.843% | | | | | | 11/01/2024 | | | | | | 600,000 | | | | | | 595,949 | | |
Allegeny County Pennsylvania | | | | | 0.973% | | | | | | 11/01/2025 | | | | | | 1,835,000 | | | | | | 1,810,020 | | |
Franklin County Ohio Convention Facitilites | | | | | 1.255% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 497,693 | | |
Kansas Development Finance Authority Revenue | | | | | 3.227% | | | | | | 04/15/2022 | | | | | | 1,600,000 | | | | | | 1,612,768 | | |
Kansas Development Finance Authority Revenue | | | | | 3.491% | | | | | | 04/15/2023 | | | | | | 1,400,000 | | | | | | 1,447,418 | | |
Kent State University | | | | | 1.960% | | | | | | 05/01/2024 | | | | | | 1,000,000 | | | | | | 1,017,630 | | |
Kentucky State Property and Lodging Commission | | | | | 2.080% | | | | | | 11/01/2023 | | | | | | 700,000 | | | | | | 713,538 | | |
Ohio Special Obligation Capital Facilities Lease | | | | | 1.700% | | | | | | 04/01/2023 | | | | | | 500,000 | | | | | | 506,600 | | |
Pennsylvania State University | | | | | 1.545% | | | | | | 09/01/2024 | | | | | | 1,145,000 | | | | | | 1,157,549 | | |
Pennsylvania State University | | | | | 1.645% | | | | | | 09/01/2025 | | | | | | 2,000,000 | | | | | | 2,019,300 | | |
Port of Greater Cincinnati | | | | | 2.100% | | | | | | 04/01/2023 | | | | | | 500,000 | | | | | | 505,475 | | |
University of Cincinnati General Receipts | | | | | 1.878% | | | | | | 06/01/2023 | | | | | | 1,100,000 | | | | | | 1,118,568 | | |
Youngstown Ohio | | | | | 1.000% | | | | | | 07/21/2022 | | | | | | 1,000,000 | | | | | | 1,003,590 | | |
4.0% – Total For Taxable Municipal Bonds | | | | $ | 14,006,098 | | | ||||||||||||||||||
Total Fixed Income Securities 99.5% | | | | $ | 345,419,575 | | | ||||||||||||||||||
(Identified Cost $347,133,042) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 417,248 | | | | | | 417,248 | | |
Total Cash Equivalents 0.1% | | | | $ | 417,248 | | | ||||||||||||||||||
(Identified Cost $417,248) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.6% | | | | $ | 345,836,823 | | | ||||||||||||||||||
(Identified Cost $347,550,290) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.4% | | | | | | | | | | | | | | | | | | | | | | $ | 1,490,043 | | |
Total Net Assets 100.0% | | | | $ | 347,326,866 | | | ||||||||||||||||||
|
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | | | | | ||||||||||||||||||||
American Express Co. | | | | | 4.200% | | | | | | 11/06/2025 | | | | | | 3,550,000 | | | | | $ | 3,907,947 | | |
AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 3,500,000 | | | | | | 3,837,435 | | |
Bank of America | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 4,750,000 | | | | | | 5,063,975 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 2,000,000 | | | | | | 2,102,160 | | |
BB&T Corp. | | | | | 3.950% | | | | | | 03/22/2022 | | | | | | 1,000,000 | | | | | | 1,004,330 | | |
Essex Portfolio LP | | | | | 3.000% | | | | | | 01/15/2030 | | | | | | 2,120,000 | | | | | | 2,221,400 | | |
Essex Portfolio LP | | | | | 4.000% | | | | | | 03/01/2029 | | | | | | 1,216,000 | | | | | | 1,349,796 | | |
Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 3,114,000 | | | | | | 3,195,992 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 700,000 | | | | | | 740,439 | | |
Huntington Bancshares | | | | | 4.000% | | | | | | 05/15/2025 | | | | | | 3,725,000 | | | | | | 4,008,771 | | |
JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 970,000 | | | | | | 1,034,825 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 3,065,000 | | | | | | 3,261,896 | | |
JP Morgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 1,000,000 | | | | | | 1,157,670 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 1,655,000 | | | | | | 1,693,710 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 1,000,000 | | | | | | 1,120,260 | | |
Keycorp | | | | | 4.150% | | | | | | 10/29/2025 | | | | | | 1,000,000 | | | | | | 1,094,120 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 1,500,000 | | | | | | 1,582,695 | | |
Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 1,750,000 | | | | | | 1,998,640 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 4,135,000 | | | | | | 4,404,767 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 1,000,000 | | | | | | 1,084,620 | | |
PNC Financial Services | | | | | 3.450% | | | | | | 04/23/2029 | | | | | | 1,000,000 | | | | | | 1,088,360 | | |
PNC Financial Services | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 2,000,000 | | | | | | 2,094,380 | | |
Suntrust Bank Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 2,000,000 | | | | | | 2,159,540 | | |
US Bancorp | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 2,125,000 | | | | | | 2,243,192 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 3,000,000 | | | | | | 3,175,980 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 2,220,000 | | | | | | 2,420,932 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 2,600,000 | | | | | | 2,906,254 | | |
24.3% – Total Bank and Finance | | | | $ | 61,954,086 | | | ||||||||||||||||||
CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 3,200,000 | | | | | | 3,593,440 | | |
Dover Corp | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 2,650,000 | | | | | | 2,801,501 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 1,900,000 | | | | | | 1,932,338 | | |
Emerson Electric Company | | | | | 2.200% | | | | | | 12/21/2031 | | | | | | 5,000,000 | | | | | | 4,979,270 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 1,860,000 | | | | | | 1,980,509 | | |
Enterprise Products | | | | | 4.150% | | | | | | 10/16/2028 | | | | | | 1,300,000 | | | | | | 1,458,496 | | |
Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 3,000,000 | | | | | | 3,137,100 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 2,282,000 | | | | | | 2,470,105 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 2,100,000 | | | | | | 2,250,171 | | |
Lowes Cos. Inc. | | | | | 4.500% | | | | | | 04/15/2030 | | | | | | 3,250,000 | | | | | | 3,773,055 | | |
McDonalds Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 3,025,000 | | | | | | 3,345,106 | | |
Norfolk Southern Corp. | | | | | 2.900% | | | | | | 06/15/2026 | | | | | | 3,790,000 | | | | | | 3,997,578 | | |
Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 3,600,000 | | | | | | 3,596,850 | | |
Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 1,650,000 | | | | | | 1,709,400 | | |
Verizon Communication Inc. | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 3,235,000 | | | | | | 3,626,079 | | |
Walt Disney Corp. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 4,245,000 | | | | | | 4,770,871 | | |
19.4% – Total Industrial | | | | $ | 49,421,869 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 2,100,000 | | | | | | 2,252,775 | | |
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 2,175,000 | | | | | | 2,275,615 | | |
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 2,750,000 | | | | | $ | 2,737,584 | | |
Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 1,000,000 | | | | | | 1,037,940 | | |
Eversource Energy | | | | | 3.300% | | | | | | 01/15/2028 | | | | | | 2,700,000 | | | | | | 2,873,907 | | |
Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 1,000,000 | | | | | | 1,116,500 | | |
Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 325,000 | | | | | | 332,264 | | |
Georgia Power Co. | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 2,000,000 | | | | | | 2,036,980 | | |
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 1,111,000 | | | | | | 1,121,332 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,035,000 | | | | | | 1,093,415 | | |
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 2,225,000 | | | | | | 2,479,318 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 3.400% | | | | | | 02/07/2028 | | | | | | 500,000 | | | | | | 539,380 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 3.400% | | | | | | 11/15/2023 | | | | | | 3,000,000 | | | | | | 3,121,950 | | |
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 935,000 | | | | | | 952,905 | | |
Virginia Electric & Power Co. | | | | | 3.100% | | | | | | 05/15/2025 | | | | | | 394,000 | | | | | | 413,779 | | |
Virginia Electric & Power Co. | | | | | 3.150% | | | | | | 01/15/2026 | | | | | | 500,000 | | | | | | 528,335 | | |
Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 02/15/2024 | | | | | | 565,000 | | | | | | 588,877 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 3,500,000 | | | | | | 3,677,380 | | |
11.5% – Total Utilities | | | | $ | 29,180,236 | | | ||||||||||||||||||
55.2% Total Corporate Bonds | | | | $ | 140,556,191 | | | ||||||||||||||||||
Certificates of Deposit | | | |||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 261,147 | | |
0.1% – Total For Certificates of Deposit | | | | | 261,147 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note | | | | | 0.125% | | | | | | 04/30/2022 | | | | | | 1,550,000 | | | | | | 1,549,940 | | |
Treasury Note | | | | | 0.250% | | | | | | 10/31/2025 | | | | | | 5,250,000 | | | | | | 5,075,684 | | |
Treasury Note | | | | | 0.625% | | | | | | 12/31/2027 | | | | | | 6,000,000 | | | | | | 5,742,654 | | |
Treasury Note | | | | | 1.500% | | | | | | 11/30/2024 | | | | | | 10,250,000 | | | | | | 10,412,565 | | |
Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 3,250,000 | | | | | | 3,267,257 | | |
Treasury Note | | | | | 2.000% | | | | | | 11/15/2026 | | | | | | 12,500,000 | | | | | | 12,937,500 | | |
Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 10,200,000 | | | | | | 10,472,136 | | |
Treasury Note | | | | | 2.625% | | | | | | 02/15/2029 | | | | | | 8,000,000 | | | | | | 8,650,000 | | |
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 10,250,000 | | | | | | 11,079,635 | | |
Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 9,000,000 | | | | | | 10,006,920 | | |
31.1% – Total United States Government Treasury Obligations | | | | $ | 79,194,291 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLB | | | | | 2.875% | | | | | | 09/13/2024 | | | | | | 1,500,000 | | | | | | 1,575,465 | | |
FHLB | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 1,800,000 | | | | | | 2,009,088 | | |
1.4% – Total United States Government Agency Obligations | | | | $ | 3,584,553 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)* | | | | | 3.278% | | | | | | 04/01/2042 | | | | | | 63,105 | | | | | | 65,331 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 102,650 | | | | | | 116,508 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 752,733 | | | | | | 796,060 | | |
FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 119,378 | | | | | | 125,730 | | |
FHLMC Pool SB0297 | | | | | 3.000% | | | | | | 03/01/2035 | | | | | | 2,618,321 | | | | | | 2,761,517 | | |
FHLMC Pool SC0047 | | | | | 3.000% | | | | | | 01/01/2040 | | | | | | 3,827,488 | | | | | | 4,035,971 | | |
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | ||||||||||||||
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 35,880 | | | | | $ | 37,933 | | | | ||
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 310,708 | | | | | | 325,029 | | | | ||
FHLMC Series 4151 Class PA | | | | | 2.000% | | | | | | 01/15/2033 | | | | | | 1,382,978 | | | | | | 1,407,802 | | | | ||
FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)* | | | | | 2.712% | | | | | | 12/01/2041 | | | | | | 51,834 | | | | | | 53,075 | | | | ||
FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.600%)* | | | | | 1.992% | | | | | | 12/01/2044 | | | | | | 167,258 | | | | | | 173,952 | | | | ||
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 110,415 | | | | | | 120,330 | | | | ||
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 2,500,000 | | | | | | 2,676,875 | | | | ||
FNMA Pool FM5050 | | | | | 2.500% | | | | | | 02/01/2035 | | | | | | 3,482,154 | | | | | | 3,604,203 | | | | ||
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 112,514 | | | | | | 123,337 | | | | ||
FNMA Pool MA1237 | | | | | 3.000% | | | | | | 10/01/2032 | | | | | | 1,098,749 | | | | | | 1,152,598 | | | | ||
FNMA Series 2011-52 Class PC | | | | | 3.000% | | | | | | 03/25/2041 | | | | | | 485,539 | | | | | | 504,771 | | | | ||
FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 702,073 | | | | | | 712,365 | | | | ||
FNMA Series 2015-37 Class BA | | | | | 3.000% | | | | | | 08/25/2044 | | | | | | 922,290 | | | | | | 961,432 | | | | ||
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 671,080 | | | | | | 693,736 | | | | ||
FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 345,387 | | | | | | 360,104 | | | | ||
8.2% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 20,808,659 | | | | ||||||||||||||||||||
Taxable Municipal Bonds | | | ||||||||||||||||||||||||||
Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 3,000,000 | | | | | | 3,339,030 | | | | ||
Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 55,000 | | | | | | 55,653 | | | | ||
Pennsylvania State University | | | | | 1.893% | | | | | | 09/01/2026 | | | | | | 2,000,000 | | | | | | 2,027,160 | | | | ||
2.1% – Total Taxable Municipal Bonds | | | | $ | 5,421,843 | | | | ||||||||||||||||||||
Total Fixed Income Securities 98.1% | | | | $ | 249,826,684 | | | | ||||||||||||||||||||
(Identified Cost $247,871,177) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Preferred Stocks | | | | | | | | | | | | | | | | | Shares | | | | | | ||||||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 59,890 | | | | | | 1,581,695 | | | | ||
Total Preferred Stocks 0.6% | | | | $ | 1,581,695 | | | | ||||||||||||||||||||
(Identified Cost $1,446,031) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Cash Equivalents | | | | | | | ||||||||||||||||||||||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 1,860,763 | | | | | | 1,860,763 | | | | ||
Total Cash Equivalents 0.7% | | | | $ | 1,860,763 | | | | ||||||||||||||||||||
(Identified Cost $1,860,763) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Total Portfolio Value 99.4% | | | | $ | 253,269,142 | | | | ||||||||||||||||||||
(Identified Cost $251,177,971) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Other Assets in Excess of Liabilities 0.6% | | | | | | | | | | | | | | | | | | | | | | $ | 1,456,094 | | | | ||
Total Net Assets 100.0% | | | | $ | 254,725,236 | | | | ||||||||||||||||||||
|
Johnson Institutional Core Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | ||||||||||||||||||||||||
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 9,135,000 | | | | | $ | 9,575,672 | | |
American Express Co. | | | | | 3.125% | | | | | | 05/20/2026 | | | | | | 1,000,000 | | | | | | 1,060,520 | | |
AON Corp. | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 1,650,000 | | | | | | 1,734,711 | | |
AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 5,390,000 | | | | | | 5,909,650 | | |
AON Corp. | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 1,850,000 | | | | | | 2,001,885 | | |
AON Corp. | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 1,000,000 | | | | | | 1,047,810 | | |
Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 12,340,000 | | | | | | 13,155,674 | | |
BB&T Corp. | | | | | 3.875% | | | | | | 03/19/2029 | | | | | | 5,160,000 | | | | | | 5,687,146 | | |
Essex Portfolio LP | | | | | 3.000% | | | | | | 01/15/2030 | | | | | | 9,426,000 | | | | | | 9,876,846 | | |
Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 4,913,000 | | | | | | 5,042,359 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 5,500,000 | | | | | | 5,817,735 | | |
Huntington Bancshares | | | | | 2.550% | | | | | | 02/04/2030 | | | | | | 5,000,000 | | | | | | 5,080,900 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 5,230,000 | | | | | | 5,389,567 | | |
JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 4,280,000 | | | | | | 4,566,032 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 6,670,000 | | | | | | 7,098,481 | | |
JP Morgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 2,000,000 | | | | | | 2,315,340 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 3,325,000 | | | | | | 3,402,772 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 3,740,000 | | | | | | 4,189,772 | | |
Keycorp | | | | | 4.150% | | | | | | 10/29/2025 | | | | | | 1,500,000 | | | | | | 1,641,180 | | |
Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 8,500,000 | | | | | | 9,707,680 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 6,500,000 | | | | | | 6,924,060 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 5,200,000 | | | | | | 5,640,024 | | |
PNC Bank | | | | | 3.450% | | | | | | 04/23/2029 | | | | | | 11,850,000 | | | | | | 12,897,066 | | |
Truist Bank | | | | | 2.250% | | | | | | 03/11/2030 | | | | | | 8,000,000 | | | | | | 7,985,816 | | |
US Bancorp | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 6,815,000 | | | | | | 7,194,050 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 4,500,000 | | | | | | 4,763,970 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 7,530,000 | | | | | | 8,211,540 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 4,599,000 | | | | | | 5,140,716 | | |
25.3% – Total Bank and Finance | | | | $ | 163,058,974 | | | ||||||||||||||||||
Coca-Cola Corp. | | | | | 3.450% | | | | | | 03/25/2030 | | | | | | 2,730,000 | | | | | | 3,022,165 | | |
CVS Health Corp. | | | | | 3.750% | | | | | | 04/01/2030 | | | | | | 1,000,000 | | | | | | 1,098,150 | | |
CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 9,000,000 | | | | | | 10,106,550 | | |
Dover Corp. | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 4,500,000 | | | | | | 4,751,550 | | |
Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 1,500,000 | | | | | | 1,585,755 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 1,945,000 | | | | | | 1,978,104 | | |
Eaton Corp. | | | | | 3.103% | | | | | | 09/15/2027 | | | | | | 3,721,000 | | | | | | 3,978,530 | | |
Emerson Electric Inc. | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 5,160,000 | | | | | | 5,087,094 | | |
Emerson Electric Inc. | | | | | 2.200% | | | | | | 12/21/2031 | | | | | | 8,000,000 | | | | | | 7,966,832 | | |
Enterprise Products | | | | | 4.150% | | | | | | 10/16/2028 | | | | | | 9,500,000 | | | | | | 10,658,240 | | |
Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 1,515,000 | | | | | | 1,584,236 | | |
Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 1,225,000 | | | | | | 1,289,300 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 1,000,000 | | | | | | 1,082,430 | | |
Kroger Co. | | | | | 2.200% | | | | | | 05/01/2030 | | | | | | 1,000,000 | | | | | | 995,534 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 3,300,000 | | | | | | 3,535,983 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 150,000 | | | | | | 157,830 | | |
Lowes Cos. Inc. | | | | | 4.500% | | | | | | 04/15/2030 | | | | | | 9,685,000 | | | | | | 11,243,704 | | |
McDonald’s Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 5,955,000 | | | | | | 6,585,158 | | |
McDonald’s Corp. | | | | | 2.125% | | | | | | 03/01/2030 | | | | | | 3,545,000 | | | | | | 3,536,556 | | |
Nike Inc. | | | | | 3.250% | | | | | | 03/27/2040 | | | | | | 2,850,000 | | | | | | 3,102,681 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | | ||||||||||||||||||||
Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 10,500,000 | | | | | $ | 10,490,813 | | | | | | | ||||||||
Starbucks Corp. | | | | | 3.550% | | | | | | 08/15/2029 | | | | | | 2,000,000 | | | | | | 2,185,920 | | | | | | | ||||||||
Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 800,000 | | | | | | 828,800 | | | | | | | ||||||||
Union Pacific Corp. | | | | | 3.950% | | | | | | 09/10/2028 | | | | | | 2,801,000 | | | | | | 3,144,235 | | | | | | | ||||||||
Verizon Communication Inc. | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 9,821,000 | | | | | | 11,008,261 | | | | | | | ||||||||
Verizon Communication Inc. | | | | | 4.329% | | | | | | 09/21/2028 | | | | | | 1,675,000 | | | | | | 1,905,011 | | | | | | | ||||||||
Walt Disney Corp. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 11,455,000 | | | | | | 12,874,045 | | | | | | | ||||||||
19.5% – Total Industrial | | | | $ | 125,783,467.0 | | | | | | | ||||||||||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 1,936,000 | | | | | | 2,076,844 | | | | | | | ||||||||
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 4,166,000 | | | | | | 4,358,719 | | | | | | | ||||||||
Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 5,000,000 | | | | | | 4,977,425 | | | | | | | ||||||||
Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 6,350,000 | | | | | | 6,590,919 | | | | | | | ||||||||
Eversource Energy | | | | | 3.300% | | | | | | 01/15/2028 | | | | | | 2,500,000 | | | | | | 2,661,025 | | | | | | | ||||||||
Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 6,924,000 | | | | | | 7,730,646 | | | | | | | ||||||||
Georgia Power | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 10,000,000 | | | | | | 10,184,900 | | | | | | | ||||||||
Interstate Power & Light Co. | | | | | 2.300% | | | | | | 06/01/2030 | | | | | | 1,490,000 | | | | | | 1,482,337 | | | | | | | ||||||||
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,525,000 | | | | | | 1,611,071 | | | | | | | ||||||||
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 7,605,000 | | | | | | 8,474,252 | | | | | | | ||||||||
National Rural Utility Cooperative Finance Corp. | | | | | 2.950% | | | | | | 02/07/2024 | | | | | | 1,000,000 | | | | | | 1,036,050 | | | | | | | ||||||||
National Rural Utility Cooperative Finance Corp. | | | | | 3.700% | | | | | | 03/15/2029 | | | | | | 3,900,000 | | | | | | 4,280,172 | | | | | | | ||||||||
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 3,000,000 | | | | | | 3,166,350 | | | | | | | ||||||||
Virginia Electric & Power Co. | | | | | 3.100% | | | | | | 05/15/2025 | | | | | | 2,732,000 | | | | | | 2,869,146 | | | | | | | ||||||||
Virginia Electric & Power Co. | | | | | 3.500% | | | | | | 03/15/2027 | | | | | | 3,932,000 | | | | | | 4,250,964 | | | | | | | ||||||||
Xcel Energy Inc. | | | | | 3.400% | | | | | | 06/01/2030 | | | | | | 4,500,000 | | | | | | 4,844,880 | | | | | | | ||||||||
Xcel Energy Inc. | | | | | 4.000% | | | | | | 06/15/2028 | | | | | | 7,500,000 | | | | | | 8,274,450 | | | | | | | ||||||||
12.2% – Total Utilities | | | | $ | 78,870,150 | | | | | | | ||||||||||||||||||||||||||
57.0% Total Corporate Bonds | | | | $ | 367,712,591 | | | | | | | ||||||||||||||||||||||||||
Certificates of Deposit | | | | | | | |||||||||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 261,147 | | | | | | | ||||||||
0.1% – Total For Certificates of Deposit | | | | | 261,147 | | | | | | | ||||||||||||||||||||||||||
United States Government Treasury Obligations | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 17,000,000 | | | | | | 17,090,270 | | | | | | | ||||||||
Treasury Note | | | | | 1.750% | | | | | | 11/15/2029 | | | | | | 2,000,000 | | | | | | 2,050,000 | | | | | | | ||||||||
Treasury Bond | | | | | 2.000% | | | | | | 02/15/2050 | | | | | | 26,800,000 | | | | | | 27,252,384 | | | | | | | ||||||||
Treasury Note | | | | | 2.000% | | | | | | 08/15/2051 | | | | | | 25,000,000 | | | | | | 25,523,500 | | | | | | | ||||||||
Treasury Bond | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 12,290,000 | | | | | | 14,315,884 | | | | | | | ||||||||
Treasury Note | | | | | 2.000% | | | | | | 02/15/2025 | | | | | | 34,650,000 | | | | | | 35,695,044 | | | | | | | ||||||||
Treasury Note | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 11,800,000 | | | | | | 13,050,092 | | | | | | | ||||||||
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 10,000,000 | | | | | | 10,809,400 | | | | | | | ||||||||
22.6% – Total United States Government Treasury Obligations | | | | $ | 145,786,574 | | | | | | | ||||||||||||||||||||||||||
United States Government Agency Obligations | | | | | | | | | | | | | | ||||||||||||||||||||||||
FHLB | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 4,250,000 | | | | | | 4,743,680 | | | | | | | ||||||||
0.7% – Total United States Government Agency Obligations | | | | | 4,743,680 | | | | | | | ||||||||||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | | | | | | | | | | | | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)* | | | | | 3.278% | | | | | | 04/01/2042 | | | | | | 63,105 | | | | | | 65,331 | | | | | | | ||||||||
FHLMC Pool G01880 | | | | | 5.000% | | | | | | 08/01/2035 | | | | | | 40,825 | | | | | | 45,877 | | | | | | | ||||||||
FHLMC Pool G06616 | | | | | 4.500% | | | | | | 12/01/2035 | | | | | | 91,558 | | | | | | 101,130 | | | | | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 232,079 | | | | | $ | 263,409 | | |
FHLMC Pool G09921 | | | | | 4.000% | | | | | | 07/01/2024 | | | | | | 57,205 | | | | | | 60,181 | | |
FHLMC Pool G15897 | | | | | 2.500% | | | | | | 09/01/2031 | | | | | | 7,118,776 | | | | | | 7,401,534 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 1,129,100 | | | | | | 1,194,091 | | |
FHLMC Pool G18667 | | | | | 3.500% | | | | | | 10/01/2032 | | | | | | 894,878 | | | | | | 946,387 | | |
FHLMC Pool G30933 | | | | | 4.000% | | | | | | 01/01/2036 | | | | | | 5,383,013 | | | | | | 5,807,679 | | |
FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 993,752 | | | | | | 1,078,688 | | |
FHLMC Pool SC0047 | | | | | 3.000% | | | | | | 01/01/2040 | | | | | | 12,747,480 | | | | | | 13,441,835 | | |
FHLMC Pool V61479 | | | | | 2.500% | | | | | | 01/01/2032 | | | | | | 3,746,296 | | | | | | 3,889,442 | | |
FHLMC Pool ZK6713 | | | | | 3.000% | | | | | | 06/01/2029 | | | | | | 4,226,759 | | | | | | 4,432,856 | | |
FHLMC Pool ZT1964 | | | | | 3.500% | | | | | | 06/01/2032 | | | | | | 4,768,097 | | | | | | 5,052,514 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 31,395 | | | | | | 33,191 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 310,708 | | | | | | 325,029 | | |
FHLMC Series 4087 Class PT | | | | | 3.000% | | | | | | 07/15/2042 | | | | | | 501,121 | | | | | | 525,892 | | |
FHLMC Series 4151 Class PA | | | | | 2.000% | | | | | | 01/15/2033 | | | | | | 2,421,185 | | | | | | 2,464,645 | | |
FHLMC Series 4161 Class QA | | | | | 3.000% | | | | | | 02/15/2043 | | | | | | 129,861 | | | | | | 138,438 | | |
FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/2045 | | | | | | 685,561 | | | | | | 715,198 | | |
FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 614,677 | | | | | | 631,931 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 823,852 | | | | | | 853,799 | | |
FHLMC Series 4808 Class PK | | | | | 3.500% | | | | | | 10/15/2045 | | | | | | 104,453 | | | | | | 105,738 | | |
FHLMC Series 4887 Class A | | | | | 3.250% | | | | | | 09/15/2038 | | | | | | 861,879 | | | | | | 902,948 | | |
FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)* | | | | | 2.712% | | | | | | 12/01/2041 | | | | | | 51,834 | | | | | | 53,075 | | |
FNMA Pool 1107 | | | | | 3.500% | | | | | | 07/01/2032 | | | | | | 405,544 | | | | | | 432,610 | | |
FNMA Pool 889050 | | | | | 6.000% | | | | | | 05/01/2037 | | | | | | 160,866 | | | | | | 185,014 | | |
FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 89,877 | | | | | | 101,956 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 110,415 | | | | | | 120,330 | | |
FNMA Pool AL6923 | | | | | 3.000% | | | | | | 05/01/2030 | | | | | | 2,944,124 | | | | | | 3,087,356 | | |
FNMA Pool AL7077 | | | | | 4.000% | | | | | | 07/01/2035 | | | | | | 2,672,474 | | | | | | 2,941,030 | | |
FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 435,909 | | | | | | 461,946 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 3,000,000 | | | | | | 3,212,250 | | |
FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 2,500,000 | | | | | | 2,682,875 | | |
FNMA Pool BL0189 | | | | | 3.830% | | | | | | 10/01/2028 | | | | | | 2,000,000 | | | | | | 2,161,340 | | |
FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 3,000,000 | | | | | | 3,271,470 | | |
FNMA Pool FM3388 | | | | | 4.000% | | | | | | 03/01/2034 | | | | | | 1,762,532 | | | | | | 1,856,422 | | |
FNMA Pool FM5050 | | | | | 2.500% | | | | | | 02/01/2035 | | | | | | 1,852,506 | | | | | | 1,917,436 | | |
FNMA Pool FM5394 | | | | | 3.000% | | | | | | 03/01/2034 | | | | | | 7,425,601 | | | | | | 7,777,277 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 90,011 | | | | | | 98,669 | | |
FNMA Pool MA2773 | | | | | 3.000% | | | | | | 09/01/2036 | | | | | | 1,635,989 | | | | | | 1,715,907 | | |
FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 643,396 | | | | | | 690,010 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 29,292 | | | | | | 30,015 | | |
FNMA Series 2005-64 Class PL | | | | | 5.500% | | | | | | 07/25/2035 | | | | | | 41,900 | | | | | | 46,722 | | |
FNMA Series 2011-53 Class DT | | | | | 4.500% | | | | | | 06/25/2041 | | | | | | 139,900 | | | | | | 153,933 | | |
FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 879,065 | | | | | | 891,952 | | |
FNMA Series 2013-83 Class MH | | | | | 4.000% | | | | | | 08/25/2043 | | | | | | 170,859 | | | | | | 184,296 | | |
FNMA Series 2014-20 Class AC | | | | | 3.000% | | | | | | 08/25/2036 | | | | | | 190,490 | | | | | | 195,114 | | |
FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 150,517 | | | | | | 157,033 | | |
FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 634,921 | | | | | | 651,219 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 1,700,070 | | | | | | 1,757,464 | | |
FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 973,998 | | | | | | 998,027 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | | ||||||||||||||||||||
FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 292,251 | | | | | $ | 304,704 | | | | | | | ||||||||
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 341,876 | | | | | | 344,977 | | | | | | | ||||||||
FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 743,652 | | | | | | 781,430 | | | | | | | ||||||||
FNMA Series 2019-60 Class DA | | | | | 2.500% | | | | | | 03/25/2049 | | | | | | 2,457,545 | | | | | | 2,528,347 | | | | | | | ||||||||
FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/01/2051 | | | | | | 6,235,589 | | | | | | 6,078,128 | | | | | | | ||||||||
GNMA GNR 21-175 | | | | | 2.000% | | | | | | 10/20/2051 | | | | | | 9,092,969 | | | | | | 9,222,726 | | | | | | | ||||||||
16.7% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 107,570,823 | | | | | | | ||||||||||||||||||||||||||
Taxable Municipal Bonds | | | | | | | | | | | | | | ||||||||||||||||||||||||
Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 750,000 | | | | | | 771,735 | | | | | | | ||||||||
Kansas Development Finance Authority Revenue | | | | | 3.741% | | | | | | 04/15/2025 | | | | | | 3,705,000 | | | | | | 3,978,503 | | | | | | | ||||||||
Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 125,000 | | | | | | 139,126 | | | | | | | ||||||||
Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 55,000 | | | | | | 55,653 | | | | | | | ||||||||
Kentucky Property and Buildings Commission Revenue | | | | | 5.373% | | | | | | 11/01/2025 | | | | | | 590,000 | | | | | | 643,171 | | | | | | | ||||||||
Ohio Higher Education Facilities – Cleveland Clinic Health Systems | | | | | 3.849% | | | | | | 01/01/2022 | | | | | | 945,000 | | | | | | 945,000 | | | | | | | ||||||||
Ohio University General Receipts | | | | | 1.766% | | | | | | 12/01/2026 | | | | | | 2,000,000 | | | | | | 2,006,000 | | | | | | | ||||||||
1.3% – Total Taxable Municipal Bonds | | | | $ | 8,539,188 | | | | | | | ||||||||||||||||||||||||||
Total Fixed Income Securities 98.4% | | | | $ | 634,614,003 | | | | | | | ||||||||||||||||||||||||||
(Identified Cost $630,508,493) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Preferred Stocks | | | | | | | | | | | | | | | | | Shares | | | | | | | | | | | | | ||||||||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 83,000 | | | | | | 2,192,030 | | | | | | | ||||||||
Total Preferred Stocks 0.3% | | | | $ | 2,192,030 | | | | | | | ||||||||||||||||||||||||||
(Identified Cost $2,034,817) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Cash Equivalents | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 4,292,806 | | | | | | 4,292,806 | | | | | | | ||||||||
Total Cash Equivalents 0.7% | | | | $ | 4,292,806 | | | | | | | ||||||||||||||||||||||||||
(Identified Cost $4,292,806) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Total Portfolio Value 99.4% | | | | $ | 641,098,839 | | | | | | | ||||||||||||||||||||||||||
(Identified Cost $636,836,116) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Other Assets in Excess of Liabilities 0.6% | | | | $ | 3,803,735 | | | | | | | ||||||||||||||||||||||||||
Total Net Assets 100.0% | | | | $ | 644,902,574 | | | | | | | ||||||||||||||||||||||||||
|
Johnson Enhanced Return Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds | | ||||||||||||||||||||||||
ACE INA Holdings | | | | | 3.350% | | | | | | 05/15/2024 | | | | | | 5,619,000 | | | | | $ | 5,929,955 | | |
American Express Credit | | | | | 2.500% | | | | | | 08/01/2022 | | | | | | 1,700,000 | | | | | | 1,716,915 | | |
American Express Credit | | | | | 2.500% | | | | | | 07/30/2024 | | | | | | 3,247,000 | | | | | | 3,353,924 | | |
AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 660,000 | | | | | | 693,884 | | |
AON PLC | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 3,999,000 | | | | | | 4,327,318 | | |
Bank of America | | | | | 3.875% | | | | | | 08/01/2025 | | | | | | 6,099,000 | | | | | | 6,618,757 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 2,725,000 | | | | | | 2,864,193 | | |
BB&T Corp. | | | | | 3.625% | | | | | | 09/16/2025 | | | | | | 3,540,000 | | | | | | 3,788,331 | | |
Essex Portfolio LP | | | | | 3.500% | | | | | | 04/01/2025 | | | | | | 1,720,000 | | | | | | 1,816,922 | | |
Essex Portfolio LP | | | | | 3.875% | | | | | | 05/01/2024 | | | | | | 2,177,000 | | | | | | 2,291,902 | | |
Fifth Third Bancorp | | | | | 3.500% | | | | | | 03/15/2022 | | | | | | 865,000 | | | | | | 867,976 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 3,964,000 | | | | | | 4,193,000 | | |
Goldman Sachs | | | | | 5.750% | | | | | | 01/24/2022 | | | | | | 4,720,000 | | | | | | 4,734,207 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 4,840,000 | | | | | | 4,987,668 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 4,704,000 | | | | | | 5,006,185 | | |
Keycorp | | | | | 4.150% | | | | | | 10/29/2025 | | | | | | 4,562,000 | | | | | | 4,991,375 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 4,010,000 | | | | | | 4,231,071 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 03/10/2025 | | | | | | 765,000 | | | | | | 810,992 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 1,200,000 | | | | | | 1,278,288 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 4,200,000 | | | | | | 4,555,404 | | |
National Retail Properties | | | | | 4.000% | | | | | | 11/15/2025 | | | | | | 3,055,000 | | | | | | 3,314,583 | | |
PNC Financial Services | | | | | 2.950% | | | | | | 01/30/2023 | | | | | | 3,855,000 | | | | | | 3,941,815 | | |
PNC Financial Services | | | | | 3.800% | | | | | | 07/25/2023 | | | | | | 1,998,000 | | | | | | 2,081,357 | | |
PNC Financial Services | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 425,000 | | | | | | 449,909 | | |
US Bancorp | | | | | 2.400% | | | | | | 07/30/2024 | | | | | | 4,100,000 | | | | | | 4,237,104 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 1,685,000 | | | | | | 1,790,178 | | |
Wells Fargo & Co. | | | | | 3.450% | | | | �� | | 02/13/2023 | | | | | | 3,815,000 | | | | | | 3,923,460 | | |
Wells Fargo & Co. | | | | | 3.550% | | | | | | 09/29/2025 | | | | | | 830,000 | | | | | | 886,241 | | |
27.8% – Total Bank and Finance | | | | $ | 89,682,914 | | | ||||||||||||||||||
Becton Dickinson & Co. | | | | | 3.363% | | | | | | 06/06/2024 | | | | | | 750,000 | | | | | | 785,273 | | |
Chevron Corp. (3 month ICE LIBOR + 0.530)* | | | | | 0.705% | | | | | | 03/03/2022 | | | | | | 2,100,000 | | | | | | 2,101,386 | | |
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 3,300,000 | | | | | | 3,549,513 | | |
Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 4,515,000 | | | | | | 4,773,123 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 4,832,000 | | | | | | 4,914,241 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 4,407,000 | | | | | | 4,513,429 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 500,000 | | | | | | 532,395 | | |
Exxon Mobile Corp. | | | | | 2.992% | | | | | | 03/19/2025 | | | | | | 1,125,000 | | | | | | 1,183,354 | | |
Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 4,252,000 | | | | | | 4,475,187 | | |
Kroger Co. | | | | | 3.400% | | | | | | 04/15/2022 | | | | | | 1,000,000 | | | | | | 1,001,110 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 3,795,000 | | | | | | 3,993,099 | | |
McDonald’s Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 2,300,000 | | | | | | 2,301,472 | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
McDonald’s Corp. | | | | | 3.375% | | | | | | 05/26/2025 | | | | | | 2,545,000 | | | | | $ | 2,705,106 | | |
Microsoft Corp. | | | | | 3.125% | | | | | | 11/03/2025 | | | | | | 1,440,000 | | | | | | 1,535,213 | | |
Norfolk Southern Corp. | | | | | 3.650% | | | | | | 08/01/2025 | | | | | | 3,300,000 | | | | | | 3,531,165 | | |
Norfolk Southern Corp. | | | | | 5.590% | | | | | | 05/17/2025 | | | | | | 1,280,000 | | | | | | 1,439,885 | | |
Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 6,270,000 | | | | | | 6,680,622 | | |
Starbucks Corp. | | | | | 3.100% | | | | | | 03/01/2023 | | | | | | 4,850,000 | | | | | | 4,972,996 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,800,000 | | | | | | 2,926,392 | | |
Union Pacific Corp. | | | | | 3.750% | | | | | | 03/15/2024 | | | | | | 450,000 | | | | | | 473,166 | | |
Walt Disney Corp. | | | | | 1.750% | | | | | | 08/30/2024 | | | | | | 1,640,000 | | | | | | 1,668,470 | | |
Walt Disney Corp. | | | | | 1.750% | | | | | | 01/13/2026 | | | | | | 3,429,000 | | | | | | 3,469,394 | | |
19.6% – Total Industrials | | | | $ | 63,525,991 | | | ||||||||||||||||||
Berkshire Hathaway Energy Company | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 6,317,000 | | | | | | 6,609,224 | | |
Duke Energy Corp. | | | | | 3.750% | | | | | | 04/15/2024 | | | | | | 4,610,000 | | | | | | 4,844,234 | | |
Duke Energy Corp. | | | | | 3.800% | | | | | | 09/01/2023 | | | | | | 890,000 | | | | | | 925,297 | | |
Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 3,938,000 | | | | | | 3,947,215 | | |
Eversource Energy | | | | | 2.800% | | | | | | 05/01/2023 | | | | | | 850,000 | | | | | | 865,657 | | |
Georgia Power Co. | | | | | 2.100% | | | | | | 07/30/2023 | | | | | | 1,700,000 | | | | | | 1,731,127 | | |
Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 500,000 | | | | | | 511,175 | | |
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 2,800,000 | | | | | | 2,826,040 | | |
Interstate Power & Light Co. | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 1,910,000 | | | | | | 2,004,793 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 2,895,000 | | | | | | 3,058,394 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 2.850% | | | | | | 01/27/2025 | | | | | | 1,000,000 | | | | | | 1,044,080 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 2.950% | | | | | | 02/07/2024 | | | | | | 2,030,000 | | | | | | 2,103,182 | | |
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 3,010,000 | | | | | | 3,067,642 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 4,610,000 | | | | | | 4,843,635 | | |
11.9% – Total Utilities | | | | $ | 38,381,695 | | | ||||||||||||||||||
59.3% Total Corporate Bonds | | | | $ | 191,590,600 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note(a) | | | | | 0.125% | | | | | | 04/30/2022 | | | | | | 9,250,000 | | | | | | 9,249,639 | | |
Treasury Note | | | | | 0.250% | | | | | | 06/30/2025 | | | | | | 6,815,000 | | | | | | 6,621,733 | | |
Treasury Note(a) | | | | | 1.500% | | | | | | 01/15/2023 | | | | | | 6,600,000 | | | | | | 6,671,940 | | |
Treasury Note(a) | | | | | 1.500% | | | | | | 02/28/2023 | | | | | | 4,085,000 | | | | | | 4,133,203 | | |
Treasury Note | | | | | 2.000% | | | | | | 06/30/2024 | | | | | | 6,000,000 | | | | | | 6,167,340 | | |
Treasury Note | | | | | 2.000% | | | | | | 02/15/2025 | | | | | | 4,500,000 | | | | | | 4,635,720 | | |
Treasury Note | | | | | 2.000% | | | | | | 08/15/2025 | | | | | | 5,045,000 | | | | | | 5,203,463 | | |
Treasury Note | | | | | 2.625% | | | | | | 12/31/2023 | | | | | | 3,850,000 | | | | | | 3,993,336 | | |
14.5% – Total United States Government Treasury Obligations | | | | $ | 46,676,374 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLB | | | | | 1.375% | | | | | | 08/26/2026 | | | | | | 4,100,000 | | | | | | 4,093,682 | | |
FHLB | | | | | 1.375% | | | | | | 09/29/2026 | | | | | | 1,600,000 | | | | | | 1,596,030 | | |
FHLMC | | | | | 0.500% | | | | | | 06/03/2024 | | | | | | 1,140,000 | | | | | | 1,126,246 | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | | ||||||||||||||||||||
FHLMC | | | | | 0.450% | | | | | | 07/22/2024 | | | | | | 4,000,000 | | | | | $ | 3,940,948 | | | | | | | ||||||||
FNMA | | | | | 0.500% | | | | | | 06/17/2025 | | | | | | 9,210,000 | | | | | | 9,027,532 | | | | | | | ||||||||
FNMA | | | | | 0.375% | | | | | | 08/25/2025 | | | | | | 9,195,000 | | | | | | 8,941,430 | | | | | | | ||||||||
FHLMC | | | | | 0.375% | | | | | | 09/23/2025 | | | | | | 5,945,000 | | | | | | 5,782,523 | | | | | | | ||||||||
10.7% – Total United States Government Agency Obligations | | | | $ | 34,508,391 | | | | | | | ||||||||||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | | | | | | | | | | | | | ||||||||||||||||||||||||
FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 1,190,599 | | | | | | 1,257,868 | | | | | | | ||||||||
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 1,053,826 | | | | | | 1,114,485 | | | | | | | ||||||||
FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 37,519 | | | | | | 39,515 | | | | | | | ||||||||
FHLMC Pool J32364 | | | | | 2.500% | | | | | | 11/01/2028 | | | | | | 1,306,970 | | | | | | 1,353,367 | | | | | | | ||||||||
FHLMC Pool SB0380 | | | | | 3.500% | | | | | | 02/01/2034 | | | | | | 1,171,827 | | | | | | 1,252,109 | | | | | | | ||||||||
FHLMC Pool ZS7207 | | | | | 3.500% | | | | | | 07/01/2030 | | | | | | 1,164,750 | | | | | | 1,229,510 | | | | | | | ||||||||
FHLMC Pool ZT1964 | | | | | 3.500% | | | | | | 06/01/2032 | | | | | | 2,292,354 | | | | | | 2,429,093 | | | | | | | ||||||||
FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 402,176 | | | | | | 408,047 | | | | | | | ||||||||
FHLMC Series 4050 Class BG | | | | | 1.000% | | | | | | 01/15/2041 | | | | | | 1,214,946 | | | | | | 1,195,361 | | | | | | | ||||||||
FHLMC Series 4198 Class BE | | | | | 2.000% | | | | | | 10/15/2040 | | | | | | 1,006,091 | | | | | | 1,014,954 | | | | | | | ||||||||
FHLMC Series 4271 Class CE | | | | | 2.000% | | | | | | 08/15/2036 | | | | | | 351,794 | | | | | | 355,168 | | | | | | | ||||||||
FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 349,253 | | | | | | 356,458 | | | | | | | ||||||||
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 1,006,930 | | | | | | 1,043,532 | | | | | | | ||||||||
FHLMC Series 5092 Class XC | | | | | 1.500% | | | | | | 01/15/2041 | | | | | | 2,459,846 | | | | | | 2,450,804 | | | | | | | ||||||||
FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)* | | | | | 2.712% | | | | | | 12/01/2041 | | | | | | 51,834 | | | | | | 53,075 | | | | | | | ||||||||
FNMA Pool 1106 | | | | | 3.000% | | | | | | 07/01/2032 | | | | | | 2,636,203 | | | | | | 2,765,404 | | | | | | | ||||||||
FNMA Pool 833200 | | | | | 5.500% | | | | | | 09/01/2035 | | | | | | 313,775 | | | | | | 355,510 | | | | | | | ||||||||
FNMA Pool AL7077 | | | | | 4.000% | | | | | | 07/01/2035 | | | | | | 1,343,829 | | | | | | 1,478,870 | | | | | | | ||||||||
FNMA Pool AL9230 | | | | | 3.500% | | | | | | 12/01/2029 | | | | | | 1,159,648 | | | | | | 1,222,791 | | | | | | | ||||||||
FNMA Pool AT2060 | | | | | 2.500% | | | | | | 04/01/2028 | | | | | | 1,348,021 | | | | | | 1,395,498 | | | | | | | ||||||||
FNMA Pool FM1536 | | | | | 2.500% | | | | | | 11/01/2030 | | | | | | 547,600 | | | | | | 567,259 | | | | | | | ||||||||
FNMA Pool FM1973 | | | | | 4.000% | | | | | | 09/01/2036 | | | | | | 2,282,768 | | | | | | 2,493,239 | | | | | | | ||||||||
FNMA Pool FM2287 | | | | | 4.500% | | | | | | 03/01/2034 | | | | | | 1,083,416 | | | | | | 1,166,405 | | | | | | | ||||||||
FNMA Pool FM2989 | | | | | 3.000% | | | | | | 09/01/2034 | | | | | | 1,377,901 | | | | | | 1,448,739 | | | | | | | ||||||||
FNMA Pool FM7224 | | | | | 4.500% | | | | | | 11/01/2038 | | | | | | 1,276,312 | | | | | | 1,382,246 | | | | | | | ||||||||
FNMA Series 2013-3 Class DK | | | | | 1.750% | | | | | | 02/25/2033 | | | | | | 707,878 | | | | | | 718,171 | | | | | | | ||||||||
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 179,843 | | | | | | 180,917 | | | | | | | ||||||||
FNMA Series 2015-28 Class P | | | | | 2.500% | | | | | | 05/25/2045 | | | | | | 3,161,282 | | | | | | 3,268,639 | | | | | | | ||||||||
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 195,358 | | | | | | 197,130 | | | | | | | ||||||||
FNMA Series 2020-44 Class TE | | | | | 2.000% | | | | | | 12/25/2035 | | | | | | 3,217,930 | | | | | | 3,263,045 | | | | | | | ||||||||
FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/01/2051 | | | | | | 2,157,177 | | | | | | 2,102,704 | | | | | | | ||||||||
GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 40,607 | | | | | | 41,573 | | | | | | | ||||||||
GNMA Pool 728920 | | | | | 4.000% | | | | | | 12/15/2024 | | | | | | 58,397 | | | | | | 59,850 | | | | | | | ||||||||
12.3% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 39,661,336 | | | | | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Allegheny County Pennsylvania GO | | | | | 0.694% | | | | | | 11/01/2023 | | | | | | 2,200,000 | | | | | $ | 2,194,399 | | |
Franklin County Ohio Convention Facilities | | | | | 1.155% | | | | | | 12/01/2024 | | | | | | 550,000 | | | | | | 550,545 | | |
Kansas Development Finance Authority Revenue | | | | | 3.227% | | | | | | 04/15/2022 | | | | | | 1,700,000 | | | | | | 1,713,566 | | |
Kent State University Revenue | | | | | 1.875% | | | | | | 05/01/2023 | | | | | | 1,000,000 | | | | | | 1,013,430 | | |
Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 110,000 | | | | | | 111,306 | | |
Pittsburgh Pennsylvania GO 2020B | | | | | 0.507% | | | | | | 09/01/2022 | | | | | | 500,000 | | | | | | 500,560 | | |
University of Cincinnati General Receipts | | | | | 1.878% | | | | | | 06/01/2023 | | | | | | 1,200,000 | | | | | | 1,220,256 | | |
2.2% Total Taxable Municipal Bonds | | | | $ | 7,304,062 | | | ||||||||||||||||||
Total Fixed Income Securities 99.0% | | | | $ | 319,740,763 | | | ||||||||||||||||||
(Identified Cost $321,804,723) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & Cash Equivalents | | | | | | | | | | | | | | | | | Shares | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 2,299,878 | | | | | | 2,299,878 | | |
Total Cash Equivalents 0.7% | | | | $ | 2,299,878 | | | ||||||||||||||||||
(Identified Cost $2,299,878) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.7% | | | | $ | 322,040,641 | | | ||||||||||||||||||
(Identified Cost $324,104,601) | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities in Excess of Other Assets 0.3% | | | | $ | 852,487 | | | ||||||||||||||||||
Total Net Assets: 100.0% | | | | $ | 322,893,128 | | | ||||||||||||||||||
Futures Contracts | | | Long Contracts | | | Notional Value at Purchase | | | Notional Value 9/30/2021 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
E-mini Standard & Poor’s 500 (50 units per contract) expiring December 2021 | | | | | 1,349 | | | | | | 315,765,329 | | | | | | 320,960,825 | | | | | | 5,195,496 | | |
| | | | | | | | | | $ | 315,765,329 | | | | | $ | 320,960,825 | | | | | $ | 5,195,496 | | |
|
Johnson Core Plus Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds | | ||||||||||||||||||||||||
American Express Co. | | | | | 1.650% | | | | | | 11/04/2026 | | | | | | 250,000 | | | | | $ | 250,660 | | |
AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 215,000 | | | | | | 235,728 | | |
Bank of America Corp. Senior Unsecured Notes | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 295,000 | | | | | | 314,500 | | |
Essex Portfolio LP | | | | | 3.000% | | | | | | 01/15/2030 | | | | | | 225,000 | | | | | | 235,762 | | |
Fifth Third Bancorp Subordinated Notes | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 220,000 | | | | | | 232,709 | | |
Huntington Bankcshares | | | | | 2.550% | | | | | | 02/04/2030 | | | | | | 230,000 | | | | | | 233,721 | | |
JPMorgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 270,000 | | | | | | 312,571 | | |
Keycorp | | | | | 4.150% | | | | | | 10/29/2025 | | | | | | 200,000 | | | | | | 218,824 | | |
March McLennan Co. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 205,000 | | | | | | 234,126 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 215,000 | | | | | | 233,193 | | |
PNC Financial Services Subordinated Notes | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 220,000 | | | | | | 232,894 | | |
Truist Bank | | | | | 2.250% | | | | | | 03/11/2030 | | | | | | 315,000 | | | | | | 314,442 | | |
U. S. Bancorp. | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 295,000 | | | | | | 311,408 | | |
Wells Fargo Subordinated Notes | | | | | 4.300% | | | | | | 01/22/2027 | | | | | | 280,000 | | | | | | 312,981 | | |
22.4% – Total Bank and Finance | | | | $ | 3,673,519 | | | ||||||||||||||||||
Ball Corp | | | | | 2.875% | | | | | | 08/15/2030 | | | | | | 170,000 | | | | | | 165,416 | | |
Becton Dickinson & Co. | | | | | 3.700% | | | | | | 06/06/2027 | | | | | | 220,000 | | | | | | 239,895 | | |
CCO Holdings LLC Cap Corp.(a) | | | | | 5.375% | | | | | | 06/01/2029 | | | | | | 150,000 | | | | | | 161,936 | | |
CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 210,000 | | | | | | 235,820 | | |
Eaton Corp. | | | | | 3.103% | | | | | | 09/15/2027 | | | | | | 220,000 | | | | | | 235,226 | | |
Emerson Electric | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 320,000 | | | | | | 315,479 | | |
Enterprise Products Inc. | | | | | 2.800% | | | | | | 01/31/2030 | | | | | | 230,000 | | | | | | 239,874 | | |
H.B. Fuller Co. | | | | | 4.250% | | | | | | 10/15/2028 | | | | | | 160,000 | | | | | | 164,810 | | |
HCA Inc. | | | | | 5.375% | | | | | | 02/01/2025 | | | | | | 145,000 | | | | | | 159,322 | | |
Iron Mountain Inc.(a) | | | | | 4.875% | | | | | | 09/15/2027 | | | | | | 160,000 | | | | | | 165,856 | | |
Johnson Controls International plc | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 215,000 | | | | | | 232,722 | | |
Kroger Co. | | | | | 2.200% | | | | | | 05/01/2030 | | | | | | 235,000 | | | | | | 233,950 | | |
Lowe’s Co. | | | | | 4.500% | | | | | | 04/15/2030 | | | | | | 205,000 | | | | | | 237,993 | | |
Mattell Inc.(a) | | | | | 3.750% | | | | | | 04/01/2029 | | | | | | 155,000 | | | | | | 160,944 | | |
McDonald’s Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 215,000 | | | | | | 237,751 | | |
SBA Communications. | | | | | 3.875% | | | | | | 02/15/2027 | | | | | | 160,000 | | | | | | 165,187 | | |
SS&C Technologies Inc.(a) | | | | | 5.500% | | | | | | 09/30/2027 | | | | | | 150,000 | | | | | | 157,095 | | |
Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 235,000 | | | | | | 234,794 | | |
T-Mobile USA Inc. | | | | | 3.375% | | | | | | 04/15/2029 | | | | | | 160,000 | | | | | | 163,234 | | |
Union Pacific Co. | | | | | 3.950% | | | | | | 09/10/2028 | | | | | | 210,000 | | | | | | 235,733 | | |
Verizon Communications | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 280,000 | | | | | | 313,849 | | |
Walt Disney Co. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 210,000 | | | | | | 236,015 | | |
Xylem | | | | | 1.950% | | | | | | 01/30/2028 | | | | | | 235,000 | | | | | | 233,367 | | |
30.0% – Total Industrials | | | | $ | 4,926,268 | | | ||||||||||||||||||
Berkshire Hathaway Energy Company | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 220,000 | | | | | | 236,005 | | |
Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 235,000 | | | | | | 233,939 | | |
Eversource Energy | | | | | 1.650% | | | | | | 08/15/2030 | | | | | | 250,000 | | | | | | 234,079 | | |
Georgia Power Co. | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 230,000 | | | | | | 234,253 | | |
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 210,000 | | | | | | 234,003 | | |
National Rural Utilities Corp. | | | | | 3.400% | | | | | | 02/07/2028 | | | | | | 290,000 | | | | | | 312,840 | | |
Virginia Electric & Power Co. | | | | | 3.500% | | | | | | 03/15/2027 | | | | | | 215,000 | | | | | | 232,441 | | |
Johnson Core Plus Bond Fund | Portfolio of Investments as of December 31, 2021 |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Xcel Energy Inc. | | | | | 3.400% | | | | | | 06/01/2030 | | | | | | 220,000 | | | | | $ | 236,861 | | |
11.9% – Total Utilities | | | | $ | 1,954,421 | | | ||||||||||||||||||
64.3% Total Corporate Bonds | | | | $ | 10,554,208 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note | | | | | 1.625% | | | | | | 05/15/2026 | | | | | | 895,000 | | | | | | 910,313 | | |
Treasury Note | | | | | 2.000% | | | | | | 08/15/2051 | | | | | | 770,000 | | | | | | 786,124 | | |
Treasury Note(b) | | | | | 1.500% | | | | | | 11/30/2024 | | | | | | 860,000 | | | | | | 873,640 | | |
Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 700,000 | | | | | | 703,717 | | |
19.9% – Total United States Government Treasury Obligations | | | | $ | 3,273,794 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | ||||||||||||||||||||||||
FHLMC Pool ZS9278 | | | | | 4.000% | | | | | | 05/01/2037 | | | | | | 437,177 | | | | | | 476,987 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 311,233 | | | | | | 322,546 | | |
FHLMC Pool AL5491 | | | | | 4.000% | | | | | | 06/01/2034 | | | | | | 422,208 | | | | | | 460,485 | | |
FHLMC Pool AU7025 | | | | | 3.000% | | | | | | 11/01/2043 | | | | | | 433,568 | | | | | | 456,477 | | |
FHLMC Pool MA1222 | | | | | 4.000% | | | | | | 10/01/2032 | | | | | | 445,602 | | | | | | 479,112 | | |
13.4% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 2,195,607 | | | ||||||||||||||||||
Total Fixed Income Securities 97.6% | | | | $ | 16,023,609 | | | ||||||||||||||||||
(Identified Cost $16,010,542) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | | Shares | | | | | | | | |
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 6,500 | | | | | | 171,665 | | |
Total Preferred Stocks 1.0% | | | | $ | 171,665 | | | ||||||||||||||||||
(Identified Cost $170,386) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & Cash Equivalents | | | | | | | | | | | | | | | | | Shares | | | | | | | | |
First American Government Obligation Fund, Class Z, 0.02%* | | | | | | | | | | | | | | | | | 100,996 | | | | | | 100,996 | | |
First American Government Obligation Fund, Class Y, 0.01%* | | | | | | | | | | | | | | | | | 2,625 | | | | | | 2,625 | | |
Total Cash Equivalents 0.7% | | | | $ | 103,621 | | | ||||||||||||||||||
(Identified Cost $103,621) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.3% | | | | $ | 16,298,895 | | | ||||||||||||||||||
(Identified Cost $16,284,549) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.7% | | | | $ | 122,042 | | | ||||||||||||||||||
Total Net Assets: 100.0% | | | | $ | 16,420,937 | | | ||||||||||||||||||
Futures Contracts | | | Long Contracts | | | Notional Value at Purchase | | | Notional Value 12/31/2021 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
United States Ultra Treasury Bond CBT expiring March 2022 | | | 4 | | | | | 797,267 | | | | | | 788,500 | | | | | | (8,767) | | | |||
| | | | | | | | | | $ | 797,267 | | | | | $ | 788,500 | | | | | $ | (8,767) | | |
|
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 345,836,823 | | | | | $ | 253,269,142 | | | | | $ | 641,098,839 | | |
Interest Receivable | | | | | 2,220,294 | | | | | | 1,495,570 | | | | | | 4,305,877 | | |
Fund Shares Sold Receivable | | | | | — | | | | | | 13,302 | | | | | | 265,370 | | |
Receivable for CMO Paydowns | | | | | 1,143 | | | | | | 1,034 | | | | | | 1,034 | | |
Total Assets | | | | $ | 348,058,260 | | | | | $ | 254,779,048 | | | | | $ | 645,671,120 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Accrued Management Fee | | | | $ | 70,301 | | | | | $ | 53,812 | | | | | $ | 137,064 | | |
Fund Shares Redeemed Payable | | | | | 661,093 | | | | | | — | | | | | | 631,482 | | |
Total Liabilities | | | | $ | 731,394 | | | | | $ | 53,812 | | | | | $ | 768,546 | | |
Net Assets | | | | $ | 347,326,866 | | | | | $ | 254,725,236 | | | | | $ | 644,902,574 | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 349,216,988 | | | | | $ | 252,654,705 | | | | | $ | 642,328,325 | | |
Accumulated Earnings (Losses) | | | | | (1,890,122) | | | | | | 2,070,531 | | | | | | 2,574,249 | | |
Net Assets | | | | $ | 347,326,866 | | | | | $ | 254,725,236 | | | | | $ | 644,902,574 | | |
Pricing of Class I Shares | | | | | | | | | | | | | | | | | | | |
Net assets applicable to Class I Shares | | | | $ | 347,319,614 | | | | | $ | 254,717,848 | | | | | $ | 640,680,121 | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 22,931,383 | | | | | | 15,892,257 | | | | | | 38,135,305 | | |
Net asset value, offering price and redemption price | | | | $ | 15.15 | | | | | $ | 16.03 | | | | | $ | 16.80 | | |
Pricing of Class F Shares | | | | | | | | | | | | | | | | | | | |
Net assets applicable to Class F Shares | | | | $ | 7,252 | | | | | $ | 7,388 | | | | | $ | 4,222,453 | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 473 | | | | | | 451 | | | | | | 247,474 | | |
Net asset value, offering price and redemption price | | | | $ | 15.33 | | | | | $ | 16.37 | | | | | $ | 17.06 | | |
*Identified Cost of Investment Securities | | | | $ | 347,550,290 | | | | | $ | 251,177,971 | | | | | $ | 636,836,116 | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Johnson Enhanced Return Fund | | | Johnson Core Plus Bond Fund | | ||||||
Assets: | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 322,040,641 | | | | | $ | 16,298,895 | | |
Cash at Broker | | | | | — | | | | | | 3,875 | | |
Variation Margin Receivable | | | | | — | | | | | | 6,250 | | |
Interest Receivable | | | | | 2,043,114 | | | | | | 118,089 | | |
Receivable from Adviser | | | | | — | | | | | | 10,536 | | |
Total Assets | | | | $ | 324,083,755 | | | | | $ | 16,437,645 | | |
Liabilities: | | | | | | | | | | | | | |
Accrued Management Fee | | | | $ | 98,698 | | | | | $ | 6,208 | | |
Accrued Other Expenses | | | | | — | | | | | | 10,500 | | |
Variation Margin Payable | | | | | 925,756 | | | | | | — | | |
Fund Shares Redeemed Payable | | | | | 166,173 | | | | | | — | | |
Total Liabilities | | | | $ | 1,190,627 | | | | | $ | 16,708 | | |
Net Assets | | | | $ | 322,893,128 | | | | | $ | 16,420,937 | | |
Net Assets Consist of: | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 312,696,916 | | | | | $ | 16,383,315 | | |
Accumulated Earnings | | | | | 10,196,212 | | | | | | 37,622 | | |
Net Assets | | | | $ | 322,893,128 | | | | | $ | 16,420,937 | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 18,549,902 | | | | | | 1,091,937 | | |
Net asset value, offering price and redemption price | | | | $ | 17.41 | | | | | $ | 15.04 | | |
*Identified Cost of Investment Securities | | | | $ | 324,104,601 | | | | | $ | 16,284,549 | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | |||||||||
| | | Year ended 12/31/2021 | | | Year ended 12/31/2021 | | | Year ended 12/31/2021 | | |||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | |
Interest | | | | $ | 3,473,770 | | | | | $ | 4,041,268 | | | | | $ | 10,872,764 | | |
Dividends | | | | | 941 | | | | | | 76,820 | | | | | | 107,151 | | |
Total Investment Income | | | | $ | 3,474,711 | | | | | $ | 4,118,088 | | | | | $ | 10,979,915 | | |
Expenses: | | | | | | | | | | | | | | | | | | | |
Gross Management Fee | | | | $ | 980,301 | | | | | $ | 705,614 | | | | | $ | 1,875,560 | | |
Distribution Fee | | | | | 19 | | | | | | 19 | | | | | | 25,445 | | |
Total Expenses | | | | $ | 980,320 | | | | | $ | 705,633 | | | | | $ | 1,901,005 | | |
Management Fee Waiver (Note #5) | | | | | (163,388) | | | | | | (117,605) | | | | | | (312,601) | | |
Distribution Fee Waiver (Note #5) | | | | | (8) | | | | | | (8) | | | | | | (10,842) | | |
Net Expenses | | | | $ | 816,924 | | | | | $ | 588,020 | | | | | $ | 1,577,562 | | |
Net Investment Income | | | | $ | 2,657,787 | | | | | $ | 3,530,068 | | | | | $ | 9,402,353 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) from Security Transactions | | | | $ | 873,088 | | | | | $ | 789,992 | | | | | $ | (309,808) | | |
Net Change in Unrealized Gain/(Loss) on Investments | | | | | (6,681,692) | | | | | | (8,191,414) | | | | | | (21,051,353) | | |
Net Gain/(Loss) on Investments | | | | $ | (5,808,604) | | | | | $ | (7,401,422) | | | | | $ | (21,361,161) | | |
Net Change in Net Assets from Operations | | | | $ | (3,150,817) | | | | | $ | (3,871,354) | | | | | $ | (11,958,808) | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Johnson Enhanced Return Fund | | | Johnson Core Plus Bond Fund* | | ||||||
| | | Year ended 12/31/2021 | | | Period ended 12/31/2021 | | ||||||
Investment Income: | | | | | | | | | | | | | |
Interest | | | | $ | 3,038,584 | | | | | $ | 36,800 | | |
Dividends | | | | | 1,091 | | | | | | 2,078 | | |
Total Investment Income | | | | $ | 3,039,675 | | | | | $ | 38,878 | | |
Expenses: | | | | | | | | | | | | | |
Gross Management Fee | | | | $ | 1,063,086 | | | | | $ | 8,313 | | |
Auditing Expense | | | | | — | | | | | | 10,500 | | |
Other Expenses | | | | | 10,461 | | | | | | 1,847 | | |
Total Expenses | | | | $ | 1,073,547 | | | | | $ | 20,660 | | |
Management Fee Waiver (Note #5) | | | | | — | | | | | | (12,347) | | |
Net Expenses | | | | $ | 1,073,547 | | | | | $ | 8,313 | | |
Net Investment Income | | | | $ | 1,966,128 | | | | | $ | 30,565 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | |
Net Realized Gain/(Loss) from Security Transactions | | | | $ | 94,501 | | | | | $ | 29,646 | | |
Net Realized Gain from Futures Contracts | | | | | 71,899,315 | | | | | | — | | |
Net Change in Unrealized Gain/(Loss) on Investments | | | | | (5,424,749) | | | | | | 14,346 | | |
Net Change in Unrealized Gain/(Loss) on Futures Contracts | | | | | 2,254,977 | | | | | | (8,767) | | |
Net Gain/(Loss) on Investments | | | | $ | 68,824,044 | | | | | $ | 35,225 | | |
Net Change in Net Assets from Operations | | | | $ | 70,790,172 | | | | | $ | 65,790 | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | |||||||||||||||||||||||||||
| | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | ||||||||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 2,657,787 | | | | | $ | 3,260,990 | | | | | $ | 3,530,068 | | | | | $ | 3,392,308 | | | | | $ | 9,402,353 | | | | | $ | 7,444,639 | | |
Net Realized Gain (Loss) from Security Transactions | | | | | 873,088 | | | | | | 343,924 | | | | | | 789,992 | | | | | | 2,378,288 | | | | | | (309,808) | | | | | | 6,535,775 | | |
Net Change in Unrealized Gain (Loss) on Investments | | | | | (6,681,692) | | | | | | 3,380,387 | | | | | | (8,191,414) | | | | | | 5,480,058 | | | | | | (21,051,353) | | | | | | 15,210,064 | | |
Net Change in Net Assets from Operations | | | | $ | (3,150,817) | | | | | $ | 6,985,301 | | | | | $ | (3,871,354) | | | | | $ | 11,250,654 | | | | | $ | (11,958,808) | | | | | $ | 29,190,478 | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From Class I | | | | $ | (3,213,191) | | | | | $ | (3,516,307) | | | | | $ | (4,358,445) | | | | | $ | (5,777,067) | | | | | $ | (10,702,031) | | | | | $ | (13,907,824) | | |
From Class F | | | | | (61) | | | | | | (33) | | | | | | (73) | | | | | | (121) | | | | | | (89,976) | | | | | | (91,578) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | (3,213,252) | | | | | $ | (3,516,340) | | | | | $ | (4,358,518) | | | | | $ | (5,777,188) | | | | | $ | (10,792,007) | | | | | $ | (13,999,402) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | $ | 149,905,832 | | | | | $ | 219,584,891 | | | | | $ | 70,933,354 | | | | | $ | 106,958,991 | | | | | $ | 224,269,336 | | | | | $ | 337,960,691 | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 1,568,872 | | | | | | 1,294,489 | | | | | | 1,666,934 | | | | | | 1,681,927 | | | | | | 8,085,254 | | | | | | 10,321,322 | | |
Payments for Shares Redeemed | | | | | (124,888,404) | | | | | | (62,050,701) | | | | | | (29,260,870) | | | | | | (48,236,675) | | | | | | (128,870,532) | | | | | | (65,101,336) | | |
Net Increase from Class I share capital transactions | | | | | 26,586,300 | | | | | | 158,828,679 | | | | | | 43,339,418 | | | | | | 60,404,243 | | | | | | 103,484,058 | | | | | | 283,180,677 | | |
From Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | — | | | | | | 4,083 | | | | | | — | | | | | | 4,083 | | | | | | 7,167,548 | | | | | | 7,195,320 | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 61 | | | | | | 33 | | | | | | 73 | | | | | | 121 | | | | | | 89,756 | | | | | | 17,234 | | |
Payments for Shares Redeemed | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,621,351) | | | | | | (478,394) | | |
Net Increase (Decrease) from Class F share capital transactions | | | | | 61 | | | | | | 4,116 | | | | | | 73 | | | | | | 4,204 | | | | | | (2,364,047) | | | | | | 6,734,160 | | |
Net Change in Net Assets | | | | $ | 20,222,292 | | | | | $ | 162,301,756 | | | | | $ | 35,109,619 | | | | | $ | 65,881,913 | | | | | $ | 78,369,196 | | | | | $ | 305,105,913 | | |
Net Assets at Beginning of Year | | | | $ | 327,104,574 | | | | | $ | 164,802,818 | | | | | $ | 219,615,617 | | | | | $ | 153,733,704 | | | | | $ | 566,533,378 | | | | | $ | 261,427,465 | | |
Net Assets at End of Year | | | | $ | 347,326,866 | | | | | $ | 327,104,574 | | | | | $ | 254,725,236 | | | | | $ | 219,615,617 | | | | | $ | 644,902,574 | | | | | $ | 566,533,378 | | |
JOHNSON MUTUAL FUNDS | December 31, 2021 |
| | | Johnson Enhanced Return Fund | | | Johnson Core Plus Bond Fund* | | ||||||||||||
| | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | | Period ended 12/31/2021 | | |||||||||
Operations: | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 1,966,128 | | | | | $ | 2,756,103 | | | | | $ | 30,565 | | |
Net Realized Gain (Loss) from Security Transactions | | | | | 94,501 | | | | | | 1,161,699 | | | | | | 29,646 | | |
Net Realized Gain from Futures Contracts | | | | | 71,899,315 | | | | | | 30,521,375 | | | | | | — | | |
Net Change in Unrealized Gain (Loss) on Investments | | | | | (5,424,749) | | | | | | 1,795,476 | | | | | | 14,346 | | |
Net Change in Unrealized (Loss) on Futures Contracts | | | | | 2,254,977 | | | | | | 390,598 | | | | | | (8,767) | | |
Net Change in Net Assets from Operations | | | | $ | 70,790,172 | | | | | $ | 36,625,251 | | | | | $ | 65,790 | | |
Distributions to Shareholders (see Note 2) | | | | $ | (95,802,143) | | | | | $ | (13,853,649) | | | | | $ | (28,168) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | $ | 27,199,925 | | | | | $ | 92,390,446 | | | | | $ | 16,385,749 | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 95,512,983 | | | | | | 13,633,185 | | | | | | 28,168 | | |
Payments for Shares Redeemed | | | | | (36,093,377) | | | | | | (51,443,976) | | | | | | (30,602) | | |
Net Increase from Class I share capital transactions | | | | | 86,619,531 | | | | | | 54,579,655 | | | | | | 16,383,315 | | |
Net Change in Net Assets | | | | $ | 61,607,560 | | | | | $ | 77,351,257 | | | | | $ | 16,420,937 | | |
Net Assets at Beginning of Year | | | | $ | 261,285,568 | | | | | $ | 183,934,311 | | | | | $ | — | | |
Net Assets at End of Period | | | | $ | 322,893,128 | | | | | $ | 261,285,568 | | | | | $ | 16,420,937 | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
| | | Year Ended December 31 | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net Asset Value, beginning of year | | | | $ | 15.44 | | | | | $ | 15.12 | | | | | $ | 14.80 | | | | | $ | 14.96 | | | | | $ | 14.98 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.13 | | | | | | 0.26 | | | | | | 0.35 | | | | | | 0.31 | | | | | | 0.24 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.27) | | | | | | 0.33 | | | | | | 0.33 | | | | | | (0.14) | | | | | | (0.01) | | |
Total Operations | | | | $ | (0.14) | | | | | $ | 0.59 | | | | | $ | 0.68 | | | | | $ | 0.17 | | | | | $ | 0.23 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.15) | | | | | | (0.27) | | | | | | (0.36) | | | | | | (0.33) | | | | | | (0.25) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | — | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.15) | | | | | $ | (0.27) | | | | | $ | (0.36) | | | | | $ | (0.33) | | | | | $ | (0.25) | | |
Net Asset Value, end of year | | | | $ | 15.15 | | | | | $ | 15.44 | | | | | $ | 15.12 | | | | | $ | 14.80 | | | | | $ | 14.96 | | |
Total Return(b) | | | | | (0.91)% | | | | | | 3.91% | | | | | | 4.65% | | | | | | 1.16% | | | | | | 1.54% | | |
Net Assets, end of year (millions) | | | | $ | 347.32 | | | | | $ | 327.10 | | | | | $ | 164.80 | | | | | $ | 142.03 | | | | | $ | 139.20 | | |
Ratios/supplemental data(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 0.76% | | | | | | 1.54% | | | | | | 2.30% | | | | | | 2.06% | | | | | | 1.53% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 0.81% | | | | | | 1.59% | | | | | | 2.35% | | | | | | 2.11% | | | | | | 1.59% | | |
Portfolio Turnover Rate | | | | | 58.31% | | | | | | 37.11% | | | | | | 48.01% | | | | | | 39.88% | | | | | | 48.04% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
| | | Year Ended 12/31/2021 | | | 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 | | | | | 0.10 | | | | | | 0.16 | | | | | | 0.32 | | | | | | 0.18 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.27) | | | | | | 0.42 | | | | | | 0.33 | | | | | | 0.02 | | |
Total Operations | | | | $ | (0.17) | | | | | $ | 0.58 | | | | | $ | 0.65 | | | | | $ | 0.20 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.13) | | | | | | (0.15) | | | | | | (0.36) | | | | | | (0.08) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.13) | | | | | $ | (0.15) | | | | | $ | (0.36) | | | | | $ | (0.08) | | |
Net Asset Value, end of year | | | | $ | 15.33 | | | | | $ | 15.63 | | | | | $ | 15.20 | | | | | $ | 14.91 | | |
Total Return(a) | | | | | (1.09)% | | | | | | 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% | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 0.51% | | | | | | 1.33% | | | | | | 1.98% | | | | | | 1.06% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 0.66% | | | | | | 1.48% | | | | | | 2.13% | | | | | | 1.21% | | |
Portfolio Turnover Rate | | | | | 58.31% | | | | | | 37.11% | | | | | | 48.01% | | | | | | 39.88% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
| | | Year Ended December 31 | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net Asset Value, beginning of year | | | | $ | 16.60 | | | | | $ | 15.98 | | | | | $ | 15.27 | | | | | $ | 15.63 | | | | | $ | 15.56 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.25 | | | | | | 0.34 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 0.35 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.52) | | | | | | 0.80 | | | | | | 0.73 | | | | | | (0.35) | | | | | | 0.11 | | |
Total Operations | | | | $ | (0.27) | | | | | $ | 1.14 | | | | | $ | 1.14 | | | | | $ | 0.06 | | | | | $ | 0.46 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.26) | | | | | | (0.35) | | | | | | (0.42) | | | | | | (0.42) | | | | | | (0.36) | | |
Net Realized Capital Gains | | | | | (0.04) | | | | | | (0.17) | | | | | | (0.01) | | | | | | — | | | | | | (0.03) | | |
Total Distributions | | | | $ | (0.30) | | | | | $ | (0.52) | | | | | $ | (0.43) | | | | | $ | (0.42) | | | | | $ | (0.39) | | |
Net Asset Value, end of year | | | | $ | 16.03 | | | | | $ | 16.60 | | | | | $ | 15.98 | | | | | $ | 15.27 | | | | | $ | 15.63 | | |
Total Return(a) | | | | | (1.66)% | | | | | | 7.20% | | | | | | 7.53% | | | | | | 0.42% | | | | | | 2.99% | | |
Net Assets, end of year (millions) | | | | $ | 254.72 | | | | | $ | 219.61 | | | | | $ | 153.73 | | | | | $ | 138.42 | | | | | $ | 126.54 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.45% | | | | | | 1.99% | | | | | | 2.57% | | | | | | 2.61% | | | | | | 2.19% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.50% | | | | | | 2.04% | | | | | | 2.62% | | | | | | 2.66% | | | | | | 2.25% | | |
Portfolio Turnover Rate | | | | | 32.34% | | | | | | 41.17% | | | | | | 32.83% | | | | | | 39.66% | | | | | | 40.37% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
| | | Year Ended 12/31/2021 | | | 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 | | | | | 0.22 | | | | | | 0.21 | | | | | | 0.37 | | | | | | 0.22 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.53) | | | | | | 0.92 | | | | | | 0.75 | | | | | | 0.04 | | |
Total Operations | | | | $ | (0.31) | | | | | $ | 1.13 | | | | | $ | 1.12 | | | | | $ | 0.26 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.12) | | | | | | (0.21) | | | | | | (0.41) | | | | | | (0.12) | | |
Net Realized Capital Gains | | | | | (0.04) | | | | | | (0.17) | | | | | | (0.01) | | | | | | — | | |
Total Distributions | | | | $ | (0.16) | | | | | $ | (0.38) | | | | | $ | (0.42) | | | | | $ | (0.12) | | |
Net Asset Value, end of year | | | | $ | 16.37 | | | | | $ | 16.84 | | | | | $ | 16.09 | | | | | $ | 15.39 | | |
Total Return(a) | | | | | (1.83)% | | | | | | 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% | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.20% | | | | | | 1.82% | | | | | | 2.26% | | | | | | 1.31% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.35% | | | | | | 1.97% | | | | | | 2.41% | | | | | | 1.46% | | |
Portfolio Turnover Rate | | | | | 32.34% | | | | | | 41.17% | | | | | | 32.83% | | | | | | 39.66% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
| | | Year Ended December 31 | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net Asset Value, beginning of year | | | | $ | 17.45 | | | | | $ | 16.41 | | | | | $ | 15.49 | | | | | $ | 15.91 | | | | | $ | 15.73 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.26 | | | | | | 0.34 | | | | | | 0.43 | | | | | | 0.40 | | | | | | 0.37 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.62) | | | | | | 1.24 | | | | | | 0.94 | | | | | | (0.40) | | | | | | 0.21 | | |
Total Operations | | | | $ | (0.36) | | | | | $ | 1.58 | | | | | $ | 1.37 | | | | | $ | (0.00) | | | | | $ | 0.58 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.29) | | | | | | (0.36) | | | | | | (0.44) | | | | | | (0.42) | | | | | | (0.39) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.18) | | | | | | (0.01) | | | | | | — | | | | | | (0.01) | | |
Total Distributions | | | | $ | (0.29) | | | | | $ | (0.54) | | | | | $ | (0.45) | | | | | $ | (0.42) | | | | | $ | (0.40) | | |
Net Asset Value, end of year | | | | $ | 16.80 | | | | | $ | 17.45 | | | | | $ | 16.41 | | | | | $ | 15.49 | | | | | $ | 15.91 | | |
Total Return(a) | | | | | (2.04)% | | | | | | 9.71% | | | | | | 8.94% | | | | | | 0.13% | | | | | | 3.72% | | |
Net Assets, end of year (millions) | | | | $ | 640.68 | | | | | $ | 559.67 | | | | | $ | 261.28 | | | | | $ | 217.25 | | | | | $ | 201.22 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.46% | | | | | | 1.85% | | | | | | 2.59% | | | | | | 2.62% | | | | | | 2.29% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.51% | | | | | | 1.90% | | | | | | 2.64% | | | | | | 2.67% | | | | | | 2.35% | | |
Portfolio Turnover Rate | | | | | 42.67% | | | | | | 30.08% | | | | | | 28.83% | | | | | | 39.62% | | | | | | 31.42% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
| | | Year Ended 12/31/2021 | | | 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 | | | | | 0.33 | | | | | | 0.26 | | | | | | 0.40 | | | | | | 0.23 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.71) | | | | | | 1.31 | | | | | | 0.92 | | | | | | 0.10 | | |
Total Operations | | | | $ | (0.38) | | | | | $ | 1.57 | | | | | $ | 1.32 | | | | | $ | 0.33 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.17) | | | | | | (0.27) | | | | | | (0.43) | | | | | | (0.13) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.18) | | | | | | (0.01) | | | | | | — | | |
Total Distributions | | | | $ | (0.17) | | | | | $ | (0.45) | | | | | $ | (0.44) | | | | | $ | (0.13) | | |
Net Asset Value, end of year | | | | $ | 17.06 | | | | | $ | 17.61 | | | | | $ | 16.49 | | | | | $ | 15.61 | | |
Total Return(a) | | | | | (2.15)% | | | | | | 9.57% | | | | | | 8.56% | | | | | | 2.14% | | |
Net Assets, end of year (millions) | | | | $ | 4.222 | | | | | $ | 6.867 | | | | | $ | 0.148 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.19% | | | | | | 1.49% | | | | | | 2.18% | | | | | | 1.29% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.34% | | | | | | 1.64% | | | | | | 2.33% | | | | | | 1.44% | | |
Portfolio Turnover Rate | | | | | 42.67% | | | | | | 30.08% | | | | | | 28.83% | | | | | | 39.62% | | |
FINANCIAL HIGHLIGHTS | Johnson Enhanced Return Fund |
| | | Year Ended December 31 | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net Asset Value, beginning of year | | | | $ | 19.12 | | | | | $ | 16.97 | | | | | $ | 14.21 | | | | | $ | 16.27 | | | | | $ | 16.28 | | |
Operations: | | | | | | | ��� | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.14 | | | | | | 0.21 | | | | | | 0.37 | | | | | | 0.35 | | | | | | 0.26 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 4.94 | | | | | | 3.00 | | | | | | 4.40 | | | | | | (1.32) | | | | | | 3.21 | | |
Total Operations | | | | $ | 5.08 | | | | | $ | 3.21 | | | | | $ | 4.77 | | | | | $ | (0.97) | | | | | $ | 3.47 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.18) | | | | | | (0.23) | | | | | | (0.38) | | | | | | (0.35) | | | | | | (0.26) | | |
Net Realized Capital Gains | | | | | (6.61) | | | | | | (0.83) | | | | | | (1.63) | | | | | | (0.74) | | | | | | (3.22) | | |
Total Distributions | | | | $ | (6.79) | | | | | $ | (1.06) | | | | | $ | (2.01) | | | | | $ | (1.09) | | | | | $ | (3.48) | | |
Net Asset Value, end of year | | | | $ | 17.41 | | | | | $ | 19.12 | | | | | $ | 16.97 | | | | | $ | 14.21 | | | | | $ | 16.27 | | |
Total Return(a) | | | | | 26.51% | | | | | | 19.38% | | | | | | 33.80% | | | | | | (6.06)% | | | | | | 21.39% | | |
Net Assets, end of year (millions) | | | | $ | 322.89 | | | | | $ | 261.29 | | | | | $ | 183.93 | | | | | $ | 125.93 | | | | | $ | 137.98 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | |
Ratio of Net Investment Income to average net assets | | | | | 0.65% | | | | | | 1.27% | | | | | | 2.21% | | | | | | 2.00% | | | | | | 1.45% | | |
Portfolio Turnover Rate | | | | | 40.89% | | | | | | 96.76% | | | | | | 46.04% | | | | | | 73.00% | | | | | | 40.40% | | |
FINANCIAL HIGHLIGHTS | Johnson Core Plus Bond Fund |
| | | Period ended 12/31/2021* | | |||
Net Asset Value, beginning of period | | | | $ | 15.00 | | |
Operations: | | | | | | | |
Net Investment Income | | | | | 0.03 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.04 | | |
Total Operations | | | | $ | 0.07 | | |
Distributions: | | | | | | | |
Net Investment Income | | | | | (0.03) | | |
Net Realized Capital Gains | | | | | — | | |
Total Distributions | | | | $ | (0.03) | | |
Net Asset Value, end of period | | | | $ | 15.04 | | |
Total Return(a)(c) | | | | | 0.44% | | |
Net Assets, end of period (millions) | | | | $ | 16.42 | | |
Ratios/supplemental data(b) | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 1.09%(d) | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.45%(d) | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 0.96%(d) | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.60%(d) | | |
Portfolio Turnover Rate(c) | | | | | 69.02% | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
Description | | | Gross amounts of Recognized Liabilities | | | 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 | | | | $ | (925,756) | | | | | $ | — | | | | | $ | (925,756) | | | | | $ | 925,756 | | | | | $ | — | | | | | $ | — | | |
Total | | | | $ | (925,756) | | | | | $ | — | | | | | $ | (925,756) | | | | | $ | 925,756 | | | | | $ | — | | | | | $ | — | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
| | | Short Duration | | | Intermediate | | | Core | | | Enhanced Return | | | Core Plus | | |||||||||||||||
Cost of Portfolio Investments | | | | | 347,588,731 | | | | | | 251,203,911 | | | | | | 636,889,562 | | | | | | 324,133,047 | | | | | | 16,284,549 | | |
Gross unrealized appreciation | | | | | 1,220,870 | | | | | | 4,349,942 | | | | | | 12,464,555 | | | | | | 902,638 | | | | | | 52,713 | | |
Gross unrealized depreciation | | | | | (2,972,779) | | | | | | (2,284,711) | | | | | | (8,255,279) | | | | | | (2,995,044) | | | | | | (38,367) | | |
Net unrealized appreciation | | | | | (1,751,909) | | | | | | 2,065,231 | | | | | | 4,209,276 | | | | | | (2,092,406) | | | | | | 14,346 | | |
Undistributed ordinary income | | | | | — | | | | | | 5,301 | | | | | | 9,976 | | | | | | 4,734,794 | | | | | | 23,276 | | |
Undistributed Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | 7,553,824 | | | | | | — | | |
Other accumulated gains/(losses) | | | | | (138,213) | | | | | | — | | | | | | (1,654,003) | | | | | | — | | | | | | — | | |
Accumulated Earnings | | | | | (1,890,122) | | | | | | 2,070,532 | | | | | | 2,574,249 | | | | | | 10,196,212 | | | | | | 37,622 | | |
| | | Long-term | | | Short-term | | | Total | | |||||||||
Short Duration | | | | | — | | | | | $ | 138,213 | | | | | $ | 138,213 | | |
Core Bond Fund | | | | | — | | | | | | 1,645,003 | | | | | | 1,645,003 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
| | | Paid in Capital | | | Accumulated Earnings | | ||||||
Short Duration Bond Fund | | | | $ | 1,732 | | | | | $ | (1,732) | | |
| | | | | | | | | Ordinary Income | | | Net Realized Long-Term Capital Gain | | | Total Taxable Distributions Paid | | | Return of Capital | | | Total Distributions Paid | | |||||||||||||||
Short Duration Bond Fund | | | | | 2020 | | | | | | 3,506,742 | | | | | | — | | | | | | 3,506,742 | | | | | | 9,598 | | | | | | 3,516,340 | | |
| | | | | 2021 | | | | | | 3,205,386 | | | | | | — | | | | | | 3,205,386 | | | | | | 7,866 | | | | | | 3,213,252 | | |
Intermediate Bond Fund | | | | | 2020 | | | | | | 4,253,092 | | | | | | 1,524,096 | | | | | | 5,777,188 | | | | | | — | | | | | | 5,777,188 | | |
| | | | | 2021 | | | | | | 3,799,525 | | | | | | 558,993 | | | | | | 4,358,518 | | | | | | — | | | | | | 4,358,518 | | |
Core Bond Fund | | | | | 2020 | | | | | | 10,120,371 | | | | | | 3,879,031 | | | | | | 13,999,402 | | | | | | — | | | | | | 13,999,402 | | |
| | | | | 2021 | | | | | | 10,791,123 | | | | | | 884 | | | | | | 10,792,007 | | | | | | — | | | | | | 10,792,007 | | |
Enhanced Return Fund | | | | | 2020 | | | | | | 7,301,274 | | | | | | 6,552,375 | | | | | | 13,853,649 | | | | | | — | | | | | | 13,853,649 | | |
| | | | | 2021 | | | | | | 40,209,967 | | | | | | 55,592,176 | | | | | | 95,802,143 | | | | | | — | | | | | | 95,802,143 | | |
Core Plus Fund | | | | | 2021 | | | | | | 28,168 | | | | | | — | | | | | | 28,168 | | | | | | — | | | | | | 28,168 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
Short Duration Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 209,301,228 | | | | | $ | — | | | | | $ | 209,301,228 | | |
Certificates of Deposit | | | | | — | | | | | | 261,147 | | | | | | — | | | | | | 261,147 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 51,500,212 | | | | | | — | | | | | | 51,500,212 | | |
U.S. Agency Obligations | | | | | — | | | | | | 29,272,419 | | | | | | — | | | | | | 29,272,419 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 41,078,471 | | | | | | — | | | | | | 41,078,471 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 14,006,098 | | | | | | — | | | | | | 14,006,098 | | |
Cash Equivalents | | | | | 417,248 | | | | | | — | | | | | | — | | | | | | 417,248 | | |
Total | | | | $ | 417,248 | | | | | | 345,419,575 | | | | | $ | — | | | | | $ | 345,836,823 | | |
Intermediate Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 140,556,191 | | | | | $ | — | | | | | $ | 140,556,191 | | |
Certificates of Deposit | | | | | — | | | | | | 261,147 | | | | | | — | | | | | | 261,147 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 79,194,291 | | | | | | — | | | | | | 79,194,291 | | |
U.S. Agency Obligations | | | | | — | | | | | | 3,584,553 | | | | | | — | | | | | | 3,584,553 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 20,808,659 | | | | | | — | | | | | | 20,808,659 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 5,421,843 | | | | | | — | | | | | | 5,421,843 | | |
Preferred Stocks | | | | | 1,581,695 | | | | | | — | | | | | | — | | | | | | 1,581,695 | | |
Cash Equivalents | | | | | 1,860,763 | | | | | | — | | | | | | — | | | | | | 1,860,763 | | |
Total | | | | $ | 3,442,458 | | | | | $ | 249,826,684 | | | | | $ | — | | | | | $ | 253,269,142 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
Core Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 367,712,591 | | | | | $ | — | | | | | $ | 367,712,591 | | |
Certificates of Deposit | | | | | — | | | | | | 261,147 | | | | | | — | | | | | | 261,147 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 145,786,574 | | | | | | — | | | | | | 145,786,574 | | |
U.S. Agency Obligations | | | | | — | | | | | | 4,743,680 | | | | | | — | | | | | | 4,743,680 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 107,570,823 | | | | | | — | | | | | | 107,570,823 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 8,539,188 | | | | | | — | | | | | | 8,539,188 | | |
Preferred Stocks | | | | | 2,192,030 | | | | | | — | | | | | | — | | | | | | 2,192,030 | | |
Cash Equivalents | | | | | 4,292,806 | | | | | | — | | | | | | — | | | | | | 4,292,806 | | |
Total | | | | $ | 6,484,836 | | | | | $ | 634,614,003 | | | | | $ | — | | | | | $ | 641,098,839 | | |
Enhanced Return Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 191,590,600 | | | | | $ | — | | | | | $ | 191,590,600 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 46,676,374 | | | | | | — | | | | | | 46,676,374 | | |
U.S. Agency Obligations | | | | | — | | | | | | 34,508,391 | | | | | | — | | | | | | 34,508,391 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 39,661,336 | | | | | | — | | | | | | 39,661,336 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 7,304,062 | | | | | | — | | | | | | 7,304,062 | | |
Cash Equivalents | | | | | 2,299,878 | | | | | | — | | | | | | — | | | | | | 2,299,878 | | |
Sub-Total | | | | $ | 2,299,878 | | | | | $ | 319,740,763 | | | | | $ | — | | | | | $ | 322,040,641 | | |
Other Financial Instruments** | | | | | 5,195,496 | | | | | | — | | | | | | — | | | | | | 5,195,496 | | |
Total | | | | $ | 7,495,374 | | | | | $ | 319,740,763 | | | | | $ | — | | | | | $ | 327,236,137 | | |
Core Plus Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 10,554,208 | | | | | $ | — | | | | | $ | 10,554,208 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 3,273,794 | | | | | | — | | | | | | 3,273,794 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 2,195,607 | | | | | | — | | | | | | 2,195,607 | | |
Preferred Stocks | | | | | 171,665 | | | | | | — | | | | | | — | | | | | | 171,665 | | |
Cash Equivalents | | | | | 103,621 | | | | | | — | | | | | | — | | | | | | 103,621 | | |
Sub-Total | | | | $ | 275,286 | | | | | $ | 16,023,609 | | | | | $ | — | | | | | $ | 16,298,895 | | |
Other Financial Instruments** | | | | | (8,767) | | | | | | — | | | | | | — | | | | | | (8,767) | | |
Total | | | | $ | 266,519 | | | | | $ | 16,023,609 | | | | | $ | — | | | | | $ | 16,290,128 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
Fund | | | Management Fee | | | Management 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% | | | | | $ | 816,924 | | | | | $ | 163,396 | | | | | $ | 70,301 | | |
Intermediate Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 588,020 | | | | | | 117,613 | | | | | | 53,812 | | |
Core Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 1,577,562 | | | | | | 323,443 | | | | | | 137,064 | | |
Enhanced Return Fund | | | | | 0.35% | | | | | | — | | | | | | 0.35% | | | | | | 1,073,547 | | | | | | — | | | | | | 98,698 | | |
Core Plus Bond Fund | | | | | 0.45% | | | | | | — | | | | | | 0.45% | | | | | | 8,313 | | | | | | 12,347 | | | | | | 16,708 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
| Short Duration Bond Fund (Class I Shares): | | | | | | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 35.73% | | |
| Covenant Trust Company | | | | | 31.49% | | |
| Short Duration Bond Fund (Class F Shares): | | | | | | | |
| Client accounts held by the Advisor | | | | | 100% | | |
| Intermediate Bond Fund (Class I Shares): | | | | | | | |
| Covenant Trust Company | | | | | 42.71% | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 26.84% | | |
| Intermediate Bond Fund (Class F Shares): | | | | | | | |
| Client accounts held by the Advisor | | | | | 100% | | |
| Core Bond Fund (Class I Shares): | | | | | | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 30.48% | | |
| Core Bond Fund (Class F Shares): | | | | | | | |
| LPL Financial Group | | | | | 69.78% | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 26.18% | | |
| Enhanced Return Fund: | | | | | | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 88.46% | | |
| Core Plus Bond Fund: | | | | | | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 99.98% | | |
| | | 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 | | | | $ | 162,605,273 | | | | | $ | 98,676,868 | | | | | $ | 62,400,534 | | | | | $ | 77,049,957 | | |
Intermediate Bond Fund | | | | | 75,018,069 | | | | | | 40,062,771 | | | | | | 47,119,320 | | | | | | 35,130,311 | | |
Core Bond Fund | | | | | 187,746,950 | | | | | | 95,295,701 | | | | | | 179,400,701 | | | | | | 166,897,751 | | |
Enhanced Return Fund | | | | | 135,694,398 | | | | | | 56,807,663 | | | | | | 70,808,010 | | | | | | 56,509,339 | | |
Core Plus Bond Fund | | | | | 12,927,456 | | | | | | — | | | | | | 14,300,696 | | | | | | 11,064,267 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
| | | Short Duration Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares | | ||||||||||||||||||
| | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | ||||||||||||
Issued | | | | | 9,780,042 | | | | | | 14,248,957 | | | | | | — | | | | | | 261 | | |
Reinvested | | | | | 102,496 | | | | | | 84,281 | | | | | | 4 | | | | | | 2 | | |
Redeemed | | | | | (8,134,538) | | | | | | (4,049,488) | | | | | | — | | | | | | — | | |
Change in shares outstanding | | | | | 1,748,000 | | | | | | 10,283,750 | | | | | | 4 | | | | | | 263 | | |
Shares outstanding, beginning of period | | | | | 21,183,383 | | | | | | 10,899,633 | | | | | | 469 | | | | | | 206 | | |
Shares outstanding, end of period | | | | | 22,931,383 | | | | | | 21,183,383 | | | | | | 473 | | | | | | 469 | | |
| | | Intermediate Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares | | ||||||||||||||||||
| | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | ||||||||||||
Issued | | | | | 4,357,931 | | | | | | 6,405,223 | | | | | | — | | | | | | 241 | | |
Reinvested | | | | | 102,798 | | | | | | 101,507 | | | | | | 4 | | | | | | 7 | | |
Redeemed | | | | | (1,795,095) | | | | | | (2,898,069) | | | | | | — | | | | | | — | | |
Change in shares outstanding | | | | | 2,665,634 | | | | | | 3,608,661 | | | | | | 4 | | | | | | 248 | | |
Shares outstanding, beginning of period | | | | | 13,226,623 | | | | | | 9,617,962 | | | | | | 447 | | | | | | 199 | | |
Shares outstanding, end of period | | | | | 15,892,257 | | | | | | 13,226,623 | | | | | | 451 | | | | | | 447 | | |
| | | Core Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares | | ||||||||||||||||||
| | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | ||||||||||||
Issued | | | | | 13,186,206 | | | | | | 19,345,514 | | | | | | 417,147 | | | | | | 407,063 | | |
Reinvested | | | | | 477,422 | | | | | | 592,448 | | | | | | 5,241 | | | | | | 980 | | |
Redeemed | | | | | (7,608,542) | | | | | | (3,777,802) | | | | | | (564,819) | | | | | | (27,094) | | |
Change in shares outstanding | | | | | 6,055,086 | | | | | | 16,160,160 | | | | | | (142,431) | | | | | | 380,949 | | |
Shares outstanding, beginning of period | | | | | 32,080,219 | | | | | | 15,920,059 | | | | | | 389,905 | | | | | | 8,956 | | |
Shares outstanding, end of period | | | | | 38,135,305 | | | | | | 32,080,219 | | | | | | 247,474 | | | | | | 389,905 | | |
| | | Enhanced Return Fund | | | Core Plus Bond Fund | | ||||||||||||
| | | Year ended 12/31/2021 | | | Year ended 12/31/2020 | | | Period Ended* 12/31/2021 | | |||||||||
Issued | | | | | 1,292,949 | | | | | | 5,493,586 | | | | | | 1,092,101 | | |
Reinvested | | | | | 5,443,728 | | | | | | 748,479 | | | | | | 1,879 | | |
Redeemed | | | | | (1,849,266) | | | | | | (3,415,468) | | | | | | (2,043) | | |
Change in shares outstanding | | | | | 4,887,411 | | | | | | 2,826,597 | | | | | | 1,091,937 | | |
Shares outstanding, beginning of period | | | | | 13,662,491 | | | | | | 10,835,894 | | | | | | — | | |
Shares outstanding, end of period | | | | | 18,549,902 | | | | | | 13,662,491 | | | | | | 1,091,937 | | |
NOTES TO THE FINANCIAL STATEMENTS | December 31, 2021 |
DISCLOSURE OF EXPENSES (Unaudited) | December 31, 2021 |
Short Duration Bond Fund | | | Beginning Account Value June 30, 2021 | | | Ending Account Value December 31, 2021 | | | Expenses Paid During Period* July 1, 2021 – December 31, 2021 | | |||||||||
Class I – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 990.96 | | | | | $ | 1.25 | | |
Class I – Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,023.95 | | | | | $ | 1.29 | | |
Class F – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 989.12 | | | | | $ | 2.01 | | |
Class F – Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,023.19 | | | | | $ | 2.06 | | |
Intermediate Bond Fund | | | | | | | | | | | | | | | | | | | |
Class I – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 983.51 | | | | | $ | 1.25 | | |
Class I – Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,023.95 | | | | | $ | 1.29 | | |
Class F – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 981.78 | | | | | $ | 2.00 | | |
Class F – Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,023.19 | | | | | $ | 2.06 | | |
Core Bond Fund | | | | | | | | | | | | | | | | | | | |
Class I – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 979.63 | | | | | $ | 1.25 | | |
Class I – Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,023.95 | | | | | $ | 1.29 | | |
Class F – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 978.45 | | | | | $ | 1.99 | | |
Class F – Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,023.19 | | | | | $ | 2.06 | | |
Enhanced Return Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,265.74 | | | | | $ | 2.00 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,023.44 | | | | | $ | 1.81 | | |
ADDITIONAL INFORMATION | December 31, 2021 |
3777 West Fork Road
Cincinnati OH 45247
Johnson Mutual Funds Trust
| Fund Name | | | Statements of Operations | | | Statement(s) of Changes in Net Assets | | | Financial Highlights | |
| Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund, and Johnson Enhanced Return Fund | | | For the year ended December 31, 2021 | | | For the years ended December 31, 2021 2020 | | | For the years ended December 31, 2021, 2020, 2019, 2018, and 2017 | |
| Johnson Core Plus Bond Fund | | | For the period from November 17, 2021 (commencement of operations) through December 31, 2021 | |
Cleveland, Ohio
March 1, 2022
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 | | | 10 | | | None | |
INDEPENDENT TRUSTEES | | | | | | | | | | | | | | | | |
Ronald H. McSwain (79) 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 | | | 10 | | | None | |
John R. Green (79) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Retired from The Procter & Gamble Company; Purchases Director, Global Baby Care | | | 10 | | | None | |
James J. Berrens (56) 3777 West Fork Rd Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Christian Community Health Services: Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 | | | 10 | | | None | |
Dr. Jeri B. Ricketts (64) 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 | | | 10 | | | None | |
NAME, ADDRESS AND AGE | | | CURRENT POSITION HELD WITH TRUST | | | YEAR SERVICE COMMENCED | | | PRINCIPAL OCCUPATION DURING PAST FIVE YEARS | | | NUMBER OF PORTFOLIOS OVERSEEN | | | OTHER DIRECTORSHIPS HELD DURING THE PAST FIVE YEARS | |
OFFICERS | | | | | | | | | | | | | | | | |
Jason O. Jackman (50) 3777 West Fork Rd. Cincinnati, Ohio 45247 | | | President | | | Since 2013 | | | President and Chief Investment Officer of the 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 (50) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Secretary | | | Since 2007 | | | Fund Administration & Compliance Associate for the Trust’s Adviser | | | NA | | | NA | |
| Ronald H. McSwain | | | Independent Trustee, Chairman | |
| Timothy E. Johnson | | | Interested Trustee | |
| James J. Berrens | | | Independent Trustee | |
| John R. Green | | | Independent Trustee | |
| Jeri B. Ricketts | | | Independent Trustee | |
| Jason Jackman | | | President | |
| Scott J. Bischoff | | | Chief Compliance Officer | |
| Marc E. Figgins | | | Chief Financial Officer, Treasurer | |
| Jennifer J. Kelhoffer | | | Secretary | |
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100 (800) 541-0170
425 Walnut Street
Cincinnati, OH 45202
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
312 Walnut Street, 14th Floor
Cincinnati, Ohio 45202
by the Funds’ prospectus, which illustrates each Fund’s objectives, policies, management fees,
and other information that may be helpful in making an investment decision.
Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
(1) | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
(2) | Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; |
(3) | Compliance with applicable governmental laws, rules, and regulations; |
(4) | The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and |
(5) | Accountability for adherence to the code. |
(c) Amendments: During the period covered by the report, the code of ethics was amended, to remove language related to trading against any restricted list, beginning February 19, 2019, attached herewith.
(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.
(e) Not applicable.
(f) 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
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that that the registrant does not have an audit committee financial expert serving on its Audit Committee as defined by the SEC. The board determined that, although none of the Audit Committee members meet the technical definition of an audit committee financial expert as defined by the SEC, the members have sufficient financial expertise to address any issues that are likely to come before the committee. It was the consensus of the Trustees that it is not necessary at the present time for the committee to have an audit committee financial expert and that, if an issue ever arises, the committee will consider hiring an expert to assist as needed.
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Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
FY 2020 | $ | 69,450.00 | ||||||
FY 2021 | $ | 71.700.00 |
(b) | Audit-Related Fees |
Registrant | Adviser | |||||||
FY 2020 | $ | 4,600.00 | $ | 9,500.00 | ||||
FY 2021 | $ | 4,600.00 | $ | 9,500.00 |
(c) | Tax Fees |
Registrant | Adviser | |||||||
FY 2020 | $ | 24,750.00 | $ | 0.00 | ||||
FY 2021 | $ | 27,000.00 | $ | 0.00 |
Nature of the services: The auditor completed the annual tax returns.
(d) | All Other Fees |
Registrant | Adviser | |||||||
FY 2020 | $ | 0.00 | $ | 0.00 | ||||
FY 2021 | $ | 0.00 | $ | 0.00 |
(e) | (1) | Audit Committee’s Pre-Approval Policies |
The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. All non-audit services provided to the Trust or the Adviser by the Trust’s principal accountant are specifically approved in advance on a case-by-case basis by the Board’s audit committee.
(2) | Percentages of Services Approved by the Audit Committee |
None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. All non-audit services were pre-approved by the audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X.
(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
-3-
(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:
Registrant | Adviser | |||||||
FY 2020 | $ | 24,750.00 | $ | 0.00 | ||||
FY 2021 | $ | 27,000.00 | $ | 0.00 |
(h) Not applicable.
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. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Funds.
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 December 28, 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 fourth 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.
-4-
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) Revised code of ethics is filed herewith.
-5-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Johnson Mutual Funds Trust | ||
By: | /s/Jason O. Jackman | |
Jason O. Jackman, President | ||
Date March 9, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Jason O. Jackman | |
Jason O. Jackman, President | ||
Date March 9, 2022 | ||
By: | /s/ Marc E. Figgins | |
Marc E. Figgins, Treasurer | ||
Date March 9, 2022 |
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