united states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered management
investment companies
Investment Company Act file number 811-07254
Johnson Mutual Funds Trust
(Exact name of registrant as specified in charter)
3777 West Fork Road, Cincinnati, Ohio 45247
(Address of principal executive offices) (Zip code)
Marc E. Figgins, CFO, 3777 West Fork Road, Cincinnati, Ohio 45247
(Name and address of agent for service)
Registrant's telephone number, including area code (513) 661-3100
Date of fiscal year end:12/31
Date of reporting period:6/30/22
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
3777 West Fork Road | Cincinnati, Ohio 45247
513.661.3100 | 800.541.0170 | Fax 513.661.4901
JOHNSON MUTUAL FUNDS | June 30, 2022 |
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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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LETTER FROM THE FUND PRESIDENT | JUNE 2022 |
LETTER FROM THE FUND PRESIDENT | JUNE 2022 |
JOHNSON EQUITY INCOME FUND | PERFORMANCE REVIEW – JUNE 30, 2022 |
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Equity Income Fund | | | S&P 500 Index | | ||||||
| Six Months | | | | | -14.08% | | | | | | -19.96% | | |
| One Year | | | | | -5.51% | | | | | | -10.62% | | |
| Three Years | | | | | 10.36% | | | | | | 10.60% | | |
| Five Years | | | | | 12.20% | | | | | | 11.31% | | |
| Ten Years | | | | | 12.26% | | | | | | 12.96% | | |
| Holdings by Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Technology | | | | | 21.4% | | |
| Industrials | | | | | 13.4% | | |
| Health Care | | | | | 13.1% | | |
| Financial Services | | | | | 12.8% | | |
| Consumer Staples | | | | | 10.6% | | |
| Consumer Discretionary | | | | | 8.7% | | |
| Utilities | | | | | 4.2% | | |
| Communication Services | | | | | 4.1% | | |
| Cash Equivalents | | | | | 4.1% | | |
| Energy | | | | | 4.0% | | |
| Real Estate | | | | | 2.1% | | |
| Materials | | | | | 1.5% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.0% | | |
| | | | | | 100.0% | | |
JOHNSON OPPORTUNITY FUND | PERFORMANCE REVIEW – JUNE 30, 2022 |
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Opportunity Fund | | | Russell 2500 Index | | ||||||
| Six Months | | | | | -17.98% | | | | | | -21.81% | | |
| One Year | | | | | -9.41% | | | | | | -21.00% | | |
| Three Year | | | | | 7.68% | | | | | | 5.91% | | |
| Five Years | | | | | 7.19% | | | | | | 7.04% | | |
| Ten Years | | | | | 11.04% | | | | | | 10.49% | | |
| Holdings by Sector | | | |
| Industrials | | | | | 21.3% | | |
| Technology | | | | | 17.9% | | |
| Financial Services | | | | | 16.0% | | |
| Health Care | | | | | 10.4% | | |
| Materials | | | | | 9.2% | | |
| Real Estate | | | | | 7.1% | | |
| Consumer Discretionary | | | | | 6.4% | | |
| Utilities | | | | | 4.1% | | |
| Cash Equivalents | | | | | 3.5% | | |
| Consumer Staples | | | | | 2.3% | | |
| Communications | | | | | 0.9% | | |
| Energy | | | | | 0.9% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.0% | | |
| | | | | | 100.0% | | |
JOHNSON INTERNATIONAL FUND | PERFORMANCE REVIEW – JUNE 30, 2022 |
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | International Fund | | | MSCI ACWI ex US Index | | ||||||
| Six Months | | | | | -16.56% | | | | | | -18.42% | | |
| One Year | | | | | -16.05% | | | | | | -19.42% | | |
| Three Years | | | | | 1.34% | | | | | | 1.35% | | |
| Five Years | | | | | 2.83% | | | | | | 2.50% | | |
| Ten Years | | | | | 4.62% | | | | | | 4.83% | | |
| Asset Allocation by Country | | | as of June 30, 2022 | |
| Japan | | | | | 16.00% | | | | Taiwan | | | | | 3.47% | | |
| UK | | | | | 10.95% | | | | Australia | | | | | 3.18% | | |
| Canada | | | | | 9.15% | | | | India | | | | | 2.74% | | |
| Other* | | | | | 9.00% | | | | Mexico | | | | | 2.25% | | |
| China | | | | | 8.14% | | | | Brazil | | | | | 2.21% | | |
| Switzerland | | | | | 7.90% | | | | South Korea | | | | | 2.08% | | |
| France | | | | | 7.65% | | | | South Africa | | | | | 2.08% | | |
| Germany | | | | | 6.18% | | | | Denmark | | | | | 1.95% | | |
| Hong Kong | | | | | 3.55% | | | | Spain | | | | | 1.52% | | |
JOHNSON FIXED INCOME FUND | PERFORMANCE REVIEW – JUNE 30, 2022 |
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Fixed Income Fund | | | Bloomberg US Aggregate Bond Index | | ||||||
| Six Months | | | | | -11.31% | | | | | | -10.35% | | |
| One Year | | | | | -11.73% | | | | | | -10.29% | | |
| Three Years | | | | | -1.53% | | | | | | -0.93% | | |
| Five Years | | | | | 0.40% | | | | | | 0.88% | | |
| Ten Years | | | | | 1.30% | | | | | | 1.54% | | |
| Holdings by Sector | | | |
| Bank & Finance | | | | | 23.1% | | |
| Industrial | | | | | 20.6% | | |
| US Govt Treasury Obligations | | | | | 19.4% | | |
| US Agency Obligations Mortgage-backed | | | | | 17.9% | | |
| Utilities | | | | | 12.3% | | |
| Taxable Municipal | | | | | 2.7% | | |
| Cash Equivalents | | | | | 2.6% | | |
| Preferred Stocks | | | | | 0.7% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.7% | | |
| | | | | | 100.0% | | |
JOHNSON MUNICIPAL INCOME FUND | PERFORMANCE REVIEW – JUNE 30, 2022 UNAUDITED |
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Municipal Income Fund | | | Bloomberg Barclays Municipal Bond Index | | | Bloomberg Barclays Municipal Bond: 5 Year GO Index | | |||||||||
| Six Months | | | | | -8.51% | | | | | | -8.98% | | | | | | -5.20% | | |
| One Year | | | | | -8.24% | | | | | | -8.57% | | | | | | -5.03% | | |
| Three Years | | | | | -0.68% | | | | | | -0.18% | | | | | | 0.22% | | |
| Five Years | | | | | 0.73% | | | | | | 1.51% | | | | | | 1.20% | | |
| Ten Years | | | | | 1.41% | | | | | | 2.38% | | | | | | 1.55% | | |
| Holdings by State of Issuance | | | |
| Ohio | | | | | 73.79% | | | | Florida | | | | | 0.76% | | |
| Kentucky | | | | | 8.14% | | | | Pennsylvania | | | | | 0.60% | | |
| Missouri | | | | | 3.31% | | | | Alabama | | | | | 0.48% | | |
| Texas | | | | | 2.84% | | | | Virginia | | | | | 0.46% | | |
| Indiana | | | | | 2.69% | | | | Georgia | | | | | 0.43% | | |
| N/A | | | | | 2.48% | | | | Michigan | | | | | 0.33% | | |
| Colorado | | | | | 2.03% | | | | North Dakota | | | | | 0.26% | | |
| Washington | | | | | 1.40% | | | | | | | | | | | |
EQUITY INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Alphabet Inc. – Class A* | | | | | 5,030 | | | | | $ | 10,961,678 | | |
Comcast Corp. – Class A | | | | | 177,800 | | | | | | 6,976,872 | | |
Walt Disney Co.* | | | | | 44,850 | | | | | | 4,233,840 | | |
4.1% – Total For Communication Services | | | | $ | 22,172,390 | | | ||||||
Lowe’s Companies Inc. | | | | | 57,000 | | | | | | 9,956,190 | | |
McDonald’s Corp. | | | | | 45,100 | | | | | | 11,134,288 | | |
Nike Inc. – Class B | | | | | 46,500 | | | | | | 4,752,300 | | |
TJX Companies Inc. | | | | | 185,785 | | | | | | 10,376,092 | | |
VF Corporation | | | | | 244,800 | | | | | | 10,812,816 | | |
8.7% – Total For Consumer Discretionary | | | | $ | 47,031,686 | | | ||||||
Coca Cola Co. | | | | | 208,920 | | | | | | 13,143,157 | | |
Dollar General Corp. | | | | | 47,000 | | | | | | 11,535,680 | | |
Pepsico Inc. | | | | | 35,200 | | | | | | 5,866,432 | | |
Procter & Gamble Co. | | | | | 36,690 | | | | | | 5,275,655 | | |
Unilever PLC ADR | | | | | 225,000 | | | | | | 10,311,750 | | |
Walmart Inc. | | | | | 91,955 | | | | | | 11,179,889 | | |
10.6% – Total For Consumer Staples | | | | $ | 57,312,563 | | | ||||||
Chevron Corp. | | | | | 55,890 | | | | | | 8,091,754 | | |
Williams Companies Inc. | | | | | 425,000 | | | | | | 13,264,250 | | |
4.0% – Total For Energy | | | | $ | 21,356,004 | | | ||||||
Axis Capital Holdings Ltd. | | | | | 234,250 | | | | | | 13,373,332 | | |
First Horizon National Bank | | | | | 504,681 | | | | | | 11,032,327 | | |
M&T Bank Corp. | | | | | 70,500 | | | | | | 11,236,995 | | |
Marsh & McLennan Companies Inc. | | | | | 71,800 | | | | | | 11,146,950 | | |
Nasdaq Inc. | | | | | 74,800 | | | | | | 11,409,992 | | |
Willis Towers Watson PLC | | | | | 55,770 | | | | | | 11,008,440 | | |
12.8% – Total For Financial Services | | | | $ | 69,208,036 | | | ||||||
Abbott Laboratories | | | | | 97,435 | | | | | | 10,586,313 | | |
Danaher Corp. | | | | | 68,743 | | | | | | 17,427,725 | | |
Medtronic PLC | | | | | 107,000 | | | | | | 9,603,250 | | |
UnitedHealth Group Inc. | | | | | 23,300 | | | | | | 11,967,579 | | |
Zimmer Biomet Holdings | | | | | 99,600 | | | | | | 10,463,976 | | |
Zimvie Inc. | | | | | 9,960 | | | | | | 159,460 | | |
Zoetis Inc. | | | | | 62,376 | | | | | | 10,721,811 | | |
13.1% – Total For Health Care | | | | $ | 70,930,114 | | | ||||||
Amphenol Corp – Class A | | | | | 150,800 | | | | | | 9,708,504 | | |
Honeywell International Inc. | | | | | 61,600 | | | | | | 10,706,696 | | |
Hubbell Inc. | | | | | 62,300 | | | | | | 11,125,534 | | |
Illinois Tool Works Inc. | | | | | 52,000 | | | | | | 9,477,000 | | |
Nordson Corp. | | | | | 53,700 | | | | | | 10,871,028 | | |
nVent Electric PLC | | | | | 323,300 | | | | | | 10,128,989 | | |
Waste Management Inc. | | | | | 68,600 | | | | | | 10,494,428 | | |
13.4% – Total For Industrials | | | | $ | 72,512,179 | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
PPG Industries, Inc. | | | | | 69,495 | | | | | $ | 7,946,058 | | |
1.5% – Total For Materials | | | | $ | 7,946,058 | | | ||||||
Accenture PLC – Class A | | | | | 37,790 | | | | | | 10,492,394 | | |
Adobe Inc.* | | | | | 40,225 | | | | | | 14,724,764 | | |
Analog Devices, Inc. | | | | | 108,000 | | | | | | 15,777,720 | | |
Apple Inc. | | | | | 73,760 | | | | | | 10,084,467 | | |
Fidelity National Information Services Inc. | | | | | 115,600 | | | | | | 10,597,052 | | |
Mastercard Inc. – Class A | | | | | 32,350 | | | | | | 10,205,778 | | |
Microsoft Corp. | | | | | 64,020 | | | | | | 16,442,257 | | |
S&P Global Inc | | | | | 30,140 | | | | | | 10,158,988 | | |
VISA Inc. – Class A | | | | | 85,700 | | | | | | 16,873,473 | | |
21.4% – Total For Technology | | | | $ | 115,356,893 | | | ||||||
American Tower Corp. | | | | | 43,857 | | | | | | 11,209,411 | | |
2.1% – Total For Real Estate | | | | $ | 11,209,411 | | | ||||||
Alliant Energy Corp. | | | | | 186,300 | | | | | | 10,919,043 | | |
American Electric Power | | | | | 121,000 | | | | | | 11,608,740 | | |
4.2% – Total For Utilities | | | | $ | 22,527,783 | | | ||||||
Total Common Stocks 95.9% | | | | $ | 517,563,117 | | | ||||||
(Identified Cost $421,742,690) | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 22,384,667 | | | | | | 22,384,667 | | |
Total Cash Equivalents 4.1% | | | | $ | 22,384,667 | | | ||||||
(Identified Cost $22,384,667) | | | | | | | | | | | | | |
Total Portfolio Value 100.0% | | | | $ | 539,947,784 | | | ||||||
(Identified Cost $444,127,357) | | | | | | | | | | | | | |
Assets in Excess of Other Liabilities 0.0% | | | | $ | 206,321 | | | ||||||
Total Net Assets 100.0% | | | | $ | 540,154,105 | | | ||||||
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OPPORTUNITY FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
New York Times Co – Class A | | | | | 34,700 | | | | | $ | 968,130 | | |
0.9% – Total For Communications | | | | $ | 968,130 | | | ||||||
BorgWarner Inc. | | | | | 19,600 | | | | | | 654,052 | | |
Burlington Stores Inc.* | | | | | 3,000 | | | | | | 408,690 | | |
Floor & Decor Holdings Inc. | | | | | 13,600 | | | | | | 856,256 | | |
Lithia Motors Inc. – Class A | | | | | 5,500 | | | | | | 1,511,455 | | |
LKQ Corp. | | | | | 22,300 | | | | | | 1,094,707 | | |
Sleep Number Corp.* | | | | | 17,700 | | | | | | 547,815 | | |
Steven Madden LTD | | | | | 20,500 | | | | | | 660,305 | | |
Williams-Sonoma Inc. | | | | | 10,900 | | | | | | 1,209,355 | | |
6.4% – Total For Consumer Discretionary | | | | $ | 6,942,635 | | | ||||||
BJs Wholesale Club Holdings Inc.* | | | | | 28,700 | | | | | | 1,788,584 | | |
Reynolds Consumer Product Inc. | | | | | 26,800 | | | | | | 730,836 | | |
2.3% – Total For Consumer Staples | | | | $ | 2,519,420 | | | ||||||
World Fuel Services Corp. | | | | | 48,500 | | | | | | 992,310 | | |
0.9% – Total For Energy | | | | $ | 992,310 | | | ||||||
American Financial Group Inc. | | | | | 15,000 | | | | | | 2,082,150 | | |
Arrow Financial Corp. | | | | | 52,406 | | | | | | 1,667,035 | | |
Axis Capital Holdings Ltd. | | | | | 34,100 | | | | | | 1,946,769 | | |
Diamond Hill Investment Group Inc. | | | | | 4,900 | | | | | | 850,836 | | |
Everest Re Group Ltd. | | | | | 8,300 | | | | | | 2,326,324 | | |
Farmers National Banc Corp. | | | | | 130,400 | | | | | | 1,956,000 | | |
First Horizon National Bank Corp. | | | | | 37,424 | | | | | | 818,089 | | |
SEI Investments Co. | | | | | 35,100 | | | | | | 1,896,102 | | |
Signature Bank | | | | | 9,700 | | | | | | 1,738,337 | | |
Wintrust Financial Corp. | | | | | 26,300 | | | | | | 2,107,945 | | |
16.0% – Total For Financial Services | | | | $ | 17,389,587 | | | ||||||
Catalent Inc.* | | | | | 9,000 | | | | | | 965,610 | | |
Charles River Laboratories International Inc.* | | | | | 5,500 | | | | | | 1,176,835 | | |
Chemed Corp. | | | | | 3,400 | | | | | | 1,595,926 | | |
Collegium Pharmaceutical Inc.* | | | | | 81,400 | | | | | | 1,442,408 | | |
Globus Medical Inc. – Class A* | | | | | 21,000 | | | | | | 1,178,940 | | |
LeMaitre Vascular Inc. | | | | | 28,100 | | | | | | 1,279,955 | | |
Repligen Corp. | | | | | 7,800 | | | | | | 1,266,720 | | |
Universal Health Services Inc. – Class B | | | | | 10,200 | | | | | | 1,027,242 | | |
US Physical Therapy Inc. | | | | | 12,500 | | | | | | 1,365,000 | | |
10.4% – Total For Health Care | | | | $ | 11,298,636 | | | ||||||
AMN Healthcare Services Inc.* | | | | | 20,000 | | | | | | 2,194,200 | | |
Applied Industrial Technologies Inc. | | | | | 23,700 | | | | | | 2,279,229 | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Comfort Systems USA Inc. | | | | | 20,800 | | | | | $ | 1,729,520 | | |
Donaldson Company Inc. | | | | | 22,400 | | | | | | 1,078,336 | | |
Gorman-Rupp Co. | | | | | 50,500 | | | | | | 1,429,150 | | |
Hubbell Inc. | | | | | 7,800 | | | | | | 1,392,924 | | |
IDEX Corp. | | | | | 6,900 | | | | | | 1,253,247 | | |
Littelfuse Inc. | | | | | 6,900 | | | | | | 1,752,876 | | |
Nordson Corp. | | | | | 7,800 | | | | | | 1,579,032 | | |
nVent Electric PLC | | | | | 63,500 | | | | | | 1,989,455 | | |
Regal Rexnord Corp. | | | | | 12,000 | | | | | | 1,362,240 | | |
Siteone Landscape Supply | | | | | 10,700 | | | | | | 1,271,909 | | |
A.O. Smith Corp. | | | | | 24,200 | | | | | | 1,323,256 | | |
Watsco Inc. | | | | | 5,200 | | | | | | 1,241,864 | | |
Watts Water Tech Inc. – Class A | | | | | 9,900 | | | | | | 1,216,116 | | |
21.3% – Total For Industrials | | | | $ | 23,093,354 | | | ||||||
Avery Dennison Corp. | | | | | 9,700 | | | | | | 1,570,139 | | |
Avient Corp. | | | | | 36,000 | | | | | | 1,442,880 | | |
Carlisle Companies Inc. | | | | | 3,300 | | | | | | 787,413 | | |
H.B. Fuller Co. | | | | | 26,800 | | | | | | 1,613,628 | | |
Hawkins Inc. | | | | | 40,000 | | | | | | 1,441,200 | | |
RPM International Inc. | | | | | 15,600 | | | | | | 1,228,032 | | |
Sonoco Products Co. | | | | | 32,000 | | | | | | 1,825,280 | | |
9.2% – Total For Materials | | | | $ | 9,908,572 | | | ||||||
Amdocs Ltd. | | | | | 9,900 | | | | | | 824,769 | | |
Bentley Systems Inc. | | | | | 34,800 | | | | | | 1,158,840 | | |
Black Knight Inc.* | | | | | 18,800 | | | | | | 1,229,332 | | |
Blackbaud Inc.* | | | | | 23,800 | | | | | | 1,382,066 | | |
CACI International Inc.* | | | | | 5,300 | | | | | | 1,493,434 | | |
Fair Isaac Corp.* | | | | | 4,100 | | | | | | 1,643,690 | | |
Globant S.A* | | | | | 4,800 | | | | | | 835,200 | | |
ICF International Inc. | | | | | 8,700 | | | | | | 826,500 | | |
Jack Henry & Assoc. Inc. | | | | | 6,400 | | | | | | 1,152,128 | | |
Lumentum Holdings Inc.* | | | | | 14,700 | | | | | | 1,167,474 | | |
Maximus Inc. | | | | | 22,800 | | | | | | 1,425,228 | | |
On Semiconductor Corp.* | | | | | 23,700 | | | | | | 1,192,347 | | |
Paylocity Holding Corp.* | | | | | 8,900 | | | | | | 1,552,338 | | |
PTC Inc.* | | | | | 13,200 | | | | | | 1,403,688 | | |
Tyler Technologies Inc.* | | | | | 3,900 | | | | | | 1,296,672 | | |
Wex Inc.* | | | | | 4,900 | | | | | | 762,244 | | |
17.9% – Total For Technology | | | | $ | 19,345,950 | | | ||||||
Camden Property Trust | | | | | 6,400 | | | | | | 860,672 | | |
Community Healthcare Trust | | | | | 37,200 | | | | | | 1,347,012 | | |
Equity Lifestyle Properties Inc. | | | | | 18,800 | | | | | | 1,324,836 | | |
First Industrial Realty Trust Inc. | | | | | 30,900 | | | | | | 1,467,132 | | |
National Retail Properties Inc. | | | | | 34,400 | | | | | | 1,479,200 | | |
Stag Industrial Inc. | | | | | 37,400 | | | | | | 1,154,912 | | |
7.1% – Total For Real Estate | | | | $ | 7,633,764 | | |
OPPORTUNITY FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Atmos Energy Corp. | | | | | 14,500 | | | | | $ | 1,625,450 | | |
Portland General Electric Co. | | | | | 22,100 | | | | | | 1,068,093 | | |
Unitil Corp. | | | | | 28,900 | | | | | | 1,697,008 | | |
4.1% – Total For Utilities | | | | $ | 4,390,551 | | | ||||||
Total Common Stocks 96.5% | | | | $ | 104,482,909 | | | ||||||
(Identified Cost $95,532,594) | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 3,773,289 | | | | | | 3,773,289 | | |
Total Cash Equivalents 3.5% | | | | $ | 3,773,289 | | | ||||||
(Identified Cost $3,773,289) | | | | | | | | | |||||
Total Portfolio Value 100.0% | | | | $ | 108,256,198 | | | ||||||
(Identified Cost $99,305,883) | | | | | | | | | | | | | |
Liabilities in Excess of Other Assets 0.0% | | | | $ | (6,780) | | | ||||||
Total Net Assets 100.0% | | | | $ | 108,249,418 | | | ||||||
|
INTERNATIONAL FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Itau Unibanco Holding SA ADR | | | | | 24,800 | | | | | $ | 106,144 | | |
0.5% – Total For Financial Services | | | | $ | 106,144 | | | ||||||
Total Preferred Stocks 0.5% | | | | $ | 106,144 | | | ||||||
(Identified Cost $129,573) | | | | | | | | | | | | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Baidu, Inc. ADR* | | | | | 1,200 | | | | | $ | 178,476 | | |
Deutsche Telekom AG ADR | | | | | 7,100 | | | | | | 141,432 | | |
KDDI Corp. ADR | | | | | 22,600 | | | | | | 355,927 | | |
Orange ADR | | | | | 7,500 | | | | | | 88,275 | | |
PLDT Inc. ADR | | | | | 3,600 | | | | | | 109,512 | | |
Publicis Groupe SA ADR | | | | | 23,100 | | | | | | 277,662 | | |
RTL Group SA ADR | | | | | 15,000 | | | | | | 62,476 | | |
SK Telecom Co. Ltd. ADR | | | | | 4,600 | | | | | | 102,672 | | |
Telenor ASA ADR | | | | | 9,600 | | | | | | 127,872 | | |
Tencent Holdings Ltd. ADR | | | | | 6,800 | | | | | | 308,652 | | |
WPP PLC ADR | | | | | 1,800 | | | | | | 91,062 | | |
9.2% – Total For Communications | | | | $ | 1,844,018 | | | ||||||
Adidas AG ADR | | | | | 600 | | | | | | 53,160 | | |
Alibaba Group Holdings ADR* | | | | | 1,600 | | | | | | 181,888 | | |
Bridgestone ADR | | | | | 8,200 | | | | | | 148,994 | | |
Bunzl PLC ADR | | | | | 7,700 | | | | | | 254,562 | | |
CIE Financiere Richemont AG ADR | | | | | 22,000 | | | | | | 234,960 | | |
Daimler AG ADR | | | | | 2,200 | | | | | | 128,150 | | |
Daimler Truck AG ADR* | | | | | 2,200 | | | | | | 28,622 | | |
Honda Motor Co. Ltd. ADR | | | | | 5,500 | | | | | | 132,825 | | |
JD.com Inc. ADR* | | | | | 1,700 | | | | | | 109,174 | | |
Magna International Inc. | | | | | 6,000 | | | | | | 329,400 | | |
Toyota Motor Corp. ADR | | | | | 1,100 | | | | | | 169,587 | | |
8.8% – Total For Consumer Discretionary | | | | $ | 1,771,322 | | | ||||||
Danone ADR | | | | | 6,184 | | | | | | 68,890 | | |
Itochu Corp. ADR | | | | | 3,700 | | | | | | 199,319 | | |
L’Oreal ADR | | | | | 2,800 | | | | | | 193,340 | | |
Nestle SA ADR | | | | | 2,800 | | | | | | 325,892 | | |
Reckitt Benckiser Group PLC ADR | | | | | 5,900 | | | | | | 89,857 | | |
Shoprite Holdings Ltd. ADR | | | | | 32,100 | | | | | | 382,953 | | |
Unilever PLC ADR | | | | | 9,200 | | | | | | 421,636 | | |
Wal-Mart De Mexico SAB de CV ADR | | | | | 12,300 | | | | | | 421,890 | | |
10.4% – Total For Consumer Staples | | | | $ | 2,103,777 | | | ||||||
BP PLC ADR | | | | | 2,298 | | | | | | 65,148 | | |
Daqo New Energy Corp. | | | | | 2,700 | | | | | | 192,726 | | |
Equinor ASA ADR | | | | | 4,000 | | | | | | 139,040 | | |
Shell PLC F Shares ADR | | | | | 4,600 | | | | | | 240,534 | | |
Gazprom | | | | | 14,000 | | | | | | 140 | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
TotalEnergies SE ADR | | | | | 2,352 | | | | | $ | 123,809 | | |
Woodside Energy Group Ltd. | | | | | 7,599 | | | | | | 163,834 | | |
4.6% – Total For Energy | | | | $ | 925,231 | | | ||||||
Admiral Group PLC ADR | | | | | 8,200 | | | | | | 227,591 | | |
Allianz SE ADR | | | | | 10,700 | | | | | | 203,621 | | |
Banco Bradesco ADR | | | | | 21,678 | | | | | | 70,670 | | |
Banco Santander SA ADR | | | | | 37,155 | | | | | | 104,034 | | |
Bank of Montreal | | | | | 1,240 | | | | | | 119,251 | | |
Barclays PLC ADR | | | | | 15,000 | | | | | | 114,000 | | |
BNP Paribas ADR | | | | | 4,000 | | | | | | 96,000 | | |
China Construction Bank ADR | | | | | 23,000 | | | | | | 307,510 | | |
Deutsche Boerse AG ADR | | | | | 7,000 | | | | | | 116,970 | | |
Industrial and Commercial Bank Of China Ltd. ADR | | | | | 33,800 | | | | | | 397,488 | | |
KB Financial Group Inc. ADR | | | | | 2,400 | | | | | | 89,280 | | |
Legal and General Group PLC ADR | | | | | 5,000 | | | | | | 74,750 | | |
Manulife Financial Corp. | | | | | 7,720 | | | | | | 133,788 | | |
Mitsubishi UFJ Financial Group Inc. ADR | | | | | 40,000 | | | | | | 213,600 | | |
National Australia Bank ADR | | | | | 8,700 | | | | | | 81,589 | | |
Orix Corp. ADR | | | | | 2,450 | | | | | | 206,192 | | |
Royal Bank of Canada | | | | | 1,900 | | | | | | 183,958 | | |
Sumitomo Mitsui Financial Group Inc. ADR | | | | | 67,600 | | | | | | 398,840 | | |
Tokio Marine Holdings Inc. ADR | | | | | 6,300 | | | | | | 367,542 | | |
Toronto Dominion Bank | | | | | 2,700 | | | | | | 177,066 | | |
United Overseas Bank Ltd. ADR | | | | | 4,100 | | | | | | 154,816 | | |
Zurich Insurance Group Ltd. ADR | | | | | 3,240 | | | | | | 141,102 | | |
19.7% – Total For Financial Services | | | | $ | 3,979,658 | | | ||||||
Alcon Inc. | | | | | 3,796 | | | | | | 265,302 | | |
Astellas Pharma Inc. ADR | | | | | 17,600 | | | | | | 273,856 | | |
Bayer AG ADR | | | | | 10,700 | | | | | | 159,109 | | |
Dr. Reddy’s Laboratories Ltd. ADR | | | | | 3,340 | | | | | | 185,003 | | |
Novartis AG ADR | | | | | 2,480 | | | | | | 209,634 | | |
Novo Nordisk AS ADR | | | | | 3,700 | | | | | | 412,291 | | |
Roche Holdings Ltd. ADR | | | | | 10,500 | | | | | | 437,955 | | |
Sanofi ADR | | | | | 2,000 | | | | | | 100,060 | | |
Takeda Pharmaceutical Co. ADR | | | | | 9,340 | | | | | | 131,134 | | |
Taro Pharmaceuticals Ltd.* | | | | | 3,000 | | | | | | 108,480 | | |
11.3% – Total For Health Care | | | | $ | 2,282,824 | | | ||||||
ABB Ltd. ADR | | | | | 2,900 | | | | | | 77,517 | | |
Atlas Copco AB ADR | | | | | 28,400 | | | | | | 264,404 | | |
BAE Systems PLC ADR | | | | | 3,800 | | | | | | 154,280 | | |
Canadian National Railway Co. | | | | | 1,400 | | | | | | 157,458 | | |
Compass Group PLC ADR | | | | | 6,500 | | | | | | 134,160 | | |
INTERNATIONAL FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Schneider Electric SE ADR | | | | | 13,900 | | | | | $ | 327,901 | | |
Sensata Technologies Holding NV* | | | | | 2,200 | | | | | | 90,882 | | |
Siemens AG ADR | | | | | 1,800 | | | | | | 91,944 | | |
6.5% – Total For Industrials | | | | $ | 1,298,546 | | | ||||||
Air Liquide SA ADR | | | | | 5,026 | | | | | | 134,644 | | |
BASF SE ADR | | | | | 7,400 | | | | | | 80,660 | | |
BHP Billiton Ltd. ADR | | | | | 4,150 | | | | | | 233,147 | | |
Cemex ADR* | | | | | 15,000 | | | | | | 58,800 | | |
CIA Siderurcgica NACL ADR | | | | | 29,100 | | | | | | 85,263 | | |
Newcrest Mining Ltd. ADR | | | | | 10,900 | | | | | | 153,276 | | |
Nitto Denko Corp. ADR | | | | | 6,900 | | | | | | 222,525 | | |
Posco ADR | | | | | 4,200 | | | | | | 186,984 | | |
Rio Tinto PLC ADR | | | | | 1,570 | | | | | | 95,770 | | |
Vale SA ADR | | | | | 9,600 | | | | | | 140,448 | | |
6.9% – Total For Materials | | | | $ | 1,391,517 | | | ||||||
Cap Gemini SA ADR | | | | | 4,000 | | | | | | 136,880 | | |
ASML Holdings | | | | | 360 | | | | | | 171,317 | | |
CGI Group Inc.* | | | | | 5,100 | | | | | | 406,266 | | |
Infosys Ltd. ADR | | | | | 20,100 | | | | | | 372,051 | | |
Lenovo Group Ltd. ADR | | | | | 20,000 | | | | | | 374,400 | | |
Open Text Corp. | | | | | 9,000 | | | | | | 340,560 | | |
Relx PLC ADR | | | | | 4,200 | | | | | | 113,148 | | |
SAP SE ADR | | | | | 2,200 | | | | | | 199,584 | | |
Sony Group Corp. ADR | | | | | 4,500 | | | | | | 367,965 | | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | | | 3,600 | | | | | | 294,300 | | |
United Microelectronics ADR | | | | | 46,500 | | | | | | 314,805 | | |
15.3% – Total For Technology | | | | $ | 3,091,276 | | | ||||||
Sun Hung Kai Properties Ltd. ADR | | | | | 27,600 | | | | | | 326,784 | | |
1.6% – Total For Real Estate | | | | $ | 326,784 | | | ||||||
Enel SpA ADR | | | | | 21,100 | | | | | | 114,995 | | |
Enersis SA ADR | | | | | 54,000 | | | | | | 245,700 | | |
Iberdrola SA ADR | | | | | 5,000 | | | | | | 206,850 | | |
National Grid PLC ADR | | | | | 1,629 | | | | | | 105,380 | | |
SSE PLC ADR | | | | | 4,000 | | | | | | 78,600 | | |
3.7% – Total For Utilities | | | | $ | 751,525 | | | ||||||
Total Common Stocks 98.0% | | | | $ | 19,766,478 | | | ||||||
(Identified Cost $16,704,330) | | | | | | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 156,875 | | | | | $ | 156,875 | | |
Total Cash Equivalents 0.8% | | | | $ | 156,875 | | | ||||||
(Identified Cost $156,875) | | | | | | | | | | | | | |
Total Portfolio Value 99.3% | | | | $ | 20,029,497 | | | ||||||
(Identified Cost $16,990,778) | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.7% | | | | $ | 137,985 | | | ||||||
Total Net Assets 100.0% | | | | $ | 20,167,482 | | | ||||||
|
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | �� | | | | | | | | | | | | | | | | | | | | | | | | |
American Express Co. | | | | | 1.650% | | | | | | 11/04/2026 | | | | | | 2,870,000 | | | | | $ | 2,601,296 | | |
American Express Co. | | | | | 2.550% | | | | | | 03/04/2027 | | | | | | 2,011,000 | | | | | | 1,874,526 | | |
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 1,700,000 | | | | | | 1,668,791 | | |
AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 3,320,000 | | | | | | 3,298,334 | | |
AON PLC | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 7,846,000 | | | | | | 7,410,108 | | |
AON PLC | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 3,330,000 | | | | | | 3,343,720 | | |
Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 20,000,000 | | | | | | 18,866,280 | | |
Essex Portfolio LP | | | | | 3.625% | | | | | | 05/01/2027 | | | | | | 2,298,000 | | | | | | 2,221,780 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 15,815,000 | | | | | | 15,906,727 | | |
Huntington Bancshares | | | | | 2.550% | | | | | | 02/04/2030 | | | | | | 5,628,000 | | | | | | 4,789,073 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 11,530,000 | | | | | | 11,191,848 | | |
JP Morgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 20,555,000 | | | | | | 20,074,609 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 6,430,000 | | | | | | 5,550,961 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 8,300,000 | | | | | | 8,002,644 | | |
Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 14,237,000 | | | | | | 14,067,793 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 6,154,000 | | | | | | 6,140,387 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 4,500,000 | | | | | | 4,501,350 | | |
PNC Financial Services | | | | | 3.450% | | | | | | 04/23/2029 | | | | | | 8,500,000 | | | | | | 7,944,729 | | |
PNC Financial Services | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 9,991,000 | | | | | | 10,029,965 | | |
Prologis Inc. | | | | | 3.875% | | | | | | 09/15/2028 | | | | | | 3,470,000 | | | | | | 3,378,503 | | |
Suntrust Banks Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 6,000,000 | | | | | | 6,013,260 | | |
Truist Bank | | | | | 2.250% | | | | | | 03/11/2030 | | | | | | 13,716,000 | | | | | | 11,485,929 | | |
US Bancorp | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 19,180,000 | | | | | | 17,437,650 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 9,500,000 | | | | | | 9,338,139 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 9,600,000 | | | | | | 9,485,635 | | |
23.1% – Total For Corporate Bonds: Bank and Finance | | | | $ | 206,624,037 | | | ||||||||||||||||||
Becton Dickinson & Co. | | | | | 3.700% | | | | | | 06/06/2027 | | | | | | 9,500,000 | | | | | | 9,195,753 | | |
Becton Dickinson & Co. | | | | | 3.700% | | | | | | 05/20/2030 | | | | | | 1,000,000 | | | | | | 879,074 | | |
CVS Health Corp. | | | | | 3.750% | | | | | | 04/01/2030 | | | | | | 4,000,000 | | | | | | 3,741,852 | | |
CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 10,898,000 | | | | | | 10,790,034 | | |
Dover Corp. | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 8,323,000 | | | | | | 7,566,914 | | |
Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 2,802,000 | | | | | | 2,752,934 | | |
Emerson Electric Co. | | | | | 1.800% | | | | | | 10/15/2027 | | | | | | 8,690,000 | | | | | | 7,785,102 | | |
Emerson Electric Co. | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 1,000,000 | | | | | | 841,775 | | |
Emerson Electric Co. | | | | | 2.200% | | | | | | 12/21/2031 | | | | | | 6,000,000 | | | | | | 5,077,020 | | |
Enterprise Products | | | | | 4.150% | | | | | | 10/16/2028 | | | | | | 11,617,000 | | | | | | 11,332,906 | | |
Home Depot Inc. | | | | | 3.250% | | | | | | 04/15/2032 | | | | | | 10,570,000 | | | | | | 9,859,252 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 5,430,000 | | | | | | 5,398,577 | | |
Kroger Co. | | | | | 2.200% | | | | | | 05/01/2030 | | | | | | 1,000,000 | | | | | | 843,021 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 8,850,000 | | | | | | 8,714,356 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 595,000 | | | | | | 598,165 | | |
Lowes Cos. Inc. | | | | | 4.500% | | | | | | 04/15/2030 | | | | | | 15,817,000 | | | | | | 15,635,516 | | |
McDonald’s Corp. | | | | | 2.125% | | | | | | 03/01/2030 | | | | | | 4,500,000 | | | | | | 3,855,164 | | |
McDonald’s Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 11,000,000 | | | | | | 10,474,827 | | |
Nike Inc. | | | | | 3.250% | | | | | | 03/27/2040 | | | | | | 7,830,000 | | | | | | 6,706,332 | | |
Roper Technologies Inc. | | | | | 2.950% | | | | | | 09/15/2029 | | | | | | 11,360,000 | | | | | | 10,007,308 | | |
Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 2,621,000 | | | | | | 2,218,163 | | |
Starbucks Corp. | | | | | 3.550% | | | | | | 08/15/2029 | | | | | | 15,000,000 | | | | | | 14,077,710 | | |
Verizon Communication Inc. | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 18,390,000 | | | | | | 17,841,518 | | |
Xylem Inc. | | | | | 1.950% | | | | | | 01/30/2028 | | | | | | 1,535,000 | | | | | | 1,355,608 | | |
Walt Disney Co. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 17,000,000 | | | | | | 16,417,427 | | |
20.6% – Total For Corporate Bonds: Industrial | | | | $ | 183,966,308 | | |
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 2,000,000 | | | | | $ | 1,900,582 | | |
Berkshire Hathaway Energy Co. | | | | | 3.700% | | | | | | 07/15/2030 | | | | | | 2,000,000 | | | | | | 1,919,156 | | |
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 1,574,000 | | | | | | 1,583,491 | | |
Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 11,000,000 | | | | | | 9,272,769 | | |
Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 6,000,000 | | | | | | 5,631,528 | | |
Eversource Energy | | | | | 1.650% | | | | | | 08/15/2030 | | | | | | 232,000 | | | | | | 184,459 | | |
Eversource Energy | | | | | 3.300% | | | | | | 01/15/2028 | | | | | | 6,440,000 | | | | | | 6,069,867 | | |
Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 11,229,000 | | | | | | 10,966,769 | | |
Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 260,000 | | | | | | 250,890 | | |
Georgia Power Co. | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 17,141,000 | | | | | | 15,087,834 | | |
Interstate Power & Light Co. | | | | | 2.300% | | | | | | 06/01/2030 | | | | | | 4,920,000 | | | | | | 4,194,152 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,000,000 | | | | | | 975,768 | | |
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 11,880,000 | | | | | | 11,751,779 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 2.400% | | | | | | 03/15/2030 | | | | | | 15,950,000 | | | | | | 13,877,888 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 3.400% | | | | | | 02/07/2028 | | | | | | 335,000 | | | | | | 321,101 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 2,550,000 | | | | | | 2,429,207 | | |
Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 02/15/2024 | | | | | | 1,590,000 | | | | | | 1,586,074 | | |
Virginia Electric & Power Co. | | | | | 3.500% | | | | | | 03/15/2027 | | | | | | 2,845,000 | | | | | | 2,779,318 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 1,201,000 | | | | | | 1,179,651 | | |
Xcel Energy Inc. | | | | | 3.400% | | | | | | 06/01/2030 | | | | | | 3,750,000 | | | | | | 3,449,051 | | |
Xcel Energy Inc. | | | | | 4.000% | | | | | | 06/15/2028 | | | | | | 15,182,000 | | | | | | 14,838,932 | | |
12.3% – Total For Corporate Bonds: Utilities | | | | $ | 110,250,266 | | | ||||||||||||||||||
56.0% Total For Corporate Bonds | | | | $ | 500,840,611 | | | ||||||||||||||||||
United States Government Treasury Obligations | | | | | | | | | | | | | | | | | | | | | | | | | |
Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 39,000,000 | | | | | | 35,026,875 | | |
Treasury Note | | | | | 1.375% | | | | | | 11/15/2031 | | | | | | 10,000,000 | | | | | | 8,673,440 | | |
Treasury Note | | | | | 1.750% | | | | | | 11/15/2026 | | | | | | 8,500,000 | | | | | | 7,800,076 | | |
Treasury Bond | | | | | 2.000% | | | | | | 02/15/2050 | | | | | | 42,625,000 | | | | | | 33,034,375 | | |
Treasury Note | | | | | 2.000% | | | | | | 08/15/2051 | | | | | | 11,000,000 | | | | | | 8,502,659 | | |
Treasury Bond | | | | | 2.500% | | | | | | 02/15/2045 | | | | | | 20,500,000 | | | | | | 17,386,563 | | |
Treasury Bond | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 23,500,000 | | | | | | 19,916,250 | | |
Treasury Note | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 32,000,000 | | | | | | 28,615,008 | | |
Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 14,500,000 | | | | | | 14,528,275 | | |
19.4% – Total For United States Government Treasury Obligations | | | | $ | 173,483,521 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage-backed Securities | | | |||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)* | | | | | 3.276% | | | | | | 04/01/2042 | | | | | | 250,463 | | | | | | 253,060 | | |
FHLMC Pool 780439 (1 year US T-Note Yield Curve + 2.223%)* | | | | | 2.342% | | | | | | 04/01/2033 | | | | | | 19,461 | | | | | | 19,707 | | |
FHLMC Pool A89335 | | | | | 5.000% | | | | | | 10/01/2039 | | | | | | 69,651 | | | | | | 73,414 | | |
FHLMC Pool C01005 | | | | | 8.000% | | | | | | 06/01/2030 | | | | | | 639 | | | | | | 713 | | |
FHLMC Pool G06616 | | | | | 4.500% | | | | | | 12/01/2035 | | | | | | 225,845 | | | | | | 234,533 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 508,556 | | | | | | 543,743 | | |
FHLMC Pool G15897 | | | | | 2.500% | | | | | | 09/01/2031 | | | | | | 1,048,632 | | | | | | 1,027,540 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 1,879,515 | | | | | | 1,886,601 | | |
FHLMC Pool G18667 | | | | | 3.500% | | | | | | 10/01/2032 | | | | | | 956,130 | | | | | | 959,735 | | |
FHLMC Pool G30933 | | | | | 4.000% | | | | | | 01/01/2036 | | | | | | 7,834,174 | | | | | | 7,971,115 | | |
FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 1,300,004 | | | | | | 1,319,010 | | |
FHLMC Pool SC0047 | | | | | 3.000% | | | | | | 01/01/2040 | | | | | | 14,603,386 | | | | | | 13,979,558 | | |
FHLMC Pool ZA3721 | | | | | 3.000% | | | | | | 06/01/2029 | | | | | | 5,767,306 | | | | | | 5,722,886 | | |
FHLMC Series 2877 Class AL | | | | | 5.000% | | | | | | 10/15/2024 | | | | | | 31,377 | | | | | | 31,669 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 33,984 | | | | | | 34,804 | | |
FHLMC Series 3109 Class ZN | | | | | 5.500% | | | | | | 02/15/2036 | | | | | | 740,621 | | | | | | 785,244 | | |
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FHLMC Series 3592 Class BZ | | | | | 5.000% | | | | | | 10/15/2039 | | | | | | 466,341 | | | | | $ | 486,408 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 147,371 | | | | | | 147,248 | | |
FHLMC Series 4105 Class PJ | | | | | 3.500% | | | | | | 06/15/2041 | | | | | | 472,535 | | | | | | 473,145 | | |
FHLMC Series 4180 Class ME | | | | | 2.500% | | | | | | 10/15/2042 | | | | | | 1,063,354 | | | | | | 1,030,323 | | |
FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 537,953 | | | | | | 523,852 | | |
FHLMC Series 4517 Class PC | | | | | 2.500% | | | | | | 05/15/2044 | | | | | | 815,752 | | | | | | 793,263 | | |
FHLMC Series 4567 Class LA | | | | | 3.000% | | | | | | 08/15/2045 | | | | | | 146,295 | | | | | | 142,851 | | |
FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/2045 | | | | | | 1,296,628 | | | | | | 1,262,383 | | |
FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 415,736 | | | | | | 412,259 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 481,614 | | | | | | 473,761 | | |
FHLMC Series 4768 Class GA | | | | | 3.500% | | | | | | 09/15/2045 | | | | | | 2,729,775 | | | | | | 2,724,389 | | |
FHLMC Series 4831 Class BA | | | | | 3.500% | | | | | | 10/15/2044 | | | | | | 750,380 | | | | | | 750,000 | | |
FHLMC Series 4906 Class DE | | | | | 2.500% | | | | | | 09/25/2049 | | | | | | 4,317,601 | | | | | | 4,000,961 | | |
FNMA Pool 725027 | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 163,851 | | | | | | 171,757 | | |
FNMA Pool 725704 | | | | | 6.000% | | | | | | 08/01/2034 | | | | | | 65,418 | | | | | | 70,751 | | |
FNMA Pool 888223 | | | | | 5.500% | | | | | | 01/01/2036 | | | | | | 224,996 | | | | | | 240,278 | | |
FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 158,226 | | | | | | 168,789 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 391,115 | | | | | | 395,217 | | |
FNMA Pool AL6923 | | | | | 3.000% | | | | | | 05/01/2030 | | | | | | 4,100,925 | | | | | | 4,069,299 | | |
FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 596,680 | | | | | | 599,669 | | |
FNMA Pool AL9623 | | | | | 4.000% | | | | | | 12/01/2036 | | | | | | 1,861,304 | | | | | | 1,901,582 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 6,000,000 | | | | | | 5,959,980 | | |
FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 6,438,000 | | | | | | 6,479,847 | | |
FNMA Pool AS5794 | | | | | 3.000% | | | | | | 09/01/2030 | | | | | | 1,177,399 | | | | | | 1,168,788 | | |
FNMA Pool AS6548 | | | | | 2.500% | | | | | | 01/01/2031 | | | | | | 2,803,625 | | | | | | 2,752,175 | | |
FNMA Pool AU7025 | | | | | 3.000% | | | | | | 11/01/2043 | | | | | | 11,372,339 | | | | | | 10,864,825 | | |
FNMA Pool BD2396 | | | | | 2.500% | | | | | | 12/01/2031 | | | | | | 6,169,948 | | | | | | 6,040,145 | | |
FNMA Pool BL0752 | | | | | 3.650% | | | | | | 01/01/2029 | | | | | | 5,000,000 | | | | | | 5,040,300 | | |
FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 5,000,000 | | | | | | 4,875,095 | | |
FNMA Pool BM5003 | | | | | 4.000% | | | | | | 11/01/2042 | | | | | | 1,424,424 | | | | | | 1,429,709 | | |
FNMA Pool FM9469 | | | | | 4.000% | | | | | | 08/01/2039 | | | | | | 4,064,159 | | | | | | 4,124,796 | | |
FNMA Pool BM1971 | | | | | 3.500% | | | | | | 12/01/2035 | | | | | | 1,523,378 | | | | | | 1,521,012 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 368,973 | | | | | | 379,352 | | |
FNMA Pool MA2773 | | | | | 3.000% | | | | | | 09/01/2036 | | | | | | 3,633,509 | | | | | | 3,545,102 | | |
FNMA Pool MA3186 | | | | | 4.000% | | | | | | 10/01/2037 | | | | | | 6,337,906 | | | | | | 6,431,010 | | |
FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 1,801,242 | | | | | | 1,817,057 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 48,253 | | | | | | 48,522 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 319,103 | | | | | | 311,000 | | |
FNMA Series 2013-75 Class EG | | | | | 3.000% | | | | | | 02/25/2043 | | | | | | 295,251 | | | | | | 288,100 | | |
FNMA Series 2014-04 Class PC | | | | | 3.000% | | | | | | 02/25/2044 | | | | | | 1,257,166 | | | | | | 1,232,899 | | |
FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 129,086 | | | | | | 129,125 | | |
FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 1,530,931 | | | | | | 1,492,745 | | |
FNMA Series 2016-2 Class PB | | | | | 2.000% | | | | | | 02/25/2046 | | | | | | 265,400 | | | | | | 252,384 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 610,470 | | | | | | 587,361 | | |
FNMA Series 2016-40 Class PA | | | | | 3.000% | | | | | | 07/25/2045 | | | | | | 119,251 | | | | | | 116,149 | | |
FNMA Series 2016-49 Class PA | | | | | 3.000% | | | | | | 09/25/2045 | | | | | | 1,012,684 | | | | | | 984,658 | | |
FNMA Series 2016-64 Class PG | | | | | 3.000% | | | | | | 05/25/2045 | | | | | | 2,459,313 | | | | | | 2,410,286 | | |
FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 660,744 | | | | | | 636,261 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 144,772 | | | | | | 144,631 | | |
FNMA Series 2018-25 Class P | | | | | 3.500% | | | | | | 03/25/2046 | | | | | | 2,538,909 | | | | | | 2,531,335 | | |
FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 2,007,397 | | | | | | 2,047,906 | | |
FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/01/2051 | | | | | | 2,754,257 | | | | | | 2,254,814 | | |
FNMA Series 2022-25 Class KA | | | | | 4.000% | | | | | | 09/25/2048 | | | | | | 9,934,248 | | | | | | 10,021,570 | | |
GNMA GNR 21-175 | | | | | 2.000% | | | | | | 10/20/2051 | | | | | | 18,642,980 | | | | | | 16,653,103 | | |
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
GNMA II Pool 2658 | | | | | 6.500% | | | | | | 10/20/2028 | | | | | | 7,216 | | | | | $ | 7,631 | | |
GNMA II Pool 2945 | | | | | 7.500% | | | | | | 07/20/2030 | | | | | | 982 | | | | | | 1,075 | | |
GNMA II Pool 4187 | | | | | 5.500% | | | | | | 07/20/2038 | | | | | | 7,702 | | | | | | 8,321 | | |
GNMA II Pool 4847 | | | | | 4.000% | | | | | | 11/20/2025 | | | | | | 68,567 | | | | | | 68,271 | | |
GNMA Pool 780400 | | | | | 7.000% | | | | | | 12/15/2025 | | | | | | 681 | | | | | | 703 | | |
GNMA Pool 780420 | | | | | 7.500% | | | | | | 08/15/2026 | | | | | | 455 | | | | | | 473 | | |
17.9% – Total For Government Agency Obligations – Mortgage-backed Securities | | | | $ | 160,340,033 | | | ||||||||||||||||||
Taxable Municipal Bonds | | | | | | | | | | | | | | | | | | | | | | | | | |
Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 1,085,000 | | | | | | 1,040,431 | | |
Kansas Development Finance Authority Revenue | | | | | 3.941% | | | | | | 04/15/2026 | | | | | | 8,000,000 | | | | | | 8,039,600 | | |
Hamilton County Ohio | | | | | 3.374% | | | | | | 06/01/2034 | | | | | | 5,000,000 | | | | | | 4,340,405 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 6.164% | | | | | | 08/01/2023 | | | | | | 536,000 | | | | | | 544,694 | | |
Pennsylvania State University | | | | | 1.893% | | | | | | 09/01/2026 | | | | | | 4,635,000 | | | | | | 4,327,792 | | |
University of Cincinnati Ohio General Receipts Revenue | | | | | 2.162% | | | | | | 06/01/2025 | | | | | | 2,185,000 | | | | | | 2,103,736 | | |
University of Washington Revenue | | | | | 5.400% | | | | | | 06/01/2036 | | | | | | 3,000,000 | | | | | | 3,320,490 | | |
2.7% – Total For Taxable Municipal Bonds | | | | | | | | | | | | | | | | | | | | | | $ | 23,717,148 | | |
Total Fixed Income Securities – Bonds 96.0% | | | | $ | 858,381,313 | | | ||||||||||||||||||
(Identified Cost $951,343,741) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 264,996 | | | | | | 6,383,754 | | |
Total Preferred Stocks 0.7% | | | | $ | 6,383,754 | | | ||||||||||||||||||
(Identified Cost $6,491,218) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | ||||||||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 23,358,283 | | | | | | 23,358,283 | | |
Total Cash Equivalents 2.6% | | | | $ | 23,358,283 | | | ||||||||||||||||||
(Identified Cost $23,358,283) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.3% | | | | $ | 888,123,350 | | | ||||||||||||||||||
(Identified Cost $981,193,242) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.7% | | | | | | | | | | | | | | | | | | | | | | $ | 6,048,476 | | |
Total Net Assets 100% | | | | $ | 894,171,826 | | | ||||||||||||||||||
|
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 650,000 | | | | | $ | 684,736 | | |
Abilene Texas GO Limited | | | | | 5.000% | | | | | | 02/15/2029 | | | | | | 730,000 | | | | | | 826,177 | | |
Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 395,000 | | | | | | 420,193 | | |
Austin Texas GO Limited | | | | | 5.000% | | | | | | 09/01/2029 | | | | | | 1,000,000 | | | | | | 1,103,580 | | |
Brecksville Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2051 | | | | | | 1,885,000 | | | | | | 1,815,837 | | |
Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 685,000 | | | | | | 723,202 | | |
Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,040,300 | | |
Columbus Ohio GO Unlimited | | | | | 4.000% | | | | | | 04/01/2031 | | | | | | 1,000,000 | | | | | | 1,053,290 | | |
Columbus Ohio GO | | | | | 5.000% | | | | | | 04/01/2032 | | | | | | 600,000 | | | | | | 677,844 | | |
Columbus Ohio GO Unlimited | | | | | 5.000% | | | | | | 04/01/2034 | | | | | | 1,400,000 | | | | | | 1,577,898 | | |
Columbus Ohio GO Unlimited | | | | | 5.000% | | | | | | 04/01/2038 | | | | | | 750,000 | | | | | | 862,117 | | |
Columbus Ohio GO Unlimited | | | | | 5.000% | | | | | | 04/01/2041 | | | | | | 3,120,000 | | | | | | 3,552,151 | | |
Dublin Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 526,960 | | |
Fort Worth Texas GO | | | | | 5.000% | | | | | | 03/01/2028 | | | | | | 1,000,000 | | | | | | 1,130,550 | | |
Hurst Texas GO Limited | | | | | 4.000% | | | | | | 08/15/2031 | | | | | | 335,000 | | | | | | 343,794 | | |
Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 840,000 | | | | | | 891,752 | | |
Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 300,000 | | | | | | 315,990 | | |
Lakewood Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2036 | | | | | | 500,000 | | | | | | 539,220 | | |
Parma Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 525,510 | | |
Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,058,530 | | |
Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 595,000 | | | | | | 625,012 | | |
Strongsville Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | | 363,153 | | |
9.5% – Total For General Obligation – City | | | | $ | 20,657,796 | | | ||||||||||||||||||
Bexar County Texas GO Limited | | | | | 4.000% | | | | | | 06/15/2037 | | | | | | 1,360,000 | | | | | | 1,386,969 | | |
Butler County Ohio GO Limited | | | | | 5.250% | | | | | | 12/01/2026 | | | | | | 1,000,000 | | | | | | 1,088,880 | | |
Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 340,000 | | | | | | 379,318 | | |
Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 325,000 | | | | | | 372,349 | | |
Hamilton County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 566,115 | | |
Lorain County Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 450,000 | | | | | | 465,494 | | |
Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2028 | | | | | | 1,000,000 | | | | | | 1,053,550 | | |
Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2029 | | | | | | 605,000 | | | | | | 634,240 | | |
Summit County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 514,555 | | |
3.0% – Total For General Obligation – County | | | | $ | 6,461,470 | | | ||||||||||||||||||
Ohio GO Unlimited | | | | | 5.000% | | | | | | 05/01/2029 | | | | | | 1,300,000 | | | | | | 1,398,488 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 09/15/2029 | | | | | | 1,030,000 | | | | | | 1,187,219 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2030 | | | | | | 1,335,000 | | | | | | 1,550,816 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 05/01/2031 | | | | | | 850,000 | | | | | | 914,201 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2034 | | | | | | 1,000,000 | | | | | | 1,126,980 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2035 | | | | | | 1,000,000 | | | | | | 1,121,940 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2039 | | | | | | 2,000,000 | | | | | | 2,212,420 | | |
Pennsylvania GO Unlimited | | | | | 4.000% | | | | | | 01/01/2030 | | | | | | 645,000 | | | | | | 675,812 | | |
Washington GO Unlimited | | | | | 5.000% | | | | | | 08/01/2044 | | | | | | 2,000,000 | | | | | | 2,241,640 | | |
5.7% – Total For General Obligation – State | | | | $ | 12,429,516 | | | ||||||||||||||||||
Bowling Green State University Ohio Revenue | | | | | 4.000% | | | | | | 06/01/2045 | | | | | | 2,830,000 | | | | | | 2,782,929 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2024 | | | | | | 405,000 | | | | | | 428,243 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2030 | | | | | | 750,000 | | | | | | 835,943 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2031 | | | | | | 500,000 | | | | | | 554,115 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2032 | | | | | | 500,000 | | | | | | 550,725 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2037 | | | | | | 1,000,000 | | | | | | 1,113,330 | | |
Butler University Revenue | | | | | 4.000% | | | | | | 02/01/2029 | | | | | | 940,000 | | | | | | 1,000,235 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Butler University Revenue | | | | | 5.000% | | | | | | 02/01/2032 | | | | | | 1,065,000 | | | | | $ | 1,204,984 | | |
Colorado Board of Governors University Enterprise System Revenue | | | | | 5.000% | | | | | | 03/01/2027 | | | | | | 225,000 | | | | | | 250,292 | | |
Cuyahoga County Ohio Community College GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 1,275,000 | | | | | | 1,312,714 | | |
Cuyahoga County Ohio Community College GO Unlimited | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 400,000 | | | | | | 434,096 | | |
Ohio Higher Education Facilities Revenue | | | | | 5.000% | | | | | | 05/01/2032 | | | | | | 630,000 | | | | | | 694,619 | | |
Ohio Higher Education Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 540,000 | | | | | | 603,423 | | |
Ohio Higher Education Facilities Revenue | | | | | 5.000% | | | | | | 05/01/2030 | | | | | | 570,000 | | | | | | 639,899 | | |
Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2030 | | | | | | 400,000 | | | | | | 451,800 | | |
Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 325,000 | | | | | | 362,213 | | |
Kent State University Ohio General Receipt Revenue | | | | | 5.000% | | | | | | 05/01/2028 | | | | | | 710,000 | | | | | | 778,913 | | |
Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2031 | | | | | | 1,000,000 | | | | | | 1,132,140 | | |
Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2035 | | | | | | 2,000,000 | | | | | | 2,226,040 | | |
Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2045 | | | | | | 950,000 | | | | | | 1,006,458 | | |
Lorain County Ohio Community College | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 600,000 | | | | | | 635,370 | | |
Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2036 | | | | | | 600,000 | | | | | | 607,710 | | |
Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2045 | | | | | | 1,500,000 | | | | | | 1,459,269 | | |
Miami University Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 09/01/2031 | | | | | | 735,000 | | | | | | 807,118 | | |
Morehead State University Kentucky General Receipts Revenue | | | | | 3.000% | | | | | | 11/01/2025 | | | | | | 300,000 | | | | | | 303,813 | | |
Nothern Kentucky University General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2026 | | | | | | 715,000 | | | | | | 757,600 | | |
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 5.000% | | | | | | 12/01/2036 | | | | | | 2,010,000 | | | | | | 2,142,620 | | |
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 5.000% | | | | | | 02/01/2035 | | | | | | 1,350,000 | | | | | | 1,469,677 | | |
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 5.000% | | | | | | 02/01/2036 | | | | | | 1,050,000 | | | | | | 1,043,754 | | |
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 620,000 | | | | | | 625,090 | | |
Ohio Higher Education Facilities Revenue – Xavier University | | | | | 4.500% | | | | | | 05/01/2036 | | | | | | 1,000,000 | | | | | | 1,012,630 | | |
Ohio State University General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2030 | | | | | | 200,000 | | | | | | 208,074 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2028 | | | | | | 410,000 | | | | | | 435,268 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 650,000 | | | | | | 675,584 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 435,000 | | | | | | 474,315 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2033 | | | | | | 1,000,000 | | | | | | 1,074,600 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2034 | | | | | | 400,000 | | | | | | 437,224 | | |
University of Akron Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 01/01/2027 | | | | | | 2,050,000 | | | | | | 2,170,335 | | |
University of Akron Ohio Revenue | | | | | 5.000% | | | | | | 01/01/2027 | | | | | | 350,000 | | | | | | 382,095 | | |
University of Cincinnati General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2036 | | | | | | 250,000 | | | | | | 251,695 | | |
University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2036 | | | | | | 1,250,000 | | | | | | 1,386,462 | | |
University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2039 | | | | | | 1,250,000 | | | | | | 1,304,725 | | |
University of Dayton Revenue | | | | | 5.000% | | | | | | 12/01/2036 | | | | | | 470,000 | | | | | | 501,011 | | |
University of North Dakota Certificate of Participation | | | | | 4.000% | | | | | | 06/01/2037 | | | | | | 555,000 | | | | | | 561,438 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2024 | | | | | | 500,000 | | | | | | 525,065 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 885,000 | | | | | | 907,815 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2034 | | | | | | 1,000,000 | | | | | | 1,064,920 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2027 | | | | | | 1,590,000 | | | | | | 1,747,903 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2031 | | | | | | 500,000 | | | | | | 561,745 | | |
20.3% – Total For Higher Education | | | | $ | 43,898,036 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Butler County Ohio Cincinnati Childrens Hospital Medical Center Revenue | | | | | 5.000% | | | | | | 05/15/2030 | | | | | | 1,005,000 | | | | | $ | 1,145,851 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 4.000% | | | | | | 11/01/2036 | | | | | | 800,000 | | | | | | 800,344 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 500,000 | | | | | | 545,695 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 5.000% | | | | | | 11/01/2048 | | | | | | 3,100,000 | | | | | | 3,573,432 | | |
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital | | | | | 5.000% | | | | | | 05/15/2028 | | | | | | 1,715,000 | | | | | | 1,804,557 | | |
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital | | | | | 5.000% | | | | | | 11/15/2041 | | | | | | 2,410,000 | | | | | | 2,678,209 | | |
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital | | | | | 5.000% | | | | | | 11/15/2049 | | | | | | 1,300,000 | | | | | | 1,513,356 | | |
Ohio State Hospital Facilities Revenue | | | | | 4.000% | | | | | | 01/01/2036 | | | | | | 2,100,000 | | | | | | 2,109,198 | | |
6.5% – Total For Hospital/Health Bonds | | | | $ | 14,170,642 | | | ||||||||||||||||||
Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 755,000 | | | | | | 809,058 | | |
Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 500,000 | | | | | | 561,665 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 450,000 | | | | | | 512,505 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 375,000 | | | | | | 429,926 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2030 | | | | | | 600,000 | | | | | | 685,884 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2032 | | | | | | 505,000 | | | | | | 568,615 | | |
Ohio Facilities Construction Commission | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 505,000 | | | | | | 567,312 | | |
Ohio Infrastructure Improvement | | | | | 5.000% | | | | | | 03/01/2041 | | | | | | 1,500,000 | | | | | | 1,701,600 | | |
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 02/01/2030 | | | | | | 500,000 | | | | | | 532,885 | | |
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2031 | | | | | | 710,000 | | | | | | 832,667 | | |
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 1,500,000 | | | | | | 1,729,665 | | |
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2035 | | | | | | 1,160,000 | | | | | | 1,276,360 | | |
4.7% – Total For Revenue Bonds – Facility | | | | $ | 10,208,142 | | | ||||||||||||||||||
Anderson Indiana Sewage Works Revenue (AGM Insured) | | | | | 4.000% | | | | | | 11/01/2026 | | | | | | 300,000 | | | | | | 317,418 | | |
Cincinnati Ohio Water System Revenue | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,058,680 | | |
Cleveland Ohio Water Revenue | | | | | 5.000% | | | | | | 01/01/2033 | | | | | | 500,000 | | | | | | 560,345 | | |
Evansville Indiana Waterworks District Revenue (BAM Insured) | | | | | 4.000% | | | | | | 01/01/2029 | | | | | | 400,000 | | | | | | 417,136 | | |
Hamilton Ohio Sewer System Revenue | | | | | 5.000% | | | | | | 12/01/2030 | | | | | ��� | 1,000,000 | | | | | | 1,148,410 | | |
Hamilton Ohio Wastewater System Revenue (BAM Insured) | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 930,000 | | | | | | 1,033,546 | | |
Ohio Water Development Authority Revenue Polution Control | | | | | 5.000% | | | | | | 12/01/2031 | | | | | | 1,130,000 | | | | | | 1,252,752 | | |
Ohio Water Development Authority Revenue | | | | | 5.250% | | | | | | 12/01/2034 | | | | | | 2,000,000 | | | | | | 2,376,500 | | |
Ohio Water Development Authority Revenue | | | | | 5.000% | | | | | | 06/01/2046 | | | | | | 3,500,000 | | | | | | 3,933,370 | | |
Ohio Water Development Authority Revenue Polution Control | | | | | 5.000% | | | | | | 06/01/2033 | | | | | | 615,000 | | | | | | 708,560 | | |
Ohio Water Development Authority Revenue Polution Control | | | | | 5.000% | | | | | | 12/01/2039 | | | | | | 1,165,000 | | | | | | 1,301,352 | | |
Ohio Water Development Authority Revenue Polution Control | | | | | 5.000% | | | | | | 12/01/2040 | | | | | | 1,000,000 | | | | | | 1,134,150 | | |
Ohio Water Development Authority Revenue Polution Control | | | | | 5.000% | | | | | | 12/01/2046 | | | | | | 3,880,000 | | | | | | 3,938,355 | | |
St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 400,000 | | | | | | 407,852 | | |
Wise County Virginia Soil & Wastewater | | | | | 1.200% | | | | | | 11/01/2040 | | | | | | 1,000,000 | | | | | | 976,035 | | |
9.5% – Total For Revenue Bonds – Water & Sewer | | | | $ | 20,564,461 | | | ||||||||||||||||||
Akron Ohio Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 536,235 | | |
Akron Ohio Income Tax Revenue | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 870,000 | | | | | | 910,533 | | |
Akron Ohio Income Tax Revenue | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 510,000 | | | | | | 573,077 | | |
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 4.750% | | | | | | 11/01/2030 | | | | | | 500,000 | | | | | | 537,890 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 525,000 | | | | | $ | 567,997 | | |
Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue | | | | | 5.000% | | | | | | 06/01/2030 | | | | | | 655,000 | | | | | | 702,566 | | |
Mobile Alabama Industrial Development Board Pollution Control Revenue | | | | | 2.924% | | | | | | 07/15/2034 | | | | | | 1,025,000 | | | | | | 1,034,973 | | |
Monroe County Georgia Development Authority Pollution Control Revenue | | | | | 0.233% | | | | | | 07/01/2049 | | | | | | 1,000,000 | | | | | | 915,926 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2026 | | | | | | 500,000 | | | | | | 550,895 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2027 | | | | | | 1,060,000 | | | | | | 1,167,293 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2028 | | | | | | 570,000 | | | | | | 627,370 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 510,000 | | | | | | 563,326 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2033 | | | | | | 1,570,000 | | | | | | 1,785,059 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2039 | | | | | | 1,000,000 | | | | | | 1,110,520 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 04/01/2029 | | | | | | 665,000 | | | | | | 712,109 | | |
St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2036 | | | | | | 400,000 | | | | | | 392,650 | | |
St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2037 | | | | | | 575,000 | | | | | | 557,510 | | |
St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 400,000 | | | | | | 384,092 | | |
St. Xavier High School Inc. Ohio Revenue | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 400,000 | | | | | | 380,888 | | |
Riversouth Ohio Authority Revenue | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 700,000 | | | | | | 725,298 | | |
Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 220,000 | | | | | | 227,223 | | |
Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 435,000 | | | | | | 445,501 | | |
7.1% – Total For Other Revenue Bonds | | | | $ | 15,408,931 | | | ||||||||||||||||||
Aldine Texas ISD GO Unlimited | | | | | 4.000% | | | | | | 02/15/2030 | | | | | | 780,000 | | | | | | 808,330 | | |
Arcanum-Butler Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 675,000 | | | | | | 700,535 | | |
Arcanum-Butler Ohio LSD GO | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 650,000 | | | | | | 670,085 | | |
Ashland Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2028 | | | | | | 505,000 | | | | | | 546,960 | | |
Athens Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 750,000 | | | | | | 774,427 | | |
Bellbrook-Sugarcreek Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 325,000 | | | | | | 335,286 | | |
Bellfontaine Ohio SCD GO Unlimited (National RE Insured) | | | | | 5.500% | | | | | | 12/01/2026 | | | | | | 615,000 | | | | | | 676,912 | | |
Berea Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 510,790 | | |
Big Walnut Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 500,000 | | | | | | 515,275 | | |
Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2030 | | | | | | 290,000 | | | | | | 307,728 | | |
Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2031 | | | | | | 150,000 | | | | | | 158,043 | | |
Bloom-Carroll Ohio LSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 11/01/2029 | | | | | | 325,000 | | | | | | 347,327 | | |
Boone County Kentucky SD Revenue | | | | | 3.000% | | | | | | 03/01/2026 | | | | | | 1,000,000 | | | | | | 1,007,340 | | |
Breckinridge County Kentucky SD Finance Corp. | | | | | 5.000% | | | | | | 04/01/2025 | | | | | | 265,000 | | | | | | 281,782 | | |
Brownsville Indianna CSC Revenue | | | | | 5.000% | | | | | | 01/15/2027 | | | | | | 535,000 | | | | | | 592,240 | | |
Chillicothe Ohio SD GO Unlimited (AGM Insured) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | | 413,228 | | |
Cleveland Heights and University Heights Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,042,980 | | |
Colorado Building Excellent Schools Today Certificates of Participation | | | | | 4.000% | | | | | | 03/15/2030 | | | | | | 1,000,000 | | | | | | 1,058,050 | | |
Columbus Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | | 417,248 | | |
Daviess County Kentucky SD GO Unlimited | | | | | 5.000% | | | | | | 06/01/2027 | | | | | | 1,825,000 | | | | | | 2,009,763 | | |
Dexter Michigan CSD GO Unlimited | | | | | 4.000% | | | | | | 05/01/2031 | | | | | | 670,000 | | | | | | 699,158 | | |
Dublin Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2034 | | | | | | 500,000 | | | | | | 518,480 | | |
Elyria Ohio SCD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,044,580 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Festus Missouri SD Certificates of Participation | | | | | 4.000% | | | | | | 04/01/2026 | | | | | | 875,000 | | | | | $ | 929,198 | | |
Greencastle Indiana School Corp Revenue | | | | | 4.000% | | | | | | 07/15/2029 | | | | | | 695,000 | | | | | | 734,664 | | |
Green County Ohio Vocational SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2035 | | | | | | 1,000,000 | | | | | | 1,018,780 | | |
Hardin County Kentucky SD Finance Corp. Revenue | | | | | 5.000% | | | | | | 05/01/2024 | | | | | | 500,000 | | | | | | 522,780 | | |
Houston Texas ISD GO Limited | | | | | 5.000% | | | | | | 02/15/2030 | | | | | | 440,000 | | | | | | 480,810 | | |
Hudson Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 800,000 | | | | | | 818,368 | | |
Huntington County Indiana Countryside School Building Corp. Revenue | | | | | 4.000% | | | | | | 01/15/2028 | | | | | | 1,000,000 | | | | | | 1,071,420 | | |
Jackson Milton Ohio LSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 06/01/2031 | | | | | | 270,000 | | | | | | 276,750 | | |
Johnstown-Monroe Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 800,000 | | | | | | 840,256 | | |
Kenton County Kentucky SD Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2028 | | | | | | 400,000 | | | | | | 415,836 | | |
Kenton County Kentucky SD Finance Corp. Revenue | | | | | 5.000% | | | | | | 02/01/2028 | | | | | | 1,000,000 | | | | | | 1,109,570 | | |
Kettering Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 400,000 | | | | | | 415,600 | | |
Kettering Ohio CSD GO Unlimited | | | | | 5.250% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 573,165 | | |
Logan Hocking Ohio LSD Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 420,000 | | | | | | 432,235 | | |
Mayfield Ohio CSD Certificates of Participation | | | | | 4.000% | | | | | | 09/01/2032 | | | | | | 280,000 | | | | | | 290,052 | | |
Menifee County Kentucky SD Financial Corp. Revenue | | | | | 3.000% | | | | | | 08/01/2027 | | | | | | 615,000 | | | | | | 614,454 | | |
Middletown Ohio CSD GO Umlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 585,000 | | | | | | 616,151 | | |
Milford Ohio Exempt Village SD GO Unlimited (AGM Insured) | | | | | 5.500% | | | | | | 12/01/2030 | | | | | | 1,260,000 | | | | | | 1,452,100 | | |
Munster Indiana School Building Corp. Revenue (State Intercept) | | | | | 4.000% | | | | | | 01/15/2029 | | | | | | 400,000 | | | | | | 427,816 | | |
Murray Kentucky ISD Finance Corporation Revenue | | | | | 5.000% | | | | | | 03/01/2025 | | | | | | 810,000 | | | | | | 860,066 | | |
North Olmsted Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 526,475 | | |
Orchard Farm Missouri SD Certificate of Participation | | | | | 4.000% | | | | | | 04/01/2029 | | | | | | 550,000 | | | | | | 595,210 | | |
Orange County Florida School Board Certificates of Participation* | | | | | 5.000% | | | | | | 08/01/2032 | | | | | | 500,000 | | | | | | 541,175 | | |
Owen County Kentucky SD Revenue | | | | | 4.000% | | | | | | 04/01/2027 | | | | | | 1,320,000 | | | | | | 1,391,782 | | |
Palm Beach Florida SD Certificates of Participation | | | | | 5.000% | | | | | | 08/01/2039 | | | | | | 1,000,000 | | | | | | 1,094,960 | | |
Pennsbury Pennsylvania SD GO Limited | | | | | 5.000% | | | | | | 08/01/2029 | | | | | | 550,000 | | | | | | 608,822 | | |
Princeton Ohio CSD Certificates of Participation | | | | | 3.500% | | | | | | 12/01/2026 | | | | | | 275,000 | | | | | | 275,366 | | |
Princeton Ohio CSD GO Unliimited (National RE Insured) | | | | | 5.250% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,151,140 | | |
Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 965,000 | | | | | | 1,033,650 | | |
Talawanda Ohio CSD | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 775,000 | | | | | | 875,626 | | |
Teays Valley Ohio LSD | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 580,000 | | | | | | 595,289 | | |
Toledo Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 660,000 | | | | | | 718,430 | | |
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 410,000 | | | | | | 434,001 | | |
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 525,160 | | |
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | | 365,533 | | |
Upper Arlington Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,380,000 | | | | | | 1,452,602 | | |
Wadsworth Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 840,000 | | | | | | 875,330 | | |
Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation | | | | | 4.000% | | | | | | 04/01/2030 | | | | | | 395,000 | | | | | | 403,358 | | |
Westerville Ohio SCD Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2032 | | | | | | 555,000 | | | | | | 616,067 | | |
Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 03/01/2030 | | | | | | 810,000 | | | | | | 826,905 | | |
20.4% – Total For School District | | | | $ | 44,243,499 | | | ||||||||||||||||||
Colorado State Certificate of Participation | | | | | 4.000% | | | | | | 12/15/2034 | | | | | | 1,000,000 | | | | | | 1,021,740 | | |
Colorado State Certificate of Participation | | | | | 4.000% | | | | | | 12/15/2039 | | | | | | 2,000,000 | | | | | | 2,021,540 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Kentucky Association of Counties Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2029 | | | | | | 575,000 | | | | | $ | 616,296 | | |
Kentucky Certificates of Participation | | | | | 4.000% | | | | | | 04/15/2028 | | | | | | 695,000 | | | | | | 737,597 | | |
Kentucky Certificates of Participation | | | | | 4.000% | | | | | | 04/15/2031 | | | | | | 500,000 | | | | | | 517,815 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2029 | | | | | | 600,000 | | | | | | 644,304 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2030 | | | | | | 600,000 | | | | | | 643,908 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 10/01/2026 | | | | | | 635,000 | | | | | | 692,487 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 04/01/2026 | | | | | | 525,000 | | | | | | 571,678 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 04/01/2028 | | | | | | 1,000,000 | | | | | | 1,104,220 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 05/01/2034 | | | | | | 2,340,000 | | | | | | 2,652,601 | | |
Ohio Certificate of Participation | | | | | 5.000% | | | | | | 09/01/2027 | | | | | | 1,520,000 | | | | | | 1,704,224 | | |
Washington Certificates of Participation | | | | | 5.000% | | | | | | 01/01/2041 | | | | | | 675,000 | | | | | | 763,567 | | |
6.3% – Total For State Agency | | | | $ | 13,691,977 | | | ||||||||||||||||||
FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement) | | | | | 3.400% | | | | | | 01/25/2036 | | | | | | 1,900,379 | | | | | | 1,815,159 | | |
FHLMC Series M 053 Class A | | | | | 4.250% | | | | | | 06/15/2035 | | | | | | 3,933,560 | | | | | | 3,489,028 | | |
Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.500% | | | | | | 11/01/2050 | | | | | | 820,000 | | | | | | 823,977 | | |
Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.500% | | | | | | 11/01/2050 | | | | | | 2,400,000 | | | | | | 2,411,640 | | |
Missouri State Housing Development Commission Single Family Mortgage Revenue | | | | | 3.875% | | | | | | 05/01/2050 | | | | | | 1,545,000 | | | | | | 1,568,051 | | |
Ohio Housing Finance Agency Residential Mortgage Revenue | | | | | 3.000% | | | | | | 03/01/2052 | | | | | | 1,975,000 | | | | | | 1,964,086 | | |
Ohio Housing Finance Agency Residential Mortgage Revenue | | | | | 3.700% | | | | | | 03/01/2032 | | | | | | 565,000 | | | | | | 549,265 | | |
5.8% – Total For Housing | | | | $ | 12,621,206 | | | ||||||||||||||||||
Total Municipal Income Securities – Bonds 98.9% | | | | $ | 214,355,676 | | | ||||||||||||||||||
(Identified Cost $256,501,876) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | ||||||||
Dreyfus AMT-Free Tax Cash Management Fund*** | | | | | | | | | | | | | | | | | 3,047,614 | | | | | | 3,047,309 | | |
Total Cash Equivalents 1.4% | | | | $ | 3,047,309 | | | ||||||||||||||||||
(Identified Cost $3,047,309) | | | | | | ||||||||||||||||||||
Total Portfolio Value 100.3% | | | | $ | 217,402,985 | | | ||||||||||||||||||
(Identified Cost $231,979,192) | | | | | | ||||||||||||||||||||
Liabilities in Excess of Other Assets – 0.3% | | | | $ | (681,016) | | | ||||||||||||||||||
Total Net Assets 100.0% | | | | $ | 216,721,969 | | | ||||||||||||||||||
|
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2022 – unaudited |
JOHNSON MUTUAL FUNDS | June 30, 2022 – unaudited |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 539,947,784 | | | | | $ | 108,256,198 | | | | | $ | 20,029,497 | | |
Cash & Cash Equivalents | | | | | — | | | | | | — | | | | | | 677 | | |
Dividends and Interest Receivable | | | | | 659,350 | | | | | | 83,847 | | | | | | 97,808 | | |
Reclaims Receivable | | | | | — | | | | | | — | | | | | | 56,676 | | |
Total Assets | | | | $ | 540,607,134 | | | | | $ | 108,340,045 | | | | | $ | 20,184,658 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Accrued Management Fees | | | | $ | 453,029 | | | | | $ | 90,627 | | | | | $ | 17,176 | | |
Total Liabilities | | | | $ | 453,029 | | | | | $ | 90,627 | | | | | $ | 17,176 | | |
Net Assets | | | | $ | 540,154,105 | | | | | $ | 108,249,418 | | | | | $ | 20,167,482 | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 407,849,691 | | | | | $ | 97,512,423 | | | | | $ | 17,605,361 | | |
Accumulated Earnings | | | | | 132,304,414 | | | | | | 10,736,995 | | | | | | 2,562,121 | | |
Net Assets | | | | $ | 540,154,105 | | | | | $ | 108,249,418 | | | | | $ | 20,167,482 | | |
Shares Outstanding (Unlimited Amount Authorized) | | | | | 17,250,142 | | | | | | 2,508,260 | | | | | | 789,405 | | |
Offering, Redemption and Net Asset Value Per Share | | | | $ | 31.31 | | | | | $ | 43.16 | | | | | $ | 25.55 | | |
*Identified Cost of Investment Securities | | | | $ | 444,127,357 | | | | | $ | 99,305,883 | | | | | $ | 16,990,778 | | |
JOHNSON MUTUAL FUNDS | June 30, 2022 – unaudited |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||
Assets: | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 888,123,350 | | | | | $ | 217,402,985 | | |
Dividends and Interest Receivable | | | | | 6,674,965 | | | | | | 1,642,692 | | |
Receivable for CMO Paydowns | | | | | 158 | | | | | | — | | |
Total Assets | | | | $ | 894,798,473 | | | | | $ | 219,045,677 | | |
Liabilities: | | | | | | | | | | | | | |
Accrued Management Fees | | | | $ | 626,647 | | | | | $ | 116,928 | | |
Securities Purchased Payable | | | | | — | | | | | | 2,206,780 | | |
Total Liabilities | | | | $ | 626,647 | | | | | $ | 2,323,708 | | |
Net Assets | | | | $ | 894,171,826 | | | | | $ | 216,721,969 | | |
Net Assets Consist of: | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 989,881,250 | | | | | $ | 231,957,455 | | |
Accumulated Earnings | | | | | (95,709,424) | | | | | | (15,235,486) | | |
Net Assets | | | | $ | 894,171,826 | | | | | $ | 216,721,969 | | |
Shares Outstanding (Unlimited Amount Authorized) | | | | | 58,251,913 | | | | | | 13,312,342 | | |
Offering, Redemption and Net Asset Value Per Share | | | | $ | 15.35 | | | | | $ | 16.28 | | |
*Identified Cost of Investment Securities | | | | $ | 981,193,242 | | | | | $ | 231,979,192 | | |
JOHNSON MUTUAL FUNDS | June 30, 2022 – Unaudited |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||
| | | Six Months Ended 6/30/2022 | | | Six Months Ended 6/30/2022 | | | Six Months Ended 6/30/2022 | | |||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | |
Dividends | | | | $ | 5,153,392 | | | | | $ | 955,676 | | | | | $ | 442,585 | | |
Less: Foreign withholding taxes on dividends, net of reclaims | | | | | (19,103) | | | | | | — | | | | | | (65,931) | | |
Total Investment Income | | | | $ | 5,134,289 | | | | | $ | 955,676 | | | | | $ | 376,654 | | |
Expenses: | | | | | | | | | | | | | | | | | | | |
Management Fee | | | | $ | 2,853,226 | | | | | $ | 576,749 | | | | | $ | 112,759 | | |
Total Expenses | | | | $ | 2,853,226 | | | | | $ | 576,749 | | | | | $ | 112,759 | | |
Net Investment Income | | | | $ | 2,281,063 | | | | | $ | 378,927 | | | | | $ | 263,895 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) from Security Transactions | | | | $ | 22,305,622 | | | | | $ | 1,213,333 | | | | | $ | (355,792) | | |
Net Change in Unrealized Gain/(Loss) On Investments | | | | | (111,543,880) | | | | | | (24,718,710) | | | | | | (3,918,279) | | |
Net Gain/(Loss) on Investments | | | | $ | (89,238,258) | | | | | $ | (23,505,377) | | | | | $ | (4,274,071) | | |
Net Change in Net Assets from Operations | | | | $ | (86,957,195) | | | | | $ | (23,126,450) | | | | | $ | (4,010,176) | | |
JOHNSON MUTUAL FUNDS | June 30, 2022 – Unaudited |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||
| | | Six Months Ended 6/30/2022 | | | Six Months Ended 6/30/2022 | | ||||||
Investment Income: | | | | | | | | | | | | | |
Interest | | | | $ | 11,765,509 | | | | | $ | 3,247,616 | | |
Dividends | | | | | 192,391 | | | | | | 4,746 | | |
Total Investment Income | | | | $ | 11,957,900 | | | | | $ | 3,252,362 | | |
Expenses: | | | | | | | | | | | | | |
Management Fee | | | | $ | 4,070,770 | | | | | $ | 807,527 | | |
Total Expenses | | | | $ | 4,070,770 | | | | | $ | 807,527 | | |
Net Investment Income | | | | $ | 7,887,130 | | | | | $ | 2,444,835 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | |
Net Realized Gain/(Loss) from Security Transactions | | | | $ | (2,417,848) | | | | | $ | (678,046) | | |
Net Change in Unrealized Gain/(Loss) On Investments | | | | | (123,385,395) | | | | | | (25,008,351) | | |
Net Gain/(Loss) on Investments | | | | $ | (125,803,243) | | | | | $ | (25,686,397) | | |
Net Change in Net Assets from Operations | | | | $ | (117,916,113) | | | | | $ | (23,241,562) | | |
JOHNSON MUTUAL FUNDS |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||||||||||||||||||||
| | | Six Months Ended 6/30/2022* | | | Year Ended 12/31/2021 | | | Six Months Ended 6/30/2022* | | | Year Ended 12/31/2021 | | | Six Months Ended 6/30/2022* | | | Year Ended 12/31/2021 | | ||||||||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 2,281,063 | | | | | $ | 3,320,697 | | | | | $ | 378,927 | | | | | $ | 815,793 | | | | | $ | 263,895 | | | | | $ | 490,999 | | |
Net Realized Gain/(Loss) from Security Transactions | | | | | 22,305,622 | | | | | | 54,836,346 | | | | | | 1,213,333 | | | | | | 15,764,997 | | | | | | (355,792) | | | | | | (98,132) | | |
Net Change in Unrealized Gain/(Loss) On Investments | | | | | (111,543,880) | | | | | | 65,509,120 | | | | | | (24,718,710) | | | | | | 12,660,727 | | | | | | (3,918,279) | | | | | | 1,715,758 | | |
Net Change in Net Assets from Operations | | | | $ | (86,957,195) | | | | | $ | 123,666,163 | | | | | $ | (23,126,450) | | | | | $ | 29,241,517 | | | | | $ | (4,010,176) | | | | | $ | 2,108,625 | | |
Distributions to Shareholders (see Note 2) | | | | $ | — | | | | | $ | (47,400,751) | | | | | $ | — | | | | | $ | (14,800,439) | | | | | $ | — | | | | | $ | (667,193) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds From Sale of Shares | | | | $ | 37,661,997 | | | | | $ | 74,358,063 | | | | | $ | 9,048,656 | | | | | $ | 15,517,414 | | | | | $ | 1,237,342 | | | | | $ | 3,755,105 | | |
Shares Issued on Reinvestment of Distributions | | | | | — | | | | | | 47,190,597 | | | | | | — | | | | | | 14,763,088 | | | | | | — | | | | | | 666,925 | | |
Cost of Shares Redeemed | | | | | (20,263,986) | | | | | | (52,906,157) | | | | | | (3,760,415) | | | | | | (11,923,151) | | | | | | (1,966,344) | | | | | | (2,061,767) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | 17,398,011 | | | | | $ | 68,642,503 | | | | | $ | 5,288,241 | | | | | $ | 18,357,351 | | | | | $ | (729,002) | | | | | $ | 2,360,263 | | |
Net Change in Net Assets | | | | $ | (69,559,184) | | | | | $ | 144,907,915 | | | | | $ | (17,838,209) | | | | | $ | 32,798,429 | | | | | $ | (4,739,178) | | | | | $ | 3,801,695 | | |
Net Assets at Beginning of Year | | | | $ | 609,713,289 | | | | | $ | 464,805,374 | | | | | $ | 126,087,627 | | | | | $ | 93,289,198 | | | | | $ | 24,906,660 | | | | | $ | 21,104,965 | | |
Net Assets at End of Year | | | | $ | 540,154,105 | | | | | $ | 609,713,289 | | | | | $ | 108,249,418 | | | | | $ | 126,087,627 | | | | | $ | 20,167,482 | | | | | $ | 24,906,660 | | |
Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Sold | | | | | 1,114,421 | | | | | | 2,094,530 | | | | | | 191,483 | | | | | | 293,509 | | | | | | 43,204 | | | | | | 121,042 | | |
Share Reinvested | | | | | — | | | | | | 1,296,089 | | | | | | — | | | | | | 280,774 | | | | | | — | | | | | | 21,773 | | |
Shares Redeemed | | | | | (597,611) | | | | | | (1,483,178) | | | | | | (79,516) | | | | | | (226,238) | | | | | | (67,341) | | | | | | (67,205) | | |
Net Increase (Decrease) in Shares Oustanding | | | | | 516,810 | | | | | | 1,907,441 | | | | | | 111,967 | | | | | | 348,045 | | | | | | (24,137) | | | | | | 75,610 | | |
Shares Outstanding, beginning of year | | | | | 16,733,332 | | | | | | 14,825,891 | | | | | | 2,396,293 | | | | | | 2,048,248 | | | | | | 813,542 | | | | | | 737,932 | | |
Shares Outstanding, end of year | | | | | 17,250,142 | | | | | | 16,733,332 | | | | | | 2,508,260 | | | | | | 2,396,293 | | | | | | 789,405 | | | | | | 813,542 | | |
JOHNSON MUTUAL FUNDS |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||||||||||||||
| | | Six Months Ended 6/30/2022* | | | Year Ended 12/31/2021 | | | Six Months Ended 6/30/2022* | | | Year Ended 12/31/2021 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 7,887,130 | | | | | $ | 13,808,953 | | | | | $ | 2,444,835 | | | | | $ | 4,754,770 | | |
Net Realized Gain/(Loss) from Security Transactions | | | | | (2,417,848) | | | | | | 5,616,862 | | | | | | (678,046) | | | | | | 487,031 | | |
Net Change in Unrealized Gain/(Loss) On Investments | | | | | (123,385,395) | | | | | | (42,690,616) | | | | | | (25,008,351) | | | | | | (4,403,146) | | |
Net Change in Net Assets from Operations | | | | $ | (117,916,113) | | | | | $ | (23,264,801) | | | | | $ | (23,241,562) | | | | | $ | 838,655 | | |
Distributions to Shareholders (see Note 2) | | | | $ | (8,109,325) | | | | | $ | (19,425,305) | | | | | $ | (2,426,066) | | | | | $ | (5,266,506) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds From Sale of Shares | | | | $ | 151,114,722 | | | | | $ | 208,196,003 | | | | | $ | 54,291,676 | | | | | $ | 46,813,180 | | |
Shares Issued on Reinvestment of Distributions | | | | | 8,001,507 | | | | | | 19,143,519 | | | | | | 2,391,477 | | | | | | 5,200,684 | | |
Cost of Shares Redeemed | | | | | (174,285,320) | | | | | | (107,787,693) | | | | | | (89,277,146) | | | | | | (32,330,793) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | (15,169,091) | | | | | $ | 119,551,829 | | | | | $ | (32,593,993) | | | | | $ | 19,683,071 | | |
Net Change in Net Assets | | | | $ | (141,194,529) | | | | | $ | 76,861,723 | | | | | $ | (58,261,621) | | | | | $ | 15,255,220 | | |
Net Assets at Beginning of Year | | | | $ | 1,035,366,355 | | | | | $ | 958,504,632 | | | | | $ | 274,983,590 | | | | | $ | 259,728,370 | | |
Net Assets at End of Year | | | | $ | 894,171,826 | | | | | $ | 1,035,366,355 | | | | | $ | 216,721,969 | | | | | $ | 274,983,590 | | |
Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Sold | | | | | 9,429,355 | | | | | | 11,728,526 | | | | | | 3,261,830 | | | | | | 2,583,462 | | |
Share Reinvested | | | | | 508,122 | | | | | | 1,091,375 | | | | | | 144,889 | | | | | | 288,866 | | |
Shares Redeemed | | | | | (10,987,126) | | | | | | (6,092,695) | | | | | | (5,387,561) | | | | | | (1,785,422) | | |
Net Increase (Decrease) in Shares Oustanding | | | | | (1,049,649) | | | | | | 6,727,206 | | | | | | (1,980,842) | | | | | | 1,086,906 | | |
Shares Outstanding, beginning of year | | | | | 59,301,562 | | | | | | 52,574,356 | | | | | | 15,293,184 | | | | | | 14,206,278 | | |
Shares Outstanding, end of year | | | | | 58,251,913 | | | | | | 59,301,562 | | | | | | 13,312,342 | | | | | | 15,293,184 | | |
FINANCIAL HIGHLIGHTS | EQUITY INCOME FUND |
| | | Six Months Ended 6/30/2022* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 36.44 | | | | | $ | 31.35 | | | | | $ | 28.50 | | | | | $ | 22.48 | | | | | $ | 25.12 | | | | | $ | 21.67 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.13 | | | | | | 0.21 | | | | | | 0.25 | | | | | | 0.29 | | | | | | 0.28 | | | | | | 0.26 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (5.26) | | | | | | 7.92 | | | | | | 3.24 | | | | | | 7.37 | | | | | | (0.97) | | | | | | 5.15 | | |
Total Operations | | | | $ | (5.13) | | | | | $ | 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 | | | | $ | 31.31 | | | | | $ | 36.44 | | | | | $ | 31.35 | | | | | $ | 28.50 | | | | | $ | 22.48 | | | | | $ | 25.12 | | |
Total Return(a) | | | | | (14.08)%(c) | | | | | | 25.96% | | | | | | 12.24% | | | | | | 34.07% | | | | | | (2.68)% | | | | | | 25.03% | | |
Net Assets, end of year (millions) | | | | $ | 540.15 | | | | | $ | 609.71 | | | | | $ | 464.81 | | | | | $ | 400.82 | | | | | $ | 273.66 | | | | | $ | 198.28 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00%(b) | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 0.80%(b) | | | | | | 0.62% | | | | | | 0.91% | | | | | | 1.11% | | | | | | 1.23% | | | | | | 1.13% | | |
Portfolio Turnover Rate | | | | | 13.95%(c) | | | | | | 29.91% | | | | | | 27.55% | | | | | | 31.91% | | | | | | 30.17% | | | | | | 34.76% | | |
FINANCIAL HIGHLIGHTS | OPPORTUNITY FUND |
| | | Six Months Ended 6/30/2022* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 52.62 | | | | | $ | 45.55 | | | | | $ | 42.48 | | | | | $ | 34.47 | | | | | $ | 42.89 | | | | | $ | 40.54 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.15 | | | | | | 0.38 | | | | | | 0.25 | | | | | | 0.28 | | | | | | 0.31 | | | | | | 0.14 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (9.61) | | | | | | 13.55 | | | | | | 3.08 | | | | | | 9.58 | | | | | | (6.40) | | | | | | 6.74 | | |
Total Operations | | | | $ | (9.46) | | | | | $ | 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 | | | | $ | 43.16 | | | | | $ | 52.62 | | | | | $ | 45.55 | | | | | $ | 42.48 | | | | | $ | 34.47 | | | | | $ | 42.89 | | |
Total Return(a) | | | | | (17.98)%(c) | | | | | | 30.59% | | | | | | 7.84% | | | | | | 28.63% | | | | | | (14.16)% | | | | | | 16.91% | | |
Net Assets, end of year (millions) | | | | $ | 108.25 | | | | | $ | 126.09 | | | | | $ | 93.29 | | | | | $ | 76.50 | | | | | $ | 62.18 | | | | | $ | 58.61 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00%(b) | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 0.66%(b) | | | | | | 0.72% | | | | | | 0.67% | | | | | | 0.67% | | | | | | 0.69% | | | | | | 0.35% | | |
Portfolio Turnover Rate | | | | | 12.18%(c) | | | | | | 38.97% | | | | | | 32.89% | | | | | | 36.19% | | | | | | 61.22% | | | | | | 41.50% | | |
FINANCIAL HIGHLIGHTS | INTERNATIONAL FUND |
| | | Six Months Ended 6/30/2022* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 30.62 | | | | | $ | 28.60 | | | | | $ | 27.13 | | | | | $ | 23.17 | | | | | $ | 26.37 | | | | | $ | 22.20 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.59 | | | | | | 0.64 | | | | | | 0.43 | | | | | | 0.53 | | | | | | 0.55 | | | | | | 0.37 | | |
Net Realized and Unrealized Gains/(Losses) on Securities** | | | | | (5.66) | | | | | | 2.22 | | | | | | 1.36 | | | | | | 4.03 | | | | | | (3.17) | | | | | | 4.18 | | |
Total Operations | | | | $ | (5.07) | | | | | $ | 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 | | | | $ | 25.55 | | | | | $ | 30.62 | | | | | $ | 28.60 | | | | | $ | 27.13 | | | | | $ | 23.17 | | | | | $ | 26.37 | | |
Total Return(a) | | | | | (16.56)%(c) | | | | | | 10.00% | | | | | | 6.59% | | | | | | 19.69% | | | | | | (9.93)% | | | | | | 20.50% | | |
Net Assets, end of year (millions) | | | | $ | 20.17 | | | | | $ | 24.91 | | | | | $ | 21.10 | | | | | $ | 21.08 | | | | | $ | 17.95 | | | | | $ | 17.68 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00%(b) | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 2.34%(b) | | | | | | 2.09% | | | | | | 1.77% | | | | | | 2.02% | | | | | | 2.21% | | | | | | 1.53% | | |
Portfolio Turnover Rate | | | | | 4.53%(c) | | | | | | 6.62% | | | | | | 7.85% | | | | | | 4.33% | | | | | | 6.87% | | | | | | 2.48% | | |
FINANCIAL HIGHLIGHTS | FIXED INCOME FUND |
| | | Six Months Ended 6/30/2022* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 17.46 | | | | | $ | 18.23 | | | | | $ | 17.38 | | | | | $ | 16.39 | | | | | $ | 16.84 | | | | | $ | 16.67 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.13 | | | | | | 0.24 | | | | | | 0.30 | | | | | | 0.36 | | | | | | 0.34 | | | | | | 0.31 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (2.10) | | | | | | (0.68) | | | | | | 1.11 | | | | | | 1.00 | | | | | | (0.44) | | | | | | 0.22 | | |
Total Operations | | | | $ | (1.97) | | | | | $ | (0.44) | | | | | $ | 1.41 | | | | | $ | 1.36 | | | | | $ | (0.10) | | | | | $ | 0.53 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.14) | | | | | | (0.26) | | | | | | (0.32) | | | | | | (0.37) | | | | | | (0.35) | | | | | | (0.33) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.07) | | | | | | (0.24) | | | | | | — | | | | | | — | | | | | | (0.03) | | |
Total Distributions | | | | $ | (0.14) | | | | | $ | (0.33) | | | | | $ | (0.56) | | | | | $ | (0.37) | | | | | $ | (0.35) | | | | | $ | (0.36) | | |
Net Asset Value, end of year | | | | $ | 15.35 | | | | | $ | 17.46 | | | | | $ | 18.23 | | | | | $ | 17.38 | | | | | $ | 16.39 | | | | | $ | 16.84 | | |
Total Return(b) | | | | | (11.31)%(c) | | | | | | (2.37)% | | | | | | 8.17% | | | | | | 8.35% | | | | | | (0.56)% | | | | | | 3.22% | | |
Net Assets, end of year (millions) | | | | $ | 894.17 | | | | | $ | 1,035.37 | | | | | $ | 958.50 | | | | | $ | 797.49 | | | | | $ | 623.44 | | | | | $ | 417.66 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.85%(c) | | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.85% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.65%(c) | | | | | | 1.38% | | | | | | 1.66% | | | | | | 2.15% | | | | | | 2.17% | | | | | | 1.88% | | |
Portfolio Turnover Rate | | | | | 14.25%(d) | | | | | | 38.78% | | | | | | 25.08% | | | | | | 21.33% | | | | | | 23.40% | | | | | | 34.97% | | |
FINANCIAL HIGHLIGHTS | MUNICIPAL INCOME FUND |
| | | Six Months Ended 6/30/2022* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 17.98 | | | | | $ | 18.28 | | | | | $ | 17.73 | | | | | $ | 17.12 | | | | | $ | 17.29 | | | | | $ | 17.06 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.33 | | | | | | 0.32 | | | | | | 0.33 | | | | | | 0.32 | | | | | | 0.32 | | | | | | 0.31 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (1.86) | | | | | | (0.27) | | | | | | 0.57 | | | | | | 0.64 | | | | | | (0.16) | | | | | | 0.24 | | |
Total Operations | | | | $ | (1.53) | | | | | $ | 0.05 | | | | | $ | 0.90 | | | | | $ | 0.96 | | | | | $ | 0.16 | | | | | $ | 0.55 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.17) | | | | | | (0.32) | | | | | | (0.33) | | | | | | (0.32) | | | | | | (0.32) | | | | | | (0.31) | | |
Return of Capital | | | | | — | | | | | | —(a) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.03) | | | | | | (0.02) | | | | | | (0.03) | | | | | | (0.01) | | | | | | (0.01) | | |
Total Distributions | | | | $ | (0.17) | | | | | $ | (0.35) | | | | | $ | (0.35) | | | | | $ | (0.35) | | | | | $ | (0.33) | | | | | $ | (0.32) | | |
Net Asset Value, end of year | | | | $ | 16.28 | | | | | $ | 17.98 | | | | | $ | 18.28 | | | | | $ | 17.73 | | | | | $ | 17.12 | | | | | $ | 17.29 | | |
Total Return(b) | | | | | (8.51)%(c) | | | | | | 0.30% | | | | | | 5.12% | | | | | | 5.66% | | | | | | 0.90% | | | | | | 3.25% | | |
Net Assets, end of year (millions) | | | | $ | 216.72 | | | | | $ | 274.98 | | | | | $ | 259.73 | | | | | $ | 225.13 | | | | | $ | 178.97 | | | | | $ | 123.92 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.65%(c) | | | | | | 0.65% | | | | | | 0.65% | | | | | | 0.65% | | | | | | 0.65% | | | | | | 0.65% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.97%(c) | | | | | | 1.78% | | | | | | 1.86% | | | | | | 1.90% | | | | | | 1.94% | | | | | | 1.85% | | |
Portfolio Turnover Rate | | | | | 12.33%(d) | | | | | | 9.11% | | | | | | 5.98% | | | | | | 10.54% | | | | | | 10.45% | | | | | | 12.49% | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
| Equity Income Fund | | | Above average dividend income and long-term capital growth | |
| Opportunity Fund | | | Long-term capital growth | |
| International Fund | | | Long-term capital growth | |
| Fixed Income Fund | | | A high level of income over the long-term consistent with preservation of capital | |
| Municipal Income Fund | | | A high level of federally tax-free income over the long-term consistent with preservation of capital | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
| | | Equity Income | | | Opportunity | | | International | | | Fixed Income | | | Municipal Income | | |||||||||||||||
Cost of Portfolio Investments | | | | | 444,127,357 | | | | | | 99,305,883 | | | | | | 16,990,778 | | | | | | 981,193,242 | | | | | | 231,979,192 | | |
Gross unrealized appreciation | | | | | 127,334,235 | | | | | | 18,932,736 | | | | | | 5,406,700 | | | | | | 601,487 | | | | | | 386,155 | | |
Gross unrealized depreciation | | | | | (31,528,370) | | | | | | (9,982,421) | | | | | | (2,367,981) | | | | | | (93,671,379) | | | | | | (14,962,363) | | |
Net unrealized appreciation | | | | | 95,805,865 | | | | | | 8,950,315 | | | | | | 3,038,719 | | | | | | (93,069,892) | | | | | | (14,576,208) | | |
Undistributed ordinary income | | | | | 2,377,223 | | | | | | 405,445 | | | | | | 47,536 | | | | | | (221,684) | | | | | | 18,769 | | |
Other accumulated gains/(losses) | | | | | 34,121,326 | | | | | | 1,381,235 | | | | | | (524,134) | | | | | | (2,417,848) | | | | | | (678,047) | | |
Accumulated Earnings | | | | | 132,304,414 | | | | | | 10,736,995 | | | | | | 2,562,121 | | | | | | (95,709,424) | | | | | | (15,235,486) | | |
| | | Long-Term | | | Short-Term | | | Total Capital Loss Carryover | | |||||||||
Johnson International Fund | | | | $ | 79,164 | | | | | $ | 89,178 | | | | | $ | 168,342 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
| | | Paid in Capital | | | Accumulated Earnings | | ||||||
Equity Income Fund | | | | $ | 8 | | | | | $ | (8) | | |
Opportunity Fund | | | | | 4,218 | | | | | | (4,218) | | |
International Fund | | | | | (57,857) | | | | | | 57,857 | | |
Municipal Income Fund | | | | | (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 | | | | | | 29,508 | | | | | | 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 | June 30, 2022 Unaudited |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
Equity Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Common Stocks* | | | | $ | 517,563,117 | | | | | $ | — | | | | | $ | — | | | | | $ | 517,563,117 | | |
Cash Equivalents | | | | | 22,384,667 | | | | | | — | | | | | | — | | | | | | 22,384,667 | | |
Total | | | | $ | 539,947,784 | | | | | $ | — | | | | | $ | — | | | | | $ | 539,947,784 | | |
Opportunity Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Common Stocks* | | | | $ | 104,482,909 | | | | | $ | — | | | | | $ | — | | | | | $ | 104,482,909 | | |
Cash Equivalents | | | | | 3,773,289 | | | | | | — | | | | | | — | | | | | | 3,773,289 | | |
Total | | | | $ | 108,256,198 | | | | | $ | — | | | | | $ | — | | | | | $ | 108,256,198 | | |
International Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Preferred Stocks | | | | $ | 106,144 | | | | | $ | — | | | | | $ | — | | | | | $ | 106,144 | | |
Common Stocks* | | | | | 19,766,478 | | | | | | — | | | | | $ | — | | | | | | 19,766,478 | | |
Cash Equivalents | | | | | 156,875 | | | | | | — | | | | | | — | | | | | | 156,875 | | |
Total | | | | $ | 20,029,497 | | | | | $ | — | | | | | $ | — | | | | | $ | 20,029,497 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
Fixed Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 500,840,611 | | | | | $ | — | | | | | $ | 500,840,611 | | |
U.S. Government Treasury Obligations | | | | | — | | | | | | 173,483,521 | | | | | | — | | | | | | 173,483,521 | | |
U.S. Government Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 160,340,033 | | | | | | — | | | | | | 160,340,033 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 23,717,148 | | | | | | — | | | | | | 23,717,148 | | |
Preferred Stocks | | | | | 6,383,754 | | | | | | — | | | | | | — | | | | | | 6,383,754 | | |
Cash Equivalents | | | | | 23,358,283 | | | | | | — | | | | | | — | | | | | | 23,358,283 | | |
Total | | | | $ | 29,742,037 | | | | | $ | 858,381,313 | | | | | $ | — | | | | | $ | 888,123,350 | | |
Municipal Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Municipal Bonds* | | | | $ | — | | | | | $ | 214,355,676 | | | | | $ | — | | | | | $ | 214,355,676 | | |
Cash Equivalents | | | | | 3,047,309 | | | | | | — | | | | | | — | | | | | | 3,047,309 | | |
Total | | | | $ | 3,047,309 | | | | | $ | 214,355,676 | | | | | $ | — | | | | | $ | 217,402,985 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
Fund | | | Fee | | | Management Fee | | | Payable as of June 30, 2022 | | |||||||||
Equity Income Fund | | | | | 1.00% | | | | | $ | 2,853,226 | | | | | $ | 453,029 | | |
Opportunity Fund | | | | | 1.00% | | | | | | 576,749 | | | | | | 90,627 | | |
International Fund | | | | | 1.00% | | | | | | 112,759 | | | | | | 17,176 | | |
Fixed Income Fund | | | | | 0.85% | | | | | | 4,070,770 | | | | | | 626,647 | | |
Municipal Income Fund | | | | | 0.65% | | | | | | 807,527 | | | | | | 116,928 | | |
| Equity Income Fund | | | | | 76.03% | | |
| Opportunity Fund | | | | | 82.97% | | |
| International Fund | | | | | 32.13% | | |
| Fixed Income Fund | | | | | 93.87% | | |
| Municipal Income Fund | | | | | 98.08% | | |
| | | 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 | | | | $ | 84,670,000 | | | | | $ | 79,019,210 | | | | | $ | — | | | | | $ | — | | |
Johnson Opportunity Fund | | | | | 18,785,805 | | | | | | 13,880,188 | | | | | | — | | | | | | — | | |
Johnson International Fund | | | | | 1,008,723 | | | | | | 1,080,435 | | | | | | — | | | | | | — | | |
Johnson Fixed Income Fund | | | | | 114,547,442 | | | | | | 133,618,778 | | | | | | 21,134,883 | | | | | | 33,363,418 | | |
Johnson Municipal Income Fund | | | | | 30,074,116 | | | | | | 55,800,778 | | | | | | — | | | | | | — | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
DISCLOSURE OF EXPENSES (Unaudited) |
| | | Beginning Account Value December 31, 2021 | | | Ending Account Value June 30, 2022 | | | Expenses Paid During Period* January 1, 2022 – June 30, 2022 | | |||||||||
Johnson Equity Income Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 929.61 | | | | | $ | 4.61 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.06 | | |
Johnson Opportunity Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 910.11 | | | | | $ | 4.51 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.06 | | |
Johnson International Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 917.21 | | | | | $ | 4.55 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.06 | | |
Johnson Fixed Income Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 943.53 | | | | | $ | 3.98 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,020.58 | | | | | $ | 4.30 | | |
Johnson Municipal Income Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 957.51 | | | | | $ | 3.09 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,021.57 | | | | | $ | 3.29 | | |
Management Agreement between Johnson Mutual Funds and Johnson Investment Counsel, Inc. |
Management Agreement between Johnson Mutual Funds and Johnson Investment Counsel, Inc. |
ADDITIONAL INFORMATION | June 30, 2022 – Unaudited |
3777 West Fork Road
Cincinnati OH 45247
TRUSTEES AND OFFICERS (Unaudited) |
Name, Address and Age | | | Current Position Held with Trust | | | Year Service Commenced* | | | Principal Occupation During Past Five Years | | | Number of Portfolios Overseen | | | Other Directorships Held During the Past Five Years | |
INTERESTED TRUSTEE | | | | | | | ||||||||||
Timothy E. Johnson (80) 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 | | | 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 | |
TRUSTEES AND OFFICERS (Unaudited) |
Name, Address and Age | | | Current Position Held with Trust | | | Year Service Commenced* | | | Principal Occupation During Past Five Years | | | Number of Portfolios Overseen | | | Other Directorships Held During the Past Five Years | |
OFFICERS | | | | | | | ||||||||||
Jason O. Jackman (51) 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 (58) 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 (56) 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 | JUNE 30, 2022 (UNAUDITED) |
| | | | | 1 | | | |
| Performance Review and Management Discussion | | | | | | | |
| | | | | 3 | | | |
| | | | | 5 | | | |
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| Portfolio of Investments | | | | | | | |
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| | | | | 34 | | | |
| Financial Highlights | | | | | | | |
| | | | | 36 | | | |
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| | | | | Back Page | | |
LETTER FROM THE FUND PRESIDENT | JUNE 2022 |
LETTER FROM THE FUND PRESIDENT | JUNE 2022 |
Johnson Institutional Short Duration Bond Fund | Performance Review – June 30, 2022 |
Class I Shares
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Johnson Institutional Short Duration Bond Fund – Class I Shares | | | ICE BofA US Corporate & Government 1-3 Year Index | | ||||||
| Six Months | | | | | -3.94% | | | | | | -3.19% | | |
| One Year | | | | | -4.48% | | | | | | -3.62% | | |
| Five Years | | | | | 1.02% | | | | | | 1.09% | | |
�� | Ten Years | | | | | 1.11% | | | | | | 1.04% | | |
Johnson Institutional Short Duration Bond Fund | Performance Review – June 30, 2022 |
Class F Shares
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Johnson Institutional Short Duration Bond Fund – Class F Shares | | | ICE BofA US Corporate & Government 1-3 Year Index | | ||||||
| Six Months | | | | | -4.04% | | | | | | -3.19% | | |
| One Year | | | | | -4.70% | | | | | | -3.62% | | |
| Since Inception* | | | | | 2.72% | | | | | | 2.68% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Bank and Finance | | | | | 32.1% | | |
| Industrial | | | | | 21.8% | | |
| Utilities | | | | | 14.4% | | |
| Mortgage-backed Securities | | | | | 12.6% | | |
| US Govt Treasury Obligations | | | | | 7.5% | | |
| US Govt Agency Obligations | | | | | 5.8% | | |
| Taxable Municipal | | | | | 4.7% | | |
| Cash Equivalents | | | | | 0.4% | | |
| Certificates of Deposit | | | | | 0.1% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.6% | | |
| | | | | | 100.0% | | |
Johnson Institutional Intermediate Bond Fund | Performance Review – June 30, 2022 |
Class I Shares
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Johnson Institutional Intermediate Bond Fund – Class I Shares | | | Bloomberg Intermediate Government/ Credit Index | | ||||||
| Six Months | | | | | -7.78% | | | | | | -6.77% | | |
| One Year | | | | | -8.42% | | | | | | -7.28% | | |
| Five Years | | | | | 1.20% | | | | | | 1.13% | | |
| Ten Years | | | | | 1.76% | | | | | | 1.45% | | |
Johnson Institutional Intermediate Bond Fund | Performance Review – June 30, 2022 |
Class F Shares
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Johnson Institutional Intermediate Bond Fund – Class F Shares | | | Bloomberg Intermediate Government/ Credit Index | | ||||||
| Six Months | | | | | -7.79% | | | | | | -6.77% | | |
| One Year | | | | | -8.52% | | | | | | -7.28% | | |
| Since Inception* | | | | | 3.77% | | | | | | 3.75% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| US Govt Treasury OBLIGATIONS | | | | | 28.0% | | |
| Bank and Finance | | | | | 24.8% | | |
| Industrial | | | | | 20.3% | | |
| Utilities | | | | | 12.2% | | |
| Mortgage-backed Securities | | | | | 9.0% | | |
| US Govt Agency OBLIGATIONS | | | | | 2.6% | | |
| Taxable Municipal | | | | | 1.8% | | |
| Preferred Stocks | | | | | 0.5% | | |
| Certificate of Deposit | | | | | 0.1% | | |
| Cash Equivalents | | | | | 0.1% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.6% | | |
| | | | | | 100.0% | | |
Johnson Institutional Core Bond Fund | Performance Review – June 30, 2022 |
Class I Shares
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Johnson Institutional Core Bond Fund – Class I Shares(a) | | | Bloomberg US Aggregate Bond Index | | ||||||
| Six Months | | | | | -11.05% | | | | | | -10.35% | | |
| One Year | | | | | -11.27% | | | | | | -10.29% | | |
| Five Years | | | | | 1.12% | | | | | | 0.88% | | |
| Ten Years | | | | | 1.93% | | | | | | 1.54% | | |
Johnson Institutional Core Bond Fund | Performance Review – June 30, 2022 |
Class F Shares
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Johnson Institutional Core Bond Fund – Class F Shares | | | Bloomberg US Aggregate Bond Index | | ||||||
| Six Months | | | | | -11.12% | | | | | | -10.35% | | |
| One Year | | | | | -11.42% | | | | | | -10.29% | | |
| Since Inception* | | | | | 4.30% | | | | | | 4.05% | | |
| Holdings by Industry Sector | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Bank and Finance | | | | | 26.0% | | |
| Industrial | | | | | 21.7% | | |
| US Govt Treasury OBLIGATIONS | | | | | 19.9% | | |
| Mortgage Backed Securities | | | | | 16.5% | | |
| Utilities | | | | | 12.8% | | |
| Taxable Municipal | | | | | 1.3% | | |
| Cash Equivalents | | | | | 0.7% | | |
| Preferred Stocks | | | | | 0.4% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.7% | | |
| | | | | | 100.0% | | |
Johnson Enhanced Return Fund | Performance Review – June 30, 2022 |
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Enhanced Return Fund | | | S&P 500 Index | | ||||||
| Six Month | | | | | -23.59% | | | | | | -19.96% | | |
| One Year | | | | | -15.50% | | | | | | -10.62% | | |
| Five Years | | | | | 9.98% | | | | | | 11.31% | | |
| Ten Years | | | | | 12.43% | | | | | | 12.96% | | |
| Holdings by Industry Sector* | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Bank and Finance | | | | | 31.7% | | |
| Industrials | | | | | 18.4% | | |
| Utilities | | | | | 15.3% | | |
| Mortgage-Backed Securities | | | | | 13.5% | | |
| US Treasury Obligations | | | | | 13.4% | | |
| US Agency Obligations | | | | | 5.2% | | |
| Taxable Municipals | | | | | 2.3% | | |
| Cash Equivalents | | | | | 0.3% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | -0.1% | | |
| | | | | | 100.0% | | |
Johnson Core Plus Bond Fund | Performance Review – June 30, 2022 |
| Average Annual Total Returns | | | as of June 30, 2022 | |
| | | | Core Plus Bond Fund | | | Bloomberg US Aggregate Bond Index | | ||||||
| Six Month | | | | | -11.47% | | | | | | -10.35% | | |
| Since Inception* | | | | | -11.08% | | | | | | -10.05% | | |
| Holdings by Industry Sector* | | | |
| Sector Allocation | | | % of Net Assets | | |||
| Industrials | | | | | 32.0% | | |
| Bank and Finance | | | | | 20.5% | | |
| Mortgage-Backed Securities | | | | | 16.8% | | |
| US Treasury Obligations | | | | | 14.6% | | |
| Utilities | | | | | 12.9% | | |
| Cash Equivalents | | | | | 1.4% | | |
| Preferred Stocks | | | | | 1.0% | | |
| Other: | | | | | | | |
| Net Other Assets (Liabilities) | | | | | 0.8% | | |
| | | | | | 100.0% | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | ||||||||||||||||||||||||
ACE INA Holdings | | | | | 3.350% | | | | | | 05/15/2024 | | | | | | 2,697,000 | | | | | $ | 2,689,786 | | |
American Express Credit | | | | | 2.500% | | | | | | 07/30/2024 | | | | | | 2,900,000 | | | | | | 2,826,723 | | |
AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 2,385,000 | | | | | | 2,369,435 | | |
AON PLC | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 2,700,000 | | | | | | 2,670,602 | | |
Bank of America Corp. | | | | | 3.300% | | | | | | 01/11/2023 | | | | | | 2,080,000 | | | | | | 2,090,587 | | |
Bank of America Corp. | | | | | 3.875% | | | | | | 08/01/2025 | | | | | | 3,990,000 | | | | | | 3,976,737 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 3,075,000 | | | | | | 3,094,465 | | |
Essex Portfolio LP | | | | | 3.375% | | | | | | 04/15/2026 | | | | | | 2,654,000 | | | | | | 2,564,146 | | |
Essex Portfolio LP | | | | | 3.875% | | | | | | 05/01/2024 | | | | | | 1,950,000 | | | | | | 1,943,676 | | |
Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 1,770,000 | | | | | | 1,695,982 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 3,440,000 | | | | | | 3,459,952 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 5,000,000 | | | | | | 4,853,360 | | |
JP Morgan Chase & Co. | | | | | 3.375% | | | | | | 05/01/2023 | | | | | | 3,212,000 | | | | | | 3,209,935 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 1,745,000 | | | | | | 1,741,749 | | |
Keycorp | | | | | 4.150% | | | | | | 10/29/2025 | | | | | | 4,700,000 | | | | | | 4,680,852 | | |
M&T Bank Corp. | | | | | 3.550% | | | | | | 07/26/2023 | | | | | | 4,431,000 | | | | | | 4,418,203 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 3,830,000 | | | | | | 3,819,705 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 03/10/2025 | | | | | | 1,000,000 | | | | | | 988,164 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 2,460,000 | | | | | | 2,454,558 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 2,750,000 | | | | | | 2,750,825 | | |
National Retail Properties | | | | | 3.900% | | | | | | 06/15/2024 | | | | | | 1,197,000 | | | | | | 1,194,499 | | |
National Retail Properties | | | | | 4.000% | | | | | | 11/15/2025 | | | | | | 2,965,000 | | | | | | 2,949,134 | | |
PNC Financial Services | | | | | 3.800% | | | | | | 07/25/2023 | | | | | | 1,000,000 | | | | | | 1,004,090 | | |
PNC Financial Services | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 4,840,000 | | | | | | 4,858,876 | | |
Suntrust Banks Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 3,002,000 | | | | | | 3,008,634 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 6,319,000 | | | | | | 6,304,195 | | |
Wells Fargo & Co. | | | | | 3.550% | | | | | | 09/29/2025 | | | | | | 600,000 | | | | | | 589,044 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 1,550,000 | | | | | | 1,523,591 | | |
32.1% – Total Bank and Finance | | | | $ | 79,731,505 | | | ||||||||||||||||||
Becton Dickinson & Co. | | | | | 3.363% | | | | | | 06/06/2024 | | | | | | 2,235,000 | | | | | | 2,211,839 | | |
Burlington Northern Santa Fe | | | | | 3.850% | | | | | | 09/01/2023 | | | | | | 3,160,000 | | | | | | 3,178,296 | | |
Chevron Corp. | | | | | 2.355% | | | | | | 12/05/2022 | | | | | | 1,693,000 | | | | | | 1,692,433 | | |
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 4,600,000 | | | | | | 4,581,798 | | |
Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 4,548,000 | | | | | | 4,468,360 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 3,300,000 | | | | | | 3,290,684 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 1,500,000 | | | | | | 1,485,303 | | |
Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 2,936,000 | | | | | | 2,903,563 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 4,600,000 | | | | | | 4,624,472 | | |
McDonalds Corp. | | | | | 3.350% | | | | | | 04/01/2023 | | | | | | 1,265,000 | | | | | | 1,267,935 | | |
McDonalds Corp. | | | | | 3.375% | | | | | | 05/26/2025 | | | | | | 2,500,000 | | | | | | 2,476,870 | | |
Norfolk Southern Corp. | | | | | 2.903% | | | | | | 02/15/2023 | | | | | | 4,409,000 | | | | | | 4,395,306 | | |
Norfolk Southern Corp. | | | | | 5.590% | | | | | | 05/17/2025 | | | | | | 1,000,000 | | | | | | 1,030,960 | | |
Roper Technologies Inc. | | | | | 1.000% | | | | | | 09/15/2025 | | | | | | 4,230,000 | | | | | | 3,823,116 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 3,115,000 | | | | | $ | 3,084,626 | | |
Starbucks Corp. | | | | | 3.100% | | | | | | 03/01/2023 | | | | | | 4,765,000 | | | | | | 4,772,100 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,700,000 | | | | | | 2,680,973 | | |
Union Pacific Corp. | | | | | 3.750% | | | | | | 03/15/2024 | | | | | | 2,025,000 | | | | | | 2,029,536 | | |
21.8% – Total Industrial | | | | $ | 53,998,170 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 2.800% | | | | | | 01/15/2023 | | | | | | 1,272,000 | | | | | | 1,270,321 | | |
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 4,940,000 | | | | | | 4,969,788 | | |
Duke Energy Corp. | | | | | 3.750% | | | | | | 04/15/2024 | | | | | | 4,009,000 | | | | | | 4,007,513 | | |
Eversource Energy | | | | | 3.150% | | | | | | 01/15/2025 | | | | | | 500,000 | | | | | | 488,763 | | |
Georgia Power Co. | | | | | 2.100% | | | | | | 07/30/2023 | | | | | | 3,045,000 | | | | | | 3,000,537 | | |
Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 2,043,000 | | | | | | 1,971,413 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 4,472,000 | | | | | | 4,363,635 | | |
Interstate Power & Light Co. | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 449,000 | | | | | | 443,631 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 2.850% | | | | | | 01/27/2025 | | | | | | 2,505,000 | | | | | | 2,449,968 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 2.950% | | | | | | 02/07/2024 | | | | | | 1,830,000 | | | | | | 1,814,107 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 3.250% | | | | | | 11/01/2025 | | | | | | 900,000 | | | | | | 879,377 | | |
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 4,580,000 | | | | | | 4,545,499 | | |
Wisconsin Power | | | | | 2.250% | | | | | | 11/15/2022 | | | | | | 1,000,000 | | | | | | 996,987 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 4,720,000 | | | | | | 4,636,097 | | |
14.4% – Total Utilities | | | | $ | 35,837,636 | | | ||||||||||||||||||
68.3% Total Corporate Bonds | | | | $ | 169,567,311 | | | ||||||||||||||||||
Certificates of Deposit | | ||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 251,550 | | |
0.1% – Total Certificates of Deposit | | | | | 251,550 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note (Tbill 13week auction high + 0.049%)* | | | | | 0.655% | | | | | | 01/31/2023 | | | | | | 700,000 | | | | | | 700,917 | | |
Treasury Note | | | | | 0.125% | | | | | | 07/15/2023 | | | | | | 4,350,000 | | | | | | 4,224,768 | | |
Treasury Note | | | | | 2.250% | | | | | | 04/30/2024 | | | | | | 11,235,000 | | | | | | 11,089,293 | | |
Treasury Note | | | | | 2.625% | | | | | | 12/31/2023 | | | | | | 2,500,000 | | | | | | 2,487,110 | | |
7.5% – Total United States Government Treasury Obligations | | | | $ | 18,502,088 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLB | | | | | 1.375% | | | | | | 08/26/2026 | | | | | | 3,700,000 | | | | | | 3,434,314 | | |
FHLB | | | | | 1.375% | | | | | | 09/29/2026 | | | | | | 1,585,000 | | | | | | 1,464,757 | | |
FHLMC | | | | | 0.450% | | | | | | 07/22/2024 | | | | | | 4,000,000 | | | | | | 3,792,048 | | |
FNMA | | | | | 0.500% | | | | | | 06/17/2025 | | | | | | 1,195,000 | | | | | | 1,108,490 | | |
FNMA | | | | | 0.375% | | | | | | 08/25/2025 | | | | | | 5,130,000 | | | | | | 4,712,911 | | |
5.8% – Total United States Government Agency Obligations | | | | $ | 14,512,520 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage-backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)* | | | | | 3.276% | | | | | | 04/01/2042 | | | | | | 54,957 | | | | | | 55,527 | | |
FHLMC Pool G15973 | | | | | 3.000% | | | | | | 07/01/2031 | | | | | | 1,102,230 | | | | | | 1,079,542 | | |
FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 1,055,580 | | | | | | 1,060,836 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 1,203,494 | | | | | $ | 1,208,031 | | |
FHLMC Pool ZS9286 | | | | | 4.500% | | | | | | 04/01/2035 | | | | | | 923,011 | | | | | | 945,154 | | |
FHLMC Pool ZT1964 | | | | | 3.500% | | | | | | 06/01/2032 | | | | | | 950,460 | | | | | | 955,231 | | |
FHLMC Pool SB0037 | | | | | 2.500% | | | | | | 12/01/2027 | | | | | | 682,140 | | | | | | 672,957 | | |
FHLMC Pool V61479 | | | | | 2.500% | | | | | | 01/01/2032 | | | | | | 3,719,909 | | | | | | 3,645,087 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 212,736 | | | | | | 207,333 | | �� |
FNMA Series 2013-3 Class DK | | | | | 1.750% | | | | | | 02/25/2033 | | | | | | 635,779 | | | | | | 601,818 | | |
FNMA Series 2013-1 Class LA | | | | | 1.250% | | | | | | 02/25/2028 | | | | | | 987,844 | | | | | | 947,851 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 56,574 | | | | | | 56,519 | | |
FNMA Series 2020-44 Class TE | | | | | 2.000% | | | | | | 12/25/2035 | | | | | | 2,321,803 | | | | | | 2,213,431 | | |
FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/01/2051 | | | | | | 5,398,344 | | | | | | 4,419,436 | | |
FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 86,208 | | | | | | 83,217 | | |
FHLMC Series 4125 Class KP | | | | | 2.500% | | | | | | 05/15/2041 | | | | | | 554,906 | | | | | | 541,960 | | |
FHLMC Series 4198 Class BE | | | | | 2.000% | | | | | | 10/15/2040 | | | | | | 220,311 | | | | | | 217,386 | | |
FHLMC Series 4980 Class DB | | | | | 1.250% | | | | | | 10/25/2034 | | | | | | 3,020,799 | | | | | | 2,773,788 | | |
FHLMC Series 2989 Class TG | | | | | 5.000% | | | | | | 06/15/2025 | | | | | | 101,005 | | | | | | 102,627 | | |
FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.599%)* | | | | | 2.777% | | | | | | 02/01/2046 | | | | | | 153,816 | | | | | | 158,006 | | |
FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.600%)* | | | | | 1.850% | | | | | | 12/01/2044 | | | | | | 140,974 | | | | | | 144,087 | | |
FNMA Pool AL6465 | | | | | 2.920% | | | | | | 11/01/2023 | | | | | | 19,300 | | | | | | 19,314 | | |
FNMA Pool AL7077 | | | | | 4.000% | | | | | | 07/01/2035 | | | | | | 593,052 | | | | | | 607,552 | | |
FNMA Pool AL9230 | | | | | 3.500% | | | | | | 12/01/2029 | | | | | | 589,336 | | | | | | 589,465 | | |
FNMA Pool AN3444 | | | | | 2.230% | | | | | | 11/01/2023 | | | | | | 2,874,593 | | | | | | 2,814,100 | | |
FNMA Pool FM1897 | | | | | 3.000% | | | | | | 09/01/2032 | | | | | | 1,166,870 | | | | | | 1,158,335 | | |
FNMA Pool FM2287 | | | | | 4.500% | | | | | | 03/01/2034 | | | | | | 1,058,850 | | | | | | 1,089,991 | | |
FNMA Pool FM2989 | | | | | 3.000% | | | | | | 09/01/2034 | | | | | | 1,037,761 | | | | | | 1,028,823 | | |
FNMA Pool FM8700 | | | | | 4.500% | | | | | | 07/01/2034 | | | | | | 1,422,373 | | | | | | 1,465,215 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 234,268 | | | | | | 240,858 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 26,298 | | | | | | 26,445 | | |
GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 31,460 | | | | | | 31,357 | | |
12.6% – Total United States Government Agency Obligations- Mortgage-backed Securities | | | | $ | 31,161,279 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Allegeny County Pennsylvania | | | | | 0.843% | | | | | | 11/01/2024 | | | | | | 600,000 | | | | | | 567,545 | | |
Allegeny County Pennsylvania | | | | | 0.973% | | | | | | 11/01/2025 | | | | | | 1,835,000 | | | | | | 1,694,030 | | |
Franklin County Ohio Convention Facitilites | | | | | 1.255% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 462,680 | | |
Kansas Development Finance Authority Revenue | | | | | 3.491% | | | | | | 04/15/2023 | | | | | | 1,400,000 | | | | | | 1,402,394 | | |
Kent State University | | | | | 1.960% | | | | | | 05/01/2024 | | | | | | 1,000,000 | | | | | | 974,544 | | |
Kentucky State Property and Lodging Commission | | | | | 2.080% | | | | | | 11/01/2023 | | | | | | 700,000 | | | | | | 687,864 | | |
Ohio Special Obligation Capital Facilities Lease | | | | | 1.700% | | | | | | 04/01/2023 | | | | | | 500,000 | | | | | | 495,711 | | |
Pennsylvania State University | | | | | 1.545% | | | | | | 09/01/2024 | | | | | | 1,145,000 | | | | | | 1,103,201 | | |
Pennsylvania State University | | | | | 1.645% | | | | | | 09/01/2025 | | | | | | 2,000,000 | | | | | | 1,891,700 | | |
Port of Greater Cincinnati | | | | | 2.100% | | | | | | 04/01/2023 | | | | | | 255,000 | | | | | | 252,980 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
University of Cincinnati General Receipts | | | | | 1.878% | | | | | | 06/01/2023 | | | | | | 1,100,000 | | | | | $ | 1,088,073 | | |
Youngstown Ohio | | | | | 1.000% | | | | | | 07/21/2022 | | | | | | 1,000,000 | | | | | | 999,549 | | |
4.7% – Total Taxable Municipal Bonds | | | | $ | 11,620,271 | | | ||||||||||||||||||
Total Fixed Income Securities 99.0% | | | | $ | 245,615,019 | | | ||||||||||||||||||
(Identified Cost $258,750,281) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 969,757 | | | | | | 969,757 | | |
Total Cash Equivalents 0.4% | | | | $ | 969,757 | | | ||||||||||||||||||
(Identified Cost $969,757) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.4% | | | | $ | 246,584,776 | | | ||||||||||||||||||
(Identified Cost $259,720,038) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.6% | | | | | | | | | | | | | | | | | | | | | | $ | 1,691,369 | | |
Total Net Assets 100.0% | | | | $ | 248,276,145 | | | ||||||||||||||||||
|
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | ||||||||||||||||||||||||
American Express Co. | | | | | 4.200% | | | | | | 11/06/2025 | | | | | | 4,250,000 | | | | | $ | 4,316,640 | | |
AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 4,300,000 | | | | | | 4,061,109 | | |
Bank of America | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 5,835,000 | | | | | | 5,504,237 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 2,000,000 | | | | | | 2,012,660 | | |
Branch Banking Trust | | | | | 3.800% | | | | | | 10/30/2026 | | | | | | 1,500,000 | | | | | | 1,464,048 | | |
Chubb INA Holdings Inc. | | | | | 1.375% | | | | | | 09/15/2030 | | | | | | 3,200,000 | | | | | | 2,557,901 | | |
Essex Portfolio LP | | | | | 3.000% | | | | | | 01/15/2030 | | | | | | 2,120,000 | | | | | | 1,876,270 | | |
Essex Portfolio LP | | | | | 3.375% | | | | | | 04/15/2026 | | | | | | 1,000,000 | | | | | | 966,144 | | |
Essex Portfolio LP | | | | | 4.000% | | | | | | 03/01/2029 | | | | | | 1,216,000 | | | | | | 1,161,330 | | |
Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 3,114,000 | | | | | | 2,983,779 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 1,700,000 | | | | | | 1,709,860 | | |
Huntington Bancshares | | | | | 4.000% | | | | | | 05/15/2025 | | | | | | 4,225,000 | | | | | | 4,205,544 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 3,065,000 | | | | | | 3,059,290 | | |
JP Morgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 2,500,000 | | | | | | 2,441,572 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 1,655,000 | | | | | | 1,428,747 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 1,000,000 | | | | | | 964,174 | | |
Keycorp | | | | | 4.150% | | | | | | 10/29/2025 | | | | | | 2,000,000 | | | | | | 1,991,852 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 1,500,000 | | | | | | 1,495,968 | | |
Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 2,400,000 | | | | | | 2,371,476 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 4,135,000 | | | | | | 4,125,853 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 1,500,000 | | | | | | 1,500,450 | | |
PNC Financial Services | | | | | 3.450% | | | | | | 04/23/2029 | | | | | | 1,000,000 | | | | | | 934,674 | | |
PNC Financial Services | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 2,000,000 | | | | | | 2,000,560 | | |
Suntrust Bank Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 2,000,000 | | | | | | 2,004,420 | | |
US Bancorp | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 2,625,000 | | | | | | 2,386,540 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 3,000,000 | | | | | | 2,893,806 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 3,050,000 | | | | | | 2,998,034 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 2,600,000 | | | | | | 2,569,026 | | |
24.8% – Total Bank and Finance | | | | $ | 67,985,964 | | | ||||||||||||||||||
Becton Dickinson & Co. | | | | | 3.700% | | | | | | 06/06/2027 | | | | | | 4,000,000 | | | | | | 3,871,896 | | |
CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 3,200,000 | | | | | | 3,168,298 | | |
Dover Corp | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 910,000 | | | | | | 827,333 | | |
Dover Corp | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 2,650,000 | | | | | | 2,603,596 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 1,400,000 | | | | | | 1,398,883 | | |
Emerson Electric Company | | | | | 1.800% | | | | | | 10/15/2027 | | | | | | 615,000 | | | | | | 550,959 | | |
Emerson Electric Company | | | | | 2.200% | | | | | | 12/21/2031 | | | | | | 5,000,000 | | | | | | 4,230,850 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 1,860,000 | | | | | | 1,841,776 | | |
Enterprise Products | | | | | 4.150% | | | | | | 10/16/2028 | | | | | | 1,300,000 | | | | | | 1,268,209 | | |
Home Depot Inc. | | | | | 2.500% | | | | | | 04/15/2027 | | | | | | 1,500,000 | | | | | | 1,420,244 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 2,282,000 | | | | | | 2,268,794 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 2,100,000 | | | | | | 2,067,813 | | |
Lowes Cos. Inc. | | | | | 4.500% | | | | | | 04/15/2030 | | | | | | 3,750,000 | | | | | | 3,706,972 | | |
McDonalds Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 4,025,000 | | | | | | 3,832,834 | | |
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Norfolk Southern Corp. | | | | | 2.900% | | | | | | 06/15/2026 | | | | | | 3,790,000 | | | | | $ | 3,627,538 | | |
Roper Technologies Inc. | | | | | 1.000% | | | | | | 09/15/2025 | | | | | | 485,000 | | | | | | 438,348 | | |
Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 4,450,000 | | | | | | 3,766,053 | | |
Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 1,650,000 | | | | | | 1,649,708 | | |
Verizon Communication Inc. | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 3,935,000 | | | | | | 3,817,639 | | |
Xylem Inc. | | | | | 3.250% | | | | | | 11/01/2026 | | | | | | 4,000,000 | | | | | | 3,881,175 | | |
Xylem Inc. | | | | | 1.950% | | | | | | 01/30/2028 | | | | | | 500,000 | | | | | | 441,566 | | |
Walt Disney Corp. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 5,245,000 | | | | | | 5,065,259 | | |
20.3% – Total Industrial | | | | $ | 55,745,743 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 3,500,000 | | | | | | 3,326,019 | | |
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 2,175,000 | | | | | | 2,188,115 | | |
Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 2,750,000 | | | | | | 2,318,192 | | |
Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 1,550,000 | | | | | | 1,454,811 | | |
Eversource Energy | | | | | 3.300% | | | | | | 01/15/2028 | | | | | | 2,700,000 | | | | | | 2,544,820 | | |
Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 1,000,000 | | | | | | 976,647 | | |
Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 325,000 | | | | | | 313,612 | | |
Georgia Power Co. | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 3,500,000 | | | | | | 3,080,767 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,035,000 | | | | | | 1,009,920 | | |
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 2,367,000 | | | | | | 2,341,453 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 3.400% | | | | | | 02/07/2028 | | | | | | 3,090,000 | | | | | | 2,961,793 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 3.400% | | | | | | 11/15/2023 | | | | | | 3,000,000 | | | | | | 3,006,810 | | |
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 935,000 | | | | | | 927,957 | | |
Virginia Electric & Power Co. | | | | | 3.100% | | | | | | 05/15/2025 | | | | | | 394,000 | | | | | | 387,270 | | |
Virginia Electric & Power Co. | | | | | 3.150% | | | | | | 01/15/2026 | | | | | | 2,150,000 | | | | | | 2,087,826 | | |
Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 02/15/2024 | | | | | | 565,000 | | | | | | 563,605 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 4,050,000 | | | | | | 3,978,007 | | |
12.2% – Total Utilities | | | | $ | 33,467,624 | | | ||||||||||||||||||
57.3% Total Corporate Bonds | | | | $ | 157,199,331 | | | ||||||||||||||||||
Certificates of Deposit | | ||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 251,550 | | |
0.1% – Total Certificates of Deposit | | | | | 251,550 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note | | | | | 0.250% | | | | | | 10/31/2025 | | | | | | 8,250,000 | | | | | | 7,517,169 | | |
Treasury Note | | | | | 0.625% | | | | | | 12/31/2027 | | | | | | 14,500,000 | | | | | | 12,704,494 | | |
Treasury Note | | | | | 1.375% | | | | | | 11/15/2031 | | | | | | 3,000,000 | | | | | | 2,602,032 | | |
Treasury Note | | | | | 1.500% | | | | | | 11/30/2024 | | | | | | 11,700,000 | | | | | | 11,285,013 | | |
Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 3,250,000 | | | | | | 2,918,906 | | |
Treasury Note | | | | | 2.000% | | | | | | 11/15/2026 | | | | | | 15,000,000 | | | | | | 14,341,410 | | |
Treasury Note | | | | | 2.625% | | | | | | 02/15/2029 | | | | | | 8,000,000 | | | | | | 7,787,504 | | |
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 9,750,000 | | | | | | 9,577,854 | | |
Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 8,000,000 | | | | | | 8,015,600 | | |
28.0% – Total United States Government Treasury Obligations | | | | $ | 76,749,982 | | |
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLB | | | | | 1.950% | | | | | | 09/10/2025 | | | | | | 4,000,000 | | | | | $ | 3,842,704 | | |
FHLB | | | | | 2.875% | | | | | | 09/13/2024 | | | | | | 1,500,000 | | | | | | 1,492,700 | | |
FHLB | | | | | 3.250% | | | | | | 11/16/2028 | | | | | | 1,800,000 | | | | | | 1,807,362 | | |
2.6% – Total United States Government Agency Obligations | | | | $ | 7,142,766 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage-backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)* | | | | | 3.276% | | | | | | 04/01/2042 | | | | | | 58,882 | | | | | | 59,493 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 92,052 | | | | | | 98,421 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 641,407 | | | | | | 643,826 | | |
FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 90,552 | | | | | | 91,569 | | |
FHLMC Pool SB0297 | | | | | 3.000% | | | | | | 03/01/2035 | | | | | | 2,302,460 | | | | | | 2,263,979 | | |
FHLMC Pool SC0047 | | | | | 3.000% | | | | | | 01/01/2040 | | | | | | 3,478,777 | | | | | | 3,330,171 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 27,187 | | | | | | 27,843 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 265,570 | | | | | | 265,350 | | |
FHLMC Series 4151 Class PA | | | | | 2.000% | | | | | | 01/15/2033 | | | | | | 1,222,001 | | | | | | 1,170,394 | | |
FHLMC Series 5189 Class PG | | | | | 2.500% | | | | | | 09/25/2051 | | | | | | 3,435,564 | | | | | | 3,208,999 | | |
FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)* | | | | | 2.030% | | | | | | 12/01/2041 | | | | | | 40,223 | | | | | | 40,175 | | |
FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.600%)* | | | | | 1.850% | | | | | | 12/01/2044 | | | | | | 144,799 | | | | | | 147,996 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 97,171 | | | | | | 98,191 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 2,500,000 | | | | | | 2,483,325 | | |
FNMA Pool FM5050 | | | | | 2.500% | | | | | | 02/01/2035 | | | | | | 2,963,234 | | | | | | 2,917,167 | | |
FNMA Pool FS0140 | | | | | 4.000% | | | | | | 11/01/2037 | | | | | | 4,148,103 | | | | | | 4,211,817 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 93,707 | | | | | | 96,343 | | |
FNMA Pool MA1237 | | | | | 3.000% | | | | | | 10/01/2032 | | | | | | 971,046 | | | | | | 948,760 | | |
FNMA Series 2011-52 Class PC | | | | | 3.000% | | | | | | 03/25/2041 | | | | | | 401,706 | | | | | | 397,761 | | |
FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 602,037 | | | | | | 577,006 | | |
FNMA Series 2015-37 Class BA | | | | | 3.000% | | | | | | 08/25/2044 | | | | | | 793,206 | | | | | | 775,529 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 610,470 | | | | | | 587,361 | | |
FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 263,478 | | | | | | 263,789 | | |
9.0% – Total United States Government Agency Obligations – Mortgage-backed Securities | | | | $ | 24,705,265 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 3,000,000 | | | | | | 3,022,860 | | |
Pennsylvania State University | | | | | 1.893% | | | | | | 09/01/2026 | | | | | | 2,000,000 | | | | | | 1,867,440 | | |
1.8% - Total Taxable Municipal Bonds | | | | $ | 4,890,300 | | | ||||||||||||||||||
Total Fixed Income Securities 98.8% | | | | $ | 270,939,194 | | | ||||||||||||||||||
(Identified Cost $292,774,510) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | Shares | | | | | | | | |||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 59,890 | | | | | | 1,442,750 | | |
Total Preferred Stocks 0.5% | | | | $ | 1,442,750 | | | ||||||||||||||||||
(Identified Cost $1,446,031) | | | | | | | | | | | | | | | | | | | | | | | | | |
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||
Cash Equivalents | | ||||||||||||||||||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | 100,692 | | | | | $ | 100,692 | | |
Total Cash Equivalents 0.1% | | | | $ | 100,692 | | | ||||||||||||
(Identified Cost $100,692) | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.4% | | | | $ | 272,482,636 | | | ||||||||||||
(Identified Cost $294,321,233) | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.6% | | | | | | | | | | | | | | | | $ | 1,721,626 | | |
Total Net Assets 100.0% | | | | $ | 274,204,262 | | | ||||||||||||
|
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | ||||||||||||||||||||||||
American Express Co. | | | | | 2.550% | | | | | | 03/04/2027 | | | | | | 2,000,000 | | | | | $ | 1,864,272 | | |
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 7,135,000 | | | | | | 7,004,016 | | |
American Express Co. | | | | | 3.125% | | | | | | 05/20/2026 | | | | | | 1,000,000 | | | | | | 971,538 | | |
AON Corp. | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 1,650,000 | | | | | | 1,639,232 | | |
AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 5,390,000 | | | | | | 5,090,553 | | |
AON Corp. | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 1,850,000 | | | | | | 1,829,857 | | |
AON Corp. | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 1,000,000 | | | | | | 1,004,120 | | |
Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 12,340,000 | | | | | | 11,640,495 | | |
BB&T Corp. | | | | | 3.875% | | | | | | 03/19/2029 | | | | | | 5,160,000 | | | | | | 4,884,306 | | |
Essex Portfolio LP | | | | | 3.000% | | | | | | 01/15/2030 | | | | | | 9,426,000 | | | | | | 8,342,321 | | |
Fifth Third Bancorp | | | | | 2.375% | | | | | | 01/28/2025 | | | | | | 4,913,000 | | | | | | 4,707,548 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 5,500,000 | | | | | | 5,531,900 | | |
Huntington Bancshares | | | | | 2.550% | | | | | | 02/04/2030 | | | | | | 5,000,000 | | | | | | 4,254,685 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 5,230,000 | | | | | | 5,076,615 | | |
JP Morgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 12,000,000 | | | | | | 11,719,548 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 3,325,000 | | | | | | 2,870,443 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 3,740,000 | | | | | | 3,606,011 | | |
Keycorp | | | | | 4.150% | | | | | | 10/29/2025 | | | | | | 1,500,000 | | | | | | 1,493,889 | | |
Marsh & McLennan Co. Inc. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 9,000,000 | | | | | | 8,893,035 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 4,500,000 | | | | | | 4,490,046 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 5,200,000 | | | | | | 5,201,560 | | |
PNC Bank | | | | | 3.450% | | | | | | 04/23/2029 | | | | | | 11,850,000 | | | | | | 11,075,887 | | |
Truist Bank | | | | | 2.250% | | | | | | 03/11/2030 | | | | | | 8,000,000 | | | | | | 6,699,288 | | |
US Bancorp | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 7,275,000 | | | | | | 6,614,124 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 4,500,000 | | | | | | 4,340,709 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 7,530,000 | | | | | | 7,401,704 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 4,599,000 | | | | | | 4,544,212 | | |
26.0% – Total Bank and Finance | | | | $ | 142,791,914 | | | ||||||||||||||||||
Becton Dickinson & Co. | | | | | 3.700% | | | | | | 05/20/2030 | | | | | | 10,000,000 | | | | | | 8,790,740 | | |
CVS Health Corp. | | | | | 3.750% | | | | | | 04/01/2030 | | | | | | 1,000,000 | | | | | | 935,463 | | |
CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 9,000,000 | | | | | | 8,910,837 | | |
Dover Corp. | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 4,500,000 | | | | | | 4,091,207 | | |
Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 1,500,000 | | | | | | 1,473,734 | | |
Eaton Corp. | | | | | 3.103% | | | | | | 09/15/2027 | | | | | | 2,221,000 | | | | | | 2,121,230 | | |
Emerson Electric Inc. | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 5,160,000 | | | | | | 4,343,559 | | |
Emerson Electric Inc. | | | | | 2.200% | | | | | | 12/21/2031 | | | | | | 9,000,000 | | | | | | 7,615,530 | | |
Enterprise Products | | | | | 4.150% | | | | | | 10/16/2028 | | | | | | 9,500,000 | | | | | | 9,267,677 | | |
Home Depot Inc. | | | | | 3.250% | | | | | | 04/15/2032 | | | | | | 7,520,000 | | | | | | 7,014,340 | | |
Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 1,225,000 | | | | | | 1,211,466 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 1,000,000 | | | | | | 994,213 | | |
Kroger Co. | | | | | 2.200% | | | | | | 05/01/2030 | | | | | | 1,000,000 | | | | | | 843,021 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 3,300,000 | | | | | | 3,249,421 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 150,000 | | | | | | 150,798 | | |
Lowes Cos. Inc. | | | | | 4.500% | | | | | | 04/15/2030 | | | | | | 10,685,000 | | | | | | 10,562,400 | | |
McDonald’s Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 5,955,000 | | | | | | 5,670,690 | | |
McDonald’s Corp. | | | | | 2.125% | | | | | | 03/01/2030 | | | | | | 3,545,000 | | | | | | 3,037,012 | | |
Roper Technologies Inc. | | | | | 2.950% | | | | | | 09/15/2029 | | | | | | 1,885,000 | | | | | | 1,660,544 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 10,500,000 | | | | | $ | 8,886,192 | | |
Starbucks Corp. | | | | | 3.550% | | | | | | 08/15/2029 | | | | | | 2,000,000 | | | | | | 1,877,028 | | |
Union Pacific Corp. | | | | | 3.950% | | | | | | 09/10/2028 | | | | | | 1,801,000 | | | | | | 1,779,662 | | |
Verizon Communication Inc. | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 9,821,000 | | | | | | 9,528,089 | | |
Verizon Communication Inc. | | | | | 4.329% | | | | | | 09/21/2028 | | | | | | 1,675,000 | | | | | | 1,667,069 | | |
Xylem Inc. | | | | | 1.950% | | | | | | 01/30/2028 | | | | | | 2,695,000 | | | | | | 2,380,041 | | |
Walt Disney Corp. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 11,455,000 | | | | | | 11,062,449 | | |
21.7% – Total Industrial | | | | $ | 119,124,412.0 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 1,936,000 | | | | | | 1,839,763 | | |
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 2,166,000 | | | | | | 2,179,061 | | |
Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 5,000,000 | | | | | | 4,214,895 | | |
Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 6,350,000 | | | | | | 5,960,034 | | |
Eversource Energy | | | | | 3.300% | | | | | | 01/15/2028 | | | | | | 2,500,000 | | | | | | 2,356,315 | | |
Eversource Energy | | | | | 4.250% | | | | | | 04/01/2029 | | | | | | 6,924,000 | | | | | | 6,762,304 | | |
Georgia Power | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 11,000,000 | | | | | | 9,682,409 | | |
Interstate Power & Light Co. | | | | | 2.300% | | | | | | 06/01/2030 | | | | | | 1,490,000 | | | | | | 1,270,180 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,525,000 | | | | | | 1,488,046 | | |
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 8,805,000 | | | | | | 8,709,968 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 3.400% | | | | | | 02/07/2028 | | | | | | 2,000,000 | | | | | | 1,917,018 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 3.700% | | | | | | 03/15/2029 | | | | | | 3,900,000 | | | | | | 3,715,019 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 3,000,000 | | | | | | 2,857,890 | | |
Virginia Electric & Power Co. | | | | | 3.100% | | | | | | 05/15/2025 | | | | | | 1,732,000 | | | | | | 1,702,417 | | |
Virginia Electric & Power Co. | | | | | 3.500% | | | | | | 03/15/2027 | | | | | | 3,932,000 | | | | | | 3,841,222 | | |
Xcel Energy Inc. | | | | | 3.400% | | | | | | 06/01/2030 | | | | | | 4,500,000 | | | | | | 4,138,862 | | |
Xcel Energy Inc. | | | | | 4.000% | | | | | | 06/15/2028 | | | | | | 7,500,000 | | | | | | 7,330,522 | | |
12.8% - Total Utilities | | | | $ | 69,965,925 | | | ||||||||||||||||||
60.5% Total Corporate Bonds | | | | $ | 331,882,251 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note | | | | | 0.625% | | | | | | 12/31/2027 | | | | | | 5,500,000 | | | | | | 4,818,946 | | |
Treasury Note | | | | | 1.375% | | | | | | 11/15/2031 | | | | | | 17,500,000 | | | | | | 15,178,520 | | |
Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 15,500,000 | | | | | | 13,920,937 | | |
Treasury Note | | | | | 1.750% | | | | | | 11/15/2029 | | | | | | 3,500,000 | | | | | | 3,211,796 | | |
Treasury Bond | | | | | 2.000% | | | | | | 02/15/2050 | | | | | | 26,800,000 | | | | | | 20,770,000 | | |
Treasury Note | | | | | 2.000% | | | | | | 08/15/2051 | | | | | | 28,750,000 | | | | | | 22,222,859 | | |
Treasury Bond | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 12,290,000 | | | | | | 10,989,952 | | |
Treasury Note | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 11,800,000 | | | | | | 10,000,500 | | |
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 8,000,000 | | | | | | 7,858,752 | | |
19.9% – Total United States Government Treasury Obligations | | | | $ | 108,972,262 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage-backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)* | | | | | 3.276% | | | | | | 04/01/2042 | | | | | | 58,882 | | | | | | 59,493 | | |
FHLMC Pool G01880 | | | | | 5.000% | | | | | | 08/01/2035 | | | | | | 35,469 | | | | | | 37,314 | | |
FHLMC Pool G06616 | | | | | 4.500% | | | | | | 12/01/2035 | | | | | | 77,835 | | | | | | 80,829 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 208,117 | | | | | | 222,516 | | |
FHLMC Pool G09921 | | | | | 4.000% | | | | | | 07/01/2024 | | | | | | 40,770 | | | | | | 41,293 | | |
FHLMC Pool G15897 | | | | | 2.500% | | | | | | 09/01/2031 | | | | | | 6,186,066 | | | | | | 6,061,640 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 962,111 | | | | | $ | 965,738 | | |
FHLMC Pool G18667 | | | | | 3.500% | | | | | | 10/01/2032 | | | | | | 792,140 | | | | | | 795,126 | | |
FHLMC Pool G30933 | | | | | 4.000% | | | | | | 01/01/2036 | | | | | | 4,601,023 | | | | | | 4,681,448 | | |
FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 780,248 | | | | | | 791,655 | | |
FHLMC Pool SC0047 | | | | | 3.000% | | | | | | 01/01/2040 | | | | | | 11,586,096 | | | | | | 11,091,161 | | |
FHLMC Pool V61479 | | | | | 2.500% | | | | | | 01/01/2032 | | | | | | 3,329,905 | | | | | | 3,262,927 | | |
FHLMC Pool ZK6713 | | | | | 3.000% | | | | | | 06/01/2029 | | | | | | 3,725,699 | | | | | | 3,697,004 | | |
FHLMC Pool ZT1964 | | | | | 3.500% | | | | | | 06/01/2032 | | | | | | 3,844,034 | | | | | | 3,863,331 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 23,788 | | | | | | 24,363 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 265,570 | | | | | | 265,350 | | |
FHLMC Series 4087 Class PT | | | | | 3.000% | | | | | | 07/15/2042 | | | | | | 449,746 | | | | | | 440,285 | | |
FHLMC Series 4151 Class PA | | | | | 2.000% | | | | | | 01/15/2033 | | | | | | 2,139,361 | | | | | | 2,049,014 | | |
FHLMC Series 4161 Class QA | | | | | 3.000% | | | | | | 02/15/2043 | | | | | | 117,724 | | | | | | 115,322 | | |
FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/2045 | | | | | | 605,093 | | | | | | 589,112 | | |
FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 467,119 | | | | | | 463,212 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 683,678 | | | | | | 672,531 | | |
FHLMC Series 4808 Class PK | | | | | 3.500% | | | | | | 10/15/2045 | | | | | | 25,760 | | | | | | 25,777 | | |
FHLMC Series 4887 Class A | | | | | 3.250% | | | | | | 09/15/2038 | | | | | | 726,542 | | | | | | 719,241 | | |
FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)* | | | | | 2.030% | | | | | | 12/01/2041 | | | | | | 40,223 | | | | | | 40,175 | | |
FNMA Pool 1107 | | | | | 3.500% | | | | | | 07/01/2032 | | | | | | 357,430 | | | | | | 357,120 | | |
FNMA Pool 889050 | | | | | 6.000% | | | | | | 05/01/2037 | | | | | | 137,328 | | | | | | 149,188 | | |
FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 79,113 | | | | | | 84,394 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 97,171 | | | | | | 98,191 | | |
FNMA Pool AL6923 | | | | | 3.000% | | | | | | 05/01/2030 | | | | | | 2,565,119 | | | | | | 2,545,337 | | |
FNMA Pool AL7077 | | | | | 4.000% | | | | | | 07/01/2035 | | | | | | 2,371,025 | | | | | | 2,428,996 | | |
FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 361,624 | | | | | | 363,436 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 3,000,000 | | | | | | 2,979,990 | | |
FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 2,500,000 | | | | | | 2,516,250 | | |
FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 3,000,000 | | | | | | 2,925,057 | | |
FNMA Pool FM3388 | | | | | 4.000% | | | | | | 03/01/2034 | | | | | | 1,378,103 | | | | | | 1,392,463 | | |
FNMA Pool FM5050 | | | | | 2.500% | | | | | | 02/01/2035 | | | | | | 1,576,440 | | | | | | 1,551,933 | | |
FNMA Pool FM5394 | | | | | 3.000% | | | | | | 03/01/2034 | | | | | | 6,566,867 | | | | | | 6,505,211 | | |
FNMA Pool FM9469 | | | | | 4.000% | | | | | | 08/01/2039 | | | | | | 3,249,594 | | | | | | 3,298,078 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 74,966 | | | | | | 77,075 | | |
FNMA Pool MA2773 | | | | | 3.000% | | | | | | 09/01/2036 | | | | | | 1,448,176 | | | | | | 1,412,940 | | |
FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 549,053 | | | | | | 553,874 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 16,084 | | | | | | 16,174 | | |
FNMA Series 2005-64 Class PL | | | | | 5.500% | | | | | | 07/25/2035 | | | | | | 35,955 | | | | | | 37,740 | | |
FNMA Series 2011-53 Class DT | | | | | 4.500% | | | | | | 06/25/2041 | | | | | | 122,707 | | | | | | 126,366 | | |
FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 753,810 | | | | | | 722,469 | | |
FNMA Series 2013-83 Class MH | | | | | 4.000% | | | | | | 08/25/2043 | | | | | | 152,022 | | | | | | 154,160 | | |
FNMA Series 2014-20 Class AC | | | | | 3.000% | | | | | | 08/25/2036 | | | | | | 136,968 | | | | | | 135,687 | | |
FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 129,086 | | | | | | 129,125 | | |
FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 519,059 | | | | | | 506,112 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 1,546,525 | | | | | | 1,487,982 | | |
FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 807,576 | | | | | | 777,652 | | |
FNMA Series 2016-99 Class PH | | | | | 3.000% | | | | | | 01/25/2046 | | | | | | 1,839,281 | | | | | | 1,792,835 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 222,943 | | | | | $ | 223,206 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 99,004 | | | | | | 98,908 | | |
FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 479,266 | | | | | | 488,938 | | |
FNMA Series 2019-60 Class DA | | | | | 2.500% | | | | | | 03/25/2049 | | | | | | 2,072,343 | | | | | | 1,936,779 | | |
FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/01/2051 | | | | | | 5,095,376 | | | | | | 4,171,406 | | |
GNMA GNR 21-175 | | | | | 2.000% | | | | | | 10/20/2051 | | | | | | 8,589,753 | | | | | | 7,672,917 | | |
16.5% – Total United States Government Agency Obligations – Mortgage-backed Securities | | | | $ | 90,773,846 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 750,000 | | | | | | 719,192 | | |
Kansas Development Finance Authority Revenue | | | | | 3.741% | | | | | | 04/15/2025 | | | | | | 3,705,000 | | | | | | 3,711,780 | | |
Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 125,000 | | | | | | 125,952 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.373% | | | | | | 11/01/2025 | | | | | | 590,000 | | | | | | 603,133 | | |
Ohio University General Receipts | | | | | 1.766% | | | | | | 12/01/2026 | | | | | | 2,000,000 | | | | | | 1,841,232 | | |
1.3% – Total Taxable Municipal Bonds | | | | $ | 7,001,289 | | | ||||||||||||||||||
Total Fixed Income Securities 98.2% | | | | $ | 538,629,648 | | | ||||||||||||||||||
(Identified Cost $607,579,002) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | Shares | | | | | | | | |||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 83,000 | | | | | | 1,999,470 | | |
Total Preferred Stocks 0.4% | | | | $ | 1,999,470 | | | ||||||||||||||||||
(Identified Cost $2,034,817) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 3,893,731 | | | | | | 3,893,731 | | |
Total Cash Equivalents 0.7% | | | | $ | 3,893,731 | | | ||||||||||||||||||
(Identified Cost $3,893,731) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.3% | | | | $ | 544,522,849 | | | ||||||||||||||||||
(Identified Cost $613,507,550) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.7% | | | | | | | | | | | | | | | | | | | | | | $ | 3,984,938 | | |
Total Net Assets 100.0% | | | | $ | 548,507,787 | | | ||||||||||||||||||
|
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds | | ||||||||||||||||||||||||
ACE INA Holdings | | | | | 3.350% | | | | | | 05/15/2024 | | | | | | 4,164,000 | | | | | $ | 4,152,861 | | |
American Express Credit | | | | | 2.500% | | | | | | 07/30/2024 | | | | | | 3,647,000 | | | | | | 3,554,848 | | |
AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 660,000 | | | | | | 655,693 | | |
AON PLC | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 3,999,000 | | | | | | 3,955,459 | | |
Bank of America | | | | | 3.875% | | | | | | 08/01/2025 | | | | | | 6,099,000 | | | | | | 6,078,727 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 2,725,000 | | | | | | 2,742,249 | | |
BB&T Corp. | | | | | 3.625% | | | | | | 09/16/2025 | | | | | | 3,540,000 | | | | | | 3,473,901 | | |
Essex Portfolio LP | | | | | 3.375% | | | | | | 04/15/2026 | | | | | | 565,000 | | | | | | 545,871 | | |
Essex Portfolio LP | | | | | 3.500% | | | | | | 04/01/2025 | | | | | | 1,720,000 | | | | | | 1,686,883 | | |
Essex Portfolio LP | | | | | 3.875% | | | | | | 05/01/2024 | | | | | | 2,177,000 | | | | | | 2,169,940 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 3,964,000 | | | | | | 3,986,991 | | |
Goldmans Sachs | | | | | 3.625% | | | | | | 01/22/2023 | | | | | | 1,000,000 | | | | | | 1,003,181 | | |
Huntington Bancshares | | | | | 2.625% | | | | | | 08/06/2024 | | | | | | 4,840,000 | | | | | | 4,698,052 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 4,704,000 | | | | | | 4,695,236 | | |
Keycorp | | | | | 4.150% | | | | | | 10/29/2025 | | | | | | 4,562,000 | | | | | | 4,543,414 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 4,010,000 | | | | | | 3,999,221 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 03/10/2025 | | | | | | 765,000 | | | | | | 755,945 | | |
Morgan Stanley | | | | | 3.700% | | | | | | 10/23/2024 | | | | | | 1,200,000 | | | | | | 1,197,346 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 4,200,000 | | | | | | 4,201,260 | | |
National Retail Properties | | | | | 4.000% | | | | | | 11/15/2025 | | | | | | 3,055,000 | | | | | | 3,038,653 | | |
PNC Financial Services | | | | | 2.950% | | | | | | 01/30/2023 | | | | | | 2,145,000 | | | | | | 2,139,946 | | |
PNC Financial Services | | | | | 3.800% | | | | | | 07/25/2023 | | | | | | 1,998,000 | | | | | | 2,006,172 | | |
PNC Financial Services | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 425,000 | | | | | | 426,658 | | |
US Bancorp | | | | | 2.400% | | | | | | 07/30/2024 | | | | | | 2,685,000 | | | | | | 2,620,399 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 1,685,000 | | | | | | 1,681,052 | | |
Wells Fargo & Co. | | | | | 3.550% | | | | | | 09/29/2025 | | | | | | 830,000 | | | | | | 814,844 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 2,770,000 | | | | | | 2,722,805 | | |
31.7% – Total Bank and Finance | | | | $ | 73,547,607 | | | ||||||||||||||||||
Becton Dickinson & Co. | | | | | 3.363% | | | | | | 06/06/2024 | | | | | | 750,000 | | | | | | 742,228 | | |
Burlington Northern Santa Fe | | | | | 3.000% | | | | | | 03/15/2023 | | | | | | 1,000,000 | | | | | | 999,250 | | |
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 4,100,000 | | | | | | 4,083,776 | | |
Dover Corp. | | | | | 3.150% | | | | | | 11/15/2025 | | | | | | 4,515,000 | | | | | | 4,435,938 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 4,407,000 | | | | | | 4,394,559 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 500,000 | | | | | | 495,101 | | |
Exxon Mobile Corp. | | | | | 2.992% | | | | | | 03/19/2025 | | | | | | 1,125,000 | | | | | | 1,108,570 | | |
Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 4,252,000 | | | | | | 4,205,024 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 3,795,000 | | | | | | 3,815,189 | | |
McDonald’s Corp. | | | | | 3.375% | | | | | | 05/26/2025 | | | | | | 2,545,000 | | | | | | 2,521,454 | | |
Norfolk Southern Corp. | | | | | 3.650% | | | | | | 08/01/2025 | | | | | | 3,300,000 | | | | | | 3,274,095 | | |
Norfolk Southern Corp. | | | | | 5.590% | | | | | | 05/17/2025 | | | | | | 1,280,000 | | | | | | 1,319,629 | | |
Roper Technologies Inc. | | | | | 1.000% | | | | | | 09/15/2025 | | | | | | 1,555,000 | | | | | | 1,405,425 | | |
Starbucks Corp. | | | | | 3.100% | | | | | | 03/01/2023 | | | | | | 3,335,000 | | | | | | 3,339,969 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,800,000 | | | | | | 2,780,268 | | |
Union Pacific Corp. | | | | | 3.750% | | | | | | 03/15/2024 | | | | | | 450,000 | | | | | | 451,008 | | |
Walt Disney Corp. | | | | | 1.750% | | | | | | 01/13/2026 | | | | | | 3,429,000 | | | | | | 3,196,435 | | |
18.4% – Total Industrials | | | | $ | 42,567,918 | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Berkshire Hathaway Energy Company | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 4,142,000 | | | | | $ | 4,166,976 | | |
Duke Energy Corp. | | | | | 3.750% | | | | | | 04/15/2024 | | | | | | 4,610,000 | | | | | | 4,608,290 | | |
Duke Energy Corp. | | | | | 3.800% | | | | | | 09/01/2023 | | | | | | 890,000 | | | | | | 890,890 | | |
Eversource Energy | | | | | 2.800% | | | | | | 05/01/2023 | | | | | | 850,000 | | | | | | 844,477 | | |
Eversource Energy | | | | | 3.150% | | | | | | 01/15/2025 | | | | | | 1,495,000 | | | | | | 1,461,401 | | |
Georgia Power Co. | | | | | 2.100% | | | | | | 07/30/2023 | | | | | | 3,650,000 | | | | | | 3,596,703 | | |
Georgia Power Co. | | | | | 2.200% | | | | | | 09/15/2024 | | | | | | 500,000 | | | | | | 482,480 | | |
Interstate Power & Light Co. | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 1,910,000 | | | | | | 1,887,160 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 2,895,000 | | | | | | 2,824,848 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 2.850% | | | | | | 01/27/2025 | | | | | | 1,000,000 | | | | | | 978,031 | | |
National Rural Utility Cooperative Finance Corp. | | | | | 2.950% | | | | | | 02/07/2024 | | | | | | 4,625,000 | | | | | | 4,584,832 | | |
Virginia Electric & Power Co. | | | | | 2.750% | | | | | | 03/15/2023 | | | | | | 4,540,000 | | | | | | 4,505,800 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 4,610,000 | | | | | | 4,528,053 | | |
15.3% – Total Utilities | | | | $ | 35,359,941 | | | ||||||||||||||||||
65.4% Total Corporate Bonds | | | | $ | 151,475,466 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note(a) | | | | | 1.500% | | | | | | 01/15/2023 | | | | | | 5,100,000 | | | | | | 5,068,722 | | |
Treasury Note(a) | | | | | 1.500% | | | | | | 02/28/2023 | | | | | | 13,690,000 | | | | | | 13,577,167 | | |
Treasury Note(a) | | | | | 0.837% | | | | | | 04/30/2024 | | | | | | 3,000,000 | | | | | | 2,996,691 | | |
Treasury Note(a) | | | | | 1.500% | | | | | | 02/15/2025 | | | | | | 5,000,000 | | | | | | 4,805,080 | | |
Treasury Note | | | | | 2.250% | | | | | | 04/30/2024 | | | | | | 4,680,000 | | | | | | 4,619,305 | | |
13.4% – Total United States Government Treasury Obligations | | | | $ | 31,066,965 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLB | | | | | 1.375% | | | | | | 08/26/2026 | | | | | | 4,100,000 | | | | | | 3,805,591 | | |
FHLB | | | | | 1.375% | | | | | | 09/29/2026 | | | | | | 1,600,000 | | | | | | 1,478,619 | | |
FHLMC | | | | | 0.450% | | | | | | 07/22/2024 | | | | | | 4,000,000 | | | | | | 3,792,048 | | |
FNMA | | | | | 0.375% | | | | | | 08/25/2025 | | | | | | 3,235,000 | | | | | | 2,971,982 | | |
5.2% – Total United States Government Agency Obligations | | | | $ | 12,048,240 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage-backed Securities | | ||||||||||||||||||||||||
FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 998,521 | | | | | | 1,003,494 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 897,970 | | | | | | 901,356 | | |
FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 28,459 | | | | | | 28,779 | | |
FHLMC Pool J32364 | | | | | 2.500% | | | | | | 11/01/2028 | | | | | | 1,122,749 | | | | | | 1,108,889 | | |
FHLMC Pool SB0380 | | | | | 3.500% | | | | | | 02/01/2034 | | | | | | 1,015,088 | | | | | | 1,016,417 | | |
FHLMC Pool ZS7207 | | | | | 3.500% | | | | | | 07/01/2030 | | | | | | 981,403 | | | | | | 984,936 | | |
FHLMC Pool ZT1964 | | | | | 3.500% | | | | | | 06/01/2032 | | | | | | 1,848,093 | | | | | | 1,857,371 | | |
FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 298,413 | | | | | | 288,059 | | |
FHLMC Series 4050 Class BG | | | | | 1.000% | | | | | | 01/15/2041 | | | | | | 1,062,718 | | | | | | 982,656 | | |
FHLMC Series 4198 Class BE | | | | | 2.000% | | | | | | 10/15/2040 | | | | | | 607,923 | | | | | | 599,851 | | |
FHLMC Series 4271 Class CE | | | | | 2.000% | | | | | | 08/15/2036 | | | | | | 202,152 | | | | | | 200,772 | | |
FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 286,909 | | | | | | 279,388 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 835,607 | | | | | | 821,982 | | |
FHLMC Series 5092 Class XC | | | | | 1.500% | | | | | | 01/15/2041 | | | | | | 2,171,680 | | | | | | 1,982,755 | | |
FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)* | | | | | 2.030% | | | | | | 12/01/2041 | | | | | | 40,223 | | | | | | 40,175 | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FNMA Pool 1106 | | | | | 3.000% | | | | | | 07/01/2032 | | | | | | 2,310,914 | | | | | $ | 2,257,879 | | |
FNMA Pool 833200 | | | | | 5.500% | | | | | | 09/01/2035 | | | | | | 284,386 | | | | | | 303,702 | | |
FNMA Pool AL7077 | | | | | 4.000% | | | | | | 07/01/2035 | | | | | | 1,192,248 | | | | | | 1,221,399 | | |
FNMA Pool AL9230 | | | | | 3.500% | | | | | | 12/01/2029 | | | | | | 982,226 | | | | | | 982,442 | | |
FNMA Pool AT2060 | | | | | 2.500% | | | | | | 04/01/2028 | | | | | | 1,131,395 | | | | | | 1,116,381 | | |
FNMA Pool FM1536 | | | | | 2.500% | | | | | | 11/01/2030 | | | | | | 455,706 | | | | | | 449,566 | | |
FNMA Pool FM1973 | | | | | 4.000% | | | | | | 09/01/2036 | | | | | | 1,994,763 | | | | | | 2,037,930 | | |
FNMA Pool FM2287 | | | | | 4.500% | | | | | | 03/01/2034 | | | | | | 797,167 | | | | | | 820,611 | | |
FNMA Pool FM2989 | | | | | 3.000% | | | | | | 09/01/2034 | | | | | | 1,193,425 | | | | | | 1,183,146 | | |
FNMA Pool FM7224 | | | | | 4.500% | | | | | | 11/01/2038 | | | | | | 1,097,836 | | | | | | 1,130,903 | | |
FNMA Series 2013-3 Class DK | | | | | 1.750% | | | | | | 02/25/2033 | | | | | | 635,779 | | | | | | 601,818 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 143,740 | | | | | | 140,090 | | |
FNMA Series 2015-28 Class P | | | | | 2.500% | | | | | | 05/25/2045 | | | | | | 2,766,653 | | | | | | 2,661,323 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 56,574 | | | | | | 56,519 | | |
FNMA Series 2020-44 Class TE | | | | | 2.000% | | | | | | 12/25/2035 | | | | | | 2,842,551 | | | | | | 2,709,872 | | |
FNMA Series 2020-95 Class GA | | | | | 1.000% | | | | | | 01/01/2051 | | | | | | 1,762,725 | | | | | | 1,443,081 | | |
GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 31,460 | | | | | | 31,357 | | |
GNMA Pool 728920 | | | | | 4.000% | | | | | | 12/15/2024 | | | | | | 42,070 | | | | | | 41,929 | | |
13.5% – Total United States Government Agency Obligations – Mortgage-backed Securities | | | | $ | 31,286,828 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Allegheny County Pennsylvania GO | | | | | 0.694% | | | | | | 11/01/2023 | | | | | | 2,200,000 | | | | | | 2,132,552 | | |
Franklin County Ohio Convention Facilities | | | | | 1.155% | | | | | | 12/01/2024 | | | | | | 550,000 | | | | | | 520,947 | | |
Kent State University Revenue | | | | | 1.875% | | | | | | 05/01/2023 | | | | | | 1,000,000 | | | | | | 989,959 | | |
Pittsburgh Pennsylvania GO 2020B | | | | | 0.507% | | | | | | 09/01/2022 | | | | | | 500,000 | | | | | | 499,009 | | |
University of Cincinnati General Receipts | | | | | 1.878% | | | | | | 06/01/2023 | | | | | | 1,200,000 | | | | | | 1,186,988 | | |
2.3% Total Taxable Municipal Bonds | | | | $ | 5,329,455 | | | ||||||||||||||||||
Total Fixed Income Securities 99.8% | | | | $ | 231,206,954 | | | ||||||||||||||||||
(Identified Cost $243,024,325) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 602,085 | | | | | | 602,085 | | |
Total Cash Equivalents 0.3% | | | | $ | 602,085 | | | ||||||||||||||||||
(Identified Cost $602,085) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 100.1% | | | | $ | 231,809,039 | | | ||||||||||||||||||
(Identified Cost $243,626,410) | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities in Excess of Other Assets -0.1% | | | | | | | | | | | | | | | | | | | | | | $ | (240,452) | | |
Total Net Assets: 100.0% | | | | $ | 231,568,587 | | | ||||||||||||||||||
|
Futures Contracts | | | Long Contracts | | | Notional Value at Purchase | | | Notional Value 6/30/2022 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
E-mini Standard & Poor’s 500 (50 units per contract) expiring September 2022 | | | | | 1,214 | | | | | | 237,463,219 | | | | | | 230,022,650 | | | | | | (7,440,569) | | |
| | | | | | | | | | $ | 237,463,219 | | | | | $ | 230,022,650 | | | | | $ | (7,440,569) | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Johnson Core Plus Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds | | ||||||||||||||||||||||||
American Express Co. | | | | | 1.650% | | | | | | 11/04/2026 | | | | | | 250,000 | | | | | $ | 226,594 | | |
AON Corp. | | | | | 3.750% | | | | | | 05/02/2029 | | | | | | 180,000 | | | | | | 170,000 | | |
AON PLC | | | | | 4.750% | | | | | | 05/15/2045 | | | | | | 70,000 | | | | | | 65,182 | | |
Bank of America Corp. Senior Unsecured Notes | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 295,000 | | | | | | 278,278 | | |
Essex Portfolio LP | | | | | 3.000% | | | | | | 01/15/2030 | | | | | | 225,000 | | | | | | 199,132 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 220,000 | | | | | | 221,276 | | |
Huntington Bankcshares | | | | | 2.550% | | | | | | 02/04/2030 | | | | | | 230,000 | | | | | | 195,716 | | |
JPMorgan Chase & Co. | | | | | 4.493% | | | | | | 03/24/2031 | | | | | | 270,000 | | | | | | 263,690 | | |
Keycorp | | | | | 2.550% | | | | | | 10/01/2029 | | | | | | 220,000 | | | | | | 189,924 | | |
March McLennan Co. | | | | | 4.375% | | | | | | 03/15/2029 | | | | | | 205,000 | | | | | | 202,564 | | |
Morgan Stanley | | | | | 4.000% | | | | | | 07/23/2025 | | | | | | 215,000 | | | | | | 215,065 | | |
Truist Bank | | | | | 2.250% | | | | | | 03/11/2030 | | | | | | 315,000 | | | | | | 263,784 | | |
U. S. Bancorp. | | | | | 3.000% | | | | | | 07/30/2029 | | | | | | 295,000 | | | | | | 268,202 | | |
Wells Fargo Subordinated Notes | | | | | 4.300% | | | | | | 01/22/2027 | | | | | | 280,000 | | | | | | 276,664 | | |
20.5% – Total Bank and Finance | | | | $ | 3,036,071 | | | ||||||||||||||||||
Ball Corp | | | | | 2.875% | | | | | | 08/15/2030 | | | | | | 170,000 | | | | | | 137,364 | | |
Becton Dickinson & Co. | | | | | 3.700% | | | | | | 05/20/2030 | | | | | | 230,000 | | | | | | 202,187 | | |
CCO Holdings LLC Cap Corp.a | | | | | 5.375% | | | | | | 06/01/2029 | | | | | | 150,000 | | | | | | 136,667 | | |
CVS Health Corp. | | | | | 4.300% | | | | | | 03/25/2028 | | | | | | 210,000 | | | | | | 207,920 | | |
CVS Health Corp. | | | | | 5.050% | | | | | | 03/25/2048 | | | | | | 30,000 | | | | | | 28,703 | | |
Charles River Laboratories International Inc.a | | | | | 5.050% | | | | | | 03/15/2029 | | | | | | 165,000 | | | | | | 143,193 | | |
Dover Corp. | | | | | 2.950% | | | | | | 11/04/2029 | | | | | | 250,000 | | | | | | 227,289 | | |
Eaton Corp. | | | | | 3.103% | | | | | | 09/15/2027 | | | | | | 220,000 | | | | | | 210,117 | | |
Emerson Electric | | | | | 1.950% | | | | | | 10/15/2030 | | | | | | 320,000 | | | | | | 269,368 | | |
Enterprise Products Inc. | | | | | 2.800% | | | | | | 01/31/2030 | | | | | | 230,000 | | | | | | 201,557 | | |
H.B. Fuller Co. | | | | | 4.250% | | | | | | 10/15/2028 | | | | | | 160,000 | | | | | | 134,419 | | |
HCA Inc. | | | | | 5.375% | | | | | | 02/01/2025 | | | | | | 145,000 | | | | | | 144,721 | | |
Iron Mountain Inc.a | | | | | 4.875% | | | | | | 09/15/2027 | | | | | | 160,000 | | | | | | 144,801 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 215,000 | | | | | | 213,756 | | |
Kroger Co. | | | | | 2.200% | | | | | | 05/01/2030 | | | | | | 235,000 | | | | | | 198,110 | | |
Lowe’s Co. | | | | | 4.500% | | | | | | 04/15/2030 | | | | | | 205,000 | | | | | | 202,648 | | |
Lowe’s Co. | | | | | 4.550% | | | | | | 04/05/2049 | | | | | | 35,000 | | | | | | 31,863 | | |
McDonald’s Corp. | | | | | 3.600% | | | | | | 07/01/2030 | | | | | | 180,000 | | | | | | 171,406 | | |
Norfolk Southern Corp. | | | | | 2.903% | | | | | | 02/15/2023 | | | | | | 250,000 | | | | | | 249,223 | | |
Roper Technologies Inc. | | | | | 2.950% | | | | | | 09/15/2029 | | | | | | 240,000 | | | | | | 211,422 | | |
SS&C Technologies Inc.a | | | | | 5.500% | | | | | | 09/30/2027 | | | | | | 150,000 | | | | | | 141,042 | | |
Starbucks Corp. | | | | | 2.250% | | | | | | 03/12/2030 | | | | | | 235,000 | | | | | | 198,881 | | |
Starbucks Corp. | | | | | 4.500% | | | | | | 11/15/2048 | | | | | | 65,000 | | | | | | 59,194 | | |
Union Pacific Co. | | | | | 3.950% | | | | | | 09/10/2028 | | | | | | 210,000 | | | | | | 207,512 | | |
Verizon Communications | | | | | 4.016% | | | | | | 12/03/2029 | | | | | | 280,000 | | | | | | 271,649 | | |
Walt Disney Co. | | | | | 3.800% | | | | | | 03/22/2030 | | | | | | 210,000 | | | | | | 202,804 | | |
Xylem | | | | | 1.950% | | | | | | 01/30/2028 | | | | | | 235,000 | | | | | | 207,536 | | |
32.0% – Total Industrials | | | | $ | 4,755,352 | | | ||||||||||||||||||
Berkshire Hathaway Energy Company | | | | | 3.250% | | | | | | 04/15/2028 | | | | | | 220,000 | | | | | | 209,064 | | |
Duke Energy Corp. | | | | | 2.450% | | | | | | 06/01/2030 | | | | | | 235,000 | | | | | | 198,100 | | |
Eversource Energy | | | | | 1.650% | | | | | | 08/15/2030 | | | | | | 250,000 | | | | | | 198,771 | | |
Georgia Power Co. | | | | | 2.650% | | | | | | 09/15/2029 | | | | | | 230,000 | | | | | | 202,450 | | |
Johnson Core Plus Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 210,000 | | | | | $ | 207,733 | | |
National Rural Utilities Corp. | | | | | 3.400% | | | | | | 02/07/2028 | | | | | | 290,000 | | | | | | 277,968 | | |
National Rural Utilities Corp. | | | | | 4.300% | | | | | | 10/15/2028 | | | | | | 220,000 | | | | | | 213,781 | | |
Virginia Electric & Power Co. | | | | | 3.500% | | | | | | 03/15/2027 | | | | | | 215,000 | | | | | | 210,036 | | |
Xcel Energy Inc. | | | | | 3.400% | | | | | | 06/01/2030 | | | | | | 220,000 | | | | | | 202,344 | | |
12.9% – Total Utilities | | | | $ | 1,920,247 | | | ||||||||||||||||||
65.4% Total Corporate Bonds | | | | $ | 9,711,670 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Bond | | | | | 2.000% | | | | | | 02/15/2050 | | | | | | 260,000 | | | | | | 201,500 | | |
Treasury Note(b) | | | | | 1.500% | | | | | | 11/30/2024 | | | | | | 360,000 | | | | | | 347,231 | | |
Treasury Note | | | | | 1.500% | | | | | | 02/15/2030 | | | | | | 425,000 | | | | | | 381,703 | | |
Treasury Note | | | | | 1.625% | | | | | | 05/15/2026 | | | | | | 595,000 | | | | | | 563,855 | | |
Treasury Note | | | | | 2.000% | | | | | | 02/15/2025 | | | | | | 175,000 | | | | | | 170,502 | | |
Treasury Note | | | | | 2.000% | | | | | | 08/15/2051 | | | | | | 645,000 | | | | | | 498,565 | | |
14.6% – Total United States Government Treasury Obligations | | | | $ | 2,163,356 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage-backed Securities | | ||||||||||||||||||||||||
FHLMC Pool ZS9278 | | | | | 4.000% | | | | | | 05/01/2037 | | | | | | 412,444 | | | | | | 421,278 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 258,279 | | | | | | 254,067 | | |
FHLMC Series 5189 Class PG | | | | | 2.500% | | | | | | 09/25/2051 | | | | | | 379,594 | | | | | | 354,561 | | |
FHLMC Pool AL5491 | | | | | 4.000% | | | | | | 06/01/2034 | | | | | | 377,458 | | | | | | 385,517 | | |
FHLMC Pool AU7025 | | | | | 3.000% | | | | | | 11/01/2043 | | | | | | 410,001 | | | | | | 391,704 | | |
FHLMC Pool MA1222 | | | | | 4.000% | | | | | | 10/01/2032 | | | | | | 406,073 | | | | | | 413,232 | | |
FNMA Pool FM9469 | | | | | 4.000% | | | | | | 08/01/2039 | | | | | | 264,300 | | | | | | 268,244 | | |
16.8% – Total United States Government Agency Obligations – Mortgage-backed Securities | | | | $ | 2,488,603 | | | ||||||||||||||||||
Total Fixed Income Securities 96.8% | | | | $ | 14,363,629 | | | ||||||||||||||||||
(Identified Cost $16,145,975) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | Shares | | | | | | | | |||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 6,500 | | | | | | 156,585 | | |
Total Preferred Stocks 1.0% | | | | $ | 156,585 | | | ||||||||||||||||||
(Identified Cost $170,386) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 201,251 | | | | | | 201,251 | | |
Total Cash Equivalents 1.4% | | | | $ | 201,251 | | | ||||||||||||||||||
(Identified Cost $201,251) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.2% | | | | $ | 14,721,465 | | | ||||||||||||||||||
(Identified Cost $16,517,612) | | | | | | | | | | | | | | | | | | | | | |||||
Other Assets in Excess of Liabilities 0.8% | | | | | | | | | | | | | | | | | | | | | | $ | 126,092 | | |
Total Net Assets: 100.0% | | | | $ | 14,847,557 | | | ||||||||||||||||||
|
Futures Contracts | | | Long Contracts | | | Notional Value at Purchase | | | Notional Value 6/30/2022 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
United States Ultra Treasury Bond CBT expiring September 2022 | | | | | 4 | | | | | | 634,517 | | | | | | 617,375 | | | | | | (17,142) | | |
| | | | | | | | | | $ | 634,517 | | | | | $ | 617,375 | | | | | $ | (17,142) | | |
Johnson Core Plus Bond Fund | Portfolio of Investments as of June 30, 2022 – unaudited |
JOHNSON MUTUAL FUNDS | June 30, 2022 – unaudited |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 246,584,776 | | | | | $ | 272,482,636 | | | | | $ | 544,522,849 | | |
Interest Receivable | | | | | 1,742,552 | | | | | | 1,777,910 | | | | | | 4,097,947 | | |
Receivable for CMO Paydowns | | | | | 250 | | | | | | 268 | | | | | | 268 | | |
Total Assets | | | | $ | 248,327,578 | | | | | $ | 274,260,814 | | | | | $ | 548,621,064 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Accrued Management Fee | | | | $ | 51,433 | | | | | $ | 56,552 | | | | | $ | 113,277 | | |
Total Liabilities | | | | $ | 51,433 | | | | | $ | 56,552 | | | | | $ | 113,277 | | |
Net Assets | | | | $ | 248,276,145 | | | | | $ | 274,204,262 | | | | | $ | 548,507,787 | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 264,117,017 | | | | | $ | 296,959,925 | | | | | $ | 623,500,362 | | |
Accumulated Earnings | | | | | (15,840,872) | | | | | | (22,755,663) | | | | | | (74,992,575) | | |
Net Assets | | | | $ | 248,276,145 | | | | | $ | 274,204,262 | | | | | $ | 548,507,787 | | |
Pricing of Class I Shares | | | | | | | | | | | | | | | | | | | |
Net assets applicable to Class I Shares | | | | $ | 248,269,184 | | | | | $ | 274,197,453 | | | | | $ | 544,359,978 | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 17,148,496 | | | | | | 18,716,882 | | | | | | 36,811,164 | | |
Net Asset Value, Offering price and redemption price | | | | $ | 14.48 | | | | | $ | 14.65 | | | | | $ | 14.79 | | |
Pricing of Class F Shares | | | | | | | | | | | | | | | | | | | |
Net assets applicable to Class F Shares | | | | $ | 6,961 | | | | | $ | 6,809 | | | | | $ | 4,147,809 | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 475 | | | | | | 455 | | | | | | 276,141 | | |
Net Asset Value, Offering price and redemption price | | | | $ | 14.65 | | | | | $ | 14.96 | | | | | $ | 15.02 | | |
*Identified Cost of Investment Securities | | | | $ | 259,720,038 | | | | | $ | 294,321,233 | | | | | $ | 613,507,550 | | |
JOHNSON MUTUAL FUNDS | June 30, 2022 – unaudited |
| | | Johnson Enhanced Return Fund | | | Johnson Core Plus Bond Fund | | ||||||
Assets: | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 231,809,039 | | | | | $ | 14,721,465 | | |
Variation Margin Receivable | | | | | — | | | | | | 9,375 | | |
Interest Receivable | | | | | 1,751,537 | | | | | | 122,080 | | |
Receivable from the Adviser | | | | | — | | | | | | 9,573 | | |
Total Assets | | | | $ | 233,560,576 | | | | | $ | 14,862,493 | | |
Liabilities: | | | | | | | | | | | | | |
Accrued Management Fee | | | | $ | 68,749 | | | | | $ | 14,936 | | |
Variation Margin Payable | | | | $ | 1,923,240 | | | | | $ | — | | |
Total Liabilities | | | | $ | 1,991,989 | | | | | $ | 14,936 | | |
Net Assets | | | | $ | 231,568,587 | | | | | $ | 14,847,557 | | |
Net Assets Consist of: | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 296,128,839 | | | | | $ | 16,889,548 | | |
Accumulated Earnings | | | | | (64,560,252) | | | | | | (2,041,991) | | |
Net Assets | | | | $ | 231,568,587 | | | | | $ | 14,847,557 | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 17,489,273 | | | | | | 1,126,882 | | |
Net Asset Value, Offering price and redemption price | | | | $ | 13.24 | | | | | $ | 13.18 | | |
*Identified Cost of Investment Securities | | | | $ | 243,626,410 | | | | | $ | 16,517,612 | | |
JOHNSON MUTUAL FUNDS | June 30, 2022 – unaudited |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | |||||||||
| | | Six months ended 6/30/2022 | | | Six months ended 6/30/2022 | | | Six months ended 6/30/2022 | | |||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | |
Interest | | | | $ | 1,610,121 | | | | | $ | 2,728,728 | | | | | $ | 6,821,553 | | |
Dividends | | | | | 1,837 | | | | | | 39,486 | | | | | | (525,611) | | |
Total Investment Income | | | | $ | 1,611,958 | | | | | $ | 2,768,214 | | | | | $ | 6,295,942 | | |
Expenses: | | | | | | | | | | | | | | | | | | | |
Gross Management Fee | | | | $ | 437,199 | | | | | $ | 408,344 | | | | | $ | 887,193 | | |
Distribution Fee | | | | | 6 | | | | | | 6 | | | | | | 4,207 | | |
Total Expenses | | | | $ | 437,205 | | | | | $ | 408,350 | | | | | $ | 891,400 | | |
Management Fee Waiver (Note #5) | | | | | (72,868) | | | | | | (68,059) | | | | | | (147,869) | | |
Distribution Fee Waiver (Note #5) | | | | | (1) | | | | | | (1) | | | | | | (529) | | |
Net Expenses | | | | $ | 364,336 | | | | | $ | 340,290 | | | | | $ | 743,002 | | |
Net Investment Income | | | | $ | 1,247,622 | | | | | $ | 2,427,924 | | | | | $ | 5,552,940 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) from Security Transactions | | | | $ | (2,347,168) | | | | | $ | (813,251) | | | | | $ | (3,801,647) | | |
Net Change in Unrealized Gain/(Loss) on Investments | | | | | (11,421,795) | | | | | | (23,929,769) | | | | | | (73,247,424) | | |
Net Gain/(Loss) on Investments | | | | $ | (13,768,963) | | | | | $ | (24,743,020) | | | | | $ | (77,049,071) | | |
Net Change in Net Assets from Operations | | | | $ | (12,521,341) | | | | | $ | (22,315,096) | | | | | $ | (71,496,131) | | |
JOHNSON MUTUAL FUNDS | June 30, 2022 – unaudited |
| | | Johnson Enhanced Return Fund | | | Johnson Core Plus Bond Fund | | ||||||
| | | Six months ended 6/30/2022 | | | Six months ended 6/30/2022 | | ||||||
Investment Income: | | | | | | | | | | | | | |
Interest | | | | $ | 1,445,396 | | | | | $ | 178,024 | | |
Dividends | | | | | 13,580 | | | | | | 4,244 | | |
Total Investment Income | | | | $ | 1,458,976 | | | | | $ | 182,268 | | |
Expenses: | | | | | | | | | | | | | |
Gross Management Fee | | | | $ | 477,572 | | | | | $ | 34,766 | | |
Administration and Operational Fees | | | | | — | | | | | | 68,474 | | |
Total Expenses | | | | $ | 477,572 | | | | | $ | 42,955 | | |
Management Fee Waiver (Note #5) | | | | $ | — | | | | | $ | (68,474) | | |
Net Expenses | | | | $ | 477,572 | | | | | $ | 34,766 | | |
Net Investment Income | | | | $ | 981,404 | | | | | $ | 147,502 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | |
Net Realized Gain/(Loss) from Security Transactions | | | | $ | (3,489,110) | | | | | $ | (83,406) | | |
Net Realized Gain/(Loss) from Futures Contracts | | | | | (48,641,455) | | | | | | (166,602) | | |
Net Change in Unrealized Gain/(Loss) on Investments | | | | | (9,753,411) | | | | | | (1,810,494) | | |
Net Change in Unrealized Gain/(Loss) on Futures Contracts | | | | | (12,647,560) | | | | | | (8,374) | | |
Net Gain/(Loss) on Investments | | | | $ | (74,531,536) | | | | | $ | (2,068,876) | | |
Net Change in Net Assets from Operations | | | | $ | (73,550,132) | | | | | $ | (1,921,374) | | |
JOHNSON MUTUAL FUNDS | June 30, 2022 |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | |||||||||||||||||||||||||||
| | | Six months ended 6/30/2022* | | | Year ended 12/31/2021 | | | Six months ended 6/30/2022* | | | Year ended 12/31/2021 | | | Six months ended 6/30/2022* | | | Year ended 12/31/2021 | | ||||||||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 1,247,622 | | | | | $ | 2,657,787 | | | | | $ | 2,427,924 | | | | | $ | 3,530,068 | | | | | $ | 5,552,940 | | | | | $ | 9,402,353 | | |
Net Realized Gain/(Loss) from Security Transactions | | | | | (2,347,168) | | | | | | 873,088 | | | | | | (813,251) | | | | | | 789,992 | | | | | | (3,801,647) | | | | | | (309,808) | | |
Net Change in Unrealized Gain/ (Loss) on Investments | | | | | (11,421,795) | | | | | | (6,681,692) | | | | | | (23,929,769) | | | | | | (8,191,414) | | | | | | (73,247,424) | | | | | | (21,051,353) | | |
Net Change in Net Assets from Operations | | | | $ | (12,521,341) | | | | | $ | (3,150,817) | | | | | $ | (22,315,096) | | | | | $ | (3,871,354) | | | | | $ | (71,496,131) | | | | | $ | (11,958,808) | | |
Distributions to Shareholders:(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From Class I | | | | $ | (1,431,113) | | | | | $ | (3,213,191) | | | | | $ | (2,511,040) | | | | | $ | (4,358,445) | | | | | $ | (6,023,716) | | | | | $ | (10,702,031) | | |
From Class F | | | | | (29) | | | | | | (61) | | | | | | (58) | | | | | | (73) | | | | | | (46,977) | | | | | | (89,976) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | (1,431,142) | | | | | $ | (3,213,252) | | | | | $ | (2,511,098) | | | | | $ | (4,358,518) | | | | | $ | (6,070,693) | | | | | $ | (10,792,007) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | $ | 22,003,968 | | | | | $ | 149,905,832 | | | | | $ | 76,487,247 | | | | | $ | 70,933,354 | | | | | $ | 50,454,113 | | | | | $ | 224,269,336 | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 583,607 | | | | | | 1,568,872 | | | | | | 1,077,193 | | | | | | 1,666,934 | | | | | | 4,522,421 | | | | | | 8,085,254 | | |
Payments for Shares Redeemed | | | | | (107,685,842) | | | | | | (124,888,404) | | | | | | (33,259,278) | | | | | | (29,260,870) | | | | | | (74,401,055) | | | | | | (128,870,532) | | |
Net Increase from Class I share capital transactions | | | | | (85,098,267) | | | | | | 26,586,300 | | | | | | 44,305,162 | | | | | | 43,339,418 | | | | | | (19,424,521) | | | | | | 103,484,058 | | |
From Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,449,221 | | | | | | 7,167,548 | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 29 | | | | | | 61 | | | | | | 58 | | | | | | 73 | | | | | | 40,817 | | | | | | 89,756 | | |
Payments for Shares Redeemed | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,893,480) | | | | | | (9,621,351) | | |
Net Increase from Class F share capital transactions | | | | | 29 | | | | | | 61 | | | | | | 58 | | | | | | 73 | | | | | | 596,558 | | | | | | (2,364,047) | | |
Net Change in Net Assets | | | | $ | (99,050,721) | | | | | $ | 20,222,292 | | | | | $ | 19,479,026 | | | | | $ | 35,109,619 | | | | | $ | (96,394,787) | | | | | $ | 78,369,196 | | |
Net Assets at Beginning of Year | | | | $ | 347,326,866 | | | | | $ | 327,104,574 | | | | | $ | 254,725,236 | | | | | $ | 219,615,617 | | | | | $ | 644,902,574 | | | | | $ | 566,533,378 | | |
Net Assets at End of Year | | | | $ | 248,276,145 | | | | | $ | 347,326,866 | | | | | $ | 274,204,262 | | | | | $ | 254,725,236 | | | | | $ | 548,507,787 | | | | | $ | 644,902,574 | | |
JOHNSON MUTUAL FUNDS | June 30, 2022 |
| | | Johnson Enhanced Return Fund | | | Johnson Core Plus Bond Fund | | ||||||||||||||||||
| | | Six months ended 6/30/2022* | | | Year ended 12/31/2021 | | | Six months ended 6/30/2022* | | | Period ended 12/31/2021** | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 981,404 | | | | | $ | 1,966,128 | | | | | $ | 147,502 | | | | | $ | 30,565 | | |
Net Realized Gain/(Loss) from Security Transactions | | | | | (3,489,110) | | | | | | 94,501 | | | | | | (83,406) | | | | | | 29,646 | | |
Net Realized Gain/(Loss) from Futures Contracts | | | | | (48,641,455) | | | | | | 71,899,315 | | | | | | (166,602) | | | | | | — | | |
Net Change in Unrealized Gain/(Loss) on Investments | | | | | (9,753,411) | | | | | | (5,424,749) | | | | | | (1,810,494) | | | | | | 14,346 | | |
Net Change in Unrealized Gain/(Loss) on Futures Contracts | | | | | (12,647,560) | | | | | | 2,254,977 | | | | | | (8,374) | | | | | | (8,767) | | |
Net Change in Net Assets from Operations | | | | $ | (73,550,132) | | | | | $ | 70,790,172 | | | | | $ | (1,921,374) | | | | | $ | 65,790 | | |
Distributions to Shareholders (see Note 2) | | | | $ | (1,206,331) | | | | | $ | (95,802,143) | | | | | $ | (158,239) | | | | | $ | (28,168) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | $ | 16,526,263 | | | | | $ | 27,199,925 | | | | | $ | 567,066 | | | | | $ | 16,385,749 | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 1,126,296 | | | | | | 95,512,983 | | | | | | 158,239 | | | | | | 28,168 | | |
Payments for Shares Redeemed | | | | | (34,220,637) | | | | | | (36,093,377) | | | | | | (219,072) | | | | | | (30,602) | | |
Net Increase from Class I share capital transactions | | | | | (16,568,078) | | | | | | 86,619,531 | | | | | | 506,233 | | | | | | 16,383,315 | | |
Net Change in Net Assets | | | | $ | (91,324,541) | | | | | $ | 61,607,560 | | | | | $ | (1,573,380) | | | | | $ | 16,420,937 | | |
Net Assets at Beginning of Year | | | | $ | 322,893,128 | | | | | $ | 261,285,568 | | | | | $ | 16,420,937 | | | | | $ | — | | |
Net Assets at End of Year | | | | $ | 231,568,587 | | | | | $ | 322,893,128 | | | | | $ | 14,847,557 | | | | | $ | 16,420,937 | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
| | | Six Months Ended 06/30/2022* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 15.15 | | | | | $ | 15.44 | | | | | $ | 15.12 | | | | | $ | 14.80 | | | | | $ | 14.96 | | | | | $ | 14.98 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.04) | | | | | | 0.13 | | | | | | 0.26 | | | | | | 0.35 | | | | | | 0.31 | | | | | | 0.24 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (0.56) | | | | | | (0.27) | | | | | | 0.33 | | | | | | 0.33 | | | | | | (0.14) | | | | | | (0.01) | | |
Total Operations | | | | $ | (0.60) | | | | | $ | (0.14) | | | | | $ | 0.59 | | | | | $ | 0.68 | | | | | $ | 0.17 | | | | | $ | 0.23 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.07) | | | | | | (0.15) | | | | | | (0.27) | | | | | | (0.36) | | | | | | (0.33) | | | | | | (0.25) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.07) | | | | | $ | (0.15) | | | | | $ | (0.27) | | | | | $ | (0.36) | | | | | $ | (0.33) | | | | | $ | (0.25) | | |
Net Asset Value, end of year | | | | $ | 14.48 | | | | | $ | 15.15 | | | | | $ | 15.44 | | | | | $ | 15.12 | | | | | $ | 14.80 | | | | | $ | 14.96 | | |
Total Return(b) | | | | | (3.94)%(d) | | | | | | (0.91)% | | | | | | 3.91% | | | | | | 4.65% | | | | | | 1.16% | | | | | | 1.54% | | |
Net Assets, end of year (millions) | | | | $ | 248.27 | | | | | $ | 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%(e) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.25%(e) | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 0.95%(e) | | | | | | 0.76% | | | | | | 1.54% | | | | | | 2.30% | | | | | | 2.06% | | | | | | 1.53% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.00%(e) | | | | | | 0.81% | | | | | | 1.59% | | | | | | 2.35% | | | | | | 2.11% | | | | | | 1.59% | | |
Portfolio Turnover Rate | | | | | 8.07%(d) | | | | | | 58.31% | | | | | | 37.11% | | | | | | 48.01% | | | | | | 39.88% | | | | | | 48.04% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
| | | Six Months ended 06/30/2022* | | | 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 | | | | $ | 15.33 | | | | | $ | 15.63 | | | | | $ | 15.20 | | | | | $ | 14.91 | | | | | $ | 14.79 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.05 | | | | | | 0.10 | | | | | | 0.16 | | | | | | 0.32 | | | | | | 0.18 | | |
Net Realized and Unrealized Gains/(Losses) on Securities*** | | | | | (0.60) | | | | | | (0.27) | | | | | | 0.42 | | | | | | 0.33 | | | | | | 0.02 | | |
Total Operations | | | | $ | (0.55) | | | | | $ | (0.17) | | | | | $ | 0.58 | | | | | $ | 0.65 | | | | | $ | 0.20 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.13) | | | | | | (0.13) | | | | | | (0.15) | | | | | | (0.36) | | | | | | (0.08) | | |
Total Distributions | | | | $ | (0.13) | | | | | $ | (0.13) | | | | | $ | (0.15) | | | | | $ | (0.36) | | | | | $ | (0.08) | | |
Net Asset Value, end of year | | | | $ | 14.65 | | | | | $ | 15.33 | | | | | $ | 15.63 | | | | | $ | 15.20 | | | | | $ | 14.91 | | |
Total Return(a) | | | | | (4.04)%(c) | | | | | | (1.09)% | | | | | | 3.82% | | | | | | 4.36% | | | | | | 1.37% | | |
Net Assets, end of year (millions) | | | | $ | 0.007 | | | | | $ | 0.007 | | | | | $ | 0.007 | | | | | $ | 0.003 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 0.69%(d) | | | | | | 0.51% | | | | | | 1.33% | | | | | | 1.98% | | | | | | 1.06% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 0.84%(d) | | | | | | 0.66% | | | | | | 1.48% | | | | | | 2.13% | | | | | | 1.21% | | |
Portfolio Turnover Rate | | | | | 8.07%(c) | | | | | | 58.31% | | | | | | 37.11% | | | | | | 48.01% | | | | | | 39.88% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
| | | Six Months Ended 06/30/2022* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 16.03 | | | | | $ | 16.60 | | | | | $ | 15.98 | | | | | $ | 15.27 | | | | | $ | 15.63 | | | | | $ | 15.56 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.13 | | | | | | 0.25 | | | | | | 0.34 | | | | | | 0.41 | | | | | | 0.41 | | | | | | 0.35 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (1.37) | | | | | | (0.52) | | | | | | 0.80 | | | | | | 0.73 | | | | | | (0.35) | | | | | | 0.11 | | |
Total Operations | | | | $ | (1.24) | | | | | $ | (0.27) | | | | | $ | 1.14 | | | | | $ | 1.14 | | | | | $ | 0.06 | | | | | $ | 0.46 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.14) | | | | | | (0.26) | | | | | | (0.35) | | | | | | (0.42) | | | | | | (0.42) | | | | | | (0.36) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.04) | | | | | | (0.17) | | | | | | (0.01) | | | | | | — | | | | | | (0.03) | | |
Total Distributions | | | | $ | (0.14) | | | | | $ | (0.30) | | | | | $ | (0.52) | | | | | $ | (0.43) | | | | | $ | (0.42) | | | | | $ | (0.39) | | |
Net Asset Value, end of year | | | | $ | 14.65 | | | | | $ | 16.03 | | | | | $ | 16.60 | | | | | $ | 15.98 | | | | | $ | 15.27 | | | | | $ | 15.63 | | |
Total Return(a) | | | | | (7.78)%(c) | | | | | | (1.66)% | | | | | | 7.20% | | | | | | 7.53% | | | | | | 0.42% | | | | | | 2.99% | | |
Net Assets, end of year (millions) | | | | $ | 274.20 | | | | | $ | 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%(d) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.25%(d) | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.82%(d) | | | | | | 1.45% | | | | | | 1.99% | | | | | | 2.57% | | | | | | 2.61% | | | | | | 2.19% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.87%(d) | | | | | | 1.50% | | | | | | 2.04% | | | | | | 2.62% | | | | | | 2.66% | | | | | | 2.25% | | |
Portfolio Turnover Rate | | | | | 11.12%(c) | | | | | | 32.34% | | | | | | 41.17% | | | | | | 32.83% | | | | | | 39.66% | | | | | �� | 40.37% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
| | | Six Months ended 06/30/2021* | | | 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 | | | | $ | 16.37 | | | | | $ | 16.84 | | | | | $ | 16.09 | | | | | $ | 15.39 | | | | | $ | 15.25 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.12 | | | | | | 0.22 | | | | | | 0.21 | | | | | | 0.37 | | | | | | 0.22 | | |
Net Realized and Unrealized Gains/(Losses) on Securities*** | | | | | (1.40) | | | | | | (0.53) | | | | | | 0.92 | | | | | | 0.75 | | | | | | 0.04 | | |
Total Operations | | | | $ | (1.28) | | | | | $ | (0.31) | | | | | $ | 1.13 | | | | | $ | 1.12 | | | | | $ | 0.26 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.13) | | | | | | (0.12) | | | | | | (0.21) | | | | | | (0.41) | | | | | | (0.12) | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.04) | | | | | | (0.17) | | | | | | (0.01) | | | | | | — | | |
Total Distributions | | | | $ | (0.13) | | | | | $ | (0.16) | | | | | $ | (0.38) | | | | | $ | (0.42) | | | | | $ | (0.12) | | |
Net Asset Value, end of year | | | | $ | 14.96 | | | | | $ | 16.37 | | | | | $ | 16.84 | | | | | $ | 16.09 | | | | | $ | 15.39 | | |
Total Return(a) | | | | | (7.79)%(c) | | | | | | (1.83)% | | | | | | 7.07% | | | | | | 7.35% | | | | | | 1.72% | | |
Net Assets, end of year (millions) | | | | $ | 0.007 | | | | | $ | 0.007 | | | | | $ | 0.008 | | | | | $ | 0.003 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.56%(d) | | | | | | 1.20% | | | | | | 1.82% | | | | | | 2.26% | | | | | | 1.31% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.71%(d) | | | | | | 1.35% | | | | | | 1.97% | | | | | | 2.41% | | | | | | 1.46% | | |
Portfolio Turnover Rate | | | | | 11.12%(c) | | | | | | 32.34% | | | | | | 41.17% | | | | | | 32.83% | | | | | | 39.66% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
| | | Six Months Ended 06/30/2022* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 16.80 | | | | | $ | 17.45 | | | | | $ | 16.41 | | | | | $ | 15.49 | | | | | $ | 15.91 | | | | | $ | 15.73 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.15 | | | | | | 0.26 | | | | | | 0.34 | | | | | | 0.43 | | | | | | 0.40 | | | | | | 0.37 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (2.00) | | | | | | (0.62) | | | | | | 1.24 | | | | | | 0.94 | | | | | | (0.40) | | | | | | 0.21 | | |
Total Operations | | | | $ | (1.85) | | | | | $ | (0.36) | | | | | $ | 1.58 | | | | | $ | 1.37 | | | | | $ | (0.00) | | | | | $ | 0.58 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.16) | | | | | | (0.29) | | | | | | (0.36) | | | | | | (0.44) | | | | | | (0.42) | | | | | | (0.39) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | (0.18) | | | | | | (0.01) | | | | | | — | | | | | | (0.01) | | |
Total Distributions | | | | $ | (0.16) | | | | | $ | (0.29) | | | | | $ | (0.54) | | | | | $ | (0.45) | | | | | $ | (0.42) | | | | | $ | (0.40) | | |
Net Asset Value, end of year | | | | $ | 14.79 | | | | | $ | 16.80 | | | | | $ | 17.45 | | | | | $ | 16.41 | | | | | $ | 15.49 | | | | | $ | 15.91 | | |
Total Return(a) | | | | | (11.05)%(c) | | | | | | (2.04)% | | | | | | 9.71% | | | | | | 8.94% | | | | | | 0.13% | | | | | | 3.72% | | |
Net Assets, end of year (millions) | | | | $ | 544.36 | | | | | $ | 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%(d) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.25%(d) | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.24% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.03%(d) | | | | | | 1.46% | | | | | | 1.85% | | | | | | 2.59% | | | | | | 2.62% | | | | | | 2.29% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.08%(d) | | | | | | 1.51% | | | | | | 1.90% | | | | | | 2.64% | | | | | | 2.67% | | | | | | 2.35% | | |
Portfolio Turnover Rate | | | | | 13.76%(c) | | | | | | 42.67% | | | | | | 30.08% | | | | | | 28.83% | | | | | | 39.62% | | | | | | 31.42% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
| | | Six Months ended 06/30/2022* | | | 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 | | | | $ | 17.06 | | | | | $ | 17.61 | | | | | $ | 16.49 | | | | | $ | 15.61 | | | | | $ | 15.41 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.13 | | | | | | 0.33 | | | | | | 0.26 | | | | | | 0.40 | | | | | | 0.23 | | |
Net Realized and Unrealized Gains/(Losses) on Securities*** | | | | | (2.02) | | | | | | (0.71) | | | | | | 1.31 | | | | | | 0.92 | | | | | | 0.10 | | |
Total Operations | | | | $ | (1.89) | | | | | $ | (0.38) | | | | | $ | 1.57 | | | | | $ | 1.32 | | | | | $ | 0.33 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.15) | | | | | | (0.17) | | | | | | (0.27) | | | | | | (0.43) | | | | | | (0.13) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | (0.18) | | | | | | (0.01) | | | | | | — | | |
Total Distributions | | | | $ | (0.15) | | | | | $ | (0.17) | | | | | $ | (0.45) | | | | | $ | (0.44) | | | | | $ | (0.13) | | |
Net Asset Value, end of year | | | | $ | 15.02 | | | | | $ | 17.06 | | | | | $ | 17.61 | | | | | $ | 16.49 | | | | | $ | 15.61 | | |
Total Return(a) | | | | | (11.12)%(c) | | | | | | (2.15)% | | | | | | 9.57% | | | | | | 8.56% | | | | | | 2.14% | | |
Net Assets, end of year (millions) | | | | $ | 4.148 | | | | | $ | 4.222 | | | | | $ | 6.867 | | | | | $ | 0.148 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.78%(d) | | | | | | 1.19% | | | | | | 1.49% | | | | | | 2.18% | | | | | | 1.29% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.93%(d) | | | | | | 1.34% | | | | | | 1.64% | | | | | | 2.33% | | | | | | 1.44% | | |
Portfolio Turnover Rate | | | | | 13.76%(c) | | | | | | 42.67% | | | | | | 30.08% | | | | | | 28.83% | | | | | | 39.62% | | |
FINANCIAL HIGHLIGHTS | Johnson Enhanced Return Fund |
| | | Six Months Ended 06/30/2021* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 17.41 | | | | | $ | 19.12 | | | | | $ | 16.97 | | | | | $ | 14.21 | | | | | $ | 16.27 | | | | | $ | 16.28 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.06 | | | | | | 0.14 | | | | | | 0.21 | | | | | | 0.37 | | | | | | 0.35 | | | | | | 0.26 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (4.16) | | | | | | 4.94 | | | | | | 3.00 | | | | | | 4.40 | | | | | | (1.32) | | | | | | 3.21 | | |
Total Operations | | | | $ | (4.10) | | | | | $ | 5.08 | | | | | $ | 3.21 | | | | | $ | 4.77 | | | | | $ | (0.97) | | | | | $ | 3.47 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.07) | | | | | | (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 | | | | $ | (0.07) | | | | | $ | (6.79) | | | | | $ | (1.06) | | | | | $ | (2.01) | | | | | $ | (1.09) | | | | | $ | (3.48) | | |
Net Asset Value, end of year | | | | $ | 13.24 | | | | | $ | 17.41 | | | | | $ | 19.12 | | | | | $ | 16.97 | | | | | $ | 14.21 | | | | | $ | 16.27 | | |
Total Return(a) | | | | | (23.59)%(b) | | | | | | 26.51% | | | | | | 19.38% | | | | | | 33.80% | | | | | | (6.06)% | | | | | | 21.39% | | |
Net Assets, end of year (millions) | | | | $ | 231.57 | | | | | $ | 322.89 | | | | | $ | 261.29 | | | | | $ | 183.93 | | | | | $ | 125.93 | | | | | $ | 137.98 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.35%(c) | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | |
Ratio of Net Investment Income to average net assets | | | | | 0.89%(c) | | | | | | 0.65% | | | | | | 1.27% | | | | | | 2.21% | | | | | | 2.00% | | | | | | 1.45% | | |
Portfolio Turnover Rate | | | | | 19.21%(b) | | | | | | 40.89% | | | | | | 96.76% | | | | | | 46.04% | | | | | | 73.00% | | | | | | 40.40% | | |
FINANCIAL HIGHLIGHTS | Johnson Core Plus Bond Fund |
| | | Six months ended 06/30/2022* | | | Period ended 12/31/2021** | | ||||||
Net Asset Value, beginning of period | | | | $ | 15.04 | | | | | $ | 15.00 | | |
Operations: | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.13 | | | | | | 0.03 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | (1.85) | | | | | | 0.04 | | |
Total Operations | | | | $ | (1.72) | | | | | $ | 0.07 | | |
Distributions: | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.14) | | | | | | (0.03) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.14) | | | | | $ | (0.03) | | |
Net Asset Value, end of year | | | | $ | 13.18 | | | | | $ | 15.04 | | |
Total Return(a)(c) | | | | | (11.47)% | | | | | | 0.44% | | |
Net Assets, end of year (millions) | | | | $ | 14.85 | | | | | $ | 16.42 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 1.34% | | | | | | 1.09% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.45% | | | | | | 0.45% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 1.02% | | | | | | 0.96% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 1.91% | | | | | | 1.60% | | |
Portfolio Turnover Rate(c) | | | | | 19.12% | | | | | | 69.02% | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
Description | | | Gross amounts of Recognized Assets | | | Gross Amounts Offset in the Statement of Assets & Liabilities | | | Net Amounts Presented in the Statement of Assets & Liabilities | | | Gross Amounts Not Offset in the Statement of Assets & Liabilities | | | Net Amount | | |||||||||||||||||||||
| Financial Instruments* | | | Cash Collateral Pledged / Received | | ||||||||||||||||||||||||||||||||
Futures Contracts | | | | $ | (1,923,240) | | | | | $ | — | | | | | $ | (1,923,240) | | | | | $ | 1,923,240 | | | | | $ | — | | | | | $ | — | | |
Total | | | | $ | (1,923,240) | | | | | $ | — | | | | | $ | (1,923,240) | | | | | $ | 1,923,240 | | | | | $ | — | | | | | $ | — | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
| | | Short Duration | | | Intermediate | | | Core | | | Enhanced Return | | | Core Plus | | |||||||||||||||
Cost of Portfolio Investments | | | | | 259,720,038 | | | | | | 294,321,233 | | | | | | 613,507,550 | | | | | | 243,626,410 | | | | | | 16,517,612 | | |
Gross unrealized appreciation | | | | | 23,730 | | | | | | 53,823 | | | | | | 125,447 | | | | | | 552,082 | | | | | | — | | |
Gross unrealized depreciation | | | | | (13,158,992) | | | | | | (21,892,420) | | | | | | (69,110,148) | | | | | | (12,369,453) | | | | | | (1,810,494) | | |
Net unrealized depreciation | | | | | (13,135,262) | | | | | | (21,838,597) | | | | | | (68,984,701) | | | | | | (11,817,371) | | | | | | (1,810,494) | | |
Undistributed ordinary income | | | | | (220,229) | | | | | | (101,176) | | | | | | (561,220) | | | | | | (264,869) | | | | | | (8,339) | | |
Other accumulated gains/(losses) | | | | | (2,485,381) | | | | | | (815,890) | | | | | | (5,446,654) | | | | | | (52,478,012) | | | | | | (223,158) | | |
Accumulated Earnings | | | | | (15,840,872) | | | | | | (22,755,663) | | | | | | (74,992,575) | | | | | | (64,560,252) | | | | | | (2,041,991) | | |
| | | 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 | June 30, 2022 Unaudited |
| | | 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 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
Short Duration Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 169,567,311 | | | | | $ | — | | | | | $ | 169,567,311 | | |
Certificates of Deposit | | | | | — | | | | | | 251,550 | | | | | | — | | | | | | 251,550 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 18,502,088 | | | | | | — | | | | | | 18,502,088 | | |
U.S. Agency Obligations | | | | | — | | | | | | 14,512,520 | | | | | | — | | | | | | 14,512,520 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 31,161,279 | | | | | | — | | | | | | 31,161,279 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 11,620,271 | | | | | | — | | | | | | 11,620,271 | | |
Cash Equivalents | | | | | 969,757 | | | | | | — | | | | | | — | | | | | | 969,757 | | |
Total | | | | $ | 969,757 | | | | | $ | 245,615,019 | | | | | $ | — | | | | | $ | 246,584,776 | | |
Intermediate Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 157,199,331 | | | | | | — | | | | | $ | 157,199,331 | | |
Certificates of Deposit | | | | | — | | | | | | 251,550 | | | | | | — | | | | | | 251,550 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 76,749,982 | | | | | | — | | | | | | 76,749,982 | | |
U.S. Agency Obligations | | | | | — | | | | | | 7,142,766 | | | | | | — | | | | | | 7,142,766 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 24,705,265 | | | | | | — | | | | | | 24,705,265 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 4,890,300 | | | | | | — | | | | | | 4,890,300 | | |
Preferred Stocks | | | | | 1,442,750 | | | | | | — | | | | | | — | | | | | | 1,442,750 | | |
Cash Equivalents | | | | | 100,692 | | | | | | — | | | | | | — | | | | | | 100,692 | | |
Total | | | | $ | 1,543,442 | | | | | $ | 270,939,194 | | | | | $ | — | | | | | $ | 272,482,636 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
Core Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 331,882,251 | | | | | $ | — | | | | | $ | 331,882,251 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 108,972,262 | | | | | | — | | | | | | 108,972,262 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 90,773,846 | | | | | | — | | | | | | 90,773,846 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 7,001,289 | | | | | | — | | | | | | 7,001,289 | | |
Preferred Stocks | | | | | 1,999,470 | | | | | | — | | | | | | — | | | | | | 1,999,470 | | |
Cash Equivalents | | | | | 3,893,731 | | | | | | — | | | | | | — | | | | | | 3,893,731 | | |
Total | | | | $ | 5,884,201 | | | | | $ | 538,629,648 | | | | | $ | — | | | | | $ | 544,522,849 | | |
Enhanced Return Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 151,475,466 | | | | | $ | — | | | | | $ | 151,475,466 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 31,066,965 | | | | | | — | | | | | | 31,066,965 | | |
U.S. Agency Obligations | | | | | — | | | | | | 12,048,240 | | | | | | — | | | | | | 12,048,240 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 31,286,828 | | | | | | — | | | | | | 31,286,828 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 5,329,455 | | | | | | — | | | | | | 5,329,455 | | |
Cash Equivalents | | | | | 602,085 | | | | | | — | | | | | | — | | | | | | 602,085 | | |
Sub-Total | | | | $ | 602,085 | | | | | $ | 231,206,954 | | | | | $ | — | | | | | $ | 231,809,039 | | |
Other Financial Instruments** | | | | | (7,440,569) | | | | | | — | | | | | | — | | | | | | (7,440,569) | | |
Total | | | | $ | (6,838,484) | | | | | $ | 231,206,954 | | | | | $ | — | | | | | $ | 224,368,470 | | |
Core Plus Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 9,711,670 | | | | | $ | — | | | | | $ | 9,711,670 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 2,163,356 | | | | | | — | | | | | | 2,163,356 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 2,488,603 | | | | | | — | | | | | | 2,488,603 | | |
Preferred Stocks | | | | | 156,585 | | | | | | — | | | | | | — | | | | | | 156,585 | | |
Cash Equivalents | | | | | 201,251 | | | | | | — | | | | | | — | | | | | | 201,251 | | |
Sub-Total | | | | $ | 357,836 | | | | | $ | 14,363,629 | | | | | $ | — | | | | | $ | 14,721,465 | | |
Other Financial Instruments** | | | | | (17,142) | | | | | | — | | | | | | — | | | | | | (17,142) | | |
Total | | | | $ | 340,694 | | | | | $ | 14,363,629 | | | | | $ | — | | | | | $ | 14,704,323 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
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% | | | | | $ | 364,336 | | | | | $ | 72,869 | | | | | $ | 51,433 | | |
Intermediate Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 340,290 | | | | | | 68,060 | | | | | | 56,552 | | |
Core Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 743,002 | | | | | | 148,398 | | | | | | 113,277 | | |
Enhanced Return Fund | | | | | 0.35% | | | | | | — | | | | | | 0.35% | | | | | | 489,007 | | | | | | — | | | | | | 68,749 | | |
Core Plus Bond Fund | | | | | 1.34% | | | | | | 0.88% | | | | | | 0.45% | | | | | | 34,766 | | | | | | 8,190 | | | | | | 14,936 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
| Short Duration Bond Fund (Class I Shares): | | | | | | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 25.29% | | |
| Covenant Trust Company | | | | | 44.18% | | |
| Short Duration Bond Fund (Class F Shares): | | | | | | | |
| Client accounts held by the Advisor | | | | | 100% | | |
| Intermediate Bond Fund (Class I Shares): | | | | | | | |
| Covenant Trust Company | | | | | 36.96% | | |
| National Financial Services | | | | | 30.68% | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 29.90% | | |
| 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 | | | | | 29.89% | | |
| Core Bond Fund (Class F Shares): | | | | | | | |
| LPL Financial Group | | | | | 65.88% | | |
| Enhanced Return Fund: | | | | | | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 88.55% | | |
| Core Plus Bond Fund: | | | | | | | |
| Client accounts managed by the Advisor and held by Charles Schwab & Co | | | | | 99.99% | | |
| | | 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 | | | | $ | 16,747,576 | | | | | $ | 59,625,991 | | | | | $ | 6,408,922 | | | | | $ | 38,393,532 | | |
Intermediate Bond Fund | | | | | 51,310,731 | | | | | | 8,376,615 | | | | | | 25,730,152 | | | | | | 21,778,402 | | |
Core Bond Fund | | | | | 47,666,155 | | | | | | 51,584,486 | | | | | | 34,081,709 | | | | | | 46,450,705 | | |
Enhanced Return Fund | | | | | 12,214,170 | | | | | | 68,050,204 | | | | | | 37,672,847 | | | | | | 63,183,808 | | |
Core Plus Bond Fund | | | | | 2,356,965 | | | | | | 1,503,318 | | | | | | 619,112 | | | | | | 1,441,261 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
| | | Short Duration Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares | | ||||||||||||||||||
| | | Six months ended 06/30/2022 | | | Year ended 12/31/2021 | | | Six months ended 06/30/2022 | | | Year ended 12/31/2021 | | ||||||||||||
Issued | | | | | 1,489,563 | | | | | | 9,780,042 | | | | | | 0 | | | | | | 0 | | |
Reinvested | | | | | 39,683 | | | | | | 102,496 | | | | | | 2 | | | | | | 4 | | |
Redeemed | | | | | (7,312,133) | | | | | | (8,134,538) | | | | | | 0 | | | | | | 0 | | |
Change in shares outstanding | | | | | (5,782,887 | | | | | | 1,748,000 | | | | | | 2 | | | | | | 4 | | |
Shares outstanding, beginning of period | | | | | 22,931,383 | | | | | | 21,183,383 | | | | | | 473 | | | | | | 469 | | |
Shares outstanding, end of period | | | | | 17,148,496 | | | | | | 22,931,383 | | | | | | 475 | | | | | | 473 | | |
| | | Intermediate Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares | | ||||||||||||||||||
| | | Six months ended 06/30/2022 | | | Year ended 12/31/2021 | | | Six months ended 06/30/2022 | | | Year ended 12/31/2021 | | ||||||||||||
Issued | | | | | 4,973,533 | | | | | | 4,357,931 | | | | | | 0 | | | | | | 0 | | |
Reinvested | | | | | 71,610 | | | | | | 102,798 | | | | | | 4 | | | | | | 4 | | |
Redeemed | | | | | (2,220,518) | | | | | | (1,795,095) | | | | | | 0 | | | | | | 0 | | |
Change in shares outstanding | | | | | 2,824,625 | | | | | | 2,665,634 | | | | | | 4 | | | | | | 4 | | |
Shares outstanding, beginning of period | | | | | 15,892,257 | | | | | | 13,226,623 | | | | | | 451 | | | | | | 447 | | |
Shares outstanding, end of period | | | | | 18,716,882 | | | | | | 15,892,257 | | | | | | 455 | | | | | | 451 | | |
| | | Core Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares | | ||||||||||||||||||
| | | Six months ended 06/30/2022 | | | Year ended 12/31/2021 | | | Six months ended 06/30/2022 | | | Year ended 12/31/2021 | | ||||||||||||
Issued | | | | | 3,183,606 | | | | | | 13,186,206 | | | | | | 149,357 | | | | | | 417,147 | | |
Reinvested | | | | | 292,833 | | | | | | 477,422 | | | | | | 2,606 | | | | | | 5,241 | | |
Redeemed | | | | | (4,800,580) | | | | | | (7,608,542) | | | | | | (123,296) | | | | | | (564,819) | | |
Change in shares outstanding | | | | | (1,324,141) | | | | | | 6,055,086 | | | | | | 28,677 | | | | | | (142,431) | | |
Shares outstanding, beginning of period | | | | | 38,135,305 | | | | | | 32,080,219 | | | | | | 247,474 | | | | | | 389,905 | | |
Shares outstanding, end of period | | | | | 36,811,164 | | | | | | 38,135,305 | | | | | | 276,141 | | | | | | 247,474 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2022 Unaudited |
| | | Enhanced Return Fund | | |||||||||
| | | Six months ended 06/30/2022 | | | Year ended 12/31/2021 | | ||||||
Issued | | | | | 1,115,960 | | | | | | 1,292,949 | | |
Reinvested | | | | | 76,981 | | | | | | 5,443,728 | | |
Redeemed | | | | | (2,253,570) | | | | | | (1,849,266) | | |
Change in shares outstanding | | | | | (1,060,629) | | | | | | 4,887,411 | | |
Shares outstanding, beginning of period | | | | | 18,549,902 | | | | | | 13,662,491 | | |
Shares outstanding, end of period | | | | | 17,489,273 | | | | | | 18,549,902 | | |
| | | Core Plus Bond Fund | | |||||||||
| | | Six months ended 06/30/2022 | | | Period Ended* 12/31/2021 | | ||||||
Issued | | | | | 39,139 | | | | | | 1,092,101 | | |
Reinvested | | | | | 11,488 | | | | | | 1,879 | | |
Redeemed | | | | | (15,682) | | | | | | (2,043) | | |
Change in shares outstanding | | | | | 34,945 | | | | | | 1,091,937 | | |
Shares outstanding, beginning of period | | | | | 1,091,937 | | | | | | 0 | | |
Shares outstanding, end of period | | | | | 1,126,882 | | | | | | 1,091,937 | | |
DISCLOSURE OF EXPENSES (Unaudited) | June 30, 2022 |
Short Duration Bond Fund | | | Beginning Account Value December 31, 2021 | | | Ending Account Value June 30, 2022 | | | Expenses Paid During Period* January 1, 2022 – June 30, 2022 | | |||||||||
Class I – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 980.33 | | | | | $ | 1.22 | | |
Class I – Hypothetical Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.27 | | |
Class F – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 979.81 | | | | | $ | 1.94 | | |
Class F – Hypothetical Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.03 | | |
Intermediate Bond Fund | | | | | | | | | | | | | | | | | | | |
Class I – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 961.20 | | | | | $ | 1.19 | | |
Class I – Hypothetical Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.27 | | |
Class F – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 960.87 | | | | | $ | 1.91 | | |
Class F – Hypothetical Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.03 | | |
Core Bond Fund | | | | | | | | | | | | | | | | | | | |
Class I – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 944.91 | | | | | $ | 1.17 | | |
Class I – Hypothetical Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.27 | | |
Class F – Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 944.55 | | | | | $ | 1.87 | | |
Class F – Hypothetical Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.03 | | |
Enhanced Return Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 882.22 | | | | | $ | 1.53 | | |
Hypothetical Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,023.06 | | | | | $ | 1.78 | | |
Core Plus Bond Fund | | | | | | | | | | | | | | | | | | | |
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 942.85 | | | | | $ | 1.64 | | |
Hypothetical Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,023.06 | | | | | $ | 1.78 | | |
ADDITIONAL INFORMATION | June 30, 2022 – Unaudited |
3777 West Fork Road
Cincinnati OH 45247
NAME, ADDRESS AND AGE | | | CURRENT POSITION HELD WITH TRUST | | | YEAR SERVICE COMMENCED* | | | PRINCIPAL OCCUPATION DURING PAST FIVE YEARS | | | NUMBER OF PORTFOLIOS OVERSEEN | | | OTHER DIRECTORSHIPS HELD DURING THE PAST FIVE YEARS | |
INTERESTED TRUSTEE | | |||||||||||||||
Timothy E. Johnson (80) 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 | | | 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 (51) 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 (58) 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 (56) 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.
Not applicable to semiannual report.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual report.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual report.
Item 5. Audit Committee of Listed Companies.
Not applicable.
Item 6. Schedule of Investments.
Not applicable – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Funds.
Not applicable.
Item 9. Purchases of Equity Securities by Closed End Funds and Affiliated Purchases.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.”
Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of June 16, 2022, 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
-2-
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable |
(a)(2) | Certifications required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) |
(a)(3) | Not applicable |
(b) | Certifications required by Rule 30a-2(b) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Johnson Mutual Funds Trust | ||
By: | /s/ Jason O. Jackman | |
Jason O. Jackman, President | ||
Date September 8, 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 September 8, 2022 | ||
By | /s/ Marc E. Figgins | |
Marc E. Figgins, Treasurer | ||
Date September 8, 2022 |
* Print the name and title of each signing officer under his or her signature.
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