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 number811-07254
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:6/30/19
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, 2019 – Unaudited |
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| Performance Review and Management Discussion | | | | | | | |
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| Portfolio of Investments | | | | | | | |
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| Financial Highlights | | | | | | | |
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| Trustees and Officers, Transfer Agent and Fund Accountant, Custodian, Independent Registered Public Accounting Firm, Legal Counsel | | | | | Back Page | | |
Letter from the Fund President: | July 2019 |
Letter from the Fund President: | July 2019 |
JOHNSON EQUITY INCOME FUND | PERFORMANCE REVIEW – JUNE 30, 2019 UNAUDITED |
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Equity Income Fund | | | S&P 500 Index | | ||||||
| Six Months | | | | | 21.17% | | | | | | 18.54% | | |
| One Year | | | | | 17.55% | | | | | | 10.42% | | |
| Three Years | | | | | 16.03% | | | | | | 14.19% | | |
| Five Years | | | | | 9.20% | | | | | | 10.71% | | |
| Ten Years | | | | | 13.24% | | | | | | 14.70% | | |
Johnson Opportunity Fund | Performance Review – June 30, 2019 Unaudited |
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Opportunity Fund | | | Russell 2500 Index | | ||||||
| Six Months | | | | | 19.00% | | | | | | 19.25% | | |
| One Year | | | | | 0.00% | | | | | | 1.77% | | |
| Three Year | | | | | 10.61% | | | | | | 12.34% | | |
| Five Years | | | | | 6.69% | | | | | | 7.66% | | |
| Ten Years | | | | | 13.43% | | | | | | 14.44% | | |
Johnson International Fund | Performance Review – June 30, 2019 Unaudited |
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | International Fund | | | MSCI ACWI ex US Index | | ||||||
| Six Months | | | | | 12.52% | | | | | | 13.60% | | |
| One Year | | | | | 3.59% | | | | | | 1.29% | | |
| Three Years | | | | | 8.21% | | | | | | 9.39% | | |
| Five Years | | | | | 1.81% | | | | | | 2.16% | | |
| Ten Years | | | | | 6.27% | | | | | | 6.54% | | |
| Asset Allocation by Country | | | as of June 30, 2019 | |
| Japan | | | | | 17.77% | | | | Hong Kong | | | | | 3.29% | | |
| United Kingdom | | | | | 10.11% | | | | Taiwan | | | | | 2.33% | | |
| China | | | | | 9.03% | | | | Netherlands | | | | | 2.21% | | |
| Other* | | | | | 9.00% | | | | Sweden | | | | | 2.13% | | |
| Swiss | | | | | 8.26% | | | | Russia | | | | | 2.00% | | |
| Germany | | | | | 7.51% | | | | Mexico | | | | | 1.81% | | |
| Canada | | | | | 6.82% | | | | Brazil | | | | | 1.77% | | |
| France | | | | | 6.08% | | | | S. Africa | | | | | 1.43% | | |
| Australia | | | | | 4.78% | | | | Norway | | | | | 1.43% | | |
Johnson Fixed Income Fund | Performance Review – June 30, 2019 Unaudited |
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Fixed Income Fund | | | Bloomberg Barclays Capital Aggregate Index | | ||||||
| Six Months | | | | | 6.28% | | | | | | 6.11% | | |
| One Year | | | | | 7.55% | | | | | | 7.87% | | |
| Three Years | | | | | 2.15% | | | | | | 2.31% | | |
| Five Years | | | | | 2.83% | | | | | | 2.95% | | |
| Ten Years | | | | | 3.77% | | | | | | 3.90% | | |
Johnson Municipal Income Fund | Performance Review – June 30, 2019 Unaudited |
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Municipal Income Fund | | | Bloomberg Barclays CAPITAL FIVE-YEAR G.O. MUNICIPAL BOND Index | | ||||||
| Six Months | | | | | 4.04% | | | | | | 3.74% | | |
| One Year | | | | | 5.64% | | | | | | 5.29% | | |
| Three Years | | | | | 1.81% | | | | | | 1.91% | | |
| Five Years | | | | | 2.48% | | | | | | 2.22% | | |
| Ten Years | | | | | 3.05% | | | | | | 3.06% | | |
EQUITY INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Alphabet Inc. – Class A* | | | | | 6,670 | | | | | $ | 7,222,276 | | |
Alphabet Inc. – Class C* | | | | | 979 | | | | | | 1,058,211 | | |
Comcast Corp. – Class A | | | | | 158,000 | | | | | | 6,680,240 | | |
The Walt Disney Co. | | | | | 85,600 | | | | | | 11,953,184 | | |
7.7% – Total For Communication Services | | | | $ | 26,913,911 | | | ||||||
Carter’s Inc. | | | | | 66,000 | | | | | | 6,437,640 | | |
TJX Companies Inc. | | | | | 188,340 | | | | | | 9,959,419 | | |
4.7% – Total For Consumer Discretionary | | | | $ | 16,397,059 | | | ||||||
Coca Cola Co. | | | | | 138,020 | | | | | | 7,027,978 | | |
Colgate-Palmolive Co. | | | | | 92,000 | | | | | | 6,593,640 | | |
J. M. Smuckers Co. | | | | | 54,800 | | | | | | 6,312,412 | | |
Procter & Gamble Co. | | | | | 31,090 | | | | | | 3,409,019 | | |
Wal-Mart Stores Inc. | | | | | 28,300 | | | | | | 3,126,867 | | |
7.6% – Total For Consumer Staples | | | | $ | 26,469,916 | | | ||||||
Chevron Corp. | | | | | 55,105 | | | | | | 6,857,266 | | |
Royal Dutch Shell PLC, Class B ADR | | | | | 153,100 | | | | | | 10,064,794 | | |
Schlumberger Ltd. | | | | | 68,005 | | | | | | 2,702,519 | | |
5.6% – Total For Energy | | | | $ | 19,624,579 | | | ||||||
American Express Co. | | | | | 55,460 | | | | | | 6,845,982 | | |
Axis Capital Holdings Inc. | | | | | 113,650 | | | | | | 6,779,223 | | |
Bank of America Corp. | | | | | 352,025 | | | | | | 10,208,725 | | |
Chubb Ltd. | | | | | 43,625 | | | | | | 6,425,526 | | |
First Hawaiian Inc. | | | | | 255,000 | | | | | | 6,596,850 | | |
Iberiabank Corp. | | | | | 91,510 | | | | | | 6,941,034 | | |
Invesco Ltd. | | | | | 110,185 | | | | | | 2,254,385 | | |
Marsh & McLennan Companies Inc. | | | | | 65,300 | | | | | | 6,513,675 | | |
S&P Global Inc. | | | | | 30,640 | | | | | | 6,979,486 | | |
17.1% – Total For Financial Services | | | | $ | 59,544,886 | | | ||||||
Abbott Laboratories | | | | | 127,800 | | | | | | 10,747,980 | | |
Alcon AG | | | | | 117,500 | | | | | | 7,290,875 | | |
CVS Health Corp. | | | | | 113,025 | | | | | | 6,158,732 | | |
Danaher Corp. | | | | | 52,430 | | | | | | 7,493,296 | | |
Medtronic PLC | | | | | 69,500 | | | | | | 6,768,605 | | |
Zimmer Biomet Holdings | | | | | 85,400 | | | | | | 10,054,996 | | |
Zoetis Inc. | | | | | 65,454 | | | | | | 7,428,374 | | |
16.0% – Total For Health Care | | | | $ | 55,942,858 | | | ||||||
Carlisle Companies Inc. | | | | | 56,440 | | | | | | 7,924,740 | | |
Hubbell Inc. | | | | | 83,000 | | | | | | 10,823,200 | | |
Paccar Inc. | | | | | 97,540 | | | | | | 6,989,716 | | |
Waste Management Inc. | | | | | 62,700 | | | | | | 7,233,699 | | |
Xylem Inc. | | | | | 81,500 | | | | | | 6,816,660 | | |
11.4% – Total For Industrials | | | | $ | 39,788,015 | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Accenture PLC – Class A | | | | | 38,420 | | | | | $ | 7,098,863 | | |
Apple Inc. | | | | | 55,540 | | | | | | 10,992,477 | | |
Automatic Data Processing Inc. | | | | | 20,500 | | | | | | 3,389,265 | | |
Cognizant Technology Solutions Corp. | | | | | 53,120 | | | | | | 3,367,277 | | |
Fidelity National Information Services | | | | | 53,800 | | | | | | 6,600,184 | | |
Mastercard Inc.- Class A | | | | | 29,850 | | | | | | 7,896,220 | | |
Microsoft Corp. | | | | | 58,360 | | | | | | 7,817,906 | | |
13.5% – Total For Information Technology | | | | $ | 47,162,192 | | | ||||||
Sherwin-Williams Co. | | | | | 20,620 | | | | | | 9,449,940 | | |
2.7% – Total For Materials | | | | $ | 9,449,940 | | | ||||||
Essex Property Trust Inc. | | | | | 23,400 | | | | | | 6,831,162 | | |
Federal Realty Investors Trust | | | | | 51,100 | | | | | | 6,579,636 | | |
3.8% – Total For Real Estate | | | | $ | 13,410,798 | | | ||||||
Alliant Energy Corp. | | | | | 140,000 | | | | | | 6,871,200 | | |
Nextera Energy, Inc. | | | | | 32,200 | | | | | | 6,596,492 | | |
3.9% – Total For Utilities | | | | $ | 13,467,692 | | | ||||||
Total Common Stocks 94.0% | | | | $ | 328,171,846 | | | ||||||
(Identified Cost $255,971,531) | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 20,681,599 | | | | | | 20,681,599 | | |
Total Cash Equivalents 6.0% | | | | $ | 20,681,599 | | | ||||||
(Identified Cost $20,681,599) | | | | | | | | | | | | | |
Total Portfolio Value 100.0% | | | | $ | 348,853,445 | | | ||||||
(Identified Cost $276,653,130) | | | | | | | | | | | | | |
Liabilities in Excess of Other Assets 0.0% | | | | $ | (13,258) | | | ||||||
Total Net Assets 100.0% | | | | $ | 348,840,187 | | | ||||||
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OPPORTUNITY FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
BorgWarner Inc. | | | | | 15,900 | | | | | $ | 667,482 | | |
Burlington Stores Inc.* | | | | | 4,200 | | | | | | 714,630 | | |
Carter’s Inc. | | | | | 8,700 | | | | | | 848,598 | | |
Cheesecake Factory Inc. | | | | | 18,900 | | | | | | 826,308 | | |
Cooper-Standard Holdings* | | | | | 8,300 | | | | | | 380,306 | | |
Culp Inc. | | | | | 30,000 | | | | | | 570,000 | | |
Hanesbrands Inc. | | | | | 36,300 | | | | | | 625,086 | | |
Lithia Motors Inc. | | | | | 6,300 | | | | | | 748,314 | | |
LKQ Corp.* | | | | | 34,500 | | | | | | 918,045 | | |
PVH Corp. | | | | | 10,400 | | | | | | 984,256 | | |
Steven Madden Ltd. | | | | | 28,650 | | | | | | 972,667 | | |
Strum Ruger & Co. | | | | | 7,100 | | | | | | 386,808 | | |
11.5% – Total For Consumer Discretionary | | | | $ | 8,642,500 | | | ||||||
Church & Dwight Co. Inc. | | | | | 6,900 | | | | | | 504,114 | | |
Lancaster Colony Corp. | | | | | 5,800 | | | | | | 861,880 | | |
Sprouts Farmers Market* | | | | | 33,700 | | | | | | 636,593 | | |
2.7% – Total For Consumer Staples | | | | $ | 2,002,587 | | | ||||||
Delek US Holdings Inc. | | | | | 12,300 | | | | | | 498,396 | | |
Hollyfrontier Corp. | | | | | 24,800 | | | | | | 1,147,744 | | |
World Fuel Services Corp. | | | | | 36,400 | | | | | | 1,308,944 | | |
3.9% – Total For Energy | | | | $ | 2,955,084 | | | ||||||
Axis Capital Holdings Ltd. | | | | | 17,700 | | | | | | 1,055,805 | | |
Diamond Hill Investment Group Inc. | | | | | 4,900 | | | | | | 694,428 | | |
East West Bancorp Inc. | | | | | 22,000 | | | | | | 1,028,940 | | |
Everest Re Group Ltd. | | | | | 4,700 | | | | | | 1,161,746 | | |
Farmers National Banc | | | | | 64,100 | | | | | | 950,603 | | |
First Hawaiian Inc. | | | | | 33,000 | | | | | | 853,710 | | |
First Interstate Bancsystem Inc. | | | | | 28,100 | | | | | | 1,113,041 | | |
Iberiabank Corp. | | | | | 16,000 | | | | | | 1,213,600 | | |
Invesco Ltd. | | | | | 42,700 | | | | | | 873,642 | | |
Reinsurance Group of America Inc. | | | | | 7,300 | | | | | | 1,139,019 | | |
Signature Bank | | | | | 9,500 | | | | | | 1,147,980 | | |
Westwood Holdings Group Inc. | | | | | 12,600 | | | | | | 443,520 | | |
Wintrust Financial Corp. | | | | | 13,600 | | | | | | 994,976 | | |
WSFS Financial Corp. | | | | | 21,200 | | | | | | 875,560 | | |
18.1% – Total For Financial Services | | | | $ | 13,546,570 | | | ||||||
Align Technology Inc.* | | | | | 2,600 | | | | | | 711,620 | | |
Catalent Inc.* | | | | | 20,500 | | | | | | 1,111,305 | | |
Charles River Laboratories International Inc.* | | | | | 9,900 | | | | | | 1,404,810 | | |
Chemed Corp. | | | | | 2,500 | | | | | | 902,100 | | |
Globus Medical Inc.* | | | | | 24,700 | | | | | | 1,044,810 | | |
Integra Lifesciences Holding | | | | | 16,200 | | | | | | 904,770 | | |
Prestige Brands Holdings Inc.* | | | | | 24,000 | | | | | | 760,320 | | |
Common Stocks | | | Shares | | | Fair Value | | ||||||
Universal Health Services Inc. – Class B | | | | | 8,300 | | | | | $ | 1,082,237 | | |
Veeva Systems Inc. – Class A* | | | | | 3,100 | | | | | | 502,541 | | |
11.2% – Total For Health Care | | | | $ | 8,424,513 | | | ||||||
Alamo Group Inc. | | | | | 10,000 | | | | | | 999,300 | | |
American Woodmark Corp.* | | | | | 6,200 | | | | | | 524,644 | | |
Carlisle Companies Inc. | | | | | 6,000 | | | | | | 842,460 | | |
Comfort Systems USA Inc. | | | | | 19,400 | | | | | | 989,206 | | |
Continental Building Products Inc.* | | | | | 24,000 | | | | | | 637,680 | | |
Gorman-Rupp Co. | | | | | 19,487 | | | | | | 639,758 | | |
Hubbell Inc. | | | | | 7,800 | | | | | | 1,017,120 | | |
ICF International Inc. | | | | | 15,000 | | | | | | 1,092,000 | | |
Idex Corp. | | | | | 5,100 | | | | | | 877,914 | | |
Quanta Services Inc. | | | | | 17,900 | | | | | | 683,601 | | |
Regal Beloit Corp. | | | | | 12,000 | | | | | | 980,520 | | |
Smith (A.O.) Corp. | | | | | 13,200 | | | | | | 622,512 | | |
Snap-On Inc. | | | | | 6,000 | | | | | | 993,840 | | |
Watsco Inc. | | | | | 4,600 | | | | | | 752,238 | | |
15.6% – Total For Industrials | | | | $ | 11,652,793 | | | ||||||
Amdocs Ltd. | | | | | 16,500 | | | | | | 1,024,485 | | |
Black Knight Inc.* | | | | | 16,600 | | | | | | 998,490 | | |
Blackbaud Inc. | | | | | 12,900 | | | | | | 1,077,150 | | |
CACI International Inc.* | | | | | 5,800 | | | | | | 1,186,622 | | |
Constellation Software | | | | | 600 | | | | | | 565,974 | | |
Exlservice Holdings, Inc. | | | | | 15,000 | | | | | | 991,950 | | |
Flir Systems Inc. | | | | | 17,800 | | | | | | 962,980 | | |
On Semiconductor Corp. | | | | | 25,800 | | | | | | 521,418 | | |
Realpage, Inc. | | | | | 18,700 | | | | | | 1,100,495 | | |
Tyler Technologies Inc.* | | | | | 5,400 | | | | | | 1,166,508 | | |
12.8% – Total For Information Technology | | | | $ | 9,596,072 | | | ||||||
AptarGroup Inc. | | | | | 8,200 | | | | | | 1,019,588 | | |
Avery Dennison Corp. | | | | | 11,500 | | | | | | 1,330,320 | | |
Packaging Corp. of America | | | | | 6,000 | | | | | | 571,920 | | |
RPM International Inc. | | | | | 21,900 | | | | | | 1,338,309 | | |
Stepan Co. | | | | | 10,000 | | | | | | 919,100 | | |
6.9% – Total For Materials | | | | $ | 5,179,237 | | | ||||||
Alexandria Real Estate Equities Inc. | | | | | 5,500 | | | | | | 775,995 | | |
American Assets Trust Inc. | | | | | 19,500 | | | | | | 918,840 | | |
Americold Realty Trust | | | | | 39,000 | | | | | | 1,264,380 | | |
Apartment Investment & Mangement Co. | | | | | 13,308 | | | | | | 666,997 | | |
Camden Property Trust | | | | | 9,200 | | | | | | 960,388 | | |
Coresite Realty Corp. | | | | | 10,800 | | | | | | 1,243,836 | | |
Federal Realty Investors Trust | | | | | 6,700 | | | | | | 862,692 | | |
OPPORTUNITY FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Common Stocks | | | Shares | | | Fair Value | | ||||||
National Retail Properties Inc. | | | | | 13,500 | | | | | $ | 715,635 | | |
Retail Properties of America Inc. | | | | | 77,300 | | | | | | 909,048 | | |
11.1% – Total For Real Estate | | | | $ | 8,317,811 | | | ||||||
Alliant Energy Corp. | | | | | 26,800 | | | | | | 1,315,344 | | |
Atmos Energy Corp. | | | | | 11,900 | | | | | | 1,256,164 | | |
3.4% – Total For Utilities | | | | $ | 2,571,508 | | | ||||||
Total Common Stocks 97.2% | | | | $ | 72,888,675 | | | ||||||
(Identified Cost $66,690,242) | | | | | | | | ||||||
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 1,724,981 | | | | | | 1,724,981 | | |
Total Cash Equivalents 2.3% | | | | $ | 1,724,981 | | | ||||||
(Identified Cost $1,724,981) | | | | | | | | ||||||
Total Portfolio Value 99.5% | | | | $ | 74,613,656 | | | ||||||
(Identified Cost $68,415,223) | | | | | | | | ||||||
Other Assets in Excess of Liabilities 0.5% | | | | $ | 351,533 | | | ||||||
Total Net Assets 100.0% | | | | $ | 74,965,189 | | | ||||||
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INTERNATIONAL FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Itau Unibanco Holding SA ADR | | | | | 11,550 | | | | | $ | 108,801 | | |
0.5% – Total For Financial Services | | | | $ | 108,801 | | | ||||||
Total Preferred Stocks 0.5% | | | | $ | 108,801 | | | ||||||
(Identified Cost $63,654) | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | |
Baidu, Inc. ADR* | | | | | 1,000 | | | | | | 117,360 | | |
BT Group ADR | | | | | 7,200 | | | | | | 91,944 | | |
China Mobile Ltd. ADR | | | | | 7,400 | | | | | | 335,146 | | |
Deutsche Telekom AG ADR | | | | | 7,100 | | | | | | 123,114 | | |
KDDI Corp. ADR | | | | | 27,200 | | | | | | 345,712 | | |
Orange ADR | | | | | 7,500 | | | | | | 117,900 | | |
PLDT Inc. ADR | | | | | 3,600 | | | | | | 89,352 | | |
Publicis Groupe SA ADR | | | | | 12,100 | | | | | | 158,994 | | |
RTL Group SA ADR | | | | | 15,000 | | | | | | 76,937 | | |
SK Telecom Co. Ltd. ADR | | | | | 3,400 | | | | | | 84,150 | | |
SoftBank Group Corp. ADR | | | | | 1,800 | | | | | | 86,274 | | |
Telenor ASA ADR | | | | | 9,600 | | | | | | 204,240 | | |
Tencent Holdings Ltd. ADR | | | | | 6,500 | | | | | | 294,190 | | |
WPP PLC ADR | | | | | 1,800 | | | | | | 113,238 | | |
11.0% – Total For Consumer Discretionary | | | | $ | 2,238,551 | | | ||||||
Adidas AG ADR | | | | | 2,000 | | | | | | 308,420 | | |
Alibaba Group Holdings ADR* | | | | | 1,300 | | | | | | 220,285 | | |
Bridgestone ADR | | | | | 4,400 | | | | | | 86,196 | | |
CIE Financiere Richemont AG ADR | | | | | 22,000 | | | | | | 185,680 | | |
Compass Group PLC ADR | | | | | 6,500 | | | | | | 155,740 | | |
Daimler AG | | | | | 2,200 | | | | | | 122,540 | | |
Honda Motor Co. Ltd. ADR | | | | | 5,500 | | | | | | 142,120 | | |
Magna International Inc. | | | | | 4,100 | | | | | | 203,770 | | |
Sony Corp. ADR | | | | | 3,800 | | | | | | 199,082 | | |
Toyota Motor Corp. ADR | | | | | 3,000 | | | | | | 371,970 | | |
9.8% – Total For Consumer Discretionary | | | | $ | 1,995,803 | | | ||||||
Coca-Cola Amatil Ltd. ADR | | | | | 10,860 | | | | | | 77,410 | | |
Danone ADR | | | | | 6,184 | | | | | | 104,695 | | |
Essity AB ADR | | | | | 5,300 | | | | | | 162,975 | | |
L’Oreal ADR | | | | | 2,800 | | | | | | 159,292 | | |
Nestle SA ADR | | | | | 4,300 | | | | | | 444,620 | | |
Reckitt Benckiser Group PLC ADR | | | | | 5,900 | | | | | | 93,692 | | |
Shoprite Holdings Ltd. ADR | | | | | 15,500 | | | | | | 172,376 | | |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Svenska Cellulosa Aktiebolaget ADR | | | | | 11,100 | | | | | $ | 95,621 | | |
Unilever NV ADR | | | | | 2,500 | | | | | | 151,800 | | |
Unilever PLC ADR | | | | | 4,100 | | | | | | 254,077 | | |
Wal-Mart De Mexico SAB de CV ADR | | | | | 12,300 | | | | | | 335,298 | | |
10.1% – Total For Consumer Staples | | | | $ | 2,051,856 | | | ||||||
BP PLC ADR | | | | | 2,298 | | | | | | 95,827 | | |
CNOOC Ltd. ADR | | | | | 1,400 | | | | | | 238,490 | | |
Equinor ASA ADR | | | | | 4,000 | | | | | | 79,120 | | |
Lukoil Corp. ADR | | | | | 4,700 | | | | | | 394,894 | | |
Royal Dutch Shell PLC, Class B ADR | | | | | 2,600 | | | | | | 170,924 | | |
Suncor Energy Inc. | | | | | 3,200 | | | | | | 99,712 | | |
Technip FMC PLC | | | | | 5,900 | | | | | | 153,046 | | |
Total SA ADR | | | | | 2,352 | | | | | | 131,218 | | |
Woodside Petroleum ADR | | | | | 5,200 | | | | | | 132,288 | | |
7.4% – Total For Energy | | | | $ | 1,495,519 | | | ||||||
Admiral Group PLC ADR | | | | | 6,400 | | | | | | 175,808 | | |
Allianz SE ADR | | | | | 7,900 | | | | | | 190,232 | | |
Australia and New Zealand Banking Group Ltd. ADR | | | | | 3,200 | | | | | | 63,488 | | |
Banco Bradesco ADR | | | | | 27,289 | | | | | | 267,978 | | |
Banco Santander SA ADR | | | | | 17,974 | | | | | | 82,321 | | |
Bank of Montreal | | | | | 1,240 | | | | | | 93,558 | | |
Barclays PLC ADR | | | | | 15,000 | | | | | | 114,150 | | |
BNP Paribas ADR | | | | | 4,000 | | | | | | 94,720 | | |
China Construction Bank ADR | | | | | 8,500 | | | | | | 145,732 | | |
Deutsche Boerse AG ADR | | | | | 7,000 | | | | | | 98,560 | | |
ICICI Bank Ltd. ADR | | | | | 9,680 | | | | | | 121,871 | | |
Industrial and Commercial Bank Of China Ltd. ADR | | | | | 23,500 | | | | | | 341,455 | | |
KB Financial Group Inc. ADR | | | | | 2,400 | | | | | | 94,752 | | |
Legal and General Group PLC | | | | | 5,000 | | | | | | 86,150 | | |
Manulife Financial Corp. | | | | | 4,420 | | | | | | 80,356 | | |
Mitsubishi UFJ Financial Group Inc. ADR | | | | | 40,000 | | | | | | 190,000 | | |
Mizuho Financial Group Inc. ADR | | | | | 25,000 | | | | | | 72,000 | | |
National Australia Bank | | | | | 8,700 | | | | | | 81,867 | | |
Orix Corp. ADR | | | | | 2,450 | | | | | | 183,456 | | |
Royal Bank of Canada | | | | | 1,000 | | | | | | 79,400 | | |
Sumitomo Mitsui Financial Group Inc. ADR | | | | | 48,000 | | | | | | 338,880 | | |
INTERNATIONAL FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Tokio Marine Holdings Inc. ADR | | | | | 7,000 | | | | | $ | 350,700 | | |
Toronto Dominion Bank | | | | | 1,400 | | | | | | 81,704 | | |
United Overseas Bank Ltd. ADR | | | | | 1,900 | | | | | | 73,726 | | |
Westpac Banking Corp. Ltd. ADR | | | | | 7,250 | | | | | | 144,492 | | |
Zurich Insurance Group Ltd. ADR | | | | | 3,240 | | | | | | 112,914 | | |
18.5% – Total For Financial Services | | | | $ | 3,760,270 | | | ||||||
Alcon Inc. | | | | | 6,796 | | | | | | 421,692 | | |
Astellas Pharma Inc. ADR | | | | | 27,600 | | | | | | 392,472 | | |
Bayer AG ADR | | | | | 5,200 | | | | | | 90,740 | | |
Dr. Reddy’s Laboratories Ltd. ADR | | | | | 3,340 | | | | | | 125,150 | | |
Novartis AG ADR | | | | | 2,480 | | | | | | 226,449 | | |
Novo Nordisk AS | | | | | 5,200 | | | | | | 265,408 | | |
Roche Holdings Ltd. ADR | | | | | 8,400 | | | | | | 294,840 | | |
Taro Pharmaceuticals Ltd. | | | | | 1,400 | | | | | | 119,588 | | |
Takeda Pharmaceutical Co. | | | | | 9,340 | | | | | | 165,318 | | |
10.3% – Total For Health Care | | | | $ | 2,101,657 | | | ||||||
ABB Ltd. ADR | | | | | 2,900 | | | | | | 58,087 | | |
Atlas Copco AB ADR | | | | | 5,400 | | | | | | 172,746 | | |
BAE Systems PLC ADR | | | | | 3,800 | | | | | | 95,266 | | |
Bunzl PLC ADR | | | | | 5,600 | | | | | | 150,024 | | |
Canadian National Railway Co. | | | | | 1,400 | | | | | | 129,472 | | |
CK Hutchison Holdings Ltd. ADR | | | | | 8,000 | | | | | | 78,336 | | |
Fanuc Corp. ADR | | | | | 4,000 | | | | | | 73,920 | | |
Itochu Corp. ADR | | | | | 3,700 | | | | | | 141,081 | | |
Keppel Corp. Ltd. ADR | | | | | 7,900 | | | | | | 79,079 | | |
Komatsu Ltd. ADR | | | | | 6,300 | | | | | | 152,775 | | |
Mitsui & Co., Ltd. ADR | | | | | 300 | | | | | | 97,881 | | |
Schneider Electric SE ADR | | | | | 13,900 | | | | | | 251,451 | | |
Sensata Technologies Holding NV* | | | | | 5,500 | | | | | | 269,500 | | |
Siemens AG ADR | | | | | 1,800 | | | | | | 107,388 | | |
9.1% – Total For Industrials | | | | $ | 1,857,006 | | | ||||||
Cap Gemini SA ADR | | | | | 4,000 | | | | | | 99,280 | | |
CGI Group Inc.* | | | | | 5,100 | | | | | | 391,527 | | |
Lenovo Group Ltd. ADR | | | | | 15,000 | | | | | | 232,200 | | |
Open Text Corp. | | | | | 5,000 | | | | | | 206,000 | | |
SAP SE ADR | | | | | 2,600 | | | | | | 355,680 | | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | | | 8,000 | | | | | | 313,360 | | |
United Microelectronics ADR | | | | | 44,930 | | | | | | 99,295 | | |
8.4% – Total For Information Technology | | | | $ | 1,697,342 | | | ||||||
Air Liquide SA ADR | | | | | 4,154 | | | | | | 116,021 | | |
BASF SE ADR | | | | | 7,400 | | | | | | 135,050 | | |
BHP Billiton Ltd. ADR | | | | | 2,550 | | | | | | 148,180 | | |
Preferred Stocks | | | Shares | | | Fair Value | | ||||||
Newcrest Mining Ltd. ADR | | | | | 15,000 | | | | | $ | 333,600 | | |
Nitto Denko Corp. ADR | | | | | 7,100 | | | | | | 175,370 | | |
Posco ADR | | | | | 1,400 | | | | | | 74,284 | | |
Rio Tinto PLC ADR | | | | | 1,570 | | | | | | 97,874 | | |
Sasol LTD ADR | | | | | 2,800 | | | | | | 69,580 | | |
5.7% – Total For Materials | | | | $ | 1,149,959 | | | ||||||
Lend Lease Group ADR | | | | | 7,000 | | | | | | 63,350 | | |
Sun Hung Kai Properties Ltd. ADR | | | | | 17,500 | | | | | | 297,675 | | |
1.8% – Total For Real Estate | | | | $ | 361,025 | | | ||||||
Enel SpA ADR | | | | | 21,100 | | | | | | 145,801 | | |
Enersis SA ADR | | | | | 25,100 | | | | | | 222,637 | | |
Iberdrola SA ADR | | | | | 3,578 | | | | | | 142,028 | | |
National Grid PLC ADR | | | | | 1,600 | | | | | | 85,088 | | |
SSE PLC ADR | | | | | 4,000 | | | | | | 57,200 | | |
3.2% – Total For Utilities | | | | $ | 652,754 | | | ||||||
Total Common Stocks 95.3% | | | | $ | 19,361,742 | | | ||||||
(Identified Cost $15,640,771) | | | | | | | | ||||||
Cash Equivalents | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | 735,853 | | | | | | 735,853 | | |
Total Cash Equivalents 3.6% | | | | $ | 735,853 | | | ||||||
(Identified Cost $735,853) | | | | | | | | | | | | | |
Total Portfolio Value 99.4% | | | | $ | 20,206,396 | | | ||||||
(Identified Cost $16,440,278) | | | | | | | | | | | | | |
Liabilities in Excess of Other Assets 0.6% | | | | $ | 119,807 | | | ||||||
Total Net Assets 100.0% | | | | $ | 20,326,203 | | | ||||||
|
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ace Ina Holdings Inc. | | | | | 3.350% | | | | | | 05/15/2024 | | | | | | 2,375,000 | | | | | $ | 2,500,212 | | |
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 10,000,000 | | | | | | 10,250,701 | | |
AON PLC | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 3,320,000 | | | | | | 3,458,076 | | |
AON PLC | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 4,330,000 | | | | | | 4,559,461 | | |
Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 15,000,000 | | | | | | 15,368,888 | | |
BB&T Corp. | | | | | 3.950% | | | | | | 03/22/2022 | | | | | | 8,054,000 | | | | | | 8,375,728 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 5,720,000 | | | | | | 6,036,979 | | |
Chubb INA Holdings Inc. | | | | | 2.300% | | | | | | 11/03/2020 | | | | | | 7,793,000 | | | | | | 7,796,334 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 10,999,000 | | | | | | 11,745,902 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 2,290,000 | | | | | | 2,290,029 | | |
Huntington Bancshares | | | | | 3.150% | | | | | | 03/14/2021 | | | | | | 4,280,000 | | | | | | 4,333,041 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 10,000,000 | | | | | | 10,513,337 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 7,300,000 | | | | | | 7,944,747 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 435,000 | | | | | | 453,577 | | |
Marsh & McLennan Co. Inc. | | | | | 4.800% | | | | | | 07/15/2021 | | | | | | 3,955,000 | | | | | | 4,112,179 | | |
Morgan Stanley | | | | | 2.625% | | | | | | 11/17/2021 | | | | | | 6,000,000 | | | | | | 6,036,306 | | |
Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 1,500,000 | | | | | | 1,593,695 | | |
MUFG Americas Holdings Corp. | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 6,949,000 | | | | | | 7,038,399 | | |
MUFG Americas Holdings Corp. | | | | | 3.250% | | | | | | 06/18/2022 | | | | | | 6,389,000 | | | | | | 6,589,340 | | |
PNC Financial Services | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 925,000 | | | | | | 974,136 | | |
PNC Financial Services | | | | | 3.900% | | | | | | 04/29/2024 | | | | | | 9,991,000 | | | | | | 10,519,657 | | |
Suntrust Banks Inc. | | | | | 2.900% | | | | | | 05/01/2025 | | | | | | 8,000,000 | | | | | | 8,566,229 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 7,000,000 | | | | | | 7,151,287 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 6,000,000 | | | | | | 6,300,731 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 5,500,000 | | | | | | 5,832,873 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 5,600,000 | | | | | | 6,049,901 | | |
22.6% – Total For Corporate Bonds: Bank and Finance | | | | $ | 166,391,745 | | | ||||||||||||||||||
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 11,000,000 | | | | | | 11,485,965 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 6,166,000 | | | | | | 6,247,326 | | |
General Electric Capital Corp. (3 month LIBOR + 1.000%)* | | | | | 3.410% | | | | | | 03/15/2023 | | | | | | 2,180,000 | | | | | | 2,152,802 | | |
General Electric Capital Corp. (3 month LIBOR + 1.000%)* | | | | | 3.597% | | | | | | 04/15/2023 | | | | | | 7,275,000 | | | | | | 7,155,120 | | |
Goodrich Corp. | | | | | 4.875% | | | | | | 03/01/2020 | | | | | | 1,025,000 | | | | | | 1,040,726 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 6,430,000 | | | | | | 6,707,439 | | |
Johnson Controls International PLC | | | | | 5.000% | | | | | | 03/30/2020 | | | | | | 1,595,000 | | | | | | 1,624,163 | | |
Kroger Co. Senior | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 10,000,000 | | | | | | 10,222,419 | | |
Kroger Co. Senior | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 595,000 | | | | | | 629,039 | | |
McDonald’s Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 4,500,000 | | | | | | 4,549,569 | | |
McDonald’s Corp. | | | | | 3.700% | | | | | | 01/30/2026 | | | | | | 4,269,000 | | | | | | 4,538,217 | | |
Pepsico Inc. | | | | | 2.850% | | | | | | 02/24/2026 | | | | | | 9,090,000 | | | | | | 9,341,963 | | |
Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 6,779,000 | | | | | | 7,112,412 | | |
Target Corp. | | | | | 2.500% | | | | | | 04/15/2026 | | | | | | 5,500,000 | | | | | | 5,534,070 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,500,000 | | | | | | 2,577,795 | | |
Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 8,365,000 | | | | | | 8,719,547 | | |
12.3% – Total For Corporate Bonds: Industrial | | | | $ | 89,638,572 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.500% | | | | | | 02/01/2025 | | | | | | 1,500,000 | | | | | | 1,579,057 | | |
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 9,574,000 | | | | | | 10,105,156 | | |
Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 4,000,000 | | | | | | 3,954,690 | | |
Duke Energy Corp. | | | | | 3.550% | | | | | | 09/15/2021 | | | | | | 6,860,000 | | | | | | 7,013,016 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 10,500,000 | | | | | | 11,108,042 | | |
Eversource Energy | | | | | 3.800% | | | | | | 12/01/2023 | | | | | | 1,605,000 | | | | | | 1,693,506 | | |
Eversource Energy | | | | | 2.500% | | | | | | 03/15/2021 | | | | | | 1,665,000 | | | | | | 1,669,187 | | |
Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 1,500,000 | | | | | | 1,517,983 | | |
Eversource Energy Senior | | | | | 2.800% | | | | | | 05/01/2023 | | | | | | 3,750,000 | | | | | | 3,793,428 | | |
Georgia Power Co. | | | | | 2.000% | | | | | | 03/30/2020 | | | | | | 5,660,000 | | | | | | 5,637,922 | | |
Georgia Power Co. | | | | | 2.000% | | | | | | 09/08/2020 | | | | | | 1,000,000 | | | | | | 994,359 | | |
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 2,200,000 | | | | | $ | 2,227,612 | | |
Georgia Power Co. | | | | | 4.250% | | | | | | 12/01/2019 | | | | | | 2,140,000 | | | | | | 2,153,637 | | |
Interstate Power & Light Co. | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 5,120,000 | | | | | | 5,288,617 | | |
Interstate Power & Light Co. | | | | | 3.400% | | | | | | 12/01/2024 | | | | | | 1,000,000 | | | | | | 1,031,808 | | |
Interstate Power & Light Co. | | | | | 3.650% | | | | | | 09/01/2020 | | | | | | 3,211,000 | | | | | | 3,247,029 | | |
Interstate Power & Light Co. | | | | | 4.100% | | | | | | 09/26/2028 | | | | | | 1,325,000 | | | | | | 1,437,089 | | |
National Rural Utilities Collateral Trust | | | | | 2.300% | | | | | | 11/01/2020 | | | | | | 2,699,000 | | | | | | 2,702,411 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 2,550,000 | | | | | | 2,592,484 | | |
Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 02/15/2024 | | | | | | 3,590,000 | | | | | | 3,740,123 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 3,170,000 | | | | | | 3,214,431 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 5,500,000 | | | | | | 5,676,881 | | |
Xcel Energy Inc. | | | | | 4.700% | | | | | | 05/15/2020 | | | | | | 5,496,000 | | | | | | 5,539,466 | | |
12.0% – Total For Corporate Bonds: Utilities | | | | $ | 87,917,934 | | | ||||||||||||||||||
46.9% Total Corporate Bonds | | | | $ | 343,948,251 | | | ||||||||||||||||||
Certificates of Deposit | | | | | |||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 258,266 | | |
0.0% – Total For Certificates of Deposit | | | | $ | 258,266 | | | ||||||||||||||||||
United States Government Treasury Obligations | | | | | |||||||||||||||||||||
Treasury Bond | | | | | 2.500% | | | | | | 02/15/2045 | | | | | | 20,500,000 | | | | | | 20,422,324 | | |
Treasury Inflation Protected Security | | | | | 1.000% | | | | | | 02/15/2046 | | | | | | 4,313,280 | | | | | | 4,519,059 | | |
Treasury Inflation Protected Security | | | | | 1.375% | | | | | | 02/15/2044 | | | | | | 5,481,500 | | | | | | 6,220,386 | | |
Treasury Note | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 32,500,000 | | | | | | 33,919,336 | | |
Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 15,500,000 | | | | | | 17,000,957 | | |
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 11,000,000 | | | | | | 11,696,094 | | |
Treasury Note | | | | | 1.750% | | | | | | 11/30/2019 | | | | | | 12,000,000 | | | | | | 11,981,250 | | |
Treasury Note | | | | | 1.500% | | | | | | 05/31/2020 | | | | | | 10,000,000 | | | | | | 9,953,906 | | |
Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 11,000,000 | | | | | | 11,175,742 | | |
Treasury Note | | | | | 2.750% | | | | | | 11/15/2042 | | | | | | 8,425,000 | | | | | | 8,831,770 | | |
Treasury Note | | | | | 2.750% | | | | | | 08/15/2042 | | | | | | 2,250,000 | | | | | | 2,361,006 | | |
Treasury Note | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 21,000,000 | | | | | | 20,878,594 | | |
21.6% – Total For United States Government Treasury Obligations | | | | $ | 158,960,424 | | | ||||||||||||||||||
United States Government Agency Obligations | | | | | | | | | | | | | | | | | | | | ||||||
FHLMC Step-up* | | | | | 1.875% | | | | | | 07/12/2021 | | | | | | 5,000,000 | | | | | | 4,999,855 | | |
FHLMC Step-up* | | | | | 2.000% | | | | | | 07/12/2022 | | | | | | 3,445,000 | | | | | | 3,445,093 | | |
FHLMC Step-up* | | | | | 2.000% | | | | | | 07/18/2022 | | | | | | 8,355,000 | | | | | | 8,354,929 | | |
FHLMC Step-up* | | | | | 2.150% | | | | | | 10/27/2022 | | | | | | 3,500,000 | | | | | | 3,500,260 | | |
FHLMC Step-up* | | | | | 2.250% | | | | | | 06/15/2022 | | | | | | 6,000,000 | | | | | | 5,991,476 | | |
FHLMC Step-up* | | | | | 2.250% | | | | | | 06/21/2022 | | | | | | 9,000,000 | | | | | | 9,000,790 | | |
4.8% – Total For United States Government Agency Obligations | | | | $ | 35,292,403 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | | |||||||||||||||||||||||
FHLMC Pool A89335 | | | | | 5.000% | | | | | | 10/01/2039 | | | | | | 149,656 | | | | | | 162,757 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 359,201 | | | | | | 369,511 | | |
FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 706,428 | | | | | | 722,493 | | |
FHLMC Series 4105 Class PJ | | | | | 3.500% | | | | | | 06/15/2041 | | | | | | 1,113,328 | | | | | | 1,149,451 | | |
FHLMC Series 4180 Class ME | | | | | 2.500% | | | | | | 10/15/2042 | | | | | | 2,113,963 | | | | | | 2,148,070 | | |
FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 1,233,766 | | | | | | 1,225,124 | | |
FHLMC Series 4517 Class PC | | | | | 2.500% | | | | | | 05/15/2044 | | | | | | 2,714,838 | | | | | | 2,736,350 | | |
FHLMC Series 4567 Class LA | | | | | 3.000% | | | | | | 08/15/2045 | | | | | | 406,693 | | | | | | 414,851 | | |
FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/2045 | | | | | | 2,895,174 | | | | | | 2,987,663 | | |
FHLMC Series 4646 Class D | | | | | 3.500% | | | | | | 01/15/2042 | | | | | | 944,717 | | | | | | 977,894 | | |
FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 1,498,680 | | | | | | 1,516,753 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 1,293,305 | | | | | | 1,331,310 | | |
FHLMC Series 4768 Class GA | | | | | 3.500% | | | | | | 09/15/2045 | | | | | | 9,157,455 | | | | | | 9,492,660 | | |
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FHLMC Series 4831 Class BA | | | | | 3.500% | | | | | | 10/15/2044 | | | | | | 3,582,184 | | | | | $ | 3,658,084 | | |
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | | | | | 3.268% | | | | | | 04/01/2042 | | | | | | 1,122,357 | | | | | | 1,150,282 | | |
FHLMC Pool 780439 (1 year US T-Note Yield Curve + 2.223%)* | | | | | 4.723% | | | | | | 04/01/2033 | | | | | | 41,745 | | | | | | 43,847 | | |
FHLMC Pool C01005 | | | | | 8.000% | | | | | | 06/01/2030 | | | | | | 1,049 | | | | | | 1,225 | | |
FHLMC Pool G06616 | | | | | 4.500% | | | | | | 12/01/2035 | | | | | | 471,038 | | | | | | 506,052 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 1,035,644 | | | | | | 1,151,194 | | |
FHLMC Pool G13596 | | | | | 4.000% | | | | | | 07/01/2024 | | | | | | 735,269 | | | | | | 763,619 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 5,986,829 | | | | | | 6,191,777 | | |
FHLMC Pool G18667 | | | | | 3.500% | | | | | | 11/01/2032 | | | | | | 2,751,280 | | | | | | 2,845,534 | | |
FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 4,856,257 | | | | | | 5,095,224 | | |
FHLMC Series 2877 Class AL | | | | | 5.000% | | | | | | 10/15/2024 | | | | | | 199,646 | | | | | | 208,193 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 119,492 | | | | | | 126,259 | | |
FHLMC Series 3109 Class ZN | | | | | 5.500% | | | | | | 02/15/2036 | | | | | | 1,370,317 | | | | | | 1,506,608 | | |
FHLMC Series 3592 Class BZ | | | | | 5.000% | | | | | | 10/15/2039 | | | | | | 1,124,753 | | | | | | 1,216,370 | | |
FNMA Pool 109733 | | | | | 3.530% | | | | | | 09/01/2028 | | | | | | 7,275,000 | | | | | | 7,852,686 | | |
FNMA Pool 253300 | | | | | 7.500% | | | | | | 05/01/2020 | | | | | | 54 | | | | | | 54 | | |
FNMA Series 2013-21 Class VA | | | | | 3.000% | | | | | | 07/25/2028 | | | | | | 2,771,938 | | | | | | 2,818,432 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 1,422,127 | | | | | | 1,412,372 | | |
FNMA Series 2013-75 Class EG | | | | | 3.000% | | | | | | 02/25/2043 | | | | | | 557,199 | | | | | | 572,253 | | |
FNMA Series 2014-04 Class PC | | | | | 3.000% | | | | | | 02/25/2044 | | | | | | 2,658,168 | | | | | | 2,730,611 | | |
FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 327,328 | | | | | | 338,580 | | |
FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 3,356,312 | | | | | | 3,392,038 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 1,012,323 | | | | | | 1,024,462 | | |
FNMA Series 2016-40 Class PA | | | | | 3.000% | | | | | | 07/25/2045 | | | | | | 292,156 | | | | | | 298,015 | | |
FNMA Series 2016-49 Class PA | | | | | 3.000% | | | | | | 09/25/2045 | | | | | | 2,111,042 | | | | | | 2,160,356 | | |
FNMA Series 2016-64 Class PG | | | | | 3.000% | | | | | | 05/25/2045 | | | | | | 4,136,039 | | | | | | 4,237,643 | | |
FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 1,403,757 | | | | | | 1,397,870 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 3,225,481 | | | | | | 3,281,554 | | |
FNMA Series 2018-22 Class D | | | | | 3.250% | | | | | | 11/25/2042 | | | | | | 3,776,328 | | | | | | 3,847,081 | | |
FNMA Series 2018-25 Class P | | | | | 3.500% | | | | | | 03/25/2046 | | | | | | 5,490,704 | | | | | | 5,683,693 | | |
FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 7,689,062 | | | | | | 8,175,649 | | |
FNMA Pool 725027 | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 333,538 | | | | | | 362,213 | | |
FNMA Pool 725704 | | | | | 6.000% | | | | | | 08/01/2034 | | | | | | 129,502 | | | | | | 146,813 | | |
FNMA Pool 888223 | | | | | 5.500% | | | | | | 01/01/2036 | | | | | | 459,919 | | | | | | 510,865 | | |
FNMA Pool 889185 | | | | | 5.000% | | | | | | 12/01/2019 | | | | | | 980 | | | | | | 1,003 | | |
FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 317,004 | | | | | | 351,964 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 1,020,347 | | | | | | 1,075,709 | | |
FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 1,453,074 | | | | | | 1,503,070 | | |
FNMA Pool AL9623 | | | | | 4.000% | | | | | | 12/01/2036 | | | | | | 3,706,462 | | | | | | 3,903,695 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 6,000,000 | | | | | | 6,355,200 | | |
FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 6,438,000 | | | | | | 6,984,007 | | |
FNMA Pool BL0359 | | | | | 3.700% | | | | | | 11/01/2028 | | | | | | 11,207,816 | | | | | | 12,203,858 | | |
FNMA Pool BL0752 | | | | | 3.650% | | | | | | 01/01/2029 | | | | | | 5,000,000 | | | | | | 5,441,813 | | |
FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 5,000,000 | | | | | | 5,247,809 | | |
FNMA Pool BL5003 | | | | | 4.000% | | | | | | 03/01/2047 | | | | | | 2,915,762 | | | | | | 3,103,738 | | |
FNMA Pool BM1971 | | | | | 3.500% | | | | | | 12/01/2035 | | | | | | 3,848,149 | | | | | | 3,990,315 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 885,486 | | | | | | 936,474 | | |
FNMA Pool MA3186 | | | | | 4.000% | | | | | | 11/01/2037 | | | | | | 4,691,807 | | | | | | 4,898,028 | | |
FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 7,220,305 | | | | | | 7,535,489 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 407,367 | | | | | | 422,869 | | |
GNMA Series 2009-124 Class L | | | | | 4.000% | | | | | | 11/20/2038 | | | | | | 48,800 | | | | | | 49,014 | | |
GNMA II Pool 2658 | | | | | 6.500% | | | | | | 10/20/2028 | | | | | | 15,709 | | | | | | 17,828 | | |
GNMA II Pool 2945 | | | | | 7.500% | | | | | | 07/20/2030 | | | | | | 2,802 | | | | | | 3,206 | | |
FIXED INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
GNMA II Pool 4187 | | | | | 5.500% | | | | | | 07/20/2038 | | | | | | 11,101 | | | | | $ | 11,702 | | |
GNMA II Pool 4847 | | | | | 4.000% | | | | | | 11/20/2025 | | | | | | 221,896 | | | | | | 231,031 | | |
GNMA Pool 780400 | | | | | 7.000% | | | | | | 12/15/2025 | | | | | | 1,817 | | | | | | 2,010 | | |
GNMA Pool 780420 | | | | | 7.500% | | | | | | 08/15/2026 | | | | | | 1,005 | | | | | | 1,120 | | |
22.3% – Total For Government Agency Obligations – Mortgage Backed Securities | | | | $ | 164,213,347 | | | ||||||||||||||||||
Taxable Municipal Bonds | | | |||||||||||||||||||||||
Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 1,085,000 | | | | | | 1,092,834 | | |
Kansas Development Finance Authority Revenue | | | | | 3.941% | | | | | | 04/15/2026 | | | | | | 8,000,000 | | | | | | 8,788,880 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 6.164% | | | | | | 08/01/2023 | | | | | | 1,000,000 | | | | | | 1,099,070 | | |
Ohio Major New Infrastructure Revenue | | | | | 4.844% | | | | | | 12/15/2019 | | | | | | 2,450,000 | | | | | | 2,475,113 | | |
University of Cincinnati Ohio General Receipts Revenue | | | | | 5.616% | | | | | | 06/01/2025 | | | | | | 930,000 | | | | | | 978,918 | | |
University of Washington Revenue | | | | | 5.400% | | | | | | 06/01/2036 | | | | | | 3,000,000 | | | | | | 3,895,050 | | |
2.5% – Total For Taxable Municipal Bonds | | | | $ | 18,329,865 | | | ||||||||||||||||||
Total Fixed Income Securities – Bonds 98.1% | | | | $ | 721,002,556 | | | ||||||||||||||||||
(Identified Cost $691,870,796) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 264,996 | | | | | | 6,794,497 | | |
Total Preferred Stocks 0.9% | | | | $ | 6,794,497 | | | ||||||||||||||||||
(Identified Cost $6,794,497) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 2,626,623 | | | | | | 2,626,623 | | |
Total Cash Equivalents 0.4% | | | | $ | 2,626,623 | | | ||||||||||||||||||
(Identified Cost $2,626,623) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.4% | | | | $ | 730,423,676 | | | ||||||||||||||||||
(Identified Cost $701,291,916) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.6% | | | | $ | 4,321,927 | | | ||||||||||||||||||
Total Net Assets 100% | | | | $ | 734,745,603 | | | ||||||||||||||||||
|
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 650,000 | | | | | $ | 740,005 | | |
Akron Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 395,000 | | | | | | 453,314 | | |
Akron Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 400,000 | | | | | | 471,044 | | |
Austin Texas GO Limited | | | | | 5.000% | | | | | | 09/01/2029 | | | | | | 1,000,000 | | | | | | 1,218,770 | | |
Brecksville Ohio GO Limited | | | | | 2.750% | | | | | | 06/04/2020 | | | | | | 1,030,000 | | | | | | 1,041,587 | | |
Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 685,000 | | | | | | 784,996 | | |
Cincinnati Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,128,450 | | |
Cincinnati Ohio GO Unlimited | | | | | 5.000% | | | | | | 12/01/2019 | | | | | | 1,000,000 | | | | | | 1,015,290 | | |
Cincinnati Ohio GO Unlimited | | | | | 5.250% | | | | | | 12/01/2029 | | | | | | 200,000 | | | | | | 240,146 | | |
Columbus Ohio GO Unlimited | | | | | 4.000% | | | | | | 04/01/2031 | | | | | | 1,000,000 | | | | | | 1,138,560 | | |
Dublin Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 565,480 | | |
Fairborn Ohio GO Umlimited | | | | | 2.500% | | | | | | 03/19/2020 | | | | | | 1,105,000 | | | | | | 1,113,464 | | |
Gahanna Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2021 | | | | | | 420,000 | | | | | | 446,750 | | |
Haltom City Texas GO Limited | | | | | 4.000% | | | | | | 08/01/2025 | | | | | | 675,000 | | | | | | 762,325 | | |
Hurst Texas GO Limited | | | | | 4.000% | | | | | | 08/15/2031 | | | | | | 335,000 | | | | | | 371,904 | | |
Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 840,000 | | | | | | 962,892 | | |
Lakewood Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 300,000 | | | | | | 342,015 | | |
Marysville Ohio GO Limited | | | | | 3.000% | | | | | | 03/26/2020 | | | | | | 910,000 | | | | | | 919,873 | | |
Mayfield Heights Ohio GO Limited Bond Anticipation (State Standby Note Purchase Program) | | | | | 3.000% | | | | | | 04/02/2020 | | | | | | 1,025,000 | | | | | | 1,036,603 | | |
Medina Ohio GO Limited | | | | | 2.000% | | | | | | 12/01/2020 | | | | | | 110,000 | | | | | | 110,747 | | |
Newport Kentucky GO Unlimited | | | | | 3.000% | | | | | | 05/01/2023 | | | | | | 205,000 | | | | | | 214,899 | | |
Pembroke Pines Florida GO Unlimited | | | | | 5.000% | | | | | | 09/01/2024 | | | | | | 200,000 | | | | | | 235,496 | | |
Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,153,880 | | |
Reynoldsburg Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 595,000 | | | | | | 680,412 | | |
Sharonville Ohio GO Bond Anticipation Limited | | | | | 3.000% | | | | | | 06/25/2020 | | | | | | 1,150,000 | | | | | | 1,166,100 | | |
Strongsville Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | | 388,056 | | |
Sycamore Township Ohio GO Limited | | | | | 3.000% | | | | | | 05/06/2020 | | | | | | 1,200,000 | | | | | | 1,214,376 | | |
Tiffin Ohio GO Unlimited | | | | | 3.000% | | | | | | 12/01/2020 | | | | | | 225,000 | | | | | | 230,180 | | |
Tiffin Ohio GO Unlimited | | | | | 2.500% | | | | | | 06/19/2020 | | | | | | 1,035,000 | | | | | | 1,043,797 | | |
Tipp City Ohio GO Limited Bond Anticipation | | | | | 3.000% | | | | | | 02/12/2020 | | | | | | 585,000 | | | | | | 590,049 | | |
Vandalia Ohio GO Limited Bond Anticipation Notes | | | | | 2.750% | | | | | | 09/04/2019 | | | | | | 1,000,000 | | | | | | 1,002,110 | | |
Violet Township Ohio GO Limited Bond Anticipation Notes | | | | | 3.000% | | | | | | 07/10/2019 | | | | | | 1,100,000 | | | | | | 1,100,308 | | |
Violet Township Ohio GO Limited Bond Anticipation Notes | | | | | 3.000% | | | | | | 01/09/2020 | | | | | | 1,250,000 | | | | | | 1,258,888 | | |
12.0% – Total For General Obligation – City | | | | $ | 25,142,766 | | | ||||||||||||||||||
Ashtabula County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 500,000 | | | | | | 532,345 | | |
Butler County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 160,000 | | | | | | 190,157 | | |
Butler County Ohio GO Limited | | | | | 5.250% | | | | | | 12/01/2026 | | | | | | 1,000,000 | | | | | | 1,206,810 | | |
Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 340,000 | | | | | | 420,804 | | |
Clark County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 325,000 | | | | | | 415,760 | | |
Hamilton County Ohio GO Limited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 500,000 | | | | | | 629,880 | | |
Knox County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 460,000 | | | | | | 523,696 | | |
Lake County Ohio GO Bond Anticipation | | | | | 2.250% | | | | | | 09/05/2019 | | | | | | 700,000 | | | | | | 700,931 | | |
Lake County Ohio GO Bond Anticipation | | | | | 3.000% | | | | | | 04/02/2020 | | | | | | 550,000 | | | | | | 556,270 | | |
Lake County Ohio GO Limited Bond Anticipation | | | | | 3.000% | | | | | | 01/16/2020 | | | | | | 1,000,000 | | | | | | 1,008,270 | | |
Licking County Ohio GO Limited | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 555,000 | | | | | | 586,879 | | |
Lorain County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 795,000 | | | | | | 874,524 | | |
Lorain County Ohio GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 450,000 | | | | | | 494,788 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2028 | | | | | | 1,000,000 | | | | | $ | 1,131,731 | | |
Lucas County Ohio GO Limited | | | | | 4.000% | | | | | | 10/01/2029 | | | | | | 605,000 | | | | | | 679,645 | | |
Ottawa County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2021 | | | | | | 295,000 | | | | | | 312,848 | | |
Portage County Ohio GO Limited | | | | | 3.000% | | | | | | 12/01/2021 | | | | | | 270,000 | | | | | | 270,397 | | |
Rowan County Kentucky GO Unlimited (AGM Insured) | | | | | 4.000% | | | | | | 06/01/2024 | | | | | | 390,000 | | | | | | 430,330 | | |
Summit County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 300,000 | | | | | | 332,613 | | |
Summit County Ohio GO Limited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 552,245 | | |
5.6% – Total For General Obligation – County | | | | $ | 11,850,923 | | | ||||||||||||||||||
Ohio GO Limited | | | | | 3.000% | | | | | | 09/01/2026 | | | | | | 1,385,000 | | | | | | 1,475,385 | | |
Ohio GO Limited | | | | | 4.000% | | | | | | 03/01/2026 | | | | | | 1,060,000 | | | | | | 1,180,395 | | |
Ohio GO Unlimited | | | | | 3.000% | | | | | | 03/01/2027 | | | | | | 555,000 | | | | | | 582,456 | | |
Ohio GO Unlimited | | | | | 3.125% | | | | | | 08/01/2019 | | | | | | 235,000 | | | | | | 235,350 | | |
Ohio GO Unlimited | | | | | 4.000% | | | | | | 03/01/2030 | | | | | | 1,225,000 | | | | | | 1,474,398 | | |
Ohio GO Unlimited | | | | | 1.300% | | | | | | 02/01/2023 | | | | | | 725,000 | | | | | | 725,000 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 09/01/2022 | | | | | | 400,000 | | | | | | 445,428 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 579,090 | | |
Ohio GO Unlimited | | | | | 5.000% | | | | | | 06/15/2024 | | | | | | 410,000 | | | | | | 481,393 | | |
Ohio GO Unlimited Common Schools – Series C | | | | | 4.250% | | | | | | 09/15/2022 | | | | | | 845,000 | | | | | | 922,284 | | |
Ohio GO Unlimited** | | | | | 1.300% | | | | | | 08/01/2021 | | | | | | 1,200,000 | | | | | | 1,200,000 | | |
Ohio GO Unlimited** | | | | | 1.300% | | | | | | 03/15/2024 | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Ohio Infrastructure Improvement GO Unlimited | | | | | 5.000% | | | | | | 08/01/2022 | | | | | | 500,000 | | | | | | 555,525 | | |
Pennsylvania GO Unlimited | | | | | 4.000% | | | | | | 01/01/2030 | | | | | | 645,000 | | | | | | 724,438 | | |
5.5% – Total For General Obligation – State | | | | $ | 11,581,142 | | | ||||||||||||||||||
Arizona Board of Regents Revenue Arizona State University | | | | | 5.000% | | | | | | 08/01/2028 | | | | | | 815,000 | | | | | | 947,592 | | |
Arizona Board of Regents Revenue University of Arizona | | | | | 5.000% | | | | | | 06/01/2029 | | | | | | 125,000 | | | | | | 144,323 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2024 | | | | | | 405,000 | | | | | | 469,367 | | |
Bowling Green State University Ohio Revenue | | | | | 5.000% | | | | | | 06/01/2032 | | | | | | 500,000 | | | | | | 597,545 | | |
Colorado Board of Governors University Enterprise System Revenue | | | | | 5.000% | | | | | | 03/01/2027 | | | | | | 225,000 | | | | | | 278,249 | | |
Colorado Higher Education Lease Financing Program Certificate of Participation | | | | | 5.000% | | | | | | 11/01/2025 | | | | | | 290,000 | | | | | | 349,369 | | |
Cuyahoga County Ohio Community College GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 1,275,000 | | | | | | 1,410,481 | | |
Cuyahoga County Ohio Community College GO Unlimited | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 400,000 | | | | | | 489,428 | | |
Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2030 | | | | | | 400,000 | | | | | | 509,832 | | |
Denison University Ohio Revenue | | | | | 5.000% | | | | | | 11/01/2033 | | | | | | 325,000 | | | | | | 408,882 | | |
Kent State University Ohio General Receipt Revenue | | | | | 4.000% | | | | | | 05/01/2022 | | | | | | 255,000 | | | | | | 273,220 | | |
Kent State University Ohio Revenue | | | | | 5.000% | | | | | | 05/01/2031 | | | | | | 1,000,000 | | | | | | 1,315,540 | | |
Lorain County Ohio Community College District General Receipts Revenue Bond | | | | | 3.000% | | | | | | 06/01/2020 | | | | | | 190,000 | | | | | | 192,749 | | |
Lorain County Ohio Community College District General Receipts Revenue Bond | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 600,000 | | | | | | 683,082 | | |
Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2022 | | | | | | 450,000 | | | | | | 474,921 | | |
Miami University Ohio General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2023 | | | | | | 1,040,000 | | | | | | 1,095,775 | | |
Miami University Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 09/01/2020 | | | | | | 400,000 | | | | | | 416,940 | | |
Miami University Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 09/01/2020 | | | | | | 100,000 | | | | | | 104,235 | | |
Miami University Ohio Revenue | | | | | 4.000% | | | | | | 09/01/2027 | | | | | | 300,000 | | | | | | 321,144 | | |
Miami Valley Ohio Career Tech Center GO Unlimited | | | | | 4.000% | | | | | | 12/01/2024 | | | | | | 1,000,000 | | | | | | 1,131,450 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Morehead State University Kentucky General Receipts Revenue | | | | | 3.000% | | | | | | 11/01/2025 | | | | | | 300,000 | | | | | $ | 320,001 | | |
Northern Kentucky University General Receipts Revenue | | | | | 3.000% | | | | | | 09/01/2021 | | | | | | 210,000 | | | | | | 216,644 | | |
Nothern Kentucky Univeristy General Receipts Revenue | | | | | 4.000% | | | | | | 09/01/2026 | | | | | | 715,000 | | | | | | 819,018 | | |
Ohio Higher Education Facilities Revenue – University of Dayton | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 620,000 | | | | | | 691,418 | | |
Ohio Higher Education Facilities Revenue – Xavier University | | | | | 4.500% | | | | | | 05/01/2036 | | | | | | 1,000,000 | | | | | | 1,091,300 | | |
Ohio State University General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2030 | | | | | | 200,000 | | | | | | 224,114 | | |
Ohio State University Revenue** | | | | | 1.300% | | | | | | 06/01/2035 | | | | | | 800,000 | | | | | | 800,000 | | |
Ohio State University Revenue** | | | | | 1.270% | | | | | | 12/01/2028 | | | | | | 1,310,000 | | | | | | 1,310,000 | | |
Ohio State University Revenue** | | | | | 1.300% | | | | | | 12/01/2044 | | | | | | 1,200,000 | | | | | | 1,200,000 | | |
Ohio State University Revenue** | | | | | 1.580% | | | | | | 12/01/2034 | | | | | | 1,150,000 | | | | | | 1,150,000 | | |
Ohio University General Receipts Revenue Bond | | | | | 5.000% | | | | | | 12/01/2019 | | | | | | 135,000 | | | | | | 137,025 | | |
Ohio University General Receipts Revenue Bond | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 110,000 | | | | | | 122,921 | | |
Penn State University Revenue | | | | | 1.580% | | | | | | 06/01/2031 | | | | | | 1,150,000 | | | | | | 1,150,621 | | |
South Dakota Board of Regents Housing and Auxiliary Facilities System Revenue | | | | | 5.000% | | | | | | 04/01/2026 | | | | | | 315,000 | | | | | | 380,451 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2024 | | | | | | 610,000 | | | | | | 699,627 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2028 | | | | | | 410,000 | | | | | | 479,118 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 650,000 | | | | | | 739,973 | | |
University of Akron Ohio General Receipts Revenue | | | | | 5.000% | | | | | | 01/01/2029 | | | | | | 335,000 | | | | | | 402,660 | | |
University of Akron Ohio General Receipts Revenue (AGM Insured) | | | | | 5.000% | | | | | | 01/01/2022 | | | | | | 215,000 | | | | | | 218,767 | | |
University of Akron Ohio General Receipts Revenue* | | | | | 5.000% | | | | | | 01/01/2022 | | | | | | 135,000 | | | | | | 137,434 | | |
University of Akron Ohio Revenue | | | | | 5.000% | | | | | | 01/01/2027 | | | | | | 350,000 | | | | | | 423,479 | | |
University of Cincinnati General Receipts Revenue | | | | | 4.000% | | | | | | 06/01/2036 | | | | | | 250,000 | | | | | | 266,945 | | |
University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2020 | | | | | | 300,000 | | | | | | 309,882 | | |
University of Cincinnati General Receipts Revenue | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 470,000 | | | | | | 508,845 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2021 | | | | | | 300,000 | | | | | | 319,968 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2026 | | | | | | 885,000 | | | | | | 993,156 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2027 | | | | | | 1,590,000 | | | | | | 1,967,848 | | |
University of Toledo Revenue | | | | | 5.000% | | | | | | 06/01/2031 | | | | | | 500,000 | | | | | | 652,765 | | |
14.0% – Total For Higher Education | | | | $ | 29,348,104 | | | ||||||||||||||||||
Allegheny County Pennsylvania Hospital Development Authority Revenue – University of Pittsburgh Medical Center | | | | | 5.000% | | | | | | 10/15/2024 | | | | | | 100,000 | | | | | | 107,955 | | |
Allegheny County Pennsylvania Hospital Development Authority Revenue – University of Pittsburgh Medical Center | | | | | 6.000% | | | | | | 07/01/2027 | | | | | | 250,000 | | | | | | 327,587 | | |
Butler County Ohio Cincinnati Childrens Hospital Medical Center Revenue | | | | | 5.000% | | | | | | 05/15/2030 | | | | | | 1,005,000 | | | | | | 1,303,656 | | |
Cleveland Clinic Health System Obligated Group Revenue | | | | | 1.480% | | | | | | 01/01/2039 | | | | | | 1,300,000 | | | | | | 1,300,000 | | |
Cleveland Clinic Heath System Revenue** | | | | | 1.470% | | | | | | 01/01/2039 | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 4.000% | | | | | | 11/01/2036 | | | | | | 800,000 | | | | | | 876,840 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 500,000 | | | | | | 610,370 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens* | | | | | 5.000% | | | | | | 11/01/2024 | | | | | | 500,000 | | | | | | 505,905 | | |
Franklin County Ohio Hospital Revenue Nationwide Childrens** | | | | | 1.620% | | | | | | 11/01/2045 | | | | | | 2,000,000 | | | | | | 2,000,000 | | |
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital | | | | | 5.250% | | | | | | 06/01/2025 | | | | | | 1,000,000 | | | | | | 1,101,810 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital Obligated Group | | | | | 5.250% | | | | | | 06/01/2027 | | | | | | 1,000,000 | | | | | $ | 1,098,810 | | |
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 05/15/2027 | | | | | | 100,000 | | | | | | 115,630 | | |
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital | | | | | 5.000% | | | | | | 05/15/2028 | | | | | | 1,715,000 | | | | | | 1,976,915 | | |
Nashville and Davidson County Tennessee Vanderbilt University Medical Center | | | | | 5.000% | | | | | | 07/01/2031 | | | | | | 480,000 | | | | | | 565,147 | | |
Ohio Hospital Facilities Revenue – Cleveland Clinic | | | | | 5.000% | | | | | | 01/01/2020 | | | | | | 170,000 | | | | | | 173,065 | | |
Pennsylvania Economic Development Financing Authority – University of Pittsburgh Medical Center Revenue | | | | | 5.000% | | | | | | 02/01/2025 | | | | | | 450,000 | | | | | | 526,194 | | |
Pennsylvania Economic Development Financing Authority – University of Pittsburgh Medical Center Revenue | | | | | 5.000% | | | | | | 02/01/2029 | | | | | | 250,000 | | | | | | 289,990 | | |
6.6% – Total For Hospital/Health Bonds | | | | $ | 13,879,874 | | | ||||||||||||||||||
Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 705,000 | | | | | | 870,886 | | |
Columbus Ohio Metropolitan Library Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2027 | | | | | | 500,000 | | | | | | 628,650 | | |
Franklin County Ohio Convention Facilities Authority Revenue | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 500,000 | | | | | | 558,025 | | |
Newport Kentucky First Mortgage Court Facilities Project Revenue | | | | | 4.000% | | | | | | 10/01/2025 | | | | | | 500,000 | | | | | | 502,035 | | |
Newport Kentucky First Mortgage Court Facilities Project Revenue | | | | | 4.000% | | | | | | 10/01/2026 | | | | | | 100,000 | | | | | | 100,395 | | |
Ohio Capital Facilities Lease Appropriation Revenue | | | | | 5.000% | | | | | | 04/01/2020 | | | | | | 520,000 | | | | | | 534,368 | | |
Ohio Capital Facilities Lease Appropriation Revenue | | | | | 5.000% | | | | | | 04/01/2022 | | | | | | 425,000 | | | | | | 466,998 | | |
Ohio Capital Facilities Lease Appropriation Revenue* | | | | | 4.000% | | | | | | 04/01/2026 | | | | | | 150,000 | | | | | | 157,078 | | |
Ohio Capital Facilities Lease Appropriation Revenue* | | | | | 5.000% | | | | | | 04/01/2024 | | | | | | 275,000 | | | | | | 292,713 | | |
Ohio Cultural and Sports Facilities Project Revenue | | | | | 4.000% | | | | | | 10/01/2019 | | | | | | 225,000 | | | | | | 226,508 | | |
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2020 | | | | | | 1,000,000 | | | | | | 1,052,090 | | |
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 02/01/2023 | | | | | | 300,000 | | | | | | 338,541 | | |
Ohio Parks and Recreation Capital Facilities Revenue | | | | | 5.000% | | | | | | 12/01/2035 | | | | | | 1,160,000 | | | | | | 1,428,923 | | |
3.4% – Total For Revenue Bonds – Facility | | | | $ | 7,157,210 | | | ||||||||||||||||||
Anderson Indiana Sewage Works Revenue (AGM Insured) | | | | | 4.000% | | | | | | 11/01/2026 | | | | | | 300,000 | | | | | | 346,155 | | |
Cape Coral Florida Water & Sewer Revenue | | | | | 5.000% | | | | | | 10/01/2024 | | | | | | 535,000 | | | | | | 628,935 | | |
Cincinnati Ohio Water System Revenue | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,144,710 | | |
Evansville Indiana Waterworks District Revenue (BAM Insured) | | | | | 4.000% | | | | | | 01/01/2029 | | | | | | 400,000 | | | | | | 454,148 | | |
Evansville Indiana Waterworks District Revenue (BAM Insured) | | | | | 5.000% | | | | | | 01/01/2022 | | | | | | 300,000 | | | | | | 326,016 | | |
Hamilton Ohio Wastewater System Revenue (BAM Insured) | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 930,000 | | | | | | 1,160,668 | | |
Lafayette Indiana Sewage Works Revenue | | | | | 5.000% | | | | | | 07/01/2022 | | | | | | 150,000 | | | | | | 165,483 | | |
Lima Ohio Sanitary Sewer Revenue | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 200,000 | | | | | | 222,010 | | |
Lima Ohio Sewer Revenue | | | | | 3.000% | | | | | | 12/01/2021 | | | | | | 575,000 | | | | | | 596,057 | | |
Northern Kentucky Water District Revenue | | | | | 5.000% | | | | | | 02/01/2023 | | | | | | 1,000,000 | | | | | | 1,124,730 | | |
Owensboro Kentucky Water Revenue (BAM Insured) | | | | | 5.000% | | | | | | 09/15/2025 | | | | | | 485,000 | | | | | | 576,228 | | |
Springboro Ohio Sewer System Revenue | | | | | 4.000% | | | | | | 06/01/2022 | | | | | | 245,000 | | | | | | 262,424 | | |
St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 400,000 | | | | | | 439,920 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Toledo Ohio Water System Revenue | | | | | 5.000% | | | | | | 11/15/2025 | | | | | | 255,000 | | | | | $ | 301,979 | | |
Toledo Ohio Waterworks Revenue | | | | | 4.000% | | | | | | 11/15/2022 | | | | | | 365,000 | | | | | | 395,638 | | |
Toledo Ohio Waterworks Revenue | | | | | 5.000% | | | | | | 11/15/2026 | | | | | | 500,000 | | | | | | 612,405 | | |
4.2% – Total For Revenue Bonds – Water & Sewer | | | | $ | 8,757,506 | | | ||||||||||||||||||
Akron Ohio Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 596,135 | | |
Akron Ohio Income Tax Revenue | | | | | 3.500% | | | | | | 12/10/2019 | | | | | | 500,000 | | | | | | 504,405 | | |
Akron Ohio Income Tax Revenue | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 1,100,000 | | | | | | 1,263,394 | | |
Akron Ohio Income Tax Revenue Community Learning Centers | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 380,000 | | | | | | 417,476 | | |
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 4.750% | | | | | | 11/01/2030 | | | | | | 500,000 | | | | | | 582,810 | | |
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project) | | | | | 5.000% | | | | | | 11/01/2032 | | | | | | 525,000 | | | | | | 617,095 | | |
Cincinnati Ohio Economic Development Revenue U-Square-the-Loop Project | | | | | 3.500% | | | | | | 11/01/2024 | | | | | | 110,000 | | | | | | 114,526 | | |
Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue | | | | | 5.000% | | | | | | 06/01/2030 | | | | | | 655,000 | | | | | | 765,426 | | |
Louisa Virginia Industrial Development Authority (Virginia Electric & Power Co.) | | | | | 2.150% | | | | | | 11/01/2035 | | | | | | 800,000 | | | | | | 805,696 | | |
Mason Ohio Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 750,000 | | | | | | 786,660 | | |
Mobile Alabama Industrial Development Board Pollution Control Revenue | | | | | 1.625% | | | | | | 07/15/2034 | | | | | | 1,025,000 | | | | | | 1,066,256 | | |
Monroe County Georgia Development Authority Pollution Control Revenue | | | | | 2.050% | | | | | | 07/01/2049 | | | | | | 1,085,000 | | | | | | 1,087,756 | | |
Montgomery County Ohio Transportation Improvement Special Obligation Revenue | | | | | 3.500% | | | | | | 12/01/2019 | | | | | | 400,000 | | | | | | 401,892 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2022 | | | | | | 250,000 | | | | | | 276,658 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 578,150 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2023 | | | | | | 500,000 | | | | | | 578,150 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2026 | | | | | | 500,000 | | | | | | 613,600 | | |
Ohio Major New State Infrastructure Project Revenue | | | | | 5.000% | | | | | | 12/15/2028 | | | | | | 570,000 | | | | | | 693,690 | | |
Ohio Mental Health Capital Facilities Revenue | | | | | 5.000% | | | | | | 02/01/2025 | | | | | | 1,000,000 | | | | | | 1,186,470 | | |
Ohio Special Obligation Revenue | | | | | 3.000% | | | | | | 12/01/2019 | | | | | | 500,000 | | | | | | 503,555 | | |
Ohio Special Obligation Revenue | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 510,000 | | | | | | 622,353 | | |
Plain City Ohio Income Tax Revenue | | | | | 3.000% | | | | | | 11/12/2019 | | | | | | 840,000 | | | | | | 844,049 | | |
Riversouth Ohio Authority Revenue | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 700,000 | | | | | | 766,801 | | |
Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 220,000 | | | | | | 243,923 | | |
Summit County Ohio Development Finance Authority Akron Lease Revenue | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 435,000 | | | | | | 480,862 | | |
Texas Revenue Anticipation Notes | | | | | 4.000% | | | | | | 08/29/2019 | | | | | | 1,400,000 | | | | | | 1,405,418 | | |
Washington Certificates of Participation | | | | | 5.000% | | | | | | 07/01/2019 | | | | | | 900,000 | | | | | | 900,000 | | |
8.9% – Total For Other Revenue Bonds | | | | $ | 18,703,206 | | | ||||||||||||||||||
Aldine Texas ISD GO Unlimited | | | | | 4.000% | | | | | | 02/15/2030 | | | | | | 780,000 | | | | | | 866,900 | | |
Athens Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 750,000 | | | | | | 853,478 | | |
Bellbrook-Sugarcreek Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 325,000 | | | | | | 360,503 | | |
Bellfontaine Ohio SCD GO Unlimited (National RE Insured) | | | | | 5.500% | | | | | | 12/01/2026 | | | | | | 615,000 | | | | | | 746,395 | | |
Berea Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 549,170 | | |
Big Walnut Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 500,000 | | | | | | 567,840 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2030 | | | | | | 290,000 | | | | | $ | 336,696 | | |
Bloom-Carroll Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 11/01/2031 | | | | | | 150,000 | | | | | | 172,493 | | |
Bloom-Carroll Ohio LSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 11/01/2029 | | | | | | 325,000 | | | | | | 382,688 | | |
Blue Mountain School District Pennsylvania GO Limited | | | | | 4.000% | | | | | | 08/01/2024 | | | | | | 500,000 | | | | | | 554,840 | | |
Breckinridge County Kentucky SD Finance Corp. | | | | | 5.000% | | | | | | 04/01/2025 | | | | | | 265,000 | | | | | | 312,014 | | |
Brownsville Indianna CSC Revenue | | | | | 5.000% | | | | | | 01/15/2027 | | | | | | 535,000 | | | | | | 656,991 | | |
Chagrin Falls Ohio Exempted Village SD GO | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 100,000 | | | | | | 108,742 | | |
Chillicothe Ohio CSD Special Obligation Revenue | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 130,000 | | | | | | 140,017 | | |
Chillicothe Ohio SD GO Unlimited (AGM Insured) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | | 442,780 | | |
China Spring ISD Texas GO Unlimited | | | | | 4.000% | | | | | | 08/15/2027 | | | | | | 890,000 | | | | | | 1,002,977 | | |
Clark County Kentucky SD Finance Corp. Revenue Bond | | | | | 3.000% | | | | | | 08/01/2022 | | | | | | 115,000 | | | | | | 119,609 | | |
Cleveland Heights and University Heights Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 1,000,000 | | | | | | 1,121,140 | | |
Colorado Building Excellent Schools Today Certificates of Participation | | | | | 4.000% | | | | | | 03/15/2030 | | | | | | 1,000,000 | | | | | | 1,151,480 | | |
Columbus Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 400,000 | | | | | | 452,488 | | |
Dayton Ohio SCD GO Unlimited (SDCP) | | | | | 5.000% | | | | | | 11/01/2025 | | | | | | 1,000,000 | | | | | | 1,198,050 | | |
Denver Colorado City & County SD #1 Certificates of Participation | | | | | 5.000% | | | | | | 12/01/2021 | | | | | | 500,000 | | | | | | 529,375 | | |
Dexter Michigan CSD GO Unlimited | | | | | 4.000% | | | | | | 05/01/2031 | | | | | | 670,000 | | | | | | 759,251 | | |
Dublin Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2034 | | | | | | 500,000 | | | | | | 568,050 | | |
Dublin Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 500,000 | | | | | | 566,785 | | |
Elyria Ohio SCD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,116,840 | | |
Fairfield Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2020 | | | | | | 420,000 | | | | | | 441,697 | | |
Firelands Ohio LSD GO Unlimited Bond Anticipation Notes | | | | | 3.000% | | | | | | 08/22/2019 | | | | | | 1,000,000 | | | | | | 1,001,700 | | |
Fort Mill South Carolina School Facilities Corp. Installment Purchase Revenue | | | | | 5.000% | | | | | | 12/01/2024 | | | | | | 300,000 | | | | | | 351,414 | | |
Franklin Indiana Community Multi-School Building Corp. | | | | | 5.000% | | | | | | 01/15/2023 | | | | | | 200,000 | | | | | | 223,772 | | |
Granville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2026 | | | | | | 510,000 | | | | | | 617,059 | | |
Green County Ohio Vocational SD GO Umlimited | | | | | 4.000% | | | | | | 12/01/2035 | | | | | | 1,000,000 | | | | | | 1,124,850 | | |
Greenville Ohio CSD GO Unlimited (SD Credit Program Insured) | | | | | 4.000% | | | | | | 01/01/2021 | | | | | | 110,000 | | | | | | 114,307 | | |
Hamilton Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 571,850 | | |
Hamilton Ohio CSD GO Unlimited (School District Credit Program) | | | | | 5.000% | | | | | | 12/01/2019 | | | | | | 300,000 | | | | | | 304,512 | | |
Hardin County Kentucky SD Finance Corp. Revenue | | | | | 2.500% | | | | | | 06/01/2021 | | | | | | 100,000 | | | | | | 101,746 | | |
Hardin County Kentucky SD Finance Corp. Revenue | | | | | 5.000% | | | | | | 05/01/2024 | | | | | | 500,000 | | | | | | 574,455 | | |
Hillsborough County Florida School Board Certificates of Participation | | | | | 5.000% | | | | | | 07/01/2025 | | | | | | 200,000 | | | | | | 239,312 | | |
Houston Texas ISD GO Limited | | | | | 5.000% | | | | | | 02/15/2030 | | | | | | 440,000 | | | | | | 525,967 | | |
Huber Heights Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 775,000 | | | | | | 873,185 | | |
Hudson Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 800,000 | | | | | | 882,856 | | |
Huntington County Indiana Countryside School Building Corp. Revenue | | | | | 4.000% | | | | | | 01/15/2028 | | | | | | 1,000,000 | | | | | | 1,151,950 | | |
Jackson Milton Ohio LSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 06/01/2031 | | | | | | 270,000 | | | | | | 294,621 | | |
Jefferson County Kentucky SD Finance Corp. | | | | | 3.500% | | | | | | 04/01/2021 | | | | | | 340,000 | | | | | | 345,260 | | |
Jefferson County Kentucky SD Finance Corp. | | | | | 5.000% | | | | | | 10/01/2026 | | | | | | 530,000 | | | | | | 643,568 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Johnstown-Monroe Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 800,000 | | | | | $ | 903,200 | | |
Kenston Ohio LSD Improvement GO Unlimited | | | | | 5.000% | | | | | | 12/01/2019 | | | | | | 150,000 | | | | | | 152,299 | | |
Kenton County Kentucky SD Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2028 | | | | | | 400,000 | | | | | | 447,456 | | |
Kettering Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2020 | | | | | | 240,000 | | | | | | 249,115 | | |
Kettering Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 400,000 | | | | | | 446,700 | | |
Kettering Ohio CSD GO Unlimited | | | | | 5.250% | | | | | | 12/01/2031 | | | | | | 500,000 | | | | | | 630,170 | | |
Lake Ohio LSD of Stark County GO Unlimited | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 400,000 | | | | | | 431,512 | | |
Lakota Ohio LSD GO | | | | | 5.250% | | | | | | 12/01/2025 | | | | | | 205,000 | | | | | | 251,543 | | |
Lakota Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 275,000 | | | | | | 299,500 | | |
Lakota Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2021 | | | | | | 350,000 | | | | | | 380,583 | | |
Lancaster Ohio CSD GO Limited (SDCP) | | | | | 4.000% | | | | | | 10/01/2027 | | | | | | 1,000,000 | | | | | | 1,117,850 | | |
Licking Heights Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 10/01/2025 | | | | | | 715,000 | | | | | | 850,321 | | |
Licking Heights Ohio LSD GO Unlimited | | | | | 5.000% | | | | | | 10/01/2027 | | | | | | 500,000 | | | | | | 616,245 | | |
Logan Hocking Ohio LSD Certificates of Participation | | | | | 4.000% | | | | | | 12/01/2032 | | | | | | 420,000 | | | | | | 458,644 | | |
Louisville Ohio CSD GO Unlimited (SDCP) | | | | | 3.000% | | | | | | 12/01/2020 | | | | | | 370,000 | | | | | | 378,466 | | |
Marysville Michigan PSD GO Unlimited | | | | | 5.000% | | | | | | 05/01/2021 | | | | | | 250,000 | | | | | | 266,392 | | |
Marysville Ohio Exempted Village SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2023 | | | | | | 165,000 | | | | | | 179,030 | | |
Marysville Ohio Exempted Village SD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2022 | | | | | | 715,000 | | | | | | 799,241 | | |
Marysville Ohio Exempted Village SD GO Unlimited (SDCP) | | | | | 5.000% | | | | | | 12/01/2025 | | | | | | 500,000 | | | | | | 569,675 | | |
Mayfield Ohio CSD Certificates of Participation | | | | | 4.000% | | | | | | 09/01/2032 | | | | | | 280,000 | | | | | | 307,944 | | |
Menifee County Kentucky SD Financial Corp. Revenue | | | | | 3.000% | | | | | | 08/01/2022 | | | | | | 615,000 | | | | | | 645,867 | | |
Merrillville Indiana Multi School Building Corp. | | | | | 5.000% | | | | | | 07/15/2026 | | | | | | 1,000,000 | | | | | | 1,221,930 | | |
Middletown Ohio CSD GO Umlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 585,000 | | | | | | 663,250 | | |
Milford Ohio Exempt Village SD GO Unlimited (AGM Insured) | | | | | 5.500% | | | | | | 12/01/2030 | | | | | | 1,260,000 | | | | | | 1,623,182 | | |
Munster Indiana School Building Corp. Revenue (State Intercept) | | | | | 4.000% | | | | | | 01/15/2029 | | | | | | 400,000 | | | | | | 452,632 | | |
Murray Kentucky ISD Finance Corporation Revenue | | | | | 5.000% | | | | | | 03/01/2025 | | | | | | 810,000 | | | | | | 950,964 | | |
Newark Ohio CSD GO Unlimited (School District Credit Program) | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 235,000 | | | | | | 262,208 | | |
North Olmsted Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 578,715 | | |
Northwest Ohio LSD Hamilton & Butler Counties Certificates of Participation | | | | | 2.500% | | | | | | 12/01/2019 | | | | | | 150,000 | | | | | | 150,739 | | |
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited | | | | | 5.000% | | | | | | 12/01/2028 | | | | | | 100,000 | | | | | | 114,808 | | |
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 150,000 | | | | | | 171,934 | | |
Olentangy Ohio LSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 1,000,000 | | | | | | 1,085,010 | | |
Orange County Florida School Board Certificates of Participation | | | | | 5.000% | | | | | | 08/01/2032 | | | | | | 500,000 | | | | | | 584,610 | | |
Princeton Ohio CSD Certificates of Participation | | | | | 3.500% | | | | | | 12/01/2026 | | | | | | 275,000 | | | | | | 284,086 | | |
Princeton Ohio CSD GO Unliimited (National RE Insured) | | | | | 5.250% | | | | | | 12/01/2030 | | | | | | 1,000,000 | | | | | | 1,282,230 | | |
Sarah Scott Indiana Middle School Building Corp. Revenue | | | | | 5.000% | | | | | | 07/10/2022 | | | | | | 640,000 | | | | | | 706,982 | | |
Southwest Ohio LSD of Hamilton County GO Umlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 930,000 | | | | | | 1,084,808 | | |
South-Western City Ohio SD GO Unlimited | | | | | 3.000% | | | | | | 12/05/2019 | | | | | | 1,200,000 | | | | | | 1,207,380 | | |
South-Western City Ohio SD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2025 | | | | | | 1,000,000 | | | | | | 1,072,160 | | |
Switzerland Ohio LSD GO Unlimited (SDCEP Insured) | | | | | 4.000% | | | | | | 12/01/2026 | | | | | | 415,000 | | | | | | 449,038 | | |
Toledo Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2029 | | | | | | 660,000 | | | | | | 784,700 | | |
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2028 | | | | | | 210,000 | | | | | | 239,942 | | |
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2029 | | | | | | 500,000 | | | | | | 568,175 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Trotwood-Madison Ohio CSD GO Unlimited (SDCP) | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 350,000 | | | | | $ | 395,479 | | |
Upper Arlington Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2030 | | | | | | 1,380,000 | | | | | | 1,582,598 | | |
Vandalia Butler Ohio CSD GO Unlimited | | | | | 3.000% | | | | | | 12/01/2024 | | | | | | 500,000 | | | | | | 535,210 | | |
Vermillion Ohio LSD Certificates of Participation | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 230,000 | | | | | | 241,111 | | |
Wadsworth Ohio CSD GO Unlimited | | | | | 3.000% | | | | | | 12/01/2019 | | | | | | 120,000 | | | | | | 120,754 | | |
Wadsworth Ohio CSD GO Unlimited | | | | | 3.500% | | | | | | 12/01/2022 | | | | | | 215,000 | | | | | | 222,998 | | |
Wadsworth Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2027 | | | | | | 840,000 | | | | | | 937,474 | | |
Wadsworth Ohio CSD GO Unlimited | | | | | 4.000% | | | | | | 12/01/2033 | | | | | | 1,075,000 | | | | | | 1,166,536 | | |
Washington County Kentucky SD Finance Corp. Revenue Bond | | | | | 3.000% | | | | | | 08/01/2019 | | | | | | 185,000 | | | | | | 185,226 | | |
Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation | | | | | 4.000% | | | | | | 04/01/2030 | | | | | | 395,000 | | | | | | 433,378 | | |
Western Reserve Ohio LSD GO (SDCEP Insured) | | | | | 4.000% | | | | | | 12/01/2022 | | | | | | 240,000 | | | | | | 245,534 | | |
Westerville Ohio SCD Certificate of Participation | | | | | 5.000% | | | | | | 12/01/2032 | | | | | | 555,000 | | | | | | 675,607 | | |
Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured) | | | | | 4.000% | | | | | | 03/01/2030 | | | | | | 810,000 | | | | | | 884,366 | | |
Wyoming Ohio CSD GO Unlimited | | | | | 5.000% | | | | | | 12/01/2023 | | | | | | 200,000 | | | | | | 229,524 | | |
Zanesville Ohio CSD GO Unlimited (SDCEP Insured) | | | | | 4.500% | | | | | | 12/01/2019 | | | | | | 200,000 | | | | | | 202,598 | | |
28.6% – Total For School District | | | | $ | 60,001,302 | | | ||||||||||||||||||
Kentucky Asset and Liability Commission Revenue | | | | | 5.250% | | | | | | 09/01/2023 | | | | | | 965,000 | | | | | | 1,107,502 | | |
Kentucky Association of Counties Finance Corp. Revenue | | | | | 4.000% | | | | | | 02/01/2029 | | | | | | 575,000 | | | | | | 650,710 | | |
Kentucky Association of Counties Finance Corp. Revenue* | | | | | 4.250% | | | | | | 02/01/2023 | | | | | | 180,000 | | | | | | 185,362 | | |
Kentucky Certificates of Participation | | | | | 4.000% | | | | | | 04/15/2031 | | | | | | 500,000 | | | | | | 560,105 | | |
Kentucky Interlocal School Transportation Assoc. Certificate of Participation | | | | | 3.000% | | | | | | 03/01/2024 | | | | | | 560,000 | | | | | | 581,386 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 10/01/2023 | | | | | | 350,000 | | | | | | 398,297 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 11/01/2026 | | | | | | 1,000,000 | | | | | | 1,199,510 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2029 | | | | | | 600,000 | | | | | | 699,540 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.000% | | | | | | 08/01/2030 | | | | | | 600,000 | | | | | | 695,844 | | |
Ohio Building Authority Revenue | | | | | 5.000% | | | | | | 10/01/2020 | | | | | | 215,000 | | | | | | 216,952 | | |
Ohio Certificate of Participation | | | | | 5.000% | | | | | | 09/01/2027 | | | | | | 1,520,000 | | | | | | 1,909,804 | | |
Ohio Department of Administration Certificate of Participation | | | | | 4.000% | | | | | | 09/01/2025 | | | | | | 775,000 | | | | | | 824,747 | | |
Ohio Department of Administration Certificate of Participation | | | | | 5.000% | | | | | | 03/01/2020 | | | | | | 500,000 | | | | | | 512,215 | | |
Ohio Department of Administration Certificate of Participation | | | | | 5.000% | | | | | | 09/01/2023 | | | | | | 1,320,000 | | | | | | 1,446,232 | | |
Ohio Department of Administration Certificate of Participation | | | | | 5.000% | | | | | | 03/01/2024 | | | | | | 300,000 | | | | | | 328,608 | | |
Ohio Department of Administration Certificate of Participation – Multi-Agency Radio Communication Project | | | | | 4.000% | | | | | | 09/01/2027 | | | | | | 145,000 | | | | | | 153,719 | | |
Ohio Department of Administration Certificate of Participation – Multi-Agency Radio Communication Project | | | | | 5.000% | | | | | | 09/01/2020 | | | | | | 810,000 | | | | | | 844,587 | | |
5.9% – Total For State Agency | | | | $ | 12,315,120 | | | ||||||||||||||||||
FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement) | | | | | 3.400% | | | | | | 01/25/2036 | | | | | | 1,994,238 | | | | | | 2,113,114 | | |
Missouri State Housing Development Commission Single Family Mortgage Revenue (GNMA/FNMA/FHLMC Insured) | | | | | 3.550% | | | | | | 05/01/2023 | | | | | | 190,000 | | | | | | 195,880 | | |
MUNICIPAL INCOME FUND | Portfolio of Investments as of June 30, 2019 – Unaudited |
Municipal Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Missouri State Housing Development Commission Single Family Mortgage Revenue Series C (GNMA/FNMA/FHLMC Insured) | | | | | 4.650% | | | | | | 09/01/2024 | | | | | | 20,000 | | | | | $ | 20,492 | | |
Ohio Housing Finance Agency Residential Mortgage Revenue | | | | | 3.700% | | | | | | 03/01/2032 | | | | | | 1,205,000 | | | | | | 1,268,636 | | |
1.7% – Total For Housing | | | | $ | 3,598,122 | | | ||||||||||||||||||
Total Municipal Income Securities – Bonds 96.5% | | | | $ | 202,335,275 | | | ||||||||||||||||||
(Identified Cost $187,343,586) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
Dreyfus AMT-Free Tax Cash Management Fund*** | | | | | | | | | | | | | | | | | 8,136,111 | | | | | | 8,136,111 | | |
Total Cash Equivalents 3.9% | | | | $ | 8,136,111 | | | ||||||||||||||||||
(Identified Cost $3,328,111) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 100.4% | | | | $ | 210,471,386 | | | ||||||||||||||||||
(Identified Cost $204,025,269) | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities in Excess of Other Assets -0.4% | | | | $ | (900,324) | | | ||||||||||||||||||
Total Net Assets 100.0% | | | | $ | 209,571,062 | | | ||||||||||||||||||
|
JOHNSON MUTUAL FUNDS | June 30, 2019 – Unaudited |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 348,853,445 | | | | | $ | 74,613,656 | | | | | $ | 20,206,396 | | |
Cash & Cash Equivalents | | | | | — | | | | | | — | | | | | | 874 | | |
Dividends and Interest Receivable | | | | | 386,162 | | | | | | 98,987 | | | | | | 101,261 | | |
Securities Sold Receivable | | | | | — | | | | | | 313,486 | | | | | | 36,880 | | |
Fund Shares Sold Receivable | | | | | 37,773 | | | | | | — | | | | | | — | | |
Total Assets | | | | $ | 349,277,380 | | | | | $ | 75,026,129 | | | | | $ | 20,345,411 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Accrued Management Fees | | | | $ | 282,395 | | | | | $ | 59,306 | | | | | $ | 16,321 | | |
Due to Custodian | | | | | — | | | | | | — | | | | | | — | | |
Securities Purchased Payable | | | | | — | | | | | | — | | | | | | — | | |
Fund Shares Redeemed Payable | | | | | 154,798 | | | | | | 1,634 | | | | | | 2,887 | | |
Total Liabilities | | | | $ | 437,193 | | | | | $ | 60,940 | | | | | $ | 19,208 | | |
Net Assets | | | | $ | 348,840,187 | | | | | $ | 74,965,189 | | | | | $ | 20,326,203 | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 272,248,224 | | | | | $ | 66,842,389 | | | | | $ | 16,936,310 | | |
Accumulated Earnings | | | | | 76,591,963 | | | | | | 8,122,801 | | | | | | 3,389,893 | | |
Net Assets | | | | $ | 348,840,187 | | | | | $ | 74,965,190 | | | | | $ | 20,326,203 | | |
Shares Outstanding (Unlimited Amount Authorized) | | | | | 12,804,768 | | | | | | 1,827,750 | | | | | | 779,769 | | |
Offering, Redemption and Net Asset Value Per Share | | | | $ | 27.24 | | | | | $ | 41.02 | | | | | $ | 26.07 | | |
*Identified Cost of Investment Securities | | | | $ | 276,653,130 | | | | | $ | 68,415,223 | | | | | $ | 16,440,278 | | |
JOHNSON MUTUAL FUNDS | June 30, 2019 – Unaudited |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||
Assets: | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 730,423,676 | | | | | $ | 210,471,386 | | |
Cash & Cash Equivalents | | | | | — | | | | | | 6,097 | | |
Dividends and Interest Receivable | | | | | 4,664,851 | | | | | | 1,540,201 | | |
Receivable for CMO Paydowns | | | | | 68 | | | | | | — | | |
Fund Shares Sold Receivable | | | | | 298,193 | | | | | | 120,350 | | |
Total Assets | | | | $ | 735,386,788 | | | | | $ | 212,138,034 | | |
Liabilities: | | | | | | | | | | | | | |
Accrued Management Fees | | | | $ | 511,206 | | | | | $ | 111,559 | | |
Due to Custodian | | | | | — | | | | | | — | | |
Securities Purchased Payable | | | | | 68 | | | | | | 2,455,413 | | |
Fund Shares Redeemed Payable | | | | | 129,911 | | | | | | — | | |
Total Liabilities | | | | $ | 641,185 | | | | | $ | 2,566,972 | | |
Net Assets | | | | $ | 734,745,603 | | | | | $ | 209,571,062 | | |
Net Assets Consist of: | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 706,318,761 | | | | | $ | 202,831,771 | | |
Accumulated Earnings | | | | | 28,426,842 | | | | | | 6,739,291 | | |
Net Assets | | | | $ | 734,745,603 | | | | | $ | 209,571,062 | | |
Shares Outstanding (Unlimited Amount Authorized) | | | | | 42,649,720 | | | | | | 11,873,906 | | |
Offering, Redemption and Net Asset Value Per Share | | | | $ | 17.23 | | | | | $ | 17.65 | | |
*Identified Cost of Investment Securities | | | | $ | 701,291,916 | | | | | $ | 204,025,269 | | |
JOHNSON MUTUAL FUNDS | June 30, 2019 – Unaudited |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||
| | | Six Months Ended 6/30/2019 | | | Six Months Ended 6/30/2019 | | | Six Months Ended 6/30/2019 | | |||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | |
Dividends | | | | $ | 3,403,216 | | | | | $ | 626,063 | | | | | $ | 220,544 | | |
Less: Foreign withholding taxes on dividends | | | | | — | | | | | | (1,972) | | | | | | (38,367) | | |
Total Investment Income | | | | $ | 3,403,216 | | | | | $ | 624,091 | | | | | $ | 182,177 | | |
Expenses: | | | | | | | | | | | | | | | | | | | |
Management Fee | | | | $ | 1,580,550 | | | | | $ | 349,037 | | | | | $ | 97,214 | | |
Net Expenses | | | | $ | 1,580,550 | | | | | $ | 349,037 | | | | | $ | 97,214 | | |
Net Investment Income | | | | $ | 1,822,666 | | | | | $ | 275,054 | | | | | $ | 84,963 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | |
Net Realized Gain from Security Transactions | | | | $ | 10,362,672 | | | | | $ | 1,348,439 | | | | | $ | (13,355) | | |
Net Change in Unrealized (Loss) On Investments | | | | | 47,006,356 | | | | | | 10,196,519 | | | | | | 2,174,717 | | |
Net Gain/(Loss) on Investments | | | | $ | 57,369,028 | | | | | $ | 11,544,958 | | | | | $ | 2,161,362 | | |
Net Change in Net Assets from Operations | | | | $ | 59,191,694 | | | | | $ | 11,820,012 | | | | | $ | 2,246,325 | | |
JOHNSON MUTUAL FUNDS | June 30, 2019 – Unaudited |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||
| | | Six Months Ended 6/30/2019 | | | Six Months Ended 6/30/2019 | | ||||||
Investment Income: | | | | | | | | | | | | | |
Interest | | | | $ | 10,451,482 | | | | | $ | 2,457,189 | | |
Dividends | | | | | 248,489 | | | | | | 46,169 | | |
Total Investment Income | | | | $ | 10,699,971 | | | | | $ | 2,503,358 | | |
Expenses: | | | | | | | | | | | | | |
Management Fee | | | | $ | 2,867,911 | | | | | $ | 627,144 | | |
Net Expenses | | | | $ | 2,867,911 | | | | | $ | 627,144 | | |
Net Investment Income | | | | $ | 7,832,060 | | | | | $ | 1,876,214 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | |
Net Realized Gain (Loss) from Security Transactions | | | | $ | 316,417 | | | | | $ | 273,708 | | |
Net Change in Unrealized Gain (Loss) On Investments | | | | | 33,810,815 | | | | | | 5,525,461 | | |
Net Gain/(Loss) on Investments | | | | $ | 34,127,232 | | | | | $ | 5,799,169 | | |
Net Change in Net Assets from Operations | | | | $ | 41,959,292 | | | | | $ | 7,675,383 | | |
JOHNSON MUTUAL FUNDS | June 30, 2019 |
| | | Equity Income Fund | | | Opportunity Fund | | | International Fund | | |||||||||||||||||||||||||||
| | | Six Months Ended 6/30/2019* | | | Year Ended 12/31/2018 | | | Six Months Ended 6/30/2019* | | | Year Ended 12/31/2018 | | | Six Months Ended 6/30/2019* | | | Year Ended 12/31/2018 | | ||||||||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 1,822,666 | | | | | $ | 3,167,516 | | | | | $ | 275,054 | | | | | $ | 522,393 | | | | | $ | 84,963 | | | | | $ | 405,767 | | |
Net Realized Gain (Loss) from Security Transactions | | | | | 10,362,672 | | | | | | 15,156,254 | | | | | | 1,348,439 | | | | | | 3,484,502 | | | | | | (13,355) | | | | | | 63,885 | | |
Net Change in Unrealized Gain (Loss) On Investments | | | | | 47,006,356 | | | | | | (26,686,853) | | | | | | 10,196,519 | | | | | | (16,063,026) | | | | | | 2,174,717 | | | | | | (2,417,956) | | |
Net Change in Net Assets from Operations | | | | $ | 59,191,694 | | | | | $ | (8,363,083) | | | | | $ | 11,820,012 | | | | | $ | (12,056,131) | | | | | $ | 2,246,325 | | | | | $ | (1,948,304) | | |
Distributions to Shareholders (see Note 2) | | | | $ | — | | | | | $ | (22,064,249) | | | | | $ | — | | | | | $ | (4,012,310) | | | | | $ | — | | | | | $ | (440,863) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds From Sale of Shares | | | | $ | 32,640,796 | | | | | $ | 64,017,364 | | | | | $ | 5,647,994 | | | | | $ | 35,723,621 | | | | | $ | 1,521,482 | | | | | $ | 4,384,150 | | |
Assets Acquired From: Johnson Growth Fund (see Note 8) | | | | | — | | | | | | 49,563,951 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shares Issued on Reinvestment of Distributions | | | | | — | | | | | | 21,953,515 | | | | | | — | | | | | | 4,001,832 | | | | | | — | | | | | | 440,863 | | |
Cost of Shares Redeemed | | | | | (16,655,267) | | | | | | (29,721,105) | | | | | | (4,680,588) | | | | | | (20,092,992) | | | | | | (1,390,608) | | | | | | (2,165,933) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | 15,985,529 | | | | | $ | 105,813,725 | | | | | $ | 967,406 | | | | | $ | 19,632,461 | | | | | $ | 130,874 | | | | | $ | 2,659,080 | | |
Net Change in Net Assets | | | | $ | 75,177,223 | | | | | $ | 75,386,393 | | | | | $ | 12,787,418 | | | | | $ | 3,564,020 | | | | | $ | 2,377,199 | | | | | $ | 269,913 | | |
Net Assets at Beginning of Year | | | | $ | 273,662,964 | | | | | $ | 198,276,571 | | | | | $ | 62,177,771 | | | | | $ | 58,613,751 | | | | | $ | 17,949,004 | | | | | $ | 17,679,091 | | |
Net Assets at End of Year | | | | $ | 348,840,187 | | | | | $ | 273,662,964 | | | | | $ | 74,965,189 | | | | | $ | 62,177,771 | | | | | $ | 20,326,203 | | | | | $ | 17,949,004 | | |
Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Sold | | | | | 1,281,016 | | | | | | 2,476,881 | | | | | | 143,112 | | | | | | 831,775 | | | | | | 59,834 | | | | | | 169,539 | | |
Shares acquired from: Johnson Growth Fund (see Note 8) | | | | | — | | | | | | 1,988,125 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Share Reinvested | | | | | — | | | | | | 984,463 | | | | | | — | | | | | | 117,081 | | | | | | — | | | | | | 19,118 | | |
Shares Redeemed | | | | | (648,040) | | | | | | (1,172,198) | | | | | | (119,201) | | | | | | (511,741) | | | | | | (54,778) | | | | | | (84,358) | | |
Net Increase (Decrease) in Shares Oustanding | | | | | 632,976 | | | | | | 4,277,271 | | | | | | 23,911 | | | | | | 437,115 | | | | | | 5,056 | | | | | | 104,299 | | |
Shares Outstanding, beginning of year | | | | | 12,171,792 | | | | | | 7,894,521 | | | | | | 1,803,839 | | | | | | 1,366,724 | | | | | | 774,713 | | | | | | 670,414 | | |
Shares Outstanding, end of year | | | | | 12,804,768 | | | | | | 12,171,792 | | | | | | 1,827,750 | | | | | | 1,803,839 | | | | | | 779,769 | | | | | | 774,713 | | |
JOHNSON MUTUAL FUNDS | June 30, 2019 |
| | | Fixed Income Fund | | | Municipal Income Fund | | ||||||||||||||||||
| | | Six Months Ended 6/30/2019* | | | Year Ended 12/31/2018 | | | Six Months Ended 6/30/2019* | | | Year Ended 12/31/2018 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 7,832,060 | | | | | $ | 11,127,040 | | | | | $ | 1,876,214 | | | | | $ | 2,922,565 | | |
Net Realized Gain (Loss) from Security Transactions | | | | | 316,417 | | | | | | (378,946) | | | | | | 273,708 | | | | | | 61,291 | | |
Net Change in Unrealized Gain (Loss) On Investments | | | | | 33,810,815 | | | | | | (10,582,903) | | | | | | 5,525,461 | | | | | | (1,061,187) | | |
Net Change in Net Assets from Operations | | | | $ | 41,959,292 | | | | | $ | 165,191 | | | | | $ | 7,675,383 | | | | | $ | 1,922,669 | | |
Distributions to Shareholders (see Note 2) | | | | $ | (7,788,200) | | | | | $ | (11,659,758) | | | | | $ | (1,856,748) | | | | | $ | (3,000,325) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds From Sale of Shares | | | | $ | 97,647,339 | | | | | $ | 260,346,080 | | | | | $ | 33,649,553 | | | | | $ | 75,849,549 | | |
Shares Issued on Reinvestment of Distributions | | | | | 7,642,977 | | | | | | 11,436,686 | | | | | | 1,819,592 | | | | | | 2,939,875 | | |
Cost of Shares Redeemed | | | | | (28,152,837) | | | | | | (54,511,438) | | | | | | (10,689,580) | | | | | | (22,662,933) | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | 77,137,479 | | | | | $ | 217,271,328 | | | | | $ | 24,779,565 | | | | | $ | 56,126,491 | | |
Net Change in Net Assets | | | | $ | 111,308,571 | | | | | $ | 205,776,761 | | | | | $ | 30,598,200 | | | | | $ | 55,048,835 | | |
Net Assets at Beginning of Year | | | | $ | 623,437,032 | | | | | $ | 417,660,271 | | | | | $ | 178,972,862 | | | | | $ | 123,924,027 | | |
Net Assets at End of Year | | | | $ | 734,745,603 | | | | | $ | 623,437,032 | | | | | $ | 209,571,062 | | | | | $ | 178,972,862 | | |
Capital Share Activity(a) | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Sold | | | | | 5,837,134 | | | | | | 15,866,696 | | | | | | 1,929,079 | | | | | | 4,445,823 | | |
Share Reinvested | | | | | 448,308 | | | | | | 698,905 | | | | | | 103,700 | | | | | | 172,677 | | |
Shares Redeemed | | | | | (1,672,362) | | | | | | (3,328,202) | | | | | | (612,456) | | | | | | (1,332,111) | | |
Net Increase (Decrease) in Shares Oustanding | | | | | 4,613,080 | | | | | | 13,237,399 | | | | | | 1,420,323 | | | | | | 3,286,389 | | |
Shares Outstanding, beginning of year | | | | | 38,036,640 | | | | | | 24,799,241 | | | | | | 10,453,583 | | | | | | 7,167,194 | | |
Shares Outstanding, end of year | | | | | 42,649,720 | | | | | | 38,036,640 | | | | | | 11,873,906 | | | | | | 10,453,583 | | |
FINANCIAL HIGHLIGHTS | EQUITY INCOME FUND |
| | | Six Months Ended 6/30/2019* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 22.48 | | | | | $ | 25.12 | | | | | $ | 21.67 | | | | | $ | 19.92 | | | | | $ | 22.93 | | | | | $ | 23.11 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.14 | | | | | | 0.28 | | | | | | 0.26 | | | | | | 0.29 | | | | | | 0.38 | | | | | | 0.30 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 4.62 | | | | | | (0.97) | | | | | | 5.15 | | | | | | 2.13 | | | | | | (1.87) | | | | | | 1.51 | | |
Total Operations | | | | $ | 4.76 | | | | | $ | (0.69) | | | | | $ | 5.41 | | | | | $ | 2.42 | | | | | $ | (1.49) | | | | | $ | 1.81 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | — | | | | | | (0.28) | | | | | | (0.26) | | | | | | (0.29) | | | | | | (0.38) | | | | | | (0.30) | | |
Net Realized Capital Gains | | | | | — | | | | | | (1.67) | | | | | | (1.70) | | | | | | (0.38) | | | | | | (1.14) | | | | | | (1.69) | | |
Total Distributions | | | | $ | — | | | | | $ | (1.95) | | | | | $ | (1.96) | | | | | $ | (0.67) | | | | | $ | (1.52) | | | | | $ | (1.99) | | |
Net Asset Value, end of year | | | | $ | 27.24 | | | | | $ | 22.48 | | | | | $ | 25.12 | | | | | $ | 21.67 | | | | | $ | 19.92 | | | | | $ | 22.93 | | |
Total Return(a) | | | | | 21.17%(c) | | | | | | 2.68% | | | | | | 25.03% | | | | | | 12.16% | | | | | | (6.56)% | | | | | | 7.73% | | |
Net Assets, end of year (millions) | | | | $ | 348.84 | | | | | $ | 273.66 | | | | | $ | 198.28 | | | | | $ | 150.02 | | | | | $ | 132.19 | | | | | $ | 150.13 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 1.00%(b) | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.00% | | |
Ratio of Net Investment Income to average net assets | | | | | 1.15%(b) | | | | | | 1.23% | | | | | | 1.13% | | | | | | 1.39% | | | | | | 1.62% | | | | | | 1.28% | | |
Portfolio Turnover Rate | | | | | 15.35%(c) | | | | | | 30.17% | | | | | | 34.76% | | | | | | 42.36% | | | | | | 39.41% | | | | | | 27.89% | | |
FINANCIAL HIGHLIGHTS | OPPORTUNITY FUND |
| | | Six Months Ended 6/30/2019* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 34.47 | | | | | $ | 42.89 | | | | | $ | 40.54 | | | | | $ | 35.08 | | | | | $ | 39.35 | | | | | $ | 42.14 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.15 | | | | | | 0.31 | | | | | | 0.14 | | | | | | 0.20 | | | | | | 0.18 | | | | | | 0.08 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 6.40 | | | | | | (6.40) | | | | | | 6.74 | | | | | | 6.09 | | | | | | (1.08) | | | | | | 1.80 | | |
Total Operations | | | | $ | 6.55 | | | | | $ | (6.09) | | | | | $ | 6.88 | | | | | $ | 6.29 | | | | | $ | (0.90) | | | | | $ | 1.88 | | |
Distributions: | | | | | | | | | | | (0.30) | | | | | | (0.14) | | | | | | (0.20) | | | | | | (0.20) | | | | | | (0.11) | | |
Net Investment Income | | | | | — | | | | | | — | | | | | | — | | | | | | (0.05) | | | | | | — | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | (2.03) | | | | | | (4.39) | | | | | | (0.58) | | | | | | (3.17) | | | | | | (4.56) | | |
Total Distributions | | | | $ | — | | | | | $ | (2.33) | | | | | $ | (4.53) | | | | | $ | (0.83) | | | | | $ | (3.37) | | | | | $ | (4.67) | | |
Net Asset Value, end of year | | | | $ | 41.02 | | | | | $ | 34.47 | | | | | $ | 42.89 | | | | | $ | 40.54 | | | | | $ | 35.08 | | | | | $ | 39.35 | | |
Total Return(a) | | | | | 19.00%(c) | | | | | | (14.16)% | | | | | | 16.91% | | | | | | 17.90% | | | | | | (2.39)% | | | | | | 4.37% | | |
Net Assets, end of year (millions) | | | | $ | 74.97 | | | | | $ | 62.18 | | | | | $ | 58.61 | | | | | $ | 41.52 | | | | | $ | 37.77 | | | | | $ | 44.88 | | |
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 | | | | | 0.79%(b) | | | | | | 0.69% | | | | | | 0.35% | | | | | | 0.50% | | | | | | 0.40% | | | | | | 0.19% | | |
Portfolio Turnover Rate | | | | | 23.62%(c) | | | | | | 61.22% | | | | | | 41.50% | | | | | | 34.62% | | | | | | 35.17% | | | | | | 38.37% | | |
FINANCIAL HIGHLIGHTS | INTERNATIONAL FUND |
| | | Six Months Ended 6/30/2019* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 23.17 | | | | | $ | 26.37 | | | | | $ | 22.20 | | | | | $ | 22.01 | | | | | $ | 24.23 | | | | | $ | 25.07 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.33 | | | | | | 0.55 | | | | | | 0.37 | | | | | | 0.43 | | | | | | 0.57 | | | | | | 0.54 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 2.57 | | | | | | (3.17) | | | | | | 4.18 | | | | | | 0.23 | | | | | | (2.11) | | | | | | (0.83) | | |
Total Operations | | | | $ | 2.90 | | | | | $ | (2.62) | | | | | $ | 4.55 | | | | | $ | 0.66 | | | | | $ | (1.54) | | | | | $ | (0.29) | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | — | | | | | | (0.58) | | | | | | (0.38) | | | | | | (0.45) | | | | | | (0.68) | | | | | | (0.55) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.02) | | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | — | | | | | $ | (0.58) | | | | | $ | (0.38) | | | | | $ | (0.47) | | | | | $ | (0.68) | | | | | $ | (0.55) | | |
Net Asset Value, end of year | | | | $ | 26.07 | | | | | $ | 23.17 | | | | | $ | 26.37 | | | | | $ | 22.20 | | | | | $ | 22.01 | | | | | $ | 24.23 | | |
Total Return(a) | | | | | 12.52%(c) | | | | | | (9.93)% | | | | | | 20.50% | | | | | | (3.00%) | | | | | | (6.38)% | | | | | | (1.16)% | | |
Net Assets, end of year (millions) | | | | $ | 20.33 | | | | | $ | 17.95 | | | | | $ | 17.68 | | | | | $ | 14.18 | | | | | $ | 13.09 | | | | | $ | 18.23 | | |
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 | | | | | 2.64%(b) | | | | | | 2.02% | | | | | | 1.53% | | | | | | 1.95% | | | | | | 1.85% | | | | | | 2.20% | | |
Portfolio Turnover Rate | | | | | 2.59%(c) | | | | | | 6.87% | | | | | | 2.48% | | | | | | 7.71% | | | | | | 20.49% | | | | | | 10.25% | | |
FINANCIAL HIGHLIGHTS | FIXED INCOME FUND |
| | | Six Months Ended 6/30/2019* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 16.39 | | | | | $ | 16.84 | | | | | $ | 16.67 | | | | | $ | 16.61 | | | | | $ | 17.03 | | | | | $ | 16.47 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.19 | | | | | | 0.32 | | | | | | 0.31 | | | | | | 0.30 | | | | | | 0.32 | | | | | | 0.35 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.84 | | | | | | (0.44) | | | | | | 0.22 | | | | | | 0.21 | | | | | | (0.27) | | | | | | 0.71 | | |
Total Operations | | | | $ | 1.03 | | | | | $ | (0.12) | | | | | $ | 0.53 | | | | | $ | 0.51 | | | | | $ | 0.05 | | | | | $ | 1.06 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.19) | | | | | | (0.33) | | | | | | (0.33) | | | | | | (0.32) | | | | | | (0.35) | | | | | | (0.39) | | |
Return of Capital | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00(a) | | | | | | — | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | (0.03) | | | | | | (0.13) | | | | | | (0.12) | | | | | | (0.11) | | |
Total Distributions | | | | $ | (0.19) | | | | | $ | (0.33) | | | | | $ | (0.36) | | | | | $ | (0.45) | | | | | $ | (0.47) | | | | | $ | (0.50) | | |
Net Asset Value, end of year | | | | $ | 17.23 | | | | | $ | 16.39 | | | | | $ | 16.84 | | | | | $ | 16.67 | | | | | $ | 16.61 | | | | | $ | 17.03 | | |
Total Return(b) | | | | | 6.28%(c) | | | | | | (0.56)% | | | | | | 3.22% | | | | | | 3.08% | | | | | | 0.32% | | | | | | (6.48)% | | |
Net Assets, end of year (millions) | | | | $ | 734.75 | | | | | $ | 623.44 | | | | | $ | 417.66 | | | | | $ | 303.11 | | | | | $ | 244.24 | | | | | $ | 226.14 | | |
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 | | | | | 2.32%(c) | | | | | | 2.17% | | | | | | 1.88% | | | | | | 1.83% | | | | | | 1.90% | | | | | | 2.08% | | |
Portfolio Turnover Rate | | | | | 10.19%(d) | | | | | | 21.95% | | | | | | 34.97% | | | | | | 40.80% | | | | | | 37.09% | | | | | | 27.79% | | |
FINANCIAL HIGHLIGHTS | MUNICIPAL INCOME FUND |
| | | Six Months Ended 6/30/2019* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 17.12 | | | | | $ | 17.29 | | | | | $ | 17.06 | | | | | $ | 17.36 | | | | | $ | 17.32 | | | | | $ | 16.83 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.16 | | | | | | 0.32 | | | | | | 0.31 | | | | | | 0.31 | | | | | | 0.34 | | | | | | 0.37 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.53 | | | | | | (0.16) | | | | | | 0.24 | | | | | | (0.30) | | | | | | 0.06 | | | | | | 0.53 | | |
Total Operations | | | | $ | 0.69 | | | | | $ | 0.16 | | | | | $ | 0.55 | | | | | $ | 0.01 | | | | | $ | 0.40 | | | | | $ | 0.90 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.16) | | | | | | (0.32) | | | | | | (0.31) | | | | | | (0.31) | | | | | | (0.34) | | | | | | (0.38) | | |
Return of Capital | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00(a) | | | | | | 0.00(a) | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.01) | | | | | | (0.01) | | | | | | — | | | | | | (0.02) | | | | | | (0.03) | | |
Total Distributions | | | | $ | (0.16) | | | | | $ | (0.33) | | | | | $ | (0.32) | | | | | $ | (0.31) | | | | | $ | (0.36) | | | | | $ | (0.41) | | |
Net Asset Value, end of year | | | | $ | 17.65 | | | | | $ | 17.12 | | | | | $ | 17.29 | | | | | $ | 17.06 | | | | | $ | 17.36 | | | | | $ | 17.32 | | |
Total Return(b) | | | | | 4.04%(c) | | | | | | 0.90% | | | | | | 3.25% | | | | | | 0.05% | | | | | | 2.34% | | | | | | 5.41% | | |
Net Assets, end of year (millions) | | | | $ | 209.57 | | | | | $ | 178.97 | | | | | $ | 123.92 | | | | | $ | 87.75 | | | | | $ | 66.51 | | | | | $ | 58.98 | | |
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 | | | | | 1.96%(c) | | | | | | 1.94% | | | | | | 1.85% | | | | | | 1.85% | | | | | | 1.98% | | | | | | 2.19% | | |
Portfolio Turnover Rate | | | | | 8.49%(d) | | | | | | 10.45% | | | | | | 12.49% | | | | | | 10.05% | | | | | | 13.31% | | | | | | 18.24% | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – 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, 2019 – Unaudited |
| | | Equity Income | | | Opportunity | | | International | | | Fixed Income | | | Municipal Income | | |||||||||||||||
Cost of Portfolio Investments | | | | $ | 276,653,130 | | | | | $ | 68,415,223 | | | | | $ | 16,440,278 | | | | | $ | 701,291,916 | | | | | $ | 204,025,269 | | |
Gross unrealized appreciation | | | | | 69,769,996 | | | | | | 10,294,319 | | | | | | 5,018,353 | | | | | | 29,703,538 | | | | | | 6,513,918 | | |
Gross unrealized depreciation | | | | | (6,629,681) | | | | | | (4,095,886) | | | | | | (1,252,235) | | | | | | (751,155) | | | | | | (67,801) | | |
Net unrealized appreciation | | | | | 63,140,315 | | | | | | 6,198,433 | | | | | | 3,766,118 | | | | | | 28,952,383 | | | | | | 6,446,117 | | |
Undistributed ordinary income | | | | | 1,845,849 | | | | | | 307,515 | | | | | | 85,845 | | | | | | (289,069) | | | | | | 19,466 | | |
Other accumulated gains/(losses) | | | | | 11,605,799 | | | | | | 1,616,853 | | | | | | (462,070) | | | | | | (236,472) | | | | | | 273,708 | | |
Accumulated Earnings | | | | $ | 76,591,963 | | | | | $ | 8,122,801 | | | | | $ | 3,389,893 | | | | | $ | 28,426,842 | | | | | $ | 6,739,291 | | |
| | | Indefinite Long-Term | | | Indefinite Short-Term | | | Total Capital Loss Carryover | | |||||||||
Johnson International Fund | | | | $ | 225,416 | | | | | $ | 150,431 | | | | | $ | 375,847 | | |
Fixed Income Fund | | | | | 577,029 | | | | | | 312,086 | | | | | | 889,115 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
| | | Paid in Capital | | | Accumulated Earnings | | ||||||
Equity Income Fund | | | | $ | 4 | | | | | $ | (4) | | |
Opportunity Fund | | | | | — | | | | | | — | | |
International Fund | | | | | — | | | | | | — | | |
Fixed Income Fund | | | | | — | | | | | | — | | |
Municipal Income Fund | | | | | (16,469) | | | | | | 16,469 | | |
| | | Tax year | | | Ordinary Income | | | Tax-Exempt Income | | | Net Realized Long-Term Capital Gain | | | Return of Capital | | | Total Distributions Paid | | ||||||||||||||||||
Johnson Equity Income Fund | | | | | 2017 | | | | | $ | 5,965,055 | | | | | $ | — | | | | | $ | 8,653,497 | | | | | $ | — | | | | | $ | 14,618,554 | | |
| | | | | 2018 | | | | | | 5,920,630 | | | | | | — | | | | | | 16,143,619 | | | | | | — | | | | | | 22,064,249 | | |
Johnson Opportunity Fund | | | | | 2017 | | | | | | 1,009,120 | | | | | | — | | | | | | 4,659,681 | | | | | | — | | | | | | 5,668,801 | | |
| | | | | 2018 | | | | | | 480,234 | | | | | | — | | | | | | 3,532,076 | | | | | | — | | | | | | 4,012,310 | | |
Johnson International Fund | | | | | 2017 | | | | | | 236,839 | | | | | | — | | | | | | — | | | | | | 18,694 | | | | | | 255,533 | | |
| | | | | 2018 | | | | | | 440,863 | | | | | | — | | | | | | — | | | | | | — | | | | | | 440,863 | | |
Johnson Fixed Income Fund | | | | | 2017 | | | | | | 6,824,138 | | | | | | — | | | | | | 837,298 | | | | | | — | | | | | | 7,661,436 | | |
| | | | | 2018 | | | | | | 11,654,323 | | | | | | — | | | | | | 5,435 | | | | | | — | | | | | | 11,659,758 | | |
Johnson Municipal Income Fund | | | | | 2017 | | | | | | — | | | | | | 1,864,578 | | | | | | 58,804 | | | | | | 12,185 | | | | | | 1,935,567 | | |
| | | | | 2018 | | | | | | — | | | | | | 2,937,619 | | | | | | 62,706 | | | | | | — | | | | | | 3,000,325 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
Equity Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Common Stocks* | | | | $ | 328,171,846 | | | | | $ | — | | | | | $ | — | | | | | $ | 328,171,846 | | |
Cash Equivalents | | | | | 20,681,599 | | | | | | — | | | | | | — | | | | | | 20,681,599 | | |
Total | | | | $ | 348,853,445 | | | | | $ | — | | | | | $ | — | | | | | $ | 348,853,445 | | |
|
Opportunity Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Common Stocks* | | | | $ | 72,888,675 | | | | | $ | — | | | | | $ | — | | | | | $ | 72,888,675 | | |
Cash Equivalents | | | | | 1,724,981 | | | | | | — | | | | | | — | | | | | | 1,724,981 | | |
Total | | | | $ | 74,613,656 | | | | | $ | — | | | | | $ | — | | | | | $ | 74,613,656 | | |
|
International Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Preferred Stocks | | | | $ | 108,801 | | | | | $ | — | | | | | $ | — | | | | | $ | 108,801 | | |
Common Stocks* | | | | | 19,361,742 | | | | | | — | | | | | | — | | | | | | 19,361,742 | | |
Cash Equivalents | | | | | 735,853 | | | | | | — | | | | | | — | | | | | | 735,853 | | |
Total | | | | $ | 20,206,396 | | | | | $ | — | | | | | $ | — | | | | | $ | 20,206,396 | | |
|
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
Fixed Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 343,948,251 | | | | | $ | — | | | | | $ | 343,948,251 | | |
Certificates of Deposit | | | | | — | | | | | | 258,266 | | | | | | — | | | | | | 258,266 | | |
U.S. Government Treasury Obligations | | | | | — | | | | | | 158,960,424 | | | | | | — | | | | | | 158,960,424 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 35,292,403 | | | | | | — | | | | | | 35,292,403 | | |
U.S. Government Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 164,213,347 | | | | | | — | | | | | | 164,213,347 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 18,329,865 | | | | | | — | | | | | | 18,329,865 | | |
Preferred Stocks | | | | | 6,794,497 | | | | | | — | | | | | | — | | | | | | 6,794,497 | | |
Cash Equivalents | | | | | 2,626,623 | | | | | | — | | | | | | — | | | | | | 2,626,623 | | |
Total | | | | $ | 9,421,120 | | | | | $ | 721,002,556 | | | | | $ | — | | | | | $ | 730,423,676 | | |
|
Municipal Income Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Municipal Bonds* | | | | $ | — | | | | | $ | 202,335,275 | | | | | $ | — | | | | | $ | 202,335,275 | | |
Cash Equivalents | | | | | 8,136,111 | | | | | | — | | | | | | — | | | | | | 8,136,111 | | |
Total | | | | $ | 8,136,111 | | | | | $ | 202,335,275 | | | | | $ | — | | | | | $ | 210,471,386 | | |
Fund | | | Fee | | | Management Fee | | | Payable as of June 30, 2019 | | |||||||||
Equity Income Fund | | | | | 1.00% | | | | | $ | 1,580,550 | | | | | $ | 282,395 | | |
Opportunity Fund | | | | | 1.00% | | | | | | 349,037 | | | | | | 59,306 | | |
International Fund | | | | | 1.00% | | | | | | 97,214 | | | | | | 16,321 | | |
Fixed Income Fund | | | | | 0.85% | | | | | | 2,867,911 | | | | | | 511,206 | | |
Municipal Income Fund | | | | | 0.65% | | | | | | 627,144 | | | | | | 111,559 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
| Equity Income Fund | | | | | 68.18% | | |
| Opportunity Fund | | | | | 75.62% | | |
| International Fund | | | | | 34.53% | | |
| Fixed Income Fund | | | | | 92.52% | | |
| Municipal Income Fund | | | | | 97.29% | | |
| | | 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 | | | | $ | 50,207,648 | | | | | $ | 46,962,179 | | | | | $ | — | | | | | $ | — | | |
Johnson Opportunity Fund | | | | | 16,219,122 | | | | | | 16,562,584 | | | | | | — | | | | | | — | | |
Johnson International Fund | | | | | 1,081,559 | | | | | | 477,139 | | | | | | — | | | | | | — | | |
Johnson Fixed Income Fund | | | | | 111,476,447 | | | | | | 60,523,980 | | | | | | 36,703,152 | | | | | | 7,956,019 | | |
Johnson Municipal Income Fund | | | | | 21,367,043 | | | | | | 14,066,881 | | | | | | — | | | | | | — | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
| Net investment income | | | | $ | 3,174,739 | | |
| Net realized gain (loss) on investment transactions | | | | | 15,156,254 | | |
| Net change in unrealized appreciation (depreciation) on investments | | | | | (17,634,455) | | |
| Net increase (decrease) in net assets resulting from operations | | | | $ | 696,538 | | |
DISCLOSURE OF EXPENSES (Unaudited) | June 30, 2019 – Unaudited |
| | | Beginning Account Value December 31, 2018 | | | Ending Account Value June 30, 2019 | | | Expenses Paid During Period* January 1, 2019 – June 30, 2019 | | |||||||||
Johnson Equity Income Fund | | | | | |||||||||||||||
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,211.74 | | | | | $ | 5.48 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.01 | | |
Johnson Opportunity Fund | | | | | |||||||||||||||
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,095.01 | | | | | $ | 5.43 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1019.84 | | | | | $ | 5.01 | | |
Johnson International Fund | | | | | |||||||||||||||
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,125.16 | | | | | $ | 5.27 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,019.84 | | | | | $ | 5.01 | | |
Johnson Fixed Income Fund | | | | | |||||||||||||||
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,051.25 | | | | | $ | 4.32 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,020.58 | | | | | $ | 4.26 | | |
Johnson Municipal Income Fund | | | | | |||||||||||||||
Actual Fund Return | | | | $ | 1,000.00 | | | | | $ | 1,030.96 | | | | | $ | 3.27 | | |
Hypothetical Return | | | | $ | 1,000.00 | | | | | $ | 1,021.57 | | | | | $ | 3.26 | | |
Review and Renewal of the Management Agreements | June 30, 2019 – Unaudited |
Review and Renewal of the Management Agreements | June 30, 2019 – Unaudited |
ADDITIONAL INFORMATION | June 30, 2019 – 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 (77) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Trustee | | | Since 1992 | | | Chairman of Johnson Investment Counsel, Inc., the Trust’s Adviser, and Professor of Finance at the University of Cincinnati | | | 9 | | | None | |
Independent Trustees | | | | | | | ||||||||||
Ronald H. McSwain (76) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chairman and Trustee | | | Since 1992 | | | President of McSwain Carpets, Inc. until 2001; partner of P&R Realty, a real estate development partnership since 1984 | | | 9 | | | None | |
John R. Green (76) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Retired from The Procter & Gamble Company | | | 9 | | | None | |
James J. Berrens (53) 3777 West Fork Rd Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Christian Community Health: Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 | | | 9 | | | None | |
Dr. Jeri B. Ricketts (61) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2013 | | | Retired Director of Carl H. Lindner Honors-PLUS Program, University of Cincinnati (2002 – 2018); Associate Professor Emeritus of Accounting, University of Cincinnati since 1986 | | | 9 | | | None | |
Name, Address and Age | | | Current Position Held with Trust | | | Year Service Commenced | | | Principal Occupation During Past Five Years | | | Number of Portfolios Overseen | | | Other Directorships Held During the Past Five Years | |
Officers | | | | | | | ||||||||||
Jason O. Jackman (48) 3777 West Fork Rd. Cincinnati, Ohio 45247 | | | President | | | Since 2013 | | | President and Chief Investment Officer of the Adviser | | | N/A | | | N/A | |
Dale H. Coates (60) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Vice President | | | Since 1992 | | | Vice President and Portfolio Manager for the Trust’s Adviser | | | N/A | | | N/A | |
Marc E. Figgins (55) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chief Financial Officer and Treasurer | | | Since 2002 | | | Director of Fund Services for the Trust’s Adviser | | | N/A | | | N/A | |
Scott J. Bischoff (53) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chief Compliance Officer | | | Since 2005 | | | Chief Compliance Officer of the Trust’s Adviser | | | N/A | | | N/A | |
Jennifer J. Kelhoffer (47) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Secretary | | | Since 2007 | | | Fund Administration & Compliance Associate for the Trust’s Adviser | | | N/A | | | N/A | |
| Ronald H. McSwain | | | Independent Trustee, Chairman | |
| Timothy E. Johnson | | | Interested Trustee | |
| James J. Berrens | | | Independent Trustee | |
| John R. Green | | | Independent Trustee | |
| Jeri B. Ricketts | | | Independent Trustee | |
| Jason Jackman | | | President | |
| Dale H. Coates | | | Vice President | |
| Scott J. Bischoff | | | Chief Compliance Officer | |
| Marc E. Figgins | | | Chief Financial Officer, Treasurer | |
| Jennifer J. Kelhoffer | | | Secretary | |
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100(800) 541-0170
425 Walnut Street
Cincinnati, OH 45202
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
312 Walnut Street, 14th Floor
Cincinnati, Ohio 45202
by the Funds’ prospectus, which illustrates each Fund’s objectives, policies, management fees,
and other information that may be helpful in making an investment decision.
3777 West Fork Road | Cincinnati, Ohio 45247
513.661.3100 | 800.541.0170 | Fax 513.661.4901
JOHNSON MUTUAL FUNDS | June 30, 2019 – Unaudited |
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| Performance Review and Management Discussion | | | | | | | |
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| Portfolio of Investments | | | | | | | |
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| Financial Highlights | | | | | | | |
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| Trustees and Officers, Transfer Agent and Fund Accountant, Custodian, Independent Registered Public Accounting Firm, Legal Counsel | | | | | Back Page | | |
Letter from the Fund President: | July 2019 |
Letter from the Fund President: | July 2019 |
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | Performance Review – June 30, 2019 Unaudited |
Class I Shares
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Johnson Institutional Short Duration Bond Fund – Class I Shares | | | B of A/ML 1-3 Year US Corp/Govt Index | | ||||||
| Six Months | | | | | 3.09% | | | | | | 2.72% | | |
| One Year | | | | | 4.35% | | | | | | 4.29% | | |
| Five Years | | | | | 1.64% | | | | | | 1.46% | | ��� |
| Ten Years | | | | | 2.06% | | | | | | 1.63% | | |
JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND | Performance Review – June 30, 2019 Unaudited |
Class F Shares
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Johnson Institutional Short Duration Bond Fund – Class F Shares | | | B of A/ML 1-3 Year US Corp/Govt Index | | ||||||
| Six Months | | | | | 2.95% | | | | | | 2.72% | | |
| One Year | | | | | 4.05% | | | | | | 4.29% | | |
| Since Inception* | | | | | 3.74% | | | | | | 4.05% | | |
Johnson Institutional Intermediate Bond Fund | Performance Review – June 30, 2019 Unaudited |
Class I Shares
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Johnson Institutional Intermediate Bond Fund – Class I Shares | | | Bloomberg Barclays Capital Intermediate Govt/Credit Index | | ||||||
| Six Months | | | | | 5.55% | | | | | | 4.97% | | |
| One Year | | | | | 7.10% | | | | | | 6.93% | | |
| Five Years | | | | | 2.84% | | | | | | 2.39% | | |
| Ten Years | | | | | 3.77% | | | | | | 3.24% | | |
Johnson Institutional Intermediate Bond Fund | Performance Review – June 30, 2019 Unaudited |
Class F Shares
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Johnson Institutional Intermediate Bond Fund – Class F Shares | | | Bloomberg Barclays Capital Intermediate Govt/Credit Index | | ||||||
| Six Months | | | | | 5.38% | | | | | | 4.97% | | |
| One Year | | | | | 6.59% | | | | | | 6.93% | | |
| Since Inception* | | | | | 6.15% | | | | | | 6.53% | | |
Johnson Institutional Core Bond Fund | Performance Review – June 30, 2019 Unaudited |
Class I Shares
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Johnson Institutional Core Bond Fund – Class I Shares | | | Bloomberg Barclays Capital Aggregate Index | | ||||||
| Six Months | | | | | 6.66% | | | | | | 6.11% | | |
| One Year | | | | | 8.45% | | | | | | 7.87% | | |
| Five Years | | | | | 3.46% | | | | | | 2.95% | | |
| Ten Years | | | | | 4.59% | | | | | | 3.90% | | |
Johnson Institutional Core Bond Fund | Performance Review – June 30, 2019 Unaudited |
Class F Shares
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Johnson Institutional Core Bond Fund – Class F Shares | | | Bloomberg Barclays Capital Aggregate Index | | ||||||
| Six Months | | | | | 6.50% | | | | | | 6.11% | | |
| One Year | | | | | 7.93% | | | | | | 7.87% | | |
| Since Inception* | | | | | 7.49% | | | | | | 7.47% | | |
Johnson Enhanced Return Fund | Performance Review – June 30, 2019 Unaudited |
| Average Annual Total Returns | | | as of June 30, 2019 | |
| | | | Enhanced Return Fund | | | S&P 500 Index | | ||||||
| Six Month | | | | | 20.52% | | | | | | 18.54% | | |
| One Year | | | | | 11.87% | | | | | | 10.42% | | |
| Five Years | | | | | 10.72% | | | | | | 10.71% | | |
| Ten Years | | | | | 15.57% | | | | | | 14.70% | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | | | | | ||||||||||||||||||||
American Express Credit | | | | | 2.250% | | | | | | 05/05/2021 | | | | | | 2,750,000 | | | | | $ | 2,750,814 | | |
Bank of America Corp. | | | | | 3.300% | | | | | | 01/11/2023 | | | | | | 3,100,000 | | | | | | 3,195,408 | | |
AON Corp. | | | | | 5.000% | | | | | | 09/30/2020 | | | | | | 2,575,000 | | | | | | 2,660,626 | | |
BB&T Corp. | | | | | 5.250% | | | | | | 11/01/2019 | | | | | | 2,400,000 | | | | | | 2,421,737 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 800,000 | | | | | | 844,333 | | |
Chubb INA Holdings Inc. | | | | | 2.300% | | | | | | 11/03/2020 | | | | | | 3,000,000 | | | | | | 3,001,283 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 2,300,000 | | | | | | 2,456,185 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 2,500,000 | | | | | | 2,500,032 | | |
JP Morgan Chase & Co. | | | | | 3.375% | | | | | | 05/01/2023 | | | | | | 1,000,000 | | | | | | 1,028,165 | | |
JP Morgan Chase & Co. | | | | | 4.500% | | | | | | 01/24/2022 | | | | | | 2,000,000 | | | | | | 2,108,233 | | |
Keycorp | | | | | 5.100% | | | | | | 03/24/2021 | | | | | | 2,500,000 | | | | | | 2,613,724 | | |
Manufacturers & Traders Trust Co. | | | | | 2.100% | | | | | | 02/06/2020 | | | | | | 3,000,000 | | | | | | 2,996,504 | | |
MUFG Americas Holding | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 3,200,000 | | | | | | 3,241,168 | | |
Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 2,500,000 | | | | | | 2,656,158 | | |
PNC Bank | | | | | 2.700% | | | | | | 11/01/2022 | | | | | | 2,900,000 | | | | | | 2,929,061 | | |
Prudential Financial Inc. | | | | | 5.375% | | | | | | 06/21/2020 | | | | | | 750,000 | | | | | | 772,268 | | |
Suntrust Banks Inc. | | | | | 2.900% | | | | | | 03/03/2021 | | | | | | 2,500,000 | | | | | | 2,522,495 | | |
Wells Fargo & Co. | | | | | 3.450% | | | | | | 02/13/2023 | | | | | | 2,800,000 | | | | | | 2,877,609 | | |
27.4% – Total Finance | | | | $ | 43,575,803 | | | ||||||||||||||||||
Burlington Northern Santa Fe | | | | | 4.700% | | | | | | 10/01/2019 | | | | | | 3,000,000 | | | | | | 3,015,297 | | |
Chevron Corp. (3 month LIBOR + 0.950%)* | | | | | 3.475% | | | | | | 05/16/2021 | | | | | | 1,000,000 | | | | | | 1,015,098 | | |
CVS Health Corp. | | | | | 4.126% | | | | | | 05/15/2021 | | | | | | 2,477,000 | | | | | | 2,544,210 | | |
Eaton Electric Holdings | | | | | 3.875% | | | | | | 12/15/2020 | | | | | | 2,649,000 | | | | | | 2,698,257 | | |
Emerson Electric Co. | | | | | 4.250% | | | | | | 11/15/2020 | | | | | | 1,200,000 | | | | | | 1,232,007 | | |
Emerson Electric Co. | | | | | 4.875% | | | | | | 10/15/2019 | | | | | | 1,953,000 | | | | | | 1,965,545 | | |
General Electric Capital Corp. (3 month LIBOR + 1.000%)* | | | | | 3.410% | | | | | | 03/15/2023 | | | | | | 3,500,000 | | | | | | 3,456,333 | | |
Johnson Controls International PLC | | | | | 3.750% | | | | | | 12/01/2021 | | | | | | 1,476,000 | | | | | | 1,513,442 | | |
Johnson Controls International PLC | | | | | 5.100% | | | | | | 03/30/2020 | | | | | | 1,025,000 | | | | | | 1,043,741 | | |
Kroger Co. | | | | | 3.850% | | | | | | 08/01/2023 | | | | | | 2,200,000 | | | | | | 2,303,885 | | |
McDonalds Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 1,000,000 | | | | | | 1,011,015 | | |
Shell International | | | | | 1.750% | | | | | | 09/12/2021 | | | | | | 1,400,000 | | | | | | 1,388,401 | | |
Shell International | | | | | 4.375% | | | | | | 03/25/2020 | | | | | | 1,800,000 | | | | | | 1,827,099 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,700,000 | | | | | | 2,784,019 | | |
17.5% – Total Industrial | | | | $ | 27,798,349 | | | ||||||||||||||||||
Duke Energy Corp. | | | | | 5.050% | | | | | | 09/15/2019 | | | | | | 2,494,000 | | | | | | 2,505,603 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 2,700,000 | | | | | | 2,776,621 | | |
Eversource Energy | | | | | 2.500% | | | | | | 03/15/2021 | | | | | | 700,000 | | | | | | 701,760 | | |
Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 1,330,000 | | | | | | 1,345,945 | | |
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 1,600,000 | | | | | | 1,620,081 | | |
Georgia Power Co. | | | | | 4.250% | | | | | | 12/01/2019 | | | | | | 1,040,000 | | | | | | 1,046,627 | | |
Interstate Power & Light | | | | | 3.650% | | | | | | 09/01/2020 | | | | | | 2,600,000 | | | | | | 2,629,173 | | |
National Rural Utilites Corp. | | | | | 1.500% | | | | | | 11/01/2019 | | | | | | 1,000,000 | | | | | | 996,531 | | |
National Rural Utilites Corp. | | | | | 2.300% | | | | | | 11/15/2019 | | | | | | 1,000,000 | | | | | | 999,562 | | |
National Rural Utilites Corp. | | | | | 2.350% | | | | | | 06/15/2020 | | | | | | 1,000,000 | | | | | | 1,000,592 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Berkshire Hathaway Energy Co. | | | | | 2.400% | | | | | | 02/01/2020 | | | | | | 3,007,000 | | | | | $ | 3,005,780 | | |
NStar | | | | | 4.500% | | | | | | 11/15/2019 | | | | | | 600,000 | | | | | | 604,055 | | |
Xcel Energy Inc. | | | | | 4.700% | | | | | | 05/15/2020 | | | | | | 2,566,000 | | | | | | 2,586,294 | | |
13.8% – Total Utilities | | | | $ | 21,818,624 | | | ||||||||||||||||||
58.7% Total Corporate Bonds | | | | $ | 93,192,776 | | | ||||||||||||||||||
Certificates of Deposit | | ||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 258,266 | | |
0.2% – Total For Certificates of Deposit | | | | $ | 258,266 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Note | | | | | 1.500% | | | | | | 05/31/2020 | | | | | | 2,300,000 | | | | | | 2,289,398 | | |
Treasury Note | | | | | 1.125% | | | | | | 04/30/2020 | | | | | | 2,500,000 | | | | | | 2,481,641 | | |
Treasury Note | | | | | 1.625% | | | | | | 08/31/2022 | | | | | | 1,000,000 | | | | | | 996,797 | | |
Treasury Note (TBill 13-week auction high rate + 0.033%)* | | | | | 2.190% | | | | | | 04/30/2020 | | | | | | 1,800,000 | | | | | | 1,798,935 | | |
Treasury Note (TBill 13-week auction high rate + 0.043%)* | | | | | 2.200% | | | | | | 07/31/2020 | | | | | | 1,650,000 | | | | | | 1,648,253 | | |
5.8% – Total United States Government Treasury Obligations | | | | $ | 9,215,024 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLMC | | | | | 2.720% | | | | | | 03/27/2023 | | | | | | 1,500,000 | | | | | | 1,506,413 | | |
FHLMC | | | | | 2.800% | | | | | | 03/27/2024 | | | | | | 1,600,000 | | | | | | 1,607,780 | | |
FHLMC | | | | | 2.800% | | | | | | 01/30/2023 | | | | | | 1,000,000 | | | | | | 1,004,279 | | |
FHLMC | | | | | 2.635% | | | | | | 04/24/2024 | | | | | | 3,200,000 | | | | | | 3,213,597 | | |
FHLMC Step-up* | | | | | 1.750% | | | | | | 08/24/2021 | | | | | | 1,500,000 | | | | | | 1,499,495 | | |
FHLMC Step-up* | | | | | 2.000% | | | | | | 11/23/2021 | | | | | | 2,000,000 | | | | | | 1,999,729 | | |
FHLMC Step-up* | | | | | 2.500% | | | | | | 05/10/2022 | | | | | | 1,000,000 | | | | | | 1,000,456 | | |
FHLMC Step-up* | | | | | 2.250% | | | | | | 06/21/2022 | | | | | | 2,000,000 | | | | | | 2,000,176 | | |
FHLMC Step-up* | | | | | 2.000% | | | | | | 07/12/2022 | | | | | | 2,000,000 | | | | | | 2,000,054 | | |
FHLMC Step-up* | | | | | 2.000% | | | | | | 07/18/2022 | | | | | | 1,000,000 | | | | | | 999,991 | | |
FHLMC Step-up* | | | | | 2.000% | | | | | | 07/26/2022 | | | | | | 1,750,000 | | | | | | 1,749,836 | | |
FHLMC Step-up* | | | | | 2.150% | | | | | | 10/27/2022 | | | | | | 1,900,000 | | | | | | 1,900,141 | | |
FHLMC Step-up* | | | | | 2.125% | | | | | | 09/29/2022 | | | | | | 2,000,000 | | | | | | 2,000,456 | | |
14.2% – Total United States Government Agency Obligations | | | | $ | 22,482,403 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage-Backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | | | | | 3.268% | | | | | | 04/01/2042 | | | | | | 246,881 | | | | | | 253,023 | | |
FHLMC Pool G15973 | | | | | 3.000% | | | | | | 07/01/2031 | | | | | | 2,416,532 | | | | | | 2,471,588 | | |
FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 2,735,442 | | | | | | 2,837,781 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 3,660,514 | | | | | | 3,785,825 | | |
FHLMC Series 2989 Class TG | | | | | 5.000% | | | | | | 06/15/2025 | | | | | | 380,950 | | | | | | 399,655 | | |
FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 340,774 | | | | | | 342,739 | | |
FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 346,150 | | | | | | 354,022 | | |
FHLMC Series 4440 Class VC | | | | | 2.500% | | | | | | 08/15/2026 | | | | | | 2,308,586 | | | | | | 2,320,090 | | |
FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.599%)* | | | | | 2.752% | | | | | | 02/01/2046 | | | | | | 652,183 | | | | | | 661,575 | | |
FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600%)* | | | | | 2.813% | | | | | | 12/01/2044 | | | | | | 474,421 | | | | | | 484,319 | | |
FNMA Pool 465973 | | | | | 3.590% | | | | | | 10/01/2020 | | | | | | 2,818,873 | | | | | | 2,849,092 | | |
FNMA Pool 469488 | | | | | 5.375% | | | | | | 11/01/2021 | | | | | | 1,706,423 | | | | | | 1,748,429 | | |
Johnson Institutional Short Duration Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities – Bonds | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FNMA Pool AL6465 | | | | | 3.252% | | | | | | 11/01/2023 | | | | | | 527,577 | | | | | $ | 541,413 | | |
FNMA Pool AN3444 | | | | | 2.230% | | | | | | 11/01/2023 | | | | | | 3,016,000 | | | | | | 3,040,413 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 562,213 | | | | | | 594,587 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 222,015 | | | | | | 230,464 | | |
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 948,085 | | | | | | 941,581 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 1,260,446 | | | | | | 1,282,358 | | |
GNMA Pool 2004-95 Class QA | | | | | 4.500% | | | | | | 03/20/2034 | | | | | | 19,365 | | | | | | 19,730 | | |
GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 138,613 | | | | | | 143,806 | | |
15.8% – Total United States Government Agency Obligations – Mortgage-Backed Securities | | | | $ | 25,302,490 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Kansas Development Finance Authority Revenue | | | | | 3.491% | | | | | | 04/15/2023 | | | | | | 1,400,000 | | | | | | 1,473,654 | | |
University of Kentucky General Receipts Build America Bond | | | | | 4.850% | | | | | | 11/01/2021 | | | | | | 1,500,000 | | | | | | 1,593,000 | | |
1.9% – Total For Taxable Municipal Bonds | | | | $ | 3,066,654 | | | ||||||||||||||||||
Total Fixed Income Securities 96.6% | | | | $ | 153,517,613 | | | ||||||||||||||||||
(Identified Cost $152,378,836) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 1,301,600 | | | | | | 1,301,600 | | |
Total Cash Equivalents 0.8% | | | | $ | 1,301,600 | | | ||||||||||||||||||
(Identified Cost $1,301,600) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 97.4% | | | | $ | 154,819,213 | | | ||||||||||||||||||
(Identified Cost $153,680,436) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 2.6% | | | | | | | | | | | | | | | | | | | | | | $ | 4,014,595 | | |
Total Net Assets 100.0% | | | | $ | 158,833,808 | | | ||||||||||||||||||
|
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | | | | | ||||||||||||||||||||
Ace Ina Holdings Inc. | | | | | 3.350% | | | | | | 05/15/2024 | | | | | | 1,300,000 | | | | | $ | 1,368,537 | | |
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 2,300,000 | | | | | | 2,357,661 | | |
AON Corp. | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 2,116,000 | | | | | | 2,228,134 | | |
BB&T Corp. | | | | | 3.950% | | | | | | 03/22/2022 | | | | | | 1,000,000 | | | | | | 1,039,946 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 1,000,000 | | | | | | 1,055,416 | | |
Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 2,925,000 | | | | | | 2,996,933 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 2,000,000 | | | | | | 2,135,813 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 2,000,000 | | | | | | 2,000,025 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 1,605,000 | | | | | | 1,687,391 | | |
Keycorp | | | | | 5.100% | | | | | | 03/24/2021 | | | | | | 1,000,000 | | | | | | 1,045,490 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 1,000,000 | | | | | | 1,088,322 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 1,500,000 | | | | | | 1,564,059 | | |
Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 2,000,000 | | | | | | 2,124,926 | | |
MUFG Americas Holdings Corp. | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 1,000,000 | | | | | | 1,012,865 | | |
MUFG Americas Holdings Corp. | | | | | 3.250% | | | | | | 06/18/2022 | | | | | | 1,290,000 | | | | | | 1,330,450 | | |
PNC Bank | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 2,000,000 | | | | | | 2,106,240 | | |
Suntrust Bank Inc. | | | | | 2.900% | | | | | | 05/01/2025 | | | | | | 2,000,000 | | | | | | 2,141,557 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | �� | 2,000,000 | | | | | | 2,043,225 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 1,000,000 | | | | | | 1,050,122 | | |
Wells Fargo & Co. | | | | | 4.300% | | | | | | 07/22/2027 | | | | | | 1,400,000 | | | | | | 1,512,475 | | |
Wells Fargo & Co. | | | | | 4.480% | | | | | | 01/16/2024 | | | | | | 1,220,000 | | | | | | 1,307,734 | | |
22.9% – Total Finance | | | | $ | 35,197,321 | | | ||||||||||||||||||
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 2,000,000 | | | | | | 2,088,357 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 1,900,000 | | | | | | 1,925,060 | | |
General Electric Capital Corp. (3 month LIBOR + 1.00%)* | | | | | 3.410% | | | | | | 03/15/2023 | | | | | | 2,950,000 | | | | | | 2,913,195 | | |
Goodrich Corp. | | | | | 4.875% | | | | | | 03/01/2020 | | | | | | 1,000,000 | | | | | | 1,015,343 | | |
JP Morgan Chase & Co. | | | | | 3.300% | | | | | | 04/01/2026 | | | | | | 395,000 | | | | | | 408,206 | | |
Johnson Controls International PLC | | | | | 3.750% | | | | | | 12/01/2021 | | | | | | 990,000 | | | | | | 1,015,114 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 1,000,000 | | | | | | 1,043,147 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 2,100,000 | | | | | | 2,146,708 | | |
McDonalds Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 2,000,000 | | | | | | 2,022,031 | | |
Shell International | | | | | 3.250% | | | | | | 05/11/2025 | | | | | | 1,350,000 | | | | | | 1,416,397 | | |
Target Corp. | | | | | 2.500% | | | | | | 04/15/2026 | | | | | | 2,000,000 | | | | | | 2,012,389 | | |
Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 2,150,000 | | | | | | 2,241,127 | | |
13.3% – Total Industrial | | | | $ | 20,247,074 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 2,175,000 | | | | | | 2,295,667 | | |
Duke Energy Corp. | | | | | 5.050% | | | | | | 09/15/2019 | | | | | | 620,000 | | | | | | 622,884 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 1,860,000 | | | | | | 1,967,711 | | |
Eversource Energy | | | | | 2.500% | | | | | | 03/15/2021 | | | | | | 1,000,000 | | | | | | 1,002,515 | | |
Eversource Energy | | | | | 2.800% | | | | | | 05/01/2023 | | | | | | 1,000,000 | | | | | | 1,011,581 | | |
Interstate Power & Light | | | | | 3.250% | | | | | | 12/01/2024 | | | | | | 1,825,000 | | | | | | 1,885,103 | | |
Georgia Power Co. | | | | | 2.000% | | | | | | 03/30/2020 | | | | | | 1,300,000 | | | | | | 1,294,929 | | |
Georgia Power Co. | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 1,111,000 | | | | | | 1,124,944 | | |
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
NStar | | | | | 4.500% | | | | | | 11/15/2019 | | | | | | 500,000 | | | | | $ | 503,379 | | |
Virginia Electric & Power | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 500,000 | | | | | | 507,008 | | |
Xcel Energy Inc. | | | | | 4.700% | | | | | | 05/15/2020 | | | | | | 2,000,000 | | | | | | 2,015,817 | | |
9.3% – Total Utilities | | | | $ | 14,231,538 | | | ||||||||||||||||||
45.5% Total Corporate Bonds | | | | $ | 69,675,933 | | | ||||||||||||||||||
Certificates of Deposit | | ||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 258,266 | | |
0.2% – Total For Certificates of Deposit | | | | $ | 258,266 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Inflation Protected Security | | | | | 1.000% | | | | | | 02/15/2046 | | | | | | 1,833,144 | | | | | | 1,920,600 | | |
Treasury Note | | | | | 1.500% | | | | | | 05/31/2020 | | | | | | 8,000,000 | | | | | | 7,963,125 | | |
Treasury Note | | | | | 1.750% | | | | | | 11/30/2019 | | | | | | 7,250,000 | | | | | | 7,238,672 | | |
Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 7,000,000 | | | | | | 7,111,836 | | |
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 7,000,000 | | | | | | 7,442,969 | | |
Treasury Note | | | | | 3.125% | | | | | | 11/15/2028 | | | | | | 8,000,000 | | | | | | 8,774,687 | | |
Treasury Note (TBill 13-week auction high rate + 0)* | | | | | 2.157% | | | | | | 01/31/2020 | | | | | | 2,000,000 | | | | | | 1,999,019 | | |
27.9% – Total United States Government Treasury Obligations | | | | $ | 42,450,908 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLMC | | | | | 2.750% | | | | | | 03/25/2024 | | | | | | 1,400,000 | | | | | | 1,411,170 | | |
FHLMC Step-up* | | | | | 1.875% | | | | | | 07/12/2021 | | | | | | 2,000,000 | | | | | | 1,999,942 | | |
FHLMC Step-up* | | | | | 2.250% | | | | | | 06/15/2022 | | | | | | 1,800,000 | | | | | | 1,797,443 | | |
FHLMC Step-up* | | | | | 2.250% | | | | | | 06/21/2022 | | | | | | 3,000,000 | | | | | | 3,000,263 | | |
FHLMC Step-up* | | | | | 2.000% | | | | | | 07/12/2022 | | | | | | 3,500,000 | | | | | | 3,500,094 | | |
7.7% – Total United States Government Agency Obligations | | | | $ | 11,708,912 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | | | | | 3.268% | | | | | | 04/01/2042 | | | | | | 264,515 | | | | | | 271,096 | | |
FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 303,189 | | | | | | 315,561 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 95,594 | | | | | | 101,007 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 647,300 | | | | | | 665,879 | | |
FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 141,286 | | | | | | 144,499 | | |
FHLMC Series 4646 Class D | | | | | 3.500% | | | | | | 01/15/2042 | | | | | | 2,642,564 | | | | | | 2,735,367 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 187,458 | | | | | | 208,373 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 2,043,078 | | | | | | 2,113,019 | | |
FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)* | | | | | 3.288% | | | | | | 12/01/2041 | | | | | | 262,852 | | | | | | 270,582 | | |
FNMA 7/1 Hybrid ARM (12 month LIBOR + 1.600%)* | | | | | 2.813% | | | | | | 12/01/2044 | | | | | | 487,293 | | | | | | 497,459 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 253,502 | | | | | | 267,257 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 2,500,000 | | | | | | 2,648,000 | | |
FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 1,920,526 | | | | | | 1,900,597 | | |
FNMA Series 2015-37 Class BA | | | | | 3.000% | | | | | | 08/25/2044 | | | | | | 1,464,638 | | | | | | 1,511,671 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 1,012,323 | | | | | | 1,024,462 | | |
FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 793,320 | | | | | | 823,872 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 224,885 | | | | | | 237,835 | | |
FNMA Series 2011-52 Class PC | | | | | 3.000% | | | | | | 03/25/2041 | | | | | | 1,126,490 | | | | | | 1,154,986 | | |
11.1% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 16,891,522 | | |
Johnson Institutional Intermediate Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Bowling Green State University Ohio Revenue | | | | | 5.330% | | | | | | 06/01/2020 | | | | | | 725,000 | | | | | $ | 743,799 | | |
Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 3,000,000 | | | | | | 3,349,110 | | |
Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 300,000 | | | | | | 313,296 | | |
University of Cincinnati Ohio General Receipts Revenue | | | | | 5.117% | | | | | | 06/01/2021 | | | | | | 1,435,000 | | | | | | 1,478,380 | | |
3.9% – Total Taxable Municipal Bonds | | | | $ | 5,884,585 | | | ||||||||||||||||||
Total Fixed Income Securities 96.3% | | | | $ | 146,870,126 | | | ||||||||||||||||||
(Identified Cost $143,086,425) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | Shares | | | | | | | | |||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 59,890 | | | | | | 1,535,580 | | |
Total Preferred Stocks 1.0% | | | | $ | 1,535,580 | | | ||||||||||||||||||
(Identified Cost $1,446,031) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | ||||||||||||||||||||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 739,607 | | | | | | 739,607 | | |
Total Cash Equivalents 0.5% | | | | $ | 739,607 | | | ||||||||||||||||||
(Identified Cost $739,607) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 97.8% | | | | $ | 149,145,313 | | | ||||||||||||||||||
(Identified Cost $145,272,063) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 2.2% | | | | | | | | | | | | | | | | | | | | | | $ | 3,258,109 | | |
Total Net Assets 100.0% | | | | $ | 152,403,422 | | | ||||||||||||||||||
|
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds: | | | | | | ||||||||||||||||||||
American Express Co. | | | | | 3.000% | | | | | | 10/30/2024 | | | | | | 3,800,000 | | | | | $ | 3,895,266 | | |
AON Corp. | | | | | 3.500% | | | | | | 06/14/2024 | | | | | | 1,650,000 | | | | | | 1,718,622 | | |
AON Corp. | | | | | 3.875% | | | | | | 12/15/2025 | | | | | | 1,850,000 | | | | | | 1,968,062 | | |
AON Corp. | | | | | 4.000% | | | | | | 11/27/2023 | | | | | | 1,000,000 | | | | | | 1,052,993 | | |
Bank of America Corp. | | | | | 3.248% | | | | | | 10/21/2027 | | | | | | 5,000,000 | | | | | | 5,122,963 | | |
BB&T Corp. | | | | | 3.950% | | | | | | 03/22/2022 | | | | | | 3,175,000 | | | | | | 3,301,830 | | |
Chubb INA Holdings Inc. | | | | | 3.150% | | | | | | 03/15/2025 | | �� | | | | 1,400,000 | | | | | | 1,459,502 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 3,500,000 | | | | | | 3,737,672 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 225,000 | | | | | | 225,003 | | |
Huntington Bancshares | | | | | 3.150% | | | | | | 03/14/2021 | | | | | | 3,525,000 | | | | | | 3,568,684 | | |
JP Morgan Chase & Co. | | | | | 3.375% | | | | | | 05/01/2023 | | | | | | 100,000 | | | | | | 102,816 | | |
JP Morgan Chase & Co. | | | | | 3.875% | | | | | | 09/10/2024 | | | | | | 3,400,000 | | | | | | 3,574,535 | | |
Keycorp | | | | | 4.100% | | | | | | 04/30/2028 | | | | | | 3,740,000 | | | | | | 4,070,323 | | |
Marsh & McLennan Co. Inc. | | | | | 3.500% | | | | | | 06/03/2024 | | | | | | 1,265,000 | | | | | | 1,319,023 | | |
Morgan Stanley | | | | | 2.625% | | | | | | 11/17/2021 | | | | | | 3,250,000 | | | | | | 3,269,666 | | |
MUFG Americas Holdings Corp. | | | | | 3.250% | | | | | | 06/18/2022 | | | | | | 1,150,000 | | | | | | 1,186,061 | | |
Suntrust Bank Inc. | | | | | 4.000% | | | | | | 05/01/2025 | | | | | | 3,300,000 | | | | | | 3,533,570 | | |
PNC Bank | | | | | 3.500% | | | | | | 01/23/2024 | | | | | | 3,570,000 | | | | | | 3,759,638 | | |
US Bancorp | | | | | 3.100% | | | | | | 04/27/2026 | | | | | | 3,500,000 | | | | | | 3,575,643 | | |
US Bancorp | | | | | 3.600% | | | | | | 09/11/2024 | | | | | | 1,100,000 | | | | | | 1,155,134 | | |
Wells Fargo & Co. | | | | | 4.100% | | | | | | 06/03/2026 | | | | | | 4,030,000 | | | | | | 4,273,905 | | |
22.2% – Total Finance | | | | $ | 55,870,911 | | | ||||||||||||||||||
CVS Health Corp. | | | | | 3.875% | | | | | | 07/20/2025 | | | | | | 3,300,000 | | | | | | 3,445,789 | | |
Eaton Corp. | | | | | 2.750% | | | | | | 11/02/2022 | | | | | | 3,945,000 | | | | | | 3,997,032 | | |
General Electric Co. | | | | | 4.650% | | | | | | 10/17/2021 | | | | | | 2,000,000 | | | | | | 2,083,800 | | |
General Electric Capital Corp. (3 month LIBOR + 1.000%)* | | | | | 3.597% | | | | | | 04/15/2023 | | | | | | 1,165,000 | | | | | | 1,145,803 | | |
Georgia Power | | | | | 2.000% | | | | | | 03/30/2020 | | | | | | 1,930,000 | | | | | | 1,922,472 | | |
Georgia Power | | | | | 2.000% | | | | | | 09/08/2020 | | | | | | 2,525,000 | | | | | | 2,510,755 | | |
Johnson Controls International PLC | | | | | 3.625% | | | | | | 07/02/2024 | | | | | | 1,225,000 | | | | | | 1,274,642 | | |
Johnson Controls International PLC | | | | | 3.750% | | | | | | 12/01/2021 | | | | | | 1,000,000 | | | | | | 1,025,367 | | |
Johnson Controls International PLC | | | | | 3.900% | | | | | | 02/14/2026 | | | | | | 1,000,000 | | | | | | 1,043,148 | | |
Kroger Co. | | | | | 4.000% | | | | | | 02/01/2024 | | | | | | 150,000 | | | | | | 158,581 | | |
Kroger Co. | | | | | 3.500% | | | | | | 02/01/2026 | | | | | | 3,300,000 | | | | | | 3,373,399 | | |
Target Corp. | | | | | 3.375% | | | | | | 04/15/2029 | | | | | | 3,250,000 | | | | | | 3,447,765 | | |
Union Pacific Corp. | | | | | 3.500% | | | | | | 06/08/2023 | | | | | | 3,800,000 | | | | | | 3,961,061 | | |
11.7% – Total Industrial | | | | $ | 29,389,614 | | | ||||||||||||||||||
Berkshire Hathaway Energy Co. | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 4,420,000 | | | | | | 4,665,217 | | |
Duke Energy Corp. | | | | | 2.650% | | | | | | 09/01/2026 | | | | | | 475,000 | | | | | | 469,619 | | |
Duke Energy Corp. | | | | | 3.550% | | | | | | 09/15/2021 | | | | | | 3,325,000 | | | | | | 3,399,166 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 1,640,000 | | | | | | 1,686,540 | | |
Enterprise Products | | | | | 3.750% | | | | | | 02/15/2025 | | | | | | 1,875,000 | | | | | | 1,983,579 | | |
Eversource Energy | | | | | 2.800% | | | | | | 05/01/2023 | | | | | | 2,225,000 | | | | | | 2,250,768 | | |
Interstate Power & Light | | | | | 3.400% | | | | | | 08/15/2025 | | | | | | 1,525,000 | | | | | | 1,573,507 | | |
Interstate Power & Light | | | | | 3.650% | | | | | | 09/01/2020 | | | | | | 2,575,000 | | | | | | 2,603,893 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
National Rural Utilities Corp. | | | | | 2.300% | | | | | | 11/15/2019 | | | | | | 1,595,000 | | | | | $ | 1,594,302 | | |
National Rural Utilities Corp. | | | | | 3.050% | | | | | | 02/15/2022 | | | | | | 100,000 | | | | | | 101,895 | | |
NStar | | | | | 4.500% | | | | | | 11/15/2019 | | | | | | 1,000,000 | | | | | | 1,006,758 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 390,000 | | | | | | 395,466 | | |
Virginia Electric & Power Co. | | | | | 2.950% | | | | | | 11/15/2026 | | | | | | 1,000,000 | | | | | | 1,016,661 | | |
Virginia Electric & Power Co. | | | | | 3.450% | | | | | | 09/01/2022 | | | | | | 2,315,000 | | | | | | 2,390,891 | | |
Xcel Energy Inc. | | | | | 3.300% | | | | | | 06/01/2025 | | | | | | 1,225,000 | | | | | | 1,264,396 | | |
Xcel Energy Inc. | | | | | 4.700% | | | | | | 05/15/2020 | | | | | | 2,290,000 | | | | | | 2,308,111 | | |
11.4% – Total Utilities | | | | $ | 28,710,769 | | | ||||||||||||||||||
45.3% Total Corporate Bonds | | | | $ | 113,971,294 | | | ||||||||||||||||||
Certificates of Deposit | | ||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | | 258,266 | | |
0.1% – Total For Certificates of Deposit | | | | $ | 258,266 | | | ||||||||||||||||||
United States Government Treasury Obligations | | ||||||||||||||||||||||||
Treasury Bond | | | | | 2.500% | | | | | | 02/15/2045 | | | | | | 9,000,000 | | | | | | 8,965,898 | | |
Treasury Bond | | | | | 2.750% | | | | | | 08/15/2047 | | | | | | 11,000,000 | | | | | | 11,480,391 | | |
Treasury Inflation Protected Security | | | | | 1.375% | | | | | | 02/15/2044 | | | | | | 2,411,860 | | | | | | 2,736,970 | | |
Treasury Note | | | | | 1.500% | | | | | | 05/31/2020 | | | | | | 5,000,000 | | | | | | 4,976,953 | | |
Treasury Note | | | | | 1.750% | | | | | | 11/30/2019 | | | | | | 4,500,000 | | | | | | 4,492,969 | | |
Treasury Note | | | | | 2.500% | | | | | | 05/15/2046 | | | | | | 11,800,000 | | | | | | 11,731,781 | | |
Treasury Note | | | | | 2.750% | | | | | | 02/15/2028 | | | | | | 10,000,000 | | | | | | 10,632,813 | | |
Treasury Note | | | | | 1.750% | | | | | | 11/15/2028 | | | | | | 500,000 | | | | | | 548,418 | | |
22.0% – Total United States Government Treasury Obligations | | | | $ | 55,566,193 | | | ||||||||||||||||||
United States Government Agency Obligations | | ||||||||||||||||||||||||
FHLMC | | | | | 2.700% | | | | | | 03/27/2024 | | | | | | 2,500,000 | | | | | | 2,510,535 | | |
FHLMC Step-up* | | | | | 1.750% | | | | | | 08/24/2021 | | | | | | 5,225,000 | | | | | | 5,223,242 | | |
FHLMC Step-up* | | | | | 2.500% | | | | | | 05/10/2022 | | | | | | 2,000,000 | | | | | | 2,000,912 | | |
FHLMC Step-up* | | | | | 2.000% | | | | | | 07/18/2022 | | | | | | 200,000 | | | | | | 199,998 | | |
FHLMC Step-up* | | | | | 2.000% | | | | | | 07/26/2022 | | | | | | 1,500,000 | | | | | | 1,499,859 | | |
FHLMC Step-up* | | | | | 2.150% | | | | | | 10/27/2022 | | | | | | 1,000,000 | | | | | | 1,000,074 | | |
FHLMC Step-up* | | | | | 2.125% | | | | | | 09/29/2022 | | | | | | 200,000 | | | | | | 200,046 | | |
5.0% – Total United States Government Agency Obligations | | | | $ | 12,634,666 | | | ||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | ||||||||||||||||||||||||
FHLMC 10/1 Hybrid ARM (12 month LIBOR + 1.860%)* | | | | | 3.268% | | | | | | 04/01/2042 | | | | | | 264,515 | | | | | | 271,096 | | |
FHLMC Pool G01880 | | | | | 5.000% | | | | | | 08/01/2035 | | | | | | 81,633 | | | | | | 89,340 | | |
FHLMC Pool G06616 | | | | | 4.500% | | | | | | 12/01/2035 | | | | | | 162,339 | | | | | | 174,406 | | |
FHLMC Pool G08068 | | | | | 5.500% | | | | | | 07/01/2035 | | | | | | 423,817 | | | | | | 471,104 | | |
FHLMC Pool G09921 | | | | | 4.000% | | | | | | 07/01/2024 | | | | | | 196,012 | | | | | | 203,564 | | |
FHLMC Pool G13596 | | | | | 4.000% | | | | | | 07/01/2024 | | | | | | 725,720 | | | | | | 753,702 | | |
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 3,064,617 | | | | | | 3,169,528 | | |
FHLMC Pool G18667 | | | | | 3.500% | | | | | | 11/01/2032 | | | | | | 2,279,396 | | | | | | 2,357,483 | | |
FHLMC Pool G31087 | | | | | 4.000% | | | | | | 07/01/2038 | | | | | | 2,914,672 | | | | | | 3,058,097 | | |
FHLMC Series 2985 Class GE | | | | | 5.500% | | | | | | 06/15/2025 | | | | | | 83,644 | | | | | | 88,381 | | |
FHLMC Series 3946 Class LN | | | | | 3.500% | | | | | | 04/15/2041 | | | | | | 647,300 | | | | | | 665,879 | | |
FHLMC Series 4017 Class MA | | | | | 3.000% | | | | | | 03/15/2041 | | | | | | 282,571 | | | | | | 288,997 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
FHLMC Series 4087 Class PT | | | | | 3.000% | | | | | | 07/15/2042 | | | | | | 883,910 | | | | | $ | 911,986 | | |
FHLMC Series 4161 Class QA | | | | | 3.000% | | | | | | 02/15/2043 | | | | | | 211,390 | | | | | | 216,819 | | |
FHLMC Series 4582 Class PA | | | | | 3.000% | | | | | | 11/15/2045 | | | | | | 1,351,081 | | | | | | 1,394,243 | | |
FHLMC Series 4689 Class DA | | | | | 3.000% | | | | | | 07/15/2044 | | | | | | 1,683,910 | | | | | | 1,704,217 | | |
FHLMC Series 4709 Class EA | | | | | 3.000% | | | | | | 01/15/2046 | | | | | | 1,835,921 | | | | | | 1,889,872 | | |
FHLMC Series 4808 Class PK | | | | | 3.500% | | | | | | 10/15/2045 | | | | | | 1,416,292 | | | | | | 1,460,384 | | |
FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)* | | | | | 3.288% | | | | | | 12/01/2041 | | | | | | 262,852 | | | | | | 270,582 | | |
FNMA Pool 1107 | | | | | 3.500% | | | | | | 07/01/2032 | | | | | | 848,740 | | | | | | 880,303 | | |
FNMA Pool 889050 | | | | | 6.000% | | | | | | 05/01/2037 | | | | | | 289,484 | | | | | | 327,374 | | |
FNMA Pool 995112 | | | | | 5.500% | | | | | | 07/01/2036 | | | | | | 158,502 | | | | | | 175,982 | | |
FNMA Pool AA4392 | | | | | 4.000% | | | | | | 04/01/2039 | | | | | | 253,502 | | | | | | 267,257 | | |
FNMA Pool AL9309 | | | | | 3.500% | | | | | | 10/01/2031 | | | | | | 880,651 | | | | | | 910,951 | | |
FNMA Pool AN8842 | | | | | 3.320% | | | | | | 04/01/2028 | | | | | | 3,000,000 | | | | | | 3,177,600 | | |
FNMA Pool AN9848 | | | | | 3.740% | | | | | | 07/01/2028 | | | | | | 2,500,000 | | | | | | 2,712,025 | | |
FNMA Pool BL0189 | | | | | 3.830% | | | | | | 10/01/2028 | | | | | | 2,000,000 | | | | | | 2,192,085 | | |
FNMA Pool BL0359 | | | | | 3.700% | | | | | | 11/01/2028 | | | | | | 4,953,950 | | | | | | 5,394,209 | | |
FNMA Pool BL2935 | | | | | 3.150% | | | | | | 06/01/2029 | | | | | | 3,000,000 | | | | | | 3,148,686 | | |
FNMA Pool MA0384 | | | | | 5.000% | | | | | | 04/01/2030 | | | | | | 179,908 | | | | | | 190,268 | | |
FNMA Pool MA3337 | | | | | 4.000% | | | | | | 04/01/2038 | | | | | | 2,200,888 | | | | | | 2,296,962 | | |
FNMA Series 2003-79 Class NJ | | | | | 5.000% | | | | | | 08/25/2023 | | | | | | 135,789 | | | | | | 140,956 | | |
FNMA Series 2005-64 Class PL | | | | | 5.500% | | | | | | 07/25/2035 | | | | | | 88,384 | | | | | | 97,011 | | |
FNMA Series 2011-53 Class DT | | | | | 4.500% | | | | | | 06/25/2041 | | | | | | 246,453 | | | | | | 267,123 | | |
FNMA Series 2012-12 Class KD | | | | | 2.000% | | | | | | 11/25/2042 | | | | | | 2,404,688 | | | | | | 2,379,736 | | |
FNMA Series 2013-21 Class VA | | | | | 3.000% | | | | | | 07/25/2028 | | | | | | 834,921 | | | | | | 848,925 | | |
FNMA Series 2013-83 Class MH | | | | | 4.000% | | | | | | 08/25/2043 | | | | | | 385,158 | | | | | | 414,256 | | |
FNMA Series 2014-20 Class AC | | | | | 3.000% | | | | | | 08/25/2036 | | | | | | 680,258 | | | | | | 695,674 | | |
FNMA Series 2014-28 Class PA | | | | | 3.500% | | | | | | 02/25/2043 | | | | | | 327,328 | | | | | | 338,581 | | |
FNMA Series 2015-72 Class GB | | | | | 2.500% | | | | | | 12/25/2042 | | | | | | 1,137,950 | | | | | | 1,150,062 | | |
FNMA Series 2016-39 Class LA | | | | | 2.500% | | | | | | 03/25/2045 | | | | | | 2,564,553 | | | | | | 2,595,304 | | |
FNMA Series 2016-79 Class L | | | | | 2.500% | | | | | | 10/25/2044 | | | | | | 1,715,703 | | | | | | 1,708,507 | | |
FNMA Series 2016-99 Class TA | | | | | 3.500% | | | | | | 03/25/2036 | | | | | | 671,271 | | | | | | 697,123 | | |
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 2,205,780 | | | | | | 2,244,126 | | |
FNMA Series 2018-67 Class BA | | | | | 4.500% | | | | | | 03/25/2046 | | | | | | 1,835,764 | | | | | | 1,951,936 | | |
GNMA Pool 2009-124 Class L | | | | | 4.000% | | | | | | 11/20/2038 | | | | | | 34,292 | | | | | | 34,442 | | |
22.5% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 56,677,144 | | | ||||||||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Bowling Green State University Ohio Revenue | | | | | 5.330% | | | | | | 06/01/2020 | | | | | | 750,000 | | | | | | 769,448 | | |
Cincinnati Children’s Hospital Medical Center | | | | | 2.853% | | | | | | 11/15/2026 | | | | | | 750,000 | | | | | | 755,415 | | |
Kansas Development Finance Authority Revenue | | | | | 3.741% | | | | | | 04/15/2025 | | | | | | 3,705,000 | | | | | | 4,002,697 | | |
Kansas Development Finance Authority Revenue | | | | | 4.091% | | | | | | 04/15/2027 | | | | | | 125,000 | | | | | | 139,546 | | |
Kentucky Asset Liability Commission Revenue | | | | | 5.339% | | | | | | 04/01/2022 | | | | | | 295,000 | | | | | | 308,074 | | |
Kentucky Property and Buildings Commission Revenue | | | | | 5.373% | | | | | | 11/01/2025 | | | | | | 590,000 | | | | | | 668,706 | | |
Johnson Institutional Core Bond Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Ohio Higher Education Facilities – Cleveland Clinic Health Systems | | | | | 3.849% | | | | | | 01/01/2022 | | | | | | 945,000 | | | | | $ | 984,369 | | |
Ohio Major New Infrastructure Revenue | | | | | 4.994% | | | | | | 12/15/2020 | | | | | | 850,000 | | | | | | 886,601 | | |
3.4% – Total Taxable Municipal Bonds | | | | $ | 8,514,856 | | | ||||||||||||||||||
Total Fixed Income Securities 98.3% | | | | $ | 247,622,419 | | | ||||||||||||||||||
(Identified Cost $239,063,849) | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | Shares | | | | | | | | |||
Allstate Corp. | | | | | 5.100% | | | | | | 01/15/2053 | | | | | | 83,000 | | | | | | 2,128,120 | | |
Total Preferred Stocks 0.8% | | | | $ | 2,128,120 | | | ||||||||||||||||||
(Identified Cost $2,034,817) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 765,218 | | | | | | 765,218 | | |
Total Cash Equivalents 0.3% | | | | $ | 765,218 | | | ||||||||||||||||||
(Identified Cost $765,218) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 99.4% | | | | $ | 250,515,757 | | | ||||||||||||||||||
(Identified Cost $241,863,884) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 0.6% | | | | | | | | | | | | | | | | | | | | | | $ | 1,527,311 | | |
Total Net Assets 100% | | | | $ | 252,043,068 | | | ||||||||||||||||||
|
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Corporate Bonds | | ||||||||||||||||||||||||
American Express Credit | | | | | 2.250% | | | | | | 05/05/2021 | | | | | | 2,600,000 | | | | | $ | 2,600,770 | | |
AON Corp. | | | | | 5.000% | | | | | | 09/30/2020 | | | | | | 2,500,000 | | | | | | 2,583,133 | | |
Bank of America Corp. | | | | | 3.300% | | | | | | 01/11/2023 | | | | | | 2,800,000 | | | | | | 2,886,175 | | |
BB&T Corp. | | | | | 5.250% | | | | | | 11/01/2019 | | | | | | 1,810,000 | | | | | | 1,826,393 | | |
BB&T Corp. | | | | | 3.750% | | | | | | 12/06/2023 | | | | | | 1,000,000 | | | | | | 1,055,416 | | |
Chubb INA Holdings Inc. | | | | | 2.300% | | | | | | 11/03/2020 | | | | | | 2,151,000 | | | | | | 2,151,920 | | |
Fifth Third Bancorp | | | | | 4.300% | | | | | | 01/16/2024 | | | | | | 2,200,000 | | | | | | 2,349,394 | | |
Huntington Bancshares | | | | | 2.300% | | | | | | 01/14/2022 | | | | | | 1,500,000 | | | | | | 1,500,019 | | |
Huntington Bancshares | | | | | 3.150% | | | | | | 03/14/2021 | | | | | | 500,000 | | | | | | 506,196 | | |
JP Morgan Chase & Co. | | | | | 4.500% | | | | | | 01/24/2022 | | | | | | 2,600,000 | | | | | | 2,740,703 | | |
PNC Bank | | | | | 2.700% | | | | | | 11/01/2022 | | | | | | 2,700,000 | | | | | | 2,727,057 | | |
Keycorp | | | | | 5.100% | | | | | | 03/24/2021 | | | | | | 2,000,000 | | | | | | 2,090,979 | | |
Manufacturers & Traders Trust Co. | | | | | 2.100% | | | | | | 02/06/2020 | | | | | | 2,800,000 | | | | | | 2,796,737 | | |
MUFG Americas Holding Corp. | | | | | 3.000% | | | | | | 02/10/2025 | | | | | | 1,970,000 | | | | | | 1,995,344 | | |
Morgan Stanley | | | | | 5.500% | | | | | | 07/28/2021 | | | | | | 2,600,000 | | | | | | 2,762,404 | | |
Shell International | | | | | 1.750% | | | | | | 09/12/2021 | | | | | | 3,050,000 | | | | | | 3,024,731 | | |
Suntrust Banks Inc. | | | | | 2.900% | | | | | | 03/03/2021 | | | | | | 2,600,000 | | | | | | 2,623,395 | | |
Wells Fargo & Co. | | | | | 3.450% | | | | | | 02/13/2023 | | | | | | 2,600,000 | | | | | | 2,672,066 | | |
26.0% – Total Finance | | | | $ | 40,892,832 | | | ||||||||||||||||||
Burlington Northern Santa Fe | | | | | 4.700% | | | | | | 10/01/2019 | | | | | | 1,640,000 | | | | | | 1,648,362 | | |
Chevron Corp. (3 month LIBOR + 0.530)* | | | | | 3.050% | | | | | | 03/03/2022 | | | | | | 2,100,000 | | | | | | 2,115,399 | | |
CVS Health Corp. | | | | | 4.126% | | | | | | 05/15/2021 | | | | | | 2,300,000 | | | | | | 2,362,407 | | |
Eaton Electric Holdings | | | | | 3.875% | | | | | | 12/15/2020 | | | | | | 1,465,000 | | | | | | 1,492,241 | | |
General Electric Capital Corp. (3 month LIBOR + 0.300%)* | | | | | 2.897% | | | | | | 05/13/2024 | | | | | | 1,600,000 | | | | | | 1,493,541 | | |
General Electric Capital Corp. (3 month LIBOR + 1.000%)* | | | | | 3.597% | | | | | | 04/15/2023 | | | | | | 2,000,000 | | | | | | 1,967,043 | | |
Johnson Controls International PLC | | | | | 5.000% | | | | | | 03/30/2020 | | | | | | 1,560,000 | | | | | | 1,588,523 | | |
Kroger Co. | | | | | 3.850% | | | | | | 08/01/2023 | | | | | | 2,200,000 | | | | | | 2,303,885 | | |
McDonald’s Corp. | | | | | 2.625% | | | | | | 01/15/2022 | | | | | | 2,300,000 | | | | | | 2,325,335 | | |
Union Pacific Corp. | | | | | 3.150% | | | | | | 03/01/2024 | | | | | | 2,800,000 | | | | | | 2,887,131 | | |
12.8% – Total Industrials | | | | $ | 20,183,867 | | | ||||||||||||||||||
Berkshire Hathaway Energy Company | | | | | 3.750% | | | | | | 11/15/2023 | | | | | | 1,700,000 | | | | | | 1,794,314 | | |
Duke Energy Corp. | | | | | 5.050% | | | | | | 09/15/2019 | | | | | | 2,748,000 | | | | | | 2,760,785 | | |
Enterprise Products | | | | | 3.350% | | | | | | 03/15/2023 | | | | | | 2,447,000 | | | | | | 2,516,441 | | |
Eversource Energy | | | | | 2.750% | | | | | | 03/15/2022 | | | | | | 2,000,000 | | | | | | 2,023,977 | | |
Eversource | | | | | 4.500% | | | | | | 11/15/2019 | | | | | | 480,000 | | | | | | 483,244 | | |
Georgia Power | | | | | 2.850% | | | | | | 05/15/2022 | | | | | | 2,600,000 | | | | | | 2,632,632 | | |
Interstate Power & Light | | | | | 3.650% | | | | | | 09/01/2020 | | | | | | 2,450,000 | | | | | | 2,477,490 | | |
National Rural Utilites Corp. | | | | | 2.950% | | | | | | 02/07/2024 | | | | | | 1,000,000 | | | | | | 1,025,771 | | |
National Rural Utilites Corp. | | | | | 2.350% | | | | | | 06/15/2020 | | | | | | 1,817,000 | | | | | | 1,818,075 | | |
Nevada Power Co. | | | | | 2.750% | | | | | | 04/15/2020 | | | | | | 1,300,000 | | | | | | 1,304,641 | | |
Virginia Electric & Power | | | | | 2.950% | | | | | | 01/15/2022 | | | | | | 500,000 | | | | | | 507,008 | | |
Xcel Energy Inc. | | | | | 4.700% | | | | | | 05/15/2020 | | | | | | 2,400,000 | | | | | | 2,418,981 | | |
13.8% – Total Utilities | | | | $ | 21,763,359 | | | ||||||||||||||||||
52.6% Total Corporate Bonds | | | | $ | 82,840,058 | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | | | | | ||||||||||||||||||||
Certificates of Deposit | | | | | | ||||||||||||||||||||||||||||||||
Goldmans Sachs | | | | | 3.400% | | | | | | 10/17/2023 | | | | | | 250,000 | | | | | $ | 258,266 | | | | | | | ||||||||
0.2% – Total For Certificates of Deposit | | | | $ | 258,266 | | | | | | | ||||||||||||||||||||||||||
United States Government Treasury Obligations | | | | | | ||||||||||||||||||||||||||||||||
Treasury Note | | | | | 1.125% | | | | | | 04/30/2020 | | | | | | 1,800,000 | | | | | | 1,786,781 | | | | | | | ||||||||
Treasury Note(b) | | | | | 1.250% | | | | | | 10/31/2019 | | | | | | 3,000,000 | | | | | | 2,991,094 | | | | | | | ||||||||
Treasury Note(a) | | | | | 1.500% | | | | | | 05/31/2020 | | | | | | 1,665,000 | | | | | | 1,657,325 | | | | | | | ||||||||
Treasury Note | | | | | 2.125% | | | | | | 11/30/2023 | | | | | | 2,500,000 | | | | | | 2,539,941 | | | | | | | ||||||||
Treasury Note(a) | | | | | 3.625% | | | | | | 08/15/2019 | | | | | | 5,610,000 | | | | | | 5,619,278 | | | | | | | ||||||||
Treasury Note (TBill 13-week auction high rate + 0.045%)* | | | | | 2.202% | | | | | | 10/31/2020 | | | | | | 5,000,000 | | | | | | 4,992,640 | | | | | | | ||||||||
12.4% – Total United States Government Treasury Obligations | | | | $ | 19,587,060 | | | | | | | ||||||||||||||||||||||||||
United States Government Agency Obligations | | | | | | ||||||||||||||||||||||||||||||||
FHLMC | | | | | 2.650% | | | | | | 02/28/2022 | | | | | | 1,500,000 | | | | | | 1,505,428 | | | | | | | ||||||||
FHLMC | | | | | 2.720% | | | | | | 03/27/2023 | | | | | | 2,000,000 | | | | | | 2,008,551 | | | | | | | ||||||||
FHLMC | | | | | 2.635% | | | | | | 04/24/2024 | | | | | | 3,300,000 | | | | | | 3,314,022 | | | | | | | ||||||||
FHLMC | | | | | 2.800% | | | | | | 01/30/2023 | | | | | | 2,800,000 | | | | | | 2,811,981 | | | | | | | ||||||||
FHLMC | | | | | 3.000% | | | | | | 01/30/2023 | | | | | | 1,637,000 | | | | | | 1,638,211 | | | | | | | ||||||||
FHLMC Step-up* | | | | | 2.000% | | | | | | 09/15/2022 | | | | | | 1,500,000 | | | | | | 1,499,638 | | | | | | | ||||||||
FHLMC Step-up* | | | | | 2.250% | | | | | | 06/15/2022 | | | | | | 1,175,000 | | | | | | 1,173,331 | | | | | | | ||||||||
FHLMC Step-up* | | | | | 2.250% | | | | | | 06/21/2022 | | | | | | 2,910,000 | | | | | | 2,910,256 | | | | | | | ||||||||
FHLMC Step-up* | | | | | 2.000% | | | | | | 07/18/2022 | | | | | | 1,600,000 | | | | | | 1,599,986 | | | | | | | ||||||||
FHLMC Step-up* | | | | | 2.125% | | | | | | 09/29/2022 | | | | | | 1,000,000 | | | | | | 1,000,228 | | | | | | | ||||||||
FHLMC Step-up* | | | | | 2.150% | | | | | | 10/27/2022 | | | | | | 1,200,000 | | | | | | 1,200,089 | | | | | | | ||||||||
13.1% – Total United States Government Agency Obligations | | | | $ | 20,661,721 | | | | | | | ||||||||||||||||||||||||||
United States Government Agency Obligations – Mortgage Backed Securities | | | | | | | | | | | | | | ||||||||||||||||||||||||
FHLMC Pool G16330 | | | | | 3.500% | | | | | | 08/01/2032 | | | | | | 2,587,580 | | | | | | 2,684,388 | | | | | | | ||||||||
FHLMC Pool G18642 | | | | | 3.500% | | | | | | 04/01/2032 | | | | | | 2,860,309 | | | | | | 2,958,226 | | | | | | | ||||||||
FHLMC Pool J12635 | | | | | 4.000% | | | | | | 07/01/2025 | | | | | | 95,288 | | | | | | 99,176 | | | | | | | ||||||||
FHLMC Series 4009 Class PA | | | | | 2.000% | | | | | | 06/15/2041 | | | | | | 1,179,604 | | | | | | 1,186,404 | | | | | | | ||||||||
FHLMC Series 4287 Class AB | | | | | 2.000% | | | | | | 12/15/2026 | | | | | | 658,008 | | | | | | 653,399 | | | | | | | ||||||||
FHLMC Series 4440 Class VC | | | | | 2.500% | | | | | | 08/15/2026 | | | | | | 1,634,976 | | | | | | 1,643,122 | | | | | | | ||||||||
FNMA 10/1 Hybrid ARM (12 month LIBOR + 1.780%)* | | | | | 3.288% | | | | | | 12/01/2041 | | | | | | 262,852 | | | | | | 270,582 | | | | | | | ||||||||
FNMA Pool 1106 | | | | | 3.000% | | | | | | 07/01/2032 | | | | | | 896,198 | | | | | | 912,693 | | | | | | | ||||||||
FNMA Pool 465973 | | | | | 3.590% | | | | | | 10/01/2020 | | | | | | 2,710,455 | | | | | | 2,739,512 | | | | | | | ||||||||
FNMA Pool 469488 | | | | | 5.375% | | | | | | 11/01/2021 | | | | | | 1,450,459 | | | | | | 1,486,164 | | | | | | | ||||||||
FNMA Pool 833200 | | | | | 5.500% | | | | | | 09/01/2035 | | | | | | 590,054 | | | | | | 654,798 | | | | | | | ||||||||
FNMA Pool AM2674 | | | | | 2.610% | | | | | | 03/01/2023 | | | | | | 1,515,000 | | | | | | 1,539,154 | | | | | | | ||||||||
FNMA Pool BM4202 | | | | | 3.500% | | | | | | 12/01/2029 | | | | | | 2,856,598 | | | | | | 2,959,688 | | | | | | | ||||||||
FNMA Series 2013-6 Class BC | | | | | 1.500% | | | | | | 12/25/2042 | | | | | | 640,598 | | | | | | 636,204 | | | | | | | ||||||||
FNMA Series 2017-30 Class G | | | | | 3.000% | | | | | | 07/25/2040 | | | | | | 1,260,446 | | | | | | 1,282,358 | | | | | | | ||||||||
GNMA Pool 726475 | | | | | 4.000% | | | | | | 11/15/2024 | | | | | | 138,613 | | | | | | 143,806 | | | | | | | ||||||||
GNMA Pool 728920 | | | | | 4.000% | | | | | | 12/15/2024 | | | | | | 180,316 | | | | | | 187,068 | | | | | | | ||||||||
14.0% – Total United States Government Agency Obligations – Mortgage Backed Securities | | | | $ | 22,036,743 | | | | | | |
Johnson Enhanced Return Fund | Portfolio of Investments as of June 30, 2019 – Unaudited |
Fixed Income Securities | | | Rate | | | Maturity | | | Face Value | | | Fair Value | | ||||||||||||
Taxable Municipal Bonds | | ||||||||||||||||||||||||
Kentucky Asset Liability Commission Revenue | | | | | 2.668% | | | | | | 04/01/2021 | | | | | | 820,000 | | | | | $ | 826,855 | | |
University of Kentucky General Receipts Build America Bond | | | | | 4.850% | | | | | | 11/01/2021 | | | | | | 1,000,000 | | | | | | 1,062,000 | | |
1.2% Total Taxable Municipal Bonds | | | | $ | 1,888,855 | | | ||||||||||||||||||
Total Fixed Income Securities 93.5% | | | | $ | 147,272,703 | | | ||||||||||||||||||
(Identified Cost $146,237,458) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & Cash Equivalents | | | | | | | | | | | | | | | Shares | | | | | | | | |||
First American Government Obligation Fund, Class Z** | | | | | | | | | | | | | | | | | 6,276,976 | | | | | | 6,276,976 | | |
Total Cash Equivalents 4.0% | | | | $ | 6,276,976 | | | ||||||||||||||||||
(Identified Cost $6,276,976) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Value 97.5% | | | | $ | 153,549,679 | | | ||||||||||||||||||
(Identified Cost $152,514,434) | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Assets in Excess of Liabilities 2.5% | | | | | | | | | | | | | | | | | | | | | | $ | 3,879,896 | | |
Total Net Assets: 100.0% | | | | $ | 157,429,575 | | | ||||||||||||||||||
Futures Contracts | | | | | | | | | | | | | | | Long Contracts | | | Unrealized Appreciation (Depreciation) | | ||||||
E-mini Standard & Poor’s 500 expiring September 2019 (50 units per contract) (Notional Value of $155,306,550) | | | | | | | | | | | | | | | | | 1,055 | | | | | $ | 4,141,170 | | |
JOHNSON MUTUAL FUNDS | June 30, 2019 – Unaudited |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | | Johnson Enhanced Return Fund | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Securities at Fair Value* | | | | $ | 154,819,213 | | | | | $ | 149,145,313 | | | | | $ | 250,515,757 | | | | | $ | 153,549,679 | | |
Cash | | | | | 2,929,450 | | | | | | 2,050,000 | | | | | | — | | | | | | 2,090,930 | | |
Variation Margin Receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 701,575 | | |
Interest Receivable | | | | | 1,109,703 | | | | | | 917,922 | | | | | | 1,595,665 | | | | | | 1,131,026 | | |
Fund Shares Sold Receivable | | | | | 32,362 | | | | | | 352,160 | | | | | | 17,763 | | | | | | 216 | | |
Receivable for CMO Paydowns | | | | | 1,491 | | | | | | 1,598 | | | | | | 1,598 | | | | | | — | | |
Total Assets | | | | $ | 158,892,219 | | | | | $ | 152,466,993 | | | | | $ | 252,130,783 | | | | | $ | 157,473,426 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued Management Fee | | | | $ | 32,724 | | | | | $ | 31,070 | | | | | $ | 51,323 | | | | | $ | 43,851 | | |
Fund Shares Redeemed Payable | | | | | 25,687 | | | | | | 32,501 | | | | | | 36,392 | | | | | | — | | |
Total Liabilities | | | | $ | 58,411 | | | | | $ | 63,571 | | | | | $ | 87,715 | | | | | $ | 43,851 | | |
Net Assets | | | | $ | 158,833,808 | | | | | $ | 152,403,422 | | | | | $ | 252,043,068 | | | | | $ | 157,429,575 | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid in Capital | | | | $ | 158,324,625 | | | | | $ | 148,373,691 | | | | | $ | 243,870,001 | | | | | $ | 145,359,105 | | |
Accumulated Earnings | | | | | 509,183 | | | | | | 4,029,731 | | | | | | 8,173,067 | | | | | | 12,070,470 | | |
Net Assets | | | | $ | 158,833,808 | | | | | $ | 152,403,422 | | | | | $ | 252,043,068 | | | | | $ | 157,429,575 | | |
Pricing of Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets applicable to Class I Shares | | | | $ | 158,830,724 | | | | | $ | 152,400,272 | | | | | $ | 252,039,883 | | | | | $ | 157,429,575 | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 10,537,403 | | | | | | 9,583,925 | | | | | | 15,473,329 | | | | | | 9,300,905 | | |
Net Asset Value, Offering price and redemption price | | | | $ | 15.07 | | | | | $ | 15.90 | | | | | $ | 16.29 | | | | | $ | 16.93 | | |
Pricing of Class F Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets applicable to Class F Shares | | | | $ | 3,084 | | | | | $ | 3,150 | | | | | $ | 3,185 | | | | | | n/a | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | | | | | 203 | | | | | | 196 | | | | | | 194 | | | | | | n/a | | |
Net Asset Value, Offering price and redemption price | | | | $ | 15.17 | | | | | $ | 16.01 | | | | | $ | 16.40 | | | | | | n/a | | |
*Identified Cost of Investment Securities | | | | $ | 153,680,436 | | | | | $ | 145,272,063 | | | | | $ | 241,863,884 | | | | | $ | 152,514,434 | | |
JOHNSON MUTUAL FUNDS | June 30, 2019 – Unaudited |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | | Johnson Enhanced Return Fund | | ||||||||||||
| | | Period Ending 6/30/2019 | | | Period Ending 6/30/2019 | | | Period Ending 6/30/2019 | | | Period Ending 6/30/2019 | | ||||||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest | | | | $ | 1,902,064 | | | | | $ | 2,123,217 | | | | | $ | 3,489,644 | | | | | $ | 1,854,213 | | |
Dividends | | | | | 45,805 | | | | | | 55,241 | | | | | | 78,571 | | | | | | 66,438 | | |
Total Investment Income | | | | $ | 1,947,869 | | | | | $ | 2,178,458 | | | | | $ | 3,568,215 | | | | | $ | 1,920,651 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Management Fee | | | | $ | 231,699 | | | | | $ | 217,189 | | | | | $ | 346,935 | | | | | $ | 250,332 | | |
Distribution Fee | | | | | 4 | | | | | | 4 | | | | | | 4 | | | | | | — | | |
Management Fee Waiver (Note #4) | | | | | (38,617) | | | | | | (36,199) | | | | | | (57,824) | | | | | | — | | |
Distribution Fee Waiver (Note #4) | | | | | (1) | | | | | | (1) | | | | | | (1) | | | | | | — | | |
Net Expenses | | | | $ | 193,085 | | | | | $ | 180,993 | | | | | $ | 289,114 | | | | | $ | 250,332 | | |
Net Investment Income | | | | $ | 1,754,784 | | | | | $ | 1,997,465 | | | | | $ | 3,279,101 | | | | | $ | 1,670,319 | | |
Realized and Unrealized Gains/(Losses): | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain (Loss) from Security Transactions | | | | $ | 50,553 | | | | | $ | 333,296 | | | | | $ | 257,049 | | | | | $ | (69,373) | | |
Net Realized Gain from Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 6,975,212 | | |
Net Change in Unrealized Gain on Investments | | | | | 2,924,571 | | | | | | 5,581,511 | | | | | | 11,589,470 | | | | | | 2,691,269 | | |
Net Change in Unrealized Gain on Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 14,598,105 | | |
Net Gain/(Loss) on Investments | | | | $ | 2,975,124 | | | | | $ | 5,914,807 | | | | | $ | 11,846,519 | | | | | $ | 24,195,213 | | |
Net Change in Net Assets from Operations | | | | $ | 4,729,908 | | | | | $ | 7,912,272 | | | | | $ | 15,125,620 | | | | | $ | 25,865,532 | | |
JOHNSON MUTUAL FUNDS | June 30, 2019 |
| | | Johnson Institutional Short Duration Bond Fund | | | Johnson Institutional Intermediate Bond Fund | | | Johnson Institutional Core Bond Fund | | | Johnson Enhanced Return Fund | | ||||||||||||||||||||||||||||||||||||
| | | Period Ending 6/30/2019* | | | Year Ended 12/31/2018 | | | Period Ending 6/30/2019* | | | Year Ended 12/31/2018 | | | Period Ending 6/30/2019* | | | Year Ended 12/31/2018 | | | Period Ending 6/30/2019* | | | Year Ended 12/31/2018 | | ||||||||||||||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | $ | 1,754,784 | | | | | $ | 3,101,397 | | | | | $ | 1,997,465 | | | | | $ | 3,515,033 | | | | | $ | 3,279,101 | | | | | $ | 5,554,707 | | | | | $ | 1,670,319 | | | | | $ | 2,793,902 | | |
Net Realized Gain (Loss) from Security Transactions | | | | | 50,553 | | | | | | (189,216) | | | | | | 333,296 | | | | | | (93,901) | | | | | | 257,049 | | | | | | (442,426) | | | | | | (69,373) | | | | | | (280,061) | | |
Net Realized Gain from Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,975,212 | | | | | | 2,002,075 | | |
Net Change in Unrealized Gain (Loss) on Investments | | | | | 2,924,571 | | | | | | (1,233,884) | | | | | | 5,581,511 | | | | | | (2,758,989) | | | | | | 11,589,470 | | | | | | (4,728,685) | | | | | | 2,691,269 | | | | | | (1,230,046) | | |
Net Change in Unrealized Gain (Loss) on Futures Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,598,105 | | | | | | (11,034,616) | | |
Net Change in Net Assets from Operations | | | | $ | 4,729,908 | | | | | $ | 1,678,297 | | | | | $ | 7,912,272 | | | | | $ | 662,143 | | | | | $ | 15,125,620 | | | | | $ | 383,596 | | | | | $ | 25,865,532 | | | | | $ | (7,748,746) | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From Class I | | | | $ | (1,941,514) | | | | | $ | (3,259,835) | | | | | $ | (1,994,066) | | | | | $ | (3,641,134) | | | | | $ | (3,331,792) | | | | | $ | (5,829,361) | | | | | $ | (1,708,477) | | | | | $ | (9,131,225) | | |
From Class F | | | | | (32) | | | | | | (5) | | | | | | (36) | | | | | | (8) | | | | | | (38) | | | | | | (8) | | | | | | n/a | | | | | | n/a | | |
Net Change in Net Assets from Capital Share Transactions | | | | $ | (1,941,546) | | | | | $ | (3,259,840) | | | | | $ | (1,994,102) | | | | | $ | (3,641,142) | | | | | $ | (3,331,830) | | | | | $ | (5,829,369) | | | | | $ | (1,708,477) | | | | | $ | (9,131,225) | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | $ | 23,084,399 | | | | | $ | 41,303,874 | | | | | $ | 14,522,317 | | | | | $ | 31,235,691 | | | | | $ | 29,911,639 | | | | | $ | 62,044,275 | | | | | $ | 7,699,791 | | | | | $ | 3,957,689 | | |
Proceeds From Subscriptions-in-Kind | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 520,089 | | | | | | 787,543 | | | | | | 398,122 | | | | | | 509,317 | | | | | | 2,030,470 | | | | | | 3,465,169 | | | | | | 1,708,477 | | | | | | 9,131,111 | | |
Payments for Shares Redeemed | | | | | (9,586,613) | | | | | | (37,682,677) | | | | | | (6,854,528) | | | | | | (16,885,158) | | | | | | (8,942,282) | | | | | | (44,034,870) | | | | | | (2,064,868) | | | | | | (8,263,660) | | |
Net Increase from Class I share capital transactions | | | | | 14,017,875 | | | | | | 4,408,740 | | | | | | 8,065,911 | | | | | | 14,859,850 | | | | | | 22,999,827 | | | | | | 21,474,574 | | | | | | 7,343,400 | | | | | | 4,825,140 | | |
From Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 2,000 | | | | | | 1,000 | | | | | | 2,000 | | | | | | 1,000 | | | | | | 2,000 | | | | | | 1,000 | | | | | | n/a | | | | | | n/a | | |
Net Asset Value of Shares Issued on Reinvestment of Dividends | | | | | 32 | | | | | | 6 | | | | | | 36 | | | | | | 8 | | | | | | 38 | | | | | | 8 | | | | | | n/a | | | | | | n/a | | |
Payments for Shares Redeemed | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | n/a | | | | | | n/a | | |
Net Increase from Class F share capital transactions | | | | | 2,032 | | | | | | 1,006 | | | | | | 2,036 | | | | | | 1,008 | | | | | | 2,038 | | | | | | 1,008 | | | | | | — | | | | | | — | | |
Net Change in Net Assets | | | | $ | 16,808,269 | | | | | $ | 2,828,203 | | | | | $ | 13,986,117 | | | | | $ | 11,881,859 | | | | | $ | 34,795,655 | | | | | $ | 16,029,809 | | | | | $ | 31,500,455 | | | | | $ | (12,054,831) | | |
Net Assets at Beginning of Year | | | | $ | 142,025,539 | | | | | $ | 139,197,336 | | | | | $ | 138,417,305 | | | | | $ | 126,535,446 | | | | | $ | 217,247,413 | | | | | $ | 201,217,604 | | | | | $ | 125,929,120 | | | | | $ | 137,983,951 | | |
Net Assets at End of Year | | | | $ | 158,833,808 | | | | | $ | 142,025,539 | | | | | $ | 152,403,422 | | | | | $ | 138,417,305 | | | | | $ | 252,043,068 | | | | | $ | 217,247,413 | | | | | $ | 157,429,575 | | | | | $ | 125,929,120 | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
| | | Six Months Ended 06/30/2019* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 14.80 | | | | | $ | 14.96 | | | | | $ | 14.98 | | | | | $ | 14.96 | | | | | $ | 15.05 | | | | | $ | 15.03 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.19 | | | | | | 0.31 | | | | | | 0.24 | | | | | | 0.21 | | | | | | 0.17 | | | | | | 0.18 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.27 | | | | | | (0.14) | | | | | | (0.01) | | | | | | 0.04 | | | | | | (0.07) | | | | | | 0.04 | | |
Total Operations | | | | $ | 0.46 | | | | | $ | 0.17 | | | | | $ | 0.23 | | | | | $ | 0.25 | | | | | $ | 0.10 | | | | | $ | 0.22 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.19) | | | | | | (0.33) | | | | | | (0.25) | | | | | | (0.23) | | | | | | (0.19) | | | | | | (0.20) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | (0.00) | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.19) | | | | | $ | (0.33) | | | | | $ | (0.25) | | | | | $ | (0.23) | | | | | $ | (0.19) | | | | | $ | (0.20) | | |
Net Asset Value, end of year | | | | $ | 15.07 | | | | | $ | 14.80 | | | | | $ | 14.96 | | | | | $ | 14.98 | | | | | $ | 14.96 | | | | | $ | 15.05 | | |
Total Return(b) | | | | | 3.09%(d) | | | | | | 1.16% | | | | | | 1.54% | | | | | | 1.68% | | | | | | 0.67% | | | | | | 1.44% | | |
Net Assets, end of year (millions) | | | | $ | 158.83 | | | | | $ | 142.02 | | | | | $ | 139.20 | | | | | $ | 124.37 | | | | | $ | 108.08 | | | | | $ | 78.27 | | |
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% | | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.23% | | | | | | 0.24% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.41%(e) | | | | | | 2.06% | | | | | | 1.53% | | | | | | 1.32% | | | | | | 1.07% | | | | | | 1.14% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.46%(e) | | | | | | 2.11% | | | | | | 1.59% | | | | | | 1.38% | | | | | | 1.14% | | | | | | 1.20% | | |
Portfolio Turnover Rate | | | | | 20.08%(d) | | | | | | 39.88% | | | | | | 48.04% | | | | | | 73.88% | | | | | | 42.30% | | | | | | 42.41% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Short Duration Bond Fund |
| | | Six Months ended 06/30/2019* | | | Eight Months ended 12/31/2018 | | ||||||
Net Asset Value, beginning of period (effective May 1, 2018) | | | | $ | 14.91 | | | | | $ | 14.79 | | |
Operations: | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.18 | | | | | | 0.18 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.26 | | | | | | 0.02 | | |
Total Operations | | | | $ | 0.44 | | | | | $ | 0.20 | | |
Distributions: | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.18) | | | | | | (0.08) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.18) | | | | | $ | (0.08) | | |
Net Asset Value, end of year | | | | $ | 15.17 | | | | | $ | 14.91 | | |
Total Return(a) | | | | | 2.95%(c) | | | | | | 1.37% | | |
Net Assets, end of year (millions) | | | | $ | 0.003 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.48%(d) | | | | | | 1.06% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.23%(d) | | | | | | 1.21% | | |
Portfolio Turnover Rate | | | | | 20.08%(c) | | | | | | 39.88% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
| | | Six Months Ended 06/30/2019* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 15.27 | | | | | $ | 15.63 | | | | | $ | 15.56 | | | | | $ | 15.41 | | | | | $ | 15.61 | | | | | $ | 15.40 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.21 | | | | | | 0.34 | | | | | | 0.35 | | | | | | 0.34 | | | | | | 0.33 | | | | | | 0.37 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.63 | | | | | | (0.34) | | | | | | 0.11 | | | | | | 0.18 | | | | | | (0.19) | | | | | | 0.29 | | |
Total Operations | | | | $ | 0.84 | | | | | $ | — | | | | | $ | 0.46 | | | | | $ | 0.52 | | | | | $ | 0.14 | | | | | $ | 0.66 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.21) | | | | | | (0.36) | | | | | | (0.36) | | | | | | (0.36) | | | | | | (0.34) | | | | | | (0.39) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | (0.03) | | | | | | (0.01) | | | | | | — | | | | | | (0.06) | | |
Total Distributions | | | | $ | (0.21) | | | | | $ | (0.36) | | | | | $ | (0.39) | | | | | $ | (0.37) | | | | | $ | (0.34) | | | | | $ | (0.45) | | |
Net Asset Value, end of year | | | | $ | 15.90 | | | | | $ | 15.27 | | | | | $ | 15.63 | | | | | $ | 15.56 | | | | | $ | 15.41 | | | | | $ | 15.61 | | |
Total Return(b) | | | | | 5.55%(d) | | | | | | 0.42% | | | | | | 2.99% | | | | | | 3.37% | | | | | | 0.90% | | | | | | 4.31% | | |
Net Assets, end of year (millions) | | | | $ | 152.40 | | | | | $ | 138.42 | | | | | $ | 126.54 | | | | | $ | 110.71 | | | | | $ | 104.36 | | | | | $ | 79.64 | | |
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% | | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.23% | | | | | | 0.24% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.71%(e) | | | | | | 2.61% | | | | | | 2.19% | | | | | | 2.12% | | | | | | 2.06% | | | | | | 2.30% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.76%(e) | | | | | | 2.66% | | | | | | 2.25% | | | | | | 2.18% | | | | | | 2.13% | | | | | | 2.36% | | |
Portfolio Turnover Rate | | | | | 16.37%(d) | | | | | | 39.66% | | | | | | 40.37% | | | | | | 50.71% | | | | | | 32.75% | | | | | | 34.31% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Intermediate Bond Fund |
| | | Six Months ended 06/30/2019* | | | Eight Months ended 12/31/2018 | | ||||||
Net Asset Value, beginning of period (effective May 1, 2018) | | | | $ | 15.39 | | | | | $ | 15.25 | | |
Operations: | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.20 | | | | | | 0.22 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.62 | | | | | | 0.04 | | |
Total Operations | | | | $ | 0.82 | | | | | $ | 0.26 | | |
Distributions: | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.20) | | | | | | (0.12) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.20) | | | | | $ | (0.12) | | |
Net Asset Value, end of year | | | | $ | 16.01 | | | | | $ | 15.39 | | |
Total Return(a) | | | | | 5.38%(c) | | | | | | 1.72% | | |
Net Assets, end of year (millions) | | | | $ | 0.003 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.42%(d) | | | | | | 1.31% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.57%(d) | | | | | | 1.46% | | |
Portfolio Turnover Rate | | | | | 16.37%(c) | | | | | | 39.66% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
| | | Six Months Ended 06/30/2019* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 15.49 | | | | | $ | 15.91 | | | | | $ | 15.73 | | | | | $ | 15.63 | | | | | $ | 15.98 | | | | | $ | 15.43 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.23 | | | | | | 0.37 | | | | | | 0.37 | | | | | | 0.39 | | | | | | 0.39 | | | | | | 0.40 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.80 | | | | | | (0.40) | | | | | | 0.21 | | | | | | 0.19 | | | | | | (0.21) | | | | | | 0.63 | | |
Total Operations | | | | $ | 1.03 | | | | | $ | (0.03) | | | | | $ | 0.58 | | | | | $ | 0.58 | | | | | $ | 0.18 | | | | | $ | 1.03 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.23) | | | | | | (0.39) | | | | | | (0.39) | | | | | | (0.40) | | | | | | (0.42) | | | | | | (0.43) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | (0.00) | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | (0.08) | | | | | | (0.11) | | | | | | (0.05) | | |
Total Distributions | | | | $ | (0.23) | | | | | $ | (0.39) | | | | | $ | (0.40) | | | | | $ | (0.48) | | | | | $ | (0.53) | | | | | $ | (0.48) | | |
Net Asset Value, end of year | | | | $ | 16.29 | | | | | $ | 15.49 | | | | | $ | 15.91 | | | | | $ | 15.73 | | | | | $ | 15.63 | | | | | $ | 15.98 | | |
Total Return(b) | | | | | 6.66%(d) | | | | | | 0.13% | | | | | | 3.72% | | | | | | 3.67% | | | | | | 1.16% | | | | | | 6.79% | | |
Net Assets, end of year (millions) | | | | $ | 252.04 | | | | | $ | 217.25 | | | | | $ | 201.22 | | | | | $ | 116.69 | | | | | $ | 86.90 | | | | | $ | 74.82 | | |
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% | | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.23% | | | | | | 0.24% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.78%(e) | | | | | | 2.62% | | | | | | 2.29% | | | | | | 2.34% | | | | | | 2.39% | | | | | | 2.46% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.83%(e) | | | | | | 2.67% | | | | | | 2.35% | | | | | | 2.40% | | | | | | 2.46% | | | | | | 2.52% | | |
Portfolio Turnover Rate | | | | | 11.35%(d) | | | | | | 39.62% | | | | | | 31.42% | | | | | | 42.29% | | | | | | 29.51% | | | | | | 28.30% | | |
FINANCIAL HIGHLIGHTS | Johnson Institutional Core Bond Fund |
| | | Six Months ended 06/30/2019* | | | Eight Months ended 12/31/2018 | | ||||||
Net Asset Value, beginning of period (effective May 1, 2018) | | | | $ | 15.61 | | | | | $ | 15.41 | | |
Operations: | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.22 | | | | | | 0.25 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 0.79 | | | | | | 0.08 | | |
Total Operations | | | | $ | 1.01 | | | | | $ | 0.33 | | |
Distributions: | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.22) | | | | | | (0.13) | | |
Net Realized Capital Gains | | | | | — | | | | | | — | | |
Total Distributions | | | | $ | (0.22) | | | | | $ | (0.13) | | |
Net Asset Value, end of year | | | | $ | 16.40 | | | | | $ | 15.61 | | |
Total Return(a) | | | | | 6.50%(c) | | | | | | 2.14% | | |
Net Assets, end of year (millions) | | | | $ | 0.003 | | | | | $ | 0.001 | | |
Ratios/supplemental data(b) | | | | | | | | | | | | | |
Ratio of expenses to average net assets before Waiver | | | | | 0.55%(d) | | | | | | 0.55% | | |
Ratio of expenses to average net assets after Waiver | | | | | 0.40%(d) | | | | | | 0.40% | | |
Ratio of Net Investment Income to average net assets before Waiver | | | | | 2.46%(d) | | | | | | 1.29% | | |
Ratio of Net Investment Income to average net assets after Waiver | | | | | 2.61%(d) | | | | | | 1.44% | | |
Portfolio Turnover Rate | | | | | 11.35%(c) | | | | | | 39.62% | | |
FINANCIAL HIGHLIGHTS | Johnson Enhanced Return Fund |
| | | Six Months Ended 06/30/2019* | | | Year Ended December 31 | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net Asset Value, beginning of year | | | | $ | 14.21 | | | | | $ | 16.27 | | | | | $ | 16.28 | | | | | $ | 15.17 | | | | | $ | 15.82 | | | | | $ | 16.27 | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | 0.19 | | | | | | 0.35 | | | | | | 0.26 | | | | | | 0.18 | | | | | | 0.15 | | | | | | 0.16 | | |
Net Realized and Unrealized Gains/(Losses) on Securities | | | | | 2.72 | | | | | | (1.32) | | | | | | 3.21 | | | | | | 1.76 | | | | | | 0.07 | | | | | | 2.21 | | |
Total Operations | | | | $ | 2.91 | | | | | $ | (0.97) | | | | | $ | 3.47 | | | | | $ | 1.94 | | | | | $ | 0.22 | | | | | $ | 2.37 | | |
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income | | | | | (0.19) | | | | | | (0.35) | | | | | | (0.26) | | | | | | (0.21) | | | | | | (0.17) | | | | | | (0.17) | | |
Return of Capital(a) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | — | | |
Net Realized Capital Gains | | | | | — | | | | | | (0.74) | | | | | | (3.22) | | | | | | (0.62) | | | | | | (0.70) | | | | | | (2.65) | | |
Total Distributions | | | | $ | (0.19) | | | | | $ | (1.09) | | | | | $ | (3.48) | | | | | $ | (0.83) | | | | | $ | (0.87) | | | | | $ | (2.82) | | |
Net Asset Value, end of year | | | | $ | 16.93 | | | | | $ | 14.21 | | | | | $ | 16.27 | | | | | $ | 16.28 | | | | | $ | 15.17 | | | | | $ | 15.82 | | |
Total Return(b) | | | | | 20.52%(c) | | | | | | (6.06)% | | | | | | 21.39% | | | | | | 12.89% | | | | | | 1.34% | | | | | | 14.42% | | |
Net Assets, end of year (millions) | | | | $ | 157.43 | | | | | $ | 125.93 | | | | | $ | 137.98 | | | | | $ | 110.18 | | | | | $ | 97.95 | | | | | $ | 97.15 | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses to average net assets | | | | | 0.30%(d) | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | |
Ratio of Net Investment Income to average net assets | | | | | 2.35%(d) | | | | | | 2.00% | | | | | | 1.45% | | | | | | 1.16% | | | | | | 0.91% | | | | | | 0.93% | | |
Portfolio Turnover Rate | | | | | 19.76%(c) | | | | | | 73.00% | | | | | | 40.40% | | | | | | 65.13% | | | | | | 57.75% | | | | | | 56.32% | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – 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 | | | | $ | 701,575 | | | | | $ | — | | | | | $ | 701,575 | | | | | $ | 701,575* | | | | | $ | — | | | | | $ | — | | |
Total | | | | $ | 701,575 | | | | | $ | — | | | | | $ | 701,575 | | | | | $ | 701,575* | | | | | $ | — | | | | | $ | — | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
| | | Short Duration | | | Intermediate | | | Core | | | Enhanced Return | | ||||||||||||
Cost of Portfolio Investments | | | | $ | 153,680,436 | | | | | $ | 145,272,063 | | | | | $ | 241,863,884 | | | | | $ | 152,514,434 | | |
Gross unrealized appreciation | | | | | 1,322,324 | | | | | | 4,051,900 | | | | | | 8,959,973 | | | | | | 5,373,487 | | |
Gross unrealized depreciation | | | | | (183,547) | | | | | | (178,650) | | | | | | (308,101) | | | | | | (176,642) | | |
Net unrealized appreciation | | | | | 1,138,777 | | | | | | 3,873,250 | | | | | | 8,651,872 | | | | | | 5,196,845 | | |
Undistributed ordinary income | | | | | (186,762) | | | | | | (86,477) | | | | | | (300,188) | | | | | | (114,418) | | |
Other accumulated gains/(losses) | | | | | (442,832) | | | | | | 242,958 | | | | | | (178,617) | | | | | | 6,988,043 | | |
Accumulated Earnings | | | | $ | 509,183 | | | | | $ | 4,029,731 | | | | | $ | 8,173,067 | | | | | $ | 12,070,470 | | |
| | | Long-term | | | Short-term | | | Total | | |||||||||
Short Duration | | | | $ | 330,112 | | | | | $ | 163,271 | | | | | $ | 493,383 | | |
Intermediate | | | | | 81,828 | | | | | | 106,590 | | | | | | 188,418 | | |
Core | | | | | 250,572 | | | | | | 446,566 | | | | | | 697,138 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
| | | Paid in Capital | | | Accumulated Earnings | | ||||||
Short Duration Bond Fund | | | | $ | (8,399) | | | | | $ | 8,399 | | |
Intermediate Bond Fund | | | | | — | | | | | | — | | |
Core Bond Fund | | | | | — | | | | | | — | | |
Enhanced Return Fund | | | | | (14,647) | | | | | | 14,647 | | |
| | | | | | | | | Ordinary Income | | | Net Realized Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Short Duration Bond Fund | | | | | 2017 | | | | | $ | 2,306,918 | | | | | $ | — | | | | | $ | 2,306,918 | | |
| | | | | 2018 | | | | | | 3,259,840 | | | | | | — | | | | | | 3,259,840 | | |
Intermediate Bond Fund | | | | | 2017 | | | | | | 2,678,079 | | | | | | 280,242 | | | | | | 2,958,321 | | |
| | | | | 2018 | | | | | | 3,637,579 | | | | | | 3,563 | | | | | | 3,641,142 | | |
Core Bond Fund | | | | | 2017 | | | | | | 4,027,445 | | | | | | 156,115 | | | | | | 4,183,560 | | |
| | | | | 2018 | | | | | | 5,821,958 | | | | | | 7,411 | | | | | | 5,829,369 | | |
Enhanced Return Fund | | | | | 2017 | | | | | | 10,973,814 | | | | | | 13,507,966 | | | | | | 24,481,780 | | |
| | | | | 2018 | | | | | | 5,441,277 | | | | | | 3,689,948 | | | | | | 9,131,225 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
Short Duration Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 93,192,776 | | | | | $ | — | | | | | $ | 93,192,776 | | |
Certificates of Deposit | | | | | — | | | | | | 258,266 | | | | | | — | | | | | | 258,266 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 9,215,024 | | | | | | — | | | | | | 9,215,024 | | |
U.S. Agency Obligations | | | | | — | | | | | | 22,482,403 | | | | | | — | | | | | | 22,482,403 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 25,302,490 | | | | | | — | | | | | | 25,302,490 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 3,066,654 | | | | | | — | | | | | | 3,066,654 | | |
Cash Equivalents | | | | | 1,301,600 | | | | | | — | | | | | | — | | | | | | 1,301,600 | | |
Total | | | | $ | 1,301,600 | | | | | $ | 153,517,613 | | | | | $ | — | | | | | $ | 154,819,213 | | |
|
Intermediate Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 69,675,933 | | | | | $ | — | | | | | $ | 69,675,933 | | |
Certificates of Deposit | | | | | — | | | | | | 258,266 | | | | | | — | | | | | | 258,266 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 42,450,908 | | | | | | — | | | | | | 42,450,908 | | |
U.S. Agency Obligations | | | | | — | | | | | | 11,708,912 | | | | | | — | | | | | | 11,708,912 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 16,891,522 | | | | | | — | | | | | | 16,891,522 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 5,884,585 | | | | | | — | | | | | | 5,884,585 | | |
Preferred Stocks | | | | | 1,535,580 | | | | | | — | | | | | | — | | | | | | 1,535,580 | | |
Cash Equivalents | | | | | 739,607 | | | | | | — | | | | | | — | | | | | | 739,607 | | |
Total | | | | $ | 2,275,187 | | | | | $ | 146,870,126 | | | | | $ | — | | | | | $ | 149,145,313 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
Core Bond Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 113,971,294 | | | | | $ | — | | | | | $ | 113,971,294 | | |
Certificates of Deposit | | | | | — | | | | | | 258,266 | | | | | | — | | | | | | 258,266 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 55,566,193 | | | | | | — | | | | | | 55,566,193 | | |
U.S. Agency Obligations | | | | | — | | | | | | 12,634,666 | | | | | | — | | | | | | 12,634,666 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 56,677,144 | | | | | | — | | | | | | 56,667,144 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 8,514,856 | | | | | | — | | | | | | 8,514,856 | | |
Preferred Stocks | | | | | 2,128,120 | | | | | | — | | | | | | — | | | | | | 2,128,120 | | |
Cash Equivalents | | | | | 765,218 | | | | | | — | | | | | | — | | | | | | 765,218 | | |
Total | | | | $ | 2,893,338 | | | | | $ | 247,622,419 | | | | | $ | — | | | | | $ | 250,515,757 | | |
|
Enhanced Return Fund | | | Level 1 | | | Level 2 | | | Level 3 | | | Totals | | ||||||||||||
Corporate Bonds* | | | | $ | — | | | | | $ | 82,840,058 | | | | | $ | — | | | | | $ | 82,840,058 | | |
Certificates of Deposit | | | | | — | | | | | | 258,266 | | | | | | — | | | | | | 258,266 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 19,587,060 | | | | | | — | | | | | | 19,587,060 | | |
U.S. Agency Obligations | | | | | — | | | | | | 20,661,721 | | | | | | — | | | | | | 20,661,721 | | |
U.S. Agency Obligations – Mortgage-Backed | | | | | — | | | | | | 22,036,743 | | | | | | — | | | | | | 22,036,743 | | |
Taxable Municipal Bonds | | | | | — | | | | | | 1,888,855 | | | | | | — | | | | | | 1,888,855 | | |
Cash Equivalents | | | | | 6,276,976 | | | | | | — | | | | | | — | | | | | | 6,276,976 | | |
Sub-Total | | | | $ | 6,276,976 | | | | | $ | 147,272,703 | | | | | $ | — | | | | | $ | 153,549,679 | | |
Other Financial Instruments** | | | | | 4,141,170 | | | | | | — | | | | | | — | | | | | | 4,141,170 | | |
Total | | | | $ | 10,418,146 | | | | | $ | 147,272,703 | | | | | $ | — | | | | | $ | 157,690,849 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
Fund | | | Fee | | | Fee Waiver | | | Effective Fee Ratio | | | Management Fee After Waiver | | | Contractual Waiver | | | Payable | | ||||||||||||||||||
Short Duration Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | $ | 193,082 | | | | | $ | 38,617 | | | | | $ | 32,724 | | |
Intermediate Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 180,990 | | | | | | 36,199 | | | | | | 31,070 | | |
Core Bond Fund | | | | | 0.30% | | | | | | 0.05% | | | | | | 0.25% | | | | | | 289,111 | | | | | | 57,824 | | | | | | 51,323 | | |
Enhanced Return Fund | | | | | 0.35% | | | | | | — | | | | | | 0.25% | | | | | | 250,332 | | | | | | — | | | | | | 43,851 | | |
| | | 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 | | | | $ | 36,385,821 | | | | | $ | 19,549,855 | | | | | $ | 5,449,819 | | | | | $ | 5,996,192 | | |
Intermediate Bond Fund | | | | | 13,126,526 | | | | | | 18,132,543 | | | | | | 18,288,638 | | | | | | 5,062,140 | | |
Core Bond Fund | | | | | 38,299,635 | | | | | | 23,192,445 | | | | | | 10,005,839 | | | | | | 2,935,244 | | |
Enhanced Return Fund | | | | | 45,024,165 | | | | | | 20,399,891 | | | | | | 14,224,602 | | | | | | 4,954,907 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
| | | Short Duration Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares* | | ||||||||||||||||||
| | | Period Ended 6/30/2019 | | | Year Ended 12/31/2018 | | | Period Ended 6/30/2019 | | | Year Ended 12/31/2018 | | ||||||||||||
Issued | | | | | 1,549,402 | | | | | | 2,783,205 | | | | | | 133 | | | | | | 67 | | |
Reinvested | | | | | 34,772 | | | | | | 53,186 | | | | | | 2 | | | | | | 1 | | |
Redeemed | | | | | (640,180) | | | | | | (2,544,945) | | | | | | — | | | | | | — | | |
Change in shares outstanding | | | | | 291,446 | | | | | | 291,446 | | | | | | 135 | | | | | | 68 | | |
Shares outstanding, beginning of period | | | | | 9,593,409 | | | | | | 9,301,963 | | | | | | 68 | | | | | | — | | |
Shares outstanding, end of period | | | | | 10,537,403 | | | | | | 9,593,409 | | | | | | 203 | | | | | | 68 | | |
|
| | | Intermediate Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares* | | ||||||||||||||||||
| | | Period Ended 6/30/2019 | | | Year Ended 12/31/2018 | | | Period Ended 6/30/2019 | | | Year Ended 12/31/2018 | | ||||||||||||
Issued | | | | | 936,295 | | | | | | 2,038,813 | | | | | | 128 | | | | | | 65 | | |
Reinvested | | | | | 25,496 | | | | | | 33,356 | | | | | | 2 | | | | | | 1 | | |
Redeemed | | | | | (441,563) | | | | | | (1,103,813) | | | | | | — | | | | | | — | | |
Change in shares outstanding | | | | | 520,228 | | | | | | 968,356 | | | | | | 130 | | | | | | 66 | | |
Shares outstanding, beginning of period | | | | | 9,063,697 | | | | | | 8,095,341 | | | | | | 66 | | | | | | — | | |
Shares outstanding, end of period | | | | | 9,583,925 | | | | | | 9,063,697 | | | | | | 196 | | | | | | 66 | | |
|
| | | Core Bond Fund | | |||||||||||||||||||||
| | | Class I Shares | | | Class F Shares* | | ||||||||||||||||||
| | | Period Ended 6/30/2019 | | | Year Ended 12/31/2018 | | | Period Ended 6/30/2019 | | | Year Ended 12/31/2018 | | ||||||||||||
Issued | | | | | 1,890,508 | | | | | | 3,996,991 | | | | | | 127 | | | | | | 65 | | |
Reinvested | | | | | 127,719 | | | | | | 224,176 | | | | | | 2 | | | | | | | | |
Redeemed | | | | | (565,886) | | | | | | (2,848,914) | | | | | | — | | | | | | — | | |
Change in shares outstanding | | | | | 1,452,341 | | | | | | 1,372,253 | | | | | | 129 | | | | | | 65 | | |
Shares outstanding, beginning of period | | | | | 14,020,988 | | | | | | 12,648,735 | | | | | | 65 | | | | | | — | | |
Shares outstanding, end of period | | | | | 15,473,329 | | | | | | 14,020,988 | | | | | | 194 | | | | | | 65 | | |
|
| | | Enhanced Return Fund | | |||||||||
| | | Period Ended 6/30/2019 | | | Year Ended 12/31/2018 | | ||||||
Issued | | | | | 463,290 | | | | | | 245,529 | | |
Reinvested | | | | | 103,960 | | | | | | 625,192 | | |
Redeemed | | | | | (126,616) | | | | | | (492,207) | | |
Change in shares outstanding | | | | | 440,634 | | | | | | 378,514 | | |
Shares outstanding, beginning of period | | | | | 8,860,271 | | | | | | 8,481,757 | | |
Shares outstanding, end of period | | | | | 9,300,905 | | | | | | 8,860,271 | | |
NOTES TO THE FINANCIAL STATEMENTS | June 30, 2019 – Unaudited |
DISCLOSURE OF EXPENSES (Unaudited) | June 30, 2019 – Unaudited |
| | | Beginning Account Value December 31, 2018 | | | Ending Account Value June 30, 2019 | | | Expenses Paid During Period* January 1, 2019 – June 30, 2019 | | |||||||||
Short Duration Bond Fund | | | | | |||||||||||||||
Actual – Class I | | | | $ | 1,000.00 | | | | | $ | 1,018.24 | | | | | $ | 1.25 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.25 | | |
Actual – Class F | | | | $ | 1,000.00 | | | | | $ | 1,017.44 | | | | | $ | 2.00 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.01 | | |
Intermediate Bond Fund | | | | | |||||||||||||||
Actual – Class I | | | | $ | 1,000.00 | | | | | $ | 1,041.26 | | | | | $ | 1.27 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.25 | | |
Actual – Class F | | | | $ | 1,000.00 | | | | | $ | 1,040.29 | | | | | $ | 2.02 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.01 | | |
Core Bond Fund | | | �� | | |||||||||||||||
Actual – Class I | | | | $ | 1,000.00 | | | | | $ | 1,051.65 | | | | | $ | 1.27 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | $ | 1.28 | | |
Actual – Class F | | | | $ | 1,000.00 | | | | | $ | 1,050.61 | | | | | $ | 2.03 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | $ | 2.01 | | |
Enhanced Return Fund | | | | | |||||||||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,094.41 | | | | | $ | 1.90 | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.06 | | | | | $ | 1.76 | | |
Review and Renewal of the Management Agreements | June 30, 2019 – Unaudited |
Review and Renewal of the Management Agreements | June 30, 2019 – Unaudited |
ADDITIONAL INFORMATION | June 30, 2019 – 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 (77) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Trustee | | | Since 1992 | | | Chairman of Johnson Investment Counsel, Inc., the Trust’s Adviser, and Professor of Finance at the University of Cincinnati | | | 9 | | | None | |
Independent Trustees | | | | | | | ||||||||||
Ronald H. McSwain (76) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chairman and Trustee | | | Since 1992 | | | President of McSwain Carpets, Inc. until 2001; partner of P&R Realty, a real estate development partnership since 1984 | | | 9 | | | None | |
John R. Green (76) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Retired from The Procter & Gamble Company | | | 9 | | | None | |
James J. Berrens (53) 3777 West Fork Rd Cincinnati, OH 45247 | | | Trustee | | | Since 2006 | | | Christian Community Health: Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 | | | 9 | | | None | |
Dr. Jeri B. Ricketts (61) 3777 West Fork Rd. Cincinnati, OH 45247 | | | Trustee | | | Since 2013 | | | Retired Director of Carl H. Lindner Honors-PLUS Program, University of Cincinnati (2002 – 2018); Associate Professor Emeritus of Accounting, University of Cincinnati since 1986 | | | 9 | | | None | |
Name, Address and Age | | | Current Position Held with Trust | | | Year Service Commenced | | | Principal Occupation During Past Five Years | | | Number of Portfolios Overseen | | | Other Directorships Held During the Past Five Years | |
Officers | | | | | | | ||||||||||
Jason O. Jackman (48) 3777 West Fork Rd. Cincinnati, Ohio 45247 | | | President | | | Since 2013 | | | President and Chief Investment Officer of the Adviser | | | N/A | | | N/A | |
Dale H. Coates (60) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Vice President | | | Since 1992 | | | Vice President and Portfolio Manager for the Trust’s Adviser | | | N/A | | | N/A | |
Marc E. Figgins (55) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chief Financial Officer and Treasurer | | | Since 2002 | | | Director of Fund Services for the Trust’s Adviser | | | N/A | | | N/A | |
Scott J. Bischoff (53) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Chief Compliance Officer | | | Since 2005 | | | Chief Compliance Officer of the Trust’s Adviser | | | N/A | | | N/A | |
Jennifer J. Kelhoffer (47) 3777 West Fork Road Cincinnati, Ohio 45247 | | | Secretary | | | Since 2007 | | | Fund Administration & Compliance Associate for the Trust’s Adviser | | | N/A | | | N/A | |
| Ronald H. McSwain | | | Independent Trustee, Chairman | |
| Timothy E. Johnson | | | Interested Trustee | |
| James J. Berrens | | | Independent Trustee | |
| John R. Green | | | Independent Trustee | |
| Jeri B. Ricketts | | | Independent Trustee | |
| Jason Jackman | | | President | |
| Dale H. Coates | | | Vice President | |
| Scott J. Bischoff | | | Chief Compliance Officer | |
| Marc E. Figgins | | | Chief Financial Officer, Treasurer | |
| Jennifer J. Kelhoffer | | | Secretary | |
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100(800) 541-0170
425 Walnut Street
Cincinnati, OH 45202
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
312 Walnut Street, 14th Floor
Cincinnati, Ohio 45202
by the Funds’ prospectus, which illustrates each Fund’s objectives, policies, management fees,
and other information that may be helpful in making an investment decision.
Item 2. Code of Ethics.
Not applicable to semiannual report.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual report.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual report.
Item 5. Audit Committee of Listed Companies.
Not applicable.
Item 6. Schedule of Investments.
Not applicable – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Funds.
Not applicable.
Item 9. Purchases of Equity Securities by Closed End Funds and Affiliated Purchases.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.”
Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of August 13, 2019, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(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) |
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
DateSeptember 9, 2019
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
DateSeptember 9, 2019
By/s/ Marc E. Figgins
Marc E. Figgins, Treasurer
DateSeptember 9, 2019
* Print the name and title of each signing officer under his or her signature.