# EDGAR Filing Document

**Accession Number:** 0000892657
**File Stem:** 0001580642-26-001671
**Filing Date:** 2026-3
**Character Count:** 364482
**Document Hash:** 16a0bd980dcd530484d5bd22c14340cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001671.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001580642-26-001671

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHNSON MUTUAL FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000892657

**ORGANIZATION NAME:**
- **EIN:** 316455344
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07254
- **FILM NUMBER:** 26735765

**BUSINESS ADDRESS:**
- **STREET 1:** 3777 WEST FORK ROAD
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45247
- **BUSINESS PHONE:** 5136613100

**MAIL ADDRESS:**
- **STREET 1:** JOHNSON MUTUAL FUNDS TRUST
- **STREET 2:** 3777 WEST FORK ROAD
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45247

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JOHNSON INVESTMENT MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 19930328

## Series and Classes Contracts Data

### Johnson Equity Income Fund (Series ID: S000005714)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015708 | Class I      | JEQIX           |
| C000244749 | Class S      |  |

### Johnson Enhanced Return Fund (Series ID: S000005715)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000015709 | Johnson Enhanced Return Fund | JENHX           |

### Johnson Opportunity Fund (Series ID: S000005718)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015712 | Class I      | JOPPX           |
| C000244750 | Class S      |  |

### Johnson Municipal Income Fund (Series ID: S000005721)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000015715 | Johnson Municipal Income Fund | JMUNX           |

### Johnson Institutional Short Duration Bond Fund (Series ID: S000005722)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015716 | Class I      | JIBDX           |
| C000200602 | Class F      | JIMDX           |

### Johnson Institutional Intermediate Bond Fund (Series ID: S000005723)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015717 | Class I      | JIBEX           |
| C000200603 | Class F      | JIMEX           |

### Johnson Institutional Core Bond Fund (Series ID: S000005724)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015718 | Class I      | JIBFX           |
| C000200604 | Class F      | JIMFX           |
| C000244751 | Class S      |  |

### Johnson Core Plus Bond Fund (Series ID: S000073062)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000229855 | Johnson Core Plus Bond Fund | JCPLX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07254</u>

**Johnson Mutual Funds Trust**

(Exact name of registrant as specified in charter)

<u>3777 West Fork Road,&nbsp;&nbsp;&nbsp;&nbsp; Cincinnati, Ohio</u> <u>45247</u> <br> (Address of principal executive offices) (Zip code)

Jennifer Kelhoffer, Treasurer, 3777 West Fork Road, Cincinnati, Ohio 45247

(Name and address of agent for service)

Registrant's telephone number, including area code <u>(513) 661-3100</u>

Date of fiscal year end: <u>December 31</u> <br>Date of reporting period: <u>December 31, 2025</u>

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.**

(a) # Johnson Equity Income Fund

# Class I (JEQIX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Equity Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $79 | 0.75% |

---

## How did the Fund perform during the reporting period?
Despite strong relative performance to begin the year, the Fund underperformed the S&P 500<sup>®</sup> Index in 2025 following the April 9th announcement of a 90-day pause on U.S. reciprocal tariffs. This marked a turning point for markets that led the S&P 500<sup>®</sup> Index to rally nearly 40% from its April 8th low, with risk factors and large cap growth stocks leading the way for the index.

Both sector allocation and stock selection contributed to the Fund's underperformance. The Fund was meaningfully underweight in Communications Services and Technology, which outperformed the index in 2025 and were the best performing sectors for the third straight year. As a partial offset, the Fund benefited from underweights in Real Estate, Consumer Staples, and Consumer Discretionary, which were the three worst performing sectors in 2025.

With the aforementioned rebound of the largest stocks in the index, the S&P 500<sup>®</sup> continues to be extraordinarily concentrated. As such, given our more diversified portfolio construction discipline, our relative returns continue to be impacted significantly by structural underweights to the largest names in the index. Artificial intelligence ("AI") names NVIDIA and Broadcom, which we did not own, represented meaningful detractors. Alphabet, Inc. was also a material detractor despite being owned in the portfolio. Notwithstanding, the Fund did benefit from the surge in AI sentiment during the year via names such as nVent Electric plc, ASML Holding N.V., and Amphenol Corp. Additional top contributors included Cencora, Inc. and newly added Chipotle Mexican Grill, Inc., while software names Accenture plc and Roper Technologies, Inc. were among the top detractors.

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ibe44e578ed08d22b73857b71.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Equity Income Fund - Class I** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $1000000 | $1000000 |
| **Dec-2016** | $1121643 | $1119599 |
| **Dec-2017** | $1402349 | $1364025 |
| **Dec-2018** | $1364708 | $1304222 |
| **Dec-2019** | $1829695 | $1714874 |
| **Dec-2020** | $2053733 | $2030390 |
| **Dec-2021** | $2586950 | $2613222 |
| **Dec-2022** | $2334860 | $2139945 |
| **Dec-2023** | $2648104 | $2702486 |
| **Dec-2024** | $2960224 | $3378640 |
| **Dec-2025** | $3308585 | $3982741 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Equity Income Fund - Class I | 11.77% | 10.01% | 12.71% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$710,494,238

* Number of Portfolio Holdings50

* Advisory Fee $5,137,063

* Portfolio Turnover21%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7f0ed2eb4b25245a0566beba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i31d6e85c3219b2f1ec399b91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.3% |
| Materials | 2.1% |
| Communications | 2.7% |
| Utilities | 5.8% |
| Consumer Staples | 6.5% |
| Energy | 7.1% |
| Health Care | 10.8% |
| Consumer Discretionary | 12.6% |
| Industrials | 12.7% |
| Financials | 14.0% |
| Technology | 25.2% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Accenture plc - Class A | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Equity Income Fund - Class I (JEQIX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JEQIX

# Johnson Equity Income Fund

# Class S (JEQSX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Equity Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class S | $106 | 1.00% |

---

## How did the Fund perform during the reporting period?
Despite strong relative performance to begin the year, the Fund underperformed the S&P 500<sup>®</sup> Index in 2025 following the April 9th announcement of a 90-day pause on U.S. reciprocal tariffs. This marked a turning point for markets that led the S&P 500<sup>®</sup> Index to rally nearly 40% from its April 8th low, with risk factors and large cap growth stocks leading the way for the index.

Both sector allocation and stock selection contributed to the Fund's underperformance. The Fund was meaningfully underweight in Communications Services and Technology, which outperformed the index in 2025 and were the best performing sectors for the third straight year. As a partial offset, the Fund benefited from underweights in Real Estate, Consumer Staples, and Consumer Discretionary, which were the three worst performing sectors in 2025.

With the aforementioned rebound of the largest stocks in the index, the S&P 500<sup>®</sup> continues to be extraordinarily concentrated. As such, given our more diversified portfolio construction discipline, our relative returns continue to be impacted significantly by structural underweights to the largest names in the index. Artificial intelligence ("AI") names NVIDIA and Broadcom, which we did not own, represented meaningful detractors. Alphabet, Inc. was also a material detractor despite being owned in the portfolio. Notwithstanding, the Fund did benefit from the surge in AI sentiment during the year via names such as nVent Electric plc, ASML Holding N.V., and Amphenol Corp. Additional top contributors included Cencora, Inc. and newly added Chipotle Mexican Grill, Inc., while software names Accenture plc and Roper Technologies, Inc. were among the top detractors.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7871edaaa15dd4e8d85c720a.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Equity Income Fund - Class S** | **S&P 500<sup>®</sup> Index** |
| **Sep-2023** | $10000 | $10000 |
| **Dec-2023** | $10546 | $10766 |
| **Dec-2024** | $11762 | $13460 |
| **Dec-2025** | $13126 | $15866 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 15, 2023)** |
| Johnson Equity Income Fund - Class S | 11.59% | 12.59% |
| S&P 500<sup>®</sup> Index | 17.88% | 22.30% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$710,494,238

* Number of Portfolio Holdings50

* Advisory Fee $5,137,063

* Portfolio Turnover21%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7f0ed2eb4b25245a0566beba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i31d6e85c3219b2f1ec399b91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.3% |
| Materials | 2.1% |
| Communications | 2.7% |
| Utilities | 5.8% |
| Consumer Staples | 6.5% |
| Energy | 7.1% |
| Health Care | 10.8% |
| Consumer Discretionary | 12.6% |
| Industrials | 12.7% |
| Financials | 14.0% |
| Technology | 25.2% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Accenture plc - Class A | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Equity Income Fund - Class S (JEQSX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JEQSX

# Johnson Opportunity Fund

# Class I (JOPPX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Opportunity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $92 | 0.90% |

---

## How did the Fund perform during the reporting period?
In 2025, equity markets experienced elevated volatility as investors evaluated accelerating artificial intelligence–related capital spending, new U.S. tariff policies, shifting monetary policy, and heightened geopolitical risks. SMID Cap stocks reached new highs, supported by improving earnings growth and expanding market valuations. Lower-quality stocks posted their strongest annual relative performance since 2009 and led a sharp market recovery from the April lows.

These factor dynamics were unfavorable for the Fund's high-quality, low-volatility investment approach. More than one-third of the Index is comprised of unprofitable companies, which are typically lower quality and have historically lagged over full market cycles. In addition, small-cap stocks outperformed mid-cap stocks during the year, which was a headwind given the Fund's heavier weighting toward mid-cap companies.

Security selection was the primary driver of relative underperformance, particularly in sectors with wide quality dispersion such as Technology and Health Care. Several of the strongest performers were highly speculative companies that do not meet the Fund's quality criteria. Technology software & service holdings, such as Globant S.A and SPS Commerce, Inc., struggled to meet expectations and were among the Fund's bottom performance contributors. Health Care was the top performing sector, but the Fund's underweight in biotechnology detracted from relative results.

Stocks more directly tied to Artificial intelligence-related capital spending performed well during the year, including Fabrinet, nVent Electric plc, and Comfort Systems. The past year was a challenging relative performance year for most active managers, especially those with a high-quality investing approach than can occasionally be out of favor at certain stages of a market cycle. The Fund remains focused on long-term performance by investing in high-quality businesses with durable competitive advantages, strong balance sheets, and attractive long-term growth prospects.

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i200da42c4785a40b3e43a48b.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Opportunity Fund - Class I** | **Russell 2500<sup>®</sup> Index** |
| **Dec-2015** | $1000000 | $1000000 |
| **Dec-2016** | $1179030 | $1175892 |
| **Dec-2017** | $1378365 | $1373564 |
| **Dec-2018** | $1183155 | $1236178 |
| **Dec-2019** | $1521879 | $1579421 |
| **Dec-2020** | $1641221 | $1895201 |
| **Dec-2021** | $2143324 | $2239782 |
| **Dec-2022** | $1876256 | $1828351 |
| **Dec-2023** | $2197536 | $2146915 |
| **Dec-2024** | $2418033 | $2404436 |
| **Dec-2025** | $2518435 | $2690740 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Opportunity Fund - Class I | 4.15% | 8.94% | 9.68% |
| Russell 2500<sup>®</sup> Index | 11.91% | 7.26% | 10.40% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$174,205,167

* Number of Portfolio Holdings82

* Advisory Fee $1,585,539

* Portfolio Turnover29%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifd2e8133b3d854816f16bad7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.5% |
| Money Market Funds | 0.5% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ib5cb1becf63c96d025470e1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.5% |
| Communications | 1.3% |
| Consumer Staples | 2.5% |
| Real Estate | 3.4% |
| Utilities | 3.4% |
| Consumer Discretionary | 5.4% |
| Energy | 5.9% |
| Materials | 9.6% |
| Financials | 12.1% |
| Health Care | 16.2% |
| Industrials | 19.7% |
| Technology | 19.9% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Charles River Laboratories International, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Rush Enterprises, Inc. - Class A | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;1.6% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Opportunity Fund - Class I (JOPPX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JOPPX

# Johnson Opportunity Fund

# Class S (JOSSX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Opportunity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class S | $117 | 1.15% |

---

## How did the Fund perform during the reporting period?
In 2025, equity markets experienced elevated volatility as investors evaluated accelerating artificial intelligence–related capital spending, new U.S. tariff policies, shifting monetary policy, and heightened geopolitical risks. SMID Cap stocks reached new highs, supported by improving earnings growth and expanding market valuations. Lower-quality stocks posted their strongest annual relative performance since 2009 and led a sharp market recovery from the April lows.

These factor dynamics were unfavorable for the Fund's high-quality, low-volatility investment approach. More than one-third of the Index is comprised of unprofitable companies, which are typically lower quality and have historically lagged over full market cycles. In addition, small-cap stocks outperformed mid-cap stocks during the year, which was a headwind given the Fund's heavier weighting toward mid-cap companies.

Security selection was the primary driver of relative underperformance, particularly in sectors with wide quality dispersion such as Technology and Health Care. Several of the strongest performers were highly speculative companies that do not meet the Fund's quality criteria. Technology software & service holdings, such as Globant S.A and SPS Commerce, Inc., struggled to meet expectations and were among the Fund's bottom performance contributors. Health Care was the top performing sector, but the Fund's underweight in biotechnology detracted from relative results.

Stocks more directly tied to Artificial intelligence-related capital spending performed well during the year, including Fabrinet, nVent Electric plc, and Comfort Systems. The past year was a challenging relative performance year for most active managers, especially those with a high-quality investing approach than can occasionally be out of favor at certain stages of a market cycle. The Fund remains focused on long-term performance by investing in high-quality businesses with durable competitive advantages, strong balance sheets, and attractive long-term growth prospects.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icf31e35be2bd2f7c9b26f7f0.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Opportunity Fund - Class S** | **Russell 2500<sup>®</sup> Index** |
| **Sep-2023** | $10000 | $10000 |
| **Dec-2023** | $11035 | $10995 |
| **Dec-2024** | $12113 | $12314 |
| **Dec-2025** | $12583 | $13780 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 15, 2023)** |
| Johnson Opportunity Fund - Class S | 3.88% | 10.54% |
| Russell 2500<sup>®</sup> Index | 11.91% | 15.01% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$174,205,167

* Number of Portfolio Holdings82

* Advisory Fee $1,585,539

* Portfolio Turnover29%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifd2e8133b3d854816f16bad7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.5% |
| Money Market Funds | 0.5% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ib5cb1becf63c96d025470e1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.5% |
| Communications | 1.3% |
| Consumer Staples | 2.5% |
| Real Estate | 3.4% |
| Utilities | 3.4% |
| Consumer Discretionary | 5.4% |
| Energy | 5.9% |
| Materials | 9.6% |
| Financials | 12.1% |
| Health Care | 16.2% |
| Industrials | 19.7% |
| Technology | 19.9% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Charles River Laboratories International, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Rush Enterprises, Inc. - Class A | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;1.6% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Opportunity Fund - Class S (JOSSX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JOSSX

# Johnson Enhanced Return Fund
(JENHX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Enhanced Return Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Johnson Enhanced Return Fund | $38 | 0.35% |

---

## How did the Fund perform during the reporting period?
The Fund outpaced its primary benchmark during 2025. The primary driver of outperformance during the year were returns in the bond portion of the portfolio that exceeded the embedded cost-of-carry within its equity futures contract positions. Within the bond portfolio, elevated levels of income led to positive returns. In particular, the strategy's focus on higher-yielding investment grade corporate bonds was additive to performance. Curve positioning was additive to performance as rates at the front-end of the curve fell throughout the year.

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i47b035a8c74a6134d1871cc6.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Enhanced Return Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $1000000 | $1000000 |
| **Dec-2016** | $1128949 | $1119599 |
| **Dec-2017** | $1370423 | $1364025 |
| **Dec-2018** | $1287426 | $1304222 |
| **Dec-2019** | $1722630 | $1714874 |
| **Dec-2020** | $2056441 | $2030390 |
| **Dec-2021** | $2601547 | $2613222 |
| **Dec-2022** | $1988565 | $2139945 |
| **Dec-2023** | $2483920 | $2702486 |
| **Dec-2024** | $3039571 | $3378640 |
| **Dec-2025** | $3599502 | $3982741 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Enhanced Return Fund | 18.42% | 11.85% | 13.66% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$306,162,052

* Number of Portfolio Holdings108

* Advisory Fee $992,479

* Portfolio Turnover59%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icca202b8eb043974753db2e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 18.4% |
| Corporate Bonds | 62.5% |
| Money Market Funds | 1.5% |
| Municipal Bonds | 1.5% |
| U.S. Government & Agencies | 0.7% |
| U.S. Treasury Obligations | 15.4% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i32609cd1ab09f13d9981cddd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government & Agencies | 0.7% |
| Money Market Funds | 1.5% |
| Municipal Bonds | 1.5% |
| Utilities | 12.9% |
| U.S. Treasury Obligations | 15.4% |
| Collateralized Mortgage Obligations | 18.4% |
| Industrials | 22.1% |
| Finance | 27.5% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 1.500%, due 02/15/30 | 4.6% |
| U.S. Treasury Notes, 2.375%, due 05/15/29 | 4.0% |
| U.S. Treasury Notes, 2.750%, due 02/15/28 | 3.8% |
| Cisco Systems, Inc., 4.850%, due 02/26/29 | 2.0% |
| Bank of America Corp., 5.202%, due 04/25/29 | 1.9% |
| Morgan Stanley, 3.591%, due 07/22/28 | 1.9% |
| U.S. Treasury Notes, 2.750%, due 07/31/27 | 1.9% |
| Union Pacific Corp., 3.950%, due 09/10/28 | 1.8% |
| Emerson Electric Co., 2.000%, due 12/21/28 | 1.8% |
| Enterprise Products Operating, LLC, 5.050%, due 01/10/26 | 1.6% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Enhanced Return Fund (JENHX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JENHX

# Johnson Institutional Core Bond Fund

# Class I (JIBFX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Institutional Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $26 | 0.25% |

---

## How did the Fund perform during the reporting period?
The Fund outperformed its primary benchmark for the full year 2025. Duration was the primary driver of the outperformance during the period as the Fund has maintained a duration slightly longer than the benchmark. The Fund's yield curve positioning, particularly its underweight to 30-year maturities, was an additional tailwind to performance over the period. Asset Allocation was additive to performance as the Fund maintained an overweight to corporate bonds. Finally, the Fund's allocation and security selection within mortgaged-backed bonds were additive to performance.

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](icb5d4c4c8966b0e0bd8700dd.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Core Bond Fund - Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $1000000 | $1000000 |
| **Dec-2016** | $1036709 | $1026472 |
| **Dec-2017** | $1075324 | $1062829 |
| **Dec-2018** | $1076735 | $1062948 |
| **Dec-2019** | $1173030 | $1155604 |
| **Dec-2020** | $1286873 | $1242350 |
| **Dec-2021** | $1260656 | $1223195 |
| **Dec-2022** | $1087983 | $1064054 |
| **Dec-2023** | $1147014 | $1122884 |
| **Dec-2024** | $1160934 | $1136922 |
| **Dec-2025** | $1252232 | $1219928 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Inst Core Bond Fund - Class I | 7.86% | -0.54% | 2.27% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$1,902,304,780

* Number of Portfolio Holdings208

* Advisory Fee (net of waivers)$4,579,942

* Portfolio Turnover13%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaeba7d38b239c6bdd43b7123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 27.1% |
| Corporate Bonds | 46.5% |
| Money Market Funds | 0.2% |
| Municipal Bonds | 0.8% |
| Preferred Stocks | 0.5% |
| U.S. Treasury Obligations | 24.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ibb6b51672a16a03c56847929.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 0.2% |
| Preferred Stocks | 0.5% |
| Municipal Bonds | 0.8% |
| Utilities | 11.8% |
| Industrials | 15.0% |
| Finance | 19.3% |
| U.S. Treasury Obligations | 24.7% |
| Collateralized Mortgage Obligations | 26.9% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 4.250%, due 05/15/39 | 5.5% |
| U.S. Treasury Bonds, 2.250%, due 05/15/41 | 5.1% |
| U.S. Treasury Bonds, 3.125%, due 08/15/44 | 4.2% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 3.7% |
| U.S. Treasury Bonds, 3.000%, due 11/15/44 | 3.5% |
| FNMA, 1.520%, due 08/21/35 - Class KA - Series 2022-25 | 2.3% |
| Florida Power & Light Co., 5.100%, due 04/01/33 | 2.0% |
| Bank of America Corp., 5.202%, due 04/25/29 | 1.8% |
| FHLMC, 3.000%, due 08/01/52 - Pool #SD-7556 | 1.8% |
| U.S. Treasury Notes, 4.125%, due 11/15/32 | 1.7% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Institutional Core Bond Fund - Class I (JIBFX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JIBFX

# Johnson Institutional Core Bond Fund

# Class F (JIMFX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Institutional Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $42 | 0.40% |

---

## How did the Fund perform during the reporting period?
The Fund outperformed its primary benchmark for the full year 2025. Duration was the primary driver of the outperformance during the period as the Fund has maintained a duration slightly longer than the benchmark. The Fund's yield curve positioning, particularly its underweight to 30-year maturities, was an additional tailwind to performance over the period. Asset Allocation was additive to performance as the Fund maintained an overweight to corporate bonds. Finally, the Fund's allocation and security selection within mortgaged-backed bonds were additive to performance.

## How has the Fund performed since inception?

### Total Return Based on $500,000 Investment
![Growth of 10K Chart](i00d1ce35139f8a02f4bbefda.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Core Bond Fund - Class F** | **Bloomberg U.S. Aggregate Bond Index** |
| **May-2018** | $500000 | $500000 |
| **Dec-2018** | $510689 | $512452 |
| **Dec-2019** | $554428 | $557122 |
| **Dec-2020** | $607513 | $598942 |
| **Dec-2021** | $594425 | $589708 |
| **Dec-2022** | $512322 | $512985 |
| **Dec-2023** | $539417 | $541347 |
| **Dec-2024** | $544625 | $548115 |
| **Dec-2025** | $587071 | $588133 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2018)** |
| Johnson Inst Core Bond Fund - Class F | 7.79% | -0.68% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.14% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$1,902,304,780

* Number of Portfolio Holdings208

* Advisory Fee (net of waivers)$4,579,942

* Portfolio Turnover13%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaeba7d38b239c6bdd43b7123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 27.1% |
| Corporate Bonds | 46.5% |
| Money Market Funds | 0.2% |
| Municipal Bonds | 0.8% |
| Preferred Stocks | 0.5% |
| U.S. Treasury Obligations | 24.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ibb6b51672a16a03c56847929.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 0.2% |
| Preferred Stocks | 0.5% |
| Municipal Bonds | 0.8% |
| Utilities | 11.8% |
| Industrials | 15.0% |
| Finance | 19.3% |
| U.S. Treasury Obligations | 24.7% |
| Collateralized Mortgage Obligations | 26.9% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 4.250%, due 05/15/39 | 5.5% |
| U.S. Treasury Bonds, 2.250%, due 05/15/41 | 5.1% |
| U.S. Treasury Bonds, 3.125%, due 08/15/44 | 4.2% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 3.7% |
| U.S. Treasury Bonds, 3.000%, due 11/15/44 | 3.5% |
| FNMA, 1.520%, due 08/21/35 - Class KA - Series 2022-25 | 2.3% |
| Florida Power & Light Co., 5.100%, due 04/01/33 | 2.0% |
| Bank of America Corp., 5.202%, due 04/25/29 | 1.8% |
| FHLMC, 3.000%, due 08/01/52 - Pool #SD-7556 | 1.8% |
| U.S. Treasury Notes, 4.125%, due 11/15/32 | 1.7% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Institutional Core Bond Fund - Class F (JIMFX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JIMFX

# Johnson Institutional Core Bond Fund

# Class S (JIBSX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Institutional Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class S | $52 | 0.50% |

---

## How did the Fund perform during the reporting period?
The Fund outperformed its primary benchmark for the full year 2025. Duration was the primary driver of the outperformance during the period as the Fund has maintained a duration slightly longer than the benchmark. The Fund's yield curve positioning, particularly its underweight to 30-year maturities, was an additional tailwind to performance over the period. Asset Allocation was additive to performance as the Fund maintained an overweight to corporate bonds. Finally, the Fund's allocation and security selection within mortgaged-backed bonds were additive to performance.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2f33a960e214351b82ef2801.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Core Bond Fund - Class S** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2023** | $10000 | $10000 |
| **Dec-2023** | $10535 | $10525 |
| **Dec-2024** | $10628 | $10657 |
| **Dec-2025** | $11443 | $11435 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 15, 2023)** |
| Johnson Inst Core Bond Fund - Class S | 7.66% | 6.05% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | 6.02% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$1,902,304,780

* Number of Portfolio Holdings208

* Advisory Fee (net of waivers)$4,579,942

* Portfolio Turnover13%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaeba7d38b239c6bdd43b7123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 27.1% |
| Corporate Bonds | 46.5% |
| Money Market Funds | 0.2% |
| Municipal Bonds | 0.8% |
| Preferred Stocks | 0.5% |
| U.S. Treasury Obligations | 24.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ibb6b51672a16a03c56847929.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 0.2% |
| Preferred Stocks | 0.5% |
| Municipal Bonds | 0.8% |
| Utilities | 11.8% |
| Industrials | 15.0% |
| Finance | 19.3% |
| U.S. Treasury Obligations | 24.7% |
| Collateralized Mortgage Obligations | 26.9% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 4.250%, due 05/15/39 | 5.5% |
| U.S. Treasury Bonds, 2.250%, due 05/15/41 | 5.1% |
| U.S. Treasury Bonds, 3.125%, due 08/15/44 | 4.2% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 3.7% |
| U.S. Treasury Bonds, 3.000%, due 11/15/44 | 3.5% |
| FNMA, 1.520%, due 08/21/35 - Class KA - Series 2022-25 | 2.3% |
| Florida Power & Light Co., 5.100%, due 04/01/33 | 2.0% |
| Bank of America Corp., 5.202%, due 04/25/29 | 1.8% |
| FHLMC, 3.000%, due 08/01/52 - Pool #SD-7556 | 1.8% |
| U.S. Treasury Notes, 4.125%, due 11/15/32 | 1.7% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Institutional Core Bond Fund - Class S (JIBSX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JIBSX

# Johnson Institutional Intermediate Bond Fund

# Class I (JIBEX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Institutional Intermediate Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $26 | 0.25% |

---

## How did the Fund perform during the reporting period?
The Fund outperformed its primary benchmark though out 2025. Duration was the primary driver of the Fund's relative performance during the period as the Fund continues to maintain a slightly longer duration than the benchmark. The Fund maintained an overweight to corporate bonds throughout the year, which was additive to performance. Security selection within corporates added an additional tailwind to performance. Finally, the Fund's out of benchmark position in mortgage-backed bonds ("MBS") was a tailwind to performance as MBS spreads tightened throughout the year.

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i171dc9b6237f84c38a01acb5.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Intermediate Bond Fund - Class I** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** |
| **Dec-2015** | $1000000 | $1000000 |
| **Dec-2016** | $1033657 | $1020809 |
| **Dec-2017** | $1064601 | $1042629 |
| **Dec-2018** | $1069024 | $1051782 |
| **Dec-2019** | $1149542 | $1123324 |
| **Dec-2020** | $1232326 | $1195599 |
| **Dec-2021** | $1211913 | $1178382 |
| **Dec-2022** | $1100689 | $1081343 |
| **Dec-2023** | $1159945 | $1138044 |
| **Dec-2024** | $1193883 | $1172187 |
| **Dec-2025** | $1282134 | $1253842 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Inst Intermediate Bond Fund - Class I | 7.39% | 0.80% | 2.52% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 6.97% | 0.96% | 2.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$277,392,044

* Number of Portfolio Holdings97

* Advisory Fee (net of waivers)$685,473

* Portfolio Turnover45%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic049e15a0f21f4c74fdbe38b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 8.9% |
| Corporate Bonds | 51.0% |
| Money Market Funds | 0.0% |
| Municipal Bonds | 1.2% |
| Preferred Stocks | 0.6% |
| U.S. Government & Agencies | 3.0% |
| U.S. Treasury Obligations | 35.3% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1e8d795d5eedaa0fd1f8be09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Preferred Stocks | 0.6% |
| Municipal Bonds | 1.2% |
| U.S. Government & Agencies | 3.0% |
| Collateralized Mortgage Obligations | 8.8% |
| Utilities | 10.1% |
| Industrials | 18.7% |
| Finance | 21.8% |
| U.S. Treasury Obligations | 34.9% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 2.875%, due 05/15/32 | 5.1% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 4.7% |
| U.S. Treasury Notes, 2.750%, due 08/15/32 | 4.6% |
| U.S. Treasury Notes, 0.875%, due 11/15/30 | 4.3% |
| U.S. Treasury Notes, 3.500%, due 01/31/30 | 4.0% |
| U.S. Treasury Notes, 3.875%, due 09/30/30 | 3.7% |
| U.S. Treasury Notes, 4.000%, due 02/28/30 | 3.5% |
| FHLB, 4.750%, due 12/10/32 | 3.0% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 1.9% |
| U.S. Bancorp, 5.384%, due 01/23/30 - Series CC | 1.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Institutional Intermediate Bond Fund - Class I (JIBEX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JIBEX

# Johnson Institutional Intermediate Bond Fund

# Class F (JIMEX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Institutional Intermediate Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $41 | 0.40% |

---

## How did the Fund perform during the reporting period?
The Fund outperformed its primary benchmark though out 2025. Duration was the primary driver of the Fund's relative performance during the period as the Fund continues to maintain a slightly longer duration than the benchmark. The Fund maintained an overweight to corporate bonds throughout the year, which was additive to performance. Security selection within corporates added an additional tailwind to performance. Finally, the Fund's out of benchmark position in mortgage-backed bonds ("MBS") was a tailwind to performance as MBS spreads tightened throughout the year.

## How has the Fund performed since inception?

### Total Return Based on $500,000 Investment
![Growth of 10K Chart](i2fb27d20e400a7f66e80f29a.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Intermediate Bond Fund - Class F** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** |
| **May-2018** | $500000 | $500000 |
| **Dec-2018** | $508592 | $512746 |
| **Dec-2019** | $545985 | $547622 |
| **Dec-2020** | $584612 | $582857 |
| **Dec-2021** | $573592 | $574463 |
| **Dec-2022** | $520118 | $527157 |
| **Dec-2023** | $547161 | $554798 |
| **Dec-2024** | $562682 | $571443 |
| **Dec-2025** | $603140 | $611250 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2018)** |
| Johnson Inst Intermediate Bond Fund - Class F | 7.19% | 0.63% | 2.48% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 6.97% | 0.96% | 2.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$277,392,044

* Number of Portfolio Holdings97

* Advisory Fee (net of waivers)$685,473

* Portfolio Turnover45%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic049e15a0f21f4c74fdbe38b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 8.9% |
| Corporate Bonds | 51.0% |
| Money Market Funds | 0.0% |
| Municipal Bonds | 1.2% |
| Preferred Stocks | 0.6% |
| U.S. Government & Agencies | 3.0% |
| U.S. Treasury Obligations | 35.3% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1e8d795d5eedaa0fd1f8be09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Preferred Stocks | 0.6% |
| Municipal Bonds | 1.2% |
| U.S. Government & Agencies | 3.0% |
| Collateralized Mortgage Obligations | 8.8% |
| Utilities | 10.1% |
| Industrials | 18.7% |
| Finance | 21.8% |
| U.S. Treasury Obligations | 34.9% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 2.875%, due 05/15/32 | 5.1% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 4.7% |
| U.S. Treasury Notes, 2.750%, due 08/15/32 | 4.6% |
| U.S. Treasury Notes, 0.875%, due 11/15/30 | 4.3% |
| U.S. Treasury Notes, 3.500%, due 01/31/30 | 4.0% |
| U.S. Treasury Notes, 3.875%, due 09/30/30 | 3.7% |
| U.S. Treasury Notes, 4.000%, due 02/28/30 | 3.5% |
| FHLB, 4.750%, due 12/10/32 | 3.0% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 1.9% |
| U.S. Bancorp, 5.384%, due 01/23/30 - Series CC | 1.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Institutional Intermediate Bond Fund - Class F (JIMEX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JIMEX

# Johnson Institutional Short Duration Bond Fund

# Class I (JIBDX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Institutional Short Duration Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $26 | 0.25% |

---

## How did the Fund perform during the reporting period?
The Fund outperformed its primary benchmark for the full year. The primary driver of the Fund's relative performance was its income advantage versus the benchmark throughout the year. The Fund maintained a duration modestly longer than the benchmark which was additive to performance. The Fund's overweight to the corporate bond sector was an additional tailwind to performance throughout the year as corporate bond spreads tightened modestly. Finally, the Fund's allocation to short duration Agency Mortgage-Backed Securities also contributed positively to performance.

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i37f4d85f1050a2b0e30409e9.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Short Duration Bond Fund - Class I** | **ICE BofA U.S. Corporate & Government, 1-3 Years Index** |
| **Dec-2015** | $1000000 | $1000000 |
| **Dec-2016** | $1016795 | $1012885 |
| **Dec-2017** | $1032480 | $1021552 |
| **Dec-2018** | $1044457 | $1038221 |
| **Dec-2019** | $1093033 | $1080454 |
| **Dec-2020** | $1135798 | $1116611 |
| **Dec-2021** | $1125469 | $1112003 |
| **Dec-2022** | $1077189 | $1070136 |
| **Dec-2023** | $1128693 | $1120050 |
| **Dec-2024** | $1177261 | $1170125 |
| **Dec-2025** | $1246805 | $1232603 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Inst Short Duration Bond Fund - Class I | 5.91% | 1.88% | 2.23% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 5.34% | 2.00% | 2.11% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$162,951,156

* Number of Portfolio Holdings96

* Advisory Fee (net of waivers)$501,710

* Portfolio Turnover36%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0d8733cd9a282ec01a2d0830.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 20.9% |
| Corporate Bonds | 62.8% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 2.8% |
| U.S. Treasury Obligations | 13.4% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i558f6035b59dbd0b77c984a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.7% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 2.8% |
| Utilities | 12.0% |
| U.S. Treasury Obligations | 13.5% |
| Collateralized Mortgage Obligations | 21.0% |
| Industrials | 21.7% |
| Finance | 29.6% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 2.375%, due 05/15/29 | 4.9% |
| U.S. Treasury Notes, 2.625%, due 02/15/29 | 3.5% |
| MPLX, L.P., 1.750%, due 03/01/26 | 2.3% |
| JPMorgan Chase & Co., 3.540%, due 05/01/28 | 2.3% |
| Essex Portfolio, L.P., 3.375%, due 04/15/26 | 2.3% |
| Florida Power & Light Co., 4.400%, due 05/15/28 | 2.3% |
| Johnson Controls International plc, 3.900%, due 02/14/26 | 2.3% |
| Verizon Communications, Inc., 2.100%, due 03/22/28 | 2.2% |
| Cisco Systems, Inc., 4.800%, due 02/26/27 | 2.2% |
| U.S. Bancorp, 3.100%, due 04/27/26 - Series MTN | 2.2% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Institutional Short Duration Bond Fund - Class I (JIBDX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JIBDX

# Johnson Institutional Short Duration Bond Fund

# Class F (JIMDX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Institutional Short Duration Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $41 | 0.40% |

---

## How did the Fund perform during the reporting period?
The Fund outperformed its primary benchmark for the full year. The primary driver of the Fund's relative performance was its income advantage versus the benchmark throughout the year. The Fund maintained a duration modestly longer than the benchmark which was additive to performance. The Fund's overweight to the corporate bond sector was an additional tailwind to performance throughout the year as corporate bond spreads tightened modestly. Finally, the Fund's allocation to short duration Agency Mortgage-Backed Securities also contributed positively to performance.

## How has the Fund performed since inception?

### Total Return Based on $500,000 Investment
![Growth of 10K Chart](i3f976938bbed8924010f50a0.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Short Duration Bond Fund - Class F** | **ICE BofA U.S. Corporate & Government, 1-3 Years Index** |
| **May-2018** | $500000 | $500000 |
| **Dec-2018** | $506852 | $509783 |
| **Dec-2019** | $528969 | $530520 |
| **Dec-2020** | $549154 | $548274 |
| **Dec-2021** | $543173 | $546011 |
| **Dec-2022** | $518908 | $525454 |
| **Dec-2023** | $543190 | $549963 |
| **Dec-2024** | $565641 | $574550 |
| **Dec-2025** | $598019 | $605228 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2018)** |
| Johnson Inst Short Duration Bond Fund - Class F | 5.72% | 1.72% | 2.36% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 5.34% | 2.00% | 2.52% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$162,951,156

* Number of Portfolio Holdings96

* Advisory Fee (net of waivers)$501,710

* Portfolio Turnover36%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0d8733cd9a282ec01a2d0830.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 20.9% |
| Corporate Bonds | 62.8% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 2.8% |
| U.S. Treasury Obligations | 13.4% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i558f6035b59dbd0b77c984a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.7% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 2.8% |
| Utilities | 12.0% |
| U.S. Treasury Obligations | 13.5% |
| Collateralized Mortgage Obligations | 21.0% |
| Industrials | 21.7% |
| Finance | 29.6% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 2.375%, due 05/15/29 | 4.9% |
| U.S. Treasury Notes, 2.625%, due 02/15/29 | 3.5% |
| MPLX, L.P., 1.750%, due 03/01/26 | 2.3% |
| JPMorgan Chase & Co., 3.540%, due 05/01/28 | 2.3% |
| Essex Portfolio, L.P., 3.375%, due 04/15/26 | 2.3% |
| Florida Power & Light Co., 4.400%, due 05/15/28 | 2.3% |
| Johnson Controls International plc, 3.900%, due 02/14/26 | 2.3% |
| Verizon Communications, Inc., 2.100%, due 03/22/28 | 2.2% |
| Cisco Systems, Inc., 4.800%, due 02/26/27 | 2.2% |
| U.S. Bancorp, 3.100%, due 04/27/26 - Series MTN | 2.2% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Institutional Short Duration Bond Fund - Class F (JIMDX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JIMDX

# Johnson Core Plus Bond Fund
(JCPLX)

# Annual Shareholder Report - December 31, 2025
![Image](i5b37e3957ceff4d49c0b9b20.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Core Plus Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Johnson Core Plus Bond Fund | $47 | 0.45% |

---

## How did the Fund perform during the reporting period?
The Fund outperformed its primary benchmark for the year. The primary driver of the Fund's outperformance was its longer-than-benchmark duration positioning. The Fund's yield curve positioning was an additional tailwind to performance, particularly the Fund's underweight to 30-year maturities. The Fund utilizes Treasury Futures for exposure to the long end of the yield curve which underperformed as the curve steepened. However, the futures contracts impact on total Fund performance was negligible. The Fund's income advantage relative to the benchmark primarily from it's overweight to corporate bonds and select High Yield securities was also additive to performance. Finally, the Fund's allocation to Agency Mortgage-Backed Securities also contributed positively to returns throughout the year.

## How has the Fund performed since inception?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i7865f22f2d8552768d93a103.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Core Plus Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Nov-2021** | $1000000 | $1000000 |
| **Dec-2021** | $1004392 | $1003378 |
| **Dec-2022** | $866665 | $872836 |
| **Dec-2023** | $917041 | $921094 |
| **Dec-2024** | $927405 | $932609 |
| **Dec-2025** | $1002293 | $1000699 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 17, 2021)** |
| Johnson Core Plus Bond Fund | 8.07% | 0.06% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | 0.02% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

### **Fund Statistics** 
* Net Assets$52,440,191

* Number of Portfolio Holdings103

* Advisory Fee (net of waivers)$223,602

* Portfolio Turnover28%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia68a754544e4a6ef88d88abf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 26.7% |
| Corporate Bonds | 62.1% |
| Money Market Funds | 0.1% |
| Preferred Stocks | 0.3% |
| U.S. Treasury Obligations | 10.8% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i3c10508d5ef1484dc1e2761e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Preferred Stocks | 0.3% |
| Utilities | 8.8% |
| U.S. Treasury Obligations | 10.7% |
| Finance | 24.5% |
| Collateralized Mortgage Obligations | 26.5% |
| Industrials | 28.3% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 2.875%, due 05/15/32 | 2.5% |
| FNMA, 3.500%, due 08/01/50 - Pool #FS8716 | 2.2% |
| FHLMC, 2.000%, due 05/01/42 - Pool #ZS-9278 | 2.1% |
| Target Corp., 5.000%, due 04/15/35 | 2.0% |
| FNMA, 2.000%, due 08/01/42 - Pool #FS9716 | 2.0% |
| Cisco Systems, Inc., 5.050%, due 02/26/34 | 2.0% |
| PepsiCo, Inc., 5.000%, due 02/07/35 - Series 2020 D | 1.9% |
| Truist Financial Corp., 2.250%, due 03/11/30 | 1.9% |
| U.S. Bancorp, 4.967%, due 07/22/33 - Series BB | 1.9% |
| U.S. Treasury Bonds, 2.375%, due 02/15/42 | 1.8% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ifb14c3979d7e7580cc383991.jpg)

# Johnson Core Plus Bond Fund (JCPLX)

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-JCPLX

# Johnson Municipal Income Fund
(JMUNX)

# Annual Shareholder Report - December 31, 2025
![Image](ifde7a197059858d781b1bafc.jpg)

## Fund Overview
This annual shareholder report contains important information about Johnson Municipal Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.johnsoninv.com/mutualfunds**. You can also request this information by contacting us at (800) 541-0170.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Johnson Municipal Income Fund | $31 | 0.30% |

---

## How did the Fund perform during the reporting period?
The Fund outperformed its primary benchmark over the second half of 2025, however for the full year the Fund modestly underperformed. Overall duration was the primary detractor to performance on the year as the curve steepened and longer maturity bonds underperformed. The Fund's emphasis on higher rated securities added to performance as BBB rated bonds underperformed higher rated issuers. Additionally, security selection was an additional tailwind to performance as the Fund's quality bias led to a positive contribution particularly within hospitals and higher education, despite both sectors being among the worst performing during the year.

## How has the Fund performed over the last ten years?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ic3144bb9592af858ce1c9f2c.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Municipal Income Fund** | **Bloomberg Municipal Bond Index** |
| **Dec-2015** | $1000000 | $1000000 |
| **Dec-2016** | $1000472 | $1002481 |
| **Dec-2017** | $1032939 | $1057097 |
| **Dec-2018** | $1042267 | $1070652 |
| **Dec-2019** | $1101213 | $1151327 |
| **Dec-2020** | $1157606 | $1211340 |
| **Dec-2021** | $1161083 | $1229720 |
| **Dec-2022** | $1067067 | $1124870 |
| **Dec-2023** | $1128492 | $1196880 |
| **Dec-2024** | $1136276 | $1209493 |
| **Dec-2025** | $1178477 | $1260840 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Municipal Income Fund | 3.71% | 0.36% | 1.66% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## What did the Fund invest in?

### Quality Allocation (as a percentage of total assets)\*
![Group By Sector Chart](ifbbd890385c33ffadaa1dc22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 8.9% |
| AA | 54.0% |
| A | 27.4% |
| BBB | 7.4% |
| Not Rated | 2.3% |

---

\* As rated by either Standard & Poor's or Moody's Rating Agencies.

(If rated by both, the lower rating is represented.)

### **Fund Statistics** 
* Net Assets$180,912,479

* Number of Portfolio Holdings165

* Advisory Fee $531,074

* Portfolio Turnover36%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0cd9f01541f1505034765056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.4% |
| Municipal Bonds | 99.6% |

---

### Holdings by State of Issuance (% of total investments)
![Group By Country Chart](i9b707bc8c632e123876ec1a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North Dakota | 0.3% |
| Illinois | 0.3% |
| Tennessee | 0.3% |
| Florida | 0.6% |
| Georgia | 0.6% |
| North Carolina | 0.6% |
| Michigan | 1.0% |
| Virginia | 1.4% |
| Colorado | 1.9% |
| Missouri | 1.9% |
| N/A | 3.1% |
| Pennsylvania | 3.5% |
| Kentucky | 4.1% |
| Indiana | 5.5% |
| Texas | 5.5% |
| Alabama | 6.6% |
| Ohio | 62.8% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ohio Higher Education Facilities Revenue - Denison University, 5.000%, due 11/01/53 - Series 2021-A | 2.8% |
| Ohio State Water Development Authority Revenue, 5.000%, due 06/01/46 - Series 2021 | 2.4% |
| Pennsylvania Economic Development Financing Authority UPMC Revenue, 5.000%, due 03/15/60 - Series 2025-A | 2.2% |
| Kings LSD Ohio School Improvement, 5.250%, due 12/01/54 - Series 2024 | 1.8% |
| FHLMC, 2.550%, due 06/15/35 - Class A - Series M-053 | 1.7% |
| Ohio Hospital Facility Revenue Refunding Cleveland Clinic Health, 4.000%, due 01/01/36 - Series 2017-A | 1.7% |
| Black Belt Energy Gas District Alabama Gas Project Revenue Refunding, 5.500%, due 06/01/49 - Series D-1 | 1.6% |
| Miami University Ohio General Receipts Revenue, 4.000%, due 09/01/45 - Series 2020-A | 1.6% |
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's, 5.000%, due 11/15/41 - Series 2019-CC | 1.5% |
| Energy Southeast Alabama Cooperative District Energy Supply Revenue, 5.251%, due 07/01/54 - Series B | 1.5% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.johnsoninv.com/mutualfunds**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i30bf2def6b97466e2b97dce5.jpg)

# Johnson Municipal Income Fund (JMUNX)

# Annual Shareholder Report - December 31, 2025
TSR-AR 123125-JMUNX

(b) Not
 applicable

**Item 2.** **Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed
 to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
 personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
 with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in
 the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, the code of ethics was not amended.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers
 from the provisions of the code of ethics.

(e) Not applicable.

(f) The Trust's Code of Ethics is available on
 request without charge; please call for your copy at 513-661-3100 or 1-800-541-0170 or write us at:

Johnson Mutual Funds

3777 West Fork Road

Cincinnati OH 45247

**Item 3.** **Audit Committee Financial Expert.**

The registrant's board of trustees has determined that that the registrant does not have an audit committee financial expert serving on its Audit Committee as defined by the SEC. The board determined that, although none of the Audit Committee members meet the technical definition of an audit committee financial expert as defined by the SEC, the members have sufficient financial expertise to address any issues that are likely to come before the committee. It was the consensus of the Trustees that it is not necessary at the present time for the committee to have an audit committee financial expert and that, if an issue ever arises, the committee will consider hiring an expert to assist as needed.

**Item 4.** **Principal Accountant Fees and Services.**

(a)  **<u>Audit Fees</u>** 

---

| | |
|:---|:---|
| FY <u>2024</u> | $95050.00 |
| FY <u>2025</u> | $91300.00 |

---

(b)  **<u>Audit-Related Fees</u>** 

---

| | | |
|:---|:---|:---|
|  | **Registrant** | **Adviser** |
| FY <u>2024</u> | $0.00 | $0.00 |
| FY <u>2025</u> | $0.00 | $0.00 |

---

(c)  **<u>Tax Fees</u>** 

---

| | | |
|:---|:---|:---|
|  | **Registrant** | **Adviser** |
| FY <u>2024</u> | $30000.00 | $0.00 |
| FY <u>2025</u> | $31000.00 | $0.00 |

---

Nature of the services: The auditor completed the annual tax returns.

(d)  **<u>All Other Fees</u>** 

---

| | | |
|:---|:---|:---|
|  | **Registrant** | **Adviser** |
| FY <u>2024</u> | $0.00 | $0.00 |
| FY <u>2025</u> | $0.00 | $0.00 |

---

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. All non-audit services provided to the Trust or the Adviser by the Trust's principal accountant are specifically approved in advance on a case-by-case basis by the Board's audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. All non-audit services were pre-approved by the audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X.

(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent
 of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal
 accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the registrant:

---

| | | |
|:---|:---|:---|
|  | **Registrant** | **Adviser** |
| FY <u>2024</u> | $30000.00 | $0.00 |
| FY <u>2025</u> | $31000.00 | $0.00 |

---

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The Registrant(s) schedule(s) of investments is included
 in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](johnson_logo.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](johnson_logo.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANNUAL FINANCIAL STATEMENTS<br> AND ADDITIONAL INFORMATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANNUAL FINANCIAL STATEMENTS<br> AND ADDITIONAL INFORMATION |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **JOHNSON EQUITY INCOME FUND – JEQIX, JEQSX**<br> **JOHNSON OPPORTUNITY FUND – JOPPX, JOSSX**<br> **JOHNSON ENHANCED RETURN FUND – JENHX**<br> **JOHNSON INSTITUTIONAL CORE BOND FUND – JIBFX, JIMFX, JIBSX**<br> **JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND – JIBEX, JIMEX**<br> **JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND – JIBDX, JIMDX**<br> **JOHNSON CORE PLUS BOND FUND – JCPLX**<br> **JOHNSON MUNICIPAL INCOME FUND – JMUNX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **JOHNSON EQUITY INCOME FUND – JEQIX, JEQSX**<br> **JOHNSON OPPORTUNITY FUND – JOPPX, JOSSX**<br> **JOHNSON ENHANCED RETURN FUND – JENHX**<br> **JOHNSON INSTITUTIONAL CORE BOND FUND – JIBFX, JIMFX, JIBSX**<br> **JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND – JIBEX, JIMEX**<br> **JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND – JIBDX, JIMDX**<br> **JOHNSON CORE PLUS BOND FUND – JCPLX**<br> **JOHNSON MUNICIPAL INCOME FUND – JMUNX** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DECEMBER 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DECEMBER 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Mutual Funds Trust<br> 3777 West Fork Road \| Cincinnati, Ohio 45247<br> 513.661.3100 \| 800.541.0170 \| Fax 513.661.4901 | **WWW.JOHNSONMUTUALFUNDS.COM** |

---

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | DECEMBER 31, 2025 |

---

**Table of Contents**

---

| | |
|:---|:---|
| Portfolio of Investments |  |
| &nbsp;&nbsp;&nbsp;Equity Income Fund | 1 |
| &nbsp;&nbsp;&nbsp;Opportunity Fund | 2 |
| &nbsp;&nbsp;&nbsp;Enhanced Return Fund | 4 |
| &nbsp;&nbsp;&nbsp;Institutional Core Bond Fund | 8 |
| &nbsp;&nbsp;&nbsp;Institutional Intermediate Bond Fund | 14 |
| &nbsp;&nbsp;&nbsp;Institutional Short Duration Bond Fund | 17 |
| &nbsp;&nbsp;&nbsp;Core Plus Bond Fund | 20 |
| &nbsp;&nbsp;&nbsp;Municipal Income Fund | 24 |
| Statements of Assets and Liabilities | 30 |
| Statements of Operations | 33 |
| Statements of Changes in Net Assets | 36 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;Equity Income Fund | 41 |
| &nbsp;&nbsp;&nbsp;Opportunity Fund | 43 |
| &nbsp;&nbsp;&nbsp;Enhanced Return Fund | 45 |
| &nbsp;&nbsp;&nbsp;Institutional Core Bond Fund | 46 |
| &nbsp;&nbsp;&nbsp;Institutional Intermediate Bond Fund | 49 |
| &nbsp;&nbsp;&nbsp;Institutional Short Duration Bond Fund | 51 |
| &nbsp;&nbsp;&nbsp;Core Plus Bond Fund | 53 |
| &nbsp;&nbsp;&nbsp;Municipal Income Fund | 54 |
| Notes to the Financial Statements | 55 |
| Additional Information | 68 |
| Report of Independent Registered Public Accounting Firm | 70 |
| Trustees and Officers, Transfer Agent and Fund Accountant, Custodian, Independent Registered Public Accounting Firm, Legal Counsel | Back Page |

---

---

| | |
|:---|:---|
| **EQUITY INCOME FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.5%** | **Shares** | **Value** |
| **Communications — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 61312 | $19190656 |
| **Consumer Discretionary — 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 91600 | 21143112 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 445000 | 16465000 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 113500 | 13955960 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 61300 | 14783108 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 42500 | 12989275 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 65485 | 10059151 |
|  |  | 89395606 |
| **Consumer Staples — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 214620 | 15004084 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Company | 185000 | 14618700 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 79900 | 11467248 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 36690 | 5258044 |
|  |  | 46348076 |
| **Energy — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 338000 | 15392520 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 88510 | 13489809 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 363800 | 21868018 |
|  |  | 50750347 |
| **Financials — 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 53840 | 7358851 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 84000 | 12159840 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 139450 | 14933701 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 299948 | 7168757 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 78800 | 14618976 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 142400 | 13831312 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 129224 | 14865929 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 44870 | 14744282 |
|  |  | 99681648 |
| **Health Care — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 105218 | 13182763 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 39600 | 13374900 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 94043 | 21528324 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 108836 | 10454786 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 37000 | 13004390 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 39792 | 5006629 |
|  |  | 76551792 |
| **Industrials — 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 76100 | 10284154 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 61150 | 11929753 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 63000 | 11210220 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 52000 | 12807600 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 62750 | 15086983 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 154500 | 15754365 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 60500 | 13292455 |
|  |  | 90365530 |
| **Materials — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 82800 | 15059664 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.5%** | **Shares** | **Value** |
| **Technology — 25.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 67140 | $18013662 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | 23760 | 8315762 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 59200 | 16055040 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 61760 | 16790074 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 13900 | 14871054 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 20950 | 13877699 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 24100 | 13758208 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 60151 | 29090227 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 31600 | 14066108 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 40000 | 12155600 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 62100 | 21779091 |
|  |  | 178772525 |
| **Utilities — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 321910 | 20927369 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 176100 | 20306091 |
|  |  | 41233460 |
| **Total Common Stocks**<br> (Cost $458,817,066) |  | $707349304 |
| **MONEY MARKET FUNDS — 0.3%** |  |  |
| First American Government Obligations Fund - Class Z, 3.63% <sup>(b)</sup> (Cost $1,950,390) | 1950390 | $1950390 |
| **Investments at Value — 99.8%**<br> (Cost $460,767,456) |  | $709299694 |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 1194544 |
| **Net Assets — 100.0%** |  | $710494238 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

ADR - American Depositary Receipt

N.V. - Naamloze Vennootschap

plc - Public Limited Company

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **OPPORTUNITY FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.4%** | **Shares** | **Value** |
| **Communications — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;New York Times Co. (The) - Class A | 31200 | $2165904 |
| **Consumer Discretionary — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc. <sup>(a)</sup> | 23100 | 1414182 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. - Class A <sup>(a)</sup> | 34000 | 2070260 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 18600 | 2287056 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 4700 | 1661967 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 11900 | 1975400 |
|  |  | 9408865 |
| **Consumer Staples — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 17900 | 1611537 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 17800 | 2728740 |
|  |  | 4340277 |
| **Energy — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 154300 | 2744997 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 25000 | 2992000 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 5300 | 2138656 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 99200 | 2324256 |
|  |  | 10199909 |
| **Financials — 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 15700 | 2145876 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 54797 | 1720626 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 29200 | 3127028 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 22000 | 2472580 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 88800 | 2295480 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 32400 | 2657448 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 19300 | 2220272 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 41000 | 2580540 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 13400 | 1873588 |
|  |  | 21093438 |
| **Health Care — 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. <sup>(a)</sup> | 18500 | 3690380 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 5000 | 2139300 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 23000 | 2237440 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc <sup>(a)</sup> | 15300 | 2601000 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 24800 | 2011280 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. <sup>(a)</sup> | 81800 | 2606148 |
| &nbsp;&nbsp;&nbsp;QIAGEN N.V. | 51041 | 2295314 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 13400 | 2325302 |
| &nbsp;&nbsp;&nbsp;Repligen Corp. <sup>(a)</sup> | 9900 | 1622214 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 30600 | 2389554 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc. <sup>(a)</sup> | 9000 | 1998270 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B | 10900 | 2376418 |
|  |  | 28292620 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.4%** | **Shares** | **Value** |
| **Industrials — 19.7%** |  |  |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 36800 | $2461184 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 16400 | 1605560 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 11000 | 2824470 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc. - Class A <sup>(a)</sup> | 38600 | 2006042 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 30900 | 2739594 |
| &nbsp;&nbsp;&nbsp;ESAB Corp. | 24500 | 2737140 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. (The) | 43500 | 2077125 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 11200 | 1943312 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 11000 | 2782120 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 78000 | 1428960 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 12300 | 2957289 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 25900 | 2641023 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. - Class A | 52200 | 2815668 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp. <sup>(a)</sup> | 3800 | 1585322 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. - Class A | 6400 | 1766528 |
|  |  | 34371337 |
| **Materials — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 16400 | 2982832 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 100000 | 2499000 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | 43700 | 2598402 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 7700 | 1093862 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 9700 | 2802039 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 19800 | 2059200 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 29200 | 2658660 |
|  |  | 16693995 |
| **Real Estate — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. <sup>(a)</sup> | 7900 | 2658113 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 46900 | 1858647 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 37400 | 1374824 |
|  |  | 5891584 |
| **Technology — 19.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 17700 | 1425027 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc. - Class A <sup>(a)</sup> | 8800 | 2047320 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 53200 | 2030378 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 3200 | 1704992 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 290800 | 2311860 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 62300 | 1502676 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. <sup>(a)</sup> | 51400 | 2227676 |
| &nbsp;&nbsp;&nbsp;Fabrinet <sup>(a)</sup> | 3200 | 1456896 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | 48200 | 2254796 |
| &nbsp;&nbsp;&nbsp;Globant S.A. <sup>(a)</sup> | 3700 | 241869 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 28500 | 2431050 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 14100 | 2572968 |
| &nbsp;&nbsp;&nbsp;MAXIMUS, Inc. | 28100 | 2425592 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. <sup>(a)</sup> | 41900 | 2268885 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **OPPORTUNITY FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. <sup>(a)</sup> | 4100 | $625250 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | 12900 | 1149777 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 17000 | 2553910 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | 2150 | 975992 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. <sup>(a)</sup> | 3200 | 476736 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. - Class A <sup>(a)</sup> | 8300 | 2015406 |
|  |  | 34699056 |
| **Utilities — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 7600 | 1273988 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 32200 | 1545278 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 65500 | 3172820 |
|  |  | 5992086 |
| **Total Common Stocks**<br> (Cost $141,055,397) |  | $173149071 |
| **MONEY MARKET FUNDS — 0.5%** |  |  |
| First American Government Obligations Fund - Class Z, 3.63% <sup>(b)</sup> (Cost $947,412) | 947412 | $947412 |
| **Investments at Value — 99.9%** <br> (Cost $142,002,809) |  | $174096483 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 108684 |
| **Net Assets — 100.0%** |  | $174205167 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

N.V. - Naamloze Vennootschap

plc - Public Limited Company

S.A. - Societe Anonyme

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **ENHANCED RETURN FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 62.5%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 27.5%** |  |  |  |  |
| Allstate Corp. | 3.280% | 12/15/26 | $3000000 | $2983383 |
| American Express Co. | 1.650% | 11/04/26 | 4725000 | 4639139 |
| Aon North America, Inc. | 5.125% | 03/01/27 | 1520000 | 1539086 |
| Aon North America, Inc. | 5.150% | 03/01/29 | 1498000 | 1541769 |
| Bank of America Corp. | 5.202% | 04/25/29 | 5785000 | 5925870 |
| Chubb INA Holdings, Inc. | 3.350% | 05/03/26 | 4559000 | 4548696 |
| Enterprise Products Operating, LLC | 5.050% | 01/10/26 | 5000000 | 5000095 |
| Essex Portfolio, L.P. | 3.375% | 04/15/26 | 3740000 | 3729890 |
| Essex Portfolio, L.P. | 1.700% | 03/01/28 | 1000000 | 949350 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 4380000 | 4611448 |
| Huntington Bancshares, Inc. | 6.208% | 08/21/29 | 4390000 | 4604063 |
| JPMorgan Chase & Co. | 3.540% | 05/01/28 | 3745000 | 3724093 |
| JPMorgan Chase & Co. | 2.182% | 06/01/28 | 2455000 | 2393748 |
| KeyCorp | 2.250% | 04/06/27 | 4765000 | 4657257 |
| Morgan Stanley | 3.591% | 07/22/28 | 5800000 | 5760222 |
| MPLX, L.P. | 1.750% | 03/01/26 | 4731000 | 4712300 |
| NNN REIT, Inc. | 3.600% | 12/15/26 | 1813000 | 1805908 |
| PNC Financial Services Group, Inc. (The) | 5.300% | 01/21/28 | 4010000 | 4062042 |
| PNC Financial Services Group, Inc. (The) | 4.050% | 07/26/28 | 1195000 | 1196625 |
| Truist Financial Corp., Series H | 3.875% | 03/19/29 | 1555000 | 1535631 |
| Truist Financial Corp. | 4.590% | 09/17/29 | 3500000 | 3518731 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 1000000 | 916510 |
| U.S. Bancorp, Series MTN | 3.100% | 04/27/26 | 4340000 | 4325964 |
| U.S. Bancorp, Series Y | 3.000% | 07/30/29 | 1360000 | 1309661 |
| Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 4320000 | 4318046 |
|  |  |  |  | 84309527 |
| **Industrials — 22.1%** |  |  |  |  |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 4680000 | 4662306 |
| Cisco Systems, Inc. | 4.850% | 02/26/29 | 6000000 | 6161179 |
| Home Depot, Inc. (The) | 4.750% | 06/25/29 | 4000000 | 4102362 |
| Honeywell International, Inc. | 2.500% | 11/01/26 | 2000000 | 1978396 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 4260000 | 4258586 |
| Lowe's Companies, Inc. | 2.500% | 04/15/26 | 4080000 | 4062361 |
| Norfolk Southern Corp. | 2.900% | 06/15/26 | 4450000 | 4429823 |
| Parker-Hannifin Corp. | 4.250% | 09/15/27 | 4505000 | 4533927 |
| Roper Technologies, Inc. | 1.400% | 09/15/27 | 1670000 | 1598732 |
| Roper Technologies, Inc. | 4.250% | 09/15/28 | 2870000 | 2881559 |
| Starbucks Corp. | 4.850% | 02/08/27 | 4095000 | 4130990 |
| Target Corp. | 4.350% | 06/15/28 | 1945000 | 1966859 |
| Target Corp. | 3.375% | 04/15/29 | 3679000 | 3613924 |
| T-Mobile U.S., Inc. | 2.625% | 04/15/26 | 4402000 | 4381524 |
| Union Pacific Corp. | 3.950% | 09/10/28 | 5546000 | 5555226 |
| Verizon Communications, Inc. | 2.100% | 03/22/28 | 4760000 | 4571228 |
| Xylem, Inc. | 3.250% | 11/01/26 | 3455000 | 3436509 |
| Xylem, Inc. | 1.950% | 01/30/28 | 1200000 | 1151827 |
|  |  |  |  | 67477318 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **ENHANCED RETURN FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 62.5%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Utilities — 12.9%** |  |  |  |  |
| Berkshire Hathaway, Inc. | 3.250% | 04/15/28 | $2743000 | $2703741 |
| Duke Energy Corp. | 2.650% | 09/01/26 | 4610000 | 4570585 |
| Emerson Electric Co. | 2.000% | 12/21/28 | 5690000 | 5399964 |
| Eversource Energy, Series AA | 4.750% | 05/15/26 | 1225000 | 1228084 |
| Eversource Energy, Series U | 1.400% | 08/15/26 | 1685000 | 1655942 |
| Eversource Energy, Series DD | 5.000% | 01/01/27 | 1750000 | 1765001 |
| Florida Power & Light Co. | 4.400% | 05/15/28 | 4370000 | 4424568 |
| Georgia Power Co., Series 2016-A | 3.250% | 04/01/26 | 3986000 | 3978102 |
| National Rural Utilities Cooperative Finance Corp. (The) | 3.400% | 02/07/28 | 4185000 | 4143656 |
| National Rural Utilities Cooperative Finance Corp. (The) | 3.700% | 03/15/29 | 2000000 | 1975472 |
| Virginia Electric & Power Co., Series A | 3.150% | 01/15/26 | 1080000 | 1078698 |
| Virginia Electric & Power Co., Series A | 3.800% | 04/01/28 | 3585000 | 3571098 |
| Xcel Energy, Inc. | 4.000% | 06/15/28 | 3000000 | 3000128 |
|  |  |  |  | 39495039 |
| **Total Corporate Bonds (Cost $189,658,185)** |  |  |  | $191281884 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 18.4%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 7.3%** |  |  |  |  |
| FHLMC, Series 4287, Class AB | 2.000% | 12/15/26 | $73293 | $71961 |
| FHLMC, Pool #J3-2364 | 2.500% | 11/01/28 | 291911 | 288292 |
| FHLMC, Pool #WN-5184 | 4.500% | 11/01/29 | 4000000 | 4046837 |
| FHLMC, Series 5607, Class GJ | 4.000% | 05/15/30 | 3066452 | 3045230 |
| FHLMC, Pool #ZS-7207 | 3.500% | 07/01/30 | 332510 | 330804 |
| FHLMC, Series 5607, Class GC | 4.250% | 06/15/31 | 3445000 | 3432047 |
| FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 406228 | 402610 |
| FHLMC, Pool #G1-6330 | 3.500% | 08/01/32 | 387212 | 385032 |
| FHLMC, Pool #SB-0380 | 3.500% | 02/01/34 | 462373 | 456847 |
| FHLMC, Pool #SB-1635 | 2.500% | 02/01/35 | 2678525 | 2621197 |
| FHLMC, Series 5050, Class BG | 1.000% | 01/15/41 | 1334905 | 1218489 |
| FHLMC, Series 5902, Class XC | 1.500% | 01/15/41 | 1351848 | 1208654 |
| FHLMC, Series 4009, Class PA | 2.000% | 06/15/41 | 116519 | 113540 |
| FHLMC, Series 4709, Class EA | 3.000% | 01/15/46 | 465104 | 452967 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 4130916 | 4174716 |
|  |  |  |  | 22249223 |
| **Federal National Mortgage Association — 9.8%** |  |  |  |  |
| FNMA, Pool #AT2060 | 2.500% | 04/01/28 | 243443 | 240314 |
| FNMA, Pool #109745 | 3.540% | 10/01/28 | 3919326 | 3883376 |
| FNMA, Pool #BZ1051 | 4.780% | 06/01/29 | 1000000 | 1022712 |
| FNMA, Pool #AL9230 | 3.500% | 12/01/29 | 255277 | 254197 |
| FNMA, Pool #BZ4791 | 4.320% | 09/01/30 | 1875000 | 1888780 |
| FNMA, Pool #FM1536 | 2.500% | 11/01/30 | 86673 | 85475 |
| FNMA, Pool #BZ5573 | 4.020% | 11/01/30 | 3100000 | 3082307 |
| FNMA, Series 2013-3, Class DK | 1.750% | 02/25/33 | 307602 | 290611 |
| FNMA, Pool #FM2287 | 4.500% | 03/01/34 | 371376 | 377516 |
| FNMA, Pool #FA3509 | 3.500% | 07/01/34 | 2549219 | 2533790 |
| FNMA, Pool #FM2989 | 3.000% | 09/01/34 | 513125 | 503892 |
| FNMA, Pool #AL7077 | 4.000% | 07/01/35 | 650497 | 647683 |
| FNMA, Pool #833200 | 5.500% | 09/01/35 | 140953 | 146701 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **ENHANCED RETURN FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 18.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| FNMA, Pool #CA7891 | 1.500% | 11/01/35 | $3383097 | $3118420 |
| FNMA, Series 2020-044, Class TE | 2.000% | 12/25/35 | 1137595 | 1062504 |
| FNMA, Pool #MA4330 | 2.500% | 05/01/36 | 2454008 | 2330883 |
| FNMA, Series FM8444 | 2.000% | 06/01/36 | 1702539 | 1589294 |
| FNMA, Pool #FM2293 | 4.000% | 09/01/36 | 1219450 | 1212762 |
| FNMA, Pool #FS6096 | 2.000% | 03/01/37 | 3227211 | 3018222 |
| FNMA, Pool #FM7224 | 4.500% | 11/01/38 | 530771 | 535536 |
| FNMA, Pool #AJ7509 (RFUCCT1Y + 178) <sup>(a)</sup> | 6.155% | 12/01/41 | 11832 | 12059 |
| FNMA, Series 2013-6, Class BC | 1.500% | 12/25/42 | 9247 | 9165 |
| FNMA, Series 2015-28, Class P | 2.500% | 05/25/45 | 1500425 | 1404107 |
| FNMA, Series 2020-95, Class GA | 1.000% | 01/25/51 | 1280933 | 994898 |
|  |  |  |  | 30245204 |
| **Government National Mortgage Association — 1.3%** |  |  |  |  |
| GNMA, Series 2024-126, Class BP | 2.250% | 10/20/44 | 4275629 | 3917724 |
| **Total Collateralized Mortgage Obligations (Cost $57,006,756)** |  |  |  | $56412151 |
| **MUNICIPAL BONDS — 1.5%** |  |  |  |  |
| Hamilton County Industry Hospital Association | 3.790% | 07/15/28 | $425000 | $424129 |
| Hamilton County Industry Hospital Association | 3.900% | 07/15/29 | 390000 | 389089 |
| Houston Texas Utility System Revenue | 1.516% | 11/15/28 | 940000 | 882156 |
| Wisconsin State General Fund Annual Appropriation Revenue | 2.196% | 05/01/27 | 3000000 | 2942169 |
| **Total Municipal Bonds (Cost $4,596,198)** |  |  |  | $4637543 |
| **U.S. GOVERNMENT & AGENCIES — 0.7%** |  |  |  |  |
| **Federal Farm Credit Bank — 0.7%** |  |  |  |  |
| FFCB (Cost $1,995,632) | 4.750% | 10/13/27 | $2000000 | $2040530 |
| **U.S. TREASURY OBLIGATIONS — 15.4%** |  |  |  |  |
| **U.S. Treasury Notes — 15.4%** |  |  |  |  |
| U.S. Treasury Notes <sup>(b)</sup> | 1.625% | 05/15/26 | $3500000 | $3475254 |
| U.S. Treasury Notes <sup>(b)</sup> | 2.750% | 07/31/27 | 5775000 | 5709806 |
| U.S. Treasury Notes <sup>(b)</sup> | 2.750% | 02/15/28 | 11950000 | 11769816 |
| U.S. Treasury Notes <sup>(b)</sup> | 2.375% | 05/15/29 | 12690000 | 12203220 |
| U.S. Treasury Notes <sup>(b)</sup> | 1.500% | 02/15/30 | 15225000 | 13984400 |
| **Total U.S. Treasury Obligations (Cost $46,732,367)** |  |  |  | $47142496 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **ENHANCED RETURN FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 1.5%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class Z, 3.63% <sup>(c)</sup> (Cost $4,634,737) | 4634737 | $4634737 |
| **Investments at Value — 100.0% (Cost $304,623,875)** |  | $306149341 |
| **Other Assets in Excess of Liabilities — 0.0% <sup>(d)</sup>** |  | 12711 |
| **Net Assets — 100.0%** |  | $306162052 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

<sup>(b)</sup> All or a portion of the security is segregated as collateral on futures contracts. The total fair value of collateral as of December 31, 2025 is $23,141,884.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

plc - Public Limited Company

RFUCCT - Refinitiv USD IBOR Cash Fallbacks

SOFR - Secured Overnight Financing Rate

---

| | |
|:---|:---|
| **ENHANCED RETURN FUND** | SCHEDULE OF FUTURES CONTRACTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **Contracts** | **Expiration<br> Date** | **Notional Value<br> at Purchase** | **Notional<br> Value** | **Value/<br> Unrealized<br> Depreciation** |
| **Index Futures** |  |  |  |  |  |
| E-Mini S&P 500 Future | 883 | 3/20/2026 | $305166543 | $304303875 | $(862668) |

---

The average monthly notional value of futures contracts during the year ended December 31, 2025 was $284,650,252.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL CORE BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 46.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 19.3%** |  |  |  |  |
| Allstate Corp. (The) | 5.250% | 03/30/33 | $30000000 | $31188810 |
| American Express Co. | 5.532% | 04/25/30 | 28985000 | 30247171 |
| American Express Co. | 6.489% | 10/30/31 | 6500000 | 7100523 |
| AON Corp. | 3.750% | 05/02/29 | 11646000 | 11520485 |
| Bank of America Corp. | 5.202% | 04/25/29 | 32890000 | 33690900 |
| Bank of New York Mellon Corp. (The), Series J | 6.317% | 10/25/29 | 9017000 | 9572634 |
| Bank of New York Mellon Corp. (The), Series J | 4.289% | 06/13/33 | 16000000 | 15777494 |
| Essex Portfolio, L.P. | 3.000% | 01/15/30 | 9666000 | 9175263 |
| Essex Property Trust, Inc. | 3.625% | 05/01/27 | 2298000 | 2288358 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 26956000 | 28380409 |
| Huntington Bancshares, Inc. | 4.443% | 08/04/28 | 7655000 | 7696747 |
| Huntington Bancshares, Inc. | 6.208% | 08/21/29 | 2830000 | 2967995 |
| Huntington Bancshares, Inc. | 2.550% | 02/04/30 | 11628000 | 10845738 |
| JPMorgan Chase & Co. (SOFR + 379) <sup>(a)</sup> | 4.493% | 03/24/31 | 7660000 | 7723442 |
| KeyCorp, Series O | 4.100% | 04/30/28 | 3810000 | 3813674 |
| KeyCorp | 2.550% | 10/01/29 | 7755000 | 7322418 |
| KeyCorp, Series S | 5.121% | 04/04/31 | 2000000 | 2054028 |
| PNC Financial Services Group, Inc. (The) | 2.307% | 04/23/32 | 6000000 | 5416288 |
| PNC Financial Services Group, Inc. (The) | 5.939% | 08/18/34 | 15605000 | 16749904 |
| Prologis, Inc. | 5.125% | 01/15/34 | 10060000 | 10332055 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 22716000 | 20819450 |
| Truist Financial Corp., Series G | 6.123% | 10/28/33 | 6265000 | 6766035 |
| Truist Financial Corp. | 5.122% | 01/26/34 | 12305000 | 12533691 |
| U.S. Bancorp, Series Y | 3.000% | 07/30/29 | 16755000 | 16134828 |
| U.S. Bancorp, Series BB | 4.967% | 07/22/33 | 11985000 | 12099009 |
| U.S. Bancorp, Series AA | 5.850% | 10/21/33 | 11975000 | 12819764 |
| Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 15315000 | 15308074 |
| Wells Fargo & Co., Series O | 4.300% | 07/22/27 | 14199000 | 14258161 |
| Wells Fargo & Co., Series Q (TSFR3M + 157.2) <sup>(a)</sup> | 3.584% | 05/22/28 | 2000000 | 1986660 |
|  |  |  |  | 366590008 |
| **Industrials — 15.0%** |  |  |  |  |
| Air Products and Chemicals, Inc. | 4.850% | 02/08/34 | 14470000 | 14710067 |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 9500000 | 9464083 |
| Becton Dickinson & Co. | 2.823% | 05/20/30 | 14950000 | 14094288 |
| Cisco Systems, Inc. | 4.850% | 02/26/29 | 3000000 | 3080589 |
| Cisco Systems, Inc. | 5.050% | 02/26/34 | 23000000 | 23675143 |
| CVS Health Corp. | 4.300% | 03/25/28 | 19133000 | 19203778 |
| Dover Corp. | 2.950% | 11/04/29 | 28965000 | 27682036 |
| Duke Energy Corp. | 2.450% | 06/01/30 | 21000000 | 19479743 |
| Honeywell International, Inc. | 5.000% | 02/15/33 | 22000000 | 22632745 |
| Honeywell International, Inc. | 5.000% | 03/01/35 | 11580000 | 11787663 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 6430000 | 6427865 |
| Johnson Controls International plc | 4.900% | 12/01/32 | 9870000 | 10047004 |
| Kroger Co. (The) | 2.200% | 05/01/30 | 1000000 | 920054 |
| Lowes Cos., Inc. | 4.500% | 04/15/30 | 5072000 | 5137915 |
| Parker-Hannifin Corp. | 3.250% | 03/01/27 | 8710000 | 8648715 |
| Parker-Hannifin Corp. | 4.250% | 09/15/27 | 16331000 | 16435862 |
| PepsiCo, Inc., Series 2020 D | 5.000% | 02/07/35 | 9250000 | 9532572 |
| Target Corp. | 3.375% | 04/15/29 | 2000000 | 1964623 |
| Target Corp. | 5.000% | 04/15/35 | 7000000 | 7097234 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL CORE BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 46.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Verizon Communications, Inc. | 4.016% | 12/03/29 | $30000000 | $29767023 |
| Walmart, Inc. | 4.900% | 04/28/35 | 9674000 | 9949729 |
| Xylem, Inc. | 1.950% | 01/30/28 | 5250000 | 5039245 |
| Xylem, Inc. | 2.250% | 01/30/31 | 10731000 | 9735709 |
|  |  |  |  | 286513685 |
| **Utilities — 11.8%** |  |  |  |  |
| Berkshire Hathaway, Inc. | 3.700% | 07/15/30 | 12267000 | 12064063 |
| Duke Energy Corp. | 2.650% | 09/01/26 | 7575000 | 7510235 |
| Duke Energy Ohio, Inc. | 2.125% | 06/01/30 | 5108000 | 4681238 |
| Eversource Energy, Series M | 3.300% | 01/15/28 | 9140000 | 8976038 |
| Eversource Energy, Series O | 4.250% | 04/01/29 | 19308000 | 19264324 |
| Eversource Energy, Series R | 1.650% | 08/15/30 | 232000 | 204832 |
| Florida Power & Light Co. | 5.100% | 04/01/33 | 36677000 | 38018848 |
| Georgia Power Co., Series 2019B | 2.650% | 09/15/29 | 28141000 | 26784952 |
| Georgia Power Co., Series 2025B | 4.850% | 03/15/31 | 14000000 | 14363964 |
| Interstate Power & Light Co. | 4.100% | 09/26/28 | 20965000 | 20952380 |
| Interstate Power & Light Co. | 2.300% | 06/01/30 | 9379000 | 8608939 |
| Interstate Power & Light Co. | 5.700% | 10/15/33 | 625000 | 656599 |
| National Rural Utilities Cooperative Finance Corp. (The) | 3.700% | 03/15/29 | 7558000 | 7465310 |
| National Rural Utilities Cooperative Finance Corp. (The) | 2.400% | 03/15/30 | 12595000 | 11752713 |
| Virginia Electric & Power Co., Series A | 3.500% | 03/15/27 | 1807000 | 1798763 |
| Virginia Electric & Power Co., Series C | 5.300% | 08/15/33 | 3631000 | 3768560 |
| Xcel Energy, Inc. | 4.000% | 06/15/28 | 18857000 | 18857803 |
| Xcel Energy, Inc. | 3.400% | 06/01/30 | 19340000 | 18593007 |
|  |  |  |  | 224322568 |
| **Total Corporate Bonds (Cost $883,882,924)** |  |  |  | $877426261 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.9%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 9.0%** |  |  |  |  |
| FHLMC, Series 4287, Class AB | 2.000% | 12/15/26 | $137425 | $134927 |
| FHLMC, Pool #ZA-3721 | 3.000% | 06/01/29 | 1822778 | 1802832 |
| FHLMC, Pool #ZK-6713 | 3.000% | 06/01/29 | 1042637 | 1031078 |
| FHLMC, Pool #C0-1005 | 8.000% | 06/01/30 | 322 | 343 |
| FHLMC, Pool #V6-1479, Series V6-1479 | 2.500% | 01/01/32 | 1500941 | 1459326 |
| FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 1285507 | 1274058 |
| FHLMC, Pool #ZT-1964 | 3.500% | 06/01/32 | 1861571 | 1847403 |
| FHLMC, Pool #G1-8667 | 3.500% | 11/01/32 | 816801 | 808851 |
| FHLMC, Series 4151, Class PA | 2.000% | 01/15/33 | 828778 | 790154 |
| FHLMC, Pool #78-0439 (H15T1Y + 222.3) <sup>(a)</sup> | 6.473% | 04/01/33 | 6844 | 6954 |
| FHLMC, Pool #G0-8068 | 5.500% | 07/01/35 | 398099 | 414874 |
| FHLMC, Pool #G0-1880 | 5.000% | 08/01/35 | 16071 | 16449 |
| FHLMC, Pool #G0-6616 | 4.500% | 12/01/35 | 177385 | 178908 |
| FHLMC, Pool #G3-0933 | 4.000% | 01/01/36 | 7336076 | 7306754 |
| FHLMC, Series 3109, Class ZN | 5.500% | 02/15/36 | 394001 | 403389 |
| FHLMC, Pool #G3-1087 | 4.000% | 07/01/38 | 1314228 | 1299953 |
| FHLMC, Series 4887, Class A | 3.250% | 09/15/38 | 360440 | 349785 |
| FHLMC, Pool #SC-0066 | 4.500% | 01/01/39 | 4285028 | 4313687 |
| FHLMC, Series 4287, Class AB | 3.500% | 07/15/39 | 61619 | 60359 |
| FHLMC, Pool #G0-1880 | 4.500% | 10/01/39 | 45172 | 45414 |
| FHLMC, Pool #A8-9335 | 5.000% | 10/01/39 | 103073 | 105573 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL CORE BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| FHLMC, Series 3592, Class BZ | 5.000% | 10/15/39 | $269352 | $275072 |
| FHLMC, Pool #SC-0047 | 3.000% | 01/01/40 | 17194742 | 16246111 |
| FHLMC, Series 3946, Class LN | 3.500% | 04/15/41 | 175415 | 173657 |
| FHLMC, Series 4105, Class PJ | 3.500% | 06/15/41 | 180150 | 178911 |
| FHLMC, Pool #RB-5125 | 2.000% | 09/01/41 | 10414684 | 9129109 |
| FHLMC, Pool #SC-0384 | 2.000% | 04/01/42 | 16156441 | 14202466 |
| FHLMC, Pool #2B-0350 (RFUCCT1Y + 186) <sup>(a)</sup> | 6.860% | 04/01/42 | 1161 | 1186 |
| FHLMC, Pool #ZS-9278 | 2.000% | 05/01/42 | 26401427 | 23109496 |
| FHLMC, Series 4087, Class PT | 3.000% | 07/15/42 | 266574 | 252985 |
| FHLMC, Series 4180, Class ME | 2.500% | 10/15/42 | 542394 | 521394 |
| FHLMC, Series 4161, Class QA | 3.000% | 02/15/43 | 63561 | 61072 |
| FHLMC, Series 4471, GA | 3.000% | 02/15/44 | 7463840 | 7189464 |
| FHLMC, Series 4517, Class PC | 2.500% | 05/15/44 | 368249 | 356474 |
| FHLMC, Series 4689, Class DA | 3.000% | 07/15/44 | 258177 | 255547 |
| FHLMC, Series 4567, Class LA | 3.000% | 08/15/45 | 78811 | 75441 |
| FHLMC, Series 4582, Class PA | 3.000% | 11/15/45 | 1222642 | 1162857 |
| FHLMC, Series 4709, Class EA | 3.000% | 01/15/46 | 548822 | 534501 |
| FHLMC, Pool #SD-1069 | 3.500% | 06/01/49 | 4647445 | 4382149 |
| FHLMC, Series 4906, Class DE | 2.500% | 09/25/49 | 2842593 | 2558108 |
| FHLMC, Pool #SD-0695 | 4.000% | 12/01/49 | 402227 | 390197 |
| FHLMC, Pool #SD-2170 | 3.000% | 07/01/51 | 19271484 | 17310597 |
| FHLMC, Pool #SD-7544 | 3.000% | 07/01/51 | 7074697 | 6387112 |
| FHLMC, Pool #SD-7556 | 3.000% | 08/01/52 | 37260950 | 33429678 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 8649779 | 8741493 |
|  |  |  |  | 170576148 |
| **Federal National Mortgage Association — 17.0%** |  |  |  |  |
| FNMA, Pool #AN8842 | 3.320% | 04/01/28 | 9260000 | 9128380 |
| FNMA, Pool #AN9848 | 3.740% | 07/01/28 | 8938000 | 8884130 |
| FNMA, Pool #BL0752 | 3.650% | 01/01/29 | 5000000 | 4961350 |
| FNMA, Pool #BL2935 | 3.150% | 06/01/29 | 8000000 | 7787780 |
| FNMA, Pool #AN9848 | 3.000% | 01/01/30 | 33651 | 33222 |
| FNMA, Pool #MA0384 | 5.000% | 04/01/30 | 151595 | 153918 |
| FNMA, Pool #AL6923 | 3.000% | 05/01/30 | 2040162 | 2014824 |
| FNMA, Pool #AS5794 | 3.000% | 09/01/30 | 491757 | 484604 |
| FNMA, Pool #AS6548, Series 2016 | 2.500% | 01/01/31 | 1066960 | 1041098 |
| FNMA, Pool #AL9309 | 3.500% | 10/01/31 | 361887 | 359455 |
| FNMA, Pool #MA1107 | 3.500% | 07/01/32 | 175162 | 173023 |
| FNMA, Pool #MA1237 | 3.000% | 11/01/32 | 116418 | 113498 |
| FNMA, Pool #725027 | 5.000% | 11/01/33 | 84610 | 86290 |
| FNMA, Pool #FM5394 | 3.000% | 03/01/34 | 2936116 | 2859755 |
| FNMA, Pool #FM3388 | 4.000% | 03/01/34 | 60347 | 60394 |
| FNMA, Pool #725704 | 6.000% | 08/01/34 | 34984 | 36577 |
| FNMA, Pool #FM5050 | 2.500% | 02/01/35 | 515784 | 505411 |
| FNMA, Pool #AL7077 | 4.000% | 07/01/35 | 1293643 | 1288048 |
| FNMA, Series 2005-64, Class PL | 5.500% | 07/25/35 | 11712 | 12065 |
| FNMA, Series 2022-25, Class KA | 1.520% | 08/21/35 | 57440000 | 44234729 |
| FNMA, Pool #BM1971 | 3.500% | 12/01/35 | 796012 | 783059 |
| FNMA, Pool #888223 | 5.500% | 01/01/36 | 122293 | 127287 |
| FNMA, Series 2016-99, Class TA | 3.500% | 03/25/36 | 109438 | 108637 |
| FNMA, Pool #995112 | 5.500% | 07/01/36 | 131038 | 136209 |
| FNMA, Series 2014-20, Class AC | 3.000% | 08/25/36 | 901 | 888 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL CORE BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| FNMA, Pool #FM2293 | 4.000% | 09/01/36 | $175085 | $174125 |
| FNMA, Pool #MA2773 | 3.000% | 10/01/36 | 3153229 | 3018234 |
| FNMA, Pool #AL9623 | 4.000% | 12/01/36 | 1099259 | 1093760 |
| FNMA, Pool #889050 | 6.000% | 05/01/37 | 65990 | 69643 |
| FNMA, Pool #MA3186 | 4.000% | 11/01/37 | 4013493 | 3975548 |
| FNMA, Pool #MA3337 | 4.000% | 04/01/38 | 1460744 | 1442677 |
| FNMA, Pool #AA4392 | 4.000% | 04/01/39 | 288864 | 283279 |
| FNMA, Pool #FM9469 | 4.000% | 08/01/39 | 4623440 | 4573048 |
| FNMA, Pool #CB0114 | 2.500% | 04/01/41 | 13434964 | 12195157 |
| FNMA, Series 2011-53, Class DT | 4.500% | 06/25/41 | 66248 | 66135 |
| FNMA, Pool #AJ7509 (RFUCCT1Y + 178) <sup>(a)</sup> | 6.155% | 12/01/41 | 11832 | 12059 |
| FNMA, Pool #FS9716 | 2.000% | 08/01/42 | 37147920 | 32585626 |
| FNMA, Pool #FS9718 | 2.000% | 08/01/42 | 13287098 | 11646956 |
| FNMA, Series 2012-128, Class TP | 2.000% | 11/25/42 | 270229 | 255496 |
| FNMA, Series 2013-6, Class BC | 1.500% | 12/25/42 | 20529 | 20347 |
| FNMA, Series 2015-72, Class GB | 2.500% | 12/25/42 | 730237 | 715364 |
| FNMA, Series 2013-75, Class EG | 3.000% | 02/25/43 | 170766 | 163847 |
| FNMA, Series 2014-28, Class PA | 3.500% | 02/25/43 | 110302 | 109442 |
| FNMA, Series 2013-83, Class MH | 4.000% | 08/25/43 | 98241 | 97005 |
| FNMA, Pool #AU7025 | 3.000% | 11/01/43 | 8221461 | 7559400 |
| FNMA, Series 2014-4, Class PC | 3.000% | 02/25/44 | 498893 | 482332 |
| FNMA, Series 2016-79, Class L | 2.500% | 10/25/44 | 684475 | 657908 |
| FNMA, Series 2016-39, Class LA | 2.500% | 03/25/45 | 1134429 | 1080567 |
| FNMA, Series 2016-64, Class PG | 3.000% | 05/25/45 | 1372619 | 1311805 |
| FNMA, Series 2016-40, Class PA | 3.000% | 07/25/45 | 81349 | 77133 |
| FNMA, Series 4768, Class GA | 3.500% | 09/15/45 | 1269434 | 1257619 |
| FNMA, Series 2016-49, Class PA | 3.000% | 09/25/45 | 576385 | 550858 |
| FNMA, Series 2016-99, Class PH | 3.000% | 01/25/46 | 1032161 | 989085 |
| FNMA, Series 2016-02, Class PB | 2.000% | 02/25/46 | 130184 | 121861 |
| FNMA, Series 2018-67, Class BA | 4.500% | 03/25/46 | 627818 | 629578 |
| FNMA, Series 2018-25, Class P | 3.500% | 03/25/46 | 1644510 | 1611414 |
| FNMA, Pool #BE5067 | 3.500% | 11/01/46 | 10576992 | 9978521 |
| FNMA, Pool #BM5003 | 4.000% | 03/01/47 | 925643 | 900138 |
| FNMA, Pool #FM-4929 | 3.500% | 03/01/48 | 3788137 | 3571894 |
| FNMA, Series 2022-25, Class KA | 4.000% | 09/25/48 | 6375549 | 6323529 |
| FNMA, Series 2019-60, Class DA | 2.500% | 03/25/49 | 1335787 | 1211427 |
| FNMA, Pool #BM5003 | 3.500% | 08/01/49 | 314144 | 295030 |
| FNMA, Series 2018-67, Class BA | 2.500% | 08/25/49 | 95160 | 85326 |
| FNMA, Pool #FS4218 | 4.000% | 10/01/49 | 7700067 | 7510204 |
| FNMA, Pool #CA4860 | 3.000% | 12/01/49 | 23141830 | 20836924 |
| FNMA, Series 2020-95, Class GA | 1.000% | 01/25/51 | 5704156 | 4430404 |
| FNMA, Pool #FM9631 | 3.000% | 11/01/51 | 6686827 | 6007555 |
| FNMA, Pool #FS3678 | 3.000% | 12/01/51 | 10739877 | 9694372 |
| FNMA, Pool #CB3051 | 3.000% | 03/01/52 | 5870956 | 5292857 |
| FNMA, Pool #FS4520 | 3.000% | 04/01/52 | 28949337 | 26082002 |
| FNMA, Pool #FS4608 | 3.000% | 05/01/52 | 8270916 | 7450904 |
| FNMA, Pool #FS7972 | 3.000% | 05/01/52 | 10452345 | 9413839 |
| FNMA, Pool #FS2724 | 3.000% | 07/01/52 | 12678346 | 11344137 |
| FNMA, Pool #FS8070 | 3.000% | 07/01/52 | 9906203 | 8891957 |
| FNMA, Series FS8767 | 3.500% | 08/01/52 | 10476543 | 9820870 |
|  |  |  |  | 323343829 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL CORE BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Government National Mortgage Association — 0.9%** |  |  |  |  |
| GNMA, Pool #780420X | 7.500% | 08/01/26 | $18 | $18 |
| GNMA, Pool #002658M | 6.500% | 10/01/28 | 2057 | 2103 |
| GNMA, Pool #002945M | 7.500% | 07/01/30 | 264 | 273 |
| GNMA, Pool #004187M | 5.500% | 07/01/38 | 6399 | 6677 |
| GNMA, Series 2021-175, Class DG | 2.000% | 10/20/51 | 18974383 | 16390948 |
|  |  |  |  | 16400019 |
| **Total Collateralized Mortgage Obligations (Cost $514,601,158)** |  |  |  | $510319996 |
| **MUNICIPAL BONDS — 0.8%** |  |  |  |  |
| Cincinnati Children's Hospital Medical Center, Series 2016Y | 2.853% | 11/15/26 | $1835000 | $1813976 |
| Hamilton County Ohio Health Care FACS Revenue, Series 2019 | 3.374% | 06/01/34 | 5000000 | 4656689 |
| Sycamore Ohio Community SD Taxable School Improvement, Series 2010 | 5.850% | 12/01/28 | 510000 | 538795 |
| Texas Natural Gas Securitization Finance Corp. Revenue, Series 2023 A-1 | 5.102% | 04/01/35 | 8373074 | 8616744 |
| **Total Municipal Bonds (Cost $15,733,151)** |  |  |  | $15626204 |
| **U.S. TREASURY OBLIGATIONS — 24.7%** |  |  |  |  |
| **U.S. Treasury Bonds — 19.3%** |  |  |  |  |
| U.S. Treasury Bonds | 4.250% | 05/15/39 | $106000000 | $103896563 |
| U.S. Treasury Bonds | 2.250% | 05/15/41 | 132000000 | 97205625 |
| U.S. Treasury Bonds | 3.125% | 08/15/44 | 100000000 | 79265625 |
| U.S. Treasury Bonds | 3.000% | 11/15/44 | 85000000 | 65835156 |
| U.S. Treasury Bonds | 2.500% | 05/15/46 | 30000000 | 20835937 |
|  |  |  |  | 367038906 |
| **U.S. Treasury Notes — 5.4%** |  |  |  |  |
| U.S. Treasury Notes | 4.125% | 11/15/32 | 33000000 | 33391875 |
| U.S. Treasury Notes | 4.000% | 02/15/34 | 70000000 | 69825000 |
|  |  |  |  | 103216875 |
| **Total U.S. Treasury Obligations (Cost $482,103,109)** |  |  |  | $470255781 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL CORE BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS — 0.5%** | **Shares** | **Value** |
| **Financials — 0.5%** |  |  |
| Allstate Corp. (The), 5.10%, 01/15/53 (Cost $8,697,107) | 354596 | $9176944 |
| **MONEY MARKET FUNDS — 0.2%** |  |  |
| First American Government Obligations Fund - Class Z, 3.63% <sup>(b)</sup> (Cost $4,219,764) | 4219764 | $4219764 |
| **Investments at Value — 99.2% (Cost $1,909,237,213)** |  | $1887024950 |
| **Other Assets in Excess of Liabilities — 0.8%** |  | 15279830 |
| **Net Assets — 100.0%** |  | $1902304780 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

H15T1Y - U.S. Treasury yield curve rate for U.S. Treasury Note with a constant maturity of 1 year

plc - Public Limited Company

RFUCCT - Refinitiv USD IBOR Cash Fallbacks

SOFR - Secured Overnight Financing Rate

TSFR - CME Term SOR

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL INTERMEDIATE BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 50.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 21.8%** |  |  |  |  |
| Allstate Corp. (The) | 5.250% | 03/30/33 | $1000000 | $1039627 |
| American Express Co. | 5.043% | 07/26/28 | 1250000 | 1270733 |
| American Express Co. | 5.532% | 04/25/30 | 3630000 | 3788071 |
| AON Corp. | 3.750% | 05/02/29 | 615000 | 608372 |
| Bank of America Corp. | 5.202% | 04/25/29 | 4925000 | 5044928 |
| Bank of New York Mellon Corp. (The) | 5.060% | 07/22/32 | 2500000 | 2590609 |
| Bank of New York Mellon Corp. (The), Series J | 4.289% | 06/13/33 | 2690000 | 2652591 |
| Chubb INA Holdings, Inc. | 1.375% | 09/15/30 | 2500000 | 2202991 |
| Essex Portfolio, L.P. | 4.000% | 03/01/29 | 1716000 | 1702857 |
| Essex Portfolio, L.P. | 3.000% | 01/15/30 | 2690000 | 2553430 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 3824000 | 4026068 |
| Huntington Bancshares, Inc. | 6.208% | 08/21/29 | 3300000 | 3460913 |
| KeyCorp | 2.250% | 04/06/27 | 2000000 | 1954777 |
| Marsh & McLennan Cos., Inc. | 4.550% | 11/08/27 | 750000 | 759204 |
| Morgan Stanley | 3.591% | 07/22/28 | 3600000 | 3575310 |
| PNC Financial Services Group, Inc. (The) (SOFR + 173) <sup>(a)</sup> | 6.615% | 10/20/27 | 3000000 | 3059207 |
| Prologis, Inc. | 4.750% | 01/15/31 | 1000000 | 1022224 |
| Prologis, Inc. | 5.125% | 01/15/34 | 3100000 | 3183834 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 5760000 | 5279100 |
| U.S. Bancorp, Series CC | 5.384% | 01/23/30 | 5165000 | 5347691 |
| Wells Fargo & Co., Series Q | 3.196% | 06/17/27 | 5185000 | 5163445 |
|  |  |  |  | 60285982 |
| **Industrials — 18.7%** |  |  |  |  |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 4000000 | 3984877 |
| Burlington Northern Santa Fe, LLC | 6.750% | 03/15/29 | 3025000 | 3262405 |
| Cisco Systems, Inc. | 4.850% | 02/26/29 | 3830000 | 3932886 |
| Cisco Systems, Inc. | 5.050% | 02/26/34 | 750000 | 772016 |
| Costco Wholesale Corp. | 1.600% | 04/20/30 | 500000 | 452898 |
| CVS Health Corp. | 4.300% | 03/25/28 | 3200000 | 3211838 |
| CVS Health Corp. | 5.400% | 06/01/29 | 1300000 | 1345812 |
| Dover Corp. | 2.950% | 11/04/29 | 2785000 | 2661642 |
| Emerson Electric Co. | 2.200% | 12/21/31 | 1500000 | 1338798 |
| Home Depot, Inc. (The) | 2.950% | 06/15/29 | 2500000 | 2419661 |
| Honeywell International, Inc. | 4.875% | 09/01/29 | 5200000 | 5343663 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 2282000 | 2281242 |
| Lowe's Cos. Inc. | 3.100% | 05/03/27 | 500000 | 494525 |
| McDonald's Corp. | 4.400% | 02/12/31 | 3825000 | 3853724 |
| Norfolk Southern Corp. | 2.900% | 06/15/26 | 2190000 | 2180070 |
| Parker-Hannifin Corp. | 4.250% | 09/15/27 | 3000000 | 3019263 |
| PepsiCo, Inc., Series 2020 D | 5.000% | 02/07/35 | 2830000 | 2916452 |
| Roper Technologies, Inc. | 1.400% | 09/15/27 | 1000000 | 957325 |
| Target Corp. | 2.350% | 02/15/30 | 2500000 | 2340177 |
| Target Corp. | 5.000% | 04/15/35 | 750000 | 760418 |
| Xylem, Inc. | 3.250% | 11/01/26 | 4000000 | 3978593 |
| Xylem, Inc. | 2.250% | 01/30/31 | 500000 | 453625 |
|  |  |  |  | 51961910 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL INTERMEDIATE BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 50.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Utilities — 10.1%** |  |  |  |  |
| Duke Energy Corp. | 2.650% | 09/01/26 | $4750000 | $4709388 |
| Eversource Energy, Series AA | 4.750% | 05/15/26 | 3028000 | 3035623 |
| Eversource Energy, Series BB | 5.125% | 05/15/33 | 1200000 | 1212077 |
| Florida Power & Light Co. | 5.100% | 04/01/33 | 4880000 | 5058537 |
| Georgia Power Co., Series 2023 A | 4.650% | 05/16/28 | 4000000 | 4063570 |
| Interstate Power & Light Co. | 4.100% | 09/26/28 | 2367000 | 2365575 |
| Interstate Power & Light Co. | 2.300% | 06/01/30 | 747000 | 685668 |
| Interstate Power & Light Co. | 5.700% | 10/15/33 | 1500000 | 1575837 |
| National Rural Utilities Cooperative Finance Corp. (The) | 1.650% | 06/15/31 | 1000000 | 869938 |
| Virginia Electric & Power Co., Series B | 2.950% | 11/15/26 | 2250000 | 2231997 |
| Xcel Energy, Inc. | 4.000% | 06/15/28 | 1000000 | 1000043 |
| Xcel Energy, Inc. | 3.400% | 06/01/30 | 1290000 | 1240175 |
|  |  |  |  | 28048428 |
| **Total Corporate Bonds (Cost $138,382,236)** |  |  |  | $140296320 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.8%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 3.4%** |  |  |  |  |
| FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | $290163 | $287579 |
| FHLMC, Series 4151, Class PA | 2.000% | 01/15/33 | 473397 | 451335 |
| FHLMC, Pool #SB-0297 | 3.000% | 03/01/35 | 1313294 | 1272823 |
| FHLMC, Pool #G0-8068 | 5.500% | 07/01/35 | 51133 | 53288 |
| FHLMC, Pool #SC-0047 | 3.000% | 01/01/40 | 2283996 | 2157988 |
| FHLMC, Series 3946, Class LN | 3.500% | 04/15/41 | 99956 | 98954 |
| FHLMC, Pool #2B-0350 (RFUCCT1Y + 186) <sup>(a)</sup> | 6.860% | 04/01/42 | 221 | 226 |
| FHLMC, Series 5189, Class PG | 2.500% | 09/25/51 | 2122235 | 1978847 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 3161049 | 3194566 |
|  |  |  |  | 9495606 |
| **Federal National Mortgage Association — 4.3%** |  |  |  |  |
| FNMA, Pool #MA0384 | 5.000% | 04/01/30 | 31999 | 32489 |
| FNMA, Pool #MA1237 | 3.000% | 11/01/32 | 498537 | 486034 |
| FNMA, Series 2016-99, Class TA | 3.500% | 03/25/36 | 101621 | 100878 |
| FNMA, Pool #FS0140 | 4.000% | 11/01/37 | 2413015 | 2395625 |
| FNMA, Pool #AA4392 | 4.000% | 04/01/39 | 57485 | 56374 |
| FNMA, Series 2011-52, Class PC | 3.000% | 03/25/41 | 80671 | 79839 |
| FNMA, Pool #AJ7509 (RFUCCT1Y + 178) <sup>(a)</sup> | 6.155% | 12/01/41 | 11832 | 12059 |
| FNMA, Pool #FS9716 | 2.000% | 08/01/42 | 4086667 | 3584766 |
| FNMA, Pool #FS9718 | 2.000% | 08/01/42 | 4799697 | 4207229 |
| FNMA, Series 2012-128, Class TP | 2.000% | 11/25/42 | 215821 | 204054 |
| FNMA, Series 2015-37, Class BA | 3.000% | 08/25/44 | 412232 | 396036 |
| FNMA, Pool #AY0089 (RFUCCT1Y + 160) <sup>(a)</sup> | 6.071% | 12/01/44 | 79834 | 81995 |
| FNMA, Series 2016-39, Class LA | 2.500% | 03/25/45 | 321065 | 305821 |
|  |  |  |  | 11943199 |
| **Government National Mortgage Association — 1.1%** |  |  |  |  |
| GNMA, Pool #MA7852M | 2.000% | 02/20/37 | 2153932 | 2019760 |
| GNMA, Series 2024-126, Class BP | 2.250% | 10/20/44 | 1049858 | 961976 |
|  |  |  |  | 2981736 |
| **Total Collateralized Mortgage Obligations (Cost $24,701,258)** |  |  |  | $24420541 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL INTERMEDIATE BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 1.2%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Kansas Development Finance Authority, Series 2015 H | 4.091% | 04/15/27 | $2000000 | $2007348 |
| Pennsylvania Economic Development Financing Authority Revenue, Series 2025 | 4.793% | 06/01/30 | 1175000 | 1206561 |
| **Total Municipal Bonds** (Cost $3,186,493) |  |  |  | $3213909 |
| **U.S. GOVERNMENT & AGENCIES — 3.0%** |  |  |  |  |
| **Federal Home Loan Bank — 3.0%** |  |  |  |  |
| FHLB (Cost $8,293,130) | 4.750% | 12/10/32 | $8000000 | $8324262 |
| **U.S. TREASURY OBLIGATIONS — 34.9%** |  |  |  |  |
| **U.S. Treasury Notes — 34.9%** |  |  |  |  |
| U.S. Treasury Notes | 3.750% | 04/30/27 | $200000 | $200625 |
| U.S. Treasury Notes | 4.625% | 04/30/29 | 1395000 | 1440337 |
| U.S. Treasury Notes | 4.125% | 11/30/29 | 1950000 | 1983820 |
| U.S. Treasury Notes | 3.500% | 01/31/30 | 11050000 | 10987844 |
| U.S. Treasury Notes | 1.500% | 02/15/30 | 4320000 | 3967987 |
| U.S. Treasury Notes | 4.000% | 02/28/30 | 9500000 | 9621719 |
| U.S. Treasury Notes | 3.875% | 09/30/30 | 10295000 | 10269263 |
| U.S. Treasury Notes | 0.875% | 11/15/30 | 13800000 | 12064219 |
| U.S. Treasury Notes | 2.875% | 05/15/32 | 15050000 | 14194031 |
| U.S. Treasury Notes | 2.750% | 08/15/32 | 13770000 | 12840525 |
| U.S. Treasury Notes | 4.000% | 02/15/34 | 13000000 | 12967500 |
| U.S. Treasury Notes | 4.375% | 05/15/34 | 5250000 | 5369766 |
| U.S. Treasury Notes | 4.250% | 08/15/35 | 1000000 | 1007969 |
| **Total U.S. Treasury Obligations** (Cost $95,608,846) |  |  |  | $96915605 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS — 0.6%** | **Shares** | **Value** |
| **Financials — 0.6%** |  |  |
| Allstate Corp. (The), 5.10%, 01/15/53 (Cost $1,446,031) | 59890 | $1549953 |
| **MONEY MARKET FUNDS — 0.0% <sup>(b)</sup>** |  |  |
| First American Government Obligations Fund - Class Z, 3.63% <sup>(c)</sup> (Cost $121,391) | 121391 | $121391 |
| **Investments at Value — 99.1%** (Cost $271,739,385) |  | $274841981 |
| **Other Assets in Excess of Liabilities — 0.9%** |  | 2550063 |
| **Net Assets — 100.0%** |  | $277392044 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

plc - Public Limited Company

RFUCCT - Refinitiv USD IBOR Cash Fallbacks

SOFR - Secured Overnight Financing Rate

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL SHORT DURATION BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 63.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 29.6%** |  |  |  |  |
| Allstate Corp. | 3.280% | 12/15/26 | $1545000 | $1536442 |
| American Express Co. | 1.650% | 11/04/26 | 1650000 | 1620017 |
| American Express Co. | 2.550% | 03/04/27 | 1000000 | 985793 |
| Aon North America, Inc. | 5.125% | 03/01/27 | 1810000 | 1832728 |
| Aon North America, Inc. | 5.150% | 03/01/29 | 800000 | 823375 |
| Bank of America Corp. | 5.202% | 04/25/29 | 3100000 | 3175488 |
| Enterprise Products Operating, LLC | 5.050% | 01/10/26 | 600000 | 600011 |
| Essex Portfolio, L.P. | 3.375% | 04/15/26 | 3773000 | 3762801 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 2765000 | 2911108 |
| Huntington Bancshares, Inc. | 6.208% | 08/21/29 | 3025000 | 3172504 |
| JPMorgan Chase & Co. | 3.540% | 05/01/28 | 3810000 | 3788730 |
| KeyCorp | 2.250% | 04/06/27 | 2687000 | 2626244 |
| Morgan Stanley | 3.591% | 07/22/28 | 3070000 | 3048945 |
| MPLX, L.P. | 1.750% | 03/01/26 | 3820000 | 3804900 |
| NNN REIT, Inc. | 3.600% | 12/15/26 | 1032000 | 1027963 |
| PNC Financial Services Group, Inc. (The) (SOFR + 173) <sup>(a)</sup> | 6.615% | 10/20/27 | 1525000 | 1555097 |
| PNC Financial Services Group, Inc. (The) | 4.050% | 07/26/28 | 1640000 | 1642230 |
| Truist Financial Corp. | 4.590% | 09/17/29 | 1420000 | 1427599 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 2275000 | 2085061 |
| U.S. Bancorp, Series MTN | 3.100% | 04/27/26 | 3540000 | 3528551 |
| Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 3215000 | 3213546 |
|  |  |  |  | 48169133 |
| **Industrials — 21.7%** |  |  |  |  |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 3137000 | 3125140 |
| Cisco Systems, Inc. | 4.800% | 02/26/27 | 3525000 | 3564167 |
| Enterprise Products Operating, LLC | 4.150% | 10/16/28 | 2630000 | 2646816 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 3725000 | 3723763 |
| Parker-Hannifin Corp. | 3.250% | 03/01/27 | 2235000 | 2219274 |
| Parker-Hannifin Corp. | 4.250% | 09/15/27 | 640000 | 644109 |
| Roper Technologies, Inc. | 1.400% | 09/15/27 | 2880000 | 2757095 |
| Starbucks Corp. | 4.850% | 02/08/27 | 3375000 | 3404662 |
| Target Corp. | 3.375% | 04/15/29 | 2870000 | 2819234 |
| T-Mobile USA, Inc. | 2.250% | 02/15/26 | 2000000 | 1994812 |
| T-Mobile USA, Inc. | 3.750% | 04/15/27 | 1000000 | 996793 |
| Union Pacific Corp. | 3.950% | 09/10/28 | 1200000 | 1201996 |
| Verizon Communications, Inc. | 2.100% | 03/22/28 | 3810000 | 3658903 |
| Xylem, Inc. | 3.250% | 11/01/26 | 1156000 | 1149813 |
| Xylem, Inc. | 1.950% | 01/30/28 | 1542000 | 1480098 |
|  |  |  |  | 35386675 |
| **Utilities — 12.0%** |  |  |  |  |
| Duke Energy Corp. | 3.150% | 08/15/27 | 2266000 | 2239938 |
| Emerson Electric Co. | 2.000% | 12/21/28 | 3175000 | 3013161 |
| Eversource Energy, Series U | 1.400% | 08/15/26 | 1985000 | 1950768 |
| Eversource Energy, Series DD | 5.000% | 01/01/27 | 1785000 | 1800301 |
| Florida Power & Light Co. | 4.400% | 05/15/28 | 3690000 | 3736077 |
| National Rural Utilities Cooperative Finance Corp. (The) | 3.400% | 02/07/28 | 3525000 | 3490176 |
| Virginia Electric & Power Co., Series B | 2.950% | 11/15/26 | 1805000 | 1790558 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL SHORT DURATION BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 63.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Virginia Electric & Power Co., Series A | 3.500% | 03/15/27 | $1000000 | $995441 |
| Xcel Energy, Inc. | 4.000% | 06/15/28 | 500000 | 500021 |
|  |  |  |  | 19516441 |
| **Total Corporate Bonds** (Cost $101,974,870) |  |  |  | $103072249 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 21.0%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 8.2%** |  |  |  |  |
| FHLMC, Pool #SB-0037 | 2.500% | 12/01/27 | $93155 | $92152 |
| FHLMC, Pool #WN-5031 | 3.810% | 07/01/29 | 2000000 | 1988227 |
| FHLMC, Series 5607, Class GJ | 4.000% | 05/15/30 | 1736664 | 1724645 |
| FHLMC, Series 5607, Class GC | 4.250% | 06/15/31 | 1745000 | 1738439 |
| FHLMC, Pool #G1-5973 | 3.000% | 07/01/31 | 400115 | 394242 |
| FHLMC, Pool #V6-1479, Series V6-1479 | 2.500% | 01/01/32 | 1676734 | 1630245 |
| FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 544442 | 539593 |
| FHLMC, Pool #ZT-1964 | 3.500% | 06/01/32 | 460284 | 456781 |
| FHLMC, Pool #G1-6330 | 3.500% | 08/01/32 | 409338 | 407034 |
| FHLMC, Series 4980, Class DB | 1.250% | 10/25/34 | 1473069 | 1357692 |
| FHLMC, Pool #ZS-9286 | 4.500% | 04/01/35 | 504929 | 510599 |
| FHLMC, Series 5050, Class BG | 1.000% | 01/15/41 | 577256 | 526914 |
| FHLMC, Series 4125, Class KP | 2.500% | 05/15/41 | 221982 | 216912 |
| FHLMC, Series 4009, Class PA | 2.000% | 06/15/41 | 33661 | 32801 |
| FHLMC, Pool #2B-0350 (RFUCCT1Y + 186) <sup>(a)</sup> | 6.860% | 04/01/42 | 207 | 211 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 1796050 | 1815094 |
|  |  |  |  | 13431581 |
| **Federal National Mortgage Association — 12.8%** |  |  |  |  |
| FNMA, Series 2013-1, Class LA | 1.250% | 02/25/28 | 182188 | 177887 |
| FNMA, Pool #AL9230 | 3.500% | 12/01/29 | 153166 | 152518 |
| FNMA, Pool #MA0384 | 5.000% | 04/01/30 | 79997 | 81223 |
| FNMA, Pool #BZ4791 | 4.320% | 09/01/30 | 1000000 | 1007349 |
| FNMA, Pool #BZ5573 | 4.020% | 11/01/30 | 1500000 | 1491439 |
| FNMA, Pool #FM1926 | 3.000% | 09/01/32 | 398955 | 393245 |
| FNMA, Series 2013-3, Class DK | 1.750% | 02/25/33 | 307602 | 290611 |
| FNMA, Pool #FM2287 | 4.500% | 03/01/34 | 493287 | 501442 |
| FNMA, Pool #FA3509 | 3.500% | 07/01/34 | 2907854 | 2890255 |
| FNMA, Series 2020 B | 4.500% | 07/01/34 | 599101 | 604755 |
| FNMA, Pool #FM2989 | 3.000% | 09/01/34 | 446196 | 438167 |
| FNMA, Pool #AL7077 | 4.000% | 07/01/35 | 323572 | 322173 |
| FNMA, Pool #FM4481 | 1.500% | 10/01/35 | 3732452 | 3409604 |
| FNMA, Pool #CA7891 | 1.500% | 11/01/35 | 782131 | 720941 |
| FNMA, Series 2020-044, Class TE | 2.000% | 12/25/35 | 929191 | 867856 |
| FNMA, Pool #MA4330 | 2.500% | 05/01/36 | 1963207 | 1864707 |
| FNMA, Pool #FS6096 | 2.000% | 03/01/37 | 2601197 | 2432748 |
| FNMA, Series 2013-6, Class BC | 1.500% | 12/25/42 | 13686 | 13565 |
| FNMA, Pool #AY0089 (RFUCCT1Y + 160) <sup>(a)</sup> | 6.071% | 12/01/44 | 77725 | 79829 |
| FNMA, Pool #AL8183 (RFUCCT1Y + 160) <sup>(a)</sup> | 6.407% | 02/01/46 | 48050 | 49500 |
| FNMA, Series 2020-95, Class GA | 1.000% | 01/25/51 | 3922858 | 3046874 |
|  |  |  |  | 20836688 |
| **Total Collateralized Mortgage Obligations** (Cost $35,439,646) |  |  |  | $34268269 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **INSTITUTIONAL SHORT DURATION BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 2.8%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Charlotte North Carolina Certificates of Participation Taxable Governmental Facilities | 4.238% | 06/01/27 | $465000 | $468237 |
| Charlotte North Carolina Certificates of Participation Taxable Governmental Facilities | 4.169% | 06/01/28 | 725000 | 731626 |
| Cincinnati Children's Hospital Medical Center, Series 2016Y | 2.853% | 11/15/26 | 1000000 | 988543 |
| Commonwealth Financing Authority Pennsylvania Revenue, Series 2006-C | 5.197% | 06/01/26 | 365000 | 366982 |
| Wisconsin State General Fund Annual Appropriation Revenue, Series 2023-A | 4.330% | 05/01/27 | 1460000 | 1472352 |
| Wisconsin State General Fund Annual Appropriation Revenue, Series 2023-A | 4.330% | 05/01/27 | 540000 | 544464 |
| **Total Municipal Bonds** (Cost $4,543,684) |  |  |  | $4572204 |
| **U.S. TREASURY OBLIGATIONS — 13.5%** |  |  |  |  |
| **U.S. Treasury Notes — 13.5%** |  |  |  |  |
| U.S. Treasury Notes | 2.250% | 08/15/27 | $1100000 | $1078602 |
| U.S. Treasury Notes | 2.750% | 02/15/28 | 1500000 | 1477383 |
| U.S. Treasury Notes | 2.875% | 05/15/28 | 1220000 | 1202653 |
| U.S. Treasury Notes | 3.125% | 11/15/28 | 3110000 | 3075012 |
| U.S. Treasury Notes | 2.625% | 02/15/29 | 5800000 | 5639141 |
| U.S. Treasury Notes | 2.375% | 05/15/29 | 8300000 | 7981617 |
| U.S. Treasury Notes | 1.500% | 02/15/30 | 1750000 | 1607402 |
| **Total U.S. Treasury Obligations** (Cost $21,720,675) |  |  |  | $22061810 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 0.1%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class Z, 3.63% <sup>(b)</sup> (Cost $137,686) | 137686 | $137686 |
| **Investments at Value — 100.7%** (Cost $163,816,561) |  | $164112218 |
| **Liabilities in Excess of Other Assets — (0.7%)** |  | (1161062) |
| **Net Assets — 100.0%** |  | $162951156 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

plc - Public Limited Company

RFUCCT - Refinitiv USD IBOR Cash Fallbacks

SOFR - Secured Overnight Financing Rate

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **CORE PLUS BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 61.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 24.5%** |  |  |  |  |
| Allstate Corp. (The) | 5.250% | 03/30/33 | $300000 | $311888 |
| American Express Co. | 5.532% | 04/25/30 | 675000 | 704393 |
| Bank of America Corp. | 5.202% | 04/25/29 | 685000 | 701680 |
| Bank of New York Mellon Corp. (The), Series J | 4.289% | 06/13/33 | 735000 | 724778 |
| Essex Portfolio, L.P. | 3.000% | 01/15/30 | 775000 | 735654 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 660000 | 694876 |
| Huntington Bancshares, Inc. | 2.550% | 02/04/30 | 750000 | 699544 |
| Iron Mountain, Inc., 144A | 5.250% | 03/15/28 | 240000 | 239722 |
| JPMorgan Chase & Co. (SOFR + 379) <sup>(a)</sup> | 4.493% | 03/24/31 | 775000 | 781419 |
| Keycorp | 6.401% | 03/06/35 | 450000 | 488747 |
| Morgan Stanley | 3.591% | 07/22/28 | 945000 | 938519 |
| MSCI, Inc., 144A | 4.000% | 11/15/29 | 485000 | 475145 |
| National Retail Properties, Inc. | 4.300% | 10/15/28 | 710000 | 714199 |
| PNC Financial Services Group, Inc. (The) | 4.899% | 05/13/31 | 630000 | 645020 |
| Prologis, Inc. | 5.125% | 01/15/34 | 730000 | 749741 |
| SBA Communications Corp. | 3.125% | 02/01/29 | 550000 | 525640 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 1070000 | 980666 |
| U.S. Bancorp, Series BB | 4.967% | 07/22/33 | 965000 | 974180 |
| Wells Fargo & Co., Series O | 4.300% | 07/22/27 | 755000 | 758146 |
|  |  |  |  | 12843957 |
| **Industrials — 28.3%** |  |  |  |  |
| ADT, Inc., 144A | 4.125% | 08/01/29 | 265000 | 258643 |
| Allison Transmission, Inc., 144A | 4.750% | 10/01/27 | 245000 | 244722 |
| Ball Corp. | 6.000% | 06/15/29 | 260000 | 267545 |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 220000 | 219168 |
| Becton Dickinson & Co. | 2.823% | 05/20/30 | 330000 | 311111 |
| Bellring Brands, Inc., 144A | 7.000% | 03/15/30 | 515000 | 532596 |
| Cisco Systems, Inc. | 5.050% | 02/26/34 | 1000000 | 1029354 |
| CVS Health Corp. | 4.300% | 03/25/28 | 615000 | 617275 |
| Dover Corp. | 2.950% | 11/04/29 | 545000 | 520860 |
| Duke Energy Corp. | 2.450% | 06/01/30 | 785000 | 728171 |
| Element Solutions, Inc., 144A | 3.875% | 09/01/28 | 260000 | 254359 |
| ESAB Corp., 144A | 6.250% | 04/15/29 | 225000 | 231591 |
| HCA Healthcare, Inc. | 5.600% | 04/01/34 | 470000 | 490282 |
| Hologic, Inc., 144A | 3.250% | 02/15/29 | 390000 | 384382 |
| Home Depot, Inc. (The) | 4.750% | 06/25/29 | 450000 | 461516 |
| Honeywell International, Inc. | 5.000% | 02/15/33 | 200000 | 205752 |
| Honeywell International, Inc. | 5.000% | 03/01/35 | 810000 | 824526 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 100000 | 99967 |
| Kroger Co. | 1.700% | 01/15/31 | 590000 | 519695 |
| Mattel, Inc., 144A | 3.750% | 04/01/29 | 255000 | 248736 |
| PepsiCo, Inc., Series 2020 D | 5.000% | 02/07/35 | 960000 | 989326 |
| Rolls Royce Holdings plc, 144A | 5.750% | 10/15/27 | 400000 | 409627 |
| Roper Technologies, Inc. | 1.750% | 02/15/31 | 860000 | 754735 |
| Sealed Air Corp., 144A | 6.500% | 07/15/32 | 235000 | 243578 |
| SS&C Technologies, Inc., 144A | 5.500% | 09/30/27 | 245000 | 245214 |
| Target Corp. | 5.000% | 04/15/35 | 1035000 | 1049377 |
| T-Mobile U.S., Inc. | 2.625% | 02/15/29 | 540000 | 515924 |
| TransDigm, Inc., 144A | 6.375% | 03/01/29 | 235000 | 242621 |
| Twilio, Inc. | 3.625% | 03/15/29 | 255000 | 246975 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **CORE PLUS BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 61.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| United Rentals North America, Inc. | 4.875% | 01/15/28 | $475000 | $475375 |
| Verizon Communications, Inc. | 2.100% | 03/22/28 | 500000 | 480171 |
| Walmart, Inc. | 4.900% | 04/28/35 | 485000 | 498824 |
| Yum! Brands, Inc., 144A | 4.750% | 01/15/30 | 230000 | 230503 |
|  |  |  |  | 14832501 |
| **Utilities — 8.8%** |  |  |  |  |
| Berkshire Hathaway, Inc. | 3.700% | 07/15/30 | 300000 | 295037 |
| Eversource Energy, Series BB | 5.125% | 05/15/33 | 715000 | 722196 |
| Florida Power & Light Co. | 5.100% | 04/01/33 | 925000 | 958842 |
| Georgia Power Co., Series 2019B | 2.650% | 09/15/29 | 230000 | 218917 |
| Interstate Power & Light Co. | 4.100% | 09/26/28 | 705000 | 704576 |
| MPLX, L.P. | 5.500% | 06/01/34 | 470000 | 479861 |
| National Rural Utilities Cooperative Finance Corp. (The) | 3.400% | 02/07/28 | 500000 | 495060 |
| Xcel Energy, Inc. | 3.400% | 06/01/30 | 750000 | 721032 |
|  |  |  |  | 4595521 |
| **Total Corporate Bonds** (Cost $31,634,462) |  |  |  | $32271979 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.5%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 8.2%** |  |  |  |  |
| FHLMC, Pool #ZS-9278 | 4.000% | 05/01/37 | $238654 | $237101 |
| FHLMC, Pool #ZS-9278 | 2.000% | 05/01/42 | 1269987 | 1111636 |
| FHLMC, Series 4709, Class EA | 3.000% | 01/15/46 | 472259 | 459936 |
| FHLMC, Series 5220, Class KC | 3.500% | 01/25/46 | 232566 | 227410 |
| FHLMC, Pool #SD-0695 | 4.000% | 12/01/49 | 930320 | 902498 |
| FHLMC, Pool #QC-6512 | 2.500% | 09/01/51 | 659372 | 568099 |
| FHLMC, Series 5189, Class PG | 2.500% | 09/25/51 | 234485 | 218642 |
| FHLMC, Pool #SD-0767 | 3.000% | 11/01/51 | 368001 | 331578 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 251447 | 254113 |
|  |  |  |  | 4311013 |
| **Federal National Mortgage Association — 17.4%** |  |  |  |  |
| FNMA, Pool #MA1222 | 4.000% | 10/01/32 | 213147 | 212943 |
| FNMA, Pool #AL5491 | 4.000% | 06/01/34 | 204823 | 204179 |
| FNMA, Series 2022-25, Class KA | 1.520% | 08/21/35 | 1000000 | 770103 |
| FNMA, Series 2025-52, Class HV | 3.500% | 10/25/36 | 498944 | 479247 |
| FNMA, Pool #MA3071 | 4.000% | 07/01/37 | 275238 | 272783 |
| FNMA, Pool #FM9469 | 4.000% | 08/01/39 | 167079 | 165258 |
| FNMA, Pool #FS9716 | 2.000% | 08/01/42 | 1190247 | 1044068 |
| FNMA, Pool #AU7025 | 3.000% | 11/01/43 | 296404 | 272535 |
| FNMA, Pool #MA2895 | 3.000% | 02/01/47 | 357564 | 324619 |
| FNMA, Pool #CA2479 | 4.500% | 10/01/48 | 776832 | 773659 |
| FNMA, Pool #FS4218 | 4.000% | 10/01/49 | 779574 | 760352 |
| FNMA, Pool #FS8716 | 3.500% | 08/01/50 | 1245836 | 1174719 |
| FNMA, Pool #CB0734 | 3.000% | 06/01/51 | 494567 | 444940 |
| FNMA, Pool #FA0053 | 4.000% | 08/01/51 | 981132 | 944911 |
| FNMA, Pool #FS1074 | 3.000% | 03/01/52 | 725697 | 654239 |
| FNMA, Pool #FS4520 | 3.000% | 04/01/52 | 359980 | 324325 |
| FNMA, Pool #FS4608 | 3.000% | 05/01/52 | 312261 | 281302 |
|  |  |  |  | 9104182 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **CORE PLUS BOND FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.5%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Government National Mortgage Association — 0.9%** |  |  |  |  |
| GNMA, Pool #MA7852M | 2.000% | 02/20/37 | $500020 | $468873 |
| **Total Collateralized Mortgage Obligations** (Cost $13,664,978) |  |  |  | $13884068 |
| **U.S. TREASURY OBLIGATIONS — 10.7%** |  |  |  |  |
| **U.S. Treasury Bonds — 7.5%** |  |  |  |  |
| U.S. Treasury Bonds | 4.250% | 05/15/39 | $190000 | $186230 |
| U.S. Treasury Bonds | 2.250% | 05/15/41 | 1300000 | 957328 |
| U.S. Treasury Bonds | 2.375% | 02/15/42 | 1310000 | 965511 |
| U.S. Treasury Bonds | 2.500% | 02/15/45 | 1200000 | 850688 |
| U.S. Treasury Bonds | 2.750% | 08/15/47 | 300000 | 214594 |
| U.S. Treasury Bonds | 2.000% | 02/15/50 | 260000 | 152709 |
| U.S. Treasury Bonds | 2.000% | 08/15/51 | 1025000 | 588414 |
|  |  |  |  | 3915474 |
| **U.S. Treasury Notes — 3.2%** |  |  |  |  |
| U.S. Treasury Notes (b) | 1.625% | 05/15/26 | 180000 | 178727 |
| U.S. Treasury Notes | 2.750% | 07/31/27 | 60000 | 59323 |
| U.S. Treasury Notes | 2.875% | 05/15/32 | 1390000 | 1310944 |
| U.S. Treasury Notes | 4.625% | 02/15/35 | 150000 | 155812 |
|  |  |  |  | 1704806 |
| **Total U.S. Treasury Obligations** (Cost $6,118,547) |  |  |  | $5620280 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS — 0.3%** | **Shares** | **Value** |
| **Financials — 0.3%** |  |  |
| Allstate Corp. (The), 5.10%, 01/15/53 (Cost $170,386) | 6500 | $168220 |
| **MONEY MARKET FUNDS — 0.0% <sup>(c)</sup>** |  |  |
| First American Government Obligations Fund - Class Z, 3.63% <sup>(d)</sup> (Cost $23,468) | 23468 | $23468 |
| **Investments at Value — 99.1%** (Cost $51,611,841) |  | $51968015 |
| **Other Assets in Excess of Liabilities — 0.9%** |  | 472176 |
| **Net Assets — 100.0%** |  | $52440191 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

<sup>(b)</sup> All or a portion of the security is segregated as collateral on futures contracts. Total fair value of collateral as of December 31, 2025 is $178,739.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

<sup>(d)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

144A - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $4,241,439 as of December 31, 2025, representing 8.1% of net assets.

plc - Public Limited Company

SOFR - Secured Overnight Financing Rate

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **CORE PLUS BOND FUND** | SCHEDULE OF FUTURES CONTRACTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **Contracts** | **Expiration<br> Date** | **Notional<br> Value<br> at Purchase** | **Notional<br> Value** | **Value/<br> Unrealized<br> Depreciation** |
| **Treasury Futures** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond Future | 20 | 3/20/2026 | $2323208 | $2311875 | $(11333) |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note Future | 10 | 3/20/2026 | 1150647 | 1150156 | (491) |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond Futures | 7 | 3/20/2026 | 836788 | 826000 | (10788) |
| **Total Futures Contracts** |  |  | $4310643 | $4288031 | $(22612) |

---

The average monthly notional value of futures contracts during the year ended December 31, 2025 was $4,004,430.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **MUNICIPAL INCOME FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Anticipation Notes - City — 0.7%** |  |  |  |  |
| Fairfield Ohio Bond Anticipation Notes Various Purpose | 4.000% | 04/14/26 | $688000 | $689824 |
| Lakewood Ohio Anticipation Notes Various Purpose Improvement | 4.000% | 04/09/26 | 500000 | 500956 |
|  |  |  |  | 1190780 |
| **General Obligation - City — 7.5%** |  |  |  |  |
| Akron Ohio Various Purpose | 5.000% | 12/01/40 | 315000 | 340026 |
| Akron Ohio Various Purpose, Series 2024 | 4.250% | 12/01/44 | 1000000 | 969837 |
| Akron Ohio Various Purpose | 4.375% | 12/01/45 | 560000 | 550702 |
| Cincinnati Ohio Various Purpose Improvement, Series B | 4.000% | 12/01/44 | 920000 | 892182 |
| Columbus Ohio Various Purpose, Series A | 5.000% | 10/01/43 | 500000 | 550960 |
| Dayton Ohio Refunding and Improvement, Series 2024 | 5.000% | 12/01/41 | 1005000 | 1092159 |
| Grandview Heights Ohio Municipal Facilities Construction and Improvement, Series 2023 | 4.000% | 12/01/46 | 2000000 | 1932391 |
| Jefferson Township Ohio Fire Facilities | 4.500% | 12/01/44 | 420000 | 435125 |
| Kirtland Ohio Various Purpose Notes | 5.000% | 04/15/26 | 1500000 | 1509728 |
| Lakewood Ohio GO Limited, Series A | 5.000% | 12/01/36 | 500000 | 507227 |
| Pearland Texas Certificates Obligation, Series B | 5.250% | 09/01/50 | 500000 | 531284 |
| Reynoldsburg Ohio Capital Facilities, Series 2024 | 4.250% | 12/01/49 | 1250000 | 1195352 |
| Reynoldsburg Ohio Capital Facilities, Series 2024 | 4.250% | 12/01/50 | 1510000 | 1449344 |
| Seven Hills Ohio Bond Anticipation Notes Various Purpose, Series 2025 | 4.125% | 04/02/26 | 465000 | 466234 |
| White Settlement Texas Refunding, Series 2025 | 5.000% | 02/15/34 | 1000000 | 1151385 |
|  |  |  |  | 13573936 |
| **General Obligation - County — 0.6%** |  |  |  |  |
| Hamilton County Ohio GO | 5.000% | 12/01/44 | 995000 | 1068364 |
| **General Obligation - State — 0.3%** |  |  |  |  |
| Ohio State Common Schools, Series 2025-A | 5.000% | 06/15/42 | 500000 | 556598 |
| **Higher Education — 21.5%** |  |  |  |  |
| Bowling Green State University Ohio Revenue, Series 2020-A | 4.000% | 06/01/45 | 2830000 | 2685528 |
| Cuyahoga County Ohio Community College GO Unlimited, Series 2018 | 4.000% | 12/01/33 | 1275000 | 1279153 |
| Illinois Finance Authority Revenue Refunding Illinois Wesleyan University, Series 2016 | 5.000% | 09/01/26 | 580000 | 585487 |
| Indiana Financial Authorities Educational Facilities Revenue, Series 2024 | 5.000% | 02/01/28 | 500000 | 519007 |
| Indiana Financial Authorities Educational Facilities Revenue, Series 2021 | 4.000% | 02/01/29 | 940000 | 965059 |
| Indiana Financial Authorities Educational Facilities Revenue, Series 2021 | 5.000% | 02/01/32 | 1065000 | 1167465 |
| Kent State University Ohio Revenue, Series 2020-A | 5.000% | 05/01/45 | 950000 | 979105 |
| Miami University Ohio General Receipts Revenue, Series 2020-A | 4.000% | 09/01/45 | 3110000 | 2944972 |
| Ohio Higher Education Facilities Revenue - Case Western Reserve University, Series 2021-A | 4.000% | 12/01/44 | 1250000 | 1209222 |
| Ohio Higher Education Facilities Revenue - Denison University, Series 2017-A | 5.000% | 11/01/42 | 1700000 | 1724357 |
| Ohio Higher Education Facilities Revenue - Denison University, Series 2021-A | 5.000% | 11/01/53 | 5000000 | 5124560 |
| Ohio Higher Education Facilities Revenue - John Carroll | 5.000% | 10/01/29 | 565000 | 591257 |
| Ohio Higher Education Facilities Revenue - John Carroll | 5.000% | 10/01/30 | 935000 | 986420 |
| Ohio Higher Education Facilities Revenue - Kenyon College | 4.000% | 07/01/40 | 700000 | 682556 |
| Ohio Higher Education Facilities Revenue - Oberlin College, Series A | 5.250% | 10/01/53 | 1000000 | 1042977 |
| Ohio Higher Education Facilities Revenue - University of Dayton, Series 2018-B | 4.000% | 12/01/33 | 620000 | 632341 |
| Ohio Higher Education Facilities Revenue - University of Dayton | 4.000% | 02/01/36 | 1050000 | 1071210 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **MUNICIPAL INCOME FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Ohio Higher Education Facilities Revenue - University of Dayton, Series 2018-A | 5.000% | 12/01/36 | $2010000 | $2083778 |
| Ohio Higher Education Facilities Revenue - Xavier University, Series 2020 | 5.000% | 05/01/29 | 540000 | 573236 |
| Ohio Higher Education Facilities Revenue - Xavier University | 5.000% | 05/01/29 | 600000 | 636928 |
| Ohio Higher Education Facilities Revenue - Xavier University, Series 2020 | 5.000% | 05/01/30 | 570000 | 613117 |
| Ohio Higher Education Facilities Revenue - Xavier University, Series 2020 | 5.000% | 05/01/32 | 630000 | 672512 |
| Ohio Higher Education Facilities Revenue - Xavier University | 5.000% | 05/01/32 | 605000 | 664285 |
| Ohio Higher Education Facilities Revenue - Xavier University | 4.500% | 05/01/36 | 1000000 | 1000471 |
| Ohio Higher Education Facilities Revenue - Xavier University, Series 2020 | 4.000% | 05/01/38 | 600000 | 587804 |
| Ohio State University General Receipts, Series 2023-C | 5.250% | 12/01/46 | 535000 | 573272 |
| Ohio State University General Receipts, Series 2021-A | 4.000% | 12/01/48 | 2120000 | 1973751 |
| University of Akron Ohio General Receipts Revenue, Series 2015-A | 5.000% | 01/01/28 | 410000 | 410538 |
| University of Akron Ohio General Receipts Revenue, Series 2016-A | 5.000% | 01/01/29 | 435000 | 438736 |
| University of Akron Ohio General Receipts Revenue, Series 2014-A | 5.000% | 01/01/29 | 650000 | 650842 |
| University of Akron Ohio General Receipts Revenue, Series 2015-A | 5.000% | 01/01/30 | 720000 | 720838 |
| University of Akron Ohio General Receipts Revenue, Series 2021-A | 5.000% | 01/01/31 | 390000 | 430641 |
| University of Akron Ohio General Receipts Revenue, Series 2016-A | 5.000% | 01/01/33 | 1000000 | 1006357 |
| University of Cincinnati General Receipts Revenue, Series 2024-A | 5.250% | 06/01/54 | 1000000 | 1044951 |
| University of North Dakota Certificate of Participation, Series 2021-A | 4.000% | 06/01/37 | 555000 | 564400 |
|  |  |  |  | 38837133 |
| **Hospital/Health Bonds — 13.1%** |  |  |  |  |
| Colorado Health Facilities Authority Revenue, Series 2025-A | 5.000% | 12/01/26 | 475000 | 482652 |
| Franklin County Ohio Hospital Revenue Nationwide Childrens, Series 2016-C | 4.000% | 11/01/36 | 800000 | 807986 |
| Franklin County Ohio Hospital Revenue Nationwide Childrens, Series 2016-C | 4.000% | 11/01/40 | 1340000 | 1340390 |
| Franklin County Ohio Hospital Revenue Nationwide Childrens, Series 2019-A | 5.000% | 11/01/48 | 1500000 | 1609808 |
| Hamilton County Industry Hospital Association Lease Rental Revenue Refunding Property Tax Riverview Health | 4.125% | 07/15/44 | 1050000 | 1026071 |
| Hamilton County Industry Hospital Association Lease Rental Revenue Refunding Property Tax Riverview Health | 4.250% | 07/15/45 | 1900000 | 1855164 |
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's, Series 2019-CC | 5.000% | 11/15/41 | 2410000 | 2746298 |
| Montgomery County Ohio Hospital Revenue Dayton Childrens, Series 2021 | 4.000% | 08/01/39 | 1200000 | 1210302 |
| Montgomery County Ohio Hospital Revenue Dayton Childrens, Series 2021 | 4.000% | 08/01/46 | 2000000 | 1843551 |
| Ohio Hospital Facility Revenue Refunding Cleveland Clinic Health,Series 2017-A | 4.000% | 01/01/36 | 3100000 | 3132572 |
| Ohio Hospital Facility Revenue Refunding Cleveland Clinic Health,Series 2019-B | 4.000% | 01/01/42 | 1320000 | 1296141 |
| Ohio State Hospital Revenue University Hospital Health System Incorporate, Series 2025-A | 5.000% | 01/15/27 | 925000 | 942229 |
| Ohio State Hospital Revenue University Hospital Health System Incorporate, Series 2020-A | 5.000% | 01/15/50 | 750000 | 750836 |
| Pennsylvania Economic Development Financing Authority UPMC Revenue, Series 2025-A | 5.000% | 03/15/60 | 3610000 | 3970757 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **MUNICIPAL INCOME FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| South Carolina Jobs Economic Development Authority Hospital Facilities Revenue Bond Secours Mercy Health Incorporate, Series 2025-B-2 | 5.001% | 11/01/49 | $700000 | $774787 |
|  |  |  |  | 23789544 |
| **Housing — 6.4%** |  |  |  |  |
| Colorado State Certificate of Participation, Series 2020-A | 4.000% | 12/15/39 | 1800000 | 1813528 |
| Columbus Franklin County Ohio Finance Authority Multifamily Housing, Series A | 4.460% | 11/01/44 | 2000000 | 1966181 |
| FHLMC, Series M-053 | 2.550% | 06/15/35 | 3530000 | 3151747 |
| FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement), Series A-US | 3.400% | 01/25/36 | 1785257 | 1698193 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue, Series 2019-C | 3.875% | 05/01/50 | 665000 | 666407 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue, Series 2020-C | 3.500% | 11/01/50 | 1320000 | 1313315 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue, Series 2020-A | 3.500% | 11/01/50 | 375000 | 373283 |
| Ohio Housing Finance Agency Residential Mortgage Revenue, Series 2017-A | 3.700% | 03/01/32 | 520000 | 521011 |
|  |  |  |  | 11503665 |
| **Multi-Family Housing — 2.1%** |  |  |  |  |
| Denver Colorado City and County Multi Family Housing Revenue, Series 2025-B | 5.000% | 10/01/28 | 1000000 | 1033838 |
| Durham North Carolina Housing Authority Multi Family Housing Revenue, Series 2025 | 3.625% | 04/01/29 | 1120000 | 1135948 |
| Greene County Ohio Port Authority Multi Family Housing Revenue, Series 2025 | 4.660% | 12/01/40 | 608000 | 645619 |
| Ohio Housing Finance Agency Multi Family Revenue, Series 2025 | 3.700% | 11/01/47 | 1000000 | 1009805 |
|  |  |  |  | 3825210 |
| **Other Revenue — 17.6%** |  |  |  |  |
| American Municipal Power Ohio Incorporate Revenue - Hydroelectric Projects, Series 2025-A | 5.000% | 02/15/40 | 1000000 | 1116030 |
| American Municipal Power Ohio Incorporate Revenue - Hydroelectric Projects, Series 2024-A | 5.000% | 02/15/42 | 500000 | 541682 |
| American Municipal Power Ohio Incorporate Revenue - Hydroelectric Projects, Series 2024-A | 5.000% | 02/15/43 | 710000 | 760328 |
| American Municipal Power Ohio Incorporate Revenue - Hydroelectric Projects, Series 2024-A | 5.000% | 02/15/44 | 740000 | 785373 |
| Baytown Texas Certificates Obligation, Series 2022 | 4.250% | 02/01/40 | 1045000 | 1071894 |
| Black Belt Energy Gas District Alabama Gas Project Revenue Project Number 6, Series 2021-B | 4.000% | 10/01/52 | 580000 | 583535 |
| Black Belt Energy Gas District Alabama Gas Project Revenue Refunding, Series D-1 | 5.500% | 06/01/49 | 2815000 | 2969276 |
| Concord Industry Community Schools Building Corp., Series 2024 | 5.000% | 07/15/41 | 500000 | 544431 |
| Energy Southeast Alabama Cooperative District Energy Supply Revenue, Series A-1 | 5.500% | 11/01/53 | 500000 | 542792 |
| Energy Southeast Alabama Cooperative District Energy Supply Revenue, Series B | 5.251% | 07/01/54 | 2525000 | 2732124 |
| Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue, Series 2015 | 5.000% | 06/01/30 | 655000 | 655833 |
| Kentucky State Property and Buildings Commission Revenues, Series A | 4.250% | 09/01/45 | 350000 | 336791 |
| Kentucky State Property and Buildings Commission Revenues, Series A | 5.000% | 09/01/45 | 1000000 | 1051704 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **MUNICIPAL INCOME FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Mobile Alabama Industrial Development Board Pollution Control Revenue, Series 2008-B | 3.300% | 07/15/34 | $2000000 | $2001195 |
| Monroe County Georgia Development Authority Pollution Control Revenue, Series 2009 | 1.000% | 07/01/49 | 1000000 | 984955 |
| Ohio Turnpike Revenue, Series 2021-A | 5.000% | 02/15/46 | 1990000 | 2070648 |
| Port Greater Cincinnati Development Authority Ohio Tax Increment Revenue, Series 2024 | 5.000% | 12/01/44 | 1000000 | 995031 |
| Riversouth Ohio Authority Revenue, Series 2016 | 4.000% | 12/01/31 | 700000 | 700532 |
| Rockport Industry Pollution Control Revenue Refunding Industry Michigan Power Co., Series 2025-A | 3.700% | 06/01/47 | 1850000 | 1885750 |
| Southeast Energy Authority Cooperative District Alabama Energy Supply Revenue, Series 2025-E | 5.000% | 10/01/30 | 925000 | 993175 |
| St. Xavier High School, Inc. Ohio Revenue, Series 2020-A | 4.000% | 04/01/36 | 400000 | 407486 |
| St. Xavier High School, Inc. Ohio Revenue, Series 2020-A | 4.000% | 04/01/37 | 575000 | 582663 |
| St. Xavier High School, Inc. Ohio Revenue, Series 2020-A | 4.000% | 04/01/38 | 400000 | 403353 |
| St. Xavier High School, Inc. Ohio Revenue, Series 2020-A | 4.000% | 04/01/39 | 400000 | 401351 |
| Summit County Ohio Development Finance Authority, Series 2018 | 4.000% | 12/01/28 | 435000 | 435302 |
| Tennergy Corp. Tennessee Gas Revenue, Series A | 4.000% | 12/01/51 | 600000 | 607722 |
| Texas Municipal Gas Acquisition and Supply Corp. V Gas Supply Revenue | 5.000% | 01/01/55 | 1170000 | 1262673 |
| Texas Municipal Gas Acquisition and Supply Corp. Vi Gas Supply Revenue, Series 2025 | 5.000% | 01/01/36 | 1830000 | 1956757 |
| Wise County Virginia Industrial Development Authority Solid Waste and Disposal Revenue - Virginia Electric and Power Co. Project, Series A | 3.800% | 11/01/40 | 2500000 | 2529113 |
|  |  |  |  | 31909499 |
| **School District — 21.6%** |  |  |  |  |
| Allen Park Michigan Public SD | 4.500% | 11/01/50 | 850000 | 841379 |
| Athens City SD, Series 2019-A | 4.000% | 12/01/33 | 750000 | 774637 |
| Athens City SD, Series 2024 | 4.000% | 12/01/53 | 750000 | 674259 |
| Bellefontaine Ohio SCD GO Unlimited (National RE Insured), Series 2005 | 5.500% | 12/01/26 | 220000 | 224967 |
| Bexar Texas Refunding Limited, Series 2019 | 4.000% | 06/15/37 | 1360000 | 1375666 |
| Bloomfield Hills Michigan SD School Building Site | 5.000% | 05/01/48 | 1000000 | 1036324 |
| Brecksville Ohio GO Limited, Series 2022 | 4.000% | 12/01/51 | 1685000 | 1571655 |
| Bullit Kentucky SD Finance Corp., Series 2023-A | 4.000% | 03/01/37 | 1255000 | 1284151 |
| Cleveland Heights and University Heights Ohio CSD GO Unlimited, Series 2017 | 4.000% | 12/01/32 | 1000000 | 1014993 |
| Fayette County Kentucky Board of Education, Series A | 4.000% | 04/01/49 | 1000000 | 899536 |
| Fort Bend Texas Independent SD Various Refunding, Series 2025-B | 3.800% | 08/01/55 | 1000000 | 1025632 |
| Green County Ohio Vocational SD GO Unlimited, Series 2019 | 4.000% | 12/01/35 | 1000000 | 1029741 |
| Henderson County Kentucky Board Education | 5.000% | 12/01/39 | 515000 | 571904 |
| Hudson Ohio CSD GO Unlimited, Series 2018 | 4.000% | 12/01/33 | 800000 | 802786 |
| Kettering Ohio CSD GO Unlimited, Series 2016 | 4.000% | 12/01/30 | 400000 | 400208 |
| Kettering Ohio CSD GO Unlimited, Series 2007 | 5.250% | 12/01/31 | 500000 | 534048 |
| Kings LSD Ohio School Improvement, Series 2024 | 5.250% | 12/01/54 | 3090000 | 3223507 |
| Lancaster Pennsylvania SD, Series 2025-B | 5.000% | 06/01/42 | 750000 | 786039 |
| Lawrence Township Industry School Building Corp. First Mortgage, Series B | 4.125% | 07/15/44 | 1185000 | 1148419 |
| Licking Heights Ohio LSD School Facilities, Series 2022 | 5.500% | 10/01/59 | 200000 | 210303 |
| Logan Hocking Ohio LSD Certificates of Participation, Series 2018 | 4.000% | 12/01/32 | 420000 | 420271 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **MUNICIPAL INCOME FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Margaretta Ohio LSD Certificates of Participation School Facilities Project, Series 2025 | 5.500% | 10/01/31 | $555000 | $630784 |
| Mario Ohio LSD School Improvement, Series 2024 | 4.000% | 12/01/49 | 1000000 | 940212 |
| McCreary County Kentucky SD Finance Corp., Series 2022 | 4.000% | 12/01/35 | 560000 | 578666 |
| Milford Ohio Exempt Village SD Go Unlimited (AGM Insured), Series 2007 | 5.500% | 12/01/30 | 1260000 | 1371529 |
| Olentangy LSD Ohio GO Unlimited, Series 2016 | 4.000% | 12/01/31 | 1000000 | 1003568 |
| Owensboro Kentucky Independent SD School Building Revenue, Series 2024 | 4.000% | 04/01/44 | 575000 | 543226 |
| Pickerington Ohio LSD School Facilities Construction and Improvement, Series 2023 | 5.000% | 12/01/53 | 1400000 | 1440695 |
| Powell County Kentucky SD Finance Corp. School Building Revenue, Series 2024 | 4.000% | 02/01/45 | 855000 | 796380 |
| Princeton Ohio CSD GO Unlimited (National RE Insured), Series 2006 | 5.250% | 12/01/30 | 1735000 | 1895474 |
| Pulaski County Kentucky SD Finance Corp. School Building Revenue, Series 2023 | 4.250% | 06/01/40 | 1000000 | 1014822 |
| Pulaski County Missouri Reorganized District Number 6 Certificates Participation, Series 2025 | 5.000% | 04/15/30 | 200000 | 218887 |
| Shaker Heights Ohio CSD Certificates Program, Series 2024 | 5.000% | 12/15/49 | 875000 | 909070 |
| Shaker Heights Ohio CSD Certificates Program | 5.500% | 11/01/62 | 2000000 | 2142354 |
| Southwest Dubois County Industry Multi-School Building Corp., Series 2010-A | 5.000% | 07/15/43 | 600000 | 639782 |
| St. Lucie County Florida School Board Certificates of Participation Master Lease Program, Series A | 5.000% | 07/01/48 | 950000 | 984420 |
| Stark County Ohio Library District Special Obligation Library Facilities Notes | 5.000% | 12/01/43 | 870000 | 923166 |
| Teays Valley Ohio LSD Refunding, Series 2016 | 4.000% | 12/01/32 | 580000 | 580502 |
| Warren County Kentucky Board of Education, Series 2024 | 4.000% | 12/01/37 | 1000000 | 1045189 |
| Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation, Series 2016 | 4.000% | 04/01/30 | 395000 | 395249 |
| Wyoming Ohio CSD Refunding School Improvement, Series 2025 | 5.000% | 12/01/45 | 500000 | 528821 |
| Wyoming Ohio CSD Refunding School Improvement, Series 2025 | 5.000% | 12/01/50 | 500000 | 521215 |
| Wyoming Ohio CSD Refunding School Improvement, Series 2025 | 5.000% | 12/01/55 | 250000 | 258916 |
|  |  |  |  | 39213352 |
| **Single-Family Housing — 1.1%** |  |  |  |  |
| Ohio State Housing Finance Agency Residential Mortgage Revenue, Series D | 5.500% | 09/01/50 | 1285000 | 1354846 |
| Ohio State Housing Finance Agency Residential Mortgage Revenue, Series D | 6.375% | 03/01/56 | 500000 | 571054 |
|  |  |  |  | 1925900 |
| **State Agency — 0.4%** |  |  |  |  |
| Washington Certificates of Participation, Series 2022-A | 5.000% | 01/01/41 | 675000 | 734286 |
| **Water And Sewer — 5.5%** |  |  |  |  |
| Huntertown Industry Sewage Revenue, Series 2025 | 4.500% | 01/01/45 | 560000 | 564170 |
| Ohio State Water Development Authority Revenue, Series 2021 | 5.000% | 06/01/46 | 4215000 | 4408319 |
| Ohio State Water Development Authority Revenue, Series 2021-A | 4.000% | 12/01/46 | 1880000 | 1798990 |
| Ohio State Water Development Authority Water Pollution Control Revenue, Series A | 5.000% | 12/01/43 | 195000 | 211766 |
| Ohio State Water Development Authority Water Pollution Control Revenue, Series D | 5.000% | 12/01/43 | 210000 | 228994 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **MUNICIPAL INCOME FUND** | PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Rural Water Financing Agency Kentucky Public Projects Revenue Flexible Terminal Program, Series E | 4.750% | 08/01/50 | $835000 | $847174 |
| St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation, Series 2016-C | 4.000% | 12/01/31 | 400000 | 400304 |
| Trinity River Authority Texas Ten Mile Creek System Revenue Refunding and Improvement | 5.000% | 08/01/42 | 1370000 | 1506060 |
|  |  |  |  | 9965777 |
| **Total Municipal Bonds** (Cost $183,828,333) |  |  |  | $178094044 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 0.4%** | **Shares** | **Value** |
| Federated Hermes Money Market Obligations Trust - Institutional, 2.71% <sup>(a)</sup> (Cost $720,405) | 720405 | $720405 |
| **Investments at Value — 98.8%** (Cost $184,548,738) |  | $178814449 |
| **Other Assets in Excess of Liabilities — 1.2%** |  | 2098030 |
| **Net Assets — 100.0%** |  | $180912479 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | DECEMBER 31, 2025 |

---

**Statements of Assets and Liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Equity<br> Income Fund** | **Opportunity<br> Fund** | **Enhanced<br> Return Fund** |
| **Assets:** | **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Securities at Value\* | &nbsp;&nbsp;&nbsp;Investment Securities at Value\* | $709299694 | $174096483 | $306149341 |
| &nbsp;&nbsp;&nbsp;Dividends Receivable | &nbsp;&nbsp;&nbsp;Dividends Receivable | 765134 | 152805 | 2376611 |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold Receivable | &nbsp;&nbsp;&nbsp;Fund Shares Sold Receivable | 1109555 | 167875 | 12590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $711174383 | $174417163 | $308538542 |
| **Liabilities:** | **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Management Fees (Note 5) | &nbsp;&nbsp;&nbsp;Accrued Management Fees (Note 5) | $458599 | $137350 | $91727 |
| &nbsp;&nbsp;&nbsp;Accrued Shareholder Servicing Fees – Class S (Note 5) | &nbsp;&nbsp;&nbsp;Accrued Shareholder Servicing Fees – Class S (Note 5) | 26621 | 3834 |  |
| &nbsp;&nbsp;&nbsp;Accrued Interest Expense (Note 8) | &nbsp;&nbsp;&nbsp;Accrued Interest Expense (Note 8) |  | 141 |  |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed Payable | &nbsp;&nbsp;&nbsp;Fund Shares Redeemed Payable | 194925 | 70671 |  |
| &nbsp;&nbsp;&nbsp;Variation Margin Payable | &nbsp;&nbsp;&nbsp;Variation Margin Payable |  |  | 2284763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $680145 | $211996 | $2376490 |
| **Contingencies and Commitments (Note 10)** | **Contingencies and Commitments (Note 10)** |  |  |  |
| **Net Assets** | **Net Assets** | $**710494238** | $**174205167** | $**306162052** |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-In Capital | &nbsp;&nbsp;&nbsp;Paid-In Capital | $450881388 | $142040230 | $306170601 |
| &nbsp;&nbsp;&nbsp;Distributable Earnings (Accumulated Deficit) | &nbsp;&nbsp;&nbsp;Distributable Earnings (Accumulated Deficit) | 259612850 | 32164937 | (8549) |
| **Net Assets** | **Net Assets** | $**710494238** | $**174205167** | $**306162052** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | **N/A** | **N/A** | **17956458** |
| **Offering, Redemption and Net Asset Value Per Share** | **Offering, Redemption and Net Asset Value Per Share** | **N/A** | **N/A** | $**17.05** |
| **Pricing of Class I Shares** | **Pricing of Class I Shares** |  |  |  |
| **Net Assets applicable to Class I Shares** | **Net Assets applicable to Class I Shares** | $**585169043** | $**156329359** | **N/A** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 15292630 | 3033177 | N/A |
| **Offering, Redemption and Net Asset Value Per Share** | **Offering, Redemption and Net Asset Value Per Share** | $**38.26** | $**51.54** | **N/A** |
| **Pricing of Class S Shares** | **Pricing of Class S Shares** |  |  |  |
| **Net Assets applicable to Class S Shares** | **Net Assets applicable to Class S Shares** | $**125325195** | $**17875808** | **N/A** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 3272667 | 346826 | N/A |
| **Offering, Redemption and Net Asset Value Per Share** | **Offering, Redemption and Net Asset Value Per Share** | $**38.29** | $**51.54** | **N/A** |
| \* | Identified Cost of Investment Securities | $460767456 | $142002809 | $304623875 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | DECEMBER 31, 2025 |

---

**Statements of Assets and Liabilities – Continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional<br> Core<br> Bond Fund** | **Institutional<br> Intermediate<br> Bond Fund** | **Institutional<br> Short Duration<br> Bond Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Securities at Value\* | $1887024950 | $274841981 | $164112218 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 15400708 | 2611360 | 1273174 |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold Receivable | 868134 | 76453 | 50562 |
| &nbsp;&nbsp;&nbsp;Paydowns Receivable | 564 | 96 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1903294356 | $277529890 | $165436044 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Management Fee (Note 5) | $403894 | $59141 | $36521 |
| &nbsp;&nbsp;&nbsp;Accrued Distribution Fee - Class F (Note 5) | 1456 | 10 | 6 |
| &nbsp;&nbsp;&nbsp;Accrued Shareholder Servicing Fee - Class S (Note 5) | 6001 |  |  |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed Payable | 578225 | 78695 | 2448361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $989576 | $137846 | $2484888 |
| **Contingencies and Commitments (Note 10)** |  |  |  |
| **Net Assets** | $**1902304780** | $**277392044** | $**162951156** |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $2082184248 | $294695598 | $169843714 |
| &nbsp;&nbsp;&nbsp;Accumulated Deficit | (179879468) | (17303554) | (6892558) |
| **Net Assets** | $**1902304780** | $**277392044** | $**162951156** |
| **Pricing of Class I Shares** |  |  |  |
| Net assets applicable to Class I Shares | $**1862595119** | $**277313165** | $**162906725** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 126854979 | 18589147 | 10784700 |
| **Net Asset Value, offering price and redemption price** | $**14.68** | $**14.92** | $**15.11** |
| **Pricing of Class F Shares** |  |  |  |
| Net assets applicable to Class F Shares | $**11461510** | $**78879** | $**44431** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 768765 | 5175 | 2907 |
| **Net Asset Value, offering price and redemption price** | $**14.91** | $**15.24** | $**15.29** **<sup>(a)</sup>** |
| **Pricing of Class S Shares** |  |  |  |
| Net assets applicable to Class S Shares | $**28248151** | **N/A** | **N/A** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 1926561 | N/A | N/A |
| **Net Asset Value, offering price and redemption price** | $**14.66** | **N/A** | **N/A** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| \* | Identified Cost of Investment Securities | $1909237213 | $271739385 | $163816561 |

---

<sup>(a)</sup> Net Assets divided by Shares do not calculate to the stated Net Asset Value because Net Assets and Shares are shown rounded.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | DECEMBER 31, 2025 |

---

**Statements of Assets and Liabilities – Continued**

---

| | | | |
|:---|:---|:---|:---|
| | | **Core Plus<br> Bond Fund** | **Municipal** **<br> Income Fund** |
| **Assets:** | **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment Securities at Value\* | &nbsp;&nbsp;&nbsp;Investment Securities at Value\* | $51968015 | $178814449 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 501184 | 1633535 |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold Receivable | &nbsp;&nbsp;&nbsp;Fund Shares Sold Receivable |  | 217637 |
| &nbsp;&nbsp;&nbsp;Securities Sold Receivable | &nbsp;&nbsp;&nbsp;Securities Sold Receivable |  | 294486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $52469199 | $180960107 |
| **Liabilities:** | **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Management Fees (Note 5) | &nbsp;&nbsp;&nbsp;Accrued Management Fees (Note 5) | $20133 | $46217 |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed Payable | &nbsp;&nbsp;&nbsp;Fund Shares Redeemed Payable |  | 1411 |
| &nbsp;&nbsp;&nbsp;Variable Margin Payable | &nbsp;&nbsp;&nbsp;Variable Margin Payable | 8875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $29008 | $47628 |
| **Contingencies and Commitments (Note 10)** | **Contingencies and Commitments (Note 10)** |  |  |
| **Net Assets** | **Net Assets** | $**52440191** | $**180912479** |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-In Capital | &nbsp;&nbsp;&nbsp;Paid-In Capital | $53646875 | $199297963 |
| &nbsp;&nbsp;&nbsp;Accumulated Deficit | &nbsp;&nbsp;&nbsp;Accumulated Deficit | (1206684) | $(18385484) |
| **Net Assets** | **Net Assets** | $**52440191** | $**180912479** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 4029844 | 11167350 |
| **Offering, Redemption and Net Asset Value Per Share** | **Offering, Redemption and Net Asset Value Per Share** | $**13.01** | $**16.20** |
| \* | Identified Cost of Investment Securities | $51611841 | $184548738 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | DECEMBER 31, 2025 |

---

**Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity** **<br> Income Fund** | **Opportunity<br> Fund** | **Enhanced<br> Return Fund** |
|  | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2025** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $12228790 | $2665097 | $216421 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes on dividends (net of reclaims received) | (75646) | (9141) |  |
| &nbsp;&nbsp;&nbsp;Interest |  |  | 11378052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 12153144 | 2655956 | 11594473 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fee (Note 5) | $5137063 | $1585539 | $992479 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees - Class S (Note 5) | 304137 | 45101 |  |
| &nbsp;&nbsp;&nbsp;Interest Expense (Note 8) |  | 395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $5441200 | $1631035 | $992479 |
| **Net Investment Income** | $**6711944** | $**1024921** | $**10601994** |
| **Realized and Unrealized Gains (Losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains from Security Transactions and Foreign Currency Transactions | $35743072 | $7287371 | $74412 |
| &nbsp;&nbsp;&nbsp;Net Realized Gains from Futures Contracts |  |  | 25631503 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 35296975 | (864139) | 5059133 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts |  |  | 7262112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Gains on Investments** | $**71040047** | $**6423232** | $**38027160** |
| **Net Change in Net Assets from Operations** | $**77751991** | $**7448153** | $**48629154** |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | DECEMBER 31, 2025 |

---

**Statements of Operations – Continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional<br> Core<br> Bond Fund** | **Institutional<br> Intermediate<br> Bond Fund** | **Institutional<br> Short Duration<br> Bond Fund** |
|  | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2025** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $188263 | $169125 | $40699 |
| &nbsp;&nbsp;&nbsp;Interest | 74933250 | 11471867 | 8059402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | $75121513 | $11640992 | $8100101 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross Management Fee (Note 5) | $5495957 | $822571 | $602055 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees - Class S (Note 5) | 76256 |  |  |
| &nbsp;&nbsp;&nbsp;Distribution Fee - Class F (Note 5) | 27881 | 113 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | $5600094 | $822684 | $602144 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver (Note 5) | (916015) | (137098) | (100345) |
| &nbsp;&nbsp;&nbsp;Distribution Fee Waiver (Note 5) | (11152) | (45) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $4672927 | $685541 | $501763 |
| **Net Investment Income** | $**70448586** | $**10955451** | $**7598338** |
| **Realized and Unrealized Gains (Losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments | $(1276374) | $807191 | $255091 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 69718408 | 7807734 | 3719048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Gains on Investments** | $**68442034** | $**8614925** | $**3974139** |
| **Net Change in Net Assets from Operations** | $**138890620** | $**19570376** | $**11572477** |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | DECEMBER 31, 2025 |

---

**Statements of Operations – Continued**

---

| | | |
|:---|:---|:---|
|  | **Core Plus<br> Bond Fund** | **Municipal** **<br> Income Fund** |
|  | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2025** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $20283 | $88262 |
| &nbsp;&nbsp;&nbsp;Interest | 2352950 | 6671091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 2373233 | 6759353 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Management Fee (Note 5) | 223602 | 531074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $223602 | $531074 |
| **Net Investment Income** | $**2149631** | $**6228279** |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments | $54265 | $(3879251) |
| &nbsp;&nbsp;&nbsp;Net Realized Losses from Futures Contracts | (14921) |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 1620298 | 4451620 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts | 111813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Gains on Investments and Futures Contracts** | $**1771455** | $**572369** |
| **Net Change in Net Assets from Operations** | $**3921086** | $**6800648** |

---

The accompanying notes are an integral part of these financial statements.

**JOHNSON MUTUAL FUNDS**

**Statements of Changes in Net Assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Opportunity Fund** | **Opportunity Fund** | **Enhanced Return Fund** | **Enhanced Return Fund** |
|  | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2024** | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2024** | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2024** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $6711944 | $7100852 | $1024921 | $979108 | $10601994 | $8735612 |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments and Foreign Currencies | 35743072 | 28188193 | 7287371 | 8439947 | 74412 | (383373) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains from Futures Contracts |  |  |  |  | 25631503 | 56988301 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies | 35296975 | 36083708 | (864139) | 4754802 | 5059133 | 2965164 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts |  |  |  |  | 7262112 | (13877507) |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Operations** | $77751991 | $71372753 | $7448153 | $14173857 | $48629154 | $54428197 |
| **Distributions to Shareholders (see Note 2)** | N/A | N/A | N/A | N/A | $(51002634) | $(20115919) |
| &nbsp;&nbsp;&nbsp;From Class I | $(24359741) | $(36185890) | $(7446123) | $(8433592) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;From Class S | (4738877) | (8079495) | (793950) | (990624) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | $(29098618) | $(44265385) | $(8240073) | $(9424216) | $(51002634) | $(20115919) |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | N/A | N/A | N/A | N/A | $17460195 | $21998100 |
| &nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | N/A | N/A | N/A | N/A | 50945967 | 20100760 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | N/A | N/A | N/A | N/A | (50005581) | (37794256) |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Capital Share Transactions** | N/A | N/A | N/A | N/A | $18400581 | $4304604 |
| **From Class I** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | $88949387 | $75601317 | $26387886 | $38009998 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | 24291611 | 36077439 | 7429435 | 8415070 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (103025041) | (82227520) | (27950246) | (12132361) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Class I Capital Share Transactions** | $10215957 | $29451236 | $5867075 | $34292707 | N/A | N/A |
| **From Class S** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | $15639099 | $4981732 | $2722638 | $969137 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | 4730136 | 8069053 | 793862.00 | 990539 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (29070107) | (29440018) | (4162256) | (4351788) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Class S Capital Share Transactions** | $(8700872) | $(16389233) | $(645756) | $(2392112) | N/A | N/A |
| **Net Change in Net Assets** | $**50168458** | $**40169371** | $**4429399** | $**36650236** | $**16027101** | $**38616882** |
| Net Assets at Beginning of Year | $660325780 | $620156409 | $169775768 | $133125532 | $290134951 | $251518069 |
| **Net Assets at End of Year** | $**710494238** | $**660325780** | $**174205167** | $**169775768** | $**306162052** | $**290134951** |

---

The accompanying notes are an integral part of these financial statements.

**JOHNSON MUTUAL FUNDS**

**Statements of Changes in Net Assets – Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Opportunity Fund** | **Opportunity Fund** | **Enhanced Return Fund** | **Enhanced Return Fund** |
|  | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2024** | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2024** | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2024** |
| **Capital Share Activity<sup>(a)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | N/A | N/A | N/A | N/A | 948745 | 1249932 |
| &nbsp;&nbsp;&nbsp;Share Reinvested | N/A | N/A | N/A | N/A | 2944268 | 1161738 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | N/A | N/A | N/A | N/A | (2818065) | (2213156) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares Outstanding | N/A | N/A | N/A | N/A | 1074948 | 198514 |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Year | N/A | N/A | N/A | N/A | 16881510 | 16682996 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Year** | **N/A** | **N/A** | **N/A** | **N/A** | **17956458** | **16881510** |
| **Class I** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2391733 | 2056787 | 510991 | 717485 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 629316 | 1002151 | 141756 | 161549 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2729479) | (2256336) | (531301) | (230151) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares Outstanding | 291570 | 802602 | 121446 | 648883 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Year | 15001060 | 14198458 | 2911731 | 2262848 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Year** | **15292630** | **15001060** | **3033177** | **2911731** | **N/A** | **N/A** |
| **Class S** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 410974 | 136050 | 51462 | 18272 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 122574 | 224141 | 15147 | 19016 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (781375) | (803763) | (80969) | (81859) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares Outstanding | (247827) | (443572) | (14360) | (44571) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Year | 3520494 | 3964066.00 | 361186 | 405757.00 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Year** | **3272667** | **3520494** | **346826** | **361186** | **N/A** | **N/A** |

---

<sup>(a)</sup> There were an unlimited number of shares of beneficial interest authorized for each Fund. Each Fund records purchases of its capital shares at the daily net asset value determined after receipt of a shareholder's order in proper form. Redemptions are recorded at the net asset value determined following receipt of a shareholder's written or telephone request in proper form.

The accompanying notes are an integral part of these financial statements.

**JOHNSON MUTUAL FUNDS**

**Statements of Changes in Net Assets – Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Core** | **Institutional Core** | **Institutional Intermediate** | **Institutional Intermediate** | **Institutional Short** | **Institutional Short** |
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Duration Bond Fund** | **Duration Bond Fund** |
|  | **Year Ended**<br>**12/31/2025** | **Year Ended**<br>**12/31/2024** | **Year Ended**<br>**12/31/2025** | **Year Ended**<br>**12/31/2024** | **Year Ended**<br>**12/31/2025** | **Year Ended**<br>**12/31/2024** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $70448586 | $63045629 | $10955451 | $10512216 | $7598338 | $7277301 |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments | (1276374) | (48726231) | 807191 | (3209648) | 255091 | (641871) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 69718408 | 6961106 | 7807734 | 2041022 | 3719048 | 3387029 |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Operations** | $138890620 | $21280504 | $19570376 | $9343590 | $11572477 | $10022459 |
| **Distributions to Shareholders (see Note 2):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Class I | $(69875329) | $(62468145) | $(11110070) | $(10687699) | $(7737700) | $(7504602) |
| &nbsp;&nbsp;&nbsp;From Class F | (419058) | (305993) | (1805) | (253) | (1438) | (226) |
| &nbsp;&nbsp;&nbsp;From Class S | (1123888) | (1230190) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | $(71418275) | $(64004328) | $(11111875) | $(10687952) | $(7739138) | $(7504828) |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| **From Class I** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | $280114407 | $466275254 | $86285964 | $108232699 | $35293049 | $79867939 |
| &nbsp;&nbsp;&nbsp;Shares issued for Subscriptions-In-Kind (Note 11) |  | 14591696 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value of Shares Issued on Reinvestment of Dividends | 62579019 | 56050889 | 6685642 | 4841690 | 4127217 | 3095638 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (286614274) | (326736547) | (121684880) | (62282042) | (128201128) | (39071716) |
| &nbsp;&nbsp;&nbsp;**Change in Net Assets from Class I Capital Share Transactions** | $56079152 | $210181292 | $(28713274) | $50792347 | $(88780862) | $43891861 |
| **From Class F** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | $1155033 | $4818966 | $70182 | $— | $35000 | $— |
| &nbsp;&nbsp;&nbsp;Net Asset Value of Shares Issued on Reinvestment of Dividends | 419058 | 305993 | 1805 | 253 | 1438 | 226 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (930704) | (809992) | (1570) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Change in Net Assets from Class F Capital Share Transactions** | $643387 | $4314967 | $70417 | $253 | $36438 | $226 |
| **From Class S** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | $2707622 | $3455612 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net Asset Value of Shares Issued on Reinvestment of Dividends | 1118136 | 1224521 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (9284772) | (10906499) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Change in Net Assets from Class S Capital Share Transactions** | $(5459014) | $(6226366) | N/A | N/A | N/A | N/A |
| **Net Change in Net Assets** | $**118735870** | $**165546069** | $**(20184356)** | $**49448238** | $**(84911085)** | $**46409718** |
| Net Assets at Beginning of Year | $1783568910 | $1618022841 | $297576400 | $248128162 | $247862241 | $201452523 |
| **Net Assets at End of Year** | $**1902304780** | $**1783568910** | $**277392044** | $**297576400** | $**162951156** | $**247862241** |

---

The accompanying notes are an integral part of these financial statements.

**JOHNSON MUTUAL FUNDS**

**Statements of Changes in Net Assets – Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Core** | **Institutional Core** | **Institutional Intermediate** | **Institutional Intermediate** | **Institutional Short** | **Institutional Short** |
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Duration Bond Fund** | **Duration Bond Fund** |
|  | **Year Ended**<br>**12/31/2025** | **Year Ended**<br>**12/31/2024** | **Year Ended**<br>**12/31/2025** | **Year Ended**<br>**12/31/2024** | **Year Ended**<br>**12/31/2025** | **Year Ended**<br>**12/31/2024** |
| **Capital Share Activity<sup>(a)</sup>** |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 19327273 | 32397095 | 5843150 | 7462122 | 2350061 | 5423493 |
| &nbsp;&nbsp;&nbsp;Shares issued for Subscriptions-In-Kind (Note 12) |  | 1035626 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 4318281 | 3924230 | 452288 | 333668 | 274846 | 209312 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (19841551) | (22713265) | (8266950) | (4245111) | (8541967) | (2642066) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares Outstanding | 3804003 | 14643686 | (1971512) | 3550679 | (5917060) | 2990739 |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Year | 123050976 | 108407290 | 20560659 | 17009980 | 16701760 | 13711021 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Year** | **126854979** | **123050976** | **18589147** | **20560659** | **10784700** | **16701760** |
| **Class F** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 79247 | 331300 | 4670 |  | 2309 |  |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 28483 | 21087 | 119 | 17 | 95 | 15 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (63190) | (55086) | (104) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares Outstanding | 44540 | 297301 | 4685 | 17 | 2404 | 15 |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Year | 724225 | 426924 | 490 | 473 | 503 | 488 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Year** | **768765** | **724225** | **5175** | **490** | **2907** | **503** |
| **Class S** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 188568 | 241880 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 77311 | 85833 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (642928) | (762007) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares Outstanding | (377049) | (434294) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Year | 2303610 | 2737904 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Year** | **1926561** | **2303610** | **N/A** | **N/A** | **N/A** | **N/A** |

---

<sup>(a)</sup> There were an unlimited number of shares of beneficial interest authorized for each Fund. Each Fund records purchases of its capital shares at the daily net asset value determined after receipt of a shareholder's order in proper form. Redemptions are recorded at the net asset value determined following receipt of a shareholder's written or telephone request in proper form.

The accompanying notes are an integral part of these financial statements.

**JOHNSON MUTUAL FUNDS**

**Statements of Changes in Net Assets – Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Municipal Income Fund** | **Municipal Income Fund** |
|  | **Year Ended**<br>**12/31/2025** | **Year Ended**<br>**12/31/2024** | **Year Ended**<br>**12/31/2025** | **Year Ended**<br>**12/31/2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2149631 | $1615323 | $6228279 | $5690381 |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments | 54265 | (183646) | (3879251) | (2206851) |
| &nbsp;&nbsp;&nbsp;Net Realized Losses from Futures Contracts | (14921) | (26259) |  |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 1620298 | (471268) | 4451620 | (2190267) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts | 111813 | (204603) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Operations** | $3921086 | $729547 | $6800648 | $1293263 |
| **Distributions to Shareholders (see Note 2)** | $(2167921) | $(1630819) | $(6248768) | $(5707852) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | $13630845 | $23793805 | $64208432 | $40646682 |
| &nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | 1922970 | 1423321 | 6032700 | 5590672 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (7987935) | (3797519) | (59275861) | (46971185) |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Capital Share Transactions** | $7565880 | $21419607 | $10965271 | $(733831) |
| **Net Change in Net Assets** | $**9319045** | $**20518335** | $**11517151** | $**(5148420)** |
| Net Assets at Beginning of Year | $43121146 | $22602811 | $169395328 | $174543748 |
| **Net Assets at End of Year** | $**52440191** | $**43121146** | $**180912479** | $**169395328** |
| **Capital Share Activity<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1070489 | 1870852 | 4027048 | 2477111 |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 149543 | 111788 | 377671 | 342392 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (619712) | (297464) | (3704372) | (2866681) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares Outstanding | 600320 | 1685176 | 700347 | (47178) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Year | 3429524 | 1744348 | 10467003 | 10514181 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Year** | **4029844** | **3429524** | **11167350** | **10467003** |

---

<sup>(a)</sup> There were an unlimited number of shares of beneficial interest authorized for each Fund. Each Fund records purchases of its capital shares at the daily net asset value determined after receipt of a shareholder's order in proper form. Redemptions are recorded at the net asset value determined following receipt of a shareholder's written or telephone request in proper form.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | EQUITY INCOME FUND - CLASS I SHARES |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $35.65 | $34.15 | $30.91 | $36.44 | $31.35 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.38 <sup>(a)</sup> | 0.42 <sup>(a)</sup> | 0.33 <sup>(a)</sup> | 0.28 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 3.83 | 3.63 | 3.81 | (3.82) | 7.92 |
| **Total Operations** | $4.21 | $4.05 | $4.14 | $(3.54) | $8.13 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.37) | (0.45) | (0.30) | (0.30) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains | (1.23) | (2.10) | (0.60) | (1.69) | (2.83) |
| **Total Distributions** | $(1.60) | $(2.55) | $(0.90) | $(1.99) | $(3.04) |
| Net Asset Value, end of year | $38.26 | $35.65 | $34.15 | $30.91 | $36.44 |
| **Total Return<sup>(b)</sup>** | **11.77%** | **11.79%** | **13.42%** | **(9.74** **%)** | **25.96%** |
| Net Assets, end of year (millions) | $585.17 | $534.82 | $484.82 | $551.27 | $609.71 |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75% | 0.75% | 0.94 %<sup>(c)</sup> | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 1.02% | 1.14% | 1.00% | 0.84% | 0.62% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 21.15% | 20.64% | 32.38% | 22.66% | 29.91% |

---

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> Effective September 15, 2023, the Management Fee reduced from 1.00% to 0.75%. (Note 5)

<sup>(d)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | EQUITY INCOME FUND - CLASS S SHARES |

---

**Selected Data for a Share Outstanding Throughout each Period:**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br>**12/31/2025** | **Year Ended**<br>**12/31/2024** | **Period Ended**<br>**12/31/2023\*** |
| Net Asset Value, beginning of period | $35.65 | $34.14 | $33.21 |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(a)</sup> | 0.29 | 0.33 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains on Investments | 3.86 | 3.63 | 1.71 |
| **Total Operations** | $4.15 | $3.96 | $1.81 |
| **Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.28) | (0.35) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains | (1.23) | (2.10) | (0.60) |
| **Total Distributions** | $(1.51) | $(2.45) | $(0.88) |
| Net Asset Value, end of period | $38.29 | $35.65 | $34.14 |
| **Total Return<sup>(b)</sup>** | **11.59%** | **11.53%** | **5.46** **%<sup>(c)</sup>** |
| Net Assets, end of period (millions) | $125.33 | $125.51 | $135.34 |
| **Ratios/supplemental data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.00% | 1.00% | 1.00 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 0.77% | 0.89% | 1.00 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 21.15% | 20.64% | 32.38 %<sup>(c)</sup> |

---

\* Class S began operations on September 15, 2023.

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during each period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | OPPORTUNITY FUND - CLASS I SHARES |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $51.87 | $49.89 | $44.15 | $52.62 | $45.55 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.32 <sup>(a)</sup> | 0.35 <sup>(a)</sup> | 0.31 <sup>(a)</sup> | 0.29 | 0.38 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 1.87 | 4.67 | 7.26 | (6.83) | 13.55 |
| **Total Operations** | $2.19 | $5.02 | $7.57 | $(6.54) | $13.93 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.30) | (0.33) | (0.31) | (0.29) | (0.39) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains | (2.22) | (2.71) | (1.52) | (1.64) | (6.47) |
| **Total Distributions** | $(2.52) | $(3.04) | $(1.83) | $(1.93) | $(6.86) |
| Net Asset Value, end of year | $51.54 | $51.87 | $49.89 | $44.15 | $52.62 |
| **Total Return<sup>(b)</sup>** | **4.15%** | **10.03%** | **17.12%** | **(12.46** **%)** | **30.59%** |
| Net Assets, end of year (millions) | $156.33 | $151.04 | $112.88 | $115.09 | $126.09 |
| **Ratios/supplemental data<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.90% | 0.90% | 0.97 %<sup>(d)</sup> | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 0.61% | 0.65% | 0.66% | 0.63% | 0.84% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 29.15% | 20.74% | 22.66% | 26.51% | 38.97% |

---

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> Interest Expense had less than a 0.01% impact on the ratios of net investment income and expenses to average net assets.

<sup>(d)</sup> Effective September 15, 2023, the Management Fee reduced from 1.00% to 0.90%. (Note 5)

<sup>(e)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | OPPORTUNITY FUND - CLASS S SHARES |

---

**Selected Data for a Share Outstanding Throughout each Period:**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2024** | **Period<br> Ended<br> 12/31/2023\*** |
| Net Asset Value, beginning of period | $51.88 | $49.89 | $46.83 |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(a)</sup> | 0.19 | 0.22 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains on Investments | 1.86 | 4.67 | 4.79 |
| **Total Operations** | $2.05 | $4.89 | $4.85 |
| **Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.17) | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains | (2.22) | (2.71) | (1.52) |
| **Total Distributions** | $(2.39) | $(2.90) | $(1.79) |
| Net Asset Value, end of period | $51.54 | $51.88 | $49.89 |
| **Total Return<sup>(b)</sup>** | **3.88%** | **9.77%** | **10.35** **%<sup>(c)</sup>** |
| Net Assets, end of period (millions) | $17.88 | $18.74 | $20.24 |
| **Ratios/supplemental data<sup>(d)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.15% | 1.15% | 1.15 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 0.36% | 0.40% | 0.44 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 29.15% | 20.74% | 22.66% |

---

\* Class S began operations on September 15, 2023.

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during each period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Interest Expense had less than a 0.01% impact on the ratios of net investment income and expenses to average net assets.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | ENHANCED RETURN FUND |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $17.19 | $15.08 | $12.35 | $17.41 | $19.12 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.68 | 0.54 | 0.30 | 0.14 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments and Futures | 2.45 | 2.82 | 2.75 | (4.25) | 4.92 |
| **Total Operations** | $3.13 | $3.36 | $3.05 | $(4.11) | $5.08 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | (0.69) | (0.56) | (0.32) | (0.17) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains | (2.58) | (0.69) |  | (0.78) | (6.61) |
| **Total Distributions** | $(3.27) | $(1.25) | $(0.32) | $(0.95) | $(6.79) |
| Net Asset Value, end of year | $17.05 | $17.19 | $15.08 | $12.35 | $17.41 |
| **Total Return<sup>(a)</sup>** | **18.42%** | **22.37%** | **24.91%** | **(23.56** **%)** | **26.51%** |
| Net Assets, end of year (millions) | $306.16 | $290.13 | $251.52 | $206.48 | $322.89 |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 3.74% | 3.19% | 2.18% | 0.96% | 0.65% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 58.65% | 46.25% | 36.66% | 42.99% | 40.89% |

---

<sup>(a)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | INSTITUTIONAL CORE BOND - CLASS I SHARES |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $14.15 | $14.50 | $14.17 | $16.80 | $17.45 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.56 <sup>(a)</sup> | 0.52 <sup>(a)</sup> | 0.44 <sup>(a)</sup> | 0.32 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.54 | (0.35) | 0.31 | (2.61) | (0.62) |
| **Total Operations** | $1.10 | $0.17 | $0.75 | $(2.29) | $(0.36) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.57) | (0.52) | (0.42) | (0.34) | (0.29) |
| Net Asset Value, end of year | $14.68 | $14.15 | $14.50 | $14.17 | $16.80 |
| **Total Return<sup>(b)</sup>** | **7.86%** | **1.21%** | **5.43%** | **(13.70** **%)** | **(2.04** **%)** |
| Net Assets, end of year (millions) | $1862.60 | $1740.61 | $1572.04 | $569.86 | $640.68 |
| **Ratios/supplemental data<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.80% | 3.55% | 3.08% | 2.04% | 1.46% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.85% | 3.60% | 3.13% | 2.09% | 1.51% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)</sup> | 13.24% | 47.17% | 31.63% | 33.21% | 42.67% |

---

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> The Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2026. (Note #5)

<sup>(d)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | INSTITUTIONAL CORE BOND FUND - CLASS F SHARES |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $14.36 | $14.73 | $14.39 | $17.06 | $17.61 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.54 <sup>(a)</sup> | 0.51 <sup>(a)</sup> | 0.42 <sup>(a)</sup> | 0.32 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.56 | (0.37) | 0.33 | (2.66) | (0.71) |
| **Total Operations** | $1.10 | $0.14 | $0.75 | $(2.34) | $(0.38) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.55) | (0.51) | (0.41) | (0.33) | (0.17) |
| Net Asset Value, end of year | $14.91 | $14.36 | $14.73 | $14.39 | $17.06 |
| **Total Return<sup>(b)</sup>** | **7.79%** | **0.97%** | **5.29%** | **(13.81** **%)** | **(2.15** **%)** |
| Net Assets, end of year (millions) | $11.46 | $10.40 | $6.29 | $3.02 | $4.22 |
| **Ratios/supplemental data<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.55% | 3.31% | 2.79% | 1.76% | 1.19% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.70% | 3.46% | 2.89% | 1.91% | 1.34% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)</sup> | 13.24% | 47.17% | 31.63% | 33.21% | 42.67% |

---

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> The Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2026. (Note #5)

<sup>(d)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | INSTITUTIONAL CORE BOND FUND - CLASS S SHARES |

---

**Selected Data for a Share Outstanding Throughout each Period:**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2024** | **Period<br> Ended<br> 12/31/2023\*** |
| Net Asset Value, beginning of period | $14.13 | $14.50 | $13.90 |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(a)</sup> | 0.52 | 0.48 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.55 | (0.35) | 0.61 |
| **Total Operations** | $1.07 | $0.13 | $0.74 |
| **Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.54) | (0.50) | (0.14) |
| Net Asset Value, end of period | $14.66 | $14.13 | $14.50 |
| **Total Return<sup>(b)</sup>** | **7.66%** | **0.88%** | **5.35** **%<sup>(c)</sup>** |
| Net Assets, end of period (millions) | $28.25 | $32.56 | $39.70 |
| **Ratios/supplemental data<sup>(d)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.55% | 0.55% | 0.55 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.50% | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.55% | 3.30% | 3.10 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.60% | 3.35% | 3.15 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(f)</sup> | 13.24% | 47.17% | 31.63% |

---

\* Fund began operations on September 15, 2023.

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> The Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2026. (Note #5)

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | INSTITUTIONAL INTERMEDIATE BOND FUND - CLASS I SHARES |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $14.47 | $14.59 | $14.26 | $16.03 | $16.60 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.59 <sup>(a)</sup> | 0.53 <sup>(a)</sup> | 0.41 <sup>(a)</sup> | 0.30 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.46 | (0.11) | 0.34 | (1.77) | (0.52) |
| **Total Operations** | $1.05 | $0.42 | $0.75 | $(1.47) | $(0.27) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.60) | (0.54) | (0.42) | (0.30) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  |  |  |  | (0.04) |
| **Total Distributions** | $(0.60) | $(0.54) | $(0.42) | $(0.30) | $(0.30) |
| Net Asset Value, end of year | $14.92 | $14.47 | $14.59 | $14.26 | $16.03 |
| **Total Return<sup>(b)</sup>** | **7.39%** | **2.93%** | **5.38%** | **(9.18** **%)** | **(1.66** **%)** |
| Net Assets, end of year (millions) | $277.31 | $297.57 | $248.12 | $233.65 | $254.72 |
| **Ratios/supplemental data<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.95% | 3.60% | 2.85% | 1.93% | 1.45% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 4.00% | 3.65% | 2.90% | 1.98% | 1.50% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)</sup> | 44.89% | 54.63% | 46.33% | 46.94% | 32.34% |

---

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> The Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2026. (Note #5)

<sup>(d)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | INSTITUTIONAL INTERMEDIATE BOND FUND - CLASS F SHARES |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $14.78 | $14.89 | $14.55 | $16.37 | $16.84 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.58 <sup>(a)</sup> | 0.52 <sup>(a)</sup> | 0.40 <sup>(a)</sup> | 0.27 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.47 | (0.10) | 0.34 | (1.80) | (0.53) |
| **Total Operations** | $1.05 | $0.42 | $0.74 | $(1.53) | $(0.31) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.59) | (0.53) | (0.40) | (0.29) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  |  |  |  | (0.04) |
| **Total Distributions** | $(0.59) | $(0.53) | $(0.40) | $(0.29) | $(0.16) |
| Net Asset Value, end of year | $15.24 | $14.78 | $14.89 | $14.55 | $16.37 |
| **Total Return<sup>(b)</sup>** | **7.19%** | **2.84%** | **5.20%** | **(9.32** **%)** | **(1.83** **%)** |
| Net Assets, end of year (millions) | $0.079 | $0.007 | $0.007 | $0.007 | $0.007 |
| **Ratios/supplemental data<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.69% | 3.34% | 2.59% | 1.66% | 1.20% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.84% | 3.49% | 2.74% | 1.81% | 1.35% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)</sup> | 44.89% | 54.63% | 46.33% | 46.94% | 32.34% |

---

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> The Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%, and a portion of the 0.25% 12b-1 fee to sustain a new distribution fee of 0.15%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the rights to remove the waiver after April 30, 2026 (Note #5)

<sup>(d)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | INSTITUTIONAL SHORT DURATION BOND FUND - CLASS I SHARES |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $14.84 | $14.69 | $14.32 | $15.15 | $15.44 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.57 <sup>(a)</sup> | 0.47 <sup>(a)</sup> | 0.29 <sup>(a)</sup> | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.29 | 0.15 | 0.39 | (0.79) | (0.27) |
| **Total Operations** | $0.86 | $0.62 | $0.68 | $(0.65) | $(0.14) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.59) | (0.47) | (0.31) | (0.18) | (0.15) |
| Net Asset Value, end of year | $15.11 | $14.84 | $14.69 | $14.32 | $15.15 |
| **Total Return<sup>(b)</sup>** | **5.91%** | **4.30%** | **4.78%** | **(4.29** **%)** | **(0.91** **%)** |
| Net Assets, end of year (millions) | $162.91 | $247.85 | $201.45 | $229.47 | $347.32 |
| **Ratios/supplemental data<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.74% | 3.11% | 1.94% | 1.00% | 0.76% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.79% | 3.16% | 1.99% | 1.05% | 0.81% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)</sup> | 35.87% | 40.49% | 36.84% | 21.53% | 58.31% |

---

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> The Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2026. (Note #5)

<sup>(d)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | INSTITUTIONAL SHORT DURATION BOND FUND - CLASS F SHARES |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $15.02 | $14.87 | $14.49 | $15.33 | $15.63 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.56 <sup>(a)</sup> | 0.45 <sup>(a)</sup> | 0.27 <sup>(a)</sup> | 0.14 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.29 | 0.16 | 0.40 | (0.82) | (0.27) |
| **Total Operations** | $0.85 | $0.61 | $0.67 | $(0.68) | $(0.17) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.58) | (0.46) | (0.29) | (0.16) | (0.13) |
| Net Asset Value, end of year | $15.29 | $15.02 | $14.87 | $14.49 | $15.33 |
| **Total Return<sup>(b)</sup>** | **5.72%** | **4.13%** | **4.68%** | **(4.47** **%)** | **(1.09** **%)** |
| Net Assets, end of year (millions) | $0.044 | $0.008 | $0.007 | $0.007 | $0.007 |
| **Ratios/supplemental data<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.52% | 2.82% | 1.70% | 0.75% | 0.51% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.67% | 2.97% | 1.85% | 0.90% | 0.66% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)</sup> | 35.87% | 40.49% | 36.84% | 21.53% | 58.31% |

---

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> The Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.25%, and a portion of the 0.25% 12b-1 fee to sustain a new distribution fee of 0.15%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the rights to remove the waiver after April 30, 2026. (Note #5)

<sup>(d)</sup> Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | CORE PLUS BOND FUND |

---

**Selected Data for a Share Outstanding Throughout each Period:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/2025** | **Year Ended<br> 12/31/2024** | **Year Ended<br> 12/31/2023** | **Year Ended<br> 12/31/2022** | **Period<br> Ended<br> 12/31/2021\*** |
| Net Asset Value, beginning of period | $12.57 | $12.96 | $12.66 | $15.04 | $15.00 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.55 | 0.53 | 0.41 | 0.29 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments and Futures | 0.45 | (0.39) | 0.31 | (2.34) | 0.04 |
| **Total Operations** | $1.00 | $0.14 | $0.72 | $(2.05) | $0.07 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.56) | (0.53) | (0.42) | (0.33) | (0.03) |
| Net Asset Value, end of period | $13.01 | $12.57 | $12.96 | $12.66 | $15.04 |
| **Total Return<sup>(a)</sup>** | **8.07%** | **1.13%** | **5.81%** | **(13.71** **%)** | **0.44** **%<sup>(b)</sup>** |
| Net Assets, end of period (millions) | $52.44 | $43.12 | $22.60 | $14.36 | $16.42 |
| **Ratios/supplemental data<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.45% | 0.65% | 1.34% | 1.14% | 0.55 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.45% | 0.45% | 0.45% | 0.45% | 0.45 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 4.32% | 4.02% | 2.41% | 1.43% | 1.55 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 4.32% | 4.22% | 3.30% | 2.12% | 1.65 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 27.91% | 50.28% | 45.24% | 42.09% | 69.02 %<sup>(b)</sup> |

---

\* Fund began operations on November 17, 2021.

<sup>(a)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(b)</sup> Not annualized.

<sup>(C)</sup> The Adviser waived a portion of the 0.45% management fee to sustain a net fee of 0.45% during the years ended December 31, 2024 and prior. (Note #5)

<sup>(d)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | MUNICIPAL INCOME FUND |

---

**Selected Data for a Share Outstanding Throughout each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | $16.18 | $16.60 | $16.15 | $17.98 | $18.28 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.56 | 0.53 | 0.46 | 0.37 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.03 | (0.42) | 0.45 | (1.83) | (0.27) |
| **Total Operations** | $0.59 | $0.11 | $0.91 | $(1.46) | $0.05 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.57) | (0.53) | (0.46) | (0.37) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  | (0.00)<sup>(a)</sup> |
| **Total Distributions** | $(0.57) | $(0.53) | $(0.46) | $(0.37) | $(0.35) |
| Net Asset Value, end of year | $16.20 | $16.18 | $16.60 | $16.15 | $17.98 |
| **Total Return<sup>(b)</sup>** | **3.71%** | **0.69%** | **5.76%** | **(8.10** **%)** | **0.30%** |
| Net Assets, end of year (millions) | $180.91 | $169.40 | $174.54 | $190.50 | $274.98 |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.30% | 0.30% | 0.56 %<sup>(c)</sup> | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 3.52% | 3.21% | 2.78% | 2.14% | 1.78% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 36.07% | 26.39% | 17.28% | 21.30% | 9.11% |

---

<sup>(a)</sup> Amount rounds to less than $0.005 per share.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would have been lower if the Adviser had not reduced fees.

<sup>(c)</sup> Effective September 15, 2023, the Management Fee was reduced from 0.65% to 0.30%. (Note 5)

The accompanying notes are an integral part of these financial statements.

**JOHNSON MUTUAL FUNDS**

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**1)** **Organization:**

The Johnson Equity Income Fund, Johnson Opportunity Fund, Johnson Enhanced Return Fund, Johnson Core Plus Bond Fund, Johnson Municipal Income Fund (each individually a "Fund" and collectively the "Funds"), Johnson Institutional Core Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Short Duration Bond Fund (the "Bond Funds,") are each a diversified series of the Johnson Mutual Funds Trust (the "Trust"), and are registered under the Investment Company Act of 1940, as amended, as no-load, open-end investment companies. The Johnson Mutual Funds Trust was established as an Ohio business trust under an Agreement and Declaration of Trust dated September 30, 1992. The Opportunity Fund and Municipal Income Fund began offering their shares publicly on May 16, 1994. The Bond Funds began offering their shares publicly on August 31, 2000. The Equity Income Fund and Enhanced Return Fund began offering their shares publicly on December 30, 2005. The Johnson Core Plus Bond Fund began offering shares publicly on November 17, 2021. All the Funds are managed by Johnson Investment Counsel, Inc. (the "Adviser").

The Equity Income Fund and Opportunity Fund both have an additional share class, Class S shares. Each class of shares for each Fund has identical rights and privileges except with respect to shareholder servicing fees and voting rights on matters affecting a single class of shares. Class S shares have a maximum shareholder servicing fee of 0.25%.

The Bond Funds also have an additional share class, Class F shares. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) fees, shareholder servicing fees, and voting rights on matters affecting a single class of shares. Class F shares have a maximum distribution (12b-1) fee of 0.25%, currently waived by the Adviser to 0.15% (see Note 5). The Institutional Core Bond Fund also has an additional share class, Class S shares. Class S shares have a maximum shareholder servicing fee of 0.25%.

The investment objective of the Equity Income Fund is above average dividend income and long-term capital growth. The investment objective of the Opportunity Fund is long-term capital growth. The investment objective of the Johnson Enhanced Return Fund is to outperform the Fund's benchmark, the S&P 500 Index, over a full market cycle. The investment objective of the Bond Funds is a high level of income over the long term consistent with preservation of capital. The investment objective of the Johnson Core Plus Bond Fund is to maximize total return over the long term consistent with the preservation of capital. The investment objective of the Municipal Income Fund is a high level of federally tax-free income over the long-term consistent with preservation of capital.

**2)** **Summary of Significant Accounting Policies:**

**BASIS OF ACCOUNTING:**

The financial statements are prepared in accordance with accounting principles generally accepted in the United State of Americas ("GAAP"). The Funds are investment companies and accordingly follow the investment company guidance of FASB Accounting Standards Codification Topic 946, "Financial Services — Investment Companies".

**SEGMENT REPORTING:**

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Management Team of the Adviser. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**2)** **Summary of Significant Accounting Policies, continued**

**NEW ACCOUNTING PRONOUNCEMENT:**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Funds' financial statements. The Management Team has evaluated the impact which was not material. As a part of its assessment, management noted that foreign withholding taxes were approximately 0% of each Fund's net assets and therefore, further disclosure regarding foreign withholding taxes on dividend income was considered immaterial.

**FINANCIAL FUTURES CONTRACTS:**

The Enhanced Return Fund invests in stock index futures (equity risk) in an attempt to replicate the returns of the leading large capitalization companies in the leading industries in the U.S. economy. The Fund enters into S&P 500 E-Mini contracts four times a year generally near the time the contracts would expire (contracts expire the third Friday of March, June, September and December). The contracts are generally held until it is time to roll into the next contracts. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin," are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the futures contract. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. The amount of the daily variation margin is reflected as an asset or liability within the Statements of Assets and Liabilities, while the cumulative change in unrealized gains (losses) on futures contracts is reported separately within the Statements of Operations. The Net Unrealized Losses on futures contracts, as of December 31, 2025, was $862,668. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss at the contract settlement date. A realized gain or loss is recognized when a contract is sold and is the difference between the fair value of the contract at purchase and the fair value of the contract when sold. Realized gains (losses) on futures contracts are reported separately within the Statements of Operations. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged asset, as well as the risk that the counterparty will fail to perform its obligations. As of December 31, 2025, Wells Fargo Services holds U.S. Treasury Notes with the custodian, which serves as collateral for future contracts, with a value of $23,141,884. The net variation margin payable on futures contracts as of December 31, 2025 was $2,284,763.

The Core Plus Bond Fund may enter into various exchange-traded and over-the-counter derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns (interest rate risk). These derivative transactions may include futures, options, swaps, foreign currency futures and forwards. In particular, the Fund may use interest rate swaps, credit default swaps (including buying and selling credit default swaps on individual securities and/or baskets of securities), options (including options on credit default swaps and options on futures) and futures contracts to a significant extent, although the amounts invested in these instruments may change from time to time. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin," are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the futures contract. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. The amount of the daily variation margin is reflected as an asset or liability within the Statements of Assets and Liabilities, while the cumulative change in unrealized gain/loss on futures contracts is reported separately within the Statements of Operations. The Net Unrealized Losses on futures contracts, as of December 31, 2025, was $22,612. As of December 31, 2025, Wells Fargo Services holds U.S. Treasury Notes with the custodian, which serves as collateral for future contracts, with a value of $4,241,439. The net variation margin payable on these futures contracts as of December 31, 2025 was $8,875.

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**2)** **Summary of Significant Accounting Policies, continued**

**OFFSETTING ASSETS AND LIABILITIES:**

The Enhanced Return Fund and the Core Plus Bond Fund have adopted financial reporting rules regarding offsetting assets and liabilities and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The Funds' policy is to recognize a net asset/liability equal to the net variation margin for the futures contracts. As of December 31, 2025, the Enhanced Return Fund and Core Plus Bond Fund have one and three positions, respectively, and the variation margin applicable to each of those positions is presented in the Statement of Assets and Liabilities.

The following table presents the Enhanced Return Fund and Core Plus Bond Fund's liability derivatives available for offset under a master netting agreement, net of collateral pledged as of December 31, 2025.

**<u>Enhanced Return Fund</u>**

**<u>Liabilities</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities** | **Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities** | |
| <br>**Description** |<br>**Gross<br> Amounts of<br> Recognized<br> Liabilities** |<br>**Gross<br> Amounts<br> Offset in the<br> Statement of<br> Assets and<br> Liabilities** |<br>**Net Amounts<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments\*** | **Cash<br> Collateral<br> Pledged/<br> Received** |<br>**Net Amount** |
| Futures Contracts | $(2284763) | $— | $(2284763) | $2284763 | $— | $— |

---

\* The Amount is limited to the derivative balance, and accordingly, does not include excess collateral pledged.

**<u>Core Plus Bond Fund</u>**

**<u>Liabilities</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities** | **Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities** | |
| <br>**Description** |<br>**Gross**<br> **Amounts of**<br> **Recognized**<br> **Liabilities** |<br>**Gross<br> Amounts<br> Offset in the<br> Statement of <br> Assets and<br> Liabilities** |<br>**Net Amounts**<br> **Presented in**<br> **the Statement**<br> **of Assets and**<br> **Liabilities** | **Financial**<br> **Instruments\*** | **Cash**<br> **Collateral**<br> **Pledged/**<br> **Received** |<br>**Net Amount** |
| Futures Contracts | $(8875) | $— | $(8875) | $8875 | $— | $— |

---

\* The Amount is limited to the derivative balance, and accordingly, does not include excess collateral pledged.

**INVESTMENT INCOME AND REALIZED CAPITAL GAINS AND LOSSES ON INVESTMENT SECURITIES:**

Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Dividend and interest income are recorded net of foreign taxes. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. Gains and losses on sales of investments are calculated using the specific identification method, mainly using high-cost lots. Discounts and premiums on securities purchased are amortized over the lives or to the earliest call date of the respective securities in accordance with GAAP. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**2)** **Summary of Significant Accounting Policies, continued**

from the Funds' investments in real estate investment trusts ("REITs") are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported. Estimates are based on the most recent REIT distributions information available. Gains and losses on paydowns of mortgage-backed securities are reflected in interest income on the Statements of Operations. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

**FOREIGN CURRENCY TRANSLATION:**

Securities and other assets and liabilities denominated in or expected to settle in foreign currencies, if any, are translated into U.S. dollars based on exchange rates on the following basis:

A. The
 fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

B. Purchases
 and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern time
 on the respective date of such transactions.

C. The
 Fund does not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those
 caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses
 on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between trade and settlement dates on securities transactions, and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, that result from changes in exchange rates.

**FEDERAL INCOME TAX:**

The Funds have qualified and intend to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Fund of liability for federal income taxes to the extent is net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of a federal excise tax applicable to regulated investment companies, it is also the Funds' intention to declare and pay as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the 12 months ended December 31 for the Opportunity Fund, Bond Funds, and Municipal Income Fund, and October 31 for the Equity Income, Enhanced Return and Core Plus Bond Fund) plus undistributed amounts from prior years.

The following information is computed for each item as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Income<br> Fund** | **Opportunity<br> Fund** | **Enhanced<br> Return Fund** | **Core<br> Bond Fund** |
| Cost of Portfolio Investments | $460782018 | $142054656 | $304663768 | $1909568734 |
| Gross unrealized appreciation | 258230572 | 39594871 | 3793451 | 23851510 |
| Gross unrealized depreciation | (9712896) | (7553044) | (2307878) | (46395294) |
| Net Unrealized appreciation (depreciation) | 248517676 | 32041827 | 1485573 | (22543784) |
| Undistributed ordinary income | 1166209 | 6023 |  | 14544 |
| Undistributed long-term gains | 9928965 | 117087 |  |  |
| Accumulated capital and other losses |  |  | (1494122) | (157350228) |
| Distributable earnings (accumulated deficit) | $259612850 | $32164937 | $(8549) | $(179879468) |

---

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**2)** **Summary of Significant Accounting Policies, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Intermediate<br> Bond Fund** | **Short Duration<br> Bond Fund** | **Core Plus<br> Bond Fund** | **Municipal<br> Income Fund** |
| Cost of Portfolio Investments | $271818296 | $163816561 | $51602667 | $184548738 |
| Gross unrealized appreciation | 4656616 | 1838129 | 1194099 | 1033320 |
| Gross unrealized depreciation | (1632931) | (1542472) | (828751) | (6767609) |
| Net unrealized depreciation | 3023685 | 295657 | 365348 | (5734289) |
| Undistributed ordinary income | 1492 |  |  |  |
| Accumulated capital and other losses | (20328731) | (7188215) | (1572032) | (12651195) |
| Accumulated deficit | $(17303554) | $(6892558) | $(1206684) | $(18385484) |

---

As of December 31, 2025, the following Funds had capital loss carryovers which will reduce each Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. The capital loss carryovers which may be carried forward for an indefinite period are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Long-term** | **Short-term** | **Total** |
| Core Bond Fund | $112460957 | $44889271 | $157350228 |
| Intermediate Bond Fund | 16624530 | 3704201 | 20328731 |
| Short Duration Bond Fund | 5058467 | 2129748 | 7188215 |
| Core Plus Bond Fund | 1052809 | 519223 | 1572032 |
| Municipal Income Fund | 12372810 | 278385 | 12651195 |

---

During the year ended December 31, 2025, the Funds utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  | **Total** |
| Intermediate Bond Fund | $521553 |
| Short Duration Bond Fund | 60115 |
| Core Plus Bond Fund | 136721 |

---

The difference between the federal income tax cost and the financial statement cost of Funds' investments is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and GAAP. The timing differences are temporary in nature and are due to the tax deferral of losses on amortization of bonds, trust preferred securities, mark to market on futures contracts and wash sales.

The Funds recognize the tax benefits or expenses of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on Federal income tax returns for the current and all open tax years (generally three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify its major tax jurisdictions as U.S. Federal and certain State tax authorities. The Funds are not aware of any tax positions for which it is reasonably likely that the total amounts of unrecognized tax benefits or expenses will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax expenses as income tax expense in the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or penalties.

Post-October capital losses listed above incurred after October 31, 2025 and within the taxable year are deemed to arise on the first day of the Fund's next taxable year. Enhanced Return Fund deferred $1,494,122 of post-October capital losses for income tax purposes.

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**2)** **Summary of Significant Accounting Policies, continued**

**ALLOCATIONS BETWEEN CLASSES:**

Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class specific expenses are charged directly to the class incurring the expense. Common expenses which are not attributable to a specific class are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund.

**DISTRIBUTIONS:**

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds intend to distribute net investment income on a monthly basis for the Bond Funds and Core Plus Fund, and on a calendar quarter basis for the Enhanced Return Fund and Municipal Income Fund. The Equity Income and Opportunity Funds intend to distribute net investment income, if any, at least once a year. The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains, if any, at least once a year. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds.

For the year ended December 31, 2025, the Funds made the following reclassifications to increase (decrease) the components of net assets:

---

| | | |
|:---|:---|:---|
|  | **Paid in<br> Capital** | **Accumulated<br> Earnings** |
| Opportunity Fund | $956 | $(956) |
| Short Duration Bond Fund | (15307) | 15307 |
| Core Plus Bond Fund | (11480) | 11480 |
| Municipal Income Fund | (19890) | 19890 |

---

The tax character of the distributions paid for the years ended December 31, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ordinary<br> Income\*** | **Tax Exempt<br> Income** | **Net Realized<br> Long-Term<br> Capital Gain** | **Total Taxable<br> Distributions<br> Paid** | **Total<br> Distributions<br> Paid** |
| Equity Income Fund | 12/31/2024 | $9343628 |  | $34921757 | $44265385 | $44265385 |
|  | 12/31/2025 | 6833202 |  | 22265416 | 29098618 | 29098618 |
| Opportunity Fund | 12/31/2024 | 1632958 |  | 7791258 | 9424216 | 9424216 |
|  | 12/31/2025 | 951272 |  | 7288500 | 8240073 | 8240073 |
| Enhanced Return Fund | 12/31/2024 | 13749276 |  | 6366643 | 20115919 | 20115919 |
|  | 12/31/2025 | 27359311 |  | 23643323 | 51002634 | 51002634 |
| Core Bond Fund | 12/31/2024 | 64004328 |  |  | 64004328 | 64004328 |
|  | 12/31/2025 | 71418275 |  |  | 71418275 | 71418275 |
| Intermediate Bond Fund | 12/31/2024 | 10687952 |  |  | 10687952 | 10687952 |
|  | 12/31/2025 | 11111875 |  |  | 11111875 | 11111875 |
| Short Duration Bond Fund | 12/31/2024 | 7504828 |  |  | 7504828 | 7504828 |
|  | 12/31/2025 | 7739138 |  |  | 7739138 | 7739138 |
| Core Plus Bond Fund | 12/31/2024 | 1630819 |  |  | 1630819 | 1630819 |
|  | 12/31/2025 | 2167921 |  |  | 2167921 | 2167921 |
| Municipal Income Fund | 12/31/2024 | 73599 | 5634253 |  | 5707852 | 5707852 |
|  | 12/31/2025 | 91265 | 6157503 |  | 6248768 | 6248768 |

---

\* Short-Term Capital Gains were combined with Ordinary Income, as they are taxed at the Ordinary Income tax rate.

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**3)** **Security Valuation and Transactions:**

The Funds' portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m., Eastern time). The Board has assigned the Adviser as their Valuation Designee to consider all appropriate factors relevant to the value of securities, in accordance with the Trust's valuation policies and fair value determinations. Fixed income securities typically are valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the market value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. When the Adviser decides that a price provided by the pricing service does not accurately reflect the market value of the securities, when prices are not readily available from the pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees. Various inputs may be reviewed in order to make a good faith determination of a security's fair value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations of investments that would have been used had greater market activity occurred.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. GAAP established a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

● Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

● Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level of the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**3)** **Security Valuation and Transactions, continued**

**FAIR VALUE MEASUREMENTS:**

A description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis follows.

*Equity Securities (Common Stock, Real Estate Investment Trusts).* Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. When adjustments to observable prices are applied or when the market is considered inactive, securities will be categorized in Level 2 of the fair value hierarchy.

*Corporate Bonds.* Corporate bonds are generally valued at prices obtained from pricing vendors. The fair value of corporate bonds is estimated using market approach valuation techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations for similar securities (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they will be categorized in Level 3.

*U.S. Government Securities.* U.S. government securities are generally valued at prices obtained from pricing vendors. U.S. government securities, including U.S. Treasury Obligations, are normally valued using market approach valuation techniques that incorporate observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 2 of the fair value hierarchy.

*U.S. Agency Securities.* U.S. agency securities are generally valued at prices obtained from pricing vendors. U.S. agency securities are comprised of two main categories consisting of agency issued debt and mortgage-backed securities. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Mortgage-backed securities are generally valued based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized in Level 2 of the fair value hierarchy.

*Municipal Bonds.* Municipal bonds are generally valued at prices obtained from pricing vendors. Municipal Bonds are normally valued using a market approach valuation technique that incorporates observable market data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Municipal Bonds are categorized in Level 2 of the fair value hierarchy.

*Preferred Stocks.* Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

*Money Market.* Investments in mutual funds, including money market mutual funds (notated throughout these financial statements as cash equivalents), are generally priced at the ending net asset value ("NAV") provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

*Derivative Instruments.* Listed derivatives, including futures contracts that are actively traded, are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy.

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**3)** **Security Valuation and Transactions, continued**

The following is a summary of the inputs used to value each Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Common Stocks\* | $707349304 | $— | $— | $707349304 |
| Money Market Funds | 1950390 |  |  | 1950390 |
| Total | $709299694 | $— | $— | $709299694 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Common Stocks\* | $173149071 | $— | $— | $173149071 |
| Money Market Funds | 947412 |  |  | 947412 |
| Total | $174096483 | $— | $— | $174096483 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Enhanced Return Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Corporate Bonds\* | $— | $191281884 | $— | $191281884 |
| Collateralized Mortgage Obligations |  | 56412151 |  | 56412151 |
| Municipal Bonds |  | 4637543 |  | 4637543 |
| U.S. Government & Agencies |  | 2040530 |  | 2040530 |
| U.S. Treasury Obligations |  | 47142496 |  | 47142496 |
| Money Market Funds | 4634737 |  |  | 4634737 |
| Sub-total | $4634737 | $301514604 | $— | $306149341 |
| Other Financial Instruments\*\* | (862668) |  |  | (862668) |
| Total | $3772069 | $301514604 | $— | $305286673 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Core Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Corporate Bonds\* | $— | $877426261 | $— | $877426261 |
| Collateralized Mortgage Obligations |  | 510319996 |  | 510319996 |
| Municipal Bonds |  | 15626204 |  | 15626204 |
| U.S. Treasury Obligations |  | 470255781 |  | 470255781 |
| Preferred Stocks | 9176944 |  |  | 9176944 |
| Money Market Funds | 4219764 |  |  | 4219764 |
| Total | $13396708 | $1873628242 | $— | $1887024950 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Corporate Bonds\* | $— | $140296320 | $— | $140296320 |
| Collateralized Mortgage Obligations |  | 24420541 |  | 24420541 |
| Municipal Bonds |  | 3213909 |  | 3213909 |
| U.S. Government & Agencies |  | 8324262 |  | 8324262 |
| U.S. Treasury Obligations |  | 96915605 |  | 96915605 |
| Preferred Stocks | 1549953 |  |  | 1549953 |
| Money Market Funds | 121391 |  |  | 121391 |
| Total | $1671344 | $273170637 | $— | $274841981 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Corporate Bonds\* | $— | $103072249 | $— | $103072249 |
| Collateralized Mortgage Obligations |  | 34268269 |  | 34268269 |
| Municipal Bonds |  | 4572204 |  | 4572204 |
| U.S. Treasury Obligations |  | 22061810 |  | 22061810 |
| Money Market Funds | 137686 |  |  | 137686 |
| Total | $137686 | $163974532 | $— | $164112218 |

---

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**3)** **Security Valuation and Transactions, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Corporate Bonds\* | $— | $32271979 | $— | $32271979 |
| Collateralized Mortgage Obligations |  | 13884068 |  | 13884068 |
| U.S. Treasury Obligations |  | 5620280 |  | 5620280 |
| Preferred Stocks | 168220 |  |  | 168220 |
| Money Market Funds | 23468 |  |  | 23468 |
| Sub-total | $191688 | $51776327 | $— | $51968015 |
| Other Financial Instruments\*\* | (22612) |  |  | (22612) |
| Total | $169076 | $51776327 | $— | $51945403 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Municipal Bonds\* | $— | $178094044 | $— | $178094044 |
| Money Market Funds | 720405 |  |  | 720405 |
| Total | $720405 | $178094044 | $— | $178814449 |

---

\* See Portfolio of Investments for industry classifications <br> \*\* Other financial instruments are futures contracts reflected separately in the Portfolio of Investments, and are reflected at the net unrealized appreciation on futures contracts

The Funds did not hold any Level 3 securities during the year.

**4)** **Portfolio Risks:**

Pandemics and other wide-spread public health events can result in significant disruptions to economies and markets, adversely impacting individual companies, sectors, industries, currencies, interest and inflation rates, credit ratings, and investor sentiment. The duration and extent of such events cannot be reasonably estimated. Governmental responses to these events may negatively impact the capabilities of the Funds' service providers and disrupt the Funds' operations. These events may result in substantial market volatility and may adversely impact the prices and liquidity of a Fund's investments.

**5)** **Investment Advisory Agreement, 12b-1 Fees and Shareholder Servicing Fees:**

The Funds incurred management fees for the year ended December 31, 2025, as indicated below:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Fee** |<br>**Management**<br>**Fee** | **Payable as of**<br>**December 31,**<br>**2025** |
| Equity Income Fund | 0.75% | $5137063 | $458599 |
| Opportunity Fund | 0.90% | 1585539 | 137350 |
| Enhanced Return Fund | 0.35% | 992479 | 91727 |
| Core Bond Fund | 0.30% | 5495957 | 403894 |
| Intermediate Bond Fund | 0.30% | 822571 | 59141 |
| Short Duration Bond Fund | 0.30% | 602055 | 36521 |
| Core Plus Bond Fund | 0.45% | 223602 | 20133 |
| Municipal Income Fund | 0.30% | 531074 | 46217 |

---

The Short Duration, Intermediate and Core Bond Funds F share classes also incur 12b-1 fee at the annual rate of 0.25% (before the contractual waiver described below) of the Fund's average daily net assets, which is accrued daily and paid monthly.

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**5)** **Investment Advisory Agreement, 12b-1 Fees and Shareholder Servicing Fees, continued**

The Adviser has agreed to waive a part of the management fee for the Short Duration, Intermediate and Core Bond Funds from a maximum of 0.30% to an effective fee ratio of 0.25%, unchanged from the prior period. In addition, the Adviser has agreed to waive a part of the 12b-1 fee from a maximum of 0.25% to an effective annual rate of 0.15%. The Adviser has the right to remove this fee waiver any time after April 30, 2026. These waivers are not subject to recoupment.

The Equity Income, Opportunity and Core Bond Funds S Shares classes also incur shareholder servicing fees at the annual rate of 0.25% of each Fund's average daily net assets, attributable to the Class, which is accrued daily.

**6)** **Related Party Transactions:**

All officers and one Trustee of the Trust are employees of the Adviser. Total compensation for the Independent Trustees as a group was $210,000 for the year ended December 31, 2025, which was paid by the Adviser, and as a group they received no additional compensation from the Trust. The Trust consists of nine Funds: Johnson Equity Income Fund, Johnson Opportunity Fund, Johnson Enhanced Return Fund, Johnson Institutional Core Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Short Duration Bond Fund, Johnson Core Plus Bond Fund, and Johnson Municipal Income Fund. The Adviser is not a registered broker-dealer of securities and thus does not receive commissions on trades made on behalf of the Funds. The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of December 31, 2025, the following are identified as having an ownership of more than 25%:

---

| | |
|:---|:---|
| **Equity Income Fund** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 81.39% |
| **Opportunity Fund** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 89.15% |
| **Enhanced Return Fund:** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 98.06% |
| **Core Bond Fund:** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 66.36% |
| **Intermediate Bond Fund:** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 62.71% |
| &nbsp;&nbsp;&nbsp;National Financial Services LLC | 26.53% |
| **Short Duration Bond Fund:** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 56.66% |
| **Core Plus Bond Fund:** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 88.77% |
| **Municipal Income Fund** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 95.7% |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides fund accounting services, administration services, and transfer agency services to the Funds. All services are paid for by the Adviser.

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**7)** **Purchases and Sales of Securities:**

For the year ended December 31, 2025, purchases and sales of investment securities aggregated (excluding in-kind subscriptions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Investment Securities Other Than<br> Short-Term Investments and<br> U.S. Government Obligations | Investment Securities Other Than<br> Short-Term Investments and<br> U.S. Government Obligations | U.S. Government Obligations | U.S. Government Obligations |
| <br>**Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Equity Income Fund | $142847120 | $156224199 | $— | $— |
| Opportunity Fund | 50796618 | 52401625 |  |  |
| Enhanced Return Fund | 89818615 | 84097267 | 66438081 | 71052925 |
| Core Bond Fund | 165647548 | 61088275 | 116573939 | 179599299 |
| Intermediate Bond Fund | 61771917 | 60790061 | 60177902 | 90217365 |
| Short Duration Bond Fund | 47418523 | 90188534 | 23250229 | 60915878 |
| Core Plus Bond Fund | 14501243 | 6773396 | 6999108 | 6907193 |
| Municipal Income Fund | 75126825 | 62712387 |  |  |

---

**8)** **Borrowings:**

The Equity Income Fund, Opportunity Fund, Enhanced Return Fund, Short Duration Bond Fund, Intermediate Bond Fund, Core Bond Fund, Core Plus Bond Fund, and Municipal Income Fund each has an unsecured line of credit through April 27, 2026 with U.S. Bank National Association, up to 33.3% of its net assets, with a total maximum borrowing limit of $60,000,000 for the Trust.

Borrowings under the agreement bear interest at the Prime lending rate which was 6.75% as of December 31, 2025. During the year ended December 31, 2025, the Opportunity Fund borrowed from the line for eight (8) calendar days with the average debt outstanding and interest rate of $242,500 and 7.06%, respectively, during the days with borrowings and incurred $395 of interest expense and fees. There were no borrowings for any of the other Funds at any time during the year.

**9)** **Estimates:**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**10)** **Contingencies and Commitments:**

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**11)** **Indemnification:**

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | DECEMBER 31, 2025 |

---

**12)** **Sector Risk:**

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of December 31, 2025, the Equity Income Fund had 25.2% of the value of its net assets invested in stocks within the Technology sector.

**13)** **Subsequent Events:**

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements except for the following:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Record Date** | <br>**Ex-Date** | **Per Share**<br>**Ordinary<br> Income** |
| Core Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1/28/2026 | 1/29/2026 | $0.0490 |
| &nbsp;&nbsp;&nbsp;Class F | 1/28/2026 | 1/29/2026 | $0.0480 |
| &nbsp;&nbsp;&nbsp;Class S | 1/28/2026 | 1/29/2026 | $0.0470 |
| Intermediate Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1/28/2026 | 1/29/2026 | $0.0510 |
| &nbsp;&nbsp;&nbsp;Class F | 1/28/2026 | 1/29/2026 | $0.0490 |
| Short Duration Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1/28/2026 | 1/29/2026 | $0.0530 |
| &nbsp;&nbsp;&nbsp;Class F | 1/28/2026 | 1/29/2026 | $0.0520 |
| Core Plus Bond Fund | 1/28/2026 | 1/29/2026 | $0.0470 |

---

---

| | |
|:---|:---|
| **ADDITIONAL INFORMATION** | DECEMBER 31, 2025 (UNAUDITED) |

---

**CHANGES IN AND/OR DISAGREEMENTS WITH ACCOUNTANTS:**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURE:**

Not applicable.

**PROXY VOTING:**

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the most recent 12-month period ended December 31 are available without charge: (1) upon request by calling the Funds at 513-661-3100 or toll free at 1-800-541-0170; or (2) from the Fund's documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.

**REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS:**

Refer to the financial statements included herein.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT:**

Not applicable.

**AVAILABILITY OF SCHEDULES OF PORTFOLIO INVESTMENTS:**

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year at www.johnsonmutualfunds.com or on Form N-PORT. The Funds' holdings are available, without charge, (1) upon request by calling the Funds at 513-661-3100 or toll free at 1-800-541-0170; (2) by visiting www.johnsoninv.com/mutualfunds; or (3) from the Fund's documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.

**CODE OF ETHICS:**

The Trust's Code of Ethics is available on request without charge; please call for your copy at 513-661-3100 or 1-800-541-0170 or write us at:

Johnson Mutual Funds

3777 West Fork Road

Cincinnati OH 45247

**FEDERAL TAX INFORMATION:**

For the fiscal year ended December 31, 2025, the Funds designated the following as long-term capital gain distributions:

---

| | |
|:---|:---|
| **Fund** | **Long-term<br> Capital Gain** |
| Equity Income Fund | $22265416 |
| Opportunity Fund | 7288500 |
| Enhanced Return Fund | 23643323 |

---

---

| | |
|:---|:---|
| **ADDITIONAL INFORMATION** | DECEMBER 31, 2025 |

---

**Qualified Dividend Income** – The following Funds designate the following of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%:

---

| | |
|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income** |
| Equity Income Fund | 100.00% |
| Opportunity Fund | 100.00% |

---

**Dividends Received Deduction** – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of Fund's dividend distributions that qualifies under tax law. For the fiscal year ended October 31, 2025, the following Funds had the following ordinary income dividends qualified for the corporate dividends received deduction:

---

| | |
|:---|:---|
| **Fund** | **Dividend<br> Received<br> Deduction** |
| Equity Income Fund | 100.00% |
| Opportunity Fund | 100.00% |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

Johnson Mutual Funds Trust

**OPINION ON THE FINANCIAL STATEMENTS**

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Johnson Mutual Funds Trust, comprising the funds listed below (the "Funds") as of December 31, 2025, the related statements of operations, and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of**<br> **Operations** | **Statements of**<br> **Changes in**<br> **Net Assets** | **Financial**<br> **Highlights** |
| Johnson Equity Income Fund,<br> Johnson Opportunity Fund,<br> Johnson Enhanced Return<br> Fund, Johnson Institutional<br> Core Bond Fund, Johnson<br> Institutional Intermediate<br> Bond Fund, Johnson<br> Institutional Short Duration<br> Bond Fund, and Johnson<br> Municipal Income Fund | For the year ended<br> December 31, 2025 | For the years ended<br> December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| Johnson Core Plus Bond Fund | For the year ended<br> December 31, 2025 | For the years ended<br> December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and for the period from November 17, 2021 (commencement of operations) through December 31, 2021 |

---

**BASIS FOR OPINION**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

December 31, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2004.

![](img_001.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2026

---

| | |
|:---|:---|
| **Trustees and Officers** | **Trustees and Officers** |
| Dale Coates | Independent Trustee, Chairman |
| Timothy E. Johnson | Interested Trustee |
| Jonathan Adams | Independent Trustee |
| James J. Berrens | Independent Trustee |
| John R. Green | Independent Trustee |
| Julie Murphy | Independent Trustee |
| Jeri B. Ricketts | Independent Trustee |
| Gregory Simpson | Independent Trustee |
| Jason Jackman | President |
| Alex J. Bey | Vice President |
| Scott J. Bischoff | Chief Compliance Officer |
| Jennifer J. Kelhoffer | Secretary/Treasurer/CFO |

---

---

| |
|:---|
| **Transfer Agent and Fund Accountant** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, Ohio 45246 |
| **Custodian** |
| US Bank |
| 425 Walnut Street |
| Cincinnati, OH 45202 |
| **Independent Registered Public Accounting Firm** |
| Cohen & Company, Ltd. |
| 1350 Euclid Avenue, Suite 800 |
| Cleveland, Ohio 44115 |
| **Legal Counsel** |
| Thompson Hine LLP |
| 312 Walnut Street, 14th Floor |
| Cincinnati, Ohio 45202 |

---

This report is authorized for distribution to prospective investors only when accompanied or preceded

by the Funds' prospectus, which illustrates each Fund's objectives, policies, management fees,

and other information that may be helpful in making an investment decision.

Investment Company Act #811-7254

(b) Included in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable [filed under item 7]

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable [included under Item 7 if applicable]

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **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 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90
 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded
 that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information
 relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly
 during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed,
 summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal
 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the
 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal
 control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) [Code of Ethics is filed herewith](johnson_ex99-codeeth.htm)

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto](johnson_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](johnson_ex99-906cert.htm)

---

| | |
|:---|:---|
| Exhibit 99.CODE ETH | [Code of Ethics](johnson_ex99-codeeth.htm) |
| Exhibit 99.CERT | [Certifications required by Rule 30a-2(a) under the Act](johnson_ex99cert.htm) |
| Exhibit 99.906CERT | [Certifications required by Rule 30a-2(b) under the Act](johnson_ex99-906cert.htm) |

---

**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 | Johnson Mutual Funds Trust | Johnson Mutual Funds Trust |
| By: | /s/ Jason O. Jackman | /s/ Jason O. Jackman |
|  | Jason O. Jackman, President and Principal Executive Officer | Jason O. Jackman, President and Principal Executive Officer |
|  | Date | March 9, 2026 |

---

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 | /s/ Jason O. Jackman |
|  | Jason O. Jackman, President and Principal Executive Officer | Jason O. Jackman, President and Principal Executive Officer |
|  | Date | March 9, 2026 |

---

---

| | | |
|:---|:---|:---|
| By | /s/ Jennifer J. Kelhoffer | /s/ Jennifer J. Kelhoffer |
|  | Jennifer J. Kelhoffer, Treasurer and Principal Financial Officer | Jennifer J. Kelhoffer, Treasurer and Principal Financial Officer |
|  | Date | March 9, 2026 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Jason O. Jackman, certify that:

1. I have reviewed this report on Form N-CSR of Johnson Mutual Funds Trust,

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | <u>March 9, 2026</u> |  |
|  |  | /s/ Jason O. Jackman |
| | | Jason O. Jackman, President and Principal Executive Officer |

---

I, Jennifer J. Kelhoffer, certify that:

1. I have reviewed this report on Form N-CSR of Johnson Mutual Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | <u>March 9, 2026</u> |  |
|  |  | /s/ Jennifer J. Kelhoffer |
| | | Jennifer J. Kelhoffer, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**CERTIFICATION**

Jason O. Jackman, Principal Executive Officer, and Jennifer J. Kelhoffer, Principal Financial Officer of Johnson Mutual Funds Trust (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Jason O. Jackman, Principal Executive Officer<br> Johnson Mutual Funds Trust | Jason O. Jackman, Principal Executive Officer<br> Johnson Mutual Funds Trust | Jennifer J. Kelhoffer, Principal Financial Officer<br> Johnson Mutual Funds Trust | Jennifer J. Kelhoffer, Principal Financial Officer<br> Johnson Mutual Funds Trust |
| /s/ Jason O. Jackman | /s/ Jason O. Jackman | /s/ Jennifer J. Kelhoffer | /s/ Jennifer J. Kelhoffer |
| Jason O. Jackman | Jason O. Jackman | Jennifer J. Kelhoffer | Jennifer J. Kelhoffer |
| Date: | March 9, 2026 | Date: | March 9, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Johnson Mutual Funds Trust and will be retained by Johnson Mutual Funds Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**EX-99.CODE ETH**

![](coe_001.jpg)

**Code of Ethics**

Adopted January 2002

Revised April 2021

Revised August 2021

Revised December 2022

Revised December 2023

Revised January 2024

Revised November 2024

**Table of Contents**

---

| | |
|:---|:---|
| INTRODUCTION | 3 |
| DEFINITIONS | 3 |
| FIDUCIARY DUTIES | 6 |
| INSIDER TRADING | 7 |
| *Identifying Insider Information* | 7 |
| *Expert Networks* | 8 |
| PERSONAL TRADING | 9 |
| *Employee Investment Accounts* | 9 |
| *Preclearance & Trading* | 9 |
| *Preclearance Rules* | 10 |
| *Exempted Transactions* | 11 |
| *Reporting* | 13 |
| ADMINISTRATION & SANCTIONS | 14 |
| *Sanctions* | 14 |
| *Annual Report* | 16 |
| CONFLICTS OF INTEREST | 16 |
| *Gifts & Entertainment* | 16 |
| *Political Contributions* | 17 |
| *Outside Business Activities* | 18 |
| PROHIBITED ACTIVITIES | 19 |
| ELECTRONIC COMMUNICATIONS | 20 |
| WHISTLEBLOWER PROVISION | 20 |
| CLIENT CONFIDENTIALITY | 21 |

---

INTRODUCTION

Rule 201A-1 of the Investment Advisors Act of 1940 ("Advisors Act") requires all investment advisors registered with the Securities and Exchange Commission ("SEC") to adopt codes of ethics that establish standards of conduct and ensure compliance with federal securities laws. Johnson Investment Counsel, Inc. ("JIC") is a registered investment advisor under the Advisors Act and has adopted this Code of Ethics ("Code"), which outlines the standards of business conduct required of Access Persons. Additionally, as an advisor to regulated investment companies, JIC adopts this code in accordance with Rule 17j-1 of the Investment Company Act of 1940, as amended.

Access Persons are expected to adhere to the highest ethical standards. Consequently, this Code establishes obligations that go beyond those required by applicable laws and regulations, serving as a minimum standard of conduct. Access Persons must also act in accordance with their fiduciary duty to JIC's clients. Therefore, mere compliance with the Code does not absolve an Access Person from liability if their actions violate this fiduciary duty. If an Access Person is uncertain about the intent or purpose of any provision of the Code, or whether a proposed action aligns with their fiduciary duty, they should consult the Chief Compliance Officer (CCO) or a member of the Compliance Team.

DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;1. "Access Person" means any interested directors/trustee, officer, employee, or advisory person (as defined below) of any of the Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;2. "Advisory Person" means

● any employee of any of the Johnson Companies who, in connection with their regular functions or duties, makes, participates in, or obtains information regarding a purchase or sale of a Security by any of the Johnson Companies; or

● any employee of any of the Johnson Companies whose functions relate to the making of any recommendations with respect to the purchase or sale of a Security by any of the Johnson Companies; or

● any natural person in a control relationship to any of the Johnson Companies who obtains information concerning recommendations with regard to the purchase or sale of a Security by any of the Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;3. "Beneficial ownership" will be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all Securities which an Access Person has or acquires. For purposes of this Code, "beneficial ownership" includes, but is not limited to, Securities held by members of a person's immediate family sharing the same household and Securities over which a person has discretionary authority outside of his ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;4. "Control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

Any person who owns beneficially, either directly or through one or more controlled companies, more than twenty-five percent (25%) of the voting Securities of the company shall be presumed to control such company. A natural person shall be presumed not to be a controlled person within the meaning of this Code of Ethics. Any such presumption may be rebutted by evidence, in accordance with Section 2(a)(9) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;5. "Employee" means any person employed by any of the Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;6. "Disinterested trustees" means trustees of Johnson Mutual Funds Trust who are not employees of any of the Johnson Companies and who are not advisory persons, as defined above.

&nbsp;&nbsp;&nbsp;&nbsp;7. "Disinterested directors" means directors of Johnson Trust Company who are not employees of any of the Johnson Companies and who are not advisory persons, as defined above.

&nbsp;&nbsp;&nbsp;&nbsp;8. "Fund" means any series of shares of Johnson Mutual Funds Trust.

&nbsp;&nbsp;&nbsp;&nbsp;9. "Expert Network" means a person with prior experience and relevant insights into a particular company or industry but is not a current employee of the discussed company and is not an employee of a broker-dealer or independent research provider.

&nbsp;&nbsp;&nbsp;&nbsp;10. "Insider" means the officers, directors, and employees of a company, although the concept of an "insider" is broad. A person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and, as a result, is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, any of the Johnson Companies may become a temporary insider of a company it advises or for which it performs other services. According to the Supreme Court, the company must expect the outsider to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

&nbsp;&nbsp;&nbsp;&nbsp;11. "Investment Team" means employees of the Johnson Companies responsible for the research, review and firm-wide recommendations with respect to the purchase or sale of a Security by any of the Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;12. "Material information" means information for which there is a substantial likelihood that a responsible investor would consider it important in making their investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's Securities. Information that officers, directors, and employees should consider material includes, but is not limited to: dividend changes; earnings estimates; changes in previously released earnings estimates; significant merger or acquisition proposals or agreements; major litigation; liquidation problems; and extraordinary management developments. Trading on insider information is not a basis for liability unless the information is material.

&nbsp;&nbsp;&nbsp;&nbsp;13. "Non-public information" means information that has not been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the United States Securities and Exchange Commission ("SEC"), or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, or other publications of general circulation, would be considered public.

&nbsp;&nbsp;&nbsp;&nbsp;14. "Security" means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participating in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a Security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as "Security", or any certificate of interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing, except that the term "Security" shall not include transactions and holdings in direct obligations of the Government of the United States; money market instruments including bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, and other high quality short-term debt instruments; shares of money market funds; transactions and holdings in shares of other types of mutual funds, unless the adviser or control affiliate acts as the investment adviser or principal underwriter for the fund; and transactions in units of a unit investment trust if the unit investment trust is invested exclusively in unaffiliated mutual funds; currencies.

&nbsp;&nbsp;&nbsp;&nbsp;15. "Executive Team" means the senior leadership team of the Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;16. "Non-approved Securities" means securities that are not included in a Johnson Companies model portfolio or are not approved by the Investment Team.

FIDUCIARY DUTIES

JIC's primary objective is to provide value through investment advisory and financial services to a diverse array of clients, including governments, corporations, financial institutions, high-net-worth individuals, pension funds, and retail clients. This Code of Ethics establishes a fundamental principle: <u>all employees, interested directors/trustees, officers, and associated investment advisers, must prioritize the interests of the firm's clients above their own personal interests at all times</u>.

To uphold this principle, all employees are expected to:

● Conflicts of Interest: Exercise caution to prevent any actual or potential conflicts of interest in personal securities transactions.

● Annual Acknowledgment: Attest annually to confirm your understanding and adherence to this Code of Ethics.

● Compliance Review: Ensure that all personal securities transactions are reviewed for compliance, considering both the letter and spirit of this Code.

● Fiduciary Duty: Recognize that technical compliance with this Code does not exempt you from your fiduciary duties or professional responsibilities.

● Transaction Approval: When seeking approval for personal investments, evaluate not only the specific facts surrounding the transaction but also its potential appearance to ensure alignment with the firm's ethical standards.

All employees of the Johnson Companies must comply with all applicable laws, rules, and regulations governing their professional, financial, or business activities, while adhering to this Code of Ethics. It is crucial to prioritize the interests of clients above all else, acknowledging that all research and investment knowledge belong to the firm and its clients, not to the individual employee.

Confidentiality is paramount; employees must preserve the confidentiality of all information communicated by clients and any information obtained in the course of their fiduciary duty, except in cases involving illegal activities by the client. Moreover, employees should exercise care and good judgment to maintain independence and objectivity when interacting with issuers of securities and other business contacts.

JIC requires that all dealings on behalf of existing and prospective clients be conducted with honesty, integrity, and high ethical standards, adhering to both the letter and spirit of applicable laws and regulations.

As fiduciaries, all employees owe clients a duty of undivided loyalty and must act accordingly. It is essential to avoid situations where the advice or services provided to clients could be perceived as driven by self-interest. Since no set of rules can anticipate every possible situation, employees are encouraged to seek guidance from the CCO or members of the Compliance department when uncertain about how to adhere to these rules.

JIC's fiduciary responsibilities extend to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development, and personal investing activities. These obligations include the duty to avoid material conflicts of interest and, if such conflicts are unavoidable, to provide full and fair disclosures to clients, maintain accurate books and records, and manage employees appropriately. Further details on these concepts are provided in the sections that follow.

Any violations of this Code must be reported promptly to the CCO or a member of the Compliance department.

INSIDER TRADING

The Johnson Companies prohibit any Access Person from trading, whether personally or on behalf of others (such as Funds and private accounts managed by JIC), based on material non-public information, or from communicating such information to others in violation of the law. This practice is commonly referred to as "insider trading." This policy applies to all Access Persons and extends to activities both within and outside their duties at any of the Johnson Companies. Disinterested trustees and directors must also consider insider trading issues when conducting personal trades.

While the term "insider trading" is not explicitly defined in federal securities laws, it generally refers to trading in securities using material non-public information (regardless of whether one is classified as an "insider") or communicating such information to others.

Although insider trading law is evolving, it is generally understood to prohibit:

● Trading by an insider while in possession of material non-public information.

● Trading by a non-insider while in possession of material non-public information that was disclosed in violation of an insider's duty of confidentiality or was misappropriated.

● Communicating material non-public information to others.

*Identifying Insider Information*

Before trading for yourself or others, including investment companies or private accounts managed by JIC, regarding any securities information, consider the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;1. Is the information material? Would an investor find this information important in making investment decisions? Would it substantially affect the market price of the securities if disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;2. Is the information non-public? To whom has this information been disclosed? Has it been effectively communicated to the marketplace through reputable sources like Reuters, The Wall Street Journal, or other widely circulated publications? Additionally, Research Analysts should not use research from "Business Intelligence" firms, "Political Intelligence" firms, or "Expert Networks" without prior approval from the CCO.

*Expert Networks*

Employees in the Research department may access the Tegus Transcript Library through JIC's paid subscription without needing pre-clearance from the CCO. However, contact with Expert Networks is strictly limited to interactions through the Tegus Transcript Library. Any communication or engagement outside of this library requires prior approval from the CCO.

While the Tegus Transcript Library is designed to comply with legal and regulatory requirements, including avoiding the inclusion of Material Non-Public Information (MNPI), users must exercise caution when reviewing its contents. Tegus implements safeguards to minimize the risk of non-compliance, but it is the responsibility of users to verify the public availability and legality of any information before using it to inform investment decisions.

If it is believed that information from the Tegus Transcript Library is material and non-public, or if there is any doubt about its status, the following steps should be taken:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Report Immediately**: The user should notify the CCO without delay.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Refrain from Trading**: The user must not purchase or sell securities for themselves or on behalf of others, including investment companies or private accounts managed by JIC.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Limit Communication**: The user should not disclose the information to anyone inside or outside of the Johnson Companies, except for the CCO. The user must ensure that any material non-public information is secured, and access to computer files containing such information should be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Await Guidance**: Once the CCO has reviewed the issue, the user will receive instructions on whether to maintain the prohibitions on trading and communication, or if they may proceed.

If there is still uncertainty about whether the information is material or non-public, or if there are any unresolved questions regarding these procedures or the appropriateness of the user's actions, the user must consult with the Executive Team of JIC before taking any action, including trading or communicating the information.

PERSONAL TRADING

The following procedures are established to help officers, interested directors/trustees, and employees of the Johnson Companies prevent, detect, and address prohibited activities. All individuals must adhere to these procedures to avoid serious sanctions, including dismissal, personal liability, and criminal penalties.

*Employee Investment Accounts*

&nbsp;&nbsp;&nbsp;&nbsp;1. **Personal Accounts** – Subject to disclosure and pre-clearance requirements, Access Persons may open and maintain Personal Accounts with Charles Schwab supported by MCO through a direct electronic feed. This includes accounts held by family members residing in the same household, as well as accounts where anyone in the household holds a Power of Attorney with trading authority or serves as a Trustee.

On a case-by-case basis, compliance may approve certain accounts not held at Charles Schwab. Compliance must still receive quarterly statements for each of these accounts, regardless of whether they are Managed or Personal Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Managed Accounts** – A managed account is defined as an investment account overseen by a professional investment manager on behalf of an individual. In this arrangement, the investment manager has the discretion to make investment decisions without needing to consult the account holder for each transaction. Managed accounts may be exempt from preclearance requirements if they are managed on a discretionary basis by a registered investment adviser who makes trades without requiring approval from the account holder. However, prior approval from the CCO is still necessary to establish a managed account outside of JIC, and a quarterly certification along with submitted statements is required.

*Preclearance & Trading*

Before executing any trades, employees must submit a pre-clearance request through the MCO system (if preclearance is required). A reply email from MCO will serve as proper authorization to proceed with the trade. It's important to note that pre-clearance requests are valid only for the day they are submitted. Approval may be delayed or denied if there is an active order from the trading desk that could have a market-moving impact.

Employees must conduct personal trading activities lawfully and responsibly, adopting long-term investment strategies aligned with their financial resources and goals. The Johnson Companies discourage short-term trading strategies, as they carry a higher risk of regulatory scrutiny.

Excessive or inappropriate trading that interferes with job performance or compromises the duty to clients will not be tolerated.

The Compliance department will monitor the frequency of personal trading, and employees who engage in excessive trading may face restrictions on the number of trades, as determined by the CCO. Speculative trading in options or futures contracts in employee personal accounts is prohibited unless approved by the CCO.

A Portfolio Manager or their support staff may not trade on the same day as one of their clients. Any member of a Portfolio Management team must confirm that their Portfolio Manager(s) do not plan to trade the same securities on the same day and are not in discussions with clients regarding those securities.

Employees should not spend working hours researching personal investments which they know do not meet the parameters of the JIC list of approved securities. Violation of this rule is subject to sanctions, disgorgement of profits, and/or termination of employment, at the discretion of CCO and Executive Team.

*Preclearance Rules*

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| | | | |
|:---|:---|:---|:---|
| **Type of Security** | **Details** | **Pre-Clearance** | **Prior Approval<br> needed from<br> CCO** |
| Mutual Funds (MF's) | All MF's (including Johnson MF's) | ![](coe_002.jpg) | ![](coe_002.jpg) |
| Exchange-Traded Funds (ETF's) | All ETF's | ![](coe_002.jpg) | ![](coe_002.jpg) |
| Stocks included in the S&P 500 | Trades of stocks in the S&P 500 with purchase/sold amount > $500,000 | ![](coe_003.jpg) | ![](coe_002.jpg) |
| Stocks NOT included in the S&P 500 | Trades of stocks NOT in the S&P 500 with purchase/sold amount > $100,000 | ![](coe_003.jpg) | ![](coe_002.jpg) |
| Bonds (Corporate & Muni) | Trades of corporate and muni bonds with purchase/sold amount > $500,000 | ![](coe_003.jpg) | ![](coe_002.jpg) |
| Options included in the S&P 500 | Trades of options on securities in the S&P 500 with the number of contracts purchased/sold > 50 | ![](coe_003.jpg) | ![](coe_003.jpg) |
| Options NOT included in the S&P 500 | Trades of options on securities in NOT in the S&P 500 with the number of contracts purchased/sold > 10 | ![](coe_003.jpg) | ![](coe_003.jpg) |
| Private Limited Offerings | Limited offerings such as private equity funds, venture capital funds, and private placements | ![](coe_003.jpg) | ![](coe_002.jpg) |
| Unit Investment Trusts (UIT's) | All UIT's | ![](coe_002.jpg) | ![](coe_002.jpg) |

---

Investments in Initial Public Offerings (IPO's): Access Persons are prohibited from investing in unrestricted, equity IPOs available to clients due to limited share availability and potential conflicts with Funds or JIC's managed accounts. If an IPO investment is approved, the CCO will document the approval and its rationale.

*Exempted Transactions*

Certain transactions are exempt from the preclearance and/or reporting requirements due to their nature, low risk of conflict, or lack of material impact on investment decisions. These exemptions apply to specific types of securities transactions, including those involving U.S. Government obligations, money market instruments, and corporate actions, as well as transactions where the Access Person has no direct involvement or prior knowledge. The following outlines the key categories of exempted transactions.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **No Knowledge Transactions** - Securities transactions where the Access Person has no prior knowledge before completion. Examples include:

● Transactions by a trustee of a blind trust

● Discretionary trades in a managed account

● Trades in a Schwab Intelligent Portfolio account where the Access Person is not consulted or informed before execution

These transactions are exempt from preclearance requirements but still need to be reported.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Certain Corporate Actions** - Any acquisition of securities through:

● Stock dividends

● Dividend reinvestments

● Stock splits

● Reverse stock splits

● Mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions

These actions are generally applicable to all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Rights Transactions** - The purchase of securities effected upon the exercise of rights issued by an issuer on a pro-rata basis to all holders of a class of its securities, provided such rights were acquired directly from the issuer. This also includes the sale of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Accounts with No Direct or Indirect Control** - Purchases or sales of securities affected in any account over which the Access Person has no direct or indirect influence or control. See Managed Accounts above.

These transactions are exempt from preclearance requirements but still need to be reported.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Direct Obligations of the U.S. Government and Other Instruments** - Any transaction involving:

● Direct obligations of the U.S. Government

● Currencies

● Money market instruments, including bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, and other high-quality short-term debt instruments

● Shares of money market funds

These transactions are exempt from preclearance and reporting requirements.

*Reporting*

&nbsp;&nbsp;&nbsp;&nbsp;1. **Initial and Annual Holdings Reports** - New Access Persons shall submit a report of their personal security holdings, in which they have direct or indirect beneficial ownership, to the CCO or their designee no later than ten (10) days after becoming an Access Person. This report must also include information about any accounts holding securities for the direct or indirect benefit of the Access Person as of the date they became an Access Person. This includes accounts held by family members residing in the same household, as well as accounts where anyone in the household holds a Power of Attorney with trading authority or serves as a Trustee. The initial holdings report must be current as of a date no more than 45 days prior to when the person became an Access Person.

Existing employees are required to provide an annual holdings report on or before February 14th of each year. This report must be current as of December 31st, which is within 45 days of the submission deadline.

Both initial and annual holdings reports must include the following information: the title and type of security; the applicable exchange ticker symbol or CUSIP number; the number of shares and principal amount of each reportable security in which the Access Person has any direct or indirect beneficial ownership; the name of any broker, dealer, or bank with which the Access Person maintains an account for the direct or indirect benefit of the Access Person; and the date the report is submitted. This report should be completed through MCO.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Quarterly Transaction Reporting** - Each Access Person must submit a quarterly report to the CCO or their designee, detailing all transactions involving reportable securities in which they have direct or indirect beneficial ownership. This includes accounts held by family members residing in the same household, as well as accounts where anyone in the household holds a Power of Attorney with trading authority or serves as a Trustee. This report should be completed through MCO. In addition to listing trades, the report must include information about any accounts established by the Access Person where securities were held for their benefit during the quarter. The report must be submitted no later than thirty (30) days after the end of the calendar quarter in which the transactions occurred. An Access Person does not need to report transactions for accounts over which they have no direct or indirect influence or control.

At a minimum, the quarterly transaction report must include the date of the transaction, the title of the security (including the exchange ticker symbol or CUSIP number, interest rate, and maturity date if applicable), the number of shares, and the principal amount of each reportable security involved. Additionally, it should specify the nature of the transaction (e.g., purchase, sale, or other acquisition or disposition), the price of the security at the time of the transaction, the name of the broker, dealer, or bank involved, and the date the Access Person submits the report.

ADMINISTRATION & SANCTIONS

The CCO or their designee will review the reports submitted by Access Persons to determine if any violations of this Code, the Act, or related regulations have occurred. This review may include, but is not limited to:

● Assessing whether the Access Person adhered to required internal procedures, such as pre-clearance.

● Evaluating whether the Access Person is trading in the same securities for their own account as they are for clients, and if so, whether clients receive terms as favorable as those the Access Person receives.

● Periodically analyzing the Access Person's trading for patterns that may indicate abusive practices, including market timing.

● The CCO or their designee will report any material violations to the Executive Team and the relevant Boards of Trustees/Directors.

*Sanctions*

The CCO, the Executive Team, and/or the applicable Boards of Trustees/Directors may impose sanctions deemed appropriate for any individual who materially violates the Code of Ethics or engages in conduct that, while technically compliant, is part of a plan or scheme to evade the provisions of the Code.

Generally, the guidelines for violations occurring within a calendar year will be as follows:

● Meeting with the CCO to discuss

● Re-sign Code

● Meeting with the Executive Team to discuss

● Re-sign Code

● Meeting with the Executive Team to discuss

● Prohibition from trading personally for six months except to close out current positions

● Re-sign Code

In addition to any other sanctions that may be imposed, the CCO or their designee may require an individual who has committed a trading-related violation to reverse the trade in question and forfeit any profit or absorb any loss from the trade. For example, if a portfolio manager or their support staff trades on the same day as a client and receives a better price, they may be required to return the difference between the price they received and the price the client received.

The Executive Team may impose additional sanctions for repeated failures by an Access Person to submit quarterly or annual information in a timely manner. This may include a daily fine ranging from $10 to $500 for each day the Access Person fails to submit the required information. The amount of the daily fine will be determined at the sole discretion of the Executive Team, taking into consideration factors such as:

● The timeliness of the Access Person's past submissions

● The seniority of the Access Person

● The base salary and total income level of the Access Person

● Any extenuating circumstances

Depending on the severity of the trading-related violation or in the event of a non-trading violation of this Code, sanctions may include, but are not limited to, any combination of the following:

● A letter of caution or warning

● Suspension of personal trading rights

● Reduction in salary

● Suspension of employment (with or without compensation)

● Termination of employment for cause

● Referral to the Securities and Exchange Commission

Failure to comply with the CCO's or their designee's requirement to reverse a trade or to adhere to other imposed sanctions may result in additional penalties. If the conduct of the CCO, their designee, or Executive Team is under review, the remaining team members may designate a substitute member to evaluate the conduct of the individual in question.

*Annual Report*

Annually, the CCO will submit a report to the Board of Trustees/Directors of the Johnson Companies. This report will detail any material issues that have arisen under the Code of Ethics since the last report, including, but not limited to, significant violations of the Code and any sanctions imposed. Additionally, the report will certify that procedures have been adopted and followed to prevent Access Persons from violating the Code of Ethics.

CONFLICTS OF INTEREST

A "conflict of interest" exists when your interests may be contrary to those of our clients. Such conflicts can arise if you take actions or have business, financial, or other interests that hinder your ability to perform your work objectively and effectively.

Conflicts can occur in many common situations, even with best efforts to avoid them. This code does not aim to identify every possible conflict of interest. Compliance with specific procedures does not absolve you from liability for personal trading or other conduct that may violate your fiduciary duties to clients. You are encouraged to seek clarification and discuss any potential conflicts. Questions about conflicts of interest should be directed to a manager, CCO, or any member of the compliance team.

The following areas highlight common types of conflicts of interest and the associated procedures, though this list is not exhaustive. Any concerns regarding conflicts should be communicated to a manager, the CCO, or a compliance team member.

*Gifts & Entertainment*

No employee may accept or receive, for themselves or on behalf of any Johnson Companies, any gift or accommodation valued in excess of $200 (the de minimis amount) from any vendor, broker, public company, securities salesman, client, or prospective client (collectively referred to as "business contacts"). Cash gifts or cash equivalents are strictly prohibited, regardless of the amount. This prohibition also applies to gifts received by an employee's family or household members.

Any gifts or accommodations that exceed these limits must be submitted to the CCO for prior approval. The CCO will maintain documentation of all requests and the resulting approvals or denials. Additionally, no employee may give gifts or accommodations on their own behalf or on behalf of any Johnson Company to a business contact if such gifts could be perceived as an improper attempt to influence the recipient. These policies do not prohibit normal business entertainment.

Payments for entertainment or meals are considered gifts if the employee is not accompanied by the person purchasing them, and they are subject to the rules outlined above. Acceptance of meals and entertainment is generally permitted when the host is present. However, particularly lavish entertainment or entertainment occurring with excessive frequency is inappropriate and should be declined.

Reasonable one-on-one entertainment, such as golf outings, sporting events, and concerts near the Johnson offices, is allowed. However, any entertainment deemed in poor taste or that adversely reflects on the morals or judgment of those attending is considered inappropriate and should also be refused.

Receipt of any gift or entertainment must be reported to the Compliance department by completing the "Report a Gift or Entertainment Received" form in MCO, available on the home page. For any requests for exceptions from the CCO, please use the "CCO Exception Request" form (also available on the home page). If you have any questions, contact a member of the Compliance department.

*Political Contributions*

SEC regulations limit political contributions to covered government officials by employees of investment advisory firms. The SEC's "Pay-to-Play" Rule 206(4)-5 prohibits advisors from receiving any compensation for providing investment advice to a government entity for two years following a contribution made by the advisor or one of its covered associates. The two-year timeout is triggered by a political contribution to an official of a government entity, starting from the date of the contribution.

The Rule permits contributions of up to $350 per person for any election to an elected official or candidate for whom the individual is entitled to vote, and up to $150 per person for any election to an official or candidate for whom the individual is not entitled to vote. Additionally, many U.S. cities, states, and other government entities have adopted their own regulations that further restrict political contributions from associates of investment management firms seeking to provide services to government entities.

Prior to employment, you are required to disclose all political contributions made in the past two years to Human Resources. During your employment, you must obtain approval from Compliance through MCO by completing the "Political Contribution Pre-Clearance" form, available on the MCO home page. If you are requesting an exception from the CCO, please submit the "CCO Exception Request" form (also available on the home page). If you have any questions, please contact a member of the Compliance department before making any personal political contributions.

*Outside Business Activities*

You may pursue other interests on your own time as long as the activity does not conflict with, interfere with, or reflect negatively on your job duties or our clients. Full-time employees should consider their position their primary employment.

Before starting employment, all outside business activities (OBAs) must be disclosed to Human Resources. During employment, and prior to engaging in any new business activity, you must complete and submit an OBA request in MCO (click on "Outside Business Activity Approval" under submissions on the home page). You are responsible for notifying Compliance of any material changes to your OBAs and must review, update, and certify your OBA activities quarterly. Applicable OBAs must be disclosed on registered employees' Form U4, and if applicable, Form ADV Part 2A and related schedules, as well as the respective Part 2B. OBAs that require review and approval include, but are not limited to:

● Employment or compensation by any other entity

● Engagement in any other business, including part-time, evening, or weekend employment

● Serving as an officer, director, partner, or in a similar capacity for any other entity

● Ownership interest in any non-publicly traded company or other private investments

● Any public speaking or writing activities

● Service on the Board of Directors or Board of Trustees of a publicly traded company, especially if that company's stock is held or intended to be held by any of the Johnson Companies or their clients, is also subject to scrutiny. Those serving on such boards must refrain from making investment decisions regarding that company.

● Employees who are members of investment clubs must adhere to SEC regulations. They should be aware of which securities JIC is monitoring for potential purchase or sale and must abstain from voting on those securities without additional information.

All Limited/Private Investments must be reported to the Compliance department by completing the "Personal Trade Pre-Clearance" form in MCO (under other submissions, Private Investment), available on the home page. Please upload the operating agreement to your pre-clearance request. For any requests for exceptions from the CCO, please use the "CCO Exception Request" form (also available on the home page). If you have any questions, contact a member of the Compliance department.

The provisions of this Section shall not apply to disinterested trustees/directors.

PROHIBITED ACTIVITIES

Each Access Person of any of the Johnson Companies shall not:

● commit any acts of fraud against clients or the firm in any manner, including employing any device, scheme, or artifice intended to deceive.

● make any untrue statements of material fact, nor omit material facts that would make any statement misleading. Full disclosure is essential in all communications with clients.

● favor the interests of one client over another, ensuring that all clients are treated equitably without preferential treatment.

● engage in any manipulative practices concerning clients or securities, including price manipulation or any conduct that operates or would operate as a fraud or deceit.

● profit personally, directly or indirectly, from nonpublic knowledge about securities or transactions. Confidential information must be safeguarded and used only in accordance with firm policies.

● participate in or assist with any acts that violate applicable laws, rules, and regulations governing professional activities.

● present material prepared by others without proper acknowledgment of the source, except for factual information from recognized financial and statistical reporting services.

● make statements that misrepresent the services provided by the firm, the qualifications of the firm or its employees, or the expected performance of any investment.

● undertake independent practice that competes with the firm without obtaining written consent from both the manager and the individual for whom services are being provided.

● purchase non-approved securities in client accounts without prior client authorization, which must be documented appropriately.

These provisions shall not apply to disinterested trustees and disinterested directors ("disinterested trustees/directors").

ELECTRONIC COMMUNICATIONS

Rule 204-2(a)(7) of the Advisors Act requires JIC to preserve all written communications, including electronic communications, related to recommendations, advice, receipt or disbursement of funds, and order executions. The SEC has clarified that electronic communications are subject to regulatory supervision and record-keeping requirements.

The CCO and/or their designee is responsible for implementing and periodically testing these policies. They may delegate monitoring to internal personnel or external consultants.

The CCO and/or their designee will monitor all electronic communications, including personal ones, sent or received from JIC's system. Supervised Persons are prohibited from texting clients from personal devices but can use the Zoom text feature. All communications on JIC's system are the property of JIC and are subject to review.

To comply with SEC requirements, emails are electronically stored and retrievable via Global Relay, which meets regulatory standards for monitoring and archiving. The CCO and/or their designee will periodically conduct random audits of electronic communications sent and received through JIC.

WHISTLEBLOWER PROVISION

Under the SEC Whistleblower Provision, employees of Registered Investment Advisors (RIA) firms are encouraged to report violations of federal securities laws, such as fraud, insider trading, and other misconduct that may occur within the firm or across the financial markets. The provision is designed to incentivize individuals to report violations while offering protections and rewards for doing so.

Employees should report any violations that they believe involve misconduct under federal securities laws. Examples of violations include:

● Fraudulent practices, such as misleading clients or misrepresenting financial information.

● Insider trading, or using material non-public information for personal gain.

● Conflicts of interest, such as undisclosed financial interests in investments.

● Misappropriation of funds or assets.

● Violations of fiduciary duties or failure to comply with SEC regulations.

Employees are encouraged to report violations first through the firm's Compliance department. This internal reporting allows the firm to address and investigate any potential issues. However, if the employee feels that the firm is not adequately addressing the concern, they may report the issue directly to the SEC.

If you become aware of a violation of the Code, you must promptly report the apparent or suspected violation to the CCO. All reports will be treated confidentially to the extent permitted by law and will be investigated promptly and appropriately. Reports may be submitted anonymously through MCO (click on "Report a Compliance Issue Anonymously" under submissions on the home page) if you prefer.

If the CCO is involved in the violation or is unreachable, you may report the violation to a member of the Executive Team. Retaliation against anyone who reports a violation is strictly prohibited and constitutes a further violation of the Code.

CLIENT CONFIDENTIALITY

Any personal client information is strictly confidential and must not be used or shared with anyone outside the firm. Violating this confidentiality may result in disciplinary action, up to and including termination.