# EDGAR Filing Document

**Accession Number:** 0000892657
**File Stem:** 0001580642-25-006033
**Filing Date:** 2025-9
**Character Count:** 344879
**Document Hash:** 919f34cc771b8d8edb1be4aa0ff70299
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006033.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001580642-25-006033

**CONFORMED SUBMISSION TYPE**: N-CSRS/A

**PUBLIC DOCUMENT COUNT**: 93

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**EFFECTIVENESS DATE**: 20250912

**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-CSRS/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07254
- **FILM NUMBER:** 251310461

**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 International Fund (Series ID: S000024217)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000071343 | Johnson International Fund | JINTX           |

### 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>

<u>Johnson Mutual Funds Trust</u> <br> (Exact name of registrant as specified in charter)

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

<u>Jennifer Kelhoffer, Treasurer, 3777 West Fork Road, Cincinnati, Ohio 45247</u> <br> (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>

Date of reporting period: <u>June 30, 2025</u>

***Explanatory Note:*** *The Registrant is filing this amendment to its Form N-CSRS for the reporting period ended June 30, 2025, originally filed with the Securities and Exchange Commission on September 4, 2025 (Accession Number 0001580642-25-005738). The sole purpose of this amendment is to adjust the alignment of values on the Statements of Assets and Liabilities for the Johnson Core Plus Bond Fund existing series (S000073062) and the Johnson Municipal Income Fund existing series (S000005721). The original N-CSRS filing contained formatting issues in which the Fund's Investment Securities at Value was translated into an incorrect column. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.*

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)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i0bb2098277244485d33f6035.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Equity Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $38 | 0.75% |

---

## How did the Fund perform during the reporting period?
Despite strong first quarter relative performance, The Johnson Equity Income Fund underperformed the S&P 500<sup>®</sup> Index in the first half of 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 approximately 25% from its April 8th low, with risk factors and large cap growth stocks leading the way.

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 year-to-date and were among the best performing sectors post the tariff pause. An overweight in Health Care and the Fund's cash weight were also detractors. As a partial offset, the Fund benefited from an overweight in Industrials, the top performing sector year-to-date, and an underweight in Consumer Discretionary, the worst performing sector year-to-date.

With the rebound of the largest stocks in the index, the S&P 500<sup>®</sup> Index 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. NVIDIA and Meta, which we did not own, represented meaningful detractors. In contrast, Apple, Inc. and Tesla were the top positive contributors to relative performance as both stocks posted negative returns year-to-date. Additional detractors included Danaher and the previously held UnitedHealth Group, while Cencora, Inc. Williams Cos., Inc., and Nasdaq, Inc. were among the top positive contributors.

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

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](icf1412d41d30427b4805af6f.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Equity Income Fund - Class I** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $1000000 | $1000000 |
| **Jun-2016** | $1010484 | $1039926 |
| **Jun-2017** | $1193247 | $1226033 |
| **Jun-2018** | $1342701 | $1402264 |
| **Jun-2019** | $1578312 | $1548344 |
| **Jun-2020** | $1613957 | $1664547 |
| **Jun-2021** | $2245247 | $2343585 |
| **Jun-2022** | $2121462 | $2094795 |
| **Jun-2023** | $2412294 | $2505250 |
| **Jun-2024** | $2682840 | $3120443 |
| **Jun-2025** | $2941816 | $3593616 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Equity Income Fund - Class I | 9.65% | 12.76% | 11.39% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$685,708,276

* Number of Portfolio Holdings47

* Advisory Fee $2,470,965

* Portfolio Turnover8%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2d6f5ab4cca34045332dd756.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.6% |
| Money Market Funds | 2.4% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ia821c57fe0f21b4c75f86d70.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.9% |
| Money Market | 2.4% |
| Communications | 2.6% |
| Consumer Staples | 4.6% |
| Utilities | 6.3% |
| Energy | 6.3% |
| Consumer Discretionary | 9.1% |
| Health Care | 11.9% |
| Industrials | 13.6% |
| Financials | 17.7% |
| Technology | 23.6% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.8% |
| Williams Cos., Inc. (The) | 3.3% |
| Amazon.com, Inc. | 3.3% |
| Nasdaq, Inc. | 3.2% |
| American Electric Power Co., Inc. | 3.2% |
| Alliant Energy Corp. | 3.1% |
| Chevron Corp. | 3.0% |
| Danaher Corp. | 2.7% |
| Axis Capital Holdings Ltd. | 2.7% |
| nVent Electric plc | 2.7% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i6a101fa367a71bf2d1385026.jpg)

# Johnson Equity Income Fund - Class I (JEQIX)

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JEQIX

# Johnson Equity Income Fund

# Class S (JEQSX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](ib7487a020bad33073cbfdbc6.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Equity Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $51 | 1.00% |

---

## How did the Fund perform during the reporting period?
Despite strong first quarter relative performance, The Johnson Equity Income Fund underperformed the S&P 500<sup>®</sup> Index in the first half of 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 approximately 25% from its April 8th low, with risk factors and large cap growth stocks leading the way.

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 year-to-date and were among the best performing sectors post the tariff pause. An overweight in Health Care and the Fund's cash weight were also detractors. As a partial offset, the Fund benefited from an overweight in Industrials, the top performing sector year-to-date, and an underweight in Consumer Discretionary, the worst performing sector year-to-date.

With the rebound of the largest stocks in the index, the S&P 500<sup>®</sup> Index 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. NVIDIA and Meta, which we did not own, represented meaningful detractors. In contrast, Apple, Inc. and Tesla were the top positive contributors to relative performance as both stocks posted negative returns year-to-date. Additional detractors included Danaher and the previously held UnitedHealth Group, while Cencora, Inc. Williams Cos., Inc., and Nasdaq, Inc. were among the top positive contributors.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4c9279d1e1815e66cf8cfa1c.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Equity Income Fund - Class S** | **S&P 500<sup>®</sup> Index** |
| **Sep-2023** | $10000 | $10000 |
| **Jun-2024** | $11182 | $12413 |
| **Jun-2025** | $12231 | $14295 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 15, 2023)** |
| Johnson Equity Income Fund - Class S | 9.37% | 11.89% |
| S&P 500<sup>®</sup> Index | 15.16% | 22.07% |

---

***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$685,708,276

* Number of Portfolio Holdings47

* Advisory Fee $2,470,965

* Portfolio Turnover8%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8b1286832543d7131ec40af2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.6% |
| Money Market Funds | 2.4% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](if7ad7d67cdd88b0e892d276b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.9% |
| Money Market | 2.4% |
| Communications | 2.6% |
| Consumer Staples | 4.6% |
| Utilities | 6.3% |
| Energy | 6.3% |
| Consumer Discretionary | 9.1% |
| Health Care | 11.9% |
| Industrials | 13.6% |
| Financials | 17.7% |
| Technology | 23.6% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.8% |
| Williams Cos., Inc. (The) | 3.3% |
| Amazon.com, Inc. | 3.3% |
| Nasdaq, Inc. | 3.2% |
| American Electric Power Co., Inc. | 3.2% |
| Alliant Energy Corp. | 3.1% |
| Chevron Corp. | 3.0% |
| Danaher Corp. | 2.7% |
| Axis Capital Holdings Ltd. | 2.7% |
| nVent Electric plc | 2.7% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i27bd0bea8e783edbc971a399.jpg)

# Johnson Equity Income Fund - Class S (JEQSX)

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JEQSX

# Johnson Opportunity Fund

# Class I (JOPPX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i65b4fe22757081ef871c4e3c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Opportunity Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $45 | 0.90% |

---

## How did the Fund perform during the reporting period?
Trade policy uncertainty and new tariff announcements from the White House fueled market volatility in the first half of the year. Markets initially declined on news of steep tariffs, but sentiment rebounded after delays and signs of negotiation. A strong rally from the April low erased earlier losses, with leadership shifting toward Technology and cyclical growth. Despite high volatility, the Fund registered a minimal -0.23% net return over the six-month period.

Sector allocation added to relative performance, though stock selection modestly detracted. Health Care contributed positively, with gains in Option Care Health and Quest Diagnostics, and a beneficial underweight in Biotechnology. Midstream pipeline exposure was a positive contributor within a difficult Energy sector. Technology included top performers such as Fabrinet, ON Semiconductor Corp., and Bentley Systems, Inc. – Class B, but also laggards like Globant S.A. and DoubleVerify. Financials outperformed the broader market, but stock selection in the sector weighed on returns.

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

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i5f1ff8852c6f203f218ca4f2.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Opportunity Fund - Class I** | **Russell 2500<sup>®</sup> Index** |
| **Jun-2015** | $1000000 | $1000000 |
| **Jun-2016** | $980975 | $963301 |
| **Jun-2017** | $1171378 | $1154431 |
| **Jun-2018** | $1327413 | $1341943 |
| **Jun-2019** | $1327458 | $1365664 |
| **Jun-2020** | $1237587 | $1301505 |
| **Jun-2021** | $1829658 | $2053660 |
| **Jun-2022** | $1657461 | $1622447 |
| **Jun-2023** | $1899573 | $1842781 |
| **Jun-2024** | $2127926 | $2035696 |
| **Jun-2025** | $2274474 | $2237359 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Opportunity Fund - Class I | 6.89% | 12.94% | 8.56% |
| Russell 2500<sup>®</sup> Index | 9.91% | 11.44% | 8.39% |

---

***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$178,398,524

* Number of Portfolio Holdings86

* Advisory Fee $760,418

* Portfolio Turnover13%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7a05d29e4558f6c815703d96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i8cdab7431c165f1b2e12250d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market | 0.6% |
| Communications | 1.0% |
| Consumer Staples | 2.4% |
| Utilities | 3.0% |
| Real Estate | 4.3% |
| Energy | 4.5% |
| Consumer Discretionary | 8.1% |
| Materials | 10.8% |
| Financials | 12.4% |
| Health Care | 12.5% |
| Industrials | 18.0% |
| Technology | 22.3% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| American Financial Group, Inc. | 1.8% |
| Reliance, Inc. | 1.7% |
| Bentley Systems, Inc. - Class B | 1.7% |
| Avery Dennison Corp. | 1.6% |
| Jones Lang LaSalle, Inc. | 1.6% |
| Unitil Corp. | 1.6% |
| Dynatrace, Inc. | 1.6% |
| World Kinect Corp. | 1.6% |
| Appfolio, Inc. - Class A | 1.5% |
| DT Midstream, Inc. | 1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i7055f9d0d219180b8cf41e25.jpg)

# Johnson Opportunity Fund - Class I (JOPPX)

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JOPPX

# Johnson Opportunity Fund

# Class S (JOSSX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](iac2bcb08c51fde72ffdc43e4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Opportunity Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $57 | 1.15% |

---

## How did the Fund perform during the reporting period?
Trade policy uncertainty and new tariff announcements from the White House fueled market volatility in the first half of the year. Markets initially declined on news of steep tariffs, but sentiment rebounded after delays and signs of negotiation. A strong rally from the April low erased earlier losses, with leadership shifting toward Technology and cyclical growth. Despite high volatility, the Fund registered a minimal -0.23% net return over the six-month period.

Sector allocation added to relative performance, though stock selection modestly detracted. Health Care contributed positively, with gains in Option Care Health and Quest Diagnostics, and a beneficial underweight in Biotechnology. Midstream pipeline exposure was a positive contributor within a difficult Energy sector. Technology included top performers such as Fabrinet, ON Semiconductor Corp., and Bentley Systems, Inc. – Class B, but also laggards like Globant S.A. and DoubleVerify. Financials outperformed the broader market, but stock selection in the sector weighed on returns.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7ceb621586c3a6c515f25ecd.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Opportunity Fund - Class S** | **Russell 2500<sup>®</sup> Index** |
| **Sep-2023** | $10000 | $10000 |
| **Jun-2024** | $11320 | $11253 |
| **Jun-2025** | $12069 | $12368 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 15, 2023)** |
| Johnson Opportunity Fund - Class S | 6.61% | 11.06% |
| Russell 2500<sup>®</sup> Index | 9.91% | 12.59% |

---

***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$178,398,524

* Number of Portfolio Holdings86

* Advisory Fee $760,418

* Portfolio Turnover13%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9b6eac8f5cd2e396879515bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ic8a53aa7de9c3139a08f0e0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market | 0.6% |
| Communications | 1.0% |
| Consumer Staples | 2.4% |
| Utilities | 3.0% |
| Real Estate | 4.3% |
| Energy | 4.5% |
| Consumer Discretionary | 8.1% |
| Materials | 10.8% |
| Financials | 12.4% |
| Health Care | 12.5% |
| Industrials | 18.0% |
| Technology | 22.3% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| American Financial Group, Inc. | 1.8% |
| Reliance, Inc. | 1.7% |
| Bentley Systems, Inc. - Class B | 1.7% |
| Avery Dennison Corp. | 1.6% |
| Jones Lang LaSalle, Inc. | 1.6% |
| Unitil Corp. | 1.6% |
| Dynatrace, Inc. | 1.6% |
| World Kinect Corp. | 1.6% |
| Appfolio, Inc. - Class A | 1.5% |
| DT Midstream, Inc. | 1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ic9676897955429eb6158a5c6.jpg)

# Johnson Opportunity Fund - Class S (JOSSX)

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JOSSX

# Johnson International Fund
(JINTX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i7c4555f1a41cfdbe5a998787.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson International Fund (the "Fund") for the period of January 1, 2025 to June 30, 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. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(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 International Fund | $54 | 1.01% |

---

## How did the Fund perform during the reporting period?
International stocks rallied, boosted by a weaker dollar and an inexpensive relative valuation compared to US stocks. Most major foreign markets outperformed the U.S. market in the first half of the year.

Threats of significant tariff increases between the United States and its trading partners threaten the future profitability of stocks most exposed to international trade. An ADR universe gives the Fund a higher exposure to this global commerce risk factor than the broader MSCI ACWI ex-US Index, which negatively impacted relative performance.

The Eurozone, especially Germany, was the strongest region and the Fund benefitted from an overweight position. The majority of the top ten contributors were European companies, including the top three contributors: BAE Systems plc - ADR, Banco Santander S.A. - ADR, and Roche Holding AG - ADR, Additionally, underweights in India and Taiwan were valued added. Bottom performers included companies with weaker earnings growth, including Bunzl plc - ADR, a UK-based wholesale distributor, and technology consultants, Infosys Ltd. – ADR and CGI, Inc.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6716795ecc59a9dbd70e45fd.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson International Fund** | **MSCI ACWI ex USA Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $8908 | $8975 |
| **Jun-2017** | $10217 | $10811 |
| **Jun-2018** | $10897 | $11598 |
| **Jun-2019** | $11288 | $11747 |
| **Jun-2020** | $10520 | $11183 |
| **Jun-2021** | $13993 | $15178 |
| **Jun-2022** | $11747 | $12230 |
| **Jun-2023** | $13741 | $13785 |
| **Jun-2024** | $15221 | $15388 |
| **Jun-2025** | $17045 | $18115 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson International Fund | 11.98% | 10.13% | 5.48% |
| MSCI ACWI ex USA Index | 17.72% | 10.13% | 6.12% |

---

***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$21,562,272

* Number of Portfolio Holdings90

* Advisory Fee $105,207

* Portfolio Turnover4%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0dbebaa881af4864fb5ec02f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 0.5% |
| Preferred Stocks | 0.9% |

---

## What did the Fund invest in?

### Country Weighting (% of net assets)
![Group By Sector Chart](ie0582ca6d4f40cfdbf08c8b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey | 0.3% |
| Sweden | 0.5% |
| United States | 0.5% |
| Singapore | 0.7% |
| Denmark | 1.0% |
| Philippines | 1.4% |
| South Africa | 1.4% |
| Italy | 1.5% |
| Netherlands | 1.9% |
| South Korea | 2.4% |
| Mexico | 2.6% |
| Brazil | 2.8% |
| Cayman Islands | 3.0% |
| Australia | 3.2% |
| Hong Kong | 3.3% |
| Spain | 3.7% |
| India | 3.7% |
| Taiwan Province of China | 4.4% |
| China | 5.3% |
| Switzerland | 6.5% |
| France | 7.5% |
| Germany | 7.8% |
| Canada | 7.9% |
| United Kingdom | 10.7% |
| Japan | 15.2% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Iberdrola S.A. - ADR | 2.2% |
| Sony Group Corp. - ADR | 2.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 2.2% |
| China Construction Bank Corp. - ADR | 2.2% |
| Roche Holding AG - ADR | 2.1% |
| Industrial & Commercial Bank of China Ltd. - ADR | 2.1% |
| Schneider Electric SE - ADR | 2.1% |
| Tencent Holdings Ltd. - ADR | 2.0% |
| Tokio Marine Holdings, Inc. - ADR | 2.0% |
| Mitsubishi UFJ Financial Group, Inc. - ADR | 2.0% |

---

## Material Fund Changes
On August 20, 2025, the Johnson Mutual Fund Board of Trustees approved the liquidation of the Johnson International Fund based on the Adviser's recommendation. It is expected that the Johnson International Fund will liquidate in the fourth quarter of 2025.

![Image](if60dc0159a7ca696cd1d9982.jpg)

# Johnson International Fund (JINTX)

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JINTX

# Johnson Enhanced Return Fund
(JENHX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i4daa07fdafe618304151680d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Enhanced Return Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $18 | 0.35% |

---

## How did the Fund perform during the reporting period?
Despite a seemingly never-ending stream of negative headlines equity markets remained resilient in the first of the year. The Fund has outpaced its primary benchmark, the S&P 500<sup>®</sup> Index while recording strong positive returns. The primary driver of outperformance during the first half of 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 during the first half of the year.

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

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ia3f9381f89524855818a5b98.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Enhanced Return Fund** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $1000000 | $1000000 |
| **Jun-2016** | $1051774 | $1039926 |
| **Jun-2017** | $1234328 | $1226033 |
| **Jun-2018** | $1385903 | $1402264 |
| **Jun-2019** | $1550454 | $1548344 |
| **Jun-2020** | $1680201 | $1664547 |
| **Jun-2021** | $2350621 | $2343585 |
| **Jun-2022** | $1986242 | $2094795 |
| **Jun-2023** | $2287053 | $2505250 |
| **Jun-2024** | $2810528 | $3120443 |
| **Jun-2025** | $3242780 | $3593616 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Enhanced Return Fund | 15.38% | 14.05% | 12.48% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$280,963,820

* Number of Portfolio Holdings102

* Advisory Fee $464,093

* Portfolio Turnover27%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i26e4e07d9b222a3d7b673877.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 12.0% |
| Corporate Bonds | 64.5% |
| Money Market Funds | 2.0% |
| Municipal Bonds | 1.4% |
| U.S. Government & Agencies | 1.4% |
| U.S. Treasury Obligations | 18.7% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i5b372604fa45cbd92dadb9fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Municipal Bonds | 1.3% |
| U.S. Government & Agencies | 1.4% |
| Money Market Funds | 2.0% |
| Collateralized Mortgage Obligations | 12.0% |
| Utilities | 13.1% |
| U.S. Treasury Obligations | 18.6% |
| Industrials | 20.6% |
| Finance | 30.4% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 1.500%, due 02/15/30 | 4.9% |
| U.S. Treasury Notes, 2.750%, due 02/15/28 | 4.2% |
| U.S. Treasury Notes, 4.500%, due 11/15/25 - AU-2025 | 2.8% |
| U.S. Treasury Notes, 2.375%, due 05/15/29 | 2.8% |
| Emerson Electric Co., 2.000%, due 12/21/28 | 1.9% |
| Bank of America Corp., 5.202%, due 04/25/29 | 1.8% |
| Enterprise Products Operating, LLC, 5.050%, due 01/10/26 | 1.8% |
| MPLX, L.P., 1.750%, due 03/1/26 | 1.7% |
| American Express Co., 1.650%, due 11/4/26 | 1.6% |
| Allstate Corp. (The), 0.750%, due 12/15/25 | 1.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i04b3661b0e6da9e74539d743.jpg)

# Johnson Enhanced Return Fund (JENHX)

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JENHX

# Johnson Institutional Core Bond Fund

# Class I (JIBFX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](if0c7ffccda8957444b7bf15f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Institutional Core Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $13 | 0.25% |

---

## How did the Fund perform during the reporting period?
The Fund has outperformed its primary benchmark during the first half of 2025. The primary driver of relative performance has been the Fund's duration relative to the benchmark. The fund was positioned approximately 0.5 years longer than the benchmark at the start of the year, which was additive to performance as interest rates fell across the curve. Despite intra-period volatility, corporate credit spreads remain near recent lows. As a result, the Fund's overweight to corporate bonds was an additional driver of the relative outperformance in the first half of the year. Security selection within the corporate sector was also additive to performance as our overweight to banks and financials outperformed the broader corporate universe. Finally, the Fund's underweight to the long end of the Treasury curve was beneficial as the yield curve steepened in the first half.

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

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i27ec81aa95cab042c3f15cd3.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Core Bond Fund - Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $1000000 | $1000000 |
| **Jun-2016** | $1064915 | $1060014 |
| **Jun-2017** | $1066888 | $1056679 |
| **Jun-2018** | $1065102 | $1052481 |
| **Jun-2019** | $1155116 | $1135303 |
| **Jun-2020** | $1280535 | $1234525 |
| **Jun-2021** | $1271026 | $1230411 |
| **Jun-2022** | $1127796 | $1103775 |
| **Jun-2023** | $1116783 | $1093424 |
| **Jun-2024** | $1145974 | $1122192 |
| **Jun-2025** | $1220089 | $1190377 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Inst Core Bond Fund - Class I | 6.47% | -0.96% | 2.01% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

***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$1,807,109,735

* Number of Portfolio Holdings212

* Advisory Fee (net of waivers)$2,229,507

* Portfolio Turnover8%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i141ecd20f0a4aa060af29ab9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 26.8% |
| Corporate Bonds | 46.1% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 0.9% |
| Preferred Stocks | 0.5% |
| U.S. Government & Agencies | 1.7% |
| U.S. Treasury Obligations | 23.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i39a8a4ab69ebc1129feed0bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 0.1% |
| Preferred Stocks | 0.5% |
| Municipal Bonds | 0.9% |
| U.S. Government & Agencies | 1.7% |
| Utilities | 11.7% |
| Industrials | 14.6% |
| Finance | 19.4% |
| U.S. Treasury Obligations | 23.7% |
| Collateralized Mortgage Obligations | 26.6% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 4.250%, due 05/15/39 | 5.4% |
| U.S. Treasury Bonds, 2.250%, due 05/15/41 | 4.7% |
| U.S. Treasury Bonds, 3.125%, due 08/15/44 | 4.4% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 3.8% |
| U.S. Treasury Bonds, 3.000%, due 11/15/44 | 3.6% |
| FNMA, 1.520%, due 08/21/35 - Class KA - Series 2022-25 | 2.4% |
| Florida Power & Light Co., 5.100%, due 04/1/33 | 2.0% |
| FHLMC, 3.000%, due 08/1/52 | 1.9% |
| Bank of America Corp., 5.202%, due 04/25/29 | 1.9% |
| FNMA, 2.000%, due 08/1/42 | 1.9% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ifcc208a1b1b1e699729cad9a.jpg)

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

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JIBFX

# Johnson Institutional Core Bond Fund

# Class F (JIMFX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i1ec32573101f5239fa61001f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Institutional Core Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $20 | 0.40% |

---

## How did the Fund perform during the reporting period?
The Fund has outperformed its primary benchmark during the first half of 2025. The primary driver of relative performance has been the Fund's duration relative to the benchmark. The fund was positioned approximately 0.5 years longer than the benchmark at the start of the year, which was additive to performance as interest rates fell across the curve. Despite intra-period volatility, corporate credit spreads remain near recent lows. As a result, the Fund's overweight to corporate bonds was an additional driver of the relative outperformance in the first half of the year. Security selection within the corporate sector was also additive to performance as our overweight to banks and financials outperformed the broader corporate universe. Finally, the Fund's underweight to the long end of the Treasury curve was beneficial as the yield curve steepened in the first half.

## How has the Fund performed since inception?

### Total Return Based on $500,000 Investment
![Growth of 10K Chart](i6ec8ea9267f67a2a28c2c003.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Core Bond Fund - Class F** | **Bloomberg U.S. Aggregate Bond Index** |
| **May-2018** | $500000 | $500000 |
| **Jun-2018** | $503920 | $504109 |
| **Jun-2019** | $543879 | $543779 |
| **Jun-2020** | $601637 | $591303 |
| **Jun-2021** | $596429 | $589332 |
| **Jun-2022** | $528307 | $528677 |
| **Jun-2023** | $522701 | $523720 |
| **Jun-2024** | $535294 | $537499 |
| **Jun-2025** | $568828 | $570157 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2018)** |
| Johnson Inst Core Bond Fund - Class F | 6.26% | -1.12% | 1.82% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.85% |

---

***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$1,807,109,735

* Number of Portfolio Holdings212

* Advisory Fee (net of waivers)$2,229,507

* Portfolio Turnover8%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i26a6af6c132bc854afc14d29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 26.8% |
| Corporate Bonds | 46.1% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 0.9% |
| Preferred Stocks | 0.5% |
| U.S. Government & Agencies | 1.7% |
| U.S. Treasury Obligations | 23.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i10657574c6d37ccdb85f950f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 0.1% |
| Preferred Stocks | 0.5% |
| Municipal Bonds | 0.9% |
| U.S. Government & Agencies | 1.7% |
| Utilities | 11.7% |
| Industrials | 14.6% |
| Finance | 19.4% |
| U.S. Treasury Obligations | 23.7% |
| Collateralized Mortgage Obligations | 26.6% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 4.250%, due 05/15/39 | 5.4% |
| U.S. Treasury Bonds, 2.250%, due 05/15/41 | 4.7% |
| U.S. Treasury Bonds, 3.125%, due 08/15/44 | 4.4% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 3.8% |
| U.S. Treasury Bonds, 3.000%, due 11/15/44 | 3.6% |
| FNMA, 1.520%, due 08/21/35 - Class KA - Series 2022-25 | 2.4% |
| Florida Power & Light Co., 5.100%, due 04/1/33 | 2.0% |
| FHLMC, 3.000%, due 08/1/52 | 1.9% |
| Bank of America Corp., 5.202%, due 04/25/29 | 1.9% |
| FNMA, 2.000%, due 08/1/42 | 1.9% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](id831038d98970f90c0d90070.jpg)

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

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JIMFX

# Johnson Institutional Core Bond Fund

# Class S (JIBSX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](ide65d2051f6a0dd7305542fc.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Institutional Core Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $25 | 0.50% |

---

## How did the Fund perform during the reporting period?
The Fund has outperformed its primary benchmark during the first half of 2025. The primary driver of relative performance has been the Fund's duration relative to the benchmark. The fund was positioned approximately 0.5 years longer than the benchmark at the start of the year, which was additive to performance as interest rates fell across the curve. Despite intra-period volatility, corporate credit spreads remain near recent lows. As a result, the Fund's overweight to corporate bonds was an additional driver of the relative outperformance in the first half of the year. Security selection within the corporate sector was also additive to performance as our overweight to banks and financials outperformed the broader corporate universe. Finally, the Fund's underweight to the long end of the Treasury curve was beneficial as the yield curve steepened in the first half.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i083e18b910502ab62b73170a.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Core Bond Fund - Class S** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2023** | $10000 | $10000 |
| **Jun-2024** | $10449 | $10450 |
| **Jun-2025** | $11096 | $11085 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 15, 2023)** |
| Johnson Inst Core Bond Fund - Class S | 6.19% | 5.97% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 5.92% |

---

***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$1,807,109,735

* Number of Portfolio Holdings212

* Advisory Fee (net of waivers)$2,229,507

* Portfolio Turnover8%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i00580a816283b1dc8f068766.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 26.8% |
| Corporate Bonds | 46.1% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 0.9% |
| Preferred Stocks | 0.5% |
| U.S. Government & Agencies | 1.7% |
| U.S. Treasury Obligations | 23.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i6169f909349327323640f7a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 0.1% |
| Preferred Stocks | 0.5% |
| Municipal Bonds | 0.9% |
| U.S. Government & Agencies | 1.7% |
| Utilities | 11.7% |
| Industrials | 14.6% |
| Finance | 19.4% |
| U.S. Treasury Obligations | 23.7% |
| Collateralized Mortgage Obligations | 26.6% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 4.250%, due 05/15/39 | 5.4% |
| U.S. Treasury Bonds, 2.250%, due 05/15/41 | 4.7% |
| U.S. Treasury Bonds, 3.125%, due 08/15/44 | 4.4% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 3.8% |
| U.S. Treasury Bonds, 3.000%, due 11/15/44 | 3.6% |
| FNMA, 1.520%, due 08/21/35 - Class KA - Series 2022-25 | 2.4% |
| Florida Power & Light Co., 5.100%, due 04/1/33 | 2.0% |
| FHLMC, 3.000%, due 08/1/52 | 1.9% |
| Bank of America Corp., 5.202%, due 04/25/29 | 1.9% |
| FNMA, 2.000%, due 08/1/42 | 1.9% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i132eff04cce75aebfb528bf1.jpg)

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

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JIBSX

# Johnson Institutional Intermediate Bond Fund

# Class I (JIBEX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](ice2926ea952770ed9f028321.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Institutional Intermediate Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $13 | 0.25% |

---

## How did the Fund perform during the reporting period?
The Fund has outperformed its primary benchmark during the first half of 2025. The primary driver of relative performance has been the Fund's duration relative to the benchmark. The fund was positioned approximately 0.5 years longer than the benchmark at the start of the year, which was additive to performance as interest rates fell across the curve. Despite intra-period volatility, corporate credit spreads remain near recent lows. As a result, the Fund's overweight to corporate bonds was an additional driver of the relative outperformance in the first half of the year. This was further enhanced by our tactical addition to credit during April's market dislocation. Security selection within the corporate sector was also additive to performance as our overweight to banks and financials outperformed the broader corporate universe.

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

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i1cef34cf8bdc9585d68c4254.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Intermediate Bond Fund - Class I** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** |
| **Jun-2015** | $1000000 | $1000000 |
| **Jun-2016** | $1048267 | $1043320 |
| **Jun-2017** | $1056512 | $1041104 |
| **Jun-2018** | $1057148 | $1035070 |
| **Jun-2019** | $1132165 | $1106823 |
| **Jun-2020** | $1222719 | $1185581 |
| **Jun-2021** | $1224471 | $1187858 |
| **Jun-2022** | $1121408 | $1101378 |
| **Jun-2023** | $1120257 | $1100330 |
| **Jun-2024** | $1169519 | $1146461 |
| **Jun-2025** | $1252422 | $1223719 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Inst Intermediate Bond Fund - Class I | 7.09% | 0.48% | 2.28% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 6.74% | 0.64% | 2.04% |

---

***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$254,454,505

* Number of Portfolio Holdings84

* Advisory Fee (net of waivers)$351,222

* Portfolio Turnover23%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4b6ad366aefd6420f77fe904.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 9.9% |
| Corporate Bonds | 51.7% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 1.3% |
| Preferred Stocks | 0.6% |
| U.S. Government & Agencies | 3.3% |
| U.S. Treasury Obligations | 33.1% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i22d2f587064cfb89fd1d437f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 0.1% |
| Preferred Stocks | 0.6% |
| Municipal Bonds | 1.3% |
| U.S. Government & Agencies | 3.2% |
| Collateralized Mortgage Obligations | 9.8% |
| Utilities | 11.1% |
| Industrials | 17.5% |
| Finance | 22.6% |
| U.S. Treasury Obligations | 32.7% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 3.500%, due 01/31/30 | 5.3% |
| U.S. Treasury Notes, 2.875%, due 05/15/32 | 4.8% |
| U.S. Treasury Notes, 0.875%, due 11/15/30 | 4.7% |
| U.S. Treasury Notes, 2.750%, due 08/15/32 ARS | 4.6% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 4.3% |
| U.S. Treasury Notes, 1.500%, due 02/15/30 | 3.9% |
| U.S. Treasury Notes, 4.000%, due 02/28/30 | 3.8% |
| FHLB, 4.750%, due 12/10/32 - Series HQ-2032 | 3.2% |
| Truist Financial Corp., 2.250%, due 03/11/30 | 2.2% |
| Florida Power & Light Co., 5.100%, due 04/1/33 | 2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i84c3276c1e3cc6aeba7fc1e2.jpg)

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

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JIBEX

# Johnson Institutional Intermediate Bond Fund

# Class F (JIMEX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i9279d6bb670d6cd2e7b75c97.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Institutional Intermediate Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $20 | 0.40% |

---

## How did the Fund perform during the reporting period?
The Fund has outperformed its primary benchmark during the first half of 2025. The primary driver of relative performance has been the Fund's duration relative to the benchmark. The fund was positioned approximately 0.5 years longer than the benchmark at the start of the year, which was additive to performance as interest rates fell across the curve. Despite intra-period volatility, corporate credit spreads remain near recent lows. As a result, the Fund's overweight to corporate bonds was an additional driver of the relative outperformance in the first half of the year. This was further enhanced by our tactical addition to credit during April's market dislocation. Security selection within the corporate sector was also additive to performance as our overweight to banks and financials outperformed the broader corporate universe.

## How has the Fund performed since inception?

### Total Return Based on $500,000 Investment
![Growth of 10K Chart](i3812f996691252112474e6cc.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Intermediate Bond Fund - Class F** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** |
| **May-2018** | $500000 | $500000 |
| **Jun-2018** | $502847 | $503328 |
| **Jun-2019** | $536313 | $538220 |
| **Jun-2020** | $578223 | $576518 |
| **Jun-2021** | $578161 | $577625 |
| **Jun-2022** | $528919 | $535572 |
| **Jun-2023** | $527424 | $535063 |
| **Jun-2024** | $549864 | $557495 |
| **Jun-2025** | $587459 | $595063 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2018)** |
| Johnson Inst Intermediate Bond Fund - Class F | 6.84% | 0.32% | 2.28% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 6.74% | 0.64% | 2.46% |

---

***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$254,454,505

* Number of Portfolio Holdings84

* Advisory Fee (net of waivers)$351,222

* Portfolio Turnover23%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7c13c6a03e2f5db4fa9e4deb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 9.9% |
| Corporate Bonds | 51.7% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 1.3% |
| Preferred Stocks | 0.6% |
| U.S. Government & Agencies | 3.3% |
| U.S. Treasury Obligations | 33.1% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibab99b629882cb2228113ab5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 0.1% |
| Preferred Stocks | 0.6% |
| Municipal Bonds | 1.3% |
| U.S. Government & Agencies | 3.2% |
| Collateralized Mortgage Obligations | 9.8% |
| Utilities | 11.1% |
| Industrials | 17.5% |
| Finance | 22.6% |
| U.S. Treasury Obligations | 32.7% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 3.500%, due 01/31/30 | 5.3% |
| U.S. Treasury Notes, 2.875%, due 05/15/32 | 4.8% |
| U.S. Treasury Notes, 0.875%, due 11/15/30 | 4.7% |
| U.S. Treasury Notes, 2.750%, due 08/15/32 ARS | 4.6% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 4.3% |
| U.S. Treasury Notes, 1.500%, due 02/15/30 | 3.9% |
| U.S. Treasury Notes, 4.000%, due 02/28/30 | 3.8% |
| FHLB, 4.750%, due 12/10/32 - Series HQ-2032 | 3.2% |
| Truist Financial Corp., 2.250%, due 03/11/30 | 2.2% |
| Florida Power & Light Co., 5.100%, due 04/1/33 | 2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ibe1375051ed33606430fedb9.jpg)

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

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JIMEX

# Johnson Institutional Short Duration Bond Fund

# Class I (JIBDX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i5d79bb3f99c6cb88eda3c7bb.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Institutional Short Duration Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $13 | 0.25% |

---

## How did the Fund perform during the reporting period?
The Fund has outperformed its primary benchmark during the first half of 2025. The fund was positioned modestly longer than the benchmark at the start of the year, which was additive to performance as interest rates fell across the curve. Despite intra-period volatility, corporate credit spreads remain near recent lows. As a result, the Fund's primary driver of outperformance during the 1st half was its income advantage versus the benchmark as well as its overweight to the corporate bond sector. This was further enhanced by our tactical addition to credit during April's market dislocation. Security selection within the corporate sector was also additive to performance as our overweight to banks and financials outperformed the broader corporate universe.

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

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i0d2ba3d5d2609ff781880181.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Short Duration Bond Fund - Class I** | **ICE BofA U.S. Corporate & Government, 1-3 Years Index** |
| **Jun-2015** | $1000000 | $1000000 |
| **Jun-2016** | $1019838 | $1015809 |
| **Jun-2017** | $1027821 | $1019223 |
| **Jun-2018** | $1032079 | $1021927 |
| **Jun-2019** | $1076946 | $1065758 |
| **Jun-2020** | $1127925 | $1110253 |
| **Jun-2021** | $1132042 | $1116233 |
| **Jun-2022** | $1081346 | $1075816 |
| **Jun-2023** | $1090732 | $1081842 |
| **Jun-2024** | $1145357 | $1135663 |
| **Jun-2025** | $1216457 | $1203254 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Inst Short Duration Bond Fund - Class I | 6.21% | 1.52% | 1.98% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 5.95% | 1.62% | 1.87% |

---

***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$191,864,142

* Number of Portfolio Holdings91

* Advisory Fee (net of waivers)$273,503

* Portfolio Turnover14%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib5ca97c185d53ccb9993efb1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 13.2% |
| Corporate Bonds | 66.8% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 3.2% |
| U.S. Government & Agencies | 2.4% |
| U.S. Treasury Obligations | 14.3% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](id1acb434a419212c2436085d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 0.1% |
| U.S. Government & Agencies | 2.3% |
| Municipal Bonds | 3.2% |
| Collateralized Mortgage Obligations | 13.1% |
| Utilities | 13.5% |
| U.S. Treasury Obligations | 14.2% |
| Industrials | 21.9% |
| Finance | 30.9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 2.375%, due 05/15/29 | 4.1% |
| U.S. Treasury Notes, 2.875%, due 05/15/28 | 3.2% |
| U.S. Treasury Notes, 2.625%, due 02/15/29 | 2.9% |
| U.S. Treasury Notes, 2.750%, due 02/15/28 | 2.7% |
| Interstate Power & Light Co., 3.400%, due 08/15/25 | 2.3% |
| KeyCorp, 4.150%, due 10/29/25 - Series O | 2.2% |
| Morgan Stanley, 3.591%, due 07/22/28 | 2.1% |
| Emerson Electric Co., 2.000%, due 12/21/28 | 2.0% |
| Allstate Corp. (The), 0.750%, due 12/15/25 | 2.0% |
| Duke Energy Corp., 0.900%, due 09/15/25 | 2.0% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i04dbafbcfb445eca397d01a0.jpg)

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

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JIBDX

# Johnson Institutional Short Duration Bond Fund

# Class F (JIMDX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i893df3a532713c5ad0216d66.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Institutional Short Duration Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $20 | 0.40% |

---

## How did the Fund perform during the reporting period?
The Fund has outperformed its primary benchmark during the first half of 2025. The fund was positioned modestly longer than the benchmark at the start of the year, which was additive to performance as interest rates fell across the curve. Despite intra-period volatility, corporate credit spreads remain near recent lows. As a result, the Fund's primary driver of outperformance during the 1st half was its income advantage versus the benchmark as well as its overweight to the corporate bond sector. This was further enhanced by our tactical addition to credit during April's market dislocation. Security selection within the corporate sector was also additive to performance as our overweight to banks and financials outperformed the broader corporate universe.

## How has the Fund performed since inception?

### Total Return Based on $500,000 Investment
![Growth of 10K Chart](i829dc3f8292cea494f1549a8.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Inst Short Duration Bond Fund - Class F** | **ICE BofA U.S. Corporate & Government, 1-3 Years Index** |
| **May-2018** | $500000 | $500000 |
| **Jun-2018** | $501485 | $502128 |
| **Jun-2019** | $521814 | $523664 |
| **Jun-2020** | $545399 | $545527 |
| **Jun-2021** | $546904 | $548466 |
| **Jun-2022** | $521216 | $528606 |
| **Jun-2023** | $524928 | $531567 |
| **Jun-2024** | $550304 | $558012 |
| **Jun-2025** | $583863 | $591223 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2018)** |
| Johnson Inst Short Duration Bond Fund - Class F | 6.10% | 1.37% | 2.19% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 5.95% | 1.62% | 2.37% |

---

***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$191,864,142

* Number of Portfolio Holdings91

* Advisory Fee (net of waivers)$273,503

* Portfolio Turnover14%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2f3263807af91941a2e02c7c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 13.2% |
| Corporate Bonds | 66.8% |
| Money Market Funds | 0.1% |
| Municipal Bonds | 3.2% |
| U.S. Government & Agencies | 2.4% |
| U.S. Treasury Obligations | 14.3% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i0c0b7097e60b49f79dd2acdb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 0.1% |
| U.S. Government & Agencies | 2.3% |
| Municipal Bonds | 3.2% |
| Collateralized Mortgage Obligations | 13.1% |
| Utilities | 13.5% |
| U.S. Treasury Obligations | 14.2% |
| Industrials | 21.9% |
| Finance | 30.9% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 2.375%, due 05/15/29 | 4.1% |
| U.S. Treasury Notes, 2.875%, due 05/15/28 | 3.2% |
| U.S. Treasury Notes, 2.625%, due 02/15/29 | 2.9% |
| U.S. Treasury Notes, 2.750%, due 02/15/28 | 2.7% |
| Interstate Power & Light Co., 3.400%, due 08/15/25 | 2.3% |
| KeyCorp, 4.150%, due 10/29/25 - Series O | 2.2% |
| Morgan Stanley, 3.591%, due 07/22/28 | 2.1% |
| Emerson Electric Co., 2.000%, due 12/21/28 | 2.0% |
| Allstate Corp. (The), 0.750%, due 12/15/25 | 2.0% |
| Duke Energy Corp., 0.900%, due 09/15/25 | 2.0% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i94cffa82fc0a21921041df76.jpg)

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

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JIMDX

# Johnson Core Plus Bond Fund
(JCPLX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i778c3158f2a77ed9bc0c409d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Core Plus Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $23 | 0.45% |

---

## How did the Fund perform during the reporting period?
The Fund has outperformed its primary benchmark during the first half of 2025. The primary driver of relative performance has been the Fund's duration relative to the benchmark. The fund was positioned approximately 0.5 years longer than the benchmark at the start of the year, which was additive to performance as interest rates fell across the curve. 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. Despite intra-period volatility, corporate credit spreads remain near recent lows. As a result, the Fund's overweight to corporate bonds was an additional driver of the relative outperformance in the first half of the year. The Fund benefited from its income advantage over the index, due in large part to its allocation to select high-quality high yield offerings.&nbsp;&nbsp;&nbsp;&nbsp;Finally, the Fund's underweight to the long end of the Treasury curve was beneficial as the yield curve steepened in the first half.

## How has the Fund performed since inception?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](icc40043af2538354464ee336.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Core Plus Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Nov-2021** | $1000000 | $1000000 |
| **Jun-2022** | $889226 | $899536 |
| **Jun-2023** | $885599 | $891100 |
| **Jun-2024** | $911415 | $914545 |
| **Jun-2025** | $970310 | $970113 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 17, 2021)** |
| Johnson Core Plus Bond Fund | 6.46% | -0.83% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.84% |

---

***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$49,121,267

* Number of Portfolio Holdings98

* Advisory Fee $106,744

* Portfolio Turnover18%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i354527077a670ccd1ebe48a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 27.2% |
| Corporate Bonds | 62.3% |
| Money Market Funds | 0.3% |
| Preferred Stocks | 0.3% |
| U.S. Government & Agencies | 1.0% |
| U.S. Treasury Obligations | 8.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i8552f0a337c218f439e38c9f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Preferred Stocks | 0.3% |
| Money Market Funds | 0.4% |
| U.S. Government & Agencies | 1.0% |
| Utilities | 8.5% |
| U.S. Treasury Obligations | 8.8% |
| Finance | 25.6% |
| Collateralized Mortgage Obligations | 27.0% |
| Industrials | 27.8% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| FNMA, 3.500%, due 08/1/50 | 2.5% |
| FHLMC, 2.000%, due 05/1/42 | 2.3% |
| FNMA, 2.000%, due 08/1/42 | 2.2% |
| U.S. Treasury Bonds, 2.250%, due 05/15/41 | 2.0% |
| FNMA, 4.000%, due 08/1/51 | 2.0% |
| PepsiCo, Inc., 5.000%, due 02/7/35 - Series 2020 D | 2.0% |
| Truist Financial Corp., 2.250%, due 03/11/30 | 2.0% |
| U.S. Bancorp, 4.967%, due 07/22/33 - Series BB | 1.9% |
| U.S. Treasury Bonds, 2.375%, due 02/15/42 | 1.9% |
| Florida Power & Light Co., 5.100%, due 04/1/33 | 1.9% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](iab2395bab5be4749a1f8a6d0.jpg)

# Johnson Core Plus Bond Fund (JCPLX)

# Semi-Annual Shareholder Report - June 30, 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-SAR 063025-JCPLX

# Johnson Municipal Income Fund
(JMUNX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](ib5082d42ad1cdce3dfeffb5c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Johnson Municipal Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $15 | 0.30% |

---

## How did the Fund perform during the reporting period?
The Fund's overweight to longer maturity securities was the primary driver of the relative underperformance in the first half of the year as policy uncertainty pressured the long end of the yield curve. Overall duration was a detractor to performance. The funds 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 in the first half of the year.

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

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ic861a5e1e13e7f20047d620c.jpg)

---

| | | |
|:---|:---|:---|
| | **Johnson Municipal Income Fund** | **Bloomberg Municipal Bond Index** |
| **Jun-2015** | $1000000 | $1000000 |
| **Jun-2016** | $1049967 | $1076526 |
| **Jun-2017** | $1046756 | $1071275 |
| **Jun-2018** | $1048790 | $1088036 |
| **Jun-2019** | $1107890 | $1161002 |
| **Jun-2020** | $1159090 | $1212648 |
| **Jun-2021** | $1182798 | $1263164 |
| **Jun-2022** | $1085291 | $1154892 |
| **Jun-2023** | $1111202 | $1191693 |
| **Jun-2024** | $1145958 | $1229979 |
| **Jun-2025** | $1150387 | $1243666 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Johnson Municipal Income Fund | 0.39% | -0.15% | 1.41% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.20% |

---

***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](id422b154be31c56255116b32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 9.3% |
| AA | 57.7% |
| A | 24.3% |
| BBB | 6.1% |
| Not Rated | 2.6% |

---

\* 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$175,687,948

* Number of Portfolio Holdings170

* Advisory Fee $257,274

* Portfolio Turnover15%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i36c3555cc782944ecf51bbcd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.2% |
| Municipal Bonds | 98.8% |

---

### Holdings by State of Issuance (% of total investments)
![Group By Country Chart](i9f86fbada55937b283753d2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North Dakota | 0.3% |
| Illinois | 0.3% |
| Georgia | 0.6% |
| North Carolina | 0.6% |
| Michigan | 0.8% |
| Virginia | 1.4% |
| Alabama | 1.6% |
| Colorado | 2.0% |
| Missouri | 3.0% |
| Indiana | 3.0% |
| Texas | 3.6% |
| Pennsylvania | 3.9% |
| N/A | 4.0% |
| Kentucky | 6.0% |
| Ohio | 68.6% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ohio Higher Education Facilities Revenue - Denison University, 5.000%, due 11/1/53 - Series 2021-A | 2.9% |
| Ohio State Water Development Authority Revenue, 5.000%, due 06/1/46 - Series 2021 | 2.5% |
| Pennsylvania Economic Development Financing Authority UPMC Revenue, 5.000%, due 03/15/60 - Series 2025-A | 2.2% |
| Ohio State Water Development Authority Revenue, 4.000%, due 12/1/46 - Series 2021-A | 2.0% |
| FHLMC, 2.550%, due 06/15/35 - Class A - Series M-053 | 1.8% |
| Kings LSD Ohio School Improvement, 5.250%, due 12/1/54 - Series 2024 | 1.8% |
| Ohio Hospital Facility Revenue Refunding Cleveland Clinic Health, 4.000%, due 01/1/36 - Series 2017-A | 1.8% |
| Miami University Ohio General Receipts Revenue, 4.000%, due 09/1/45 - Series 2020-A | 1.6% |
| Grandview Heights Ohio Municipal Facilities Construction and Improvement, 4.000%, due 12/1/46 - Series 2023 | 1.5% |
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's, 5.000%, due 11/15/41 - Series 2019-CC | 1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 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](ie49526caab3265904b965a59.jpg)

# Johnson Municipal Income Fund (JMUNX)

# Semi-Annual Shareholder Report - June 30, 2025
TSR-SAR 063025-JMUNX

(b) Not applicable

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

Not required

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

Not required

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

Not required

**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) ![(COVER PAGE)](jo001_v1.jpg)

<u>JOHNSON MUTUAL FUNDS</u> <u>JUNE 30, 2025</u>

**Table of Contents**

---

| | |
|:---|:---|
| Portfolio of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Income Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opportunity Fund | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Fund | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhanced Return Fund | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Core Bond Fund | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Intermediate Bond Fund | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Short Duration Bond Fund | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income Fund | 26 |
| Statements of Assets and Liabilities | 32 |
| Statements of Operations | 36 |
| Statements of Changes in Net Assets | 40 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Income Fund | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opportunity Fund | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Fund | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhanced Return Fund | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Core Bond Fund | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Intermediate Bond Fund | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Short Duration Bond Fund | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income Fund | 61 |
| Notes to the Financial Statements | 62 |
| Additional Information | 76 |
| Trustees and Officers, Transfer Agent and Fund Accountant, Custodian, Independent Registered Public Accounting Firm, Legal Counsel | Back Page |

---

<u>EQUITY INCOME FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.6%** | **Shares** | **Value** |
| **Communications — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 101312 | $17854214 |
| **Consumer Discretionary — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 101600 | 22290024 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 72000 | 8734320 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 50300 | 11160061 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 42500 | 12417225 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 65485 | 8086742 |
|  |  | 62688372 |
| **Consumer Staples — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 214620 | 15184365 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 79900 | 10549996 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 36690 | 5845451 |
|  |  | 31579812 |
| **Energy — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 141310 | 20234179 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 363800 | 22850278 |
|  |  | 43084457 |
| **Financials — 17.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 103400 | 13050114 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 99000 | 14045130 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 176450 | 18319039 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 34200 | 11622870 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 688550 | 14597260 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 61600 | 13468224 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 248900 | 22256638 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 44870 | 13752655 |
|  |  | 121111930 |
| **Health Care — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 117218 | 15942820 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 56900 | 17061465 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 94043 | 18577255 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 108836 | 9487234 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 37000 | 14638310 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 39792 | 6205562 |
|  |  | 81912646 |
| **Industrials — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp.- Class A | 94000 | 9282500 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 61150 | 14240612 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 63000 | 11060910 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 52000 | 12857000 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 62750 | 13451717 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 249000 | 18239250 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 60500 | 13843610 |
|  |  | 92975599 |
| **Materials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 75000 | 13160250 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.6%** | **Shares** | **Value** |
| **Technology — 23.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 52940 | $15823237 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | 31010 | 11997149 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 59200 | 14090784 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 61760 | 12671299 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 18600 | 14905854 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 10250 | 8073207 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc.- Class A | 24100 | 13542754 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 66160 | 32908646 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 26000 | 14737840 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co.Ltd.- ADR | 40000 | 9059600 |
| &nbsp;&nbsp;&nbsp;Visa, Inc.- Class A | 39300 | 13953465 |
|  |  | 161763835 |
| **Utilities — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 352910 | 21340468 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 208600 | 21644336 |
|  |  | 42984804 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $442,437,279) |  | $669115919 |
| **MONEY MARKET FUNDS — 2.4%** |  |  |
| First American Government Obligations Fund - Class Z, 4.21% <sup>(b)</sup> (Cost $16,726,539) | 16726539 | $16726539 |
| **Investments at Value — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $459,163,818) |  | $685842458 |
| **Liabilities in Excess of Other Assets – (0.0%) <sup>(c)</sup>** |  | (134182) |
| **Net Assets — 100.0%** |  | $685708276 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of June 30, 2025.

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

ADR - American Depositary Receipt

N.V. - Naamloze Vennootschap

plc - Public Limited Company

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

<u>OPPORTUNITY FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| **Communications — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;New York Times Co.(The) - Class A | 31200 | $1746576 |
| **Consumer Discretionary — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. - Class A **<sup>(a)</sup>** | 29900 | 2271204 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 18600 | 2256366 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 49100 | 1817191 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 6200 | 1700536 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc.- Class A | 52200 | 2688822 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 11900 | 2230179 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 9400 | 1535678 |
|  |  | 14499976 |
| **Consumer Staples — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. **<sup>(a)</sup>** | 17900 | 1930157 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 21000 | 2344650 |
|  |  | 4274807 |
| **Energy — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 124400 | 2357380 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 25000 | 2747750 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 99200 | 2812320 |
|  |  | 7917450 |
| **Financials — 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 25400 | 3205734 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 54797 | 1447737 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 23600 | 2450152 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 22000 | 2221560 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 6600 | 2243010 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 88800 | 2238648 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 26000 | 2336360 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 19300 | 2029588 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 41000 | 2238600 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 13400 | 1661332 |
|  |  | 22072721 |
| **Health Care — 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. **<sup>(a)</sup>** | 14900 | 2260777 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 5000 | 2434650 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 23000 | 1375170 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc **<sup>(a)</sup>** | 18900 | 2005668 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 24800 | 2059640 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. **<sup>(a)</sup>** | 80900 | 2627632 |
| &nbsp;&nbsp;&nbsp;QIAGEN N.V. **<sup>(a)</sup>** | 51041 | 2453030 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 13400 | 2407042 |
| &nbsp;&nbsp;&nbsp;Repligen Corp. **<sup>(a)</sup>** | 9900 | 1231362 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 19400 | 1517080 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B | 10200 | 1847730 |
|  |  | 22219781 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| **Industrials — 18.0%** |  |  |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 36800 | $2412976 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 24500 | 2327255 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 11000 | 2556950 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2700 | 1447767 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc.- Class A **<sup>(a)</sup>** | 38600 | 2329510 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 37300 | 2586755 |
| &nbsp;&nbsp;&nbsp;ESAB Corp. | 17500 | 2109625 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. (The) | 43500 | 1597320 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 10900 | 1913713 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 11000 | 2494030 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 105300 | 1791153 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 12300 | 2636751 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 31200 | 2285400 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp. <sup>(a)</sup> | 5000 | 1618700 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. - Class A | 8400 | 2065476 |
|  |  | 32173381 |
| **Materials — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 16400 | 2877708 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 100000 | 2265000 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | 43700 | 2628555 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 12900 | 1833090 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 9700 | 3044830 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 19800 | 2174832 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 23000 | 2285280 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc. <sup>(a)</sup> | 9000 | 2197440 |
|  |  | 19306735 |
| **Real Estate — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 88200 | 1466766 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. <sup>(a)</sup> | 11200 | 2864736 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 46900 | 2025142 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 37400 | 1356872 |
|  |  | 7713516 |
| **Technology — 22.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 17700 | 1614948 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc.- Class A <sup>(a)</sup> | 12000 | 2763360 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc.- Class B | 54600 | 2946762 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc.- Class A <sup>(a)</sup> | 4300 | 2049810 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 191000 | 1797310 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. <sup>(a)</sup> | 51400 | 2837794 |
| &nbsp;&nbsp;&nbsp;Fabrinet <sup>(a)</sup> | 6000 | 1768080 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | 48200 | 2121282 |
| &nbsp;&nbsp;&nbsp;Globant S.A. <sup>(a)</sup> | 12000 | 1090080 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 14300 | 1211353 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 14100 | 2540397 |
| &nbsp;&nbsp;&nbsp;MAXIMUS, Inc. | 28100 | 1972620 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. <sup>(a)</sup> | 50000 | 2620500 |

---

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

<u>OPPORTUNITY FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. <sup>(a)</sup> | 6900 | $1250211 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. <sup>(a)</sup> | 7100 | 1223614 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. N.V. | 43800 | 1281150 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | 14500 | 1973305 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 17000 | 2306900 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | 2150 | 1274606 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. <sup>(a)</sup> | 8500 | 1248565 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. - Class A <sup>(a)</sup> | 6300 | 1942668 |
|  |  | 39835315 |
| **Utilities — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 7600 | 1171236 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 32200 | 1308286 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 54500 | 2842175 |
|  |  | 5321697 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $147,938,770) |  | $177081955 |
| **MONEY MARKET FUNDS — 0.6%** |  |  |
| First American Government Obligations Fund - Class Z, 4.21% **<sup>(b)</sup>** (Cost $1,150,072)s | 1150072 | $1150072 |
| **Investments at Value — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $149,088,842) |  | $178232027 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 166497 |
| **Net Assets — 100.0%** |  | $178398524 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of June 30, 2025.

N.V. - Naamloze Vennootschap

plc - Public Limited Company

S.A. - Societe Anonyme

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

<u>INTERNATIONAL FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.8%** | **Shares** | **Value** |
| **Communications — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. - ADR <sup>(a)</sup> | 1800 | $154368 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG - ADR | 7100 | 259789 |
| &nbsp;&nbsp;&nbsp;Orange S.A. - ADR | 7500 | 113925 |
| &nbsp;&nbsp;&nbsp;PDLT, Inc. - ADR | 14100 | 306816 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe S.A. - ADR | 8100 | 221090 |
| &nbsp;&nbsp;&nbsp;SK Telecom Co.Ltd.- ADR | 4600 | 107410 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. - ADR | 6800 | 438600 |
| &nbsp;&nbsp;&nbsp;WPP plc - ADR | 1800 | 63018 |
|  |  | 1665016 |
| **Consumer Discretionary — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - ADR | 2000 | 226820 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. - ADR | 4900 | 99813 |
| &nbsp;&nbsp;&nbsp;Bunzl plc - ADR | 15400 | 245476 |
| &nbsp;&nbsp;&nbsp;CIE Financiere Richemont S.A. - ADR | 7100 | 133693 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co.Ltd.- ADR | 5500 | 158565 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. - ADR | 1700 | 55488 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | 6000 | 231660 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 5400 | 314539 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. - ADR | 800 | 137808 |
|  |  | 1603862 |
| **Consumer Staples — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. - ADR | 3100 | 324663 |
| &nbsp;&nbsp;&nbsp;L'Oreal S.A. - ADR | 1300 | 111163 |
| &nbsp;&nbsp;&nbsp;Nestlé S.A. - ADR | 2800 | 278096 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc - ADR | 5900 | 81007 |
| &nbsp;&nbsp;&nbsp;Shoprite Holdings Ltd. - ADR | 19700 | 307517 |
| &nbsp;&nbsp;&nbsp;Unilever plc - ADR | 3800 | 232446 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico S.A.B. de C.V. - ADR | 10600 | 353086 |
|  |  | 1687978 |
| **Energy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BP plc - ADR | 4000 | 119720 |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC - ADR <sup>(a)(b)</sup> | 14000 | 140 |
| &nbsp;&nbsp;&nbsp;Shell plc - ADR | 3900 | 274599 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE - ADR | 2352 | 144389 |
|  |  | 538848 |
| **Financials — 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz SE - ADR | 6500 | 263428 |
| &nbsp;&nbsp;&nbsp;Banco Santander S.A. - ADR | 37155 | 308387 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | 1240 | 137181 |
| &nbsp;&nbsp;&nbsp;Barclays plc - ADR | 15000 | 278850 |
| &nbsp;&nbsp;&nbsp;BNP Paribas S.A. - ADR | 3700 | 167018 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. - ADR | 23000 | 465520 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia - ADR | 1050 | 128208 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - ADR | 2500 | 84100 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. - ADR | 28900 | 454308 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.8%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. - ADR | 2400 | $198216 |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | 7720 | 246731 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. - ADR | 30800 | 422576 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1900 | 249945 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. - ADR | 22200 | 335442 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. - ADR | 10000 | 423701 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) | 1700 | 124865 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. - ADR | 2500 | 142275 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG - ADR | 3880 | 135916 |
|  |  | 4566667 |
| **Health Care — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. - ADR | 10300 | 100425 |
| &nbsp;&nbsp;&nbsp;Bayer AG - ADR | 10700 | 80678 |
| &nbsp;&nbsp;&nbsp;Dr. Reddy's Laboratories Ltd. - ADR | 18400 | 276552 |
| &nbsp;&nbsp;&nbsp;Novartis AG - ADR | 2480 | 300105 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 3200 | 220864 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 11300 | 460588 |
| &nbsp;&nbsp;&nbsp;Sanofi S.A. - ADR | 2000 | 96620 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co.Ltd.- ADR | 9340 | 144396 |
|  |  | 1680228 |
| **Industrials — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 1700 | 101439 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB - ADR | 6400 | 103232 |
| &nbsp;&nbsp;&nbsp;BAE Systems plc - ADR | 3800 | 399266 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE - ADR | 8500 | 453730 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 2200 | 66242 |
| &nbsp;&nbsp;&nbsp;Siemens AG - ADR | 2900 | 373723 |
|  |  | 1497632 |
| **Materials — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR | 4200 | 173460 |
| &nbsp;&nbsp;&nbsp;BHP Group Ltd. - ADR | 7400 | 355866 |
| &nbsp;&nbsp;&nbsp;Cemex S.A.B. de C.V. - ADR | 30300 | 209979 |
| &nbsp;&nbsp;&nbsp;Cia Siderurgica Nacional S.A. - ADR | 57100 | 79940 |
| &nbsp;&nbsp;&nbsp;Fortescue Ltd. - ADR | 10800 | 215784 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. - ADR | 19100 | 367675 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. - ADR | 4200 | 203658 |
| &nbsp;&nbsp;&nbsp;Rio Tinto plc - ADR | 3070 | 179073 |
| &nbsp;&nbsp;&nbsp;Vale S.A. - ADR | 33700 | 327227 |
|  |  | 2112662 |
| **Real Estate — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. - ADR | 27600 | 318173 |

---

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

<u>INTERNATIONAL FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.8%** | **Shares** | **Value** |
| **Technology — 20.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ASE Industrial Holding Co.Ltd.- ADR | 24000 | $247920 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 500 | 400695 |
| &nbsp;&nbsp;&nbsp;Capgemini SE - ADR | 4000 | 137000 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. | 3700 | 387871 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. - ADR | 17800 | 329834 |
| &nbsp;&nbsp;&nbsp;Lenovo Group Ltd. - ADR | 16000 | 385440 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. | 11500 | 335800 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. - ADR <sup>(a)</sup> | 2600 | 272116 |
| &nbsp;&nbsp;&nbsp;RELX plc - ADR | 2500 | 135850 |
| &nbsp;&nbsp;&nbsp;SAP SE - ADR | 1300 | 395330 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. - ADR | 18500 | 481555 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co.Ltd.- ADR | 2100 | 475629 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. - ADR | 29000 | 221850 |
| &nbsp;&nbsp;&nbsp;Wipro Ltd. - ADR | 36600 | 110532 |
|  |  | 4317422 |
| **Utilities — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel S.p.A. - ADR | 33700 | 319476 |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 6300 | 484974 |
| &nbsp;&nbsp;&nbsp;National Grid plc - ADR | 1629 | 121214 |
| &nbsp;&nbsp;&nbsp;SSE plc - ADR | 6900 | 177054 |
|  |  | 1102718 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,871,816) |  | $21091206 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS — 0.9%** | **Shares** | **Value** |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A.- ADR (Cost $129,573) | 27280 | $185231 |
| **MONEY MARKET FUNDS — 0.5%** |  |  |
| First American Government Obligations Fund - Class Z, 4.21% **<sup>(c)</sup>** (Cost $107,203) | 107203 | $107203 |
| **Investments at Value — 99.2%** (Cost $14,108,592) |  | $21383640 |
| **Other Assets in Excess of Liabilities — 0.8%** |  | 178632 |
| **Net Assets — 100.0%** |  | $21562272 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> This security is currently restricted from trading and is valued using Level 3 inputs as of June 30, 2025. The total fair value of Level 3 securities as of June 30, 2025 is $140.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of June 30, 2025.

A/S - Aktieselskab

AB - Aktiebolag

ADR - American Depositary Receipt

AG - Aktiengesellschaft

N.V. - Naamloze Vennootschap

PJSC - Pubic Joint-Stock Company

plc - Public Limited Company

S.A. - Societe Anonyme

S.A.B. de C.V. - Sociedad Anónima Bursátil de Capital Variable

SE - Societe Europaea

S.p.A. - Societa per Azioni

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

<u>ENHANCED RETURN FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 64.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 30.4%** |  |  |  |  |
| Allstate Corp. (The) | 0.750% | 12/15/25 | $4642000 | $4560927 |
| American Express Co. | 1.650% | 11/04/26 | 4725000 | 4570042 |
| AON plc | 3.875% | 12/15/25 | 4494000 | 4477676 |
| Bank of America Corp. | 5.202% | 04/25/29 | 4925000 | 5033136 |
| Branch Banking & Trust Co. | 3.625% | 09/16/25 | 2720000 | 2711449 |
| Chubb INA Holdings, Inc. | 3.350% | 05/03/26 | 4559000 | 4523742 |
| Enterprise Products Operating, LLC | 5.050% | 01/10/26 | 5000000 | 5013053 |
| Essex Portfolio, L.P. | 3.375% | 04/15/26 | 3740000 | 3702196 |
| Essex Portfolio, L.P. | 1.700% | 03/01/28 | 1000000 | 932084 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 3895000 | 4101428 |
| Huntington Bancshares, Inc. | 6.208% | 08/21/29 | 4140000 | 4343051 |
| JPMorgan Chase & Co. | 3.540% | 05/01/28 | 3275000 | 3227090 |
| JPMorgan Chase & Co. | 2.182% | 06/01/28 | 2455000 | 2358228 |
| KeyCorp, Series O | 4.150% | 10/29/25 | 4562000 | 4551586 |
| Morgan Stanley, Series F | 4.000% | 07/23/25 | 2200000 | 2198036 |
| Morgan Stanley | 3.591% | 07/22/28 | 3055000 | 3001245 |
| MPLX, L.P. | 1.750% | 03/01/26 | 4731000 | 4638237 |
| National Retail Properties, Inc. | 4.000% | 11/15/25 | 4560000 | 4546455 |
| PNC Financial Services Group, Inc. (The) | 5.300% | 01/21/28 | 4010000 | 4070591 |
| PNC Financial Services Group, Inc. (The) | 4.050% | 07/26/28 | 1195000 | 1185805 |
| Truist Financial Corp., Series H | 3.875% | 03/19/29 | 1555000 | 1519142 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 1000000 | 899961 |
| U.S. Bancorp, Series MTN | 3.100% | 04/27/26 | 4340000 | 4296024 |
| U.S. Bancorp, Series Y | 3.000% | 07/30/29 | 1360000 | 1287367 |
| Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 3800000 | 3783935 |
|  |  |  |  | 85532486 |
| **Industrials — 20.6%** |  |  |  |  |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 3835000 | 3791207 |
| Cisco Systems, Inc. | 4.850% | 02/26/29 | 4000000 | 4098079 |
| CVS Health Corp. | 3.875% | 07/20/25 | 2485000 | 2483201 |
| Dover Corp. | 3.150% | 11/15/25 | 4515000 | 4487349 |
| Home Depot, Inc. (The) | 4.750% | 06/25/29 | 4000000 | 4083892 |
| Honeywell International, Inc. | 2.500% | 11/01/26 | 1000000 | 977906 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 4260000 | 4236709 |
| Lowe's Companies, Inc. | 2.500% | 04/15/26 | 4080000 | 4017368 |
| Norfolk Southern Corp. | 3.650% | 08/01/25 | 3300000 | 3296406 |
| Norfolk Southern Corp. | 2.900% | 06/15/26 | 800000 | 789015 |
| Parker-Hannifin Corp. | 4.250% | 09/15/27 | 4505000 | 4519198 |
| Roper Technologies, Inc. | 1.000% | 09/15/25 | 4343000 | 4308777 |
| Starbucks Corp. | 4.850% | 02/08/27 | 4095000 | 4132201 |
| T-Mobile U.S., Inc. | 2.625% | 04/15/26 | 4402000 | 4333958 |
| Verizon Communications, Inc. | 2.100% | 03/22/28 | 4000000 | 3790024 |
| Xylem, Inc. | 3.250% | 11/01/26 | 3455000 | 3403980 |
| Xylem, Inc. | 1.950% | 01/30/28 | 1200000 | 1134313 |
|  |  |  |  | 57883583 |

---

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

<u>ENHANCED RETURN FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 64.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Utilities — 13.1%** |  |  |  |  |
| Berkshire Hathaway, Inc. | 3.250% | 04/15/28 | $2743000 | $2683270 |
| Duke Energy Corp. | 2.650% | 09/01/26 | 4610000 | 4523701 |
| Emerson Electric Co. | 2.000% | 12/21/28 | 5690000 | 5304593 |
| Eversource Energy, Series AA | 4.750% | 05/15/26 | 1225000 | 1226851 |
| Eversource Energy, Series U | 1.400% | 08/15/26 | 1685000 | 1628588 |
| Eversource Energy, Series DD | 5.000% | 01/01/27 | 1205000 | 1215854 |
| Florida Power & Light Co. | 4.400% | 05/15/28 | 4370000 | 4404634 |
| Georgia Power Co., Series 2016-A | 3.250% | 04/01/26 | 2715000 | 2690758 |
| Interstate Power & Light Co. | 3.400% | 08/15/25 | 4505000 | 4495323 |
| National Rural Utilities Cooperative Finance Corp. (The) | 3.700% | 03/15/29 | 2000000 | 1959289 |
| Virginia Electric & Power Co., Series A | 3.150% | 01/15/26 | 1080000 | 1072180 |
| Virginia Electric & Power Co., Series A | 3.800% | 04/01/28 | 3585000 | 3564237 |
| Xcel Energy, Inc. | 4.000% | 06/15/28 | 2000000 | 1984437 |
|  |  |  |  | 36753715 |
| **Total Corporate Bonds** (Cost $179,124,880) |  |  |  | $180169784 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 12.0%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 3.3%** |  |  |  |  |
| FHLMC, Pool #J1-2635 | 4.000% | 07/01/25 | $146 | $146 |
| FHLMC, Series 4287, Class AB | 2.000% | 12/15/26 | 89982 | 87732 |
| FHLMC, Pool #J3-2364 | 2.500% | 11/01/28 | 384591 | 376163 |
| FHLMC, Pool #ZS-7207 | 3.500% | 07/01/30 | 399042 | 393472 |
| FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 456670 | 448596 |
| FHLMC, Pool #G1-6330 | 3.500% | 08/01/32 | 445059 | 438441 |
| FHLMC, Pool #SB-0380 | 3.500% | 02/01/34 | 524463 | 513414 |
| FHLMC, Series 5050, Class BG | 1.000% | 01/15/41 | 534579 | 482710 |
| FHLMC, Series 5902, Class XC | 1.500% | 01/15/41 | 1461788 | 1283911 |
| FHLMC, Series 4009, Class PA | 2.000% | 06/15/41 | 140721 | 136002 |
| FHLMC, Series 4709, Class EA | 3.000% | 01/15/46 | 526307 | 506184 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 4545527 | 4531487 |
|  |  |  |  | 9198258 |
| **Federal National Mortgage Association — 8.7%** |  |  |  |  |
| FNMA, Pool #AT2060 | 2.500% | 04/01/28 | 335940 | 328640 |
| FNMA, Pool #109745 | 3.540% | 10/01/28 | 3953722 | 3887347 |
| FNMA, Pool #BZ1051 | 4.780% | 06/01/29 | 1000000 | 1020555 |
| FNMA, Pool #AL9230 | 3.500% | 12/01/29 | 329571 | 325489 |
| FNMA, Pool #FM1536 | 2.500% | 11/01/30 | 123153 | 120776 |
| FNMA, Series 2013-3, Class DK | 1.750% | 02/25/33 | 360064 | 338359 |
| FNMA, Pool #FM2287 | 4.500% | 03/01/34 | 412331 | 414406 |
| FNMA, Pool #FM2989 | 3.000% | 09/01/34 | 594622 | 578791 |
| FNMA, Pool #AL7077 | 4.000% | 07/01/35 | 707251 | 697397 |
| FNMA, Pool #833200 | 5.500% | 09/01/35 | 152056 | 157284 |
| FNMA, Pool #CA7891 | 1.500% | 11/01/35 | 3735997 | 3361900 |
| FNMA, Series 2020-044, Class TE | 2.000% | 12/25/35 | 1304764 | 1212427 |
| FNMA, Pool #MA4330 | 2.500% | 05/01/36 | 2659634 | 2491643 |
| FNMA, Series FM8444 | 2.000% | 06/01/36 | 1869345 | 1720888 |
| FNMA, Pool #FM2293 | 4.000% | 09/01/36 | 1306129 | 1285694 |

---

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

<u>ENHANCED RETURN FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 12.0%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| FNMA, Pool #FS6096 | 2.000% | 03/01/37 | $3540780 | $3260982 |
| FNMA, Pool #FM7224 | 4.500% | 11/01/38 | 622851 | 625478 |
| FNMA, Pool #AJ7509 (RFUCCT1Y + 178) <sup>(a)</sup> | 6.405% | 12/01/41 | 12829 | 12959 |
| FNMA, Series 2013-6, Class BC | 1.500% | 12/25/42 | 19081 | 18735 |
| FNMA, Series 2015-28, Class P | 2.500% | 05/25/45 | 1649847 | 1536375 |
| FNMA, Series 2020-95, Class GA | 1.000% | 01/25/51 | 1337752 | 1016596 |
|  |  |  |  | 24412721 |
| **Total Collateralized Mortgage Obligations** (Cost $34,776,536) |  |  |  | $33610979 |
| **MUNICIPAL BONDS — 1.3%** |  |  |  |  |
| Houston Texas Utility System Revenue | 1.516% | 11/15/28 | $940000 | $866068 |
| Wisconsin State General Fund Annual Appropriation Revenue | 2.196% | 05/01/27 | 3000000 | 2901524 |
| **Total Municipal Bonds** (Cost $3,738,507) |  |  |  | $3767592 |
| **U.S. GOVERNMENT & AGENCIES — 1.4%** |  |  |  |  |
| **Federal Farm Credit Bank — 0.7%** |  |  |  |  |
| FFCB | 4.750% | 10/13/27 | $2000000 | $2040207 |
| **Federal Home Loan Mortgage Corporation — 0.7%** |  |  |  |  |
| FHLMC | 4.875% | 09/27/29 | 1840000 | 1837454 |
| **Total U.S. Government & Agencies** (Cost $3,834,511) |  |  |  | $3877661 |
| **U.S. TREASURY OBLIGATIONS — 18.6%** |  |  |  |  |
| **U.S. Treasury Notes — 18.6%** |  |  |  |  |
| U.S. Treasury Notes <sup>(b)</sup> | 2.000% | 08/15/25 | $4000000 | $3987344 |
| U.S. Treasury Notes <sup>(b)</sup> | 4.500% | 11/15/25 | 8000000 | 8003125 |
| U.S. Treasury Notes | 1.625% | 05/15/26 | 500000 | 489609 |
| U.S. Treasury Notes <sup>(a)</sup> | 4.400% | 04/30/27 | 2100000 | 2099912 |
| U.S. Treasury Notes <sup>(b)</sup> | 2.750% | 07/31/27 | 4600000 | 4510156 |
| U.S. Treasury Notes <sup>(b)</sup> | 2.750% | 02/15/28 | 11950000 | 11665254 |
| U.S. Treasury Notes <sup>(b)</sup> | 2.375% | 05/15/29 | 8210000 | 7810404 |
| U.S. Treasury Notes <sup>(b)</sup> | 1.500% | 02/15/30 | 15090000 | 13656450 |
| **Total U.S. Treasury Obligations** (Cost $51,982,009) |  |  |  | $52222254 |

---

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

<u>ENHANCED RETURN FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 2.0%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class Z, 4.21% <sup>(c)</sup> (Cost $5,716,255) | 5716255 | $5716255 |
| **Investments at Value — 99.4%** (Cost $279,172,698) |  | $279364525 |
| **Other Assets in Excess of Liabilities — 0.6%** |  | 1599295 |
| **Net Assets — 100.0%** |  | $280963820 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

<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 June 30, 2025 is $22,979,307.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of June 30, 2025.

plc - Public Limited Company

RFUCCT - Refinitiv USD IBOR Cash Fallbacks

SOFR - Secured Overnight Financing Rate

<u>ENHANCED RETURN FUND</u> <u>SCHEDULE OF FUTURES CONTRACTS AS OF JUNE 30, 2025 - UNAUDITED</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**FUTURES CONTRACTS** | <br>**Contracts** | <br>**Expiration**<br>**Date** | **Notional**<br>**Value**<br>**at Purchase** |<br>**Notional**<br>**Value** | **Value/**<br>**Unrealized**<br>**Appreciation** |
| **Index Futures** |  |  |  |  |  |
| E-Mini S&P 500 Future | 895 | 9/19/2025 | $270758008 | $279855313 | $9097305 |

---

The average monthly notional value of futures contracts during the six months ended June 30, 2025 was $268,764,835.

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

<u>INSTITUTIONAL CORE BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 45.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 19.4%** |  |  |  |  |
| Allstate Corp. (The) | 5.250% | 03/30/33 | $30000000 | $30747109 |
| American Express Co. | 5.532% | 04/25/30 | 28985000 | 30131317 |
| American Express Co. | 6.489% | 10/30/31 | 6500000 | 7082736 |
| AON Corp. | 3.750% | 05/02/29 | 11646000 | 11397741 |
| AON Corp. | 2.800% | 05/15/30 | 1650000 | 1529607 |
| Bank of America Corp. | 5.202% | 04/25/29 | 32890000 | 33612149 |
| Bank of New York Mellon Corp. (The), Series J | 6.317% | 10/25/29 | 5000000 | 5306852 |
| Bank of New York Mellon Corp. (The), Series J | 4.289% | 06/13/33 | 11000000 | 10699864 |
| Essex Portfolio, L.P. | 3.000% | 01/15/30 | 9666000 | 9038674 |
| Essex Property Trust, Inc. | 3.625% | 05/01/27 | 2298000 | 2270930 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 24200000 | 25482554 |
| Huntington Bancshares, Inc. | 4.443% | 08/04/28 | 7655000 | 7651684 |
| Huntington Bancshares, Inc. | 6.208% | 08/21/29 | 2830000 | 2968800 |
| Huntington Bancshares, Inc. | 2.550% | 02/04/30 | 10628000 | 9727120 |
| JPMorgan Chase & Co. (SOFR + 379) <sup>(a)</sup> | 4.493% | 03/24/31 | 7660000 | 7645570 |
| KeyCorp, Series O | 4.100% | 04/30/28 | 3810000 | 3786093 |
| KeyCorp | 2.550% | 10/01/29 | 9755000 | 9004758 |
| PNC Financial Services Group, Inc. (The) | 2.307% | 04/23/32 | 5000000 | 4385508 |
| PNC Financial Services Group, Inc. (The) | 5.939% | 08/18/34 | 15605000 | 16521199 |
| Prologis, Inc. | 5.125% | 01/15/34 | 10060000 | 10186748 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 22716000 | 20443524 |
| Truist Financial Corp., Series G | 6.123% | 10/28/33 | 6265000 | 6649297 |
| Truist Financial Corp. | 5.122% | 01/26/34 | 12305000 | 12299458 |
| U.S. Bancorp, Series Y | 3.000% | 07/30/29 | 16755000 | 15860176 |
| U.S. Bancorp, Series BB | 4.967% | 07/22/33 | 11985000 | 11835641 |
| U.S. Bancorp, Series AA | 5.850% | 10/21/33 | 11975000 | 12597803 |
| Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 16315000 | 16246028 |
| Wells Fargo & Co., Series O | 4.300% | 07/22/27 | 14199000 | 14200138 |
| Wells Fargo & Co., Series Q (TSFR3M + 157.2) <sup>(a)</sup> | 3.584% | 05/22/28 | 2000000 | 1969716 |
|  |  |  |  | 351278794 |
| **Industrials — 14.6%** |  |  |  |  |
| Air Products and Chemicals, Inc. | 4.850% | 02/08/34 | 14470000 | 14504934 |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 9500000 | 9391516 |
| Becton Dickinson & Co. | 2.823% | 05/20/30 | 14950000 | 13834638 |
| Cisco Systems, Inc. | 4.850% | 02/26/29 | $3000000 | $3073560 |
| Cisco Systems, Inc. | 5.050% | 02/26/34 | 19625000 | 20087305 |
| CVS Health Corp. | 4.300% | 03/25/28 | 19133000 | 19052163 |
| CVS Health Corp. | 3.750% | 04/01/30 | 5000000 | 4795866 |
| Dover Corp. | 3.150% | 11/15/25 | 4302000 | 4275653 |
| Dover Corp. | 2.950% | 11/04/29 | 24695000 | 23275271 |
| Duke Energy Corp. | 2.450% | 06/01/30 | 20000000 | 18153750 |
| Enterprise Products Operating, LLC | 4.150% | 10/16/28 | 1497000 | 1496967 |
| Honeywell International, Inc. | 5.000% | 02/15/33 | 15000000 | 15237942 |
| Honeywell International, Inc. | 5.000% | 03/01/35 | 11580000 | 11648978 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 6430000 | 6394845 |
| Johnson Controls International plc | 4.900% | 12/01/32 | 9870000 | 9914250 |
| Kroger Co. (The) | 2.200% | 05/01/30 | 1000000 | 904449 |
| Lowes Cos., Inc. | 4.500% | 04/15/30 | 5072000 | 5109363 |
| Parker-Hannifin Corp. | 3.250% | 03/01/27 | 8710000 | 8586084 |
| Parker-Hannifin Corp. | 4.250% | 09/15/27 | 16331000 | 16382469 |

---

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

<u>INSTITUTIONAL CORE BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 45.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| PepsiCo, Inc., Series 2020 D | 5.000% | 02/07/35 | $4250000 | $4312117 |
| Target Corp. | 3.375% | 04/15/29 | 2000000 | 1945877 |
| Verizon Communications, Inc. | 4.016% | 12/03/29 | 28496000 | 28112437 |
| Walmart, Inc. | 4.900% | 04/28/35 | 9674000 | 9801103 |
| Xylem, Inc. | 1.950% | 01/30/28 | 5250000 | 4962619 |
| Xylem, Inc. | 2.250% | 01/30/31 | 9731000 | 8629767 |
|  |  |  |  | 263883923 |
| **Utilities — 11.7%** |  |  |  |  |
| Berkshire Hathaway, Inc. | 3.250% | 04/15/28 | 2000000 | 1956449 |
| Berkshire Hathaway, Inc. | 3.700% | 07/15/30 | 9767000 | 9478469 |
| Duke Energy Corp. | 2.650% | 09/01/26 | 8575000 | 8414476 |
| Emerson Electric Co. | 2.000% | 12/21/28 | 2068000 | 1927926 |
| Eversource Energy, Series M | 3.300% | 01/15/28 | 9140000 | 8900363 |
| Eversource Energy, Series O | 4.250% | 04/01/29 | 19308000 | 19139728 |
| Eversource Energy, Series R | 1.650% | 08/15/30 | 232000 | 201392 |
| Florida Power & Light Co. | 5.100% | 04/01/33 | 34677000 | 35469625 |
| Georgia Power Co., Series 2019B | 2.650% | 09/15/29 | 28141000 | 26394693 |
| Georgia Power Co., Series 2025B | 4.850% | 03/15/31 | 14000000 | 14309992 |
| Interstate Power & Light Co. | 4.100% | 09/26/28 | 20965000 | 20793743 |
| Interstate Power & Light Co. | 2.300% | 06/01/30 | 9379000 | 8450218 |
| National Rural Utilities Cooperative Finance Corp. (The) | 3.700% | 03/15/29 | 6558000 | 6424510 |
| National Rural Utilities Cooperative Finance Corp. (The) | 2.400% | 03/15/30 | 12595000 | 11584903 |
| Virginia Electric & Power Co., Series A | 3.500% | 03/15/27 | 1807000 | 1787847 |
| Xcel Energy, Inc. | 4.000% | 06/15/28 | 19857000 | 19702480 |
| Xcel Energy, Inc. | 3.400% | 06/01/30 | 17340000 | 16455021 |
|  |  |  |  | 211391835 |
| **Total Corporate Bonds** (Cost $844,601,279) |  |  |  | $826554552 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.6%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 9.6%** |  |  |  |  |
| FHLMC, Series 4287, Class AB | 2.000% | 12/15/26 | $168715 | $164497 |
| FHLMC, Pool #ZA-3721 | 3.000% | 06/01/29 | 2270568 | 2224082 |
| FHLMC, Pool #ZK-6713 | 3.000% | 06/01/29 | 1319390 | 1292440 |
| FHLMC, Pool #C0-1005 | 8.000% | 06/01/30 | 377 | 402 |
| FHLMC, Pool #V6-1479, Series V6-1479 | 2.500% | 01/01/32 | 1708875 | 1645118 |
| FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 1445133 | 1419583 |
| FHLMC, Pool #ZT-1964 | 3.500% | 06/01/32 | 2143043 | 2109195 |
| FHLMC, Pool #G1-8667 | 3.500% | 11/01/32 | 934761 | 917573 |
| FHLMC, Series 4151, Class PA | 2.000% | 01/15/33 | 959953 | 912016 |
| FHLMC, Pool #78-0439 (H15T1Y + 222.3) <sup>(a)</sup> | 6.473% | 04/01/33 | 7190 | 7275 |
| FHLMC, Pool #G0-8068 | 5.500% | 07/01/35 | 432559 | 448005 |
| FHLMC, Pool #G0-1880 | 5.000% | 08/01/35 | 20347 | 20688 |
| FHLMC, Pool #G0-6616 | 4.500% | 12/01/35 | 190837 | 191818 |
| FHLMC, Pool #G3-0933 | 4.000% | 01/01/36 | 7914147 | 7804341 |
| FHLMC, Series 3109, Class ZN | 5.500% | 02/15/36 | 435939 | 445378 |
| FHLMC, Pool #G3-1087 | 4.000% | 07/01/38 | 1377887 | 1351637 |
| FHLMC, Series 4887, Class A | 3.250% | 09/15/38 | 400566 | 385016 |
| FHLMC, Pool #SC-0066 | 4.500% | 01/01/39 | 4739532 | 4733791 |
| FHLMC, Series 4287, Class AB | 3.500% | 07/15/39 | 66471 | 64662 |
| FHLMC, Pool #G0-1880 | 4.500% | 10/01/39 | 49311 | 49233 |

---

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

<u>INSTITUTIONAL CORE BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| FHLMC, Pool #A8-9335 | 5.000% | 10/01/39 | $109634 | $111382 |
| FHLMC, Series 3592, Class BZ | 5.000% | 10/15/39 | 294587 | 299494 |
| FHLMC, Pool #SC-0047 | 3.000% | 01/01/40 | 18429054 | 17280749 |
| FHLMC, Series 3946, Class LN | 3.500% | 04/15/41 | 209255 | 206195 |
| FHLMC, Series 4105, Class PJ | 3.500% | 06/15/41 | 211043 | 208266 |
| FHLMC, Pool #RB-5125 | 2.000% | 09/01/41 | 10955844 | 9393449 |
| FHLMC, Pool #SC-0384 | 2.000% | 04/01/42 | 16985256 | 14588243 |
| FHLMC, Pool #2B-0350 (RFUCCT1Y + 186) <sup>(a)</sup> | 6.860% | 04/01/42 | 6755 | 6824 |
| FHLMC, Pool #ZS-9278 | 2.000% | 05/01/42 | 27661354 | 23696072 |
| FHLMC, Series 4087, Class PT | 3.000% | 07/15/42 | 283296 | 267704 |
| FHLMC, Series 4180, Class ME | 2.500% | 10/15/42 | 612136 | 583765 |
| FHLMC, Series 4161, Class QA | 3.000% | 02/15/43 | 68552 | 64863 |
| FHLMC, Series 4471, GA | 3.000% | 02/15/44 | 8096722 | 7658507 |
| FHLMC, Series 4517, Class PC | 2.500% | 05/15/44 | 426473 | 407632 |
| FHLMC, Series 4689, Class DA | 3.000% | 07/15/44 | 331477 | 325193 |
| FHLMC, Series 4831, Class BA | 3.500% | 10/15/44 | 52448 | 52180 |
| FHLMC, Series 4567, Class LA | 3.000% | 08/15/45 | 88171 | 83350 |
| FHLMC, Series 4582, Class PA | 3.000% | 11/15/45 | 1310212 | 1225335 |
| FHLMC, Series 4709, Class EA | 3.000% | 01/15/46 | 621042 | 597297 |
| FHLMC, Pool #SD-1069 | 3.500% | 06/01/49 | 4873358 | 4485794 |
| FHLMC, Series 4906, Class DE | 2.500% | 09/25/49 | 3029626 | 2691463 |
| FHLMC, Pool #SD-0695 | 4.000% | 12/01/49 | 421040 | 399802 |
| FHLMC, Pool #SD-2170 | 3.000% | 07/01/51 | 20304098 | 17817813 |
| FHLMC, Pool #SD-7556 | 3.000% | 08/01/52 | 39083584 | 34254447 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 9517938 | 9488541 |
|  |  |  |  | 172381110 |
| **Federal National Mortgage Association — 16.1%** |  |  |  |  |
| FNMA, Pool #AN9848 | 3.000% | 01/01/30 | 40261 | 39359 |
| FNMA, Pool #MA0384 | 5.000% | 04/01/30 | 182382 | 184544 |
| FNMA, Pool #AL6923 | 3.000% | 05/01/30 | 2459220 | 2405236 |
| FNMA, Pool #AS5794 | 3.000% | 09/01/30 | 565037 | 551371 |
| FNMA, Pool #AS6548, Series 2016 | 2.500% | 01/01/31 | 1241137 | 1197413 |
| FNMA, Pool #AL9309 | 3.500% | 10/01/31 | 466057 | 459162 |
| FNMA, Pool #MA1107 | 3.500% | 07/01/32 | 197918 | 194115 |
| FNMA, Pool #MA1237 | 3.000% | 11/01/32 | 130405 | 126153 |
| FNMA, Pool #725027 | 5.000% | 11/01/33 | 94600 | 96155 |
| FNMA, Pool #FM5394 | 3.000% | 03/01/34 | 3267990 | 3149337 |
| FNMA, Pool #FM3388 | 4.000% | 03/01/34 | 131019 | 130317 |
| FNMA, Pool #725704 | 6.000% | 08/01/34 | 38343 | 39792 |
| FNMA, Pool #FM5050 | 2.500% | 02/01/35 | 639300 | 619733 |
| FNMA, Pool #AL7077 | 4.000% | 07/01/35 | 1406510 | 1386913 |
| FNMA, Series 2005-64, Class PL | 5.500% | 07/25/35 | 13840 | 14247 |
| FNMA, Series 2022-25, Class KA | 1.520% | 08/21/35 | 58440000 | 43043425 |
| FNMA, Pool #BM1971 | 3.500% | 12/01/35 | 881297 | 858196 |
| FNMA, Pool #888223 | 5.500% | 01/01/36 | 134236 | 138863 |
| FNMA, Series 2016-99, Class TA | 3.500% | 03/25/36 | 127846 | 125645 |
| FNMA, Pool #995112 | 5.500% | 07/01/36 | 145197 | 150221 |
| FNMA, Series 2014-20, Class AC | 3.000% | 08/25/36 | 15893 | 15783 |
| FNMA, Pool #FM2293 | 4.000% | 09/01/36 | 187530 | 184596 |
| FNMA, Pool #MA2773 | 3.000% | 10/01/36 | 3389650 | 3206622 |
| FNMA, Pool #AL9623 | 4.000% | 12/01/36 | 1193902 | 1176152 |

---

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

<u>INSTITUTIONAL CORE BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| FNMA, Pool #889050 | 6.000% | 05/01/37 | $74122 | $77434 |
| FNMA, Pool #MA3186 | 4.000% | 11/01/37 | 4228433 | 4148141 |
| FNMA, Pool #MA3337 | 4.000% | 04/01/38 | 1559835 | 1527229 |
| FNMA, Pool #AA4392 | 4.000% | 04/01/39 | 323924 | 314577 |
| FNMA, Pool #FM9469 | 4.000% | 08/01/39 | 5028426 | 4883782 |
| FNMA, Pool #CB0114 | 2.500% | 04/01/41 | 14098419 | 12598183 |
| FNMA, Series 2011-53, Class DT | 4.500% | 06/25/41 | 72744 | 72419 |
| FNMA, Pool #AJ7509 (RFUCCT1Y + 178) <sup>(a)</sup> | 6.405% | 12/01/41 | 12829 | 12959 |
| FNMA, Pool #FS9716 | 2.000% | 08/01/42 | 39085818 | 33526366 |
| FNMA, Pool #FS9718 | 2.000% | 08/01/42 | 13927452 | 11941281 |
| FNMA, Series 2012-128, Class TP | 2.000% | 11/25/42 | 368866 | 345867 |
| FNMA, Series 2013-6, Class BC | 1.500% | 12/25/42 | 42360 | 41593 |
| FNMA, Series 2015-72, Class GB | 2.500% | 12/25/42 | 902121 | 874049 |
| FNMA, Series 2013-75, Class EG | 3.000% | 02/25/43 | 185944 | 176427 |
| FNMA, Series 2014-28, Class PA | 3.500% | 02/25/43 | 124668 | 122963 |
| FNMA, Series 2013-83, Class MH | 4.000% | 08/25/43 | 106543 | 103401 |
| FNMA, Pool #AU7025 | 3.000% | 11/01/43 | 8573482 | 7783124 |
| FNMA, Series 2014-4, Class PC | 3.000% | 02/25/44 | 573134 | 553420 |
| FNMA, Series 2016-79, Class L | 2.500% | 10/25/44 | 762791 | 724832 |
| FNMA, Series 2016-39, Class LA | 2.500% | 03/25/45 | 1249993 | 1175741 |
| FNMA, Series 2016-64, Class PG | 3.000% | 05/25/45 | 1496017 | 1409695 |
| FNMA, Series 2016-40, Class PA | 3.000% | 07/25/45 | 87505 | 81781 |
| FNMA, Series 4768, Class GA | 3.500% | 09/15/45 | 1416148 | 1392400 |
| FNMA, Series 2016-49, Class PA | 3.000% | 09/25/45 | 621275 | 586187 |
| FNMA, Series 2016-99, Class PH | 3.000% | 01/25/46 | 1125880 | 1066787 |
| FNMA, Series 2016-02, Class PB | 2.000% | 02/25/46 | 145652 | 135281 |
| FNMA, Series 2018-67, Class BA | 4.500% | 03/25/46 | 845341 | 845078 |
| FNMA, Series 2018-25, Class P | 3.500% | 03/25/46 | 1790885 | 1740290 |
| FNMA, Pool #BE5067 | 3.500% | 11/01/46 | 11282346 | 10437445 |
| FNMA, Pool #BM5003 | 4.000% | 03/01/47 | 984889 | 937020 |
| FNMA, Pool #FM-4929 | 3.500% | 03/01/48 | 4018041 | 3698498 |
| FNMA, Series 2022-25, Class KA | 4.000% | 09/25/48 | 6907051 | 6779316 |
| FNMA, Series 2019-60, Class DA | 2.500% | 03/25/49 | 1413678 | 1248693 |
| FNMA, Pool #BM5003 | 3.500% | 08/01/49 | 333041 | 305789 |
| FNMA, Series 2018-67, Class BA | 2.500% | 08/25/49 | 101959 | 90260 |
| FNMA, Pool #FS4218 | 4.000% | 10/01/49 | 8181650 | 7849306 |
| FNMA, Pool #CA4860 | 3.000% | 12/01/49 | 24066464 | 21219117 |
| FNMA, Series 2020-95, Class GA | 1.000% | 01/25/51 | 5957178 | 4527030 |
| FNMA, Pool #FM9631 | 3.000% | 11/01/51 | 6919844 | 6073394 |
| FNMA, Pool #FS3678 | 3.000% | 12/01/51 | 11260554 | 9916664 |
| FNMA, Pool #CB3051 | 3.000% | 03/01/52 | 6235777 | 5500408 |
| FNMA, Pool #FS4520 | 3.000% | 04/01/52 | 30833963 | 27124028 |
| FNMA, Pool #FS4608 | 3.000% | 05/01/52 | 8728195 | 7682212 |
| FNMA, Pool #FS7972 | 3.000% | 05/01/52 | 11073163 | 9737417 |
| FNMA, Pool #FS2724 | 3.000% | 07/01/52 | 13092430 | 11456713 |
| FNMA, Pool #FS8070 | 3.000% | 07/01/52 | 10385184 | 9102046 |
|  |  |  |  | 291439993 |
| **Government National Mortgage Association — 0.9%** |  |  |  |  |
| GNMA, Pool #004847M | 4.000% | 11/01/25 | 2895 | 2884 |
| GNMA, Pool #780400X | 7.000% | 12/01/25 | 27 | 27 |
| GNMA, Pool #780420X | 7.500% | 08/01/26 | 53 | 53 |

---

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

<u>INSTITUTIONAL CORE BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| GNMA, Pool #002658M | 6.500% | 10/01/28 | $2712 | $2778 |
| GNMA, Pool #002945M | 7.500% | 07/01/30 | 297 | 307 |
| GNMA, Pool #004187M | 5.500% | 07/01/38 | 6591 | 6843 |
| GNMA, Series 2021-175, Class DG | 2.000% | 10/20/51 | 20079246 | 16876930 |
|  |  |  |  | 16889822 |
| **Total Collateralized Mortgage Obligations** (Cost $494,416,981) |  |  |  | $480710925 |
| **MUNICIPAL BONDS — 0.9%** |  |  |  |  |
| Cincinnati Children's Hospital Medical Center, Series 2016Y | 2.853% | 11/15/26 | $1835000 | $1791221 |
| Hamilton County Ohio Health Care FACS Revenue, Series 2019 | 3.374% | 06/01/34 | 5000000 | 4510594 |
| Sycamore Ohio Community SD Taxable School Improvement, Series 2010 | 5.850% | 12/01/28 | 510000 | 538946 |
| Texas Natural Gas Securitization Finance Corp. Revenue, Series 2023 A-1 | 5.102% | 04/01/35 | 8826707 | 9018068 |
| **Total Municipal Bonds** (Cost $16,189,172) |  |  |  | $15858829 |
| **U.S. GOVERNMENT & AGENCIES — 1.7%** |  |  |  |  |
| **Federal National Mortgage Association — 1.7%** |  |  |  |  |
| FNMA | 3.320% | 04/01/28 | $9260000 | $9034965 |
| FNMA | 3.740% | 07/01/28 | 8938000 | 8809106 |
| FNMA | 3.650% | 01/01/29 | 5000000 | 4923496 |
| FNMA | 3.150% | 06/01/29 | 8000000 | 7712120 |
| **Total U.S. Government & Agencies** (Cost $31,354,609) |  |  |  | $30479687 |
| **U.S. TREASURY OBLIGATIONS — 23.7%** |  |  |  |  |
| **U.S. Treasury Bonds — 18.6%** |  |  |  |  |
| U.S. Treasury Bonds | 4.250% | 05/15/39 | $100000000 | $97312500 |
| U.S. Treasury Bonds | 2.250% | 05/15/41 | 116000000 | 84226875 |
| U.S. Treasury Bonds | 3.125% | 08/15/44 | 100000000 | 78828125 |
| U.S. Treasury Bonds | 3.000% | 11/15/44 | 85000000 | 65436719 |
| U.S. Treasury Bonds | 2.500% | 05/15/46 | 15000000 | 10357031 |
|  |  |  |  | 336161250 |
| **U.S. Treasury Notes — 5.1%** |  |  |  |  |
| U.S. Treasury Notes | 1.375% | 11/15/31 | 8350000 | 7145773 |
| U.S. Treasury Notes | 4.125% | 11/15/32 | 5000000 | 5034375 |
| U.S. Treasury Notes | 4.000% | 02/15/34 | 70000000 | 69289063 |
| U.S. Treasury Notes | 3.875% | 08/15/34 | 11500000 | 11232266 |
|  |  |  |  | 92701477 |
| **Total U.S. Treasury Obligations** (Cost $442,574,535) |  |  |  | $428862727 |

---

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

<u>INSTITUTIONAL CORE BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS — 0.5%** | **Shares** | **Value** |
| **Financials — 0.5%** |  |  |
| Allstate Corp. (The) 5.10% 01/15/53 (Cost $8,697,107) | 354596 | $9152123 |
| **MONEY MARKET FUNDS — 0.1%** |  |  |
| First American Government Obligations Fund - Class Z, 4.21% <sup>(b)</sup> (Cost $1,936,156) | 1936156 | $1936156 |
| **Investments at Value — 99.2%** (Cost $1,839,769,839) |  | $1793554999 |
| **Other Assets in Excess of Liabilities — 0.8%** |  | 13554736 |
| **Net Assets — 100.0%** |  | $1807109735 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 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 June 30, 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 SOFR

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

<u>INSTITUTIONAL INTERMEDIATE BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 51.2%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 22.6%** |  |  |  |  |
| Allstate Corp. (The) | 5.250% | 03/30/33 | $1000000 | $1024904 |
| American Express Co. | 5.043% | 07/26/28 | 1250000 | 1267607 |
| American Express Co. | 5.532% | 04/25/30 | 4010000 | 4168590 |
| AON Corp. | 3.750% | 05/02/29 | 615000 | 601890 |
| Bank of America Corp. | 5.202% | 04/25/29 | 5370000 | 5487906 |
| Bank of New York Mellon Corp. (The), Series J | 6.317% | 10/25/29 | 2153000 | 2285130 |
| Bank of New York Mellon Corp. (The) | 5.060% | 07/22/32 | 2500000 | 2555630 |
| Essex Portfolio, L.P. | 4.000% | 03/01/29 | 1716000 | 1689826 |
| Essex Portfolio, L.P. | 3.000% | 01/15/30 | 3120000 | 2917511 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 4279000 | 4505779 |
| Huntington Bancshares, Inc. | 6.208% | 08/21/29 | 3300000 | 3461852 |
| Morgan Stanley, Series I (SOFR + 166.9) <sup>(a)</sup> | 4.679% | 07/17/26 | 1674000 | 1673856 |
| Morgan Stanley | 3.591% | 07/22/28 | 3600000 | 3536656 |
| PNC Financial Services Group, Inc. (The) (SOFR + 173) <sup>(a)</sup> | 6.615% | 10/20/27 | 3000000 | 3084779 |
| Prologis, Inc. | 5.125% | 01/15/34 | 3100000 | 3139058 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 6260000 | 5633759 |
| U.S. Bancorp, Series CC | 5.678% | 01/23/35 | 5085000 | 5280868 |
| Wells Fargo & Co., Series Q | 3.196% | 06/17/27 | 5185000 | 5122501 |
|  |  |  |  | 57438102 |
| **Industrials — 17.5%** |  |  |  |  |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 4000000 | 3954323 |
| Cisco Systems, Inc. | 4.850% | 02/26/29 | 3830000 | 3923911 |
| CVS Health Corp. | 4.300% | 03/25/28 | 3200000 | 3186480 |
| CVS Health Corp. | 5.400% | 06/01/29 | 1300000 | 1337229 |
| Dover Corp. | 3.150% | 11/15/25 | 2650000 | 2633771 |
| Dover Corp. | 2.950% | 11/04/29 | 1995000 | 1880306 |
| Home Depot, Inc. (The) | 2.950% | 06/15/29 | 4000000 | 3827298 |
| Honeywell International, Inc. | 4.875% | 09/01/29 | 5200000 | 5319653 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 2282000 | 2269523 |
| Lowe's Cos. Inc. | 3.100% | 05/03/27 | 500000 | 490182 |
| Norfolk Southern Corp. | 2.900% | 06/15/26 | 2190000 | 2159928 |
| Parker-Hannifin Corp. | 4.250% | 09/15/27 | 4000000 | 4012606 |
| PepsiCo, Inc., Series 2020 D | 5.000% | 02/07/35 | 2830000 | 2871363 |
| Target Corp. | 2.350% | 02/15/30 | 2500000 | 2306505 |
| Xylem, Inc. | 3.250% | 11/01/26 | 4000000 | 3940933 |
| Xylem, Inc. | 2.250% | 01/30/31 | 500000 | 443416 |
|  |  |  |  | 44557427 |
| **Utilities — 11.1%** |  |  |  |  |
| Duke Energy Corp. | 2.650% | 09/01/26 | 4750000 | 4661080 |
| Eversource Energy, Series AA | 4.750% | 05/15/26 | 3028000 | 3032576 |
| Eversource Energy, Series BB | 5.125% | 05/15/33 | 1200000 | 1199962 |
| Florida Power & Light Co. | 5.100% | 04/01/33 | 5380000 | 5502973 |
| Georgia Power Co., Series 2023 A | 4.650% | 05/16/28 | 4000000 | 4056220 |
| Interstate Power & Light Co. | 3.400% | 08/15/25 | 1035000 | 1032777 |
| Interstate Power & Light Co. | 4.100% | 09/26/28 | 2367000 | 2347665 |
| Interstate Power & Light Co. | 2.300% | 06/01/30 | 1747000 | 1573998 |
| National Rural Utilities Cooperative Finance Corp. (The) | 1.650% | 06/15/31 | 1000000 | 850414 |
| Virginia Electric & Power Co., Series B | 2.950% | 11/15/26 | 2250000 | 2211646 |
| Xcel Energy, Inc. | 4.000% | 06/15/28 | 500000 | 496109 |

---

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

<u>INSTITUTIONAL INTERMEDIATE BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 51.2%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Xcel Energy, Inc. | 3.400% | 06/01/30 | $1290000 | $1224162 |
|  |  |  |  | 28189582 |
| **Total Corporate Bonds** (Cost $128,863,807) |  |  |  | $130185111 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 9.8%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 4.0%** |  |  |  |  |
| FHLMC, Pool #J1-2635 | 4.000% | 07/01/25 | $466 | $466 |
| FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 326193 | 320426 |
| FHLMC, Series 4151, Class PA | 2.000% | 01/15/33 | 548324 | 520942 |
| FHLMC, Pool #SB-0297 | 3.000% | 03/01/35 | 1429981 | 1370098 |
| FHLMC, Pool #G0-8068 | 5.500% | 07/01/35 | 55559 | 57543 |
| FHLMC, Pool #SC-0047 | 3.000% | 01/01/40 | 2447951 | 2295420 |
| FHLMC, Series 3946, Class LN | 3.500% | 04/15/41 | 119239 | 117495 |
| FHLMC, Pool #2B-0350 (RFUCCT1Y + 186) <sup>(a)</sup> | 6.860% | 04/01/42 | 1288 | 1301 |
| FHLMC, Series 5189, Class PG | 2.500% | 09/25/51 | 2266660 | 2065678 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 3478316 | 3467573 |
|  |  |  |  | 10216942 |
| **Federal National Mortgage Association — 4.9%** |  |  |  |  |
| FNMA, Pool #MA0384 | 5.000% | 04/01/30 | 38497 | 38954 |
| FNMA, Pool #MA1237 | 3.000% | 11/01/32 | 558434 | 540226 |
| FNMA, Series 2016-99, Class TA | 3.500% | 03/25/36 | 118714 | 116671 |
| FNMA, Pool #FS0140 | 4.000% | 11/01/37 | 2585936 | 2540942 |
| FNMA, Pool #AA4392 | 4.000% | 04/01/39 | 64463 | 62602 |
| FNMA, Series 2011-52, Class PC | 3.000% | 03/25/41 | 121876 | 120033 |
| FNMA, Pool #AJ7509 (RFUCCT1Y + 178) <sup>(a)</sup> | 6.405% | 12/01/41 | 12829 | 12959 |
| FNMA, Pool #FS9716 | 2.000% | 08/01/42 | 4299856 | 3688257 |
| FNMA, Pool #FS9718 | 2.000% | 08/01/42 | 5031013 | 4313548 |
| FNMA, Series 2012-128, Class TP | 2.000% | 11/25/42 | 294598 | 276230 |
| FNMA, Series 2015-37, Class BA | 3.000% | 08/25/44 | 448414 | 426621 |
| FNMA, Pool #AY0089 (RFUCCT1Y + 160) <sup>(a)</sup> | 6.273% | 12/01/44 | 81029 | 82463 |
| FNMA, Series 2016-39, Class LA | 2.500% | 03/25/45 | 353772 | 332757 |
|  |  |  |  | 12552263 |
| **Government National Mortgage Association — 0.9%** |  |  |  |  |
| GNMA, Pool #MA7852M | 2.000% | 02/20/37 | 2351565 | 2178091 |
| **Total Collateralized Mortgage Obligations** (Cost $25,652,585) |  |  |  | $24947296 |

---

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

<u>INSTITUTIONAL INTERMEDIATE BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 1.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Kansas Development Finance Authority, Series 2015 H | 4.091% | 04/15/27 | $2000000 | $1997268 |
| Pennsylvania Economic Development Financing Authority Revenue, Series 2025 | 4.793% | 06/01/30 | 1175000 | 1197218 |
| **Total Municipal Bonds** (Cost $3,190,843) |  |  |  | $3194486 |
| **U.S. GOVERNMENT & AGENCIES — 3.2%** |  |  |  |  |
| **Federal Home Loan Bank — 3.2%** |  |  |  |  |
| FHLB (Cost $8,311,213) | 4.750% | 12/10/32 | $8000000 | $8262492 |
| **U.S. TREASURY OBLIGATIONS — 32.7%** |  |  |  |  |
| **U.S. Treasury Notes — 32.7%** |  |  |  |  |
| U.S. Treasury Notes | 3.750% | 04/30/27 | $250000 | $249981 |
| U.S. Treasury Notes | 4.625% | 04/30/29 | 3245000 | 3346913 |
| U.S. Treasury Notes | 3.500% | 01/31/30 | 13550000 | 13393328 |
| U.S. Treasury Notes | 1.500% | 02/15/30 | 11050000 | 10000250 |
| U.S. Treasury Notes | 4.000% | 02/28/30 | 9500000 | 9594258 |
| U.S. Treasury Notes | 0.875% | 11/15/30 | 13800000 | 11838891 |
| U.S. Treasury Notes | 2.875% | 05/15/32 | 13050000 | 12177281 |
| U.S. Treasury Notes | 2.750% | 08/15/32 | 12770000 | 11780325 |
| U.S. Treasury Notes | 4.000% | 02/15/34 | 11000000 | 10888281 |
| **Total U.S. Treasury Obligations** (Cost $81,975,507) |  |  |  | $83269508 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS — 0.6%** | **Shares** | **Value** |
| **Financials — 0.6%** |  |  |
| Allstate Corp. (The), 5.10%, 01/15/53 (Cost $1,446,031) | 59890 | $1545761 |
| **MONEY MARKET FUNDS — 0.1%** |  |  |
| First American Government Obligations Fund - Class Z, 4.21% <sup>(b)</sup> (Cost $232,897) | 232897 | $232897 |
| **Investments at Value — 98.9%** (Cost $249,672,883) |  | $251637551 |
| **Other Assets in Excess of Liabilities — 1.1%** |  | 2816954 |
| **Net Assets — 100.0%** |  | $254454505 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 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 June 30, 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.

<u>INSTITUTIONAL SHORT DURATION BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 66.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 30.9%** |  |  |  |  |
| Allstate Corp. (The) | 0.750% | 12/15/25 | $3915000 | $3846624 |
| American Express Co. | 1.650% | 11/04/26 | 2900000 | 2804893 |
| American Express Co. | 2.550% | 03/04/27 | 1000000 | 973934 |
| AON plc | 3.875% | 12/15/25 | 3700000 | 3686560 |
| Bank of America Corp. | 5.202% | 04/25/29 | 3100000 | 3168065 |
| Enterprise Products Operating, LLC | 5.050% | 01/10/26 | 1100000 | 1102872 |
| Essex Portfolio, L.P. | 3.375% | 04/15/26 | 3773000 | 3734862 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 3265000 | 3438039 |
| Huntington Bancshares, Inc. | 6.208% | 08/21/29 | 3525000 | 3697887 |
| JPMorgan Chase & Co. | 3.540% | 05/01/28 | 3810000 | 3754263 |
| KeyCorp, Series O | 4.150% | 10/29/25 | 4200000 | 4190412 |
| Morgan Stanley | 3.591% | 07/22/28 | 4070000 | 3998386 |
| MPLX, L.P. | 1.750% | 03/01/26 | 3820000 | 3745100 |
| National Retail Properties, Inc. | 4.000% | 11/15/25 | 2965000 | 2956193 |
| NNN REIT, Inc. | 3.600% | 12/15/26 | 760000 | 751242 |
| PNC Financial Services Group, Inc. (The) | 4.200% | 11/01/25 | 1385000 | 1383806 |
| PNC Financial Services Group, Inc. (The) | 4.050% | 07/26/28 | 2640000 | 2619686 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 2275000 | 2047412 |
| U.S. Bancorp, Series MTN | 3.100% | 04/27/26 | 3540000 | 3504131 |
| Wells Fargo & Co., Series N | 3.550% | 09/29/25 | 600000 | 598155 |
| Wells Fargo & Co., Series M | 4.100% | 06/03/26 | 3215000 | 3201408 |
|  |  |  |  | 59203930 |
| **Industrials — 21.9%** |  |  |  |  |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 3137000 | 3101178 |
| Cisco Systems, Inc. | 4.800% | 02/26/27 | 3525000 | 3568432 |
| Dover Corp. | 3.150% | 11/15/25 | 3048000 | 3029333 |
| Enterprise Products Operating, LLC | 4.150% | 10/16/28 | 2630000 | 2629942 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 3725000 | 3704634 |
| Norfolk Southern Corp. | 3.650% | 08/01/25 | 2755000 | 2752000 |
| Parker-Hannifin Corp. | 3.250% | 03/01/27 | 3235000 | 3188976 |
| Parker-Hannifin Corp. | 4.250% | 09/15/27 | 640000 | 642017 |
| Roper Technologies, Inc. | 1.000% | 09/15/25 | 3845000 | 3814701 |
| Starbucks Corp. | 4.850% | 02/08/27 | 3675000 | 3708385 |
| Target Corp. | 3.375% | 04/15/29 | 1570000 | 1527514 |
| T-Mobile USA, Inc. | 2.250% | 02/15/26 | 2000000 | 1969629 |
| T-Mobile USA, Inc. | 3.750% | 04/15/27 | 1000000 | 989914 |
| Verizon Communications, Inc. | 2.100% | 03/22/28 | 3810000 | 3609998 |
| Xylem, Inc. | 3.250% | 11/01/26 | 2406000 | 2370471 |
| Xylem, Inc. | 1.950% | 01/30/28 | 1542000 | 1457592 |
|  |  |  |  | 42064716 |
| **Utilities — 13.5%** |  |  |  |  |
| Duke Energy Corp. | 0.900% | 09/15/25 | 3877000 | 3845772 |
| Emerson Electric Co. | 2.000% | 12/21/28 | 4175000 | 3892210 |
| Eversource Energy, Series U | 1.400% | 08/15/26 | 1985000 | 1918544 |
| Eversource Energy, Series DD | 5.000% | 01/01/27 | 1785000 | 1801078 |
| Florida Power & Light Co. | 4.400% | 05/15/28 | 3690000 | 3719245 |
| Interstate Power & Light Co. | 3.400% | 08/15/25 | 4472000 | 4462394 |
| National Rural Utilities Cooperative Finance Corp. (The) | 3.250% | 11/01/25 | 2000000 | 1989950 |

---

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

<u>INSTITUTIONAL SHORT DURATION BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 66.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Virginia Electric & Power Co., Series B | 2.950% | 11/15/26 | $2805000 | $2757186 |
| Virginia Electric & Power Co., Series A | 3.500% | 03/15/27 | 1000000 | 989401 |
| Xcel Energy, Inc. | 4.000% | 06/15/28 | 500000 | 496109 |
|  |  |  |  | 25871889 |
| **Total Corporate Bonds** (Cost $126,258,270) |  |  |  | $127140535 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.1%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 4.4%** |  |  |  |  |
| FHLMC, Pool #SB-0037 | 2.500% | 12/01/27 | $149999 | $147499 |
| FHLMC, Pool #G1-5973 | 3.000% | 07/01/31 | 470533 | 459722 |
| FHLMC, Pool #V6-1479, Series V6-1479 | 2.500% | 01/01/32 | 1909021 | 1837797 |
| FHLMC, Pool #G1-8642 | 3.500% | 04/01/32 | 612047 | 601226 |
| FHLMC, Pool #ZT-1964 | 3.500% | 06/01/32 | 529880 | 521511 |
| FHLMC, Pool #G1-6330 | 3.500% | 08/01/32 | 470491 | 463495 |
| FHLMC, Series 4980, Class DB | 1.250% | 10/25/34 | 1647956 | 1505397 |
| FHLMC, Pool #ZS-9286 | 4.500% | 04/01/35 | 549416 | 550761 |
| FHLMC, Series 4125, Class KP | 2.500% | 05/15/41 | 289642 | 278690 |
| FHLMC, Series 4009, Class PA | 2.000% | 06/15/41 | 40653 | 39289 |
| FHLMC, Pool #2B-0350 (RFUCCT1Y + 186) <sup>(a)</sup> | 6.860% | 04/01/42 | 1203 | 1215 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 1976316 | 1970212 |
|  |  |  |  | 8376814 |
| **Federal National Mortgage Association — 8.7%** |  |  |  |  |
| FNMA, Series 2013-1, Class LA | 1.250% | 02/25/28 | 258688 | 250514 |
| FNMA, Pool #AL9230 | 3.500% | 12/01/29 | 197742 | 195294 |
| FNMA, Pool #MA0384 | 5.000% | 04/01/30 | 96244 | 97385 |
| FNMA, Pool #FM1926 | 3.000% | 09/01/32 | 476756 | 465525 |
| FNMA, Series 2013-3, Class DK | 1.750% | 02/25/33 | 360064 | 338359 |
| FNMA, Pool #FM2287 | 4.500% | 03/01/34 | 547686 | 550442 |
| FNMA, Series 2020 B | 4.500% | 07/01/34 | 691588 | 694903 |
| FNMA, Pool #FM2989 | 3.000% | 09/01/34 | 517063 | 503296 |
| FNMA, Pool #AL7077 | 4.000% | 07/01/35 | 351803 | 346901 |
| FNMA, Pool #FM4481 | 1.500% | 10/01/35 | 4040830 | 3626461 |
| FNMA, Pool #CA7891 | 1.500% | 11/01/35 | 863717 | 777231 |
| FNMA, Series 2020-044, Class TE | 2.000% | 12/25/35 | 1065734 | 990313 |
| FNMA, Pool #MA4330 | 2.500% | 05/01/36 | 2127707 | 1993314 |
| FNMA, Pool #FS6096 | 2.000% | 03/01/37 | 2853940 | 2628417 |
| FNMA, Series 2013-6, Class BC | 1.500% | 12/25/42 | 28240 | 27729 |
| FNMA, Pool #AY0089 (RFUCCT1Y + 160) <sup>(a)</sup> | 6.273% | 12/01/44 | 78888 | 80284 |
| FNMA, Pool #AL8183 (RFUCCT1Y + 160) <sup>(a)</sup> | 6.941% | 02/01/46 | 51899 | 52900 |
| FNMA, Series 2020-95, Class GA | 1.000% | 01/25/51 | 4096866 | 3113326 |
|  |  |  |  | 16732594 |
| **Total Collateralized Mortgage Obligations** (Cost $26,735,779) |  |  |  | $25109408 |

---

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

<u>INSTITUTIONAL SHORT DURATION BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 3.2%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Allegheny County Pennsylvania, Series C-79 | 0.973% | 11/01/25 | $1835000 | $1814644 |
| Commonwealth Financing Authority Pennsylvania Revenue, Series 2006-C | 5.197% | 06/01/26 | 365000 | 367239 |
| Pennsylvania State University, Series D | 1.645% | 09/01/25 | 2000000 | 1991062 |
| Wisconsin State General Fund Annual Appropriation Revenue, Series 2023-A | 4.330% | 05/01/27 | 1460000 | 1468570 |
| Wisconsin State General Fund Annual Appropriation Revenue, Series 2023-A | 4.330% | 05/01/27 | 540000 | 542422 |
| **Total Municipal Bonds** (Cost $6,202,998) |  |  |  | $6183937 |
| **U.S. GOVERNMENT & AGENCIES — 2.3%** |  |  |  |  |
| **Federal National Mortgage Association — 1.3%** |  |  |  |  |
| FNMA | 5.200% | 05/25/27 | $2500000 | $2501207 |
| **Federal Home Loan Mortgage Corporation — 1.0%** |  |  |  |  |
| FHLMC | 3.810% | 07/01/29 | 2000000 | 1973646 |
| **Total U.S. Government & Agencies** (Cost $4,450,513) |  |  |  | $4474853 |
| **U.S. TREASURY OBLIGATIONS — 14.2%** |  |  |  |  |
| **U.S. Treasury Notes — 14.2%** |  |  |  |  |
| U.S. Treasury Notes <sup>(a)</sup> | 4.400% | 04/30/27 | $400000 | $399983 |
| U.S. Treasury Notes | 2.750% | 02/15/28 | 5250000 | 5124902 |
| U.S. Treasury Notes | 2.875% | 05/15/28 | 6320000 | 6178788 |
| U.S. Treasury Notes | 3.125% | 11/15/28 | 2110000 | 2070602 |
| U.S. Treasury Notes | 2.625% | 02/15/29 | 5800000 | 5585219 |
| U.S. Treasury Notes | 2.375% | 05/15/29 | 8300000 | 7896024 |
| **Total U.S. Treasury Obligations** (Cost $26,834,081) |  |  |  | $27255518 |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class Z, 4.21% <sup>(b)</sup> (Cost $115,651) |  |  | 115651 | $115651 |
| **Investments at Value — 99.2%** (Cost $190,597,292) |  |  |  | $190279902 |
| **Other Assets in Excess of Liabilities — 0.8%** |  |  |  | 1584240 |
| **Net Assets — 100.0%** |  |  |  | $191864142 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of June 30, 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.

<u>CORE PLUS BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 61.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Finance — 25.6%** |  |  |  |  |
| Allstate Corp. (The) | 5.250% | 03/30/33 | $300000 | $307471 |
| American Express Co. | 5.532% | 04/25/30 | 675000 | 701695 |
| Bank of America Corp. | 5.202% | 04/25/29 | 685000 | 700040 |
| Bank of New York Mellon Corp. (The), Series J | 4.289% | 06/13/33 | 735000 | 714945 |
| Essex Portfolio, L.P. | 3.000% | 01/15/30 | 775000 | 724702 |
| Fifth Third Bancorp (SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 660000 | 694979 |
| Huntington Bancshares, Inc. | 4.443% | 08/04/28 | 335000 | 334855 |
| Huntington Bancshares, Inc. | 2.550% | 02/04/30 | 400000 | 366094 |
| Iron Mountain, Inc., 144A | 4.875% | 09/15/27 | 240000 | 238526 |
| JPMorgan Chase & Co. (SOFR + 379) <sup>(a)</sup> | 4.493% | 03/24/31 | 775000 | 773540 |
| Keycorp | 6.401% | 03/06/35 | 665000 | 709365 |
| Morgan Stanley | 3.591% | 07/22/28 | 945000 | 928372 |
| MSCI, Inc., 144A | 4.000% | 11/15/29 | 485000 | 469040 |
| National Retail Properties, Inc. | 4.300% | 10/15/28 | 710000 | 708120 |
| PNC Financial Services Group, Inc. (The) | 3.450% | 04/23/29 | 675000 | 656951 |
| Prologis, Inc. | 5.125% | 01/15/34 | 730000 | 739197 |
| SBA Communications Corp. | 3.875% | 02/15/27 | 245000 | 241043 |
| Truist Financial Corp. | 2.250% | 03/11/30 | 1070000 | 962959 |
| U.S. Bancorp, Series BB | 4.967% | 07/22/33 | 965000 | 952974 |
| Wells Fargo & Co., Series O | 4.300% | 07/22/27 | 635000 | 635051 |
|  |  |  |  | 12559919 |
| **Industrials — 27.8%** |  |  |  |  |
| Allison Transmission, Inc., 144A | 4.750% | 10/01/27 | 245000 | 242703 |
| Ball Corp. | 6.875% | 03/15/28 | 445000 | 454635 |
| Becton Dickinson & Co. | 3.700% | 06/06/27 | 220000 | 217488 |
| Becton Dickinson & Co. | 2.823% | 05/20/30 | 330000 | 305380 |
| Bellring Brands, Inc., 144A | 7.000% | 03/15/30 | 475000 | 495633 |
| CVS Health Corp. | 4.300% | 03/25/28 | 615000 | 612402 |
| Dover Corp. | 2.950% | 11/04/29 | 545000 | 513668 |
| Duke Energy Corp. | 2.450% | 06/01/30 | 785000 | 712535 |
| ESAB Corp., 144A | 6.250% | 04/15/29 | 225000 | 230450 |
| HCA Healthcare, Inc. | 5.600% | 04/01/34 | 470000 | 481367 |
| Hologic, Inc., 144A | 3.250% | 02/15/29 | 390000 | 371852 |
| Home Depot, Inc. (The) | 4.750% | 06/25/29 | 500000 | 510486 |
| Honeywell International, Inc. | 5.000% | 03/01/35 | 810000 | 814825 |
| Johnson Controls International plc | 3.900% | 02/14/26 | 100000 | 99453 |
| Kroger Co. | 1.700% | 01/15/31 | 855000 | 737622 |
| Mattel, Inc., 144A | 3.750% | 04/01/29 | 255000 | 244370 |
| Parker-Hannifin Corp. | 3.250% | 03/01/27 | 385000 | 379523 |
| PepsiCo, Inc., Series 2020 D | 5.000% | 02/07/35 | 960000 | 974031 |
| Rolls Royce Holdings plc, 144A | 5.750% | 10/15/27 | 400000 | 410801 |
| Roper Technologies, Inc. | 1.750% | 02/15/31 | 860000 | 738288 |
| Sealed Air Corp., 144A | 6.500% | 07/15/32 | 235000 | 243596 |
| SS&C Technologies, Inc., 144A | 5.500% | 09/30/27 | 245000 | 245089 |
| Target Corp. | 5.000% | 04/15/35 | 750000 | 749453 |
| T-Mobile U.S., Inc. | 2.625% | 02/15/29 | 755000 | 708976 |
| TransDigm, Inc., 144A | 6.375% | 03/01/29 | 235000 | 241652 |
| Twilio, Inc. | 3.625% | 03/15/29 | 255000 | 242722 |
| United Rentals North America, Inc. | 4.875% | 01/15/28 | 475000 | 473276 |
| Verizon Communications, Inc. | 2.100% | 03/22/28 | 500000 | 473753 |

---

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

<u>CORE PLUS BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — 61.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Walmart, Inc. | 4.900% | 04/28/35 | $485000 | $491372 |
| Yum Brands, Inc., 144A | 4.750% | 01/15/30 | 230000 | 227863 |
|  |  |  |  | 13645264 |
| **Utilities — 8.5%** |  |  |  |  |
| Berkshire Hathaway, Inc. | 3.250% | 04/15/28 | 220000 | 215209 |
| Eversource Energy, Series BB | 5.125% | 05/15/33 | 715000 | 714978 |
| Florida Power & Light Co. | 5.100% | 04/01/33 | 925000 | 946143 |
| Georgia Power Co., Series 2019B | 2.650% | 09/15/29 | 230000 | 215727 |
| Interstate Power & Light Co. | 4.100% | 09/26/28 | 705000 | 699241 |
| MPLX, L.P. | 5.500% | 06/01/34 | 470000 | 472263 |
| Virginia Electric & Power Co., Series A | 3.500% | 03/15/27 | 215000 | 212721 |
| Xcel Energy, Inc. | 3.400% | 06/01/30 | 750000 | 711722 |
|  |  |  |  | 4188004 |
| **Total Corporate Bonds** (Cost $29,980,867) |  |  |  | $30393187 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 27.0%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 9.2%** |  |  |  |  |
| FHLMC, Pool #ZS-9278 | 4.000% | 05/01/37 | $260102 | $255860 |
| FHLMC, Pool #ZS-9278 | 2.000% | 05/01/42 | 1330594 | 1139852 |
| FHLMC, Series 4709, Class EA | 3.000% | 01/15/46 | 534404 | 513972 |
| FHLMC, Series 5220, Class KC | 3.500% | 01/25/46 | 267373 | 258465 |
| FHLMC, Pool #SD-0695 | 4.000% | 12/01/49 | 973833 | 924713 |
| FHLMC, Pool #QC-6512 | 2.500% | 09/01/51 | 691130 | 583315 |
| FHLMC, Series 5189, Class PG | 2.500% | 09/25/51 | 250442 | 228236 |
| FHLMC, Pool #SD-0767 | 3.000% | 11/01/51 | 391722 | 344594 |
| FHLMC, Series 5301, Class ED | 5.000% | 04/01/53 | 276684 | 275830 |
|  |  |  |  | 4524837 |
| **Federal National Mortgage Association — 16.8%** |  |  |  |  |
| FNMA, Pool #MA1222 | 4.000% | 10/01/32 | 241628 | 239915 |
| FNMA, Pool #AL5491 | 4.000% | 06/01/34 | 224997 | 222092 |
| FNMA, Series 2022-25, Class KA | 1.520% | 08/21/35 | 1000000 | 736540 |
| FNMA, Pool #MA3071 | 4.000% | 07/01/37 | 294491 | 289060 |
| FNMA, Pool #FM9469 | 4.000% | 08/01/39 | 181714 | 176487 |
| FNMA, Pool #FS9716 | 2.000% | 08/01/42 | 1252339 | 1074210 |
| FNMA, Pool #AU7025 | 3.000% | 11/01/43 | 309095 | 280601 |
| FNMA, Pool #MA2895 | 3.000% | 02/01/47 | 375050 | 333274 |
| FNMA, Pool #CA2479 | 4.500% | 10/01/48 | 834955 | 815314 |
| FNMA, Pool #FS4218 | 4.000% | 10/01/49 | 828331 | 794683 |
| FNMA, Pool #FS8716 | 3.500% | 08/01/50 | 1311101 | 1206833 |
| FNMA, Pool #CB0734 | 3.000% | 06/01/51 | 525009 | 461439 |
| FNMA, Pool #FA0053 | 4.000% | 08/01/51 | 1034016 | 976768 |
| FNMA, Pool #FS4520 | 3.000% | 04/01/52 | 383415 | 337282 |
| FNMA, Pool #FS4608 | 3.000% | 05/01/52 | 329526 | 290035 |
|  |  |  |  | 8234533 |
| **Government National Mortgage Association — 1.0%** |  |  |  |  |
| GNMA, Pool #MA7852M | 2.000% | 02/20/37 | 545899 | 505628 |
| **Total Collateralized Mortgage Obligations** (Cost $13,307,734) |  |  |  | $13264998 |

---

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

<u>CORE PLUS BOND FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT & AGENCIES — 1.0%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal National Mortgage Association — 1.0%** |  |  |  |  |
| FNMA (Cost $489,192) | 3.500% | 10/25/36 | $518000 | $489822 |
| **U.S. TREASURY OBLIGATIONS — 8.8%** |  |  |  |  |
| **U.S. Treasury Bonds — 8.0%** |  |  |  |  |
| U.S. Treasury Bonds | 4.250% | 05/15/39 | 190000 | 184894 |
| U.S. Treasury Bonds | 2.250% | 05/15/41 | 1355000 | 983857 |
| U.S. Treasury Bonds | 2.375% | 02/15/42 | 1310000 | 952616 |
| U.S. Treasury Bonds | 2.500% | 02/15/45 | 1200000 | 844875 |
| U.S. Treasury Bonds | 2.750% | 08/15/47 | 300000 | 213844 |
| U.S. Treasury Bonds | 2.000% | 02/15/50 | 260000 | 152669 |
| U.S. Treasury Bonds | 2.000% | 08/15/51 | 1025000 | 590976 |
|  |  |  |  | 3923731 |
| **U.S. Treasury Notes — 0.8%** |  |  |  |  |
| U.S. Treasury Notes <sup>(b)</sup> | 1.625% | 05/15/26 | 250000 | 244804 |
| U.S. Treasury Notes | 4.625% | 02/15/35 | 150000 | 154805 |
|  |  |  |  | 399609 |
| **Total U.S. Treasury Obligations** (Cost $4,847,353) |  |  |  | $4323340 |
| **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** | **Shares** | **Value** |
| **Financials — 0.3%** |  |  |  |  |
| Allstate Corp. (The), 5.10%, 01/15/53 (Cost $170,386) |  |  | 6500 | $167765 |
| **MONEY MARKET FUNDS — 0.4%** |  |  |  |  |
| First American Government Obligations Fund - Class Z, 4.21% <sup>(c)</sup> (Cost $168,357) |  |  | 168357 | $168357 |
| **Investments at Value — 99.4%** (Cost $48,963,889) |  |  |  | $48807469 |
| **Other Assets in Excess of Liabilities — 0.6%** |  |  |  | 313798 |
| **Net Assets — 100.0%** |  |  |  | $49121267 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 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 June 30, 2025 is $146,893.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of June 30, 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 $3,661,575 as of June 30, 2025, representing 7.5% of net assets.

plc - Public Limited Company

SOFR - Secured Overnight Financing Rate

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

<u>CORE PLUS BOND FUND</u> <u>SCHEDULE OF FUTURES CONTRACTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**FUTURES CONTRACTS** | <br>**Contracts** | <br>**Expiration**<br>**Date** | **Notional**<br>**Value**<br>**at Purchase** |<br>**Notional**<br>**Value** | **Value/**<br>**Unrealized**<br>**Appreciation** |
| **Treasury Futures** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond Future | 17 | 9/19/2025 | $1904701 | $1962969 | $58268 |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note Future | 10 | 9/19/2025 | 1120413 | 1142656 | 22243 |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond Future | 7 | 9/19/2025 | 808039 | 833875 | 25836 |
| **Total Futures Contracts** |  |  | $3833153 | $3939500 | $106347 |

---

The average monthly notional value of futures contracts during the six months ended June 30, 2025 was $3,843,547.

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

<u>MUNICIPAL INCOME FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Anticipation Notes - City — 0.9%** |  |  |  |  |
| Fairfield Ohio Bond Anticipation Notes Various Purpose | 4.000% | 04/14/26 | $688000 | $693033 |
| Lakewood Ohio Anticipation Notes Various Purpose Improvement | 4.000% | 04/09/26 | 500000 | 505061 |
| Parma Ohio Anticipation Notes Capital Improvement, Series 2021 A | 5.250% | 07/31/25 | 400000 | 400774 |
|  |  |  |  | 1598868 |
| **General Obligation - City — 8.1%** |  |  |  |  |
| Akron Ohio Various Purpose, Series 2024 | 4.250% | 12/01/44 | 1000000 | 932701 |
| Cincinnati Ohio GO Unlimited, Series 2017-A | 4.000% | 12/01/32 | 1000000 | 1017231 |
| Cincinnati Ohio Various Purpose Improvement, Series B | 4.000% | 12/01/44 | 920000 | 835375 |
| Dayton Ohio Refunding and Improvement, Series 2024 | 5.000% | 12/01/41 | 1005000 | 1051053 |
| Grandview Heights Ohio Municipal Facilities Construction and Improvement, Series 2023 | 4.000% | 12/01/46 | 3000000 | 2702954 |
| Jefferson Township Ohio Fire Facilities | 5.000% | 12/01/25 | 505000 | 509270 |
| Jefferson Township Ohio Fire Facilities | 5.000% | 12/01/38 | 520000 | 561037 |
| Jefferson Township Ohio Fire Facilities | 4.500% | 12/01/44 | 420000 | 414903 |
| Kirtland Ohio Various Purpose Notes | 5.000% | 04/15/26 | 1500000 | 1526808 |
| Lakewood Ohio GO Limited, Series A | 5.000% | 12/01/36 | 500000 | 511300 |
| Reynoldsburg Ohio Capital Facilities, Series 2024 | 4.250% | 12/01/49 | 1450000 | 1306601 |
| Reynoldsburg Ohio Capital Facilities, Series 2024 | 4.250% | 12/01/50 | 1510000 | 1349209 |
| Seven Hills Ohio Bond Anticipation Notes Various Purpose, Series 2025 | 4.125% | 04/02/26 | 465000 | 468811 |
| White Settlement Texas Refunding, Series 2025 | 5.000% | 02/15/34 | 1000000 | 1118181 |
|  |  |  |  | 14305434 |
| **General Obligation - County — 0.6%** |  |  |  |  |
| Lucas County Ohio GO Limited, Series 2017 | 4.000% | 10/01/28 | 1000000 | 1002579 |
| **General Obligation - State — 0.3%** |  |  |  |  |
| Ohio State Common Schools, Series 2025-A | 5.000% | 06/15/42 | 500000 | 534443 |
| **Higher Education — 22.8%** |  |  |  |  |
| Bowling Green State University Ohio Revenue, Series 2020-A | 4.000% | 06/01/45 | 2830000 | 2533983 |
| Cuyahoga County Ohio Community College GO Unlimited, Series 2018 | 4.000% | 12/01/33 | 1275000 | 1285000 |
| Illinois Finance Authority Revenue Refunding Illinois Wesleyan University, Series 2016 | 5.000% | 09/01/26 | 580000 | 590907 |
| Indiana Financial Authorities Educational Facilities Revenue, Series 2024 | 5.000% | 02/01/28 | 500000 | 524410 |
| Indiana Financial Authorities Educational Facilities Revenue, Series 2021 | 4.000% | 02/01/29 | 940000 | 968659 |
| Indiana Financial Authorities Educational Facilities Revenue, Series 2021 | 5.000% | 02/01/32 | 1065000 | 1164028 |
| Kent State University Ohio Revenue, Series 2020-A | 5.000% | 05/01/45 | 950000 | 964777 |
| Miami University Ohio General Receipts Revenue, Series 2020-A | 4.000% | 09/01/45 | 3110000 | 2786371 |
| Ohio Higher Education Facilities Revenue - Case Western Reserve University, Series 2021-A | 4.000% | 12/01/44 | 1250000 | 1133190 |
| Ohio Higher Education Facilities Revenue - Denison University, Series 2017-A | 5.000% | 11/01/42 | 1700000 | 1705168 |
| Ohio Higher Education Facilities Revenue - Denison University, Series 2021-A | 5.000% | 11/01/53 | 5000000 | 5030923 |
| Ohio Higher Education Facilities Revenue - John Carroll | 5.000% | 10/01/29 | 565000 | 593268 |
| Ohio Higher Education Facilities Revenue - John Carroll | 5.000% | 10/01/30 | 935000 | 987611 |
| Ohio Higher Education Facilities Revenue - Kenyon College | 4.000% | 07/01/40 | 700000 | 651563 |
| Ohio Higher Education Facilities Revenue - Oberlin College, Series A | 5.250% | 10/01/53 | 1000000 | 1031528 |
| Ohio Higher Education Facilities Revenue - University of Dayton, Series 2018-B | 4.000% | 12/01/33 | 620000 | 624482 |

---

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

<u>MUNICIPAL INCOME FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Ohio Higher Education Facilities Revenue - University of Dayton, Series 2018-A | 5.000% | 02/01/35 | $1350000 | $1433573 |
| Ohio Higher Education Facilities Revenue - University of Dayton | 4.000% | 02/01/36 | 1050000 | 1046970 |
| Ohio Higher Education Facilities Revenue - University of Dayton, Series 2018-A | 5.000% | 12/01/36 | 2010000 | 2074199 |
| Ohio Higher Education Facilities Revenue - Xavier University | 5.000% | 05/01/29 | 600000 | 637802 |
| Ohio Higher Education Facilities Revenue - Xavier University, Series 2020 | 5.000% | 05/01/29 | 540000 | 574021 |
| Ohio Higher Education Facilities Revenue - Xavier University, Series 2020 | 5.000% | 05/01/30 | 570000 | 612277 |
| Ohio Higher Education Facilities Revenue - Xavier University, Series 2020 | 5.000% | 05/01/32 | 630000 | 671544 |
| Ohio Higher Education Facilities Revenue - Xavier University | 5.000% | 05/01/32 | 605000 | 658016 |
| Ohio Higher Education Facilities Revenue - Xavier University | 4.500% | 05/01/36 | 1000000 | 979587 |
| Ohio Higher Education Facilities Revenue - Xavier University, Series 2020 | 4.000% | 05/01/38 | 600000 | 563824 |
| Ohio State University General Receipts, Series 2023-C | 5.250% | 12/01/46 | 535000 | 562757 |
| Ohio State University General Receipts, Series 2021-A | 4.000% | 12/01/48 | 2270000 | 2005456 |
| University of Akron Ohio General Receipts Revenue, Series 2015-A | 5.000% | 01/01/28 | 410000 | 410508 |
| University of Akron Ohio General Receipts Revenue, Series 2014-A | 5.000% | 01/01/29 | 650000 | 650751 |
| University of Akron Ohio General Receipts Revenue, Series 2016-A | 5.000% | 01/01/29 | 435000 | 441829 |
| University of Akron Ohio General Receipts Revenue, Series 2015-A | 5.000% | 01/01/30 | 720000 | 720752 |
| University of Akron Ohio General Receipts Revenue, Series 2021-A | 5.000% | 01/01/31 | 390000 | 426029 |
| University of Akron Ohio General Receipts Revenue, Series 2016-A | 5.000% | 01/01/33 | 1000000 | 1012842 |
| University of Akron Ohio General Receipts Revenue, Series 2018-A | 5.000% | 01/01/34 | 400000 | 417024 |
| University of Cincinnati General Receipts Revenue, Series 2024-A | 5.250% | 06/01/54 | 1000000 | 1032577 |
| University of North Dakota Certificate of Participation, Series 2021-A | 4.000% | 06/01/37 | 555000 | 542370 |
|  |  |  |  | 40050576 |
| **Hospital/Health Bonds — 11.4%** |  |  |  |  |
| Franklin County Ohio Hospital Revenue Nationwide Childrens, Series 2016-C | 4.000% | 11/01/36 | 800000 | 776304 |
| Franklin County Ohio Hospital Revenue Nationwide Childrens, Series 2016-C | 4.000% | 11/01/40 | 1340000 | 1230719 |
| Franklin County Ohio Hospital Revenue Nationwide Childrens, Series 2019-A | 5.000% | 11/01/48 | 1500000 | 1537482 |
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's, Series 2019-CC | 5.000% | 11/15/41 | 2410000 | 2570994 |
| Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital, Series 2019-CC | 5.000% | 11/15/49 | 1300000 | 1323127 |
| Montgomery County Ohio Hospital Revenue Dayton Childrens, Series 2021 | 4.000% | 08/01/39 | 1200000 | 1130801 |
| Montgomery County Ohio Hospital Revenue Dayton Childrens, Series 2021 | 4.000% | 08/01/46 | 2000000 | 1738940 |
| Ohio Hospital Facility Revenue Refunding Cleveland Clinic Health, Series 2017-A | 4.000% | 01/01/36 | 3100000 | 3093435 |
| Ohio Hospital Facility Revenue Refunding Cleveland Clinic Health, Series 2019-B | 4.000% | 01/01/42 | 1320000 | 1208785 |
| Ohio State Hospital Revenue University Hospital Health System Incorporate, Series 2020-A | 5.000% | 01/15/50 | 750000 | 740821 |
| Pennsylvania Economic Development Financing Authority UPMC Revenue, Series 2025-A | 5.000% | 03/15/60 | 3610000 | 3903381 |

---

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

<u>MUNICIPAL INCOME FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| South Carolina Jobs Economic Development Authority Hospital Facilities Revenue Bond Secours Mercy Health Incorporate, Series 2025-B-2 | 5.000% | 11/01/49 | $700000 | $760824 |
|  |  |  |  | 20015613 |
| **Housing — 8.7%** |  |  |  |  |
| Colorado State Certificate of Participation, Series 2020-A | 4.000% | 12/15/39 | 2000000 | 1903110 |
| Columbus Franklin County Ohio Finance Authority Multifamily Housing, Series A | 4.460% | 11/01/44 | 2000000 | 1902099 |
| FHLMC, Series M-053 | 2.550% | 06/15/35 | 3730000 | 3204767 |
| FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement), Series A-US | 3.400% | 01/25/36 | 1802828 | 1696094 |
| Kentucky Certificates of Participation, Series 2018-A | 4.000% | 04/15/28 | 695000 | 716800 |
| Kentucky Certificates of Participation, Series A | 4.000% | 04/15/31 | 500000 | 509575 |
| Kentucky Property and Buildings Commission Revenue, Series A | 5.000% | 05/01/34 | 1890000 | 2062359 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue, Series 2019-C | 3.875% | 05/01/50 | 790000 | 792083 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue, Series 2020-C | 3.500% | 11/01/50 | 1470000 | 1462034 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue, Series 2020-A | 3.500% | 11/01/50 | 455000 | 452685 |
| Ohio Housing Finance Agency Residential Mortgage Revenue, Series 2017-A | 3.700% | 03/01/32 | 520000 | 513236 |
|  |  |  |  | 15214842 |
| **Multi-Family Housing — 2.1%** |  |  |  |  |
| Denver Colorado City and County Multi Family Housing Revenue, Series B | 5.000% | 10/01/28 | 1000000 | 1029577 |
| Durham North Carolina Housing Authority Multi Family Housing Revenue, Series 2025 | 3.625% | 04/01/29 | 1120000 | 1126699 |
| Greene County Ohio Port Authority Multi Family Housing Revenue, Series 2025 | 4.660% | 12/01/40 | 610000 | 608382 |
| Ohio Housing Finance Agency Multi Family Revenue, Series 2025 | 3.700% | 11/01/47 | 1000000 | 1004712 |
|  |  |  |  | 3769370 |
| **Other Revenue — 11.2%** |  |  |  |  |
| Akron Ohio Income Tax Revenue, Series 2019 | 4.000% | 12/01/31 | 870000 | 885412 |
| American Municipal Power Ohio Incorporate Revenue - Hydroelectric Projects, Series 2024-A | 5.000% | 02/15/42 | 500000 | 519743 |
| American Municipal Power Ohio Incorporate Revenue - Hydroelectric Projects, Series 2024-A | 5.000% | 02/15/43 | 710000 | 734770 |
| American Municipal Power Ohio Incorporate Revenue - Hydroelectric Projects, Series 2024-A | 5.000% | 02/15/44 | 740000 | 762271 |
| Baytown Texas Certificates Obligation, Series 2022 | 4.250% | 02/01/40 | 1045000 | 1028963 |
| Concord Industry Community Schools Building Corp., Series 2024 | 5.000% | 07/15/41 | 1000000 | 1045251 |
| Energy Southeast Alabama Cooperative District Energy Supply Revenue, Series B | 5.250% | 07/01/54 | 740000 | 789769 |
| Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue, Series 2015 | 5.000% | 06/01/30 | 655000 | 655724 |
| Mobile Alabama Industrial Development Board Pollution Control Revenue, Series 2008-B | 3.300% | 07/15/34 | 2000000 | 2002119 |
| Monroe County Georgia Development Authority Pollution Control Revenue, Series 2009 | 1.000% | 07/01/49 | 1000000 | 970243 |
| Ohio Turnpike Revenue, Series 2021-A | 5.000% | 02/15/46 | 1990000 | 2026414 |

---

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

<u>MUNICIPAL INCOME FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Port Greater Cincinnati Development Authority Ohio Tax Increment Revenue, Series 2024 | 5.000% | 12/01/44 | $1000000 | $958814 |
| Riversouth Ohio Authority Revenue, Series 2016 | 4.000% | 12/01/31 | 700000 | 702427 |
| Rockport Industry Pollution Control Revenue Refunding Industry Michigan Power Company, Series 2025-A | 3.700% | 06/01/47 | 1850000 | 1869674 |
| St. Xavier High School, Inc. Ohio Revenue, Series 2020-A | 4.000% | 04/01/36 | 400000 | 393855 |
| St. Xavier High School, Inc. Ohio Revenue, Series 2020-A | 4.000% | 04/01/37 | 575000 | 558969 |
| St. Xavier High School, Inc. Ohio Revenue, Series 2020-A | 4.000% | 04/01/38 | 400000 | 382618 |
| St. Xavier High School, Inc. Ohio Revenue, Series 2020-A | 4.000% | 04/01/39 | 400000 | 375979 |
| Summit County Ohio Development Finance Authority, Series 2018 | 4.000% | 12/01/28 | 435000 | 436131 |
| 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 | 2528217 |
|  |  |  |  | 19627363 |
| **Revenue Bonds - Facility — 0.7%** |  |  |  |  |
| Franklin County Convention Facilities Authority, Series 2019 | 5.000% | 12/01/30 | 600000 | 642871 |
| Franklin County Convention Facilities Authority, Series 2019 | 5.000% | 12/01/32 | 505000 | 537613 |
|  |  |  |  | 1180484 |
| **Revenue Bonds - Water & Sewer — 4.7%** |  |  |  |  |
| Ohio State Water Development Authority Revenue, Series 2021 | 5.000% | 06/01/46 | 4215000 | 4327563 |
| Ohio State Water Development Authority Revenue, Series 2021-A | 4.000% | 12/01/46 | 3880000 | 3516820 |
| St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation, Series 2016-C | 4.000% | 12/01/31 | 400000 | 401222 |
|  |  |  |  | 8245605 |
| **School District — 25.2%** |  |  |  |  |
| Allen Park Michigan Public School District | 4.500% | 11/01/50 | 850000 | 792072 |
| Athens City School District, Series 2019-A | 4.000% | 12/01/33 | 750000 | 761120 |
| Athens City School District, Series 2024 | 4.000% | 12/01/53 | 1595000 | 1370452 |
| Bellbrook-Sugarcreek Ohio LSD GO Unlimited, Series 2016 | 4.000% | 12/01/31 | 325000 | 326089 |
| Bellefontaine Ohio SCD GO Unlimited (National RE Insured), Series 2005 | 5.500% | 12/01/26 | 425000 | 434999 |
| Berea Ohio CSD GO Unlimited, Series 2017 | 4.000% | 12/01/31 | 500000 | 505206 |
| Bexar Texas Refunding Limited, Series 2019 | 4.000% | 06/15/37 | 1360000 | 1356181 |
| Brecksville Ohio GO Limited, Series 2022 | 4.000% | 12/01/51 | 1885000 | 1618646 |
| Bullit Kentucky School District Finance Corp., Series 2023-A | 4.000% | 03/01/37 | 1255000 | 1248387 |
| Carlisle Ohio LSD Refunding, Series 2025 | 5.000% | 12/01/43 | 510000 | 531613 |
| Cleveland Heights and University Heights Ohio CSD GO Unlimited, Series 2017 | 4.000% | 12/01/32 | 1000000 | 1014033 |
| Dayton Ohio CSD Certificates of Participation School Facilities Project, Series 2021 | 4.000% | 12/01/29 | 300000 | 311198 |
| Dexter Michigan CSD GO Unlimited, Series 2017 | 4.000% | 05/01/31 | 670000 | 679625 |
| Elyria Ohio SCD GO Unlimited (SDCP), Series A | 4.000% | 12/01/30 | 1000000 | 1013021 |
| Fayette County Kentucky Board of Education, Series A | 4.000% | 04/01/49 | 1000000 | 844626 |
| Festus Missouri R Vi SD Lease Certificates Participation, Series 2019 | 5.000% | 04/01/30 | 730000 | 773579 |
| Fort Bend Texas Independent School District Various Refunding, Series 2025-B | 3.800% | 08/01/55 | 1000000 | 1029473 |
| Green County Ohio Vocational SD GO Unlimited, Series 2019 | 4.000% | 12/01/35 | 1000000 | 1006252 |
| Gunnison Watershed Colorado School District, Series 2023 | 5.000% | 12/01/42 | 605000 | 633645 |
| Hudson Ohio CSD GO Unlimited, Series 2018 | 4.000% | 12/01/33 | 800000 | 806274 |
| Kettering Ohio CSD GO Unlimited, Series 2016 | 4.000% | 12/01/30 | 400000 | 401056 |
| Kettering Ohio CSD GO Unlimited, Series 2007 | 5.250% | 12/01/31 | 500000 | 535252 |
| Kings LSD Ohio School Improvement, Series 2024 | 5.250% | 12/01/54 | 3090000 | 3112613 |

---

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

<u>MUNICIPAL INCOME FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Lancaster Pennsylvania SD, Series 2025-B | 5.000% | 06/01/42 | $750000 | $785195 |
| Licking Heights Ohio LSD School Facilities, Series 2022 | 5.500% | 10/01/59 | 200000 | 206317 |
| Logan Hocking Ohio LSD Certificates of Participation, Series 2018 | 4.000% | 12/01/32 | 420000 | 420863 |
| Margaretta Ohio LSD Certificates of Participation School Facilities Project, Series 2025 | 5.500% | 10/01/31 | 555000 | 629426 |
| Mario Ohio LSD School Improvement, Series 2024 | 4.000% | 12/01/49 | 1295000 | 1135631 |
| McCracken County Kentucky SD Finance Corp., Series 2022 | 5.000% | 08/01/32 | 580000 | 643736 |
| McCreary County Kentucky SD Finance Corp., Series 2022 | 4.000% | 12/01/35 | 560000 | 567641 |
| Menifee County Kentucky SD Financial Corp. Revenue, Series 2019 | 3.000% | 08/01/27 | 615000 | 609304 |
| Milford Ohio Exempt Village SD Go Unlimited (AGM Insured), Series 2007 | 5.500% | 12/01/30 | 1260000 | 1370410 |
| Olentangy LSD Ohio Go Unlimited, Series 2016 | 4.000% | 12/01/31 | 1000000 | 1008089 |
| Owensboro Kentucky Independent SD School Building Revenue, Series 2024 | 4.000% | 04/01/44 | 575000 | 517493 |
| Pickerington Ohio LSD Capital Appreciation Refunding, Series 2023 | 4.375% | 12/01/49 | 1000000 | 920368 |
| Pickerington Ohio LSD School Facilities Construction and Improvement, Series 2023 | 5.000% | 12/01/53 | 1500000 | 1529029 |
| Popular Bluff Missouri R-I School District Lease Certificates of Participation, Series 2023 | 5.000% | 03/01/30 | 500000 | 544079 |
| Porter Township Indiana High School Building Corp., Series 2025 | 5.000% | 01/15/30 | 220000 | 238347 |
| Powell County Kentucky SD Finance Corp. School Building Revenue, Series 2024 | 4.000% | 02/01/45 | 855000 | 762221 |
| Princeton Ohio CSD GO Unlimited (National RE Insured), Series 2006 | 5.250% | 12/01/30 | 1735000 | 1899836 |
| Pulaski County Kentucky SD Finance Corp. School Building Revenue, Series 2023 | 4.250% | 06/01/40 | 1000000 | 976006 |
| Pulaski County Missouri Reorganized District Number 6 Certificates Participation, Series 2025 | 5.000% | 04/15/28 | 200000 | 209614 |
| Pulaski County Missouri Reorganized District Number 6 Certificates Participation, Series 2025 | 5.000% | 04/15/30 | 200000 | 215032 |
| Shaker Heights Ohio CSD Certificates Program, Series 2024 | 5.000% | 12/15/49 | 875000 | 886715 |
| Teays Valley Ohio LSD Refunding, Series 2016 | 4.000% | 12/01/32 | 580000 | 581886 |
| Toledo Ohio CSD GO Unlimited, Series 2015 | 5.000% | 12/01/29 | 660000 | 664938 |
| Warren County Kentucky Board of Education, Series 2024 | 4.000% | 12/01/37 | 1000000 | 989224 |
| Wentzville R-IV SD Of Saint Charles County Missouri Certificates of Participation, Series 2016 | 4.000% | 04/01/30 | 395000 | 395170 |
| Westerville Ohio SCD Certificate of Participation, Series 2018 | 5.000% | 12/01/32 | 555000 | 577893 |
| Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured), Series 2017 | 4.000% | 03/01/30 | 810000 | 810502 |
| Wyoming Ohio CSD Refunding School Improvement, Series 2025 | 5.000% | 12/01/45 | 500000 | 515259 |
| Wyoming Ohio CSD Refunding School Improvement, Series 2025 | 5.000% | 12/01/50 | 500000 | 505974 |
| Wyoming Ohio CSD Refunding School Improvement, Series 2025 | 5.000% | 12/01/55 | 1000000 | 1006744 |
| Wyoming Ohio CSD Refunding School Improvement, Series 2025 | 5.000% | 12/01/61 | 1000000 | 1002978 |
|  |  |  |  | 44231332 |
| **State Agency — 1.5%** |  |  |  |  |
| Kentucky Property and Buildings Commission Revenue, Series A | 5.000% | 08/01/29 | 600000 | 600933 |
| Kentucky Property and Buildings Commission Revenue | 5.000% | 08/01/30 | 600000 | 600933 |
| Pennsylvania State Refunding, Series 2017 | 4.000% | 01/01/30 | 645000 | 653293 |
| Washington Certificates of Participation, Series 2022-A | 5.000% | 01/01/41 | 675000 | 710097 |
|  |  |  |  | 2565256 |
| **Water And Sewer — 0.5%** |  |  |  |  |
| Huntertown Industry Sewage Revenue, Series 2025 | 4.500% | 01/01/45 | 560000 | 541013 |

---

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

<u>MUNICIPAL INCOME FUND</u> <u>PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2025 – UNAUDITED</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS — 98.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Ohio State Water Development Authority Water Pollution Control Revenue, Series A | 5.000% | 12/01/43 | $195000 | $204938 |
| Ohio State Water Development Authority Water Pollution Control Revenue, Series D | 5.000% | 12/01/43 | 210000 | 221144 |
|  |  |  |  | 967095 |
| **Total Municipal Bonds** (Cost $185,545,625) |  |  |  | $173308860 |
| **MONEY MARKET FUNDS — 1.2%** | **MONEY MARKET FUNDS — 1.2%** | **MONEY MARKET FUNDS — 1.2%** | **Shares** | **Value** |
| Federated Hermes Money Market Obligations Trust - Institutional, 2.30% <sup>(a)</sup> (Cost $2,159,444) |  |  | 2159444 | $2159444 |
| **Investments at Value — 99.9%** (Cost $187,705,069) |  |  |  | $175468304 |
| **Other Assets in Excess of Liabilities — 0.1%** |  |  |  | 219644 |
| **Net Assets — 100.0%** |  |  |  | $175687948 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of June 30, 2025.

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

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | JUNE 30, 2025 – UNAUDITED |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |

---

---

| | | |
|:---|:---|:---|
|  | **Equity**<br>**Income Fund** | **Opportunity**<br>**Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment Securities at Value\* | $685842458 | $178232027 |
| &nbsp;&nbsp;&nbsp;Dividends Receivable | 778307 | 157527 |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold Receivable | 252406 | 197159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $686873171 | $178586713 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Management Fees (Note 5) | $417791 | $128653 |
| &nbsp;&nbsp;&nbsp;Accrued Shareholder Servicing Fees — Class S (Note 5) | 24154 | 3589 |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed Payable | 722950 | 55947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $1164895 | $188189 |
| **Net Assets** | $**685708276** | $**178398524** |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-In Capital | $447700306 | $145807060 |
| &nbsp;&nbsp;&nbsp;Accumulated Earnings | 238007970 | 32591464 |
| **Net Assets** | $**685708276** | $**178398524** |
| **Pricing of Class I Shares** |  |  |
| Net Assets applicable to Class I Shares | $**567172149** | $**160724373** |
| Shares Outstanding (Unlimited Amount Authorized) | 15281088 | 3105820 |
| **Offering, Redemption and Net Asset Value Per Share** | $**37.12** | $**51.75** |
| **Pricing of Class S Shares** |  |  |
| Net Assets applicable to Class S Shares | $**118536127** | $**17674151** |
| Shares Outstanding (Unlimited Amount Authorized) | 3197823 | 341929 |
| **Offering, Redemption and Net Asset Value Per Share** | $**37.07** | $**51.69** |
| \* Identified Cost of Investment Securities | $459163818 | $149088842 |

---

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

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | JUNE 30, 2025 – UNAUDITED |
| **Statements of Assets and Liabilities – Continued** | **Statements of Assets and Liabilities – Continued** |

---

---

| | | |
|:---|:---|:---|
|  | **International**<br>**Fund** | **Enhanced**<br>**Return Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment Securities at Value\* | $21383640 | $279364525 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 67159 | 2198843 |
| &nbsp;&nbsp;&nbsp;Reclaims Receivable | 66109 |  |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold Receivable | 1733 |  |
| &nbsp;&nbsp;&nbsp;Securities Sold Receivable | 129000 |  |
| &nbsp;&nbsp;&nbsp;Variation Margin Receivable |  | 1342500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $21647641 | 282905868 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Management Fees (Note 5) | $17628 | $78626 |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed Payable | 67741 |  |
| &nbsp;&nbsp;&nbsp;Securities Purchased Payable |  | 1863422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $85369 | $1942048 |
| **Net Assets** | $**21562272** | $**280963820** |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-In Capital | $12690091 | $265619347 |
| &nbsp;&nbsp;&nbsp;Accumulated Earnings | 8872181 | 15344473 |
| **Net Assets** | $**21562272** | $**280963820** |
| Shares Outstanding (Unlimited Amount Authorized) | 637083 | 15592014 |
| **Offering, Redemption and Net Asset Value Per Share** | $**33.85** | $**18.02** |
| \* Identified Cost of Investment Securities | $14108592 | $279172698 |

---

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

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | JUNE 30, 2025 – UNAUDITED |
| **Statements of Assets and Liabilities – Continued** | **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\* | $1793554999 | $251637551 | $190279902 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 14537631 | 2392222 | 1398431 |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold Receivable | 217142 | 495901 | 286246 |
| &nbsp;&nbsp;&nbsp;Paydowns Receivable | 533 | 90 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1808310305 | $254525764 | $191964663 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Management Fee (Note 5) | $367645 | $52079 | $39576 |
| &nbsp;&nbsp;&nbsp;Accrued Distribution Fee - Class F (Note 5) | 1366 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;Accrued Shareholder Servicing Fee - Class S (Note 5) | 6238 |  |  |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed Payable | 825321 | 19176 | 60940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $1200570 | $71259 | $100521 |
| **Net Assets** | $**1807109735** | $**254454505** | $**191864142** |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $2010017000 | $273534759 | $199620007 |
| &nbsp;&nbsp;&nbsp;Accumulated Deficit | (202907265) | (19080254) | (7755865) |
| **Net Assets** | $**1807109735** | $**254454505** | $**191864142** |
| **Pricing of Class I Shares** |  |  |  |
| Net assets applicable to Class I Shares | $**1765502709** | $**254417985** | $**191820754** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 121764293 | 17172847 | 12753823 |
| **Net Asset Value, offering price and redemption price** | $**14.50** | $**14.82** | $**15.04** |
| **Pricing of Class F Shares** |  |  |  |
| Net assets applicable to Class F Shares | $**11212036** | $**36520** | $**43388** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 761503 | 2414 | 2851 |
| **Net Asset Value, offering price and redemption price** | $**14.72** | $**15.13** | $**15.22** |
| **Pricing of Class S Shares** |  |  |  |
| Net assets applicable to Class S Shares | $**30394990** | **N/A** | **N/A** |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 2098657 | N/A | N/A |
| **Net Asset Value, offering price and redemption price** | $**14.48** | **N/A** | **N/A** |
| \* Identified Cost of Investment Securities | $1839769839 | $249672883 | $190597292 |

---

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

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | JUNE 30, 2025 – UNAUDITED |
| **Statements of Assets and Liabilities – Continued** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Core Plus**<br>**Bond Fund** | **Municipal**<br>**Income Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment Securities at Value\* | $48807469 | $175468304 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 466857 | 1453888 |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold Receivable |  | 293021 |
| &nbsp;&nbsp;&nbsp;Securities Sold Receivable | 104960 |  |
| &nbsp;&nbsp;&nbsp;Variation Margin Receivable | 31250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $49410536 | $177215213 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Management Fees (Note 5) | $18062 | $43230 |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed Payable | 271207 | 2500 |
| &nbsp;&nbsp;&nbsp;Securities Purchased Payable |  | 1481535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $289269 | $1527265 |
| **Net Assets** | $**49121267** | $**175687948** |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-In Capital | $50908311 | $199106194 |
| &nbsp;&nbsp;&nbsp;Accumulated Deficit | (1787044) | $(23418246) |
| **Net Assets** | $**49121267** | $**175687948** |
| Shares Outstanding (Unlimited Amount Authorized) | 3815523 | 11149717 |
| **Offering, Redemption and Net Asset Value Per Share** | $**12.87** | $**15.76** |
| \* Identified Cost of Investment Securities | $48963889 | $187705069 |

---

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

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | JUNE 30, 2025 – UNAUDITED |
| **Statements of Operations** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Equity**<br>**Income Fund** | **Opportunity**<br>**Fund** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $6302807 | $1363292 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes on dividends | (51454) | (7227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 6251353 | 1356065 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Management Fee (Note 5) | $2470965 | $760418 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees - Class S (Note 5) | 149442 | 22322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $2620407 | $782740 |
| **Net Investment Income** | $**3630946** | $**573325** |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains from Investments | $9974170 | $2874954 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 13443377 | (3814628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Gains (Losses) on Investments** | $**23417547** | $**(939674)** |
| **Net Change in Net Assets from Operations** | $**27048493** | $**(366349)** |

---

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

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | JUNE 30, 2025 – UNAUDITED |
| **Statements of Operations – Continued** | **Statements of Operations – Continued** |

---

---

| | | |
|:---|:---|:---|
|  | **International**<br>**Fund** | **Enhanced**<br>**Return Fund** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $434829 | $96917 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes on dividends (net of reclaims received) | (78105) |  |
| &nbsp;&nbsp;&nbsp;Interest |  | 5185487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 356724 | 5282404 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Management Fee (Note 5) | $105207 | $464093 |
| &nbsp;&nbsp;&nbsp;Interest Expense (Note 8) | 1149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $106356 | $464093 |
| **Net Investment Income** | $**250368** | $**4818311** |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains from Security Transactions and Foreign Currency Transactions | $1147414 | $84392 |
| &nbsp;&nbsp;&nbsp;Net Realized Losses from Futures Contracts |  | (7941315) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 1395175 | 3725494 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts |  | 17222085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Gains on Investments, Foreign Currencies and Futures Contracts** | $**2542589** | $**13090656** |
| **Net Change in Net Assets from Operations** | $**2792957** | $**17908967** |

---

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

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | JUNE 30, 2025 – UNAUDITED |
| **Statements of Operations – Continued** | **Statements of Operations – Continued** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional**<br>**Core**<br>**Bond Fund** | **Institutional**<br>**Intermediate**<br>**Bond Fund** | **Institutional**<br>**Short Duration**<br>**Bond Fund** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $262211 | $50741 | $17819 |
| &nbsp;&nbsp;&nbsp;Interest | 36487197 | 5919667 | 4312262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | $36749408 | $5970408 | $4330081 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross Management Fee (Note 5) | $2675421 | $421468 | $328205 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees - Class S (Note 5) | 13573 |  |  |
| &nbsp;&nbsp;&nbsp;Distribution Fee - Class F (Note 5) | 39242 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | $2728236 | $421503 | $328239 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver (Note 5) | (445914) | (70246) | (54702) |
| &nbsp;&nbsp;&nbsp;Distribution Fee Waiver (Note 5) | (5429) | (14) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $2276893 | $351243 | $273523 |
| **Net Investment Income** | $**34472515** | $**5619165** | $**4056558** |
| **Realized and Unrealized Gains (Losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments | $(630075) | $152375 | $(40988) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 45715831 | 6669806 | 3106001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Gains on Investments** | $**45085756** | $**6822181** | $**3065013** |
| **Net Change in Net Assets from Operations** | $**79558271** | $**12441346** | $**7121571** |

---

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

---

| | |
|:---|:---|
| **JOHNSON MUTUAL FUNDS** | JUNE 30, 2025 – UNAUDITED |
| **Statements of Operations – Continued** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Core Plus**<br>**Bond Fund** | **Municipal**<br>**Income Fund** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $7656 | $50932 |
| &nbsp;&nbsp;&nbsp;Interest | 1134243 | 3184000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1141899 | 3234932 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Management Fee (Note 5) | $106745 | $257274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $106745 | $257274 |
| **Net Investment Income** | $**1035154** | $**2977658** |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments | $12756 | $(2414820) |
| &nbsp;&nbsp;&nbsp;Net Realized Losses from Futures Contracts | (163930) |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 1107704 | (2050856) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts | 240772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Gains (Losses) on Investments and Futures Contracts** | $**1197302** | $**(4465676)** |
| **Net Change in Net Assets from Operations** | $**2232456** | $**(1488018)** |

---

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** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3630946 | $7100852 | $573325 | $979108 |
| &nbsp;&nbsp;&nbsp;Net Realized Gains from Investments | 9974170 | 28188193 | 2874954 | 8439947 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 13443377 | 36083708 | (3814628) | 4754802 |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Operations** | $27048493 | $71372753 | $(366349) | $14173857 |
| **Distributions to Shareholders (see Note 2)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Class I | $— | $(36185890) | $— | $(8433592) |
| &nbsp;&nbsp;&nbsp;From Class S |  | (8079495) |  | (990624) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | $— | $(44265385) | $— | $(9424216) |
| **Capital Share Transactions:** |  |  |  |  |
| **From Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | $46171675 | $75601317 | $15772377 | $38009998 |
| &nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions |  | 36077439 |  | 8415070 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (36201194) | (82227520) | (5854623) | (12132361) |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Class I Capital Share Transactions** | $9970481 | $29451236 | $9917754 | $34292707 |
| **From Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | $2957351 | $4981732 | $1004166 | $969137 |
| &nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions |  | 8069053 |  | 990539 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (14593829) | (29440018) | (1932815) | (4351788) |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Class S Capital Share Transactions** | $(11636478) | $(16389233) | $(928649) | $(2392112) |
| **Net Change in Net Assets** | $**25382496** | $**40169371** | $**8622756** | $**36650236** |
| Net Assets at Beginning of Period | $660325780 | $620156409 | $169775768 | $133125532 |
| **Net Assets at End of Period** | $685708276 | $660325780 | $178398524 | $169775768 |

---

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** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** |
| **Capital Share Activity<sup>(a)</sup>** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1281917 | 2056787 | 310646 | 717485 |
| &nbsp;&nbsp;&nbsp;Share Reinvested |  | 1002151 |  | 161549 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1001889) | (2256336) | (116557) | (230151) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares Outstanding | 280028 | 802602 | 194089 | 648883 |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Period | 15001060 | 14198458 | 2911731 | 2262848 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Period** | **15281088** | **15001060** | **3105820** | **2911731** |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 81887 | 136050 | 19213 | 18272 |
| &nbsp;&nbsp;&nbsp;Share Reinvested |  | 224141 |  | 19016 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (404558) | (803763) | (38470) | (81859) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares Outstanding | (322671) | (443572) | (19257) | (44571) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Period | 3520494 | 3964066 | 361186 | 405757 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Period** | **3197823** | **3520494** | **341929** | **361186** |

---

 

<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** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **Enhanced Return Fund** | **Enhanced Return Fund** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $250368 | $473203 | $4818311 | $8735612 |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments and Foreign Currencies | 1147414 | 1458955 | 84392 | (383373) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Futures Contracts |  |  | (7941315) | 56988301 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies | 1395175 | (1406551) | 3725494 | 2965164 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts |  |  | 17222085 | (13877507) |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Operations** | $2792957 | $525607 | $17908967 | $54428197 |
| **Distributions to Shareholders (see Note 2)** | $— | $(1269392) | $(4929425) | $(20115919) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | $628743 | $1161233 | $6357999 | $21998100 |
| &nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions |  | 1268537 | 4927391 | 20100760 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (4020373) | (3975909) | (33436063) | (37794256) |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Capital Share Transactions** | $(3391630) | $(1546139) | $(22150673) | $4304604 |
| **Net Change in Net Assets** | $**(598673)** | $**(2289924)** | $**(9171131)** | $**38616882** |
| Net Assets at Beginning of Period | $22160945 | $24450869 | $290134951 | $251518069 |
| **Net Assets at End of Period** | $**21562272** | $**22160945** | $**280963820** | $**290134951** |
| **Capital Share Activity<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 20288 | 36611 | 363388 | 1249932 |
| &nbsp;&nbsp;&nbsp;Share Reinvested |  | 42398 | 287214 | 1161738 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (130574) | (124532) | (1940098) | (2213156) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares Outstanding | (110286) | (45523) | (1289496) | 198514 |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Period | 747369 | 792892 | 16881510 | 16682996 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Period** | 637083 | 747369 | 15592014 | 16881510 |

---

<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** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $34472515 | $63045629 | $5619165 | $10512216 | $4056558 | $7277301 |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments | (630075) | (48726231) | 152375 | (3209648) | (40988) | (641871) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 45715831 | 6.961.106 | 6.669.806 | 2.041.022 | 3.106.001 | 3.387.029 |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Operations** | $79558271 | $21280504 | $12441346 | $9343590 | $7121571 | $10022459 |
| **Distributions to Shareholders (see Note 2):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Class I | (34322848) | (62468145) | (5758949) | (10687699) | (4135645) | (7504602) |
| &nbsp;&nbsp;&nbsp;From Class F | (206210) | (305993) | (596) | (253) | (587) | (226) |
| &nbsp;&nbsp;&nbsp;From Class S | 1584.6651 | 11.230.190) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | $(35113723) | $(64004328) | $(5759545) | $(10687952) | $(4136232) | $(7504828) |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| **From Class 1** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | $105148278 | $466275254 | $37174035 | $108232699 | $19092170 | $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 | 30671426 | 56050889 | 3082596 | 4841690 | 1940258 | 3095638 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (154.318.007) | (326.736.547) | (90.088.750) | (62.282.042) | (80.051.453) | (39.071.716) |
| **Change in Net Assets from Class I Capital Share Transactions** | $(18498303) | $210181292 | $(49832119) | $50792347 | $(59019025) | $43891861 |
| **From Class F** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | $739518 | $4818966 | $28032 | $— | $35000 | $— |
| &nbsp;&nbsp;&nbsp;Net Asset Value of Shares Issued on Reinvestment of Dividends | 206210 | 305993 | 596 | 253 | 587 | 226 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | 1409.803) | (809.992) | (205) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Change in Net Assets from Class F Capital Share Transactions** | $535925 | $4314967 | $28423 | $253 | $35587 | $226 |

---

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** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** |
| **From Class S** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | $1831946 | $3455612 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net Asset Value of Shares Issued on Reinvestment of Dividends | 581776 | 1224521 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (5355067) | (10906499) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Change in Net Assets from Class S Capital Share Transactions** | $(2941345) | $(6226366) | $N/A | $N/A | $N/A | $N/A |
| **Net Change in Net Assets** | $**23540825** | $**165546069** | $**(43121895)** | $**49448238** | $**(55998099)** | $**46409718** |
| Net Assets at Beginning of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Period | $1783568910 | $1618022841 | $297576400 | $248128162 | $247862241 | $201452523 |
| **Net Assets at End of Period** | $**1807109735** | $**1783568910** | $**254454505** | $**297576400** | $**191864142** | $**247862241** |
| **Capital Share Activity<sup>(a)</sup>** |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 7353506 | 32397095 | 2544089 | 7462122 | 1276663 | 5423493 |
| &nbsp;&nbsp;&nbsp;Shares issued for Subscriptions-In-Kind (Note 11) |  | 1035626 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 2139115 | 3924230 | 210391 | 333668 | 129795 | 209312 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (10779304) | (22713265) | (6142292) | (4245111) | (5354395) | (2642066) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares Outstanding | (1286683) | 14643686 | (3387812) | 3550679 | (3947937) | 2990739 |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Period | 123050976 | 108407290 | 20560659 | 17009980 | 16701760 | 13711021 |
| **Shares Outstanding, end of Period** | **121764293** | **123050976** | **17172847** | **20560659** | **12753823** | **16701760** |
| **Class F** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 51397 | 331300 | 1898 |  | 2309 |  |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 14162 | 21087 | 40 | 17 | 39 | 15 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (28281) | (55086) | (14) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares Outstanding | 37278 | 297301 | 1924 | 17 | 2348 | 15 |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Period | 724225 | 426924 | 490 | 473 | 503 | 488 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding, end of Period** | **761503** | **724225** | **2414** | **490** | **2851** | **503** |

---

<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** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** |
| **Class S** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | $128832 | $241880 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 40621 | 85833 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (374406) | (762007) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares Outstanding | (204953) | (434294) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, beginning of Period | 2303610 | 2737904 | N/A | N/A | N/A | N/A |
| **Shares Outstanding, end of Period** | **2098657** | **2303610** | **N/A** | **N/A** | **N/A** | **N/A** |

---

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** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1035154 | $1615323 | $2977658 | $5690381 |
| &nbsp;&nbsp;&nbsp;Net Realized Gains (Losses) from Investments | 12756 | (183646) | (2414820) | (2206851) |
| &nbsp;&nbsp;&nbsp;Net Realized Losses from Futures Contracts | (163930) | (26259) |  |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 1107704 | (471268) | (2050856) | (2190267) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts | 240772 | (204603) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Operations** | $2232456 | $729547 | $(1488018) | $1293263 |
| **Distributions to Shareholders (see Note 2)** | $(1048171) | $(1630819) | $(2972974) | $(5707852) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | $7201026 | $23793805 | $39879203 | $40646682 |
| &nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | 928054 | 1423321 | 2878553 | 5590672 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (3313244) | (3797519) | (32004144) | (46971185) |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Capital Share Transactions** | $4815836 | $21419607 | $10753612 | $(733831) |
| **Net Change in Net Assets** | $**6000121** | $**20518335** | $**6292620** | $**(5148420)** |
| Net Assets at Beginning of Period | $43121146 | $22602811 | $169395328 | $174543748 |
| **Net Assets at End of Period** | $49121267 | $43121146 | $175687948 | $169395328 |
| **Capital Share Activity<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 573269 | 1870852 | 2504497 | 2477111 |
| &nbsp;&nbsp;&nbsp;Share Reinvested | 72891 | 111788 | 182252 | 342392 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (260161) | (297464) | (2004035) | (2866681) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares Outstanding | 385999 | 1685176 | 682714 | (47178) |
| Shares Outstanding, beginning of Period | 3429524 | 1744348 | 10467003 | 10514181 |
| **Shares Outstanding, end of Period** | **3815523** | **3429524** | **11149717** | **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 Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $35.65 | $34.15 | $30.91 | $36.44 | $31.35 | $28.50 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.21 <sup>(a)</sup> | 0.42 <sup>(a)</sup> | 0.33 <sup>(a)</sup> | 0.28 | 0.21 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 1.26 | 3.63 | 3.81 | (3.82) | 7.92 | 3.24 |
| **Total Operations** | $1.47 | $4.05 | $4.14 | $(3.54) | $8.13 | $3.49 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.45) | (0.30) | (0.30) | (0.21) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  | (2.10) | (0.60) | (1.69) | (2.83) | (0.39) |
| **Total Distributions** | $— | $(2.55) | $(0.90) | $(1.99) | $(3.04) | $(0.64) |
| Net Asset Value, end of period | $37.12 | $35.65 | $34.15 | $30.91 | $36.44 | $31.35 |
| **Total Return<sup>(b)</sup>** | **4.12** **% <sup>(c)</sup>** | **11.79%** | **13.42%** | **(9.74** **%)** | **25.96%** | **12.24%** |
| Net Assets, end of period (millions) | $567.17 | $534.82 | $484.82 | $551.27 | $609.71 | $464.81 |
| **Ratios/supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75 % <sup>(d)</sup> | 0.75% | 0.94 % <sup>(e)</sup> | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 1.15 % <sup>(d)</sup> | 1.14% | 1.00% | 0.84% | 0.62% | 0.91% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 8.11 % <sup>(c)</sup> | 20.64% | 32.38% | 22.66% | 29.91% | 27.55% |

---

<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.

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

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

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

<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** | EQUITY INCOME FUND - CLASS S SHARES |
| **Selected Data for a Share Outstanding Throughout each Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/2024** | <br>**Period**<br>**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> | 0.16 | 0.33 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains on Investments | 1.26 | 3.63 | 1.71 |
| **Total Operations** | $1.42 | $3.96 | $1.81 |
| **Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.35) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  | (2.10) | (0.60) |
| **Total Distributions** | $— | $(2.45) | $(0.88) |
| Net Asset Value, end of period | $37.07 | $35.65 | $34.14 |
| **Total Return<sup>(b)</sup>** | **3.98** **% <sup>(c)</sup>** | **11.53%** | **5.46** **% <sup>(c)</sup>** |
| Net Assets, end of period (millions) | $118.54 | $125.51 | $135.34 |
| **Ratios/supplemental data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.00 % <sup>(d)</sup> | 1.00% | 1.00 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 0.89 % <sup>(d)</sup> | 0.89% | 1.00 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 8.11 % <sup>(c)</sup> | 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.

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $51.87 | $49.89 | $44.15 | $52.62 | $45.55 | $42.48 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.18 <sup>(a)</sup> | 0.35 <sup>(a)</sup> | 0.31 <sup>(a)</sup> | 0.29 | 0.38 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | (0.30) | 4.67 | 7.26 | (6.83) | 13.55 | 3.08 |
| **Total Operations** | $(0.12) | $5.02 | $7.57 | $(6.54) | $13.93 | $3.33 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.33) | (0.31) | (0.29) | (0.39) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  | (2.71) | (1.52) | (1.64) | (6.47) |  |
| **Total Distributions** | $— | $(3.04) | $(1.83) | $(1.93) | $(6.86) | $(0.26) |
| Net Asset Value, end of period | $51.75 | $51.87 | $49.89 | $44.15 | $52.62 | $45.55 |
| **Total Return<sup>(b)</sup>** | **(0.23** **%) <sup>(c)</sup>** | **10.03%** | **17.12%** | **(12.46** **%)** | **30.59%** | **7.84%** |
| Net Assets, end of period (millions) | $160.72 | $151.04 | $112.88 | $115.09 | $126.09 | $93.29 |
| **Ratios/supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.90 % <sup>(d)</sup> | 0.90% | 0.97 % <sup>(e)</sup> | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 0.70 % <sup>(d)</sup> | 0.65% | 0.66% | 0.63% | 0.84% | 0.67% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 13.33 % <sup>(c)</sup> | 20.74% | 22.66% | 26.51% | 38.97% | 32.89% |

---

<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.

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

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

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

<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** | OPPORTUNITY FUND - CLASS S SHARES |
| **Selected Data for a Share Outstanding Throughout each Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/24** | <br>**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> | 0.11 | 0.22 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | (0.30) | 4.67 | 4.79 |
| **Total Operations** | $(0.19) | $4.89 | $4.85 |
| **Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  | (2.71) | (1.52) |
| **Total Distributions** | $— | $(2.90) | $(1.79) |
| Net Asset Value, end of period | $51.69 | $51.88 | $49.89 |
| **Total Return<sup>(b)</sup>** | **(0.37** **%) <sup>(c)</sup>** | **9.77%** | **10.35** **% <sup>(c)</sup>** |
| Net Assets, end of period (millions) | $17.67 | $18.74 | $20.24 |
| **Ratios/supplemental data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.15 % <sup>(d)</sup> | 1.15% | 1.15 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 0.45 % <sup>(d)</sup> | 0.40% | 0.44 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 13.33 % <sup>(c)</sup> | 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.

<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** | INTERNATIONAL FUND |
| **Selected Data for a Share Outstanding Throughout each Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023\*** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $29.65 | $30.84 | $26.23 | $30.62 | $28.60 | $27.13 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.39 | 0.67 | 0.65 | 0.53 | 0.64 | 0.43 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currencies | 3.81 | (0.07) <sup>(a)</sup> | 4.60 | (4.60) | 2.22 | 1.36 |
| **Total Operations** | $4.20 | $0.60 | $5.25 | $(4.07) | $2.86 | $1.79 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.68) | (0.64) | (0.32) | (0.77) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  | (1.11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  | (0.07) |  |
| **Total Distributions** | $— | $(1.79) | $(0.64) | $(0.32) | $(0.84) | $(0.32) |
| Net Asset Value, end of period | $33.85 | $29.65 | $30.84 | $26.23 | $30.62 | $28.60 |
| **Total Return<sup>(b)</sup>** | **14.17** **% <sup>(c)</sup>** | **1.90%** | **20.03%** | **(13.30** **%)** | **10.00%** | **6.59%** |
| Net Assets, end of period (millions) | $21.56 | $22.16 | $24.45 | $21.47 | $24.91 | $21.10 |
| **Ratios/supplemental data<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.01 % <sup>(e)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 2.38 % <sup>(e)</sup> | 1.98% | 2.17% | 2.02% | 2.09% | 1.77% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 4.17 % <sup>(c)</sup> | 6.73% | 8.31% | 6.63% | 6.62% | 7.85% |

---

\* Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

<sup>(a)</sup> Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized losses on the Statements of Operations for the same 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.

<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, with the exception of the period ended June 30, 2025 in which interest expense had a 0.1% impact on the ratios of net investment income and expenses to average net assets.

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

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

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | ENHANCED RETURN FUND |
| **Selected Data for a Share Outstanding Throughout each Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $17.19 | $15.08 | $12.35 | $17.41 | $19.12 | $16.97 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.31 | 0.54 | 0.30 | 0.14 | 0.16 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments and Futures | 0.84 | 2.82 | 2.75 | (4.25) | 4.92 | 3.00 |
| **Total Operations** | $1.15 | $3.36 | $3.05 | $(4.11) | $5.08 | $3.21 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | (0.32) | (0.56) | (0.32) | (0.17) | (0.18) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  | (0.69) |  | (0.78) | (6.61) | (0.83) |
| **Total Distributions** | $(0.32) | $(1.25) | $(0.32) | $(0.95) | $(6.79) | $(1.06) |
| Net Asset Value, end of period | $18.02 | $17.19 | $15.08 | $12.35 | $17.41 | $19.12 |
| **Total Return<sup>(a)</sup>** | **6.77** **% <sup>(b)</sup>** | **22.37%** | **24.91%** | **(23.56** **%)** | **26.51%** | **19.38%** |
| Net Assets, end of period (millions) | $280.96 | $290.13 | $251.52 | $206.48 | $322.89 | $261.29 |
| **Ratios/supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.35 % <sup>(c)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 3.63 % <sup>(c)</sup> | 3.19% | 2.18% | 0.96% | 0.65% | 1.27% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 26.62 % <sup>(b)</sup> | 46.25% | 36.66% | 42.99% | 40.89% | 96.76% |

---

<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.

 

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

 

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

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $14.15 | $14.50 | $14.17 | $16.80 | $17.45 | $16.41 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.26 <sup>(a)</sup> | 0.52 <sup>(a)</sup> | 0.44 <sup>(a)</sup> | 0.32 | 0.26 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.37 | (0.35) | 0.31 | (2.61) | (0.62) | 1.24 |
| **Total Operations** | $0.63 | $0.17 | $0.75 | $(2.29) | $(0.36) | $1.58 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.28) | (0.52) | (0.42) | (0.34) | (0.29) | (0.36) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  |  |  |  |  | (0.18) |
| **Total Distributions** | $(0.28) | $(0.52) | $(0.42) | $(0.34) | $(0.29) | $(0.54) |
| Net Asset Value, end of period | $14.50 | $14.15 | $14.50 | $14.17 | $16.80 | $17.45 |
| **Total Return<sup>(b)</sup>** | **4.49** **% <sup>(c)</sup>** | **1.21%** | **5.43%** | **(13.70** **%)** | **(2.04** **%)** | **9.71%** |
| Net Assets, end of period (millions) | $1765.50 | $1740.61 | $1572.04 | $569.86 | $640.68 | $559.67 |
| **Ratios/supplemental data<sup>(d)(e)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.30 % <sup>(f)</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.25 % <sup>(f)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.82 % <sup>(f)</sup> | 3.55% | 3.08% | 2.04% | 1.46% | 1.83% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.87 % <sup>(f)</sup> | 3.60% | 3.13% | 2.09% | 1.51% | 1.88% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(g)</sup> | 8.01 % <sup>(c)</sup> | 47.17% | 31.63% | 33.21% | 42.67% | 30.08% |

---

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

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

<sup>(g)</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 Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $14.36 | $14.73 | $14.39 | $17.06 | $17.61 | $16.49 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.27 <sup>(a)</sup> | 0.51 <sup>(a)</sup> | 0.42 <sup>(a)</sup> | 0.32 | 0.33 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.36 | (0.37) | 0.33 | (2.66) | (0.71) | 1.31 |
| **Total Operations** | $0.63 | $0.14 | $0.75 | $(2.34) | $(0.38) | $1.57 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.27) | (0.51) | (0.41) | (0.33) | (0.17) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  |  |  |  |  | (0.18) |
| **Total Distributions** | $(0.27) | $(0.51) | $(0.41) | $(0.33) | $(0.17) | $(0.45) |
| Net Asset Value, end of period | $14.72 | $14.36 | $14.73 | $14.39 | $17.06 | $17.61 |
| **Total Return<sup>(b)</sup>** | **4.44** **% <sup>(c)</sup>** | **0.97%** | **5.29%** | **(13.81** **%)** | **(2.15** **%)** | **9.57%** |
| Net Assets, end of period (millions) | $11.21 | $10.40 | $6.29 | $3.02 | $4.22 | $6.87 |
| **Ratios/supplemental data<sup>(d)(e)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.55 % <sup>(f)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.40 % <sup>(f)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.57 % <sup>(f)</sup> | 3.31% | 2.79% | 1.76% | 1.19% | 1.33% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.72 % <sup>(f)</sup> | 3.46% | 2.89% | 1.91% | 1.34% | 1.48% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(g)</sup> | 8.01 % <sup>(c)</sup> | 47.17% | 31.63% | 33.21% | 42.67% | 30.08% |

---

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

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

<sup>(g)</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:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**12/31/24** | <br>**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> | 0.26 | 0.48 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.36 | (0.35) | 0.61 |
| **Total Operations** | $0.62 | $0.13 | $0.74 |
| **Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.27) | (0.50) | (0.14) |
| Net Asset Value, end of period | $14.48 | $14.13 | $14.50 |
| **Total Return<sup>(b)</sup>** | **4.39** **% <sup>(c)</sup>** | **0.88%** | **5.35** **% <sup>(c)</sup>** |
| Net Assets, end of period (millions) | $30.39 | $32.56 | $39.70 |
| **Ratios/supplemental data<sup>(d)(e)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.55 % <sup>(f)</sup> | 0.55% | 0.55 % <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.50 % <sup>(f)</sup> | 0.50% | 0.50 % <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.57 % <sup>(f)</sup> | 3.30% | 3.10 % <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.62 % <sup>(f)</sup> | 3.35% | 3.15 % <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(g)</sup> | 8.01 % <sup>(c)</sup> | 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> Interest Expense had less than a 0.01% impact on the ratios of net investment income and expenses to average net assets.

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

<sup>(g)</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 Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $14.47 | $14.59 | $14.26 | $16.03 | $16.60 | $15.98 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.29 <sup>(a)</sup> | 0.53 <sup>(a)</sup> | 0.41 <sup>(a)</sup> | 0.30 | 0.25 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.36 | (0.11) | 0.34 | (1.77) | (0.52) | 0.80 |
| **Total Operations** | $0.65 | $0.42 | $0.75 | $(1.47) | $(0.27) | $1.14 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.30) | (0.54) | (0.42) | (0.30) | (0.26) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  |  |  |  | (0.04) | (0.17) |
| **Total Distributions** | $(0.30) | $(0.54) | $(0.42) | $(0.30) | $(0.30) | $(0.52) |
| Net Asset Value, end of period | $14.82 | $14.47 | $14.59 | $14.26 | $16.03 | $16.60 |
| **Total Return<sup>(b)</sup>** | **4.55** **% <sup>(c)</sup>** | **2.93%** | **5.38%** | **(9.18** **%)** | **(1.66** **%)** | **7.20%** |
| Net Assets, end of period (millions) | $254.42 | $297.57 | $248.12 | $233.65 | $254.72 | $219.62 |
| **Ratios/supplemental data<sup>(d)(e)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.30 % <sup>(f)</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.25 % <sup>(f)</sup> | 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 % <sup>(f)</sup> | 3.60% | 2.85% | 1.93% | 1.45% | 1.99% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 4.00 % <sup>(f)</sup> | 3.65% | 2.90% | 1.98% | 1.50% | 2.04% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(g)</sup> | 22.81 % <sup>(c)</sup> | 54.63% | 46.33% | 46.94% | 32.34% | 41.17% |

---

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

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

<sup>(g)</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 Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $14.78 | $14.89 | $14.55 | $16.37 | $16.84 | $16.09 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.29 <sup>(a)</sup> | 0.52 <sup>(a)</sup> | 0.40 <sup>(a)</sup> | 0.27 | 0.22 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.36 | (0.10) | 0.34 | (1.80) | (0.53) | 0.87 |
| **Total Operations** | $0.65 | $0.42 | $0.74 | $(1.53) | $(0.31) | $1.13 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.30) | (0.53) | (0.40) | (0.29) | (0.12) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  |  |  |  | (0.04) | (0.17) |
| **Total Distributions** | $(0.30) | $(0.53) | $(0.40) | $(0.29) | $(0.16) | $(0.38) |
| Net Asset Value, end of period | $15.13 | $14.78 | $14.89 | $14.55 | $16.37 | $16.84 |
| **Total Return<sup>(b)</sup>** | **4.40** **% <sup>(c)</sup>** | **2.84%** | **5.20%** | **(9.32** **%)** | **(1.83** **%)** | **7.07%** |
| Net Assets, end of period (millions) | $0.036 | $0.007 | $0.007 | $0.007 | $0.007 | $0.008 |
| **Ratios/supplemental data<sup>(d)(e)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.55 % <sup>(f)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.40 % <sup>(f)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.72 % <sup>(f)</sup> | 3.34% | 2.59% | 1.66% | 1.20% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.87 % <sup>(f)</sup> | 3.49% | 2.74% | 1.81% | 1.35% | 1.90% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(g)</sup> | 22.81 % <sup>(c)</sup> | 54.63% | 46.33% | 46.94% | 32.34% | 41.17% |

---

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

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

<sup>(g)</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 Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $14.84 | $14.69 | $14.32 | $15.15 | $15.44 | $15.12 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.28 <sup>(a)</sup> | 0.47 <sup>(a)</sup> | 0.29 <sup>(a)</sup> | 0.14 | 0.13 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.21 | 0.15 | 0.39 | (0.79) | (0.27) | 0.33 |
| **Total Operations** | $0.49 | $0.62 | $0.68 | $(0.65) | $(0.14) | $0.59 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.29) | (0.47) | (0.31) | (0.18) | (0.15) | (0.27) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  |  |
| **Total Distributions** | $(0.29) | $(0.47) | $(0.31) | $(0.18) | $(0.15) | $(0.27) |
| Net Asset Value, end of period | $15.04 | $14.84 | $14.69 | $14.32 | $15.15 | $15.44 |
| **Total Return<sup>(b)</sup>** | **3.31** **% <sup>(c)</sup>** | **4.30%** | **4.78%** | **(4.29** **%)** | **(0.91** **%)** | **3.91%** |
| Net Assets, end of period (millions) | $191.82 | $247.85 | $201.45 | $229.47 | $347.32 | $327.10 |
| **Ratios/supplemental data<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.30 % <sup>(e)</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.25 % <sup>(e)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.66 % <sup>(e)</sup> | 3.11% | 1.94% | 1.00% | 0.76% | 1.54% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.71 % <sup>(e)</sup> | 3.16% | 1.99% | 1.05% | 0.81% | 1.59% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(f)</sup> | 14.29 % <sup>(c)</sup> | 40.49% | 36.84% | 21.53% | 58.31% | 37.11% |

---

<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 SHORT DURATION BOND FUND - CLASS F SHARES |
| **Selected Data for a Share Outstanding Throughout each Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $15.02 | $14.87 | $14.49 | $15.33 | $15.63 | $15.20 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.27 <sup>(a)</sup> | 0.45 <sup>(a)</sup> | 0.27 <sup>(a)</sup> | 0.14 | 0.10 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 0.21 | 0.16 | 0.40 | (0.82) | (0.27) | 0.42 |
| **Total Operations** | $0.48 | $0.61 | $0.67 | $(0.68) | $(0.17) | $0.58 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.28) | (0.46) | (0.29) | (0.16) | (0.13) | (0.15) |
| Net Asset Value, end of period | $15.22 | $15.02 | $14.87 | $14.49 | $15.33 | $15.63 |
| **Total Return<sup>(b)</sup>** | **3.22** **% <sup>(c)</sup>** | **4.13%** | **4.68%** | **(4.47** **%)** | **(1.09** **%)** | **3.82%** |
| Net Assets, end of period (millions) | $0.043 | $0.008 | $0.007 | $0.007 | $0.007 | $0.007 |
| **Ratios/supplemental data<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before Waiver | 0.55 % <sup>(e)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after Waiver | 0.40 % <sup>(e)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets before Waiver | 3.43 % <sup>(e)</sup> | 2.82% | 1.70% | 0.75% | 0.51% | 1.33% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets after Waiver | 3.58 % <sup>(e)</sup> | 2.97% | 1.85% | 0.90% | 0.66% | 1.48% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate<sup>(f)</sup> | 14.29 % <sup>(c)</sup> | 40.49% | 36.84% | 21.53% | 58.31% | 37.11% |

---

<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%, 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>(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** | CORE PLUS BOND FUND |
| **Selected Data for a Share Outstanding Throughout each Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | <br>**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 | 0.27 | 0.53 | 0.41 | 0.29 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments and Futures | 0.31 | (0.39) | 0.31 | (2.34) | 0.04 |
| **Total Operations** | $0.58 | $0.14 | $0.72 | $(2.05) | $0.07 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.28) | (0.53) | (0.42) | (0.33) | (0.03) |
| Net Asset Value, end of period | $12.87 | $12.57 | $12.96 | $12.66 | $15.04 |
| **Total Return<sup>(a)</sup>** | **4.63** **% <sup>(b)</sup>** | **1.13%** | **5.81%** | **(13.71** **%)** | **0.44** **% <sup>(b)</sup>** |
| Net Assets, end of period (millions) | $49.12 | $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 % <sup>(d)</sup> | 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 % <sup>(d)</sup> | 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 | 4.36 % <sup>(d)</sup> | 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 | 4.36 % <sup>(d)</sup> | 4.22% | 3.30% | 2.12% | 1.65 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 18.17 % <sup>(b)</sup> | 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 Period:** | **Selected Data for a Share Outstanding Throughout each Period:** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**6/30/2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | $16.18 | $16.60 | $16.15 | $17.98 | $18.28 | $17.73 |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.27 | 0.53 | 0.46 | 0.37 | 0.32 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | (0.42) | (0.42) | 0.45 | (1.83) | (0.27) | 0.57 |
| **Total Operations** | $(0.15) | $0.11 | $0.91 | $(1.46) | $0.05 | $0.90 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.27) | (0.53) | (0.46) | (0.37) | (0.32) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net Realized Capital Gains |  |  |  |  | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  | (0.00) <sup>(a)</sup> |  |
| **Total Distributions** | $(0.27) | $(0.53) | $(0.46) | $(0.37) | $(0.35) | $(0.35) |
| Net Asset Value, end of period | $15.76 | $16.18 | $16.60 | $16.15 | $17.98 | $18.28 |
| **Total Return<sup>(b)</sup>** | **(0.90** **%) <sup>(c)</sup>** | **0.69%** | **5.76%** | **(8.10** **%)** | **0.30%** | **5.12%** |
| Net Assets, end of period (millions) | $175.69 | $169.40 | $174.54 | $190.50 | $274.98 | $259.73 |
| **Ratios/supplemental data<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.30 % <sup>(e)</sup> | 0.30% | 0.56 % <sup>(f)</sup> | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to average net assets | 3.47 % <sup>(e)</sup> | 3.21% | 2.78% | 2.14% | 1.78% | 1.86% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 15.41 % <sup>(c)</sup> | 26.39% | 17.28% | 21.30% | 9.11% | 5.98% |

---

<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.

<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> 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** | JUNE 30, 2025 (UNAUDITED) |

---

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

The Johnson Equity Income Fund, Johnson Opportunity Fund, Johnson International 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 its shares publicly on December 30, 2005. The International Fund began offering its shares publicly on December 8, 2008. 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 and International 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.

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 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.

**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".

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

**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 is evaluating the impacts of these changes on the Funds' financial statements.

**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 Gains on futures contracts, as of June 30, 2025, was $9,097,305. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss at the contract settlement date. A realized gain or loss is recognized when a contract is sold and is the difference between the fair value of the contract at purchase and the fair value of the contract when sold. Realized gains (losses) on futures contracts are reported separately within the Statements of Operations. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged asset, as well as the risk that the counterparty will fail to perform its obligations. As of June 30, 2025, Wells Fargo Services holds U.S. Treasury Notes with the custodian, which serves as collateral for future contracts, with a value of $22,979,307. The net variation margin receivable on futures contracts as of June 30, 2025 was $1,342,500.

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 Gains on futures contracts, as of June 30, 2025, was $106,347. As of June 30, 2025, Wells Fargo Services holds U.S. Treasury Notes with the custodian, which serves as collateral for future contracts, with a value of $146,893. The net variation margin receivable on these futures contracts as of June 30, 2025 was $31,250.

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

**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 Fund's policy is to recognize a net asset/liability equal to the net variation margin for the futures contracts. As of June 30, 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 June 30, 2025.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not** | **Gross Amounts Not** | |
| | | | | **Offset in the Statement** | **Offset in the Statement** | |
| | | | | **of Assets and Liabilities** | **of Assets and Liabilities** | |
| <br>**Description** |<br><br><br>**Gross**<br>**Amounts of**<br>**Recognized**<br>**Assets** |<br><br>**Gross**<br>**Amounts**<br>**Offset in the**<br>**Statement of**<br>**Assets and**<br>**Liabilities** |<br><br>**Net Amounts**<br>**Presented in**<br>**the Statement**<br>**of Assets and**<br>**Liabilities** |<br><br>**Financial**<br>**Instruments\*** |<br>**Cash**<br>**Collateral**<br>**Pledged/**<br>**Received** |<br><br><br><br>**Net Amount** |
| Futures Contracts | $1342500 | $— | $1342500 | $(1342500) | $— | $— |

---

\* 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** | **Gross Amounts Not** | |
| | | | | **Offset in the Statement** | **Offset in the Statement** | |
| | | | | **of Assets and Liabilities** | **of Assets and Liabilities** | |
| <br>**Description** |<br><br><br>**Gross**<br>**Amounts of**<br>**Recognized**<br>**Assets** |<br><br>**Gross**<br>**Amounts**<br>**Offset in the**<br>**Statement of**<br>**Assets and**<br>**Liabilities** |<br><br>**Net Amounts**<br>**Presented in**<br>**the Statement**<br>**of Assets and**<br>**Liabilities** |<br><br>**Financial**<br>**Instruments\*** |<br>**Cash**<br>**Collateral**<br>**Pledged/**<br>**Received** |<br><br><br><br>**Net Amount** |
| Futures Contracts | $31250 | $— | $31250 | $(31250) | $— | $— |

---

\* 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** | JUNE 30, 2025 (UNAUDITED) |

---

**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, International, 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, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income**<br>**Fund** | **Opportunity**<br>**Fund** | **International**<br>**Fund** | **Enhanced**<br>**Return Fund** |<br>**Core Bond Fund** |
| Cost of Investments | $445829550 | $136677614 | $16244068 | $292678452 | $1863426406 |
| Gross unrealized appreciation | 220947872 | 39589759 | 7847747 | 8862484 | 3224266 |
| Gross unrealized depreciation | (7727171) | (6631946) | (2119490) | (12676006) | (95650553) |
| Net Unrealized appreciation (depreciation) | 213220701 | 32957813 | 5728257 | (3813522) | (92426287) |
| Undistributed ordinary income |  |  | 159690 | 2614633 | 317754 |
| Undistributed long-term gains |  |  | 191277 | 3563820 |  |
| Accumulated capital and other losses | (2261224) |  |  |  | (155243280) |
| Distributable earnings (accumulated deficit) | $210959477 | $32957813 | $6079224 | $2364931 | $(247351813) |

---

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

**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 Investments | $299656578 | $249499597 | $43435815 | $178192274 |
| Gross unrealized appreciation | 1380664 | 715059 | 343482 | 347625 |
| Gross unrealized depreciation | (6382265) | (4227870) | (1612185) | (10533534) |
| Net unrealized depreciation | (5001601) | (3512811) | (1268703) | (10185909) |
| Undistributed ordinary income | 89829 | 19937 | 6128 |  |
| Accumulated capital and other losses | (20850283) | (7248330) | (1708754) | (8771345) |
| Accumulated deficit | $(25762055) | $(10741204) | $(2971329) | $(18957254) |

---

As of December 31, 2024, 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 | $111015920 | $44227360 | 155243280 |
| Intermediate Bond Fund | 16542322 | 4307961 | 20850283 |
| Short Duration Bond Fund | 5076500 | 2171830 | 7248330 |
| Core Plus Bond Fund | 1145495 | 563259 | 1708754 |
| Municipal Income Fund | 8489467 | 281878 | 8771345 |

---

As a result of the reorganization of the Fixed Income Fund into the Core Fund in the prior year, the Core Fund acquired $39,996,550 of long-term capital loss carryover and $10,326,215 of short-term capital loss carryover, which were available to offset future capital gains. In addition, as a result of a change in control due to the merger, $21,904,287 of the Core Fund's capital loss carryovers were subject to an annual limitation of $18,057,023 (prorated in the initial year) under IRC Section 382. The remaining limited capital loss carryforward was utilized in the 2024 year.

Post-October capital losses incurred after October 31, 2024 and within the taxable year are deemed to arise on the first day of the Fund's next taxable year. For the year ended December 31, 2024, the Equity Income Fund deferred $2,261,224 of Post-October capital losses to January 1, 2025 for federal income tax purposes.

The following information is computed as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income**<br>**Fund** | **Opportunity**<br>**Fund** | **International**<br>**Fund** | **Enhanced**<br>**Return Fund** |<br>**Core Bond Fund** |
| Cost of Portfolio Investments | $459178379 | $149088842 | $14260208 | $279452552 | $1840265455 |
| Gross unrealized appreciation | 240950078 | 38354128 | 8731976 | 1902914 | 13847967 |
| Gross unrealized depreciation | (14285999) | (9210943) | (1608544) | (1990941) | (60558423) |
| Net unrealized appreciation (depreciation) | $226664079 | $29143185 | $7123432 | $(88027) | $(46710456) |
|  |  | **Intermediate** | **Short Duration** | **Core Plus** | **Municipal** |
|  |  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Income Fund** |
| Cost of Portfolio Investments | Cost of Portfolio Investments | $249969346 | $190686712 | $48968468 | $187705069 |
| Gross unrealized appreciation | Gross unrealized appreciation | 4116528 | 1777393 | 824840 | 303580 |
| Gross unrealized depreciation | Gross unrealized depreciation | (2448323) | (2184203) | (985839) | (12540345) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | $1668205 | $(406810) | $(160999) | $(12236765) |

---

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

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

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, PFIC, 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 six months ended June 30, 2025, the Funds did not incur any interest or penalties.

**ALLOCATIONS BETWEEN CLASSES:**

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

**DISTRIBUTIONS:**

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds intend to distribute net investment income on a 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, Opportunity and International Funds intend to distribute net investment income, if any, at least once a year. The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains, if any, at least once a year. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of 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.

The tax character of the distributions paid for the periods ended June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |<br>**Ordinary**<br>**Income\*** |<br>**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 |
|  | 6/30/2025 |  |  |  |  |  |
| Opportunity Fund | 12/31/2024 | 1632958 |  | 7791258 | 9424216 | 9424216 |
|  | 6/30/2025 |  |  |  |  |  |
| International Fund | 12/31/2024 | 483019 |  | 786373 | 1269392 | 1269392 |
|  | 6/30/2025 |  |  |  |  |  |
| Enhanced Return Fund | 12/31/2024 | 13749276 |  | 6366643 | 20115919 | 20115919 |
|  | 6/30/2025 | 4929425 |  |  | 4929425 | 4929425 |
| Core Bond Fund | 12/31/2024 | 64004328 |  |  | 64004328 | 64004328 |
|  | 6/30/2025 | 35113723 |  |  | 35113723 | 35113723 |

---

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |<br>**Ordinary**<br>**Income\*** |<br>**Tax Exempt**<br>**Income** | **Net Realized**<br>**Long-Term**<br>**Capital Gain** | **Total Taxable**<br>**Distributions**<br>**Paid** | **Total**<br>**Distributions**<br>**Paid** |
| Interemediate Bond Fund | 12/31/2024 | $10687952 |  | $— | $10687952 | $10687952 |
|  | 6/30/2025 | 5759545 |  |  | 5759545 | 5759545 |
| Short Duration Bond Fund | 12/31/2024 | 7504828 |  |  | 7504828 | 7504828 |
|  | 6/30/2025 | 4136232 |  |  | 4136232 | 4136232 |
| Core Plus Bond Fund | 12/31/2024 | 1630819 |  |  | 1630819 | 1630819 |
|  | 6/30/2025 | 1048171 |  |  | 1048171 | 1048171 |
| Municipal Income Fund | 12/31/2024 | 73599 | 5634253 |  | 5707852 | 5707852 |
|  | 6/30/2025 | 2972974 |  |  | 2972974 | 2972974 |

---

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

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

The Funds' portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m., Eastern time). 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 utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

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.

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

3) Security Valuation and Transactions, continued

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

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

**FAIR VALUE MEASUREMENTS:**

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

*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.

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

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

*U.S. Agency Securities*. U.S. agency securities are generally valued at prices obtained from pricing vendors. U.S. agency securities are comprised of two main categories consisting of agency issued debt and mortgage-backed securities. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Mortgage-backed securities are 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.

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

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

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

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

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

The following is a summary of the inputs used to value each Fund's investments as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Equity Income Fund** | **Level 1** | **Level 2** | **Level 3** |  | **Totals** |
| Common Stocks\* | $669115919 | $— | $— |  | $669115919 |
| Money Market Funds | 16726539 |  |  |  | 16726539 |
| Total | $685842458 | $— | $— |  | $685842458 |
| **Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** |  | **Totals** |
| Common Stocks\* | $177081955 | $— | $— |  | $177081955 |
| Cash Equivalents | 1150072 |  |  |  | 1150072 |
| Total | $178232027 | $— | $— |  | $178232027 |
| **International Fund** | **Level 1** | **Level 2** | **Level 3** |  | **Totals** |
| Common Stocks\* | $21091066 | $— | $140 | \*\* | $21091206 |
| Preferred Stocks | 185231 |  |  |  | 185231 |
| Money Market Funds | 107203 |  |  |  | 107203 |
| Total | $21383500 | $— | $140 |  | $21383640 |
| **Enhanced Return Fund** | **Level 1** | **Level 2** | **Level 3** |  | **Totals** |
| Corporate Bonds\* | $— | $180169784 | $— |  | $180169784 |
| Collateralized Mortgage Obligations |  | 33610979 |  |  | 33610979 |
| Municipal Bonds |  | 3767592 |  |  | 3767592 |
| U.S. Government & Agencies |  | 3877661 |  |  | 3877661 |
| U.S. Treasury Obligations |  | 52222254 |  |  | 52222254 |
| Money Market Funds | 5716255 |  |  |  | 5716255 |
| Sub-total | $5716255 | $273648270 | $— |  | $279364525 |
| Other Financial Instruments\*\*\* | 9097305 |  |  |  | 9097305 |
| Total | $14813560 | $273648270 | $— |  | $288461830 |
| **Institutional Core Bond Fund** | **Level 1** | **Level 2** | **Level 3** |  | **Totals** |
| Corporate Bonds\* | $— | $826554552 | $— |  | $826554552 |
| Collateralized Mortgage Obligations |  | 480710925 |  |  | 480710925 |
| Municipal Bonds |  | 15858829 |  |  | 15858829 |
| U.S. Government & Agencies |  | 30479687 |  |  | 30479687 |
| U.S. Treasury Obligations |  | 428862727 |  |  | 428862727 |
| Preferred Stocks | 9152123 |  |  |  | 9152123 |
| Money Market Funds | 1936156 |  |  |  | 1936156 |
| Total | $11088279 | $1782466720 | $— |  | $1793554999 |

---

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Corporate Bonds\* | $— | $130185111 | $— | $130185111 |
| Collateralized Mortgage Obligations |  | 24947296 |  | 24947296 |
| Municipal Bonds |  | 3194486 |  | 3194486 |
| U.S. Government & Agencies |  | 8262492 |  | 8262492 |
| U.S. Treasury Obligations |  | 83269508 |  | 83269508 |
| Preferred Stocks | 1545761 |  |  | 1545761 |
| Money Market Funds | 232897 |  |  | 232897 |
| Total | $1778658 | $249858893 | $— | $251637551 |
| **Short Duration Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Corporate Bonds\* | $— | $127140535 | $— | $127140535 |
| Collateralized Mortgage Obligations |  | 25109408 |  | 25109408 |
| Municipal Bonds |  | 6183937 |  | 6183937 |
| U.S. Government & Agencies |  | 4474853 |  | 4474853 |
| U.S. Treasury Obligations |  | 27255518 |  | 27255518 |
| Money Market Funds | 115651 |  |  | 115651 |
| Total | $115651 | $190164251 | $— | $190279902 |
| **Core Plus Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Corporate Bonds\* | $— | $30393187 | $— | $30393187 |
| Collateralized Mortgage Obligations |  | 13264998 |  | 13264998 |
| U.S. Government & Agencies |  | 489822 |  | 489822 |
| U.S. Treasury Obligations |  | 4323340 |  | 4323340 |
| Preferred Stocks | 167765 |  |  | 167765 |
| Money Market Funds | 168357 |  |  | 168357 |
| Sub-total | $336122 | $48471347 | $— | $48807469 |
| Other Financial Instruments\*\*\* | 106347 |  |  | 106347 |
| Total | $442469 | $48471347 | $— | $48913816 |
| **Municipal Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Municipal Bonds\* | $— | $173308860 | $— | $173308860 |
| Money Market Funds | 2159444 |  |  | 2159444 |
| Total | $2159444 | $173308860 | $— | $175468304 |

---

\* See Portfolio of Investments for industry classifications

\*\* Includes a Russian ADR valued at $0.01 per share by management, given the halting of foreign investors' ability to sell Russian securities and ADRs. The change in unrealized appreciation (depreciation) of this security that is reflected in the Statement of Operations is $0. Given the insignificance of Level 3 securities, a rollforward of Level 3 activity is not presented.

\*\*\* Other financial instruments are futures contracts reflected separately in the Portfolio of Investments, and are reflected at the net unrealized deprecation on futures contracts

Other than the Johnson International Fund, no other Fund held Level 3 securities during the period.

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

**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 six months ended June 30, 2025, as indicated below:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Fee** |<br>**Management**<br>**Fee** | **Payable as of**<br>**June 30,**<br>**2025** |
| Equity Income Fund | 0.75% | $2470965 | $417791 |
| Opportunity Fund | 0.90% | 760418 | 128653 |
| International Fund | 1.00% | 105207 | 17628 |
| Enhanced Return Fund | 0.35% | 464093 | 78626 |
| Core Bond Fund | 0.30% | 2675421 | 367645 |
| Intermediate Bond Fund | 0.30% | 421468 | 52079 |
| Short Duration Bond Fund | 0.30% | 328205 | 39576 |
| Core Plus Bond Fund | 0.45% | 106745 | 18062 |
| Municipal Income Fund | 0.30% | 257274 | 43230 |

---

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.

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 $120,000 for the six months ended June 30, 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 International 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.

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

**6)** **Related Party Transactions, continued**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of June 30, 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. | 54.63% |
| **Opportunity Fund** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 89.62% |
| **International Fund** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 37.26% |
| **Enhanced Return Fund:** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 98.20% |
| **Core Bond Fund:** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 67.28% |
| **Intermediate Bond Fund:** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 55.36% |
| &nbsp;&nbsp;&nbsp;Covenant Trust Company | 26.37% |
| **Short Duration Bond Fund:** |  |
| &nbsp;&nbsp;&nbsp;Covenant Trust Company | 46.02% |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 26.21% |
| **Core Plus Bond Fund:** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 88.50% |
| **Municipal Income Fund** |  |
| &nbsp;&nbsp;&nbsp;Client accounts managed by the Adviser and held by Charles Schwab & Co. | 95.47% |

---

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.

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

For the six months ended June 30, 2025, purchases and sales of investment securities aggregated (excluding in-kind subscriptions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Investment Securities Other Than* | *Investment Securities Other Than* |  |  |
|  | *Short-Term Investments and* | *Short-Term Investments and* |  |  |
|  | *U.S. Government Obligations* | *U.S. Government Obligations* | *U.S. Government Obligations* | *U.S. Government Obligations* |
| **Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Equity Income Fund | $53301096 | $57525466 | $— | $— |
| Opportunity Fund | 32417497 | 22749495 |  |  |
| International Fund | 871480 | 3870383 |  |  |
| Enhanced Return Fund | 42391534 | 42627401 | 25717364 | 51877220 |
| Core Bond Fund | 103388796 | 126842063 | 39756025 | 39833795 |
| Intermediate Bond Fund | 35168624 | 48486875 | 28557254 | 65137611 |
| Short Duration Bond Fund | 24558154 | 43112216 | 6101030 | 42493820 |
| Core Plus Bond Fund | 9534521 | 3315425 | 4302060 | 5238236 |
| Municipal Income Fund | 37989509 | 26226868 |  |  |

---

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

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

The Equity Income Fund, Opportunity Fund, International 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 7.5% as of June 30, 2025. During the six months ended June 30, 2025, the International Fund borrowed from the line for two (2) calendar days with the average debt outstanding and interest rate of $18,500 and 7.5%, respectively, during the days with borrowings and incurred $1,149 of interest expense and fees. There were no borrowings for any of the other Funds at any time during the period.

**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)** **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.

**11)** **In-Kind Subscription Transactions**

During the year ended December 31, 2024, the Core Bond Fund, Class I received securities in lieu of cash for a shareholder purchase.

The purchase was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Date** | **Amount**<br>**Purchased** | **Securities**<br>**Received** |<br>**Shares Issued** |
| Core Bond Fund | 06/10/24 | $14591969 | $14591969 | 1035626 |

---

During the six months ended June 30, 2025, none of the Funds received securities in lieu of cash for a shareholder purchase.

------

---

| | |
|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | JUNE 30, 2025 (UNAUDITED) |

---

**12)** **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:

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Per Share** |
|  | <br>**Record Date** | <br>**Ex-Date** | **Ordinary Income** |
| Core Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 7/28/2025 | 7/29/2025 | $0.0500 |
| &nbsp;&nbsp;&nbsp;Class F | 7/28/2025 | 7/29/2025 | $0.0490 |
| &nbsp;&nbsp;&nbsp;Class S | 7/28/2025 | 7/29/2025 | $0.0470 |
| Intermediate Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 7/28/2025 | 7/29/2025 | $0.0530 |
| &nbsp;&nbsp;&nbsp;Class F | 7/28/2025 | 7/29/2025 | $0.0510 |
| Short Duration Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 7/28/2025 | 7/29/2025 | $0.0500 |
| &nbsp;&nbsp;&nbsp;Class F | 7/28/2025 | 7/29/2025 | $0.0480 |
| Core Plus Bond Fund | 7/28/2025 | 7/29/2025 | $0.0470 |

---

On August 20, 2025, the Johnson Mutual Fund Board of Trustees approved the liquidation of the Johnson International Fund based on the Adviser's recommendation. It is expected that the Johnson International Fund will liquidate in the fourth quarter of 2025.

------

---

| | |
|:---|:---|
| **ADDITIONAL INFORMATION** | JUNE 30, 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.

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

Refer to the financial statements included herein.

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

The Trustees, including the Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), considered the renewal of the Management Agreements between the Trust and the Adviser. The Trustees were assisted by experienced independent legal counsel throughout the contract review process. The Independent Trustees discussed the proposed continuance in executive session with such counsel at which no representatives of the Adviser were present. The Independent Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Management Agreements and the weight to be given to each such factor. Among other factors, the Trustees considered (i) the investment performance of each Fund and the Adviser; (ii) the nature, extent and quality of the services provided by the Adviser; (iii) the cost of services provided and the profits to be realized by the Adviser and its affiliates from the relationship with the Funds; and (iv) economies of scale. The conclusions reached by the Independent Trustees were based on a comprehensive evaluation of all the information provided and were not the result of any one factor. Additionally, each Independent Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Management Agreements.

The Trustees evaluated the Adviser's responses and information prepared by the Adviser in the board materials, noting the Adviser's financial resources, its personnel and operations, advisory, administrative and compliance services provided by the Adviser to the Funds, and the overall compensation received for management services. The Board considered and discussed each Fund's performance for various periods, the profitability of the Adviser with respect to each of the Funds and economies of scale.

With respect to the nature, extent and quality of services provided by the Adviser, the Trustees reviewed the information describing the Adviser's business and personnel and discussed the Adviser's extensive experience and resources. The Board noted that the Adviser has been providing services to the Trust since 1992. The Trustees and representatives of the Adviser noted the continuance of their cooperative working relationship on Fund matters. The Board reviewed the individuals who serve as portfolio managers for the Funds and indicated that they continued to be satisfied with the portfolio management being provided to the Funds. The Trustees then discussed the Adviser's and Trust's compliance programs with the Trust's chief compliance officer. A representative of the Adviser discussed the Adviser's financial status and reviewed the Adviser's resources in providing services to the Funds. The Trustees, including the Independent Trustees, concluded that the nature and extent of services provided by the Adviser was satisfactory, and that the overall quality of services was excellent. The Trustees also concluded that the Adviser had the appropriate level of resources to continue to provide quality advisory services to the Funds.

------

---

| | |
|:---|:---|
| **ADDITIONAL INFORMATION** | JUNE 30, 2025 (UNAUDITED) |

---

Next, the Trustees discussed the performance information provided by the Adviser for each of the Funds. The Trustees considered performance data showing each Fund's performance for various periods ended March 31, 2025 and year-to-date as compared to each Fund's benchmark index. The Board noted the Adviser's expectations as to each Fund's risk/return profile.

The Trustees considered and discussed the performance of the Equity Income, Opportunity, International, and Municipal Income Funds. The Trustees noted that the Equity Income Fund had trailed the S&P 500 Index for the 1-year period and was trailing the Index for the 3 and 5-year periods. With respect to the Opportunity Fund, the Trustees noted that the Fund had outperformed the Russell 2500 Total Return Index for the 1, 3 and 5-year periods. The Trustees next reviewed the International Fund's performance, which trailed its benchmark, the MSCI All Country World Index excluding the USA, for the 1-year period, and was outperforming with each of the 3 and 5-year periods. The Trustees then discussed the Municipal Income Fund's returns, noting that the Fund had underperformed the Bloomberg Municipal Bond Index for the 1-year, 3-year and 5-year periods. After discussion, the Trustees agreed that the performance of each of these Funds was satisfactory.

The Trustees considered the performance of each of the Short Duration, Intermediate Bond, Core Bond, Enhanced Return and Core Plus Bond Funds. They noted that the Short Duration Bond Fund had generally performed in line with its benchmark, the ICE BofA U.S. Corporate & Government 1-3 Year Index, for 1 and 3-year periods and outperformed for the 5-year period. Next, the Trustees discussed the performance of the Intermediate Bond Fund, noting that it has outperformed the Bloomberg Intermediate Government/Credit Index for the 1-year period and was generally in line for the 3 and 5-year periods. With respect to the Core Bond Fund, the Board noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the 1 period but had underperformed for the 3 and 5-year period. The Trustees next evaluated the performance for the Enhanced Return Fund. The Board reviewed its performance, noting that the Enhanced Return Fund had underperformed the S&P 500 Index for the 1, 3 and 5-year periods. Finally, the Board reviewed the performance for the Core Plus Bond Fund, noting that it outperformed its benchmark, the Bloomberg Aggregate Bond index, for the 1-year period, slightly underperformed for the 3-year period. After discussion, the Trustees indicated that it was their consensus all five Funds continued to have reasonable performance given their respective investment objectives, risks and strategies.

As to the cost of the services provided and the profits realized by the Adviser from the relationship with the Funds, the Trustees reviewed the fees paid to the Adviser for the year ended December 31, 2024 by each of the Funds. As in past years, the Board and counsel discussed that the total expense ratio for each Fund was a more meaningful comparison than the actual advisory fee because the Management Agreements for the Funds have a unitary fee structure which requires the Adviser to pay substantially all of the operating expenses of each Fund and is compensated with a single fee (noting that most of the funds in the Peer Group comparisons do not share this structure). The expense ratios for Municipal Income Fund, Short Duration Bond Fund, Intermediate Bond Fund, Opportunity Fund, Core Bond Fund, Equity Income Fund, International Fund, Core Plus Bond, and Enhanced Return Fund were reviewed as a comparison to their Morningstar category. The Equity Income Fund was described as above average, the Opportunity and Core Plus Bond Funds were described as average, and the Enhanced Return, Core Bond, Intermediate Bond, Short Duration and Municipal Income Funds were described as below average expenses for each Fund's respective category. The Trustees noted the contractual fee waivers which were in effect during the period for the Short Duration Bond Fund, the Intermediate Bond Fund and the Core Bond Fund, as well as the overall fees paid to the Adviser by each Fund for the period. The Trustees also discussed the profitability of each of the Funds to the Adviser and the profitability of the Adviser with respect to the Funds in the aggregate. Representatives of the Adviser reported on the Adviser's profitability on a fund-by-fund basis and discussed their methodologies in determining the profitability of the Adviser. The Trustees, including the Independent Trustees, concluded that the Management Fee payable by each Fund was reasonable and that the Adviser's level of profitability from its relationship with the Funds is not excessive.

The Trustees then considered economies of scale. The Trustees noted that they concluded that the Funds' expense ratios were not unreasonable and that there were no excessive profits being derived from any of the Funds by the Adviser as a result of its management of each of the Funds. The Board further noted that they would continue to evaluate the Funds' expense ratios with the Adviser. The Board also noted that the Adviser had agreed to extend its contractual fee waiver with respect to the Core Bond, Short Duration and Intermediate Bond Funds for another year. The Trustees and representatives from the Adviser again agreed to discuss the possibility of fee breakpoints in the future, depending on the asset level of a Fund. After a discussion, the Trustees agreed that they would continue to evaluate the potential for establishing breakpoints with the Adviser, but that no breakpoints are necessary at this time.

------

---

| | |
|:---|:---|
| **ADDITIONAL INFORMATION** | JUNE 30, 2025 (UNAUDITED) |

---

After a discussion, the Trustees concluded and agreed, including all Independent Trustees, that renewal of each Management Agreement was in the best interests of each Fund and its shareholders.

**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 <br> 3777 West Fork Road <br> Cincinnati OH 45247

------

**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.**

Included under Item 7

**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) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required

(a)(2) 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](ex_99cert.htm)

(a)(3) Not applicable

(a)(4) Change in the registrant's independent public accountant: Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex_99-906cert.htm)

Exhibit 99.CERT [Certifications required by Rule 30a-2(a) under the Act](ex_99cert.htm) <br>Exhibit 99.906CERT [Certifications required by Rule 30a-2(b) under the Act](ex_99-906cert.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

---

| | |
|:---|:---|
| By: | /s/ Jason O. Jackman |
|  | Jason O. Jackman, President and Chief Executive Officer |
|  | Date <u>September 12, 2025</u> |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jason O. Jackman |
|  | Jason O. Jackman, President and Chief Executive Officer |
|  | Date <u>September 12, 2025</u> |

---

---

| | |
|:---|:---|
| By | /s/ Jennifer J. Kelhoffer |
|  | Jennifer J. Kelhoffer, Treasurer and Chief Financial Officer |
|  | Date <u>September 12, 2025</u> |

---

\* 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: | September 12, 2025 |  |
|  |  | /s/ Jason O. Jackman |
|  |  | Jason O. Jackman, President and Chief 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: | September 12, 2025 |  |
|  |  | /s/ Jennifer J. Kelhoffer |
|  |  | Jennifer J. Kelhoffer, Treasure and Chief Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**certification**

Jason O. Jackman, Chief Executive Officer, and Jennifer J. Kelhoffer, Chief 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 June 30, 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, Chief Executive Officer Jennifer J. Kelhoffer, Chief Financial Officer <br> Johnson Mutual Funds Trust Johnson Mutual Funds Trust <br>

---

| | | | |
|:---|:---|:---|:---|
| /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: | September 12, 2025 | Date: | September 12, 2025 |

---

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.