# EDGAR Filing Document

**Accession Number:** 0000892657
**File Stem:** 0001104659-23-030573
**Filing Date:** 2023-3
**Character Count:** 478656
**Document Hash:** 93489fa69426d959c64a7ceaf2fdc170
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030573.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001104659-23-030573

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHNSON MUTUAL FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000892657
- **IRS NUMBER:** 316455344
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07254
- **FILM NUMBER:** 23719723

**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 | Johnson Equity Income Fund | JEQIX           |

### 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 | Johnson Opportunity Fund | JOPPX           |

### Johnson Fixed Income Fund (Series ID: S000005720)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000015714 | Johnson Fixed Income Fund | JFINX           |

### 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           |

### 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           |

united states<br> securities and exchange commission<br> washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management<br> investment companies**

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

Johnson Mutual Funds Trust

(Exact name of registrant as specified in charter)

<u>3777 West Fork Road, Cincinnati, Ohio 45247</u>

(Address of principal executive offices) (Zip code)

<u>Marc E. Figgins, CFO, 3777 West Fork Road, Cincinnati, Ohio 45247</u>

(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>12/31</u>

Date of reporting period:<u>12/31/22</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

### **TABLE OF CONTENTS** ANNUAL REPORT JOHNSON EQUITY INCOME FUND – JEQIX JOHNSON OPPORTUNITY FUND – JOPPX JOHNSON INTERNATIONAL FUND – JINTX JOHNSON FIXED INCOME FUND – JFINX JOHNSON MUNICIPAL INCOME FUND – JMUNX December 31, 2022 Johnson Mutual Funds Trust<br>3777 West Fork Road \| Cincinnati, Ohio 45247<br>513.661.3100 \| 800.541.0170 \| Fax 513.661.4901 WWW.JOHNSONMUTUALFUNDS.COM
[**TABLE OF CONTENTS**](#TOC)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### T able of C ontents

---

| | |
|:---|:---|
| [Letter from the Fund President](#tLETT)  | [1](#tLETT)  |
| **Performance Review and Management Discussion** |  |
| [Equity Income Fund](#tJEIF)  | [3](#tJEIF)  |
| [Opportunity Fund](#tJOF)  | [4](#tJOF)  |
| [International Fund](#tJIF)  | [5](#tJIF)  |
| [Fixed Income Fund](#tJFIF)  | [6](#tJFIF)  |
| [Municipal Income Fund](#tJMIF)  | [7](#tJMIF)  |
| **Portfolio of Investments** |  |
| [Equity Income Fund](#tEIFO)  | [8](#tEIFO)  |
| [Opportunity Fund](#tOFOI)  | [9](#tOFOI)  |
| [International Fund](#tIFOI)  | [11](#tIFOI)  |
| [Fixed Income Fund](#tFIFO)  | [13](#tFIFO)  |
| [Municipal Income Fund](#tMIFO)  | [17](#tMIFO)  |
| [Statements of Assets and Liabilities](#tMUT)  | [22](#tMUT)  |
| [Statements of Operations](#tJMF)  | [24](#tJMF)  |
| [Statements of Changes in Net Assets](#tJMF2)  | [26](#tJMF2)  |
| **Financial Highlights** |  |
| [Equity Income Fund](#tFHIF)  | [28](#tFHIF)  |
| [Opportunity Fund](#tFHF)  | [29](#tFHF)  |
| [International Fund](#tFHF1)  | [30](#tFHF1)  |
| [Fixed Income Fund](#tFHIF1)  | [31](#tFHIF1)  |
| [Municipal Income Fund](#tFHIF2)  | [32](#tFHIF2)  |
| [Notes to the Financial Statements](#tNTTF)  | [33](#tNTTF)  |
| [Disclosure of Expenses](#tDOE)  | [41](#tDOE)  |
|  [Operation and Effectiveness of the Funds' Liquidity Risk Management Program](#tOAEO)  | [42](#tOAEO)  |
| [Additional Information](#tAI32)  | [43](#tAI32)  |
| [Report of Independent Registered Public Accounting Firm](#tRIP1)  | [44](#tRIP1)  |
| [Trustees and Officers](#tTAOU)  | [45](#tTAOU)  |
|  [Trustees and Officers, Transfer Agent and Fund Accountant, <br> Custodian, Independent Registered Public Accounting Firm, Legal Counsel](#tTAO)  | [Back Page](#tTAO)  |

---

------

[**TABLE OF CONTENTS**](#TOC)

LETTER FROM THE FUND PRESIDENT <sup>DECEMBER 2022</sup>

We are pleased to present you with the Johnson Mutual Funds' December 31, 2022 Annual Report to Shareholders. On the following pages we have provided commentary on the performance of each of the Funds in 2022 as well as the relative performance compared to an appropriate index.

The remainder of the report provides the holdings of each Johnson Mutual Fund as well as other financial data and notes.

#### Inflation Roils Markets
The onset of inflation sent a painful shudder through the stock and bond markets in 2022. For the first time in decades, inflation fears became a reality in the U.S. and around the world. It's never pleasant, but on the heels of decades of low inflation and low interest rates, this year's economic shift was an especially tough pill to swallow.

After years of little to no inflation, the whiplash from several concurring forces led to rising prices in 2021. At first, there was broad consensus that much of this inflation would prove temporary as supply chain dynamics and Covid irregularities unwound. Instead, prices kept rising. The Consumer Price Index rose from essentially zero in mid-2020 to as high as 9% by 2022.

The Federal Reserve jumped into action by aggressively raising interest rates to tame rising prices. The ultimate result was falling bond prices, rising mortgage rates, stock-market volatility with significant losses in some pockets, and great uncertainty about what lies ahead. In the end, 2022 was the worst year for the S&P 500 since 2008, and the first with double-digit losses since then.

The losses were broad with the exception of energy, which was boosted by the energy crisis created in part by the war in Ukraine and resulting sanctions. After years in the limelight, the larger growth-oriented stocks in the tech, consumer discretion, and communication services sectors were the big losers. The NASDAQ was the worst performer of the U.S. large cap indices, and the Dow Jones Industrial Average was the best.

The largest stocks in the market underperformed smaller peers in a reversal of a key theme of the prior decade's bull market. An equal-weighted basket of the S&P 500 Index outperformed the market-cap weighted index by the largest margin since 2010. Higher quality stocks were especially rewarded relative to lower-quality peers.

International stocks also struggled. However, late in the year, foreign central banks began to ease off tightening policy, which allowed international indexes to recover some of their earlier losses. The MSCI Euro Index had its best quarter ever in the fourth quarter, gaining nearly 26%.

#### Bond Market Turbulence
The stock market receives most of the attention, but the big story in the financial markets in 2022 was the historically bad year for bonds. There simply is no modern comparison in terms of the speed and depth of losses in the bond market. The rapid interest rate increases from such a low starting point left little cushion for bond investors. Yields across maturities rocketed higher as the Fed raised its benchmark rate from zero to over 4% by year-end.

Rates rose faster on shorter-maturity bonds than longer maturities, which resulted in an inverted yield curve. This is often taken as a sure sign of a coming recession. Either way, it has made yields on short-term bonds and other savings vehicles much more attractive. Rising rates have a silver lining: bond investors can reinvest interest income and maturing bonds into higher-yielding bonds. It's also important to note that if bonds are held to maturity, the price drops resulting from rising rates eventually disappear as the bond price returns to par. The paper losses bond investors have suffered this year ultimately will result in higher potential total returns going forward.

#### F OCUS S HIFTING F ROM I NFLATION TO E CONOMIC C ONCERNS
The Fed's aggressive moves to combat inflation have led to some slowing in price gains, but it has made clear there is further tightening to come. In his last press conference, Fed Chair Jerome Powell said, "by now, we expected to make faster progress on inflation than we have."

------

[**TABLE OF CONTENTS**](#TOC)

LETTER FROM THE FUND PRESIDENT <sup>DECEMBER 2022</sup>

Falling commodity prices, a slowing housing market, and a slowdown in manufacturing have eased some of the price pressures in the economy. Despite this, the Fed expects at least two more rate hikes in 2023. Wage gains remain strong, a key component to the overall inflation picture. As the potential end of the tightening cycle approaches, there is concern that the Fed might wait too long to reverse course or take rates too high. Historically this has typically been the case. The Fed, through its tightening, has consistently shown a propensity for sending the economy into a slowdown and even recession. In addition to other external shocks like commodity crises, terrorist attacks, etc. this is the most common cause of recession.

The market projects the peak Fed Funds rate to be roughly 5% in May 2023. The Fed is insisting it will keep rates higher through the end of 2023, but the market is pricing in rate cuts later in the year. The market believes the Fed's strong stance against inflation will kick in, so much so that it will cause enough of a slowdown to lead to a pivot to financial easing.

#### D OWNSIDE R ISK TO E ARNINGS
Stock analysts have been aggressively slashing their earnings forecast as falling consumer confidence and higher interest rates have taken their toll. Analysts are projecting further decreases in corporate profits in 2023. The numbers are even worse when the energy sector is removed, which has propped up the overall index number with massive profit gains on the back of rising energy prices. Cost cutting and supply chain improvements have softened some of the blow, but earnings may not be supportive of stock market gains in 2023.

#### Looking Ahead
History shows that the stock market goes up more than it goes down. Back-to-back years of losses for stocks are rare, but it is certainly possible. Since 1928 the stock market has posted a negative return 25 times. On average the following year's return was 12.6%, and was positive 17 out of 25 times. This is a good reminder that stocks often sprint lower before resuming their marathon climb higher in relatively short order.

Much will depend on the Fed's course of action and the economic fallout in the coming months. The Fed has been vocal that its focus is on taming inflation regardless of stock market reactions. If inflation remains stubbornly high and markets continue to fall, we will have an opportunity to learn how willing the Fed is to stick to its word.

On the positive side, bulls point to slowing inflation, the Fed nearing the end of its hiking cycle, a strong labor market that could soften any economic blows and hopes for decent earnings. Bears are worried that stubborn inflation will force the Fed to remain restrictive, that earnings will come in worse than expected, and that central banks around the world will take things too far and break the economy. With all the focus on inflation and the Fed, we should also be reminded that what we don't know is coming, good or bad, may end up determining the course of the market more than anything we do know about.

------

[**TABLE OF CONTENTS**](#TOC)

JOHNSON EQUITY INCOME FUND <sup>PERFORMANCE REVIEW – DECEMBER 31, 2022 UNAUDITED</sup>

The Johnson Equity Income Fund had a net total return of -9.74% in 2022, outperforming the S&P 500 Index's -18.11% return.

Index weakness for the year was fully attributed to declines in market valuations as high inflation and increases in interest rates pressured multiples across sectors. Stocks with the highest forward growth expectations and valuation multiples at the beginning of 2022 were among the worst performing stocks for the year. Communication Services, Information Technology, and Consumer Discretionary were the worst performing sectors for the year. Energy stocks stood out as a bright spot in a negative market, up more than 60% for the year, as earnings growth was very strong because of higher commodity prices.

Stock selection created the majority of the Fund's outperformance, but it also benefitted from underweights in the worst performing sectors previously mentioned above. The Fund's positive relative returns were driven as much by what we did not own as what we owned. In recent years, the Fund's management team has grown increasingly concerned about the risks imbedded in the valuations of the largest growth stocks in the S&P 500 Index, as well as the overconcentration of the Index in these large growth stocks. For context, the largest five stocks' weighting in the S&P 500 Index had increased to a record high of 23% at the start of 2022 which compares to approximately 18% around the peak of the 2000 market bubble. The management team's concerns largely played out this past year as the high growth, mega cap winners of the last several years dragged down the overall index. Avoiding names such as Amazon, Tesla, Meta, Nvidia, and Netflix was beneficial to the Fund's performance.

The Fund also benefitted materially from a few standout performers in the portfolio. In February 2022, TD Bank announced its intention to acquire Fund holding First Horizon National Corporation, which added more than 120 basis points to portfolio returns. Energy holdings Chevron and Williams increased 58% and 33%, respectively, adding over 130 basis points to returns. Looking at the entire S&P 500 universe of stocks, there were some meaningful style tailwinds based on the Fund's investment philosophy. Stocks with lower valuations, higher dividend yields, and higher return characteristics outperformed in 2022.

In summary, 2022 was a challenging year for stock investors with many headwinds including the uncertainties of war and politics, higher inflation, higher interest rates, and increasing headlines about an impending recession. The brunt of the weakness in the stock market during the year was concentrated in the areas that were most expensive where the management team has had long-standing valuation concerns. Looking forward, the team believes much of the valuation-related risk has played out. The team's attention is now focused on the potential risk to corporate earnings that could result from the increasing probability of a recession. Should that come to fruition, the Fund's quality discipline should be beneficial as the Fund aims to invest in companies with more stable and consistent operating results throughout the business cycle. This quality discipline should continue to provide value to our shareholders.

![[MISSING IMAGE: lc_equitfund-bw.jpg]](lc_equitfund-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Equity Income Fund  | S&P 500 Index  |
| One Year | -9.74% | -18.11% |
| Three Years | 8.47% | 7.66% |
| Five Years | 10.73% | 9.42% |
| Ten Years | 11.91% | 12.56% |

---

 **Holdings by Industry Sector** 

<br> ---

| | |
|:---|:---|
| Sector Allocation  | % of <br> Net Assets  |
| Technology | 23.6% |
| Health Care | 13.9% |
| Industrials | 13.5% |
| Financial Services | 11.7% |
| Consumer Staples | 10.7% |
| Consumer Discretionary | 7.6% |
| Utilities | 5.4% |
| Energy | 5.0% |
| Communication Services | 3.9% |
| Real Estate | 2.1% |
| Materials | 1.6% |
| Cash Equivalents | 0.9% |
| Other: |  |
| &nbsp;&nbsp;&nbsp; Net Other Assets (Liabilities)  | 0.1% |
|  | 100.0% |

---

Above average dividend income and long-term capital growth is the objective of the Johnson Equity Income Fund, and the primary assets are stocks of large-sized U.S. companies. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any dividends and capital gains. The Fund's performance is after all fees and expenses, whereas the Index does not incur fees or expenses. A shareholder cannot invest directly in the S&P 500 Index. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The S&P 500 Index is the established benchmark. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

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[**TABLE OF CONTENTS**](#TOC)

Johnson Opportunity Fund <sup>Performance Review – December 31, 2022 UNAUDITED</sup>

The Johnson Opportunity Fund had a net total return of -12.46% in 2022, outperforming the Russell 2500 Index's -18.37% return. The Fund has successfully exceeded this primary benchmark over the trailing 1-year, 3-year, 5-year, and 10-year time periods.

It was a historically challenging year for capital markets, with high inflation keeping monetary policy tight and interest rates high, which pressured valuation. While inflation helped many companies increase their profits coming out of the pandemic, earnings expectations turned lower in the second half of 2022. However, the Fund's emphasis on higher quality companies continued to provide favorable positioning, as these companies tend to exhibit greater earnings resilience amid falling market expectations and cleaner balance sheets as credit continues to tighten. An overweight in sturdier midcap stocks was also beneficial to the strategy's positioning.

Energy was a top performing sector throughout 2022, but the Fund was underweight in that sector. Most companies in SMID (small to mid) Cap Energy sector do not meet the Fund's quality standards, and with standout positive sector returns of more than 50% for the year, the underweight more than offset what was otherwise effective sector allocation. However, excess returns generated by security selection were much greater, where the portfolio was able to provide relative outperformance in 8 of the 11 sectors. The Technology and Health Care sector had particularly good security selection, in large part by avoiding some of the more speculative stocks that were most pressured by a severe growth stock selloff in 2022.

The Fund's top performer was First Horizon Corp., which agreed in the first quarter to be acquired at a sizeable premium by Toronto-Dominion Bank. Fair Isaac, a software company known for its FICO score service, also was an outsized contributor, benefitting from a surprise positive earnings guidance. Other top performers included Applied Industrial Technologies, Everest Reinsurance Group, and Collegium Pharmaceutical. The Fund's worst performer was Signature Bank New York, which has a strong position in digital asset deposits and was down sharply in association with a cryptocurrency selloff. Other significant performance detractors included Gorman Rupp, Sleep Number, Charles River Laboratories, and SiteOne Landscape Supply.

The management team is taking a cautious approach to forecasting how company performance might unfold in 2023. Consensus expectations for 2023 still optimistically show double-digit EPS growth for SMID Cap companies. However, the falling revisions indicate that an earnings recession is not out of the question in 2023 if the economy slows too much. Encouragingly, the market is priced to doubt the rosy growth outlook as the Russell 2500 forward P/E is trading at approximately a 15% discount to its own 20-year average, and an even steeper discount of nearly 25% when compared to the large-cap S&P 500 P/E.

Back-to-back negative return years are rare — it hasn't happened in twenty years — and the market is aware of the risk of an economic slowdown in 2023. Valuation is more reasonable now after the multiple compression, yet emphasis on earnings consistency is still a high priority for the team in what is likely to become a more difficult operating environment for companies.

![[MISSING IMAGE: lc_opporfund-bw.jpg]](lc_opporfund-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Opportunity <br> Fund  | Russell 2500 Index  |
| One Year | -12.46% | -18.37% |
| Three Year | 7.23% | 5.00% |
| Five Years | 6.36% | 5.89% |
| Ten Years | 10.54% | 10.03% |

---

 **Holdings by Industry Sector** 

<br> ---

| | |
|:---|:---|
| Sector Allocation  | % of <br> Net Assets  |
| Industrials | 20.7% |
| Technology | 19.9% |
| Financial Services | 14.2% |
| Health Care | 12.5% |
| Materials | 8.5% |
| Real Estate | 7.2% |
| Consumer Discretionary | 6.4% |
| Utilities | 4.4% |
| Energy | 2.4% |
| Consumer Staples | 2.3% |
| Communications | 1.3% |
| Cash Equivalents | 0.2% |
| Other: |  |
| &nbsp;&nbsp;&nbsp; Net Other Assets (Liabilities)  | 0.0% |
|  | 100.0% |

---

Long-term capital growth is the objective of the Johnson Opportunity Fund, and the primary assets are equity securities of medium sized companies. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any dividends and capital gains. The Fund's performance is after all fees and expenses, whereas the Index does not incur fees or expenses. A shareholder cannot invest directly in the Russell 2500 Index. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Russell Midcap Index is the established benchmark. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

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[**TABLE OF CONTENTS**](#TOC)

Johnson International Fund <sup>Performance Review – December 31, 2022 UNAUDITED</sup>

The Johnson International Fund had a total net return of -13.30% in 2022, outperforming the MSCI ACWI ex-US Index's -16.00% return.

It was a challenging year for global capital markets with geopolitical risks flaring and interest rates rising. A war between Russia and Ukraine along with new COVID restrictions in China frayed global trade and exacerbated the supply chain problems that had been persisting. In the face of high inflation, central banks kept monetary policy tight and interest rates high, pressuring valuation. International stocks outperformed U.S. stocks by the most since 2005 in local currency terms, but a strong dollar negated most of that advantage for unhedged U.S. investors.

The Fund benefitted from a tilt toward developed markets, which outperformed the more volatile emerging markets. An overweight position to Europe and underweight to Asia especially helped relative performance. Even with unfavorable currency headwinds, Europe outperformed the rest of the world's regions given its cheaper valuation and sturdier earnings growth profile. A below benchmark exposure to the China and South Korea markets, which were down more than 20% each, was additive to relative performance.

Sector composition can also impact international versus domestic stock return comparisons. For example, U.S. markets have a Technology weight that is more than two times the foreign market weight in that high growth sector. The largest sector in the international market is Financials, which tends to give foreign stocks more of a value style tilt. That characteristic was in favor in 2022, and the Fund's quality value approach effectively limited exposure to high growth stocks, which were aggressively revalued lower by the market, in favor of stocks with more value appeal.

Energy was a top performing sector throughout 2022. Four of the Fund's top five performing stocks in 2022 were Energy stocks, including Woodside Energy Group Ltd., Equinor ASA, BP plc, and TotalEnergies SE — all with positive returns of 30% or more. Other Fund winners included stocks within the industries of aerospace & defense, metals & mining, and banks.

Russian oil and gas companies, Lukoil and Gazprom, were the Fund's worst performers as the war in Ukraine led to severe sanctions being placed on Russia by a coalition of Western countries. Unfortunately, this quickly erased most of the market value from those holdings. Additional bottom performers included consumer product stocks and Taiwan semiconductor stocks.

International equities offer a compelling relative valuation opportunity for global investors with a P/E ratio that is trading at approximately a 30% discount to the U.S. market and a dividend yield that is more than 100 basis points higher. To capitalize on this valuation gap and sustain the performance advantage that began in the fourth quarter of 2022, international investors would likely need to see weakness in the U.S. Dollar and positive relative earnings growth. Given a volatile geopolitical environment and rising global economic risk, valuation might be an important factor as risk continues to be repriced.

![[MISSING IMAGE: lc_intnatfund-bw.jpg]](lc_intnatfund-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | International Fund  | MSCI ACWI ex US Index  |
| One Year | -13.30% | -16.00% |
| Three Years  | 0.55% | 0.07% |
| Five Years | 1.85% | 0.88% |
| Ten Years | 3.75% | 3.80% |

---

---

| | |
|:---|:---|
| **Asset Allocation by Country\*\***  | **as of December 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
| Japan | 14.06% | Australia | 3.41% |
| United Kingdom  | 11.24% | Taiwan | 3.27% |
| Canada | 9.51% | India | 2.93% |
| France | 9.00% | Brazil | 2.69% |
| Switzerland | 8.64% | Mexico | 2.62% |
| Other\* | 7.89% | South Africa  | 2.17% |
| China | 6.81% | Denmark | 2.14% |
| Germany | 6.46% | South Korea  | 1.90% |
| Hong Kong | 3.71% | Spain | 1.55% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Countries in "Other" category include: Belgium, Israel, Italy, Netherlands, Norway, Philippines, Singapore, and Sweden.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The percentages in this table are based on the Fund's total investments.

Long-term capital growth is the objective of the Johnson International Fund, and the primary assets are equity securities of foreign companies traded on U.S. exchanges and ADRs (American Depository Receipts). The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any dividends and capital gains. The Fund's performance is after all fees and expenses, whereas neither Index incurs fees nor expenses. A shareholder cannot invest directly in the MSCI ACWI ex US Index. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The MSCI ACWI ex US Index is the primary benchmark. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

------

[**TABLE OF CONTENTS**](#TOC)

Johnson Fixed Income Fund <sup>Performance Review – December 31, 2022 UNAUDITED</sup>

The Johnson Fixed Income Fund provided a total return of -14.21% during 2022, compared to a -13.01% return for the Bloomberg US Aggregate Bond Index.

Bond markets were dominated by Federal Reserve ("Fed") policy during 2022 as persistently high inflation led to a swift and aggressive response from policy makers. The Fed increased the Federal Funds rate 425 basis points (4.25%) during the year to the highest level since 2007. While interest rates moved sharply higher across all maturities during 2022, a divergence between short-term and long-term rates emerged during the second half of the year. As the Fed continued to push forward with increasing short-term rates, concerns over a slowing economy caused long-term interest rates to moderate, resulting in the deepest inversion of the yield curve since 2000. As a result, the 10-year Treasury rose 273 basis points to a peak of 4.24% during October before settling at 3.88% at year end. Overall, the Fund's modestly longer duration relative to its benchmark was a slight headwind to performance during the year. This was partially offset, however, by the Fund's more barbelled yield curve exposure, which benefited from yield curve flattening.

While the rapid increase in interest rates drove much of the discussion during 2022, the more surprising story was the positive correlation between interest rates and risk assets. Credit spreads widened considerably during the first part of 2022, peaking at 165 basis points in October. However, softer than expected inflation readings during the final quarter of the year helped reassure the market that the Fed may slow its pace of tightening. As a result, interest rates fell, and credit spreads narrowed. Despite finishing the year with a positive tone, corporate bond spreads still closed the year 38 basis points wider. As a result, the Fund's emphasis on corporate bonds relative to its benchmark was a headwind to relative performance but was partially offset by positive security selection. Finally, Agency Mortgage-backed Securities ("MBS") posted their worst annual excess returns since the Great Financial Crisis. As a result, our underweight to the MBS sector was a tailwind to performance.

Despite the worst year on record for the Bloomberg Aggregate Bond Index, investors have plenty to be optimistic about. Yields on most bond indices finished the year at or near their highest levels since 2008. As a result, bonds should be well positioned to regain their position as a reliable hedge to riskier assets and once again provide investors with meaningful current income. While higher interest rates have improved the outlook for fixed income returns, 2023 will likely lead to a renewed focus on credit risk as the lagged impacts of tighter monetary policy take hold on the economy. As credit spreads tightened throughout the fourth quarter, the Fund sought to actively reduce weight in tighter trading corporate bonds in order to position the portfolio with a more defensive stance. Finally, as economic growth continues to slow, the Fund remains modestly long duration relative to the benchmark to serve as an additional hedge to the possibility credit spreads may widen further. As we enter a new phase of the market cycle in 2023, the Fund's quality-focused investment discipline should be well positioned to withstand ongoing uncertainty.

![[MISSING IMAGE: lc_fixcomfund-bw.jpg]](lc_fixcomfund-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Fixed <br> Income Fund  | Bloomberg <br> Aggregate Bond <br> Index  |
| One Year | -14.21% | -13.01% |
| Three Years | -3.24% | -2.71% |
| Five Years | -0.48% | 0.02% |
| Ten Years | 0.80% | 1.06% |

---

 **Holdings by Industry Sector** 

<br> ---

| | |
|:---|:---|
| Sector Allocation  | % of <br> Net Assets  |
| US Govt Treasury Obligations | 28.2% |
| Bank & Finance | 21.3% |
| Industrial | 18.5% |
| US Agency Obligations Mortgage Backed | 16.0% |
| Utilities | 11.7% |
| Taxable Municipal | 2.5% |
| Preferred Stocks | 0.7% |
| Cash Equivalents | 0.5% |
| Other: |  |
| &nbsp;&nbsp;&nbsp; Net Other Assets (Liabilities)  | 0.6% |
|  | 100.0% |

---

A high level of income over the long term consistent with preservation of capital is the objective of the Johnson Fixed Income Fund, and the primary assets are investment-grade fixed income securities. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any income and capital gains. The Fund's performance is after all fees and expenses, whereas the Index does not incur fees or expenses. A shareholder cannot invest directly in the Bloomberg Aggregate Bond Index. The Bloomberg Aggregate Bond Index is the benchmark. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

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[**TABLE OF CONTENTS**](#TOC)

Johnson Municipal Income Fund <sup>Performance Review – December 31, 2022 UNAUDITED</sup>

The Johnson Municipal Income Fund provided a total return of -8.10% during 2022 compared to -8.53% for the Bloomberg Barclays Municipal Bond Index.

After rising slightly throughout 2021, municipal bond yields rose sharply across every tenor of the curve in 2022 as the Federal Reserve ("Fed") embarked on an aggressive rate-hiking path to restore price stability and tame inflation, increasing the Federal Funds rate 425 basis points (4.25%) during the year to the highest level since 2007. Tax-exempt municipal bonds outperformed other fixed-income products as municipal bond yields rose to a lesser degree relative to U.S. treasury yields. However, municipal bond mutual funds experienced their largest outflow cycle since 1992 as outflows surpassed $150 billion, a result of rising interest rate fears along with tax-loss harvesting activity. New municipal bond issuance in 2022 remained below that of 2021 along with the trailing five-year average as issuers were reluctant to issue debt amidst the volatile interest rate environment and lackluster investor demand. Lowest quality issuers and longer maturity bonds underperformed the general market as investors sought to insulate portfolios from adverse rate and spread moves. As a result, the Fund's focus on higher-quality securities along with its shorter duration positioning relative to its benchmark contributed to its outperformance during the year. Despite the underperformance of low-quality bonds, we maintain a high-quality focus as these securities remain expensive relative to prior periods.

Investor sentiment regarding municipal credit health remained optimistic thanks to the tailwinds of strong tax revenue collection growth from pre-pandemic levels, a resilient housing market, and strong labor market. However, there does remain a degree of uncertainty for lower quality and economically sensitive revenue-dependent municipal issuers as weakening economic conditions and higher interest rates could result in a slowing of revenue collections, which would put pressure on municipal credit health. States' balance sheets remain robust while other municipalities have enjoyed boosts to tax-revenue collections, well positioning higher quality municipalities for a potential economic slowdown. The Fund avoids economically sensitive securities by maintaining a strict focus on high quality municipal issuers. Over 68% of the Fund is rated AA or higher. Furthermore, the Fund is diversified by issuer and sector. Approximately 23% of the Fund's assets are issued in states other than Ohio.

2022 was a year of transition as markets digested policy makers' rapid change from the pandemic's ultra-easy monetary policy to tightening policy in the face of persistent inflation. Looking forward to next year, higher interest rates have improved the outlook for fixed income returns, and inflation risk is likely to give way to economic risk as investors assess the impact of aggressive monetary policy tightening on the economy. And as we enter a new phase of the cycle in 2023, we continue to position portfolios modestly long duration relative to the benchmark and reiterate our discipline to remain overweight high-quality bonds in stable cash flow sectors to limit the Fund's exposure to spread volatility and to withstand any ongoing economic uncertainty. We believe bonds are well positioned to regain their position as a reliable hedge to risk assets and once again provide investors with meaningful current income.

![[MISSING IMAGE: lc_munifund-bw.jpg]](lc_munifund-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Municipal <br> Income <br> Fund  | Bloomberg <br> Municipal Bond <br> Index  | Bloomberg <br> Municipal Bond: <br> 5 Year GO Index  |
| One Year | -8.10% | -8.53% | -5.02% |
| Three Years  | -1.04% | -0.77% | -0.22% |
| Five Years | 0.65% | 1.25% | 1.27% |
| Ten Years | 1.26% | 2.13% | 1.46% |

---

![[MISSING IMAGE: bc_munifund-bw.jpg]](bc_munifund-bw.jpg)

 **Holdings by State of Issuance** 

<br> ---

| | | | |
|:---|:---|:---|:---|
| Ohio | 77.20% | Pennsylvania | 0.90% |
| Kentucky | 5.80% | Florida | 0.60% |
| Missouri | 3.50% | South Carolina  | 0.60% |
| N/A | 2.50% | Alabama | 0.50% |
| Colorado | 2.20% | Georgia | 0.50% |
| Indiana | 1.70% | Virginia | 0.50% |
| Washington | 1.50% | Michigan | 0.40% |
| Texas | 1.30% | North Dakota | 0.30% |

---

A high level of federally tax-free income over the long term consistent with preservation of capital is the objective of the Johnson Municipal Income Fund, and the primary assets are intermediate term Ohio municipal bonds. The data on this page is unaudited and represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any income and capital gains. The Fund's performance is after all fees and expenses, whereas the Index does not incur fees or expenses. A shareholder cannot invest directly in the Bloomberg Municipal Bond Index nor in the Bloomberg Municipal Bond Five Year GO Index. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Barclays Capital Municipal Bond Index is the primary benchmark, and the Barclays Capital Five Year General Obligation Municipal Bond Index is a supplementary index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

------

[**TABLE OF CONTENTS**](#TOC)

EQUITY INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | |
|:---|:---|:---|
| **Common Stocks**  | **Shares**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Alphabet Inc. – Class A\*  | 126812 | $11188623 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. – Class A  | 177800 | 6217666 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co.\*  | 44850 | 3896568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.9% – Total For Communication Services*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.9% – Total For Communication Services*** | **$*21302857***  |
| &nbsp;&nbsp;&nbsp; Lowe's Companies Inc.  | 57000 | 11356680 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp.  | 45100 | 11885203 |
| &nbsp;&nbsp;&nbsp; Nike Inc. – Class B  | 58599 | 6856669 |
| &nbsp;&nbsp;&nbsp; TJX Companies Inc.  | 145385 | 11572646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.6% – Total For Consumer Discretionary*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.6% – Total For Consumer Discretionary*** | **$*41671198***  |
| &nbsp;&nbsp;&nbsp; Coca Cola Co.  | 208920 | 13289401 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp.  | 47000 | 11573750 |
| &nbsp;&nbsp;&nbsp; Pepsico Inc.  | 35200 | 6359232 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co.  | 36690 | 5560736 |
| &nbsp;&nbsp;&nbsp; Unilever PLC ADR  | 225000 | 11328750 |
| &nbsp;&nbsp;&nbsp; Walmart Inc.  | 75555 | 10712944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.7% – Total For Consumer Staples*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.7% – Total For Consumer Staples*** | **$*58824813***  |
| &nbsp;&nbsp;&nbsp; Chevron Corp.  | 76260 | 13687907 |
| &nbsp;&nbsp;&nbsp; Williams Companies Inc.  | 425000 | 13982500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***5.0% – Total For Energy*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***5.0% – Total For Energy*** | **$*27670407***  |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd.  | 356550 | 19314313 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp.  | 76000 | 11024560 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies Inc.  | 71800 | 11881464 |
| &nbsp;&nbsp;&nbsp; Nasdaq Inc.  | 169300 | 10386555 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC  | 50070 | 12246121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.7% – Total For Financial Services*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.7% – Total For Financial Services*** | **$*64853013***  |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories  | 110018 | 12078876 |
| &nbsp;&nbsp;&nbsp; Danaher Corp.  | 64943 | 17237171 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC  | 146336 | 11373234 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc.  | 23300 | 12353194 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings  | 98600 | 12571500 |
| &nbsp;&nbsp;&nbsp; Zoetis Inc.  | 76192 | 11165938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.9% – Total For Health Care*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.9% – Total For Health Care*** | **$*76779913***  |
| &nbsp;&nbsp;&nbsp; Amphenol Corp – Class A  | 150800 | 11481912 |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc.  | 53350 | 11432905 |
| &nbsp;&nbsp;&nbsp; Hubbell Inc.  | 22800 | 5350704 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works Inc.  | 52000 | 11455600 |
| &nbsp;&nbsp;&nbsp; Nordson Corp.  | 53700 | 12765564 |
| &nbsp;&nbsp;&nbsp; nVent Electric PLC  | 288300 | 11090901 |
| &nbsp;&nbsp;&nbsp; Waste Management Inc.  | 68600 | 10761968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.5% – Total For Industrials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.5% – Total For Industrials*** | **$*74339554***  |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc.  | 69495 | 8738301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.6% – Total For Materials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.6% – Total For Materials*** | **$*8738301***  |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks**  | **Shares**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Accenture PLC – Class A  | 41790 | $11151244 |
| &nbsp;&nbsp;&nbsp; Adobe Inc.\*  | 33960 | 11428559 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc.  | 108000 | 17715240 |
| &nbsp;&nbsp;&nbsp; Apple Inc.  | 85260 | 11077832 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services Inc.  | 158500 | 10754225 |
| &nbsp;&nbsp;&nbsp; Intuit Inc.  | 27850 | 10839777 |
| &nbsp;&nbsp;&nbsp; Mastercard Inc.- Class A  | 32350 | 11249065 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp.  | 70170 | 16828169 |
| &nbsp;&nbsp;&nbsp; S&P Global Inc  | 34757 | 11641510 |
| &nbsp;&nbsp;&nbsp; VISA Inc. – Class A  | 83900 | 17431064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.6% – Total For Technology*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.6% – Total For Technology*** | **$*130116685***  |
| &nbsp;&nbsp;&nbsp; American Tower Corp.  | 54987 | 11649546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.1% – Total For Real Estate*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.1% – Total For Real Estate*** | **$*11649546***  |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp.  | 213865 | 11807487 |
| &nbsp;&nbsp;&nbsp; American Electric Power  | 191000 | 18135450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***5.4% – Total For Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***5.4% – Total For Utilities*** | **$*29942937***  |
| **Total Common Stocks 99.0%** | **Total Common Stocks 99.0%** | $**545889224** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $425,581,132)*  |  |  |
| **<u>Cash Equivalents</u>** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligation Fund, Class Z\*\*  | 5031883 | 5031883 |
| **Total Cash Equivalents 0.9%** | **Total Cash Equivalents 0.9%** | $**5031883** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $5,031,883)*  |  |  |
| **Total Portfolio Value 99.9%** | **Total Portfolio Value 99.9%** | $**550921107** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $430,613,015)*  |  |  |
| &nbsp;&nbsp;&nbsp; Assets in Excess of Other Liabilities 0.1%  | &nbsp;&nbsp;&nbsp; Assets in Excess of Other Liabilities 0.1%  | $**349187**  |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | $**551270294** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 4.05%.

ADR – American Depositary Receipt

PLC – Public Liability Company

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

------

[**TABLE OF CONTENTS**](#TOC)

OPPORTUNITY FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | |
|:---|:---|:---|
| **Common Stocks**  | **Shares**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; New York Times Co – Class A  | 46600 | $1512636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.3% – Total For Communications*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.3% – Total For Communications*** | **$*1512636***  |
| &nbsp;&nbsp;&nbsp; BorgWarner Inc.  | 19600 | 788900 |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings Inc.  | 13600 | 946968 |
| &nbsp;&nbsp;&nbsp; LKQ Corp.  | 40100 | 2141741 |
| &nbsp;&nbsp;&nbsp; NVR Inc.  | 350 | 1614403 |
| &nbsp;&nbsp;&nbsp; Steven Madden LTD  | 20500 | 655180 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma Inc.  | 10900 | 1252628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.4% – Total For Consumer Discretionary*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.4% – Total For Consumer Discretionary*** | **$*7399820***  |
| &nbsp;&nbsp;&nbsp; BJs Wholesale Club Holdings Inc.\*  | 28700 | 1898792 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Product Inc.  | 26800 | 803464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.3% – Total For Consumer Staples*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.3% – Total For Consumer Staples*** | **$*2702256***  |
| &nbsp;&nbsp;&nbsp; DT Midstream  | 25000 | 1381500 |
| &nbsp;&nbsp;&nbsp; World Fuel Services Corp.  | 48500 | 1325505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.4% – Total For Energy*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.4% – Total For Energy*** | **$*2707005***  |
| &nbsp;&nbsp;&nbsp; American Financial Group Inc.  | 15000 | 2059200 |
| &nbsp;&nbsp;&nbsp; Arrow Financial Corp.  | 53978 | 1829854 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd.  | 36700 | 1988039 |
| &nbsp;&nbsp;&nbsp; Diamond Hill Investment Group Inc.  | 4900 | 906598 |
| &nbsp;&nbsp;&nbsp; Everest Re Group Ltd.  | 6500 | 2153255 |
| &nbsp;&nbsp;&nbsp; Farmers National Banc Corp.  | 130400 | 1841248 |
| &nbsp;&nbsp;&nbsp; SEI Investments Co.  | 35100 | 2046330 |
| &nbsp;&nbsp;&nbsp; Signature Bank  | 11700 | 1348074 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp.  | 26300 | 2222876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.2% – Total For Financial Services*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.2% – Total For Financial Services*** | **$*16395474***  |
| &nbsp;&nbsp;&nbsp; Catalent Inc.\*  | 20200 | 909202 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International Inc.\*  | 5500 | 1198450 |
| &nbsp;&nbsp;&nbsp; Chemed Corp.  | 4200 | 2143806 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical Inc.\*  | 81400 | 1888480 |
| &nbsp;&nbsp;&nbsp; Globus Medical Inc. – Class A\*  | 26100 | 1938447 |
| &nbsp;&nbsp;&nbsp; LeMaitre Vascular Inc.  | 28100 | 1293162 |
| &nbsp;&nbsp;&nbsp; Repligen Corp.  | 9900 | 1676169 |
| &nbsp;&nbsp;&nbsp; Universal Health Services Inc. – Class B  | 13400 | 1887926 |
| &nbsp;&nbsp;&nbsp; US Physical Therapy Inc.  | 18400 | 1490952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***12.5% – Total For Health Care*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***12.5% – Total For Health Care*** | **$*14426594***  |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services Inc.\*  | 20000 | 2056400 |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies Inc.  | 19700 | 2482791 |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA Inc.  | 7200 | 828576 |
| &nbsp;&nbsp;&nbsp; Donaldson Company Inc.  | 29100 | 1713117 |
| &nbsp;&nbsp;&nbsp; Gorman-Rupp Co.  | 50500 | 1293810 |
| &nbsp;&nbsp;&nbsp; Hubbell Inc.  | 4800 | 1126464 |
| &nbsp;&nbsp;&nbsp; IDEX Corp.  | 6900 | 1575477 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks**  | **Shares**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Littelfuse Inc.  | 6900 | $1519380 |
| &nbsp;&nbsp;&nbsp; Nordson Corp.  | 9300 | 2210796 |
| &nbsp;&nbsp;&nbsp; nVent Electric PLC  | 54300 | 2088921 |
| &nbsp;&nbsp;&nbsp; Siteone Landscape Supply  | 10700 | 1255324 |
| &nbsp;&nbsp;&nbsp; A.O. Smith Corp.  | 36200 | 2072088 |
| &nbsp;&nbsp;&nbsp; Watsco Inc.  | 6700 | 1670980 |
| &nbsp;&nbsp;&nbsp; Watts Water Tech Inc. – Class A  | 12500 | 1827875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***20.7% – Total For Industrials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***20.7% – Total For Industrials*** | **$*23721999***  |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp.  | 11600 | 2099600 |
| &nbsp;&nbsp;&nbsp; H.B. Fuller Co.  | 22300 | 1597126 |
| &nbsp;&nbsp;&nbsp; Hawkins Inc.  | 40000 | 1544000 |
| &nbsp;&nbsp;&nbsp; RPM International Inc.  | 15600 | 1520220 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co.  | 26700 | 1620957 |
| &nbsp;&nbsp;&nbsp; UFP Industries Inc.  | 18000 | 1426500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.5% – Total For Materials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.5% – Total For Materials*** | **$*9808403***  |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd.  | 14200 | 1290780 |
| &nbsp;&nbsp;&nbsp; Bentley Systems Inc.  | 34800 | 1286208 |
| &nbsp;&nbsp;&nbsp; Black Knight Inc.\*  | 18800 | 1160900 |
| &nbsp;&nbsp;&nbsp; Blackbaud Inc.\*  | 23800 | 1400868 |
| &nbsp;&nbsp;&nbsp; CACI International Inc.\*  | 5300 | 1593127 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp.\*  | 2100 | 1257018 |
| &nbsp;&nbsp;&nbsp; Globant S.A\*  | 4800 | 807168 |
| &nbsp;&nbsp;&nbsp; ICF International Inc.  | 8700 | 861735 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Assoc. Inc.  | 8400 | 1474704 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings Inc.  | 19700 | 2072243 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings Inc.\*  | 14700 | 766899 |
| &nbsp;&nbsp;&nbsp; Maximus Inc.  | 22800 | 1671924 |
| &nbsp;&nbsp;&nbsp; On Semiconductor Corp.\*  | 17300 | 1079001 |
| &nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\*  | 6900 | 1340394 |
| &nbsp;&nbsp;&nbsp; PTC Inc.\*  | 9200 | 1104368 |
| &nbsp;&nbsp;&nbsp; Sapiens International Corp  | 71000 | 1312080 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies Inc.\*  | 5000 | 1612050 |
| &nbsp;&nbsp;&nbsp; Wex Inc.\*  | 4900 | 801885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***19.9% – Total For Technology*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***19.9% – Total For Technology*** | **$*22893352***  |
| &nbsp;&nbsp;&nbsp; Camden Property Trust  | 6400 | 716032 |
| &nbsp;&nbsp;&nbsp; Community Healthcare Trust  | 49300 | 1764940 |
| &nbsp;&nbsp;&nbsp; Equity Lifestyle Properties Inc.  | 24600 | 1589160 |
| &nbsp;&nbsp;&nbsp; Jones Lange Lasalle Inc.  | 8800 | 1402456 |
| &nbsp;&nbsp;&nbsp; National Retail Properties Inc.  | 34400 | 1574144 |
| &nbsp;&nbsp;&nbsp; Stag Industrial Inc.  | 37400 | 1208394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.2% – Total For Real Estate*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.2% – Total For Real Estate*** | **$*8255126***  |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp.  | 14500 | 1625015 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co.  | 32200 | 1577800 |
| &nbsp;&nbsp;&nbsp; Unitil Corp.`  | 35700 | 1833552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.4% – Total For Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.4% – Total For Utilities*** | **$*5036367***  |
| **Total Common Stocks 99.8%** | **Total Common Stocks 99.8%** | $**114859032** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $101,589,286)*  | &nbsp;&nbsp;&nbsp; *(Identified Cost $101,589,286)*  |  |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

OPPORTUNITY FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Fair Value**  |
| **<u>Cash Equivalents</u>** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligation Fund, Class Z\*\*  | 240560 | $240560 |
| **Total Cash Equivalents 0.2%** | **Total Cash Equivalents 0.2%** | $**240560** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $240,560)*  | &nbsp;&nbsp;&nbsp; *(Identified Cost $240,560)*  |  |
| **Total Portfolio Value 100.0%** | **Total Portfolio Value 100.0%** | $**115099592** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $101,829,846)*  | &nbsp;&nbsp;&nbsp; *(Identified Cost $101,829,846)*  |  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets (0.0)%  | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets (0.0)%  | $(7876) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | $**115091716** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 4.05%.

ADR – American Depositary Receipt

PLC – Public Liability Company

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

------

[**TABLE OF CONTENTS**](#TOC)

INTERNATIONAL FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | |
|:---|:---|:---|
| **Preferred Stocks**  | **Shares**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA ADR  | 24800 | $116808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***0.5% – Total For Financial Services*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***0.5% – Total For Financial Services*** | **$*116808***  |
| &nbsp;&nbsp;&nbsp; **Total Preferred Stocks 0.5%** | &nbsp;&nbsp;&nbsp; **Total Preferred Stocks 0.5%** | $**116808** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(Identified Cost $129,573)*  |  |  |
| **<u>Common Stocks</u>** |  |  |
| &nbsp;&nbsp;&nbsp; Baidu, Inc. ADR\*  | 1200 | 137256 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG ADR  | 7100 | 141858 |
| &nbsp;&nbsp;&nbsp; KDDI Corp. ADR  | 22600 | 341486 |
| &nbsp;&nbsp;&nbsp; Orange ADR  | 7500 | 74100 |
| &nbsp;&nbsp;&nbsp; PLDT Inc. ADR  | 5600 | 127680 |
| &nbsp;&nbsp;&nbsp; Publicis Groupe SA ADR  | 27800 | 441186 |
| &nbsp;&nbsp;&nbsp; RTL Group SA ADR  | 15000 | 63138 |
| &nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. ADR  | 4600 | 94714 |
| &nbsp;&nbsp;&nbsp; Telenor ASA ADR  | 9600 | 89160 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. ADR  | 6800 | 288048 |
| &nbsp;&nbsp;&nbsp; WPP PLC ADR  | 1800 | 88488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.8% – Total For Communications*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.8% – Total For Communications*** | **$*1887114***  |
| &nbsp;&nbsp;&nbsp; Adidas AG ADR  | 600 | 40644 |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holdings ADR\*  | 1600 | 140944 |
| &nbsp;&nbsp;&nbsp; Bridgestone ADR  | 8200 | 144566 |
| &nbsp;&nbsp;&nbsp; Bunzl PLC ADR  | 7700 | 254561 |
| &nbsp;&nbsp;&nbsp; CIE Financiere Richemont AG ADR  | 22000 | 283580 |
| &nbsp;&nbsp;&nbsp; Daimler AG ADR  | 3600 | 235440 |
| &nbsp;&nbsp;&nbsp; Daimler Truck AG ADR\*  | 2200 | 33858 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. ADR  | 5500 | 125730 |
| &nbsp;&nbsp;&nbsp; JD.com Inc. ADR\*  | 1700 | 95421 |
| &nbsp;&nbsp;&nbsp; Magna International Inc.  | 6000 | 337080 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. ADR  | 1100 | 150238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.6% – Total For Consumer Discretionary*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.6% – Total For Consumer Discretionary*** | **$*1842062***  |
| &nbsp;&nbsp;&nbsp; Danone ADR  | 6184 | 65025 |
| &nbsp;&nbsp;&nbsp; Itochu Corp. ADR  | 3700 | 231250 |
| &nbsp;&nbsp;&nbsp; L'Oreal ADR  | 2800 | 199486 |
| &nbsp;&nbsp;&nbsp; Nestle SA ADR  | 2800 | 322952 |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC ADR  | 5900 | 83131 |
| &nbsp;&nbsp;&nbsp; Shoprite Holdings Ltd. ADR  | 32100 | 405423 |
| &nbsp;&nbsp;&nbsp; Unilever PLC ADR  | 9200 | 463220 |
| &nbsp;&nbsp;&nbsp; Wal-Mart De Mexico SAB de CV <br> ADR  | 10600 | 372696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.0% – Total For Consumer Staples*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.0% – Total For Consumer Staples*** | **$*2143183***  |
| &nbsp;&nbsp;&nbsp; BP PLC ADR  | 2298 | 80269 |
| &nbsp;&nbsp;&nbsp; Daqo New Energy Corp.  | 2700 | 104247 |
| &nbsp;&nbsp;&nbsp; Equinor ASA ADR  | 4000 | 143240 |
| &nbsp;&nbsp;&nbsp; Shell PLC F Shares ADR  | 4600 | 261970 |
| &nbsp;&nbsp;&nbsp; Gazprom\*<sup>(a)</sup>  | 14000 | 140 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks**  | **Shares**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; TotalEnergies SE ADR  | 2352 | $146012 |
| &nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd.  | 7599 | 183972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.3% – Total For Energy*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.3% – Total For Energy*** | **$*919850***  |
| &nbsp;&nbsp;&nbsp; Admiral Group PLC ADR  | 8200 | 208444 |
| &nbsp;&nbsp;&nbsp; Allianz SE ADR  | 10700 | 229515 |
| &nbsp;&nbsp;&nbsp; Banco Bradesco ADR  | 21678 | 62433 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA ADR  | 37155 | 109607 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal  | 1240 | 112344 |
| &nbsp;&nbsp;&nbsp; Barclays PLC ADR  | 15000 | 117000 |
| &nbsp;&nbsp;&nbsp; BNP Paribas ADR  | 4000 | 113880 |
| &nbsp;&nbsp;&nbsp; China Construction Bank ADR  | 23000 | 285660 |
| &nbsp;&nbsp;&nbsp; Deutsche Boerse AG ADR  | 7000 | 120120 |
| &nbsp;&nbsp;&nbsp; Industrial and Commercial Bank <br> Of China Ltd. ADR  | 33800 | 344084 |
| &nbsp;&nbsp;&nbsp; KB Financial Group Inc. ADR  | 2400 | 92784 |
| &nbsp;&nbsp;&nbsp; Legal and General Group PLC ADR  | 5000 | 75550 |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp.  | 7720 | 137725 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc. ADR  | 40000 | 266800 |
| &nbsp;&nbsp;&nbsp; National Australia Bank ADR  | 8700 | 88479 |
| &nbsp;&nbsp;&nbsp; Orix Corp. ADR  | 2450 | 197274 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada  | 1900 | 178638 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc. ADR  | 67600 | 542152 |
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings Inc. ADR  | 18900 | 405027 |
| &nbsp;&nbsp;&nbsp; Toronto Dominion Bank  | 2700 | 174852 |
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. ADR  | 4100 | 187780 |
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group Ltd. ADR  | 3240 | 155018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***19.6% – Total For Financial Services*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***19.6% – Total For Financial Services*** | **$*4205166***  |
| &nbsp;&nbsp;&nbsp; Alcon Inc.  | 3796 | 260216 |
| &nbsp;&nbsp;&nbsp; Astellas Pharma Inc. ADR  | 17600 | 266816 |
| &nbsp;&nbsp;&nbsp; Bayer AG ADR  | 10700 | 137602 |
| &nbsp;&nbsp;&nbsp; Dr. Reddy's Laboratories Ltd. ADR  | 3340 | 172845 |
| &nbsp;&nbsp;&nbsp; Novartis AG ADR  | 2480 | 224986 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk AS ADR  | 3700 | 500758 |
| &nbsp;&nbsp;&nbsp; Roche Holdings Ltd. ADR  | 10500 | 411075 |
| &nbsp;&nbsp;&nbsp; Sanofi ADR  | 2000 | 96860 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. ADR  | 9340 | 145704 |
| &nbsp;&nbsp;&nbsp; Taro Pharmaceuticals Ltd.\*  | 3000 | 87120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.7% – Total For Health Care*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.7% – Total For Health Care*** | **$*2303982***  |
| &nbsp;&nbsp;&nbsp; ABB Ltd. ADR  | 2900 | 88334 |
| &nbsp;&nbsp;&nbsp; Atlas Copco AB ADR  | 28400 | 335120 |
| &nbsp;&nbsp;&nbsp; Accelleron Industries  | 145 | 2958 |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC ADR  | 3800 | 160151 |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co.  | 1400 | 166432 |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

INTERNATIONAL FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | |
|:---|:---|:---|
| **Common Stocks**  | **Shares**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Compass Group PLC ADR  | 6500 | $151255 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE ADR  | 16700 | 466932 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding NV\*  | 2200 | 88836 |
| &nbsp;&nbsp;&nbsp; Siemens AG ADR  | 1800 | 123822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.4% – Total For Industrials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.4% – Total For Industrials*** | **$*1583840***  |
| &nbsp;&nbsp;&nbsp; Air Liquide SA ADR  | 5025 | 142120 |
| &nbsp;&nbsp;&nbsp; BASF SE ADR  | 7400 | 91109 |
| &nbsp;&nbsp;&nbsp; BHP Billiton Ltd. ADR  | 5400 | 335070 |
| &nbsp;&nbsp;&nbsp; Cemex ADR\*  | 30300 | 122715 |
| &nbsp;&nbsp;&nbsp; CIA Siderurcgica NACL ADR  | 57100 | 157596 |
| &nbsp;&nbsp;&nbsp; Newcrest Mining Ltd. ADR  | 10900 | 152600 |
| &nbsp;&nbsp;&nbsp; Nitto Denko Corp. ADR  | 6900 | 198237 |
| &nbsp;&nbsp;&nbsp; Posco ADR  | 4200 | 228774 |
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC ADR  | 1570 | 111784 |
| &nbsp;&nbsp;&nbsp; Vale SA ADR  | 9600 | 162912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.9% – Total For Materials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.9% – Total For Materials*** | **$*1702917***  |
| &nbsp;&nbsp;&nbsp; Cap Gemini SA ADR  | 4000 | 133360 |
| &nbsp;&nbsp;&nbsp; ASML Holdings  | 360 | 196704 |
| &nbsp;&nbsp;&nbsp; CGI Group Inc.\*  | 5100 | 439263 |
| &nbsp;&nbsp;&nbsp; Infosys Ltd. ADR  | 20100 | 362001 |
| &nbsp;&nbsp;&nbsp; Lenovo Group Ltd. ADR  | 24800 | 401512 |
| &nbsp;&nbsp;&nbsp; Open Text Corp.  | 11500 | 340860 |
| &nbsp;&nbsp;&nbsp; Relx PLC ADR  | 4200 | 116424 |
| &nbsp;&nbsp;&nbsp; SAP SE ADR  | 2200 | 227018 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. ADR  | 4500 | 343260 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR  | 4300 | 320307 |
| &nbsp;&nbsp;&nbsp; United Microelectronics ADR  | 55700 | 363721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.1% – Total For Technology*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.1% – Total For Technology*** | **$*3244430***  |
| &nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. ADR  | 27600 | 374532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.7% – Total For Real Estate*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.7% – Total For Real Estate*** | **$*374532***  |
| &nbsp;&nbsp;&nbsp; Enel SpA ADR  | 33700 | 179958 |
| &nbsp;&nbsp;&nbsp; Iberdrola SA ADR  | 5000 | 233800 |
| &nbsp;&nbsp;&nbsp; National Grid PLC ADR  | 1629 | 98261 |
| &nbsp;&nbsp;&nbsp; SSE PLC ADR  | 4000 | 82280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.8% – Total For Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.8% – Total For Utilities*** | **$*594299***  |
| **Total Common Stocks 96.9%** | **Total Common Stocks 96.9%** | $**20801375** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $16,972,036)*  | &nbsp;&nbsp;&nbsp; *(Identified Cost $16,972,036)*  |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares**  | **Fair Value**  |
| **<u>Cash Equivalents</u>** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligation Fund, Class Z\*\*  | 501824 | $501824 |
| **Total Cash Equivalents 2.3%** | **Total Cash Equivalents 2.3%** | $**501824** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $501,824)*  |  |  |
| **Total Portfolio Value 99.7%** | **Total Portfolio Value 99.7%** | $**21420007** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $17,603,433)*  |  |  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.3%  | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.3%  | $54358 |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | $**21474365** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 4.05%.

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This security is currently restricted from trading and is valued using Level 3 inputs as of December 31, 2022.

ADR – American Depositary Receipt

PLC – Public Liability Company

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

------

[**TABLE OF CONTENTS**](#TOC)

FIXED INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
|  ***<u>Corporate Bonds:</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Express Co.  | 1.650% | 11/04/2026 | 2870000 | $2543526 |
| &nbsp;&nbsp;&nbsp; American Express Co.  | 2.550% | 03/04/2027 | 4011000 | 3652645 |
| &nbsp;&nbsp;&nbsp; AON PLC  | 3.500% | 06/14/2024 | 1320000 | 1289072 |
| &nbsp;&nbsp;&nbsp; AON PLC  | 3.750% | 05/02/2029 | 7846000 | 7262564 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | 3.248% | 10/21/2027 | 20000000 | 18484940 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.625% | 05/01/2027 | 2298000 | 2154717 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | 4.300% | 01/16/2024 | 13815000 | 13683150 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares  | 2.550% | 02/04/2030 | 5628000 | 4629345 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares  | 4.443% | 08/04/2028 | 8500000 | 8078783 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares  | 2.625% | 08/06/2024 | 3045000 | 2924089 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co.  | 4.493% | 03/24/2031 | 20555000 | 19222563 |
| &nbsp;&nbsp;&nbsp; Keycorp  | 2.550% | 10/01/2029 | 6430000 | 5416703 |
| &nbsp;&nbsp;&nbsp; Keycorp  | 4.100% | 04/30/2028 | 8300000 | 7891441 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Co. Inc.  | 4.375% | 03/15/2029 | 14237000 | 13761214 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 3.700% | 10/23/2024 | 5154000 | 5034324 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 4.000% | 07/23/2025 | 4500000 | 4397427 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services  | 3.450% | 04/23/2029 | 8500000 | 7789043 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services  | 3.900% | 04/29/2024 | 5991000 | 5920252 |
| &nbsp;&nbsp;&nbsp; Prologis Inc.  | 3.875% | 09/15/2028 | 3470000 | 3282308 |
| &nbsp;&nbsp;&nbsp; Suntrust Banks Inc.  | 4.000% | 05/01/2025 | 3000000 | 2936979 |
| &nbsp;&nbsp;&nbsp; Truist Bank  | 2.250% | 03/11/2030 | 14716000 | 11882199 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | 3.000% | 07/30/2029 | 19180000 | 16841306 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | 4.967% | 07/22/2033 | 2000000 | 1901198 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | 4.100% | 06/03/2026 | 9500000 | 9179033 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | 4.300% | 07/22/2027 | 9600000 | 9245933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***21.3% – Total For Corporate Bonds: Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***21.3% – Total For Corporate Bonds: Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***21.3% – Total For Corporate Bonds: Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***21.3% – Total For Corporate Bonds: Bank and Finance*** | **$*189404754***  |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co.  | 3.700% | 06/06/2027 | 9500000 | 8986544 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co.  | 2.823% | 05/20/2030 | 1000000 | 857199 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  | 3.750% | 04/01/2030 | 4000000 | 3630220 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  | 4.300% | 03/25/2028 | 10898000 | 10541156 |
| &nbsp;&nbsp;&nbsp; Dover Corp.  | 2.950% | 11/04/2029 | 8323000 | 7234368 |
| &nbsp;&nbsp;&nbsp; Dover Corp.  | 3.150% | 11/15/2025 | 2802000 | 2667751 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co.  | 1.800% | 10/15/2027 | 5690000 | 4972024 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co.  | 1.950% | 10/15/2030 | 1000000 | 809699 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co.  | 2.200% | 12/21/2031 | 6000000 | 4850178 |
| &nbsp;&nbsp;&nbsp; Enterprise Products  | 4.150% | 10/16/2028 | 11617000 | 10999673 |
| &nbsp;&nbsp;&nbsp; Home Depot Inc.  | 3.250% | 04/15/2032 | 10570000 | 9395810 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC  | 3.900% | 02/14/2026 | 5430000 | 5270450 |
| &nbsp;&nbsp;&nbsp; Kroger Co.  | 2.200% | 05/01/2030 | 1000000 | 809162 |
| &nbsp;&nbsp;&nbsp; Kroger Co.  | 3.500% | 02/01/2026 | 8850000 | 8448325 |
| &nbsp;&nbsp;&nbsp; Lowes Cos. Inc.  | 4.500% | 04/15/2030 | 15817000 | 15157036 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp.  | 3.600% | 07/01/2030 | 11000000 | 10092489 |
| &nbsp;&nbsp;&nbsp; Roper Technologies Inc.  | 2.950% | 09/15/2029 | 11360000 | 9852164 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp.  | 2.250% | 03/12/2030 | 2621000 | 2177259 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp.  | 3.550% | 08/15/2029 | 15000000 | 13826325 |
| &nbsp;&nbsp;&nbsp; Verizon Communication Inc.  | 4.016% | 12/03/2029 | 18390000 | 17210337 |
| &nbsp;&nbsp;&nbsp; Xylem Inc.  | 1.950% | 01/30/2028 | 1535000 | 1318909 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co.  | 3.800% | 03/22/2030 | 17000000 | 15821679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***18.5% – Total For Corporate Bonds: Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***18.5% – Total For Corporate Bonds: Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***18.5% – Total For Corporate Bonds: Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***18.5% – Total For Corporate Bonds: Industrial*** | **$*164928757***  |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

FIXED INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co.  | 3.250% | 04/15/2028 | 2000000 | $1853214 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co.  | 3.700% | 07/15/2030 | 2900000 | 2654773 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | 2.450% | 06/01/2030 | 11000000 | 9056036 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | 2.650% | 09/01/2026 | 6000000 | 5543124 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 1.650% | 08/15/2030 | 232000 | 180457 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 3.300% | 01/15/2028 | 6440000 | 5940443 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 4.250% | 04/01/2029 | 11229000 | 10611529 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.  | 2.200% | 09/15/2024 | 260000 | 247798 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.  | 2.650% | 09/15/2029 | 17141000 | 14614948 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 2.300% | 06/01/2030 | 4920000 | 4003099 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 3.400% | 08/15/2025 | 1000000 | 953268 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 4.100% | 09/26/2028 | 11880000 | 11308786 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 2.400% | 03/15/2030 | 15950000 | 13249537 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 3.400% | 02/07/2028 | 335000 | 310577 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 2.950% | 11/15/2026 | 2550000 | 2382896 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 3.500% | 03/15/2027 | 2845000 | 2694878 |
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc.  | 3.300% | 06/01/2025 | 1201000 | 1152496 |
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc.  | 3.400% | 06/01/2030 | 3750000 | 3344797 |
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc.  | 4.000% | 06/15/2028 | 15182000 | 14542428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.7% – Total For Corporate Bonds: Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.7% – Total For Corporate Bonds: Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.7% – Total For Corporate Bonds: Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.7% – Total For Corporate Bonds: Utilities*** | **$*104645084***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***51.5% Total For Corporate Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***51.5% Total For Corporate Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***51.5% Total For Corporate Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***51.5% Total For Corporate Bonds*** | $**458978595** |
|  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  |  |  |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.375% | 02/15/2042 | 33000000 | 25214079 |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.500% | 02/15/2045 | 45500000 | 34366741 |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.500% | 05/15/2046 | 23500000 | 17606646 |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.000% | 02/15/2050 | 26625000 | 17676497 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.125% | 11/30/2023 | 16500000 | 16113933 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.250% | 08/15/2027 | 2000000 | 1849844 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 4.000% | 11/15/2032 | 4000000 | 4080000 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 3.125% | 11/15/2028 | 5000000 | 4767190 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 1.500% | 02/15/2030 | 39000000 | 33223125 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 1.375% | 11/15/2031 | 15500000 | 12622812 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.875% | 05/15/2032 | 63000000 | 58078125 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.750% | 08/15/2047 | 32000000 | 25104992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***28.2% – Total For United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***28.2% – Total For United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***28.2% – Total For United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***28.2% – Total For United States Government Treasury Obligations*** | **$*250703984***  |
|  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  |
| &nbsp;&nbsp;&nbsp; FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)\*  | 2.435% | 04/01/2042 | 173755 | 171577 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool 780439 (1 year US T-Note Yield Curve + 2.223%)\*  | 3.223% | 04/01/2033 | 18477 | 18391 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool A89335  | 5.000% | 10/01/2039 | 64024 | 64787 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool C01005  | 8.000% | 06/01/2030 | 565 | 609 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G06616  | 4.500% | 12/01/2035 | 209331 | 206636 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G08068  | 5.500% | 07/01/2035 | 457183 | 469006 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G18642  | 3.500% | 04/01/2032 | 1641491 | 1590167 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G18667  | 3.500% | 10/01/2032 | 818989 | 793382 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G30933  | 4.000% | 01/01/2036 | 7121672 | 6915407 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G31087  | 4.000% | 07/01/2038 | 1203196 | 1171609 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool SC0047  | 3.000% | 01/01/2040 | 13595778 | 12512738 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool ZA3721  | 3.000% | 06/01/2029 | 5109923 | 4923630 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 2877 Class AL  | 5.000% | 10/15/2024 | 17422 | 17349 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 2985 Class GE  | 5.500% | 06/15/2025 | 26450 | 26430 |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

FIXED INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; FHLMC Series 3109 Class ZN  | 5.500% | 02/15/2036 | 677159 | $691041 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 3592 Class BZ  | 5.000% | 10/15/2039 | 440705 | 444058 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 3946 Class LN  | 3.500% | 04/15/2041 | 130737 | 126596 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4105 Class PJ  | 3.500% | 06/15/2041 | 410192 | 397446 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4180 Class ME  | 2.500% | 10/15/2042 | 958453 | 895242 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4287 Class AB  | 2.000% | 12/15/2026 | 452328 | 428959 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4517 Class PC  | 2.500% | 05/15/2044 | 688678 | 646385 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4567 Class LA  | 3.000% | 08/15/2045 | 134092 | 124555 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4582 Class PA  | 3.000% | 11/15/2045 | 1187223 | 1095211 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4689 Class DA  | 3.000% | 07/15/2044 | 339754 | 326742 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4709 Class EA  | 3.000% | 01/15/2046 | 420829 | 396017 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4768 Class GA  | 3.500% | 09/15/2045 | 2405286 | 2324699 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4831 Class BA  | 3.500% | 10/15/2044 | 449387 | 438126 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4906 Class DE  | 2.500% | 09/25/2049 | 3971820 | 3479068 |
| &nbsp;&nbsp;&nbsp; FNMA Pool 725027  | 5.000% | 11/01/2033 | 149934 | 150423 |
| &nbsp;&nbsp;&nbsp; FNMA Pool 725704  | 6.000% | 08/01/2034 | 59553 | 62238 |
| &nbsp;&nbsp;&nbsp; FNMA Pool 888223  | 5.500% | 01/01/2036 | 207296 | 212418 |
| &nbsp;&nbsp;&nbsp; FNMA Pool 995112  | 5.500% | 07/01/2036 | 145440 | 148469 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AA4392  | 4.000% | 04/01/2039 | 363440 | 351935 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL6923  | 3.000% | 05/01/2030 | 3513244 | 3385229 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL9309  | 3.500% | 10/01/2031 | 520156 | 504075 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL9623  | 4.000% | 12/01/2036 | 1689977 | 1645581 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AN8842  | 3.320% | 04/01/2028 | 6000000 | 5682372 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AN9848  | 3.740% | 07/01/2028 | 6438000 | 6184639 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AS5794  | 3.000% | 09/01/2030 | 1026339 | 972333 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AS6548  | 2.500% | 01/01/2031 | 2455252 | 2298092 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AU7025  | 3.000% | 11/01/2043 | 10669555 | 9662296 |
| &nbsp;&nbsp;&nbsp; FNMA Pool BL0752  | 3.650% | 01/01/2029 | 5000000 | 4777545 |
| &nbsp;&nbsp;&nbsp; FNMA Pool BL2935  | 3.150% | 06/01/2029 | 5000000 | 4629100 |
| &nbsp;&nbsp;&nbsp; FNMA Pool BM1971  | 3.500% | 12/01/2035 | 1389552 | 1327637 |
| &nbsp;&nbsp;&nbsp; FNMA Pool BM5003  | 4.000% | 11/01/2042 | 1315138 | 1275862 |
| &nbsp;&nbsp;&nbsp; FNMA Pool CB0114  | 2.500% | 04/01/2041 | 7686586 | 6737669 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM9469  | 4.000% | 08/01/2039 | 3654607 | 3556978 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA0384  | 5.000% | 04/01/2030 | 328967 | 326107 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA2773  | 3.000% | 09/01/2036 | 3373729 | 3107620 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA3186  | 4.000% | 10/01/2037 | 5868515 | 5684965 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA3337  | 4.000% | 04/01/2038 | 1644586 | 1593170 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2003-79 Class NJ  | 5.000% | 08/25/2023 | 18315 | 18248 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2013-6 Class BC  | 1.500% | 12/25/2042 | 260364 | 248017 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2013-75 Class EG  | 3.000% | 02/25/2043 | 272695 | 252504 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2014-04 Class PC  | 3.000% | 02/25/2044 | 1120788 | 1067653 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2014-28 Class PA  | 3.500% | 02/25/2043 | 114808 | 110780 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2015-72 Class GB  | 2.500% | 12/25/2042 | 1289535 | 1213887 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-2 Class PB  | 2.000% | 02/25/2046 | 238178 | 218628 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-39 Class LA  | 2.500% | 03/25/2045 | 552194 | 503610 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-40 Class PA  | 3.000% | 07/25/2045 | 111073 | 102644 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-49 Class PA  | 3.000% | 09/25/2045 | 934544 | 859315 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-64 Class PG  | 3.000% | 05/25/2045 | 2239687 | 2074573 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-79 Class L  | 2.500% | 10/25/2044 | 558792 | 513471 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2018-25 Class P  | 3.500% | 03/25/2046 | 2365479 | 2245897 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2018-67 Class BA  | 4.500% | 03/25/2046 | 1811531 | 1797038 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2020-95 Class GA  | 1.000% | 01/01/2051 | 2598073 | 1980768 |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

FIXED INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; FNMA Series 2022-25 Class KA  | 4.000% | 09/25/2048 | 9650915 | $9249630 |
| &nbsp;&nbsp;&nbsp; GNMA GNR 21-175  | 2.000% | 10/20/2051 | 17425462 | 14710645 |
| &nbsp;&nbsp;&nbsp; GNMA II Pool 2658  | 6.500% | 10/20/2028 | 6253 | 6418 |
| &nbsp;&nbsp;&nbsp; GNMA II Pool 2945  | 7.500% | 07/20/2030 | 683 | 721 |
| &nbsp;&nbsp;&nbsp; GNMA II Pool 4187  | 5.500% | 07/20/2038 | 7533 | 7750 |
| &nbsp;&nbsp;&nbsp; GNMA II Pool 4847  | 4.000% | 11/20/2025 | 54213 | 53124 |
| &nbsp;&nbsp;&nbsp; GNMA Pool 780400  | 7.000% | 12/15/2025 | 515 | 522 |
| &nbsp;&nbsp;&nbsp; GNMA Pool 780420  | 7.500% | 08/15/2026 | 384 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***16.0% – Total For Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***16.0% – Total For Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***16.0% – Total For Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***16.0% – Total For Government Agency Obligations – Mortgage-backed Securities*** | **$*142208851***  |
|  ***<u>Taxable Municipal Bonds</u>*** |  ***<u>Taxable Municipal Bonds</u>*** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cincinnati Children's Hospital Medical Center  | 2.853% | 11/15/2026 | 1085000 | 970142 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority Revenue  | 3.941% | 04/15/2026 | 8000000 | 7699912 |
| &nbsp;&nbsp;&nbsp; Hamilton County Ohio  | 3.374% | 06/01/2034 | 5000000 | 4114255 |
| &nbsp;&nbsp;&nbsp; Kentucky Property and Buildings Commission Revenue  | 6.164% | 08/01/2023 | 273000 | 274537 |
| &nbsp;&nbsp;&nbsp; Pennsylvania State University  | 1.893% | 09/01/2026 | 4635000 | 4198267 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati Ohio General Receipts Revenue  | 2.162% | 06/01/2025 | 2185000 | 2049014 |
| &nbsp;&nbsp;&nbsp; University of Washington Revenue  | 5.400% | 06/01/2036 | 3000000 | 3021060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.5% – Total For Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.5% – Total For Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.5% – Total For Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.5% – Total For Taxable Municipal Bonds*** | **$*22327187***  |
| **Total Fixed Income Securities – Bonds 98.2%** | **Total Fixed Income Securities – Bonds 98.2%** | **Total Fixed Income Securities – Bonds 98.2%** | **Total Fixed Income Securities – Bonds 98.2%** | $**874218617** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $993,132,033)*  |  |  |  |  |
| **<u>Preferred Stocks</u>** | **<u>Preferred Stocks</u>** | **<u>Preferred Stocks</u>** |  |  |
| &nbsp;&nbsp;&nbsp; Allstate Corp.  | 5.100% | 01/15/2053 | 264996 | 6569251 |
| **Total Preferred Stocks 0.7%** | **Total Preferred Stocks 0.7%** | **Total Preferred Stocks 0.7%** | **Total Preferred Stocks 0.7%** | $**6569251** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $6,491,218)*  |  |  |  |  |
| **<u>Cash Equivalents</u>** |  |  | **Shares** |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligation Fund, Class Z\*\*  |  |  | 3980609 | 3980609 |
| **Total Cash Equivalents 0.5%** | **Total Cash Equivalents 0.5%** | **Total Cash Equivalents 0.5%** | **Total Cash Equivalents 0.5%** | $**3980609** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $3,980,609)*  |  |  |  |  |
| **Total Portfolio Value 99.4%** | **Total Portfolio Value 99.4%** | **Total Portfolio Value 99.4%** | **Total Portfolio Value 99.4%** | $**884768477** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $1,003,603,860)*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.6%  | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.6%  | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.6%  | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.6%  | $5831332 |
| **Total Net Assets 100%** | **Total Net Assets 100%** | **Total Net Assets 100%** | **Total Net Assets 100%** | $**890599809** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; the rate shown is as of December 31, 2022.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 4.05%.

ARM – Adjustable Rate Mortgage

FHLB – Federal Home Loan Banks

FHLMC – Federal Home Loan Mortgage Corp.

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

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

------

[**TABLE OF CONTENTS**](#TOC)

MUNICIPAL INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Brecksville Ohio GO Limited  | 4.000% | 12/01/2051 | 1885000 | $1768070 |
| &nbsp;&nbsp;&nbsp; Cincinnati Ohio GO Unlimited  | 4.000% | 12/01/2030 | 685000 | 724497 |
| &nbsp;&nbsp;&nbsp; Cincinnati Ohio GO Unlimited  | 4.000% | 12/01/2032 | 1000000 | 1050870 |
| &nbsp;&nbsp;&nbsp; Columbus Ohio GO Unlimited  | 4.000% | 04/01/2031 | 1000000 | 1047540 |
| &nbsp;&nbsp;&nbsp; Columbus Ohio GO  | 5.000% | 04/01/2032 | 600000 | 673608 |
| &nbsp;&nbsp;&nbsp; Columbus Ohio GO Unlimited  | 5.000% | 04/01/2038 | 750000 | 846960 |
| &nbsp;&nbsp;&nbsp; Columbus Ohio GO Unlimited  | 5.000% | 04/01/2041 | 3120000 | 3503105 |
| &nbsp;&nbsp;&nbsp; Dublin Ohio GO Limited  | 4.000% | 12/01/2028 | 500000 | 517790 |
| &nbsp;&nbsp;&nbsp; Lakewood Ohio GO Limited  | 4.000% | 12/01/2028 | 840000 | 877531 |
| &nbsp;&nbsp;&nbsp; Lakewood Ohio GO Limited  | 4.000% | 12/01/2029 | 300000 | 313425 |
| &nbsp;&nbsp;&nbsp; Lakewood Ohio GO Limited  | 5.000% | 12/01/2036 | 500000 | 538480 |
| &nbsp;&nbsp;&nbsp; Reynoldsburg Ohio GO Limited  | 4.000% | 12/01/2030 | 1000000 | 1055550 |
| &nbsp;&nbsp;&nbsp; Reynoldsburg Ohio GO Limited  | 4.000% | 12/01/2031 | 595000 | 626541 |
| &nbsp;&nbsp;&nbsp; Strongsville Ohio GO Limited  | 4.000% | 12/01/2030 | 350000 | 359216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.3% – Total For General Obligation – City*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.3% – Total For General Obligation – City*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.3% – Total For General Obligation – City*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.3% – Total For General Obligation – City*** | **$*13903183***  |
| &nbsp;&nbsp;&nbsp; Bexar County Texas GO Limited  | 4.000% | 06/15/2037 | 1360000 | 1379584 |
| &nbsp;&nbsp;&nbsp; Butler County Ohio GO Limited  | 5.250% | 12/01/2026 | 1000000 | 1063170 |
| &nbsp;&nbsp;&nbsp; Lorain County Ohio GO Unlimited  | 4.000% | 12/01/2030 | 450000 | 460755 |
| &nbsp;&nbsp;&nbsp; Lucas County Ohio GO Limited  | 4.000% | 10/01/2028 | 1000000 | 1033450 |
| &nbsp;&nbsp;&nbsp; Lucas County Ohio GO Limited  | 4.000% | 10/01/2029 | 605000 | 625261 |
| &nbsp;&nbsp;&nbsp; Summit County Ohio GO Limited  | 4.000% | 12/01/2031 | 500000 | 511745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.7% – Total For General Obligation – County*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.7% – Total For General Obligation – County*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.7% – Total For General Obligation – County*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***2.7% – Total For General Obligation – County*** | **$*5073965***  |
| &nbsp;&nbsp;&nbsp; Ohio GO Unlimited  | 5.000% | 05/01/2031 | 850000 | 894047 |
| &nbsp;&nbsp;&nbsp; Ohio GO Unlimited  | 5.000% | 06/15/2034 | 1000000 | 1123770 |
| &nbsp;&nbsp;&nbsp; Ohio GO Unlimited  | 5.000% | 06/15/2035 | 1000000 | 1115530 |
| &nbsp;&nbsp;&nbsp; Ohio GO Unlimited  | 5.000% | 06/15/2039 | 2000000 | 2183740 |
| &nbsp;&nbsp;&nbsp; Pennsylvania GO Unlimited  | 4.000% | 01/01/2030 | 645000 | 669987 |
| &nbsp;&nbsp;&nbsp; Pennsylvania GO Unlimited  | 4.000% | 03/01/2037 | 1000000 | 1007700 |
| &nbsp;&nbsp;&nbsp; Washington GO Unlimited  | 5.000% | 08/01/2044 | 2000000 | 2173200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.8% – Total For General Obligation – State*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.8% – Total For General Obligation – State*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.8% – Total For General Obligation – State*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.8% – Total For General Obligation – State*** | **$*9167974***  |
| &nbsp;&nbsp;&nbsp; Bowling Green State University Ohio Revenue  | 4.000% | 06/01/2045 | 2830000 | 2663794 |
| &nbsp;&nbsp;&nbsp; Bowling Green State University Ohio Revenue  | 5.000% | 06/01/2030 | 750000 | 816113 |
| &nbsp;&nbsp;&nbsp; Bowling Green State University Ohio Revenue  | 5.000% | 06/01/2031 | 500000 | 544110 |
| &nbsp;&nbsp;&nbsp; Bowling Green State University Ohio Revenue  | 5.000% | 06/01/2032 | 500000 | 544145 |
| &nbsp;&nbsp;&nbsp; Bowling Green State University Ohio Revenue  | 5.000% | 06/01/2037 | 1000000 | 1102980 |
| &nbsp;&nbsp;&nbsp; Butler University Revenue  | 4.000% | 02/01/2029 | 940000 | 978766 |
| &nbsp;&nbsp;&nbsp; Butler University Revenue  | 5.000% | 02/01/2032 | 1065000 | 1196389 |
| &nbsp;&nbsp;&nbsp; Cuyahoga County Ohio Community College GO Unlimited  | 4.000% | 12/01/2033 | 1275000 | 1302413 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Education Facilities Revenue  | 5.000% | 05/01/2032 | 630000 | 694871 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Education Facilities Revenue  | 5.000% | 12/01/2029 | 540000 | 593357 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Education Facilities Revenue  | 5.000% | 11/01/2042 | 1700000 | 1777486 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Education Facilities Revenue  | 5.000% | 05/01/2030 | 570000 | 632808 |
| &nbsp;&nbsp;&nbsp; Denison University Ohio Revenue  | 5.000% | 11/01/2030 | 400000 | 444996 |
| &nbsp;&nbsp;&nbsp; Denison University Ohio Revenue  | 5.000% | 11/01/2033 | 325000 | 358004 |
| &nbsp;&nbsp;&nbsp; Kent State University Ohio Revenue  | 5.000% | 05/01/2031 | 1000000 | 1142860 |
| &nbsp;&nbsp;&nbsp; Kent State University Ohio Revenue  | 5.000% | 05/01/2035 | 2000000 | 2255640 |
| &nbsp;&nbsp;&nbsp; Kent State University Ohio Revenue  | 5.000% | 05/01/2045 | 950000 | 1004568 |
| &nbsp;&nbsp;&nbsp; Miami University Ohio General Receipts Revenue  | 4.000% | 09/01/2036 | 1000000 | 1007690 |
| &nbsp;&nbsp;&nbsp; Miami University Ohio General Receipts Revenue  | 4.000% | 09/01/2045 | 3110000 | 2946924 |
| &nbsp;&nbsp;&nbsp; Miami University Ohio General Receipts Revenue  | 5.000% | 09/01/2031 | 735000 | 786759 |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

MUNICIPAL INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Ohio Higher Education Facilities Revenue – University of Dayton  | 5.000% | 12/01/2036 | 2010000 | $2129856 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Education Facilities Revenue – University of Dayton  | 5.000% | 02/01/2035 | 1350000 | 1473741 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Education Facilities Revenue – University of Dayton  | 5.000% | 02/01/2036 | 1050000 | 1049378 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Education Facilities Revenue – University of Dayton  | 4.000% | 12/01/2033 | 620000 | 630335 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Education Facilities Revenue – Xavier University  | 4.500% | 05/01/2036 | 1000000 | 1013040 |
| &nbsp;&nbsp;&nbsp; University of Akron Ohio General Receipts Revenue  | 5.000% | 01/01/2028 | 410000 | 422501 |
| &nbsp;&nbsp;&nbsp; University of Akron Ohio General Receipts Revenue  | 5.000% | 01/01/2029 | 650000 | 659815 |
| &nbsp;&nbsp;&nbsp; University of Akron Ohio General Receipts Revenue  | 5.000% | 01/01/2029 | 435000 | 456967 |
| &nbsp;&nbsp;&nbsp; University of Akron Ohio General Receipts Revenue  | 5.000% | 01/01/2030 | 720000 | 741989 |
| &nbsp;&nbsp;&nbsp; University of Akron Ohio General Receipts Revenue  | 5.000% | 01/01/2033 | 1000000 | 1045600 |
| &nbsp;&nbsp;&nbsp; University of Akron Ohio General Receipts Revenue  | 5.000% | 01/01/2034 | 400000 | 424624 |
| &nbsp;&nbsp;&nbsp; University of Akron Ohio General Receipts Revenue  | 4.000% | 01/01/2027 | 2050000 | 2092599 |
| &nbsp;&nbsp;&nbsp; University of Akron Ohio General Receipts Revenue  | 5.000% | 01/01/2027 | 350000 | 368008 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati General Receipts Revenue  | 4.000% | 06/01/2036 | 250000 | 250827 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati General Receipts Revenue  | 5.000% | 06/01/2036 | 1250000 | 1365600 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati General Receipts Revenue  | 5.000% | 06/01/2039 | 1250000 | 1294012 |
| &nbsp;&nbsp;&nbsp; University of Dayton Revenue  | 5.000% | 12/01/2036 | 470000 | 498026 |
| &nbsp;&nbsp;&nbsp; University of North Dakota Certificate of Participation  | 4.000% | 06/01/2037 | 555000 | 555655 |
| &nbsp;&nbsp;&nbsp; University of Toledo Revenue  | 5.000% | 06/01/2034 | 1000000 | 1077840 |
| &nbsp;&nbsp;&nbsp; University of Toledo Revenue  | 5.000% | 06/01/2027 | 1590000 | 1726247 |
| &nbsp;&nbsp;&nbsp; University of Toledo Revenue  | 5.000% | 06/01/2031 | 500000 | 573000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***22.4% – Total For Higher Education*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***22.4% – Total For Higher Education*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***22.4% – Total For Higher Education*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***22.4% – Total For Higher Education*** | **$*42644333***  |
| &nbsp;&nbsp;&nbsp; Butler County Ohio Cincinnati Childrens Hospital Medical Center Revenue  | 5.000% | 05/15/2030 | 1005000 | 1131017 |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio Hospital Revenue Nationwide Childrens  | 4.000% | 11/01/2036 | 800000 | 804648 |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio Hospital Revenue Nationwide Childrens  | 5.000% | 11/01/2032 | 500000 | 544575 |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio Hospital Revenue Nationwide Childrens  | 5.000% | 11/01/2048 | 3100000 | 3384363 |
| &nbsp;&nbsp;&nbsp; Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital  | 5.000% | 11/15/2041 | 2410000 | 2664038 |
| &nbsp;&nbsp;&nbsp; Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children's Hospital  | 5.000% | 11/15/2049 | 1300000 | 1390740 |
| &nbsp;&nbsp;&nbsp; Ohio State Hospital Facilities Revenue  | 5.000% | 01/01/2031 | 1000000 | 1099830 |
| &nbsp;&nbsp;&nbsp; Ohio State Hospital Facilities Revenue  | 4.000% | 01/01/2036 | 2100000 | 2133096 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs Economic Dev Auth Hopsital Facilities  | 5.000% | 10/01/2035 | 1000000 | 1094300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.5% – Total For Hospital/Health Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.5% – Total For Hospital/Health Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.5% – Total For Hospital/Health Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***7.5% – Total For Hospital/Health Bonds*** | **$*14246607***  |
| &nbsp;&nbsp;&nbsp; Columbus Ohio Metropolitan Library Special Obligation Revenue  | 5.000% | 12/01/2027 | 500000 | 546335 |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio Convention Facilities Authority Revenue  | 5.000% | 12/01/2028 | 450000 | 499640 |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio Convention Facilities Authority Revenue  | 5.000% | 12/01/2029 | 375000 | 422591 |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio Convention Facilities Authority Revenue  | 5.000% | 12/01/2030 | 600000 | 675936 |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio Convention Facilities Authority Revenue  | 5.000% | 12/01/2032 | 505000 | 566640 |
| &nbsp;&nbsp;&nbsp; Ohio Infrastructure Improvement  | 5.000% | 03/01/2041 | 1500000 | 1675020 |
| &nbsp;&nbsp;&nbsp; Ohio Parks and Recreation Capital Facilities Revenue  | 5.000% | 02/01/2030 | 500000 | 522905 |
| &nbsp;&nbsp;&nbsp; Ohio Parks and Recreation Capital Facilities Revenue  | 5.000% | 12/01/2031 | 710000 | 831034 |
| &nbsp;&nbsp;&nbsp; Ohio Parks and Recreation Capital Facilities Revenue  | 5.000% | 12/01/2029 | 1500000 | 1711320 |
| &nbsp;&nbsp;&nbsp; Ohio Parks and Recreation Capital Facilities Revenue  | 5.000% | 12/01/2035 | 1160000 | 1247638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.6% – Total For Revenue Bonds – Facility*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.6% – Total For Revenue Bonds – Facility*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.6% – Total For Revenue Bonds – Facility*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.6% – Total For Revenue Bonds – Facility*** |  ***8699059***  |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

MUNICIPAL INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Cincinnati Ohio Water System Revenue  | 4.000% | 12/01/2030 | 1000000 | $1048490 |
| &nbsp;&nbsp;&nbsp; Cleveland Ohio Water Revenue  | 5.000% | 01/01/2033 | 500000 | 566895 |
| &nbsp;&nbsp;&nbsp; Hamilton Ohio Sewer System Revenue  | 5.000% | 12/01/2030 | 1000000 | 1131610 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Revenue Polution Control  | 5.000% | 12/01/2031 | 1130000 | 1243938 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Revenue  | 5.250% | 12/01/2034 | 2000000 | 2373880 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Revenue  | 5.000% | 06/01/2046 | 4215000 | 4603665 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Revenue Polution Control  | 5.000% | 06/01/2033 | 615000 | 714175 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Revenue Polution Control  | 5.000% | 12/01/2039 | 1165000 | 1285892 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Revenue Polution Control  | 5.000% | 12/01/2040 | 1000000 | 1116930 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Revenue Polution Control  | 5.000% | 12/01/2046 | 3880000 | 3739866 |
| &nbsp;&nbsp;&nbsp; St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation  | 4.000% | 12/01/2031 | 400000 | 414180 |
| &nbsp;&nbsp;&nbsp; Wise County Virginia Soil & Wastewater  | 1.200% | 11/01/2040 | 1000000 | 957372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.1% – Total For Revenue Bonds – Water & Sewer*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.1% – Total For Revenue Bonds – Water & Sewer*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.1% – Total For Revenue Bonds – Water & Sewer*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.1% – Total For Revenue Bonds – Water & Sewer*** | **$*19196893***  |
| &nbsp;&nbsp;&nbsp; Akron Ohio Certificate of Participation  | 5.000% | 12/01/2025 | 500000 | 528625 |
| &nbsp;&nbsp;&nbsp; Akron Ohio Income Tax Revenue  | 4.000% | 12/01/2031 | 870000 | 916267 |
| &nbsp;&nbsp;&nbsp; Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project)  | 4.750% | 11/01/2030 | 500000 | 531435 |
| &nbsp;&nbsp;&nbsp; Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project)  | 5.000% | 11/01/2032 | 525000 | 562259 |
| &nbsp;&nbsp;&nbsp; Hamilton County Ohio Economic Development King Highland <br> Community Urban Redevelopment Corp. Revenue  | 5.000% | 06/01/2030 | 655000 | 685759 |
| &nbsp;&nbsp;&nbsp; Mobile Alabama Industrial Development Board Pollution Control Revenue  | 2.924% | 07/15/2034 | 1025000 | 1019907 |
| &nbsp;&nbsp;&nbsp; Monroe County Georgia Development Authority Pollution Control Revenue  | 1.000% | 07/01/2049 | 1000000 | 914269 |
| &nbsp;&nbsp;&nbsp; Ohio Special Obligation Revenue  | 5.000% | 12/01/2029 | 510000 | 548204 |
| &nbsp;&nbsp;&nbsp; Ohio Special Obligation Revenue  | 5.000% | 10/01/2031 | 1945000 | 2170795 |
| &nbsp;&nbsp;&nbsp; Ohio Special Obligation Revenue  | 5.000% | 10/01/2032 | 1545000 | 1720110 |
| &nbsp;&nbsp;&nbsp; Ohio Special Obligation Revenue  | 5.000% | 04/01/2039 | 1000000 | 1086680 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike Revenue  | 5.000% | 02/15/2046 | 1990000 | 2141001 |
| &nbsp;&nbsp;&nbsp; Ohio Special Obligation Revenue  | 5.000% | 04/01/2029 | 665000 | 697226 |
| &nbsp;&nbsp;&nbsp; St. Xavier High School Inc. Ohio Revenue  | 4.000% | 04/01/2036 | 400000 | 400600 |
| &nbsp;&nbsp;&nbsp; St. Xavier High School Inc. Ohio Revenue  | 4.000% | 04/01/2037 | 575000 | 570804 |
| &nbsp;&nbsp;&nbsp; St. Xavier High School Inc. Ohio Revenue  | 4.000% | 04/01/2038 | 400000 | 394612 |
| &nbsp;&nbsp;&nbsp; St. Xavier High School Inc. Ohio Revenue  | 4.000% | 04/01/2039 | 400000 | 394200 |
| &nbsp;&nbsp;&nbsp; Riversouth Ohio Authority Revenue  | 4.000% | 12/01/2031 | 700000 | 722673 |
| &nbsp;&nbsp;&nbsp; Summit County Ohio Development Finance Authority Akron Lease Revenue  | 4.000% | 12/01/2027 | 220000 | 226180 |
| &nbsp;&nbsp;&nbsp; Summit County Ohio Development Finance Authority Akron Lease Revenue  | 4.000% | 12/01/2028 | 435000 | 446601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.8% – Total For Other Revenue Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.8% – Total For Other Revenue Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.8% – Total For Other Revenue Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.8% – Total For Other Revenue Bonds*** | **$*16678207***  |
| &nbsp;&nbsp;&nbsp; Arcanum-Butler Ohio LSD GO  | 4.000% | 12/01/2029 | 675000 | 689641 |
| &nbsp;&nbsp;&nbsp; Arcanum-Butler Ohio LSD GO  | 4.000% | 12/01/2030 | 650000 | 664079 |
| &nbsp;&nbsp;&nbsp; Ashland Ohio CSD GO Unlimited  | 4.000% | 11/01/2028 | 505000 | 534290 |
| &nbsp;&nbsp;&nbsp; Athens Ohio CSD GO Unlimited  | 4.000% | 12/01/2033 | 750000 | 776648 |
| &nbsp;&nbsp;&nbsp; Bellbrook-Sugarcreek Ohio LSD GO Unlimited  | 4.000% | 12/01/2031 | 325000 | 334786 |
| &nbsp;&nbsp;&nbsp; Bellfontaine Ohio SCD GO Unlimited (National RE Insured)  | 5.500% | 12/01/2026 | 615000 | 660811 |
| &nbsp;&nbsp;&nbsp; Berea Ohio CSD GO Unlimited  | 4.000% | 12/01/2031 | 500000 | 514760 |
| &nbsp;&nbsp;&nbsp; Big Walnut Ohio LSD GO Unlimited  | 4.000% | 12/01/2033 | 500000 | 516570 |
| &nbsp;&nbsp;&nbsp; Bloom-Carroll Ohio LSD GO Unlimited (SDCP)  | 4.000% | 11/01/2029 | 325000 | 343028 |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

MUNICIPAL INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Chillicothe Ohio SD GO Unlimited (AGM Insured)  | 4.000% | 12/01/2029 | 400000 | $409044 |
| &nbsp;&nbsp;&nbsp; Cleveland Heights and University Heights Ohio CSD GO Unlimited  | 4.000% | 12/01/2032 | 1000000 | 1039110 |
| &nbsp;&nbsp;&nbsp; Colorado Building Excellent Schools Today Certificates of Participation  | 4.000% | 03/15/2030 | 1000000 | 1049300 |
| &nbsp;&nbsp;&nbsp; Columbus Ohio CSD GO Unlimited  | 4.000% | 12/01/2029 | 400000 | 414408 |
| &nbsp;&nbsp;&nbsp; Daviess County Kentucky SD GO Unlimited  | 5.000% | 06/01/2027 | 1825000 | 1980180 |
| &nbsp;&nbsp;&nbsp; Dexter Michigan CSD GO Unlimited  | 4.000% | 05/01/2031 | 670000 | 695306 |
| &nbsp;&nbsp;&nbsp; Dublin Ohio CSD GO Unlimited  | 4.000% | 12/01/2034 | 500000 | 519480 |
| &nbsp;&nbsp;&nbsp; Elyria Ohio SCD GO Unlimited (SDCP)  | 4.000% | 12/01/2030 | 1000000 | 1037870 |
| &nbsp;&nbsp;&nbsp; Festus Missouri SD Certificates of Participation  | 4.000% | 04/01/2026 | 875000 | 899089 |
| &nbsp;&nbsp;&nbsp; Green County Ohio Vocational SD GO Unlimited  | 4.000% | 12/01/2035 | 1000000 | 1019390 |
| &nbsp;&nbsp;&nbsp; Hudson Ohio CSD GO Unlimited  | 4.000% | 12/01/2033 | 800000 | 824448 |
| &nbsp;&nbsp;&nbsp; Huntington County Indiana Countryside School Building Corp. <br> Revenue  | 4.000% | 01/15/2028 | 1000000 | 1055610 |
| &nbsp;&nbsp;&nbsp; Jackson Milton Ohio LSD Certificates of Participation (BAM Insured)  | 4.000% | 06/01/2031 | 270000 | 273572 |
| &nbsp;&nbsp;&nbsp; Johnstown-Monroe Ohio LSD GO Unlimited  | 4.000% | 12/01/2029 | 800000 | 831208 |
| &nbsp;&nbsp;&nbsp; Kettering Ohio CSD GO Unlimited  | 4.000% | 12/01/2030 | 400000 | 412956 |
| &nbsp;&nbsp;&nbsp; Kettering Ohio CSD GO Unlimited  | 5.250% | 12/01/2031 | 500000 | 558045 |
| &nbsp;&nbsp;&nbsp; Logan Hocking Ohio LSD Certificates of Participation  | 4.000% | 12/01/2032 | 420000 | 430130 |
| &nbsp;&nbsp;&nbsp; McCracken County Kentucky SD Finance Corp  | 5.000% | 08/01/2032 | 580000 | 672487 |
| &nbsp;&nbsp;&nbsp; McCreary County Kentucky SD Finance Corp  | 4.000% | 12/01/2035 | 560000 | 578950 |
| &nbsp;&nbsp;&nbsp; Menifee County Kentucky SD Financial Corp. Revenue  | 3.000% | 08/01/2027 | 615000 | 609122 |
| &nbsp;&nbsp;&nbsp; Milford Ohio Exempt Village SD GO Unlimited (AGM Insured)  | 5.500% | 12/01/2030 | 1260000 | 1434082 |
| &nbsp;&nbsp;&nbsp; North Olmsted Ohio CSD GO Unlimited  | 4.000% | 12/01/2029 | 500000 | 524855 |
| &nbsp;&nbsp;&nbsp; Olentangy LSD Ohio GO Unlimited  | 4.000% | 12/01/2031 | 1000000 | 1042850 |
| &nbsp;&nbsp;&nbsp; Orchard Farm Missouri SD Certificate of Participation  | 4.000% | 04/01/2029 | 550000 | 588335 |
| &nbsp;&nbsp;&nbsp; Owen County Kentucky SD Revenue  | 4.000% | 04/01/2027 | 1320000 | 1376166 |
| &nbsp;&nbsp;&nbsp; Palm Beach Florida SD Certificates of Participation  | 5.000% | 08/01/2039 | 1000000 | 1093040 |
| &nbsp;&nbsp;&nbsp; Princeton Ohio CSD Certificates of Participation  | 3.500% | 12/01/2026 | 275000 | 275096 |
| &nbsp;&nbsp;&nbsp; Princeton Ohio CSD GO Unliimited (National RE Insured)  | 5.250% | 12/01/2030 | 1735000 | 1983296 |
| &nbsp;&nbsp;&nbsp; Southwest Ohio LSD of Hamilton County GO Unlimited (SDCP)  | 4.000% | 12/01/2027 | 965000 | 1013771 |
| &nbsp;&nbsp;&nbsp; Teays Valley Ohio LSD  | 4.000% | 12/01/2032 | 580000 | 594691 |
| &nbsp;&nbsp;&nbsp; Toledo Ohio CSD GO Unlimited  | 5.000% | 12/01/2029 | 660000 | 699989 |
| &nbsp;&nbsp;&nbsp; Trotwood-Madison Ohio CSD GO Unlimited (SDCP)  | 4.000% | 12/01/2028 | 410000 | 426367 |
| &nbsp;&nbsp;&nbsp; Trotwood-Madison Ohio CSD GO Unlimited (SDCP)  | 4.000% | 12/01/2029 | 500000 | 519505 |
| &nbsp;&nbsp;&nbsp; Trotwood-Madison Ohio CSD GO Unlimited (SDCP)  | 4.000% | 12/01/2030 | 350000 | 363255 |
| &nbsp;&nbsp;&nbsp; Upper Arlington Ohio CSD GO Unlimited  | 4.000% | 12/01/2030 | 1380000 | 1455445 |
| &nbsp;&nbsp;&nbsp; Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation  | 4.000% | 04/01/2030 | 395000 | 400459 |
| &nbsp;&nbsp;&nbsp; Westerville Ohio SCD Certificate of Participation  | 5.000% | 12/01/2032 | 555000 | 611099 |
| &nbsp;&nbsp;&nbsp; Willoughby-Eastlake Ohio CSD Certificates of Participation (BAM Insured)  | 4.000% | 03/01/2030 | 810000 | 820392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***18.7% – Total For School District*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***18.7% – Total For School District*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***18.7% – Total For School District*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***18.7% – Total For School District*** | **$*35567011***  |
| &nbsp;&nbsp;&nbsp; Colorado State Certificate of Participation  | 4.000% | 12/15/2034 | 1000000 | 1033660 |
| &nbsp;&nbsp;&nbsp; Colorado State Certificate of Participation  | 4.000% | 12/15/2039 | 2000000 | 1974630 |
| &nbsp;&nbsp;&nbsp; Kentucky Association of Counties Finance Corp. Revenue  | 4.000% | 02/01/2029 | 575000 | 595332 |
| &nbsp;&nbsp;&nbsp; Kentucky Certificates of Participation  | 4.000% | 04/15/2028 | 695000 | 729959 |
| &nbsp;&nbsp;&nbsp; Kentucky Certificates of Participation  | 4.000% | 04/15/2031 | 500000 | 517910 |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

MUNICIPAL INCOME FUND <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Kentucky Property and Buildings Commission Revenue  | 5.000% | 08/01/2029 | 600000 | $630282 |
| &nbsp;&nbsp;&nbsp; Kentucky Property and Buildings Commission Revenue  | 5.000% | 08/01/2030 | 600000 | 630348 |
| &nbsp;&nbsp;&nbsp; Kentucky Property and Buildings Commission Revenue  | 5.000% | 05/01/2034 | 2340000 | 2690368 |
| &nbsp;&nbsp;&nbsp; Washington Certificates of Participation  | 5.000% | 01/01/2041 | 675000 | 733394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***5.0% – Total For State Agency*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***5.0% – Total For State Agency*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***5.0% – Total For State Agency*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***5.0% – Total For State Agency*** | **$*9535883***  |
| &nbsp;&nbsp;&nbsp; FHLMC Multifamily ML Certificates (Freddie Mac Guaranty Agreement)  | 3.400% | 01/25/2036 | 1885017 | 1716574 |
| &nbsp;&nbsp;&nbsp; FHLMC Series M 053 Class A  | 4.250% | 06/15/2035 | 3783560 | 3117037 |
| &nbsp;&nbsp;&nbsp; Missouri State Housing Development Commission Single Family Mortgage Revenue  | 3.500% | 11/01/2050 | 750000 | 739148 |
| &nbsp;&nbsp;&nbsp; Missouri State Housing Development Commission Single Family Mortgage Revenue  | 3.500% | 11/01/2050 | 2250000 | 2213080 |
| &nbsp;&nbsp;&nbsp; Missouri State Housing Development Commission Single Family Mortgage Revenue  | 3.875% | 05/01/2050 | 1420000 | 1415981 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency Residential Mortgage Revenue  | 3.000% | 03/01/2052 | 1910000 | 1848867 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency Residential Mortgage Revenue  | 3.700% | 03/01/2032 | 520000 | 505935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.1% – Total For Housing*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.1% – Total For Housing*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.1% – Total For Housing*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.1% – Total For Housing*** | **$*11556622***  |
| **Total Municipal Income Securities – Bonds 97.8%** | **Total Municipal Income Securities – Bonds 97.8%** | **Total Municipal Income Securities – Bonds 97.8%** | **Total Municipal Income Securities – Bonds 97.8%** | $**186269737** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $200,867,210)*  |  |  |  |  |
| **<u>Cash Equivalents</u>** |  |  | **Shares** |  |
| &nbsp;&nbsp;&nbsp; Dreyfus AMT-Free Tax Cash Management Fund\*  |  |  | 3090157 | 3089539 |
| **Total Cash Equivalents 1.6%** | **Total Cash Equivalents 1.6%** | **Total Cash Equivalents 1.6%** | **Total Cash Equivalents 1.6%** | $**3089539** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $3,089,346)*  |  |  |  |  |
| **Total Portfolio Value 99.4%** | **Total Portfolio Value 99.4%** | **Total Portfolio Value 99.4%** | **Total Portfolio Value 99.4%** | $**189359276** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $203,956,556)*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.6%  | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.6%  | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.6%  | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.6%  | $1141272 |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | $**190500548** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 3.36%.

AGM – Assured Guaranty Municipal Mortgage Association

AMBAC – American Municipal Bond Assurance Corp.

BAM – Build America Mutual

CSC – Community School Corporation

CSD – City School District

FGIC – Financial Guaranty Insurance Co.

FHLMC – Federal Home Loan Mortgage Corp.

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

GO – General Obligation

LSD – Local School District

MBIA – Municipal Bond Insurance Association

PSD – Public School District

SD – School District

SDCP – Ohio School District Credit Program

SDCEP – Ohio School District Credit Enhancement Program

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

------

[**TABLE OF CONTENTS**](#TOC)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| | **Equity<br>Income Fund**  | **Opportunity<br>Fund**  | **International<br>Fund**  |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Securities at Fair Value\*  | $550921107 | $115099592 | $21420007 |
| &nbsp;&nbsp;&nbsp; Dividends and Interest Receivable  | 706410 | 108237 | 21915 |
| &nbsp;&nbsp;&nbsp; Reclaims Receivable  |  |  | 57123 |
| &nbsp;&nbsp;&nbsp; Fund Shares Sold Receivable  | 137903 | 3284 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $551765420 | $115211113 | $21500130 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Accrued Management Fees  | $477126 | $99897 | $18265 |
| &nbsp;&nbsp;&nbsp; Fund Shares Redeemed Payable  | 18000 | 19500 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | $495126 | $119397 | $25765 |
| **Net Assets**  | $**551270294** | $**115091716** | $**21474365** |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid in Capital  | $425282808 | $101818455 | $18375541 |
| &nbsp;&nbsp;&nbsp; Distributable Earnings  | 125987486 | 13273261 | 3098824 |
| **Net Assets**  | $**551270294** | $**115091716** | $**21474365** |
| Shares Outstanding (Unlimited Amount Authorized)  | 17833322 | 2606826 | 818806 |
| **Offering, Redemption and Net Asset Value Per Share**  | $**30.91** | $**44.15** | $**26.23** |
| \*Identified Cost of Investment Securities  | $430613015 | $101829846 | $17603433 |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### Statements of Assets and Liabilities – Continued

---

| | | |
|:---|:---|:---|
| | **Fixed<br>Income Fund**  | **Municipal<br>Income Fund**  |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment Securities at Fair Value\*  | $884768477 | $189359276 |
| &nbsp;&nbsp;&nbsp; Dividends and Interest Receivable  | 7160316 | 1442138 |
| &nbsp;&nbsp;&nbsp; Receivable for Paydowns  | 1160 |  |
| &nbsp;&nbsp;&nbsp; Fund Shares Sold Receivable  | 306851 | 25044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $892236804 | $190826458 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Accrued Management Fees  | $650489 | $105323 |
| &nbsp;&nbsp;&nbsp; Fund Shares Redeemed Payable  | 986506 | 220587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | $1636995 | $325910 |
| **Net Assets**  | $**890599809** | $**190500548** |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid in Capital  | $1028141792 | $208523197 |
| &nbsp;&nbsp;&nbsp; Accumulated Losses  | (137541983) | (18022649) |
| **Net Assets**  | $**890599809** | $**190500548** |
| Shares Outstanding (Unlimited Amount Authorized)  | 60615350 | 11798232 |
| **Offering, Redemption and Net Asset Value Per Share**  | $**14.69** | $**16.15** |
| \*Identified Cost of Investment Securities  | $1003603860 | $203956556 |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| | **Equity<br>Income Fund**  | **Opportunity<br>Fund**  | **International<br>Fund**  |
| | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2022**  |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $10425100 | $1848022 | $747584 |
| &nbsp;&nbsp;&nbsp; Less: Foreign withholding taxes on dividends  | (21352) |  | (100949) |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | $10403748 | $1848022 | $646635 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Management Fee  | $5661595 | $1158299 | $214381 |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | $5661595 | $1158299 | $214381 |
| **Net Investment Income**  | $**4742153** | $**689723** | $**432254** |
| **Realized and Unrealized Gains/(Losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain/(Loss) from Security Transactions  | $22613287 | $4000716 | $(505496) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain/(Loss) On Investments  | (87056215) | (20425797) | (3140573) |
| &nbsp;&nbsp;&nbsp; **Net Gain/(Loss) on Investments**  | $**(64442928)** | $**(16425081)** | $**(3646069)** |
| **Net Change in Net Assets from Operations**  | $**(59700775)** | $**(15735358)** | $**(3213815)** |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### Statements of Operations – Continued

---

| | | |
|:---|:---|:---|
| | **Fixed<br>Income Fund**  | **Municipal<br>Income Fund**  |
| | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2022**  |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Interest  | $24037237 | $6402397 |
| &nbsp;&nbsp;&nbsp; Dividends  | 451263 | 33139 |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | $24488500 | $6435536 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Management Fee  | $7946869 | $1501960 |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | $7946869 | $1501960 |
| **Net Investment Income**  | $**16541631** | $**4933576** |
| **Realized and Unrealized Gains/(Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain/(Loss) from Security Transactions  | $(17572092) | $(3424940) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized (Loss) On Investments  | (149150886) | (25029424) |
| &nbsp;&nbsp;&nbsp; **Net Gain/(Loss) on Investments**  | $**(166722978)** | $**(28454364)** |
| **Net Change in Net Assets from Operations**  | $**(150181347)** | $**(23520788)** |

---

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

------

[**TABLE OF CONTENTS**](#TOC)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Equity Income Fund**  | **Equity Income Fund**  | **Opportunity Fund**  | **Opportunity Fund**  | **International Fund**  | **International Fund**  |
| | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2021**  | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2021**  | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2021**  |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | $4742153 | $3364168 | $689723 | $950109 | $432254 | $490999 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain/(Loss) from Security Transactions  | 22613287 | 54790271 | 4000716 | 15594319 | (505496) | (98132) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain/(Loss) On <br> Investments  | (87056215) | 65511724 | (20425797) | 12697089 | (3140573) | 1715758 |
| &nbsp;&nbsp;&nbsp; **Net Change in Net Assets from Operations** | $(59700775) | $123666163 | $(15735358) | $29241517 | $(3213815) | $2108625 |
| **Distributions to Shareholders (see Note 2)** | $(33573348) | $(47400751) | $(4854826) | $(14800439) | $(259658) | $(667193) |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares  | $63916017 | $74358063 | $15283773 | $15517414 | $2727725 | $3755105 |
| &nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Distributions  | 33429609 | 47190597 | 4843718 | 14763088 | 259556 | 666925 |
| &nbsp;&nbsp;&nbsp; Cost of Shares Redeemed  | (62514498) | (52906157) | (10533218) | (11923151) | (2946103) | (2061767) |
| &nbsp;&nbsp;&nbsp; **Net Change in Net Assets from Capital Share Transactions** | $34831128 | $68642503 | $9594273 | $18357351 | $41178 | $2360263 |
| **Net Change in Net Assets**  | $**(58442995)** | $**144907915** | $**(10995911)** | $**32798429** | $**(3432295)** | $**3801695** |
| Net Assets at Beginning of Year  | $609713289 | $464805374 | $126087627 | $93289198 | $24906660 | $21104965 |
| **Net Assets at End of Year**  | $**551270294** | $**609713289** | $**115091716** | $**126087627** | $**21474365** | $**24906660** |
| **Capital Share Activity<sup>(a)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares Sold  | 1921920 | 2094530 | 328998 | 293509 | 101529 | 121042 |
| &nbsp;&nbsp;&nbsp; Share Reinvested  | 1076638 | 1296089 | 109044 | 280774 | 9809 | 21773 |
| &nbsp;&nbsp;&nbsp; Shares Redeemed  | (1898568) | (1483178) | (227509) | (226238) | (106074) | (67205) |
| &nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Shares Oustanding  | 1099990 | 1907441 | 210533 | 348045 | 5264 | 75610 |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, beginning of year  | 16733332 | 14825891 | 2396293 | 2048248 | 813542 | 737932 |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, end of year  | **17833322** | **16733332** | **2606826** | **2396293** | **818806** | **813542** |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

------

[**TABLE OF CONTENTS**](#TOC)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fixed Income Fund**  | **Fixed Income Fund**  | **Municipal Income Fund**  | **Municipal Income Fund**  |
| | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2021**  | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2021**  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | $16541631 | $13808953 | $4933576 | $4754770 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain/(Loss) from Security Transactions  | (17572092) | 5616862 | (3424940) | 487031 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain/(Loss) On Investments  | (149150886) | (42690616) | (25029424) | (4403146) |
| &nbsp;&nbsp;&nbsp; **Net Change in Net Assets from Operations** | $(150181347) | $(23264801) | $(23520788) | $838655 |
| **Distributions to Shareholders (see Note 2)** | $(17676650) | $(19425305) | $(4943306) | $(5266506) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares  | $354912688 | $208196003 | $123997751 | $46813180 |
| &nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Distributions  | 17451919 | 19143519 | 4869439 | 5200684 |
| &nbsp;&nbsp;&nbsp; Cost of Shares Redeemed  | (349273156) | (107787693) | (184886138) | (32330793) |
| &nbsp;&nbsp;&nbsp; **Net Change in Net Assets from Capital Share Transactions** | $23091451 | $119551829 | $(56018948) | $19683071 |
| **Net Change in Net Assets**  | $**(144766546)** | $**76861723** | $**(84483042)** | $**15255220** |
| Net Assets at Beginning of Year  | $1035366355 | $958504632 | $274983590 | $259728370 |
| **Net Assets at End of Year**  | $**890599809** | $**1035366355** | $**190500548** | $**274983590** |
| **Capital Share Activity<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares Sold  | 22973161 | 11728526 | 7566583 | 2583462 |
| &nbsp;&nbsp;&nbsp; Share Reinvested  | 1153110 | 1091375 | 300932 | 288866 |
| &nbsp;&nbsp;&nbsp; Shares Redeemed  | (22812483) | (6092695) | (11362467) | (1785422) |
| &nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Shares Oustanding  | 1313788 | 6727206 | (3494952) | 1086906 |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, beginning of year  | 59301562 | 52574356 | 15293184 | 14206278 |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, end of year  | **60615350** | **59301562** | **11798232** | **15293184** |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

------

[**TABLE OF CONTENTS**](#TOC)

FINANCIAL HIGHLIGHTS <sup>EQUITY INCOME FUND</sup>

#### 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**  |
| | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| Net Asset Value, beginning of year  | $36.44 | $31.35 | $28.50 | $22.48 | $25.12 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.28 | 0.21 | 0.25 | 0.29 | 0.28 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (3.82) | 7.92 | 3.24 | 7.37 | (0.97) |
| **Total Operations** | $(3.54) | $8.13 | $3.49 | $7.66 | $(0.69) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.30) | (0.21) | (0.25) | (0.29) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  | (1.69) | (2.83) | (0.39) | (1.35) | (1.67) |
| **Total Distributions** | $(1.99) | $(3.04) | $(0.64) | $(1.64) | $(1.95) |
| Net Asset Value, end of year  | $30.91 | $36.44 | $31.35 | $28.50 | $22.48 |
| **Total Return<sup>(a)</sup>**  | **(9.74)%** | **25.96%** | **12.24%** | **34.07%** | **(2.68)%** |
| Net Assets, end of year (millions)  | $551.27 | $609.71 | $464.81 | $400.82 | $273.66 |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets  | 0.84% | 0.62% | 0.91% | 1.11% | 1.23% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 22.66% | 29.91% | 27.55% | 31.91% | 30.17% |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

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

------

[**TABLE OF CONTENTS**](#TOC)

FINANCIAL HIGHLIGHTS <sup>OPPORTUNITY FUND</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
| | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| Net Asset Value, beginning of year  | $52.62 | $45.55 | $42.48 | $34.47 | $42.89 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.29 | 0.38 | 0.25 | 0.28 | 0.31 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (6.83) | 13.55 | 3.08 | 9.58 | (6.40) |
| **Total Operations** | $(6.54) | $13.93 | $3.33 | $9.86 | $(6.09) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.29) | (0.39) | (0.26) | (0.30) | (0.30) |
| &nbsp;&nbsp;&nbsp; Return of Capital  |  |  |  | (0.16) |  |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  | (1.64) | (6.47) |  | (1.39) | (2.03) |
| **Total Distributions** | $(1.93) | $(6.86) | $(0.26) | $(1.85) | $(2.33) |
| Net Asset Value, end of year  | $44.15 | $52.62 | $45.55 | $42.48 | $34.47 |
| **Total Return<sup>(a)</sup>**  | **(12.46)%** | **30.59%** | **7.84%** | **28.63%** | **(14.16)%** |
| Net Assets, end of year (millions)  | $115.09 | $126.09 | $93.29 | $76.50 | $62.18 |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets  | 0.63% | 0.84% | 0.67% | 0.67% | 0.69% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 26.51% | 38.97% | 32.89% | 36.19% | 61.22% |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

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

------

[**TABLE OF CONTENTS**](#TOC)

FINANCIAL HIGHLIGHTS <sup>INTERNATIONAL FUND</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
| | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| Net Asset Value, beginning of year  | $30.62 | $28.60 | $27.13 | $23.17 | $26.37 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.53 | 0.64 | 0.43 | 0.53 | 0.55 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (4.60) | 2.22 | 1.36 | 4.03 | (3.17) |
| **Total Operations** | $(4.07) | $2.86 | $1.79 | $4.56 | $(2.62) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.32) | (0.77) | (0.32) | (0.60) | (0.58) |
| &nbsp;&nbsp;&nbsp; Return of Capital  |  | (0.07) |  |  |  |
| **Total Distributions** | $(0.32) | $(0.84) | $(0.32) | $(0.60) | $(0.58) |
| Net Asset Value, end of year  | $26.23 | $30.62 | $28.60 | $27.13 | $23.17 |
| **Total Return<sup>(a)</sup>**  | **(13.30)%** | **10.00%** | **6.59%** | **19.69%** | **(9.93)%** |
| Net Assets, end of year (millions)  | $21.47 | $24.91 | $21.10 | $21.08 | $17.95 |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets  | 2.02% | 2.09% | 1.77% | 2.02% | 2.21% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 6.63% | 6.62% | 7.85% | 4.33% | 6.87% |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

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

------

[**TABLE OF CONTENTS**](#TOC)

FINANCIAL HIGHLIGHTS <sup>FIXED INCOME FUND</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
| | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| Net Asset Value, beginning of year  | $17.46 | $18.23 | $17.38 | $16.39 | $16.84 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.28 | 0.24 | 0.30 | 0.36 | 0.34 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (2.75) | (0.68) | 1.11 | 1.00 | (0.44) |
| **Total Operations** | $(2.47) | $(0.44) | $1.41 | $1.36 | $(0.10) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.30) | (0.26) | (0.32) | (0.37) | (0.35) |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  |  | (0.07) | (0.24) |  |  |
| **Total Distributions** | $(0.30) | $(0.33) | $(0.56) | $(0.37) | $(0.35) |
| Net Asset Value, end of year  | $14.69 | $17.46 | $18.23 | $17.38 | $16.39 |
| **Total Return<sup>(a)</sup>**  | **(14.21)%** | **(2.37)%** | **8.17%** | **8.35%** | **(0.56)%** |
| Net Assets, end of year (millions)  | $890.60 | $1035.37 | $958.50 | $797.49 | $623.44 |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets  | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets  | 1.77% | 1.38% | 1.66% | 2.15% | 2.17% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 30.22% | 38.78% | 25.08% | 21.33% | 23.40% |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

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

------

[**TABLE OF CONTENTS**](#TOC)

FINANCIAL HIGHLIGHTS <sup>MUNICIPAL INCOME FUND</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
| | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| Net Asset Value, beginning of year  | $17.98 | $18.28 | $17.73 | $17.12 | $17.29 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.37 | 0.32 | 0.33 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (1.83) | (0.27) | 0.57 | 0.64 | (0.16) |
| **Total Operations** | $(1.46) | $0.05 | $0.90 | $0.96 | $0.16 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.37) | (0.32) | (0.33) | (0.32) | (0.32) |
| &nbsp;&nbsp;&nbsp; Return of Capital  |  | 0.00(a) |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  |  | (0.03) | (0.02) | (0.03) | (0.01) |
| **Total Distributions** | $(0.37) | $(0.35) | $(0.35) | $(0.35) | $(0.33) |
| Net Asset Value, end of year  | $16.15 | $17.98 | $18.28 | $17.73 | $17.12 |
| **Total Return<sup>(b)</sup>**  | **(8.10)%** | **0.30%** | **5.12%** | **5.66%** | **0.90%** |
| Net Assets, end of year (millions)  | $190.50 | $274.98 | $259.73 | $225.13 | $178.97 |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets  | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets  | 2.14% | 1.78% | 1.86% | 1.90% | 1.94% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 21.30% | 9.11% | 5.98% | 10.54% | 10.45% |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital is less than $0.005 per share.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

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

------

[**TABLE OF CONTENTS**](#TOC)

JOHNSON MUTUAL FUNDS <br>

NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 1) Organization:
The Johnson Equity Income Fund, Johnson Opportunity Fund, Johnson International Fund, Johnson Fixed Income Fund, and Johnson Municipal Income Fund (each individually a "Fund" and collectively the "Funds") are each a 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 Dpeclaration of Trust dated September 30, 1992. The Fixed Income Fund began offering its shares publicly on January 4, 1993. The Opportunity Fund and Municipal Income Fund began offering their shares publicly on May 16, 1994. The Equity Income Fund began offering its shares publicly on December 30, 2005. The International Fund began offering its shares publicly on December 8, 2008. All the Funds are managed by Johnson Investment Counsel, Inc. (the "Adviser").

The investment objectives of the Funds are as follows:

---

| | |
|:---|:---|
| Equity Income Fund | Above average dividend income and long-term capital growth |
| Opportunity Fund | Long-term capital growth |
| International Fund | Long-term capital growth |
| Fixed Income Fund | A high level of income over the long-term consistent with preservation of capital |
| Municipal Income Fund | A high level of federally tax-free income over the long-term consistent with preservation of capital |

---

The Funds are each diversified. The Municipal Income Fund invests primarily in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of Ohio.

#### 2) Significant Accounting Policies:

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

#### 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 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.

#### 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.

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 2) Significant Accounting Policies, continued<br>
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, 2022 for the Opportunity, Fixed Income, and Municipal Income Funds, and October 31, 2022 for the Equity Income and International Funds) plus undistributed amounts from prior years.

The following information is computed for each item as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Equity Income**  | **Opportunity**  | **International**  | **Fixed Income**  | **Municipal Income**  |
| Cost of Portfolio Investments  | 430627577 | 101829846 | 17744367 | 1003603859 | 203956557 |
| Gross unrealized appreciation  | 138381619 | 21157156 | 5877604 | 858270 | 314847 |
| Gross unrealized depreciation  | (18088090) | (7887410) | (2201964) | (119693652) | (14912128) |
| Net unrealized appreciation/(depreciation)  | 120293530 | 13269746 | 3675640 | (118835382) | (14597281) |
| Undistributed ordinary income  | 818817 |  | 97023 | 35638 |  |
| Undistributed capital gains  | 4875139 | 3515 |  |  |  |
| Other accumulated gains/(losses)  |  |  | (673839) | (18742239) | (3425368) |
| Accumulated Earnings  | 125987486 | 13273261 | 3098824 | (137541983) | (18022649) |

---

The difference between the federal income tax cost and the financial statement cost of Funds' portfolio investments is due to wash sales and PFIC adjustments.

As of December 31, 2022, the following Funds had capital loss carryovers which will reduce each Fund's taxable income arising from future net realized gain 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 on indefinite period of time, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Long-Term**  | **Short-Term**  | **Total Capital<br>Loss Carryover**  |
| Johnson International Fund  | 560811 | 113028 | 673839 |
| Johnson Fixed Income Fund  | 8853646 | 9888593 | 18742239 |
| Johnson Municipal Income Fund  | 3206469 | 218899 | 3425368 |

---

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 all open tax years (generally three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify its major tax jurisdictions as U.S. Federal and certain State tax authorities. The Funds are not aware of any tax positions for which it is reasonably likely that the total amounts of unrecognized tax benefits or expenses will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax expenses as income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any interest or penalties.

#### Distributions:
Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Fixed Income Fund and Municipal Income Fund intend to distribute net investment income on a calendar quarter basis. 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

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 2) Significant Accounting Policies, continued<br>
certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds.

For the year ended December 31, 2022, the Funds made the following reclassifications to increase (decrease) the components of the net assets:

---

| | | |
|:---|:---|:---|
| | **Paid in<br>Capital**  | **Accumulated<br>Earnings**  |
| Municipal Income Fund  | (9302) | 9302 |

---

Reasons for the reclassification of components of net assets are attributable to return of capital distributions.

The tax character of the distributions paid, for the years ended December 31, 2021 and December 31, 2022, is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Tax year**  | **Ordinary<br>Income**  | **Tax-Exempt<br>Income**  | **Net Realized<br>Long-Term<br>Capital Gain**  | **Total Taxable<br>Distributions<br>Paid**  | **Return of<br>Capital**  | **Total<br>Distributions<br>Paid**  |
| Johnson Equity Income Fund  | 2021 | $14109774 | $— | $33290977 | $47400751 | $— | $47400751 |
|  | 2022 | 13206417 |  | 20366931 | 33573348 |  | 33573348 |
| Johnson Opportunity Fund  | 2021 | 4069398 |  | 10731041 | 14800439 |  | 14800439 |
|  | 2022 | 907777 |  | 3947049 | 4854826 |  | 4854826 |
| Johnson International Fund  | 2021 | 609336 |  |  | 609336 | 57857 | 667193 |
|  | 2022 | 259658 |  |  | 259658 |  | 259658 |
| Johnson Fixed Income Fund  | 2021 | 15102867 |  | 4322438 | 19425305 |  | 19425305 |
|  | 2022 | 17676650 |  |  | 17676650 |  | 17676650 |
|  Johnson Municipal Income Fund  | 2021 |  | 4755295 | 486506 | 5241801 | 24705 | 5266506 |
|  | 2022 |  | 4934004 |  | 4934004 | 9302 | 4943306 |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 utilize various methods to measure the fair value of their investments on a recurring basis. 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. 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).

Securities for which representative market quotations are not readily available or are considered unreliable by the Investment Adviser are valued as determined in good faith by, or under the direction 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.

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 3) Security Valuation and Transactions, continued<br>
GAAP established a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

♦<br>

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

♦<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

♦<br>

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

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

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in 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.* The fair value of Corporate Bonds is estimated using quotations from pricing vendors, 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 would 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.

*Municipal Bonds.* Municipal Bonds are normally valued using quotations from pricing vendors 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. Municipal Bonds are categorized in Level 2 of the fair value hierarchy.

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 3) Security Valuation and Transactions, continued<br>
*U.S. Government Securities.* 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 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, establishes a benchmark yield, and develops 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.

*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*.* 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value each Fund's investment securities as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Income Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks\*  | $545889224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $545889224 |
| Cash Equivalents  | 5031883 |  |  | 5031883 |
| Total  | $550921107 | $— | $— | $550921107 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Opportunity Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks\*  | $114859032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $114859032 |
| Cash Equivalents  | 240560 |  |  | 240560 |
| Total  | $115099592 | $— | $— | $115099592 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Preferred Stocks  | $116808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $116808 |
| Common Stocks\*  | 20801235 |  | 140\*\* | 20801375 |
| Cash Equivalents  | 501824 |  |  | 501824 |
| Total  | $21419867 | $— | $140 | $21420007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Corporate Bonds\*  | $— | $458978595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $458978595 |
| U.S. Government Treasury Obligations  |  | 250703984 |  | 250703984 |
|  U.S. Government Agency Obligations – Mortgage-Backed  |  | 142208851 |  | 142208851 |
| Taxable Municipal Bonds  |  | 22327187 |  | 22327187 |
| Preferred Stocks  | 6569251 |  |  | 6569251 |
| Cash Equivalents  | 3980609 |  |  | 3980609 |
| Total  | $10549860 | $874218617 | $— | $884768477 |

---

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Income Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Municipal Bonds\*  | $— | $186269737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $186269737 |
| Cash Equivalents  | 3089539 |  |  | 3089539 |
| Total  | $3089539 | $186269737 | $— | $189359276 |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Portfolio of Investments for industry classification.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 depreciation of this security that is reflected in the Statement of Operations is $(128,520). Given the insignificance of Level 3 securities, a rollforward of Level 3 activity is not presented.

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

In accordance with GAAP, the Funds are required to enhance the disclosures relating to transactions in derivatives and hedging activities, including how such activities are accounted for and their effect on the Funds' financial position, performance, and cash flows. The Funds did not engage in any derivative transactions as of or during the year ended December 31, 2022.

#### 4) Portfolio Risks:
Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or "LIBOR," which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As of December 31, 2022, the Overnight and 12-Month USD LIBOR settings will continue to report daily rates through June 30, 2023. Management expects the bonds currently held by the Funds using the LIBOR rate to set the variable rates for the bonds to be sold or mature prior to this date. In the event that a bond may still be held as of this final date, it appears that either the bond will switch over to SOFR (Secured Overnight Financing Rate — a replacement for LIBOR), or the bond will lock in the last known coupon and become a fixed rate bond. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund's performance and/or net asset value. Currently, the Funds have securities (less than 1% of holdings) using LIBOR as a basis for their variable rates.

The global outbreak of COVID-19 (commonly referred to as "coronavirus") has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds' investments, impair the Funds' ability to satisfy redemption requests, and negatively impact the Funds' performance.

#### 5) Investment Advisory Agreements:
The investment advisory agreements provide that the Adviser will pay all of the Funds' operating expenses, excluding brokerage fees and commissions, borrowing costs (such as interest), and extraordinary expenses. The investment advisory agreements provide for fees to be paid monthly at an annual rate listed below, of each Funds' average daily net assets.

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 5) Investment Advisory Agreements, continued<br>
The Funds incurred management fees for the year ended December 31, 2022, as indicated below.

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Fee**  | **Management<br>Fee**  | **Payable as of<br>December 31,<br>2022**  |
| Equity Income Fund  | 1.00% | $5661595 | $477126 |
| Opportunity Fund  | 1.00% | 1158299 | 99897 |
| International Fund  | 1.00% | 214381 | 18265 |
| Fixed Income Fund  | 0.85% | 7946869 | 650489 |
| Municipal Income Fund  | 0.65% | 1501960 | 105323 |

---

#### 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 $72,000 for the year ended December 31, 2022, and as a group they received no additional compensation from the Trust. Compensation of the Trustees was paid by the Adviser. The Trust consists of ten Funds: Johnson Equity Income Fund, Johnson Opportunity Fund, Johnson International Fund, Johnson Fixed Income Fund, Johnson Municipal Income Fund, Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund, Johnson Core Plus Bond Fund and Johnson Enhanced Return Fund. The Adviser is not a registered broker-dealer of securities and thus does not receive commissions on trades made on behalf of the Funds.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the Investment Company Act of 1940. At December 31, 2022, client accounts managed by the Adviser and held by Charles Schwab & Co, with full advisory discretion, held in aggregate the following:

---

| | |
|:---|:---|
| Equity Income Fund  | 75.63% |
| Opportunity Fund  | 83.21% |
| International Fund  | 33.18% |
| Fixed Income Fund  | 94.03% |
| Municipal Income Fund  | 97.65% |

---

Johnson Financial, Inc. is a wholly-owned subsidiary of the Adviser. Johnson Financial, Inc. provides transfer agency and administration services to the Funds. These services are paid for by the Adviser.

#### 7) Purchases and Sales of Securities:
From January 1, 2022 through December 31, 2022, purchases and sales of investment securities aggregated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Investment Securities Other Than <br> Short Term Investments and <br> U.S. Government Obligations*  | *Investment Securities Other Than <br> Short Term Investments and <br> U.S. Government Obligations*  | *U.S. Government Obligations*  | *U.S. Government Obligations*  |
| **Fund**  | **Purchases**  | **Sales**  | **Purchases**  | **Sales**  |
| Johnson Equity Income Fund  | $135117688 | $125927358 | $— | $— |
| Johnson Opportunity Fund  | 38324402 | 30084230 |  |  |
| Johnson International Fund  | 1781415 | 1399903 |  |  |
| Johnson Fixed Income Fund  | 134969263 | 193453295 | 154879906 | 83927227 |
| Johnson Municipal Income Fund  | 47877649 | 101578207 |  |  |

---

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 8) Borrowings:
The Equity Income Fund, Opportunity Fund, International Fund, Fixed Income Fund, and Municipal Income Fund each has an unsecured line of credit through April 29, 2023 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. During the year ended December 31, 2022, the Municipal Income Fund borrowed from the line for four (4) calendar days, in the amount of $100,000. There were no borrowings for any of the other Funds at any time during the year.

#### 9) Estimates:
The preparation of financial statements in conformity with GAAP 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) 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.

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DISCLOSURE OF EXPENSES (unaudited) <sup>December 31, 2022</sup>

Shareholders of the Johnson Equity Income, Opportunity, International, Fixed Income and Municipal Income Funds (the "Funds") incur ongoing operating expenses consisting solely of management fees. The following example is intended to help you understand your ongoing expenses of investing in the Funds and to compare these expenses with similar costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the Funds on June 30, 2022 and held through December 31, 2022.

The first line of the table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6) and then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid by a shareholder for the period. Shareholders may use this information to compare the ongoing expenses of investing in the Funds and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in other funds' shareholder reports.

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning Account Value<br>June 30, 2022**  | **Ending Account Value<br>December 31, 2022**  | **Expenses Paid During Period\*<br>July 1, 2022 – December 31, 2022**  |
| **<u>Johnson Equity Income Fund</u>** |  |  |  |
| Actual Fund Return  | $1000.00 | $1050.72 | $5.08 |
| Hypothetical Return  | $1000.00 | $1020.16 | $5.14 |
| **<u>Johnson Opportunity Fund</u>** |  |  |  |
| Actual Fund Return  | $1000.00 | $1067.54 | $5.21 |
| Hypothetical Return  | $1000.00 | $1020.16 | $5.14 |
| **<u>Johnson International Fund</u>** |  |  |  |
| Actual Fund Return  | $1000.00 | $1039.14 | $5.14 |
| Hypothetical Return  | $1000.00 | $1020.16 | $5.14 |
| **<u>Johnson Fixed Income Fund</u>** |  |  |  |
| Actual Fund Return  | $1000.00 | $976.24 | $4.23 |
| Hypothetical Return  | $1000.00 | $1020.92 | $4.37 |
| **<u>Johnson Municipal Income Fund</u>** |  |  |  |
| Actual Fund Return  | $1000.00 | $1014.82 | $3.30 |
| Hypothetical Return  | $1000.00 | $1021.93 | $3.35 |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). For the Equity Income, Opportunity, and International Funds, the expense ratio is 1.00%; for the Fixed Income Fund, the expense ratio is 0.85%; and for the Municipal Income Fund, the expense ratio is 0.65%.

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#### Operation and Effectiveness of the Funds' Liquidity Risk Management Program (Unaudited)
The Johnson Mutual Funds Trust ("Trust") has established a liquidity risk management program (the "Program") to manage the portfolio liquidity risk for each fund in the Trust (each a "Fund") in accordance with Rule 22e-4 under the Investment Company Act of 1940 ("the Rule"). The Program is overseen by the Liquidity Committee (the "Committee"), a committee comprised of compliance personnel and portfolio managers of the Adviser. The Trust's Board of Trustees (the "Board") has approved the designation of the Committee to oversee the Program.

The Program is designed to enable the Funds to assess and manage their liquidity risk in compliance with the requirements of the Rule. Liquidity risk means the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund's liquidity and the periodic classification and re-classification of the Fund's investments into groupings that reflect the Committee's assessment of their relative liquidity under current market conditions.

The Board met on November 30, 2022 to review the liquidity risk management program applicable to each Fund. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund's liquidity risk and has operated adequately and effectively to manage each Fund's liquidity risk since implementation. The Committee reported during the meeting that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. There were no material changes to the Program during the reporting period. The report provided to the Board stated that the Committee concluded that based on the operation of the functions of the Program is operating as intended and is effective in implementing the requirements of the Rule.

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ADDITIONAL INFORMATION <sup>December 31, 2022</sup>

#### Proxy Disclosure
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 June 30 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.

#### 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.johnsonmutualfunds.com; 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

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![[MISSING IMAGE: lg_cohenco-4c.jpg]](lg_cohenco-4c.jpg)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of<br>Johnson Mutual Funds Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Johnson Equity Income Fund, Johnson Opportunity Fund, Johnson International Fund, Johnson Fixed Income Fund, and Johnson Municipal Income Fund, each a series of Johnson Mutual Funds Trust (the "Funds"), as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2004.

![[MISSING IMAGE: sg_cohencompany-bw.jpg]](sg_cohencompany-bw.jpg)

COHEN & COMPANY, LTD.<br>Cleveland, Ohio<br>March 1, 2023

![[MISSING IMAGE: ft_cohenco-4c.jpg]](ft_cohenco-4c.jpg)

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#### TRUSTEES AND OFFICERS (Unaudited)
Information pertaining to the Trustees and Officers of the Funds is provided below. Trustees who are not deemed to be interested persons of the Funds, as defined in the Investment Company Act of 1940, are referred to as Independent Trustees. Trustees who are deemed to be "interested persons" of the Funds are referred to as Interested Trustees. The Statement of Additional Information includes additional information about the Funds' Trustees and may be obtained without charge by calling (513) 661-3100 or (800) 541-0170.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age**  | **Current<br>Position Held<br>with Trust**  | **Year Service<br>Commenced\***  | **Principal Occupation<br>During Past Five Years**  | **Number of<br>Portfolios<br>Overseen**  | **Other<br>Directorships<br>Held During the<br>Past Five Years**  |
| **Interested Trustee** | | | | | |
| Timothy E. Johnson (80) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Trustee  | Since 1992  | Chairman of Johnson Investment Counsel, Inc., the Trust's Adviser, and Professor of Finance at the University of Cincinnati | 10  |  |
| **INDEPENDENT TRUSTEES** |  |  |  |  |  |
| Ronald H. McSwain (80) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Chairman <br> and Trustee  | Since 1992  | President of McSwain Carpets, Inc. until 2001; partner of P&R Realty, a real estate development partnership since 1984 | 10  |  |
| John R. Green (80) <br> 3777 West Fork Rd. <br> Cincinnati, OH 45247 | Trustee  | Since 2006  | Retired from The Procter & Gamble Company; Purchases Director, Global Baby Care | 10  |  |
| James J. Berrens (57) <br> 3777 West Fork Rd <br> Cincinnati, OH 45247 | Trustee  | Since 2006  | Christian Community Health Services: Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 | 10  |  |
| Dr. Jeri B. Ricketts (65) <br> 3777 West Fork Rd. <br> Cincinnati, OH 45247 | Trustee  | Since 2013  | Retired Director of Carl H. Lindner Honors-PLUS Program, University of Cincinnati (2002-2018); Associate Professor Emeritus of Accounting, University of Cincinnati since 1986 | 10  |  |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age**  | **Current<br>Position Held<br>with Trust**  | **Year Service<br>Commenced\***  | **Principal Occupation<br>During Past Five Years**  | **Number of<br>Portfolios<br>Overseen**  | **Other<br>Directorships<br>Held During the<br>Past Five Years**  |
| **OFFICERS** |  |  |  |  |  |
| Jason O. Jackman (51) <br> 3777 West Fork Rd. <br> Cincinnati, Ohio 45247 | President  | Since 2013  | President and Chief Investment Officer of the Adviser | N/A  | N/A  |
| Marc E. Figgins (58) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Chief <br> Financial <br> Officer and <br> Treasurer  | Since 2002  | Director of Fund Services for the Trust's Adviser | NA  | NA  |
| Scott J. Bischoff (56) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Chief <br> Compliance <br> Officer  | Since 2005  | Chief Compliance Officer of the Trust's Adviser | NA  | NA  |
| Jennifer J. Kelhoffer (51) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Secretary  | Since 2007  | Fund Administration & Compliance Associate for the Trust's Adviser | NA  | NA  |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Trustee is elected to serve in accordance with the Declaration of Trust and Bylaws of the Trust until their resignation, removal, or retirement. Trustees have an indefinite term limit. Each Officer is elected by the Trustees for a 1-year term to serve the Trust or until their resignation, removal, or retirement.

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#### Trustees and Officers

---

| | |
|:---|:---|
| Ronald H. McSwain | Independent Trustee, Chairman |
| Timothy E. Johnson | Interested Trustee |
| James J. Berrens | Independent Trustee |
| John R. Green | Independent Trustee |
| Jeri B. Ricketts | Independent Trustee |
| Jason Jackman | President |
| Scott J. Bischoff | Chief Compliance Officer |
| Marc E. Figgins | Chief Financial Officer, Treasurer |
| Jennifer J. Kelhoffer | Secretary |

---

#### Transfer Agent and Fund Accountant
Johnson Financial, Inc.<br>3777 West Fork Road<br>Cincinnati, Ohio 45247<br>(513) 661-3100 (800) 541-0170

#### Custodian
US Bank<br>425 Walnut Street<br>Cincinnati, OH 45202

#### Independent Registered Public Accounting Firm
Cohen & Company, Ltd.<br>1350 Euclid Avenue, Suite 800<br>Cleveland, Ohio 44115

#### Legal Counsel
Thompson Hine LLP<br>312 Walnut Street, 14th Floor<br>Cincinnati, Ohio 45202

This report is authorized for distribution to prospective investors only when accompanied or preceded<br>by the Funds' prospectus, which illustrates each Fund's objectives, policies, management fees,<br>and other information that may be helpful in making an investment decision.

Investment Company Act #811-7254

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![[MISSING IMAGE: img_reportcover-bg.jpg]](img_reportcover-bg.jpg)

![[MISSING IMAGE: lg_johnson-institutional.jpg]](lg_johnson-institutional.jpg)

ANNUAL REPORT

JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND

I SHARES: JIBDX F SHARES JIMDX

JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND

I SHARES: JIBEX F SHARES JIMEX

JOHNSON INSTITUTIONAL CORE BOND FUND

I SHARES: JIBFX F SHARES JIMFX

JOHNSON ENHANCED RETURN FUND

JENHX

Johnson Core Plus Bond Fund

JCPLX

DECEMBER 31, 2022

Johnson Mutual Funds Trust<br>3777 West Fork Road \| Cincinnati, Ohio 45247<br>513.661.3100 \| 800.541.0170 \| Fax 513.661.4901

WWW.JOHNSONMUTUALFUNDS.COM

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JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### T able of C ontents

---

| | |
|:---|:---|
| [Letter from the Fund President](#tOMTY)  | [1](#tOMTY) |
| **Performance Review and Management Discussion** |  |
| [Institutional Short Duration Bond Fund](#tJISD)  | [3](#tJISD) |
| [Institutional Intermediate Bond Fund](#tJIIB)  | [5](#tJIIB) |
| [Institutional Core Bond Fund](#tJICB)  | [7](#tJICB) |
| [Enhanced Return Fund](#tJERF)  | [9](#tJERF) |
| [Core Plus Bond Fund](#tJCPB)  | [10](#tJCPB) |
| **Portfolio of Investments** |  |
| [Institutional Short Duration Bond Fund](#tJISD1)  | [11](#tJISD1) |
| [Institutional Intermediate Bond Fund](#tJIIB1)  | [15](#tJIIB1) |
| [Institutional Core Bond Fund](#tJICB1)  | [18](#tJICB1) |
| [Enhanced Return Fund](#tJERF1)  | [22](#tJERF1) |
| [Core Plus Bond Fund](#tJCPB1)  | [25](#tJCPB1) |
| [Statements of Assets and Liabilities](#tSOAA)  | [28](#tSOAA) |
| [Statements of Operations](#tSOO)  | [30](#tSOO) |
| [Statements of Changes in Net Assets](#tSOCI)  | [32](#tSOCI) |
| **Financial Highlights** |  |
| [Institutional Short Duration Bond Fund](#tJISD2)  | [34](#tJISD2) |
| [Institutional Intermediate Bond Fund](#tJIIB2)  | [36](#tJIIB2) |
| [Institutional Core Bond Fund](#tJICB2)  | [38](#tJICB2) |
| [Enhanced Return Fund](#tJERF2)  | [40](#tJERF2) |
| [Core Plus Bond Fund](#tJCPB2)  | [41](#tJCPB2) |
| [Notes to the Financial Statements](#tnttf-0)  | [42](#tnttf-0) |
| [Disclosure of Expenses](#tDOEU)  | [54](#tDOEU) |
|  [Operation and Effectiveness of the Liquidity Risk Management Program](#tOELR)  | [55](#tOELR) |
| [Additional Information](#tai32-0)  | [56](#tai32-0) |
| [Report of Independent Registered Public Accounting Firm](#tROIR)  | [57](#tROIR) |
| [Trustees and Officers Table](#tTRU)  | [59](#tTRU) |
|  [Trustees and Officers, Transfer Agent and Fund Accountant, Custodian, Independent Registered Public Accounting Firm, Legal Counsel](#tTRAO)  | [Back Page](#tTRAO) |

---

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Letter from the Fund President <sup>December 2022</sup>

We are pleased to present you with the Johnson Mutual Funds' December 31, 2022 Annual Report to Shareholders. On the following pages we have provided commentary on the performance of each of the Funds in 2022 as well as the relative performance compared to an appropriate index.

The remainder of the report provides the holdings of each Johnson Mutual Fund as well as other financial data and notes.

#### I NFLATION R OILS M ARKETS
The onset of inflation sent a painful shudder through the stock and bond markets in 2022. For the first time in decades, inflation fears became a reality in the U.S. and around the world. It's never pleasant, but on the heels of decades of low inflation and low interest rates, this year's economic shift was an especially tough pill to swallow.

After years of little to no inflation, the whiplash from several concurring forces led to rising prices in 2021. At first, there was broad consensus that much of this inflation would prove temporary as supply chain dynamics and Covid irregularities unwound. Instead, prices kept rising. The Consumer Price Index rose from essentially zero in mid-2020 to as high as 9% by 2022.

The Federal Reserve jumped into action by aggressively raising interest rates to tame rising prices. The ultimate result was falling bond prices, rising mortgage rates, stock-market volatility with significant losses in some pockets, and great uncertainty about what lies ahead. In the end, 2022 was the worst year for the S&P 500 since 2008, and the first with double-digit losses since then.

The losses were broad with the exception of energy, which was boosted by the energy crisis created in part by the war in Ukraine and resulting sanctions. After years in the limelight, the larger growth-oriented stocks in the tech, consumer discretion, and communication services sectors were the big losers. The NASDAQ was the worst performer of the U.S. large cap indices, and the Dow Jones Industrial Average was the best.

The largest stocks in the market underperformed smaller peers in a reversal of a key theme of the prior decade's bull market. An equal-weighted basket of the S&P 500 Index outperformed the market-cap weighted index by the largest margin since 2010. Higher quality stocks were especially rewarded relative to lower-quality peers.

International stocks also struggled. However, late in the year, foreign central banks began to ease off tightening policy, which allowed international indexes to recover some of their earlier losses. The MSCI Euro Index had its best quarter ever in the fourth quarter, gaining nearly 26%.

#### B OND M ARKET T URBULENCE
The stock market receives most of the attention, but the big story in the financial markets in 2022 was the historically bad year for bonds. There simply is no modern comparison in terms of the speed and depth of losses in the bond market. The rapid interest rate increases from such a low starting point left little cushion for bond investors. Yields across maturities rocketed higher as the Fed raised its benchmark rate from zero to over 4% by year-end.

Rates rose faster on shorter-maturity bonds than longer maturities, which resulted in an inverted yield curve. This is often taken as a sure sign of a coming recession. Either way, it has made yields on short-term bonds and other savings vehicles much more attractive. Rising rates have a silver lining: bond investors can reinvest interest income and maturing bonds into higher-yielding bonds. It's also important to note that if bonds are held to maturity, the price drops resulting from rising rates eventually disappear as the bond price returns to par. The paper losses bond investors have suffered this year ultimately will result in higher potential total returns going forward.

#### F OCUS S HIFTING F ROM I NFLATION TO E CONOMIC C ONCERNS
The Fed's aggressive moves to combat inflation have led to some slowing in price gains, but it has made clear there is further tightening to come. In his last press conference, Fed Chair Jerome Powell said, "by now, we expected to make faster progress on inflation than we have."

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Letter from the Fund President <sup>December 2022</sup>

Falling commodity prices, a slowing housing market, and a slowdown in manufacturing have eased some of the price pressures in the economy. Despite this, the Fed expects at least two more rate hikes in 2023. Wage gains remain strong, a key component to the overall inflation picture. As the potential end of the tightening cycle approaches, there is concern that the Fed might wait too long to reverse course or take rates too high. Historically this has typically been the case. The Fed, through its tightening, has consistently shown a propensity for sending the economy into a slowdown and even recession. In addition to other external shocks like commodity crises, terrorist attacks, etc. this is the most common cause of recession.

The market projects the peak Fed Funds rate to be roughly 5% in May 2023. The Fed is insisting it will keep rates higher through the end of 2023, but the market is pricing in rate cuts later in the year. The market believes the Fed's strong stance against inflation will kick in, so much so that it will cause enough of a slowdown to lead to a pivot to financial easing.

#### D OWNSIDE R ISK TO E ARNINGS
Stock analysts have been aggressively slashing their earnings forecast as falling consumer confidence and higher interest rates have taken their toll. Analysts are projecting further decreases in corporate profits in 2023. The numbers are even worse when the energy sector is removed, which has propped up the overall index number with massive profit gains on the back of rising energy prices. Cost cutting and supply chain improvements have softened some of the blow, but earnings may not be supportive of stock market gains in 2023.

#### L OOKING A HEAD
History shows that the stock market goes up more than it goes down. Back-to-back years of losses for stocks are rare, but it is certainly possible. Since 1928 the stock market has posted a negative return 25 times. On average the following year's return was 12.6%, and was positive 17 out of 25 times. This is a good reminder that stocks often sprint lower before resuming their marathon climb higher in relatively short order.

Much will depend on the Fed's course of action and the economic fallout in the coming months. The Fed has been vocal that its focus is on taming inflation regardless of stock market reactions. If inflation remains stubbornly high and markets continue to fall, we will have an opportunity to learn how willing the Fed is to stick to its word.

On the positive side, bulls point to slowing inflation, the Fed nearing the end of its hiking cycle, a strong labor market that could soften any economic blows and hopes for decent earnings. Bears are worried that stubborn inflation will force the Fed to remain restrictive, that earnings will come in worse than expected, and that central banks around the world will take things too far and break the economy. With all the focus on inflation and the Fed, we should also be reminded that what we don't know is coming, good or bad, may end up determining the course of the market more than anything we do know about.

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Johnson Institutional Short Duration Bond Fund <sup>Performance Review – December 31, 2022</sup>

The Johnson Institutional Short Duration Bond Fund (Class I shares) provided a total return of -4.29% during 2022, compared to a -3.76% return for the ICE BofA US Corporate & Government 1-3 years Index.

Bond markets were dominated by Federal Reserve ("Fed") policy during 2022 as persistently high inflation led to a swift and aggressive response from policy makers. The Fed increased the Federal Funds rate 425 basis points (4.25%) during the year to the highest level since 2007. While interest rates moved sharply higher across all maturities during 2022 a divergence between short-term and long-term rates emerged during the second half of the year. As the Fed continued to push forward with increasing short-term rates, the 2-year Treasury rose 400 basis points to a peak of 4.73% during November before settling at 4.43% at year end. Overall, the Fund's modestly longer duration relative to its benchmark was a slight headwind to performance during the year. This was partially offset, however, by the Fund's more barbelled yield curve exposure, which benefited from yield curve flattening.

While the rapid increase in interest rates drove much of the discussion during 2022, the more surprising story was the positive correlation between interest rates and risk assets. Credit spreads for the ICE BofA US Corporate Government 1-3 years Index widened considerably during the first part of last year, peaking at 102 basis points in October. However, softer than expected inflation readings during the final quarter of the year helped reassure the market that the Fed may slow its pace of tightening. As a result, interest rates fell, and credit spreads narrowed. Despite finishing the year with a positive tone, corporate bond spreads still closed the year 32 basis points wider. As a result, the Fund's emphasis on corporate bonds relative to its benchmark was a headwind to relative performance but was partially offset by positive security selection. Finally, Agency Mortgage-backed Securities ("MBS") posted their worst annual excess returns since the Great Financial Crisis. As a result, our modest non-benchmark allocation to the MBS sector was a headwind to performance.

Despite the worst year on record for major bond indices, investors have plenty to be optimistic about. Yields on most bond indices finished the year at or near their highest levels since 2008. While higher interest rates have improved the outlook for fixed income returns, 2023 will likely lead to a renewed focus on credit risk as the lagged impacts of tighter monetary policy take hold on the economy. As credit spreads tightened throughout the fourth quarter, the Fund sought to position the portfolio with a more defensive stance within the corporate allocation. Finally, as economic growth continues to slow, the Fund remains modestly long duration relative to the benchmark to serve as an additional hedge to the possibility credit spreads may widen further. As we enter a new phase of the cycle in 2023, our quality-focused investment discipline should be well positioned to withstand ongoing uncertainty.

#### P erformance I nformation <br> C lass I S hares
![[MISSING IMAGE: lc_shortclassi-bw.jpg]](lc_shortclassi-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Johnson <br> Institutional <br> Short Duration <br> Bond Fund – <br> Class I Shares  | ICE BofA <br> Government & <br> Corporate <br> 1-3 year <br> Index  |
| One Year | -4.29% | -3.76% |
| Five Years | 0.85% | 0.93% |
| Ten Years | 0.97% | 0.90% |

---

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Johnson Institutional Short Duration Bond Fund <sup>Performance Review – December 31, 2022</sup>

#### P erformance I nformation <br> C lass F S hares
![[MISSING IMAGE: lc_shortclassf-bw.jpg]](lc_shortclassf-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Johnson <br> Institutional <br> Short Duration <br> Bond Fund – <br> Class F Shares  | ICE BofA <br> Government & <br> Corporate <br> 1-3 year <br> Index  |
| One Year | -4.47% | -3.76% |
| Five Years | 0.65% | 0.93% |
| Since <br> Inception\* | 2.64% | 2.59% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inception date was May 1, 2018.

#### P ortfolio I nformation
 **Holdings by Industry Sector** 

<br> ---

| | |
|:---|:---|
| Sector Allocation  | % of <br> Net Assets  |
| Bank and Finance | 31.1% |
| Industrial | 20.2% |
| Utilities | 14.9% |
| Mortgage-backed Securities | 11.6% |
| US Govt Treasury Obligations | 8.7% |
| US Govt Agency Obligations | 8.5% |
| Taxable Municipal | 4.1% |
| Certificates of Deposit | 0.1% |
| Cash Equivalents | 0.1% |
| Other: |  |
| &nbsp;&nbsp;&nbsp; Net Other Assets (Liabilities)  | 0.7% |
|  | 100.0% |

---

A high level of income over the long term consistent with capital preservation is the objective of the Johnson Institutional Short Duration Bond Fund. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any income and capital gains. The Fund's performance is after all fees, whereas the Index does not incur fees. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. ICE BofA Corporate & Government 1-3 year Index is the established benchmark. A shareholder cannot invest directly in the ICE BofA Corporate & Government 1-3 year Index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

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Johnson Institutional Intermediate Bond Fund <sup>Performance Review – December 31, 2022</sup>

The Johnson Institutional Intermediate Bond Fund (Class I shares) provided a total return of -9.18% during 2022, compared to a -8.23% return for the Bloomberg Intermediate Government/Credit Index.

Bond markets were dominated by Federal Reserve ("Fed") policy during 2022 as persistently high inflation led to a swift and aggressive response from policy makers. The Fed increased the Federal Funds rate 425 basis points (4.25%) during the year to the highest level since 2007. While interest rates moved sharply higher across all maturities during 2022 a divergence between short-term and long-term rates emerged during the second half of the year. As the Fed continued to push forward with increasing short-term rates, concerns over a slowing economy caused long-term interest rates to moderate, resulting in the deepest inversion of the yield curve since 2000. As a result, the 5-year Treasury rose 318 basis points to a peak of 4.45% during October before settling at 4.01% at year end. Overall, the Fund's modestly longer duration relative to its benchmark was a slight headwind to performance during the year. This was partially offset, however, by the Fund's more barbelled yield curve exposure, which benefited from yield curve flattening.

While the rapid increase in interest rates drove much of the discussion during 2022, the more surprising story was the positive correlation between interest rates and risk assets. Intermediate credit spreads widened considerably during the first part of last year, peaking at 150 basis points in October. However, softer than expected inflation readings during the final quarter of the year helped reassure the market that the Fed may slow its pace of tightening. As a result, interest rates fell, and credit spreads narrowed. Despite finishing the year with a positive tone, corporate bond spreads still closed the year 48 basis points wider. As a result, the Fund's emphasis on corporate bonds relative to its benchmark was a headwind to relative performance but was partially offset by positive security selection. Finally, Agency Mortgage-backed Securities ("MBS") posted their worst annual excess returns since the Great Financial Crisis. As a result, our modest non-benchmark allocation to the MBS sector was a headwind to performance.

Despite the worst year on record for major bond indices, investors have plenty to be optimistic about. Yields on most bond indices finished the year at or near their highest levels since 2008. As a result, bonds should be well positioned to regain their position as a reliable hedge to risk assets and once again provide investors with meaningful current income. While higher interest rates have improved the outlook for fixed income returns, 2023 will likely lead to a renewed focus on credit risk as the lagged impacts of tighter monetary policy take hold on the economy. As credit spreads tightened throughout the fourth quarter, the Fund sought to actively reduce weight in tighter trading corporate bonds in order to position the portfolio with a more defensive stance. Finally, as economic growth continues to slow, the Fund remains modestly long duration relative to the benchmark to serve as an additional hedge to the possibility credit spreads may widen further. As we enter a new phase of the cycle in 2023, our quality-focused investment discipline should be well positioned to withstand ongoing uncertainty.

#### P erformance I nformation <br> C lass I S hares
![[MISSING IMAGE: lc_intermclassi-bw.jpg]](lc_intermclassi-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Johnson <br> Institutional <br> Intermediate <br> Bond Fund – <br> Class I Shares  | Bloomberg Barclays <br> Capital Intermediate <br> Govt/ Credit Index  |
| One Year | -9.18% | -8.23% |
| Five Years | 0.67% | 0.73% |
| Ten Years | 1.41% | 1.12% |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Intermediate Bond Fund <sup>Performance Review – December 31, 2022</sup>

#### P erformance I nformation <br> C lass F S hares
![[MISSING IMAGE: lc_intermclassf-bw.jpg]](lc_intermclassf-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Johnson <br> Institutional <br> Intermediate <br> Bond Fund – <br> Class F Shares<sup>(a)</sup>  | Bloomberg Barclays <br> Capital Intermediate <br> Govt/Credit Index  |
| One Year | -9.32% | -8.23% |
| Five Years | 0.47% | 0.73% |
| Since <br> Inception<sup>\*</sup> | 3.61% | 3.59% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inception date was May 1, 2018.

#### P ortfolio I nformation
 **Holdings by Industry Sector** 

<br> ---

| | |
|:---|:---|
| Sector Allocation  | % of <br> Net Assets  |
| US Govt Treasury | 31.8% |
| Bank and Finance | 25.3% |
| Industrial | 15.4% |
| Utilities | 11.0% |
| Mortgage-backed Securities | 9.2%  |
| US Govt Agency | 3.0%  |
| Taxable Municipal | 2.0%  |
| Cash Equivalents | 0.9% |
| Preferred Stocks | 0.6% |
| Other: |  |
| &nbsp;&nbsp;&nbsp; Net Other Assets (Liabilities)  | 0.8% |
|  | 100.0% |

---

A high level of income over the long term consistent with capital preservation is the objective of the Johnson Institutional Intermediate Bond Fund. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any income and capital gains. The Fund's performance is after all fees, whereas the Index does not incur fees. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Bloomberg Intermediate Government/Credit Index is the established benchmark. A shareholder cannot invest directly in the Index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Core Bond Fund <sup>Performance Review – December 31, 2022</sup>

The Johnson Institutional Core Bond Fund (Class I shares) provided a total return of -13.70% during 2022, compared to a -13.01% return for the Bloomberg US Aggregate Bond Index.

Bond markets were dominated by Federal Reserve ("Fed") policy during 2022 as persistently high inflation led to a swift and aggressive response from policy makers. The Fed increased the Federal Funds rate 425 basis points (4.25%) during the year to the highest level since 2007. While interest rates moved sharply higher across all maturities during 2022, a divergence between short-term and long-term rates emerged during the second half of the year. As the Fed continued to push forward with increasing short-term rates, concerns over a slowing economy caused long-term interest rates to moderate, resulting in the deepest inversion of the yield curve since 2000. As a result, the 10-year Treasury rose 273 basis points to a peak of 4.24% during October before settling at 3.88% at year end. Overall, the Fund's modestly longer duration relative to its benchmark was a slight headwind to performance during the year. This was partially offset, however, by the Fund's more barbelled yield curve exposure, which benefited from yield curve flattening.

While the rapid increase in interest rates drove much of the discussion during 2022, the more surprising story was the positive correlation between interest rates and risk assets. Credit spreads widened considerably during the first part of last year, peaking at 165 basis points in October. However, softer than expected inflation readings during the final quarter of the year helped reassure the market that the Fed may slow its pace of tightening. As a result, interest rates fell, and credit spreads narrowed. Despite finishing the year with a positive tone, corporate bond spreads still closed the year 38 basis points wider. As a result, the Fund's emphasis on corporate bonds relative to its benchmark was a headwind to relative performance but was partially offset by positive security selection. Finally, Agency Mortgage-backed Securities ("MBS") posted their worst annual excess returns since the Great Financial Crisis. As a result, our underweight to the MBS sector was a tailwind to performance.

Despite the worst year on record for the Bloomberg US Aggregate Bond Index, investors have plenty to be optimistic about. Yields on most bond indices finished the year at or near their highest levels since 2008. As a result, bonds should be well positioned to regain their position as a reliable hedge to risk assets and once again provide investors with meaningful current income. While higher interest rates have improved the outlook for fixed income returns, 2023 will likely lead to a renewed focus on credit risk as the lagged impacts of tighter monetary policy take hold on the economy. As credit spreads tightened throughout the fourth quarter, the Fund sought to actively reduce weight in tighter trading corporate bonds in order to position the portfolio with a more defensive stance. Finally, as economic growth continues to slow, the Fund remains modestly long duration relative to the benchmark to serve as an additional hedge to the possibility credit spreads may widen further. As we enter a new phase of the cycle in 2023, our quality-focused investment discipline should be well positioned to withstand ongoing uncertainty.

#### P erformance I nformation <br> C lass I S hares
![[MISSING IMAGE: lc_corebondclasi-bw.jpg]](lc_corebondclasi-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Johnson <br> Institutional <br> Core Bond Fund – <br> Class I Shares<sup>(a)</sup>  | Bloomberg US <br> Aggregate Bond <br> Index  |
| One Year | -13.70% | -13.01% |
| Five Years | 0.23% | 0.02% |
| Ten Years | 1.44% | 1.06% |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Core Bond Fund <sup>Performance Review – December 31, 2022</sup>

#### P erformance I nformation <br> C lass F S hares
![[MISSING IMAGE: lc_corebondclasf-bw.jpg]](lc_corebondclasf-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Johnson <br> Institutional <br> Core Bond Fund – <br> Class F Shares  | Bloomberg US <br> Aggregate Bond <br> Index  |
| One Year | -13.81% | -13.01% |
| Five Years | 0.02% | 0.02% |
| Since <br> Inception<sup>\*</sup> | 4.06% | 3.82% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inception date was May 1, 2018

#### P ortfolio I nformation
 **Holdings by Industry Sector** 

<br> ---

| | |
|:---|:---|
| Sector Allocation  | % of <br> Net Assets  |
| US Govt Treasury | 32.4% |
| Bank and Finance | 22.0% |
| Industrial | 17.7% |
| Mortgage-backed Securities | 14.3% |
| Utilities | 11.1% |
| Taxable Municipal | 1.2% |
| Preferred Stocks | 0.4% |
| Cash Equivalents | 0.2% |
| Other: |  |
| &nbsp;&nbsp;&nbsp; Net Other Assets (Liabilities)  | 0.7% |
|  | 100.0% |

---

A high level of income over the long term consistent with capital preservation is the objective of the Johnson Institutional Core Bond Fund and the primary assets are investment-grade government and corporate bonds. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any income and capital gains. The Fund's performance is after all fees, whereas the Index does not incur fees. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Bloomberg US Aggregate Bond Index is the established benchmark. A shareholder cannot invest directly in the Index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Enhanced Return Fund <sup>Performance Review – December 31, 2022</sup>

The total return for the Johnson Enhanced Return Fund in 2022 was -23.56% compared to -18.11% for the S&P 500 Index. The Fund's underperformance was driven by rising short and intermediate bond yields which detracted from total returns in the bond portion of the portfolio. The Fund uses S&P 500 e-mini futures contracts in seeking to replicate the S&P 500 Index, with a portfolio of bonds to "enhance" the return. The negative performance of the S&P 500 attributed to most of the Fund's performance.

2022 was a unique year for both equity and fixed income returns, marking the first year in which both the S&P 500 and the Barclays Aggregate Bond Index were both down over 10%. The S&P 500 posted its largest annual decline since 2008, value stocks outperformed growth stocks by the most since 2000, and every sector except for Energy and Utilities posted negative returns. Bond markets were dominated by Federal Reserve ("Fed") policy during 2022 as persistently high inflation led to a swift and aggressive response from policy makers. The Fed increased the Federal Funds rate 425 basis points (4.25%) during the year to the highest level since 2007. Bond yields reacted by rising sharply, resulting in one of the worst periods of performance for short-term fixed income in history. This rapid increase in short-term bond yields was a headwind for Fund performance during the year.

While the rapid increase in interest rates drove much of the discussion during 2022, the more surprising story was the positive correlation between interest rates and risk assets. Credit spreads widened considerably during the first part of last year, peaking at 165 basis points in October. However, softer than expected inflation readings during the final quarter of the year helped reassure the market that the Fed may slow its pace of tightening. As a result, interest rates fell, and credit spreads narrowed. Despite finishing the year with a positive tone, corporate bond spreads still closed the year 38 basis points wider. As a result, the Fund's emphasis on corporate bonds detracted from performance. However, the combination of rising bond yields and widening spreads has pushed corporate bond yields toward their highest levels since the Great Financial Crisis and offer investors an attractive long-term valuation opportunity. Over half of the Fund's bond allocation is to investment-grade rated corporate securities, which is a key reason why its yield is traditionally higher than the cost of carry in the futures contracts. Over time, this yield advantage is critical to the Fund's ability to outperform its benchmark.

While higher interest rates have improved the outlook for fixed income returns, 2023 will likely lead to a renewed focus on credit risk as the lagged impacts of tighter monetary policy take hold on the economy. As credit spreads tightened throughout the fourth quarter, the Fund sought to actively reduce weight in tighter trading corporate bonds in order to position the portfolio with a more defensive stance. As economic growth continues to slow, the Fund remains modestly long duration relative to the benchmark to serve as an additional hedge to the possibility credit spreads may widen further. As we enter a new phase of the cycle in 2023, our quality-focused investment discipline should be well positioned to withstand ongoing uncertainty. Bond yields are at the highest levels in years, which allows for an improved outlook for returns from the underlying bond portfolio going forward.

![[MISSING IMAGE: lc_enhancedfund-bw.jpg]](lc_enhancedfund-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Enhanced Return <br> Fund  | S&P 500 Index  |
| One Year | -23.56% | -18.11% |
| Five Years | 7.73% | 9.42% |
| Ten Years | 11.72% | 12.56% |

---

 **Holdings by Industry Sector<sup>\*</sup>** 

<br> ---

| | |
|:---|:---|
| Sector Allocation  | % of <br> Net Assets  |
| Bank and Finance | 31.2% |
| Industrials | 17.6% |
| Utilities | 15.5% |
| Mortgage-backed Securities | 13.8% |
| US Treasury Obligations | 10.9% |
| US Agency Obligations | 6.6% |
| Taxable Municipals | 1.9% |
| Cash Equivalents | 0.3% |
| Other: |  |
| Net Other Assets (Liabilities) | 2.2% |
|  | 100.0% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This is a breakdown of the sectors based on the bond portion of the portfolio. Any derivatives used are not included in the breakdown.

Outperforming the Fund's benchmark, the S&P 500 Index, over a full market cycle is the objective of the Johnson Enhanced Return Fund and the primary assets are stock index futures contracts and short-term investment-grade fixed income securities. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any income and capital gains. The Fund's performance is after all fees, whereas the Index does not incur fees. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. A shareholder cannot invest directly in the S&P 500 Index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Core Plus Bond Fund <sup>Performance Review – December 31, 2022</sup>

The Johnson Core Plus Bond Fund provided a total return of -13.71% during 2022, compared to a -13.01% return for the Bloomberg US Aggregate Index.

Bond markets were dominated by Federal Reserve ("Fed") policy during 2022 as persistently high inflation led to a swift and aggressive response from policy makers. The Fed increased the Federal Funds rate 425 basis points (4.25%) during the year to the highest level since 2007. Overall, the Fund's modestly longer duration relative to its benchmark was a slight headwind to performance during the year. The Fund does seek to use Treasury Futures to adjust duration and yield curve exposure. While the use of futures amplified the negative impact of duration on the portfolio, this was mostly offset by the Fund's more barbelled yield curve structure which was beneficial to relative performance as the curve flattened.

While the rapid increase in interest rates drove much of the discussion during 2022, the more surprising story was the positive correlation between interest rates and risk assets. Credit spreads widened considerably during the first part of last year, peaking at 165 basis points in October. However, softer than expected inflation readings during the final quarter of the year caused interest rates to fall and credit spreads to narrow. Despite finishing the year with a positive tone, corporate bond spreads still closed the year 38 basis points wider. As a result, the Fund's emphasis on corporate bonds relative to its benchmark was a headwind to relative performance but was partially offset by positive security selection. The Fund also has the flexibility to own securities rated below Investment Grade to maximize current income. While high yield bond spreads widened more than investment grade, the Fund's emphasis on high-quality and non-cyclical issuers more than offset its allocation to securities with ratings below Investment Grade. Finally, Agency Mortgage-backed Securities ("MBS") posted their worst annual excess returns since the Great Financial Crisis. As a result, our underweight to the MBS sector was a tailwind to performance.

Despite the worst year on record for the Bloomberg Aggregate Bond Index, investors have plenty to be optimistic about. Yields on most bond indices finished the year at or near their highest levels since 2008. As a result, bonds should be well positioned to regain their position as a reliable hedge to risk assets and once again provide investors with meaningful current income. While higher interest rates have improved the outlook for fixed income returns, 2023 will likely lead to a renewed focus on credit risk as the lagged impacts of tighter monetary policy take hold on the economy. As credit spreads tightened throughout the fourth quarter, the Fund sought to actively reduce weight in tighter trading corporate bonds in order to position the portfolio with a more defensive stance. Finally, as economic growth continues to slow, the Fund remains modestly long duration relative to the benchmark to serve as an additional hedge to the possibility credit spreads may widen further. As we enter a new phase of the cycle in 2023, our quality-focused investment discipline should be well positioned to withstand ongoing uncertainty.

![[MISSING IMAGE: lc_coreplusbond-bw.jpg]](lc_coreplusbond-bw.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns**  | **as of December 31, 2022**  |

---

---

| | | |
|:---|:---|:---|
|  | Core Plus <br> Bond Fund  | Bloomberg US <br> Aggregate Bond <br> Index  |
| One Year | -13.71% | -13.01% |
| Since <br> Inception\* | -11.99% | -11.43% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Inception was November 17, 2021.

 **Holdings by Industry Sector\*** 

<br> ---

| | |
|:---|:---|
| Sector Allocation  | % of <br> Net Assets  |
| Bank and Finance | 19.0% |
| Industrials | 23.9% |
| Utilities | 13.9% |
| US Treasury Obligations | 17.3% |
| Mortgage-backed Securities | 23.5% |
| Preferred Stocks | 1.1% |
| Cash Equivalents | 0.5% |
| Other: |  |
| Net Other Assets (Liabilities) | 0.8% |
|  | 100.0% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This is a breakdown of the sectors based on the bond portion of the portfolio. Any derivatives used are not included in the breakdown.

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, and the primary assets are government and corporate bonds and other fixed income securities. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total return numbers include changes in the Fund's or Index's share price, plus reinvestment of any income and capital gains. The Fund's performance is after all fees, whereas the Index does not incur fees. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Bloomberg US Aggregate Bond Index is the established benchmark. A shareholder cannot invest directly in the Index. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-541-0170.

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Short Duration Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
|  ***<u>Corporate Bonds:</u>*** |  ***<u>Corporate Bonds:</u>*** |  ***<u>Corporate Bonds:</u>*** |  ***<u>Corporate Bonds:</u>*** |  ***<u>Corporate Bonds:</u>*** |
| &nbsp;&nbsp;&nbsp; ACE INA Holdings  | 3.350% | 05/15/2024 | 2697000 | $2639114 |
| &nbsp;&nbsp;&nbsp; American Express Credit  | 2.500% | 07/30/2024 | 2900000 | 2790653 |
| &nbsp;&nbsp;&nbsp; AON PLC  | 3.500% | 06/14/2024 | 2385000 | 2329119 |
| &nbsp;&nbsp;&nbsp; AON PLC  | 3.875% | 12/15/2025 | 2700000 | 2632157 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | 3.300% | 01/11/2023 | 2080000 | 2079199 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | 3.875% | 08/01/2025 | 2765000 | 2691927 |
| &nbsp;&nbsp;&nbsp; BB&T Corp.  | 3.750% | 12/06/2023 | 350000 | 346366 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.375% | 04/15/2026 | 2654000 | 2493038 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.875% | 05/01/2024 | 1950000 | 1906404 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | 2.375% | 01/28/2025 | 1770000 | 1678656 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | 4.300% | 01/16/2024 | 3440000 | 3407169 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares  | 2.625% | 08/06/2024 | 5000000 | 4801460 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co.  | 3.375% | 05/01/2023 | 1902000 | 1892363 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co.  | 3.875% | 09/10/2024 | 1745000 | 1706935 |
| &nbsp;&nbsp;&nbsp; Keycorp  | 4.150% | 10/29/2025 | 4700000 | 4587731 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp.  | 3.550% | 07/26/2023 | 3431000 | 3401795 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Co. Inc.  | 3.500% | 06/03/2024 | 3830000 | 3750302 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Co. Inc.  | 3.500% | 03/10/2025 | 1000000 | 970861 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 3.700% | 10/23/2024 | 2115000 | 2065890 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 4.000% | 07/23/2025 | 2750000 | 2687316 |
| &nbsp;&nbsp;&nbsp; National Retail Properties  | 3.900% | 06/15/2024 | 1197000 | 1169552 |
| &nbsp;&nbsp;&nbsp; National Retail Properties  | 4.000% | 11/15/2025 | 2965000 | 2856600 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services  | 3.800% | 07/25/2023 | 1000000 | 992559 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services  | 3.900% | 04/29/2024 | 4840000 | 4782844 |
| &nbsp;&nbsp;&nbsp; Suntrust Banks Inc.  | 4.000% | 05/01/2025 | 3002000 | 2938937 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | 3.600% | 09/11/2024 | 4839000 | 4740541 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | 3.550% | 09/29/2025 | 600000 | 577164 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | 4.100% | 06/03/2026 | 2550000 | 2463846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***31.1% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***31.1% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***31.1% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***31.1% – Total Bank and Finance*** | **$*71380498***  |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co.  | 3.363% | 06/06/2024 | 2235000 | 2180383 |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe  | 3.850% | 09/01/2023 | 1160000 | 1151786 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  | 3.875% | 07/20/2025 | 4600000 | 4491067 |
| &nbsp;&nbsp;&nbsp; Dover Corp.  | 3.150% | 11/15/2025 | 4548000 | 4330096 |
| &nbsp;&nbsp;&nbsp; Enterprise Products  | 3.350% | 03/15/2023 | 3300000 | 3288232 |
| &nbsp;&nbsp;&nbsp; Enterprise Products  | 3.750% | 02/15/2025 | 1500000 | 1458664 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC  | 3.625% | 07/02/2024 | 2936000 | 2873155 |
| &nbsp;&nbsp;&nbsp; Kroger Co.  | 4.000% | 02/01/2024 | 4600000 | 4544069 |
| &nbsp;&nbsp;&nbsp; McDonalds Corp.  | 3.350% | 04/01/2023 | 1265000 | 1259978 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp.  | 2.903% | 02/15/2023 | 4409000 | 4398573 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp.  | 5.590% | 05/17/2025 | 1000000 | 1008200 |
| &nbsp;&nbsp;&nbsp; Roper Technologies Inc.  | 1.000% | 09/15/2025 | 4230000 | 3797076 |
| &nbsp;&nbsp;&nbsp; Shell International  | 3.250% | 05/11/2025 | 3115000 | 3019155 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp.  | 3.100% | 03/01/2023 | 4765000 | 4751991 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp.  | 3.150% | 03/01/2024 | 1700000 | 1664985 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp.  | 3.750% | 03/15/2024 | 2025000 | 1991037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***20.2% – Total Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***20.2% – Total Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***20.2% – Total Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***20.2% – Total Industrial*** | **$*46208447***  |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Short Duration Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co.  | 2.800% | 01/15/2023 | 1272000 | $1270630 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co.  | 3.750% | 11/15/2023 | 3690000 | 3648107 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | 3.750% | 04/15/2024 | 4009000 | 3938245 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 3.150% | 01/15/2025 | 500000 | 481286 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 1.400% | 08/15/2026 | 1240000 | 1089576 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.  | 2.100% | 07/30/2023 | 3045000 | 2992428 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.  | 2.200% | 09/15/2024 | 2043000 | 1947122 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 3.400% | 08/15/2025 | 4472000 | 4263014 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 3.250% | 12/01/2024 | 449000 | 433753 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 2.850% | 01/27/2025 | 2505000 | 2406150 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 2.950% | 02/07/2024 | 1830000 | 1788569 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 3.250% | 11/01/2025 | 900000 | 857332 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 2.750% | 03/15/2023 | 4580000 | 4560865 |
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc.  | 3.300% | 06/01/2025 | 4720000 | 4529378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.9% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.9% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.9% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.9% – Total Utilities*** | **$*34206455***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **66.2% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **66.2% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **66.2% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **66.2% Total Corporate Bonds** | $**151795400** |
|  ***<u>Certificates of Deposit</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldmans Sachs  | 3.400% | 10/17/2023 | 250000 | 247279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***0.1% – Total Certificates of Deposit*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***0.1% – Total Certificates of Deposit*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***0.1% – Total Certificates of Deposit*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***0.1% – Total Certificates of Deposit*** |  ***247279***  |
|  ***<u>United States Government Treasury Obligations</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.750% | 07/31/2027 | 9000000 | 8516250 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.250% | 04/30/2024 | 1685000 | 1631225 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 0.250% | 06/30/2025 | 10810000 | 9791493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.7% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.7% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.7% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.7% – Total United States Government Treasury Obligations*** | **$*19938968***  |
|  ***<u>United States Government Agency Obligations</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FHLB  | 1.375% | 08/26/2026 | 3700000 | 3333126 |
| &nbsp;&nbsp;&nbsp; FHLB  | 1.375% | 09/29/2026 | 1585000 | 1423699 |
| &nbsp;&nbsp;&nbsp; FHLB  | 3.500% | 12/08/2023 | 2000000 | 1972548 |
| &nbsp;&nbsp;&nbsp; FHLB  | 3.875% | 09/15/2023 | 1325000 | 1314747 |
| &nbsp;&nbsp;&nbsp; FHLB  | 4.300% | 09/26/2023 | 1000000 | 994993 |
| &nbsp;&nbsp;&nbsp; FHLB  | 5.000% | 12/19/2023 | 1000000 | 998807 |
| &nbsp;&nbsp;&nbsp; FHLMC  | 0.450% | 07/22/2024 | 4000000 | 3735860 |
| &nbsp;&nbsp;&nbsp; FNMA  | 0.500% | 06/17/2025 | 1195000 | 1087108 |
| &nbsp;&nbsp;&nbsp; FNMA  | 0.375% | 08/25/2025 | 5130000 | 4628527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.5% – Total United States Government Agency Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.5% – Total United States Government Agency Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.5% – Total United States Government Agency Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***8.5% – Total United States Government Agency Obligations*** | **$*19489415***  |
|  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  |
| &nbsp;&nbsp;&nbsp; FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)\*  | 2.435% | 04/01/2042 | 38220 | 37741 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G15973  | 3.000% | 07/01/2031 | 953820 | 895061 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G16330  | 3.500% | 08/01/2032 | 935034 | 909928 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G18642  | 3.500% | 04/01/2032 | 1051082 | 1018218 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool ZS9286  | 4.500% | 04/01/2035 | 804574 | 794763 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool ZT1964  | 3.500% | 06/01/2032 | 857962 | 831370 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool SB0037  | 2.500% | 12/01/2027 | 573315 | 546083 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool V61479  | 2.500% | 01/01/2032 | 3282911 | 3061489 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Short Duration Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; FNMA Series 2013-6 Class BC  | 1.500% | 12/25/2042 | 173576 | $165345 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2013-3 Class DK  | 1.750% | 02/25/2033 | 582389 | 530217 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2013-1 Class LA  | 1.250% | 02/25/2028 | 824912 | 767768 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2020-44 Class TE  | 2.000% | 12/25/2035 | 2048069 | 1887826 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2020-95 Class GA  | 1.000% | 01/01/2051 | 5092222 | 3882305 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4009 Class PA  | 2.000% | 06/15/2041 | 72970 | 68997 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4125 Class KP  | 2.500% | 05/15/2041 | 477973 | 451539 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4198 Class BE  | 2.000% | 10/15/2040 | 149276 | 145396 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4980 Class DB  | 1.250% | 10/25/2034 | 2677098 | 2341181 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 2989 Class TG  | 5.000% | 06/15/2025 | 71862 | 71583 |
| &nbsp;&nbsp;&nbsp; FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.599%)\*  | 4.244% | 02/01/2046 | 119207 | 120055 |
| &nbsp;&nbsp;&nbsp; FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.600%)\*  | 3.574% | 12/01/2044 | 121614 | 121092 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL6465  | 3.600% | 11/01/2023 | 19095 | 18988 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL7077  | 4.000% | 07/01/2035 | 541879 | 528905 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL9230  | 3.500% | 12/01/2029 | 501738 | 487967 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AN3444  | 2.230% | 11/01/2023 | 2845698 | 2785218 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM1897  | 3.000% | 09/01/2032 | 1022223 | 968433 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM2287  | 4.500% | 03/01/2034 | 920719 | 914890 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM2989  | 3.000% | 09/01/2034 | 921358 | 872596 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM8700  | 4.500% | 07/01/2034 | 1260519 | 1244785 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA0384  | 5.000% | 04/01/2030 | 208868 | 207052 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2003-79 Class NJ  | 5.000% | 08/25/2023 | 9982 | 9945 |
| &nbsp;&nbsp;&nbsp; GNMA Pool 726475  | 4.000% | 11/15/2024 | 23020 | 22673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.6% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.6% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.6% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.6% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | **$*26709409***  |
|  ***<u>Taxable Municipal Bonds</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allegeny County Pennsylvania  | 0.843% | 11/01/2024 | 600000 | 557423 |
| &nbsp;&nbsp;&nbsp; Allegeny County Pennsylvania  | 0.973% | 11/01/2025 | 1835000 | 1645995 |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio Convention Facitilites  | 1.255% | 12/01/2025 | 500000 | 451205 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority Revenue  | 3.491% | 04/15/2023 | 1400000 | 1394299 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Lodging Commission  | 2.080% | 11/01/2023 | 700000 | 682027 |
| &nbsp;&nbsp;&nbsp; Ohio Special Obligation Capital Facilities Lease  | 1.700% | 04/01/2023 | 500000 | 496313 |
| &nbsp;&nbsp;&nbsp; Pennsylvania State University  | 1.545% | 09/01/2024 | 1145000 | 1088029 |
| &nbsp;&nbsp;&nbsp; Pennsylvania State University  | 1.645% | 09/01/2025 | 2000000 | 1848148 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati  | 2.100% | 04/01/2023 | 255000 | 253312 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati General Receipts  | 1.878% | 06/01/2023 | 1100000 | 1087085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.1% – Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.1% – Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.1% – Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.1% – Total Taxable Municipal Bonds*** | **$*9503836***  |
| **Total Fixed Income Securities 99.2%** | **Total Fixed Income Securities 99.2%** | **Total Fixed Income Securities 99.2%** | **Total Fixed Income Securities 99.2%** | $**227684307** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $242,024,468)*  |  |  |  |  |
| **Cash Equivalents** |  |  | **Shares**  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligation Fund, Class Z\*\*  |  |  | 139711 | 139711 |
| **Total Cash Equivalents 0.1%** | **Total Cash Equivalents 0.1%** | **Total Cash Equivalents 0.1%** | **Total Cash Equivalents 0.1%** | $**139711** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $139,711)*  |  |  |  |  |
| **Total Portfolio Value 99.3%** | **Total Portfolio Value 99.3%** | **Total Portfolio Value 99.3%** | **Total Portfolio Value 99.3%** | $**227824018** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $242,164,179)*  |  |  |  |  |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Short Duration Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities – Bonds**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.7%  |  |  |  | $1653345 |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **229477363**  |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; the rate shown is as of December 31, 2022.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 4.05%.

ARM – Adjustable Rate Mortgage

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Intermediate Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
|  ***<u>Corporate Bonds:</u>*** | | | | |
| &nbsp;&nbsp;&nbsp; American Express Co.  | 3.950% | 08/01/2025 | 4250000 | $4164992 |
| &nbsp;&nbsp;&nbsp; AON Corp.  | 3.750% | 05/02/2029 | 4300000 | 3980248 |
| &nbsp;&nbsp;&nbsp; Bank of America  | 3.248% | 10/21/2027 | 5835000 | 5392981 |
| &nbsp;&nbsp;&nbsp; Branch Banking Trust  | 3.800% | 10/30/2026 | 1500000 | 1421553 |
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings Inc.  | 1.375% | 09/15/2030 | 2700000 | 2097252 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.000% | 01/15/2030 | 2120000 | 1792350 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.375% | 04/15/2026 | 1000000 | 939351 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 4.000% | 03/01/2029 | 1216000 | 1106908 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | 2.375% | 01/28/2025 | 3114000 | 2953296 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | 4.300% | 01/16/2024 | 1700000 | 1683775 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares  | 4.000% | 05/15/2025 | 1225000 | 1194276 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares  | 4.443% | 08/04/2028 | 2775000 | 2637485 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co.  | 3.875% | 09/10/2024 | 3065000 | 2998140 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co.  | 4.493% | 03/24/2031 | 2500000 | 2337942 |
| &nbsp;&nbsp;&nbsp; Keycorp  | 4.150% | 10/29/2025 | 2000000 | 1952226 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Co. Inc.  | 3.500% | 06/03/2024 | 1500000 | 1468786 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 3.700% | 10/23/2024 | 4135000 | 4038985 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 4.679% | 07/17/2026 | 1674000 | 1646804 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services  | 3.450% | 04/23/2029 | 1000000 | 916358 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services  | 3.500% | 01/23/2024 | 2000000 | 1969080 |
| &nbsp;&nbsp;&nbsp; Suntrust Bank Inc.  | 4.000% | 05/01/2025 | 2000000 | 1957986 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | 3.000% | 07/30/2029 | 2625000 | 2304923 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | 3.100% | 04/27/2026 | 3000000 | 2836092 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Co.  | 3.196% | 06/17/2027 | 1000000 | 928325 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Co.  | 4.100% | 06/03/2026 | 2050000 | 1980739 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Co.  | 4.300% | 07/22/2027 | 2600000 | 2504107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***25.3% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***25.3% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***25.3% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***25.3% – Total Bank and Finance*** | **$*59204960***  |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co.  | 3.700% | 06/06/2027 | 4000000 | 3783808 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  | 4.300% | 03/25/2028 | 3200000 | 3095219 |
| &nbsp;&nbsp;&nbsp; Dover Corp  | 2.950% | 11/04/2029 | 1495000 | 1299457 |
| &nbsp;&nbsp;&nbsp; Dover Corp  | 3.150% | 11/15/2025 | 2650000 | 2523033 |
| &nbsp;&nbsp;&nbsp; Enterprise Products  | 3.750% | 02/15/2025 | 860000 | 836301 |
| &nbsp;&nbsp;&nbsp; Enterprise Products  | 4.150% | 10/16/2028 | 1300000 | 1230918 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC  | 3.900% | 02/14/2026 | 2282000 | 2214948 |
| &nbsp;&nbsp;&nbsp; Kroger Co.  | 3.500% | 02/01/2026 | 2100000 | 2004687 |
| &nbsp;&nbsp;&nbsp; Lowes Cos. Inc.  | 4.500% | 04/15/2030 | 2250000 | 2156119 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp.  | 2.900% | 06/15/2026 | 3790000 | 3549998 |
| &nbsp;&nbsp;&nbsp; Roper Technologies Inc.  | 1.000% | 09/15/2025 | 485000 | 435362 |
| &nbsp;&nbsp;&nbsp; Verizon Communication Inc.  | 4.016% | 12/03/2029 | 3935000 | 3682582 |
| &nbsp;&nbsp;&nbsp; Xylem Inc.  | 3.250% | 11/01/2026 | 4000000 | 3751732 |
| &nbsp;&nbsp;&nbsp; Xylem Inc.  | 1.950% | 01/30/2028 | 500000 | 429612 |
| &nbsp;&nbsp;&nbsp; Walt Disney Corp.  | 3.800% | 03/22/2030 | 5245000 | 4881453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.4% – Total Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.4% – Total Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.4% – Total Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.4% – Total Industrial*** | **$*35875229***  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co.  | 3.250% | 04/15/2028 | 3500000 | 3243125 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | 2.650% | 09/01/2026 | 1550000 | 1431974 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 3.300% | 01/15/2028 | 2700000 | 2490558 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 4.250% | 04/01/2029 | 1500000 | 1417516 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Intermediate Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.  | 2.200% | 09/15/2024 | 325000 | $309748 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.  | 2.650% | 09/15/2029 | 3500000 | 2984208 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 3.400% | 08/15/2025 | 1035000 | 986632 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 4.100% | 09/26/2028 | 2367000 | 2253190 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 3.400% | 02/07/2028 | 3090000 | 2864724 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 2.750% | 03/15/2023 | 935000 | 931094 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 3.100% | 05/15/2025 | 394000 | 378347 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 3.150% | 01/15/2026 | 2150000 | 2050382 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 3.450% | 02/15/2024 | 565000 | 555573 |
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc.  | 3.300% | 06/01/2025 | 4050000 | 3886437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.0% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.0% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.0% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.0% – Total Utilities*** | **$*25783508***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **51.7% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **51.7% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **51.7% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **51.7% Total Corporate Bonds** | $**120863697** |
|  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 1.500% | 02/15/2030 | 12700000 | 10818812 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 0.625% | 12/31/2027 | 12500000 | 10591800 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 1.375% | 11/15/2031 | 8250000 | 6718594 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 1.500% | 11/30/2024 | 700000 | 662184 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.625% | 02/15/2029 | 14000000 | 12945632 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.250% | 08/15/2027 | 6750000 | 6243223 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 1.625% | 05/15/2026 | 2000000 | 1840938 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.000% | 08/15/2025 | 4000000 | 3776252 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.750% | 02/15/2028 | 8750000 | 8226365 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 3.125% | 11/15/2028 | 13000000 | 12394694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***29.9% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***29.9% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***29.9% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***29.9% – Total United States Government Treasury Obligations*** | **$*74218494***  |
|  ***<u>United States Government Agency Obligations</u>*** |  ***<u>United States Government Agency Obligations</u>*** |  ***<u>United States Government Agency Obligations</u>*** |  ***<u>United States Government Agency Obligations</u>*** |  |
| &nbsp;&nbsp;&nbsp; FHLB  | 1.950% | 09/10/2025 | 4000000 | 3733672 |
| &nbsp;&nbsp;&nbsp; FHLB  | 2.875% | 09/13/2024 | 1500000 | 1454061 |
| &nbsp;&nbsp;&nbsp; FHLB  | 3.250% | 11/16/2028 | 1800000 | 1728543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.0% – Total United States Government Agency Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.0% – Total United States Government Agency Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.0% – Total United States Government Agency Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.0% – Total United States Government Agency Obligations*** | **$*6916276***  |
|  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  |
| &nbsp;&nbsp;&nbsp; FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)\*  | 2.435% | 04/01/2042 | 40950 | 40437 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G08068  | 5.500% | 07/01/2035 | 82753 | 84893 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G18642  | 3.500% | 04/01/2032 | 560179 | 542664 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool J12635  | 4.000% | 07/01/2025 | 66802 | 65592 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool SB0297  | 3.000% | 03/01/2035 | 2125295 | 2003352 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool SC0047  | 3.000% | 01/01/2040 | 3238748 | 2980749 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 2985 Class GE  | 5.500% | 06/15/2025 | 21160 | 21144 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 3946 Class LN  | 3.500% | 04/15/2041 | 235596 | 228134 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4151 Class PA  | 2.000% | 01/15/2033 | 1085627 | 1002625 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 5189 Class PG  | 2.500% | 09/25/2051 | 3233362 | 2893238 |
| &nbsp;&nbsp;&nbsp; FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)\*  | 2.960% | 12/01/2041 | 38669 | 37963 |
| &nbsp;&nbsp;&nbsp; FNMA 7/1 Hybrid ARM (12 month ICE LIBOR + 1.600%)\*  | 3.574% | 12/01/2044 | 124914 | 124378 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AA4392  | 4.000% | 04/01/2039 | 90296 | 87437 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Intermediate Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; FNMA Pool AN8842  | 3.320% | 04/01/2028 | 2500000 | $2367655 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM5050  | 2.500% | 02/01/2035 | 2597829 | 2438176 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FS0140  | 4.000% | 11/01/2037 | 3792296 | 3673855 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA0384  | 5.000% | 04/01/2030 | 83547 | 82821 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA1237  | 3.000% | 11/01/2032 | 884661 | 829317 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2011-52 Class PC  | 3.000% | 03/25/2041 | 334310 | 320652 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2012-12 Class KD  | 2.000% | 11/25/2042 | 515952 | 477934 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2015-37 Class BA  | 3.000% | 08/25/2044 | 726396 | 673787 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-39 Class LA  | 2.500% | 03/25/2045 | 552194 | 503610 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-99 Class TA  | 3.500% | 03/25/2036 | 232639 | 224726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***9.2% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***9.2% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***9.2% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***9.2% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | **$*21705139***  |
|  ***<u>Taxable Municipal Bonds</u>*** |  ***<u>Taxable Municipal Bonds</u>*** |  ***<u>Taxable Municipal Bonds</u>*** |  ***<u>Taxable Municipal Bonds</u>*** |  |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority Revenue  | 4.091% | 04/15/2027 | 3000000 | 2873415 |
| &nbsp;&nbsp;&nbsp; Pennsylvania State University  | 1.893% | 09/01/2026 | 2000000 | 1811550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.9% – Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.9% – Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.9% – Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***3.9% – Total Taxable Municipal Bonds*** | **$*4684965***  |
| **Total Fixed Income Securities 97.7%** | **Total Fixed Income Securities 97.7%** | **Total Fixed Income Securities 97.7%** | **Total Fixed Income Securities 97.7%** | $**228388571** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $248,239,879)*  |  |  |  |  |
| **<u>Preferred Stocks</u>** |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp;&nbsp; Allstate Corp.  | 5.100% | 01/15/2053 | 59890 | 1484673 |
| **Total Preferred Stocks 0.6%** | **Total Preferred Stocks 0.6%** | **Total Preferred Stocks 0.6%** | **Total Preferred Stocks 0.6%** | $**1484673** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $1,446,031)*  |  |  |  |  |
| **<u>Cash Equivalents</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligation Fund, Class Z\*\*  |  |  | 2011445 | 2011445 |
| **Total Cash Equivalents 0.9%** | **Total Cash Equivalents 0.9%** | **Total Cash Equivalents 0.9%** | **Total Cash Equivalents 0.9%** | $**2011445** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $2,011,445)*  |  |  |  |  |
| **Total Portfolio Value 99.2%** | **Total Portfolio Value 99.2%** | **Total Portfolio Value 99.2%** | **Total Portfolio Value 99.2%** | $**231884689** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $251,697,355)*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.8%  |  |  |  | $1779223 |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | $**233663912** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; the rate shown is as of December 31, 2022.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 4.05%.

ARM – Adjustable Rate Mortgage

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Core Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
|  ***<u>Corporate Bonds:</u>*** |  ***<u>Corporate Bonds:</u>*** |  ***<u>Corporate Bonds:</u>*** |  ***<u>Corporate Bonds:</u>*** |  ***<u>Corporate Bonds:</u>*** |
| &nbsp;&nbsp;&nbsp; American Express Co.  | 2.550% | 03/04/2027 | 2000000 | $1821314 |
| &nbsp;&nbsp;&nbsp; American Express Co.  | 3.000% | 10/30/2024 | 2635000 | 2550725 |
| &nbsp;&nbsp;&nbsp; American Express Co.  | 3.125% | 05/20/2026 | 1000000 | 942645 |
| &nbsp;&nbsp;&nbsp; AON Corp.  | 3.750% | 05/02/2029 | 5390000 | 4989194 |
| &nbsp;&nbsp;&nbsp; AON Corp.  | 3.875% | 12/15/2025 | 1850000 | 1803515 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | 3.248% | 10/21/2027 | 12340000 | 11405208 |
| &nbsp;&nbsp;&nbsp; BB&T Corp.  | 3.875% | 03/19/2029 | 5160000 | 4743361 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.000% | 01/15/2030 | 9426000 | 7969193 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | 2.375% | 01/28/2025 | 4913000 | 4659455 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | 4.300% | 01/16/2024 | 5500000 | 5447508 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares  | 2.550% | 02/04/2030 | 5000000 | 4112780 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares  | 2.625% | 08/06/2024 | 5230000 | 5022327 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co.  | 4.493% | 03/24/2031 | 12000000 | 11222124 |
| &nbsp;&nbsp;&nbsp; Keycorp  | 2.550% | 10/01/2029 | 3325000 | 2801017 |
| &nbsp;&nbsp;&nbsp; Keycorp  | 4.100% | 04/30/2028 | 3740000 | 3555902 |
| &nbsp;&nbsp;&nbsp; Keycorp  | 4.150% | 10/29/2025 | 1500000 | 1464169 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Co. Inc.  | 4.375% | 03/15/2029 | 6490000 | 6273111 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 3.700% | 10/23/2024 | 800000 | 781424 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 4.000% | 07/23/2025 | 5200000 | 5081471 |
| &nbsp;&nbsp;&nbsp; PNC Bank  | 3.450% | 04/23/2029 | 11850000 | 10858842 |
| &nbsp;&nbsp;&nbsp; Truist Bank  | 2.250% | 03/11/2030 | 8000000 | 6459472 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | 3.000% | 07/30/2029 | 7275000 | 6387930 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | 3.100% | 04/27/2026 | 4500000 | 4254138 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | 4.100% | 06/03/2026 | 7530000 | 7275591 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | 4.300% | 07/22/2027 | 4599000 | 4429380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***22.0% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***22.0% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***22.0% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***22.0% – Total Bank and Finance*** | **$*126311796***  |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co.  | 2.823% | 05/20/2030 | 10000000 | 8571990 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  | 3.750% | 04/01/2030 | 1000000 | 907555 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  | 4.300% | 03/25/2028 | 9000000 | 8705304 |
| &nbsp;&nbsp;&nbsp; Dover Corp.  | 2.950% | 11/04/2029 | 4500000 | 3911409 |
| &nbsp;&nbsp;&nbsp; Dover Corp.  | 3.150% | 11/15/2025 | 1500000 | 1428132 |
| &nbsp;&nbsp;&nbsp; Eaton Corp.  | 3.103% | 09/15/2027 | 2221000 | 2068615 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Inc.  | 1.950% | 10/15/2030 | 5160000 | 4178047 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Inc.  | 2.200% | 12/21/2031 | 6200000 | 5011851 |
| &nbsp;&nbsp;&nbsp; Enterprise Products  | 4.150% | 10/16/2028 | 8500000 | 8048310 |
| &nbsp;&nbsp;&nbsp; Home Depot Inc.  | 3.250% | 04/15/2032 | 7520000 | 6684626 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC  | 3.900% | 02/14/2026 | 1000000 | 970617 |
| &nbsp;&nbsp;&nbsp; Kroger Co.  | 2.200% | 05/01/2030 | 1000000 | 809162 |
| &nbsp;&nbsp;&nbsp; Kroger Co.  | 3.500% | 02/01/2026 | 2300000 | 2195610 |
| &nbsp;&nbsp;&nbsp; Lowes Cos. Inc.  | 4.500% | 04/15/2030 | 10685000 | 10239168 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp.  | 3.600% | 07/01/2030 | 4955000 | 4546208 |
| &nbsp;&nbsp;&nbsp; Roper Technologies Inc.  | 2.950% | 09/15/2029 | 1885000 | 1634800 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp.  | 2.250% | 03/12/2030 | 9550000 | 7933166 |
| &nbsp;&nbsp;&nbsp; Verizon Communication Inc.  | 4.016% | 12/03/2029 | 9821000 | 9191012 |
| &nbsp;&nbsp;&nbsp; Verizon Communication Inc.  | 4.329% | 09/21/2028 | 1675000 | 1612328 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Core Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Xylem Inc.  | 1.950% | 01/30/2028 | 2695000 | $2315609 |
| &nbsp;&nbsp;&nbsp; Walt Disney Corp.  | 3.800% | 03/22/2030 | 11455000 | 10661020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.7% – Total Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.7% – Total Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.7% – Total Industrial*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.7% – Total Industrial*** | **$*101624539.0***  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co.  | 3.250% | 04/15/2028 | 1936000 | 1793911 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | 2.450% | 06/01/2030 | 5000000 | 4116380 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | 2.650% | 09/01/2026 | 6350000 | 5866473 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 3.300% | 01/15/2028 | 2500000 | 2306072 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 4.250% | 04/01/2029 | 6924000 | 6543256 |
| &nbsp;&nbsp;&nbsp; Georgia Power  | 2.650% | 09/15/2029 | 11000000 | 9378941 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 2.300% | 06/01/2030 | 1490000 | 1212321 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 3.400% | 08/15/2025 | 1525000 | 1453734 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 4.100% | 09/26/2028 | 8805000 | 8381638 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 3.400% | 02/07/2028 | 2000000 | 1854190 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 3.700% | 03/15/2029 | 3900000 | 3588476 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 2.950% | 11/15/2026 | 2075000 | 1939023 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 3.500% | 03/15/2027 | 3932000 | 3724520 |
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc.  | 3.400% | 06/01/2030 | 4500000 | 4013757 |
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc.  | 4.000% | 06/15/2028 | 7500000 | 7184047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.1% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.1% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.1% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***11.1% – Total Utilities*** | **$*63356739***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **50.8% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **50.8% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **50.8% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **50.8% Total Corporate Bonds** | $**291293074** |
|  ***<u>United States Government Treasury Obligations</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.000% | 02/15/2050 | 12800000 | 8497997 |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.375% | 02/15/2042 | 16000000 | 12225008 |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.500% | 02/15/2045 | 34500000 | 26058298 |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.500% | 05/15/2046 | 20800000 | 15583755 |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.750% | 08/15/2047 | 12290000 | 9641886 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 4.000% | 11/15/2032 | 4000000 | 4080000 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 1.375% | 11/15/2031 | 32000000 | 26060000 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 1.500% | 02/15/2030 | 15500000 | 13204062 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 1.750% | 11/15/2029 | 3500000 | 3053750 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.250% | 08/15/2027 | 7000000 | 6474454 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.750% | 02/15/2028 | 8000000 | 7521248 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.000% | 11/15/2026 | 6000000 | 5546250 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.125% | 11/30/2023 | 10500000 | 10254321 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.875% | 05/15/2032 | 40500000 | 37335937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***32.4% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***32.4% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***32.4% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***32.4% – Total United States Government Treasury Obligations*** | **$*185536966***  |
|  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |
| &nbsp;&nbsp;&nbsp; FHLMC 10/1 Hybrid ARM (12 month ICE LIBOR + 1.860%)\*  | 2.435% | 04/01/2042 | 40950 | 40437 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G01880  | 5.000% | 08/01/2035 | 31600 | 31814 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G06616  | 4.500% | 12/01/2035 | 72144 | 71215 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G08068  | 5.500% | 07/01/2035 | 187093 | 191931 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G09921  | 4.000% | 07/01/2024 | 22685 | 22402 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G18642  | 3.500% | 04/01/2032 | 840268 | 813995 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Core Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G18667  | 3.500% | 11/01/2032 | 678521 | $657305 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G30933  | 4.000% | 01/01/2036 | 4182569 | 4061429 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G31087  | 4.000% | 07/01/2038 | 722145 | 703187 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool SC0047  | 3.000% | 01/01/2040 | 10786676 | 9927410 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool V61479  | 2.500% | 01/01/2032 | 2938723 | 2740515 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool ZK6713  | 3.000% | 06/01/2029 | 3279189 | 3159640 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool ZT1964  | 3.500% | 06/01/2032 | 3469935 | 3362388 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 2985 Class GE  | 5.500% | 06/15/2025 | 18515 | 18501 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 3946 Class LN  | 3.500% | 04/15/2041 | 235596 | 228134 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4087 Class PT  | 3.000% | 07/15/2042 | 417539 | 393646 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4151 Class PA  | 2.000% | 01/15/2033 | 1900612 | 1755299 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4161 Class QA  | 3.000% | 02/15/2043 | 109345 | 102999 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4582 Class PA  | 3.000% | 11/15/2045 | 554037 | 511098 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4689 Class DA  | 3.000% | 07/15/2044 | 381746 | 367125 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4709 Class EA  | 3.000% | 01/15/2046 | 597392 | 562170 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4887 Class A  | 3.250% | 09/15/2038 | 655231 | 621433 |
| &nbsp;&nbsp;&nbsp; FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)\*  | 2.960% | 12/01/2041 | 38669 | 37964 |
| &nbsp;&nbsp;&nbsp; FNMA Pool 1107  | 3.500% | 07/01/2032 | 322341 | 308600 |
| &nbsp;&nbsp;&nbsp; FNMA Pool 889050  | 6.000% | 05/01/2037 | 119199 | 124682 |
| &nbsp;&nbsp;&nbsp; FNMA Pool 995112  | 5.500% | 07/01/2036 | 72720 | 74235 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AA4392  | 4.000% | 04/01/2039 | 90296 | 87437 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL6923  | 3.000% | 05/01/2030 | 2197526 | 2117452 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL7077  | 4.000% | 07/01/2035 | 2166434 | 2114563 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL9309  | 3.500% | 10/01/2031 | 315246 | 305500 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AN8842  | 3.320% | 04/01/2028 | 3000000 | 2841186 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AN9848  | 3.740% | 07/01/2028 | 2500000 | 2401615 |
| &nbsp;&nbsp;&nbsp; FNMA Pool BL2935  | 3.150% | 06/01/2029 | 3000000 | 2777460 |
| &nbsp;&nbsp;&nbsp; FNMA Pool CB0114  | 2.500% | 04/01/2041 | 9629727 | 8440928 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM3388  | 4.000% | 03/01/2034 | 1067822 | 1045175 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM5050  | 2.500% | 02/01/2035 | 1382045 | 1297110 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM5394  | 3.000% | 03/01/2034 | 5721006 | 5408113 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM9469  | 4.000% | 08/01/2039 | 2922127 | 2844065 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA0384  | 5.000% | 04/01/2030 | 66838 | 66257 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA2773  | 3.000% | 10/01/2036 | 1344637 | 1238576 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA3337  | 4.000% | 04/01/2038 | 501301 | 485629 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2003-79 Class NJ  | 5.000% | 08/25/2023 | 6105 | 6083 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2005-64 Class PL  | 5.500% | 07/25/2035 | 30807 | 31339 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2011-53 Class DT  | 4.500% | 06/25/2041 | 113307 | 112412 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2012-12 Class KD  | 2.000% | 11/25/2042 | 646023 | 598421 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2013-83 Class MH  | 4.000% | 08/25/2043 | 141189 | 134605 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2014-20 Class AC  | 3.000% | 08/25/2036 | 115705 | 111942 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2014-28 Class PA  | 3.500% | 02/25/2043 | 114808 | 110780 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2015-72 Class GB  | 2.500% | 12/25/2042 | 437214 | 411566 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-39 Class LA  | 2.500% | 03/25/2045 | 1398892 | 1275812 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-79 Class L  | 2.500% | 10/25/2044 | 682968 | 627576 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Institutional Core Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-99 Class PH  | 3.000% | 01/25/2046 | 1676053 | $1548263 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2016-99 Class TA  | 3.500% | 03/25/2036 | 196849 | 190152 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2018-67 Class BA  | 4.500% | 03/25/2046 | 432503 | 429043 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2019-60 Class DA  | 2.500% | 03/25/2049 | 1895738 | 1645936 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2020-95 Class GA  | 1.000% | 01/25/2051 | 4806434 | 3664420 |
| &nbsp;&nbsp;&nbsp; GNMA GNR 21-175  | 2.000% | 10/20/2051 | 8028782 | 6777930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.3% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.3% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.3% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***14.3% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | **$*82036900***  |
|  ***<u>Taxable Municipal Bonds</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cincinnati Children's Hospital Medical Center  | 2.853% | 11/15/2026 | 750000 | 670605 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority Revenue  | 3.741% | 04/15/2025 | 3705000 | 3592023 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority Revenue  | 4.091% | 04/15/2027 | 125000 | 119726 |
| &nbsp;&nbsp;&nbsp; Kentucky Property and Buildings Commission Revenue  | 5.373% | 11/01/2025 | 450000 | 446566 |
| &nbsp;&nbsp;&nbsp; Ohio University General Receipts  | 1.766% | 12/01/2026 | 2000000 | 1773746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.2% – Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.2% – Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.2% – Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.2% – Total Taxable Municipal Bonds*** | **$*6602666***  |
| **Total Fixed Income Securities 98.7%** | **Total Fixed Income Securities 98.7%** | **Total Fixed Income Securities 98.7%** | **Total Fixed Income Securities 98.7%** | $**565469606** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $642,279,767)*  |  |  |  |  |
| **<u>Preferred Stocks</u>** |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp;&nbsp; Allstate Corp.  | 5.100% | 01/15/2053 | 83000 | 2057570 |
| **Total Preferred Stocks 0.4%** | **Total Preferred Stocks 0.4%** | **Total Preferred Stocks 0.4%** | **Total Preferred Stocks 0.4%** | $**2057570** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $2,034,817)*  |  |  |  |  |
| **<u>Cash Equivalents</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligation Fund, Class Z\*\*  |  |  | 1255820 | 1255820 |
| **Total Cash Equivalents 0.2%** | **Total Cash Equivalents 0.2%** | **Total Cash Equivalents 0.2%** | **Total Cash Equivalents 0.2%** | $**1255820** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $1,255,820)*  |  |  |  |  |
| **Total Portfolio Value 99.3%** | **Total Portfolio Value 99.3%** | **Total Portfolio Value 99.3%** | **Total Portfolio Value 99.3%** | $**568782996** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $645,570,404)*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities 0.7%  |  |  |  | $4099799 |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | $**572882795** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; the rate shown is as of December 31, 2022.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 4.05%.

ARM – Adjustable Rate Mortgage

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Enhanced Return Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
|  ***<u>Corporate Bonds</u>*** |  ***<u>Corporate Bonds</u>*** |  ***<u>Corporate Bonds</u>*** |  ***<u>Corporate Bonds</u>*** |  ***<u>Corporate Bonds</u>*** |
| &nbsp;&nbsp;&nbsp; ACE INA Holdings  | 3.350% | 05/15/2024 | 3164000 | $3096091 |
| &nbsp;&nbsp;&nbsp; American Express Credit  | 2.500% | 07/30/2024 | 3647000 | 3509486 |
| &nbsp;&nbsp;&nbsp; AON PLC  | 3.500% | 06/14/2024 | 660000 | 644536 |
| &nbsp;&nbsp;&nbsp; AON PLC  | 3.875% | 12/15/2025 | 3999000 | 3898517 |
| &nbsp;&nbsp;&nbsp; Bank of America  | 3.875% | 08/01/2025 | 4599000 | 4477458 |
| &nbsp;&nbsp;&nbsp; BB&T Corp.  | 3.625% | 09/16/2025 | 3540000 | 3404181 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.375% | 04/15/2026 | 565000 | 530733 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.500% | 04/01/2025 | 1720000 | 1659406 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.875% | 05/01/2024 | 2177000 | 2128329 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | 4.300% | 01/16/2024 | 3964000 | 3926168 |
| &nbsp;&nbsp;&nbsp; Goldmans Sachs  | 3.625% | 01/22/2023 | 1000000 | 998852 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares  | 2.625% | 08/06/2024 | 3840000 | 3687521 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co.  | 3.875% | 09/10/2024 | 4704000 | 4601387 |
| &nbsp;&nbsp;&nbsp; Keycorp  | 4.150% | 10/29/2025 | 4562000 | 4453028 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Co. Inc.  | 3.500% | 06/03/2024 | 3010000 | 2947365 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Co. Inc.  | 3.500% | 03/10/2025 | 765000 | 742709 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 3.700% | 10/23/2024 | 200000 | 195356 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 4.000% | 07/23/2025 | 4200000 | 4104265 |
| &nbsp;&nbsp;&nbsp; National Retail Properties  | 4.000% | 11/15/2025 | 3450000 | 3323868 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services  | 2.950% | 01/30/2023 | 2145000 | 2137737 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services  | 3.800% | 07/25/2023 | 1998000 | 1983133 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services  | 3.900% | 04/29/2024 | 425000 | 419981 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | 2.400% | 07/30/2024 | 2685000 | 2582323 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | 3.600% | 09/11/2024 | 1685000 | 1650715 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | 3.550% | 09/29/2025 | 830000 | 798410 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | 4.100% | 06/03/2026 | 2770000 | 2676413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***31.2% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***31.2% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***31.2% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***31.2% – Total Bank and Finance*** | **$*64577968***  |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co.  | 3.363% | 06/06/2024 | 750000 | 731672 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  | 3.875% | 07/20/2025 | 4100000 | 4002908 |
| &nbsp;&nbsp;&nbsp; Dover Corp.  | 3.150% | 11/15/2025 | 4515000 | 4298677 |
| &nbsp;&nbsp;&nbsp; Enterprise Products  | 3.350% | 03/15/2023 | 4407000 | 4391285 |
| &nbsp;&nbsp;&nbsp; Enterprise Products  | 3.750% | 02/15/2025 | 500000 | 486221 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC  | 3.625% | 07/02/2024 | 4252000 | 4160986 |
| &nbsp;&nbsp;&nbsp; Kroger Co.  | 4.000% | 02/01/2024 | 3795000 | 3748857 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp.  | 3.650% | 08/01/2025 | 3300000 | 3198376 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp.  | 5.590% | 05/17/2025 | 1280000 | 1290496 |
| &nbsp;&nbsp;&nbsp; Roper Technologies Inc.  | 1.000% | 09/15/2025 | 1555000 | 1395852 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp.  | 3.100% | 03/01/2023 | 2335000 | 2328625 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp.  | 3.150% | 03/01/2024 | 2800000 | 2742328 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp.  | 3.750% | 03/15/2024 | 450000 | 442453 |
| &nbsp;&nbsp;&nbsp; Walt Disney Corp.  | 1.750% | 01/13/2026 | 3429000 | 3141533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.6% – Total Industrials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.6% – Total Industrials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.6% – Total Industrials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.6% – Total Industrials*** | **$*36360269***  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Company  | 3.750% | 11/15/2023 | 2142000 | 2117682 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | 3.750% | 04/15/2024 | 4610000 | 4528638 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | 3.800% | 09/01/2023 | 890000 | 883983 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 2.800% | 05/01/2023 | 850000 | 841862 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 3.150% | 01/15/2025 | 1495000 | 1439047 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Enhanced Return Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 1.400% | 08/15/2026 | 1260000 | $1107149 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.  | 2.100% | 07/30/2023 | 3650000 | 3586983 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.  | 2.200% | 09/15/2024 | 500000 | 476535 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 3.250% | 12/01/2024 | 1910000 | 1845142 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 3.400% | 08/15/2025 | 2895000 | 2759711 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 2.850% | 01/27/2025 | 1000000 | 960539 |
| &nbsp;&nbsp;&nbsp; National Rural Utility Cooperative Finance Corp.  | 2.950% | 02/07/2024 | 2625000 | 2565570 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 2.750% | 03/15/2023 | 4540000 | 4521032 |
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc.  | 3.300% | 06/01/2025 | 4610000 | 4423821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.5% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.5% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.5% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***15.5% – Total Utilities*** | **$*32057694***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **64.3% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **64.3% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **64.3% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **64.3% Total Corporate Bonds** | $**132995931** |
|  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |
| &nbsp;&nbsp;&nbsp; Treasury Note<sup>(a)</sup>  | 1.500% | 01/15/2023 | 4100000 | 4094075 |
| &nbsp;&nbsp;&nbsp; Treasury Note<sup>(a)</sup>  | 1.500% | 02/28/2023 | 1600000 | 1592563 |
| &nbsp;&nbsp;&nbsp; Treasury Note (US Treasury 3month T-Bill -.075%)<sup>(a)\*</sup>  | 4.554% | 04/30/2024 | 3000000 | 2993412 |
| &nbsp;&nbsp;&nbsp; Treasury Note<sup>(a)</sup>  | 1.500% | 02/15/2025 | 4000000 | 3764688 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.000% | 08/15/2025 | 5670000 | 5352837 |
| &nbsp;&nbsp;&nbsp; Treasury Note<sup>(a)</sup>  | 2.250% | 04/30/2024 | 700000 | 677660 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.750% | 07/31/2027 | 4350000 | 4116187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.9% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.9% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.9% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***10.9% – Total United States Government Treasury Obligations*** | **$*22591422***  |
|  ***<u>United States Government Agency Obligations</u>*** |  ***<u>United States Government Agency Obligations</u>*** |  ***<u>United States Government Agency Obligations</u>*** |  ***<u>United States Government Agency Obligations</u>*** |  ***<u>United States Government Agency Obligations</u>*** |
| &nbsp;&nbsp;&nbsp; FHLB  | 1.375% | 08/26/2026 | 4100000 | 3693465 |
| &nbsp;&nbsp;&nbsp; FHLB  | 1.375% | 09/29/2026 | 1600000 | 1437173 |
| &nbsp;&nbsp;&nbsp; FHLB  | 5.000% | 12/19/2023 | 4700000 | 4694393 |
| &nbsp;&nbsp;&nbsp; FHLMC  | 0.450% | 07/22/2024 | 4000000 | 3735860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.6% – Total United States Government Agency Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.6% – Total United States Government Agency Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.6% – Total United States Government Agency Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***6.6% – Total United States Government Agency Obligations*** | **$*13560891***  |
|  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G16330  | 3.500% | 08/01/2032 | 884492 | 860743 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool G18642  | 3.500% | 04/01/2032 | 784250 | 759729 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool J12635  | 4.000% | 07/01/2025 | 20995 | 20615 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool J32364  | 2.500% | 11/01/2028 | 975097 | 928824 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool SB0380  | 3.500% | 02/01/2034 | 909177 | 878782 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool ZS7207  | 3.500% | 07/01/2030 | 861843 | 838138 |
| &nbsp;&nbsp;&nbsp; FHLMC Pool ZT1964  | 3.500% | 06/01/2032 | 1668238 | 1616533 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4009 Class PA  | 2.000% | 06/15/2041 | 252588 | 238835 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4050 Class BG  | 1.000% | 01/15/2041 | 949654 | 846450 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4198 Class BE  | 2.000% | 10/15/2040 | 411910 | 401202 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4271 Class CE  | 2.000% | 08/15/2036 | 106639 | 105379 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4287 Class AB  | 2.000% | 12/15/2026 | 241242 | 228778 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4709 Class EA  | 3.000% | 01/15/2046 | 730146 | 687096 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 5092 Class XC  | 1.500% | 01/15/2041 | 1998374 | 1730880 |
| &nbsp;&nbsp;&nbsp; FNMA 10/1 Hybrid ARM (12 month ICE LIBOR + 1.780%)\*  | 2.960% | 12/01/2041 | 38669 | 37964 |
| &nbsp;&nbsp;&nbsp; FNMA Pool 1106  | 3.000% | 07/01/2032 | 2098797 | 1967496 |
| &nbsp;&nbsp;&nbsp; FNMA Pool 833200  | 5.500% | 09/01/2035 | 268973 | 275619 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL7077  | 4.000% | 07/01/2035 | 1089372 | 1063289 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Enhanced Return Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL9230  | 3.500% | 12/01/2029 | 836230 | $813278 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AN2351  | 2.150% | 09/01/2026 | 2000000 | 1837376 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AT2060  | 2.500% | 04/01/2028 | 958558 | 912218 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM1536  | 2.500% | 11/01/2030 | 381937 | 363794 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM1973  | 4.000% | 09/01/2036 | 1853387 | 1804698 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM2287  | 4.500% | 03/01/2034 | 693173 | 688785 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM2989  | 3.000% | 09/01/2034 | 1059562 | 1003486 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM7224  | 4.500% | 11/01/2038 | 1009299 | 996701 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2013-3 Class DK  | 1.750% | 02/25/2033 | 582389 | 530217 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2013-6 Class BC  | 1.500% | 12/25/2042 | 117281 | 111719 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2015-28 Class P  | 2.500% | 05/25/2045 | 2508485 | 2297567 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2020-44 Class TE  | 2.000% | 12/25/2035 | 2507421 | 2311238 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2020-95 Class GA  | 1.000% | 01/25/2051 | 1662766 | 1267691 |
| &nbsp;&nbsp;&nbsp; GNMA Pool 726475  | 4.000% | 11/15/2024 | 23020 | 22673 |
| &nbsp;&nbsp;&nbsp; GNMA Pool 728920  | 4.000% | 12/15/2024 | 29738 | 29262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.8% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.8% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.8% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.8% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | **$*28477055***  |
|  ***<u>Taxable Municipal Bonds</u>*** |  ***<u>Taxable Municipal Bonds</u>*** |  ***<u>Taxable Municipal Bonds</u>*** |  ***<u>Taxable Municipal Bonds</u>*** |  ***<u>Taxable Municipal Bonds</u>*** |
| &nbsp;&nbsp;&nbsp; Allegheny County Pennsylvania GO  | 0.694% | 11/01/2023 | 2200000 | 2125255 |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio Convention Facilities  | 1.155% | 12/01/2024 | 550000 | 512653 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati General Receipts  | 1.878% | 06/01/2023 | 1200000 | 1185911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.9% Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.9% Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.9% Total Taxable Municipal Bonds*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***1.9% Total Taxable Municipal Bonds*** | $**3823819** |
| **Total Fixed Income Securities 97.5%** | **Total Fixed Income Securities 97.5%** | **Total Fixed Income Securities 97.5%** | **Total Fixed Income Securities 97.5%** | $**201449118** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $213,973,591)*  |  |  |  |  |
| **<u>Cash & Cash Equivalents</u>** |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligation Fund, Class Z\*\*  |  |  | 575928 | 575928 |
| **Total Cash Equivalents 0.3%** | **Total Cash Equivalents 0.3%** | **Total Cash Equivalents 0.3%** | **Total Cash Equivalents 0.3%** | $**575928** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $575,928)*  |  |  |  |  |
| **Total Portfolio Value 97.8%** | **Total Portfolio Value 97.8%** | **Total Portfolio Value 97.8%** | **Total Portfolio Value 97.8%** | $**202025046** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $214,549,519)*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets 2.2%  |  |  |  | $4456992 |
| **Total Net Assets: 100.0%** | **Total Net Assets: 100.0%** | **Total Net Assets: 100.0%** | **Total Net Assets: 100.0%** | $**206482038** |
| **<u>Futures Contracts</u>** | **Long<br>Contracts**  | **Notional Value<br>at Purchase**  | **Notional Value<br>12/31/2022**  | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp; E-mini Standard & Poor's 500 (50 units per contract) <br> expiring March 2023  | 1064 | $214175303 | $205405200 | $(8770103) |
|  |  | $**214175303** | $**205405200** | $**(8770103)** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; the rate shown is as of December 31, 2022.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 4.05%.

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All or a portion of this security is held as collateral for futures contracts.

ARM – Adjustable Rate Mortgage

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Core Plus Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
|  ***<u>Corporate Bonds</u>*** |  ***<u>Corporate Bonds</u>*** |  ***<u>Corporate Bonds</u>*** |  ***<u>Corporate Bonds</u>*** |  ***<u>Corporate Bonds</u>*** |
| &nbsp;&nbsp;&nbsp; American Express Co.  | 1.650% | 11/04/2026 | 250000 | $221561 |
| &nbsp;&nbsp;&nbsp; AON Corp.  | 3.750% | 05/02/2029 | 180000 | 166615 |
| &nbsp;&nbsp;&nbsp; AON PLC  | 4.750% | 05/15/2045 | 70000 | 60298 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. Senior Unsecured Notes  | 3.248% | 10/21/2027 | 295000 | 272653 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | 3.000% | 01/15/2030 | 225000 | 190226 |
| &nbsp;&nbsp;&nbsp; Huntington Bankcshares  | 2.550% | 02/04/2030 | 230000 | 189188 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.  | 4.493% | 03/24/2031 | 270000 | 252498 |
| &nbsp;&nbsp;&nbsp; Keycorp  | 2.550% | 10/01/2029 | 220000 | 185330 |
| &nbsp;&nbsp;&nbsp; March McLennan Co.  | 4.375% | 03/15/2029 | 205000 | 198149 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 4.000% | 07/23/2025 | 215000 | 210099 |
| &nbsp;&nbsp;&nbsp; Truist Bank  | 2.250% | 03/11/2030 | 315000 | 254342 |
| &nbsp;&nbsp;&nbsp;&nbsp; U. S. Bancorp.  | 3.000% | 07/30/2029 | 295000 | 259029 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Subordinated Notes  | 4.300% | 07/22/2027 | 280000 | 269673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***19.0% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***19.0% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***19.0% – Total Bank and Finance*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***19.0% – Total Bank and Finance*** | **$*2729661***  |
| &nbsp;&nbsp;&nbsp; Ball Corp  | 2.875% | 08/15/2030 | 170000 | 135680 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co.  | 2.823% | 05/20/2030 | 230000 | 197156 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  | 4.300% | 03/25/2028 | 210000 | 203124 |
| &nbsp;&nbsp;&nbsp; Dover Corp.  | 2.950% | 11/04/2029 | 250000 | 217300 |
| &nbsp;&nbsp;&nbsp; Emerson Electric  | 1.950% | 10/15/2030 | 320000 | 259104 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Inc.  | 2.800% | 01/31/2030 | 230000 | 195948 |
| &nbsp;&nbsp;&nbsp; H.B. Fuller Co.  | 4.250% | 10/15/2028 | 160000 | 140853 |
| &nbsp;&nbsp;&nbsp; Kroger Co.  | 2.200% | 05/01/2030 | 235000 | 190153 |
| &nbsp;&nbsp;&nbsp; Lowe's Co.  | 4.500% | 04/15/2030 | 205000 | 196446 |
| &nbsp;&nbsp;&nbsp; Mattel Inc.<sup>(a)</sup>  | 3.750% | 04/01/2029 | 150000 | 131842 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp.  | 3.600% | 07/01/2030 | 180000 | 165150 |
| &nbsp;&nbsp;&nbsp; Roper Technologies Inc.  | 2.950% | 09/15/2029 | 240000 | 208144 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Inc.<sup>(a)</sup>  | 5.500% | 09/30/2027 | 150000 | 141210 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp.  | 2.250% | 03/12/2030 | 235000 | 195214 |
| &nbsp;&nbsp;&nbsp; Union Pacific Co.  | 3.950% | 09/10/2028 | 210000 | 201955 |
| &nbsp;&nbsp;&nbsp; Verizon Communications  | 4.016% | 12/03/2029 | 280000 | 262039 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co.  | 3.800% | 03/22/2030 | 210000 | 195444 |
| &nbsp;&nbsp;&nbsp; Xylem  | 1.950% | 01/30/2028 | 235000 | 201918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.9% – Total Industrials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.9% – Total Industrials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.9% – Total Industrials*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.9% – Total Industrials*** | **$*3438680***  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Company  | 3.250% | 04/15/2028 | 220000 | 203854 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | 2.450% | 06/01/2030 | 235000 | 193470 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | 1.650% | 08/15/2030 | 250000 | 194458 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.  | 2.650% | 09/15/2029 | 230000 | 196105 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co.  | 4.100% | 09/26/2028 | 210000 | 199903 |
| &nbsp;&nbsp;&nbsp; MPLX LP  | 6.875% | Perpetual | 140000 | 138518 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Corp.  | 3.400% | 02/07/2028 | 290000 | 268858 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Corp.  | 4.300% | 10/15/2028 | 220000 | 204103 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co.  | 3.500% | 03/15/2027 | 215000 | 203655 |
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc.  | 3.400% | 06/01/2030 | 220000 | 196228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.9% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.9% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.9% – Total Utilities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***13.9% – Total Utilities*** | **$*1999152***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **56.8% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **56.8% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **56.8% Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **56.8% Total Corporate Bonds** | $**8167493** |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Core Plus Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Securities**  | **Rate**  | **Maturity**  | **Face Value**  | **Fair Value**  |
|  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |  ***<u>United States Government Treasury Obligations</u>*** |
| &nbsp;&nbsp;&nbsp; Treasury Bill  | 0.000% | 03/09/2023 | 625000 | $620193 |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.000% | 02/15/2050 | 260000 | 172616 |
| &nbsp;&nbsp;&nbsp; Treasury Bond  | 2.375% | 02/15/2042 | 785000 | 599789 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.000% | 08/15/2051 | 645000 | 424491 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.500% | 02/15/2045 | 390000 | 294572 |
| &nbsp;&nbsp;&nbsp; Treasury Note  | 2.875% | 05/15/2032 | 180000 | 165938 |
| &nbsp;&nbsp;&nbsp; Treasury Note<sup>(b)</sup>  | 1.500% | 11/30/2024 | 210000 | 198655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.3% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.3% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.3% – Total United States Government Treasury Obligations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***17.3% – Total United States Government Treasury Obligations*** | **$*2476254***  |
|  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |  ***<u>United States Government Agency Obligations – Mortgage-backed Securities</u>*** |
| &nbsp;&nbsp;&nbsp; FHLMC Pool ZS9278  | 4.000% | 05/01/2037 | 367750 | 357825 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4709 Class EA  | 3.000% | 01/15/2046 | 225681 | 212375 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 5189 Class PG  | 2.500% | 09/25/2051 | 357253 | 319672 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 5220 Class KC  | 3.500% | 01/25/2046 | 414437 | 397786 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AL5491  | 4.000% | 06/01/2034 | 337097 | 328495 |
| &nbsp;&nbsp;&nbsp; FNMA Pool AU7025  | 3.000% | 11/01/2043 | 384664 | 348349 |
| &nbsp;&nbsp;&nbsp; FNMA Pool FM9469  | 4.000% | 08/01/2039 | 237666 | 231317 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA1222  | 4.000% | 10/01/2032 | 381435 | 370983 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA2895  | 3.000% | 02/01/2047 | 458532 | 411544 |
| &nbsp;&nbsp;&nbsp; FNMA Pool MA3071  | 4.000% | 07/01/2037 | 405501 | 392818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.5% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.5% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.5% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***23.5% – Total United States Government Agency Obligations – Mortgage-backed Securities*** | **$*3371164***  |
| **Total Fixed Income Securities 97.6%** | **Total Fixed Income Securities 97.6%** | **Total Fixed Income Securities 97.6%** | **Total Fixed Income Securities 97.6%** | $**14014911** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $15,979,051)*  |  |  |  |  |
| **<u>Preferred Stocks</u>** |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp;&nbsp; Allstate Corp.  | 5.100% | 01/15/2053 | 6500 | 161135 |
| **Total Preferred Stocks 1.1%** | **Total Preferred Stocks 1.1%** | **Total Preferred Stocks 1.1%** | **Total Preferred Stocks 1.1%** | $**161135** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $170,386)*  |  |  |  |  |
| **<u>Cash & Cash Equivalents</u>** |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligation Fund, Class Z\*\*  |  |  | 69246 | 69246 |
| **Total Cash Equivalents 0.5%** | **Total Cash Equivalents 0.5%** | **Total Cash Equivalents 0.5%** | **Total Cash Equivalents 0.5%** | $**69246** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $69,246)*  |  |  |  |  |
| **Total Portfolio Value 99.2%** | **Total Portfolio Value 99.2%** | **Total Portfolio Value 99.2%** | **Total Portfolio Value 99.2%** | $**14245292** |
| &nbsp;&nbsp;&nbsp; *(Identified Cost $16,218,683)*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets 0.8%  | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets 0.8%  | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets 0.8%  | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets 0.8%  | $113115 |
| **Total Net Assets: 100.0%** | **Total Net Assets: 100.0%** | **Total Net Assets: 100.0%** | **Total Net Assets: 100.0%** | $**14358407** |
| **<u>Futures Contracts</u>** | **Long<br>Contracts**  | **Notional Value<br>at Purchase**  | **Notional Value<br>12/31/2022**  | **Unrealized<br>Appreciation<br>(Depreciation)**  |
| &nbsp;&nbsp;&nbsp; United States Ultra Treasury Bond CBT expiring March 2023  | 6  | 712900 | 709686 | (3214) |
|  |  | $**712900** | $**709686** | $**(3214)** |

---

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Security; as of December 31, 2022, the 7 day annualized yield was 4.05%.

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

------

[**TABLE OF CONTENTS**](#toc-0)

Johnson Core Plus Bond Fund <sup>Portfolio of Investments as of December 31, 2022</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of thesesecurities as of December 31, 2022 was $273,052, representing 2.35% of net assets.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All or a portion of this security is held as collateral for futures contracts.

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

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

------

[**TABLE OF CONTENTS**](#toc-0)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| | **Johnson<br>Institutional<br>Short Duration<br>Bond Fund**  | **Johnson<br>Institutional<br>Intermediate<br>Bond Fund**  | **Johnson<br>Institutional<br>Core<br>Bond Fund**  |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Securities at Fair Value\*  | $227824018 | $231884689 | $568782996 |
| &nbsp;&nbsp;&nbsp; Cash  | 13512 |  |  |
| &nbsp;&nbsp;&nbsp; Interest Receivable  | 1706628 | 1847871 | 4305192 |
| &nbsp;&nbsp;&nbsp; Fund Shares Sold Receivable  | 42470 | 37308 | 94483 |
| &nbsp;&nbsp;&nbsp; Receivable for Paydowns  | 234 | 333 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $229586862 | $233770201 | $573183005 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Accrued Management Fee  | $49390 | $51454 | $121656 |
| &nbsp;&nbsp;&nbsp; Fund Shares Redeemed Payable  | 60109 | 43752 | 178554 |
| &nbsp;&nbsp;&nbsp; Accrued Line of Credit Expense  |  | 11083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | $109499 | $106289 | $300210 |
| **Net Assets**  | $**229477363** | $**233663912** | $**572882795** |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid in Capital  | $248034159 | $263391473 | $671678578 |
| &nbsp;&nbsp;&nbsp; Accumulated Losses  | (18556796) | (29727561) | (98795783) |
| **Net Assets**  | $**229477363** | $**233663912** | $**572882795** |
| **Pricing of Class I Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Class I Shares  | $229470433 | $233657213 | $569858440 |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 16028132 | 16390272 | 40211908 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering price and redemption price  | $14.32 | $14.26 | $14.17 |
| **Pricing of Class F Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Class F Shares  | $6930 | $6699 | $3024355 |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 478 | 460 | 210172 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering price and redemption price  | $14.49 | $14.55 | $14.39 |
| \*Identified Cost of Investment Securities  | $242164179 | $251697355 | $645570404 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

---

| | | |
|:---|:---|:---|
| | **Johnson<br>Enhanced<br>Return Fund**  | **Johnson<br>Core Plus<br>Bond Fund**  |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment Securities at Fair Value\*  | $202025046 | $14245292 |
| &nbsp;&nbsp;&nbsp; Cash  | 3418100 | 2904 |
| &nbsp;&nbsp;&nbsp; Interest Receivable  | 1657852 | 116164 |
| &nbsp;&nbsp;&nbsp; Fund Shares Sold Receivable  | 5238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $207106236 | $14364360 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Accrued Management Fee  | $52298 | $5575 |
| &nbsp;&nbsp;&nbsp; Variation Margin Payable  | 571900 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | $624198 | $5953 |
| **Net Assets**  | $**206482038** | $**14358407** |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid in Capital  | $283898648 | $16961102 |
| &nbsp;&nbsp;&nbsp; Accumulated Losses  | (77416610) | (2602695) |
| **Net Assets**  | $**206482038** | $**14358407** |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 16725011 | 1134265 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering price and redemption price  | $12.35 | $12.66 |
| \*Identified Cost of Investment Securities  | $214549519 | $16218683 |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| | **Johnson<br>Institutional<br>Short Duration<br>Bond Fund**  | **Johnson<br>Institutional<br>Intermediate<br>Bond Fund**  | **Johnson<br>Institutional<br>Core<br>Bond Fund**  |
| | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2022**  |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest  | $3451000 | $5922123 | $13212534 |
| &nbsp;&nbsp;&nbsp; Dividends  | 16500 | 103854 | 181530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | $3467500 | $6025977 | $13394064 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross Management Fee  | $800466 | $811108 | $1719946 |
| &nbsp;&nbsp;&nbsp; Distribution Fee  | 17 | 17 | 10406 |
| &nbsp;&nbsp;&nbsp; Interest Expense  |  | 11083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | $800483 | $822208 | $1730352 |
| &nbsp;&nbsp;&nbsp; Management Fee Waiver (Note #5)  | (133414) | (135188) | (286665) |
| &nbsp;&nbsp;&nbsp; Distribution Fee Waiver (Note #5)  | (7) | (6) | (4160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses**  | $667062 | $687014 | $1439527 |
| **Net Investment Income**  | $**2800438** | $**5338963** | $**11954537** |
| **Realized and Unrealized Gains/(Losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain/(Loss) from Security Transactions  | $(3627011) | $(9646154) | $(19214620) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain/(Loss) on Investments  | (12626694) | (21903838) | (81050130) |
| **Net Gain/(Loss) on Investments**  | $**(16253705)** | $**(31549992)** | $**(100264750)** |
| **Net Change in Net Assets from Operations**  | $**(13453267)** | $**(26211029)** | $**(88310213)** |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

---

| | | |
|:---|:---|:---|
| | **Johnson<br>Enhanced<br>Return Fund**  | **Johnson<br>Core Plus<br>Bond Fund**  |
| | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2022**  |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Interest  | $3134366 | $374470 |
| &nbsp;&nbsp;&nbsp; Dividends  | 79956 | 11824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | $3214322 | $386294 |
| **Expenses:** |  |  |
| Management Fee  | $860433 | $67533 |
| Fund Accounting  |  | 25055 |
| Pricing  |  | 17380 |
| Shareholder Servicing  |  | 15097 |
| Audit & Tax Fees  |  | 13000 |
| Registration  |  | 12778 |
| Filings  |  | 8219 |
| Trustee Fees  |  | 7200 |
| Other Expenses  | 3416 | 5534 |
| &nbsp;&nbsp;&nbsp; **Total Expenses**  | $863849 | $171796 |
| Fee Waiver (Note #5)  |  | (104225) |
| &nbsp;&nbsp;&nbsp; **Net Expenses**  | $863849 | $67571 |
| **Net Investment Income**  | $**2350473** | $**318723** |
| **Realized and Unrealized Gains/(Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain/(Loss) from Security Transactions  | $(5197795) | $(388563) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain/(Loss) from Futures Contracts  | (45276080) | (220931) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain/(Loss) on Investments  | (10460513) | (1987737) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain/(Loss) on Futures Contracts  | (13965599) | 5553 |
| **Net Gain/(Loss) on Investments**  | $**(74899987)** | $**(2591678)** |
| **Net Change in Net Assets from Operations**  | $**(72549514)** | $**(2272955)** |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

#### Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Johnson Institutional<br>Short Duration Bond Fund**  | **Johnson Institutional<br>Short Duration Bond Fund**  | **Johnson Institutional<br>Intermediate Bond Fund**  | **Johnson Institutional<br>Intermediate Bond Fund**  | **Johnson Institutional<br>Core Bond Fund**  | **Johnson Institutional<br>Core Bond Fund**  |
| | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | $2800438 | $2657787 | $5338963 | $3530068 | $11954537 | $9402353 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) from Security Transactions  | (3627011) | 873088 | (9646154) | 789992 | (19214620) | (309808) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on <br> Investments  | (12626694) | (6681692) | (21903838) | (8191414) | (81050130) | (21051353) |
| &nbsp;&nbsp;&nbsp; **Net Change in Net Assets from Operations** | $(13453267) | $(3150817) | $(26211029) | $(3871354) | $(88310213) | $(11958808) |
| **Distributions to Shareholders (see Note 2):**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From Class I  | $(3205467) | $(3213191) | $(5586931) | $(4358445) | $(12972468) | $(10702031) |
| &nbsp;&nbsp;&nbsp; From Class F  | (74) | (61) | (132) | (73) | (87351) | (89976) |
| &nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | $(3205541) | $(3213252) | $(5587063) | $(4358518) | $(13059819) | $(10792007) |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **From Class I**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | $33124435 | $149905832 | $100013627 | $70933354 | $156618484 | $224269336 |
| &nbsp;&nbsp;&nbsp; Net Asset Value of Shares Issued on Reinvestment of Dividends  | 1170546 | 1568872 | 2466260 | 1666934 | 9837264 | 8085254 |
| &nbsp;&nbsp;&nbsp; Payments for Shares Redeemed  | (135485750) | (124888404) | (91743251) | (29260870) | (136712628) | (128870532) |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) from Class I share capital transactions** | (101190769) | 26586300 | 10736636 | 43339418 | 29743120 | 103484058 |
| &nbsp;&nbsp;&nbsp; **From Class F**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  |  |  |  |  | 2845544 | 7167548 |
| &nbsp;&nbsp;&nbsp; Net Asset Value of Shares Issued on Reinvestment of Dividends  | 74 | 61 | 132 | 73 | 80952 | 89756 |
| &nbsp;&nbsp;&nbsp; Payments for Shares Redeemed  |  |  |  |  | (3319363) | (9621351) |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) from Class F share capital transactions** | 74 | 61 | 132 | 73 | (392867) | (2364047) |
| **Net Change in Net Assets**  | $**(117849503)** | $**20222292** | $**(21061324)** | $**35109619** | $**(72019779)** | $**78369196** |
| Net Assets at Beginning of Year  | $347326866 | $327104574 | $254725236 | $219615617 | $644902574 | $566533378 |
| **Net Assets at End of Year**  | $**229477363** | $**347326866** | $**233663912** | $**254725236** | $**572882795** | $**644902574** |

---

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

------

[**TABLE OF CONTENTS**](#toc-0)

JOHNSON MUTUAL FUNDS <sup>December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Johnson<br>Enhanced Return Fund**  | **Johnson<br>Enhanced Return Fund**  | **Johnson Core<br>Plus Bond Fund**  | **Johnson Core<br>Plus Bond Fund**  |
| | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  | **Period ended<br>12/31/2022**  | **Period ended<br>12/31/2021\***  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | $2350473 | $1966128 | $318723 | $30565 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) from Security Transactions  | (5197795) | 94501 | (388563) | 29646 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) from Futures Contracts  | (45276080) | 71899315 | (220931) |  |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Investments  | (10460513) | (5424749) | (1987737) | 14346 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized (Loss) on Futures Contracts  | (13965599) | 2254977 | 5553 | (8767) |
| &nbsp;&nbsp;&nbsp; **Net Change in Net Assets from Operations** | $(72549514) | $70790172 | $(2272955) | $65790 |
| **Distributions to Shareholders (see Note 2)** | $(15063308) | $(95802143) | $(367362) | $(28168) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | $20528636 | $27199925 | $1126671 | $16385749 |
| &nbsp;&nbsp;&nbsp; Net Asset Value of Shares Issued on Reinvestment of Dividends  | 14970444 | 95512983 | 367362 | 28168 |
| &nbsp;&nbsp;&nbsp; Payments for Shares Redeemed  | (64297348) | (36093377) | (916246) | (30602) |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) from capital transactions**  | **(28798268)**  | **86619531**  | **577787**  | **16383315**  |
| **Net Change in Net Assets**  | $**(116411090)** | $**61607560** | $**(2062530)** | $**16420937** |
| Net Assets at Beginning of Year  | $322893128 | $261285568 | $16420937 | $— |
| **Net Assets at End of Year**  | $**206482038** | $**322893128** | $**14358407** | $**16420937** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund operations began November 17, 2021

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

------

[**TABLE OF CONTENTS**](#toc-0)

FINANCIAL HIGHLIGHTS <sup>Johnson Institutional Short Duration Bond Fund</sup>

#### Class I

#### 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**  |
| | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| Net Asset Value, beginning of year  | $15.15 | $15.44 | $15.12 | $14.80 | $14.96 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.14 | 0.13 | 0.26 | 0.35 | 0.31 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (0.79) | (0.27) | 0.33 | 0.33 | (0.14) |
| **Total Operations** | $(0.65) | $(0.14) | $0.59 | $0.68 | $0.17 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.18) | (0.15) | (0.27) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp; Return of Capital<sup>(a)</sup>  |  |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  |  |  |  |  |  |
| **Total Distributions** | $(0.18) | $(0.15) | $(0.27) | $(0.36) | $(0.33) |
| Net Asset Value, end of year  | $14.32 | $15.15 | $15.44 | $15.12 | $14.80 |
| **Total Return<sup>(b)</sup>**  | **(4.29)%** | **(0.91)%** | **3.91%** | **4.65%** | **1.16%** |
| Net Assets, end of year (millions)  | $229.47 | $347.32 | $327.10 | $164.80 | $142.03 |
| **Ratios/supplemental data<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before Waiver  | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after Waiver  | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets before Waiver  | 1.00% | 0.76% | 1.54% | 2.30% | 2.06% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets after Waiver  | 1.05% | 0.81% | 1.59% | 2.35% | 2.11% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 21.53% | 58.31% | 37.11% | 48.01% | 39.88% |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital is less than $0.005 per share.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.

(c)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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, 2023. (Note #4)

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

------

[**TABLE OF CONTENTS**](#toc-0)

FINANCIAL HIGHLIGHTS <sup>Johnson Institutional Short Duration Bond Fund</sup>

#### Class F

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2021**  | **Year Ended<br>12/31/2020**  | **Year Ended<br>12/31/2019**  | **Eight Months<br>ended<br>12/31/2018\***  |
| Net Asset Value, beginning of period  | $15.33 | $15.63 | $15.20 | $14.91 | $14.79 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.14 | 0.10 | 0.16 | 0.32 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (0.82) | (0.27) | 0.42 | 0.33 | 0.02 |
| **Total Operations** | $(0.68) | $(0.17) | $0.58 | $0.65 | $0.20 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.16) | (0.13) | (0.15) | (0.36) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  |  |  |  |  |  |
| **Total Distributions** | $(0.16) | $(0.13) | $(0.15) | $(0.36) | $(0.08) |
| Net Asset Value, end of year  | $14.49 | $15.33 | $15.63 | $15.20 | $14.91 |
| **Total Return<sup>(a)</sup>**  | **(4.47)%** | **(1.09)%** | **3.82%** | **4.36%** | **1.37%** |
| Net Assets, end of year (millions)  | $0.007 | $0.007 | $0.007 | $0.003 | $0.001 |
| **Ratios/supplemental data<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before Waiver  | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after Waiver  | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets before Waiver  | 0.75% | 0.51% | 1.33% | 1.98% | 1.06% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets after Waiver  | 0.90% | 0.66% | 1.48% | 2.13% | 1.21% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 21.53% | 58.31% | 37.11% | 48.01% | 39.88% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund began operations on May 1, 2018

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 distribution fee of 0.15%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2023. (Note #4)

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

------

[**TABLE OF CONTENTS**](#toc-0)

FINANCIAL HIGHLIGHTS <sup>Johnson Institutional Intermediate Bond Fund</sup>

#### Class I

#### 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**  |
| | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| Net Asset Value, beginning of year  | $16.03 | $16.60 | $15.98 | $15.27 | $15.63 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income\*  | 0.30 | 0.25 | 0.34 | 0.41 | 0.41 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (1.77) | (0.52) | 0.80 | 0.73 | (0.35) |
| **Total Operations** | $(1.47) | $(0.27) | $1.14 | $1.14 | $0.06 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.30) | (0.26) | (0.35) | (0.42) | (0.42) |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  |  | (0.04) | (0.17) | (0.01) |  |
| **Total Distributions** | $(0.30) | $(0.30) | $(0.52) | $(0.43) | $(0.42) |
| Net Asset Value, end of year  | $14.26 | $16.03 | $16.60 | $15.98 | $15.27 |
| **Total Return<sup>(a)</sup>**  | **(9.18)%** | **(1.66)%** | **7.20%** | **7.53%** | **0.42%** |
| Net Assets, end of year (millions)  | $233.65 | $254.72 | $219.62 | $153.73 | $138.42 |
| **Ratios/supplemental data<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before Waiver  | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after Waiver  | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets before Waiver  | 1.93% | 1.45% | 1.99% | 2.57% | 2.61% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets after Waiver  | 1.98% | 1.50% | 2.04% | 2.62% | 2.66% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 46.94% | 32.34% | 41.17% | 32.83% | 39.66% |

---

\*<br>

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

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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, 2023. (Note #4)

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

------

[**TABLE OF CONTENTS**](#toc-0)

FINANCIAL HIGHLIGHTS <sup>Johnson Institutional Intermediate Bond Fund</sup>

#### Class F

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2021**  | **Year Ended<br>12/31/2020**  | **Year Ended<br>12/31/2019**  | **Eight Months<br>ended<br>12/31/2018\***  |
| Net Asset Value, beginning of period  | $16.37 | $16.84 | $16.09 | $15.39 | $15.25 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income\*\*  | 0.27 | 0.22 | 0.26 | 0.37 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (1.80) | (0.53) | 0.87 | 0.75 | 0.04 |
| **Total Operations** | $(1.53) | $(0.31) | $1.13 | $1.12 | $0.26 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.29) | (0.12) | (0.21) | (0.41) | (0.12) |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  |  | (0.04) | (0.17) | (0.01) |  |
| **Total Distributions** | $(0.29) | $(0.16) | $(0.38) | $(0.42) | $(0.12) |
| Net Asset Value, end of year  | $14.55 | $16.37 | $16.84 | $16.09 | $15.39 |
| **Total Return<sup>(a)</sup>**  | **(9.32)%** | **(1.83)%** | **7.07%** | **7.35%** | **1.72%** |
| Net Assets, end of year (millions)  | $0.007 | $0.007 | $0.008 | $0.003 | $0.001 |
| **Ratios/supplemental data<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before Waiver  | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after Waiver  | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets before Waiver  | 1.66% | 1.20% | 1.75% | 2.26% | 1.31% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets after Waiver  | 1.81% | 1.35% | 1.90% | 2.41% | 1.46% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 46.94% | 32.34% | 41.17% | 32.83% | 39.66% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund began operations on May 1, 2018

\*\*<br>

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

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 right to remove the waiver after April 30, 2023. (Note #4)

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

------

[**TABLE OF CONTENTS**](#toc-0)

FINANCIAL HIGHLIGHTS <sup>Johnson Institutional Core Bond Fund</sup>

#### Class I

#### 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**  |
| | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| Net Asset Value, beginning of year  | $16.80 | $17.45 | $16.41 | $15.49 | $15.91 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.32 | 0.26 | 0.34 | 0.43 | 0.40 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (2.61) | (0.62) | 1.24 | 0.94 | (0.40) |
| **Total Operations** | $(2.29) | $(0.36) | $1.58 | $1.37 | $(0.00) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.34) | (0.29) | (0.36) | (0.44) | (0.42) |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  |  |  | (0.18) | (0.01) |  |
| **Total Distributions** | $(0.34) | $(0.29) | $(0.54) | $(0.45) | $(0.42) |
| Net Asset Value, end of year  | $14.17 | $16.80 | $17.45 | $16.41 | $15.49 |
| **Total Return<sup>(a)</sup>**  | **(13.70)%** | **(2.04)%** | **9.71%** | **8.94%** | **0.13%** |
| Net Assets, end of year (millions)  | $569.86 | $640.68 | $559.67 | $261.28 | $217.25 |
| **Ratios/supplemental data<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before Waiver  | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after Waiver  | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets before Waiver  | 2.04% | 1.46% | 1.83% | 2.59% | 2.62% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets after Waiver  | 2.09% | 1.51% | 1.88% | 2.64% | 2.67% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 33.21% | 42.67% | 30.08% | 28.83% | 39.62% |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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, 2023. (Note #4)

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

------

[**TABLE OF CONTENTS**](#toc-0)

FINANCIAL HIGHLIGHTS <sup>Johnson Institutional Core Bond Fund</sup>

#### Class F

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>12/31/2022**  | **Year Ended<br>12/31/2021**  | **Year Ended<br>12/31/2020**  | **Year Ended<br>12/31/2019**  | **Eight Months<br>ended<br>12/31/2018\***  |
| Net Asset Value, beginning of period  | $17.06 | $17.61 | $16.49 | $15.61 | $15.41 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.32 | 0.33 | 0.26 | 0.40 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (2.66) | (0.71) | 1.31 | 0.92 | 0.10 |
| **Total Operations** | $(2.34) | $(0.38) | $1.57 | $1.32 | $0.33 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.33) | (0.17) | (0.27) | (0.43) | (0.13) |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  |  |  | (0.18) | (0.01) |  |
| **Total Distributions** | $(0.33) | $(0.17) | $(0.45) | $(0.44) | $(0.13) |
| Net Asset Value, end of year  | $14.39 | $17.06 | $17.61 | $16.49 | $15.61 |
| **Total Return<sup>(a)</sup>**  | **(13.81)%** | **(2.15)%** | **9.57%** | **8.56%** | **2.14%** |
| Net Assets, end of year (millions)  | $3.020 | $4.222 | $6.867 | $0.148 | $0.001 |
| **Ratios/supplemental data<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before Waiver  | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after Waiver  | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets before Waiver  | 1.76% | 1.19% | 1.33% | 2.18% | 1.29% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets after Waiver  | 1.91% | 1.34% | 1.48% | 2.33% | 1.44% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 33.21% | 42.67% | 30.08% | 28.83% | 39.62% |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund began operations on May 1, 2018

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 right to remove the waiver after April 30, 2023. (Note #4)

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

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FINANCIAL HIGHLIGHTS <sup>Johnson Enhanced Return Fund</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
| | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| Net Asset Value, beginning of year  | $17.41 | $19.12 | $16.97 | $14.21 | $16.27 |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.14 | 0.16 | 0.21 | 0.37 | 0.35 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (4.25) | 4.92 | 3.00 | 4.40 | (1.32) |
| **Total Operations** | $(4.11) | $5.08 | $3.21 | $4.77 | $(0.97) |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.17) | (0.18) | (0.23) | (0.38) | (0.35) |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  | (0.78) | (6.61) | (0.83) | (1.63) | (0.74) |
| **Total Distributions** | $(0.95) | $(6.79) | $(1.06) | $(2.01) | $(1.09) |
| Net Asset Value, end of year  | $12.35 | $17.41 | $19.12 | $16.97 | $14.21 |
| **Total Return<sup>(a)</sup>**  | **(23.56)%** | **26.51%** | **19.38%** | **33.80%** | **(6.06)%** |
| Net Assets, end of year (millions)  | $206.48 | $322.89 | $261.29 | $183.93 | $125.93 |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets  | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets  | 0.96% | 0.65% | 1.27% | 2.21% | 2.00% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 42.99% | 40.89% | 96.76% | 46.04% | 73.00% |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.

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

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FINANCIAL HIGHLIGHTS <sup>Johnson Core Plus Bond Fund</sup>

---

| | | |
|:---|:---|:---|
| | **Year ended<br>12/31/2022**  | **Period ended<br>12/31/2021\***  |
| Net Asset Value, beginning of period  | $15.04 | $15.00 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | 0.29 | 0.03 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Securities  | (2.34) | 0.04 |
| **Total Operations** | $(2.05) | $0.07 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.33) | (0.03) |
| &nbsp;&nbsp;&nbsp; Net Realized Capital Gains  |  |  |
| **Total Distributions** | $(0.33) | $(0.03) |
| Net Asset Value, end of year  | $12.66 | $15.04 |
| **Total Return<sup>(a)</sup>**  | **(13.71)%** | **0.44%<sup>(c)</sup>** |
| Net Assets, end of year (millions)  | $14.36 | $16.42 |
| **Ratios/supplemental data<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before Waiver  | 1.14% | 0.55%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after Waiver  | 0.45% | 0.45%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets before Waiver  | 1.43% | 1.55%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to average net assets after Waiver  | 2.12% | 1.65%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Rate  | 42.09% | 69.02%<sup>(c)</sup> |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund began operations on November 17, 2021

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return in the above table represents the rate that the investor would have earned on an investment in the Fund, assuming reinvestment of dividends.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2022 and 2021, the Adviser waived a portion of the fees — See Note #5.

(c)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not annualized — this is for the period November 17, 2021 to December 31, 2021

(d)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized

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

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JOHNSON MUTUAL FUNDS <br>

NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 1) Organization:
The Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund (the "Bond Funds,"), Johnson Enhanced Return Fund and the Johnson Core Plus Bond Fund (each individually a "Fund" and collectively the "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 Bond Funds began offering their shares publicly on August 31, 2000. The Johnson Enhanced Return Fund began offering shares publicly on December 30, 2005. The Johnson Core Plus Bond Fund began offering shares publicly on November 17, 2021. All Funds are managed by Johnson Investment Counsel, Inc. (the "Adviser").

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 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 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 Enhanced Return Fund is to outperform the Fund's benchmark, the S&P 500 Composite Stock Index, over a full market cycle. 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.

#### 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 Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, "Financial Services — Investment Companies".

#### 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. The average daily notional value for the year ended December 31, 2022 was $244,006,717. 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 Loss on futures contracts, as of December 31, 2022, was $8,770,103. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss at the contract settlement date. A realized gain or loss is recognized when a contract is sold and is the difference between the fair value of the contract at purchase and the fair value of the contract when sold. Realized gains/losses on futures contracts are reported separately within the Statements of Operations. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged asset, as well as the risk that the counterparty will fail to perform its obligations.

As of December 31, 2022, Wells Fargo Services holds U.S. Treasury Notes with the custodian, which serves as collateral for future contracts, with a value of $12,934,019. The net variation margin payable on futures contracts as of December 31, 2022 was $571,900.

------

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

2) Summary of Significant Accounting Policies, continued<br>

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. 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. As of December 31, 2022, the Core Plus Fund held contracts of U.S. Treasury Ultra Treasury Bond CBT. Average daily notional value for the contracts held in the Core Plus Fund for the year ended December 31, 2022 was $600,649. As of December 31, 2022, Wells Fargo Services holds U.S. Treasury Notes with the custodian, which serves as collateral for future contracts, with a value of $33,138. The net variation margin payable on these futures contracts as of December 31, 2022 was $378.

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 December 31, 2022, the Funds each have only one position 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's liability derivatives available for offset under a master netting agreement, net of collateral pledged as of December 31, 2022.

<u>Liabilities:</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description  | Gross<br>amounts of<br>Recognized<br>Liabilities  | Gross<br>Amounts<br>Offset in the<br>Statement of<br>Assets &<br>Liabilities  | Net Amounts<br>Presented<br>in the<br>Statement of<br>Assets &<br>Liabilities  | Gross Amounts Not Offset<br>in the Statement of<br>Assets & Liabilities  | Gross Amounts Not Offset<br>in the Statement of<br>Assets & Liabilities  | Net<br>Amount  |
| Description  | Gross<br>amounts of<br>Recognized<br>Liabilities  | Gross<br>Amounts<br>Offset in the<br>Statement of<br>Assets &<br>Liabilities  | Net Amounts<br>Presented<br>in the<br>Statement of<br>Assets &<br>Liabilities  | Financial<br>Instruments\*  | Cash<br>Collateral<br>Pledged/<br>Received  | Net<br>Amount  |
| Futures Contracts  | $(571900) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(571900) | $571900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total  | $(571900) | $— | $(571900) | $571900 | $— | $— |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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:

Interest income is recorded on an accrual basis. Gains and losses on sales of investments are calculated using the specific identification method. 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. 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.

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 2) Summary of Significant Accounting Policies, continued<br>

#### 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 Bond Funds, and October 31 for the 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 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Short Duration**  | **Intermediate**  | **Core**  | **Enhanced<br>Return**  | **Core Plus**  |
| Cost of Portfolio Investments  | 242289216 | 251774889 | 645761627 | 214760598 | 16218683 |
| Gross unrealized appreciation  | 43599 | 404893 | 466389 | 8822875 | 20709 |
| Gross unrealized depreciation  | (14508797) | (20295093) | (77445020) | (21558427) | (1994100) |
| Net unrealized depreciation  | (14465198) | (19890200) | (76978631) | (12735552) | (1973391) |
| Undistributed ordinary income  | 58696 | 58896 | 87136 | 87800 | 2511 |
| Other accumulated gains/(losses)  | (4150294) | (9896257) | (21904287) | (64768858) | (631815) |
| Accumulated Earnings  | (18556796) | (29727561) | (98795782) | (77416610) | (2602695) |

---

The difference between the federal income tax cost and the financial statement cost of Funds' portfolio 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, mark to market on futures contracts and wash sales.

As of December 31, 2022, the following Funds had capital loss carryovers which will reduce each Fund's taxable income arising from future net realized gain 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**  |
| Short Duration  | 2417814 | 1732480 | 4150294 |
| Intermediate  | 5793226 | 4103031 | 9896257 |
| Core | 6900901 | 15003386 | 21904287 |
| Enhanced | 38721216 | 26047642 | 64768858 |
| Core Plus  | 149414 | 482401 | 631815 |

---

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 all open tax years (generally three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify its major tax jurisdictions as U.S. Federal and certain State tax authorities. The Funds are not aware of any tax positions for which it is reasonably likely that the total amounts of unrecognized tax benefits or expenses will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax expenses as income tax expense in the Statements of Operations. During the year ended December 31, 2021, 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

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 2) Summary of Significant Accounting Policies, continued<br>
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. The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains, if any, at least once a year. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds.

For the year ended December 31, 2022, the Funds made the following reclassifications to increase (decrease) the components of the net assets:

---

| | | |
|:---|:---|:---|
| | **Paid in Capital**  | **Accumulated<br>Earnings**  |
| Short Duration Bond Fund  | 7866 | (7866) |

---

Reasons for the reclassification of components of net assets are attributable to the reversal of return of capital from prior year.

The tax character of the distributions paid for the years or period ended December 31, 2021 and December 31, 2022 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ordinary<br>Income**  | **Net Realized<br>Long-Term<br>Capital Gain**  | **Total Taxable<br>Distributions<br>Paid**  | **Return of<br>Capital**  | **Total<br>Distributions<br>Paid**  |
| Short Duration Bond Fund  | 2021 | 3205386 |  | 3205386 | 7866 | 3213252 |
|  | 2022 | 3205541 |  | 3205541 |  | 3205541 |
| Intermediate Bond Fund  | 2021 | 3799525 | 558993 | 4358518 |  | 4358518 |
|  | 2022 | 5587063 |  | 5587063 |  | 5587063 |
| Core Bond Fund  | 2021 | 10791123 | 884 | 10792007 |  | 10792007 |
|  | 2022 | 13059819 |  | 13059819 |  | 13059819 |
| Enhanced Return Fund  | 2021 | 40209967 | 55592176 | 95802143 |  | 95802143 |
|  | 2022 | 7515155 | 7548153 | 15063308 |  | 15063308 |
| Core Plus Fund  | 2021 | 28168 |  | 28168 |  | 28168 |
|  | 2022 | 367362 |  | 367362 |  | 367362 |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 3) Security Valuation and Transactions, continued<br>
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:

♦<br>

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

♦<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

♦<br>

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

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

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

#### 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.

*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,

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 3) Security Valuation and Transactions, continued<br>
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.

*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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Bond Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Totals**  |
| Corporate Bonds\*  | $— | $151795400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $151795400 |
| Certificates of Deposit  |  | 247279 |  | 247279 |
| U.S. Treasury Obligations  |  | 19938968 |  | 19938968 |
| U.S. Agency Obligations  |  | 19489415 |  | 19489415 |
| U.S. Agency Obligations – Mortgage-Backed  |  | 26709409 |  | 26709409 |
| Taxable Municipal Bonds  |  | 9503836 |  | 9503836 |
| Cash Equivalents  | 139711 |  |  | 139711 |
| **Total** | $139711 | $227684307 | $— | $227824018 |

---

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate Bond Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Totals**  |
| Corporate Bonds\*  | $— | $120863697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $120863697 |
| U.S. Treasury Obligations  |  | 74218494 |  | 74218494 |
| U.S. Agency Obligations  |  | 6916276 |  | 6916276 |
| U.S. Agency Obligations – Mortgage-Backed  |  | 21705139 |  | 21705139 |
| Taxable Municipal Bonds  |  | 4684965 |  | 4684965 |
| Preferred Stocks  | 1484673 |  |  | 1484673 |
| Cash Equivalents  | 2011445 |  |  | 2011445 |
| **Total** | $3496118 | $228388571 | $— | $231884689 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Bond Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Totals**  |
| Corporate Bonds\*  | $— | $291293074 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $291293074 |
| U.S. Treasury Obligations  |  | 185536966 |  | 185536966 |
| U.S. Agency Obligations – Mortgage-Backed  |  | 82036900 |  | 82036900 |
| Taxable Municipal Bonds  |  | 6602666 |  | 6602666 |
| Preferred Stocks  | 2057570 |  |  | 2057570 |
| Cash Equivalents  | 1255820 |  |  | 1255820 |
| **Total** | $3313390 | $565469606 | $— | $568782996 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Enhanced Return Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Totals**  |
| Corporate Bonds\*  | $— | $132995931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $132995931 |
| U.S. Treasury Obligations  |  | 22591422 |  | 22591422 |
| U.S. Agency Obligations  |  | 13560891 |  | 13560891 |
| U.S. Agency Obligations – Mortgage-Backed  |  | 28477055 |  | 28477055 |
| Taxable Municipal Bonds  |  | 3823819 |  | 3823819 |
| Cash Equivalents  | 575928 |  |  | 575928 |
| **Sub-Total** | $575928 | $201449118 | $— | $202025046 |
| Other Financial Instruments\*\*  | (8770103) |  |  | (8770103) |
| **Total** | $(8194175) | $201449118 | $— | $193254943 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund**  | **Level 1**  | **Level 2**  | **Level 3**  | **Totals**  |
| Corporate Bonds\*  | $— | $8167493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $8167493 |
| U.S. Treasury Obligations  |  | 2476254 |  | 2476254 |
| U.S. Agency Obligations – Mortgage-Backed  |  | 3371164 |  | 3371164 |
| Preferred Stocks  | 161135 |  |  | 161135 |
| Cash Equivalents  | 69246 |  |  | 69246 |
| **Sub-Total** | $230381 | $14014911 | $— | $14245292 |
| Other Financial Instruments\*\*  | (3214) |  |  | (3214) |
| **Total** | $227167 | $14014911 | $— | $14242078 |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Portfolio of Investments for industry classification.

\*\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial instruments are futures contracts reflected separately in the Portfolio of Investments, and are reflected at the net unrealized appreciation on the futures contracts.

The Funds did not hold any investments at any time during the reporting period in which unobservable inputs were used in determining fair value. Therefore, no reconciliation of Level 3 securities is included for this reporting period.

#### 4) Portfolio Risks:
Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or "LIBOR," which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. As of December 31, 2022, the

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 4) Portfolio Risks, continued<br>
Overnight and 12-Month USD LIBOR settings will continue to report daily rates through June 30, 2023. Management expects the bonds currently held by the Funds using the LIBOR rate to set the variable rates for the bonds to be sold or mature prior to this date. In the event that a bond may still be held as of this final date, it appears that either the bond will switch over to SOFR (Secured Overnight Financing Rate — a replacement for LIBOR), or the bond will lock in the last known coupon and become a fixed rate bond. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund's performance and/or net asset value. Currently, the Funds have securities (less than 1% of holdings) using LIBOR as a basis for their variable rates.

The global outbreak of COVID-19 (commonly referred to as "coronavirus") has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds' investments, impair the Funds' ability to satisfy redemption requests, and negatively impact the Funds' performance.

#### 5) Investment Advisory Agreement and 12b-1 Fees:
As of December 31, 2022, the Short Duration Bond Fund, Intermediate Bond Fund, Core Bond Fund and Enhanced Return Fund, each receive investment management and advisory services from the Adviser under management agreements that provide for fees to be paid monthly at an annual rate of 0.30%, 0.30%, 0.30% and 0.35%, respectively, for each of the Fund's average daily net assets, subject to any waivers defined below. The investment advisory agreements provide that the Adviser will pay all of the Funds operating expenses, excluding brokerage fees and commissions, borrowing costs, taxes, acquired fund fees, and extraordinary expenses. 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.

Effective May 1, 2022, 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, 2023. These waivers are not subject to recoupment.

As of December 31, 2022, the Johnson Core Plus Bond Fund receives investment management and advisory services from the Adviser under a management agreement that provide for fees to be paid monthly, at an annual rate of 0.45% of the Fund's average daily net assets.

For the Core Plus Bond Fund, the Adviser has contractually agreed to waive management fees and/or to reimburse expenses to limit Fund expenses, at least until April 30, 2023, so that the total annual operating expenses (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions, acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) of the Fund will not exceed 0.45% of the Fund's average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years from the date in which the fees were waived or reimbursed) if such recoupment can be achieved within the foregoing expense limit and any expense limitation in place at the time of recoupment. The Adviser does not intend to recoup these waived amounts. This agreement may be terminated only by the Board of Trustees on 60 days written notice to the adviser.

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 5) Investment Advisory Agreement and 12b-1 Fees, continued<br>
As of December 31, 2022, the remaining cumulative unreimbursed amount paid and/or waived by the Adviser on behalf of the Core Plus Fund was $116,572. The Adviser may recapture a portion of the above amount no later than the dates as stated below:

---

| | | | |
|:---|:---|:---|:---|
| **Fund:**  | **Expires 12/31/24**  | **Expires 12/31/25**  | **Total** |
| Core Plus Bond Fund  | $12347 | $104225 | $116572 |

---

#### 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 $72,000 for the year ended December 31, 2022, 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 Fixed Income Fund, Johnson Municipal Income Fund, Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund, Johnson Enhanced Return Fund and Johnson Core Plus Bond Fund. The Adviser is not a registered broker-dealer of securities and thus does not receive commissions on trades made on behalf of the Funds. The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of December 31, 2022, the following are identified as having an ownership of more than 25%:

---

| | |
|:---|:---|
| Short Duration Bond Fund (Class I Shares): |  |
| &nbsp;&nbsp;&nbsp; Covenant Trust Company  | 45.79% |
| Short Duration Bond Fund (Class F Shares): |  |
| &nbsp;&nbsp;&nbsp; Client accounts held by the Advisor  | 100% |
| Intermediate Bond Fund (Class I Shares): |  |
| &nbsp;&nbsp;&nbsp; Covenant Trust Company  | 36.77% |
| National Financial Services  | 27.51% |
| &nbsp;&nbsp;&nbsp; Client accounts managed by the Advisor and held by Charles Schwab & Co  | 33.01% |
| Intermediate Bond Fund (Class F Shares): |  |
| &nbsp;&nbsp;&nbsp; Client accounts held by the Advisor  | 100% |
| Core Bond Fund (Class I Shares): |  |
| &nbsp;&nbsp;&nbsp; Client accounts managed by the Advisor and held by Charles Schwab & Co  | 33.96% |
| Core Bond Fund (Class F Shares): |  |
| &nbsp;&nbsp;&nbsp; LPL Financial Group  | 92.02% |
| Enhanced Return Fund: |  |
| &nbsp;&nbsp;&nbsp; Client accounts managed by the Advisor and held by Charles Schwab & Co  | 98.10% |
|  Core Plus Bond Fund: <br> Client accounts managed by the Advisor and held by Charles Schwab & Co  | 99.98% |

---

Johnson Financial, Inc. is a wholly-owned subsidiary of Johnson Investment Counsel, Inc., the Adviser. Johnson Financial, Inc. provides transfer agency and administration services to the Funds.

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 7) Purchases and Sales of Securities:
For the year ended December 31, 2022, purchases and sales of investment securities aggregated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Investment Securities Other Than <br> Short Term Investments and <br> U.S. Government Obligations*  | *Investment Securities Other Than <br> Short Term Investments and <br> U.S. Government Obligations*  | *U.S. Government Obligations*  | *U.S. Government Obligations*  |
| **Fund**  | **Purchases**  | **Sales**  | **Purchases**  | **Sales**  |
| Short Duration Bond Fund  | $24183219 | $82576500 | $30353398 | $60674552 |
| Intermediate Bond Fund  | 62845348 | 54951162 | 72749010 | 68662005 |
| Core Bond Fund  | 55851336 | 97875814 | 159122385 | 91536088 |
| Enhanced Return Fund  | 20362275 | 92807243 | 74745149 | 99263641 |
| Core Plus Bond Fund  | 3962273 | 3192553 | 2057996 | 2979938 |

---

#### 8) Capital Share Transactions:
As of December 31, 2022, there were an unlimited number of shares of beneficial interest authorized for each Fund. Each Fund records purchases of its 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  |
| | **Class I Shares**  | **Class I Shares**  | **Class F Shares**  | **Class F Shares**  |
| | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  |
| Issued  | 2260082 | 9780042 | 0 | 0 |
| Reinvested  | 80605 | 102496 | 5 | 4 |
| Redeemed  | (9243938) | (8134538) | 0 | 0 |
| Change in shares outstanding  | (6903251) | 1748000 | 5 | 4 |
| Shares outstanding, beginning of year  | **22931383** | **21183383** | **473** | **469** |
| Shares outstanding, end of year  | **16028132** | **22931383** | **478** | **473** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Intermediate Bond Fund**  | **Intermediate Bond Fund**  | **Intermediate Bond Fund**  | **Intermediate Bond Fund**  |
| | **Class I Shares**  | **Class I Shares**  | **Class F Shares**  | **Class F Shares**  |
| | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  |
| Issued  | 6600967 | 4357931 | 0 | 0 |
| Reinvested  | 168372 | 102798 | 9 | 4 |
| Redeemed  | (6271324) | (1795095) | 0 | 0 |
| Change in shares outstanding  | 498015 | 2665634 | 9 | 4 |
| Shares outstanding, beginning of year  | **15892257** | **13226623** | **451** | **447** |
| Shares outstanding, end of year  | **16390272** | **15892257** | **460** | **451** |

---

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

#### 8) Capital Share Transactions, continued<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  |
| | **Class I Shares**  | **Class I Shares**  | **Class F Shares**  | **Class F Shares**  |
| | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  |
| Issued  | 10511107 | 13186206 | 175932 | 417147 |
| Reinvested  | 663377 | 477422 | 5355 | 5241 |
| Redeemed  | (9097881) | (7608542) | (218589) | (564819) |
| Change in shares outstanding  | 2076603 | 6055086 | (37302) | (142431) |
| Shares outstanding, beginning of year  | **38135305** | **32080219** | **247474** | **389905** |
| Shares outstanding, end of year  | **40211908** | **38135305** | **210172** | **247474** |

---

---

| | | |
|:---|:---|:---|
| | **Enhanced Return Fund**  | **Enhanced Return Fund**  |
| | **Year ended<br>12/31/2022**  | **Year ended<br>12/31/2021**  |
| Issued  | 1416102 | 1292949 |
| Reinvested  | 1210951 | 5443728 |
| Redeemed  | (4451944) | (1849266) |
| Change in shares outstanding  | (1824891) | 4887411 |
| Shares outstanding, beginning of year  | **18549902** | **13662491** |
| Shares outstanding, end of year  | **16725011** | **18549902** |

---

---

| | | |
|:---|:---|:---|
| | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  |
| | **Year ended<br>12/31/2022**  | **Period Ended\*<br>12/31/2021**  |
| Issued  | 82986 | 1092101 |
| Reinvested  | 27848 | 1879 |
| Redeemed  | (68506) | (2043) |
| Change in shares outstanding  | 42328 | 1091937 |
| Shares outstanding, beginning of year  | **1091937** | **0** |
| Shares outstanding, end of year  | **1134265** | **1091937** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund began operations November 17, 2021

#### 9) Borrowings:
The Short Duration Bond Fund, Intermediate Bond Fund, Core Bond Fund, Enhanced Return Fund, and Core Plus Bond Fund each has an unsecured line of credit through April 29, 2023 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. During the year ended December 31, 2022, the Intermediate Bond Fund borrowed from the line for four (4) calendar days, in the amount of $17,000,000 for 3 days, and $6,000,000 for 1 day. There were no borrowings for any of the other Funds at any time during the year.

#### 10) 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.

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NOTES TO THE FINANCIAL STATEMENTS <sup>December 31, 2022</sup>

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

#### 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.

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DISCLOSURE OF EXPENSES (Unaudited) <sup>December 31, 2022</sup>

Shareholders of the Short Duration Bond, Intermediate Bond, Core Bond, Enhanced Return, and Core Plus Bond Funds (the "Funds") incur ongoing operating expenses consisting of management fees, and for the Core Plus Bond Fund, additional operational and administrative fees. The following example is intended to help you understand your ongoing expenses of investing in the Funds and to compare these expenses with similar costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the Funds on June 30, 2022 and held through December 31, 2022.

The first line of the table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6) and then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid by a shareholder for the period. Shareholders may use this information to compare the ongoing expenses of investing in the Funds and other funds 5% hypothetical examples with the 5% hypothetical examples that appear in other funds' shareholder reports.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Short Duration Bond Fund</u>**  | **Beginning Account Value<br>June 30, 2022**  | **Ending Account Value<br>December 31, 2022**  | **Expenses Paid During Period\*<br>July 1, 2022 – December 31, 2022**  |
| Class I – Actual Fund Return  | $1000.00 | $1001.45 | $1.26 |
| Class I – Hypothetical Return  | $1000.00 | $1023.95 | $1.29 |
| Class F – Actual Fund Return  | $1000.00 | $999.73 | $2.02 |
| Class F – Hypothetical Return  | $1000.00 | $1023.19 | $2.06 |
| **<u>Intermediate Bond Fund</u>** |  |  |  |
| Class I – Actual Fund Return  | $1000.00 | $996.93 | $1.26 |
| Class I – Hypothetical Return  | $1000.00 | $1023.95 | $1.29 |
| Class F – Actual Fund Return  | $1000.00 | $992.01 | $2.01 |
| Class F – Hypothetical Return  | $1000.00 | $1023.19 | $2.06 |
| **<u>Core Bond Fund</u>** |  |  |  |
| Class I – Actual Fund Return  | $1000.00 | $981.12 | $1.25 |
| Class I – Hypothetical Return  | $1000.00 | $1023.95 | $1.29 |
| Class F – Actual Fund Return  | $1000.00 | $979.68 | $2.00 |
| Class F – Hypothetical Return  | $1000.00 | $1023.19 | $2.06 |
| **<u>Enhanced Return Fund</u>** |  |  |  |
| Actual Fund Return  | $1000.00 | $1004.61 | $1.77 |
| Hypothetical Return  | $1000.00 | $1023.44 | $1.81 |
| **<u>Core Plus Bond Fund</u>** |  |  |  |
| Actual Fund Return  | $1000.00 | $985.38 | $1.75 |
| Hypothetical Return  | $1000.00 | $1022.94 | $2.32 |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). For the Institutional Bond Funds, the expense ratio (after waiver) is 0.25% (I shares), and 0.40% (F shares); for the Enhanced Return Fund, the expense ratio is 0.35%; and for the Core Plus Bond Fund the expense ratio is 0.45%.

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#### Operation and Effectiveness of the Funds' Liquidity Risk Management Program (Unaudited)
The Johnson Mutual Funds Trust ("Trust") has established a liquidity risk management program (the "Program") to manage the portfolio liquidity risk for each fund in the Trust (each a "Fund") in accordance with Rule 22e-4 under the Investment Company Act of 1940 ("the Rule"). The Program is overseen by the Liquidity Committee (the "Committee"), a committee comprised of compliance personnel and portfolio managers of the Adviser. The Trust's Board of Trustees (the "Board") has approved the designation of the Committee to oversee the Program.

The Program is designed to enable the Funds to assess and manage their liquidity risk in compliance with the requirements of the Rule. Liquidity risk means the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund's liquidity and the periodic classification and re-classification of the Fund's investments into groupings that reflect the Committee's assessment of their relative liquidity under current market conditions.

The Board met on November 30, 2022 to review the liquidity risk management program applicable to each Fund. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund's liquidity risk and has operated adequately and effectively to manage each Fund's liquidity risk since implementation. The Committee reported during the meeting that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. There were no material changes to the Program during the reporting period. The report provided to the Board stated that the Committee concluded that based on the operation of the functions of the Program is operating as intended and is effective in implementing the requirements of the Rule.

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ADDITIONAL INFORMATION <sup>December 31, 2022</sup>

#### Proxy Disclosure
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 June 30 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.

#### 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.johnsonmutualfunds.com; 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

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![[MISSING IMAGE: lg_cohenco-4c.jpg]](lg_cohenco-4c.jpg)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of<br>Johnson Mutual Funds Trust

<u>Opinion on the Financial Statements</u> 

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Funds listed below, each a series of Johnson Mutual Funds Trust (the "Funds"), as of December 31, 2022, and the related statements of operations, changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Statements of<br>Operations**  | **Statements of<br>Changes in Net<br>Assets**  | **Financial Highlights**  |
| Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund, and Johnson Enhanced Return Fund | For the year ended December 31, 2022 | For the years ended December 31, 2022 and 2021 | For the years ended December 31, 2022, 2021, 2020, 2019, and 2018 |
| Johnson Core Plus Bond Fund | For the year ended December 31, 2022 | For the year ended December 31, 2022 and for the period from November 17, 2021 (commencement of operations) through December 31, 2021 | For the year ended December 31, 2022 and for the period from November 17, 2021 (commencement of operations) through December 31, 2021 |

---

<u>Basis for Opinion</u> 

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

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

![[MISSING IMAGE: ft_cohenco-4c.jpg]](ft_cohenco-4c.jpg)

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[**TABLE OF CONTENTS**](#toc-0)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2004

![[MISSING IMAGE: sg_cohencompany-bw.jpg]](sg_cohencompany-bw.jpg)

COHEN & COMPANY, LTD.<br>Cleveland, Ohio<br>March 1, 2023

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#### TRUSTEES AND OFFICERS (Unaudited)
Information pertaining to the Trustees and Officers of the Funds is provided below. Trustees who are not deemed to be interested persons of the Funds, as defined in the Investment Company Act of 1940, are referred to as Independent Trustees. Trustees who are deemed to be "interested persons" of the Funds are referred to as Interested Trustees. The Statement of Additional Information includes additional information about the Funds' Trustees and may be obtained without charge by calling (513) 661-3100 or (800) 541-0170.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS AND AGE**  | **CURRENT<br>POSITION HELD<br>WITH TRUST**  | **YEAR SERVICE<br>COMMENCED\***  | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS**  | **NUMBER OF<br>PORTFOLIOS<br>OVERSEEN**  | **OTHER<br>DIRECTORSHIPS<br>HELD DURING THE<br>PAST FIVE YEARS**  |
| **INTERESTED TRUSTEE** |  |  |  |  |  |
| Timothy E. Johnson (80) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Trustee  | Since 1992  | Chairman of Johnson Investment Counsel, Inc., the Trust's Adviser, and Professor of Finance at the University of Cincinnati | 10  |  |
| **INDEPENDENT TRUSTEES** |  |  |  |  |  |
| Ronald H. McSwain (80) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Chairman <br> and Trustee  | Since 1992  | President of McSwain Carpets, Inc. until 2001; partner of P&R Realty, a real estate development partnership since 1984 | 10  |  |
| John R. Green (80) <br> 3777 West Fork Rd. <br> Cincinnati, OH 45247 | Trustee  | Since 2006  | Retired from The Procter & Gamble Company; Purchases Director, Global Baby Care | 10  |  |
| James J. Berrens (57) <br> 3777 West Fork Rd <br> Cincinnati, OH 45247 | Trustee  | Since 2006  | Christian Community Health Services: Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 | 10  |  |
| Dr. Jeri B. Ricketts (65) <br> 3777 West Fork Rd. <br> Cincinnati, OH 45247 | Trustee  | Since 2013  | Retired Director of Carl H. Lindner Honors-PLUS Program, University of Cincinnati (2002-2018); Associate Professor Emeritus of Accounting, University of Cincinnati since 1986 | 10  |  |

---

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**[**TABLE OF CONTENTS**](#toc-0)

TRUSTEES AND OFFICERS (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| NAME, ADDRESS AND AGE  | CURRENT<br>POSITION HELD<br>WITH TRUST  | YEAR SERVICE<br>COMMENCED\*  | PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS  | NUMBER OF<br>PORTFOLIOS<br>OVERSEEN  | OTHER<br>DIRECTORSHIPS<br>HELD DURING THE<br>PAST FIVE YEARS  |
| OFFICERS |  |  |  |  |  |
| Jason O. Jackman (51) <br> 3777 West Fork Rd. <br> Cincinnati, Ohio 45247 | President  | Since 2013  | President and Chief Investment Officer of the Adviser | N/A  | N/A  |
| Marc E. Figgins (58) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Chief Financial Officer and Treasurer  | Since 2002  | Director of Fund Services for the Trust's Adviser | NA  | NA  |
| Scott J. Bischoff (56) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Chief Compliance Officer  | Since 2005  | Chief Compliance Officer of the Trust's Adviser | NA  | NA  |
| Jennifer J. Kelhoffer (51) <br> 3777 West Fork Road <br> Cincinnati, Ohio 45247 | Secretary  | Since 2007  | Fund Administration & Compliance Associate for the Trust's Adviser | NA  | NA  |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Trustee is elected to serve in accordance with the Declaration of Trust and Bylaws of the Trust until their resignation, removal, or retirement. Trustees have an indefinite term limit. Each Officer is elected by the Trustees for a 1-year term to serve the Trust or until their resignation, removal, or retirement.

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[**TABLE OF CONTENTS**](#toc-0)

#### Trustees and Officers

---

| | |
|:---|:---|
| Ronald H. McSwain | Independent Trustee, Chairman |
| Timothy E. Johnson | Interested Trustee |
| James J. Berrens | Independent Trustee |
| John R. Green | Independent Trustee |
| Jeri B. Ricketts | Independent Trustee |
| Jason Jackman | President |
| Scott J. Bischoff | Chief Compliance Officer |
| Marc E. Figgins | Chief Financial Officer, Treasurer |
| Jennifer J. Kelhoffer | Secretary |

---

#### Transfer Agent and Fund Accountant
Johnson Financial, Inc.<br>3777 West Fork Road<br>Cincinnati, Ohio 45247<br>(513) 661-3100 (800) 541-0170

#### Custodian
US Bank<br>425 Walnut Street<br>Cincinnati, OH 45202

#### Independent Registered Public Accounting Firm
Cohen & Company, Ltd.<br>1350 Euclid Avenue, Suite 800<br>Cleveland, Ohio 44115

#### Legal Counsel
Thompson Hine LLP<br>312 Walnut Street, 14<sup>th</sup> Floor<br>Cincinnati, Ohio 45202

This report is authorized for distribution to prospective investors only when accompanied or preceded<br>by the Funds' prospectus, which illustrates each Fund's objectives, policies, management fees,<br>and other information that may be helpful in making an investment decision.

Investment Company Act #811-7254

------

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

(c) Amendments: During the period covered by the report, the code of ethics was amended, to better define Expert Networks and the use thereof, attached herewith.

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

(e) Not applicable.

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

Johnson Mutual Funds

3777 West Fork Road

Cincinnati OH 45247

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

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

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

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

---

| | |
|:---|:---|
| FY <u>2021</u> | $71700.00 |
| FY <u>2022</u> | $72000.00 |

---

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

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FY <u>2021</u> | $0.00 | $0.00 |
| FY <u>2022</u> | $0.00 | $0.00 |

---

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

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FY <u>2021</u> | $27000.00 | $0.00 |
| FY <u>2022</u> | $27000.00 | $0.00 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FY <u>2021</u> | $0.00 | $0.00 |
| FY <u>2022</u> | $0.00 | $0.00 |

---

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FY <u>2021</u> | $27000.00 | $0.00 |
| FY <u>2022</u> | $27000.00 | $0.00 |

---

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**Item 6. Schedule of Investments.**

Not applicable – schedule filed with Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Funds.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 11. Controls and Procedures.**

(a) Based on an evaluation of the registrant's disclosure controls and procedures as of December 15, 2022, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Exhibits.**

[(a)(1)](tm236962d3_ex99-codeeth.htm) [Revised code of ethics is filed herewith.](tm236962d3_ex99-codeeth.htm)

[(a)(2)](tm236962d3_ex99-cert.htm) [Certifications required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.](tm236962d3_ex99-cert.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.

---

| | |
|:---|:---|
| <u>Johnson Mutual Funds Trust</u> | <u>Johnson Mutual Funds Trust</u> |
| By: | <u>/s/ Jason O. Jackman</u> |
| Jason O. Jackman, President | Jason O. Jackman, President |
| Date <u>March 9, 2023</u> | Date <u>March 9, 2023</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: | <u>/s/ Jason O. Jackman</u> |
| Jason O. Jackman, President | Jason O. Jackman, President |
| Date <u>March 9, 2023</u> | Date <u>March 9, 2023</u> |
| By: | <u>/s/ Marc E. Figgins</u> |
| Marc E. Figgins, Treasurer | Marc E. Figgins, Treasurer |
| Date <u>March 9, 2023</u> | Date <u>March 9, 2023</u> |

---

## Ex-99.Code

**Exhibit 99.CODEETH**

![](tm236962d3_ex99-codeethimg02.jpg)

**Code of Ethics**

**Adopted January 1, 2002**

**Revised August 29, 2007**

**Revised November 25, 2008**

**Revised November 14, 2014** 

**Revised August 11, 2015**

**Revised December 21, 2016**

**Revised August 17, 2018**

**Revised November 27, 2018**

**Revised February 28, 2019**

**Revised May 13, 2019**

**Revised April 20, 2021**

**Revised August 24, 2021**

**Revised December 5, 2022**

**Code of Ethics**

---

| | | |
|:---|:---|:---|
|  |  | <u>PAGE</u> |
| I. | DEFINITIONS | 3-5 |
| II. | FIDUCIARY DUTIES | 5 |
| III. | PROHIBITED ACTIVITIES | 6-7 |
| IV. | ACTIVITIES THAT REQUIRE SPECIAL AUTHORIZATION | 7 |
| V. | INSIDER TRADING | 7-10 |
| VI. | CONFIDENTIALITY | 10 |
| VII. | PROCEDURES TO IMPLEMENT CODE OF ETHICS | 10-17 |
| VIII. | APPENDIX I | 18 |

---

Code of Ethics

This Code of Ethics is based on the principle that every trustee, director, officer and employee of Johnson Investment Counsel, Inc., Johnson Mutual Funds Trust, Johnson Trust Company and Johnson Financial, Inc. (the "Johnson Companies") or any investment adviser to the Johnson Companies should place the interests of the clients of the Johnson Companies before their own personal interests at all times. Each trustee, director, officer, and employee should avoid any actual or potential conflicts of interest with the Johnson Companies in all personal Securities transactions. Each trustee, director, officer, and employee must annually sign an Acknowledgement of Receipt and Compliance form and should comply with the provisions of the Code of Ethics in all their personal Securities transactions.

Transactions and actions will be reviewed for compliance with consideration of both the letter and spirit of this Code of Ethics. Technical compliance with the provisions of this Code of Ethics will not excuse failure to adhere to either the general principle of fiduciary duty or the appropriate standards of professional responsibility; therefore, when requesting approval to make a personal investment, an Access Person should consider the potential appearance of the requested transaction as well as the specific facts.

**I.**  **<u>DEFINITIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Access
 person" means any director, trustee, officer, employee, or advisory person (as defined
 below) of any of the Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Act"
 means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Advisory
 person" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any employee of any of the Johnson Companies who, in connection with
their regular functions or duties, makes, participates in, or obtains information regarding a purchase or sale of a Security by any of
the Johnson Companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any
 employee of any of the Johnson Companies whose functions relate to the making of any recommendations
 with respect to the purchase or sale of a Security by any of the Johnson Companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any
 natural person in a control relationship to any of the Johnson Companies who obtains information
 concerning recommendations with regard to the purchase or sale of a Security by any of the
 Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Beneficial
 ownership" will be interpreted in the same manner as it would be in determining whether
 a person is subject to the provisions of Section 16 of the Securities Exchange Act of
 1934 and the rules and regulations thereunder, except that the determination of direct
 or indirect beneficial ownership shall apply to all Securities which an Access Person has
 or acquires. For purposes of this Code, "beneficial ownership" includes, but
 is not limited to, Securities held by members of a person's immediate family sharing
 the same household and Securities over which a person has discretionary authority outside
 of his ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "Control" means the power to exercise a controlling influence over the management or policies
of a company, unless such power is solely the result of an official position with such company.

Any person who owns beneficially, either directly or through one or more controlled companies, more than twenty-five percent (25%) of the voting Securities of the company shall be presumed to control such company. A natural person shall be presumed not to be a controlled person within the meaning of this Code of Ethics. Any such presumption may be rebutted by evidence, in accordance with Section 2(a)(9) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "Employee" means any person employed by any of the Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Disinterested trustees" means trustees of Johnson Mutual Funds Trust who are not employees
of any of the Johnson Companies and who are not advisory persons, as defined above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Disinterested directors" means directors of Johnson Trust Company or Johnson Financial, Inc.
who are not advisory persons as defined above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "Fund" means any series of shares of Johnson Mutual Funds Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "Expert network" means a person with prior experience and relevant insights into a particular
company or industry but is not a current employee of the discussed company and is not an employee of a broker-dealer or independent research
provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "Insider" means the officers, directors, and employees of a company, although the concept
of an "insider" is broad. A person can be a "temporary insider" if he or she enters into a special confidential
relationship in the conduct of a company's affairs and, as a result, is given access to information solely for the company's
purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers,
and the employees of such organizations. In addition, any of the Johnson Companies may become a temporary insider of a company it advises
or for which it performs other services. According to the Supreme Court, the company must expect the outsider to keep the disclosed non-public
information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. "Investment Team" means employees of the Johnson Companies responsible for the research, review
and firm-wide recommendations with respect to the purchase or sale of a Security by any of the Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "Material information" means information for which there is a substantial likelihood that
a responsible investor would consider it important in making their investment decisions, or information that is reasonably certain to
have a substantial effect on the price of a company's Securities. Information that officers, directors, and employees should consider
material includes, but is not limited to: dividend changes; earnings estimates; changes in previously released earnings estimates; significant
merger or acquisition proposals or agreements; major litigation; liquidation problems; and extraordinary management developments. Trading
on insider information is not a basis for liability unless the information is material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "Non-public information" means information that has not been effectively communicated to the
market place. One must be able to point to some fact to show that the information is generally public. For example, information found
in a report filed with the United States Securities and Exchange Commission ("SEC"), or appearing in Dow Jones, *Reuters Economic Services*, *The Wall Street Journal*, or other publications of general circulation, would be considered public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "Security" means any note, stock, treasury stock, bond, debenture, evidence of indebtedness,
certificate of interest or participating in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or
subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a Security, fractional undivided
interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as "Security", or
any certificate of interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to
subscribe to or purchase any of the foregoing, except that the term "Security" shall not include transactions and holdings
in direct obligations of the Government of the United States; money market instruments including bankers' acceptances, bank certificates
of deposit, commercial paper, repurchase agreements, and other high quality short-term debt instruments; shares of money market funds;
transactions and holdings in shares of other types of mutual funds, unless the adviser or control affiliate acts as the investment adviser
or principal underwriter for the fund; and transactions in units of a unit investment trust if the unit investment trust is invested exclusively
in unaffiliated mutual funds; currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "Executive Team" means the senior leadership team of the Johnson Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "Non-approved Securities" means securities that are not included in a Johnson Companies model
portfolio or are not approved by the Investment Team.

**II.**  **<u>FIDUCIARY DUTIES</u>** 

All employees of any of the Johnson Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. shall comply with all applicable laws, rules, and regulations of any government, government agency, and
regulatory organization governing their professional, financial, or business activities, as well as with this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. shall remember the interests of clients should always come first, and that all research and investment
knowledge belong to the firm and its clients, not to the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. shall preserve the confidentiality of all information communicated by the client and all information regarding
the client that is obtained as a result of the fiduciary duty as an employee of any of the Johnson Companies as it concerns matters within
the scope of the confidential relationship, unless the information concerns illegal activities on the part of the client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. shall use particular care and good judgment to achieve and maintain independence and objectivity when
dealing with issuers of Securities and persons that do business with any of the Johnson Companies.

**III.**  **<u>PROHIBITED ACTIVITIES</u>** 

Each Access Person of any of the Johnson Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. shall not commit a criminal act that upon conviction materially reflects adversely on his honesty, trustworthiness,
or fitness as a financial analyst, professional, or employee of any of the Johnson Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. shall not employ any device, scheme or artifice to defraud any of the Johnson Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. shall not make to any of the Johnson Companies any untrue statement of a material fact or omit to state
to any of the Johnson Companies a material fact that would cause a statement to be misleading, or make to any of the Johnson Companies
any misleading statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. shall not engage in any act, practice, or course of business which operates or would operate as a fraud
or deceit upon any of the Johnson Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. shall not engage in any manipulative practice with respect to any of the Johnson Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. shall not knowingly participate in, or assist in, any acts in violation of any applicable law, rule, or
regulation of any government, governmental agency, or regulatory organization governing their professional, financial, or business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. shall not accept any gifts greater than $200 annually from any person that does business with any of the
Johnson Companies in order to preserve the Access Person's objectivity with regards to the business relationship – see the
Gift and Entertainment Policy for additional details;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. shall not trade while in possession of, nor communicate, material non-public information in breach of
fiduciary duty (refer to Section V on Insider Trading);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. shall not, when presenting material to his employer, associates, customers, clients, or the general public,
copy or use in substantially the same form, material prepared by other persons without acknowledging its use and identifying the name
of the author or publisher of such material, but may, however, use without acknowledgment factual information published by recognized
financial and statistical reporting services or similar sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. shall not make any statements, orally or in writing, which misrepresent the services that the employee
or their firm is capable of performing for the client, the qualifications of such employee or their firm, the expected performance of
any particular investment, the historic performance of Johnson Investment Counsel, Inc. or Johnson Mutual Funds Trust or of a particular
Fund or account, nor the performance that Johnson Investment Counsel, Inc. or Johnson Mutual Funds Trust can reasonably be expected to
achieve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. shall not make, orally or in writing, explicitly or implicitly, any assurances about or guarantees of
any investment or its return except communication of accurate information as to the terms of the investment instrument and the issuer's
obligations under the instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. shall not undertake independent practice which could result in compensation or other benefit in competition
with his employer unless he has received written consent from both his employer and the person for whom he undertakes independent employment;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. shall not purchase non-approved securities in client accounts without authorization from the client. Authorization
may be provided verbally by the client but must be documented in the customer relationship management (CRM) software. Email and written
authorization are also acceptable and should be maintained as part of the client file. This provision will not apply to assets transferred
to Johnson Investment Counsel.

The provisions of Sections III(G), III(I), III(K) and III(L) and III(M) shall not apply to disinterested trustees and disinterested directors ("disinterested trustees/directors")

**IV.**  **<u>ACTIVITIES THAT REQUIRE SPECIAL AUTHORIZATION</u>** 

All Access Persons are required to gain prior approval in writing from the Chief Compliance Officer regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. service on a Board of Directors or Board of Trustees of a publicly traded company. Those serving on a
Board of a company whose stock any of the Johnson Companies or any clients of any of the Johnson Companies holds or intends to hold are
isolated from making investment decisions as to that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. investments in initial public offerings ("IPO"). An investment by an Access Person in an unrestricted,
equity IPO that is available to clients is prohibited due to the limited availability of shares and potential conflict with Funds or Johnson
Investment Counsel's managed accounts that also may wish to acquire the shares. If the Chief Compliance Officer approves an investment
in an IPO, the Chief Compliance Officer shall maintain a record of the approval and the reasons supporting the approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. investments in limited offerings. Limited offering means an offering that is exempt from registration
under the Securities Act of 1933. All Access Persons must disclose holdings in limited offerings before any of the Johnson Companies makes
subsequent transactions in the Security for itself or any of its clients. If the Chief Compliance Officer approves an investment in a
limited offering, the Chief Compliance Officer shall maintain a record of the approval and the reasons supporting the approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. participation in investment clubs. Employees that are members of investment clubs must follow certain
rules pertaining to their participation in these clubs, as required by the SEC. Employees need to know which Securities Johnson Investment
Counsel, Inc. is monitoring for purchase or sale and to abstain from "voting" on those particular Securities without offering
any additional information.

The provisions of this Section IV shall not apply to disinterested trustees/directors.

**V.**  **<u>INSIDER TRADING</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Policy Statement on Insider Trading</u> - The Johnson Companies forbid any Access Person from trading,
either personally or on behalf of others (such as Funds and private accounts managed by Johnson Investment Counsel, Inc.) on material
non-public information or communicating material non-public information to others in violation of the law. This conduct is frequently
referred to as "insider trading". This policy applies to all Access Persons and extends to activities within and outside their
duties at any of the Johnson Companies. Disinterested trustees/directors must also consider insider trading issues when conducting personal
trades.

The term "insider trading" is not defined in the federal securities laws, but generally is used to refer to the use of material non-public information to trade in Securities (whether or not one is an "insider") or to communications of material non-public information to others.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. trading by an insider, while in possession of material non-public information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. trading by a non-insider, while in possession of material non-public information where the information
either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. communicating material non-public information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Identifying Insider Information</u> – Before trading for yourself or others, including investment
companies or private accounts managed by Johnson Investment Counsel, Inc., on any Securities information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the information material? Is this information that an investor would consider important in making their
investment decisions? Is this information that would substantially affect the market price of the Securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is the information non-public? To whom has this information been provided? Has the information been effectively
communicated to the marketplace by being published in *Reuters, The Wall Street Journal*, or other publications of general circulation?
Further, Research Analysts should not use research provided by "Business Intelligence" firms, "Political Intelligence"
firms or "Expert Networks" unless approval is provided by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Utilizing Expert Networks for Research

Access Person may consult with paid (or unpaid) expert networks as part of Johnson's research process, including consultations with political participants. Johnson typically contacts such consultants through Tegus, or other similar expert network firms. Expert network firms must go through vendor review prior to an Access person adhering to the below process.

Access Person who wishes to speak with an expert network must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensure that biographical
information about the expert has been submitted to the Chief Compliance Officer through MyComplianceOffice Technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtain pre-clearance from
the Chief Compliance Officer through MyComplianceOffice Technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Inform the expert at the
beginning of the meeting of the topics likely to be discussed and confirm that the expert is allowed to discuss such topics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Inform the expert at the
beginning of the meeting that JIC does not want to receive any information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o about the expert's employer or affiliated
entities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o about prior employers, or affiliated entities,
of the expert during the past six months,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o that the expert is prohibited from disclosing;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o that may be material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Confirm if the expert is
a Client or an Investor in the entity to be discussed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ask the expert whether they
are permitted by their employer to engage in paid consultations; an

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Immediately report the receipt
of any potentially material non-public information to the Chief Compliance Officer.

Certain of the above items may be accomplished by requiring that the relevant expert complete a questionnaire/certification prior to each call. JIC anticipates that the Chief Compliance Officer will not approve any conversations about an issuer with an expert who worked for the issuer during the past 6 months.

Accessing pre-recorded interviews through Tegus will not require pre-clearance from the Chief Compliance Officer.

If, after consideration of the above, you believe that the information is material and non-public or if you have questions as to whether the information is material and non-public, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report the matter immediately to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do not purchase or sell the Securities on behalf of yourself or others, including investment companies
or private accounts managed by Johnson Investment Counsel, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do not communicate the information to anyone inside or outside any of the Johnson Companies, other than
to the Chief Compliance Officer. In addition, care should be taken so that such information should be sealed; access to computer files
containing material non-public information should be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. After the Chief Compliance Officer has reviewed the issue, you will be instructed to continue the prohibitions
against trading and communication, or you will be allowed to trade and communicate the information.

If, after consideration of the items set forth above, doubt remains as to whether information is material or non-public, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the Executive Team of Johnson Investment Counsel, Inc. before trading or communicating the information to anyone.

**VI.**  **<u>CONFIDENTIALITY POLICY</u>** 

Any information regarding personal client information is strictly confidential and may not be used or shared with anyone outside the firm. Violation of this confidentiality will result in disciplinary action, up to and including termination.

**VII.**  **<u>PROCEDURES TO IMPLEMENT CODE OF ETHICS</u>** 

The following procedures have been established to aid the officers, directors, trustees, and employees of the Johnson Companies in preventing, detecting, and imposing sanctions against insider trading and other prohibited activities. **Every officer, interested director, interested trustee and employee of any of the Johnson Companies must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability, and criminal penalties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Personal Securities Trading</u> – Employees must always conduct their personal trading activities
lawfully, properly and responsibly, and are encouraged to adopt long-term investment strategies that are consistent with their financial
resources and objectives. The Johnson Companies discourage short-term trading strategies, and Employees are cautioned that such strategies
may inherently carry a higher risk of regulatory and other scrutiny. In any event, excessive or inappropriate trading that interferes
with job performance, or compromises the duty that the Johnson Companies owe to its Clients will not be tolerated. Each Access Persons
shall be subject to the following procedures for Securities trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pre-clear the trade by submitting a pre-clearance request through MyComplianceOffice Technologies system.
The "exempted transactions" described in Section VII(A)(3) do not require preclearance for all Access employees except Investment
Team members. A reply e-mail from MyComplianceOffice Technologies will be proper authorization to trade (transactions done directly with
the issuer of the Security and/or dividend reinvestment purchases do not need pre-clearance). Trades submitted by Investment Team members
will require review from the Director of Research (or if unavailable, their designee). When an Investment Team member requests to place
a trade of a security that would not be appropriate for a client portfolio, the member requesting approval must provide an explanation
as to why it isn't appropriate when entering the pre-clearance request. Note: Authorizations are only valid for one day. An Access
Person must complete a pre-clearance request each time he or she re-enters the order. If the Access Person chooses to enter a "good
 'til cancelled" order, the Access Person must pre-clear the trade with the MyComplianceOffice Technologies system each day
to make sure he or she still has authorization to trade on that particular day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Trading Limitations</u> –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employees are encouraged to purchase securities for the long-term. The Compliance department will monitor
the frequency of personal trading. Employees with an excessive number of trades may warrant restrictions on the number of their trades
as determined by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Speculative trading in options or futures contracts in Access Person's personal accounts is prohibited
unless approved by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A portfolio manager or their support staff may not trade on the same day as one of their clients. Any
member of a Portfolio Management team should discuss and confirm that their Portfolio Manager(s) are not intending to trade the desired
securities on the same day nor are they in discussion with clients related to the desired securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Employees should not spend time during working hours on researching personal investments which they know
will not meet the parameters of the Johnson Investment Counsel list of approved securities. Violation of this rule is subject to sanctions,
disgorgement of profits, and/or termination of employment, subject to discretion of Chief Compliance Officer and Executive Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Pre-clearance approval may be delayed or denied any time the trading desk has an active order which could
have a market-moving impact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exempted Transactions</u> – The provisions of this Section VII(A)  **<u>do not</u> apply to the following transactions:** 

**<u>De Minimis Transactions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchases or sales of Securities where the total transaction does not exceed $5,000 in a 48 hour period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchases or sales of Securities involving less than 2,000 shares of a Security included in the Standard
 & Poor's 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Purchases or sales of Securities involving less than 2,000 shares of a Security of a company with a market
capitalization in excess of $2 billion and average daily trading volume in excess of 100,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Purchases or sales of Exchange Traded Funds with average trading volume in excess of 100,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Purchases or sales of option contracts involving less than twenty (20) contracts on a Security included
in the Standard & Poor's 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Purchases or sales of option contracts involving less than twenty (20) contracts on a Security of a company
with a market capitalization in excess of $2 billion and average daily trading volume in excess of 100,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Purchases or sales of option contracts involving less than 20 contracts of Exchange Traded Funds securities
with average trading volume in excess of 100,000 shares.

**<u>Exempt Mutual Funds</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Except for non-exempt mutual funds described in the next paragraph, any purchase or sale of a Security
issued by any registered open-end investment company is exempt from the pre-clearance and prohibited transaction provisions of this Code.

Closed end funds, unit investment trust interests, and exchange traded funds (ETF's) are not exempt from the pre-clearance and other reporting provisions of this Code. Also, any mutual fund that is advised or sub-advised by the Johnson Companies, and any fund where the adviser or principal underwriter is an entity under common control with the Johnson Companies are **exempt from the pre-clearance** but are not exempt from quarterly reporting, annual reporting and the prohibited transaction provisions of this Code. Please see Appendix I for the current list of these non-exempt mutual funds. Note that Appendix I is subject to amendment from time to time.

**<u>No Knowledge</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Securities transactions where the Access Person has no knowledge of the transaction before it is completed
(for example, Securities transactions effected for an Access Person by a trustee of a blind trust, or discretionary trades made in a Johnson
Investment Counsel managed account, or Securities transactions effected in a Schwab Intelligent Portfolio account in which the Access
Person is neither consulted nor advised of the trade before it is executed.) See the No Knowledge Trading Policy for further details.

**<u>Certain Corporate Actions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Any acquisition of Securities through stock dividends, dividend reinvestments, stock splits, reverse stock
splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders
of the same class of Securities.

**<u>Systematic Investment Plans</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Any acquisition of a Security pursuant to a systematic investment plan that has previously been approved
pursuant to this Code. A systematic investment plan is one pursuant to which a prescribed investment will be made automatically on a regular,
pre-determined basis without affirmative action by the Access Person. DRIP plans fall into this category. Systematic purchases of any
fund that is advised or sub-advised by the Johnson Companies need not be pre-cleared (i.e. profit sharing contribution, 401-k contribution,
payroll deduction).

**<u>Rights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Purchase of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders
of a class of its Securities, to the extent such rights were acquired from such issuer, or sales of such rights.

**<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Any transaction in the following: direct obligations of the Government of the United States; currencies;
money market instruments including bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements,
and other high quality short-term debt instruments; shares of money market funds; shares of other types of mutual funds, unless the adviser
or control affiliate acts as the investment adviser or principal underwriter for the fund; units of a unit investment trust if the unit
investment trust is invested exclusively in unaffiliated mutual funds; and other Securities as may from time to time be designated in
writing by the Chief Compliance officer on the ground that the risk of abuse is minimal or non-existent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Purchases or sales of Securities effected in any account over which the Access Person has no direct or
indirect influence or control.

The provisions of this Section VII(A) shall not apply to disinterested trustees/directors.

Investment Team members are not eligible for exemptions identified in Section VII(A)(3) and therefore, must pre-clear trades of a reportable Security. The only exception to the pre-clearance requirement is for trades taking place in no knowledge accounts including Schwab Intelligent Portfolio accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Reporting</u> –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duplicate Statements and Confirms</u> – An Access Person must arrange for the Chief Compliance
Officer or his designee to receive duplicate copies of each statement for each account in which such Access Person has a beneficial interest
as of December 31st. For accounts in MyComplianceOffice Technologies with electronic feeds, a duplicate statement is not needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Quarterly Reports</u> – Each Access Person shall submit to the Chief Compliance Officer or his
designee a quarterly report of every transaction during the quarter in a reportable Security in which he or she has any direct or indirect
beneficial ownership as described in Section I (D). This should be submitted through a MyComplianceOffice Technologies questionnaire.
In addition to reporting trades, the form must include information detailing the name of the bank or broker dealer, account number and
date for any account established by the Access Person in which any Securities were held during the quarter for the direct or indirect
benefit of the Access Person. Said report shall be made no later than thirty (30) days after the end of the calendar quarter in which
the transaction to which the report relates was effected. An Access Person need not make such a report with respect to transactions effected
for any account over which he or she does not have any direct or indirect influence or control.

At a minimum a quarterly transaction report must include the following information: the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable Security involved; the nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition); the price of the Security at which the transaction was effected; the name of the broker, dealer, or bank with or through which the transaction was effected; and the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Initial and Annual Holdings Reports</u> – New Access Persons shall submit to the Chief Compliance
Officer or his designee, no later than ten (10) days after the person becomes an Access Person, a report of their personal Security holdings
in which the Access Person has direct or indirect beneficial ownership as described in Section I (D). The report shall also include information
regarding any account in which any Securities were held for the direct or indirect benefit of the Access Person as of the date the person
became an Access Person. The initial holdings report must be current as of a date not more than 45 days prior to the date the person became
an Access Person.

Existing employees are required to provide an annual holdings report on or before February 14<sup>th</sup> of each year. The report shall be current as of December 31<sup>st</sup>, which is a date no more than 45 days prior to the final date the report is due to be submitted.

Initial and annual holdings reports must include the following information; the title and type of Security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable Security in which the Access Person has any direct or indirect beneficial ownership; the name of any broker, dealer, or bank with which the Access Person maintains an account in which any Securities are held for the Access Person's direct or indirect benefit; and the date the Access Person submits the report. This report should be completed through a MyComplianceOffice Technologies questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reports of Compliance Officer</u> – Members of the Compliance Department are not able to approve
their own personal trades. Any trading by a Compliance Department Member will have to be approved by a different member of the Department.

<u>The provisions of this Section VII(B) shall not apply to disinterested trustees/directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Administration</u> -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Review of Personal Securities Trading Reports</u> – The reports submitted by Access Persons shall
be reviewed by the Chief Compliance Officer or his designee in order to determine whether any violation of this Code or any section of
the Act or the regulations promulgated there under has occurred. These reviews may include but not necessarily be limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An assessment of whether the Access Person followed
the required internal procedures, such as pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An assessment of whether the Access Person is
trading for their own account in the same Securities they are trading for clients, and if so, whether the clients are receiving terms
as favorable as the Access Person takes for themself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Periodically analyzing the Access Person's
trading for patterns that may indicate abuse, including market timing;

The Chief Compliance Officer or his designee shall report any such material violations to the Executive Team and to the applicable Boards of Trustees/Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Sanctions</u> – The Chief Compliance Officer and/or the applicable Boards of Trustees/Directors
may impose sanctions deemed appropriate upon any person who has materially violated the Code of Ethics or engaged in a course of conduct
that, although in technical compliance with the Code of Ethics, is part of a plan or scheme to evade the provisions of the Code of Ethics.
Generally, the Adviser's guidelines for violations occurring over a calendar year will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **1<sup>st</sup> Violation:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Verbal warning; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a meeting with the Chief Compliance Officer to
discuss and re-sign the code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **2nd Violation** (within 12 months of the first violation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A fine of half a percent of base salary up to
$500

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a meeting with the Chief Compliance Officer to
discuss and re-sign the code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Third Violation** (within 12 months of the second violation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A fine of one percent of base salary up to $1,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a meeting with the Executive Team to discuss
and re-sign the code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibition from trading personally for six months
except to close out current positions

In addition to any other sanctions that may be imposed, the Chief Compliance Officer or his designee may require a person who has committed a trading-related violation to reverse the trade in question and forfeit any profit or absorb any loss from the trade. For example, a portfolio manager or their support staff who is found to have traded on the same day as one of their clients and received a better price than the client may be required to disgorge the difference between the price received by the access person and price received by the client. As an illustration, if a portfolio manager or their support staff purchased 100 shares of a security at $50 on the same day their client purchased 100 shares at $51 the employee may be sanctioned $100 (100 shares times $1.)

The Executive Team, in its sole discretion, may impose the following sanctions for repeated failures of an Access Person to submit the quarterly information or the annual information in a timely manner: a daily fine ranging from $10 per day to $500 per day for each day such Access Person has failed to submit such quarterly information or annual information. The amount of such daily fine is to be established at the sole discretion of the Executive Team, upon its consideration of the relevant factors, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The timeliness or tardiness of Access Person's past submissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The seniority of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The base salary and total income level of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any extenuating facts and circumstances

Depending on the severity of the trading-related violation or in the event of a non-trading violation of this Code, sanctions imposed may also include, but shall not be limited to any or a combination of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A letter of caution or warning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Suspension of personal trading rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Reduction in salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Suspension of employment (with or without compensation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Termination of employment for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Referral to the Securities and Exchange Commission

Failure to abide by the requirement of the Chief Compliance Officer or his designee to reverse a trade or to observe any of the other sanctions imposed may result in the imposition of additional sanctions. If the conduct of the Chief Compliance Officer or his designee or Executive Team is under review, the remaining members of the team may designate a substitute member to consider the conduct of the person in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Annual Report</u> - Annually, the Chief Compliance Officer will submit a report to the Board of Trustees/Directors
of the Johnson Companies. The report will describe any material issues arising under the Code of Ethics since the last report, including,
but not limited to, material violations of the Code of Ethics and sanctions imposed. The report will also certify that procedures have
been adopted and followed to prevent Access Persons from violating the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>"Whistleblower" Provision</u> – If you become aware of a violation of the Code, the
apparent or suspected violation must be reported promptly to the Chief Compliance Officer. All such reports will be treated confidentially
to the extent permitted by law and investigated promptly and appropriately. Reports may be submitted anonymously should you wish, through
the MyComplianceOffice Technologies system. In addition, should the Chief Compliance Officer be involved in the violation or unreachable,
you may report the violation to another member of the Executive Team. Any retaliation against an individual who reports a violation is
prohibited and constitutes a further violation of the Code.

**<u>Appendix I</u>**

<u>Reportable Mutual Funds</u>

***<u>Public Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;· Johnson Equity Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;· Johnson Opportunity Fund

&nbsp;&nbsp;&nbsp;&nbsp;· Johnson International Fund

&nbsp;&nbsp;&nbsp;&nbsp;· Johnson Fixed Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;· Johnson Municipal Income Fund

***<u>Institutional Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;· Johnson Enhanced Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;· Johnson Institutional Short Duration Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;· Johnson Institutional Intermediate Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;· Johnson Institutional Core Bond Fund

This Appendix I is subject to change. Please contact the Chief Compliance Officer to ensure you have the correct version.

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Jason O. Jackman, certify that:

1. I have reviewed this report on Form N-CSR of Johnson Mutual Funds Trust,

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: <u>March 9, 2023</u> |  |  |
|  | By: | <u>/s/ Jason O. Jackman</u> |
|  |  | Jason O. Jackman, President |

---

I, Marc E. Figgins, 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) 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 covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 9, 2023</u> |  |
|  | <u>/s/ Marc E. Figgins</u> |
|  | Marc E. Figgins, CFO |

---

## Exhibit 99.906

EX-99.906CERT

**certification**

Jason O. Jackman, Chief Executive Officer, and Marc E. Figgins, 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 December 31, 2022 (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 | Marc E. Figgins, Chief Financial Officer |
| Johnson Mutual Funds Trust | Johnson Mutual Funds Trust |
| <u>/s/ Jason O. Jackman</u> | <u>/s/ Marc E. Figgins</u> |
| Jason O. Jackman | Marc E. Figgins |
| Date: <u>March 9, 2023</u> | Date: <u>March 9, 2023</u> |

---

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.