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

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-07254

Johnson Mutual Funds Trust

(Exact name of registrant as specified in charter)

3777 West Fork Road, Cincinnati, Ohio 45247

(Address of principal executive offices)         (Zip code)

Marc E. Figgins, CFO, 3777 West Fork Road, Cincinnati, Ohio 45247

(Name and address of agent for service)

Registrant's telephone number, including area code: (513) 661-3100

Date of fiscal year end: 12/31

Date of reporting period: 12/31/16

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.

Annual
Report

December 31, 2016

 

t Johnson Equity Income Fund

t Johnson Growth Fund

t Johnson Opportunity Fund

t Johnson Realty Fund

t Johnson International Fund

t Johnson Fixed Income Fund

t Johnson Municipal Income Fund

Johnson Mutual Funds Trust
3777 West Fork Road  |  Cincinnati, OH  |  45247
(513) 661-3100    (800) 541-0170    fax (513) 661-4901

www.johnsonmutualfunds.com

JOHNSON MUTUAL FUNDS December 31, 2016

Table of Contents

Our Message to You		1
Performance Review and Management Discussion
Equity Income Fund		2
Growth Fund		3
Opportunity Fund		4
Realty Fund		5
International Fund		6
Fixed Income Fund		7
Municipal Income Fund		8
Portfolio of Investments
Equity Income Fund		9
Growth Fund		10
Opportunity Fund		11
Realty Fund		14
International Fund		15
Fixed Income Fund		17
Municipal Income Fund		21
Statements of Assets and Liabilities		29
Statements of Operations		31
Statements of Changes in Net Assets		33
Financial Highlights
Equity Income Fund		35
Growth Fund		36
Opportunity Fund		37
Realty Fund		38
International Fund		39
Fixed Income Fund		40
Municipal Income Fund		41
Notes to the Financial Statements		42
Disclosure of Expenses		51
Additional Information		52
Report of Independent Registered Public Accounting Firm		53
Trustees and Officers		54
Trustees & Officers, Transfer Agent & Fund Accountant, Custodian, Independent Registered Public Accounting Firm, Legal Counsel		Back Page

Letter from the Fund President December 31, 2016

Dear Shareholder:

We are pleased to present you with the Johnson Mutual Funds’ December 31, 2016 Annual Report. On the following pages, we have provided commentary on the performance of each of the Funds for 2016 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.

An eventful fourth quarter provided a fitting conclusion to a year that brought significant and often surprising changes in the world and the financial markets. November election results in the U.S. boosted stocks to a strong finish. The Dow Jones Industrial Average gained 6.7% between Election Day and year-end, and nearly reached 20,000 for the first time. The four major U.S. stock indices simultaneously hit all-time highs for the first time since 1999. There were other major moves in addition to stocks, particularly in bond yields and oil prices, both of which essentially doubled during the course of the year.

Market and economic sentiment are at high levels entering 2017, but that was far from true in the early months of 2016. Fears of recession along with China-induced economic distress sent markets tumbling in January and February, and pessimism regarding economic prospects was widespread. Those fears eased in the spring only to be briefly reignited by the shocking outcome of the Brexit vote. Again the market recovered quickly after a short-lived sell-off. Stock futures tumbled as election results rolled in overnight on November 8^th, but by morning they had stabilized and a market rally ensued over the following weeks. In the end, an improving economic picture, improving corporate earnings growth, central bank policy, and optimism about potential pro-growth policy changes in the U.S. propelled stocks to healthy gains for the year.

The election set off a spike in bond yields even before the Fed announced its second hike in December. Yields rose abruptly in the wake of the election, dragging down the Bloomberg Barclays Aggregate Bond Index by 2.4% in November, making November the fourth-worst month for bonds since 1994. For the year, this index still returned 2.7%.

While rapidly rising rates may cause bond investors short-term pain, there are also some advantages. First, the upward pressure on yields helped correct an ongoing structural dislocation between bond yields and economic fundamentals. Given the potential for meaningful fiscal stimulus in the coming years, it makes sense that inflation expectations would rise, and for rates to price in modestly better future growth. That is precisely what happened, with inflation and growth expectations both contributing almost equally to the rate increase. The bond market now appears more fairly valued. Next, the long-term benefit of investing at higher yields almost always outweighs the short-term pain of rising rates. As interest rates rise, bond returns may turn negative for short periods, but patient investors are generally rewarded over the following three-to-five year periods.

In order to extend losses and break this pattern, rates would need to rise well above the Fed’s current estimate of long-run equilibrium. The Fed estimates that the Fed Funds rate will plateau at 3.0%, implying longer-dated bond yields don’t have much room to rise beyond current levels. Though fiscal stimulus may help improve economic growth over the short run, our economy faces several long-term structural issues that likely limit the amount rates will rise. Elevated corporate leverage, an aging population, large government deficits, and stubbornly-low productivity are all long-term economic headwinds that will help constrain the terminal rate. In the end, the post-election adjustment in rates has brought yields back to more reasonable levels. We believe that the correction has helped improve the return outlook for traditional bonds going forward.

Thanks again for the opportunity to serve you. We greatly value our relationships with clients and look forward to working with you in the years ahead.

Sincerely,

 

Jason O. Jackman, CFA, President

1

JOHNSON EQUITY INCOME FUND Performance Review – December 31, 2016

For the year, the Johnson Equity Income Fund gained 12.16%. The Fund outperformed the Standard and Poors 500 Index (S&P 500) return of 11.96%.

Sector allocations and stock selection made positive contributions in similar proportions to relative performance during the year. Stock selection made the largest positive contribution in the Industrials, Information Technology, and Financials sectors. Railroader Union Pacific and Fortive, the industrials business spin-out from Danaher, were notable positive contributors in the Industrials sector while Iberiabank Corp. and PNC Financial Services Group were two bank stocks that were strong performers within Financials. Within the Information Technology sector, Linear Technology was a big winner after the announcement that it was being acquired by competitor Analog Devices.

As we wrote mid-year in the semi-annual letter, the first half of the year saw stock leadership from the Telecommunications and Utilities sectors, two sectors with defensive and high dividend yield characteristics. However, this leadership changed significantly in the second half of the year as interest rates rose and sentiment improved regarding economic growth, resulting in leadership from more cyclical sectors including Industrials and Financials. The Fund’s overweight in the Financials sector benefitted from the increase in interest rates and a significant positive shift in sentiment toward the Banking industry post-election.

Notable detractors from performance in the Fund during the year were the overweight to, and stock selection within, the defensive-oriented Consumer Staples sector. Also noteworthy, the strong relative performance within the Health Care sector during the first half of the year, reversed completely in the second half as the Fund’s medical equipment stocks lagged the strong post-election rebound in performance from biotechnology and pharmaceutical stocks.

It continues to be a difficult environment to find high quality companies with both attractive valuations and above average dividend yields. Our valuation discipline has led us to new purchases that have lower absolute dividend yields, but higher dividend growth potential. Maintaining our valuation discipline has also resulted in higher cash levels than normal. These cash levels resulted in a nearly one-percent drag on the Fund’s total return for the year. Turnover in the Fund was higher than it has historically been as ten new stocks were purchased during the year while twelve stocks were sold outright from the Fund. We also took advantage of opportunities to execute several position size round-ups and cutbacks in stocks where relative valuations became more or less attractive.

 

Average Annual Total Returns as of December 31, 2016
	Equity Income Fund			S&P 500 Index
One Year		12.16	%		11.96	%
Five Years		11.32	%		14.66	%
Ten Years		6.44	%		6.95	%

 

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. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 1.00%. 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. The S&P 500 Index is the established benchmark. A shareholder cannot invest directly in the Index. 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.

2

JOHNSON GROWTH FUND Performance Review – December 31, 2016

For the year ended December 31, 2016, the Johnson Growth Fund gained 7.06%. The Standard & Poors 500 Index (S&P 500), which is the primary benchmark for the Fund, gained 11.96% for the year. In 2016, performance in the S&P 500 was driven primarily by two factors: economic sensitivity and dividend yield. More economically sensitive stocks performed much better than companies whose revenue and earnings are not as dependent on the level of economic activity. On a global basis, less economically sensitive, higher quality growth stocks underperformed lower quality, more economically sensitive stocks by 12%. This is the worst 12 month relative performance for growth stocks since August, 2009. In addition, higher dividend yielding stocks dramatically outperformed stocks that paid little or no dividend. Stocks with yields of 3.5% or higher returned an average of 20.9% in 2016, while stocks with yields less than .6% returned an average of 3.2%. The Growth Fund focuses more on quality growth stocks and less on economic sensitivity and dividend yield. These factors contributed to the underperformance against the benchmark.

The Fund showed strong relative performance in both the Energy and Industrial sectors in 2016. EOG Resources was the largest positive contributor to performance. Chevron also performed very well as oil prices doubled from their lows reached in February. Within the Industrial sector, Union Pacific, Fortive and Parker Hannifin all performed very well as the market rewarded stocks that could benefit from additional infrastructure spending, driven by expanded fiscal policies from the incoming Trump administration. Other stocks that had the largest positive impact on performance included Iberiabank Corp., Broadcom, Apple, Berkshire Hathaway and Chubb.

The Fund’s performance relative to the S&P 500 was largely driven by stock selection within the Healthcare and Technology sectors and by not having any holdings in the Materials, Telecommunication and Utility sectors. Within Technology, which accounts for 29% of the Funds’ holdings, our performance was hurt by the weak relative performance of Red Hat, Cognizant and Alphabet (previously Google). Performance within the Healthcare sector has been hurt by negative political rhetoric, primarily regarding drug pricing. As a result, our holdings in Allergan, Medtronic, Biogen and Gilead Sciences performed poorly. The Telecommunication and Utility sectors- which have high dividend yields, and the Materials sector, which is very economically sensitive, all outperformed the index. Other stocks that had the largest negative impact on performance included CVS, Western Alliance Bancorp, Everbank, Analogic and Proto Labs.

The Fund has its largest overweight position in the Technology sector. We would expect to remain overweight in this sector, given the solid growth opportunities we are finding within it. The largest underweight position is in the Financial sector, where it is difficult to find quality growth stocks. Along with the Telecommunications, Materials and Utility sectors, the Fund has no weight in the Real Estate sector, which was separated from the Financials sector in late 2016.

New stocks purchased in the second half of the year included Mastercard, Zoetis, Paccar, Medtronic and Roper Technologies. Positions eliminated in the period included Mednax, EMC, Nordstrom, PRA Group and Gilead Sciences.

 

Average Annual Total Returns As of December 31, 2016
	Growth Fund			S&P 500 Index
One Year		7.06	%		11.96	%
Five Years		10.96	%		14.66	%
Ten Years		4.72	%		6.95	%

 

Long-term capital growth is the objective of the Johnson Growth Fund, and the primary assets are stocks of larger-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. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 1.00%. 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. The S&P 500 Index is the established benchmark. A shareholder cannot invest directly in the Index. 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.

3

JOHNSON OPPORTUNITY FUND Performance Review – December 31, 2016

The Johnson Opportunity Fund had a net total return of 17.90% in 2016, outperforming the Russell 2500 Index’s 17.59% return. The Fund was able to successfully navigate a year of major intra-year swings, ranging from early year recession fears to political surprises in the U.K. and the U.S. to late year economic optimism.

In 2016, Value stocks outperformed Growth stocks by a wide margin. Energy and Materials stocks benefitted from a recovery in most commodity prices, and Financials rallied sharply following the U.S. election amid hope for higher interest rates, lower taxes, decreased regulation, and improved economic conditions. The Fund was well positioned for this style shift, and carried overweight positions in the more economically-sensitive sectors. An underweight in Real Estate also helped the Fund as high valuations corrected when interest rates ticked higher in the second half of the year, reducing the appeal of the sector’s high dividend yield. The worst performing sector in the market was Health Care, and Biotechnology stocks were particularly weak. The Fund had limited exposure to these more speculative growth stocks that struggled amid regulatory and business uncertainty.

During the year, the U.S. markets performed much better than most developed international markets, and U.S. companies with a heavy domestic business mix tended to do well. Some of the Fund’s best performers fit this theme, including consumer-driven Thor Industries, a manufacturer of recreational vehicles (RVs) and Winmark Corporation, a retail franchising and middle market leasing company. Another major industry that is primarily domestic is regional banks, and four of the Fund’s top ten contributors during the year were banks, namely Lakeland Bancorp, German American Bancorp, First Interstate BancSystem, and Iberiabank Corp. An overweight position in banks heading into the big fourth quarter rally was very beneficial to the Fund’s return.

The two biggest performance detractors were medical device companies in a tough year for Health Care. Integer Holdings Corp. (formerly Greatbatch Inc.) failed to meet sales expectations and Natus Medical, struggled with its Venezuelan business as well as a manufacturing quality issue. And although it was a good year for Value stocks, two poor performers with cheap valuations in the Fund that did not participate in the rally were AMC Networks Inc. and Essendant Inc., both of which are facing fundamental growth questions. We lost confidence in their business outlooks and have sold these two positions.

Small and mid-cap stocks outperformed large-cap stocks by a wide margin in the 4^th quarter, bringing the historical market-cap valuation relationship roughly back into balance. We do not expect that to quickly reverse course, but it is likely that investors in 2017 will be more discriminating and demand to see that the optimism for government policy changes actually leads to improved earnings prospects. Style shifts and political headlines can move markets in the short run, but our emphasis will remain on investing in quality companies at a reasonable price and staying disciplined within our portfolio construction framework.

 

Average Annual Total Returns as of December 31, 2016
	Opportunity Fund			Russell 2500 Index
One Year		17.90	%		17.59	%
Five Years		14.81	%		14.54	%
Ten Years		6.96	%		7.69	%

 

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. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 1.00%. 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. The Russell 2500 Index is the established benchmark. A shareholder cannot invest directly in the Index. 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.

4

JOHNSON REALTY FUND Performance Review – December 31, 2016

The Johnson Realty Fund returned 6.57% for the year ending 2016 compared to a return of 8.49% for the S&P US REIT Index. The year was highlighted by a great deal of volatility related to the anticipation of rising interest rates and an unexpected outcome in the presidential election. The market was exposed to the first of what then was expected to be multiple Federal Reserve (the “Fed”) rate hikes in December of 2015. The next rate hike did not come until December of 2016. In between those rate hikes, the bond market experienced a strong rate rally to new all-time lows and then reversed course in the fall marching higher towards the end of the year. The impact of the direction of interest rates can clearly be seen through this year’s movements. In January, with the expectation that rates would continue to move higher, REIT securities sold off by 3.5%. When it became clear in March that the Fed would be on hold, interest rates rallied as did REITs, up 9.99% in March. Finally, as economic activity improved and rates started to rise, REITs sold off four of the five remaining months in 2016, with only December posting a positive rate of return. Interest rates also declined in the month.

The market is building expectations that yields will continue to move higher as the Fed resumes its course to normalize interest rate policy. REITs historically perform best in flat to declining interest rate environments, which is the environment we have seen over the past many years. As discussed above, rising interest rates provide near term headwind for REITs, especially coming out of a period of exceptionally low interest rates.

The Johnson Realty Fund underperformed the S&P US REIT Index by -1.92%. Our property type allocation was negative to overall performance. We were market weighted to overweight in the three worst performing assets classes, Self-Storage, Retail and Residential. In addition, we were modestly underweight Industrials, Hospitality and Data Centers, which were the three best performing property types.

Security selection was also negative, influenced mainly by capitalization. Large cap stocks underperformed their smaller capitalization counterparts, 5.52% for the top 50 largest REITs versus 8.49% for the broader benchmark. Our focus remains on the higher quality, larger capitalization names and this was a detractor to return in 2016.

REITs continue to possess long term portfolio diversification benefits. We would expect as interest rates rise, yield oriented investors may exit the asset class. This may take several years as the market is coming off of historically low interest rate levels.

 

Average Annual Total Returns as of December 31, 2016
	Realty Fund			S&P US REIT Index
One Year		6.57	%		8.49	%
Five Years		10.49	%		11.85	%
Ten Years		3.47	%		4.89	%

 

Long-term capital growth and above average dividend income are the objectives of the Johnson Realty Fund, and the primary assets are real estate related equity securities. The data on this page is unaudited. The data on this page represents past performance and is not a guarantee of future results. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 1.00%. 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. The S&P US REIT Index is the primary benchmark. A shareholder cannot invest directly in the Index. 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.

5

JOHNSON INTERNATIONAL FUND Performance Review – December 31, 2016

The Johnson International Fund had a total net return of 3.00% in 2016, underperforming the MSCI ACWI ex-US Index’s 4.50% return. It was a choppy market throughout the year, highlighted by the surprise outcome of a U.K. referendum vote in June (coined “Brexit”), where a majority of British voters elected for their country to exit the European Union. This caught investors off guard, but after a very turbulent end to the second quarter, global markets quickly recovered within a matter of days, and the U.S. dollar rallied throughout most of the second half of the year. While many global markets performed well in local currencies, after converting into U.S. dollars, they struggled to match U.S. equity returns. . For example, the two largest countries in the MSCI ACWI ex-US Index, Japan and the United Kingdom, showed mid-teens price returns in their local currencies, but when returns were translated into U.S. dollars, the full year returns were slightly negative. The Fund invests primarily in U.S. dollar-denominated securities and does not take any direct measures to offset the effect of currency translation.

Emerging markets did well in 2016, with Russia and South America among those benefitting from an oil price recovery and global rally in many commodities. The Fund was underweight emerging markets throughout the year, which limited returns, but these less developed countries did provide some of the Fund’s biggest winners last year. Russian oil company, Lukoil PJSC, was the Fund’s top contributor, up 79% during the year, with rising oil prices pushing earnings higher for the first time in four years. Two of the top ten contributors to the Fund’s performance were Brazilian banks: Banco Bradesco and Itau Unibanco Holding. Other big winners in 2016 for the Fund included Newcrest Mining Ltd, a gold mining stock, and adidas AG, a German shoe and apparel manufacturer with improving earnings growth.

Negative security selection effect is responsible for most of the underperformance compared to the benchmark. The poor performance of several Health Care holdings within the Fund (representing half of the ten largest detractors) were representative of a global threat to drug pricing practices, uncertainty related to U.S. health care reform, and rising competitive pressures. The stocks included globally-exposed Teva Pharmaceuticals, Novo Nordisk, Taro Pharmaceuticals, Roche Holdings, and Novartis. Other large negative performance contributors included Sky PLC, a large British broadcaster, and Lenovo Group Ltd., a Hong Kong computer manufacturer.

On the heels of the two big political surprises of 2016, “Brexit” and the Trump win, a key issue to watch during the upcoming year will be the risk of a shift in global trade relations. It remains to be seen whether policy changes live up to campaign pledges and voter demands; however, the Fund’s focus will remain on keeping a diversified portfolio of stocks and seeking companies with the proper mix of fundamentals and valuation that offers the potential to reward long-term investors who seek exposure to foreign markets.

 

Average Annual Total Returns as of December 31, 2016
	International Fund			MSCI ACWI ex US Index
One Year		3.00	%		4.50	%
Five Years		5.03	%		5.00	%
Since Inception*		7.39	%		7.85	%

Asset Allocation by Country as of December 31, 2016
Japan		18.34	%		South Korea		2.79	%
United Kingdom		12.66	%		Hong Kong		2.68	%
Germany		8.46	%		India		2.41	%
Other*		8.03	%		Taiwan		2.31	%
France		8.00	%		Netherlands		1.69	%
Switzerland		7.57	%		Spain		1.68	%
Canada		7.24	%		Russia		1.62	%
China		6.77	%		Brazil		1.38	%
Australia		5.05	%		Norway		1.32	%

* Countries in “Other” category include: Israel, Mexico, Sweden, Singapore, Belgium, Denmark, Chile, Italy, South Africa, and Phillipines

* Fund Inception was December 8, 2008.

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. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 1.00%. 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. The MSCI ACWI ex US Index is the primary benchmark. A shareholder cannot invest directly in the Index. 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.

6

JOHNSON FIXED INCOME FUND Performance Review – December 31, 2016

The Johnson Fixed Income Fund provided a total return of 3.08% during 2016, compared to a 2.65% return for the Bloomberg Barclays Capital Aggregate Index. Despite significant midyear volatility, interest rates rose only modestly higher for the full year.

Bond yields began the year at somewhat elevated levels, and the Fund maintained a neutral duration relative to the benchmark as a result. During the first half of the year, bond yields fell as energy prices declined and investors grew anxious over Britain’s vote to leave the European Union. As rates fell, the Fund shortened its duration relative to the benchmark. This positioning was beneficial to relative returns, as rates rose in response to the Presidential Election as well as the Federal Reserve’s (the “Fed”) decision to raise rates once again.

Meanwhile, credit spreads began the year at relatively wide levels, as fear of energy related defaults reverberated throughout the credit market. Spreads continued to widen until mid-February. However, as the price of oil stabilized, credit spreads tightened and led to positive excess returns for credit during the year. Sector performance was uneven though, with financials tightening less than industrials and utilities as energy related industrial credits recovered more than their prior losses. The Fund’s overweight to corporate bonds was a significant driver of performance relative to the Fund’s benchmark during the year, while its focus on high quality credits with lower spread volatility tempered returns. More than half of the Fund’s bond allocation is to investment-grade rated corporate securities which is greater than the Fund’s benchmark index and a key reason why the yield is traditionally higher in the Fund. Over time, this yield advantage is critical to the Fund’s ability to outperform its benchmark. It can also be a helpful strategy to protect against rising interest rates.

Looking forward into next year, we expect the Fed will likely continue to tighten monetary policy, albeit gradually. Although growth in the U.S. has been somewhat disappointing, the promise of fiscal stimulus may provide an economic tailwind in the coming year. Manufacturing has improved alongside the rebound in energy prices and the consumer should continue to benefit from rising wages and solid job creation. Continued improvement in global economic growth as well as powerful global Central Bank stimulus may lead to a continued tightening of credit spreads and the Fund’s overweight to corporate bonds should benefit as a result. The Fund’s duration is slightly short to that of its benchmark and the addition of securities such as floating rate and step-up coupon bonds will help serve as a cushion to rising rates. While inflation expectations have rebounded, the Fund has maintained a position in Treasury Inflation Protected Securities which will benefit as inflation returns to historic averages. Finally, we anticipate continued upward pressure on intermediate bond yields, leading to a slightly muted total return outlook. However, the potential move upward should provide an opportunity to enhance the Fund’s yield over time.

 

Average Annual Total Returns as of December 31, 2016
	Fixed Income Fund			Bloomberg Barclays Capital Aggregate Index
One Year		3.08	%		2.65	%
Five Years		2.33	%		2.23	%
Ten Years		4.35	%		4.34	%

 

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. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 0.85%. 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. The Bloomberg Barclays Capital Aggregate Index is the benchmark. A shareholder cannot invest directly in the Index. 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.

7

JOHNSON MUNICIPAL INCOME FUND Performance Review – December 31, 2016

The Johnson Municipal Income Fund provided a total return of 0.05% during 2016 compared to -0.52% for the Bloomberg Barclays 5-Year General Obligation Municipal Index. Despite significant midyear volatility, interest rates rose moderately higher for the full year.

During 2016, municipal bond yields rose, leading to the Fund’s relatively flat return. The Fund’s emphasis on higher yielding securities was additive to performance. In addition, the Fund’s laddered maturity structure aided performance as bond yields rose the most on intermediate securities, leading to better returns on short and long maturity bonds. While the benchmark is comprised solely of 4 – 6 year maturity securities, the Fund is constructed with a more diverse laddered maturity profile of bonds primarily due within 1 to 15 years.

New issue supply of municipal securities was strong during 2016 as issuers took advantage of low interest rates to refinance outstanding debt obligations and undertake new projects. Demand for municipal securities was robust for most of the year before cooling after the result of the Presidential Election caused some investors to anticipate lower tax rates in the future. Defaults in the municipal sector remained low on an absolute basis despite headlines surrounding fiscal challenges in Chicago and Puerto Rico. Tax revenues for many municipalities continue to show improvement, with the majority of states and local governments reporting healthy revenue from income, sales, and property tax collections. However, we continue to expect lower quality issuers, primarily in a handful of states such as New Jersey, Illinois and particularly the territory of Puerto Rico, to face financial pressure. The Fund avoids such securities maintaining a strict focus on high quality municipal issuers. Approximately 64% of the Fund is rated AA or higher. Furthermore, the Fund is diversified by issuer, sector and state with approximately 29% of its assets in states other than Ohio.

Looking forward into next year, we expect the Fed will likely continue to tighten monetary policy, albeit gradually. Although growth in the US has been somewhat disappointing, the promise of fiscal stimulus may provide an economic tailwind in the coming year. Manufacturing has improved alongside the rebound in energy prices and the consumer should continue to benefit from rising wages and solid job creation, both of which should continue to benefit municipal budget outlooks in the form of increased income and sales tax collections. Although the potential for tax reform could reduce demand for municipal securities, bond yields have increased and investors have historically shown greater interest in municipal bonds at higher rates. Finally, we anticipate upward pressure on municipal bond yields in the near term, leading to a muted total return outlook. However, municipals have historically outperformed other bond market alternatives during similar periods, and the potential move upward in yields should provide an opportunity to enhance the Fund’s yield over time.

 

Average Annual Total Returns as of December 31, 2016
	Municipal Income Fund			Bloomberg Barclays 5 Year G.O. Muni Bond Index
One Year		0.05	%		-0.52	%
Five Years		1.96	%		1.54	%
Ten Years		3.37	%		3.58	%

 

As rated by either Standard & Poor’s or Moody’s Rating Agencies.

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. The data on this page represents past performance and is not a guarantee of future results. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 0.66%. 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. The Fund’s benchmark is the Bloomberg Barclays Capital 5 Year General Obligation Municipal Bond Index. A shareholder cannot invest directly in the Index. 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.

8

EQUITY INCOME FUND Portfolio of Investments as of December 31, 2016

Common Stocks	Shares		Fair Value
Comcast Corp. – Class A		69,900	$	4,826,595
Lowe’s Companies Inc.		64,600		4,594,352
TJX Companies Inc.		38,300		2,877,479
VF Corp.		74,200		3,958,570
10.8% – Total For Consumer Discretionary			$	16,256,996
Coca Cola Co.		105,820		4,387,297
CVS Health Corp.		64,105		5,058,526
Nestle SA ADR		88,400		6,341,816
Procter & Gamble Co.		33,990		2,857,879
Unilever PLC		68,200		2,775,740
14.3% – Total For Consumer Staples			$	21,421,258
Chevron Corp.		28,775		3,386,818
Royal Dutch Shell PLC, Class B ADR		77,500		4,492,675
Schlumberger Ltd.		35,150		2,950,842
7.2% – Total For Energy			$	10,830,335
American Express Co.		70,800		5,244,864
Chubb Ltd.		36,725		4,852,107
Iberiabank Corp.		41,500		3,475,625
Invesco Ltd.		96,585		2,930,389
Marsh & McLennan Companies Inc.		46,700		3,156,453
Morningstar Inc.		20,900		1,537,404
PNC Financial Services Group Inc.		47,100		5,508,816
RenaissanceRe Holdings Ltd.		23,900		3,255,658
20.0% – Total For Financial Services			$	29,961,316
Abbott Laboratories		116,400		4,470,924
Danaher Corp.		54,900		4,273,416
Medtronic PLC		60,200		4,288,046
Zimmer Biomet Holdings		42,700		4,406,640
Zoetis Inc.		88,400		4,732,052
14.8% – Total For Health Care			$	22,171,078
Fortive Corp.		30,450		1,633,034
Paccar Inc.		52,000		3,322,800
Parker-Hannifin Corp.		21,500		3,010,000
Roper Technologies Inc.		16,300		2,984,204
Union Pacific Corp.		32,250		3,343,680
9.5% – Total For Industrials			$	14,293,718
Accenture PLC – Class A		12,120		1,419,616
Apple Inc.		49,610		5,745,830
Automatic Data Processing Inc.		32,000		3,288,960
Cisco Systems Inc.		94,400		2,852,768
Cognizant Technology Solutions Corp.*		47,000		2,633,410
Mastercard Inc. – Class A		32,000		3,304,000
Microsoft Corp.		48,360		3,005,090

Common Stocks	Shares		Fair Value
Oracle Corp.		76,400	$	2,937,580
SAP SE ADR		35,700		3,085,551
18.8% – Total For Information Technology			$	28,272,805
AT&T Inc.		76,640		3,259,499
2.2% – Total For Telecommunication Services			$	3,259,499
Total Common Stocks 97.6%			$	146,467,005
(Identified Cost $123,583,886)
Cash Equivalents
First American Government Obligation Fund, Class Z**		3,444,105		3,444,105
Total Cash Equivalents 2.3%			$	3,444,105
(Identified Cost $3,444,105)
Total Portfolio Value 99.9%			$	149,911,110
(Identified Cost $127,027,991)
Other Assets in Excess of Liabilities 0.1%			$	108,079
Total Net Assets 100.0%			$	150,019,189

* Non-income producing security.

** Variable Rate Security; as of December 31, 2016, the 7 day annualized yield was 0.43%.

ADR – American Depositary Receipt

PLC – Public Liability Company

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

9

GROWTH FUND Portfolio of Investments as of December 31, 2016

Common Stocks	Shares		Fair Value
Lowe’s Companies Inc.		12,310	$	875,487
Nike Inc. Class B		8,200		416,806
Priceline Group Inc.*		610		894,297
Starbucks Corp.		15,560		863,891
TJX Companies Inc.		11,270		846,715
Walt Disney Co.		12,800		1,334,016
11.8% – Total For Consumer Discretionary			$	5,231,212
Costco Wholesale Corp.		2,880		461,117
CVS Health Corp.		11,620		916,934
Nestle SA ADR		11,440		820,706
Pepsico Inc.		9,040		945,855
Procter & Gamble Co.		10,680		897,974
9.1% – Total For Consumer Staples			$	4,042,586
Chevron Corp.		7,720		908,644
EOG Resources Inc.		13,140		1,328,454
Schlumberger Ltd.		15,705		1,318,435
8.0% – Total For Energy			$	3,555,533
American Express Co.		7,230		535,598
Berkshire Hathaway Inc. Class B*		6,800		1,108,264
Chubb Ltd.		6,900		911,628
Iberiabank Corp.		10,710		896,963
Invesco Ltd.		22,500		682,650
JP Morgan Chase & Co.		7,350		634,231
Wells Fargo & Co.		8,790		484,417
11.8% – Total For Financial Services			$	5,253,751
Allergan PLC*		3,100		651,031
Biogen Inc.*		2,900		822,382
Celgene Corp.*		13,040		1,509,380
Danaher Corp.		11,330		881,927
Johnson & Johnson		8,175		941,842
Medtronic PLC		11,170		795,639
Zoetis Inc.		26,730		1,430,857
15.8% – Total For Health Care			$	7,033,058
3M Co.		5,140		917,850
Fortive Corp.		6,950		372,728
General Electric Co.		30,440		961,904
Paccar Inc.		15,940		1,018,566
Parker-Hannifin Corp.		7,920		1,108,800
Roper Technologies Inc.		4,800		878,784
Union Pacific Corp.		8,760		908,237
13.8% – Total For Industrials			$	6,166,869
Alphabet Inc. – Class A*		565		447,734
Alphabet Inc. – Class C*		1,129		871,385

Common Stocks	Shares		Fair Value
Apple Inc.		19,140	$	2,216,795
Broadcom Ltd.		5,315		939,533
Cognizant Technology Solutions Corp.*		13,120		735,114
Facebook Inc. – Class A*		6,930		797,296
Fortinet Inc.*		13,270		399,692
IPG Photonics Corp.*		4,610		455,053
Mastercard Inc. – Class A		10,000		1,032,500
Oracle Corp.		32,800		1,261,160
Red Hat Inc.*		17,120		1,193,264
Salesforce.com Inc.*		13,930		953,648
SAP SE ADR		10,500		907,515
Ultimate Software Group Inc.*		4,185		763,135
29.1% – Total For Information Technology			$	12,973,824
Total Common Stocks 99.4%			$	44,256,833
(Identified Cost $34,336,166)
Cash Equivalents
First American Government Obligation Fund, Class Z**		251,712		251,712
Total Cash Equivalents 0.6%			$	251,712
(Identified Cost $251,712)
Total Portfolio Value 100.0%			$	44,508,545
(Identified Cost $34,587,878)
Other Assets in Excess of Liabilities 0.0%			$	19,611
Total Net Assets 100.0%			$	44,528,156

* Non-income producing security.

** Variable Rate Security; as of December 31, 2016, the 7 day annualized yield was 0.43%.

ADR – American Depositary Receipt

PLC – Public Liability Company

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

10

OPPORTUNITY FUND Portfolio of Investments as of December 31, 2016

Common Stocks	Shares		Fair Value
Advance Auto Parts Inc.		2,800	$	473,536
Culp Inc.		15,000		557,250
Foot Locker Inc.		6,000		425,340
Gentex Corp.		33,600		661,584
Hasbro Inc.		7,400		575,646
LKQ Corp.*		24,000		735,600
Steven Madden Ltd.*		10,000		357,500
Texas Roadhouse Inc.		11,300		545,112
Thor Industries Inc.		8,200		820,410
Winmark Corp.		7,300		920,895
14.6% – Total For Consumer Discretionary			$	6,072,873
Casey’s General Stores Inc.		5,000		594,400
Church & Dwight Co. Inc.		14,000		618,660
Ingredion Inc.		3,600		449,856
Whole Food Market Inc.		17,000		522,920
5.3% – Total For Consumer Staples			$	2,185,836
Helmerich & Payne Inc.		7,800		603,720
Oceaneering International Inc.		17,400		490,854
2.6% – Total For Energy			$	1,094,574
Argo Group International Holdings Ltd.		10,164		669,808
Assurant Inc.		6,000		557,160
Axis Capital Holdings Ltd.		7,000		456,890
Berkshire Hills Bancorp Inc.		15,000		552,750
Diamond Hill Investment Group Inc.		1,600		336,608
East West Bancorp Inc.		12,000		609,960
Everest Re Group Ltd.		3,200		692,480
First Interstate Bancsystem Inc.		18,000		765,900
German American Bancorp Inc.		15,000		789,150
Home Bancshares Inc.		14,000		388,780
Iberiabank Corp.		4,800		402,000
Invesco Ltd.		19,900		603,766
Lakeland Bancorp Inc.		41,000		799,500
Morningstar Inc.		8,500		625,260
Reinsurance Group of America Inc.		4,500		566,235
RenaissanceRe Holdings Ltd.		5,000		681,100
Westwood Holdings Group Inc.		10,800		647,892
24.4% – Total For Financial Services			$	10,145,239
Align Technology Inc.*		6,300		605,619
Analogic Corp.		3,400		282,030
Natus Medical Inc.*		13,000		452,400
Owens & Minor Inc.		9,000		317,610

Common Stocks	Shares		Fair Value
Prestige Brands Holdings Inc.*		13,000	$	677,300
United Therapeutics Corp.*		5,300		760,179
Universal Health Services Inc. – Class B		5,000		531,900
Varian Medical Systems Inc.*		5,700		511,746
VCA Inc.*		7,300		501,145
11.2% – Total For Health Care			$	4,639,929
Alamo Group Inc.		10,300		783,830
American Woodmark Corp.*		4,000		301,000
Deluxe Corp.		9,200		658,812
Fluor Corp.		10,000		525,200
Generac Holdings Inc.*		7,000		285,180
Hillenbrand Inc.		14,000		536,900
HNI Corp.		9,000		503,280
Lincoln Electric Holdings Inc.		7,800		598,026
Old Dominion Freight Line Inc.*		6,300		540,477
Quanta Services Inc.*		13,000		453,050
Snap-On Inc.		3,100		530,937
Standex International Inc.		5,500		483,175
14.9% – Total For Industrials			$	6,199,867
Amdocs Ltd.		9,300		541,725
Brocade Communications Systems Inc.		30,000		374,700
Flir Systems Inc.		9,800		354,662
IPG Photonics Corp.*		7,000		690,970
NeuStar Inc. – Class A*		14,600		487,640
PC Connection Inc.		27,000		758,430
Perficient Inc.*		25,000		437,250
Red Hat Inc.*		8,400		585,480
Ultimate Software Group Inc.*		1,700		309,995
11.0% – Total For Information Technology			$	4,540,852
AptarGroup Inc.		6,200		455,390
Avery Dennison Corp.		7,000		491,540
Packaging Corp. of America		7,000		593,740
RPM International Inc.		6,000		322,980
Scotts Miracle-Gro Co. – Class A		6,800		649,740
Westlake Chemical Corp.		8,500		475,915
7.2% – Total For Materials			$	2,989,305
UGI Corp.		10,800		497,664
1.2% – Total For Utilities			$	497,664
Total Common Stocks 92.4%			$	38,366,139
(Identified Cost $28,437,052)

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

11

OPPORTUNITY FUND Portfolio of Investments as of December 31, 2016

Real Estate Investment Trusts (REITs)	Shares		Fair Value
Apartment Investment & Mangement Co.		14,000	$	636,300
Extra Space Storage Inc.		6,500		502,060
National Retail Properties Inc.		14,500		640,900
Total REITs 4.3%			$	1,779,260
(Identified Cost $1,658,189)
Cash Equivalents
First American Government Obligation Fund, Class Z**		1,386,204		1,386,204
Total Cash Equivalents 3.3%			$	1,386,204
(Identified Cost $1,386,204)
Total Portfolio Value 100.0%			$	41,531,603
(Identified Cost $31,481,445)
Liabilities in Excess of Other Assets 0.0%			$	(8,596	)
Total Net Assets 100.0%			$	41,523,007

* Non-income producing security.

** Variable Rate Security; as of December 31, 2016, the 7 day annualized yield was 0.43%.

ADR – American Depositary Receipt

PLC – Public Liability Company

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

12

REALTY FUND Portfolio of Investments as of December 31, 2016

Real Estate Investment Trusts (REITs)	Shares		Fair Value
American Campus Communities Inc.		1,600	$	79,632
Apartment Investment & Management Co.		2,624		119,261
Avalonbay Communities Inc.		1,809		320,464
Camden Property Trust		1,200		100,884
Equity LifeStyle Properties Inc.		1,500		108,150
Equity Residential		5,000		321,800
Essex Property Trust Inc.		865		201,112
Mid-America Apartment Communities Inc.		2,234		218,704
Senior Housing Properties Trust		3,500		66,255
Sun Communities Inc.		650		49,797
UDR Inc.		3,807		138,879
16.2% – Total For Residential			$	1,724,938
American Tower Corp.		5,839		617,066
Brandywine Realty Trust		3,000		49,530
Cousins Properties Inc.		3,500		29,785
Equinix Inc.		600		214,446
Douglas Emmett Inc.		2,500		91,400
Lexington Realty Trust		3,500		37,800
Life Storage Inc.		450		38,367
National Retail Properties Inc.		2,250		99,450
PS Business Parks Inc.		500		58,260
Urban Edge Properties		1,530		42,090
Vornado Realty Trust		2,561		267,292
14.5% – Total For Diversified			$	1,545,486
Care Capital Properties Inc.		1,100		27,500
HCP Inc.		6,500		193,180
Healthcare Realty Trust Inc.		1,500		45,480
LTC Properties Inc.		650		30,537
Medical Properties Trust Inc.		2,800		34,440
Omega Healthcare Investors Inc.		2,500		78,150
Quality Care Properties*		1,300		20,150
Universal Health Realty Income Trust		300		19,677
Ventas Inc.		4,700		293,844
Welltower Inc.		4,750		317,917
10.0% – Total For Health Care Facilities			$	1,060,875
Diamondrock Hospitality Co.		4,000		46,120
Host Hotels & Resorts Inc.		10,354		195,069
LaSalle Hotel Properties		1,500		45,705
Pebblebrook Hotel Trust		1,200		35,700
RL Lodging Trust		2,500		61,225
Ryman Hospitality Properties		1,000		63,010
4.2% – Total For Hotels/Motels			$	446,829
Alexandria Real Estate Equities Inc.		1,000		111,130
Boston Properties Inc.		2,020		254,076

Real Estate Investment Trusts (REITs)	Shares		Fair Value
CoreSite Realty Corp.		500	$	39,685
Corporate Office Properties Trust		2,000		62,440
Digital Realty Trust Inc.		2,300		225,998
Duke Realty Corp.		5,000		132,800
Dupont Fabros Technology Inc.		1,800		79,074
Equity Commonwealth*		1,700		51,408
Highwoods Properties Inc.		1,700		86,717
Kilroy Realty Corp.		1,545		113,125
Liberty Property Trust		2,661		105,110
Mack-Cali Realty Corp.		1,500		43,530
Parkway Inc.*		437		9,723
Piedmont Office Realty Trust Inc.		3,500		73,185
13.1% – Total For Office			$	1,388,001
CubeSmart		2,500		66,925
DCT Industrial Trust Inc.		1,375		65,835
EastGroup Properties Inc.		600		44,304
Extra Space Storage Inc.		1,750		135,170
First Industrial Realty Trust Inc.		1,675		46,984
Prologis Inc.		7,306		385,684
Public Storage		2,400		536,400
12.1% – Total For Industrial			$	1,281,302
Acadia Realty Trust		1,000		32,680
Alexander’s Inc.		100		42,687
CBL & Associates Properties Inc.		2,394		27,531
DDR Corp.		7,055		107,730
EPR Properties		1,000		71,770
Equity One Inc.		1,600		49,104
Federal Realty Investment Trust		1,000		142,110
General Growth Properties Inc.		12,200		304,756
Hospitality Properties Trust		2,100		66,654
Kimco Realty Corp.		5,667		142,582
Macerich Co.		2,192		155,281
Realty Income Corp.		3,569		205,146
Regency Centers Corp.		1,375		94,806
Retail Properties of America		3,500		53,655
Simon Property Group Inc.		4,279		760,250
SL Green Realty Corp.		1,500		161,325
Tanger Factory Outlet Centers Inc.		2,000		71,560
Taubman Centers Inc.		800		59,144
Washington Real Estate Investment Trust		1,500		49,035
Weingarten Realty Investors		2,500		89,475
Washington Prime Group Inc.		3,353		34,905
25.6% – Total For Retail			$	2,722,186

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

13

REALTY FUND Portfolio of Investments as of December 31, 2016

Real Estate Investment Trusts (REITs)	Shares		Fair Value
Rayonier Inc.		2,000	$	53,200
Weyerhaeuser Co.		10,700		321,963
3.5% – Total For Timber			$	375,163
Total REITs 99.2%			$	10,544,780
(Identified Cost $5,547,155)
Cash Equivalents
First American Government Obligation Fund, Class Z**		37,542		37,542
Total Cash Equivalents 0.4%			$	37,542
(Identified Cost $37,542)
Total Portfolio Value 99.6%			$	10,582,322
(Identified Cost $5,584,697)
Other Assets in Excess of Liabilities: 0.4%			$	39,582
Total Net Assets 100.0%			$	10,621,904

* Non-income producing security.

** Variable Rate Security; as of December 31, 2016, the 7 day annualized yield was 0.43%.

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

14

INTERNATIONAL FUND Portfolio of Investments as of December 31, 2016

Common Stocks	Shares		Fair Value
Adidas AG ADR		1,500	$	117,825
Daimler AG		600		44,490
Honda Motor Co. Ltd. ADR		1,940		56,629
Magna International Inc.		2,000		86,800
Marks & Spencer Group PLC ADR		5,000		42,550
Publicis Groupe SA ADR		7,800		134,121
RTL Group SA ADR		15,000		109,200
Sky PLC ADR		4,500		220,590
Sony Corp.		2,700		75,681
Tata Motors Ltd.		3,425		117,786
Toyota Motor Corp.		1,800		210,960
WPP PLC ADR		1,300		143,858
9.6% – Total For Consumer Discretionary			$	1,360,490
Coca-Cola Amatil Ltd. ADR		10,860		78,626
Danone ADR		6,184		77,795
L’Oreal ADR		2,800		101,948
Nestle SA ADR		2,400		172,176
Reckitt Benckiser Group PLC ADR		5,900		99,120
Unilever NV		2,500		102,650
Unilever PLC		3,000		122,100
Wal-Mart De Mexico SAB de CV ADR		8,000		142,960
6.3% – Total For Consumer Staples			$	897,375
BP PLC		2,298		85,899
CNOOC Ltd.		500		61,980
Lukoil Corp. ADR		3,900		218,868
Petrochina Co. Ltd.		300		22,110
Royal Dutch Shell PLC, Class B ADR		1,400		81,158
Sasol Ltd. ADR		2,800		80,052
Statoil ASA		4,000		72,960
Suncor Energy Inc.		3,200		104,608
Technip SA ADR		6,200		110,484
Total SA		2,352		119,881
Woodside Petroleum ADR		5,200		116,740
7.6% – Total For Energy			$	1,074,740
Allianz SE ADR		7,900		130,192
Australia and New Zealand Banking Group Ltd.		3,200		69,888
Banco Bradesco ADR		12,100		105,391
Banco Santander SA ADR		17,974		93,105
Bank of Montreal		1,240		89,181
Barclays PLC		10,000		110,000
BNP Paribas ADR		4,000		127,400
China Construction Bank ADR		5,300		80,401

Common Stocks	Shares		Fair Value
Credit Suisse Group ADR		3,777	$	54,049
Deutsche Boerse AG ADR		7,000		55,629
ICICI Bank Ltd.		8,800		65,912
Industrial and Commercial Bank Of China Ltd. ADR		16,000		189,440
Itau Unibanco Holding SA ADR		7,700		79,156
KB Financial Group Inc.		2,400		84,696
Manulife Financial Corp.		4,420		78,764
Mitsubishi UFJ Financial Group Inc.		35,200		216,832
Mizuho Financial Group Inc. ADR		41,400		148,626
Orix Corp. ADR		1,750		136,203
Royal Bank of Canada		1,600		108,336
Sumitomo Mitsui Financial Group Inc. ADR		31,500		240,660
Swiss Re Ltd. ADR		4,400		104,544
Tokio Marine Holdings Inc. ADR		6,000		245,340
Toronto Dominion Bank		1,400		69,076
UBS Group AG*		4,800		75,216
United Overseas Bank Ltd. ADR		1,900		53,466
Westpac Banking Corp. Ltd.		4,650		109,182
Zurich Insurance Group Ltd. ADR		3,240		89,327
21.2% – Total For Financial Services			$	3,010,012
Astellas Pharma Inc. ADR		19,500		270,270
Astrazeneca PLC ADR		1,600		43,712
Bayer AG ADR		1,300		135,564
Dr. Reddy’s Laboratories Ltd.		3,340		151,235
Novartis AG		2,480		180,643
Novo Nordisk AS		2,800		100,408
Roche Holdings Ltd. ADR		7,100		202,563
Shire PLC ADR		600		102,228
Taro Pharmaceuticals Ltd.*		800		84,216
Teva Pharmaceuticals ADR		2,400		87,000
9.6% – Total For Health Care			$	1,357,839
ABB Ltd.		2,900		61,103
Atlas Copco AB ADR		3,000		91,620
BAE Systems PLC ADR		1,600		46,448
Bunzl PLC ADR		5,600		144,480
Canadian National Railway Co.		1,400		94,360
CK Hutchison Holdings Ltd. ADR		8,000		90,800
Fanuc Corp. ADR		7,166		119,314
Itochu Corp. ADR		3,700		97,680
Keppel Corp. Ltd. ADR		7,900		63,200
Komatsu Ltd. ADR		4,000		90,720

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

15

INTERNATIONAL FUND Portfolio of Investments as of December 31, 2016

Common Stocks	Shares		Fair Value
Mitsui & Co., Ltd. ADR		300	$	82,500
Schneider Electric SE ADR		10,000		138,100
Sensata Technologies Holding NV*		3,200		124,640
Siemens AG		900		110,178
9.6% – Total For Industrials			$	1,355,143
Alibaba Group Holdings ADR*		1,600		140,496
Baidu Inc. ADR*		400		65,764
CGI Group Inc.*		5,100		244,953
Ericsson ADR		5,000		29,150
Lenovo Group Ltd. ADR		11,000		132,011
Open Text Corp.		1,600		98,896
SAP SE ADR		3,100		267,933
Siliconware Precision Industries Co. ADR		4,267		31,149
Taiwan Semiconductor Manufacturing Co. Ltd.		8,000		230,000
Tencent Holdings Ltd. ADR		6,500		157,430
United Microelectronics ADR		44,930		78,628
10.4% – Total For Information Technology			$	1,476,410
BASF SE ADR		1,850		171,255
BHP Billiton Ltd.		2,550		91,239
Air Liquide SA ADR		3,777		84,000
Newcrest Mining Ltd. ADR		15,000		215,400
Nitto Denko Corp. ADR		4,200		164,556
Posco		1,400		73,570
Rio Tinto PLC		1,570		60,382
Syngenta AG		1,100		86,955
6.7% – Total For Materials			$	947,357
BT Group PLC ADR		3,800		87,514
China Mobile Ltd.		2,700		141,561
Deutsche Telekom AG ADR		4,000		68,400
KDDI Corp. ADR		16,000		202,400
Nippon Telegraph and Telephone Corp.		1,200		50,484
Orange		12,000		181,680
PLDT Inc. ADR		1,800		49,590
SK Telecom Co. Ltd.		3,400		71,060
SoftBank Group Corp. ADR		1,800		59,454
Telefonica SA		5,190		47,754
Telenor ASA ADR		6,900		102,913
7.5% – Total For Telecommunication Services			$	1,062,810

Common Stocks	Shares		Fair Value
Centrica PLC ADR		7,000	$	80,710
Enel SpA ADR		21,100		92,207
Enel Chile SA ADR		7,400		33,670
Enel Americas SA ADR		7,400		60,754
Iberdrola SA ADR		3,578		93,851
Korea Electric Power Corp.		7,800		144,144
National Grid PLC ADR		2,800		163,324
SSE PLC ADR		4,000		76,080
5.2% – Total For Utilities			$	744,740
Total Common Stocks 93.7%			$	13,286,916
(Identified Cost $12,023,958)
Real Estate Investment Trusts (REITs)
Sun Hung Kai Properties Ltd. ADR		11,000		138,490
Total REITs 1.0%			$	138,490
(Identified Cost $143,141)
Cash Equivalents
First American Government Obligation Fund, Class Z**		718,228		718,228
Total Cash Equivalents 5.1%			$	718,228
(Identified Cost $718,228)
Total Portfolio Value 99.8%			$	14,143,634
(Identified Cost $12,885,327)
Other Assets in Excess of Liabilities 0.2%			$	32,040
Total Net Assets 100.0%			$	14,175,674

* Non-income producing security.

** Variable Rate Security; as of December 31, 2016, the 7 day annualized yield was 0.43%.

ADR – American Depositary Receipt

PLC – Public Liability Company

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

16

FIXED INCOME FUND Portfolio of Investments as of December 31, 2016

Fixed Income Securities – Bonds	Face Value		Fair Value
Corporate Bonds:
Ace INA Holdings Senior Unsecured Notes, 2.875% Due 11/03/2022		2,375,000	$	2,394,432
American Express Co. Subordinated Notes, 3.6250% Due 12/05/2024		3,000,000		3,012,435
AON PLC Senior Unsecured Notes, 3.500% Due 06/14/2024		580,000		581,771
AON PLC Senior Unsecured Notes, 4.000% Due 11/27/2023		3,285,000		3,408,342
BB&T Corp. Subordinated Notes, 3.950% Due 03/22/2022		2,294,000		2,403,188
BB&T Corp. Subordinated Notes, 5.250% Due 11/01/2019		2,117,000		2,287,234
Chubb INA Holdings Inc. Senior Unsecured Notes, 2.300% Due 11/03/2020		2,000,000		1,999,542
ERP Operating LP Senior Unsecured Notes, 5.750% Due 06/15/2017		1,270,000		1,294,883
ERP Operating LP Senior Unsecured Notes, 7.125% Due 10/15/2017		885,000		922,813
Fifth Third Bancorp Subordinated Notes, 4.300% Due 01/16/2024		4,490,000		4,611,948
Huntington Bancshares Senior Unsecured Notes, 3.150% Due 03/14/2021		4,280,000		4,340,344
JPMorgan Chase & Co. Subordinated Notes, 3.875% Due 09/10/2024		4,000,000		4,047,348
Key Bank NA Subordinated Notes, 4.625% Due 06/15/2018		746,000		766,589
Keycorp Senior Unsecured Notes, 5.100% Due 03/24/2021		3,800,000		4,155,429
Marsh & McLennan Companies Inc. Senior Unsecured Notes, 2.300% Due 04/01/2017		1,000,000		999,681
Marsh & McLennan Companies Inc. Senior Unsecured Notes, 4.800% Due 07/15/2021		3,155,000		3,429,441
Morgan Stanley Senior Unsecured Notes, 2.125% Due 04/25/2018		4,000,000		4,015,936
MUFG Americas Holdings Corp. Senior Unsecured Notes, 2.250% Due 02/10/2020		2,000,000		1,978,694
MUFG Americas Holdings Corp. Senior Unsecured Notes, 3.500% Due 06/18/2022		3,924,000		4,012,004
National City Corp. Subordinated Notes, 6.875% Due 05/15/2019		2,349,000		2,585,509

Fixed Income Securities – Bonds	Face Value		Fair Value
PNC Funding Corp. Bank Guarantee Notes, 5.625% Due 02/01/2017		870,000	$	872,632
Prudential Financial Inc. Senior Unsecured Notes, 4.500% Due 11/15/2020		3,135,000		3,359,234
Prudential Financial Inc. Senior Unsecured Notes, 5.375% Due 06/21/2020		105,000		115,012
Suntrust Banks Inc. Senior Unsecured Notes, 2.900% Due 03/03/2021		3,000,000		3,042,375
US Bancorp Subordinated Notes, 3.600% Due 09/11/2024		4,980,000		5,074,979
Wells Fargo & Company Subordinated Notes, 5.606% Due 01/15/2044		4,500,000		5,098,684
23.4% – Total For Corporate Bonds: Bank and Finance			$	70,810,479
AT&T Inc. Senior Unsecured Notes, 3.000% Due 02/15/2022		407,000		403,027
AT&T Inc. Senior Unsecured Notes, 5.000% Due 03/01/2021		2,828,000		3,041,548
Becton Dickinson Senior Unsecured Notes, 3.125% Due 11/08/2021		3,775,000		3,870,239
Burlington Northern Santa Fe Senior Unsecured Notes, 3.450% Due 09/15/2021		2,780,000		2,903,324
Burlington Northern Santa Fe Senior Unsecured Notes, 3.600% Due 09/01/2020		865,000		905,966
Chevron Corp. Senior Unsecured Notes, 2.355% Due 12/05/2022		5,000,000		4,906,795
CR Bard Inc. Senior Unsecured Notes, 4.400% Due 01/15/2021		2,110,000		2,258,664
CVS Health Corp. Senior Unsecured Notes, 3.500% Due 07/20/2022		2,505,000		2,573,872
Eaton Corp. Senior Unsecured Notes, 2.750% Due 11/02/2022		3,166,000		3,135,714
General Electric Capital Corp. Senior Unsecured Floating Rate Notes, 1.680% Due 04/15/2020**		3,898,000		3,958,345
General Electric Capital Corp. Senior Unsecured Floating Rate Notes, 1.963% Due 03/15/2023**		1,435,000		1,453,689
Goodrich Corp. Senior Unsecured Notes, 4.875% Due 03/01/2020		1,025,000		1,099,352
Johnson Controls International PLC, 5.000% Due 03/30/2020		3,495,000		3,760,365

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

17

FIXED INCOME FUND Portfolio of Investments as of December 31, 2016

Fixed Income Securities – Bonds	Face Value		Fair Value
Kroger Co. Senior Unsecured Notes, 3.400% Due 04/15/2022		1,600,000	$	1,630,978
Kroger Co. Senior Unsecured Notes, 7.000% Due 05/01/2018		1,500,000		1,601,070
McDonalds Corp. Senior Unsecured Notes, 6.300% Due 03/01/2038		3,500,000		4,361,669
Norfolk Southern Corp. Senior Unsecured Notes, 5.900% Due 06/15/2019		1,728,000		1,885,312
Union Pacific Corp. Senior Unsecured Notes, 7.875% Due 01/15/2019		500,000		557,849
United Technologies Junior Subordinated Notes, 1.778% Due 05/04/2018**		6,000,000		6,001,308
Verizon Communications Senior Unsecured Notes, 4.672% Due 03/15/2055		4,392,000		4,124,571
18.0% – Total For Corporate Bonds: Industrial			$	54,433,657
Berkshire Hathaway Energy Co. Senior Unsecured Notes, 3.500% Due 02/01/2025		1,500,000		1,529,720
Berkshire Hathaway Energy Co. Senior Unsecured Notes, 3.750% Due 11/15/2023		1,159,000		1,211,972
Berkshire Hathaway Energy Co. Senior Unsecured Notes, 5.750% Due 04/01/2018		3,000,000		3,153,411
Duke Energy Corp. Senior Unsecured Notes, 3.550% Due 09/15/2021		3,965,000		4,104,326
Enterprise Products Senior Unsecured Notes, 3.350% Due 03/15/2023		910,000		921,244
Enterprise Products Senior Unsecured Notes, 4.050% Due 02/15/2022		2,395,000		2,524,768
Eversource Energy Senior Unsecured Notes, 1.450% Due 05/01/2018		625,000		622,944
Eversource Energy Senior Unsecured Notes, 4.500% Due 11/15/2019		2,941,000		3,121,660
Interstate Power & Light Senior Unsecured Notes, 3.250% Due 12/01/2024		725,000		726,904
National Rural Utilities Collateral Trust, 10.375% Due 11/01/2018		1,005,000		1,158,993

Fixed Income Securities – Bonds	Face Value		Fair Value
Virginia Electric & Power Co. Senior Unsecured Notes, 5.000% Due 06/30/2019		498,000	$	534,365
Williams Partners Senior Unsecured Notes, 4.875% Due 05/15/2023		4,000,000		4,074,672
Xcel Energy Inc. Senior Unsecured Notes, 4.700% Due 05/15/2020		2,636,000		2,803,381
8.7% – Total For Corporate Bonds: Utilities			$	26,488,360
50.1% Total Corporate Bonds			$	151,732,496
United States Government Treasury Obligations
Treasury Inflation Protected Security, 1.000% Due 02/15/2046		4,080,600		4,097,845
United States Treasury Bond, 2.500% Due 02/15/2045		14,300,000		12,737,611
United States Treasury Floating Rate Notes, 0.746% Due 04/30/2018**		7,000,000		7,012,271
United States Treasury Floating Rate Notes, 0.730% Due 07/31/2018**		4,000,000		4,003,492
United States Treasury Floating Rate Notes, 0.828% Due 01/31/2018**		6,300,000		6,318,068
United States Treasury Notes, 2.500% Due 05/15/2046		5,200,000		4,621,094
United States Treasury Notes, 2.750% Due 08/15/2042		4,250,000		4,015,090
United States Treasury Notes, 2.750% Due 11/15/2042		10,000,000		9,444,920
United States Treasury Notes, 4.625% Due 02/15/2017		1,750,000		1,758,578
17.8% – Total For United States Government Treasury Obligations			$	54,008,969
United States Government Agency Obligations
FHLB Step-up Coupon Notes, 1.500% Due 12/28/2021**		4,000,000		3,995,676
FHLMC Step-up Coupon Notes, 1.400% Due 05/25/2021**		4,185,000		4,170,336
FHLMC Step-up Coupon Notes, 1.500% Due 06/07/2021**		7,950,000		7,944,165
FHLMC Step-up Coupon Notes, 1.500% Due 06/21/2021**		4,000,000		3,972,680
FHLMC Step-up Coupon Notes, 1.150% Due 07/12/2021**		5,000,000		4,959,400
8.3% – Total For United States Government Agency Obligations			$	25,042,257

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

18

FIXED INCOME FUND Portfolio of Investments as of December 31, 2016

Fixed Income Securities – Bonds	Face Value		Fair Value
United States Government Agency Obligations –  Mortgage Backed Securities
FHLMC 10/1 Hybrid ARM, 3.268% Due 04/01/2042**		2,777,119	$	2,859,090
FHLMC CMO Series 2877 Class AL, 5.000% Due 10/15/2024		441,506		472,462
FHLMC CMO Series 2985 Class GE, 5.500% Due 06/15/2025		233,256		253,545
FHLMC CMO Series 3109 Class ZN, 5.500% Due 02/15/2036		2,336,699		2,631,250
FHLMC CMO Series 3499 Class PA, 4.500% Due 08/15/2036		17,403		17,418
FHLMC CMO Series 3946 Class LN, 3.500% Due 04/15/2041		577,171		600,776
FHLMC CMO Series 3969 Class MP, 4.500% Due 04/15/2039		256,497		258,856
FHLMC CMO Series 4017 Class MA, 3.000% Due 03/15/2041		1,132,242		1,148,924
FHLMC CMO Series 4287 Class AB, 2.000% Due 12/15/2026		2,106,912		2,091,116
FHLMC CMO Series 4517 Class PC, 2.500% Due 05/15/2044		3,948,090		3,955,581
FHLMC Gold Partner Certificate Pool C01005, 8.000% Due 06/01/2030		1,575		1,771
FHLMC Gold Partner Certificate Pool G06616, 4.500% Due 12/01/2035		774,055		834,055
FHLMC Gold Partner Certificate Pool G08068, 5.500% Due 07/01/2035		1,626,147		1,823,252
FHLMC Gold Partner Certificate Pool G13596, 4.000% Due 07/01/2024		1,674,669		1,765,856
FHLMC Partner Certificate Pool 780439, 2.723% Due 04/01/2033**		109,372		115,596
FNMA CMO Series 2003-79 Class NJ, 5.000% Due 08/25/2023		955,117		1,018,276
FNMA CMO Series 2013-21 Class VA, 3.000% Due 07/25/2028		4,012,205		4,114,016

Fixed Income Securities – Bonds	Face Value		Fair Value
FNMA CMO Series 2014-04 Class PC, 3.000% Due 02/25/2044		4,346,546	$	4,452,157
FNMA CMO Series 2014-28 Class PA, 3.500% Due 02/25/2043		590,357		616,746
FNMA CMO Series 2015-72 Class GB, 2.500% Due 12/25/2042		4,845,546		4,884,033
FNMA CMO Series 2016-39 Class LA, 2.500% Due 03/25/2045		1,425,152		1,430,095
FNMA CMO Series 2016-40 Class PA, 3.000% Due 07/25/2045		409,102		416,985
FNMA Partner Certificate Pool 253300, 7.500% Due 05/01/2020		553		560
FNMA Partner Certificate Pool 725027, 5.000% Due 11/01/2033		549,770		603,898
FNMA Partner Certificate Pool 725704, 6.000% Due 08/01/2034		210,768		242,129
FNMA Partner Certificate Pool 888223, 5.500% Due 01/01/2036		795,487		892,190
FNMA Partner Certificate Pool 889185, 5.000% Due 12/01/2019		68,313		70,258
FNMA Partner Certificate Pool 9309, 3.500% Due 10/01/2031		2,391,207		2,507,011
FNMA Partner Certificate Pool 995112, 5.500% Due 07/01/2036		537,713		602,405
FNMA Partner Certificate Pool AA4392, 4.000% Due 04/01/2039		1,617,596		1,707,420
FNMA Partner Certificate Pool MA0384, 5.000% Due 04/01/2030		1,560,696		1,702,918
GNMA CMO Series 2009-124 Class L, 4.000% Due 11/20/2038		245,577		252,939
GNMA II Pool 2658, 6.500% Due 10/20/2028		24,924		28,807
GNMA II Pool 2945, 7.500% Due 07/20/2030		4,438		5,020
GNMA II Pool 4187, 5.500% Due 07/20/2038		16,279		17,164
GNMA II Pool 4847, 4.000% Due 11/20/2025		442,819		460,531
GNMA Pool 780400, 7.000% Due 12/15/2025		3,052		3,517
GNMA Pool 780420, 7.500% Due 08/15/2026		1,776		2,041

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

19

FIXED INCOME FUND Portfolio of Investments as of December 31, 2016

Fixed Income Securities – Bonds	Face Value		Fair Value
GNMA Pool 781397, 5.500% Due 02/15/2017		28	$	28
14.8% – Total For Government Agency Obligations – Mortgage Backed  Securities			$	44,860,692
Taxable Municipal Bonds
Cincinnati Children’s Hospital Medical Center, 2.853% Due 11/15/2026		1,085,000		1,029,048
Florida Atlantic University Capital Improvement Revenue – Build America Bonds, 6.249% Due 07/01/2020		1,000,000		1,120,420
Florida Atlantic University Capital Improvement Revenue – Build America Bonds, 7.439% Due 07/01/2030		2,125,000		2,439,521
Florida Atlantic University Capital Improvement Revenue – Build America Bonds, 7.589% Due 07/01/2037		2,500,000		2,832,075
Miami University Ohio General Receipts Revenue – Build America Bonds, 4.807% Due 09/01/2017		1,250,000		1,278,887
State of Kentucky Propery and Buildings Commission Revenue, 6.164% Due 08/01/2023		1,000,000		1,133,600
State of Ohio Major New Infrastructure Revenue – Build America Bonds, 4.844% Due 12/15/2019		2,450,000		2,641,002
University of Cincinnati Ohio General Receipts Revenue –  Build America Bonds, 4.325% Due 06/01/2017		1,375,000		1,393,233
University of Cincinnati Ohio General Receipts Revenue –  Build America Bonds, 5.616% Due 06/01/2025		930,000		1,024,758
University of Washington Revenue – Build America Bonds, 5.400% Due 06/01/2036		3,000,000		3,455,160
6.1% – Total For Taxable Municipal Bonds			$	18,347,704
Total Fixed Income Securities – Bonds 97.1%			$	293,992,118
(Identified Cost $290,911,166)

Preferred Stocks	Shares		Fair Value
Allstate Corp. Subordinated Debentures, 5.100% Due 01/15/2053		140,077	$	3,525,738
Total Preferred Stocks 1.1%			$	3,525,738
(Identified Cost $3,489,282)
Cash Equivalents
First American Government Obligation Fund, Class Z, 0.43%**		1,820,707		1,820,707
Total Cash Equivalents 0.6%			$	1,820,707
(Identified Cost $1,820,707)
Total Portfolio Value 98.8%			$	299,338,563
(Identified Cost $296,221,155)
Other Assets in Excess of Liabilities 1.2%			$	3,772,138
Total Net Assets 100%			$	303,110,701

** Variable Rate Security; the rate shown is as of December 31, 2016.

ARM – Adjustable Rate Mortgage

CMO – Collateralized Mortgage Obligation

FDIC – Federal Deposit Insurance Corp.

FFCB – Federal Farm Credit Bank

FHLB – Federal Home Loan Bank

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.

20

MUNICIPAL INCOME FUND Portfolio of Investments as of December 31, 2016

Municipal Income Securities – Bonds	Face Value		Fair Value
Akron Ohio GO Limited, 5.000% Due 12/01/2024		400,000	$	469,128
Cedar Park Texas GO Unlimited, 3.000% Due 02/15/2018		400,000		408,456
Chillicothe Ohio GO Limited Bond Anticipation Note, 2.000% Due 09/08/2017		600,000		602,838
Cincinnati Ohio GO Unlimited, 5.250% Due 12/01/2029		200,000		241,290
Fairborn Ohio GO Limited Bond Anticipation Note, 1.250% Due 03/23/2017		664,450		664,669
Gahanna Ohio GO Limited, 4.000% Due 12/01/2021		420,000		458,443
Green Ohio GO Unlimited Bond Anticipation Notes, 2.000% Due 06/09/2017		725,000		727,588
Groveport Ohio GO Limited (AMBAC Insured), 3.500% Due 12/01/2023		185,000		193,954
Hurst Texas GO Limited, 4.000% Due 08/15/2031		335,000		352,236
Lakewood Ohio GO Limited, 4.000% Due 12/01/2028		840,000		909,258
Lakewood Ohio GO Limited, 4.000% Due 12/01/2029		300,000		323,136
Licking County Ohio GO Limited Bond Anticipation Notes, 2.000% Due 05/24/2017		700,000		702,779
Mason Ohio GO Limited, 4.000% Due 12/01/2020*		375,000		389,962
Medina Ohio GO Limited, 2.000% Due 12/01/2020		220,000		220,565
Newport Kentucky GO Unlimited, 3.000% Due 05/01/2023		205,000		212,905
Pembroke Pines Florida GO Unlimited, 5.000% Due 09/01/2024		200,000		238,010
Sandusky Ohio GO Limited, 3.000% Due 12/01/2017		300,000		305,202
Springboro Ohio GO Limited, 3.000% Due 12/01/2017		150,000		152,684
Strongsville Ohio GO Limited, 4.000% Due 12/01/2030		350,000		378,305
Tiffin Ohio GO Unlimited, 3.000% Due 12/01/2018		420,000		432,508
Tiffin Ohio GO Unlimited, 3.000% Due 12/01/2020		225,000		233,496
Westerville Ohio GO Limited (AMBAC Insured), 5.000% Due 12/01/2024*		40,000		41,442

Municipal Income Securities – Bonds	Face Value		Fair Value
Xenia Ohio GO Limited, 2.000% Due 12/01/2017		200,000	$	201,670
10.1% – Total For General Obligation –  City			$	8,860,524
Butler County Ohio General Obligation Limited, 5.000% Due 12/01/2024		160,000		190,298
Franklin County Ohio GO Limited, 4.000% Due 12/01/2018		220,000		230,674
Greene County Ohio GO Limited (AMBAC Insured), 4.000% Due 12/01/2017		450,000		462,136
Hamilton County Ohio Various Purpose GO Limited, 4.000% Due 12/01/2018		160,000		168,197
Portage County Ohio GO Limited, 3.000% Due 12/01/2021		270,000		274,614
Riversouth Ohio Authority Revenue, 4.000% Due 12/01/2031		700,000		720,615
Rowan County Kentucky GO Unlimited (AGM Insured), 4.000% Due 06/01/2024		390,000		421,641
Summit County Ohio GO Limited, 4.000% Due 12/01/2023		300,000		333,198
3.2% – Total For General Obligation –  County			$	2,801,373
Ohio GO Unlimited, 4.000% Due 05/01/2017		100,000		101,017
Ohio GO Unlimited, 5.000% Due 09/01/2022		400,000		463,392
Ohio GO Unlimited Common Schools – Series C, 4.250% Due 09/15/2022		845,000		945,859
Ohio Infrastructure Improvement GO Unlimited, 5.000% Due 08/01/2022		500,000		578,430
2.4% – Total For General Obligation –  State			$	2,088,698
Arizona Board of Regents Revenue Arizona State University, 5.000% Due 08/01/2028		815,000		934,764
Arizona Board of Regents Revenue Arizona State University, 5.750% Due 07/01/2023*		300,000		320,082
Arizona Board of Regents Revenue University of Arizona, 5.000% Due 06/01/2029		125,000		144,178
Cleveland State Ohio General Receipts Revenue, 4.000% Due 06/01/2017		150,000		151,791

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

21

MUNICIPAL INCOME FUND Portfolio of Investments as of December 31, 2016

Municipal Income Securities – Bonds	Face Value		Fair Value
Colorado Board of Governors University Enterprise System Revenue, 5.000% Due 03/01/2027		225,000	$	268,704
Colorado Higher Education Lease Financing Program Certificate of Participation, 5.000% Due 11/01/2025		290,000		344,041
Florida State Board of Governors Florida State University Mandatory Student Fee Revenue Series A, 4.000% Due 07/01/2018		600,000		624,354
Kent State University Ohio General Receipt Revenue Series B (Assured Guaranty Insured), 5.000% Due 05/01/2017		935,000		947,230
Kent State University Ohio General Receipt Revenue, 4.000% Due 05/01/2022		255,000		276,458
Lake County Ohio Community College District GO Unlimited, 2.000% Due 12/01/2018		155,000		157,123
Lorain County Ohio Community College District General Receipts Revenue Bond, 3.000% Due 06/01/2020		190,000		196,287
Miami University Ohio General Receipts Revenue, 4.000% Due 09/01/2023		1,040,000		1,115,702
Miami University Ohio General Receipts Revenue, 5.000% Due 09/01/2020		100,000		111,195
Miami University Ohio Revenue (AMBAC Insured), 5.250% Due 09/01/2017		150,000		154,143
Miami University Ohio Revenue, 4.000% Due 09/01/2027		300,000		322,440
Northern Kentucky University General Receipts Revenue, 3.000% Due 09/01/2021		210,000		218,528
Ohio Higher Education Facilities Revenue – University of Dayton, 5.500% Due 12/01/2024		250,000		268,370
Ohio Higher Education Facilities Revenue – Xavier University, 4.500% Due 05/01/2036		1,000,000		1,030,680
Ohio Higher Education Facilities Revenue Case Western Reserve – Series C, 5.000% Due 12/01/2020*		155,000		160,516
Ohio Higher Educational Facilities Revenue – University of Dayton, 3.000% Due 12/01/2018		125,000		128,723

Municipal Income Securities – Bonds	Face Value		Fair Value
Ohio Higher Educational Facilities Revenue – University of Dayton, 4.000% Due 12/01/2017		165,000	$	169,193
Ohio Higher Educational Facilities Revenue – University of Dayton, 5.000% Due 12/01/2018		155,000		165,424
Ohio State University General Receipts Revenue, 4.000% Due 06/01/2030		200,000		214,584
Ohio University General Receipts Revenue Bond, 5.000% Due 12/01/2019		135,000		146,773
Ohio University General Receipts Revenue Bond, 5.000% Due 12/01/2022		110,000		125,984
Purdue Indiana University Certificates of Participation, 5.250% Due 07/01/2017		300,000		306,261
South Dakota Board of Regents Housing and Auxiliary Facilities System Revenue, 5.000% Due 04/01/2026		315,000		369,378
University of Akron Ohio General Receipts Revenue (AGM Insured), 5.000% Due 01/01/2022		350,000		380,317
University of Akron Ohio General Receipts Revenue, 5.000% Due 01/01/2028		410,000		467,863
University of Akron Ohio General Receipts Revenue, 5.000% Due 01/01/2029		650,000		737,106
University of Akron Ohio General Receipts Revenue, 5.000% Due 01/01/2029		335,000		383,716
University of Akron Ohio Revenue, 5.000% Due 01/01/2027		350,000		404,929
University of Cincinnati General Receipts Revenue Series G, 5.000% Due 06/01/2017		280,000		284,589
University of Cincinnati General Receipts Revenue, 4.000% Due 06/01/2036		250,000		259,077
University of Cincinnati General Receipts Revenue, 5.000% Due 06/01/2020		300,000		332,199
University of Cincinnati General Receipts Revenue, 5.000% Due 06/01/2020*		250,000		258,897
University of Cincinnati General Receipts Revenue, 5.000% Due 06/01/2026		470,000		532,270

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

22

MUNICIPAL INCOME FUND Portfolio of Investments as of December 31, 2016

Municipal Income Securities – Bonds	Face Value		Fair Value
University of Cincinnati Ohio Receipts Revenue (Assured Guaranty Insured), 5.000% Due 06/01/2019		300,000	$	324,417
University of Toledo General Receipts Revenue, 5.000% Due 06/01/2017		205,000		208,081
University of Toledo Revenue, 5.000% Due 06/01/2021		300,000		336,960
University of Toledo Revenue, 5.000% Due 06/01/2026		885,000		1,005,652
17.4% – Total For Higher Education			$	15,288,979
Allegheny County Pennsylvania Hospital Development Authority Revenue – University of Pittsburgh Medical Center, 5.000% Due 09/01/2017		125,000		128,199
Allegheny County Pennsylvania Hospital Development Authority Revenue – University of Pittsburgh Medical Center, 5.000% Due 10/15/2024		100,000		111,859
Allegheny County Pennsylvania Hospital Development Authority Revenue – University of Pittsburgh Medical Center, 6.000% Due 07/01/2027		250,000		316,548
Franklin County Ohio Hospital Revenue Nationwide Childrens – Series A, 4.500% Due 11/01/2021*		335,000		354,423
Franklin County Ohio Hospital Revenue Nationwide Childrens, 4.000% Due 11/01/2036		800,000		808,744
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital Obligated Group, 5.250% Due 06/01/2027		420,000		475,327
Hamilton County Ohio Health Care Facilities Revenue – The Christ Hospital, 5.250% Due 06/01/2025		950,000		1,078,221
Hamilton County Ohio Hospital Facilities Revenue Cincinnati Children’s Hospital, 5.000% Due 05/15/2027		100,000		115,619
Kentucky Economic Development Finance Authority Hospital Facilities Revenue – St. Elizabeth Medical Center, 5.000% Due 05/01/2024		500,000		540,740

Municipal Income Securities – Bonds	Face Value		Fair Value
Monroeville Pennsylvania Finance Authority Revenue – University of Pittsburgh Medical Center, 5.000% Due 02/15/2027		300,000	$	358,344
Nashville and Davidson County Tennessee Vanderbilt University Medical Center, 5.000% Due 07/01/2031		430,000		480,224
Ohio Hospital Facilities Revenue – Cleveland Clinic, 5.000% Due 01/01/2018		100,000		103,815
Ohio Hospital Facilities Revenue – Cleveland Clinic, 5.000% Due 01/01/2020		170,000		186,125
Ohio Hospital Facilities Revenue – Cleveland Clinic, 5.000% Due 01/01/2025		430,000		457,894
Pennsylvania Economic Development Financeing Authority – University of Pittsburgh Medical Center Revenue, 5.000% Due 02/01/2029		250,000		284,545
Pennsylvania Economic Development Financing Authority – University of Pittsburgh Medical Center Revenue, 5.000% Due 02/01/2025		450,000		524,129
Pennsylvania State Higher Education Facility Bond – University of Pennsylvania Health System, 5.250% Due 08/15/2026*		500,000		575,990
7.8% – Total For Hospital/Health Bonds			$	6,900,746
Franklin County Ohio Convention Facilities Authority Revenue, 5.000% Due 12/01/2022		500,000		575,930
Hopkins County Kentucky Public Properties Corp. Judicial Center Project First Mortgage Revenue, 3.000% Due 06/01/2019		300,000		308,793
Kentucky Association of Counties Financing Corp. Revenue, 4.250% Due 02/01/2023		200,000		215,366
Mason Ohio Certificate of Participation – Community Center Project, 3.625% Due 12/01/2018		150,000		156,051
Mason Ohio Certificate of Participation, 5.000% Due 12/01/2023		750,000		835,905
Newport Kentucky First Mortgage Court Facilities Project Revenue, 4.000% Due 10/01/2025		500,000		520,395

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

23

MUNICIPAL INCOME FUND Portfolio of Investments as of December 31, 2016

Municipal Income Securities – Bonds	Face Value		Fair Value
Newport Kentucky First Mortgage Court Facilities Project Revenue, 4.000% Due 10/01/2026		100,000	$	103,675
Ohio Capital Facilities Lease Appropriation – Parks & Recreational Improvement Revenue, 1.500% Due 08/01/2018		100,000		100,372
Ohio Capital Facilities Lease Appropriation Revenue, 4.000% Due 04/01/2026		150,000		159,240
Ohio Capital Facilities Lease Appropriation Revenue, 5.000% Due 04/01/2024		275,000		306,699
3.7% – Total For Revenue Bonds –  Facility			$	3,282,426
Akron Ohio Sewer System Revenue (AMBAC Insured), 5.000% Due 12/01/2017		400,000		411,844
Anderson Indiana Sewage Works Revenue (AGM Insured), 4.000% Due 11/01/2026		300,000		328,290
Butler County Ohio Water and Sewer GO Limited, 3.500% Due 12/01/2017		400,000		408,988
Central Ohio Solid Waste Authority GO Limited, 5.000% Due 12/01/2023		120,000		138,616
Central Ohio Solid Waste Authority GO Limited, 5.000% Due 12/01/2023*		10,000		11,574
Clermont County Ohio Sewer System Revenue, 2.000% Due 08/01/2018		300,000		303,537
Evansville Indiana Waterworks District Revenue (BAM Insured), 4.000% Due 01/01/2029		400,000		421,916
Evansville Indiana Waterworks District Revenue (BAM Insured), 5.000% Due 01/01/2022		300,000		336,468
Lafayette Indiana Sewage Works Revenue, 5.000% Due 07/01/2022		150,000		170,937
Lima Ohio Sanitary Sewer Revenue, 5.000% Due 12/01/2024		200,000		227,996
Mt. Vernon Ohio Waterworks Revenue, 3.750% Due 12/01/2018		225,000		234,862
Ohio Water Development Authority Revenue, 5.000% Due 12/01/2022		275,000		321,233
Springboro Ohio Sewer System Revenue, 4.000% Due 06/01/2022		245,000		266,183

Municipal Income Securities – Bonds	Face Value		Fair Value
St. Charles County Missouri Public Water Supply Dist. 2 Certificates of Participation, 4.000% Due 12/01/2031		400,000	$	413,628
Toledo Ohio Water System Revenue, 5.000% Due 11/15/2025		255,000		301,558
Toledo Ohio Waterworks Revenue, 4.000% Due 11/15/2022		365,000		399,252
Toledo Ohio Waterworks Revenue, 5.000% Due 11/15/2026		500,000		601,845
Washington County Oregon Clean Water Services Sewer Revenue Senior Lien Series A, 5.250% Due 10/01/2025*		290,000		319,397
6.4% – Total For Revenue Bonds –  Water & Sewer			$	5,618,124
Akron Ohio Income Tax Revenue Bond Anticipation Notes, 2.500% Due 12/13/2017		500,000		505,120
Akron Ohio Income Tax Revenue Commnuity Learning Centers, 5.000% Due 12/01/2028		380,000		433,109
Aurora Colorado Certificates of Participation, 3.500% Due 12/01/2018		280,000		290,909
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project), 4.750% Due 11/01/2030		500,000		561,590
Cincinnati Ohio Economic Development Revenue (Baldwin 300 Project), 5.000% Due 11/01/2032		390,000		443,485
Cincinnati Ohio Economic Development Revenue U-Square-the-Loop Project, 3.500% Due 11/01/2024		110,000		114,002
Cincinnati Ohio Economic Development Revenue, 4.200% Due 11/01/2019		150,000		157,890
Clermont County Ohio Transportation District Roadway Improvement Revenue Bond, 2.000% Due 12/01/2017		240,000		242,093
Escambia County Florida Pollution Control Revenue (Gulf Power Company), 2.100% Due 07/01/2022		170,000		169,028
Escambia County Florida Solid Waste Disposal Revenue (Gulf Power Company), 1.400% Due 04/01/2039		555,000		555,000

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

24

MUNICIPAL INCOME FUND Portfolio of Investments as of December 31, 2016

Municipal Income Securities – Bonds	Face Value		Fair Value
Florida Board of Education Lottery Revenue, 4.000% Due 07/01/2022		105,000	$	111,787
Hamilton County Ohio Economic Development King Highland Community Urban Redevelopment Corp. Revenue, 5.000% Due 06/01/2030		655,000		747,493
Humboldt County Nevada Polution Control Revenue (Sierra Pacific Power Co.), 1.250% Due 10/01/2029		300,000		294,312
Louisa Virginia Industrial Development Authority (Virginia Electric & Power Co.), 1.850% Due 11/01/2035		550,000		548,350
Louisa Virginia Industrial Development Authority (Virginia Electric & Power Co.), 2.150% Due 11/01/2035		650,000		649,766
Mobile Alabama Industrial Development Board Pollution Control Revenue, 1.625% Due 07/15/2034		400,000		399,896
Montgomery County Ohio Transportation Improvement Special Obligation Revenue, 3.000% Due 12/01/2017		200,000		201,694
Montgomery County Ohio Transportation Improvement Special Obligation Revenue, 3.500% Due 12/01/2019		400,000		403,628
Ohio Cultural and Sports Facilities Project Revenue, 4.000% Due 10/01/2019		225,000		239,535
Ohio Major New Infrastructure Revenue, 5.500% Due 06/15/2020*		600,000		637,008
Ohio Major New State Infrastructure Project Revenue, 5.000% Due 12/15/2022		250,000		287,530
Ohio Major New State Infrastructure Project Revenue, 5.000% Due 12/15/2023		500,000		587,935
Ohio Major New State Infrastructure Project Revenue, 5.000% Due 12/15/2026		500,000		601,770
Ohio Major New State Infrastructure Project Revenue, 6.000% Due 06/15/2017		300,000		306,795
Ohio Transportation Project Revenue, 2.000% Due 05/15/2018		155,000		156,837

Municipal Income Securities – Bonds	Face Value		Fair Value
Ohio Turnpike and Infrastructure Commission (National Re Insured), 5.500% Due 02/15/2019		390,000	$	423,739
11.5% – Total For Other Revenue Bonds			$	10,070,301
Bellbrook-Sugarcreek LSD GO Unlimited, 4.000% Due 12/01/2031		325,000		344,744
Boone County Kentucky SD Finance Corporation Revenue, 2.500% Due 05/01/2019		500,000		508,490
Breckinridge County Kentucky SD Finance Corp., 5.000% Due 04/01/2025		265,000		308,677
Brookville Ohio LSD GO Limited (FSA Insured), 4.000% Due 12/01/2019		120,000		122,588
Bullitt County Kentucky SD Finance Corp. School Building Revenue Bond, 2.500% Due 07/01/2018		315,000		319,479
Chillicothe Ohio CSD Special Obligation Revenue, 4.000% Due 12/01/2023		130,000		140,568
Chillicothe Ohio SD GO Unlimited (AGM Insured), 4.000% Due 12/01/2029		400,000		426,508
Clark County Kentucky SD Finance Corp. Revenue Bond, 3.000% Due 08/01/2022		115,000		119,125
Columbus Ohio CSD GO Unlimited, 4.000% Due 12/01/2029		400,000		428,492
Columbus Ohio CSD School Facilities Construction and Improvement GO, 4.000% Due 12/01/2023		175,000		185,552
Danville Indiana School Building Corp. First Mortgage Revenue, 4.000% Due 07/15/2017		225,000		228,568
Dublin Ohio CSD GO Unlimited, 5.000% Due 12/01/2026		500,000		578,355
Fairfield Ohio CSD GO Unlimited, 5.000% Due 12/01/2020		420,000		465,599
Fairlawn Ohio LSD GO Unlimited (School District Credit Program), 3.000% Due 12/01/2018		170,000		175,681
Fort Mill South Carolina School Facilities Corp. Installment Purchase Revenue, 5.000% Due 12/01/2024		300,000		349,281

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

25

MUNICIPAL INCOME FUND Portfolio of Investments as of December 31, 2016

Municipal Income Securities – Bonds	Face Value		Fair Value
Franklin Indiana Community Multi-School Building Corp., 5.000% Due 01/15/2023		200,000	$	229,746
Green County Kentucky SD Finance Corp. School Building Revenue (State Seek Insured), 2.750% Due 04/01/2017		370,000		371,402
Greenville Ohio CSD GO Unlimited (SD Credit Program Insured), 4.000% Due 01/01/2021		110,000		117,609
Hamilton Ohio CSD GO Unlimited (School District Credit Program), 5.000% Due 12/01/2019		300,000		327,054
Hardin County Kentucky SD Finance Corp. Revenue, 2.500% Due 06/01/2021		100,000		101,547
Hardin County Kentucky SD Finance Corp. Revenue, 5.000% Due 05/01/2024		500,000		579,520
Harper Creek Michigan CSD GO Unlimited, 4.000% Due 05/01/2017		220,000		221,956
Harrison Hills Ohio CSD GO Unlimited (School District Credit Program), 4.000% Due 11/01/2017		215,000		220,070
Hillsborough County Florida School Board Certificates of Participation, 5.000% Due 07/01/2025		200,000		234,192
Jackson Milton Ohio LSD Cercificates of Participation (BAM Insured), 2.000% Due 06/01/2019		200,000		201,030
Jackson Milton Ohio LSD Cercificates of Participation (BAM Insured), 4.000% Due 06/01/2031		270,000		278,956
Johnstown-Monroe Ohio LSD GO Unlimited, 4.000% Due 12/01/2029		800,000		860,984
Keller Texas ISD GO Unlimited, 4.500% Due 02/15/2020		5,000		5,316
Kenston Ohio LSD Improvement GO Unlimited, 5.000% Due 12/01/2019		150,000		164,421
Kenton County Kentucky SD Finance Corp. Revenue, 4.000% Due 02/01/2028		400,000		427,292
Kenton County Kentucky SD Finance Corp. School Building Revenue, 4.500% Due 02/01/2025		300,000		319,245

Municipal Income Securities – Bonds	Face Value		Fair Value
Kettering Ohio CSD GO Unlimited, 4.000% Due 12/01/2020		240,000	$	258,977
Kettering Ohio CSD GO Unlimited, 4.000% Due 12/01/2030		400,000		426,216
Kettering Ohio CSD GO Unlimited, 4.750% Due 12/01/2018		250,000		253,845
Lake County Ohio GO Limited Bond Anticipation Notes, 1.000% Due 3/22/2017		1,000,000		1,000,310
Lake Ohio LSD of Stark County GO Unlimited, 4.000% Due 12/01/2023		400,000		436,648
Lakota Ohio LSD GO Unlimited, 4.000% Due 12/01/2027		125,000		136,962
Lakota Ohio LSD GO Unlimited, 5.000% Due 12/01/2021		350,000		397,946
Lakota Ohio LSD GO, 5.250% Due 12/01/2025		205,000		247,209
Licking Valley Ohio LSD GO Unlimited, 2.000% Due 12/01/2017		200,000		201,798
Louisville Ohio CSD GO Unlimited (SDCP), 3.000% Due 12/01/2020		370,000		384,963
Mahoning County Ohio Career and Technical Center Board of Education Certificates of Participation, 3.500% Due 12/01/2018		100,000		101,709
Mansfield Texas ISD GO Unlimited, 1.750% Due 08/1/2042		400,000		401,020
Mariemont Ohio CSD School Facilities Project Certificate of Participation, 1.500% Due 12/01/2017		60,000		60,253
Marysville Michigan PSD GO Unlimited, 5.000% Due 05/01/2021		250,000		279,250
Marysville Ohio Exempted Village SD GO Unlimited, 4.000% Due 12/01/2023		165,000		182,711
Miamisburg Ohio CSD Certificates of Participation, 2.000% Due 12/01/2018		160,000		162,192
Milford Ohio Exempt Village SD GO Unlimited (AGM Insured), 5.500% Due 12/01/2030		950,000		1,173,240

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

26

MUNICIPAL INCOME FUND Portfolio of Investments as of December 31, 2016

Municipal Income Securities – Bonds	Face Value		Fair Value
Mt. Healthy Ohio CSD GO Unlimited (School District Credit Program), 5.000% Due 12/01/2018		250,000	$	267,007
Newark Ohio CSD GO Unlimited, (School District Credit Program), 4.000% Due 12/01/2026		235,000		257,489
Northwest Ohio LSD Hamilton & Butler Counties Certificates of Participation, 2.500% Due 12/01/2019		150,000		152,020
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited, 5.000% Due 12/01/2028		100,000		116,314
Northwest Ohio LSD Hamilton & Butler Counties GO Unlimited, 5.000% Due 12/01/2029		150,000		173,748
Parchment Michigan SD GO Unlimited, 4.000% Due 05/01/2018		275,000		284,001
Princeton Ohio CSD Certificates of Participation, 3.500% Due 12/01/2026		275,000		280,594
Reynoldsburg Ohio CSD GO, 4.375% Due 12/01/2018		200,000		209,022
Reynoldsburg Ohio CSD GO, 5.000% Due 12/01/2020*		200,000		210,760
Scott County Kentucky SD Finance Corp. Revenue Bond, 2.500% Due 02/01/2018		100,000		101,155
South Range Ohio LSD GO Unlimited, 2.000% Due 12/01/2018		125,000		126,358
Springboro Ohio CSD GO (AGM Insured), 5.250% Due 12/01/2018		310,000		333,151
Switzerland Ohio LSD GO Unlimited (SDCEP Insured), 4.000% Due 12/01/2026		415,000		444,009
Toledo Ohio CSD GO Unlimited, 5.000% Due 12/01/2029		660,000		765,831
Trotwood-Madison Ohio CSD GO Unlimited, 4.000% Due 12/01/2028		210,000		227,315
Vermillion Ohio LSD Certificates of Participation, 5.000% Due 12/01/2023		230,000		255,429
Wadsworth Ohio CSD GO Unlimited, 3.000% Due 12/01/2017		210,000		212,858
Wadsworth Ohio CSD GO Unlimited, 3.500% Due 12/01/2022		215,000		225,563

Municipal Income Securities – Bonds	Face Value		Fair Value
Washington County Kentucky SD Finance Corp. Revenue Bond, 3.000% Due 08/01/2019		185,000	$	191,027
Wayne Trace Ohio LSD GO (SDCEP Insured), 3.000% Due 12/01/2020		320,000		322,739
Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation, 2.000% Due 04/01/2017		175,000		175,478
Wentzville R-IV SD of Saint Charles County Missouri Certificates of Participation, 4.000% Due 04/01/2030		395,000		417,124
West Clermont Ohio LSD GO Unlimited (School District Credit Program), 4.000% Due 12/01/2017		300,000		307,734
Western Reserve Ohio LSD GO (SDCEP Insured), 4.000% Due 12/01/2022		240,000		256,870
Wyoming Ohio CSD GO Unlimited, 5.000% Due 12/01/2023		200,000		233,598
Wyoming Ohio CSD GO Unlimited, 5.750% Due 12/01/2017		460,000		479,642
Wyoming Ohio CSD School Improvement GO Unlimited, 3.000% Due 12/01/2018		160,000		165,286
Zanesville Ohio CSD GO Unlimited (SDCEP Insured), 4.500% Due 12/01/2019		200,000		214,804
26.1% – Total For School District			$	22,874,222
Kentucky Asset and Liability Commission Revenue, 5.250% Due 09/1/2023		965,000		1,126,753
Kentucky Property and Buildings Commission Revenue, 5.000% Due 08/01/2030		600,000		676,560
Kentucky Property and Buildings Commission Revenue, 5.000% Due 08/01/2029		600,000		679,914
Kentucky Property and Buildings Commission Revenue, 5.000% Due 10/01/2023		350,000		399,280
Ohio Building Authority (FGIC Insured), 5.000% Due 10/01/2017		420,000		432,424
Ohio Building Authority Revenue, 5.000% Due 10/01/2020		215,000		234,993

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

27

MUNICIPAL INCOME FUND Portfolio of Investments as of December 31, 2016

Municipal Income Securities – Bonds	Face Value		Fair Value
Ohio Building Authority State Facilities Administrative Building Fund Project B, 5.250% Due 10/01/2017		180,000	$	185,656
Ohio Department of Administration Certificate of Participation –  Multi-Agency Radio Communication Project, 4.000% Due 09/01/2027		145,000		154,876
Ohio Department of Administration Certificate of Participation –  Multi-Agency Radio Communication Project, 5.000% Due 09/01/2020		350,000		389,970
Ohio Department of Administration Certificate of Participation, 5.000% Due 03/01/2024		300,000		341,034
Ohio Department of Administration Certificate of Participation, 5.000% Due 09/01/2018		435,000		460,530
Ohio Department of Administration Certificates of Participation, 5.000% Due 03/01/2017		200,000		201,266
Ohio Department of Administration Certificates of Participation, 5.000% Due 09/01/2018		250,000		264,673
6.3% – Total For State Agency			$	5,547,929
Missouri State Housing Development Commission Single Family Mortgage Revenue (GNMA/FNMA/FHLMC Insured), 3.550% Due 05/01/2023		255,000		262,466
Missouri State Housing Development Commission Single Family Mortgage Revenue Series C (GNMA/FNMA/FHLMC Insured), 4.650% Due 09/01/2024		45,000		46,042
Ohio Housing Finance Agency Residential Mortgage Revenue 2009 Series A, 5.550% Due 09/01/2028		140,000		143,503
Ohio Housing Finance Agency Residential Mortgage Revenue Series F (FNMA/GNMA/FHLMC Insured), 4.500% Due 09/01/2024		205,000		210,861

Municipal Income Securities – Bonds	Face Value		Fair Value
Ohio Housing Finance Agency Revenue, 5.900% Due 09/01/2023		105,000	$	107,560
0.9% – Total For Housing			$	770,432
Total Municipal Income Securities –  Bonds 95.8%			$	84,103,754
(Identified Cost $83,245,132)
Cash Equivalents		Shares
Dreyfus AMT-Free Tax Cash Management Fund**		2,604,639		2,604,639
Total Cash Equivalents 3.0%			$	2,604,639
(Identified Cost $2,604,639)
Total Portfolio Value 98.8%			$	86,708,393
(Identified Cost $85,849,771)
Other Assets in Excess of Liabilities 1.2%			$	1,043,871
Total Net Assets 100.0%			$	87,752,264

* Pre-refunded/Escrowed-to-Maturity Bonds; as of December 31, 2016, these bonds represented 3.74% of total assets.

** Variable Rate Security; as of December 31, 2016, the 7 day annualized yield was 0.47%.

AGM – Assured Guaranty Municipal Mortgage Association

AMBAC – American Municipal Bond Assurance Corp.

BAM – Build America Mutual

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.

28

JOHNSON MUTUAL FUNDS December 31, 2016

Statements of Assets and Liabilities

	Equity Income Fund		Growth Fund			Opportunity Fund
Assets:
Investment Securities at Fair Value*	$	149,911,110	$	44,508,545		$	41,531,603
Dividends and Interest Receivable		171,193		59,531			41,801
Fund Shares Sold Receivable		102,816		21,824			5,273
Total Assets	$	150,185,119	$	44,589,900		$	41,578,677
Liabilities:
Accrued Management Fees	$	127,636	$	38,459		$	35,113
Fund Shares Redeemed Payable		38,294		23,285			20,557
Total Liabilities	$	165,930	$	61,744		$	55,670
Net Assets	$	150,019,189	$	44,528,156		$	41,523,007
Net Assets Consist of:
Paid in Capital	$	126,351,892	$	34,634,658		$	31,472,849
Accumulated Undistributed Net Investment Income (Loss)		—		—			—
Accumulated Net Realized Gain (Loss) from Security Transactions		784,178		(27,169	)		—
Net Unrealized Gain on Investments		22,883,119		9,920,667			10,050,158
Net Assets	$	150,019,189	$	44,528,156		$	41,523,007
Shares Outstanding (Unlimited Amount Authorized)		6,921,657		1,549,071			1,024,290
Offering, Redemption and Net Asset Value Per Share	$	21.67	$	28.75		$	40.54
*Identified Cost of Investment Securities	$	127,027,991	$	34,587,878		$	31,481,445

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

29

JOHNSON MUTUAL FUNDS December 31, 2016

Statements of Assets and Liabilities – Continued

	Realty Fund			International Fund			Fixed Income Fund			Municipal Income Fund
Assets:
Investment Securities at Fair Value*	$	10,582,322		$	14,143,634		$	299,338,563		$	86,708,393
Cash		—			1,822			417,049			—
Dividends and Interest Receivable		48,452			37,303			2,313,199			674,576
Receivable for CMO Paydowns		—			—			69,739			—
Fund Shares Sold Receivable		—			14,419			1,224,998			417,000
Total Assets	$	10,630,774		$	14,197,178		$	303,363,548		$	87,799,969
Liabilities:
Accrued Management Fees	$	8,870		$	11,891		$	214,534		$	47,118
Securities Purchased Payable		—			—			4,078			—
Fund Shares Redeemed Payable		—			9,613			34,235			587
Total Liabilities	$	8,870		$	21,504		$	252,847		$	47,705
Net Assets	$	10,621,904		$	14,175,674		$	303,110,701		$	87,752,264
Net Assets Consist of:
Paid in Capital	$	5,628,267		$	13,354,874		$	300,172,671		$	86,893,642
Accumulated Undistributed Net Investment Income		—			(124,451	)		—			—
Accumulated Net Realized Gain (Loss) from Security Transactions		(3,988	)		(313,056	)		(179,378	)		—
Net Unrealized Gain on Investments		4,997,625			1,258,307			3,117,408			858,622
Net Assets	$	10,621,904		$	14,175,674		$	303,110,701		$	87,752,264
Shares Outstanding (Unlimited Amount Authorized)		689,920			638,535			18,180,598			5,142,820
Offering, Redemption and Net Asset Value Per Share	$	15.40		$	22.20		$	16.67		$	17.06
*Identified Cost of Investment Securities	$	5,590,502		$	12,885,327		$	296,221,155		$	85,849,771

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

30

JOHNSON MUTUAL FUNDS December 31, 2016

Statements of Operations

	Equity Income Fund			Growth Fund			Opportunity Fund
	Year Ended 12/31/2016			Year Ended 12/31/2016			Year Ended 12/31/2016
Investment Income:
Interest	$	17,844		$	3,666		$	2,333
Dividends		3,405,786			642,347			571,439
Foreign withholding taxes on dividends		(70,828	)		(14,162	)		—
Total Investment Income	$	3,352,802		$	631,851		$	573,772
Expenses:
Management Fee	$	1,403,391		$	451,845		$	383,141
Net Expenses	$	1,403,391		$	451,845		$	383,141
Net Investment Income	$	1,949,411		$	180,006		$	190,631
Realized and Unrealized Gains/(Losses):
Net Realized Gain from Security Transactions	$	2,885,126		$	881,901		$	458,109
Net Change in Unrealized Gain/(Loss) on Investments		11,368,760			2,031,039			5,814,150
Net Gain/(Loss) on Investments	$	14,253,886		$	2,912,940		$	6,272,259
Net Change in Net Assets from Operations	$	16,203,297		$	3,092,946		$	6,462,890

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

31

JOHNSON MUTUAL FUNDS December 31, 2016

Statements of Operations – Continued

	Realty Fund		International Fund			Fixed Income Fund			Municipal Income Fund
	Year Ended 12/31/2016		Year Ended 12/31/2016			Year Ended 12/31/2016			Year Ended 12/31/2016
Investment Income:
Interest	$	248	$	1,142		$	7,063,774		$	1,876,737
Dividends		255,782		447,372			181,690			3,577
Foreign withholding taxes on Dividends		—		(55,090	)		—			—
Total Investment Income	$	256,030	$	393,424		$	7,245,464		$	1,880,314
Expenses:
Management Fee	$	105,638	$	133,508		$	2,297,452		$	488,272
Net Expenses	$	105,638	$	133,508		$	2,297,452		$	488,272
Net Investment Income	$	150,392	$	259,916		$	4,948,012		$	1,392,042
Realized and Unrealized Gains/(Losses):
Net Realized Gain (Loss) from Security Transactions	$	248,320	$	(165,641	)	$	2,532,475		$	7,636
Net Change in Unrealized Gain (Loss) on Investments		257,277		285,358			(310,179	)		(1,556,473	)
Net Gain/(Loss) on Investments	$	505,597	$	119,717		$	2,222,296		$	(1,548,837)
Net Change in Net Assets from Operations	$	655,989	$	379,633		$	7,170,308		$	(156,795)

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

32

JOHNSON MUTUAL FUNDS December 31, 2016

Statements of Changes in Net Assets

	Equity Income Fund						Growth Fund						Opportunity Fund
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2016			Year Ended 12/31/2015
Operations:
Net Investment Income	$	1,949,411		$	2,372,421		$	180,006		$	231,140		$	190,631		$	174,824
Net Realized Gain (Loss) from Security Transactions		2,885,126			3,960,667			881,901			3,363,484			458,109			3,279,753
Net Change in Unrealized Gain (Loss) on Investments		11,368,760			(16,007,013	)		2,031,039			(6,411,672	)		5,814,150			(4,354,527	)
Net Change in Net Assets from Operations	$	16,203,297		$	(9,673,925	)	$	3,092,946		$	(2,817,048	)	$	6,462,890		$	(899,950	)
Distributions to Shareholders:
Net Investment Income	$	(1,957,217	)	$	(2,377,158	)	$	(240,004	)	$	(172,557	)	$	(204,492	)	$	(197,466	)
Return of Capital		—			—			—			—			(52,540	)		—
Net Realized Gain from Security Transactions		(2,598,374	)		(7,125,688	)		(343,954	)		(2,794,295	)		(571,519	)		(3,129,840	)
Net Change in Net Assets from Distributions	$	(4,555,591	)	$	(9,502,846	)	$	(583,958	)	$	(2,966,852	)	$	(828,551	)	$	(3,327,306	)
Capital Share Transactions:
Proceeds From Sale of Shares	$	17,598,046		$	12,518,846		$	2,505,993		$	3,972,082		$	3,189,076		$	1,857,598
Shares Issued on Reinvestment of Distributions		4,534,832			9,320,514			581,397			2,961,925			825,174			3,312,682
Cost of Shares Redeemed		(15,955,861	)		(20,599,274	)		(7,742,693	)		(7,817,408	)		(5,900,389	)		(8,048,976	)
Net Change in Net Assets from Capital Share Transactions	$	6,177,017		$	1,240,086		$	(4,655,303	)	$	(883,401	)	$	(1,886,139	)	$	(2,878,696	)
Net Change in Net Assets	$	17,824,723		$	(17,936,685)		$	(2,146,315)		$	(6,667,301)		$	3,748,200		$	(7,105,952)
Net Assets at Beginning of Year	$	132,194,466		$	150,131,151		$	46,674,471		$	53,341,772		$	37,774,807		$	44,880,759
Net Assets at End of Year	$	150,019,189		$	132,194,466		$	44,528,156		$	46,674,471		$	41,523,007		$	37,774,807
Including accumulated undistributed net investment income (loss) of	$	—		$	—		$	—		$	58,583		$	—		$	—

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

33

JOHNSON MUTUAL FUNDS December 31, 2016

Statements of Changes in Net Assets – Continued

	Realty Fund						International Fund						Fixed Income Fund						Municipal Income Fund
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2016			Year Ended 12/31/2015
Operations:
Net Investment Income	$	150,392		$	157,525		$	259,916		$	351,532		$	4,948,012		$	4,420,480		$	1,392,042		$	1,249,855
Net Realized Gain (Loss) from Security Transactions		248,320			598,065			(165,641	)		165,310			2,532,475			2,375,247			7,636			77,983
Net Change in Unrealized Gain (Loss) on Investments		257,277			(490,068	)		285,358			(1,752,796	)		(310,179	)		(6,008,112	)		(1,556,473	)		177,782
Net Change in Net Assets from Operations	$	655,989		$	265,522		$	379,633		$	(1,235,954	)	$	7,170,308		$	787,615		$	(156,795	)	$	1,505,620
Distributions to Shareholders:
Net Investment Income	$	(275,064	)	$	(241,860	)	$	(284,581	)	$	(398,118	)	$	(5,413,526	)	$	(4,888,116	)	$	(1,399,678	)	$	(1,249,855	)
Return of Capital		(7,600	)		—			(10,100	)		—			(46,870	)		—			(2,906	)		(9,347	)
Net Realized Gain from Security Transactions		(137,310	)		(504,166	)		—			—			(2,154,889	)		(1,763,820	)		—			(81,196	)
Net Change in Net Assets from Distributions	$	(419,974	)	$	(746,026	)	$	(294,681	)	$	(398,118	)	$	(7,615,285	)	$	(6,651,936	)	$	(1,402,584	)	$	(1,340,398	)
Capital Share Transactions:
Proceeds From Sale of Shares	$	400,828		$	460,068		$	2,413,564		$	2,402,454		$	79,070,312		$	45,224,292		$	29,598,842		$	12,961,285
Shares Issued on Reinvestment of Distributions		419,626			665,030			294,584			393,097			7,478,888			4,360,311			1,362,076			636,679
Cost of Shares Redeemed		(541,553	)		(1,622,116	)		(1,708,598	)		(6,298,143	)		(27,236,734	)		(25,617,310	)		(8,163,807	)		(6,224,838	)
Net Change in Net Assets from Capital Share Transactions	$	278,901		$	(497,018	)	$	999,550		$	(3,502,592	)	$	59,312,466		$	23,967,293		$	22,797,111		$	7,373,126
Net Change in Net Assets	$	514,916		$	(977,522)		$	1,084,502		$	(5,136,664)		$	58,867,489		$	18,102,972		$	21,237,732		$	7,538,348
Net Assets at Beginning of Year	$	10,106,988		$	11,084,510		$	13,091,172		$	18,227,836		$	244,243,212		$	226,140,240		$	66,514,532		$	58,976,184
Net Assets at End of Year	$	10,621,904		$	10,106,988		$	14,175,674		$	13,091,172		$	303,110,701		$	244,243,212		$	87,752,264		$	66,514,532
Including accumulated undistributed net investment income (loss) of	$	—		$	13,662		$	(124,451	)	$	(108,877	)	$	—		$	—		$	—		$	—

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

34

FINANCIAL HIGHLIGHTS EQUITY INCOME FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	19.92		$	22.93		$	23.11		$	19.00		$	17.33
Operations:
Net Investment Income		0.29			0.38			0.30			0.27			0.29
Net Gains (Losses) on Securities (Realized & Unrealized)		2.13			(1.87	)		1.51			5.63			2.38
Total Operations	$	2.42		$	(1.49	)	$	1.81		$	5.90		$	2.67
Distributions:
Net Investment Income		(0.29	)		(0.38	)		(0.30	)		(0.27	)		(0.30	)
Net Realized Capital Gains		(0.38	)		(1.14	)		(1.69	)		(1.52	)		(0.70	)
Total Distributions	$	(0.67	)	$	(1.52	)	$	(1.99	)	$	(1.79	)	$	(1.00	)
Net Asset Value End of Period	$	21.67		$	19.92		$	22.93		$	23.11		$	19.00
Total Return(a)		12.16	%		(6.56	)%		7.73	%		31.09	%		15.48	%
Net Assets, End of Period (Millions)	$	150.02		$	132.19		$	150.13		$	131.14		$	90.12
Ratios
Ratio of Expenses to Average Net Assets		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		1.39	%		1.62	%		1.28	%		1.27	%		1.61	%
Portfolio Turnover Rate		42.36	%		39.41	%		27.89	%		34.31	%		35.15	%

(a) 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.

35

FINANCIAL HIGHLIGHTS GROWTH FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	27.21		$	30.77		$	30.66		$	24.43		$	21.70
Operations:
Net Investment Income		0.12			0.14			0.07			0.16			0.16
Net Gains (Losses) on Securities (Realized & Unrealized)		1.81			(1.86	)		3.56			7.53			2.73
Total Operations	$	1.93		$	(1.72	)	$	3.63		$	7.69		$	2.89
Distributions:
Net Investment Income		(0.16	)		(0.11	)		(0.07	)		(0.16	)		(0.16	)
Net Realized Capital Gains		(0.23	)		(1.73	)		(3.45	)		(1.30	)		—
Total Distributions	$	(0.39	)	$	(1.84	)	$	(3.52	)	$	(1.46	)	$	(0.16	)
Net Asset Value End of Period	$	28.75		$	27.21		$	30.77		$	30.66		$	24.43
Total Return(a)		7.06	%		(5.65	)%		11.75	%		31.50	%		(13.33	)%
Net Assets, End of Period (Millions)	$	44.53		$	46.67		$	53.34		$	53.25		$	45.02
Ratios
Ratio of Expenses to Average Net Assets		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		0.40	%		0.45	%		0.20	%		0.52	%		0.58	%
Portfolio Turnover Rate		40.18	%		31.83	%		31.74	%		41.17	%		49.03	%

(a) 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.

36

FINANCIAL HIGHLIGHTS OPPORTUNITY FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	35.08		$	39.35		$	42.14		$	31.69		$	27.64
Operations:
Net Investment Income		0.20			0.18			0.08			0.12			0.48
Net Gains (Losses) on Securities (Realized & Unrealized)		6.09			(1.08	)		1.80			13.33			4.08
Total Operations	$	6.29		$	(0.90	)	$	1.88		$	13.45		$	4.56
Distributions:
Net Investment Income		(0.20	)		(0.20	)		(0.11	)		(0.17	)		(0.51	)
Return of Capital		(0.05	)		—			—			—			—
Net Realized Capital Gains		(0.58	)		(3.17	)		(4.56	)		(2.83	)		—
Total Distributions	$	(0.83	)	$	(3.37	)	$	(4.67	)	$	(3.00	)	$	(0.51	)
Net Asset Value End of Period	$	40.54		$	35.08		$	39.35		$	42.14		$	31.69
Total Return(a)		17.90	%		(2.39	)%		4.37	%		42.51	%		16.54	%
Net Assets, End of Period (Millions)	$	41.52		$	37.77		$	44.88		$	44.38		$	32.61
Ratios
Ratio of Expenses to Average Net Assets		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		0.50	%		0.40	%		0.19	%		0.30	%		1.49	%
Portfolio Turnover Rate		34.62	%		35.17	%		38.37	%		72.36	%		97.80	%

(a) 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.

37

FINANCIAL HIGHLIGHTS REALTY FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	15.03		$	15.76		$	13.20		$	14.05		$	13.32
Operations:
Net Investment Income		0.23			0.21			0.26			0.29			0.21
Net Gains (Losses) on Securities (Realized & Unrealized)*		0.76			0.21			3.54			(0.11	)		1.81
Total Operations	$	0.99		$	0.42		$	3.80		$	0.18		$	2.02
Distributions:
Net Investment Income		(0.41	)		(0.36	)		(0.39	)		(0.29	)		(0.24	)
Return of Capital		(0.01	)		—			—			—			—
Net Realized Capital Gains		(0.20	)		(0.79	)		(0.85	)		(0.74	)		(1.05	)
Total Distributions	$	(0.62	)	$	(1.15	)	$	(1.24	)	$	(1.03	)	$	(1.29	)
Net Asset Value End of Period	$	15.40		$	15.03		$	15.76		$	13.20		$	14.05
Total Return(a)		6.57	%		2.75	%		28.92	%		1.19	%		15.28	%
Net Assets, End of Period (Millions)	$	10.62		$	10.11		$	11.08		$	10.14		$	11.04
Ratios
Ratio of Expenses to Average Net Assets		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		1.42	%		1.51	%		1.57	%		1.43	%		1.34	%
Portfolio Turnover Rate		3.95	%		2.28	%		1.04	%		9.97	%		25.78	%

* Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(a) 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.

38

FINANCIAL HIGHLIGHTS INTERNATIONAL FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	22.01		$	24.23		$	25.07		$	22.23		$	19.44
Operations:
Net Investment Income (Loss)		0.43			0.57			0.54			0.39			0.44
Net Gains (Losses) on Securities (Realized & Unrealized)		0.23			(2.11	)		(0.83	)		2.90			2.82
Total Operations	$	0.66		$	(1.54	)	$	(0.29	)	$	3.29		$	3.26
Distributions:
Net Investment Income		(0.45	)		(0.68	)		(0.55	)		(0.45	)		(0.47	)
Return of Capital		(0.02	)		—			—			—			—
Net Realized Capital Gains		—			—			—			—			—
Total Distributions	$	(0.47	)	$	(0.68	)	$	(0.55	)	$	(0.45	)	$	(0.47	)
Net Asset Value End of Period	$	22.20		$	22.01		$	24.23		$	25.07		$	22.23
Total Return(a)		3.00	%		(6.38	)%		(1.16	)%		14.81	%		16.80	%
Net Assets, End of Period (Millions)	$	14.18		$	13.09		$	18.23		$	16.74		$	13.83
Ratios(b)
Ratio of Expenses to
Average Net Assets before Waiver		1.00	%		1.00	%		1.00	%		1.19	%		1.40	%
Average Net Assets after Waiver		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of Net Investment Income (Loss) to
Average Net Assets before Waiver		1.95	%		1.85	%		2.20	%		1.51	%		1.77	%
Average Net Assets after Waiver		1.95	%		1.85	%		2.20	%		1.70	%		2.17	%
Portfolio Turnover Rate		7.71	%		20.49	%		10.25	%		5.23	%		7.15	%

(a) 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.

(b) For the years ended December 31, 2012 and 2013, the Adviser waived a portion of the 1.40% management fee to sustain a fee of 1.00%. Effective May 1, 2013, the Adviser removed the fee waiver, and reduced the management fee to 1.00%. (See Note #4.)

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

39

FINANCIAL HIGHLIGHTS FIXED INCOME FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	16.61		$	17.03		$	16.47		$	17.37		$	17.34
Operations:
Net Investment Income		0.30			0.32			0.35			0.35			0.43
Net Gains on Securities (Realized & Unrealized)		0.21			(0.27	)		0.71			(0.76	)		0.32
Total Operations	$	0.51		$	0.05		$	1.06		$	(0.41	)	$	0.75
Distributions:
Net Investment Income		(0.32	)		(0.35	)		(0.39	)		(0.41	)		(0.48	)
Return of Capital		(0.00	)(a)		—			—			—			—
Net Realized Capital Gains		(0.13	)		(0.12	)		(0.11	)		(0.08	)		(0.24	)
Total Distributions	$	(0.45	)	$	(0.47	)	$	(0.50	)	$	(0.49	)	$	(0.72	)
Net Asset Value End of Period	$	16.67		$	16.61		$	17.03		$	16.47		$	17.37
Total Return(b)		3.08	%		0.32	%		6.48	%		(2.36	)%		4.37	%
Net Assets, End of Period (Millions)	$	303.11		$	244.24		$	226.14		$	224.67		$	205.14
Ratios(c)
Ratio of Expenses to
Average Net Assets before Waiver		0.85	%		0.85	%		0.85	%		0.92	%		1.00	%
Average Net Assets after Waiver		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of Net Investment Income to
Average Net Assets before Waiver		1.83	%		1.90	%		2.08	%		2.00	%		2.30	%
Average Net Assets after Waiver		1.83	%		1.90	%		2.08	%		2.07	%		2.45	%
Portfolio Turnover Rate		40.80	%		37.09	%		27.79	%		48.53	%		36.11	%

(a) Return of Capital is less than $0.005 per share.

(b) 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.

(c) For the years ended December 31, 2012 and 2013, the Adviser waived a portion of the 1.00% management fee to sustain a fee of 0.85%. Effective May 1, 2013, the Adviser removed the fee waiver, and reduced the management fee to 0.85%. (See Note #4.)

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

40

FINANCIAL HIGHLIGHTS MUNICIPAL INCOME FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	17.36		$	17.32		$	16.83		$	17.49		$	17.35
Operations:
Net Investment Income		0.31			0.34			0.37			0.38			0.45
Net Gains (Losses) on Securities (Realized & Unrealized)		(0.30	)		0.06			0.53			(0.64	)		0.18
Total Operations	$	0.01		$	0.40		$	0.90		$	(0.26	)	$	0.63
Distributions:
Net Investment Income		(0.31	)		(0.34	)		(0.38	)		(0.38	)		(0.45	)
Return of Capital		(0.00	)(a)		(0.00	)(a)		—			—			—
Net Realized Capital Gains		—			(0.02	)		(0.03	)		(0.02	)		(0.04	)
Total Distributions	$	(0.31	)	$	(0.36	)	$	(0.41	)	$	(0.40	)	$	(0.49	)
Net Asset Value End of Period	$	17.06		$	17.36		$	17.32		$	16.83		$	17.49
Total Return(b)		0.05	%		2.34	%		5.41	%		(1.52	)%		3.67	%
Net Assets, End of Period (Millions)	$	87.75		$	66.51		$	58.98		$	56.29		$	43.79
Ratios(c)
Ratio of Expenses to
Average Net Assets before Waiver		0.65	%		0.65	%		0.65	%		0.81	%		1.00	%
Average Net Assets after Waiver		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of Net Investment Income to
Average Net Assets before Waiver		1.85	%		1.98	%		2.19	%		2.10	%		2.23	%
Average Net Assets after Waiver		1.85	%		1.98	%		2.19	%		2.26	%		2.58	%
Portfolio Turnover Rate		10.05	%		13.31	%		18.24	%		8.96	%		13.79	%

(a) Return of Capital is less than $0.005 per share.

(b) 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.

(c) For the years ended December 31, 2012 and 2013, the Adviser waived a portion of the 1.00% management fee to sustain a fee of 0.65%. Effective May 1, 2013, the Adviser removed the fee waiver, and reduced the management fee to 0.65%. (See Note #4.)

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

41

JOHNSON MUTUAL FUNDS

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

1)     Organization

The Johnson Equity Income Fund, Johnson Growth Fund, Johnson Opportunity Fund, Johnson Realty 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 Declaration of Trust dated September 30, 1992. The Growth Fund and Fixed Income Fund began offering their shares publicly on January 4, 1993. The Opportunity Fund and Municipal Income Fund began offering their shares publicly on May 16, 1994. The Realty Fund began offering its shares publicly on January 2, 1998. 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
Growth Fund	Long-term capital growth
Opportunity Fund	Long-term capital growth
Realty Fund	Above average dividend income and 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 State 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.

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 on foreign dividends have been provided for 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. Discounts and premiums on securities purchased are amortized over the lives of the respective securities, using the interest method. 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.

Income Taxes:

It is the Funds’ policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Service. This Internal Revenue Service requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds’ policy to distribute annually, after the end of the calendar year, any remaining taxable income to comply with the special provisions of the Internal Revenue Code (the “Code”) available to registered investment companies (“RICs”). Each year the Funds intend to continue to qualify as RICs under Subchapter M of the Code by making distributions as noted above, and complying with the other requirements applicable to RICs. As a result, no provision for income taxes is generally required. See Note 10 for information relating to a deficiency dividend required to be paid by the Equity Income Fund.

42

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

2)     Significant Accounting Policies, continued

Accounting for Uncertainty in Income Taxes:

As of and during the year ended December 31, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties, except as disclosed in Note 10.

Distributions:

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

For the year ended December 31, 2016, the Funds made the following reclassifications to increase (decrease) the components of the net assets:

Fund	Paid in Capital			Accumulated Undistributed Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)
Equity Income Fund	$	601,128		$	7,806	$	(608,934	)
Growth Fund		(1,138	)		1,415		(277	)
Opportunity Fund		—			13,861		(13,861	)
Realty Fund		—			111,010		(111,010	)
International Fund		(9,091	)		9,091		—
Fixed Income Fund		—			465,514		(465,514	)
Municipal Income Fund		—			7,636		(7,636	)

3)     Security Valuation and Transactions

The Funds utilize various methods to measure the fair value of their investments on a recurring basis.

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.

GAAP establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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

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

43

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

3)     Security Valuation and Transactions, continued

¨ 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.

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.

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.

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 financials 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.

44

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

3)     Security Valuation and Transactions, continued

The following is a summary of the inputs used to value each Fund’s investment securities as of December 31, 2016:

Equity Income Fund	Level 1		Level 2		Level 3		Total
Common Stocks*	$	146,467,005	$	—	$	—	$	146,467,005
Money Market Fund		3,444,105		—		—		3,444,105
Total	$	149,911,110	$	—	$	—	$	149,911,110

Growth Fund	Level 1		Level 2		Level 3		Total
Common Stocks*	$	44,256,833	$	—	$	—	$	44,256,833
Money Market Fund		251,712		—		—		251,712
Total	$	44,508,545	$	—	$	—	$	44,508,545

Opportunity Fund	Level 1		Level 2		Level 3		Total
Common Stocks*	$	38,366,139	$	—	$	—	$	38,366,139
Real Estate Investment Trusts		1,779,260		—		—		1,779,260
Money Market Fund		1,386,204		—		—		1,386,204
Total	$	41,531,603	$	—	$	—	$	41,531,603

Realty Fund	Level 1		Level 2		Level 3		Total
Real Estate Investment Trusts*	$	10,544,780	$	—	$	—	$	10,544,780
Money Market Fund		37,542		—		—		37,542
Total	$	10,582,322	$	—	$	—	$	10,582,322

International Fund	Level 1		Level 2		Level 3		Total
Common Stocks*	$	13,286,916	$	—	$	—	$	13,286,916
Real Estate Investment Trusts		138,490		—		—		138,490
Money Market Fund		718,228		—		—		718,228
Total	$	14,143,634	$	—	$	—	$	14,143,634

Fixed Income Fund	Level 1		Level 2		Level 3		Total
Corporate Bonds*	$	—	$	151,732,496	$	—	$	151,732,496
U.S. Government Treasury Obligations		—		54,008,969		—		54,008,969
U.S. Government Agency Obligations		—		25,042,257		—		25,042,257
U.S. Government Agency Obligations – Mortgage-Backed		—		44,860,692		—		44,860,692
Taxable Municipal Bonds		—		18,347,704		—		18,347,704
Preferred Stocks		3,525,738		—		—		3,525,738
Money Market Fund		1,820,707		—		—		1,820,707
Total	$	5,346,445	$	293,992,118	$	—	$	299,338,563

Municipal Income Fund	Level 1		Level 2		Level 3		Total
Municipal Bonds*	$	—	$	84,103,754	$	—	$	84,103,754
Money Market Fund		2,604,639		—		—		2,604,639
Total	$	2,604,639	$	84,103,754	$	—	$	86,708,393

* See Portfolio of Investments for industry classification.

45

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

3)     Security Valuation and Transactions, continued

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. As of and during the year ended December 31, 2016, no securities were transferred into or out of Level 1 or Level 2. If any transfers between levels would occur, they would be reflected as of the end of the period.

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, 2016.

4)     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 (a) interest and (b) dividend expenses on securities sold short), any 12b-1 fees, and extraordinary expenses.

The Adviser received management fees for the year ended December 31, 2016, as indicated below.

Fund	Fee			Management Fee		Payable as of December 31, 2016
Equity Income Fund		1.00	%	$	1,403,391	$	127,636
Growth Fund		1.00	%		451,845		38,459
Opportunity Fund		1.00	%		383,141		35,113
Realty Fund		1.00	%		105,638		8,870
International Fund		1.00	%		133,508		11,891
Fixed Income Fund		0.85	%		2,297,452		214,534
Municipal Income Fund		0.65	%		488,272		47,118

5)     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 $40,000 for the year ended December 31, 2016, 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 eleven Funds: Johnson Equity Income Fund, Johnson Growth Fund, Johnson Opportunity Fund, Johnson Realty 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, 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, 2016, client accounts managed by the Adviser and held by Charles Schwab & Co, with full advisory discretion, held in aggregate the following:

Equity Income Fund		63.93	%		International Fund		30.03	%
Growth Fund		29.56	%		Fixed Income Fund		85.76	%
Opportunity Fund		59.17	%		Municipal Income Fund		95.82	%
Realty Fund		74.52	%

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.

46

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

6)    Purchases and Sales of Securities

From January 1, 2016 through December 31, 2016, purchases and sales of investment securities aggregated:

Fund	Investment Securities Other Than Short Term Investments and U.S. Government Obligations				U.S. Government Obligations
	Purchases		Sales		Purchases		Sales
Johnson Equity Income Fund	$	57,118,993	$	56,514,301	$	—	$	—
Johnson Growth Fund		17,589,352		21,847,903		—		—
Johnson Opportunity Fund		12,985,679		16,687,841		—		—
Johnson Realty Fund		707,582		413,883		—		—
Johnson International Fund		1,297,992		998,049		—		—
Johnson Fixed Income Fund		119,556,735		72,283,256		44,555,745		35,439,692
Johnson Municipal Income Fund		26,218,456		6,990,100		—		—

7)    Capital Share Transactions

As of December 31, 2016, 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.

	Johnson Equity Income Fund						Johnson Growth Fund						Johnson Opportunity Fund						Johnson Realty Fund
	Year ended 12/31/2016			Year ended 12/31/2015			Year ended 12/31/2016			Year ended 12/31/2015			Year ended 12/31/2016			Year ended 12/31/2015			Year ended 12/31/2016			Year ended 12/31/2015
Shares Sold to Investors		834,517			558,144			90,664			130,872			85,632			46,475			24,969			28,976
Shares Issued on Reinvestment of Dividends		208,690			463,266			20,138			107,800			20,314			93,315			26,818			43,960
Subtotal		1,043,207			1,021,410			110,802			238,672			105,946			139,790			51,787			72,936
Shares Redeemed		(756,216	)		(934,006	)		(277,022	)		(256,868	)		(158,510	)		(203,517	)		(34,388	)		(103,874	)
Net Change		286,991			87,404			(166,220	)		(18,196	)		(52,564	)		(63,727	)		17,399			(30,938	)
Shares Outstanding:
Beginning of Year		6,634,666			6,547,262			1,715,291			1,733,487			1,076,854			1,140,581			672,521			703,459
End of Period		6,921,657			6,634,666			1,549,071			1,715,291			1,024,290			1,076,854			689,920			672,521

47

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

7)    Capital Share Transactions, continued

	Johnson International Fund						Johnson Fixed Income Fund						Johnson Municipal Income Fund
	Year ended 12/31/2016			Year ended 12/31/2015			Year ended 12/31/2016			Year ended 12/31/2015			Year ended 12/31/2016			Year ended 12/31/2015
Shares Sold to Investors		108,893			99,392			4,630,126			2,666,913			1,700,903			748,400
Shares Issued on Reinvestment of Dividends		13,293			17,723			441,591			261,306			78,169			36,727
Subtotal		122,186			117,115			5,071,717			2,928,219			1,779,072			785,127
Shares Redeemed		(78,466	)		(274,627	)		(1,592,047	)		(1,507,719	)		(468,372	)		(358,858	)
Net Change During Year		43,720			(157,512	)		3,479,670			1,420,500			1,310,700			426,269
Shares Outstanding:
Beginning of Year		594,815			752,327			14,700,928			13,280,428			3,832,120			3,405,851
End of Year		638,535			594,815			18,180,598			14,700,928			5,142,820			3,832,120

8)    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.

9)    Federal Tax Information

As of December 31, 2016, the composition of unrealized appreciation (the excess of fair value over tax cost) and depreciation (the excess of tax cost over fair value) was as follows:

Fund	Cost of Securities		Appreciation		Depreciation			Net Appreciation
Johnson Equity Income Fund	$	127,042,553	$	26,558,554	$	(3,689,997	)	$	22,868,557
Johnson Growth Fund		34,615,047		10,640,018		(746,519	)		9,893,499
Johnson Opportunity Fund		31,481,445		10,608,176		(558,018	)		10,050,158
Johnson Realty Fund		5,588,685		5,099,628		(105,991	)		4,993,637
Johnson International Fund		12,993,993		2,403,996		(1,254,355	)		1,149,641
Johnson Fixed Income Fund		296,400,533		5,401,608		(2,463,578	)		2,938,030
Johnson Municipal Income Fund		85,849,771		1,507,095		(648,473	)		858,622

The difference between book value and tax value unrealized appreciation (depreciation) is primarily attributable to the tax deferral of losses on wash sales and post-October losses, as well as the mark-to-market on passive Foreign Investment Companies.

48

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

9)    Federal Tax Information, continued

The tax character of the distributions paid is as follows:

	Tax Year		Ordinary Income*		Tax-Exempt Income		Net Realized Long-Term Capital Gain		Return of Capital		Total Distributions Paid
Johnson Equity Income Fund		2015	$	2,380,340	$	—	$	7,122,506	$	—	$	9,502,846
		2016		1,949,411		—		2,606,180		—		4,555,591
Johnson Growth Fund		2015		172,557		—		2,794,295		—		2,966,852
		2016		239,727		—		344,231		—		583,958
Johnson Opportunity Fund		2015		174,824		—		3,152,482		—		3,327,306
		2016		301,204		—		474,807		52,540		828,551
Johnson Realty Fund		2015		147,961		—		598,065		—		746,026
		2016		183,389		—		228,985		7,600		419,974
Johnson International Fund		2015		398,118		—		—		—		398,118
		2016		284,581		—		—		10,100		294,681
Johnson Fixed Income Fund		2015		4,922,194		—		1,729,742		—		6,651,936
		2016		5,577,177		—		1,991,238		46,870		7,615,285
Johnson Municipal Income Fund		2015		3,213		1,249,855		77,983		9,347		1,340,398
		2016		—		1,392,042		7,636		2,906		1,402,584

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

As of December 31, 2016, 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 will expire as follows:

	Indefinite Long-Term		Indefinite Short-Term		Total Capital Loss Carryover
Johnson International Fund	$	161,517	$	151,258	$	312,775

For the year ended December 31, 2016, the Johnson Growth Fund utilized prior year capital loss carryovers of $566,469.

49

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

9)    Federal Tax Information, continued

As of December 31, 2016, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Capital Loss Carryover			Undistributed Long-Term Capital Gain		Unrealized Appreciation		Total Distributable Earnings on a tax basis		Post-October/ Late Year Net Investment Losses
Johnson Equity Income Fund	$	—	$	—		$	798,740	$	22,868,557	$	23,667,297	$	—
Johnson Growth Fund		—		—			—		9,893,499		9,893,499		—
Johnson Opportunity Fund		—		—			—		10,050,158		10,050,158		—
Johnson Realty Fund		—		—			—		4,993,637		4,993,637		—
Johnson International Fund		—		(312,775	)		—		1,149,641		820,800		(16,066	)
Johnson Fixed Income Fund		—		—			—		2,938,030		2,938,030		—
Johnson Municipal Income Fund		—		—			—		858,622		858,622		—

10)    Subsequent Events

On February 20, 2017, the Board of Trustees approved a deficiency dividend for the Equity Income Fund, in the amount of $630,680. This distribution was paid on February 27, 2017. Interest related to the deficiency dividend is estimated to be approximately $65,000, and will be paid by the Adviser. Management considers the amount to be immaterial, and as such, these amounts are not included in the financial statements. The deficiency dividend is related to a cost basis adjustment in a prior year, which caused taxable income to be understated and, therefore, under-distributed in 2013 fiscal year. Management has adjusted the beginning balances of the components of net assets in the amount $1,231,808 to account for the prior period misstatement. There was no effect on total net assets nor net asset value per share as a result of the adjustment.

50

DISCLOSURE OF EXPENSES (unaudited) December 31, 2016

Shareholders of 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, 2016 and held through December 31, 2016.

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 June 30, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period* July 1, 2016 – December 31, 2016
Johnson Equity Income Fund
Actual Fund Return	$	1,000.00	$	1,013.75	$	5.11
Hypothetical Return	$	1,000.00	$	1,020.16	$	5.14
Johnson Growth Fund
Actual Fund Return	$	1,000.00	$	1,026,36	$	5.17
Hypothetical Return	$	1,000.00	$	1,020.16	$	5.14
Johnson Opportunity Fund
Actual Fund Return	$	1,000.00	$	1,055.34	$	5.32
Hypothetical Return	$	1,000.00	$	1,020.16	$	5.14
Johnson Realty Fund
Actual Fund Return	$	1,000.00	$	964.14	$	4.86
Hypothetical Return	$	1,000.00	$	1,020.16	$	5.14
Johnson International Fund
Actual Fund Return	$	1,000.00	$	1,008.01	$	5.08
Hypothetical Return	$	1,000.00	$	1,020.16	$	5.14
Johnson Fixed Income Fund
Actual Fund Return	$	1,000.00	$	980.13	$	4.20
Hypothetical Return	$	1,000.00	$	1,020.92	$	4.37
Johnson Municipal Income Fund
Actual Fund Return	$	1,000.00	$	982.47	$	3.22
Hypothetical Return	$	1,000.00	$	1,021.93	$	3.35

* 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, Growth, Opportunity, Realty 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%.

51

ADDITIONAL INFORMATION December 31, 2016

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 on Form N-Q. The Funds’ Forms N-Q 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.

Code of Ethics

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

Johnson Mutual Funds
3777 West Fork Road
Cincinnati OH 45247

52

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
Johnson Mutual Funds Trust

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Johnson Equity Income Fund, Johnson Growth Fund, Johnson Opportunity Fund, Johnson Realty Fund, Johnson International Fund, Johnson Fixed Income Fund, and Johnson Municipal Income Fund (the “Funds”), each a series of Johnson Mutual Funds Trust, as of December 31, 2016, and 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, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting Johnson Mutual Funds Trust as of December 31, 2016, the results of their operations for the year then ended, the changes in their 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.

/s/ COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2017

53

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 Position Held with Trust	Year Service Commenced	Principal Occupation During Past Five Years	Number of Portfolios Overseen	Other Directorships Held During the Past Five Years
Interested Trustee
Timothy E. Johnson (74) 3777 West Fork Road Cincinnati, Ohio 45247	Trustee	Since 1992	Chairman of Johnson Investment Counsel, Inc., the Trust’s Adviser, and Professor of Finance at the University of Cincinnati; previously President of the Adviser until October 2013.	11	None
Independent Trustees
Ronald H. McSwain (74) 3777 West Fork Road Cincinnati, Ohio 45247	Chairman and Trustee	Since 1992	President of McSwain Carpets, Inc. until 2001; partner of P&R Realty, a real estate development partnership since 1984	11	None
John R. Green (74) 3777 West Fork Road Cincinnati, Ohio 45247	Trustee	Since 2006	Retired from The Procter & Gamble Company	11	None
James J. Berrens (51) 3777 West Fork Road Cincinnati, Ohio 45247	Trustee	Since 2006	Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 for Christian Community Health	11	None
Dr. Jeri B. Ricketts (59) 3777 West Fork Road Cincinnati, Ohio 45247	Trustee	Since 2013	Director of Carl H. Lindner Honors-PLUS Program, University of Cincinnati, since 2002; Associate Professor in Accounting, University of Cincinnati since 1986.	11	None

54

TRUSTEES AND OFFICERS (Unaudited) 

Name, Address and Age	Current Position Held with Trust	Year Service Commenced	Principal Occupation During Past Five Years	Number of Portfolios Overseen	Other Directorships Held During the Past Five Years
Officers
Jason O. Jackman (46) 3777 West Fork Road Cincinnati, Ohio 45247	President	Since 2013	President and Chief Investment Officer of the Adviser since October 2013; Director of Fixed Income and Institutional Management March 2004 to October 2013.	N/A	N/A
Dale H. Coates (58) 3777 West Fork Road Cincinnati, Ohio 45247	Vice President	Since 1992	Portfolio Manager of the Trust’s Adviser	N/A	N/A
Marc E. Figgins (52) 3777 West Fork Road Cincinnati, Ohio 45247	Chief Financial Officer and Treasurer	Since 2002	Mutual Funds Manager for Johnson Financial, Inc.	N/A	N/A
Scott J. Bischoff (50) 3777 West Fork Road Cincinnati, Ohio 45247	Chief Compliance Officer	Since 2005	Director of Operations of the Trust’s Adviser; Chief Compliance Officer of the Adviser	N/A	N/A
Jennifer J. Kelhoffer (45) 3777 West Fork Road Cincinnati, Ohio 45247	Secretary	Since 2007	Compliance Associate for the Adviser since March 2006	N/A	N/A

55

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
	Dale H. Coates	Vice 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.
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100 (800) 541-0170

Custodian

US Bank
425 Walnut Street
Cincinnati, Ohio 45202

Independent Registered Public Accounting Firm

Cohen & Company
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115

Legal Counsel

Thompson Hine LLP
312 Walnut Street, 14^th Floor
Cincinnati, Ohio 45202

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

Investment Company Act #811-7254

Annual
Report

December 31, 2016

 

t Johnson Institutional Short Duration Bond Fund

t Johnson Institutional Intermediate Bond Fund

t Johnson Institutional Core Bond Fund

t Johnson Enhanced Return Fund

Johnson Mutual Funds Trust
3777 West Fork Road  |  Cincinnati, OH  |  45247
(513) 661-3100  (800) 541-0170  fax (513) 661-4901

www.johnsonmutualfunds.com

JOHNSON MUTUAL FUNDS December 31, 2016

Table of Contents

Our Message to You		1
Performance Review and Management Discussion
Institutional Short Duration Bond Fund		2
Institutional Intermediate Bond Fund		3
Institutional Core Bond Fund		4
Enhanced Return Fund		5
Portfolio of Investments
Institutional Short Duration Bond Fund		6
Institutional Intermediate Bond Fund		9
Institutional Core Bond Fund		12
Enhanced Return Fund		15
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights
Institutional Short Duration Bond Fund		21
Institutional Intermediate Bond Fund		22
Institutional Core Bond Fund		23
Enhanced Return Fund		24
Notes to the Financial Statements		25
Disclosure of Expenses		33
Additional Information		34
Report of Independent Registered Public Accounting Firm		35
Trustees and Officers Table		36
Trustees & Officers, Transfer Agent & Fund Accountant, Custodian, Independent Registered Public Accounting Firm, Legal Counsel		Back Page

Letter from the Fund President December 31, 2016

Dear Shareholder:

We are pleased to present you with the Johnson Mutual Funds’ December 31, 2016 Annual Report. On the following pages, we have provided commentary on the performance of each of the Funds for 2016 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.

An eventful fourth quarter provided a fitting conclusion to a year that brought significant and often surprising changes in the world and the financial markets. November election results in the U.S. boosted stocks to a strong finish. The Dow Jones Industrial Average gained 6.7% between Election Day and year-end, and nearly reached 20,000 for the first time. The four major U.S. stock indices simultaneously hit all-time highs for the first time since 1999. There were other major moves in addition to stocks, particularly in bond yields and oil prices, both of which essentially doubled during the course of the year.

Market and economic sentiment are at high levels entering 2017, but that was far from true in the early months of 2016. Fears of recession along with China-induced economic distress sent markets tumbling in January and February, and pessimism regarding economic prospects was widespread. Those fears eased in the spring only to be briefly reignited by the shocking outcome of the Brexit vote. Again the market recovered quickly after a short-lived sell-off. Stock futures tumbled as election results rolled in overnight on November 8^th, but by morning they had stabilized and a market rally ensued over the following weeks. In the end, an improving economic picture, improving corporate earnings growth, central bank policy, and optimism about potential pro-growth policy changes in the U.S. propelled stocks to healthy gains for the year.

The election set off a spike in bond yields even before the Fed announced its second hike in December. Yields rose abruptly in the wake of the election, dragging down the Bloomberg Barclays Aggregate Bond Index by 2.4% in November, making November the fourth-worst month for bonds since 1994. For the year, this index still returned 2.7%.

While rapidly rising rates may cause bond investors short-term pain, there are also some advantages. First, the upward pressure on yields helped correct an ongoing structural dislocation between bond yields and economic fundamentals. Given the potential for meaningful fiscal stimulus in the coming years, it makes sense that inflation expectations would rise, and for rates to price in modestly better future growth. That is precisely what happened, with inflation and growth expectations both contributing almost equally to the rate increase. The bond market now appears more fairly valued. Next, the long-term benefit of investing at higher yields almost always outweighs the short-term pain of rising rates. As interest rates rise, bond returns may turn negative for short periods, but patient investors are generally rewarded over the following three-to-five year periods.

In order to extend losses and break this pattern, rates would need to rise well above the Fed’s current estimate of long-run equilibrium. The Fed estimates that the Fed Funds rate will plateau at 3.0%, implying longer-dated bond yields don’t have much room to rise beyond current levels. Though fiscal stimulus may help improve economic growth over the short run, our economy faces several long-term structural issues that likely limit the amount rates will rise. Elevated corporate leverage, an aging population, large government deficits, and stubbornly-low productivity are all long-term economic headwinds that will help constrain the terminal rate. In the end, the post-election adjustment in rates has brought yields back to more reasonable levels. We believe that the correction has helped improve the return outlook for traditional bonds going forward.

Thanks again for the opportunity to serve you. We greatly value our relationships with clients and look forward to working with you in the years ahead.

Sincerely,

 

Jason O. Jackman, CFA, President

1

JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND Performance Review – December 31, 2016

The Johnson Institutional Short Duration Bond Fund provided a total return of 1.68% during 2016, compared to a 1.29% return for the Bank of America/Merrill Lynch 1 – 3 Year US Corporate & Government Index. Despite significant midyear volatility, interest rates rose only modestly higher for the full year.

Bond yields began the year at somewhat elevated levels, and the Fund maintained a neutral duration relative to the benchmark as a result. During the first half of the year, bond yields fell as energy prices declined and investors grew anxious over Britain’s vote to leave the European Union. As rates fell, the Fund shortened its duration relative to the benchmark. This positioning was beneficial to relative returns, as rates rose in response to the Presidential Election as well as the Federal Reserve’s (the “Fed”) decision to raise rates once again.

Meanwhile, credit spreads began the year at relatively wide levels, as fear of energy related defaults reverberated throughout the credit market. Spreads continued to widen until mid-February. However, as the price of oil stabilized, credit spreads tightened and led to positive excess returns for credit during the year. Sector performance was uneven though, with financials tightening less than industrials and utilities as energy related industrial credits recovered more than their prior losses. The Fund’s overweight to corporate bonds was a significant driver of performance relative to the Fund’s benchmark during the year, while its focus on high quality credits with lower spread volatility tempered returns. More than 60% of the Fund’s bond allocation is to investment-grade rated corporate securities which is greater than the Fund’s benchmark index and a key reason why the yield is traditionally higher in the Fund. Over time, this yield advantage is critical to the Fund’s ability to outperform its benchmark. It can also be a helpful strategy to protect against rising interest rates.

Looking forward into next year, we expect the Fed will likely continue to tighten monetary policy, albeit gradually. Although growth in the US has been somewhat disappointing, the promise of fiscal stimulus may provide an economic tailwind in the coming year. Manufacturing has improved alongside the rebound in energy prices and the consumer should continue to benefit from rising wages and solid job creation. Continued improvement in global economic growth as well as powerful global Central Bank stimulus may lead to a continued tightening of credit spreads and the Fund’s overweight to corporate bonds should benefit as a result. The Fund’s duration is slightly short to that of its benchmark and the addition of securities such as floating rate and step-up coupon bonds will help serve as a cushion to rising rates. While inflation expectations have rebounded, the Fund has maintained a position in Treasury Inflation Protected Securities which will benefit as inflation returns to historic averages. Finally, we anticipate continued upward pressure on short maturity bond yields, leading to a slightly muted total return outlook. However, the potential move upward should provide an opportunity to enhance the Fund’s yield over time.

 

Average Annual Total Returns as of December 31, 2016
	Johnson Institutional Short Duration Bond Fund			B of A/ML 1 – 3 Year US Corp/Gov’t Index
One Year		1.68	%		1.29	%
Five Years		1.26	%		0.98	%
Ten Years		2.92	%		2.45	%

 

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. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 0.236%. 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 neither Index incurs fees or expenses. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Bank of America/Merrill Lynch 1 – 3 Year US Corporate & Government 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.

2

JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND Performance Review – December 31, 2016

The Johnson Institutional Intermediate Bond Fund provided a total return of 3.37% during 2016, compared to a 2.08% return for the Bloomberg Barclay’s Capital Intermediate Government Credit Index. Despite significant midyear volatility, interest rates rose only modestly higher for the full year.

Bond yields began the year at somewhat elevated levels, and the Fund maintained a neutral duration relative to the benchmark as a result. During the first half of the year, bond yields fell as energy prices declined and investors grew anxious over Britain’s vote to leave the European Union. As rates fell, the Fund shortened its duration relative to the benchmark. This positioning was beneficial to relative returns, as rates rose in response to the Presidential Election as well as the Federal Reserve’s (the “Fed”) decision to raise rates once again.

Meanwhile, credit spreads began the year at relatively wide levels, as fear of energy related defaults reverberated throughout the credit market. Spreads continued to widen until mid-February. However, as the price of oil stabilized, credit spreads tightened and led to positive excess returns for credit during the year. Sector performance was uneven though, with financials tightening less than industrials and utilities as energy related industrial credits recovered more than their prior losses. The Fund’s overweight to corporate bonds was a significant driver of performance relative to the Fund’s benchmark during the year, while its focus on high quality credits with lower spread volatility tempered returns. More than half of the Fund’s bond allocation is to investment-grade rated corporate securities which is greater than the Fund’s benchmark index and a key reason why the yield is traditionally higher in the Fund. Over time, this yield advantage is critical to the Fund’s ability to outperform its benchmark. It can also be a helpful strategy to protect against rising interest rates.

Looking forward into next year, we expect the Fed will likely continue to tighten monetary policy, albeit gradually. Although growth in the US has been somewhat disappointing, the promise of fiscal stimulus may provide an economic tailwind in the coming year. Manufacturing has improved alongside the rebound in energy prices and the consumer should continue to benefit from rising wages and solid job creation. Continued improvement in global economic growth as well as powerful global Central Bank stimulus may lead to a continued tightening of credit spreads and the Fund’s overweight to corporate bonds should benefit as a result. The Fund’s duration is slightly short to that of its benchmark and the addition of securities such as floating rate and step-up coupon bonds will help serve as a cushion to rising rates. While inflation expectations have rebounded, the Fund has maintained a position in Treasury Inflation Protected Securities which will benefit as inflation returns to historic averages. Finally, we anticipate continued upward pressure on intermediate bond yields, leading to a slightly muted total return outlook. However, the potential move upward should provide an opportunity to enhance the Fund’s yield over time.

 

Average Annual Total Returns as of December 31, 2016
	Johnson Institutional Intermediate Bond Fund			Bloomberg Barclays Capital Intermediate Gov’t Credit Index
One Year		3.37	%		2.08	%
Five Years		2.50	%		1.85	%
Ten Years		4.43	%		3.84	%

 

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. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 0.236%. 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 neither Index incurs fees nor expenses. 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 Barclays 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.

3

JOHNSON INSTITUTIONAL CORE BOND FUND Performance Review – December 31, 2016

The Johnson Institutional Core Bond Fund provided a total return of 3.67% during 2016, compared to a 2.65% return for the Bloomberg Barclays Capital Aggregate Index. Despite significant midyear volatility, interest rates rose only modestly higher for the full year.

Bond yields began the year at somewhat elevated levels, and the Fund maintained a neutral duration relative to the benchmark as a result. During the first half of the year, bond yields fell as energy prices declined and investors grew anxious over Britain’s vote to leave the European Union. As rates fell, the Fund shortened its duration relative to the benchmark. This positioning was beneficial to relative returns, as rates rose in response to the Presidential Election as well as the Fed’s decision to raise rates once again.

Meanwhile, credit spreads began the year at relatively wide levels, as fear of energy related defaults reverberated throughout the credit market. Spreads continued to widen until mid-February. However, as the price of oil stabilized, credit spreads tightened and led to positive excess returns for credit during the year. Sector performance was uneven though, with financials tightening less than industrials and utilities as energy related industrial credits recovered more than their prior losses. The Fund’s overweight to corporate bonds was a significant driver of performance relative to the Fund’s benchmark during the year, while its focus on high quality credits with lower spread volatility tempered returns. More than half of the Fund’s bond allocation is to investment-grade rated corporate securities which is greater than the Fund’s benchmark index and a key reason why the yield is traditionally higher in the Fund. Over time, this yield advantage is critical to the Fund’s ability to outperform its benchmark. It can also be a helpful strategy to protect against rising interest rates.

Looking forward into next year, we expect the Fed will likely continue to tighten monetary policy, albeit gradually. Although growth in the US has been somewhat disappointing, the promise of fiscal stimulus may provide an economic tailwind in the coming year. Manufacturing has improved alongside the rebound in energy prices and the consumer should continue to benefit from rising wages and solid job creation. Continued improvement in global economic growth as well as powerful global Central Bank stimulus may lead to a continued tightening of credit spreads and the Fund’s overweight to corporate bonds should benefit as a result. The Fund’s duration is slightly short to that of its benchmark and the addition of securities such as floating rate and step-up coupon bonds will help serve as a cushion to rising rates. While inflation expectations have rebounded, the Fund has maintained a position in Treasury Inflation Protected Securities which will benefit as inflation returns to historic averages. Finally, we anticipate continued upward pressure on intermediate bond yields, leading to a slightly muted total return outlook. However, the potential move upward should provide an opportunity to enhance the Fund’s yield over time.

 

Average Annual Total Returns as of December 31, 2016
	Johnson Institutional Core Bond Fund			Bloomberg Barclays Capital Aggregate Index
One Year		3.67	%		2.65	%
Five Years		2.91	%		2.23	%
Ten Years		5.27	%		4.34	%

 

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. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 0.236%. 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 neither Index incurs fees or expenses. 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 Barclays Capital Aggregate 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.

4

JOHNSON ENHANCED RETURN FUND Performance Review – December 31, 2016

The total return for the Johnson Enhanced Return Fund for 2016 was 12.89% compared to 11.96% for the S&P 500 Index. The outperformance continues to be driven by effective management of the bond portion of the portfolio compared to the cost of carry in the futures contracts.

Stocks were volatile during 2016, experiencing a correction of more than 10% in January before rallying to more than recover those declines. A surprising vote by the British electorate to exit the European Union caused a sharp pullback in late June, but it proved to be short-lived as markets recovered quickly. In November, stock futures plummeted overnight as election results came in, only to stabilize the next morning and rally over the following weeks. In the end, an improving economic picture and optimism about potential pro-growth policy changes in the U.S. propelled stocks to healthy gains for the year. Meanwhile, the Federal Reserve (the “Fed”) chose to wait until December to hike interest rates an additional 25 basis points. Although the Fed anticipated as many as four rate increases during 2016, they chose to be patient after incoming economic data suggested modest growth and a benign inflation outlook. The pace of potential rate increases continues to be instrumental in our strategic positioning of the underlying bond portfolio.

After experiencing significant midyear volatility, interest rates moved higher for short duration fixed income securities in 2016. During the first half of the year, bond yields fell as energy prices declined and investors grew anxious over Britain’s vote to leave the European Union. As rates declined, the Fund shortened its duration, which was beneficial as yields rose later in the year in response to the Presidential Election as well as the Fed’s decision to raise rates once again. Although rising government bond yields were a modest drag to Fund performance in 2016, the Fund benefited from tightening spreads on its corporate bond holdings, leading to good performance overall relative to the Fund’s benchmark. The Fund continues to have a yield advantage over the cost of carry in the futures contracts due to the upward sloping yield curve and relatively attractive corporate yield spreads. More than half of the Fund’s bond allocation is to investment-grade rated corporate securities. Over time, this yield advantage is critical to the Fund’s ability to outperform its benchmark. It can also be a helpful strategy to protect against rising rates.

Looking forward into 2017, we expect the Fed will likely continue to tighten monetary policy, albeit gradually. The Fund is positioned defensively against this risk, maintaining a short duration stance and holding securities such as floating rate and step-up coupon bonds which will help serve as a cushion to higher rates. While inflation expectations have rebounded, the Fund has maintained a position in Treasury Inflation Protected Securities which will benefit as inflation returns to historic averages. Finally, we anticipate upward pressure on short and intermediate bond yields to develop over time, which should provide an opportunity to extend duration in the future and further enhance the Fund’s yield advantage.

 

Average Annual Total Returns as of December 31, 2016
	Enhanced Return Fund			S&P 500 Index
One Year		12.89	%		11.96	%
Five Years		15.28	%		14.66	%
Ten Years		8.01	%		6.95	%

 

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. As of the Fund’s most recent prospectus dated May 1, 2016, the Fund’s total operating expense ratio was 0.36%. 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. 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.

5

JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND Portfolio of Investments as of December 31, 2016

Fixed Income Securities	Face Value		Fair Value
Corporate Bonds:
Finance
American Express Senior Unsecured Notes, 6.000% Due 09/13/2017		1,400,000	$	1,443,280
American Express Senior Unsecured Notes, 6.150% Due 08/28/2017		1,000,000		1,029,835
AON Corp. Senior Unsecured Notes, 5.000% Due 09/30/2020		2,100,000		2,262,223
BB&T Corp. Subordinated Notes, 5.250% Due 11/01/2019		2,400,000		2,592,991
ERP Operating LP Senior Unsecured Notes, 5.750% Due 06/15/2017		1,808,000		1,843,424
Fifth Third Bancorp Subordinated Notes, 4.500% Due 06/01/2018		819,000		844,835
Fifth Third Bancorp Subordinated Notes, 5.450% Due 01/15/2017		458,000		458,629
Goldman Sachs Group Inc. Senior Unsecured Floating Rate Notes, 1.586% Due 05/22/2017**		2,500,000		2,504,230
Huntington Bancshares Senior Unsecured Notes, 2.300% Due 01/14/2022		2,190,000		2,124,048
JPMorgan Chase & Co. Senior Unsecured Notes, 2.750% Due 06/23/2020		1,700,000		1,715,375
JPMorgan Chase & Co. Subordinated Notes, 6.000% Due 10/01/2017		770,000		794,628
Key Bank NA Subordinated Notes, 4.625% Due 06/15/2018		1,000,000		1,027,599
Keycorp Senior Unsecured Notes, 5.100% Due 03/24/2021		1,100,000		1,202,887
Manufacturers and Traders Trust Co. Subordinated Notes, 6.625% Due 12/04/2017		2,400,000		2,505,497
Marsh & McLennan Companies Inc. Senior Unsecured Notes, 2.300% Due 04/01/2017		2,400,000		2,399,234
Morgan Stanley Senior Unsecured Notes, 2.125% Due 04/25/2018		2,450,000		2,459,761
MUFG Americas Holdings Corp. Senior Unsecured Notes, 2.250% Due 02/10/2020		1,500,000		1,484,020
National City Corp. Subordinated Notes, 6.875% Due 05/15/2019		1,000,000		1,100,685

Fixed Income Securities	Face Value		Fair Value
PNC Bank NA Subordinated Notes, 4.875% Due 09/21/2017		1,250,000	$	1,279,896
Prudential Financial Inc. Senior Unsecured Notes, 5.375% Due 06/21/2020		750,000		821,515
Suntrust Banks Inc. Senior Unsecured Notes, 6.000% Due 09/11/2017		1,858,000		1,913,617
Wells Fargo & Co. Senior Unsecured Notes, 2.100% Due 07/26/2021		2,500,000		2,432,637
29.1% – Total Finance			$	36,240,846
Industrial
AT&T Inc. Senior Unsecured Notes, 4.600% Due 02/15/2021		2,200,000		2,326,892
Becton Dickinson Senior Unsecured Notes, 2.675% Due 12/15/2019		80,000		81,169
Becton Dickinson Senior Unsecured Notes, 6.375% Due 08/01/2019		2,000,000		2,211,848
BP Capital Markets PLC Senior Unsecured Notes, 1.846% Due 05/05/2017		1,440,000		1,443,132
Burlington Northern Santa Fe Senior Unsecured Notes, 4.700% Due 10/01/2019		500,000		537,717
Chevron Corp. Senior Unsecured Floating Rate Note, 1.861% Due 05/16/2021**		1,000,000		1,006,283
Chevron Corp. Senior Unsecured Note, 2.427% Due 06/24/2020		1,945,000		1,963,777
CR Bard Inc. Senior Unsecured Notes, 1.375% Due 01/15/2018		2,170,000		2,165,530
Dover Corp. Senior Unsecured Notes, 5.450% Due 03/15/2018		1,127,000		1,181,253
Eaton Electric Holdings Senior Unsecured Notes, 3.875% Due 12/15/2020		1,699,000		1,772,560
General Electric Capital Corp. Senior Unsecured Notes, 1.680% Due 04/15/2020**		1,380,000		1,401,364
General Electric Capital Corp. Senior Unsecured Notes, 1.963% Due 03/15/2023**		2,000,000		2,026,048
Kroger Co. Senior Unsecured Notes, 6.150% Due 01/15/2020		1,400,000		1,549,836

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

6

JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND Portfolio of Investments as of December 31,

Fixed Income Securities	Face Value		Fair Value
Norfolk Southern Corp. Senior Unsecured Notes, 5.750% Due 04/01/2018		1,000,000	$	1,049,975
Schlumberger Norge AS Senior Unsecured Notes, 1.250% Due 08/01/2017*		2,400,000		2,397,086
Shell International Senior Unsecured Notes, 4.375% Due 03/25/2020		2,250,000		2,403,578
Union Pacific Corp. Senior Unsecured Notes, 5.650% Due 05/01/2017		1,575,000		1,598,901
United Technologies Junior Subordinated Notes, 1.778% Due 05/04/2018**		3,000,000		3,000,654
Verizon Communications Senior Unsecured Notes, 4.500% Due 09/15/2020		2,000,000		2,140,226
26.0% – Total Industrial			$	32,257,829
Utilities
Berkshire Hathaway Energy Senior Unsecured Notes, 5.750% Due 04/01/2018		1,000,000		1,051,137
Duke Energy Corp. Senior Unsecured Notes, 5.050% Due 09/15/2019		2,194,000		2,365,211
Enterprise Products Senior Unsecured Notes, 6.500% Due 01/31/2019		2,000,000		2,180,168
Eversource Energy Senior Unsecured Notes, 1.450% Due 05/01/2018		1,600,000		1,594,738
Georgia Power Co. Senior Unsecured Notes, 4.250% Due 12/01/2019		1,040,000		1,104,049
Georgia Power Co. Senior Unsecured Notes, 5.700% Due 06/01/2017		1,000,000		1,018,138
Interstate Power & Light Senior Unsecured Notes, 3.650% Due 09/01/2020		600,000		621,659
National Rural Utilites Corp. Collateral Trust Notes, 5.450% Due 02/01/2018		1,000,000		1,042,929
National Rural Utilites Corp. Collateral Trust Notes, 5.450% Due 04/10/2017		1,150,000		1,163,020

Fixed Income Securities	Face Value		Fair Value
Northern Natural Gas Senior Unsecured Notes, 5.750% Due 07/15/2018*		1,280,000	$	1,353,119
NStar Senior Unsecured Notes, 4.500% Due 11/15/2019		600,000		636,857
Virginia Electric & Power Co. Senior Unsecured Notes, 5.400% Due 04/30/2018		1,000,000		1,048,506
Williams Partners LP Senior Unsecured Notes, 7.250% Due 02/01/2017		1,205,000		1,209,707
Xcel Energy Inc. Senior Unsecured Notes, 4.700% Due 05/15/2020		437,000		464,749
13.6% – Total Utilities			$	16,853,987
68.7% Total Corporate Bonds			$	85,352,662
United States Government Treasury Obligations
Treasury Inflation Protected Security, 0.125% Due 04/15/2018		4,182,720		4,220,762
United States Treasury Floating Rate Notes, 0.746% Due 04/30/2018**		1,000,000		1,001,753
United States Treasury Floating Rate Notes, 0.726% Due 10/31/2018**		5,000,000		5,000,435
United States Treasury Notes, 0.750% Due 10/31/2017		5,000,000		4,995,510
12.2% – Total United States Government Treasury Obligations			$	15,218,460
United States Government Agency Obligations
FHLMC Step-up Coupon Notes, 1.400% Due 05/25/2021**		2,500,000		2,491,240
FHLMC Step-up Coupon Notes, 1.000% Due 07/27/2021**		1,800,000		1,759,930
FHLMC Step-up Coupon Notes, 1.050% Due 08/24/2021**		1,500,000		1,476,547
FHLMC Step-up Coupon Notes, 1.100% Due 11/23/2021**		2,000,000		1,965,196
FHLMC Step-up Coupon Notes, 1.500% Due 12/30/2021**		2,000,000		1,999,900
FHLMC Step-up Coupon Notes, 1.500% Due 06/07/2021**		1,380,000		1,378,987

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

7

JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND Portfolio of Investments as of December 31,

Fixed Income Securities	Face Value		Fair Value
FHLMC Step-up Coupon Notes, 1.500% Due 06/21/2021**		2,000,000	$	1,986,340
10.5% – Total United States Government Agency Obligations			$	13,058,140
United States Government Agency Obligations –  Mortgage-Backed Securities
FHLMC 10/1 Hybrid ARM, 3.268% Due 04/01/2042**		610,872		628,903
FHLMC CMO Series 2989 Class TG, 5.000% Due 06/15/2025		749,996		809,357
FHLMC CMO Series 3925 Class VA, 4.000% Due 11/15/2022		877,019		889,963
FHLMC CMO Series 4009 Class PA, 2.000% Due 06/15/2041		541,530		533,458
FHLMC CMO Series 4017 Class MA, 3.000% Due 03/15/2041		554,799		562,973
FNMA 7/1 Hybrid ARM, 2.761% Due 02/01/2046**		1,025,223		1,046,045
FNMA 7/1 Hybrid ARM, 2.800% Due 12/01/2044**		870,173		891,947
FNMA CMO Series 2003-79 Class NJ, 5.000% Due 08/25/2023		520,539		554,960
FNMA Partner Certificate Pool MA0384, 5.000% Due 04/01/2030		990,919		1,081,218
GNMA CMO Pool 2004-95 Class QA, 4.500% Due 03/20/2034		59,249		62,248
GNMA Pool 726475, 4.000% Due 11/15/2024		297,606		308,436
5.9% – Total United States Government Agency Obligations – Mortgage-Backed Securities				$7,369,508

Fixed Income Securities	Face Value		Fair Value
Taxable Municipal Bonds
Ohio Higher Education Facilities – Cleveland Clinic Health Systems, 2.731% Due 01/01/2017		1,110,000	$	1,110,000
0.9% – Total Taxable Municipal Bonds			$	1,110,000
Total Fixed Income Securities 98.2%			$	122,108,770
(Identified Cost $122,564,129)

Cash Equivalents	Shares
First American Government Obligation Fund, Class Z, 0.43%**		1,252,222		1,252,222
Total Cash Equivalents 1.0%			$	1,252,222
(Identified Cost $1,252,222)
Total Portfolio Value 99.2%			$	123,360,992
(Identified Cost $123,816,351)
Other Assets in Excess of Liabilities 0.8%			$	1,012,204
Total Net Assets 100.0%			$	124,373,196

* 144A Restricted Security. The total fair value of such securities as of December 31, 2016 was $3,750,205 and represented 3.02% of net assets.

- Schlumberger Norge Bond, Lot 1, purchased on June 23, 2016, for $999,810; price on December 31, 2016 was $99.879.

- Northern Natural Gas Co. Bond, Lot 1, was purchased on October 12, 2012, for $1,223,180; price on December 31, 2016 was $105.712.

- Northern Natural Gas Co. Bond, Lot 2, was purchased on January 15, 2013, for $72,412.80; price on December 31, 2016 was $105.712.

- Northern Natural Gas Co. Bond, Lot 3, was purchased on November 26, 2014, for $249,766; price on December 31, 2016 was $105.712.

** Variable Rate Security; the rate shown is as of December 31, 2016.

ARM – Adjustable Rate Mortgage

CMO – Collateralized Mortgage Obligation

FDIC – Federal Deposit Insurance Corporation

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.

8

JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND Portfolio of Investments as of December 31, 2016

Fixed Income Securities	Face Value		Fair Value
Corporate Bonds:
Finance
Ace INA Holdings Senior Unsecured Notes, 2.875% Due 11/03/2022		2,000,000	$	2,016,364
American Express Co. Subordinated Notes, 3.6250% Due 12/05/2024		1,460,000		1,466,052
AON Corp. Senior Unsecured Notes, 4.000% Due 11/27/2023		2,116,000		2,195,449
BB&T Corp. Subordinated Notes, 3.950% Due 03/22/2022		500,000		523,798
BB&T Corp. Subordinated Notes, 5.250% Due 11/01/2019		1,000,000		1,080,413
ERP Operating LP Senior Unsecured Notes, 4.625% Due 12/15/2021		1,250,000		1,357,757
Fifth Third Bancorp Subordinated Notes, 4.300% Due 01/16/2024		2,000,000		2,054,320
Huntington Bancshares Senior Unsecured Notes, 2.300% Due 01/14/2022		1,600,000		1,551,816
JPMorgan Chase & Co. Senior Subordinated Notes, 3.875% Due 09/10/2024		1,600,000		1,618,939
Key Bank NA Subordinated Notes, 4.625% Due 06/15/2018		1,000,000		1,027,599
Keycorp Senior Unsecured Notes, 5.100% Due 03/24/2021		500,000		546,767
Marsh & McLennan Companies Inc. Senior Unsecured Notes, 3.500% Due 06/03/2024		1,500,000		1,526,365
MUFG Americas Holdings Corp. Senior Unsecured Notes, 3.500% Due 06/18/2022		1,290,000		1,318,931
PNC Bank NA Subordinated Notes, 6.875% Due 05/15/2019		1,500,000		1,651,027
Prudential Financial Inc. Senior Unsecured Notes, 4.500% Due 11/15/2020		1,000,000		1,071,526
Suntrust Banks Inc. Senior Unsecured Notes, 2.900% Due 03/03/2021		1,600,000		1,622,600
US Bancorp Subordinated Notes, 2.950% Due 07/15/2022		1,246,000		1,253,385
US Bancorp Subordinated Notes, 3.600% Due 09/11/2024		1,000,000		1,019,072

Fixed Income Securities	Face Value		Fair Value
Wells Fargo & Co. Subordinated Notes, 4.300% Due 07/22/2027		1,400,000	$	1,440,004
Wells Fargo & Co. Subordinated Notes, 4.480% Due 01/16/2024		1,220,000		1,284,245
24.9% – Total Finance			$	27,626,429
Industrial
AT&T Inc. Senior Unsecured Notes, 3.000% Due 02/15/2022		1,500,000		1,485,358
Becton Dickinson Senior Unsecured Notes, 3.125% Due 11/08/2021		1,790,000		1,835,160
Chevron Corp. Senior Unsecured Notes, 2.355% Due 12/05/2022		1,500,000		1,472,038
CR Bard Inc. Senior Unsecured Notes, 4.400% Due 01/15/2021		1,310,000		1,402,299
CVS Health Corp. Senior Unsecured Notes, 3.500% Due 07/20/2022		1,200,000		1,232,993
Eaton Corp. Senior Unsecured Notes, 2.750% Due 11/02/2022		1,500,000		1,485,651
General Electric Capital Corp. Senior Unsecured Notes, 1.680% Due 04/15/2020**		753,000		764,657
General Electric Capital Corp. Senior Unsecured Notes, 1.963% Due 03/15/2023**		2,230,000		2,259,044
Goodrich Corp. Senior Unsecured Notes, 4.875% Due 03/01/2020		1,000,000		1,072,539
Johnson Controls International PLC, 3.750% Due 12/01/2021		990,000		1,024,668
Kroger Co. Senior Unsecured Notes, 6.800% Due 12/15/2018		1,100,000		1,204,167
Norfolk Southern Corp. Senior Unsecured Notes, 5.750% Due 04/01/2018		1,000,000		1,049,975
Norfolk Southern Corp. Senior Unsecured Notes, 5.900% Due 06/15/2019		500,000		545,519
Shell International Finance Senior Unsecured Notes, 2.125% Due 05/11/2020		1,800,000		1,797,849
Shell International Finance Senior Unsecured Notes, 3.250% Due 05/11/2025		1,000,000		999,180

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

9

JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND Portfolio of Investments as of December 31,

Fixed Income Securities	Face Value		Fair Value
Union Pacific Corp. Senior Unsecured Notes, 5.650% Due 05/01/2017		500,000	$	507,588
United Technologies Junior Subordinated Notes, 1.778% Due 05/04/2018**		1,500,000		1,500,327
Verizon Communications Senior Unsecured Notes, 4.672% Due 03/15/2055		1,782,000		1,673,494
21.1% – Total Industrial			$	23,312,506
Utilities
Berkshire Hathaway Energy Senior Unsecured Notes, 3.750% Due 11/15/2023		1,000,000		1,045,705
Berkshire Hathaway Energy Senior Unsecured Notes, 5.750% Due 04/01/2018		460,000		483,523
Duke Energy Corp. Senior Unsecured Notes, 5.050% Due 09/15/2019		620,000		668,382
Duke Energy Ohio First Mortgage, 5.450% Due 04/01/2019		1,000,000		1,075,989
Enterprise Products Senior Unsecured Notes, 3.350% Due 03/15/2023		1,500,000		1,518,534
Eversource Energy Senior Unsecured Notes, 1.450% Due 05/01/2018		1,190,000		1,186,086
Georgia Power Co. Senior Unsecured Notes, 2.850% Due 05/15/2022		1,111,000		1,109,338
National Rural Utilities Corp. Collateral Trust, 10.375% Due 11/01/2018		500,000		576,614
National Rural Utilities Corp. Collateral Trust, 5.450% Due 02/01/2018		1,190,000		1,241,086
Northern Natural Gas Senior Unsecured Notes, 5.750% Due 07/15/2018*		1,000,000		1,057,124
NStar Senior Unsecured Notes, 4.500% Due 11/15/2019		500,000		530,714
Virginia Electric & Power Co. Senior Unsecured Notes, 2.950% Due 01/15/2022		415,000		420,694
Williams Partners Senior Unsecured Notes, 4.875% Due 05/15/2023		1,500,000		1,528,002

Fixed Income Securities	Face Value		Fair Value
Xcel Energy Inc. Senior Unsecured Notes, 4.700% Due 05/15/2020		1,000,000	$	1,063,498
12.2% – Total Utilities			$	13,505,289
58.2% Total Corporate Bonds			$	64,444,224
United States Government Treasury Obligations
Treasury Inflation Protected Security, 1.000% Due 02/15/2046		1,734,255		1,741,584
United States Treasury Floating Rate Notes, 0.746% Due 04/30/2018**		5,000,000		5,008,765
United States Treasury Floating Rate Notes, 0.726% Due 10/31/2018**		800,000		800,070
United States Treasury Floating Rate Notes, 0.828% Due 01/31/2018**		4,300,000		4,312,332
United States Treasury Notes, 2.500% Due 05/15/2046		3,000,000		2,666,016
United States Treasury Notes, 2.750% Due 11/15/2042		450,000		425,021
United States Treasury Notes, 3.000% Due 02/28/2017		2,500,000		2,509,875
15.8% – Total United States Government Treasury Obligations			$	17,463,663
United States Government Agency Obligations
FHLMC Step-up Coupon Notes, 1.050% Due 10/28/2021**		1,500,000		1,488,561
FHLMC Step-up Coupon Notes, 1.500% Due 06/07/2021**		3,250,000		3,247,615
FHLMC Step-up Coupon Notes, 1.500% Due 06/21/2021**		3,000,000		2,979,510
FHLMC Step-up Coupon Notes, 1.100% Due 11/23/2021**		1,500,000		1,473,897
FHLMC Step-up Coupon Notes, 1.150% Due 07/12/2021**		2,000,000		1,983,760
10.1% – Total United States Government Agency Obligations			$	11,173,343
United States Government Agency Obligations –  Mortgage Backed Securities
FHLMC 10/1 Hybrid ARM, 3.268% Due 04/01/2042**		654,506		673,825
FHLMC CMO Pool J12635, 4.000% Due 07/01/2025		624,243		656,758

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

10

JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND Portfolio of Investments as of December 31,

Fixed Income Securities	Face Value		Fair Value
FHLMC CMO Series 2985 Class GE, 5.500% Due 06/15/2025		186,605	$	202,836
FHLMC CMO Series 3946 Class LN, 3.500% Due 04/15/2041		1,040,093		1,082,632
FHLMC CMO Series 4017 Class MA, 3.000% Due 03/15/2041		226,448		229,785
FHLMC Gold Partner Certificate Pool G08068, 5.500% Due 07/01/2035		294,342		330,019
FNMA 10/1 Hybrid ARM, 3.257% Due 12/01/2041**		469,519		484,232
FNMA 7/1 Hybrid ARM, 2.800% Due 12/01/2044**		893,783		916,147
FNMA CMO Pool AA4392, 4.000% Due 04/01/2039		401,887		424,204
FNMA CMO Series 2015-37 Class BA, 3.000% Due 08/25/2044		2,033,888		2,085,285
FNMA CMO Series 2016-39 Class LA, 2.500% Due 03/25/2045		1,425,152		1,430,095
FNMA Partner Certificate Pool MA0384, 5.000% Due 04/01/2030		396,367		432,487
8.1% – Total United States Government Agency Obligations – Mortgage Backed Securities			$	8,948,305
Taxable Municipal Bonds
Bowling Green State University Ohio Revenue – Build America Bonds, 5.330% Due 06/01/2020		725,000		795,173
Florida Atlantic University Capital Improvement Revenue – Build America Bonds, 7.589% Due 07/01/2037		1,000,000		1,132,830
Kentucky Asset Liability Commission Revenue – Build America Bonds, 4.104% Due 04/01/2019		1,000,000		1,043,360
Kentucky Asset Liability Commission Revenue – Build America Bonds, 5.339% Due 04/01/2022		300,000		330,852

Fixed Income Securities	Face Value		Fair Value
University of Cincinnati Ohio General Receipts Revenue – Build America Bonds, 5.117% Due 06/01/2021		1,435,000	$	1,557,018
University of North Carolina Chapel Hill Hospital Revenue – Build America Bonds, 3.539% Due 02/01/2017		1,315,000		1,317,670
5.6% – Total Taxable Municipal Bonds			$	6,176,903
Total Fixed Income Securities 97.8%			$	108,206,438
(Identified Cost $107,635,964)
Preferred Stocks		Shares
Allstate Corp. Subordinated Debentures, 5.100% Due 01/15/2053		59,890		1,507,431
Total Preferred Stocks 1.3%			$	1,507,431
(Identified Cost $1,446,031)
Cash Equivalents
First American Government Obligation Fund, Class Z, 0.43%**		185,304		185,304
Total Cash Equivalents 0.2%			$	185,304
(Identified Cost $185,304)
Total Portfolio Value 99.3%			$	109,899,173
(Identified Cost $109,267,299)
Other Assets in Excess of Liabilities 0.7%			$	808,921
Total Net Assets 100%			$	110,708,094

* 144A Restricted Security. The total fair value of such securities as of December 31, 2016 was $1,057,124 and represented 0.94% of net assets.

- Northern Natural Gas Co. Bond was purchased on October 12, 2012, for $1,223,180; price on December 31, 2016 was $105.712.

** Variable Rate Security; the rate shown is as of December 31, 2016.

ARM – Adjustable Rate Mortgage

CMO – Collateralized Mortgage Obligation

FDIC – Federal Deposit Insurance Corporation

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

TVA – Tennessee Valley Authority

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

11

JOHNSON INSTITUTIONAL CORE BOND FUND Portfolio of Investments as of December 31, 2016

Fixed Income Securities	Face Value		Fair Value
Corporate Bonds:
Finance
American Express Co. Subordinated Notes, 3.6250% Due 12/05/2024		1,550,000	$	1,556,425
AON Corp. Senior Unsecured Notes, 3.875% Due 12/15/2025		750,000		764,464
AON Corp. Senior Unsecured Notes, 4.000% Due 11/27/2023		1,000,000		1,037,547
BB&T Corp. Subordinated Notes, 5.250% Due 11/01/2019		1,700,000		1,836,702
ERP Operating LP Senior Unsecured Notes, 4.625% Due 12/15/2021		1,069,000		1,161,154
Fifth Third Bancorp Subordinated Notes, 4.300% Due 01/16/2024		1,500,000		1,540,740
Huntington Bancshares Senior Unsecured Notes, 3.150% Due 03/14/2021		1,500,000		1,521,149
JPMorgan Chase & Co. Senior Subordinated Notes, 3.875% Due 09/10/2024		1,550,000		1,568,347
Key Bank NA Subordinated Notes, 4.625% Due 06/15/2018		1,000,000		1,027,599
Keycorp Senior Unsecured Notes, 5.100% Due 03/24/2021		700,000		765,474
Marsh & McLennan Companies Inc. Senior Unsecured Notes, 2.300% Due 04/01/2017		1,270,000		1,269,595
MUFG Americas Holdings Corp. Senior Unsecured Notes, 2.250% Due 02/10/2020		1,500,000		1,484,021
MUFG Americas Holdings Corp. Senior Unsecured Notes, 3.500% Due 06/18/2022		750,000		766,820
PNC Bank NA Subordinated Notes, 6.875% Due 05/15/2019		1,000,000		1,100,685
PNC Financial Services Subordinated Notes, 3.900% Due 04/29/2024		500,000		512,551
Prudential Financial Inc. Senior Unsecured Notes, 4.500% Due 11/15/2020		1,165,000		1,248,328
Suntrust Banks Inc. Senior Unsecured Notes, 2.900% Due 03/03/2021		1,700,000		1,724,012
US Bancorp Subordinated Notes, 3.600% Due 09/11/2024		600,000		611,443

Fixed Income Securities	Face Value		Fair Value
US Bank NA Subordinated Notes, 2.950% Due 07/15/2022		1,640,000	$	1,649,720
Wells Fargo & Co. Subordinated Notes, 5.606% Due 01/15/2044		2,000,000		2,266,082
21.8% – Total Finance			$	25,412,858
Industrial
AT&T Inc. Senior Unsecured Notes, 5.000% Due 03/01/2021		1,500,000		1,613,268
Becton Dickinson Senior Unsecured Notes, 3.125% Due 11/08/2021		1,700,000		1,742,889
Chevron Corp. Senior Unsecured Notes, 2.355% Due 12/05/2022		1,250,000		1,226,699
CR Bard Inc. Senior Unsecured Notes, 4.400% Due 01/15/2021		1,420,000		1,520,049
Dover Corp. Senior Unsecured Notes, 5.450% Due 03/15/2018		1,395,000		1,462,154
Eaton Corp. Senior Unsecured Notes, 2.750% Due 11/02/2022		1,700,000		1,683,738
General Electric Capital Corp. Senior Unsecured Floating Rate Notes, 1.963% Due 03/15/2023**		2,000,000		2,026,048
Johnson Controls International PLC, 3.625% Due 07/02/2024		625,000		633,824
Johnson Controls International PLC, 3.750% Due 12/01/2021		850,000		879,765
Kroger Co. Senior Unsecured Notes, 3.400% Due 04/15/2022		385,000		392,454
Kroger Co. Senior Unsecured Notes, 6.800% Due 12/15/2018		1,000,000		1,094,697
McDonalds Corp. Senior Unsecured Notes, 6.300% Due 03/01/2038		1,300,000		1,620,048
Shell International Finance Senior Unsecured Notes, 2.125% Due 05/11/2020		550,000		549,343
Shell International Finance Senior Unsecured Notes, 3.250% Due 05/11/2025		1,600,000		1,598,688
Union Pacific Corp. Senior Unsecured Notes, 5.650% Due 05/01/2017		580,000		588,801
United Technologies Junior Subordinated Notes, 1.778% Due 05/04/2018**		1,570,000		1,570,342

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

12

JOHNSON INSTITUTIONAL CORE BOND FUND Portfolio of Investments as of December 31,

Fixed Income Securities	Face Value		Fair Value
Verizon Communications Senior Unsecured Notes, 4.672% Due 03/15/2055		1,732,000	$	1,626,539
18.7% – Total Industrial			$	21,829,346
Utilities
Berkshire Hathaway Energy Senior Unsecured Notes, 3.750% Due 11/15/2023		1,300,000		1,359,416
Duke Energy Corp., Senior Unsecured Notes, 3.550% Due 09/15/2021		1,725,000		1,785,615
Enterprise Products Senior Unsecured Notes, 3.350% Due 03/15/2023		1,655,000		1,675,449
Eversource Energy Senior Unsecured Notes, 1.450% Due 05/01/2018		500,000		498,355
Georgia Power Co. Senior Unsecured Notes, 5.700% Due 06/01/2017		425,000		432,709
Northern Natural Gas Co. Senior Unsecured Notes, 5.750% Due 07/15/2018*		1,000,000		1,057,124
NStar Senior Unsecured Notes, 4.500% Due 11/15/2019		1,000,000		1,061,428
Virginia Electric & Power Co. Senior Unsecured Notes, 5.950% Due 09/15/2017		1,535,000		1,581,623
Williams Partners Senior Unsecured Notes, 4.875% Due 05/15/2023		1,465,000		1,492,349
Xcel Energy Inc. Senior Unsecured Notes, 4.700% Due 05/15/2020		1,000,000		1,063,498
10.3% – Total Utilities			$	12,007,566
50.8% Total Corporate Bonds			$	59,249,770
United States Government Treasury Obligations
Treasury Inflation Protected Security, 1.000% Due 02/15/2046		1,734,255		1,741,584
United States Treasury Bond, 2.500% Due 02/15/2045		3,500,000		3,117,597
United States Treasury Floating Rate Notes, 0.746% Due 04/30/2018**		5,000,000		5,008,765
United States Treasury Floating Rate Notes, 0.726% Due 10/31/2018**		1,800,000		1,800,157

Fixed Income Securities	Face Value		Fair Value
United States Treasury Notes, 2.500% Due 05/15/2046		4,500,000	$	3,999,024
United States Treasury Notes, 2.750% Due 08/15/2042		3,000,000		2,834,181
United States Treasury Notes, 2.750% Due 11/15/2042		1,400,000		1,322,289
17.0% – Total United States Government Treasury Obligations			$	19,823,597
United States Government Agency Obligations
FHLMC Step-up Coupon Notes, 1.050% Due 08/24/2021**		5,000,000		4,921,825
FHLMC Step-up Coupon Notes, 1.500% Due 06/21/2021**		1,500,000		1,489,755
FHLMC Step-up Coupon Notes, 1.500% Due 06/23/2021**		1,500,000		1,499,293
FHLMC Step-up Coupon Notes, 1.150% Due 07/12/2021**		1,500,000		1,487,820
FHLMC Step-up Coupon Notes, 1.500% Due 12/30/2021**		1,000,000		999,950
8.9% – Total United States Government Agency Obligations			$	10,398,643
United States Government Agency Obligations –  Mortgage Backed Securities
FHLMC 10/1 Hybrid ARM, 3.268% Due 04/01/2042**		654,506		673,825
FHLMC CMO Series 2985 Class GE, 5.500% Due 06/15/2025		163,279		177,482
FHLMC CMO Series 3946 Class LN, 3.500% Due 04/15/2041		1,040,093		1,082,632
FHLMC CMO Series 4017 Class MA, 3.000% Due 03/15/2041		452,897		459,570
FHLMC Gold Partner Certificate Pool G06616, 4.500% Due 12/01/2035		266,771		287,449
FHLMC Gold Partner Certificate Pool G08068, 5.500% Due 07/01/2035		665,469		746,131
FHLMC Gold Partner Certificate Pool G13596, 4.000% Due 07/01/2024		1,652,920		1,742,923
FNMA 10/1 Hybrid ARM, 3.257% Due 12/01/2041**		469,519		484,232

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

13

JOHNSON INSTITUTIONAL CORE BOND FUND Portfolio of Investments as of December 31,

Fixed Income Securities	Face Value		Fair Value
FNMA CMO Series 2003-79 Class NJ, 5.000% Due 08/25/2023		318,372	$	339,425
FNMA CMO Series 2013-21 Class VA, 3.000% Due 07/25/2028		1,208,495		1,239,161
FNMA CMO Series 2013-83 Class MH, 4.000% Due 08/25/2043		547,190		580,803
FNMA CMO Series 2014-20 Class AC, 3.000% Due 08/25/2036		971,048		1,002,372
FNMA CMO Series 2014-28 Class PA, 3.500% Due 02/25/2043		590,357		616,746
FNMA CMO Series 2015-72 Class GB, 2.500% Due 12/25/2042		1,430,590		1,441,953
FNMA CMO Series 2016-39 Class LA, 2.500% Due 03/25/2045		3,325,355		3,336,888
FNMA Partner Certificate Pool 1107, 3.500% Due 07/01/2032		1,265,529		1,316,245
FNMA Partner Certificate Pool 889050, 6.000% Due 05/01/2037		512,765		590,311
FNMA Partner Certificate Pool 9309, 3.500% Due 10/01/2031		1,449,216		1,519,401
FNMA Partner Certificate Pool 995112, 5.500% Due 07/01/2036		268,857		301,202
FNMA Partner Certificate Pool AA4392, 4.000% Due 04/01/2039		401,887		424,204
GNMA Pass Thru Certificate Pool 781397, 5.500% Due 02/15/2017		28		28
15.7% – Total United States Government Agency Obligations – Mortgage Backed Securities			$	18,362,983
Taxable Municipal Bonds
Bowling Green State University Ohio Revenue – Build America Bonds, 5.330% Due 06/01/2020		750,000		822,592
Cincinnati Children’s Hospital Medical Center, 2.853% Due 11/15/2026		750,000		711,323
Florida Atlantic University Capital Improvement Revenue – Build America Bonds, 7.589% Due 07/01/2037		1,785,000		2,022,102

Fixed Income Securities	Face Value		Fair Value
Ohio Higher Education Facilities – Cleveland Clinic Health Systems, 3.849% Due 01/01/2022		945,000	$	1,002,258
Ohio Major New Infrastructure Revenue – Build America Bonds, 4.994% Due 12/15/2020		850,000		921,357
4.7% Total Taxable Municipal Bonds			$	5,479,632
Total Fixed Income Securities 97.1%			$	113,314,625
(Identified Cost $113,094,564)

Preferred Stocks	Shares
Allstate Corp. Subordinated Debentures, 5.100% Due 01/15/2053		58,100		1,462,377
Total Preferred Stocks 1.3%			$	1,462,377
(Identified Cost $1,410,853)
Cash Equivalents
First American Government Obligation Fund, Class Z, 0.43%**		99,590		99,590
Total Cash Equivalents 0.1%			$	99,590
(Identified Cost $99,590)
Total Portfolio Value 98.5%			$	114,876,592
(Identified Cost $114,605,007)
Other Assets in Excess of Liabilities 1.5%			$	1,813,278
Total Net Assets 100.0%			$	116,689,870

* 144A Restricted Security. The total fair value of such securities as of December 31, 2016 was $1,057,124 and represented 0.91% of net assets.

- Northern Natural Gas Co. Bond was purchased on October 12, 2012, for $1,223,180; price on December 31, 2016 was $105.712.

** Variable Rate Security; the rate shown is as of December 31, 2016.

ARM – Adjustable Rate Mortgage

CMO – Collateralized Mortgage Obligation

FDIC – Federal Deposit Insurance Corporation

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.

14

JOHNSON ENHANCED RETURN FUND Portfolio of Investments as of December 31, 2016

Fixed Income Securities	Face Value		Fair Value
Corporate Bonds
Finance
Ace INA Holdings Senior Unsecured Notes, 5.900% Due 06/15/2019		679,000	$	743,096
American Express Bank Senior Unsecured Notes, 6.000% Due 09/13/2017		1,925,000		1,984,510
AON Corp. Senior Unsecured Notes, 5.000% Due 09/30/2020		1,900,000		2,046,773
BB&T Corp. Subordinated Notes, 4.900% Due 06/30/2017		1,383,000		1,404,651
BB&T Corp. Subordinated Notes, 5.250% Due 11/01/2019		1,220,000		1,318,104
ERP Operating LP Senior Unsecured Notes, 5.750% Due 06/15/2017		1,904,000		1,941,305
Goldman Sachs Group Inc. Senior Unsecured Floating Rate Notes, 1.586% Due 05/22/2017**		2,200,000		2,203,722
Huntington Bancshares Senior Unsecured Notes, 2.300% Due 01/14/2022		1,500,000		1,454,828
JPMorgan Chase & Co. Senior Unsecured Notes, 2.750% Due 06/23/2020		2,000,000		2,018,088
Keycorp Senior Unsecured Notes, 5.100% Due 03/24/2021		1,800,000		1,968,361
Manufacturers and Traders Trust Co. Subordinated Notes, 6.625% Due 12/04/2017		2,075,000		2,166,211
Marsh & McLennan Companies Inc. Senior Unsecured Notes, 2.300% Due 04/01/2017		2,000,000		1,999,362
Morgan Stanley Senior Unsecured Notes, 2.125% Due 04/25/2018		2,165,000		2,173,625
MUFG Americas Holdings Corp. Senior Unsecured Notes, 1.625% Due 02/09/2018		1,827,000		1,820,585
PNC Bank NA Subordinated Notes, 4.875% Due 09/21/2017		1,000,000		1,023,917
PNC Funding Corp. Guaranteed Notes, 5.625% Due 02/01/2017		789,000		791,387
Suntrust Banks Inc. Senior Unsecured Notes, 6.000% Due 09/11/2017		1,000,000		1,029,934

Fixed Income Securities	Face Value		Fair Value
Travelers Companies Inc. Senior Unsecured Notes, 5.800% Due 05/15/2018		1,000,000	$	1,054,930
Wells Fargo & Co. Senior Unsecured Notes, 2.100% Due 07/26/2021		2,200,000		2,140,721
28.4% – Total Finance			$	31,284,110
Industrial
AT&T Inc. Senior Unsecured Notes, 4.600% Due 02/15/2021		2,000,000		2,115,356
Chevron Corp. Senior Unsecured Floating Rate Note, 1.472% Due 03/03/2022**		2,100,000		2,098,303
CR Bard Inc. Senior Unsecured Notes, 1.375% Due 01/15/2018		1,700,000		1,696,498
Eaton Corp. Senior Unsecured Notes, 5.600% Due 05/15/2018		1,000,000		1,051,193
Eaton Electric Holdings Senior Unsecured Notes, 3.875% Due 12/15/2020		1,025,000		1,069,378
General Electric Capital Corp. Senior Unsecured Floating Rate Notes, 1.180% Due 05/13/2024**		1,100,000		1,040,496
General Electric Capital Corp. Senior Unsecured Floating Rate Notes, 1.880% Due 04/15/2023**		2,000,000		2,024,958
Johnson Controls International PLC, 5.000% Due 03/30/2020		1,560,000		1,678,446
Kroger Co. Senior Unsecured Notes, 6.150% Due 01/15/2020		1,600,000		1,771,242
McDonald's Corp. Senior Unsecured Notes, 2.200% Due 05/26/2020		1,745,000		1,745,438
Norfolk Southern Corporation Senior Unsecured Notes, 5.750% Due 04/01/2018		1,564,000		1,642,161
Schulmberger Norge AS Senior Unsecured Notes, 1.250% Due 08/01/2017*		2,100,000		2,097,451
Shell International Senior Unsecured Notes, 4.300% Due 09/22/2019		1,800,000		1,909,507
United Technologies Junior Subordinated Notes, 1.778% Due 05/04/2018**		2,000,000		2,000,436

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

15

JOHNSON ENHANCED RETURN FUND Portfolio of Investments as of December 31,

Fixed Income Securities	Face Value		Fair Value
Verizon Communications Senior Unsecured Notes, 4.500% Due 09/15/2020		2,003,000	$	2,143,436
23.7% – Total Industrials			$	26,084,299
Utilities
Berkshire Hathaway Energy Co. Senior Unsecured Notes, 2.000% Due 11/15/2018		1,000,000		1,004,310
Berkshire Hathaway Energy Co. Senior Unsecured Notes, 5.750% Due 04/01/2018		1,000,000		1,051,137
Duke Energy Corp. Senior Unsecured Notes, 5.050% Due 09/15/2019		1,672,000		1,802,476
Enterprise Products Senior Unsecured Notes, 6.500% Due 01/31/2019		1,500,000		1,635,126
Eversource Energy Senior Unsecured Notes, 1.450% Due 05/01/2018		1,425,000		1,420,313
Georgia Power Co. Senior Unsecured Notes, 5.700% Due 06/01/2017		1,945,000		1,980,278
National Rural Utilities Collateral Trust, 5.450% Due 02/01/2018		870,000		907,348
NStar Senior Unsecured Notes, 4.500% Due 11/15/2019		480,000		509,486
Virginia Electric & PowerCo. Senior Unsecured notes, 5.400% Due 04/30/2018		1,230,000		1,289,662
Williams Partners LP Senior Unsecured Notes, 7.250% Due 02/01/2017		500,000		501,953
Xcel Energy Inc. Senior Unsecured Notes, 4.700% Due 05/15/2020		400,000		425,399
11.4% – Total Utilities			$	12,527,488
63.5% Total Corporate Bonds			$	69,895,897
United States Government Treasury Obligations
Treasury Inflation Protected Security, 0.125% Due 04/15/2018		4,182,720		4,220,762
United States Treasury Floating Rate Notes, 0.726% Due 10/31/2018**		4,500,000		4,500,391
United States Treasury Notes, 0.625% Due 05/31/2017***		3,500,000		3,500,273

Fixed Income Securities	Face Value		Fair Value
United States Treasury Notes, 0.750% Due 10/31/2017***		6,114,000	$	6,108,510
16.6% – Total United States Government Treasury Obligations			$	18,329,936
United States Government Agency Obligations
FHLMC Step-up Coupon Notes, 1.000% Due 07/27/2021**		2,500,000		2,444,347
FHLMC Step-up Coupon Notes, 1.050% Due 08/24/2021**		1,000,000		984,365
FHLMC Step-up Coupon Notes, 1.500% Due 06/07/2021**		1,000,000		999,266
FHLMC Step-up Coupon Notes, 1.500% Due 06/23/2021**		1,200,000		1,199,435
FHLMC Step-up Coupon Notes, 1.150% Due 07/12/2021**		2,000,000		1,983,760
FHLMC Step-up Coupon Notes, 1.500% Due 12/28/2021**		1,500,000		1,499,437
FHLMC Step-up Coupon Notes, 1.500% Due 12/30/2021**		1,500,000		1,499,925
9.6% – Total United States Government Agency Obligations			$	10,610,535
United States Government Agency Obligations –  Mortgage Backed Securities
FHLMC CMO Series 4009 Class PA, 2.000% Due 06/15/2041		1,874,526		1,846,584
FHLMC CMO Series 4287 Class AB, 2.000% Due 12/15/2026		1,123,687		1,115,262
FHLMC Gold Partner Certificate Pool J12635, 4.000% Due 07/01/2025		196,191		206,410
FNMA 10/1 Hybrid ARM, 3.257% Due 12/01/2041**		469,520		484,232
FNMA CMO Pool 1106, 3.000% Due 07/01/2032		1,341,383		1,368,661
FNMA CMO Pool 833200, 5.500% Due 09/01/2035		814,130		922,694
GNMA Pool 726475, 4.000% Due 11/15/2024		297,606		308,436
GNMA Pool 728920, 4.000% Due 12/15/2024		410,193		428,676
6.1% – Total United States Government Agency Obligations – Mortgage Backed Securities			$	6,680,955

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

16

JOHNSON ENHANCED RETURN FUND Portfolio of Investments as of December 31,

Fixed Income Securities	Face Value		Fair Value
Taxable Municipal Bonds
Ohio Higher Education Facilities Commission – Cleveland Clinic Health System, 2.731% Due 01/01/2017		1,000,000	$	1,000,000
0.9% – Total Municipal Bonds			$	1,000,000
Total Fixed Income Securities 96.7%			$	106,517,323
(Identified Cost $106,965,566)

Cash & Cash Equivalents	Shares
First American Government Obligation Fund, Class Z, 0.43%**		3,391,230		3,391,230
Total Cash Equivalents 3.1%			$	3,391,230
(Identified Cost $3,391,230)
Total Portfolio Value 99.8%			$	109,908,553
(Identified Cost $110,356,796)
Other Assets in Excess of Liabilities 0.2%			$	274,902
Total Net Assets: 100.0%			$	110,183,455

Futures Contracts	Long Contracts		Unrealized Depreciation
E-mini Standard & Poor's 500 expiring March 2017 (50 units per contract)
(Notional Value of $109,461,990)		979	$	(966,520)

* 144A Restricted Security. The total fair value of such securities as of December 31, 2016 was $2,097,451 and represented 1.90% of net assets.

- Schlumberger Norge Bond, Lot 1, purchased on June 23, 2016, for $1,799,095; price on December 31, 2016 was $99.879.

- Schlumberger Norge Bond, Lot 2, purchased on December 19, 2016, for $299,979; price on December 31, 2016 was $99.879.

** Variable Rate Security; the rate shown is as of December 31, 2016.

*** Held as collateral by RJ O'Brien for futures contracts

- all of US Treasury Note maturing 05/31/2017, and part of US Treasury Note maturing 10/31/2017.

ARM – Adjustable Rate Mortgage

CMO – Collateralized Mortgage Obligation

FDIC – Federal Deposit Insurance Corporation

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.

17

JOHNSON MUTUAL FUNDS December 31, 2016

Statements of Assets and Liabilities

	Johnson Institutional Short Duration Bond Fund			Johnson Institutional Intermediate Bond Fund		Johnson Institutional Core Bond Fund		Johnson Enhanced Return Fund
Assets:
Investment Securities at Fair Value*	$	123,360,992		$	109,899,173	$	114,876,592	$	109,908,553
Due from Broker		—			—		—		10,150
Interest Receivable		964,910			757,030		840,288		737,932
Fund Shares Sold Receivable		57,978			60,352		982,334		—
Receivable for CMO Paydowns		15,207			16,293		16,293		—
Total Assets	$	124,399,087		$	110,732,848	$	116,715,507	$	110,656,635
Liabilities:
Accrued Management Fee	$	23,143		$	22,025	$	22,967	$	32,450
Payable for Variation Margin on Futures Contracts		—			—		—		440,730
Other Payables		894			958		957		—
Fund Shares Redeemed Payable		1,854			1,771		1,713		—
Total Liabilities	$	25,891		$	24,754	$	25,637	$	473,180
Net Assets	$	124,373,196		$	110,708,094	$	116,689,870	$	110,183,455
Net Assets Consist of:
Paid in Capital	$	124,896,910		$	110,076,220	$	116,418,285	$	104,844,041
Accumulated Net Investment Income/(Loss)		—			—		—		—
Accumulated Net Realized Gain (Loss) from Security Transactions & Futures Contracts		(68,355	)		—		—		6,754,177
Net Unrealized Gain (Loss) on Investments		(455,359	)		631,874		271,585		(448,243	)
Net Unrealized (Loss) on Futures Contracts		—			—		—		(966,520	)
Net Assets	$	124,373,196		$	110,708,094	$	116,689,870	$	110,183,455
Shares Outstanding (Unlimited Amount Authorized)		8,302,175			7,116,958		7,419,054		6,767,797
Offering, Redemption and Net Asset Value Per Share	$	14.98		$	15.56	$	15.73	$	16.28
*Identified Cost of Investment Securities	$	123,816,351		$	109,267,299	$	114,605,007	$	110,356,796

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

18

JOHNSON MUTUAL FUNDS December 31, 2016

Statements of Operations

	Johnson Institutional Short Duration Bond Fund			Johnson Institutional Intermediate Bond Fund			Johnson Institutional Core Bond Fund			Johnson Enhanced Return Fund
	Year Ended 12/31/2016			Year Ended 12/31/2016			Year Ended 12/31/2016			Year Ended 12/31/2016
Investment Income:
Interest	$	1,852,547		$	2,564,954		$	2,553,869		$	1,584,192
Dividends		—			66,000			65,886			—
Total Investment Income	$	1,852,547		$	2,630,954		$	2,619,755		$	1,584,192
Expenses:
Gross Management Fee	$	344,424		$	326,600		$	298,073		$	367,634
Management Fee Waiver (Note #4)		(74,197	)		(70,372	)		(64,184	)		—
Net Expenses	$	270,227		$	256,228		$	233,889		$	367,634
Net Investment Income	$	1,582,320		$	2,374,726		$	2,385,866		$	1,216,558
Realized and Unrealized Gains/(Losses):
Net Realized Gain from Security Transactions	$	179,234		$	270,305		$	654,838		$	100,824
Net Realized Gain from Futures Contracts		—			—			—			13,309,488
Net Change in Unrealized Gain (Loss) on Investments		133,919			717,704			(398,336	)		122,938
Net Change in Unrealized (Loss) on Futures Contracts		—			—			—			(1,915,570	)
Net Gain/(Loss) on Investments	$	313,153		$	988,009		$	256,502		$	11,617,680
Net Change in Net Assets from Operations	$	1,895,473		$	3,362,735		$	2,642,368		$	12,834,238

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

19

JOHNSON MUTUAL FUNDS December 31, 2016

Statements of Changes in Net Assets

	Johnson Institutional Short Duration Bond Fund						Johnson Institutional Intermediate Bond Fund						Johnson Institutional Core Bond Fund						Johnson Enhanced Return Fund
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2016			Year Ended 12/31/2015
Operations:
Net Investment Income	$	1,582,320		$	1,139,641		$	2,374,726		$	2,048,117		$	2,385,866		$	2,001,980		$	1,216,558		$	887,743
Net Realized Gain (Loss) from Security Transactions		179,234			39,757			270,305			(36,384	)		654,838			792,497			100,824			(25,227	)
Net Realized Gain from Futures Contracts		—			—			—			—			—			—			13,309,488			2,580,724
Net Change in Unrealized Gain (Loss) on Investments		133,919			(627,051	)		717,704			(1,342,550	)		(398,336	)		(1,919,456	)		122,938			(404,105	)
Net Change in Unrealized (Loss) on Futures Contracts		—			—			—			—			—			—			(1,915,570	)		(1,727,628	)
Net Change in Net Assets from Operations	$	1,895,473		$	552,347		$	3,362,735		$	669,183		$	2,642,368		$	875,021		$	12,834,238		$	1,311,507
Distributions to Shareholders:
Net Investment Income	$	(1,761,554	)	$	(1,289,701	)	$	(2,459,539	)	$	(2,124,925	)	$	(2,547,906	)	$	(2,157,724	)	$	(1,419,911	)	$	(1,033,730	)
Return of Capital		(15,972	)		(11,931	)		—			(9,596	)		(19,024	)		(12,314	)		—			(14,030	)
Net Realized Gain from Security Transactions		—			—			(92,392	)		—			(492,798	)		(636,753	)		(4,052,802	)		(4,269,751	)
Net Change in Net Assets from Distributions	$	(1,777,526	)	$	(1,301,632	)	$	(2,551,931	)	$	(2,134,521	)	$	(3,059,728	)	$	(2,806,791	)	$	(5,472,713	)	$	(5,317,511	)
Capital Share Transactions:
Proceeds From Sale of Shares	$	46,756,569		$	45,463,374		$	27,848,730		$	36,414,364		$	48,945,493		$	24,627,392		$	25,084,822		$	7,083,579
Net Asset Value of Shares Issued on Reinvestment of Distributions		331,055			134,461			293,502			118,872			867,136			22,023			5,472,547			5,315,623
Cost of Shares Redeemed		(30,910,252	)		(15,038,393	)		(22,604,865	)		(10,347,648	)		(19,600,901	)		(10,639,496	)		(25,687,328	)		(7,591,404	)
Net Change in Net Assets from Capital Share Transactions	$	16,177,372		$	30,559,442		$	5,537,367		$	26,185,588		$	30,211,728		$	14,009,919		$	4,870,041		$	4,807,798
Net Change in Net Assets	$	16,295,319		$	29,810,157		$	6,348,171		$	24,720,250		$	29,794,368		$	12,078,149		$	12,231,566		$	801,794
Net Assets at Beginning of Year	$	108,077,877		$	78,267,720		$	104,359,923		$	79,639,673		$	86,895,502		$	74,817,353		$	97,951,889		$	97,150,095
Net Assets at End of Year	$	124,373,196		$	108,077,877		$	110,708,094		$	104,359,923		$	116,689,870		$	86,895,502		$	110,183,455		$	97,951,889
Accumulated (Distribution in Excess of) Undistributed Net Investment Income	$	(195,206)		$	—		$	(84,813)		$	—		$	(175,741)		$	—		$	(203,353)		$	—

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

20

FINANCIAL HIGHLIGHTS JOHNSON INSTITUTIONAL SHORT DURATION BOND FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	14.96		$	15.05		$	15.03		$	15.27		$	15.27
Operations:
Net Investment Income		0.21			0.17			0.18			0.25			0.32
Net Gains (Losses) on Securities (Realized and Unrealized)		0.04			(0.07	)		0.04			(0.22	)		0.04
Total Operations	$	0.25		$	0.10		$	0.22		$	0.03		$	0.36
Distributions:
Net Investment Income		(0.23	)		(0.19	)		(0.20	)		(0.25	)		(0.32	)
Return of Capital		(0.00)(a)			(0.00)(a)			—			—			—
Net Realized Capital Gains		—			—			—			(0.02	)		(0.04	)
Total Distributions	$	(0.23	)	$	(0.19	)	$	(0.20	)	$	(0.27	)	$	(0.36	)
Net Asset Value at End of Period	$	14.98		$	14.96		$	15.05		$	15.03		$	15.27
Total Return(b)		1.68	%		0.67	%		1.44	%		0.16	%		2.35	%
Net Assets End of Period (Millions)	$	124.37		$	108.08		$	78.27		$	74.11		$	70.08
Ratios(c)
Ratio of Expenses to
Average Net Assets before Waiver		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Average Net Assets after Waiver		0.24	%		0.23	%		0.24	%		0.24	%		0.26	%
Ratio of Net Investment Income to
Average Net Assets before Waiver		1.32	%		1.07	%		1.14	%		1.57	%		2.02	%
Average Net Assets after Waiver		1.38	%		1.14	%		1.20	%		1.63	%		2.06	%
Portfolio Turnover Rate		73.88	%		42.30	%		42.41	%		56.49	%		43.98	%

(a) Return of Capital is less than $0.005 per share.

(b) 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) In 2016, 2015, 2014, 2013, and 2012, the Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.24%, 0.23%, 0.24%, 0.24%, and 0.26%, respectively. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2017. (Note #4)

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

21

FINANCIAL HIGHLIGHTS  JOHNSON INSTITUTIONAL INTERMEDIATE BOND FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	15.41		$	15.61		$	15.40		$	16.24		$	16.06
Operations:
Net Investment Income		0.34			0.33			0.37			0.45			0.52
Net Gains on Securities (Realized and Unrealized)		0.18			(0.19	)		0.29			(0.56	)		0.22
Total Operations	$	0.52		$	0.14		$	0.66		$	(0.11	)	$	0.74
Distributions:
Net Investment Income		(0.36	)		(0.34	)		(0.39	)		(0.45	)		(0.52	)
Return of Capital		—			(0.00)(a)			—			—			—
Net Realized Capital Gains		(0.01	)		—			(0.06	)		(0.28	)		(0.04	)
Total Distributions	$	(0.37	)	$	(0.34	)	$	(0.45	)	$	(0.73	)	$	(0.56	)
Net Asset Value at End of Period	$	15.56		$	15.41		$	15.61		$	15.40		$	16.24
Total Return(b)		3.37	%		0.90	%		4.31	%		(0.68	)%		4.70	%
Net Assets End of Period (Millions)	$	110.71		$	104.36		$	79.64		$	76.12		$	73.63
Ratios(c)
Ratio of Expenses to
Average Net Assets before Waiver		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Average Net Assets after Waiver		0.24	%		0.23	%		0.24	%		0.24	%		0.26	%
Ratio of Net Investment Income to
Average Net Assets before Waiver		2.12	%		2.06	%		2.30	%		2.79	%		3.05	%
Average Net Assets after Waiver		2.18	%		2.13	%		2.36	%		2.85	%		3.09	%
Portfolio Turnover Rate		50.71	%		32.75	%		34.31	%		55.78	%		21.08	%

(a) Return of Capital is less than $0.005 per share.

(b) 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) In 2016, 2015, 2014, 2013, and 2012, the Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.24%, 0.23%, 0.24%, 0.24%, and 0.26%, respectively. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2017. (Note #4)

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

22

FINANCIAL HIGHLIGHTS JOHNSON INSTITUTIONAL CORE BOND FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	15.63		$	15.98		$	15.43		$	16.52		$	16.54
Operations:
Net Investment Income		0.39			0.39			0.40			0.49			0.56
Net Gains on Securities (Realized and Unrealized)*		0.19			(0.21	)		0.63			(0.80	)		0.26
Total Operations	$	0.58		$	0.18		$	1.03		$	(0.31	)	$	0.82
Distributions:
Net Investment Income		(0.40	)		(0.42	)		(0.43	)		(0.49	)		(0.56	)
Return of Capital		(0.00)(a)			(0.00)(a)			—			—			—
Net Realized Capital Gains		(0.08	)		(0.11	)		(0.05	)		(0.29	)		(0.28	)
Total Distributions	$	(0.48	)	$	(0.53	)	$	(0.48	)	$	(0.78	)	$	(0.84	)
Net Asset Value at End of Period	$	15.73		$	15.63		$	15.98		$	15.43		$	16.52
Total Return(b)		3.67	%		1.16	%		6.79	%		(1.87	)%		5.05	%
Net Assets End of Period (Millions)	$	116.69		$	86.90		$	74.82		$	71.30		$	73.55
Ratios(c)
Ratio of Expenses to
Average Net Assets before Waiver		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Average Net Assets after Waiver		0.24	%		0.23	%		0.24	%		0.24	%		0.26	%
Ratio of Net Investment Income to
Average Net Assets before Waiver		2.34	%		2.39	%		2.46	%		2.99	%		3.19	%
Average Net Assets after Waiver		2.40	%		2.46	%		2.52	%		3.04	%		3.23	%
Portfolio Turnover Rate		42.29	%		29.51	%		28.30	%		67.39	%		23.33	%

* Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(a) Return of Capital is less than $0.005 per share.

(b) 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) In 2016, 2015, 2014, 2013, and 2012, the Adviser waived a portion of the 0.30% management fee to sustain a net fee of 0.24%, 0.23%, 0.24%, 0.24%, and 0.26%, respectively. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2017. (Note #4)

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

23

FINANCIAL HIGHLIGHTS JOHNSON ENHANCED RETURN FUND

Selected Data for a Share Outstanding Throughout each Period:

	Year Ended December 31
	2016			2015			2014			2013			2012
Net Asset Value Beginning of Period	$	15.17		$	15.82		$	16.27		$	15.50		$	13.43
Operations:
Net Investment Income		0.18			0.15			0.16			0.24			0.23
Net Gains (Losses) on Securities and Futures Contracts (Realized and Unrealized)		1.76			0.07			2.21			4.58			2.24
Total Operations	$	1.94		$	0.22		$	2.37		$	4.82		$	2.47
Distributions:
Net Investment Income		(0.21	)		(0.17	)		(0.17	)		(0.24	)		(0.23	)
Return of Capital		—			(0.00)(a)			—			—			—
Net Realized Capital Gains		(0.62	)		(0.70	)		(2.65	)		(3.81	)		(0.17	)
Total Distributions	$	(0.83	)	$	(0.87	)	$	(2.82	)	$	(4.05	)	$	(0.40	)
Net Asset Value at End of Period	$	16.28		$	15.17		$	15.82		$	16.27		$	15.50
Total Return(b)		12.89	%		1.34	%		14.42	%		31.31	%		18.43	%
Net Assets End of Period (Millions)	$	110.18		$	97.95		$	97.15		$	83.93		$	65.19
Ratios(c)
Ratio of Expenses to
Average Net Assets before Waiver		0.35	%		0.35	%		0.35	%		0.67	%		1.00	%
Average Net Assets after Waiver		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of Net Investment Income to
Average Net Assets before Waiver		1.16	%		0.91	%		0.93	%		1.00	%		0.85	%
Average Net Assets after Waiver		1.16	%		0.91	%		0.93	%		1.32	%		1.50	%
Portfolio Turnover Rate		65.13	%		57.75	%		56.32	%		33.09	%		49.63	%

(a) Return of Capital is less than $0.005 per share.

(b) 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) Prior to May 1, 2013, the Adviser waived a portion of the 1.00% management fee to sustain a fee of 0.35%. Effective May 1, 2013, the Adviser removed the fee waiver, and reduced the management fee to 0.35%. (Note #4)

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

24

JOHNSON MUTUAL FUNDS

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

1)     Organization

The Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund (the “Bond Funds,”) and Johnson Enhanced Return 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. All Funds are managed by Johnson Investment Counsel, Inc. (the “Adviser”).

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.

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 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 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, 2016 was $104,046,007. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the futures contract. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. The amount of the daily variation margin is reflected as an asset or liability within the Statements of Assets and Liabilities, while the cumulative change in unrealized gain/loss on futures contracts is reported separately within the Statements of Operations. The Net Unrealized Gains on futures contracts, as of December 31, 2016, is presented separately within the components of net assets on the Statements of Assets and Liabilities. 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, 2016, RJ O’Brien holds cash as collateral in the amount of $10,150 and is restricted from withdrawal. The Fund holds U.S. Treasury Notes with the custodian, which also serve as collateral for future contracts, with a value on December 31, 2016 of $5,676,317. Net variation margin payable on futures contracts as of December 31, 2016 was $440,730.

Offsetting Assets and Liabilities:

The Enhanced Return Fund has 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, 2016, the Fund only has one position and the variation margin applicable to that position is presented in the Statement of Assets and Liabilities.

25

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

2)    Summary of Significant Accounting Policies, continued

The following table presents the Enhanced Return Fund Portfolio’s liability derivatives available for offset under a master netting agreement net of collateral pledged as of December 31, 2016.

Liabilities:

Description	Gross amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Gross Amounts Not Offset in the Statement of Assets & Liabilities
							Financial Instruments		Cash Collateral Pledged/ Received		Net Amount
Futures Contracts	$	440,730	$	—	$	440,730	$	440,730	$	—	$	—
Total	$	440,730	$	—	$	440,730	$	440,730	$	—	$	—

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 of the respective securities, using the interest method. 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.

Income Taxes:

It is the Funds’ policy to distribute annually, prior to the end of the year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Service. This Internal Revenue Service requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds’ policy to distribute annually, after the end of the calendar year, any remaining net investment income and net capital gains to comply with the special provisions of the Internal Revenue Code available to registered investment companies (“RICs”). Each year, each Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code by making distributions as noted above and complying with other requirements applicable to RICs. As a result, no provision for income taxes is required.

Accounting for Uncertainty in Income Taxes:

As of all open tax years ended December 31, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, 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 Funds intend to distribute net investment income on a calendar quarter basis. 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.

26

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

2)    Summary of Significant Accounting Policies, continued

For the year ended December 31, 2016, the Funds made the following reclassifications to increase (decrease) the components of the net assets:

	Paid in Capital			Accumulated Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Short Duration Bond Fund	$	(10,373	)	$	179,234		$	(168,861	)
Intermediate Bond Fund		(19,816	)		(84,813	)		(64,997	)
Core Bond Fund		—			162,040			(162,040	)
Enhanced Return Fund		—			203,353			(203,353	)

3)    Security Valuation and Transactions

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis.

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.

GAAP establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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

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

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

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

The inputs 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, fundamental data relating to the issuer, and credit default swap spreads

27

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

3)    Security Valuation and Transactions, continued

adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they will be categorized in Level 3.

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

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

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

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

Money Market. Investments in mutual funds, including money market mutual funds (notated throughout these financials 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, 2016:

Short Duration Bond Fund	Level 1		Level 2		Level 3		Totals
Corporate Bonds*	$	—	$	85,352,662	$	—	$	85,352,662
U.S. Treasury Obligations		—		15,218,460		—		15,218,460
U.S. Agency Obligations		—		13,058,140		—		13,058,140
U.S. Agency Obligations – Mortgage-Backed		—		7,369,508		—		7,369,508
Taxable Municipal Bonds		—		1,110,000		—		1,110,000
Cash Equivalents		1,252,222		—		—		1,252,222
Total	$	1,252,222	$	122,108,770	$	—	$	123,360,992

28

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

3)    Security Valuation and Transactions, continued

Intermediate Bond Fund	Level 1		Level 2		Level 3		Totals
Corporate Bonds*	$	—	$	64,444,224		—	$	64,444,224
U.S. Treasury Obligations		—		17,463,663		—		17,463,663
U.S. Agency Obligations		—		11,173,343		—		11,173,343
U.S. Agency Obligations – Mortgage-Backed		—		8,948,305		—		8,948,305
Taxable Municipal Bonds		—		6,176,903		—		6,176,903
Preferred Stocks		1,507,431		—		—		1,507,431
Cash Equivalents		185,304		—		—		185,304
Total	$	1,692,735	$	108,206,438	$	—	$	109,899,173

Core Bond Fund	Level 1		Level 2		Level 3		Totals
Corporate Bonds*	$	—	$	59,249,770	$	—	$	59,249,770
U.S. Treasury Obligations		—		19,823,597		—		19,823,597
U.S. Agency Obligations		—		10,398,643		—		10,398,643
U.S. Agency Obligations – Mortgage-Backed		—		18,362,983		—		18,362,983
Taxable Municipal Bonds		—		5,479,632		—		5,479,632
Preferred Stocks		1,462,377		—		—		1,462,377
Cash Equivalents		99,590		—		—		99,590
Total	$	1,561,967	$	113,314,625	$	—	$	114,876,592

Enhanced Return Fund	Level 1			Level 2		Level 3		Totals
Corporate Bonds*	$	—		$	69,895,897	$	—	$	69,895,897
U.S. Treasury Obligations		—			18,329,936		—		18,329,936
U.S. Agency Obligations		—			10,610,535		—		10,610,535
U.S. Agency Obligations – Mortgage-Backed		—			6,680,955		—		6,680,955
Taxable Municipal Bonds		—			1,000,000		—		1,000,000
Cash Equivalents		3,391,230			—		—		3,391,230
Sub-Total	$	3,391,230		$	106,517,323	$	—	$	109,908,553
Other Financial Instruments**		(966,520	)		—		—		(966,520	)
Total	$	2,424,710		$	106,517,323	$	—	$	108,942,033

* See Portfolio of Investments for industry classification.

** Other financial instruments are futures contracts reflected separately in the Portfolio of Investments, and are reflected at the net unrealized depreciation 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. As of and during the year ended December 31, 2016, no securities were transferred into or out of Level 1 or Level 2. If any transfers between levels would occur, they would be reflected as of the end of the period.

4)    Investment Advisory Agreement

The investment advisory agreements provide that the Adviser will pay all of the Funds’ operating expenses, excluding brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), any 12b-1 fees, and extraordinary expenses. Under the terms of the investment advisory agreements, each of the Bond Funds pays the Adviser a management fee at the annual rate of 0.30% (before the contractual waiver described below) of the Fund’s average daily net assets, which is accrued daily and paid monthly. The Johnson Enhanced Return Fund pays the Adviser a management fee at the annual rate of 0.35% of the Fund’s average daily net assets.

29

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

4)    Investment Advisory Agreement, continued

The Adviser received management fees for the year ended December 31, 2016 as indicated below. Effective May 1, 2016, the Adviser has agreed to waive a part of the management fee for the Bond Funds from a maximum of 0.30% to an effective fee ratio of 0.236%. This is a change in the fee from the prior period (May 1, 2015 to April 30, 2016) of 0.234%. The Adviser has the right to remove this fee waiver any time after April 30, 2017.

For the year ended December 31, 2016, information regarding fees was as follows:

Fund	Fee			Fee Waiver			Effective Fee Ratio			Management Fee After Waiver		Contractual Waiver		Payable
Short Duration Bond Fund		0.30	%		0.064	%		0.236	%	$	270,227	$	74,197	$	23,143
Intermediate Bond Fund		0.30	%		0.064	%		0.236	%		256,228		70,372		22,025
Core Bond Fund		0.30	%		0.064	%		0.236	%		233,889		64,184		22,967
Enhanced Return Fund		0.35	%		—			0.35	%		367,634		—		32,450

5)    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 $40,000 for the year ended December 31, 2016, which was paid by the Adviser, and as a group they received no additional compensation from the Trust. The Trust consists of eleven Funds: Johnson Equity Income Fund, Johnson Growth Fund, Johnson Opportunity Fund, Johnson Realty 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, 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. As of December 31, 2016, Covie and Company owned in aggregate 52.14% of the Short Duration Bond Fund, 62.74% of the Intermediate Bond Fund, and 58.31% of the Core Bond Fund. At December 31, 2015, client accounts managed by the Adviser and held by Charles Schwab & Co, held in aggregate 37.15% of the Core Bond Fund, and 91.95% of the Enhanced Return Fund.

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. These fees are paid by the Adviser.

6)    Purchases and Sales of Securities

For the year ended December 31, 2016, purchases and sales of investment securities aggregated:

	Investment Securities Other Than Short Term Investments and U.S. Government Obligations				U.S. Government Obligations
Fund	Purchases		Sales		Purchases		Sales
Short Duration Bond Fund	$	71,474,102	$	60,793,788	$	13,718,024	$	18,721,111
Intermediate Bond Fund		37,704,882		32,624,909		20,134,910		20,463,226
Core Bond Fund		48,644,389		26,644,450		21,945,046		14,657,696
Enhanced Return Fund		54,560,580		46,695,255		12,506,519		12,046,904

30

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

7)    Capital Share Transactions

As of December 31, 2016, 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						Intermediate Bond Fund						Core Bond Fund						Enhanced Return Fund
	Year ended 12/31/2016			Year ended 12/31/2015			Year ended 12/31/2016			Year ended 12/31/2015			Year ended 12/31/2016			Year ended 12/31/2015			Year ended 12/31/2016			Year ended 12/31/2015
Shares Sold to Investors		3,101,189			3,012,855			1,759,192			2,324,335			3,017,893			1,542,013			1,581,898			442,597
Shares Issued on Reinvestment of Dividends		21,971			8,939			18,633			7,629			54,300			1,396			336,530			347,143
Subtotal		3,123,160			3,021,794			1,777,825			2,331,964			3,072,193			1,543,409			1,918,428			789,740
Shares Redeemed		(2,045,636	)		(999,272	)		(1,431,163	)		(664,012	)		(1,211,185	)		(666,187	)		(1,609,574	)		(470,652	)
Net Increase During Period		1,077,524			2,022,522			346,662			1,667,952			1,861,008			877,222			308,854			319,088
Shares Outstanding:
Beginning of Year		7,224,651			5,202,129			6,770,296			5,102,344			5,558,046			4,680,824			6,458,943			6,139,855
End of Period		8,302,175			7,224,651			7,116,958			6,770,296			7,419,054			5,558,046			6,767,797			6,458,943

8)    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.

9)    Federal Tax Information

For Federal income tax purposes, the cost of investment securities owned on December 31, 2016 the composition of unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value), excluding futures contracts, was as follows:

Fund	Tax Cost of Securities		Appreciation		Depreciation			Net Appreciation (Depreciation)
Short Duration Bond Fund	$	123,816,351	$	234,580	$	(689,939	)	$	(455,359	)
Intermediate Bond Fund		109,267,299		1,302,526		(670,652	)		631,874
Core Bond Fund		114,605,007		1,475,637		(1,204,052	)		271,585
Enhanced Return Fund		110,356,796		208,280		(656,523	)		(448,243	)

31

NOTES TO THE FINANCIAL STATEMENTS December 31, 2016

9)    Federal Tax Information, continued

The tax character of the distributions paid is as follows:

			Ordinary Income*		Net Realized Long-Term Capital Gain		Return of Capital		Total Distributions Paid
Short Duration Bond Fund		2015	$	1,289,701	$	—	$	11,931	$	1,301,632
		2016		1,761,554		—		15,972		1,777,526
Intermediate Bond Fund		2015		2,124,684		241		9,596		2,134,521
		2016		2,459,539		92,392		—		2,551,931
Core Bond Fund		2015		2,352,818		441,659		12,314		2,806,791
		2016		2,547,906		492,798		19,024		3,059,728
Enhanced Return Fund		2015		2,774,427		2,529,054		14,030		5,317,511
		2016		3,082,599		2,390,114		—		5,472,713

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

As of December 31, 2016, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Net Realized Long-Term Capital Gains		Short-Term Capital Loss Carryovers (Infinite)		Long-Term Capital Loss Carryovers (Infinite)			Unrealized Appreciation (Depreciation)			Post- October Capital Loss		Total Distributable Earnings on a Tax Basis
Short Duration Bond Fund	$	—	$	—	$	—	$	(68,355	)	$	(455,359	)	$	—	$	(523,714	)
Intermediate Bond Fund		—		—		—		—			631,874			—		631,874
Core Bond Fund		—		—		—		—			271,585			—		271,585
Enhanced Return Fund		2,313,927		3,473,730		—		—			(448,243	)		—		5,339,414

For the year ended December 31, 2016, the Short Duration Bond Fund utilized $7,085 of short-term capital loss carryforward, and $3,288 of long-term capital loss carryforward, and the Intermediate Bond Fund utilized $11,719 of short-term capital loss carryforward and $101,197 of long-term capital loss carryforward.

32

DISCLOSURE OF EXPENSES (Unaudited) December 31, 2016

Shareholders of 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, 2016 and held through December 31, 2016.

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.

	Beginning Account Value June 30, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period* July 1, 2016 – December 31, 2016
Institutional Short Duration Bond Fund
Actual	$	1,000.00	$	994.06	$	1.17
Hypothetical	$	1,000.00	$	1,024.03	$	1.21
Institutional Intermediate Bond Fund
Actual	$	1,000.00	$	988.39	$	1.17
Hypothetical	$	1,000.00	$	1,024.03	$	1.21
Institutional Core Bond Fund
Actual	$	1,000.00	$	981.04	$	1.16
Hypothetical	$	1,000.00	$	1,024.03	$	1.21
Enhanced Return Fund
Actual	$	1,000.00	$	1,012.59	$	1.79
Hypothetical	$	1,000.00	$	1,023.44	$	1.81

* 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 0.234%, and for the Enhanced Return Fund, the expense ratio is 0.35%.

33

ADDITIONAL INFORMATION December 31, 2016

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 on Form N-Q. The Funds’ Forms N-Q 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.

Code of Ethics

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

Johnson Mutual Funds
3777 West Fork Road
Cincinnati OH 45247

34

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
Johnson Mutual Funds Trust

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Johnson Institutional Short Duration Bond Fund, Johnson Institutional Intermediate Bond Fund, Johnson Institutional Core Bond Fund, and Johnson Enhanced Return Fund (the “Funds”), each a series of Johnson Mutual Funds Trust, as of December 31, 2016, and 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, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting Johnson Mutual Funds Trust as of December 31, 2016, the results of their operations for the year then ended, the changes in their 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.

/s/ COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2017

35

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 Position Held with Trust	Year Service Commenced	Principal Occupation During Past Five Years	Number of Portfolios Overseen	Other Directorships Held During the Past Five Years
Interested Trustee
Timothy E. Johnson (74) 3777 West Fork Road Cincinnati, Ohio 45247	Trustee	Since 1992	Chairman of Johnson Investment Counsel, Inc., the Trust’s Adviser, and Professor of Finance at the University of Cincinnati; previously President of the Adviser until October 2013.	11	None
Independent Trustees
Ronald H. McSwain (74) 3777 West Fork Road Cincinnati, Ohio 45247	Chairman and Trustee	Since 1992	President of McSwain Carpets, Inc. until 2001; partner of P&R Realty, a real estate development partnership since 1984	11	None
John R. Green (74) 3777 West Fork Road Cincinnati, Ohio 45247	Trustee	Since 2006	Retired from The Procter & Gamble Company	11	None
James J. Berrens (51) 3777 West Fork Road Cincinnati, Ohio 45247	Trustee	Since 2006	Chief Executive Officer since May 2015, Chief Financial Officer September 2010 to May 2015 for Christian Community Health	11	None
Dr. Jeri B. Ricketts (59) 3777 West Fork Road Cincinnati, Ohio 45247	Trustee	Since 2013	Director of Carl H. Lindner Honors-PLUS Program, University of Cincinnati, since 2002; Associate Professor in Accounting, University of Cincinnati since 1986.	11	None

36

TRUSTEES AND OFFICERS (Unaudited)

Name, Address and Age	Current Position Held with Trust	Year Service Commenced	Principal Occupation During Past Five Years	Number of Portfolios Overseen	Other Directorships Held During the Past Five Years
Officers
Jason O. Jackman (46) 3777 West Fork Road Cincinnati, Ohio 45247	President	Since 2013	President and Chief Investment Officer of the Adviser since October 2013; Director of Fixed Income and Institutional Management March 2004 to October 2013.	N/A	N/A
Dale H. Coates (58) 3777 West Fork Road Cincinnati, Ohio 45247	Vice President	Since 1992	Portfolio Manager of the Trust’s Adviser	N/A	N/A
Marc E. Figgins (52) 3777 West Fork Road Cincinnati, Ohio 45247	Chief Financial Officer and Treasurer	Since 2002	Mutual Funds Manager for Johnson Financial, Inc.	NA	NA
Scott J. Bischoff (50) 3777 West Fork Road Cincinnati, Ohio 45247	Chief Compliance Officer	Since 2005	Director of Operations of the Trust’s Adviser; Chief Compliance Officer of the Adviser	NA	NA
Jennifer J. Kelhoffer (45) 3777 West Fork Road Cincinnati, Ohio 45247	Secretary	Since 2007	Compliance Associate for the Adviser since March 2006	NA	NA

37

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
	Dale H. Coates	Vice 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.
3777 West Fork Road
Cincinnati, Ohio 45247
(513) 661-3100 (800) 541-0170

Custodian

US Bank
425 Walnut Street
Cincinnati, Ohio 45202

Independent Registered Public Accounting Firm

Cohen & Company
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115

Legal Counsel

Thompson Hine LLP
312 Walnut Street, 14^th Floor
Cincinnati, Ohio 45202

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

Investment Company Act #811-7254

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:

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

(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;

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

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

(5) Accountability for adherence to the code.

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

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

(e)       Not applicable.

(f)       The Trust's Code of Ethics is available on request without charge; please call for your copy at

513-661-3100 or 1-800-541-0170 or write us at:

Johnson Mutual Funds

3777 West Fork Road

Cincinnati OH 45247

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

FY 2015	$ 68,000.00
FY 2016	$ 74,800.00

(b) Audit-Related Fees

	Registrant	Adviser
FY 2015	$ 5,600.00	$ 9,500.00
FY 2016	$ 5,600.00	$ 9,500.00

(c) Tax Fees

	Registrant	Adviser
FY 2015	$ 23,250.00	$ 0.00
FY 2016	$ 27,500.00	$ 0.00

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

(d) All Other Fees

	Registrant	Adviser
FY 2015	$ 0.00	$ 0.00
FY 2016	$ 0.00	$ 0.00

(e) (1) Audit Committee’s Pre-Approval Policies

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.

(2) Percentages of Services Approved by the Audit Committee

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 2015	$ 23,250.00	$ 0.00
FY 2016	$ 27,500.00	$ 0.00

(h)        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 February 16, 2017, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

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

Item 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.
(a)(3)	Not applicable.
(b)	Certifications required by Rule 30a-2(b) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Johnson Mutual Funds Trust

By: /s/Jason O. Jackman

Jason O. Jackman, President

Date March 10, 2017

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

By: /s/Jason O. Jackman

Jason O. Jackman, President

Date March 10, 2017

By: /s/ Marc E. Figgins

Marc E. Figgins, Treasurer

Date March 10, 2017