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Prospectus May 1, 2024
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[MISSING IMAGE: lg_johnsonmutualfunds-4c.jpg] 
Prospectus dated May 1, 2024
♦
 Johnson Equity Income Fund
 JEQIX, JEQSX
♦
 Johnson Opportunity Fund
 JOPPX, JOSSX
♦
 Johnson International Fund
 JINTX
♦
 Johnson Enhanced Return Fund
 JENHX
♦
 Johnson Institutional Core Bond Fund
 JIBFX, JIMFX, JIBSX
♦
 Johnson Institutional Intermediate Bond Fund
 JIBEX, JIMEX
♦
 Johnson Institutional Short Duration Bond Fund
 JIBDX, JIMDX
♦
 Johnson Core Plus Bond Fund
 JCPLX
♦
 Johnson Municipal Income Fund
 JMUNX
Johnson Mutual Funds Trust
www.johnsonmutualfunds.com
Like all mutual fund shares and prospectuses, the Securities and Exchange Commission has not approved or disapproved these shares or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
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TABLE OF CONTENTS​
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Johnson Mutual Funds Prospectus Dated May 1, 2024
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Table of Contents
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Fund Summaries
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Fund Details
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​ ​ ​ ​ ​ 50 ​ ​
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Management
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​ ​ ​ ​ ​ 52 ​ ​
​ ​ ​ ​ ​ 52 ​ ​
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Shareholder Information
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​ ​ ​ ​ ​ 54 ​ ​
​ ​ ​ ​ ​ 54 ​ ​
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​ ​ ​ ​ ​ 60 ​ ​
​ ​ ​ ​ ​ 66 ​ ​
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Back Cover
​ ​ ​ ​ ​ ​ ​
   
The use of the term “Funds” throughout this prospectus refers to all series of the Johnson Mutual Funds Trust.
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Johnson Equity Income Fund May 1, 2024
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TICKERS
Class I: JEQIX    Class S: JEQSX
INVESTMENT OBJECTIVE
Above average dividend income and long-term capital growth.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the fund.
​ ​ ​ ​ ​
Class I
​ ​
Class S
​ ​
​ ​
Shareholder Fees
(fees paid directly from your investment)
​ ​
​ ​
Redemption Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Exchange Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
​ ​
​ ​
Management Fees
​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 0.75% ​ ​ ​
​ ​
Shareholder Servicing Fee
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.25% ​ ​ ​
​ ​
Other Expenses
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses
​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 1.00% ​ ​ ​
EXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost will be:
​ ​ ​ ​ ​
1
year
​ ​
3
Years
​ ​
5
Years
​ ​
10
Years
​ ​
​ ​
Class I
​ ​ ​ $ 77 ​ ​ ​ ​ $ 241 ​ ​ ​ ​ $ 418 ​ ​ ​ ​ $ 933 ​ ​ ​
​ ​
Class S
​ ​ ​ $ 103 ​ ​ ​ ​ $ 320 ​ ​ ​ ​ $ 555 ​ ​ ​ ​ $ 1,229 ​ ​ ​
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or ‘turns over’ its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the
fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 32.38% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
The fund invests primarily in equity securities of larger-sized U.S. companies (those with a market capitalization above $20 billion) that its Adviser believes offer opportunities for above-average dividend income and capital growth. The Adviser seeks companies with high quality characteristics such as sustainable competitive positions that have high-quality earnings, financial strength, strong or improving balance sheets, free cash flow, and shareholder-oriented managements. The Adviser also considers current dividend yield and dividend growth, as well as its analysis of the share price of these companies using traditional valuation measures. The fund may invest a portion of its assets in preferred stocks. The fund may sell a security if the security reaches the Adviser’s valuation target, if the Adviser believes the company’s fundamentals have changed, or if the company is not performing as expected. Under normal circumstances, at least 80% of the fund’s total assets will be invested in income-producing equity securities. For the purposes of the 80% test, equity securities include common stock, preferred stocks and exchange traded funds (ETFs) that invest primarily in equity securities.
PRINCIPAL RISKS OF INVESTING IN THE FUND
All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Company Risk — The fund value may decrease in response to the activities and financial prospects of an individual company.
Management Risk — The Adviser’s judgments about the attractiveness, value, and potential appreciation of particular securities in which the fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.
Market Risk — The fund value might decrease in response to general market and economic conditions.
Market and Geopolitical Risk — The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities in the fund’s portfolio may underperform due to inflation (or
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Johnson Equity Income Fund May 1, 2024
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expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The recent novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your fund investment.
Preferred Stock Risk — Preferred stocks are securities that have characteristics of both common stocks and corporate bonds. Preferred stocks may receive dividends, but payment is not guaranteed as with a bond. These securities may be undervalued because of a lack of analyst coverage resulting in a high dividend yield or yield to maturity. The risks of preferred stocks are a lack of voting rights, and the Adviser may incorrectly analyze the security, resulting in a loss to the fund. Furthermore, preferred stock dividends are not guaranteed, and management can elect to forego the preferred dividend, resulting in a loss to the fund.
Risks of Exchange Traded Funds (“ETF”) —  Investment in an ETF carries security specific risk and market risk. The performance of an ETF may not completely replicate the performance of its underlying index. ETF shares may trade at a premium or discount to their NAV. The fund will indirectly pay its proportionate share of any fees and expenses paid by the ETF in which it invests in addition to the fees and expenses paid directly by the fund, many of which may be duplicative. The cost of investing in the fund will generally be higher than the cost of investing directly in ETFs.
Volatility Risk — Common stocks tend to be more volatile than other investment choices.
AVERAGE ANNUAL TOTAL RETURNS
The chart and table below show the variability of the fund’s returns, which is one indicator of the risks of investing in the fund. The bar chart shows changes in the fund’s returns from year to year for the last 10 years. The table shows how the fund’s average annual total returns over time compare to those of a broad-based securities market index. Of course, the fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.johnsonmutualfunds.com or by calling 1-800-541-0170.
[MISSING IMAGE: bc_equityincomefund-bw.jpg]
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Best Quarter: 2Q2020, 17.01%
Worst Quarter: 1Q2020, -21.02%
 ​ ​
Average Annual Total Returns as of December 31, 2023
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
​ ​ ​ ​ ​
Class
Inception
Date
​ ​
One
Year
​ ​
Five
Year
​ ​
Ten
Year
​ ​
Since
Inception
​ ​
​ ​
Class I
​ ​ ​ ​ ​ ​
​
 ​
Before taxes
​ ​ ​ ​ 12/31/2005 ​ ​ ​ ​ ​ 13.42% ​ ​ ​ ​ ​ 14.18% ​ ​ ​ ​ ​ 10.30% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on Distributions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12.72% ​ ​ ​ ​ ​ 12.59% ​ ​ ​ ​ ​ 8.55% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on
Distributions and
Sale of Fund
Shares
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8.44% ​ ​ ​ ​ ​ 10.97% ​ ​ ​ ​ ​ 7.80% ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​
Class S
​ ​ ​ ​ ​ ​
​
 ​
Before Taxes
​ ​ ​ ​ 9/15/2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.46% ​ ​ ​
​ ​
S&P 500 Index
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26.29% ​ ​ ​ ​ ​ 15.69% ​ ​ ​ ​ ​ 12.03% ​ ​ ​ ​ ​ 7.66%* ​ ​ ​
​
*
For the Class S shares; inception date of 9/15/2023
​
The fund’s broad-based securities market index is the S&P 500 Index, which measures the performance of 500 of the largest companies listed on the US stock exchange. This Index represents the market sector in which the fund invests and is utilized by the Adviser for measuring performance.
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Johnson Equity Income Fund May 1, 2024
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The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower return), and is not available for direct investment.
PORTFOLIO MANAGEMENT
Investment Adviser
Johnson Investment Counsel, Inc.
Portfolio Managers
The fund is managed by a team of portfolio managers. Charles Rinehart, CFA, became the leader of the management team in 2018, and has been a member of the team since 2010. Bill Jung, CFA, has been a member of the management team since 2005.
PURCHASE OR SALE OF FUND SHARES
Minimum Initial Investment
Class I: $1,000,000
Class S: $2,000
Minimum Additional Investment
$100
The Adviser may, at its sole discretion, waiver these minimums for existing clients of the Adviser and other related parties, as well as in certain other circumstances.
Shares may be purchased or redeemed at the fund’s net asset value (NAV) next determined after receipt of your order, by check, wire, electronic bank transfer or exchange. You may buy or sell shares on any business day. This includes any day that the fund is open for business, other than weekends, and days on which the New York Stock Exchange (NYSE) is closed, including holidays. Purchases and redemptions can be made through the fund’s Transfer Agent, Ultimus Fund Solutions, P.O. Box 46707, Cincinnati, OH 45246-0707. You may contact the Transfer Agent at 833-913-5253 or your Johnson Portfolio Manager at 800-541-0170 for information about how to purchase or redeem fund shares by check, wire, electronic bank transfer or exchange.
TAX INFORMATION
The dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes.
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Johnson Opportunity Fund May 1, 2024
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TICKERS
Class I: JOPPX    Class S: JOSSX
INVESTMENT OBJECTIVE
Long term capital growth.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the fund.
​ ​ ​ ​ ​
Class I
​ ​
Class S
​ ​
​ ​
Shareholder Fees
(fees paid directly from your investment)
​ ​
​ ​
Redemption Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Exchange Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
​ ​
​ ​
Management Fees
​ ​ ​ ​ 0.90% ​ ​ ​ ​ ​ 0.90% ​ ​ ​
​ ​
Shareholder Servicing Fee
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.25% ​ ​ ​
​ ​
Other Expenses
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses
​ ​ ​ ​ 0.90% ​ ​ ​ ​ ​ 1.15% ​ ​ ​
EXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost will be:
​ ​ ​ ​ ​
1
year
​ ​
3
Years
​ ​
5
Years
​ ​
10
Years
​ ​
​ ​
Class I
​ ​ ​ $ 92 ​ ​ ​ ​ $ 288 ​ ​ ​ ​ $ 500 ​ ​ ​ ​ $ 1,112 ​ ​ ​
​ ​
Class S
​ ​ ​ $ 118 ​ ​ ​ ​ $ 367 ​ ​ ​ ​ $ 636 ​ ​ ​ ​ $ 1,404 ​ ​ ​
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or ‘turns over’ its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the
fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 22.66% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
The fund invests primarily in equity securities of small and medium sized U.S. companies (those with a market capitalization below $20 billion) that its Adviser believes offer opportunities for capital growth. The Adviser selects companies for the fund’s portfolio using a proprietary approach that blends quantitative and fundamental analysis. The Adviser begins with a quality test, which seeks companies that are judged to have productive capital allocation, a strong competitive position, financial strength, and high-quality earnings. The Adviser then assesses the stocks of those companies, using a multifactor quantitative process that measures valuation, profitability, momentum, earnings quality, growth, credit quality, capital use, and investor sentiment/technical factors. Finally, the Adviser’s dedicated sector analysts and generalist product team members use traditional fundamental research to select, from the candidates identified by the above-described qualitative and quantitative analysis, those stocks that the Adviser believes offer the best opportunities for investment. Equity securities include common stock, preferred stocks, and exchange traded funds (ETFs) that invest primarily in equity securities.
PRINCIPAL RISKS OF INVESTING IN THE FUND
All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Company Risk — The fund value may decrease in response to the activities and financial prospects of an individual company.
Management Risk — The Adviser’s judgments about the attractiveness, value, and potential appreciation of particular securities in which the fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.
Market Risk — The fund value might decrease in response to general market and economic conditions.
Market and Geopolitical Risk — The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities in the fund’s portfolio may underperform due to inflation (or
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Johnson Opportunity Fund May 1, 2024
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expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The recent novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your fund investment.
Preferred Stock Risk — Preferred stocks are securities that have characteristics of both common stocks and corporate bonds. Preferred stocks may receive dividends, but payment is not guaranteed as with a bond. These securities may be undervalued because of a lack of analyst coverage resulting in a high dividend yield or yield to maturity. The risks of preferred stocks are a lack of voting rights, and the Adviser may incorrectly analyze the security, resulting in a loss to the fund. Furthermore, preferred stock dividends are not guaranteed, and management can elect to forego the preferred dividend, resulting in a loss to the fund.
Risks of Exchange Traded Funds (“ETF”) —  Investment in an ETF carries security specific risk and market risk. The performance of an ETF may not completely replicate the performance of its underlying index. ETF shares may trade at a premium or discount to their NAV. The fund will indirectly pay its proportionate share of any fees and expenses paid by the ETF in which it invests in addition to the fees and expenses paid directly by the fund, many of which may be duplicative. The cost of investing in the fund will generally be higher than the cost of investing directly in ETFs.
Small and Medium Sized Company Risk — In addition, the stocks of small and medium sized companies are subject to certain risks, including:
♦
possible dependence on a limited product line, limited financial resources or a limited management group.
​
♦
less frequent trading and trading with smaller volume than larger stocks, which may make it difficult for the fund to buy or sell the stocks.
​
♦
greater fluctuation in value than larger, more established company stocks.
​
Volatility Risk — Common stocks tend to be more volatile than other investment choices.
AVERAGE ANNUAL TOTAL RETURNS
The chart and table below show the variability of the fund’s returns, which is one indicator of the risks of investing in the fund. The bar chart shows changes in the fund’s returns from year to year for the last 10 years. The table shows how the fund’s average annual total returns over time compare to those of a broad-based securities market index. Of course, the fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.johnsonmutualfunds.com or by calling 1-800-541-0170.
[MISSING IMAGE: bc_opportunityfund-bw.jpg]
​ ​
Best Quarter: 4Q2020, 21.39%
Worst Quarter: 1Q2020, -26.93%
 ​ ​
Average Annual Total Returns as of December 31, 2023
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
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Johnson Opportunity Fund May 1, 2024
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​ ​ ​ ​ ​
Class 
Inception
Date
​ ​
One
Year
​ ​
Five
Year
​ ​
Ten
Year
​ ​
Since
Inception
​ ​
​ ​
Class I
​ ​ ​ ​ ​ ​
​
 ​
Before taxes
​ ​ ​ ​ 5/16/1994 ​ ​ ​ ​ ​ 17.12% ​ ​ ​ ​ ​ 13.18% ​ ​ ​ ​ ​ 8.39% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on Distributions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16.02% ​ ​ ​ ​ ​ 11.66% ​ ​ ​ ​ ​ 6.60% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on Distributions and Sale of Fund Shares
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.73% ​ ​ ​ ​ ​ 10.24% ​ ​ ​ ​ ​ 6.22% ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​
Class S
​ ​ ​ ​ ​ ​
​
 ​
Before Taxes
​ ​ ​ ​ 9/15/2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.35% ​ ​ ​
​ ​
Russell 2500 Total Return Index
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17.42% ​ ​ ​ ​ ​ 11.67% ​ ​ ​ ​ ​ 8.36% ​ ​ ​ ​ ​ 9.95%* ​ ​ ​
​
*
For the Class S shares; inception date of 9/15/2023
​
The fund’s broad-based securities market index is the Russell 2500 Total Return Index, which measures the performance of 2500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500 is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap segment. This Index represents the market sector in which the fund invests and is utilized by the Adviser for measuring performance.
The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower return), and is not available for direct investment.
PORTFOLIO MANAGEMENT
Investment Adviser
Johnson Investment Counsel, Inc.
Portfolio Managers
The fund is managed by a team of portfolio managers. Brian Kute, CFA, became the leader of the management team in
2003. Bryan Andress, CFA, and Chris Godbey, CFA, have been management team members since 2015 and 2016, respectively.
PURCHASE OR SALE OF FUND SHARES
Minimum Initial Investment
Class I: $1,000,000
Class S: $2,000
Minimum Additional Investment
$100
The Adviser may, at its sole discretion, waiver these minimums for existing clients of the Adviser and other related parties, as well as in certain other circumstances.
Shares may be purchased or redeemed at the fund’s net asset value (NAV) next determined after receipt of your order, by check, wire, electronic bank transfer or exchange. You may buy or sell shares on any business day. This includes any day that the fund is open for business, other than weekends, and days on which the New York Stock Exchange (NYSE) is closed, including holidays. Purchases and redemptions can be made through the fund’s Transfer Agent, Ultimus Fund Solutions, P.O. Box 46707, Cincinnati, OH 45246-0707. You may contact the Transfer Agent at 833-913-5253 or your Johnson Portfolio Manager at 800-541-0170 for information about how to purchase or redeem fund shares by check, wire, electronic bank transfer or exchange.
TAX INFORMATION
The dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes.
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Johnson International Fund May 1, 2024
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TICKER: JINTX
INVESTMENT OBJECTIVE
Long term capital growth.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the fund.
​ ​
Shareholder Fees
(fees paid directly from your investment)
​ ​ ​ ​ ​
​ ​
Redemption Fee
​ ​ ​ ​ None ​ ​ ​
​ ​
Exchange Fee
​ ​ ​ ​ None ​ ​ ​
​ ​
Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
​ ​ ​ ​ ​
​ ​
Management Fees
​ ​ ​ ​ 1.00% ​ ​ ​
​ ​
Shareholder Servicing Fee
​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Other Expenses
​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses
​ ​ ​ ​ 1.00% ​ ​ ​
EXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost will be:
​
1
year
​ ​
3
Years
​ ​
5
Years
​ ​
10
Years
​
​
$103
​ ​ ​ $ 320 ​ ​ ​ ​ $ 555 ​ ​ ​ ​ $ 1,229 ​ ​
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or ‘turns over’ its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 8.31% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
The fund invests primarily in equity securities (common and preferred stocks) of foreign companies (including emerging market securities) that the Adviser believes offer opportunities for capital growth. The Adviser seeks to find foreign and emerging market companies offering a combination of strong growth, attractive valuation and improving profitability. The Adviser looks for companies with quality characteristics such as strong management, healthy balance sheets, sustainable competitive advantages, and positive growth criteria such as increasing revenues, cash flow and earnings. The Adviser expects to invest primarily in foreign companies whose equity securities are traded on U.S. stock exchanges or whose securities are available through the use of American Depositary Receipts (ADRs). The fund may also invest in exchange-traded funds (ETFs) that invest primarily in foreign and emerging market equity securities. The fund considers emerging market countries to be those found in the MSCI Emerging Markets Index. The fund may sell a security if the security reaches the Adviser’s valuation target, if the Adviser believes the company’s fundamentals have changed, or if the company is not performing as expected.
PRINCIPAL RISKS OF INVESTING IN THE FUND
All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Company Risk — The fund value may decrease in response to the activities and financial prospects of an individual company.
Emerging Market Country Risk — The frisk associated with investment in foreign securities is heightened in connection with investments in securities of issuers in emerging markets, as these markets are generally more volatile than the markets of developed countries and may be subject to greater social, economic, an political uncertainty and instability.
Foreign Investing Risk — There may be less information publicly available about a foreign company than about a U.S. company, and foreign companies generally are not subject to the accounting, auditing, and financial reporting standards and practices comparable to those in the U.S.
Management Risk — The Adviser’s judgments about the attractiveness, value and potential appreciation of particular securities in which the fund invests may prove to be incorrect
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Johnson International Fund May 1, 2024
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and there is no guarantee that the Adviser’s judgment will produce the desired results.
Market Risk — The fund value might decrease in response to general market and economic conditions.
Market and Geopolitical Risk — The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities in the fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The recent novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your fund investment.
Preferred Stock Risk — Preferred stocks are securities that have characteristics of both common stocks and corporate bonds. Preferred stocks may receive dividends, but payment is not guaranteed as with a bond. These securities may be undervalued because of a lack of analyst coverage resulting in a high dividend yield or yield to maturity. The risks of preferred stocks are a lack of voting rights, and the Adviser may incorrectly analyze the security, resulting in a loss to the fund. Furthermore, preferred stock dividends are not guaranteed, and management can elect to forego the preferred dividend, resulting in a loss to the fund.
Risks of Exchange Traded Funds (“ETF”) — Investment in an ETF carries security specific risk and market risk. The performance of an ETF may not completely replicate the performance of its underlying index. ETF shares may trade at a premium or discount to their NAV. The fund will indirectly pay its proportionate share of any fees and expenses paid by the ETF in which it invests in addition to the fees and expenses paid directly by the fund, many of which may be duplicative. The cost of investing in the fund will generally be higher than the cost of investing directly in ETFs.
Small and Medium Sized Company Risk — In addition, the stocks of small and medium sized companies are subject to certain risks, including:
♦
possible dependence on a limited product line, limited financial resources or a limited management group.
​
♦
less frequent trading and trading with smaller volume than larger stocks, which may make it difficult for the fund to buy or sell the stocks.
​
♦
greater fluctuation in value than larger, more established company stocks.
​
Unsponsored ADR Risk — The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States, and therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts.
Volatility Risk — Common stocks tend to be more volatile than other investment choices.
AVERAGE ANNUAL TOTAL RETURNS
The chart and table below show the variability of the fund’s returns, which is one indicator of the risks of investing in the fund. The bar chart shows changes in the fund’s returns from year to year for the last 10 years. The table shows how the fund’s average annual total returns over time compare to those of a broad-based securities market index. Of course, the fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.johnsonmutualfunds.com or by calling 1-800-541-0170.
[MISSING IMAGE: bc_internationalfund-bw.jpg]
​ ​
Best Quarter: 4Q2020, 21.39%
Worst Quarter: 1Q2020, -26.93%
 ​ ​
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Johnson International Fund May 1, 2024
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Average Annual Total Returns as of December 31, 2023
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
​ ​ ​ ​ ​
Inception
Date
​ ​
One
Year
​ ​
Five
Year
​ ​
Ten
Year
​ ​
​
 ​
Before taxes
​ ​ ​ ​ 12/8/2008 ​ ​ ​ ​ ​ 20.03% ​ ​ ​ ​ ​ 7.87% ​ ​ ​ ​ ​ 4.21% ​ ​ ​
​
 ​
After Taxes on Distributions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.79% ​ ​ ​ ​ ​ 7.20% ​ ​ ​ ​ ​ 3.49% ​ ​ ​
​
 ​
After Taxes on Distributions and Sale of Fund Shares
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12.62% ​ ​ ​ ​ ​ 5.96% ​ ​ ​ ​ ​ 3.03% ​ ​ ​
​ ​
MSCI ACWI ex USA Index
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15.62% ​ ​ ​ ​ ​ 7.08% ​ ​ ​ ​ ​ 3.83% ​ ​ ​
The fund’s broad-based securities market index is the MSCI ACWI ex USA Index, which measures the performance of large- and mid-cap stocks in developing (excluding U.S.) and emerging markets. This index represents an index of non-U.S. securities that reflect the market sector in which the fund invests and is utilized by the Adviser for measuring performance.
The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower return), and is not available for direct investment.
PORTFOLIO MANAGEMENT
Investment Adviser
Johnson Investment Counsel, Inc.
Portfolio Managers
The fund is managed by a team of portfolio managers. Brian Kute, CFA, has been the management team leader since the fund’s inception.
PURCHASE OR SALE OF FUND SHARES
Minimum Initial Investment:
$2,000
Minimum Additional Investment
$100
The Adviser may, at its sole discretion, waiver these minimums for existing clients of the Adviser and other related parties, as well as in certain other circumstances.
Shares may be purchased or redeemed at the fund’s net asset value (NAV) next determined after receipt of your order, by check, wire, electronic bank transfer or exchange. You may buy or sell shares on any business day. This includes any day that the fund is open for business, other than weekends, and days on which the New York Stock Exchange (NYSE) is closed, including holidays. Purchases and redemptions can be made through the fund’s Transfer Agent, Ultimus Fund Solutions, P.O. Box 46707, Cincinnati, OH 45246-0707. You may contact the Transfer Agent at 833-913-5253 or your Johnson Portfolio Manager at 800-541-0170 for information about how to purchase or redeem fund shares by check, wire, electronic bank transfer or exchange.
TAX INFORMATION
The dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes.
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9
TABLE OF CONTENTS​
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Johnson Enhanced Return Fund May 1, 2024
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TICKER: JENHX
INVESTMENT OBJECTIVE
Outperform the fund’s benchmark, the S&P 500 Index, over a full market cycle.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the fund.
​ ​
Shareholder Fees
(fees paid directly from your investment)
​ ​ ​ ​ ​
​ ​
Redemption Fee
​ ​ ​ ​ None ​ ​ ​
​ ​
Exchange Fee
​ ​ ​ ​ None ​ ​ ​
​ ​
Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
​ ​ ​ ​ ​
​ ​
Management Fees
​ ​ ​ ​ 0.35% ​ ​ ​
​ ​
Shareholder Servicing Fee
​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Other Expenses
​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses
​ ​ ​ ​ 0.35% ​ ​ ​
EXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10.000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost will be:
​
1
year
​ ​
3
Years
​ ​
5
Years
​ ​
10
Years
​
​
$37
​ ​ ​ $ 116 ​ ​ ​ ​ $ 202 ​ ​ ​ ​ $ 456 ​ ​
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 36.66% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
The fund invests in the large cap equity market by using S&P 500 Index futures, combined with alpha-generating short duration investment-grade fixed income securities.
The fund’s adviser seeks to have notional exposure to equity index futures contracts in a value approximately equal to the fund’s net assets. Utilizing equity index futures contracts to replicate returns of the underlying equity index typically requires less than 10% of the fund’s assets to be posted as collateral. This effect is referred to as “leverage.” The fund attempts to track an underlying equity index consisting of a representative sampling of the leading large capitalization companies in the leading industries in the U.S. economy. The equity index futures are used only for replication of returns, not speculation. The fund also may invest in options on equity index futures and equity index exchange-traded funds (‘ETFs”).
The fund invests the balance of its assets primarily in a broad range of investment-grade, fixed income securities, including bonds, notes, domestic and foreign corporate and government securities, government agency securities, mortgage-backed securities, collateralized mortgage obligations, asset backed securities, municipal securities, and short-term obligations. The fund does not limit itself to securities of a particular maturity range but will normally maintain a dollar weighted average duration between 1 and 3 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, the value of a portfolio of fixed income securities with an average duration of one year would generally be expected to decline by approximately 1% if interest rates rose by one percentage point.
PRINCIPAL RISKS OF INVESTING IN THE FUND
All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Asset-backed Securities Risk — Asset-backed securities are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying loans. During periods of declining interest rates, prepayment rates usually increase, and the fund may have to reinvest prepayment proceeds at a lower interest rate.
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Johnson Enhanced Return Fund May 1, 2024
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Company Risk — The fund value might decrease in response to the activities and financial prospects of an individual company.
Correlation Risk — Due to futures contract size limitations, the fund’s assets may be slightly under-invested or slightly over-invested compared to the underlying index, which could cause the fund to be slightly less or more volatile that the underlying index, and the fund returns from the futures contracts may not mirror the underlying index.
Credit Risk — The issuer of the fixed income security (including some Government Agencies) may not be able to make interest and principal payments when due, resulting in losses to the fund. In addition, the credit quality of securities held by the fund may be lowered if an issuer’s financial condition changes.
ETF Risk — ETFs are subject to investment advisory fees and other expenses, which will be indirectly paid by a fund. As a result, your cost of investing in a fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in equity securities. ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange. ETF shares may trade at a discount or a premium in market price if there is a limited market in such shares. ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to a fund. ETFs in which a fund invests will not be able to replicate exactly the performance of the indices they track.
Foreign Securities Risk — Foreign securities may be subject to special risks such as changes in restrictions on foreign currency transactions and rates of exchange, and changes in the administration or economic and monetary policies of foreign governments.
Futures Risk — The fund’s use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include leverage risk and correlation or tracking risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Under certain market conditions, futures contracts may become illiquid. As a result, the fund may be unable to close out its futures contracts at a time which is advantageous or take an offsetting defensive position, potentially resulting in significant losses for the fund.
Interest Rate Risk — Prices of fixed-income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged. Interest rate changes have a greater effect on the price of fixed-income
securities with longer maturities. A potential rise in interest rates may result in periods of volatility and increased redemptions.
Leveraging Risk — Leverage tends to exaggerate the effect of any increase or decrease in the value of the fund’s portfolio. When the fund is leveraged, it can lose more than the principal amount invested.
Management Risk — The Adviser’s judgments about the attractiveness, value, and potential appreciation of particular securities in which the fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.
Market Risk — The fund value might decrease in response to general market and economic conditions.
Market and Geopolitical Risk — The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities in the fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The recent novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your fund investment.
Mortgage-backed Securities Risk — Mortgage-backed securities represent interests in “pools” of mortgages. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the fund may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic downturn.
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11
TABLE OF CONTENTS
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Johnson Enhanced Return Fund May 1, 2024
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Municipal Securities Risk — Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the fund’s investments in such securities. Municipal general obligation debt issuers may not be able to levy or collect enough taxes as necessary to make full and timely payments to investors. Municipal revenue obligation debt issuers may experience shortfalls in revenues, such as sales taxes, fuel taxes, or hotel occupancy taxes, generated by the particular project being financed. The fund may be more sensitive to adverse economic, business, or political developments if it invests a substantial portion of its assets in bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a particular state.
Prepayment Risk — The value of the mortgage securities held by the fund may go down as a result of changes in prepayment rates on the underlying mortgages.
Specific Maturity Risk — The specific maturities in which the fund invests may fall in value more than other maturities. Generally, a portfolio of bonds with a longer effective maturity will fluctuate more than a portfolio of bonds with a shorter effective maturity.
Volatility Risk — Common stocks (and indexes of common stocks) tend to be more volatile than other investment choices.
AVERAGE ANNUAL TOTAL RETURNS
The chart and table below show the variability of the fund’s returns, which is one indicator of the risks of investing in the fund. The bar chart shows changes in the fund’s returns from year to year for the last 10 years. The table shows how the fund’s average annual total returns over time compare to those of a broad-based securities market index. Of course, the fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.johnsonmutualfunds.com or by calling 1-800-541-0170.
[MISSING IMAGE: bc_enhancedreturnfund-bw.jpg]
​ ​
Best Quarter: 2Q2020, 22.50%
Worst Quarter: 1Q2020, -20.32%
 ​ ​
Average Annual Total Returns as of December 31, 2023
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
​ ​ ​ ​ ​
Inception
Date
​ ​
One
Year
​ ​
Five
Year
​ ​
Ten
Year
​ ​
​
 ​
Before taxes
​ ​ ​ ​ 12/31/2005 ​ ​ ​ ​ ​ 24.91% ​ ​ ​ ​ ​ 14.05% ​ ​ ​ ​ ​ 11.16% ​ ​ ​
​
 ​
After Taxes on Distributions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23.76% ​ ​ ​ ​ ​ 10.04% ​ ​ ​ ​ ​ 7.34% ​ ​ ​
​
 ​
After Taxes on Distributions and Sale of Fund Shares
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14.69% ​ ​ ​ ​ ​ 10.02% ​ ​ ​ ​ ​ 7.55% ​ ​ ​
​ ​
S&P 500 Index
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26.29% ​ ​ ​ ​ ​ 15.69% ​ ​ ​ ​ ​ 12.03% ​ ​ ​
The fund’s broad-based securities market index is the S&P 500 Index, with measures the performance of 500 of the largest companies listed on the US stock exchange. This Index represents the market sector in which the fund invests and is utilized by the Adviser for measuring performance.
The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower return), and is not available for direct investment.
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12
TABLE OF CONTENTS
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Johnson Enhanced Return Fund May 1, 2024
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PORTFOLIO MANAGEMENT
Investment Adviser
Johnson Investment Counsel, Inc.
Portfolio Managers
The fund is managed by a team of portfolio managers. Michael Leisring, CFA, has been the team leader of the fund management team since 2013, and a member of the team since 2003. Jason Jackman, CFA, Brandon Zureick, CFA, David Theobald, CFA, and Ryan Martin, CFA, have been fund management team members since 2000, 2014, 2016, and 2022, respectively.
PURCHASE OR SALE OF FUND SHARES
Minimum Initial Investment:
$1,000,000
Shares may be purchased or redeemed at the fund’s net asset value (NAV) next determined after receipt of your order, by
check, wire, electronic bank transfer or exchange. You may buy or sell shares on any business day. This includes any day that the fund is open for business, other than weekends, and days on which the New York Stock Exchange (NYSE) is closed, including holidays. Purchases and redemptions can be made through the fund’s Transfer Agent, Ultimus Fund Solutions, P.O. Box 46707, Cincinnati, OH 45246-0707. You may contact the Transfer Agent at 833-913-5253 or your Johnson Portfolio Manager at 800-541-0170 for information about how to purchase or redeem fund shares by check, wire, electronic bank transfer or exchange.
TAX INFORMATION
The dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes.
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13
TABLE OF CONTENTS​
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Johnson Institutional Core Bond Fund May 1, 2024
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TICKERS
Class I: JIBFX    Class F: JIMFX    Class S: JIBSX
INVESTMENT OBJECTIVE
A high level of income over the long term consistent with preservation of capital.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the fund.
​ ​ ​ ​ ​
Class I
​ ​
Class F
​ ​
Class S
​ ​
​ ​
Shareholder Fees
(fees paid directly from your investment)
​ ​
​ ​
Redemption Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Exchange Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
​ ​
​ ​
Management Fees
​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​
​ ​
Distribution and/or Service (12b-1) Fees
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.25% ​ ​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Shareholder Servicing Fee
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.25% ​ ​ ​
​ ​
Other Expenses
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses
​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.55% ​ ​ ​ ​ ​ 0.55% ​ ​ ​
​ ​
Fee Waiver1
​ ​ ​ ​ (0.05)% ​ ​ ​ ​ ​ (0.15)% ​ ​ ​ ​ ​ (0.05)% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses after Fee Waiver
​ ​ ​ ​ 0.25% ​ ​ ​ ​ ​ 0.40% ​ ​ ​ ​ ​ 0.50% ​ ​ ​
​
1
Effective May 1, 2024, the Adviser has contractually agreed to waive a portion (0.05%) of its management fee for the fund, at least through April 30, 2025, so that the Management Fee is 0.25% for the period. The Adviser may not unilaterally change the contract until May 1, 2025. Additionally, a portion (0.10%) of the 12b-1 fee is also being waived through April 30, 2025 for Class F shares.
​
EXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10.000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost will be:
​ ​ ​ ​ ​
1
year
​ ​
3
Years
​ ​
5
Years
​ ​
10
Years
​ ​
​ ​
Class I
​ ​ ​ $ 26 ​ ​ ​ ​ $ 81 ​ ​ ​ ​ $ 141 ​ ​ ​ ​ $ 318 ​ ​ ​
​ ​
Class F
​ ​ ​ $ 41 ​ ​ ​ ​ $ 129 ​ ​ ​ ​ $ 225 ​ ​ ​ ​ $ 506 ​ ​ ​
​ ​
Class S
​ ​ ​ $ 51 ​ ​ ​ ​ $ 161 ​ ​ ​ ​ $ 280 ​ ​ ​ ​ $ 629 ​ ​ ​
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 31.63% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
The fund’s strategy seeks to provide a diversified portfolio of investment grade bonds with aggregate risk, return, and income characteristics that are similar to those of broad bond market indices. Under normal market conditions, the fund invests at least 80% of its net assets, plus any amounts for borrowing, in a broad range of investment grade fixed income securities, including bonds, notes, domestic and foreign corporate and government securities, government agency securities, mortgage-backed securities, collateralized mortgage obligations, asset-backed securities, municipal securities, and short-term obligations. The fund does not limit itself to securities of a particular maturity range but will normally seek to maintain a dollar weighted average duration between 4 to 8 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, the value of a portfolio of fixed income securities with an average duration of one year would generally be expected to decline by approximately 1% if interest rates rose by 1%.
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14
TABLE OF CONTENTS
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Johnson Institutional Core Bond Fund May 1, 2024
​
PRINCIPAL RISKS OF INVESTING IN THE FUND
All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Asset-backed Securities Risk — Asset-backed securities are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying loans. During periods of declining interest rates, prepayment rates usually increase, and the fund may have to reinvest prepayment proceeds at a lower interest rate.
Credit Risk — The issuer of the fixed income security (including some Government Agencies) may not be able to make interest and principal payments when due, resulting in losses to the fund. In addition, the credit quality of securities held by the fund may be lowered if an issuer’s financial condition changes.
Foreign Securities Risk — Foreign securities may be subject to special risks such as changes in restrictions on foreign currency transactions and rates of exchange, and changes in the administration or economic and monetary policies of foreign governments.
Interest Rate Risk — Prices of fixed-income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. A potential rise in interest rates may result in periods of volatility and increased redemptions.
Management Risk — The Adviser’s judgments about the attractiveness, value, and potential appreciation of particular securities in which the fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.
Market Risk — The fund value might decrease in response to general market and economic conditions.
Market and Geopolitical Risk — The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers
in a different country, region, or financial market. Securities in the fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The recent novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your fund investment.
Mortgage-backed Securities Risk — Mortgage-backed securities represent interests in “pools” of mortgages. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the fund may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic downturn.
Municipal Securities Risk — Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the fund’s investments in such securities. Municipal general obligation debt issuers may not be able to levy or collect enough taxes as necessary to make full and timely payments to investors. Municipal revenue obligation debt issuers may experience shortfalls in revenues, such as sales taxes, fuel taxes, or hotel occupancy taxes, generated by the particular project being financed. The fund may be more sensitive to adverse economic, business, or political developments if it invests a substantial portion of its assets in bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a particular state.
Prepayment Risk — The value of the mortgage securities held by the fund may go down as a result of changes in prepayment rates on the underlying mortgages.
Specific Maturity Risk — The specific maturities in which the fund invests may fall in value more than other maturities.
​
​
15
TABLE OF CONTENTS
​
Johnson Institutional Core Bond Fund May 1, 2024
​
Generally, a portfolio of bonds with a longer effective maturity will fluctuate more than a portfolio of bonds with a shorter effective maturity.
AVERAGE ANNUAL TOTAL RETURNS
The chart and table below show the variability of the fund’s returns, which is one indicator of the risks of investing in the fund. The bar chart shows changes in the fund’s returns from year to year for the last 10 years. The table shows how the fund’s average annual total returns over time compare to those of a broad-based securities market index. Of course, the fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.johnsonmutualfunds.com or by calling 1-800-541-0170.
[MISSING IMAGE: bc_corebondfund-bw.jpg]
​ ​
Best Quarter: 4Q2023, 7.26%
Worst Quarter: 1Q2022, -6.11%
 ​ ​
Average Annual Total Returns as of December 31, 2023
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
​ ​ ​ ​ ​
Class
Inception
Date
​ ​
One
Year
​ ​
Five
Year
​ ​
Ten
Year
​ ​
Since
Inception
​ ​
​ ​
Class I
​ ​ ​ ​ ​ ​
​
 ​
Before taxes
​ ​ ​ ​ 8/31/2000 ​ ​ ​ ​ ​ 5.43% ​ ​ ​ ​ ​ 1.27% ​ ​ ​ ​ ​ 2.17% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on Distributions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.15% ​ ​ ​ ​ ​ 0.24% ​ ​ ​ ​ ​ 1.03% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on Distributions and Sale of Fund Shares
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.18% ​ ​ ​ ​ ​ 0.57% ​ ​ ​ ​ ​ 1.19% ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​
Class F
​ ​ ​ ​ ​ ​
​
 ​
Before Taxes
​ ​ ​ ​ 5/1/2018 ​ ​ ​ ​ ​ 5.29% ​ ​ ​ ​ ​ 1.10% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.35% ​ ​ ​
​ ​
Class S
​ ​ ​ ​ ​ ​
​
 ​
Before Taxes
​ ​ ​ ​ 9/15/2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.35% ​ ​ ​
​
 ​
Bloomberg US Aggregate Bond Index
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.53% ​ ​ ​ ​ ​ 1.10% ​ ​ ​ ​ ​ 1.81% ​ ​ ​ ​ ​
​		 1.41%*
​5.25%**		 ​ ​ ​
​
*
For the Class F shares; inception date of 5/1/2018.
​
**
For the Class S shares; inception date of 9/15/2023.
​
The fund’s broad-based securities market index is the Bloomberg US Aggregate Bond Index, which is a broad-based benchmark that measures the investment grade, US dollar denominated, fixed-income taxable bond market. This Index represents the market sector in which the fund invests and is utilized by the Adviser for measuring performance.
The index is unmanaged, does not reflect fees or expenses (which would lower return), and is not available for direct investment.
PORTFOLIO MANAGEMENT
Investment Adviser
Johnson Investment Counsel, Inc.
Portfolio Managers
The fund is managed by a team of portfolio managers. Michael Leisring, CFA, has been the team leader of the fund management team since 2013, and a member of the team since 2003. Jason Jackman, CFA, Brandon Zureick, CFA, David Theobald, CFA, and Ryan Martin, CFA, have been fund management team members since 2000, 2014, 2016, and 2022, respectively.
​
​
16
TABLE OF CONTENTS
​
Johnson Institutional Core Bond Fund May 1, 2024
​
PURCHASE OR SALE OF FUND SHARES
Minimum Initial Investment
Class I: $1,000,000
Class F: $500,000
Class S: $2,000
Shares may be purchased or redeemed at the fund’s net asset value (NAV) next determined after receipt of your order, by check, wire, electronic bank transfer or exchange. You may buy or sell shares on any business day. This includes any day that the fund is open for business, other than weekends, and days on which the New York Stock Exchange (NYSE) is closed, including holidays. Purchases and redemptions can be made through the fund’s Transfer Agent, Ultimus Fund Solutions, P.O. Box 46707, Cincinnati, OH 45246-0707. You may contact
the Transfer Agent at 833-913-5253 or your Johnson Portfolio Manager at 800-541-0170 for information about how to purchase or redeem fund shares by check, wire, electronic bank transfer or exchange.
TAX INFORMATION
The dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes.
​
​
17
TABLE OF CONTENTS​
​
Johnson Institutional Intermediate Bond Fund May 1, 2024
​
TICKERS
Class I: JIBEX    Class F: JIMEX   
INVESTMENT OBJECTIVE
A high level of income over the long term consistent with preservation of capital.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the fund.
​ ​ ​ ​ ​
Class I
​ ​
Class F
​ ​
​ ​
Shareholder Fees
(fees paid directly from your investment)
​ ​
​ ​
Redemption Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Exchange Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
​ ​
​ ​
Management Fees
​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​
​ ​
Distribution and/or Service (12b-1) Fees
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.25% ​ ​ ​
​ ​
Other Expenses
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses
​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.55% ​ ​ ​
​ ​
Fee Waiver1
​ ​ ​ ​ (0.05)% ​ ​ ​ ​ ​ (0.15)% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses after Fee Waiver
​ ​ ​ ​ 0.25% ​ ​ ​ ​ ​ 0.40% ​ ​ ​
​
1
Effective May 1, 2024, the Adviser has contractually agreed to waive a portion (0.05%) of its management fee for the fund, at least through April 30, 2025, so that the Management Fee is 0.25% for the period. The Adviser may not unilaterally change the contract until May 1, 2025. Additionally, a portion (0.10%) of the 12b-1 fee is also being waived through April 30, 2025 for Class F shares.
​
EXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10.000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost will be:
​ ​ ​ ​ ​
1
year
​ ​
3
Years
​ ​
5
Years
​ ​
10
Years
​ ​
​ ​
Class I
​ ​ ​ $ 26 ​ ​ ​ ​ $ 91 ​ ​ ​ ​ $ 164 ​ ​ ​ ​ $ 376 ​ ​ ​
​ ​
Class F
​ ​ ​ $ 41 ​ ​ ​ ​ $ 161 ​ ​ ​ ​ $ 292 ​ ​ ​ ​ $ 675 ​ ​ ​
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 46.33% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
The fund’s strategy seeks to provide a diversified portfolio of investment grade bonds with aggregate risk, return, and income characteristics that are similar to those of 3-5-year bonds. Under normal market conditions, the fund invests at least 80% of its net assets, plus any amounts for borrowing, in a broad range of investment grade fixed income securities, including bonds, notes, domestic and foreign corporate and government securities, government agency securities, mortgage-backed securities, collateralized mortgage obligations, asset-backed securities, municipal securities, and short-term obligations. The fund does not limit itself to securities of a particular maturity range but will normally seek to maintain a dollar weighted average duration between 3 to 5 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, the value of a portfolio of fixed income securities with an average duration of one year would generally be expected to decline by approximately 1% if interest rates rose by 1%.
​
​
18
TABLE OF CONTENTS
​
Johnson Institutional Intermediate Bond Fund May 1, 2024
​
PRINCIPAL RISKS OF INVESTING IN THE FUND
All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Asset-backed Securities Risk — Asset-backed securities are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying loans. During periods of declining interest rates, prepayment rates usually increase, and the fund may have to reinvest prepayment proceeds at a lower interest rate.
Credit Risk — The issuer of the fixed income security (including some Government Agencies) may not be able to make interest and principal payments when due, resulting in losses to the fund. In addition, the credit quality of securities held by the fund may be lowered if an issuer’s financial condition changes.
Foreign Securities Risk — Foreign securities may be subject to special risks such as changes in restrictions on foreign currency transactions and rates of exchange, and changes in the administration or economic and monetary policies of foreign governments.
Interest Rate Risk — Prices of fixed-income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. A potential rise in interest rates may result in periods of volatility and increased redemptions.
Management Risk — The Adviser’s judgments about the attractiveness, value, and potential appreciation of particular securities in which the fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.
Market Risk — The fund value might decrease in response to general market and economic conditions.
Market and Geopolitical Risk — The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers
in a different country, region, or financial market. Securities in the fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The recent novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your fund investment.
Mortgage-backed Securities Risk — Mortgage-backed securities represent interests in “pools” of mortgages. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the fund may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic downturn.
Municipal Securities Risk — Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the fund’s investments in such securities. Municipal general obligation debt issuers may not be able to levy or collect enough taxes as necessary to make full and timely payments to investors. Municipal revenue obligation debt issuers may experience shortfalls in revenues, such as sales taxes, fuel taxes, or hotel occupancy taxes, generated by the particular project being financed. The fund may be more sensitive to adverse economic, business, or political developments if it invests a substantial portion of its assets in bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a particular state.
Prepayment Risk — The value of the mortgage securities held by the fund may go down as a result of changes in prepayment rates on the underlying mortgages.
Specific Maturity Risk — The specific maturities in which the fund invests may fall in value more than other maturities.
​
​
19
TABLE OF CONTENTS
​
Johnson Institutional Intermediate Bond Fund May 1, 2024
​
Generally, a portfolio of bonds with a longer effective maturity will fluctuate more than a portfolio of bonds with a shorter effective maturity.
AVERAGE ANNUAL TOTAL RETURNS
The chart and table below show the variability of the fund’s returns, which is one indicator of the risks of investing in the fund. The bar chart shows changes in the fund’s returns from year to year for the last 10 years. The table shows how the fund’s average annual total returns over time compare to those of a broad-based securities market index. Of course, the fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.johnsonmutualfunds.com or by calling 1-800-541-0170.
[MISSING IMAGE: bc_intermediatebondfund-bw.jpg]
​ ​
Best Quarter: 4Q2023, 5.04%
Worst Quarter: 1Q2022, -4.91%
 ​ ​
Average Annual Total Returns as of December 31, 2023
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
​ ​ ​ ​ ​
Class
Inception
Date
​ ​
One
Year
​ ​
Five
Year
​ ​
Ten
Year
​ ​
Since
Inception
​ ​
​ ​
Class I
​ ​ ​ ​ ​ ​
​
 ​
Before taxes
​ ​ ​ ​ 8/31/2000 ​ ​ ​ ​ ​ 5.38% ​ ​ ​ ​ ​ 1.65% ​ ​ ​ ​ ​ 2.02% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on Distributions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.12% ​ ​ ​ ​ ​ 0.63% ​ ​ ​ ​ ​ 0.97% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on Distributions and Sale of Fund Shares
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.16% ​ ​ ​ ​ ​ 0.86% ​ ​ ​ ​ ​ 1.11% ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​
Class F
​ ​ ​ ​ ​ ​
​
 ​
Before Taxes
​ ​ ​ ​ 5/1/2018 ​ ​ ​ ​ ​ 5.20% ​ ​ ​ ​ ​ 1.47% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.60% ​ ​ ​
​ ​
Bloomberg Intermediate US Govt/Credit
Index
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.24% ​ ​ ​ ​ ​ 1.59% ​ ​ ​ ​ ​ 1.72% ​ ​ ​ ​ ​ 1.85% ​ ​ ​
​
*
For the Class F shares; inception date of 5/1/2018.
​
The fund’s broad-based securities market index is the Bloomberg US Government/Credit Bond Index, which is a broad-based benchmark that measures the non-securitized component of the US Aggregate Index. The index includes investment grade, US dollar-denominated, fixed-rate treasuries, government-related, and corporate securities. This Index represents the market sector in which the fund invests and is utilized by the Adviser for measuring performance.
The index is unmanaged, does not reflect fees or expenses (which would lower return), and is not available for direct investment.
PORTFOLIO MANAGEMENT
Investment Adviser
Johnson Investment Counsel, Inc.
Portfolio Managers
The fund is managed by a team of portfolio managers. Michael Leisring, CFA, has been the team leader of the fund management team since 2013, and a member of the team since 2003. Jason Jackman, CFA, Brandon Zureick, CFA, David Theobald, CFA, and Ryan Martin, CFA, have been fund management team members since 2000, 2014, 2016, and 2022, respectively.
​
​
20
TABLE OF CONTENTS
​
Johnson Institutional Intermediate Bond Fund May 1, 2024
​
PURCHASE OR SALE OF FUND SHARES
Minimum Initial Investment
Class I: $1,000,000
Class F: $500,000
Shares may be purchased or redeemed at the fund’s net asset value (NAV) next determined after receipt of your order, by check, wire, electronic bank transfer or exchange. You may buy or sell shares on any business day. This includes any day that the fund is open for business, other than weekends, and days on which the New York Stock Exchange (NYSE) is closed, including holidays. Purchases and redemptions can be made
through the fund’s Transfer Agent, Ultimus Fund Solutions, P.O. Box 46707, Cincinnati, OH 45246-0707. You may contact the Transfer Agent at 833-913-5253 or your Johnson Portfolio Manager at 800-541-0170 for information about how to purchase or redeem fund shares by check, wire, electronic bank transfer or exchange.
TAX INFORMATION
The dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes.
​
​
21
TABLE OF CONTENTS​
​
Johnson Institutional Short Duration Bond Fund May 1, 2024
​
TICKERS
Class I: JIBDX    Class F: JIMDX
INVESTMENT OBJECTIVE
A high level of income over the long term consistent with preservation of capital.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the fund.
​ ​ ​ ​ ​
Class I
​ ​
Class F
​ ​
​ ​
Shareholder Fees
(fees paid directly from your investment)
​ ​
​ ​
Redemption Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Exchange Fee
​ ​ ​ ​ None ​ ​ ​ ​ ​ None ​ ​ ​
​ ​
Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
​ ​
​ ​
Management Fees
​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​
​ ​
Distribution and/or Service (12b-1) Fees
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.25% ​ ​ ​
​ ​
Other Expenses
​ ​ ​ ​ 0.00% ​ ​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses
​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.55% ​ ​ ​
​ ​
Fee Waiver1
​ ​ ​ ​ (0.05)% ​ ​ ​ ​ ​ (0.15)% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses after Fee Waiver
​ ​ ​ ​ 0.25% ​ ​ ​ ​ ​ 0.40% ​ ​ ​
​
1
Effective May 1, 2024, the Adviser has contractually agreed to waive a portion (0.05%) of its management fee for the fund, at least through April 30, 2025, so that the Management Fee is 0.25% for the period. The Adviser may not unilaterally change the contract until May 1, 2025. Additionally, a portion (0.10%) of the 12b-1 fee is also being waived through April 30, 2025 for Class F shares.
​
EXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10.000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost will be:
​ ​ ​ ​ ​
1
year
​ ​
3
Years
​ ​
5
Years
​ ​
10
Years
​ ​
​ ​
Class I
​ ​ ​ $ 26 ​ ​ ​ ​ $ 91 ​ ​ ​ ​ $ 164 ​ ​ ​ ​ $ 376 ​ ​ ​
​ ​
Class F
​ ​ ​ $ 41 ​ ​ ​ ​ $ 161 ​ ​ ​ ​ $ 292 ​ ​ ​ ​ $ 675 ​ ​ ​
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 36.84% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
The fund’s strategy seeks to provide a diversified portfolio of investment grade bonds with aggregate risk, return, and income characteristics that are similar to those of 1-to-3-year bonds. Under normal market conditions, the fund invests at least 80% of its net assets, plus any amounts for borrowing, in a broad range of investment grade fixed income securities, including bonds, notes, domestic and foreign corporate and government securities, government agency securities, mortgage-backed securities, collateralized mortgage obligations, asset-backed securities, municipal securities, and short-term obligations. The fund does not limit itself to securities of a particular maturity range but will normally seek to maintain a dollar weighted average duration between 1 to 3 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, the value of a portfolio of fixed income securities with an average duration of one year would generally be expected to decline by approximately 1% if interest rates rose by 1%.
​
​
22
TABLE OF CONTENTS
​
Johnson Institutional Short Duration Bond Fund May 1, 2024
​
PRINCIPAL RISKS OF INVESTING IN THE FUND
All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Asset-backed Securities Risk — Asset-backed securities are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying loans. During periods of declining interest rates, prepayment rates usually increase, and the fund may have to reinvest prepayment proceeds at a lower interest rate.
Credit Risk — The issuer of the fixed income security (including some Government Agencies) may not be able to make interest and principal payments when due, resulting in losses to the fund. In addition, the credit quality of securities held by the fund may be lowered if an issuer’s financial condition changes.
Foreign Securities Risk — Foreign securities may be subject to special risks such as changes in restrictions on foreign currency transactions and rates of exchange, and changes in the administration or economic and monetary policies of foreign governments.
Interest Rate Risk — Prices of fixed-income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. A potential rise in interest rates may result in periods of volatility and increased redemptions.
Management Risk — The Adviser’s judgments about the attractiveness, value, and potential appreciation of particular securities in which the fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.
Market Risk — The fund value might decrease in response to general market and economic conditions.
Market and Geopolitical Risk — The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers
in a different country, region, or financial market. Securities in the fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The recent novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your fund investment.
Mortgage-backed Securities Risk — Mortgage-backed securities represent interests in “pools” of mortgages. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the fund may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic downturn.
Municipal Securities Risk — Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the fund’s investments in such securities. Municipal general obligation debt issuers may not be able to levy or collect enough taxes as necessary to make full and timely payments to investors. Municipal revenue obligation debt issuers may experience shortfalls in revenues, such as sales taxes, fuel taxes, or hotel occupancy taxes, generated by the particular project being financed. The fund may be more sensitive to adverse economic, business, or political developments if it invests a substantial portion of its assets in bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a particular state.
Prepayment Risk — The value of the mortgage securities held by the fund may go down as a result of changes in prepayment rates on the underlying mortgages.
Specific Maturity Risk — The specific maturities in which the fund invests may fall in value more than other maturities.
​
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Johnson Institutional Short Duration Bond Fund May 1, 2024
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Generally, a portfolio of bonds with a longer effective maturity will fluctuate more than a portfolio of bonds with a shorter effective maturity.
AVERAGE ANNUAL TOTAL RETURNS
The chart and table below show the variability of the fund’s returns, which is one indicator of the risks of investing in the fund. The bar chart shows changes in the fund’s returns from year to year for the last 10 years. The table shows how the fund’s average annual total returns over time compare to those of a broad-based securities market index. Of course, the fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.johnsonmutualfunds.com or by calling 1-800-541-0170.
[MISSING IMAGE: bc_shortdurationbondfund-bw.jpg]
​ ​
Best Quarter: 4Q2023, 3.06%
Worst Quarter: 1Q2022, -2.94%
 ​ ​
Average Annual Total Returns as of December 31, 2023
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
​ ​ ​ ​ ​
Class
Inception
Date
​ ​
One
Year
​ ​
Five
Year
​ ​
Ten
Year
​ ​
Since
Inception
​ ​
​ ​
Class I
​ ​ ​ ​ ​ ​
​
 ​
Before taxes
​ ​ ​ ​ 8/31/2000 ​ ​ ​ ​ ​ 4.78% ​ ​ ​ ​ ​ 1.56% ​ ​ ​ ​ ​ 1.43% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on Distributions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.88% ​ ​ ​ ​ ​ 0.86% ​ ​ ​ ​ ​ 0.74% ​ ​ ​ ​ ​ ​ ​ ​ ​
​
 ​
After Taxes on Distributions and Sale of Fund Shares
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2.81% ​ ​ ​ ​ ​ 0.90% ​ ​ ​ ​ ​ 0.79% ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​
Class F
​ ​ ​ ​ ​ ​
​
 ​
Before Taxes
​ ​ ​ ​ 5/1/2018 ​ ​ ​ ​ ​ 4.68% ​ ​ ​ ​ ​ 1.39% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.47% ​ ​ ​
​ ​
ICE BofA US Govt & Corp 1-3 Yr.
Index
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.66% ​ ​ ​ ​ ​ 1.53% ​ ​ ​ ​ ​ 1.29% ​ ​ ​ ​ ​ 1.69%* ​ ​ ​
​
*
For the Class F shares; inception date of 5/1/2018.
​
The fund’s broad-based securities market index is the ICE BofA US Government & Corporate Bond 1-3 Year Index, which tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities. ICE BofA 1-3 Year U.S. Corporate & Government Index is a subset of ICE BofA U.S. Corporate & Government Index including all securities with a remaining term to final maturity less than 3 years. This Index represents the market sector in which the fund invests and is utilized by the Adviser for measuring performance.
The index is unmanaged, does not reflect fees or expenses (which would lower return), and is not available for direct investment.
PORTFOLIO MANAGEMENT
Investment Adviser
Johnson Investment Counsel, Inc.
Portfolio Managers
The fund is managed by a team of portfolio managers. Michael Leisring, CFA, has been the team leader of the fund management team since 2013, and a member of the team since 2003. Jason Jackman, CFA, Brandon Zureick, CFA, David Theobald, CFA, and Ryan Martin, CFA, have been fund management team members since 2000, 2014, 2016, and 2022, respectively.
​
​
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Johnson Institutional Short Duration Bond Fund May 1, 2024
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PURCHASE OR SALE OF FUND SHARES
Minimum Initial Investment
Class I: $1,000,000
Class F: $500,000
Minimum Additional Investment
$100
The Adviser may, at its sole discretion, waiver these minimums for existing clients of the Adviser and other related parties, as well as in certain other circumstances.
Shares may be purchased or redeemed at the fund’s net asset value (NAV) next determined after receipt of your order, by check, wire, electronic bank transfer or exchange. You may buy or sell shares on any business day. This includes any day
that the fund is open for business, other than weekends, and days on which the New York Stock Exchange (NYSE) is closed, including holidays. Purchases and redemptions can be made through the fund’s Transfer Agent, Ultimus Fund Solutions, P.O. Box 46707, Cincinnati, OH 45246-0707. You may contact the Transfer Agent at 833-913-5253 or your Johnson Portfolio Manager at 800-541-0170 for information about how to purchase or redeem fund shares by check, wire, electronic bank transfer or exchange.
TAX INFORMATION
The dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes.
​
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Johnson Core Plus Bond Fund May 1, 2024
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TICKER: JCPLX
INVESTMENT OBJECTIVE
Maximize total return over the long term consistent with preservation of capital.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the fund.
​ ​ ​ ​ ​
Class I
​ ​
​ ​
Shareholder Fees
(fees paid directly from your investment)
​ ​
​ ​
Redemption Fee
​ ​ ​ ​ None ​ ​ ​
​ ​
Exchange Fee
​ ​ ​ ​ None ​ ​ ​
​ ​
Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
​ ​ ​ ​ ​
​ ​
Management Fees
​ ​ ​ ​ 0.45% ​ ​ ​
​ ​
Other Expenses
​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Total Annual Fund Operating
Expenses1
​ ​ ​ ​ 0.45% ​ ​ ​
​
1
Effective May 1, 2024, the Adviser has contractually agreed to change the expense arrangement to a unitary fee arrangement, with a limit of 0.45% per year. The Adviser will cover all expenses in excess of the management fee.
​
EXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10.000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost will be:
​
1
year
​ ​
3
Years
​ ​
5
Years
​ ​
10
Years
​
​
$46
​ ​ ​ $ 145 ​ ​ ​ ​ $ 253 ​ ​ ​ ​ $ 568 ​ ​
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal
year, the fund’s portfolio turnover rate was 45.24% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
Under normal market conditions, the fund invests at least 80% of its net assets, plus any amounts for borrowing, in a broad range of fixed income securities. “Fixed Income Securities” include corporate bonds, notes, domestic and foreign government securities (including securities issued by government agencies), mortgage-backed securities, collateralized mortgage obligations, asset-backed securities, municipal securities, and short-term obligations. The fund does not limit itself to a particular maturity range but will normally seek to maintain a dollar weighted duration between 4 to 8 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, the value of a portfolio of fixed income securities with an average duration of four years would generally be expected to decline by approximately 4% if interest rates rose by one percentage point.
The fund invests primarily in investment grade securities. However, it may invest up to 40% of its portfolio in securities rated below investment grade (also known as “junk bonds”). The fund may also enter into various exchange-traded and over-the-counter derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include futures, options, swaps, foreign currency futures and forwards. In particular, the fund may use interest rate swaps, credit default swaps (including buying and selling credit default swaps on individual securities and/or baskets of securities), options (including options on credit default swaps and options on futures) and futures contracts to a significant extent, although the amounts invested in these instruments may change from time to time. For the purposes of compliance with the fund’s 80% investment policy, the fund’s derivative positions are valued at their market value.
PRINCIPAL RISKS OF INVESTING IN THE FUND
All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Asset-backed Securities Risk — Asset-backed securities are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these
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Johnson Core Plus Bond Fund May 1, 2024
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securities may go down as a result of changes in prepayment rates on the underlying loans. During periods of declining interest rates, prepayment rates usually increase, and the fund may have to reinvest prepayment proceeds at a lower interest rate.
Credit Risk — The issuer of the fixed income security (including some Government Agencies) may not be able to make interest and principal payments when due, resulting in losses to the fund. In addition, the credit quality of securities held by the fund may be lowered if an issuer’s financial condition changes.
Derivatives Risk — Using derivatives can increase fund losses and reduce opportunities for gains when market prices, interest rates, currencies, or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. Hedging strategies using derivatives may not perform as expected, resulting in losses for the fund.
Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may not be available at the time or price desired, may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund.
Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. The use of derivatives may have different tax consequences for the fund than an investment in the underlying security, and those differences may affect the amount, timing and character of income distributed to shareholders. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.
Credit default swap contracts involve heightened risks and may result in losses to the fund. Credit default swaps may be illiquid and difficult to value. When the fund sells credit protection via a credit default swap, credit risk increases since the fund has exposure to both the issuer whose credit is the subject of the swap and the counterparty to the swap.
Foreign Securities Risk — Foreign securities may be subject to special risks such as changes in restrictions on foreign currency transactions and rates of exchange, and changes in the administration or economic and monetary policies of foreign governments.
High Yield Bond Risk — Lower-quality fixed income securities, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. These securities are considered speculative. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the fund’s
share price. Defaulted securities or those subject reorganization proceeding may become worthless and are illiquid.
Interest Rate Risk — Prices of fixed-income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. A potential rise in interest rates may result in periods of volatility and increased redemptions.
Leveraging Risk — The value of your investment may be more volatile if the fund borrows or uses instruments, such as derivatives, that have a leveraging effect on the fund’s portfolio. Other risks described in the Prospectus also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund’s assets. In addition, the fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption, and losses will result if the value of the fund’s assets declines between the time a redemption request is deemed to be received by the fund and the time the fund liquidates assets to meet redemption requests.
Management Risk — The Adviser’s judgments about the attractiveness, value, and potential appreciation of particular securities in which the fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.
Market Risk — The fund value might decrease in response to general market and economic conditions.
Market and Geopolitical Risk — The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities in the fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The recent novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as
​
​
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Johnson Core Plus Bond Fund May 1, 2024
​
well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your fund investment.
Mortgage-backed Securities Risk — Mortgage-backed securities represent interests in “pools” of mortgages. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the fund may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic downturn.
Municipal Securities Risk — Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the fund’s investments in such securities. Municipal general obligation debt issuers may not be able to levy or collect enough taxes as necessary to make full and timely payments to investors. Municipal revenue obligation debt issuers may experience shortfalls in revenues, such as sales taxes, fuel taxes, or hotel occupancy taxes, generated by the particular project being financed. The fund may be more sensitive to adverse economic, business, or political developments if it invests a substantial portion of its assets in bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a particular state.
Prepayment Risk — The value of the mortgage securities held by the fund may go down as a result of changes in prepayment rates on the underlying mortgages.
Specific Maturity Risk — The specific maturities in which the fund invests may fall in value more than other maturities. Generally, a portfolio of bonds with a longer effective maturity will fluctuate more than a portfolio of bonds with a shorter effective maturity.
AVERAGE ANNUAL TOTAL RETURNS
The chart and table below show the variability of the fund’s returns, which is one indicator of the risks of investing in the fund. The bar chart shows changes in the fund’s returns from year to year since the fund’s inception (November 17, 2021). The table shows how the fund’s average annual total returns over time compare to those of a broad-based securities market index. Of course, the fund’s past performance (before and
after taxes) is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.johnsonmutualfunds.com or by calling 1-800-541-0170.
[MISSING IMAGE: bc_coreplusbondfund-bw.jpg]
​ ​
Best Quarter: 4Q2023, 7.20%
Worst Quarter: 1Q2022, -6.35%
 ​ ​
Average Annual Total Returns as of December 31, 2023
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
​ ​ ​ ​ ​
Class 
Inception
Date
​ ​
One
Year
​ ​
Since
Inception
​ ​
​
 ​
Before taxes
​ ​ ​ ​ 11/17/2021 ​ ​ ​ ​ ​ 5.81% ​ ​ ​ ​ ​ -4.00% ​ ​ ​
​
 ​
After Taxes on Distributions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.40% ​ ​ ​ ​ ​ -5.09% ​ ​ ​
​
 ​
After Taxes on
Distributions and Sale
of Fund Shares
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.41% ​ ​ ​ ​ ​ -3.49% ​ ​ ​
​ ​
Bloomberg US Aggregate
Bond Index
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.53% ​ ​ ​ ​ ​ -3.80% ​ ​ ​
The fund’s broad-based securities market index is the Bloomberg US Aggregate Bond Index, which is a broad-based benchmark that measures the investment grade, US dollar denominated, fixed-income taxable bond market. This Index represents the market sector in which the fund invests and is utilized by the Adviser for measuring performance.
​
​
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The index is unmanaged, does not reflect fees or expenses (which would lower return), and is not available for direct investment.
PORTFOLIO MANAGEMENT
Investment Adviser
Johnson Investment Counsel, Inc.
Portfolio Managers
The fund is managed by a team of portfolio managers. Michael Leisring, CFA, has been the team leader of the fund management team since 2021. Jason Jackman, CFA, Brandon Zureick, CFA, David Theobald, CFA, and Ryan Martin, CFA, have been fund management team members since 2021, 2021, 2021, and 2022, respectively.
PURCHASE OR SALE OF FUND SHARES
Minimum Initial Investment
$1,000,000
Minimum Additional Investment
$100
The Adviser may, at its sole discretion, waiver these minimums for existing clients of the Adviser and other related parties, as well as in certain other circumstances.
Shares may be purchased or redeemed at the fund’s net asset value (NAV) next determined after receipt of your order, by check, wire, electronic bank transfer or exchange. You may buy or sell shares on any business day. This includes any day that the fund is open for business, other than weekends, and days on which the New York Stock Exchange (NYSE) is closed, including holidays. Purchases and redemptions can be made through the fund’s Transfer Agent, Ultimus Fund Solutions, P.O. Box 46707, Cincinnati, OH 45246-0707. You may contact the Transfer Agent at 833-913-5253 or your Johnson Portfolio Manager at 800-541-0170 for information about how to purchase or redeem fund shares by check, wire, electronic bank transfer or exchange.
TAX INFORMATION
The dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes.
​
​
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​
Johnson Municipal Income Fund May 1, 2024
​
TICKER: JMUNX
INVESTMENT OBJECTIVE
A high level of federally tax-free income over the long term consistent with preservation of capital.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the fund.
​ ​
Shareholder Fees
(fees paid directly from your investment)
​ ​ ​ ​ ​ ​ ​ ​
​ ​
Redemption Fee
​ ​ ​ ​ None ​ ​ ​
​ ​
Exchange Fee
​ ​ ​ ​ None ​ ​ ​
​ ​
Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
​ ​ ​ ​ ​
​ ​
Management Fees
​ ​ ​ ​ 0.30% ​ ​ ​
​ ​
Shareholder Servicing Fee
​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Other Expenses
​ ​ ​ ​ 0.00% ​ ​ ​
​ ​
Total Annual Fund Operating Expenses
​ ​ ​ ​ 0.30% ​ ​ ​
EXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10.000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost will be:
​
1
year
​ ​
3
Years
​ ​
5
Years
​ ​
10
Years
​
​
$31
​ ​ ​ $ 97 ​ ​ ​ ​ $ 169 ​ ​ ​ ​ $ 381 ​ ​
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 17.28% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
Under normal market conditions, the fund will invest at least 80% of its net assets, plus any amount for borrowing, in investment grade municipal securities, the income from which is exempt from regular federal income tax. The Adviser primarily invests in Ohio municipal securities that provide income that is exempt from both Ohio and regular federal income tax.
The fund may concentrate its investments in a particular segment of the bond market. The fund does not limit itself to securities of a particular maturity range, however, a majority of its assets will typically be invested in intermediate to long-term maturities (3 years or longer).
PRINCIPAL RISKS OF INVESTING IN THE FUND
All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Credit Risk — The issuer of the fixed income security (including some government agencies) may not be able to make interest and principal payments when due, resulting in losses to the fund. In addition, the credit quality of securities held by the fund may be lowered if an issuer’s financial condition changes.
Geographic Risk — Because the fund invests primarily in bonds from the State of Ohio, it is particularly sensitive to political and economic factors that negatively affect Ohio.
Interest Rate Risk — Prices of fixed-income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. A potential rise in interest rates may result in periods of volatility and increased redemptions.
Management Risk — The Adviser’s judgments about the attractiveness, value and potential appreciation of particular securities in which the fund invests may prove to be incorrect and there is no guarantee that the Adviser’s judgment will produce the desired results.
Market Risk — The fund value might decrease in response to general market and economic conditions.
​
​
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Johnson Municipal Income Fund May 1, 2024
​
Market and Geopolitical Risk  —  The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities in the fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The recent novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your fund investment.
Municipal Securities Risk — Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the fund’s investments in such securities. Municipal general obligation debt issuers may not be able to levy or collect enough taxes as necessary to make full and timely payments to investors. Municipal revenue obligation debt issuers may experience shortfalls in revenues, such as sales taxes, fuel taxes, or hotel occupancy taxes, generated by the particular project being financed. The fund may be more sensitive to adverse economic, business, or political developments if it invests a substantial portion of its assets in bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in Ohio.
Political Risk — Substantial changes in federal income tax laws could cause municipal bond prices to decline. This is because the demand for municipal bonds is strongly influenced by the value of tax-exempt income to investors.
Segment Risk — Economic or political factors affecting one bond in a particular segment of the bond market may affect other bonds with the segment in the same manner.
AVERAGE ANNUAL TOTAL RETURNS
The chart and table below show the variability of the fund’s returns, which is one indicator of the risks of investing in the fund. The bar chart shows changes in the fund’s returns from year to year for the last 10 years. The table shows how the fun