(LOGO)
JOHNSON FAMILY
FUNDS
---------------------------------
APRIL 30, 2000 SEMI-ANNUAL REPORT
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<PAGE>
TABLE OF CONTENTS
Schedules of Investments
JohnsonFamily Intermediate Fixed Income Fund ........................ 1
JohnsonFamily Large Cap Equity Fund ................................. 4
JohnsonFamily Small Cap Equity Fund ................................. 6
JohnsonFamily International Equity Fund ............................. 8
Statements of Assets and Liabilities ..................................... 12
Statements of Operations ................................................. 13
Statements of Changes in Net Assets ...................................... 14
Financial Highlights ..................................................... 16
Notes to the Financial Statements ........................................ 18
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NOT FDIC-INSURED
----------------------------------
May lose value No bank guarantee
----------------------------------
Shares of JohnsonFamily Funds are distributed by an independent third party,
Sunstone Distribution Services, LLC.
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
Intermediate Fixed Income Fund
Principal
Amount Value
--------------------------------------------------------------------------------
CORPORATE BONDS - 45.20%
$300,000 AT&T Corp., 8.125%, 1/15/22 $287,616
500,000 Ameritech Capital Funding,
5.95%, 1/15/38 471,552
500,000 Anheuser-Busch Cos., Inc.,
6.90%, 10/1/02 492,533
1,000,000 Baltimore Gas & Electric,
6.73%, 6/12/12 976,987
500,000 Bank One Corp., 6.875%, 8/1/06 474,424
1,000,000 Bank One Texas, 6.25%, 2/15/08 900,671
500,000 Borg-Warner Automotive, Inc.,
7.00%, 11/1/06 461,204
1,000,000 Carnival Corp., 6.15%, 4/15/08 896,341
500,000 Chevron Capital USA, Inc.,
7.45%, 8/15/04 492,829
1,000,000 Commercial Credit Co.,
6.25%, 1/1/08 904,050
500,000 Computer Associates,
6.375%, 4/15/05 464,740
1,000,000 Computer Associates,
6.50%, 4/15/08 909,244
1,954,180 Discover Card Master Trust I,
6.792%, 4/16/10 1,901,261
500,000 Donaldson, Lufkin &
Jenrette, Inc., 6.50%, 4/1/08 447,901
1,000,000 E.I. Du Pont de Nemours,
8.50%, 2/15/03 1,010,644
1,000,000 Fleet National Bank,
5.75%, 1/15/09 866,904
1,000,000 GTE Corp., (MBIA Insured),
6.46%, 4/15/08 934,160
400,000 Hertz Corp., 6.30%, 11/15/06 386,376
750,000 Knight-Ridder, Inc.,
6.625%, 11/1/07 697,662
1,000,000 Lincoln National Corp.,
9.125%, 10/1/24 1,044,133
500,000 MBIA, Inc., 8.20%, 10/1/22 489,706
1,000,000 Masco Corp., 6.125%, 9/15/03 961,470
1,000,000 McDonald's Corp.,
7.375%, 7/15/33 919,181
250,000 Mead Corp., 8.125%, 2/1/23 242,958
Principal
Amount Value
--------------------------------------------------------------------------------
CORPORATE BONDS - 45.20% (CONTINUED)
$500,000 Merrill Lynch & Co.,
6.00%, 2/17/09 $440,095
1,000,000 Metropolitan Edison,
9.10%, 9/18/03 1,013,655
500,000 Nabisco, Inc., 6.00%, 2/15/01 489,554
1,000,000 National Fuel Gas Co.,
6.82%, 8/1/04 965,158
2,000,000 Olsten Corp., 7.00%, 3/15/06 1,867,078
1,000,000 PaineWebber Group,
6.55%, 4/15/08 895,056
350,000 Rockwell International Corp.,
8.375%, 2/15/01 352,893
500,000 Suntrust Banks, Inc.,
6.39%, 4/22/02 498,438
1,000,000 TRW Inc., 6.25%, 1/15/10 853,103
350,000 Trans Financial Bancorp,
7.25%, 9/15/03 345,582
1,000,000 Tribune Co., 5.50%, 10/6/08 872,684
1,000,000 Wells Fargo & Co.,
6.625%, 4/15/13 898,793
------------
TOTAL CORPORATE BONDS
(cost $28,829,665) 27,126,636
------------
CONVERTIBLE CORPORATE BONDS - 1.89%
1,350,000 Thermolase Corp.,
4.375%, 8/5/04
(cost $1,146,825) 1,134,000
------------
MUNICIPAL BONDS - 6.69%
500,000 Harris County Sports,
6.75%, 11/15/17 458,555
350,000 Massachusetts State Port
Authority, 6.35%, 7/1/07 326,424
500,000 Oakland, California
Pension, 6.98%, 12/15/09 480,734
2,750,000 Portage Ind. Economic Dev.,
6.50%, 3/1/20 2,750,000
------------
TOTAL MUNICIPAL BONDS
(cost $4,126,223) 4,015,713
------------
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
Intermediate Fixed Income Fund (continued)
Principal
Amount Value
--------------------------------------------------------------------------------
U. S. GOVERNMENT AGENCIES - 34.74%
NOTES - 21.52%
$500,000 Federal Farm Credit Bureau
Note, 5.05%, 11/6/03 $466,263
1,000,000 Federal Home Loan Bank,
5.32%, 11/19/02 956,220
500,000 Federal Home Loan Bank,
6.229%, 4/20/05 475,321
500,000 Federal Home Loan Bank,
5.94%, 12/1/05 466,470
1,000,000 Federal Home Loan Bank,
6.15%, 3/3/08 918,451
1,000,000 Federal Home Loan Bank,
7.375%, 2/12/10 1,004,395
2,000,000 Federal Home Loan Mortgage
Corp., 5.90%, 5/4/04 1,900,104
1,000,000 Federal Home Loan Mortgage
Corp., 6.642%, 3/13/06 955,930
250,000 Federal Home Loan Mortgage
Corp., 7.245%, 4/24/06 243,763
900,000 Federal Home Loan Mortgage
Corp., 7.528%, 9/25/06 883,762
500,000 Federal Home Loan Mortgage
Corp., 7.09%, 11/24/06 482,896
500,000 Federal Home Loan Mortgage
Corp., 6.125%, 2/24/09 453,485
1,000,000 Federal National Mortgage Assoc.,
6.14%, 3/24/03 969,959
300,000 Federal National Mortgage Assoc.,
7.25%, 6/1/05 293,682
750,000 Federal National Mortgage Assoc.,
6.85%, 9/12/05 725,377
800,000 Federal National Mortgage Assoc.,
6.65%, 3/8/06 766,143
500,000 Federal National Mortgage Assoc.,
6.29%, 4/23/08 463,023
500,000 Federal National Mortgage Assoc.,
8.00%, 9/10/09 492,879
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12,918,123
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Principal
Amount Value
--------------------------------------------------------------------------------
REMICS - 12.43%
$395,227 Federal Home Loan
Mortgage Corp., 2044 BD,
6.25%, 03/15/09 $381,106
914,474 Federal Home Loan Mortgage
Corp., 6.00%, 6/15/09 900,198
1,478,253 Federal Home Loan Mortgage
Corp., 1608 FP, 7.1375%, 11/15/23 1,495,478
1,000,000 Federal Home Loan Mortgage
Corp., 2185 BG, 7.00%, 11/20/24 957,244
1,000,000 Federal Home Loan Mortgage
Corp., 2190 PJ, 7.50%, 4/20/26 995,990
215,806 Federal National Mortgage Assoc.,
G-51 FA, 6.25%, 12/25/21 209,154
64,642 Federal National Mortgage Assoc.,
1994-4, 7.00%, 08/25/23 60,938
1,116,409 Federal National Mortgage Assoc.,
1997-80, 6.60625%, 2/25/24 1,106,272
934,743 Federal National Mortgage Assoc.,
2089, 6.25%, 10/15/28 864,226
500,000 Residential Funding Mortgage
Securities, 6.96%, 8/25/12 489,195
------------
7,459,801
------------
OTHER AGENCY ISSUES - 0.79%
500,000 Private Export Funding Corp.,
6.49%, 7/15/07 476,439
------------
TOTAL U. S. GOVERNMENT AGENCIES
(cost $21,551,369) 20,854,363
------------
U.S. TREASURY OBLIGATIONS - 1.54%
4,000,000 U.S. Treasury Strips, 11/15/24
(cost $1,009,218) 922,152
------------
TOTAL BONDS
(cost $56,663,300) 54,052,864
------------
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
Intermediate Fixed Income Fund (continued)
Number
of Shares Value
--------------------------------------------------------------------------------
PREFERRED STOCKS - 4.23%
40,000 Chase Capital VII,
7.00%, 5/15/29 $847,500
60,000 Tennessee Valley Authority,
6.75%, 6/1/28 1,293,750
20,000 WEC Capital Trust,
6.85%, 3/31/39 398,750
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TOTAL PREFERRED STOCKS
(cost $2,940,000) 2,540,000
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SHORT-TERM INVESTMENTS - 5.10%
1,889,241 SSGA Money Market Fund 1,889,241
1,171,881 SSGA U.S. Government
Money Market Fund 1,171,881
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TOTAL SHORT-TERM INVESTMENTS
(cost $3,061,122) 3,061,122
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TOTAL INVESTMENTS - 99.39%
(cost $62,664,422) 59,653,986
Cash and Other Assets,
less Liabilities - 0.61% 365,490
------------
NET ASSETS - 100.00% $60,019,476
============
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
Large Cap Equity Fund
Number
of Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 99.31%
BANKING - 8.83%
27,950 AmSouth Bancorporation $407,022
13,000 Bank of America Corporation 637,000
21,400 FleetBoston Financial Corporation 758,363
18,200 PNC Bank Corp. 793,975
25,200 Summit Bancorp. 639,450
16,000 UnionBanCal Corporation 443,000
------------
3,678,810
------------
BUILDING - 1.39%
13,900 USG Corporation 580,325
------------
CAPITAL GOODS - 1.04%
11,000 Caterpillar Inc. 433,812
------------
CHEMICALS - 1.93%
7,100 Dow Chemical Co. 802,300
------------
CONSUMER DURABLES - 4.85%
7,000 Black & Decker
Corporation (The) 294,437
17,300 Ford Motor Co. 946,094
12,000 Whirlpool Corporation 781,500
------------
2,022,031
------------
CONSUMER STAPLES - 6.60%
36,500 ConAgra, Inc. 688,937
35,500 Kroger Co. (The)<F1> 658,969
32,400 Sara Lee Corp. 486,000
44,300 SUPERVALU INC. 916,456
------------
2,750,362
------------
ENERGY - 9.46%
16,000 Coastal Corporation (The) 803,000
13,000 Kerr-McGee Corporation 672,750
17,200 Phillips Petroleum Company 815,925
11,000 Texaco Inc. 544,500
14,000 Unocal Corporation 452,375
28,000 USX-Marathon Group 652,750
------------
3,941,300
------------
Number
of Shares Value
--------------------------------------------------------------------------------
FINANCE - 5.51%
16,000 A.G. Edwards, Inc. $602,000
18,700 Countrywide Credit Industries, Inc. 516,587
5,500 Fannie Mae 331,719
3,400 J.P. Morgan & Co., Inc. 436,475
5,000 Lehman Brothers Holdings Inc. 410,313
------------
2,297,094
------------
HEALTH CARE - 11.12%
23,200 Abbott Laboratories 891,750
13,200 Becton Dickinson & Co. 338,250
10,000 Bristol-Myers Squibb Company 524,375
25,000 Columbia/HCA Healthcare
Corporation 710,938
6,300 Johnson & Johnson 519,750
7,000 Merck & Co., Inc. 486,500
9,100 Watson Pharmaceuticals, Inc.<F1> 408,931
10,200 Wellpoint Health Networks, Inc.<F1> 752,250
------------
4,632,744
------------
INDUSTRIAL - 10.17%
20,000 Cooper Industries, Inc. 686,250
13,000 Eastman Kodak Company 727,188
10,000 Emerson Electric Co. 548,750
13,700 Harris Corp. 442,681
18,000 Litton Industries, Inc.<F1> 781,875
14,800 Northrop Grumman Corp. 1,048,950
------------
4,235,694
------------
INSURANCE - 6.48%
11,000 Allmerica Financial Corporation 595,375
8,000 Ambac Financial Group, Inc. 384,000
42,300 Conseco, Inc. 230,006
23,500 ReliaStar Financial Corp. 1,011,969
10,000 XL Capital Ltd., Class A 476,250
------------
2,697,600
------------
PAPER - 0.97%
11,000 International Paper Company 404,250
------------
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
Large Cap Equity Fund (continued)
Number
of Shares Value
--------------------------------------------------------------------------------
RETAIL - 2.51%
10,000 Federated Department
Stores, Inc.<F1> $340,000
8,000 J.C. Penney Company, Inc. 110,500
18,000 Ross Stores, Inc. 373,500
6,000 Sears, Roebuck & Co. 219,750
------------
1,043,750
------------
SERVICES - 7.28%
28,000 Deluxe Corporation 705,250
13,700 Dun & Bradstreet Corp. 412,713
24,000 Galileo International, Inc. 555,000
9,000 Knight-Ridder, Inc. 441,562
8,000 Royal Caribbean Cruises Ltd. 166,500
22,000 Tricon Global Restaurants, Inc.<F1> 750,750
------------
3,031,775
------------
TECHNOLOGY - 9.44%
5,100 Adobe Systems Incorporated 616,781
5,000 Apple Computer, Inc.<F1> 620,313
18,300 Compaq Computer Corp. 535,275
4,950 Computer Associates
International, Inc. 276,272
5,500 Intel Corporation 697,469
1,500 International Business
Machines Corporation 167,438
4,000 Microsoft Corporation<F1> 279,000
16,000 Novell, Inc.<F1> 314,000
8,500 Synopsys, Inc.<F1> 357,000
3,000 Unisys Corporation<F1> 69,562
------------
3,933,110
------------
TELECOMMUNICATIONS - 8.33%
8,500 ALLTEL Corporation 566,312
4,000 AT&T Corp. 186,750
12,018 Bell Atlantic Corp. 712,067
16,500 BellSouth Corporation 803,344
21,200 CenturyTel, Inc. 519,400
9,600 U S WEST, Inc. 683,400
------------
3,471,273
------------
Number
of Shares Value
--------------------------------------------------------------------------------
UTILITIES - 3.40%
30,000 Edison International $571,875
24,100 Pinnacle West Capital Corp. 846,512
------------
1,418,387
------------
TOTAL COMMON STOCKS
(cost $44,098,093) 41,374,617
------------
SHORT-TERM INVESTMENTS - 0.65%
11,803 SSGA Money Market Fund 11,803
258,209 SSGA U.S. Government
Money Market Fund 258,209
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $270,012) 270,012
------------
TOTAL INVESTMENTS - 99.96%
(cost $44,368,105) 41,644,629
Cash and Other Assets,
less Liabilities - 0.04% 17,278
------------
NET ASSETS - 100.00% $41,661,907
============
<F1> Non-income producing security
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
Small Cap Equity Fund
Number
of Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 95.15%
BANKING - 5.50%
8,375 Associated Banc-Corp $214,086
39,200 Colonial BancGroup, Inc. 367,500
13,955 F.N.B. Corporation 275,601
28,100 Independent Bank Corp. 288,025
12,000 Three Rivers Bancorp, Inc.<F1> 105,750
12,430 UMB Financial Corporation 450,588
24,000 USBANCORP, Inc. 130,500
------------
1,832,050
------------
BUILDING - 2.90%
12,400 Centex Construction Products, Inc. 382,850
29,000 The Ryland Group, Inc. 583,625
------------
966,475
------------
CAPITAL GOODS - 2.27%
20,000 Detroit Diesel Corporation 310,000
24,700 Regal-Beloit Corporation 446,144
------------
756,144
------------
CHEMICALS - 3.31%
8,000 Cytec Industries Inc.<F1> 241,000
7,400 Dexter Corporation (The) 406,075
19,900 Ferro Corporation 455,212
------------
1,102,287
------------
CONSUMER DURABLES - 2.75%
13,000 Arvin Industries, Inc. 282,750
9,000 Borg-Warner Automotive, Inc. 376,313
21,100 National R.V. Holdings, Inc.<F1> 258,475
------------
917,538
------------
CONSUMER STAPLES - 4.79%
10,000 Alberto-Culver Company, Class A 226,250
21,000 J & J Snack Foods Corp.<F1> 334,688
21,800 Ralcorp Holdings, Inc.<F1> 301,112
16,600 The Earthgrains Company 233,438
16,900 Universal Corporation 318,988
11,000 Universal Foods Corporation 180,812
------------
1,595,288
------------
Number
of Shares Value
--------------------------------------------------------------------------------
ENERGY - 5.46%
16,000 Louis Dreyfus Natural Gas Corp.<F1> $448,000
10,000 Mitchell Energy & Development
Corp., Class B 239,375
41,000 Ocean Energy Inc.<F1> 530,438
18,800 Questar Corp. 353,675
27,000 Santa Fe Snyder Corporation<F1> 248,062
------------
1,819,550
------------
FINANCE - 1.54%
25,500 Raymond James Financial, Inc. 513,187
------------
HEALTH CARE - 7.45%
25,000 ADAC Laboratories<F1> 375,000
17,100 Arrow International, Inc. 583,537
18,900 CorVel Corp.<F1> 512,663
22,400 DENTSPLY International Inc. 651,000
10,000 Trigon Healthcare, Inc.<F1> 359,375
------------
2,481,575
------------
INDUSTRIAL - 13.90%
22,900 AMETEK, Inc. 470,881
14,000 AptarGroup, Inc. 399,000
10,000 Ball Corporation 315,000
21,600 Barnes Group Inc. 365,850
6,900 Belden Inc. 204,844
27,000 CLARCOR Inc. 486,000
9,250 CoorsTek, Inc.<F1> 416,828
13,800 Cordant Technologies, Inc. 781,425
27,200 Mark IV Industries, Inc. 576,300
21,600 Myers Industries, Inc. 302,400
10,000 SPS Technologies, Inc.<F1> 313,750
------------
4,632,278
------------
INSURANCE - 6.10%
9,672 Delphi Financial Group, Inc.,
Class A<F1> 278,675
7,000 Everest Reinsurance Holdings, Inc. 204,750
10,800 Financial Security Assurance
Holdings Ltd. 797,175
23,000 Harleysville Group, Inc. 369,437
25,800 PXRE Group Limited 383,775
------------
2,033,812
------------
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
Small Cap Equity Fund (continued)
Number
of Shares Value
--------------------------------------------------------------------------------
METAL PRODUCTS DISTRIBUTION - 0.86%
9,800 Commercial Metals Company $287,875
------------
PAPER PRODUCTS - 1.09%
19,000 Buckeye Technologies Inc.<F1> 363,375
------------
RETAIL - 7.29%
23,400 Brown Shoe Company, Inc. 239,850
23,300 Furniture Brands
International, Inc.<F1> 435,419
48,000 Herbalife International, Inc. 414,000
53,000 OfficeMax, Inc.<F1> 298,125
12,100 Springs Industries, Inc. 496,856
8,500 The Dress Barn, Inc.<F1> 166,812
15,000 The Neiman Marcus Group, Inc.,
Class B<F1> 379,688
------------
2,430,750
------------
SERVICES - 10.98%
24,700 Aaron Rents, Inc. 358,150
15,000 ACNielsen Corporation<F1> 345,937
21,700 Banta Corporation 424,506
22,000 Brunswick Corporation 422,125
44,200 Buffets, Inc.<F1> 433,713
17,000 GTECH Holdings Corporation<F1> 352,750
15,300 Ogden Corp. 150,131
30,000 Personnel Group of America, Inc.<F1> 157,500
17,800 Pittston Brink's Group 291,475
15,000 The Reynolds and Reynolds
Company, Class A 356,250
11,000 United Stationers, Inc. 367,125
------------
3,659,662
------------
TECHNOLOGY - 11.06%
10,000 Actel Corporation<F1> 368,125
19,000 ANSYS, Inc.<F1> 205,438
3,600 C-Cube Microsystems, Inc.<F1> 231,300
12,600 Davox Corporation<F1> 321,300
3,800 DSP Group, Inc.<F1> 270,275
16,400 ESS Technology, Inc.<F1> 213,200
12,000 Hyperion Solutions Corporation<F1> 363,938
10,000 In Focus Systems, Inc.<F1> 299,375
26,159 MAPICS, Inc.<F1> 173,303
Number
of Shares Value
--------------------------------------------------------------------------------
TECHNOLOGY - 11.06% (CONTINUED)
16,200 Progress Software Corporation<F1> $324,000
5,000 Symantec Corporation<F1> 312,187
6,600 Xircom, Inc.<F1> 260,287
6,000 Zebra Technologies Corporation,
Class A<F1> 342,000
------------
3,684,728
------------
TRANSPORTATION - 2.75%
21,400 Alexander & Baldwin, Inc. 449,400
36,000 Arkansas Best Corporation<F1> 465,750
------------
915,150
------------
UTILITIES - 5.15%
17,500 Madison Gas and
Electric Company 317,188
10,100 The United Illuminating Company 464,600
21,100 UGI Corporation 431,231
16,800 WPS Resources Corporation 501,900
------------
1,714,919
------------
TOTAL COMMON STOCKS
(cost $33,176,059) 31,706,643
------------
SHORT-TERM INVESTMENTS - 4.93%
802,533 SSGA Money Market Fund 802,533
838,898 SSGA U.S. Government
Money Market Fund 838,898
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $1,641,431) 1,641,431
------------
TOTAL INVESTMENTS - 100.08%
(cost $34,817,490) 33,348,074
Liabilities, less Cash and
Other Assets - (0.08)% (24,531)
------------
NET ASSETS - 100.00% $33,323,543
============
<F1> Non-income producing security
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
International Equity Fund
Number
of Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS - 93.33%
ARGENTINA - 0.36%
29,300 Telefonica de Argentina S.A -
Class B $103,208
------------
AUSTRALIA - 3.28%
38,100 Coles Myer Ltd. 142,547
55,000 CSR Ltd. 120,347
16,200 National Australia Bank 221,760
35,000 North Limited 60,144
6,000 Rio Tinto Limited 89,055
40,000 Santos Limited 91,026
34,200 Westpac Banking Corporation Ltd. 218,115
------------
942,994
------------
BELGIUM - 0.34%
400 Electrabel SA 96,920
2,700 Total Fina SA - Strip VVPR<F1> 25
------------
96,945
------------
BRAZIL - 1.19%
9,100,000 Companhia Brasileira de
Petroleo Ipiranga - Preferred 100,864
4,900 Companhia Vale do Rio Doce -
Preferred A 121,387
1,000,000 Telebras Preferred 55
1,000,000 Telecomunicacoes Brasileiras
S.A. - Preferred Receipts<F1> 120,262
57 Telesp Celular Participacoes S. A.<F1> 1
------------
342,569
------------
CANADA - 3.87%
2,300 Alcan Aluminum Ltd. 74,820
1,500 BCE, Inc. 173,618
1,224 BCT.Telus Communications Inc. 32,135
2,408 BCT.Telus Communications Inc. -
Class A 61,756
4,400 Canadian Imperial Bank
of Commerce 115,219
1,300 Canadian Pacific Ltd. 30,225
5,500 National Bank of Canada 77,209
1,600 Nortel Networks Corporation 180,765
7,000 Petro-Canada 117,871
Number
of Shares Value
--------------------------------------------------------------------------------
CANADA - 3.87% (CONTINUED)
4,600 Quebecor, Inc. - Class A $137,842
3,200 Renaissance Energy Ltd. 27,968
3,600 The Toronto-Dominion Bank 83,215
------------
1,112,643
------------
DENMARK - 2.94%
2,000 A/S Forsikringsselskabet Codan 144,233
1,900 Den Danske Bank Group 189,275
2,400 Nordic Baltic Holding AB 190,066
4,400 Tele Danmark A.S. - Class B 322,691
------------
846,265
------------
FINLAND - 3.27%
1,600 Huhtamaki Oyj 47,385
125 Instrumentarium Oyj 3,190
13,800 Kemira Oyj 67,277
10,000 Nokia Oyj - Class A 574,996
6,000 Orion-Yhtymae OY - Class B 139,693
10,400 Stora Enso Oyj 107,563
------------
940,104
------------
FRANCE - 6.56%
2,100 Accor SA 78,171
600 Cap Gemini SA 118,097
400 Eridania Beghin-Say SA 33,115
200 L'Oreal 135,958
600 Legrand SA 112,083
1,800 Pernod Ricard 81,602
175 Sagem SA 218,152
3,300 Scor 143,980
700 Societe Generale-A 145,307
2,337 Total Fina SA 355,427
800 Total Fina SA - Class B 121,013
1,400 Union des Assurances Federales 184,983
12,100 Usinor SA 159,327
------------
1,887,215
------------
GERMANY - 3.75%
1,300 Altana AG 94,177
3,000 BASF AG 131,465
2,400 Deutsche Telekom AG 156,129
3,000 Dyckerhoff AG 73,811
3,000 Gehe AG 93,494
5,000 Merck KGaA 143,976
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
International Equity Fund (continued)
Number
of Shares Value
--------------------------------------------------------------------------------
GERMANY - 3.75% (CONTINUED)
200 SAP AG $93,858
1,500 Schering AG 212,548
3,600 Wella AG 78,699
------------
1,078,157
------------
GREECE - 0.36%
4,555 Hellenic Telecommunication
Organization SA 102,472
------------
HONG KONG - 3.25%
62,000 Cable & Wireless HKT Limited 146,065
45,000 Cheung Kong Infrastructure 71,062
22,000 CLP Holdings Ltd. 98,575
16,800 HSBC Holdings PLC 187,649
65,000 Hysan Development Company Ltd. 73,020
27,000 Johnson Electric Holdings Ltd. 217,518
25,000 Swire Pacific Ltd. 141,225
------------
935,114
------------
IRELAND - 0.57%
8,000 Allied Irish Banks PLC 80,007
12,500 Bank of Ireland 84,290
------------
164,297
------------
ITALY - 1.09%
14,000 Banca Popolare di Milano 83,689
41,000 Benetton Group SpA 75,656
2,290 Fiat SpA 56,280
7,000 Telecom Italia SpA 98,104
------------
313,729
------------
JAPAN - 21.41%
5,000 Aisin Seiki Co., Ltd. 66,299
19,000 Akita Bank, Ltd. 60,830
17,000 Asahi Chemical Industry Co., Ltd. 97,843
2,400 Autobacs Seven Co., Ltd. 60,626
2,000 Bank of Iwate, Ltd. 66,623
8,000 Bank of Tokyo-Mitsubishi, Ltd. 103,191
3,000 Canon, Inc. 137,131
16,000 Casio Computer Co., Ltd. 176,179
2,000 Circle K Japan Co., Ltd. 77,911
19,000 Citizen Watch Co. 142,406
6,000 Dai Nippon Printing Company Ltd. 101,766
Number
of Shares Value
--------------------------------------------------------------------------------
JAPAN - 21.41% (CONTINUED)
10,000 Daiichi Pharmaceutical Co., Ltd. $171,923
5,100 Daito Trust Construction Co. Ltd. 80,225
14,000 Fuji Heavy Industries Ltd. 106,874
3,000 Fuji Photo Film 120,198
18,000 Higo Bank, Ltd. 64,957
4,000 Honda Motor Co., Ltd. 178,770
5,000 House Foods Corporation 72,174
1,000 Hoya Corporation 101,784
5,000 IBIDEN CO., LTD. 77,726
20,000 Kamigumi Co., Ltd. 87,164
12,000 Kyushu Matsushita Electric Co., Ltd. 134,466
7,000 Makita Corporation 60,756
8,000 Maruichi Steel Tube Ltd. 93,494
7,000 Matsushita Electric
Industrial Co., Ltd. 185,248
26,000 Mazda Motor Corporation 79,873
15,000 Minolta Co., Ltd. 52,743
37,000 Mitsubishi Rayon Company, Ltd. 96,889
8,000 Mitsui Fudosan Co., Ltd. 81,279
25,000 Nichido Fire & Marine
Insurance Co., Ltd. 113,351
1,000 Nintendo Company Ltd. 166,556
7,000 Nippon Electric Glass Co., Ltd. 125,139
17 Nippon Telegraph &
Telephone Corp. 210,787
16,000 Nisshin Flour Milling Co., Ltd. 116,959
22,000 Nisshinbo Industries, Inc. 100,359
4,000 Ono Pharmaceutical Co., Ltd. 168,407
11,000 Q.P. Corporation 75,320
7,000 Ricoh Company, Ltd. 147,680
5,500 Rinnai Corporation 100,767
12,000 San-in Godo Bank, Ltd. 55,741
4,000 Sankyo Co. Ltd. 88,090
23,000 Sanyo Electric Co., Ltd. 153,445
6,000 Sharp Corporation 115,757
8,000 Sumitomo Bank, Ltd. 100,008
30,000 Sumitomo Realty &
Development Co., Ltd. 100,211
25,000 Sumitomo Rubber Industries, Ltd. 130,700
1,000 TDK Corp. 133,893
27,000 Teikoku Oil Co., Ltd. 74,451
700 Toho Co. Ltd. 132,135
65,000 Toho Gas Co., Ltd. 110,066
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
International Equity Fund (continued)
Number
of Shares Value
--------------------------------------------------------------------------------
JAPAN - 21.41% (CONTINUED)
6,000 Tokyo Electric Power
Company, Incorporated $141,573
8,000 Tokyo Style Co., Ltd. 64,032
35,000 Tokyu Corporation 137,316
10,000 Toppan Printing Co., Ltd. 104,560
12,000 Toyo Suisan Kaisha, Ltd. 89,052
10,000 Wacoal Corp. 84,389
10,000 Yamatake Corporation 81,057
------------
6,159,149
------------
MALAYSIA - 0.89%
96,000 Golden Hope Plantations Bhd 101,560
110,000 Highlands & Lowlands Bhd 86,555
50,000 Kuala Lumpur Kepong Bhd 69,739
------------
257,854
------------
MEXICO - 1.36%
57,000 Carso Global Telecom 153,200
26,780 Cemex SA de CV - CPO 116,643
31,000 Organizacion Soriana SA de CV 122,673
------------
392,516
------------
NETHERLANDS - 7.06%
9,400 ABN AMRO Holding NV 194,013
3,000 Buhrmann NV 77,501
3,600 DSM NV 118,524
7,292 Fortis Amev NV 183,795
4,000 Hagemeyer NV 78,914
6,000 Hunter Douglas NV 137,233
3,425 ING Group NV 187,323
2,200 KPN NV 222,225
5,888 Philips Electronics NV 263,281
5,000 Royal Dutch Petroleum Co. 288,865
600 STMicroelectronics NV 114,762
4,000 TNT Post Group NV 87,480
5,000 Vendex KBB NV 77,228
------------
2,031,144
------------
NEW ZEALAND - 0.60%
40,800 Telecom Corporation of
New Zealand Ltd. 172,587
------------
Number
of Shares Value
--------------------------------------------------------------------------------
NORWAY - 1.14%
53,400 Den Norske Bank ASA $187,414
4,300 Norske Skogindustrier ASA 141,783
------------
329,197
------------
PORTUGAL - 0.60%
15,500 Portugal Telecom SA 173,305
------------
SINGAPORE - 1.79%
12,000 City Developments Ltd. 54,469
4,200 Creative Technology Ltd. 102,085
8,119 DBS Group Holdings Limited 111,747
28,892 Overseas Union Bank Ltd. 131,989
11,000 Singapore Airlines Ltd. 114,033
------------
514,323
------------
SOUTH AFRICA - 0.44%
2,970 Anglo American Corporation
of South Africa Limited 125,909
------------
SPAIN - 3.03%
2,800 Banco Popular Espanol SA 75,779
19,000 Compania Espanola de Petroleos SA 169,500
4,700 Endesa SA 102,189
4,400 Hidroelectrica del Cantabrico SA 96,227
9,500 Iberdrola SA 122,148
13,762 Telefonica SA 306,993
------------
872,836
------------
SWEDEN - 2.38%
10,000 Electrolux AB - Class B 169,223
4,100 Mo och Domsjo AB - Class B 96,401
21,000 Nordbanken Holding AB 132,530
1,500 Telefonaktiebolaget LM Ericsson AB 133,535
12,000 Trelleborg AB - Class B 80,423
3,000 Volvo AB - Class B 72,883
------------
684,995
------------
SWITZERLAND - 4.42%
100 Compagnie Financiere
Richemont AG 243,534
200 Hilti AG 159,256
100 Nestle SA 176,693
200 Novartis AG 280,035
100 Schweizerische
Rueckversicherungs-Gesellschaft 161,058
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
SCHEDULES OF INVESTMENTS April 30, 2000 (Unaudited)
International Equity Fund (continued)
Number
of Shares Value
--------------------------------------------------------------------------------
SWITZERLAND - 4.42% (CONTINUED)
300 SGS Societe Generale
de Surveillance Holding SA $105,492
300 The Swatch Group AG-REG 67,829
300 Valora Holding AG 78,117
------------
1,272,014
------------
UNITED KINGDOM - 17.38%
15,000 Alliance & Leicester PLC 149,390
5,350 Allied Zurich PLC<F1> 53,366
16,000 Associated British Ports
Holdings PLC 65,905
3,000 AstraZeneca Group PLC 126,224
10,200 Barclays PLC 262,062
1,117 Bass PLC 13,126
7,900 Boots Company PLC 61,466
14,400 British Aerospace PLC 88,775
17,000 British Telecommunications PLC 306,165
9,400 Burmah Castrol PLC 232,389
9,000 Cable & Wireless PLC 149,695
9,000 CGU PLC 129,346
46,500 Corus Group PLC 62,572
61,000 Elementis PLC 76,357
8,000 Glaxo Wellcome PLC 247,974
8,500 Granada Group PLC 83,258
17,000 Halifax Group PLC 159,333
14,000 Hays PLC 96,659
26,100 Hilton Group PLC 110,060
18,000 HSBC Holdings PLC 200,250
21,900 Kelda Group PLC 120,620
30,000 Legal & General Group PLC 78,626
9,900 Lonmin PLC 101,463
23,000 Northern Rock PLC 119,121
45,000 Pilkington PLC 49,640
11,800 PowerGen PLC 74,731
18,800 Racal Electronics PLC 128,403
25,000 Rolls-Royce PLC 93,002
13,000 Scottish & Newcastle PLC 96,773
27,800 Shell Transport & Trading Co. 227,281
36,100 Smith (David S.) Holdings 76,821
17,300 SmithKline Beecham PLC 237,804
5,832 Sun Life and Provincial
Holdings PLC 41,634
17,400 Tate & Lyle PLC 61,666
Number
of Shares Value
--------------------------------------------------------------------------------
UNITED KINGDOM - 17.38% (CONTINUED)
38,000 Tesco PLC $130,214
9,808 Thames Water PLC 124,307
19,000 Tomkins PLC 58,641
44,464 Unilever PLC 268,029
14,600 WPP Group PLC 236,214
------------
4,999,362
------------
TOTAL COMMON STOCKS
(cost $25,731,328) 26,850,903
------------
SHORT-TERM INVESTMENTS - 5.42%
810,727 SSGA Money Market Fund 810,727
748,511 SSGA U.S. Government
Money Market Fund 748,511
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $1,559,238) 1,559,238
------------
TOTAL INVESTMENTS - 98.75%
(cost $27,290,566) 28,410,141
Cash and Other Assets,
less Liabilities - 1.25% 358,491
------------
NET ASSETS - 100.00% $28,768,632
============
<F1> Non-income producing security
As of April 30, 2000, the International Equity Fund's investments, excluding
short-term investments, were diversified as follows:
INDUSTRY SECTOR
Consumer Durables 4.6%
Consumer Staples 6.2
Energy Sources 6.7
Financial Services 21.3
Health Care Products 7.4
Industrial 13.4
Retail 4.5
Services 6.6
Technology 14.1
Telecommunications 11.2
Utilities 4.0
------
TOTAL INDUSTRY SECTOR 100.0%
======
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
INTERMEDIATE LARGE CAP SMALL CAP INTERNATIONAL
FIXED INCOME FUND EQUITY FUND EQUITY FUND EQUITY FUND
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(cost $62,664,422, $44,368,105, $34,817,490,
and $27,290,566, respectively) $ 59,653,986 $ 41,644,629 $ 33,348,074 $ 28,410,141
Receivable for investments sold - - - 191,586
Dividends, interest and tax withholding receivable 731,501 85,964 32,048 216,449
Organizational expenses, net of
accumulated amortization 17,024 17,024 17,024 17,024
Prepaids and other assets 11,893 10,870 8,955 10,306
-------------- -------------- -------------- --------------
Total Assets 60,414,404 41,758,487 33,406,101 28,845,506
-------------- -------------- -------------- --------------
LIABILITIES:
Dividend payable 283,373 - - -
Accrued investment advisory fees 10,772 25,611 20,816 22,672
Accrued distribution fees 60,277 41,925 31,570 28,054
Other liabilities 40,506 29,044 30,172 26,148
-------------- -------------- -------------- --------------
Total Liabilities 394,928 96,580 82,558 76,874
-------------- -------------- -------------- --------------
NET ASSETS $ 60,019,476 $ 41,661,907 $ 33,323,543 $ 28,768,632
============== ============== ============== ==============
NET ASSETS CONSIST OF:
Capital stock $647 $484 $380 $256
Paid-in capital 64,427,974 42,294,003 35,507,305 25,785,336
Undistributed net investment income 29,650 54,931 34,902 84,370
Accumulated net realized gain (loss) on investments (1,428,359) 2,035,965 (749,628) 1,982,936
Accumulated net realized loss from foreign
currency transactions - - - (171,177)
Net unrealized appreciation (depreciation)
on investments (3,010,436) (2,723,476) (1,469,416) 2,836,201
Net unrealized depreciation on translation of assets
and liabilities in foreign currencies - - - (1,749,290)
-------------- -------------- -------------- --------------
Net Assets $ 60,019,476 $ 41,661,907 $ 33,323,543 $ 28,768,632
============== ============== ============== ==============
CAPITAL STOCK, $0.0001 PAR VALUE
Authorized 100,000,000 100,000,000 100,000,000 100,000,000
Issued and outstanding 6,468,077 4,837,533 3,800,508 2,563,952
NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND
OFFERING PRICE PER SHARE $9.28 $8.61 $8.77 $11.22
============== ============== ============== ==============
</TABLE>
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
STATEMENTS OF OPERATIONS for the six months ended April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
INTERMEDIATE LARGE CAP SMALL CAP INTERNATIONAL
FIXED INCOME FUND EQUITY FUND EQUITY FUND EQUITY FUND
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends (net of withholding taxes of $0, $0, $0,
and $45,946 respectively) $ 85,875 $ 433,303 $ 254,581 $ 337,686
Interest 1,989,040 34,641 42,580 49,185
-------------- -------------- -------------- --------------
Total Investment Income 2,074,915 467,944 297,161 386,871
-------------- -------------- -------------- --------------
EXPENSES:
Investment advisory fees 135,877 157,908 118,013 125,673
Distribution fees 75,487 52,636 39,338 34,909
Administration and fund accounting fees 60,390 42,109 31,470 27,927
Miscellaneous 16,377 7,805 6,592 5,274
Federal and state registration fees 9,146 8,434 8,043 6,658
Transfer agent fees and expenses 7,919 7,938 8,126 8,082
Directors' fees and expenses 7,852 7,780 7,761 7,833
Custody fees 6,844 5,367 8,615 17,056
Pricing expenses 5,032 1,246 1,607 16,751
Audit fees 4,950 4,768 4,615 4,598
Legal fees 4,523 3,708 2,635 2,496
Amortization of organizational costs 2,912 2,912 2,912 2,912
-------------- -------------- -------------- --------------
Total Expenses Before Waivers 337,309 302,611 239,727 260,169
Waiver of expenses (80,653) - (3,921) (2,018)
-------------- -------------- -------------- --------------
Net Expenses 256,656 302,611 235,806 258,151
-------------- -------------- -------------- --------------
NET INVESTMENT INCOME 1,818,259 165,333 61,355 128,720
-------------- -------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments (946,889) 2,040,916 470,232 2,051,897
Net realized loss on foreign currency transactions - - - (285,742)
Net change in unrealized appreciation (depreciation)
on investments (449,522) (4,447,541) 1,123,991 1,848,108
Net change in unrealized depreciation on
translation of assets and liabilities
in foreign currency - - - (1,582,898)
-------------- -------------- -------------- --------------
Net gain (loss) on investments and foreign
currency transactions (1,396,411) (2,406,625) 1,594,223 2,031,365
-------------- -------------- -------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS $ 421,848 $(2,241,292) $1,655,578 $2,160,085
============== ============== ============== ==============
</TABLE>
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE LARGE CAP SMALL CAP INTERNATIONAL
FIXED INCOME FUND EQUITY FUND EQUITY FUND EQUITY FUND
---------------------- ---------------------- ---------------------- ----------------------
SIX MONTHS FISCAL SIX MONTHS FISCAL SIX MONTHS FISCAL SIX MONTHS FISCAL
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR
APRIL 30, ENDED APRIL 30, ENDED APRIL 30, ENDED APRIL 30, ENDED
2000 OCTOBER 31, 2000 OCTOBER 31, 2000 OCTOBER 31, 2000 OCTOBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $1,818,259 $3,372,553 $165,333 $302,965 $61,355 $86,829 $128,720 $245,499
Net realized gain (loss)
on investments (946,889) (481,470) 2,040,916 4,420,822 470,232 (869,815) 2,051,897 9,456
Net realized gain (loss) on
foreign currency transactions - - - - - - (285,742) 44,127
Net change in unrealized
appreciation (depreciation)
on investments (449,522) (4,300,765) (4,447,541) (2,231,221) 1,123,991 1,189,176 1,848,108 4,266,674
Net change in unrealized
appreciation (depreciation)
on translation of assets and
liabilities in foreign
currency - - - - - - (1,582,898) (986,131)
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Net Increase (Decrease) in
Net Assets Resulting
from Operations 421,848 (1,409,682) (2,241,292) 2,492,566 1,655,578 406,190 2,160,085 3,579,625
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS PAID FROM:
Net investment income (1,819,859) (3,366,744) (136,428) (313,114) (94,724) (23,144) (220,850) (193,724)
Net realized gains - (38,627) (4,425,776) (295,454) - - (78,417) (1,640)
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
(1,819,859) (3,405,371) (4,562,204) (608,568) (94,724) (23,144) (299,267) (195,364)
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
SHARE TRANSACTIONS:
Shares sold 6,149,965 16,417,262 8,714,452 16,303,716 7,570,835 12,902,203 4,277,130 7,469,503
Proceeds from reinvestment
of distributions 778,232 1,927,071 2,427,190 334,576 61,492 16,934 163,875 124,825
Shares redeemed (7,134,383) (19,955,245) (9,098,644) (13,032,873) (5,932,041) (6,071,115) (3,451,199) (4,918,550)
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Net Increase (Decrease)
from Share Transactions (206,186) (1,610,912) 2,042,998 3,605,419 1,700,286 6,848,022 989,806 2,675,778
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL INCREASE (DECREASE)
IN NET ASSETS (1,604,197) (6,425,965) (4,760,498) 5,489,417 3,261,140 7,231,068 2,850,624 6,060,039
NET ASSETS:
Beginning of period 61,623,673 68,049,638 46,422,405 40,932,988 30,062,403 22,831,335 25,918,008 19,857,969
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
End of period $60,019,476 $61,623,673 $41,661,907 $46,422,405 $33,323,543 $30,062,403 $28,768,632 $25,918,008
=========== =========== =========== =========== =========== =========== =========== ===========
Undistributed net investment
income included in net
assets at end of period $29,650 $29,991 $54,931 $24,767 $34,902 $67,012 $84,370 $220,849
=========== =========== =========== =========== =========== =========== =========== ===========
</TABLE>
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE LARGE CAP SMALL CAP INTERNATIONAL
FIXED INCOME FUND EQUITY FUND EQUITY FUND EQUITY FUND
------------------------- ------------------------ ------------------------ -------------------------
SIX SIX SIX SIX
MONTHS FISCAL PERIOD MONTHS FISCAL PERIOD MONTHS FISCAL PERIOD MONTHS FISCAL PERIOD
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
APRIL ENDED OCT. APRIL ENDED OCT. APRIL ENDED OCT. APRIL ENDED OCT.
30, OCT. 31, 30, OCT. 31, 30, OCT. 31, 30, OCT. 31,
2000 31, 1998 2000 31, 1998 2000 31, 1998 2000 31, 1998
(UNAUDITED) 1999 <F1> (UNAUDITED) 1999 <F1> (UNAUDITED) 1999 <F1> (UNAUDITED) 1999 <F1>
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $9.50 $10.27 $10.00 $10.06 $9.59 $10.00 $8.35 $8.22 $10.00 $10.47 $8.97 $10.00
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income 0.28 0.54 0.31 0.03 0.07 0.03 0.02 0.03 - 0.05 0.09 0.09
Net realized and unrealized
gain (loss) on
investments and foreign
currency transactions (0.22) (0.77) 0.27 (0.50) 0.54 (0.42) 0.43 0.11 (1.78) 0.82 1.50 (1.12)
-------- -------- -------- ---------------- -------- -------- -------- ------- -------- -------- --------
Total from Investment
Operations 0.06 (0.23) 0.58 (0.47) 0.61 (0.39) 0.45 0.14 (1.78) 0.87 1.59 (1.03)
-------- -------- -------- ---------------- -------- -------- --------- ------ -------- -------- --------
LESS DISTRIBUTIONS PAID:
From net investment income (0.28) (0.53) (0.31) (0.03) (0.07) (0.02) (0.03) (0.01) - (0.09) (0.09) -
From capital gains - (0.01) - (0.95) (0.07) - - - - (0.03) - -
-------- -------- -------- ---------------- -------- -------- --------- ------ -------- -------- --------
Total Distributions (0.28) (0.54) (0.31) (0.98) (0.14) (0.02) (0.03) (0.01) - (0.12) (0.09) -
-------- -------- -------- ---------------- -------- -------- --------- ------ -------- -------- --------
NET ASSET VALUE,
END OF PERIOD $9.28 $9.50 $10.27 $8.61 $10.06 $9.59 $8.77 $8.35 $8.22 $11.22 $10.47 $8.97
======== ======== ======== ================ ======== ======== ========= ====== ======== ======== ========
TOTAL RETURN<F2> 0.67% (2.26)% 5.89% (5.00)% 6.33% (3.87)% 5.35% 1.67%(17.80)% 8.31% 17.85% (10.30)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets,
end of period (000s) $60,019 $61,624 $68,050 $41,662 $46,422 $40,933 $33,324 $30,062 $22,831 $28,769 $25,918 $19,858
Ratio of expenses to
average net assets,
net of waivers<F3> 0.85% 0.85% 0.85% 1.43% 1.39% 1.45% 1.49% 1.47% 1.50% 1.84% 1.85% 1.85%
Ratio of net investment
income to average net
assets, net of
waivers<F3> 6.01% 5.44% 5.32% 0.78% 0.66% 0.55% 0.39% 0.30% 0.03% 0.90% 1.08% 1.85%
Ratio of expenses to
average net assets,
before waivers<F3> 1.12% 1.07% 1.11% 1.43% 1.39% 1.45% 1.52% 1.47% 1.57% 1.86% 1.86% 1.96%
Ratio of net investment
income to average net
assets, before
waivers<F3> 5.74% 5.22% 5.06% 0.78% 0.66% 0.55% 0.36% 0.30% (0.04)% 0.88% 1.07% 1.74%
Portfolio turnover rate<F2> 37% 91% 47% 35% 76% 27% 30% 83% 3% 22% 13% 6%
</TABLE>
<F1> Commenced operations on March 31, 1998
<F2> Not annualized - For the periods less than a full year
<F3> Annualized
See Notes to the Financial Statements.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
NOTES TO THE FINANCIAL STATEMENTS April 30, 2000 (Unaudited)
1. Organization
JohnsonFamily Funds, Inc. (the "Company") was organized on January 27, 1998 as a
Maryland corporation and is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as an open-end management investment company
issuing its shares in series, each series representing a distinct portfolio with
its own investment objectives and policies. At April 30, 2000, the only series
presently authorized are the JohnsonFamily Intermediate Fixed Income Fund, the
JohnsonFamily Large Cap Equity Fund, the JohnsonFamily Small Cap Equity Fund and
the JohnsonFamily International Equity Fund (individually referred to as a
"Fund" and collectively as the "Funds").
As of March 31, 1998, assets of the common and commingled trust funds of the
Johnson Heritage Fund for Income and the Johnson Heritage Income Fund were
transferred to the JohnsonFamily Intermediate Fixed Income Fund and assets of
the common and commingled trust funds of the Johnson Heritage Equity Income Fund
and Johnson Value Fund were transferred to the JohnsonFamily Large Cap Equity
Fund under Section 584(h) of the Internal Revenue Code. These transfers were
treated as a tax-free event. To qualify as a tax-exempt transaction, the
securities were transferred at market value with the original cost basis and
purchase dates being retained for book and tax purposes.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. These
policies are in conformity with generally accepted accounting principles
("GAAP").
A. INVESTMENT VALUATION
Equity securities listed on a recognized U.S. or foreign securities exchange are
valued at the last sale price on the securities exchange on which such
securities are primarily traded. Unlisted equity securities for which market
quotations are readily available will be valued at the most recent bid price.
Equity securities listed on a recognized U.S. or foreign securities exchange for
which there were no transactions are valued at the closing bid prices. Debt
securities (other then short-term instruments) are valued at bid prices
furnished by a pricing service. Debt instruments maturing within 60 days are
valued at amortized cost which approximates fair value. Securities for which
market quotations are not readily available are valued at their fair value as
determined in good faith by Johnson Asset Management Inc. (the "Adviser")
pursuant to guidelines established by the Board of Directors.
B. FOREIGN CURRENCY TRANSLATIONS
Values of investments denominated in foreign currencies are converted into U.S.
dollars using the spot market rate of exchange at the time of valuation.
Purchases and sales of investments and dividend income are translated into U.S.
dollars using the spot market rate of exchange prevailing on the respective
dates of such transactions. The Funds have elected to separately disclose the
results of operations due solely to the changes in foreign currency rates.
C. FOREIGN CURRENCY EXCHANGE CONTRACTS
The Funds are authorized to enter into foreign currency contracts for the
purchase of a specific foreign currency at a fixed price on a future date as a
hedge against either specific transactions or portfolio positions. The
objective of a Fund's foreign currency hedging transactions is to reduce the
risk that the U.S. dollar value of a Fund's foreign currency denominated
securities will decline in value due to changes in foreign currency exchange
rates. At April 30, 2000, the International Equity Fund has no such contracts
outstanding.
JOHNSONFAMILY FUNDS Semi-Annual Report
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D. ORGANIZATIONAL COSTS
Costs incurred by the Funds in connection with their organization, registration
and the initial public offering of shares have been deferred and will be
amortized over the period of benefit, but not to exceed five years from the date
upon which the Funds commenced their investment activities. If any of the
original shares of the Funds purchased by the initial shareholder are redeemed
by any holder thereof prior to the end of the amortization period, the
redemption proceeds will be reduced by the pro rata share of the unamortized
costs as of the date of redemption. The pro rata share by which the proceeds
are reduced will be derived by dividing the number of original shares of the
Funds being redeemed by the total number of original shares outstanding at the
time of redemption.
E. FEDERAL INCOME AND EXCISE TAXES
Each Fund intends to comply with the requirements of the Internal Revenue Code
necessary to qualify as a regulated investment company and to make the requisite
distributions of taxable income to its shareholders.
F. DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income, if any, will be declared and paid monthly
for the Intermediate Fixed Income Fund, quarterly for the Large Cap Equity Fund
and annually for both the Small Cap Equity and International Equity Funds.
Distributions of net realized gains, if any, will be declared at least annually.
Distributions to shareholders are recorded on the ex-dividend date. The Funds
may periodically make reclassifications among certain of their capital accounts
as a result of the recognition and characterization of certain income and
capital gain distributions determined annually in accordance with federal tax
regulations which may differ from generally accepted accounting principles.
Accordingly, at April 30, 2000, reclassifications were recorded to increase
(decrease) undistributed net investment income by $1,259, $1,259, $1,259 and
$(44,349) increase accumulated net realized gain or decrease accumulated net
realized loss on investments and foreign currency transactions by $0, $0, $0 and
$45,608 and decrease paid-in-capital by $1,259, $1,259, $1,259 and $1,259 for
the Intermediate Fixed Income Fund, Large Cap Equity Fund, Small Cap Equity Fund
and International Equity Fund, respectively.
G. SECURITIES TRANSACTIONS AND INVESTMENT INCOME
For financial reporting purposes, investment transactions are accounted for on
the trade date. The Funds determine the gain or loss realized from investment
transactions by comparing the original cost of the security lot sold with the
net sale proceeds. Dividend income is recognized on the ex-dividend date and
interest income is recognized on an accrual basis. Corporate actions for
foreign securities are recorded as soon as the information is available to the
Funds.
H. EXPENSES
The Funds are charged for those expenses that are directly attributable to each
portfolio, such as advisory and custodian fees. Expenses that are not directly
attributable to a portfolio are typically allocated among the portfolios in
proportion to their respective net assets.
I. USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported changes in net assets during
the reporting period. Actual results could differ from those estimates.
JOHNSONFAMILY FUNDS Semi-Annual Report
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3. Capital Stock
Transactions in shares of capital stock were as follows:
FOR THE SIX MONTHS ENDED APRIL 30, 2000
INTERMEDIATE LARGE CAP SMALL CAP INTERNATIONAL
FIXED INCOME FUND EQUITY FUND EQUITY FUND EQUITY FUND
------------------------------------------------------------------------------
Shares sold 656,825 977,930 888,909 382,514
Shares issued to
holders in
reinvestment of
dividends 83,306 271,451 7,101 14,287
Shares redeemed (760,633) (1,026,199) (695,156) (308,790)
----------- ----------- ----------- -----------
Net increase
(decrease) (20,502) 223,182 200,854 88,011
=========== =========== =========== ===========
FOR THE FISCAL YEAR ENDED OCTOBER 31, 1999
INTERMEDIATE LARGE CAP SMALL CAP INTERNATIONAL
FIXED INCOME FUND EQUITY FUND EQUITY FUND EQUITY FUND
-----------------------------------------------------------------------------
Shares sold 1,669,046 1,592,118 1,531,197 750,220
Shares issued to
holders in
reinvestment of
dividends 195,667 32,605 1,990 13,057
Shares redeemed (2,001,261) (1,276,829) (712,097) (502,287)
----------- ----------- ----------- -----------
Net increase
(decrease) (136,548) 347,894 821,090 260,990
=========== =========== =========== ===========
4. Purchases and Sales of Securities
Purchases and sales of investment securities, excluding U.S. government and
short-term securities, for the six months ended April 30, 2000 are as follows:
INTERMEDIATE LARGE CAP SMALL CAP INTERNATIONAL
FIXED INCOME FUND EQUITY FUND EQUITY FUND EQUITY FUND
-----------------------------------------------------------------------------
Purchases $13,454,035 $14,715,826 $10,514,826 $6,888,423
Sales 13,972,738 14,477,261 9,140,604 5,715,480
Purchases and sales of U.S. government securities for the Intermediate Fixed
Income Fund for the six months ended April 30, 2000, were $8,182,282 and
$6,955,113, respectively.
At April 30, 2000, gross unrealized appreciation and depreciation of securities,
based on the cost of investments for financial reporting and federal income tax
purposes of $62,664,422, $44,368,105, $34,817,490 and $27,290,566 for the
Intermediate Fixed Income, Large Cap Equity, Small Cap Equity, and International
Equity Funds, respectively were as follows:
INTERMEDIATE LARGE CAP SMALL CAP INTERNATIONAL
FIXED INCOME FUND EQUITY FUND EQUITY FUND EQUITY FUND
-----------------------------------------------------------------------------
Unrealized
appreciation $17,053 $3,663,027 $3,335,109 $4,175,262
Unrealized
depreciation (3,027,489) (6,386,503) (4,804,525) (3,053,605)
----------- ----------- ----------- -----------
Net unrealized
appreciation
(depreciation) $(3,010,436) $(2,723,476) $(1,469,416) $1,121,657
=========== =========== =========== ===========
JOHNSONFAMILY FUNDS Semi-Annual Report
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5. Investment Adviser
The Funds have an agreement with the Adviser, with whom certain officers and
Directors of the Funds are affiliated, to furnish investment advisory services
to the Funds. Under the terms of this agreement, the Funds will pay the Adviser
a monthly fee based on the Fund's average daily net assets at the annual rate of
0.45% for the Intermediate Fixed Income Fund, 0.75% for the Large Cap Equity
Fund and the Small Cap Equity Fund and 0.90% for the International Equity Fund.
Under the investment advisory agreements, if the aggregate annual operating
expenses (including the investment advisory fee and the administration fee but
excluding interest, taxes, brokerage commissions and other costs incurred in
connection with the purchase or sale of portfolio securities, and extraordinary
items) exceed 1.50% of the average daily net assets of the Intermediate Fixed
Income Fund, or 2.50% of each of the Large Cap Equity Fund, Small Cap Equity
Fund and International Equity Fund, the Adviser will reimburse the Funds for the
amount of such excess. Additionally, for the six months ended April 30, 2000,
the Adviser has voluntarily agreed to reimburse the Funds to the extent
aggregate annual operating expenses exceed 0.85%, 1.45%, 1.50%, and 1.85% of the
average daily net assets of the Intermediate Fixed Income Fund, Large Cap Equity
Fund, Small Cap Equity Fund, and International Equity Fund, respectively. For
the six months ended April 30, 2000, the Adviser reimbursed the Intermediate
Fixed Income Fund, Small Cap Equity Fund and International Equity Fund $80,653,
$3,921 and $2,018, respectively.
6. Service and Distribution Plan
The Company has entered into a distribution agreement with Sunstone Distribution
Services, LLC. Pursuant to Rule 12b-1 under the 1940 Act, the Company has
adopted a Service and Distribution Plan (the "Plan"). Under the Plan, each Fund
is authorized to pay expenses incurred for the purpose of financing activities,
including the employment of other dealers, intended to result in the sale of
shares of each Fund at an annual rate of up to 0.25% of the Fund's average daily
net assets.
JOHNSONFAMILY FUNDS Semi-Annual Report
<PAGE>
This report has been prepared for the general information of JohnsonFamily Funds
shareholders. It is not authorized for distribution to prospective investors
unless accompanied or preceded by a current JohnsonFamily Funds prospectus,
which contains more complete information about JohnsonFamily Funds investment
policies, management fees and expenses. Investors are reminded to read the
prospectus carefully before investing or sending money.
(LOGO)
JohnsonFamily Funds
P.O. Box 515
Racine, WI 53401-0515
<PAGE>
