JOHNSON MUTUAL FUNDS TRUST
N-30D, 2000-08-30

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TABLE OF CONTENTS

OUR MESSAGE TO YOU
STATEMENT OF ASSETS AND LIABILITIES
STATEMENT OF OPERATIONS
STATEMENT OF CHANGES IN NET ASSETS
STATEMENT OF CHANGES IN NET ASSETS
FINANCIAL HIGHLIGHTS

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SEMI-ANNUAL REPORT	JUNE 30, 2000 — UNAUDITED

•  Johnson Growth Fund

INVESTMENT ADVISER:

Johnson Investment Counsel, Inc.

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Table of Contents

JOHNSON MUTUAL FUNDS	June 30, 2000 — Unaudited

Table of Contents

Our Message to You		1
Performance Review and Management Discussion
Growth Fund		2
Opportunity Fund		3
Realty Fund		4
Fixed Income Fund		5
Municipal Income Fund		6
Portfolio of Investments
Growth Fund		7-8
Opportunity Fund		9-10
Realty Fund		11
Fixed Income Fund		12-13
Municipal Income Fund		14-15
Statement of Assets and Liabilities		16
Statement of Operations		17
Statement of Changes in Net Assets
Stock Funds		18
Bond Funds		19
Financial Highlights
Growth Fund		20
Opportunity Fund		21
Realty Fund		22
Fixed Income Fund		23
Municipal Income Fund		24
Notes to the Financial Statements		25-27
Trustees, Officers, Transfer Agent, Fund Accountant, Custodian, Auditors, Legal Counsel		Back Page

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Table of Contents

OUR MESSAGE TO YOU

August 29, 2000

Dear Shareholder:

Both the broad stock and bond markets experienced relatively flat returns for the first half of 2000. Exceptions to otherwise flat returns were our Opportunity Fund, containing mainly mid-sized firms, which increased 9.13%, and a big advance in our Realty Fund, up 13.80% for the first half. Smaller and more value-based securities have begun to show positive returns while the broad market of larger growth companies are taking a pause from the torrid pace of the past decade.

The Federal Reserve’s increase in interest rates is beginning to provide a brake to our rapidly growing economy, which should be healthy in the long run. Excessively high prices of certain stocks, especially the highflying negative cash flow technology companies, will take more time to adjust to normal market valuations. The sustainability and growth in earnings and cash flows are the major determinates of value in the long run.

On the next several pages, we’ve commented on the performance of each of the Funds for the first half of the year. The first five pages of this Semi-Annual report include a review of each Funds relative performance as compared to the appropriate Index. The remainder of the report lists the stocks and bonds held in each of the funds as well as, other financial data and notes.

Thank you for your continued confidence during this turbulent financial market environment and we appreciate your stance as long-term investors. We will continue to offer our quality approach to security selection and portfolio management to meet your investing goals. As always, please feel free to call if you have questions.

	Sincerely,
	Timothy E. Johnson, President
	Johnson Mutual Funds

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Table of Contents

GROWTH FUND	Performance Review — June 30, 2000 — Unaudited

$10,000 Initial Investment Since Inception

		Growth Fund				S&P 500 Index
1993			$10,000.0				$10,000.0
6/93			$10,240.0				$10,491.2
1994			$10,596.8				$11,009.8
6/94			$10,009.2				$10,636.9
1995			$10,149.9				$11,154.6
6/95			$11,825.2				$13,409.3
1996			$13,358.6				$15,341.6
6/96			$14,393.3				$16,889.8
1997			$15,609.7				$18,861.7
6/97			$18,284.2				$22,748.8
1998			$20,911.0				$25,152.9
6/98			$24,380.3				$29,611.8
1999			$26,995.4				$32,341.3
6/99			$27,690.9				$36,365.0
2000			$30,047.7				$38,891.0
6/00			$29,382.1				$38,702.0

For periods ending June 30, 2000:

						Average Annual
						Total Returns (a)
		6 Months
		Ended				1				5				7.5 Years
		6/30/00				Year				Years				(b)
Growth Fund			-2.22%				6.11%				19.96%				15.45%
S&P 500 Index			-0.42%				7.25%				23.80%				19.92%

	(a)  The data represented on this page represents past performance and is not a guarantee of future performance. The value of your shares may fluctuate and be worth more or less than their original cost at the time of redemption. The average annual total return numbers above include changes in the Fund’s or Index’s share price plus reinvestment of any dividends and capital gains. The Fund’s performance is after all fees. The Index does not include any fees. A shareholder cannot invest directly in the Standard & Poor’s 500 Index.
	(b)  Inception of the Growth Fund was January 4, 1993.

		As of				As of
Top Ten Holdings:		6/30/00				12/31/99
EMC Corporation			5.4	%			3.9%
General Electric			4.1	%			3.8%
Microsoft Corporation			4.1	%			3.8%
Cisco Systems			4.0	%			4.1%
Sun Microsystems, Inc.			3.9	%			3.4%
Intel Corporation			3.4	%			2.7%
Pfizer Incorporated			3.1	%			1.6%	*
Exxon Mobil Corporation			3.0	%			3.0%
Texas Instruments			2.8	%			0.9%	*
Walgreen Company			2.7	%			2.5%	*
* Not in the Top 10 as of 12/31/99.

The rate of return on the Growth Fund for the first half of 2000 was -2.22%. For the same six-month period, the Standard and Poors 500 Index returned -0.42%. U.S. equities, as represented by various market indexes, were generally flat to negative for the period. The Dow Jones Industrial Average returned -6.02% and the NASDAQ Index returned -2.46%.

Only four of the eleven S&P economic sectors experienced positive returns in the six-month period, which were health care (+23%), utilities (+13%), energy (+4%), and technology (+3%). The Growth Fund was helped by having greater weights than the Index in the health care and energy sectors. The technology weight in the Fund was close to that of the S&P 500 Index, and therefore, a rather neutral influence. The Growth Fund did not own any utility stocks and, as a result, did not participate in the good returns available in that sector. Sector weights within the fund did not change significantly during the period. The largest changes were a reduction of the allocation in consumer cyclical stocks from 15% early in the year to 11% as of June 30, 2000 and an increase in the health care allocation from 12% to 15%.

The Growth Fund remains a well-diversified equity fund with a large-cap growth bias. Valuation characteristics are similar to those of the S&P 500 Index. Following four years of very high equity returns, the first half of the year 2000 has been a disappointment. However, many forecasters believe that the Federal Reserve is finished with its program of increasing interest rates which could benefit the stock market for the last half of 2000.

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Growth Fund Objective:		Long-Term Capital Growth
Primary Asset Category:		Stocks of Larger-Sized Growth Companies

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OPPORTUNITY FUND	Performance Review — June 30, 2000 — Unaudited

$10,000 Initial Investment Since Inception

		Growth Fund				S&P MidCap Index
1994
5/16/94			$10,000.0				$10,000.0
1995			$10,499.1				$10,414.0
6/95			$12,291.2				$12,251.7
1996			$13,152.2				$13,636.6
6/96			$14,364.5				$14,893.4
1997			$16,190.3				$16,258.8
6/97			$18,013.1				$18,371.3
1998			$20,603.9				$21,499.9
6/98			$23,331.3				$23,353.4
1999			$24,503.9				$25,465.0
6/99			$25,843.4				$27,208.0
2000			$27,604.8				$29,233.0
6/00			$30,125.6				$31,849.0

For periods ending June 30, 2000:

						Average Annual
						Total Return (a)
		6 Months
		Ended				1				5				6.1 Years
		6/30/00				Year				Years				(b)
Opportunity Fund			9.13%				16.57%				19.64%				19.82%
S&P MidCap Index			8.98%				16.96%				21.17%				20.77%

	(a)  The data represented on this page represents past performance and is not a guarantee of future performance. The value of your shares may fluctuate and be worth more or less than their original cost at the time of redemption. The average annual total return numbers above include changes in the Fund’s or Index’s share price plus reinvestment of any dividends and capital gains. The Fund’s performance is after all fees. The Index does not include any fees. A shareholder cannot invest directly in the Standard & Poor’s MidCap Index.
	(b)  Inception of the Opportunity Fund was May 16, 1994.

		As of				As of
Top Ten Holdings:		6/30/00				12/31/99
EMC Corporation			5.4%				5.7%
ADC Telecommunication			4.5%				2.3%	*
Forest Laboratories			4.1%				3.0%
Altera Corporation			3.9%				2.6%
Elan Corporation			3.8%				1.1%	*
Vitesse Corporation			3.8%				3.5%
Smith International, Inc.			3.5%				2.6%	*
Devon Energy Corp.			3.3%				1.8%	*
Ecolab, Inc.			3.3%				2.9%	*
Watson Pharmaceutical			3.3%				1.3%	*
* Not in the Top 10 as of 12/31/99.

The Opportunity Fund had a return of 9.13% compared to a return of 8.98% on the Standard & Poors MidCap Index (MidCap Index) for the first six months of 2000.

As was the case in the large-cap market, health care was one of the best performing sectors within the S&P MidCap Index with a return of 52%. The energy sector was in fact the strongest sector with a return of 55%. The Opportunity Fund had a greater weighting than the MidCap Index in both of these sectors. The technology and capital goods sectors were also strong performers in the period with returns of 33% and 25%, respectively. The largest allocation in the Opportunity Fund is to the technology sector with a weight of 30% as of June 30, 2000. The most significant changes in the six-month period involved the consumer cyclical and health care sectors. The health care allocation was increased from 10% to 16% in the period while consumer cyclical stocks were reduced from 20% to 13%.

The Opportunity Fund had a portfolio of 56 stocks as of June 30, 2000 with the top ten holdings representing 40% of the total fund value. The portfolio has a growth bias relative to the S&P MidCap Index. Consensus long-term earnings growth is at 24% for the portfolio versus 19% for the index companies. While midcap stock indexes outperformed large-cap indexes in the six-month period, there still remains a large disparity of performance favoring large-cap stocks over the past five years. And as a result, valuation is still more compelling in the midcap sector.

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Opportunity Fund Objective:		Long-Term Capital Appreciation
Primary Asset Category:		Stocks of Medium/ Small-Sized Growth Companies

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REALTY FUND	Performance Review — June 30, 2000 — Unaudited

$10,000 Initial Investment Since Inception

		Realty Fund				NAREIT Index
1998			$10,000.00				$10,000.00
6/98			$9,445.82				$9,497.00
1999			$8,143.90				$8,250.00
6/99			$8,573.65				$8,644.00
2000			$7,942.45				$7,869.00
6/00			$9,038.64				$8,906.00

For periods ending June 30, 2000:

						Average Annual
						Total Returns (a)
		6 Months
		Ended				1				2.5 Years
		6/30/00				Year				(b)
Realty Fund			13.80	%			5.42	%			-3.96	%
NAREIT Index			13.18	%			3.03	%			-4.54	%

	(a)  The data represented on this page represents past performance and is not a guarantee of future performance. The value of your shares may fluctuate and be worth more or less than their original cost at the time of redemption. The total return numbers above include changes in the Fund’s or Index’s share price plus reinvestment of any dividends and capital gains. The Fund’s performance is after all fees. The Index does not include any fees. A shareholder cannot invest directly in the NAREIT Index.
	(b)  Inception of the Realty Fund was January 2, 1998.
	(c)  Performance for the Realty Fund and the NAREIT Index are so similar that it is difficult to discern the two distinct lines.

		As of				As of
Top Ten Holdings:		6/30/00				12/31/99
Duke-Weeks Realty			4.5	%			4.0	%
Equity Office Property			4.3	%			3.9	%
Equity Residential Prop.			4.3	%			3.6	%*
Apartment Investment Mgt.			4.3	%			4.6	%
Avalon Bay Comm. Inc.			4.3	%			4.4	%
Prologis Trust			4.0	%			3.3	%*
Archstone Comm. Trust			3.9	%			3.7	%*
Boston Properties, Inc.			3.7	%			3.8	%
Essex Property Trust, Inc.			3.7	%			3.8	%
Kimco Realty			3.7	%			3.9	%
* Not in the Top 10 as of 12/31/99.

The Realty Fund had a rate of return of 13.80% for the first half of 2000 compared to a return of 13.18% for the National Association of Real Estate Investments Trust Index (NAREIT Index.) Real estate investment trust (REIT) securities benefited in the first half of 2000 from increased volatility and uncertainty in the broader market as the Federal reserve endeavored to extend the current economic expansion by raising interest rates. This change in sentiment caused investors to search out companies with stable earnings, predictable cash flows, higher dividends and attractive valuations. REITs fit that definition. A good way to gauge investor sentiment is to monitor flow of funds into mutual funds. In the second quarter alone, REITs saw positive cash flows of $389 million. That is the highest level since the first quarter in 1998. It appears that the solid underlying property fundamentals which fuel stable growth in earnings are gaining recognition in the market.

For the first half of 2000, MidCap stocks have done better than their large-cap counterparts. The Realty Fund has an average market capitalization of $2.4 billion vs. $755 million for the NAREIT index, so while the Fund has a larger capitalization vs. the Index, it still falls within the mid-cap area, and has performed well. Additionally, the Realty Fund also utilizes a growth approach where the estimated earnings growth for 2000 in the Fund is 14.7% vs. the Index’s estimated earnings growth of 7.03%. Expectations are that the current interest rate environment will further restrain new property development. As occupancy levels move up and the amount of new space being brought to the market slows, the price charged to tenants will increase, driving future growth, and benefiting REITs.

The Realty Fund continues to utilize a conservative quality approach when selecting individual securities. The strategy employed focuses on stocks with above average growth prospects within their peer group. The best performing property types through June 2000 were lodging (+19.6%), office/industrial (+16.1%), specialty (+17%) and apartments (+14.8%.) The worst performing property type through June 2000 was health care, which was up 2.3%.

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Realty Fund Objective:		Long-Term Capital Growth and Above Average Income
Primary Asset Category:		Real Estate Related Equity Securities

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FIXED INCOME FUND	Performance Review — June 30, 2000 — Unaudited

$10,000 Initial Investment Since Inception

						Lehman Intermediate Government
		Fixed Income Fund				Corporate Index
1993			$10,000				$10,000
6/93			$10,694.4				$10,576.2
1994			$10,954.5				$10,832.8
6/94			$10,404.7				$10,549.4
1995			$10,392				$10,623.7
6/95			$11,585.8				$11,644
1996			$12,231.1				$12,253
6/96			$12,061.5				$12,227
1997			$12,611.6				$12,749
6/97			$12,802.6				$13,109
1998			$13,675.9				$13,752
6/98			$14,189.8				$14,229
1999			$14,913.2				$14,912
6/99			$14,441.7				$14,825
2000			$14,363.7				$14,969
6/00			$14,654.4				$15,452

For periods ending June 30, 2000:

						Average Annual
						Total Returns (a)
		6 Months
		Ended				1				5				7.5 Years
		6/30/00				Year				Years				(b)
Fixed Income Fund			2.02%				1.47%				4.81%				5.23%
Lehman Int. G/ C Index			3.22%				4.23%				5.82%				5.97%

	(a)  The data represented on this page represents past performance and is not a guarantee of future performance. The value of your shares may fluctuate and be worth more or less than their original cost at the time of redemption. The average annual total return numbers above include changes in the Fund’s or Index’s share price plus reinvestment of any dividends and capital gains. The Fund’s performance is after all fees. The Index does not include any fees. A shareholder cannot invest directly in the Lehman Brothers Intermediate Government Corporate Bond Index.
	(b)  Inception of the Fixed Income Fund was January 4, 1993.

Quality Allocation

AAA			49.2%
AA			6%
A			36%
BBB			8.8%

The Fixed Income Fund had a rate of return of 2.02% for the first half of 2000 as compared to a return of 3.22% for the Lehman Brothers Intermediate Government/ Corporate Index. The environment during the first six months of the year has been marked by rising interest rates as the Federal Reserve attempted to slow the pace of economic growth and by reduced Treasury bond supply as a result of federal budget surpluses. These two factors have combined to create a phenomenon known as a yield curve inversion, where short-term Treasury yields are higher than long-term Treasury yields. Short rates have been pushed higher by the Federal Reserves tight monetary policy, while long rates have been driven lower by federal budget surpluses. These surpluses have caused the Treasury Department to issue fewer Treasury bonds and buy back longer maturity Treasuries.

In this environment the Fixed Income Fund has lagged the performance of the Index. While the Fund’s longer weighted average maturity was beneficial to performance, the Fund’s emphasis on corporate bonds was detrimental to relative performance. Corporate bonds have lagged Treasuries as less issuance and buy-backs have bolstered Treasury bond prices. However, the fund’s emphasis on corporate bonds should be beneficial going forward as Corporate bond yields return to a more normal historical relationship to Treasuries.

The Fixed Income Fund continues its focus on high-quality securities. Each security within the Fund is rated investment-grade quality by both Moody’s and Standard and Poors, with over 90% of the assets rated “A” or better as indicated in the Quality Allocation Chart on this page. These highly rated securities are considered to have adequate to strong protection of principal and interest payments, and will help provide a stable portfolio valuation as economic circumstances change in the future.

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Fixed Income Fund Objective:		Income and Capital Preservation
Primary Asset Category:		Investment-Grade Government/ Corporate Bonds

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MUNICIPAL INCOME FUND	Performance Review — June 30, 2000 — Unaudited

$10,000 Initial Investment Since Inception

						Lehman Five-Year G.O. Municipal
		Municipal Income Fund				Index
1994
5/16/94			$10,000.0				$10,000.0
1995			$10,081.2				$10,117.5
6/95			$10,713.1				$10,796.9
1996			$11,177.8				$11,295.1
6/96			$11,185.3				$11,380.7
1997			$11,560.8				$11,819.0
6/97			$11,786.0				$12,094.0
1998			$12,281.4				$12,586.0
6/98			$12,489.1				$12,862.0
1999			$12,919.4				$13,322.0
6/99			$12,699.0				$13,302.0
2000			$12,759.7				$13,415.0
6/00			$13,114.7				$13,789.0

For periods ending June 30, 2000:

						Average Annual
						Total Returns (a)
		6 Months
		Ended				1				5				6.1 Years
		6/30/00				Year				Years				(b)
Municipal Income Fund			2.78%				3.27%				4.13%				4.55%
Lehman 5 Yr. G.O. Index			2.79%				3.66%				5.01%				5.41%

	(a)  The data represented on this page represents past performance and is not a guarantee of future performance. The value of your shares may fluctuate and be worth more or less than their original cost at the time of redemption. The average annual total return numbers above include changes in the Fund’s or Index’s share price plus reinvestment of any dividends and capital gains. The Fund’s performance is after all fees. The Index does not include any fees. A shareholder cannot invest directly in the Lehman Five-Year General Obligation Municipal Index.
	(b)  Inception of the Municipal Income Fund was May 16, 1994.

Quality Allocation

AAA			54.8%
AA			19.8%
A			13.2%
NR			12.2%

The Municipal Income Fund had a total rate of return of 2.78% for the first half of 2000 and compares to a return almost identical to the Lehman Five-Year General Obligation Index of 2.79%. Municipal bonds provided returns very comparable to taxable bond returns during this period and after adjusting for the tax-free nature of the municipal bonds, they substantially outperformed. Municipal bond yields are currently very attractive compared to Treasury bond yields. Investors in all but the very lowest tax brackets pick-up substantial after-tax yield in municipal bonds versus Treasury bonds.

As has been the case since its inception, the credit quality of the Municipal Income Fund remains very high. Over 50% of the securities in the Fund are rated “AAA”, the highest rating category, with over 90% of assets rated in the highest three rating categories AAA, AA, and A. Over 98% of the income generated by the Fund is from Ohio municipal bonds, so most of the income earned is exempt from Ohio State Income Tax in addition to being exempt from Federal Income Taxes.

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Municipal Income Fund Objective:		Tax-Free Income and Capital Preservation
Primary Asset Category:		Intermediate-Term Ohio Municipal Bonds

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Common Stocks			Shares				Dollar Value
Aerospace
	General Dynamics Corporation			24,000				1,254,000
Total Aerospace – 2.0%							$	1,254,000
Computer Hardware
	Sun Microsystems Inc.*			27,080				2,462,587
Total Computer Hardware – 3.9%							$	2,462,587
Computer Networking
	Cisco Systems, Inc.*			39,600				2,517,075
Total Computer Networking – 3.9%							$	2,517,075
Computer Peripheral
	EMC Corporation*			44,400				3,416,025
	Lexmark International Group*			17,000				1,143,250
Total Computer Peripheral – 7.2%							$	4,559,275
Computer Software
	Computer Associates Int., Inc.			25,400				1,300,163
	Microsoft Corporation*			32,400				2,592,000
Total Computer Software – 6.1%							$	3,892,163
Computer Software – Services
	America Online Inc.*			9,000				474,750
	Compuware Corporation*			44,000				456,500
Total Computer Software – Services – 1.5%							$	931,250
Electrical Equipment
	General Electric Company			48,690				2,580,570
Total Electrical Equipment – 4.0%							$	2,580,570
Electronics – Semi-Conductors
	Applied Material Inc.*			14,000				1,268,750
	Intel Corporation			16,000				2,139,000
	Texas Instruments			26,000				1,785,875
Total Electronics – Semi-Conductors – 8.2%							$	5,193,625
Financial – Miscellaneous
	American Express Company			27,600				1,438,650
	Fannie Mae			25,500				1,330,781
Total Financial – Miscellaneous – 4.3%							$	2,769,431
Financial – Regional Banks
	Bank of NY Co., Inc.			35,000				1,627,500
	Fifth Third Bancorp			22,000				1,391,500
	Firstar Corportion			64,000				1,348,000
Total Financial – Reg. Banks – 6.9%							$	4,367,000
Health Care – Diverse
	Bristol-Myers Squibb Co.			24,000				1,398,000
Total Health Care – Diverse – 2.2%							$	1,398,000
Health Care – Drugs
	Pfizer, Inc.			41,300				1,982,400
	Schering-Plough Corporation			26,000				1,313,000
	Smithkline Beecham PLC ADR			22,200				1,447,162
Total Health Care – Drugs – 7.4%							$	4,742,562
Health Care – Products
	Johnson and Johnson			15,200				1,548,500
	Medtronic Corporation			30,870				1,537,712
Total Health Care – Products – 4.9%							$	3,086,212
Household Products
	Procter & Gamble Company			22,900				1,311,025
Total Household Products – 2.0%							$	1,311,025
Industrial Services
	Cintas Corporation			32,500				1,192,344
Total Industrial Services – 1.9%							$	1,192,344
Manufacturing
	Dover Corporation			32,840				1,332,073
Total Manufacturing – 2.1%							$	1,332,073
Oil – Domestic
	Marathon Group Inc. (USX)			45,325				1,135,958
Total Oil – Domestic – 1.8%							$	1,135,958
Oil – International
	Exxon Mobil Corporation			23,891				1,875,443
	Royal Dutch Petrolem			22,000				1,354,375
Total Oil – International – 5.1%							$	3,229,818
Oil & Gas – Drilling & Equipment
	Halliburton Company			32,000				1,510,000
Total Oil & Gas – Drilling & Equipment – 2.4%							$	1,510,000
Personal Care
	Estee Lauder Company			33,000				1,631,438
Total Personal Care – 2.6%							$	1,631,438
Retailing
	Circuit City Stores			36,000				1,194,750
	Kroger Company*			73,000				1,610,562
	Staples Inc.*			69,207				1,064,058
	Walgreen Company			52,500				1,689,844
	Wal-Mart Stores, Inc.			28,000				1,613,500
Total Retailing – 11.3%							$	7,172,714

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

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Common Stocks			Shares				Dollar Value
Telecommunication Equipment
	Lucent Technology, Inc.			24,300				1,439,775
Total Telecomm. Equipment – 2.3%							$	1,439,775
Telecommunication – Long Distance
	AT & T Corporation			25,000				790,625
	Sprint Corporation			30,000				1,530,000
Total Telecommunication – Long Distance – 3.6%							$	2,320,625
Total Common Stocks – 97.6%							$	62,029,520
(Common Stock Identified Cost $42,339,893)
Cash Equivalents
Federated U.S. Treasury Cash Reserves Money Market Fund								1,517,341
Total Cash Equivalents – 2.4%							$	1,517,341
(Cash Equivalents Identified Cost $1,517,341)
Total Portfolio Value – 100.0%							$	63,546,861
(Total Portfolio Identified Cost $43,857,234)
Other Assets Less Liabilities							$	2,017
Total Net Assets							$	63,548,878

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

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Common Stocks			Shares				Dollar Value
Capital Goods
	Danaher Corporation			20,000				988,750
	Republic Services Inc.*			40,000				640,000
Total Capital Goods – 2.2%							$	1,628,750
Chemicals
	Ecolab Inc.			62,000				2,421,875
Total Chemicals – 3.2%							$	2,421,875
Communication Equipment
	ADC Telecommunications, Inc.*			40,000				3,355,000
	American Tower Corp.*			12,000				500,250
	Efficient Networks Inc.*			10,000				735,625
Total Comm. Equipment – 6.2%							$	4,590,875
Computer Peripheral
	EMC Corporation*			52,000				4,000,750
	Lexmark Int’l Group Inc.*			10,400				699,400
Total Computer Peripheral – 6.3%							$	4,700,150
Computer Software
	Allaire Corp.*			10,000				367,500
	BMC Software, Inc.*			22,500				820,897
	Go.Com*			9,200				109,825
	Network Associates*			45,000				916,875
	Siebel Systems, Inc.*			11,000				1,799,188
	Sungard Data Systems, Inc.*			28,000				868,000
	Veritas Software Corp.*			3,500				395,555
Total Computer Software – 7.1%							$	5,277,840
Electronics – Equipment
	Molex Incorporated			41,250				1,985,156
Total Electronic Equipment – 2.7%							$	1,985,156
Electronics – Semiconductors
	Altera Corporation*			28,500				2,905,219
	Teradyne, Inc.*			31,000				2,278,500
	Vitesse Semiconductor Corp.*			38,000				2,795,375
Total Electronics – Semiconductors – 10.7%							$	7,979,094
Energy Services
	Devon Energy Corporation			44,000				2,472,250
	Smith International, Inc.*			36,000				2,621,250
Total Energy Services – 6.9%							$	5,093,500
Financial – Brokerage
	T. Rowe Price Associates, Inc.			23,000				977,500
Total Financial – Brokerage – 1.3%							$	977,500
Financial – Consumer Finance
	Metris Companies Inc.			27,000				678,375
Total Financial – Consumer Finance – 0.9%							$	678,375
Financial – Insurance
	AON Corporation			14,550				451,959
	Reliastar Financial Corporation			35,200				1,845,800
Total Financial – Insurance – 3.1%							$	2,297,759
Financial – Regional Banks
	First Tennessee National Corp.			47,000				778,438
	National Commerce Bancorp			30,000				481,875
	North Fork Bancorp			61,000				922,625
Total Financial – Regional Banks – 2.9%							$	2,182,938
Foods
	Tootsie Roll Industries			18,393				643,755
Total Foods – 0.9%							$	643,755
Health Care – Drugs
	Elan Corporation PLC, ADR*			58,000				2,809,375
	Forest Labs Inc. Class A*			30,200				3,050,200
	Mylan Laboratories			25,300				461,725
	Watson Pharmaceutical*			45,000				2,418,750
Total Health Care – Drugs – 11.8%							$	8,740,050
Health Care – Products
	Biomet Inc.			45,000				1,729,687
	Sybron International Corp.			68,500				1,357,156
Total Health Care – Products – 4.2%							$	3,086,843
Household Furniture
	Ethan Allen Interiors, Inc.			26,000				624,000
Total Household Furniture – 0.8%							$	624,000
Industrial Services
	Cintas Corporation			18,300				671,381
	G & K Services, Inc., Class A			41,700				1,045,106
Total Industrial Services – 2.3%							$	1,716,487
Lodging – Hotel
	Royal Caribbean Cruise			30,000				555,000
Total Lodging – Hotel – 0.7%							$	555,000
Manufacture – Diverse
	Johnson Controls, Inc.			13,000				667,063
Total Manufacture-Diverse – 0.9%							$	667,063

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

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Common Stocks			Shares				Dollar Value
Natural Gas
	National Fuel Gas Company			12,000				585,000
	Peoples Energy Corporation			16,000				518,000
Total Natural Gas – 1.5%							$	1,103,000
Oil and Gas
	Grant Prideco Inc.*			31,000				775,000
	Weatherford International			31,000				1,234,188
Total Oil and Gas – 2.7%							$	2,009,188
Retailing
	Abercrombie and Fitch*			20,000				243,750
	BJ’s Wholesale Club Inc.*			68,000				2,244,000
	Dollar General Corporation			57,187				1,115,146
	Linens ’n Things, Inc.*			19,000				515,375
	RadioShack Corporation			33,000				1,563,375
Total Retailing – 7.6%							$	5,681,646
Specialty Printing
	Valassis Communications Inc.*			17,000				648,125
Total Specialty Printing – 0.9%							$	648,125
Telecommunication – Long Distance
	Metromedia Fiber Network*			12,000				476,250
	Qwest Communications Int’l*			36,150				1,796,203
	U.S. Cellular Corp.*			6,000				378,000
Total Telecommunication – Long Distance – 3.6%							$	2,650,453
Telecommunication – Services
	Broadwing, Inc.			56,000				1,452,500
	Century Tele Enterprises, Inc.			53,000				1,523,750
	Telephone and Data Systems			11,500				1,152,875
Total Telecommunication – Services – 5.6%							$	4,129,125
Total Common Stocks – 97.0%							$	72,068,547
(Common Stock Identified Cost $50,161,603)
Cash Equivalents
Federated U.S. Treasury Cash Reserves Money Market Fund								2,248,491
Total Cash Equivalents – 3.0%								2,248,491
(Cash Equivalents Identified Cost $2,248,491)
Total Portfolio Value – 100.0%							$	74,317,038
(Total Portfolio Identified Cost $52,410,094)
Other Assets Less Liabilities							$	(2,198	)
Total Net Assets							$	74,314,840

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

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REALTY FUND	Portfolio of Investments as of June 30, 2000 — Unaudited

Common Stocks (REITS)			Shares				Dollar Value
Apartments
	Apartment Investment and Management, Co.			7,345				317,671
	Archstone Communities Trust			13,655				287,608
	Avalon Bay Communities, Inc.			7,592				316,966
	BRE Properties, Inc.			6,130				177,004
	Camden Property Trust			5,815				170,816
	Equity Residential Properties Trust			6,975				320,850
	Essex Property Trust, Inc.			6,570				275,940
	Post Properties, Inc.			5,055				222,420
Total Apartments – 28.3%							$	2,089,275
Diversified
	Cousins Properties Inc.			5,600				215,600
	Vorando Realty Trust			7,500				260,625
Total Diversified – 6.5%							$	476,225
Lodging and Hotels
	Flecor Lodging Trust			6,100				112,850
	Starwood Hotels and Resorts			7,460				241,051
	Wyndham International*			29,650				74,125
Total Lodging and Hotels – 5.8%							$	428,026
Office and Industrial
	AMB Property Corporation			6,700				152,844
	Boston Properties, Inc.			7,175				277,134
	Cali Realty Corporation			6,795				174,547
	Duke Realty Investments			14,860				332,493
	Equity Office Properties			11,645				320,965
	First Industrial Realty Trust, Inc.			8,680				256,060
	Highwoods Properties, Inc.			8,150				195,600
	Kilroy Realty Corporation			6,345				164,573
	Liberty Property Trust			6,630				171,966
	Prentiss Properties Trust			8,350				200,400
	Prologis Trust			14,005				298,482
	Spieker Properties, Inc.			5,305				250,661
Total Office and Industrial – 37.9%							$	2,795,725
Retail
	General Growth Properties			7,635				242,411
	Kimco Realty Corporation			6,735				276,135
	Macerich Company			4,830				106,562
	Regency Realty Corporation			6,940				164,825
	Simon Properties Group, Inc.			9,745				216,217
	Weingarten Realty Investors			2,955				119,308
Total Retail – 15.2%							$	1,125,458
Specialty
	Pinnacle Holdings Inc.*			3,800				205,200
Total Specialty – 2.8%							$	205,200
Total Common Stocks – 96.5%							$	7,119,909
(Common Stock Identified Cost $7,558,311)
Cash Equivalents
Federated U.S. Treasury Cash Reserves Money Market Fund								261,885
Total Cash Equivalents – 3.5%							$	261,885
(Cash Equivalents Identified Cost $261,885)
Total Portfolio Value – 100.0%							$	7,381,794
(Total Portfolio Identified Cost $7,820,196)
Other Assets Less Liabilities							$	48,623
Total Net Assets							$	7,430,417

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

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Fixed Income Securities – Bonds			Face				Dollar Value
Bank Bonds – Major Regional
	Bank One Corp., 9.875%, 3/1/09			250,000				279,063
	Bank One Corp., 7.125%, 5/15/07			400,000				384,500
	Comerica Bank Sub. Note, 6.875%, 3/1/08			250,000				232,812
	First Union Corp., 7.5%, 7/15/06			500,000				489,375
	Mellon Financial Co., 6.70%, 3/1/08			500,000				468,750
	PNC Funding Corp., 6.875%, 7/15/07			500,000				473,750
	Provident Bank, 6.375%, 1/15/04			500,000				469,375
	Star Bank N.A., 6.625%, 12/15/06			475,000				447,688
	SunTrust Banks Inc., 6.50%, 1/15/08			500,000				472,500
Total Major Regional Banks – 12.5%							$	3,717,813
Bank Bonds – Money Center
	Bankers Trust NY Corp., 7.15%, 8/14/12			400,000				368,000
Total Money Center Banks – 1.2%							$	368,000
Capital Equipment
	Dover Corp., 6.25%, 6/1/08			500,000				460,625
	Honeywell, Inc., 7.125%, 4/15/08			400,000				391,000
Total Capital Equipment – 2.9%							$	851,625
Chemicals
	Hercules, Inc., 6.625%, 6/1/03			250,000				239,688
Total Chemicals – 0.8%							$	239,688
Food and Beverage
	Procter & Gamble Company Global Bond Issue, 6.60%, 12/15/04			250,000				245,625
	Sara Lee Corporation, Medium Term Note, 5.70%, 7/14/00			250,000				250,000
Total Food and Beverage – 1.7%							$	495,625
Electric Utilities
	Carolina Power & Light Co., 6.75%, 10/1/02			250,000				246,875
	Consolidated Edison of New York, 8.125%, 5/1/10			400,000				411,000
	Florida Power & Light Group Capital, 7.375%, 6/1/09			500,000				486,875
	Midwest Power Corp., 7.00%, 2/15/05			200,000				196,500
	National Rural Utilities, 5.70%, 1/15/10			500,000				431,875
	Virginia Electric Co., 6.375%, 3/1/04			500,000				508,750
Total Electric Utilities – 7.7%							$	2,281,875
Financial – Services
	American General Finance, 8.125%, 8/15/09			120,000				120,300
	CIT Group Holdings, 8.375%, 11/1/01			250,000				252,187
	Household Finance Corp. Senior Note, 6.875%, 3/1/03			700,000				686,000
	Merry Land and Investment Co., 7.25%, 6/15/05			500,000				481,250
Total Financial – Services – 5.2%							$	1,539,737
Household Products
	Alberto-Culver Company, 8.25%, 11/1/05			425,000				428,719
Total Household Products – 1.4%							$	428,719
Health Care
	McKesson Corp., 6.40%, 3/1/08			400,000				326,500
Total Health Care – 1.1%							$	326,500
Natural Gas Utilities
	Enron Corp., 6.75%, 8/01/09			600,000				559,500
Total Natural Gas Utilities – 1.9%							$	559,500
Petroleum
	Amoco Corp. Canada, 7.25%, 12/1/02			200,000				200,500
Total Petroleum – 0.7%							$	200,500
Publishing
	The Tribune Company, 6.875%, 11/1/06			500,000				485,000
Total Publishing – 1.6%							$	485,000
Railroads
	CSX Transportation Equipment Trust, 6.07%, 3/15/01			200,000				198,250
Total Railroads – 0.7%							$	198,250
Retailing
	Gap Inc., 6.90%, 9/15/07			500,000				483,125
	Wal-Mart Stores, Inc., 6.375%, 3/1/03			200,000				197,000
Total Retailing – 2.3%							$	680,125

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Fixed Income Securities – Bonds			Face				Dollar Value
Services
	Hertz Corp., 6.25%, 3/15/09			500,000				447,500
Total Services – 1.5%							$	447,500
Telecommunications
	AT & T Corp., 6.00%, 3/15/09			500,000				445,625
	AT & T Corp., 6.75%, 4/1/04			500,000				488,125
	Bellsouth Communications, 5.875%, 1/15/09			500,000				441,250
	GTE Corp., 7.51%, 4/1/09			600,000				588,750
	Southwestern Bell Corp., 6.375%, 4/1/01			200,000				199,000
Total Telecommunications – 7.3%							$	2,162,750
United States Government Agency Obligations (A)
	FHLB, 8.65%, 5/25/10			1,000,000				998,750
	FHLB, 6.10%, 12/13/10			750,000				694,060
	FHLB, 7.03%, 5/6/11			250,000				247,468
	FHLMC, 6.005%, 12/8/05			200,000				190,741
	FHLMC, 5.95%, 1/19/06			400,000				380,114
	FHLMC, 7.1%, 4/10/07			500,000				500,740
	FHLMC, 5.125%, 10/15/08			500,000				435,376
	FNMA, 7.50%, 2/11/02			200,000				201,749
	FNMA, 7.55%, 4/22/02			200,000				202,118
	FNMA, 5.75%, 4/15/03			1,000,000				968,993
	FNMA, 5.75%, 6/15/05			1,000,000				947,584
	FNMA, 5.75%, 2/15/08			500,000				459,600
	FNMA, 5.25%, 1/15/09			1,350,000				1,184,687
	GNMA, 7.00%, 12/15/25			255,601				248,733
	GNMA, 7.50%, 8/15/26			191,020				189,767
Total United States Government Agency Obligations – 26.5%							$	7,850,480
United States Government Agency Obligations – Mortgage Backed Securities (A)
	FHLMC, CMO Series 1639-PD, 5.60%, 8/15/06			46,640				46,471
	FHLMC, CMO Series 1660-G, 6.25%, 7/15/07			250,000				247,193
	FHLMC, 15 Year Gold, 7.00%, 3/01/11			180,007				176,801
	FHLMC, 8.00%, 6/1/30			1,000,000				1,005,625
	FNMA Dus Pool Series 73894, 6.525%, 12/1/03			482,177				470,046
	FNMA Series 253300, 7.5%, 5/1/20			994,600				979,991
Total Government Agency Obligations – Mortgage Backed Securities – 9.9%								2,926,127
United States Government Obligations
	U.S. Treasury, 7.875%, 8/15/01			400,000				405,875
	U.S. Treasury, 7.875%, 11/15/04			500,000				529,091
	U.S. Treasury, 6.50%, 8/15/05			500,000				505,312
	U.S. Treasury, 6.875%, 5/15/06			500,000				514,532
	U.S. Treasury, 7.00%, 7/15/06			500,000				517,969
	U.S. Treasury, 6.25%, 2/15/07			500,000				500,469
	U.S. Treasury, 6.625%, 5/15/07			500,000				510,312
	U.S. Treasury, 5.50%, 2/15/08			400,000				383,000
Total United States Government Obligations – 13.0%							$	3,866,560
Total Fixed Income – Bonds – 99.9%							$	29,626,374
(Fixed Income Identified Cost $30,766,343)
Cash Equivalents
Federated U.S. Treasury Cash Reserves Money Market Fund								32,229
Total Cash Equivalents – 0.1%							$	32,229
(Cash Equivalents Identified Cost $32,229)
Total Portfolio Value – 100.0%							$	29,658,603
(Total Portfolio Identified Cost $30,798,572)
Other Assets Less Liabilities							$	473,024
Total Net Assets							$	30,131,627

(A)
	Abbreviations:
	FHLB –		Federal Home Loan Bank
	FHLMC –		Federal Home Loan Mortgage Corporation
	FNMA –		Federal National Mortgage Association
	GNMA –		Government National Mortgage Association

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

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							Dollar
Municipal Income Securities – Bonds			Face				Value
General Obligation – City
	Akron, OH, 5.00%, 12/1/05			100,000				100,529
	Cleveland, OH, (AMBAC Insured), 4.9%, 9/1/02			50,000				50,291
	Columbus, OH, 12.375%, 2/15/07			25,000				35,285
	Columbus, OH, Series 2, 5.00%, 6/15/10			100,000				99,408
	Columbus, OH, Tax Increment Financing, (AMBAC Insured), 4.9%, 12/1/11			150,000				146,223
	Loveland, OH, (AMBAC Insured), 4.9%, 12/1/08			100,000				99,394
	Vandalia, OH, 4.80%, 12/1/03			75,000				75,253
	Warder Library, OH, 6.25%, 12/1/03			135,000				140,813
	Westlake, OH, 4.90%, 12/1/04			50,000				50,289
	Youngstown, OH, (AMBAC Insured), 5.10%, 12/1/11			100,000				99,528
Total General Obligation – City – 16.7%							$	897,013
General Obligation – County
	Belmont County, OH (MBIA Insured), 4.50%, 12/1/11			155,000				143,094
	Belmont County, OH (MBIA Insured), 5.10%, 12/1/05			50,000				50,642
	Delaware County, OH, 5.25%, 12/1/06			50,000				51,135
	Hocking County, OH, 4.90%, 12/1/06			50,000				48,694
	Knox County, OH, 4.75%, 12/1/09			60,000				57,574
	Montgomery County, OH, 5.30%, 12/1/00			75,000				75,290
	Portage County, OH, (MBIA Insured), 5.15%, 12/1/07			75,000				76,055
	Trumbull County, OH, (AMBAC Insured), 5.25%, 12/1/05			50,000				50,995
	Washington Township, OH, 4.65%, 12/1/05			75,000				72,624
Total General Obligation – County – 11.7%							$	626,103
Higher Education
	Ohio State Higher Education Facilities, Denison University, 4.90%, 11/1/05			75,000				75,041
	University of Cincinnati, OH General Receipts, 4.75%, 6/1/06			50,000				49,656
	University of Toledo, OH (Prerefunded), 5.9%, 6/1/20			105,000				109,875
Total Higher Education – 4.4%							$	234,572
Hospital/Health
	Episcopal Retirement Homes, Ohio Hospital Facility Revenue, 5.00%, 1/1/15			100,000				100,013
	Franklin County, OH, The Children’s Hospital Project, 5.20%, 11/1/04			50,000				49,871
	Franklin County, OH, Series 1980 (Grant Hospital) (Prerefunded), 10.25%, 12/1/13			65,000				75,927
	Hamilton County, OH, Hospital Children’s Hospital Medical Center, (MBIA Insured), 5.25%, 5/15/10			100,000				100,250
	Hamilton County, OH, Hospital Facility Revenue, Children’s Hospital, (FGIC Insured), 5.00%, 5/15/06			50,000				50,035
	Hamilton County, OH, Twin Towers Health Care Facility, 5.25%, 10/1/09			100,000				95,197
	Lorain County, OH, Hospital Facility Revenue, Catholic Healthcare Partners, (MBIA Insured), 6.00%, 9/1/07			50,000				52,695
	Lorain County, OH, Revenue Bond, Catholic Healthcare Partners Project (AMBAC Insured), 5.20%, 09/1/10			100,000				99,868
	Montgomery County, OH Hospital (Prerefunded), 5.5%, 12/1/10			100,000				102,878
	Warren County, OH, Hospital (Prerefunded), 7.3%, 11/15/14			150,000				164,392
Total Hospital/Health – 16.6%							$	891,126
Revenue Bonds – Electric
	Weatherford, TX Utility System Revenue, (MBIA Insured), 5.10%, 9/1/03			50,000				50,504
Total Revenue Bonds – Electric – 0.9%							$	50,504
Revenue Bonds – Transportation
	Butler County, OH, Transportation Improvement, (FSA Insured), 5.50%, 4/1/09			100,000				103,156
	Ohio State Turnpike Revenue, (Prerefunded), 5.75%, 2/15/24			125,000				131,161
	Ohio State Turnpike Revenue, (Prerefunded), 5.5%, 2/15/26			110,000				115,094
Total Revenue Bond – Transportation – 6.5%							$	349,411

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							Dollar
Municipal Income Securities – Bonds			Face				Value
Revenue Bonds – Water and Sewer
	Akron, OH, Sewer System, (MBIA Insured), 5.50% 12/1/07			50,000				51,716
	Butler, OH, Waterworks System, (FSA Insured), 4.40% 12/1/10			100,000				92,459
	Cleveland, OH, Waterworks First Mortgage, Series G (MBIA Insured), 5.25%, 1/1/04			50,000				50,714
	Cleveland, OH, Waterworks Revenue, Series I (FSA Insured), 5.25%, 1/1/10			100,000				100,991
	Columbus, OH, Water and Sewer, 5.00%, 11/01/06			100,000				100,839
	Lorain, OH, Water System, (AMBAC Insured), 4.75%, 4/1/04			50,000				49,912
	Miamisburg, OH, Sewer System, (AMBAC Insured), 4.35%, 11/15/02			50,000				49,484
	Montgomery County, OH, Solid Waste, (MBIA Insured), 5.125%, 11/1/08			50,000				50,344
	Southwest OH, Reg’l Water District Water-works, (MBIA Insured), 5.25%, 12/1/05			50,000				50,971
	Warren County, Ohio Water and Sewer Line Extension, Special Assessment Bonds, 5.50%, 12/1/03			50,000				51,257
Total Revenue Bond – Water & Sewer – 12.1%							$	648,687
School District
	Centerburg, OH, 5.25%, 10/15/01			40,000				40,114
	Forest Hills, OH, 4.90%, 12/1/04			100,000				100,579
	Gallia County, OH, 5.00%, 3/1/03			25,000				24,937
	Gallia County, OH, 5.00%, 3/1/04			25,000				24,883
	Indian Valley, OH, (AMBAC Insured), 5.50%, 12/1/06			50,000				51,706
	Kings Local, OH, 6.4%, 12/1/13			150,000				164,885
	Lakota, OH, 6.25%, 12/1/14			100,000				106,823
	Loveland, OH, School General Obligation, 4.40%, 12/1/08			100,000				93,389
	Northwestern, OH, 4.65%, 12/1/06			105,000				100,283
	Southwestern City, OH, 6.25%, 12/1/05			50,000				52,458
	Sycamore, OH, Community School District (AMBAC Insured), 4.6%, 12/1/11			100,000				93,518
	West Geauga, OH, (AMBAC Insured), 5.45%, 11/1/04			50,000				51,286
	Westlake, OH, 4.85%, 12/1/03			100,000				100,493
Total School District – 18.7%							$	1,005,354
State Agency – Building Authority
	Ohio State Building Authority, Administration Building Fund, 6.40%, 10/1/01			50,000				51,108
	Ohio State Building Authority, Adult Correctional-Series  A, 5.50%, 10/01/10			100,000				103,510
	Ohio State Building Authority, Juvenile Correction Facilities, 4.375%, 10/1/12			100,000				90,480
	Ohio State Building Authority, Ohio Center For The Arts, 5.45%, 10/1/07			100,000				103,245
Total State Agency – Building Authority – 6.5%							$	348,343
State Agency – Education
	Ohio State Elementary and Secondary Education, (FSA Insured), 5.0%, 12/1/07			100,000				100,362
	Ohio State Higher Education Facilities, 5.90%, 12/1/05			50,000				51,643
	Ohio State Public Facilities Commission, (MBIA Insured), 4.70%, 06/1/11			100,000				95,068
Total State Agency – Education – 4.6%							$	247,073
Total Fixed Income – Municipal Bonds – 98.7%							$	5,298,186
(Municipal Bonds Identified Cost $5,361,908)
Cash Equivalents
	Federated Ohio Municipal Cash Trust							69,455
Total Cash Equivalents – 1.3%							$	69,455
(Cash Identified Cost $69,455)
Total Portfolio Value – 100.0%							$	5,367,641
(Total Portfolio Identified Cost $5,431,363)
Other Assets Less Liabilities							$	42,311
Total Net Assets							$	5,409,952

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JOHNSON MUTUAL FUNDS	June 30, 2000 — Unaudited

				Stock Funds												Bond Funds
																Fixed				Municipal
				Growth				Opportunity				Realty				Income				Income
				Fund				Fund				Fund				Fund				Fund
Assets:
	Investment Securities at Market Value*			$	63,546,861			$	74,317,038			$	7,381,794			$	29,658,603			$	5,367,641
	Dividends and Interest Receivable			$	51,887			$	55,243			$	54,447			$	494,033			$	45,204
		Total Assets		$	63,598,748			$	74,372,281			$	7,436,241			$	30,152,636			$	5,412,845
Liabilities:
	Accrued Management Fees			$	49,870			$	57,441			$	5,824			$	21,009			$	2,893
		Total Liabilities		$	49,870			$	57,441			$	5,824			$	21,009			$	2,893
Net Assets				$	63,548,878			$	74,314,840			$	7,430,417			$	30,131,627			$	5,409,952
Net Assets Consist of:
	Paid in Capital (see footnote #9)			$	42,693,364			$	47,982,916			$	8,238,849			$	31,814,631			$	5,467,370
	Undistributed Net Investment Income			$	21,270			$	(50,953	)		$	29,994			$	22,981			$	6,304
	Undistributed Net Realized Gain (Loss) from Security Transactions			$	1,144,617			$	4,475,933			$	(400,024	)		$	(566,016	)		$	0
	Net Unrealized Gain (Loss) on Investments			$	19,689,627			$	21,906,944			$	(438,402	)		$	(1,139,969	)		$	(63,722	)
Net Assets				$	63,548,878			$	74,314,840			$	7,430,417			$	30,131,627			$	5,409,952
Shares Outstanding					1,919,341				2,038,890				622,758				2,034,196				353,937
Offering, Redemption and Net Asset Value Per Share				$	33.11			$	36.45			$	11.93			$	14.81			$	15.29
*Identified Cost of Securities				$	43,857,234			$	52,410,094			$	7,820,196			$	30,798,572			$	5,431,363

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

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JOHNSON MUTUAL FUNDS	June 30, 2000 — Unaudited

				Stock Funds												Bond Funds
																Fixed				Municipal
				Growth				Opportunity				Realty				Income				Income
				Fund				Fund				Fund				Fund				Fund
				6/30/00				6/30/00				6/30/00				6/30/00				6/30/00
Investment Income:
	Interest			$	67,271			$	110,755			$	11,676			$	996,935			$	132,540
	Dividends			$	251,164			$	161,742			$	208,345			$	0			$	0
		Total Investment Income		$	318,435			$	272,497			$	220,021			$	996,935			$	132,540
Expenses:
	Gross Management Fee			$	312,804			$	340,474			$	32,739			$	149,300			$	26,568
	Management Fee Waiver (See accompanying note #3)			$	(15,640	)		$	(17,024	)		$	(1,637	)		$	(22,395	)		$	(9,299	)
		Total Expenses		$	297,164			$	323,450			$	31,102			$	126,905			$	17,269
Net Investment Income				$	21,271			$	(50,953	)		$	188,919			$	870,030			$	115,271
Realized and Unrealized Gains (Losses):
	Net Realized Gain (Loss) from Security Transactions			$	1,144,615			$	4,475,932			$	(128,022	)		$	(566,018	)		$	0
	Net Unrealized Gain (Loss) on Investments			$	(2,521,293	)		$	1,647,764			$	827,022			$	308,153			$	31,592
Net Gain (Loss) on Investments				$	(1,376,678	)		$	6,123,696			$	699,000			$	(257,865	)		$	31,592
Net Increase (Decrease) in Assets from Operations				$	(1,355,407	)		$	6,072,743			$	887,919			$	612,165			$	146,863

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

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JOHNSON MUTUAL FUNDS	June 30, 2000 — Unaudited

				Stock Funds
				Growth Fund								Opportunity Fund								Realty Fund
				Period Ended				Year Ended				Period Ended				Year Ended				Period Ended				Year Ended
				6/30/00				12/31/99				6/30/00				12/31/99				6/30/00				12/31/99
Operations:
	Net Investment Income			$	21,270			$	40,190			$	(50,953	)		$	(44,491	)		$	188,919	*		$	274,739
	Net Realized Gain (Loss) from Security Transactions			$	1,144,615			$	1,071,337			$	4,475,932			$	2,888,171			$	(128,022	)		$	(232,203	)
	Net Unrealized Gain (Loss) on Investments			$	(2,521,293	)		$	5,126,367			$	1,647,764			$	4,152,996			$	827,022			$	(184,150	)
		Net Increase (Decrease) in Assets from Operations		$	(1,355,408	)		$	6,237,894			$	6,072,743			$	6,996,676			$	887,919			$	(141,614	)
Distributions to Shareholders:
	Net Investment Income			$	0			$	(40,539	)		$	0			$	0			$	(158,932	)		$	(274,737	)
	Net Realized Gain from Security Transactions			$	0			$	(1,071,330	)		$	0			$	(2,888,176	)		$	0			$	0
	Net Return of Capital			$	0			$	0			$	0			$	0			$	0			$	0
		Net (Decrease) in Assets from Distributions		$	0			$	(1,111,869	)		$	0			$	(2,888,176	)		$	(158,932	)		$	(274,737	)
Capital Share Transactions:
	Proceeds From Sale of Shares			$	10,199,168			$	12,285,288			$	8,876,939			$	11,278,789			$	1,247,120			$	1,654,737
	Net Asset Value of Shares Issued on Reinvestment of Distributions			$	0			$	1,006,436			$	0			$	2,801,257			$	31,100			$	51,211
	Cost of Shares Redeemed			$	(7,313,799	)		$	(4,786,653	)		$	(3,410,237	)		$	(3,625,807	)		$	(436,127	)		$	(487,761	)
		Net Increase in Assets from Capital Share Transactions		$	2,885,369			$	8,505,071			$	5,466,702			$	10,454,239			$	842,093			$	1,218,187
Net Change in Net Assets				$	1,529,961			$	13,631,096			$	11,539,445			$	14,562,739			$	1,571,080			$	801,836
Net Assets at Beginning of Period				$	62,018,917			$	48,387,821			$	62,775,395			$	48,212,656			$	5,859,337			$	5,057,501
Net Assets at End of Period				$	63,548,878			$	62,018,917			$	74,314,840			$	62,775,395			$	7,430,417			$	5,859,337

*Net Investment Income on the Realty Fund includes Estimated Return of Capital.

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

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JOHNSON MUTUAL FUNDS	June 30, 2000 — Unaudited

				Bond Funds
				Fixed Income Fund								Municipal Income Fund
				Period Ended				Year Ended				Period Ended				Year Ended
				6/30/00				12/31/99				6/30/00				12/31/99
Operations:
	Net Investment Income			$	870,030			$	1,495,577			$	115,271			$	178,797
	Net Realized Gain (Loss) from Security Transactions			$	(566,018	)		$	39,278			$	0			$	3,253
	Net Unrealized Gain (Loss) on Investments			$	308,153			$	(2,522,908	)		$	31,592			$	(239,989	)
		Net Increase (Decrease) in Assets from Operations		$	612,165			$	(988,053	)		$	146,863			$	(57,939	)
Distributions to Shareholders:
	Net Investment Income			$	(847,049	)		$	(1,495,596	)		$	(108,967	)		$	(178,804	)
	Net Realized Gain from Security Transactions			$	0			$	(39,265	)		$	0			$	(3,254	)
		Net (Decrease) in Assets from Distributions		$	(847,049	)		$	(1,534,861	)		$	(108,967	)		$	(182,058	)
Capital Share Transactions:
	Proceeds From Sale of Shares			$	5,554,445			$	12,474,498			$	755,527			$	2,148,289
	Net Asset Value of Shares Issued on Reinvestment of Dividends/ Gains			$	436,548			$	886,212			$	24,104			$	44,667
	Cost of Shares Redeemed			$	(5,995,604	)		$	(4,457,580	)		$	(555,099	)		$	(735,309	)
		Net Increase in Assets from Capital Share Transactions		$	(4,611	)		$	8,903,130			$	224,532			$	1,457,647
Net Change in Net Assets				$	(239,495	)		$	6,380,216			$	262,428			$	1,217,650
Net Assets at Beginning of Period				$	30,371,122			$	23,990,906			$	5,147,524			$	3,929,874
Net Assets at End of Period				$	30,131,627			$	30,371,122			$	5,409,952			$	5,147,524

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

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FINANCIAL HIGHLIGHTS	GROWTH FUND

Selected Data for a Share Outstanding Throughout the Period for the Growth Fund:

			Unaudited				Year Ended December 31
			1/1/00 to
			6/30/00				1999				1998				1997				1996				1995
Net Asset Value Beginning of Period			$	33.86			$	30.98			$	25.38			$	21.16			$	18.86			$	14.82
Operations:
	Net Investment Income		$	0.01			$	0.02			$	0.05			$	0.16			$	0.19			$	0.24
	Net Gains (Losses) on Securities (Realized & Unrealized)		$	(0.76	)		$	3.48			$	7.32			$	7.01			$	2.98			$	4.41
Total Operations			$	(0.75	)		$	3.50			$	7.37			$	7.17			$	3.17			$	4.65
Distributions:
	Dividends from Net Investment Income		$	0.00			$	(0.02	)		$	(0.05	)		$	(0.16	)		$	(0.19	)		$	(0.24	)
	Distributions from Net Realized Capital Gains		$	0.00			$	(0.60	)		$	(1.72	)		$	(2.79	)		$	(0.68	)		$	(0.37	)
Total Distributions			$	0.00			$	(0.62	)		$	(1.77	)		$	(2.95	)		$	(0.87	)		$	(0.61	)
Net Asset Value End of Period			$	33.11			$	33.86			$	30.98			$	25.38			$	21.16			$	18.86
Total Return				-2.22	%			11.31	%			29.10	%			33.96	%			16.85	%			31.61	%
Net Assets, End of Period (Millions)			$	63.55			$	62.02			$	48.39			$	31.90			$	21.42			$	14.87
Ratios after Fee Waivers: (1)
	Ratio of Expenses to Average Net Assets (2)			0.95	%			0.95	%			0.95	%			0.97	%			1.00	%			1.00	%
	Ratio of Net Income to Average Net Assets (2)			0.07	%			0.07	%			0.19	%			0.65	%			0.99	%			1.42	%
Portfolio Turnover Rate				16.24	%			29.84	%			39.71	%			54.44	%			26.78	%			52.91	%

---

(1)	The Adviser amended the management agreement on 11/18/98 to reduce the maximum management fee on the Growth Fund from 1.30% to 1.00%. The Adviser further waived the maximum management fee to sustain a fee of 0.95%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2003. As of 6/30/00, assuming no waiver of management fee expenses, the Growth Fund ratios would have been: Expenses to Average Net Assets: 1.00% and Net Income to Average Net Assets: 0.02%. (See note #3)
(2)	Ratios annualized in 2000.

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

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FINANCIAL HIGHLIGHTS	OPPORTUNITY FUND

Selected Data for a Share Outstanding Throughout the Period for the Opportunity Fund:

			Unaudited				Year Ended December 31
			1/1/00 to
			6/30/00				1999				1998				1997				1996				1995
Net Asset Value Beginning of Period			$	33.40			$	31.10			$	26.44			$	22.65			$	19.42			$	15.70
Operations:
	Net Investment Income		$	(0.03	)		$	(0.02	)		$	(0.02	)		$	0.03			$	0.06			$	0.08
	Net Gains (Losses) on Securities (Realized & Unrealized)		$	3.08			$	3.94			$	5.02			$	6.13			$	4.43			$	3.89
Total Operations			$	3.05			$	3.92			$	5.00			$	6.16			$	4.49			$	3.97
Distributions:
	Dividends from Net Investment Income		$	0.00			$	0.00			$	0.00			$	(0.03	)		$	(0.06	)		$	(0.08	)
	Distributions from Net Realized Capital Gains		$	0.00			$	(1.62	)		$	(0.34	)		$	(2.34	)		$	(1.20	)		$	(0.17	)
Total Distributions			$	0.00			$	(1.62	)		$	(0.34	)		$	(2.37	)		$	(1.26	)		$	(0.25	)
Net Asset Value End of Period			$	36.45			$	33.40			$	31.10			$	26.44			$	22.65			$	19.42
Total Return				9.13	%			12.65	%			18.93	%			27.26	%			23.10	%			25.27	%
Net Assets, End of Period (Millions)			$	74.31			$	62.78			$	48.21			$	35.06			$	22.09			$	15.19
Ratios after Fee Waivers: (1)
	Ratio of Expenses to Average Net Assets (2)			0.95	%			0.95	%			0.95	%			0.97	%			1.00	%			1.00	%
	Ratio of Net Income to Average Net Assets (2)			(0.15	%)			(0.08	%)			(0.06	%)			0.11	%			0.28	%			0.59	%
Portfolio Turnover Rate				17.22	%			40.71	%			41.46	%			55.05	%			46.43	%			62.15	%

---

(1)	The Adviser amended the management agreement on 11/18/98 to reduce the maximum management fee on the Opportunity Fund from 1.30% to 1.00%. The Adviser further waived the maximum management fee to sustain a fee of 0.95%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2003. As of 6/30/00, assuming no waiver of management fee expenses, the Opportunity Fund ratios would have been: Expenses to Average Net Assets: 1.00% and Net Income to Average Net Assets: (0.20%). (See note #3)
(2)	Ratios annualized in 2000.

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

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FINANCIAL HIGHLIGHTS	REALTY FUND

Selected Data for a Share Outstanding Throughout the Period for the Realty Fund:

							Year Ended December
			Unaudited				31
			1/1/00 to
			6/30/00				1999				1998
Net Asset Value Beginning of Period			$	10.72			$	11.54			$	15.00
Operations:
	Net Investment Income		$	0.26			$	0.54			$	0.61
	Net Return of Capital		$	0.04			$	0.11			$	0.12
	Net Gains (Losses) on Securities (Realized and Unrealized)		$	1.17			$	(0.93	)		$	(3.46	)
Total Operations			$	1.47			$	(0.28	)		$	(2.73	)
Distributions:
	Dividends from Net Investment Income		$	(0.26	)		$	(0.54	)		$	(0.61	)
	Distributions from Return of Capital		$	0.00			$	0.00			$	(0.12	)
	Distributions from Net realized Capital Gains		$	0.00			$	0.00			$	0.00
Total Distributions			$	(0.26	)		$	(0.54	)		$	(0.73	)
Net Asset Value End of Period			$	11.93			$	10.72			$	11.54
Total Return				13.80	%			(2.47	%)			(18.56	%)
Net Assets, End of Period (Millions)			$	7.43			$	5.86			$	5.10
Ratios after Fee Waivers: (1)
	Ratio of Expenses to Average Net Assets (2)			0.95	%			0.95	%			0.48	%
	Ratio of Net Income to Average Net Assets (2)			5.76	%			4.93	%			5.17	%
Portfolio Turnover Rate				0.95	%			11.21	%			12.07	%

---

(1)	The Adviser amended the management agreement on 11/18/98 to reduce the maximum management fee on the Realty Fund from 1.30% to 1.00%. The Adviser waived the management fee in entirety for the period 1/1/98-6/30/98. The Adviser waived the maximum management fee to sustain a fee of 0.95% for the period 7/1/98-12/31/98, and through 1999. The Adviser intends the final fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2003. As of 6/30/00, assuming no waiver of management fee expenses, the Realty Fund ratios would have been: Expenses to Average Net Assets: 1.00% and Net Income to Average Net Assets: 5.71%. (See note #3)
(2)	Ratios annualized in 2000.

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

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FINANCIAL HIGHLIGHTS	FIXED INCOME FUND

Selected Data for a Share Outstanding Throughout the Period for the Fixed Income Fund:

			Unaudited				Year Ended December 31
			1/1/00 to
			6/30/00				1999				1998				1997				1996				1995
Net Asset Value Beginning of Period			$	14.93			$	16.36			$	15.84			$	15.45			$	15.84			$	14.20
Operations:
	Net Investment Income		$	0.43			$	0.81			$	0.86			$	0.88			$	0.86			$	0.83
	Net Gains (Losses) on Securities (Realized & Unrealized)		$	(0.13	)		$	(1.41	)		$	0.55			$	0.39			$	(0.39	)		$	1.64
Total Operations			$	0.30			$	(0.60	)		$	1.41			$	1.27			$	0.47			$	2.47
Distributions:
	Dividends from Net Investment Income		$	(0.42	)		$	(0.81	)		$	(0.86	)		$	(0.88	)		$	(0.86	)		$	(0.83	)
	Distributions from Net Realized Capital Gains		$	0.00			$	(0.02	)		$	(0.03	)		$	0.00			$	0.00			$	0.00
Total Distributions			$	(0.42	)		$	(0.83	)		$	(0.89	)		$	(0.88	)		$	(0.86	)		$	(0.83	)
Net Asset Value End of Period			$	14.81			$	14.93			$	16.36			$	15.84			$	15.45			$	15.84
Total Return				2.02	%			(3.68	%)			9.05	%			8.44	%			3.11	%			17.70	%
Net Assets, End of Period (Millions)			$	30.13			$	30.37			$	24.00			$	18.87			$	16.14			$	15.97
Ratios after Fee Waivers: (1)
	Ratio of Expenses to Average Net Assets (2)			0.85	%			0.85	%			0.85	%			0.85	%			0.85	%			0.85	%
	Ratio of Net Income to Average Net Assets (2)			5.78	%			5.45	%			5.40	%			5.67	%			5.56	%			5.54	%
Portfolio Turnover Rate				15.44	%			13.66	%			24.89	%			29.33	%			14.04	%			4.95	%

---

(1)	The Adviser amended the management agreement on 11/18/98 to reduce the maximum management fee on the Fixed Income Fund from 1.15% to 1.00%. The Adviser further waived the maximum management fee to sustain a fee of 0.85%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2003. As of 6/30/00, assuming no waiver of management fee expenses, the Fixed Income Fund ratios would have been: Expenses to Average Net Assets: 1.00% and Net Income to Average Net Assets: 5.63%. (See note #3)
(2)	Ratios annualized in 2000.

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

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FINANCIAL HIGHLIGHTS	MUNICIPAL INCOME FUND

Selected Data for a Share Outstanding Throughout the Period for the Municipal Income Fund:

			Unaudited				Year Ended December 31
			1/1/00 to
			6/30/00				1999				1998				1997				1996				1995
Net Asset Value Beginning of Period			$	15.18			$	15.99			$	15.88			$	15.57			$	15.68			$	14.73
Operations:
	Net Investment Income		$	0.33			$	0.60			$	0.64			$	0.64			$	0.63			$	0.63
	Net Gains (Losses) on Securities (Realized & Unrealized)		$	0.09			$	(0.80	)		$	0.18			$	0.32			$	(0.11	)		$	0.96
Total Operations			$	0.42			$	(0.20	)		$	0.82			$	0.96			$	0.52			$	1.59
Distributions:
	Dividends from Net Investment Income (1)		$	(0.31	)		$	(0.60	)		$	(0.64	)		$	(0.64	)		$	(0.63	)		$	(0.63	)
	Distributions from Net Realized Capital  Gains		$	0.00			$	(0.01	)		$	(0.07	)		$	(0.01	)		$	0.00			$	(0.01	)
Total Distributions			$	(0.31	)		$	(0.61	)		$	(0.71	)		$	(0.65	)		$	(0.63	)		$	(0.64	)
Net Asset Value End of Period			$	15.29			$	15.18			$	15.99			$	15.88			$	15.57			$	15.68
Total Return				2.78	%			(1.24	%)			5.19	%			6.23	%			3.43	%			10.88	%
Net Assets, End of Period (Millions)			$	5.41			$	5.15			$	3.93			$	3.90			$	2.81			$	2.28
Ratios after Fee Waivers: (2)
	Ratio of Expenses to Average Net Assets  (3)			0.65	%			0.65	%			0.65	%			0.63	%			0.75	%			0.68	%
	Ratio of Net Income to Average Net Assets  (3)			4.33	%			4.03	%			4.01	%			4.19	%			4.18	%			4.28	%
Portfolio Turnover Rate				0.00	%			8.44	%			20.70	%			9.95	%			6.25	%			7.81	%

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(1)	All distributions are Federally tax exempt.
(2)	The Adviser amended the management agreement on 11/18/98 to reduce the maximum management fee on the Municipal Income Fund from 1.15% to 1.00%. The Adviser further waived the maximum management fee to sustain a fee of 0.65%. The Adviser intends this fee waiver to be permanent, although the Adviser retains the right to remove the waiver after April 30, 2003. As of 6/30/00, assuming no waiver of management fee expenses, the Municipal income Fund ratios would have been: Expenses to Average Net Assets: 1.00% and Net Income to Average Net Assets: 3.98%. (See note #3)
(3)	Ratios annualized in 2000

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

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1)  Organization:

The Growth Fund, Fixed Income Fund, Opportunity Fund, Municipal Income Fund, and the Realty Fund are each series of the Johnson Mutual Funds Trust, and are registered under the Investment Company Act of 1940, as amended, as no-load, open-end investment companies. The Johnson Mutual Funds Trust was established as an Ohio business trust under Declaration of Trust dated September 30, 1992. The Growth and Fixed Income Funds began offering their shares publicly on January 4, 1993. The Opportunity and Municipal Income Funds began offering their shares publicly on May 16, 1994. The Realty Fund began offering its shares publicly on January 2, 1998.

The investment objective of the Growth Fund is long term capital growth. The investment objective of the Opportunity Fund is long term capital growth. The investment objective of the Fixed Income Fund is a high level of income over the long term consistent with preservation of capital. The investment objective of the Municipal Income Fund is a high level of federally tax-free income over the long term consistent with preservation of capital. The investment objective of the Realty Fund is above average income and long term capital growth. The Realty Fund invest primarily in real estate related equity securities.

2)  Summary of Significant Accounting Policies:

Security Valuation and Transactions:

The investments in securities are carried at market value. The market quotation used for common stocks which are traded on any exchange or on the NASDAQ over-the-counter market are valued at the last quoted sale price of the day, determined as of the close of the New York Stock Exchange at 4:00 p.m. Eastern Time. In absence of a sale price, a security is valued at its last bid price except when, in the Adviser’s opinion, the last bid price does not accurately reflect the current value of the security.

Fixed income securities are valued by using independent pricing services which use prices provided by market makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. When prices are not readily available from a pricing service, or when illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, subject to review of the Board of Trustees. Short-term investments in fixed income securities with maturities of less than 60 days are valued by using the amortized cost method of valuation. Purchases and sales of securities are recorded on a trade date basis. Discounts and premiums on securities purchased are amortized over the life of the respective securities.

Investment Income and Realized Capital Gains and Losses on Investment Securities:

Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Dividend and interest income are recorded net of foreign taxes. Gains and losses on sales of investments are calculated using the specific identification method.

Income Taxes:

It is the Funds’ policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Service. This Internal Revenue Service requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds’ policy to distribute annually, after the end of the calendar year, any remaining net investment income and net realized capital gains to comply with the special provisions of the Internal Revenue Code available to registered investment companies. Accordingly, no tax provision is required.

3)  Investment Advisory Agreement:

The investment advisory agreement provides that Johnson Investment Counsel, Inc. (the Adviser) will pay all of the Funds’ operating expenses, excluding brokerage fees and commissions, taxes, interest and extraordinary expenses. The Growth Fund, Opportunity Fund and Realty Fund paid the Adviser a management fee at the annual rate of 0.95% of each Funds’ average daily net assets, which was accrued daily and paid monthly. The Fixed Income Fund paid the Adviser a management fee at the annual rate of 0.85% of the Fund’s average daily net assets, and the Municipal Income Fund paid the Adviser a management fee at the annual rate of 0.65% of the Fund’s average daily net assets, both of which are accrued daily and paid monthly.

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The Adviser received management fees for the period January 1 — June 30, 2000 as indicated below. These fees are after the Adviser waived part of the management fees on each of the funds from the maximum of 1.00% to the effective fee ratios listed below. The Adviser intends the fee waivers to be permanent, although the Adviser has the right to remove these fee waivers any time after April 30, 2003.

										Effective
						Fee				Fee				Fee				Management
Fund		Fee				Waiver				Ratio				Waiver				Fee
Growth Fund			1.00	%			0.05	%			0.95	%		$	(15,640	)		$	297,164
Opportunity Fund			1.00	%			0.05	%			0.95	%		$	(17,024	)		$	323,450
Realty Fund			1.00	%			0.05	%			0.95	%		$	(1,637	)		$	31,102
Fixed Income Fund			1.00	%			0.15	%			0.85	%		$	(22,395	)		$	126,905
Municipal Income Fund			1.00	%			0.35	%			0.65	%		$	(9,299	)		$	17,269

4)  Related Party Transactions:

All officers and one trustee of the Johnson Mutual Funds Trust are employees of Johnson Investment Counsel, Inc., the Adviser. There are three independent Trustees. Each of the three independent Trustees received compensation during the 6 months ending June 30, 2000 of $2,500 for his responsibilities as trustee and has received no additional compensation from the Trust. Total Compensation for the Trustees, as a group was $7,500 for the period and as a group they received no additional compensation from the Trust.

The Adviser is not a registered broker-dealer of securities and thus does not receive commissions on trades made on behalf of the Funds. The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of June 30, 2000, Johnson Investment Counsel, Inc. and entities which the Adviser could be deemed to control or have discretion over owned in aggregate more than 25% of the Growth Fund, Opportunity Fund, Realty Fund, Fixed Income Fund, and the Municipal Income Fund.

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

5)  Purchases and Sales of Securities:

During the 6 months ended June 30, 2000, purchases and sales of investment securities aggregated:

		Investment Securities Other Than
		Short Term Investments and
		U.S. Government Obligations								U.S. Government Obligations
Fund		Purchases				Sales				Purchases				Sales
Growth Fund		$	13,054,829			$	10,247,029			$	0			$	0
Opportunity Fund		$	17,030,451			$	11,837,498			$	0			$	0
Realty Fund		$	923,618			$	61,367			$	0			$	0
Fixed Income Fund		$	5,219,706			$	4,389,497			$	0			$	202,891
Municipal Income Fund		$	559,787			$	0			$	0			$	0

6)  Capital Share Transactions:

As of June 30, 2000, there were an unlimited number of capital shares of no par value authorized. Each Fund records purchases of its capital shares at the daily net asset value next determined after receipt of a shareholder’s check or wire and application in proper form. Redemptions are recorded at the net asset value next determined following receipt of a shareholder’s written or telephone request in proper form.

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Capital Share Transactions for the Period January 1 — June 30, 2000:

														Fixed				Municipal
		Growth				Opportunity				Realty				Income				Income
		Fund				Fund				Fund				Fund				Fund
Shares Sold to Investors			309,374				260,748				113,316				373,260				49,686
Shares Issued on Reinvestment Dividends			0				0				2,682				29,420				1,579
Subtotal			309,374				260,748				115,998				402,680				51,265
Shares Redeemed			(221,463	)			(101,294	)			(40,039	)			(403,024	)			(36,498	)
Net Increase/ Decrease During Period			87,911				159,454				75,959				(344	)			14,767
Shares Outstanding:
December 31, 1999 (Beginning of Period)			1,831,430				1,879,436				546,799				2,034,540				339,170
June 30, 2000 (End of Period)			1,919,341				2,038,890				622,758				2,034,196				353,937

7)  Security Transactions:

For Federal income tax purposes, the cost of investments owned on June 30, 2000 was the same as identified cost. As of June 30, 2000 the composition of unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) was as follows:

										Net
										Appreciation
Fund		Appreciation				(Depreciation)				(Depreciation)
Growth Fund		$	23,765,826			$	(4,076,199	)		$	19,689,627
Opportunity Fund		$	27,319,899			$	(5,412,955	)		$	21,906,944
Realty Fund		$	390,883			$	(829,285	)		$	(438,402	)
Fixed Income Fund		$	74,618			$	(1,214,587	)		$	(1,139,969	)
Municipal Income Fund		$	30,487			$	(94,209	)		$	(63,722	)

8)  Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

9)  Net Investment Income and Net Realized Capital Losses — Realty Fund:

The net investment income on the Realty Fund includes estimated return of capital as of June 30, 2000.

As of June 30, 2000, the Realty Fund had accumulated net realized capital loss carryovers of $(99,788) expiring in 2006 and $(232,203) expiring in 2007. To the extent that the Realty Fund realizes future net capital gains, those gains will be offset by any unused capital loss carryovers.

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Trustees and Officers

Timothy E. Johnson		Trustee, President
John W. Craig		Independent Trustee
Ronald H. McSwain		Independent Trustee
Kenneth S. Shull		Independent Trustee
Dale H. Coates		Vice President
Richard T. Miller		Vice President
Dianna J. Rosenberger		CFO, Treasurer
David C. Tedford		Secretary

Transfer Agent and Fund Accountant

Custodian

Auditors

Legal Counsel

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This report is authorized for distribution to prospective investors only when accompanied or preceded

Investment Company Act #811-7254