Fund Evaluator:
Johnson Municipal Income (JMUNX)
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Best Performing in Muni Ohio Over the Last Year
| 6.7% | Vanguard OH Long-Term Tax-Exempt (VOHIX) |
| 5.2% | Fidelity Ohio Municipal Income (FOHFX) |
Fund Details
Johnson Municipal Income Overview
Johnson Municipal Income (JMUNX) is an actively managed Municipal Bond Muni Ohio fund. Johnson Mutual Funds launched the fund in 1994.
The investment seeks a high level of federally tax-free income over the long term consistent with preservation of capital. Under normal market conditions, the fund will invest at least 80% of its net assets, plus any amount for borrowing, in investment grade municipal securities, the income from which is exempt from regular federal income tax. It does not limit itself to securities of a particular maturity range, however, a majority of its assets will typically be invested in intermediate to long-term maturities (3 years or longer).
About Johnson Municipal Income (JMUNX)
There are 3 members of the management team with an average tenure of 11.73 years: Michael Leisring (2003), David Theobald (2016), Emilia Connor-Brady (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal AA TR USD index with a weighting of 100%. Johnson Municipal Income has 176 securities in its portfolio. The top 10 holdings constitute 20.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Johnson Municipal Income is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Johnson Municipal Income has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.9% (95.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Johnson Municipal Income has 4.1% of the portfolio in cash.
Assets Under Management
The fund has $182 million in total assets, which is below the $223 million average for the Muni Ohio category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JMUNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Johnson Municipal Income expense ratio is below average compared to funds in the Muni Ohio category. Johnson Municipal Income has an expense ratio of 0.30%, which is 61% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Johnson Municipal Income has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 22% for the Muni Ohio category.
Recently, in the month of July 2026, Johnson Municipal Income returned -2.1%, which earned it a grade of F, as the Muni Ohio category had an average return of -1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Johnson Municipal Income has a trailing yield of 3.72%, which is above the 3.40% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Johnson Municipal Income Grades
Year to date, the fund has returned 0.4%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 5.4% over the past year (grade of D), 2.7% over the past three years (grade of C) and 0.3% per year over the past five years (grade of B) and 1.4% per year over the past 10 years (grade of D).
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JMUNX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JMUNX Return (NAV) | -2.1% | -0.6% | 5.4% | 2.7% | 0.3% | 1.4% |
| JMUNX Grade | F | D | D | C | B | D |
| +/- Category | -0.3% | -0.1% | -0.3% | -0.0% | 0.3% | -0.0% |
| Muni Ohio Avg | -1.8% | -0.5% | 5.7% | 2.7% | 0.0% | 1.4% |
| JMUNX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
JMUNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JMUNX Return (NAV) | 0.4% | 3.7% | 0.7% | 5.8% | -8.1% | 0.3% | 5.1% | 5.7% | 0.9% | 3.2% | 0.0% |
| JMUNX Grade | D | A | D | B | A | F | C | F | B | F | F |
| +/- Category | -0.1% | 0.4% | -0.6% | 0.3% | 1.2% | -0.9% | 0.2% | -1.1% | 0.2% | -1.3% | -0.4% |
| Muni Ohio Avg | 0.4% | 3.3% | 1.3% | 5.5% | -9.3% | 1.2% | 4.9% | 6.7% | 0.7% | 4.6% | 0.5% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 1.03 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 1.05 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $182 Mil |
| Fund Total Assets: | $ 182 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 36% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 23.0 years | |||
| Average Tenure: 11.7 years | |||
| Managers (Year): Leisring Michael (2003), Theobald David (2016), Connor-Brady Emilia (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 176 |
| % in Top 10 Holdings: | 20.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.1% |
Purchase Information
| Fund Family: | Johnson Mutual Funds |
| Phone Number: | 800-541-0170 |
| Website: | www.johnsonmutualfunds.com |
| Status: | Open |
| Inception Date: | May 16, 1994 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.30% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.77% |
| Share Class: | Johnson Municipal Income |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
