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

form n-csr

certified shareholder report of registered management
investment companies

Explanatory Note: The Registrant is filing this amendment to its Form N-CSRS for the reporting period ended June 30, 2025, originally filed with the Securities and Exchange Commission on September 4, 2025 (Accession Number 0001580642-25-005738). The sole purpose of this amendment is to adjust the alignment of values on the Statements of Assets and Liabilities for the Johnson Core Plus Bond Fund existing series (S000073062) and the Johnson Municipal Income Fund existing series (S000005721). The original N-CSRS filing contained formatting issues in which the Fund’s Investment Securities at Value was translated into an incorrect column. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Johnson Equity Income Fund

Class I (JEQIX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Johnson Equity Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.johnsoninv.com/mutualfunds. You can also request this information by contacting us at (800) 541-0170.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$38	0.75%

How did the Fund perform during the reporting period?

Despite strong first quarter relative performance, The Johnson Equity Income Fund underperformed the S&P 500^® Index in the first half of 2025 following the April 9th announcement of a 90-day pause on U.S. reciprocal tariffs. This marked a turning point for markets that led the S&P 500^® Index to rally approximately 25% from its April 8th low, with risk factors and large cap growth stocks leading the way.

Both sector allocation and stock selection contributed to the Fund’s underperformance. The Fund was meaningfully underweight in Communications Services and Technology, which outperformed the index year-to-date and were among the best performing sectors post the tariff pause. An overweight in Health Care and the Fund’s cash weight were also detractors. As a partial offset, the Fund benefited from an overweight in Industrials, the top performing sector year-to-date, and an underweight in Consumer Discretionary, the worst performing sector year-to-date.

With the rebound of the largest stocks in the index, the S&P 500^® Index continues to be extraordinarily concentrated. As such, given our more diversified portfolio construction discipline, our relative returns continue to be impacted significantly by structural underweights to the largest names in the index. NVIDIA and Meta, which we did not own, represented meaningful detractors. In contrast, Apple, Inc. and Tesla were the top positive contributors to relative performance as both stocks posted negative returns year-to-date. Additional detractors included Danaher and the previously held UnitedHealth Group, while Cencora, Inc. Williams Cos., Inc., and Nasdaq, Inc. were among the top positive contributors.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	Johnson Equity Income Fund - Class I	S&P 500^® Index
Jun-2015	$1,000,000	$1,000,000
Jun-2016	$1,010,484	$1,039,926
Jun-2017	$1,193,247	$1,226,033
Jun-2018	$1,342,701	$1,402,264
Jun-2019	$1,578,312	$1,548,344
Jun-2020	$1,613,957	$1,664,547
Jun-2021	$2,245,247	$2,343,585
Jun-2022	$2,121,462	$2,094,795
Jun-2023	$2,412,294	$2,505,250
Jun-2024	$2,682,840	$3,120,443
Jun-2025	$2,941,816	$3,593,616

Average Annual Total Returns

	1 Year	5 Years	10 Years
Johnson Equity Income Fund - Class I	9.65%	12.76%	11.39%
S&P 500^® Index	15.16%	16.64%	13.65%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets$685,708,276
Number of Portfolio Holdings47
Advisory Fee $2,470,965
Portfolio Turnover8%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	97.6%
Money Market Funds	2.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Materials	1.9%
Money Market	2.4%
Communications	2.6%
Consumer Staples	4.6%
Utilities	6.3%
Energy	6.3%
Consumer Discretionary	9.1%
Health Care	11.9%
Industrials	13.6%
Financials	17.7%
Technology	23.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Microsoft Corp.	4.8%
Williams Cos., Inc. (The)	3.3%
Amazon.com, Inc.	3.3%
Nasdaq, Inc.	3.2%
American Electric Power Co., Inc.	3.2%
Alliant Energy Corp.	3.1%
Chevron Corp.	3.0%
Danaher Corp.	2.7%
Axis Capital Holdings Ltd.	2.7%
nVent Electric plc	2.7%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Johnson Equity Income Fund - Class I (JEQIX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.johnsoninv.com/mutualfunds), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-JEQIX

Johnson Equity Income Fund

Class S (JEQSX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$51	1.00%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?