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Johnson Equity Income Fund

Class I (JEQIX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Johnson Equity Income Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
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 Fund underperformed the S&P 500^® Index in the first half of 2026 following a sharp reversal of the market in the second quarter. Specifically, the S&P 500^® Index increased +15.2% in the second quarter, more than offsetting first quarter losses. This was driven by a retreat in energy prices and continued enthusiasm surrounding artificial intelligence infrastructure investment and the emergence of new supply bottlenecks (i.e., memory).

Sector positioning was a headwind to relative performance during the first half of the year. The Fund was meaningfully underweight Technology, which outperformed the index year-to-date and was the only sector to outperform the S&P 500^® Index during the second quarter. Overweights to Financials and Health Care were also detractors. As a partial offset, the Fund benefitted from overweight positions in Industrials and Energy, with both sectors meaningfully outperforming the S&P 500^® Index year-to-date. The Fund's underweight to Communication Services was also additive, reflecting the highly concentrated nature of the sector and poor performance from some of its largest constituents.

Security selection was a larger headwind to relative performance, with the largest drags stemming from high beta companies across semiconductor, memory, and other related hardware industries. This included names like Micron Technology, Inc. and Advanced Micro Devices, Inc.. The portfolio's relative underweight to these names weighed heavily on relative performance during the first half of the year. Importantly, many of the Fund’s strongest contributors also stand to benefit from continued artificial intelligence infrastructure investment, albeit through business models with less historically commodity-like characteristics. This included names such as nVent Electric plc, ASML Holding N.V., and Taiwan Semiconductor Manufacturing Co. Ltd. - ADR.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	Johnson Equity Income Fund - Class I	S&P 500^® Index
Jun-2016	$1,000,000	$1,000,000
Jun-2017	$1,180,866	$1,178,961
Jun-2018	$1,328,770	$1,348,426
Jun-2019	$1,561,936	$1,488,897
Jun-2020	$1,597,211	$1,600,640
Jun-2021	$2,221,951	$2,253,607
Jun-2022	$2,099,450	$2,014,369
Jun-2023	$2,387,265	$2,409,065
Jun-2024	$2,655,003	$3,000,638
Jun-2025	$2,911,292	$3,455,645
Jun-2026	$3,191,196	$4,227,117

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Johnson Equity Income Fund - Class I	9.61%	7.51%	12.30%
S&P 500^® Index	22.32%	13.41%	15.51%

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. For updated performance call (800) 541-0170.

Fund Statistics

Net Assets$677,598,707
Number of Portfolio Holdings53
Advisory Fee $2,631,357
Portfolio Turnover16%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.9%
Money Market Funds	0.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Money Market Funds	0.1%
Materials	2.0%
Communications	2.7%
Utilities	4.0%
Energy	5.9%
Consumer Staples	6.9%
Health Care	10.7%
Consumer Discretionary	11.1%
Financials	12.7%
Industrials	16.6%
Technology	27.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Microsoft Corp.	3.5%
Visa, Inc. - Class A	3.1%
Stryker Corp.	3.0%
American Electric Power Co., Inc.	3.0%
Williams Cos., Inc. (The)	2.9%
Amazon.com, Inc.	2.8%
nVent Electric plc	2.8%
Analog Devices, Inc.	2.8%
UMB Financial Corp.	2.7%
Alphabet, Inc. - Class A	2.7%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Johnson Equity Income Fund - Class I (JEQIX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-JEQIX

Johnson Equity Income Fund

Class S (JEQSX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$50	1.00%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?