# EDGAR Filing Document

**Accession Number:** 0000357204
**File Stem:** 0001580642-25-005974
**Filing Date:** 2025-9
**Character Count:** 733467
**Document Hash:** 8f099a9cb1e7b6b3aade1b44230d2308
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005974.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001580642-25-005974

**CONFORMED SUBMISSION TYPE**: N-CSRS/A

**PUBLIC DOCUMENT COUNT**: 124

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**EFFECTIVENESS DATE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Segall Bryant & Hamill Trust
- **CENTRAL INDEX KEY:** 0000357204

**ORGANIZATION NAME:**
- **EIN:** 510263765
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03373
- **FILM NUMBER:** 251303779

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 303-623-2577

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTCORE TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTCORE FUNDS INC
- **DATE OF NAME CHANGE:** 19860506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUNMONT WEST FUND INC
- **DATE OF NAME CHANGE:** 19820520

## Series and Classes Contracts Data

### Segall Bryant & Hamill Plus Bond Fund (Series ID: S000006744)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000018311 | Segall Bryant & Hamill Plus Bond Fund-Retail Class        | WTIBX           |
| C000052673 | Segall Bryant & Hamill Plus Bond Fund-Institutional Class | WIIBX           |

### Segall Bryant & Hamill Colorado Tax Free Fund (Series ID: S000006745)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000018312 | Segall Bryant & Hamill Colorado Tax Free Fund-Retail Class        | WTCOX           |
| C000169263 | Segall Bryant & Hamill Colorado Tax Free Fund-Institutional Class | WICOX           |

### Segall Bryant & Hamill Global All Cap Fund (Series ID: S000006749)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000018316 | Segall Bryant & Hamill Global All Cap Fund-Retail Class        | WTMVX           |
| C000052675 | Segall Bryant & Hamill Global All Cap Fund-Institutional Class | WIMVX           |

### Segall Bryant & Hamill Quality High Yield Fund (Series ID: S000006753)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000018320 | Segall Bryant & Hamill Quality High Yield Fund-Retail Class        | WTLTX           |
| C000052678 | Segall Bryant & Hamill Quality High Yield Fund-Institutional Class | WILTX           |

### Segall Bryant & Hamill Small Cap Growth Fund (Series ID: S000043443)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000134695 | Segall Bryant & Hamill Small Cap Growth Fund-Retail Class        | WTSGX           |
| C000134696 | Segall Bryant & Hamill Small Cap Growth Fund-Institutional Class | WISGX           |

### Segall Bryant & Hamill Municipal Opportunities Fund (Series ID: S000055877)

| Class ID   | Class Name                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000176020 | Segall Bryant & Hamill Municipal Opportunities Fund-Retail Class        | WTTAX           |
| C000176021 | Segall Bryant & Hamill Municipal Opportunities Fund-Institutional Class | WITAX           |

### Segall Bryant & Hamill Short Term Plus Fund (Series ID: S000063758)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000206635 | Segall Bryant & Hamill Short Term Plus Fund-Retail Class        | SBHPX           |
| C000206636 | Segall Bryant & Hamill Short Term Plus Fund-Institutional Class | SBAPX           |

### Segall Bryant & Hamill All Cap Fund (Series ID: S000065429)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000211581 | Segall Bryant & Hamill All Cap Fund-Retail Class        | SBRAX           |
| C000211582 | Segall Bryant & Hamill All Cap Fund-Institutional Class | SBHAX           |

### Segall Bryant & Hamill Emerging Markets Fund (Series ID: S000065430)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000211583 | Segall Bryant & Hamill Emerging Markets Fund-Retail Class        | SBHEX           |
| C000211584 | Segall Bryant & Hamill Emerging Markets Fund-Institutional Class | SBEMX           |

### Segall Bryant & Hamill International Small Cap Fund (Series ID: S000065431)

| Class ID   | Class Name                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000211585 | Segall Bryant & Hamill International Small Cap Fund-Retail Class        | SBHSX           |
| C000211586 | Segall Bryant & Hamill International Small Cap Fund-Institutional Class | SBSIX           |

### Segall Bryant & Hamill Small Cap Value Fund (Series ID: S000065432)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000211587 | Segall Bryant & Hamill Small Cap Value Fund-Institutional Class | SBHVX           |
| C000211588 | Segall Bryant & Hamill Small Cap Value Fund-Retail Class        | SBRVX           |

### Segall Bryant & Hamill Small Cap Core Fund (Series ID: S000067438)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000216810 | Segall Bryant & Hamill Small Cap Core Fund-Retail Class        | SBHCX           |
| C000216811 | Segall Bryant & Hamill Small Cap Core Fund-Institutional Class | SBASX           |

### Segall Bryant & Hamill Select Equity ETF (Series ID: S000080591)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000243104 | Segall Bryant & Hamill Select Equity ETF | USSE            |

### Barrett Opportunity Fund (Series ID: S000081721)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000244699 | Barrett Opportunity Fund Retail Class | SAOPX           |

### BARRETT GROWTH FUND (Series ID: S000081723)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000244704 | BARRETT GROWTH FUND Retail Class | BGRWX           |

### Segall Bryant & Hamill International Equity Fund (Series ID: S000083239)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000246765 | Segall Bryant & Hamill International Equity Fund - Institutional Class | CIEQX           |
| C000246766 | Segall Bryant & Hamill International Equity Fund - Retail Class        | CIQRX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-03373

---

| |
|:---|
| **<u>SEGALL BRYANT & HAMILL TRUST</u>** |
| (Exact name of registrant as specified in charter) |

---

225 Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp; Cincinnati, Ohio 45246 <br> (Address of principal executive offices) (Zip code)

Maggie Bull, Secretary

Segall Bryant & Hamill Trust,&nbsp;&nbsp;&nbsp;&nbsp; 225 Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp; Cincinnati, Ohio 45246 <br> (Name and address of agent for service)

Registrant's telephone number, including area code: (513) 587-3400

Date of fiscal year end: December 31 <br>Date of reporting period: June 30, 2025

***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 8, 2025 (Accession Number 0001580642-25-005907). The sole purpose of this amendment is to add the Segall Bryant & Hamill Select Equity ETF's existing series (S000080591) and class contracts (C000243104) to the list of series and classes to which the N-CSRS filing relates. The original N-CSRS filing contained information regarding the Fund, but the N-CSRS was not linked to the Fund's filing page. 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.*

**Item 1.** **Reports to Stockholders.**

(a) #### Segall Bryant & Hamill Small Cap Value Fund - Retail (SBRVX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ie311f734746eff1bdab65fa1.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$55** | **1.14%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned -2.63% against a return of -3.16% for the Russell 2000<sup>®</sup> Value Index and 5.75% for the Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Materials, Industrials, and Information Technology. Materials benefited from strong stock selection overall. The three individual securities that contributed the most on an absolute basis were REV Group, Inc., MP Materials Corp., and Mercury Systems, Inc. Materials holding MP Materials realized significant appreciation due to concerns that China was going to cut off global supplies of rare earth minerals. MP Materials has the largest rare earth minerals mine in North America making the importance of its assets more appreciated by the market.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Health Care, Energy, and Consumer Discretionary. Stock selection was the primary cause for underperformance in Health Care. The three individual securities that detracted the most on an absolute basis were VF Corp., QuidelOrtho Corp., and NeoGenomics, Inc. Consumer Discretionary holding VF Corp. pulled back given a delay in its Vans brand's return to growth, which was taken negatively by the market.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| REV Group, Inc. | 3.34 | 1.59 |
| MP Materials Corp. | 1.56 | 1.17 |
| Mercury Systems, Inc. | 2.73 | 0.90 |
| O-I Glass, Inc. | 1.78 | 0.64 |
| Alamos Gold, Inc. | 1.83 | 0.61 |
| **Bottom 5** |  |  |
| Crescent Energy Co. | 1.63 | -0.84 |
| Apogee Enterprises, Inc. | 1.53 | -0.93 |
| NeoGenomics, Inc. | 1.19 | -1.00 |
| QuidelOrtho Corp. | 2.28 | -1.10 |
| VF Corp. | 2.50 | -1.22 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i271fb586882d8803289fdaee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Value - Retail** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9517 | $9742 | $10214 |
| **Jun-2017** | $11220 | $12163 | $12104 |
| **Jun-2018** | $12955 | $13757 | $13893 |
| **Jun-2019** | $13625 | $12899 | $15141 |
| **Jun-2020** | $11909 | $10645 | $16130 |
| **Jun-2021** | $17809 | $18445 | $23253 |
| **Jun-2022** | $14907 | $15442 | $20029 |
| **Jun-2023** | $16344 | $16370 | $23825 |
| **Jun-2024** | $17355 | $18153 | $29335 |
| **Jun-2025** | $19001 | $19158 | $33822 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Value - Retail | 9.48% | 9.79% | 6.63% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $395679140 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover | 14% |
| Total Advisory Fees Paid\* | $1715955 |
| Total Advisory Fees Paid %\* | 0.80% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8ea7142ad753746aa12ff178.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.4% |
| Industrials | 19.4% |
| Information Technology | 15.1% |
| Materials | 12.4% |
| Health Care | 10.2% |
| Consumer Discretionary | 9.9% |
| Energy | 3.8% |
| Utilities | 3.6% |
| Real Estate | 3.4% |
| Consumer Staples | 0.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Valmont Industries, Inc. | 3.4% |
| Mercury Systems, Inc. | 3.0% |
| REV Group, Inc. | 3.0% |
| AZZ, Inc. | 2.7% |
| Ingevity Corp. | 2.4% |
| Belden, Inc. | 2.2% |
| Adapthealth Corp. | 2.2% |
| O-I Glass, Inc. | 2.2% |
| Progress Software Corp. | 2.0% |
| Papa John's International, Inc. | 2.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](id28d05f69a8da81f8f0fd3b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 94.3% |
| Canada | 1.9% |
| Cayman Islands | 1.6% |
| Belgium | 0.8% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Small Cap Value Fund
TSR-SAR 063025-SBRVX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Small Cap Value Fund - Institutional (SBHVX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ic614c22487f09c1dc73c93a3.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$47** | **0.97%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned -2.55% against a return of -3.16% for the Russell 2000<sup>®</sup> Value Index and 5.75% for the Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Materials, Industrials, and Information Technology. Materials benefited from strong stock selection overall. The three individual securities that contributed the most on an absolute basis were REV Group, Inc., MP Materials Corp., and Mercury Systems, Inc. Materials holding MP Materials realized significant appreciation due to concerns that China was going to cut off global supplies of rare earth minerals. MP Materials has the largest rare earth minerals mine in North America making the importance of its assets more appreciated by the market.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Health Care, Energy, and Consumer Discretionary. Stock selection was the primary cause for underperformance in Health Care. The three individual securities that detracted the most on an absolute basis were VF Corp., QuidelOrtho Corp., and NeoGenomics, Inc. Consumer Discretionary holding VF Corp. pulled back given a delay in its Vans brand's return to growth, which was taken negatively by the market.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| REV Group, Inc. | 3.34 | 1.59 |
| MP Materials Corp. | 1.56 | 1.17 |
| Mercury Systems, Inc. | 2.73 | 0.90 |
| O-I Glass, Inc. | 1.78 | 0.64 |
| Alamos Gold, Inc. | 1.83 | 0.61 |
| **Bottom 5** |  |  |
| Crescent Energy Co. | 1.63 | -0.84 |
| Apogee Enterprises, Inc. | 1.53 | -0.93 |
| NeoGenomics, Inc. | 1.19 | -1.00 |
| QuidelOrtho Corp. | 2.28 | -1.10 |
| VF Corp. | 2.50 | -1.22 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](icad680968a58b82ed5fbe830.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Value - Inst** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Jun-2015** | $250000 | $250000 | $250000 |
| **Jun-2016** | $238288 | $243545 | $255346 |
| **Jun-2017** | $281337 | $304083 | $302609 |
| **Jun-2018** | $325323 | $343916 | $347329 |
| **Jun-2019** | $342658 | $322471 | $378528 |
| **Jun-2020** | $299697 | $266113 | $403244 |
| **Jun-2021** | $449055 | $461120 | $581334 |
| **Jun-2022** | $376023 | $386047 | $500729 |
| **Jun-2023** | $412652 | $409239 | $595635 |
| **Jun-2024** | $438986 | $453829 | $733376 |
| **Jun-2025** | $481674 | $478950 | $845552 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Value - Inst | 9.72% | 9.95% | 6.78% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $395679140 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover | 14% |
| Total Advisory Fees Paid | $1715955 |
| Total Advisory Fees Paid % | 0.80% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1af45428ca11e0846f31ac36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.4% |
| Industrials | 19.4% |
| Information Technology | 15.1% |
| Materials | 12.4% |
| Health Care | 10.2% |
| Consumer Discretionary | 9.9% |
| Energy | 3.8% |
| Utilities | 3.6% |
| Real Estate | 3.4% |
| Consumer Staples | 0.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Valmont Industries, Inc. | 3.4% |
| Mercury Systems, Inc. | 3.0% |
| REV Group, Inc. | 3.0% |
| AZZ, Inc. | 2.7% |
| Ingevity Corp. | 2.4% |
| Belden, Inc. | 2.2% |
| Adapthealth Corp. | 2.2% |
| O-I Glass, Inc. | 2.2% |
| Progress Software Corp. | 2.0% |
| Papa John's International, Inc. | 2.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i28c11a4a8f32c5e05edc01c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 94.3% |
| Canada | 1.9% |
| Cayman Islands | 1.6% |
| Belgium | 0.8% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Small Cap Value Fund
TSR-SAR 063025-SBHVX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Small Cap Growth Fund - Retail (WTSGX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i74df00dbda38360e8a9a53ef.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$52** | **1.06%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned -2.79% against a return of -0.48% for the Russell 2000<sup>®</sup> Growth Index and 5.75% for the Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The one sector that contributed positively to the Fund's returns on an absolute basis was Industrials. Industrials performance was driven by holdings with an emphasis on building solutions, infrastructure, and aerospace end markets. The three individual securities that contributed the most on an absolute basis were Limbach Holdings, Inc., Blueprint Medicines Corp., and Construction Partners, Inc. We believe Limbach, a building solutions provider for mechanical, electrical, and plumbing infrastructure, executed well on its strategic shift to deepen its relationships and work directly with building owners.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Health Care, Consumer Discretionary, and Materials. Consumer Discretionary sector performance was driven by poor stock selection along with weaker overall demand, in part, due to tariff uncertainty. The three individual securities that detracted the most on an absolute basis were Vaxcyte, Inc., Freshpet, Inc., and Glaukos Corp. Ophthalmic medical technology company Glaukos struggled in the period amid Medicare and insurance reimbursement challenges as it transitions to a next-generation solution.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Limbach Holdings, Inc. | 1.58 | 1.12 |
| Blueprint Medicines Corp. | 1.70 | 1.08 |
| Construction Partners, Inc. | 1.92 | 0.67 |
| Insmed, Inc. | 1.70 | 0.66 |
| VSE Corp. | 1.95 | 0.56 |
| **Bottom 5** |  |  |
| Sweetgreen, Inc. | 0.66 | -0.54 |
| Saia, Inc. | 1.12 | -0.66 |
| Glaukos Corp. | 1.56 | -0.67 |
| Freshpet, Inc. | 0.85 | -0.68 |
| Vaxcyte, Inc. | 1.13 | -1.12 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifa0f2cee4f001a3f85f7d605.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Growth - Retail** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $8776 | $8925 | $10214 |
| **Jun-2017** | $11359 | $11103 | $12104 |
| **Jun-2018** | $14396 | $13530 | $13893 |
| **Jun-2019** | $15642 | $13464 | $15141 |
| **Jun-2020** | $17689 | $13932 | $16130 |
| **Jun-2021** | $28121 | $21087 | $23253 |
| **Jun-2022** | $19547 | $14038 | $20029 |
| **Jun-2023** | $21957 | $16639 | $23825 |
| **Jun-2024** | $24041 | $18159 | $29335 |
| **Jun-2025** | $25773 | $19926 | $33822 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Growth - Retail | 7.21% | 7.82% | 9.93% |
| Russell 2000<sup>®</sup> Growth Index | 9.73% | 7.42% | 7.14% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $250321118 |
| Number of Portfolio Holdings | 90 |
| Portfolio Turnover | 0% |
| Total Advisory Fees Paid | $789845 |
| Total Advisory Fees Paid % | 0.65% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic20f3e6269126b60438f4cd9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.4% |
| Information Technology | 20.3% |
| Health Care | 18.4% |
| Financials | 10.6% |
| Consumer Discretionary | 8.9% |
| Materials | 5.1% |
| Energy | 4.8% |
| Consumer Staples | 4.6% |
| Real Estate | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mirion Technologies, Inc. | 2.6% |
| Construction Partners, Inc. | 2.4% |
| VSE Corp. | 2.3% |
| Skyward Specialty Insurance Group, Inc. | 2.0% |
| RadNet, Inc. | 2.0% |
| Casella Waste Systems, Inc. | 2.0% |
| Boot Barn Holdings, Inc. | 2.0% |
| TechnipFMC PLC | 1.9% |
| Box, Inc. | 1.9% |
| HealthEquity, Inc. | 1.9% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i8597b158830d0f8e961d4179.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 88.5% |
| Canada | 3.1% |
| United Kingdom | 1.9% |
| Ireland | 1.4% |
| Cayman Islands | 1.1% |
| Bermuda | 1.1% |
| Luxembourg | 0.3% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Small Cap Growth Fund
TSR-SAR 063025-WTSGX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Small Cap Growth Fund - Institutional (WISGX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i65add1bab3a9919806a5fb04.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$43** | **0.87%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned -2.71% against a return of -0.48% for the Russell 2000<sup>®</sup> Growth Index and 5.75% for the Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The one sector that contributed positively to the Fund's returns on an absolute basis was Industrials. Industrials performance was driven by holdings with an emphasis on building solutions, infrastructure, and aerospace end markets. The three individual securities that contributed the most on an absolute basis were Limbach Holdings, Inc., Blueprint Medicines Corp., and Construction Partners, Inc. We believe Limbach, a building solutions provider for mechanical, electrical, and plumbing infrastructure, executed well on its strategic shift to deepen its relationships and work directly with building owners.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Health Care, Consumer Discretionary, and Materials. Consumer Discretionary sector performance was driven by poor stock selection along with weaker overall demand, in part, due to tariff uncertainty. The three individual securities that detracted the most on an absolute basis were Vaxcyte, Inc., Freshpet, Inc., and Glaukos Corp. Ophthalmic medical technology company Glaukos struggled in the period amid Medicare and insurance reimbursement challenges as it transitions to a next-generation solution.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Limbach Holdings, Inc. | 1.58 | 1.12 |
| Blueprint Medicines Corp. | 1.70 | 1.08 |
| Construction Partners, Inc. | 1.92 | 0.67 |
| Insmed, Inc. | 1.70 | 0.66 |
| VSE Corp. | 1.95 | 0.56 |
| **Bottom 5** |  |  |
| Sweetgreen, Inc. | 0.66 | -0.54 |
| Saia, Inc. | 1.12 | -0.66 |
| Glaukos Corp. | 1.56 | -0.67 |
| Freshpet, Inc. | 0.85 | -0.68 |
| Vaxcyte, Inc. | 1.13 | -1.12 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i6e6bcadc8f37e50c0591e473.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Growth - Inst** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **Jun-2015** | $250000 | $250000 | $250000 |
| **Jun-2016** | $220055 | $223121 | $255346 |
| **Jun-2017** | $285289 | $277566 | $302609 |
| **Jun-2018** | $361806 | $338248 | $347329 |
| **Jun-2019** | $394228 | $336590 | $378528 |
| **Jun-2020** | $446605 | $348299 | $403244 |
| **Jun-2021** | $710664 | $527185 | $581334 |
| **Jun-2022** | $494954 | $350943 | $500729 |
| **Jun-2023** | $556940 | $415979 | $595635 |
| **Jun-2024** | $610557 | $453985 | $733376 |
| **Jun-2025** | $655806 | $498148 | $845552 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Growth - Inst | 7.41% | 7.99% | 10.12% |
| Russell 2000<sup>®</sup> Growth Index | 9.73% | 7.42% | 7.14% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $250321118 |
| Number of Portfolio Holdings | 90 |
| Portfolio Turnover | 0% |
| Total Advisory Fees Paid | $789845 |
| Total Advisory Fees Paid % | 0.65% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ief45d8224d007d7f9936b683.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.4% |
| Information Technology | 20.3% |
| Health Care | 18.4% |
| Financials | 10.6% |
| Consumer Discretionary | 8.9% |
| Materials | 5.1% |
| Energy | 4.8% |
| Consumer Staples | 4.6% |
| Real Estate | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mirion Technologies, Inc. | 2.6% |
| Construction Partners, Inc. | 2.4% |
| VSE Corp. | 2.3% |
| Skyward Specialty Insurance Group, Inc. | 2.0% |
| RadNet, Inc. | 2.0% |
| Casella Waste Systems, Inc. | 2.0% |
| Boot Barn Holdings, Inc. | 2.0% |
| TechnipFMC PLC | 1.9% |
| Box, Inc. | 1.9% |
| HealthEquity, Inc. | 1.9% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i3b01abc7524b6b64d87902c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 88.5% |
| Canada | 3.1% |
| United Kingdom | 1.9% |
| Ireland | 1.4% |
| Cayman Islands | 1.1% |
| Bermuda | 1.1% |
| Luxembourg | 0.3% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Small Cap Growth Fund
TSR-SAR 063025-WISGX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Small Cap Core Fund - Retail (SBHCX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5b918bf558cc152bf1b2be04.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$53** | **1.10%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned -2.71% against a return of -1.78% for the Russell 2000<sup>®</sup> Index and 5.75% for the Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Industrials, Consumer Staples, and Real Estate. Industrials performance was driven by solid stock selection. The three individual securities that contributed the most on an absolute basis were REV Group, Inc., iRhythm Technologies, Inc., and RBC Bearings, Inc. REV Group posted solid top- and bottom-line results that reflected the ongoing benefits of the pricing, backlog conversion, and operational excellence programs implemented by its new management team in recent years.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Consumer Discretionary, Health Care, and Energy. Consumer Discretionary performance was pressured by tariff announcements, which raised concerns about higher input costs and potential impacts on consumer spending. The three individual securities that detracted the most on an absolute basis were Columbus McKinnon Corp., Globant S.A., and Globus Medical, Inc. Globus reported a disappointing quarter with headwinds to several of its businesses.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| REV Group, Inc. | 1.54 | 0.67 |
| iRhythm Technologies, Inc. | 1.08 | 0.61 |
| RBC Bearings, Inc. | 2.04 | 0.50 |
| Crane Co. | 1.79 | 0.44 |
| Casey's General Stores, Inc. | 1.51 | 0.38 |
| **Bottom 5** |  |  |
| Azenta, Inc. | 0.91 | -0.44 |
| Bio-Techne Corp. | 1.53 | -0.57 |
| Globus Medical, Inc. | 1.63 | -0.57 |
| Globant S.A. | 0.75 | -0.64 |
| Columbus McKinnon Corp. | 0.61 | -0.66 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i659c45906669903da135e558.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Core - Retail** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9420 | $9327 | $10214 |
| **Jun-2017** | $11113 | $11621 | $12104 |
| **Jun-2018** | $12888 | $13663 | $13893 |
| **Jun-2019** | $13432 | $13211 | $15141 |
| **Jun-2020** | $13609 | $12335 | $16130 |
| **Jun-2021** | $20255 | $19987 | $23253 |
| **Jun-2022** | $17186 | $14951 | $20029 |
| **Jun-2023** | $19879 | $16790 | $23825 |
| **Jun-2024** | $22608 | $18479 | $29335 |
| **Jun-2025** | $23378 | $19898 | $33822 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Core - Retail | 3.41% | 11.43% | 8.86% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $92915370 |
| Number of Portfolio Holdings | 84 |
| Portfolio Turnover | 17% |
| Total Advisory Fees Paid\* | $278887 |
| Total Advisory Fees Paid %\* | 0.69% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i81f8c1ffb98f4d67c536ee26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 29.5% |
| Health Care | 16.2% |
| Information Technology | 14.8% |
| Financials | 9.3% |
| Materials | 8.7% |
| Consumer Discretionary | 8.0% |
| Energy | 2.5% |
| Real Estate | 2.2% |
| Consumer Staples | 2.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| EnPro Industries, Inc. | 2.4% |
| RBC Bearings, Inc. | 2.2% |
| Agilysys, Inc. | 2.0% |
| Ensign Group, Inc. (The) | 2.0% |
| Crane Co. | 2.0% |
| Valmont Industries, Inc. | 1.9% |
| Silgan Holdings, Inc. | 1.9% |
| SouthState Corp. | 1.8% |
| Casella Waste Systems, Inc. | 1.8% |
| Element Solutions, Inc. | 1.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i2cb40fd5e34f1c84d06dad0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 89.3% |
| Canada | 2.7% |
| Jersey | 1.0% |
| Luxembourg | 0.3% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Small Cap Core Fund
TSR-SAR 063025-SBHCX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Small Cap Core Fund - Institutional (SBASX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](id640f49919e6c3791c3a6692.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$48** | **0.99%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned -2.69% against a return of -1.78% for the Russell 2000<sup>®</sup> Index and 5.75% for the Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Industrials, Consumer Staples, and Real Estate. Industrials performance was driven by solid stock selection. The three individual securities that contributed the most on an absolute basis were REV Group, Inc., iRhythm Technologies, Inc., and RBC Bearings, Inc. REV Group posted solid top- and bottom-line results that reflected the ongoing benefits of the pricing, backlog conversion, and operational excellence programs implemented by its new management team in recent years.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Consumer Discretionary, Health Care, and Energy. Consumer Discretionary performance was pressured by tariff announcements, which raised concerns about higher input costs and potential impacts on consumer spending. The three individual securities that detracted the most on an absolute basis were Columbus McKinnon Corp., Globant S.A., and Globus Medical, Inc. Globus reported a disappointing quarter with headwinds to several of its businesses.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| REV Group, Inc. | 1.54 | 0.67 |
| iRhythm Technologies, Inc. | 1.08 | 0.61 |
| RBC Bearings, Inc. | 2.04 | 0.50 |
| Crane Co. | 1.79 | 0.44 |
| Casey's General Stores, Inc. | 1.51 | 0.38 |
| **Bottom 5** |  |  |
| Azenta, Inc. | 0.91 | -0.44 |
| Bio-Techne Corp. | 1.53 | -0.57 |
| Globus Medical, Inc. | 1.63 | -0.57 |
| Globant S.A. | 0.75 | -0.64 |
| Columbus McKinnon Corp. | 0.61 | -0.66 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](ic6fee40026d7c45c5a42e4ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Core - Inst** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jun-2015** | $250000 | $250000 | $250000 |
| **Jun-2016** | $235849 | $233174 | $255346 |
| **Jun-2017** | $278665 | $290536 | $302609 |
| **Jun-2018** | $323657 | $341571 | $347329 |
| **Jun-2019** | $337808 | $330267 | $378528 |
| **Jun-2020** | $342888 | $308387 | $403244 |
| **Jun-2021** | $511248 | $499666 | $581334 |
| **Jun-2022** | $434508 | $373763 | $500729 |
| **Jun-2023** | $503214 | $419760 | $595635 |
| **Jun-2024** | $573572 | $461972 | $733376 |
| **Jun-2025** | $593092 | $497457 | $845552 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Core - Inst | 3.40% | 11.58% | 9.02% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $92915370 |
| Number of Portfolio Holdings | 84 |
| Portfolio Turnover | 17% |
| Total Advisory Fees Paid\* | $278887 |
| Total Advisory Fees Paid %\* | 0.69% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i27470ece88e7d457c94690d0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 29.5% |
| Health Care | 16.2% |
| Information Technology | 14.8% |
| Financials | 9.3% |
| Materials | 8.7% |
| Consumer Discretionary | 8.0% |
| Energy | 2.5% |
| Real Estate | 2.2% |
| Consumer Staples | 2.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| EnPro Industries, Inc. | 2.4% |
| RBC Bearings, Inc. | 2.2% |
| Agilysys, Inc. | 2.0% |
| Ensign Group, Inc. (The) | 2.0% |
| Crane Co. | 2.0% |
| Valmont Industries, Inc. | 1.9% |
| Silgan Holdings, Inc. | 1.9% |
| SouthState Corp. | 1.8% |
| Casella Waste Systems, Inc. | 1.8% |
| Element Solutions, Inc. | 1.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](iaf474146389d758a4642fdd8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 89.3% |
| Canada | 2.7% |
| Jersey | 1.0% |
| Luxembourg | 0.3% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Small Cap Core Fund
TSR-SAR 063025-SBASX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill All Cap Fund - Retail (SBRAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5ab6f63cc3cd28d4c0aa8a9a.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$43** | **0.86%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 2.46% against a return of 5.75% for the Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Industrials, Financials, and Information Technology. A recovery in data-center-related companies, along with continued strong performance in aerospace and defense stocks, drove Industrials sector outperformance. The three individual securities that contributed the most on an absolute basis were ATI, Inc., Microsoft Corp., and JPMorgan Chase & Co. For ATI, there has been a growing appreciation for the company's multi-year opportunity in premium aerospace products, which drove shares to new highs during the period.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Health Care, Consumer Discretionary, and Materials. Underperformance in Health Care was linked to regulatory uncertainties and a rotation away from defensive groups in the market. The three individual securities that detracted the most on an absolute basis were Marvell Technology, Inc., UnitedHealth Group, Inc., and Zebra Technologies Corp. For Marvell Technology, there were new concerns related to the potential share loss on a high-profile, application-specific semiconductor chip with top customer Amazon.com Inc.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| ATI, Inc. | 1.62 | 1.02 |
| Microsoft Corp. | 4.49 | 0.92 |
| JPMorgan Chase & Co. | 3.16 | 0.69 |
| Quanta Services, Inc. | 2.07 | 0.55 |
| Intuit, Inc. | 1.48 | 0.53 |
| **Bottom 5** |  |  |
| Bio-Techne Corp. | 1.19 | -0.41 |
| Apple, Inc. | 2.39 | -0.56 |
| Zebra Technologies Corp. | 0.73 | -0.68 |
| UnitedHealth Group, Inc. | 1.50 | -0.87 |
| Marvell Technology, Inc. | 2.15 | -0.88 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](icdb5ed34cd769c60d82c15ee.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH All Cap - Retail** | **Russell 3000<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9992 | $10214 |
| **Jun-2017** | $11288 | $12104 |
| **Jun-2018** | $12512 | $13893 |
| **Jun-2019** | $13927 | $15141 |
| **Jun-2020** | $15334 | $16130 |
| **Jun-2021** | $21846 | $23253 |
| **Jun-2022** | $19158 | $20029 |
| **Jun-2023** | $21415 | $23825 |
| **Jun-2024** | $25096 | $29335 |
| **Jun-2025** | $27151 | $33822 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH All Cap - Retail | 8.19% | 12.10% | 10.50% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $93732613 |
| Number of Portfolio Holdings | 54 |
| Portfolio Turnover | 20% |
| Total Advisory Fees Paid\* | $248436 |
| Total Advisory Fees Paid %\* | 0.52% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5c510d5b947a27da5de8c715.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.9% |
| Financials | 16.2% |
| Industrials | 13.5% |
| Consumer Discretionary | 12.5% |
| Health Care | 11.2% |
| Communication Services | 6.4% |
| Consumer Staples | 3.8% |
| Energy | 3.2% |
| Real Estate | 1.4% |
| Materials | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.8% |
| JPMorgan Chase & Co. | 3.5% |
| Alphabet, Inc. | 3.3% |
| Visa, Inc. | 3.2% |
| Amazon.com, Inc. | 3.2% |
| Meta Platforms, Inc. | 3.1% |
| ServiceNow, Inc. | 2.6% |
| Globe Life, Inc. | 2.5% |
| Quanta Services, Inc. | 2.5% |
| Reinsurance Group of America, Inc. | 2.5% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](if7eb0b27b7e1d22d4ce2d6db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 91.6% |
| Germany | 2.2% |
| Ireland | 1.8% |
| Canada | 1.6% |
| United Kingdom | 1.2% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill All Cap Fund
TSR-SAR 063025-SBRAX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill All Cap Fund - Institutional (SBHAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i13986b7e1df8d44218233063.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$42** | **0.84%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 2.46% against a return of 5.75% for the Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Industrials, Financials, and Information Technology. A recovery in data-center-related companies, along with continued strong performance in aerospace and defense stocks, drove Industrials sector outperformance. The three individual securities that contributed the most on an absolute basis were ATI, Inc., Microsoft Corp., and JPMorgan Chase & Co. For ATI, there has been a growing appreciation for the company's multi-year opportunity in premium aerospace products, which drove shares to new highs during the period.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Health Care, Consumer Discretionary, and Materials. Underperformance in Health Care was linked to regulatory uncertainties and a rotation away from defensive groups in the market. The three individual securities that detracted the most on an absolute basis were Marvell Technology, Inc., UnitedHealth Group, Inc., and Zebra Technologies Corp. For Marvell Technology, there were new concerns related to the potential share loss on a high-profile, application-specific semiconductor chip with top customer Amazon.com Inc.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| ATI, Inc. | 1.62 | 1.02 |
| Microsoft Corp. | 4.49 | 0.92 |
| JPMorgan Chase & Co. | 3.16 | 0.69 |
| Quanta Services, Inc. | 2.07 | 0.55 |
| Intuit, Inc. | 1.48 | 0.53 |
| **Bottom 5** |  |  |
| Bio-Techne Corp. | 1.19 | -0.41 |
| Apple, Inc. | 2.39 | -0.56 |
| Zebra Technologies Corp. | 0.73 | -0.68 |
| UnitedHealth Group, Inc. | 1.50 | -0.87 |
| Marvell Technology, Inc. | 2.15 | -0.88 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i2d807c4a684e65c4ab93582e.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH All Cap - Inst** | **Russell 3000<sup>®</sup> Index** |
| **Jun-2015** | $250000 | $250000 |
| **Jun-2016** | $250177 | $255346 |
| **Jun-2017** | $283057 | $302609 |
| **Jun-2018** | $314217 | $347329 |
| **Jun-2019** | $350260 | $378528 |
| **Jun-2020** | $386128 | $403244 |
| **Jun-2021** | $550395 | $581334 |
| **Jun-2022** | $482716 | $500729 |
| **Jun-2023** | $539611 | $595635 |
| **Jun-2024** | $632865 | $733376 |
| **Jun-2025** | $684622 | $845552 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH All Cap - Inst | 8.18% | 12.14% | 10.60% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $93732613 |
| Number of Portfolio Holdings | 54 |
| Portfolio Turnover | 20% |
| Total Advisory Fees Paid\* | $248436 |
| Total Advisory Fees Paid %\* | 0.52% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i510034ba14cdb9655e7168f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.9% |
| Financials | 16.2% |
| Industrials | 13.5% |
| Consumer Discretionary | 12.5% |
| Health Care | 11.2% |
| Communication Services | 6.4% |
| Consumer Staples | 3.8% |
| Energy | 3.2% |
| Real Estate | 1.4% |
| Materials | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.8% |
| JPMorgan Chase & Co. | 3.5% |
| Alphabet, Inc. | 3.3% |
| Visa, Inc. | 3.2% |
| Amazon.com, Inc. | 3.2% |
| Meta Platforms, Inc. | 3.1% |
| ServiceNow, Inc. | 2.6% |
| Globe Life, Inc. | 2.5% |
| Quanta Services, Inc. | 2.5% |
| Reinsurance Group of America, Inc. | 2.5% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i1e391c0c247a4f8cdaaa67c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 91.6% |
| Germany | 2.2% |
| Ireland | 1.8% |
| Canada | 1.6% |
| United Kingdom | 1.2% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill All Cap Fund
TSR-SAR 063025-SBHAX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Emerging Markets Fund - Retail (SBHEX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i3a57cc7d2a5dd558598410b7.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Emerging Markets Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$70** | **1.30%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 16.54% against a return of 15.27% for the MSCI Emerging Markets Index and 17.88% for the Fund's broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three countries that contributed most to the Fund's returns on an absolute basis were China, South Korea, and Taiwan. China benefitted from positive news on economic data and AI model development as tensions around global trade eased. Korea advanced on hopes that the new elected president will enact capital market and corporate governance reforms. Taiwan rose on strong news for semiconductor companies.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three countries that detracted most from the Fund's returns on an absolute basis were Malaysia, Turkey, and Hungary. In Malaysia, earnings from a property development company held by the Fund disappointed. In Turkey, consumer staples had the largest negative impact.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9.88 | 1.59 |
| SK Hynix, Inc. | 1.59 | 1.15 |
| Alibaba Group Holding, Ltd. | 2.74 | 1.14 |
| Tencent Holdings, Ltd. | 4.18 | 0.81 |
| 3SBio, Inc. | 0.22 | 0.47 |
| **Bottom 5** |  |  |
| Digital China Holdings, Ltd. | 0.15 | -0.08 |
| Tianneng Power International, Ltd. | 0.24 | -0.08 |
| NATCO Pharma, Ltd. | 0.26 | -0.10 |
| REC, Ltd. | 0.62 | -0.15 |
| Infosys, Ltd. | 1.35 | -0.26 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iebc05f35a8781c5653e69fc9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Emerging Markets - Retail** | **MSCI Emerging Markets Index** | **MSCI ACWI ex-USA IMI Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $8708 | $8795 | $9039 |
| **Jun-2017** | $11011 | $10883 | $10886 |
| **Jun-2018** | $11837 | $11775 | $11729 |
| **Jun-2019** | $11749 | $11918 | $11759 |
| **Jun-2020** | $10654 | $11514 | $11202 |
| **Jun-2021** | $15044 | $16224 | $15367 |
| **Jun-2022** | $11912 | $12121 | $12316 |
| **Jun-2023** | $12883 | $12334 | $13852 |
| **Jun-2024** | $16194 | $13881 | $15455 |
| **Jun-2025** | $18607 | $16003 | $18210 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Emerging Markets - Retail | 14.90% | 11.80% | 6.41% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |
| MSCI ACWI ex-USA IMI Index | 17.83% | 10.20% | 6.18% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $73545215 |
| Number of Portfolio Holdings | 461 |
| Portfolio Turnover | 38% |
| Total Advisory Fees Paid\* | $98979 |
| Total Advisory Fees Paid %\* | 0.30% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia2deb0c2bc35c8e4b2441166.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.5% |
| Information Technology | 23.7% |
| Consumer Discretionary | 13.3% |
| Communication Services | 10.1% |
| Industrials | 6.6% |
| Materials | 5.9% |
| Consumer Staples | 4.3% |
| Energy | 3.9% |
| Health Care | 3.0% |
| Utilities | 2.5% |
| Real Estate | 2.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9.9% |
| Tencent Holdings, Ltd. | 4.1% |
| Alibaba Group Holding, Ltd. | 2.3% |
| SK Hynix, Inc. | 2.2% |
| Samsung Electronics Co., Ltd. | 1.4% |
| Bank of China, Ltd. | 1.2% |
| China Construction Bank Corp. | 1.2% |
| CTBC Financial Holding Co., Ltd. | 1.2% |
| Infosys, Ltd. | 1.2% |
| Gree Electric Appliances, Inc. of Zhuhai | 1.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ic4a2525b25442425c5c469ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 28.4% |
| Taiwan | 19.1% |
| India | 18.3% |
| South Korea | 11.0% |
| Brazil | 4.3% |
| Saudi Arabia | 3.2% |
| South Africa | 3.2% |
| Mexico | 1.8% |
| Malaysia | 1.4% |
| Indonesia | 1.4% |
| Other Countries | 7.7% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction. Effective May 1, 2025, the expense cap for the Retail Class of the Fund was reduced to 1.14%.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Emerging Markets Fund
TSR-SAR 063025-SBHEX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Emerging Markets Fund - Institutional (SBEMX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ia0639efbc01d1ff57c6370c6.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Emerging Markets Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$62** | **1.15%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 16.59% against a return of 15.27% for the MSCI Emerging Markets Index and 17.88% for the Fund's broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three countries that contributed most to the Fund's returns on an absolute basis were China, South Korea, and Taiwan. China benefitted from positive news on economic data and AI model development as tensions around global trade eased. Korea advanced on hopes that the new elected president will enact capital market and corporate governance reforms. Taiwan rose on strong news for semiconductor companies.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three countries that detracted most from the Fund's returns on an absolute basis were Malaysia, Turkey, and Hungary. In Malaysia, earnings from a property development company held by the Fund disappointed. In Turkey, consumer staples had the largest negative impact.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9.88 | 1.59 |
| SK Hynix, Inc. | 1.59 | 1.15 |
| Alibaba Group Holding, Ltd. | 2.74 | 1.14 |
| Tencent Holdings, Ltd. | 4.18 | 0.81 |
| 3SBio, Inc. | 0.22 | 0.47 |
| **Bottom 5** |  |  |
| Digital China Holdings, Ltd. | 0.15 | -0.08 |
| Tianneng Power International, Ltd. | 0.24 | -0.08 |
| NATCO Pharma, Ltd. | 0.26 | -0.10 |
| REC, Ltd. | 0.62 | -0.15 |
| Infosys, Ltd. | 1.35 | -0.26 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i22e5bebfafdf6e30abc06452.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Emerging Markets - Inst** | **MSCI Emerging Markets Index** | **MSCI ACWI ex-USA IMI Index** |
| **Jun-2015** | $250000 | $250000 | $250000 |
| **Jun-2016** | $217981 | $219863 | $225968 |
| **Jun-2017** | $276632 | $272069 | $272141 |
| **Jun-2018** | $297889 | $294386 | $293220 |
| **Jun-2019** | $296374 | $297942 | $293985 |
| **Jun-2020** | $269178 | $287848 | $280062 |
| **Jun-2021** | $380671 | $405591 | $384182 |
| **Jun-2022** | $301760 | $303035 | $307895 |
| **Jun-2023** | $327266 | $308339 | $346289 |
| **Jun-2024** | $411667 | $347028 | $386372 |
| **Jun-2025** | $473896 | $400075 | $455247 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Emerging Markets - Inst | 15.12% | 11.98% | 6.60% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |
| MSCI ACWI ex-USA IMI Index | 17.83% | 10.20% | 6.18% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $73545215 |
| Number of Portfolio Holdings | 461 |
| Portfolio Turnover | 38% |
| Total Advisory Fees Paid\* | $98979 |
| Total Advisory Fees Paid %\* | 0.30% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8e2095fd63eb09101a7ef0a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.5% |
| Information Technology | 23.7% |
| Consumer Discretionary | 13.3% |
| Communication Services | 10.1% |
| Industrials | 6.6% |
| Materials | 5.9% |
| Consumer Staples | 4.3% |
| Energy | 3.9% |
| Health Care | 3.0% |
| Utilities | 2.5% |
| Real Estate | 2.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9.9% |
| Tencent Holdings, Ltd. | 4.1% |
| Alibaba Group Holding, Ltd. | 2.3% |
| SK Hynix, Inc. | 2.2% |
| Samsung Electronics Co., Ltd. | 1.4% |
| Bank of China, Ltd. | 1.2% |
| China Construction Bank Corp. | 1.2% |
| CTBC Financial Holding Co., Ltd. | 1.2% |
| Infosys, Ltd. | 1.2% |
| Gree Electric Appliances, Inc. of Zhuhai | 1.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i63b3d22eaf2ea3acdc237e93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 28.4% |
| Taiwan | 19.1% |
| India | 18.3% |
| South Korea | 11.0% |
| Brazil | 4.3% |
| Saudi Arabia | 3.2% |
| South Africa | 3.2% |
| Mexico | 1.8% |
| Malaysia | 1.4% |
| Indonesia | 1.4% |
| Other Countries | 7.7% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction. Effective May 1, 2025, the expense cap for the Institutional Class of the Fund was reduced to 0.99%.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Emerging Markets Fund
TSR-SAR 063025-SBEMX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill International Small Cap Fund - Retail (SBHSX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i3cc8ab24763ce8124ceac78e.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill International Small Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$66** | **1.17%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 27.05% against a return of 20.89% for the MSCI EAFE Small Cap Index and 17.88% for the Fund's broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three countries that contributed most to the Fund's returns on an absolute basis were Japan, the U.K., and Germany. Japan ended the period higher as U.S.-Japan trade talks continued and investors benefitted from higher dividend payouts and share buybacks. Germany announced plans to increase defense and infrastructure spending on concerns the U.S. will withdraw support for Europe's defenses, which benefitted local companies. The U.K. rose on the announcement of a U.S.-U.K. trade deal.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong was the only country that detracted from the Fund's returns on an absolute basis as earnings for consumer discretionary companies declined under the impact of increasing tariffs.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Koninklijke BAM Groep N.V. | 1.09 | 0.95 |
| Implenia A.G. | 0.94 | 0.82 |
| Betsson A.B. | 1.11 | 0.68 |
| Lion Finance Group PLC | 1.15 | 0.68 |
| Vicat S.A.C.A. | 0.84 | 0.66 |
| **Bottom 5** |  |  |
| Cosmo Pharmaceuticals N.V. | 0.24 | -0.10 |
| Accent Group, Ltd. | 0.29 | -0.13 |
| Yangzijiang Shipbuilding Holdings, Ltd. | 0.54 | -0.14 |
| Yue Yuen Industrial Holdings, Ltd. | 0.46 | -0.22 |
| NRW Holdings, Ltd. | 0.73 | -0.24 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib7919a788ccb08463e8c6cf5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH International Small Cap - Retail** | **MSCI EAFE Small Cap Index** | **MSCI ACWI ex-USA IMI Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9471 | $9633 | $9039 |
| **Jun-2017** | $11747 | $11866 | $10886 |
| **Jun-2018** | $12326 | $13343 | $11729 |
| **Jun-2019** | $10627 | $12496 | $11759 |
| **Jun-2020** | $8891 | $12057 | $11202 |
| **Jun-2021** | $12524 | $16998 | $15367 |
| **Jun-2022** | $10193 | $12922 | $12316 |
| **Jun-2023** | $11524 | $14237 | $13852 |
| **Jun-2024** | $13427 | $15345 | $15455 |
| **Jun-2025** | $17310 | $18792 | $18210 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH International Small Cap - Retail | 28.92% | 14.25% | 5.64% |
| MSCI EAFE Small Cap Index | 22.46% | 9.28% | 6.51% |
| MSCI ACWI ex-USA IMI Index | 17.83% | 10.20% | 6.18% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $85751608 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover | 53% |
| Total Advisory Fees Paid\* | $180166 |
| Total Advisory Fees Paid %\* | 0.48% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i93e208a6e84aff4a577d1164.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.3% |
| Financials | 13.0% |
| Consumer Discretionary | 12.7% |
| Real Estate | 10.7% |
| Information Technology | 9.5% |
| Materials | 9.2% |
| Health Care | 5.5% |
| Consumer Staples | 5.2% |
| Communication Services | 4.2% |
| Energy | 2.7% |
| Utilities | 2.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Bank of Georgia Group PLC | 1.2% |
| Koninklijke BAM Groep N.V. | 1.2% |
| Implenia A.G. | 1.2% |
| SANKYO Co., Ltd. | 1.1% |
| Betsson A.B. | 1.1% |
| Harel Insurance Investments & Financial Services, Ltd. | 1.1% |
| Currys PLC | 1.0% |
| BPER Banca | 1.0% |
| Kobe Steel, Ltd. | 0.9% |
| Life Corp. | 0.9% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ida9ca7164cdb7d67de8723da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 34.6% |
| United Kingdom | 13.6% |
| Australia | 9.4% |
| Sweden | 5.3% |
| Switzerland | 4.2% |
| Israel | 4.2% |
| Germany | 4.2% |
| France | 3.8% |
| Italy | 3.2% |
| Norway | 2.5% |
| Other Countries | 13.6% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill International Small Cap Fund
TSR-SAR 063025-SBHSX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill International Small Cap Fund - Institutional (SBSIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](if58533b56c28f035e0dddda0.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill International Small Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$59** | **1.05%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 27.10% against a return of 20.89% for the MSCI EAFE Small Cap Index and 17.88% for the Fund's broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three countries that contributed most to the Fund's returns on an absolute basis were Japan, the U.K., and Germany. Japan ended the period higher as U.S.-Japan trade talks continued and investors benefitted from higher dividend payouts and share buybacks. Germany announced plans to increase defense and infrastructure spending on concerns the U.S. will withdraw support for Europe's defenses, which benefitted local companies. The U.K. rose on the announcement of a U.S.-U.K. trade deal.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong was the only country that detracted from the Fund's returns on an absolute basis as earnings for consumer discretionary companies declined under the impact of increasing tariffs.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Koninklijke BAM Groep N.V. | 1.09 | 0.95 |
| Implenia A.G. | 0.94 | 0.82 |
| Betsson A.B. | 1.11 | 0.68 |
| Lion Finance Group PLC | 1.15 | 0.68 |
| Vicat S.A.C.A. | 0.84 | 0.66 |
| **Bottom 5** |  |  |
| Cosmo Pharmaceuticals N.V. | 0.24 | -0.10 |
| Accent Group, Ltd. | 0.29 | -0.13 |
| Yangzijiang Shipbuilding Holdings, Ltd. | 0.54 | -0.14 |
| Yue Yuen Industrial Holdings, Ltd. | 0.46 | -0.22 |
| NRW Holdings, Ltd. | 0.73 | -0.24 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i517eebac27422a0ee25b599f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH International Small Cap - Inst** | **MSCI EAFE Small Cap Index** | **MSCI ACWI ex-USA IMI Index** |
| **Jun-2015** | $250000 | $250000 | $250000 |
| **Jun-2016** | $237209 | $240829 | $225968 |
| **Jun-2017** | $295061 | $296649 | $272141 |
| **Jun-2018** | $310211 | $333578 | $293220 |
| **Jun-2019** | $268399 | $312409 | $293985 |
| **Jun-2020** | $224963 | $301413 | $280062 |
| **Jun-2021** | $317445 | $424940 | $384182 |
| **Jun-2022** | $258600 | $323049 | $307895 |
| **Jun-2023** | $292815 | $355920 | $346289 |
| **Jun-2024** | $341842 | $383626 | $386372 |
| **Jun-2025** | $440726 | $469801 | $455247 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH International Small Cap - Inst | 28.93% | 14.40% | 5.83% |
| MSCI EAFE Small Cap Index | 22.46% | 9.28% | 6.51% |
| MSCI ACWI ex-USA IMI Index | 17.83% | 10.20% | 6.18% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $85751608 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover | 53% |
| Total Advisory Fees Paid\* | $180166 |
| Total Advisory Fees Paid %\* | 0.48% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if3ec9b3dd09759eeb8f244c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.3% |
| Financials | 13.0% |
| Consumer Discretionary | 12.7% |
| Real Estate | 10.7% |
| Information Technology | 9.5% |
| Materials | 9.2% |
| Health Care | 5.5% |
| Consumer Staples | 5.2% |
| Communication Services | 4.2% |
| Energy | 2.7% |
| Utilities | 2.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Bank of Georgia Group PLC | 1.2% |
| Koninklijke BAM Groep N.V. | 1.2% |
| Implenia A.G. | 1.2% |
| SANKYO Co., Ltd. | 1.1% |
| Betsson A.B. | 1.1% |
| Harel Insurance Investments & Financial Services, Ltd. | 1.1% |
| Currys PLC | 1.0% |
| BPER Banca | 1.0% |
| Kobe Steel, Ltd. | 0.9% |
| Life Corp. | 0.9% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i841b887f2c266231e5d133ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 34.6% |
| United Kingdom | 13.6% |
| Australia | 9.4% |
| Sweden | 5.3% |
| Switzerland | 4.2% |
| Israel | 4.2% |
| Germany | 4.2% |
| France | 3.8% |
| Italy | 3.2% |
| Norway | 2.5% |
| Other Countries | 13.6% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill International Small Cap Fund
TSR-SAR 063025-SBSIX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill International Equity Fund - Retail (CIQRX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i796ba11207d72fee7a800fe0.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill International Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$61** | **1.09%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 24.63% against a return of 19.45% for the MSCI EAFE Index and 17.88% for the Fund's broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three countries that contributed most to the Fund's returns on an absolute basis were France, the U.K., and Germany. Concerns that the U.S. will withdraw support for Europe's defenses convinced local governments to increase defense and infrastructure spending, which benefitted the local markets. Industrials and Materials rose in the three countries and were significant drivers of returns. The U.K. was further aided by the announcement of a trade deal with the U.S.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;Since all countries were positive for the period, no countries contributed negatively to absolute return.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Deutsche Bank A.G. | 1.23 | 0.83 |
| Novartis A.G. | 2.18 | 0.57 |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.07 | 0.57 |
| Societe Generale S.A. | 0.86 | 0.55 |
| Engie S.A. | 1.01 | 0.52 |
| **Bottom 5** |  |  |
| Yue Yuen Industrial Holdings, Ltd. | 0.15 | -0.08 |
| NRW Holdings, Ltd. | 0.29 | -0.11 |
| Canon, Inc. | 1.09 | -0.13 |
| Novo Nordisk A/S | 0.45 | -0.13 |
| South32, Ltd. | 0.56 | -0.14 |

---

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ief1175fb037e7ad2e8c7746e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH International Equity - Retail** | **MSCI EAFE Index** | **MSCI ACWI ex-USA IMI Index** |
| **Oct-2021** | $10000 | $10000 | $10000 |
| **Jun-2022** | $8364 | $8039 | $7997 |
| **Jun-2023** | $9957 | $9549 | $8994 |
| **Jun-2024** | $11403 | $10650 | $10035 |
| **Jun-2025** | $14159 | $12538 | $11823 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (10/27/2021)** |
| SBH International Equity - Retail | 24.18% | 9.93% |
| MSCI EAFE Index | 17.73% | 6.35% |
| MSCI ACWI ex-USA IMI Index | 17.83% | 4.66% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9576188 |
| Number of Portfolio Holdings | 384 |
| Portfolio Turnover | 43% |
| Total Advisory Fees Paid\* | $0 |
| Total Advisory Fees Paid %\* | 0.00% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2dcf73afeb6f2be635acb7e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.9% |
| Industrials | 18.8% |
| Health Care | 11.4% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.4% |
| Consumer Staples | 7.7% |
| Materials | 5.4% |
| Communication Services | 5.4% |
| Utilities | 3.8% |
| Energy | 2.8% |
| Real Estate | 2.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Roche Holding A.G. | 1.7% |
| Novartis A.G. | 1.7% |
| GSK PLC | 1.4% |
| Vinci S.A. | 1.3% |
| ITOCHU Corp. | 1.3% |
| Infineon Technologies A.G. | 1.3% |
| NatWest Group PLC | 1.3% |
| KDDI Corp. | 1.3% |
| ANZ Group Holdings, Ltd. | 1.3% |
| Deutsche Bank A.G. | 1.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i15a0c7fd151f51b4eb912710.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 21.5% |
| United Kingdom | 14.4% |
| France | 11.8% |
| Germany | 10.4% |
| Switzerland | 9.0% |
| Australia | 6.6% |
| Netherlands | 4.2% |
| Sweden | 4.2% |
| Italy | 3.2% |
| Spain | 3.1% |
| Other Countries | 10.0% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction. Effective May 1, 2025, the expense cap for the Retail Class of the Fund was reduced to 0.99%.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill International Equity Fund
TSR-SAR 063025-CIQRX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill International Equity Fund - Institutional (CIEQX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](id5e13760d839189f2f877675.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill International Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$52** | **0.93%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 24.85% against a return of 19.45% for the MSCI EAFE Index and 17.88% for the Fund's broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three countries that contributed most to the Fund's returns on an absolute basis were France, the U.K., and Germany. Concerns that the U.S. will withdraw support for Europe's defenses convinced local governments to increase defense and infrastructure spending, which benefitted the local markets. Industrials and Materials rose in the three countries and were significant drivers of returns. The U.K. was further aided by the announcement of a trade deal with the U.S.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;Since all countries were positive for the period, no countries contributed negatively to absolute return.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Deutsche Bank A.G. | 1.23 | 0.83 |
| Novartis A.G. | 2.18 | 0.57 |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.07 | 0.57 |
| Societe Generale S.A. | 0.86 | 0.55 |
| Engie S.A. | 1.01 | 0.52 |
| **Bottom 5** |  |  |
| Yue Yuen Industrial Holdings, Ltd. | 0.15 | -0.08 |
| NRW Holdings, Ltd. | 0.29 | -0.11 |
| Canon, Inc. | 1.09 | -0.13 |
| Novo Nordisk A/S | 0.45 | -0.13 |
| South32, Ltd. | 0.56 | -0.14 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](idc7ca97a063a2b6b93e3526c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH International Equity - Inst** | **MSCI EAFE Index** | **MSCI ACWI ex-USA IMI Index** |
| **Oct-2021** | $250000 | $250000 | $250000 |
| **Jun-2022** | $209297 | $200985 | $199913 |
| **Jun-2023** | $249516 | $238713 | $224842 |
| **Jun-2024** | $286198 | $266253 | $250867 |
| **Jun-2025** | $356021 | $313452 | $295587 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (10/27/2021)** |
| SBH International Equity - Inst | 24.40% | 10.10% |
| MSCI EAFE Index | 17.73% | 6.35% |
| MSCI ACWI ex-USA IMI Index | 17.83% | 4.66% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9576188 |
| Number of Portfolio Holdings | 384 |
| Portfolio Turnover | 43% |
| Total Advisory Fees Paid\* | $0 |
| Total Advisory Fees Paid %\* | 0.00% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i884fcd1f9b3e256e14fe23c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.9% |
| Industrials | 18.8% |
| Health Care | 11.4% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.4% |
| Consumer Staples | 7.7% |
| Materials | 5.4% |
| Communication Services | 5.4% |
| Utilities | 3.8% |
| Energy | 2.8% |
| Real Estate | 2.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Roche Holding A.G. | 1.7% |
| Novartis A.G. | 1.7% |
| GSK PLC | 1.4% |
| Vinci S.A. | 1.3% |
| ITOCHU Corp. | 1.3% |
| Infineon Technologies A.G. | 1.3% |
| NatWest Group PLC | 1.3% |
| KDDI Corp. | 1.3% |
| ANZ Group Holdings, Ltd. | 1.3% |
| Deutsche Bank A.G. | 1.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ieb1689b4a93520ad2b3695f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 21.5% |
| United Kingdom | 14.4% |
| France | 11.8% |
| Germany | 10.4% |
| Switzerland | 9.0% |
| Australia | 6.6% |
| Netherlands | 4.2% |
| Sweden | 4.2% |
| Italy | 3.2% |
| Spain | 3.1% |
| Other Countries | 10.0% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction. Effective May 1, 2025, the expense cap for the Institutional Class of the Fund was reduced to 0.84%.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill International Equity Fund
TSR-SAR 063025-CIEQX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Global All Cap Fund - Retail (WTMVX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i33455846b2188b72a765325c.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Global All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$43** | **0.84%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 7.39% against a return of 9.47% for the Fund's broad-based securities market index, the MSCI World Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Industrials, Financials, and Consumer Discretionary. A recovery in data-center-related companies, along with continued strong performance in aerospace and defense stocks, drove Industrials sector outperformance. The three individual securities that contributed the most on an absolute basis were Nintendo Co., Ltd., ATI, Inc., and Safran S.A. For Nintendo, outperformance was linked to the successful launch of the next-generation Switch 2 console coupled with strong previews of first-party and third-party games.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Health Care, Consumer Staples, and Utilities. Underperformance in Health Care was linked to regulatory uncertainties and a rotation away from defensive groups in the market. The three individual securities that detracted the most on an absolute basis were Marvell Technology, Inc., UnitedHealth Group, Inc., and Apple, Inc. For Marvell Technology, there were new concerns related to the potential share loss on a high-profile, application-specific semiconductor chip with top customer Amazon.com Inc.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Nintendo Co., Ltd. | 2.19 | 1.14 |
| ATI, Inc. | 1.56 | 0.89 |
| Safran S.A. | 2.15 | 0.85 |
| Microsoft Corp. | 4.07 | 0.82 |
| D'leteren Group | 2.50 | 0.73 |
| **Bottom 5** |  |  |
| TFI International, Inc. | 0.30 | -0.35 |
| Bio-Techne Corp. | 1.13 | -0.40 |
| Apple, Inc. | 2.27 | -0.58 |
| UnitedHealth Group, Inc. | 1.09 | -0.64 |
| Marvell Technology, Inc. | 2.03 | -0.98 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie4daf7003b6af4d1f65c568d.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH Global All Cap - Retail** | **MSCI World Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10698 | $9722 |
| **Jun-2017** | $12125 | $11491 |
| **Jun-2018** | $12475 | $12765 |
| **Jun-2019** | $13804 | $13573 |
| **Jun-2020** | $13352 | $13959 |
| **Jun-2021** | $17558 | $19409 |
| **Jun-2022** | $15137 | $16626 |
| **Jun-2023** | $18109 | $19704 |
| **Jun-2024** | $21281 | $23683 |
| **Jun-2025** | $24096 | $27533 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Global All Cap - Retail | 13.23% | 12.53% | 9.19% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35581972 |
| Number of Portfolio Holdings | 56 |
| Portfolio Turnover | 13% |
| Total Advisory Fees Paid\* | $15835 |
| Total Advisory Fees Paid %\* | 0.09% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie3f47435b635b59bcb6a29db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.1% |
| Financials | 16.4% |
| Industrials | 14.9% |
| Consumer Discretionary | 14.8% |
| Health Care | 8.3% |
| Communication Services | 6.3% |
| Consumer Staples | 5.3% |
| Energy | 3.2% |
| Real Estate | 1.5% |
| Materials | 1.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.5% |
| JPMorgan Chase & Co. | 3.3% |
| Constellation Software, Inc. | 2.9% |
| D'ieteren Group | 2.8% |
| Visa, Inc. | 2.8% |
| ServiceNow, Inc. | 2.6% |
| Safran S.A. | 2.5% |
| Beazley PLC | 2.5% |
| Amazon.com, Inc. | 2.3% |
| Meta Platforms, Inc. | 2.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i31ff4822d616f3c8fd521f31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 59.5% |
| Canada | 7.1% |
| United Kingdom | 6.9% |
| Belgium | 4.5% |
| France | 4.3% |
| Germany | 3.1% |
| Italy | 3.0% |
| Ireland | 3.0% |
| Japan | 2.0% |
| Switzerland | 1.7% |
| Other Countries | 3.1% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Global All Cap Fund
TSR-SAR 063025-WTMVX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Global All Cap Fund - Institutional (WIMVX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ieddd043dd69721b7331e51ad.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Global All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$40** | **0.77%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 7.42% against a return of 9.47% for the Fund's broad-based securities market index, the MSCI World Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Industrials, Financials, and Consumer Discretionary. A recovery in data-center-related companies, along with continued strong performance in aerospace and defense stocks, drove Industrials sector outperformance. The three individual securities that contributed the most on an absolute basis were Nintendo Co., Ltd., ATI, Inc., and Safran S.A. For Nintendo, outperformance was linked to the successful launch of the next-generation Switch 2 console coupled with strong previews of first-party and third-party games.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Health Care, Consumer Staples, and Utilities. Underperformance in Health Care was linked to regulatory uncertainties and a rotation away from defensive groups in the market. The three individual securities that detracted the most on an absolute basis were Marvell Technology, Inc., UnitedHealth Group, Inc., and Apple, Inc. For Marvell Technology, there were new concerns related to the potential share loss on a high-profile, application-specific semiconductor chip with top customer Amazon.com Inc.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Nintendo Co., Ltd. | 2.19 | 1.14 |
| ATI, Inc. | 1.56 | 0.89 |
| Safran S.A. | 2.15 | 0.85 |
| Microsoft Corp. | 4.07 | 0.82 |
| D'leteren Group | 2.50 | 0.73 |
| **Bottom 5** |  |  |
| TFI International, Inc. | 0.30 | -0.35 |
| Bio-Techne Corp. | 1.13 | -0.40 |
| Apple, Inc. | 2.27 | -0.58 |
| UnitedHealth Group, Inc. | 1.09 | -0.64 |
| Marvell Technology, Inc. | 2.03 | -0.98 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](if9d558c6ee7a5871de0b2065.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH Global All Cap - Inst** | **MSCI World Index** |
| **Jun-2015** | $250000 | $250000 |
| **Jun-2016** | $267843 | $243051 |
| **Jun-2017** | $304198 | $287276 |
| **Jun-2018** | $313310 | $319127 |
| **Jun-2019** | $347276 | $339330 |
| **Jun-2020** | $335920 | $348978 |
| **Jun-2021** | $442663 | $485234 |
| **Jun-2022** | $382279 | $415662 |
| **Jun-2023** | $457691 | $492602 |
| **Jun-2024** | $538786 | $592070 |
| **Jun-2025** | $610283 | $688330 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Global All Cap - Inst | 13.27% | 12.68% | 9.34% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35581972 |
| Number of Portfolio Holdings | 56 |
| Portfolio Turnover | 13% |
| Total Advisory Fees Paid\* | $15835 |
| Total Advisory Fees Paid %\* | 0.09% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9a7da656d666be747aa97aa1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.1% |
| Financials | 16.4% |
| Industrials | 14.9% |
| Consumer Discretionary | 14.8% |
| Health Care | 8.3% |
| Communication Services | 6.3% |
| Consumer Staples | 5.3% |
| Energy | 3.2% |
| Real Estate | 1.5% |
| Materials | 1.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.5% |
| JPMorgan Chase & Co. | 3.3% |
| Constellation Software, Inc. | 2.9% |
| D'ieteren Group | 2.8% |
| Visa, Inc. | 2.8% |
| ServiceNow, Inc. | 2.6% |
| Safran S.A. | 2.5% |
| Beazley PLC | 2.5% |
| Amazon.com, Inc. | 2.3% |
| Meta Platforms, Inc. | 2.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ic460c9e3fd195f702a701bbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 59.5% |
| Canada | 7.1% |
| United Kingdom | 6.9% |
| Belgium | 4.5% |
| France | 4.3% |
| Germany | 3.1% |
| Italy | 3.0% |
| Ireland | 3.0% |
| Japan | 2.0% |
| Switzerland | 1.7% |
| Other Countries | 3.1% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Global All Cap Fund
TSR-SAR 063025-WIMVX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Short Term Plus Fund - Retail (SBHPX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i036b955c7f39fc1e590c6f1b.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Short Term Plus Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$24** | **0.48%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 3.06% against a return of 2.92% for the Bloomberg 1-3 Year US Government/Credit Index and 4.02% for the Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund holds short maturity, 0-3 year securities. During the first half of 2025, short assets had lower returns compared to longer maturities. Longer asset performance was driven by a decline in treasury yields. This was particularly pronounced in 5-10 year securities where Treasury yields fell 58 and 34 basis points, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;Sector selection had a positive impact on performance. The Fund was overweight corporate securities and underweight U.S. Treasury securities. Investment-grade corporate securities had excess returns of +0.21% during the period.

&nbsp;&nbsp;&nbsp;&nbsp;Security selection had a positive impact on performance. The Fund benefited from its holdings in BB-rated securities, which had an excess return of 1.36% during the period. The Fund's underweight to financials was a detractor. Financials outperformed all other sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib041b14c5229c972c0822dd4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Short Term Plus - Retail** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2018** | $10000 | $10000 | $10000 |
| **Jun-2019** | $10242 | $10324 | $10708 |
| **Jun-2020** | $10447 | $10758 | $11644 |
| **Jun-2021** | $10617 | $10806 | $11605 |
| **Jun-2022** | $10292 | $10421 | $10411 |
| **Jun-2023** | $10534 | $10475 | $10313 |
| **Jun-2024** | $11103 | $10985 | $10585 |
| **Jun-2025** | $11788 | $11638 | $11228 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/14/2018)** |
| SBH Short Term Plus - Retail | 6.17% | 2.45% | 2.55% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.94% | 1.58% | 2.35% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.79% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idf4c9bd5349f423ed3bc4dab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 61.5% |
| Utility | 16.8% |
| U.S. Treasury Bonds & Notes | 9.0% |
| Asset Backed Securities | 6.4% |
| Finance | 2.9% |
| Municipal Bonds | 0.2% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14852769 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover | 19% |
| Total Advisory Fees Paid\* | $0 |
| Total Advisory Fees Paid %\* | 0.00% |
| Average maturity (years) | 1.75 |
| 30-day SEC yield (with waivers) | 4.15% |
| 30-day SEC yield (without waivers) | 2.61% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| Cash | 2.2 |
| AAA | 5.3 |
| AA | 11.6 |
| A | 17.3 |
| BBB | 51.9 |
| BB | 11.7 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 32.3 |
| 1-2 yrs | 37.5 |
| 2-3 yrs | 28.7 |
| 3-4 yrs | 1.5 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Short Term Plus Fund
TSR-SAR 063025-SBHPX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Short Term Plus Fund - Institutional (SBAPX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i2e9228e32f320b756b5cd9e5.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Short Term Plus Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$20** | **0.40%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 3.10% against a return of 2.92% for the Bloomberg 1-3 Year US Government/Credit Index and 4.02% for the Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund holds short maturity, 0-3 year securities. During the first half of 2025, short assets had lower returns compared to longer maturities. Longer asset performance was driven by a decline in treasury yields. This was particularly pronounced in 5-10 year securities where Treasury yields fell 58 and 34 basis points, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;Sector selection had a positive impact on performance. The Fund was overweight corporate securities and underweight U.S. Treasury securities. Investment-grade corporate securities had excess returns of +0.21% during the period.

&nbsp;&nbsp;&nbsp;&nbsp;Security selection had a positive impact on performance. The Fund benefited from its holdings in BB-rated securities, which had an excess return of 1.36% during the period. The Fund's underweight to financials was a detractor. Financials outperformed all other sectors.

# How has the Fund performed since inception?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i30f92b1eb7b949923189afe3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Short Term Plus - Inst** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2018** | $250000 | $250000 | $250000 |
| **Jun-2019** | $256131 | $258109 | $267709 |
| **Jun-2020** | $261582 | $268958 | $291106 |
| **Jun-2021** | $266001 | $270147 | $290136 |
| **Jun-2022** | $258112 | $260519 | $260275 |
| **Jun-2023** | $264676 | $261887 | $257834 |
| **Jun-2024** | $279179 | $274631 | $264617 |
| **Jun-2025** | $296322 | $290941 | $280696 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/14/2018)** |
| SBH Short Term Plus - Inst | 6.14% | 2.53% | 2.63% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.94% | 1.58% | 2.35% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.79% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if0a84b283db50a7adf05855a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 61.5% |
| Utility | 16.8% |
| U.S. Treasury Bonds & Notes | 9.0% |
| Asset Backed Securities | 6.4% |
| Finance | 2.9% |
| Municipal Bonds | 0.2% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14852769 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover | 19% |
| Total Advisory Fees Paid\* | $0 |
| Total Advisory Fees Paid %\* | 0.00% |
| Average maturity (years) | 1.75 |
| 30-day SEC yield (with waivers) | 4.19% |
| 30-day SEC yield (without waivers) | 3.13% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| Cash | 2.2 |
| AAA | 5.3 |
| AA | 11.6 |
| A | 17.3 |
| BBB | 51.9 |
| BB | 11.7 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 32.3 |
| 1-2 yrs | 37.5 |
| 2-3 yrs | 28.7 |
| 3-4 yrs | 1.5 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Short Term Plus Fund
TSR-SAR 063025-SBAPX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Plus Bond Fund - Retail (WTIBX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i1d443b1b81f88b23d4476a0a.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Plus Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$28** | **0.55%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 3.96% against a return of 4.02% for the Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund was overweight corporate securities and mortgage-backed securities (MBS) versus the benchmark, while being underweight U.S. Treasury securities. Investment-grade corporate and MBS securities posted excess returns versus Treasuries of +0.21% and +0.10%, respectively, during the semi-annual period.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's allocation to high yield securities positively impacted performance. High yield posted +1.04% excess return versus Treasuries during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's duration was slightly shorter than the duration of the benchmark during the semi-annual period. Duration and yield-curve positioning had a negligible impact on performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1c0e851db2d0bbc7c32cc681.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH Plus Bond - Retail** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10568 | $10600 |
| **Jun-2017** | $10687 | $10567 |
| **Jun-2018** | $10734 | $10525 |
| **Jun-2019** | $11526 | $11353 |
| **Jun-2020** | $12444 | $12345 |
| **Jun-2021** | $12704 | $12304 |
| **Jun-2022** | $11299 | $11038 |
| **Jun-2023** | $11414 | $10934 |
| **Jun-2024** | $11894 | $11222 |
| **Jun-2025** | $12596 | $11904 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Plus Bond - Retail | 5.91% | 0.24% | 2.33% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i79eefd3e24e905fe0ed52595.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities Passthrough | 32.2% |
| Industrial | 22.2% |
| U.S. Treasury Bonds & Notes | 19.6% |
| Finance | 9.8% |
| Utility | 8.2% |
| Asset Backed Securities | 2.7% |
| Municipal Bonds | 2.0% |
| Residential Mortgage-Backed Securities | 0.0% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $711623137 |
| Number of Portfolio Holdings | 149 |
| Portfolio Turnover | 21% |
| Total Advisory Fees Paid\* | $801559 |
| Total Advisory Fees Paid %\* | 0.22% |
| Average maturity (years) | 8.00 |
| 30-day SEC yield (with waivers) | 4.30% |
| 30-day SEC yield (without waivers) | 4.17% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| Cash | 2.4 |
| AAA | 1.5 |
| AA | 54.1 |
| A | 12.2 |
| BBB | 17.2 |
| BB | 8.8 |
| B & Below | 2.2 |
| Not Rated | 1.6 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 6.1 |
| 1-3 yrs | 19.4 |
| 3-4 yrs | 8.1 |
| 4-6 yrs | 23.2 |
| 6-8 yrs | 29.8 |
| 8+ yrs | 13.4 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Plus Bond Fund
TSR-SAR 063025-WTIBX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Plus Bond Fund - Institutional (WIIBX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i9ff408a1485ac2a8c446c2e0.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Plus Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$20** | **0.40%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 3.97% against a return of 4.02% for the Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund was overweight corporate securities and mortgage-backed securities (MBS) versus the benchmark, while being underweight U.S. Treasury securities. Investment-grade corporate and MBS securities posted excess returns versus Treasuries of +0.21% and +0.10%, respectively, during the semi-annual period.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's allocation to high yield securities positively impacted performance. High yield posted +1.04% excess return versus Treasuries during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's duration was slightly shorter than the duration of the benchmark during the semi-annual period. Duration and yield-curve positioning had a negligible impact on performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i5dd3b9d31a28e97ae85d3e59.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH Plus Bond - Inst** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $250000 | $250000 |
| **Jun-2016** | $264485 | $265003 |
| **Jun-2017** | $267902 | $264170 |
| **Jun-2018** | $269490 | $263120 |
| **Jun-2019** | $290031 | $283826 |
| **Jun-2020** | $313308 | $308631 |
| **Jun-2021** | $320391 | $307603 |
| **Jun-2022** | $285310 | $275944 |
| **Jun-2023** | $289016 | $273356 |
| **Jun-2024** | $301405 | $280548 |
| **Jun-2025** | $319528 | $297594 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Plus Bond - Inst | 6.01% | 0.39% | 2.48% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i07d6c068b456148cec08cf07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities Passthrough | 32.2% |
| Industrial | 22.2% |
| U.S. Treasury Bonds & Notes | 19.6% |
| Finance | 9.8% |
| Utility | 8.2% |
| Asset Backed Securities | 2.7% |
| Municipal Bonds | 2.0% |
| Residential Mortgage-Backed Securities | 0.0% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $711623137 |
| Number of Portfolio Holdings | 149 |
| Portfolio Turnover | 21% |
| Total Advisory Fees Paid\* | $801559 |
| Total Advisory Fees Paid %\* | 0.22% |
| Average maturity (years) | 8.00 |
| 30-day SEC yield (with waivers) | 4.45% |
| 30-day SEC yield (without waivers) | 4.30% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| Cash | 2.4 |
| AAA | 1.5 |
| AA | 54.1 |
| A | 12.2 |
| BBB | 17.2 |
| BB | 8.8 |
| B & Below | 2.2 |
| Not Rated | 1.6 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 6.1 |
| 1-3 yrs | 19.4 |
| 3-4 yrs | 8.1 |
| 4-6 yrs | 23.2 |
| 6-8 yrs | 29.8 |
| 8+ yrs | 13.4 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Plus Bond Fund
TSR-SAR 063025-WIIBX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Quality High Yield Fund - Retail (WTLTX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i8c74ce52c03a1c895fe4a47f.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Quality High Yield Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$43** | **0.85%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 4.34% against a return of 4.57% for the Bloomberg U.S. High Yield - 2% Issuer Cap Index and 4.02% for the Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a high-quality bias and was underweight CCC-rated securities and overweight BBB-rated securities versus its benchmark, the Bloomberg U.S. High Yield -2% issuer Cap Index. CCC-rated securities returned 3.55% during the semi-annual period vs. 4.50% for Intermediate BBB-rated securities, 4.98% for BB-rated securities, and 4.38% for B-rated securities.

&nbsp;&nbsp;&nbsp;&nbsp;Security selection positively impacted returns during the reporting period as credit enhancing events for certain issuers outweighed underperforming issues.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's duration was shorter than its benchmark and regulatory broad-based securities market index, which detracted from performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3b0177e45910d931a3226ad5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Quality High Yield - Retail** | **Bloomberg U.S. High Yield - 2% Issuer Capped Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10426 | $10165 | $10600 |
| **Jun-2017** | $11339 | $11456 | $10567 |
| **Jun-2018** | $11445 | $11756 | $10525 |
| **Jun-2019** | $12283 | $12635 | $11353 |
| **Jun-2020** | $12546 | $12634 | $12345 |
| **Jun-2021** | $13877 | $14572 | $12304 |
| **Jun-2022** | $12345 | $12704 | $11038 |
| **Jun-2023** | $13284 | $13856 | $10934 |
| **Jun-2024** | $14502 | $15302 | $11222 |
| **Jun-2025** | $15658 | $16875 | $11904 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Quality High Yield - Retail | 7.97% | 4.53% | 4.59% |
| Bloomberg U.S. High Yield - 2% Issuer Capped Index | 10.28% | 5.96% | 5.37% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](icfd0a290876f333ce36b49c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 78.7% |
| Finance | 11.1% |
| Utility | 7.2% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $64094643 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover | 19% |
| Total Advisory Fees Paid\* | $97583 |
| Total Advisory Fees Paid %\* | 0.30% |
| Average maturity (years) | 3.62 |
| 30-day SEC yield (with waivers) | 5.06% |
| 30-day SEC yield (without waivers) | 4.91% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| Cash | 1.6 |
| BBB | 8.2 |
| BB | 70.1 |
| B & Below | 17.2 |
| Not Rated | 3.0 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 15.6 |
| 1-3 yrs | 56.8 |
| 3-4 yrs | 10.5 |
| 4-6 yrs | 13.6 |
| 6-8 yrs | 2.2 |
| 8+ yrs | 1.3 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Quality High Yield Fund
TSR-SAR 063025-WTLTX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Quality High Yield Fund - Institutional (WILTX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ia0389de2e14dbd4bcee24d93.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Quality High Yield Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$35** | **0.70%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 4.35% against a return of 4.57% for the Bloomberg U.S. High Yield - 2% Issuer Cap Index and 4.02% for the Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a high-quality bias and was underweight CCC-rated securities and overweight BBB-rated securities versus its benchmark, the Bloomberg U.S. High Yield -2% issuer Cap Index. CCC-rated securities returned 3.55% during the semi-annual period vs. 4.50% for Intermediate BBB-rated securities, 4.98% for BB-rated securities, and 4.38% for B-rated securities.

&nbsp;&nbsp;&nbsp;&nbsp;Security selection positively impacted returns during the reporting period as credit enhancing events for certain issuers outweighed underperforming issues.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's duration was shorter than its benchmark and regulatory broad-based securities market index, which detracted from performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](ieedaee8ec6c061dd43470ad2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Quality High Yield - Inst** | **Bloomberg U.S. High Yield - 2% Issuer Capped Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $250000 | $250000 | $250000 |
| **Jun-2016** | $260750 | $254137 | $265003 |
| **Jun-2017** | $284620 | $286388 | $264170 |
| **Jun-2018** | $287863 | $293892 | $263120 |
| **Jun-2019** | $309062 | $315863 | $283826 |
| **Jun-2020** | $316507 | $315854 | $308631 |
| **Jun-2021** | $350169 | $364303 | $307603 |
| **Jun-2022** | $311897 | $317589 | $275944 |
| **Jun-2023** | $336418 | $346397 | $273356 |
| **Jun-2024** | $367770 | $382538 | $280548 |
| **Jun-2025** | $397628 | $421878 | $297594 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Quality High Yield - Inst | 8.12% | 4.67% | 4.75% |
| Bloomberg U.S. High Yield - 2% Issuer Capped Index | 10.28% | 5.96% | 5.37% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6c8b83ffb9a096f79dac9791.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 78.7% |
| Finance | 11.1% |
| Utility | 7.2% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $64094643 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover | 19% |
| Total Advisory Fees Paid\* | $97583 |
| Total Advisory Fees Paid %\* | 0.30% |
| Average maturity (years) | 3.62 |
| 30-day SEC yield (with waivers) | 5.22% |
| 30-day SEC yield (without waivers) | 5.12% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| Cash | 1.6 |
| BBB | 8.2 |
| BB | 70.1 |
| B & Below | 17.2 |
| Not Rated | 3.0 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 15.6 |
| 1-3 yrs | 56.8 |
| 3-4 yrs | 10.5 |
| 4-6 yrs | 13.6 |
| 6-8 yrs | 2.2 |
| 8+ yrs | 1.3 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Quality High Yield Fund
TSR-SAR 063025-WILTX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Municipal Opportunities Fund - Retail (WTTAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i03083c58f47d654e40d4992a.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Municipal Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$32** | **0.65%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 1.35% against a return of 1.09% for the Bloomberg 1-15 Year Municipal Blend Index and -0.35% for the Fund's broad-based securities market index, the Bloomberg Municipal Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds experienced a volatile first half of 2025. Yields increased sharply early in the second quarter following tariff-related announcements but quickly reversed, which led to a modest rally before moving lower. Our strategy of investing in short- and long-term bonds was challenged by the Fund's yield curve (yields across different maturities of bonds) positioning, but the Fund's higher average yield helped offset the impact. We also had a material bond repricing in one of the Fund's top ten largest positions, as the bond was priced at a significant discount and partially called at par. At the end of the period, we believe our tactical positioning across different maturities will continue to contribute to Fund's performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia0a4d88c11d595bff1b2c29d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Municipal Opportunities - Retail** | **Bloomberg 1-15 Year Municipal Blend Index** | **Bloomberg Municipal Bond Index** |
| **Dec-2016** | $10000 | $10000 | $10000 |
| **Jun-2017** | $10649 | $10394 | $10447 |
| **Jun-2018** | $11024 | $10499 | $10611 |
| **Jun-2019** | $11662 | $11142 | $11322 |
| **Jun-2020** | $12232 | $11608 | $11826 |
| **Jun-2021** | $12971 | $11965 | $12318 |
| **Jun-2022** | $11713 | $11184 | $11263 |
| **Jun-2023** | $11792 | $11495 | $11621 |
| **Jun-2024** | $12300 | $11805 | $11995 |
| **Jun-2025** | $12739 | $12115 | $12128 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/16/2016)** |
| SBH Municipal Opportunities - Retail | 3.57% | 0.82% | 2.88% |
| Bloomberg 1-15 Year Municipal Blend Index | 2.63% | 0.86% | 2.27% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.29% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i13a1b68ce67bde55ee8c4c02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue | 58.5% |
| General Obligation | 15.6% |
| U.S. Treasury Bonds & Notes | 10.3% |
| Variable Rate Demand Note | 4.7% |
| Industrial | 4.4% |
| Local Authority | 4.2% |
| CMBS | 1.1% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $186318454 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover | 44% |
| Total Advisory Fees Paid\* | $214989 |
| Total Advisory Fees Paid %\* | 0.24% |
| Average maturity (years) | 7.84 |
| 30-day SEC yield (with waivers) | 3.24% |
| 30-day SEC yield (without waivers) | 3.06% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| AAA | 11.9 |
| AA | 51.1 |
| A | 19.8 |
| BBB | 4.0 |
| BB | 3.1 |
| B | 4.4 |
| Not Rated | 5.8 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 25.2 |
| 1-3 yrs | 19.1 |
| 3-4 yrs | 10.2 |
| 4-6 yrs | 8.6 |
| 6-8 yrs | 2.7 |
| 8+ yrs | 34.3 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Municipal Opportunities Fund
TSR-SAR 063025-WTTAX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Municipal Opportunities Fund - Institutional (WITAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i12da820ad07f399c6504bfa2.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Municipal Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$25** | **0.50%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 1.42% against a return of 1.09% for the Bloomberg 1-15 Year Municipal Blend Index and -0.35% for the Fund's broad-based securities market index, the Bloomberg Municipal Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds experienced a volatile first half of 2025. Yields increased sharply early in the second quarter following tariff-related announcements but quickly reversed, which led to a modest rally before moving lower. Our strategy of investing in short- and long-term bonds was challenged by the Fund's yield curve (yields across different maturities of bonds) positioning, but the Fund's higher average yield helped offset the impact. We also had a material bond repricing in one of the Fund's top ten largest positions, as the bond was priced at a significant discount and partially called at par. At the end of the period, we believe our tactical positioning across different maturities will continue to contribute to Fund's performance.

# How has the Fund performed since inception?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i544efe757cb22c2b373fdf92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Municipal Opportunities - Inst** | **Bloomberg 1-15 Year Municipal Blend Index** | **Bloomberg Municipal Bond Index** |
| **Dec-2016** | $250000 | $250000 | $250000 |
| **Jun-2017** | $266599 | $259860 | $261179 |
| **Jun-2018** | $276387 | $262478 | $265266 |
| **Jun-2019** | $292591 | $278560 | $283055 |
| **Jun-2020** | $307681 | $290196 | $295646 |
| **Jun-2021** | $326455 | $299129 | $307962 |
| **Jun-2022** | $295515 | $279596 | $281565 |
| **Jun-2023** | $297953 | $287375 | $290537 |
| **Jun-2024** | $310944 | $295113 | $299872 |
| **Jun-2025** | $322505 | $302885 | $303208 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/16/2016)** |
| SBH Municipal Opportunities - Inst | 3.72% | 0.95% | 3.03% |
| Bloomberg 1-15 Year Municipal Blend Index | 2.63% | 0.86% | 2.27% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.29% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8c971954124c24f829ed1538.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue | 58.5% |
| General Obligation | 15.6% |
| U.S. Treasury Bonds & Notes | 10.3% |
| Variable Rate Demand Note | 4.7% |
| Industrial | 4.4% |
| Local Authority | 4.2% |
| CMBS | 1.1% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $186318454 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover | 44% |
| Total Advisory Fees Paid\* | $214989 |
| Total Advisory Fees Paid %\* | 0.24% |
| Average maturity (years) | 7.84 |
| 30-day SEC yield (with waivers) | 3.39% |
| 30-day SEC yield (without waivers) | 3.28% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| AAA | 11.9 |
| AA | 51.1 |
| A | 19.8 |
| BBB | 4.0 |
| BB | 3.1 |
| B | 4.4 |
| Not Rated | 5.8 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 25.2 |
| 1-3 yrs | 19.1 |
| 3-4 yrs | 10.2 |
| 4-6 yrs | 8.6 |
| 6-8 yrs | 2.7 |
| 8+ yrs | 34.3 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Municipal Opportunities Fund
TSR-SAR 063025-WITAX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Colorado Tax-Free Fund - Retail (WTCOX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ie7cd3bb266851de5ee8c9fdd.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Colorado Tax-Free Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$32** | **0.64%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the retail class of the Fund returned 0.12% against a return of 1.09% for the Bloomberg 1-15 Year Municipal Blend Index and -0.35% for the Fund's broad-based securities market index, the Bloomberg Municipal Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Colorado municipal bond market remained fundamentally sound in the first half of 2025, supported by strong state reserves and moderate debt levels. The Fund's strategy of investing in short- and long-term bonds was challenged by a steepening yield curve (a growing difference in short- and long-term interest rates) in bonds with maturities of over 10 years. One of our higher education credit holdings was downgraded, which negatively impacted its price, and detracted from the Fund's performance. The combination of medium-term bonds rallying and relative yield curve positioning led to underperformance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if45d817f5c7843dee2c2ef1e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Colorado Tax Free - Retail** | **Bloomberg 1-15 Year Municipal Blend Index** | **Bloomberg Municipal Bond Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10658 | $10613 | $10765 |
| **Jun-2017** | $10586 | $10596 | $10713 |
| **Jun-2018** | $10759 | $10703 | $10880 |
| **Jun-2019** | $11368 | $11359 | $11610 |
| **Jun-2020** | $11808 | $11833 | $12126 |
| **Jun-2021** | $12350 | $12198 | $12632 |
| **Jun-2022** | $11359 | $11401 | $11549 |
| **Jun-2023** | $11280 | $11718 | $11917 |
| **Jun-2024** | $11754 | $12034 | $12300 |
| **Jun-2025** | $11940 | $12351 | $12437 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Colorado Tax Free - Retail | 1.58% | 0.22% | 1.79% |
| Bloomberg 1-15 Year Municipal Blend Index | 2.63% | 0.86% | 2.13% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.20% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i253785bf8aac2bf181e0dbb1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue | 50.6% |
| General Obligation | 14.4% |
| Variable Rate Demand Note | 13.1% |
| Certificate Participation | 7.7% |
| Local Authority | 4.4% |
| U.S. Treasury Bonds & Notes | 4.2% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $310296923 |
| Number of Portfolio Holdings | 145 |
| Portfolio Turnover | 49% |
| Total Advisory Fees Paid\* | $463045 |
| Total Advisory Fees Paid %\* | 0.29% |
| Average maturity (years) | 8.28 |
| 30-day SEC yield (with waivers) | 3.27% |
| 30-day SEC yield (without waivers) | 3.25% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| Cash | 5.0 |
| AAA | 30.7 |
| AA | 48.0 |
| A | 7.3 |
| BBB | 3.8 |
| BB | 0.7 |
| Not Rated | 4.5 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 36.1 |
| 1-3 yrs | 16.8 |
| 3-4 yrs | 4.3 |
| 4-6 yrs | 8.0 |
| 6-8 yrs | 5.0 |
| 8+ yrs | 29.8 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Colorado Tax-Free Fund
TSR-SAR 063025-WTCOX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Colorado Tax-Free Fund - Institutional (WICOX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i1f217accd735f5741f38fcf5.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Colorado Tax-Free Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Institutional** | **$25** | **0.50%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the institutional class of the Fund returned 0.18% against a return of 1.09% for the Bloomberg 1-15 Year Municipal Blend Index and -0.35% for the Fund's broad-based securities market index, the Bloomberg Municipal Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Colorado municipal bond market remained fundamentally sound in the first half of 2025, supported by strong state reserves and moderate debt levels. The Fund's strategy of investing in short- and long-term bonds was challenged by a steepening yield curve (a growing difference in short- and long-term interest rates) in bonds with maturities of over 10 years. One of our higher education credit holdings was downgraded, which negatively impacted its price, and detracted from the Fund's performance. The combination of medium-term bonds rallying and relative yield curve positioning led to underperformance.

# How has the Fund performed over the last ten years?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i923e8c6faee64d0c95f24c1b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Colorado Tax Free - Inst** | **Bloomberg 1-15 Year Municipal Blend Index** | **Bloomberg Municipal Bond Index** |
| **Jun-2015** | $250000 | $250000 | $250000 |
| **Jun-2016** | $266447 | $265313 | $269131 |
| **Jun-2017** | $265042 | $264909 | $267819 |
| **Jun-2018** | $269730 | $267579 | $272009 |
| **Jun-2019** | $285490 | $283973 | $290250 |
| **Jun-2020** | $296865 | $295835 | $303162 |
| **Jun-2021** | $311146 | $304942 | $315791 |
| **Jun-2022** | $286431 | $285029 | $288723 |
| **Jun-2023** | $284860 | $292960 | $297923 |
| **Jun-2024** | $297495 | $300848 | $307495 |
| **Jun-2025** | $302306 | $308771 | $310916 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Colorado Tax Free - Inst | 1.62% | 0.36% | 1.92% |
| Bloomberg 1-15 Year Municipal Blend Index | 2.63% | 0.86% | 2.13% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.20% |

---

***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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i53227a132d144df89f4dcb81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue | 50.6% |
| General Obligation | 14.4% |
| Variable Rate Demand Note | 13.1% |
| Certificate Participation | 7.7% |
| Local Authority | 4.4% |
| U.S. Treasury Bonds & Notes | 4.2% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $310296923 |
| Number of Portfolio Holdings | 145 |
| Portfolio Turnover | 49% |
| Total Advisory Fees Paid\* | $463045 |
| Total Advisory Fees Paid %\* | 0.29% |
| Average maturity (years) | 8.28 |
| 30-day SEC yield (with waivers) | 3.45% |
| 30-day SEC yield (without waivers) | 3.37% |

---

\* Net of expenses waived by investment adviser

30-Day SEC Yield is a standard yield calculation that allows for fairer comparisons of bond funds.

#### Ratings Allocation

---

| | |
|:---|:---|
| Rating | % Portfolio |
| Cash | 5.0 |
| AAA | 30.7 |
| AA | 48.0 |
| A | 7.3 |
| BBB | 3.8 |
| BB | 0.7 |
| Not Rated | 4.5 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 36.1 |
| 1-3 yrs | 16.8 |
| 3-4 yrs | 4.3 |
| 4-6 yrs | 8.0 |
| 6-8 yrs | 5.0 |
| 8+ yrs | 29.8 |

---

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's, each selected due to wide industry usage. The credit ratings range from AAA (highest) to D (lowest).

Totals may not sum to 100% due to rounding and, for the Sector Weighting graph only, the exclusion of cash and cash equivalents.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Colorado Tax-Free Fund
TSR-SAR 063025-WICOX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Barrett Growth Fund (BGRWX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i1b0762f27862529e4b4eea93.jpg)

This semi-annual shareholder report contains important information about Barrett Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$49** | **0.99%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the Fund returned 0.24% against a return of 6.20% for the Fund's broad-based securities market index, the S&P 500<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Financials, Information Technology, and Materials. Investors were concerned about tariffs, and Financials appeared less impacted relative to other sectors during the period. The three individual securities that contributed the most on an absolute basis were NVIDIA Corp., Microsoft Corp., and JPMorgan Chase & Co. Investors regained confidence in AI, which rewarded companies such as NVIDIA that investors see as a company with high growth potential in the AI space.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Health Care, Communication Services, and Industrials. Uncertainty over final tariff rates created a difficult economic environment over capital-intensive manufacturers during the period. The three individual securities that detracted the most on an absolute basis were Apple, Inc., UnitedHealth Group, Inc., and Regeneron Pharmaceuticals, Inc. While Apple generated significant revenue, its delay incorporating AI into its products weighed on its stock.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| NVIDIA Corp. | 7.10 | 1.62 |
| Microsoft Corp. | 6.62 | 1.23 |
| JPMorgan Chase & Co. | 4.26 | 0.95 |
| Visa, Inc. | 5.81 | 0.76 |
| Progressive Corp. (The) | 4.70 | 0.44 |
| **Bottom 5** |  |  |
| Thermo Fisher Scientific, Inc. | 1.67 | -0.47 |
| Accenture PLC | 3.31 | -0.51 |
| Regeneron Pharmaceuticals, Inc. | 1.99 | -0.76 |
| UnitedHealth Group, Inc. | 1.82 | -0.80 |
| Apple, Inc. | 5.41 | -1.23 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2ccf4e8b68419cfefcbd6fb9.jpg)

---

| | | |
|:---|:---|:---|
| | **Barrett Growth** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9959 | $10399 |
| **Jun-2017** | $11389 | $12260 |
| **Jun-2018** | $13521 | $14023 |
| **Jun-2019** | $15373 | $15483 |
| **Jun-2020** | $17630 | $16645 |
| **Jun-2021** | $23769 | $23436 |
| **Jun-2022** | $19576 | $20948 |
| **Jun-2023** | $23600 | $25053 |
| **Jun-2024** | $31350 | $31204 |
| **Jun-2025** | $33642 | $35936 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Barrett Growth | 7.31% | 13.80% | 12.90% |
| S&P 500<sup>®</sup> 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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $24759854 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover | 4% |
| Total Advisory Fees Paid\* | $27565 |
| Total Advisory Fees Paid %\* | 0.21% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4e30bc817c61303750200de6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 30.9% |
| Financials | 22.2% |
| Consumer Discretionary | 14.4% |
| Health Care | 13.4% |
| Industrials | 5.5% |
| Communication Services | 4.9% |
| Consumer Staples | 4.0% |
| Materials | 3.3% |
| Energy | 0.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corp. | 8.5% |
| Microsoft Corp. | 7.5% |
| Ares Management Corp. | 5.8% |
| Amazon.com, Inc. | 5.3% |
| JPMorgan Chase & Co. | 5.0% |
| Visa, Inc. | 4.9% |
| Alphabet, Inc. | 4.9% |
| Progressive Corp. (The) | 4.8% |
| Apple, Inc. | 4.7% |
| TJX Cos., Inc. (The) | 4.6% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](if2a30f18025212daaea29e38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 96.5% |
| Ireland | 3.0% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Barrett Growth Fund
TSR-SAR 063025-BGRWX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Barrett Opportunity Fund (SAOPX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ic55fb7c96dbdb9b2f4812771.jpg)

This semi-annual shareholder report contains important information about Barrett Opportunity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/literature. You can also request this information by contacting us at (800) 392-2673. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **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** |
| **Retail** | **$48** | **0.99%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the Fund returned -3.46% against a return of 6.20% for the Fund's broad-based securities market index, the S&P 500<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Industrials, Information Technology, and Energy. After a short pause, investors regained confidence in AI, rewarding the information technology sector. The three individual securities that contributed the most on an absolute basis were Microsoft Corp., Bank of New York Mellon Corp., and General Dynamics Corp. Microsoft continues to monetize the AI trend.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Financials, Consumer Discretionary, and Communication Services. Investors were concerned that tariffs would negatively impact consumption trends, which weighed on the Consumer Discretionary sector during the period. The three individual securities that detracted the most on an absolute basis were Jefferies Financial Group, Inc., Murphy USA, Inc., and Apple, Inc. Prospects of a lower interest rate environment was a challenge for investment banks such as Jefferies.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Microsoft Corp. | 10.54 | 2.28 |
| Bank of New York Mellon Corp. (The) | 9.89 | 1.73 |
| General Dynamics Corp. | 11.83 | 1.55 |
| Shell PLC | 10.13 | 1.12 |
| Automatic Data Processing, Inc. | 5.67 | 0.29 |
| **Bottom 5** |  |  |
| Alphabet, Inc. | 8.87 | -0.66 |
| Murphy Oil Corp. | 3.55 | -1.08 |
| Apple, Inc. | 6.20 | -1.33 |
| Murphy USA, Inc. | 7.82 | -1.61 |
| Jefferies Financial Group, Inc. | 12.97 | -5.11 |

---

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i91aec9067e028e589cad03a4.jpg)

---

| | | |
|:---|:---|:---|
| | **Barrett Opportunity** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10691 | $10399 |
| **Jun-2017** | $13147 | $12260 |
| **Jun-2018** | $14235 | $14023 |
| **Jun-2019** | $14341 | $15483 |
| **Jun-2020** | $13728 | $16645 |
| **Jun-2021** | $18195 | $23436 |
| **Jun-2022** | $18438 | $20948 |
| **Jun-2023** | $20680 | $25053 |
| **Jun-2024** | $25783 | $31204 |
| **Jun-2025** | $27070 | $35936 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Barrett Opportunity | 4.99% | 14.54% | 10.47% |
| S&P 500<sup>®</sup> 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.*** Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $22471683 |
| Number of Portfolio Holdings | 19 |
| Portfolio Turnover | 2% |
| Total Advisory Fees Paid\* | $33906 |
| Total Advisory Fees Paid %\* | 0.30% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i90c36edee550d45f1d06bb01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 28.2% |
| Industrials | 19.5% |
| Information Technology | 17.0% |
| Energy | 12.8% |
| Communication Services | 8.8% |
| Consumer Discretionary | 8.0% |
| Health Care | 3.7% |
| Consumer Staples | 0.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| General Dynamics Corp. | 13.0% |
| Jefferies Financial Group, Inc. | 11.2% |
| Microsoft Corp. | 11.1% |
| Bank of New York Mellon Corp. (The) | 10.8% |
| Shell PLC | 9.6% |
| Alphabet, Inc. | 8.8% |
| Murphy USA, Inc. | 6.9% |
| Apple, Inc. | 5.9% |
| Automatic Data Processing, Inc. | 5.7% |
| Ares Management Corp. | 3.6% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](id636be15a5d3176f1974b369.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 89.3% |
| United Kingdom | 9.6% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Barrett Opportunity Fund
TSR-SAR 063025-SAOPX

#### Semi-Annual Shareholder Report - June 30, 2025

#### Segall Bryant & Hamill Select Equity ETF (USSE) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5efa639f00748d8c1f9e67dc.jpg)

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Select Equity ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.You can find additional information about the Fund at www.cisbh.com/funds/etfs. You can also request this information by contacting us at (800) 836-4265. **This report describes changes to the Fund that occurred during the fiscal year ending December 31, 2025.**

# **What were the Fund's annualized costs for the last six months?** 

# (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **SBH Select Equity ETF** | **$32** | **0.65%** |

---

# How did the Fund perform during the reporting period?
**Fund Performance**

&nbsp;&nbsp;&nbsp;&nbsp;For the first six months of 2025, the Fund returned -1.98% against a return of 6.12% for the Russell 1000<sup>®</sup> Index and 5.75% for the Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index.

**Contributors to Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that contributed most to the Fund's returns on an absolute basis were Financials, Industrials, and Consumer Discretionary. A recovery in data-center-related companies, along with continued strong performance in aerospace and defense stocks, drove Industrials sector outperformance. The three individual securities that contributed the most on an absolute basis were Microsoft Corp., JPMorgan Chase & Co., and Meta Platforms, Inc. For Meta Platforms, it has been an early winner in generative AI and has been gaining incremental digital advertising revenue share on the back of strong AI monetization and engagement.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Information Technology, Energy, and Health Care. Underperformance in Health Care was linked to regulatory uncertainties and a rotation away from defensive groups in the market. The three individual securities that detracted the most on an absolute basis were Marvell Technology, Inc., Apple, Inc., and UnitedHealth Group, Inc. For Marvell Technology, there were new concerns related to the potential share loss on a high-profile, application-specific semiconductor chip with top customer Amazon.com Inc.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Microsoft Corp. | 7.19 | 1.31 |
| JPMorgan Chase & Co. | 4.56 | 1.02 |
| Meta Platforms, Inc. | 1.21 | 0.91 |
| Visa, Inc. | 6.83 | 0.68 |
| Quanta Services, Inc. | 3.16 | 0.52 |
| **Bottom 5** |  |  |
| Zebra Technologies Corp. | 1.32 | -0.76 |
| Chevron Corp. | 0.56 | -0.76 |
| UnitedHealth Group, Inc. | 2.87 | -0.94 |
| Apple, Inc. | 5.96 | -1.40 |
| Marvell Technology, Inc. | 3.34 | -3.59 |

---

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iccdb7755b1a0e1fdd2c4875a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Select Equity ETF - NAV** | **Russell 1000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **08/29/23** | $10000 | $10000 | $10000 |
| **06/30/24** | $11911 | $12230 | $12160 |
| **06/30/25** | $12886 | $14146 | $14021 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (08/29/2023)** |
| SBH Select Equity ETF - NAV | 8.19% | 14.79% |
| Russell 1000<sup>®</sup> Index | 15.66% | 20.76% |
| Russell 3000<sup>®</sup> Index | 15.30% | 20.18% |

---

***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.*** Call (800) 836-4265 or visit www.cisbh.com/funds/etfs for current month-end performance.

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $263584087 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover | 72% |
| Total Advisory Fees Paid\* | $650177 |
| Total Advisory Fees Paid %\* | 0.53% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i353169c85e8ff97a57b69a69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 43.4% |
| Financials | 25.7% |
| Communication Services | 14.1% |
| Industrials | 9.4% |
| Consumer Discretionary | 5.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 7.4% |
| Alphabet, Inc. | 7.3% |
| Meta Platforms, Inc. | 6.8% |
| Visa, Inc. | 6.7% |
| Apple, Inc. | 5.5% |
| Amazon.com, Inc. | 5.3% |
| Globe Life, Inc. | 5.2% |
| Reinsurance Group of America, Inc. | 5.0% |
| JPMorgan Chase & Co. | 4.9% |
| Marvell Technology, Inc. | 4.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](id3965aaef9969436eeadc6e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 94.8% |
| Germany | 3.1% |

---

Top ten holdings do not include any cash or cash equivalents. Holdings are subject to change.

The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

# Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, as supplemented, at www.cisbh.com/funds or upon request at (800)392-2673. The parent company of the Fund's adviser entered into a definitive agreement to take the parent company private, which resulted in a change of control of the adviser. There are no plans to make any changes to the Fund resulting from this transaction.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.cisbh.com/funds/etfs), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Segall Bryant & Hamill Select Equity ETF
TSR-SAR 063025-USSE

#### Semi-Annual Shareholder Report - June 30, 2025
(b) Not applicable.

**Item 2.** **Code of Ethics.**

Not required.

**Item 3.** **Audit Committee Financial Expert.**

Not required.

**Item 4.** **Principal Accountant Fees and Services.**

Not required.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

(a) The
 registrant's schedules of investments is included in the Financial Statements under
 Item 7 of this form.

(b) Not
 applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ![](sbh_001.jpg)

**Segall Bryant & Hamill Small Cap Value Fund**

(Ticker Symbol: Retail - SBRVX; Institutional - SBHVX)

**Segall Bryant & Hamill Small Cap Growth Fund**

(Ticker Symbol: Retail - WTSGX; Institutional - WISGX)

**Segall Bryant & Hamill Small Cap Core Fund**

(Ticker Symbol: Retail - SBHCX; Institutional - SBASX)

**Segall Bryant & Hamill All Cap Fund**

(Ticker Symbol: Retail - SBRAX; Institutional - SBHAX)

**Segall Bryant & Hamill Emerging Markets Fund**

(Ticker Symbol: Retail - SBHEX; Institutional - SBEMX)

**Segall Bryant & Hamill International Small Cap Fund**

(Ticker Symbol: Retail - SBHSX; Institutional - SBSIX)

**Segall Bryant & Hamill International Equity Fund**

(Ticker Symbol: Retail - CIQRX; Institutional - CIEQX)

**Segall Bryant & Hamill Global All Cap Fund**

(Ticker Symbol: Retail - WTMVX; Institutional - WIMVX)

**Segall Bryant & Hamill Short Term Plus Fund**

(Ticker Symbol: Retail - SBHPX; Institutional - SBAPX)

**Segall Bryant & Hamill Plus Bond Fund**

(Ticker Symbol: Retail - WTIBX; Institutional - WIIBX)

**Segall Bryant & Hamill Quality High Yield Fund**

(Ticker Symbol: Retail - WTLTX; Institutional - WILTX)

**Segall Bryant & Hamill Municipal Opportunities Fund**

(Ticker Symbol: Retail - WTTAX; Institutional - WITAX)

**Segall Bryant & Hamill Colorado Tax Free Fund**

(Ticker Symbol: Retail - WTCOX; Institutional - WICOX)

**Barrett Growth Fund**

(Ticker Symbol: BGRWX)

**Barrett Opportunity Fund**

(Ticker Symbol: SAOPX)

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

**JUNE 30, 2025**

**Table of Contents**

---

| | |
|:---|:---|
| **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;Statements of Investments | **1** |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | **52** |
| &nbsp;&nbsp;&nbsp;Statements of Operations | **56** |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | **60** |
| &nbsp;&nbsp;&nbsp;Financial Highlights | **66** |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | **94** |
| **ADDITIONAL INFORMATION** | **110** |

---

---

| | |
|:---|:---|
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) |

---

*Intentionally Left Blank*

<u>Segall Bryant & Hamill Small Cap Value Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 98.6%** |  |  |
| **Consumer Discretionary — 9.9%** |  |  |
| *Automobiles & Components — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc. <sup>(a)</sup> | 101834 | $2880884 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) <sup>(a)</sup> | 729506 | 7564977 |
|  |  | 10445861 |
| *Consumer Discretionary Distribution & Retail — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 153874 | 7153602 |
| *Consumer Durables & Apparel — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd. <sup>(a)</sup> | 245465 | 4344731 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | 67783 | 1625436 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 669060 | 7861455 |
|  |  | 13831622 |
| *Consumer Services — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 161054 | 7881983 |
| **Consumer Staples — 0.4%** |  |  |
| *Household & Personal Products — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Coty, Inc. - Class A <sup>(a)</sup> | 383600 | 1783740 |
| **Energy — 3.8%** |  |  |
| *Energy — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. - Class A | 595565 | 5121859 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 146880 | 2226701 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 236803 | 5328067 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd. <sup>(a)</sup> | 52005 | 2189931 |
|  |  | 14866558 |
| **Financials — 20.4%** |  |  |
| *Banks — 19.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 82547 | 5340791 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 215986 | 6907232 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 283949 | 6638728 |
| &nbsp;&nbsp;&nbsp;Community Bank System, Inc. | 97692 | 5555744 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 123242 | 5309265 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 97524 | 5597878 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. - Class A | 172513 | 6488214 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 120623 | 2543939 |
| &nbsp;&nbsp;&nbsp;Peoples BanCorp, Inc. <sup>(a)</sup> | 38310 | 1169987 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 232099 | 6410574 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 64760 | 5959863 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. <sup>(a)</sup> | 92677 | 7358554 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 132205 | 3938387 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 203264 | 6429240 |
|  |  | 75648396 |
| *Financial Services — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. - Class A | 495594 | 5129398 |
| **Health Care — 10.2%** |  |  |
| *Health Care Equipment & Services — 8.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Adapthealth Corp. <sup>(a)</sup> | 931262 | 8781801 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc. <sup>(a)</sup> | 322747 | 3201650 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc. <sup>(a)</sup> | 59520 | 7865568 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc. <sup>(a)</sup> | 434839 | 3178673 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. <sup>(a)</sup> | 126134 | 1810023 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Health Care Equipment & Services (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. <sup>(a)</sup> | 263971 | $7607644 |
|  |  | 32445359 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc. <sup>(a)</sup> | 249863 | 2238772 |
| &nbsp;&nbsp;&nbsp;Galapagos N.V. ADR (Belgium) <sup>(a)</sup> | 113522 | 3177481 |
| &nbsp;&nbsp;&nbsp;Geron Corp. <sup>(a)</sup> | 1661763 | 2343086 |
|  |  | 7759339 |
| **Industrials — 19.4%** |  |  |
| *Capital Goods — 18.2%* |  |  |
| &nbsp;&nbsp;&nbsp;AAR Corp. <sup>(a)</sup> | 52326 | 3599505 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 138968 | 5642101 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 112197 | 10600373 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 131241 | 2004050 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. - Class A | 45040 | 1826822 |
| &nbsp;&nbsp;&nbsp;EnerSys | 78109 | 6699409 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc. <sup>(a)</sup> | 221666 | 11938931 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 240444 | 4544392 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 249772 | 11886649 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 40666 | 13280296 |
|  |  | 72022528 |
| *Transportation — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 38636 | 2975358 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. - Class A | 48688 | 1627640 |
|  |  | 4602998 |
| **Information Technology — 15.1%** |  |  |
| *Semiconductors & Semiconductor Equipment — 6.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. <sup>(a)</sup> | 217115 | 7423162 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc. (Cayman Islands) <sup>(a)</sup> | 68227 | 4507417 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd. (Cayman Islands) <sup>(a)</sup> | 89863 | 1764909 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | 48812 | 3124944 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc. <sup>(a)</sup> | 97613 | 6327275 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 23735 | 3666108 |
|  |  | 26813815 |
| *Software & Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Five9, Inc. <sup>(a)</sup> | 73238 | 1939342 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | 125534 | 8014091 |
|  |  | 9953433 |
| *Technology Hardware & Equipment — 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 76149 | 8818054 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 30204 | 6848153 |
| &nbsp;&nbsp;&nbsp;nLight, Inc. <sup>(a)</sup> | 124144 | 2443154 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. <sup>(a)</sup> | 399071 | 4018645 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc. <sup>(a)</sup> | 37623 | 1057206 |
|  |  | 23185212 |
| **Materials — 12.4%** |  |  |
| *Materials — 12.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A (Canada) | 292399 | 7766117 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 225564 | 5109025 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp. <sup>(a)</sup> | 220708 | 9510308 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp. <sup>(a)</sup> | 202701 | 6743862 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc. <sup>(a)</sup> | 583299 | 8597827 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 62579 | 6165283 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 99399 | 5385438 |
|  |  | 49277860 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 1 |

---

<u>Segall Bryant & Hamill Small Cap Value Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate — 3.4%** |  |  |
| *Equity Real Estate Investment Trusts (REITs) — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 123662 | $3784057 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. - Class A | 201801 | 1632570 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 133833 | 4855461 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 54850 | 3075440 |
|  |  | 13347528 |
| **Utilities — 3.6%** |  |  |
| *Utilities — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 72847 | 3265003 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 104617 | 4642902 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 111284 | 6267515 |
|  |  | 14175420 |
| **Investments at Value — 98.6%** |  |  |
| **(Cost $337,089,977)** |  | $390324652 |
| **Other Assets in Excess of Liabilities — 1.4%** |  | 5354488 |
| **Net Assets — 100.0%** |  | $395679140 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of Segall Bryant & Hamill, LLC (the "Adviser"), the adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 2 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Small Cap Growth Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.4%** |  |  |
| **Consumer Discretionary — 8.9%** |  |  |
| *Automobiles & Components — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>(a)</sup> | 42834 | $4219149 |
| *Consumer Discretionary Distribution & Retail — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 32135 | 4884520 |
| *Consumer Durables & Apparel — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 18444 | 3325822 |
| *Consumer Services — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 23995 | 2965542 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 20426 | 2063026 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc. - Class A <sup>(a)</sup> | 25484 | 2193663 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc. - Class A <sup>(a)</sup> | 73499 | 1093665 |
|  |  | 8315896 |
| *Retailing — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc. <sup>(a)</sup> | 79944 | 1602877 |
| **Consumer Staples — 4.6%** |  |  |
| *Consumer Staples Distribution & Retail — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. <sup>(a)</sup> | 12919 | 2126984 |
| *Food, Beverage & Tobacco — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc. <sup>(a)</sup> | 20862 | 1417781 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc. (The) <sup>(a)</sup> | 66788 | 2411047 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc. <sup>(a)</sup> | 84753 | 3264686 |
|  |  | 7093514 |
| *Household & Personal Products — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc. <sup>(a)</sup> | 38420 | 2225671 |
| **Energy — 4.8%** |  |  |
| *Energy — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 61469 | 2933301 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 104602 | 4254163 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC (United Kingdom) | 140482 | 4838200 |
|  |  | 12025664 |
| **Financials — 10.6%** |  |  |
| *Banks — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 76650 | 4366751 |
| *Financial Services — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. - Class A | 28808 | 4094193 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 22566 | 4060752 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. - Class A | 69309 | 3846649 |
|  |  | 12001594 |
| *Insurance — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. - Class A | 25884 | 2731021 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 4809 | 2327075 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 87179 | 5038074 |
|  |  | 10096170 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care — 18.4%** |  |  |
| *Health Care Equipment & Services — 10.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 30387 | $4687499 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp. <sup>(a)</sup> | 33589 | 3469408 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc. - Class A <sup>(a)</sup> | 33390 | 1970678 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>(a)</sup> | 53563 | 2787418 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. <sup>(a)</sup> | 45959 | 4814665 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. <sup>(a)</sup> | 92430 | 3002126 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp. <sup>(a)</sup> | 56041 | 3227961 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc. <sup>(a)</sup> | 48612 | 1080645 |
|  |  | 25040400 |
| *Health Care Equipment & Supplies — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;RadNet, Inc. <sup>(a)</sup> | 87951 | 5005292 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Alkermes PLC (Ireland) <sup>(a)</sup> | 120943 | 3460179 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> | 48724 | 1401302 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc. <sup>(a)</sup> | 22942 | 758004 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc. <sup>(a)</sup> | 138802 | 1941840 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc. <sup>(a)</sup> | 33036 | 3324743 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. <sup>(a)</sup> | 12485 | 1716188 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>(a)</sup> | 33270 | 1838833 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc. <sup>(a)</sup> | 49553 | 1610968 |
|  |  | 16052057 |
| **Industrials — 23.4%** |  |  |
| *Capital Goods — 14.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc. - Class A <sup>(a)</sup> | 56566 | 6011835 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 6865 | 1969088 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. <sup>(a)</sup> | 58599 | 3722794 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. (Bermuda) | 23032 | 2649601 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp. | 28894 | 3474792 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc. <sup>(a)</sup> | 27838 | 3900104 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc. <sup>(a)</sup> | 21424 | 1846106 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 19772 | 2292761 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 15131 | 2349996 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 27161 | 3284851 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 16823 | 3881571 |
|  |  | 35383499 |
| *Commercial & Professional Services — 8.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 42601 | 4915303 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc. <sup>(a)</sup> | 55620 | 3988510 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp. <sup>(a)</sup> | 70358 | 1991835 |
| &nbsp;&nbsp;&nbsp;Parsons Corp. <sup>(a)</sup> | 27960 | 2006689 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 58962 | 2120274 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 44776 | 5864761 |
|  |  | 20887372 |
| *Transportation — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Saia, Inc. <sup>(a)</sup> | 8705 | 2385083 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 3 |

---

<u>Segall Bryant & Hamill Small Cap Growth Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — 20.3%** |  |  |
| *Semiconductors & Semiconductor Equipment — 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd. (Cayman Islands) <sup>(a)</sup> | 29903 | $2768719 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 33192 | 4756082 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc. <sup>(a)</sup> | 13157 | 1327936 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc. <sup>(a)</sup> | 54639 | 1168182 |
| &nbsp;&nbsp;&nbsp;SiTime Corp. <sup>(a)</sup> | 14351 | 3057911 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. <sup>(a)</sup> | 62429 | 1268557 |
|  |  | 14347387 |
| *Software & Services — 9.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc. <sup>(a)</sup> | 71289 | 2148650 |
| &nbsp;&nbsp;&nbsp;Box, Inc. - Class A <sup>(a)</sup> | 141334 | 4829383 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 105533 | 2314339 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) (Canada) <sup>(a)</sup> | 41089 | 4176491 |
| &nbsp;&nbsp;&nbsp;Globant S.A. (Luxembourg) <sup>(a)</sup> | 8053 | 731535 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd. <sup>(a)</sup> | 95858 | 4206249 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc. <sup>(a)</sup> | 51357 | 3513846 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc. - Class A <sup>(a)</sup> | 65141 | 1362098 |
|  |  | 23282591 |
| *Technology Hardware & Equipment — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Itron, Inc. <sup>(a)</sup> | 22848 | 3007482 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. <sup>(a)</sup> | 301781 | 6497345 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc. (Canada) <sup>(a)</sup> | 28067 | 3618678 |
|  |  | 13123505 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials — 5.1%** |  |  |
| *Materials — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 31227 | $4437357 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 32576 | 2739316 |
| &nbsp;&nbsp;&nbsp;Knife River Corp. <sup>(a)</sup> | 40755 | 3327238 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 27413 | 2175770 |
|  |  | 12679681 |
| *Equity Real Estate Investment Trusts (REITs) — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 59012 | 3308803 |
| **Investments at Value — 97.4%** |  |  |
| **(Cost $207,253,058)** |  | $243780282 |
| **Other Assets in Excess of Liabilities — 2.6%** |  | 6540836 |
| **Net Assets — 100.0%** |  | $250321118 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 4 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Small Cap Core Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 93.3%** |  |  |
| **Consumer Discretionary — 8.0%** |  |  |
| *Automobiles & Components — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. <sup>(a)</sup> | 11791 | $305859 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 34158 | 751134 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc. <sup>(a)</sup> | 21009 | 594345 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>(a)</sup> | 6621 | 652168 |
|  |  | 2303506 |
| *Consumer Discretionary Distribution & Retail — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 24110 | 722336 |
| *Consumer Durables & Apparel — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. (Canada) | 27533 | 1355725 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | 23768 | 569956 |
|  |  | 1925681 |
| *Consumer Services — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 9918 | 1001718 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 7836 | 1468545 |
|  |  | 2470263 |
| **Consumer Staples — 2.1%** |  |  |
| *Consumer Staples Distribution & Retail — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2762 | 1409366 |
| *Household & Personal Products — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 3720 | 488473 |
| **Energy — 2.5%** |  |  |
| *Energy — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 6819 | 660420 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 9833 | 270604 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 29593 | 1412178 |
|  |  | 2343202 |
| **Financials — 9.3%** |  |  |
| *Banks — 9.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 19652 | 1271485 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 37482 | 1198674 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 27740 | 1195039 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 42907 | 1185091 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 18487 | 1701359 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 30627 | 1115742 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 34005 | 1013009 |
|  |  | 8680399 |
| **Health Care — 16.2%** |  |  |
| *Health Care Equipment & Services — 9.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 2074 | 1009893 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 10292 | 1262108 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 12136 | 1872099 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc. - Class A <sup>(a)</sup> | 20520 | 1211090 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. <sup>(a)</sup> | 4876 | 1531942 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc. <sup>(a)</sup> | 8254 | 1270786 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 11205 | 930575 |
|  |  | 9088493 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Pharmaceuticals, Biotechnology & Life Sciences — 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Azenta, Inc. <sup>(a)</sup> | 31369 | $965538 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 23741 | 1221474 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> | 15883 | 826234 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. <sup>(a)</sup> | 1376 | 431871 |
| &nbsp;&nbsp;&nbsp;Repligen Corp. <sup>(a)</sup> | 8938 | 1111708 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc. <sup>(a)</sup> | 24087 | 651072 |
| &nbsp;&nbsp;&nbsp;Vericel Corp. <sup>(a)</sup> | 18276 | 777644 |
|  |  | 5985541 |
| **Industrials — 29.5%** |  |  |
| *Capital Goods — 23.5%* |  |  |
| &nbsp;&nbsp;&nbsp;AAR Corp. <sup>(a)</sup> | 10732 | 738254 |
| &nbsp;&nbsp;&nbsp;AZEK Co., Inc. (The) <sup>(a)</sup> | 13850 | 752748 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 2915 | 1088461 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 23498 | 358814 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 9810 | 1862821 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 1241 | 663798 |
| &nbsp;&nbsp;&nbsp;EnPro Industries, Inc. | 11686 | 2238453 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 20691 | 1083174 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 18914 | 1368806 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 8857 | 1389043 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 1871 | 593949 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>(a)</sup> | 5339 | 2054447 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 5312 | 770028 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 29386 | 1398480 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. - Class A | 27533 | 1418225 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 5213 | 809631 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc. <sup>(a)</sup> | 4467 | 749027 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 6680 | 663725 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 5533 | 1806912 |
|  |  | 21808796 |
| *Commercial & Professional Services — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 2173 | 1035869 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 14736 | 1700240 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | 16436 | 787942 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd. (Jersey) <sup>(a)</sup> | 14956 | 945817 |
|  |  | 4469868 |
| *Transportation — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. | 6747 | 370748 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. - Class A | 23750 | 793962 |
|  |  | 1164710 |
| **Information Technology — 14.8%** |  |  |
| *Semiconductors & Semiconductor Equipment — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. <sup>(a)</sup> | 29426 | 1006075 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. <sup>(a)</sup> | 3760 | 554074 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 8668 | 1338859 |
|  |  | 2899008 |
| *Software & Services — 7.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc. <sup>(a)</sup> | 16409 | 1881128 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)</sup> | 18604 | 1053358 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 50320 | 473511 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 5 |

---

<u>Segall Bryant & Hamill Small Cap Core Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Software & Services (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) (Canada) <sup>(a)</sup> | 11794 | $1198801 |
| &nbsp;&nbsp;&nbsp;Five9, Inc. <sup>(a)</sup> | 15163 | 401516 |
| &nbsp;&nbsp;&nbsp;Globant S.A. (Luxembourg) <sup>(a)</sup> | 2726 | 247630 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc. <sup>(a)</sup> | 9540 | 652727 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. <sup>(a)</sup> | 12757 | 1193928 |
|  |  | 7102599 |
| *Technology Hardware & Equipment — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 10400 | 1378000 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 1853 | 453892 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co. | 16418 | 884930 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 4368 | 990357 |
|  |  | 3707179 |
| **Materials — 8.7%** |  |  |
| *Materials — 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 9738 | 1523315 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 5033 | 1017220 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 74978 | 1698252 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 15428 | 325068 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp. <sup>(a)</sup> | 21163 | 911914 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 10971 | 870768 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 32597 | 1766105 |
|  |  | 8112642 |
| **Real Estate — 2.2%** |  |  |
| *Equity Real Estate Investment Trusts (REITs) — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 19675 | 946958 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 30335 | 1100554 |
|  |  | 2047512 |
| **Investments at Value — 93.3%** |  |  |
| **(Cost $70,713,756)** |  | $86729574 |
| **Other Assets in Excess of Liabilities — 6.7%** |  | 6185796 |
| **Net Assets — 100.0%** |  | $92915370 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 6 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill All Cap Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 98.4%** |  |  |
| **Communication Services — 6.4%** |  |  |
| *Media & Entertainment — 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 17500 | $3104325 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 3917 | 2891099 |
|  |  | 5995424 |
| **Consumer Discretionary — 12.5%** |  |  |
| *Consumer Discretionary Distribution & Retail — 7.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 13489 | 2959352 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 2699 | 989561 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 18210 | 1641267 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 13485 | 1665263 |
|  |  | 7255443 |
| *Consumer Durables & Apparel — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. <sup>(a)</sup> | 10214 | 1052757 |
| *Consumer Services — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 24890 | 1397574 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC ADR (United Kingdom) | 9745 | 1123988 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 9781 | 896233 |
|  |  | 3417795 |
| **Consumer Staples — 3.8%** |  |  |
| *Food, Beverage & Tobacco — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 18514 | 1248584 |
| *Household & Personal Products — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc. <sup>(a)</sup> | 18437 | 1068056 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 13092 | 1258272 |
|  |  | 2326328 |
| **Energy — 3.2%** |  |  |
| *Energy — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 10400 | 1489176 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. (Canada) | 40913 | 1532192 |
|  |  | 3021368 |
| **Financials — 16.2%** |  |  |
| *Banks — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 11176 | 3240034 |
| *Financial Services — 7.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. - Class A | 10153 | 1758500 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 2668 | 1296034 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 12658 | 1131878 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 8466 | 3005853 |
|  |  | 7192265 |
| *Insurance — 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 19153 | 2380527 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 11787 | 2338069 |
|  |  | 4718596 |
| **Health Care — 11.2%** |  |  |
| *Health Care Equipment & Services — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)</sup> | 2859 | 1533396 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 2148 | 1574011 |
| &nbsp;&nbsp;&nbsp;STERIS PLC (Ireland) | 7043 | 1691870 |
|  |  | 4799277 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Health Care Equipment & Supplies — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. <sup>(a)</sup> | 13333 | $1432098 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) | 11933 | 849152 |
|  |  | 2281250 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 21425 | 1102316 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 2514 | 1019326 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 8363 | 1304210 |
|  |  | 3425852 |
| **Industrials — 13.5%** |  |  |
| *Capital Goods — 8.9%* |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 8078 | 1229795 |
| &nbsp;&nbsp;&nbsp;ATI, Inc. <sup>(a)</sup> | 25060 | 2163681 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 6143 | 1125582 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 6214 | 2349389 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 9812 | 1432748 |
|  |  | 8301195 |
| *Commercial & Professional Services — 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. <sup>(a)</sup> | 531 | 12537 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 2874 | 1370036 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 6875 | 1695443 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 35705 | 1283952 |
|  |  | 4361968 |
| **Information Technology — 28.9%** |  |  |
| *Semiconductors & Semiconductor Equipment — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 3993 | 950414 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 28020 | 2168748 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2584 | 1889886 |
|  |  | 5009048 |
| *Software & Services — 18.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 5890 | 1815003 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>(a)</sup> | 1021 | 1866347 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 2589 | 2039174 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 8963 | 4458286 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 11242 | 2300563 |
| &nbsp;&nbsp;&nbsp;SAP S.E. ADR (Germany) | 6701 | 2037774 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 2332 | 2397483 |
|  |  | 16914630 |
| *Technology Hardware & Equipment — 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 9915 | 2034261 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 11446 | 1171040 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 4550 | 1913093 |
|  |  | 5118394 |
| **Materials — 1.3%** |  |  |
| *Materials — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 6920 | 1214252 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 7 |

---

<u>Segall Bryant & Hamill All Cap Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Real Estate — 1.4%** |  |  |
| *Real Estate Management & Development — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | 9644 | $1351317 |
| **Investments at Value — 98.4%** |  |  |
| **(Cost $52,001,428)** |  | $92245777 |
| **Other Assets in Excess of Liabilities — 1.6%** |  | 1486836 |
| **Net Assets — 100.0%** |  | $93732613 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 8 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS —98.5%** |  |  |
| **Communication Services — 10.1%** |  |  |
| *Media & Entertainment — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Autohome, Inc. ADR (China) | 3000 | $77370 |
| &nbsp;&nbsp;&nbsp;Just Dial, Ltd. (India) <sup>(a)</sup> | 2864 | 31039 |
| &nbsp;&nbsp;&nbsp;Navneet Education, Ltd. (India) | 9937 | 16506 |
| &nbsp;&nbsp;&nbsp;NetDragon Websoft Holdings, Ltd. (China) | 238500 | 327032 |
| &nbsp;&nbsp;&nbsp;Sun TV Network, Ltd. (India) | 14224 | 99298 |
| &nbsp;&nbsp;&nbsp;Taiwan Optical Platform Co., Ltd. (Taiwan) | 6000 | 16544 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. (China) | 46300 | 2983365 |
| &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co., Ltd. - H Shares (China) | 183222 | 265957 |
| &nbsp;&nbsp;&nbsp;Zee Entertainment Enterprises, Ltd. (India) | 24187 | 41270 |
|  |  | 3858381 |
| *Telecommunication Services — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;America Movil S.A.B. de C.V. ADR (Mexico) | 3000 | 53820 |
| &nbsp;&nbsp;&nbsp;APT Satellite Holdings, Ltd. (China) | 545553 | 145250 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. (India) | 4525 | 106125 |
| &nbsp;&nbsp;&nbsp;China Tower Corp. Ltd. 144A (China) <sup>(b)</sup> | 96000 | 137633 |
| &nbsp;&nbsp;&nbsp;China United Network Communications, Ltd. - Class A (China) | 666200 | 496903 |
| &nbsp;&nbsp;&nbsp;Etihad Etisalat Co. (Saudi Arabia) | 32900 | 520176 |
| &nbsp;&nbsp;&nbsp;Indus Towers, Ltd. (India) <sup>(a)</sup> | 97471 | 478253 |
| &nbsp;&nbsp;&nbsp;KT Corp. ADR (South Korea) | 19100 | 396898 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. (South Korea) | 29898 | 315908 |
| &nbsp;&nbsp;&nbsp;Mobile Telecommunications Co. KSCP (Kuwait) | 23134 | 36585 |
| &nbsp;&nbsp;&nbsp;Ooredoo Q.P.S.C. (Qatar) | 67798 | 238310 |
| &nbsp;&nbsp;&nbsp;Taiwan Mobile Co., Ltd. (Taiwan) | 28000 | 110102 |
| &nbsp;&nbsp;&nbsp;Telekom Malaysia Bhd (Malaysia) | 38300 | 59585 |
| &nbsp;&nbsp;&nbsp;Telkom S.A. SOC, Ltd. (South Africa) | 93115 | 284638 |
| &nbsp;&nbsp;&nbsp;TIM S.A. ADR (Brazil) | 3400 | 68374 |
| &nbsp;&nbsp;&nbsp;Turk Telekomunikasyon A.S. (Turkey) <sup>(a)</sup> | 24394 | 36054 |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri A.S. ADR (Turkey) | 11000 | 66550 |
|  |  | 3551164 |
| **Consumer Discretionary — 13.3%** |  |  |
| *Automobiles & Components — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Tyres, Ltd. (India) | 11613 | 60795 |
| &nbsp;&nbsp;&nbsp;Astra Otoparts Tbk P.T. (Indonesia) | 268800 | 34119 |
| &nbsp;&nbsp;&nbsp;Automotive Axles, Ltd. (India) | 2653 | 55406 |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd. - H Shares (China) | 10500 | 163485 |
| &nbsp;&nbsp;&nbsp;CEAT, Ltd. (India) | 1606 | 69017 |
| &nbsp;&nbsp;&nbsp;FIEM Industries, Ltd. (India) | 9297 | 208910 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings, Ltd. (China) | 272000 | 555207 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor Co., Ltd. - H Shares (China) | 47500 | 73343 |
| &nbsp;&nbsp;&nbsp;Hankook Tire & Technology Co., Ltd. (South Korea) | 1358 | 39818 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp, Ltd. (India) | 5146 | 254346 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Automobiles & Components (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Hu Lane Associate, Inc. (Taiwan) | 6000 | $26940 |
| &nbsp;&nbsp;&nbsp;Huayu Automotive Systems Co., Ltd. - Class A (China) | 42400 | 104431 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 675 | 142918 |
| &nbsp;&nbsp;&nbsp;Kia Corp. (South Korea) | 4750 | 339215 |
| &nbsp;&nbsp;&nbsp;Maharashtra Scooters, Ltd. (India) | 316 | 53449 |
| &nbsp;&nbsp;&nbsp;Minth Group, Ltd. (China) | 124000 | 354907 |
| &nbsp;&nbsp;&nbsp;Nexteer Automotive Group, Ltd. (China) | 51000 | 37098 |
| &nbsp;&nbsp;&nbsp;Oriental Holdings Bhd (Malaysia) | 21500 | 34855 |
| &nbsp;&nbsp;&nbsp;Rane Holdings, Ltd. (India) | 8943 | 166013 |
| &nbsp;&nbsp;&nbsp;Samvardhana Motherson International, Ltd. (India) | 28566 | 51588 |
| &nbsp;&nbsp;&nbsp;SL Corp. (South Korea) | 1287 | 29657 |
| &nbsp;&nbsp;&nbsp;SNT Holdings Co., Ltd. (South Korea) | 1627 | 69715 |
| &nbsp;&nbsp;&nbsp;Tata Motors, Ltd. (India) | 41731 | 334916 |
| &nbsp;&nbsp;&nbsp;Thai Stanley Electric PCL (Thailand) | 17267 | 105927 |
| &nbsp;&nbsp;&nbsp;Tianneng Power International, Ltd. (China) | 422000 | 338563 |
| &nbsp;&nbsp;&nbsp;Tong Yang Industry Co., Ltd. (Taiwan) | 8000 | 26859 |
|  |  | 3731497 |
| *Consumer Discretionary Distribution & Retail — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. ADR (China) | 14870 | 1686407 |
| &nbsp;&nbsp;&nbsp;Bermaz Auto Bhd (Malaysia) | 192700 | 35462 |
| &nbsp;&nbsp;&nbsp;China Yongda Automobiles Services Holdings, Ltd. (China) | 129000 | 37015 |
| &nbsp;&nbsp;&nbsp;Dogus Otomotiv Servis ve Ticaret A.S. (Turkey) | 7328 | 32071 |
| &nbsp;&nbsp;&nbsp;Italtile, Ltd. (South Africa) | 83545 | 47191 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. (China) | 33350 | 544682 |
| &nbsp;&nbsp;&nbsp;MBM Resources Bhd (Malaysia) | 34500 | 38082 |
| &nbsp;&nbsp;&nbsp;Naspers, Ltd. - N Shares (South Africa) | 674 | 210300 |
| &nbsp;&nbsp;&nbsp;Organizacion Terpel S.A. (Colombia) | 12336 | 37089 |
| &nbsp;&nbsp;&nbsp;Padini Holdings Bhd (Malaysia) | 77200 | 38481 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings, Ltd. ADR (China) | 35300 | 531265 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings, Ltd. (China) | 27500 | 42534 |
|  |  | 3280579 |
| *Consumer Durables & Apparel — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;361 Degrees International, Ltd. (China) | 602000 | 383440 |
| &nbsp;&nbsp;&nbsp;AmTRAN Technology Co., Ltd. (Taiwan) | 60000 | 28749 |
| &nbsp;&nbsp;&nbsp;Coway Co., Ltd. (South Korea) | 1069 | 76239 |
| &nbsp;&nbsp;&nbsp;Cuckoo Holdings Co., Ltd. (South Korea) | 2227 | 48830 |
| &nbsp;&nbsp;&nbsp;Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Brazil) | 11800 | 56784 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances, Inc. of Zhuhai - Class A (China) | 116400 | 730187 |
| &nbsp;&nbsp;&nbsp;Pou Chen Corp. (Taiwan) | 88000 | 93246 |
| &nbsp;&nbsp;&nbsp;Q TECHNOLOGY (Group) Co., Ltd. (China) | 37000 | 39239 |
| &nbsp;&nbsp;&nbsp;Raymond, Ltd. (India) <sup>(a)</sup> | 9704 | 80347 |
| &nbsp;&nbsp;&nbsp;Siyaram Silk Mills, Ltd. (India) | 16179 | 133337 |
| &nbsp;&nbsp;&nbsp;TCL Electronics Holdings, Ltd. (China) | 258000 | 314601 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 9 |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Consumer Durables & Apparel (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;TCL Technology Group Corp. - Class A (China) | 242300 | $146479 |
| &nbsp;&nbsp;&nbsp;Topkey Corp. (Taiwan) | 6000 | 38513 |
| &nbsp;&nbsp;&nbsp;Welspun India, Ltd. (India) | 41219 | 68948 |
| &nbsp;&nbsp;&nbsp;Xtep International Holdings, Ltd. (China) | 59000 | 42416 |
|  |  | 2281355 |
| *Consumer Services — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Cogna Educacao S.A. (Brazil) | 78000 | 40191 |
| &nbsp;&nbsp;&nbsp;DoubleUGames Co., Ltd. (South Korea) | 971 | 40917 |
| &nbsp;&nbsp;&nbsp;Rainbow Tours S.A. (Poland) | 6089 | 230609 |
| &nbsp;&nbsp;&nbsp;Sports Toto Bhd (Malaysia) | 114300 | 35271 |
| &nbsp;&nbsp;&nbsp;Sun International, Ltd. (South Africa) | 31267 | 77024 |
| &nbsp;&nbsp;&nbsp;TravelSky Technology, Ltd. - H Shares (China) | 31000 | 41551 |
| &nbsp;&nbsp;&nbsp;YDUQS Participacoes S.A. (Brazil) | 14600 | 44304 |
|  |  | 509867 |
| **Consumer Staples — 4.3%** |  |  |
| *Consumer Staples Distribution & Retail — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Cosco Capital, Inc. (Philippines) | 146912 | 18319 |
| &nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. (Philippines) | 63100 | 40348 |
|  |  | 58667 |
| *Food, Beverage & Tobacco — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Alicorp S.A.A. (Peru) | 15555 | 41924 |
| &nbsp;&nbsp;&nbsp;Anhui Gujing Distillery Co., Ltd. - Class B (China) | 3600 | 48179 |
| &nbsp;&nbsp;&nbsp;Avanti Feeds, Ltd. (India) | 45600 | 389980 |
| &nbsp;&nbsp;&nbsp;Binggrae Co., Ltd. (South Korea) | 671 | 42051 |
| &nbsp;&nbsp;&nbsp;Bombay Burmah Trading Co. (India) | 1460 | 34199 |
| &nbsp;&nbsp;&nbsp;China Feihe, Ltd. 144A (China) <sup>(b)</sup> | 835000 | 609084 |
| &nbsp;&nbsp;&nbsp;China Foods, Ltd. (China) | 80000 | 31303 |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co., Ltd. (China) | 60000 | 123673 |
| &nbsp;&nbsp;&nbsp;CIA Cervecerias Unidas S.A. ADR (Chile) | 2600 | 33592 |
| &nbsp;&nbsp;&nbsp;Dalmia Bharat Sugar & Industries, Ltd. (India) | 7513 | 35479 |
| &nbsp;&nbsp;&nbsp;GFPT Public Co., Ltd. (Thailand) | 119800 | 32513 |
| &nbsp;&nbsp;&nbsp;Gruma S.A.B. de C.V. - Class B (Mexico) | 7375 | 127174 |
| &nbsp;&nbsp;&nbsp;Grupo Herdez S.A.B. de C.V. (Mexico) | 66600 | 199433 |
| &nbsp;&nbsp;&nbsp;Guan Chong Bhd (Malaysia) | 102900 | 30282 |
| &nbsp;&nbsp;&nbsp;Hap Seng Plantations Holdings Bhd (Malaysia) | 71100 | 30377 |
| &nbsp;&nbsp;&nbsp;Heineken Malaysia Bhd (Malaysia) | 5700 | 34095 |
| &nbsp;&nbsp;&nbsp;Hey Song Corp. (Taiwan) | 50000 | 68326 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk P.T. (Indonesia) | 142600 | 71417 |
| &nbsp;&nbsp;&nbsp;Japfa Comfeed Indonesia Tbk P.T. (Indonesia) | 279200 | 26065 |
| &nbsp;&nbsp;&nbsp;JBS N.V. (Brazil) <sup>(a)</sup> | 12700 | 185547 |
| &nbsp;&nbsp;&nbsp;Kaveri Seed Co., Ltd. (India) | 16078 | 221090 |
| &nbsp;&nbsp;&nbsp;KRBL, Ltd. (India) | 8722 | 37217 |
| &nbsp;&nbsp;&nbsp;Orion Corp. / Republic of Korea (South Korea) | 484 | 38868 |
| &nbsp;&nbsp;&nbsp;PT Salim Ivomas Pratama Tbk P.T. (Indonesia) | 1466400 | 46066 |
| &nbsp;&nbsp;&nbsp;RCL Foods, Ltd. (South Africa) | 83639 | 51969 |
| &nbsp;&nbsp;&nbsp;RFG Holdings, Ltd. (South Africa) | 48750 | 46708 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Food, Beverage & Tobacco (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Samyang Holdings Corp. (South Korea) | 1820 | $117331 |
| &nbsp;&nbsp;&nbsp;Sarawak Oil Palms Bhd (Malaysia) | 150600 | 110440 |
| &nbsp;&nbsp;&nbsp;Thai Vegetable Oil PCL (Thailand) | 125100 | 82133 |
| &nbsp;&nbsp;&nbsp;Thaifoods Group PCL (Thailand) | 793500 | 111192 |
| &nbsp;&nbsp;&nbsp;Tingyi Holding Corp. (China) | 44000 | 64593 |
|  |  | 3122300 |
| **Energy — 3.4%** |  |  |
| *Energy — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;3R Petroleum Oleo e Gas S.A. (Brazil) <sup>(a)</sup> | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Adaro Andalan Indonesia P.T. (Indonesia) <sup>(a)</sup> | 73547 | 30584 |
| &nbsp;&nbsp;&nbsp;Banpu PCL (Thailand) | 264700 | 32836 |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum Corp., Ltd. (India) | 28005 | 108486 |
| &nbsp;&nbsp;&nbsp;Coal India, Ltd. (India) | 71469 | 326941 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Energy Transportation Co., Ltd. - H Shares (China) | 24000 | 19930 |
| &nbsp;&nbsp;&nbsp;E1 Corp. (South Korea) | 666 | 38850 |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC (Russia) \*<sup>(a)(c)</sup> | 101150 | 0 |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum Corp., Ltd. (India) | 23540 | 120342 |
| &nbsp;&nbsp;&nbsp;Indian Oil Corp., Ltd. (India) | 66738 | 114459 |
| &nbsp;&nbsp;&nbsp;Indika Energy Tbk P.T. (Indonesia) | 397600 | 33618 |
| &nbsp;&nbsp;&nbsp;Indo Tambangraya Megah Tbk P.T. (Indonesia) | 25400 | 34423 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Dian Tou Energy Corp., Ltd. (China) | 26200 | 72291 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yitai Coal Co., Ltd. - Class B (China) | 32400 | 64209 |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC ADR (Russia) \*<sup>(a)(c)</sup> | 2253 | 0 |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas plc (Hungary) | 4218 | 36747 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp., Ltd. (India) | 121620 | 346522 |
| &nbsp;&nbsp;&nbsp;ORLEN S.A. (Poland) | 1743 | 39728 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. - H Shares (China) | 254000 | 218891 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. ADR (Brazil) | 24700 | 308997 |
| &nbsp;&nbsp;&nbsp;Petronet LNG, Ltd. (India) | 41150 | 144950 |
| &nbsp;&nbsp;&nbsp;Reliance Industries, Ltd. 144A (India) <sup>(b)</sup> | 2435 | 169797 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil Co. PJSC (Russia) \*<sup>(a)(c)</sup> | 16950 | 0 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. (Saudi Arabia) <sup>(d)</sup> | 27858 | 180624 |
| &nbsp;&nbsp;&nbsp;United Tractors Tbk P.T. (Indonesia) | 64600 | 85358 |
|  |  | 2528585 |
| **Financials — 24.3%** |  |  |
| *Banks — 18.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group, Ltd. (South Africa) | 24557 | 244429 |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Ltd. - H Shares (China) | 304000 | 217243 |
| &nbsp;&nbsp;&nbsp;Albaraka Turk Katilim Bankasi A.S. (Turkey) | 184875 | 37994 |
| &nbsp;&nbsp;&nbsp;Alior Bank S.A. (Poland) | 2317 | 60920 |
| &nbsp;&nbsp;&nbsp;Alpha Bank S.A. (Greece) | 27851 | 98085 |
| &nbsp;&nbsp;&nbsp;AMMB Holdings Bhd (Malaysia) | 82900 | 100383 |
| &nbsp;&nbsp;&nbsp;Arab National Bank (Saudi Arabia) | 64669 | 374477 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco S.A. (Brazil) | 19500 | 52068 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco S.A. ADR (Brazil) | 49200 | 152028 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil S.A. (Brazil) | 115800 | 470735 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 10 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Banks (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Bank PCL (Thailand) | 19100 | $81892 |
| &nbsp;&nbsp;&nbsp;Bank OCBC NISP Tbk P.T. (Indonesia) | 1143400 | 94753 |
| &nbsp;&nbsp;&nbsp;Bank of Baroda (India) | 105269 | 305572 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. - H Shares (China) | 1527000 | 888960 |
| &nbsp;&nbsp;&nbsp;Bank of Chongqing Co., Ltd. - H Shares (China) | 45000 | 46766 |
| &nbsp;&nbsp;&nbsp;Bank of Communications Co., Ltd. - H Shares (China) | 99000 | 92253 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou Co., Ltd. - Class A (China) | 45600 | 107085 |
| &nbsp;&nbsp;&nbsp;Bank of India (India) | 51560 | 71320 |
| &nbsp;&nbsp;&nbsp;Bank of Maharashtra (India) | 87225 | 58126 |
| &nbsp;&nbsp;&nbsp;Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk P.T. (Indonesia) | 1194500 | 59607 |
| &nbsp;&nbsp;&nbsp;Bank Pembangunan Daerah Jawa Timur Tbk P.T. (Indonesia) | 4432500 | 136536 |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki S.A. (Poland) | 4693 | 241727 |
| &nbsp;&nbsp;&nbsp;Bank Saint Petersburg PJSC (Russia) \*<sup>(a)(c)</sup> | 136120 | 0 |
| &nbsp;&nbsp;&nbsp;Banque Saudi Fransi (Saudi Arabia) | 42931 | 204402 |
| &nbsp;&nbsp;&nbsp;BNK Financial Group, Inc. (South Korea) | 4570 | 41980 |
| &nbsp;&nbsp;&nbsp;BNPP Bank Polska S.A. (Poland) | 2454 | 72477 |
| &nbsp;&nbsp;&nbsp;Canara Bank (India) | 219140 | 291990 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank Corp., Ltd. - H Shares (China) | 171000 | 163028 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. - H Shares (China) | 877000 | 887476 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank Co., Ltd. - H Shares (China) | 293000 | 146314 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank Co., Ltd. - H Shares (China) | 67000 | 56632 |
| &nbsp;&nbsp;&nbsp;City Union Bank, Ltd. (India) | 16692 | 42588 |
| &nbsp;&nbsp;&nbsp;Commercial Bank P.S.Q.C. (The) (Qatar) | 155582 | 194400 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co., Ltd. (Taiwan) | 585000 | 874900 |
| &nbsp;&nbsp;&nbsp;DCB Bank, Ltd. (India) | 27041 | 45805 |
| &nbsp;&nbsp;&nbsp;DGB Financial Group, Inc. (South Korea) | 4574 | 42396 |
| &nbsp;&nbsp;&nbsp;East West Banking Corp. (Philippines) | 158200 | 30689 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC (United Arab Emirates) | 59352 | 368445 |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings S.A. (Greece) | 38930 | 134075 |
| &nbsp;&nbsp;&nbsp;Faisal Islamic Bank of Egypt (Egypt) | 46711 | 29733 |
| &nbsp;&nbsp;&nbsp;Grupo Cibest S.A. ADR (Colombia) | 3800 | 175522 |
| &nbsp;&nbsp;&nbsp;Haci Omer Sabanci Holding A.S. (Turkey) | 15036 | 33868 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. ADR (India) | 8400 | 644028 |
| &nbsp;&nbsp;&nbsp;Hong Leong Financial Group Bhd (Malaysia) | 25200 | 99306 |
| &nbsp;&nbsp;&nbsp;Housing & Development Bank (Egypt) | 32964 | 41836 |
| &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings Co., Ltd. (Taiwan) | 100000 | 92975 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank Co., Ltd. - Class A (China) | 40200 | 44396 |
| &nbsp;&nbsp;&nbsp;Huishang Bank Corp., Ltd. - H Shares (China) | 75384 | 37068 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. ADR (India) | 1200 | 40368 |
| &nbsp;&nbsp;&nbsp;IDBI Bank, Ltd. (India) | 54906 | 66262 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Banks (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Indian Bank (India) | 41510 | $311674 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Ltd. - H Shares (China) | 577000 | 458170 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A. ADR (Brazil) | 51500 | 349685 |
| &nbsp;&nbsp;&nbsp;Itausa S.A. (Brazil) | 80042 | 161289 |
| &nbsp;&nbsp;&nbsp;JB Financial Group Co., Ltd. (South Korea) | 4981 | 75554 |
| &nbsp;&nbsp;&nbsp;Karur Vysya Bank, Ltd. (The) (India) | 86299 | 269345 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank PCL (Thailand) | 209400 | 137638 |
| &nbsp;&nbsp;&nbsp;National Bank of Kuwait S.A.K.P. (Kuwait) | 107370 | 350900 |
| &nbsp;&nbsp;&nbsp;Nedbank Group, Ltd. (South Africa) | 26078 | 358023 |
| &nbsp;&nbsp;&nbsp;Philippine National Bank (Philippines) | 65800 | 62294 |
| &nbsp;&nbsp;&nbsp;Ping An Bank Co., Ltd. (China) | 33000 | 55616 |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings S.A. (Greece) | 34084 | 236108 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski S.A. (Poland) | 3903 | 81558 |
| &nbsp;&nbsp;&nbsp;Punjab National Bank (India) | 66461 | 85686 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank QPSC (Qatar) | 6988 | 33299 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank S.A.E. (Egypt) | 55239 | 32121 |
| &nbsp;&nbsp;&nbsp;Regional S.A.B. de C.V. (Mexico) | 20000 | 165304 |
| &nbsp;&nbsp;&nbsp;RHB Bank Bhd (Malaysia) | 26000 | 38876 |
| &nbsp;&nbsp;&nbsp;Riyad Bank (Saudi Arabia) | 33809 | 258989 |
| &nbsp;&nbsp;&nbsp;Saudi Awwal Bank (Saudi Arabia) | 35101 | 315297 |
| &nbsp;&nbsp;&nbsp;Saudi Investment Bank (The) (Saudi Arabia) | 86082 | 333245 |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC (Russia) \*<sup>(a)(c)</sup> | 19830 | 0 |
| &nbsp;&nbsp;&nbsp;Security Bank Corp. (Philippines) | 26880 | 32800 |
| &nbsp;&nbsp;&nbsp;Shanghai Rural Commercial Bank Co., Ltd. (China) | 33800 | 45766 |
| &nbsp;&nbsp;&nbsp;South Indian Bank, Ltd. (The) (India) | 113024 | 40595 |
| &nbsp;&nbsp;&nbsp;State Bank of India (India) | 23258 | 222565 |
| &nbsp;&nbsp;&nbsp;Taishin Financial Holding Co., Ltd. (Taiwan) | 161000 | 86782 |
| &nbsp;&nbsp;&nbsp;Turkiye Sinai Kalkinma Bankasi A.S. (Turkey) <sup>(a)</sup> | 101252 | 31760 |
| &nbsp;&nbsp;&nbsp;Union Bank of India, Ltd. (India) | 102542 | 183764 |
| &nbsp;&nbsp;&nbsp;VTB Bank PJSC (Russia) \*<sup>(a)(c)</sup> | 67952 | 0 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. (South Korea) | 10786 | 179118 |
|  |  | 13889739 |
| *Financial Services — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment, Ltd. (India) | 373 | 62611 |
| &nbsp;&nbsp;&nbsp;BFI Finance Indonesia Tbk P.T. (Indonesia) | 1253800 | 62953 |
| &nbsp;&nbsp;&nbsp;Capital Futures Corp. (Taiwan) | 26453 | 43025 |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co., Ltd. (Taiwan) | 21535 | 93206 |
| &nbsp;&nbsp;&nbsp;Daou Technology, Inc. (South Korea) | 2035 | 51501 |
| &nbsp;&nbsp;&nbsp;Edelweiss Financial Services, Ltd. (India) | 29934 | 40520 |
| &nbsp;&nbsp;&nbsp;Gentera S.A.B. de C.V. (Mexico) | 128400 | 274276 |
| &nbsp;&nbsp;&nbsp;JM Financial, Ltd. (India) | 28786 | 53531 |
| &nbsp;&nbsp;&nbsp;KIWOOM Securities Co., Ltd. (South Korea) | 340 | 57393 |
| &nbsp;&nbsp;&nbsp;Korea Investment Holdings Co., Ltd. (South Korea) | 560 | 57675 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 11 |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Financial Services (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Kyobo Securities Co., Ltd. (South Korea) | 5503 | $34492 |
| &nbsp;&nbsp;&nbsp;LIC Housing Finance, Ltd. (India) | 8032 | 58034 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance, Ltd. (India) | 3924 | 120207 |
| &nbsp;&nbsp;&nbsp;Power Finance Corp., Ltd. (India) | 91849 | 458421 |
| &nbsp;&nbsp;&nbsp;Qifu Technology, Inc. ADR (China) | 1900 | 82384 |
| &nbsp;&nbsp;&nbsp;REC, Ltd. (India) | 84235 | 395934 |
| &nbsp;&nbsp;&nbsp;Samsung Securities Co., Ltd. (South Korea) | 1012 | 54933 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, Ltd. (India) | 20635 | 170223 |
| &nbsp;&nbsp;&nbsp;Yuanta Securities Korea Co., Ltd. (South Korea) | 15541 | 42446 |
|  |  | 2213765 |
| *Insurance — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Allianz Malaysia Bhd (Malaysia) | 7696 | 34924 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes S.A. (Brazil) | 13500 | 89112 |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding Co., Ltd. (Taiwan) | 100000 | 215100 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd. - H Shares (China) | 39000 | 94106 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Co., Ltd. - H Shares (China) | 25000 | 86009 |
| &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings Co., Ltd. (China) | 23000 | 45012 |
| &nbsp;&nbsp;&nbsp;DB Insurance Co., Ltd. (South Korea) | 2249 | 204823 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holdings Co., Ltd. (Taiwan) | 88200 | 263939 |
| &nbsp;&nbsp;&nbsp;Hanwha General Insurance Co., Ltd. (South Korea) <sup>(a)</sup> | 8465 | 35975 |
| &nbsp;&nbsp;&nbsp;Momentum Metropolitan Holdings (South Africa) | 39273 | 76068 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance Co., Ltd. - H Shares (China) | 18100 | 99111 |
| &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China, Ltd. (The) - H Shares (China) | 97000 | 74040 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. - H Shares (China) | 28000 | 54409 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd. - H Shares (China) | 43000 | 274482 |
| &nbsp;&nbsp;&nbsp;Syarikat Takaful Malaysia Keluarga Bhd (Malaysia) | 44200 | 35793 |
| &nbsp;&nbsp;&nbsp;Taiwan Fire & Marine Insurance Co., Ltd. (Taiwan) | 60000 | 64798 |
|  |  | 1747701 |
| **Health Care — 3.0%** |  |  |
| *Health Care Equipment & Services — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Medical Holdings Co., Ltd. (China) | 321500 | 168117 |
| &nbsp;&nbsp;&nbsp;Excelsior Medical Co., Ltd. (Taiwan) | 17000 | 49207 |
| &nbsp;&nbsp;&nbsp;Life Healthcare Group Hooldings, Ltd. (South Africa) | 88407 | 71311 |
|  |  | 288635 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Aarti Drugs, Ltd. (India) | 28767 | 153783 |
| &nbsp;&nbsp;&nbsp;Caplin Point Laboratories, Ltd. (India) | 1367 | 33784 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Pharmaceuticals, Biotechnology & Life Sciences (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Consun Pharmaceutical Group, Ltd. (China) | 370492 | $534985 |
| &nbsp;&nbsp;&nbsp;Daewoong Co., Ltd. (South Korea) | 7699 | 130829 |
| &nbsp;&nbsp;&nbsp;Dong-A Socio Holdings Co., Ltd. (South Korea) | 1619 | 133999 |
| &nbsp;&nbsp;&nbsp;Lupin, Ltd. (India) | 9463 | 214089 |
| &nbsp;&nbsp;&nbsp;Strides Pharma Science, Ltd. (India) | 32979 | 346232 |
| &nbsp;&nbsp;&nbsp;Tempo Scan Pacific Tbk P.T. (Indonesia) | 209600 | 30216 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd. 144A (China) <sup>(b)</sup> | 25400 | 255533 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd. (China) | 8600 | 83552 |
|  |  | 1917002 |
| **Industrials — 6.6%** |  |  |
| *Capital Goods — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;AntarChile S.A. (Chile) | 3847 | 30763 |
| &nbsp;&nbsp;&nbsp;Ashok Leyland, Ltd. (India) | 74189 | 217250 |
| &nbsp;&nbsp;&nbsp;Astra International Tbk P.T. (Indonesia) | 502400 | 139349 |
| &nbsp;&nbsp;&nbsp;CITIC, Ltd. (China) | 75000 | 103265 |
| &nbsp;&nbsp;&nbsp;FSP Technology, Inc. (Taiwan) | 47000 | 90044 |
| &nbsp;&nbsp;&nbsp;Graphite India, Ltd. (India) | 8814 | 58253 |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (South Korea) | 463 | 124783 |
| &nbsp;&nbsp;&nbsp;Hyundai GF Holdings (South Korea) | 16897 | 111807 |
| &nbsp;&nbsp;&nbsp;Iochpe-Maxion S.A. (Brazil) | 14900 | 36605 |
| &nbsp;&nbsp;&nbsp;ITD Cementation India, Ltd. (India) | 7401 | 80705 |
| &nbsp;&nbsp;&nbsp;Korea Electric Terminal Co., Ltd. (South Korea) | 966 | 46484 |
| &nbsp;&nbsp;&nbsp;LT Group, Inc. (Philippines) | 193000 | 44085 |
| &nbsp;&nbsp;&nbsp;LX Hausys, Ltd. (South Korea) | 1809 | 40542 |
| &nbsp;&nbsp;&nbsp;Raubex Group, Ltd. (South Africa) | 46638 | 117231 |
| &nbsp;&nbsp;&nbsp;Sinopec Engineering Group Co., Ltd. - H Shares (China) | 50000 | 38136 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong, Ltd. (China) | 66000 | 192792 |
| &nbsp;&nbsp;&nbsp;SK Square Co., Ltd. (South Korea) <sup>(a)</sup> | 1979 | 265472 |
| &nbsp;&nbsp;&nbsp;Skipper Ltd. (India) | 19327 | 114602 |
| &nbsp;&nbsp;&nbsp;Swaraj Engines, Ltd. (India) | 4128 | 190150 |
| &nbsp;&nbsp;&nbsp;Weichai Power Co., Ltd. - Class A (China) | 21100 | 45335 |
| &nbsp;&nbsp;&nbsp;Weichai Power Co., Ltd. - H Shares (China) | 36000 | 73297 |
| &nbsp;&nbsp;&nbsp;Yutong Bus Co., Ltd. (China) | 11000 | 38185 |
| &nbsp;&nbsp;&nbsp;Zhengzhou Coal Mining Machinery Group Co., Ltd. - H Shares (China) | 20000 | 37902 |
|  |  | 2237037 |
| *Commercial & Professional Services — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;NICE Information Service Co., Ltd. (South Korea) | 4176 | 50378 |
| &nbsp;&nbsp;&nbsp;Valid Solucoes S.A. (Brazil) | 27600 | 130074 |
|  |  | 180452 |
| *Transportation — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Aegean Airlines S.A. (Greece) | 4461 | 64228 |
| &nbsp;&nbsp;&nbsp;Autohellas S.A. (Greece) | 2975 | 37284 |
| &nbsp;&nbsp;&nbsp;China Airlines, Ltd. (Taiwan) | 47000 | 34704 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co., Ltd. - Class A (China) | 106400 | 223543 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co., Ltd. - H Shares (China) | 68500 | 119253 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 12 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Transportation (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Eva Airways Corp. (Taiwan) | 103000 | $140488 |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Corp. Taiwan, Ltd. (Taiwan) | 21200 | 144261 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis Co., Ltd. (South Korea) | 4872 | 484106 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation, Ltd. 144A (India) <sup>(b)</sup> | 3331 | 232406 |
| &nbsp;&nbsp;&nbsp;JD Logistics, Inc. 144A (China) <sup>(a)(b)</sup> | 32600 | 54806 |
| &nbsp;&nbsp;&nbsp;Korean Air Lines Co., Ltd. (South Korea) | 18160 | 306175 |
| &nbsp;&nbsp;&nbsp;Latam Airlines Group S.A. ADR (Chile) | 2900 | 117856 |
| &nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura S.A.B. de C.V. (Mexico) | 3105 | 35014 |
| &nbsp;&nbsp;&nbsp;Regional Container Lines PCL (Thailand) | 45100 | 35813 |
| &nbsp;&nbsp;&nbsp;Tianjin Port Development Holdings, Ltd. (China) | 210471 | 17461 |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO (Turkey) | 17374 | 123776 |
| &nbsp;&nbsp;&nbsp;VRL Logistics, Ltd. (India) | 11070 | 74594 |
| &nbsp;&nbsp;&nbsp;Wan Hai Lines, Ltd. (Taiwan) | 22000 | 66856 |
| &nbsp;&nbsp;&nbsp;Yang Ming Marine Transport Corp. (Taiwan) | 35000 | 85022 |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway Co., Ltd. - H Shares (China) | 44160 | 40670 |
|  |  | 2438316 |
| **Information Technology — 23.3%** |  |  |
| *Semiconductors & Semiconductor Equipment — 14.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Ardentec Corp. (Taiwan) | 28000 | 72679 |
| &nbsp;&nbsp;&nbsp;Chipbond Technology Corp. (Taiwan) | 33000 | 60314 |
| &nbsp;&nbsp;&nbsp;DB HiTek Co., Ltd. (South Korea) | 1110 | 38368 |
| &nbsp;&nbsp;&nbsp;Everlight Electronics Co., Ltd. (Taiwan) | 26000 | 62454 |
| &nbsp;&nbsp;&nbsp;Fitipower Integrated Technology, Inc. (Taiwan) | 10000 | 74730 |
| &nbsp;&nbsp;&nbsp;Foxsemicon Integrated Technology, Inc. (Taiwan) | 9000 | 91561 |
| &nbsp;&nbsp;&nbsp;King Yuan Electronics Co., Ltd. (Taiwan) | 22000 | 76749 |
| &nbsp;&nbsp;&nbsp;LX Semicon Co., Ltd. (South Korea) | 7828 | 373598 |
| &nbsp;&nbsp;&nbsp;Pixart Imaging, Inc. (Taiwan) | 10000 | 78554 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor Corp. (Taiwan) | 16000 | 310513 |
| &nbsp;&nbsp;&nbsp;Sino-American Silicon Products, Inc. (Taiwan) | 11000 | 34392 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. (South Korea) | 7564 | 1626697 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan) | 32180 | 7288448 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. (Taiwan) | 225000 | 339123 |
|  |  | 10528180 |
| *Software & Services — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. ADR (India) | 46600 | 863498 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd. ADR (India) | 53800 | 162476 |
|  |  | 1025974 |
| *Technology Hardware & Equipment — 7.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Arcadyan Technology Corp. (Taiwan) | 10000 | 68619 |
| &nbsp;&nbsp;&nbsp;ASUSTek Computer, Inc. (Taiwan) | 10000 | 220915 |
| &nbsp;&nbsp;&nbsp;Catcher Technology Co., Ltd. (Taiwan) | 15000 | 108841 |
| &nbsp;&nbsp;&nbsp;CMC Magnetics Corp. (Taiwan) | 221000 | 60604 |
| &nbsp;&nbsp;&nbsp;Compeq Manufacturing Co., Ltd. (Taiwan) | 33000 | 65371 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Technology Hardware & Equipment (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Darfon Electronics Corp. (Taiwan) | 57000 | $65639 |
| &nbsp;&nbsp;&nbsp;Gemtek Technology Corp. (Taiwan) | 80000 | 71771 |
| &nbsp;&nbsp;&nbsp;IEI Integration Corp. (Taiwan) | 25000 | 66868 |
| &nbsp;&nbsp;&nbsp;Innolux Corp. (Taiwan) | 220000 | 88057 |
| &nbsp;&nbsp;&nbsp;Kingboard Holdings, Ltd. (China) | 123000 | 394045 |
| &nbsp;&nbsp;&nbsp;Largan Precision Co., Ltd. (Taiwan) | 4000 | 326447 |
| &nbsp;&nbsp;&nbsp;Lenovo Group, Ltd. (China) | 290000 | 350375 |
| &nbsp;&nbsp;&nbsp;Primax Electronics, Ltd. (Taiwan) | 36000 | 89824 |
| &nbsp;&nbsp;&nbsp;Redington, Ltd. (India) | 136419 | 517884 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (South Korea) | 22579 | 996516 |
| &nbsp;&nbsp;&nbsp;Sercomm Corp. (Taiwan) | 20000 | 65017 |
| &nbsp;&nbsp;&nbsp;Simplo Technology Co., Ltd. (Taiwan) | 7000 | 92228 |
| &nbsp;&nbsp;&nbsp;SKP Resources Bhd (Malaysia) | 634200 | 155105 |
| &nbsp;&nbsp;&nbsp;Sunrex Technology Corp. (Taiwan) | 36000 | 55361 |
| &nbsp;&nbsp;&nbsp;Taiwan Surface Mounting Technology Corp. (Taiwan) | 24000 | 85489 |
| &nbsp;&nbsp;&nbsp;Tong Hsing Electronic Industries, Ltd. (Taiwan) | 20000 | 73289 |
| &nbsp;&nbsp;&nbsp;Tripod Technology Corp. (Taiwan) | 15000 | 127164 |
| &nbsp;&nbsp;&nbsp;Wah Lee Industrial Corp. (Taiwan) | 16000 | 51824 |
| &nbsp;&nbsp;&nbsp;Wasion Holdings, Ltd. (China) | 350000 | 372833 |
| &nbsp;&nbsp;&nbsp;Weikeng Industrial Co., Ltd. (Taiwan) | 88000 | 100328 |
| &nbsp;&nbsp;&nbsp;Wistron Corp. (Taiwan) | 47000 | 197599 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp. 144A (China) <sup>(a)(b)</sup> | 43400 | 334081 |
| &nbsp;&nbsp;&nbsp;Yageo Corp. (Taiwan) | 17000 | 281894 |
| &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holdings, Ltd. (Taiwan) | 26000 | 89412 |
|  |  | 5573400 |
| **Materials — 5.8%** |  |  |
| *Materials — 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Akcansa Cimento A/S (Turkey) | 7290 | 24321 |
| &nbsp;&nbsp;&nbsp;Aluminum Corp. of China, Ltd. - H Shares (China) | 112000 | 75722 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC (South Africa) | 9922 | 453258 |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement Co., Ltd. - H Shares (China) | 19000 | 48403 |
| &nbsp;&nbsp;&nbsp;Apex Mining Co., Inc. (Philippines) | 307000 | 33875 |
| &nbsp;&nbsp;&nbsp;Chambal Fertilisers and Chemicals, Ltd. (India) | 9463 | 62409 |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group, Ltd. (China) | 81000 | 186511 |
| &nbsp;&nbsp;&nbsp;China Lumena New Materials Corp. (China) <sup>(a)(c)</sup> | 1700 | 0 |
| &nbsp;&nbsp;&nbsp;China Metal Products Co., Ltd. (Taiwan) | 36000 | 32537 |
| &nbsp;&nbsp;&nbsp;China National Building Material Co., Ltd. - H Shares (China) | 72000 | 34462 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Ltd. - H Shares (China) | 51000 | 52049 |
| &nbsp;&nbsp;&nbsp;Dongkuk Holdings Co., Ltd. (South Korea) | 10287 | 59814 |
| &nbsp;&nbsp;&nbsp;Dongyue Group, Ltd. (China) | 30000 | 40094 |
| &nbsp;&nbsp;&nbsp;Egypt Aluminium (Egypt) | 12176 | 38872 |
| &nbsp;&nbsp;&nbsp;Gloria Material Technology Corp. (Taiwan) | 26000 | 30812 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. ADR (South Africa) | 8100 | 191727 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico S.A.B de C.V. - Class B (Mexico) | 58200 | 352466 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 13 |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Materials (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Gulf Oil Lubricants India, Ltd. (India) | 4999 | $73648 |
| &nbsp;&nbsp;&nbsp;Hanil Holdings Co., Ltd. (South Korea) | 7551 | 99186 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd. ADR (South Africa) | 5800 | 81026 |
| &nbsp;&nbsp;&nbsp;HDC Holdings Co., Ltd. (South Korea) | 2822 | 48993 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries, Ltd. (India) | 18404 | 148953 |
| &nbsp;&nbsp;&nbsp;Insecticides India, Ltd. (India) | 3361 | 37933 |
| &nbsp;&nbsp;&nbsp;Jaya Tiasa Holdings Bhd (Malaysia) | 89600 | 23418 |
| &nbsp;&nbsp;&nbsp;Magnitogorsk Iron & Steel Works PJSC (Russia) \*<sup>(a)(c)</sup> | 194390 | 0 |
| &nbsp;&nbsp;&nbsp;Malayan Cement Bhd (Malaysia) | 31300 | 37315 |
| &nbsp;&nbsp;&nbsp;Mineros S.A. (Colombia) | 22382 | 39390 |
| &nbsp;&nbsp;&nbsp;National Aluminium Co., Ltd. (India) | 22172 | 49983 |
| &nbsp;&nbsp;&nbsp;NMDC, Ltd. (India) | 452568 | 369810 |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC (Russia) \*<sup>(a)(c)(d)</sup> | 2870 | 0 |
| &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients Co. (Saudi Arabia) | 6736 | 192598 |
| &nbsp;&nbsp;&nbsp;San Fang Chemical Industry Co., Ltd. (Taiwan) | 24000 | 31187 |
| &nbsp;&nbsp;&nbsp;Satellite Chemical Co., Ltd. (China) | 13300 | 32207 |
| &nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum Co., Ltd. (China) | 180700 | 96629 |
| &nbsp;&nbsp;&nbsp;Siam City Cement PCL (Thailand) | 8200 | 36029 |
| &nbsp;&nbsp;&nbsp;Sinofert Holdings, Ltd. (China) | 228000 | 37256 |
| &nbsp;&nbsp;&nbsp;SK Discovery Co., Ltd. (South Korea) | 1065 | 46204 |
| &nbsp;&nbsp;&nbsp;Steel Authority of India, Ltd. (India) | 36367 | 56061 |
| &nbsp;&nbsp;&nbsp;Styrenix Performance Materials, Ltd. (India) | 1259 | 47308 |
| &nbsp;&nbsp;&nbsp;Tata Steel, Ltd. (India) | 92723 | 173003 |
| &nbsp;&nbsp;&nbsp;Universal Cement Corp. (Taiwan) | 37000 | 35256 |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. (India) | 6704 | 51732 |
| &nbsp;&nbsp;&nbsp;Vale S.A. ADR (Brazil) | 25974 | 252208 |
| &nbsp;&nbsp;&nbsp;Vedanta, Ltd. (India) | 19482 | 104942 |
| &nbsp;&nbsp;&nbsp;YC INOX Co., Ltd. (Taiwan) | 51000 | 38683 |
| &nbsp;&nbsp;&nbsp;Yem Chio Co., Ltd. (Taiwan) | 46000 | 24802 |
| &nbsp;&nbsp;&nbsp;YFY, Inc. (Taiwan) | 44000 | 34472 |
| &nbsp;&nbsp;&nbsp;Yung Chi Paint & Varnish Manufacturing Co., Ltd. (Taiwan) | 12000 | 31942 |
| &nbsp;&nbsp;&nbsp;Yunnan Aluminium Co., Ltd. - Class A (China) | 16100 | 35948 |
| &nbsp;&nbsp;&nbsp;Yunnan Yuntianhua Co., Ltd. - Class A (China) | 39300 | 120559 |
| &nbsp;&nbsp;&nbsp;Zhejiang NHU Co., Ltd. - Class A (China) | 10800 | 32073 |
|  |  | 4238086 |
| **Real Estate — 2.0%** |  |  |
| *Equity Real Estate Investment Trusts (REITs) — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Investec PCL (South Africa) | 73886 | 33889 |
| &nbsp;&nbsp;&nbsp;Sinpas Gayrimenkul Yatirim Ortakligi A.S. (Turkey) <sup>(a)</sup> | 334915 | 36505 |
| &nbsp;&nbsp;&nbsp;Torunlar Gayrimenkul Yatirim Ortakligi A/S (Turkey) | 23823 | 39996 |
| &nbsp;&nbsp;&nbsp;Yeni Gimat Gayrimenkul Ortakligi A.S. (Turkey) | 21598 | 44772 |
|  |  | 155162 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Real Estate Management & Development — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Alembic, Ltd. (India) | 51522 | $73236 |
| &nbsp;&nbsp;&nbsp;Amata Corp. PCL (Thailand) | 73300 | 31734 |
| &nbsp;&nbsp;&nbsp;Barwa Real Estate Co. (Qatar) | 67473 | 51458 |
| &nbsp;&nbsp;&nbsp;Concentradora Fibra Danhos S.A. de C.V. | <br>71, 600 | 93583 |
| &nbsp;&nbsp;&nbsp;Da-Li Development Co., Ltd. (Taiwan) | 21000 | 34755 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC (United Arab Emirates) | 163685 | 607180 |
| &nbsp;&nbsp;&nbsp;Matrix Concepts Holdings Bhd (Malaysia) | 110200 | 35087 |
| &nbsp;&nbsp;&nbsp;Megaworld Corp. (Philippines) | 1026000 | 35982 |
| &nbsp;&nbsp;&nbsp;OSK Holdings Bhd (Malaysia) | 132750 | 36928 |
| &nbsp;&nbsp;&nbsp;Poly Property Group Co., Ltd. (China) | 371000 | 71530 |
| &nbsp;&nbsp;&nbsp;Puradelta Lestari Tbk P.T. (Indonesia) | 3013700 | 25622 |
| &nbsp;&nbsp;&nbsp;Robinsons Land Corp. (Philippines) | 175400 | 42394 |
| &nbsp;&nbsp;&nbsp;Shanghai Industrial Urban Development Group, Ltd. (China) | 863941 | 34271 |
| &nbsp;&nbsp;&nbsp;Shui on Land, Ltd. (China) | 1198500 | 110033 |
| &nbsp;&nbsp;&nbsp;Sinyi Realty, Inc. (Taiwan) | 40000 | 34361 |
| &nbsp;&nbsp;&nbsp;Tomson Group Ltd. (China) | 108000 | 39067 |
|  |  | 1357221 |
| **Utilities — 2.4%** |  |  |
| *Utilities — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Jingneng Clean Energy Co., Ltd. - H Shares (China) | 302000 | 90857 |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas de Santa Catarina S.A. (Brazil) | 4400 | 83286 |
| &nbsp;&nbsp;&nbsp;China Datang Corp. Renewable Power Co., Ltd. - H Shares (China) | 297000 | 92378 |
| &nbsp;&nbsp;&nbsp;China Everbright Water, Ltd. (China) | 165600 | 31274 |
| &nbsp;&nbsp;&nbsp;Datang International Power Generation Co., Ltd. - H Shares (China) | 144000 | 36745 |
| &nbsp;&nbsp;&nbsp;Enea S.A. (Poland) | 7561 | 41036 |
| &nbsp;&nbsp;&nbsp;Engie Energia Chile S.A. (Chile) | 78208 | 109132 |
| &nbsp;&nbsp;&nbsp;GAIL India, Ltd. (India) <sup>(d)</sup> | 7281 | 97020 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment, Ltd. (China) | 172000 | 144124 |
| &nbsp;&nbsp;&nbsp;Indraprastha Gas, Ltd. (India) | 39451 | 100210 |
| &nbsp;&nbsp;&nbsp;Korea District Heating Corp. (South Korea) | 1418 | 87944 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. (South Korea) | 4381 | 126350 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. (India) | 23591 | 92157 |
| &nbsp;&nbsp;&nbsp;OGK-2 PJSC (Russia) \*<sup>(a)(c)</sup> | 5740000 | 0 |
| &nbsp;&nbsp;&nbsp;Perusahaan Gas Negara Tbk P.T. (Indonesia) | 862000 | 85803 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp. of India, Ltd. (India) | 68737 | 240338 |
| &nbsp;&nbsp;&nbsp;Rojana Industrial Park PCL (Thailand) | 203100 | 27308 |
| &nbsp;&nbsp;&nbsp;SGC Energy Co., Ltd. (South Korea) | 1686 | 30580 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia S.A. 144A (Poland) <sup>(a)(b)</sup> | 61847 | 144434 |
| &nbsp;&nbsp;&nbsp;Towngas China Co., Ltd. (China) | 187000 | 93906 |
|  |  | 1754882 |
| **Total Common Stocks (Cost $54,050,681)** |  | $72467947 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 14 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PREFERRED STOCKS — 1.3%** |  |  |
| **Energy — 0.5%** |  |  |
| *Energy — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. ADR, 4.81% (Brazil) | 29600 | $341584 |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC (Russia) \*<sup>(a)(c)</sup> | 541500 | 0 |
|  |  | 341584 |
| **Financials — 0.2%** |  |  |
| *Banks — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Banco ABC Brasil S.A. (Brazil) | 37575 | 154819 |
| **Information Technology — 0.4%** |  |  |
| *Technology Hardware & Equipment — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (South Korea) | 7031 | 257424 |
| **Materials — 0.1%** |  |  |
| *Materials — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Bradespar S.A. (Brazil) | 25600 | 73963 |
| **Utilities — 0.1%** |  |  |
| *Utilities — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento do Parana (Brazil) | 77400 | 107538 |
| **Total Preferred Stocks (Cost $1,069,701)** |  | 935328 |
| **WARRANT — 0.0% <sup>(e)</sup>** |  |  |
| **Consumer Staples — 0.0% <sup>(e)</sup>** |  |  |
| *Food — 0.0% <sup>(e)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Guan Chong Bhd - Warrant (Malaysia) (Cost $0) | 11025 | 575 |
| **Investments at Value — 99.8%** |  |  |
| **(Cost $55,213,635)** |  | $73403850 |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 141365 |
| **Net Assets — 100.0%** |  | $73545215 |

---

*\** *Security has been suspended from trading due to the ongoing conflict in Russia and Ukraine. As result, management made the decision to value the security at $0.* 

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

*<sup>(c)</sup>* *Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0.*

*<sup>(d)</sup>* *Security is considered a restricted security; however, such restriction has not resulted in an illiquid classification. The total value of these securities is $277,644, which represents 0.4% of net assets as of June 30, 2025.*

*<sup>(e)</sup>* *Percentage rounds to less than 0.1%.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net<br> Assets** |
| China | $20923103 | 28.4% |
| Taiwan | 14025471 | 19.1% |
| India | 13436643 | 18.3% |
| South Korea | 8101750 | 11.0% |
| Brazil | 3159193 | 4.3% |
| Saudi Arabia | 2379808 | 3.2% |
| South Africa | 2344792 | 3.2% |
| Mexico | 1301070 | 1.8% |
| Malaysia | 1044640 | 1.4% |
| Indonesia | 996489 | 1.4% |
| United Arab Emirates | 975625 | 1.3% |
| Poland | 912489 | 1.2% |
| Thailand | 715015 | 1.0% |
| Greece | 569780 | 0.8% |
| Qatar | 517467 | 0.7% |
| Turkey | 507667 | 0.7% |
| Kuwait | 387485 | 0.5% |
| Philippines | 340786 | 0.5% |
| Chile | 291343 | 0.4% |
| Colombia | 252001 | 0.3% |
| Egypt | 142562 | 0.2% |
| Peru | 41924 | 0.1% |
| Hungary | 36747 | 0.0% |
| Russia | 0 | 0.0% |
| Total Investments | $73403850 | 99.8% |
| Other Assets in Excess of Liabilities | 141365 | 0.2% |
| Net Assets | $73545215 | 100.0% |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 15 |

---

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.5%** |  |  |
| **Communication Services — 4.2%** |  |  |
| Media & Entertainment — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;CyberAgent, Inc. (Japan) | 12100 | $138225 |
| &nbsp;&nbsp;&nbsp;Future PLC (United Kingdom) | 20798 | 208763 |
| &nbsp;&nbsp;&nbsp;ITV PLC (United Kingdom) | 309625 | 350752 |
| &nbsp;&nbsp;&nbsp;MFE-MediaForEurope N.V. - Class A (Italy) | 80904 | 277530 |
| &nbsp;&nbsp;&nbsp;MIXI, Inc. (Japan) | 16200 | 391049 |
| &nbsp;&nbsp;&nbsp;Nine Entertainment Co. Holdings, Ltd. (Australia) | 82131 | 87826 |
| &nbsp;&nbsp;&nbsp;Nippon Television Holdings, Inc. (Japan) | 1800 | 41695 |
| &nbsp;&nbsp;&nbsp;Reach PLC (United Kingdom) | 249483 | 250661 |
| &nbsp;&nbsp;&nbsp;SKY Perfect JSAT Holdings, Inc. (Japan) | 21800 | 218388 |
| &nbsp;&nbsp;&nbsp;TV Asahi Holdings Corp. (Japan) | 2562 | 49624 |
|  |  | 2014513 |
| Telecommunication Services — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bezeq The Israeli Telecommunication Corp., Ltd. (Israel) | 139693 | 238731 |
| &nbsp;&nbsp;&nbsp;Gamma Communications PLC (United Kingdom) | 2531 | 39534 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. (Sweden) | 14222 | 532898 |
| &nbsp;&nbsp;&nbsp;Partner Communications Co., Ltd. (Israel) | 13066 | 99231 |
| &nbsp;&nbsp;&nbsp;Proximus S.A.D.P. (Belgium) | 67281 | 656248 |
|  |  | 1566642 |
| **Consumer Discretionary — 12.7%** |  |  |
| Automobiles & Components — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aisan Industry Co., Ltd. (Japan) | 14400 | 167741 |
| &nbsp;&nbsp;&nbsp;CIE Automotive S.A. (Spain) | 6653 | 191586 |
| &nbsp;&nbsp;&nbsp;Eagle Industry Co., Ltd. (Japan) | 14600 | 194363 |
| &nbsp;&nbsp;&nbsp;Exedy Corp. (Japan) | 6800 | 194485 |
| &nbsp;&nbsp;&nbsp;FCC Co., Ltd. (Japan) | 22193 | 429653 |
| &nbsp;&nbsp;&nbsp;Gestamp Automocion S.A. 144A (Spain) <sup>(a)</sup> | 50772 | 175357 |
| &nbsp;&nbsp;&nbsp;G-Tekt Corp. (Japan) | 22211 | 272521 |
| &nbsp;&nbsp;&nbsp;Johnson Electric Holdings, Ltd. (Hong Kong) | 49500 | 136582 |
| &nbsp;&nbsp;&nbsp;NHK Spring Co., Ltd. (Japan) | 25400 | 276518 |
| &nbsp;&nbsp;&nbsp;NOK Corp. (Japan) | 15300 | 225697 |
| &nbsp;&nbsp;&nbsp;Pacific Industrial Co., Ltd. (Japan) | 30125 | 281914 |
| &nbsp;&nbsp;&nbsp;Schaeffler A.G. (Germany) | 16823 | 92009 |
| &nbsp;&nbsp;&nbsp;Sumitomo Riko Co., Ltd. (Japan) | 29200 | 337549 |
| &nbsp;&nbsp;&nbsp;Toyoda Gosei Co., Ltd. (Japan) | 5800 | 114088 |
| &nbsp;&nbsp;&nbsp;Toyota Boshoku Corp. (Japan) | 8000 | 109043 |
| &nbsp;&nbsp;&nbsp;Valeo SE (France) | 10594 | 116279 |
|  |  | 3315385 |
| *Consumer Discretionary Distribution & Retail — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Accent Group, Ltd. (Australia) | 175071 | 160836 |
| &nbsp;&nbsp;&nbsp;AOKI Holdings, Inc. (Japan) | 16253 | 188202 |
| &nbsp;&nbsp;&nbsp;B&M European Value Retail S.A. (United Kingdom) | 11394 | 42434 |
| &nbsp;&nbsp;&nbsp;Belluna Co., Ltd. (Japan) | 45600 | 281002 |
| &nbsp;&nbsp;&nbsp;CECONOMY A.G. (Germany) <sup>(b)</sup> | 121280 | 517591 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Consumer Discretionary Distribution & Retail (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Currys PLC (United Kingdom) | 513208 | $857806 |
| &nbsp;&nbsp;&nbsp;Harvey Norman Holdings, Ltd. (Australia) | 44223 | 153431 |
| &nbsp;&nbsp;&nbsp;Joshin Denki Co., Ltd. (Japan) | 17100 | 281565 |
| &nbsp;&nbsp;&nbsp;Super Retail Group, Ltd. (Australia) | 29132 | 273103 |
| &nbsp;&nbsp;&nbsp;Wickes Group PLC (United Kingdom) | 69379 | 213786 |
|  |  | 2969756 |
| *Consumer Durables & Apparel — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Berkeley Group Holdings PLC (United Kingdom) | 913 | 48372 |
| &nbsp;&nbsp;&nbsp;Cairn Homes PLC (Ireland) | 16616 | 41980 |
| &nbsp;&nbsp;&nbsp;HUGO BOSS A.G. (Germany) | 1133 | 52496 |
| &nbsp;&nbsp;&nbsp;Open House Co., Ltd. (Japan) | 11100 | 501880 |
| &nbsp;&nbsp;&nbsp;OVS S.p.A. 144A (Italy) <sup>(a)</sup> | 39059 | 170223 |
| &nbsp;&nbsp;&nbsp;SANKYO Co., Ltd. (Japan) | 51700 | 956738 |
| &nbsp;&nbsp;&nbsp;Sumitomo Forestry Co., Ltd. (Japan) | 4800 | 48464 |
| &nbsp;&nbsp;&nbsp;Yue Yuen Industrial Holdings, Ltd. (Hong Kong) | 193000 | 296078 |
|  |  | 2116231 |
| *Consumer Services — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;AcadeMedia A.B. 144A (Sweden) <sup>(a)</sup> | 12374 | 109174 |
| &nbsp;&nbsp;&nbsp;Betsson A.B. (Sweden) | 44829 | 949234 |
| &nbsp;&nbsp;&nbsp;Carnival PLC (United Kingdom) <sup>(b)</sup> | 10345 | 262705 |
| &nbsp;&nbsp;&nbsp;Cie des Alpes (France) | 3413 | 82864 |
| &nbsp;&nbsp;&nbsp;G8 Education, Ltd. (Australia) | 506990 | 393982 |
| &nbsp;&nbsp;&nbsp;ME GROUP INTERNATIONAL PLC (United Kingdom) | 83674 | 263754 |
| &nbsp;&nbsp;&nbsp;Mitchells & Butlers PLC (United Kingdom) <sup>(b)</sup> | 41193 | 162086 |
| &nbsp;&nbsp;&nbsp;Rank Group PLC (United Kingdom) | 91094 | 166294 |
| &nbsp;&nbsp;&nbsp;TUI A.G. (Germany) <sup>(c)</sup> | 11025 | 96608 |
|  |  | 2486701 |
| **Consumer Staples — 5.2%** |  |  |
| Consumer Staples Distribution & Retail — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cawachi, Ltd. (Japan) | 6549 | 125391 |
| &nbsp;&nbsp;&nbsp;Colruyt Group N.V. (Belgium) | 1330 | 57551 |
| &nbsp;&nbsp;&nbsp;Heiwado Co., Ltd. (Japan) | 6000 | 117791 |
| &nbsp;&nbsp;&nbsp;Kato Sangyo Co., Ltd. (Japan) | 3197 | 121878 |
| &nbsp;&nbsp;&nbsp;Life Corp. (Japan) | 48010 | 736243 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC (United Kingdom) | 8481 | 41275 |
| &nbsp;&nbsp;&nbsp;San-A Co., Ltd. (Japan) | 12971 | 265768 |
| &nbsp;&nbsp;&nbsp;Sonae SGPS S.A. (Portugal) | 35904 | 51086 |
| &nbsp;&nbsp;&nbsp;Sundrug Co., Ltd. (Japan) | 5300 | 165834 |
| &nbsp;&nbsp;&nbsp;Valor Holdings Co., Ltd. (Japan) | 7100 | 124179 |
|  |  | 1806996 |
| *Food, Beverage & Tobacco — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Austevoll Seafood A.S.A. (Norway) | 40029 | 385318 |
| &nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. (Hong Kong) | 428000 | 303375 |
| &nbsp;&nbsp;&nbsp;First Resources, Ltd. (Singapore) | 256914 | 296866 |
| &nbsp;&nbsp;&nbsp;Greencore Group PLC (United Kingdom) | 99790 | 319821 |
| &nbsp;&nbsp;&nbsp;Inghams Group, Ltd. (Australia) | 121298 | 283432 |
| &nbsp;&nbsp;&nbsp;J-Oil Mills, Inc. (Japan) | 14106 | 191906 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 16 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Food, Beverage & Tobacco (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Mitsui DM Sugar Holdings Co., Ltd. (Japan) | 5500 | $116747 |
| &nbsp;&nbsp;&nbsp;Nippn Corp. (Japan) | 6200 | 91634 |
| &nbsp;&nbsp;&nbsp;Nisshin Oillio Group, Ltd. (The) (Japan) | 8400 | 284615 |
| &nbsp;&nbsp;&nbsp;Scandinavian Tobacco Group A/S 144A (Denmark) <sup>(a)</sup> | 17727 | 235278 |
| &nbsp;&nbsp;&nbsp;Starzen Co., Ltd. (Japan) | 14115 | 107904 |
|  |  | 2616896 |
| Household & Personal Products — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Lion Corp. (Japan) | 7400 | 76499 |
| **Energy — 2.7%** |  |  |
| Energy — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Aker Solutions A.S.A. (Norway) <sup>(c)</sup> | 71021 | 245126 |
| &nbsp;&nbsp;&nbsp;Beach Energy, Ltd. (Australia) | 46968 | 40751 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Co. PLC (United Kingdom) | 6783 | 101105 |
| &nbsp;&nbsp;&nbsp;DNO A.S.A. (Norway) | 53553 | 68256 |
| &nbsp;&nbsp;&nbsp;Energean PLC (United Kingdom) | 8306 | 103916 |
| &nbsp;&nbsp;&nbsp;Esso S.A. Francaise (France) | 1170 | 207104 |
| &nbsp;&nbsp;&nbsp;Etablissements Maurel et Prom S.A. (France) | 15914 | 90134 |
| &nbsp;&nbsp;&nbsp;Friedrich Vorwerrk Group S.E. (Germany) | 615 | 42493 |
| &nbsp;&nbsp;&nbsp;Harbour Energy PLC (United Kingdom) | 24925 | 66813 |
| &nbsp;&nbsp;&nbsp;Japan Petroleum Exploration Co., Ltd. (Japan) | 20100 | 141393 |
| &nbsp;&nbsp;&nbsp;Karoon Energy, Ltd. (Australia) | 188086 | 237355 |
| &nbsp;&nbsp;&nbsp;Paz Retail and Energy, Ltd. (Israel) | 2027 | 370863 |
| &nbsp;&nbsp;&nbsp;Saipem S.p.A. (Italy) | 91597 | 250388 |
| &nbsp;&nbsp;&nbsp;Serica Energy PLC (United Kingdom) | 36051 | 78569 |
| &nbsp;&nbsp;&nbsp;Tecnicas Reunidas S.A. (Spain) <sup>(b)</sup> | 2210 | 51034 |
| &nbsp;&nbsp;&nbsp;Vallourec SACA (France) | 5016 | 92519 |
| &nbsp;&nbsp;&nbsp;Yancoal Australia, Ltd. (Australia) | 29950 | 113804 |
|  |  | 2301623 |
| **Financials — 13.0%** |  |  |
| Banks — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;Banco di Desio e della Brianza SpA (Italy) | 4284 | 35830 |
| &nbsp;&nbsp;&nbsp;Bank of Georgia Group PLC (United Kingdom) | 10977 | 1069130 |
| &nbsp;&nbsp;&nbsp;BAWAG Group A.G. 144A (Austria) <sup>(a)</sup> | 4069 | 520308 |
| &nbsp;&nbsp;&nbsp;BPER Banca (Italy) | 91559 | 830949 |
| &nbsp;&nbsp;&nbsp;Dah Sing Banking Group, Ltd. (Hong Kong) | 75391 | 87411 |
| &nbsp;&nbsp;&nbsp;Dah Sing Financial Holdings, Ltd. (Hong Kong) | 52000 | 197230 |
| &nbsp;&nbsp;&nbsp;Daishi Hokuetsu Financial Group, Inc. (Japan) | 10100 | 233184 |
| &nbsp;&nbsp;&nbsp;Kiyo Bank, Ltd. (The) (Japan) | 12200 | 210762 |
| &nbsp;&nbsp;&nbsp;Musashino Bank, Ltd. (The) (Japan) | 4600 | 104029 |
| &nbsp;&nbsp;&nbsp;Nanto Bank, Ltd. (The) (Japan) | 3800 | 108102 |
| &nbsp;&nbsp;&nbsp;Norion Bank A.B. (Sweden) <sup>(b)</sup> | 49366 | 265445 |
| &nbsp;&nbsp;&nbsp;North Pacific Bank, Ltd. (Japan) | 29000 | 116034 |
| &nbsp;&nbsp;&nbsp;Raiffeisen Bank International A.G. (Austria) | 13682 | 418480 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Banks (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sydbank A/S (Denmark) | 9440 | $700216 |
| &nbsp;&nbsp;&nbsp;TBC Bank Group PLC (United Kingdom) | 2919 | 185968 |
| &nbsp;&nbsp;&nbsp;TOMONY Holdings, Inc. (Japan) | 27200 | 101800 |
| &nbsp;&nbsp;&nbsp;Unicaja Banco S.A. 144A (Spain) <sup>(a)</sup> | 99872 | 235871 |
|  |  | 5420749 |
| Financial Services — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Acom Co., Ltd. (Japan) | 147200 | 435803 |
| &nbsp;&nbsp;&nbsp;Credit Saison Co., Ltd. (Japan) | 20700 | 558392 |
| &nbsp;&nbsp;&nbsp;EFG International A.G. (Switzerland) | 4355 | 80689 |
| &nbsp;&nbsp;&nbsp;Financial Products Group Co., Ltd. (Japan) | 6800 | 112686 |
| &nbsp;&nbsp;&nbsp;Helia Group, Ltd. (Australia) | 144048 | 534016 |
| &nbsp;&nbsp;&nbsp;Hoist Finance A.B. 144A (Sweden) <sup>(a)</sup> | 24707 | 217886 |
| &nbsp;&nbsp;&nbsp;Investec PLC (United Kingdom) | 9853 | 73705 |
| &nbsp;&nbsp;&nbsp;Magellan Financial Group, Ltd. (Australia) | 53702 | 302855 |
| &nbsp;&nbsp;&nbsp;Mizuho Leasing Co., Ltd. (Japan) | 15200 | 112759 |
| &nbsp;&nbsp;&nbsp;Mutares S.E. & Co., KGaA (Germany) | 6431 | 274386 |
| &nbsp;&nbsp;&nbsp;Pepper Money, Ltd. (Australia) | 47161 | 55945 |
| &nbsp;&nbsp;&nbsp;Swissquote Group Holding S.A. (Switzerland) | 391 | 222235 |
| &nbsp;&nbsp;&nbsp;Tokyo Century Corp. (Japan) | 40300 | 453627 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Financial Holding, Ltd. (Singapore) | 437200 | 254715 |
|  |  | 3689699 |
| Insurance — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Harel Insurance Investments & Financial Services, Ltd. (Israel) | 32535 | 911537 |
| &nbsp;&nbsp;&nbsp;Just Group PLC (United Kingdom) | 315157 | 573784 |
| &nbsp;&nbsp;&nbsp;Lancashire Holdings, Ltd. (United Kingdom) | 48688 | 384259 |
| &nbsp;&nbsp;&nbsp;Phoenix Holdings, Ltd. (The) (Israel) | 2411 | 69788 |
| &nbsp;&nbsp;&nbsp;Vienna Insurance Group A.G. (Austria) | 2047 | 105404 |
|  |  | 2044772 |
| **Health Care — 4.9%** |  |  |
| Health Care Equipment & Services — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Ambea A.B. 144A (Sweden) <sup>(a)</sup> | 58794 | 701369 |
| &nbsp;&nbsp;&nbsp;Ansell, Ltd. (Australia) | 22985 | 458264 |
| &nbsp;&nbsp;&nbsp;Attendo A.B. 144A (Sweden) <sup>(a)</sup> | 58450 | 392660 |
| &nbsp;&nbsp;&nbsp;Clariane S.E. (France) | 92077 | 564149 |
| &nbsp;&nbsp;&nbsp;ConvaTec Group PLC 144A (United Kingdom) <sup>(a)</sup> | 44244 | 175242 |
| &nbsp;&nbsp;&nbsp;Galenica A.G. 144A (Switzerland) <sup>(a)</sup> | 393 | 43010 |
| &nbsp;&nbsp;&nbsp;Getinge A.B. - B Shares (Sweden) | 1862 | 37412 |
| &nbsp;&nbsp;&nbsp;Japan Lifeline Co., Ltd. (Japan) | 54502 | 564511 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd. (Australia) | 20039 | 39443 |
|  |  | 2976060 |
| Pharmaceuticals, Biotechnology & Life Sciences — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;H Lundbeck A/S - Class A (Denmark) | 28738 | 138777 |
| &nbsp;&nbsp;&nbsp;H Lundbeck A/S - Class B (Denmark) | 69288 | 398044 |
| &nbsp;&nbsp;&nbsp;Nippon Shinyaku Co., Ltd. (Japan) | 13700 | 298926 |
| &nbsp;&nbsp;&nbsp;Tsumura & Co. (Japan) | 15000 | 361971 |
|  |  | 1197718 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 17 |

---

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials — 22.8%** |  |  |
| Capital Goods — 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aker A.S.A. (Norway) | 2741 | $178375 |
| &nbsp;&nbsp;&nbsp;Central Glass Co., Ltd. (Japan) | 11100 | 228694 |
| &nbsp;&nbsp;&nbsp;Construcciones y Auxiliar de Ferrocarriles S.A. (Spain) | 1621 | 89213 |
| &nbsp;&nbsp;&nbsp;Deutz A.G. (Germany) | 6549 | 59035 |
| &nbsp;&nbsp;&nbsp;E-Commodities Holdings, Ltd. (Hong Kong) | 1261426 | 149444 |
| &nbsp;&nbsp;&nbsp;Elco, Ltd. (Israel) | 3103 | 171509 |
| &nbsp;&nbsp;&nbsp;GS Yuasa Corp. (Japan) | 17200 | 320891 |
| &nbsp;&nbsp;&nbsp;Implenia A.G. (Switzerland) | 14326 | 1003940 |
| &nbsp;&nbsp;&nbsp;Iveco Group N.V. (Italy) | 26770 | 527146 |
| &nbsp;&nbsp;&nbsp;Japan Pulp & Paper Co., Ltd. (Japan) | 72986 | 313605 |
| &nbsp;&nbsp;&nbsp;Kanadevia Corp. (Japan) | 38496 | 260058 |
| &nbsp;&nbsp;&nbsp;Kanamoto Co., Ltd. (Japan) | 13055 | 293047 |
| &nbsp;&nbsp;&nbsp;Kandenko Co., Ltd. (Japan) | 2000 | 46154 |
| &nbsp;&nbsp;&nbsp;Keller Group PLC (United Kingdom) | 36188 | 727973 |
| &nbsp;&nbsp;&nbsp;Kier Group PLC (United Kingdom) | 247560 | 709190 |
| &nbsp;&nbsp;&nbsp;Kitz Corp. (Japan) | 35300 | 289749 |
| &nbsp;&nbsp;&nbsp;Koninklijke BAM Groep N.V. (Netherlands) | 113311 | 1010692 |
| &nbsp;&nbsp;&nbsp;Koninklijke Heijmans N.V. (Netherlands) | 5828 | 377476 |
| &nbsp;&nbsp;&nbsp;Kyokuto Kaihatsu Kogyo Co., Ltd. (Japan) | 19000 | 352844 |
| &nbsp;&nbsp;&nbsp;NCC A.B. - B Shares (Sweden) | 4687 | 87714 |
| &nbsp;&nbsp;&nbsp;NGK Insulators, Ltd. (Japan) | 38000 | 476878 |
| &nbsp;&nbsp;&nbsp;Nippon Densetsu Kogyo Co., Ltd. (Japan) | 17000 | 302327 |
| &nbsp;&nbsp;&nbsp;NRW Holdings, Ltd. (Australia) | 283526 | 558086 |
| &nbsp;&nbsp;&nbsp;OC Oerlikon Corp. A.G. (Switzerland) | 31925 | 148745 |
| &nbsp;&nbsp;&nbsp;PER Aarsleff Holdings A/S (Denmark) | 1408 | 146244 |
| &nbsp;&nbsp;&nbsp;Porr A.G. (Austria) | 8890 | 296679 |
| &nbsp;&nbsp;&nbsp;Raito Kogyo Co., Ltd. (Japan) | 13000 | 258048 |
| &nbsp;&nbsp;&nbsp;Sanki Engineering Co., Ltd. (Japan) | 10300 | 289151 |
| &nbsp;&nbsp;&nbsp;Strabag S.E. (Austria) | 663 | 63126 |
| &nbsp;&nbsp;&nbsp;Sulzer A.G. (Switzerland) | 2175 | 393077 |
| &nbsp;&nbsp;&nbsp;Tadano Ltd. (Japan) | 42504 | 282856 |
| &nbsp;&nbsp;&nbsp;Takara Standard Co., Ltd. (Japan) | 17700 | 298269 |
| &nbsp;&nbsp;&nbsp;TOA Corp. (Japan) | 33700 | 353051 |
| &nbsp;&nbsp;&nbsp;Wakita & Co., Ltd. (Japan) | 18800 | 220119 |
| &nbsp;&nbsp;&nbsp;Yamabiko Corp. (Japan) | 18400 | 270311 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. (Singapore) | 197600 | 344821 |
|  |  | 11898537 |
| *Commercial & Professional Services — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Bilfinger S.E. (Germany) | 6460 | 621773 |
| &nbsp;&nbsp;&nbsp;Derichebourg S.A. (France) | 19721 | 134012 |
| &nbsp;&nbsp;&nbsp;IPH Ltd. (Australia) | 109273 | 329227 |
| &nbsp;&nbsp;&nbsp;ISS A/S (Denmark) | 7242 | 202136 |
| &nbsp;&nbsp;&nbsp;Loomis A.B. (Sweden) | 7292 | 306594 |
| &nbsp;&nbsp;&nbsp;Nomura Co., Ltd. (Japan) | 26600 | 169932 |
| &nbsp;&nbsp;&nbsp;Okamura Corp. (Japan) | 9700 | 149336 |
| &nbsp;&nbsp;&nbsp;Persol Holdings Co., Ltd. (Japan) | 272500 | 531744 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Commercial & Professional Services (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Prosegur Cash S.A. 144A (Spain) <sup>(a)</sup> | 108014 | $103816 |
| &nbsp;&nbsp;&nbsp;Prosegur Cia de Seguridad S.A. (Spain) | 74095 | 254635 |
| &nbsp;&nbsp;&nbsp;TRE Holdings Corp. (Japan) | 30800 | 291812 |
| &nbsp;&nbsp;&nbsp;UT Group Co., Ltd. (Japan) | 8300 | 141790 |
|  |  | 3236807 |
| Transportation — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Air New Zealand, Ltd. (New Zealand) | 201245 | 71768 |
| &nbsp;&nbsp;&nbsp;easyJet PLC (United Kingdom) | 57874 | 423516 |
| &nbsp;&nbsp;&nbsp;Finnair OYJ (Finland) | 67677 | 213836 |
| &nbsp;&nbsp;&nbsp;Hoegh Autoliners A.S.A. 144A (Norway) <sup>(a)</sup> | 33547 | 297213 |
| &nbsp;&nbsp;&nbsp;JET2 PLC (United Kingdom) | 12786 | 324253 |
| &nbsp;&nbsp;&nbsp;Kelsian Group, Ltd. (Australia) | 62976 | 157304 |
| &nbsp;&nbsp;&nbsp;Konoike Transport Co., Ltd. (Japan) | 20000 | 408329 |
| &nbsp;&nbsp;&nbsp;MPC Container Ships A.S.A. (Norway) | 165898 | 262879 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK (Japan) | 21000 | 421196 |
| &nbsp;&nbsp;&nbsp;NS United Kaiun Kaisha, Ltd. (Japan) | 1800 | 48741 |
| &nbsp;&nbsp;&nbsp;Odfjell S.E. - A Shares (Norway) | 8373 | 89810 |
| &nbsp;&nbsp;&nbsp;Redde Northgate PLC (United Kingdom) | 83148 | 405523 |
| &nbsp;&nbsp;&nbsp;Sankyu, Inc. (Japan) | 8200 | 439758 |
| &nbsp;&nbsp;&nbsp;SBS Holdings, Inc. (Japan) | 6900 | 139025 |
| &nbsp;&nbsp;&nbsp;Wallenius Wilhelmsen A.S.A. (Norway) | 52928 | 435212 |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services, Ltd. (Israel) | 19200 | 308928 |
|  |  | 4447291 |
| **Information Technology — 9.5%** |  |  |
| Semiconductors & Semiconductor Equipment — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Ferrotec Holdings Corp. (Japan) | 17100 | 360689 |
| &nbsp;&nbsp;&nbsp;RS Technologies Co., Ltd. (Japan) | 15745 | 345798 |
| &nbsp;&nbsp;&nbsp;Shibaura Mechatronics Corp. (Japan) | 6200 | 466985 |
| &nbsp;&nbsp;&nbsp;SUSS MicroTec S.E. (Germany) | 6418 | 352724 |
|  |  | 1526196 |
| *Software & Services — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;ATEA A.S.A. (Norway) | 12806 | 202286 |
| &nbsp;&nbsp;&nbsp;Bytes Technology Group PLC (United Kingdom) | 42661 | 299636 |
| &nbsp;&nbsp;&nbsp;Econocom Group S.A./N.V. (Belgium) | 29440 | 67549 |
| &nbsp;&nbsp;&nbsp;Formula Systems (1985), Ltd. (Israel) | 1943 | 247729 |
| &nbsp;&nbsp;&nbsp;Hansen Technologies, Ltd. (Australia) | 121623 | 399122 |
| &nbsp;&nbsp;&nbsp;Indra Sistemas S.A. (Spain) | 1187 | 51496 |
| &nbsp;&nbsp;&nbsp;Magic Software Enterprises, Ltd. (Israel) | 6579 | 126006 |
| &nbsp;&nbsp;&nbsp;Sopra Steria Group (France) | 2012 | 490515 |
| &nbsp;&nbsp;&nbsp;TietoEVRY OYJ (Finland) | 8553 | 162184 |
|  |  | 2046523 |
| *Technology Hardware & Equipment — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Ai Holdings Corp. (Japan) | 15400 | 250530 |
| &nbsp;&nbsp;&nbsp;ALSO Holding A.G. (Switzerland) | 1503 | 509783 |
| &nbsp;&nbsp;&nbsp;Barco N.V. (Belgium) | 5205 | 76268 |
| &nbsp;&nbsp;&nbsp;Brother Industries, Ltd. (Japan) | 22300 | 384617 |
| &nbsp;&nbsp;&nbsp;Daiwabo Holdings Co., Ltd. (Japan) | 15500 | 278562 |
| &nbsp;&nbsp;&nbsp;Dicker Data, Ltd. (Australia) | 46792 | 248894 |
| &nbsp;&nbsp;&nbsp;Elecom Co., Ltd. (Japan) | 11300 | 141590 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 18 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Technology Hardware & Equipment (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Ituran Location and Control, Ltd. (Israel) | 7700 | $298221 |
| &nbsp;&nbsp;&nbsp;Kaga Electronics Co., Ltd. (Japan) | 15300 | 290195 |
| &nbsp;&nbsp;&nbsp;Nippon Ceramic Co., Ltd. (Japan) | 16800 | 326713 |
| &nbsp;&nbsp;&nbsp;Nippon Signal Co., Ltd. (Japan) | 22505 | 168043 |
| &nbsp;&nbsp;&nbsp;PAX Global Technology, Ltd. (Hong Kong) | 45000 | 34682 |
| &nbsp;&nbsp;&nbsp;Quadient S.A. (France) | 8350 | 156513 |
| &nbsp;&nbsp;&nbsp;Ryoyo Ryosan Holdings, Inc. (Japan) | 10000 | 184076 |
| &nbsp;&nbsp;&nbsp;SoftwareOne Holding A.G. (Switzerland) | 55136 | 550552 |
| &nbsp;&nbsp;&nbsp;Spectris PLC (United Kingdom) | 7385 | 389151 |
| &nbsp;&nbsp;&nbsp;Wacom Co., Ltd. (Japan) | 56800 | 269558 |
|  |  | 4557948 |
| **Materials — 9.2%** |  |  |
| Materials — 9.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bekaert S.A. (Belgium) | 7004 | 289749 |
| &nbsp;&nbsp;&nbsp;Billerud Aktiebolag (Sweden) | 7713 | 79920 |
| &nbsp;&nbsp;&nbsp;Chugoku Marine Paints, Ltd. (Japan) | 18800 | 352765 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. (Australia) | 9167 | 47726 |
| &nbsp;&nbsp;&nbsp;Fuji Seal International, Inc. (Japan) | 14500 | 280129 |
| &nbsp;&nbsp;&nbsp;Kemira OYJ (Finland) | 5884 | 136439 |
| &nbsp;&nbsp;&nbsp;KH Neochem Co., Ltd. (Japan) | 6000 | 105067 |
| &nbsp;&nbsp;&nbsp;Kobe Steel, Ltd. (Japan) | 68600 | 748733 |
| &nbsp;&nbsp;&nbsp;Navigator Co. S.A. (The) (Portugal) | 76809 | 288563 |
| &nbsp;&nbsp;&nbsp;Pan African Resources PLC (United Kingdom) | 1058153 | 664468 |
| &nbsp;&nbsp;&nbsp;Perenti, Ltd. (Australia) | 481507 | 514346 |
| &nbsp;&nbsp;&nbsp;Perseus Mining, Ltd. (Australia) | 208436 | 473401 |
| &nbsp;&nbsp;&nbsp;Ramelius Resources, Ltd. (Australia) | 268151 | 451537 |
| &nbsp;&nbsp;&nbsp;Sakata INX Corp. (Japan) | 23400 | 315594 |
| &nbsp;&nbsp;&nbsp;Semapa-Sociedade de Investimento e Gestao (Portugal) | 8291 | 163086 |
| &nbsp;&nbsp;&nbsp;Solvay S.A. (Belgium) | 11705 | 405392 |
| &nbsp;&nbsp;&nbsp;SSAB A.B. - B Shares (Sweden) | 5737 | 33961 |
| &nbsp;&nbsp;&nbsp;Taiheiyo Cement Corp. (Japan) | 6700 | 166207 |
| &nbsp;&nbsp;&nbsp;thyssenkrupp A.G. (Germany) | 18486 | 199230 |
| &nbsp;&nbsp;&nbsp;Tokuyama Corp. (Japan) | 17700 | 369805 |
| &nbsp;&nbsp;&nbsp;Vetropack Holding A.G. (Switzerland) | 3827 | 154276 |
| &nbsp;&nbsp;&nbsp;Vicat S.A.C.A. (France) | 9466 | 655790 |
| &nbsp;&nbsp;&nbsp;West African Resources, Ltd. (Australia) <sup>(b)</sup> | 221277 | 336122 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. (Australia) | 84182 | 161066 |
| &nbsp;&nbsp;&nbsp;Yodogawa Steel Works, Ltd. (Japan) | 37500 | 297752 |
| &nbsp;&nbsp;&nbsp;Zacros Corp. (Japan) | 7238 | 188704 |
|  |  | 7879828 |
| **Real Estate — 10.7%** |  |  |
| Equity Real Estate Investment Trusts (REITs) — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;Abacus Group (Australia) | 143026 | 105474 |
| &nbsp;&nbsp;&nbsp;British Land Co. PLC (The) (United Kingdom) | 98496 | 511180 |
| &nbsp;&nbsp;&nbsp;CapitaLand Retail China Trust (Singapore) | 63000 | 34951 |
| &nbsp;&nbsp;&nbsp;Carmila S.A. (France) | 14726 | 289602 |
| &nbsp;&nbsp;&nbsp;Centuria Office REIT (Australia) | 295698 | 219109 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Equity Real Estate Investment Trusts (REITs (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Charter Hall Group (Australia) | 5189 | $65756 |
| &nbsp;&nbsp;&nbsp;Cromwell Property Group (Australia) | 861221 | 193065 |
| &nbsp;&nbsp;&nbsp;Dexus (Australia) | 15428 | 67713 |
| &nbsp;&nbsp;&nbsp;Eagle Hospitality Trust (Singapore) <sup>(b)(d)</sup> | 1204600 | 0 |
| &nbsp;&nbsp;&nbsp;Global One Real Estate Investment Corp. (Japan) | 283 | 268445 |
| &nbsp;&nbsp;&nbsp;Growthpoint Properties Australia, Ltd. (Australia) | 206640 | 316731 |
| &nbsp;&nbsp;&nbsp;ICADE (France) | 12244 | 345547 |
| &nbsp;&nbsp;&nbsp;Ichigo Office REIT Investment Corp. (Japan) | 148 | 94280 |
| &nbsp;&nbsp;&nbsp;Invincible Investment Corp. (Japan) | 1473 | 634207 |
| &nbsp;&nbsp;&nbsp;Japan Hotel REIT Investment Corp. (Japan) | 567 | 299596 |
| &nbsp;&nbsp;&nbsp;KDX Realty Investment Corp. (Japan) | 476 | 516411 |
| &nbsp;&nbsp;&nbsp;LondonMetric Property PLC (United Kingdom) | 25259 | 70529 |
| &nbsp;&nbsp;&nbsp;MIRAI Corp. (Japan) | 813 | 249650 |
| &nbsp;&nbsp;&nbsp;NIPPON REIT Investment Corp. (Japan) | 688 | 422172 |
| &nbsp;&nbsp;&nbsp;Prime US REIT (Singapore) | 866910 | 139566 |
| &nbsp;&nbsp;&nbsp;Samty Residential Investment Corp. (Japan) | 41 | 27619 |
| &nbsp;&nbsp;&nbsp;Sasseur Real Estate Investment Trust (Singapore) | 319337 | 160955 |
| &nbsp;&nbsp;&nbsp;Starhill Global REIT (Singapore) | 651070 | 261377 |
| &nbsp;&nbsp;&nbsp;Stoneweg Europe Stapled Trust (Singapore) | 79007 | 141450 |
| &nbsp;&nbsp;&nbsp;Supermarket Income Reit PLC (United Kingdom) | 311509 | 363005 |
| &nbsp;&nbsp;&nbsp;Target Healthcare REIT PLC (United Kingdom) | 167416 | 239188 |
|  |  | 6037578 |
| *Real Estate Management & Development — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Aroundtown S.A. (Germany) | 29475 | 108425 |
| &nbsp;&nbsp;&nbsp;Blue Square Real Estate, Ltd. (Israel) | 3350 | 386512 |
| &nbsp;&nbsp;&nbsp;Cibus Nordic Real Estate A.B. (Sweden) | 13018 | 257327 |
| &nbsp;&nbsp;&nbsp;G City Ltd. (Israel) | 80537 | 319299 |
| &nbsp;&nbsp;&nbsp;Grand City Properties S.A. (Germany) <sup>(b)</sup> | 20268 | 265555 |
| &nbsp;&nbsp;&nbsp;Hang Lung Group, Ltd. (Hong Kong) | 25000 | 43529 |
| &nbsp;&nbsp;&nbsp;Hang Lung Properties, Ltd. (Hong Kong) | 41000 | 39246 |
| &nbsp;&nbsp;&nbsp;Hiag Immobilien Holding A.G. (Switzerland) | 2229 | 310947 |
| &nbsp;&nbsp;&nbsp;Intershop Holding A.G. (Switzerland) | 1204 | 215656 |
| &nbsp;&nbsp;&nbsp;Isras Investment Co., Ltd. (Israel) | 209 | 59510 |
| &nbsp;&nbsp;&nbsp;Mapletree Pan Asia Commercial Trust (Singapore) <sup>(c)</sup> | 79800 | 79201 |
| &nbsp;&nbsp;&nbsp;Sagax A.B. - D Shares (Sweden) | 151342 | 536530 |
| &nbsp;&nbsp;&nbsp;Savills PLC (United Kingdom) | 2579 | 35236 |
| &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. (Japan) | 71100 | 508008 |
|  |  | 3164981 |
| **Utilities — 2.6%** |  |  |
| Utilities — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;A2A S.p.A. (Italy) | 86386 | 232664 |
| &nbsp;&nbsp;&nbsp;AGL Energy, Ltd. (Australia) | 41329 | 265022 |
| &nbsp;&nbsp;&nbsp;Contact Energy, Ltd. (New Zealand) | 27982 | 153575 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 19 |

---

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Utilities (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Drax Group PLC (United Kingdom) | 43399 | $413604 |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co., Ltd. (Japan) | 23600 | 402611 |
| &nbsp;&nbsp;&nbsp;Iren S.p.A. (Italy) | 15297 | 47254 |
| &nbsp;&nbsp;&nbsp;Italgas S.p.A. (Italy) | 47228 | 400590 |
| &nbsp;&nbsp;&nbsp;Rubis SCA (France) | 1663 | 53766 |
| &nbsp;&nbsp;&nbsp;Tohoku Electric Power Co., Inc. (Japan) | 33300 | 243092 |
|  |  | 2212178 |
| **Total Common Stocks (Cost $65,012,959)** |  | 83608107 |
| **PREFERRED STOCKS — 1.1%** |  |  |
| **Health Care — 0.6%** |  |  |
| Health Care Equipment & Services — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Draegerwerk A.G. & Co. KGaA (Germany) | 6468 | 512245 |
| **Industrials — 0.5%** |  |  |
| Transportation — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sixt S.E. (Germany) | 5548 | 389794 |
| **Total Preferred Stocks (Cost $700,006)** |  | 902039 |
| **Investments at Value — 98.6%<br> (Cost $65,712,965)** |  | $84510146 |
| **Other Assets in Excess of Liabilities — 1.4%** |  | 1241462 |
| **Net Assets — 100.0%** |  | $85751608 |

---

*<sup>(a)</sup>* *Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

*<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *Security is considered a restricted security; however, such restriction has not resulted in an illiquid classification. The total value of these securities is $420,935, which represents 0.5% of net assets as of June 30, 2025.*

*<sup>(d)</sup>* *Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net<br> Assets** |
| Japan | $29696690 | 34.6% |
| United Kingdom | 11616986 | 13.6% |
| Australia | 8044744 | 9.4% |
| Sweden | 4508124 | 5.3% |
| Switzerland | 3632910 | 4.2% |
| Israel | 3607864 | 4.2% |
| Germany | 3584364 | 4.2% |
| France | 3278794 | 3.8% |
| Italy | 2772574 | 3.2% |
| Norway | 2164475 | 2.5% |
| Denmark | 1820695 | 2.1% |
| Singapore | 1713902 | 2.0% |
| Belgium | 1552757 | 1.8% |
| Austria | 1403997 | 1.7% |
| Netherlands | 1388168 | 1.6% |
| Hong Kong | 1287577 | 1.5% |
| Spain | 1153008 | 1.3% |
| Finland | 512459 | 0.6% |
| Portugal | 502735 | 0.6% |
| New Zealand | 225343 | 0.3% |
| Ireland | 41980 | 0.1% |
| Total Investments | $84510146 | 98.6% |
| Other Assets in Excess of Liabilities | 1241462 | 1.4% |
| Net Assets | $85751608 | 100.0% |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 20 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 98.1%** |  |  |
| **Communication Services — 5.4%** |  |  |
| Media & Entertainment — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Havas N.V. (Netherlands) | 2627 | $4516 |
| &nbsp;&nbsp;&nbsp;MFE-MediaForEurope N.V. - Class B (Italy) | 385 | 1795 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR (Singapore) <sup>(a)</sup> | 86 | 13755 |
| &nbsp;&nbsp;&nbsp;Television Francaise 1 S.A. (France) | 463 | 4807 |
| &nbsp;&nbsp;&nbsp;TV Asahi Holdings Corp. (Japan) | 1200 | 23243 |
|  |  | 48116 |
| *Telecommunication Services — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Bezeq The Israeli Telecommunication Corp., Ltd. (Israel) | 1648 | 2816 |
| &nbsp;&nbsp;&nbsp;BT Group PLC (United Kingdom) | 22184 | 59067 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom A.G. (Germany) | 559 | 20460 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. (Japan) | 7168 | 123057 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN N.V. (Netherlands) | 1815 | 8842 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. (Sweden) | 400 | 14988 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. (Japan) | 52576 | 56200 |
| &nbsp;&nbsp;&nbsp;Orange S.A. (France) | 3006 | 45772 |
| &nbsp;&nbsp;&nbsp;Proximus S.A.D.P. (Belgium) | 1372 | 13382 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. (Singapore) | 1800 | 5427 |
| &nbsp;&nbsp;&nbsp;StarHub, Ltd. (Singapore) | 2300 | 2098 |
| &nbsp;&nbsp;&nbsp;Telenor A.S.A. (Norway) | 107 | 1666 |
| &nbsp;&nbsp;&nbsp;Telia Co. A.B. (Sweden) | 16853 | 60622 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. (Australia) | 12402 | 39546 |
| &nbsp;&nbsp;&nbsp;Vantage Towers A.G. (Germany) | 253 | 11145 |
|  |  | 465088 |
| **Consumer Discretionary — 9.4%** |  |  |
| Automobiles & Components — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aisan Industry Co., Ltd. (Japan) | 1700 | 19803 |
| &nbsp;&nbsp;&nbsp;Burelle S.A. (France) | 47 | 19985 |
| &nbsp;&nbsp;&nbsp;Continental A.G. (Germany) | 1156 | 100885 |
| &nbsp;&nbsp;&nbsp;Exedy Corp. (Japan) | 100 | 2860 |
| &nbsp;&nbsp;&nbsp;FCC Co., Ltd. (Japan) | 1000 | 19360 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. (Japan) | 5943 | 57297 |
| &nbsp;&nbsp;&nbsp;Johnson Electric Holdings, Ltd. (Hong Kong) | 3500 | 9657 |
| &nbsp;&nbsp;&nbsp;KYB Corp. (Japan) | 900 | 18646 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group A.G. (Germany) | 39 | 2272 |
| &nbsp;&nbsp;&nbsp;NHK Spring Co., Ltd. (Japan) | 100 | 1089 |
| &nbsp;&nbsp;&nbsp;NOK Corp. (Japan) | 200 | 2950 |
| &nbsp;&nbsp;&nbsp;Opmobility (France) | 1544 | 19750 |
| &nbsp;&nbsp;&nbsp;Pirelli & C S.p.A. 144A (Italy) <sup>(b)</sup> | 348 | 2399 |
| &nbsp;&nbsp;&nbsp;Stellantis N.V. (Italy) | 714 | 7151 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. (Japan) | 1562 | 27075 |
| &nbsp;&nbsp;&nbsp;Sumito Electric Industries, Ltd. (Japan) | 100 | 2144 |
| &nbsp;&nbsp;&nbsp;Sumitomo Riko Co., Ltd. (Japan) | 200 | 2312 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. (Japan) | 900 | 10849 |
| &nbsp;&nbsp;&nbsp;Toyo Tire Corp. (Japan) | 900 | 19059 |
| &nbsp;&nbsp;&nbsp;Toyoda Gosei Co., Ltd. (Japan) | 100 | 1967 |
| &nbsp;&nbsp;&nbsp;Toyota Boshoku Corp. (Japan) | 1400 | 19082 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Automobiles & Components (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Volkswagon A.G. (Germany) | 844 | $91280 |
|  |  | 457872 |
| Consumer Discretionary Distribution & Retail — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Accent Group, Ltd. (Australia) | 8507 | 7815 |
| &nbsp;&nbsp;&nbsp;Carasso Motors, Ltd. (Israel) | 302 | 2973 |
| &nbsp;&nbsp;&nbsp;Currys PLC (United Kingdom) | 13088 | 21876 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil S.A. (Spain) | 1155 | 60248 |
| &nbsp;&nbsp;&nbsp;Luk Fook Holdings International, Ltd. (Hong Kong) | 3000 | 7664 |
| &nbsp;&nbsp;&nbsp;Prosus N.V. (Netherlands) | 486 | 27266 |
| &nbsp;&nbsp;&nbsp;Wickes Group PLC (United Kingdom) | 6522 | 20097 |
|  |  | 147939 |
| *Consumer Durables & Apparel — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC (United Kingdom) | 1289 | 8071 |
| &nbsp;&nbsp;&nbsp;Cairn Homes PLC (Ireland) | 8124 | 20525 |
| &nbsp;&nbsp;&nbsp;Chow Sang Sang Holdings |  |  |
| &nbsp;&nbsp;&nbsp;International, Ltd. (Hong Kong) | 9000 | 9768 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont S.A. (Switzerland) | 57 | 10787 |
| &nbsp;&nbsp;&nbsp;Crystal International Group, Ltd. 144A (Hong Kong) <sup>(b)</sup> | 8000 | 4769 |
| &nbsp;&nbsp;&nbsp;Hermes International (France) | 1 | 2711 |
| &nbsp;&nbsp;&nbsp;Kaufman & Broad S.A. (France) | 526 | 20506 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton S.E. (France) | 8 | 4187 |
| &nbsp;&nbsp;&nbsp;Open House Group Co., Ltd. (Japan) | 500 | 22607 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. (Japan) | 8500 | 90928 |
| &nbsp;&nbsp;&nbsp;Sankyo Co., Ltd. (Japan) | 1135 | 21004 |
| &nbsp;&nbsp;&nbsp;Swatch Group A.G. (The) (Switzerland) | 356 | 11995 |
|  |  | 227858 |
| *Consumer Services — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. (Australia) | 227 | 9736 |
| &nbsp;&nbsp;&nbsp;Betsson A.B. (Sweden) | 992 | 21005 |
| &nbsp;&nbsp;&nbsp;Cie des Alpes (France) | 247 | 5997 |
| &nbsp;&nbsp;&nbsp;G8 Education, Ltd. (Australia) | 26941 | 20936 |
| &nbsp;&nbsp;&nbsp;Mitchells & Butlers PLC (United Kingdom) <sup>(a)</sup> | 1189 | 4679 |
| &nbsp;&nbsp;&nbsp;SATS ASA 144A (Norway) <sup>(a)(b)</sup> | 540 | 1951 |
|  |  | 64304 |
| **Consumer Staples — 7.7%** |  |  |
| Consumer Staples Distribution & Retail — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Acomo N.V. (Netherlands) | 1573 | 42616 |
| &nbsp;&nbsp;&nbsp;Ain Holdings, Inc. (Japan) | 100 | 3772 |
| &nbsp;&nbsp;&nbsp;Carrefour S.A. (France) | 5513 | 77762 |
| &nbsp;&nbsp;&nbsp;Heiwado Co., Ltd. (Japan) | 600 | 11779 |
| &nbsp;&nbsp;&nbsp;Kato Sangyo Co., Ltd. (Japan) | 200 | 7625 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. (Netherlands) | 298 | 12446 |
| &nbsp;&nbsp;&nbsp;Life Corp. (Japan) | 192 | 2944 |
| &nbsp;&nbsp;&nbsp;Sonae SGPS S.A. (Portugal) | 10094 | 14362 |
| &nbsp;&nbsp;&nbsp;Valor Holdings Co., Ltd. (Japan) | 400 | 6996 |
|  |  | 180302 |
| *Food, Beverage & Tobacco — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. (Belgium) | 25 | 1720 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 21 |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Food, Beverage & Tobacco (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Austevoll Seafood A.S.A. (Norway) | 512 | $4928 |
| &nbsp;&nbsp;&nbsp;Bell Food Group A.G. (Switzerland) | 225 | 70756 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC (United Kingdom) | 1292 | 61426 |
| &nbsp;&nbsp;&nbsp;First Resources, Ltd. (Singapore) | 1400 | 1618 |
| &nbsp;&nbsp;&nbsp;Greencore Group PLC (United Kingdom) | 1174 | 3763 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC (United Kingdom) | 2856 | 112834 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. (Japan) | 257 | 7570 |
| &nbsp;&nbsp;&nbsp;JDE Peet's N.V. (Netherlands) | 239 | 6826 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. (Japan) | 5100 | 71457 |
| &nbsp;&nbsp;&nbsp;Morinaga Milk Industry Co., Ltd. (Japan) | 200 | 4493 |
| &nbsp;&nbsp;&nbsp;Mowi A.S.A. (Norway) | 68 | 1313 |
| &nbsp;&nbsp;&nbsp;MP Evans Group PLC (United Kingdom) | 1840 | 28525 |
| &nbsp;&nbsp;&nbsp;Nestle S.A. (Switzerland) | 409 | 40668 |
| &nbsp;&nbsp;&nbsp;Neto Malinda Trading, Ltd. (Israel) | 128 | 5263 |
| &nbsp;&nbsp;&nbsp;Nichirei Corp. (Japan) | 900 | 11779 |
| &nbsp;&nbsp;&nbsp;Nisshin Oillio Group, Ltd. (The) (Japan) | 114 | 3863 |
| &nbsp;&nbsp;&nbsp;Olvi PLC - A Shares (Finland) | 63 | 2490 |
| &nbsp;&nbsp;&nbsp;Savencia S.A. (France) | 350 | 26555 |
| &nbsp;&nbsp;&nbsp;Scandinavian Tobacco Group A/S 144A (Denmark) <sup>(b)</sup> | 342 | 4539 |
| &nbsp;&nbsp;&nbsp;Sipef N.V. (Belgium) | 56 | 4198 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd. 144A (Hong Kong) <sup>(b)</sup> | 29000 | 27950 |
|  |  | 504534 |
| *Household & Personal Products — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Essity A.B. - Class B (Sweden) | 899 | 24894 |
| &nbsp;&nbsp;&nbsp;Haleon PLC (United Kingdom) | 918 | 4718 |
| &nbsp;&nbsp;&nbsp;Henkel A.G. & Co. KGaA (Germany) | 97 | 7034 |
| &nbsp;&nbsp;&nbsp;Lion Corp. (Japan) | 400 | 4135 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC (United Kingdom) | 170 | 11581 |
|  |  | 52362 |
| **Energy — 2.8%** |  |  |
| Energy — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beach Energy, Ltd. (Australia) | 19742 | 17129 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Co. PLC (United Kingdom) | 2413 | 35967 |
| &nbsp;&nbsp;&nbsp;Energean PLC (United Kingdom) | 173 | 2164 |
| &nbsp;&nbsp;&nbsp;Etablissements Maurel et Prom S.A. (France) | 392 | 2220 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. (Japan) | 2900 | 40701 |
| &nbsp;&nbsp;&nbsp;Ithaca Energy PLC (United Kingdom) | 1131 | 2436 |
| &nbsp;&nbsp;&nbsp;OMV A.G. (Austria) | 697 | 37901 |
| &nbsp;&nbsp;&nbsp;Repsol S.A. (Spain) | 1255 | 18355 |
| &nbsp;&nbsp;&nbsp;Serica Energy PLC (United Kingdom) | 17383 | 37884 |
| &nbsp;&nbsp;&nbsp;Shell PLC (United Kingdom) | 1420 | 49540 |
| &nbsp;&nbsp;&nbsp;Tecnicas Reunidas S.A. (Spain) <sup>(a)</sup> | 145 | 3348 |
| &nbsp;&nbsp;&nbsp;Totalenergies EP Gabon (France) | 57 | 12584 |
| &nbsp;&nbsp;&nbsp;United Energy Group, Ltd. (Hong Kong) | 174000 | 11526 |
|  |  | 271755 |
| **Financials — 22.9%** |  |  |
| Banks — 14.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aichi Financial Group, Inc. (Japan) | 100 | 1758 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Banks (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings, Ltd. (Australia) | 6323 | $121256 |
| &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena S.p.A. (Italy) | 1331 | 11322 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. (Spain) | 4109 | 63266 |
| &nbsp;&nbsp;&nbsp;Banco BPM S.p.A. (Italy) | 8724 | 101823 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell S.A. (Spain) | 9829 | 31289 |
| &nbsp;&nbsp;&nbsp;Banco di Desio e della Brianza S.p.A. (Italy) | 1442 | 12060 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM (Israel) | 92 | 1767 |
| &nbsp;&nbsp;&nbsp;Bank of Georgia Group PLC (United Kingdom) | 117 | 11396 |
| &nbsp;&nbsp;&nbsp;Bank of Qingdao Co., Ltd. - H Shares 144A (Hong Kong) <sup>(b)</sup> | 48333 | 25203 |
| &nbsp;&nbsp;&nbsp;Barclays PLC (United Kingdom) | 10523 | 48622 |
| &nbsp;&nbsp;&nbsp;BNP Paribas S.A. (France) | 817 | 73280 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. (Hong Kong) | 2000 | 8688 |
| &nbsp;&nbsp;&nbsp;BPER Banca (Italy) | 11205 | 101692 |
| &nbsp;&nbsp;&nbsp;BSP Financial Group, Ltd. (Australia) | 521 | 2720 |
| &nbsp;&nbsp;&nbsp;Caisse Regionale de Credit Agricole Mutuel Brie Picardie (France) | 508 | 13188 |
| &nbsp;&nbsp;&nbsp;Caisse Regionale de Credit Agricole Mutuel Nord de France (France) | 641 | 13456 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia (Australia) | 50 | 6085 |
| &nbsp;&nbsp;&nbsp;Credit Agricole S.A. (France) | 1984 | 37531 |
| &nbsp;&nbsp;&nbsp;Daishi Hokuetsu Financial Group, Inc. (Japan) | 700 | 16161 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S (Denmark) | 1647 | 67272 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. (Singapore) | 2200 | 77662 |
| &nbsp;&nbsp;&nbsp;DNB Bank A.S.A. (Norway) | 601 | 16622 |
| &nbsp;&nbsp;&nbsp;Hirogen Holdings, Inc. (Japan) | 1900 | 15884 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC (United Kingdom) | 1111 | 13438 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd. - Class A (Israel) | 1690 | 16858 |
| &nbsp;&nbsp;&nbsp;Kiyo Bank, Ltd. (The) (Japan) | 900 | 15548 |
| &nbsp;&nbsp;&nbsp;Lloyds TSB Group PLC (United Kingdom) | 76056 | 79970 |
| &nbsp;&nbsp;&nbsp;Nanto Bank, Ltd. (The) (Japan) | 600 | 17069 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC (United Kingdom) | 17709 | 124362 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp (Sweden) | 1707 | 25361 |
| &nbsp;&nbsp;&nbsp;Norion Bank A.B. (Sweden) <sup>(a)</sup> | 2498 | 13432 |
| &nbsp;&nbsp;&nbsp;North Pacific Bank, Ltd. (Japan) | 4000 | 16005 |
| &nbsp;&nbsp;&nbsp;Ogaki Kyoritsu Bank, Ltd. (The) (Japan) | 900 | 15641 |
| &nbsp;&nbsp;&nbsp;Raiffeisen Bank International A.G. (Austria) | 828 | 25325 |
| &nbsp;&nbsp;&nbsp;Societe Generale S.A. (France) | 841 | 48105 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken A.B. - A Shares (Sweden) | 4685 | 62724 |
| &nbsp;&nbsp;&nbsp;TOMONY Holdings, Inc. (Japan) | 1600 | 5988 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. (Singapore) | 900 | 25473 |
|  |  | 1385302 |
| *Financial Services — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;3i Group PLC (United Kingdom) | 1332 | 75376 |
| &nbsp;&nbsp;&nbsp;Anima Holding S.p.A. 144A (Italy) <sup>(b)</sup> | 235 | 1679 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 22 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Financial Services (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank A.G. (Germany) | 3949 | $117061 |
| &nbsp;&nbsp;&nbsp;Financial Products Group Co., Ltd. (Japan) | 1000 | 16571 |
| &nbsp;&nbsp;&nbsp;Flow Traders, Ltd. 144A (Netherlands) <sup>(b)</sup> | 778 | 25280 |
| &nbsp;&nbsp;&nbsp;Helia Group, Ltd. (Australia) | 4687 | 17376 |
| &nbsp;&nbsp;&nbsp;Hoist Finance A.B. 144A (Sweden) <sup>(b)</sup> | 660 | 5820 |
| &nbsp;&nbsp;&nbsp;Latitude Group Holdings, Ltd. (Australia) | 23577 | 17690 |
| &nbsp;&nbsp;&nbsp;Liberty Financial Group, Ltd. (Australia) | 2558 | 5623 |
| &nbsp;&nbsp;&nbsp;NOMURA Holdings, Inc. (Japan) | 16100 | 106076 |
| &nbsp;&nbsp;&nbsp;Tokyo Century Corp. (Japan) | 1400 | 15759 |
| &nbsp;&nbsp;&nbsp;TP ICAP Group PLC (United Kingdom) | 624 | 2336 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Financial Holding, Ltd. (Singapore) | 4000 | 2330 |
|  |  | 408977 |
| *Insurance — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Ageas S.A./N.V. (Belgium) | 171 | 11567 |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. (Hong Kong) | 3400 | 30799 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. (Japan) | 2000 | 15202 |
| &nbsp;&nbsp;&nbsp;Just Group PLC (United Kingdom) | 1036 | 1886 |
| &nbsp;&nbsp;&nbsp;Lancashire Holdings, Ltd. (United Kingdom) | 1072 | 8460 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. (Japan) | 1893 | 42312 |
| &nbsp;&nbsp;&nbsp;NN Group N.V. (Netherlands) | 1581 | 105190 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. (Australia) | 6145 | 94628 |
| &nbsp;&nbsp;&nbsp;SCOR S.E. (France) | 404 | 13417 |
| &nbsp;&nbsp;&nbsp;Swiss Re A.G. (Switzerland) | 412 | 71275 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. (Japan) | 100 | 4237 |
| &nbsp;&nbsp;&nbsp;Vienna Insurance Group A.G. (Austria) | 50 | 2575 |
|  |  | 401548 |
| **Health Care — 11.3%** |  |  |
| Health Care Equipment & Services — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Ambea A.B. 144A (Sweden) <sup>(b)</sup> | 1046 | 12478 |
| &nbsp;&nbsp;&nbsp;Ansell, Ltd. (Australia) | 581 | 11584 |
| &nbsp;&nbsp;&nbsp;Attendo A.B. 144A (Sweden) <sup>(b)</sup> | 1868 | 12549 |
| &nbsp;&nbsp;&nbsp;Clinica Baviera S.A. (Spain) | 289 | 14084 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care A.G. (Germany) | 1139 | 65436 |
| &nbsp;&nbsp;&nbsp;Japan Lifeline Co., Ltd. (Japan) | 800 | 8286 |
| &nbsp;&nbsp;&nbsp;Paul Hartmann A.G. (Germany) | 44 | 12542 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd. (Australia) | 863 | 1699 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC (United Kingdom) | 261 | 3997 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. (Australia) | 1068 | 18851 |
| &nbsp;&nbsp;&nbsp;Terveystalo OYJ 144A (Finland) <sup>(b)</sup> | 953 | 12874 |
|  |  | 174380 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 9.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. (Japan) | 600 | 5874 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC (United Kingdom) | 107 | 14890 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. (Australia) | 267 | 42176 |
| &nbsp;&nbsp;&nbsp;GSK PLC (United Kingdom) | 7029 | 134010 |
| &nbsp;&nbsp;&nbsp;H Lundbeck A/S - Class B (Denmark) | 2203 | 12656 |
| &nbsp;&nbsp;&nbsp;Ipsen S.A. (France) | 504 | 60031 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Pharmaceuticals, Biotechnology & Life Sciences (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co., Ltd. 144A (Hong Kong) <sup>(a)(b)</sup> | 1200 | $8224 |
| &nbsp;&nbsp;&nbsp;Nippon Shinyaku Co., Ltd. (Japan) | 2000 | 43639 |
| &nbsp;&nbsp;&nbsp;Novartis A.G. (Switzerland) | 1321 | 160349 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Class B (Denmark) | 866 | 60010 |
| &nbsp;&nbsp;&nbsp;Roche Holding A.G. (Switzerland) | 153 | 53176 |
| &nbsp;&nbsp;&nbsp;Roche Holding A.G. Genussscheine (Switzerland) | 502 | 163873 |
| &nbsp;&nbsp;&nbsp;Sandoz Group A.G. (Switzerland) | 36 | 1973 |
| &nbsp;&nbsp;&nbsp;Sanofi S.A. (France) | 764 | 73960 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. (Japan) | 700 | 12599 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. (Japan) | 200 | 6174 |
| &nbsp;&nbsp;&nbsp;Towa Pharmaceutical Co., Ltd. (Japan) | 2100 | 43570 |
| &nbsp;&nbsp;&nbsp;United Laboratories International Holdings, Ltd. (The) (Hong Kong) | 6000 | 11503 |
|  |  | 908687 |
| **Industrials — 18.8%** |  |  |
| Capital Goods — 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. (Switzerland) | 85 | 5094 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings N.V. (Netherlands) | 500 | 58500 |
| &nbsp;&nbsp;&nbsp;Aker ASA (Norway) | 44 | 2863 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain S.A. (France) | 359 | 42170 |
| &nbsp;&nbsp;&nbsp;Eiffage S.A. (France) | 562 | 78962 |
| &nbsp;&nbsp;&nbsp;Forbo Holding A.G. - Registered Shares (Switzerland) | 79 | 82175 |
| &nbsp;&nbsp;&nbsp;GS Yuasa Corp. (Japan) | 800 | 14925 |
| &nbsp;&nbsp;&nbsp;HOCHTIEF A.G. (Germany) | 11 | 2171 |
| &nbsp;&nbsp;&nbsp;Hong Leong Asia, Ltd. (Singapore) | 4500 | 5669 |
| &nbsp;&nbsp;&nbsp;Implenia A.G. (Switzerland) | 1243 | 87107 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. (Japan) | 2400 | 125654 |
| &nbsp;&nbsp;&nbsp;JOST Werke S.E. 144A (Germany) <sup>(b)</sup> | 135 | 8555 |
| &nbsp;&nbsp;&nbsp;Kanamoto Co., Ltd. (Japan) | 700 | 15713 |
| &nbsp;&nbsp;&nbsp;Keller Group PLC (United Kingdom) | 3199 | 64353 |
| &nbsp;&nbsp;&nbsp;Kier Group PLC (United Kingdom) | 4895 | 14023 |
| &nbsp;&nbsp;&nbsp;Kitz Corp. (Japan) | 1900 | 15596 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. (Japan) | 1283 | 42323 |
| &nbsp;&nbsp;&nbsp;Koninklijke BAM Groep N.V. (Netherlands) | 2170 | 19356 |
| &nbsp;&nbsp;&nbsp;Koninklijke Heijmans N.V. (Netherlands) | 230 | 14897 |
| &nbsp;&nbsp;&nbsp;KSB S.E. & Co. KGaA (Germany) | 15 | 15724 |
| &nbsp;&nbsp;&nbsp;Kyokuto Kaihatsu Kogyo Co., Ltd. (Japan) | 800 | 14857 |
| &nbsp;&nbsp;&nbsp;Mitani Corp. (Japan) | 300 | 4478 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. (Japan) | 400 | 8184 |
| &nbsp;&nbsp;&nbsp;Mota-Engil SGPS S.A. (Portugal) | 2896 | 13119 |
| &nbsp;&nbsp;&nbsp;NCC A.B. - B Shares (Sweden) | 732 | 13699 |
| &nbsp;&nbsp;&nbsp;Nippon Densetsu Kogyo Co., Ltd. (Japan) | 900 | 16006 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. (Japan) | 1000 | 15149 |
| &nbsp;&nbsp;&nbsp;Per Aarsleff Holding A/S (Denmark) | 91 | 9452 |
| &nbsp;&nbsp;&nbsp;Porr A.G. (Austria) | 82 | 2737 |
| &nbsp;&nbsp;&nbsp;Raito Kogyo Co., Ltd. (Japan) | 200 | 3970 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC (United Kingdom) | 3149 | 41730 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 23 |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Capital Goods (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sanki Engineering Co., Ltd. (Japan) | 200 | $5615 |
| &nbsp;&nbsp;&nbsp;Siemens A.G. (Germany) | 12 | 3082 |
| &nbsp;&nbsp;&nbsp;Siemens Energy A.G. (Germany) <sup>(a)</sup> | 877 | 102496 |
| &nbsp;&nbsp;&nbsp;Skanska A.B. - B Shares (Sweden) | 254 | 5917 |
| &nbsp;&nbsp;&nbsp;Tadano, Ltd. (Japan) | 2400 | 15972 |
| &nbsp;&nbsp;&nbsp;Takara Standard Co., Ltd. (Japan) | 900 | 15166 |
| &nbsp;&nbsp;&nbsp;TOA Corp. (Japan) | 1500 | 15714 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. (Japan) | 125 | 2831 |
| &nbsp;&nbsp;&nbsp;Traton S.E. (Germany) | 1583 | 51486 |
| &nbsp;&nbsp;&nbsp;Veidekke A.S.A. (Norway) | 121 | 1947 |
| &nbsp;&nbsp;&nbsp;Vinci S.A. (France) | 869 | 128142 |
| &nbsp;&nbsp;&nbsp;Volvo A.B. - B Shares (Sweden) | 2291 | 64468 |
| &nbsp;&nbsp;&nbsp;YAMABIKO Corp. (Japan) | 200 | 2938 |
| &nbsp;&nbsp;&nbsp;Yurtec Corp. (Japan) | 1100 | 16156 |
|  |  | 1291141 |
| *Commercial & Professional Services — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Cewe Stiftung & Co. KGAA (Germany) | 16 | 1851 |
| &nbsp;&nbsp;&nbsp;Derichebourg S.A. (France) | 2225 | 15120 |
| &nbsp;&nbsp;&nbsp;GL Events SACA (France) | 474 | 15237 |
| &nbsp;&nbsp;&nbsp;ISS A/S (Denmark) | 519 | 14486 |
| &nbsp;&nbsp;&nbsp;Johnson Service Group PLC (United Kingdom) | 1522 | 3175 |
| &nbsp;&nbsp;&nbsp;Loomis A.B. (Sweden) | 346 | 14548 |
| &nbsp;&nbsp;&nbsp;Nomura Co., Ltd. (Japan) | 2500 | 15971 |
| &nbsp;&nbsp;&nbsp;Okamura Corp. (Japan) | 1000 | 15395 |
| &nbsp;&nbsp;&nbsp;Park24 Co., Ltd. (Japan) | 600 | 7690 |
| &nbsp;&nbsp;&nbsp;Persol Holdings Co., Ltd. (Japan) | 2600 | 5074 |
| &nbsp;&nbsp;&nbsp;Prosegur Cash S.A. 144A (Spain) <sup>(b)</sup> | 9252 | 8892 |
| &nbsp;&nbsp;&nbsp;Prosegur Cia de Seguridad S.A. (Spain) | 1110 | 3815 |
| &nbsp;&nbsp;&nbsp;Teleperformance S.E. (France) | 113 | 10974 |
| &nbsp;&nbsp;&nbsp;Transcosmos, Inc. (Japan) | 300 | 7284 |
|  |  | 139512 |
| *Transportation — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. (Japan) | 400 | 8940 |
| &nbsp;&nbsp;&nbsp;ComfortDelGro Corp., Ltd. (Singapore) | 7000 | 7872 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa A.G. (Germany) | 8258 | 70102 |
| &nbsp;&nbsp;&nbsp;easyJet PLC (United Kingdom) | 1691 | 12375 |
| &nbsp;&nbsp;&nbsp;Hoegh Autoliners A.S.A. 144A (Norway) <sup>(b)</sup> | 216 | 1914 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group S.A. (United Kingdom) | 12656 | 59363 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group S.A. (Spain) | 8448 | 39797 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. (Japan) | 500 | 10196 |
| &nbsp;&nbsp;&nbsp;Konoike Transport Co., Ltd. (Japan) | 200 | 4083 |
| &nbsp;&nbsp;&nbsp;MPC Container Ships A.S.A. (Norway) | 1151 | 1824 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK (Japan) | 2100 | 75534 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. (Australia) | 9106 | 64331 |
| &nbsp;&nbsp;&nbsp;Sankyu, Inc. (Japan) | 100 | 5363 |
| &nbsp;&nbsp;&nbsp;TS Lines, Ltd. 144A (Hong Kong) <sup>(b)</sup> | 8000 | 8724 |
| &nbsp;&nbsp;&nbsp;Wallenius Wilhelmsen A.S.A. (Norway) | 178 | 1464 |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services, Ltd. (Israel) | 100 | 1609 |
|  |  | 373491 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — 8.4%** |  |  |
| Semiconductors & Semiconductor Equipment — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. (Netherlands) | 97 | $77724 |
| &nbsp;&nbsp;&nbsp;Ferrotec Holdings Corp. (Japan) | 700 | 14765 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies A.G. (Germany) | 2942 | 125531 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd. (Japan) | 200 | 16259 |
|  |  | 234279 |
| *Software & Services — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Alten S.A. (France) | 20 | 1759 |
| &nbsp;&nbsp;&nbsp;Bytes Technology Group PLC (United Kingdom) | 1917 | 13464 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes S.A. (France) | 844 | 30586 |
| &nbsp;&nbsp;&nbsp;Econocom Group S.A./N.V. (Belgium) | 6647 | 15251 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. (Japan) | 4500 | 109148 |
| &nbsp;&nbsp;&nbsp;GMO internet group, Inc. (Japan) | 600 | 15000 |
| &nbsp;&nbsp;&nbsp;Kontron A.G. (Germany) | 321 | 9477 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd. (Israel) <sup>(a)</sup> | 85 | 14410 |
| &nbsp;&nbsp;&nbsp;SAP S.E. (Germany) | 239 | 73075 |
| &nbsp;&nbsp;&nbsp;SUNeVision Holdings, Ltd. (Hong Kong) | 4000 | 3861 |
| &nbsp;&nbsp;&nbsp;Systena Corp. (Japan) | 4900 | 13914 |
|  |  | 299945 |
| *Technology Hardware & Equipment — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Ai Holdings Corp. (Japan) | 1000 | 16268 |
| &nbsp;&nbsp;&nbsp;Barco N.V. (Belgium) | 919 | 13466 |
| &nbsp;&nbsp;&nbsp;Brother Industries, Ltd. (Japan) | 200 | 3449 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. (Japan) | 1962 | 56895 |
| &nbsp;&nbsp;&nbsp;Codan, Ltd. (Australia) | 1341 | 17740 |
| &nbsp;&nbsp;&nbsp;Daiwabo Holdings Co., Ltd. (Japan) | 500 | 8986 |
| &nbsp;&nbsp;&nbsp;Elecom Co., Ltd. (Japan) | 1100 | 13783 |
| &nbsp;&nbsp;&nbsp;Furuno Electric Co., Ltd. (Japan) | 100 | 2601 |
| &nbsp;&nbsp;&nbsp;Ituran Location and Control, Ltd. (Israel) | 100 | 3873 |
| &nbsp;&nbsp;&nbsp;Kaga Electronics Co., Ltd. (Japan) | 300 | 5690 |
| &nbsp;&nbsp;&nbsp;Nokia OYJ (Finland) | 8302 | 43073 |
| &nbsp;&nbsp;&nbsp;PAX Global Technology, Ltd. (Hong Kong) | 15000 | 11561 |
| &nbsp;&nbsp;&nbsp;Quadient S.A. (France) | 713 | 13364 |
| &nbsp;&nbsp;&nbsp;Softwareone Holding A.G. (Switzerland) | 1040 | 10385 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson - B Shares (Sweden) | 5359 | 45798 |
|  |  | 266932 |
| **Materials — 5.4%** |  |  |
| Materials — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Amrize, Ltd. (Switzerland) <sup>(a)</sup> | 248 | 12372 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal S.A. (France) | 2081 | 66075 |
| &nbsp;&nbsp;&nbsp;Bekaert S.A. (Belgium) | 316 | 13073 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (Australia) | 1229 | 29726 |
| &nbsp;&nbsp;&nbsp;Billerud Aktiebolag A.B. (Sweden) | 249 | 2580 |
| &nbsp;&nbsp;&nbsp;Caltagirone S.p.A. (Italy) | 1326 | 11100 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. (Australia) | 2580 | 13432 |
| &nbsp;&nbsp;&nbsp;Evonik Industries A.G. (Germany) | 2838 | 58624 |
| &nbsp;&nbsp;&nbsp;Evraz PLC (United Kingdom) <sup>(a)(c)</sup> | 354 | 0 |
| &nbsp;&nbsp;&nbsp;Fuji Seal International, Inc. (Japan) | 700 | 13524 |
| &nbsp;&nbsp;&nbsp;Holcim A.G. (Switzerland) | 792 | 58817 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 24 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Materials (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Kaneka Corp. (Japan) | 500 | $13793 |
| &nbsp;&nbsp;&nbsp;Kobe Steel, Ltd. (Japan) | 200 | 2183 |
| &nbsp;&nbsp;&nbsp;Navigator Co. S.A. (The) (Portugal) | 2587 | 9719 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. (Japan) | 700 | 13236 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. (Australia) | 592 | 7228 |
| &nbsp;&nbsp;&nbsp;Pan African Resources PLC (United Kingdom) | 22008 | 13820 |
| &nbsp;&nbsp;&nbsp;Perenti, Ltd. (Australia) | 19050 | 20349 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC (United Kingdom) | 1256 | 73100 |
| &nbsp;&nbsp;&nbsp;Semapa-Sociedade de Investimento e Gestao (Portugal) | 153 | 3010 |
| &nbsp;&nbsp;&nbsp;Solvay S.A. (Belgium) | 114 | 3948 |
| &nbsp;&nbsp;&nbsp;Sumitomo Osaka Cement Co., Ltd. (Japan) | 500 | 13095 |
| &nbsp;&nbsp;&nbsp;Taiheiyo Cement Corp. (Japan) | 100 | 2481 |
| &nbsp;&nbsp;&nbsp;thyssenkrup A.G. (Germany) | 417 | 4494 |
| &nbsp;&nbsp;&nbsp;Tokuyama Corp. (Japan) | 600 | 12536 |
| &nbsp;&nbsp;&nbsp;Vicat S.A.C.A. (France) | 132 | 9145 |
| &nbsp;&nbsp;&nbsp;West African Resources, Ltd. (Australia) <sup>(a)</sup> | 12071 | 18336 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. (Australia) | 1308 | 2503 |
| &nbsp;&nbsp;&nbsp;Yara International A.S.A. (Norway) | 413 | 15242 |
| &nbsp;&nbsp;&nbsp;Yodogawa Steel Works, Ltd. (Japan) | 500 | 3970 |
|  |  | 521511 |
| **Real Estate — 2.2%** |  |  |
| Equity Real Estate Investment Trusts (REITs) — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Carmila S.A. (France) | 661 | 12999 |
| &nbsp;&nbsp;&nbsp;Cromwell Property Group (Australia) | 41379 | 9276 |
| &nbsp;&nbsp;&nbsp;Eurocommercial Properties N.V. (Netherlands) | 61 | 1929 |
| &nbsp;&nbsp;&nbsp;Globalworth Real Estate Investments, |  |  |
| &nbsp;&nbsp;&nbsp;Ltd. (United Kingdom) | 709 | 1979 |
| &nbsp;&nbsp;&nbsp;Growthpoint Properties Australia, Ltd. (Australia) | 8335 | 12776 |
| &nbsp;&nbsp;&nbsp;ICADE (France) | 466 | 13152 |
| &nbsp;&nbsp;&nbsp;Japan Hotel REIT Investment Corp. (Japan) | 24 | 12681 |
| &nbsp;&nbsp;&nbsp;NIPPON REIT Investment Corp. (Japan) | 21 | 12886 |
| &nbsp;&nbsp;&nbsp;Starhill Global REIT (Singapore) | 30300 | 12164 |
| &nbsp;&nbsp;&nbsp;Supermarket Income Reit PLC (United Kingdom) | 11725 | 13663 |
|  |  | 103505 |
| Real Estate Management & Development — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amot Investments, Ltd. (Israel) | 340 | 2304 |
| &nbsp;&nbsp;&nbsp;Blue Square Real Estate, Ltd. (Israel) | 16 | 1846 |
| &nbsp;&nbsp;&nbsp;Centurion Corp, Ltd. (Singapore) | 7700 | 10171 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. (Hong Kong) | 2000 | 8838 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. (Japan) | 200 | 6871 |
| &nbsp;&nbsp;&nbsp;G City, Ltd. (Israel) | 685 | 2716 |
| &nbsp;&nbsp;&nbsp;Grand City Properties S.A. (Germany) <sup>(a)</sup> | 1011 | 13246 |
| &nbsp;&nbsp;&nbsp;Hang Lung Group, Ltd. (Hong Kong) | 2000 | 3482 |
| &nbsp;&nbsp;&nbsp;Hang Lung Properties, Ltd. (Hong Kong) | 4000 | 3829 |
| &nbsp;&nbsp;&nbsp;Intershop Holding A.G. (Switzerland) | 131 | 23464 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Real Estate Management & Development (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Olav Thon Eiendomsselskap A.S.A. (Norway) | 66 | $1920 |
| &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. (Japan) | 1900 | 13576 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. (Hong Kong) | 5000 | 14193 |
|  |  | 106456 |
| **Utilities — 3.8%** |  |  |
| Utilities — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Centrica PLC (United Kingdom) | 3728 | 8271 |
| &nbsp;&nbsp;&nbsp;Drax Group PLC (United Kingdom) | 1220 | 11627 |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co., Ltd. (Japan) | 400 | 6824 |
| &nbsp;&nbsp;&nbsp;Electricite de Strasbourg S.A. (France) | 67 | 11127 |
| &nbsp;&nbsp;&nbsp;Endesa S.A. (Spain) | 1675 | 53052 |
| &nbsp;&nbsp;&nbsp;Enel S.p.A. (Italy) | 3932 | 37314 |
| &nbsp;&nbsp;&nbsp;Engie S.A. (France) | 3867 | 90878 |
| &nbsp;&nbsp;&nbsp;Iren S.p.A. (Italy) | 1306 | 4034 |
| &nbsp;&nbsp;&nbsp;Italgal S.p.A. (Italy) | 1475 | 12511 |
| &nbsp;&nbsp;&nbsp;National Grid PLC (United Kingdom) | 159 | 2334 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. (Australia) | 564 | 4009 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries Ltd. (Singapore) | 4900 | 26396 |
| &nbsp;&nbsp;&nbsp;Shikoku Electric Power Co., Inc. (Japan) | 1600 | 13414 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC (United Kingdom) | 4216 | 66199 |
| &nbsp;&nbsp;&nbsp;Vector, Ltd. (New Zealand) | 4876 | 12910 |
|  |  | 360900 |
| **Total Common Stocks (Cost $8,846,019)** |  | 9396696 |
| **PREFERRED STOCKS — 0.3%** |  |  |
| **Consumer Discretionary — 0.2%** |  |  |
| Automobiles & Components — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Volkswagen A.G. (Germany) | 119 | 12579 |
| **Health Care — 0.1%** |  |  |
| Health Care Equipment & Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Draegerwerk A.G. & Co. KGaA (Germany) | 158 | 12513 |
| **Total Preferred Stocks (Cost $25,079)** |  | 25092 |
| **Investments at Value — 98.4%** |  |  |
| **(Cost $8,871,098)** |  | $9421788 |
| **Other Assets in Excess of Liabilities — 1.6%** |  | 154400 |
| **Net Assets — 100.0%** |  | $9576188 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.* 

*<sup>(c)</sup>* *Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 25 |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net<br> Assets** |
| Japan | $2056630 | 21.5% |
| United Kingdom | 1382847 | 14.4% |
| France | 1126468 | 11.8% |
| Germany | 993121 | 10.4% |
| Switzerland | 864266 | 9.0% |
| Australia | 634556 | 6.6% |
| Netherlands | 405388 | 4.2% |
| Sweden | 400883 | 4.2% |
| Italy | 304880 | 3.2% |
| Spain | 296146 | 3.1% |
| Hong Kong | 210239 | 2.2% |
| Singapore | 190635 | 2.0% |
| Denmark | 168415 | 1.8% |
| Belgium | 76605 | 0.8% |
| Austria | 68538 | 0.7% |
| Finland | 58437 | 0.6% |
| Israel | 56435 | 0.6% |
| Norway | 53654 | 0.6% |
| Portugal | 40210 | 0.4% |
| Ireland | 20525 | 0.2% |
| New Zealand | 12910 | 0.1% |
| Total Investments | $9421788 | 98.4% |
| Other Assets in Excess of Liabilities | 154400 | 1.6% |
| Net Assets | $9576188 | 100.0% |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 26 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Global All Cap Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 98.2%** |  |  |
| **Communication Services — 6.3%** |  |  |
| *Media & Entertainment — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 4176 | $740781 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1082 | 798613 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. (Japan) | 7510 | 721059 |
|  |  | 2260453 |
| **Consumer Discretionary — 14.8%** |  |  |
| *Automobiles & Components — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Netherlands) | 1184 | 581036 |
| *Consumer Discretionary Distribution & Retail — 7.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 3785 | 830391 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group (Belgium) | 4665 | 1004524 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. (Canada) | 3260 | 459211 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 4680 | 421809 |
|  |  | 2715935 |
| *Consumer Durables & Apparel — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli S.p.A. (Italy) | 3063 | 371828 |
| *Consumer Services — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 8217 | 461385 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC (United Kingdom) | 19520 | 661143 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC (United Kingdom) | 4156 | 475149 |
|  |  | 1597677 |
| **Consumer Staples — 5.3%** |  |  |
| *Consumer Staples Distribution & Retail — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 480 | 475171 |
| *Food, Beverage & Tobacco — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Lotus Bakeries N.V. (Belgium) | 60 | 578110 |
| *Household & Personal Products — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 4355 | 418559 |
| &nbsp;&nbsp;&nbsp;Unilever PLC (United Kingdom) | 6833 | 416968 |
|  |  | 835527 |
| **Energy — 3.2%** |  |  |
| *Energy — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 3946 | 565028 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. (Canada) | 15299 | 572947 |
|  |  | 1137975 |
| **Financials — 16.4%** |  |  |
| *Banks — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A. (Italy) | 120859 | 696142 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4053 | 1175005 |
|  |  | 1871147 |
| *Financial Services — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Partners Group Holding A.G. (Switzerland) | 462 | 604485 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 2814 | 999111 |
|  |  | 1603596 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Insurance — 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Beazley PLC (United Kingdom) | 69554 | $893023 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 5785 | 719018 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 3781 | 749999 |
|  |  | 2362040 |
| **Health Care — 8.3%** |  |  |
| *Health Care Equipment & Services — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)</sup> | 1113 | 596947 |
| &nbsp;&nbsp;&nbsp;STERIS PLC (Ireland) | 2392 | 574606 |
|  |  | 1171553 |
| *Health Care Equipment & Supplies — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. <sup>(a)</sup> | 4212 | 452411 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 7873 | 405066 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 829 | 336126 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 3666 | 571713 |
|  |  | 1312905 |
| **Industrials — 14.9%** |  |  |
| *Capital Goods — 12.4%* |  |  |
| &nbsp;&nbsp;&nbsp;ATI, Inc. <sup>(a)</sup> | 9074 | 783449 |
| &nbsp;&nbsp;&nbsp;Fluidra S.A. (Spain) | 21510 | 539227 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 908 | 634211 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 1294 | 489236 |
| &nbsp;&nbsp;&nbsp;Safran S.A. (France) | 2768 | 902640 |
| &nbsp;&nbsp;&nbsp;Schneider Electric S.E. (France) | 2354 | 631963 |
| &nbsp;&nbsp;&nbsp;Siemens Energy A.G. (Germany) <sup>(a)</sup> | 3664 | 428218 |
|  |  | 4408944 |
| *Commercial & Professional Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. <sup>(a)</sup> | 175 | 4132 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 961 | 458108 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. (Canada) | 2407 | 449435 |
|  |  | 911675 |
| **Information Technology — 26.1%** |  |  |
| *Semiconductors & Semiconductor Equipment — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 7622 | 589943 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 900 | 658242 |
|  |  | 1248185 |
| *Software & Services — 17.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 1304 | 401828 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. (Canada) | 284 | 1041082 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>(a)</sup> | 295 | 539248 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 546 | 430046 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3185 | 1584251 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 3632 | 743252 |
| &nbsp;&nbsp;&nbsp;SAP S.E. (Germany) | 2243 | 685809 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 898 | 923216 |
|  |  | 6348732 |
| *Technology Hardware & Equipment — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 3425 | 702707 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 3755 | 384174 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 1416 | 595372 |
|  |  | 1682253 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 27 |

---

<u>Segall Bryant & Hamill Global All Cap Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Materials — 1.4%** |  |  |
| *Materials — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Linde PLC (Ireland) | 1038 | $487009 |
| **Real Estate — 1.5%** |  |  |
| *Real Estate Management & Development — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | 3812 | 534137 |
| **Investments at Value — 98.2%** |  |  |
| **(Cost $22,666,344)** |  | $34948299 |
| **Other Assets in Excess of Liabilities — 1.8%** |  | 633673 |
| **Net Assets — 100.0%** |  | $35581972 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net<br> Assets** |
| United States | $21172685 | 59.5% |
| Canada | 2522675 | 7.1% |
| United Kingdom | 2446283 | 6.9% |
| Belgium | 1582634 | 4.5% |
| France | 1534603 | 4.3% |
| Germany | 1114027 | 3.1% |
| Italy | 1067970 | 3.0% |
| Ireland | 1061615 | 3.0% |
| Japan | 721059 | 2.0% |
| Switzerland | 604485 | 1.7% |
| Netherlands | 581036 | 1.6% |
| Spain | 539227 | 1.5% |
| Total Investments | $34948299 | 98.2% |
| Other Assets in Excess of Liabilities | 633673 | 1.8% |
| Net Assets | $35581972 | 100.0% |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 28 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Short Term Plus Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CORPORATE BONDS — 81.2%** |  |  |  |  |
| **Finance — 2.9%** |  |  |  |  |
| *Banking — 0.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.000% | 04/22/26 | $85000 | $84063 |
| *Noncaptive Diversified Financial Companies — 0.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 5.400% | 03/15/27 | 120000 | 121660 |
| *Real Estate Investment Trusts — 1.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP | 4.500% | 02/01/26 | 230000 | 229482 |
| **Industrial — 61.5%** |  |  |  |  |
| *Aerospace / Defense — 1.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 4.200% | 02/15/27 | 185000 | 183239 |
| *Automobile Manufacturing — 2.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 3.375% | 11/13/25 | 315000 | 312901 |
| *Construction Machinery — 2.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CNH Industrial Capital LLC | 4.550% | 04/10/28 | 265000 | 266208 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. | 4.875% | 01/15/28 | 155000 | 154382 |
|  |  |  |  | 420590 |
| *Diversified Manufacturing — 3.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc., 144A <sup>(a)</sup> | 3.450% | 06/15/27 | 175000 | 173196 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. | 4.600% | 04/06/27 | 270000 | 271062 |
|  |  |  |  | 444258 |
| *Electronics — 1.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dell International LLC | 6.020% | 06/15/26 | 144000 | 145361 |
| *Food Processors — 1.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. | 2.625% | 03/17/27 | 285000 | 277636 |
| *Healthcare Facilities / Supplies — 6.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 3.050% | 09/22/26 | 281000 | 276642 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. | 5.625% | 09/01/28 | 215000 | 221355 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 4.625% | 11/15/27 | 235000 | 232655 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. <sup>(b)</sup> | 4.625% | 06/15/28 | 245000 | 241928 |
|  |  |  |  | 972580 |
| *Information / Data Technology — 4.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.800% | 04/01/27 | 310000 | 302180 |
| &nbsp;&nbsp;&nbsp;Paypal Holding, Inc. | 4.450% | 03/06/28 | 280000 | 282276 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 4.750% | 08/01/28 | 75000 | 76076 |
|  |  |  |  | 660532 |
| *Lease / Rent — 1.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 144A <sup>(a)</sup> | 5.152% | 03/20/28 | 192500 | 193820 |
| &nbsp;&nbsp;&nbsp;United Airlines, Series 2020-1, Class A | 5.875% | 04/15/29 | 43725 | 44616 |
|  |  |  |  | 238436 |
| *Media — Cable — 3.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC, 144A <sup>(a)</sup> | 5.125% | 05/01/27 | 305000 | 304019 |
| &nbsp;&nbsp;&nbsp;TCI Communications, Inc., Series 2021-3, Class D | 7.125% | 02/15/28 | 255000 | 273335 |
|  |  |  |  | 577354 |
| *Metals / Mining — 0.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoran, Inc. <sup>(b)</sup> | 4.375% | 08/01/28 | 135000 | 134272 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 29 |

---

<u>Segall Bryant & Hamill Short Term Plus Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Midstream Energy — 3.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Boardwalk Pipelines LP | 5.950% | 06/01/26 | $295000 | $297458 |
| &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipeline Corp. | 7.250% | 12/01/26 | 165000 | 170421 |
|  |  |  |  | 467879 |
| *Other Industrial — 1.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 4.200% | 05/01/28 | 225000 | 225537 |
| *Packaging — 3.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Berry Global, Inc. | 5.500% | 04/15/28 | 265000 | 271862 |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC | 4.250% | 09/30/26 | 180000 | 178990 |
|  |  |  |  | 450852 |
| *Paper & Forest Products — 1.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Georgia Pacific Corp. | 7.250% | 06/01/28 | 225000 | 242894 |
| *Railroads — 1.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe Corp. | 6.700% | 08/01/28 | 205000 | 218855 |
| *Restaurants — 3.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 4.350% | 10/15/27 | 310000 | 310592 |
| &nbsp;&nbsp;&nbsp;KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell America LLC, 144A <sup>(a)</sup> | 4.750% | 06/01/27 | 190000 | 189464 |
|  |  |  |  | 500056 |
| *Retail Stores — 4.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. | 3.800% | 11/15/27 | 290000 | 285327 |
| &nbsp;&nbsp;&nbsp;Bath & Body, Inc. | 6.694% | 01/15/27 | 78000 | 79794 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 4.800% | 04/01/26 | 90000 | 90153 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. | 3.550% | 03/15/26 | 205000 | 203728 |
|  |  |  |  | 659002 |
| *Services — 1.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 7.500% | 04/01/27 | 185000 | 191141 |
| *Supermarkets — 2.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc., 144A <sup>(a)(b)</sup> | 3.550% | 07/26/27 | 240000 | 236167 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 3.700% | 08/01/27 | 130000 | 128836 |
|  |  |  |  | 365003 |
| *Transportation Services — 3.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., Series 2016-1, Class A | 4.100% | 01/15/28 | 226321 | 218790 |
| &nbsp;&nbsp;&nbsp;Union Pacific Railroad Co., Series 2014-1 | 3.227% | 05/14/26 | 279721 | 276365 |
|  |  |  |  | 495155 |
| *Vehicle Parts — 1.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc., 144A <sup>(a)</sup> | 4.750% | 10/01/27 | 155000 | 153569 |
| *Wireless Telecommunications — 1.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sprint Corp. | 7.625% | 03/01/26 | 260000 | 262494 |
| *Wireline Telecommunications — 3.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AT&T Inc. | 5.125% | 06/01/28 | 245000 | 255488 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 4.125% | 03/16/27 | 270000 | 269774 |
|  |  |  |  | 525262 |
| **Utility — 16.8%** |  |  |  |  |
| *Diversified Manufacturing — 1.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. | 5.050% | 04/05/27 | 265000 | 269101 |
| *Electric — 15.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 144A <sup>(a)</sup> | 1.400% | 03/15/26 | 189000 | 183214 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 1.750% | 03/15/28 | 165000 | 153935 |
| &nbsp;&nbsp;&nbsp;Arizona Public Service | 2.950% | 09/15/27 | 190000 | 184118 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 30 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Short Term Plus Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Electric (Continued)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 3.800% | 03/15/27 | $280000 | $276742 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 3.200% | 01/15/27 | 110000 | 108580 |
| &nbsp;&nbsp;&nbsp;Duke Power Co. LLC | 6.000% | 12/01/28 | 210000 | 221626 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 4.700% | 03/13/28 | 285000 | 288217 |
| &nbsp;&nbsp;&nbsp;Oklahoma Gas & Electric Co. | 6.650% | 07/15/27 | 230000 | 238729 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. | 2.950% | 03/01/26 | 310000 | 305925 |
| &nbsp;&nbsp;&nbsp;Wec Energy Group, Inc. | 5.150% | 10/01/27 | 265000 | 269831 |
|  |  |  |  | 2230917 |
| **Total Corporate Bonds (Cost $11,880,363)** |  |  |  | 12060080 |
| **MUNICIPAL BONDS — 0.2%** |  |  |  |  |
| **Colorado — 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority, Series 2021-C1 | 1.008% | 11/01/25 | 20000 | 19782 |
| **New Hampshire — 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire Housing Finance Authority, Series 2020-I | 1.550% | 07/01/25 | 10000 | 10000 |
| **Total Municipal Bonds (Cost $29,778)** |  |  |  | 29782 |
| **ASSET BACKED SECURITIES — 6.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CNH Equipment Trust, Series 2022-B, Class A-4 | 3.910% | 03/15/28 | 20000 | 19889 |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Retail Trust, Series 2023-1, Class A-3 | 5.900% | 03/15/27 | 267346 | 268983 |
| &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-1, Class D, 144A <sup>(a)</sup> | 6.440% | 11/15/28 | 100000 | 101774 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured, Series K-J46, Class A-1 | 4.777% | 06/25/28 | 78751 | 79393 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured, Series K-080, Class A-2 | 3.926% | 07/25/28 | 6000 | 5978 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Series 2022-B, Class A-4 | 3.930% | 08/15/27 | 8000 | 7976 |
| &nbsp;&nbsp;&nbsp;John Deere Owner Trust, Series 2024-B, Class A-3 | 5.200% | 03/15/29 | 220000 | 223475 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Receivable Trust, Series 2023-1, Class A-3 | 4.510% | 11/15/27 | 5027 | 5026 |
| &nbsp;&nbsp;&nbsp;Standard Drive Auto Trust, Series 2022-3, Class C | 4.490% | 08/15/29 | 205000 | 204802 |
| &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2021-3, Class D, 144A <sup>(a)</sup> | 2.120% | 01/15/27 | 38188 | 37980 |
| **Total Asset Backed Securities (Cost $940,330)** |  |  |  | 955276 |
| **U.S. TREASURY BONDS & NOTES — 9.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury | 3.125% | 08/15/25 | 455000 | 454223 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.625% | 03/15/26 | 360000 | 361269 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.250% | 03/15/27 | 350000 | 352652 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.125% | 10/31/27 | 160000 | 161463 |
| **Total U.S. Treasury Bonds & Notes (Cost $1,323,155)** |  |  |  | 1329607 |
| **Investments at Value — 96.8%** |  |  |  |  |
| **(Cost $14,276,348)** |  |  |  | $14374745 |
| **Other Assets in Excess of Liabilities — 3.2%** |  |  |  | 478023 |
| **Net Assets — 100.0%** |  |  |  | $14852769 |

---

*<sup>(a)</sup>* *Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.* 

*<sup>(b)</sup>* *Security can be called and redeemed at the option of the issuer prior to the stated maturity date which is included in the Statement of Investments.* 

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 31 |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CORPORATE BONDS — 40.2%** |  |  |  |  |
| **Finance — 9.8%** |  |  |  |  |
| *Banking — 5.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., Series N, (SOFR + 153) <sup>(a)</sup> | 1.898% | 07/23/31 | $13475000 | $11840121 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. (SOFR + 116.7) <sup>(a)</sup> | 2.561% | 05/01/32 | 6362000 | 5636216 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. (SOFR + 151) <sup>(a)</sup> | 2.739% | 10/15/30 | 5130000 | 4783423 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. <sup>(a)(b)</sup> | 6.875% | 10/20/34 | 6585000 | 7361384 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series Q (TSFR3M + 157.161) <sup>(a)</sup> | 3.584% | 05/22/28 | 5635000 | 5548219 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. <sup>(a)</sup> | 3.350% | 03/02/33 | 2072000 | 1892254 |
|  |  |  |  | 37061617 |
| *Mortgage Banking — 0.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp., 144A <sup>(c)</sup> | 9.750% | 09/15/29 | 3650000 | 3838037 |
| *Noncaptive Diversified Financial Companies — 0.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group LLC, 144A <sup>(c)</sup> | 6.250% | 04/15/28 | 2875000 | 2994027 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 3.500% | 06/01/32 | 2987000 | 2718826 |
|  |  |  |  | 5712853 |
| *Other Finance — 1.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP | 5.500% | 05/25/26 | 7570000 | 7363198 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., 144A <sup>(c)</sup> | 6.375% | 03/01/32 | 1870000 | 1922958 |
|  |  |  |  | 9286156 |
| *Real Estate Investment Trusts — 1.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP, Series J <sup>(b)</sup> | 2.900% | 12/15/31 | 4396000 | 3852010 |
| &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP/MPT Finance Corp. | 5.000% | 10/15/27 | 6175000 | 5703773 |
| &nbsp;&nbsp;&nbsp;Vici Properties, Inc., 144A <sup>(c)</sup> | 4.500% | 01/15/28 | 4000000 | 3978943 |
|  |  |  |  | 13534726 |
| **Industrial — 22.2%** |  |  |  |  |
| *Automobile Manufacturing — 1.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 7.350% | 11/04/27 | 3425000 | 3557040 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. | 5.050% | 04/04/28 | 3855000 | 3884226 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | 5.000% | 07/15/29 | 500000 | 488702 |
|  |  |  |  | 7929968 |
| *Building Products — 2.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allegion US Holding Co., Inc. | 3.550% | 10/01/27 | 2550000 | 2499402 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 2.400% | 07/15/31 | 6500000 | 5732034 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 6.500% | 08/15/32 | 6205000 | 6606656 |
|  |  |  |  | 14838092 |
| *Chemicals — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc., 144A <sup>(c)</sup> | 6.750% | 12/01/27 | 1093000 | 1102119 |
| *Construction Machinery — 0.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 2.400% | 08/18/31 | 4798000 | 4080057 |
| *Consumer Products — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 5.600% | 11/15/32 | 3500000 | 3686251 |
| *Diversified Manufacturing — 1.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 144A <sup>(c)</sup> | 4.125% | 06/30/28 | 4169000 | 4067150 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 5.125% | 11/19/31 | 3566000 | 3672043 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | 2.400% | 04/01/28 | 2800000 | 2630288 |
|  |  |  |  | 10369481 |
| *Electronics — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;QORVO, Inc. | 4.375% | 10/15/29 | 3325000 | 3226961 |
| *Environmental — 0.0% <sup>(d)</sup>* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 144A <sup>(c)</sup> | 6.375% | 02/01/31 | 250000 | 256131 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 32 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Healthcare Facilities / Supplies — 1.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;HCA, Inc. | 3.500% | 09/01/30 | $4250000 | $4018940 |
| &nbsp;&nbsp;&nbsp;Mars, Inc., 144A <sup>(c)</sup> | 5.200% | 03/01/35 | 2000000 | 2023958 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 6.125% | 10/01/28 | 4108000 | 4113755 |
|  |  |  |  | 10156653 |
| *Home Building — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KB Home | 6.875% | 06/15/27 | 1200000 | 1232536 |
| *Independent Energy — 2.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 7.500% | 05/01/31 | 6085000 | 6697394 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp., 144A <sup>(c)</sup> | 8.250% | 01/15/29 | 4080000 | 4200609 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 6.500% | 07/15/28 | 3652000 | 3683918 |
|  |  |  |  | 14581921 |
| *Information Technology — 0.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 6.250% | 11/09/32 | 2590000 | 2802789 |
| *Leisure / Entertainment — 0.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millenium Operations | 5.250% | 07/15/29 | 4000000 | 3917176 |
| *Media — Cable — 1.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 144A <sup>(c)</sup> | 5.000% | 02/01/28 | 4140000 | 4101850 |
| &nbsp;&nbsp;&nbsp;Cox Communications, Inc., 144A <sup>(c)</sup> | 2.600% | 06/15/31 | 1825000 | 1597197 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc., 144A <sup>(c)</sup> | 5.500% | 07/01/29 | 3000000 | 2980247 |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. <sup>(b)</sup> | 5.391% | 03/15/62 | 4480000 | 3090752 |
|  |  |  |  | 11770046 |
| *Media — Non-Cable — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. | 4.875% | 01/15/29 | 1700000 | 1680481 |
| *Midstream Energy — 1.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline Co. LLC | 8.375% | 06/15/32 | 6309000 | 7316711 |
| &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC | 3.250% | 05/15/30 | 4840000 | 4564972 |
|  |  |  |  | 11881683 |
| *Other Industrial — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 2.900% | 10/01/30 | 4000000 | 3687440 |
| *Packaging — 0.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC | 5.250% | 04/01/30 | 2273000 | 2308875 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 4.125% | 02/01/28 | 1925000 | 1892334 |
|  |  |  |  | 4201209 |
| *Pharmaceuticals — 1.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte. Ltd. | 4.450% | 05/19/28 | 6000000 | 6047108 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceuticals Finance | 3.150% | 10/01/26 | 1571000 | 1540485 |
|  |  |  |  | 7587593 |
| *Retail Stores — 1.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 3.150% | 01/15/32 | 3825000 | 3428602 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc., 144A <sup>(c)</sup> | 4.000% | 08/15/28 | 5438000 | 5249095 |
|  |  |  |  | 8677697 |
| *Services — 1.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 5.125% | 03/15/27 | 1860000 | 1865634 |
| &nbsp;&nbsp;&nbsp;Block Financial LLC | 3.875% | 08/15/30 | 5340000 | 5069089 |
| &nbsp;&nbsp;&nbsp;Rayonier LP | 2.750% | 05/17/31 | 6000000 | 5306397 |
|  |  |  |  | 12241120 |
| *Supermarkets — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc., 144A <sup>(b)(c)</sup> | 3.550% | 07/26/27 | 3810000 | 3749148 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 33 |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Transportation & Logistics — 0.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corp., 144A <sup>(c)</sup> | 3.900% | 02/01/35 | $2245000 | $2007423 |
| &nbsp;&nbsp;&nbsp;FedEx Corp., 144A <sup>(c)</sup> | 5.100% | 01/15/44 | 4000000 | 3519524 |
|  |  |  |  | 5526947 |
| *Transportation Services — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;XPO CNW, Inc. | 6.700% | 05/01/34 | 3592000 | 3799133 |
| *Vehicle Parts — 0.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LKQ Corp. <sup>(b)</sup> | 6.250% | 06/15/33 | 4550000 | 4794338 |
| **Utility — 8.2%** |  |  |  |  |
| *Electric — 7.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 4.950% | 01/15/33 | 7670000 | 7804176 |
| &nbsp;&nbsp;&nbsp;Nevada Power Co. | 6.750% | 07/01/37 | 3956000 | 4411519 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc., 144A <sup>(c)</sup> | 5.250% | 06/15/29 | 3565000 | 3545486 |
| &nbsp;&nbsp;&nbsp;Oglethorpe Power Corp., Series 2022A <sup>(b)</sup> | 4.500% | 04/01/47 | 8334000 | 6824564 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC <sup>(b)</sup> | 5.650% | 11/15/33 | 3765000 | 3956696 |
| &nbsp;&nbsp;&nbsp;Peco Energy Co. | 4.900% | 06/15/33 | 3954000 | 4014442 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5.000% | 07/01/28 | 4866000 | 4739739 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5.250% | 07/01/30 | 2500000 | 2381606 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 4.900% | 05/15/28 | 2774000 | 2812833 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., Series A | 6.000% | 05/15/37 | 5581000 | 5867506 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 144A <sup>(c)</sup> | 5.000% | 07/31/27 | 5100000 | 5093733 |
| &nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co. | 4.750% | 09/30/32 | 3460000 | 3497892 |
|  |  |  |  | 54950192 |
| *Electric Utilities — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;National Rural Utility Cooperative Finance Corp. | 2.400% | 03/15/30 | 3850000 | 3542246 |
| **Total Corporate Bonds (Cost $290,657,755)** |  |  |  | 285702797 |
| **MUNICIPAL BONDS — 2.0%** |  |  |  |  |
| **California — 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series 2021 <sup>(b)(e)</sup> | 3.637% | 07/01/30 | 6785000 | 6082500 |
| **Nebraska — 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Blair Nebraska Water System, Series 2023 <sup>(b)</sup> | 6.100% | 05/15/27 | 3840000 | 3841514 |
| **New Hampshire — 0.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;National Finance Authority, Series 2021 | 3.778% | 01/01/36 | 6000000 | 4215689 |
| **Total Municipal Bonds (Cost $16,540,375)** |  |  |  | 14139703 |
| **ASSET BACKED SECURITIES — 2.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-1, 144A <sup>(c)</sup> | 6.440% | 11/15/28 | 4750000 | 4834275 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust, Series 2025-A, Class A-3 | 4.640% | 08/15/29 | 2435000 | 2457467 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing LP, Series 2022-1, Class A, 144A <sup>(c)</sup> | 4.550% | 05/19/52 | 4633545 | 4550779 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Series 2024-6, Class A-1A | 4.170% | 08/20/30 | 6000000 | 6007852 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Series 2024-8, Class A-1A | 4.620% | 11/20/30 | 1795000 | 1815163 |
| **Total Asset Backed Securities (Cost $19,557,596)** |  |  |  | 19665536 |
| **MORTGAGE-BACKED SECURITIES PASSTHROUGH — 32.2%** |  |  |  |  |
| **Agency Fixed Rate — 1.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA5164 | 5.000% | 10/01/53 | 5629032 | 5535685 |
| &nbsp;&nbsp;&nbsp;Pool #MA5674 | 6.000% | 04/01/55 | 2779621 | 2825809 |
|  |  |  |  | 8361494 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 34 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Fannie Mae Pool — 12.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #735897 | 5.500% | 10/01/35 | $186472 | $191533 |
| &nbsp;&nbsp;&nbsp;Pool #888016 | 5.500% | 05/01/36 | 299609 | 309210 |
| &nbsp;&nbsp;&nbsp;Pool #AL3287, Series 2013 | 4.500% | 09/01/41 | 721298 | 716989 |
| &nbsp;&nbsp;&nbsp;Pool #MA1700, Series 2013 | 4.500% | 12/01/43 | 625519 | 615089 |
| &nbsp;&nbsp;&nbsp;Pool #MA1971 | 4.500% | 06/01/44 | 105024 | 102732 |
| &nbsp;&nbsp;&nbsp;Pool #MA2005 | 4.500% | 08/01/44 | 231080 | 226133 |
| &nbsp;&nbsp;&nbsp;Pool #CB3110 | 2.500% | 03/01/47 | 1014923 | 855014 |
| &nbsp;&nbsp;&nbsp;Pool #MA4020 | 3.000% | 05/01/50 | 4494670 | 3935821 |
| &nbsp;&nbsp;&nbsp;Pool #CA5960 | 2.500% | 06/01/50 | 7174258 | 6048746 |
| &nbsp;&nbsp;&nbsp;Pool #MA4048 | 3.000% | 06/01/50 | 4378491 | 3835000 |
| &nbsp;&nbsp;&nbsp;Pool #CA8256 | 2.500% | 08/01/50 | 7387561 | 6134773 |
| &nbsp;&nbsp;&nbsp;Pool #MA4097 | 3.000% | 08/01/50 | 4383132 | 3836334 |
| &nbsp;&nbsp;&nbsp;Pool #FM6110 | 3.000% | 09/01/50 | 4167875 | 3695721 |
| &nbsp;&nbsp;&nbsp;Pool #MA4121 | 3.000% | 09/01/50 | 3300623 | 2887498 |
| &nbsp;&nbsp;&nbsp;Pool #FS0672 | 2.000% | 01/01/51 | 4412082 | 3525937 |
| &nbsp;&nbsp;&nbsp;Pool #BT0417 | 2.500% | 06/01/51 | 3331904 | 2781230 |
| &nbsp;&nbsp;&nbsp;Pool #MA4379 | 2.500% | 07/01/51 | 3646621 | 3039591 |
| &nbsp;&nbsp;&nbsp;Pool #MA4438 | 2.500% | 10/01/51 | 5127491 | 4263009 |
| &nbsp;&nbsp;&nbsp;Pool #MA4514 | 3.500% | 01/01/52 | 1467347 | 1330039 |
| &nbsp;&nbsp;&nbsp;Pool #BV7245 | 4.000% | 05/01/52 | 2864069 | 2664366 |
| &nbsp;&nbsp;&nbsp;Pool #MA4644 | 4.000% | 05/01/52 | 11599507 | 10808078 |
| &nbsp;&nbsp;&nbsp;Pool #MA4732 | 4.000% | 09/01/52 | 4119932 | 3838811 |
| &nbsp;&nbsp;&nbsp;Pool #MA4761 | 5.000% | 09/01/52 | 6435165 | 6338081 |
| &nbsp;&nbsp;&nbsp;Pool #MA5008 | 4.500% | 05/01/53 | 2948713 | 2821479 |
| &nbsp;&nbsp;&nbsp;Pool #MA5071 | 5.000% | 07/01/53 | 5437485 | 5342649 |
| &nbsp;&nbsp;&nbsp;Pool #MA5216 | 6.000% | 12/01/53 | 4801823 | 4885926 |
| &nbsp;&nbsp;&nbsp;Pool #MA5295 | 6.000% | 03/01/54 | 2494377 | 2536918 |
|  |  |  |  | 87566707 |
| **Freddie Mac Gold Pool — 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #G08061 | 5.500% | 06/01/35 | 24153 | 24957 |
| &nbsp;&nbsp;&nbsp;Pool #A42128 | 5.500% | 01/01/36 | 68173 | 70329 |
| &nbsp;&nbsp;&nbsp;Pool #G02386 | 6.000% | 11/01/36 | 138749 | 145603 |
| &nbsp;&nbsp;&nbsp;Pool #G08607 | 4.500% | 09/01/44 | 445670 | 436860 |
|  |  |  |  | 677749 |
| **Freddie Mac Non-Gold Pool — 14.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SD8267 | 5.000% | 11/01/52 | 1761026 | 1734278 |
| &nbsp;&nbsp;&nbsp;Pool #781958 (H15T1Y + 225) <sup>(a)</sup> | 7.250% | 09/01/34 | 10599 | 10884 |
| &nbsp;&nbsp;&nbsp;Pool #RA2650 | 3.000% | 05/01/50 | 3971181 | 3495662 |
| &nbsp;&nbsp;&nbsp;Pool #SD8092 | 3.000% | 09/01/50 | 5565916 | 4838402 |
| &nbsp;&nbsp;&nbsp;Pool #SD8129 | 2.500% | 02/01/51 | 3892055 | 3253943 |
| &nbsp;&nbsp;&nbsp;Pool #SD8151 | 2.500% | 06/01/51 | 9810854 | 8184374 |
| &nbsp;&nbsp;&nbsp;Pool #SD8194 | 2.500% | 02/01/52 | 2669571 | 2219689 |
| &nbsp;&nbsp;&nbsp;Pool #SD8196 | 3.500% | 02/01/52 | 9954409 | 9006178 |
| &nbsp;&nbsp;&nbsp;Pool #SD8202 | 3.500% | 02/01/52 | 13589218 | 12316103 |
| &nbsp;&nbsp;&nbsp;Pool #SD8201 | 3.000% | 03/01/52 | 6281075 | 5445101 |
| &nbsp;&nbsp;&nbsp;Pool #RA6910 | 3.500% | 03/01/52 | 3895181 | 3535818 |
| &nbsp;&nbsp;&nbsp;Pool #SD8215 | 4.000% | 05/01/52 | 7087917 | 6604314 |
| &nbsp;&nbsp;&nbsp;Pool #RA7554 | 4.000% | 06/01/52 | 4280287 | 3991546 |
| &nbsp;&nbsp;&nbsp;Pool #SD8231 | 4.500% | 07/01/52 | 7594205 | 7269030 |
| &nbsp;&nbsp;&nbsp;Pool #SD8238 | 4.500% | 08/01/52 | 6000837 | 5750636 |
| &nbsp;&nbsp;&nbsp;Pool #SD8246 | 5.000% | 09/01/52 | 6263058 | 6168571 |
| &nbsp;&nbsp;&nbsp;Pool #SD8277 | 5.500% | 12/01/52 | 5379577 | 5410489 |
| &nbsp;&nbsp;&nbsp;Pool #SD8494 | 5.500% | 01/01/55 | 11393534 | 11395675 |
|  |  |  |  | 100630693 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 35 |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Ginnie Mae II Pool — 4.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA7590M | 3.000% | 09/20/51 | $6754282 | $5981645 |
| &nbsp;&nbsp;&nbsp;Pool #MA7769M | 3.500% | 12/20/51 | 4204908 | 3841937 |
| &nbsp;&nbsp;&nbsp;Pool #MA8801M | 5.500% | 04/20/53 | 5760201 | 5797913 |
| &nbsp;&nbsp;&nbsp;Pool #MB0368 | 6.500% | 05/20/55 | 6827131 | 7018326 |
| &nbsp;&nbsp;&nbsp;Pool #MB0426 | 6.500% | 04/20/53 | 8600000 | 8840668 |
|  |  |  |  | 31480489 |
| **Total Mortgage-Backed Securities Passthrough (Cost $225,875,419)** |  |  |  | 228717132 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(d)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GSR Mortgage Loan Trust, Series 2005-3F, Class 2A-3 | 6.000% | 03/25/35 | 486834 | 295039 |
| **U.S. TREASURY BONDS & NOTES — 19.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.375% | 05/15/27 | 7858000 | 7663699 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.125% | 07/31/28 | 10493000 | 10619654 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.625% | 02/15/29 | 7360000 | 7087737 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 0.625% | 08/15/30 | 12810000 | 10925028 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.750% | 08/15/32 | 7613000 | 7022993 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 3.375% | 05/15/33 | 13617000 | 12980299 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.625% | 02/15/35 | 11968000 | 12347610 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 3.125% | 11/15/41 | 16492000 | 13525373 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 1.750% | 08/15/41 | 18115000 | 12026662 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.500% | 02/15/45 | 22875000 | 16103643 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 1.375% | 08/15/50 | 31700000 | 15629586 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.875% | 05/15/52 | $19400000 | 13652750 |
| **Total U.S. Treasury Bonds & Notes (Cost $140,224,110)** |  |  |  | 139585034 |
| **Investments at Value — 96.7%** |  |  |  |  |
| **(Cost $709,164,971)** |  |  |  | $688105241 |
| **Other Assets in Excess of Liabilities — 3.3%** |  |  |  | 23517896 |
| **Net Assets — 100.0%** |  |  |  | $711623137 |

---

*<sup>(a)</sup>* *Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.* 

*<sup>(b)</sup>* *Security can be called and redeemed at the option of the issuer prior to the stated maturity date which is included in the Statement of Investments.* 

*<sup>(c)</sup>* *Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.* 

*<sup>(d)</sup>* *Percentage rounds to less than 0.1%.* 

*<sup>(e)</sup>* *Security is considered a restricted security; however, such restriction has not resulted in an illiquid classification. The total value of these securities is $6,082,500, which represents 0.9% of net assets as of June 30, 2025.* 

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 36 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Quality High Yield Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CORPORATE BONDS — 97.0%** |  |  |  |  |
| **Finance — 11.1%** |  |  |  |  |
| Mortgage Banking — 1.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp., 144A <sup>(a)</sup> | 9.750% | 09/15/29 | $966000 | $1015765 |
| Other Finance — 7.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP | 5.500% | 05/25/26 | 1950000 | 1896729 |
| &nbsp;&nbsp;&nbsp;Outfront Media Capital LLC, 144A <sup>(a)</sup> | 4.250% | 01/15/29 | 1850000 | 1769846 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., 144A <sup>(a)</sup> | 6.375% | 03/01/32 | 642000 | 660181 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., 144A <sup>(a)</sup> | 6.750% | 03/01/33 | 163000 | 168188 |
|  |  |  |  | 4494944 |
| Real Estate Investment Trusts — 2.5% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP/MPT Finance Corp. | 5.000% | 10/15/27 | 1750000 | 1616454 |
| **Industrial — 78.7%** |  |  |  |  |
| Automobile Manufacturing — 3.7% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 7.400% | 11/01/46 | 640000 | 655255 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | 4.875% | 03/15/27 | 1725000 | 1716414 |
|  |  |  |  | 2371669 |
| Chemicals — 4.9% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC, 144A <sup>(a)</sup> | 4.750% | 06/15/27 | 520000 | 516805 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC, 144A <sup>(a)</sup> | 3.375% | 02/15/29 | 1000000 | 947198 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc., 144A <sup>(a)</sup> | 6.750% | 12/01/27 | 342000 | 344853 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 5.625% | 08/01/29 | 676000 | 670855 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 5.000% | 02/01/30 | 675000 | 651400 |
|  |  |  |  | 3131111 |
| Construction Machinery — 4.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 2.400% | 08/18/31 | 1639000 | 1393750 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. | 4.875% | 01/15/28 | 1325000 | 1319716 |
|  |  |  |  | 2713466 |
| Consumer Products – 3.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. | 4.125% | 10/15/30 | 700000 | 660795 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | 4.500% | 10/15/29 | 500000 | 482890 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | 4.000% | 04/01/31 | 875000 | 803692 |
|  |  |  |  | 1947377 |
| Diversified Manufacturing — 6.9% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ATS Automation Tooling Systems, Inc., 144A <sup>(a)</sup> | 4.125% | 12/15/28 | 1665000 | 1592076 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 144A <sup>(a)</sup> | 4.125% | 06/30/28 | 1498000 | 1461403 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 5.750% | 03/01/28 | 1336000 | 1335852 |
|  |  |  |  | 4389331 |
| Electronics — 2.4% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc., 144A <sup>(a)</sup> | 6.625% | 09/15/27 | 536000 | 537344 |
| &nbsp;&nbsp;&nbsp;QORVO, Inc. | 4.375% | 10/15/29 | 675000 | 655097 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 144A <sup>(a)</sup> | 3.750% | 02/15/31 | 361000 | 329059 |
|  |  |  |  | 1521500 |
| Environmental — 1.5% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 144A <sup>(a)</sup> | 5.125% | 07/15/29 | 995000 | 982964 |
| Healthcare Facilities / Supplies — 5.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hologic, Inc., 144A <sup>(a)</sup> | 3.250% | 02/15/29 | 1371000 | 1306497 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 4.625% | 11/15/27 | 1333000 | 1319696 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 6.125% | 10/01/28 | 622000 | 622871 |
|  |  |  |  | 3249064 |
| Home Builders — 2.5% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KB Home | 6.875% | 06/15/27 | 1560000 | 1602296 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 37 |

---

<u>Segall Bryant & Hamill Quality High Yield Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Independent Energy — 8.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp., 144A <sup>(a)</sup> | 4.250% | 01/15/30 | $680000 | $650966 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 7.875% | 09/15/31 | 1650000 | 1849546 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp., 144A <sup>(a)</sup> | 8.250% | 01/15/29 | 1635000 | 1683332 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 6.500% | 07/15/28 | 1325000 | 1336580 |
|  |  |  |  | 5520424 |
| Leisure / Entertainment — 2.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cedar Fair LP/Canadas Wonderland Co./Magnum Management Corp./Millennium Operations | 5.375% | 04/15/27 | 700000 | 699247 |
| &nbsp;&nbsp;&nbsp;Cedar Fair LP/Canadas Wonderland Co./Magnum Management Corp./Millennium Operations | 5.250% | 07/15/29 | 1100000 | 1077224 |
|  |  |  |  | 1776471 |
| Media — Cable — 6.3% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DIRECTV Financing LLC, 144A <sup>(a)</sup> | 5.875% | 08/15/27 | 1172000 | 1168175 |
| &nbsp;&nbsp;&nbsp;Nexstar Escrow, Inc., 144A <sup>(a)</sup> | 5.625% | 07/15/27 | 1385000 | 1381760 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc., 144A <sup>(a)</sup> | 5.500% | 07/01/29 | 1350000 | 1341111 |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. <sup>(b)</sup> | 5.391% | 03/15/62 | 250000 | 172475 |
|  |  |  |  | 4063521 |
| Media — Non-Cable — 4.3% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 3.625% | 05/15/30 | 885000 | 716585 |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. | 3.750% | 02/15/28 | 1025000 | 993555 |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. | 4.875% | 01/15/29 | 815000 | 805642 |
| &nbsp;&nbsp;&nbsp;Nexstar Broadcasting, Inc., 144A <sup>(a)</sup> | 4.750% | 11/01/28 | 225000 | 219163 |
|  |  |  |  | 2734945 |
| Metals / Mining — 2.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty., Ltd., 144A <sup>(a)</sup> | 4.500% | 09/15/27 | 1319000 | 1303147 |
| Packaging — 2.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC | 5.250% | 04/01/30 | 450000 | 457102 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 4.125% | 02/01/28 | 1358000 | 1334955 |
|  |  |  |  | 1792057 |
| Pharmaceuticals — 2.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceuticals Financial Netherlands B.V. | 3.150% | 10/01/26 | 1303000 | 1277691 |
| Restaurants — 1.5% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Papa Johns International, Inc., 144A <sup>(a)</sup> | 3.875% | 09/15/29 | 1000000 | 971038 |
| Retail Stores — 5.5% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | 4.500% | 03/01/28 | 1225000 | 1208251 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc., 144A <sup>(a)</sup> | 4.000% | 08/15/28 | 1064000 | 1027039 |
| &nbsp;&nbsp;&nbsp;L Brands, Inc. | 5.250% | 02/01/28 | 1303000 | 1309085 |
|  |  |  |  | 3544375 |
| Services — 4.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 5.125% | 03/15/27 | 1304000 | 1307950 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 4.625% | 12/15/27 | 1300000 | 1292058 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp., 144A <sup>(a)</sup> | 3.625% | 03/15/29 | 347000 | 328256 |
|  |  |  |  | 2928264 |
| Transportation Services — 2.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;XPO Logistics, Inc. | 6.700% | 05/01/34 | 1290000 | 1364388 |
| Vehicle Parts — 2.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc., 144A <sup>(a)</sup> | 4.750% | 10/01/27 | 979000 | 969959 |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc., 144A <sup>(a)</sup> | 3.750% | 01/30/31 | 354000 | 324461 |
|  |  |  |  | 1294420 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 38 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Quality High Yield Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Utility — 7.2%** |  |  |  |  |
| *Electric — 7.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc., 144A <sup>(a)</sup> | 3.625% | 02/15/31 | $1352000 | $1244252 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5.000% | 07/01/28 | 1050000 | 1022755 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5.250% | 07/01/30 | 704000 | 670660 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 144A <sup>(a)</sup> | 5.000% | 07/31/27 | 1650000 | 1647972 |
|  |  |  |  | 4585639 |
| **Investments at Value — 97.0%** |  |  |  |  |
| **(Cost $63,494,030)** |  |  |  | $62192321 |
| **Other Assets in Excess of Liabilities — 3.0%** |  |  |  | 1902322 |
| **Net Assets — 100.0%** |  |  |  | $64094643 |

---

*<sup>(a)</sup>* *Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $25,892,811, which represents 40.4% of net assets as of June 30, 2025.* 

*<sup>(b)</sup>* *Security can be called and redeemed at the option of the issuer prior to the stated maturity date which is included in the Statement of Investments.* 

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 39 |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **MUNICIPAL BONDS — 84.1%** |  |  |  |  |
| **CMBS — 1.1%** |  |  |  |  |
| *Multi-Family Housing — 1.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Series ML-28 | 4.095% | 11/25/42 | $2000000 | $1982651 |
| **General Obligation — 15.6%** |  |  |  |  |
| *Housing — 0.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Series 2013 1N | 3.500% | 12/01/33 | 535000 | 521704 |
| *Local — 15.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bret Harte Union High School District, Series 2024 | 0.000% | 08/01/36 | 785000 | 504991 |
| &nbsp;&nbsp;&nbsp;Chaffey Joint Union High School District, Series G <sup>(a)</sup> | 0.000% | 08/01/36 | 450000 | 288894 |
| &nbsp;&nbsp;&nbsp;Chaffey Joint Union High School District, Series G <sup>(a)</sup> | 0.000% | 08/01/37 | 500000 | 302445 |
| &nbsp;&nbsp;&nbsp;Chambers County Texas Improvement District No. 1, Series 2020 <sup>(a)</sup> | 2.000% | 09/01/27 | 1450000 | 1381955 |
| &nbsp;&nbsp;&nbsp;Chambers County Texas Improvement District No. 1, Series 2020 <sup>(a)</sup> | 2.000% | 09/01/28 | 1450000 | 1348818 |
| &nbsp;&nbsp;&nbsp;Chambers County Texas Improvement District No. 1, Series 2020 <sup>(a)</sup> | 2.000% | 09/01/29 | 1455000 | 1318862 |
| &nbsp;&nbsp;&nbsp;Cool Water Municipal Utility District, BAM, Series 2023-A <sup>(a)(b)</sup> | 7.000% | 08/15/30 | 380000 | 434873 |
| &nbsp;&nbsp;&nbsp;Harris County Texas Municipal Utility District No. 504, Series 2019 | 3.125% | 09/01/49 | 225000 | 151600 |
| &nbsp;&nbsp;&nbsp;Hays County Development District No. 1, AGM, Series 2023 <sup>(a)(b)</sup> | 5.000% | 04/01/36 | 110000 | 112570 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/40 | 490000 | 551975 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/41 | 400000 | 447363 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/43 | 250000 | 275823 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/44 | 525000 | 577118 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/45 | 500000 | 548464 |
| &nbsp;&nbsp;&nbsp;Kaufman County Texas Municipal Utility District No. 5, Series 2021 <sup>(a)</sup> | 3.000% | 03/01/35 | 450000 | 399197 |
| &nbsp;&nbsp;&nbsp;King County Washington Public Hospital District No. 2, Series 2024 | 5.250% | 12/01/45 | 2350000 | 2420171 |
| &nbsp;&nbsp;&nbsp;Leander Independent School District, Series A <sup>(a)</sup> | 0.000% | 08/15/35 | 375000 | 241429 |
| &nbsp;&nbsp;&nbsp;Northwest Independent School District, Series 2025 | 5.000% | 02/15/43 | 1100000 | 1149699 |
| &nbsp;&nbsp;&nbsp;Ohio EHOVE Joint Vocational School District, Series 2025 | 5.500% | 12/01/40 | 530000 | 569176 |
| &nbsp;&nbsp;&nbsp;Ohio EHOVE Joint Vocational School District, Series 2025 | 5.500% | 12/01/41 | 880000 | 938761 |
| &nbsp;&nbsp;&nbsp;Osage County School District No. R-II, Series 2024 | 5.500% | 03/01/41 | 405000 | 435629 |
| &nbsp;&nbsp;&nbsp;Osage County School District No. R-II, Series 2024 | 5.500% | 03/01/44 | 525000 | 558030 |
| &nbsp;&nbsp;&nbsp;Public Energy Authority of Kentucky, Series 2025-A | 5.250% | 06/01/55 | 500000 | 528578 |
| &nbsp;&nbsp;&nbsp;Public Healthcare Services District No. 3 Pacific County, Washington, Series 2024 | 5.250% | 12/01/39 | 500000 | 525931 |
| &nbsp;&nbsp;&nbsp;Public Healthcare Services District No. 3 Pacific County, Washington, Series 2024 | 5.250% | 12/01/44 | 600000 | 611934 |
| &nbsp;&nbsp;&nbsp;Rendezvous Residential Metropolitan District Colorado, Series 2022 <sup>(a)</sup> | 2.250% | 12/01/31 | 520000 | 461926 |
| &nbsp;&nbsp;&nbsp;Sanitary and Improvement District No. 425 of Douglas County Nebraska, Series 2023 | 4.900% | 11/01/33 | 4000000 | 4079690 |
| &nbsp;&nbsp;&nbsp;Southern Boone County R-I School District, Series 2024 | 6.000% | 03/01/44 | 2520000 | 2824554 |
| &nbsp;&nbsp;&nbsp;Sunfield Municipal Utility District No. 3, Series 2021 <sup>(a)</sup> | 3.000% | 09/01/35 | 525000 | 465314 |
| &nbsp;&nbsp;&nbsp;Sunfield Municipal Utility District No. 3, Series 2021 <sup>(a)</sup> | 3.000% | 09/01/36 | 540000 | 467562 |
| &nbsp;&nbsp;&nbsp;Sunfield Municipal Utility District No. 3, Series 2021 <sup>(a)</sup> | 3.000% | 09/01/37 | 550000 | 464734 |
| &nbsp;&nbsp;&nbsp;Texas Transportation Commission, Series 2014-B | 0.650% | 10/01/41 | 685000 | 667462 |
| &nbsp;&nbsp;&nbsp;Thunderbird Colorado Water & Sanitation District, Series 2023 | 5.250% | 12/01/38 | 175000 | 183853 |
| &nbsp;&nbsp;&nbsp;Travis County Texas Municipal Utility District No. 21, Series 2016 <sup>(a)</sup> | 3.000% | 09/01/27 | 100000 | 98605 |
| &nbsp;&nbsp;&nbsp;Travis County Texas Municipal Utility District No. 21, Series 2016 <sup>(a)</sup> | 3.500% | 09/01/33 | 215000 | 203477 |
| &nbsp;&nbsp;&nbsp;Wayne County Michigan Grosse Ile Township Schools, Series 2025-2 | 5.000% | 05/01/40 | 200000 | 215129 |
| &nbsp;&nbsp;&nbsp;Wayne County Michigan Grosse Ile Township Schools, Series 2025-2 | 5.000% | 05/01/41 | 250000 | 265876 |
| &nbsp;&nbsp;&nbsp;West Harris County Texas Municipal District No. 5, Series 2015 <sup>(a)</sup> | 3.375% | 09/01/27 | 105000 | 103303 |
| &nbsp;&nbsp;&nbsp;Whitman County Public Hospital District No. 1-A, Series 2023 <sup>(a)</sup> | 5.500% | 12/01/36 | 490000 | 550895 |
| &nbsp;&nbsp;&nbsp;Wink-Loving Independent School District, Series 2024 | 5.000% | 02/15/33 | 500000 | 501113 |
| &nbsp;&nbsp;&nbsp;Wink-Loving Independent School District, Series 2024 | 5.000% | 02/15/34 | 375000 | 379453 |
|  |  |  |  | 28557232 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 40 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Local Authority — 4.2%** |  |  |  |  |
| *Education — 3.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administrators of the Tulane Educational Fund, Series 2013-C <sup>(a)</sup> | 5.000% | 10/01/47 | $170000 | $151341 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Taxable Educational Facilities Wisconsin, Series 2021-A <sup>(a)</sup> | 5.625% | 06/01/50 | 5750000 | 5632946 |
|  |  |  |  | 5784287 |
| *Public Services — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Port of Greater Cincinnati Ohio Development Authority, Series 2020 <sup>(a) (c)</sup> | 5.250% | 12/01/35 | 1000000 | 951718 |
| *Transportation — 0.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Taxable Air Cargo, Series 2021 | 2.012% | 07/01/25 | 1085000 | 1085000 |
| **Revenue — 58.5%** |  |  |  |  |
| *Education — 0.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Minnewaukan Public School District No. 5, Series 2016 | 2.700% | 08/01/26 | 125000 | 123635 |
| &nbsp;&nbsp;&nbsp;Oregon Coast Community College District, Series 2024 | 0.000% | 06/15/27 | 100000 | 103547 |
| &nbsp;&nbsp;&nbsp;Oregon Coast Community College District, Series 2024 | 0.000% | 06/15/38 | 100000 | 109351 |
| &nbsp;&nbsp;&nbsp;Oregon Coast Community College District, Series 2024 | 0.000% | 06/15/40 | 600000 | 645357 |
| &nbsp;&nbsp;&nbsp;Oregon Coast Community College District, Series 2024 | 0.000% | 06/15/41 | 150000 | 159879 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Series 2016 <sup>(a)</sup> | 3.000% | 05/01/37 | 15000 | 12576 |
|  |  |  |  | 1154345 |
| *Healthcare — 0.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority, Series 2016-A <sup>(a)</sup> | 5.000% | 02/15/45 | 100000 | 98680 |
| *Housing — 27.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;California State Department of Veteran Affairs, Series 2016-B | 3.375% | 12/01/41 | 100000 | 87525 |
| &nbsp;&nbsp;&nbsp;Chesapeake Redevelopment & Housing Authority, Series 2023 <sup>(a)</sup> | 5.000% | 05/01/43 | 1020000 | 1035396 |
| &nbsp;&nbsp;&nbsp;Columbus Georgia Housing Authority, Series 2025 | 5.000% | 04/01/28 | 900000 | 929898 |
| &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority, Series 2016-A | 3.500% | 05/15/51 | 50000 | 43664 |
| &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority, Series 2021D-SUB-D1 <sup>(a)</sup> | 3.000% | 05/15/51 | 570000 | 559592 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Series ML-24 | 4.299% | 05/25/41 | 3470964 | 3314790 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Series ML-21 | 4.617% | 08/25/41 | 4977311 | 5108114 |
| &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 2024-L <sup>(a)</sup> | 3.500% | 07/01/58 | 2000000 | 2017597 |
| &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 2025-F-2 | 3.650% | 05/01/28 | 360000 | 361323 |
| &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series 2016-A | 3.350% | 12/01/41 | 280000 | 236121 |
| &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series 2017-B | 3.550% | 12/01/42 | 70000 | 60653 |
| &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series 2024-A | 5.000% | 12/01/42 | 1250000 | 1280417 |
| &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series 2017-B | 3.600% | 06/01/44 | 100000 | 85319 |
| &nbsp;&nbsp;&nbsp;Harrisonburg Redevelopment & Housing Authority, Series 2023 <sup>(a)</sup> | 4.000% | 12/01/27 | 700000 | 701606 |
| &nbsp;&nbsp;&nbsp;Housing Authority of the City of College Park Georgia, Series 2025 | 3.450% | 04/01/44 | 2035000 | 2042866 |
| &nbsp;&nbsp;&nbsp;Illinois Housing Development Authority, Series 2023 <sup>(a)</sup> | 5.000% | 02/01/27 | 2000000 | 2019483 |
| &nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority, Series 2024-C-1 <sup>(a)</sup> | 5.000% | 07/01/44 | 750000 | 754503 |
| &nbsp;&nbsp;&nbsp;Knoxville's Community Development Corp., Series 2024 | 3.500% | 12/01/29 | 1375000 | 1384649 |
| &nbsp;&nbsp;&nbsp;Lee County Florida Housing Finance Authority, Series 2025 | 3.500% | 12/01/42 | 1000000 | 1003368 |
| &nbsp;&nbsp;&nbsp;Maryland Community Development Administration Department, Series 2021-A | 1.050% | 03/01/29 | 500000 | 448629 |
| &nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville and Davidson County, Tennessee (The), Series 2025 | 5.000% | 10/01/28 | 2765000 | 2867183 |
| &nbsp;&nbsp;&nbsp;Minnesota State Housing Finance Agency, Series 2021-F <sup>(a)</sup> | 1.850% | 07/01/32 | 470000 | 402366 |
| &nbsp;&nbsp;&nbsp;Missouri Housing Development Commission, Series 2016-B | 3.100% | 11/01/41 | 20000 | 16355 |
| &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority, Series 2019-D | 3.050% | 09/01/42 | 635000 | 494268 |
| &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority, Series 2024-E | 5.000% | 03/01/49 | 1750000 | 1730945 |
| &nbsp;&nbsp;&nbsp;Nevada Housing Division Single-Family Mortgage, Series 2024E | 7.000% | 04/01/49 | 2000000 | 2381134 |
| &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority, Series 2020-B | 1.700% | 01/01/30 | 195000 | 178426 |
| &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority, Series 2023 | 3.730% | 02/01/42 | 900000 | 900365 |
| &nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Series 2019-E-1 | 3.000% | 11/01/39 | 395000 | 324413 |
| &nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Series 2022-F-2-A | 3.400% | 11/01/62 | 2500000 | 2499942 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 41 |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Housing (Continued)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;New York Mortgage Agency, Series 203 | 3.500% | 10/01/41 | $10000 | $8419 |
| &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series 2020-H | 1.800% | 11/01/30 | 560000 | 495351 |
| &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series 2021-A | 2.350% | 11/01/41 | 500000 | 351385 |
| &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series 2021-J2 | 1.000% | 05/01/61 | 320000 | 308708 |
| &nbsp;&nbsp;&nbsp;New York State Mortgage Agency, Series 233 | 1.650% | 04/01/30 | 775000 | 704096 |
| &nbsp;&nbsp;&nbsp;Norfolk Redevelopment & Housing Authority, Series 2023 <sup>(a)</sup> | 5.000% | 05/01/43 | 325000 | 329744 |
| &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Series 2024-C <sup>(a)</sup> | 7.500% | 03/01/49 | 2395000 | 2858880 |
| &nbsp;&nbsp;&nbsp;Orange County Housing Finance Authority, Series 2024-C | 3.350% | 06/01/28 | 3000000 | 3016588 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Series 2017-123-B | 3.450% | 10/01/32 | 620000 | 614695 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Series 2015-117-B <sup>(a)</sup> | 3.900% | 10/01/35 | 1530000 | 1505123 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency Single Family Mortgage, Series 2015-118B | 3.800% | 10/01/35 | 50000 | 48772 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency Single Family Mortgage, Series 2016-120 | 3.200% | 04/01/40 | 175000 | 148687 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency Single Family Mortgage, Series 2016-121 | 3.200% | 10/01/41 | 180000 | 148671 |
| &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp., Series 84-A | 5.000% | 04/01/44 | 1450000 | 1454859 |
| &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp., Series 84-A | 5.000% | 04/01/49 | 615000 | 612329 |
| &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp., Series 83-A | 5.250% | 10/01/49 | 300000 | 304306 |
| &nbsp;&nbsp;&nbsp;South Dakota Housing Development Authority, Series 2020-C <sup>(a)</sup> | 3.500% | 05/01/51 | 500000 | 498172 |
| &nbsp;&nbsp;&nbsp;Texas Department of Housing & Community Affairs, Series 2019-A <sup>(a)</sup> | 3.625% | 09/01/44 | 915000 | 766242 |
| &nbsp;&nbsp;&nbsp;Virginia Housing Development Authority, Series 2012-C-2 | 3.450% | 04/01/38 | 400000 | 361520 |
| &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Series 2017-3N | 3.250% | 12/01/32 | 885000 | 857092 |
| &nbsp;&nbsp;&nbsp;Wyoming Community Development Authority, Series 2016-2 | 3.200% | 12/01/41 | 1110000 | 914825 |
|  |  |  |  | 51579374 |
| *Industrial Development — 10.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bartow County Georgia Development Authority Pollution Control, Series 1997-1 <sup>(a)</sup> | 1.800% | 09/01/29 | 3900000 | 3476823 |
| &nbsp;&nbsp;&nbsp;Burke County Georgia Development Authority Pollution Control, Series 1995-5 <sup>(a)</sup> | 2.200% | 10/01/32 | 1900000 | 1596103 |
| &nbsp;&nbsp;&nbsp;Colorado High Performance Transportation Enterprise, Series 2014 <sup>(a)</sup> | 5.750% | 01/01/44 | 750000 | 750392 |
| &nbsp;&nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority, Series 2024 <sup>(a)</sup> | 3.750% | 12/01/27 | 3000000 | 3001158 |
| &nbsp;&nbsp;&nbsp;Fayette County Development Authority, Series 2024 | 5.000% | 10/01/40 | 465000 | 481133 |
| &nbsp;&nbsp;&nbsp;Fayette County Development Authority, Series 2024 | 5.000% | 10/01/41 | 640000 | 656127 |
| &nbsp;&nbsp;&nbsp;Indiana Finance Authority Environmental Refunding, Series 2009-A-2 | 3.750% | 06/01/31 | 5750000 | 5779143 |
| &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Series 2024 <sup>(c)</sup> | 3.700% | 12/15/27 | 3000000 | 2994984 |
|  |  |  |  | 18735863 |
| *Lease / Rent — 0.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noblesville High School Building Corp., Series 2023 <sup>(a)</sup> | 6.000% | 07/15/38 | 375000 | 431404 |
| &nbsp;&nbsp;&nbsp;Noblesville High School Building Corp., Series 2023 <sup>(a)</sup> | 6.000% | 01/15/43 | 830000 | 923050 |
| &nbsp;&nbsp;&nbsp;Pasadena Public Financing Authority, Series 2024 <sup>(a)</sup> | 0.000% | 06/01/40 | 500000 | 254236 |
| &nbsp;&nbsp;&nbsp;Pasadena Public Financing Authority, Series 2024 <sup>(a)</sup> | 0.000% | 06/01/41 | 300000 | 142990 |
|  |  |  |  | 1751680 |
| *Other — 0.0% <sup>(d)</sup>* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Education & Cultural Facilities Authority, Series 2015-B <sup>(a)</sup> | 4.000% | 12/01/38 | 50000 | 44959 |
| *Recreation — 2.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Fort Worth Texas, Series 2025 | 5.500% | 03/01/42 | 400000 | 425953 |
| &nbsp;&nbsp;&nbsp;City of Fort Worth Texas, Series 2025 | 5.500% | 03/01/43 | 210000 | 221640 |
| &nbsp;&nbsp;&nbsp;Fort WorthTexas Special Tax Revenue, Series 2025 | 5.500% | 03/01/44 | 2195000 | 2299603 |
| &nbsp;&nbsp;&nbsp;Hamilton County and the City of Chattanooga Sports Authority, Series 2024-A | 5.500% | 12/01/38 | 810000 | 920679 |
| &nbsp;&nbsp;&nbsp;Hamilton County and the City of Chattanooga Sports Authority, Series 2024-A | 5.500% | 12/01/39 | 920000 | 1037068 |
|  |  |  |  | 4904943 |
| *State and Non-State Appropriated Tobacco — 0.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency (The), Series 2020-A <sup>(a)</sup> | 4.000% | 06/01/34 | 150000 | 147104 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 42 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Tax — 2.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A <sup>(a)(c)</sup> | 5.250% | 12/01/39 | $2000000 | $1937147 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A <sup>(a)(c)</sup> | 5.250% | 12/01/39 | 900000 | 871716 |
| &nbsp;&nbsp;&nbsp;Northglenn Urban Renewal Authority, Series 2019 <sup>(a)</sup> | 4.000% | 12/01/34 | 400000 | 395216 |
| &nbsp;&nbsp;&nbsp;Northglenn Urban Renewal Authority, Series 2019 <sup>(a)</sup> | 4.000% | 12/01/35 | 525000 | 513496 |
| &nbsp;&nbsp;&nbsp;Village Community Development District No. 7, Series 2015 <sup>(a)</sup> | 4.000% | 05/01/36 | 995000 | 955554 |
|  |  |  |  | 4673129 |
| *Transportation — 4.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Florida State Mid-Bay Bridge Authority, Series 2015-A <sup>(a)</sup> | 5.000% | 10/01/35 | 1180000 | 1185343 |
| &nbsp;&nbsp;&nbsp;La Paz County Arizona Industrial Development Authority, Series 2016-A <sup>(a) (c)</sup> | 7.000% | 11/15/38 | 1575000 | 1519782 |
| &nbsp;&nbsp;&nbsp;La Paz County Arizona Industrial Development Authority, Series 2016-A <sup>(a) (c)</sup> | 7.125% | 11/15/45 | 735000 | 680546 |
| &nbsp;&nbsp;&nbsp;Love Field Airport Modernization Corp., Series 2017 <sup>(a)</sup> | 5.000% | 11/01/33 | 400000 | 403908 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series 2009-E | 6.000% | 12/01/30 | 510000 | 543377 |
| &nbsp;&nbsp;&nbsp;Pharr Texas International Toll Bridge System, Series 2021 <sup>(a)</sup> | 4.000% | 08/15/33 | 5000 | 5055 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Air Cargo, Series 2023 | 5.000% | 07/01/25 | 260000 | 260000 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Air Cargo, Series 2023 | 5.000% | 07/01/26 | 450000 | 455202 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Air Cargo, Series 2023 | 5.000% | 07/01/27 | 250000 | 256081 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Air Cargo, Series 2023 | 5.000% | 07/01/28 | 500000 | 517520 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, Series 2021-A-2 | 2.000% | 05/15/45 | 1000000 | 985388 |
| &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Series 2022 <sup>(a)</sup> | 5.000% | 12/31/57 | 400000 | 388088 |
| &nbsp;&nbsp;&nbsp;Wayne County Airport Authority, Series 2025-A | 5.250% | 12/01/43 | 1000000 | 1057163 |
|  |  |  |  | 8257453 |
| *Utilities — 9.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Series 2024-E | 5.000% | 02/01/55 | 1715000 | 1812079 |
| &nbsp;&nbsp;&nbsp;King County Washington Sewer Revenue, Series 2020-B <sup>(a)</sup> | 0.875% | 01/01/42 | 975000 | 958650 |
| &nbsp;&nbsp;&nbsp;Long Island Power Authority, Series 2021-B | 1.500% | 09/01/26 | 4385000 | 4286438 |
| &nbsp;&nbsp;&nbsp;Long Island Power Authority, Series 2020-B | 0.850% | 09/01/50 | 1000000 | 994551 |
| &nbsp;&nbsp;&nbsp;Louisville and Jefferson County Metropolitan Sewer District, Series 2016-A | 3.000% | 05/15/46 | 265000 | 191370 |
| &nbsp;&nbsp;&nbsp;Orlando Florida Utilities Commission, Series 2021-B | 1.250% | 10/01/46 | 1125000 | 1008512 |
| &nbsp;&nbsp;&nbsp;PEFA, Inc. Iowa Gas Project, Series 2019 | 5.000% | 09/01/49 | 595000 | 602261 |
| &nbsp;&nbsp;&nbsp;San Antonia Texas Electric & Gas Systems, Series 2015-D | 1.125% | 12/01/45 | 1770000 | 1708811 |
| &nbsp;&nbsp;&nbsp;Southern California Public Power Authority No. 1, Series 2007-A | 5.000% | 11/01/33 | 500000 | 528505 |
| &nbsp;&nbsp;&nbsp;Southern California Public Power Authority No. 1, Series 2007-B | 4.510% | 11/01/38 | 5550000 | 5335810 |
| &nbsp;&nbsp;&nbsp;Utah Infrastructure Agency Telecommunications, Series 2021 <sup>(a)</sup> | 4.000% | 10/15/36 | 200000 | 188290 |
|  |  |  |  | 17615277 |
| **Variable Rate Demand Note — 4.7%** |  |  |  |  |
| *Water And Sewer — 4.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;New York City General Obligation, Series 2015-F6 | 4.000% | 06/01/44 | 8765000 | 8765000 |
| **Total Municipal Bonds (Cost $159,325,861)** |  |  |  | 156610399 |
| **CORPORATE BONDS — 4.4%** |  |  |  |  |
| **Industrial — 4.4%** |  |  |  |  |
| *Services — 4.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;IPMI 3 LLC, 144A, Series 2021 <sup>(e)</sup> (Cost $9,066,424) | 3.900% | 12/01/28 | 9000000 | 8194524 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 43 |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. TREASURY BONDS & NOTES — 10.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 0.250% | 08/31/25 | $6000000 | $5957929 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 5.000% | 09/30/25 | 5000000 | 5007715 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 4.500% | 11/15/25 | 245000 | 245122 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 4.875% | 11/30/25 | 8000000 | 8016875 |
| **Total U.S. Government & Agencies (Cost $19,230,826)** |  |  |  | 19227641 |
| **Investments at Value — 98.8%** |  |  |  |  |
| **(Cost $187,623,112)** |  |  |  | $184032564 |
| **Other Assets in Excess of Liabilities — 1.2%** |  |  |  | 2285890 |
| **Net Assets — 100.0%** |  |  |  | $186318454 |

---

*<sup>(a)</sup>* *Security can be called and redeemed at the option of the issuer prior to the stated maturity date which is included in the Statement of Investments.*

*<sup>(b)</sup>* *This security is insured. In the event of a default by the bond issuer, the issuer, as noted in the security description, guarantees that scheduled principal and interest payments will be made when due.*

*<sup>(c)</sup>* *Security is considered a restricted security; however, such restriction has not resulted in an illiquid classification. The total value of these securities is $8,955,893, which represents 4.8% of net assets as of June 30, 2025.*

*<sup>(d)</sup>* *Percentage rounds to less than 0.1%.*

*<sup>(e)</sup>* *Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 44 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Colorado Tax Free Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **MUNICIPAL BONDS — 90.2%** |  |  |  |  |
| **Certificate Participation — 7.7%** |  |  |  |  |
| *Lease / Rent — 7.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adams County Colorado COP, Series 2024 | 5.250% | 12/01/49 | $6000000 | $6259202 |
| &nbsp;&nbsp;&nbsp;City of Aurora Colorado COP, Series 2017 <sup>(a)</sup> | 5.000% | 12/01/35 | 615000 | 627260 |
| &nbsp;&nbsp;&nbsp;Crested Butte Colorado COP, Series 2024 | 5.000% | 12/01/43 | 1000000 | 1026083 |
| &nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority COP, Series 2018 <sup>(a)</sup> | 5.000% | 12/01/30 | 350000 | 365426 |
| &nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority COP, Series 2018 <sup>(a)</sup> | 5.000% | 12/01/31 | 350000 | 363930 |
| &nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority COP, Series 2018 <sup>(a)</sup> | 5.000% | 12/01/32 | 225000 | 232489 |
| &nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority COP, Series 2018 <sup>(a)</sup> | 5.000% | 12/01/33 | 240000 | 247154 |
| &nbsp;&nbsp;&nbsp;Evergreen Park & Recreation District, Series 2025 | 5.000% | 12/01/40 | 720000 | 753685 |
| &nbsp;&nbsp;&nbsp;Evergreen Park & Recreation District, Series 2025 | 5.000% | 12/01/41 | 510000 | 528859 |
| &nbsp;&nbsp;&nbsp;Fraser Valley Metropolitan Recreation District COP, Series 2023 <sup>(a)</sup> | 5.250% | 12/01/53 | 500000 | 502766 |
| &nbsp;&nbsp;&nbsp;Grand County Colorado COP, Series 2025 | 5.000% | 12/01/42 | 455000 | 473515 |
| &nbsp;&nbsp;&nbsp;Grand County Colorado COP, Series 2025 | 5.000% | 12/01/43 | 500000 | 516508 |
| &nbsp;&nbsp;&nbsp;Grand County Colorado COP, Series 2025 | 5.000% | 12/01/44 | 640000 | 656757 |
| &nbsp;&nbsp;&nbsp;Grand County Colorado COP, Series 2025 | 5.000% | 12/01/45 | 495000 | 505745 |
| &nbsp;&nbsp;&nbsp;Hyland Hills Park and Recreation District COP, Series 2022 | 5.000% | 12/15/41 | 2430000 | 2505443 |
| &nbsp;&nbsp;&nbsp;Moffat County Colorado COP, Series 2021 <sup>(a)</sup> | 4.000% | 03/01/46 | 4060000 | 3519310 |
| &nbsp;&nbsp;&nbsp;Platteville-Gilcrest Fire Protection District COP, Series 2018 <sup>(a)</sup> | 5.000% | 12/01/33 | 175000 | 183369 |
| &nbsp;&nbsp;&nbsp;Telluride Colorado COP, Series 2024 | 5.000% | 12/01/43 | 500000 | 513351 |
| &nbsp;&nbsp;&nbsp;Town of Breckenridge Colorado COP, Series 2022 | 5.000% | 12/01/42 | 2325000 | 2355305 |
| &nbsp;&nbsp;&nbsp;Town of Silverthorne Colorado COP, Series 2024 | 5.000% | 12/01/44 | 1650000 | 1712325 |
|  |  |  |  | 23848482 |
| **General Obligation — 14.4%** |  |  |  |  |
| *Local — 14.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District No. 28J, Series 2025 | 5.500% | 12/01/26 | 370000 | 384975 |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District No. 28J, Series 2025 | 5.500% | 12/01/39 | 2965000 | 3383126 |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District No. 28J, Series 2025 | 5.500% | 12/01/40 | 2000000 | 2270317 |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District No. 28J, Series 2025 | 5.500% | 12/01/41 | 4250000 | 4775825 |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District No. 28J, Series 2025 | 5.500% | 12/01/42 | 3150000 | 3496604 |
| &nbsp;&nbsp;&nbsp;Basalt & Rural Fire Protection District, Series 2024-B | 4.800% | 12/01/25 | 425000 | 425800 |
| &nbsp;&nbsp;&nbsp;Basalt & Rural Fire Protection District, Series 2024-B | 4.650% | 12/01/26 | 225000 | 226722 |
| &nbsp;&nbsp;&nbsp;Basalt & Rural Fire Protection District, Series 2024-A | 5.000% | 12/01/43 | 615000 | 642326 |
| &nbsp;&nbsp;&nbsp;BNC Metropolitan District No. 1, BAM, Series 2017-A <sup>(a)(b)</sup> | 5.000% | 12/01/37 | 545000 | 561703 |
| &nbsp;&nbsp;&nbsp;Bradburn Metropolitan District No. 2, Series 2018-A <sup>(a)</sup> | 5.000% | 12/01/38 | 600000 | 591426 |
| &nbsp;&nbsp;&nbsp;Bromley Park Metropolitan District No. 3, Series 2024 | 5.000% | 12/01/34 | 115000 | 123024 |
| &nbsp;&nbsp;&nbsp;Cherry Creek School District No. 5, Series 2024 | 5.000% | 12/15/26 | 200000 | 206934 |
| &nbsp;&nbsp;&nbsp;Cornerstar Metropolitan District, Series 2017-A <sup>(a)</sup> | 5.125% | 12/01/37 | 1000000 | 969476 |
| &nbsp;&nbsp;&nbsp;Erie Commons Metropolitan District No. 2, AGM, Series 2019-A <sup>(a)(b)</sup> | 3.000% | 12/01/49 | 100000 | 70348 |
| &nbsp;&nbsp;&nbsp;Erie Farm Metropolitan District, AGM, Series 2021 <sup>(a)(b)</sup> | 5.000% | 12/01/41 | 570000 | 587625 |
| &nbsp;&nbsp;&nbsp;Erie Farm Metropolitan District, AGM, Series 2021 <sup>(a)(b)</sup> | 4.000% | 12/01/51 | 1100000 | 936916 |
| &nbsp;&nbsp;&nbsp;Fossil Ridge Metropolitan District No. 3 Colorado, BAM, Series 2020 <sup>(b)</sup> | 2.375% | 12/01/39 | 750000 | 535002 |
| &nbsp;&nbsp;&nbsp;Fremont Custer & El Paso Counties Colorado School District No. RE-2, Series 2023 | 5.250% | 12/01/47 | 3250000 | 3393720 |
| &nbsp;&nbsp;&nbsp;Gold Hill Mesa Metropolitan District No. 2, Series 2022-A <sup>(c)</sup> | 5.000% | 12/01/25 | 135000 | 135959 |
| &nbsp;&nbsp;&nbsp;Gunnison Watershed Colorado School District No. RE-1J COP, Series 2023 <sup>(a)</sup> | 5.000% | 12/01/47 | 6500000 | 6694344 |
| &nbsp;&nbsp;&nbsp;Hogback Metropolitan District Colorado, Series 2021-A <sup>(a)</sup> | 5.000% | 12/01/41 | 700000 | 651351 |
| &nbsp;&nbsp;&nbsp;Hunters Overlook Metropolitan School District No. 5, AGM, Series 2024 <sup>(b)</sup> | 5.000% | 12/01/44 | 260000 | 266011 |
| &nbsp;&nbsp;&nbsp;Mirabelle Metropolitan District No. 2, AGM, Series 2025-A <sup>(b)</sup> | 4.375% | 12/01/44 | 1000000 | 931360 |
| &nbsp;&nbsp;&nbsp;Mirabelle Metropolitan District No. 2, AGM, Series 2025-A <sup>(b)</sup> | 4.500% | 12/01/49 | 2100000 | 1925692 |
| &nbsp;&nbsp;&nbsp;North Pine Vistas Metropolitan District No. 2, AGM, Series 2022 <sup>(b)</sup> | 5.250% | 12/01/42 | 625000 | 648332 |
| &nbsp;&nbsp;&nbsp;North Pine Vistas Metropolitan District No. 2, AGM, Series 2022 <sup>(b)</sup> | 5.000% | 12/01/52 | 1000000 | 997170 |
| &nbsp;&nbsp;&nbsp;North Pine Vistas Metropolitan District No. 3, AGM, Series 2021-A <sup>(a)(b)</sup> | 4.000% | 12/01/36 | 175000 | 173837 |
| &nbsp;&nbsp;&nbsp;Raindance Metropolitan District No. 2, BAM, Series 2024 <sup>(b)</sup> | 4.000% | 12/01/44 | 1800000 | 1605144 |
| &nbsp;&nbsp;&nbsp;SBC Metropolitan District, AGM, Series 2016 <sup>(a)(b)</sup> | 5.000% | 12/01/34 | 205000 | 209284 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 45 |

---

<u>Segall Bryant & Hamill Colorado Tax Free Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Local (Continued)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Southshore Metropolitan District No. 2 City of Aurora Arapahoe County Colorado, BAM, Series 2020-A-2 <sup>(a)(b)</sup> | 4.000% | 12/01/46 | $6300000 | $5552456 |
| &nbsp;&nbsp;&nbsp;St. Vrain Lakes Metropolitan District No. 2, AGM, Series 2024-A <sup>(b)</sup> | 5.000% | 12/01/26 | 155000 | 158395 |
| &nbsp;&nbsp;&nbsp;St. Vrain Valley School District RE-1J, Series 2024 | 5.000% | 12/15/25 | 245000 | 247635 |
| &nbsp;&nbsp;&nbsp;Timnath Ranch Metropolitan District No. 4, BAM, Series 2024 <sup>(b)</sup> | 5.000% | 12/01/39 | 600000 | 620496 |
| &nbsp;&nbsp;&nbsp;Whispering Pines Metropolitan District No. 1 Colorado, AGM, Series 2023 <sup>(b)</sup> | 5.000% | 12/01/43 | 325000 | 330515 |
|  |  |  |  | 44729850 |
| **Local Authority — 4.4%** |  |  |  |  |
| *Education — 0.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Board of Trustees of the Colorado School of Mines, AGM, Series 2022-C <sup>(b)</sup> | 4.800% | 12/01/27 | 2000000 | 2028503 |
| *Housing — 2.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2020-C-1 | 2.175% | 11/01/25 | 500000 | 496497 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-F-1 | 4.364% | 11/01/25 | 1620000 | 1620000 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-J | 4.887% | 11/01/25 | 630000 | 630000 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-J | 4.684% | 05/01/26 | 1430000 | 1434471 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2024-G-1 | 4.339% | 05/01/26 | 145000 | 145049 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-C <sup>(a)</sup> | 5.082% | 10/01/26 | 2000000 | 2008060 |
|  |  |  |  | 6334077 |
| *Local — 1.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eagle County Colorado School District, Series 2021 | 0.793% | 12/01/25 | 3000000 | 2959896 |
| &nbsp;&nbsp;&nbsp;Garfield County School District No. RE-2, Series 2012-B <sup>(a)</sup> | 3.050% | 12/01/26 | 500000 | 493265 |
|  |  |  |  | 3453161 |
| *Recreation — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, Series 2017-B | 3.450% | 12/01/25 | 500000 | 497492 |
| *Utilities — 0.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Todd Creek Village Metropolitan District Colorado, Series 2018-B <sup>(a)</sup> | 5.875% | 12/01/38 | 775000 | 772831 |
| &nbsp;&nbsp;&nbsp;Town of Estes Park Colorado Power & Communications, Series 2019-B | 2.646% | 11/01/25 | 430000 | 427782 |
|  |  |  |  | 1200613 |
| **Revenue — 50.6%** |  |  |  |  |
| *Education — 4.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Board of Trustees of the Colorado School of Mines, AGM, Series 2022-A <sup>(b)</sup> | 5.250% | 12/01/47 | 1000000 | 1039752 |
| &nbsp;&nbsp;&nbsp;Board of Trustees of the Colorado School of Mines, AGM, Series 2022-B <sup>(b)</sup> | 5.250% | 12/01/52 | 6835000 | 7055380 |
| &nbsp;&nbsp;&nbsp;Board of Trustees of the Colorado School of Mines, MBIA, Series 1999 <sup>(b)</sup> | 0.000% | 12/01/25 | 450000 | 443042 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(a)</sup> | 5.000% | 10/01/34 | 1975000 | 1648814 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(a)</sup> | 5.000% | 05/01/35 | 3145000 | 3157902 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2017-A | 5.000% | 03/01/40 | 500000 | 506522 |
|  |  |  |  | 13851412 |
| *Healthcare — 1.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2015 <sup>(a)</sup> | 5.000% | 05/15/30 | 500000 | 500455 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2017-A <sup>(a)</sup> | 5.000% | 05/15/30 | 710000 | 730624 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2023-A <sup>(a)</sup> | 3.000% | 05/15/30 | 340000 | 322615 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2015 | 5.000% | 01/15/35 | 1630000 | 1639389 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2020 | 4.000% | 10/01/35 | 335000 | 330607 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2023-A <sup>(a)</sup> | 4.000% | 05/15/41 | 500000 | 442597 |
|  |  |  |  | 3966287 |
| *Housing — 24.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority, Series 2025-G-2 | 3.400% | 10/01/29 | 2600000 | 2606275 |
| &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority Multifamily Housing, Series 2024 | 3.050% | 10/01/27 | 2700000 | 2699412 |
| &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority Multifamily Housing, Series 2024 | 3.500% | 11/01/43 | 2350000 | 2353463 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025-F-2 | 3.800% | 04/01/28 | 6000000 | 6047396 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-B-2 <sup>(a)</sup> | 3.350% | 10/01/26 | 5290000 | 5291676 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2024-A-2 | 3.375% | 04/01/28 | 715000 | 719283 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 46 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Colorado Tax Free Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Housing (Continued)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2020-H | 2.200% | 11/01/38 | $480000 | $355755 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2024-A | 4.480% | 10/01/40 | 3000000 | 2893151 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025 | 3.375% | 07/01/44 | 4160000 | 4174528 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-B-1 <sup>(a)</sup> | 4.700% | 10/01/48 | 275000 | 265287 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2019-E | 4.250% | 05/01/49 | 540000 | 544736 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2019-F | 4.250% | 11/01/49 | 910000 | 918496 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2019-H | 4.250% | 11/01/49 | 700000 | 707656 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2021-E | 3.000% | 11/01/51 | 325000 | 319908 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2022-B | 3.250% | 05/01/52 | 4955000 | 4896192 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2022-K | 6.000% | 11/01/52 | 2085000 | 2218596 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-L | 5.750% | 11/01/53 | 7005000 | 7469186 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025-B | 5.750% | 11/01/54 | 10000000 | 10942609 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025-F | 6.500% | 05/01/55 | 6500000 | 7322258 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Multifamily Housing, Series 2025-B | 5.000% | 10/01/28 | 1000000 | 1039162 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Multifamily Housing, Series 2025-F-2 | 4.700% | 10/01/42 | 3500000 | 3501869 |
| &nbsp;&nbsp;&nbsp;Eagle County Housing and Development Authority, Series 2025 | 3.550% | 12/01/45 | 3260000 | 3269006 |
| &nbsp;&nbsp;&nbsp;Maiker Housing Partners Multifamily Housing, Series 2023 <sup>(a)</sup> | 4.500% | 05/01/42 | 6000000 | 6044735 |
|  |  |  |  | 76600635 |
| *Other — 3.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2015-A <sup>(a)(c)</sup> | 4.125% | 07/01/26 | 10000 | 9989 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2014 <sup>(a)</sup> | 5.000% | 11/15/31 | 1000000 | 1000948 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016-A <sup>(a)</sup> | 5.000% | 12/15/31 | 715000 | 730196 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2014 <sup>(a)</sup> | 5.000% | 10/01/32 | 1340000 | 1341273 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(a)</sup> | 5.000% | 06/01/36 | 1580000 | 1590025 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(a)</sup> | 5.000% | 07/01/36 | 1000000 | 1000572 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(a)(c)</sup> | 5.000% | 07/01/36 | 1000000 | 1003545 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(a)</sup> | 5.000% | 08/01/36 | 1140000 | 1147555 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2025-A | 5.250% | 12/01/45 | 800000 | 807324 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2025-A | 5.250% | 12/01/55 | 1300000 | 1325892 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2025-A | 5.375% | 12/01/60 | 1600000 | 1593592 |
|  |  |  |  | 11550911 |
| *Public Services — 6.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cherry Creek Corporate Center Metropolitan District, Series 2015-A <sup>(a)</sup> | 5.000% | 06/01/37 | 235000 | 235029 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, Series 2015-A <sup>(a)</sup> | 5.000% | 12/01/27 | 620000 | 624397 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, Series 2017-A <sup>(a)</sup> | 5.000% | 12/01/36 | 300000 | 300975 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, Series 2017-A <sup>(a)</sup> | 5.000% | 12/01/37 | 400000 | 401036 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(b)</sup> | 5.000% | 12/01/37 | 370000 | 391844 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(b)</sup> | 5.000% | 12/01/38 | 655000 | 689481 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(b)</sup> | 5.000% | 12/01/39 | 730000 | 762418 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(b)</sup> | 5.000% | 12/01/41 | 500000 | 514638 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(b)</sup> | 5.000% | 12/01/42 | 500000 | 511530 |
| &nbsp;&nbsp;&nbsp;Rampart Range Colorado Metropolitan District No. 1, AGM, Series 2017 <sup>(a)(b)</sup> | 5.000% | 12/01/47 | 10835000 | 11011588 |
| &nbsp;&nbsp;&nbsp;Southglenn Metropolitan District Colorado, Series 2016 <sup>(a)</sup> | 5.000% | 12/01/30 | 4255000 | 4254993 |
| &nbsp;&nbsp;&nbsp;Sterling Ranch Community Authority Colorado, Series 2020-A <sup>(a)</sup> | 3.750% | 12/01/40 | 500000 | 429655 |
|  |  |  |  | 20127584 |
| *Tax — 1.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A <sup>(a)(c)</sup> | 5.250% | 12/01/39 | 3400000 | 3293149 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A <sup>(a)(c)</sup> | 5.250% | 12/01/39 | 1100000 | 1065431 |
|  |  |  |  | 4358580 |
| *Transportation — 3.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denver Colorado City & County Airport System, Series 2020-B-2 | 5.000% | 11/15/31 | 7690000 | 7727364 |
| &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority, Series 2024-B | 3.691% | 09/01/39 | 3000000 | 2982450 |
| &nbsp;&nbsp;&nbsp;Grand Junction Regional Airport Authority, NPFG, Series 2016-A <sup>(a)</sup> | 5.000% | 12/01/31 | 1155000 | 1175750 |
|  |  |  |  | 11885564 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 47 |

---

<u>Segall Bryant & Hamill Colorado Tax Free Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Utilities — 4.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centennial Water & Sanitation District, Series 2024 | 5.250% | 12/01/53 | $3250000 | $3404791 |
| &nbsp;&nbsp;&nbsp;City of Aurora Colorado Water Revenue, Series 2024 | 5.000% | 08/01/25 | 1275000 | 1277061 |
| &nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority, AGM, Series 2007-UU (TSFR3M + 52) <sup>(a)(b)(d)</sup> | 3.568% | 07/01/29 | 400000 | 382298 |
| &nbsp;&nbsp;&nbsp;Todd Creek Village Metropolitan District Colorado, Series 2018-A | 5.000% | 12/01/28 | 1200000 | 1232311 |
| &nbsp;&nbsp;&nbsp;Todd Creek Village Metropolitan District Colorado, Series 2018-A <sup>(a)</sup> | 5.250% | 12/01/33 | 1350000 | 1388330 |
| &nbsp;&nbsp;&nbsp;Todd Creek Village Metropolitan District Colorado, Series 2018-A <sup>(a)</sup> | 5.250% | 12/01/38 | 1000000 | 1011619 |
| &nbsp;&nbsp;&nbsp;Town of Gypsum Colorado Sewer Enterprise, AGM, Series 2024 <sup>(b)</sup> | 5.000% | 12/01/43 | 1500000 | 1560010 |
| &nbsp;&nbsp;&nbsp;Town of Gypsum Colorado Sewer Enterprise, AGM, Series 2024 <sup>(b)</sup> | 5.000% | 12/01/44 | 2750000 | 2845333 |
|  |  |  |  | 13101753 |
| **Variable Rate Demand Note — 13.1%** |  |  |  |  |
| *Tax Backed District — 2.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Colorado Springs Colorado Utilities System, Series 2006-B | 1.800% | 11/01/36 | 6825000 | 6825000 |
| *Variable Rate Demand Note — 11.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Colorado Springs Colorado Utilities System, Series 2007-A <sup>(a)(d)</sup> | 1.750% | 11/01/37 | 7600000 | 7600000 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2022-E | 3.850% | 05/15/62 | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2022-F | 1.900% | 05/15/62 | 11500000 | 11500000 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2024-E | 3.950% | 05/15/64 | 1500000 | 1500000 |
|  |  |  |  | 35600000 |
| **Total Municipal Bonds (Cost $286,830,618)** |  |  |  | 279959904 |
| **U.S. TREASURY BONDS & NOTES — 4.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unites States Treasury | 4.500% | 11/15/25 | 4000000 | 4002070 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.625% | 03/15/26 | 4000000 | 4014102 |
| &nbsp;&nbsp;&nbsp;Unites States Treasury | 0.000% | 10/30/25 | 5000000 | 4929690 |
| **Total U.S. Treasury Bonds & Notes (Cost $12,943,115)** |  |  |  | $12945862 |
| **Investments at Value — 94.4%** |  |  |  |  |
| **(Cost $299,773,733)** |  |  |  | $292905766 |
| **Other Assets in Excess of Liabilities — 5.6%** |  |  |  | 17391157 |
| **Net Assets — 100.0%** |  |  |  | $310296923 |

---

*<sup>(a)</sup>* *Security can be called and redeemed at the option of the issuer prior to the stated maturity date which is included in the Statement of Investments.* 

*<sup>(b)</sup>* *This security is insured. In the event of a default by the bond issuer, the issuer, as noted in the security description, guarantees that scheduled principal and interest payments will be made when due.* 

*<sup>(c)</sup>* *Security is considered a restricted security; however, such restriction has not resulted in an illiquid classification. The total value of these securities is $5,508,073, which represents 1.8% of net assets as of June 30, 2025.* 

*<sup>(d)</sup>* *Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.* 

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 48 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Barrett Growth Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.5%** |  |  |
| **Communication Services — 4.9%** |  |  |
| *Media & Entertainment — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 6800 | $1206252 |
| **Consumer Discretionary — 14.4%** |  |  |
| *Consumer Discretionary Distribution & Retail — 11.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 6000 | 1316340 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | 100 | 371223 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 9250 | 1142282 |
|  |  | 2829845 |
| *Consumer Services — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 5000 | 280750 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 5000 | 458150 |
|  |  | 738900 |
| **Consumer Staples — 4.0%** |  |  |
| *Consumer Staples Distribution & Retail — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1000 | 989940 |
| **Energy — 0.9%** |  |  |
| *Energy — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 1500 | 214785 |
| **Financials — 22.2%** |  |  |
| *Banks — 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4300 | 1246613 |
| *Financial Services — 12.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. - Class A | 8300 | 1437560 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 750 | 395467 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 3450 | 1224923 |
|  |  | 3057950 |
| *Insurance — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 4500 | 1200870 |
| **Health Care — 13.4%** |  |  |
| *Health Care Equipment & Services — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 500 | 271705 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 2000 | 791260 |
|  |  | 1062965 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 9.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 2250 | 444465 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 400 | 311812 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 2500 | 197900 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 500 | 262500 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 900 | 364914 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 300 | 133560 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 3400 | 530230 |
|  |  | 2245381 |
| **Industrials — 5.5%** |  |  |
| *Capital Goods — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 400 | 203396 |
| &nbsp;&nbsp;&nbsp;EnerSys | 4000 | 343080 |
|  |  | 546476 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Commercial & Professional Services — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 23000 | $827080 |
| **Information Technology — 30.9%** |  |  |
| *Semiconductors & Semiconductor Equipment — 8.5%* |  |  |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 13325 | 2105217 |
| *Software & Services — 17.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC - Class A (Ireland) | 2500 | 747225 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>(a)</sup> | 500 | 913980 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3740 | 1860313 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 600 | 340104 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 500 | 514040 |
|  |  | 4375662 |
| *Technology Hardware & Equipment — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 5750 | 1179728 |
| **Materials — 3.3%** |  |  |
| *Materials — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 3000 | 808320 |
| **Investments at Value — 99.5%** |  |  |
| **(Cost $5,959,714)** |  | $24635984 |
| **Other Assets in Excess of Liabilities — 0.5%** |  | 123870 |
| **Net Assets — 100.0%** |  | $24759854 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 49 |

---

<u>Barrett Opportunity Fund</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 98.9%** |  |  |
| **Communication Services — 8.8%** |  |  |
| *Media & Entertainment — 8.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 11067 | $1963175 |
| **Consumer Discretionary — 8.0%** |  |  |
| *Consumer Discretionary Distribution & Retail — 8.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 699 | 256281 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3806 | 1548281 |
|  |  | 1804562 |
| **Consumer Staples — 0.9%** |  |  |
| *Food, Beverage & Tobacco — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 1582 | 208887 |
| **Energy — 12.8%** |  |  |
| *Energy — 12.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 32034 | 720765 |
| &nbsp;&nbsp;&nbsp;Shell PLC ADR (United Kingdom) | 30526 | 2149336 |
|  |  | 2870101 |
| **Financials — 28.2%** |  |  |
| *Financial Services — 26.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. - Class A | 4618 | 799838 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 26566 | 2420428 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc. <sup>(a)</sup> | 600 | 199092 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 46064 | 2519240 |
|  |  | 5938598 |
| *Insurance — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 1489 | 397355 |
| **Health Care — 3.7%** |  |  |
| *Pharmaceuticals, Biotechnology & Life Sciences — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 1960 | 363815 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 350 | 272835 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 491 | 199081 |
|  |  | 835731 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Industrials — 19.5%** |  |  |
| *Capital Goods — 13.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 350 | $177972 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 10000 | 2916600 |
|  |  | 3094572 |
| *Commercial & Professional Services — 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 4163 | 1283869 |
| **Information Technology — 17.0%** |  |  |
| *Software & Services — 11.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 5000 | 2487050 |
| *Technology Hardware & Equipment — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 6500 | 1333605 |
| **Investments at Value — 98.9%** |  |  |
| **(Cost $2,606,953)** |  | $22217505 |
| **Other Assets in Excess of Liabilities — 1.1%** |  | 254178 |
| **Net Assets — 100.0%** |  | $22471683 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 50 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

COMMON ABBREVIATIONS

---

| | |
|:---|:---|
| *A.B.* | *Aktiebolag is the Swedish equivalent of the term corporation.* |
| *Abp* | *A Swedish or Finish Public Limited Company.* |
| *ADR* | *American Depositary Receipt.* |
| *A.G.* | *Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.* |
| *AGM* | *Assured Guaranty Municipal.* |
| *A.S.* | *Andonim Sirketi, Joint Stock Company in Turkey.* |
| *A/S* | *Aktieselskab is a Danish Joint Stock Company.* |
| *A.S.A.* | *Aksjeselskop is the Norwegian term for a stock-based company.* |
| *BAM* | *Build America Mutual.* |
| *Bhd* | *Berhad is a Malaysian term for a public limited company.* |
| *COP* | *Certificate of Participation.* |
| *H15T1Y* | *U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year.* |
| *KGaA* | *German Master Limited Partnership.* |
| *KSCP* | *Kuwaiti Shareholding Company - Public.* |
| *LLC* | *Limited Liability Company.* |
| *LP* | *Limited Partnership.* |
| *Ltd.* | *Limited.* |
| *N.V.* | *Naamloze Vennootschap is the Dutch term for a public limited liability corporation.* |
| *OYJ* | *Julkinen osakeyhtiö means public stock company.* |
| *PCL* | *Public Company Limited.* |
| *PJSC* | *Public Joint-Stock Company.* |
| *PLC* | *Public Limited Company.* |
| *P.S.Q.C.* | *Public Sharing Qatar Company.* |
| *Q.P.S.C.* | *Qatari Public Shareholding Company.* |
| *REITs* | *Real Estate Investment Trust.* |
| *S.A.* | *Generally designates corporations in various countries, mostly those employing the civil law. This translates literally in all languages mentioned as anonymous company.* |
| *S.A.B de C.V.* | *Sociedad Anónima Bursátil de Capital Variable is the Mexican term for publicly traded companies.* |
| *S.E.* | *SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States.* |
| *SOFR* | *Secured Overnight Financing Rate.* |
| *S.p.A.* | *Societa per azioni is the Italian equivalent of the term Public Limited Companies.* |
| *Tbk P.T.* | *Terbuka Perseroan Terbatas is an Indonesia term for a public limited company.* |
| *TSFR* | *CME Term SOFR.* |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 51 |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Assets and Liabilities</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Segall Bryant &<br> Hamill Small Cap<br> Value Fund** | **Segall Bryant &<br> Hamill Small Cap<br> Growth Fund** | **Segall Bryant &<br> Hamill Small Cap<br> Core Fund** | **Segall Bryant &<br> Hamill<br> All Cap Fund** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $337089977 | $207253058 | $70713756 | $52001428 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $390324652 | $243780282 | $86729574 | $92245777 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) | 5369300 | 6696062 | 6193793 | 2136944 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $—, $—, $5, and $—, respectively) |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 14068 | 49260 | 12200 | 2197 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold |  |  |  | 482405 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 400577 | 46970 | 64937 | 20406 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable |  |  |  | 14522 |
| &nbsp;&nbsp;&nbsp;Other assets | 32282 | 18029 | 18369 | 22282 |
| &nbsp;&nbsp;&nbsp;Total assets | 396140879 | 250590603 | 93018877 | 94924533 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 165530 | 71739 | 21239 | 174322 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased |  |  | 3200 | 948271 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) | 256922 | 132443 | 45411 | 34787 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees (Note 6) | 1491 | 35906 | 13042 | 13572 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 13442 | 9838 | 5377 | 5661 |
| &nbsp;&nbsp;&nbsp;Accrued chief compliance officer fees (Note 6) | 833 | 833 | 833 | 833 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 23521 | 18726 | 14405 | 14474 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 461739 | 269485 | 103507 | 1191920 |
| **Net Assets** | $395679140 | $250321118 | $92915370 | $93732613 |
| **Net Assets Consists of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $316361475 | $257037952 | $73211603 | $37936141 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (accumulated deficit) | 79317665 | (6716834) | 19703767 | 55796472 |
| **Net Assets** | $395679140 | $250321118 | $92915370 | $93732613 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $9446085 | $31107622 | $759348 | $1348311 |
| &nbsp;&nbsp;&nbsp;Institutional | $386233055 | $219213496 | $92156022 | $92384302 |
| **Shares of Beneficial Interest Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | 653094 | 1515545 | 62224 | 67472 |
| &nbsp;&nbsp;&nbsp;Institutional | 26622708 | 10359436 | 7502479 | 4615835 |
| **Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $14.46 | $20.53 | $12.20 | $19.98 |
| &nbsp;&nbsp;&nbsp;Institutional | $14.51 | $21.16 | $12.28 | $20.01 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 52 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Assets and Liabilities</u> <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Segall Bryant &**<br> **Hamill Emerging**<br> **Markets Fund** | **Segall Bryant<br> & Hamill<br> International<br> Small Cap Fund** | **Segall Bryant<br> & Hamill<br> International<br> Equity Fund** | **Segall Bryant &**<br> **Hamill Global**<br> **All Cap Fund** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $55213635 | $65712965 | $8871098 | $22666344 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $73403850 | $84510146 | $9421788 | $34948299 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) | 334512 | 247606 | 1322203 | 551119 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $97,243, $254,670, $5,765, and $4,798, respectively) | 97606 | 256816 | 5814 | 4813 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 55565 | 2562 | 4642980 | 20 |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  |  | 10539 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 377117 | 182412 | 5864 | 14259 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 2148 | 658456 | 5342 | 96554 |
| &nbsp;&nbsp;&nbsp;Other assets | 14608 | 9095 | 18782 | 18313 |
| &nbsp;&nbsp;&nbsp;Total assets | 74285406 | 85867093 | 15433312 | 35633377 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 82 | 21550 |  | 27514 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 108088 |  | 5816929 |  |
| &nbsp;&nbsp;&nbsp;Accrued deferred foreign capital gains tax on appreciated securities | 549492 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) | 4058 | 32899 |  | 332 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees (Note 6) | 4929 | 2404 | 210 | 3621 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 5182 | 5483 | 3330 | 4985 |
| &nbsp;&nbsp;&nbsp;Accrued chief compliance officer fees (Note 6) | 833 | 833 | 833 | 833 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 67527 | 52316 | 35822 | 14120 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 740191 | 115485 | 5857124 | 51405 |
| **Net Assets** | $73545215 | $85751608 | $9576188 | $35581972 |
| **Net Assets Consists of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $59286576 | $139526120 | $8894149 | $21700400 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (accumulated deficit) | 14258639 | (53774512) | 682039 | 13881572 |
| **Net Assets** | $73545215 | $85751608 | $9576188 | $35581972 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $3527871 | $6306592 | $3447 | $30956131 |
| &nbsp;&nbsp;&nbsp;Institutional | $70017344 | $79445016 | $9572741 | $4625841 |
| **Shares of Beneficial Interest Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | 338380 | 469131 | 271 | 2537345 |
| &nbsp;&nbsp;&nbsp;Institutional | 6690418 | 5906403 | 753111 | 384864 |
| **Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $10.43 | $13.44 | $12.70 | $12.20 |
| &nbsp;&nbsp;&nbsp;Institutional | $10.47 | $13.45 | $12.71 | $12.02 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 53 |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Assets and Liabilities</u> <br> June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Segall Bryant &**<br> **Hamill Short Term**<br> **Plus Fund** | **Segall Bryant &**<br> **Hamill Plus**<br> **Bond Fund** | **Segall Bryant &**<br> **Hamill Quality**<br> **High Yield Fund** | **Segall Bryant &<br> Hamill Municipal<br> Opportunities<br> Fund** | **Segall Bryant &**<br> **Hamill Colorado**<br> **Tax Free Fund** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $14276348 | $709164971 | $63494030 | $187623112 | $299773733 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $14374745 | $688105241 | $62192321 | $184032564 | $292905766 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) | 312814 | 21676220 | 1195230 | 5110424 | 19675674 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 100 | 459997 | 487 | 1183770 | 742418 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold |  | 69 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 10361 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 153216 | 2698107 | 792517 | 1263343 | 1582652 |
| &nbsp;&nbsp;&nbsp;Other assets | 23679 | 32709 | 17464 | 26785 | 15592 |
| &nbsp;&nbsp;&nbsp;Total assets | 14874915 | 712972343 | 64198019 | 191616886 | 314922102 |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed |  | 541265 | 54295 | 18608 | 763452 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased |  | 535205 |  | 5186214 | 3697399 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) |  | 119013 | 18073 | 36549 | 73033 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees (Note 6) | 1439 | 92341 | 7397 | 25768 | 52039 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 3722 | 21388 | 5137 | 8021 | 11264 |
| &nbsp;&nbsp;&nbsp;Accrued chief compliance officer fees (Note 6) | 833 | 833 | 833 | 833 | 833 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 16152 | 39161 | 17641 | 22439 | 27159 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 22146 | 1349206 | 103376 | 5298432 | 4625179 |
| **Net Assets** | $14852769 | $711623137 | $64094643 | $186318454 | $310296923 |
| **Net Assets Consists of** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $15887186 | $809500718 | $76754086 | $222279519 | $373164492 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (accumulated deficit) | (1034417) | (97877581) | (12659443) | (35961065) | (62867569) |
| **Net Assets** | $14852769 | $711623137 | $64094643 | $186318454 | $310296923 |
| **Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $1371702 | $280308997 | $20220539 | $11737386 | $95599489 |
| &nbsp;&nbsp;&nbsp;Institutional | $13481067 | $431314140 | $43874104 | $174581068 | $214697434 |
| **Shares of Beneficial Interest Outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | 134933 | 29706451 | 2285179 | 1224999 | 9319175 |
| &nbsp;&nbsp;&nbsp;Institutional | 1324743 | 46232534 | 5025685 | 18219131 | 20838949 |
| **Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $10.17 | $9.44 | $8.85 | $9.58 | $10.26 |
| &nbsp;&nbsp;&nbsp;Institutional | $10.18 | $9.33 | $8.73 | $9.58 | $10.30 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 54 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Assets and Liabilities</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Barrett<br> Growth<br> Fund** | **Barrett<br> Opportunity<br> Fund** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $5959714 | $2606953 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $24635984 | $22217505 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) | 120151 | 248183 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 409 |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser (Note 6) | 2269 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 7544 | 7201 |
| &nbsp;&nbsp;&nbsp;Other assets | 11803 | 30679 |
| &nbsp;&nbsp;&nbsp;Total assets | 24778160 | 22503568 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed |  | 1077 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) |  | 4285 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees (Note 6) | 288 | 8311 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 6701 | 8883 |
| &nbsp;&nbsp;&nbsp;Accrued chief compliance officer fees (Note 6) | 833 | 833 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 10484 | 8496 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 18306 | 31885 |
| **Net Assets** | $24759854 | $22471683 |
| **Net Assets Consists of** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1927813 | $(4599293) |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (accumulated deficit) | 22832041 | 27070976 |
| **Net Assets** | $24759854 | $22471683 |
| **Net Assets** | $24759854 | $22471683 |
| **Shares of Beneficial Interest Outstanding** | 863317 | 1491317 |
| **Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)** | $28.68 | $15.07 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 55 |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Operations</u> <br> For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Segall Bryant &<br> Hamill Small Cap<br> Value Fund** | **Segall Bryant &<br> Hamill Small Cap<br> Growth Fund** | **Segall Bryant &<br> Hamill Small Cap<br> Core Fund** | **Segall Bryant &<br> Hamill<br> All Cap Fund** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $3095845 | $548987 | $374997 | $429519 |
| &nbsp;&nbsp;&nbsp;Interest | 136067 | 151081 | 108693 | 36021 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (2275) |  | (1667) | (14315) |
| &nbsp;&nbsp;&nbsp;Tax reclaims received |  |  | 1555 | 3698 |
| &nbsp;&nbsp;&nbsp;Total income | 3229637 | 700068 | 483578 | 454923 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 1720389 | 789845 | 321284 | 308372 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 9000 | 36864 | 604 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 134146 | 95541 | 19895 | 42125 |
| &nbsp;&nbsp;&nbsp;Administrative fees (Note 6) | 75281 | 46498 | 21272 | 23606 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 24048 | 21229 | 20540 | 20147 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 8507 | 6361 | 7348 | 6657 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 30137 | 19785 | 9484 | 10341 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 13351 | 13488 | 11809 | 12013 |
| &nbsp;&nbsp;&nbsp;Independent pricing service fees | 834 | 843 | 891 | 593 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 9965 | 7360 | 7253 | 8763 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 16953 | 13036 | 3078 | 5341 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 13150 | 7082 | 2245 | 3152 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 5056 | 5056 | 5056 | 5056 |
| &nbsp;&nbsp;&nbsp;Legal fees | 14028 | 8155 | 2718 | 3196 |
| &nbsp;&nbsp;&nbsp;Borrowing costs |  |  |  | 425 |
| &nbsp;&nbsp;&nbsp;Other | 27393 | 18846 | 7113 | 8986 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 2102238 | 1089989 | 440590 | 459421 |
| &nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by Adviser | (4434) |  | (42397) | (59936) |
| &nbsp;&nbsp;&nbsp;Net expenses | 2097804 | 1089989 | 398193 | 399485 |
| **Net Investment Income (Loss)** | 1131833 | (389921) | 85385 | 55438 |
| **Realized and Unrealized Gains (Losses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 21332562 | 8302804 | 2055190 | 10304383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency |  |  | 40 | 213 |
|  | 21332562 | 8302804 | 2055230 | 10304596 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (38817404) | (15045210) | (4373939) | (8259319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities denoted in foreign currencies |  |  | 4 |  |
|  | (38817404) | (15045210) | (4373935) | (8259319) |
| Net realized and unrealized gains (losses) | (17484842) | (6742406) | (2318705) | 2045277 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $(16353009) | $(7132327) | $(2233320) | $2100715 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 56 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Operations</u> <br> For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Segall Bryant &**<br> **Hamill Emerging**<br> **Markets Fund** | **Segall Bryant<br> & Hamill<br> International<br> Small Cap Fund** | **Segall Bryant<br> & Hamill<br> International<br> Equity Fund** | **Segall Bryant &**<br> **Hamill Global All**<br> **Cap Fund** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1597624 | $2311127 | $98446 | $255879 |
| &nbsp;&nbsp;&nbsp;Interest | 1461 | 3797 | 923 | 11673 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (149793) | (395820) | (15635) | (27650) |
| &nbsp;&nbsp;&nbsp;Tax reclaims received |  | 72619 | 4061 | 32298 |
| &nbsp;&nbsp;&nbsp;Total income | 1449292 | 1991723 | 87795 | 272200 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 297369 | 335303 | 11224 | 110761 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 3403 | 4511 | 4 | 16227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 18852 | 20661 | 1046 | 2059 |
| &nbsp;&nbsp;&nbsp;Administrative fees (Note 6) | 19221 | 20480 | 9308 | 14206 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 19968 | 20005 | 25356 | 19940 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 88106 | 41598 | 35680 | 8540 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 8658 | 9334 | 4586 | 6557 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 11925 | 11824 | 10674 | 16508 |
| &nbsp;&nbsp;&nbsp;Independent pricing service fees | 33136 | 21020 | 24161 | 1830 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 15524 | 13729 | 12929 | 7223 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 4042 | 3782 | 3041 | 5939 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1835 | 2012 | 72 | 982 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 5056 | 5056 | 5056 | 5056 |
| &nbsp;&nbsp;&nbsp;Legal fees | 2312 | 2667 | 107 | 826 |
| &nbsp;&nbsp;&nbsp;Borrowing Costs | 6377 | 2737 | 24 |  |
| &nbsp;&nbsp;&nbsp;Reclaim fees |  | 7144 |  | 5081 |
| &nbsp;&nbsp;&nbsp;Other | 43765 | 27909 | 24934 | 10251 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 579549 | 549772 | 168202 | 231986 |
| &nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by Adviser | (198390) | (155137) | (154210) | (94926) |
| &nbsp;&nbsp;&nbsp;Net expenses | 381159 | 394635 | 13992 | 137060 |
| **Net Investment Income (Loss)** | 1068133 | 1597088 | 73803 | 135140 |
| **Realized and Unrealized Gains (Losses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 986056 <sup>(a)</sup> | 4427214 | 107641 | 1209103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 33918 | 24584 | (319) | 4160 |
|  | 1019974 | 4451798 | 107322 | 1213263 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 8435678 <sup>(b)</sup> | 12353186 | 517651 | 1118126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities denoted in foreign currencies | (26041) | 78781 | (5182) | 11770 |
|  | 8409637 | 12431967 | 512469 | 1129896 |
| Net realized and unrealized gains (losses) | 9429611 | 16883765 | 619791 | 2343159 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $10497744 | $18480853 | $693594 | $2478299 |

---

*<sup>(a)</sup>* *Net of foreign capital gains tax of $65,829.*

*<sup>(b)</sup>* *Net change in deferred foreign capital gains tax of $116,656.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 57 |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Operations</u> <br> For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Segall Bryant &<br> Hamill<br> Short Term Plus<br> Fund** | **Segall Bryant &**<br> **Hamill Plus Bond**<br> **Fund** | **Segall Bryant &**<br> **Hamill Quality**<br> **High Yield Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $380320 | $16947982 | $1633253 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 18598 | 1269898 | 146352 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 1259 | 305966 | 21404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 5987 | 201382 | 17864 |
| &nbsp;&nbsp;&nbsp;Administrative fees (Note 6) | 11198 | 121414 | 19027 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 17996 | 30991 | 21192 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 5217 | 7204 | 5547 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 5302 | 48917 | 8444 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 11630 | 14784 | 12561 |
| &nbsp;&nbsp;&nbsp;Independent pricing service fees | 7549 | 15080 | 6760 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 9211 | 10718 | 9247 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 3244 | 25027 | 6105 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 450 | 21625 | 1900 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 5056 | 5056 | 5056 |
| &nbsp;&nbsp;&nbsp;Legal fees | 526 | 25895 | 2326 |
| &nbsp;&nbsp;&nbsp;Borrowing Costs | 20 | 2258 |  |
| &nbsp;&nbsp;&nbsp;Other | 5833 | 21635 | 7967 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 109076 | 2127850 | 291752 |
| &nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by Adviser | (78712) | (468339) | (48769) |
| &nbsp;&nbsp;&nbsp;Net expenses | 30364 | 1659511 | 242983 |
| **Net Investment Income (Loss)** | 349956 | 15288471 | 1390270 |
| **Realized and Unrealized Gains (Losses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 71450 | (8823216) | (253031) |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 30035 | 21950271 | 1622218 |
| Net realized and unrealized gains (losses) | 101485 | 13127055 | 1369187 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $451441 | $28415526 | $2759457 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 58 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Operations</u> <br> For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Segall Bryant &<br> Hamill Municipal<br> Opportunities<br> Fund** | **Segall Bryant &**<br> **Hamill Colorado**<br> **Tax Free Fund** | **Barrett**<br> **Growth**<br> **Fund** | **Barrett**<br> **Opportunity**<br> **Fund** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $— | $— | $116588 | $218574 |
| &nbsp;&nbsp;&nbsp;Interest | 3428684 | 5801887 | 2085 | 1468 |
| &nbsp;&nbsp;&nbsp;Total income | 3428684 | 5801887 | 118673 | 220042 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 317434 | 554717 | 83215 | 73289 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 14091 | 104727 | 23044 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 84823 | 108620 |  |  |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 6) | 37122 | 58161 | 12334 | 11931 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 23824 | 15023 | 13818 | 13011 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 6406 | 6715 | 5211 | 4714 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 6) | 15765 | 24067 | 5987 | 5778 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 11752 | 12389 | 11854 | 13346 |
| &nbsp;&nbsp;&nbsp;Independent pricing servicing fees | 14884 | 17239 | 352 | 184 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 8333 | 8428 | 9967 | 8465 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 5230 | 5513 | 3064 | 3677 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 5140 | 9036 | 576 | 1902 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 5056 | 5056 | 5056 | 5056 |
| &nbsp;&nbsp;&nbsp;Legal fees | 6463 | 11289 | 866 | 765 |
| &nbsp;&nbsp;&nbsp;Reflow fees (Note 2) |  |  | 1864 |  |
| &nbsp;&nbsp;&nbsp;Borrowing costs | 148 |  | 1182 | 2726 |
| &nbsp;&nbsp;&nbsp;Other | 8649 | 11703 | 3884 | 4979 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 565120 | 952683 | 182274 | 150952 |
| &nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by Adviser | (102445) | (91672) | (55650) | (39383) |
| &nbsp;&nbsp;&nbsp;Net expenses | 462675 | 861011 | 126624 | 111568 |
| **Net Investment Income (Loss)** | 2966009 | 4940876 | (7951) | 108474 |
| **Realized and Unrealized Gains (Losses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 518249 | (3423912) | 1434809 | 1472343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind redemptions (Note 2) |  |  | 1686810 |  |
|  | 518249 | (3423912) | 3121619 | 1472343 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (717945) | (914917) | (3069686) | (2448928) |
| Net realized and unrealized gains (losses) | (199696) | (4338829) | 51933 | (976585) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $2766313 | $602047 | $43982 | $(868111) |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 59 |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Segall Bryant & Hamill<br> Small Cap Value Fund** | **Segall Bryant & Hamill<br> Small Cap Value Fund** | **Segall Bryant & Hamill<br> Small Cap Growth Fund** | **Segall Bryant & Hamill<br> Small Cap Growth Fund** | **Segall Bryant & Hamill<br> Small Cap Core Fund** | **Segall Bryant & Hamill<br> Small Cap Core Fund** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1131833 | $5770298 | $(389921) | $(1009314) | $85385 | $198023 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | 21332562 | 54369422 | 8302804 | 24202248 | 2055230 | 5080614 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | (38817404) | 8242182 | (15045210) | 14669606 | (4373935) | 3799215 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (16353009) | 68381902 | (7132327) | 37862540 | (2233320) | 9077852 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | (553591) |  |  |  | (36233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | (27986053) |  |  |  | (4468266) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from distributions to shareholders |  | (28539644) |  |  |  | (4504499) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 862405 | 1807231 | 2310003 | 5304513 | 62036 | 331963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 13727838 | 81641712 | 17065902 | 37119262 | 11715423 | 6252080 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | 524651 |  |  |  | 34035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | 23547521 |  |  |  | 2327572 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (1407388) | (1348731) | (4104670) | (11519531) | (36856) | (157851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (107452673) | (282879053) | (19362191) | (47537245) | (1506011) | (2754175) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | (94269818) | (176706669) | (4090956) | (16633001) | 10234592 | 6033624 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | (110622827) | (136864411) | (11223283) | 21229539 | 8001272 | 10606977 |
| **Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 506301967 | 643166378 | 261544401 | 240314862 | 84914098 | 74307121 |
| &nbsp;&nbsp;&nbsp;End of period | $395679140 | $506301967 | $250321118 | $261544401 | $92915370 | $84914098 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 60 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Segall Bryant & Hamill<br> All Cap Fund** | **Segall Bryant & Hamill<br> All Cap Fund** | **Segall Bryant & Hamill<br> Emerging Markets Fund** | **Segall Bryant & Hamill<br> Emerging Markets Fund** | **Segall Bryant & Hamill<br> International Small Cap Fund** | **Segall Bryant & Hamill<br> International Small Cap Fund** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $55438 | $269354 | $1068133 | $1916547 | $1597088 | $2546736 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | 10304596 | 22517746 | 1019974 | 3115517 | 4451798 | 12284950 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | (8259319) | (3646606) | 8409637 | 2083789 | 12431967 | (7969512) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2100715 | 19140494 | 10497744 | 7115853 | 18480853 | 6862174 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | (229214) |  | (163090) | (30185) | (413606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | (18153634) |  | (3339964) | (417236) | (5079016) |
| &nbsp;&nbsp;&nbsp;From return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  |  |  | (32874) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  |  |  | (673225) |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from distributions to shareholders |  | (18382848) |  | (4209153) | (447421) | (5492622) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 112846 | 120001 | 355731 | 1340691 | 311559 | 88284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 1338686 | 3267573 | 1373993 | 10399243 | 1930274 | 2317726 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | 216620 |  | 195707 | 29253 | 401251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | 17769111 |  | 2412774 | 408545 | 4961095 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (71151) | (483497) | (454990) | (739356) | (645394) | (9417386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (14087061) | (42704845) | (3305242) | (2927605) | (3442985) | (45259034) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | (12706680) | (21815037) | (2030508) | 10681454 | (1408748) | (46908064) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | (10605965) | (21057391) | 8467236 | 13588154 | 16624684 | (45538512) |
| **Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 104338578 | 125395969 | 65077979 | 51489825 | 69126924 | 114665436 |
| &nbsp;&nbsp;&nbsp;End of period | $93732613 | $104338578 | $73545215 | $65077979 | $85751608 | $69126924 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 61 |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Segall Bryant & Hamill<br> International Equity Fund** | **Segall Bryant & Hamill<br> International Equity Fund** | **Segall Bryant & Hamill<br> Global All Cap Fund** | **Segall Bryant & Hamill<br> Global All Cap Fund** | **Segall Bryant & Hamill<br> Short Term Plus Fund** | **Segall Bryant & Hamill<br> Short Term Plus Fund** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $73803 | $69672 | $135140 | $336618 | $349956 | $705093 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | 107322 | 72278 | 1213263 | 1656426 | 71450 | (23031) |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | 512469 | (50009) | 1129896 | 3117564 | 30035 | 177784 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 693594 | 91941 | 2478299 | 5110608 | 451441 | 859846 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | (196) |  | (1667206) | (36030) | (93426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | (184782) |  | (276238) | (316139) | (615510) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from distributions to shareholders |  | (184978) |  | (1943444) | (352169) | (708936) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  |  | 37769 | 896853 | 203422 | 111834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 6372181 | 687573 | 75499 | 1301965 | 209967 | 1424489 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  | 196 |  | 1594501 | 36030 | 90358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | 177593 |  | 276184 | 300634 | 578179 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  |  | (1739290) | (3076137) | (675179) | (1756892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (11) | (107307) | (753155) | (340822) | (739567) | (3262787) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | 6372170 | 758055 | (2379177) | 652544 | (664693) | (2814819) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | 7065764 | 665018 | 99122 | 3819708 | (565421) | (2663909) |
| **Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 2510424 | 1845406 | 35482850 | 31663142 | 15418190 | 18082099 |
| &nbsp;&nbsp;&nbsp;End of period | $9576188 | $2510424 | $35581972 | $35482850 | $14852769 | $15418190 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 62 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Segall Bryant & Hamill<br> Plus Bond Fund** | **Segall Bryant & Hamill<br> Plus Bond Fund** | **Segall Bryant & Hamill<br> Quality High Yield Fund** | **Segall Bryant & Hamill<br> Quality High Yield Fund** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $15288471 | $30389811 | $1390270 | $2880987 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | (8823216) | (17255142) | (253031) | (934590) |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | 21950271 | 4275574 | 1622218 | 1876061 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 28415526 | 17410243 | 2759457 | 3822458 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (5803179) | (11606195) | (425272) | (1076592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (9734766) | (19423436) | (984649) | (1871718) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from distributions to shareholders | (15537945) | (31029631) | (1409921) | (2948310) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 18968072 | 60079012 | 1401625 | 1023764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 37791521 | 143826498 | 4578730 | 8051751 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 5743081 | 11481221 | 404930 | 1033923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 9682572 | 19319703 | 957287 | 1791396 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (27479001) | (80611220) | (3897918) | (8059208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (90314173) | (122005928) | (6413580) | (8863171) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | (45607928) | 32089286 | (2968926) | (5021545) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | (32730347) | 18469898 | (1619390) | (4147397) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 744353484 | 725883586 | 65714033 | 69861430 |
| &nbsp;&nbsp;&nbsp;End of period | $711623137 | $744353484 | $64094643 | $65714033 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 63 |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Segall Bryant & Hamill<br> Municipal Opportunities Fund** | **Segall Bryant & Hamill<br> Municipal Opportunities Fund** | **Segall Bryant & Hamill<br> Colorado Tax Free Fund** | **Segall Bryant & Hamill<br> Colorado Tax Free Fund** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2966009 | $6329615 | $4940876 | $10465762 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | 518249 | (224135) | (3423912) | (3593107) |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | (717945) | (584066) | (914917) | 1280328 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2766313 | 5521414 | 602047 | 8152983 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (194027) | (455080) | (1663686) | (3725782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (2941947) | (6193921) | (3772568) | (8060846) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from distributions to shareholders | (3135974) | (6649001) | (5436254) | (11786628) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 1094222 | 3699315 | 6650954 | 15792638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 30385183 | 50983102 | 35580092 | 57121055 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 162116 | 370491 | 1614665 | 3630796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 2912593 | 6138072 | 3530771 | 7577087 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (1733611) | (5627452) | (15905186) | (29614730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (29902129) | (43813784) | (41822840) | (79975816) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | 2918374 | 11749744 | (10351544) | (25468970) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | 2548713 | 10622157 | (15185751) | (29102615) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 183769741 | 173147584 | 325482674 | 354585289 |
| &nbsp;&nbsp;&nbsp;End of period | $186318454 | $183769741 | $310296923 | $325482674 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 64 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Barrett Growth Fund** | **Barrett Growth Fund** | **Barrett Opportunity Fund** | **Barrett Opportunity Fund** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(7951) | $(24948) | $108474 | $288684 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1434809 | 3839289 | 1472343 | 15035814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 1686810 | 595105 |  | 422503 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | (3069686) | 2600288 | (2448928) | (8922108) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 43982 | 7009734 | (868111) | 6824893 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  | (2815239) |  | (11943211) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1929117 | 3204087 | 43047 | 1874305 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 2796573 |  | 8002166 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5824530) | (7337062) | (1320942) | (16608451) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | (3895413) | (1336402) | (1277895) | (6731980) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | (3851431) | 2858093 | (2146006) | (11850298) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 28611285 | 25753192 | 24617689 | 36467987 |
| &nbsp;&nbsp;&nbsp;End of period | $24759854 | $28611285 | $22471683 | $24617689 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 65 |

---

<u>Segall Bryant & Hamill Small Cap Value Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $14.85 | $13.81 | $12.50 | $14.83 | $13.34 | $12.71 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.03 | 0.11 | 0.18 | 0.04 | 0.02 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.42) | 1.77 | 1.30 | (2.23) | 2.15 | 0.53 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.39) | 1.88 | 1.48 | (2.19) | 2.17 | 0.76 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income |  | (0.15) | (0.17) | (0.01) | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (0.69) |  | (0.13) | (0.67) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.84) | (0.17) | (0.14) | (0.68) | (0.13) |
| **Net asset value, end of period** | $14.46 | $14.85 | $13.81 | $12.50 | $14.83 | $13.34 |
| **Total Return** | (2.63)%<sup>(b)</sup> | 13.33% | 11.84% | (14.76)% | 16.47% | 6.14% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $9446 | $10286 | $8649 | $8292 | $9414 | $6701 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.14 %<sup>(c)</sup> | 1.14% | 1.09% | 1.06% | 1.04% | 1.08% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.24 %<sup>(c)</sup> | 1.16% | 1.09% | 1.06% | 1.04% | 1.08% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.38 %<sup>(c)</sup> | 0.78% | 1.35% | 0.34% | 0.13% | 1.93% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.28 %<sup>(c)</sup> | 0.77% | 1.35% | 0.34% | 0.13% | 1.93% |
| **Portfolio turnover rate** | 14 %<sup>(b)</sup> | 33% | 35% | 26% | 32% | 44% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.* 

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 66 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Small Cap Value Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $14.89 | $13.83 | $12.52 | $14.85 | $13.35 | $12.71 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.04 | 0.15 | 0.19 | 0.06 | 0.03 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.42) | 1.77 | 1.31 | (2.23) | 2.16 | 0.67 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.38) | 1.92 | 1.50 | (2.17) | 2.19 | 0.77 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.17) | (0.19) | (0.03) | (0.02) | (0.04) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (0.69) |  | (0.13) | (0.67) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.86) | (0.19) | (0.16) | (0.69) | (0.13) |
| **Net asset value, end of period** | $14.51 | $14.89 | $13.83 | $12.52 | $14.85 | $13.35 |
| **Total Return** | (2.55)%<sup>(b)</sup> | 13.57% | 11.95% | (14.65)% | 16.62% | 6.22% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $386233 | $496015 | $634518 | $580777 | $601405 | $415747 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.97 %<sup>(c)</sup> | 0.96% | 0.96% | 0.96% | 0.97% | 0.99% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.97 %<sup>(c)</sup> | 0.96% | 0.96% | 0.96% | 0.97% | 1.01% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.53 %<sup>(c)</sup> | 1.05% | 1.46% | 0.46% | 0.22% | 0.89% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.53 %<sup>(c)</sup> | 1.05% | 1.46% | 0.46% | 0.22% | 0.87% |
| **Portfolio turnover rate** | 14 %<sup>(b)</sup> | 33% | 35% | 26% | 32% | 44% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 67 |

---

<u>Segall Bryant & Hamill Small Cap Growth Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $21.12 | $18.27 | $15.47 | $22.95 | $20.56 | $13.04 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment (loss)<sup>(a)</sup> | (0.05) | (0.11) | (0.07) | (0.11) | (0.17) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.54) | 2.96 | 2.87 | (7.37) | 2.56 | 7.60 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.59) | 2.85 | 2.80 | (7.48) | 2.39 | 7.52 |
| **Net asset value, end of period** | $20.53 | $21.12 | $18.27 | $15.47 | $22.95 | $20.56 |
| **Total Return** | (2.79)%<sup>(b)</sup> | 15.60% | 18.10% | (32.59)% | 11.62% | 57.67% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $31108 | $33900 | $35209 | $42199 | $53652 | $11786 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.06 %<sup>(c)</sup> | 1.03% | 1.04% | 1.05% | 1.03% | 1.04% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.06 %<sup>(c)</sup> | 1.03% | 1.04% | 1.05% | 1.03% | 1.04% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | (0.48)%<sup>(c)</sup> | (0.54)% | (0.41)% | (0.66)% | (0.74)% | (0.54)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (0.48)%<sup>(c)</sup> | (0.54)% | (0.41)% | (0.66)% | (0.74)% | (0.54)% |
| **Portfolio turnover rate** | 21 %<sup>(b)</sup> | 46% | 36% | 59% | 35% | 54% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 68 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Small Cap Growth Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $21.75 | $18.79 | $15.88 | $23.52 | $21.04 | $13.33 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment (loss)<sup>(a)</sup> | (0.03) | (0.08) | (0.04) | (0.09) | (0.13) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.56) | 3.04 | 2.95 | (7.55) | 2.61 | 7.79 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.59) | 2.96 | 2.91 | (7.64) | 2.48 | 7.71 |
| **Net asset value, end of period** | $21.16 | $21.75 | $18.79 | $15.88 | $23.52 | $21.04 |
| **Total Return** | (2.71)%<sup>(b)</sup> | 15.75% | 18.32% | (32.48)% | 11.79% | 57.84% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $219213 | $227644 | $205106 | $142024 | $188703 | $110018 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.87 %<sup>(c)</sup> | 0.86% | 0.87% | 0.88% | 0.87% | 0.97% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.87 %<sup>(c)</sup> | 0.86% | 0.87% | 0.88% | 0.87% | 0.97% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | (0.30)%<sup>(c)</sup> | (0.37)% | (0.23)% | (0.49)% | (0.59)% | (0.50)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (0.30)%<sup>(c)</sup> | (0.37)% | (0.23)% | (0.49)% | (0.59)% | (0.50)% |
| **Portfolio turnover rate** | 21 %<sup>(b)</sup> | 46% | 36% | 59% | 35% | 54% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 69 |

---

<u>Segall Bryant & Hamill Small Cap Core Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $12.54 | $11.79 | $10.76 | $12.65 | $12.26 | $10.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.01 | 0.03 | 0.04 | (0.02) | (0.07) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.35) | 1.41 | 1.41 | (1.65) | 2.82 | 2.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.34) | 1.44 | 1.45 | (1.67) | 2.75 | 2.26 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.03) | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (0.66) | (0.39) | (0.22) | (2.36) |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.69) | (0.42) | (0.22) | (2.36) |  |
| **Net asset value, end of period** | $12.20 | $12.54 | $11.79 | $10.76 | $12.65 | $12.26 |
| **Total Return** | (2.71)%<sup>(b)</sup> | 11.88% | 13.67% | (13.26)% | 23.26% | 22.60% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $759 | $758 | $520 | $728 | $1663 | $4165 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.10 %<sup>(c)(d)</sup> | 1.02 %<sup>(d)</sup> | 1.14% | 1.14% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.75 %<sup>(c)</sup> | 2.25% | 1.32% | 1.36% | 1.35% | 1.26% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.10 %<sup>(c)</sup> | 0.22% | 0.36% | (0.19)% | (0.25)% | (0.26)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (1.55)%<sup>(c)</sup> | (1.01)% | 0.18% | (0.40)% | (0.46)% | (0.38)% |
| **Portfolio turnover rate** | 17 %<sup>(b)</sup> | 40% | 41% | 44% | 36% | 74% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Ratio is less than the contractual expense limitation due to a voluntary waiver made by the Adviser (Note 6).*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 70 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Small Cap Core Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $12.62 | $11.86 | $10.81 | $12.70 | $12.28 | $10.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.01 | 0.03 | 0.05 | 0.01 | (0.02) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.35) | 1.42 | 1.44 | (1.67) | 2.80 | 2.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.34) | 1.45 | 1.49 | (1.66) | 2.78 | 2.28 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.03) | (0.05) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (0.66) | (0.39) | (0.22) | (2.36) |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.69) | (0.44) | (0.23) | (2.36) |  |
| **Net asset value, end of period** | $12.28 | $12.62 | $11.86 | $10.81 | $12.70 | $12.28 |
| **Total Return** | (2.69)%<sup>(c)</sup> | 11.91% | 13.94% | (13.12)% | 23.48% | 22.80% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $92156 | $84156 | $73787 | $51733 | $50460 | $44675 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.99 %<sup>(d)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.08 %<sup>(d)</sup> | 1.08% | 1.16% | 1.13% | 1.10% | 1.27% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.21 %<sup>(d)</sup> | 0.24% | 0.49% | 0.12% | (0.13)% | (0.05)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.12 %<sup>(d)</sup> | 0.15% | 0.32% | (0.02)% | (0.24)% | (0.33)% |
| **Portfolio turnover rate** | 17 %<sup>(c)</sup> | 40% | 41% | 44% | 36% | 74% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Less than $0.005 per share.* 

*<sup>(c)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.* 

*<sup>(d)</sup>* *Annualized.* 

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 71 |

---

<u>Segall Bryant & Hamill All Cap Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $19.50 | $19.87 | $18.22 | $24.51 | $21.15 | $17.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.01 | 0.04 | 0.09 | 0.07 | (0.01) | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.47 | 3.49 | 2.50 | (4.77) | 6.16 | 4.39 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.48 | 3.53 | 2.59 | (4.70) | 6.15 | 4.43 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.05) | (0.10) | (0.07) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (3.85) | (0.84) | (1.52) | (2.79) | (0.25) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (3.90) | (0.94) | (1.59) | (2.79) | (0.28) |
| **Net asset value, end of period** | $19.98 | $19.50 | $19.87 | $18.22 | $24.51 | $21.15 |
| **Total Return** | 2.46 %<sup>(b)</sup> | 16.85% | 14.38% | (19.23)% | 29.57% | 26.08% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1348 | $1275 | $1442 | $796 | $974 | $583 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.86 %<sup>(c)(d)</sup> | 0.89 %<sup>(d)</sup> | 0.92% | 0.86% | 0.83% | 0.79 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.06 %<sup>(c)</sup> | 1.41% | 0.92% | 0.86% | 0.83% | 0.79 %<sup>(e)</sup> |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.11 %<sup>(c)</sup> | 0.21% | 0.46% | 0.35% | (0.06)% | 0.19% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (1.09)%<sup>(c)</sup> | (0.31)% | 0.46% | 0.35% | (0.06)% | 0.19% |
| **Portfolio turnover rate** | 20 %<sup>(b)</sup> | 27% | 21% | 32% | 30% | 38% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Ratio is less than the contractual expense limitation due to a voluntary waiver made by the Adviser (Note 6).*

*<sup>(e)</sup>* *During the period there were no shareholder servicing fees expensed for the Retail Class. This may not be representative of long term results.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 72 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill All Cap Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $19.53 | $19.89 | $18.23 | $24.52 | $21.16 | $17.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.01 | 0.05 | 0.10 | 0.07 | (0.02) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.47 | 3.49 | 2.51 | (4.77) | 6.17 | 4.41 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.48 | 3.54 | 2.61 | (4.70) | 6.15 | 4.44 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.05) | (0.11) | (0.07) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (3.85) | (0.84) | (1.52) | (2.79) | (0.25) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (3.90) | (0.95) | (1.59) | (2.79) | (0.28) |
| Paid-in capital from redemption fees |  |  |  |  |  |  |
| **Net asset value, end of period** | $20.01 | $19.53 | $19.89 | $18.23 | $24.52 | $21.16 |
| **Total Return** | 2.46 %<sup>(b)</sup> | 16.89% | 14.48% | (19.21)% | 29.55% | 26.18% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $92384 | $103063 | $123954 | $130033 | $186459 | $169833 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.84 %<sup>(c)</sup> | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.95 %<sup>(c)</sup> | 0.92% | 0.91% | 0.89% | 0.87% | 0.92% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.12 %<sup>(c)</sup> | 0.23% | 0.53% | 0.35% | (0.07)% | 0.16% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.01 %<sup>(c)</sup> | 0.15% | 0.45% | 0.31% | (0.10)% | 0.08% |
| **Portfolio turnover rate** | 20 %<sup>(b)</sup> | 27% | 21% | 32% | 30% | 38% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.* 

*<sup>(c)</sup>* *Annualized.* 

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 73 |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $8.95 | $8.38 | $7.35 | $9.12 | $9.13 | $8.67 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.14 | 0.27 | 0.25 | 0.30 | 0.26 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.34 | 0.89 | 1.24 | (1.77) | 0.21 | 0.47 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.48 | 1.16 | 1.49 | (1.47) | 0.47 | 0.61 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.49) | (0.46) | (0.30) | (0.30) | (0.15) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.59) | (0.46) | (0.30) | (0.48) | (0.15) |
| **Net asset value, end of period** | $10.43 | $8.95 | $8.38 | $7.35 | $9.12 | $9.13 |
| **Total Return** | 16.54 %<sup>(b)</sup> | 13.77% | 20.35% | (16.17)% | 5.22% | 7.05% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $3528 | $3131 | $2200 | $1952 | $3224 | $2954 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.30 %<sup>(c)(d)</sup> | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.24 %<sup>(c)</sup> | 2.17% | 2.10% | 2.05% | 1.86% | 2.36% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.03 %<sup>(c)</sup> | 2.83% | 3.23% | 3.67% | 2.65% | 1.80% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.08 %<sup>(c)</sup> | 2.05% | 2.51% | 3.00% | 2.17% | 0.82% |
| **Portfolio turnover rate** | 38 %<sup>(b)</sup> | 88% | 85% | 88% | 91% | 91% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.* 

*<sup>(c)</sup>* *Annualized.* 

*<sup>(d)</sup>* *Contractual expense limitation agreement changed from 1.38% to 1.14% effective May 1, 2025.* 

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 74 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $8.98 | $8.41 | $7.37 | $9.15 | $9.15 | $8.69 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 | 0.29 | 0.27 | 0.32 | 0.28 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.34 | 0.88 | 1.24 | (1.79) | 0.21 | 0.47 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.49 | 1.17 | 1.51 | (1.47) | 0.49 | 0.62 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.49) | (0.47) | (0.31) | (0.31) | (0.16) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.60) | (0.47) | (0.31) | (0.49) | (0.16) |
| **Net asset value, end of period** | $10.47 | $8.98 | $8.41 | $7.37 | $9.15 | $9.15 |
| **Total Return** | 16.59 %<sup>(b)</sup> | 13.88% | 20.60% | (16.08)% | 5.49% | 7.18% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $70017 | $61947 | $49290 | $38646 | $54660 | $45058 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.15 %<sup>(c)(d)</sup> | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.76 %<sup>(c)</sup> | 1.77% | 1.95% | 1.90% | 1.69% | 2.19% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.19 %<sup>(c)</sup> | 3.09% | 3.45% | 3.98% | 2.83% | 1.93% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.58 %<sup>(c)</sup> | 2.55% | 2.73% | 3.31% | 2.37% | 0.97% |
| **Portfolio turnover rate** | 38 %<sup>(b)</sup> | 88% | 85% | 88% | 91% | 91% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.* 

*<sup>(c)</sup>* *Annualized.* 

*<sup>(d)</sup>* *Contractual expense limitation agreement changed from 1.23% to 0.99% effective May 1, 2025.* 

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 75 |

---

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended**<br> **December 31,**<br> **2022** | **Year Ended**<br> **December 31,**<br> **2021** | **Year Ended**<br> **December 31,**<br> **2020** |
| **Net asset value, beginning of period** | $10.63 | $10.69 | $9.58 | $11.59 | $10.83 | $11.64 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.25 | 0.36 | 0.36 | 0.44 | 0.29 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.62 | 0.46 | 1.25 | (2.00) | 1.09 | (0.80) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.87 | 0.82 | 1.61 | (1.56) | 1.38 | (0.64) |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.06) | (0.88) | (0.50) | (0.45) | (0.62) | (0.17) |
| **Net asset value, end of period** | $13.44 | $10.63 | $10.69 | $9.58 | $11.59 | $10.83 |
| **Total Return** | 27.05 %<sup>(b)</sup> | 7.65% | 17.09% | (13.31)% | 12.97% | (5.51)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $6307 | $5252 | $13682 | $9757 | $47301 | $64420 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements<sup>(c)</sup> | 1.17 %<sup>(d)(e)</sup> | 1.14 %<sup>(e)</sup> | 1.25% | 1.18% | 1.18% | 1.18% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.76 %<sup>(d)</sup> | 1.54% | 1.50% | 1.41% | 1.36% | 1.36% |
| **Ratio of net investment income to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.20 %<sup>(d)</sup> | 3.21% | 3.65% | 4.16% | 2.37% | 1.68% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.61 %<sup>(d)</sup> | 2.81% | 3.40% | 3.93% | 2.19% | 1.50% |
| **Portfolio turnover rate** | 53 %<sup>(b)</sup> | 102% | 106% | 105% | 112% | 106% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Includes 0.02%, 0.03%, and 0.07% of tax reclaim fees, which are excluded from the expense limitation agreement, for the periods ended June 30, 2025, December 31, 2024, and December 31, 2023, respectively.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Ratio is less than the contractual expense limitation due to a voluntary waiver made by the Adviser (Note 6).*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 76 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended**<br> **December 31,**<br> **2022** | **Year Ended**<br> **December 31,**<br> **2021** | **Year Ended**<br> **December 31,**<br> **2020** |
| **Net asset value, beginning of period** | $10.64 | $10.70 | $9.59 | $11.61 | $10.85 | $11.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.26 | 0.35 | 0.36 | 0.46 | 0.31 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.62 | 0.49 | 1.26 | (2.02) | 1.10 | (0.82) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.88 | 0.84 | 1.62 | (1.56) | 1.41 | (0.63) |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.07) | (0.90) | (0.51) | (0.46) | (0.65) | (0.17) |
| **Net asset value, end of period** | $13.45 | $10.64 | $10.70 | $9.59 | $11.61 | $10.85 |
| **Total Return** | 27.10 %<sup>(b)</sup> | 7.77% | 17.24% | (13.19)% | 13.19% | (5.35)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $79445 | $63875 | $100984 | $86473 | $108745 | $119113 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements<sup>(c)</sup> | 1.05 %<sup>(d)</sup> | 1.06% | 1.10% | 1.03% | 1.03% | 1.03% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.47 %<sup>(d)</sup> | 1.50% | 1.36% | 1.24% | 1.13% | 1.18% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.29 %<sup>(d)</sup> | 3.07% | 3.65% | 4.52% | 2.54% | 2.00% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.89 %<sup>(d)</sup> | 2.67% | 3.38% | 4.31% | 2.44% | 1.85% |
| **Portfolio turnover rate** | 53 %<sup>(b)</sup> | 102% | 106% | 105% | 112% | 106% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Includes 0.02%, 0.03%, and 0.07% of tax reclaim fees, which are excluded from the expense limitation agreement, for the periods ended June 30, 2025, December 31, 2024, and December 31, 2023, respectively.*

*<sup>(d)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 77 |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | |
|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Period Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $10.19 | $10.47 | $10.00 |
| **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.26 | 0.28 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.25 | 0.20 | 0.46 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.51 | 0.48 | 0.47 |
| **Less dividends and distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.40) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (0.36) |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.76) |  |
| **Net asset value, end of period** | $12.70 | $10.19 | $10.47 |
| **Total Return** | 24.63 %<sup>(c)</sup> | 4.49% | 4.70 %<sup>(c)</sup> |
| **Ratios and Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $3 | $3 | $3 |
| **Ratio of expenses to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.09 %<sup>(d)(e)</sup> | 1.14% | 1.14 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 173.69 %<sup>(d)</sup> | 409.75% | 25.58 %<sup>(d)</sup> |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.65 %<sup>(d)</sup> | 2.60% | 1.42 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (167.95)%<sup>(d)</sup> | (406.01)% | (23.02)%<sup>(d)</sup> |
| **Portfolio turnover rate** | 43 %<sup>(c)</sup> | 111% | 0 %<sup>(c)</sup> |

---

*<sup>(a)</sup>* *Fund commenced operations December 8, 2023.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Contractual expense limitation agreement changed from 1.14% to 0.99% effective May 1, 2025.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 78 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Period Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $10.18 | $10.47 | $10.00 |
| **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.28 | 0.31 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.25 | 0.19 | 0.45 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.53 | 0.50 | 0.47 |
| **Less dividends and distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.43) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (0.36) |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.79) |  |
| **Net asset value, end of period** | $12.71 | $10.18 | $10.47 |
| **Total Return** | 24.85 %<sup>(c)</sup> | 4.58% | 4.70 %<sup>(c)</sup> |
| **Ratios and Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $9573 | $2508 | $1843 |
| **Ratio of expenses to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.93 %<sup>(d)(e)</sup> | 0.99% | 0.99 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 11.02 %<sup>(d)</sup> | 14.08% | 46.95 %<sup>(d)</sup> |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.91 %<sup>(d)</sup> | 2.81% | 2.48 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (5.18)%<sup>(d)</sup> | (10.28)% | (43.48)%<sup>(d)</sup> |
| **Portfolio turnover rate** | 43 %<sup>(c)</sup> | 111% | 0 %<sup>(c)</sup> |

---

*<sup>(a)</sup>* *Fund commenced operations December 8, 2023.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Contractual expense limitation agreement changed from 0.99% to 0.84% effective May 1, 2025.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 79 |

---

<u>Segall Bryant & Hamill Global All Cap Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended**<br> **December 31,**<br> **2022** | **Year Ended**<br> **December 31,**<br> **2021** | **Year Ended**<br> **December 31,**<br> **2020<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $11.36 | $10.30 | $8.77 | $11.02 | $9.32 | $10.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.05 | 0.11 | 0.06 | 0.02 | 0.02 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.79 | 1.60 | 1.83 | (2.07) | 2.36 | 0.08 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.84 | 1.71 | 1.89 | (2.05) | 2.38 | 0.26 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.11) | (0.07) | (0.03) | (0.04) | (0.18) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (0.54) | (0.29) | (0.17) | (0.64) | (1.74) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.65) | (0.36) | (0.20) | (0.68) | (1.92) |
| **Net asset value, end of period** | $12.20 | $11.36 | $10.30 | $8.77 | $11.02 | $9.32 |
| **Total Return** | 7.39 %<sup>(d)</sup> | 16.28% | 21.62% | (18.68)% | 25.83% | 2.95% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $30956 | $30504 | $28273 | $25422 | $33821 | $32224 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.84 %<sup>(e)(f)(g)</sup> | 0.82 %<sup>(g)</sup> | 0.89% | 0.89% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.36 %<sup>(e)</sup> | 1.29% | 1.36% | 1.29% | 1.18% | 1.29% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.79 %<sup>(e)</sup> | 0.95% | 0.68% | 0.25% | 0.16% | 1.83% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.27 %<sup>(e)</sup> | 0.48% | 0.21% | (0.14)% | (0.13)% | 1.43% |
| **Portfolio turnover rate** | 13 %<sup>(d)</sup> | 25% | 24% | 31% | 24% | 132% |

---

*<sup>(a)</sup>* *Prior to September 19, 2020 known as the Segall Bryant & Hamill Global Large Cap Fund.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting the net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized losses on the Statement of Operations for the same period.*

*<sup>(d)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Includes 0.03% of tax reclaim fees, which are excluded from the expense limitation agreement.*

*<sup>(g)</sup>* *Ratio is less than the contractual expense limitation due to a voluntary waiver made by the Adviser (Note 6).*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 80 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Global All Cap Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended**<br> **December 31,**<br> **2022** | **Year Ended**<br> **December 31,**<br> **2021** | **Year Ended**<br> **December 31,**<br> **2020<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $11.19 | $10.15 | $8.64 | $10.86 | $9.20 | $10.86 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.05 | 0.12 | 0.08 | 0.03 | 0.03 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.78 | 1.57 | 1.80 | (2.04) | 2.33 | 0.09 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.83 | 1.69 | 1.88 | (2.01) | 2.36 | 0.27 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.11) | (0.08) | (0.04) | (0.06) | (0.19) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (0.54) | (0.29) | (0.17) | (0.64) | (1.74) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.65) | (0.37) | (0.21) | (0.70) | (1.93) |
| **Net asset value, end of period** | $12.02 | $11.19 | $10.15 | $8.64 | $10.86 | $9.20 |
| **Total Return** | 7.42 %<sup>(d)</sup> | 16.36% | 21.87% | (18.55)% | 25.94% | 3.04% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $4626 | $4979 | $3390 | $1692 | $4875 | $3373 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.77 %<sup>(e)(f)</sup> | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.57 %<sup>(e)</sup> | 1.42% | 1.35% | 1.27% | 1.17% | 1.20% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.82 %<sup>(e)</sup> | 1.10% | 0.81% | 0.33% | 0.29% | 1.83% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.05 %<sup>(e)</sup> | 0.42% | 0.21% | (0.20)% | (0.14)% | 1.37% |
| **Portfolio turnover rate** | 13 %<sup>(d)</sup> | 25% | 24% | 31% | 24% | 132% |

---

*<sup>(a)</sup>* *Prior to September 19, 2020 known as the Segall Bryant & Hamill Global Large Cap Fund.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting the net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized losses on the Statement of Operations for the same period.*

*<sup>(d)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Includes 0.03% of tax reclaim fees, which are excluded from the expense limitation agreement.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 81 |

---

<u>Segall Bryant & Hamill Short Term Plus Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended**<br> **December 31,**<br> **2022** | **Year Ended**<br> **December 31,**<br> **2021** | **Year Ended**<br> **December 31,**<br> **2020** |
| **Net asset value, beginning of period** | $10.10 | $10.01 | $9.76 | $10.05 | $10.15 | $10.11 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.23 | 0.41 | 0.23 | 0.07 | 0.05 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.08 | 0.10 | 0.26 | (0.28) | (0.08) | 0.08 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.31 | 0.51 | 0.49 | (0.21) | (0.03) | 0.20 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.24) | (0.42) | (0.24) | (0.08) | (0.06) | (0.15) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.42) | (0.24) | (0.08) | (0.07) | (0.16) |
| **Net asset value, end of period** | $10.17 | $10.10 | $10.01 | $9.76 | $10.05 | $10.15 |
| **Total Return** | 3.06 %<sup>(b)</sup> | 5.19% | 5.09% | (2.07)% | (0.23)% | 2.05% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1372 | $1797 | $3331 | $3828 | $11896 | $2989 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.48 %<sup>(c)(d)</sup> | 0.47 %<sup>(d)</sup> | 0.49% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.97 %<sup>(c)</sup> | 1.58% | 1.25% | 0.86% | 0.80% | 1.18% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.64 %<sup>(c)</sup> | 4.05% | 2.36% | 0.69% | 0.45% | 1.23% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.15 %<sup>(c)</sup> | 2.94% | 1.65% | 0.31% | 0.14% | 0.54% |
| **Portfolio turnover rate** | 19 %<sup>(b)</sup> | 58% | 45% | 22% | 46% | 47% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Ratio is less than the contractual expense limitation due to a voluntary waiver made by the Adviser (Note 6).*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 82 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Short Term Plus Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended**<br> **December 31,**<br> **2022** | **Year Ended**<br> **December 31,**<br> **2021** | **Year Ended**<br> **December 31,**<br> **2020** |
| **Net asset value, beginning of period** | $10.11 | $10.03 | $9.78 | $10.07 | $10.16 | $10.11 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.24 | 0.42 | 0.24 | 0.08 | 0.06 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.07 | 0.09 | 0.26 | (0.28) | (0.07) | 0.09 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.31 | 0.51 | 0.50 | (0.20) | (0.01) | 0.22 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.24) | (0.43) | (0.25) | (0.09) | (0.07) | (0.16) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.43) | (0.25) | (0.09) | (0.08) | (0.17) |
| **Net asset value, end of period** | $10.18 | $10.11 | $10.03 | $9.78 | $10.07 | $10.16 |
| **Total Return** | 3.10 %<sup>(b)</sup> | 5.17% | 5.17% | (1.98)% | (0.05)% | 2.18% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $13481 | $13621 | $14751 | $24777 | $40054 | $23568 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.40 %<sup>(c)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.41 %<sup>(c)</sup> | 1.27% | 1.13% | 0.74% | 0.68% | 1.03% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.73 %<sup>(c)</sup> | 4.19% | 2.38% | 0.81% | 0.55% | 1.32% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.72 %<sup>(c)</sup> | 3.32% | 1.65% | 0.48% | 0.27% | 0.69% |
| **Portfolio turnover rate** | 19 %<sup>(b)</sup> | 58% | 45% | 22% | 46% | 47% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 83 |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended**<br> **December 31,**<br> **2022** | **Year Ended**<br> **December 31,**<br> **2021** | **Year Ended**<br> **December 31,**<br> **2020** |
| **Net asset value, beginning of period** | $9.27 | $9.46 | $9.14 | $10.85 | $11.25 | $10.79 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.19 | 0.37 | 0.34 | 0.26 | 0.23 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.17 | (0.19) | 0.33 | (1.67) | (0.30) | 0.64 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.36 | 0.18 | 0.67 | (1.41) | (0.07) | 0.91 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.19) | (0.37) | (0.35) | (0.30) | (0.26) | (0.30) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.07) | (0.15) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (0.37) | (0.35) | (0.30) | (0.33) | (0.45) |
| **Net asset value, end of period** | $9.44 | $9.27 | $9.46 | $9.14 | $10.85 | $11.25 |
| **Total Return** | 3.96 %<sup>(b)</sup> | 1.99% | 7.47% | (13.13)% | (0.58)% | 8.49% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $280309 | $278142 | $292517 | $311042 | $466063 | $594559 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.55 %<sup>(c)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.67 %<sup>(c)</sup> | 0.66% | 0.66% | 0.67% | 0.67% | 0.68% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.13 %<sup>(c)</sup> | 3.94% | 3.69% | 2.77% | 2.10% | 2.38% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 4.01 %<sup>(c)</sup> | 3.83% | 3.58% | 2.65% | 1.98% | 2.25% |
| **Portfolio turnover rate** | 21 %<sup>(b)</sup> | 36% | 39% | 26% | 54% | 59% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 84 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $9.17 | $9.36 | $9.05 | $10.74 | $11.14 | $10.69 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.20 | 0.38 | 0.35 | 0.28 | 0.25 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.16 | (0.18) | 0.32 | (1.66) | (0.30) | 0.64 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.36 | 0.20 | 0.67 | (1.38) | (0.05) | 0.92 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.20) | (0.39) | (0.36) | (0.31) | (0.28) | (0.32) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.07) | (0.15) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.39) | (0.36) | (0.31) | (0.35) | (0.47) |
| **Net asset value, end of period** | $9.33 | $9.17 | $9.36 | $9.05 | $10.74 | $11.14 |
| **Total Return** | 3.97 %<sup>(b)</sup> | 2.17% | 7.59% | (12.95)% | (0.44)% | 8.65% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $431314 | $466211 | $433367 | $369601 | $589074 | $525992 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.40 %<sup>(c)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.54 %<sup>(c)</sup> | 0.53% | 0.53% | 0.52% | 0.51% | 0.51% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.28 %<sup>(c)</sup> | 4.09% | 3.85% | 2.91% | 2.24% | 2.53% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 4.14 %<sup>(c)</sup> | 3.96% | 3.73% | 2.79% | 2.13% | 2.42% |
| **Portfolio turnover rate** | 21 %<sup>(b)</sup> | 36% | 39% | 26% | 54% | 59% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 85 |

---

<u>Segall Bryant & Hamill Quality High Yield Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $8.66 | $8.56 | $7.98 | $9.21 | $9.24 | $8.97 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.18 | 0.37 | 0.35 | 0.31 | 0.30 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.19 | 0.09 | 0.59 | (1.20) | (0.01) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | 0.46 | 0.94 | (0.89) | 0.29 | 0.63 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.18) | (0.36) | (0.36) | (0.34) | (0.32) | (0.36) |
| **Net asset value, end of period** | $8.85 | $8.66 | $8.56 | $7.98 | $9.21 | $9.24 |
| **Total Return** | 4.34 %<sup>(b)</sup> | 5.53% | 12.16% | (9.75)% | 3.14% | 7.31% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $20221 | $21881 | $27513 | $27855 | $39879 | $42227 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.85 %<sup>(c)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.00 %<sup>(c)</sup> | 0.97% | 0.94% | 0.90% | 0.88% | 0.95% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.18 %<sup>(c)</sup> | 4.15% | 4.34% | 3.82% | 3.30% | 3.84% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 4.03 %<sup>(c)</sup> | 4.03% | 4.25% | 3.77% | 3.27% | 3.74% |
| **Portfolio turnover rate** | 19 %<sup>(b)</sup> | 13% | 9% | 9% | 25% | 57% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 86 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Quality High Yield Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Year Ended**<br> **December 31,**<br> **2023** | **Year Ended**<br> **December 31,**<br> **2022** | **Year Ended**<br> **December 31,**<br> **2021** | **Year Ended**<br> **December 31,**<br> **2020** |
| **Net asset value, beginning of period** | $8.55 | $8.45 | $7.89 | $9.10 | $9.13 | $8.87 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.18 | 0.37 | 0.36 | 0.33 | 0.32 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.19 | 0.11 | 0.58 | (1.19) | (0.02) | 0.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | 0.48 | 0.94 | (0.86) | 0.30 | 0.63 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.19) | (0.38) | (0.38) | (0.35) | (0.33) | (0.37) |
| **Net asset value, end of period** | $8.73 | $8.55 | $8.45 | $7.89 | $9.10 | $9.13 |
| **Total Return** | 4.35 %<sup>(b)</sup> | 5.76% | 12.21% | (9.51)% | 3.33% | 7.40% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $43874 | $43833 | $42349 | $37923 | $62127 | $40912 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.70 %<sup>(c)</sup> | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.85 %<sup>(c)</sup> | 0.83% | 0.85% | 0.79% | 0.76% | 0.82% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.33 %<sup>(c)</sup> | 4.29% | 4.48% | 3.95% | 3.43% | 3.99% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 4.18 %<sup>(c)</sup> | 4.16% | 4.34% | 3.86% | 3.37% | 3.87% |
| **Portfolio turnover rate** | 19 %<sup>(b)</sup> | 13% | 9% | 9% | 25% | 57% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 87 |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $9.61 | $9.66 | $9.50 | $11.02 | $11.01 | $10.67 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 | 0.34 | 0.31 | 0.21 | 0.18 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.02) | (0.05) | 0.18 | (1.44) | 0.12 | 0.44 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.13 | 0.29 | 0.49 | (1.23) | 0.30 | 0.68 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.16) | (0.34) | (0.33) | (0.29) | (0.27) | (0.30) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.02) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.34) | (0.33) | (0.29) | (0.29) | (0.34) |
| **Net asset value, end of period** | $9.58 | $9.61 | $9.66 | $9.50 | $11.02 | $11.01 |
| **Total Return** | 1.35 %<sup>(b)</sup> | 3.05% | 5.34% | (11.25)% | 2.72% | 6.54% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $11737 | $12246 | $13886 | $35120 | $42056 | $28344 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.65 %<sup>(c)</sup> | 0.60 %<sup>(d)</sup> | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.84 %<sup>(c)</sup> | 0.75% | 0.76% | 0.73% | 0.74% | 0.80% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.15 %<sup>(c)</sup> | 3.39% | 3.24% | 2.16% | 1.64% | 2.17% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.96 %<sup>(c)</sup> | 3.24% | 3.13% | 2.08% | 1.55% | 2.02% |
| **Portfolio turnover rate** | 44 %<sup>(b)</sup> | 95% | 73% | 173% | 37% | 101% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Ratio is less than the contractual expense limitation due to a voluntary waiver made by the Adviser (Note 6).*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 88 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $9.61 | $9.67 | $9.51 | $11.03 | $11.02 | $10.68 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.16 | 0.35 | 0.32 | 0.23 | 0.19 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.02) | (0.06) | 0.19 | (1.45) | 0.12 | 0.45 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.14 | 0.29 | 0.51 | (1.22) | 0.31 | 0.70 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.17) | (0.35) | (0.35) | (0.30) | (0.28) | (0.32) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.02) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.35) | (0.35) | (0.30) | (0.30) | (0.36) |
| **Net asset value, end of period** | $9.58 | $9.61 | $9.67 | $9.51 | $11.03 | $11.02 |
| **Total Return** | 1.42 %<sup>(b)</sup> | 3.09% | 5.50% | (11.11)% | 2.87% | 6.71% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $174581 | $171523 | $159261 | $176685 | $233490 | $145819 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.50 %<sup>(c)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.61 %<sup>(c)</sup> | 0.60% | 0.60% | 0.56% | 0.57% | 0.62% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.29 %<sup>(c)</sup> | 3.48% | 3.40% | 2.31% | 1.74% | 2.32% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.18 %<sup>(c)</sup> | 3.38% | 3.30% | 2.24% | 1.67% | 2.20% |
| **Portfolio turnover rate** | 44 %<sup>(b)</sup> | 95% | 73% | 173% | 37% | 101% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 89 |

---

<u>Segall Bryant & Hamill Colorado Tax Free Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $10.42 | $10.53 | $10.35 | $11.91 | $11.95 | $11.69 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.16 | 0.32 | 0.28 | 0.21 | 0.17 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.15) | (0.07) | 0.23 | (1.47) | 0.05 | 0.34 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.01 | 0.25 | 0.51 | (1.26) | 0.22 | 0.58 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.17) | (0.36) | (0.33) | (0.30) | (0.26) | (0.32) |
| **Net asset value, end of period** | $10.26 | $10.42 | $10.53 | $10.35 | $11.91 | $11.95 |
| **Total Return** | 0.12 %<sup>(b)</sup> | 2.39% | 5.02% | (10.64)% | 1.87% | 5.08% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $95599 | $104794 | $116155 | $143558 | $216617 | $205285 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.64 %<sup>(c)(d)</sup> | 0.63 %<sup>(d)</sup> | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.68 %<sup>(c)</sup> | 0.66% | 0.66% | 0.68% | 0.68% | 0.70% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.04 %<sup>(c)</sup> | 3.01% | 2.69% | 1.96% | 1.44% | 2.00% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.00 %<sup>(c)</sup> | 2.99% | 2.68% | 1.94% | 1.41% | 1.95% |
| **Portfolio turnover rate** | 49 %<sup>(b)</sup> | 45% | 48% | 64% | 15% | 71% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.* 

*<sup>(d)</sup>* *Ratio is less than the contractual expense limitation due to a voluntary waiver made by the Adviser (Note 6).*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 90 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Colorado Tax Free Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| **Net asset value, beginning of period** | $10.46 | $10.57 | $10.39 | $11.96 | $12.00 | $11.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.16 | 0.33 | 0.29 | 0.23 | 0.19 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.14) | (0.07) | 0.23 | (1.48) | 0.05 | 0.36 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.02 | 0.26 | 0.52 | (1.25) | 0.24 | 0.61 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.18) | (0.37) | (0.34) | (0.32) | (0.28) | (0.34) |
| **Net asset value, end of period** | $10.30 | $10.46 | $10.57 | $10.39 | $11.96 | $12.00 |
| **Total Return** | 0.18 %<sup>(b)</sup> | 2.53% | 5.16% | (10.55)% | 2.01% | 5.29% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $214697 | $220688 | $238430 | $251981 | $370546 | $289774 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.50 %<sup>(c)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.57 %<sup>(c)</sup> | 0.55% | 0.54% | 0.53% | 0.52% | 0.55% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.17 %<sup>(c)</sup> | 3.13% | 2.82% | 2.12% | 1.54% | 2.15% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.10 %<sup>(c)</sup> | 3.08% | 2.78% | 2.09% | 1.52% | 2.10% |
| **Portfolio turnover rate** | 49 %<sup>(b)</sup> | 45% | 48% | 64% | 15% | 71% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(c)</sup>* *Annualized.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 91 |

---

<u>Barrett Growth Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Seven Months Ended<br> December 31,**<br> **2023<sup>(a)</sup>** | **Year Ended<br> May 31,<br> 2023** | **Year Ended<br> May 31,<br> 2022** | **Year Ended<br> May 31,<br> 2021** | **Year Ended<br> May 31,<br> 2020** |
| **Net asset value, beginning of period** | $28.61 | $24.52 | $21.50 | $25.00 | $30.29 | $24.34 | $20.81 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | (0.01) | (0.03) | 0.01 | (0.03) | (0.11) | (0.10) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.08 | 7.10 | 3.75 | 0.72 | (1.49) | 7.99 | 4.15 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.07 | 7.07 | 3.76 | 0.69 | (1.60) | 7.89 | 4.10 |
| **Less dividends and distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (2.98) | (0.74) | (4.19) | (3.69) | (1.94) | (0.57) |
| **Net asset value, end of period** | $28.68 | $28.61 | $24.52 | $21.50 | $25.00 | $30.29 | $24.34 |
| **Total Return** | 0.24 %<sup>(c)</sup> | 28.35% | 17.59 %<sup>(c)</sup> | 5.09% | (7.25)% | 32.96% | 19.82% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $24760 | $28611 | $25753 | $24195 | $25364 | $34844 | $30565 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.99 %<sup>(d)</sup> | 0.99% | 1.14 %<sup>(d)(e)</sup> | 1.17% | 1.13% | 1.24 %<sup>(f)</sup> | 1.25% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.43 %<sup>(d)</sup> | 1.34% | 2.05 %<sup>(d)</sup> | 2.15% | 1.76% | 1.78% | 1.81% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | (0.06)%<sup>(d)</sup> | (0.09)% | 0.06 %<sup>(d)</sup> | (0.14)% | (0.36)% | (0.35)% | (0.21)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (0.50)%<sup>(d)</sup> | (0.44)% | (0.85)%<sup>(d)</sup> | (1.12)% | (0.99)% | (0.89)% | (0.77)% |
| **Portfolio turnover rate<sup>(g)</sup>** | 4 %<sup>(c)</sup> | 8% | 1 %<sup>(c)</sup> | 4% | 5% | 6% | 20% |

---

*<sup>(a)</sup>* *Fund changed fiscal year to December 31. Prior to November 20, 2023, the information is from the Predecessor Fund.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Contractual expense limitation changed from 1.00% (excluding 12b-1 fees) to an overall expense cap of 0.99% effective November 20, 2023.*

*<sup>(f)</sup>* *Contractual expense limitation changed from 1.25% to 1.00% (excluding 12b-1 fees) effective April 30, 2021.*

*<sup>(g)</sup>* *Portfolio turnover excludes redemptions in-kind, if any.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 92 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

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<u>Barrett Opportunity Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **December 31,**<br> **2024** | **Four Months Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **Year Ended**<br> **August 31,**<br> **2023** | **Year Ended**<br> **August 31,**<br> **2022** | **Year Ended**<br> **August 31,**<br> **2021** | **Year Ended**<br> **August 31,**<br> **2020** |
| **Net asset value, beginning of period** | $15.61 | $21.52 | $25.98 | $26.68 | $29.92 | $24.33 | $25.77 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.07 | 0.21 | 0.05 | 0.19 | 0.15 | 0.21 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.61) | 4.82 | 1.57 | 2.26 | 0.18 | 6.91 | 0.85 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.54) | 5.03 | 1.62 | 2.45 | 0.33 | 7.12 | 1.14 |
| **Less dividends and distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.21) | (0.14) | (0.21) | (0.20) | (0.22) | (0.33) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (10.73) | (5.94) | (2.94) | (3.37) | (1.31) | (2.25) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (10.94) | (6.08) | (3.15) | (3.57) | (1.53) | (2.58) |
| **Net asset value, end of period** | $15.07 | $15.61 | $21.52 | $25.98 | $26.68 | $29.92 | $24.33 |
| **Total Return** | (3.46)%<sup>(c)</sup> | 22.65% | 6.89 %<sup>(c)</sup> | 10.35% | 0.69% | 30.65% | 3.94% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $22472 | $24618 | $36468 | $43923 | $58378 | $64040 | $52526 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.99 %<sup>(d)</sup> | 0.99% | 1.25 %<sup>(d)(e)</sup> | 1.29% | 1.18% | 1.18% | 1.25% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.34 %<sup>(d)</sup> | 1.26% | 1.56 %<sup>(d)</sup> | 1.29% | 1.18% | 1.18% | 1.25% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.96 %<sup>(d)</sup> | 0.92% | 0.57 %<sup>(d)</sup> | 0.74% | 0.53% | 0.75% | 1.08% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.61 %<sup>(d)</sup> | 0.65% | 0.26 %<sup>(d)</sup> | 0.74% | 0.53% | 0.75% | 1.08% |
| **Portfolio turnover rate<sup>(f)</sup>** | 2 %<sup>(c)</sup> | 0% | 0 %<sup>(c)</sup> | 4% | 8% | 3% | 1% |

---

*<sup>(a)</sup>* *Fund changed fiscal year to December 31. Prior to November 20, 2023, the information is from the Predecessor Fund.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Total return and portfolio turnover are not annualized for periods less than one full year.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Prior to November 20, 2023, there was no expense cap. Effective November 20, 2023, the expense cap was set at 0.99%.*

*<sup>(f)</sup>* *Portfolio turnover excludes redemptions in-kind, if any.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 93 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

**1. ORGANIZATION**

Segall Bryant & Hamill Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end management investment company. The list below shows the funds in the Trust (the "Funds") as of the end of the period that are discussed in this report:

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| | |
|:---|:---|
| Segall Bryant & Hamill Small Cap Value Fund | Segall Bryant & Hamill Short Term Plus Fund |
| Segall Bryant & Hamill Small Cap Growth Fund | Segall Bryant & Hamill Plus Bond Fund |
| Segall Bryant & Hamill Small Cap Core Fund | Segall Bryant & Hamill Quality High Yield Fund |
| Segall Bryant & Hamill All Cap Fund | Segall Bryant & Hamill Municipal Opportunities Fund |
| Segall Bryant & Hamill Emerging Markets Fund | Segall Bryant & Hamill Colorado Tax Free Fund |
| Segall Bryant & Hamill International Small Cap Fund | Barrett Growth Fund |
| Segall Bryant & Hamill International Equity Fund | Barrett Opportunity Fund |
| Segall Bryant & Hamill Global All Cap Fund |  |

---

Interests in the Funds are represented by separate classes of beneficial interest of the Trust, which is organized as a Massachusetts business trust. All of the Funds offer Retail Class and Institutional Class Shares except Barrett Growth Fund and Barrett Opportunity Fund. Barrett Growth Fund and Barrett Opportunity Fund each only have one class. All classes of shares have identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters solely affecting such class.

Each of the Segall Bryant & Hamill Small Cap Value Fund, Segall Bryant & Hamill Small Cap Growth Fund, Segall Bryant & Hamill Small Cap Core Fund, Segall Bryant & Hamill All Cap Fund, Segall Bryant & Hamill Emerging Markets Fund, Segall Bryant & Hamill International Small Cap Fund, Segall Bryant & Hamill International Equity Fund, Segall Bryant & Hamill Global All Cap, Barrett Growth Fund and Barrett Opportunity Fund seeks to achieve long-term capital appreciation. The Segall Bryant & Hamill Short Term Plus Fund seeks to provide current income and competitive total return. Each of the Segall Bryant & Hamill Plus Bond Fund and Segall Bryant & Hamill Quality High Yield Fund seeks to achieve long-term total rate of return consistent with preservation of capital. The Segall Bryant & Hamill Municipal Opportunities Fund seeks income exempt from Federal income taxes. The Segall Bryant & Hamill Colorado Tax Free Fund seeks income exempt from both federal and Colorado state personal income taxes.

The Funds (other than Segall Bryant & Hamill Colorado Tax Free Fund and Barrett Opportunity Fund, which are non-diversified) are classified as diversified for the purposes of the Investment Company Act of 1940, as amended (the "1940 Act").

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM, using the information presented in the financial statements and financial highlights.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. Each Fund is considered an investment company for financial reporting purposes. The following policies are in conformity with accounting principles generally accepted in the United States of America for investment companies, under Accounting Standards Codification Topic 946 – Financial Services – Investment Companies.

**New Accounting Pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is evaluating the impacts of these changes on the Funds' financial statements.

**Use of Estimates** – The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities in the financial statements. The actual results could differ from those estimates.

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| 94 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

**Cash Equivalents** – Each Fund subscribes to the Brown Brothers Harriman & Co. ("BBH") Cash Management Service ("CMS"), whereby cash balances are automatically swept into overnight demand deposits with a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances reflected as interest income on the statement of operations. As of June 30, 2025, the interest rate was 3.68%, and the cash equivalents balances reflected on the Statements of Assets and Liabilities represent the amounts participating in the BBH CMS.

**Investment Valuation** – All securities of the Funds are valued as of the close of regular trading on the New York Stock Exchange ("NYSE"), currently 4:00 p.m. (Eastern Time), on each day that the NYSE is open, subject to provisions in the prospectus and/or Statement of Additional Information regarding pricing at other times in case of an emergency and optional pricing of the Funds in the event that the NYSE does not open for business because of an emergency.

Securities that are traded on a recognized domestic stock exchange are generally valued at the last sales price as of the valuation time on the principal stock exchange on which they are traded. Securities that are principally traded on the National Association of Securities Dealers Automated Quotation ("NASDAQ") exchange are generally valued at the NASDAQ Official Closing Price ("NOCP"). Unlisted securities that are traded on the domestic over-the-counter market for which last sales prices are available, are generally valued at the last sales price as of the valuation time. In the absence of sales and NOCP, such securities are valued at the bid price.

Securities that are traded on a foreign stock exchange (and that are not listed on a recognized domestic stock exchange or traded on the NASDAQ exchange or the domestic over-the-counter market) are generally valued at the official closing price on the principal stock exchange on which they are traded. When an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value, the fair value of those securities are determined in good faith in accordance with procedures established by and under the general supervision of the Board of Trustees. The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security's value is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. In the event that closing prices are not available for such foreign securities, such securities are generally valued at the last sales price occurring prior to the closing of its principal exchange.

Forward foreign currency contracts have a fair value determined by an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing vendor. Foreign currency exchange rates and forward foreign currency exchange rates may generally be obtained at the close of the NYSE. As of June 30, 2025, the Funds did not hold any forward foreign currency contracts.

Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value.

Fixed-income obligations, having a remaining maturity of greater than 60 days, are typically valued at the evaluated prices formulated by an independent pricing service.

The Adviser is the Funds' valuation designee responsible for carrying out pricing and valuation duties in accordance with the Adviser's Valuation Procedures (the "Procedures") pursuant to Rule 2a-5 under 1940 Act.

When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the valuation designee with procedures utilized by the valuation designee. Factors which may be considered when determining the value of a security include (a) the fundamental data relating to the investment; (b) an evaluation of the forces which influence the market in which the security is sold, including the liquidity and depth of the market; (c) the market value at date of purchase; (d) information as to any transactions or offers with respect to the security or comparable securities; and (e) any other relevant matters.

**Securities Traded on Foreign Exchanges** – All of the Funds, except the Segall Bryant & Hamill Colorado Tax Free Fund, may invest at least a portion of their assets in foreign securities. As of June 30, 2025, all Funds were primarily invested in securities traded on U.S. exchanges, except Segall Bryant & Hamill Emerging Markets Fund, Segall Bryant & Hamill International Small Cap Fund, Segall Bryant & Hamill International Equity Fund and Segall Bryant & Hamill Global All Cap Fund. In the event that a Fund executes a security transaction on a foreign exchange, the Fund will generally enter into a foreign currency contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks. The accounting records of the Funds are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.

The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

**Federal Income Taxes** – No provision for income taxes is included in the accompanying financial statements, as the Funds intend to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

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| | | |
|:---|:---|:---|
| | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 95 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

As of and during the six months ended June 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. Each Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2025, the Funds did not incur any interest or penalties.

**When-Issued/Forward Commitment Securities** – Each Fund may purchase or sell securities on a "when-issued" or "forward commitment" basis which involves a commitment by the Fund to purchase or sell particular securities with payment and delivery taking place at a future date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. In accordance with SEC guidance, each Fund segregates liquid assets in an amount sufficient to satisfy the purchase price. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of the Fund's net asset value to the extent each Fund makes such purchases while remaining substantially fully invested. Settlements in the ordinary course of business, which may take substantially more than three business days for non-U.S. securities, are not treated by the Funds as "when-issued" or "forward commitment" transactions.

**Common Expenses** – Expenses of the Trust not attributable solely to one of the Funds are allocated among the Funds based on the relative net assets of each Fund or based on the nature of the expense and its relative applicability to each Fund.

**Allocation Between Classes** – Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of a Fund based upon its proportionate share of total net assets of that Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses which are not attributable to a specific class are allocated daily to each class of shares of a Fund based upon its proportionate share of total net assets of that Fund.

**Security Transactions and Related Investment Income** – For financial reporting purposes, the Funds' investment transactions and shareholder transactions are recorded on trade date. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Non-cash dividends, if any, included in dividend income, are recorded at the fair value of the security received. Withholding taxes on foreign dividends, net of reclaims, and foreign capital gains taxes, if any, have been recorded in accordance with the Funds' understanding of the applicable country's rules and tax rates. Interest income is accrued as earned. Discounts and premiums on fixed income securities are amortized using the effective interest method. Realized gains and losses from investment transactions and unrealized appreciation and depreciation of investments are reported on an identified cost basis.

**Investments in Real Estate Investment Trusts (REITs)** – With respect to each Fund, dividend income is recorded based on the income included in distributions received from its REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal six month end and may differ from the estimated amounts.

**In-Kind Redemptions** – Net capital gains or losses resulting from in-kind redemptions are excluded from the Fund's taxable gains and are not distributed to shareholders. A redemption-in-kind is the process of making a distribution to shareholders through assets and cash rather than cash alone. During the six months ended June 30, 2025 the redemptions for securities redeemed in-kind were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Redemptions**<br> **Redeemed at<br> Fair Value** | **Recognized<br> Realized Gains<br> (reflected on the Statements of<br> Operations)** |
| Barrett Growth Fund | $1797994 | $1686810 |

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**ReFlow transactions** – Barrett Growth Fund and Barrett Opportunity Fund may participate in ReFlow, a program designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares and/or large cash distributions. In order to pay cash to shareholders who redeem their shares on a given day or for cash distributions, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the fund's net redemptions and/or cash distributions on a given day. ReFlow then either redeems those shares when the fund experiences net sales or redeems the shares in the form of in-kind redemptions. In return for this service, the fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The costs to a Fund for participating in ReFlow are generally expected to be influenced by and comparable to the cost of other sources of liquidity, such as the Fund's short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. ReFlow is prohibited from acquiring more than 2.95% of the total net assets of any Fund. During the six months ended June 30, 2025, the Barrett Growth Fund paid $1,864 for the service.

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|:---|:---|:---|
| 96 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

**3. CERTAIN INVESTMENTS AND ASSOCIATED RISKS**

For information regarding the risks associated with investments in the Funds, see the Funds' Prospectus and Statement of Additional

Information.

**Country Risk** – As of June 30, 2025, the Segall Bryant & Hamill Emerging Markets Fund invested a significant percentage of its assets in China; and the Segall Bryant & Hamill International Small Cap Fund and the Segall Bryant & Hamill International Equity Fund invested a significant percentage of their assets in Japan. Therefore, they may be more affected by economic developments and currency fluctuations in these countries.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds. As of June 30, 2025, the Segall Bryant & Hamill Emerging Markets Fund had investments in Russia and the Segall Bryant & Hamill International Equity Fund had one investment which is restricted due to partial ownership by Russian oligarchs. These investments are valued at zero.

**4. SHARES OF BENEFICIAL INTEREST**

On June 30, 2025, there was an unlimited number of no par value shares of beneficial interest authorized for each Fund. Transactions in shares of beneficial interest were as follows:

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| | | |
|:---|:---|:---|
| | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **Segall Bryant & Hamill Small Cap Value Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 62945 | 127068 |
| Shares issued in Reinvestment of Distributions |  | 33559 |
| Less Shares Redeemed | (102320) | (94293) |
| Net Increase (Decrease) | (39375) | 66334 |
| **Institutional:** |  |  |
| Shares Sold | 978166 | 5486873 |
| Shares issued in Reinvestment of Distributions |  | 1502976 |
| Less Shares Redeemed | (7671695) | (19549645) |
| Net Increase (Decrease) | (6693529) | (12559796) |
| **Segall Bryant & Hamill Small Cap Growth Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 116237 | 273274 |
| Less Shares Redeemed | (205708) | (595130) |
| Net Increase (Decrease) | (89471) | (321856) |
| **Institutional:** |  |  |
| Shares Sold | 838243 | 1880319 |
| Less Shares Redeemed | (942820) | (2332554) |
| Net Increase (Decrease) | (104577) | (452235) |
| **Segall Bryant & Hamill Small Cap Core Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 4946 | 26308 |
| Shares issued in Reinvestment of Distributions |  | 2549 |
| Less Shares Redeemed | (3170) | (12538) |
| Net Increase (Decrease) | 1776 | 16319 |
| **Institutional:** |  |  |
| Shares Sold | 956788 | 490447 |
| Shares issued in Reinvestment of Distributions |  | 173160 |
| Less Shares Redeemed | (124530) | (215852) |
| Net Increase (Decrease) | 832258 | 447755 |

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|:---|:---|:---|
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 97 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **Segall Bryant & Hamill All Cap Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 5755 | 5289 |
| Shares issued in Reinvestment of Distributions |  | 10578 |
| Less Shares Redeemed | (3662) | (23071) |
| Net Increase (Decrease) | 2093 | (7204) |
| **Institutional:** |  |  |
| Shares Sold | 68900 | 150093 |
| Shares issued in Reinvestment of Distributions |  | 866008 |
| Less Shares Redeemed | (729297) | (1970875) |
| Net Increase (Decrease) | (660397) | (954774) |
| **Segall Bryant & Hamill Emerging Markets Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 37599 | 143319 |
| Shares issued in Reinvestment of Distributions |  | 21721 |
| Less Shares Redeemed | (49107) | (77589) |
| Net Increase (Decrease) | (11508) | 87451 |
| **Institutional:** |  |  |
| Shares Sold | 143871 | 1092050 |
| Shares issued in Reinvestment of Distributions |  | 266900 |
| Less Shares Redeemed | (355142) | (321205) |
| Net Increase (Decrease) | (211271) | 1037745 |
| **Segall Bryant & Hamill International Small Cap Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 27198 | 7995 |
| Shares issued in Reinvestment of Distributions | 2228 | 37152 |
| Less Shares Redeemed | (54159) | (831438) |
| Net Increase (Decrease) | (24733) | (786291) |
| **Institutional:** |  |  |
| Shares Sold | 167544 | 209874 |
| Shares issued in Reinvestment of Distributions | 31230 | 458366 |
| Less Shares Redeemed | (295431) | (4102874) |
| Net Increase (Decrease) | (96657) | (3434634) |
| **Segall Bryant & Hamill International Equity Fund** |  |  |
| **Retail:** |  |  |
| Shares issued in Reinvestment of Distributions |  | 19 |
| Net Increase (Decrease) |  | 19 |
| **Institutional:** |  |  |
| Shares Sold | 506846 | 63383 |
| Shares issued in Reinvestment of Distributions |  | 16875 |
| Less Shares Redeemed | (1) | (10042) |
| Net Increase (Decrease) | 506845 | 70216 |

---

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|:---|:---|:---|
| 98 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **Segall Bryant & Hamill Global All Cap Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 3334 | 78758 |
| Shares issued in Reinvestment of Distributions |  | 133596 |
| Less Shares Redeemed | (151119) | (271775) |
| Net Increase (Decrease) | (147785) | (59421) |
| **Institutional:** |  |  |
| Shares Sold | 6965 | 117419 |
| Shares issued in Reinvestment of Distributions |  | 23480 |
| Less Shares Redeemed | (67025) | (30000) |
| Net Increase (Decrease) | (60060) | 110899 |
| **Segall Bryant & Hamill Short Term Plus Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 20061 | 11103 |
| Shares issued in Reinvestment of Distributions | 3557 | 8979 |
| Less Shares Redeemed | (66566) | (174813) |
| Net Increase (Decrease) | (42948) | (154731) |
| **Institutional:** |  |  |
| Shares Sold | 20667 | 141515 |
| Shares issued in Reinvestment of Distributions | 29659 | 57347 |
| Less Shares Redeemed | (72922) | (322833) |
| Net Increase (Decrease) | (22596) | (123971) |
| **Segall Bryant & Hamill Plus Bond Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 2034501 | 6401262 |
| Shares issued in Reinvestment of Distributions | 613915 | 1229614 |
| Less Shares Redeemed | (2942746) | (8556049) |
| Net Increase (Decrease) | (294330) | (925173) |
| **Institutional:** |  |  |
| Shares Sold | 4095114 | 15491047 |
| Shares issued in Reinvestment of Distributions | 1046751 | 2091520 |
| Less Shares Redeemed | (9761694) | (13047320) |
| Net Increase (Decrease) | (4619829) | 4535247 |
| **Segall Bryant & Hamill Quality High Yield Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 159640 | 118738 |
| Shares issued in Reinvestment of Distributions | 46254 | 120191 |
| Less Shares Redeemed | (446279) | (928869) |
| Net Increase (Decrease) | (240385) | (689940) |
| **Institutional:** |  |  |
| Shares Sold | 529020 | 947776 |
| Shares issued in Reinvestment of Distributions | 110780 | 210849 |
| Less Shares Redeemed | (740880) | (1044472) |
| Net Increase (Decrease) | (101080) | 114153 |

---

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| | | |
|:---|:---|:---|
| | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 99 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **Segall Bryant & Hamill Municipal Opportunities Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 114222 | 383794 |
| Shares issued in Reinvestment of Distributions | 16926 | 38559 |
| Less Shares Redeemed | (181012) | (584461) |
| Net Increase (Decrease) | (49864) | (162108) |
| **Institutional:** |  |  |
| Shares Sold | 3179879 | 5292896 |
| Shares issued in Reinvestment of Distributions | 304169 | 638376 |
| Less Shares Redeemed | (3119530) | (4548503) |
| Net Increase (Decrease) | 364518 | 1382769 |
| **Segall Bryant & Hamill Colorado Tax Free Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 642405 | 1503159 |
| Shares issued in Reinvestment of Distributions | 156568 | 347547 |
| Less Shares Redeemed | (1540959) | (2825060) |
| Net Increase (Decrease) | (741986) | (974354) |
| **Institutional:** |  |  |
| **Shares Sold** | 3436584 | 5422923 |
| Shares issued in Reinvestment of Distributions | 341042 | 722120 |
| Less Shares Redeemed | (4037873) | (7604676) |
| Net Increase (Decrease) | (260247) | (1459633) |
| **Barrett Growth Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 66505 | 109297 |
| Shares issued in Reinvestment of Distributions |  | 93813 |
| Less Shares Redeemed | (181639) | (229700) |
| Less Shares issued in In-Kind redemptions | (21640) | (23797) |
| Net Increase (Decrease) | (136774) | (50387) |
| **Barrett Opportunity Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 2815 | 103315 |
| Shares issued in Reinvestment of Distributions |  | 498678 |
| Less Shares Redeemed | (88320) | (696812) |
| Less Shares issued in In-Kind Redemptions |  | (23216) |
| Net Increase (Decrease) | (85505) | (118035) |

---

**5. TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION**

**Distributions** – Distributions of net investment income, if any, are generally made annually for the Segall Bryant & Hamill Small Cap Value Fund, Segall Bryant & Hamill Small Cap Growth Fund, Segall Bryant & Hamill Small Cap Core Fund, Segall Bryant & Hamill All Cap Fund, Segall Bryant & Hamill Emerging Markets Fund, Segall Bryant & Hamill International Equity Fund, Segall Bryant & Hamill Global All Cap Fund, Barrett Growth Fund and Barrett Opportunity Fund; quarterly for Segall Bryant & Hamill International Small Cap Fund; and monthly for the Segall Bryant & Hamill Short Term Plus Fund, Segall Bryant & Hamill Plus Bond Fund, Segall Bryant & Hamill Quality High Yield Fund, Segall Bryant & Hamill Municipal Opportunities Fund and Segall Bryant & Hamill Colorado Tax Free Fund. Distributions of net realized capital gains, if any, are declared at least once each year for each of the Funds. Distributions to shareholders are recorded on the ex-dividend date.

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

The tax character of the distributions paid during the periods ended June 30, 2025 and December 31, 2024 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Period Ended** | **Ordinary Income\*** | **Long-Term<br> Capital Gains** | **Tax-Exempt<br> Income** | **Return of<br> Capital** |
| Segall Bryant & Hamill Small Cap Value Fund | 6/30/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $4986405 | $23553239 | $— | $— |
| Segall Bryant & Hamill Small Cap Growth Fund | 6/30/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $— | $— | $— | $— |
| Segall Bryant & Hamill Small Cap Core Fund | 6/30/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $1037570 | $3466929 | $— | $— |
| Segall Bryant & Hamill All Cap Fund | 6/30/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $269326 | $18113522 | $— | $— |
| Segall Bryant & Hamill Emerging Markets Fund | 6/30/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $3503054 | $— | $— | $706099 |
| Segall Bryant & Hamill International Small Cap Fund | 6/30/2025 | $447421 | $— | $— | $— |
|  | 12/31/2024 | $5492622 | $— | $— | $— |
| Segall Bryant & Hamill International Equity Fund | 6/30/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $161065 | $23913 | $— | $— |
| Segall Bryant & Hamill Global All Cap Fund | 6/30/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $329299 | $1614145 | $— | $— |
| Segall Bryant & Hamill Short Term Plus Fund | 6/30/2025 | $352169 | $— | $— | $— |
|  | 12/31/2024 | $708936 | $— | $— | $— |
| Segall Bryant & Hamill Plus Bond Fund | 6/30/2025 | $15537945 | $— | $— | $— |
|  | 12/31/2024 | $31029631 | $— | $— | $— |
| Segall Bryant & Hamill Quality High Yield Fund | 6/30/2025 | $1409921 | $— | $— | $— |
|  | 12/31/2024 | $2948310 | $— | $— | $— |
| Segall Bryant & Hamill Municipal Opportunities Fund | 6/30/2025 | $3135974 | $— | $— | $— |
|  | 12/31/2024 | $2099444 | $— | $4549557 | $— |
| Segall Bryant & Hamill Colorado Tax Free Fund | 6/30/2025 | $5436254 | $— | $— | $— |
|  | 12/31/2024 | $1610958 | $— | $10175670 | $— |
| Barrett Growth Fund | 6/30/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $— | $2815239 | $— | $— |
| Barrett Opportunity Fund | 6/30/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $334053 | $11609158 | $— | $— |

---

*\** *Ordinary income distributions for federal income tax purposes includes distributions from net investment income and short-term capital gains.*

As of June 30, 2025 net unrealized appreciation (depreciation) on investments based on federal tax cost was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Small Cap<br> Value Fund** | **Segall Bryant &<br> Hamill Small Cap<br> Growth Fund** | **Segall Bryant &<br> Hamill Small Cap<br> Core Fund** | **Segall Bryant &<br> Hamill All Cap<br> Fund** |
| Tax cost of portfolio investments | $341619268 | $208744210 | $71198652 | $52181146 |
| Gross unrealized appreciation | 86943993 | 56933472 | 20699509 | 40490766 |
| Gross unrealized depreciation | (38238609) | (21897400) | (5168588) | (426135) |
| Net unrealized appreciation (depreciation) on portfolio investments | $48705384 | $35036072 | $15530921 | $40064631 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Emerging<br> Markets Fund** | **Segall Bryant<br> & Hamill<br> International<br> Small Cap Fund** | **Segall Bryant<br> & Hamill<br> International<br> Equity Fund** | **Segall Bryant &<br> Hamill Global All<br> Cap Fund** |
| Tax cost of portfolio investments | $55701392 | $65837091 | $8876842 | $22678732 |
| Gross unrealized appreciation | 20779312 | 21120647 | 624175 | 12550470 |
| Gross unrealized depreciation | (3626345) | (2447592) | (79229) | (280903) |
| Net unrealized appreciation (depreciation) on portfolio investments | $17152967 | $18673055 | $544946 | $12269567 |

---

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| | | |
|:---|:---|:---|
| | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 101 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Short Term<br> Plus Bond Fund** | **Segall Bryant &<br> Hamill Plus Bond<br> Fund** | **Segall Bryant &<br> Hamill Quality<br> High Yield Fund** | **Segall Bryant &<br> Hamill Municipal<br> Opportunities<br> Fund** |
| Tax cost of portfolio investments | $14224987 | $711681873 | $63572204 | $187702050 |
| Gross unrealized appreciation | 172672 | 10749151 | 756413 | 1806547 |
| Gross unrealized depreciation | (22913) | (34325783) | (2136295) | (5476033) |
| Net unrealized appreciation (depreciation) on portfolio investments | $149759 | $(23576632) | $(1379882) | $(3669486) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Colorado<br> Tax Free Fund** | **Barrett<br> Growth Fund** | **Barrett<br> Opportunity Fund** |
| Tax cost of portfolio investments | $301025439 | $5959714 | $2606953 |
| Gross unrealized appreciation | 2282411 | 18684732 | 19613198 |
| Gross unrealized depreciation | (10402084) | (8462) | (2646) |
| Net unrealized appreciation (depreciation) on portfolio investments | $(8119673) | $18676270 | $19610552 |

---

The difference between book and tax basis cost of investments is attributable primarily to wash sales, passive foreign investment companies and tax treatment of certain other investments.

As of December 31, 2024 the components of distributable earnings (deficit) on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Small Cap<br> Value Fund** | **Segall Bryant &<br> Hamill Small Cap<br> Growth Fund** | **Segall Bryant &<br> Hamill Small Cap<br> Core Fund** | **Segall Bryant &<br> Hamill All Cap<br> Fund** |
| Undistributed ordinary income | $6590547 | $— | $360430 | $326564 |
| Undistributed long term capital gains | 13884665 |  | 1625380 | 5047092 |
| Accumulated capital and other losses | (12410190) | (49117372) | (3576) | (10268) |
| Net unrealized appreciation (depreciation) on investments | 87605652 | 49532865 | 19954853 | 48332369 |
| Total accumulated earnings (deficit) | $95670674 | $415493 | $21937087 | $53695757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Emerging<br> Markets Fund** | **Segall Bryant<br> & Hamill<br> International<br> Small Cap Fund** | **Segall Bryant<br> & Hamill<br> International<br> Equity Fund** | **Segall Bryant &<br> Hamill Global All<br> Cap Fund** |
| Undistributed ordinary income | $— | $70071 | $— | $5710 |
| Undistributed long term capital gains |  |  |  | 276348 |
| Accumulated capital and other losses | (2932118) | (76736701) | (32069) | (27355) |
| Net unrealized appreciation (depreciation) on investments | 6694539 | 4902749 | 20600 | 11151441 |
| Net unrealized appreciation (depreciation) on foreign currency | (1526) | (44063) | (86) | (2871) |
| Total accumulated earnings (deficit) | $3760895 | $(71807944) | $(11555) | $11403273 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Segall Bryant<br> & Hamill Short<br> Term Plus Fund** | **Segall Bryant &<br> Hamill Plus Bond<br> Fund** | **Segall Bryant &<br> Hamill Quality<br> High Yield Fund** | **Segall Bryant &<br> Hamill Municipal<br> Opportunities<br> Fund** |
| Undistributed tax-exempt income | $— | $— | $— | $14146 |
| Undistributed ordinary income | 178 | 29899 | 839 |  |
| Accumulated capital and other losses | (1191560) | (65294075) | (10796879) | (31979440) |
| Net unrealized appreciation (depreciation) on investments | 57693 | (45490986) | (3212939) | (3626110) |
| Total accumulated earnings (deficit) | $(1133689) | $(110755162) | $(14008979) | $(35591404) |

---

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|:---|:---|:---|
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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Colorado<br> Tax Free Fund** | **Barrett Growth**<br> **Fund** | **Barrett**<br> **Opportunity Fund** |
| Undistributed tax-exempt income | $13298 | $— | $— |
| Undistributed ordinary income |  |  | 31947 |
| Undistributed long term capital gains |  | 1042103 | 5841684 |
| Accumulated capital and other losses | (48408220) |  |  |
| Net unrealized appreciation (depreciation) on investments | (9638440) | 21745956 | 22065456 |
| Total accumulated earnings (deficit) | $(58033362) | $22788059 | $27939087 |

---

Included in accumulated capital and other losses are other Temporary Differences primarily related to deferred Trustee compensation.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to future tax years without expiration. As of December 31, 2024 the following amounts are available as carry forwards to offset net capital gains realized in future tax years:

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| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Segall Bryant & Hamill Small Cap Value Fund\* | $7573579 | $4735323 |
| Segall Bryant & Hamill Small Cap Growth Fund | 45438794 | 3630233 |
| Segall Bryant & Hamill Emerging Markets Fund | 2916156 |  |
| Segall Bryant & Hamill International Small Cap Fund | 68769105 | 7958705 |
| Segall Bryant & Hamill Short Term Plus Fund | 449633 | 739707 |
| Segall Bryant & Hamill Plus Bond Fund | 12489922 | 52502760 |
| Segall Bryant & Hamill Quality High Yield Fund | 290744 | 10471489 |
| Segall Bryant & Hamill Municipal Opportunities Fund | 15887443 | 16076645 |
| Segall Bryant & Hamill Colorado Tax Free Fund | 13449544 | 34900469 |

---

*\** *As a result of a prior year acquisition, all Segall Bryant & Hamill Small Cap Value Fund's capital loss carryforward balances acquired in the acquisition are eligible to offset future capital gains, subject to IRC Section 382 of $242,622.*

The Funds recharacterize distributions received from Real Estate Investment Trust ("REIT") investments based on information provided by the REIT into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be estimated based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.

As a result of several court cases in certain countries across the European Union ("EU"), some Funds may file European tax reclaims for previously withheld taxes on dividends earned in those countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. If any such reclaims are received, they are reflected as tax reclaims received in the Statements of Operations, and related receivables, if any, are reflected within foreign tax reclaims receivable in the Statements of Assets and Liabilities. If the associated cash is received, the Funds will follow, for tax purposes, IRS guidance in Notice 2016-10 and reduce the current year foreign taxes paid by the amount of the refund. When uncertainty exists as to the ultimate resolution of these proceedings and the likelihood of receipt of these EU reclaims, no amounts are reflected in the financial statements.

**6. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER RELATED PARTY TRANSACTIONS**

The Trust has entered into an advisory agreement with the Adviser for all Funds. The advisory agreement has been approved by the Trust's Board of Trustees.

Pursuant to its advisory agreement with the Trust, the Adviser is entitled to investment advisory fees, based on the average net assets of each Fund, computed daily and payable monthly as shown in the table below.

---

| | |
|:---|:---|
| **Fund** | |
| Segall Bryant & Hamill Small Cap Value Fund | 0.80% |
| Segall Bryant & Hamill Small Cap Growth Fund | 0.65% |
| Segall Bryant & Hamill Small Cap Core Fund | 0.80% |
| Segall Bryant & Hamill All Cap Fund | 0.65% |
| Segall Bryant & Hamill Emerging Markets Fund | 0.90% |

---

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| | | |
|:---|:---|:---|
| | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 103 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

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| | |
|:---|:---|
| **Fund** | |
| Segall Bryant & Hamill International Small Cap Fund | 0.90% |
| Segall Bryant & Hamill International Equity Fund | 0.75% |
| Segall Bryant & Hamill Global All Cap Fund | 0.65% |
| Segall Bryant & Hamill Short Term Plus Fund | 0.25% |
| Segall Bryant & Hamill Plus Bond Fund | 0.35% |
| Segall Bryant & Hamill Quality High Yield Fund | 0.45% |
| Segall Bryant & Hamill Municipal Opportunities Fund | 0.35% |
| Segall Bryant & Hamill Colorado Tax Free Fund | 0.35% |
| Barrett Growth Fund | 0.65% |
| Barrett Opportunity Fund | 0.65% |

---

Ultimus Fund Solutions LLC ("Ultimus") and the Adviser serve as the Funds' co-administrators ("Co-Administrators"). Ultimus and the Adviser are entitled to receive a total fee from each Fund for their administrative services computed daily and payable monthly based on the average net assets of the Trust. The Adviser receives a portion that is calculated based on 0.01% on the average daily net assets of the Trust.

The administrative fees are allocated to each Fund based upon the Fund's relative proportion of the Trust's net assets, subject to certain minimums, and are disclosed in the Statements of Operations. During the six months ended June 30, 2025, the Adviser and Ultimus received $118,918 and $382,140, respectively, for their services to the Funds.

Shareholder servicing agents provide non-distribution administrative and support services to their customers, which may include establishing and maintaining accounts and records relating to shareholders, processing dividend and distribution payments from the Funds on behalf of shareholders, forwarding communications from the Funds, providing sub-accounting with respect to Fund shares, and other similar services. The Retail Class of each Fund and shares of Barrett Growth Fund and Barrett Opportunity Fund, may pay a fee at an annual rate of up to 0.25% of its average daily net assets to shareholder servicing agents and the Institutional Class of each Fund may pay a fee at an annual rate of up to 0.10% of its average daily net assets to shareholder servicing agents. These fees are included in Shareholder Servicing Fees on the Statements of Operations.

The Adviser has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses (not including acquired fund fees and expenses, taxes, redemption in-kind processing fees, brokerage expenses, class action claim fees, tax reclaim fees, and extraordinary expenses), so that the ratio of expense to average net assets as reported in each Fund's Financial Highlights will be no more than the amounts as detailed below and are not subject to recapture in future periods:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Retail Class** | **Institutional Class** | **Adviser has agreed<br> to waive until at<br> least the date listed** |
| Segall Bryant & Hamill Small Cap Value Fund | 1.14% | 0.99% | April 30, 2026 |
| Segall Bryant & Hamill Small Cap Growth Fund | 1.14% | 0.99% | April 30, 2026 |
| Segall Bryant & Hamill Small Cap Core Fund | 1.14% | 0.99% | April 30, 2026 |
| Segall Bryant & Hamill All Cap Fund | 0.99% | 0.84% | April 30, 2026 |
| Segall Bryant & Hamill Emerging Markets Fund | 1.14% | 0.99% | April 30, 2026 |
| Segall Bryant & Hamill International Small Cap Fund | 1.18% | 1.03% | April 30, 2026 |
| Segall Bryant & Hamill International Equity Fund | 0.99% | 0.84% | April 30, 2026 |
| Segall Bryant & Hamill Global All Cap Fund | 0.89% | 0.74% | April 30, 2026 |
| Segall Bryant & Hamill Short Term Plus Fund | 0.49% | 0.40% | April 30, 2026 |
| Segall Bryant & Hamill Plus Bond Fund | 0.55% | 0.40% | April 30, 2026 |
| Segall Bryant & Hamill Quality High Yield Fund | 0.85% | 0.70% | April 30, 2026 |
| Segall Bryant & Hamill Municipal Opportunities Fund | 0.65% | 0.50% | April 30, 2026 |
| Segall Bryant & Hamill Colorado Tax Free Fund | 0.65% | 0.50% | April 30, 2026 |
| Barrett Growth Fund | 0.99% |  | April 30, 2026 |
| Barrett Opportunity Fund | 0.99% |  | April 30, 2026 |

---

The Adviser has agreed to voluntarily waive fees in certain classes as necessary so that waivers of common expenses are consistent between classes in the same Fund.

Ultimus, pursuant to a Transfer Agency Agreement, serves as Transfer Agent for each of the Funds. As Transfer Agent, Ultimus has, among other things, agreed to: (a) issue and redeem shares of the Funds; (b) make dividend and other distributions to shareholders of the Funds; (c) effect transfers of shares; (d) mail communications to shareholders of the Funds, including account statements, confirmations, and dividend

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

and distribution notices; (e) facilitate the electronic delivery of shareholder statements and reports and (f) maintain shareholder accounts. Under the Transfer Agency Agreement, Ultimus receives from the Trust an annual minimum fee per Fund, a fee based upon each shareholder account and is reimbursed for out-of-pocket expenses.

Certain officers of the Funds are also officers of the Adviser and Ultimus. All access persons of the Trust, as defined in the 1940 Act, and officers and employees of the Adviser, follow strict guidelines and policies on personal trading as outlined in the Trust's and the Adviser's respective Code of Ethics.

The Trust has appointed a Chief Compliance Officer who is an employee of the Adviser. The Trust agreed to have the Funds pay the portion of his compensation attributable for services rendered as the Trust's Chief Compliance Officer.

The Trust has a Trustee Deferred Compensation Plan (the "Deferral Plan") which allows the Trustees to defer the receipt of all or a portion of Trustees fees. Under the Deferral Plan, Trustee fees are paid and invested directly into shares of the Funds elected by the Trustees in the Deferral Plan. There is no future liability related to the balance in the Deferral Plan as such amounts are paid directly out of the respective capital accounts of the elected Funds. The amount paid to the Trustees under the Deferral Plan will be determined based upon the performance of the elected funds. The balance in the Deferral Plan as of June 30, 2025 is $1,023,799.

**7. FAIR VALUE MEASUREMENTS**

A three-tier hierarchy has been established to measure fair value based on the extent of use of "observable inputs" as compared to "unobservable inputs" for disclosure purposes and requires additional disclosures about these valuation measurements. Inputs refer broadly to the assumptions that market participants would use in pricing a security. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the security developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the security developed based on the best information available in the circumstances.

The three-tier hierarchy is summarized as follows:

1) Level 1 – Unadjusted Quoted Prices in active markets for identical investments

2) Level 2 – Other Significant Observable Inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

3) Level 3 – Significant Unobservable Inputs (including the Fund's own assumptions in determining the fair value of investments).

The following is a summary of each Fund's investments and other financial instruments (if any) and the inputs used to value the investments and other financial instruments as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Small Cap Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $390324652 | $— | $— | $390324652 |
| Total | $390324652 | $— | $— | $390324652 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Small Cap Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $243780282 | $— | $— | $243780282 |
| Total | $243780282 | $— | $— | $243780282 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Small Cap Core Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $86729574 | $— | $— | $86729574 |
| Total | $86729574 | $— | $— | $86729574 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill All Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $92245777 | $— | $— | $92245777 |
| Total | $92245777 | $— | $— | $92245777 |

---

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|:---|:---|:---|
| | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 105 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Emerging Markets Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $19597701 | $52870246 <sup>(a)</sup> | $0 \* | $72467947 |
| Preferred Stocks | 677904 | 257424 <sup>(a)</sup> | 0 \* | 935328 |
| Warrants | 575 |  |  | 575 |
| Total | $20276180 | $53127670 | $0 \* | $73403850 |
| **Segall Bryant & Hamill International Small Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $5734051 | $77874056 <sup>(a)</sup> | $0 \* | $83608107 |
| Preferred Stocks |  | 902039 |  | 902039 |
| Total | $5734051 | $78776095 | $0 \* | $84510146 |
| **Segall Bryant & Hamill International Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $733648 | $8663048 <sup>(a)</sup> | $0 \* | $9396696 |
| Preferred Stocks |  | 25092 <sup>(a)</sup> |  | 25092 |
| Total | $733648 | $8688140 | $0 \* | $9421788 |
| **Segall Bryant & Hamill Global All Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $25338011 | $9610288 <sup>(a)</sup> | $— | $34948299 |
| Total | $25338011 | $9610288 | $— | $34948299 |
| **Segall Bryant & Hamill Short Term Plus Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $12060080 | $— | $12060080 |
| Municipal Bonds |  | 29782 |  | 29782 |
| Asset Backed Securities |  | 955276 |  | 955276 |
| U.S. Treasury Bonds & Notes |  | 1329607 |  | 1329607 |
| Total | $— | $14374745 | $— | $14374745 |
| **Segall Bryant & Hamill Plus Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $285702797 | $— | $285702797 |
| Municipal Bonds |  | 14139703 |  | 14139703 |
| Asset Backed Securities |  | 19665536 |  | 19665536 |
| Mortgage-Backed Securities Passthrough |  | 228717132 |  | 228717132 |
| Residential Mortgage-Backed Securities |  | 295039 |  | 295039 |
| U.S. Treasury Bonds & Notes |  | 139585034 |  | 139585034 |
| Total | $— | $688105241 | $— | $688105241 |
| **Segall Bryant & Hamill Quality High Yield Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $62192321 | $— | $62192321 |
| Total | $— | $62192321 | $— | $62192321 |
| **Segall Bryant & Hamill Municipal Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $156610399 | $— | $156610399 |
| Corporate Bonds |  | 8194524 |  | 8194524 |
| U.S. Treasury Bills & Notes |  | 19227641 |  | 19227641 |
| Total | $— | $184032564 | $— | $184032564 |
| **Segall Bryant & Hamill Colorado Tax Free Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $279959904 | $— | $279959904 |
| U.S. Treasury Bills & Notes |  | 12945862 |  | 12945862 |
| Total | $— | $292905766 | $— | $292905766 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Barrett Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $24635984 | $— | $— | $24635984 |
| Total | $24635984 | $— | $— | $24635984 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Barrett Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $22217505 | $— | $— | $22217505 |
| Total | $22217505 | $— | $— | $22217505 |

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*<sup>(a)</sup>* *With respect to foreign equity securities that are principally traded on a market outside the United States, the Adviser has approved the utilization of an independent fair value pricing service to evaluate the effect of market fluctuations on these securities after the close of trading in that foreign market. To the extent that securities are valued using this service, they will be classified as Level 2 securities.*

*\** *Includes securities that have been fair valued at $0.*

During the six months ended June 30, 2025, Segall Bryant & Hamill Emerging Markets Fund, Segall Bryant & Hamill International Small Cap Fund and Segall Bryant & Hamill International Equity Fund held common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0, $0 and $0, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.

**Summary of Unobservable Inputs for Level 3 Investments**

The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Funds in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia and restrictions on certain securities due to partial ownership by Russian oligarchs. As a result, management made the decision to value all Russian securities at zero.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For fair value measurements using significant other observable inputs (Level 2), the valuation designee utilizes an independent pricing service which utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information, and for structured securities also incorporate cash flow and, when available, loan performance data. The independent pricing service's evaluated pricing models apply available market information through processes such as benchmark curves, benchmarking of similar securities, and sector groupings. For certain securities, the independent pricing service uses model processes, such as the Option Adjusted Spread (benchmark driven) model, to assess interest rate impact and develop prepayment scenarios. With respect to trades and bids, the independent pricing service reviews the lot size to determine whether the information is representative of an orderly trading market. If the independent pricing service determines that trade or bid information is not consistent with other information available, the trade or bid will not be reflected in the evaluated price.

Corporate bonds, Municipal bonds and U.S. Treasury bonds & notes are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Forward foreign currency contracts are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services.

In the event the independent pricing service is unable to provide an evaluated price for a security or the valuation designee believes the price provided is not reliable, securities of the Funds may be valued in good faith as described above in Note 2. The valuation designee may seek to find an alternative independent source, such as a broker/dealer to provide a price quote, or by using evaluated pricing models similar to the techniques and models used by the independent pricing service. These fair value measurement techniques may utilize unobservable inputs (Level 3).

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

**8. PURCHASES AND SALES OF INVESTMENTS**

Investment transactions for the six months ended June 30, 2025 excluding in-kind redemptions (See Note 2), long-term U.S. government securities and short-term investments were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br> Securities** | **Proceeds from Sales<br> of Securities** |
| Segall Bryant & Hamill Small Cap Value Fund | $58662047 | $145493707 |
| Segall Bryant & Hamill Small Cap Growth Fund | 50950098 | 52575213 |
| Segall Bryant & Hamill Small Cap Core Fund | 22260352 | 12778602 |
| Segall Bryant & Hamill All Cap Fund | 18480805 | 29676004 |
| Segall Bryant & Hamill Emerging Markets Fund | 25139255 | 27143191 |
| Segall Bryant & Hamill International Small Cap Fund | 39370180 | 39931170 |
| Segall Bryant & Hamill International Equity Fund | 7949427 | 1627024 |
| Segall Bryant & Hamill Global All Cap Fund | 4263012 | 6187807 |
| Segall Bryant & Hamill Short Term Plus Fund | 2816064 | 3295037 |
| Segall Bryant & Hamill Plus Bond Fund | 35989620 | 56566183 |
| Segall Bryant & Hamill Quality High Yield Fund | 11967954 | 14609618 |
| Segall Bryant & Hamill Municipal Opportunities Fund | 63112221 | 62147616 |
| Segall Bryant & Hamill Colorado Tax Free Fund | 129615457 | 139007663 |
| Barrett Growth Fund | 974296 | 5003248 |
| Barrett Opportunity Fund | 452228 | 1671456 |

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| | | |
|:---|:---|:---|
| **Fund** | **Purchase of<br> Long Term U.S.<br> Government<br> Obligations** | **Proceeds from<br> Sales of Long Term<br> U.S. Government<br> Obligations** |
| Segall Bryant & Hamill Short Term Plus Fund | $— | $334968 |
| Segall Bryant & Hamill Plus Bond Fund | 113261308 | 143080289 |
| Segall Bryant & Hamill Municipal Opportunities Fund | 10676911 | 16449505 |
| Segall Bryant & Hamill Colorado Tax Free Fund | 9975938 | 11015469 |

---

**9. BORROWING COSTS**

From time to time, the Funds may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs the Funds will incur borrowing costs charged by the custodian. Borrowing costs for each Fund, if any, for the six months ended June 30, 2025 can be found on the Statements of Operations.

**10. INDEMNIFICATIONS**

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

**11. SUBSEQUENT EVENTS**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events except as follows:

On August 12, 2025, MC Accelerate Co-Invest LP, an entity managed by Mubadala Capital Management UK LLP ("Mubadala Capital"), indirectly, via Accelerate Holdings Corp., acquired all the outstanding shares of CI Financial Corp. ("CI"), the parent company of the Adviser (the "Transaction"). CI will continue to operate with its current structure and management team and will be independent of Mubadala Capital's other portfolio businesses. In addition, there are no plans to make any changes to the Funds resulting from the Transaction.

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

After the close of the fiscal period ended June 30, 2025, shareholders of the following Funds approved the new investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser, at the reconvened shareholder meetings indicated in the below table:

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| | |
|:---|:---|
| **Fund** | **Approval Date** |
| Segall Bryant & Hamill Colorado Tax Free Fund | July 31, 2025 |
| Segall Bryant & Hamill Global All Cap Fund | July 31, 2025 |
| Segall Bryant & Hamill Plus Bond Fund | July 31, 2025 |
| Segall Bryant & Hamill Small Cap Core Fund | July 31, 2025 |
| Segall Bryant & Hamill Small Cap Value Fund | July 31, 2025 |
| Barrett Opportunity Fund | July 31, 2025 |
| Segall Bryant & Hamill Quality High Yield Fund | August 8, 2025 |
| Segall Bryant & Hamill All Cap Fund | August 15, 2025 |

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For a discussion of the approvals that occurred during the fiscal period ended June 30, 2025, see the information contained in the "Additional Information – Proxy Disclosures" section of this report.

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|:---|:---|:---|
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| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 109 |

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<u>Segall Bryant & Hamill Funds</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

**Shareholder Meetings:**

On May 30, 2025, Segall Bryant & Hamill Trust (the "Trust") held a Special Meeting of shareholders of record as of April 7, 2025 (the "Shareholder Meeting") of each series of the Trust (each a "Fund" and together, the "Funds"). The Shareholder Meeting was held for the purpose of approving a new investment advi\sory agreement by and between the Trust, on behalf of each Fund, and Segall Bryant & Hamill, LLC (the "Proposal"). The Meeting was adjourned until June 20, 2025 with respect to each Fund that had not reached quorum. The matter was voted on by the shareholders of record of each Fund that had reached quorum and the results of the vote are as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Outstanding <br> Shares ("O/S")** | **Total Shares<br> Voted** | **% of<br> O/S Voted** | **For** | **%** | **Against** | **%** | **Abstain** | **%** |
| Segall Bryant & Hamill ("SBH") Emerging Markets Fund | 7054811 | 4312930 | 61.13% | 4307281 | 99.87% | 3923 | 0.09% | 1726 | 0.04% |
| SBH International Equity | 258338 | 159681 | 61.81% | 159681 | 100% | 0 | 0% | 0 | 0% |
| SBH International Small Cap Fund | 6437765 | 3938213 | 61.17% | 3938100 | 100% | 0 | 0% | 0 | 0% |
| SBH Short Term Plus Fund | 1460846 | 1139540 | 78.01% | 1139540 | 100% | 0 | 0% | 0 | 0% |
| Barrett Growth Fund | 911721 | 560079 | 61.46% | 560079 | 100% | 0 | 0% | 0 | 0% |

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The Shareholder Meeting was reconvened on June 20, 2025 at which time the Proposal was voted on by the shareholders of record of each remaining Fund as of the Record Date. The Shareholder Meeting was adjourned until July 11, 2025 with respect to each Fund that had not reached quorum. The matter was voted on by the shareholders of record of each Fund that had reached quorum and the results of the vote are as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Outstanding <br> Shares ("O/S")** | **Total Shares<br> Voted** | **% of<br> O/S Voted** | **For** | **%** | **Against** | **%** | **Abstain** | **%** |
| SBH Municipal Opportunities Fund | 18674532 | 9351044 | 50.07% | 9025125 | 96.51% | 54071 | 0.58% | 271848 | 2.91% |
| SBH Small Cap Growth Fund | 11929464 | 6001178 | 50.31% | 5893027 | 98.20% | 37354 | 0.62% | 70797 | 1.18% |

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**Remuneration Paid to Directors, Officers and Others**

Refer to the Statements of Operations included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At its meeting on February 12-13, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board") evaluated, among other things, the proposed acquisition of CI Financial Corp. ("CI Financial") the parent company of Segall Bryant & Hamill, LLC ("SBH") by Accelerate Holdings, a company ultimately controlled by Mubadala Capital (the "Transaction")(Mubadala and Accelerate Holdings collectively, the "Acquiror"), and discussed whether approving the new Investment Advisory Agreement between SBH and the Trust on behalf of each series of the Trust (each a "Fund" and collectively the "Funds") (the "New Agreement") would be in the best interests of that Fund's shareholders. At the Meeting and throughout the consideration process, the Board, including a majority of the Independent Trustees, was advised by its independent legal counsel.

In their consideration of the New Agreement for each Fund, the Board of Trustees and its counsel reviewed materials furnished by SBH and communicated with senior representatives of SBH and CI Financial, the parent company of SBH, being taken private as part of the Transaction, regarding the personnel and operations of the Acquiror. The Board of Trustees also reviewed the material terms of the New Agreement and considered the possible effects of the Transaction and New Agreement on each Fund and its shareholders.

During the Meeting, representatives of SBH and CI Financial indicated their belief that the Transaction would not adversely affect the continued operation of any Fund and described the ability of SBH to provide the same level of advisory services to any Fund before and after the consummation of the Transaction. Those representatives indicated that they believed that the Transaction may provide certain benefits to one or more Funds but also indicated that there could be no assurance as to any particular benefits that may result.

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<u>Segall Bryant & Hamill Funds</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

In connection with the Board's recommendation that shareholders of each Fund approve the New Agreement, the Board of Trustees considered, among others, the following factors, but without identifying any single factor as all-important or controlling:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the assurances from SBH and CI Financial
 that the manner in which each Fund's assets are managed will not change in any material manner, that the personnel who currently
 manage each Fund's assets will remain substantially the same after the Transaction, and that there is not expected to be any diminution
 in the nature, quality and extent of services provided to any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the fact that the material terms
 of the New Agreement are the same in all material respects to the material terms of the current investment advisory agreement between
 SBH and the Trust on behalf of the Funds (the "Current Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the agreement by SBH to cause each
 Fund's current contractual fee waiver/expense reimbursement arrangement to continue through at least April 30, 2027;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the history, reputation, qualifications
 and background of SBH and its respective key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;(v) the fact that shareholders of each
 Fund will not bear any costs in connection with the Transaction, insofar as SBH has agreed to pay such expenses, including proxy solicitation
 expenses;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) other information provided by representatives
 of SBH and CI Financial regarding the anticipated impact of the Transaction, including with respect to the operational, administrative
 and compliance services expected to be provided to the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;(vii) other factors described in greater
 detail below.

It was noted that the 1940 Act requires that the Board review the Funds' advisory contracts and consider whether to approve them and, as required, to recommend that shareholders approve them. It was also noted that SBH informed the Trustees via email on November 26, 2024, which was the day following the public announcement, that CI Financial had entered into a definitive agreement with Accelerate to take CI Financial private.

In anticipation of the Board's Meeting, and as part of the process to consider the New Agreement with respect to each Fund, legal counsel to the Independent Trustees requested certain information from SBH. In response to these requests, the Independent Trustees received reports from SBH and CI Financial that addressed specific factors to be considered by the Board of Trustees. The Trustees took into consideration the materials provided in connection with its annual review of the Funds' Current Agreement in the fourth quarter of 2024, as supplemented by additional information provided in connection with the Meeting. The Board also received from counsel a memorandum regarding the Board's responsibilities pertaining to the approval of advisory contracts in general, as well as with respect to the New Agreement.

As part of its evaluation, the Trustees received and considered information from SBH regarding the general plans and intentions regarding each Fund. The Board also inquired about the plans for, and anticipated roles and responsibilities of, the employees and officers of SBH in connection with the Transaction, including the anticipated senior management structure following the closing date of the Transaction. The Independent Trustees met to consider SBH's and CI Financial's recommendations in favor of recommending shareholder approval of the New Agreement with respect to each Fund. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that, in each case, either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to approve the New Agreement. Based on its evaluation, the Board unanimously concluded that the terms of the New Agreement were reasonable and fair and that its approval was in the best interests of each Fund and its shareholders.

In approving SBH to continue serving as investment adviser to the Funds and the fees charged under the New Agreement, the Board concluded that no single factor reviewed by the Board was identified by the Board to be determinative as the principal factor in whether to approve the continuation of the New Agreement with respect to each Fund. The following summary does not identify all the matters considered by the Board but provides a summary of the principal matters the Board considered.

*Nature, Extent and Quality of the Services under the Advisory Agreement*

The Board received and considered information regarding the nature, extent and quality of services provided or to be provided to each Fund under the New Agreement. The Trustees reviewed, among other items, certain background materials supplied by SBH, including its Form ADV.

The Board reviewed and considered SBH's investment advisory personnel, its history as an asset manager, its performance and the amount of assets currently under management by SBH, and reviewed the qualifications, backgrounds and responsibilities of the management teams to be primarily responsible for the day-to-day portfolio management of each Fund and the extent of the resources devoted to research and analysis of actual and potential investments. The Board also reviewed the research and decision-making processes utilized by SBH, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of each Fund. As part of that

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<u>Segall Bryant & Hamill Funds</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

review, the Board noted that the Investment Review Committee reviews the performance of the Funds on a quarterly basis and the Board discussed with SBH the performance returns achieved over various time frames and the factors leading to that positive or negative, absolute and relative performance, as appropriate, including the approaches and techniques under consideration by SBH to seek to improve the performance of those underperforming Funds. The Board also reviewed accompanying compliance-related materials with respect to the Trust, and not a particular Fund, and noted that they received reports on these services and compliance issues from Trust officers and SBH periodically throughout the year. Taking into account the totality of the information considered, the Board concluded that the nature, extent, and quality of services to be rendered by SBH under the New Agreement were adequate.

*Investment Advisory Fee Rate*

The Board considered certain information provided regarding the gross investment advisory fee rate paid or to be paid by each Fund, including comparisons against the fee rates of funds in peer groups selected by an independent provider of investment company data. The Board noted that the gross investment advisory fee rate to be paid to SBH by each Fund under the New Agreement was lower than or within an acceptable range of its peer group median.

The Board noted the following information regarding each class of each Fund's gross advisory fee quartile ranking relative to its peer group, where the first quartile includes the funds with the lowest advisory fees in the applicable peer group:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Gross<br> Advisory Fee** | **Peer Group<br> Quartile** |
| SBH All Cap Fund | Institutional | 0.65% | 2nd |
|  | Retail | 0.65% | 2nd |
| SBH Colorado Tax Free Fund | Institutional | 0.35% | 1st |
|  | Retail | 0.35% | 1st |
| SBH Emerging Markets Fund | Institutional | 0.90% | 3rd |
|  | Retail | 0.90% | 3rd |
| SBH Global All Cap Fund | Institutional | 0.65% | 2nd |
|  | Retail | 0.65% | 1st |
| SBH International Equity Fund | Institutional | 0.75% | 3rd |
|  | Retail | 0.75% | 3rd |
| SBH International Small Cap Fund | Institutional | 0.90% | 2nd |
|  | Retail | 0.90% | 1st |
| SBH Municipal Opportunities Fund | Institutional | 0.35% | 1st |
|  | Retail | 0.35% | 1st |
| SBH Plus Bond Fund | Institutional | 0.35% | 2nd |
|  | Retail | 0.35% | 2nd |
| SBH Quality High Yield Fund | Institutional | 0.45% | 2nd |
|  | Retail | 0.45% | 2nd |
| SBH Short Term Plus Fund | Institutional | 0.25% | 1st |
|  | Retail | 0.25% | 1st |
| SBH Small Cap Core Fund | Institutional | 0.80% | 2nd |
|  | Retail | 0.80% | 2nd |
| SBH Small Cap Growth Fund | Institutional | 0.65% | 1st |
|  | Retail | 0.65% | 1st |
| SBH Small Cap Value Fund | Institutional | 0.80% | 2nd |
|  | Retail | 0.80% | 1st |
| Barrett Growth Fund | Retail | 0.65% | 1st |
| Barrett Opportunity Fund | Retail | 0.65% | 1st |

---

*Expense Ratios*

The Board considered certain information provided regarding the total net expense ratio of each Fund, including comparisons against the net expense ratios of funds in peer groups selected by an independent provider of investment company data. The Board noted that the total net expense ratio for each Fund was lower than or near its peer group median, with the exception of the Emerging Markets Fund, which, as compared to its peer group, was in the fourth quartile for the institutional class and third quartile for the retail class, and the institutional class of the International Equity Fund, which was in the fourth quartile of its peer group.

---

| | | |
|:---|:---|:---|
| 112 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

The Board noted the following information regarding each class of each Fund's total net expense ratio quartile ranking relative to its peer group, where the first quartile includes the funds with the lowest total net expense ratios in the applicable peer group:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Total Net<br> Expense Ratio** | **Peer Group<br> Quartile** |
| SBH All Cap Fund | Institutional | 0.84% | 3rd |
|  | Retail | 0.92% | 1st |
| SBH Colorado Tax Free Fund | Institutional | 0.50% | 1st |
|  | Retail | 0.65% | 1st |
| SBH Emerging Markets Fund | Institutional | 1.23% | 4th |
|  | Retail | 1.38% | 4th |
| SBH Global All Cap Fund | Institutional | 0.74% | 2nd |
|  | Retail | 0.89% | 2nd |
| SBH International Equity Fund | Institutional | 0.99% | 4th |
|  | Retail | 1.14% | 2nd |
| SBH International Small Cap Fund | Institutional | 1.10%\* | 2nd |
|  | Retail | 1.25%\* | 1st |
| SBH Municipal Opportunities Fund | Institutional | 0.50% | 3rd |
|  | Retail | 0.65% | 1st |
| SBH Plus Bond Fund | Institutional | 0.40% | 1st |
|  | Retail | 0.55% | 1st |
| SBH Quality High Yield Fund | Institutional | 0.70% | 2nd |
|  | Retail | 0.85% | 3rd |
| SBH Short Term Plus Fund | Institutional | 0.40% | 2nd |
|  | Retail | 0.49% | 1st |
| SBH Small Cap Core Fund | Institutional | 0.99% | 2nd |
|  | Retail | 1.14% | 1st |
| SBH Small Cap Growth Fund | Institutional | 0.87% | 1st |
|  | Retail | 1.04% | 1st |
| SBH Small Cap Value Fund | Institutional | 0.96% | 3rd |
|  | Retail | 1.09% | 1st |
| Barrett Growth Fund<sup>1</sup> | Retail | 0.99% | 1st |
| Barrett Opportunity Fund<sup>2</sup> | Retail | 0.99% | 2nd |

---

*\** *Includes 0.07% of tax reclaim fees which are excluded from the expense limitation agreement.*

1. On November 20, 2023, the Barrett Growth Fund acquired all the assets and liabilities of the Barrett Growth Fund (the "Predecessor Growth Fund"), an unaffiliated registered investment company. The Predecessor Growth Fund was advised by Barrett Asset Management, LLC. Performance results shown for the periods prior to November 20, 2023 reflect the performance of the Predecessor Growth Fund.

2. On November 20, 2023, the Barrett Opportunity Fund acquired all the assets and liabilities of the Barrett Opportunity Fund, Inc., (the "Predecessor Opportunity Fund"), an unaffiliated registered investment company. The Predecessor Opportunity Fund was advised by Barrett Asset Management, LLC. Performance results shown for the periods prior to November 20, 2023 reflect the performance of the Predecessor Opportunity Fund.

*Investment Performance*

The Board reviewed performance information provided in connection with the Board's September 30 and October 1, 2024, meeting (the "October Meeting") for each Fund for the one-, three-, five- and ten-year (as applicable), and since inception periods ended June 30, 2024. The review included a comparison of each Fund's performance to the performance of a group of comparable funds selected by an independent provider of research data. The Board also considered each of SBH's performance and reputation generally and its investment techniques, risk management controls and decision-making processes.

---

| | | |
|:---|:---|:---|
| | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 113 |

---

<u>Segall Bryant & Hamill Funds</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

The Board noted the following information regarding each class of each Fund's average annual performance quartile ranking relative to its peer group for each applicable period, where the first quartile includes the Funds with the highest performance returns in the applicable peer group:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Peer Group Quartile** | **Peer Group Quartile** | **Peer Group Quartile** | **Peer Group Quartile** | **Peer Group Quartile** | **Peer Group Quartile** | **Peer Group Quartile** |
| **Fund** | **Class** | **One-Year** | **Three-Year** | **Five-Year** | **Ten-Year** | **Since Inception** |
| SBH All Cap Fund | Institutional | 3rd | 4th | 4th | 3rd | 4th |
|  | Retail | 3rd | 4th | N/A | N/A | 3rd |
| SBH Colorado Tax Free Fund | Institutional | 1st | 4th | 2nd | N/A | 1st |
|  | Retail | 1st | 4th | 2nd | 2nd | 2nd |
| SBH Emerging Markets Fund | Institutional | 1st | 1st | 1st | 1st | 1st |
|  | Retail | 1st | 1st | 1st | 1st | 1st |
| SBH Global All Cap Fund | Institutional | 2nd | 2nd | 3rd | 2nd | 2nd |
|  | Retail | 2nd | 2nd | 3rd | 3rd | 1st |
| SBH International Equity Fund | Institutional | 2nd | N/A | N/A | N/A | 2nd |
|  | Retail | 2nd | N/A | N/A | N/A | 1st |
| SBH International Small Cap Fund | Institutional | 2nd | 2nd | 4th | 4th | 4th |
|  | Retail | 2nd | 3rd | 4th | 4th | 4th |
| SBH Municipal Opportunities Fund | Institutional | 2nd | 4th | 3rd | N/A | 1st |
|  | Retail | 1st | 4th | 2nd | N/A | 1st |
| SBH Plus Bond Fund | Institutional | 2nd | 1st | 2nd | 1st | 2nd |
|  | Retail | 2nd | 1st | 1st | 1st | 3rd |
| SBH Quality High Yield Fund | Institutional | 3rd | 2nd | 2nd | 1st | 4th |
|  | Retail | 3rd | 2nd | 3rd | 1st | 1st |
| SBH Short Term Plus Fund | Institutional | 4th | 1st | 4th | N/A | 4th |
|  | Retail | 4th | 1st | 3rd | N/A | 3rd |
| SBH Small Cap Core Fund | Institutional | 2nd | 1st | N/A | N/A | 1st |
|  | Retail | 2nd | 1st | N/A | N/A | 1st |
| SBH Small Cap Growth Fund | Institutional | 3rd | 3rd | 2nd | 2nd | 2nd |
|  | Retail | 3rd | 3rd | 1st | 1st | 1st |
| SBH Small Cap Value Fund | Institutional | 4th | 4th | 4th | 3rd | 3rd |
|  | Retail | 3rd | 3rd | N/A | N/A | 4th |
| Barrett Growth Fund | Retail | 1st | 1st | 2nd | 1st | 4th |
| Barrett Opportunity Fund | Retail | 2nd | 1st | 3rd | 3rd | 1st |

---

*Comparable Accounts*

The Board received and considered certain information provided by SBH regarding fees charged and types of services provided to certain of its other clients utilizing strategies similar to those employed for the Funds. In particular, the Board received information regarding the typical fee rates and associated breakpoints used by SBH for its strategies.

The Board also noted the limitations of these comparisons given the differences in terms of strategy and processes but determined that, based on the information presented, the comparable account fee rates were not indicative of any unreasonableness with respect to the advisory fee rates to be paid by the Funds in question.

*Adviser Profitability*

The Board received a detailed actual and projected profitability analysis with respect to the Funds prepared by SBH based on the fees payable under the New Agreement. The Board was also provided with CI Financial's audited financial information. The Board also considered SBH's statements regarding its commitment to the Funds. The Board determined that SBH's profitability and projected profitability in connection with its management of the Funds is not unreasonable.

*Economies of Scale*

The Board considered whether economies of scale in the provision of services to each Fund are being or will be passed along to the shareholders. The Board noted SBH's statements indicating that it has experienced economies of scale in connection with its management of the Funds in light of the expense limitation agreements in effect for certain of the Funds. To the extent available, the Board concluded that the Funds could be expected to share in economies of scale realized by SBH if Fund assets were to increase and potential methods for sharing those economies of scale.

---

| | | |
|:---|:---|:---|
| 114 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

*Other Benefits*

The Board also reviewed and considered any other benefits derived or to be derived by SBH from its relationship with each Fund, including soft dollar arrangements and publicity related to the Funds.

*Conclusions*

Taking into account the information considered by the Board at its meetings, the Trustees, including all of the Independent Trustees, concluded that:

● The nature, extent and quality of services to be rendered by SBH under the New Agreement were adequate;

● Taking into account the totality of the information presented, each Fund's gross advisory fee rate was within an acceptable range of its peer group;

● The total net expense ratios for each Fund were lower than or near their respective peer group medians, with the exception of the Emerging Markets Fund and the institutional class of the International Equity Fund, and, after considering the totality of the information presented by SBH regarding each Fund's total net expense ratios, each Fund's total net expense ratios were within an acceptable range of the peer group median;

● Based on an evaluation of each Fund's performance over the one-, three-, five-, and ten-year (as applicable) and since inception periods ended June 30, 2024, and on the additional information provided by SBH regarding the cause of the underperformance of certain Funds over certain periods relative to their respective peer group medians, the performance of each class of each Fund over one or more of such periods was within an acceptable range of its peer group median;

● Bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to certain of SBH's other clients employing strategies comparable to those of certain of the Funds, as applicable, were not indicative of any unreasonableness with respect to the advisory fee rates to be paid by each Fund; and

● To the extent available, the Funds could be expected to share in economies of scale to be realized by SBH if Fund assets were to increase.

Based on its evaluation of the aforementioned considerations and taking into account the Transaction-specific factors enumerated above, the Board of Trustees unanimously voted to approve the New Agreement for each Fund, and to recommend to the shareholders of each Fund that they approve the New Agreement.

**Board Consideration of the Interim Agreement**

In approving the Interim Advisory Agreement between the Trust, on behalf of each Fund, and SBH (the "Interim Agreement"), which will become effective immediately upon the closing of the Transaction pending shareholder approval of the New Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Funds:

**Compensation:** The compensation to be received under the Interim Agreement is the same compensation as is being received under the Current Agreement; and

**Scope and Quality of the Services:** The scope and quality of services under the Interim Agreement are the same as those under the Current Agreement.

After further discussion and based upon all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Board unanimously determined that entering into the Interim Agreement was in the best interests of the applicable Fund and its shareholders.

---

| | | |
|:---|:---|:---|
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 115 |

---

**Segall Bryant & Hamill Trustees and Officers (as of August 14, 2025):**

Janice M. Teague, Chair

Thomas J. Abood, Trustee

Kathryn A. Burns, Trustee

John A. DeTore, Trustee

Rick A. Pederson, Trustee

James A. Smith, Trustee

Lloyd "Chip" Voneiff, Trustee

Carolyn B. Goldhaber, President

Jasper R. Frontz, Chief Compliance Officer

Jennifer L. Leamer, Treasurer

Daniel Bauer, Asst. Treasurer

Maggie Bull, Secretary

![](sbh_001.jpg)

FOR MORE INFORMATION ABOUT SEGALL BRYANT & HAMILL FUNDS, PLEASE CONTACT:<br> Segall Bryant & Hamill Funds \| 225 Pictoria Drive, Suite 450 \| Cincinnati, Ohio 45246<br> Individual Investors: (800) 392-2673 \| Financial Advisors: (800) 734-9738 \| www.cisbh.com/funds<br>

This report has been prepared for Segall Bryant & Hamill Funds shareholders and may be distributed to others only if preceded or accompanied by a prospectus.

Funds distributed by Ultimus Fund Distributors, LLC

![](sbh_001.jpg)

**Segall Bryant & Hamill Select Equity ETF**

(Ticker Symbol: USSE)

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

**June 30, 2025**

**Table of Contents**

---

| | |
|:---|:---|
| **FINANCIAL STATEMENTS** | **1** |
| &nbsp;&nbsp;&nbsp;Statement of Investments | **1** |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | **2** |
| &nbsp;&nbsp;&nbsp;Statement of Operations | **3** |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | **4** |
| &nbsp;&nbsp;&nbsp;Financial Highlights | **5** |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | **6** |
| **ADDITIONAL INFORMATION** | **11** |

---

---

| | |
|:---|:---|
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Statement of Investments</u> <br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 97.9%** |  |  |
| **Communication Services — 14.1%** |  |  |
| *Media & Entertainment — 14.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 108979 | $19331785 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 24101 | 17788707 |
|  |  | 37120492 |
| **Consumer Discretionary — 5.3%** |  |  |
| *Consumer Discretionary Distribution & Retail — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 63867 | 14011781 |
| **Financials — 25.7%** |  |  |
| *Banks — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 44128 | 12793149 |
| *Financial Services — 10.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. - Class A | 59598 | 10322374 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 49965 | 17740073 |
|  |  | 28062447 |
| *Insurance — 10.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 109185 | 13570603 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 66780 | 13246481 |
|  |  | 26817084 |
| **Industrials — 9.4%** |  |  |
| *Capital Goods — 9.4%* |  |  |
| &nbsp;&nbsp;&nbsp;ATI, Inc. <sup>(a)</sup> | 143808 | 12416383 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 32738 | 12377583 |
|  |  | 24793966 |
| **Information Technology — 43.4%** |  |  |
| *Semiconductors & Semiconductor Equipment — 9.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 162293 | 12561478 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 15811 | 11563849 |
|  |  | 24125327 |
| *Software & Services — 24.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>(a)</sup> | 4303 | 7865712 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 10360 | 8159847 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 39150 | 19473602 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 51885 | 10617746 |
| &nbsp;&nbsp;&nbsp;SAP S.E. ADR (Germany) | 27171 | 8262701 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 10837 | 11141303 |
|  |  | 65520911 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Information Technology (Continued)** |  |  |
| *Technology Hardware & Equipment — 9.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 70317 | $14426939 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 24744 | 10403862 |
|  |  | 24830801 |
| **Investments at Value — 97.9%<br> (Cost $225,961,764)** |  | $258075958 |
| **Other Assets in Excess of Liabilities — 2.1%** |  | 5508129 |
| **Net Assets — 100.0%** |  | $263584087 |

---

*<sup>(a)</sup>* *Non-income producing security.*

---

| | |
|:---|:---|
| *ADR -* | *American Depositary Receipt.* |
| *S.E.* - | *SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States.* |

---

*The Fund's sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/ or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of Segall Bryant & Hamill, LLC (the "Adviser"), the adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 1 |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Statement of Assets and Liabilities</u> <br> June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $225961764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $258075958 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) | 10879973 |
| &nbsp;&nbsp;&nbsp;Recievable for Fund shares sold | 27984 |
| &nbsp;&nbsp;&nbsp;Recievable for investment securities sold | 2460872 |
| &nbsp;&nbsp;&nbsp;Dividends and interest recievable | 69556 |
| &nbsp;&nbsp;&nbsp;Reclaims receivable | 17821 |
| &nbsp;&nbsp;&nbsp;Other assets | 1890 |
| &nbsp;&nbsp;&nbsp;Total assets | 271534054 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 7806766 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) | 111815 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 9363 |
| &nbsp;&nbsp;&nbsp;Accrued chief compliance officer fees (Note 6) | 833 |
| &nbsp;&nbsp;&nbsp;Accrued Trustees' fees and expenses (Note 6) | 5000 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 16190 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 7949967 |
| **Net Assets** | $263584087 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $229240826 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 34343261 |
| **Net Assets** | $263584087 |
| **Shares of Beneficial Interest Outstanding** | 8200000 |
| **Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)** | $32.14 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 2 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds/etf |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Statement of Operations</u> <br> For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $918467 |
| &nbsp;&nbsp;&nbsp;Interest income | 98087 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (19301) |
| &nbsp;&nbsp;&nbsp;Tax reclaims received | 7979 |
| &nbsp;&nbsp;&nbsp;Total Income | 1005232 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 6) | 678194 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 6) | 64466 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 6) | 19244 |
| &nbsp;&nbsp;&nbsp;Legal fees | 11589 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 11227 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 8365 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 6510 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 5000 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 5000 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 4264 |
| &nbsp;&nbsp;&nbsp;Independent pricing servicing fees | 808 |
| &nbsp;&nbsp;&nbsp;Other | 21234 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 835901 |
| &nbsp;&nbsp;&nbsp;Expenses waived by Advisor | (28017) |
| &nbsp;&nbsp;&nbsp;Net expenses | 807884 |
| **Net Investment Income (Loss)** | 197348 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (237803) |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on in-kind transactions (Note 9) | 3493872 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (7694019) |
| Net Realized and Unrealized Gains (Losses) | (4437950) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $(4240602) |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 3 |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $197348 | $403352 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | 3256069 | (1328943) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (7694019) | 36903323 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (4240602) | 35977732 |
| **Distributions to Shareholders (Note 5)** |  | (284229) |
| **Beneficial Interest Transactions (Note 4)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 23792863 | 165365352 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (13703260) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | 10089603 | 165365352 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | 5849001 | 201058855 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 257735086 | 56676231 |
| &nbsp;&nbsp;&nbsp;End of period | $263584087 | $257735086 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| 4 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds/etf |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Period Ended<br> December 31,<br> 2023<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $32.79 | $26.36 | $25.00 |
| **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.02 | 0.07 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.67) | 6.40 | 1.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.65) | 6.47 | 1.38 |
| **Variable transaction fees (Note 7)<sup>(b)</sup>** | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.01 |
| **Less dividends and distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income |  | (0.04) | (0.03) |
| **Net asset value, end of period** | $32.14 | $32.79 | $26.36 |
| **Market price, end of period** | $32.14 | $32.78 | $26.36 |
| **Total Return** | (1.98)%<sup>(d)</sup> | 24.53% | 5.57 %<sup>(d)</sup> |
| **Total Return at Market<sup>(e)</sup>** | (1.95)%<sup>(d)</sup> | 24.49% | 5.57 %<sup>(d)</sup> |
| **Ratios and Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $263584 | $257735 | $56676 |
| **Ratio of expenses to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.65 %<sup>(f)</sup> | 0.65% | 0.65 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.67 %<sup>(f)</sup> | 0.71% | 1.81 %<sup>(f)</sup> |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.16 %<sup>(f)</sup> | 0.24% | 1.15 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.14 %<sup>(f)</sup> | 0.18% | (0.01)%<sup>(f)</sup> |
| **Portfolio turnover rate<sup>(g)</sup>** | 72 %<sup>(d)</sup> | 90% | 13 %<sup>(d)</sup> |

---

<sup>*(a)*</sup> *Represents the period from the commencement of operations (August 29, 2023) through December 31, 2023.*

<sup>*(b)*</sup> *Calculated using the average shares method.*

<sup>*(c)*</sup> *Amount rounds to less than $0.01.*

<sup>*(d)*</sup> *Total return and portfolio turnover are not annualized for periods less than one full year.*

<sup>*(e)*</sup> *Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE Arca) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value.*

<sup>*(f)*</sup> *Annualized.*

<sup>*(g)*</sup> *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.*

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| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 5 |

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

**1. ORGANIZATION**

Segall Bryant & Hamill Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end management investment company. The Segall Bryant & Hamill Select Equity ETF is represented by a single class of beneficial interest of the Trust, which is organized as a Massachusetts business trust. The Fund commenced operations on August 29, 2023. Other series of the Trust are not included in this report.

The Fund's investment objective is long-term capital appreciation.

Shares are listed and traded on NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Shares trade in the secondary market at market prices that may differ from the shares' NAV. Other than Authorized Participants, investors will not be able to purchase or redeem shares directly with or from the Fund. Instead, most investors will buy and sell shares in the secondary market through a broker.

The Fund is a non-diversified portfolio of the Trust for the purposes of the 1940 Act.

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM using the information presented in the financial statements and financial highlights.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company for financial reporting purposes. The following policies are in conformity with accounting principles generally accepted in the United States of America for investment companies, under Accounting Standards Codification Topic 946 – Financial Services – Investment Companies.

**New Accounting Pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is evaluating the impacts of these changes on the Fund's financial statements.

**Use of Estimates** – The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities in the financial statements. The actual results could differ from those estimates.

**Cash Equivalents** – The Fund subscribes to the Brown Brothers Harriman & Co. ("BBH") Cash Management Service ("CMS"), whereby cash balances are automatically swept into overnight demand deposits with a branch of a pre-approved commercial bank. This fully automated program allows the Fund to earn interest on cash balances. As of June 30, 2025, the interest rate was 3.68%, and the cash equivalents balance reflected on the Statement of Assets and Liabilities represents the amount participating in the BBH CMS.

**Investment Valuation** – All securities of the Fund are valued as of the close of regular trading on the New York Stock Exchange ("NYSE"), currently 4:00 p.m. (Eastern Time), on each day that the NYSE is open, subject to provisions in the prospectus and/or Statement of Additional Information regarding pricing at other times in case of an emergency and optional pricing of the Fund in the event that the NYSE does not open for business because of an emergency.

The Adviser is the Fund's valuation designee responsible for carrying out pricing and valuation duties in accordance with the Adviser's Valuation Procedures pursuant to Rule 2a-5 under 1940 Act.

When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the valuation designee with procedures approved by the Trust's Board of Trustees (the "Board") as noted above. Factors which may be considered when determining the value of a security include (a) the fundamental data relating to the investment; (b) an evaluation of the forces which influence the market in which the security is sold, including the liquidity and depth of the market; (c) the market value at date of purchase; (d) information as to any transactions or offers with respect to the security or comparable securities; and (e) any other relevant matters.

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

**Federal Income Taxes** – No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

As of and during the six months ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended June 30, 2025, the Fund did not incur any interest or penalties.

**Common Expenses** – Expenses of the Trust not attributable solely to a specific fund of the Trust are allocated among the funds based on the relative net assets of the funds or based on the nature of the expense and its relative applicability to the funds.

**Security Transactions and Related Investment Income** – For financial reporting purposes, the Fund's investment transactions are recorded on trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends, if any, included in dividend income, are recorded at the fair value of the security received. Withholding taxes on foreign dividends, net of reclaims, and foreign capital gains taxes, if any, have been recorded in accordance with the Fund's understanding of the applicable country's rules and tax rates. Interest income is accrued as earned. Realized gains and losses from investment transactions and unrealized appreciation and depreciation of investments are reported on an identified cost basis.

**3. CERTAIN INVESTMENTS AND ASSOCIATED RISKS**

For information regarding the risks associated with investments in the Fund, see the Fund's Prospectus and Statement of Additional Information.

**4. SHARES OF BENEFICIAL INTEREST**

On June 30, 2025 there was an unlimited number of no par value shares of beneficial interest authorized for the Fund. Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| Shares Sold | 760000 | 5710000 |
| Less Shares Redeemed | (420000) |  |
| Net Increase (Decrease) | 340000 | 5710000 |

---

**5. TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION**

**Distributions** – The Fund will distribute any net investment income and any net capital gains, if any, at least annually typically during the month of December. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. The Fund may make additional distributions if it deems it desirable at another time during the year.

The tax character of the distributions paid during the periods ended June 30, 2025 and December 31, 2024 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Ordinary Income\*** | **Return of Capital** | **Long-Term<br> Capital Gains** |
| 6/30/2025 | $— | $– $|  |
| 12/31/2024 | $284229 | $– $|  |

---

*\** *Ordinary income distributions for federal income tax purposes includes distributions from net investment income and short-term capital gains.*

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|:---|:---|:---|
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| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 7 |

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

As of June 30, 2025, net unrealized appreciation (depreciation) on investments based on federal tax cost was as follows:

---

| | |
|:---|:---|
| Tax cost of portfolio investments | $226187633 |
| Gross unrealized appreciation | 33461410 |
| Gross unrealized depreciation | (1573085) |
| Net unrealized appreciation (depreciation) on investments | $31888325 |

---

The difference between book and tax differences is attributable primarily to wash sales and tax treatment of real estate investments.

As of December 31, 2024 the components of distributable earnings on a tax basis was as follows:

---

| | |
|:---|:---|
| Accumulated capital and other losses | $(1365209) |
| Net unrealized appreciation (depreciation) on investments | 39949072 |
| Distributable earnings | $38583863 |

---

Under current law, capital losses maintain character as short-term or long-term and are carried forward to the next tax year without expiration. As of December 31, 2024, the following amounts are available as carry forwards to offset net capital gains realized in the current and future tax years:

---

| | |
|:---|:---|
| **Short-Term** | **Long-Term** |
| $1365209 | $— |

---

The Fund recharacterizes distributions received from Real Estate Investment Trust ("REIT") investments based on information provided by the REIT into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be estimated based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.

**6. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER RELATED PARTY TRANSACTIONS**

The Trust has entered into an advisory agreement with the Adviser for the Fund. The advisory agreement has been approved by the Board.

Pursuant to its advisory agreement with the Trust, the Adviser is entitled to management fees, based on the average net assets of the Fund, computed daily and payable monthly at the annual rate of 0.55% of average daily net assets.

Ultimus Fund Solutions LLC ("Ultimus") and the Adviser serve as the Fund's co-administrators ("Co-Administrators"). Ultimus and the Adviser are entitled to receive a total fee from the Fund for their administrative services computed daily and payable monthly based on the average net assets of the Trust. The Adviser receives a portion that is calculated based on 0.01% on the average daily net assets of the Trust.

The administrative fees are allocated to the Fund based upon the Fund's relative proportion of the Trust's net assets, subject to certain minimums, and are disclosed in the Statement of Operations. During the six months ended June 30, 2025, the Adviser and Ultimus received $12,331 and $52,135, respectively, for their services to the Fund.

Until at least April 30, 2026, the Adviser has contractually agreed to waive the management and/or administration fees and/or to reimburse other expenses (not including acquired fund fees and expenses, taxes, brokerage expenses, class action reclaim fees, tax reclaim fees and extraordinary expenses), so that the ratio of expense to average net assets as reported in the Fund's Financial Highlights will be no more than 0.65%. These amounts are not subject to recapture in future periods. During the six months ended June 30, 2025, the Adviser waived $28,017 of its management fees.

Under the terms of a Distribution Agreement with the Trust, Northern Lights Distributors, LLC (the "Distributor") serves as the principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser for acting as principal underwriter.

Certain officers of the Fund are also officers of the Adviser and Ultimus.

The Trust has appointed a Chief Compliance Officer who is also an employee of the Adviser. The Trust has agreed to have the Fund pay the portion of his compensation attributable for services rendered as the Trust's Chief Compliance Officer.

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

The Trust has a Trustee Deferred Compensation Plan (the "Deferral Plan") which allows the Trustees to defer the receipt of all or a portion of Trustees fees. Under the Deferral Plan, Trustee fees are paid and invested directly into shares of funds that are series of the Trust that are elected by the Trustees in the Deferral Plan. There is no future liability related to the balance in the Deferral Plan as such amounts are paid directly out of the respective capital accounts of the elected funds. The amount paid to the Trustees under the Deferral Plan will be determined based upon the performance of the elected funds. The balance in the Deferral Plan for the Trust as a whole as of June 30, 2025 is $1,023,799.

**7. CAPITAL SHARES TRANSACTIONS**

The Fund issues and redeems shares at net asset value per share ("NAV") only in large blocks known as "Creation Units" of 10,000 shares. Only Authorized Participants ("APs") or transactions done through an AP are permitted to purchase or redeem Creation Units from the Fund. An AP is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, where Creation Units are issued in exchange for a basket of securities with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. Realized gains (losses) resulting from in-kind redemption of shares, if any, are reflected separately on the Statement of Operations.

The Fund charges APs standard creation and redemption transaction fees ("Transaction Fees") to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation transaction fee is charged to the AP on the day such AP creates a Creation Unit and is the same regardless of the number of Creation Units purchased by the AP on the applicable business day. Similarly, the standard redemption transaction fee is charged to the AP on the day such AP redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the AP on the applicable business day.

Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs). For the six months ended June 30, 2025, the Fund received $8,000 in transaction fees.

The Transaction Fees for the Fund are listed in the table below:

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| | |
|:---|:---|
| **Fee for In-Kind and<br> Cash Purchases** | **Maximum<br> Additional Variable<br> Change for Cash<br> Purchases\*** |
| $250 | 2.00% |

---

*\** *As a percentage of the amount invested.*

**8. FAIR VALUE MEASUREMENTS**

A three-tier hierarchy has been established to measure fair value based on the extent of use of "observable inputs" as compared to "unobservable inputs" for disclosure purposes and requires additional disclosures about these valuation measurements. Inputs refer broadly to the assumptions that market participants would use in pricing a security. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the security developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the security developed based on the best information available in the circumstances.

The three-tier hierarchy is summarized as follows:

1) Level 1 – Unadjusted Quoted Prices in active markets for identical investments

2) Level 2 – Other Significant Observable Inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

3) Level 3 – Significant Unobservable Inputs (including the Fund's own assumptions in determining the fair value of investments).

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|:---|:---|:---|
| | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 9 |

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Notes to Financial Statements</u> <br> June 30, 2025 (Unaudited)

The following is a summary of the Fund's investments and other financial instruments (if any) and the inputs used to value the investments and other financial instruments as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $258075958 | $— | $— | $258075958 |
| Total | $258075958 | $— | $— | $258075958 |

---

The fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended June 30, 2025.

**9. PURCHASES AND SALES OF INVESTMENTS**

During the six months ended June 30, 2025 cost of purchases and proceeds from sales of investment securities, other than in-kind transactions and short-term investments, were $177,504,201 and $177,189,827, respectively. Purchases and sales of in-kind transactions for the six months ended June 30, 2025 were $23,358,719 and $13,455,769, respectively. There were realized gains of $3,493,872 from in-kind transactions during the six months ended June 30, 2025.

**10. INDEMNIFICATIONS**

In the normal course of business, the Trust, on behalf of the Fund, enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated.

**11. SUBSEQUENT EVENTS**

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events except as follows:

On August 12, 2025, MC Accelerate Co-Invest LP, an entity managed by Mubadala Capital Management UK LLP ("Mubadala Capital"), indirectly, via Accelerate Holdings Corp., acquired all the outstanding shares of CI Financial Corp. ("CI"), the parent company of the Adviser (the "Transaction"). CI will continue to operate with its current structure and management team and will be independent of Mubadala Capital's other portfolio businesses. In addition, there are no plans to make any changes to the Fund resulting from the Transaction.

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the Statement of Operations included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At its meeting on February 12-13, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board") evaluated, among other things, the proposed acquisition of CI Financial Corp. ("CI Financial") the parent company of Segall Bryant & Hamill, LLC ("SBH") by Accelerate Holdings, a company ultimately controlled by Mubadala Capital (the "Transaction")(Mubadala and Accelerate Holdings collectively, the "Acquiror"), and discussed whether approving the new Investment Advisory Agreement between SBH and the Trust on behalf of Segall Bryant & Hamill Select Equity ETF (the "Fund") (the "New Agreement") would be in the best interests of the Fund's shareholders. At the Meeting and throughout the consideration process, the Board, including a majority of the Independent Trustees, was advised by its independent legal counsel.

In their consideration of the New Agreement for the Fund, the Board of Trustees and its counsel reviewed materials furnished by SBH and communicated with senior representatives of SBH and CI Financial, the parent company of SBH, being taken private as part of the Transaction, regarding the personnel and operations of the Acquiror. The Board of Trustees also reviewed the material terms of the New Agreement and considered the possible effects of the Transaction and New Agreement on the Fund and its shareholders.

During the Meeting, representatives of SBH and CI Financial indicated their belief that the Transaction would not adversely affect the continued operation of the Fund and described the ability of SBH to provide the same level of advisory services to the Fund before and after the consummation of the Transaction. Those representatives indicated that they believed that the Transaction may provide certain benefits to the Fund but also indicated that there could be no assurance as to any particular benefits that may result.

In connection with the Board's recommendation that shareholders of the Fund approve the New Agreement, the Board of Trustees considered, among others, the following factors, but without identifying any single factor as all-important or controlling:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the assurances from SBH and CI Financial that the manner in which the Fund's assets are managed will
 not change in any material manner, that the personnel who currently manage the Fund's assets will remain substantially the same
 after the Transaction, and that there is not expected to be any diminution in the nature, quality and extent of services provided to the
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the fact that the material terms of the New Agreement are the same in all material respects to the material
 terms of the current investment advisory agreement between SBH and the Trust on behalf of the Fund (the "Current Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the agreement by SBH to cause the Fund's current contractual fee waiver/expense reimbursement arrangement
 to continue through at least April 30, 2027;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the history, reputation, qualifications and background of SBH and its respective key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;(v) the fact that shareholders of the Fund will not bear any costs in connection with the Transaction, insofar
 as SBH has agreed to pay such expenses, including proxy solicitation expenses;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) other information provided by representatives of SBH and CI Financial regarding the anticipated impact of
 the Transaction, including with respect to the operational, administrative and compliance services expected to be provided to the Fund;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(vii) other factors described in greater detail below.

It was noted that the 1940 Act requires that the Board review the Fund's advisory contract and consider whether to approve it and, as required, to recommend that shareholders approve it. It was also noted that SBH informed the Trustees via email on November 26, 2024, which was the day following the public announcement, that CI Financial had entered into a definitive agreement with Accelerate to take CI Financial private.

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| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 11 |

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

In anticipation of the Board's Meeting, and as part of the process to consider the New Agreement with respect to the Fund, legal counsel to the Independent Trustees requested certain information from SBH. In response to these requests, the Independent Trustees received reports from SBH and CI Financial that addressed specific factors to be considered by the Board of Trustees. The Trustees took into consideration the materials provided in connection with its annual review of the Fund's Current Agreement in the fourth quarter of 2024, as supplemented by additional information provided in connection with the Meeting. The Board also received from counsel a memorandum regarding the Board's responsibilities pertaining to the approval of advisory contracts in general, as well as with respect to the New Agreement.

As part of its evaluation, the Trustees received and considered information from SBH regarding the general plans and intentions regarding the Fund. The Board also inquired about the plans for, and anticipated roles and responsibilities of, the employees and officers of SBH in connection with the Transaction, including the anticipated senior management structure following the closing date of the Transaction. The Independent Trustees met to consider SBH's and CI Financial's recommendations in favor of recommending shareholder approval of the New Agreement with respect to the Fund. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that, in each case, either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to approve the New Agreement. Based on its evaluation, the Board unanimously concluded that the terms of the New Agreement were reasonable and fair and that its approval was in the best interests of the Fund and its shareholders.

In approving SBH to continue serving as investment adviser to the Fund and the fees charged under the New Agreement, the Board concluded that no single factor reviewed by the Board was identified by the Board to be determinative as the principal factor in whether to approve the continuation of the New Agreement with respect to the Fund. The following summary does not identify all the matters considered by the Board but provides a summary of the principal matters the Board considered.

*Nature, Extent and Quality of the Services under the Advisory Agreement*

The Board received and considered information regarding the nature, extent and quality of services provided or to be provided to the Fund under the New Agreement. The Trustees reviewed, among other items, certain background materials supplied by SBH, including its Form ADV.

The Board reviewed and considered SBH's investment advisory personnel, its history as an asset manager, its performance and the amount of assets currently under management by SBH, and reviewed the qualifications, backgrounds and responsibilities of the management team to be primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments. The Board also reviewed the research and decision-making processes utilized by SBH, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Fund. As part of that review, the Board noted that the Investment Review Committee reviews the performance of the Fund on a quarterly basis and the Board discussed with SBH the performance returns achieved over various time frames and the factors leading to that positive or negative, absolute and relative performance, as appropriate. The Board also reviewed accompanying compliance-related materials with respect to the Trust, and not a particular series of the Trust, and noted that they received reports on these services and compliance issues from Trust officers and SBH periodically throughout the year. Taking into account the totality of the information considered, the Board concluded that the nature, extent, and quality of services to be rendered by SBH under the New Agreement were adequate.

*Investment Advisory Fee Rate*

The Board considered certain information provided regarding the gross investment advisory fee rate paid or to be paid by the Fund, including comparisons against the fee rates of funds in peer groups selected by an independent provider of investment company data. The Board noted that the gross investment advisory fee rate to be paid to SBH by the Fund under the New Agreement was within an acceptable range of its peer group median.

The Board noted the following information regarding the Fund's gross advisory fee quartile ranking relative to its peer group, where the first quartile includes the funds with the lowest advisory fees in the applicable peer group:

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| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Gross<br> Advisory Fee** |
| SBH Select Equity ETF | N/A | 0.55% 3rd |

---

*Expense Ratios*

The Board considered certain information provided regarding the total net expense ratio of the Fund, including comparisons against the net expense ratios of funds in peer groups selected by an independent provider of investment company data. The Board noted that the total net expense ratio for the Fund was near its peer group median.

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| 12 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds/etf |

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

The Board noted the following information regarding the Fund's total net expense ratio quartile ranking relative to its peer group, where the first quartile includes the funds with the lowest total net expense ratios in the applicable peer group:

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| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Total Net<br> Expense Ratio** |
| SBH Select Equity ETF | N/A | 0.65% 3rd |

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*Investment Performance*

The Board considered each of SBH's performance and reputation generally and its investment techniques, risk management controls and decision-making processes. The Board noted that as a result of the Fund not yet having a full year of performance as of June 30, 2024, the performance information in the report from the independent data provider included SBH's composite performance for the associated strategy of the Fund over the one-, three-, five-, and ten-year periods and the period since the inception of the strategy utilized by SBH.

*Comparable Accounts*

The Board received and considered certain information provided by SBH regarding fees charged and types of services provided to certain of its other clients utilizing strategies similar to those employed for the Fund. In particular, the Board received information regarding the typical fee rates and associated breakpoints used by SBH for its strategies.

The Board also noted the limitations of these comparisons given the differences in terms of strategy and processes but determined that, based on the information presented, the comparable account fee rates were not indicative of any unreasonableness with respect to the advisory fee rates to be paid by the Fund.

*Adviser Profitability*

The Board received a detailed actual and projected profitability analysis with respect to the Fund prepared by SBH based on the fees payable under the New Agreement. The Board was also provided with CI Financial's audited financial information. The Board also considered SBH's statements regarding its commitment to the Fund. The Board determined that SBH's profitability and projected profitability in connection with its management of the Fund is not unreasonable.

*Economies of Scale*

The Board considered whether economies of scale in the provision of services to the Fund are being or will be passed along to the shareholders. The Board noted SBH's statements indicating that it has experienced economies of scale in connection with its management of the Fund in light of the expense limitation agreements in effect for the Fund. To the extent available, the Board concluded that the Fund could be expected to share in economies of scale realized by SBH if Fund assets were to increase and potential methods for sharing those economies of scale.

*Other Benefits*

The Board also reviewed and considered any other benefits derived or to be derived by SBH from its relationship with the Fund, including soft dollar arrangements and publicity related to the Fund.

*Conclusions*

Taking into account the information considered by the Board at its meetings, the Trustees, including all of the Independent Trustees, concluded that:

● The nature, extent and quality of services to be rendered by SBH under the New Agreement were adequate;

● Taking into account the totality of the information presented, the Fund's gross advisory fee rate was within an acceptable range of its peer group;

● The total net expense ratio for the Fund was near its peer group median, and, after considering the totality of the information presented by SBH regarding the Fund's total net expense ratio, the Fund's total net expense ratios was within an acceptable range of its peer group median;

● The Fund had not yet achieved a full year of performance history as of June 30, 2024;

---

| | | |
|:---|:---|:---|
| | | |
| Financial Statements \| June 30, 2025 \| | ![](sbh_002.jpg) | 13 |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

● Bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to certain of SBH's other clients employing strategies comparable to those of the Fund, were not indicative of any unreasonableness with respect to the advisory fee rates to be paid by the Fund; and

● To the extent available, the Fund could be expected to share in economies of scale to be realized by SBH if Fund assets were to increase.

Based on its evaluation of the aforementioned considerations and taking into account the Transaction-specific factors enumerated above, the Board of Trustees unanimously voted to approve the New Agreement for the Fund, and to recommend to the shareholders of the Fund that they approve the New Agreement.

**Board Consideration of the Interim Agreement**

In approving the Interim Advisory Agreement between the Trust, on behalf of the Fund, and SBH (the "Interim Agreement"), which will become effective immediately upon the closing of the Transaction pending shareholder approval of the New Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Fund:

**Compensation:** The compensation to be received under the Interim Agreement is the same compensation as is being received under the Current Agreement; and

**Scope and Quality of the Services:** The scope and quality of services under the Interim Agreement are the same as those under the Current Agreement.

After further discussion and based upon all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Board unanimously determined that entering into the Interim Agreement was in the best interests of the Fund and its shareholders.

---

| | | |
|:---|:---|:---|
| | | |
| 14 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds/etf |

---

**Segall Bryant & Hamill Trustees and Officers (as of August 14, 2025):**

Janice M. Teague, Chair

Thomas J. Abood, Trustee

Kathryn A. Burns, Trustee

John A. DeTore, Trustee

Rick A. Pederson, Trustee

James A. Smith, Trustee

Lloyd "Chip" Voneiff, Trustee

Carolyn B. Goldhaber, President

Jasper R. Frontz, Chief Compliance Officer

Jennifer L. Leamer, Treasurer

Daniel Bauer, Asst. Treasurer

Maggie Bull, Secretary

![](sbh_001.jpg)

FOR MORE INFORMATION ABOUT SEGALL BRYANT & HAMILL SELECT EQUITY ETF, PLEASE CONTACT:<br> Segall Bryant & Hamill Funds \| 225 Pictoria Drive, Suite 450 \| Cincinnati, Ohio 45246<br> Individual Investors: (800) 836-4265 \| Financial Advisors: (800) 734-9738 \| www.cisbh.com/funds/etf<br>

This report has been prepared for Segall Bryant & Hamill Select Equity ETF shareholders and may be distributed to others only if preceded or accompanied by a prospectus.

The Fund is distributed by Northern Lights Distributors, LLC

(b) Included in Item 7(a).

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included in Item 7(a).

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Included in Item 7(a).

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7(a).

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7(a).

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the registrant.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the registrant.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90
 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded
 that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information
 relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly
 during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed,
 summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal
 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the
 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal
 control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.**

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 270.30a-2(a)): [Attached hereto.](sbh_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the
 Act (17 CFR 270.30.a-2(b)): [Attached hereto.](sbh_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) | SEGALL BRYANT & HAMILL Trust |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Carolyn B. Goldhaber |
|  |  | Carolyn B. Goldhaber, President/Principal Executive Officer |
| Date | September 9, 2025 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Carolyn B. Goldhaber |
|  |  | Carolyn B. Goldhaber, President/Principal Executive Officer |
| Date | September 9, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Jennifer L. Leamer |
|  |  | Jennifer L. Leamer, Treasurer/Principal Financial Officer |
| Date | September 9, 2025 |  |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Carolyn B. Goldhaber, President and Principal Executive Officer of the Segall Bryant & Hamill Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Segall Bryant & Hamill Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 9, 2025 | /s/ Carolyn B. Goldhaber |
|  | Carolyn B. Goldhaber, President/ Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jennifer L. Leamer, Treasurer and Principal Financial Officer of the Segall Bryant & Hamill Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Segall Bryant & Hamill Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 9, 2025 | /s/ Jennifer L. Leamer |
|  | Jennifer L. Leamer, Treasurer/ Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**<u>CERTIFICATIONS</u>**

Carolyn B. Goldhaber, President and Principal Executive Officer, and Jennifer L. Leamer, Treasurer and Principal Financial Officer, of Segall Bryant & Hamill Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies
 with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
 of the Registrant.

---

| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| Segall Bryant & Hamill Trust | Segall Bryant & Hamill Trust |
| /s/ Carolyn B. Goldhaber | /s/ Jennifer L. Leamer |
| Carolyn B. Goldhaber, President/Principal Executive Officer | Jennifer L. Leamer, Treasurer/ Principal Financial Officer |
| Date: September 9, 2025 | Date: September 9, 2025 |

---

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Segall Bryant & Hamill Trust and will be retained by Segall Bryant & Hamill Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Securities and Exchange Commission.