# EDGAR Filing Document

**Accession Number:** 0000357204
**File Stem:** 0001580642-26-001660
**Filing Date:** 2026-3
**Character Count:** 699675
**Document Hash:** f413160691cf1c443fa1d1b48c8603ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001660.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001580642-26-001660

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03373
- **FILM NUMBER:** 26734319

**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 <u>811-03373</u>

---

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

---

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

Maggie Bull, Secretary

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

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

Date of fiscal year end: <u>December 31</u> <br>Date of reporting period: <u>December 31, 2025</u>

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

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$121** | **1.14%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 12.05% against a return of 12.59% for the Russell 2000<sup>®</sup> Value Index and 17.15% for the Fund's regulatory 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. The Materials sector contributed to performance primarily by the outperformance of MP Materials Corp. The three individual securities that contributed the most on an absolute basis were MP Materials, REV Group, Inc., and Mercury Systems, Inc. MP Materials signed landmark deals with both the Department of Defense and Apple, Inc. totaling $1 billion, which resulted in significant appreciation of the company's stock.

**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 Staples. Health Care was the largest detractor due to the Fund's underweight to the biotech and pharmaceuticals industries, which significantly outperformed the overall Health Care sector. The three individual securities that detracted the most on an absolute basis were QuidelOrtho Corp., Apogee Enterprises, Inc., and Geron Corp. QuidelOrtho was the largest detractor in the Health Care sector as a result of a slight lowering of its revenue guidance.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| MP Materials Corp. | 1.48 | 3.09 |
| REV Group, Inc. | 2.64 | 2.38 |
| Mercury Systems, Inc. | 2.73 | 1.99 |
| Alamos Gold, Inc. | 1.96 | 1.55 |
| Valmont Industries, Inc. | 3.30 | 1.09 |
| **Bottom 5** |  |  |
| Crescent Energy Co. | 1.33 | -0.91 |
| NeoGenomics, Inc. | 0.87 | -0.96 |
| Geron Corp. | 0.43 | -0.97 |
| Apogee Enterprises, Inc. | 1.44 | -1.19 |
| QuidelOrtho Corp. | 1.95 | -1.34 |

---

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](idb9dc7b851fc4aaeebdc878a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Value - Retail** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $12246 | $13174 | $11274 |
| **Dec-2017** | $13566 | $14207 | $13656 |
| **Dec-2018** | $12953 | $12379 | $12940 |
| **Dec-2019** | $16120 | $15151 | $16954 |
| **Dec-2020** | $17110 | $15853 | $20495 |
| **Dec-2021** | $19928 | $20335 | $25754 |
| **Dec-2022** | $16986 | $17390 | $20808 |
| **Dec-2023** | $18997 | $19937 | $26209 |
| **Dec-2024** | $21530 | $21543 | $32448 |
| **Dec-2025** | $24123 | $24256 | $38012 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Value - Retail | 12.05% | 7.11% | 9.21% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

***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?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $378416721 |
| Number of Portfolio Holdings | 83 |
| Portfolio Turnover | 39% |
| Total Advisory Fees Paid\* | $3366053 |
| Total Advisory Fees Paid %\* | 0.80% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i031e06a444d00106ecdf22c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.6% |
| Financials | 18.6% |
| Information Technology | 18.1% |
| Materials | 11.9% |
| Consumer Discretionary | 10.1% |
| Health Care | 7.8% |
| Energy | 3.9% |
| Utilities | 3.4% |
| Real Estate | 3.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| VF Corp. | 3.9% |
| Valmont Industries, Inc. | 3.4% |
| Ingevity Corp. | 2.7% |
| Mercury Systems, Inc. | 2.6% |
| DigitalBridge Group, Inc. | 2.3% |
| EnerSys | 2.3% |
| Alamos Gold, Inc. | 2.1% |
| Littelfuse, Inc. | 2.1% |
| AZZ, Inc. | 2.1% |
| Papa John's International, Inc. | 2.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i15dd7b848cca70485132d309.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 94.3% |
| Canada | 2.6% |
| Belgium | 0.8% |
| Cayman Islands | 0.7% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBRVX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$104** | **0.98%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 12.18% against a return of 12.59% for the Russell 2000<sup>®</sup> Value Index and 17.15% for the Fund's regulatory 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. The Materials sector contributed to performance primarily by the outperformance of MP Materials Corp. The three individual securities that contributed the most on an absolute basis were MP Materials, REV Group, Inc., and Mercury Systems, Inc. MP Materials signed landmark deals with both the Department of Defense and Apple, Inc. totaling $1 billion, which resulted in significant appreciation of the company's stock.

**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 Staples. Health Care was the largest detractor due to the Fund's underweight to the biotech and pharmaceuticals industries, which significantly outperformed the overall Health Care sector. The three individual securities that detracted the most on an absolute basis were QuidelOrtho Corp., Apogee Enterprises, Inc., and Geron Corp. QuidelOrtho was the largest detractor in the Health Care sector as a result of a slight lowering of its revenue guidance.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| MP Materials Corp. | 1.48 | 3.09 |
| REV Group, Inc. | 2.64 | 2.38 |
| Mercury Systems, Inc. | 2.73 | 1.99 |
| Alamos Gold, Inc. | 1.96 | 1.55 |
| Valmont Industries, Inc. | 3.30 | 1.09 |
| **Bottom 5** |  |  |
| Crescent Energy Co. | 1.33 | -0.91 |
| NeoGenomics, Inc. | 0.87 | -0.96 |
| Geron Corp. | 0.43 | -0.97 |
| Apogee Enterprises, Inc. | 1.44 | -1.19 |
| QuidelOrtho Corp. | 1.95 | -1.34 |

---

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

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i0ac251d381892b28734f0041.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Value - Inst** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2015** | $250000 | $250000 | $250000 |
| **Dec-2016** | $306610 | $329352 | $281838 |
| **Dec-2017** | $340169 | $355166 | $341392 |
| **Dec-2018** | $325274 | $309478 | $323497 |
| **Dec-2019** | $405371 | $378782 | $423843 |
| **Dec-2020** | $430584 | $396336 | $512374 |
| **Dec-2021** | $502152 | $508382 | $643855 |
| **Dec-2022** | $428596 | $434751 | $520190 |
| **Dec-2023** | $479826 | $498427 | $655215 |
| **Dec-2024** | $544961 | $538574 | $811207 |
| **Dec-2025** | $611346 | $606405 | $950292 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Value - Inst | 12.18% | 7.26% | 9.35% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

***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?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $378416721 |
| Number of Portfolio Holdings | 83 |
| Portfolio Turnover | 39% |
| Total Advisory Fees Paid | $3366053 |
| Total Advisory Fees Paid % | 0.80% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i031e06a444d00106ecdf22c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.6% |
| Financials | 18.6% |
| Information Technology | 18.1% |
| Materials | 11.9% |
| Consumer Discretionary | 10.1% |
| Health Care | 7.8% |
| Energy | 3.9% |
| Utilities | 3.4% |
| Real Estate | 3.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| VF Corp. | 3.9% |
| Valmont Industries, Inc. | 3.4% |
| Ingevity Corp. | 2.7% |
| Mercury Systems, Inc. | 2.6% |
| DigitalBridge Group, Inc. | 2.3% |
| EnerSys | 2.3% |
| Alamos Gold, Inc. | 2.1% |
| Littelfuse, Inc. | 2.1% |
| AZZ, Inc. | 2.1% |
| Papa John's International, Inc. | 2.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i15dd7b848cca70485132d309.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 94.3% |
| Canada | 2.6% |
| Belgium | 0.8% |
| Cayman Islands | 0.7% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBHVX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$107** | **1.04%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 6.63% against a return of 13.01% for the Russell 2000<sup>®</sup> Growth Index and 17.15% for the Fund's regulatory 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, Health Care, and Information Technology. Strong absolute returns in Industrials were particularly driven by stock positions in the construction & engineering industry, as well as the aerospace & defense industry. The three individual securities that contributed the most on an absolute basis were Guardant Health, Inc., VSE Corp., and Insmed, Inc. Guardant Health, a leading provider of diagnostic testing for cancer, experienced robust growth in its oncology testing solutions and accelerating adoption of its Shield colorectal cancer screening test.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Consumer Staples, Financials, and Energy. Consumer Staples weakness was a result of poor stock selection in the sector. The three individual securities that detracted the most on an absolute basis were PROCEPT BioRobotics Corp., Vaxcyte, Inc., and Sweetgreen, Inc. PROCEPT BioRobotics, a surgical robotics company focused on urology procedures, was plagued by numerous management changes, creating uncertainty around the company's ability to capture its growth opportunities going forward.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Guardant Health, Inc. | 1.07 | 1.89 |
| VSE Corp. | 2.34 | 1.40 |
| Insmed, Inc. | 1.08 | 1.24 |
| Jfrog, Ltd. | 1.54 | 1.21 |
| Blueprint Medicines Corp. | 0.83 | 1.19 |
| **Bottom 5** |  |  |
| Glaukos Corp. | 1.36 | -0.66 |
| Freshpet, Inc. | 0.65 | -0.82 |
| Sweetgreen, Inc. | 0.43 | -0.87 |
| Vaxcyte, Inc. | 0.92 | -0.98 |
| PROCEPT BioRobotics Corp. | 1.08 | -1.13 |

---

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie9349b36fde7099016fcaadc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Growth - Retail** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10879 | $11132 | $11274 |
| **Dec-2017** | $13705 | $13599 | $13656 |
| **Dec-2018** | $14143 | $12334 | $12940 |
| **Dec-2019** | $18170 | $15847 | $16954 |
| **Dec-2020** | $28648 | $21335 | $20495 |
| **Dec-2021** | $31979 | $21939 | $25754 |
| **Dec-2022** | $21556 | $16157 | $20808 |
| **Dec-2023** | $25458 | $19171 | $26209 |
| **Dec-2024** | $29429 | $22077 | $32448 |
| **Dec-2025** | $31380 | $24949 | $38012 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Growth - Retail | 6.63% | 1.84% | 12.12% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

***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?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $308188586 |
| Number of Portfolio Holdings | 78 |
| Portfolio Turnover | 51% |
| Total Advisory Fees Paid | $1697682 |
| Total Advisory Fees Paid % | 0.65% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if2b53f998cc283853054e5f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 28.6% |
| Health Care | 20.0% |
| Information Technology | 19.2% |
| Financials | 10.7% |
| Consumer Discretionary | 7.0% |
| Energy | 4.5% |
| Materials | 4.3% |
| Consumer Staples | 2.2% |
| Real Estate | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| VSE Corp. | 2.8% |
| Mirion Technologies, Inc. | 2.6% |
| Guardant Health, Inc. | 2.3% |
| TechnipFMC PLC | 2.3% |
| Sterling Infrastructure, Inc. | 2.2% |
| RadNet, Inc. | 2.1% |
| Modine Manufacturing Co. | 2.1% |
| Casella Waste Systems, Inc. | 2.1% |
| Ensign Group, Inc. (The) | 1.9% |
| Skyward Specialty Insurance Group, Inc. | 1.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i5827320323f6baa8a329fa95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 88.9% |
| Canada | 2.5% |
| United Kingdom | 2.3% |
| Bermuda | 1.6% |
| Cayman Islands | 1.3% |
| Ireland | 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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WTSGX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$90** | **0.87%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 6.85% against a return of 13.01% for the Russell 2000<sup>®</sup> Growth Index and 17.15% for the Fund's regulatory 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, Health Care, and Information Technology. Strong absolute returns in Industrials were particularly driven by stock positions in the construction & engineering industry, as well as the aerospace & defense industry. The three individual securities that contributed the most on an absolute basis were Guardant Health, Inc., VSE Corp., and Insmed, Inc. Guardant Health, a leading provider of diagnostic testing for cancer, experienced robust growth in its oncology testing solutions and accelerating adoption of its Shield colorectal cancer screening test.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Consumer Staples, Financials, and Energy. Consumer Staples weakness was a result of poor stock selection in the sector. The three individual securities that detracted the most on an absolute basis were PROCEPT BioRobotics Corp., Vaxcyte, Inc., and Sweetgreen, Inc. PROCEPT BioRobotics, a surgical robotics company focused on urology procedures, was plagued by numerous management changes, creating uncertainty around the company's ability to capture its growth opportunities going forward.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Guardant Health, Inc. | 1.07 | 1.89 |
| VSE Corp. | 2.34 | 1.40 |
| Insmed, Inc. | 1.08 | 1.24 |
| Jfrog, Ltd. | 1.54 | 1.21 |
| Blueprint Medicines Corp. | 0.83 | 1.19 |
| **Bottom 5** |  |  |
| Glaukos Corp. | 1.36 | -0.66 |
| Freshpet, Inc. | 0.65 | -0.82 |
| Sweetgreen, Inc. | 0.43 | -0.87 |
| Vaxcyte, Inc. | 0.92 | -0.98 |
| PROCEPT BioRobotics Corp. | 1.08 | -1.13 |

---

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

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i70ad59007fe08920a6177951.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Growth - Inst** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2015** | $250000 | $250000 | $250000 |
| **Dec-2016** | $273043 | $278295 | $281838 |
| **Dec-2017** | $343864 | $339984 | $341392 |
| **Dec-2018** | $356102 | $308338 | $323497 |
| **Dec-2019** | $458189 | $396164 | $423843 |
| **Dec-2020** | $723203 | $533365 | $512374 |
| **Dec-2021** | $808447 | $548484 | $643855 |
| **Dec-2022** | $545839 | $403918 | $520190 |
| **Dec-2023** | $645864 | $479282 | $655215 |
| **Dec-2024** | $747608 | $551914 | $811207 |
| **Dec-2025** | $798823 | $623733 | $950292 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Growth - Inst | 6.85% | 2.01% | 12.32% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

***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?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $308188586 |
| Number of Portfolio Holdings | 78 |
| Portfolio Turnover | 51% |
| Total Advisory Fees Paid | $1697682 |
| Total Advisory Fees Paid % | 0.65% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if2b53f998cc283853054e5f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 28.6% |
| Health Care | 20.0% |
| Information Technology | 19.2% |
| Financials | 10.7% |
| Consumer Discretionary | 7.0% |
| Energy | 4.5% |
| Materials | 4.3% |
| Consumer Staples | 2.2% |
| Real Estate | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| VSE Corp. | 2.8% |
| Mirion Technologies, Inc. | 2.6% |
| Guardant Health, Inc. | 2.3% |
| TechnipFMC PLC | 2.3% |
| Sterling Infrastructure, Inc. | 2.2% |
| RadNet, Inc. | 2.1% |
| Modine Manufacturing Co. | 2.1% |
| Casella Waste Systems, Inc. | 2.1% |
| Ensign Group, Inc. (The) | 1.9% |
| Skyward Specialty Insurance Group, Inc. | 1.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i5827320323f6baa8a329fa95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 88.9% |
| Canada | 2.5% |
| United Kingdom | 2.3% |
| Bermuda | 1.6% |
| Cayman Islands | 1.3% |
| Ireland | 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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WISGX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$114** | **1.12%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 3.85% against a return of 12.81% for the Russell 2000<sup>®</sup> Index and 17.15% 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, Health Care, and Financials. The Financials sector benefited from declining interest rates and improving expectations for economic growth. The three individual securities that contributed the most on an absolute basis were REV Group, Inc., Advanced Energy Industries, Inc., and RBC Bearings, Inc. Advanced Energy Industries benefited from a strengthening competitive position and robust demand from semiconductor and data center markets.

**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 Consumer Discretionary. Information Technology performance was weighed down by weak stock selection across several holdings and outsized gains in lower-quality companies within the sector. The three individual securities that detracted the most on an absolute basis were Globant S.A., Columbus McKinnon Corp., and PAR Technology Corp. Globant was negatively impacted by slower enterprise spending and investor concern about the potential impact of generative artificial intelligence technology on its business.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| REV Group, Inc. | 1.25 | 1.01 |
| Advanced Energy Industries, Inc. | 1.41 | 0.95 |
| RBC Bearings, Inc. | 2.21 | 0.91 |
| iRhythm Technologies, Inc. | 1.19 | 0.87 |
| Ensign Group, Inc. | 1.98 | 0.59 |
| **Bottom 5** |  |  |
| Bio-Techne Corp. | 1.41 | -0.42 |
| Matador Resources Co. | 1.50 | -0.46 |
| PAR Technology Corp. | 0.36 | -0.55 |
| Columbus McKinnon Corp. | 0.46 | -0.67 |
| Globant S.A. | 0.41 | -0.77 |

---

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib08d096f4c9e6fb8a017c657.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Core - Retail** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11464 | $12131 | $11274 |
| **Dec-2017** | $13161 | $13908 | $13656 |
| **Dec-2018** | $12460 | $12376 | $12940 |
| **Dec-2019** | $15828 | $15535 | $16954 |
| **Dec-2020** | $19405 | $18636 | $20495 |
| **Dec-2021** | $23918 | $21397 | $25754 |
| **Dec-2022** | $20747 | $17024 | $20808 |
| **Dec-2023** | $23582 | $19906 | $26209 |
| **Dec-2024** | $26383 | $22203 | $32448 |
| **Dec-2025** | $27400 | $25047 | $38012 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Core - Retail | 3.85% | 7.14% | 10.61% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

***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?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $95653018 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover | 40% |
| Total Advisory Fees Paid\* | $632690 |
| Total Advisory Fees Paid %\* | 0.71% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idc4e400eefc1a588b94c6af5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 29.3% |
| Information Technology | 19.5% |
| Health Care | 15.5% |
| Financials | 10.6% |
| Materials | 8.4% |
| Consumer Discretionary | 7.1% |
| Real Estate | 2.3% |
| Energy | 1.9% |
| Consumer Staples | 1.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| RBC Bearings, Inc. | 2.7% |
| Ensign Group, Inc. (The) | 2.2% |
| Enpro, Inc. | 2.1% |
| Valmont Industries, Inc. | 2.1% |
| Agilysys, Inc. | 2.0% |
| Advanced Energy Industries, Inc. | 1.9% |
| Southstate Bank Corp. | 1.8% |
| Element Solutions, Inc. | 1.8% |
| Flowserve Corp. | 1.8% |
| Crane Co. | 1.7% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i2e4832a3e8a8c8972c69e248.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 92.2% |
| Canada | 3.1% |
| Ireland | 0.4% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBHCX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$101** | **0.99%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 3.96% against a return of 12.81% for the Russell 2000<sup>®</sup> Index and 17.15% 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, Health Care, and Financials. The Financials sector benefited from declining interest rates and improving expectations for economic growth. The three individual securities that contributed the most on an absolute basis were REV Group, Inc., Advanced Energy Industries, Inc., and RBC Bearings, Inc. Advanced Energy Industries benefited from a strengthening competitive position and robust demand from semiconductor and data center markets.

**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 Consumer Discretionary. Information Technology performance was weighed down by weak stock selection across several holdings and outsized gains in lower-quality companies within the sector. The three individual securities that detracted the most on an absolute basis were Globant S.A., Columbus McKinnon Corp., and PAR Technology Corp. Globant was negatively impacted by slower enterprise spending and investor concern about the potential impact of generative artificial intelligence technology on its business.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| REV Group, Inc. | 1.25 | 1.01 |
| Advanced Energy Industries, Inc. | 1.41 | 0.95 |
| RBC Bearings, Inc. | 2.21 | 0.91 |
| iRhythm Technologies, Inc. | 1.19 | 0.87 |
| Ensign Group, Inc. | 1.98 | 0.59 |
| **Bottom 5** |  |  |
| Bio-Techne Corp. | 1.41 | -0.42 |
| Matador Resources Co. | 1.50 | -0.46 |
| PAR Technology Corp. | 0.36 | -0.55 |
| Columbus McKinnon Corp. | 0.46 | -0.67 |
| Globant S.A. | 0.41 | -0.77 |

---

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

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i80134fbe295e4ca3c8598022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Small Cap Core - Inst** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2015** | $250000 | $250000 | $250000 |
| **Dec-2016** | $287022 | $303270 | $281838 |
| **Dec-2017** | $330016 | $347691 | $341392 |
| **Dec-2018** | $312898 | $309396 | $323497 |
| **Dec-2019** | $398089 | $388370 | $423843 |
| **Dec-2020** | $488854 | $465891 | $512374 |
| **Dec-2021** | $603615 | $534931 | $643855 |
| **Dec-2022** | $524440 | $425610 | $520190 |
| **Dec-2023** | $597544 | $497661 | $655215 |
| **Dec-2024** | $668718 | $555081 | $811207 |
| **Dec-2025** | $695203 | $626170 | $950292 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Small Cap Core - Inst | 3.96% | 7.30% | 10.77% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

***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?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $95653018 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover | 40% |
| Total Advisory Fees Paid\* | $632690 |
| Total Advisory Fees Paid %\* | 0.71% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idc4e400eefc1a588b94c6af5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 29.3% |
| Information Technology | 19.5% |
| Health Care | 15.5% |
| Financials | 10.6% |
| Materials | 8.4% |
| Consumer Discretionary | 7.1% |
| Real Estate | 2.3% |
| Energy | 1.9% |
| Consumer Staples | 1.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| RBC Bearings, Inc. | 2.7% |
| Ensign Group, Inc. (The) | 2.2% |
| Enpro, Inc. | 2.1% |
| Valmont Industries, Inc. | 2.1% |
| Agilysys, Inc. | 2.0% |
| Advanced Energy Industries, Inc. | 1.9% |
| Southstate Bank Corp. | 1.8% |
| Element Solutions, Inc. | 1.8% |
| Flowserve Corp. | 1.8% |
| Crane Co. | 1.7% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i2e4832a3e8a8c8972c69e248.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 92.2% |
| Canada | 3.1% |
| Ireland | 0.4% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBASX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$93** | **0.89%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 8.32% against a return of 17.15% 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, Communication Services, and Financials. The three individual securities that contributed the most on an absolute basis were Alphabet, Inc., ATI, Inc., and JPMorgan Chase & Co. Alphabet gained on the back of the successful launch of its Gemini 3.0 frontier artificial intelligence (AI) model. ATI's significant and differentiated exposure to aircraft and aircraft jet engine build rates contributed to the company's growth in earnings during the year. JPMorgan Chase's outperformance was driven by overall operational execution coupled with an improving credit and regulatory environment.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Consumer Staples, Health Care, and Materials. The three individual securities that detracted the most on an absolute basis were UnitedHealth Group, Inc., Marvell Technology, Inc., and BellRing Brands, Inc. UnitedHealth Group underperformed as the company struggled to appropriately manage cost trends. Marvell Technology underperformed due to elevated expectations tied to AI revenue growth. BellRing Brands underperformed due to an intensifying competitive backdrop.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Alphabet, Inc. | 3.95 | 2.21 |
| ATI, Inc. | 2.09 | 1.89 |
| JPMorgan Chase & Co. | 3.21 | 1.09 |
| Monolithic Power Systems, Inc. | 2.15 | 0.99 |
| Microsoft Corp. | 4.48 | 0.87 |
| **Bottom 5** |  |  |
| ServiceNow, Inc. | 2.32 | -0.63 |
| Zebra Technologies Corp. | 0.36 | -0.72 |
| BellRing Brands, Inc. | 0.39 | -0.81 |
| Marvell Technology, Inc. | 2.01 | -0.89 |
| UnitedHealth Group, Inc. | 0.73 | -0.92 |

---

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifade96644a7fb8f23953f890.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH All Cap - Retail** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10605 | $11274 |
| **Dec-2017** | $12568 | $13656 |
| **Dec-2018** | $11852 | $12940 |
| **Dec-2019** | $15457 | $16954 |
| **Dec-2020** | $19489 | $20495 |
| **Dec-2021** | $25252 | $25754 |
| **Dec-2022** | $20396 | $20808 |
| **Dec-2023** | $23329 | $26209 |
| **Dec-2024** | $27261 | $32448 |
| **Dec-2025** | $29530 | $38012 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH All Cap - Retail | 8.32% | 8.67% | 11.44% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

***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?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $74800457 |
| Number of Portfolio Holdings | 51 |
| Portfolio Turnover | 34% |
| Total Advisory Fees Paid\* | $477869 |
| Total Advisory Fees Paid %\* | 0.52% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic535b2fed320a4f7cac6fc9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 31.4% |
| Financials | 15.1% |
| Health Care | 13.4% |
| Industrials | 13.2% |
| Consumer Discretionary | 11.5% |
| Communication Services | 8.1% |
| Energy | 3.6% |
| Consumer Staples | 2.2% |
| Real Estate | 1.6% |
| Materials | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. | 5.0% |
| NVIDIA Corp. | 4.6% |
| Microsoft Corp. | 4.3% |
| Amazon.com, Inc. | 3.8% |
| JPMorgan Chase & Co. | 3.5% |
| ATI, Inc. | 3.4% |
| Meta Platforms, Inc. | 3.1% |
| Visa, Inc. | 2.9% |
| Apple, Inc. | 2.8% |
| Reinsurance Group of America, Inc. | 2.5% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i1bd72caf819de90270e3929a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 95.7% |
| Canada | 1.9% |
| United Kingdom | 1.5% |
| Germany | 1.2% |
| Ireland | 1.1% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBRAX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$87** | **0.84%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 8.29% against a return of 17.15% 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, Communication Services, and Financials. The three individual securities that contributed the most on an absolute basis were Alphabet, Inc., ATI, Inc., and JPMorgan Chase & Co. Alphabet gained on the back of the successful launch of its Gemini 3.0 frontier artificial intelligence (AI) model. ATI's significant and differentiated exposure to aircraft and aircraft jet engine build rates contributed to the company's growth in earnings during the year. JPMorgan Chase's outperformance was driven by overall operational execution coupled with an improving credit and regulatory environment.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The three sectors that detracted most from the Fund's returns on an absolute basis were Consumer Staples, Health Care, and Materials. The three individual securities that detracted the most on an absolute basis were UnitedHealth Group, Inc., Marvell Technology, Inc., and BellRing Brands, Inc. UnitedHealth Group underperformed as the company struggled to appropriately manage cost trends. Marvell Technology underperformed due to elevated expectations tied to AI revenue growth. BellRing Brands underperformed due to an intensifying competitive backdrop.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Alphabet, Inc. | 3.95 | 2.21 |
| ATI, Inc. | 2.09 | 1.89 |
| JPMorgan Chase & Co. | 3.21 | 1.09 |
| Monolithic Power Systems, Inc. | 2.15 | 0.99 |
| Microsoft Corp. | 4.48 | 0.87 |
| **Bottom 5** |  |  |
| ServiceNow, Inc. | 2.32 | -0.63 |
| Zebra Technologies Corp. | 0.36 | -0.72 |
| BellRing Brands, Inc. | 0.39 | -0.81 |
| Marvell Technology, Inc. | 2.01 | -0.89 |
| UnitedHealth Group, Inc. | 0.73 | -0.92 |

---

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

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i64871b4b66abc7dabf9ab97a.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH All Cap - Inst** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2015** | $250000 | $250000 |
| **Dec-2016** | $265517 | $281838 |
| **Dec-2017** | $315134 | $341392 |
| **Dec-2018** | $297623 | $323497 |
| **Dec-2019** | $388705 | $423843 |
| **Dec-2020** | $490469 | $512374 |
| **Dec-2021** | $635379 | $643855 |
| **Dec-2022** | $513323 | $520190 |
| **Dec-2023** | $587649 | $655215 |
| **Dec-2024** | $686903 | $811207 |
| **Dec-2025** | $743827 | $950292 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH All Cap - Inst | 8.29% | 8.69% | 11.52% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

***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?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $74800457 |
| Number of Portfolio Holdings | 51 |
| Portfolio Turnover | 34% |
| Total Advisory Fees Paid\* | $477869 |
| Total Advisory Fees Paid %\* | 0.52% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic535b2fed320a4f7cac6fc9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 31.4% |
| Financials | 15.1% |
| Health Care | 13.4% |
| Industrials | 13.2% |
| Consumer Discretionary | 11.5% |
| Communication Services | 8.1% |
| Energy | 3.6% |
| Consumer Staples | 2.2% |
| Real Estate | 1.6% |
| Materials | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. | 5.0% |
| NVIDIA Corp. | 4.6% |
| Microsoft Corp. | 4.3% |
| Amazon.com, Inc. | 3.8% |
| JPMorgan Chase & Co. | 3.5% |
| ATI, Inc. | 3.4% |
| Meta Platforms, Inc. | 3.1% |
| Visa, Inc. | 2.9% |
| Apple, Inc. | 2.8% |
| Reinsurance Group of America, Inc. | 2.5% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i1bd72caf819de90270e3929a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 95.7% |
| Canada | 1.9% |
| United Kingdom | 1.5% |
| Germany | 1.2% |
| Ireland | 1.1% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBHAX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Emerging Markets Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?** 

# (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** | **$141** | **1.20%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 34.90% against a return of 33.57% for the MSCI Emerging Markets Index and 31.96% for the Fund's regulatory 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 rose on strength in retail and automotive companies. South Korea and Taiwan were strong performers as artificial intelligence optimism drove a rally in semiconductor stocks.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;No countries or sectors detracted from absolute returns as the Fund ended the year strongly positive on an absolute basis.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.10 | 5.30 |
| SK Hynix, Inc. | 2.09 | 3.49 |
| Alibaba Group Holding, Ltd. | 2.58 | 2.03 |
| Tencent Holdings, Ltd. | 4.33 | 1.91 |
| Samsung Electronics Co., Ltd. | 1.68 | 1.73 |
| **Bottom 5** |  |  |
| Lenovo Group, Ltd. | 0.32 | -0.14 |
| Power Finance Corp., Ltd. | 0.58 | -0.15 |
| Boyaa Interactive Internationa, Ltd. | 0.11 | -0.21 |
| REC, Ltd. | 0.53 | -0.25 |
| Infosys, Ltd. | 1.17 | -0.36 |

---

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9203ff9b3b719158964c39ca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Emerging Markets - Retail** | **MSCI Emerging Markets Index** | **MSCI ACWI ex-USA IMI Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11376 | $11119 | $10441 |
| **Dec-2017** | $15446 | $15264 | $13345 |
| **Dec-2018** | $12794 | $13041 | $11375 |
| **Dec-2019** | $15148 | $15443 | $13836 |
| **Dec-2020** | $16216 | $18270 | $15374 |
| **Dec-2021** | $17063 | $17805 | $16685 |
| **Dec-2022** | $14304 | $14228 | $13918 |
| **Dec-2023** | $17214 | $15626 | $16093 |
| **Dec-2024** | $19585 | $16799 | $16935 |
| **Dec-2025** | $26421 | $22438 | $22348 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Emerging Markets - Retail | 34.90% | 10.26% | 10.20% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |
| MSCI ACWI ex-USA IMI Index | 31.96% | 7.77% | 8.37% |

---

***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 | $87140486 |
| Number of Portfolio Holdings | 458 |
| Portfolio Turnover | 88% |
| Total Advisory Fees Paid\* | $226480 |
| Total Advisory Fees Paid %\* | 0.31% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia3b85fdb06bac26e6816168e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.2% |
| Financials | 22.8% |
| Consumer Discretionary | 11.7% |
| Communication Services | 9.3% |
| Materials | 7.5% |
| Industrials | 6.9% |
| Energy | 4.1% |
| Consumer Staples | 3.5% |
| Health Care | 2.9% |
| Utilities | 2.1% |
| Real Estate | 1.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.5% |
| Tencent Holdings, Ltd. | 4.2% |
| SK Hynix, Inc. | 3.6% |
| Samsung Electronics Co., Ltd. | 3.2% |
| Alibaba Group Holding, Ltd. | 2.1% |
| CTBC Financial Holding Co., Ltd. | 1.1% |
| China Construction Bank Corp. | 1.0% |
| Bank of China, Ltd. | 1.0% |
| Vipshop Holdings, Ltd. | 1.0% |
| Geely Automobile Holdings, Ltd. | 1.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i4055cfde56acb015b050edcd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.7% |
| Taiwan | 20.7% |
| India | 15.6% |
| South Korea | 13.7% |
| Brazil | 4.3% |
| South Africa | 3.6% |
| Saudi Arabia | 2.7% |
| Mexico | 1.8% |
| Indonesia | 1.4% |
| Malaysia | 1.3% |
| 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. 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-AR 123125-SBHEX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Emerging Markets Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?** 

# (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** | **$123** | **1.05%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 35.15% against a return of 33.57% for the MSCI Emerging Markets Index and 31.96% for the Fund's regulatory 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 rose on strength in retail and automotive companies. South Korea and Taiwan were strong performers as artificial intelligence optimism drove a rally in semiconductor stocks.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;No countries or sectors detracted from absolute returns as the Fund ended the year strongly positive on an absolute basis.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.10 | 5.30 |
| SK Hynix, Inc. | 2.09 | 3.49 |
| Alibaba Group Holding, Ltd. | 2.58 | 2.03 |
| Tencent Holdings, Ltd. | 4.33 | 1.91 |
| Samsung Electronics Co., Ltd. | 1.68 | 1.73 |
| **Bottom 5** |  |  |
| Lenovo Group, Ltd. | 0.32 | -0.14 |
| Power Finance Corp., Ltd. | 0.58 | -0.15 |
| Boyaa Interactive Internationa, Ltd. | 0.11 | -0.21 |
| REC, Ltd. | 0.53 | -0.25 |
| Infosys, Ltd. | 1.17 | -0.36 |

---

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

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i2a081e2d082e059d0cc587f3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Emerging Markets - Inst** | **MSCI Emerging Markets Index** | **MSCI ACWI ex-USA IMI Index** |
| **Dec-2015** | $250000 | $250000 | $250000 |
| **Dec-2016** | $285276 | $277970 | $261017 |
| **Dec-2017** | $388194 | $381608 | $333616 |
| **Dec-2018** | $322013 | $326013 | $284386 |
| **Dec-2019** | $382579 | $386072 | $345904 |
| **Dec-2020** | $410040 | $456743 | $384362 |
| **Dec-2021** | $432558 | $445136 | $417130 |
| **Dec-2022** | $363023 | $355702 | $347962 |
| **Dec-2023** | $437817 | $390661 | $402317 |
| **Dec-2024** | $498581 | $419977 | $423370 |
| **Dec-2025** | $673850 | $560945 | $558698 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Emerging Markets - Inst | 35.15% | 10.45% | 10.42% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |
| MSCI ACWI ex-USA IMI Index | 31.96% | 7.77% | 8.37% |

---

***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 | $87140486 |
| Number of Portfolio Holdings | 458 |
| Portfolio Turnover | 88% |
| Total Advisory Fees Paid\* | $226480 |
| Total Advisory Fees Paid %\* | 0.31% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia3b85fdb06bac26e6816168e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.2% |
| Financials | 22.8% |
| Consumer Discretionary | 11.7% |
| Communication Services | 9.3% |
| Materials | 7.5% |
| Industrials | 6.9% |
| Energy | 4.1% |
| Consumer Staples | 3.5% |
| Health Care | 2.9% |
| Utilities | 2.1% |
| Real Estate | 1.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.5% |
| Tencent Holdings, Ltd. | 4.2% |
| SK Hynix, Inc. | 3.6% |
| Samsung Electronics Co., Ltd. | 3.2% |
| Alibaba Group Holding, Ltd. | 2.1% |
| CTBC Financial Holding Co., Ltd. | 1.1% |
| China Construction Bank Corp. | 1.0% |
| Bank of China, Ltd. | 1.0% |
| Vipshop Holdings, Ltd. | 1.0% |
| Geely Automobile Holdings, Ltd. | 1.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i4055cfde56acb015b050edcd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.7% |
| Taiwan | 20.7% |
| India | 15.6% |
| South Korea | 13.7% |
| Brazil | 4.3% |
| South Africa | 3.6% |
| Saudi Arabia | 2.7% |
| Mexico | 1.8% |
| Indonesia | 1.4% |
| Malaysia | 1.3% |
| 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. 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-AR 123125-SBEMX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill International Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$144** | **1.16%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 47.43% against a return of 31.83% for the MSCI EAFE Small Cap Index and 31.96% for the Fund's regulatory 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 Australia. Japanese stocks rose as the U.S. and Japan agreed on a trade deal and economic growth data surprised on the upside. Stocks in the U.K. rose as the rate of inflation fell in November and the Bank of England cut interest rates. Australia outperformed as investors sought out stocks of miners and rare earth mineral suppliers outside of China.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;No countries or sectors detracted from absolute returns as the Fund ended the year strongly positive on an absolute basis.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Pan African Resources PLC | 0.80 | 1.35 |
| Koninklijke BAM Groep N.V. | 1.09 | 1.35 |
| Implenia A.G. | 1.00 | 1.33 |
| Lion Finance Group PLC | 1.13 | 1.18 |
| Harel Insurance Investments & Financial Services, Ltd. | 0.85 | 1.14 |
| **Bottom 5** |  |  |
| Cosmo Pharmaceuticals N.V. | 0.12 | -0.12 |
| IPH, Ltd. | 0.28 | -0.12 |
| Accent Group, Ltd | 0.24 | -0.22 |
| Yue Yuen Industrial Holdings, Ltd. | 0.25 | -0.26 |
| G8 Education, Ltd. | 0.38 | -0.28 |

---

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2c7ae14710e0b66420a9e0a1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH International Small Cap - Retail** | **MSCI EAFE Small Cap Index** | **MSCI ACWI ex-USA IMI Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10558 | $10218 | $10441 |
| **Dec-2017** | $13552 | $13592 | $13345 |
| **Dec-2018** | $10305 | $11160 | $11375 |
| **Dec-2019** | $12011 | $13946 | $13836 |
| **Dec-2020** | $11349 | $15667 | $15374 |
| **Dec-2021** | $12821 | $17250 | $16685 |
| **Dec-2022** | $11115 | $13560 | $13918 |
| **Dec-2023** | $13014 | $15345 | $16093 |
| **Dec-2024** | $14009 | $15624 | $16935 |
| **Dec-2025** | $20655 | $20598 | $22348 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH International Small Cap - Retail | 47.43% | 12.72% | 7.52% |
| MSCI EAFE Small Cap Index | 31.83% | 5.62% | 7.49% |
| MSCI ACWI ex-USA IMI Index | 31.96% | 7.77% | 8.37% |

---

***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 | $88065858 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover | 105% |
| Total Advisory Fees Paid\* | $402168 |
| Total Advisory Fees Paid %\* | 0.51% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8e957a6bad8c6848dd4356ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.9% |
| Financials | 13.0% |
| Consumer Discretionary | 11.9% |
| Materials | 11.0% |
| Real Estate | 10.9% |
| Information Technology | 9.0% |
| Health Care | 5.8% |
| Consumer Staples | 5.1% |
| Communication Services | 4.4% |
| Utilities | 2.7% |
| Energy | 2.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Koninklijke BAM Groep N.V. | 1.2% |
| Implenia A.G. | 1.1% |
| Kobe Steel, Ltd. | 1.0% |
| Ambea A.B. | 1.0% |
| Perenti, Ltd. | 1.0% |
| Vicat SACA | 1.0% |
| Lion Finance Group PLC | 0.9% |
| Regis Resources, Ltd. | 0.9% |
| Endeavour Mining PLC | 0.9% |
| Harel Insurance Investments & Financial Services, Ltd. | 0.9% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i60aeee7a8dfcfd8deb42e3cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 35.6% |
| United Kingdom | 12.4% |
| Australia | 10.4% |
| Sweden | 5.6% |
| France | 4.2% |
| Israel | 4.2% |
| Switzerland | 4.0% |
| Germany | 3.6% |
| Italy | 3.0% |
| Norway | 2.6% |
| Other Countries | 13.7% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBHSX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill International Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$130** | **1.05%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 47.48% against a return of 31.83% for the MSCI EAFE Small Cap Index and 31.96% for the Fund's regulatory 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 Australia. Japanese stocks rose as the U.S. and Japan agreed on a trade deal and economic growth data surprised on the upside. Stocks in the U.K. rose as the rate of inflation fell in November and the Bank of England cut interest rates. Australia outperformed as investors sought out stocks of miners and rare earth mineral suppliers outside of China.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;No countries or sectors detracted from absolute returns as the Fund ended the year strongly positive on an absolute basis.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Pan African Resources PLC | 0.80 | 1.35 |
| Koninklijke BAM Groep N.V. | 1.09 | 1.35 |
| Implenia A.G. | 1.00 | 1.33 |
| Lion Finance Group PLC | 1.13 | 1.18 |
| Harel Insurance Investments & Financial Services, Ltd. | 0.85 | 1.14 |
| **Bottom 5** |  |  |
| Cosmo Pharmaceuticals N.V. | 0.12 | -0.12 |
| IPH, Ltd. | 0.28 | -0.12 |
| Accent Group, Ltd | 0.24 | -0.22 |
| Yue Yuen Industrial Holdings, Ltd. | 0.25 | -0.26 |
| G8 Education, Ltd. | 0.38 | -0.28 |

---

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

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](if17d805c7020862691b64f4c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH International Small Cap - Inst** | **MSCI EAFE Small Cap Index** | **MSCI ACWI ex-USA IMI Index** |
| **Dec-2015** | $250000 | $250000 | $250000 |
| **Dec-2016** | $264312 | $255459 | $261017 |
| **Dec-2017** | $340479 | $339792 | $333616 |
| **Dec-2018** | $259804 | $279003 | $284386 |
| **Dec-2019** | $303199 | $348652 | $345904 |
| **Dec-2020** | $286972 | $391683 | $384362 |
| **Dec-2021** | $324826 | $431247 | $417130 |
| **Dec-2022** | $281970 | $339001 | $347962 |
| **Dec-2023** | $330569 | $383629 | $402317 |
| **Dec-2024** | $356241 | $390594 | $423370 |
| **Dec-2025** | $525385 | $514938 | $558698 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH International Small Cap - Inst | 47.48% | 12.86% | 7.71% |
| MSCI EAFE Small Cap Index | 31.83% | 5.62% | 7.49% |
| MSCI ACWI ex-USA IMI Index | 31.96% | 7.77% | 8.37% |

---

***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 | $88065858 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover | 105% |
| Total Advisory Fees Paid\* | $402168 |
| Total Advisory Fees Paid %\* | 0.51% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8e957a6bad8c6848dd4356ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.9% |
| Financials | 13.0% |
| Consumer Discretionary | 11.9% |
| Materials | 11.0% |
| Real Estate | 10.9% |
| Information Technology | 9.0% |
| Health Care | 5.8% |
| Consumer Staples | 5.1% |
| Communication Services | 4.4% |
| Utilities | 2.7% |
| Energy | 2.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Koninklijke BAM Groep N.V. | 1.2% |
| Implenia A.G. | 1.1% |
| Kobe Steel, Ltd. | 1.0% |
| Ambea A.B. | 1.0% |
| Perenti, Ltd. | 1.0% |
| Vicat SACA | 1.0% |
| Lion Finance Group PLC | 0.9% |
| Regis Resources, Ltd. | 0.9% |
| Endeavour Mining PLC | 0.9% |
| Harel Insurance Investments & Financial Services, Ltd. | 0.9% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i60aeee7a8dfcfd8deb42e3cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 35.6% |
| United Kingdom | 12.4% |
| Australia | 10.4% |
| Sweden | 5.6% |
| France | 4.2% |
| Israel | 4.2% |
| Switzerland | 4.0% |
| Germany | 3.6% |
| Italy | 3.0% |
| Norway | 2.6% |
| Other Countries | 13.7% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBSIX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill International Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?** 

# (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** | **$127** | **1.04%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 43.93% against a return of 31.22% for the MSCI EAFE Index and 31.96% for the Fund's regulatory 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 France. Japanese stocks rose as the U.S. and Japan agreed on a trade deal and economic growth data surprised on the upside. Stocks in the U.K. rose as the rate of inflation fell in November and the Bank of England cut interest rates. France rose on strength in the Financials sector as Europe's big banks benefited from resilient earnings, which, in our view, may continue due to favorable interest rates, a pickup in loan growth, and robust asset quality at year-end.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;No countries or sectors detracted from absolute returns as the Fund ended the year strongly positive on an absolute basis.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Deutsche Bank A.G. | 1.27 | 1.39 |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.16 | 1.31 |
| NatWest Group PLC | 1.31 | 0.97 |
| Novartis A.G. | 1.95 | 0.93 |
| BPER Banca | 0.93 | 0.93 |
| **Bottom 5** |  |  |
| CSL, Ltd. | 0.26 | -0.13 |
| NRW Holdings, Ltd. | 0.15 | -0.13 |
| Canon, Inc. | 0.77 | -0.15 |
| South32, Ltd. | 0.28 | -0.16 |
| Novo Nordisk A/S | 0.28 | -0.17 |

---

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i62c4456a830bd041868e851e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH International Equity - Retail** | **MSCI EAFE Index** | **MSCI ACWI ex-USA IMI Index** |
| **Oct-2021** | $10000 | $10000 | $10000 |
| **Dec-2021** | $10017 | $9995 | $9882 |
| **Dec-2022** | $8981 | $8551 | $8243 |
| **Dec-2023** | $10873 | $10110 | $9531 |
| **Dec-2024** | $11361 | $10497 | $10030 |
| **Dec-2025** | $16352 | $13774 | $13236 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (10/27/2021)** |
| SBH International Equity - Retail | 43.93% | 12.49% |
| MSCI EAFE Index | 31.22% | 7.97% |
| MSCI ACWI ex-USA IMI Index | 31.96% | 6.94% |

---

***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 | $14419833 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover | 107% |
| 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](i08cbaf7cd4d5b73abb794e85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.7% |
| Industrials | 18.9% |
| Health Care | 12.0% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.3% |
| Consumer Staples | 7.2% |
| Materials | 5.9% |
| Communication Services | 4.1% |
| Utilities | 3.9% |
| Energy | 3.5% |
| Real Estate | 1.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Novartis A.G. | 2.2% |
| HSBC Holdings PLC | 1.9% |
| Roche Holding A.G. Genusscheine | 1.9% |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.7% |
| BNP Paribas S.A. | 1.5% |
| GSK PLC | 1.5% |
| NatWest Group PLC | 1.5% |
| Deutsche Bank A.G. | 1.4% |
| ITOCHU Corp. | 1.3% |
| Danske Bank A/S | 1.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](idefc3789bc3f2329530dea3b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 22.0% |
| United Kingdom | 14.9% |
| France | 11.1% |
| Germany | 9.5% |
| Switzerland | 9.3% |
| Australia | 6.1% |
| Netherlands | 4.4% |
| Spain | 4.1% |
| Sweden | 3.6% |
| Italy | 3.4% |
| Other Countries | 11.6% |

---

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. 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-AR 123125-CIQRX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill International Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?** 

# (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** | **$105** | **0.86%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 44.29% against a return of 31.22% for the MSCI EAFE Index and 31.96% for the Fund's regulatory 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 France. Japanese stocks rose as the U.S. and Japan agreed on a trade deal and economic growth data surprised on the upside. Stocks in the U.K. rose as the rate of inflation fell in November and the Bank of England cut interest rates. France rose on strength in the Financials sector as Europe's big banks benefited from resilient earnings, which, in our view, may continue due to favorable interest rates, a pickup in loan growth, and robust asset quality at year-end.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;No countries or sectors detracted from absolute returns as the Fund ended the year strongly positive on an absolute basis.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Deutsche Bank A.G. | 1.27 | 1.39 |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.16 | 1.31 |
| NatWest Group PLC | 1.31 | 0.97 |
| Novartis A.G. | 1.95 | 0.93 |
| BPER Banca | 0.93 | 0.93 |
| **Bottom 5** |  |  |
| CSL, Ltd. | 0.26 | -0.13 |
| NRW Holdings, Ltd. | 0.15 | -0.13 |
| Canon, Inc. | 0.77 | -0.15 |
| South32, Ltd. | 0.28 | -0.16 |
| Novo Nordisk A/S | 0.28 | -0.17 |

---

# How has the Fund performed since inception?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i43ebf17433a450442ad20a7b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH International Equity - Inst** | **MSCI EAFE Index** | **MSCI ACWI ex-USA IMI Index** |
| **Oct-2021** | $250000 | $250000 | $250000 |
| **Dec-2021** | $250474 | $249881 | $247050 |
| **Dec-2022** | $224906 | $213769 | $206085 |
| **Dec-2023** | $272656 | $252756 | $238277 |
| **Dec-2024** | $285153 | $262420 | $250746 |
| **Dec-2025** | $411434 | $344350 | $330896 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (10/27/2021)** |
| SBH International Equity - Inst | 44.29% | 12.66% |
| MSCI EAFE Index | 31.22% | 7.97% |
| MSCI ACWI ex-USA IMI Index | 31.96% | 6.94% |

---

***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 | $14419833 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover | 107% |
| 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](i08cbaf7cd4d5b73abb794e85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.7% |
| Industrials | 18.9% |
| Health Care | 12.0% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.3% |
| Consumer Staples | 7.2% |
| Materials | 5.9% |
| Communication Services | 4.1% |
| Utilities | 3.9% |
| Energy | 3.5% |
| Real Estate | 1.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Novartis A.G. | 2.2% |
| HSBC Holdings PLC | 1.9% |
| Roche Holding A.G. Genusscheine | 1.9% |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.7% |
| BNP Paribas S.A. | 1.5% |
| GSK PLC | 1.5% |
| NatWest Group PLC | 1.5% |
| Deutsche Bank A.G. | 1.4% |
| ITOCHU Corp. | 1.3% |
| Danske Bank A/S | 1.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](idefc3789bc3f2329530dea3b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 22.0% |
| United Kingdom | 14.9% |
| France | 11.1% |
| Germany | 9.5% |
| Switzerland | 9.3% |
| Australia | 6.1% |
| Netherlands | 4.4% |
| Spain | 4.1% |
| Sweden | 3.6% |
| Italy | 3.4% |
| Other Countries | 11.6% |

---

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. 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-AR 123125-CIEQX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Global All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$86** | **0.82%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 9.81% against a return of 21.09% 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 Communication Services. The three individual securities that contributed the most on an absolute basis were ATI, Inc., Alphabet, Inc., and Intesa Sanpaolo S.p.A. ATI's significant and differentiated exposure to aircraft and aircraft jet engine build rates contributed to the company's growth in earnings during the year. Alphabet gained on the back of the successful launch of its Gemini 3.0 frontier artificial intelligence (AI) model. Intesa Sanpaolo's outperformance was driven by the benefits of its cost-cutting program, improving corporate and consumer credit, and continued branch expansion.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The two sectors that detracted from the Fund's returns on an absolute basis were Consumer Staples and Information Technology. The three individual securities that detracted the most on an absolute basis were Marvell Technology, Inc., ServiceNow, Inc., and UnitedHealth Group, Inc. Marvell Technology underperformed due to elevated expectations tied to AI revenue growth. UnitedHealth Group underperformed as the company struggled to appropriately manage cost trends. ServiceNow underperformed as investors grew concerned about potential long-term AI-driven disruption.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| ATI, Inc. | 2.00 | 1.66 |
| Alphabet, Inc. | 2.73 | 1.40 |
| Intesa Sanpaolo S.p.A. | 1.98 | 1.20 |
| JPMorgan Chase & Co. | 3.18 | 1.08 |
| Safran S.A. | 2.42 | 1.08 |
| **Bottom 5** |  |  |
| TFI International, Inc. | 0.15 | -0.36 |
| Constellation Software, Inc. | 2.62 | -0.51 |
| UnitedHealth Group, Inc. | 0.53 | -0.65 |
| ServiceNow, Inc. | 2.46 | -0.77 |
| Marvell Technology, Inc. | 1.73 | -0.94 |

---

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i743bf996d8ae9264eff45d5e.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH Global All Cap - Retail** | **MSCI World Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10858 | $10751 |
| **Dec-2017** | $12981 | $13159 |
| **Dec-2018** | $11852 | $12013 |
| **Dec-2019** | $14858 | $15337 |
| **Dec-2020** | $15296 | $17776 |
| **Dec-2021** | $19247 | $21654 |
| **Dec-2022** | $15651 | $17726 |
| **Dec-2023** | $19034 | $21942 |
| **Dec-2024** | $22133 | $26039 |
| **Dec-2025** | $24304 | $31532 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Global All Cap - Retail | 9.81% | 9.70% | 9.29% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |

---

***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 | $34466026 |
| Number of Portfolio Holdings | 52 |
| Portfolio Turnover | 22% |
| Total Advisory Fees Paid\* | $39791 |
| Total Advisory Fees Paid %\* | 0.11% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib98052e3edec47b09aec3581.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.0% |
| Financials | 16.4% |
| Industrials | 15.6% |
| Consumer Discretionary | 14.2% |
| Communication Services | 8.3% |
| Health Care | 7.9% |
| Energy | 3.4% |
| Consumer Staples | 3.0% |
| Real Estate | 1.5% |
| Materials | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.5% |
| Alphabet, Inc. | 3.9% |
| NVIDIA Corp. | 3.6% |
| JPMorgan Chase & Co. | 3.2% |
| Safran S.A. | 2.8% |
| Amazon.com, Inc. | 2.7% |
| Apple, Inc. | 2.7% |
| Visa, Inc. | 2.6% |
| D'ieteren Group | 2.4% |
| Intesa Sanpaolo S.p.A. | 2.4% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i111b6d66f620c8d837bb647b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 57.4% |
| United Kingdom | 7.2% |
| Canada | 6.8% |
| France | 4.7% |
| Belgium | 4.2% |
| Italy | 3.4% |
| Germany | 3.3% |
| Ireland | 3.0% |
| Spain | 1.7% |
| Netherlands | 1.6% |
| Other Countries | 4.3% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WTMVX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Global All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$82** | **0.78%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 9.79% against a return of 21.09% 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 Communication Services. The three individual securities that contributed the most on an absolute basis were ATI, Inc., Alphabet, Inc., and Intesa Sanpaolo S.p.A. ATI's significant and differentiated exposure to aircraft and aircraft jet engine build rates contributed to the company's growth in earnings during the year. Alphabet gained on the back of the successful launch of its Gemini 3.0 frontier artificial intelligence (AI) model. Intesa Sanpaolo's outperformance was driven by the benefits of its cost-cutting program, improving corporate and consumer credit, and continued branch expansion.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;The two sectors that detracted from the Fund's returns on an absolute basis were Consumer Staples and Information Technology. The three individual securities that detracted the most on an absolute basis were Marvell Technology, Inc., ServiceNow, Inc., and UnitedHealth Group, Inc. Marvell Technology underperformed due to elevated expectations tied to AI revenue growth. UnitedHealth Group underperformed as the company struggled to appropriately manage cost trends. ServiceNow underperformed as investors grew concerned about potential long-term AI-driven disruption.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| ATI, Inc. | 2.00 | 1.66 |
| Alphabet, Inc. | 2.73 | 1.40 |
| Intesa Sanpaolo S.p.A. | 1.98 | 1.20 |
| JPMorgan Chase & Co. | 3.18 | 1.08 |
| Safran S.A. | 2.42 | 1.08 |
| **Bottom 5** |  |  |
| TFI International, Inc. | 0.15 | -0.36 |
| Constellation Software, Inc. | 2.62 | -0.51 |
| UnitedHealth Group, Inc. | 0.53 | -0.65 |
| ServiceNow, Inc. | 2.46 | -0.77 |
| Marvell Technology, Inc. | 1.73 | -0.94 |

---

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

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](ia1f2f847c1bf615f3e8878bf.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH Global All Cap - Inst** | **MSCI World Index** |
| **Dec-2015** | $250000 | $250000 |
| **Dec-2016** | $271578 | $268776 |
| **Dec-2017** | $325305 | $328983 |
| **Dec-2018** | $297543 | $300324 |
| **Dec-2019** | $373564 | $383424 |
| **Dec-2020** | $384908 | $444398 |
| **Dec-2021** | $484765 | $541352 |
| **Dec-2022** | $394851 | $443143 |
| **Dec-2023** | $481203 | $548553 |
| **Dec-2024** | $559913 | $650974 |
| **Dec-2025** | $614748 | $788290 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Global All Cap - Inst | 9.79% | 9.82% | 9.41% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |

---

***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 | $34466026 |
| Number of Portfolio Holdings | 52 |
| Portfolio Turnover | 22% |
| Total Advisory Fees Paid\* | $39791 |
| Total Advisory Fees Paid %\* | 0.11% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib98052e3edec47b09aec3581.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.0% |
| Financials | 16.4% |
| Industrials | 15.6% |
| Consumer Discretionary | 14.2% |
| Communication Services | 8.3% |
| Health Care | 7.9% |
| Energy | 3.4% |
| Consumer Staples | 3.0% |
| Real Estate | 1.5% |
| Materials | 1.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 4.5% |
| Alphabet, Inc. | 3.9% |
| NVIDIA Corp. | 3.6% |
| JPMorgan Chase & Co. | 3.2% |
| Safran S.A. | 2.8% |
| Amazon.com, Inc. | 2.7% |
| Apple, Inc. | 2.7% |
| Visa, Inc. | 2.6% |
| D'ieteren Group | 2.4% |
| Intesa Sanpaolo S.p.A. | 2.4% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i111b6d66f620c8d837bb647b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 57.4% |
| United Kingdom | 7.2% |
| Canada | 6.8% |
| France | 4.7% |
| Belgium | 4.2% |
| Italy | 3.4% |
| Germany | 3.3% |
| Ireland | 3.0% |
| Spain | 1.7% |
| Netherlands | 1.6% |
| Other Countries | 4.3% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WIMVX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Short Term Plus Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$46** | **0.45%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 5.57% against a return of 5.35% for the Bloomberg 1-3 Year US Government/Credit Index and 7.30% for the Fund's regulatory 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 2025, short assets underperformed all other maturities as Treasury yields fell across most maturities. Over the course of the year, 2-year yields decreased 76 basis points ("bps"), 5-year yields decreased 66 bps, 10-year yields decreased 40 bps, and 30-year yields increased 6 bps.

&nbsp;&nbsp;&nbsp;&nbsp;Sector selection had a positive impact on performance during the period. The Fund was overweight corporate securities and underweight U.S. Treasury securities. Investment-grade corporate securities had excess returns of 1.19% during the year.

&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 2.87% during the year. While the Fund's underweight to the Financials sector was a detractor from performance during the period, the Fund outperformed all other sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i72f00af82666b62efd5103aa.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 |
| **Dec-2018** | $10020 | $10052 | $10091 |
| **Dec-2019** | $10377 | $10457 | $10971 |
| **Dec-2020** | $10590 | $10806 | $11795 |
| **Dec-2021** | $10565 | $10755 | $11613 |
| **Dec-2022** | $10346 | $10358 | $10102 |
| **Dec-2023** | $10873 | $10836 | $10660 |
| **Dec-2024** | $11437 | $11308 | $10794 |
| **Dec-2025** | $12074 | $11912 | $11582 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/14/2018)** |
| SBH Short Term Plus - Retail | 5.57% | 2.66% | 2.71% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.51% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.11% |

---

***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](i8c657b70b53216949976dcdc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 66.0% |
| Utility | 14.9% |
| Asset Backed Securities | 6.8% |
| U.S. Treasury Bonds & Notes | 5.9% |
| Finance | 5.1% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13735893 |
| Number of Portfolio Holdings | 74 |
| Portfolio Turnover | 41% |
| Total Advisory Fees Paid\* | $0 |
| Total Advisory Fees Paid %\* | 0.00% |
| Average maturity (years) | 1.86 |
| 30-day SEC yield (with waivers) | 3.77% |
| 30-day SEC yield (without waivers) | 0.80% |

---

\* 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 | 0.6 |
| AAA | 5.4 |
| AA | 9.5 |
| A | 21.1 |
| BBB | 48.9 |
| BB | 11.9 |
| B | 1.5 |
| Not Rated | 1.1 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 26.5 |
| 1-2 yrs | 35.5 |
| 2-3 yrs | 32.2 |
| 3-4 yrs | 5.8 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBHPX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Short Term Plus Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$41** | **0.40%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 5.65% against a return of 5.35% for the Bloomberg 1-3 Year US Government/Credit Index and 7.30% for the Fund's regulatory 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 2025, short assets underperformed all other maturities as Treasury yields fell across most maturities. Over the course of the year, 2-year yields decreased 76 basis points ("bps"), 5-year yields decreased 66 bps, 10-year yields decreased 40 bps, and 30-year yields increased 6 bps.

&nbsp;&nbsp;&nbsp;&nbsp;Sector selection had a positive impact on performance during the period. The Fund was overweight corporate securities and underweight U.S. Treasury securities. Investment-grade corporate securities had excess returns of 1.19% during the year.

&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 2.87% during the year. While the Fund's underweight to the Financials sector was a detractor from performance during the period, the Fund outperformed all other sectors.

# How has the Fund performed since inception?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i23b65660aed007e7c5c9cfa6.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 |
| **Dec-2018** | $250500 | $251304 | $252287 |
| **Dec-2019** | $259557 | $261430 | $274278 |
| **Dec-2020** | $265225 | $270145 | $294867 |
| **Dec-2021** | $265084 | $268868 | $290321 |
| **Dec-2022** | $259848 | $258955 | $252549 |
| **Dec-2023** | $273286 | $270900 | $266512 |
| **Dec-2024** | $287421 | $282698 | $269844 |
| **Dec-2025** | $303667 | $297811 | $289545 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/14/2018)** |
| SBH Short Term Plus - Inst | 5.65% | 2.74% | 2.80% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.51% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.11% |

---

***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](i8c657b70b53216949976dcdc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 66.0% |
| Utility | 14.9% |
| Asset Backed Securities | 6.8% |
| U.S. Treasury Bonds & Notes | 5.9% |
| Finance | 5.1% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13735893 |
| Number of Portfolio Holdings | 74 |
| Portfolio Turnover | 41% |
| Total Advisory Fees Paid\* | $0 |
| Total Advisory Fees Paid %\* | 0.00% |
| Average maturity (years) | 1.86 |
| 30-day SEC yield (with waivers) | 3.78% |
| 30-day SEC yield (without waivers) | 2.84% |

---

\* 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 | 0.6 |
| AAA | 5.4 |
| AA | 9.5 |
| A | 21.1 |
| BBB | 48.9 |
| BB | 11.9 |
| B | 1.5 |
| Not Rated | 1.1 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 26.5 |
| 1-2 yrs | 35.5 |
| 2-3 yrs | 32.2 |
| 3-4 yrs | 5.8 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SBAPX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Plus Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$57** | **0.55%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 7.38% against a return of 7.30% for the Fund's regulatory 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 corporates and MBS posted excess returns versus U.S. Treasuries of 1.19% and 1.71%, respectively, during the annual period.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's allocation to high-yield securities positively impacted performance. High yield posted a 2.60% excess return versus U.S. Treasuries during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's duration was slightly shorter than the duration of the benchmark during the 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](iee151db834c0c905222a8a39.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH Plus Bond - Retail** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10382 | $10265 |
| **Dec-2017** | $10873 | $10628 |
| **Dec-2018** | $10854 | $10629 |
| **Dec-2019** | $11809 | $11556 |
| **Dec-2020** | $12811 | $12423 |
| **Dec-2021** | $12737 | $12232 |
| **Dec-2022** | $11064 | $10641 |
| **Dec-2023** | $11890 | $11229 |
| **Dec-2024** | $12127 | $11369 |
| **Dec-2025** | $13022 | $12199 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Plus Bond - Retail | 7.38% | 0.33% | 2.68% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***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](ie192ee5bd0b63e605ce7709d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities Passthrough | 32.2% |
| U.S. Treasury Bonds & Notes | 22.4% |
| Industrial | 19.6% |
| Finance | 11.0% |
| Utility | 7.1% |
| Asset Backed Securities | 2.7% |
| Municipal Bonds | 2.0% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $720092652 |
| Number of Portfolio Holdings | 142 |
| Portfolio Turnover | 38% |
| Total Advisory Fees Paid\* | $1585111 |
| Total Advisory Fees Paid %\* | 0.22% |
| Average maturity (years) | 7.68 |
| 30-day SEC yield (with waivers) | 4.05% |
| 30-day SEC yield (without waivers) | 3.83% |

---

\* 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 | 1.5 |
| AA | 56.6 |
| A | 12.4 |
| BBB | 17.3 |
| BB | 6.3 |
| B & Below | 2.2 |
| Not Rated | 1.6 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 5.4 |
| 1-3 yrs | 23.1 |
| 3-4 yrs | 5.4 |
| 4-6 yrs | 25.0 |
| 6-8 yrs | 26.8 |
| 8+ yrs | 14.3 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WTIBX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Plus Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **0.40%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 7.51% against a return of 7.30% for the Fund's regulatory 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 corporates and MBS posted excess returns versus U.S. Treasuries of 1.19% and 1.71%, respectively, during the annual period.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's allocation to high-yield securities positively impacted performance. High yield posted a 2.60% excess return versus U.S. Treasuries during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's duration was slightly shorter than the duration of the benchmark during the 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](i5ae910933483b0e4ef2f40f9.jpg)

---

| | | |
|:---|:---|:---|
| | **SBH Plus Bond - Inst** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $250000 | $250000 |
| **Dec-2016** | $260017 | $256618 |
| **Dec-2017** | $272519 | $265707 |
| **Dec-2018** | $272672 | $265737 |
| **Dec-2019** | $296940 | $288901 |
| **Dec-2020** | $322632 | $310587 |
| **Dec-2021** | $321223 | $305799 |
| **Dec-2022** | $279631 | $266014 |
| **Dec-2023** | $300863 | $280721 |
| **Dec-2024** | $307380 | $284231 |
| **Dec-2025** | $330458 | $304982 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Plus Bond - Inst | 7.51% | 0.48% | 2.83% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***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](ie192ee5bd0b63e605ce7709d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities Passthrough | 32.2% |
| U.S. Treasury Bonds & Notes | 22.4% |
| Industrial | 19.6% |
| Finance | 11.0% |
| Utility | 7.1% |
| Asset Backed Securities | 2.7% |
| Municipal Bonds | 2.0% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $720092652 |
| Number of Portfolio Holdings | 142 |
| Portfolio Turnover | 38% |
| Total Advisory Fees Paid\* | $1585111 |
| Total Advisory Fees Paid %\* | 0.22% |
| Average maturity (years) | 7.68 |
| 30-day SEC yield (with waivers) | 4.20% |
| 30-day SEC yield (without waivers) | 4.08% |

---

\* 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 | 1.5 |
| AA | 56.6 |
| A | 12.4 |
| BBB | 17.3 |
| BB | 6.3 |
| B & Below | 2.2 |
| Not Rated | 1.6 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 5.4 |
| 1-3 yrs | 23.1 |
| 3-4 yrs | 5.4 |
| 4-6 yrs | 25.0 |
| 6-8 yrs | 26.8 |
| 8+ yrs | 14.3 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WIIBX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Quality High Yield Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$88** | **0.85%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 7.97% against a return of 8.62% for the Bloomberg U.S. High Yield - 2% Issuer Capped Index and 7.30% for the Fund's regulatory 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 Capped Index. Within the Bloomberg U.S. High Yield - 2% Issuer Capped Index, CCC-rated securities returned 8.27% during the annual period versus 8.18% for intermediate BBB-rated securities, 9.02% for BB-rated securities, and 8.44% 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](i217750c065e7e2a4496e418e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Quality High Yield - Retail** | **Bloomberg U.S. High Yield - 2% Issuer Capped Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11275 | $11713 | $10265 |
| **Dec-2017** | $11973 | $12592 | $10628 |
| **Dec-2018** | $11710 | $12329 | $10629 |
| **Dec-2019** | $13140 | $14095 | $11556 |
| **Dec-2020** | $14100 | $15088 | $12423 |
| **Dec-2021** | $14542 | $15882 | $12232 |
| **Dec-2022** | $13125 | $14106 | $10641 |
| **Dec-2023** | $14720 | $16002 | $11229 |
| **Dec-2024** | $15534 | $17313 | $11369 |
| **Dec-2025** | $16771 | $18806 | $12199 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Quality High Yield - Retail | 7.97% | 3.53% | 5.31% |
| Bloomberg U.S. High Yield - 2% Issuer Capped Index | 8.62% | 4.50% | 6.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***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](idc22a386243caa8f0ab8a4c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 78.6% |
| Finance | 11.1% |
| Utility | 6.8% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $65627424 |
| Number of Portfolio Holdings | 65 |
| Portfolio Turnover | 37% |
| Total Advisory Fees Paid\* | $195608 |
| Total Advisory Fees Paid %\* | 0.30% |
| Average maturity (years) | 3.63 |
| 30-day SEC yield (with waivers) | 4.46% |
| 30-day SEC yield (without waivers) | 4.36% |

---

\* 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 | 2.1 |
| BBB | 12.4 |
| BB | 63.7 |
| B & Below | 18.8 |
| Not Rated | 3.0 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 29.9 |
| 1-3 yrs | 41.3 |
| 3-4 yrs | 9.4 |
| 4-6 yrs | 15.7 |
| 6-8 yrs | 2.1 |
| 8+ yrs | 1.6 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WTLTX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Quality High Yield Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$73** | **0.70%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 7.99% against a return of 8.62% for the Bloomberg U.S. High Yield - 2% Issuer Capped Index and 7.30% for the Fund's regulatory 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 Capped Index. Within the Bloomberg U.S. High Yield - 2% Issuer Capped Index, CCC-rated securities returned 8.27% during the annual period versus 8.18% for intermediate BBB-rated securities, 9.02% for BB-rated securities, and 8.44% 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](i511142152fe980ce788dc008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Quality High Yield - Inst** | **Bloomberg U.S. High Yield - 2% Issuer Capped Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $250000 | $250000 | $250000 |
| **Dec-2016** | $282760 | $292825 | $256618 |
| **Dec-2017** | $300710 | $314795 | $265707 |
| **Dec-2018** | $294698 | $308234 | $265737 |
| **Dec-2019** | $330945 | $352369 | $288901 |
| **Dec-2020** | $355446 | $377202 | $310587 |
| **Dec-2021** | $367279 | $397046 | $305799 |
| **Dec-2022** | $332363 | $352650 | $266014 |
| **Dec-2023** | $372949 | $400058 | $280721 |
| **Dec-2024** | $394428 | $432835 | $284231 |
| **Dec-2025** | $425923 | $470158 | $304982 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Quality High Yield - Inst | 7.99% | 3.68% | 5.47% |
| Bloomberg U.S. High Yield - 2% Issuer Capped Index | 8.62% | 4.50% | 6.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***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](idc22a386243caa8f0ab8a4c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 78.6% |
| Finance | 11.1% |
| Utility | 6.8% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $65627424 |
| Number of Portfolio Holdings | 65 |
| Portfolio Turnover | 37% |
| Total Advisory Fees Paid\* | $195608 |
| Total Advisory Fees Paid %\* | 0.30% |
| Average maturity (years) | 3.63 |
| 30-day SEC yield (with waivers) | 4.62% |
| 30-day SEC yield (without waivers) | 4.58% |

---

\* 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 | 2.1 |
| BBB | 12.4 |
| BB | 63.7 |
| B & Below | 18.8 |
| Not Rated | 3.0 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 29.9 |
| 1-3 yrs | 41.3 |
| 3-4 yrs | 9.4 |
| 4-6 yrs | 15.7 |
| 6-8 yrs | 2.1 |
| 8+ yrs | 1.6 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WILTX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Municipal Opportunities Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$67** | **0.65%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 5.07% against a return of 5.18% for the Bloomberg 1-15 Year Municipal Blend Index and 4.25% for the Fund's regulatory broad-based securities market index, the Bloomberg Municipal Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund maintained little to no exposure to the belly of the yield curve (3-12 years) during the period, resulting in quarter-to-quarter price fluctuations largely driven by performance in this part of the curve.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invested in short-term U.S. Treasuries during the period. This positioning modestly impacted relative performance, but with the 5-Year Muni/Treasury ratio ending the year at historically tight levels around 61%, exiting the period, we remain confident that investing across the yield curve will prove itself. Outperformance through narrowing spreads alone is not sustainable over any reasonable time frame. While the curve segment we avoided outperformed on a price basis for much of the year, our income generation contributed to strong total returns for the full period.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i90a7b3500d6cf329ae0244b5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Municipal Opportunities - Retail** | **Bloomberg 1-15 Year Municipal Blend Index** | **Bloomberg Municipal Bond Index** |
| **Dec-2016** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10150 | $10070 | $10087 |
| **Dec-2017** | $10996 | $10507 | $10637 |
| **Dec-2018** | $11142 | $10673 | $10773 |
| **Dec-2019** | $11922 | $11360 | $11585 |
| **Dec-2020** | $12701 | $11897 | $12189 |
| **Dec-2021** | $13047 | $12000 | $12374 |
| **Dec-2022** | $11579 | $11286 | $11319 |
| **Dec-2023** | $12198 | $11880 | $12044 |
| **Dec-2024** | $12569 | $11984 | $12171 |
| **Dec-2025** | $13206 | $12605 | $12687 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/16/2016)** |
| SBH Municipal Opportunities - Retail | 5.07% | 0.78% | 3.12% |
| Bloomberg 1-15 Year Municipal Blend Index | 5.18% | 1.16% | 2.59% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.67% |

---

***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](ic09fe4f37d5e77232a902854.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue | 57.5% |
| General Obligation | 16.0% |
| Variable Rate Demand Note | 9.0% |
| U.S. Treasury Bonds & Notes | 6.6% |
| Industrial | 4.2% |
| Local Authority | 2.8% |
| CMBS | 1.0% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $196587975 |
| Number of Portfolio Holdings | 157 |
| Portfolio Turnover | 77% |
| Total Advisory Fees Paid\* | $446328 |
| Total Advisory Fees Paid %\* | 0.24% |
| Average maturity (years) | 8.61 |
| 30-day SEC yield (with waivers) | 3.05% |
| 30-day SEC yield (without waivers) | 2.91% |

---

\* 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 | 1.7 |
| AAA | 18.9 |
| AA | 44.8 |
| A | 17.1 |
| BBB | 1.4 |
| BB | 2.3 |
| B | 4.2 |
| Not Rated | 9.6 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 19.7 |
| 1-3 yrs | 22.1 |
| 3-4 yrs | 13.1 |
| 4-6 yrs | 2.8 |
| 6-8 yrs | 8.3 |
| 8+ yrs | 34.1 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WTTAX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Municipal Opportunities Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$51** | **0.50%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 5.32% against a return of 5.18% for the Bloomberg 1-15 Year Municipal Blend Index and 4.25% for the Fund's regulatory broad-based securities market index, the Bloomberg Municipal Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund maintained little to no exposure to the belly of the yield curve (3-12 years) during the period, resulting in quarter-to-quarter price fluctuations largely driven by performance in this part of the curve.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invested in short-term U.S. Treasuries during the period. This positioning modestly impacted relative performance, but with the 5-Year Muni/Treasury ratio ending the year at historically tight levels around 61%, exiting the period, we remain confident that investing across the yield curve will prove itself. Outperformance through narrowing spreads alone is not sustainable over any reasonable time frame. While the curve segment we avoided outperformed on a price basis for much of the year, our income generation contributed to strong total returns for the full period.

# How has the Fund performed since inception?

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i16b2140ad12a6879f7683226.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Municipal Opportunities - Inst** | **Bloomberg 1-15 Year Municipal Blend Index** | **Bloomberg Municipal Bond Index** |
| **Dec-2016** | $250000 | $250000 | $250000 |
| **Dec-2016** | $253750 | $251760 | $252187 |
| **Dec-2017** | $275511 | $262663 | $265926 |
| **Dec-2018** | $279525 | $266814 | $269336 |
| **Dec-2019** | $299632 | $283999 | $289631 |
| **Dec-2020** | $319730 | $297437 | $304728 |
| **Dec-2021** | $328903 | $300005 | $309352 |
| **Dec-2022** | $292368 | $282155 | $282975 |
| **Dec-2023** | $308454 | $296991 | $301090 |
| **Dec-2024** | $317993 | $299609 | $304263 |
| **Dec-2025** | $334923 | $315127 | $317180 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/16/2016)** |
| SBH Municipal Opportunities - Inst | 5.32% | 0.93% | 3.29% |
| Bloomberg 1-15 Year Municipal Blend Index | 5.18% | 1.16% | 2.59% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.67% |

---

***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](ic09fe4f37d5e77232a902854.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue | 57.5% |
| General Obligation | 16.0% |
| Variable Rate Demand Note | 9.0% |
| U.S. Treasury Bonds & Notes | 6.6% |
| Industrial | 4.2% |
| Local Authority | 2.8% |
| CMBS | 1.0% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $196587975 |
| Number of Portfolio Holdings | 157 |
| Portfolio Turnover | 77% |
| Total Advisory Fees Paid\* | $446328 |
| Total Advisory Fees Paid %\* | 0.24% |
| Average maturity (years) | 8.61 |
| 30-day SEC yield (with waivers) | 3.20% |
| 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 | 1.7 |
| AAA | 18.9 |
| AA | 44.8 |
| A | 17.1 |
| BBB | 1.4 |
| BB | 2.3 |
| B | 4.2 |
| Not Rated | 9.6 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 19.7 |
| 1-3 yrs | 22.1 |
| 3-4 yrs | 13.1 |
| 4-6 yrs | 2.8 |
| 6-8 yrs | 8.3 |
| 8+ yrs | 34.1 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WITAX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Colorado Tax-Free Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$65** | **0.64%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the retail class of the Fund returned 3.29% against a return of 5.18% for the Bloomberg 1-15 Year Municipal Blend Index and 4.25% for the Fund's broad-based securities market index, the Bloomberg Municipal Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund maintained little to no exposure to the belly of the yield curve (3-12 years) during the period, resulting in quarter-to-quarter price fluctuations largely driven by performance in this part of the curve. With the 5-Year Muni/Treasury ratio ending the year at historically tight levels around 61%, exiting the period, we remain confident that our barbell positioning will prove itself. Outperformance through narrowing spreads alone is not sustainable over any reasonable time frame. While the curve segment we avoided outperformed on a price basis for much of the year, our income generation contributed to strong total returns for the full period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3bd8f670295432668acfa8e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Colorado Tax Free - Retail** | **Bloomberg 1-15 Year Municipal Blend Index** | **Bloomberg Municipal Bond Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $9993 | $10001 | $10025 |
| **Dec-2017** | $10505 | $10434 | $10571 |
| **Dec-2018** | $10577 | $10599 | $10707 |
| **Dec-2019** | $11278 | $11282 | $11513 |
| **Dec-2020** | $11851 | $11816 | $12113 |
| **Dec-2021** | $12073 | $11918 | $12297 |
| **Dec-2022** | $10789 | $11208 | $11249 |
| **Dec-2023** | $11331 | $11798 | $11969 |
| **Dec-2024** | $11602 | $11902 | $12095 |
| **Dec-2025** | $11984 | $12518 | $12608 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Colorado Tax Free - Retail | 3.29% | 0.22% | 1.83% |
| Bloomberg 1-15 Year Municipal Blend Index | 5.18% | 1.16% | 2.27% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

***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](i7d283a086bf75cbbef04e292.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue | 58.5% |
| General Obligation | 12.4% |
| Certificate Participation | 10.1% |
| Variable Rate Demand Note | 6.9% |
| U.S. Treasury Bonds & Notes | 4.5% |
| Local Authority | 2.1% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $309853267 |
| Number of Portfolio Holdings | 142 |
| Portfolio Turnover | 80% |
| Total Advisory Fees Paid\* | $929066 |
| Total Advisory Fees Paid %\* | 0.42% |
| Average maturity (years) | 9.42 |
| 30-day SEC yield (with waivers) | 3.32% |
| 30-day SEC yield (without waivers) | 3.27% |

---

\* 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 | 28.7 |
| AA | 52.9 |
| A | 7.5 |
| BBB | 3.4 |
| BB | 0.6 |
| Not Rated | 2.0 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 22.5 |
| 1-3 yrs | 20.0 |
| 3-4 yrs | 6.6 |
| 4-6 yrs | 10.1 |
| 6-8 yrs | 6.8 |
| 8+ yrs | 33.9 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WTCOX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Colorado Tax-Free Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$51** | **0.50%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the institutional class of the Fund returned 3.42% against a return of 5.18% for the Bloomberg 1-15 Year Municipal Blend Index and 4.25% for the Fund's broad-based securities market index, the Bloomberg Municipal Bond Index.

**Factors Affecting Performance**

&nbsp;&nbsp;&nbsp;&nbsp;The Fund maintained little to no exposure to the belly of the yield curve (3-12 years) during the period, resulting in quarter-to-quarter price fluctuations largely driven by performance in this part of the curve. With the 5-Year Muni/Treasury ratio ending the year at historically tight levels around 61%, exiting the period, we remain confident that our barbell positioning will prove itself. Outperformance through narrowing spreads alone is not sustainable over any reasonable time frame. While the curve segment we avoided outperformed on a price basis for much of the year, our income generation contributed to strong total returns for the full period.

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

# Total Return Based on $250,000 Investment
![Growth of 10K Chart](i9fc04077141a47f0a9689482.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Colorado Tax Free - Inst** | **Bloomberg 1-15 Year Municipal Blend Index** | **Bloomberg Municipal Bond Index** |
| **Dec-2015** | $250000 | $250000 | $250000 |
| **Dec-2016** | $249848 | $250025 | $250620 |
| **Dec-2017** | $263417 | $260854 | $264274 |
| **Dec-2018** | $265340 | $264976 | $267663 |
| **Dec-2019** | $283382 | $282042 | $287832 |
| **Dec-2020** | $298371 | $295388 | $302835 |
| **Dec-2021** | $304371 | $297938 | $307430 |
| **Dec-2022** | $272273 | $280211 | $281217 |
| **Dec-2023** | $286322 | $294944 | $299220 |
| **Dec-2024** | $293552 | $297545 | $302373 |
| **Dec-2025** | $303581 | $312956 | $315210 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SBH Colorado Tax Free - Inst | 3.42% | 0.35% | 1.96% |
| Bloomberg 1-15 Year Municipal Blend Index | 5.18% | 1.16% | 2.27% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

***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](i7d283a086bf75cbbef04e292.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Revenue | 58.5% |
| General Obligation | 12.4% |
| Certificate Participation | 10.1% |
| Variable Rate Demand Note | 6.9% |
| U.S. Treasury Bonds & Notes | 4.5% |
| Local Authority | 2.1% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $309853267 |
| Number of Portfolio Holdings | 142 |
| Portfolio Turnover | 80% |
| Total Advisory Fees Paid\* | $929066 |
| Total Advisory Fees Paid %\* | 0.42% |
| Average maturity (years) | 9.42 |
| 30-day SEC yield (with waivers) | 3.46% |
| 30-day SEC yield (without waivers) | 3.42% |

---

\* 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 | 28.7 |
| AA | 52.9 |
| A | 7.5 |
| BBB | 3.4 |
| BB | 0.6 |
| Not Rated | 2.0 |

---

#### Duration Distribution

---

| | |
|:---|:---|
| Duration | % Portfolio |
| 0-1 yr | 22.5 |
| 1-3 yrs | 20.0 |
| 3-4 yrs | 6.6 |
| 4-6 yrs | 10.1 |
| 6-8 yrs | 6.8 |
| 8+ yrs | 33.9 |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-WICOX

#### Annual Shareholder Report - December 31, 2025

#### Barrett Growth Fund (BGRWX)

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Barrett Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$103** | **0.99%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the Fund returned 8.10% against a return of 17.88% for the Fund's regulatory 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 Communication Services, Information Technology, and Financials. Communication Services was an area that appeared to benefit greatly from Artificial Intelligence during the period. The three individual securities that contributed the most on an absolute basis were Alphabet, Inc., NVIDIA Corp., and JPMorgan Chase & Co. In the case of Alphabet, the company benefited from AI infrastructure spend 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 Energy, Consumer Staples, and Health Care. Managed care organizations were under margin pressure, dragging on performance. The three individual securities that detracted the most on an absolute basis were Accenture PLC, UnitedHealth Group, Inc. and Tetra Tech, Inc. UnitedHealth Group was weighed down by Medicare reimbursement rates as well as the high profile death of its insurance CEO.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Alphabet, Inc. | 5.76 | 3.56 |
| NVIDIA Corp. | 8.30 | 3.38 |
| JPMorgan Chase & Co. | 4.60 | 1.61 |
| TJX Companies, Inc | 4.82 | 1.34 |
| Microsoft Corp. | 7.08 | 1.16 |
| **Bottom 5** |  |  |
| ServiceNow, Inc. | 1.82 | -0.51 |
| Fair Isaac Corp. | 3.41 | -0.53 |
| Tetra Tech, Inc. | 3.20 | -0.54 |
| UnitedHealth Group, Inc. | 0.89 | -0.87 |
| Accenture PLC | 2.80 | -0.92 |

---

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i852f4a0ee8dff33c55015c58.jpg)

---

| | | |
|:---|:---|:---|
| | **Barrett Growth** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10704 | $11196 |
| **Dec-2017** | $12952 | $13640 |
| **Dec-2018** | $12901 | $13042 |
| **Dec-2019** | $17026 | $17149 |
| **Dec-2020** | $21961 | $20304 |
| **Dec-2021** | $26659 | $26132 |
| **Dec-2022** | $20097 | $21399 |
| **Dec-2023** | $26714 | $27025 |
| **Dec-2024** | $34288 | $33786 |
| **Dec-2025** | $37065 | $39827 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Barrett Growth | 8.10% | 11.04% | 14.00% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***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 | $24958946 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover | 8% |
| Total Advisory Fees Paid\* | $52447 |
| Total Advisory Fees Paid %\* | 0.21% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i59273694a0b2dabfd51a6000.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.8% |
| Financials | 20.7% |
| Consumer Discretionary | 14.6% |
| Health Care | 13.1% |
| Communication Services | 7.9% |
| Industrials | 6.2% |
| Consumer Staples | 3.4% |
| Materials | 3.2% |
| Energy | 0.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corp. | 9.2% |
| Alphabet, Inc. | 7.9% |
| Microsoft Corp. | 7.2% |
| TJX Cos., Inc. (The) | 5.7% |
| Amazon.com, Inc. | 5.5% |
| JPMorgan Chase & Co. | 5.2% |
| Ares Management Corp. | 5.0% |
| Apple, Inc. | 4.9% |
| Visa, Inc. | 4.8% |
| Progressive Corp. (The) | 4.1% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i460cc3fd9554d7f6c51a661f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 98.0% |
| Ireland | 1.8% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-BGRWX

#### Annual Shareholder Report - December 31, 2025

#### Barrett Opportunity Fund (SAOPX)

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Barrett Opportunity Fund (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$105** | **0.99%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the Fund returned 12.81% against a return of 17.88% for the Fund's regulatory 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 Communication Services, Industrials and Information Technology. Although the general economy has been softening, investors continued to favor sectors, such as Information Technology, that could benefit from the artificial intelligence (AI) trend. The three individual securities that contributed the most on an absolute basis were Alphabet, Inc., Bank of New York Mellon Corp., and General Dynamics Corp. Alphabet benefited from increasing AI infrastructure buildout during the period.

**Detractors from Return**

&nbsp;&nbsp;&nbsp;&nbsp;Two sectors, Consumer Staples and Consumer Discretionary, detracted from the Fund's returns on an absolute basis. Within Consumer Discretionary, the Fund's exposure leaned towards homebuilding company stocks, which had mediocre returns due to a stagnant real estate market. The three individual securities that negatively contributed the most on an absolute basis were Jefferies Financial Group, Inc., Murphy USA, Inc., and Automatic Data Processing, Inc. In the case of Automatic Data Processing, the company did not outperform due to a slowing labor market and declining interest rate environment.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Alphabet, Inc. | 10.07 | 6.00 |
| Bank of New York Mellon Corp. (The) | 10.64 | 5.13 |
| General Dynamics Corp. | 12.72 | 4.08 |
| Microsoft Corp. | 10.54 | 2.42 |
| Shell PLC | 9.69 | 1.97 |
| **Bottom 5** |  |  |
| Home Depot, Inc. | 1.13 | -0.11 |
| Corpay, Inc. | 0.81 | -0.11 |
| Automatic Data Processing, Inc. | 5.18 | -0.56 |
| Murphy USA, Inc. | 6.71 | -2.03 |
| Jefferies Financial Group, Inc. | 11.58 | -4.26 |

---

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5f6b386cee58757369523684.jpg)

---

| | | |
|:---|:---|:---|
| | **Barrett Opportunity** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11746 | $11196 |
| **Dec-2017** | $14163 | $13640 |
| **Dec-2018** | $12841 | $13042 |
| **Dec-2019** | $15397 | $17149 |
| **Dec-2020** | $15587 | $20304 |
| **Dec-2021** | $20545 | $26132 |
| **Dec-2022** | $19251 | $21399 |
| **Dec-2023** | $22662 | $27025 |
| **Dec-2024** | $27795 | $33786 |
| **Dec-2025** | $31356 | $39827 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Barrett Opportunity | 12.81% | 15.00% | 12.11% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***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 | $23297691 |
| Number of Portfolio Holdings | 18 |
| Portfolio Turnover | 3% |
| Total Advisory Fees Paid\* | $77139 |
| Total Advisory Fees Paid %\* | 0.33% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i68951603300b9c5e9f945a9b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.0% |
| Information Technology | 18.0% |
| Industrials | 16.7% |
| Energy | 13.9% |
| Communication Services | 13.6% |
| Consumer Discretionary | 6.7% |
| Health Care | 5.7% |
| Consumer Staples | 1.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| General Dynamics Corp. | 13.7% |
| Alphabet, Inc. | 13.6% |
| Bank of New York Mellon Corp. (The) | 11.0% |
| Microsoft Corp. | 10.4% |
| Shell PLC | 9.6% |
| Jefferies Financial Group, Inc. | 8.8% |
| Apple, Inc. | 7.6% |
| Murphy USA, Inc. | 5.7% |
| Murphy Oil Corp. | 4.3% |
| Automatic Data Processing, Inc. | 3.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i331415523f44406b11d87f2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 90.8% |
| 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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-SAOPX

#### Annual Shareholder Report - December 31, 2025

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

#### Annual Shareholder Report - December 31, 2025
![Image](i9a0aa8a316a3024883487dff.jpg)

This annual shareholder report contains important information about Segall Bryant & Hamill Select Equity ETF (the "Fund") for the period of January 1, 2025 to December 31, 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.

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

# (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** | **$66** | **0.65%** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;For the year, the Fund returned 2.41% against a return of 17.37% for the Russell 1000<sup>®</sup> Index and 17.15% for the 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 Communication Services, Financials, and Industrials. The three individual securities that contributed the most on an absolute basis were Alphabet, Inc., ATI, Inc., and JPMorgan Chase & Co. Alphabet gained on the back of the successful launch of its Gemini 3.0 frontier artificial intelligence (AI) model. ATI's significant and differentiated exposure to aircraft and aircraft jet engine build rates contributed to the company's growth in earnings during the year. JPMorgan Chase's outperformance was driven by overall operational execution coupled with an improving credit and regulatory environment.

**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, Health Care, and Energy. The three individual securities that detracted the most on an absolute basis were Marvell Technology, Inc., Fair Isaac Corp., and UnitedHealth Group, Inc. Marvell Technology underperformed due to elevated expectations tied to AI revenue growth. Fair Isaac faced pressure as investors grew concerned about the Federal Housing Finance Agency efforts to reduce residential housing closing costs. UnitedHealth Group underperformed as the company struggled to appropriately manage cost trends.

# Stock Performance

---

| | | |
|:---|:---|:---|
| **Top 5** | **Average Weight** | **Contribution To Return** |
| Alphabet, Inc. | 8.09 | 4.89 |
| ATI, Inc. | 2.91 | 1.90 |
| JPMorgan Chase & Co. | 4.06 | 1.61 |
| Globe Life, Inc. | 4.97 | 1.22 |
| Microsoft Corp. | 7.28 | 1.18 |
| **Bottom 5** |  |  |
| Zebra Technologies Corp. | 0.64 | -0.79 |
| Chevron Corp. | 0.27 | -0.80 |
| UnitedHealth Group, Inc. | 1.40 | -0.98 |
| Fair Isaac Corp. | 1.81 | -1.36 |
| Marvell Technology, Inc. | 2.45 | -4.74 |

---

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i12c76118784deacc3c347237.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SBH Select Equity ETF - NAV** | **Russell 1000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **08/29/23** | $10000 | $10000 | $10000 |
| **12/31/23** | $10557 | $10706 | $10709 |
| **12/31/24** | $13147 | $13330 | $13258 |
| **12/31/25** | $13464 | $15645 | $15531 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (08/29/2023)** |
| SBH Select Equity ETF - NAV | 2.41% | 13.56% |
| Russell 1000<sup>®</sup> Index | 17.37% | 21.08% |
| Russell 3000<sup>®</sup> Index | 17.15% | 20.70% |

---

***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 | $283768607 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover | 150% |
| Total Advisory Fees Paid\* | $1380061 |
| Total Advisory Fees Paid %\* | 0.53% |

---

\* Net of expenses waived by investment adviser

# **Sector Weighting (% of net assets)**![Group By Sector Chart](icc604216f8a85f385b9cbdc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 35.1% |
| Financials | 18.8% |
| Communication Services | 14.3% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.1% |
| Health Care | 3.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. | 8.6% |
| NVIDIA Corp. | 7.3% |
| Microsoft Corp. | 6.9% |
| ATI, Inc. | 6.1% |
| Meta Platforms, Inc. | 5.7% |
| Visa, Inc. | 5.3% |
| Amazon.com, Inc. | 5.3% |
| Apple, Inc. | 4.7% |
| JPMorgan Chase & Co. | 4.7% |
| Reinsurance Group of America, Inc. | 4.6% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i77be3a409ec491ec58fb7b24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 98.4% |

---

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
No material changes occurred during the year ended December 31, 2025.

# 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-AR 123125-USSE

#### Annual Shareholder Report - December 31, 2025
(b) Not applicable.

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has made minor amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's Code of Ethics is filed herewith.

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

(a)(1) The Board of Trustees of the registrant has determined that the registrant has a least one "audit committee financial expert" serving on its audit committee.

(a)(2) The Board of Trustees has designated Kathryn A. Burns as the registrant's "audit committee financial expert." Ms. Burns is "independent" as defined in Item 3 of Form N-CSR.

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

(a) <u>Audit Fees</u>:
 For the registrant's fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed for professional
 services rendered by the principal accountant for the audit of the registrant's annual financial statements were $227,400 and
 $219,600, respectively.

(b) <u>Audit-Related Fees</u>: For the registrant's fiscal
 years ended December 31, 2025 and December 31, 2024, no fees were billed for assurance and related services by the principal accountant
 that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under
 paragraph (a) of this Item.

(c) <u>Tax Fees</u>: For the registrant's fiscal years
 ended December 31, 2025 and December 31, 2024, the aggregate fees billed for professional services rendered by the principal accountant
 for tax compliance, tax advice and tax planning were $54,960 and $52,800, respectively. The fiscal year tax fees were for review
 of each Fund's federal and excise tax returns and year-end distributions.

(d) <u>All Other Fees</u>: For the registrant's fiscal
 years ended December 31, 2025 and December 31, 2024, no fees were billed by the principal accountant for products and services other
 than the services reported in paragraph (a) through (c) of this Item.

---

| | |
|:---|:---|
| (e)(1) | The registrant's Audit Committee has not adopted pre-approval policies and procedures for specific services, although the Audit Committee chairman may pre-approve audit and non-audit services pursuant to delegated authority, subject to ratification by the Audit Committee at the next meeting. Instead, the Audit Committee approves on a case-by-case basis each audit or non-audit service before engaging the accountant to render such service. |

---

(e)(2) None of the services described in paragraphs (b) through (d) of this Item were approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50% of hours expended on the principal
 accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed
 to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) Aggregate non-audit fees of $54,960 and $52,800
 were billed by the registrant's principal accountant for services rendered to the registrant and to registrant's investment
 adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the
 registrant for each of fiscal year ended December 31, 2025 and December 31, 2024, respectively. All such services were rendered to
 the registrant.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable to the registrant.

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

(a) Certain series of the registrant that appear
 in the shareholder report included in Item 1 are listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934,
 as amended (the "Exchange Act") and have a separately designated standing audit committee established in accordance with
 Section 3(a)(58)A of the Exchange Act. The registrant's audit committee members are Kathryn A. Burns, Janice M. Teague and
 James A. Smith.

(b) Not applicable.

**Item 6. Investments.**

(a) The Registrant(s) schedule(s) 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)

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

**DECEMBER 31, 2025**

**Table of Contents**

---

| | |
|:---|:---|
| **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Investments | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | **52** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | **60** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | **66** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements | **94** |
| **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **110** |
| **SHAREHOLDER TAX INFORMATION** | **112** |
| **ADDITIONAL INFORMATION** | **113** |

---

---

| | |
|:---|:---|
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) |

---

*Intentionally Left Blank*

<u>Segall Bryant & Hamill Small Cap Value Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 98.4%** |  |  |
| **Consumer Discretionary — 10.1%** |  |  |
| *Automobiles & Components — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc. <sup>(a)</sup> | 81164 | $2951935 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) <sup>(a)</sup> | 358702 | 3142229 |
|  |  | 6094164 |
| *Consumer Discretionary Distribution & Retail — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 112424 | 4418263 |
| *Consumer Durables & Apparel — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd. <sup>(a)</sup> | 223040 | 5442176 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 808501 | 14617698 |
|  |  | 20059874 |
| *Consumer Services — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 200459 | 7715667 |
| **Energy — 3.9%** |  |  |
| *Energy — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. - Class A | 422506 | 3544825 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 109097 | 3128902 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 188750 | 5898438 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd. <sup>(a)</sup> | 41455 | 2089332 |
|  |  | 14661497 |
| **Financials — 18.6%** |  |  |
| *Banks — 16.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 65797 | 4886743 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 123206 | 5278145 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 155169 | 4336974 |
| &nbsp;&nbsp;&nbsp;Community Bank System, Inc. | 78002 | 4480435 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 32737 | 1662712 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 98150 | 4323507 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 56916 | 3624411 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. - Class A | 161049 | 6121472 |
| &nbsp;&nbsp;&nbsp;Peoples BanCorp, Inc. | 42488 | 1275915 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 185009 | 5812983 |
| &nbsp;&nbsp;&nbsp;Southstate Bank Corp. | 51590 | 4855135 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. <sup>(a)</sup> | 72257 | 6542149 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 104805 | 3272012 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 162017 | 5385445 |
|  |  | 61858038 |
| *Financial Services — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. - Class A | 559622 | 8584602 |
| **Health Care — 7.8%** |  |  |
| *Health Care Equipment & Services — 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Adapthealth Corp. <sup>(a)</sup> | 722541 | 7196508 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc. <sup>(a)</sup> | 251652 | 3231212 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc. <sup>(a)</sup> | 48107 | 6863426 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc. <sup>(a)</sup> | 221418 | 2603876 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. <sup>(a)</sup> | 230401 | 6580252 |
|  |  | 26475274 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Galapagos N.V. ADR (Belgium) <sup>(a)</sup> | 94152 | 3078770 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Industrials — 21.6%** |  |  |
| *Capital Goods — 19.8%* |  |  |
| &nbsp;&nbsp;&nbsp;AAR Corp. <sup>(a)</sup> | 29382 | $2432536 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 138968 | 5059825 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 36160 | 1566451 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 73680 | 7897022 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 104612 | 1804557 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. - Class A | 56727 | 2169240 |
| &nbsp;&nbsp;&nbsp;EnerSys | 58375 | 8566531 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 56051 | 5354552 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc. <sup>(a)</sup> | 53531 | 2646573 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc. <sup>(a)</sup> | 133475 | 9745010 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 206323 | 3173248 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 113978 | 6931002 |
| &nbsp;&nbsp;&nbsp;Timken Co., (The) | 56517 | 4754775 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 32412 | 13039996 |
|  |  | 75141318 |
| *Transportation — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 30796 | 2284755 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. <sup>(a)</sup> | 50110 | 2637791 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. - Class A | 40618 | 1730733 |
|  |  | 6653279 |
| **Information Technology — 18.1%** |  |  |
| *Semiconductors & Semiconductor Equipment — 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. <sup>(a)</sup> | 173385 | 4573896 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc. (Cayman Islands) <sup>(a)</sup> | 36497 | 2585447 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 72156 | 2848719 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> | 20298 | 1630741 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc. <sup>(a)</sup> | 45977 | 1069885 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc. <sup>(a)</sup> | 34738 | 5483741 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc. <sup>(a)</sup> | 42119 | 3117648 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 27159 | 3171628 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. <sup>(a)</sup> | 67086 | 1917318 |
|  |  | 26399023 |
| *Software & Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc. <sup>(a)</sup> | 170361 | 2480456 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. <sup>(a)</sup> | 125860 | 5406946 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc. <sup>(a)</sup> | 122942 | 1557675 |
|  |  | 9445077 |
| *Technology Hardware & Equipment — 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 55143 | 6426917 |
| &nbsp;&nbsp;&nbsp;Frequency Electronics, Inc. <sup>(a)</sup> | 61202 | 3295116 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp. <sup>(a)</sup> | 77363 | 5539191 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 31832 | 8050949 |
| &nbsp;&nbsp;&nbsp;Rogers Corp. <sup>(a)</sup> | 27768 | 2542716 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. <sup>(a)</sup> | 318100 | 5668542 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc. <sup>(a)</sup> | 31633 | 1217870 |
|  |  | 32741301 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 1 |

---

<u>Segall Bryant & Hamill Small Cap Value Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Materials — 11.9%** |  |  |
| *Materials — 11.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A (Canada) | 210681 | $8128073 |
| &nbsp;&nbsp;&nbsp;Almonty Industries, Inc. (Canada) <sup>(a)</sup> | 197898 | 1743481 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 12374 | 2557458 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 167764 | 4192422 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp. <sup>(a)</sup> | 175838 | 10406093 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp. <sup>(a)</sup> | 61017 | 3082579 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc. <sup>(a)</sup> | 464951 | 6862677 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 49659 | 4665463 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 79229 | 3198475 |
|  |  | 44836721 |
| **Real Estate — 3.0%** |  |  |
| *Equity Real Estate Investment Trusts (REITs) — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 98412 | 3558578 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. - Class A | 160851 | 1048749 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 114682 | 4215710 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 43710 | 2566214 |
|  |  | 11389251 |
| **Utilities — 3.4%** |  |  |
| *Utilities — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 70967 | 3272998 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 93887 | 4008975 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 94862 | 5585475 |
|  |  | 12867448 |
| **Investments at Value — 98.4%** |  |  |
| **(Cost $285,298,265)** |  | $372419567 |
| **Other Assets in Excess of Liabilities — 1.6%** |  | 5997154 |
| **Net Assets — 100.0%** |  | $378416721 |

---

*<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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 97.8%** |  |  |
| **Consumer Discretionary — 7.0%** |  |  |
| *Automobiles & Components — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 29513 | $3200095 |
| *Consumer Discretionary Distribution & Retail — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 22233 | 3923457 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc. <sup>(a)</sup> | 88977 | 2686216 |
|  |  | 6609673 |
| *Consumer Durables & Apparel — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc. <sup>(a)</sup> | 8105 | 4787948 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 20527 | 5324498 |
|  |  | 10112446 |
| *Consumer Services — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc. - Class A <sup>(a)</sup> | 28364 | 1484288 |
| **Consumer Staples — 2.2%** |  |  |
| *Food, Beverage & Tobacco — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc. <sup>(a)</sup> | 23218 | 1414673 |
| &nbsp;&nbsp;&nbsp;Vita Coco Company, Inc. (The) <sup>(a)</sup> | 44576 | 2362974 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc. <sup>(a)</sup> | 94328 | 3012836 |
|  |  | 6790483 |
| **Energy — 4.5%** |  |  |
| *Energy — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 68414 | 2903490 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 116421 | 4105005 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC (United Kingdom) | 156354 | 6967134 |
|  |  | 13975629 |
| **Financials — 10.7%** |  |  |
| *Banks — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 49458 | 3339404 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp. <sup>(a)</sup> | 21062 | 2413495 |
|  |  | 5752899 |
| *Financial Services — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Dave, Inc. <sup>(a)</sup> | 7322 | 1621164 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. - Class A | 32063 | 4306381 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 25116 | 4374956 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. - Class A | 77140 | 4950074 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>(a)</sup> | 45283 | 4307772 |
|  |  | 19560347 |
| *Insurance — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. - Class A | 28809 | 2121783 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 109661 | 5604773 |
|  |  | 7726556 |
| **Health Care — 20.0%** |  |  |
| *Health Care Equipment & Services — 11.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 33820 | 5891444 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp. <sup>(a)</sup> | 37383 | 4220915 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>(a)</sup> | 70279 | 7178297 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. <sup>(a)</sup> | 51151 | 4685943 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. <sup>(a)</sup> | 102874 | 3277566 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp. <sup>(a)</sup> | 62374 | 1962286 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc. <sup>(a)</sup> | 91270 | 6512114 |
|  |  | 33728565 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Pharmaceuticals, Biotechnology & Life Sciences — 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Alkermes PLC (Ireland) <sup>(a)</sup> | 134607 | $3766304 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> | 54230 | 2524406 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc. <sup>(a)</sup> | 54323 | 3451683 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc. <sup>(a)</sup> | 154485 | 2550547 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | 9597 | 5588717 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc. <sup>(a)</sup> | 53193 | 4201715 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>(a)</sup> | 37029 | 3234113 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc. <sup>(a)</sup> | 55151 | 2544667 |
|  |  | 27862152 |
| **Industrials — 28.6%** |  |  |
| *Capital Goods — 24.0%* |  |  |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp. <sup>(a)</sup> | 52719 | 3155232 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc. - Class A <sup>(a)</sup> | 40752 | 4423629 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 13232 | 3883989 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 14345 | 2802869 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. <sup>(a)</sup> | 37659 | 3222104 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. (Bermuda) | 25634 | 5046053 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 39858 | 2935542 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc. <sup>(a)</sup> | 3890 | 1513288 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>(a)</sup> | 48273 | 3532135 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc. <sup>(a)</sup> | 50704 | 3947306 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc. <sup>(a)</sup> | 52480 | 3568640 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 22005 | 2308985 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>(a)</sup> | 47674 | 6364956 |
| &nbsp;&nbsp;&nbsp;Nextpower, Inc. - Class A <sup>(a)</sup> | 34116 | 2971845 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 32242 | 4002522 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 16840 | 2719155 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 17666 | 2200477 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 22482 | 6884663 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 49836 | 8610166 |
|  |  | 74093556 |
| *Commercial & Professional Services — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 64723 | 6338971 |
| &nbsp;&nbsp;&nbsp;Parsons Corp. <sup>(a)</sup> | 49932 | 3085797 |
|  |  | 9424768 |
| *Transportation — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Saia, Inc. <sup>(a)</sup> | 14578 | 4760009 |
| **Information Technology — 19.2%** |  |  |
| *Semiconductors & Semiconductor Equipment — 8.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd. (Cayman Islands) <sup>(a)</sup> | 28567 | 4110506 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc. <sup>(a)</sup> | 14221 | 2474596 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. <sup>(a)</sup> | 63667 | 4684618 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 19124 | 3275559 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc. <sup>(a)</sup> | 32294 | 5097931 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | 29951 | 2752197 |
| &nbsp;&nbsp;&nbsp;SiTime Corp. <sup>(a)</sup> | 10920 | 3856835 |
|  |  | 26252242 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 3 |

---

<u>Segall Bryant & Hamill Small Cap Growth Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Software & Services — 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 117457 | $2833063 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) (Canada) <sup>(a)</sup> | 45732 | 4008867 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd. <sup>(a)</sup> | 59202 | 3697757 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc. <sup>(a)</sup> | 67898 | 4938900 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc. - Class A <sup>(a)</sup> | 32832 | 3496608 |
|  |  | 18975195 |
| *Technology Hardware & Equipment — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Itron, Inc. <sup>(a)</sup> | 25429 | 2361337 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. <sup>(a)</sup> | 335877 | 7866239 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc. (Canada) <sup>(a)</sup> | 31239 | 3717129 |
|  |  | 13944705 |
| **Materials — 4.3%** |  |  |
| *Materials — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 26559 | 3772971 |
| &nbsp;&nbsp;&nbsp;Knife River Corp. <sup>(a)</sup> | 25339 | 1782599 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 43868 | 5453670 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 18012 | 2156757 |
|  |  | 13165997 |
| **Real Estate — 1.3%** |  |  |
| *Equity Real Estate Investment Trusts (REITs) — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 65679 | 3856014 |
| **Investments at Value — 97.8%** |  |  |
| **(Cost $250,234,287)** |  | $301275619 |
| **Other Assets in Excess of Liabilities — 2.2%** |  | 6912967 |
| **Net Assets — 100.0%** |  | $308188586 |

---

*<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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 95.7%** |  |  |
| **Consumer Discretionary — 7.1%** |  |  |
| *Automobiles & Components — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. <sup>(a)</sup> | 14103 | $241302 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc. <sup>(a)</sup> | 26877 | 977517 |
|  |  | 1218819 |
| *Consumer Discretionary Distribution & Retail — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 15298 | 307184 |
| *Consumer Durables & Apparel — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd. <sup>(a)</sup> | 13859 | 338159 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. (Canada) | 24918 | 1556378 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | 24331 | 1013143 |
|  |  | 2907680 |
| *Consumer Services — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 9877 | 1123805 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 7220 | 1198520 |
|  |  | 2322325 |
| **Consumer Staples — 1.1%** |  |  |
| *Consumer Staples Distribution & Retail — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 1836 | 1014775 |
| **Energy — 1.9%** |  |  |
| *Energy — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 7304 | 677081 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 27536 | 1168628 |
|  |  | 1845709 |
| **Financials — 10.6%** |  |  |
| *Banks — 10.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 22020 | 1635425 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 37328 | 1599131 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 30913 | 1361718 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 43686 | 1372614 |
| &nbsp;&nbsp;&nbsp;Southstate Bank Corp. | 18662 | 1756281 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 35249 | 1353562 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 34494 | 1076903 |
|  |  | 10155634 |
| **Health Care — 15.5%** |  |  |
| *Health Care Equipment & Services — 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 1135 | 485621 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 8129 | 862812 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 12086 | 2105381 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc. - Class A <sup>(a)</sup> | 16913 | 1476674 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. <sup>(a)</sup> | 4856 | 1380270 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc. <sup>(a)</sup> | 6609 | 1172701 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 10136 | 822030 |
|  |  | 8305489 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 6.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Azenta, Inc. <sup>(a)</sup> | 31240 | 1039042 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 21627 | 1271884 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> | 14535 | 978205 |
| &nbsp;&nbsp;&nbsp;Repligen Corp. <sup>(a)</sup> | 7896 | 1293839 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc. <sup>(a)</sup> | 28653 | 1206291 |
| &nbsp;&nbsp;&nbsp;Vericel Corp. <sup>(a)</sup> | 19158 | 689880 |
|  |  | 6479141 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Industrials — 29.3%** |  |  |
| *Capital Goods — 24.3%* |  |  |
| &nbsp;&nbsp;&nbsp;AAR Corp. <sup>(a)</sup> | 10688 | $884859 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 5362 | 1376801 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 14804 | 255369 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 9075 | 1673702 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 9598 | 2055220 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 24779 | 1719167 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 10291 | 757932 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 8822 | 1530705 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>(a)</sup> | 6731 | 898656 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | 6356 | 1548004 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>(a)</sup> | 5681 | 2547531 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 3276 | 459688 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 13718 | 834192 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. - Class A | 23382 | 1261225 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 5153 | 832055 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc. <sup>(a)</sup> | 4529 | 906072 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 5103 | 1108780 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 6602 | 601112 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 5095 | 2049820 |
|  |  | 23300890 |
| *Commercial & Professional Services — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 2268 | 1208413 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 14447 | 1414939 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | 15731 | 632387 |
|  |  | 3255739 |
| *Transportation — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. <sup>(a)</sup> | 5935 | 506077 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. - Class A | 23652 | 1007812 |
|  |  | 1513889 |
| **Information Technology — 19.5%** |  |  |
| *Semiconductors & Semiconductor Equipment — 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. <sup>(a)</sup> | 31327 | 826406 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. <sup>(a)</sup> | 17454 | 1284266 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 8167 | 1398844 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc. <sup>(a)</sup> | 5636 | 889699 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 9372 | 1094462 |
|  |  | 5493677 |
| *Software & Services — 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc. <sup>(a)</sup> | 25394 | 1214087 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc. <sup>(a)</sup> | 16403 | 1949333 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)</sup> | 10166 | 562078 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 68484 | 544448 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) (Canada) <sup>(a)</sup> | 15693 | 1375648 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp. <sup>(a)</sup> | 21858 | 793008 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc. <sup>(a)</sup> | 17960 | 1306410 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. <sup>(a)</sup> | 11241 | 811151 |
|  |  | 8556163 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 5 |

---

<u>Segall Bryant & Hamill Small Cap Core Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Technology Hardware & Equipment — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 8567 | $1793673 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 2652 | 462535 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co. | 18349 | 863687 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 5741 | 1452014 |
|  |  | 4571909 |
| **Materials — 8.4%** |  |  |
| *Materials — 8.4%* |  |  |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 3948 | 481498 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 5602 | 1157821 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 69787 | 1743977 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp. <sup>(a)</sup> | 26019 | 1539804 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC (Ireland) <sup>(a)</sup> | 19422 | 403007 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 12306 | 1529882 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 28615 | 1155188 |
|  |  | 8011177 |
| **Real Estate — 2.3%** |  |  |
| *Equity Real Estate Investment Trusts (REITs) — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 19608 | 1122950 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 30229 | 1111218 |
|  |  | 2234168 |
| **Investments at Value — 95.7%** |  |  |
| **(Cost $73,169,196)** |  | $91494368 |
| **Other Assets in Excess of Liabilities — 4.3%** |  | 4158650 |
| **Net Assets — 100.0%** |  | $95653018 |

---

*<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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 101.4%** |  |  |
| **Communication Services — 8.1%** |  |  |
| *Media & Entertainment — 8.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 11839 | $3715078 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 3532 | 2331438 |
|  |  | 6046516 |
| **Consumer Discretionary — 11.5%** |  |  |
| *Consumer Discretionary Distribution & Retail — 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 12236 | 2824313 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 2131 | 733277 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 16598 | 1513904 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 10652 | 1636254 |
|  |  | 6707748 |
| *Consumer Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC ADR (United Kingdom) | 7697 | 1083968 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 9584 | 807069 |
|  |  | 1891037 |
| **Consumer Staples — 2.2%** |  |  |
| *Food, Beverage & Tobacco — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 14624 | 787210 |
| *Household & Personal Products — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 10341 | 867093 |
| **Energy — 3.6%** |  |  |
| *Energy — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 8214 | 1251896 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. (Canada) | 32317 | 1433582 |
|  |  | 2685478 |
| **Financials — 15.1%** |  |  |
| *Banks — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 8127 | 2618682 |
| *Financial Services — 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. - Class A | 4735 | 765318 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 2133 | 1072153 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 9999 | 971203 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 6241 | 2188781 |
|  |  | 4997455 |
| *Insurance — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 12482 | 1745732 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 9310 | 1894213 |
|  |  | 3639945 |
| **Health Care — 13.4%** |  |  |
| *Health Care Equipment & Services — 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. <sup>(a)</sup> | 13757 | 1311730 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)</sup> | 1598 | 1081095 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 1776 | 1005855 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 2148 | 1761983 |
| &nbsp;&nbsp;&nbsp;STERIS PLC (Ireland) | 3187 | 807968 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A <sup>(a)</sup> | 3335 | 744472 |
|  |  | 6713103 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Pharmaceuticals, Biotechnology & Life Sciences — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 16923 | $995242 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1109 | 1191820 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1984 | 1149629 |
|  |  | 3336691 |
| **Industrials — 13.2%** |  |  |
| *Capital Goods — 10.6%* |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 7482 | 1197868 |
| &nbsp;&nbsp;&nbsp;ATI, Inc. <sup>(a)</sup> | 22111 | 2537458 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 4852 | 947305 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 3780 | 1595387 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 8747 | 1604200 |
|  |  | 7882218 |
| *Commercial & Professional Services — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 1938 | 1032586 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 4392 | 930796 |
|  |  | 1963382 |
| **Information Technology — 31.4%** |  |  |
| *Semiconductors & Semiconductor Equipment — 11.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 4490 | 1217688 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 6072 | 1040012 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 13340 | 1133633 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2041 | 1849881 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 18259 | 3405304 |
|  |  | 8646518 |
| *Software & Services — 12.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 4653 | 1454435 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>(a)</sup> | 807 | 1364330 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 6646 | 3214138 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 8055 | 1483731 |
| &nbsp;&nbsp;&nbsp;SAP S.E. ADR (Germany) | 3535 | 858687 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 7895 | 1209435 |
|  |  | 9584756 |
| *Technology Hardware & Equipment — 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 7832 | 2129207 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 13292 | 1741651 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 3594 | 1377652 |
|  |  | 5248510 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 7 |

---

<u>Segall Bryant & Hamill All Cap Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Materials — 1.3%** |  |  |
| *Materials — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 5467 | $994338 |
| **Real Estate — 1.6%** |  |  |
| *Real Estate Management & Development — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | 7618 | 1224898 |
| **Investments at Value — 101.4%** |  |  |
| **(Cost $40,474,559)** |  | $75835578 |
| **Liabilities in Excess of Other Assets — (1.4%)** |  | (1035121) |
| **Net Assets — 100.0%** |  | $74800457 |

---

*<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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 98.6%** |  |  |
| **Communication Services — 9.3%** |  |  |
| *Media & Entertainment — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;37 Interactive Entertainment Network Technology Group Co., Ltd. - A Shares (China) | 142800 | $482111 |
| &nbsp;&nbsp;&nbsp;DB Corp., Ltd. (India) | 15915 | 46621 |
| &nbsp;&nbsp;&nbsp;Megacable Holdings S.A.B de C.V. (Mexico) | 14900 | 42881 |
| &nbsp;&nbsp;&nbsp;Navneet Education, Ltd. (India) | 9937 | 15877 |
| &nbsp;&nbsp;&nbsp;NetDragon Websoft Holdings, Ltd. (China) | 260500 | 350000 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. (China) | 48100 | 3691355 |
| &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co., Ltd. - H Shares (China) | 183222 | 241427 |
| &nbsp;&nbsp;&nbsp;Zee Entertainment Enterprises, Ltd. (India) | 24187 | 24218 |
|  |  | 4894490 |
| *Telecommunication Services — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Almendral S.A. (Chile) | 1334327 | 46679 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. (India) | 15096 | 354445 |
| &nbsp;&nbsp;&nbsp;China Tower Corp., Ltd. - H Shares (China) <sup>(a)</sup> | 276000 | 410314 |
| &nbsp;&nbsp;&nbsp;Empresa Nacional de Telecomunicaciones S.A. (Chile) | 9474 | 49462 |
| &nbsp;&nbsp;&nbsp;Etihad Etisalat Co. (Saudi Arabia) | 32900 | 578033 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications Co., Ltd. (Taiwan) | 27000 | 75897 |
| &nbsp;&nbsp;&nbsp;Indus Towers, Ltd. (India) <sup>(b)</sup> | 97471 | 454733 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. (South Korea) | 29898 | 304923 |
| &nbsp;&nbsp;&nbsp;Mobile Telecommunications Co. KSCP (Kuwait) | 90462 | 152618 |
| &nbsp;&nbsp;&nbsp;MTN Group, Ltd. (South Africa) | 13005 | 133138 |
| &nbsp;&nbsp;&nbsp;Ooredoo Q.P.S.C. (Qatar) | 67798 | 242450 |
| &nbsp;&nbsp;&nbsp;Telkom S.A. SOC, Ltd. (South Africa) | 93115 | 331799 |
| &nbsp;&nbsp;&nbsp;Turk Telekomunikasyon A.S. (Turkey) <sup>(b)</sup> | 24394 | 32650 |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri A.S. ADR (Turkey) | 11000 | 60170 |
|  |  | 3227311 |
| **Consumer Discretionary — 11.7%** |  |  |
| *Automobiles & Components — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Tyres, Ltd. (India) | 7489 | 41687 |
| &nbsp;&nbsp;&nbsp;Astra Otoparts Tbk P.T. (Indonesia) | 268800 | 43248 |
| &nbsp;&nbsp;&nbsp;Automotive Axles, Ltd. (India) | 8260 | 173207 |
| &nbsp;&nbsp;&nbsp;Brilliance China Automotive Holdings, Ltd. (China) | 184000 | 95790 |
| &nbsp;&nbsp;&nbsp;CEAT, Ltd. (India) | 5239 | 222309 |
| &nbsp;&nbsp;&nbsp;FIEM Industries, Ltd. (India) | 9297 | 234410 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings, Ltd. (China) | 363000 | 839572 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor Co., Ltd. - H Shares (China) | 37500 | 73721 |
| &nbsp;&nbsp;&nbsp;Hankook Tire & Technology Co., Ltd. (South Korea) | 1358 | 54931 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp, Ltd. (India) | 7767 | 499255 |
| &nbsp;&nbsp;&nbsp;Hu Lane Associate, Inc. (Taiwan) | 6300 | 25432 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Automobiles & Components (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Huayu Automotive Systems Co., Ltd. - Class A (China) | 187600 | $536469 |
| &nbsp;&nbsp;&nbsp;JK Tyre & Industries, Ltd. (India) | 48308 | 270654 |
| &nbsp;&nbsp;&nbsp;Kia Corp. (South Korea) | 4750 | 401904 |
| &nbsp;&nbsp;&nbsp;Minth Group, Ltd. (China) | 124000 | 508023 |
| &nbsp;&nbsp;&nbsp;Nexen Tire Corp. (South Korea) | 8225 | 43006 |
| &nbsp;&nbsp;&nbsp;Nexteer Automotive Group, Ltd. (China) | 152000 | 125218 |
| &nbsp;&nbsp;&nbsp;SL Corp. (South Korea) <sup>(b)</sup> | 1287 | 38270 |
| &nbsp;&nbsp;&nbsp;SNT Holdings Co., Ltd. (South Korea) | 1627 | 61047 |
| &nbsp;&nbsp;&nbsp;Sungwoo Hitech Co., Ltd. (South Korea) <sup>(b)</sup> | 9171 | 43466 |
| &nbsp;&nbsp;&nbsp;Tata Motors, Ltd. (India) | 26024 | 106538 |
| &nbsp;&nbsp;&nbsp;Thai Stanley Electric PCL (Thailand) | 17267 | 103604 |
| &nbsp;&nbsp;&nbsp;Tianneng Power International, Ltd. (China) | 38000 | 34663 |
|  |  | 4576424 |
| *Consumer Discretionary Distribution & Retail — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. ADR (China) | 12670 | 1857168 |
| &nbsp;&nbsp;&nbsp;Bermaz Auto Bhd (Malaysia) | 192700 | 33704 |
| &nbsp;&nbsp;&nbsp;China Harmony Auto Holding, Ltd. (China) | 748000 | 98490 |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group, Ltd. (China) | 49600 | 79243 |
| &nbsp;&nbsp;&nbsp;Far Eastern Department Stores, Ltd. (Taiwan) | 62000 | 43466 |
| &nbsp;&nbsp;&nbsp;Hyundai Home Shopping Network Corp. (South Korea) | 1176 | 44805 |
| &nbsp;&nbsp;&nbsp;Italtile, Ltd. (South Africa) | 91116 | 49793 |
| &nbsp;&nbsp;&nbsp;Naspers, Ltd. (South Africa) | 1713 | 114240 |
| &nbsp;&nbsp;&nbsp;Organizacion Terpel S.A. (Colombia) | 12336 | 61114 |
| &nbsp;&nbsp;&nbsp;Oriental Holdings Bhd (Malaysia) | 21500 | 35922 |
| &nbsp;&nbsp;&nbsp;Petronas Dagangan Bhd (Malaysia) | 27800 | 136663 |
| &nbsp;&nbsp;&nbsp;Poya International Co., Ltd. (Taiwan) | 3000 | 42012 |
| &nbsp;&nbsp;&nbsp;Super Group, Ltd. (South Africa) | 71903 | 82105 |
| &nbsp;&nbsp;&nbsp;Test Rite International Co., Ltd. (Taiwan) | 67000 | 43269 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings, Ltd. ADR (China) | 49400 | 873886 |
|  |  | 3595880 |
| *Consumer Durables & Apparel — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;361 Degrees International, Ltd. (China) | 602000 | 468503 |
| &nbsp;&nbsp;&nbsp;China Dongxiang Group Co., Ltd. (China) | 1420000 | 80585 |
| &nbsp;&nbsp;&nbsp;F&F Holdings Co., Ltd. (South Korea) <sup>(b)</sup> | 3214 | 41606 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances, Inc. of Zhuhai - Class A (China) | 29200 | 167935 |
| &nbsp;&nbsp;&nbsp;Guararapes Confeccoes S.A. (Brazil) | 23400 | 37889 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co., Ltd. - H Shares (China) | 51800 | 161758 |
| &nbsp;&nbsp;&nbsp;Pou Chen Corp. (Taiwan) | 88000 | 84323 |
| &nbsp;&nbsp;&nbsp;Siyaram Silk Mills, Ltd. (India) | 16994 | 119835 |
| &nbsp;&nbsp;&nbsp;TCL Electronics Holdings, Ltd. (China) | 258000 | 344654 |
| &nbsp;&nbsp;&nbsp;Topkey Corp. (Taiwan) | 6000 | 30816 |
| &nbsp;&nbsp;&nbsp;Vaibhav Global, Ltd. (India) | 16638 | 43369 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 9 |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Consumer Durables & Apparel (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Xtep International Holdings, Ltd. (China) | 176500 | $120474 |
|  |  | 1701747 |
| *Consumer Services — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Cogna Educacao S.A. (Brazil) | 168080 | 96957 |
| &nbsp;&nbsp;&nbsp;Grand Korea Leisure Co., Ltd. (South Korea) | 4448 | 46174 |
| &nbsp;&nbsp;&nbsp;Magnum Bhd (Malaysia) | 172700 | 54838 |
| &nbsp;&nbsp;&nbsp;MK Restaurants Group PCL (Thailand) | 71500 | 41345 |
| &nbsp;&nbsp;&nbsp;Sun International, Ltd. (South Africa) | 27091 | 63227 |
| &nbsp;&nbsp;&nbsp;YDUQS Participacoes S.A. (Brazil) | 14600 | 32436 |
|  |  | 334977 |
| **Consumer Staples — 3.5%** |  |  |
| *Consumer Staples Distribution & Retail — 0.0% <sup>(c)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Nahdi Medical Co. (Saudi Arabia) | 1192 | 30178 |
| *Food, Beverage & Tobacco — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Alicorp S.A.A. (Peru) | 15555 | 49498 |
| &nbsp;&nbsp;&nbsp;Astra Agro Lestari Tbk P.T. (Indonesia) | 92700 | 40891 |
| &nbsp;&nbsp;&nbsp;Astral Foods, Ltd. (South Africa) | 2991 | 48121 |
| &nbsp;&nbsp;&nbsp;Avanti Feeds, Ltd. (India) | 37066 | 345636 |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Enterprise Co., Ltd. (Taiwan) | 10000 | 41895 |
| &nbsp;&nbsp;&nbsp;China Resources Beer Holdings Co., Ltd. (China) | 16000 | 54037 |
| &nbsp;&nbsp;&nbsp;Dongwon Industries Co., Ltd. (South Korea) | 2528 | 73511 |
| &nbsp;&nbsp;&nbsp;GFPT Public Co., Ltd. (Thailand) | 239600 | 80438 |
| &nbsp;&nbsp;&nbsp;Great Wall Enterprise Co., Ltd. (Taiwan) | 26000 | 42115 |
| &nbsp;&nbsp;&nbsp;Grupo Bimbo S.A.B. de C.V. (Mexico) | 29900 | 97953 |
| &nbsp;&nbsp;&nbsp;Grupo Herdez S.A.B. de C.V. (Mexico) | 52425 | 243150 |
| &nbsp;&nbsp;&nbsp;Hap Seng Plantations Holdings Bhd (Malaysia) | 142200 | 76041 |
| &nbsp;&nbsp;&nbsp;Hey Song Corp. (Taiwan) | 50000 | 60502 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk P.T. (Indonesia) | 142600 | 57676 |
| &nbsp;&nbsp;&nbsp;JBS N.V. - Class A (Brazil) <sup>(b)</sup> | 22800 | 328776 |
| &nbsp;&nbsp;&nbsp;KRBL, Ltd. (India) | 55644 | 244510 |
| &nbsp;&nbsp;&nbsp;Minerva S.A. (Brazil) | 80100 | 84223 |
| &nbsp;&nbsp;&nbsp;Nong Shim Holdings Co., Ltd. (South Korea) <sup>(b)</sup> | 656 | 41132 |
| &nbsp;&nbsp;&nbsp;Perusahaan Perkebunan London Sumatra Tbk P.T. (Indonesia) | 455300 | 32543 |
| &nbsp;&nbsp;&nbsp;Salim Ivomas Pratama Tbk P.T. (Indonesia) | 1466400 | 49933 |
| &nbsp;&nbsp;&nbsp;Samyang Holdings Corp. (South Korea) <sup>(b)</sup> | 1645 | 65668 |
| &nbsp;&nbsp;&nbsp;Sinar Mas Agro Resources & Technology Tbk P.T. (Indonesia) | 95700 | 27304 |
| &nbsp;&nbsp;&nbsp;Ta Ann Holdings Bhd (Malaysia) | 47800 | 48961 |
| &nbsp;&nbsp;&nbsp;Thai Vegetable Oil PCL (Thailand) | 125100 | 89034 |
| &nbsp;&nbsp;&nbsp;Thaifoods Group PCL (Thailand) | 793500 | 112377 |
| &nbsp;&nbsp;&nbsp;Tingyi Caymen Islands Holding Corp. (China) | 230000 | 348713 |
| &nbsp;&nbsp;&nbsp;Ulker Biskuvi Sanayi A.S. (Turkey) | 18063 | 45362 |
|  |  | 2830000 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Household & Personal Products — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Hengan International Group Co., Ltd. (China) | 62500 | $224573 |
| **Energy — 3.7%** |  |  |
| *Energy — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;3R Petroleum Oleo e Gas S.A. (Brazil) <sup>(b)</sup> | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Adaro Andalan Indonesia P.T. (Indonesia) | 73547 | 30640 |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum Corp., Ltd. (India) | 44273 | 189452 |
| &nbsp;&nbsp;&nbsp;Chennai Petroleum Corp., Ltd. (India) | 5305 | 49396 |
| &nbsp;&nbsp;&nbsp;China Coal Energy Co., Ltd. - H Shares (China) | 45000 | 57664 |
| &nbsp;&nbsp;&nbsp;China Merchants Energy Shipping Co., Ltd. - Class A (China) | 65400 | 84185 |
| &nbsp;&nbsp;&nbsp;China Oilfield Services, Ltd. - H Shares (China) | 58000 | 52119 |
| &nbsp;&nbsp;&nbsp;China Suntien Green Energy Corp., Ltd. - H Shares (China) | 72000 | 36496 |
| &nbsp;&nbsp;&nbsp;Coal India, Ltd. (India) | 71469 | 317581 |
| &nbsp;&nbsp;&nbsp;Exxaro Resources, Ltd. (South Africa) | 7780 | 84093 |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC (Russia) \*<sup>(b)(d)</sup> | 101150 | 0 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Co., Ltd. (South Korea) | 882 | 115225 |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum Corp., Ltd. (India) | 33106 | 184086 |
| &nbsp;&nbsp;&nbsp;Indian Oil Corp., Ltd. (India) | 96330 | 178644 |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC ADR (Russia) \*<sup>(b)(d)</sup> | 2253 | 0 |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas plc (Hungary) | 4218 | 37801 |
| &nbsp;&nbsp;&nbsp;Motor Oil (Hellas) Corinth Refineries S.A. (Greece) | 1403 | 51743 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp., Ltd. (India) | 48061 | 128653 |
| &nbsp;&nbsp;&nbsp;ORLEN S.A. (Poland) | 8557 | 228457 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. - H Shares (China) | 254000 | 273786 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. ADR (Brazil) | 24700 | 292695 |
| &nbsp;&nbsp;&nbsp;Petronet LNG, Ltd. (India) | 51546 | 162980 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL (Thailand) | 44100 | 157847 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil Co. PJSC (Russia) \*<sup>(b)(d)</sup> | 16950 | 0 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. (Saudi Arabia) <sup>(e)</sup> | 20772 | 131898 |
| &nbsp;&nbsp;&nbsp;SK Discovery Co., Ltd. (South Korea) | 1065 | 42586 |
| &nbsp;&nbsp;&nbsp;Thai Oil PCL (Thailand) | 40000 | 45623 |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri A.S. (Turkey) | 23687 | 101606 |
| &nbsp;&nbsp;&nbsp;United Tractors Tbk P.T. (Indonesia) | 64600 | 113914 |
| &nbsp;&nbsp;&nbsp;Velesto Energy Bhd (Malaysia) | 854400 | 57921 |
|  |  | 3207093 |
| **Financials — 22.1%** |  |  |
| *Banks — 16.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group, Ltd. (South Africa) | 42367 | 612310 |
| &nbsp;&nbsp;&nbsp;Albaraka Turk Katilim Bankasi A.S. (Turkey) | 184875 | 33802 |
| &nbsp;&nbsp;&nbsp;Alior Bank S.A. (Poland) | 2317 | 71122 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco S.A. ADR (Brazil) | 127300 | 423909 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco S.A. (Brazil) | 110400 | 314392 |
| &nbsp;&nbsp;&nbsp;Banco da Amazonia S.A. (Brazil) | 3200 | 45441 |
| &nbsp;&nbsp;&nbsp;Banco Itau Chile S.A. (Chile) | 3640 | 80648 |
| &nbsp;&nbsp;&nbsp;Bangkok Bank PCL (Thailand) | 19100 | 102795 |
| &nbsp;&nbsp;&nbsp;Bank Al-Jazira (Saudi Arabia) <sup>(b)</sup> | 14084 | 41820 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Banks (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Bank CIMB Niaga Tbk P.T. (Indonesia) | 419700 | $44889 |
| &nbsp;&nbsp;&nbsp;Bank Danamon Indonesia Tbk P.T. (Indonesia) | 289500 | 42770 |
| &nbsp;&nbsp;&nbsp;Bank OCBC Nisp Tbk P.T. (Indonesia) | 1143400 | 93608 |
| &nbsp;&nbsp;&nbsp;Bank of Baroda (India) | 105269 | 347039 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. - H Shares (China) | 1527000 | 875469 |
| &nbsp;&nbsp;&nbsp;Bank of Chongqing Co., Ltd. - H Shares (China) | 45000 | 45389 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou Co., Ltd. - Class A (China) | 45600 | 99636 |
| &nbsp;&nbsp;&nbsp;Bank of India (India) | 51560 | 82669 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu Co., Ltd. - Class A (China) | 67600 | 100533 |
| &nbsp;&nbsp;&nbsp;Bank of Maharashtra (India) | 87225 | 60272 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo Co., Ltd. - Class A (China) | 26800 | 107651 |
| &nbsp;&nbsp;&nbsp;Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk P.T. (Indonesia) | 1194500 | 57514 |
| &nbsp;&nbsp;&nbsp;Bank Pembangunan Daerah Jawa Timur Tbk P.T. (Indonesia) | 4432500 | 143163 |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki S.A. (Poland) | 4693 | 266210 |
| &nbsp;&nbsp;&nbsp;Bank Saint Petersburg PJSC (Russia) \*(b)(d) | 136120 | 0 |
| &nbsp;&nbsp;&nbsp;Bank Tabungan Negara Persero Tbk P.T. (Indonesia) | 657500 | 46029 |
| &nbsp;&nbsp;&nbsp;Banque Saudi Fransi (Saudi Arabia) | 90708 | 406809 |
| &nbsp;&nbsp;&nbsp;BNK Financial Group, Inc. (South Korea) | 4570 | 50190 |
| &nbsp;&nbsp;&nbsp;BNPP Bank Polska S.A. (Poland) | 2454 | 88984 |
| &nbsp;&nbsp;&nbsp;Canara Bank (India) | 219140 | 378065 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank Corp., Ltd. - H Shares (China) | 171000 | 152593 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. - H Shares (China) | 918000 | 908644 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank Co., Ltd. - H Shares (China) | 293000 | 137037 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank Co., Ltd. - H Shares (China) | 67000 | 52944 |
| &nbsp;&nbsp;&nbsp;City Union Bank, Ltd. (India) | 16692 | 54046 |
| &nbsp;&nbsp;&nbsp;Commercial Bank P.S.Q.C. (The) (Qatar) | 155582 | 179493 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co., Ltd. (Taiwan) | 585000 | 935675 |
| &nbsp;&nbsp;&nbsp;DCB Bank, Ltd. (India) | 27041 | 51898 |
| &nbsp;&nbsp;&nbsp;East West Banking Corp. (Philippines) | 316400 | 62366 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC (United Arab Emirates) | 59352 | 450053 |
| &nbsp;&nbsp;&nbsp;Eurobank S.A. (Greece) | 38930 | 156473 |
| &nbsp;&nbsp;&nbsp;Faisal Islamic Bank of Egypt (Egypt) | 49046 | 32974 |
| &nbsp;&nbsp;&nbsp;Grupo Cibest S.A. ADR (Colombia) | 3800 | 241718 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. (South Korea) | 3436 | 223759 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. ADR (India) | 6600 | 241164 |
| &nbsp;&nbsp;&nbsp;Hong Leong Financial Group Bhd (Malaysia) | 25200 | 118283 |
| &nbsp;&nbsp;&nbsp;Housing & Development Bank (Egypt) | 32964 | 61995 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank Co., Ltd. - Class A (China) | 40200 | 39493 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Banks (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Huishang Bank Corp., Ltd. - H Shares (China) | 75384 | $30999 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. ADR (India) | 11000 | 327800 |
| &nbsp;&nbsp;&nbsp;IDBI Bank, Ltd. (India) | 118589 | 136009 |
| &nbsp;&nbsp;&nbsp;iM Financial Group Co., Ltd. (South Korea) | 4574 | 49215 |
| &nbsp;&nbsp;&nbsp;Indian Bank (India) | 41510 | 387112 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Ltd. - H Shares (China) | 679000 | 549449 |
| &nbsp;&nbsp;&nbsp;Industrial Bank Co., Ltd. - Class A (China) | 39900 | 120183 |
| &nbsp;&nbsp;&nbsp;Intercorp Financial Services, Inc. (Peru) | 1100 | 46596 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A. ADR (Brazil) | 7107 | 50886 |
| &nbsp;&nbsp;&nbsp;Karur Vysya Bank, Ltd. (The) (India) | 103558 | 304231 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank PCL (Thailand) | 209400 | 187813 |
| &nbsp;&nbsp;&nbsp;Nedbank Group, Ltd. (South Africa) | 4164 | 66949 |
| &nbsp;&nbsp;&nbsp;Philippine National Bank (Philippines) | 50800 | 46959 |
| &nbsp;&nbsp;&nbsp;Ping An Bank Co., Ltd. - Class A (China) | 33000 | 53847 |
| &nbsp;&nbsp;&nbsp;Piraeus Bank S.A. (Greece) | 34084 | 272047 |
| &nbsp;&nbsp;&nbsp;Punjab National Bank (India) | 66461 | 91454 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank Q.P.S.C. (Qatar) | 6988 | 35818 |
| &nbsp;&nbsp;&nbsp;Regional S.A.B. de C.V. (Mexico) | 20000 | 158426 |
| &nbsp;&nbsp;&nbsp;Riyad Bank (Saudi Arabia) | 60834 | 440275 |
| &nbsp;&nbsp;&nbsp;Saudi Awwal Bank (Saudi Arabia) | 52101 | 449380 |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC (Russia) \*<sup>(b)(d)</sup> | 19830 | 0 |
| &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank, Ltd. (The) (Taiwan) | 73000 | 94364 |
| &nbsp;&nbsp;&nbsp;Shanghai Rural Commercial Bank Co., Ltd. - Class A (China) | 33800 | 44902 |
| &nbsp;&nbsp;&nbsp;South Indian Bank, Ltd. (The) (India) | 113024 | 48257 |
| &nbsp;&nbsp;&nbsp;State Bank of India (India) | 23258 | 254508 |
| &nbsp;&nbsp;&nbsp;TS Financial Holding Co., Ltd. (Taiwan) | 405000 | 263198 |
| &nbsp;&nbsp;&nbsp;Union Bank of India, Ltd. (India) | 102542 | 175682 |
| &nbsp;&nbsp;&nbsp;VTB Bank PJSC (Russia) \*<sup>(b)(d)</sup> | 67952 | 0 |
| &nbsp;&nbsp;&nbsp;Warba Bank KSCP (Kuwait) <sup>(b)</sup> | 198563 | 189248 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. (South Korea) | 13100 | 253777 |
|  |  | 14293120 |
| *Financial Services — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment, Ltd. (India) | 602 | 75915 |
| &nbsp;&nbsp;&nbsp;BFI Finance Indonesia Tbk P.T. (Indonesia) | 1253800 | 52495 |
| &nbsp;&nbsp;&nbsp;Can Fin Homes, Ltd. (India) | 4494 | 46593 |
| &nbsp;&nbsp;&nbsp;Capital Futures Corp. (Taiwan) | 26453 | 42966 |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co., Ltd. (Taiwan) | 44965 | 150879 |
| &nbsp;&nbsp;&nbsp;Daou Data Corp. (South Korea) | 2541 | 32417 |
| &nbsp;&nbsp;&nbsp;Daou Technology, Inc. (South Korea) | 2035 | 54876 |
| &nbsp;&nbsp;&nbsp;Gentera S.A.B. de C.V. (Mexico) | 128400 | 328527 |
| &nbsp;&nbsp;&nbsp;IIFL Finance, Ltd. (India) <sup>(b)</sup> | 6927 | 47107 |
| &nbsp;&nbsp;&nbsp;Inversiones La Construccion S.A. (Chile) | 2626 | 53081 |
| &nbsp;&nbsp;&nbsp;JM Financial, Ltd. (India) | 28786 | 48122 |
| &nbsp;&nbsp;&nbsp;KIWOOM Securities Co., Ltd. (South Korea) | 340 | 68218 |
| &nbsp;&nbsp;&nbsp;Korea Investment Holdings Co., Ltd. (South Korea) | 560 | 62933 |
| &nbsp;&nbsp;&nbsp;KRUK S.A. (Poland) | 332 | 45430 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 11 |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Financial Services (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Kyobo Securities Co., Ltd. (South Korea) | 5503 | $36142 |
| &nbsp;&nbsp;&nbsp;LIC Housing Finance, Ltd. (India) | 8032 | 48280 |
| &nbsp;&nbsp;&nbsp;Maharashtra Scooters, Ltd. (India) | 316 | 50047 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance, Ltd. (India) | 3924 | 166497 |
| &nbsp;&nbsp;&nbsp;Power Finance Corp., Ltd. (India) | 91849 | 363797 |
| &nbsp;&nbsp;&nbsp;Qifu Technology, Inc. ADR (China) | 1900 | 36613 |
| &nbsp;&nbsp;&nbsp;REC, Ltd. (India) | 84235 | 335067 |
| &nbsp;&nbsp;&nbsp;Samsung Securities Co., Ltd. (South Korea) | 804 | 42012 |
| &nbsp;&nbsp;&nbsp;Shinyoung Securities Co., Ltd. (South Korea) | 454 | 42288 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, Ltd. (India) | 20635 | 229077 |
| &nbsp;&nbsp;&nbsp;Turkiye Sinai Kalkinma Bankasi A.S. (Turkey) <sup>(b)</sup> | 101252 | 29071 |
| &nbsp;&nbsp;&nbsp;Yuanta Securities Korea Co., Ltd. (South Korea) | 15541 | 39791 |
|  |  | 2528241 |
| *Insurance — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Allianz Malaysia Bhd (Malaysia) | 33296 | 164829 |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding Co., Ltd. (Taiwan) | 140000 | 338056 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd. - H Shares (China) | 79000 | 279259 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Co., Ltd. - H Shares (China) | 33400 | 151468 |
| &nbsp;&nbsp;&nbsp;DB Insurance Co., Ltd. (South Korea) | 2249 | 203828 |
| &nbsp;&nbsp;&nbsp;KGI Financial Holding Co., Ltd. (Taiwan) | 233680 | 128245 |
| &nbsp;&nbsp;&nbsp;Korean Reinsurance Co. (South Korea) | 4480 | 35825 |
| &nbsp;&nbsp;&nbsp;MNRB Holdings Bhd (Malaysia) | 89300 | 45772 |
| &nbsp;&nbsp;&nbsp;Momentum Metropolitan Holdings (South Africa) | 78760 | 181867 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance Co., Ltd. - H Shares (China) | 18100 | 126822 |
| &nbsp;&nbsp;&nbsp;Old Mutual, Ltd. (South Africa) | 111312 | 100152 |
| &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China, Ltd. (The) - H Shares (China) | 181000 | 157234 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd. - H Shares (China) | 57500 | 482982 |
| &nbsp;&nbsp;&nbsp;Taiwan Fire & Marine Insurance Co., Ltd. (Taiwan) | 42000 | 67231 |
|  |  | 2463570 |
| **Health Care — 2.9%** |  |  |
| *Health Care Equipment & Services — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - H Shares (China) | 30000 | 68447 |
| &nbsp;&nbsp;&nbsp;Pegavision Corp. (Taiwan) | 8000 | 72537 |
|  |  | 140984 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Aarti Drugs, Ltd. (India) | 45381 | 208072 |
| &nbsp;&nbsp;&nbsp;Consun Pharmaceutical Group, Ltd. (China) | 370492 | 745729 |
| &nbsp;&nbsp;&nbsp;Duopharma Biotech Bhd (Malaysia) | 140600 | 43286 |
| &nbsp;&nbsp;&nbsp;Humedix Co., Ltd. (South Korea) | 6398 | 179251 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Pharmaceuticals, Biotechnology & Life Sciences (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Livzon Pharmaceutical Group, Inc. - H Shares (China) | 95100 | $348497 |
| &nbsp;&nbsp;&nbsp;Lupin, Ltd. (India) | 11137 | 261688 |
| &nbsp;&nbsp;&nbsp;Strides Pharma Science, Ltd. (India) | 42093 | 422020 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd. - Class A (China) | 11900 | 154080 |
|  |  | 2362623 |
| **Industrials — 6.9%** |  |  |
| *Capital Goods — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Ashok Leyland, Ltd. (India) | 109504 | 218596 |
| &nbsp;&nbsp;&nbsp;Astra International Tbk P.T. (Indonesia) | 502400 | 201111 |
| &nbsp;&nbsp;&nbsp;Balmer Lawrie & Co., Ltd. (India) | 37979 | 77575 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings, Ltd. (China) | 39000 | 47166 |
| &nbsp;&nbsp;&nbsp;China Lesso Group Holdings, Ltd. (China) | 81000 | 48309 |
| &nbsp;&nbsp;&nbsp;CITIC Resources Holdings, Ltd. (China) | 852000 | 43839 |
| &nbsp;&nbsp;&nbsp;CJ Corp. (South Korea) | 714 | 85161 |
| &nbsp;&nbsp;&nbsp;Far Eastern New Century Corp. (Taiwan) | 48000 | 42490 |
| &nbsp;&nbsp;&nbsp;FSP Technology, Inc. (Taiwan) | 47000 | 78942 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology Co., Ltd. (China) | 27200 | 46844 |
| &nbsp;&nbsp;&nbsp;Hanwha Corp. (South Korea) <sup>(b)</sup> | 2206 | 124666 |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (South Korea) | 793 | 223334 |
| &nbsp;&nbsp;&nbsp;Hyundai GF Holdings (South Korea) | 16897 | 97553 |
| &nbsp;&nbsp;&nbsp;Kolon Corp. (South Korea) <sup>(b)</sup> | 1868 | 64730 |
| &nbsp;&nbsp;&nbsp;Korea Electric Terminal Co., Ltd. (South Korea) | 966 | 45132 |
| &nbsp;&nbsp;&nbsp;Leoch International Technology, Ltd. (China) | 241000 | 59362 |
| &nbsp;&nbsp;&nbsp;LG Balakrishnan & Bros, Ltd. (India) | 2327 | 46346 |
| &nbsp;&nbsp;&nbsp;Lonking Holdings, Ltd. (China) | 147000 | 56030 |
| &nbsp;&nbsp;&nbsp;LT Group, Inc. (Philippines) | 193000 | 48471 |
| &nbsp;&nbsp;&nbsp;LX Hausys, Ltd. (South Korea) | 1809 | 36097 |
| &nbsp;&nbsp;&nbsp;Mills Locacao Servicos e Logistica S.A. (Brazil) | 69200 | 176853 |
| &nbsp;&nbsp;&nbsp;Nava, Ltd. (India) | 19613 | 123984 |
| &nbsp;&nbsp;&nbsp;Samsung E&A Co., Ltd. (South Korea) <sup>(b)</sup> | 4264 | 70897 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Equipment International Holdings Co., Ltd. (China) | 61000 | 68023 |
| &nbsp;&nbsp;&nbsp;Sime Darby Bhd (Malaysia) | 88500 | 46853 |
| &nbsp;&nbsp;&nbsp;SK Square Co., Ltd. (South Korea) <sup>(b)</sup> | 1979 | 503005 |
| &nbsp;&nbsp;&nbsp;SK, Inc. (South Korea) | 1003 | 178648 |
| &nbsp;&nbsp;&nbsp;Swaraj Engines, Ltd. (India) | 3026 | 120644 |
| &nbsp;&nbsp;&nbsp;Weichai Power Co., Ltd. - Class A (China) | 64400 | 158376 |
| &nbsp;&nbsp;&nbsp;Weichai Power Co., Ltd. - H Shares (China) | 66000 | 160169 |
| &nbsp;&nbsp;&nbsp;ZMJ Group Co., Ltd. - H Shares (China) | 20000 | 52784 |
|  |  | 3351990 |
| *Commercial & Professional Services — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;NICE Information Service Co., Ltd. (South Korea) | 4176 | 49227 |
| &nbsp;&nbsp;&nbsp;Tianjin Capital Environmental Protection Group Co., Ltd. - H Shares (China) | 86000 | 46573 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Commercial & Professional Services (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Zetrix Ai Bhd (Malaysia) | 267300 | $53255 |
|  |  | 149055 |
| *Transportation — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Aegean Airlines S.A. (Greece) | 2801 | 46925 |
| &nbsp;&nbsp;&nbsp;Cebu Air, Inc. (Philippines) <sup>(b)</sup> | 79800 | 43392 |
| &nbsp;&nbsp;&nbsp;China Airlines, Ltd. (Taiwan) | 47000 | 30205 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co., Ltd. - Class A (China) | 106400 | 230912 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co., Ltd. - H Shares (China) | 68500 | 120939 |
| &nbsp;&nbsp;&nbsp;Eva Airways Corp. (Taiwan) | 103000 | 119895 |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Corp. Taiwan, Ltd. (Taiwan) | 21200 | 128020 |
| &nbsp;&nbsp;&nbsp;Guangshen Railway Co., Ltd. (China) | 150000 | 41769 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis Co., Ltd. (South Korea) | 5232 | 655468 |
| &nbsp;&nbsp;&nbsp;Latam Airlines Group S.A. ADR (Chile) | 6100 | 329461 |
| &nbsp;&nbsp;&nbsp;Qingdao Port International Co., Ltd. - H Shares (China) <sup>(a)</sup> | 44000 | 39384 |
| &nbsp;&nbsp;&nbsp;Regional Container Lines PCL (Thailand) | 54800 | 47445 |
| &nbsp;&nbsp;&nbsp;Shenzhen International Holdings, Ltd. (China) | 39500 | 43902 |
| &nbsp;&nbsp;&nbsp;Shipping Corp. of India, Ltd. (India) | 33610 | 86726 |
| &nbsp;&nbsp;&nbsp;Sichuan Expressway Co., Ltd. - H Shares (China) | 92000 | 61824 |
| &nbsp;&nbsp;&nbsp;Thai Airways International PCL (Thailand) <sup>(b)</sup> | 233600 | 51583 |
| &nbsp;&nbsp;&nbsp;Tianjin Port Development Holdings, Ltd. (China) | 210471 | 18138 |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO (Turkey) | 22100 | 138058 |
| &nbsp;&nbsp;&nbsp;VRL Logistics, Ltd. (India) | 44689 | 133393 |
| &nbsp;&nbsp;&nbsp;Wan Hai Lines, Ltd. (Taiwan) | 22000 | 55045 |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway Co., Ltd. - H Shares (China) | 44160 | 40683 |
|  |  | 2463167 |
| **Information Technology — 27.6%** |  |  |
| *Semiconductors & Semiconductor Equipment — 15.6%* |  |  |
| &nbsp;&nbsp;&nbsp;ADATA Technology Co., Ltd. (Taiwan) | 24000 | 213934 |
| &nbsp;&nbsp;&nbsp;Ardentec Corp. (Taiwan) | 44000 | 174430 |
| &nbsp;&nbsp;&nbsp;Chipbond Technology Corp. (Taiwan) | 82000 | 140662 |
| &nbsp;&nbsp;&nbsp;Global Mixed Mode Technology, Inc. (Taiwan) | 21000 | 140304 |
| &nbsp;&nbsp;&nbsp;Radiant Opto-Electronics Corp. (Taiwan) | 24000 | 94652 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. (South Korea) | 6885 | 3112104 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan) | 30080 | 9141011 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. (Taiwan) | 320000 | 500225 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings, Ltd. (China) | 154000 | 58905 |
|  |  | 13576227 |
| *Software & Services — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Altron, Ltd. - Class A (South Africa) | 38530 | 46203 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. ADR (India) | 46600 | 830412 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd. ADR (India) | 90100 | 255884 |
|  |  | 1132499 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Technology Hardware & Equipment — 10.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Arcadyan Technology Corp. (Taiwan) | 24000 | $132798 |
| &nbsp;&nbsp;&nbsp;ASUSTek Computer, Inc. (Taiwan) | 25000 | 435018 |
| &nbsp;&nbsp;&nbsp;Chicony Electronics Co., Ltd. (Taiwan) | 17000 | 63396 |
| &nbsp;&nbsp;&nbsp;Compeq Manufacturing Co., Ltd. (Taiwan) | 52000 | 153735 |
| &nbsp;&nbsp;&nbsp;Ennoconn Corp. (Taiwan) | 11000 | 100333 |
| &nbsp;&nbsp;&nbsp;Genius Electronic Optical Co. (Taiwan) | 10000 | 142784 |
| &nbsp;&nbsp;&nbsp;Getac Holdings Corp. (Taiwan) | 35000 | 130268 |
| &nbsp;&nbsp;&nbsp;Holy Stone Enterprise Co., Ltd. (Taiwan) | 41000 | 133074 |
| &nbsp;&nbsp;&nbsp;IEI Integration Corp. (Taiwan) | 68000 | 139634 |
| &nbsp;&nbsp;&nbsp;Kingboard Holdings, Ltd. (China) | 123000 | 464602 |
| &nbsp;&nbsp;&nbsp;Largan Precision Co., Ltd. (Taiwan) | 6000 | 475298 |
| &nbsp;&nbsp;&nbsp;Lenovo Group, Ltd. (China) | 430000 | 511353 |
| &nbsp;&nbsp;&nbsp;Mcnex Co., Ltd. (South Korea) | 2093 | 41875 |
| &nbsp;&nbsp;&nbsp;Netronix, Inc. (Taiwan) | 23000 | 89053 |
| &nbsp;&nbsp;&nbsp;Posiflex Technology, Inc. (Taiwan) | 25000 | 140378 |
| &nbsp;&nbsp;&nbsp;Primax Electronics, Ltd. (Taiwan) | 51000 | 124493 |
| &nbsp;&nbsp;&nbsp;Q Technology Group Co., Ltd. (China) | 38000 | 41078 |
| &nbsp;&nbsp;&nbsp;Redington, Ltd. (India) | 136419 | 413875 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (South Korea) | 33454 | 2798582 |
| &nbsp;&nbsp;&nbsp;Simplo Technology Co., Ltd. (Taiwan) | 11000 | 125632 |
| &nbsp;&nbsp;&nbsp;Sunrex Technology Corp. (Taiwan) | 110649 | 135499 |
| &nbsp;&nbsp;&nbsp;Tripod Technology Corp. (Taiwan) | 15000 | 151527 |
| &nbsp;&nbsp;&nbsp;Wasion Holdings, Ltd. (China) | 350000 | 772705 |
| &nbsp;&nbsp;&nbsp;Weikeng Industrial Co., Ltd. (Taiwan) | 141000 | 136639 |
| &nbsp;&nbsp;&nbsp;Wistron Corp. (Taiwan) | 96000 | 459262 |
| &nbsp;&nbsp;&nbsp;Wiwynn Corp. (Taiwan) | 4000 | 570457 |
| &nbsp;&nbsp;&nbsp;WT Microelectronics Co., Ltd. (Taiwan) | 34000 | 148288 |
| &nbsp;&nbsp;&nbsp;Zenitron Corp. (Taiwan) | 111000 | 132171 |
| &nbsp;&nbsp;&nbsp;Zhejiang Dahua Technology Co., Ltd. (China) | 27600 | 74791 |
| &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holdings, Ltd. (Taiwan) | 26000 | 117290 |
|  |  | 9355888 |
| **Materials — 7.3%** |  |  |
| *Materials — 7.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Aluminum Corp of China, Ltd. (China) | 85500 | 149090 |
| &nbsp;&nbsp;&nbsp;Aluminum Corp. of China, Ltd. - H Shares (China) | 112000 | 175330 |
| &nbsp;&nbsp;&nbsp;Apex Mining Co., Inc. (Philippines) | 586000 | 124267 |
| &nbsp;&nbsp;&nbsp;Arabian Cement Co. (Egypt) | 39577 | 42149 |
| &nbsp;&nbsp;&nbsp;Cemex S.A.B. de C.V. ADR (Mexico) | 44900 | 515901 |
| &nbsp;&nbsp;&nbsp;Chambal Fertilisers and Chemicals, Ltd. (India) | 9463 | 50842 |
| &nbsp;&nbsp;&nbsp;Chifeng Jilong Gold Mining Co., Ltd. - Class A (China) | 15100 | 67141 |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group, Ltd. (China) | 81000 | 340177 |
| &nbsp;&nbsp;&nbsp;China Lumena New Materials Corp. (China) <sup>(b)(d)</sup> | 1700 | 0 |
| &nbsp;&nbsp;&nbsp;China National Building Material Co., Ltd. - H Shares (China) | 72000 | 47408 |
| &nbsp;&nbsp;&nbsp;Cia Ferro Ligas de Bahia - Ferbasa (Brazil) | 34600 | 43771 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Ltd. - Class A (China) | 24900 | 71228 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 13 |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Materials (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Dongkuk Holdings Co., Ltd. (South Korea) | 10287 | $53098 |
| &nbsp;&nbsp;&nbsp;Dongyue Group, Ltd. (China) | 30000 | 41756 |
| &nbsp;&nbsp;&nbsp;Fufeng Group, Ltd. (China) | 44000 | 44659 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. ADR (South Africa) | 13100 | 571946 |
| &nbsp;&nbsp;&nbsp;Gulf Oil Lubricants India, Ltd. (India) | 4999 | 66865 |
| &nbsp;&nbsp;&nbsp;Hanil Holdings Co., Ltd. (South Korea) | 7551 | 85660 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd. ADR (South Africa) | 18600 | 370140 |
| &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal Industry & Electricity Power Co., Ltd. - Class A (China) | 17600 | 69065 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries, Ltd. (India) | 18404 | 181696 |
| &nbsp;&nbsp;&nbsp;Hume Cement Industries Bhd (Malaysia) | 60900 | 50425 |
| &nbsp;&nbsp;&nbsp;Industrias Penoles S.A.B. de C.V. (Mexico) <sup>(b)</sup> | 3500 | 183842 |
| &nbsp;&nbsp;&nbsp;Jaya Tiasa Holdings Bhd (Malaysia) | 199800 | 51647 |
| &nbsp;&nbsp;&nbsp;KCC Corp. (South Korea) | 135 | 39299 |
| &nbsp;&nbsp;&nbsp;Magnitogorsk Iron & Steel Works PJSC (Russia) \*<sup>(b)(d)</sup> | 194390 | 0 |
| &nbsp;&nbsp;&nbsp;Malayan Cement Bhd (Malaysia) | 26200 | 49456 |
| &nbsp;&nbsp;&nbsp;Mineros S.A. (Colombia) | 10886 | 44125 |
| &nbsp;&nbsp;&nbsp;MMG, Ltd. (China) <sup>(b)</sup> | 124000 | 140103 |
| &nbsp;&nbsp;&nbsp;National Aluminium Co., Ltd. (India) | 22172 | 77517 |
| &nbsp;&nbsp;&nbsp;Nexa Resources Peru S.A.A (Peru) | 78596 | 54228 |
| &nbsp;&nbsp;&nbsp;Nickel Asia Corp. (Philippines) | 713000 | 47129 |
| &nbsp;&nbsp;&nbsp;NMDC, Ltd. (India) | 452568 | 419088 |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC (Russia) \*<sup>(b)(d)</sup> | 2870 | 0 |
| &nbsp;&nbsp;&nbsp;PPC, Ltd. (South Africa) | 178340 | 60068 |
| &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients Co. (Saudi Arabia) | 9373 | 276350 |
| &nbsp;&nbsp;&nbsp;Sharda Cropchem, Ltd. (India) | 4327 | 42121 |
| &nbsp;&nbsp;&nbsp;Shinkong Synthetic Fibers Corp. (Taiwan) | 101000 | 48190 |
| &nbsp;&nbsp;&nbsp;Sinofert Holdings, Ltd. (China) | 228000 | 44295 |
| &nbsp;&nbsp;&nbsp;Steel Authority of India, Ltd. (India) | 36367 | 59597 |
| &nbsp;&nbsp;&nbsp;Tata Steel, Ltd. (India) | 92723 | 185811 |
| &nbsp;&nbsp;&nbsp;Tharisa PLC (South Africa) | 116481 | 188503 |
| &nbsp;&nbsp;&nbsp;TKG Huchems Co., Ltd. (South Korea) <sup>(b)</sup> | 3192 | 41855 |
| &nbsp;&nbsp;&nbsp;Ton Yi Insudtrial Corp. (Taiwan) | 75000 | 42532 |
| &nbsp;&nbsp;&nbsp;Unid Co., Ltd. (South Korea) <sup>(b)</sup> | 726 | 33763 |
| &nbsp;&nbsp;&nbsp;Universal Cement Corp. (Taiwan) | 37000 | 35362 |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. (India) | 6704 | 59386 |
| &nbsp;&nbsp;&nbsp;Vale S.A. ADR (Brazil) | 36674 | 477862 |
| &nbsp;&nbsp;&nbsp;Vedanta, Ltd. (India) | 19482 | 131126 |
| &nbsp;&nbsp;&nbsp;Welspun Corp., Ltd. (India) | 4881 | 44300 |
| &nbsp;&nbsp;&nbsp;Yem Chio Co., Ltd. (Taiwan) | 46920 | 21238 |
| &nbsp;&nbsp;&nbsp;Yung Chi Paint & Varnish Manufacturing Co., Ltd. (Taiwan) | 12000 | 29221 |
| &nbsp;&nbsp;&nbsp;Yunnan Yuntianhua Co., Ltd. - Class A (China) | 39300 | 187733 |
| &nbsp;&nbsp;&nbsp;Zhejiang NHU Co., Ltd. - Class A (China) | 19500 | 70227 |
|  |  | 6348588 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate — 1.5%** |  |  |
| *Equity Real Estate Investment Trusts (REITs) — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Torunlar Gayrimenkul Yatirim Ortakligi A/S (Turkey) | 23823 | $41040 |
| &nbsp;&nbsp;&nbsp;Yeni Gimat Gayrimenkul Ortakligi A.S. (Turkey) | 21598 | 64554 |
|  |  | 105594 |
| *Real Estate Management & Development — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Chong Hong Construction Co., Ltd. (Taiwan) | 17000 | 46356 |
| &nbsp;&nbsp;&nbsp;Da-Li Development Co., Ltd. (Taiwan) | 29000 | 49577 |
| &nbsp;&nbsp;&nbsp;Develia S.A. (Poland) | 20432 | 48008 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC (United Arab Emirates) | 163685 | 624703 |
| &nbsp;&nbsp;&nbsp;Fu Hua Innovation Co., Ltd. (Taiwan) | 66000 | 37802 |
| &nbsp;&nbsp;&nbsp;Heliopolis Housing (Egypt) | 542522 | 40945 |
| &nbsp;&nbsp;&nbsp;K Wah International Holdings, Ltd. (China) | 159000 | 42938 |
| &nbsp;&nbsp;&nbsp;Kingdom Development Co., Ltd. (Taiwan) | 42000 | 45171 |
| &nbsp;&nbsp;&nbsp;Kolte-Patil Developers, Ltd. (India) | 9579 | 42622 |
| &nbsp;&nbsp;&nbsp;KSL Holdings Bhd (Malaysia) | 63400 | 45446 |
| &nbsp;&nbsp;&nbsp;Megaworld Corp. (Philippines) | 2052000 | 72612 |
| &nbsp;&nbsp;&nbsp;Shui on Land, Ltd. (China) | 1198500 | 106340 |
|  |  | 1202520 |
| **Utilities — 2.1%** |  |  |
| *Utilities — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas de Santa Catarina S.A. (Brazil) | 7900 | 180987 |
| &nbsp;&nbsp;&nbsp;China Everbright Water, Ltd. (China) | 165600 | 32109 |
| &nbsp;&nbsp;&nbsp;Colbun S.A. (Chile) | 267294 | 42752 |
| &nbsp;&nbsp;&nbsp;Datang International Power Generation Co., Ltd. - H Shares (China) | 144000 | 40906 |
| &nbsp;&nbsp;&nbsp;Enea S.A. (Poland) | 15122 | 81744 |
| &nbsp;&nbsp;&nbsp;Engie Energia Chile S.A. (Chile) | 78208 | 116785 |
| &nbsp;&nbsp;&nbsp;First Gen Corp. (Philippines) | 160900 | 48502 |
| &nbsp;&nbsp;&nbsp;First Philippine Holdings Corp. (Philippines) | 33416 | 43722 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment, Ltd. (China) | 216000 | 188438 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Inc. - Class A (China) | 219200 | 233897 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Inc. - H Shares (China) | 114000 | 84013 |
| &nbsp;&nbsp;&nbsp;Indraprastha Gas, Ltd. (India) | 39451 | 85553 |
| &nbsp;&nbsp;&nbsp;Korea District Heating Corp. (South Korea) | 1418 | 94690 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. (South Korea) <sup>(b)</sup> | 5882 | 192676 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. (India) | 47001 | 172587 |
| &nbsp;&nbsp;&nbsp;OGK-2 PJSC (Russia) \*<sup>(b)(d)</sup> | 5740000 | 0 |
| &nbsp;&nbsp;&nbsp;Perusahaan Gas Negara Tbk P.T. (Indonesia) | 862000 | 98242 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia S.A. (Poland) <sup>(a)(b)</sup> | 17426 | 41851 |
| &nbsp;&nbsp;&nbsp;Tianjin Development Holdings, Ltd. (China) | 158000 | 49242 |
|  |  | 1828696 |
| **Total Common Stocks (Cost $60,489,266)** |  | $85925435 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PREFERRED STOCKS — 1.9%** |  |  |
| **Energy — 0.4%** |  |  |
| *Energy — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. ADR, 1.66% (Brazil) | 29600 | $333592 |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC (Russia) \*<sup>(b)(d)</sup> | 541500 | 0 |
|  |  | 333592 |
| **Financials — 0.7%** |  |  |
| *Banks — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Banco ABC Brasil S.A. (Brazil) | 37575 | 162564 |
| &nbsp;&nbsp;&nbsp;Banco do Estado do Rio Grande do Sul S.A. (Brazil) <sup>(a)</sup> | 41100 | 114342 |
| &nbsp;&nbsp;&nbsp;Itausa S.A. (Brazil) | 159469 | 340014 |
|  |  | 616920 |
| **Information Technology — 0.6%** |  |  |
| *Technology Hardware & Equipment — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (South Korea) | 8837 | 547471 |
| **Materials — 0.2%** |  |  |
| *Materials — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Bradespar S.A. (Brazil) | 39000 | 141676 |
| **Utilities — 0.0% <sup>(c)</sup>** |  |  |
| *Utilities — 0.0% <sup>(c)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Cia Energetica do Ceara (Brazil) | 7300 | 45295 |
| **Total Preferred Stocks (Cost $1,516,546)** |  | 1684954 |
| **RIGHTS — 0.0% <sup>(c)</sup>** |  |  |
| **Financials — 0.0% <sup>(c)</sup>** |  |  |
| *Banks — 0.0% <sup>(c)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Banco ABC Brasil S.A. (Brazil) (Cost $1,776) | 2484 | 1815 |
| **WARRANTS — 0.0% <sup>(c)</sup>** |  |  |
| **Consumer Staples — 0.0% <sup>(c)</sup>** |  |  |
| *Food, Beverage & Tobacco — 0.0% <sup>(c)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Guan Chong Bhd (Malaysia) (Cost $0) | 11025 | $367 |
| **Investments at Value — 100.5%** |  |  |
| **(Cost $62,007,588)** |  | $87612571 |
| **Liabilities in Excess of Other Assets — (0.5%)** |  | (472085) |
| **Net Assets — 100.0%** |  | $87140486 |

---

\* *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>* *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>* *Percentage rounds to less than 0.1%.*

*<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.* 

*<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 $131,898, which represents 0.2% of net assets as of December 31, 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.*

 

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net<br> Assets** |
| China | $24177387 | 27.7% |
| Taiwan | 18035169 | 20.7% |
| India | 13577130 | 15.6% |
| South Korea | 11967767 | 13.7% |
| Brazil | 3726378 | 4.3% |
| South Africa | 3104654 | 3.6% |
| Saudi Arabia | 2354743 | 2.7% |
| Mexico | 1570680 | 1.8% |
| Indonesia | 1175970 | 1.4% |
| Malaysia | 1113668 | 1.3% |
| United Arab Emirates | 1074756 | 1.2% |
| Thailand | 1019904 | 1.2% |
| Poland | 871806 | 1.0% |
| Chile | 718868 | 0.8% |
| Turkey | 546313 | 0.6% |
| Philippines | 537420 | 0.6% |
| Greece | 527188 | 0.6% |
| Qatar | 457761 | 0.5% |
| Colombia | 346957 | 0.4% |
| Kuwait | 341866 | 0.4% |
| Egypt | 178063 | 0.2% |
| Peru | 150322 | 0.2% |
| Hungary | 37801 | 0.0% |
| Russia | 0 | 0.0% |
| Total Investments | $87612571 | 100.5% |
| Liabilities in Excess of Other Assets | (472085) | (0.5)% |
| Net Assets | $87140486 | 100.0% |

---

 

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 15 |

---

 

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 98.4%** |  |  |
| **Communication Services — 4.4%** |  |  |
| *Media & Entertainment — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Daiichikosho Co., Ltd. (Japan) | 18364 | $197583 |
| &nbsp;&nbsp;&nbsp;DeNA Co., Ltd. (Japan) | 13100 | 211115 |
| &nbsp;&nbsp;&nbsp;ITV PLC (United Kingdom) | 368023 | 405938 |
| &nbsp;&nbsp;&nbsp;MFE-MediaForEurope N.V. - Class A (Italy) | 80904 | 292034 |
| &nbsp;&nbsp;&nbsp;MIXI, Inc. (Japan) | 2600 | 45211 |
| &nbsp;&nbsp;&nbsp;Nine Entertainment Co. Holdings, Ltd. (Australia) | 350636 | 258969 |
| &nbsp;&nbsp;&nbsp;SES S.A. (France) | 38115 | 246418 |
| &nbsp;&nbsp;&nbsp;SKY Perfect JSAT Holdings, Inc. (Japan) | 15600 | 199386 |
| &nbsp;&nbsp;&nbsp;TV Asahi Holdings Corp. (Japan) | 6762 | 143906 |
|  |  | 2000560 |
| *Telecommunication Services — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Bezeq The Israeli Telecommunication Corp., Ltd. (Israel) | 202654 | 452165 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. (Sweden) | 14222 | 788469 |
| &nbsp;&nbsp;&nbsp;NOS SGPS S.A. (Portugal) | 9986 | 47057 |
| &nbsp;&nbsp;&nbsp;Proximus S.A.D.P. (Belgium) | 67281 | 558566 |
|  |  | 1846257 |
| **Consumer Discretionary — 11.9%** |  |  |
| *Automobiles & Components — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Aisan Industry Co., Ltd. (Japan) | 17500 | 250330 |
| &nbsp;&nbsp;&nbsp;Amotiv, Ltd. (Australia) | 27272 | 162623 |
| &nbsp;&nbsp;&nbsp;CIE Automotive S.A. (Spain) | 6653 | 231912 |
| &nbsp;&nbsp;&nbsp;FCC Co., Ltd. (Japan) | 22193 | 527615 |
| &nbsp;&nbsp;&nbsp;Gestamp Automocion S.A. (Spain) <sup>(a)</sup> | 91240 | 324654 |
| &nbsp;&nbsp;&nbsp;G-Tekt Corp. (Japan) | 22211 | 278646 |
| &nbsp;&nbsp;&nbsp;KYB Corp. (Japan) | 4700 | 134124 |
| &nbsp;&nbsp;&nbsp;Opmobility (France) | 12256 | 228742 |
| &nbsp;&nbsp;&nbsp;Pirelli & C S.p.A. (Italy) <sup>(a)</sup> | 7752 | 52919 |
| &nbsp;&nbsp;&nbsp;Stanley Electric Co., Ltd. (Japan) | 7900 | 155534 |
| &nbsp;&nbsp;&nbsp;Tokai Rika Co., Ltd. (Japan) | 13800 | 275266 |
| &nbsp;&nbsp;&nbsp;Toyo Tire Corp. (Japan) | 10700 | 296979 |
| &nbsp;&nbsp;&nbsp;Toyoda Gosei Co., Ltd. (Japan) | 10400 | 262210 |
| &nbsp;&nbsp;&nbsp;Toyota Boshoku Corp. (Japan) | 15800 | 254233 |
| &nbsp;&nbsp;&nbsp;Valeo S.E. (France) | 10594 | 143723 |
| &nbsp;&nbsp;&nbsp;Yokohama Rubber Co., Ltd. (The) (Japan) | 9400 | 361764 |
|  |  | 3941274 |
| *Consumer Discretionary Distribution & Retail — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Accent Group, Ltd. (Australia) | 175071 | 110211 |
| &nbsp;&nbsp;&nbsp;AOKI Holdings, Inc. (Japan) | 24853 | 287396 |
| &nbsp;&nbsp;&nbsp;Aoyama Trading Co., Ltd. (Japan) | 8300 | 134410 |
| &nbsp;&nbsp;&nbsp;B&M European Value Retail S.A. (United Kingdom) | 11394 | 25830 |
| &nbsp;&nbsp;&nbsp;Belluna Co., Ltd. (Japan) | 45600 | 290090 |
| &nbsp;&nbsp;&nbsp;Carasso Motors, Ltd. (Israel) <sup>(b)</sup> | 1265 | 14114 |
| &nbsp;&nbsp;&nbsp;Currys PLC (United Kingdom) | 453346 | 767936 |
| &nbsp;&nbsp;&nbsp;Delek Automotive Systems, Ltd. (Israel) | 4460 | 34015 |
| &nbsp;&nbsp;&nbsp;Douglas A.G. (Germany) <sup>(a)(b)</sup> | 10825 | 158063 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Consumer Discretionary Distribution & Retail (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Harvey Norman Holdings, Ltd. (Australia) | 33536 | $154831 |
| &nbsp;&nbsp;&nbsp;Inchcape PLC (United Kingdom) | 5478 | 56786 |
| &nbsp;&nbsp;&nbsp;Super Retail Group, Ltd. (Australia) | 29132 | 310940 |
|  |  | 2344622 |
| *Consumer Durables & Apparel — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Chow Sang Sang Holdings International, Ltd. (Hong Kong) | 151000 | 237300 |
| &nbsp;&nbsp;&nbsp;Crystal International Group, Ltd. (Hong Kong) <sup>(a)</sup> | 108000 | 92985 |
| &nbsp;&nbsp;&nbsp;Ferretti S.p.A. (Italy) | 12787 | 45889 |
| &nbsp;&nbsp;&nbsp;HUGO BOSS A.G. (Germany) | 1133 | 47725 |
| &nbsp;&nbsp;&nbsp;Kaufman & Broad S.A. (France) | 1820 | 63803 |
| &nbsp;&nbsp;&nbsp;Noritsu Koki Co., Ltd. (Japan) | 27700 | 328850 |
| &nbsp;&nbsp;&nbsp;Open House Co., Ltd. (Japan) | 11100 | 651610 |
| &nbsp;&nbsp;&nbsp;Sankyo Co., Ltd. (Japan) | 25600 | 415540 |
|  |  | 1883702 |
| *Consumer Services — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;AcadeMedia A.B. (Sweden) <sup>(a)</sup> | 12374 | 132615 |
| &nbsp;&nbsp;&nbsp;Betsson A.B. - Class B (Sweden) | 44829 | 715490 |
| &nbsp;&nbsp;&nbsp;Cafe de Coral Holdings, Ltd. (Hong Kong) | 332000 | 209870 |
| &nbsp;&nbsp;&nbsp;Carnival PLC (United Kingdom) | 10345 | 313334 |
| &nbsp;&nbsp;&nbsp;G8 Education, Ltd. (Australia) | 206638 | 94996 |
| &nbsp;&nbsp;&nbsp;HBX Group International PLC (Spain) <sup>(a)(b)</sup> | 7284 | 63999 |
| &nbsp;&nbsp;&nbsp;Mitchells & Butlers PLC (United Kingdom) <sup>(b)</sup> | 95259 | 335794 |
| &nbsp;&nbsp;&nbsp;Rank Group PLC (United Kingdom) | 195983 | 262339 |
| &nbsp;&nbsp;&nbsp;TUI A.G. (Germany) <sup>(c)</sup> | 15404 | 160940 |
|  |  | 2289377 |
| **Consumer Staples — 5.1%** |  |  |
| *Consumer Staples Distribution & Retail — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Ain Holdings, Inc. (Japan) | 7200 | 306842 |
| &nbsp;&nbsp;&nbsp;Axial Retailing, Inc. (Japan) | 42812 | 315155 |
| &nbsp;&nbsp;&nbsp;Cawachi, Ltd. (Japan) | 6549 | 125578 |
| &nbsp;&nbsp;&nbsp;Colruyt Group N.V. (Belgium) | 954 | 35304 |
| &nbsp;&nbsp;&nbsp;DFI Retail Group Holdings, Ltd. (Hong Kong) | 22500 | 78075 |
| &nbsp;&nbsp;&nbsp;GrainCorp, Ltd. - Class A (Australia) | 7935 | 37948 |
| &nbsp;&nbsp;&nbsp;Kato Sangyo Co., Ltd. (Japan) | 4497 | 184356 |
| &nbsp;&nbsp;&nbsp;Sonae SGPS S.A. (Portugal) | 35904 | 67995 |
|  |  | 1151253 |
| *Food, Beverage & Tobacco — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Austevoll Seafood A.S.A. (Norway) | 40029 | 385806 |
| &nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. (Hong Kong) | 292000 | 223536 |
| &nbsp;&nbsp;&nbsp;First Resources, Ltd. (Singapore) | 256914 | 417670 |
| &nbsp;&nbsp;&nbsp;Hilton Food Group PLC (United Kingdom) | 15880 | 107889 |
| &nbsp;&nbsp;&nbsp;Inghams Group, Ltd. (Australia) | 84088 | 139458 |
| &nbsp;&nbsp;&nbsp;J-Oil Mills, Inc. (Japan) | 14106 | 180140 |
| &nbsp;&nbsp;&nbsp;Morinaga & Co., Ltd. (Japan) | 19100 | 323685 |
| &nbsp;&nbsp;&nbsp;Morinaga Milk Industry Co., Ltd. (Japan) | 14100 | 335244 |
| &nbsp;&nbsp;&nbsp;Nisshin Oillio Group, Ltd. (The) (Japan) | 2800 | 93842 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Food, Beverage & Tobacco (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Prima Meat Packers, Ltd. (Japan) | 13300 | $226255 |
| &nbsp;&nbsp;&nbsp;S Foods, Inc. (Japan) | 17900 | 310866 |
| &nbsp;&nbsp;&nbsp;Scandinavian Tobacco Group A/S (Denmark) <sup>(a)</sup> | 19551 | 293368 |
| &nbsp;&nbsp;&nbsp;Showa Sangyo Co., Ltd. (Japan) | 8506 | 163672 |
| &nbsp;&nbsp;&nbsp;Starzen Co., Ltd. (Japan) | 14115 | 113096 |
|  |  | 3314527 |
| **Energy — 2.6%** |  |  |
| *Energy — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Beach Energy, Ltd. (Australia) | 46968 | 36762 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Co. (United Kingdom) | 6783 | 98323 |
| &nbsp;&nbsp;&nbsp;DNO A.S.A. (Norway) | 161659 | 255133 |
| &nbsp;&nbsp;&nbsp;Esso S.A. Francaise (France) | 1170 | 59489 |
| &nbsp;&nbsp;&nbsp;Etablissements Maurel et Prom S.A. (France) | 48970 | 316164 |
| &nbsp;&nbsp;&nbsp;Harbour Energy PLC (United Kingdom) | 77946 | 205085 |
| &nbsp;&nbsp;&nbsp;Karoon Energy, Ltd. (Australia) | 130203 | 133672 |
| &nbsp;&nbsp;&nbsp;Modec, Inc. (Japan) | 1000 | 75920 |
| &nbsp;&nbsp;&nbsp;Paz Retail and Energy, Ltd. (Israel) | 2027 | 454885 |
| &nbsp;&nbsp;&nbsp;Saipem S.p.A. (Italy) | 91597 | 259225 |
| &nbsp;&nbsp;&nbsp;Serica Energy PLC (United Kingdom) | 36051 | 84681 |
| &nbsp;&nbsp;&nbsp;United Energy Group, Ltd. (Hong Kong) | 3214460 | 181387 |
| &nbsp;&nbsp;&nbsp;Vallourec SACA (France) | 5016 | 92103 |
| &nbsp;&nbsp;&nbsp;Yancoal Australia, Ltd. (Australia) | 29950 | 98734 |
|  |  | 2351563 |
| **Financials — 13.0%** |  |  |
| *Banks — 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena S.p.A. (Italy) | 6045 | 64341 |
| &nbsp;&nbsp;&nbsp;BAWAG Group A.G. (Austria) <sup>(a)</sup> | 2470 | 371894 |
| &nbsp;&nbsp;&nbsp;Dah Sing Banking Group, Ltd. (Hong Kong) | 154991 | 212693 |
| &nbsp;&nbsp;&nbsp;Dah Sing Financial Holdings, Ltd. (Hong Kong) | 52000 | 236257 |
| &nbsp;&nbsp;&nbsp;Daishi Hokuetsu Financial Group, Inc. (Japan) | 30300 | 314902 |
| &nbsp;&nbsp;&nbsp;FIBI Holdings, Ltd. (Israel) | 1058 | 88297 |
| &nbsp;&nbsp;&nbsp;Hirogin Holdings, Inc. (Japan) | 21100 | 213349 |
| &nbsp;&nbsp;&nbsp;Hyakujushi Bank, Ltd. (The) (Japan) | 5200 | 221130 |
| &nbsp;&nbsp;&nbsp;Jyske Bank A/S (Denmark) | 4517 | 618224 |
| &nbsp;&nbsp;&nbsp;Kiyo Bank, Ltd. (The) (Japan) | 12200 | 254555 |
| &nbsp;&nbsp;&nbsp;Lion Finance Group PLC (United Kingdom) | 6676 | 834699 |
| &nbsp;&nbsp;&nbsp;Musashino Bank, Ltd. (The) (Japan) | 2900 | 90105 |
| &nbsp;&nbsp;&nbsp;Nanto Bank, Ltd. (The) (Japan) | 5400 | 205188 |
| &nbsp;&nbsp;&nbsp;Norion Bank A.B. (Sweden) <sup>(b)</sup> | 62193 | 463288 |
| &nbsp;&nbsp;&nbsp;Raiffeisen Bank International A.G. (Austria) | 13682 | 609423 |
| &nbsp;&nbsp;&nbsp;Sydbank A/S (Denmark) | 3150 | 281366 |
| &nbsp;&nbsp;&nbsp;TBC Bank Group PLC (United Kingdom) | 5627 | 307532 |
| &nbsp;&nbsp;&nbsp;TOMONY Holdings, Inc. (Japan) | 43400 | 217254 |
| &nbsp;&nbsp;&nbsp;Unicaja Banco S.A. (Spain) <sup>(a)</sup> | 55728 | 181279 |
|  |  | 5785776 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Financial Services — 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Acom Co., Ltd. (Japan) | 147200 | $465094 |
| &nbsp;&nbsp;&nbsp;AIFUL Corp. (Japan) | 84900 | 303146 |
| &nbsp;&nbsp;&nbsp;Banca IFIS S.p.A. (Italy) | 9092 | 271094 |
| &nbsp;&nbsp;&nbsp;Credit Corp. Group, Ltd. (Australia) | 4244 | 39679 |
| &nbsp;&nbsp;&nbsp;EFG International A.G. (Switzerland) | 4355 | 104435 |
| &nbsp;&nbsp;&nbsp;Helia Group, Ltd. (Australia) | 144048 | 527917 |
| &nbsp;&nbsp;&nbsp;Hoist Finance A.B. (Sweden) <sup>(a)</sup> | 4551 | 55484 |
| &nbsp;&nbsp;&nbsp;Investec PLC (United Kingdom) | 24059 | 178597 |
| &nbsp;&nbsp;&nbsp;Magellan Financial Group, Ltd. (Australia) | 39269 | 260610 |
| &nbsp;&nbsp;&nbsp;Mizuho Leasing Co., Ltd. (Japan) | 31900 | 287721 |
| &nbsp;&nbsp;&nbsp;Mutares S.E. & Co., KGaA (Germany) | 6983 | 244068 |
| &nbsp;&nbsp;&nbsp;OSB Group PLC (United Kingdom) | 38605 | 330631 |
| &nbsp;&nbsp;&nbsp;Pepper Money, Ltd. (Australia) | 47161 | 67713 |
| &nbsp;&nbsp;&nbsp;Polar Capital Holdings PLC (United Kingdom) | 34340 | 245573 |
| &nbsp;&nbsp;&nbsp;Ratos A.B. (Sweden) | 11044 | 45345 |
| &nbsp;&nbsp;&nbsp;Swissquote Group Holding S.A. (Switzerland) | 147 | 89240 |
| &nbsp;&nbsp;&nbsp;Tokyo Century Corp. (Japan) | 40300 | 522548 |
|  |  | 4038895 |
| *Insurance — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Harel Insurance Investments & Financial Services, Ltd. (Israel) | 20364 | 793721 |
| &nbsp;&nbsp;&nbsp;Lancashire Holdings, Ltd. (United Kingdom) | 55700 | 480474 |
| &nbsp;&nbsp;&nbsp;SCOR S.E. (France) | 10308 | 346881 |
|  |  | 1621076 |
| **Health Care — 5.2%** |  |  |
| *Health Care Equipment & Services — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Ambea A.B. (Sweden) <sup>(a)</sup> | 58794 | 902345 |
| &nbsp;&nbsp;&nbsp;Ansell, Ltd. (Australia) | 22985 | 536341 |
| &nbsp;&nbsp;&nbsp;Attendo A.B. (Sweden) <sup>(a)</sup> | 58450 | 517678 |
| &nbsp;&nbsp;&nbsp;ConvaTec Group PLC (United Kingdom) <sup>(a)</sup> | 26769 | 87403 |
| &nbsp;&nbsp;&nbsp;Galenica A.G. (Switzerland) <sup>(a)</sup> | 393 | 48469 |
| &nbsp;&nbsp;&nbsp;Getinge A.B. - B Shares (Sweden) | 1862 | 43961 |
| &nbsp;&nbsp;&nbsp;Japan Lifeline Co., Ltd. (Japan) | 12602 | 126580 |
| &nbsp;&nbsp;&nbsp;Medmix A.G. (Switzerland) <sup>(a)</sup> | 14465 | 203458 |
| &nbsp;&nbsp;&nbsp;PHC Holdings Corp. (Japan) | 38577 | 274219 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd. (Australia) | 20039 | 39223 |
|  |  | 2779677 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Almirall S.A. (Spain) | 3271 | 49150 |
| &nbsp;&nbsp;&nbsp;Dermapharm Holding S.E. (Germany) | 2866 | 132136 |
| &nbsp;&nbsp;&nbsp;H Lundbeck A/S (Denmark) | 69288 | 468162 |
| &nbsp;&nbsp;&nbsp;KYORIN Pharmaceutical Co., Ltd. (Japan) | 4600 | 45153 |
| &nbsp;&nbsp;&nbsp;Nippon Shinyaku Co., Ltd. (Japan) | 19600 | 706328 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. (Japan) | 25500 | 353312 |
| &nbsp;&nbsp;&nbsp;Zealand Pharma A/S (Denmark) <sup>(b)</sup> | 632 | 45918 |
|  |  | 1800159 |
| **Industrials — 22.7%** |  |  |
| *Capital Goods — 14.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Aker A.S.A. (Norway) | 2741 | 208286 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 17 |

---

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Capital Goods (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Construcciones y Auxiliar de Ferrocarriles S.A. (Spain) | 4452 | $307295 |
| &nbsp;&nbsp;&nbsp;Danieli & C. Officine Meccaniche S.p.A. (Italy) | 6568 | 282356 |
| &nbsp;&nbsp;&nbsp;Elco, Ltd. (Israel) | 3789 | 218208 |
| &nbsp;&nbsp;&nbsp;Hanwa Co., Ltd. (Japan) | 6800 | 311584 |
| &nbsp;&nbsp;&nbsp;Hazama Ando Corp. (Japan) | 23000 | 277975 |
| &nbsp;&nbsp;&nbsp;Hino Motors, Ltd. (Japan) <sup>(b)</sup> | 112500 | 277766 |
| &nbsp;&nbsp;&nbsp;Hitachi Construction Machinery Co., Ltd. (Japan) | 9700 | 286749 |
| &nbsp;&nbsp;&nbsp;Implenia A.G. (Switzerland) | 10212 | 979266 |
| &nbsp;&nbsp;&nbsp;INFRONEER Holdings, Inc. (Japan) | 27900 | 381263 |
| &nbsp;&nbsp;&nbsp;Japan Pulp & Paper Co., Ltd. (Japan) | 72986 | 410386 |
| &nbsp;&nbsp;&nbsp;Kanamoto Co., Ltd. (Japan) | 13055 | 326568 |
| &nbsp;&nbsp;&nbsp;Keller Group PLC (United Kingdom) | 28098 | 631024 |
| &nbsp;&nbsp;&nbsp;Kier Group PLC (United Kingdom) | 247560 | 737841 |
| &nbsp;&nbsp;&nbsp;Koninklijke BAM Groep N.V. (Netherlands) | 94232 | 1027317 |
| &nbsp;&nbsp;&nbsp;Manitou BF S.A. (France) | 5253 | 118587 |
| &nbsp;&nbsp;&nbsp;Mersen S.A. (France) | 3078 | 85816 |
| &nbsp;&nbsp;&nbsp;NGK Insulators, Ltd. (Japan) | 25600 | 549396 |
| &nbsp;&nbsp;&nbsp;Nippon Densetsu Kogyo Co., Ltd. (Japan) | 17000 | 360067 |
| &nbsp;&nbsp;&nbsp;NRW Holdings, Ltd. (Australia) | 112698 | 385933 |
| &nbsp;&nbsp;&nbsp;OSG Corp. (Japan) | 19200 | 280298 |
| &nbsp;&nbsp;&nbsp;PER Aarsleff Holdings A/S (Denmark) | 812 | 111250 |
| &nbsp;&nbsp;&nbsp;Porr A.G. (Austria) | 10294 | 387030 |
| &nbsp;&nbsp;&nbsp;Sanki Engineering Co., Ltd. (Japan) | 12300 | 450553 |
| &nbsp;&nbsp;&nbsp;Signify N.V. (Netherlands) <sup>(a)</sup> | 12969 | 318822 |
| &nbsp;&nbsp;&nbsp;Strabag S.E. (Austria) | 663 | 62982 |
| &nbsp;&nbsp;&nbsp;Sulzer A.G. (Switzerland) | 916 | 169102 |
| &nbsp;&nbsp;&nbsp;Takara Standard Co., Ltd. (Japan) | 17700 | 330028 |
| &nbsp;&nbsp;&nbsp;Takeuchi Manufacturing Co., Ltd. (Japan) | 9400 | 404774 |
| &nbsp;&nbsp;&nbsp;Tokyu Construction Co., Ltd. (Japan) | 24800 | 207308 |
| &nbsp;&nbsp;&nbsp;Totetsu Kogyo Co., Ltd. (Japan) | 10800 | 313392 |
| &nbsp;&nbsp;&nbsp;Valmet OYJ (Finland) | 2754 | 90983 |
| &nbsp;&nbsp;&nbsp;Wakita & Co., Ltd. (Japan) | 22300 | 274708 |
| &nbsp;&nbsp;&nbsp;Webuild S.p.A. (Italy) | 53888 | 214560 |
| &nbsp;&nbsp;&nbsp;Worley, Ltd. (Australia) | 12644 | 105571 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. (Singapore) | 197600 | 533807 |
| &nbsp;&nbsp;&nbsp;Yurtec Corp. (Japan) | 17300 | 304253 |
|  |  | 12723104 |
| *Commercial & Professional Services — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Bilfinger S.E. (Germany) | 3770 | 471545 |
| &nbsp;&nbsp;&nbsp;Cewe Stiftung & Co. KGaA (Germany) | 333 | 40508 |
| &nbsp;&nbsp;&nbsp;Derichebourg S.A. (France) | 18797 | 149396 |
| &nbsp;&nbsp;&nbsp;GL Events SACA (France) | 5260 | 184016 |
| &nbsp;&nbsp;&nbsp;IPH, Ltd. (Australia) | 175509 | 411239 |
| &nbsp;&nbsp;&nbsp;ISS A/S (Denmark) | 2343 | 79829 |
| &nbsp;&nbsp;&nbsp;Johnson Service Group PLC (United Kingdom) | 171201 | 311556 |
| &nbsp;&nbsp;&nbsp;Loomis A.B. (Sweden) | 10077 | 425652 |
| &nbsp;&nbsp;&nbsp;Nomura Co., Ltd. (Japan) | 44300 | 376582 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Commercial & Professional Services (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Persol Holdings Co., Ltd. (Japan) | 245500 | $455679 |
| &nbsp;&nbsp;&nbsp;Prosegur Cash S.A. (Spain) <sup>(a)</sup> | 108014 | 80290 |
| &nbsp;&nbsp;&nbsp;Prosegur Cia de Seguridad S.A. (Spain) | 30983 | 94427 |
| &nbsp;&nbsp;&nbsp;TRE Holdings Corp. (Japan) | 30800 | 316955 |
|  |  | 3397674 |
| *Transportation — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Air New Zealand, Ltd. (New Zealand) | 322322 | 107577 |
| &nbsp;&nbsp;&nbsp;easyJet PLC (United Kingdom) | 57874 | 397034 |
| &nbsp;&nbsp;&nbsp;Finnair OYJ (Finland) | 67677 | 248362 |
| &nbsp;&nbsp;&nbsp;Hoegh Autoliners A.S.A. (Norway) <sup>(a)</sup> | 25431 | 246143 |
| &nbsp;&nbsp;&nbsp;JET2 PLC (United Kingdom) | 12786 | 241129 |
| &nbsp;&nbsp;&nbsp;Kelsian Group, Ltd. (Australia) | 84806 | 240055 |
| &nbsp;&nbsp;&nbsp;Konoike Transport Co., Ltd. (Japan) | 20000 | 419688 |
| &nbsp;&nbsp;&nbsp;MPC Container Ships A.S.A. (Norway) | 165898 | 289149 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK (Japan) | 5600 | 119863 |
| &nbsp;&nbsp;&nbsp;Norwegian Air Shuttle A.S.A. (Norway) | 43180 | 74435 |
| &nbsp;&nbsp;&nbsp;NS United Kaiun Kaisha, Ltd. (Japan) | 6400 | 249259 |
| &nbsp;&nbsp;&nbsp;SBS Holdings, Inc. (Japan) | 9400 | 226524 |
| &nbsp;&nbsp;&nbsp;Stolt-Nielsen, Ltd. (Norway) | 2146 | 69184 |
| &nbsp;&nbsp;&nbsp;Wallenius Wilhelmsen A.S.A. (Norway) | 52928 | 527005 |
| &nbsp;&nbsp;&nbsp;Zigup PLC (United Kingdom) | 83148 | 429846 |
|  |  | 3885253 |
| **Information Technology — 9.0%** |  |  |
| *Semiconductors & Semiconductor Equipment — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Ferrotec Holdings Corp. (Japan) | 17100 | 549117 |
| *Software & Services — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Alten S.A. (France) | 1250 | 105544 |
| &nbsp;&nbsp;&nbsp;ATEA A.S.A. (Norway) | 12806 | 200100 |
| &nbsp;&nbsp;&nbsp;Computacenter PLC (United Kingdom) | 8378 | 329294 |
| &nbsp;&nbsp;&nbsp;Econocom Group S.A./N.V. (Belgium) | 29440 | 56999 |
| &nbsp;&nbsp;&nbsp;Formula Systems (1985), Ltd. (Israel) | 1943 | 328009 |
| &nbsp;&nbsp;&nbsp;GB Group PLC (United Kingdom) | 43276 | 149885 |
| &nbsp;&nbsp;&nbsp;GFT Technologies S.E. (Germany) | 13763 | 303833 |
| &nbsp;&nbsp;&nbsp;Hansen Technologies, Ltd. (Australia) | 103692 | 364857 |
| &nbsp;&nbsp;&nbsp;Indra Sistemas S.A. (Spain) | 1187 | 67453 |
| &nbsp;&nbsp;&nbsp;Kontron A.G. (Germany) | 11270 | 299055 |
| &nbsp;&nbsp;&nbsp;Temenos A.G. (Switzerland) | 6707 | 666956 |
| &nbsp;&nbsp;&nbsp;TietoEVRY OYJ (Finland) | 4833 | 103323 |
|  |  | 2975308 |
| *Technology Hardware & Equipment — 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Ai Holdings Corp. (Japan) | 19997 | 361004 |
| &nbsp;&nbsp;&nbsp;ALSO Holding A.G. (Switzerland) | 143 | 38592 |
| &nbsp;&nbsp;&nbsp;Barco N.V. (Belgium) | 19068 | 264230 |
| &nbsp;&nbsp;&nbsp;Brother Industries, Ltd. (Japan) | 18900 | 377606 |
| &nbsp;&nbsp;&nbsp;Citizen Watch Co., Ltd. (Japan) | 13000 | 105774 |
| &nbsp;&nbsp;&nbsp;Daiwabo Holdings Co., Ltd. (Japan) | 18400 | 362645 |
| &nbsp;&nbsp;&nbsp;Dicker Data, Ltd. (Australia) | 43482 | 297766 |
| &nbsp;&nbsp;&nbsp;Elecom Co., Ltd. (Japan) | 29700 | 327265 |
| &nbsp;&nbsp;&nbsp;Ituran Location and Control, Ltd. (Israel) | 6500 | 279565 |
| &nbsp;&nbsp;&nbsp;Kaga Electronics Co., Ltd. (Japan) | 15300 | 378939 |
| &nbsp;&nbsp;&nbsp;Nippon Ceramic Co., Ltd. (Japan) | 16800 | 404158 |
| &nbsp;&nbsp;&nbsp;Nippon Signal Co., Ltd. (Japan) | 22505 | 188166 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Technology Hardware & Equipment (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;PAX Global Technology, Ltd. (Hong Kong) | 264000 | $171770 |
| &nbsp;&nbsp;&nbsp;Ryoyo Ryosan Holdings, Inc. (Japan) | 20000 | 396155 |
| &nbsp;&nbsp;&nbsp;SoftwareOne Holding A.G. |  |  |
| &nbsp;&nbsp;&nbsp;(Switzerland) | 36789 | 418155 |
|  |  | 4371790 |
| **Materials — 11.0%** |  |  |
| *Materials — 11.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Bekaert S.A. (Belgium) | 8052 | 356375 |
| &nbsp;&nbsp;&nbsp;Cementir Holding N.V. (Italy) | 9166 | 201031 |
| &nbsp;&nbsp;&nbsp;Clariant A.G. (Switzerland) | 14802 | 132396 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC (United Kingdom) | 15212 | 794829 |
| &nbsp;&nbsp;&nbsp;Fuji Seal International, Inc. (Japan) | 16800 | 337100 |
| &nbsp;&nbsp;&nbsp;Huhtamaki OYJ (Finland) | 1253 | 43612 |
| &nbsp;&nbsp;&nbsp;Kaneka Corp. (Japan) | 10400 | 291711 |
| &nbsp;&nbsp;&nbsp;Kemira OYJ (Finland) | 2005 | 45995 |
| &nbsp;&nbsp;&nbsp;KH Neochem Co., Ltd. (Japan) | 16800 | 265795 |
| &nbsp;&nbsp;&nbsp;Kobe Steel, Ltd. (Japan) | 68600 | 906529 |
| &nbsp;&nbsp;&nbsp;Kyoei Steel, Ltd. (Japan) | 2217 | 34663 |
| &nbsp;&nbsp;&nbsp;Nippon Light Metal Holdings Co., Ltd. (Japan) | 21900 | 356430 |
| &nbsp;&nbsp;&nbsp;Pan African Resources PLC (United Kingdom) | 190148 | 309557 |
| &nbsp;&nbsp;&nbsp;Perenti, Ltd. (Australia) | 454259 | 843008 |
| &nbsp;&nbsp;&nbsp;Perseus Mining, Ltd. (Australia) | 156684 | 588942 |
| &nbsp;&nbsp;&nbsp;Regis Resources, Ltd. (Australia) | 164136 | 818497 |
| &nbsp;&nbsp;&nbsp;Sakata INX Corp. (Japan) | 23400 | 354157 |
| &nbsp;&nbsp;&nbsp;Sanyo Chemical Industries, Ltd. (Japan) | 10900 | 363414 |
| &nbsp;&nbsp;&nbsp;Semapa-Sociedade de Investimento e Gestao (Portugal) | 8291 | 203330 |
| &nbsp;&nbsp;&nbsp;SSAB A.B. - B Shares (Sweden) | 30203 | 226140 |
| &nbsp;&nbsp;&nbsp;Sumitomo Osaka Cement Co., Ltd. (Japan) | 9200 | 223578 |
| &nbsp;&nbsp;&nbsp;thyssenkrupp A.G. (Germany) | 24414 | 262378 |
| &nbsp;&nbsp;&nbsp;Tokuyama Corp. (Japan) | 8400 | 221077 |
| &nbsp;&nbsp;&nbsp;Vicat SACA (France) | 9466 | 842105 |
| &nbsp;&nbsp;&nbsp;Voestalpine A.G. (Austria) | 1102 | 48517 |
| &nbsp;&nbsp;&nbsp;West African Resources, Ltd. (Australia) <sup>(b)</sup> | 221277 | 437954 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. (Australia) | 45900 | 194915 |
|  |  | 9704035 |
| **Real Estate — 10.8%** |  |  |
| *Equity Real Estate Investment Trusts (REITs) — 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;AIMS APAC REIT (Singapore) | 331700 | 386823 |
| &nbsp;&nbsp;&nbsp;Carmila S.A. (France) | 14726 | 293675 |
| &nbsp;&nbsp;&nbsp;Centuria Office REIT (Australia) | 295698 | 226898 |
| &nbsp;&nbsp;&nbsp;Charter Hall Retail REIT (Australia) | 167489 | 454202 |
| &nbsp;&nbsp;&nbsp;Colonial SFL Socimi S.A. (Spain) | 5589 | 35786 |
| &nbsp;&nbsp;&nbsp;Cromwell Property Group (Australia) | 1169340 | 358909 |
| &nbsp;&nbsp;&nbsp;Dexus (Australia) | 15428 | 71147 |
| &nbsp;&nbsp;&nbsp;Eagle Hospitality Trust (Singapore) <sup>(b)(d)</sup> | 1204600 | 0 |
| &nbsp;&nbsp;&nbsp;Global One Real Estate Investment Corp. (Japan) | 328 | 288395 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| *Equity Real Estate Investment Trusts (REITs (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Growthpoint Properties Australia, Ltd. (Australia) | 162289 | $263884 |
| &nbsp;&nbsp;&nbsp;Invincible Investment Corp. (Japan) | 1473 | 604900 |
| &nbsp;&nbsp;&nbsp;Japan Hotel REIT Investment Corp. (Japan) | 642 | 335086 |
| &nbsp;&nbsp;&nbsp;Japan Metropolitan Fund Investment (Japan) | 416 | 329157 |
| &nbsp;&nbsp;&nbsp;Mercialys S.A. (France) | 27891 | 360985 |
| &nbsp;&nbsp;&nbsp;MIRAI Corp. (Japan) | 224 | 71956 |
| &nbsp;&nbsp;&nbsp;NIPPON REIT Investment Corp. (Japan) | 688 | 433983 |
| &nbsp;&nbsp;&nbsp;Primary Health Properties PLC (United Kingdom) | 396341 | 521955 |
| &nbsp;&nbsp;&nbsp;Samty Residential Investment Corp. (Japan) | 317 | 235652 |
| &nbsp;&nbsp;&nbsp;Starhill Global REIT (Singapore) | 565070 | 261312 |
| &nbsp;&nbsp;&nbsp;Stoneweg Europe Stapled Trust (Singapore) | 79007 | 151117 |
| &nbsp;&nbsp;&nbsp;Unite Group PLC (United Kingdom) | 66221 | 498591 |
|  |  | 6184413 |
| *Real Estate Management & Development — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Amot Investments, Ltd. (Israel) | 45966 | 360802 |
| &nbsp;&nbsp;&nbsp;Aroundtown S.A. (Germany) | 73834 | 228513 |
| &nbsp;&nbsp;&nbsp;Blue Square Real Estate, Ltd. (Israel) | 2744 | 341423 |
| &nbsp;&nbsp;&nbsp;Capitaland India Trust (Singapore) | 182313 | 172891 |
| &nbsp;&nbsp;&nbsp;Grand City Properties S.A. (Germany) <sup>(b)</sup> | 5703 | 65730 |
| &nbsp;&nbsp;&nbsp;Hang Lung Group, Ltd. (Hong Kong) | 25000 | 48955 |
| &nbsp;&nbsp;&nbsp;Hiag Immobilien Holding A.G. (Switzerland) | 2582 | 386197 |
| &nbsp;&nbsp;&nbsp;Intershop Holding A.G. (Switzerland) | 1584 | 328226 |
| &nbsp;&nbsp;&nbsp;Kasumigaseki Capital Co., Ltd. (Japan) | 1800 | 84252 |
| &nbsp;&nbsp;&nbsp;Sagax A.B. - D Shares (Sweden) | 151342 | 555615 |
| &nbsp;&nbsp;&nbsp;Summit Real Estate Holdings, Ltd. (Israel) | 7177 | 139545 |
| &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. (Japan) | 66500 | 607520 |
|  |  | 3319669 |
| **Utilities — 2.7%** |  |  |
| *Utilities — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;A2A S.p.A. (Italy) | 131406 | 355452 |
| &nbsp;&nbsp;&nbsp;AGL Energy, Ltd. (Australia) | 13995 | 86709 |
| &nbsp;&nbsp;&nbsp;Contact Energy, Ltd. (New Zealand) | 14400 | 76564 |
| &nbsp;&nbsp;&nbsp;Drax Group PLC (United Kingdom) | 39267 | 443046 |
| &nbsp;&nbsp;&nbsp;Iren S.p.A. (Italy) | 146730 | 439331 |
| &nbsp;&nbsp;&nbsp;Italgas S.p.A. (Italy) | 12595 | 140433 |
| &nbsp;&nbsp;&nbsp;Kenon Holdings, Ltd. (Israel) | 2293 | 151076 |
| &nbsp;&nbsp;&nbsp;Maynilad Water Services, Inc. (Philippines) <sup>(b)</sup> | 1698 | 488 |
| &nbsp;&nbsp;&nbsp;Rubis SCA (France) | 1663 | 62421 |
| &nbsp;&nbsp;&nbsp;Shikoku Electric Power Co., Inc. (Japan) | 31426 | 311590 |
| &nbsp;&nbsp;&nbsp;Tohoku Electric Power Co., Inc. (Japan) | 40491 | 298433 |
|  |  | 2365543 |
| **Total Common Stocks (Cost $67,121,361)** |  | 86624624 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 19 |

---

<u>Segall Bryant & Hamill International Small Cap Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PREFERRED STOCKS — 0.9%** |  |  |
| **Health Care — 0.6%** |  |  |
| *Health Care Equipment & Services — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Draegerwerk A.G. & Co. KGaA (Germany) | 6468 | $524489 |
| **Industrials — 0.2%** |  |  |
| *Transportation — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Sixt S.E. (Germany) | 3521 | 217977 |
| **Real Estate — 0.1%** |  |  |
| *Real Estate Management & Development — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Platzer Fastigheter Holding A.B. (Sweden) | 5539 | 44821 |
| **Total Preferred Stocks (Cost $604,572)** |  | 787287 |
| **Investments at Value — 99.3%** |  |  |
| **(Cost $67,725,933)** |  | $87411911 |
| **Other Assets in Excess of Liabilities — 0.7%** |  | 653947 |
| **Net Assets — 100.0%** |  | $88065858 |

---

*<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 $160,940, which represents 0.2% of net assets as of December 31, 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 | $31374858 | 35.6% |
| United Kingdom | 10924431 | 12.4% |
| Australia | 9161113 | 10.4% |
| Sweden | 4916903 | 5.6% |
| France | 3699868 | 4.2% |
| Israel | 3655825 | 4.2% |
| Switzerland | 3564492 | 4.0% |
| Germany | 3156960 | 3.6% |
| Italy | 2618665 | 3.0% |
| Norway | 2255241 | 2.6% |
| Singapore | 1923620 | 2.2% |
| Denmark | 1898117 | 2.2% |
| Hong Kong | 1692828 | 1.9% |
| Austria | 1479846 | 1.7% |
| Spain | 1436245 | 1.6% |
| Netherlands | 1346139 | 1.5% |
| Belgium | 1271474 | 1.4% |
| Finland | 532275 | 0.6% |
| Portugal | 318382 | 0.4% |
| New Zealand | 184141 | 0.2% |
| Philippines | 488 | 0.0% |
| Total Investments | $87411911 | 99.3% |
| Other Assets in Excess of Liabilities | 653947 | 0.7% |
| Net Assets | $88065858 | 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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 99.7%** |  |  |
| **Communication Services — 4.1%** |  |  |
| Media & Entertainment — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Anycolor, Inc. (Japan) | 200 | $6170 |
| &nbsp;&nbsp;&nbsp;Canal+ S.A. (United Kingdom) | 2913 | 10455 |
| &nbsp;&nbsp;&nbsp;Havas N.V. (Netherlands) | 262 | 5235 |
| &nbsp;&nbsp;&nbsp;MIXI, Inc. (Japan) | 500 | 8694 |
| &nbsp;&nbsp;&nbsp;Television Francaise 1 S.A. (France) | 1809 | 17661 |
| &nbsp;&nbsp;&nbsp;Tv Tokyo Holdings Corp. (Japan) | 300 | 8799 |
|  |  | 57014 |
| Telecommunication Services — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bezeq The Israeli Telecommunication Corp., Ltd. (Israel) | 1648 | 3677 |
| &nbsp;&nbsp;&nbsp;BT Group PLC (United Kingdom) | 19412 | 48095 |
| &nbsp;&nbsp;&nbsp;CITIC Telecom International Holdings, Ltd. (Hong Kong) | 26000 | 8253 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom A.G. (Germany) | 1347 | 43832 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. (Japan) | 7768 | 134456 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. (Sweden) | 1400 | 77616 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. (Japan) | 64476 | 65092 |
| &nbsp;&nbsp;&nbsp;NOS SGPS S.A. (Portugal) | 1861 | 8770 |
| &nbsp;&nbsp;&nbsp;Orange S.A. (France) | 1897 | 31644 |
| &nbsp;&nbsp;&nbsp;Proximus S.A.D.P. (Belgium) | 2717 | 22556 |
| &nbsp;&nbsp;&nbsp;Telekom Austria A.G. (Austria) | 1458 | 15416 |
| &nbsp;&nbsp;&nbsp;Telia Co. A.B. (Sweden) | 13876 | 59305 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. (Australia) | 6319 | 20499 |
|  |  | 539211 |
| **Consumer Discretionary — 9.5%** |  |  |
| Automobiles & Components — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aisan Industry Co., Ltd. (Japan) | 1700 | 24318 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. (Japan) | 900 | 16864 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke A.G. (Germany) | 675 | 73170 |
| &nbsp;&nbsp;&nbsp;Burelle S.A. (France) | 33 | 16089 |
| &nbsp;&nbsp;&nbsp;Continental A.G. (Germany) | 1441 | 114324 |
| &nbsp;&nbsp;&nbsp;FCC Co., Ltd. (Japan) | 1000 | 23774 |
| &nbsp;&nbsp;&nbsp;Gestamp Automocion S.A. (Spain) <sup>(a)</sup> | 2024 | 7202 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. (Japan) | 5543 | 54407 |
| &nbsp;&nbsp;&nbsp;JTEKT Corp. (Japan) | 1000 | 11083 |
| &nbsp;&nbsp;&nbsp;KYB Corp. (Japan) | 900 | 25683 |
| &nbsp;&nbsp;&nbsp;Opmobility (France) | 1544 | 28817 |
| &nbsp;&nbsp;&nbsp;Stanley Electric Co., Ltd. (Japan) | 500 | 9844 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. (Japan) | 3200 | 68905 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. (Japan) | 900 | 13461 |
| &nbsp;&nbsp;&nbsp;Toyo Tire Corp. (Japan) | 900 | 24980 |
| &nbsp;&nbsp;&nbsp;Toyoda Gosei Co., Ltd. (Japan) | 600 | 15127 |
| &nbsp;&nbsp;&nbsp;Toyota Boshoku Corp. (Japan) | 1400 | 22527 |
| &nbsp;&nbsp;&nbsp;Valeo S.E. (France) | 587 | 7963 |
| &nbsp;&nbsp;&nbsp;Volkswagon A.G. (Germany) | 1096 | 133806 |
| &nbsp;&nbsp;&nbsp;Yokohama Rubber Co., Ltd. (The) (Japan) | 400 | 15394 |
|  |  | 707738 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Consumer Discretionary Distribution & Retail — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Accent Group, Ltd. (Australia) | 8507 | $5355 |
| &nbsp;&nbsp;&nbsp;AOKI Holdings, Inc. (Japan) | 1800 | 20815 |
| &nbsp;&nbsp;&nbsp;Currys PLC (United Kingdom) | 10113 | 17131 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil S.A. (Spain) | 1489 | 98189 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC (United Kingdom) | 3145 | 13240 |
| &nbsp;&nbsp;&nbsp;Max Stock, Ltd. (Israel) | 1511 | 12112 |
| &nbsp;&nbsp;&nbsp;Prosus N.V. (Netherlands) | 613 | 37944 |
| &nbsp;&nbsp;&nbsp;Super Retail Group, Ltd. (Australia) | 1837 | 19607 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. (Australia) | 172 | 9265 |
|  |  | 233658 |
| *Consumer Durables & Apparel — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Chow Sang Sang Holdings International, Ltd. (Hong Kong) | 9000 | 14144 |
| &nbsp;&nbsp;&nbsp;Dream International, Ltd. (Hong Kong) | 6000 | 6329 |
| &nbsp;&nbsp;&nbsp;Man Wah Holdings, Ltd. (Hong Kong) | 18000 | 10586 |
| &nbsp;&nbsp;&nbsp;Noritsu Koki Co., Ltd. (Japan) | 900 | 10685 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. (Japan) | 10500 | 136132 |
| &nbsp;&nbsp;&nbsp;Sankyo Co., Ltd. (Japan) | 1100 | 17855 |
| &nbsp;&nbsp;&nbsp;Swatch Group A.G. (The) (Switzerland) | 1956 | 84264 |
|  |  | 279995 |
| *Consumer Services — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Betsson A.B. - Class B (Sweden) | 992 | 15833 |
| &nbsp;&nbsp;&nbsp;Cie des Alpes (France) | 941 | 27946 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC (United Kingdom) | 207 | 6559 |
| &nbsp;&nbsp;&nbsp;Evolution A.B. (Sweden) <sup>(a)</sup> | 255 | 17315 |
| &nbsp;&nbsp;&nbsp;G8 Education, Ltd. (Australia) | 47226 | 21711 |
| &nbsp;&nbsp;&nbsp;NagaCorp, Ltd. (Hong Kong) | 10000 | 5993 |
| &nbsp;&nbsp;&nbsp;Rank Group PLC (United Kingdom) | 36846 | 49321 |
| &nbsp;&nbsp;&nbsp;Sichuan Baicha Baidao Industrial Co., Ltd. - H Shares (Hong Kong) <sup>(a)</sup> | 5800 | 4895 |
|  |  | 149573 |
| **Consumer Staples — 7.2%** |  |  |
| *Consumer Staples Distribution & Retail — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Acomo N.V. (Netherlands) | 2054 | 58734 |
| &nbsp;&nbsp;&nbsp;Ain Holdings, Inc. (Japan) | 400 | 17047 |
| &nbsp;&nbsp;&nbsp;Carrefour S.A. (France) | 9053 | 151005 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC (United Kingdom) | 33116 | 145083 |
| &nbsp;&nbsp;&nbsp;Kato Sangyo Co., Ltd. (Japan) | 200 | 8199 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. (Netherlands) | 164 | 6723 |
| &nbsp;&nbsp;&nbsp;Sonae SGPS S.A. (Portugal) | 10094 | 19116 |
| &nbsp;&nbsp;&nbsp;Valor Holdings Co., Ltd. (Japan) | 900 | 19365 |
|  |  | 425272 |
| *Food, Beverage & Tobacco — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;AEP Plantations PLC (United Kingdom) | 597 | 10995 |
| &nbsp;&nbsp;&nbsp;Austevoll Seafood A.S.A. (Norway) | 1031 | 9937 |
| &nbsp;&nbsp;&nbsp;Bell Food Group A.G. (Switzerland) | 53 | 14953 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC (United Kingdom) | 84 | 4762 |
| &nbsp;&nbsp;&nbsp;Bumitama Agri, Ltd. (Singapore) | 8800 | 9242 |
| &nbsp;&nbsp;&nbsp;First Resources, Ltd. (Singapore) | 10500 | 17070 |
| &nbsp;&nbsp;&nbsp;Heineken N.V. (Netherlands) | 84 | 6928 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC (United Kingdom) | 1500 | 62989 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. (Japan) | 3100 | 46407 |
| &nbsp;&nbsp;&nbsp;Megmilk Snow Brand Co., Ltd. (Japan) | 400 | 8254 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 21 |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Food, Beverage & Tobacco (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Morinaga & Co., Ltd. (Japan) | 600 | $10168 |
| &nbsp;&nbsp;&nbsp;Morinaga Milk Industry Co., Ltd. (Japan) | 400 | 9511 |
| &nbsp;&nbsp;&nbsp;Mowi A.S.A. (Norway) | 667 | 16045 |
| &nbsp;&nbsp;&nbsp;MP Evans Group PLC (United Kingdom) | 4703 | 77662 |
| &nbsp;&nbsp;&nbsp;Nestle S.A. (Switzerland) | 1474 | 146293 |
| &nbsp;&nbsp;&nbsp;Neto Malinda Trading, Ltd. (Israel) | 246 | 11649 |
| &nbsp;&nbsp;&nbsp;Nisshin Oillio Group, Ltd. (The) (Japan) | 414 | 13875 |
| &nbsp;&nbsp;&nbsp;Prima Meat Packers, Ltd. (Japan) | 500 | 8506 |
| &nbsp;&nbsp;&nbsp;Scandinavian Tobacco Group A/S (Denmark) <sup>(a)</sup> | 1226 | 18397 |
| &nbsp;&nbsp;&nbsp;Sipef N.V. (Belgium) | 622 | 59261 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd. (Hong Kong) <sup>(a)</sup> | 37000 | 41218 |
| &nbsp;&nbsp;&nbsp;Yamazaki Baking Co., Ltd. (Japan) | 500 | 10492 |
|  |  | 614614 |
| **Energy — 3.5%** |  |  |
| *Energy — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;BP PLC (United Kingdom) | 10007 | 58363 |
| &nbsp;&nbsp;&nbsp;China Aviation Oil Singapore Corp., Ltd. (Singapore) | 6200 | 8003 |
| &nbsp;&nbsp;&nbsp;Eni S.p.A. (Italy) | 434 | 8224 |
| &nbsp;&nbsp;&nbsp;Etablissements Maurel et Prom S.A. (France) | 1791 | 11563 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. (Japan) | 3600 | 72007 |
| &nbsp;&nbsp;&nbsp;Karoon Energy, Ltd. (Australia) | 21913 | 22497 |
| &nbsp;&nbsp;&nbsp;North Atlantic Energies (France) | 196 | 9966 |
| &nbsp;&nbsp;&nbsp;OMV A.G. (Austria) | 655 | 36437 |
| &nbsp;&nbsp;&nbsp;Repsol S.A. (Spain) | 4165 | 77687 |
| &nbsp;&nbsp;&nbsp;Serica Energy PLC (United Kingdom) | 17383 | 40831 |
| &nbsp;&nbsp;&nbsp;Shell PLC (United Kingdom) | 3393 | 125046 |
| &nbsp;&nbsp;&nbsp;Totalenergies EP Gabon (France) | 84 | 18376 |
| &nbsp;&nbsp;&nbsp;United Energy Group, Ltd. (Hong Kong) | 174000 | 9819 |
|  |  | 498819 |
| **Financials — 24.7%** |  |  |
| *Banks — 16.2%* |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC (Ireland) | 811 | 8667 |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings, Ltd. (Australia) | 6224 | 150458 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. (Spain) | 10214 | 239513 |
| &nbsp;&nbsp;&nbsp;Bank of Tianjin Co., Ltd. - H Shares (Hong Kong) <sup>(b)</sup> | 82000 | 26232 |
| &nbsp;&nbsp;&nbsp;BNP Paribas S.A. (France) | 2345 | 221780 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. (Hong Kong) | 4500 | 22837 |
| &nbsp;&nbsp;&nbsp;BPER Banca S.p.A (Italy) | 11948 | 161394 |
| &nbsp;&nbsp;&nbsp;Caisse Regionale de Credit Agricole Mutuel Alpes Provence (France) | 57 | 8806 |
| &nbsp;&nbsp;&nbsp;Caisse Regionale de Credit Agricole Mutuel Brie Picardie (France) | 473 | 16329 |
| &nbsp;&nbsp;&nbsp;Caisse Regionale de Credit Agricole Mutuel du Languedoc SCCV (France) | 99 | 9351 |
| &nbsp;&nbsp;&nbsp;Caisse Regionale de Credit Agricole Mutuel Sud Rhone Alpes (France) | 38 | 8438 |
| &nbsp;&nbsp;&nbsp;Credit Agricole S.A. (France) | 2468 | 50794 |
| &nbsp;&nbsp;&nbsp;Daishi Hokuetsu Financial Group, Inc. (Japan) | 2100 | 21825 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Banks (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S (Denmark) | 3555 | $177532 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC (United Kingdom) | 17764 | 279547 |
| &nbsp;&nbsp;&nbsp;Hyakujushi Bank, Ltd. (The) (Japan) | 200 | 8505 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd. - Class A (Israel) | 9388 | 99648 |
| &nbsp;&nbsp;&nbsp;Jyske Bank A/S (Denmark) | 95 | 13002 |
| &nbsp;&nbsp;&nbsp;Kiyo Bank, Ltd. (The) (Japan) | 1200 | 25038 |
| &nbsp;&nbsp;&nbsp;Nanto Bank, Ltd. (The) (Japan) | 600 | 22799 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC (United Kingdom) | 23970 | 210282 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp (Sweden) | 3040 | 57189 |
| &nbsp;&nbsp;&nbsp;Norion Bank A.B. (Sweden) <sup>(c)</sup> | 2498 | 18608 |
| &nbsp;&nbsp;&nbsp;Ogaki Kyoritsu Bank, Ltd. (The) (Japan) | 900 | 26965 |
| &nbsp;&nbsp;&nbsp;Raiffeisen Bank International A.G. (Austria) | 828 | 36881 |
| &nbsp;&nbsp;&nbsp;San ju San Financial Group, Inc. (Japan) | 300 | 8434 |
| &nbsp;&nbsp;&nbsp;Societe Generale S.A. (France) | 962 | 77419 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 Nord Norge (Norway) | 531 | 7980 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC (United Kingdom) | 2293 | 55953 |
| &nbsp;&nbsp;&nbsp;Swedbank A.B. - Class A (Sweden) | 1198 | 41564 |
| &nbsp;&nbsp;&nbsp;TBC Bank Group PLC (United Kingdom) | 221 | 12078 |
| &nbsp;&nbsp;&nbsp;TOMONY Holdings, Inc. (Japan) | 3100 | 15518 |
| &nbsp;&nbsp;&nbsp;UniCredit S.p.A. (Italy) | 1302 | 107805 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. (Singapore) | 3200 | 87152 |
|  |  | 2336323 |
| *Financial Services — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Acom Co., Ltd. (Japan) | 2300 | 7267 |
| &nbsp;&nbsp;&nbsp;Aiful Corp. (Japan) | 3100 | 11069 |
| &nbsp;&nbsp;&nbsp;Coinshares International, Ltd. (Sweden) | 599 | 7462 |
| &nbsp;&nbsp;&nbsp;Credit Corp. Group, Ltd. (Australia) | 1080 | 10097 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank A.G. (Germany) | 5107 | 196754 |
| &nbsp;&nbsp;&nbsp;Helia Group, Ltd. (Australia) | 6824 | 25009 |
| &nbsp;&nbsp;&nbsp;Latitude Group Holdings, Ltd. (Australia) | 15107 | 10483 |
| &nbsp;&nbsp;&nbsp;Liberty Financial Group, Ltd. (Australia) | 6437 | 17782 |
| &nbsp;&nbsp;&nbsp;Mizuho Leasing Co., Ltd. (Japan) | 1600 | 14431 |
| &nbsp;&nbsp;&nbsp;Mutares S.E. & Co. KGaA (Germany) | 402 | 14051 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. (Japan) | 19600 | 163289 |
| &nbsp;&nbsp;&nbsp;OSB Group PLC (United Kingdom) | 1497 | 12821 |
| &nbsp;&nbsp;&nbsp;Qfin Holdings, Inc. - Class A (Hong Kong) <sup>(b)</sup> | 2250 | 22004 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. (Japan) | 7000 | 150861 |
| &nbsp;&nbsp;&nbsp;Tokyo Century Corp. (Japan) | 1900 | 24636 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Financial Holding, Ltd. (Singapore) | 30500 | 9473 |
|  |  | 697489 |
| *Insurance — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. (Hong Kong) | 2800 | 28821 |
| &nbsp;&nbsp;&nbsp;Lancashire Holdings, Ltd. (United Kingdom) | 1072 | 9247 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. (Japan) | 3293 | 77315 |
| &nbsp;&nbsp;&nbsp;NN Group N.V. (Netherlands) | 1987 | 153236 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. (Australia) | 11932 | 157948 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Insurance (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;SCOR S.E. (France) | 588 | $19787 |
| &nbsp;&nbsp;&nbsp;Swiss Re A.G. (Switzerland) | 486 | 80954 |
| &nbsp;&nbsp;&nbsp;Vienna Insurance Group A.G. (Austria) | 50 | 3937 |
|  |  | 531245 |
| **Health Care — 11.9%** |  |  |
| *Health Care Equipment & Services — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Ambea A.B. (Sweden) <sup>(a)</sup> | 1699 | 26076 |
| &nbsp;&nbsp;&nbsp;Ansell, Ltd. (Australia) | 872 | 20348 |
| &nbsp;&nbsp;&nbsp;Attendo A.B. (Sweden) <sup>(a)</sup> | 3127 | 27695 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care A.G. (Germany) | 3062 | 146210 |
| &nbsp;&nbsp;&nbsp;Fresenius S.E. & Co. KGaA (Germany) | 810 | 46391 |
| &nbsp;&nbsp;&nbsp;Paul Hartmann A.G. (Germany) | 44 | 11734 |
| &nbsp;&nbsp;&nbsp;PHC Holdings Corp. (Japan) | 5600 | 39807 |
| &nbsp;&nbsp;&nbsp;Ship Healthcare Holdings, Inc. (Japan) | 1400 | 23459 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC (United Kingdom) | 2924 | 48631 |
| &nbsp;&nbsp;&nbsp;Uniphar PLC (Ireland) | 4252 | 17462 |
|  |  | 407813 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 9.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. (Japan) | 3300 | 43924 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC (United Kingdom) | 320 | 59222 |
| &nbsp;&nbsp;&nbsp;Bayer A.G. (Germany) | 1290 | 55936 |
| &nbsp;&nbsp;&nbsp;BB Biotech A.G. (Switzerland) | 887 | 49962 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. (Australia) | 351 | 40387 |
| &nbsp;&nbsp;&nbsp;GSK PLC (United Kingdom) | 8602 | 210908 |
| &nbsp;&nbsp;&nbsp;H Lundbeck A/S (Denmark) | 5632 | 38054 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC (United Kingdom) | 631 | 13155 |
| &nbsp;&nbsp;&nbsp;Ipsen S.A. (France) | 440 | 61373 |
| &nbsp;&nbsp;&nbsp;Novartis A.G. (Switzerland) | 2281 | 314281 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. (Japan) | 2700 | 37410 |
| &nbsp;&nbsp;&nbsp;Roche Holding A.G. (Switzerland) | 36 | 15201 |
| &nbsp;&nbsp;&nbsp;Roche Holding A.G. Genusscheine (Switzerland) | 673 | 277901 |
| &nbsp;&nbsp;&nbsp;Sandoz Group A.G. (Switzerland) | 372 | 27007 |
| &nbsp;&nbsp;&nbsp;Sanofi S.A. (France) | 327 | 31628 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. (Japan) | 1400 | 25342 |
| &nbsp;&nbsp;&nbsp;United Laboratories International Holdings, Ltd. (The) (Hong Kong) | 6000 | 8946 |
|  |  | 1310637 |
| **Industrials — 18.9%** |  |  |
| *Capital Goods — 13.8%* |  |  |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. (Switzerland) | 202 | 14889 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios S.A. (Spain) | 90 | 8931 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings N.V. (Netherlands) | 1100 | 158136 |
| &nbsp;&nbsp;&nbsp;AF Gruppen A.S.A. (Norway) | 723 | 13468 |
| &nbsp;&nbsp;&nbsp;Aker A.S.A. (Norway) | 300 | 22797 |
| &nbsp;&nbsp;&nbsp;Atlas Copco A.B. - A Shares (Sweden) | 821 | 14616 |
| &nbsp;&nbsp;&nbsp;Bonheur A.S.A. (Norway) | 368 | 9157 |
| &nbsp;&nbsp;&nbsp;Construcciones y Auxiliar de Ferrocarriles S.A. (Spain) | 237 | 16359 |
| &nbsp;&nbsp;&nbsp;Eiffage S.A. (France) | 1069 | 153115 |
| &nbsp;&nbsp;&nbsp;Elco, Ltd. (Israel) | 190 | 10942 |
| &nbsp;&nbsp;&nbsp;Fuji Corp. (Japan) | 500 | 11651 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Capital Goods (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Hanwa Co., Ltd. (Japan) | 300 | $13746 |
| &nbsp;&nbsp;&nbsp;Hazama Ando Corp. (Japan) | 2000 | 24172 |
| &nbsp;&nbsp;&nbsp;Hino Motors, Ltd. (Japan) <sup>(c)</sup> | 5800 | 14320 |
| &nbsp;&nbsp;&nbsp;Hitachi Construction Machinery Co., Ltd. (Japan) | 800 | 23649 |
| &nbsp;&nbsp;&nbsp;Implenia A.G. (Switzerland) | 1712 | 164170 |
| &nbsp;&nbsp;&nbsp;Indus Holding A.G. (Germany) | 486 | 16021 |
| &nbsp;&nbsp;&nbsp;INFRONEER Holdings, Inc. (Japan) | 1800 | 24598 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. (Japan) | 15000 | 189565 |
| &nbsp;&nbsp;&nbsp;Kanamoto Co., Ltd. (Japan) | 1000 | 25015 |
| &nbsp;&nbsp;&nbsp;Keller Group PLC (United Kingdom) | 4087 | 91786 |
| &nbsp;&nbsp;&nbsp;Kier Group PLC (United Kingdom) | 7363 | 21945 |
| &nbsp;&nbsp;&nbsp;Koninklijke BAM Groep N.V. (Netherlands) | 3535 | 38538 |
| &nbsp;&nbsp;&nbsp;Manitou BF S.A. (France) | 887 | 20024 |
| &nbsp;&nbsp;&nbsp;Mersen S.A. (France) | 561 | 15641 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. (Japan) | 400 | 11880 |
| &nbsp;&nbsp;&nbsp;Nippon Densetsu Kogyo Co., Ltd. (Japan) | 1500 | 31771 |
| &nbsp;&nbsp;&nbsp;Nissei A.S.B. Machine Co., Ltd. (Japan) | 800 | 32055 |
| &nbsp;&nbsp;&nbsp;NSK, Ltd. (Japan) | 5100 | 31824 |
| &nbsp;&nbsp;&nbsp;OSG Corp. (Japan) | 2100 | 30658 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC (United Kingdom) | 1729 | 26741 |
| &nbsp;&nbsp;&nbsp;Siemens A.G. (Germany) | 28 | 7840 |
| &nbsp;&nbsp;&nbsp;Siemens Energy A.G. (Germany) | 1027 | 144029 |
| &nbsp;&nbsp;&nbsp;Signify N.V. (Netherlands) <sup>(a)</sup> | 937 | 23035 |
| &nbsp;&nbsp;&nbsp;Skanska A.B. - B Shares (Sweden) | 254 | 6921 |
| &nbsp;&nbsp;&nbsp;SKF A.B. - B Shares (Sweden) | 606 | 16040 |
| &nbsp;&nbsp;&nbsp;Stadler Rail A.G. (Switzerland) | 1572 | 39735 |
| &nbsp;&nbsp;&nbsp;Strabag S.E. (Austria) | 154 | 14629 |
| &nbsp;&nbsp;&nbsp;Takara Standard Co., Ltd. (Japan) | 1700 | 31698 |
| &nbsp;&nbsp;&nbsp;Takeuchi Manufacturing Co., Ltd. (Japan) | 700 | 30143 |
| &nbsp;&nbsp;&nbsp;Totetsu Kogyo Co., Ltd. (Japan) | 900 | 26116 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. (Japan) | 1525 | 51425 |
| &nbsp;&nbsp;&nbsp;Traton S.E. (Germany) | 1225 | 43439 |
| &nbsp;&nbsp;&nbsp;Tsukishima Holdings Co., Ltd. (Japan) | 700 | 12617 |
| &nbsp;&nbsp;&nbsp;Veidekke A.S.A. (Norway) | 121 | 2143 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S (Denmark) | 852 | 23045 |
| &nbsp;&nbsp;&nbsp;Vinci S.A. (France) | 1220 | 171577 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuildings Holdings, Ltd. (Singapore) | 22400 | 60512 |
|  |  | 1987124 |
| Commercial & Professional Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Adecco Group A.G. (Switzerland) | 933 | 26868 |
| &nbsp;&nbsp;&nbsp;GL Events SACA (France) | 665 | 23264 |
| &nbsp;&nbsp;&nbsp;ISS A/S (Denmark) | 1230 | 41908 |
| &nbsp;&nbsp;&nbsp;Johnson Service Group PLC (United Kingdom) | 5928 | 10788 |
| &nbsp;&nbsp;&nbsp;Loomis A.B. (Sweden) | 605 | 25555 |
| &nbsp;&nbsp;&nbsp;Nomura Co., Ltd. (Japan) | 3500 | 29753 |
| &nbsp;&nbsp;&nbsp;Prosegur Cia de Seguridad S.A. (Spain) | 8235 | 25098 |
| &nbsp;&nbsp;&nbsp;Teleperformance S.E. (France) | 113 | 8175 |
|  |  | 191409 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 23 |

---

<u>Segall Bryant & Hamill International Equity Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Transportation — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. (Japan) | 900 | $17094 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. (Japan) | 3300 | 91416 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa A.G. (Germany) | 10753 | 105602 |
| &nbsp;&nbsp;&nbsp;Hoegh Autoliners A.S.A. (Norway) <sup>(a)</sup> | 216 | 2091 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group S.A. (Spain) | 6859 | 38071 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group S.A. (United Kingdom) | 19061 | 105706 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. (Japan) | 900 | 16692 |
| &nbsp;&nbsp;&nbsp;Kelsian Group, Ltd. (Australia) | 2332 | 6601 |
| &nbsp;&nbsp;&nbsp;Konoike Transport Co., Ltd. (Japan) | 500 | 10492 |
| &nbsp;&nbsp;&nbsp;Norwegian Air Shuttle A.S.A. (Norway) | 4795 | 8266 |
| &nbsp;&nbsp;&nbsp;NS United Kaiun Kaisha, Ltd. (Japan) | 300 | 11684 |
| &nbsp;&nbsp;&nbsp;Odfjell S.E. - A Shares (Norway) | 553 | 6946 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. (Australia) | 11225 | 77538 |
| &nbsp;&nbsp;&nbsp;SBS Holdings, Inc. (Japan) | 500 | 12049 |
| &nbsp;&nbsp;&nbsp;SBS Transit, Ltd. (Singapore) | 3200 | 7966 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. (Hong Kong) | 2000 | 7157 |
| &nbsp;&nbsp;&nbsp;Stolt-Nielsen, Ltd. (Norway) | 200 | 6448 |
| &nbsp;&nbsp;&nbsp;Transport International Holdings, Ltd. (Hong Kong) | 6800 | 9262 |
| &nbsp;&nbsp;&nbsp;TS Lines, Ltd. (Hong Kong) <sup>(a)</sup> | 8000 | 8539 |
| &nbsp;&nbsp;&nbsp;Wallenius Wilhelmsen A.S.A. (Norway) | 178 | 1772 |
|  |  | 551392 |
| **Information Technology — 8.3%** |  |  |
| *Semiconductors & Semiconductor Equipment — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. (Netherlands) | 142 | 152957 |
| &nbsp;&nbsp;&nbsp;Ferrotec Holdings Corp. (Japan) | 3400 | 109181 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies A.G. (Germany) | 2200 | 95957 |
|  |  | 358095 |
| *Software & Services — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Capgemeni S.E. (France) | 281 | 46644 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd. (Israel) <sup>(c)</sup> | 100 | 18556 |
| &nbsp;&nbsp;&nbsp;Computacenter PLC (United Kingdom) | 251 | 9865 |
| &nbsp;&nbsp;&nbsp;Econocom Group S.A./N.V. (Belgium) | 12691 | 24571 |
| &nbsp;&nbsp;&nbsp;Formula Systems 1985, Ltd. (Israel) | 41 | 6922 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. (Japan) | 4900 | 134676 |
| &nbsp;&nbsp;&nbsp;Hansen Technologies, Ltd. (Australia) | 7028 | 24729 |
| &nbsp;&nbsp;&nbsp;Kontron A.G. (Germany) | 872 | 23139 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd. (Israel) <sup>(c)</sup> | 85 | 9604 |
| &nbsp;&nbsp;&nbsp;SAP S.E. (Germany) | 248 | 60236 |
| &nbsp;&nbsp;&nbsp;Uchida Yoko Co., Ltd. (Japan) | 100 | 6839 |
|  |  | 365781 |
| *Technology Hardware & Equipment — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Alps Alpine Co., Ltd. (Japan) | 1400 | 17872 |
| &nbsp;&nbsp;&nbsp;Barco N.V. (Belgium) | 1766 | 24472 |
| &nbsp;&nbsp;&nbsp;Brother Industries, Ltd. (Japan) | 400 | 7992 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. (Japan) | 1662 | 49180 |
| &nbsp;&nbsp;&nbsp;Dicker Data, Ltd. (Australia) | 1492 | 10217 |
| &nbsp;&nbsp;&nbsp;Elecom Co., Ltd. (Japan) | 2000 | 22038 |
| &nbsp;&nbsp;&nbsp;Ituran Location and Control, Ltd. (Israel) | 200 | 8602 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Technology Hardware & Equipment (Continued) |  |  |
| &nbsp;&nbsp;&nbsp;Kaga Electronics Co., Ltd. (Japan) | 600 | $14860 |
| &nbsp;&nbsp;&nbsp;MCJ Co., Ltd. (Japan) | 800 | 8235 |
| &nbsp;&nbsp;&nbsp;Nippon Electric Glass Co., Ltd. (Japan) | 400 | 15728 |
| &nbsp;&nbsp;&nbsp;Nokia OYJ (Finland) | 22177 | 142930 |
| &nbsp;&nbsp;&nbsp;Quadient S.A. (France) | 1031 | 17483 |
| &nbsp;&nbsp;&nbsp;Ryoyo Ryosan Holdings, Inc. (Japan) | 700 | 13865 |
| &nbsp;&nbsp;&nbsp;Taiyo Yuden Co., Ltd. (Japan) | 500 | 11296 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson - B Shares (Sweden) | 9440 | 91869 |
| &nbsp;&nbsp;&nbsp;VSTECS Holdings, Ltd. (Hong Kong) | 10000 | 10032 |
|  |  | 466671 |
| **Materials — 5.9%** |  |  |
| Materials — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;ArcelorMittal S.A. (France) | 2425 | 111318 |
| &nbsp;&nbsp;&nbsp;Bekaert S.A. (Belgium) | 461 | 20403 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (Australia) | 3492 | 105369 |
| &nbsp;&nbsp;&nbsp;Boliden A.B. (Sweden) | 182 | 10082 |
| &nbsp;&nbsp;&nbsp;Caltagirone S.p.A. (Italy) | 1326 | 14420 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC (United Kingdom) | 1991 | 104030 |
| &nbsp;&nbsp;&nbsp;Evraz PLC (United Kingdom) <sup>(c)(d)</sup> | 354 | 0 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd. (Australia) | 497 | 7266 |
| &nbsp;&nbsp;&nbsp;Fuji Seal International, Inc. (Japan) | 700 | 14046 |
| &nbsp;&nbsp;&nbsp;Holcim A.G. (Switzerland) | 915 | 89067 |
| &nbsp;&nbsp;&nbsp;Kaneka Corp. (Japan) | 500 | 14025 |
| &nbsp;&nbsp;&nbsp;Kingsgate Consolidated, Ltd. (Australia) <sup>(c)</sup> | 3791 | 14155 |
| &nbsp;&nbsp;&nbsp;Kobe Steel, Ltd. (Japan) | 800 | 10572 |
| &nbsp;&nbsp;&nbsp;Nippon Kayaku Co., Ltd. (Japan) | 1700 | 18255 |
| &nbsp;&nbsp;&nbsp;Nippon Light Metal Holdings Co., Ltd. (Japan) | 500 | 8138 |
| &nbsp;&nbsp;&nbsp;Pan African Resources PLC (United Kingdom) | 22008 | 35829 |
| &nbsp;&nbsp;&nbsp;Perseus Mining, Ltd. (Australia) | 3033 | 11400 |
| &nbsp;&nbsp;&nbsp;Regis Resources, Ltd. (Australia) | 5615 | 28000 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC (United Kingdom) | 1004 | 80877 |
| &nbsp;&nbsp;&nbsp;Sakata INX Corp. (Japan) | 1000 | 15135 |
| &nbsp;&nbsp;&nbsp;Semapa-Sociedade de Investimento e Gestao (Portugal) | 471 | 11551 |
| &nbsp;&nbsp;&nbsp;Sumitomo Osaka Cement Co., Ltd. (Japan) | 400 | 9721 |
| &nbsp;&nbsp;&nbsp;Tokuyama Corp. (Japan) | 300 | 7896 |
| &nbsp;&nbsp;&nbsp;Vicat S.A.C.A. (France) | 245 | 21795 |
| &nbsp;&nbsp;&nbsp;West African Resources, Ltd. (Australia) <sup>(c)</sup> | 12071 | 23891 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. (Australia) | 1308 | 5554 |
| &nbsp;&nbsp;&nbsp;Yara International A.S.A. (Norway) | 1180 | 48290 |
| &nbsp;&nbsp;&nbsp;Zeon Corp. (Japan) | 900 | 10301 |
|  |  | 851386 |
| **Real Estate — 1.8%** |  |  |
| Equity Real Estate Investment Trusts (REITs) — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;CapitaLand China Trust (Singapore) | 14100 | 8498 |
| &nbsp;&nbsp;&nbsp;Carmila S.A. (France) | 661 | 13182 |
| &nbsp;&nbsp;&nbsp;Charter Hall Retail REIT (Australia) | 6688 | 18137 |
| &nbsp;&nbsp;&nbsp;Cromwell Property Group (Australia) | 34228 | 10506 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Equity Real Estate Investment Trusts (REITs (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Global One Real Estate Investment Corp. (Japan) | 10 | $8792 |
| &nbsp;&nbsp;&nbsp;Globalworth Real Estate Investments, Ltd. (United Kingdom) | 709 | 1662 |
| &nbsp;&nbsp;&nbsp;Japan Hotel REIT Investment Corp. (Japan) | 24 | 12526 |
| &nbsp;&nbsp;&nbsp;Japan Metropolitan Fund Investment Corp. (Japan) | 11 | 8704 |
| &nbsp;&nbsp;&nbsp;Primary Health Properties PLC (United Kingdom) | 7772 | 10235 |
| &nbsp;&nbsp;&nbsp;Star Asia Investment Corp. (Japan) | 22 | 8660 |
| &nbsp;&nbsp;&nbsp;Starhill Global REIT (Singapore) | 24000 | 11098 |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield (France) | 163 | 17720 |
|  |  | 129720 |
| *Real Estate Management & Development — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Bukit Sembawang Estates, Ltd. (Singapore) | 3300 | 12268 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. (Hong Kong) | 8000 | 40455 |
| &nbsp;&nbsp;&nbsp;Grand City Properties S.A. (Germany) <sup>(c)</sup> | 750 | 8644 |
| &nbsp;&nbsp;&nbsp;Hang Lung Group, Ltd. (Hong Kong) | 2000 | 3916 |
| &nbsp;&nbsp;&nbsp;Hysan Development Co., Ltd. (Hong Kong) | 4000 | 9719 |
| &nbsp;&nbsp;&nbsp;Kasumigaseki Capital Co., Ltd. (Japan) | 200 | 9361 |
| &nbsp;&nbsp;&nbsp;Property & Building Corp., Ltd. (Israel) | 64 | 7893 |
| &nbsp;&nbsp;&nbsp;Sun Frontier Fudousan Co., Ltd. (Japan) | 600 | 9189 |
| &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. (Japan) | 1900 | 17358 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. (Hong Kong) | 3000 | 9482 |
|  |  | 128285 |
| **Utilities — 3.9%** |  |  |
| *Utilities — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Drax Group PLC (United Kingdom) | 1220 | 13765 |
| &nbsp;&nbsp;&nbsp;Electricite de Strasbourg S.A. (France) | 34 | 7390 |
| &nbsp;&nbsp;&nbsp;Enel S.p.A. (Italy) | 13989 | 145400 |
| &nbsp;&nbsp;&nbsp;Engie S.A. (France) | 5551 | 145773 |
| &nbsp;&nbsp;&nbsp;Iren S.p.A. (Italy) | 3578 | 10713 |
| &nbsp;&nbsp;&nbsp;Italgas S.p.A. (Italy) | 3395 | 37854 |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co., Inc. (The) (Japan) | 4500 | 70676 |
| &nbsp;&nbsp;&nbsp;National Grid PLC (United Kingdom) | 1260 | 19327 |
| &nbsp;&nbsp;&nbsp;Naturgy Energy Group S.A. (Spain) | 2640 | 80357 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC (United Kingdom) | 2164 | 34770 |
|  |  | 566025 |
| **Total Common Stocks (Cost $12,573,746)** |  | 14385289 |
| **PREFERRED STOCKS — 0.3%** |  |  |
| **Consumer Discretionary — 0.1%** |  |  |
| *Automobiles & Components — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Volkswagen A.G. (Germany) | 75 | 9150 |
| **Health Care — 0.1%** |  |  |
| *Health Care Equipment & Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Draegerwerk A.G. & Co. KGaA (Germany) | 235 | 19056 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Real Estate — 0.1%** |  |  |
| *Real Estate Management & Development — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Platzer Fastigheter Holding A.B. (Sweden) | 1410 | $11409 |
| **Total Preferred Stocks (Cost $35,835)** |  | 39615 |
| **Investments at Value — 100.0%** |  |  |
| **(Cost $12,609,581)** |  | $14424904 |
| **Liabilities in Excess of Other Assets — 0.0%** |  | (5071) |
| **Net Assets — 100.0%** |  | $14419833 |

---

*<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 is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $48,236, which represents 0.3% of net assets as of December 31, 2025.*

*<sup>(c)</sup>* *Non-income producing security.*

*<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.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 25 |

---

<u>Segall Bryant & Hamill International Equity Fund</u>   <u>Statement of Investments</u> <br> December 31, 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.*

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net<br> Assets** |
| Japan | $3177990 | 22.0% |
| United Kingdom | 2149702 | 14.9% |
| France | 1599836 | 11.1% |
| Germany | 1369321 | 9.5% |
| Switzerland | 1345545 | 9.3% |
| Australia | 874809 | 6.1% |
| Netherlands | 641466 | 4.4% |
| Spain | 591407 | 4.1% |
| Sweden | 525155 | 3.6% |
| Italy | 485810 | 3.4% |
| Denmark | 311938 | 2.2% |
| Hong Kong | 308639 | 2.1% |
| Singapore | 231282 | 1.6% |
| Israel | 189605 | 1.3% |
| Norway | 155340 | 1.1% |
| Belgium | 151263 | 1.1% |
| Finland | 142930 | 1.0% |
| Austria | 107300 | 0.7% |
| Portugal | 39437 | 0.3% |
| Ireland | 26129 | 0.2% |
| Total Investments | $14424904 | 100.0% |
| Liabilities in Excess of Other Assets | (5071) | (0.0)% |
| Net Assets | $14419833 | 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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 97.6%** |  |  |
| **Communication Services — 8.3%** |  |  |
| *Media & Entertainment — 8.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 4268 | $1339298 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 949 | 626425 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. (Japan) | 6010 | 405791 |
| &nbsp;&nbsp;&nbsp;Spotify Technology S.A. (Luxembourg) <sup>(a)</sup> | 874 | 507541 |
|  |  | 2879055 |
| **Consumer Discretionary — 14.2%** |  |  |
| *Automobiles & Components — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Netherlands) | 1538 | 568383 |
| *Consumer Discretionary Distribution & Retail — 7.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 4062 | 937591 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group (Belgium) | 4665 | 839989 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. (Canada) | 3260 | 487229 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 4680 | 426863 |
|  |  | 2691672 |
| *Consumer Durables & Apparel — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli S.p.A. (Italy) | 3063 | 351203 |
| *Consumer Services — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Compass Group PLC (United Kingdom) | 21716 | 688107 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC (United Kingdom) | 4156 | 584067 |
|  |  | 1272174 |
| **Consumer Staples — 3.0%** |  |  |
| *Consumer Staples Distribution & Retail — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 480 | 413923 |
| *Food, Beverage & Tobacco — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Lotus Bakeries N.V. (Belgium) | 67 | 616507 |
| **Energy — 3.4%** |  |  |
| *Energy — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 3257 | 496399 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. (Canada) | 15299 | 678664 |
|  |  | 1175063 |
| **Financials — 16.4%** |  |  |
| *Banks — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A. (Italy) | 120859 | 834873 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3424 | 1103281 |
|  |  | 1938154 |
| *Financial Services — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Partners Group Holding A.G. (Switzerland) | 462 | 566808 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 2555 | 896064 |
|  |  | 1462872 |
| *Insurance — 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Beazley PLC (United Kingdom) | 69554 | 777834 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 5785 | 809090 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 3289 | 669180 |
|  |  | 2256104 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care — 7.9%** |  |  |
| *Health Care Equipment & Services — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. <sup>(a)</sup> | 4212 | $401614 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)</sup> | 677 | 458011 |
| &nbsp;&nbsp;&nbsp;STERIS PLC (Ireland) | 2392 | 606420 |
|  |  | 1466045 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR (United Kingdom) | 4653 | 427750 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 323 | 347122 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 829 | 480364 |
|  |  | 1255236 |
| **Industrials — 15.6%** |  |  |
| *Capital Goods — 13.4%* |  |  |
| &nbsp;&nbsp;&nbsp;ATI, Inc. <sup>(a)</sup> | 6939 | 796320 |
| &nbsp;&nbsp;&nbsp;Fluidra S.A. (Spain) | 21510 | 582557 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 642 | 564292 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 1294 | 546146 |
| &nbsp;&nbsp;&nbsp;Safran S.A. (France) | 2768 | 963823 |
| &nbsp;&nbsp;&nbsp;Schneider Electric S.E. (France) | 2354 | 643784 |
| &nbsp;&nbsp;&nbsp;Siemens Energy A.G. (Germany) | 3664 | 513848 |
|  |  | 4610770 |
| *Commercial & Professional Services — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 622 | 331408 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. (Canada) | 2407 | 422091 |
|  |  | 753499 |
| **Information Technology — 26.0%** |  |  |
| *Semiconductors & Semiconductor Equipment — 6.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 4808 | 408584 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 813 | 736870 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6688 | 1247312 |
|  |  | 2392766 |
| *Software & Services — 14.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 1304 | 407604 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. (Canada) | 308 | 740823 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>(a)</sup> | 295 | 498733 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3185 | 1540330 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 3092 | 569546 |
| &nbsp;&nbsp;&nbsp;SAP S.E. (Germany) | 2509 | 609407 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 4490 | 687823 |
|  |  | 5054266 |
| *Technology Hardware & Equipment — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 3425 | 931121 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 4572 | 599069 |
|  |  | 1530190 |
| **Materials — 1.3%** |  |  |
| *Materials — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Linde PLC (Ireland) | 1038 | 442593 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 27 |

---

<u>Segall Bryant & Hamill Global All Cap Fund</u>   <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Real Estate — 1.5%** |  |  |
| *Real Estate Management & Development — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | 3251 | $522728 |
| **Investments at Value — 97.6%** |  |  |
| **(Cost $21,547,012)** |  | $33653203 |
| **Other Assets in Excess of Liabilities — 2.4%** |  | 812823 |
| **Net Assets — 100.0%** |  | $34466026 |

---

*<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<br> Net Assets** |
| United States | $19793111 | 57.4% |
| United Kingdom | 2477758 | 7.2% |
| Canada | 2328807 | 6.8% |
| France | 1607607 | 4.7% |
| Belgium | 1456496 | 4.2% |
| Italy | 1186076 | 3.4% |
| Germany | 1123255 | 3.3% |
| Ireland | 1049013 | 3.0% |
| Spain | 582557 | 1.7% |
| Netherlands | 568383 | 1.6% |
| Switzerland | 566808 | 1.6% |
| Luxembourg | 507541 | 1.5% |
| Japan | 405791 | 1.2% |
| Total Investments | $33653203 | 97.6% |
| Other Assets in Excess of Liabilities | 812823 | 2.4% |
| Net Assets | $34466026 | 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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CORPORATE BONDS — 86.0%** |  |  |  |  |
| **Finance — 5.1%** |  |  |  |  |
| *Banking — 1.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. (SOFR + 157) <sup>(a)</sup> | 6.087% | 10/23/29 | $210000 | $221193 |
| *Noncaptive Diversified Financial Companies — 0.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 5.400% | 03/15/27 | 120000 | 121710 |
| *Real Estate Investment Trusts — 2.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP, Series N | 4.250% | 12/15/28 | 140000 | 140137 |
| &nbsp;&nbsp;&nbsp;Ventas Realty LP | 4.400% | 01/15/29 | 215000 | 215958 |
|  |  |  |  | 356095 |
| **Industrial — 66.0%** |  |  |  |  |
| *Aerospace / Defense — 1.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 4.200% | 02/15/27 | 185000 | 184600 |
| *Building Products — 1.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 4.950% | 12/01/29 | 205000 | 210343 |
| *Construction Machinery — 3.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CNH Industrial Capital LLC | 4.550% | 04/10/28 | 265000 | 266812 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. | 4.875% | 01/15/28 | 155000 | 155013 |
|  |  |  |  | 421825 |
| *Diversified Manufacturing — 5.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. | 5.050% | 04/05/29 | 260000 | 267560 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. | 4.600% | 04/06/27 | 210000 | 211085 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 4.250% | 09/15/28 | 215000 | 215762 |
|  |  |  |  | 694407 |
| *Electronics — 1.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. <sup>(b)</sup> | 3.450% | 06/15/27 | 175000 | 174042 |
| &nbsp;&nbsp;&nbsp;Dell International LLC | 6.020% | 06/15/26 | 28000 | 28122 |
|  |  |  |  | 202164 |
| *Environmental — 1.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 3.875% | 01/15/29 | 245000 | 244642 |
| *Food Processors — 1.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. | 2.625% | 03/17/27 | 220000 | 216497 |
| *Healthcare Facilities / Supplies — 6.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 3.050% | 09/22/26 | 191000 | 189714 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. | 5.625% | 09/01/28 | 215000 | 221617 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 4.625% | 11/15/27 | 235000 | 234642 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. <sup>(c)</sup> | 4.625% | 06/15/28 | 245000 | 245455 |
|  |  |  |  | 891428 |
| *Independent Energy — 2.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 4.400% | 07/15/28 | 265000 | 267963 |
| *Information / Data Technology — 3.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. | 3.875% | 11/15/28 | 115000 | 115561 |
| &nbsp;&nbsp;&nbsp;Paypal Holding, Inc. | 4.450% | 03/06/28 | 280000 | 283320 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 4.750% | 08/01/28 | 75000 | 76393 |
|  |  |  |  | 475274 |
| *Lease / Rent — 5.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., Series 2016-1, Class A | 4.100% | 01/15/28 | 217292 | 214341 |
| &nbsp;&nbsp;&nbsp;Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC <sup>(b)</sup> | 5.152% | 03/20/28 | 157500 | 158848 |
| &nbsp;&nbsp;&nbsp;Union Pacific Railroad Co., Series 2014-1 | 3.227% | 05/14/26 | 279721 | 278991 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 29 |

---

<u>Segall Bryant & Hamill Short Term Plus Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Lease / Rent (Continued)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United Airlines, Series 2020-1, Class A | 5.875% | 04/15/29 | $37406 | $38355 |
|  |  |  |  | 690535 |
| *Media — Cable — 3.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC <sup>(b)</sup> | 5.125% | 05/01/27 | 205000 | 204718 |
| &nbsp;&nbsp;&nbsp;TCI Communications, Inc., Series 2021-3, Class D | 7.125% | 02/15/28 | 255000 | 270861 |
|  |  |  |  | 475579 |
| *Metals / Mining — 1.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoran, Inc. <sup>(c)</sup> | 4.375% | 08/01/28 | 135000 | 135042 |
| *Midstream Energy — 2.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Boardwalk Pipelines LP | 5.950% | 06/01/26 | 135000 | 135413 |
| &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipeline Corp. | 7.250% | 12/01/26 | 165000 | 167408 |
|  |  |  |  | 302821 |
| *Other Industrial — 1.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 4.200% | 05/01/28 | 225000 | 226117 |
| *Packaging — 3.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Berry Global, Inc. | 5.500% | 04/15/28 | 265000 | 272917 |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC | 4.250% | 09/30/26 | 180000 | 179334 |
|  |  |  |  | 452251 |
| *Paper & Forest Products — 1.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Georgia Pacific Corp. | 7.250% | 06/01/28 | 225000 | 240776 |
| *Railroads — 1.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe Corp. | 6.700% | 08/01/28 | 205000 | 216545 |
| *Restaurants — 4.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 4.350% | 10/15/27 | 265000 | 266235 |
| &nbsp;&nbsp;&nbsp;KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell America LLC <sup>(b)</sup> | 4.750% | 06/01/27 | 190000 | 189717 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 5.000% | 05/17/29 | 205000 | 210983 |
|  |  |  |  | 666935 |
| *Retail Stores — 5.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. | 3.800% | 11/15/27 | 220000 | 218308 |
| &nbsp;&nbsp;&nbsp;Bath & Body, Inc. | 6.694% | 01/15/27 | 78000 | 79469 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. <sup>(b)</sup> | 4.000% | 10/01/29 | 130000 | 127487 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 4.000% | 10/15/28 | 135000 | 135243 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. | 3.900% | 06/01/29 | 250000 | 247645 |
|  |  |  |  | 808152 |
| *Services — 1.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 7.500% | 04/01/27 | 185000 | 191148 |
| *Supermarkets — 1.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. <sup>(b)(c)</sup> | 3.550% | 07/26/27 | 240000 | 238313 |
| *Vehicle Parts — 1.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc. <sup>(b)</sup> | 4.750% | 10/01/27 | 155000 | 154788 |
| *Wireless Telecommunications — 0.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sprint Capital Corp. | 6.875% | 11/15/28 | 95000 | 101947 |
| *Wireline Telecommunications — 2.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 6.375% | 06/01/28 | 245000 | 254678 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 4.125% | 03/16/27 | 104000 | 104247 |
|  |  |  |  | 358925 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Utility — 14.9%** |  |  |  |  |
| *Electric — 14.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC <sup>(b)</sup> | 1.400% | 03/15/26 | $189000 | $187735 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 1.750% | 03/15/28 | 165000 | 156847 |
| &nbsp;&nbsp;&nbsp;Arizona Public Service | 2.950% | 09/15/27 | 190000 | 186978 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 3.800% | 03/15/27 | 280000 | 277947 |
| &nbsp;&nbsp;&nbsp;Duke Power Co., LLC, Series A | 6.000% | 12/01/28 | 210000 | 221688 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 4.700% | 03/13/28 | 285000 | 289354 |
| &nbsp;&nbsp;&nbsp;Oklahoma Gas & Electric Co. | 6.650% | 07/15/27 | 230000 | 237269 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. | 2.950% | 03/01/26 | 215000 | 214464 |
| &nbsp;&nbsp;&nbsp;Wec Energy Group, Inc. | 5.150% | 10/01/27 | 265000 | 270206 |
|  |  |  |  | 2042488 |
| **Total Corporate Bonds (Cost $11,669,395)** |  |  |  | 11810503 |
| **ASSET BACKED SECURITIES — 6.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CNH Equipment Trust, Series 2022-B, Class A-4 | 3.910% | 03/15/28 | 20000 | 19992 |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Retail Trust, Series 2023-1, Class A-3 | 5.900% | 03/15/27 | 124208 | 124796 |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Retail Trust, Series 2024-1, Class A-3 | 5.490% | 12/15/27 | 87403 | 88129 |
| &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-1, Class D <sup>(b)</sup> | 6.440% | 11/15/28 | 100000 | 101367 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured, Series K-J46, Class A-1 | 4.777% | 06/25/28 | 78198 | 78884 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured, Series K-080, Class A-2 | 3.926% | 07/25/28 | 6000 | 6009 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Series 2022-B, Class A-4 | 3.930% | 08/15/27 | 4774 | 4774 |
| &nbsp;&nbsp;&nbsp;John Deere Owner Trust, Series 2024-B, Class A-3 | 5.200% | 03/15/29 | 220000 | 223137 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Receivable Trust, Series 2023-1, Class A-3 | 4.510% | 11/15/27 | 2555 | 2559 |
| &nbsp;&nbsp;&nbsp;Standard Drive Auto Trust, Series 2022-3, Class C | 4.490% | 08/15/29 | 146829 | 147052 |
| &nbsp;&nbsp;&nbsp;World Omni Auto Receivable Trust, Series 2024-A, Class A-3 | 4.860% | 03/15/29 | 131055 | 131765 |
| **Total Asset Backed Securities (Cost $917,275)** |  |  |  | 928464 |
| **U.S. TREASURY BONDS & NOTES — 5.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.625% | 03/15/26 | 300000 | 300562 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.250% | 03/15/27 | 350000 | 352967 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.125% | 10/31/27 | 160000 | 161775 |
| **Total U.S. Treasury Bonds & Notes (Cost $809,069)** |  |  |  | 815304 |
| **Investments at Value — 98.7%** |  |  |  |  |
| **(Cost $13,395,739)** |  |  |  | $13554271 |
| **Other Assets in Excess of Liabilities — 1.3%** |  |  |  | 181622 |
| **Net Assets — 100.0%** |  |  |  | $13735893 |

---

*<sup>(a)</sup>* *Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 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 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>* *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 \| December 31, 2025 \| | ![](sbh_002.jpg) | 31 |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CORPORATE BONDS — 37.7%** |  |  |  |  |
| **Finance — 11.0%** |  |  |  |  |
| *Banking — 5.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | 5.532% | 04/25/30 | $5041000 | $5258778 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., Series N, (SOFR + 153) <sup>(a)</sup> | 1.898% | 07/23/31 | 13475000 | 12103908 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. (SOFR + 116.7) <sup>(a)</sup> | 2.561% | 05/01/32 | 6362000 | 5773686 |
| &nbsp;&nbsp;&nbsp;JP Morgan Chase & Co. <sup>(a)</sup> | 1.764% | 11/19/31 | 4850000 | 4308667 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (SOFR + 228.4) <sup>(a)(b)</sup> | 6.875% | 10/20/34 | 6585000 | 7451764 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series Q (TSFR3M + 157.161) <sup>(a)</sup> | 3.584% | 05/22/28 | 5635000 | 5597964 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. <sup>(a)</sup> | 3.350% | 03/02/33 | 2072000 | 1933874 |
|  |  |  |  | 42428641 |
| *Mortgage Banking — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp. <sup>(c)</sup> | 9.750% | 09/15/29 | 3650000 | 3849743 |
| *Noncaptive Diversified Financial Companies — 1.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group LLC <sup>(c)</sup> | 6.250% | 04/15/28 | 2875000 | 2985504 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 3.500% | 06/01/32 | 5797000 | 5420680 |
|  |  |  |  | 8406184 |
| *Real Estate Investment Trusts — 3.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP, Series J <sup>(b)</sup> | 2.900% | 12/15/31 | 7809000 | 7072833 |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP | 5.500% | 05/25/26 | 7570000 | 7463655 |
| &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP/MPT Finance Corp. | 5.000% | 10/15/27 | 6175000 | 5961230 |
| &nbsp;&nbsp;&nbsp;Vici Properties, Inc. <sup>(c)</sup> | 4.500% | 01/15/28 | 4000000 | 4008033 |
|  |  |  |  | 24505751 |
| **Industrial — 19.6%** |  |  |  |  |
| *Automobile Manufacturing — 1.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co., LLC | 7.350% | 11/04/27 | 3425000 | 3574596 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. | 5.050% | 04/04/28 | 3855000 | 3926055 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | 5.000% | 07/15/29 | 500000 | 494027 |
|  |  |  |  | 7994678 |
| *Beverage / Bottling — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. | 6.625% | 08/15/33 | 1575000 | 1757495 |
| *Building Products — 2.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allegion US Holding Co., Inc. | 3.550% | 10/01/27 | 2550000 | 2527088 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 2.400% | 07/15/31 | 6500000 | 5864835 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 6.500% | 08/15/32 | 6205000 | 6779886 |
|  |  |  |  | 15171809 |
| *Chemicals — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. <sup>(c)</sup> | 6.750% | 12/01/27 | 1093000 | 1092965 |
| *Construction Machinery — 1.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 2.400% | 08/18/31 | 4798000 | 4201910 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. <sup>(c)</sup> | 4.125% | 06/30/28 | 4169000 | 4104716 |
|  |  |  |  | 8306626 |
| *Consumer Products — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 5.600% | 11/15/32 | 3500000 | 3721132 |
| *Diversified Manufacturing — 0.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 5.125% | 11/19/31 | 3566000 | 3699415 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | 2.400% | 04/01/28 | 2800000 | 2683543 |
|  |  |  |  | 6382958 |
| *Electronics — 0.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;QORVO, Inc. | 4.375% | 10/15/29 | 3325000 | 3276474 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Healthcare Facilities / Supplies — 1.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;HCA, Inc. | 3.500% | 09/01/30 | $4250000 | $4087047 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.250% | 06/01/29 | 3655000 | 3600413 |
|  |  |  |  | 7687460 |
| *Home Building — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KB Home | 4.800% | 11/15/29 | 3594000 | 3579680 |
| *Independent Energy — 2.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 7.500% | 05/01/31 | 6085000 | 6846726 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. <sup>(c)</sup> | 4.750% | 02/15/30 | 4320000 | 4263446 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 6.500% | 07/15/28 | 3652000 | 3691498 |
|  |  |  |  | 14801670 |
| *Media — Cable — 0.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(c)</sup> | 5.000% | 02/01/28 | 4140000 | 4107242 |
| *Midstream Energy — 1.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline Co., LLC | 8.375% | 06/15/32 | 6309000 | 7435171 |
| &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co., LLC | 3.250% | 05/15/30 | 4840000 | 4636913 |
|  |  |  |  | 12072084 |
| *Other Industrial — 1.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LKQ Corp. <sup>(b)</sup> | 6.250% | 06/15/33 | 4550000 | 4872529 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 2.900% | 10/01/30 | 4000000 | 3743856 |
|  |  |  |  | 8616385 |
| *Packaging — 0.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC | 5.250% | 04/01/30 | 3542000 | 3618242 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 4.125% | 02/01/28 | 1925000 | 1894924 |
|  |  |  |  | 5513166 |
| *Pharmaceuticals — 1.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte., Ltd. | 4.450% | 05/19/28 | 6000000 | 6079550 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceuticals Finance | 3.150% | 10/01/26 | 1571000 | 1552865 |
|  |  |  |  | 7632415 |
| *Retail Stores — 1.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 3.150% | 01/15/32 | 3825000 | 3515773 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. <sup>(c)</sup> | 4.000% | 08/15/28 | 3615000 | 3543498 |
|  |  |  |  | 7059271 |
| *Services — 1.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Block Financial LLC | 3.875% | 08/15/30 | 3675000 | 3539816 |
| &nbsp;&nbsp;&nbsp;Rayonier LP | 2.750% | 05/17/31 | 6000000 | 5408925 |
|  |  |  |  | 8948741 |
| *Supermarkets — 0.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alimentation Couch-Tard, Inc. <sup>(c)</sup> | 5.077% | 09/29/35 | 3790000 | 3813856 |
| *Transportation Services — 1.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fedex Corp. | 3.900% | 02/01/35 | 2245000 | 2066402 |
| &nbsp;&nbsp;&nbsp;Fedex Corp. | 5.100% | 01/15/44 | 4000000 | 3635502 |
| &nbsp;&nbsp;&nbsp;XPO CNW, Inc. | 6.700% | 05/01/34 | 3592000 | 3825480 |
|  |  |  |  | 9527384 |
| **Utility — 7.1%** |  |  |  |  |
| *Electric — 7.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 4.950% | 01/15/33 | 7670000 | 7899911 |
| &nbsp;&nbsp;&nbsp;National Rural Utility Cooperative Finance Corp. | 2.400% | 03/15/30 | 1650000 | 1540393 |
| &nbsp;&nbsp;&nbsp;National Rural Utility Cooperative Finance Corp. | 2.750% | 04/15/32 | 2270000 | 2047500 |
| &nbsp;&nbsp;&nbsp;Nevada Power Co. | 6.750% | 07/01/37 | 3956000 | 4422663 |
| &nbsp;&nbsp;&nbsp;Oglethorpe Power Corp., Series 2022A <sup>(b)</sup> | 4.500% | 04/01/47 | 8334000 | 6966301 |
| &nbsp;&nbsp;&nbsp;PECO Energy Co. | 4.900% | 06/15/33 | 3954000 | 4039390 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5.000% | 07/01/28 | 4866000 | 4852524 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 33 |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Electric (Continued)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5.250% | 07/01/30 | $2500000 | $2482293 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 4.900% | 05/15/28 | 2774000 | 2823809 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., Series A | 6.000% | 05/15/37 | 6321000 | 6793000 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Corp. <sup>(c)</sup> | 6.875% | 04/15/32 | 3388000 | 3568988 |
| &nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co. | 4.750% | 09/30/32 | 3460000 | 3522933 |
|  |  |  |  | 50959705 |
| **Total Corporate Bonds (Cost $270,067,099)** |  |  |  | 271213515 |
| **MUNICIPAL BONDS — 2.0%** |  |  |  |  |
| **California — 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series 2021 <sup>(b)(d)</sup> | 3.637% | 07/01/30 | 6745000 | 6162096 |
| **Nebraska — 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Blair Nebraska Water System, Series 2023 <sup>(b)</sup> | 6.100% | 05/15/27 | 3840000 | 3842533 |
| **New Hampshire — 0.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;National Finance Authority, Series 2021 | 3.778% | 01/01/36 | 6000000 | 4424155 |
| **Total Municipal Bonds (Cost $16,828,566)** |  |  |  | 14428784 |
| **ASSET BACKED SECURITIES — 2.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-1 <sup>(c)</sup> | 6.440% | 11/15/28 | 4750000 | 4814952 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust, Series 2025-A, Class A-3 | 4.640% | 08/15/29 | 2535000 | 2562135 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing LP, Series 2022-1, Class A <sup>(c)</sup> | 4.550% | 05/19/52 | 4558248 | 4489918 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Series 2024-6, Class A-1A | 4.170% | 08/20/30 | 6000000 | 6036560 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Series 2024-8, Class A-1A | 4.620% | 11/20/30 | 1850000 | 1875676 |
| **Total Asset Backed Securities (Cost $19,643,464)** |  |  |  | 19779241 |
| **MORTGAGE-BACKED SECURITIES PASSTHROUGH — 32.2%** |  |  |  |  |
| **Federal Home Loan Mortgage Corp. — 12.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #781958 (H15T1Y + 225) <sup>(a)</sup> | 6.375% | 09/01/34 | 10205 | 10529 |
| &nbsp;&nbsp;&nbsp;Pool #G08061 | 5.500% | 06/01/35 | 22016 | 23044 |
| &nbsp;&nbsp;&nbsp;Pool #A42128 | 5.500% | 01/01/36 | 63070 | 65909 |
| &nbsp;&nbsp;&nbsp;Pool #G02386 | 6.000% | 11/01/36 | 131211 | 138893 |
| &nbsp;&nbsp;&nbsp;Pool #G08607 | 4.500% | 09/01/44 | 428945 | 428660 |
| &nbsp;&nbsp;&nbsp;Pool #SD8092 | 3.000% | 09/01/50 | 5292757 | 4695897 |
| &nbsp;&nbsp;&nbsp;Pool #SD8129 | 2.500% | 02/01/51 | 3728934 | 3185478 |
| &nbsp;&nbsp;&nbsp;Pool #SD8151 | 2.500% | 06/01/51 | 9417341 | 8028625 |
| &nbsp;&nbsp;&nbsp;Pool #SD8194 | 2.500% | 02/01/52 | 2563055 | 2179901 |
| &nbsp;&nbsp;&nbsp;Pool #SD8196 | 3.500% | 02/01/52 | 9493976 | 8818487 |
| &nbsp;&nbsp;&nbsp;Pool #SD8202 | 3.500% | 02/01/52 | 12929371 | 12029792 |
| &nbsp;&nbsp;&nbsp;Pool #SD8201 | 3.000% | 03/01/52 | 6004423 | 5321455 |
| &nbsp;&nbsp;&nbsp;Pool #RA6910 | 3.500% | 03/01/52 | 3715703 | 3460172 |
| &nbsp;&nbsp;&nbsp;Pool #SD8214 | 3.500% | 05/01/52 | 351089 | 325378 |
| &nbsp;&nbsp;&nbsp;Pool #SD8215 | 4.000% | 05/01/52 | 6754463 | 6446167 |
| &nbsp;&nbsp;&nbsp;Pool #RA7554 | 4.000% | 06/01/52 | 4063661 | 3878489 |
| &nbsp;&nbsp;&nbsp;Pool #SD8231 | 4.500% | 07/01/52 | 7233577 | 7091198 |
| &nbsp;&nbsp;&nbsp;Pool #SD8235 | 3.000% | 08/01/52 | 4004169 | 3548186 |
| &nbsp;&nbsp;&nbsp;Pool #SD8238 | 4.500% | 08/01/52 | 5709429 | 5599992 |
| &nbsp;&nbsp;&nbsp;Pool #SD8246 | 5.000% | 09/01/52 | 5937894 | 5956216 |
| &nbsp;&nbsp;&nbsp;Pool #SD8267 | 5.000% | 11/01/52 | 1677924 | 1682055 |
| &nbsp;&nbsp;&nbsp;Pool #SD8494 | 5.500% | 01/01/55 | 5539100 | 5617782 |
|  |  |  |  | 88532305 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal National Mortgage Association — 13.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #735897 | 5.500% | 10/01/35 | $171958 | $178936 |
| &nbsp;&nbsp;&nbsp;Pool #888016 | 5.500% | 05/01/36 | 277756 | 290391 |
| &nbsp;&nbsp;&nbsp;Pool #AL3287, Series 2013 | 4.500% | 09/01/41 | 687840 | 691882 |
| &nbsp;&nbsp;&nbsp;Pool #MA1700, Series 2013 | 4.500% | 12/01/43 | 556396 | 557893 |
| &nbsp;&nbsp;&nbsp;Pool #MA1971 | 4.500% | 06/01/44 | 102916 | 102727 |
| &nbsp;&nbsp;&nbsp;Pool #MA2005 | 4.500% | 08/01/44 | 226817 | 226400 |
| &nbsp;&nbsp;&nbsp;Pool #CB3110 | 2.500% | 03/01/47 | 978350 | 837647 |
| &nbsp;&nbsp;&nbsp;Pool #MA4020 | 3.000% | 05/01/50 | 4298842 | 3844583 |
| &nbsp;&nbsp;&nbsp;Pool #CA5960 | 2.500% | 06/01/50 | 6852659 | 5913796 |
| &nbsp;&nbsp;&nbsp;Pool #MA4048 | 3.000% | 06/01/50 | 4179427 | 3737789 |
| &nbsp;&nbsp;&nbsp;Pool #MA4097 | 3.000% | 08/01/50 | 4191430 | 3744617 |
| &nbsp;&nbsp;&nbsp;Pool #FM6110 | 3.000% | 09/01/50 | 3989015 | 3608898 |
| &nbsp;&nbsp;&nbsp;Pool #MA4121 | 3.000% | 09/01/50 | 3149080 | 2812404 |
| &nbsp;&nbsp;&nbsp;Pool #CA8256 | 2.500% | 12/01/50 | 7151525 | 6068673 |
| &nbsp;&nbsp;&nbsp;Pool #FS0672 | 2.000% | 01/01/51 | 4257225 | 3495916 |
| &nbsp;&nbsp;&nbsp;Pool #BT0417 | 2.500% | 06/01/51 | 3187595 | 2717038 |
| &nbsp;&nbsp;&nbsp;Pool #MA4379 | 2.500% | 07/01/51 | 3493596 | 2978412 |
| &nbsp;&nbsp;&nbsp;Pool #MA4438 | 2.500% | 10/01/51 | 4920772 | 4192054 |
| &nbsp;&nbsp;&nbsp;Pool #MA4514 | 3.500% | 01/01/52 | 1375049 | 1279530 |
| &nbsp;&nbsp;&nbsp;Pool #BV7245 | 4.000% | 05/01/52 | 2674070 | 2548152 |
| &nbsp;&nbsp;&nbsp;Pool #MA4644 | 4.000% | 05/01/52 | 11029236 | 10512640 |
| &nbsp;&nbsp;&nbsp;Pool #MA4732 | 4.000% | 09/01/52 | 3946094 | 3759554 |
| &nbsp;&nbsp;&nbsp;Pool #MA4761 | 5.000% | 09/01/52 | 6066309 | 6075644 |
| &nbsp;&nbsp;&nbsp;Pool #MA4894 | 6.000% | 01/01/53 | 1036589 | 1066115 |
| &nbsp;&nbsp;&nbsp;Pool #MA5008 | 4.500% | 05/01/53 | 10003261 | 9801082 |
| &nbsp;&nbsp;&nbsp;Pool #MA5071 | 5.000% | 07/01/53 | 5148432 | 5153437 |
| &nbsp;&nbsp;&nbsp;Pool #MA5164 | 5.000% | 10/01/53 | 5364463 | 5364147 |
| &nbsp;&nbsp;&nbsp;Pool #MA5216 | 6.000% | 12/01/53 | 4090844 | 4209260 |
| &nbsp;&nbsp;&nbsp;Pool #MA5295 | 6.000% | 03/01/54 | 2179609 | 2238682 |
| &nbsp;&nbsp;&nbsp;Pool #MA5674 | 6.000% | 04/01/55 | 2356445 | 2420050 |
|  |  |  |  | 100428349 |
| **Government National Mortgage Association — 6.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA7590M | 3.000% | 09/20/51 | 6418465 | 5774685 |
| &nbsp;&nbsp;&nbsp;Pool #MA7769M | 3.500% | 12/20/51 | 3983011 | 3656683 |
| &nbsp;&nbsp;&nbsp;Pool #MA8801M | 5.500% | 04/20/53 | 5222442 | 5306518 |
| &nbsp;&nbsp;&nbsp;Pool #MB0426 | 6.500% | 06/20/55 | 8371012 | 8658814 |
| &nbsp;&nbsp;&nbsp;Pool #MB0488M | 7.000% | 07/20/55 | 9997971 | 10332105 |
| &nbsp;&nbsp;&nbsp;Pool #MB0559M | 7.000% | 08/20/55 | 6776993 | 6996709 |
| &nbsp;&nbsp;&nbsp;Pool #MB0816M | 6.500% | 12/20/55 | 2208364 | 2289699 |
|  |  |  |  | 43015213 |
| **Total Mortgage-Backed Securities Passthrough (Cost $240,516,493)** |  |  |  | 231975867 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 35 |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. TREASURY BONDS & NOTES — 22.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.375% | 05/15/27 | $16358000 | $16111352 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.625% | 02/15/29 | 7360000 | 7156450 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 0.625% | 08/15/30 | 16060000 | 13974709 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.750% | 08/15/32 | 11713000 | 10918255 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 3.375% | 05/15/33 | 13867000 | 13331279 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 4.625% | 02/15/35 | 18625000 | 19332895 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 3.125% | 11/15/41 | 16492000 | 13638755 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 1.125% | 05/15/40 | 5800000 | 3680055 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 1.750% | 08/15/41 | 21234000 | 14327144 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.500% | 02/15/45 | 21875000 | 15491943 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 1.375% | 08/15/50 | 34900000 | 17159621 |
| &nbsp;&nbsp;&nbsp;United States Treasury | 2.875% | 05/15/52 | 23137000 | 16166979 |
| **Total U.S. Treasury Bonds & Notes (Cost $162,020,013)** |  |  |  | 161289437 |
| **Investments at Value — 97.0%** |  |  |  |  |
| **(Cost $709,075,635)** |  |  |  | $698686844 |
| **Other Assets in Excess of Liabilities — 3.0%** |  |  |  | 21405808 |
| **Net Assets — 100.0%** |  |  |  | $720092652 |

---

*<sup>(a)</sup>* *Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 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>* *Security is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $6,162,096, which represents 0.9% of net assets as of December 31, 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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CORPORATE BONDS — 96.5%** |  |  |  |  |
| **Finance — 11.1%** |  |  |  |  |
| *Mortgage Banking — 1.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp. <sup>(a)</sup> | 9.750% | 09/15/29 | $966000 | $1018863 |
| *Other Finance — 2.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Outfront Media Capital LLC <sup>(a)</sup> | 4.250% | 01/15/29 | 1650000 | 1606915 |
| *Real Estate Investment Trusts — 7.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP, Series J <sup>(b)</sup> | 2.900% | 12/15/31 | 1430000 | 1295192 |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP | 5.500% | 05/25/26 | 1950000 | 1922606 |
| &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP/MPT Finance Corp. | 5.000% | 10/15/27 | 1500000 | 1448072 |
|  |  |  |  | 4665870 |
| **Industrial — 78.6%** |  |  |  |  |
| *Aerospace / Defense — 0.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 4.200% | 02/15/27 | 265000 | 264427 |
| *Automobile Manufacturing — 3.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 7.400% | 11/01/46 | 640000 | 689379 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | 4.875% | 03/15/27 | 1550000 | 1552547 |
|  |  |  |  | 2241926 |
| *Building Products — 1.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. <sup>(a)</sup> | 6.375% | 03/01/32 | 747000 | 777537 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. <sup>(a)</sup> | 6.750% | 03/01/33 | 300000 | 313287 |
|  |  |  |  | 1090824 |
| *Chemicals — 4.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC <sup>(a)</sup> | 4.750% | 06/15/27 | 520000 | 520528 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC <sup>(a)</sup> | 3.375% | 02/15/29 | 1000000 | 961265 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. <sup>(a)</sup> | 6.750% | 12/01/27 | 342000 | 341989 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 5.625% | 08/01/29 | 676000 | 679575 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 5.000% | 02/01/30 | 675000 | 663707 |
|  |  |  |  | 3167064 |
| *Construction Machinery — 7.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 2.400% | 08/18/31 | 1489000 | 1304011 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. <sup>(a)</sup> | 4.125% | 06/30/28 | 1640000 | 1614712 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. | 4.875% | 01/15/28 | 961000 | 961083 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 3.875% | 02/15/31 | 1020000 | 972779 |
|  |  |  |  | 4852585 |
| *Consumer Products — 4.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. | 4.125% | 10/15/30 | 1350000 | 1293879 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | 4.500% | 10/15/29 | 500000 | 490579 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | 4.000% | 04/01/31 | 875000 | 823255 |
|  |  |  |  | 2607713 |
| *Diversified Manufacturing — 4.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ATS Automation Tooling Systems, Inc. <sup>(a)</sup> | 4.125% | 12/15/28 | 1415000 | 1380237 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 5.750% | 03/01/28 | 1336000 | 1338603 |
|  |  |  |  | 2718840 |
| *Electronics — 1.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;QORVO, Inc. | 4.375% | 10/15/29 | 1281000 | 1262305 |
| *Environmental — 1.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. <sup>(a)</sup> | 5.125% | 07/15/29 | 995000 | 995974 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 37 |

---

<u>Segall Bryant & Hamill Quality High Yield Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Healthcare Facilities / Supplies — 4.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> | 3.250% | 02/15/29 | $1371000 | $1351218 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 4.625% | 11/15/27 | 1333000 | 1330971 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 6.125% | 10/01/28 | 436000 | 437950 |
|  |  |  |  | 3120139 |
| *Home Builders — 2.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KB Home | 6.875% | 06/15/27 | 1310000 | 1337019 |
| *Independent Energy — 7.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp. | 4.250% | 01/15/30 | 680000 | 667470 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 7.875% | 09/15/31 | 1400000 | 1600889 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. <sup>(a)</sup> | 8.250% | 01/15/29 | 810000 | 826051 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. <sup>(a)</sup> | 4.750% | 02/15/30 | 260000 | 256596 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 6.500% | 07/15/28 | 1325000 | 1339330 |
|  |  |  |  | 4690336 |
| *Media — Cable — 3.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nexstar Escrow, Inc. <sup>(a)</sup> | 5.625% | 07/15/27 | 1135000 | 1138054 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. <sup>(a)</sup> | 5.500% | 07/01/29 | 1350000 | 1361046 |
|  |  |  |  | 2499100 |
| *Media — Non-Cable — 4.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 3.625% | 05/15/30 | 885000 | 814760 |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. | 3.750% | 02/15/28 | 775000 | 760737 |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. | 4.875% | 01/15/29 | 815000 | 813585 |
| &nbsp;&nbsp;&nbsp;Nexstar Broadcasting, Inc. <sup>(a)</sup> | 4.750% | 11/01/28 | 225000 | 223368 |
|  |  |  |  | 2612450 |
| *Metals / Mining — 2.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty., Ltd. <sup>(a)</sup> | 4.500% | 09/15/27 | 1319000 | 1315716 |
| *Other Industrial — 1.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LKQ Corp. <sup>(b)</sup> | 6.250% | 06/15/33 | 600000 | 642531 |
| *Packaging — 4.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 2.875% | 08/15/30 | 350000 | 323612 |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC | 5.250% | 04/01/30 | 1250000 | 1276906 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 4.125% | 02/01/28 | 1358000 | 1336782 |
|  |  |  |  | 2937300 |
| *Pharmaceuticals — 2.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceuticals Financial Netherlands B.V. | 3.150% | 10/01/26 | 1303000 | 1287958 |
| *Restaurants — 2.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Papa Johns International, Inc. <sup>(a)</sup> | 3.875% | 09/15/29 | 1000000 | 948450 |
| &nbsp;&nbsp;&nbsp;YUM Brands, Inc. | 3.625% | 03/15/31 | 350000 | 331080 |
|  |  |  |  | 1279530 |
| *Retail Stores — 5.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | 4.500% | 03/01/28 | 1225000 | 1221482 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 4.100% | 01/15/52 | 435000 | 317836 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. <sup>(a)</sup> | 4.000% | 08/15/28 | 1064000 | 1042955 |
| &nbsp;&nbsp;&nbsp;L Brands, Inc. | 5.250% | 02/01/28 | 1303000 | 1312638 |
|  |  |  |  | 3894911 |
| *Services — 4.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AECOM <sup>(a)</sup> | 6.000% | 08/01/33 | 930000 | 953120 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 4.625% | 12/15/27 | 1300000 | 1298320 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp. <sup>(a)</sup> | 3.625% | 03/15/29 | 697000 | 675026 |
|  |  |  |  | 2926466 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Steel — 1.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ATI, Inc. | 4.875% | 10/01/29 | $650000 | $648935 |
| *Transportation Services — 2.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;XPO Logistics, Inc. | 6.700% | 05/01/34 | 1290000 | 1373850 |
| *Vehicle Parts — 2.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc. <sup>(a)</sup> | 4.750% | 10/01/27 | 649000 | 648113 |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc. <sup>(a)</sup> | 3.750% | 01/30/31 | 704000 | 662895 |
|  |  |  |  | 1311008 |
| *Wireline Telecommunications — 0.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DIRECTV Financing LLC <sup>(a)</sup> | 5.875% | 08/15/27 | 481000 | 483823 |
| **Utility — 6.8%** |  |  |  |  |
| *Electric — 6.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. <sup>(a)</sup> | 3.625% | 02/15/31 | 1352000 | 1263420 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5.000% | 07/01/28 | 950000 | 947369 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5.250% | 07/01/30 | 704000 | 699014 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Corp. <sup>(a)</sup> | 6.875% | 04/15/32 | 1490000 | 1569596 |
|  |  |  |  | 4479399 |
| **Investments at Value — 96.5%** |  |  |  |  |
| **(Cost $63,524,833)** |  |  |  | $63333777 |
| **Other Assets in Excess of Liabilities — 3.5%** |  |  |  | 2293647 |
| **Net Assets — 100.0%** |  |  |  | $65627424 |

---

*<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 \| December 31, 2025 \| | ![](sbh_002.jpg) | 39 |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **MUNICIPAL BONDS — 86.3%** |  |  |  |  |
| **CMBS — 1.0%** |  |  |  |  |
| *Multi-Family Housing — 1.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Series ML-28 | 4.534% | 11/25/42 | $2000000 | $1961893 |
| **General Obligation — 16.0%** |  |  |  |  |
| *Local — 16.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Chambers County Texas Improvement District No. 1, Series 2020 <sup>(a)</sup> | 2.000% | 09/01/27 | 1450000 | 1424941 |
| &nbsp;&nbsp;&nbsp;Chambers County Texas Improvement District No. 1, Series 2020 <sup>(a)</sup> | 2.000% | 09/01/28 | 1450000 | 1384779 |
| &nbsp;&nbsp;&nbsp;Chambers County Texas Improvement District No. 1, Series 2020 <sup>(a)</sup> | 2.000% | 09/01/29 | 1455000 | 1365782 |
| &nbsp;&nbsp;&nbsp;City of Austin TX, Series 2025 | 5.000% | 09/01/43 | 1000000 | 1093100 |
| &nbsp;&nbsp;&nbsp;Cool Water Municipal Utility District, BAM, Series 2023-A <sup>(a)(b)</sup> | 7.000% | 08/15/30 | 380000 | 432644 |
| &nbsp;&nbsp;&nbsp;Eanes Independent School District, Series 2025 | 5.250% | 08/01/42 | 835000 | 920937 |
| &nbsp;&nbsp;&nbsp;Fairfield Independent School District, Series 2025 | 5.250% | 08/15/41 | 450000 | 501223 |
| &nbsp;&nbsp;&nbsp;Fairfield Independent School District, Series 2025 | 5.250% | 08/15/42 | 570000 | 627737 |
| &nbsp;&nbsp;&nbsp;Fairfield Independent School District, Series 2025 | 5.250% | 08/15/43 | 345000 | 376627 |
| &nbsp;&nbsp;&nbsp;Harris County Texas Municipal Utility District No. 504, Series 2019 | 3.125% | 09/01/49 | 225000 | 164686 |
| &nbsp;&nbsp;&nbsp;Hays Consolidated Independent School District, Series 2025 | 5.250% | 02/15/42 | 1500000 | 1661106 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/40 | 490000 | 569916 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/41 | 400000 | 461368 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/43 | 250000 | 282697 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/44 | 525000 | 589775 |
| &nbsp;&nbsp;&nbsp;Jackson County Consolidated School District No. 4, Series 2025 | 5.750% | 03/01/45 | 500000 | 558969 |
| &nbsp;&nbsp;&nbsp;Kaufman County Texas Municipal Utility District No. 5, Series 2021 <sup>(a)</sup> | 3.000% | 03/01/35 | 450000 | 424733 |
| &nbsp;&nbsp;&nbsp;King County Washington Public Hospital District No. 2, Series 2024 | 5.250% | 12/01/45 | 2350000 | 2494145 |
| &nbsp;&nbsp;&nbsp;North Royalton Ohio City School District, Series 2025 | 5.000% | 12/01/42 | 1150000 | 1263658 |
| &nbsp;&nbsp;&nbsp;Northwest Independent School District, Series 2025 | 5.000% | 02/15/43 | 1100000 | 1184429 |
| &nbsp;&nbsp;&nbsp;Ohio EHOVE Joint Vocational School District, Series 2025 | 5.500% | 12/01/40 | 530000 | 588780 |
| &nbsp;&nbsp;&nbsp;Ohio EHOVE Joint Vocational School District, Series 2025 | 5.500% | 12/01/41 | 880000 | 968434 |
| &nbsp;&nbsp;&nbsp;Osage County School District No. R-II, Series 2024 | 5.500% | 03/01/41 | 405000 | 452420 |
| &nbsp;&nbsp;&nbsp;Osage County School District No. R-II, Series 2024 | 5.500% | 03/01/44 | 525000 | 573293 |
| &nbsp;&nbsp;&nbsp;Pearland Independent School District, Series 2025 | 5.000% | 02/15/41 | 500000 | 551369 |
| &nbsp;&nbsp;&nbsp;Public Healthcare Services District No. 3 Pacific County, Washington, Series 2024 | 5.250% | 12/01/44 | 600000 | 633408 |
| &nbsp;&nbsp;&nbsp;Sanitary and Improvement District No. 425 of Douglas County Nebraska, Series 2023 | 4.900% | 11/01/33 | 4000000 | 4118133 |
| &nbsp;&nbsp;&nbsp;Southern Boone County R-I School District, Series 2024 | 6.000% | 03/01/44 | 2520000 | 2875648 |
| &nbsp;&nbsp;&nbsp;Sunfield Municipal Utility District No. 3, Series 2021 <sup>(a)</sup> | 3.000% | 09/01/35 | 525000 | 489661 |
| &nbsp;&nbsp;&nbsp;Sunfield Municipal Utility District No. 3, Series 2021 <sup>(a)</sup> | 3.000% | 09/01/36 | 540000 | 493558 |
| &nbsp;&nbsp;&nbsp;Sunfield Municipal Utility District No. 3, Series 2021 <sup>(a)</sup> | 3.000% | 09/01/37 | 550000 | 492538 |
| &nbsp;&nbsp;&nbsp;Texas Transportation Commission, Series 2014-B | 0.650% | 10/01/41 | 685000 | 679943 |
| &nbsp;&nbsp;&nbsp;Travis County Texas Municipal Utility District No. 21, Series 2016 <sup>(a)</sup> | 3.000% | 09/01/27 | 100000 | 99155 |
| &nbsp;&nbsp;&nbsp;Travis County Texas Municipal Utility District No. 21, Series 2016 <sup>(a)</sup> | 3.500% | 09/01/33 | 215000 | 211135 |
| &nbsp;&nbsp;&nbsp;West Harris County Texas Municipal District No. 5, Series 2015 <sup>(a)</sup> | 3.375% | 09/01/27 | 105000 | 103935 |
| &nbsp;&nbsp;&nbsp;Wink-Loving Independent School District, Series 2024 | 5.000% | 02/15/34 | 375000 | 375996 |
|  |  |  |  | 31490658 |
| **Local Authority — 2.8%** |  |  |  |  |
| *Education — 2.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administrators of the Tulane Educational Fund, Series 2013-C <sup>(a)</sup> | 5.000% | 10/01/47 | 170000 | 155534 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Taxable Educational Facilities Wisconsin, Series 2021-A <sup>(a)</sup> | 5.625% | 06/01/50 | 4550000 | 4516809 |
|  |  |  |  | 4672343 |
| *Public Services — 0.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Port of Greater Cincinnati Ohio Development Authority, Series 2020 <sup>(a)(c)</sup> | 5.250% | 12/01/35 | 880000 | 850357 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Revenue — 57.5%** |  |  |  |  |
| *Education — 0.0% <sup>(d)</sup>* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Minnewaukan Public School District No. 5, Series 2016 | 2.700% | 08/01/26 | $60000 | $59702 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Series 2016 <sup>(a)</sup> | 3.000% | 05/01/37 | 15000 | 13132 |
|  |  |  |  | 72834 |
| *Healthcare — 1.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority, Series 2019 | 3.712% | 11/01/34 | 1930000 | 1932698 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority, Series 2016-A <sup>(a)</sup> | 5.000% | 02/15/45 | 100000 | 100297 |
|  |  |  |  | 2032995 |
| *Housing — 31.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;California State Department of Veteran Affairs, Series 2016-B | 3.375% | 12/01/41 | 545000 | 524250 |
| &nbsp;&nbsp;&nbsp;California State Department of Veteran Affairs, Series 2016-B | 3.500% | 12/01/46 | 120000 | 106831 |
| &nbsp;&nbsp;&nbsp;City of Raleigh North Carolina Housing Authority, Series 2025 | 3.150% | 01/01/44 | 2225000 | 2227494 |
| &nbsp;&nbsp;&nbsp;Columbus Franklin County Ohio Finance Authority, Series 2025 | 3.190% | 06/01/44 | 1100000 | 1103473 |
| &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority, Series 2016-E | 3.000% | 11/15/36 | 170000 | 161119 |
| &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority, Series 2016-A | 3.500% | 05/15/51 | 145000 | 140057 |
| &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority, Series 2021D-SUB-D1 <sup>(a)</sup> | 3.000% | 05/15/51 | 500000 | 492001 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Series ML-24 | 4.300% | 05/25/41 | 3451500 | 3410723 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Series ML-21 | 4.617% | 08/25/41 | 4965485 | 5026065 |
| &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 2025-F-2 | 3.650% | 05/01/28 | 360000 | 362430 |
| &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 2025-SFR | 2.850% | 10/01/43 | 715000 | 707810 |
| &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 2024-L <sup>(a)</sup> | 3.500% | 07/01/58 | 2000000 | 2016146 |
| &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series 2016-A | 3.350% | 12/01/41 | 665000 | 610017 |
| &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series 2017-B | 3.550% | 12/01/42 | 70000 | 65827 |
| &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series 2024-A | 5.000% | 12/01/42 | 2500000 | 2634400 |
| &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series 2017-B | 3.600% | 06/01/44 | 155000 | 140476 |
| &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series 2016-B-1 | 3.500% | 12/01/46 | 65000 | 56257 |
| &nbsp;&nbsp;&nbsp;Housing Authority of the City of College Park Georgia, Series 2025 | 3.450% | 04/01/44 | 2035000 | 2051880 |
| &nbsp;&nbsp;&nbsp;Illinois Housing Development Authority, Series 2023 <sup>(a)</sup> | 5.000% | 02/01/27 | 2000000 | 2002995 |
| &nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority, Series 2024-C-1 <sup>(a)</sup> | 5.000% | 07/01/44 | 750000 | 772644 |
| &nbsp;&nbsp;&nbsp;Knoxville Tennessee Community Development Corp., Series 2025 | 3.150% | 05/01/46 | 4475000 | 4486156 |
| &nbsp;&nbsp;&nbsp;Lee County Florida Housing Finance Authority, Series 2025 | 3.500% | 12/01/42 | 1000000 | 1005926 |
| &nbsp;&nbsp;&nbsp;Maryland Community Development Administration Department, Series 2021-A | 1.050% | 03/01/29 | 500000 | 459377 |
| &nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville and Davidson County, Tennessee (The), Series 2025 | 5.000% | 10/01/28 | 2765000 | 2850613 |
| &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series 2019-B | 3.100% | 12/01/44 | 130000 | 108323 |
| &nbsp;&nbsp;&nbsp;Minnesota State Housing Finance Agency, Series 2021-F <sup>(a)</sup> | 1.850% | 07/01/32 | 470000 | 414959 |
| &nbsp;&nbsp;&nbsp;Missouri Housing Development Commission, Series 2016-B | 3.100% | 11/01/41 | 20000 | 18057 |
| &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority, Series 2019-D | 3.050% | 09/01/42 | 800000 | 693866 |
| &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority, Series 2024-E | 5.000% | 03/01/49 | 1750000 | 1796592 |
| &nbsp;&nbsp;&nbsp;Nevada Housing Division Single-Family Mortgage, Series 2024E | 7.000% | 04/01/49 | 2000000 | 2420054 |
| &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority, Series 2020-B | 1.700% | 01/01/30 | 195000 | 181666 |
| &nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Series 2019-E-1 | 3.000% | 11/01/39 | 395000 | 358806 |
| &nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Series 2022-F-2-A | 3.400% | 11/01/62 | 2500000 | 2500197 |
| &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series 2020-H | 1.800% | 11/01/30 | 560000 | 511222 |
| &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series 2021-A | 2.350% | 11/01/41 | 500000 | 385306 |
| &nbsp;&nbsp;&nbsp;New York State Mortgage Agency, Series 233 | 1.650% | 04/01/30 | 775000 | 704244 |
| &nbsp;&nbsp;&nbsp;New York State Mortgage Agency, Series 223 | 3.000% | 10/01/39 | 1350000 | 1233254 |
| &nbsp;&nbsp;&nbsp;New York State Mortgage Agency, Series 195 | 3.550% | 04/01/40 | 35000 | 34029 |
| &nbsp;&nbsp;&nbsp;New York State Mortgage Agency, Series 203 | 3.500% | 10/01/41 | 280000 | 263031 |
| &nbsp;&nbsp;&nbsp;New York State Mortgage Agency, Series 189 | 3.850% | 10/01/44 | 20000 | 18567 |
| &nbsp;&nbsp;&nbsp;New York State Mortgage Agency, Series 190 | 3.850% | 10/01/45 | 10000 | 9267 |
| &nbsp;&nbsp;&nbsp;Norfolk Redevelopment & Housing Authority, Series 2023 <sup>(a)</sup> | 5.000% | 05/01/43 | 325000 | 327001 |
| &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Series 2024-C <sup>(a)</sup> | 7.500% | 03/01/49 | 2395000 | 2889517 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Series 2017-123-B | 3.450% | 10/01/32 | 620000 | 620070 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 41 |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Housing (Continued)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Series 2015-117-B <sup>(a)</sup> | 3.900% | 10/01/35 | $1530000 | $1530052 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency Single Family Mortgage, Series 2015-118B | 3.800% | 10/01/35 | 50000 | 50001 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency Single Family Mortgage, Series 2016-120 | 3.200% | 04/01/40 | 185000 | 167588 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency Single Family Mortgage, Series 2016-121 | 3.200% | 10/01/41 | 210000 | 191023 |
| &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp., Series 84-A | 5.000% | 04/01/49 | 615000 | 632062 |
| &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp., Series 83-A | 5.250% | 10/01/49 | 300000 | 312484 |
| &nbsp;&nbsp;&nbsp;South Dakota Housing Development Authority, Series 2020-C <sup>(a)</sup> | 3.500% | 05/01/51 | 445000 | 443704 |
| &nbsp;&nbsp;&nbsp;Texas Department of Housing & Community Affairs, Series 2019-A <sup>(a)</sup> | 3.625% | 09/01/44 | 915000 | 843295 |
| &nbsp;&nbsp;&nbsp;Utah Housing Corp., Series 2021-IA | 2.500% | 08/21/51 | 5987123 | 5193214 |
| &nbsp;&nbsp;&nbsp;Virginia Housing Development Authority, Series 2012-C-2 | 3.450% | 04/01/38 | 165000 | 162973 |
| &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Series 2013 1N | 3.500% | 12/01/33 | 530000 | 526975 |
| &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Series 2019-B | 3.050% | 11/01/44 | 135000 | 112391 |
| &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Series 2020-A | 2.750% | 11/01/45 | 1025000 | 792538 |
| &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Series 2020-A | 2.800% | 11/01/50 | 600000 | 433625 |
| &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Series 2024-A | 4.650% | 11/01/54 | 170000 | 168722 |
| &nbsp;&nbsp;&nbsp;Wyoming Community Development Authority, Series 2016-2 | 3.200% | 12/01/41 | 1110000 | 1007457 |
|  |  |  |  | 61471099 |
| *Industrial Development — 4.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bartow County Georgia Development Authority Pollution Control, Series 1997-1 <sup>(a)</sup> | 1.800% | 09/01/29 | 3900000 | 3615335 |
| &nbsp;&nbsp;&nbsp;Burke County Georgia Development Authority Pollution Control, Series 1995-5 <sup>(a)</sup> | 2.200% | 10/01/32 | 1900000 | 1675895 |
| &nbsp;&nbsp;&nbsp;Fayette County Development Authority, Series 2024 | 5.000% | 10/01/40 | 465000 | 503678 |
| &nbsp;&nbsp;&nbsp;Fayette County Development Authority, Series 2024 | 5.000% | 10/01/41 | 640000 | 686153 |
| &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Series 2024 <sup>(c)</sup> | 3.700% | 12/15/27 | 3000000 | 2999647 |
|  |  |  |  | 9480708 |
| *Lease / Rent — 1.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Omaha Public Facilities Corp., Series 2025-C | 5.000% | 04/15/43 | 1565000 | 1691837 |
| &nbsp;&nbsp;&nbsp;Noblesville High School Building Corp., Series 2023 <sup>(a)</sup> | 6.000% | 01/15/43 | 830000 | 940754 |
| &nbsp;&nbsp;&nbsp;Pasadena Public Financing Authority, Series 2024 <sup>(a)</sup> | 0.000% | 06/01/40 | 500000 | 279242 |
| &nbsp;&nbsp;&nbsp;Pasadena Public Financing Authority, Series 2024 <sup>(a)</sup> | 0.000% | 06/01/41 | 300000 | 158487 |
|  |  |  |  | 3070320 |
| *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 | 45000 | 42902 |
| *Recreation — 1.5%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Fort Worth Texas, Series 2025 | 5.500% | 03/01/42 | 400000 | 439092 |
| &nbsp;&nbsp;&nbsp;City of Fort Worth Texas, Series 2025 | 5.500% | 03/01/43 | 210000 | 227613 |
| &nbsp;&nbsp;&nbsp;City of Fort Worth Texas, Series 2025 | 5.500% | 03/01/44 | 2195000 | 2354957 |
|  |  |  |  | 3021662 |
| *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 | 150285 |
| *Tax — 2.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A <sup>(a)(c)</sup> | 5.250% | 12/01/39 | 1900000 | 1907824 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A <sup>(a)(c)</sup> | 5.250% | 12/01/39 | 900000 | 903307 |
| &nbsp;&nbsp;&nbsp;Northglenn Urban Renewal Authority, Series 2019 <sup>(a)</sup> | 4.000% | 12/01/34 | 400000 | 404316 |
| &nbsp;&nbsp;&nbsp;Northglenn Urban Renewal Authority, Series 2019 <sup>(a)</sup> | 4.000% | 12/01/35 | 525000 | 528720 |
| &nbsp;&nbsp;&nbsp;Village Community Development District No. 7, Series 2015 <sup>(a)</sup> | 4.000% | 05/01/36 | 985000 | 984963 |
|  |  |  |  | 4729130 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Transportation — 5.8%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado High Performance Transportation Enterprise, Series 2014 <sup>(a)</sup> | 5.750% | 01/01/44 | $750000 | $750534 |
| &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport, Series 2025-B | 5.250% | 11/01/43 | 1240000 | 1361428 |
| &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport, Series 2025-B | 5.250% | 11/01/44 | 2250000 | 2450906 |
| &nbsp;&nbsp;&nbsp;La Paz County Arizona Industrial Development Authority, Series 2016-A <sup>(a)(c)</sup> | 7.000% | 11/15/38 | 1575000 | 1574930 |
| &nbsp;&nbsp;&nbsp;La Paz County Arizona Industrial Development Authority, Series 2016-A <sup>(a)(c)</sup> | 7.125% | 11/15/45 | 735000 | 704205 |
| &nbsp;&nbsp;&nbsp;Love Field Airport Modernization Corp., Series 2017 <sup>(a)</sup> | 5.000% | 11/01/33 | 400000 | 404465 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series 2009-E | 6.000% | 12/01/30 | 475000 | 505168 |
| &nbsp;&nbsp;&nbsp;Pharr Texas International Toll Bridge System, Series 2021 <sup>(a)</sup> | 4.000% | 08/15/33 | 5000 | 5140 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Air Cargo, Series 2023 | 5.000% | 07/01/26 | 450000 | 452901 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Air Cargo, Series 2023 | 5.000% | 07/01/27 | 250000 | 254970 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority Air Cargo, Series 2023 | 5.000% | 07/01/28 | 500000 | 516723 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, Series 2021-A-2 | 2.000% | 05/15/45 | 1000000 | 997166 |
| &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Series 2022 <sup>(a)</sup> | 5.000% | 12/31/57 | 400000 | 395700 |
| &nbsp;&nbsp;&nbsp;Wayne County Airport Authority, Series 2025-A | 5.250% | 12/01/43 | 1000000 | 1102628 |
|  |  |  |  | 11476864 |
| *Utilities — 9.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series 2021-B | 4.000% | 10/01/52 | 95000 | 95399 |
| &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Series 2024-E | 5.000% | 02/01/55 | 1715000 | 1840037 |
| &nbsp;&nbsp;&nbsp;Long Island Power Authority, Series 2021-B | 1.500% | 09/01/26 | 4385000 | 4334756 |
| &nbsp;&nbsp;&nbsp;Louisville and Jefferson County Metropolitan Sewer District, Series 2016-A | 3.000% | 05/15/46 | 265000 | 210917 |
| &nbsp;&nbsp;&nbsp;Orlando Florida Utilities Commission, Series 2021-B | 1.250% | 10/01/46 | 1125000 | 1033580 |
| &nbsp;&nbsp;&nbsp;PEFA, Inc. Iowa Gas Project, Series 2019 | 5.000% | 09/01/49 | 595000 | 600335 |
| &nbsp;&nbsp;&nbsp;Public Energy Authority of Kentucky, Series 2020-A | 4.000% | 12/01/50 | 115000 | 115975 |
| &nbsp;&nbsp;&nbsp;Public Energy Authority of Kentucky, Series 2025-A | 5.250% | 06/01/55 | 560000 | 592389 |
| &nbsp;&nbsp;&nbsp;San Antonia Texas Electric & Gas Systems, Series 2015-D | 1.125% | 12/01/45 | 1770000 | 1733269 |
| &nbsp;&nbsp;&nbsp;Southeast Energy Authority, Series 2025-E | 5.000% | 10/01/27 | 1090000 | 1127344 |
| &nbsp;&nbsp;&nbsp;Southern California Public Power Authority No. 1, Series 2007-A | 5.000% | 11/01/33 | 500000 | 555422 |
| &nbsp;&nbsp;&nbsp;Southern California Public Power Authority No. 1, Series 2007-B | 4.227% | 11/01/38 | 5550000 | 5368174 |
|  |  |  |  | 17607597 |
| **Variable Rate Demand Note – 9.0%** |  |  |  |  |
| *Variable Rate Demand Note — 9.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Iowa Finance Authority, Series 2019-E | 3.320% | 01/01/49 | 4000000 | 4000000 |
| &nbsp;&nbsp;&nbsp;Port of Tacoma Washington, Series 2008-B | 2.380% | 12/01/44 | 7105000 | 7105000 |
| &nbsp;&nbsp;&nbsp;State of Ohio University Hospital Health System, Series 2025-C | 2.500% | 01/15/50 | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;Tarrant County Texas Cultural Education Facilities, Series 2011-C | 1.650% | 11/15/50 | 4500000 | 4500000 |
|  |  |  |  | 17605000 |
| **Total Municipal Bonds (Cost $168,716,556)** |  |  |  | 169736647 |
| **CORPORATE BONDS — 4.2%** |  |  |  |  |
| **Industrial — 4.2%** |  |  |  |  |
| *Services — 4.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;IPMI 3 LLC, Series 2021 <sup>(e)</sup> (Cost $9,057,215) | 3.900% | 12/01/28 | 9000000 | 8245088 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 43 |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. TREASURY BONDS & NOTES — 6.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 2.750% | 05/31/29 | $5000000 | $4866016 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 3.125% | 08/31/29 | 3000000 | 2949375 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 4.000% | 03/31/30 | 5000000 | 5063672 |
| **Total U.S. Treasury Bonds & Notes (Cost $12,883,408)** |  |  |  | $12879063 |
| **Investments at Value — 97.1%** |  |  |  |  |
| **(Cost $190,657,179)** |  |  |  | $190860798 |
| **Other Assets in Excess of Liabilities — 2.9%** |  |  |  | 5727177 |
| **Net Assets — 100.0%** |  |  |  | $196587975 |

---

*<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 $8,940,270, which represents 4.5% of net assets as of December 31, 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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **MUNICIPAL BONDS — 90.0%** |  |  |  |  |
| **Certificate Participation — 10.1%** |  |  |  |  |
| *Lease / Rent — 10.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District COP, BAM, Series 2025 <sup>(a)</sup> | 5.000% | 12/01/37 | $500000 | $553592 |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District COP, BAM, Series 2025 <sup>(a)</sup> | 5.000% | 12/01/38 | 500000 | 550642 |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District COP, BAM, Series 2025 <sup>(a)</sup> | 5.000% | 12/01/39 | 600000 | 656251 |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District COP, BAM, Series 2025 <sup>(a)</sup> | 5.000% | 12/01/40 | 970000 | 1051758 |
| &nbsp;&nbsp;&nbsp;Adams County Colorado COP, Series 2024 | 5.250% | 12/01/49 | 6000000 | 6383266 |
| &nbsp;&nbsp;&nbsp;City of Aurora Colorado COP, Series 2017 <sup>(b)</sup> | 5.000% | 12/01/35 | 615000 | 625419 |
| &nbsp;&nbsp;&nbsp;City of Aurora Colorado COP, Series 2025 | 5.250% | 12/01/45 | 525000 | 565936 |
| &nbsp;&nbsp;&nbsp;Crested Butte Colorado COP, Series 2024 | 5.000% | 12/01/43 | 1000000 | 1054507 |
| &nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority COP, Series 2018 <sup>(b)</sup> | 5.000% | 12/01/30 | 350000 | 367622 |
| &nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority COP, Series 2018 <sup>(b)</sup> | 5.000% | 12/01/31 | 350000 | 366695 |
| &nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority COP, Series 2018 <sup>(b)</sup> | 5.000% | 12/01/32 | 225000 | 234943 |
| &nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority COP, Series 2018 <sup>(b)</sup> | 5.000% | 12/01/33 | 240000 | 250042 |
| &nbsp;&nbsp;&nbsp;Evergreen Park & Recreation District COP, Series 2025 | 5.000% | 12/01/40 | 720000 | 793360 |
| &nbsp;&nbsp;&nbsp;Evergreen Park & Recreation District COP, Series 2025 | 5.000% | 12/01/41 | 510000 | 556093 |
| &nbsp;&nbsp;&nbsp;Fraser Valley Metropolitan Recreation District COP, Series 2023 <sup>(b)</sup> | 5.250% | 12/01/53 | 500000 | 515400 |
| &nbsp;&nbsp;&nbsp;Grand County Colorado COP, Series 2025 | 5.000% | 12/01/42 | 455000 | 490832 |
| &nbsp;&nbsp;&nbsp;Grand County Colorado COP, Series 2025 | 5.000% | 12/01/43 | 500000 | 534138 |
| &nbsp;&nbsp;&nbsp;Grand County Colorado COP, Series 2025 | 5.000% | 12/01/44 | 640000 | 678255 |
| &nbsp;&nbsp;&nbsp;Grand County Colorado COP, Series 2025 | 5.000% | 12/01/45 | 495000 | 520928 |
| &nbsp;&nbsp;&nbsp;Hyland Hills Park and Recreation District COP, Series 2022 | 5.000% | 12/15/41 | 2430000 | 2590181 |
| &nbsp;&nbsp;&nbsp;Moffat County Colorado COP, Series 2021 <sup>(b)</sup> | 4.000% | 03/01/46 | 4060000 | 3694020 |
| &nbsp;&nbsp;&nbsp;Platteville-Gilcrest Fire Protection District COP, Series 2018 <sup>(b)</sup> | 5.000% | 12/01/33 | 175000 | 184668 |
| &nbsp;&nbsp;&nbsp;State of Colorado Building Excellent Schools Today COP, Series 2025-T | 5.000% | 03/15/42 | 750000 | 820940 |
| &nbsp;&nbsp;&nbsp;State of Colorado Building Excellent Schools Today COP, Series 2025-T | 5.000% | 03/15/43 | 315000 | 341351 |
| &nbsp;&nbsp;&nbsp;State of Colorado Building Excellent Schools Today COP, Series 2025-T | 5.000% | 03/15/44 | 780000 | 837709 |
| &nbsp;&nbsp;&nbsp;Telluride Colorado COP, Series 2024 | 5.000% | 12/01/43 | 500000 | 529242 |
| &nbsp;&nbsp;&nbsp;Telluride Colorado COP, Series 2025 | 5.000% | 12/01/45 | 350000 | 369991 |
| &nbsp;&nbsp;&nbsp;Town of Breckenridge Colorado COP, Series 2022 | 5.000% | 12/01/42 | 2325000 | 2472637 |
| &nbsp;&nbsp;&nbsp;Town of Silverthorne Colorado COP, Series 2024 | 5.000% | 12/01/44 | 2650000 | 2808400 |
|  |  |  |  | 31398818 |
| **General Obligation — 12.4%** |  |  |  |  |
| *Local — 12.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District, Series 2025 | 5.500% | 12/01/40 | 2000000 | 2361946 |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District, Series 2025 | 5.500% | 12/01/41 | 4250000 | 4962532 |
| &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District, Series 2025 | 5.500% | 12/01/42 | 3150000 | 3632948 |
| &nbsp;&nbsp;&nbsp;Basalt & Rural Fire Protection District, Series 2024-A | 5.000% | 12/01/43 | 615000 | 660849 |
| &nbsp;&nbsp;&nbsp;BNC Metropolitan District No. 1, BAM, Series 2017-A <sup>(a)(b)</sup> | 5.000% | 12/01/37 | 545000 | 557735 |
| &nbsp;&nbsp;&nbsp;Bradburn Metropolitan District No. 2, Series 2018-A <sup>(b)</sup> | 5.000% | 12/01/38 | 600000 | 606805 |
| &nbsp;&nbsp;&nbsp;Bromley Park Metropolitan District No. 3, Series 2024 | 5.000% | 12/01/34 | 115000 | 124844 |
| &nbsp;&nbsp;&nbsp;Cornerstar Metropolitan District, Series 2017-A <sup>(b)</sup> | 5.125% | 12/01/37 | 1000000 | 1000050 |
| &nbsp;&nbsp;&nbsp;Erie Commons Metropolitan District No. 2, AGM, Series 2019-A <sup>(a)(b)</sup> | 3.000% | 12/01/49 | 100000 | 73959 |
| &nbsp;&nbsp;&nbsp;Erie Farm Metropolitan District, AGM, Series 2021 <sup>(a)(b)</sup> | 5.000% | 12/01/41 | 570000 | 603381 |
| &nbsp;&nbsp;&nbsp;Erie Farm Metropolitan District, AGM, Series 2021 <sup>(a)(b)</sup> | 4.000% | 12/01/51 | 1100000 | 991072 |
| &nbsp;&nbsp;&nbsp;Fossil Ridge Metropolitan District No. 3 Colorado, BAM, Series 2020 <sup>(a)</sup> | 2.375% | 12/01/39 | 750000 | 584090 |
| &nbsp;&nbsp;&nbsp;Fremont Custer & El Paso Counties Colorado School District No. RE-2, Series 2023 | 5.250% | 12/01/47 | 3250000 | 3454689 |
| &nbsp;&nbsp;&nbsp;Gunnison Watershed Colorado School District No. RE-1J COP, Series 2023 <sup>(b)</sup> | 5.000% | 12/01/47 | 6500000 | 6769151 |
| &nbsp;&nbsp;&nbsp;Hogback Metropolitan District Colorado, Series 2021-A <sup>(b)</sup> | 5.000% | 12/01/41 | 700000 | 690187 |
| &nbsp;&nbsp;&nbsp;Hunters Overlook Metropolitan School District No. 5, AGM, Series 2024 <sup>(a)</sup> | 5.000% | 12/01/44 | 260000 | 272602 |
| &nbsp;&nbsp;&nbsp;North Pine Vistas Metropolitan District No. 2, AGM, Series 2022 <sup>(a)</sup> | 5.250% | 12/01/42 | 625000 | 668248 |
| &nbsp;&nbsp;&nbsp;North Pine Vistas Metropolitan District No. 2, AGM, Series 2022 <sup>(a)</sup> | 5.000% | 12/01/52 | 1000000 | 1020617 |
| &nbsp;&nbsp;&nbsp;North Pine Vistas Metropolitan District No. 3, AGM, Series 2021-A <sup>(a)(b)</sup> | 4.000% | 12/01/36 | 175000 | 179742 |
| &nbsp;&nbsp;&nbsp;Raindance Metropolitan District No. 2, BAM, Series 2024 <sup>(a)</sup> | 4.000% | 12/01/44 | 1800000 | 1730909 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 45 |

---

<u>Segall Bryant & Hamill Colorado Tax Free Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Local (Continued)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SBC Metropolitan District, AGM, Series 2016 <sup>(a)(b)</sup> | 5.000% | 12/01/34 | $205000 | $208048 |
| &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 | 5959510 |
| &nbsp;&nbsp;&nbsp;St. Vrain Lakes Metropolitan District No. 2, AGM, Series 2024-A <sup>(a)</sup> | 5.000% | 12/01/26 | 155000 | 157403 |
| &nbsp;&nbsp;&nbsp;Timnath Ranch Metropolitan District No. 4, BAM, Series 2024 <sup>(a)</sup> | 5.000% | 12/01/39 | 600000 | 649314 |
| &nbsp;&nbsp;&nbsp;Whispering Pines Metropolitan District No. 1 Colorado, AGM, Series 2023 <sup>(a)</sup> | 5.000% | 12/01/43 | 325000 | 342912 |
|  |  |  |  | 38263543 |
| **Local Authority — 2.1%** |  |  |  |  |
| *Education — 0.7%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Board of Trustees of the Colorado School of Mines, AGM, Series 2022-C <sup>(a)</sup> | 4.800% | 12/01/27 | 2000000 | 2034223 |
| *Housing — 1.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-J | 4.684% | 05/01/26 | 930000 | 930000 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2024-G-1 | 4.339% | 05/01/26 | 105000 | 105000 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-C <sup>(b)</sup> | 5.082% | 10/01/26 | 2000000 | 2001466 |
|  |  |  |  | 3036466 |
| *Local — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basalt & Rural Fire Protection District, Series 2024-B | 4.650% | 12/01/26 | 225000 | 226914 |
| &nbsp;&nbsp;&nbsp;Garfield County School District No. RE-2, Series 2012-B <sup>(b)</sup> | 3.050% | 12/01/26 | 500000 | 497356 |
|  |  |  |  | 724270 |
| *Utilities — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Todd Creek Village Metropolitan District Colorado, Series 2018-B <sup>(b)</sup> | 5.875% | 12/01/38 | 740000 | 740055 |
| **Revenue — 58.5%** |  |  |  |  |
| *Education — 4.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Board of Trustees of the Colorado School of Mines, Series 2025-A | 5.000% | 12/01/37 | 515000 | 588390 |
| &nbsp;&nbsp;&nbsp;Board of Trustees of the Colorado School of Mines, AGM, Series 2022-A <sup>(a)</sup> | 5.250% | 12/01/47 | 1000000 | 1055671 |
| &nbsp;&nbsp;&nbsp;Board of Trustees of the Colorado School of Mines, AGM, Series 2022-B <sup>(a)</sup> | 5.250% | 12/01/52 | 6835000 | 7158248 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(b)</sup> | 5.000% | 10/01/34 | 1975000 | 1708436 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(b)</sup> | 5.000% | 05/01/35 | 3145000 | 3154791 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2017-A | 5.000% | 03/01/40 | 500000 | 508983 |
|  |  |  |  | 14174519 |
| *Healthcare — 0.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2017-A <sup>(b)</sup> | 5.000% | 05/15/30 | 710000 | 729029 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2015 | 5.000% | 01/15/35 | 1630000 | 1632255 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2020 | 4.000% | 10/01/35 | 335000 | 337684 |
|  |  |  |  | 2698968 |
| &nbsp;&nbsp;&nbsp;*Housing — 34.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Colorado Springs Colorado, Series 2025 | 3.150% | 12/01/45 | 7970000 | 7984669 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-B-2 <sup>(b)</sup> | 3.350% | 10/01/26 | 5290000 | 5291073 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2024 | 3.050% | 10/01/27 | 3555000 | 3557691 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2024-A-2 | 3.375% | 04/01/28 | 715000 | 720861 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025-F-2 | 3.800% | 04/01/28 | 6000000 | 6058572 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025-G-2 | 3.400% | 10/01/29 | 2600000 | 2629440 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2020-H | 2.200% | 11/01/38 | 480000 | 384429 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2021-E | 2.125% | 11/01/42 | 205000 | 147055 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2024 | 3.500% | 11/01/43 | 2350000 | 2353698 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2024-A | 4.480% | 03/01/44 | 3000000 | 2986992 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025 | 3.375% | 07/01/44 | 4160000 | 4188402 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-B-1 <sup>(b)</sup> | 4.700% | 10/01/48 | 275000 | 272899 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2019-E | 4.250% | 05/01/49 | 445000 | 448526 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2019-F | 4.250% | 11/01/49 | 765000 | 771931 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2019-H | 4.250% | 11/01/49 | 1135000 | 1148129 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2020-H | 3.000% | 05/01/50 | 5780000 | 5720376 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Housing (Continued)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2021-E | 3.000% | 11/01/51 | $285000 | $281698 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2022-B | 3.250% | 05/01/52 | 4600000 | 4555207 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2022-E | 5.250% | 11/01/52 | 1665000 | 1725752 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2022-K | 6.000% | 11/01/52 | 1955000 | 2080691 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2023-L | 5.750% | 11/01/53 | 6510000 | 6973226 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025-B | 5.750% | 11/01/54 | 9835000 | 10847111 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025-F | 6.500% | 05/01/55 | 6500000 | 7370139 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025-M | 6.250% | 11/01/55 | 10000000 | 11179301 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Multifamily Housing, Series 2025-B | 5.000% | 10/01/28 | 1000000 | 1032688 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Multifamily Housing, Series 2025-F-2 | 4.700% | 10/01/42 | 3500000 | 3716977 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Multifamily Housing, Series 2025-A | 5.000% | 12/01/45 | 2000000 | 2017869 |
| &nbsp;&nbsp;&nbsp;Eagle County Housing and Development Authority, Series 2025 | 3.550% | 12/01/45 | 3260000 | 3278139 |
| &nbsp;&nbsp;&nbsp;Maiker Housing Partners Multifamily Housing, Series 2023 <sup>(b)</sup> | 4.500% | 05/01/42 | 6000000 | 6042733 |
|  |  |  |  | 105766274 |
| *Other — 3.4%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016-A <sup>(b)</sup> | 5.000% | 12/15/31 | 715000 | 727509 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2014 <sup>(b)</sup> | 5.000% | 10/01/32 | 1340000 | 1341600 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(b)</sup> | 5.000% | 06/01/36 | 1580000 | 1587680 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(b)</sup> | 5.000% | 07/01/36 | 1000000 | 1000923 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(b)(c)</sup> | 5.000% | 07/01/36 | 1000000 | 1004184 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2016 <sup>(b)</sup> | 5.000% | 08/01/36 | 1140000 | 1147285 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2025-A | 5.250% | 12/01/45 | 800000 | 809175 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2025-A | 5.250% | 12/01/55 | 1330000 | 1337024 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2025-A | 5.375% | 12/01/60 | 1600000 | 1613804 |
|  |  |  |  | 10569184 |
| *Public Services — 6.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(a)</sup> | 5.000% | 12/01/37 | 370000 | 407064 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(a)</sup> | 5.000% | 12/01/38 | 655000 | 716151 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(a)</sup> | 5.000% | 12/01/39 | 730000 | 792545 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2025 <sup>(a)</sup> | 5.000% | 12/01/39 | 1500000 | 1628516 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2025 <sup>(a)</sup> | 5.000% | 12/01/40 | 1450000 | 1564146 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(a)</sup> | 5.000% | 12/01/41 | 500000 | 534548 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2025 <sup>(a)</sup> | 5.000% | 12/01/41 | 1200000 | 1282917 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District, AGM, Series 2022-A <sup>(a)</sup> | 5.000% | 12/01/42 | 500000 | 529918 |
| &nbsp;&nbsp;&nbsp;Rampart Range Colorado Metropolitan District No. 1, AGM, Series 2017 <sup>(a)(b)</sup> | 5.000% | 12/01/47 | 10835000 | 10877266 |
| &nbsp;&nbsp;&nbsp;Rampart Range Colorado Metropolitan District No. 1, AGM, Series 2025 <sup>(a)</sup> | 5.250% | 12/01/50 | 500000 | 519159 |
| &nbsp;&nbsp;&nbsp;Rampart Range Colorado Metropolitan District No. 1, AGM, Series 2025 <sup>(a)</sup> | 5.250% | 12/01/55 | 750000 | 774555 |
|  |  |  |  | 19626785 |
| *Tax — 2.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Durango Colorado, Series 2025 | 5.000% | 12/01/44 | 100000 | 107783 |
| &nbsp;&nbsp;&nbsp;City of Durango Colorado, Series 2025 | 5.250% | 12/01/50 | 1000000 | 1079481 |
| &nbsp;&nbsp;&nbsp;City of Durango Colorado, Series 2025 | 5.250% | 12/01/55 | 1250000 | 1340895 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A <sup>(b)(c)</sup> | 5.250% | 12/01/39 | 3300000 | 3313590 |
| &nbsp;&nbsp;&nbsp;Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A <sup>(b)(c)</sup> | 5.250% | 12/01/39 | 1100000 | 1104042 |
|  |  |  |  | 6945791 |
| *Transportation — 2.3%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Bridge & Tunnel Enterprise, AGM, Series 2025-A <sup>(a)</sup> | 5.250% | 12/01/54 | 2740000 | 2896168 |
| &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority, Series 2024-B | 3.276% | 09/01/39 | 3000000 | 2994577 |
| &nbsp;&nbsp;&nbsp;Grand Junction Regional Airport Authority, NPFG, Series 2016-A <sup>(a)(b)</sup> | 5.000% | 12/01/31 | 1155000 | 1172319 |
|  |  |  |  | 7063064 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 47 |

---

<u>Segall Bryant & Hamill Colorado Tax Free Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Par Value** | **Value** |
| *Utilities — 4.6%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centennial Water & Sanitation District, Series 2024 | 5.250% | 12/01/53 | $3250000 | $3453273 |
| &nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy, Series 2008 | 6.500% | 11/15/38 | 3000000 | 3622177 |
| &nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority, AGM, Series 2007-UU (TSFR3M + 52) <sup>(a)(b)(d)</sup> | 3.359% | 07/01/29 | 290000 | 281093 |
| &nbsp;&nbsp;&nbsp;Todd Creek Village Metropolitan District Colorado, Series 2018-A <sup>(b)</sup> | 5.250% | 12/01/33 | 1350000 | 1410081 |
| &nbsp;&nbsp;&nbsp;Todd Creek Village Metropolitan District Colorado, Series 2018-A <sup>(b)</sup> | 5.250% | 12/01/38 | 1000000 | 1030716 |
| &nbsp;&nbsp;&nbsp;Town of Gypsum Colorado Sewer Enterprise, AGM, Series 2024 <sup>(a)</sup> | 5.000% | 12/01/43 | 1500000 | 1599066 |
| &nbsp;&nbsp;&nbsp;Town of Gypsum Colorado Sewer Enterprise, AGM, Series 2024 <sup>(a)</sup> | 5.000% | 12/01/44 | 2750000 | 2908295 |
|  |  |  |  | 14304701 |
| **Variable Rate Demand Note – 6.9%** |  |  |  |  |
| *Variable Rate Demand Note – 6.9%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;City of Colorado Springs Colorado Utilities System, Series 2006-B | 3.370% | 11/01/36 | 6455000 | 6455000 |
| &nbsp;&nbsp;&nbsp;City of Colorado Springs Colorado Utilities System, Series 2007-A <sup>(b)(d)</sup> | 3.300% | 11/01/37 | 2200000 | 2200000 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2022-F | 3.250% | 05/15/62 | 3500000 | 3500000 |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series 2024-E | 2.450% | 05/15/64 | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Series 2025-N-2 | 3.850% | 05/01/53 | 7755000 | 7755000 |
|  |  |  |  | 21410000 |
| **Total Municipal Bonds (Cost $279,321,821)** |  |  |  | 278756661 |
| **U.S. TREASURY BONDS & NOTES — 4.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 1.375% | 10/31/28 | 5000000 | 4712109 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 2.750% | 05/31/29 | 5500000 | 5355195 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes | 3.125% | 08/31/29 | 4000000 | 3934688 |
| **Total U.S. Treasury Bonds & Notes (Cost $14,010,145)** |  |  |  | 14001992 |
| **Investments at Value — 94.5%** |  |  |  |  |
| **(Cost $293,331,966)** |  |  |  | $292758653 |
| **Other Assets in Excess of Liabilities — 5.5%** |  |  |  | 17094614 |
| **Net Assets — 100.0%** |  |  |  | $309853267 |

---

*<sup>(a)</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>(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 is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $5,421,816, which represents 1.7% of net assets as of December 31, 2025.*

*<sup>(d)</sup>* *Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 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> December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%** |  |  |
| **Communication Services — 7.9%** |  |  |
| *Media & Entertainment — 7.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 6300 | $1976940 |
| **Consumer Discretionary — 14.6%** |  |  |
| *Consumer Discretionary Distribution & Retail — 12.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 6000 | 1384920 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | 125 | 423937 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 9250 | 1420893 |
|  |  | 3229750 |
| *Consumer Services — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 5000 | 421050 |
| **Consumer Staples — 3.4%** |  |  |
| *Consumer Staples Distribution & Retail — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1000 | 862340 |
| **Energy — 0.9%** |  |  |
| *Energy — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 1500 | 228615 |
| **Financials — 20.7%** |  |  |
| *Banks — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4000 | 1288880 |
| *Financial Services — 11.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. - Class A | 7750 | 1252632 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 750 | 391943 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 3450 | 1209950 |
|  |  | 2854525 |
| *Insurance — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 4500 | 1024740 |
| **Health Care — 13.1%** |  |  |
| *Health Care Equipment & Services — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 1000 | 566360 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1750 | 615073 |
|  |  | 1181433 |
| *Pharmaceuticals, Biotechnology & Life Sciences — 8.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 2250 | 515070 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 800 | 859744 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 250 | 192967 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 900 | 521505 |
|  |  | 2089286 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials — 6.2%** |  |  |
| *Capital Goods — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 400 | $186228 |
| &nbsp;&nbsp;&nbsp;EnerSys | 4000 | 587000 |
|  |  | 773228 |
| *Commercial & Professional Services — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 23000 | 771420 |
| **Information Technology — 29.8%** |  |  |
| *Semiconductors & Semiconductor Equipment — 10.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1200 | 415320 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 12325 | 2298612 |
|  |  | 2713932 |
| *Software & Services — 14.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC - Class A (Ireland) | 1700 | 456110 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>(a)</sup> | 500 | 845310 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3740 | 1808739 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 2500 | 382975 |
|  |  | 3493134 |
| *Technology Hardware & Equipment — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 4500 | 1223370 |
| **Materials — 3.2%** |  |  |
| *Materials — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 3000 | 787560 |
| **Investments at Value — 99.8%** |  |  |
| **(Cost $5,878,399)** |  | $24920203 |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 38743 |
| **Net Assets — 100.0%** |  | $24958946 |

---

*<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 \| December 31, 2025 \| | ![](sbh_002.jpg) | 49 |

---

<u>Barrett Opportunity Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 100.4%** |  |  |
| **Communication Services — 13.6%** |  |  |
| *Media & Entertainment — 13.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 10067 | $3159025 |
| **Consumer Discretionary — 6.7%** |  |  |
| *Consumer Discretionary Distribution & Retail — 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 699 | 240526 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3306 | 1334037 |
|  |  | 1574563 |
| **Consumer Staples — 1.8%** |  |  |
| *Food, Beverage & Tobacco — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 3000 | 430560 |
| **Energy — 13.9%** |  |  |
| *Energy — 13.9%* |  |  |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 32034 | 1001063 |
| &nbsp;&nbsp;&nbsp;Shell PLC ADR (United Kingdom) | 30526 | 2243050 |
|  |  | 3244113 |
| **Financials — 24.0%** |  |  |
| *Financial Services — 22.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. - Class A | 3368 | 544370 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 22066 | 2561642 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc. <sup>(a)</sup> | 300 | 90279 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 33064 | 2048976 |
|  |  | 5245267 |
| *Insurance — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 1489 | 339075 |
| **Health Care — 5.7%** |  |  |
| *Pharmaceuticals, Biotechnology & Life Sciences — 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 1960 | 447840 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 550 | 591074 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 491 | 284510 |
|  |  | 1323424 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials — 16.7%** |  |  |
| *Capital Goods — 13.7%* |  |  |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 9500 | $3198270 |
| *Commercial & Professional Services — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 2663 | 685003 |
| **Information Technology — 18.0%** |  |  |
| *Software & Services — 10.4%* |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 5000 | 2418100 |
| *Technology Hardware & Equipment — 7.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 6500 | 1767090 |
| **Investments at Value — 100.4%** |  |  |
| **(Cost $2,538,221)** |  | $23384490 |
| **Liabilities in Excess of Other Assets - (0.4%)** |  | (86799) |
| **Net Assets — 100.0%** |  | $23297691 |

---

*<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> December 31, 2025

COMMON ABBREVIATIONS

---

| | |
|:---|:---|
| *A.B.* | *Aktiebolag is the Swedish equivalent of the term corporation.* |
| *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.* |
| *NPFG* | *National Public Finance Guarantee* |
| *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.A.* | *Sociedad Anónima Abierta (public corporation).* |
| *S.A.B. de C.V.* | *Sociedad Anónima Bursátil de Capital Variable is the Mexican term for publicly traded companies.* |
| *S.A.D.P.* | *Société Anonyme à Responsabilité Particulière (public limited company).* |
| *SCA* | *Société en Commandite par Actions (partnership limited by shares).* |
| *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 \| December 31, 2025 \| | ![](sbh_002.jpg) | 51 |

---

<u>Segall Bryant & Hamill Funds</u>   <u>Statements of Assets and Liabilities</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $285298265 | $250234287 | $73169196 | $40474559 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $372419567 | $301275619 | $91494368 | $75835578 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) | 7026598 | 7029743 | 4573362 | 176380 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 121721 | 141130 |  | 480 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 321761 | 56785 | 69682 | 17779 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable |  |  |  | 14521 |
| &nbsp;&nbsp;&nbsp;Other assets | 33519 | 32473 | 24469 | 18084 |
| &nbsp;&nbsp;&nbsp;Total assets | 379923166 | 308535750 | 96161881 | 76062822 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 720600 | 72820 | 343014 | 1189353 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 447699 |  | 61479 |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) | 263500 | 173084 | 63611 | 30077 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees (Note 6) | 26650 | 61020 | 12206 | 15665 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 13698 | 11863 | 5932 | 5466 |
| &nbsp;&nbsp;&nbsp;Accrued chief compliance officer fees (Note 6) | 833 | 833 | 833 | 833 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 33465 | 27544 | 21788 | 20971 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1506445 | 347164 | 508863 | 1262365 |
| **Net Assets** | $378416721 | $308188586 | $95653018 | $74800457 |
| **Contingencies and Commitments (Note 11)** |  |  |  |  |
| **Net Assets Consists of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $294940661 | $288560264 | $74949376 | $36242010 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (accumulated deficit) | 83476060 | 19628322 | 20703642 | 38558447 |
| **Net Assets** | $378416721 | $308188586 | $95653018 | $74800457 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $7048148 | $58189970 | $622106 | $1066669 |
| &nbsp;&nbsp;&nbsp;Institutional | $371368573 | $249998616 | $95030912 | $73733788 |
| **Shares of Beneficial Interest Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | 471834 | 2583859 | 50335 | 65297 |
| &nbsp;&nbsp;&nbsp;Institutional | 24796903 | 10758498 | 7640340 | 4504290 |
| **Net Asset Value and Redemption Price Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**(Net Assets Per Share Outstanding)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $14.94 | $22.52 | $12.36 | $16.34 |
| &nbsp;&nbsp;&nbsp;Institutional | $14.98 | $23.24 | $12.44 | $16.37 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $62007588 | $67725933 | $12609581 | $21547012 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $87612571 | $87411911 | $14424904 | $33653203 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) |  |  |  | 759766 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $296,471, $9,199, $810, and $1, respectively) | 296984 | 9207 | 814 | 3 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 49083 | 205 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold | 485502 | 442068 | 59111 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 220354 | 182098 | 9735 | 1898 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 1454 | 472569 | 5075 | 79285 |
| &nbsp;&nbsp;&nbsp;Other assets | 22294 | 17570 | 24948 | 14194 |
| &nbsp;&nbsp;&nbsp;Total assets | 88688242 | 88535628 | 14524587 | 34508349 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash due to custodian | 820694 | 339323 | 35251 |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed |  |  |  | 2218 |
| &nbsp;&nbsp;&nbsp;Accrued deferred foreign capital gains tax on appreciated securities | 583670 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) | 42645 | 40594 | 7236 | 1690 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees (Note 6) | 8216 | 5605 | 798 | 4211 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 5734 | 5642 | 3820 | 4993 |
| &nbsp;&nbsp;&nbsp;Accrued chief compliance officer fees (Note 6) | 833 | 833 | 833 | 833 |
| &nbsp;&nbsp;&nbsp;Accrued reclaim collection expenses |  | 6822 |  | 8000 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 85964 | 70951 | 56816 | 20378 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1547756 | 469770 | 104754 | 42323 |
| **Net Assets** | $87140486 | $88065858 | $14419833 | $34466026 |
| **Contingencies and Commitments (Note 11)** |  |  |  |  |
| **Net Assets Consists of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $63099307 | $133336246 | $12473368 | $21796387 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (accumulated deficit) | 24041179 | (45270388) | 1946465 | 12669639 |
| **Net Assets** | $87140486 | $88065858 | $14419833 | $34466026 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $5243426 | $7528614 | $3980 | $30041841 |
| &nbsp;&nbsp;&nbsp;Institutional | $81897060 | $80537244 | $14415853 | $4424185 |
| **Shares of Beneficial Interest Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | 445765 | 505387 | 284 | 2546383 |
| &nbsp;&nbsp;&nbsp;Institutional | 6937313 | 5404622 | 1029865 | 380958 |
| **Net Asset Value and Redemption Price Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**(Net Assets Per Share Outstanding)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $11.76 | $14.90 | $14.00 | $11.80 |
| &nbsp;&nbsp;&nbsp;Institutional | $11.81 | $14.90 | $14.00 | $11.61 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 53 |

---

<u>Segall Bryant & Hamill Funds</u>   <u>Statements of Assets and Liabilities</u> <br> December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $13395739 | $709075635 | $63524833 | $190657179 | $293331966 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $13554271 | $698686844 | $63333777 | $190860798 | $292758653 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) |  | 16439069 | 1379032 | 3340291 | 15718383 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold |  | 208044 | 47778 | 1088432 | 80341 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold | 60935 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 9729 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 147330 | 5466586 | 911922 | 1463279 | 1945141 |
| &nbsp;&nbsp;&nbsp;Other assets | 11404 | 51327 | 16412 | 17663 | 20643 |
| &nbsp;&nbsp;&nbsp;Total assets | 13783669 | 720851870 | 65688921 | 196770463 | 310523161 |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash due to custodian | 16687 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed |  | 461251 | 31 | 64359 | 475104 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) |  | 119391 | 21979 | 46504 | 80238 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees (Note 6) | 1142 | 106348 | 6789 | 31702 | 66982 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 3719 | 22520 | 5255 | 8459 | 11648 |
| &nbsp;&nbsp;&nbsp;Accrued chief compliance officer fees (Note 6) | 833 | 833 | 833 | 833 | 833 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 25395 | 48875 | 26610 | 30631 | 35089 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 47776 | 759218 | 61497 | 182488 | 669894 |
| **Net Assets** | $13735893 | $720092652 | $65627424 | $196587975 | $309853267 |
| **Contingencies and Commitments (Note 11)** |  |  |  |  |  |
| **Net Assets Consists of** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $14755060 | $809597788 | $77455325 | $229080963 | $368463188 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (accumulated deficit) | (1019167) | (89505136) | (11827901) | (32492988) | (58609921) |
| **Net Assets** | $13735893 | $720092652 | $65627424 | $196587975 | $309853267 |
| **Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $1160762 | $256718615 | $19191939 | $10254691 | $92979372 |
| &nbsp;&nbsp;&nbsp;Institutional | $12575131 | $463374037 | $46435485 | $186333284 | $216873895 |
| **Shares of Beneficial Interest Outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | 114027 | 26882955 | 2140486 | 1050249 | 8944083 |
| &nbsp;&nbsp;&nbsp;Institutional | 1234598 | 49088825 | 5250634 | 19080872 | 20769857 |
| **Net Asset Value and Redemption Price Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**(Net Assets Per Share Outstanding)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $10.18 | $9.55 | $8.97 | $9.76 | $10.40 |
| &nbsp;&nbsp;&nbsp;Institutional | $10.19 | $9.44 | $8.84 | $9.77 | $10.44 |

---

---

| | | |
|:---|:---|:---|
| *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> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Barrett<br> Growth<br> Fund** | **Barrett<br> Opportunity<br> Fund** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $5878399 | $2538221 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $24920203 | $23384490 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) | 59979 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 5494 | 9005 |
| &nbsp;&nbsp;&nbsp;Other assets | 5678 | 26211 |
| &nbsp;&nbsp;&nbsp;Total assets | 24991354 | 23419706 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Cash due to custodian |  | 78783 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 20 |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) | 1578 | 9416 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees (Note 6) | 4304 | 7188 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 4014 | 4098 |
| &nbsp;&nbsp;&nbsp;Accrued chief compliance officer fees (Note 6) | 833 | 833 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 21659 | 21697 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 32408 | 122015 |
| **Net Assets** | $24958946 | $23297691 |
| **Contingencies and Commitments (Note 11)** |  |  |
| **Net Assets Consists of** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $5806185 | $638436 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (accumulated deficit) | 19152761 | 22659255 |
| **Net Assets** | $24958946 | $23297691 |
| **Net Assets** | $24958946 | $23297691 |
| **Shares of Beneficial Interest Outstanding** | 901833 | 1901212 |
| **Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)** | $27.68 | $12.25 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 55 |

---

<u>Segall Bryant & Hamill Funds</u>   <u>Statements of Operations</u> <br> For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $5921088 | $931264 | $806152 | $781205 |
| &nbsp;&nbsp;&nbsp;Interest | 307663 | 262820 | 231933 | 63337 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (4303) |  | (3591) | (19202) |
| &nbsp;&nbsp;&nbsp;Tax reclaims received |  |  | 1556 | 3698 |
| &nbsp;&nbsp;&nbsp;Total income | 6224448 | 1194084 | 1036050 | 829038 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 3373802 | 1697682 | 711787 | 597906 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 17115 | 82247 | 1146 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 301798 | 204225 | 44128 | 81587 |
| &nbsp;&nbsp;&nbsp;Administrative fees (Note 6) | 148848 | 99164 | 45570 | 46600 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 48557 | 43073 | 40801 | 39821 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 20544 | 13788 | 15610 | 12811 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 57990 | 41774 | 19945 | 19760 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 26855 | 27198 | 23864 | 24362 |
| &nbsp;&nbsp;&nbsp;Independent pricing service fees | 1769 | 1787 | 1911 | 1253 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 18548 | 14942 | 14836 | 16345 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 31010 | 22786 | 6838 | 12570 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 25726 | 14397 | 4776 | 6072 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 10139 | 10139 | 10139 | 10139 |
| &nbsp;&nbsp;&nbsp;Legal fees | 21622 | 13110 | 4503 | 4889 |
| &nbsp;&nbsp;&nbsp;Borrowing costs |  | 190 |  | 1538 |
| &nbsp;&nbsp;&nbsp;Other | 45214 | 34827 | 16483 | 16622 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 4149537 | 2321329 | 962337 | 893845 |
| &nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by Adviser | (7749) |  | (79097) | (120037) |
| &nbsp;&nbsp;&nbsp;Net expenses | 4141788 | 2321329 | 883240 | 773808 |
| **Net Investment Income (Loss)** | 2082660 | (1127245) | 152810 | 55230 |
| **Realized and Unrealized Gains (Losses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 42465321 | 19747021 | 3276951 | 20198754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency |  |  | 44 | 348 |
|  | 42465321 | 19747021 | 3276995 | 20199102 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4930777) | (531101) | 672051 | (13145120) |
| Net realized and unrealized gains (losses) | 37534544 | 19215920 | 3949046 | 7053982 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $39617204 | $18088675 | $4101856 | $7109212 |

---

---

| | | |
|:---|:---|:---|
| *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 Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $2904177 | $4005066 | $260227 | $380009 |
| &nbsp;&nbsp;&nbsp;Interest | 6441 | 10514 | 2641 | 20626 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (319154) | (597445) | (31882) | (35322) |
| &nbsp;&nbsp;&nbsp;Tax reclaims received |  | 16933 | 4428 | 19294 |
| &nbsp;&nbsp;&nbsp;Total income | 2591464 | 3435068 | 235414 | 384607 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 667700 | 715774 | 60673 | 226303 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 8358 | 10027 | 8 | 33273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 42265 | 53628 | 5660 | 4111 |
| &nbsp;&nbsp;&nbsp;Administrative fees (Note 6) | 41030 | 42641 | 20465 | 28727 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 39735 | 40103 | 46809 | 40290 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 175770 | 83438 | 80876 | 14399 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 18064 | 18679 | 10004 | 13069 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 24574 | 23973 | 21515 | 32775 |
| &nbsp;&nbsp;&nbsp;Independent pricing service fees | 68917 | 45138 | 52406 | 3699 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 29229 | 28037 | 23185 | 14806 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 8494 | 7476 | 6601 | 12354 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3937 | 4270 | 298 | 1987 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 10139 | 10139 | 10139 | 10139 |
| &nbsp;&nbsp;&nbsp;Legal fees | 3792 | 4229 | 330 | 1492 |
| &nbsp;&nbsp;&nbsp;Borrowing Costs | 9591 | 9802 | 122 |  |
| &nbsp;&nbsp;&nbsp;Reclaim fees |  | 19144 |  | 14529 |
| &nbsp;&nbsp;&nbsp;Other | 73258 | 42371 | 37173 | 18892 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 1224853 | 1158869 | 376264 | 470845 |
| &nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by Adviser | (441220) | (313606) | (306666) | (186512) |
| &nbsp;&nbsp;&nbsp;Net expenses | 783633 | 845263 | 69598 | 284333 |
| **Net Investment Income (Loss)** | 1807831 | 2589805 | 165816 | 100274 |
| **Realized and Unrealized Gains (Losses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4425091 <sup>(a)</sup> | 15111584 | 671978 | 2202048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 9491 | (11784) | 3741 | 3311 |
|  | 4434582 | 15099800 | 675719 | 2205359 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 16399937 <sup>(b)</sup> | 13241984 | 1782284 | 942363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities denoted in foreign currencies | 1653 | 68458 | 563 | 10393 |
|  | 16401590 | 13310442 | 1782847 | 952756 |
| Net realized and unrealized gains (losses) | 20836172 | 28410242 | 2458566 | 3158115 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $22644003 | $31000047 | $2624382 | $3258389 |

---

*<sup>(a)</sup>* *Net of foreign capital gains tax of $120,254.* 

*<sup>(b)</sup>* *Net change in deferred foreign capital gains tax of $150,834.* 

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 57 |

---

<u>Segall Bryant & Hamill Funds</u>   <u>Statements of Operations</u> <br> For the Year Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **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 | $737661 | $33703598 | $3241412 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 36535 | 2531860 | 291646 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 2277 | 625540 | 42153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 11872 | 405754 | 35790 |
| &nbsp;&nbsp;&nbsp;Administrative fees (Note 6) | 22532 | 243042 | 38155 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 37921 | 64724 | 43156 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 10308 | 15521 | 10784 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 10591 | 95697 | 16673 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 23409 | 29912 | 25461 |
| &nbsp;&nbsp;&nbsp;Independent pricing service fees | 15513 | 31023 | 13384 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 18793 | 21301 | 18829 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 5750 | 43884 | 11093 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 881 | 42822 | 3776 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 10139 | 10139 | 10139 |
| &nbsp;&nbsp;&nbsp;Legal fees | 779 | 38925 | 3500 |
| &nbsp;&nbsp;&nbsp;Borrowing Costs | 54 | 2258 |  |
| &nbsp;&nbsp;&nbsp;Other | 10448 | 46384 | 15338 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 217802 | 4248786 | 579877 |
| &nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by Adviser | (158673) | (946749) | (96038) |
| &nbsp;&nbsp;&nbsp;Net expenses | 59129 | 3302037 | 483839 |
| **Net Investment Income (Loss)** | 678532 | 30401561 | 2757573 |
| **Realized and Unrealized Gains (Losses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 28871 | (10920367) | (527477) |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 90170 | 32621210 | 2732870 |
| Net realized and unrealized gains (losses) | 119041 | 21700843 | 2205393 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $797573 | $52102404 | $4962966 |

---

---

| | | |
|:---|:---|:---|
| *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 Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $— | $— | $216059 | $438238 |
| &nbsp;&nbsp;&nbsp;Interest | 7170646 | 11882118 | 5793 | 2238 |
| &nbsp;&nbsp;&nbsp;Total income | 7170646 | 11882118 | 221852 | 440476 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 649747 | 1108549 | 165476 | 151509 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 27166 | 210203 | 52019 | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 174322 | 219766 |  |  |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 6) | 75756 | 116659 | 24848 | 24143 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 47355 | 29358 | 27308 | 26300 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 13083 | 13207 | 9834 | 9149 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 6) | 31619 | 46899 | 11934 | 11648 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 23782 | 24973 | 23871 | 26937 |
| &nbsp;&nbsp;&nbsp;Independent pricing servicing fees | 33431 | 34430 | 736 | 409 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 16916 | 17011 | 18800 | 17298 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 9534 | 10046 | 6456 | 7464 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 10397 | 18186 | 1492 | 3804 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 10139 | 10139 | 10139 | 10139 |
| &nbsp;&nbsp;&nbsp;Legal fees | 9934 | 17067 | 1341 | 1204 |
| &nbsp;&nbsp;&nbsp;Reflow fees (Note 2) |  |  | 2578 |  |
| &nbsp;&nbsp;&nbsp;Borrowing costs | 148 |  | 1249 | 3720 |
| &nbsp;&nbsp;&nbsp;Other | 15813 | 21112 | 6876 | 9046 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 1149142 | 1897605 | 364957 | 305101 |
| &nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by Adviser | (203419) | (179483) | (113029) | (74370) |
| &nbsp;&nbsp;&nbsp;Net expenses | 945723 | 1718122 | 251928 | 230731 |
| **Net Investment Income (Loss)** | 6224923 | 10163996 | (30076) | 209745 |
| **Realized and Unrealized Gains (Losses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 366163 | (5010516) | 2372427 | 3868866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind redemptions (Note 2) |  |  | 2312548 |  |
|  | 366163 | (5010516) | 4684975 | 3868866 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3076221 | 5379737 | (2704152) | (1219187) |
| Net realized and unrealized gains (losses) | 3442384 | 369221 | 1980823 | 2649679 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $9667307 | $10533217 | $1950747 | $2859424 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 59 |

---

<u>Segall Bryant & Hamill Funds</u>   <u>Statements of Changes in Net Assets</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2082660 | $5770298 | $(1127245) | $(1009314) | $152810 | $198023 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | 42465321 | 54369422 | 19747021 | 24202248 | 3276995 | 5080614 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | (4930777) | 8242182 | (531101) | 14669606 | 672051 | 3799215 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 39617204 | 68381902 | 18088675 | 37862540 | 4101856 | 9077852 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (746840) | (553591) |  |  | (32428) | (36233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (41116001) | (27986053) |  |  | (5164934) | (4468266) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from distributions to shareholders | (41862841) | (28539644) |  |  | (5197362) | (4504499) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 1224790 | 1807231 | 38465263 | 5304513 | 76352 | 331963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 43585123 | 81641712 | 48379802 | 37119262 | 13379006 | 6252080 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 684928 | 524651 |  |  | 30164 | 34035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 35242882 | 23547521 |  |  | 3004893 | 2327572 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (5335340) | (1348731) | (16375249) | (11519531) | (232609) | (157851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (201041992) | (282879053) | (41914306) | (47537245) | (4423380) | (2754175) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | (125639609) | (176706669) | 28555510 | (16633001) | 11834426 | 6033624 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | (127885246) | (136864411) | 46644185 | 21229539 | 10738920 | 10606977 |
| **Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 506301967 | 643166378 | 261544401 | 240314862 | 84914098 | 74307121 |
| &nbsp;&nbsp;&nbsp;End of year | $378416721 | $506301967 | $308188586 | $261544401 | $95653018 | $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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $55230 | $269354 | $1807831 | $1916547 | $2589805 | $2546736 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | 20199102 | 22517746 | 4434582 | 3115517 | 15099800 | 12284950 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | (13145120) | (3646606) | 16401590 | 2083789 | 13310442 | (7969512) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 7109212 | 19140494 | 22644003 | 7115853 | 31000047 | 6862174 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (332145) | (229214) | (136885) | (163090) | (366238) | (413606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (18770905) | (18153634) | (2226835) | (3339964) | (4095940) | (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 | (19103050) | (18382848) | (2363720) | (4209153) | (4462178) | (5492622) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 286163 | 120001 | 1749165 | 1340691 | 943535 | 88284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 1633881 | 3267573 | 5003451 | 10399243 | 2297355 | 2317726 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 316569 | 216620 | 135272 | 195707 | 354820 | 401251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 18316985 | 17769111 | 1373945 | 2412774 | 4036327 | 4961095 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (587252) | (483497) | (751844) | (739356) | (1058802) | (9417386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (37510629) | (42704845) | (5727765) | (2927605) | (14172170) | (45259034) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | (17544283) | (21815037) | 1782224 | 10681454 | (7598935) | (46908064) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | (29538121) | (21057391) | 22062507 | 13588154 | 18938934 | (45538512) |
| **Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 104338578 | 125395969 | 65077979 | 51489825 | 69126924 | 114665436 |
| &nbsp;&nbsp;&nbsp;End of year | $74800457 | $104338578 | $87140486 | $65077979 | $88065858 | $69126924 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 61 |

---

<u>Segall Bryant & Hamill Funds</u>   <u>Statements of Changes in Net Assets</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $165816 | $69672 | $100274 | $336618 | $678532 | $705093 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | 675719 | 72278 | 2205359 | 1656426 | 28871 | (23031) |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | 1782847 | (50009) | 952756 | 3117564 | 90170 | 177784 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2624382 | 91941 | 3258389 | 5110608 | 797573 | 859846 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (178) | (196) | (1652584) | (1667206) | (64532) | (93426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (666183) | (184782) | (246076) | (276238) | (618519) | (615510) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from distributions to shareholders | (666361) | (184978) | (1898660) | (1943444) | (683051) | (708936) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  |  | 75201 | 896853 | 256548 | 111834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 9651539 | 687573 | 90499 | 1301965 | 919101 | 1424489 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 178 | 196 | 1581678 | 1594501 | 64532 | 90358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 529202 | 177593 | 246018 | 276184 | 591807 | 578179 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail |  |  | (3299623) | (3076137) | (970413) | (1756892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (229531) | (107307) | (1070326) | (340822) | (2658394) | (3262787) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | 9951388 | 758055 | (2376553) | 652544 | (1796819) | (2814819) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | 11909409 | 665018 | (1016824) | 3819708 | (1682297) | (2663909) |
| **Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2510424 | 1845406 | 35482850 | 31663142 | 15418190 | 18082099 |
| &nbsp;&nbsp;&nbsp;End of year | $14419833 | $2510424 | $34466026 | $35482850 | $13735893 | $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>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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** |
| | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $30401561 | $30389811 | $2757573 | $2880987 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | (10920367) | (17255142) | (527477) | (934590) |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | 32621210 | 4275574 | 2732870 | 1876061 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 52102404 | 17410243 | 4962966 | 3822458 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (11274343) | (11606195) | (829244) | (1076592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (19578035) | (19423436) | (1952644) | (1871718) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from distributions to shareholders | (30852378) | (31029631) | (2781888) | (2948310) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 37397876 | 60079012 | 1747396 | 1023764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 101169917 | 143826498 | 9968543 | 8051751 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 11154805 | 11481221 | 788597 | 1033923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 19478016 | 19319703 | 1897503 | 1791396 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (78109008) | (80611220) | (5916130) | (8059208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (136602464) | (122005928) | (10753596) | (8863171) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | (45510858) | 32089286 | (2267687) | (5021545) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | (24260832) | 18469898 | (86609) | (4147397) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 744353484 | 725883586 | 65714033 | 69861430 |
| &nbsp;&nbsp;&nbsp;End of year | $720092652 | $744353484 | $65627424 | $65714033 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 63 |

---

<u>Segall Bryant & Hamill Funds</u>   <u>Statements of Changes in Net Assets</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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** |
| | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $6224923 | $6329615 | $10163996 | $10465762 |
| &nbsp;&nbsp;&nbsp;Net realized gains (loss) | 366163 | (224135) | (5010516) | (3593107) |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | 3076221 | (584066) | 5379737 | 1280328 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 9667307 | 5521414 | 10533217 | 8152983 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (380269) | (455080) | (3309662) | (3725782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (6188622) | (6193921) | (7800114) | (8060846) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from distributions to shareholders | (6568891) | (6649001) | (11109776) | (11786628) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 1566457 | 3699315 | 14571086 | 15792638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 68590433 | 50983102 | 73295424 | 57121055 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 309039 | 370491 | 3199096 | 3630796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 6133637 | 6138072 | 7327790 | 7577087 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | (4039499) | (5627452) | (29267063) | (29614730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (62840249) | (43813784) | (84179181) | (79975816) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | 9719818 | 11749744 | (15052848) | (25468970) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | 12818234 | 10622157 | (15629407) | (29102615) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 183769741 | 173147584 | 325482674 | 354585289 |
| &nbsp;&nbsp;&nbsp;End of year | $196587975 | $183769741 | $309853267 | $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>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Barrett Growth Fund** | **Barrett Growth Fund** | **Barrett Opportunity Fund** | **Barrett Opportunity Fund** |
| | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(30076) | $(24948) | $209745 | $288684 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2372427 | 3839289 | 3868866 | 15035814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 2312548 | 595105 |  | 422503 |
| &nbsp;&nbsp;&nbsp;Change in unrealized net appreciation/depreciation | (2704152) | 2600288 | (1219187) | (8922108) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1950747 | 7009734 | 2859424 | 6824893 |
| **Distributions to Shareholders (Note 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (2730463) | (2815239) | (7647573) | (11943211) |
| **Beneficial Interest Transactions (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2611891 | 3204087 | 56348 | 1874305 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 2710048 | 2796573 | 7040974 | 8002166 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (8194562) | (7337062) | (3629171) | (16608451) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | (2872623) | (1336402) | 3468151 | (6731980) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | (3652339) | 2858093 | (1319998) | (11850298) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 28611285 | 25753192 | 24617689 | 36467987 |
| &nbsp;&nbsp;&nbsp;End of year | $24958946 | $28611285 | $23297691 | $24617689 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $14.85 | $13.81 | $12.50 | $14.83 | $13.34 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.05 | 0.11 | 0.18 | 0.04 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.76 | 1.77 | 1.30 | (2.23) | 2.15 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.81 | 1.88 | 1.48 | (2.19) | 2.17 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.06) | (0.15) | (0.17) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.66) | (0.69) |  | (0.13) | (0.67) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.72) | (0.84) | (0.17) | (0.14) | (0.68) |
| **Net asset value, end of year** | $14.94 | $14.85 | $13.81 | $12.50 | $14.83 |
| **Total Return** | 12.05% | 13.33% | 11.84% | (14.76)% | 16.47% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $7048 | $10286 | $8649 | $8292 | $9414 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.14% | 1.14% | 1.09% | 1.06% | 1.04% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.23% | 1.16% | 1.09% | 1.06% | 1.04% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.34% | 0.78% | 1.35% | 0.34% | 0.13% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.25% | 0.77% | 1.35% | 0.34% | 0.13% |
| **Portfolio turnover rate** | 39% | 33% | 35% | 26% | 32% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

 

---

| | | |
|:---|:---|:---|
| *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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $14.89 | $13.83 | $12.52 | $14.85 | $13.35 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.07 | 0.15 | 0.19 | 0.06 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.76 | 1.77 | 1.31 | (2.23) | 2.16 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.83 | 1.92 | 1.50 | (2.17) | 2.19 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.08) | (0.17) | (0.19) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.66) | (0.69) |  | (0.13) | (0.67) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.74) | (0.86) | (0.19) | (0.16) | (0.69) |
| **Net asset value, end of year** | $14.98 | $14.89 | $13.83 | $12.52 | $14.85 |
| **Total Return** | 12.18% | 13.57% | 11.95% | (14.65)% | 16.62% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $371369 | $496015 | $634518 | $580777 | $601405 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.98% | 0.96% | 0.96% | 0.96% | 0.97% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.98% | 0.96% | 0.96% | 0.96% | 0.97% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.50% | 1.05% | 1.46% | 0.46% | 0.22% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.50% | 1.05% | 1.46% | 0.46% | 0.22% |
| **Portfolio turnover rate** | 39% | 33% | 35% | 26% | 32% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $21.12 | $18.27 | $15.47 | $22.95 | $20.56 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment (loss)<sup>(a)</sup> | (0.12) | (0.11) | (0.07) | (0.11) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.52 | 2.96 | 2.87 | (7.37) | 2.56 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.40 | 2.85 | 2.80 | (7.48) | 2.39 |
| **Net asset value, end of year** | $22.52 | $21.12 | $18.27 | $15.47 | $22.95 |
| **Total Return** | 6.63% | 15.60% | 18.10% | (32.59)% | 11.62% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $58190 | $33900 | $35209 | $42199 | $53652 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.04% | 1.03% | 1.04% | 1.05% | 1.03% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.04% | 1.03% | 1.04% | 1.05% | 1.03% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | (0.58)% | (0.54)% | (0.41)% | (0.66)% | (0.74)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (0.58)% | (0.54)% | (0.41)% | (0.66)% | (0.74)% |
| **Portfolio turnover rate** | 51% | 46% | 36% | 59% | 35% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $21.75 | $18.79 | $15.88 | $23.52 | $21.04 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment (loss)<sup>(a)</sup> | (0.09) | (0.08) | (0.04) | (0.09) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.58 | 3.04 | 2.95 | (7.55) | 2.61 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.49 | 2.96 | 2.91 | (7.64) | 2.48 |
| **Net asset value, end of year** | $23.24 | $21.75 | $18.79 | $15.88 | $23.52 |
| **Total Return** | 6.85% | 15.75% | 18.32% | (32.48)% | 11.79% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $249999 | $227644 | $205106 | $142024 | $188703 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.87% | 0.86% | 0.87% | 0.88% | 0.87% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.87% | 0.86% | 0.87% | 0.88% | 0.87% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | (0.41)% | (0.37)% | (0.23)% | (0.49)% | (0.59)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (0.41)% | (0.37)% | (0.23)% | (0.49)% | (0.59)% |
| **Portfolio turnover rate** | 51% | 46% | 36% | 59% | 35% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $12.54 | $11.79 | $10.76 | $12.65 | $12.26 |
| **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) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.49 | 1.41 | 1.41 | (1.65) | 2.82 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.50 | 1.44 | 1.45 | (1.67) | 2.75 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.01) | (0.03) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.67) | (0.66) | (0.39) | (0.22) | (2.36) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.68) | (0.69) | (0.42) | (0.22) | (2.36) |
| **Net asset value, end of year** | $12.36 | $12.54 | $11.79 | $10.76 | $12.65 |
| **Total Return** | 3.85% | 11.88% | 13.67% | (13.26)% | 23.26% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $622 | $758 | $520 | $728 | $1663 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.12 %<sup>(b)</sup> | 1.02 %<sup>(b)</sup> | 1.14% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.78% | 2.25% | 1.32% | 1.36% | 1.35% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.04% | 0.22% | 0.36% | (0.19)% | (0.25)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (1.62)% | (1.01)% | 0.18% | (0.40)% | (0.46)% |
| **Portfolio turnover rate** | 40% | 40% | 41% | 44% | 36% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $12.62 | $11.86 | $10.81 | $12.70 | $12.28 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.02 | 0.03 | 0.05 | 0.01 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.49 | 1.42 | 1.44 | (1.67) | 2.80 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.51 | 1.45 | 1.49 | (1.66) | 2.78 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.02) | (0.03) | (0.05) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.67) | (0.66) | (0.39) | (0.22) | (2.36) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.69) | (0.69) | (0.44) | (0.23) | (2.36) |
| **Net asset value, end of year** | $12.44 | $12.62 | $11.86 | $10.81 | $12.70 |
| **Total Return** | 3.96% | 11.91% | 13.94% | (13.12)% | 23.48% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $95031 | $84156 | $73787 | $51733 | $50460 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.07% | 1.08% | 1.16% | 1.13% | 1.10% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.17% | 0.24% | 0.49% | 0.12% | (0.13)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.10% | 0.15% | 0.32% | (0.02)% | (0.24)% |
| **Portfolio turnover rate** | 40% | 40% | 41% | 44% | 36% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 71 |

---

<u>Segall Bryant & Hamill All Cap Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $19.50 | $19.87 | $18.22 | $24.51 | $21.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.00 <sup>(b)</sup> | 0.04 | 0.09 | 0.07 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.66 | 3.49 | 2.50 | (4.77) | 6.16 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.66 | 3.53 | 2.59 | (4.70) | 6.15 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.01) | (0.05) | (0.10) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (4.81) | (3.85) | (0.84) | (1.52) | (2.79) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.82) | (3.90) | (0.94) | (1.59) | (2.79) |
| **Net asset value, end of year** | $16.34 | $19.50 | $19.87 | $18.22 | $24.51 |
| **Total Return** | 8.32% | 16.85% | 14.38% | (19.23)% | 29.57% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $1067 | $1275 | $1442 | $796 | $974 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.89 %<sup>(c)</sup> | 0.89 %<sup>(c)</sup> | 0.92% | 0.86% | 0.83% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.94% | 1.41% | 0.92% | 0.86% | 0.83% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.02% | 0.21% | 0.46% | 0.35% | (0.06)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (1.03)% | (0.31)% | 0.46% | 0.35% | (0.06)% |
| **Portfolio turnover rate** | 34% | 27% | 21% | 32% | 30% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Less than $0.005 per share.* 

*<sup>(c)</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.* | | |
| 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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $19.53 | $19.89 | $18.23 | $24.52 | $21.16 |
| **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) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.65 | 3.49 | 2.51 | (4.77) | 6.17 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.66 | 3.54 | 2.61 | (4.70) | 6.15 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.01) | (0.05) | (0.11) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (4.81) | (3.85) | (0.84) | (1.52) | (2.79) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.82) | (3.90) | (0.95) | (1.59) | (2.79) |
| **Net asset value, end of year** | $16.37 | $19.53 | $19.89 | $18.23 | $24.52 |
| **Total Return** | 8.29% | 16.89% | 14.48% | (19.21)% | 29.55% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $73734 | $103063 | $123954 | $130033 | $186459 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.96% | 0.92% | 0.91% | 0.89% | 0.87% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.06% | 0.23% | 0.53% | 0.35% | (0.07)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (0.06)% | 0.15% | 0.45% | 0.31% | (0.10)% |
| **Portfolio turnover rate** | 34% | 27% | 21% | 32% | 30% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 73 |

---

<u>Segall Bryant & Hamill Emerging Markets Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $8.95 | $8.38 | $7.35 | $9.12 | $9.13 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.23 | 0.27 | 0.25 | 0.30 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.89 | 0.89 | 1.24 | (1.77) | 0.21 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.12 | 1.16 | 1.49 | (1.47) | 0.47 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.31) | (0.49) | (0.46) | (0.30) | (0.30) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.10) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.31) | (0.59) | (0.46) | (0.30) | (0.48) |
| **Net asset value, end of year** | $11.76 | $8.95 | $8.38 | $7.35 | $9.12 |
| **Total Return** | 34.90% | 13.77% | 20.35% | (16.17)% | 5.22% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $5243 | $3131 | $2200 | $1952 | $3224 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.20 %<sup>(b)</sup> | 1.38% | 1.38% | 1.38% | 1.38% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.07% | 2.17% | 2.10% | 2.05% | 1.86% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 2.24% | 2.83% | 3.23% | 3.67% | 2.65% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.37% | 2.05% | 2.51% | 3.00% | 2.17% |
| **Portfolio turnover rate** | 88% | 88% | 85% | 88% | 91% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Contractual expense limitation agreement changed from 1.38% to 1.14% effective May 1, 2025 (Note 6).*

---

| | | |
|:---|:---|:---|
| *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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $8.98 | $8.41 | $7.37 | $9.15 | $9.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.25 | 0.29 | 0.27 | 0.32 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.91 | 0.88 | 1.24 | (1.79) | 0.21 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.16 | 1.17 | 1.51 | (1.47) | 0.49 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.33) | (0.49) | (0.47) | (0.31) | (0.31) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.11) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.60) | (0.47) | (0.31) | (0.49) |
| **Net asset value, end of year** | $11.81 | $8.98 | $8.41 | $7.37 | $9.15 |
| **Total Return** | 35.15% | 13.88% | 20.60% | (16.08)% | 5.49% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $81897 | $61947 | $49290 | $38646 | $54660 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.05 %<sup>(b)</sup> | 1.23% | 1.23% | 1.23% | 1.23% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.64% | 1.77% | 1.95% | 1.90% | 1.69% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 2.45% | 3.09% | 3.45% | 3.98% | 2.83% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.85% | 2.55% | 2.73% | 3.31% | 2.37% |
| **Portfolio turnover rate** | 88% | 88% | 85% | 88% | 91% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Contractual expense limitation agreement changed from 1.23% to 0.99% effective May 1, 2025 (Note 6).*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $10.63 | $10.69 | $9.58 | $11.59 | $10.83 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.41 | 0.36 | 0.36 | 0.44 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 4.61 | 0.46 | 1.25 | (2.00) | 1.09 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.02 | 0.82 | 1.61 | (1.56) | 1.38 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.75) | (0.88) | (0.50) | (0.45) | (0.62) |
| **Net asset value, end of year** | $14.90 | $10.63 | $10.69 | $9.58 | $11.59 |
| **Total Return** | 47.43% | 7.65% | 17.09% | (13.31)% | 12.97% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $7529 | $5252 | $13682 | $9757 | $47301 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.16 %<sup>(b)(c)</sup> | 1.14 %<sup>(b)(c)</sup> | 1.25 %<sup>(b)</sup> | 1.18% | 1.18% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.71% | 1.54% | 1.50% | 1.41% | 1.36% |
| **Ratio of net investment income to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.12% | 3.21% | 3.65% | 4.16% | 2.37% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.59% | 2.81% | 3.40% | 3.93% | 2.19% |
| **Portfolio turnover rate** | 105% | 102% | 106% | 105% | 112% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Includes 0.02%, 0.03%, and 0.07% of tax reclaim fees, which are excluded from the expense limitation agreement, for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.*

*<sup>(c)</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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $10.64 | $10.70 | $9.59 | $11.61 | $10.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.42 | 0.35 | 0.36 | 0.46 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 4.61 | 0.49 | 1.26 | (2.02) | 1.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.03 | 0.84 | 1.62 | (1.56) | 1.41 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.77) | (0.90) | (0.51) | (0.46) | (0.65) |
| **Net asset value, end of year** | $14.90 | $10.64 | $10.70 | $9.59 | $11.61 |
| **Total Return** | 47.48% | 7.77% | 17.24% | (13.19)% | 13.19% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $80537 | $63875 | $100984 | $86473 | $108745 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.05 %<sup>(b)</sup> | 1.06 %<sup>(b)</sup> | 1.10 %<sup>(b)</sup> | 1.03% | 1.03% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.46% | 1.50% | 1.36% | 1.24% | 1.13% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.27% | 3.07% | 3.65% | 4.52% | 2.54% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.88% | 2.67% | 3.38% | 4.31% | 2.44% |
| **Portfolio turnover rate** | 105% | 102% | 106% | 105% | 112% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Includes 0.02%, 0.03%, and 0.07% of tax reclaim fees, which are excluded from the expense limitation agreement, for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.* 

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 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** | **Year Ended<br> December 31,<br> 2025** | **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> | 0.34 | 0.28 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 4.12 | 0.20 | 0.46 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.46 | 0.48 | 0.47 |
| **Less dividends and distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.20) | (0.40) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.45) | (0.36) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.65) | (0.76) |  |
| **Net asset value, end of period** | $14.00 | $10.19 | $10.47 |
| **Total Return** | 43.93% | 4.49% | 4.70 %<sup>(c)</sup> |
| **Ratios and Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $4 | $3 | $3 |
| **Ratio of expenses to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 1.04 %<sup>(d)</sup> | 1.14% | 1.14 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 102.04% | 409.75% | 25.58 %<sup>(e)</sup> |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 2.76% | 2.60% | 1.42 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (98.25)% | (406.01)% | (23.02)%<sup>(e)</sup> |
| **Portfolio turnover rate** | 107% | 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>* *Contractual expense limitation agreement changed from 1.14% to 0.99% effective May 1, 2025 (Note 6).* 

*<sup>(e)</sup>* *Annualized.* 

---

| | | |
|:---|:---|:---|
| *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** | **Year Ended<br> December 31,<br> 2025** | **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> | 0.27 | 0.31 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 4.22 | 0.19 | 0.45 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.49 | 0.50 | 0.47 |
| **Less dividends and distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.22) | (0.43) |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.45) | (0.36) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.67) | (0.79) |  |
| **Net asset value, end of period** | $14.00 | $10.18 | $10.47 |
| **Total Return** | 44.29% | 4.58% | 4.70 %<sup>(c)</sup> |
| **Ratios and Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $14416 | $2508 | $1843 |
| **Ratio of expenses to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.86 %<sup>(d)</sup> | 0.99% | 0.99 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 4.68% | 14.08% | 46.95 %<sup>(e)</sup> |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 2.04% | 2.81% | 2.48 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (1.78)% | (10.28)% | (43.48)%<sup>(e)</sup> |
| **Portfolio turnover rate** | 107% | 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>* *Contractual expense limitation agreement changed from 0.99% to 0.84% effective May 1, 2025 (Note 6).* 

*<sup>(e)</sup>* *Annualized.* 

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $11.36 | $10.30 | $8.77 | $11.02 | $9.32 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.03 | 0.11 | 0.06 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.08 | 1.60 | 1.83 | (2.07) | 2.36 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.11 | 1.71 | 1.89 | (2.05) | 2.38 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.03) | (0.11) | (0.07) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.64) | (0.54) | (0.29) | (0.17) | (0.64) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.67) | (0.65) | (0.36) | (0.20) | (0.68) |
| **Net asset value, end of year** | $11.80 | $11.36 | $10.30 | $8.77 | $11.02 |
| **Total Return** | 9.81% | 16.28% | 21.62% | (18.68)% | 25.83% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $30042 | $30504 | $28273 | $25422 | $33821 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.82 %<sup>(b)(c)</sup> | 0.82 %<sup>(c)</sup> | 0.89% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.37% | 1.29% | 1.36% | 1.29% | 1.18% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.28% | 0.95% | 0.68% | 0.25% | 0.16% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (0.23)% | 0.48% | 0.21% | (0.14)% | (0.13)% |
| **Portfolio turnover rate** | 22% | 25% | 24% | 31% | 24% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Includes 0.04% of tax reclaim fees which are excluded from the expense limitation agreement, for the year ended December 31, 2025.* 

*<sup>(c)</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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $11.19 | $10.15 | $8.64 | $10.86 | $9.20 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.03 | 0.12 | 0.08 | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.07 | 1.57 | 1.80 | (2.04) | 2.33 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.10 | 1.69 | 1.88 | (2.01) | 2.36 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.04) | (0.11) | (0.08) | (0.04) | (0.06) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.64) | (0.54) | (0.29) | (0.17) | (0.64) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.68) | (0.65) | (0.37) | (0.21) | (0.70) |
| **Net asset value, end of year** | $11.61 | $11.19 | $10.15 | $8.64 | $10.86 |
| **Total Return** | 9.79% | 16.36% | 21.87% | (18.55)% | 25.94% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $4424 | $4979 | $3390 | $1692 | $4875 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.78 %<sup>(b)</sup> | 0.74% | 0.74% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.57% | 1.42% | 1.35% | 1.27% | 1.17% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.33% | 1.10% | 0.81% | 0.33% | 0.29% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (0.42)% | 0.42% | 0.21% | (0.20)% | (0.14)% |
| **Portfolio turnover rate** | 22% | 25% | 24% | 31% | 24% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Includes 0.04% of tax reclaim fees which are excluded from the expense limitation agreement, for the year ended December 31, 2025.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $10.10 | $10.01 | $9.76 | $10.05 | $10.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.47 | 0.41 | 0.23 | 0.07 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.08 | 0.10 | 0.26 | (0.28) | (0.08) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.55 | 0.51 | 0.49 | (0.21) | (0.03) |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.47) | (0.42) | (0.24) | (0.08) | (0.06) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.47) | (0.42) | (0.24) | (0.08) | (0.07) |
| **Net asset value, end of year** | $10.18 | $10.10 | $10.01 | $9.76 | $10.05 |
| **Total Return** | 5.57% | 5.19% | 5.09% | (2.07)% | (0.23)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $1161 | $1797 | $3331 | $3828 | $11896 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.45 %<sup>(b)</sup> | 0.47 %<sup>(b)</sup> | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.16% | 1.58% | 1.25% | 0.86% | 0.80% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.62% | 4.05% | 2.36% | 0.69% | 0.45% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 2.91% | 2.94% | 1.65% | 0.31% | 0.14% |
| **Portfolio turnover rate** | 41% | 58% | 45% | 22% | 46% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $10.11 | $10.03 | $9.78 | $10.07 | $10.16 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.47 | 0.42 | 0.24 | 0.08 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.09 | 0.09 | 0.26 | (0.28) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.56 | 0.51 | 0.50 | (0.20) | (0.01) |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.48) | (0.43) | (0.25) | (0.09) | (0.07) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.48) | (0.43) | (0.25) | (0.09) | (0.08) |
| **Net asset value, end of year** | $10.19 | $10.11 | $10.03 | $9.78 | $10.07 |
| **Total Return** | 5.65% | 5.17% | 5.17% | (1.98)% | (0.05)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $12575 | $13621 | $14751 | $24777 | $40054 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.42% | 1.27% | 1.13% | 0.74% | 0.68% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.66% | 4.19% | 2.38% | 0.81% | 0.55% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.64% | 3.32% | 1.65% | 0.48% | 0.27% |
| **Portfolio turnover rate** | 41% | 58% | 45% | 22% | 46% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 83 |

---

<u>Segall Bryant & Hamill Plus Bond Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $9.27 | $9.46 | $9.14 | $10.85 | $11.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.39 | 0.37 | 0.34 | 0.26 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.28 | (0.19) | 0.33 | (1.67) | (0.30) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.67 | 0.18 | 0.67 | (1.41) | (0.07) |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.39) | (0.37) | (0.35) | (0.30) | (0.26) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.37) | (0.35) | (0.30) | (0.33) |
| **Net asset value, end of year** | $9.55 | $9.27 | $9.46 | $9.14 | $10.85 |
| **Total Return** | 7.38% | 1.99% | 7.47% | (13.13)% | (0.58)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $256719 | $278142 | $292517 | $311042 | $466063 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.68% | 0.66% | 0.66% | 0.67% | 0.67% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.12% | 3.94% | 3.69% | 2.77% | 2.10% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 4.00% | 3.83% | 3.58% | 2.65% | 1.98% |
| **Portfolio turnover rate** | 38% | 36% | 39% | 26% | 54% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $9.17 | $9.36 | $9.05 | $10.74 | $11.14 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.40 | 0.38 | 0.35 | 0.28 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.28 | (0.18) | 0.32 | (1.66) | (0.30) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.68 | 0.20 | 0.67 | (1.38) | (0.05) |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.41) | (0.39) | (0.36) | (0.31) | (0.28) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.41) | (0.39) | (0.36) | (0.31) | (0.35) |
| **Net asset value, end of year** | $9.44 | $9.17 | $9.36 | $9.05 | $10.74 |
| **Total Return** | 7.51% | 2.17% | 7.59% | (12.95)% | (0.44)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $463374 | $466211 | $433367 | $369601 | $589074 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.54% | 0.53% | 0.53% | 0.52% | 0.51% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.27% | 4.09% | 3.85% | 2.91% | 2.24% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 4.14% | 3.96% | 3.73% | 2.79% | 2.13% |
| **Portfolio turnover rate** | 38% | 36% | 39% | 26% | 54% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $8.66 | $8.56 | $7.98 | $9.21 | $9.24 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.37 | 0.37 | 0.35 | 0.31 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.31 | 0.09 | 0.59 | (1.20) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.68 | 0.46 | 0.94 | (0.89) | 0.29 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.37) | (0.36) | (0.36) | (0.34) | (0.32) |
| **Net asset value, end of year** | $8.97 | $8.66 | $8.56 | $7.98 | $9.21 |
| **Total Return** | 7.97% | 5.53% | 12.16% | (9.75)% | 3.14% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $19192 | $21881 | $27513 | $27855 | $39879 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.01% | 0.97% | 0.94% | 0.90% | 0.88% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.16% | 4.15% | 4.34% | 3.82% | 3.30% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.99% | 4.03% | 4.25% | 3.77% | 3.27% |
| **Portfolio turnover rate** | 37% | 13% | 9% | 9% | 25% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $8.55 | $8.45 | $7.89 | $9.10 | $9.13 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.37 | 0.37 | 0.36 | 0.33 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.30 | 0.11 | 0.58 | (1.19) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.67 | 0.48 | 0.94 | (0.86) | 0.30 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.38) | (0.38) | (0.38) | (0.35) | (0.33) |
| **Net asset value, end of year** | $8.84 | $8.55 | $8.45 | $7.89 | $9.10 |
| **Total Return** | 7.99% | 5.76% | 12.21% | (9.51)% | 3.33% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $46435 | $43833 | $42349 | $37923 | $62127 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.85% | 0.83% | 0.85% | 0.79% | 0.76% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 4.31% | 4.29% | 4.48% | 3.95% | 3.43% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 4.17% | 4.16% | 4.34% | 3.86% | 3.37% |
| **Portfolio turnover rate** | 37% | 13% | 9% | 9% | 25% |

---

 

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 87 |

---

<u>Segall Bryant & Hamill Municipal Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $9.61 | $9.66 | $9.50 | $11.02 | $11.01 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.31 | 0.34 | 0.31 | 0.21 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.17 | (0.05) | 0.18 | (1.44) | 0.12 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.48 | 0.29 | 0.49 | (1.23) | 0.30 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.33) | (0.34) | (0.33) | (0.29) | (0.27) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.34) | (0.33) | (0.29) | (0.29) |
| **Net asset value, end of year** | $9.76 | $9.61 | $9.66 | $9.50 | $11.02 |
| **Total Return** | 5.07% | 3.05% | 5.34% | (11.25)% | 2.72% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $10255 | $12246 | $13886 | $35120 | $42056 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.65% | 0.60 %<sup>(b)</sup> | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.84% | 0.75% | 0.76% | 0.73% | 0.74% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.22% | 3.39% | 3.24% | 2.16% | 1.64% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.03% | 3.24% | 3.13% | 2.08% | 1.55% |
| **Portfolio turnover rate** | 77% | 95% | 73% | 173% | 37% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $9.61 | $9.67 | $9.51 | $11.03 | $11.02 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.32 | 0.35 | 0.32 | 0.23 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.18 | (0.06) | 0.19 | (1.45) | 0.12 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.50 | 0.29 | 0.51 | (1.22) | 0.31 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.34) | (0.35) | (0.35) | (0.30) | (0.28) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.34) | (0.35) | (0.35) | (0.30) | (0.30) |
| **Net asset value, end of year** | $9.77 | $9.61 | $9.67 | $9.51 | $11.03 |
| **Total Return** | 5.32% | 3.09% | 5.50% | (11.11)% | 2.87% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $186333 | $171523 | $159261 | $176685 | $233490 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.61% | 0.60% | 0.60% | 0.56% | 0.57% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.37% | 3.48% | 3.40% | 2.31% | 1.74% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.27% | 3.38% | 3.30% | 2.24% | 1.67% |
| **Portfolio turnover rate** | 77% | 95% | 73% | 173% | 37% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $10.42 | $10.53 | $10.35 | $11.91 | $11.95 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.32 | 0.32 | 0.28 | 0.21 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.01 | (0.07) | 0.23 | (1.47) | 0.05 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.33 | 0.25 | 0.51 | (1.26) | 0.22 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.35) | (0.36) | (0.33) | (0.30) | (0.26) |
| **Net asset value, end of year** | $10.40 | $10.42 | $10.53 | $10.35 | $11.91 |
| **Total Return** | 3.29% | 2.39% | 5.02% | (10.64)% | 1.87% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $92979 | $104794 | $116155 | $143558 | $216617 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.64 %<sup>(b)</sup> | 0.63 %<sup>(b)</sup> | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.69% | 0.66% | 0.66% | 0.68% | 0.68% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.13% | 3.01% | 2.69% | 1.96% | 1.44% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.08% | 2.99% | 2.68% | 1.94% | 1.41% |
| **Portfolio turnover rate** | 80% | 45% | 48% | 64% | 15% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</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 Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional** | **Year Ended<br> December 31,<br> 2025** | **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** |
| **Net asset value, beginning of year** | $10.46 | $10.57 | $10.39 | $11.96 | $12.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.34 | 0.33 | 0.29 | 0.23 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.01 | (0.07) | 0.23 | (1.48) | 0.05 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.35 | 0.26 | 0.52 | (1.25) | 0.24 |
| **Less dividends and distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.37) | (0.37) | (0.34) | (0.32) | (0.28) |
| **Net asset value, end of year** | $10.44 | $10.46 | $10.57 | $10.39 | $11.96 |
| **Total Return** | 3.42% | 2.53% | 5.16% | (10.55)% | 2.01% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000s) | $216874 | $220688 | $238430 | $251981 | $370546 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.56% | 0.55% | 0.54% | 0.53% | 0.52% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 3.26% | 3.13% | 2.82% | 2.12% | 1.54% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 3.20% | 3.08% | 2.78% | 2.09% | 1.52% |
| **Portfolio turnover rate** | 80% | 45% | 48% | 64% | 15% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 91 |

---

<u>Barrett Growth Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Seven Months** **<br> 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** |
| **Net asset value, beginning of period** | $28.61 | $24.52 | $21.50 | $25.00 | $30.29 | $24.34 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | (0.03) | (0.03) | 0.01 | (0.03) | (0.11) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.36 | 7.10 | 3.75 | 0.72 | (1.49) | 7.99 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.33 | 7.07 | 3.76 | 0.69 | (1.60) | 7.89 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.26) | (2.98) | (0.74) | (4.19) | (3.69) | (1.94) |
| **Net asset value, end of period** | $27.68 | $28.61 | $24.52 | $21.50 | $25.00 | $30.29 |
| **Total Return** | 8.10% | 28.35% | 17.59 %<sup>(c)</sup> | 5.09% | (7.25)% | 32.96% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $24959 | $28611 | $25753 | $24195 | $25364 | $34844 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.99% | 0.99% | 1.14 %<sup>(d)(e)</sup> | 1.17% | 1.13% | 1.24 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.43% | 1.34% | 2.05 %<sup>(d)</sup> | 2.15% | 1.76% | 1.78% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | (0.12)% | (0.09)% | 0.06 %<sup>(d)</sup> | (0.14)% | (0.36)% | (0.35)% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | (0.56)% | (0.44)% | (0.85)%<sup>(d)</sup> | (1.12)% | (0.99)% | (0.89)% |
| **Portfolio turnover rate<sup>(g)</sup>** | 8% | 8% | 1 %<sup>(c)</sup> | 4% | 5% | 6% |

---

*<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 |

---

<u>Barrett Opportunity Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Four Months** **<br> 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** |
| **Net asset value, beginning of period** | $15.61 | $21.52 | $25.98 | $26.68 | $29.92 | $24.33 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.14 | 0.21 | 0.05 | 0.19 | 0.15 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.86 | 4.82 | 1.57 | 2.26 | 0.18 | 6.91 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.00 | 5.03 | 1.62 | 2.45 | 0.33 | 7.12 |
| **Less dividends and distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.11) | (0.21) | (0.14) | (0.21) | (0.20) | (0.22) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (5.25) | (10.73) | (5.94) | (2.94) | (3.37) | (1.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | (5.36) | (10.94) | (6.08) | (3.15) | (3.57) | (1.53) |
| **Net asset value, end of period** | $12.25 | $15.61 | $21.52 | $25.98 | $26.68 | $29.92 |
| **Total Return** | 12.81% | 22.65% | 6.89 %<sup>(c)</sup> | 10.35% | 0.69% | 30.65% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $23298 | $24618 | $36468 | $43923 | $58378 | $64040 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.99% | 0.99% | 1.25 %<sup>(d)(e)</sup> | 1.29% | 1.18% | 1.18% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 1.31% | 1.26% | 1.56 %<sup>(d)</sup> | 1.29% | 1.18% | 1.18% |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.90% | 0.92% | 0.57 %<sup>(d)</sup> | 0.74% | 0.53% | 0.75% |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.58% | 0.65% | 0.26 %<sup>(d)</sup> | 0.74% | 0.53% | 0.75% |
| **Portfolio turnover rate<sup>(f)</sup>** | 3% | 0% | 0 %<sup>(c)</sup> | 4% | 8% | 3% |

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*<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.* 

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|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 93 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

**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 |  |

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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 1940 Act.

**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.

**Segment reporting** – Each Fund has adopted Financial Accounting Standards Board ("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 Management Team of 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.

**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. Management concludes there is no impact 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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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

**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 December 31, 2025, the interest rate was 2.98%, 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 December 31, 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 the 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 December 31, 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.

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| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 95 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

**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.

As of and during the year ended December 31, 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 year ended December 31, 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 year 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 year ended December 31, 2025 the redemptions for securities redeemed in-kind were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Redemptions**<br> **Redeemed at Fair**<br> **Value** | **Recognized Realized<br> Gains (reflected on<br> the Statements of<br> Operations)** |
| Barrett Growth Fund | $2451780 | $2312548 |

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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

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

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 year ended December 31, 2025, the Barrett Growth Fund paid $2,578 for the service.

**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 December 31, 2025, the Segall Bryant & Hamill Emerging Markets Fund invested a significant percentage of its assets in China and Taiwan; 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 December 31, 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 December 31, 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> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **Segall Bryant & Hamill Small Cap Value Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 86036 | 127068 |
| Shares issued in Reinvestment of Distributions | 45151 | 33559 |
| Less Shares Redeemed | (351822) | (94293) |
| Net Increase (Decrease) | (220635) | 66334 |
| **Institutional:** |  |  |
| Shares Sold | 2840279 | 5486873 |
| Shares issued in Reinvestment of Distributions | 2312826 | 1502976 |
| Less Shares Redeemed | (13672439) | (19549645) |
| Net Increase (Decrease) | (8519334) | (12559796) |
| **Segall Bryant & Hamill Small Cap Growth Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 1764806 | 273274 |
| Less Shares Redeemed | (785963) | (595130) |
| Net Increase (Decrease) | 978843 | (321856) |
| **Institutional:** |  |  |
| Shares Sold | 2243554 | 1880319 |
| Less Shares Redeemed | (1949069) | (2332554) |
| Net Increase (Decrease) | 294485 | (452235) |

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| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 97 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

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| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **Segall Bryant & Hamill Small Cap Core Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 6076 | 26308 |
| Shares issued in Reinvestment of Distributions | 2386 | 2549 |
| Less Shares Redeemed | (18575) | (12538) |
| Net Increase (Decrease) | (10113) | 16319 |
| **Institutional:** |  |  |
| Shares Sold | 1087269 | 490447 |
| Shares issued in Reinvestment of Distributions | 236087 | 173160 |
| Less Shares Redeemed | (353237) | (215852) |
| Net Increase (Decrease) | 970119 | 447755 |
| **Segall Bryant & Hamill All Cap Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 14340 | 5289 |
| Shares issued in Reinvestment of Distributions | 19221 | 10578 |
| Less Shares Redeemed | (33643) | (23071) |
| Net Increase (Decrease) | (82) | (7204) |
| **Institutional:** |  |  |
| Shares Sold | 83425 | 150093 |
| Shares issued in Reinvestment of Distributions | 1108104 | 866008 |
| Less Shares Redeemed | (1963471) | (1970875) |
| Net Increase (Decrease) | (771942) | (954774) |
| **Segall Bryant & Hamill Emerging Markets Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 159341 | 143319 |
| Shares issued in Reinvestment of Distributions | 11542 | 21721 |
| Less Shares Redeemed | (75006) | (77589) |
| Net Increase (Decrease) | 95877 | 87451 |
| **Institutional:** |  |  |
| Shares Sold | 485788 | 1092050 |
| Shares issued in Reinvestment of Distributions | 116832 | 266900 |
| Less Shares Redeemed | (566996) | (321205) |
| Net Increase (Decrease) | 35624 | 1037745 |
| **Segall Bryant & Hamill International Small Cap Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 70580 | 7995 |
| Shares issued in Reinvestment of Distributions | 24116 | 37152 |
| Less Shares Redeemed | (83173) | (831438) |
| Net Increase (Decrease) | 11523 | (786291) |
| **Institutional:** |  |  |
| Shares Sold | 192709 | 209874 |
| Shares issued in Reinvestment of Distributions | 275028 | 458366 |
| Less Shares Redeemed | (1066175) | (4102874) |
| Net Increase (Decrease) | (598438) | (3434634) |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

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| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **Segall Bryant & Hamill International Equity Fund** |  |  |
| **Retail:** |  |  |
| Shares issued in Reinvestment of Distributions | 13 | 19 |
| Net Increase (Decrease) | 13 | 19 |
| **Institutional:** |  |  |
| Shares Sold | 762268 | 63383 |
| Shares issued in Reinvestment of Distributions | 38300 | 16875 |
| Less Shares Redeemed | (16969) | (10042) |
| Net Increase (Decrease) | 783599 | 70216 |
| **Segall Bryant & Hamill Global All Cap Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 6339 | 78758 |
| Shares issued in Reinvestment of Distributions | 133232 | 133596 |
| Less Shares Redeemed | (278317) | (271775) |
| Net Increase (Decrease) | (138746) | (59421) |
| **Institutional:** |  |  |
| Shares Sold | 8177 | 117419 |
| Shares issued in Reinvestment of Distributions | 21043 | 23480 |
| Less Shares Redeemed | (93187) | (30000) |
| Net Increase (Decrease) | (63967) | 110899 |
| **Segall Bryant & Hamill Short Term Plus Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 25284 | 11103 |
| Shares issued in Reinvestment of Distributions | 6361 | 8979 |
| Less Shares Redeemed | (95499) | (174813) |
| Net Increase (Decrease) | (63854) | (154731) |
| **Institutional:** |  |  |
| Shares Sold | 90164 | 141515 |
| Shares issued in Reinvestment of Distributions | 58262 | 57347 |
| Less Shares Redeemed | (261167) | (322833) |
| Net Increase (Decrease) | (112741) | (123971) |
| **Segall Bryant & Hamill Plus Bond Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 3964876 | 6401262 |
| Shares issued in Reinvestment of Distributions | 1182165 | 1229614 |
| Less Shares Redeemed | (8264867) | (8556049) |
| Net Increase (Decrease) | (3117826) | (925173) |
| **Institutional:** |  |  |
| Shares Sold | 10818222 | 15491047 |
| Shares issued in Reinvestment of Distributions | 2086751 | 2091520 |
| Less Shares Redeemed | (14668511) | (13047320) |
| Net Increase (Decrease) | (1763538) | 4535247 |

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| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 99 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

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| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **Segall Bryant & Hamill Quality High Yield Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 198316 | 118738 |
| Shares issued in Reinvestment of Distributions | 89316 | 120191 |
| Less Shares Redeemed | (672709) | (928869) |
| Net Increase (Decrease) | (385077) | (689940) |
| **Institutional:** |  |  |
| Shares Sold | 1140785 | 947776 |
| Shares issued in Reinvestment of Distributions | 217748 | 210849 |
| Less Shares Redeemed | (1234665) | (1044472) |
| Net Increase (Decrease) | 123868 | 114153 |
| **Segall Bryant & Hamill Municipal Opportunities Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 163158 | 383794 |
| Shares issued in Reinvestment of Distributions | 32092 | 38559 |
| Less Shares Redeemed | (419863) | (584461) |
| Net Increase (Decrease) | (224613) | (162108) |
| **Institutional:** |  |  |
| Shares Sold | 7110238 | 5292896 |
| Shares issued in Reinvestment of Distributions | 636439 | 638376 |
| Less Shares Redeemed | (6520418) | (4548503) |
| Net Increase (Decrease) | 1226259 | 1382769 |
| **Segall Bryant & Hamill Colorado Tax Free Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 1407597 | 1503159 |
| Shares issued in Reinvestment of Distributions | 309936 | 347547 |
| Less Shares Redeemed | (2834611) | (2825060) |
| Net Increase (Decrease) | (1117078) | (974354) |
| **Institutional:** |  |  |
| **Shares Sold** | 7079350 | 5422923 |
| Shares issued in Reinvestment of Distributions | 706957 | 722120 |
| Less Shares Redeemed | (8115645) | (7604676) |
| Net Increase (Decrease) | (329338) | (1459633) |
| **Barrett Growth Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 91141 | 109297 |
| Shares issued in Reinvestment of Distributions | 97449 | 93813 |
| Less Shares Redeemed | (199647) | (229700) |
| Less Shares issued in In-Kind redemptions | (87200) | (23797) |
| Net Increase (Decrease) | (98257) | (50387) |
| **Barrett Opportunity Fund** |  |  |
| **Retail:** |  |  |
| Shares Sold | 3578 | 103315 |
| Shares issued in Reinvestment of Distributions | 569672 | 498678 |
| Less Shares Redeemed | (248859) | (696812) |
| Less Shares issued in In-Kind Redemptions |  | (23216) |
| Net Increase (Decrease) | 324391 | (118035) |

---

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|:---|:---|:---|
| 100 | ![](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> December 31, 2025

**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.

The tax character of the distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Year Ended** | **Ordinary Income\*** | **Long-Term<br> Capital Gains** | **Tax-Exempt <br> Income** | **Return of <br> Capital** |
| Segall Bryant & Hamill Small Cap Value Fund | 12/31/2025 | $8663402 | $33199439 | $— | $— |
|  | 12/31/2024 | $4986405 | $23553239 | $— | $— |
| Segall Bryant & Hamill Small Cap Growth Fund | 12/31/2025 | $— | $— | $— | $— |
|  | 12/31/2024 | $— | $— | $— | $— |
| Segall Bryant & Hamill Small Cap Core Fund | 12/31/2025 | $513925 | $4683437 | $— | $— |
|  | 12/31/2024 | $1037570 | $3466929 | $— | $— |
| Segall Bryant & Hamill All Cap Fund | 12/31/2025 | $381089 | $18721961 | $— | $— |
|  | 12/31/2024 | $269326 | $18113522 | $— | $— |
| Segall Bryant & Hamill Emerging Markets Fund | 12/31/2025 | $2363720 | $— | $— | $— |
|  | 12/31/2024 | $3503054 | $— | $— | $706099 |
| Segall Bryant & Hamill International Small Cap Fund | 12/31/2025 | $4462178 | $— | $— | $— |
|  | 12/31/2024 | $5492622 | $— | $— | $— |
| Segall Bryant & Hamill International Equity Fund | 12/31/2025 | $536343 | $130018 | $— | $— |
|  | 12/31/2024 | $161065 | $23913 | $— | $— |
| Segall Bryant & Hamill Global All Cap Fund | 12/31/2025 | $100462 | $1798198 | $— | $— |
|  | 12/31/2024 | $329299 | $1614145 | $— | $— |
| Segall Bryant & Hamill Short Term Plus Fund | 12/31/2025 | $683051 | $— | $— | $— |
|  | 12/31/2024 | $708936 | $— | $— | $— |
| Segall Bryant & Hamill Plus Bond Fund | 12/31/2025 | $30852378 | $— | $— | $— |
|  | 12/31/2024 | $31029631 | $— | $— | $— |
| Segall Bryant & Hamill Quality High Yield Fund | 12/31/2025 | $2781888 | $— | $— | $— |
|  | 12/31/2024 | $2948310 | $— | $— | $— |
| Segall Bryant & Hamill Municipal Opportunities Fund | 12/31/2025 | $1890683 | $— | $4678208 | $— |
|  | 12/31/2024 | $2099444 | $— | $4549557 | $— |
| Segall Bryant & Hamill Colorado Tax Free Fund | 12/31/2025 | $1975885 | $— | $9133891 | $— |
|  | 12/31/2024 | $1610958 | $— | $10175670 | $— |
| Barrett Growth Fund | 12/31/2025 | $— | $2730463 | $— | $— |
|  | 12/31/2024 | $— | $2815239 | $— | $— |
| Barrett Opportunity Fund | 12/31/2025 | $241913 | $7405660 | $— | $— |
|  | 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 December 31, 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 | $288688868 | $251434620 | $71204693 | $40585798 |
| Gross unrealized appreciation | 98552050 | 65796375 | 24180619 | 35793405 |
| Gross unrealized depreciation | (14801351) | (15955376) | (3890944) | (543625) |
| Net unrealized appreciation (depreciation) on portfolio investments | $83750699 | $49840999 | $20289675 | $35249780 |

---

---

| | | |
|:---|:---|:---|
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 101 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $64021689 | $69479835 | $12659763 | $21559399 |
| Gross unrealized appreciation | 27079515 | 19890576 | 1980549 | 12466289 |
| Gross unrealized depreciation | (4072303) | (1958501) | (215408) | (372485) |
| Net unrealized appreciation (depreciation) on portfolio investments | $23007212 | $17932075 | $1765141 | $12093804 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Short Term<br> Plus Bond Fund** | **Segall Bryant<br> & Hamill<br> Plus Bond Fund** | **Segall Bryant<br> & Hamill<br> Quality<br> High Yield Fund** | **Segall Bryant &<br> Hamill Municipal<br> Opportunities Fund** |
| Tax cost of portfolio investments | $13408965 | $711605721 | $63747844 | $191510508 |
| Gross unrealized appreciation | 147042 | 12923156 | 1488302 | 2395251 |
| Gross unrealized depreciation | (1736) | (25842144) | (1902369) | (3045291) |
| Net unrealized appreciation (depreciation) on portfolio investments | $145306 | $(12918988) | $(414067) | $(650040) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Colorado<br> Tax Free Fund** | **Barrett<br> Growth Fund** | **Barrett<br> Opportunity Fund** |
| Tax cost of portfolio investments | $296251105 | $5878399 | $2538221 |
| Gross unrealized appreciation | 2006738 | 19083958 | 20852406 |
| Gross unrealized depreciation | (5499190) | (42154) | (6137) |
| Net unrealized appreciation (depreciation) on portfolio investments | $(3492452) | $19041804 | $20846269 |

---

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, 2025 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 & Hamill Small Cap<br> Growth Fund** | **Segall Bryant<br> & Hamill<br> Small Cap<br> Core Fund** | **Segall Bryant<br> & Hamill<br> All Cap Fund** |
| Undistributed ordinary income | $460810 | $— | $— | $2033 |
| Undistributed long term capital gains | 11439504 |  | 418001 | 3318206 |
| Accumulated capital and other losses | (12174953) | (30212677) | (4034) | (11572) |
| Net unrealized appreciation (depreciation) on investments | 83750699 | 49840999 | 20289675 | 35249780 |
| Total accumulated earnings (deficit) | $83476060 | $19628322 | $20703642 | $38558447 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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<br> Global All<br> Cap Fund** |
| Undistributed ordinary income | $53637 | $223196 | $134492 | $9414 |
| Undistributed long term capital gains | 984024 |  | 46355 | 586835 |
| Accumulated capital and other losses | (3820) | (63450054) |  | (27936) |
| Net unrealized appreciation (depreciation) on investments | 23007212 | 17932075 | 1765141 | 12093804 |
| Net unrealized appreciation (depreciation) on foreign currency | 126 | 24395 | 477 | 7522 |
| Total accumulated earnings (deficit) | $24041179 | $(45270388) | $1946465 | $12669639 |

---

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|:---|:---|:---|
| 102 | ![](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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Short<br> Term Plus Fund** | **Segall Bryant<br> & Hamill<br> Plus Bond Fund** | **Segall Bryant<br> & Hamill<br> Quality<br> High Yield Fund** | **Segall Bryant &<br> Hamill Municipal<br> Opportunities Fund** |
| Undistributed tax-exempt income | $— | $— | $— | $2844 |
| Undistributed ordinary income | 91 | 13841 | 1587 |  |
| Accumulated capital and other losses | (1164564) | (76599989) | (11415421) | (31845792) |
| Net unrealized appreciation (depreciation) on investments | 145306 | (12918988) | (414067) | (650040) |
| Total accumulated earnings (deficit) | $(1019167) | $(89505136) | $(11827901) | $(32492988) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Segall Bryant &<br> Hamill Colorado<br> Tax Free Fund** | **Barrett<br> Growth Fund** | **Barrett<br> Opportunity Fund** |
| Undistributed tax-exempt income | $2838 | $— | $— |
| Undistributed long term capital gains |  | 110957 | 1812986 |
| Accumulated capital and other losses | (55120307) |  |  |
| Net unrealized appreciation (depreciation) on investments | (3492452) | 19041804 | 20846269 |
| Total accumulated earnings (deficit) | $(58609921) | $19152761 | $22659255 |

---

Included in accumulated capital and other losses are other Temporary Differences primarily related to deferred Trustee compensation.

Capital loss carry forwards utilized during the year ended December 31, 2025 were as follows:

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| | |
|:---|:---|
| **Fund** | **Amount** |
| Segall Bryant & Hamill Small Cap Value Fund | $242622 |
| Segall Bryant & Hamill Small Cap Growth Fund | 18907786 |
| Segall Bryant & Hamill Emerging Markets Fund | 2916156 |
| Segall Bryant & Hamill International Small Cap Fund | 13287767 |
| Segall Bryant & Hamill Short Term Plus Fund | 27277 |
| Segall Bryant & Hamill Municipal Opportunities Fund | 135615 |

---

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, 2025 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\* | $7424296 | $4641984 |
| Segall Bryant & Hamill Small Cap Growth Fund | 30161241 |  |
| Segall Bryant & Hamill International Small Cap Fund | 63440043 |  |
| Segall Bryant & Hamill Short Term Plus Fund | 445457 | 716606 |
| Segall Bryant & Hamill Plus Bond Fund | 14930787 | 61349962 |
| Segall Bryant & Hamill Quality High Yield Fund | 403991 | 10975127 |
| Segall Bryant & Hamill Municipal Opportunities Fund | 15826190 | 16002283 |
| Segall Bryant & Hamill Colorado Tax Free Fund | 14206673 | 40850640 |

---

*\** *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 realized capital gains, subject to IRC Section 382 annual limitation of $242,622.* 

---

| | | |
|:---|:---|:---|
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 103 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

Tax reclassifications between Paid-in-Capital and Accumulated Earnings/(Deficit), in accordance with federal income tax regulations, resulted primarily from net operating losses, Redemptions-in-kind and the distribution of earnings and profits on redemptions through the utilization of tax equalization debits. For the year ended December 31, 2025 the following Funds made tax reclassifications:

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| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Accumulated<br> Earnings (Deficit)** |
| Segall Bryant & Hamill Small Cap Value Fund | $9948977 | $(9948977) |
| Segall Bryant & Hamill Small Cap Growth Fund | (1124154) | 1124154 |
| Segall Bryant & Hamill Small Cap Core Fund | 137939 | (137939) |
| Segall Bryant & Hamill All Cap Fund | 3143472 | (3143472) |
| Segall Bryant & Hamill International Small Cap | 313 | (313) |
| Segall Bryant & Hamill Global All Cap Fund | 93363 | (93363) |
| Barrett Growth Fund | 2855582 | (2855582) |
| Barrett Opportunity Fund | 491683 | (491683) |

---

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% |
| 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.

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|:---|:---|:---|
| 104 | ![](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> December 31, 2025

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 year ended December 31, 2025, the Adviser and Ultimus received $241,469 and $776,711, 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 to<br> waive until at<br> least the date listed** |
| Segall Bryant & Hamill Small Cap Value Fund | 1.14% | 0.99% | April 30, 2027 |
| Segall Bryant & Hamill Small Cap Growth Fund | 1.14% | 0.99% | April 30, 2027 |
| Segall Bryant & Hamill Small Cap Core Fund | 1.14% | 0.99% | April 30, 2027 |
| Segall Bryant & Hamill All Cap Fund | 0.99% | 0.84% | April 30, 2027 |
| Segall Bryant & Hamill Emerging Markets Fund | 1.14% | 0.99% | April 30, 2027\* |
| Segall Bryant & Hamill International Small Cap Fund | 1.18% | 1.03% | April 30, 2027 |
| Segall Bryant & Hamill International Equity Fund | 0.99% | 0.84% | April 30, 2027\* |
| Segall Bryant & Hamill Global All Cap Fund | 0.89% | 0.74% | April 30, 2027 |
| Segall Bryant & Hamill Short Term Plus Fund | 0.49% | 0.40% | April 30, 2027 |
| Segall Bryant & Hamill Plus Bond Fund | 0.55% | 0.40% | April 30, 2027 |
| Segall Bryant & Hamill Quality High Yield Fund | 0.85% | 0.70% | April 30, 2027 |
| Segall Bryant & Hamill Municipal Opportunities Fund | 0.65% | 0.50% | April 30, 2027 |
| Segall Bryant & Hamill Colorado Tax Free Fund | 0.65% | 0.50% | April 30, 2027 |
| Barrett Growth Fund | 0.99% |  | April 30, 2027 |
| Barrett Opportunity Fund | 0.99% |  | April 30, 2027 |

---

*\** *Prior to May 1, 2025, under the terms of the Previous Expense Limitation Agreement, the Adviser agreed to waive its management fees and/or reimburse the Emerging Markets Fund expenses to ensure total annual operating expenses did not exceed 1.38% and 1.23% for the Retail Class and Institutional Class, respectively. The Adviser also agreed to waive its management fee and/or reimburse the International Equity Fund expenses to ensure the total annual operating expenses did not exceed 1.14% and 0.99% for the Retail Class and Institutional Class, respectively.* 

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 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.

---

| | | |
|:---|:---|:---|
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 105 |

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<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

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 December 31, 2025 is $1,106,976.

**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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Small Cap Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $372419567 | $— | $— | $372419567 |
| Total | $372419567 | $— | $— | $372419567 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Small Cap Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $301275619 | $— | $— | $301275619 |
| Total | $301275619 | $— | $— | $301275619 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Small Cap Core Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $91494368 | $— | $— | $91494368 |
| Total | $91494368 | $— | $— | $91494368 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill All Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $75835578 | $— | $— | $75835578 |
| Total | $75835578 | $— | $— | $75835578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Emerging Markets Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $25312352 | $60613083 <sup>(a)</sup> | $0 \* | $85925435 |
| Preferred Stocks | 1137483 | 547471 <sup>(a)</sup> | 0 \* | 1684954 |
| Rights |  | 1815 |  | 1815 |
| Warrants | 367 |  |  | 367 |
| Total | $26450202 | $61162369 | $0 \* | $87612571 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill International Small Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $7609057 | $79015567 <sup>(a)</sup> | $0 \* | $86624624 |
| Preferred Stocks | 44821 | 742466 <sup>(a)</sup> |  | 787287 |
| Total | $7653878 | $79758033 | $0 \* | $87411911 |

---

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| | | |
|:---|:---|:---|
| 106 | ![](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> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill International Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $893403 | $13491886 <sup>(a)</sup> | $0 \* | $14385289 |
| Preferred Stocks | 11409 | 28206 <sup>(a)</sup> |  | 39615 |
| Total | $904812 | $13520092 | $0 \* | $14424904 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Global All Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $24674606 | $8978597 <sup>(a)</sup> | $— | $33653203 |
| Total | $24674606 | $8978597 | $— | $33653203 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Short Term Plus Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $11810503 | $— | $11810503 |
| Asset Backed Securities |  | 928464 |  | 928464 |
| U.S. Treasury Bonds & Notes |  | 815304 |  | 815304 |
| Total | $— | $13554271 | $— | $13554271 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Plus Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $271213515 | $— | $271213515 |
| Municipal Bonds |  | 14428784 |  | 14428784 |
| Asset Backed Securities |  | 19779241 |  | 19779241 |
| Mortgage-Backed Securities Passthrough |  | 231975867 |  | 231975867 |
| U.S. Treasury Bonds & Notes |  | 161289437 |  | 161289437 |
| Total | $— | $698686844 | $— | $698686844 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Quality High Yield Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $63333777 | $— | $63333777 |
| Total | $— | $63333777 | $— | $63333777 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Municipal Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $169736647 | $— | $169736647 |
| Corporate Bonds |  | 8245088 |  | 8245088 |
| U.S. Treasury Bonds & Notes |  | 12879063 |  | 12879063 |
| Total | $— | $190860798 | $— | $190860798 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segall Bryant & Hamill Colorado Tax Free Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $278756661 | $— | $278756661 |
| U.S. Treasury Bonds & Notes |  | 14001992 |  | 14001992 |
| Total | $— | $292758653 | $— | $292758653 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Barrett Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $24920203 | $— | $— | $24920203 |
| Total | $24920203 | $— | $— | $24920203 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Barrett Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $23384490 | $— | $— | $23384490 |
| Total | $23384490 | $— | $— | $23384490 |

---

*<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.*

---

| | | |
|:---|:---|:---|
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 107 |

---

<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

During the year ended December 31, 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).

**8. PURCHASES AND SALES OF INVESTMENTS**

Investment transactions for the year ended December 31, 2025 excluding in-kind redemptions (See Note 2), long-term U.S. government securities and short-term investments were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br> Securities** | **Proceeds from Sales<br> of Securities** |
| Segall Bryant & Hamill Small Cap Value Fund | $162913453 | $322652919 |
| Segall Bryant & Hamill Small Cap Growth Fund | 161341734 | 131428870 |
| Segall Bryant & Hamill Small Cap Core Fund | 40949731 | 32964665 |
| Segall Bryant & Hamill All Cap Fund | 30555530 | 63168738 |
| Segall Bryant & Hamill Emerging Markets Fund | 65810350 | 65100133 |
| Segall Bryant & Hamill International Small Cap Fund | 82440667 | 91664261 |
| Segall Bryant & Hamill International Equity Fund | 18272181 | 8775600 |
| Segall Bryant & Hamill Global All Cap Fund | 7584460 | 11621532 |
| Segall Bryant & Hamill Short Term Plus Fund | 5770081 | 6556509 |
| Segall Bryant & Hamill Plus Bond Fund | 76105489 | 115071724 |
| Segall Bryant & Hamill Quality High Yield Fund | 23389860 | 25718846 |
| Segall Bryant & Hamill Municipal Opportunities Fund | 122879431 | 114817535 |
| Segall Bryant & Hamill Colorado Tax Free Fund | 189405372 | 202715176 |
| Barrett Growth Fund | 1998583 | 5220426 |
| Barrett Opportunity Fund | 805342 | 4483849 |

---

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|:---|:---|:---|
| 108 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

---

<u>Segall Bryant & Hamill Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| **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 | $— | $850519 |
| Segall Bryant & Hamill Plus Bond Fund | 191348554 | 202355936 |
| Segall Bryant & Hamill Municipal Opportunities Fund | 25566328 | 15857617 |
| Segall Bryant & Hamill Colorado Tax Free Fund | 39106328 | 30168398 |

---

**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 year ended December 31, 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. CONTINGENCIES AND COMMITMENTS**

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**12. 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 exist.

---

| | | |
|:---|:---|:---|
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 109 |

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<u>Segall Bryant & Hamill Funds</u> <u>Report of Independent Registered Public Accounting Firm</u>

To the Shareholders of Segall Bryant & Hamill Funds and

Board of Trustees of Segall Bryant & Hamill Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Segall Bryant & Hamill Trust comprising the funds listed below (the "Funds") as of December 31, 2025, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of<br> Operations** | **Statements of**<br> **Changes in Net Assets** | **Financial Highlights** |
| Segall Bryant & Hamill Small Cap Value Fund,<br> Segall Bryant & Hamill Small Cap Growth Fund,<br> Segall Bryant & Hamill Small Cap Core Fund, Segall<br> Bryant & Hamill All Cap Fund, Segall Bryant &<br> Hamill Emerging Markets Fund, Segall Bryant &<br> Hamill International Small Cap Fund, Segall Bryant &<br> Hamill Global All Cap Fund, Segall Bryant &<br> Hamill Short Term Plus Fund, Segall Bryant & Hamill<br> Plus Bond Fund, Segall Bryant & Hamill Quality<br> High Yield Fund, Segall Bryant & Hamill Municipal<br> Opportunities Fund, and Segall Bryant & Hamill<br> Colorado Tax Free Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| Segall Bryant & Hamill International Equity Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025 and 2024, and for the period December 8, 2023 (commencement of operations) to December 31, 2023 |
| Barrett Growth Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025 and 2024, for the period June 1, 2023 to December 31, 2023, and for the years ended May 31, 2023, 2022, and 2021 |
| Barrett Opportunity Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025 and 2024, for the period September 1, 2023 to December 31, 2023, and for the years ended August 31, 2023, 2022, and 2021 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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| | | |
|:---|:---|:---|
| 110 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

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<u>Segall Bryant & Hamill Funds</u> <u>Report of Independent Registered Public Accounting Firm</u>

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor of one or more of the funds in the Trust since 2020.

![](sbh_003.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

February 27, 2026

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| | | |
|:---|:---|:---|
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 111 |

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<u>Segall Bryant & Hamill Funds</u> <u>Shareholder Tax Information</u> <br> December 31, 2025 (Unaudited)

Certain tax information regarding the Trust is required to be provided to shareholders based upon each Fund's income and distribution for the twelve months ended December 31, 2025.

During the year ended December 31, 2025, 71.22% of the dividends paid by Segall Bryant & Hamill Municipal Opportunities Fund from net investment income should be treated as tax-exempt dividends. Tax exempt distributions were $4,678,208.

During the year ended December 31, 2025, 82.21% of the dividends paid by Segall Bryant & Hamill Colorado Tax Free Fund from net investment income should be treated as tax-exempt dividends. Tax exempt distributions were $9,133,891.

The Funds designate the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| | **Qualified Dividend**<br>**Income (QDI)** | **Dividend Received**<br>**Deduction (DRD)** |
| Segall Bryant & Hamill Small Cap Value Fund | 87.18% | 86.91% |
| Segall Bryant & Hamill Small Cap Growth Fund | 0.00% | 0.00% |
| Segall Bryant & Hamill Small Cap Core Fund | 77.73% | 76.49% |
| Segall Bryant & Hamill All Cap Fund | 100.00% | 100.00% |
| Segall Bryant & Hamill Emerging Markets Fund | 53.19% | 0.00% |
| Segall Bryant & Hamill International Small Cap Fund | 73.21% | 0.00% |
| Segall Bryant & Hamill International Equity Fund | 34.98% | 0.00% |
| Segall Bryant & Hamill Global All Cap Fund | 100.00% | 97.09% |
| Segall Bryant & Hamill Short Term Plus Fund | 0.00% | 0.00% |
| Segall Bryant & Hamill Plus Bond Fund | 0.00% | 0.00% |
| Segall Bryant & Hamill Quality High Yield Fund | 0.00% | 0.00% |
| Segall Bryant & Hamill Municipal Opportunities Fund | 0.00% | 0.00% |
| Segall Bryant & Hamill Colorado Tax Free Fund | 0.00% | 0.00% |
| Barrett Growth Fund | 0.00% | 0.00% |
| Barrett Opportunity Fund | 100.00% | 100.00% |

---

During the year ended December 31, 2025, the Funds paid the following long-term capital gain distributions:

---

| | |
|:---|:---|
| Segall Bryant & Hamill Small Cap Value Fund | $43155109 |
| Segall Bryant & Hamill Small Cap Growth Fund |  |
| Segall Bryant & Hamill Small Cap Core Fund | 4821559 |
| Segall Bryant & Hamill All Cap Fund | 21865107 |
| Segall Bryant & Hamill Emerging Markets Fund |  |
| Segall Bryant & Hamill International Small Cap Fund |  |
| Segall Bryant & Hamill International Equity Fund | 130018 |
| Segall Bryant & Hamill Global All Cap Fund | 1891561 |
| 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 |  |
| Segall Bryant & Hamill Colorado Tax Free Fund |  |
| Barrett Growth Fund | 3303573 |
| Barrett Opportunity Fund | 7897564 |

---

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|:---|:---|:---|
| 112 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds |

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<u>Segall Bryant & Hamill Funds</u> <u>Additional Information</u> <br> December 31, 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 July 11, 2025, Segall Bryant & Hamill Trust (the "Trust") reconvened 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 advisory agreement by and between the Trust, on behalf of each relevant Fund, and Segall Bryant & Hamill, LLC, (the "Adviser") (the "Proposal"). A quorum of shareholders was not present for all Funds and therefore the Shareholder Meeting was adjourned until July 31, 2025.

The Shareholder Meeting was reconvened on July 31, 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 August 8, 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<br> ("O/S")** | **Total Shares**<br> **Voted** | **% of O/S**<br> **Voted** | **For** | **%** | **Against** | **%** | **Abstain** | **%** |
| Segall Bryant & Hamill ("SBH") Colorado Tax Free Fund | 30682878 | 15467331 | 50.41% | 14157117 | 91.53% | 212325 | 1.37% | 1097889 | 7.10% |
| SBH Global All Cap Fund | 3021702 | 1528288 | 50.58% | 1340735 | 87.73% | 17793 | 1.16% | 169759 | 11.11% |
| SBH Plus Bond Fund | 78659239 | 40303715 | 51.24% | 38536147 | 95.61% | 265804 | 0.66% | 1501764 | 3.73% |
| SBH Small Cap Core Fund | 6707893 | 3865868 | 57.63% | 3856783 | 99.76% | 1267 | 0.03% | 7818 | 0.20% |
| SBH Small Cap Value Fund | 29584087 | 15074229 | 50.95% | 14073424 | 93.36% | 266744 | 1.77% | 734061 | 4.87% |
| Barrett Opportunity Fund | 1531126 | 810161 | 52.91% | 570236 | 70.39% | 21781 | 2.69% | 218143 | 26.93% |

---

The Shareholder Meeting was reconvened on August 8, 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 August 15, 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:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund Name** | **Outstanding<br> Shares<br> ("O/S")** | **Total Shares**<br> **Voted** | **% of O/S**<br> **Voted** | **For** | **%** | **Against** | **%** | **Abstain** | **%** |
| SBH Quality High Yield Fund | 7563822 | 4013609 | 53.06% | 3551122 | 88.48% | 27119 | 0.68% | 435368 | 10.85% |

---

The Shareholder Meeting was reconvened on August 15, 2025, at which time the Proposal was voted on by the shareholders of record of each remaining Fund as of the Record Date. 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:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Outstanding<br> Shares<br> ("O/S")** | **Total Shares<br> Voted** | **% of O/S<br> Voted** | **For** | **%** | **Against** | **%** | **Abstain** | **%** |
| SBH All Cap Fund | 4900721 | 2457648 | 50.15% | 2259678 | 91.94% | 19932 | 0.81% | 178037 | 7.24% |

---

**Remuneration Paid to Directors, Officers and Others**

For the year ended December 31, 2025, the total Trustee fees paid for the Trust is $422,500. Refer to the Statement of Operations for the Chief Compliance Officer fees included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

---

| | | |
|:---|:---|:---|
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 113 |

---

**Segall Bryant & Hamill Trustees and Officers (as of February 18, 2026):**

Janice M. Teague, Chair

Thomas J. Abood, Trustee

Kathryn A. Burns, Trustee

John A. DeTore, Trustee

Rick A. Pederson, Trustee

James A. Smith, 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)

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

**December 31, 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** |
| **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **11** |
| **ADDITIONAL INFORMATION** | **12** |

---

---

| | |
|:---|:---|
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) |

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 98.4%** |  |  |
| **Communication Services — 14.3%** |  |  |
| *Media & Entertainment — 14.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 77696 | $24381005 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 24651 | 16271878 |
|  |  | 40652883 |
| **Consumer Discretionary — 13.1%** |  |  |
| *Consumer Discretionary Distribution & Retail — 13.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 65744 | 15175030 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 114094 | 10406514 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 74852 | 11498016 |
|  |  | 37079560 |
| **Financials — 18.8%** |  |  |
| *Banks — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 41248 | 13290931 |
| *Financial Services — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 43284 | 15180132 |
| *Insurance — 8.8%* |  |  |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 85156 | 11909918 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 64492 | 13121542 |
|  |  | 25031460 |
| **Health Care — 3.5%** |  |  |
| *Health Care Equipment & Services — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 12032 | 9869729 |
| **Industrials — 13.6%** |  |  |
| *Capital Goods — 13.6%* |  |  |
| &nbsp;&nbsp;&nbsp;ATI, Inc. <sup>(a)</sup> | 151114 | 17341843 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 25124 | 10603835 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 57734 | 10588416 |
|  |  | 38534094 |
| **Information Technology — 35.1%** |  |  |
| *Semiconductors & Semiconductor Equipment — 11.7%* |  |  |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 13681 | 12399911 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 111346 | 20766029 |
|  |  | 33165940 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Information Technology (Continued)** |  |  |
| *Software & Services — 14.3%* |  |  |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>(a)</sup> | 5884 | $9947608 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 40760 | 19712351 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 59380 | 10937796 |
|  |  | 40597755 |
| *Technology Hardware & Equipment — 9.1%* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 49216 | 13379862 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 94475 | 12379059 |
|  |  | 25758921 |
| **Investments at Value — 98.4%** |  |  |
| **(Cost $270,028,495)** |  | $279161405 |
| **Other Assets in Excess of Liabilities — 1.6%** |  | 4607202 |
| **Net Assets — 100.0%** |  | $283768607 |

---

*<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.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 1 |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Statement of Assets and Liabilities</u> <br> December 31, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $270028495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $279161405 |
| &nbsp;&nbsp;&nbsp;Cash equivalents (Note 2) | 4711259 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 44600 |
| &nbsp;&nbsp;&nbsp;Reclaims receivable | 17821 |
| &nbsp;&nbsp;&nbsp;Other assets | 9872 |
| &nbsp;&nbsp;&nbsp;Total assets | 283944957 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 6) | 135360 |
| &nbsp;&nbsp;&nbsp;Payable to third party administrator (Note 6) | 10478 |
| &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 | 24679 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 176350 |
| **Net Assets** | $283768607 |
| **Contingencies and Commitments (Note 11)** |  |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $279772361 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 3996246 |
| **Net Assets** | $283768607 |
| **Shares of Beneficial Interest Outstanding (Unlimited Number of Shares Authorized, No Par Value)** | 8450000 |
| **Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)** | $33.58 |

---

---

| | | |
|:---|:---|:---|
| *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 Year Ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1579507 |
| &nbsp;&nbsp;&nbsp;Interest income | 195143 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (19301) |
| &nbsp;&nbsp;&nbsp;Tax reclaims received | 7979 |
| &nbsp;&nbsp;&nbsp;Total Income | 1763328 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 6) | 1435874 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 6) | 127139 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 45461 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 6) | 39681 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 16978 |
| &nbsp;&nbsp;&nbsp;Legal fees | 16720 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 15681 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 6) | 10000 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 6) | 10000 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 8459 |
| &nbsp;&nbsp;&nbsp;Independent pricing servicing fees | 3152 |
| &nbsp;&nbsp;&nbsp;Other | 30426 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers/reimbursements | 1759571 |
| &nbsp;&nbsp;&nbsp;Expenses waived by Advisor | (55813) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1703758 |
| **Net Investment Income (Loss)** | 59570 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (4068034) |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on in-kind transactions (Note 9) | 41204978 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (30675303) |
| Net Realized and Unrealized Gains (Losses) | 6461641 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $6521211 |

---

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 3 |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $59570 | $403352 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | 37136944 | (1328943) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (30675303) | 36903323 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6521211 | 35977732 |
| **Distributions to Shareholders (Note 5)** |  | (284229) |
| **Beneficial Interest Transactions (Note 4)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 161929670 | 165365352 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (142417360) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from beneficial interest transactions | 19512310 | 165365352 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | 26033521 | 201058855 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 257735086 | 56676231 |
| &nbsp;&nbsp;&nbsp;End of year | $283768607 | $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

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended<br> December 31,<br> 2025** | **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> | 0.01 | 0.07 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.78 | 6.40 | 1.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.79 | 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** | $33.58 | $32.79 | $26.36 |
| **Market price, end of period** | $33.60 | $32.78 | $26.36 |
| **Total Return** | 2.41% | 24.53% | 5.57 %<sup>(d)</sup> |
| **Total Return at Market<sup>(e)</sup>** | 2.50% | 24.49% | 5.57 %<sup>(d)</sup> |
| **Ratios and Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $283769 | $257735 | $56676 |
| **Ratio of expenses to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.65% | 0.65% | 0.65 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.67% | 0.71% | 1.81 %<sup>(f)</sup> |
| **Ratio of net investment income (loss) to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;With fee waivers/reimbursements | 0.02% | 0.24% | 1.15 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Without fee waivers/reimbursements | 0.00 %<sup>(g)</sup> | 0.18% | (0.01 %)<sup>(f)</sup> |
| **Portfolio turnover rate <sup>(h)</sup>** | 150% | 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>* *Amount rounds to less than 0.01%.* 

*<sup>(h)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.* 

---

| | | |
|:---|:---|:---|
| *See Notes to Financial Statements.* | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 5 |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

**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.

**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.

**Segment reporting** – The Fund has adopted Financial Accounting Standards Board ("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 Management Team of 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.

**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. Management concludes there is no impact 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 December 31, 2025, the interest rate was 2.98%, 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 the 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.

---

| | | |
|:---|:---|:---|
| | | |
| 6 | ![](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>Notes to Financial Statements</u> <br> December 31, 2025

**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 year ended December 31, 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 year ended December 31, 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 December 31, 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> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| Shares Sold | 4760000 | 5710000 |
| Less Shares Redeemed | (4170000) |  |
| Net Increase (Decrease) | 590000 | 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 years ended December 31, 2025 and 2024 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Ordinary Income\*** | **Return of Capital** | **Long-Term<br> Capital Gains** |
| 12/31/2025 | $— | $– $|  |
| 12/31/2024 | $284229 | $– $|  |

---

*\** *Ordinary income distributions for federal income tax purposes includes distributions from net investment income and short-term capital gains.*

---

| | | |
|:---|:---|:---|
| | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 7 |

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

As of December 31, 2025, net unrealized appreciation (depreciation) on investments based on federal tax cost was as follows:

---

| | |
|:---|:---|
| Tax cost of portfolio investments | $270240102 |
| Gross unrealized appreciation | 15406840 |
| Gross unrealized depreciation | (6485537) |
| Net unrealized appreciation (depreciation) on investments | $8921303 |

---

The difference between book and tax differences is attributable primarily to wash sales.

As of December 31, 2025 the components of distributable earnings on a tax basis was as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $2470 |
| Accumulated capital and other losses | (4927527) |
| Net unrealized appreciation (depreciation) on investments | 8921303 |
| Distributable earnings | $3996246 |

---

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, 2025, 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** |
| $4927527 | $— |

---

For the year ended December 31, 2025, the following reclassification was made as a result of permanent differences between the financial statements and income tax reporting requirements. The reclassification resulted primarily from in-kind redemptions. The reclassification had no impact to the net assets or NAV per share of the Fund.

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable<br> Earnings** |
| $41108828 | $(41108828) |

---

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 year ended December 31, 2025, the Adviser and Ultimus received $26,107 and $101,032, respectively, for their services to the Fund.

Until at least April 30, 2027, 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 year ended December 31, 2025, the Adviser waived $55,813 of its management fees.

---

| | | |
|:---|:---|:---|
| | | |
| 8 | ![](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>Notes to Financial Statements</u> <br> December 31, 2025

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.

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 December 31, 2025 is $1,106,976.

**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 year ended December 31, 2025, the Fund received $13,250 in transaction fees.

The Transaction Fees for the Fund are listed in the table below:

---

| | |
|:---|:---|
| **Fee for In-Kind and**<br> **Cash Purchases** | **Maximum<br> Additional Variable<br> Charge for Cash<br> Purchases\*** |
| $250 | 2.00% |

---

*\** *As a percentage of the amount invested.*

---

| | | |
|:---|:---|:---|
| | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 9 |

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<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

**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).

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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $279161405 | $— | $— | $279161405 |
| Total | $279161405 | $— | $— | $279161405 |

---

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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF INVESTMENTS**

During the year ended December 31, 2025 cost of purchases and proceeds from sales of investment securities, other than in-kind transactions and short-term investments, were $389,881,001 and $385,733,288, respectively. Purchases and sales of in-kind transactions for the year ended December 31, 2025 were $160,057,179 and $143,801,712, respectively. There were realized gains of $41,204,978 from in-kind transactions during the year ended December 31, 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. CONTINGENCIES AND COMMITMENTS**

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**12. 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 exist.

---

| | | |
|:---|:---|:---|
| | | |
| 10 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds/etf |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Report of Independent Registered Public Accounting Firm</u>

To the Shareholders of Segall Bryant & Hamill Select Equity ETF and

Board of Trustees of Segall Bryant & Hamill Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Segall Bryant & Hamill Select Equity ETF (the "Fund") as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period August 29, 2023 (commencement of operations) to December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period August 29, 2023 (commencement of operations) to December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor of one or more of the funds in the Trust since 2020.

![](sbh_003.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

February 27, 2026

---

| | | |
|:---|:---|:---|
| | | |
| Financial Statements \| December 31, 2025 \| | ![](sbh_002.jpg) | 11 |

---

<u>Segall Bryant & Hamill Select Equity ETF</u> <u>Additional Information</u> <br> December 31, 2025

**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 September 26, 2025, Segall Bryant & Hamill Trust (the "Trust") held a Special Meeting of shareholders of record as of April 7, 2025 (the "Shareholder Meeting") of the Segall Bryant & Hamill Select Equity ETF (the "Fund"). The Shareholder Meeting was held for the purpose of approving a new investment advisory agreement by and between the Trust, on behalf of the Fund, and Segall Bryant & Hamill, LLC, (the "Adviser") (the "Proposal"). The Proposal was voted on by the shareholders of record of the Fund and the results of the vote are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Outstanding<br> Shares ("O/S")** | **Total Shares<br> Voted** | **% of<br> O/S Voted** | **For** | **%** | **Against** | **%** | **Abstain** | **%** |
| Segall Bryant & Hamill Select Equity ETF | 7880000 | 4180660 | 53.05% | 3270725 | 78.23% | 33103 | 0.79% | 876832 | 20.97% |

---

**Remuneration Paid to Directors, Officers and Others**

For the year ended December 31, 2025, the total Trustee fees paid for the Trust is $422,500. Refer to the Statement of Operations for the Chief Compliance Officer fees included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

---

| | | |
|:---|:---|:---|
| | | |
| 12 | ![](sbh_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\| www.cisbh.com/funds/etf |

---

**Segall Bryant & Hamill Trustees and Officers (as of February 18, 2026):**

Janice M. Teague, Chair

Thomas J. Abood, Trustee

Kathryn A. Burns, Trustee

John A. DeTore, Trustee

Rick A. Pederson, Trustee

James A. Smith, 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/etfs<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) [Code of Ethics is filed herewith](sbh_ex99codeeth.htm).

(a)(2) Not applicable.

(a)(3) A separate certification for each principle executive officer and principle 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 | March 9, 2026 |  |
| 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 | March 9, 2026 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Jennifer L. Leamer |
|  |  | Jennifer L. Leamer, Treasurer/Principal Financial Officer |
| Date | March 9, 2026 |  |

---

\* 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: March 9, 2026 | /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: March 9, 2026 | /s/ Jennifer L. Leamer |
|  | Jennifer L. Leamer, Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906 CERT**

**<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 December 31, 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: March 9, 2026 | Date: March 9, 2026 |

---

***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.

## Ex-99.Code

**EX-99.CODE ETH**

**SEGALL BRYANT & HAMILL TRUST**

**Code of Ethics for principal executive and financial officers**

**I.** **P urpose of the C ode** 

The Segall Bryant & Hamill Trust's (the "Trust") code of ethics (this "Code") is intended to serve as the code of ethics described in Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers, as defined herein, who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's, and principal underwriter's codes of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") are separate requirements applying to the Covered Officers and others, and are not part of this Code.

All Covered Officers must become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable law or provide answers to all questions that might arise, all Covered Officers are expected to use common sense about what is right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.

The purpose of this Code is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission (the "SEC") and in any other public communications by the Trust;

● compliance with applicable governmental laws, rules and regulations;

● the prompt internal reporting of violations of the Code to the appropriate persons as set forth in the Code; and

● accountability for adherence to the Code.

**II.** **C overed P ersons** 

This Code applies to the Trust's Principal Executive Officers and Principal Financial Officers, or any persons performing similar functions on behalf of the Trust (the "Covered Officers"). Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Covered Officers are expected to act in accordance with the standards set forth in this Code.

**III.** **Honest and Ethical Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Honesty, Diligence and Professional Responsibility** 

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. Covered Officers must perform their duties and responsibilities for the Trust:

● with honesty, diligence, and a commitment to professional and ethical responsibility;

● carefully, thoroughly and in a timely manner; and

● in conformity with applicable professional and technical standards.

Covered Officers who are certified public accountants are expected to carry out their duties and responsibilities in a manner consistent with the principles governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting Oversight Board or the American Institute of Certified Public Accountants from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Objectivity/Avoidance of Undisclosed Conflicts of Interest** 

Covered Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties and responsibilities for the Trust, Covered Officers must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others. Covered Officers must avoid participation in any activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties and waived by the Trustees on behalf of the Trust. Further, Covered Officers should avoid participation in any activity or relationship that could create the appearance of a conflict of interest.

A conflict of interest would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment, interest, association, activity or relationship that may impair or appear to impair the Covered Officer's objectivity or interfere with the interests of, or the Covered Officer's service to, the Trust.

Any Covered Officer who may be involved in a situation or activity that might be a conflict of interest or give the appearance of a conflict of interest must report such situation or activity using the reporting procedures set forth in Section VI of this Code.

Each Covered Officer must not:

● use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● cause the Trust to take action, or fail to take actions, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust; or

● use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer is responsible for his or her compliance with this conflict of interest policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Preparation of Financial Statements** 

Covered Officers must not knowingly make any misrepresentations regarding the Trust's financial statements or any facts in the preparation of the Trust's financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the preparation of the Trust's financial statements. This section is intended to prohibit:

● making, or permitting or directing another to make, materially false or misleading entries in the Trust's financial statements or records;

● failing to correct the Trust's financial statements or records that are materially false or misleading when he or she has the authority to record an entry; and

● signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

Covered Officers must be scrupulous in their application of generally accepted accounting principles. No Covered Officer may (i) express an opinion or state affirmatively that the financial statements or other financial data of the Trust are presented in conformity with generally accepted accounting principles, or (ii) state that he or she is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles, if such statements or data contain any departure from generally accepted accounting principles then in effect in the United States.

Covered Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information. If a Covered Officer prepares financial statements, records or related information for purposes of reporting to such bodies, commissions or regulatory agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted accounting principles.

If a Covered Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial statements or the recording of transactions, the Covered Officer should take the following steps to ensure that the situation does not constitute an impermissible subordination of judgment:

● The Covered Officer should consider whether (i) the entry or the failure to record a transaction in the records, or (ii) the financial statement presentation or the nature or omission of disclosure in the financial statements, as proposed by the supervisor, represents the use of an acceptable alternative and does not materially misrepresent the facts or result in an omission of a material fact. If, after appropriate research or consultation, the Covered Officer concludes that the matter has authoritative support and/or does not result in a material misrepresentation, the Covered Officer need do nothing further.

● If the Covered Officer concludes that the financial statements or records could be materially misstated as a result of the supervisor's determination, the Covered Officer should follow the reporting procedures set forth in Section VI of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Obligations to the Independent Auditor of the Trust** 

In dealing with the Trust's independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Trust's independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Trust's independent auditor in the performance of an audit of the Trust's financial statements for the purpose of rendering such financial statements materially misleading.

**IV.** **Full, Fair, Accurate, Timely and Understandable Disclosure** 

It is the Trust's policy to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in any other public communications by the Trust. The Trust has designed and implemented Disclosure Controls and Procedures to carry out this policy.

Covered Officers are expected to familiarize themselves with the disclosure requirements generally applicable to the Trust, and to use their best efforts to promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports and documents that the Trust files with, or submits to, the SEC and in any other public communications by the Trust.

Covered Officers must review the Trust's Disclosure Controls and Procedures to ensure they are aware of and carry out their duties and responsibilities in accordance with the Disclosure Controls and Procedures and the disclosure obligations of the Trust. Covered Officers are responsible for monitoring the integrity and effectiveness of the Trust's Disclosure Controls and Procedures.

**V.** **Compliance with Applicable Laws, Rules and Regulations** 

Covered Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Trust's business. If a Covered Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered Officer should seek advice from the Covered Officer's supervisor or the Trust's legal counsel.

In the performance of their work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are discreditable to the Trust.

Covered Officers are expected to promote the Trust's compliance with applicable laws, rules and regulations. To promote such compliance, Covered Officers may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions of the Trust about any applicable laws, rules or regulations that affect the operation of the finance and compliance functions and the Trust generally.

**VI.** **Reporting and Accountability** 

All Covered Officers will be held accountable for adherence to this Code. Each Covered Officer must, upon the Trust's adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

Covered Officers may not retaliate against any other Covered Officer of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Any Covered Officer who knows of any violation of this Code or who questions whether a situation, activity or practice is acceptable must immediately report such practice to the Trust's Audit Committee. The Audit Committee shall take appropriate action to investigate any reported potential violations. If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action. Any matter that the Audit Committee believes is a violation will be reported to the Chairman of the Board of Trustees. The Audit Committee shall respond to the Covered Officer within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** If the Covered Officer is not satisfied with the response of the Audit Committee, the Covered Officer shall report the matter to the Chairman of the Board of Trustees. If the Chairman is unavailable, the Covered Officer may report the matter to any other member of the Board of Trustees. The person receiving the report shall consider the matter, refer it to the full Board of Trustees if he or she deems appropriate, and respond to the Covered Officer within a reasonable amount of time. If the Board of Trustees concurs that a violation has occurred, it will consider appropriate action, which may include review of and appropriate modifications to applicable policies and procedures or notification to appropriate personnel of the investment adviser or its board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** If the Board of Trustees determines that a Covered Officer violated this Code, failed to report a known or suspected violation of this Code, or provided intentionally false or malicious information in connection with an alleged violation of this Code, the Board of Trustees may take disciplinary action against any such Covered Officer to the extent the Board of Trustees deems appropriate. No Covered Officer will be disciplined for reporting a concern in good faith.

To the extent possible and as allowed by law, reports will be treated as confidential. The Trust may report violations of the law to the appropriate authorities.

**VII.** **Disclosure of this Code** 

This Code shall be disclosed to the public by at least one of the following methods in the manner prescribed by the SEC, unless otherwise required by law:

● Filing a copy of this Code as an exhibit to the Trust's annual report on Form N-CSR;

● Posting the text of this Code on the Trust's Internet website and disclosing, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted this Code on its Internet website; or

● Providing an undertaking in the Trust's most recent report on Form N-CSR to provide a copy of this Code to any person without charge upon request, and explaining the manner in which such a request may be made.

**VIII.** **Waivers** 

Any waiver of this Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board of Trustees or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Trust in the manner prescribed by law and as set forth above in Section VII (Disclosure of this Code).

**IX.** **Amendments** 

This Code may be amended by the affirmative vote of a majority of the Board of Trustees, including a majority of the independent Trustees. Any amendment of this Code must be disclosed by the Trust in the manner prescribed by law and as set forth above in Section VII (Disclosure of this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any amendments to this Code will be provided to the Covered Officers.

**X.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Trustees of the Trust, the Audit Committee, the legal counsel to the Trust, legal counsel to the independent trustees and such other persons as a majority of the Board of Trustees, including a majority of the independent Trustees, shall determine to be appropriate.

Approved by the Board of Trustees on May 12, 2004 and May 17, 2018.

**<u>Appendix A</u>**

**SEGALL BRYANT & HAMILL TRUST**

Certification and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers

I acknowledge and certify that I have received a copy of the Segall Bryant & Hamill Trust's Code of Ethics for Principal Executive Officers and Principal Financial Officers (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge and certify that I have read and understand the Code.

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| Officer Name (Please Print) | Officer Signature |
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