Segall Bryant & Hamill Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-03373

SEGALL BRYANT & HAMILL TRUST

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450 Cincinnati, Ohio	45246
(Address of principal executive offices)	(Zip code)

Maggie Bull, Secretary

Segall Bryant & Hamill Trust, 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246

(Name and address of agent for service)

Registrant's telephone number, including area code:

(513) 587-3400

Date of fiscal year end:	December 31

Date of reporting period:	June 30, 2022

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

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

Item 1.

Reports to Stockholders.

(a)

(LOGO)

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 Fundamental International Small Cap Fund

(Ticker Symbol: Retail - WTIFX; Institutional - WIIFX)

Segall Bryant & Hamill Global All Cap Fund

(Ticker Symbol: Retail - WTMVX; Institutional - WIMVX)

Segall Bryant & Hamill Workplace Equality Fund

(Ticker Symbol: Retail - WEQRX; Institutional - WEQIX)

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)

SEGALL BRYANT & HAMILL

SEMI-ANNUAL REPORT

JUNE 30, 2022

Table of Contents


SHAREHOLDER LETTER	1

FUND OVERVIEWS

Segall Bryant & Hamill Small Cap Value Fund	2

Segall Bryant & Hamill Small Cap Growth Fund	4

Segall Bryant & Hamill Small Cap Core Fund	6

Segall Bryant & Hamill All Cap Fund	8

Segall Bryant & Hamill Emerging Markets Fund	10

Segall Bryant & Hamill International Small Cap Fund	12

Segall Bryant & Hamill Fundamental International Small Cap Fund	14

Segall Bryant & Hamill Global All Cap Fund	16

Segall Bryant & Hamill Workplace Equality Fund	18

Segall Bryant & Hamill Short Term Plus Fund	20

Segall Bryant & Hamill Plus Bond Fund	22

Segall Bryant & Hamill Quality High Yield Fund	24

Segall Bryant & Hamill Municipal Opportunities Fund	26

Segall Bryant & Hamill Colorado Tax Free Fund	28

FUND EXPENSES	30

IMPORTANT DISCLOSURES	33

FINANCIAL STATEMENTS	36

Statements of Investments	36

Statements of Assets and Liabilities	90

Statements of Operations	94

Statements of Changes in Net Assets	98

Financial Highlights	103

Notes to Financial Statements	131

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Intentionally Left Blank

Segall Bryant & Hamill Funds	Shareholder Letter
	June 30, 2022 (Unaudited)

Dear Fellow Shareholders:

As we mentioned in our year-end 2021 shareholder letter, we entered 2022 flush from one of the most profitable two-year periods in the history of U.S. financial markets. The increase in asset values across asset classes (including stocks, bonds, commodities, and real estate) was driven by an unprecedented combination of artificially low interest rates, which had been held low since the great financial crisis, and government financial stimulus to combat pandemic-related economic effects. It had been our view that this combination of monetary and fiscal stimulus could eventually produce a powerful countervailing force: inflation. This has indeed been the case.

The rapid rise of prices this year, first thought to be supply chain related and temporary, has proven to be more durable and incredibly tenacious. The war in Ukraine and general political turmoil across the globe have amplified the effects of monetary-driven inflation. We believe this dramatic rise in inflation has been the catalyst for global monetary policy change. The U.S. Federal Reserve (Fed) has already raised interest rates several times this year and other central banks have followed suit. Not unexpectedly, the prices of stocks and bonds, which had risen to extreme valuation levels, are being severely impaired by the dynamics of this monetary policy change.

Janice M. Teague

Chair

Philip L. Hildebrandt, CFA

President

This revaluation of financial assets, as the returns in the first half of 2022 very amply demonstrated, produced market returns that were nearly uniformly negative across asset classes. One aspect of our fund performance during the first half that may seem counterintuitive to our long-term shareholders is that the funds did not display the superior downside capture they have historically shown in market declines. (Downside capture compares a portfolio’s performance to that of its benchmark in months in which the benchmark index declines in value.) We believe that the end of the old market policy, built as it was on the premise of an inexhaustible supply of low-cost funds from monetary authorities, will take time to play out. During this transition, identifying which companies will continue to thrive in the new order and those whose value was built solely on free money will take time to sort out.

As professional investors, we find that transitional markets such as this often create and uncover investment opportunities on which we can capitalize. Transitional markets are when disciplined, active investing can produce strong outcomes for our shareholders. Having said that, we are mindful that this is a time to protect capital rather than to aggressively seek to grow it. Does protecting capital mean engaging in wholesale selling of stocks and bonds? In short, we think not. It simply means adherence to our time-tested discipline. We remain focused on fundamental valuation to find mispriced opportunities.

We are also cognizant that periods of market dislocation as we’ve experienced this year can create doubt and uncertainty for investors. It is why we are so thankful for our strong shareholder base and the trust placed in us. Rest assured we will continue to work diligently every day to earn your trust.

Segall Bryant & Hamill did not solicit or pay a fee to participate in P&I’s Best Places to Work in Money Management survey.

The views of the authors and information discussed in the shareholder letter and manager commentaries are as February 18, 2022, are subject to change, and may not reflect the writers’ current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Segall Bryant & Hamill, Segall Bryant & Hamill Funds, nor any Segall Bryant & Hamill Fund accept any liability for losses either direct or consequential caused by the use of this information. Diversification cannot guarantee gain or prevent losses.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Small Cap Value Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term capital appreciation.

Fund Management

Mark T. Dickherber, CFA, CPA Portfolio Manager

Shaun P. Nicholson Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Date
Retail Class (SBRVX)	(17.46)%	(16.29)%	3.04%	5.85%	—	6.79%	12/9/19
Institutional Class (SBHVX)	(17.44)%	(16.26)%	3.15%	5.97%	—	6.93%	7/31/13
Russell 2000^® Value Index	(17.31)%	(16.28)%	6.18%	4.89%	—	6.76%

Retail Class Annual Expense Ratio (per the current prospectus) — Total - 1.04%

Institutional Class Annual Expense Ratio (per the current prospectus) – Total - 0.97%

Performance data quoted represents past performance and does not guarantee future results. Performance information for the Retail Class shares prior to their inception is based on the performance of the Institutional Class. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, visit www.sbhfunds.com. Average annual total returns reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements, if any. Without the fee waivers and expense reimbursements, total return figures would have been lower. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. Segall Bryant & Hamill fund shares are not insured by the FDIC, the Federal Reserve Board or any other agency and are subject to investment risk.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 1.14% and 0.99% to the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in larger-cap funds.

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Segall Bryant & Hamill Small Cap Value Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Industrials	23.0%
Financials	13.9%
Information Technology	11.4%
Health Care	9.1%
Materials	7.6%
Real Estate	7.6%
Consumer Staples	7.4%
Utilities	6.2%
Energy	3.6%
Consumer Discretionary	3.3%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology.

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Stock Performance (12/31/2021 to 6/30/2022)

	Average	Contribution
5 Highest	Weight	to Return
Helmerich & Payne, Inc.	0.95	0.36
Mercury Systems, Inc.	1.32	0.26
Equity Commonwealth	4.31	0.24
Huron Consulting Group, Inc.	0.53	0.17
Dril-Quip, Inc.	1.01	0.16

Top Ten Holdings (as of 6/30/22)

Equity Commonwealth	5.1%
Coty, Inc.	4.2%
Progress Software Corp.	3.5%
NCR Corp.	2.9%
Hain Celestial Group, Inc. (The)	2.9%
ICU Medical, Inc.	2.7%
Compass Minerals International, Inc.	2.7%
SPX Corp.	2.6%
Orthofix Medical, Inc.	2.5%
Regal Rexnord Corp.	2.5%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

	Average	Contribution
5 Lowest	Weight	to Return
Regal Rexnord Corp.	2.92	-1.03
Glatfelter Corp.	1.43	-1.07
FARO Technologies, Inc.	1.53	-1.14
Compass Minerals International, Inc.	3.50	-1.19
Hain Celestial Group, Inc. (The)	3.34	-1.72

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Fund’s Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call (800) 392-2673.

Please see page 34 for a description of the methodology used to construct this table.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Small Cap Growth Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term capital appreciation.

Fund Management

Brian C. Fitzsimons, CFA Portfolio Manager

Mitch S. Begun, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Date
Retail Class (WTSGX)	(32.16)%	(30.49)%	7.71%	11.47%	—	9.53%	12/20/13
Institutional Class (WISGX)	(32.10)%	(30.35)%	7.88%	11.65%	—	9.79%	12/20/13
Russell 2000^® Growth Index	(29.45)%	(33.43)%	1.40%	4.80%	—	5.97%

Retail Class Annual Expense Ratio (per the current prospectus) — Total: 1.03%

Institutional Class Annual Expense Ratio (per the current prospectus) — Total: 0.87%

Performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, visit www.sbhfunds.com. Average annual total returns reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements, if any. Without the fee waivers and expense reimbursements, total return figures would have been lower. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. Segall Bryant & Hamill fund shares are not insured by the FDIC, the Federal Reserve Board or any other agency and are subject to investment risk.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 1.14% and 0.99% for the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in larger-cap funds.

4	\| www.sbhfunds.com

Segall Bryant & Hamill Small Cap Growth Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Health Care	26.2%
Information Technology	26.2%
Industrials	16.6%
Consumer Discretionary	9.0%
Financials	7.6%
Materials	3.5%
Communication Services	3.1%
Real Estate	2.3%
Consumer Staples	1.7%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology.

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Stock Performance (12/31/2021 to 6/30/2022)

	Average	Contribution
5 Highest	Weight	to Return
Turning Point Therapeutics, Inc.	0.78	0.67
Anaplan, Inc.	1.27	0.52
Stryker Corp.	0.09	0.27
AeroVironment, Inc.	0.30	0.26
Ritchie Bros. Auctioneers Inc.	1.25	0.17

Top Ten Holdings (as of 6/30/22)
Silicon Laboratories, Inc.	2.4%
Tetra Tech, Inc.	2.3%
Sprout Social, Inc.	2.2%
Endava PLC	2.1%
Omnicell, Inc.	2.0%
Power Integrations, Inc.	1.9%
Option Care Health, Inc.	1.9%
MAXIMUS, Inc.	1.8%
Globus Medical, Inc.	1.8%
Turning Point Therapeutics, Inc.	1.8%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

	Average	Contribution
5 Lowest	Weight	to Return
Trupanion, Inc.	1.60	-1.02
Endava PLC	2.27	-1.12
Warby Parker, Inc.	1.08	-1.18
Goosehead Insurance, Inc.	1.40	-1.23
AZEK Co., Inc. (The)	1.69	-1.51

Please see page 34 for a description of the methodology used to construct this table.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Small Cap Core Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term capital appreciation.

Fund Management

Jeffrey C. Paulis, CFA, Portfolio Manager

Mark T. Dickherber, CFA, CPA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns*

						Since	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Date
Retail Class (SBHCX)	(21.11)%	(15.15)%	8.56%	9.11%	10.13%	8.46%	12/31/19
Institutional Class (SBASX)	(21.02)%	(15.01)%	8.75%	9.29%	10.31%	8.63%	12/15/03
Russell 2000^® Index	(23.43)%	(25.20)%	4.21%	5.17%	9.35%	7.66%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.35%, Net: 1.14%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.10%, Net: 0.99%

The quoted performance of the Fund reflects the past performance of Lower Wacker Small Cap Investment Fund, LLC (the “Partnership”), an unregistered limited partnership managed by the portfolio managers of the Fund. The Partnership was organized into the Institutional Class shares on December 31, 2019, the date the Fund commenced operations. The Fund has been managed in the same style since the Partnership’s inception on December 15, 2003. The Fund’s annual returns and long-term performance reflect the actual fees and expenses that were charged when the Fund was a limited partnership. From its inception on December 15, 2003 through December 31, 2019, the Partnership was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940, as amended or Subchapter M of the Internal Revenue Code of 1986, as amended, which, if they had been applicable, might have adversely affected the Fund’s performance.

Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in larger-cap funds.

6	\| www.sbhfunds.com

Segall Bryant & Hamill Small Cap Core Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Industrials	21.7%
Information Technology	19.4%
Health Care	12.0%
Consumer Discretionary	9.8%
Materials	8.4%
Financials	8.0%
Consumer Staples	4.9%
Energy	3.7%
Real Estate	2.3%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology.

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Stock Performance (12/31/2021 to 6/30/2022)

	Average	Contribution
5 Highest	Weight	to Return
Anaplan, Inc.	0.96	0.27
Devon Energy Corp.	2.33	0.26
Vocera Communications, Inc.	0.39	0.23
Agilysys, Inc.	0.74	0.14
BWX Technologies, Inc.	0.76	0.09

Top Ten Holdings (as of 6/30/22)

Devon Energy Corp.	2.3%
KBR, Inc.	2.3%
Carlisle Cos., Inc.	2.1%
EnPro Industries, Inc.	1.9%
Tenable Holdings, Inc.	1.9%
Seacoast Banking Corp. of Florida	1.9%
WNS Holdings, Ltd.	1.9%
Graphic Packaging Holding Co.	1.9%
Pure Storage, Inc.	1.8%
Silicon Laboratories, Inc.	1.8%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

	Average	Contribution
5 Lowest	Weight	to Return
Under Armour, Inc.	0.82	-0.63
Pegasystems Inc.	0.83	-0.68
Endava PLC	1.55	-0.73
Regal Rexnord Corp.	2.33	-0.80
Hain Celestial Group, Inc. (The)	1.97	-0.91

Please see page 34 for a description of the methodology used to construct this table.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill All Cap Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term capital appreciation.

Fund Management

Ralph M. Segall, CFA, CIC Portfolio Manager

Suresh Rajagopal, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Date
Retail Class (SBRAX)	(21.95)%	(12.30)%	11.21%	11.16%	—	10.14%	12/9/19
Institutional Class (SBHAX)	(21.90)%	(12.30)%	11.28%	11.27%	—	10.28%	7/31/13
Russell 3000^® Index	(21.10)%	(13.87)%	9.77%	10.60%	—	11.08%

Retail Class Annual Expense Ratio (per the current prospectus) — Total: 0.83%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.87%, Net: 0.84%

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.99% and 0.84% to the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

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Segall Bryant & Hamill All Cap Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Information Technology	19.4%
Health Care	17.7%
Financials	16.2%
Industrials	12.1%
Consumer Discretionary	10.9%
Consumer Staples	6.1%
Energy	5.6%
Communication Services	5.4%
Materials	4.7%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology.

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Stock Performance (12/31/2021 to 6/30/2022)

	Average	Contribution
5 Highest	Weight	to Return
McKesson Corp.	1.84	0.50
Suncor Energy, Inc.	1.43	0.35
Quanta Services, Inc.	3.16	0.31
Perrigo Co. PLC	0.62	0.22
Chevron Corp.	2.19	0.19

Top Ten Holdings (as of 6/30/22)

Microsoft Corp.	4.6%
Alphabet, Inc.	4.1%
Quanta Services, Inc.	3.6%
UnitedHealth Group, Inc.	3.0%
Raytheon Technologies Corp.	2.8%
Visa, Inc.	2.6%
Reinsurance Group of America, Inc.	2.6%
Globe Life, Inc.	2.6%
Amazon.com, Inc.	2.4%
Catalent, Inc.	2.4%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

	Average	Contribution
5 Lowest	Weight	to Return
Alphabet, Inc.	4.18	-1.03
Microsoft Corp.	4.66	-1.03
Amazon.com, Inc.	2.84	-1.13
Zebra Technologies Corp.	1.88	-1.25
Marvell Technology, Inc.	2.65	-1.61

Please see page 34 for a description of the methodology used to construct this table.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Emerging Markets Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term capital appreciation.

Fund Management

Scott E. Decatur, Ph.D. Portfolio Manager

Nicholas C. Fedako, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Date
Retail Class* (SBHEX)	(14.36)%	(20.82)%	0.46%	1.59%	2.83%	1.00%	6/30/14
Institutional Class** (SBEMX)	(14.43)%	(20.73)%	0.60%	1.75%	3.01%	1.19%	6/30/11
MSCI Emerging Markets Index	(17.63)%	(25.29)%	0.57%	2.18%	3.06%	1.17%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.86%, Net: 1.38%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.69%, Net: 1.23%

Formerly Class A.

Formerly Class I.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 1.38% and 1.23% to the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Investing in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.

10	\| www.sbhfunds.com

Segall Bryant & Hamill Emerging Markets Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Financials	21.2%
Information Technology	18.6%
Consumer Discretionary	15.2%
Communication Services	10.2%
Materials	8.7%
Consumer Staples	5.7%
Industrials	5.6%
Energy	5.4%
Health Care	3.7%
Utilities	2.8%
Real Estate	1.8%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology.

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Stock Performance (12/31/2021 to 6/30/2022)

	Average	Contribution
5 Highest	Weight	to Return
Alinma Bank	0.31	0.28
Triveni Engineering and Industries, Ltd.	0.35	0.23
Sasol, Ltd.	0.34	0.18
Tongwei Group Co., Ltd.	0.14	0.17
Daqo New Energy Corp.	0.21	0.15

Top Ten Holdings (as of 6/30/22)

Taiwan Semiconductor Manufacturing Co., Ltd.	5.0%
Tencent Holdings, Ltd.	3.3%
Samsung Electronics Co., Ltd.	2.3%
Alibaba Group Holding, Ltd.	2.3%
Bank of China, Ltd.	1.4%
Riyad Bank	1.1%
China Construction Bank Corp.	1.1%
Vale S.A.	1.1%
Zhongsheng Group Holdings, Ltd.	1.1%
China Tower Corp., Ltd.	1.0%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

	Average	Contribution
5 Lowest	Weight	to Return
Surgutneftegas PJSC	0.15	-0.42
Tencent Holdings, Ltd.	3.18	-0.66
Gazprom PJSC	0.23	-0.70
Samsung Electronics Co., Ltd.	2.92	-1.03
Taiwan Semiconductor Manufacturing Co., Ltd.	5.72	-1.87

Please see page 34 for a description of the methodology used to construct this table.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill International Small Cap Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term capital appreciation.

Fund Management

Scott E. Decatur, Ph.D. Portfolio Manager

Nicholas C. Fedako, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Date
Retail Class* (SBHSX)	(18.25)%	(18.61)%	(1.38)%	(2.80)%	5.16%	3.19%	6/30/14
Institutional Class** (SBSIX)	(18.21)%	(18.54)%	(1.23)%	(2.60)%	5.38%	3.41%	5/31/11
MSCI EAFE Small Cap Index	(24.71)%	(23.98)%	1.12%	1.72%	7.18%	4.37%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.36%, Net: 1.18%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.13%, Net: 1.03%

Formerly Class A.

Formerly Class I.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 1.18% and 1.03% to the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.

Investing in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.

12	\| www.sbhfunds.com

Segall Bryant & Hamill International Small Cap Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Industrials	21.9%
Consumer Discretionary	12.0%
Real Estate	11.5%
Financials	10.9%
Information Technology	9.6%
Materials	9.5%
Health Care	6.6%
Consumer Staples	6.5%
Communication Services	4.3%
Utilities	3.0%
Energy	2.9%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology.

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Stock Performance (12/31/2021 to 6/30/2022)

	Average	Contribution
5 Highest	Weight	to Return
New Hope Corp., Ltd.	0.65	0.29
u-blox Holding A.G.	0.69	0.21
Cosmo Energy Holdings Co., Ltd.	0.68	0.20
Inabata & Co., Ltd.	0.15	0.19
Rheinmetall A.G.	0.18	0.19

Top Ten Holdings (as of 6/30/22)

Scandinavian Tobacco Group A/S	1.1%
u-blox Holdings A.G.	1.0%
Redrow PLC	1.0%
Computacenter PLC	1.0%
MIRAI Corp.	1.0%
Galenica A.G.	0.9%
GrainCorp, Ltd.	0.9%
Vistry Group PLC	0.9%
Incitec Pivot, Ltd.	0.9%
Television Franchaise 1	0.9%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

	Average	Contribution
5 Lowest	Weight	to Return
Vistry Group PLC	0.92	-0.33
ITV PLC	0.69	-0.35
Redrow PLC	1.01	-0.41
Getinge A.B.	0.91	-0.47
Royal Mail PLC	0.78	-0.54

Please see page 34 for a description of the methodology used to construct this table.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Fundamental International Small Cap Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term capital appreciation.

Fund Management

John C. Fenley, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Date
Retail Class (WTIFX)	(36.47)%	(35.40)%	2.18%	4.75%	5.07%	5.10%	12/15/99
Institutional Class (WIIFX)	(36.40)%	(35.32)%	2.34%	4.91%	5.18%	5.15%	4/29/16
MSCI ACWI ex USA Small Cap Index	(22.92)%	(22.45)%	2.94%	2.55%	6.22%	6.06%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.51%, Net: 1.25%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.36%, Net: 1.10%

Performance data quoted represents past performance and does not guarantee future results. Performance information for the Institutional Class shares prior to their inception is based on the performance of the Retail Class. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, visit www.sbhfunds.com. Average annual total returns reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements, if any. Without the fee waivers and expense reimbursements, total return figures would have been lower. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. Segall Bryant & Hamill fund shares are not insured by the FDIC, the Federal Reserve Board or any other agency and are subject to investment risk.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 1.25% and 1.10% for the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in larger-cap funds.

Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

14	\| www.sbhfunds.com

Segall Bryant & Hamill Fundamental International Small Cap Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Industrials	29.5%
Information Technology	26.6%
Consumer Discretionary	23.4%
Financials	9.3%
Consumer Staples	2.6%
Health Care	1.6%
Communication Services	1.3%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology.

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Stock Performance (12/31/2021 to 6/30/2022)

	Average	Contribution
5 Highest	Weight	to Return
Clipper Logistics PLC	3.41	0.32
Razer, Inc.	1.29	0.21
PAX Global Technology, Ltd.	2.66	0.08
Yifeng Pharmacy Chain Co., Ltd.	1.22	0.05
Mercell Holding A.S.A.	0.80	0.03

Top Ten Holdings (as of 6/30/22)

Constellation Software, Inc.	6.2%
Victoria PLC	4.7%
Brodrene A. & O. Johansen A/S	4.3%
Fluidra S.A.	4.2%
Evolution Gaming Group A.B.	3.9%
GFL Environmental, Inc.	3.8%
BayCurrent Consulting, Inc.	3.7%
Topicus.com, Inc.	3.6%
Strike Co., Ltd.	3.6%
Epsilon Net S.A.	3.5%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

	Average	Contribution
5 Lowest	Weight	to Return
Strike Co., Ltd.	3.61	-1.76
Instalco A.B.	3.17	-1.81
Cherry A.G.	2.18	-2.00
Victoria PLC	3.65	-3.14
Brodrene A. & O. Johansen A/S	5.78	-3.42

Please see page 34 for a description of the methodology used to construct this table.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Global All Cap Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term capital appreciation.

Fund Management

Suresh Rajagopal, CFA Portfolio Manager

Ralph M. Segall, CFA, CIC Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Date
Retail Class (WTMVX)	(22.41)%	(13.79)%	3.12%	4.54%	7.45%	7.97%	6/1/88
Institutional Class (WIMVX)	(22.28)%	(13.64)%	3.25%	4.68%	7.63%	8.04%	9/28/07
MSCI World Index	(20.51)%	(14.34)%	7.00%	7.67%	9.51%	7.11%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.18%, Net: 0.89%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.17%, Net: 0.74%

Please note that for longer term performance numbers, prior to April 29, 2016 the Fund was known as the Westcore Blue Chip Dividend Fund, prior to April 30, 2018 the Fund was known as the Westcore Global Large-Cap Dividend Fund, and prior to September 19, 2020 the Fund was known as the Segall Bryant & Hamill Global Large Cap Fund.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.89% and 0.74% for the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Investments in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.

16	\| www.sbhfunds.com

Segall Bryant & Hamill Global All Cap Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Information Technology	22.6%
Health Care	17.8%
Consumer Discretionary	13.9%
Financials	11.5%
Industrials	11.2%
Consumer Staples	6.8%
Energy	5.0%
Materials	4.3%
Communication Services	3.3%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology.

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Stock Performance (12/31/2021 to 6/30/2022)

	Average	Contribution
5 Highest	Weight	to Return
Suncor Energy, Inc.	1.69	0.40
McKesson Corp.	1.32	0.28
Quanta Services, Inc.	2.57	0.28
Perrigo Co. PLC	0.75	0.26
Dollarama, Inc.	1.75	0.21

Top Ten Holdings (as of 6/30/22)

Microsoft Corp.	4.4%
Alphabet, Inc.	3.3%
Quanta Services, Inc.	3.1%
UnitedHealth Group, Inc.	2.8%
Linde PLC	2.7%
Visa, Inc.	2.7%
Diageo PLC	2.5%
JPMorgan Chase & Co.	2.5%
Globe Life, Inc.	2.4%
Aon PLC	2.3%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

	Average	Contribution
5 Lowest	Weight	to Return
AZEK Co., Inc. (The)	0.90	-0.84
ASML Holding N.V.	1.82	-0.85
Amazon.com, Inc.	2.35	-0.92
Microsoft Corp.	4.46	-0.98
Marvell Technology, Inc.	2.63	-1.52

Please see page 34 for a description of the methodology used to construct this table.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Workplace Equality Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term capital appreciation.

Fund Management

Suresh Rajagopal, CFA Portfolio Manager John N. Roberts, Esq. Portfolio Manager

William J. Barritt, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Date
Retail Class (WEQRX)	(23.00)%	(15.54)%	3.27%	7.43%	8.79%	8.47%	6/1/88
Institutional Class (WEQIX)	(22.91)%	(15.46)%	3.41%	7.62%	9.00%	8.55%	9/28/07
Russell 1000^® Index	(20.94)%	(13.04)%	10.17%	11.00%	12.82%	10.50%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.28%, Net: 0.89%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.26%, Net: 0.74%

Please note that for the longer term performance numbers, prior to April 29, 2016 the Fund was known as the Westcore Growth Fund, prior to April 30, 2018, the Fund was known as the Westcore Large Cap Dividend Fund, and prior to May 1, 2019 the Fund was known as the Segall Bryant & Hamill Large Cap Dividend Fund.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.89% and 0.74% for the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

18	\| www.sbhfunds.com

Segall Bryant & Hamill Workplace Equality Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Information Technology	26.9%
Health Care	16.6%
Financials	11.1%
Industrials	10.0%
Consumer Discretionary	9.7%
Communication Services	7.1%
Consumer Staples	5.6%
Energy	4.3%
Materials	3.0%
Real Estate	2.9%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology.

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Stock Performance (12/31/2021 to 6/30/2022)


	Average	Contribution
5 Highest	Weight	to Return
McKesson Corp.	1.96	0.47
Chevron Corp.	2.15	0.24
Raytheon Technologies Corp.	2.55	0.21
UnitedHealth Group, Inc.	2.86	0.10
Reinsurance Group of America, Inc.	1.76	0.10

Top Ten Holdings (as of 6/30/22)

Microsoft Corp.	5.4%
Alphabet, Inc.	4.9%
UnitedHealth Group, Inc.	3.2%
Visa, Inc. - Class A	3.1%
Raytheon Technologies Corp.	2.9%
Apple, Inc.	2.7%
Danaher Corp.	2.7%
Amazon.com, Inc.	2.6%
Keysight Technologies, Inc.	2.4%
JPMorgan Chase & Co.	2.3%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

	Average	Contribution
5 Lowest	Weight	to Return
Applied Materials, Inc.	2.02	-0.95
NVIDIA Corp.	1.92	-1.04
Microsoft Corp.	5.34	-1.17
Alphabet, Inc.	5.06	-1.22
Amazon.com, Inc.	3.55	-1.38

Please see page 34 for a description of the methodology used to construct this table.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Short Term Plus Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to provide current income and competitive total return.

Fund Management

James D. Dadura, CFA Portfolio Manager

Gregory C. Hosbein, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	30-Day SEC	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Yield	Date
Retail Class (SBHPX)	(2.58)%	(3.05)%	0.16%	—	—	0.82%	3.16%	12/14/18
Institutional Class (SBAPX)	(2.63)%	(2.97)%	0.26%	—	—	0.91%	3.25%	12/14/18
Bloomberg U.S. Government/	(3.10)%	(3.56)%	0.31%	—	—	1.17%
Credit 1-3 Year Index	(3.10)%	(3.56)%	0.31%	—	—	1.17%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.80%, Net: 0.49%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.68%, Net: 0.40%

30-Day SEC Yield figures reflect all fee waivers and expense reimbursements. Without the absorption of these fee waivers and/or expense reimbursements, the figures would have been 3.11% for the Retail Class and 3.02% for the Institutional Class.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.49% and 0.40% for the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Fixed Income Risks: Fixed income Funds invest in bonds which entails interest rate risk and credit risk.

20	\| www.sbhfunds.com

Segall Bryant & Hamill Short Term Plus Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Industrial	60.3%
Utility	15.1%
U.S. Treasury Bonds & Notes	11.0%
Municipal Bonds	5.7%
Finance	4.5%
Commercial Mortgage-Backed Securities	1.0%

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Corporate Holdings (as of 6/30/22)

Ball Corp.	2.2%
Weyerhaeuser Co.	2.1%
Delta Air Lines Pass Thru Trust	2.1%
Vistra Operations Co., LLC.	2.0%
Graphic Packaging International, Inc.	2.0%
Amphenol Corp.	2.0%
General Motors Financial Co., Inc.	2.0%
Kinder Morgan, Inc.	1.9%
Georgia Power Co.	1.9%
NextEra Energy Capital Holdings, Inc.	1.9%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Holdings are subject to change and may not reflect the current or future position of the Fund.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Plus Bond Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to acheive long-term total rate of return consistent with preservation of capital.

Fund Management

Troy A. Johnson, CFA Portfolio Manager Darren G. Hewitson, CFA Portfolio Manager

Kenneth A. Harris, CFA Portfolio Manager Gregory M. Shea, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	30-Day SEC	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Yield	Date
Retail Class (WTIBX)	(11.21)%	(11.06)%	(0.66)%	1.12%	1.94%	5.35%	4.06%	6/1/88
Institutional Class (WIIBX)	(11.17)%	(10.95)%	(0.55)%	1.27%	2.08%	5.41%	4.22%	9/28/07
Bloomberg U.S. Aggregate Bond Index	(10.35)%	(10.28)%	(0.94)%	0.88%	1.54%	5.60%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.67%, Net: 0.55%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.51%, Net: 0.40%

30-Day SEC Yield figures reflect all fee waivers and expense reimbursements. Without the absorption of these fee waivers and/or expense reimbursements, the figures would have been 4.01% for the Retail Class and 4.15% for the Institutional Class.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.55% and 0.40% for the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Segall Bryant & Hamill Plus Bond Fund may invest in high-yield/high-risk bonds which are subject to greater levels of liquidity risk. Additionally, investing in bonds entails interest rate risk and credit risk.

22	\| www.sbhfunds.com

Segall Bryant & Hamill Plus Bond Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Industrial	34.7%
Mortgage-Backed Securities Passthrough	21.3%
U.S. Treasury Bonds & Notes	14.8%
Finance	9.9%
Municipal Bonds	8.8%
Utility	5.2%
Asset Backed Securities	3.6%
Residential Mortgage-Backed Securities	0.3%

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Corporate Holdings (as of 6/30/22)

SBA Tower Trust	1.2%
American Airlines, Inc.	1.2%
Wells Fargo & Co.	1.1%
JPMorgan Chase & Co.	1.1%
PDC Energy, Inc.	0.9%
Capital One Financial Corp.	0.9%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc.	0.9%
Silgan Holdings, Inc.	0.9%
Ford Motor Credit Co. LLC	0.8%
General Motors Financial Co., Inc.	0.8%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Holdings are subject to change and may not reflect the current or future position of the Fund.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Quality High Yield Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks to achieve long-term total rate of return consistent with preservation of capital.

Fund Management

Troy A. Johnson, CFA Portfolio Manager

Gregory M. Shea, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	30-Day SEC	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Yield	Date
Retail Class (WTLTX)	(12.13)%	(11.04)%	0.17%	1.72%	3.78%	6.61%	6.11%	6/1/88
Institutional Class (WILTX)	(12.10)%	(10.93)%	0.30%	1.85%	3.95%	6.67%	6.27%	9/28/07
Bloomberg U.S. High Yield 2% Issuer Capped Index	(14.20)%	(12.82)%	0.18%	2.09%	4.47%	N/A
Bloomberg U.S. Corporate High Yield Ba Index	(13.86)%	(12.27)%	1.24%	2.76%	4.76%	7.83%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.88%, Net: 0.85%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.76%, Net: 0.70%

30-Day SEC Yield figures reflect all fee waivers and expense reimbursements. Without the absorption of these fee waivers and/or expense reimbursements, the figures would have been 6.10% for the Retail Class and 6.23% for the Institutional Class.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.85% and 0.70% for the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Segall Bryant & Hamill Quality High Yield Fund may invest in high-yield/high-risk bonds which are subject to greater levels of liquidity risk. Additionally, investing in bonds entail interest rate risk and credit risk.

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Segall Bryant & Hamill Quality High Yield Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Industrial	83.3%
Finance	11.4%
Utility	4.3%

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/22)

PDC Energy, Inc.	3.4%
AmeriGas Partners LP/AmeriGas Financial Corp.	2.9%
Compass Minerals International, Inc.	2.7%
Occidental Petroleum Corp.	2.5%
Range Resources Corp.	2.5%
Lamar Media Corp.	2.4%
Cedar Fair LP	2.4%
Provident Funding Associates LP/PFG Finance Corp.	2.3%
IIP Operating Parternship LP	2.3%
KB Home	2.1%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Holdings are subject to change and may not reflect the current or future position of the Fund.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Municipal Opportunities Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks income exempt from Federal income taxes.

Fund Management

Nicholas J. Foley Portfolio Manager

Kenneth A. Harris, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	30-Day SEC	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Yield	Date
Retail Class (WTTAX)	(10.23)%	(9.70)%	0.14%	1.92%	—	2.90%	2.86%	12/16/16
Institutional Class (WITAX)	(10.15)%	(9.48)%	0.33%	2.08%	—	3.07%	3.01%	12/16/16
Bloomberg U.S. 1-15 Year	(6.81)%	(6.53)%	0.12%	1.46%	—	2.04%
Municipal Bond Index	(6.81)%	(6.53)%	0.12%	1.46%	—	2.04%

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.74%, Net: 0.65%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.57%, Net: 0.50%

30-Day SEC Yield figures reflect all fee waivers and expense reimbursements. Without the absorption of these fee waivers and/or expense reimbursements, the figures would have been 2.58% for the Retail Class and 2.96% for the Institutional Class.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.65% and 0.50% for the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Municipal bond fund income may be subject to state and local income taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax.

Investments in municipal bonds are subject to interest rate risk, or the risk that the bonds will decline in value because of changes in market interest rates.

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Segall Bryant & Hamill Municipal Opportunities Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Revenue	62.6%
General Obligation	10.1%
Local Authority	7.9%
Variable Rate Demand Note	6.8%
U.S. Treasury Bonds & Notes	3.4%
Corporate Bonds	3.0%
Certificate Participation	0.2%

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/22)

New York City Municipal Water Finance Authority	3.4%
Charlotte-Mecklenburg Hospital Authority (The)	3.4%
IPMI 3 LLC	3.0%
County of Santa Cruz California Tax and Revenue Anticipation Notes	2.8%
New York State Housing Finance Agency	2.7%
Utah Infrastructure Agency	2.5%
Salt Lake City Utah Airport	2.4%
California Municipal Finance Authority	2.3%
Port of Seattle Washington	2.2%
Indiana Finance Authority Environmental Refunding	2.2%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Holdings are subject to change and may not reflect the current or future position of the Fund.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Colorado Tax Free Fund	Fund Overview
	June 30, 2022 (Unaudited)

Investment Objective

The Fund seeks income exempt from both federal and Colorado state personal income taxes.

Fund Management

Nicholas J. Foley Portfolio Manager

Kenneth A. Harris, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

(LINE GRAPH)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of June each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Please see index definitions beginning on page 33.

Average Annual Total Returns

						Since	30-Day SEC	Inception
	6 Months	1 Year	3 Years	5 Years	10 Years	Inception	Yield	Date
Retail Class (WTCOX)	(8.47)%	(8.03)%	(0.03)%	1.42%	2.02%	4.08%	2.62%	6/1/91
Institutional Class (WICOX)	(8.45)%	(7.94)%	0.11%	1.56%	2.11%	4.11%	2.77%	4/29/16
Bloomberg U.S. 1-15 Year	(6.81)%	(6.53)%	0.12%	1.47%	2.08%	N/A
Municipal Bond Index	(6.81)%	(6.53)%	0.12%	1.47%	2.08%	N/A

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.68%, Net: 0.65%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.52%, Net: 0.50%

30-Day SEC Yield figures reflect all fee waivers and expense reimbursements. Without the absorption of these fee waivers and/or expense reimbursements, the figures would have been 2.61% for the Retail Class and 2.74% for the Institutional Class.

Until at least April 30, 2023, Segall Bryant & Hamill, LLC (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.65% and 0.50% for the Fund’s Retail Class and Institutional Class, respectively, for such period. This agreement may not be terminated or modified by the Adviser prior to the termination date without the approval of the Board of Trustees.

Segall Bryant & Hamill Colorado Tax Free Fund invests primarily in instruments issued by or on behalf of one state and generally will be more volatile and loss of principal could be greater due to state specific risk.

Municipal bond fund income may be subject to state and local income taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax.

Investments in municipal bonds are subject to interest rate risk, or the risk that the bonds will decline in value because of changes in market interest rates.

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Segall Bryant & Hamill Colorado Tax Free Fund	Fund Overview
	June 30, 2022 (Unaudited)

Sector Allocation (as of 6/30/22)

Revenue	44.8%
General Obligation	22.7%
Certificate Participation	19.5%
Local Authority	3.4%
Variable Rate Demand Note	2.4%
Prerefunded	0.5%

Percentages are based on Total Net Assets.

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/22)

Colorado Health Facilities Authority	7.2%
City and County of Denver Colorado	6.9%
Wheat Ridge Colorado Urban Renewal	4.1%
Colorado Educational & Cultural Facilities Authority	4.0%
City of Colorado Springs Colorado Utilities System	3.1%
Park Creek Metropolitan District	2.8%
Berthoud Colorado COP	2.7%
Denver Colorado City and County COP	2.6%
Central Platte Valley Metropolitan District	2.5%
Crested Butte Colorado Fire Protection	2.3%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Holdings are subject to change and may not reflect the current or future position of the Fund.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Funds	Fund Expenses
	June 30, 2022 (Unaudited)

	Beginning Account		Ending Account
	Value		Value		Expense			Expenses Paid
	January 1, 2022		June 30, 2022		Ratio^(a)			During Period^{^(b)}
Segall Bryant & Hamill Small Cap Value Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	825.40		1.05	%	$	4.75
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,019.59		1.05	%	$	5.26
Institutional
Based on Actual Fund Return	$	1,000.00	$	825.60		0.96	%	$	4.35
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,020.03		0.96	%	$	4.81

Segall Bryant & Hamill Small Cap Growth Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	678.40		1.05	%	$	4.37
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,019.59		1.05	%	$	5.26
Institutional
Based on Actual Fund Return	$	1,000.00	$	679.00		0.88	%	$	3.66
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,020.43		0.88	%	$	4.41

Segall Bryant & Hamill Small Cap Core Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	788.90		1.14	%	$	5.06
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,019.14		1.14	%	$	5.71
Institutional
Based on Actual Fund Return	$	1,000.00	$	789.80		0.99	%	$	4.39
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,019.89		0.99	%	$	4.96

Segall Bryant & Hamill All Cap Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	780.50		0.86	%	$	3.80
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,020.53		0.86	%	$	4.31
Institutional
Based on Actual Fund Return	$	1,000.00	$	781.00		0.84	%	$	3.71
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,020.63		0.84	%	$	4.21

Segall Bryant & Hamill Emerging Markets Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	856.40		1.38	%	$	6.35
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,017.95		1.38	%	$	6.90
Institutional
Based on Actual Fund Return	$	1,000.00	$	855.70		1.23	%	$	5.66
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,018.70		1.23	%	$	6.16

Segall Bryant & Hamill International Small Cap Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	817.50		1.18%		$	5.32
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,018.94		1.18%		$	5.91
Institutional
Based on Actual Fund Return	$	1,000.00	$	817.90		1.03	%	$	4.64
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,019.69		1.03	%	$	5.16

Segall Bryant & Hamill Fundamental International Small Cap Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	635.30		1.25	%	$	5.07
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,018.60		1.25	%	$	6.26
Institutional
Based on Actual Fund Return	$	1,000.00	$	636.00		1.10	%	$	4.46
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,019.34		1.10	%	$	5.51

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Segall Bryant & Hamill Funds	Fund Expenses
	June 30, 2022 (Unaudited)

	Beginning Account		Ending Account
	Value		Value		Expense			Expenses Paid
	January 1, 2022		June 30, 2022		Ratio^(a)			During Period^{^(b)}
Segall Bryant & Hamill Global All Cap Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	775.90		0.89	%	$	3.92
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,020.38		0.89	%	$	4.46
Institutional
Based on Actual Fund Return	$	1,000.00	$	777.20		0.74	%	$	3.26
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,021.12		0.74	%	$	3.71

Segall Bryant & Hamill Workplace Equality Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	770.00		0.89	%	$	3.91
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,020.38		0.89	%	$	4.46
Institutional
Based on Actual Fund Return	$	1,000.00	$	770.90		0.74	%	$	3.25
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,021.12		0.74	%	$	3.71

Segall Bryant & Hamill Short Term Plus Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	974.20		0.49	%	$	2.40
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,022.36		0.49	%	$	2.46
Institutional
Based on Actual Fund Return	$	1,000.00	$	973.70		0.40	%	$	1.96
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,022.81		0.40	%	$	2.01

Segall Bryant & Hamill Plus Bond Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	887.90		0.55	%	$	2.57
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,022.07		0.55	%	$	2.76
Institutional
Based on Actual Fund Return	$	1,000.00	$	888.30		0.40	%	$	1.87
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,022.81		0.40	%	$	2.01

Segall Bryant & Hamill Quality High Yield Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	878.70		0.85	%	$	3.96
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,020.58		0.85	%	$	4.26
Institutional
Based on Actual Fund Return	$	1,000.00	$	879.00		0.70	%	$	3.26
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,021.32		0.70	%	$	3.51

Segall Bryant & Hamill Municipal Opportunities Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	897.70		0.65	%	$	3.06
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,021.57		0.65	%	$	3.26
Institutional
Based on Actual Fund Return	$	1,000.00	$	898.50		0.50	%	$	2.35
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,022.32		0.50	%	$	2.51

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Funds	Fund Expenses
	June 30, 2022 (Unaudited)

	Beginning Account		Ending Account
	Value		Value		Expense			Expenses Paid
	January 1, 2022		June 30, 2022		Ratio^(a)			During Period^{^(b)}
Segall Bryant & Hamill Colorado Tax Free Fund
Retail
Based on Actual Fund Return	$	1,000.00	$	915.30		0.65	%	$	3.09
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,021.57		0.65	%	$	3.26
Institutional
Based on Actual Fund Return	$	1,000.00	$	915.50		0.50	%	$	2.37
Based on Hypothetical 5% Return (before expenses)	$	1,000.00	$	1,022.32		0.50	%	$	2.51

^(a)

Annualized, based on each Fund’s most recent one-half year expenses.

^{^(b)}

Expenses are equal to each Fund’s annualized net expense ratio multiplied by the average account value over the period, muliplied by 181/365 (to reflect the one-half year period).

32	\| www.sbhfunds.com

Segall Bryant & Hamill Funds	Important Disclosures
	June 30, 2022 (Unaudited)

INDEX DEFINITIONS AND DISCLOSURES

All indices are unmanaged and index performance figures include reinvestment of dividends but do not reflect any fees, expenses or taxes. Investors cannot invest directly in an index.

The Bloomberg U.S. 10-Year Municipal Bond Index includes investment grade (Moody’s Investor Services Aaa to Baa, Standard and Poor’s Corporation AAA to BBB) tax-exempt bonds with maturities between eight and twelve years.

The Bloomberg U.S. 1-15 Year Municipal Bond Index measures the performance of investment grade (Moody’s Investor Services Aaa to Baa, Standard and Poor’s Corporation AAA to BBB) general obligation and revenue bonds with maturities ranging from one to seventeen years It is a broad index that is representative of the tax-exempt bond market.

The Bloomberg U.S. Aggregate Bond Index is a fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year.

The Bloomberg U.S. Corporate High Yield Ba Index measures the performance of intermediate (1 to 10 year) U.S. high yield issues. It includes fixed-rate, noninvestment grade debt issues rated Ba1 or lower by Moody’s, rated BB+ or lower by S&P, rated below investment grade by Fitch Investor’s Service or if unrated previously held a high yield rating or have been associated with a high yield issuer, and must trade accordingly.

The Bloomberg U.S. High Yield 2% Issuer Capped Index is an unmanaged index that is comprised of predominantly US High Yield Corporate Bonds and a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. The weighting of index constituents is limited to a maximum 2%.

The Bloomberg U.S. Government/Credit 1-3 Year Index includes medium and larger issues of U.S. government, investment-grade corporate and investment-grade international dollar -denominated bonds that have maturities of between one and three years.

The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Market countries. With 4,334 constituents, the index covers approximately 14% of the global equity opportunity set outside the U.S. MSCI Inc. launched the MSCI ACWI ex USA Small Cap Index on June 1, 2007. Data prior to the launch date is back-tested data provided and derived by MSCI (i e calculations of how the index might have performed over that time period had the index existed) There may be material differences between back-tested performance and actual results. Past performance, whether actual or back-tested, is no indication or guarantee of future performance.

The MSCI EAFE Small Cap Index measures small cap representation across Developed Markets countries around the world, excluding the US and Canada. It is maintained by MSCI Barra, a provider of investment decision support tools; the EAFE acronym stands for Europe, Australasia and the Far East.

The MSCI Emerging Markets Index measures equity market performance of emerging markets, which consists of the following 24 emerging market indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The MSCI World Index captures large and mid cap representation across 23 Developed Markets countries. With 1,517 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market.

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^®Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values.

The Russell 2000^® Value Index measures the performance of companies within the Russell 2000^® Index having lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Index includes the 2000 firms from the Russell 3000^® Index with the smallest market capitalizations. The Russell 3000^® Index represents 98% of the investable U.S. equity market.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. stocks.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Funds	Important Disclosures
	June 30, 2022 (Unaudited)

“Bloomberg^®” and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Service Limited, the administrator of the indices, and have been licensed for use for certain purposes by Segall Bryant & Hamill. Bloomberg is not affiliated with Segall Bryant & Hamill, and Bloomberg does not approve, endorse, review, or recommend the Segall Bryant & Hamill Funds. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Segall Bryant & Hamill Funds.

MSCI Inc. is the source and owner of the MSCI Index data contained in this material and all trademarks and copyrights related thereto Any further dissemination or redistribution is strictly prohibited MSCI Barra is not responsible for the formatting or configuration of this material or for any inaccuracy in Segall Bryant & Hamill’s presentation thereof.

FTSE Russell is the source and owner of the Russell Index data contained in this material and all trademarks and copyrights related thereto Any further dissemination or redistribution is strictly prohibited Russell Investments is not responsible for the formatting or configuration of this material or for any inaccuracy in Segall Bryant & Hamill’s presentation thereof.

TOP 5/BOTTOM 5 STOCK PERFORMANCE CALCULATION METHODOLOGY

The calculation methodology used to construct this table took into account consistently the weighting of every holding in the Fund that contributed to the Fund’s performance during the measurement period, and the table reflects consistently the results of the calculation. The calculation determined the contribution of each Fund holding by calculating the weight (i.e., percentage of the total investments) of each holding multiplied by the rate of return for that holding during the measurement period.

DEFINITION OF TERMS

Beta: A measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.

Bond Rating Categories:

●

AAA: An obligation rated “AAA” has the highest rating assigned by Standard & Poor’s The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

●

AA+: An obligation rated “AA+” differs from the highest rated obligations only in small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong.

●

AA: An obligation rated “AA” differs from the highest rated obligations only in small degree The obligor’s capacity to meet its financial commitment on the obligation is very strong.

●

A: An obligation rated “A” is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong.

●

BBB: An obligation rated “BBB” exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

●

Below BBB: Obligations rated “BB,” “B,” “CCC,” “CC” and “C” are regarded as having significant speculative characteristics. “BB” indicates the least degree of speculation and “C” the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions Bonds rated “BB” or below are commonly referred to as “junk” bonds.

●

Non-Rated: These bonds are not rated.

Credit Quality Rating: A rating of an individual bond as determined by a nationally recognized statistical rating organization (NRSRO) such as Standard & Poor’s or Moody’s. Credit quality ratings range from highest, “AAA ” to lowest, “D”. For more information regarding rating methodologies for Standard & Poor’s, visit www.standardandpoors.com and for Moody’s, visit www.moodys.com.

Credit Spread: The difference in yield between two bonds of similar maturity, but different credit quality.

Duration: A generic description of the sensitivity of a bond’s price (as a percentage of initial price) to a change in yield.

EPS (Earnings per Share) Growth: Earnings per share is the portion of a company’s profit allocated to each outstanding share of common stock EPS growth serves as an indicator of a company’s profitability.

Effective Maturity: A weighted average of the maturities of the bonds in a portfolio.

34	\| www.sbhfunds.com

Segall Bryant & Hamill Funds	Important Disclosures
	June 30, 2022 (Unaudited)

Emerging Markets: Segall Bryant & Hamill Funds consider emerging market countries to be those countries that are neither U.S. nor developed countries.

Federal Reserve (Fed): The central banking system of the United States.

Free Cash Flow to Total Enterprise Value (FCF/TEV): A valuation metric used to compare the amount of cash a firm generates to the total value of the resources used to generate that cash.

Gross Domestic Product (GDP): The market value of all officially recognized goods and services produced within a country in a given period of time.

Market Capitalization: The market capitalization represents the total value of a company or stock It is calculated by multiplying the number of shares outstanding by the current price of one share.

Modified Duration: A duration measure in which it is assumed that yield changes do not change the expected cash flows.

Number of Holdings: The Number of Holdings presented excludes short-term investments including money market mutual funds.

OPEC: Is the Organization of the Petroleum Exporting Countries.

Operating Cash Flow to Price (OCF/P): A valuation metric used to compare the amount of cash a firm generates per share from operations to the price of the stock.

Portfolio Turnover Rate: A percentage computed by taking the lesser of purchases or sales of portfolio securities (excluding short-term investments) for the year and dividing it by the monthly average of the market value of the portfolio securities during the year.

Price to Book Value (P/B) Ratio: The P/B ratio is used to compare a company’s book value to its current market price. This ratio compares the market’s valuation of a company to the value of that company as indicated on its financial statements. The higher the ratio, the higher the premium the market is willing to pay for the company above its hard assets.

Price to Cash (P/C) Flow Ratio: The P/C flow ratio is a measure of a firm’s stock price relative to its financial performance. For a fund, the P/C flow ratio is the weighted average of all stocks held in the fund It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations.

Price to Earnings (P/E) Ratio: The P/E ratio is a stock’s per share price divided by its per share earnings over a 12-month period. For a fund, the P/E ratio is the weighted average of all stocks held in the fund. The higher the P/E ratio, the more the market is willing to pay for each dollar of annual earnings.

REIT: A REIT is a real estate investment trust. REITs are securities that sell like a stock on a major exchange. REITs invest directly in real estate, either through properties or mortgages Return on Equity (ROE): A measure of how well a company used reinvested earnings to generate additional earnings It is used as a general indication of a company’s efficiency; in other words, how much profit is a company able to generate given the resources provided by its stockholders.

Risk-Adjusted Return: Is a measure of return that incorporates the value of risk involved in the return of an investment It is intended to help investors compare the returns of investments with varying levels of risk. Risk-adjusted return can be applied to individual securities, mutual funds and portfolios.

Risk On, Risk Off: A concept that describes market sentiment as either “risk on” or “risk off”. During a market sentiment of “risk on”, the market is optimistic and more willing to take on risk in exchange for possibly better returns. When market sentiment is “risk off”, the market is pessimistic and will favor investments with perceived lower risk.

SEC Yield: The SEC Yield is a standardized method of computing return on investment that the U.S. Securities and Exchange Commission (SEC) requires mutual funds to use when advertising their yields Its objective is to allow a confusion-free comparison of the performance of different funds.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Small Cap Value Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 93.1%
Consumer Discretionary — 3.3%
Automobiles & Components — 1.4%
Harley-Davidson, Inc.		121,230	$	3,838,142
Modine Manufacturing Co. ^(a)		377,296		3,972,927
				7,811,069
Consumer Durables & Apparel — 1.1%
Gildan Activewear, Inc. (Canada)		166,130		4,781,221
Under Armour, Inc. - Class A ^(a)		175,654		1,463,198
				6,244,419
Consumer Services — 0.3%
Papa John’s International, Inc.		18,776		1,568,172

Retailing — 0.5%
Quotient Technology, Inc. ^(a)		967,527		2,873,555

Consumer Staples — 7.4%
Food, Beverage & Tobacco — 3.2%
Hain Celestial Group, Inc. (The) ^(a)		680,983		16,166,536
TreeHouse Foods, Inc. ^(a)		40,818		1,707,009
				17,873,545
Household & Personal Products — 4.2%
Coty, Inc. - Class A ^(a)		2,895,915		23,196,279

Energy — 3.6%
Energy — 3.6%
Dril-Quip, Inc. ^(a)		208,309		5,374,372
Helmerich & Payne, Inc.		137,605		5,925,271
PDC Energy, Inc.		69,799		4,300,316
Range Resources Corp. ^{^(a)}		174,838		4,327,241
				19,927,200
Financials — 13.9%
Banks — 12.8%
Community Bank System, Inc.		87,487		5,536,177
Enterprise Financial Services Corp		112,250		4,658,375
Glacier Bancorp, Inc.		133,325		6,322,271
Lakeland Financial Corp		37,145		2,467,171
National Bank Holdings Corp. - Class A		245,589		9,398,691
Pacific Premier Bancorp, Inc.		172,933		5,056,561
Renasant Corp		49,718		1,432,376
Seacoast Banking Corp. of Florida		263,005		8,689,685
SouthState Corp		61,261		4,726,286
Umpqua Holdings Corp.		523,123		8,772,773
United Community Banks, Inc.		300,830		9,082,058
WesBanco, Inc.		161,368		5,116,979
				71,259,403
Diversified Financials — 0.6%
Green Dot Corp. - Class A ^{^(a)}		136,061		3,416,492

Insurance — 0.5%
eHealth, Inc. ^(a)		304,096		2,837,216

Health Care — 9.1%
Health Care Equipment & Services — 7.1%
AngioDynamics, Inc. ^(a)		126,945		2,456,386

	Shares		Value
Health Care Equipment & Services (continued)
ICU Medical, Inc. ^(a)		92,568	$	15,217,254
MEDNAX, Inc. ^(a)		223,628		4,698,424
Orthofix Medical, Inc. ^(a)		603,701		14,211,122
Surmodics, Inc. ^(a)		77,827		2,897,499
				39,480,685
Pharmaceuticals, Biotechnology & Life Sciences — 2.0%
Alkermes PLC (Ireland) ^{^(a)}		117,148		3,489,839
BioCryst Pharmaceuticals, Inc. ^(a)		493,356		5,219,706
Blueprint Medicines Corp. ^{^(a)}		32,382		1,635,615
ImmunoGen, Inc. ^(a)		228,990		1,030,455
				11,375,615
Industrials — 23.0%
Capital Goods — 18.8%
AAR Corp. ^{^(a)}		143,272		5,994,500
Apogee Enterprises, Inc.		203,683		7,988,447
Astec Industries, Inc.		180,608		7,365,194
AZZ, Inc.		201,098		8,208,820
Beacon Roofing Supply, Inc. ^(a)		41,090		2,110,382
CIRCOR International, Inc. ^(a)		296,748		4,863,700
Columbus McKinnon Corp		104,086		2,952,920
EnerSys		103,134		6,080,781
Mercury Systems, Inc. ^(a)		168,987		10,870,934
Quanex Building Products Corp		279,605		6,361,014
Regal Rexnord Corp		121,638		13,808,346
REV Group, Inc.		705,750		7,671,502
SPX Corp. ^{^(a)}		272,393		14,393,246
Sterling Construction Co., Inc. ^(a)		273,979		6,005,620
				104,675,406
Commercial & Professional Services — 4.2%
Huron Consulting Group, Inc. ^(a)		64,901		4,217,916
KBR, Inc.		191,709		9,276,799
SP Plus Corp. ^{^(a)}		327,634		10,064,916
				23,559,631
Information Technology — 11.4%
Software & Services — 8.4%
Conduent, Inc. ^(a)		913,375		3,945,780
CSG Systems International, Inc.		116,354		6,944,007
NCR Corp. ^{^(a)}		522,551		16,256,561
Progress Software Corp		429,679		19,464,459
				46,610,807
Technology Hardware & Equipment — 3.0%
Belden, Inc.		196,472		10,466,064
FARO Technologies, Inc. ^(a)		210,894		6,501,862
				16,967,926
Materials — 7.6%
Materials — 7.6%
Alamos Gold, Inc. - Class A (Canada)		467,913		3,284,749
Compass Minerals International, Inc.		420,155		14,869,285
Element Solutions, Inc.		299,742		5,335,408
Glatfelter Corp		743,844		5,117,647
Schnitzer Steel Industries, Inc. - Class A		42,451		1,394,091
Silgan Holdings, Inc.		184,498		7,628,992
Summit Materials, Inc. - Class A ^(a)		201,642		4,696,242
				42,326,414

See Notes to Financial Statements.

36	\| www.sbhfunds.com

Segall Bryant & Hamill Small Cap Value Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Real Estate — 7.6%
Real Estate — 7.6%
Cousins Properties, Inc.		149,803	$	4,378,742
DigitalBridge Group, Inc. - Class A ^(a)		500,975		2,444,758
Empire State Realty Trust, Inc. - Class A		338,927		2,382,657
Equity Commonwealth ^{^(a)}		1,024,596		28,207,128
Physicians Realty Trust		271,985		4,746,138
				42,159,423
Utilities — 6.2%
Utilities — 6.2%
ALLETE, Inc.		121,774		7,157,876
Avista Corp		108,849		4,736,020
New Jersey Resources Corp.		176,471		7,858,253
OGE Energy Corp		171,164		6,600,084
PNM Resources, Inc.		171,845		8,210,754
				34,562,987
Investments at Value — 93.1%
(Cost $524,749,296)			$	518,726,244

Other Assets in Excess of Liabilities — 6.9%				38,682,490

Net Assets — 100.0%			$	557,408,734

^{^(a)}

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 Funds. 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.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Small Cap Growth Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.2%
Communication Services — 3.1%
Media & Entertainment — 1.8%
Eventbrite, Inc. - Class A ^(a)		121,272	$	1,245,464
New York Times Co. (The) - Class A		60,398		1,685,104
				2,930,568
Telecommunication Services — 1.3%
Cogent Communications Holdings, Inc.		33,302		2,023,429

Consumer Discretionary — 9.0%
Automobiles & Components — 1.1%
Fox Factory Holding Corp. ^{^(a)}		21,562		1,736,604
Consumer Durables & Apparel — 2.7%
Callaway Golf Co. ^{^(a)}		128,674		2,624,949
YETI Holdings, Inc. ^(a)		40,784		1,764,724
				4,389,673
Consumer Services — 4.0%
Bright Horizons Family Solutions, Inc. ^(a)		20,331		1,718,376
Churchill Downs, Inc.		11,265		2,157,585
Shake Shack, Inc. - Class A ^(a)		33,826		1,335,451
Wingstop, Inc.		16,134		1,206,339
				6,417,751
Retailing — 1.2%
Boot Barn Holdings, Inc. ^(a)		10,766		741,885
Revolve Group, Inc. ^(a)		48,272		1,250,728
				1,992,613
Consumer Staples — 1.7%
Food, Beverage & Tobacco — 1.7%
Simply Good Foods Co. (The) ^{^(a)}		70,926		2,678,875

Financials — 7.6%
Diversified Financials — 3.3%
Hamilton Lane, Inc. - Class A		24,371		1,637,244
Houlihan Lokey, Inc.		23,197		1,830,939
StepStone Group, Inc. - Class A		73,964		1,925,283
				5,393,466
Insurance — 4.3%
Goosehead Insurance, Inc. - Class A		44,145		2,016,102
Palomar Holdings, Inc. ^(a)		39,843		2,565,889
Trupanion, Inc. ^(a)		38,683		2,331,038
				6,913,029
Health Care — 26.2%
Health Care Equipment & Services — 17.9%
Addus HomeCare Corp. ^{^(a)}		26,850		2,236,068
Amedisys, Inc. ^(a)		17,383		1,827,301
Castle Biosciences, Inc. ^(a)		57,528		1,262,739
CONMED Corp		29,144		2,790,829
Globus Medical, Inc. - Class A ^(a)		51,569		2,895,084
Inari Medical, Inc. ^(a)		31,908		2,169,425
Inspire Medical Systems, Inc. ^(a)		14,859		2,714,293
Integra LifeSciences Holdings Corp. ^{^(a)}		45,321		2,448,694
Omnicell, Inc. ^(a)		27,826		3,165,207
Option Care Health, Inc. ^(a)		108,430		3,013,270
Silk Road Medical, Inc. ^(a)		53,887		1,960,948

	Shares		Value
Health Care Equipment & Services (continued)
Surgery Partners, Inc. ^(a)		51,024	$	1,475,614
Warby Parker, Inc. - Class A ^(a)		80,991		911,959
				28,871,431
Pharmaceuticals, Biotechnology & Life Sciences — 8.3%
Adaptive Biotechnologies Corp. ^{^(a)}		43,788		354,245
Avid Bioservices, Inc. ^(a)		76,266		1,163,819
Blueprint Medicines Corp. ^{^(a)}		24,292		1,226,989
Fate Therapeutics, Inc. ^(a)		43,375		1,074,832
Medpace Holdings, Inc. ^(a)		15,264		2,284,563
NanoString Technologies, Inc. ^(a)		57,108		725,272
Natera, Inc. ^(a)		36,303		1,286,578
Pacira BioSciences, Inc. ^(a)		24,417		1,423,511
Turning Point Therapeutics, Inc. ^(a)		37,700		2,836,925
Xencor, Inc. ^(a)		40,142		1,098,687
				13,475,421
Industrials — 16.6%
Capital Goods — 8.2%
Ameresco, Inc. - Class A ^(a)		46,819		2,133,074
AZEK Co., Inc. (The) - Class A ^(a)		136,249		2,280,808
Hexcel Corp		47,104		2,464,010
John Bean Technologies Corp.		15,732		1,737,127
Kratos Defense & Security Solutions,
Inc. ^{^(a)}		137,354		1,906,474
Mercury Systems, Inc. ^(a)		24,417		1,570,746
TPI Composites, Inc. ^(a)		91,317		1,141,462
				13,233,701
Commercial & Professional Services — 7.3%
ASGN, Inc. ^(a)		22,163		2,000,211
Montrose Environmental Group, Inc. ^(a)		34,444		1,162,829
Ritchie Bros. Auctioneers, Inc. (Canada)		40,672		2,646,120
Tetra Tech, Inc.		27,258		3,722,080
Upwork, Inc. ^(a)		106,957		2,211,871
				11,743,111
Transportation — 1.1%
Saia, Inc. ^(a)		9,469		1,780,172

Information Technology — 26.2%
Semiconductors & Semiconductor Equipment — 8.4%
Allegro MicroSystems, Inc. ^(a)		39,055		808,048
Azenta, Inc.		11,702		843,714
Credo Technology Group Holding, Ltd.
(Cayman Islands) ^{^(a)}		74,706		872,566
Onto Innovation, Inc. ^(a)		38,786		2,704,935
Power Integrations, Inc.		40,287		3,021,928
Silicon Laboratories, Inc. ^(a)		28,126		3,943,828
SiTime Corp. ^{^(a)}		8,733		1,423,741
				13,618,760
Software & Services — 15.8%
BlackLine, Inc. ^(a)		27,609		1,838,759
Endava PLC ADR (United Kingdom) ^(a)		38,285		3,379,417
Envestnet, Inc. ^(a)		40,372		2,130,431
Everbridge, Inc. ^(a)		25,051		698,672
Globant S.A. (Luxembourg) ^{^(a)}		14,271		2,483,154
MAXIMUS, Inc.		46,855		2,928,906
nCino, Inc. ^(a)		55,033		1,701,620

See Notes to Financial Statements.

38	\| www.sbhfunds.com

Segall Bryant & Hamill Small Cap Growth Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Software & Services (continued)
Olo, Inc. - Class A ^(a)		90,800	$	896,196
Rapid7, Inc. ^(a)		29,387		1,963,052
Shift4 Payments, Inc. - Class A ^(a)		59,483		1,966,508
Sprout Social, Inc. - Class A ^(a)		59,958		3,481,761
Workiva, Inc. ^(a)		30,019		1,980,954
				25,449,430
Technology Hardware & Equipment — 2.0%
908 Devices, Inc. ^(a)		62,939		1,295,914
Novanta, Inc. (Canada) ^(a)		16,287		1,975,125
				3,271,039
Materials — 3.5%
Materials — 3.5%
Avient Corp		46,088		1,847,207
Innospec, Inc.		14,470		1,386,081
Livent Corp. ^{^(a)}		95,582		2,168,756
Ranpak Holdings Corp. - Class A ^{^(a)}		41,572		291,004
				5,693,048
Real Estate — 2.3%
Real Estate — 2.3%
Americold Realty Trust		42,116		1,265,165
Terreno Realty Corp		42,322		2,358,605
				3,623,770
Investments at Value — 96.2%
(Cost $181,867,485)			$	155,235,891

Other Assets in Excess of Liabilities — 3.8%				6,168,374

Net Assets — 100.0%			$	161,404,265

^{^(a)}

Non-income producing security.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Small Cap Core Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 90.2%
Consumer Discretionary — 9.8%
Automobiles & Components — 2.0%
Fox Factory Holding Corp. ^{^(a)}		3,724	$	299,931
Harley-Davidson, Inc.		16,351		517,672
Stoneridge, Inc. ^(a)		11,513		197,448
				1,015,051
Consumer Durables & Apparel — 4.4%
Capri Holdings, Ltd. ^(a)		9,457		387,832
Gildan Activewear, Inc. (Canada)		26,721		769,030
Steven Madden, Ltd.		16,668		536,876
Under Armour, Inc. - Class A ^(a)		30,529		254,307
Universal Electronics, Inc. ^(a)		10,047		256,902
				2,204,947
Consumer Services — 1.5%
BJ’s Restaurants, Inc. ^(a)		10,823		234,643
Churchill Downs, Inc.		2,710		519,046
				753,689
Hotels, Restaurants & Leisure — 1.2%
Texas Roadhouse, Inc.		7,989		584,795

Retailing — 0.7%
Five Below, Inc. ^(a)		2,995		339,723

Consumer Staples — 4.9%
Food & Staples Retailing — 1.3%
Casey’s General Stores, Inc.		3,525		652,054

Food, Beverage & Tobacco — 2.6%
Hain Celestial Group, Inc. (The) ^(a)		23,392		555,326
J & J Snack Foods Corp.		5,397		753,745
				1,309,071
Household & Personal Products — 1.0%
Inter Parfums, Inc.		6,528		476,936

Energy — 3.7%
Energy — 3.7%
Devon Energy Corp		21,298		1,173,733
PDC Energy, Inc.		11,116		684,857
				1,858,590
Financials — 8.0%
Banks — 8.0%
Ameris Bancorp		9,792		393,443
Glacier Bancorp, Inc.		16,751		794,332
Lakeland Financial Corp		3,477		230,942
Seacoast Banking Corp. of Florida		28,316		935,561
South State Corp		9,051		698,285
United Bankshares, Inc.		10,391		364,412
United Community Banks, Inc.		19,343		583,965
				4,000,940
Health Care — 12.0%
Health Care Equipment & Services — 8.2%
Amedisys, Inc. ^(a)		5,639		592,772
Encompass Health Corp		7,294		408,829
Ensign Group, Inc. (The)		6,935		509,514

	Shares		Value
Health Care Equipment & Services (continued)
Globus Medical, Inc. - Class A ^(a)		10,077	$	565,723
Heska Corp. ^{^(a)}		4,015		379,458
Insulet Corp. ^{^(a)}		3,145		685,421
Integra LifeSciences Holdings Corp. ^{^(a)}		5,583		301,650
Orthofix Medical, Inc. ^(a)		15,394		362,375
Phreesia, Inc. ^(a)		12,547		313,800
				4,119,542
Pharmaceuticals, Biotechnology & Life Sciences — 3.8%
Bio-Techne Corp		1,330		461,031
CareDx, Inc. ^(a)		7,283		156,439
Horizon Therapeutics PLC ^{^(a)}		7,251		578,340
Medpace Holdings, Inc. ^(a)		2,543		380,611
Veracyte, Inc. ^(a)		15,715		312,728
				1,889,149
Industrials — 21.7%
Capital Goods — 14.4%
AAR Corp. ^{^(a)}		12,703		531,493
BWX Technologies, Inc.		7,132		392,902
Carlisle Cos., Inc.		4,465		1,065,394
EnerSys		5,002		294,918
EnPro Industries, Inc.		11,840		970,051
ITT, Inc.		9,032		607,312
RBC Bearings, Inc. ^(a)		2,762		510,832
Regal Rexnord Corp		7,816		887,272
SPX Corp. ^{^(a)}		9,459		499,814
Standex International Corp		3,751		318,010
Timken Co. (The)		4,095		217,240
UFP Industries, Inc.		5,711		389,147
Zurn Water Solutions Corp		19,851		540,741
				7,225,126
Commercial & Professional Services — 4.3%
Casella Waste Systems, Inc. - Class A ^(a)		9,477		688,788
KBR, Inc.		23,935		1,158,215
Tetra Tech, Inc.		2,181		297,816
				2,144,819
Transportation — 3.0%
Allegiant Travel Co. ^{^(a)}		3,824		432,456
Forward Air Corp		3,916		360,115
Hub Group, Inc. - Class A ^(a)		9,935		704,789
				1,497,360
Information Technology — 19.4%
Semiconductors & Semiconductor Equipment — 4.0%
CMC Materials, Inc.		990		172,745
Silicon Laboratories, Inc. ^(a)		6,528		915,356
Universal Display Corp.		3,946		399,099
Veeco Instruments, Inc. ^(a)		27,136		526,438
				2,013,638
Software & Services — 12.2%
Agilysys, Inc. ^(a)		11,672		551,736
Alteryx, Inc. - Class A ^(a)		10,632		514,802
Avalara, Inc. ^(a)		6,589		465,183
BlackLine, Inc. ^(a)		7,059		470,129
Endava PLC ADR (United Kingdom) ^(a)		9,729		858,779
Everbridge, Inc. ^(a)		4,927		137,414
Model N, Inc. ^(a)	��	19,857		507,942

See Notes to Financial Statements.

40	\| www.sbhfunds.com

Segall Bryant & Hamill Small Cap Core Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Software & Services (continued)
NCR Corp. ^{^(a)}		9,082	$	282,541
Pegasystems, Inc.		2,893		138,401
Tenable Holdings, Inc. ^(a)		21,332		968,686
WNS Holdings, Ltd. ADR (Jersey) ^(a)		12,516		934,194
Workiva, Inc. ^(a)		3,946		260,397
				6,090,204
Technology Hardware & Equipment — 3.2%
Badger Meter, Inc.		5,767		466,493
FARO Technologies, Inc. ^(a)		5,968		183,993
Pure Storage, Inc. - Class A ^(a)		35,744		918,978
				1,569,464
Materials — 8.4%
Materials — 8.4%
Berry Global Group, Inc. ^(a)		9,896		540,717
Compass Minerals International, Inc.		6,490		229,681
Eagle Materials, Inc.		2,599		285,734
Element Solutions, Inc.		40,982		729,480
Graphic Packaging Holding Co		45,191		926,415
Huntsman Corp		18,940		536,949
Ingevity Corp. ^{^(a)}		4,086		257,990
Materion Corp		9,031		665,856
				4,172,822
Real Estate — 2.3%
Real Estate — 2.3%
Cousins Properties, Inc.		20,795		607,838
Equity Commonwealth ^{^(a)}		18,778		516,958
				1,124,796
Investments at Value — 90.2%
(Cost $45,286,649)			$	45,042,716

Other Assets in Excess of Liabilities — 9.8%				4,920,812

Net Assets — 100.0%			$	49,963,528

^{^(a)}

Non-income producing security.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill All Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 98.1%
Communication Services — 5.4%
Media & Entertainment — 5.4%
Alphabet, Inc. - Class C ^(a)		2,539	$	5,553,935
Cable One, Inc.		1,406		1,812,784
				7,366,719
Consumer Discretionary — 10.9%
Consumer Durables & Apparel — 1.0%
Capri Holdings, Ltd. ^(a)		33,921		1,391,100

Consumer Services — 3.3%
Darden Restaurants, Inc.		12,706		1,437,303
Papa John’s International, Inc.		20,751		1,733,124
Vail Resorts, Inc.		6,206		1,353,218
				4,523,645
Retailing — 6.6%
Amazon.com, Inc. ^(a)		31,120		3,305,255
Home Depot, Inc. (The)		5,695		1,561,968
O’Reilly Automotive, Inc. ^(a)		3,032		1,915,496
TJX Cos., Inc. (The)		38,962		2,176,028
				8,958,747
Consumer Staples — 6.1%
Food & Staples Retailing — 1.8%
Sysco Corp		28,253		2,393,312

Food, Beverage & Tobacco — 1.4%
Mondel z International, Inc. - Class A		30,237		1,877,415

Household & Personal Products — 2.9%
Estee Lauder Cos., Inc. (The) - Class A		7,116		1,812,232
Unilever PLC ADR (United Kingdom)		47,838		2,192,415
				4,004,647
Energy — 5.6%
Energy — 5.6%
Chevron Corp		22,108		3,200,796
ConocoPhillips		25,773		2,314,673
Suncor Energy, Inc. (Canada)		61,183		2,145,688
				7,661,157
Financials — 16.2%
Banks — 3.2%
First Republic Bank		12,509		1,803,798
JPMorgan Chase & Co.		23,035		2,593,971
				4,397,769
Diversified Financials — 4.7%
Ares Management Corp. - Class A		51,179		2,910,038
Berkshire Hathaway, Inc. - Class B ^(a)		6,547		1,787,462
S&P Global, Inc.		4,960		1,671,818
				6,369,318
Insurance — 8.3%
Berkley (W.R.) Corp.		29,329		2,001,997
Globe Life, Inc.		36,080		3,516,718
Marsh & McLennan Cos., Inc.		14,611		2,268,358
Reinsurance Group of America, Inc.		29,994		3,517,996
				11,305,069

	Shares		Value
Health Care — 17.7%
Health Care Equipment & Services — 5.6%
McKesson Corp		6,965	$	2,272,053
Tenet Healthcare Corp. ^{^(a)}		26,376		1,386,323
UnitedHealth Group, Inc.		7,872		4,043,295
				7,701,671
Pharmaceuticals, Biotechnology & Life Sciences — 12.1%
Bio-Techne Corp		4,130		1,431,623
Catalent, Inc. ^(a)		30,710		3,294,876
Charles River Laboratories
International, Inc. ^(a)		7,013		1,500,572
Danaher Corp		8,485		2,151,117
Mettler-Toledo International, Inc. ^(a)		1,526		1,753,023
Perrigo Co. PLC (Ireland)		62,529		2,536,801
Thermo Fisher Scientific, Inc.		3,713		2,017,199
Zoetis, Inc.		10,329		1,775,452
				16,460,663
Industrials — 12.1%
Capital Goods — 10.8%
Advanced Drainage Systems, Inc.		18,254		1,644,138
AZEK Co., Inc. (The) - Class A ^(a)		60,174		1,007,313
Dover Corp		15,689		1,903,389
Quanta Services, Inc.		39,192		4,912,325
Raytheon Technologies Corp		39,443		3,790,867
Roper Technologies, Inc.		3,888		1,534,399
				14,792,431
Commercial & Professional Services — 1.3%
Jacobs Engineering Group, Inc.		13,935		1,771,557

Information Technology — 19.4%
Semiconductors & Semiconductor Equipment — 5.4%
ASML Holding N.V. ADR (Netherlands)		2,991		1,423,357
Marvell Technology, Inc. (Bermuda)		60,592		2,637,570
Monolithic Power Systems, Inc.		5,193		1,994,319
NXP Semiconductors N.V.
(Netherlands)		9,030		1,336,711
				7,391,957
Software & Services — 9.6%
Adobe, Inc. ^(a)		4,353		1,593,459
Microsoft Corp		24,707		6,345,499
ServiceNow, Inc. ^(a)		3,579		1,701,886
Visa, Inc. - Class A		17,946		3,533,388
				13,174,232
Technology Hardware & Equipment — 4.4%
Apple, Inc.		13,913		1,902,185
Keysight Technologies, Inc. ^(a)		13,710		1,889,924
Zebra Technologies Corp. - Class A ^{^(a)}		7,405		2,176,700
				5,968,809

See Notes to Financial Statements.

42	\| www.sbhfunds.com

Segall Bryant & Hamill All Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Materials — 4.7%
Materials — 4.7%
Avery Dennison Corp		16,684	$	2,700,639
Eastman Chemical Co		20,988		1,884,093
Franco-Nevada Corp. (Canada)		13,754		1,809,751
				6,394,483
Investments at Value — 98.1%
(Cost $91,206,042)			$	133,904,701

Other Assets in Excess of Liabilities — 1.9%				2,658,900

Net Assets — 100.0%			$	136,563,601

^{^(a)}

Non-income producing security.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Emerging Markets Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.4%
Communication Services — 10.2%
Media & Entertainment — 5.3%
37 Interactive Entertainment Network
Technology (China)		73,200	$	232,853
Astro Malaysia Holdings Bhd (Malaysia)		176,100		36,159
China South Publishing & Media Group Co., Ltd. (China) ^(a)		128,400		181,135
DB Corp., Ltd. (India)		34,419		32,656
Jagran Prakashan, Ltd. (India) ^(a)		43,811		27,829
KT Skylife Co., Ltd. (South Korea)		5,343		33,972
Media Nusantara Citra Tbk P.T. (Indonesia)		1,768,900		110,917
NetDragon Websoft Holdings, Ltd. (China)		88,500		190,071
Sun TV Network, Ltd. (India)		5,400		28,291
Tencent Holdings, Ltd. (China)		34,200		1,548,046
TV Today Network, Ltd. (India)		10,420		33,772
TV18 Broadcast, Ltd. (India) ^(a)		73,659		36,491
Yandex N.V. - Class A (Russia) ^{^(a)^(b)}		810		0
				2,492,192
Telecommunication Services — 4.9%
América Móvil S.A.B. de C.V. - Class L
ADR (Mexico)		7,300		149,139
APT Satellite Holdings, Ltd. (China)		700,000		190,235
China Tower Corp., Ltd. - H Shares (China) ^(c)		3,762,000		484,735
Emirates Telecommunications Group Co. PJSC (United Arab Emirates)		9,223		65,528
Empresa Nacional de Telecomunicaciones S.A. (Chile)		10,099		31,574
Etihad Etisalat Co. (Saudi Arabia)		4,543		42,418
Far EasTone Telecommunications Co., Ltd (Taiwan) ^{^(a)}		29,000		81,600
Indus Towers, Ltd. (India)		84,411		224,383
KT Corp. ADR (South Korea)		19,100		266,636
LG Uplus Corp. (South Korea)		32,991		327,006
Mobile TeleSystems PJSC (Kuwait)		41,107		79,668
MTN Group, Ltd. (South Africa)		13,754		111,920
Ooredoo Q.P.S.C. (Qatar)		35,577		75,248
PLDT, Inc. ADR (Philippines)		4,900		149,058
Telecom Egypt Co. (Egypt)		8,974		6,605
				2,285,753
Consumer Discretionary — 15.2%
Automobiles & Components — 4.0%
Astra International Tbk P.T. (Indonesia)		204,800		91,062
BAIC Motor Corp., Ltd. - H Shares (China) ^{^(a) (c)}		542,000		180,490
Brilliance China Automotive Holdings, Ltd (China) ^{^(a)^(b)}		508,000		376,688
China Motor Corp. (Taiwan)		35,000		73,136
DTR Automotive Corp. (South Korea)		1,425		61,583
FAW Jiefang Group Co., Ltd. - Class A (China)		95,088		132,683
Kia Motors Corp. (South Korea)		5,174		311,036
Mahindra CIE Automotive, Ltd. (India)		34,177		101,412

	Shares		Value
Automobiles & Components (continued)
Oriental Holdings Bhd (Malaysia)		57,000	$	85,690
Qingling Motors Co., Ltd. - H Shares
(China)		784,000		131,946
Thai Stanley Electric PCL (Thailand)		20,721		105,445
Tianneng Power International, Ltd.
(China)		88,000		95,485
Xingda International Holdings, Ltd.
(China)		697,292		130,424
				1,877,080
Consumer Durables & Apparel — 3.5%
Arvind, Ltd. (India) ^(a)		90,351		104,464
Best Pacific International Holdings, Ltd. (China)		54,000		13,488
China Lilang, Ltd. (China)		131,084		65,180
Gree Electric Appliances, Inc. (China) ^(a)		67,100		338,496
Haier Smart Home Co., Ltd. - H Shares (China)		49,800		185,351
Himatsingka Seide, Ltd. (India)		39,448		51,417
LF Corp. (South Korea)		3,796		45,780
Raymond, Ltd. (India)		8,892		99,090
Siyaram Silk Mills, Ltd. (India) ^(a)		16,464		106,910
Skyworth Group, Ltd. (China)		424,000		210,427
Vardhman Textiles, Ltd. (India)		23,273		78,328
Vestel Elektronik Sanayi ve Ticaret A.S. (Turkey)		52,262		74,162
Weiqiao Textile Co. - H Shares (China)		688,000		163,081
Youngone Corp. (South Korea)		2,382		71,224
Youngone Holdings Co., Ltd. (South Korea)		1,443		52,555
				1,659,592
Retailing — 7.7%
Alibaba Group Holding, Ltd. ADR (China) ^{^(a)}		9,400		1,068,592
China Harmony New Energy Auto Holding, Ltd. (China)		510,000		232,239
China Yongda Automobiles Services Holdings, Ltd. (China)		122,500		116,137
Dogus Otomotiv Servis ve Ticaret A/S (Turkey)		7,279		32,854
Eeka Fashion Holdings, Ltd. (China)		140,500		228,270
Golden Eagle Retail Group, Ltd. (China)		45,626		32,154
Halla Holdings Corp. (South Korea)		1,454		41,404
Jarir Marketing Co. (Saudi Arabia)		540		23,443
Meituan (China) ^{^(a) ^(c)}		11,000		274,493
Naspers, Ltd. - N Shares (South Africa)		1,466		214,154
Topsports International Holdings, Ltd. (China) ^{^(c)}		123,000		112,016
Truworths International, Ltd. (South Africa)		8,649		26,932
Wuchan Zhongda Group Co., Ltd. (China) ^{^(a)}		625,200		479,469
Xinhua Winshare Publishing and Media Co., Ltd. - H Shares (China)		326,000		232,553
Zhongsheng Group Holdings, Ltd. (China)		71,000		501,648
				3,616,358

See Notes to Financial Statements.

44	\| www.sbhfunds.com

Segall Bryant & Hamill Emerging Markets Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Consumer Staples — 5.7%
Food & Staples Retailing — 0.7%
Cencosud S.A. (Chile)		92,927	$	118,279
Grupo Comercial Chedraui S.A. de C V (Mexico)		75,768		205,064
Organizacion Soriana S.A.B. de C. V. -Class B (Mexico)		23,400		25,893
				349,236
Food, Beverage & Tobacco — 5.0%
Almarai Co. JSC (Saudi Arabia)		1,817		25,428
Astral Foods, Ltd. (South Africa)		2,165		25,069
China Foods, Ltd. (China)		220,455		78,104
China Modern Dairy Holdings, Ltd. (China)		1,373,000		206,606
Dali Foods Group Co., Ltd. (China) ^(c)		390,500		207,695
Dalmia Bharat Sugar & Industries, Ltd. (India)		17,582		69,698
Eastern Co. SAE (Egypt)		149,176		81,632
Godfrey Phillips India, Ltd. (India)		8,162		109,667
Hap Seng Plantations Holdings Bhd
(Malaysia)		46,300		24,167
Hey Song Corp. (Taiwan)		52,000		60,891
Indofood Sukses Makmur Tbk P.T. (Indonesia)		189,100		89,363
ITC, Ltd. (India)		43,792		152,146
JBS S.A. (Brazil)		30,200		182,319
Kim Loong Resources Bhd (Malaysia)		142,000		53,495
KRBL, Ltd. (India)		12,616		34,901
Kuala Lumpur Kepong Bhd (Malaysia) ^{^(a)}		14,300		71,201
Marfrig Global Foods S.A. (Brazil)		41,600		96,275
Orion Holdings Corp. (South Korea)		8,965		104,595
Perusahaan Perkebunan London Sumatra Tbk P.T. (Indonesia)		401,000		31,176
Samyang Holdings Corp. (South Korea)		791		43,705
Sarawak Oil Palms Bhd (Malaysia)		20,700		18,847
Sawit Sumbermas Sarana Tbk P.T. (Indonesia)		563,800		45,714
Sime Darby Plantation Bhd (Malaysia)		23,000		22,607
Thai Vegetable Oil PCL (Thailand)		26,400		23,555
Tongwei Group Co., Ltd. (China)		35,500		318,092
Tunas Baru Lampung Tbk P.T. (Indonesia)		465,479		24,627
VST Industries, Ltd. (India) ^(a)		2,646		102,454
Want Want China Holdings, Ltd. (China)		56,000		48,835
				2,352,864
Energy — 4.8%
Energy — 4.8%
Bukit Asam Tbk P.T. (Indonesia)		123,800		31,716
China Coal Energy Co., Ltd. - H Shares (China)		77,000		65,064
China Petroleum & Chemical Corp. - H Shares (China)		174,000		78,403
China Shenhua Energy Co., Ltd. -Class A (China)		9,300		46,192

	Shares		Value
Energy (continued)
China Shenhua Energy Co., Ltd. -H Shares (China)		56,500	$	162,056
Coal India, Ltd. (India)		85,931		202,280
Ecopetrol S.A. ADR (Colombia)		4,900		53,214
Exxaro Resources, Ltd. (South Africa)		5,442		66,116
Gazprom PJSC ADR (Russia) ^(b)		50,575		0
Hindustan Petroleum Corp., Ltd. (India)		35,803		98,854
Indian Oil Corp., Ltd. (India)		87,881		82,896
Lukoil PJSC ADR (Russia) ^(b)		2,253		0
Oil & Natural Gas Corp., Ltd. (India)		135,549		259,549
Petroleo Brasileiro S.A. ADR (Brazil)		21,600		252,288
Polskie Gornictwo Naftowe I Gazownictwo S.A. (Poland)		8,769		11,184
PTT Exploration & Production PCL (Thailand)		17,100		77,198
PTT PCL (Thailand)		69,000		66,528
Reliance Industries, Ltd. 144A (India) ^{^(a)^(c)^(d)}		3,713		244,076
Rosneft Oil Co. PJSC (Russia) ^(b)		16,950		0
Saudi Arabian Oil Co. (Saudi Arabia)		10,348		106,953
Shaanxi Coal Industry Co., Ltd. - Class A (China)		46,800		147,940
United Tractors Tbk P.T. (Indonesia)		21,900		41,728
Yanzhou Coal Mining Co., Ltd. - Class A (China)		6,800		40,068
Yanzhou Coal Mining Co., Ltd. - H Shares (China) ^{^(a)}		32,000		100,105
				2,234,408
Financials — 21.2%
Banks — 17.6%
Absa Group, Ltd. (South Africa)		35,104		335,171
AFFIN Bank Bhd (Malaysia)		67,100		28,650
Agricultural Bank of China, Ltd. (China) ^{^(a)}		76,900		34,683
Agricultural Bank of China, Ltd. -H Shares (China) ^{^(a)}		304,000		114,927
Akbank T A S (Turkey)		53,792		25,842
Alior Bank S.A. (Poland) ^{^(a)}		2,343		14,341
Alliance Bank Malaysia Bhd (Malaysia)		31,300		22,599
Banco ABC Brasil S.A. (Brazil)		10,100		29,956
Banco Bradesco S.A. (Brazil)		66,032		181,463
Banco do Brasil S.A. (Brazil)		64,000		408,263
Banco Santander Mexico S A Institucion de Banca Multiple Grupo Financiero Santand ADR (Mexico)		7,900		39,856
BanColombia S.A. ADR (Colombia)		2,300		70,909
Bank Al-Jazira (Saudi Arabia)		67,122		400,542
Bank CIMB Niaga Tbk P.T. (Indonesia)		1,268,900		85,828
Bank Mandiri Tbk P.T. (Indonesia)		162,200		86,417
Bank of Baroda (India)		146,341		181,397
Bank of Beijing Co., Ltd. - Class A (China)		76,300		51,755
Bank of China, Ltd. - H Shares (China) ^(a)		1,690,000		675,266
Bank of Chongqing Co., Ltd. - H Shares (China)		171,500		91,674

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Emerging Markets Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Banks (continued)
Bank of Communications Co., Ltd. (China) ^{^(a)}		43,400	$	32,289
Bank of Communications Co., Ltd. -H Shares (China)		349,000		241,906
Bank of Jiangsu Co., Ltd. (China)		49,000		52,150
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk P.T. (Indonesia)		980,946		90,361
Bank Polska Kasa Opieki S A (Poland) ^{^(a)}		7,552		138,226
Bank Saint Petersburg PJSC (Russia) ^(a)^(b)		136,120		0
Banque Saudi Fransi (Saudi Arabia)		2,028		25,692
Canara Bank (India)		43,828		101,121
China Banking Corp. (Philippines)		70,100		34,273
China CITIC Bank Corp., Ltd. - H Shares (China)		171,000		76,592
China Construction Bank Corp. - H Shares (China)		790,000		532,651
China Everbright Bank Co., Ltd. - H Shares (China)		528,000		171,120
Chongqing Rural Commercial Bank Co., Ltd - H Shares (China)		131,000		47,140
Commercial Bank P S Q C (The) (Qatar)		135,466		255,123
CTBC Financial Holding Co., Ltd. (Taiwan)		217,000		183,516
Dubai Islamic Bank PJSC (United Arab Emirates)		49,556		77,824
Emirates NBD Bank PJSC (United Arab Emirates)		69,754		251,248
Faisal Islamic Bank of Egypt (Egypt)		10,576		7,003
Federal Bank, Ltd. (India)		43,676		50,110
Gulf Bank of KSCP (Kuwait)		190,917		198,655
Hana Financial Group, Inc. (South Korea)		4,703		143,971
Hong Leong Financial Group Bhd (Malaysia)		7,700		32,334
Huaxia Bank Co., Ltd. - Class A (China)		40,200		31,296
Huishang Bank Corp., Ltd. - H Shares (China) ^{^(a)}		75,384		24,297
Indian Bank (India)		41,510		79,145
Industrial & Commercial Bank of China, Ltd - H Shares (China) ^{^(a)}		442,000		263,715
Industrial Bank of Korea (South Korea)		6,979		52,204
Intercorp Financial Services, Inc. (Peru)		1,235		28,899
Itausa - Investimentos Itau S A (Brazil) ^{^(a)}		52,000		82,879
JB Financial Group Co., Ltd. (South Korea)		13,180		75,319
Karur Vysya Bank, Ltd. (India) ^(a)		86,299		49,391
Kasikornbank PCL (Thailand)		19,200		82,051
Kasikornbank PCL - Foreign Shares (Thailand)		24,100		103,736
KB Financial Group, Inc. ADR (South Korea)		3,500		130,200
Kiatnakin Phatra Bank PCL (Thailand)		12,600		22,167
LIC Housing Finance, Ltd. (India) ^(a)		5,992		24,960

	Shares		Value
Banks (continued)
Malaysia Building Society Bhd (Malaysia)		430,500	$	56,730
National Bank of Greece S A (Greece) ^{^(a)}		10,707		32,022
Nedbank Group, Ltd. (South Africa)		20,896		267,450
Philippine National Bank (Philippines) ^{^(a)}		71,943		23,262
Regional S.A.B. de C.V. (Mexico)		4,600		21,754
RHB Bank Bhd (Malaysia)		68,700		89,345
Riyad Bank (Saudi Arabia)		62,800		538,895
Sberbank of Russia PJSC (Russia) ^(a)^(b)		19,830		0
Shinhan Financial Group Co., Ltd. ADR (South Korea)		4,700		134,232
State Bank of India (India)		63,534		376,807
VTB Bank PJSC (Russia) ^(b)		339,760,000		0
Woori Financial Group, Inc. (South Korea)		6,240		58,832
				8,272,432
Diversified Financials — 1.7%
Adira Dinamika Multi Finance Tbk P.T. (Indonesia)		167,000		89,752
Bajaj Holdings & Investment, Ltd. (India)		790		45,997
Bank of Greece (Greece)		1,550		24,447
China Cinda Asset Management Co.,
Ltd (China)		156,000		24,479
China Galaxy Securities Co., Ltd. -H Shares (China)		52,000		30,082
Concentradora Hipotecaria SAPI de C V
(Mexico)		61,600		57,441
Gentera S.A.B. de C.V. (Mexico)		54,100		43,345
Motilal Oswal Financial Services, Ltd. (India) ^{^(a)}		2,319		22,579
Power Finance Corp., Ltd. (India)		86,444		114,671
REC, Ltd. (India)		128,352		201,713
Repco Home Finance, Ltd. (India)		18,085		30,428
Shinyoung Securities Co., Ltd. (South Korea)		795		34,065
Tata Investment Corp., Ltd. (India)		4,663		79,440
Yuanta Futures Co., Ltd. (Taiwan)		15,000		23,363
				821,802
Insurance — 1.9%
Cathay Financial Holding Co., Ltd. (Taiwan)		172,000		294,473
Central Reinsurance Co., Ltd. (Taiwan)		66,000		57,211
China Reinsurance Group Corp. - H Shares (China) ^{^(c)}		591,000		48,955
Fubon Financial Holdings Co., Ltd. (Taiwan)		151,370		304,402
People’s Insurance Co. Group of China (The) - H Shares (China)		166,000		50,826
PICC Property & Casualty Co., Ltd. - H Shares (China)		96,000		100,108
Shinkong Insurance Co., Ltd. (Taiwan)		19,000		33,155
				889,130

See Notes to Financial Statements.

46	\| www.sbhfunds.com

Segall Bryant & Hamill Emerging Markets Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Health Care — 3.7%
Health Care Equipment & Services — 1.3%
Bangkok Chain Hospital PCL (Thailand)		379,600	$	201,191
SD Biosensor, Inc. (South Korea)		6,215		187,602
Sinopharm Group Co., Ltd. - H Shares
(China)		97,600		236,299
				625,092
Pharmaceuticals, Biotechnology & Life Sciences — 2.4%
Caplin Point Laboratories, Ltd. (India)		16,426		147,991
China Medical System Holdings, Ltd. (China)		120,000		187,079
China Shineway Pharmaceutical Group, Ltd. (China)		256,000		219,500
Consun Pharmaceutical Group, Ltd. (China)		445,170		236,944
Dawnrays Pharmaceutical Holdings, Ltd (China)		152,484		24,906
Glenmark Pharmaceuticals, Ltd. (India)		4,620		22,663
Guangzhou Baiyunshan Pharmaceutical Co., Ltd. (China)		10,000		29,311
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. (China)		11,800		55,632
Indoco Remedies, Ltd. (India)		5,075		23,697
Lotus Pharmaceutical Co., Ltd. (Taiwan)		6,000		30,996
Shandong Xinhua Pharmaceutical Co., Ltd - H Shares (China)		124,000		103,098
Sun Pharmaceutical Industries, Ltd. (India)		3,608		38,004
				1,119,821
Industrials — 5.6%
Capital Goods — 2.7%
ALFA S.A.B. de C V - Class A (Mexico)		111,500		79,297
Apar Industries, Ltd. (India)		3,252		38,259
Beijing Urban Construction Design & Development Group Co., Ltd. - H Shares (China) ^{^(c)}		81,000		20,078
China Communications Services Corp., Ltd - H Shares (China)		62,000		27,273
China Railway Group, Ltd. - Class A (China)		57,200		52,478
China Railway Group, Ltd. - H Shares (China)		112,000		69,331
CITIC, Ltd. (China)		189,000		192,667
DMCI Holdings, Inc. (Philippines)		324,700		52,081
Ferreycorp S.A.A. (Peru)		51,409		28,378
FSP Technology, Inc. (Taiwan)		16,000		19,700
GS Holdings Corp. (South Korea)		712		23,170
Industries Qatar Q.S.C. (Qatar)		38,321		168,189
Iochpe-Maxion S.A. (Brazil)		30,800		92,470
KAP Industrial Holdings, Ltd. (South Africa)		106,324		28,834
LG Corp. (South Korea)		2,318		140,430
LT Group, Inc. (Philippines)		157,600		23,232
LX International Corp. (South Korea)		1,331		33,517
Metallurgical Corp. of China, Ltd. - H Shares (China)		118,000		28,355

	Shares		Value
Capital Goods (continued)
Nava Bharat Ventures, Ltd. (India) ^(a)		13,015	$	29,417
Quinenco S.A. (Chile)		16,024		39,289
Seohee Construction Co., Ltd. (South Korea)		19,685		21,415
Sinopec Engineering Group Co., Ltd. -H Shares (China)		50,000		22,944
Thoresen Thai Agencies PCL (Thailand)		86,400		21,583
				1,252,387
Commercial & Professional Services — 0.2%
China Everbright International, Ltd.
(China)		80,000		47,305
Tianjin Capital Environmental Protection Group Co., Ltd. (China)		72,000		28,482
				75,787
Transportation — 2.7%
Allcargo Logistics, Ltd. (India)		13,685		45,618
Anhui Expressway Co., Ltd. - H Shares (China)		58,000		46,868
Cia Sud Americana de Vapores S A (Chile)		627,603		56,075
COSCO SHIPPING Holdings Co., Ltd. - Class A (China)		19,997		41,603
COSCO SHIPPING Holdings Co., Ltd. - H Shares (China)		85,700		120,291
Evergreen Marine Corp. Taiwan, Ltd. (Taiwan)		58,000		164,821
HMM Co., Ltd. (South Korea)		8,828		169,282
Hyundai Glovis Co., Ltd. (South Korea)		421		58,949
Orient Overseas International, Ltd. (China)		2,000		53,286
Pan Ocean Co., Ltd. (South Korea)		5,723		26,485
Precious Shipping PCL (Thailand)		62,500		32,712
Regional Container Lines PCL (Thailand)		30,100		32,935
Shanghai International Port Group Co., Ltd (China)		135,500		118,130
Shenzhen Expressway Co., Ltd. - H Shares (China) ^{^(a)}		28,000		29,091
Sinotrans, Ltd. - H Shares (China)		66,000		18,987
Tianjin Port Development Holdings, Ltd (China)		320,000		26,691
Transport Corp. of India, Ltd. (India)		5,602		48,030
VRL Logistics, Ltd. (India)		5,449		43,258
Yang Ming Marine Transport Corp. (Taiwan)		47,000		129,969
Zhejiang Expressway Co., Ltd. - H Shares (China) ^{^(a)}		32,000		29,494
				1,292,575
Information Technology — 18.2%
Semiconductors & Semiconductor Equipment — 9.1%
ASE Industrial Holding Co., Ltd. ADR (Taiwan)		35,500		183,535
Chipbond Technology Corp. (Taiwan)		18,000		36,016
ChipMOS Technologies, Inc. (Taiwan)		30,000		37,376
Daqo New Energy Corp. ADR (China) ^{^(a)}		2,500		178,450
DB HiTek Co., Ltd. (South Korea)		448		17,479

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Emerging Markets Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Greatek Electronics, Inc. (Taiwan)		12,000	$	25,224
King Yuan Electronics Co., Ltd. (Taiwan)		19,000		25,598
Kinsus Interconnect Technology Corp. (Taiwan) ^{^(a)}		6,000		28,891
LX Semicon Co., Ltd. (South Korea)		2,376		177,605
Macronix International Co., Ltd. (Taiwan)		20,000		23,900
Nanya Technology Corp. (Taiwan)		25,000		41,599
Novatek Microelectronics Corp. (Taiwan)		16,000		162,756
Powerchip Semiconductor Manufacturing Corp. (Taiwan)		46,000		62,293
Powertech Technology, Inc. (Taiwan)		49,000		144,788
Radiant Opto-Electronics Corp. (Taiwan)		10,000		29,197
Sigurd Microelectronics Corp. (Taiwan)		15,000		26,243
SIMMTECH Co., Ltd. (South Korea)		634		18,307
SK Hynix, Inc. (South Korea)		4,284		304,689
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan)		28,900		2,362,575
Taiwan Surface Mounting Technology Corp. (Taiwan) ^{^(a)}		7,000		21,337
United Microelectronics Corp. (Taiwan)		219,000		292,680
Vanguard International Semiconductor Corp. (Taiwan) ^{^(a)}		19,000		49,417
Windbond Electronics Corp. (Taiwan)		75,000		54,865
				4,304,820
Software & Services — 1.5%
Digital China Holdings, Ltd. (China) ^(a)		73,000		36,304
eClerx Services, Ltd. (India)		8,879		216,962
Hinduja Global Solutions, Ltd. (India)		17,150		232,391
Oracle Financial Services Software, Ltd. (India)		3,896		153,342
Tech Mahindra, Ltd. (India)		5,351		68,073
				707,072
Technology Hardware & Equipment — 7.6%
Apex International Co., Ltd. (Taiwan) ^(a)		9,000		20,966
Asia Vital Components Co., Ltd. (Taiwan) ^{^(a)}		7,000		21,956
ASUSTek Computer, Inc. (Taiwan)		19,000		198,674
BenQ Materials Corp. (Taiwan) ^{^(a)}		28,000		29,665
Cheng Uei Precision Industry Co., Ltd. (Taiwan)		77,000		85,663
Chicony Electronics Co., Ltd. (Taiwan)		10,000		24,924
China Railway Signal & Communication Corp., Ltd. - H Shares (China) ^(c)		136,000		45,441
Compeq Manufacturing Co., Ltd. (Taiwan)		32,000		46,771
Coretronic Corp. (Taiwan)		11,000		18,636
Gigabyte Technology Co., Ltd. (Taiwan)		10,000		29,868
Hannstar Board Corp. (Taiwan) ^{^(a)}		19,000		20,262
Innodisk Corp. (Taiwan)		4,000		21,953
Intops Co., Ltd. (South Korea)		1,013		20,514
Kingboard Holdings, Ltd. (China)		43,500		164,960
Korea Circuit Co., Ltd. (South Korea) ^(a)		1,163		17,518

	Shares		Value
Legend Holdings Corp. - H Shares (China) ^{^(a) ^(c)}		48,500	$	63,826
Lenovo Group, Ltd. (China)		382,000		358,963
LG Innotek Co., Ltd. (South Korea)		1,718		458,964
Nan Ya Printed Circuit Board Corp. (Taiwan)		6,000		52,769
Partron Co., Ltd. (South Korea)		3,110		20,468
Primax Electronics, Ltd. (Taiwan)		18,000		37,451
Redington India, Ltd. (India)		140,197		223,652
Samsung Electronics Co., Ltd.
(South Korea)		24,779		1,100,804
Simplo Technology Co., Ltd. (Taiwan)		4,000		34,321
Supreme Electronics Co., Ltd.
(Taiwan) ^{^(a)}		17,000		24,072
Taiwan PCB Techvest Co., Ltd. (Taiwan)		32,000		41,127
Unimicron Technology Corp.
(Taiwan) ^{^(a)}		17,000		90,965
Wah Lee Industrial Corp. (Taiwan)		7,000		19,885
Wasion Holdings, Ltd. (China)		80,000		26,308
WT Microelectronics Co., Ltd. (Taiwan)		14,000		31,658
Yangtze Optical Fibre and Cable Joint
Stock, Ltd. (China) ^(a)^(c)		21,000		36,159
Zhen Ding Technology Holdings, Ltd.
(Taiwan)		45,000		155,863
				3,545,026
Materials — 8.3%
Materials — 8.3%
African Rainbow Minerals, Ltd. (South Africa)		4,931		64,784
Alpek S.A.B. de C V (Mexico)		57,900		80,022
Aluminum Corporation of China, Ltd. - H Shares (China)		44,000		16,540
Anhui Conch Cement Co., Ltd. - Class A (China)		4,600		24,266
Anhui Conch Cement Co., Ltd. - H Shares (China)		16,000		69,438
ArcelorMittal South Africa, Ltd. (South Africa) ^{^(a)}		85,380		30,971
CAP S.A. (Chile)		2,676		24,116
Chambal Fertilisers and Chemicals, Ltd. (India)		9,449		31,947
China Hongqiao Group, Ltd. (China)		38,000		42,808
China Lumena New Materials Corp. (China) ^{^(a)^(b)}		1,700		0
China National Building Material Co., Ltd - H Shares (China)		50,000		53,557
Cia Siderurgica Nacional S.A. (Brazil)		12,100		35,703
Corporacion Aceros Arequipa S A (Peru)		61,109		20,942
Dongyue Group, Ltd. (China)		19,000		23,835
Eregli Demir ve Celik Fabrikalari TAS (Turkey)		40,505		65,870
Gloria Material Technology Corp. (Taiwan)		39,000		32,964
Goldsun Building Materials Co. (Taiwan)		55,000		42,270
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd. (India)		7,896		57,393

See Notes to Financial Statements.

48	\| www.sbhfunds.com

Segall Bryant & Hamill Emerging Markets Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Materials (continued)
Hanil Holdings Co., Ltd. (South Korea)		2,166	$	18,321
Hindalco Industries, Ltd. (India)		16,142		69,614
Hindustan Zinc, Ltd. (India)		18,637		59,018
Hubei Xingfa Chemicals Group Co., Ltd. (China)		5,800		38,187
Hyundai Steel Co., Ltd. (South Korea)		2,917		72,873
Indorama Ventures PCL (Thailand)		66,400		88,614
Industrias Penoles S.A.B. de C.V. (Mexico)		7,900		73,278
Jindal Steel & Power, Ltd. (India) ^(a)		5,619		23,542
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A S (Turkey)		31,463		21,316
Kumba Iron Ore, Ltd. (South Africa)		1,928		62,502
Kumho Petrochemical Co., Ltd. (South Korea)		380		41,166
LOTTE Fine Chemical Co., Ltd. (South Korea)		423		21,574
Luxi Chemical Group Co., Ltd. (China) ^(a)		12,600		32,567
Magnitogorsk Iron & Steel Works PJSC (Russia) ^{^(b)}		194,390		0
NMDC, Ltd. (India)		48,687		66,929
Novolipetsk Steel PJSC (Russia) ^(b)^(c)		2,870		0
Orbia Advance Corp. S.A.B. de C.V. (Mexico)		41,900		98,356
Petronas Chemicals Group Bhd (Malaysia)		51,600		105,394
POSCO ADR (South Korea)		3,400		151,368
PPC, Ltd. (South Africa) ^(a)		80,869		14,266
SABIC Agri-Nutrients Co. (Saudi Arabia) ^{^(a)}		3,987		146,697
Sahara International Petrochemical Co.SJSC (Saudi Arabia)		33,880		454,402
Sasol, Ltd. (South Africa) ^(a)		4,388		101,179
Satellite Chemical Co., Ltd. (China)		8,814		34,058
Shandong Hualu Hengsheng Chemical Co., Ltd. (China)		10,200		44,533
Shinkong Synthetic Fibers Corp. (Taiwan)		86,000		52,522
Sibanye-Stillwater, Ltd. ADR (South Africa)		16,300		162,511
Sichuan Yahua Industrial Group Co., Ltd (China)		5,100		24,953
Ta Ann Holdings Bhd (Malaysia)		37,200		33,600
Ta Chen Stainless Pipe Co., Ltd. (Taiwan) ^{^(a)}		85,000		96,734
Taiwan Hon Chuan Enterprise Co., Ltd. (Taiwan)		20,000		51,243
Tata Steel, Ltd. (India)		5,522		60,888
Tharisa PLC (South Africa)		30,632		40,292
Tongling Nonferrous Metals Group Co., Ltd (China)		47,800		23,339
UPC Technology Corp. (Taiwan)		40,000		21,108
UPL, Ltd. (India)		3,878		31,140
Vale S.A. ADR (Brazil)		34,374		502,892
Vedanta, Ltd. (India)		28,782		81,520
West China Cement, Ltd. (China)		166,000		20,999

	Shares		Value
Materials (continued)
Yunnan Aluminium Co., Ltd. (China)		15,200	$	22,409
Yunnan Tin Co., Ltd. (China)		12,100		30,348
Zijin Mining Group Co., Ltd. (China)		56,000		68,145
				3,881,823
Real Estate — 1.8%
Real Estate — 1.8%
AP Thailand PCL (Thailand)		91,500		25,951
China Jinmao Holdings Group, Ltd. (China) ^{^(a)}		86,000		23,179
China Overseas Grand Oceans Group, Ltd (China)		166,031		88,592
China Overseas Land & Investment, Ltd (China)		17,500		55,666
Dipula Income Fund Ltd (South Africa)		129,530		27,866
Emaar Properties PJSC (United Arab Emirates)		62,302		88,443
Farglory Land Development Co., Ltd. (Taiwan)		24,000		50,555
Gemdale Properties and Investment Corp., Ltd. (China)		320,000		28,967
Greenland Holdings Corp., Ltd. - Class A (China)		58,300		34,511
Greenland Hong Kong Holdings, Ltd. (China)		164,000		32,454
Greentown China Holdings, Ltd. (China)		14,000		29,109
Hung Ching Development & Construction Co., Ltd. (Taiwan)		75,000		60,446
Kingdom Development Co., Ltd. (Taiwan)		22,000		24,141
Korea Real Estate Investment & Trust Co., Ltd. (South Korea)		14,920		19,781
Origin Property PCL (Thailand)		90,000		25,823
Sino-Ocean Group Holding, Ltd. (China)		812,500		138,026
Supalai PCL (Thailand)		44,500		23,459
Youngor Group Co., Ltd. (China)		70,700		70,046
				847,015
Utilities — 2.7%
Utilities — 2.7%
Beijing Enterprises Holdings, Ltd. (China)		40,000		142,216
Centrais Eletricas Santa Catarina (Brazil)		582		6,284
CESC, Ltd. (India)		31,840		28,797
China Everbright Water, Ltd. (China)		143,700		29,960
China Resources Power Holdings Co., Ltd (China)		46,000		95,014
China Tian Lun Gas Holdings, Ltd. (China)		28,000		17,647
China Water Affairs Group, Ltd. (China)		24,000		22,345
Datang International Power Generation Co., Ltd. - H Shares (China)		180,000		29,889
First Philippine Holdings Corp. (Philippines)		21,760		23,927
GAIL India, Ltd. (India) ^(c)		5,275		54,596

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Emerging Markets Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Utilities (continued)
Huaneng Power International, Inc. -
H Shares (China) ^{^(a)}		60,000	$	29,872
Korea Gas Corp. (South Korea)		3,139		96,651
Kunlun Energy Co., Ltd. (China)		152,000		124,646
NTPC, Ltd. (India)		109,398		198,239
OGK-2 PJSC (Russia) ^(b)		5,740,000		0
Power Grid Corp. of India, Ltd. (India)		61,742		166,172
Qatar Electric & Water Co. (Qatar)		16,472		79,272
Saudi Electricity Co. (Saudi Arabia)		12,340		79,828
SGC Energy Co., Ltd. (South Korea)		689		19,507
SJVN, Ltd. (India)		77,130		26,354
				1,271,216
Total Common Stocks (Cost $47,010,648)				45,773,842

PREFERRED STOCKS — 1.4%
Energy — 0.6%
Energy — 0.6%
Petroleo Brasileiro S.A. ADR (Brazil)		27,000		287,010
Surgutneftegas PJSC (Russia) ^(b)		541,500		0
				287,010
Information Technology — 0.4%
Technology Hardware & Equipment — 0.4%
Samsung Electronics Co., Ltd. (South Korea)		4,440		179,752

Materials — 0.3%
Materials — 0.3%
Gerdau S.A. (Brazil)		27,100		115,957
Usinas Siderurgicas de Minas Gerais S.A. Usiminas (Brazil)		9,600		15,869
				131,826
Utilities — 0.1%
Utilities — 0.1%
Cia de Saneamento do Parana (Brazil)		60,000		42,999
Total Preferred Stocks (Cost $853,079)				641,587

WARRANTS — 0.0% ^(e)
Real Estate — 0.0% ^(e)
Real Estate — 0.0% ^{^(e)}
Noble Development PCL (Thailand) ^{^(a)} (Cost $0)		14,775		213

	Shares	Value
Investments at Value — 98.8%
(Cost $47,863,727)		$	46,415,642

Other Assets in Excess of Liabilities — 1.2%			563,559

Net Assets — 100.0%		$	46,979,201

^{^(a)}

Non-income producing security.

^{^(b)}

Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.8% of net assets. The total value of these securities is $376,688.

^{^(c)}

Security is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $1,772,560, which represents 3.8% of net assets as of June 30, 2022.

^{^(d)}

Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $244,076, which represents 0.5% of net assets as of June 30, 2022.

^{^(e)}

Percentage rounds to less than 0.1%.

See Notes to Financial Statements.

50	\| www.sbhfunds.com

Segall Bryant & Hamill Emerging Markets Fund	Statement of Investments
	June 30, 2022 (Unaudited)

			% of Net
Country	Value		Assets
China	$	16,862,111		35.9	%
Taiwan		6,504,955		13.8	%
India		5,926,829		12.6	%
South Korea		5,406,510		11.5	%
Brazil		2,332,627		5.0	%
Saudi Arabia		1,844,298		3.9	%
South Africa		1,580,017		3.4	%
Thailand		933,161		2.0	%
Mexico		873,445		1.9	%
Indonesia		818,661		1.7	%
Malaysia		680,818		1.4	%
Qatar		577,832		1.2	%
United Arab Emirates		483,043		1.0	%
Philippines		305,833		0.7	%
Kuwait		278,323		0.6	%
Chile		269,333		0.6	%
Turkey		220,044		0.5	%
Poland		163,751		0.3	%
Colombia		124,123		0.3	%
Egypt		95,240		0.2	%
Peru		78,219		0.2	%
Greece		56,469		0.1	%
Russia		0		0.0	%
Total Investments	$	46,415,642		98.8	%
Other Assets in Excess of Liabilities		563,559		1.2	%
Net Assets	$	46,979,201		100.0	%

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill International Small Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 98.7%
Communication Services — 4.3%
Media & Entertainment — 2.5%
Arnoldo Mondadori Editore SpA (Italy)		39,840	$	71,483
Better Collective A/S (Sweden) ^(a)		18,207		243,483
ITV PLC (United Kingdom)		807,549		644,864
Mediaset Espana Comunicacion S A (Spain) ^{^(a)}		13,356		55,036
MFE-MediaForEurope N.V. (Italy) ^{^(a)}		141,571		64,954
Nine Entertainment Co. Holdings, Ltd. (Australia)		92,093		116,510
Nippon Television Holdings, Inc. (Japan)		35,200		313,197
Perion Network, Ltd. (Israel) ^(a)		3,115		57,213
Seven West Media, Ltd. (Australia) ^(a)		141,401		40,018
SKY Perfect JSAT Holdings, Inc. (Japan)		47,800		190,090
Telenet Group Holding N.V. (Belgium)		2,502		51,976
Television Francaise 1 (France)		139,215		987,344
				2,836,168
Telecommunication Services — 1.8%
Airtel Africa PLC (United Kingdom)		403,957		671,063
Bezeq The Israeli Telecommunication Corp., Ltd. (Israel)		350,094		545,747
Millicom International Cellular S A (Sweden) ^{^(a)}		36,059		516,753
Telekom Austria A.G. (Austria) ^{^(a)}		43,321		288,202
				2,021,765
Consumer Discretionary — 12.0%
Automobiles & Components — 1.9%
Exedy Corp. (Japan)		33,700		427,470
G-Tekt Corp. (Japan)		16,300		153,062
NGK Spark Plug Co., Ltd. (Japan)		32,900		596,747
Schaeffler A.G. - Preferred Shares (Germany)		58,213		330,767
TPR Co., Ltd. (Japan)		40,400		357,075
Trigano S.A. (France)		2,894		284,689
				2,149,810
Consumer Durables & Apparel — 5.3%
Bellway PLC (United Kingdom)		26,498		696,678
Cairn Homes PLC (Ireland)		271,446		282,964
Cleanup Corp. (Japan)		15,900		67,189
Globeride, Inc. (Japan) ^(a)		21,600		339,650
Neinor Homes S.A. (Spain) ^{^(a)^(b)}		30,064		377,426
New Wave Group AB - B (Sweden)		10,239		136,907
Redrow PLC (United Kingdom)		189,603		1,131,962
SANKYO Co., Ltd. (Japan)		21,000		635,227
Sumitomo Forestry Co., Ltd. (Japan)		38,100		541,805
Tamron Co., Ltd. (Japan)		5,000		92,654
Texhong Textile Group, Ltd. (Hong Kong)		638,000		674,668
Vistry Group PLC (United Kingdom)		101,471		1,033,490
				6,010,620
Consumer Services —1.1%
AcadeMedia A.B. (Sweden) ^{^(b)}		130,218		580,166
Betsson AB (Sweden) ^{^(a)}		109,724		663,465
Riso Kyoiku Co., Ltd. (Japan) ^(a)		23,400		55,030
				1,298,661

	Shares		Value
Retailing — 3.7%
CECONOMY A.G. (Germany)		69,219	$	194,009
Delek Automotive Systems, Ltd. (Israel)		42,912		468,584
FNAC Darty S.A. (France)		11,109		472,440
Harvey Norman Holdings, Ltd. (Australia)		190,674		489,027
IDOM, Inc. (Japan)		106,500		587,586
K’s Holdings Corp. (Japan)		15,700		153,265
Nick Scali, Ltd. (Australia)		15,978		91,133
Super Retail Group, Ltd. (Australia)		105,165		617,874
VT Holdings Co., Ltd. (Japan)		116,894		414,992
Warehouse Group, Ltd. (The) (New Zealand)		71,556		151,049
XEBIO Holdings Co., Ltd. (Japan)		55,600		379,844
Yamada-Denki Co., Ltd. (Japan)		56,500		203,167
				4,222,970
Consumer Staples — 6.5%
Food & Staples Retailing — 2.8%
GrainCorp, Ltd. (Australia)		158,852		1,046,244
Halows Co., Ltd. (Japan) ^(a)		10,200		227,635
Marks & Spencer Group PLC (United Kingdom) ^(a)		444,072		736,713
Mitsubishi Shokuhin Co., Ltd. (Japan)		21,819		609,330
Qol Holdings Co., Ltd. (Japan)		33,847		351,578
Sonae SGPS S.A. (Portugal)		90,547		111,074
				3,082,574
Food, Beverage & Tobacco — 3.7%
Agrana Beteiligungs A.G. (Austria) ^{^(a)}		534		9,511
Bakkavor Group PLC (United Kingdom) ^(b)		84,642		96,026
Bonduelle SCA (France)		3,451		56,257
Bumitama Agri, Ltd. (Singapore)		144,400		69,187
First Pacific Co. (Hong Kong)		978,000		380,149
Golden Agri-Resources, Ltd. (Singapore)		2,175,700		391,479
Itoham Yonekyu Holdings, Inc. (Japan)		118,600		604,076
Mitsui DM Sugar Holdings Co., Ltd. (Japan)		28,618		402,365
Nippon Suisan Kaisha, Ltd. (Japan) ^(a)		70,000		295,600
S Foods, Inc. (Japan)		23,900		550,872
Scandinavian Tobacco Group A/S (Denmark) ^{^(b)}		64,090		1,256,299
Starzen Co., Ltd. (Japan)		11,605		170,337
				4,282,158
Household & Personal Products — 0.0% ^{^(c)}
Best World International, Ltd. (Singapore) ^{^(a)^(d)}		88,900		0

Energy — 2.9%
Energy — 2.9%
Cosmo Energy Holdings Co., Ltd. (Japan)		35,500		978,844
CropEnergies A.G. (Germany)		30,343		404,683
DNO A S.A. (Norway)		268,533		372,755
New Hope Corp., Ltd. (Australia)		271,605		652,895
Oil Refineries, Ltd. (Israel)		573,467		206,075
Serica Energy PLC (United Kingdom)		84,350		292,297
Whitehaven Coal, Ltd. (Australia)		130,109		437,302
				3,344,851

See Notes to Financial Statements.

52	\| www.sbhfunds.com

Segall Bryant & Hamill International Small Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Financials — 10.9%
Banks — 6.3%
Banco de Sbadell S.A. (Spain)		121,485	$	97,383
Bank of Georgia Group PLC (United Kingdom)		45,369		721,256
Bank of Ireland Group PLC (Ireland)		66,198		418,298
Bank of Saga, Ltd. (The) (Japan)		12,100		131,480
BAWAG Group A.G. (Austria) ^{^(a)^(b)}		13,993		590,550
Genworth Mortgage Insurance Australia, Ltd. (Australia)		580,337		923,526
Keiyo Bank, Ltd. (The) (Japan)		129,900		456,975
Mebuki Financial Group, Inc. (Japan)		262,400		517,475
Nishi-Nippon Financial Holdings, Inc.
(Japan)		81,300		449,872
OSB Group PLC (United Kingdom)		123,383		725,104
Spar Nord Bank A/S (Denmark)		40,672		431,873
Sydbank A/S (Denmark)		8,816		271,358
TBC Bank Group PLC (United Kingdom)		32,713		503,477
Virgin Money UK PLC (United Kingdom)		421,286		675,020
Yamaguchi Financial Group, Inc. (Japan)		58,200		319,630
				7,233,276
Diversified Financials — 2.5%
Banca IFIS S.p.A. (Italy)		35,326		500,004
Fuyo General Lease Co., Ltd. (Japan)		3,600		204,267
Insignia Financial, Ltd. (Australia)		69,028		128,665
Leonteq A.G. (Switzerland)		9,128		507,925
Ninety One PLC (United Kingdom) ^(a)		5,602		13,481
Resurs Holding A.B. (Sweden) ^{^(b)}		243,662		484,660
Sun Hung Kai & Co., Ltd. (Hong Kong)		751,424		351,441
Tokai Tokyo Financial Holdings, Inc. (Japan)		167,600		457,398
Yangzijiang Financial Holding Pte, Ltd. (Singapore) ^{^(a)}		580,700		171,358
				2,819,199
Insurance — 2.1%
ASR Nederland N.V. (Netherlands)		20,803		838,489
Coface S.A. (France)		10,524		110,515
Mapfre S.A. (Spain)		106,870		188,934
Phoenix Holdings, Ltd. (The) (Israel)		64,389		639,396
Unipol Gruppo S.p.A. (Italy)		135,765		618,242
				2,395,576
Health Care — 6.6%
Health Care Equipment & Services — 5.3%
Ambea A.B. (Sweden) ^{^(b)}		41,641		190,491
BML, Inc. (Japan)		23,500		610,953
Coltene Holding A.G. (Switzerland) ^{^(a)}		2,213		190,852
Craneware PLC (United Kingdom)		19,845		444,484
Galenica A.G. (Switzerland) ^{^(b)}		13,616		1,047,465
Getinge A.B. - B Shares (Sweden)		34,946		809,868
Guerbet (France) ^{^(a)}		4,052		94,455
Healius, Ltd. (Australia)		278,443		706,099
Ion Beam Applications S.A. (Belgium)		3,717		60,593
Japan Lifeline Co., Ltd. (Japan) ^(a)		80,000		539,921
Mediclinic International PLC (United Kingdom) ^(a)		165,898		928,378

	Shares		Value
Health Care Equipment & Services (continued)
Medipal Holdings Corp. (Japan)		9,300	$	131,181
Metall Zug A.G. (Switzerland)		45		90,036
Oriola OYJ (Finland)		115,041		228,847
				6,073,623
Pharmaceuticals, Biotechnology & Life Sciences — 1.3%
Alliance Pharma PLC (United Kingdom)		106,674		148,290
Boiron S.A. (France)		5,279		227,862
Dermapharm Holding S E (Germany)		10,308		513,544
Towa Pharmaceutical Co., Ltd. (Japan)		33,973		616,653
				1,506,349
Industrials — 21.9%
Capital Goods — 13.2%
Andritz A.G. (Austria)		8,032		324,135
Bobst Group S.A. (Switzerland)		7,976		513,323
Danieli & C Officine Meccaniche S p A (Italy)		42,763		602,522
Fletcher Building, Ltd. (New Zealand)		203,031		637,404
Hanwa Co., Ltd. (Japan)		18,100		377,809
Hochtief A.G. (Germany)		8,058		394,927
IDEC Corp. (Japan) ^(a)		24,200		499,758
Inwido A.B. (Sweden)		30,854		340,104
Keller Group PLC (United Kingdom)		54,533		480,913
Kloeckner & Co. S.E. (Germany)		84,008		645,672
Koninklijke BAM Groep N.V. (Netherlands) ^{^(a)}		207,224		488,609
Kumagai Gumi Co., Ltd. (Japan)		11,500		232,851
Leonardo S.p.A. (Italy)		69,703		707,003
Manitou BF S.A. (France)		7,262		135,556
Morgan Sindall Group PLC (United Kingdom)		37,001		820,545
NCC A.B. (Sweden)		32,692		329,951
Nippon Steel Trading Corp. (Japan)		13,200		494,824
Noritake Co., Ltd./Nagoya Japan (Japan)		18,900		562,327
Noritsu Koki Co., Ltd. (Japan) ^(a)		11,900		201,469
NRW Holdings, Ltd. (Australia)		746,195		875,804
Porr A.G. (Austria)		4,537		58,705
Rexel S.A. (France)		38,480		594,434
Sodick Co., Ltd. (Japan)		120,900		725,388
Sojitz Corp. (Japan)		50,800		719,992
Star Micronics Co., Ltd. (Japan)		56,100		671,048
Sulzer A.G. (Switzerland)		8,906		555,143
Takamatsu Construction Group Co.,
Ltd. (Japan)		19,200		291,771
TOA Corp. (Japan)		16,080		294,017
Tsubakimoto Chain Co. (Japan)		29,887		669,758
Yangzijiang Shipbuildings Holdings, Ltd.
(Singapore)		794,200		531,777
Yurtec Corp. (Japan)		51,400		279,215
Zumtobel Group A.G. (Austria)		11,293		83,478
				15,140,232
Commercial & Professional Services — 2.9%
Bilfinger S.E. (Germany)		9,736		286,057
Derichebourg S.A. (France)		85,140		494,523
Elis S.A. (France)		37,574		502,620

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill International Small Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Commercial & Professional Services (continued)
Loomi S.A.B. (Sweden)		20,955	$	511,845
McMillan Shakespeare, Ltd. (Australia)		29,637		199,357
PageGroup PLC (United Kingdom)		133,604		654,378
Renewi PLC (United Kingdom) ^(a)		62,542		550,424
Societe BIC S.A. (France)		1,895		103,950
				3,303,154
Transportation — 5.8%
bpost S.A. (Belgium)		34,013		201,492
D/S Norden A/S (Denmark)		18,637		649,244
FirstGroup PLC (United Kingdom) ^(a)		336,093		522,899
Golden Ocean Group, Ltd. (Norway)		64,497		762,672
Hamakyorex Co., Ltd. (Japan)		10,000		211,549
Kawasaki Kisen Kaisha, Ltd. (Japan)		6,100		373,230
Konoike Transport Co., Ltd. (Japan) ^(a)		24,000		224,367
Maruzen Showa Unyu Co., Ltd. (Japan) ^(a)		9,700		218,030
Mitsui OSK Lines, Ltd. (Japan)		18,900		434,754
Mitsui-Soko Holdings Co., Ltd. (Japan)		9,900		210,212
MPC Container Ships A/S (Norway)		142,867		284,974
Pacific Basin Shipping, Ltd. (Hong Kong)		1,447,000		556,300
Redde Northgate PLC (United Kingdom)		220,559		905,987
Stolt-Nielsen, Ltd. (Norway)		11,597		245,749
Wallenius Wilhelmsen A.S.A. (Norway)		85,157		462,393
ZIM Integrated Shipping Services, Ltd. (Israel)		6,900		325,887
				6,589,739
Information Technology — 9.6%
Semiconductors & Semiconductor Equipment — 2.7%
ASM Pacific Technology, Ltd.
(Hong Kong)		7,000		59,578
Elmos Semiconductor A.G. (Germany)		9,922		380,894
Ferrotec Holdings Corp. (Japan)		20,500		392,417
Micronics Japan Co., Ltd. (Japan)		61,100		561,129
Shinko Electric Industries Co., Ltd. (Japan) ^(a)		3,500		90,391
Tokyo Seimitsu Co., Ltd. (Japan)		14,400		474,624
u-blox Holding A.G. (Switzerland) ^{^(a)}		11,198		1,136,878
				3,095,911
Software & Services — 4.3%
Bravura Solutions, Ltd. (Australia)		129,817		126,985
Computacenter PLC (United Kingdom)		39,521		1,131,741
Econocom Group S.A./N.V. (Belgium)		167,699		586,254
Formula Systems (1985), Ltd. (Israel)		2,319		210,359
Indra Sistemas S.A. (Spain) ^{^(a)}		52,851		505,992
Iress, Ltd. (Australia)		48,578		386,058
Know IT A.B. (Sweden)		13,070		365,713
Malam - Team, Ltd. (Israel)		2,378		51,123
Micro Focus International PLC (United Kingdom)		131,164		446,315
TietoEVRY OYJ (Finland)		31,890		790,198
transcosmos, inc. (Japan)		11,600		299,296
				4,900,034
Technology Hardware & Equipment — 2.6%
Citizen Watch Co., Ltd. (Japan)		77,300		314,441
Comet Holdings A.G. (Switzerland)		2,571		405,384
Hakuto Co., Ltd. (Japan)		12,700		237,266

	Shares		Value
Technology Hardware & Equipment (continued)
Ituran Location and Control, Ltd. (Israel)		25,623	$	627,507
Kaga Electronics Co., Ltd. (Japan)		9,100		203,485
Macnica Fuji Electronics Holdings, Inc.
(Japan)		14,400		277,749
Nippon Electric Glass Co., Ltd. (Japan)		42,500		813,933
				2,879,765
Materials — 9.5%
Materials — 9.5%
Acerinox S.A. (Spain) ^{^(a)}		53,054		514,990
Allkem Ltd (Australia) ^{^(a)}		25,220		180,429
Atalaya Mining PLC (United Kingdom)		149,068		585,196
Champion Iron, Ltd. (Australia)		12,762		47,721
Coronado Global Resources, Inc. (Australia) ^{^(b)}		750,975		864,954
Daiken Corp. (Japan)		38,800		525,407
Dowa Holdings Company, Ltd. (Japan) ^(a)		8,700		288,017
Elkem A.S.A. (Norway) ^{^(b)}		166,500		534,813
Grange Resources, Ltd. (Australia)		709,461		621,115
Incitec Pivot, Ltd. (Australia)		444,687		1,023,607
K+S A.G. (Germany)		23,981		583,490
KANTO DENKA KOGYO Co., Ltd. (Japan)		69,700		454,608
KH Neochem Co., Ltd. (Japan)		30,342		556,345
Mitsui Mining & Smelting Co., Ltd. (Japan)		11,400		265,854
Nittetsu Mining Co., Ltd. (Japan) ^(a)		5,200		196,810
OCI N.V. (Netherlands)		13,025		428,351
Outokumpu OYJ (Finland)		85,963		358,683
Pan African Resources PLC (United Kingdom)		2,213,977		563,564
Salzgitter A.G. (Germany)		18,880		461,551
Semapa-Sociedade de Investimento e Gestao (Portugal)		6,031		85,028
Sims, Ltd. (Australia)		29,957		284,803
SSAB A.B. - B Shares (Sweden)		120,919		502,413
Tokyo Steel Manufacturing Co., Ltd. (Japan)		34,500		380,652
Toyo Seikan Group Holdings, Ltd. (Japan)		20,300		212,896
Yamato Kogyo Co., Ltd. (Japan)		8,800		290,803
				10,812,099
Real Estate — 11.5%
Real Estate — 11.5%
Aedas Homes S.A. (Spain) ^{^(b)}		2,881		64,291
AEON REIT Investment Corp. (Japan) ^(a)		278		314,032
Centuria Office REIT (Australia)		205,307		241,438
Charter Hall Retail REIT (Australia)		32,241		84,217
Cromwell European Real Estate Investment Trust (Singapore)		137,189		280,271
Cromwell Property Group (Australia)		1,121,944		585,594
Custodian REIT PLC (United Kingdom)		111,968		135,886
Dios Fastigheter A.B. (Sweden)		69,805		486,856
Eagle Hospitality Trust (Singapore) ^{^(a)^(d)}		1,204,600		0
Eurocommercial Properties N.V. (Netherlands)		3,754		80,644
Goldcrest Co., Ltd. (Japan)		42,430		537,688

See Notes to Financial Statements.

54	\| www.sbhfunds.com

Segall Bryant & Hamill International Small Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Real Estate (continued)
Immobiliare Grande Distribuzione Società (Italy)		17,724	$	66,042
Impact Healthcare REIT plc (United Kingdom)		111,410		158,245
Isras Investment Co., Ltd. (Israel)		1,721		330,095
Kenedix Retail REIT Corp. (Japan)		438		888,964
Keppel Pacific Oak US REIT (Singapore) ^{^(a)}		756,900		529,937
Kerry Properties, Ltd. (Hong Kong)		111,000		308,664
Kiwi Property Group, Ltd. (New Zealand)		162,620		98,990
MIRAI Corp. (Japan)		3,028		1,114,705
NewRiver REIT PLC (United Kingdom) ^(b)		211,652		227,494
Nexity S.A. (France)		21,484		576,737
Norstar Holdings, Inc. (Israel)		7,328		65,230
Peach Property Group A.G. (Switzerland) ^{^(a)}		9,162		339,273
Prime US REIT (Singapore)		788,100		532,146
Regional REIT, Ltd. (United Kingdom)		562,021		496,381
Retail Estates N.V. (Belgium)		5,696		379,877
Sagax A.B. (Sweden)		190,075		428,670
Sasseur Real Estate Investment Trust (Singapore)		136,500		76,653
Savills PLC (United Kingdom)		10,800		133,163
Star Asia Investment Corp. (Japan)		1,956		885,094
Starhill Global REIT (Singapore)		363,100		151,549
TAG Immobilien A.G. (Germany)		42,174		482,738
Takara Leben Real Estate Investment Trust Corp. (Japan)		404		349,738
Tosei Corp. (Japan)		43,125		400,629
Urban Logistics REIT PLC (United Kingdom)		318,239		627,158
Wereldhave N.V. (Netherlands)		42,291		635,070
				13,094,160
Utilities — 3.0%
Utilities — 3.0%
A2A S.p.A. (Italy)		149,994		190,821
Centrica PLC (United Kingdom) ^(a)		123,222		120,328
Drax Group PLC (United Kingdom)		107,711		845,458
Electric Power Development Co., Ltd. (Japan)		52,200		862,970
EVN A.G.. (Austria)		9,936		211,564
Genesis Energy, Ltd. (New Zealand)		52,647		87,069
Iren S.p.A. (Italy) ^{^(a)}		309,472		676,906
Italgas S.p.A. (Italy)		11,344		66,178
Rubis SCA (France)		3,065		72,069
Shikoku Electric Power Co., Inc. (Japan) ^(a)		46,500		272,000
				3,405,363
Investments at Value — 98.7%
(Cost $124,512,835)			$	112,498,057

Other Assets in Excess of Liabilities — 1.3%				1,459,252

Net Assets — 100.0%			$	113,957,309

^{^(a)}

Non-income producing security.

^{^(b)}

Security is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $6,364,635, which represents 5.6% of net assets as of June 30, 2022.

^{^(c)}

Percentage rounds to less than 0.1%.

^{^(d)}

Level 3 securities fair value 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.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill International Small Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

			% of Net
Country	Value		Assets
Japan	$	34,288,804		30.1	%
United Kingdom		18,868,658		16.6	%
Australia		10,771,374		9.4	%
Sweden		6,591,345		5.8	%
Switzerland		4,786,279		4.2	%
France		4,713,451		4.1	%
Germany		4,678,332		4.1	%
Italy		3,564,155		3.1	%
Israel		3,527,216		3.1	%
Singapore		2,734,357		2.4	%
Norway		2,663,356		2.3	%
Denmark		2,608,774		2.3	%
Netherlands		2,471,163		2.2	%
Hong Kong		2,330,800		2.0	%
Spain		1,804,052		1.6	%
Austria		1,566,145		1.4	%
Finland		1,377,728		1.2	%
Belgium		1,280,192		1.1	%
New Zealand		974,512		0.9	%
Ireland		701,262		0.6	%
Portugal		196,102		0.2	%
Total Investments	$	112,498,057		98.7	%
Other Assets in Excess of Liabilities		1,459,252		1.3	%
Net Assets	$	113,957,309		100.0	%

See Notes to Financial Statements.

56	\| www.sbhfunds.com

Segall Bryant & Hamill
Fundamental International Small Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 94.3%
Communication Services — 1.3%
Telecommunication Services — 1.3%
KINX, Inc. (South Korea)		20,285	$	752,659

Consumer Discretionary — 23.4%
Consumer Durables & Apparel — 8.1%
Leatt Corp. (South Africa) ^{^(a)}		86,030		1,957,183
Victoria PLC (United Kingdom) ^(a)		495,293		2,720,970
				4,678,153
Consumer Services — 12.6%
Evolution Gaming Group A.B.
(Sweden) ^{^(b)}		24,550		2,245,713
Fu Shou Yuan International Group, Ltd. (China) ^{^(b)}		1,065,247		767,273
NEOGAMES S.A (Israel) ^{^(a)}		117,414		1,574,522
Pollard Banknote, Ltd. (Canada)		87,674		1,373,737
Webjet, Ltd. (Australia) ^(a)		342,442		1,268,095
				7,229,340
Retailing — 2.7%
China Meidong Auto Holdings, Ltd.
(China)		489,500		1,555,459

Consumer Staples — 2.6%
Food & Staples Retailing — 2.6%
Yifeng Pharmacy Chain Co., Ltd. -
Class A (China)		189,551		1,497,243

Financials — 9.3%
Banks — 1.0%
Mortgage Advice Bureau Holdings, Ltd. (United Kingdom)		49,449		541,735

Diversified Financials — 8.3%
Azimut Holdings S.p.A. (Italy)		104,677		1,821,517
M&A Capital Partners Co., Ltd. (Japan) ^(a)		34,200		902,372
Strike Co., Ltd. (Japan)		81,440		2,053,438
				4,777,327
Health Care — 1.6%
Pharmaceuticals, Biotechnology & Life Sciences — 1.6%
SwedenCare A.B. (Sweden)		108,150		920,864

Industrials — 29.5%
Capital Goods — 15.9%
AutoStore Holdings, Ltd. (Norway) ^(a)^(b)		456,100		660,991
Brodrene A. & O. Johansen A/S (Denmark)		255,500		2,460,743
Diploma PLC (United Kingdom)		34,480		939,026
Fluidra S.A. (Spain)		119,000		2,420,633
IMCD N.V. (Netherlands)		9,300		1,271,290
Instalco A.B. (Sweden)		328,400		1,366,153
				9,118,836

	Shares		Value
Commercial & Professional Services — 12.6%
BayCurrent Consulting, Inc. (Japan)		7,900	$	2,111,927
Boyd Group Services, Inc. (Canada)		6,415		690,995
GFL Environmental, Inc. (Canada)		84,668		2,181,026
Japan Elevator Service Holdings Company, Ltd. (Japan) ^(a)		84,600		884,825
Mo-BRUK S.A. (Poland)		21,500		1,377,913
				7,246,686
Transportation — 1.0%
InPost S.A. (Poland) ^{^(a)}		95,500		553,184

Information Technology — 26.6%
IT Services — 8.7%
CANCOM S.E. (Germany)		14,530		490,773
Constellation Software, Inc. (Canada)		2,412		3,580,432
Keywords Studios PLC (Ireland)		34,779		929,098
				5,000,303
Software — 11.4%
Epsilon Net S.A. (Greece)		348,100		2,034,990
GB Group PLC (United Kingdom)		162,866		794,127
LiveChat Software S.A. (Poland)		31,985		701,020
Mercell Holding A.S.A. (Norway) ^{^(a)^(b)}		502,335		309,277
Sinch A.B. (Sweden) ^{^(a)^(b)}		191,750		626,301
Topicus.com, Inc. (Netherlands) ^(a)		36,949		2,084,710
				6,550,425
Technology Hardware & Equipment — 6.5%
Cherry A.G. (Germany) ^{^(a)^(b)}		144,301		1,256,679
Endor A.G. (Germany)		36,000		577,056
PAX Global Technology, Ltd. (Hong Kong) 2,469,200				1,924,804
				3,758,539
Investments at Value — 94.3%
(Cost $69,490,168)			$	54,180,753

Other Assets in Excess of Liabilities — 5.7%				3,267,460

Net Assets — 100.0%			$	57,448,213

^{^(a)}

Non-income producing security.

^{^(b)}

Security is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $5,866,234, which represents 10.2% of net assets as of June 30, 2022.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill
Fundamental International Small Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

			% of Net
Country	Value		Assets
Canada	$	7,826,190		13.6	%
Japan		5,952,562		10.4	%
Sweden		5,159,031		9.0	%
United Kingdom		4,995,858		8.7	%
China		3,819,975		6.7	%
Netherlands		3,356,000		5.8	%
Poland		2,632,117		4.6	%
Denmark		2,460,743		4.3	%
Spain		2,420,633		4.2	%
Germany		2,324,508		4.0	%
Greece		2,034,990		3.5	%
South Africa		1,957,183		3.4	%
Hong Kong		1,924,804		3.4	%
Italy		1,821,517		3.2	%
Israel		1,574,522		2.7	%
Australia		1,268,095		2.2	%
Norway		970,268		1.7	%
Ireland		929,098		1.6	%
South Korea		752,659		1.3	%
Total Investments	$	54,180,753		94.3	%
Other Assets in Excess of Liabilities		3,267,460		5.7	%
Net Assets	$	57,448,213		100.0	%

See Notes to Financial Statements.

58	\| www.sbhfunds.com

Segall Bryant & Hamill
Fundamental International Small Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS

											Asset		Liability
											Derivatives		Derivatives
	Settlement		Fund		U.S. $Value at		Fund		U.S. $Value at		Unrealized		Unrealized
Counterparty	Date		Receiving		June 30, 2022		Delivering		June 30, 2022		Appreciation		Depreciation
BNY Mellon		9/29/2022		AED		143,883		USD		143,866	$	17	$	—
BNY Mellon		9/29/2022		AUD		2,948,002		USD		3,088,938		—		(140,936	)
BNY Mellon		9/29/2022		BRL		1,043,070		USD		1,112,323		—		(69,253	)
BNY Mellon		9/29/2022		CHF		2,148,044		USD		2,109,320		38,724		—
BNY Mellon		9/29/2022		CLP		103,366		USD		114,339		—		(10,973	)
BNY Mellon		9/29/2022		COP		36,344		USD		39,635		—		(3,291	)
BNY Mellon		9/29/2022		CZK		5,749		USD		5,862		—		(113	)
BNY Mellon		9/29/2022		GBP		360,162		USD		372,487		—		(12,325	)
BNY Mellon		9/29/2022		HUF		8,603		USD		8,937		—		(334	)
BNY Mellon		9/29/2022		IDR		355,785		USD		367,893		—		(12,108	)
BNY Mellon		9/29/2022		ILS		1,189,107		USD		1,241,017		—		(51,910	)
BNY Mellon		9/29/2022		INR		3,503,321		USD		3,549,805		—		(46,484	)
BNY Mellon		9/29/2022		JPY		8,355,921		USD		8,546,089		—		(190,168	)
BNY Mellon		9/29/2022		KRW		1,748,825		USD		1,800,903		—		(52,078	)
BNY Mellon		9/29/2022		KWD		200,275		USD		200,277		—		(2	)
BNY Mellon		9/29/2022		MXP		324,966		USD		332,162		—		(7,196	)
BNY Mellon		9/29/2022		NZD		407,595		USD		423,276		—		(15,681	)
BNY Mellon		9/29/2022		PHP		150,831		USD		155,971		—		(5,140	)
BNY Mellon		9/29/2022		QAR		165,813		USD		165,478		335		—
BNY Mellon		9/29/2022		SAR		426,772		USD		426,302		470		—
BNY Mellon		9/29/2022		SGD		895,904		USD		905,892		—		(9,988	)
BNY Mellon		9/29/2022		THB		657,193		USD		672,367		—		(15,174	)
BNY Mellon		9/29/2022		TRY		215,521		USD		203,881		11,640		—
BNY Mellon		9/29/2022		TWD		3,668,850		USD		3,707,577		—		(38,727	)
BNY Mellon		9/29/2022		USD		5,514,902		CAD		5,373,108		141,794		—
BNY Mellon		9/29/2022		USD		1,390,672		CNY		1,386,631		4,041		—
BNY Mellon		9/29/2022		USD		2,738,489		DKK		2,679,434		59,055		—
BNY Mellon		9/29/2022		USD		7,217,119		EUR		7,060,160		156,959		—
BNY Mellon		9/29/2022		USD		2,444,470		HKD		2,443,005		1,465		—
BNY Mellon		9/29/2022		USD		266,177		NOK		255,540		10,637		—
BNY Mellon		9/29/2022		USD		2,048,718		PLN		1,957,908		90,810		—
BNY Mellon		9/29/2022		USD		3,003,287		SEK		2,873,301		129,986		—
BNY Mellon		9/29/2022		ZAR		675,342		USD		711,924		—		(36,582	)
Total											$	645,933	$	(718,463	)

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Global All Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.4%
Communication Services — 3.3%
Media & Entertainment — 3.3%
Alphabet, Inc. - Class C ^(a)		403	$	881,542

Consumer Discretionary — 13.9%
Consumer Durables & Apparel — 3.3%
Capri Holdings, Ltd. ^(a)		7,524		308,559
LVMH Moet Hennessy Louis Vuitton
S E (France)		945		579,015
				887,574
Consumer Services — 3.2%
Compass Group PLC (United Kingdom)		26,227		538,464
Darden Restaurants, Inc.		2,919		330,197
				868,661
Retailing — 7.4%
Amazon.com, Inc. ^(a)		5,200		552,292
Dollarama, Inc. (Canada)		9,736		560,587
Home Depot, Inc. (The)		1,576		432,250
O’Reilly Automotive, Inc. ^(a)		686		433,387
				1,978,516
Consumer Staples — 6.8%
Food & Staples Retailing — 1.5%
Costco Wholesale Corp		821		393,489

Food, Beverage & Tobacco — 4.0%
Diageo PLC (United Kingdom)		15,456		667,571
Mondelez International, Inc. - Class A		6,716		416,996
				1,084,567
Household & Personal Products — 1.3%
Unilever PLC (United Kingdom)		7,989		364,128

Energy — 5.0%
Energy — 5.0%
Chevron Corp		2,801		405,529
ConocoPhillips		4,456		400,193
Suncor Energy, Inc. (Canada)		15,299		536,536
				1,342,258
Financials — 11.5%
Banks — 2.5%
JPMorgan Chase & Co.		5,903		664,737

Diversified Financials — 2.7%
Partners Group Holding A G
(Switzerland)		392		354,025
S&P Global, Inc.		1,142		384,923
				738,948
Insurance — 6.3%
Aon PLC - Class A (Ireland)		2,284		615,949
Globe Life, Inc.		6,635		646,713
Reinsurance Group of America, Inc.		3,795		445,116
				1,707,778
Health Care — 17.8%
Health Care Equipment & Services — 8.2%
Alcon, Inc. (Switzerland)		5,906		412,770
McKesson Corp		1,538		501,711

	Shares		Value
Health Care Equipment & Services (continued)
STERIS plc (Ireland)		2,613	$	538,670
UnitedHealth Group, Inc.		1,474		757,091
				2,210,242
Pharmaceuticals, Biotechnology & Life Sciences — 9.6%
Bio-Techne Corp		1,260		436,766
Charles River Laboratories
International, Inc. ^(a)		1,367		292,497
Eurofins Scientific, Inc. (Luxembourg)		3,834		302,721
Lonza Group A.G. (Switzerland)		947		505,844
Perrigo Co. PLC (Ireland)		13,715		556,418
Zoetis, Inc.		2,863		492,121
				2,586,367
Industrials — 11.2%
Capital Goods — 10.1%
AZEK Co., Inc. (The) - Class A ^(a)		13,902		232,720
Parker-Hannifin Corp		1,623		399,339
Quanta Services, Inc.		6,739		844,666
Raytheon Technologies Corp		5,955		572,335
Sandvik A.B. (Sweden)		20,029		326,393
Schneider Electric S E (France)		3,017		359,396
				2,734,849
Commercial & Professional Services — 1.1%
Jacobs Engineering Group, Inc.		2,284		290,365

Information Technology — 22.6%
Semiconductors & Semiconductor Equipment — 7.3%
ASML Holding N.V. (Netherlands)		1,040		491,204
Marvell Technology, Inc. (Bermuda)		11,299		491,845
Monolithic Power Systems, Inc.		1,397		536,504
NXP Semiconductors N.V. (Netherlands)		3,049		451,343
				1,970,896
Software & Services — 11.6%
Adobe, Inc. ^(a)		687		251,483
Capgemini S E (France)		3,418		589,311
Microsoft Corp		4,590		1,178,850
ServiceNow, Inc. ^(a)		849		403,716
Visa, Inc. - Class A		3,648		718,255
				3,141,615
Technology Hardware & Equipment — 3.7%
Apple, Inc.		3,649		498,891
Keysight Technologies, Inc. ^(a)		3,541		488,127
				987,018

See Notes to Financial Statements.

60	\| www.sbhfunds.com

Segall Bryant & Hamill Global All Cap Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Materials — 4.3%
Materials — 4.3%
Franco-Nevada Corp. (Canada)		3,232	$	425,267
Linde PLC (United Kingdom)		2,576		740,677
				1,165,944
Investments at Value — 96.4%
(Cost $24,063,979)			$	25,999,494

Other Assets in Excess of Liabilities — 3.6%				975,213

Net Assets — 100.0%			$	26,974,707

^{^(a)}

Non-income producing security.

Country Breakdown
			% of Net
Country	Value		Assets
United States	$	15,591,360		57.8	%
United Kingdom		2,310,840		8.6	%
Ireland		1,711,037		6.3	%
France		1,527,722		5.7	%
Canada		1,522,390		5.7	%
Switzerland		1,272,639		4.7	%
Netherlands		942,547		3.5	%
Bermuda		491,845		1.8	%
Sweden		326,393		1.2	%
Luxembourg		302,721		1.1	%
Total Investments	$	25,999,494		96.4	%
Other Assets in Excess of Liabilities		975,213		3.6	%
Net Assets	$	26,974,707		100.0	%

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Workplace Equality Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.2%
Communication Services — 7.1%
Media & Entertainment — 7.1%
Alphabet, Inc. - Class C ^(a)		512	$	1,119,975
Live Nation Entertainment, Inc. ^(a)		5,864		484,249
				1,604,224
Consumer Discretionary — 9.7%
Consumer Durables & Apparel — 2.2%
NIKE, Inc. - Class B		2,786		284,729
Tapestry, Inc.		7,300		222,796
				507,525
Consumer Services — 2.9%
Chipotle Mexican Grill, Inc. ^(a)		217		283,675
Wendy’s Co. (The)		19,254		363,516
				647,191
Retailing — 4.6%
Amazon.com, Inc. ^(a)		5,620		596,900
Dollar General Corp		1,843		452,346
				1,049,246
Consumer Staples — 5.6%
Food, Beverage & Tobacco — 3.0%
Constellation Brands, Inc. - Class A		1,518		353,785
Mondel z International, Inc. - Class A		5,304		329,325
				683,110
Household & Personal Products — 2.6%
Estee Lauder Cos., Inc. (The) - Class A		1,117		284,467
Unilever PLC ADR (United Kingdom)		6,516		298,628
				583,095
Energy — 4.3%
Energy — 4.3%
Chevron Corp		3,552		514,259
ConocoPhillips		5,250		471,502
				985,761
Financials — 11.1%
Banks — 3.3%
First Republic Bank		1,637		236,055
JPMorgan Chase & Co.		4,569		514,515
				750,570
Diversified Financials — 3.7%
Blackstone, Inc.		5,052		460,894
MSCI, Inc.		924		380,827
				841,721
Insurance — 4.1%
Arthur J. Gallagher & Co.		2,732		445,425
Reinsurance Group of America, Inc.		4,079		478,426
				923,851
Health Care — 16.6%
Health Care Equipment & Services — 8.7%
Abbott Laboratories		3,679		399,723
McKesson Corp		1,423		464,197
Stryker Corp		2,000		397,860
UnitedHealth Group, Inc.		1,398		718,055
				1,979,835
Pharmaceuticals, Biotechnology & Life Sciences — 7.9%
Bio-Techne Corp		1,073		371,945

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Danaher Corp		2,424	$	614,533
Thermo Fisher Scientific, Inc.		823		447,119
Zoetis, Inc.		2,061		354,265
				1,787,862
Industrials — 10.0%
Capital Goods — 6.0%
Carrier Global Corp		8,821		314,557
Deere & Co		1,312		392,904
Raytheon Technologies Corp		6,845		657,873
				1,365,334
Commercial & Professional Services — 4.0%
Jacobs Engineering Group, Inc.		3,667		466,186
Republic Services, Inc.		3,371		441,163
				907,349
Information Technology — 26.9%
Semiconductors & Semiconductor Equipment — 6.1%
Advanced Micro Devices, Inc. ^(a)		3,367		257,474
Applied Materials, Inc.		4,206		382,662
Microchip Technology, Inc.		5,920		343,834
NVIDIA Corp		2,667		404,290
				1,388,260
Software & Services — 14.3%
Adobe, Inc. ^(a)		1,037		379,604
Intuit, Inc.		1,122		432,464
Microsoft Corp		4,794		1,231,243
ServiceNow, Inc. ^(a)		1,076		511,660
Visa, Inc. - Class A		3,559		700,731
				3,255,702
Technology Hardware & Equipment — 6.5%
Apple, Inc.		4,556		622,896
Keysight Technologies, Inc. ^(a)		3,974		547,816
Zebra Technologies Corp. - Class A ^{^(a)}		1,006		295,714
				1,466,426
Materials — 3.0%
Materials — 3.0%
Avery Dennison Corp		2,246		363,560
Eastman Chemical Co		3,499		314,105
				677,665

See Notes to Financial Statements.

62	\| www.sbhfunds.com

Segall Bryant & Hamill Workplace Equality Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Shares		Value
Real Estate — 2.9%
Real Estate — 2.9%
American Tower Corp		1,376	$	351,692
Iron Mountain, Inc.		6,056		294,867
				646,559

Investments at Value — 97.2% (Cost $21,646,377)			$	22,051,286

Other Assets in Excess of Liabilities — 2.8%				634,256

Net Assets — 100.0%			$	22,685,542

^{^(a)}

Non-income producing security.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Short Term Plus Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
CORPORATE BONDS — 79.9%
Finance — 4.5%
Banking — 4.5%
American Express Co.	3.375%	05/03/24	$	450,000	$	446,761
Bank of America Corp.	4.100%	07/24/23		755,000		762,240
JPMorgan Chase & Co. (Yield of U.S. Treasury Note, 2.25, 3/26 + 53) ^(a)	0.697%	03/16/24		755,000		738,497
						1,947,498
Industrial — 60.3%
Automobile Manufacturing — 2.7%
General Motors Financial Co., Inc.	5.100%	01/17/24		850,000		858,453
Paccar Financial Corp.	0.800%	06/08/23		315,000		308,182
						1,166,635
Beverage / Bottling — 1.2%
Brown Forman Corp.	2.250%	01/15/23		513,000		510,173

Building Products — 1.4%
Martin Marietta Materials, Inc.	4.250%	07/02/24		589,000		591,842

Chemicals — 1.4%
Eastman Chemical Co	7.250%	01/15/24		575,000		596,178

Construction Machinery — 3.9%
Brunswick Corp	0.850%	08/18/24		500,000		462,066
Caterpillar Financial Services Corp	0.650%	07/07/23		400,000		390,114
CNH Industrial Capital LLC	1.950%	07/02/23		850,000		830,731
						1,682,911
Diversified Manufacturing — 3.6%
Amphenol Corp	3.200%	04/01/24		875,000		868,587
Roper Technologies, Inc.	3.650%	09/15/23		700,000		700,967
						1,569,554
Electronics — 1.2%
Dell International LLC	5.450%	06/15/23		496,000		501,011

Environmental — 2.1%
Republic Services, Inc.	2.500%	08/15/24		700,000		677,787
Waste Management, Inc.	3.500%	05/15/24		233,000		232,440
						910,227
Food Processors — 1.0%
Conagra Brands, Inc.	3.200%	01/25/23		440,000		439,627
Home Builders — 1.8%
D.R. Horton, Inc.	2.500%	10/15/24		350,000		334,702
KB Home	7.625%	05/15/23		460,000		465,530
						800,232
Information / Data Technology — 5.6%
Fiserv, Inc.	3.800%	10/01/23		675,000		675,326
KLA Corp	4.650%	11/01/24		450,000		456,425
Moody’s Corp	4.875%	02/15/24		700,000		713,449
Salesforce.com, Inc.	0.625%	07/15/24		650,000		615,079
						2,460,279
Media — Non-Cable — 3.2%
Discovery Communications LLC	2.950%	03/20/23		750,000		744,855
Walt Disney Co. (The)	7.750%	01/20/24		624,000		664,056
						1,408,911

See Notes to Financial Statements.

64	\| www.sbhfunds.com

Segall Bryant & Hamill Short Term Plus Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Midstream Energy — 4.5%
Enterprise Products Operating LLC	3.350%	03/15/23	$	333,000	$	332,142
Kinder Morgan, Inc.	3.150%	01/15/23		850,000		848,697
Williams Partners LP	3.900%	01/15/25		800,000		790,310
						1,971,149
Other Industrial — 2.3%
Cintas Corp. No. 2	3.450%	05/01/25		225,000		224,238
Quanta Services, Inc.	0.950%	10/01/24		850,000		786,126
						1,010,364
Packaging — 4.8%
Avery Dennison Corp	0.850%	08/15/24		740,000		698,198
Ball Corp	4.000%	11/15/23		945,000		937,615
Sonoco Products Co	1.800%	02/01/25		500,000		469,289
						2,105,102
Paper & Forest Products — 4.2%
Graphic Packaging International, Inc.	4.875%	11/15/22		889,000		890,134
Weyerhaeuser Co	7.125%	07/15/23		725,000		747,694
Weyerhaeuser Co	8.500%	01/15/25		160,000		176,973
						1,814,801
Pharmaceuticals — 1.7%
AstraZeneca Finance LLC	0.700%	05/28/24		800,000		758,089
Railroads — 2.0%
Canadian Pacific Railway Co	4.450%	03/15/23		230,000		230,941
Kansas City Southern	3.000%	05/15/23		650,000		647,929
						878,870
Refining — 1.1%
Phillips 66	0.900%	02/15/24		490,000		466,594

Retail Stores — 1.8%
AutoNation, Inc.	3.500%	11/15/24		800,000		776,284
Supermarkets — 0.6%
Kroger Co. (The)	4.000%	02/01/24		270,000		270,927

Transportation Services — 4.6%
American Airlines Group, Inc., Series 2016-1, Class B	5.250%	01/15/24		506,327		482,796
Continental Airlines, Inc., Series 2012-2, Class A	4.000%	10/29/24		469,664		451,201
CSX Transportation, Inc.	6.251%	01/15/23		183,272		185,611
Delta Air Lines Pass Thru Trust, Series 2019-1, Class AA	3.204%	10/25/25		931,000		899,909
						2,019,517
Wireless Telecommunications — 1.7%
American Tower Corp	3.500%	01/31/23		750,000		749,773

Wireline Telecommunications — 1.9%
AT&T, Inc.	9.150%	02/01/23		300,000		309,156
AT&T, Inc.	0.900%	03/25/24		530,000		505,334
						814,490
Utility — 15.1%
Electric — 14.0%
Arizona Public Service Co	3.350%	06/15/24		665,000		656,765
Delmarva Power & Light Co	3.500%	11/15/23		362,000		362,923
Evergy, Inc.	2.450%	09/15/24		725,000		697,099
Eversource Energy	2.800%	05/01/23		500,000		496,898
Georgia Power Co., Series 2020-A	2.100%	07/30/23		850,000		837,712

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Short Term Plus Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Electric — 14.0% (continued)
NextEra Energy Capital Holdings, Inc.	0.650%	03/01/23	$	850,000	$	835,404
Pacific Gas & Electric Co	1.700%	11/15/23		595,000		573,398
PPL Electric Utilities Corp.	2.500%	09/01/22		190,000		190,062
Virginia Electric & Power Co., Series 2015-A	3.100%	05/15/25		571,000		561,740
Vistra Operations Co. LLC., 144A ^(b)	5.125%	05/13/25		900,000		891,140
						6,103,141
Other Utility — 1.1%
American Water Capital Corp	3.400%	03/01/25		500,000		492,866

Total Corporate Bonds (Cost $35,475,221)						34,817,045

MUNICIPAL BONDS — 5.7%
California — 0.4%
San Diego California Public Facilities Financing Authority Senior Water Revenue Refunding Bonds, Series 2020-B	1.231%	08/01/22		160,000		159,888

Georgia — 1.7%
Municipal Electric Authority of Georgia, Series 2021-B	0.926%	01/01/24		770,000		737,550

Maryland — 0.2%
Howard County, Maryland Refunding Consolidated Public Improvement Project and Refunding Bonds, Series 2020-C	1.224%	08/15/22		70,000		69,951

New Jersey — 0.3%
New Jersey Economic Development Authority Water Facilities, Series 2020-C	1.150%	06/01/23		125,000		123,849

Texas — 2.3%
Austin Texas Community College, Series 2020	0.662%	02/01/23		50,000		49,385
Central Texas Regional Mobility Authority, Series 2021-E	0.496%	01/01/23		350,000		345,473
Central Texas Regional Mobility Authority, Series 2021-E	0.836%	01/01/24		325,000		312,108
Central Texas Regional Mobility Authority, Series 2020-C	1.345%	01/01/24		135,000		130,633
Fort Bend County Texas, Series 2020	5.000%	03/01/23		185,000		187,805
						1,025,404
Wisconsin — 0.8%
Public Finance Authority Air Cargo Group Revenue Bonds, Series 2021	1 484%	07/01/23		350,000		341,537
Total Municipal Bonds (Cost $3,219,558)						2,458,179

COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.0%
FHLMC Remic, Series K-029, Class A-2 (Cost $438,094) ^(a)	3.320%	02/25/23		430,581		430,359

Total Commercial Mortgage-Backed Securities (Cost $438,094)						430,359

See Notes to Financial Statements.

66	\| www.sbhfunds.com

Segall Bryant & Hamill Short Term Plus Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon			Maturity		Par Value		Value
U.S. TREASURY BONDS & NOTES — 11.0%
United States Treasury		0.125	%		09/30/22	$	1,005,000	$	1,000,817
United States Treasury		0.125	%		07/15/23		1,100,000		1,068,332
United States Treasury		2.125	%		11/30/23		1,245,000		1,230,702
United States Treasury		2.250	%		01/31/24		1,000,000		988,633
United States Treasury		2.375	%		08/15/24		500,000		493,379
Total U.S. Treasury Bonds & Notes (Cost $4,889,418)									4,781,863

Investments at Value — 97.6%
(Cost $44,022,291)								$	42,487,446

Other Assets in Excess of Liabilities — 2.4%									1,051,485

Net Assets — 100.0%								$	43,538,931

^{^(a)}Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2022. 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.

^{^(b)}Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $891,140, which represents 2.0% of net assets as of June 30, 2022.

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 Funds. 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.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Plus Bond Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
CORPORATE BONDS — 49.8%
Finance — 9.9%
Banking — 3.9%
Bank of America Corp., Series N (SOFR + 153) ^(a)	1.898%	07/23/31	$	3,700,000	$	2,957,080
Bank of America Corp., Series N (3MO LIBOR + 315) ^(a)	4.083%	03/20/51		3,000,000		2,585,577
Capital One Financial Corp	3.200%	02/05/25		7,640,000		7,428,458
JPMorgan Chase & Co. (SOFR + 151) ^(a)	2.739%	10/15/30		10,430,000		9,100,211
Wells Fargo & Co. (3MO LIBOR + 131) ^{^(a)}	3.584%	05/22/28		9,635,000		9,140,813
						31,212,139
Broker/Asset Managers/Exchanges — 1.0%
Cboe Global Markets, Inc.	3.650%	01/12/27		5,270,000		5,145,864
FMR LLC, 144A ^(b)	6.450%	11/15/39		2,575,000		2,855,140
						8,001,004
Life Insurance — 0.7%
Northwestern Mutual Life Insurance Co. (The), 144A ^(b)	3.850%	09/30/47		6,775,000		5,623,706

Mortgage Banking — 0.7%
Provident Funding Associates LP/PFG Finance Corp., 144A ^(b)	6.375%	06/15/25		6,295,000		5,665,500

Noncaptive Diversified Financial Companies — 1.4%
Aircastle, Ltd.	5.000%	04/01/23		3,000,000		2,996,330
Aviation Capital Group LLC, 144A ^(b)	3.875%	05/01/23		4,250,000		4,213,268
GATX Corp	3.500%	06/01/32		5,102,000		4,473,619
						11,683,217
Other Finance — 0.5%
IIP Operating Partnership LP	5.500%	05/25/26		4,615,000		4,182,684

Real Estate Investment Trusts — 1.7%
MPT Operating Partnership LP/MPT Finance Corp.	5.000%	10/15/27		6,175,000		5,648,087
Ventas Realty LP	3.500%	04/15/24		3,000,000		2,965,572
VICI Properties LP, 144A ^(b)	5.625%	05/01/24		5,199,000		5,134,013
						13,747,672
Industrial — 34.7%
Automobile Manufacturing — 1.9%
Ford Motor Credit Co. LLC	4.063%	11/01/24		2,000,000		1,897,385
Ford Motor Credit Co. LLC	3.375%	11/13/25		5,500,000		4,952,585
General Motors Financial Co., Inc.	5.100%	01/17/24		2,300,000		2,322,873
General Motors Financial Co., Inc.	3.950%	04/13/24		4,425,000		4,391,038
Goodyear Tire & Rubber Co	9.500%	05/31/25		1,500,000		1,551,258
Goodyear Tire & Rubber Co	5.000%	07/15/29		500,000		414,079
						15,529,218
Beverage / Bottling — 1.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.	4.375%	04/15/38		7,725,000		7,084,880
Fomento Economico Mexicano S A B de C V	2.875%	05/10/23		2,978,000		2,938,303
						10,023,183
Building Products — 1.8%
Allegion PLC	3.500%	10/01/29		2,498,000		2,209,333
Allegion US Holding Co., Inc.	3.550%	10/01/27		2,550,000		2,344,587
Masco Corp	6.500%	08/15/32		6,205,000		6,676,341
Summit Materials LLC, 144A ^(b)	6.500%	03/15/27		1,450,000		1,398,410
Summit Materials LLC, 144A ^(b)	5.250%	01/15/29		1,750,000		1,526,875
						14,155,546
Chemicals — 0.5%
Compass Minerals International, Inc., 144A ^(b)	6.750%	12/01/27		4,430,000		4,009,150

See Notes to Financial Statements.

68	\| www.sbhfunds.com

Segall Bryant & Hamill Plus Bond Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Construction Machinery — 1.5%
CNH Industrial N V	4.500%	08/15/23	$	3,275,000	$	3,302,454
H&E Equipment Services, Inc., 144A ^(b)	3.875%	12/15/28		5,550,000		4,488,563
United Rentals North America	3.875%	02/15/31		5,295,000		4,466,796
						12,257,813
Consumer Products — 0.5%
Vista Outdoor, Inc., 144A ^(b)	4.500%	03/15/29		5,600,000		4,284,936

Diversified Manufacturing — 1.3%
BWX Technologies, Inc., 144A ^(b)	4.125%	06/30/28		4,169,000		3,710,410
nVent Finance SARL	2.750%	11/15/31		2,245,000		1,824,757
Vontier Corp	2.400%	04/01/28		5,550,000		4,652,005
						10,187,172
Electronics — 1.6%
Amkor Technology, Inc., 144A ^(b)	6.625%	09/15/27		4,422,000		4,186,263
Dell, Inc.	7.100%	04/15/28		4,492,000		4,885,160
QORVO, Inc., 144A ^(b)	1.750%	12/15/24		2,840,000		2,652,901
QORVO, Inc.	4.375%	10/15/29		775,000		681,551
QORVO, Inc., 144A ^(b)	3.375%	04/01/31		500,000		393,170
						12,799,045
Healthcare Facilities / Supplies — 1.6%
HCA, Inc.	3.500%	09/01/30		2,500,000		2,126,775
Hologic, Inc., 144A ^(b)	4.625%	02/01/28		3,146,000		2,943,870
Teleflex, Inc.	4.625%	11/15/27		1,390,000		1,282,275
Teleflex, Inc., 144A ^(b)	4.250%	06/01/28		3,741,000		3,380,124
Tenet Healthcare Corp., 144A ^(b)	6.125%	10/01/28		3,333,000		2,852,315
						12,585,359
Independent Energy — 2.9%
Diamondback Energy, Inc.	3.500%	12/01/29		3,000,000		2,747,892
Occidental Petroleum Corp	7.500%	05/01/31		6,085,000		6,541,375
PDC Energy, Inc.	6.125%	09/15/24		2,932,000		2,912,048
PDC Energy, Inc.	5.750%	05/15/26		5,000,000		4,664,150
Range Resources Corp	4.875%	05/15/25		6,400,000		6,242,560
						23,108,025
Lease / Rent — 1.2%
SBA Tower Trust, 144A, Series 2019-1, Class 1-C ^(b)	2.836%	01/15/50		10,000,000		9,659,561

Media — Cable — 2.5%
CCO Holdings LLC/CCO Holdings Capital Corp., 144A ^(b)	5.000%	02/01/28		4,140,000		3,819,978
Cox Communications, Inc., 144A ^(b)	2.600%	06/15/31		5,325,000		4,453,211
Dish DBS Corp	5.875%	07/15/22		4,044,000		4,021,071
Dish DBS Corp	7.750%	07/01/26		2,050,000		1,597,975
Magallanes, Inc., 144A ^(b)	5.391%	03/15/62		4,480,000		3,747,513
Sirius XM Radio, Inc., 144A ^(b)	5.500%	07/01/29		3,000,000		2,733,750
						20,373,498
Media — Non-Cable — 1.6%
AMC Networks, Inc.	4.750%	08/01/25		3,965,000		3,693,556
Lamar Media Corp	3.750%	02/15/28		2,400,000		2,130,552
Lamar Media Corp	4.875%	01/15/29		1,700,000		1,530,197
Netflix, Inc.	4.875%	04/15/28		1,000,000		941,050
Netflix, Inc.	6.375%	05/15/29		1,000,000		1,009,950
Netflix, Inc., 144A ^(b)	4.875%	06/15/30		1,225,000		1,121,175
Walt Disney Co. (The)	4.625%	03/23/40		2,630,000		2,567,833
						12,994,313
Metals / Mining — 0.8%
Freeport-McMoran Copper & Gold, Inc.	3.875%	03/15/23		6,687,000		6,658,103

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Plus Bond Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Midstream Energy — 2.5%
Boardwalk Pipelines LP	3.375%	02/01/23	$	3,295,000	$	3,284,688
Magellan Midstream Partners LP	5.000%	03/01/26		6,125,000		6,261,802
Tennessee Gas Pipeline Co. LLC	8.375%	06/15/32		5,284,000		6,205,553
Transcontinental Gas Pipe Line Co. LLC	7.850%	02/01/26		4,315,000		4,765,067
						20,517,110
Oil Field Services — 0.1%
Burlington Resources, Inc.	6.875%	02/15/26		1,000,000		1,082,527

Other Industrial — 0.8%
Quanta Services, Inc.	2.900%	10/01/30		8,000,000		6,590,830

Packaging — 1.6%
Ball Corp	4.875%	03/15/26		4,500,000		4,426,875
Berry Global, Inc., 144A ^(b)	4.500%	02/15/26		1,418,000		1,318,272
Silgan Holdings, Inc., 144A ^(b)	1.400%	04/01/26		3,000,000		2,679,928
Silgan Holdings, Inc.	4.125%	02/01/28		4,820,000		4,322,239
						12,747,314
Paper & Forest Products — 0.9%
Graphic Packaging International, Inc.	4.875%	11/15/22		1,601,000		1,603,042
West Fraser Timber Co., Ltd., 144A ^(b)	4.350%	10/15/24		5,425,000		5,407,291
						7,010,333
Retail Stores — 2.5%
Dick’s Sporting Goods, Inc.	3.150%	01/15/32		3,825,000		3,032,396
Dick’s Sporting Goods, Inc.	4.100%	01/15/52		3,000,000		1,994,876
Group 1 Automotive, Inc., 144A ^(b)	4.000%	08/15/28		5,438,000		4,544,989
Hanesbrands, Inc., 144A ^(b)	4.625%	05/15/24		2,491,000		2,438,465
Hanesbrands, Inc., 144A ^(b)	4.875%	05/15/26		2,000,000		1,852,520
QVC, Inc.	4.850%	04/01/24		5,122,000		4,788,097
QVC, Inc.	4.750%	02/15/27		2,085,000		1,647,150
						20,298,493
Services — 2.3%
Block Financial LLC	3.875%	08/15/30		5,340,000		4,802,414
Factset Research Systems, Inc.	2.900%	03/01/27		4,221,000		3,952,683
Rayonier LP	2.750%	05/17/31		6,000,000		5,008,280
Service Corp. International	4.625%	12/15/27		483,000		454,020
Service Corp. International	5.125%	06/01/29		4,575,000		4,310,519
						18,527,916
Supermarkets — 0.5%
Alimentation Couche-Tard, Inc., 144A ^(b)	3.550%	07/26/27		4,660,000		4,345,511

Transportation Services — 2.2%
American Airlines, Inc., Series 2013-2, Class A ^(c)	4.950%	07/15/24		9,566,356		9,389,391
FedEx Corp	3.900%	02/01/35		6,190,000		5,513,693
United Parcel Service, Inc.	5.200%	04/01/40		1,540,000		1,625,081
XPO CNW, Inc.	6.700%	05/01/34		900,000		841,197
						17,369,362
Wireless Telecommunications — 0.4%
T-Mobile USA, Inc.	3.500%	04/15/31		3,670,000		3,168,788

Utility — 5.2%
Electric — 4.5%
Nevada Power Co	6.750%	07/01/37		3,956,000		4,597,633
NRG Energy, Inc., 144A ^(b)	5.250%	06/15/29		5,575,000		4,975,688

See Notes to Financial Statements.

70	\| www.sbhfunds.com

Segall Bryant & Hamill Plus Bond Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Electric — 4.5% (continued)
Oglethorpe Power Corp., 144A ^(b)	4.500%	04/01/47	$	2,640,000	$	2,290,535
Oncor Electric Delivery Co. LLC	5.750%	03/15/29		4,725,000		5,103,973
Pacific Gas & Electric Co	1.700%	11/15/23		2,761,000		2,660,760
PG&E Corp	5.000%	07/01/28		2,000,000		1,687,760
Pinnacle West Capital Corp	1.300%	06/15/25		4,327,000		3,957,351
Tenaska Virginia Partners LP, 144A ^(b)	6.119%	03/30/24		41,530		41,731
Virginia Electric & Power Co., Series A	6.000%	05/15/37		5,581,000		6,189,916
Vistra Operations Co. LLC, 144A ^(b)	5.000%	07/31/27		5,100,000		4,636,461
						36,141,808
Natural Gas — Distributors — 0.7%
AmeriGas Partners LP/AmeriGas Financial Corp.	5.625%	05/20/24		5,932,000		5,723,943

Total Corporate Bonds (Cost $443,989,484)						402,264,779

MUNICIPAL BONDS — 8.8%
California — 2.6%
California Educational Facilities Authority, Series 2018-A	4.842%	10/01/48		3,635,000		3,702,382
California Municipal Finance Authority, Series 2021 ^(c)(d)	3.637%	07/01/30		6,940,000		6,050,165
City of San Francisco California Public Utilities Commission Water Revenue, Series 2010-B	6.000%	11/01/40		4,100,000		4,679,392
San Diego County Regional Airport Authority, Series 2014-B	5.594%	07/01/43		3,215,000		3,349,007
University of California, Series 2013-AJ	4.601%	05/15/31		2,865,000		2,948,954
						20,729,900
Colorado — 0.5%
Denver Colorado Public Schools, Series 2013-B	4.242%	12/15/37		3,900,000		3,784,246

District of Columbia — 0.4%
District of Columbia Income Tax, Series 2009-E	5.591%	12/01/34		2,880,000		3,184,399

Massachusetts — 0.2%
Commonwealth of Massachusetts, Series 2019-D	2.663%	09/01/39		2,046,634		1,694,959

New Hampshire — 0.6%
National Finance Authority, Series 2021	3.778%	01/01/36		6,000,000		4,782,391

New York — 0.9%
New York City Transitional Finance Authority, Series B SUB B-3	3.950%	08/01/32		7,665,000		7,481,729

Texas — 1.5%
Central Texas Regional Mobility Authority, Series 2020-D	3.593%	01/01/42		4,950,000		3,992,175
North Texas Tollway Authority System, Series 2020-B	2.327%	01/01/33		4,920,000		4,121,931
Texas Transportation Commission Central Texas Turnpike System, Series 2020-B	1.980%	08/15/42		4,025,000		4,022,872
						12,136,978
Utah — 0.6%
Utah Transit Authority Sales Tax Revenue, Series 2020	2.774%	12/15/38		5,925,000		4,782,286

Virginia — 1.1%
Virginia Small Business Financing Authority, Series 2017 ^(a)(c)(d)	2.250%	07/01/50		9,000,000		8,941,199

Washington — 0.4%
Port of Seattle Washington, Series 2017-B	3.755%	05/01/36		1,925,000		1,776,355
State of Washington, Series 2010-D	5.481%	08/01/39		1,475,000		1,628,073
						3,404,428
Total Municipal Bonds (Cost $78,314,658)						70,922,515

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Plus Bond Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
ASSET BACKED SECURITIES — 3.6%
Bear Stearns, Series 2003-AC4, Class A (e)	5.500%	09/25/33	$	2,310,331	$	2,167,250
Drive Auto Receivables Trust, Series 2018-3, Class D	4.300%	09/16/24		788,539		790,161
DT Auto Owner Trust, Series 2019-3, Class C, 144A ^(b)	2.740%	04/15/25		452,415		452,292
DT Auto Owner Trust, Series 2019-4, Class D, 144A ^(b)	2.850%	07/15/25		5,020,000		4,956,248
GTP Acquisition Partners I LLC, Series 2015-1-2, Class A-15-2, 144A ^(b)	3.482%	06/16/25		10,800,000		10,634,960
Renaissance Home Equity Loan Trust, Series 2005-2, Class AF-6 ^(a)(e)	4.781%	08/25/35		355,470		342,438
Trinity Rail Leasing LP, Series 2022-1, Class A, 144A ^(b)	4.550%	05/20/52		5,000,000		4,923,892
Verizon Master Trust, Series 2021-2, Class A	0.976%	04/20/28		4,765,000		4,479,233
Total Asset Backed Securities (Cost $29,561,230)						28,746,474

RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.3%
American Home Mortgage Investment Trust, Series 2004-4, Class VI-A-1 ^(a)(e)	4.227%	02/25/45		1,127,826		1,117,604
Banc of America Funding Trust, Series 2005-4, Class 1-A-4	5.500%	08/25/35		45,967		45,232
Banc of America Funding Trust, Series 2005-4, Class 2-A-4	5.500%	08/25/35		70,917		67,984
CWHL Mortgage Pass-Through Trust, Series 2004-HYB2, Class 5-A ^(a)	2.375%	07/20/34		636,286		609,923
GSR Mortgage Loan Trust, Series 2005-3F, Class 2A-3	6.000%	03/25/35		585,878		464,495
PHMC Trust, Series 2007-2, Class A-2 ^(a)	5.378%	05/18/37		279,705		271,950
Total Residential Mortgage-Backed Securities (Cost $2,792,650)						2,577,188

MORTGAGE-BACKED SECURITIES PASSTHROUGH — 21.3%
Fannie Mae Pool — 6.6%
Pool #MA2354, Series 2015	3.500%	08/01/35		3,899,801		3,899,889
Pool #735897	5.500%	10/01/35		303,134		323,616
Pool #888016	5.500%	05/01/36		493,941		529,514
Pool #MA4703	4.000%	06/01/37		4,693,960		4,745,527
Pool #889108	6.000%	02/01/38		272,369		298,156
Pool #889579	6.000%	05/01/38		450,219		493,496
Pool #995838	5.500%	05/01/39		344,648		370,200
Pool #AL3287, Series 2013	4.500%	09/01/41		1,237,063		1,266,715
Pool #MA1700, Series 2013	4.500%	12/01/43		943,406		969,046
Pool #MA1971	4.500%	06/01/44		162,495		167,317
Pool #MA2005	4.500%	08/01/44		299,814		307,955
Pool #CA5960	2.500%	06/01/50		9,283,131		8,433,484
Pool #MA4048	3.000%	06/01/50		5,754,839		5,371,435
Pool #MA4097	3.000%	08/01/50		5,787,202		5,404,898
Pool #MA4121	3.000%	09/01/50		4,372,749		4,093,283
Pool #MA4379	2.500%	07/01/51		3,597,060		3,241,464
Pool #MA4644	4.000%	05/01/52		13,563,919		13,391,245
						53,307,240
Freddie Mac Gold Pool — 0.3%
Pool #G08061	5.500%	06/01/35		39,923		42,858
Pool #A42128	5.500%	01/01/36		170,434		182,999
Pool #G02252	5.500%	07/01/36		371,558		399,279
Pool #G02386	6.000%	11/01/36		239,471		262,220
Pool #G03189	6.500%	09/01/37		463,530		497,421
Pool #G08607	4.500%	09/01/44		623,091		642,179
						2,026,956
Freddie Mac Non-Gold Pool — 9.4%
Pool #781958 (H15T1Y + 225)	2.375%	09/01/34		36,769		37,963
Pool #SB8116	2.500%	07/01/36		2,583,348		2,469,686
Pool #SB8171	4.000%	06/01/37		4,123,501		4,168,727
Pool #SD8092	3.000%	09/01/50		7,379,150		6,889,133
Pool #SD8151	2.500%	06/01/51		11,694,438		10,533,608

See Notes to Financial Statements.

72	\| www.sbhfunds.com

Segall Bryant & Hamill Plus Bond Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Freddie Mac Non-Gold Pool — 9.4% (continued)
Pool #SD8196	3.500%	02/01/52	$	9,563,426	$	9,209,642
Pool #SD8202	3.500%	02/01/52		17,586,387		16,933,866
Pool #SD8215	4.000%	05/01/52		8,946,101		8,836,205
Pool #SD8232	5.000%	06/01/52		7,967,949		8,140,330
Pool #SD8233	5.000%	07/01/52		8,350,000		8,531,620
						75,750,780
Ginnie Mae II Pool — 5.0%
Pool #004496M	5.000%	07/20/39		281,409		298,980
Pool #MA7590M	3.000%	09/20/51		9,233,477		8,720,143
Pool #MA7649M	2.500%	10/20/51		7,601,111		6,982,697
Pool #MA7768M	3.000%	12/20/51		14,343,751		13,545,336
Pool #MA7769M	3.500%	12/20/51		9,696,948		9,439,820
Pool #MA7882M	3.000%	02/20/52		1,856,657		1,753,104
						40,740,080
Total Mortgage-Backed Securities Passthrough (Cost $184,811,227)						171,825,056

U.S. TREASURY BONDS & NOTES — 14.8%
United States Treasury	0.250%	05/31/25		235,000		216,852
United States Treasury	2.250%	11/15/25		25,915,000		25,240,805
United States Treasury	2.375%	05/15/27		3,725,000		3,605,975
United States Treasury	1.125%	02/29/28		14,795,000		13,302,785
United States Treasury	2.625%	02/15/29		3,240,000		3,154,570
United States Treasury	0.875%	11/15/30		11,825,000		9,984,273
United States Treasury	3.125%	11/15/41		16,425,000		15,769,925
United States Treasury	1.125%	05/15/40		2,035,000		1,416,551
United States Treasury	2.875%	05/15/43		14,805,000		13,500,309
United States Treasury	2.500%	02/15/45		20,675,000		17,534,984
United States Treasury	1.250%	05/15/50		10,160,000		6,464,300
United States Treasury	1.625%	11/15/50		14,000,000		9,846,484
Total U.S. Treasury Bonds & Notes (Cost $133,701,559)						120,037,813

Investments at Value — 98.6%
(Cost $873,170,807)					$	796,373,825

Other Assets in Excess of Liabilities — 1.4%						11,384,290

Net Assets — 100.0%					$	807,758,115

^{^(a)}

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2022. 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.

^{^(b)}

Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $140,352,585, which represents 17.4% of net assets as of June 30, 2022.

^{^(c)}

Security is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $24,380,755, which represents 3.0% of net assets as of June 30, 2022.

^(d)

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. ^(e) Step coupon. Rate shown is the coupon in effect as of June 30, 2022; reference rate and spread (in basis points) are indicated parenthetically. 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 Funds. 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.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Quality High Yield Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
CORPORATE BONDS — 99.0%
Finance — 11.4%
Mortgage Banking — 2.3%
Provident Funding Associates LP/PFG Finance Corp., 144A ^(a)	6.375%	06/15/25	$	1,973,000	$	1,775,700

Noncaptive Diversified Financial Companies — 1.2%
Aircastle, Ltd., 144A ^(a)	5.250%	08/11/25		1,000,000		965,491

Other Finance — 3.9%
IIP Operating Partnership LP	5.500%	05/25/26		1,950,000		1,767,331
Outfront Media Capital LLC, 144A ^(a)	4.250%	01/15/29		1,610,000		1,282,558
						3,049,889
Real Estate Investment Trusts — 4.0%
MPT Operating Partnership LP/MPT Finance Corp.	5.000%	10/15/27		1,750,000		1,600,673
VICI Properties LP, 144A ^(a)	4.500%	01/15/28		1,671,000		1,522,774
						3,123,447
Industrial — 83.3%
Automobile Manufacturing — 3.8%
Ford Motor Co	7.400%	11/01/46		1,000,000		991,130
Ford Motor Credit Co. LLC	5.584%	03/18/24		405,000		402,975
Goodyear Tire & Rubber Co	4.875%	03/15/27		1,725,000		1,542,581
						2,936,686
Building Products — 2.0%
Summit Materials LLC, 144A ^(a)	6.500%	03/15/27		525,000		506,321
Summit Materials LLC, 144A ^(a)	5.250%	01/15/29		1,239,000		1,081,028
						1,587,349
Chemicals — 6.1%
Axalta Coating Systems LLC, 144A ^(a)	4.750%	06/15/27		520,000		467,272
Axalta Coating Systems LLC, 144A ^(a)	3.375%	02/15/29		1,000,000		816,370
Compass Minerals International, Inc., 144A ^(a)	4.875%	07/15/24		1,200,000		1,113,411
Compass Minerals International, Inc., 144A ^(a)	6.750%	12/01/27		1,126,000		1,019,030
Olin Corp	5.125%	09/15/27		806,000		740,855
Olin Corp	5.000%	02/01/30		675,000		582,997
						4,739,935
Construction Machinery — 3.3%
H&E Equipment Services, Inc., 144A ^(a)	3.875%	12/15/28		1,461,000		1,181,584
United Rentals North America, Inc.	4.875%	01/15/28		1,505,000		1,422,947
						2,604,531
Consumer Products — 3.8%
Central Garden & Pet Co	4.125%	10/15/30		700,000		574,357
Scotts Miracle-Gro Co	4.500%	10/15/29		500,000		410,115
Scotts Miracle-Gro Co	4.000%	04/01/31		875,000		654,063
Vista Outdoor, Inc., 144A ^(a)	4.500%	03/15/29		1,765,000		1,350,520
						2,989,055
Diversified Manufacturing — 3.1%
BWX Technologies, Inc., 144A ^(a)	4.125%	06/30/28		1,702,000		1,514,780
Griffon Corp	5.750%	03/01/28		1,008,000		915,002
						2,429,782
Electronics — 5.5%
Amkor Technology, Inc., 144A ^(a)	6.625%	09/15/27		1,670,000		1,580,972
ATS Automation Tooling Systems, Inc., 144A ^(a)	4.125%	12/15/28		1,665,000		1,390,275
QORVO, Inc.	4.375%	10/15/29		1,282,000		1,127,416
Sensata Technologies, Inc., 144A ^(a)	3.750%	02/15/31		250,000		200,365
						4,299,028

See Notes to Financial Statements.

74	\| www.sbhfunds.com

Segall Bryant & Hamill Quality High Yield Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Environmental — 1.1%
Clean Harbors, Inc., 144A ^(a)	5.125%	07/15/29	$	910,000	$	825,825

Healthcare Facilities / Supplies — 3.3%
Hologic, Inc., 144A ^(a)	3.250%	02/15/29		1,500,000		1,282,050
Teleflex, Inc.	4.625%	11/15/27		825,000		761,063
Tenet Healthcare Corp., 144A ^(a)	6.125%	10/01/28		622,000		532,295
						2,575,408
Home Builders — 1.9%
KB Home	6.875%	06/15/27		1,560,000		1,505,525

Independent Energy — 10.6%
Apache Corp	4.250%	01/15/30		575,000		509,594
Apache Corp	5.100%	09/01/40		1,345,000		1,135,691
Occidental Petroleum Corp	7.875%	09/15/31		1,800,000		1,975,500
PDC Energy, Inc.	6.125%	09/15/24		146,000		145,006
PDC Energy, Inc.	5.750%	05/15/26		2,712,000		2,529,835
Range Resources Corp	4.875%	05/15/25		2,000,000		1,950,800
						8,246,426
Information / Data Technology — 2.6%
CDK Global, Inc.	5.000%	10/15/24		500,000		492,723
Nielsen Co. (Luxembourg) SARL (The), 144A ^(a)	5.000%	02/01/25		750,000		733,125
Nielsen Finance LLC, 144A ^(a)	4.500%	07/15/29		900,000		813,047
						2,038,895
Leisure / Entertainment — 2.4%
Cedar Fair LP	5.375%	04/15/27		937,000		887,976
Cedar Fair LP	5.250%	07/15/29		1,100,000		970,067
						1,858,043
Media — Cable — 5.6%
DIRECTV Financing LLC, 144A ^(a)	5.875%	08/15/27		1,422,000		1,213,066
DISH DBS Corp	7.750%	07/01/26		802,000		625,159
Nexstar Broadcasting, Inc., 144A ^(a)	5.625%	07/15/27		1,385,000		1,263,812
Sirius XM Radio, Inc., 144A ^(a)	5.500%	07/01/29		1,350,000		1,230,188
						4,332,225
Media — Non-Cable — 5.6%
AMC Networks, Inc.	4.750%	08/01/25		1,597,000		1,487,669
Lamar Media Corp	3.750%	02/15/28		1,275,000		1,131,856
Lamar Media Corp	4.875%	01/15/29		815,000		733,594
Netflix, Inc.	5.875%	11/15/28		745,000		728,394
Netflix, Inc., 144A ^(a)	4.875%	06/15/30		150,000		137,287
Nexstar Broadcasting, Inc., 144A ^(a)	4.750%	11/01/28		225,000		192,937
						4,411,737
Metals / Mining — 1.5%
FMG Resources August 2006 Pty., Ltd., 144A ^(a)	5.125%	05/15/24		500,000		486,520
FMG Resources August 2006 Pty., Ltd., 144A ^(a)	4.500%	09/15/27		800,000		714,000
						1,200,520
Natural Gas — Distributors — 2.9%
AmeriGas Partners LP/AmeriGas Financial Corp.	5.625%	05/20/24		2,378,000		2,294,595

Packaging — 2.3%
Berry Global, Inc., 144A ^(a)	4.500%	02/15/26		296,000		275,182
Silgan Holdings, Inc.	4.125%	02/01/28		1,693,000		1,518,164
						1,793,346
Restaurants — 1.1%
Papa Johns International, Inc., 144A ^(a)	3.875%	09/15/29		1,000,000		824,900

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Quality High Yield Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Retail Stores — 5.8%
Dick’s Sporting Goods, Inc.	3.150%	01/15/32	$	518,000	$	410,662
Dick’s Sporting Goods, Inc.	4.100%	01/15/52		611,000		406,290
Group 1 Automotive, Inc., 144A ^(a)	4.000%	08/15/28		1,164,000		972,852
Hanesbrands, Inc., 144A ^(a)	4.625%	05/15/24		1,025,000		1,003,383
Hanesbrands, Inc., 144A ^(a)	4.875%	05/15/26		250,000		231,565
QVC, Inc.	4.850%	04/01/24		825,000		771,218
QVC, Inc.	4.750%	02/15/27		970,000		766,300
						4,562,270
Services — 1.8%
AECOM	5.125%	03/15/27		445,000		420,525
Service Corp. International	4.625%	12/15/27		836,000		785,840
TopBuild Corp., 144A ^(a)	3.625%	03/15/29		227,000		178,708
						1,385,073
Theater Entertainment — 1.4%
Cinemark USA, Inc., 144A ^(a)	5.875%	03/15/26		1,180,000		1,052,182

Transportation Services — 1.5%
XPO Logistics, Inc.	6.700%	05/01/34		1,242,000		1,160,852

Vehicle Parts — 1.5%
Allison Transmission, Inc., 144A ^(a)	4.750%	10/01/27		1,300,000		1,189,083

Wireless Telecommunications — 2.8%
Lumen Technologies, Inc., Series W	6.750%	12/01/23		713,000		706,322
Lumen Technologies, Inc.	7.995%	06/01/36		559,000		419,848
T-Mobile USA, Inc.	4.750%	02/01/28		1,142,000		1,106,838
						2,233,008
Utility — 4.3%
Electric — 4.3%
NRG Energy, Inc., 144A ^(a)	3.625%	02/15/31		1,302,000		1,020,755
PG&E Corp	5.000%	07/01/28		1,000,000		843,880
Vistra Operations Co. LLC, 144A ^(a)	5.000%	07/31/27		1,650,000		1,500,031
						3,364,666
Investments at Value — 99.0%
(Cost $88,554,346)					$	77,355,472

Other Assets in Excess of Liabilities — 1.0%						769,172

Net Assets — 100.0%					$	78,124,644

^{^(a)}

Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $35,441,244, which represents 45.4% of net assets as of June 30, 2022.

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 Funds. 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.

76	\| www.sbhfunds.com

Segall Bryant & Hamill Municipal Opportunities Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
MUNICIPAL BONDS — 87.6%
Certificate Participation — 0.2%
Lease / Rent — 0.2%
Regional Transportation District Colorado COP, Series 2015-A ^(a)	4.000%	06/01/40	$	20,000	$	20,011
Washington State State & Local Agency Real & Personal Property COP, Series 2018-C ^(a)	5.000%	07/01/43		475,000		515,281
						535,292
General Obligation — 10.1%
Local — 10.1%
Baltic School District No. 49-1, Series 2022	5.250%	12/01/47		1,500,000		1,657,038
Baltic School District No. 49-1, Series 2022	5.500%	12/01/51		1,525,000		1,708,278
Central Platte Valley Metropolitan District, Series 2013-A ^(a)	5.375%	12/01/33		50,000		50,998
Central Platte Valley Metropolitan District, Series 2013-A ^(a)	5.625%	12/01/38		70,000		71,440
Central Platte Valley Metropolitan District, Series 2013-A ^(a)	6.000%	12/01/38		1,450,000		1,485,584
Central Platte Valley Metropolitan District, Series 2014 ^(a)	5.000%	12/01/43		3,975,000		3,829,515
Chambers County Texas Improvement District No. 1, Series 2020 ^(a)	2.000%	09/01/27		1,450,000		1,381,396
Chambers County Texas Improvement District No. 1, Series 2020 ^(a)	2.000%	09/01/28		1,450,000		1,350,865
Chambers County Texas Improvement District No. 1, Series 2020 ^(a)	2.000%	09/01/29		1,455,000		1,324,122
Fort Bend County Texas Municipal Utility District No. 128, Series 2014 ^(a)	3.650%	09/01/29		205,000		204,200
Fort Bend County Texas Municipal Utility District No. 25, Series 2019 ^(a)	3.000%	10/01/34		895,000		815,076
Fort Bend County Texas Municipal Utility District No. 5, Series 2022	3.625%	09/01/36		420,000		413,855
Fort Bend County Texas Municipal Utility District No. 58, Series 2021 ^(a)	3.000%	04/01/33		800,000		750,771
High Plains Metropolitan District City of Aurora Arapahoe County Colorado, NATL, Series 2017 ^(a)^(b)	5.000%	12/01/35		295,000		324,133
Kaufman County Texas Municipal Utility District No. 4, Series 2022	4.000%	03/01/34		550,000		555,635
Kaufman County Texas Municipal Utility District No. 5, Series 2021 ^(a)	3.000%	03/01/34		555,000		500,156
Kaufman County Texas Municipal Utility District No. 5, Series 2021 ^(a)	3.000%	03/01/35		450,000		399,579
King County Washington Public Hospital District No. 1, Series 2018	5.000%	12/01/35		675,000		727,453
Kings Manor Texas Municipal Utility District, Series 2019 ^(a)	3.000%	09/01/32		250,000		233,795
Pilot Knob Texas Municipal Utility District No. 3, Series 2021 ^(a)	3.000%	02/15/34		450,000		416,530
Pilot Knob Texas Municipal Utility District No. 3, Series 2021 ^(a)	3.000%	02/15/35		465,000		425,806
Pilot Knob Texas Municipal Utility District No. 3, Series 2021 ^(a)	3.000%	02/15/36		485,000		437,246
Pilot Knob Texas Municipal Utility District No. 3, Series 2021 ^(a)	3.000%	02/15/37		505,000		446,754
Rendezvous Residential Metropolitan District Colorado, Series 2022 ^(a)	2.000%	12/01/29		330,000		287,233
Rendezvous Residential Metropolitan District Colorado, Series 2022 ^(a)	2.250%	12/01/31		520,000		442,462
Rendezvous Residential Metropolitan District Colorado, Series 2022 ^(a)	2.350%	12/01/33		465,000		383,788
Riverview Metropolitan District Colorado, Series 2021 ^(a)	5.000%	12/01/41		550,000		499,836
Riverview Metropolitan District Colorado, Series 2021 ^(a)	5.000%	12/01/51		500,000		432,705
Sonterra Texas Municipal Utility District, Series 2020 ^(a)	4.000%	08/15/39		890,000		892,596
Sunfield Municipal Utility District No. 3, Series 2021 ^(a)	3.000%	09/01/34		510,000		467,977
Sunfield Municipal Utility District No. 3, Series 2021 ^(a)	3.000%	09/01/35		525,000		475,272
Sunfield Municipal Utility District No. 3, Series 2021 ^(a)	3.000%	09/01/36		540,000		478,849
Sunfield Municipal Utility District No. 3, Series 2021 ^(a)	3.000%	09/01/37		550,000		481,843
Traditions Metropolitan District No. 2 Arapahoe County Colorado, Series 2016 ^(a)	4.250%	12/01/46		100,000		101,420
Travis County Texas Municipal Utility District No. 21, Series 2016 ^(a)	3.000%	09/01/27		100,000		99,051
Travis County Texas Municipal Utility District No. 21, Series 2016 ^(a)	3.500%	09/01/33		215,000		202,240
Viridian Municipal Management District, Series 2020 ^(a)	4.000%	12/01/35		770,000		788,453
Viridian Municipal Management District, Series 2020 ^(a)	4.000%	12/01/36		805,000		819,986
Viridian Municipal Management District, Series 2020 ^(a)	4.000%	12/01/36		535,000		544,959
West Harris County Texas Municipal District No. 5, Series 2015 ^(a)	3.375%	09/01/27		105,000		105,239
						27,014,134
Local Authority — 7.9%
Education — 2.4%
Administrators of the Tulane Educational Fund, Series 2013-C ^(a)	5.000%	10/01/47		170,000		170,144
Public Finance Authority Taxable Educational Facilities Wisconsin, Series 2021-A ^(a)	5.625%	06/01/50		5,750,000		4,418,523

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Municipal Opportunities Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Education — 2.4% (continued)
Virginia Commonwealth University, Series 2018-B ^(a)	4.585%	05/01/48	$	2,000,000	$	1,952,966
						6,541,633
Healthcare — 2.4%
California Municipal Finance Authority, Series 2021 ^(a)^(c)	3.637%	07/01/30		6,960,000		6,067,601
Denver Health & Hospital Authority, Series 2014-B ^(a)	4.900%	12/01/24		410,000		410,268
						6,477,869
Public Services — 0.4%
Port of Greater Cincinnati Ohio Development Authority, Series 2020 ^(a)^(c)	5.250%	12/01/35		1,000,000		966,062

Transportation — 2.7%
Public Finance Authority Wisconsin Air Cargo, Series 2021	2.012%	07/01/25		1,085,000		1,014,393
Public Finance Authority Wisconsin Air Cargo, Series 2021	2.312%	07/01/26		675,000		624,067
San Diego County Regional Airport Authority, Series 2014-B ^(a)	5.594%	07/01/43		5,265,000		5,484,454
						7,122,914
Revenue — 62.6%
Education — 1.3%
Harris County Cultural Education Facilities Finance Corp., Series 2016 ^(a)	4.000%	11/15/30		300,000		308,512
Miami-Dade County Educational Facilities Authority, Series 2015-A ^(a)	5.000%	04/01/31		20,000		20,788
Pennsylvania Higher Educational Facilities Authority, Series 2016 ^(a)	3.000%	05/01/37		15,000		12,271
University of Washington, Series 2012-C ^(a)	3.125%	07/01/42		2,130,000		1,868,213
Wisconsin Health and Educational Facilities, Series 2016 ^(a)	5.000%	10/01/41		1,340,000		1,404,191
						3,613,975
Healthcare — 1.0%
City of Lakeland Florida, Series 2016 ^(a)	5.000%	11/15/29		100,000		106,428
City of Lakeland Florida, Series 2015 ^(a)	5.000%	11/15/45		100,000		101,846
Colorado Health Facilities Authority, Series 2012 ^(a)	5.000%	01/01/23		50,000		50,111
Colorado Health Facilities Authority, Series 2012 ^(a)	5.000%	01/01/25		210,000		210,327
Illinois Finance Authority, Series 2016-A ^(a)	5.000%	02/15/45		100,000		103,604
Knox County Tennessee Health Educational and Housing Facility, Series 2016-A ^(a)	5.000%	01/01/47		895,000		919,273
Metropolitan Government of Nashville & Davidson County Tennessee Health &
Educational Facilities, Series 2017-A ^(a)	5.000%	07/01/48		1,120,000		1,162,972
						2,654,561
Housing — 3.4%
Massachusetts Housing Finance Agency, Series 2022-A	2.650%	06/01/26		1,000,000		991,208
New York State Housing Finance Agency, Series 2022-D-2	3.100%	05/01/62		7,350,000		7,255,799
South Dakota Housing Development Authority, Series 2022-C	4.125%	11/01/37		750,000		745,628
						8,992,635
Industrial Development — 8.2%
Bartow County Georgia Development Authority Pollution Control, Series
1997-1 ^(a)	1.800%	09/01/29		3,900,000		3,464,921
Burke County Georgia Development Authority Pollution Control, Series 1995-5 ^(a)	2.200%	10/01/32		1,900,000		1,767,020
Burke County Georgia Development Authority Pollution Control, Series 2013-A	1.500%	01/01/40		3,500,000		3,354,351
City of Whiting Indiana Environmental Facilities, Series 2017	5.000%	11/01/47		4,420,000		4,639,020
Indiana Finance Authority Environmental Refunding, Series 2009-A-2	3.750%	06/01/31		5,750,000		5,760,191
Ohio State Air Quality Development Authority, Series 2022-B	4.000%	09/01/30		3,000,000		3,030,546
						22,016,049
Lease / Rent — 0.7%
Hamilton Ohio Community Authority, Series 2019-A ^(a)	4.000%	10/15/46		990,000		983,058
Ontario California Public Financing Authority, Series 2022-A	5.000%	11/01/37		295,000		329,885
Ontario California Public Financing Authority, Series 2022-A	5.000%	11/01/36		160,000		179,243
Silver Creek Indiana School Building Corp., Series 2021 ^(a)	4.000%	01/15/32		365,000		388,188
						1,880,374
Other — 0.0% ^(d)
Colorado Education & Cultural Facilities Authority, Series 2015-B ^(a)	4.000%	12/01/38		50,000		46,731

See Notes to Financial Statements.

78	\| www.sbhfunds.com

Segall Bryant & Hamill Municipal Opportunities Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Public Services — 3.3%
City and County of San Francisco Special Tax District No. 2020-1, Series
2021-A ^(a)^(c)	4.000%	09/01/46	$	1,000,000	$	876,495
New York City Transitional Finance Authority, Series 2017-F-1 ^(a)	5.000%	05/01/42		2,415,000		2,570,137
New York State Urban Development Corp., Series 2019-A ^(a)	5.000%	03/15/39		840,000		908,689
Park Creek Metropolitan District, Series 2017-A ^(a)	5.000%	12/01/35		275,000		291,714
Phoenix Arizona Civic Improvement Corp. Rental Car Facility, Series 2019-A ^(a)	5.000%	07/01/39		2,500,000		2,690,817
Reunion Metropolitan District Colorado, Series 2021-A ^(a)	3.625%	12/01/44		2,000,000		1,482,425
						8,820,277
Recreation — 1.1%
City of Houston Texas Convention & Entertainment Facilities Department, Series 2021 ^(a)	3.000%	09/01/32		500,000		468,289
Denver Colorado Convention Center Hotel Authority, Series 2016 ^(a)	5.000%	12/01/40		175,000		177,762
Harris County Texas Municipal Utility District No. 500, Series 2021 ^(a)	3.000%	12/01/34		375,000		343,879
Harris County Texas Municipal Utility District No. 500, Series 2021 ^(a)	3.000%	12/01/35		495,000		448,278
Harris County Texas Municipal Utility District No. 500, Series 2021 ^(a)	3.000%	12/01/36		520,000		466,057
Harris County Texas Municipal Utility District No. 500, Series 2021 ^(a)	3.000%	12/01/37		545,000		482,545
Harris County Texas Municipal Utility District No. 500, Series 2021 ^(a)	3.000%	12/01/38		565,000		491,732
						2,878,542
State and Non-State Appropriated Tobacco — 0.1%
California County Tobacco Securitization Agency (The), Series 2020-A ^(a)	4.000%	06/01/34		150,000		148,165

Tax — 3.0%
Camino Real Regional Mobility Authority, Series 2017 ^(a)	5.000%	06/01/42		465,000		497,948
City of Williston North Dakota, Series 2018-A ^(a)	3.200%	07/15/24		565,000		565,303
Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A ^(a)^(c)	5.250%	12/01/39		2,000,000		2,033,676
Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A ^(a)^(c)	5.250%	12/01/39		900,000		912,019
Northglenn Urban Renewal Authority, Series 2019 ^(a)	4.000%	12/01/34		400,000		383,673
Northglenn Urban Renewal Authority, Series 2019 ^(a)	4.000%	12/01/35		525,000		501,891
Riverside County California Redevelopment Agency, Series 2011-B	0.000%	10/01/38		730,000		366,964
Roaring Fork County Transportation Authority Sales & Use Tax, Series 2019 ^(a)	4.000%	12/01/44		150,000		149,805
Southwest Houston Texas Redevelopment Authority, Series 2017-B ^(a)	4.000%	09/01/40		1,350,000		1,363,803
Successor Agency to the Orange Redevelopment Agency, Series 2018-A ^(a)	4.000%	09/01/34		200,000		205,450
Village Community Development District No. 7, Series 2015 ^(a)	4.000%	05/01/36		1,075,000		1,030,853
						8,011,385
Transportation — 30.4%
Airport Commission of the City and County of San Francisco, San Francisco
International Airport, Series 2016-C ^(a)	5.000%	05/01/46		1,245,000		1,294,235
Board of Commissioners of The Port of New Orleans Port Facility, Series 2020-E	5.000%	04/01/29		515,000		557,925
Chesapeake Bay Bridge and Tunnel District, Series 2016	5.000%	07/01/51		5,000,000		5,127,615
City of Austin Texas Airport Systems, Series 2017-A ^(a)	5.000%	11/15/46		200,000		208,937
City of Long Beach California Airport, Series 2022-B	5.000%	06/01/37		400,000		443,258
City of Long Beach California Airport, Series 2022-A	5.000%	06/01/37		300,000		332,443
City of Long Beach California Airport, Series 2022-C	5.250%	06/01/47		500,000		537,607
City of Long Beach California Harbor, Series 2017-B	5.000%	05/15/43		4,000,000		4,223,432
City of St. Louis Missouri Airport (The), Series 2019-A ^(a)	5.000%	07/01/49		520,000		543,930
Clark County Nevada Airport System, Series 2017-A-2 ^(a)	5.000%	07/01/40		1,700,000		1,818,285
Colorado High Performance Transportation Enterprise, Series 2014 ^(a)	5.750%	01/01/44		750,000		755,378
County of Santa Cruz California Tax and Revenue Anticipation Notes, Series 2022	5.000%	07/06/23		7,300,000		7,519,258
Florida State Mid-Bay Bridge Authority, Series 2015-A ^(a)	5.000%	10/01/30		1,500,000		1,555,991
Florida State Mid-Bay Bridge Authority, Series 2015-A ^(a)	5.000%	10/01/35		1,180,000		1,214,548
Florida State Mid-Bay Bridge Authority, Series 2015-A ^(a)	5.000%	10/01/40		1,000,000		1,023,349
Hidalgo County Regional Mobility Authority, Series 2022-A ^(a)	0.000%	12/01/50		5,000,000		1,011,456
Hidalgo County Regional Mobility Authority, Series 2022-A ^(a)	0.000%	12/01/52		3,030,000		536,609
Hidalgo County Regional Mobility Authority, Series 2022-A ^(a)	0.000%	12/01/53		7,560,000		1,266,704
Hidalgo County Regional Mobility Authority, Series 2022-A ^(a)	0.000%	12/01/54		6,585,000		1,035,784

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Municipal Opportunities Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Transportation — 30.4% (continued)
Hidalgo County Regional Mobility Authority, Series 2022-A ^(a)	0.000%	12/01/55	$	6,100,000	$	900,399
Hidalgo County Regional Mobility Authority, Series 2022-A ^(a)	0.000%	12/01/56		6,105,000		845,306
Houston Texas Airport Systems, Series 2018-A ^(a)	5.000%	07/01/41		1,000,000		1,044,378
La Paz County Arizona Industrial Development Authority, Series 2016-A ^(a)^(c)	7.000%	11/15/38		1,575,000		1,504,045
La Paz County Arizona Industrial Development Authority, Series 2016-A ^(a)^(c)	7.125%	11/15/45		735,000		686,503
Love Field Airport Modernization Corp., Series 2017 ^(a)	5.000%	11/01/33		425,000		446,758
Metro Washington Airports Authority Aviation, Series 2022-A	5.000%	10/01/30		1,500,000		1,670,657
New Orleans Aviation Board General Airport, Series 2017-A ^(a)	5.000%	01/01/38		285,000		297,907
New Orleans Aviation Board General Airport, Series 2017-A ^(a)	5.000%	01/01/43		345,000		358,445
New Orleans Aviation Board General Airport, Series 2015-B ^(a)	5.000%	01/01/45		1,000,000		1,015,909
New Orleans Aviation Board General Airport, Series 2017-B ^(a)	5.000%	01/01/48		390,000		399,903
New York Transportation Development Corporation, Series 2022	5.000%	12/01/36		3,000,000		3,119,069
New York Transportation Development Corporation, Series 2020-C	5.000%	12/01/38		2,125,000		2,228,834
North Carolina Department of Transportation, Series 2015 ^(a)	5.000%	06/30/54		5,000,000		5,011,038
North Carolina State Turnpike Authority Monroe Expressway Toll, Series 2016-A ^(a)	5.000%	07/01/42		750,000		761,959
North Carolina State Turnpike Authority Monroe Expressway Toll, Series 2019 ^(a)	5.000%	01/01/43		500,000		515,363
North Carolina State Turnpike Authority Monroe Expressway Toll, Series 2019 ^(a)	5.000%	01/01/44		355,000		365,072
North Texas Tollway Authority System, Series 2017-A ^(a)	5.000%	01/01/43		2,790,000		2,971,258
Pennsylvania Turnpike Commission, Series 2015-B ^(a)	5.000%	12/01/45		1,145,000		1,190,739
Pennsylvania Turnpike Commission, Series 2016-A1 ^(a)	5.000%	12/01/46		3,990,000		4,111,186
Pharr Texas International Toll Bridge System, Series 2021 ^(a)	4.000%	08/15/33		5,000		5,046
Port of Seattle Washington, Series 2019 ^(a)	5.000%	04/01/33		2,210,000		2,407,218
Port of Seattle Washington, Series 2019 ^(a)	5.000%	04/01/36		3,190,000		3,425,890
Salt Lake City Utah Airport, Series 2017-B, B ^(a)	5.000%	07/01/47		5,875,000		6,103,670
Salt Lake City Utah Airport, Series 2018-A ^(a)	5.250%	07/01/48		400,000		419,859
Texas Transportation Commission Central Texas Turnpike System, Series 2015-C ^(a)	5.000%	08/15/30		135,000		138,931
Texas Transportation Commission Central Texas Turnpike System, Series 2015-C ^(a)	5.000%	08/15/37		1,000,000		1,021,302
Texas Transportation Commission Central Texas Turnpike System, Series 2015-C ^(a)	5.000%	08/15/42		3,525,000		3,585,660
Virginia Small Business Financing Authority, Series 2017 ^(a)^(c)(e)	2.250%	07/01/50		3,500,000		3,477,133
Virginia Small Business Financing Authority, Series 2022 ^(a)	5.000%	12/31/57		400,000		409,868
						81,446,049
Utilities — 10.1%
Fort Pierce Florida Utilities Authority, Series 2022-A	5.000%	10/01/33		200,000		226,482
Fort Pierce Florida Utilities Authority, Series 2022-A	5.000%	10/01/34		325,000		366,754
Indiana Finance Authority Midwestern Disaster Relief, Series 2012-A	4.250%	11/01/30		4,000,000		3,939,470
PEFA, Inc. Iowa Gas Project, Series 2019	5.000%	09/01/49		595,000		624,691
Philadelphia Pennsylvania Gas Works, Series 2020-A ^(a)	5.000%	08/01/50		1,045,000		1,146,280
Southeast Energy Authority No. 4, Series 2022-B-1	5.000%	05/01/53		4,720,000		4,993,059
Southern California Public Power Authority No. 1, Series 2007-A	5.000%	11/01/33		500,000		536,844
Southern California Public Power Authority No. 1, Series 2007-B	2.332%	11/01/38		5,550,000		4,818,437
Texas Municipal Power Agency Transmission System, Series 2021 ^(a)	3.000%	09/01/34		1,000,000		925,919
Texas Municipal Power Agency Transmission System, Series 2021 ^(a)	3.000%	09/01/35		1,630,000		1,495,772
Texas Municipal Power Agency Transmission System, Series 2021 ^(a)	3.000%	09/01/36		1,470,000		1,335,310
Utah Infrastructure Agency Telecommunications, Series 2021	3.000%	10/15/24		500,000		493,871
Utah Infrastructure Agency Telecommunications, Series 2021	4.000%	10/15/29		600,000		587,246
Utah Infrastructure Agency Telecommunications, Series 2021 ^(a)	4.000%	10/15/36		200,000		176,880
Utah Infrastructure Agency Telecommunications, Series 2022	5.000%	10/15/37		1,200,000		1,182,716
Utah Infrastructure Agency Telecommunications, Series 2021 ^(a)	4.000%	10/15/38		1,335,000		1,144,519
Utah Infrastructure Agency Telecommunications, Series 2022	5.000%	10/15/46		3,250,000		3,098,122
						27,092,372
Variable Rate Demand Note — 6.8%
Variable Rate Demand Note — 6.8%
Charlotte-Mecklenburg Hospital Authority (The), Series 2007-C	0.000%	01/15/37		9,135,000		9,135,000

See Notes to Financial Statements.

80	\| www.sbhfunds.com

Segall Bryant & Hamill Municipal Opportunities Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon			Maturity		Par Value		Value
Variable Rate Demand Note — 6.8% (continued)
New York City Municipal Water Finance Authority, Series 2006-CC-2		0.750	%		06/15/38	$	9,200,000	$	9,200,000
									18,335,000
Total Municipal Bonds (Cost $251,938,292)									234,594,019
U.S. TREASURY BONDS & NOTES — 3.4%
United States Treasury		0.125	%		03/31/23		3,000,000		2,941,758
United States Treasury		0.125	%		06/30/23		6,500,000		6,322,519
Total U.S. Treasury Bonds & Notes (Cost $9,353,979)									9,264,277

CORPORATE BONDS — 3.0%
Industrial — 3.0%
Services — 3.0%
IPMI 3 LLC, 144A, Series 2021 (f)		3.900	%		12/01/28		9,000,000		7,956,269

Total Corporate Bonds (Cost $9,057,190)									7,956,269

Investments at Value — 94.0%
(Cost $270,349,461)								$	251,814,565

Other Assets in Excess of Liabilities — 6.0%									16,043,727

Net Assets — 100.0%								$	267,858,292

^{^(a)}

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.

^{^(b)}

This security is insured. In the event of 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.

^{^(c)}

Security is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $16,523,534, which represents 6.2% of net assets as of June 30, 2022.

^(d)

Percentage rounds to less than 0.1%.

^(e)

^(f)

Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $7,956,269, which represents 3.0% of net assets as of June 30, 2022.

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 Funds. 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.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Colorado Tax Free Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon			Maturity		Par Value		Value
MUNICIPAL BONDS — 93.3%
Certificate Participation — 19.5%
Healthcare — 0.3%
Denver Health & Hospital Authority COP, Series 2018 ^(a)		5.000	%		12/01/30	$	350,000	$	375,010
Denver Health & Hospital Authority COP, Series 2018 ^(a)		5.000	%		12/01/31		350,000		370,649
Denver Health & Hospital Authority COP, Series 2018 ^(a)		5.000	%		12/01/32		225,000		237,561
Denver Health & Hospital Authority COP, Series 2018 ^(a)		5.000	%		12/01/33		240,000		252,760
									1,235,980
Lease / Rent — 19.2%
Aspen Colorado COP, Series 2019 ^(a)		5.000	%		12/01/44		2,070,000		2,292,497
Berthoud Colorado COP, Series 2020 ^(a)		4.000	%		12/01/40		3,765,000		3,770,486
Berthoud Colorado COP, Series 2020 ^(a)		4.000	%		12/01/49		9,255,000		8,980,925
Castle Rock Colorado COP, Series 2020 ^(a)		4.000	%		12/01/40		1,025,000		1,036,730
City & County of Denver Colorado COP, Series 2018-A ^(a)		5.375	%		06/01/43		7,000,000		7,586,888
City & County of Denver Colorado COP, Series 2018-A ^(a)		4.000	%		06/01/48		4,925,000		4,869,393
City of Aurora Colorado COP, Series 2017 ^(a)		5.000	%		12/01/34		450,000		490,540
City of Aurora Colorado COP, Series 2017 ^(a)		5.000	%		12/01/35		615,000		669,606
City of Thornton Colorado COP, Series 2018 ^(a)		4.000	%		12/01/39		10,305,000		10,416,017
Colorado Higher Education Capital Construction COP, Series 2014-A		5.000	%		11/01/24		55,000		58,738
Colorado State Building Excellent Schools Today COP, Series 2019-O ^(a)		5.000	%		03/15/36		1,750,000		1,944,393
Colorado State Building Excellent Schools Today COP, Series 2017-J ^(a)		5.000	%		03/15/37		1,500,000		1,632,197
Colorado State Building Excellent Schools Today COP, Series 2019-O ^(a)		4.000	%		03/15/37		1,450,000		1,459,557
Colorado State Building Excellent Schools Today COP, Series 2018-N ^(a)		4.000	%		03/15/39		200,000		200,513
Colorado State COP Rural Colorado, Series 2022 ^(a)		6.000	%		12/15/34		1,250,000		1,563,420
Colorado State COP Rural Colorado, Series 2022 ^(a)		6.000	%		12/15/35		3,860,000		4,778,258
Colorado State COP Rural Colorado, Series 2018-A ^(a)		4.000	%		12/15/36		500,000		500,877
Colorado State COP Rural Colorado, Series 2018-A ^(a)		5.000	%		12/15/37		1,000,000		1,103,658
Denver City & County School District No. 1 COP, Series 2020-A ^(a)		5.000	%		12/01/33		275,000		312,769
Denver City & County School District No. 1 COP, Series 2020-A ^(a)		5.000	%		12/01/42		1,860,000		2,067,586
Eagle Garfield & Routt County Colorado School District COP, Series 2021 ^(a)		4.000	%		12/01/46		2,000,000		1,982,903
El Paso County Colorado School District No. 3 COP, Series 2021 ^(a)		4.000	%		12/01/46		1,200,000		1,189,742
El Paso County Colorado School District No. 49 COP, Series 2017-B ^(a)		5.000	%		12/15/42		1,995,000		2,146,568
Foothills Park & Recreation District Colorado COP, Series 2021 ^(a)		4.000	%		12/01/41		2,750,000		2,757,362
Grand Fire Protection District No. 1 COP, Series 2022		5.000	%		12/15/24		10,000		10,632
Grand Fire Protection District No. 1 COP, Series 2022		5.000	%		12/15/29		65,000		73,440
Grand Fire Protection District No. 1 COP, Series 2022		5.000	%		12/15/30		50,000		56,741
Grand Fire Protection District No. 1 COP, Series 2022		5.000	%		12/15/31		60,000		68,322
Grand Fire Protection District No. 1 COP, Series 2022		5.000	%		12/15/32		65,000		74,171
Grand Junction Colorado COP, Series 2019 ^(a)		4.000	%		12/01/35		550,000		575,509
Gunnison County Colorado COP, Series 2020-B		5.000	%		12/01/24		55,000		58,454
Gunnison County Colorado COP, Series 2020 ^(a)		4.000	%		12/01/34		125,000		130,196
Gunnison County Colorado COP, Series 2020-B ^(a)		4.000	%		12/01/34		55,000		57,349
Gunnison County Colorado COP, Series 2020 ^(a)		4.000	%		12/01/35		390,000		405,485
Gunnison County Colorado COP, Series 2020-B ^(a)		4.000	%		12/01/35		310,000		322,597
Gunnison County Colorado COP, Series 2020 ^(a)		4.000	%		12/01/36		810,000		840,636
Gunnison County Colorado COP, Series 2020-B ^(a)		4.000	%		12/01/36		325,000		337,524
Gunnison County Colorado COP, Series 2020 ^(a)		4.000	%		12/01/37		840,000		870,698
Hyland Hills Park and Recreation District COP, Series 2022 ^(a)		5.000	%		12/15/35		1,140,000		1,294,924
Hyland Hills Park and Recreation District COP, Series 2022 ^(a)		5.000	%		12/15/41		2,430,000		2,707,078
Moffat County Colorado COP, Series 2021 ^(a)		4.000	%		03/01/41		2,235,000		2,233,377
Moffat County Colorado COP, Series 2021 ^(a)		4.000	%		03/01/46		4,060,000		3,971,427
Moffat County Colorado COP, Series 2021 ^(a)		4.000	%		03/01/51		4,000,000		3,798,935
Monument Colorado COP, Series 2020 ^(a)		4.000	%		12/01/33		200,000		208,269
Monument Colorado COP, Series 2020 ^(a)		4.000	%		12/01/40		750,000		756,777
Monument Colorado COP, Series 2020 ^(a)		4.000	%		12/01/45		750,000		746,734

See Notes to Financial Statements.

82	\| www.sbhfunds.com

Segall Bryant & Hamill Colorado Tax Free Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Lease / Rent — 19.2% (continued)
Platteville-Gilcrest Fire Protection District COP, Series 2018 ^(a)	5.000%	12/01/33	$	175,000	$	191,214
Rangeview Library District Adams Country Colorado COP, Series 2022-A ^(a)	5.000%	12/15/34		430,000		475,614
Rangeview Library District Adams Country Colorado COP, Series 2022-A ^(a)	5.000%	12/15/35		775,000		855,255
South Suburban Park & Recreation District COP, Series 2021 ^(a)	4.000%	12/15/41		1,175,000		1,186,480
State of Colorado Department of Transportation COP, Series 2017 ^(a)	5.000%	06/15/41	$	880,000	$	943,175
Town of Firestone Colorado Water Enterprise COP, Series 2018 ^(a)	5.000%	12/01/42		3,000,000		3,212,401
						90,275,037
General Obligation — 22.7%
Local — 22.7%
Anthem West Metropolitan District, BAM, Series 2015 ^(a)^(b)	5.000%	12/01/35		1,165,000		1,250,235
Arapahoe County School District No. 6 Littleton Colorado, Series 2019-A ^(a)	5.500%	12/01/43		5,000,000		5,669,844
BNC Metropolitan District No. 1, BAM, Series 2017-A ^(a)^(b)	5.000%	12/01/32		360,000		394,799
BNC Metropolitan District No. 1, BAM, Series 2017-A ^(a)^(b)	5.000%	12/01/37		545,000		595,410
Bradburn Metropolitan District No. 2, Series 2018-A	4.000%	12/01/28		495,000		476,272
Bradburn Metropolitan District No. 2, Series 2018-A ^(a)	5.000%	12/01/38		600,000		583,050
Bromley Park Metropolitan District No. 2, Series 2018-B ^(a)	6.375%	12/15/47		1,000,000		964,108
Bromley Park Metropolitan District No. 2, BAM, Series 2018-A ^(a)^(b)	4.000%	12/01/47		2,500,000		2,476,837
Castle Oaks Metropolitan District No. 3 Colorado, AGM, Series 2020 ^(a)^(b)	4.000%	12/01/40		2,455,000		2,458,577
Castle Oaks Metropolitan District No. 3 Colorado, AGM, Series 2020 ^(a)^(b)	4.000%	12/01/45		3,800,000		3,677,025
Central Platte Valley Metropolitan District, Series 2013-A ^(a)	5.500%	12/01/29		750,000		770,641
Central Platte Valley Metropolitan District, Series 2013-A ^(a)	5.375%	12/01/33		1,600,000		1,631,941
Central Platte Valley Metropolitan District, Series 2013-A ^(a)	6.000%	12/01/38		1,000,000		1,024,540
Central Platte Valley Metropolitan District, Series 2013-A ^(a)	5.625%	12/01/38		2,875,000		2,934,147
Central Platte Valley Metropolitan District, Series 2014 ^(a)	5.000%	12/01/43		5,750,000		5,539,549
Cherry Creek Colorado School District No. 5, Series 2021	5.000%	12/15/28		80,000		91,581
Colliers Hill Metropolitan District No. 2 Town of Erie Weld County Colorado, BAM, Series 2022B-1 ^(a)^(b)	6.000%	12/15/47		2,000,000		1,712,371
Copperleaf Metropolitan District No. 2 Colorado, BAM, Series 2020 ^(a)^(b)	4.000%	12/01/45		2,295,000		2,285,005
Cornerstar Metropolitan District, Series 2017-A ^(a)	5.125%	12/01/37		1,000,000		975,062
Cottonwood Highlands Metropolitan District No. 1, Series 2019-A ^(a)	5.000%	12/01/49		900,000		834,712
Crested Butte Colorado Fire Protection District, Series 2022 ^(a)	4.000%	12/01/41		4,220,000		4,264,611
Crested Butte Colorado Fire Protection District, Series 2022 ^(a)	5.000%	12/01/46		5,770,000		6,494,917
Cross Creek Metropolitan District No. 2, AGM, Series 2018 ^(a)^(b)	5.000%	12/01/34		2,480,000		2,727,440
Crystal Valley Metropolitan District No. 2, AGM, Series 2020 ^(a)^(b)	4.000%	12/01/40		800,000		809,155
Crystal Valley Metropolitan District No. 2, AGM, Series 2020-A ^(a)^(b)	4.000%	12/01/44		3,500,000		3,495,457
Dove Valley Metropolitan District Arapahoe County, BAM, Series 2019 ^(a)^(b)	4.000%	12/01/35		500,000		521,518
Dove Valley Metropolitan District Arapahoe County, BAM, Series 2019 ^(a)^(b)	4.000%	12/01/36		700,000		728,803
Dove Valley Metropolitan District Arapahoe County, BAM, Series 2019 ^(a)^(b)	4.000%	12/01/37		750,000		779,899
Dove Valley Metropolitan District Arapahoe County, BAM, Series 2019 ^(a)^(b)	4.000%	12/01/38		500,000		506,693
Dove Valley Metropolitan District Arapahoe County, BAM, Series 2019 ^(a)^(b)	4.000%	12/01/39		600,000		607,342
Erie Farm Metropolitan District, AGM, Series 2021 ^(a)^(b)	5.000%	12/01/35		175,000		194,560
Erie Farm Metropolitan District, AGM, Series 2021 ^(a)^(b)	5.000%	12/01/41		570,000		625,766
Erie Farm Metropolitan District, AGM, Series 2021 ^(a)^(b)	5.000%	12/01/46		600,000		651,759
Erie Farm Metropolitan District, AGM, Series 2021 ^(a)^(b)	4.000%	12/01/51		1,100,000		1,052,842
Flatiron Meadows Metropolitan District, BAM, Series 2022 ^(a)^(b)	4.000%	12/01/46		560,000		573,437
Fossil Ridge Metropolitan District No. 3 Colorado, BAM, Series 2020 ^(a)^(b)	4.000%	12/01/32		995,000		1,032,209
Fossil Ridge Metropolitan District No. 3 Colorado, BAM, Series 2020 ^(a)^(b)	4.000%	12/01/33		1,030,000		1,065,015
Fossil Ridge Metropolitan District No. 3 Colorado, BAM, Series 2020 ^(a)^(b)	4.000%	12/01/34		1,075,000		1,109,003
Gold Hill Mesa Metropolitan District No. 2, Series 2022-A	5.000%	12/01/22		200,000		201,766
Gold Hill Mesa Metropolitan District No. 2, Series 2022-A	5.000%	12/01/23		305,000		314,084
Gold Hill Mesa Metropolitan District No. 2, Series 2022-A	5.000%	12/01/24		215,000		224,441
Gold Hill Mesa Metropolitan District No. 2, Series 2022-A	5.000%	12/01/25		135,000		142,534
Gold Hill Mesa Metropolitan District No. 2, Series 2022-A	5.000%	12/01/26		150,000		159,859
Gold Hill Mesa Metropolitan District No. 2, Series 2022-A	5.000%	12/01/27		225,000		241,068

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Colorado Tax Free Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon			Maturity		Par Value		Value
Local — 22.7% (continued)
Gold Hill Mesa Metropolitan District No. 2, Series 2022-A		5.000	%		12/01/28	$	290,000	$	311,041
Gold Hill Mesa Metropolitan District No. 2, Series 2022-A ^(a)		5.250	%		12/01/37		400,000		427,494
Gold Hill Mesa Metropolitan District No. 2, Series 2022-A ^(a)		5.500	%		12/01/47		600,000		644,099
Grand River Hospital District, AGM, Series 2018 ^(a)^(b)		5.250	%		12/01/32		1,000,000		1,094,649
Grand River Hospital District, AGM, Series 2018 ^(a)^(b)		5.250	%		12/01/33		1,000,000		1,091,891
Great Western Park Metropolitan District No. 2 Colorado, AGM, Series 2021 ^(a)^(b)		4.000	%		12/01/35		520,000		536,924
Great Western Park Metropolitan District No. 2 Colorado, AGM, Series 2021 ^(a)^(b)		4.000	%		12/01/36		555,000		571,796
Ground Water Management Subdistrict of the Central Colorado Water Conservancy District, Series 2021 ^(a)		4.000	%		12/01/34		500,000		507,401
High Plains Metropolitan District, NATL, Series 2017 ^(a)^(b)		5.000	%		12/01/35		500,000		549,379
Hogback Metropolitan District Colorado, Series 2021-A ^(a)		5.000	%		12/01/41		700,000		636,352
Leyden Rock Metropolitan District, AGM, Series 2021 ^(a)^(b)		4.000	%		12/01/46		1,250,000		1,222,243
Longs Peak Metropolitan District Colorado, Series 2021 ^(a)		5.250	%		12/01/51		6,500,000		5,354,292
North Pine Vistas Metropolitan District No. 3, AGM, Series 2021-A ^(a)^(b)		4.000	%		12/01/36		175,000		181,712
North Pine Vistas Metropolitan District No. 3, AGM, Series 2021-A ^(a)^(b)		4.000	%		12/01/46		1,000,000		991,451
North Pine Vistas Metropolitan District No. 3, AGM, Series 2021-A ^(a)^(b)		4.000	%		12/01/51		1,250,000		1,196,412
Prairie Center Metropolitan District No. 7 Colorado, Series 2020 ^(a)		4.125	%		12/15/36		500,000		446,896
Prairie Center Metropolitan District No. 7 Colorado, Series 2020 ^(a)		4.875	%		12/15/44		700,000		618,716
Sand Creek County Metropolitan District, AGM, Series 2017 ^(a)^(b)		4.000	%		12/01/35		380,000		400,010
Sand Creek County Metropolitan District, AGM, Series 2020-B ^(a)^(b)		4.000	%		12/01/35		3,405,000		3,568,722
Sand Creek County Metropolitan District, AGM, Series 2020-B ^(a)^(b)		4.000	%		12/01/40		2,325,000		2,351,607
SBC Metropolitan District, AGM, Series 2016 ^(a)^(b)		5.000	%		12/01/34		205,000		223,468
Serenity Ridge Metropolitan District No. 2, Series 2018-A ^(a)		5.125	%		12/01/43		725,000		778,000
Sierra Ridge Metropolitan District No. 2, AGM, Series 2022 ^(a)^(b)		4.000	%		12/01/42		1,750,000		1,757,024
Sierra Ridge Metropolitan District No. 2, AGM, Series 2022 ^(a)^(b)		4.000	%		12/01/46		1,665,000		1,650,767
Sorrel Ranch Metropolitan District Colorado, AGM, Series 2020 ^(a)^(b)		4.000	%		12/01/33		320,000		336,830
Sorrel Ranch Metropolitan District Colorado, AGM, Series 2020 ^(a)^(b)		4.000	%		12/01/34		665,000		698,368
Sorrel Ranch Metropolitan District Colorado, AGM, Series 2020 ^(a)^(b)		4.000	%		12/01/35		570,000		597,407
Sorrel Ranch Metropolitan District Colorado, AGM, Series 2020 ^(a)^(b)		4.000	%		12/01/37		500,000		522,265
South Suburban Park & Recreation District, Series 2019 ^(a)		4.000	%		12/15/38		575,000		577,914
South Suburban Park & Recreation District, Series 2019 ^(a)		4.000	%		12/15/39		565,000		566,855
Southshore Metropolitan District No. 2 City of Aurora Arapahoe County Colorado, BAM, Series 2020-A-2 ^(a)^(b)		4.000	%		12/01/46		6,300,000		6,246,144
Sterling Hills West Metropolitan District, Series 2017 ^(a)		5.000	%		12/01/39		750,000		795,522
Thornton Colorado Development Authority, Series 2015 ^(a)		5.000	%		12/01/26		530,000		563,027
Vista Ridge Metropolitan District, BAM, Series 2016-A ^(a)^(b)		5.000	%		12/01/27		485,000		533,338
Vista Ridge Metropolitan District, BAM, Series 2016-A ^(a)^(b)		5.000	%		12/01/28		750,000		824,422
Vista Ridge Metropolitan District, BAM, Series 2016-A ^(a)^(b)		5.000	%		12/01/31		1,250,000		1,358,826
Wheatlands Metropolitan District, BAM, Series 2015 ^(a)^(b)		5.000	%		12/01/30		1,000,000		1,082,651
									106,685,799
Local Authority — 3.4%
Housing — 0.3%
Colorado Housing & Finance Authority, Series 2020-C-1		1.878	%		05/01/23		295,000		291,471
Colorado Housing & Finance Authority, Series 2020-C-1		1.928	%		11/01/23		340,000		333,370
Colorado Housing & Finance Authority, Series 2020-C-1		2.025	%		05/01/24		150,000		145,873
Colorado Housing & Finance Authority, Series 2020-C-1		2.075	%		11/01/24		250,000		241,214
Colorado Housing & Finance Authority, Series 2020-C-1		2.175	%		11/01/25		500,000		476,515
									1,488,443
Lease / Rent — 0.1%
Boulder Municipal Property COP, Series 2019		2.250	%		11/01/24		500,000		487,182

Local — 1.6%
Eagle County Colorado School District, Series 2021		0.793	%		12/01/25		3,000,000		2,746,964
Eagle County Colorado School District, Series 2021		0.903	%		12/01/26		5,000,000		4,469,791

See Notes to Financial Statements.

84	\| www.sbhfunds.com

Segall Bryant & Hamill Colorado Tax Free Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Local — 1.6% (continued)
Garfield County School District No. RE-2, Series 2012-B ^(a)	3.050%	12/01/26	$	500,000	$	489,426
						7,706,181
Recreation — 0.4%
Park Creek Metropolitan District, Series 2017-B	3.150%	12/01/23		405,000		403,832
Park Creek Metropolitan District, Series 2017-B	3.300%	12/01/24		425,000		421,517
Park Creek Metropolitan District, Series 2017-B	3.450%	12/01/25		500,000		496,357
Park Creek Metropolitan District, Series 2017-B ^(a)	3.600%	12/01/26		300,000		297,615
						1,619,321
Tax — 0.5%
Grand Junction Colorado, Series 2020-A	1.826%	03/01/25		620,000		595,033
Park Creek Metropolitan District, Series 2018-B	3.550%	12/01/22		665,000		667,038
Park Creek Metropolitan District, Series 2018-B	3.650%	12/01/23		805,000		808,156
Park Creek Metropolitan District, Series 2018-B	3.800%	12/01/24		440,000		441,415
						2,511,642
Utilities — 0.5%
Todd Creek Village Metropolitan District Colorado, Series 2018-B ^(a)	5.875%	12/01/38		875,000		875,681
Town of Estes Park Colorado Power & Communications, Series 2019-B	2.362%	11/01/23		770,000		761,043
Town of Estes Park Colorado Power & Communications, Series 2019-B	2.646%	11/01/25		430,000		415,958
						2,052,682
Prerefunded — 0.5%
Healthcare — 0.3%
Colorado Health Facilities Authority, Series 2017 ^(a)	5.000%	06/01/31		1,250,000		1,393,396

Local — 0.2%
Tallyns Reach Metropolitan District No. 3, Series 2013 ^(a)	5.125%	11/01/38		1,035,000		1,077,506

Revenue — 44.8%
Education — 2.3%
Colorado Educational & Cultural Facilities Authority, Series 2017-A ^(a)	4.000%	03/01/31		25,000		26,098
Colorado Educational & Cultural Facilities Authority, Series 2017-A ^(a)	4.000%	03/01/33		1,125,000		1,161,320
Colorado Educational & Cultural Facilities Authority, Series 2016 ^(a)	5.000%	10/01/34		1,975,000		2,028,528
Colorado Educational & Cultural Facilities Authority, Series 2016 ^(a)	5.000%	05/01/35		3,145,000		3,215,694
Colorado Educational & Cultural Facilities Authority, Series 2016 ^(a)	5.000%	10/01/36		1,500,000		1,612,453
Colorado School of Mines, Series 2017-C ^(a)	4.000%	12/01/37		225,000		234,018
Colorado State Board Community Colleges Refunding and Improvement Department Higher Education, Series 2017-A	5.000%	11/01/26		105,000		115,985
Colorado State Board Community Colleges Refunding and Improvement Department Higher Education, Series 2017-A ^(a)	4.000%	11/01/41		825,000		828,688
University of Colorado, Series 2017-A-2 ^(a)	4.000%	06/01/43		1,750,000		1,739,679
						10,962,463
Healthcare — 9.2%
Aspen Valley Hospital District, Series 2012 ^(a)	5.000%	10/15/30		1,650,000		1,655,592
Colorado Health Facilities Authority, Series 2014-A	5.000%	02/01/23		520,000		524,426
Colorado Health Facilities Authority, Series 2022-B	5.000%	12/01/23		875,000		903,175
Colorado Health Facilities Authority, Series 2017-A	5.000%	05/15/24		575,000		604,236
Colorado Health Facilities Authority, Series 2017-A	5.000%	05/15/25		790,000		840,082
Colorado Health Facilities Authority, Series 2022-B	5.000%	12/01/25		960,000		1,020,637
Colorado Health Facilities Authority, Series 2017-A	5.000%	05/15/26		540,000		581,233
Colorado Health Facilities Authority, Series 2017-A ^(a)	5.000%	05/15/28		535,000		577,723
Colorado Health Facilities Authority, Series 2017-A ^(a)	5.000%	05/15/29		425,000		456,079
Colorado Health Facilities Authority, Series 2015-B ^(a)	5.000%	09/01/29		1,000,000		1,042,212
Colorado Health Facilities Authority, Series 2016-C ^(a)	5.000%	12/01/29		1,010,000		1,068,449
Colorado Health Facilities Authority, Series 2022-B	5.000%	12/01/29		1,180,000		1,297,595
Colorado Health Facilities Authority, Series 2023-A ^(a)	3.000%	05/15/30		410,000		356,978
Colorado Health Facilities Authority, Series 2017-A ^(a)	5.000%	05/15/30		710,000		757,373

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Colorado Tax Free Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Healthcare — 9.2% (continued)
Colorado Health Facilities Authority, Series 2015 ^(a)	5.000%	05/15/30	$	500,000	$	520,304
Colorado Health Facilities Authority, Series 2022-B	5.000%	12/01/30		1,245,000		1,372,579
Colorado Health Facilities Authority, Series 2017-A ^(a)	5.000%	05/15/31		1,155,000		1,225,595
Colorado Health Facilities Authority, Series 2022-B	5.000%	12/01/31		1,310,000		1,443,568
Colorado Health Facilities Authority, Series 2017-A ^(a)	5.000%	05/15/32		1,650,000		1,739,095
Colorado Health Facilities Authority, Series 2012 ^(a)	5.000%	10/01/32		500,000		503,709
Colorado Health Facilities Authority, Series 2017-A ^(a)	4.000%	05/15/35		350,000		351,450
Colorado Health Facilities Authority, Series 2019-A-1 ^(a)	4.000%	08/01/37		875,000		846,415
Colorado Health Facilities Authority, Series 2019-A ^(a)	5.000%	11/15/37		200,000		216,123
Colorado Health Facilities Authority, Series 2019 ^(a)	4.000%	01/01/39		1,200,000		1,170,479
Colorado Health Facilities Authority, Series 2019 ^(a)	4.000%	01/01/40		925,000		897,884
Colorado Health Facilities Authority, Series 2015 ^(a)	5.000%	05/15/40		1,000,000		1,022,685
Colorado Health Facilities Authority, Series 2023-A ^(a)	4.000%	05/15/41		500,000		417,310
Colorado Health Facilities Authority, Series 2019A-2 ^(a)	5.000%	08/01/44		4,300,000		4,392,631
Colorado Health Facilities Authority, Series 2015 ^(a)	4.000%	01/15/45		2,155,000		2,035,886
Colorado Health Facilities Authority, Series 2019-A ^(a)	3.000%	11/15/46		985,000		808,590
Colorado Health Facilities Authority, Series 2022-A ^(a)	5.000%	12/01/47		1,835,000		1,937,267
Colorado Health Facilities Authority, Series 2023-A ^(a)	4.000%	05/15/48		500,000		388,590
Colorado Health Facilities Authority, Series 2019-A-2 ^(a)	4.000%	08/01/49		4,450,000		3,986,601
Colorado Health Facilities Authority, Series 2022-A ^(a)	5.000%	12/01/52		3,530,000		3,708,388
Denver Health & Hospital Authority, Series 2014-A ^(a)	5.000%	12/01/39		1,500,000		1,514,758
University of Colorado Hospital Authority, Series 2012-A ^(a)	4.000%	11/15/42		1,265,000		1,249,643
						43,435,340
Other — 3.8%
Colorado Educational & Cultural Facilities Authority, Series 2014	5.000%	11/15/24		435,000		456,042
Colorado Educational & Cultural Facilities Authority, Series 2016 ^(c)	3.750%	07/01/26		500,000		480,091
Colorado Educational & Cultural Facilities Authority, Series 2015A ^(a) ^(c)	4.125%	07/01/26		535,000		531,406
Colorado Educational & Cultural Facilities Authority, Series 2016 ^(a)	5.000%	05/15/29		2,600,000		2,764,128
Colorado Educational & Cultural Facilities Authority, Series 2014 ^(a)	5.000%	08/15/30		750,000		777,721
Colorado Educational & Cultural Facilities Authority, Series 2015 ^(a)	5.000%	11/01/30		500,000		525,567
Colorado Educational & Cultural Facilities Authority, Series 2014 ^(a)	5.000%	11/15/31		1,000,000		1,029,644
Colorado Educational & Cultural Facilities Authority, Series 2014 ^(a)	5.000%	12/01/31		1,500,000		1,554,309
Colorado Educational & Cultural Facilities Authority, Series 2016-A ^(a)	5.000%	12/15/31		715,000		762,411
Colorado Educational & Cultural Facilities Authority, Series 2014 ^(a)	5.000%	10/01/32		1,340,000		1,378,961
Colorado Educational & Cultural Facilities Authority, Series 2016 ^(a)	5.000%	06/01/36		1,580,000		1,662,149
Colorado Educational & Cultural Facilities Authority, Series 2016 ^(a) ^(c)	5.000%	07/01/36		1,000,000		977,374
Colorado Educational & Cultural Facilities Authority, Series 2016 ^(a)	5.000%	07/01/36		1,000,000		1,040,675
Colorado Educational & Cultural Facilities Authority, Series 2016 ^(a)	5.000%	08/01/36		1,140,000		1,191,299
Colorado Educational & Cultural Facilities Authority, Series 2022A ^(a)	4.000%	07/01/42		500,000		488,009
Colorado Educational & Cultural Facilities Authority, Series 2014B ^(a)	5.625%	01/15/44		440,000		444,642
Colorado Educational & Cultural Facilities Authority, Series 2022A ^(a)	4.000%	07/01/52		1,135,000		1,067,112
Colorado Educational & Cultural Facilities Authority, Series 2022A ^(a)	4.000%	07/01/56		625,000		585,377
						17,716,917
Public Services — 11.2%
Cherry Creek Corporate Center Metropolitan District, Series 2015-A ^(a)	5.000%	06/01/37		500,000		484,150
City & County of Denver Colorado, Series 2018-A-2 ^(a)	0.000%	08/01/35		2,800,000		1,719,886
City & County of Denver Colorado, Series 2018-A-2 ^(a)	0.000%	08/01/36		2,550,000		1,494,438
City & County of Denver Colorado, Series 2018-A-2 ^(a)	0.000%	08/01/37		3,910,000		2,186,522
City & County of Denver Colorado, Series 2018-A-1 ^(a)	5.000%	08/01/41		2,780,000		2,988,835
City & County of Denver Colorado, Series 2018-A-1 ^(a)	5.000%	08/01/48		14,000,000		14,968,563
Park Creek Metropolitan District, Series 2015-A ^(a)	5.000%	12/01/26		730,000		788,597
Park Creek Metropolitan District, Series 2015-A ^(a)	5.000%	12/01/27		620,000		668,295
Park Creek Metropolitan District, Series 2017-A ^(a)	5.000%	12/01/36		300,000		318,034
Park Creek Metropolitan District, Series 2017-A ^(a)	5.000%	12/01/37		400,000		423,912

See Notes to Financial Statements.

86	\| www.sbhfunds.com

Segall Bryant & Hamill Colorado Tax Free Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Public Services — 11.2% (continued)
Park Creek Metropolitan District, Series 2017-A ^(a)	5.000%	12/01/41	$	1,500,000	$	1,585,196
Park Creek Metropolitan District, Series 2015-A ^(a)	5.000%	12/01/45		550,000		581,603
Park Creek Metropolitan District, Series 2017-A ^(a)	5.000%	12/01/46		4,930,000		5,185,606
Plaza Metropolitan District No. 1, Series 2013 ^(c)	5.000%	12/01/22		1,500,000		1,507,433
Rampart Range Colorado Metropolitan District No. 1, AGM, Series 2017 ^(a)^(b)	5.000%	12/01/42		1,905,000		2,045,889
Rampart Range Colorado Metropolitan District No. 1, AGM, Series 2017 ^(a)^(b)	5.000%	12/01/47		8,150,000		8,703,064
Southglenn Metropolitan District Colorado, Series 2016 ^(a)	3.500%	12/01/26		3,000,000		2,831,600
Southglenn Metropolitan District Colorado, Series 2016 ^(a)	5.000%	12/01/30		3,505,000		3,485,368
Sterling Ranch Community Authority Colorado, Series 2020-A ^(a)	3.750%	12/01/40		500,000		401,637
Triview Colorado Metropolitan District Water & Wastewater Enterprise, BAM, Series 2020 ^(a)^(b)	4.000%	12/01/40		410,000		413,705
						52,782,333
Recreation — 1.9%
City & County of Denver Colorado, Series 2016-A ^(a)	5.000%	08/01/44		1,820,000		1,950,227
City & County of Denver Colorado, Series 2016-A ^(a)	4.000%	08/01/46		7,000,000		6,951,330
						8,901,557
Tax — 6.7%
City of Commerce Colorado, BAM, Series 2015 ^(a)^(b)	5.000%	08/01/36		1,945,000		2,072,559
City of Idaho Springs Colorado Sales Tax Revenue, AGM, Series 2018 ^(a)^(b)	5.000%	12/01/33		490,000		534,780
City of Idaho Springs Colorado Sales Tax Revenue, AGM, Series 2018 ^(a)^(b)	5.000%	12/01/34		525,000		572,296
Denver Colorado Urban Renewal Authority Tax Increment, Series 2013-A-1 ^(a)	5.000%	12/01/23		190,000		192,238
Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A ^(a) ^(c)	5.250%	12/01/39		3,900,000		3,965,668
Denver Colorado Urban Renewal Authority Tax Increment, Series 2018-A ^(a) ^(c)	5.250%	12/01/39		1,400,000		1,418,696
Grand Junction Colorado, Series 2020-B ^(a)	4.000%	03/01/45		1,500,000		1,495,788
Superior Open Space Sales and Use Tax Colorado, AGM, Series 2020 ^(a)^(b)	5.000%	06/01/35		1,000,000		1,119,188
Superior Open Space Sales and Use Tax Colorado, AGM, Series 2020 ^(a)^(b)	5.000%	06/01/40		750,000		830,962
Wheat Ridge Colorado Urban Renewal Authority, Series 2021 ^(a)	4.000%	12/01/32		760,000		803,795
Wheat Ridge Colorado Urban Renewal Authority, Series 2021 ^(a)	4.000%	12/01/34		2,000,000		2,094,070
Wheat Ridge Colorado Urban Renewal Authority, Series 2021 ^(a)	4.000%	12/01/35		2,000,000		2,081,316
Wheat Ridge Colorado Urban Renewal Authority, Series 2021 ^(a)	4.000%	12/01/36		3,240,000		3,351,126
Wheat Ridge Colorado Urban Renewal Authority, Series 2021 ^(a)	4.000%	12/01/37		3,360,000		3,470,013
Wheat Ridge Colorado Urban Renewal Authority, Series 2021 ^(a)	4.000%	12/01/38		2,000,000		2,032,825
Wheat Ridge Colorado Urban Renewal Authority, Series 2021 ^(a)	4.000%	12/01/39		3,000,000		3,045,005
Wheat Ridge Colorado Urban Renewal Authority, Series 2021 ^(a)	4.000%	12/01/40		2,500,000		2,531,451
						31,611,776
Transportation — 3.3%
Auraria Higher Education Center, AGM, Series 2015 ^(a)^(b)	4.000%	04/01/29		3,500,000		3,616,861
Denver Colorado City and County Airport, Series 2017-B ^(a)	5.000%	11/15/33		900,000		976,085
Denver Colorado City and County Airport, Series 2018-A ^(a)	5.000%	12/01/43		2,000,000		2,086,476
E-470 Public Highway Authority Colorado, Series 2020-A ^(a)	5.000%	09/01/40		7,250,000		7,567,662
Grand Junction Regional Airport Authority, NATL, Series 2016-A ^(a)^(b)	5.000%	12/01/31		1,155,000		1,223,776
						15,470,860
Utilities — 6.4%
Centennial Water & Sanitation District, Series 2019 ^(a)	5.250%	12/01/48		8,750,000		9,818,482
Cherokee Colorado Metropolitan District Water & Wastewater, BAM, Series 2020 ^(a)^(b)	4.000%	08/01/50		1,450,000		1,403,555
City of Colorado Springs Colorado Utilities System, Series 2020-A	5.000%	11/15/23		155,000		161,639
City of Colorado Springs Colorado Utilities System, Series 2020-A	5.000%	11/15/29		25,000		28,850
City of Colorado Springs Colorado Utilities System, Series 2017-A-2 ^(a)	5.000%	11/15/47		5,000,000		5,424,475
Eagle River Colorado Water & Sanitation District, AGM, Series 2020-A ^(b)	4.000%	12/01/27		35,000		37,590
Eagle River Colorado Water & Sanitation District, AGM, Series 2020-A ^(a)^(b)	4.000%	12/01/45		1,120,000		1,115,122
Eagle River Colorado Water & Sanitation District, AGM, Series 2020-A ^(a)^(b)	4.000%	12/01/49		2,000,000		1,972,913
East Cherry Creek Valley Colorado Water and Sanitation District Arapahoe County, Series 2019-A ^(a)	4.000%	11/15/40		1,000,000		1,010,201
Morgan County Colorado Quality Water District, AGM, Series 2020 ^(a)^(b)	4.000%	12/01/45		1,090,000		1,085,253

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Colorado Tax Free Fund	Statement of Investments
	June 30, 2022 (Unaudited)

	Coupon	Maturity	Par Value		Value
Utilities — 6.4% (continued)
Morgan County Colorado Quality Water District, AGM, Series 2020 ^(a)^(b)	4.000%	12/01/50	$	1,150,000	$	1,103,702
Puerto Rico Electric Power Authority, AGM, Series 2007-UU (3MO LIBOR + 52) ^(a)^(b)	0.330%	07/01/29		400,000		413,872
Stonegate Village Metropolitan District Colorado, BAM, Series 2020 ^(a)^(b)	4.000%	12/01/45		1,435,000		1,428,750
Todd Creek Village Metropolitan District Colorado, Series 2018-A	5.000%	12/01/28		1,200,000		1,272,112
Todd Creek Village Metropolitan District Colorado, Series 2018-A ^(a)	5.250%	12/01/38		1,000,000		1,053,771
Town of Firestone Colorado Water Enterprise, BAM, Series 2020 ^(b)	2.000%	12/01/23		15,000		14,989
Town of Firestone Colorado Water Enterprise, BAM, Series 2020 ^(b)	5.000%	12/01/25		25,000		27,092
Town of Firestone Colorado Water Enterprise, BAM, Series 2020 ^(b)	5.000%	12/01/26		20,000		22,055
Town of Firestone Colorado Water Enterprise, BAM, Series 2020 ^(a)^(b)	4.000%	12/01/45		1,850,000		1,814,429
Upper Eagle Regional Water Authority, AGM, Series 2020 ^(a)^(b)	4.000%	12/01/45		1,000,000		995,645
						30,204,497
Variable Rate Demand Note — 2.4%
Variable Rate Demand Note — 2.4%
City of Colorado Springs Colorado Utilities System, Series 2007-A ^(a)(d)	0.880%	11/01/37		9,200,000		9,200,000
Colorado Health Facilities Authority, Series 2000 (d)	0.960%	10/01/30		2,240,000		2,240,000
						11,440,000
Investments at Value — 93.3%
(Cost $470,636,000)					$	439,058,912

Other Assets in Excess of Liabilities — 6.7%						31,583,574

Net Assets — 100.0%					$	470,642,486

^{^(a)}

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.

^{^(b)}

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.

^{^(c)}

Security is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $8,880,668, which represents 1.9% of net assets as of June 30, 2022.

^{^(d)}

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 Funds. 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.

88	\| www.sbhfunds.com

Segall Bryant & Hamill Funds	Statement of Investments
	June 30, 2022 (Unaudited)

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.
LIBOR	London Interbank Offered Rate.
LLC	Limited Liability Company.
LP	Limited Partnership.
Ltd.	Limited.
NATL	National Public Finance Guarantee Corp.
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.	Pakistan Standards & Quality Control Authority.
Q.S.C.	Qatari Shareholding Company.
REIT(s)	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 Anonima Abierta is a Peruvian term for a publicly held corporation.
S.A. de C.V.	Sociedad Anonima de Capital Variable is a corporative type of business in Mexico.
S.A.B de C.V.	Sociedad Anónima Bursátil de Capital Variable is the Mexican term for publicly traded companies.
S.A.K.P.	Suid Afrikaanse Kommunistiese Party.
SAPI de C.V.	Sociedad Anonima Promotora de Inversion de Capital Variable is a corporative type of business in Mexico.
SARL	Societe Anonyme a Responsabilite Limitee is the French term for Limited Liability Company.
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.
SJSC	Saudi Joint-Stock Company.
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.

LIBOR Rates as of June 30, 2022:
1MO LIBOR 1.80%
3MO LIBOR 2.29%
CURRENCY ABBREVIATIONS

AED	United Arab Emirates Dirham
AUD	Australian Dollar
BRL	Brazilian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro Currency
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
KWD	Kuwaiti Dinar
MXP	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
QAR	Qatari Rial
RUB	Russian Ruble
SAR	Saudi Riyal
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	New Taiwan Dollar
ZAR	South African Rand

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Funds	Statements of Assets and Liabilities
	June 30, 2022 (Unaudited)

	Segall Bryant &			Segall Bryant &			Segall Bryant &
	Hamill Small Cap			Hamill Small Cap			Hamill Small Cap
	Value Fund			Growth Fund			Core Fund
Assets
Investments, at cost	$	524,749,296		$	181,867,485		$	45,286,649
Investments, at value	$	518,726,244		$	155,235,891		$	45,042,716
Cash equivalents (Note 2)		38,738,403			6,419,338			5,384,568
Receivable for Fund shares sold		670,222			68,592			19,980
Receivable for investment securities sold		769,064			—			—
Dividends and interest receivable		445,387			50,342			21,611
Other assets		59,896			27,779			16,449
Total assets		559,409,216			161,801,942			50,485,324

Liabilities
Payable for Fund shares redeemed		531,800			251,330			550
Payable for investment securities purchased		968,541			—			475,402
Payable to Adviser (Note 6)		383,203			90,147			27,110
Accrued shareholder servicing fees (Note 6)		74,988			35,033			3,927
Payable to third party administrator (Note 6)		12,600			5,800			3,300
Accrued chief compliance officer fees (Note 6)		2,004			696			313
Other accrued expenses		27,346			14,671			11,194
Total liabilities		2,000,482			397,677			521,796
Net Assets	$	557,408,734		$	161,404,265		$	49,963,528

Net Assets Consists of
Paid-in capital	$	561,898,405		$	233,464,448		$	42,251,512
Accumulated earnings (deficit)		(4,489,671	)		(72,060,183	)		7,712,016
Net Assets	$	557,408,734		$	161,404,265		$	49,963,528

Net Assets
Retail	$	7,858,457		$	45,878,007		$	685,159
Institutional		549,550,277			115,526,258			49,278,369
Shares of Beneficial Interest Outstanding
Retail		642,179			2,945,678			68,675
Institutional		44,833,368			7,232,219			4,913,827
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Retail	$	12.24			$15 57		$	9.98
Institutional	$	12.26		$	15.97		$	10.03

See Notes to Financial Statements.

90	\| www.sbhfunds.com

Segall Bryant & Hamill Funds	Statements of Assets and Liabilities
	June 30, 2022 (Unaudited)

						Segall Bryant
	Segall Bryant &		Segall Bryant &			& Hamill
	Hamill		Hamill Emerging			International
	All Cap Fund		Markets Fund			Small Cap Fund
Assets
Investments, at cost	$	91,206,042	$	47,863,727		$	124,512,835
Investments, at value	$	133,904,701	$	46,415,642		$	112,498,057
Cash equivalents (Note 2)		2,606,243		511
Foreign currency, at value (Cost $—, $82,860, and $182,351, respectively)		—		82,395			182,980
Receivable for Fund shares sold		87,309		4,980			—
Receivable for investment securities sold		—		70,739			190,803
Due from Adviser		—		8,773			—
Dividends and interest receivable		108,713		472,499			354,836
Foreign tax reclaims receivable		546		2,077			927,825
Other assets		32,288		15,337			26,777
Total assets		136,739,800		47,072,442			114,181,789

Liabilities
Due to custodian		—		16,866			—
Payable for Fund shares redeemed		70,032		—			—
Payable for investment securities purchased		—		5,657			76,224
Accrued foreign capital gains on appreciated securities		—		13,297			—
Payable to Adviser (Note 6)		67,157		—			79,098
Accrued shareholder servicing fees (Note 6)		19,998		4,900			25,113
Payable to third party administrator (Note 6)		5,000		3,400			4,600
Accrued chief compliance officer fees (Note 6)		618		323			555
Other accrued expenses		13,394		48,798			38,890
Total liabilities		176,199		93,241			224,480
Net Assets	$	136,563,601	$	46,979,201		$	113,957,309

Net Assets Consists of
Paid-in capital	$	84,315,243	$	50,017,589		$	201,653,449
Accumulated earnings (deficit)		52,248,358		(3,038,388	)		(87,696,140	)
Net Assets	$	136,563,601	$	46,979,201		$	113,957,309

Net Assets
Retail	$	763,937	$	2,171,322		$	25,159,687
Institutional		135,799,664		44,807,879			88,797,622
Shares of Beneficial Interest Outstanding
Retail		39,929		278,177			2,702,304
Institutional		7,092,955		5,720,029			9,526,657
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Retail	$	19.13	$	7.81		$	9.31
Institutional	$	19.15	$	7.83		$	9.32

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Funds	Statements of Assets and Liabilities
	June 30, 2022 (Unaudited)

	Segall Bryant
	& Hamill
	Fundamental			Segall Bryant &		Segall Bryant &		Segall Bryant &
	International			Hamill Global		Hamill Workplace		Hamill Short Term
	Small Cap Fund			All Cap Fund		Equality Fund		Plus Fund
Assets
Investments, at cost	$	69,490,168		$	24,063,979	$	21,646,377	$	44,022,291
Investments, at value	$	54,180,753		$	25,999,494	$	22,051,286	$	42,487,446
Cash equivalents (Note 2)		2,352,493			888,700		730,095		655,378
Foreign currency, at value (Cost $1,896,176, $—, $—, and $—, respectively)		1,902,421			—		—		—
Unrealized gain on forward foreign currency contracts		645,933			—		—		—
Receivable for Fund shares sold		901,098			28		486
Due from Adviser		—			—		—		625
Dividends and interest receivable		24,757			13,312		18,002		387,465
Foreign tax reclaims receivable		50,596			78,264		—		—
Other assets		29,856			18,989		19,030		32,399
Total assets		60,087,907			26,998,787		22,818,413		43,563,799

Liabilities
Unrealized loss on forward foreign currency contracts		718,463			—		—		—
Payable for Fund shares redeemed		109,436			3,769		—		—
Payable for investment securities purchased		1,759,288			—		114,247		—
Payable to Adviser (Note 6)		18,083			5,655		2,587		—
Accrued shareholder servicing fees (Note 6)		18,133			3,196		4,057		9,426
Payable to third party administrator (Note 6)		3,700			3,400		2,900		3,300
Accrued chief compliance officer fees (Note 6)		360			256		242		308
Other accrued expenses		11,231			7,804		8,838		11,834
Total liabilities		2,638,694			24,080		132,871		24,868
Net Assets	$	57,449,213		$	26,974,707	$	22,685,542	$	43,538,931

Net Assets Consists of
Paid-in capital	$	67,867,660		$	24,097,087	$	22,425,319	$	45,335,268
Accumulated earnings (deficit)		(10,419,447	)		2,877,620		260,223		(1,796,337	)
Net Assets	$	57,448,213		$	26,974,707	$	22,685,542	$	43,538,931

Net Assets
Retail	$	23,430,683		$	25,410,720	$	8,216,188	$	6,201,213
Institutional		34,017,530			1,563,987		14,469,354		37,337,718
Shares of Beneficial Interest Outstanding
Retail		1,510,033			2,972,810		1,356,071		635,616
Institutional		2,028,868			185,411		2,311,135		3,821,930
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Retail	$	15.52			$8 55	$	6.06	$	9.76
Institutional	$	16 77			$8 44	$	6.26	$	9.77

See Notes to Financial Statements.

92	\| www.sbhfunds.com

Segall Bryant & Hamill Funds	Statements of Assets and Liabilities
	June 30, 2022 (Unaudited)

							Segall Bryant &
	Segall Bryant &			Segall Bryant &			Hamill Municipal			Segall Bryant &
	Hamill Plus			Hamill Quality			Opportunities			Hamill Colorado
	Bond Fund			High Yield Fund			Fund			Tax Free Fund
Assets
Investments, at cost	$	873,170,807		$	88,554,346		$	270,349,461		$	470,636,000
Investments, at value	$	796,373,825		$	77,355,472		$	251,814,565		$	439,058,912
Cash equivalents (Note 2)		—			—			22,325,063			36,743,514
Receivable for Fund shares sold		531,402			1,755			1,059,154			1,164,580
Receivable for investment securities sold		5,250,920			—			10,885,332			4,984,396
Dividends and interest receivable		6,814,312			1,186,551			2,079,986			3,017,442
Other assets		29,794			16,837			35,090			17,890
Total assets		809,000,253			78,560,615			288,199,190			484,986,734

Liabilities
Due to custodian		112,135			161,282			—			—
Payable for Fund shares redeemed		691,453			214,654			195,266			1,429,577
Payable for investment securities purchased		—			—			19,957,327			12,532,592
Payable to Adviser (Note 6)		164,261			28,350			68,738			123,489
Accrued shareholder servicing fees (Note 6)		217,223			14,702			49,586			143,997
Payable to third party administrator (Note 6)		18,100			4,100			7,600			10,800
Accrued chief compliance officer fees (Note 6)		2,832			436			1,061			1,662
Other accrued expenses		36,134			12,447			61,320			102,131
Total liabilities		1,242,138			435,971			20,340,898			14,344,248
Net Assets	$	807,758,115		$	78,124,644		$	267,858,292		$	470,642,486

Net Assets Consists of
Paid-in capital	$	899,741,938		$	98,161,753		$	298,022,800		$	512,959,081
Accumulated deficit		(91,983,823	)		(20,037,109	)		(30,164,508	)		(42,316,595	)
Net Assets	$	807,758,115		$	78,124,644		$	267,858,292		$	470,642,486

Net Assets
Retail	$	364,119,872		$	32,407,436		$	39,140,901		$	168,566,901
Institutional		443,638,243			45,717,208			228,717,391			302,075,585
Shares of Beneficial Interest Outstanding
Retail		38,320,579			4,083,864			4,009,948			15,670,384
Institutional		47,171,435			5,829,564			23,417,340			27,972,142
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Retail	$	9.50		$	7.94		$	9.76		$	10.76
Institutional	$	9.40		$	7 84		$	9.77		$	10.80

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Funds	Statements of Operations
For the Six Months Ended June 30, 2022 (Unaudited)

	Segall Bryant &			Segall Bryant &			Segall Bryant &
	Hamill Small Cap			Hamill Small Cap			Hamill Small Cap
	Value Fund			Growth Fund			Core Fund
Investment Income
Dividends	$	3,184,523		$	229,364		$	192,153
Interest		42,297			5,899			5,344
Foreign taxes withheld		(11,778	)		(2,893	)		(2,032	)
Total income		3,215,042			232,370			195,465

Expenses
Investment advisory fees (Note 6)		2,427,658			598,669			187,291
Shareholder servicing fees (Note 6)
Retail Class		6,815			60,765			1,852
Institutional Class		203,536			53,477			6,801
Administrative fees (Note 6)		100,067			33,805			11,837
Registration and filing fees		35,955			32,515			21,942
Custodian fees		12,058			11,905			7,958
Trustee fees and expenses		34,834			9,288			2,585
Transfer agent fees (Note 6)		10,945			12,305			10,176
Independent pricing service fees		833			865			788
Shareholder reporting expenses		19,857			9,552			447
Audit and tax preparation fees		7,600			6,600			6,600
Insurance expense		13,792			4,637			1,193
Chief compliance officer fees (Note 6)		11,658			4,148			1,808
Legal fees		14,645			4,400			1,115
Other		16,130			9,736			5,011
Total expenses before waivers/reimbursements		2,916,383			852,667			267,404
Expenses waived/reimbursed by investment adviser		—			—			(34,521	)
Net expenses		2,916,383			852,667			232,883
Net Investment Income (Loss)		298,659			(620,297	)		(37,418	)

Realized and Unrealized Gains (Losses)
Net realized gains (losses) on:
Investments		13,489,696			(8,363,070	)		1,643,322

Change in unrealized net appreciation/depreciation on:
Investments		(126,970,565	)		(65,762,170	)		(12,612,702	)

Net realized and unrealized losses		(113,480,869	)		(74,125,240	)		(10,969,380	)
Net Decrease in Net Assets Resulting From Operations	$	(113,182,210	)	$	(74,745,537	)	$	(11,006,798	)

See Notes to Financial Statements.

94	\| www.sbhfunds.com

Segall Bryant & Hamill Funds	Statements of Operations
For the Six Months Ended June 30, 2022 (Unaudited)

							Segall Bryant
	Segall Bryant &			Segall Bryant &			& Hamill
	Hamill			Hamill Emerging			International
	All Cap Fund			Markets Fund			Small Cap Fund
Investment Income
Dividends	$	820,554		$	1,422,580		$	4,469,007
Interest		3,725			98			399
Foreign taxes withheld		(13,386	)		(123,206	)		(514,699	)
Total income		810,893			1,299,472			3,954,707

Expenses
Investment advisory fees (Note 6)		508,340			241,698			610,154
Shareholder servicing fees (Note 6)
Retail Class		258			2,812			44,570
Institutional Class		70,135			13,262			21,124
Administrative fees (Note 6)		29,512			13,412			26,204
Registration and filing fees		27,317			24,298			21,983
Custodian fees		6,303			80,816			27,776
Trustee fees and expenses		8,453			3,088			7,545
Transfer agent fees (Note 6)		10,195			10,327			10,230
Independent pricing service fees		671			34,680			20,362
Shareholder reporting fees		3,203			990			589
Audit and tax preparation fees		6,600			9,100			10,100
Insurance expense		4,490			1,429			4,332
Chief compliance officer fees (Note 6)		3,697			1,941			3,375
Legal fees		3,710			1,270			3,204
Other		7,445			46,986			27,123
Total expenses before waivers/reimbursements		690,329			486,109			838,671
Expenses waived/reimbursed by investment adviser		(33,336	)		(153,768	)		(113,487	)
Net expenses		656,993			332,341			725,184
Net Investment Income		153,900			967,129			3,229,523

Realized and Unrealized Gains (Losses)
Net realized gains (losses) on:
Investments		7,001,209			(1,100,493	) ^(a)		(1,010,288	)
Foreign currency		(279	)		(21,534	)		(92,900	)
		7,000,930			(1,122,027	)		(1,103,188	)
Change in unrealized net appreciation/depreciation on:
Investments		(47,011,891	)		(7,927,160	) ^(b)		(28,160,559	)
Translation of assets and liabilities denoted in foreign currencies		—			(2,615	)		(87,734	)
		(47,011,891	)		(7,929,775	)		(28,248,293	)
Net realized and unrealized losses		(40,010,961	)		(9,051,802	)		(29,351,481	)
Net Decrease in Net Assets Resulting From Operations	$	(39,857,061	)	$	(8,084,673	)	$	(26,121,958	)

^(a)

Net of foreign capital gains tax of $215,202.

^(b)

Net of deferred foreign capital gains tax of $244,074.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Funds	Statements of Operations
For the Six Months Ended June 30, 2022 (Unaudited)

	Segall Bryant
	& Hamill
	Fundamental			Segall Bryant &			Segall Bryant &			Segall Bryant &
	International			Hamill Global			Hamill Workplace			Hamill Short Term
	Small Cap Fund			All Cap Fund			Equality Fund			Plus Fund
Investment Income
Dividends	$	699,157		$	199,874		$	138,048		$	—
Interest		2,635			1,066			932			247,752
Foreign taxes withheld		(98,111	)		(29,729	)		(2	)		—
Total income		603,681			171,211			138,978			247,752

Expenses
Investment advisory fees (Note 6)		372,907			101,160			82,967			60,253
Shareholder servicing fees (Note 6)
Retail Class		33,534			13,673			5,520			10,589
Institutional Class		21,294			1,335			7,970			19,696
Administrative fees (Note 6)		16,708			9,870			8,910			12,497
Registration and filing fees		28,971			21,899			24,639			18,112
Custodian fees		19,575			8,360			5,130			5,400
Trustee fees and expenses		3,906			1,634			1,405			2,771
Transfer agent fees (Note 6)		11,633			12,411			10,399			10,041
Independent pricing service fees		4,027			2,154			564			8,383
Shareholder reporting fees		4,030			2,933			612			609
Audit and tax preparation fees		8,100			6,600			6,600			8,600
Insurance expense		2,019			895			645			1,015
Chief compliance officer fees (Note 6)		2,290			1,538			1,440			1,852
Legal fees		1,795			727			614			1,121
Other		17,838			4,848			4,155			1,962
Total expenses before waivers/reimbursements		548,627			190,037			161,570			162,901
Expenses waived/reimbursed by investment adviser		(114,435	)		(53,320	)		(59,924	)		(62,531	)
Net expenses		434,192			136,717			101,646			100,370
Net Investment Income		169,489			34,494			37,332			147,382

Realized and Unrealized Gains (Losses)
Net realized gains (losses) on:
Investments		1,186,141			443,048			(228,511	)		(198,417	)
Forward foreign currency contracts		(892,395	)		—			—			—
Foreign currency		(47,348	)		1,850			—			—
		246,398			444,898			(228,511	)		(198,417	)
Change in unrealized net appreciation/depreciation on:
Investments		(35,303,009	)		(8,648,328	)		(6,607,769	)		(1,280,745	)
Forward foreign currency contracts		127,122			—			—			—
Translation of assets and liabilities denoted in foreign currencies		118,066			(6,328	)		—			—
		(35,057,821	)		(8,654,656	)		(6,607,769	)		(1,280,745	)
Net realized and unrealized losses		(34,811,423	)		(8,209,758	)		(6,836,280	)		(1,479,162	)
Net Decrease in Net Assets Resulting From Operations	$	(34,641,934	)	$	(8,175,264	)	$	(6,798,948	)	$	(1,331,780	)

See Notes to Financial Statements.

96	\| www.sbhfunds.com

Segall Bryant & Hamill Funds	Statements of Operations
For the Six Months Ended June 30, 2022 (Unaudited)

							Segall Bryant &
	Segall Bryant &			Segall Bryant &			Hamill Municipal			Segall Bryant &
	Hamill Plus			Hamill Quality			Opportunities			Hamill Colorado
	Bond Fund			High Yield Fund			Fund			Tax Free Fund
Investment Income
Interest	$	14,144,302		$	2,038,273		$	3,450,238		$	6,507,092

Expenses
Investment advisory fees (Note 6)		1,631,293			207,179			496,640			923,802
Shareholder servicing fees (Note 6)
Retail Class		489,527			37,113			52,024			230,293
Institutional Class		188,133			23,880			99,810			146,500
Administrative fees (Note 6)		150,999			19,382			49,484			87,721
Registration and filing fees		35,578			25,041			31,612			17,638
Custodian fees		9,079			5,690			6,703			6,567
Trustee fees and expenses		51,659			5,231			16,696			29,647
Transfer agent fees (Note 6)		15,815			10,788			11,230			11,003
Independent pricing service fees		21,353			8,120			23,497			30,442
Shareholder reporting fees		28,988			4,388			2,057			2,751
Audit and tax preparation fees		9,600			8,600			7,600			7,600
Insurance expense		24,795			2,327			5,618			13,109
Chief compliance officer fees (Note 6)		17,311			2,619			6,063			10,261
Legal fees		21,906			2,194			6,810			12,426
Other		20,501			3,452			2,529			7,894
Total expenses before waivers/reimbursements		2,716,537			366,004			818,373			1,537,654
Expenses waived/reimbursed by investment adviser		(540,554	)		(16,389	)		(77,703	)		(71,523	)
Net expenses		2,175,983			349,615			740,670			1,466,131
Net Investment Income		11,968,319			1,688,658			2,709,568			5,040,961

Realized and Unrealized Losses
Net realized losses on:
Investments		(12,449,923	)		(261,146	)		(9,582,384	)		(4,526,225	)

Change in unrealized net appreciation/depreciation on:
Investments		(112,913,611	)		(13,329,468	)		(23,882,216	)		(49,086,335	)

Net realized and unrealized losses		(125,363,534	)		(13,590,614	)		(33,464,600	)		(53,612,560	)
Net Decrease in Net Assets Resulting From Operations	$	(113,395,215	)	$	(11,901,956	)	$	(30,755,032	)	$	(48,571,599	)

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Funds

Statements of Changes in Net Assets

	Segall Bryant & Hamill						Segall Bryant & Hamill						Segall Bryant & Hamill
	Small Cap Value Fund						Small Cap Growth Fund						Small Cap Core Fund
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	June 30, 2022			December 31,			June 30, 2022			December 31,			June 30, 2022			December 31,
	(Unaudited)			2021			(Unaudited)			2021			(Unaudited)			2021
Operations
Net investment income (loss)	$	298,659		$	1,253,332		$	(620,297	)	$	(1,104,000	)	$	(37,418	)	$	(74,093	)
Net realized gains (losses)		13,489,696			37,263,573			(8,363,070	)		22,565,130			1,643,322			5,943,663
Change in unrealized net appreciation/depreciation		(126,970,565	)		34,670,349			(65,762,170	)		(5,293,483	)		(12,612,702	)		5,108,617
Net increase (decrease) in net assets resulting from operations		(113,182,210	)		73,187,254			(74,745,537	)		16,167,647			(11,006,798	)		10,978,187

Distributions to Shareholders (Note 5)
From distributable earnings
Retail		—			(416,535	)		—			—			—			(291,052	)
Institutional		—			(26,594,822	)		—			—			—			(8,394,213	)
Decrease in net assets from distributions to shareholders		—			(27,011,357	)		—			—			—			(8,685,265	)

Beneficial Interest Transactions (Note 4)
Shares sold
Retail		654,747			3,050,835			21,041,404			49,463,143			324,967			1,417,224
Institutional		164,748,461			337,970,835			35,911,459			85,691,386			9,919,775			785,331
Shares issued in reinvestment of distributions
Retail		—			393,533			—			—			—			283,977
Institutional		—			20,138,349			—			—			—			5,218,137
Cost of shares redeemed
Retail		(549,208	)		(1,455,490	)		(8,861,974	)		(9,489,046	)		(961,632	)		(4,693,733	)
Institutional		(105,082,061	)		(217,902,088	)		(54,296,752	)		(21,282,278	)		(435,231	)		(2,020,789	)
Net increase (decrease) resulting from beneficial interest transactions		59,771,939			142,195,974			(6,205,863	)		104,383,205			8,847,879			990,147
Total net increase (decrease) in net assets		(53,410,271	)		188,371,871			(80,951,400	)		120,550,852			(2,158,919	)		3,283,069

Net Assets
Beginning of period		610,819,005			422,447,134			242,355,665			121,804,813			52,122,447			48,839,378
End of period	$	557,408,734		$	610,819,005		$	161,404,265		$	242,355,665		$	49,963,528		$	52,122,447

See Notes to Financial Statements.

98	\| www.sbhfunds.com

Segall Bryant & Hamill Funds

Statements of Changes in Net Assets

							Segall Bryant & Hamill						Segall Bryant & Hamill
	Segall Bryant & Hamill All Cap Fund						Emerging Markets Fund						International Small Cap Fund
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	June 30, 2022			December 31,			June 30, 2022			December 31,			June 30, 2022			December 31,
	(Unaudited)			2021			(Unaudited)			2021			(Unaudited)			2021
Operations
Net investment income (loss)	$	153,900		$	(133,907	)	$	967,129		$	1,604,753		$	3,229,523		$	4,682,066
Net realized gains (losses)		7,000,930			19,731,227			(1,122,027	)		2,875,107			(1,103,188	)		26,110,906
Change in unrealized net appreciation/ depreciation		(47,011,891	)		29,308,203			(7,929,775	)		(2,267,062	)		(28,248,293	)		(7,482,118	)
Net increase (decrease) in net assets resulting from operations		(39,857,061	)		48,905,523			(8,084,673	)		2,212,798			(26,121,958	)		23,310,854

Distributions to Shareholders (Note 5)
From distributable earnings
Retail		—			(97,778	)		—			(151,486	)		(452,358	)		(2,500,281	)
Institutional		—			(19,288,179	)		—			(2,874,710	)		(1,673,750	)		(5,758,347	)
Decrease in net assets from distributions to shareholders		—			(19,385,957	)		—			(3,026,196	)		(2,126,108	)		(8,258,628	)

Beneficial Interest Transactions (Note 4)
Shares sold
Retail		13,108			232,310			882,740			952,069			265,095			855,562
Institutional		7,542,941			28,911,778			1,605,067			10,154,946			4,716,428			18,937,214
Shares issued in reinvestment of distributions
Retail		—			96,085			—			151,486			170,181			633,678
Institutional		—			19,024,468			—			1,615,449			1,557,074			5,263,684
Cost of shares redeemed
Retail		(9,959	)		(47,223	)		(1,566,395	)		(824,059	)		(15,708,972	)		(23,848,137	)
Institutional		(18,558,425	)		(60,719,508	)		(3,740,662	)		(1,364,913	)		(4,840,734	)		(44,380,383	)
Net increase (decrease) resulting from beneficial interest transactions		(11,012,335	)		(12,502,090	)		(2,819,250	)		10,684,978			(13,840,928	)		(42,538,382	)
Total net increase (decrease) in net assets		(50,869,396	)		17,017,476			(10,903,923	)		9,871,580			(42,088,994	)		(27,486,156	)

Net Assets
Beginning of period		187,432,997			170,415,521			57,883,124			48,011,544			156,046,303			183,532,459
End of period	$	136,563,601		$	187,432,997		$	46,979,201		$	57,883,124		$	113,957,309		$	156,046,303

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

Segall Bryant & Hamill Funds

Statements of Changes in Net Assets

	Segall Bryant & Hamill Fundamental						Segall Bryant & Hamill						Segall Bryant & Hamill
	International Small Cap Fund						Global All Cap Fund						Workplace Equality Fund
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	June 30, 2022			December 31,			June 30, 2022			December 31,			June 30, 2022			December 31,
	(Unaudited)			2021			(Unaudited)			2021			(Unaudited)			2021
Operations
Net investment income (loss)	$	169,489		$	(406,901	)	$	34,494		$	65,466		$	37,332		$	39,505
Net realized gains (losses)		246,398			8,956,032			444,898			2,072,136			(228,511	)		1,713,342
Change in unrealized net appreciation/depreciation		(35,057,821	)		(38,269	)		(8,654,656	)		6,199,644			(6,607,769	)		4,021,696
Net increase (decrease) in net assets resulting from operations		(34,641,934	)		8,510,862			(8,175,264	)		8,337,246			(6,798,948	)		5,774,543

Distributions to Shareholders (Note 5)
From distributable earnings
Retail		—			(3,257,813	)		—			(1,980,616	)		—			(805,364	)
Institutional		—			(3,650,769	)		—			(291,712	)		—			(1,260,625	)
Decrease in net assets from distributions to shareholders		—			(6,908,582	)		—			(2,272,328	)		—			(2,065,989	)

Beneficial Interest Transactions (Note 4)
Shares sold
Retail		3,472,311			12,663,816			29,117			168,540			411,150			1,212,464
Institutional		17,549,098			42,479,988			12,361			1,198,548			971,630			4,642,427
Shares issued in reinvestment of distributions
Retail		—			3,241,291			—			1,851,873			—			799,569
Institutional		—			3,570,077			—			291,654			—			1,232,146
Cost of shares redeemed
Retail		(7,439,794	)		(9,571,092	)		(955,664	)		(5,853,444	)		(1,334,894	)		(1,299,150	)
Institutional		(13,895,381	)		(10,706,447	)		(2,631,410	)		(623,868	)		(115,371	)		(1,439,188	)
Net increase (decrease) resulting from beneficial interest transactions		(313,766	)		41,677,633			(3,545,596	)		(2,966,697	)		(67,485	)		5,148,268
Total net increase (decrease) in net assets		(34,955,700	)		43,279,913			(11,720,860	)		3,098,221			(6,866,433	)		8,856,822

Net Assets
Beginning of period		92,403,913			49,124,000			38,695,567			35,597,346			29,551,975			20,695,153
End of period	$	57,448,213		$	92,403,913		$	26,974,707		$	38,695,567		$	22,685,542		$	29,551,975

See Notes to Financial Statements.

100	\| www.sbhfunds.com

Segall Bryant & Hamill Funds

Statements of Changes in Net Assets

	Segall Bryant & Hamill						Segall Bryant & Hamill						Segall Bryant & Hamill
	Short Term Plus Fund						Plus Bond Fund						Quality High Yield Fund
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	June 30, 2022			December 31,			June 30, 2022			December 31,			June 30, 2022			December 31,
	(Unaudited)			2021			(Unaudited)			2021			(Unaudited)			2021
Operations
Net investment income	$	147,382		$	212,101		$	11,968,319		$	23,813,902		$	1,688,658		$	3,166,264
Net realized gains (losses)		(198,417	)		76,508			(12,449,923	)		7,750,023			(261,146	)		909,927
Change in unrealized net appreciation/depreciation		(1,280,745	)		(388,055	)		(112,913,611	)		(36,682,058	)		(13,329,468	)		(1,099,993	)
Net increase (decrease) in net assets resulting from operations		(1,331,780	)		(99,446	)		(113,395,215	)		(5,118,133	)		(11,901,956	)		2,976,198

Distributions to Shareholders (Note 5)
From distributable earnings
Retail		(25,537	)		(55,271	)		(5,724,444	)		(15,291,464	)		(676,941	)		(1,388,983	)
Institutional		(140,607	)		(287,775	)		(7,496,951	)		(18,728,556	)		(1,105,249	)		(1,927,139	)
Decrease in net assets from distributions to shareholders		(166,144	)		(343,046	)		(13,221,395	)		(34,020,020	)		(1,782,190	)		(3,316,122	)

Beneficial Interest Transactions (Note 4)
Shares sold
Retail		519,907			12,423,094			23,479,031			68,960,401			1,650,393			6,338,669
Institutional		6,018,315			33,672,972			56,629,610			200,483,179			6,894,088			26,601,286
Shares issued in reinvestment of distributions
Retail		25,537			55,271			5,656,116			15,118,125			648,398			1,330,990
Institutional		135,358			278,284			6,908,569			17,133,640			1,084,404			1,891,759
Cost of shares redeemed
Retail		(5,943,226	)		(3,473,502	)		(74,670,141	)		(194,020,710	)		(4,463,638	)		(9,856,291	)
Institutional		(7,669,827	)		(17,119,670	)		(138,765,752	)		(133,949,714	)		(16,011,007	)		(7,099,896	)
Net increase (decrease) resulting from beneficial interest transactions		(6,913,936	)		25,836,449			(120,762,567	)		(26,275,079	)		(10,197,362	)		19,206,517
Total net increase (decrease) in net assets		(8,411,860	)		25,393,957			(247,379,177	)		(65,413,232	)		(23,881,508	)		18,866,593

Net Assets
Beginning of period		51,950,791			26,556,834			1,055,137,292			1,120,550,524			102,006,152			83,139,559
End of period	$	43,538,931		$	51,950,791		$	807,758,115		$	1,055,137,292		$	78,124,644		$	102,006,152

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

101

Segall Bryant & Hamill Funds

Statements of Changes in Net Assets

	Segall Bryant & Hamill						Segall Bryant & Hamill
	Municipal Opportunities Fund						Colorado Tax Free Fund
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2022			December 31,			June 30, 2022			December 31,
	(Unaudited)			2021			(Unaudited)			2021
Operations
Net investment income	$	2,709,568		$	3,809,513		$	5,040,961		$	8,155,019
Net realized gains (losses)		(9,582,384	)		411,990			(4,526,225	)		2,100,578
Change in unrealized net appreciation/depreciation		(23,882,216	)		1,560,791			(49,086,335	)		135,265
Net increase (decrease) in net assets resulting from operations		(30,755,032	)		5,782,294			(48,571,599	)		10,390,862

Distributions to Shareholders (Note 5)
From distributable earnings
Retail		(561,497	)		(888,141	)		(2,494,488	)		(4,549,634	)
Institutional		(3,475,450	)		(5,279,457	)		(4,508,930	)		(7,830,710	)
Decrease in net assets from distributions to shareholders		(4,036,947	)		(6,167,598	)		(7,003,418	)		(12,380,344	)

Beneficial Interest Transactions (Note 4)
Shares sold
Retail		21,377,818			26,105,978			30,506,311			60,458,917
Institutional		135,405,182			119,955,842			75,848,560			115,221,186
Shares issued in reinvestment of distributions
Retail		504,188			782,090			2,427,603			4,399,110
Institutional		3,398,153			5,118,746			4,030,586			6,983,356
Cost of shares redeemed
Retail		(19,739,067	)		(13,133,062	)		(60,193,950	)		(52,813,083	)
Institutional		(113,841,645	)		(37,061,674	)		(113,564,013	)		(40,156,337	)
Net increase (decrease) resulting from beneficial interest transactions		27,104,629			101,767,920			(60,944,903	)		94,093,149
Total net increase (decrease) in net assets		(7,687,350	)		101,382,616			(116,519,920	)		92,103,667

Net Assets
Beginning of period		275,545,642			174,163,026			587,162,406			495,058,739
End of period	$	267,858,292		$	275,545,642		$	470,642,486		$	587,162,406

See Notes to Financial Statements.

102	\| www.sbhfunds.com

Segall Bryant & Hamill Small Cap Value Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Period Ended
	June 30, 2022			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019^(a)
Net asset value, beginning of period	$	14.83		$	13.34		$	12.71		$	12.34
Income (loss) from investment operations:
Net investment income^(b)		0.00	^(c)		0.02			0.23			0.01
Net realized and unrealized gains (losses) on investments		(2.59	)		2.15			0.53			0.36
Total from investment operations		(2.59	)		2.17			0.76			0.37
Less dividends and distributions:
Distributions from net investment income		—			(0.01	)		(0.04	)		—
Distributions from net realized gains		—			(0.67	)		(0.09	)		—
Total distributions		—			(0.68	)		(0.13	)		—
Net asset value, end of period	$	12.24		$	14.83		$	13.34		$	12.71
Total Return		(17.46	)%^(d)		16 47%			6 14%			3.00	%^(d)
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	7,858		$	9,414		$	6,701		$	10
Ratio of expenses to average net assets
With fee waivers/reimbursements		1.05	%^(e)		1.04	%		1.08	%		1.06	%^(e)
Without fee waivers/reimbursements		1.05	%^(e)		1.04	%		1.08	%		1.06	%^(e)
Ratio of net investment income to average net assets
With fee waivers/reimbursements		0.00	%^(e)(f)		0.13	%		1.93	%		1.37	%^(e)
Without fee waivers/reimbursements		0.00	%^(e)(f)		0.13	%		1.93	%		1.37	%^(e)
Portfolio turnover rate		13	%^(d)		32	%		44	%		28	%^(d)(g)

^(a)

The Fund added a retail share class on December 9, 2019. Ratios for start up periods may not be representative of long term operating results.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

^(f)

Less than 0.005%.

^(g)

Portfolio turnover rate is calculated at the fund level and represents the six months ended December 31, 2019.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

103

Segall Bryant & Hamill Small Cap Value Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months									Six Months
	Ended			Year Ended			Year Ended			Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			June 30,			June 30,			June 30,
Institutional	(Unaudited)			2021			2020			2019(^a)			2019			2018			2017
Net asset value, beginning of period	$	14.85		$	13.35		$	12.71		$	12.59		$	13.18		$	12.17		$	10.33
Income (loss) from investment operations:
Net investment income^(b)		0.01			0.03			0.10			0.09			0.10			0.05			0.01
Net realized and unrealized gains (losses) on investments		(2.60	)		2.16			0.67			0.80			0.42			1.81			1.86
Total from investment operations		(2.59	)		2.19			0.77			0.89			0.52			1.86			1.87
Less dividends and distributions:
Dividends from net investment income		—			(0.02	)		(0.04	)		(0.11	)		(0.08	)		(0.02	)		(0.01	)
Distributions from net realized gains		—			(0.67	)		(0.09	)		(0.66	)		(1.03	)		(0.83	)		(0.02	)
Total distributions		—			(0.69	)		(0.13	)		(0.77	)		(1.11)			(0.85	)		(0.03	)
Paid-in capital from redemption fees		—			—			—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value, end of period	$	12.26		$	14.85		$	13.35		$	12.71		$	12.59		$	13.18		$	12.17
Total Return		(17.44	)%^(d)		16.62	%		6.22	%		7.30	%^(d)		5.33	%		15.63	%		18.07	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	549,550		$	601,405		$	415,747		$	169,891		$	141,192		$	106,836		$	63,072
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.96	%^(e)		0.97	%		0.99	%		0.99	%^(e)		0.99	%		1.01	%(f)		1.15	%^(g)
Without fee waivers/reimbursements		0.96	%^(e)		0.97	%		1.01	%		1.14	% ^(e)		1.14	%		1.25	%		1.39	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.10	%^(e)		0.22	%		0.89	%		1.38	%^(e)		0.81	%		0.42	%		0.09	%
Without fee waivers/reimbursements		0.10	%^(e)		0.22	%		0.87	%		1.23	%^(e)		0.66	%		0.18	%		(0.15	)%
Portfolio turnover rate		13	%^(d)		32	%		44	%		28	%^(d)		68	%		59	%		70	%

^(a)

Fund changed fiscal year to December 31.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

^(f)

Contractual expense limitation changed from 1.08% to 0.99% effective November 1, 2017.

^(g)

Contractual expense limitation changed from 1.20% to 1.08% effective February 1, 2017.

See Notes to Financial Statements.

104	\| www.sbhfunds.com

Segall Bryant & Hamill Small Cap Growth Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	22.95		$	20.56		$	13.04		$	10.15		$	12.72		$	10.89
Income (loss) from investment operations:
Net investment loss^(b)		(0.07	)		(0.17	)		(0.08	)		(0.06	)		(0.11	)		(0.10	)
Net realized and unrealized gains (losses) on investments		(7.31	)		2.56			7.60			2.95			0.63			2.93
Total from investment operations		(7.38	)		2.39			7.52			2.89			0.52			2.83
Less dividends and distributions:
Distributions from net realized gains		—			—			—			—			(2.95	)		(1.00	)
Return of capital		—			—			—			—			(0.14	)		—
Total distributions		—			—			—			—			(3.09	)		(1.00	)
Net asset value, end of period		$15 57		$	22.95		$	20.56		$	13.04		$	10.15		$	12.72
Total Return		(32.16	)%^(c)		11.62	%		57.67	%		28.47	%		3.19	%		25.98	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	45,878		$	53,652		$	11,786		$	2,836		$	1,570		$	930
Ratio of expenses to average net assets
With fee waivers/reimbursements		1.05	%^(d)		1.03	%		1.04	%		1.12	%		1.24	%^(e)		1.26	%^(f)
Without fee waivers/reimbursements		1.05	%^(d)		1.03	%		1.04	%		1.12	%		3.09	%		2.88	%
Ratio of net investment loss to average net assets
With fee waivers/reimbursements		(0.79	)%^(d)		(0.74	)%		(0.54	)%		(0.51	)%		(0.76	)%		(0.80	)%
Without fee waivers/reimbursements		(0.79	)%^(d)		(0.74	)%		(0.54	)%		(0.51	)%		(2.61	)%		(2.42	)%
Portfolio turnover rate		27	%^(c)		35	%		54	%		28	%		83	%		51	%

^(a)

Prior to April 30, 2018 known as the Westcore Small-Cap Growth Fund.

^(b)

Calculated using the average shares method.

^(c)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)

Annualized.

^(e)

Contractual expense limitation changed from 1.24% to 1.14% effective December 20, 2018.

^(f)

Contractual expense limitation changed from 1.30% to 1.24% effective April 30, 2017.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

105

Segall Bryant & Hamill Small Cap Growth Fund	Financial Highlights
For a Share Outstanding Throughout the Years Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Institutional	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	23.52		$	21.04		$	13.33		$	10.36		$	12.88		$	11.01
Income (loss) from investment operations:
Net investment loss^(b)		(0.06	)		(0.13	)		(0.08	)		(0.05	)		(0.08	)		(0.09	)
Net realized and unrealized gains (losses) on investments		(7.49	)		2.61			7.79			3.02			0.65			2.96
Total from investment operations		(7.55)			2.48			7.71			2.97			0.57			2.87
Less dividends and distributions:
Distributions from net realized gains		—			—			—			—			(2.95	)		(1.00	)
Return of capital		—			—			—			—			(0.14	)		—
Total distributions		—			—			—			—			(3.09	)		(1.00	)
Net asset value, end of period	$	15.97		$	23.52		$	21.04		$	13.33		$	10.36		$	12.88
Total Return		(32.10	)%^(c)		11.79	%		57.84	%		28.67	%		3.56	%		26.05	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	115,526		$	188,703		$	110,018		$	72,341		$	63,082		$	4,791
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.88	%^(d)		0.87	%		0.97	%		0.98	%		0.99	%		1.20	%
Without fee waivers/reimbursements		0.88	%^(d)		0.87	%		0.97	%		0.98	%		2.26	%		2.74	%
Ratio of net investment loss to average net assets
With fee waivers/reimbursements		(0.63	)%^(d)		(0.59	)%		(0.50	)%		(0.38	)%		(0.63	)%		(0.74	)%
Without fee waivers/reimbursements		(0.63	)%^(d)		(0.59	)%		(0.50	)%		(0.38	)%		(1.90	)%		(2.28	)%
Portfolio turnover rate		27	%^(c)		35	%		54	%		28	%		83	%		51	%

^(a)

Prior to April 30, 2018 known as the Westcore Small-Cap Growth Fund.

^(b)

Calculated using the average shares method.

^(c)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)

Annualized.

See Notes to Financial Statements.

106	\| www.sbhfunds.com

Segall Bryant & Hamill Small Cap Core Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,
Retail	(Unaudited)			2021			2020
Net asset value, beginning of period	$	12.65		$	12.26		$	10.00
Income (loss) from investment operations:
Net investment loss^(a)		(0.02	)		(0.07	)		(0.03	)
Net realized and unrealized gains (losses) on investments		(2.65	)		2.82			2.29
Total from investment operations		(2.67	)		2.75			2.26
Less dividends and distributions:
Distributions from net realized gains		—			(2.36	)		—
Net asset value, end of period	$	9.98		$	12.65		$	12.26
Total Return		(21.11	)%^(b)		23.26	%		22.60	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	685		$	1,663		$	4,165
Ratio of expenses to average net assets
With fee waivers/reimbursements		1.14	% ^(c)		1.14	%		1.14	%
Without fee waivers/reimbursements		1.36	% ^(c)		1.35	%		1.26	%
Ratio of net investment loss to average net assets
With fee waivers/reimbursements		(0.38	)%^(c)		(0.25	)%		(0.26	)%
Without fee waivers/reimbursements		(0.60	)%^(c)		(0.46	)%		(0.38	)%
Portfolio turnover rate		22	%^(b)		36	%		74	%

^(a)

Calculated using the average shares method.

^(b)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(c)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

107

Segall Bryant & Hamill Small Cap Core Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,
Institutional	(Unaudited)			2021			2020
Net asset value, beginning of period	$	12.70		$	12.28		$	10.00
Income (loss) from investment operations:
Net investment loss^(a)		(0.01	)		(0.02	)		(0.00	)^(b)
Net realized and unrealized gains (losses) on investments		(2.66	)		2.80			2.28
Total from investment operations		(2.67	)		2.78			2.28
Less dividends and distributions:
Distributions from net realized gains		—			(2.36	)		—
Net asset value, end of period	$	10.03		$	12.70		$	12.28
Total Return		(21.02	)%^(c)		23.48	%		22.80	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	49,278		$	50,460		$	44,675
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.99	%^(d)		0.99	%		0.99	%
Without fee waivers/reimbursements		1.14	%^d)		1.10	%		1.27	%
Ratio of net investment loss to average net assets
With fee waivers/reimbursements		(0.15	)%^(d)		(0.13	)%		(0.05	)%
Without fee waivers/reimbursements		(0.30	)%^(d)		(0.24	)%		(0.33	)%
Portfolio turnover rate		22	%^(c)		36	%		74	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 per share.

^(c)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)

Annualized.

See Notes to Financial Statements.

108	\| www.sbhfunds.com

Segall Bryant & Hamill All Cap Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Period Ended
	June 30, 2022			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019^(a)
Net asset value, beginning of period	$	24.51		$	21.15		$	17.00		$	16.49
Income (loss) from investment operations:
Net investment income (loss)^(b)		0.02			(0.01	)		0.04			(0.00	)^(c)
Net realized and unrealized gains (losses) on investments		(5.40	)		6 16			4.39			0.51
Total from investment operations		(5.38	)		6 15			4.43			0.51
Less dividends and distributions:
Dividends from net investment income		—			—			(0.03	)		—
Distributions from net realized gains		—			(2.79	)		(0.25	)		—
Total distributions		—			(2.79	)		(0.28	)		—
Net asset value, end of period	$	19.13		$	24.51		$	21.15		$	17.00
Total Return		(21.95	)%^(d)		29.57	%		26.08	%		3.09	%^(d)
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	764		$	974		$	583		$	10
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.86	%^(e)		0.83	%		0.79	%^(e)		0.98	%^(f)
Without fee waivers/reimbursements		0.86	%^(e)		0.83	%		0.79	%^(e)		1.00	%^(f)
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.19	%^(e)		(0.06	)%		0.19	%		(0.15	)%^(f)
Without fee waivers/reimbursements		0.19	%^(e)		(0.06	)%		0.19	%		(0.17	)%^(f)
Portfolio turnover rate		18	%^(d)		30	%		38	%		16	%^(d)(g)

^(a)

The Fund added a retail share class on December 9, 2019. Ratios for start up periods may not be representative of long term operating results.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

During the period there were no shareholder servicing fees expensed for the Retail Class. This may not be representative of long term results.

^(f)

Annualized.

^(g)

Portfolio turnover rate is calculated at the fund level and represents the six months ended December 31, 2019.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

109

Segall Bryant & Hamill All Cap Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months									Six Months
	Ended			Year Ended			Year Ended			Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			June 30,			June 30,			June 30,
Institutional	(Unaudited)			2021			2020			2019^(a)			2019			2018			2017
Net asset value, beginning of period	$	24.52		$	21.16		$	17.00		$	15.80		$	14.76		$	13.37		$	11.82
Income (loss) from investment operations:
Net investment income (loss)^(b)		0.02			(0.02	)		0.03			0.01			0.01			(0.01	)		0.00	^(c)
Net realized and unrealized gains (losses) on investments		(5.39	)		6 17			4.41			1.25			1.57			1.48			1.55
Total from investment operations		(5.37	)		6 15			4.44			1.26			1.58			1.47			1.55
Less dividends and distributions:
Dividends from net investment income		—			—			(0.03	)		(0.01	)		—			—			(0.00	)^(c)
Distributions from net realized gains		—			(2.79	)		(0.25	)		(0.05	)		(0.54	)		(0.08	)		—
Total distributions		—			(2.79	)		(0.28	)		(0.06	)		(0.54	)		(0.08	)		(0.00	)^(c)
Paid-in capital from redemption fees		—			—			—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value, end of period	$	19.15		$	24.52		$	21.16		$	17.00		$	15.80		$	14.76		$	13.37
Total Return		(21.90	)%^(d)		29.55	%		26.18	%		7.95	%^(d)		11.47	%		11.01	%		13.14	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	135,800		$	186,459		$	169,833		$	120,730		$	104,418		$	79,631		$	63,463
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.84	%^(e)		0.84	%		0.84	%		0.96	%^(e)(f)		0.98	%		1.02	%^(g)		1.10	%
Without fee waivers/reimbursements		0.88	%^(e)		0.87	%		0.92	%		1.12	%^(e)		1.14	%		1.22	%		1.40	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.19	%^(e)		(0.07	)%		0.16	%		0.07	%^(e)		0.07	%		(0.07	)%		(0.02	)%
Without fee waivers/reimbursements		0.15	%^(e)		(0.10	)%		0.08	%		(0.09	)%^(e)		(0.09	)%		(0.27	)%		(0.32	)%
Portfolio turnover rate		18	%^(d)		30	%		38	%		16	%^(d)		38	%		37	%		38	%

^(a)

Fund changed fiscal year to December 31.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

^(f)

Contractual expense limitation changed from 0.98% to 0.84% effective December 9, 2019.

^(g)

Contractual expense limitation changed from 1.10% to 0.98% effective November 1, 2017.

See Notes to Financial Statements.

110	\| www.sbhfunds.com

Segall Bryant & Hamill Emerging Markets Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months									Two Months
	Ended			Year Ended			Year Ended			Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			October 31,			October 31,			October 31,
Retail*	(Unaudited)			2021			2020			2019^(a)			2019			2018			2017
Net asset value, beginning of period	$	9.12		$	9.13			$8 67		$	8.27		$	7.70		$	9.49		$	7.60
Income (loss) from investment operations:
Net investment income^(b)		0.14			0.26			0.14			0.01			0.17			0.18			0.13
Net realized and unrealized gains (losses) on investments		(1.45)			0.21			0.47			0.60			0.62			(1.53	)		1.90
Total from investment operations		(1.31	)		0.47			0.61			0.61			0.79			(1.35	)		2.03
Less dividends and distributions:
Dividends from net investment income		—			(0.30	)		(0.15	)		(0.20	)		(0.18	)		(0.13	)		(0.14	)
Distributions from net realized gains		—			(0.18	)		—			—			(0.04	)		(0.31	)		—
Return of capital		—			—			—			(0.01	)		—			—			—
Total distributions		—			(0.48	)		(0.15	)		(0.21	)		(0.22	)		(0.44	)		(0.14	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(c)		—
Net asset value, end of period	$	7.81		$	9.12		$	9.13		$	8 67		$	8.27		$	7.70		$	9.49
Total Return		(14.36	)%^(d)		5.22	%		7.05	%		7.52	%^(d)		10.64	%		(14.96	)%		27.27	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	2,171		$	3,224		$	2,954		$	2,678		$	2,397		$	2,043		$	3,116
Ratio of expenses to average net assets
With fee waivers/reimbursements		1.38	%^(e)		1.38	%		1.38	%		1.46	%^(e)(f)		1.48%			1.48%			1.48%
Without fee waivers/reimbursements		1.95	%^(e)		1.86%			2.36	%		3.40	%^(e)		2.91	%		2.49	%		2.87	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		3.23	%^(e)		2.65	%		1.80	%		1.01	%^(e)		2.15	%		1.97	%		1.54	%
Without fee waivers/reimbursements		2.66	%^(e)		2.17	%		0.82	%		(0.93	)%^(e)		0.72	%		0.96	%		0.15	%
Portfolio turnover rate		43	%^(d)		91	%		91	%		23	%^(d)		107	%		99	%		97	%

Formerly Class A.

^(a)

Fund changed fiscal year to December 31.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized

^(f)

Contractual expense limitation changed from 1.48% to 1.38% effective December 9, 2019.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

111

Segall Bryant & Hamill Emerging Markets Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months									Two Months
	Ended			Year Ended			Year Ended			Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			October 31,			October 31,			October 31,
Institutional*		(Unaudited)			2021			2020			2019	(a)		2019			2018			2017
Net asset value, beginning of period	$	9.15		$	9.15		$	8.69		$	8.31		$	7.74		$	9.54		$	7.63
Income (loss) from investment operations:
Net investment income^(b)		0.16			0.28			0.15			0.02			0.20			0.20			0.15
Net realized and unrealized gains (losses) on investments		(1.48)			0.21			0.47			0.59			0.62			(1.54)			1.91
Total from investment operations		(1.32	)		0.49			0.62			0.61			0.82			(1.34	)		2.06
Less dividends and distributions:
Dividends from net investment income		—			(0.31	)		(0.16	)		(0.22	)		(0.21	)		(0.15	)		(0.15	)
Distributions from net realized gains		—			(0.18	)		—			—			(0.04	)		(0.31	)		—
Return of capital		—			—			—			(0.01	)		—			—			—
Total distributions		—			(0.49	)		(0.16	)		(0.23	)		(0.25	)		(0.46	)		(0.15	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(c)		—
Net asset value, end of period	$	7.83		$	9.15		$	9.15		$	8.69		$	8.31		$	7.74		$	9.54
Total Return		(14.43	)%^(d)		5.49	%		7.18	%		7.51	%^(d)		10.97	%		(14.81	)%		27.68	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	44,808		$	54,660		$	45,058		$	32,721		$	30,836		$	29,961		$	32,144
Ratio of expenses to average net assets
With fee waivers/reimbursements		1.23	%^(e)		1.23	%		1.23	%		1.23	%^(e)		1.23	%		1.23	%		1.23	%
Without fee waivers/reimbursements		1.80	%^(e)		1.69	%		2.19	%		3.14	%^(e)		2.66	%		2.24	%		2.62	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		3.62	%^(e)		2.83	%		1.93	%		1.18	%^(e)		2.40	%		2.22	%		1.79	%
Without fee waivers/reimbursements		3.05	%^(e)		2.37	%		0.97	%		(0.73	)%^(e)		0.97	%		1.21	%		0.40	%
Portfolio turnover rate		43	%^(d)		91	%		91	%		23	%^(d)		107	%		99	%		97	%

Formerly Class I.

^(a)

Fund changed fiscal year to December 31.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

See Notes to Financial Statements.

112	\| www.sbhfunds.com

Segall Bryant & Hamill International Small Cap Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months									Two Months
	Ended			Year Ended			Year Ended			Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			October 31,			October 31,			October 31,
Retail*	(Unaudited)			2021			2020			2019^(a)			2019			2018			2017
Net asset value, beginning of period	$	11.59		$	10.83		$	11.64		$	11.39		$	11.73		$	14.47		$	11.74
Income (loss) from investment operations:
Net investment income^(b)		0.24			0.29			0.16			0.02			0.28			0.26			0.23
Net realized and unrealized gains (losses) on investments		(2.35	)		1.09			(0.80	)		0.73			(0.38	)		(2.27	)		2.69
Total from investment operations		(2.11	)		1.38			(0.64	)		0.75			(0.10	)		(2.01	)		2.92
Less dividends and distributions:
Dividends from net investment income		(0.17	)		(0.62	)		(0.17	)		(0.49	)		(0.25	)		(0.29	)		(0.19	)
Distributions from net realized gains		—			—			—			—			—			(0.44	)		—
Return of capital		—			—			—			(0.01	)		—			—			—
Total distributions		(0.17	)		(0.62	)		(0.17	)		(0.50	)		(0.25	)		(0.73	)		(0.19	)
Paid-in capital from redemption fees		—			—			—			—			0.00	^(c)		0.00	^(c)		—
Net increase from payment by affiliates		—			—			—			—			0.01	^(d)		—			—
Net asset value, end of period	$	9.31		$	11.59		$	10.83		$	11.64		$	11.39		$	11.73		$	14.47
Total Return		(18.25	)% ^(e)		12.97	%		(5.51	)%		6.73	% ^(e)		(0.54	)%		(14.68)%			25.27	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	25,160		$	47,301		$	64,420		$	52,668		$	49,749		$	23,554		$	25,240
Ratio of expenses to average net assets
With fee waivers/reimbursements		1.18	% ^(f)		1.18	%		1.18	%		1.25	% ^(f)(g)		1.28	%		1.28	%		1.28	%
Without fee waivers/reimbursements		1.39	% ^(f)		1.36	%		1.36	%		1.42	% ^(f)		1.53	%		1.44	%		1.47	%
Ratio of net investment income to average net assets
With fee waivers/reimbursements		4.36	% ^(f)		2.37	%		1.68	%		0.94	% ^(f)		2.49	%		1.92	%		1.80	%
Without fee waivers/reimbursements		4.15	% ^(f)		2.19	%		1.50	%		0.77	% ^(f)		2.24	%		1.76	%		1.61	%
Portfolio turnover rate		54	% ^(e)		112	%		106	%		17	% ^(e)		121	%		111	%		101	%

Formerly Class A.

^(a)

Fund changed fiscal year to December 31.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

The custodian reimbursed the Fund $132,086 for losses incurred from corporate action processing. Payment had a positive 0.09% impact on the total return.

^(e)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(f)

Annualized.

^(g)

Contractual expense limitation changed from 1.28% to 1.18% effective December 9, 2019.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

113

Segall Bryant & Hamill International Small Cap Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months									Two Months
	Ended			Year Ended			Year Ended			Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			October 31,			October 31,			October 31,
Institutional*	(Unaudited)			2021			2020			2019^(a)			2019			2018			2017
Net asset value, beginning of period	$	11.61		$	10.85		$	11.65		$	11.42		$	11.77		$	14.50		$	11.76
Income (loss) from investment operations:
Net investment income^(b)		0.26			0.31			0.19			0.02			0.30			0.29			0.27
Net realized and unrealized gains (losses) on investments		(2.37	)		1.10			(0.82	)		0.73			(0.37	)		(2.26	)		2.68
Total from investment operations		(2.11	)		1.41			(0.63	)		0.75			(0.07	)		(1.97	)		2.95
Less dividends and distributions:
Dividends from net investment income		(0.18	)		(0.65	)		(0.17	)		(0.51	)		(0.29	)		(0.32	)		(0.21	)
Distributions from net realized gains		—			—			—			—			—			(0.44	)		—
Return of capital		—			—			—			(0.01	)		—			—			—
Total distributions		(0.18	)		(0.65	)		(0.17	)		(0.52	)		(0.29	)		(0.76	)		(0.21	)
Paid-in capital from redemption fees		—			—			—			—			0.00	^(c)		0.00	^(c)		0.00	^(c)
Net increase from payment by affiliates		—			—			—			—			0.01	^(d)		—			—
Net asset value, end of period	$	9.32		$	11.61		$	10.85		$	11.65		$	11.42		$	11.77		$	14.50
Total Return		(18.21	)% ^(e)		13.19	%		(5.35	)%		6.69	% ^(e)		(0.29	)%		(14.40	)%		25.60	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	88,798		$	108,745		$	119,113		$	234,265		$	230,883		$	351,480		$	298,728
Ratio of expenses to average net assets
With fee waivers/reimbursements		1.03	% ^(f)		1.03	%		1.03	%		1.03	% ^(f)		1.03	%		1.03	%		1.03	%
Without fee waivers/reimbursements		1.18	% ^(f)		1.13	%		1.18%			1.20	% ^(f)		1.28	%		1.19	%		1.22	%
Ratio of net investment income to average net assets
With fee waivers/reimbursements		4.92	% ^(f)		2.54	%		2.00	%		1.15	% ^(f)		2.74	%		2.17	%		2.05	%
Without fee waivers/reimbursements		4.77	% ^(f)		2.44	%		1.85	%		0.98	% ^(f)		2.49	%		2.01	%		1.86	%
Portfolio turnover rate		54	% ^(e)		112	%		106	%		17	% ^(e)		121	%		111	%		101	%

Formerly Class I.

^(a)

Fund changed fiscal year to December 31.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

The custodian reimbursed the Fund $132,086 for losses incurred from corporate action processing. Payment had a positive 0.09% impact on the total return.

^(e)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(f)

Annualized.

See Notes to Financial Statements.

114	\| www.sbhfunds.com

Segall Bryant & Hamill
Fund FundamentalInternationalSmall Cap	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	24.43		$	22.86		$	18.12		$	12.67		$	19.76		$	15.08
Income (loss) from investment operations:
Net investment income (loss)^(b)		0.06			(0.22	)		(0.08	)		0.00	^(c)		(0.03	)		0.05
Net realized and unrealized gains (losses) on investments		(8.97	)		3.83			6.06			5.45			(4.40	)		5.01
Total from investment operations		(8.91	)		3.61			5.98		��	5.45			(4.43	)		5.06
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			(0.08	)		(0.38	)
Distributions from net realized gains		—			(2.04	)		(1.24	)		—			(2.58	)		—
Total distributions		—			(2.04	)		(1.24	)		—			(2.66	)		(0.38	)
Net asset value, end of period	$	15.52		$	24.43		$	22.86		$	18.12		$	12.67		$	19.76
Total Return		(36.47	)% ^(f)		16.59	%		33.23	%		43.01	%		(22.98	)%		33.64	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	23,431		$	42,322		$	33,666		$	29,098		$	28,205		$	49,979
Ratio of expenses to average net assets
With fee waivers/reimbursements		1.25	% ^(g)		1.25	%		1.25	%		1.32	% ^(d)(e)		1.44	% ^(e)		1.44	% ^(e)
Without fee waivers/reimbursements		1.69	% ^(g)		1.51	%		1.69	%		1.85	%		1.78	%		1.75	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.59	% ^(g)		(0.88	)%		(0.43	)%		0.00	%		(0.18	)%		0.27	%
Without fee waivers/reimbursements		0.15	% ^(g)		(1.14	)%		(0.87	)%		(0.53	)%		(0.52	)%		(0.04	)%
Portfolio turnover rate		32	% ^(f)		56	%		59	%		31	%		57	%		48	%

^(a)

Prior to April 30, 2018 known as the Westcore International Small-Cap Fund.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Contractual expense limitation changed from 1.50% to 1.25% effective May 1, 2019.

^(e)

For the period April 29, 2016 to April 30, 2019, a voluntary additional expense waiver reduced the ratio of expenses to average net assets from 1.50% to 1.44%.

^(f)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(g)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

115

Segall Bryant & Hamill
Fundamental International Small Cap Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Institutional	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	26.37		$	24.50		$	19.32		$	13.48		$	20.83		$	15.64
Income (loss) from investment operations:
Net investment income (loss)^(b)		0.04			(0.07	)		(0.06	)		0.00	^(c)		(0.00	) ^(c)		0.08
Net realized and unrealized gains (losses) on investments		(9.64	)		3.98			6.48			5.84			(4.66)			5.22
Total from investment operations		(9.60	)		3.91			6.42			5.84			(4.66)			5.30
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			(0.11	)		(0.11	)
Distributions from net realized gains		—			(2.04	)		(1.24	)		—			(2.58	)		—
Total distributions		—			(2.04	)		(1.24	)		—			(2.69	)		(0.11	)
Net asset value, end of period	$	16.77		$	26.37		$	24.50		$	19.32		$	13.48		$	20.83
Total Return		(36.40	)% ^(e)		16.70	%		33.45	%		43.32	%		(22.90	)%		33.89	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	34,018		$	50,082		$	15,458		$	8,446		$	20,266		$	29,652
Ratio of expenses to average net assets
With fee waivers/reimbursements		1.10	% ^(f)		1.10	%		1.10	%		1.20	% ^(d)		1.29	%		1.29	%
Without fee waivers/reimbursements		1.31	% ^(f)		1.36	%		1.57	%		1.72	%		1.62	%		1.59	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.35	% ^(f)		(0.21	)%		(0.31	)%		0.01	%		(0.02	)%		0.44	%
Without fee waivers/reimbursements		0.14	% ^(f)		(0.47	)%		(0.78	)%		(0.50	)%		(0.35	)%		0.14	%
Portfolio turnover rate		32	% ^(e)		56	%		59	%		31	%		57	%		48	%

^(a)

Prior to April 30, 2018 known as the Westcore International Small-Cap Fund.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

The contractual expense limitation is 1.10% effective May 1, 2019.

^(e)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(f)

Annualized.

See Notes to Financial Statements.

116	\| www.sbhfunds.com

Segall Bryant & Hamill Global All Cap Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020^(a)			2019			2018^(b)			2017
Net asset value, beginning of period	$	11.02		$	9.32		$	10.98		$	9.52		$	11.12		$	9.79
Income (loss) from investment operations:
Net investment income^(c)		0.00	^(d)		0.02			0.18			0.23			0.20			0.19
Net realized and unrealized gains (losses) on investments		(2.47	)		2.36			0.08	(e)		2.16			(1.16	)		1.70
Total from investment operations		(2.47	)		2.38			0.26			2.39			(0.96	)		1.89
Less dividends and distributions:
Dividends from net investment income		—			(0.04	)		(0.18	)		(0.25	)		(0.19	)		(0.18	)
Distributions from net realized gains		—			(0.64	)		(1.74	)		(0.68	)		(0.45	)		(0.38	)
Total distributions		—			(0.68	)		(1.92	)		(0.93	)		(0.64	)		(0.56	)
Net asset value, end of period	$	8.55		$	11.02		$	9.32		$	10.98		$	9.52		$	11.12
Total Return		(22.41	)% ^(f)		25.83	%		2.95	%		25.36	%		(8.70	)%		19.56	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	25,411		$	33,821		$	32,224		$	46,375		$	41,887		$	50,894
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.89	% ^(g)		0.89	%		0.89	%		0.89	%		0.99	% ^(h)		0.99	%
Without fee waivers/reimbursements		1.22	% ^(g)		1.18	%		1.29	%		1.22	%		1.22	%		1.20	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.01	% ^(g)		0.16	%		1.83	%		2.14	%		1.88	%		1.83	%
Without fee waivers/reimbursements		(0.32	)% ^(g)		(0.13	)%		1.43	%		1.81	%		1.65	%		1.62	%
Portfolio turnover rate		16	% ^(f)		24	%		132	%		40	%		59	%		17	%

^(a)

Prior to September 19, 2020 known as the Segall Bryant & Hamill Global Large Cap Fund.

^(b)

Prior to April 30, 2018 known as the Westcore Global Large-Cap Dividend Fund.

^(c)

Calculated using the average shares method.

^(d)

Less than $0.005 per share.

^(e)

Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting the net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized losses on the Statement of Operations for the same period.

^(f)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(g)

Annualized.

^(h)

Contractual expense limitation changed from 0.99% to 0.89% effective December 20, 2018.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

117

Segall Bryant & Hamill Global All Cap Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Institutional	(Unaudited)			2021			2020^(a)			2019			2018^(b)			2017
Net asset value, beginning of period	$	10.86		$	9.20		$	10.86		$	9.43		$	11.04		$	9.71
Income (loss) from investment operations:
Net investment income^(c)		0.13			0.03			0.18			0.24			0.23			0.20
Net realized and unrealized gains (losses) on investments		(2.55	)		2.33			0.09	^(d)		2.14			(1.16	)		1.70
Total from investment operations		(2.42	)		2.36			0.27			2.38			(0.93	)		1.90
Less dividends and distributions:
Dividends from net investment income		—			(0.06	)		(0.19	)		(0.27	)		(0.23	)		(0.19	)
Distributions from net realized gains		—			(0.64	)		(1.74	)		(0.68	)		(0.45	)		(0.38	)
Total distributions		—			(0.70	)		(1.93	)		(0.95	)		(0.68	)		(0.57	)
Net asset value, end of period	$	8.44		$	10.86		$	9.20		$	10.86		$	9.43		$	11.04
Total Return		(22.28	)% ^(e)		25.94	%		3.04	%		25.55	%		(8.53	)%		19.78	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,564		$	4,875		$	3,373		$	2,730		$	2,589		$	5,148
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.74	% ^(f)		0.74	%		0.74	%		0.74	%		0.84	% ^(g)		0.90	%
Without fee waivers/reimbursements		1.22	% ^(f)		1.17	%		1.20	%		1.12	%		1.09	%		1.09	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		2.77	% ^(f)		0.29	%		1.83	%		2.32	%		2.11	%		1.91	%
Without fee waivers/reimbursements		2.29	% ^(f)		(0.14	)%		1.37	%		1.94	%		1.86	%		1.72	%
Portfolio turnover rate		16	% ^(e)		24	%		132	%		40	%		59	%		17	%

^(a)

Prior to September 19, 2020 known as the Segall Bryant & Hamill Global Large Cap Fund.

^(b)

Prior to April 30, 2018 known as the Westcore Global Large-Cap Dividend Fund.

^(c)

Calculated using the average shares method.

^(d)

^(e)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(f)

Annualized.

^(g)

Contractual expense limitation changed from 0.84% to 0.74% effective December 20, 2018.

See Notes to Financial Statements.

118	\| www.sbhfunds.com

Segall Bryant & Hamill Workplace Equality Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019^(a)			2018^(b)			2017
Net asset value, beginning of period	$	7.87		$	6.72		$	6.45		$	5.41		$	6.01		$	6.38
Income (loss) from investment operations:
Net investment income^(c)		0.01			0.01			0.07			0.12			0.11			0.12
Net realized and unrealized gains (losses) on investments		(1.82	)		1.72			0.35			1.33			(0.18	)		0.93
Total from investment operations		(1.81	)		1.73			0.42			1.45			(0.07	)		1.05
Less dividends and distributions:
Dividends from net investment income		—			(0.00	) ^(d)		(0.08	)		(0.11	)		(0.21	)		(0.21	)
Distributions from net realized gains		—			(0.58	)		(0.07	)		(0.30	)		(0.32	)		(1.21	)
Total distributions		—			(0.58	)		(0.15	)		(0.41	)		(0.53	)		(1.42	)
Net asset value, end of period	$	6.06		$	7.87		$	6.72		$	6.45		$	5.41		$	6.01
Total Return		(23.00	)% ^(e)		26.18	%		6.81	%		26.85	%		(1.36	)%		16.73	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	8,216		$	11,707		$	9,397		$	9,846		$	8,131		$	10,022
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.89	% ^(f)		0.89	%		0.89	%		0.89	%		0.89	%		0.98	% ^(g)
Without fee waivers/reimbursements		1.28	% ^(f)		1.28	%		1.53	%		1.57	%		1.86	%		1.76	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.19	% ^(f)		0.07	%		1.19	%		1.92	%		1.85	%		1.82	%
Without fee waivers/reimbursements		(0.19	)% ^(f)		(0.32	)%		0.55	%		1.24	%		0.88	%		1.04	%
Portfolio turnover rate		23	% ^(e)		49	%		97	%		41	%		43	%		0	%

^(a)

Prior to May 1, 2019 known as the Segall Bryant & Hamill Large Cap Dividend Fund.

^(b)

Prior to April 30, 2018 known as the Westcore Large-Cap Dividend Fund.

^(c)

Calculated using the average shares method.

^(d)

Less than $0.005 per share.

^(e)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(f)

Annualized.

^(g)

Contractual expense limitation changed from 1.15% to 0.89% effective April 30, 2017.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

119

Segall Bryant & Hamill Workplace Equality Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Institutional	(Unaudited)			2021			2020			2019^(a)			2018^(b)			2017
Net asset value, beginning of period	$	8.12		$	6.93		$	6.64		$	5.55		$	6.12		$	6.61
Income (loss) from investment operations:
Net investment income^(c)		0.01			0.02			0.08			0.14			0.13			0.13
Net realized and unrealized gains (losses) on investments		(1.87	)		1.77			0.36			1.37			(0.20	)		0.97
Total from investment operations		(1.86	)		1.79			0.44			1.51			(0.07	)		1.10
Less dividends and distributions:
Dividends from net investment income		—			(0.02	)		(0.08	)		(0.12	)		(0.18	)		(0.38	)
Distributions from net realized gains		—			(0.58	)		(0.07	)		(0.30	)		(0.32	)		(1.21	)
Total distributions		—			(0.60	)		(0.15	)		(0.42	)		(0.50	)		(1.59	)
Net asset value, end of period	$	6.26		$	8.12		$	6.93		$	6.64		$	5.55		$	6.12
Total Return		(22.91	)% ^(d)		26.14	%		6.98	%		27.22	%		(1.25	)%		16.92	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	14,469		$	17,845		$	11,299		$	8,339		$	298		$	155
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.74	% ^(e)		0.74	%		0.74	%		0.74	%		0.74	%		0.92	%
Without fee waivers/reimbursements		1.26	% ^(e)		1.26	%		1.54	%		1.41	%		1.76	%		1.61	%
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.35	% ^(e)		0.22	%		1.26	%		2.11	%		2.11	%		1.82	%
Without fee waivers/reimbursements		(0.17	)% ^(e)		(0.30	)%		0.46	%		1.44	%		1.09	%		1.13	%
Portfolio turnover rate		23	% ^(d)		49	%		97	%		41	%		43	%		0	%

^(a)

Prior to April 30, 2019 known as the Segall Bryant & Hamill Large Cap Dividend Fund.

^(b)

Prior to April 30, 2018 known as the Westcore Large-Cap Dividend Fund.

^(c)

Calculated using the average shares method.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

See Notes to Financial Statements.

120	\| www.sbhfunds.com

Segall Bryant & Hamill Short Term Plus Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019			2018^(a)
Net asset value, beginning of period	$	10.05		$	10.15		$	10.11		$	10.02		$	10.00
Income (loss) from investment operations:
Net investment income^(b)		0.03			0.05			0.12			0.25			0.01
Net realized and unrealized gains (losses) on investments		(0.29	)		(0.08	)		0.08			0.10			0.01
Total from investment operations		(0.26	)		(0.03	)		0.20			0.35			0.02
Less dividends and distributions:
Dividends from net investment income		(0.03	)		(0.06	)		(0.15	)		(0.26	)		—
Distributions from net realized gains		—			(0.01	)		(0.01	)		(0.00	) ^(c)		—
Total distributions		(0.03	)		(0.07	)		(0.16	)		(0.26	)		—
Net asset value, end of period	$	9.76		$	10.05		$	10.15		$	10.11		$	10.02
Total Return		(2.58	)% ^(d)		(0.23	)%		2.05	%		3.57	%		0.20	% ^(d)
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	6,201		$	11,896		$	2,989		$	915		$	200
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.49	% ^(e)		0.49	%		0.49	%		0.49	%		0.49	% ^(e)
Without fee waivers/reimbursements		0.79	% ^(e)		0.80	%		1.18	%		4.13	%		9.96	% ^(e)(f)
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.52	% ^(e)		0.45	%		1.23	%		2.50	%		2.39	% ^(e)
Without fee waivers/reimbursements		0.22	% ^(e)		0.14	%		0.54	%		(1.14	)%		(7.08	)% ^(e)(f)
Portfolio turnover rate		27	% ^(d)		46	%		47	%		32	%		0	% ^(d)

^(a)

Commenced operations on December 17, 2018.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

^(f)

Ratios before fee waivers for start up periods may not be representative of long term operating results. For the purpose of the ratio, audit and tax preparation fees have not been annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

121

Segall Bryant & Hamill Short Term Plus Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,
Institutional	(Unaudited)			2021			2020			2019			2018^(a)
Net asset value, beginning of period	$	10.07		$	10.16		$	10.11		$	10.02		$	10.00
Income (loss) from investment operations:
Net investment income^(b)		0.03			0.06			0.13			0.26			0.01
Net realized and unrealized gains (losses) on investments		(0.29	)		(0.07	)		0.09			0.09			0.01
Total from investment operations		(0.26	)		(0.01	)		0.22			0.35			0.02
Less dividends and distributions:
Dividends from net investment income		(0.04	)		(0.07	)		(0.16	)		(0.26	)		—
Distributions from net realized gains		—			(0.01	)		(0.01	)		(0.00	) ^(c)		—
Total distributions		(0.04	)		(0.08	)		(0.17	)		(0.26	)		—
Net asset value, end of period	$	9.77		$	10.07		$	10.16		$	10.11		$	10.02
Total Return		(2.63	)% ^(d)		(0.05	)%		2.18	%		3.62	%		0.20	% ^(d)
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	37,338		$	40,054		$	23,568		$	6,279		$	1,002
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.40	% ^(e)		0.40	%		0.40	%		0.40	%		0.40	% ^(e)
Without fee waivers/reimbursements		0.65	% ^(e)		0.68	%		1.03	%		3.68	%		9.74	% ^(e)(f)
Ratio of net investment income (loss) to average net assets
With fee waivers/reimbursements		0.63	% ^(e)		0.55	%		1.32	%		2.53	%		2.48	% ^(e)
Without fee waivers/reimbursements		0.38	% ^(e)		0.27	%		0.69	%		(0.75	)%		(6.86	)% ^(e)(f)
Portfolio turnover rate		27	% ^(d)		46	%		47	%		32	%		0	% ^(d)

^(a)

Commenced operations on December 17, 2018.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

^(f)

Ratios before fee waivers for start up periods may not be representative of long-term operating results. For the purpose of the ratio, audit and tax preparation fees have not been annualized.

See Notes to Financial Statements.

122	\| www.sbhfunds.com

Segall Bryant & Hamill Plus Bond Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	10.85		$	11.25		$	10.79		$	10.32		$	10.71		$	10.59
Income (loss) from investment operations:
Net investment income^(b)		0.12			0.23			0.27			0.33			0.33			0.34
Net realized and unrealized gains (losses) on investments		(1.33	)		(0.30	)		0.64			0.57			(0.36	)		0.16
Total from investment operations		(1.21	)		(0.07	)		0.91			0.90			(0.03	)		0.50
Less dividends and distributions:
Dividends from net investment income		(0.14	)		(0.26	)		(0.30	)		(0.36	)		(0.34	)		(0.37	)
Distributions from net realized gains		—			(0.07	)		(0.15	)		(0.07	)		(0.02	)		(0.01	)
Total distributions		(0.14	)		(0.33	)		(0.45	)		(0.43	)		(0.36	)		(0.38	)
Net asset value, end of period	$	9.50		$	10.85		$	11.25		$	10.79		$	10.32		$	10.71
Total Return		(11.21	)% ^(c)		(0.58	)%		8.49	%		8.79	%		(0.18	)%		4.74	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	364,120		$	466,063		$	594,559		$	598,220		$	915,824		$	1,056,835
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.55	% ^(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Without fee waivers/reimbursements		0.67	% ^(d)		0.67	%		0.68	%		0.73	%		0.76	%		0.77	%
Ratio of net investment income to average net assets
With fee waivers/reimbursements		2.49	% ^(d)		2.10	%		2.38	%		3.04	%		3.17	%		3.15	%
Without fee waivers/reimbursements		2.37	% ^(d)		1.98	%		2.25	%		2.86	%		2.96	%		2.93	%
Portfolio turnover rate		30	% ^(c)		54	%		59	%		52	%		59	%		38	%

^(a)

Prior to April 30, 2018 known as the Westcore Plus Bond Fund.

^(b)

Calculated using the average shares method.

^(c)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

123

Segall Bryant & Hamill Plus Bond Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Institutional	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	10.74		$	11.14		$	10.69		$	10.23		$	10.60		$	10.48
Income (loss) from investment operations:
Net investment income^(b)		0.13			0.25			0.28			0.34			0.34			0.35
Net realized and unrealized gains (losses) on investments		(1.32	)		(0.30	)		0.64			0.56			(0.34	)		0.15
Total from investment operations		(1.19	)		(0.05	)		0.92			0.90			0.00	(c)		0.50
Less dividends and distributions:
Dividends from net investment income		(0.15	)		(0.28	)		(0.32	)		(0.37	)		(0.35	)		(0.37	)
Distributions from net realized gains		—			(0.07	)		(0.15	)		(0.07	)		(0.02	)		(0.01	)
Total distributions		(0.15	)		(0.35	)		(0.47	)		(0.44	)		(0.37	)		(0.38	)
Net asset value, end of period	$	9.40		$	10.74		$	11.14		$	10.69		$	10.23		$	10.60
Total Return		(11 17	)% ^(d)		(0.44	)%		8.65	%		8.90	%		0.06	%		4.81	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	443,638		$	589,074		$	525,992		$	427,395		$	307,253		$	229,912
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.40	% ^(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Without fee waivers/reimbursements		0.51	% ^(e)		0.51	%		0.51	%		0.55	%		0.56	%		0.56	%
Ratio of net investment income to average net assets
With fee waivers/reimbursements		2.64	% ^(e)		2.24	%		2.53	%		3.14	%		3.33	%		3.29	%
Without fee waivers/reimbursements		2.53	% ^(e)		2.13	%		2.42	%		2.99	%		3.17	%		3.13	%
Portfolio turnover rate		30	% ^(d)		54	%		59	%		52	%		59	%		38	%

^(a)

Prior to April 30, 2018 known as the Westcore Plus Bond Fund.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 per share.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

See Notes to Financial Statements.

124	\| www.sbhfunds.com

Segall Bryant & Hamill Quality High Yield Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	9.21		$	9.24		$	8.97		$	8.40		$	8.99		$	8.86
Income (loss) from investment operations:
Net investment income^(b)		0.15			0.30			0.34			0.43			0.40			0.41
Net realized and unrealized gains (losses) on investments		(1.26	)		(0.01	)		0.29			0.58			(0.59	)		0.13
Total from investment operations		(1 11)			0.29			0.63			1.01			(0.19	)		0.54
Less dividends and distributions:
Dividends from net investment income		(0.16	)		(0.32	)		(0.36	)		(0.44	)		(0.40	)		(0.41	)
Net asset value, end of period	$	7.94		$	9.21		$	9.24		$	8.97		$	8.40		$	8.99
Total Return		(12.13	)% ^(c)		3.14	%		7.31	%		12.21	%		(2.19	)%		6.18%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	32,407		$	39,879		$	42,227		$	39,692		$	43,045		$	58,486
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.85	% ^(d)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Without fee waivers/reimbursements		0.87	% ^(d)		0.88	%		0.95	%		0.98	%		0.99	%		0.98	%
Ratio of net investment income to average net assets
With fee waivers/reimbursements		3.59	% ^(d)		3.30	%		3.84	%		4.86	%		4.52	%		4.52	%
Without fee waivers/reimbursements		3.57	% ^(d)		3.27	%		3.74	%		4.73	%		4.38	%		4.39	%
Portfolio turnover rate		12	% ^(c)		25	%		57	%		41	%		21	%		37	%

^(a)

Prior to April 30, 2018 known as the Westcore Flexible Income Fund.

^(b)

Calculated using the average shares method.

^(c)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

125

Segall Bryant & Hamill Quality High Yield Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Institutional	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	9.10		$	9.13		$	8.87		$	8.29		$	8.88		$	8.75
Income (loss) from investment operations:
Net investment income^(b)		0.16			0.32			0.35			0.44			0.40			0.42
Net realized and unrealized gains (losses) on investments		(1.25	)		(0.02	)		0.28			0.57			(0.58	)		0.13
Total from investment operations		(1.09	)		0.30			0.63			1.01			(0.18	)		0.55
Less dividends and distributions:
Dividends from net investment income		(0.17	)		(0.33	)		(0.37	)		(0.43	)		(0.41	)		(0.42	)
Net asset value, end of period	$	7 84		$	9.10		$	9.13		$	8.87		$	8.29		$	8.88
Total Return		(12.10	)% ^(c)		3.33	%		7.40	%		12.40	%		(2.12	)%		6.35	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	45,717		$	62,127		$	40,912		$	21,680		$	12,962		$	20,734
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.70	% ^(d)		0.70	%		0.70	%		0.70	%		0.69	%		0.68	%
Without fee waivers/reimbursements		0.75	% ^(d)		0.76	%		0.82	%		0.83	%		0.81	%		0.78	%
Ratio of net investment income to average net assets
With fee waivers/reimbursements		3.73	% ^(d)		3.43	%		3.99	%		4.99	%		4.68	%		4.67	%
Without fee waivers/reimbursements		3.68	% ^(d)		3.37	%		3.87	%		4.86	%		4.56	%		4.57	%
Portfolio turnover rate		12	% ^(c)		25	%		57	%		41	%		21	%		37	%

^(a)

Prior to April 30, 2018 known as the Westcore Flexible Income Fund.

^(b)

Calculated using the average shares method.

^(c)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)

Annualized.

See Notes to Financial Statements.

126	\| www.sbhfunds.com

Segall Bryant & Hamill Municipal Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	11.02		$	11.01		$	10.67		$	10.38		$	10.61		$	10.15
Income (loss) from investment operations:
Net investment income^(b)		0.09			0.18			0.24			0.29			0.35			0.32
Net realized and unrealized gains (losses) on investments		(1.21	)		0.12			0.44			0.43			(0.23	)		0.53
Total from investment operations		(1.12	)		0.30			0.68			0.72			0.12			0.85
Less dividends and distributions:
Dividends from net investment income		(0.14	)		(0.27	)		(0.30	)		(0.35	)		(0.34	)		(0.31	)
Distributions from net realized gains		—			(0.02	)		(0.04	)		(0.08	)		(0.01	)		(0.08	)
Total distributions		(0.14	)		(0.29	)		(0.34	)		(0.43	)		(0.35	)		(0.39	)
Net asset value, end of period	$	9.76		$	11.02		$	11.01		$	10.67		$	10.38		$	10.61
Total Return		(10.23	)% ^(d)		2.72	%		6.54	%		7.00	%		1.23	%		8.44	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	39,141		$	42,056		$	28,344		$	11,399		$	6,405		$	2,709
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.65	% ^(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Without fee waivers/reimbursements		0.72	% ^(e)		0.74	%		0.80	%		0.94	%		1.09	%		3.09	% ^(c)
Ratio of net investment income to average net assets
With fee waivers/reimbursements		1 78	% ^(e)		1 64%			2.17	%		2.73	%		3.40	%		2.99	%
Without fee waivers/reimbursements		1 71	% ^(e)		1 55%			2.02	%		2.44	%		2.96	%		0.55	% ^(c)
Portfolio turnover rate		142	% ^(d)		37	%		101	%		114	%		188	%		284	%

^(a)

Prior to April 30, 2018 known as the Westcore Municipal Opportunities Fund.

^(b)

Calculated using the average shares method.

^(c)

Ratios before fee waivers for start up periods may not be representative of long-term operating results.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

127

Segall Bryant & Hamill Municipal Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Institutional	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	11.03		$	11.02		$	10.68		$	10.39		$	10.62		$	10.15
Income (loss) from investment operations:
Net investment income^(b)		0.10			0.19			0.25			0.31			0.37			0.34
Net realized and unrealized gains (losses) on investments		(1.21	)		0.12			0.45			0.43			(0.23	)		0.53
Total from investment operations		(1 11)			0.31			0.70			0.74			0.14			0.87
Less dividends and distributions:
Dividends from net investment income		(0.15	)		(0.28	)		(0.32	)		(0.37	)		(0.36	)		(0.32	)
Distributions from net realized gains		—			(0.02	)		(0.04	)		(0.08	)		(0.01	)		(0.08	)
Total distributions		(0.15	)		(0.30	)		(0.36	)		(0.45	)		(0.37	)		(0.40	)
Net asset value, end of period	$	9.77		$	11.03		$	11.02		$	10.68		$	10.39		$	10.62
Total Return		(10.15	)% ^(d)		2.87	%		6.71	%		7.19	%		1.36	%		8.68	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	228,717		$	233,490		$	145,819		$	62,358		$	35,204		$	21,371
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.50	% ^(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.40	%
Without fee waivers/reimbursements		0.55	% ^(e)		0.57	%		0.62	%		0.76	%		0.91	%		2.29	% ^(c)
Ratio of net investment income to average net assets
With fee waivers/reimbursements		1.93	% ^(e)		1 74%			2.32	%		2.90	%		3.51	%		3.24	%
Without fee waivers/reimbursements		1.88	% ^(e)		1 67%			2.20	%		2.64	%		3.10	%		1.35	% ^(c)
Portfolio turnover rate		142	% ^(d)		37	%		101	%		114	%		188	%		284	%

^(a)

Prior to April 30, 2018 known as the Westcore Municipal Opportunities Fund.

^(b)

Calculated using the average shares method.

^(c)

Ratios before fee waivers for start up periods may not be representative of long-term operating results.

^(d)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)

Annualized.

See Notes to Financial Statements.

128	\| www.sbhfunds.com

Segall Bryant & Hamill Colorado Tax Free Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Retail	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	11.91		$	11.95		$	11.69		$	11.30		$	11 58		$	11.32
Income (loss) from investment operations:
Net investment income^(b)		0.10			0.17			0.24			0.27			0.35			0.32
Net realized and unrealized gains (losses) on investments		(1 10)			0.05			0.34			0.47			(0.28	)		0.26
Total from investment operations		(1.00	)		0.22			0.58			0.74			0.07			0.58
Less dividends and distributions:
Dividends from net investment income		(0.15	)		(0.26	)		(0.32	)		(0.35	)		(0.35	)		(0.32	)
Net asset value, end of period	$	10.76		$	11.91		$	11.95		$	11.69		$	11.30		$	11 58
Total Return		(8.47	)% ^(c)		1.87%			5.08	%		6.62	%		0.60	%		5.21	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	168,567		$	216,617		$	205,285		$	161,755		$	176,020		$	193,426
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.65	% ^(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Without fee waivers/reimbursements		0.68	% ^(d)		0.68	%		0.70	%		0.77	%		0.82	%		0.82	%
Ratio of net investment income to average net assets
With fee waivers/reimbursements		1.82	% ^(d)		1.44	%		2.00	%		2.29	%		3.05	%		2.80	%
Without fee waivers/reimbursements		1 79	% ^(d)		1.41	%		1.95	%		2.17	%		2.88	%		2.63	%
Portfolio turnover rate		30	% ^(c)		15	%		71	%		30	%		47	%		64	%

^(a)

Prior to April 30, 2018 known as the Westcore Colorado Tax-Exempt Fund.

^(b)

Calculated using the average shares method.

^(c)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

129

Segall Bryant & Hamill Colorado Tax Free Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			December 31,			December 31,			December 31,			December 31,			December 31,
Institutional	(Unaudited)			2021			2020			2019			2018^(a)			2017
Net asset value, beginning of period	$	11.96		$	12.00		$	11.73		$	11.33		$	11 61		$	11.34
Income (loss) from investment operations:
Net investment income^(b)		0.11			0.19			0.25			0.28			0.36			0.34
Net realized and unrealized gains (losses) on investments		(1 12)			0.05			0.36			0.48			(0.28	)		0.26
Total from investment operations		(1.01	)		0.24			0.61			0.76			0.08			0.60
Less dividends and distributions:
Dividends from net investment income		(0.15	)		(0.28	)		(0.34	)		(0.36	)		(0.36	)		(0.33	)
Net asset value, end of period	$	10.80		$	11.96		$	12.00		$	11.73		$	11.33		$	11 61
Total Return		(8.45	)% ^(c)		2.01	%		5.29	%		6.80	%		0.73	%		5.34	%
Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	302,076		$	370,546		$	289,774		$	214,996		$	96,615		$	79,263
Ratio of expenses to average net assets
With fee waivers/reimbursements		0.50	% ^(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Without fee waivers/reimbursements		0.53	% ^(d)		0.52	%		0.55	%		0.61	%		0.63	%		0.64	%
Ratio of net investment income to average net assets
With fee waivers/reimbursements		1.97	% ^(d)		1 54%			2.15	%		2.41	%		3.20	%		2.96	%
Without fee waivers/reimbursements		1.94	% ^(d)		1.52	%		2.10	%		2.30	%		3.07	%		2.82	%
Portfolio turnover rate		30	% ^(c)		15	%		71	%		30	%		47	%		64	%

^(a)

Prior to April 30, 2018 known as the Westcore Colorado Tax-Exempt Fund.

^(b)

Calculated using the average shares method.

^(c)

Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)

Annualized.

See Notes to Financial Statements.

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Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

1. ORGANIZATION

Segall Bryant & Hamill Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company. Interests in 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 Fundamental International Small Cap Fund, Segall Bryant & Hamill Global All Cap Fund, Segall Bryant & Hamill Workplace Equality Fund, 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 (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. 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 Fundamental International Small Cap Fund, Segall Bryant & Hamill Global All Cap and Segall Bryant & Hamill Workplace Equality 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 Emerging Markets Fund and Segall Bryant & Hamill Colorado Tax Free Fund, which are non-diversified) are diversified portfolios of the Trust for the purposes of the Investment Company Act of 1940, as amended (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.

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.

New Accounting Pronouncement – In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank -offered based reference rates at the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. The Funds will consider this optional guidance prospectively, if applicable.

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. As of June 30, 2022, 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

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131

Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

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.

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.

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 or under the direction of the Board of Trustees. Factors which may be considered when determining the value of a security include (a) the fundamental data relating to the investment; (b) an evaluation of the forces which influence the market in which the security is sold, including the liquidity and depth of the market; (c) the market value at date of purchase; (d) information as to any transactions or offers with respect to the security or comparable securities; and (e) any other relevant matters.

Securities Traded on Foreign Exchanges – All of the Funds, except the Segall Bryant & Hamill Colorado Tax Free Fund, may invest at least a portion of their assets in foreign securities. As of June 30, 2022, 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 Fundamental International Small Cap Fund and Segall Bryant & Hamill Global All Cap Fund. In the event that a Fund executes a security transaction on a foreign exchange, the Fund will generally enter into a foreign currency contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks. The accounting records of the Funds are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.

The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Federal Income Taxes – No provision for income taxes is included in the accompanying financial statements, as the Funds intend to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

As of and during the six months ended June 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2022, 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.

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Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

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.

3. CERTAIN INVESTMENTS AND ASSOCIATED RISKS

Market, Credit and Counterparty Risk – In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all of its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional, national or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Country Risk – As of June 30, 2022, the Segall Bryant & Hamill Emerging Markets Fund invested a significant percentage of its assets in China; and the Segall Bryant & Hamill International Small Cap Fund invested a significant percentage of its assets in Japan. Therefore, they may be more affected by economic developments and currency fluctuations in these countries.

Sector Concentration Risk – The Funds may concentrate investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which a Fund’s investments are concentrated, the Fund may perform poorly during that period. Refer to each Fund’s Statement of Investments for its particular concentration in the various sectors.

4. SHARES OF BENEFICIAL INTEREST

On June 30, 2022, 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:

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2022			December 31, 2021
Segall Bryant & Hamill Small Cap Value Fund
Retail:
Shares Sold		47,718			202,728
Shares issued in Reinvestment of Distributions		—			27,558
Total		47,718			230,286
Less Shares Redeemed		(40,129	)		(98,009	)
Net Increase		7,589			132,277
Institutional:
Shares Sold		12,122,804			22,217,491
Shares issued in Reinvestment of Distributions		—			1,408,276
Total		12,122,804			23,625,767
Less Shares Redeemed		(7,779,684	)		(14,266,912	)
Net Increase		4,343,120			9,358,855

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133

Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2022			December 31, 2021
Segall Bryant & Hamill Small Cap Growth Fund
Retail:
Shares Sold		1,096,452			2,192,952
Shares issued in Reinvestment of Distributions		—			—
Total		1,096,452			2,192,952
Less Shares Redeemed		(488,524	)		(428,468	)
Net Increase		607,928			1,764,484
Institutional:
Shares Sold		1,886,097			3,723,238
Shares issued in Reinvestment of Distributions		—			—
Total		1,886,097			3,723,238
Less Shares Redeemed		(2,676,859	)		(930,086	)
Net Increase (Decrease)		(790,762	)		2,793,152
Segall Bryant & Hamill Small Cap Core Fund
Retail:
Shares Sold		27,956			103,776
Shares issued in Reinvestment of Distributions		—			23,430
Total		27,956			127,206
Less Shares Redeemed		(90,719	)		(335,452	)
Net Decrease		(62,763	)		(208,246	)
Institutional:
Shares Sold		981,417			55,967
Shares issued in Reinvestment of Distributions		—			429,123
Total		981,417			485,090
Less Shares Redeemed		(40,581	)		(149,348	)
Net Increase		940,836			335,742

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2022			December 31, 2021
Segall Bryant & Hamill All Cap Fund
Retail:
Shares Sold		629			10,114
Shares issued in Reinvestment of Distributions		—			4,071
Total		629			14,185
Less Shares Redeemed		(462	)		(1,967	)
Net Increase		167			12,218
Institutional:
Shares Sold		348,569			1,214,703
Shares issued in Reinvestment of Distributions		—			805,081
Total		348,569			2,019,784
Less Shares Redeemed		(859,878	)		(2,440,979	)
Net Decrease		(511,309	)		(421,195	)

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Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2022			December 31, 2021
Segall Bryant & Hamill Emerging Markets Fund
Retail:
Shares Sold		96,219			97,339
Shares issued in Reinvestment of Distributions		—			16,926
Total		96,219			114,265
Less Shares Redeemed		(171,485	)		(84,384	)
Net Increase (Decrease)		(75,266	)		29,881
Institutional:
Shares Sold		179,836			1,015,693
Shares issued in Reinvestment of Distributions		—			180,095
Total		179,836			1,195,788
Less Shares Redeemed		(436,536	)		(142,059	)
Net Increase (Decrease)		(256,700	)		1,053,729
Segall Bryant & Hamill International Small Cap Fund
Retail:
Shares Sold		23,707			69,291
Shares issued in Reinvestment of Distributions		17,933			56,832
Total		41,640			126,123
Less Shares Redeemed		(1,420,686	)		(1,994,358	)
Net Decrease		(1,379,046	)		(1,868,235	)
Institutional:
Shares Sold		451,022			1,574,949
Shares issued in Reinvestment of Distributions		163,902			471,234
Total		614,924			2,046,183
Less Shares Redeemed		(455,469	)		(3,655,446	)
Net Increase		159,455			(1,609,263	)

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2022			December 31, 2021
Segall Bryant & Hamill Fundamental International Small Cap Fund
Retail:
Shares Sold		187,076			493,735
Shares issued in Reinvestment of Distributions		—			144,895
Total		187,076			638,630
Less Shares Redeemed		(409,739	)		(378,627	)
Net Increase (Decrease)		(222,663	)		260,003
Institutional:
Shares Sold		813,572			1,509,713
Shares issued in Reinvestment of Distributions		—			147,769
Total		813,572			1,657,482
Less Shares Redeemed		(683,608	)		(389,609	)
Net Increase		129,964			1,267,873
Segall Bryant & Hamill Global All Cap Fund
Retail:
Shares Sold		3,175			16,244
Shares issued in Reinvestment of Distributions		—			175,562
Total		3,175			191,806
Less Shares Redeemed		(100,130	)		(580,133	)
Net Decrease		(96,955	)		(388,327	)

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135

Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2022			December 31, 2021
Institutional:
Shares Sold		1,322			114,822
Shares issued in Reinvestment of Distributions		—			28,009
Total		1,322			142,831
Less Shares Redeemed		(264,577	)		(60,824	)
Net Increase (Decrease)		(263,255	)		82,007
Segall Bryant & Hamill Workplace Equality Fund
Retail:
Shares Sold		58,771			155,100
Shares issued in Reinvestment of Distributions		—			105,484
Total		58,771			260,584
Less Shares Redeemed		(190,936	)		(169,915	)
Net Increase (Decrease)		(132,165	)		90,669
Institutional:
Shares Sold		130,955			588,224
Shares issued in Reinvestment of Distributions		—			157,394
Total		130,955			745,618
Less Shares Redeemed		(16,692	)		(179,809	)
Net Increase		114,263			565,809

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2022			December 31, 2021
Segall Bryant & Hamill Short Term Plus Fund
Retail:
Shares Sold		52,335			1,226,366
Shares issued in Reinvestment of Distributions		2,590			5,471
Total		54,925			1,231,837
Less Shares Redeemed		(602,477	)		(343,254	)
Net Increase (Decrease)		(547,552	)		888,583
Institutional:
Shares Sold		604,352			3,317,870
Shares issued in Reinvestment of Distributions		13,733			27,487
Total		618,085			3,345,357
Less Shares Redeemed		(775,100	)		(1,686,877	)
Net Increase (Decrease)		(157,015	)		1,658,480
Segall Bryant & Hamill Plus Bond Fund
Retail:
Shares Sold		2,309,850			6,254,334
Shares issued in Reinvestment of Distributions		565,430			1,377,765
Total		2,875,280			7,632,099
Less Shares Redeemed		(7,499,698	)		(17,544,787	)
Net Decrease		(4,624,418	)		(9,912,688	)
Institutional:
Shares Sold		5,641,702			18,332,140
Shares issued in Reinvestment of Distributions		697,314			1,578,176
Total		6,339,016			19,910,316
Less Shares Redeemed		(14,001,793	)		(12,301,097	)
Net Increase (Decrease)		(7,662,777	)		7,609,219

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Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2022			December 31, 2021
Segall Bryant & Hamill Quality High Yield Fund
Retail:
Shares Sold		189,879			686,553
Shares issued in Reinvestment of Distributions		76,084			144,558
Total		265,963			831,111
Less Shares Redeemed		(513,502	)		(1,071,289	)
Net Decrease		(247,539	)		(240,178	)
Institutional:
Shares Sold		810,103			2,917,981
Shares issued in Reinvestment of Distributions		128,520			207,858
Total		938,623			3,125,839
Less Shares Redeemed		(1,935,382	)		(778,890	)
Net Increase (Decrease)		(996,759	)		2,346,949
Segall Bryant & Hamill Municipal Opportunities Fund
Retail:
Shares Sold		2,087,845			2,360,437
Shares issued in Reinvestment of Distributions		49,409			70,841
Total		2,137,254			2,431,278
Less Shares Redeemed		(1,944,318	)		(1,188,474	)
Net Increase		192,936			1,242,804
Institutional:
Shares Sold		13,192,702			10,832,665
Shares issued in Reinvestment of Distributions		332,175			463,451
Total		13,524,877			11,296,116
Less Shares Redeemed		(11,284,298	)		(3,354,752	)
Net Increase		2,240,579			7,941,364
Segall Bryant & Hamill Colorado Tax Free Fund
Retail:
Shares Sold		2,722,819			5,059,760
Shares issued in Reinvestment of Distributions		217,504			368,992
Total		2,940,323			5,428,752
Less Shares Redeemed		(5,452,278	)		(4,420,608	)
Net Increase (Decrease)		(2,511,955	)		1,008,144
Institutional:
Shares Sold		6,825,314			9,597,634
Shares issued in Reinvestment of Distributions		359,817			583,477
Total		7,185,131			10,181,111
Less Shares Redeemed		(10,195,447	)		(3,352,153	)
Net Increase (Decrease)		(3,010,316	)		6,828,958

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 Fundamental International Small Cap Fund, Segall Bryant & Hamill Global All Cap Fund and Segall Bryant & Hamill Workplace Equality 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. Prior to June 2022, distributions of net income were generally paid annually for Segall Bryant & Hamill International Small Cap Fund. Prior to May 1, 2021, distributions of net investment income were made quarterly for the Segall Bryant & Hamill Global All Cap Fund and Segall Bryant & Hamill Workplace Equality 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.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

137

Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

The tax character of the distributions paid during the periods ended June 30, 2022 and December 31, 2021 were as follows:

				Long-Term
Fund	Period Ended	Ordinary Income*		Capital Gains		Tax-Exempt Income
Segall Bryant & Hamill Small Cap Value Fund	6/30/2022	$	—	$	—	$	—
	12/31/2021		16,606,782		10,404,575		—
Segall Bryant & Hamill Small Cap Growth Fund	6/30/2022		—		—		—
	12/31/2021		—		—		—
Segall Bryant & Hamill Small Cap Core Fund	6/30/2022		—		—		—
	12/31/2021		1,802,628		6,882,637		—
Segall Bryant & Hamill All Cap Fund	6/30/2022		—		—		—
	12/31/2021		4,099,620		15,286,337		—
Segall Bryant & Hamill Emerging Markets Fund	6/30/2022		—		—		—
	12/31/2021		1,805,148		1,221,048		—
Segall Bryant & Hamill International Small Cap Fund	6/30/2022		2,126,108		—		—
	12/31/2021		8,258,628		—		—
Segall Bryant & Hamill Fundamental International Small Cap Fund	6/30/2022		—		—		—
	12/31/2021		1,002,459		5,906,123		—
Segall Bryant & Hamill Global All Cap Fund	6/30/2022		—		—		—
	12/31/2021		1,598,070		674,258		—
Segall Bryant & Hamill Workplace Equality Fund	6/30/2022		—		—		—
	12/31/2021		906,387		1,159,602		—
Segall Bryant & Hamill Short Term Plus Fund	6/30/2022		166,144		—		—
	12/31/2021		323,124		19,922		—
Segall Bryant & Hamill Plus Bond Fund	6/30/2022		13,221,395		—		—
	12/31/2021		27,243,919		6,776,101		—
Segall Bryant & Hamill Quality High Yield Fund	6/30/2022	$	1,782,190	$	—	$	—
	12/31/2021		3,316,122		—		—
Segall Bryant & Hamill Municipal Opportunities Fund	6/30/2022		—		—		4,036,947
	12/31/2021		1,164,651		—		5,002,947
Segall Bryant & Hamill Colorado Tax Free Fund	6/30/2022		—		—		7,003,418
	12/31/2021		506,229		—		11,874,115

*	Ordinary income distributions for federal income tax purposes includes distributions from net investment income and short-term capital gains.

As of June 30, 2022, net unrealized appreciation (depreciation) on investments based on federal tax cost was as follows:

	Segall Bryant &			Segall Bryant &			Segall Bryant &			Segall Bryant &			Segall Bryant &
	Hamill Small Cap			Hamill Small Cap			Hamill Small Cap			Hamill All Cap			Hamill Emerging
	Value Fund			Growth Fund			Core Fund			Fund			Markets Fund
Tax cost of portfolio investments	$	531,553,394		$	187,956,629		$	45,515,629		$	91,400,368		$	48,588,779
Gross unrealized appreciation		70,181,677			19,497,937			3,209,886			48,848,262			5,478,202
Gross unrealized depreciation		(83,008,827	)		(52,218,675	)		(3,682,799	)		(6,343,929	)		(7,651,339	)
Net unrealized appreciation (depreciation) on portfolio investments	$	(12,827,150	)	$	(32,720,738	)	$	(472,913	)	$	42,504,333		$	(2,173,137	)

							Segall Bryant
				Segall Bryant			& Hamill
				& Hamill			Fundamental			Segall Bryant &			Segall Bryant &
				International			International			Hamill Global All			Hamill Workplace
				Small Cap Fund			Small Cap Fund			Cap Fund			Equality Fund
Tax cost of portfolio investments				$	125,674,033		$	70,535,726		$	24,072,179		$	21,680,163
Gross unrealized appreciation					7,615,468			5,935,809			3,813,012			2,524,479
Gross unrealized depreciation					(20,791,444	)		(22,290,782	)		(1,885,697	)		(2,153,356	)
Net unrealized appreciation (depreciation) on portfolio investments				$	(13,175,976	)	$	(16,354,973	)	$	1,927,315		$	371,123

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Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

										Segall Bryant &
	Segall Bryant &			Segall Bryant &			Segall Bryant &			Hamill Municipal			Segall Bryant &
	Hamill Short Term			Hamill Plus Bond			Hamill Quality			Opportunities			Hamill Colorado
	Plus Bond Fund			Fund			High Yield Fund			Fund			Tax Free Fund
Tax cost of portfolio investments	$	44,072,178		$	874,928,274		$	88,685,828		$	270,673,094		$	475,420,783
Gross unrealized appreciation		1,981			2,216,760			144,111			238,874			1,201,160
Gross unrealized depreciation		(1,586,713	)		(80,771,209	)		(11,474,467	)		(19,097,403	)		(37,563,031	)
Net unrealized depreciation on portfolio investments	$	(1,584,732	)	$	(78,554,449	)	$	(11,330,356	)	$	(18,858,529	)	$	(36,361,871	)

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, 2021, the components of distributable earnings (deficit) on a tax basis were as follows:

	Segall Bryant &			Segall Bryant &			Segall Bryant &			Segall Bryant &			Segall Bryant &
	Hamill Small Cap			Hamill Small Cap			Hamill Small Cap			Hamill All Cap			Hamill Emerging
	Value Fund			Growth Fund			Core Fund			Fund			Markets Fund
Undistributed ordinary income	$	1,388,983		$	—		$	—		$	—		$	—
Undistributed long term capital gains		4,988,247			—			957,880			3,172,411			—
Accumulated capital and other losses		(13,036,768	)		(36,057,239	)		—			(583,079	)		(909,551	)
Net unrealized appreciation on investments		115,418,656			38,778,374			17,761,913			89,519,518			5,955,162
Net unrealized appreciation on foreign currency		—			—			—			—			1,707
Other temporary differences		(66,579	)		(35,781	)		(979	)		(3,431	)		(1,033	)
Total accumulated earnings	$	108,692,539		$	2,685,354		$	18,718,814		$	92,105,419		$	5,046,285

				Segall Bryant
	Segall Bryant			& Hamill
	& Hamill			Fundamental			Segall Bryant &			Segall Bryant &			Segall Bryant
	International			International			Hamill Global All			Hamill Workplace			& Hamill Short
	Small Cap Fund			Small Cap Fund			Cap Fund			Equality Fund			Term Plus Fund
Undistributed ordinary income	$	—		$	—		$	—		$	—		$	235
Undistributed long term capital gains		—			5,998,042			494,425			204,765			—
Accumulated capital and other losses		(74,551,846	)		(674,851	)		—			(126,634	)		—
Net unrealized appreciation (depreciation) on investments		15,111,182			18,919,229			10,583,821			7,007,992			(297,926	)
Net unrealized appreciation (depreciation) on foreign currency		(3,962	)		10,340			(151	)		—			—
Other temporary differences		(3,448	)		(30,273	)		(25,211	)		(26,952	)		(722	)
Total accumulated earnings (deficit)	$	(59,448,074	)	$	24,222,487		$	11,052,884		$	7,059,171		$	(298,413	)

							Segall Bryant &
	Segall Bryant &			Segall Bryant &			Hamill Municipal			Segall Bryant &
	Hamill Plus Bond			Hamill Quality			Opportunities			Hamill Colorado
	Fund			High Yield Fund			Fund			Tax Free Fund
Undistributed ordinary income	$	—		$	8,238		$	—		$	—
Undistributed tax-exempt income		—			—			289			—
Accumulated capital and other losses		(188,466	)		(8,316,184	)		(31,913	)		(490,875	)
Net unrealized appreciation on investments		35,062,005			1,983,857			4,663,083			13,784,412
Other temporary differences		(240,753	)		(28,874	)		(3,988	)		(35,115	)
Total accumulated earnings (deficit)	$	34,632,786		$	(6,352,963	)	$	4,627,471		$	13,258,422

Other Temporary Differences is primarily related to deferred Trustee compensation.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

139

Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of December 31, 2021, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
Segall Bryant & Hamill Small Cap Value Fund	$	8,021,430	$	5,015,338
Segall Bryant & Hamill Small Cap Growth Fund		36,057,239		—
Segall Bryant & Hamill International Small Cap Fund		59,016,421		15,493,926
Segall Bryant & Hamill Quality High Yield Fund		27,226		8,288,958
Segall Bryant & Hamill Colorado Tax Free Fund		225,727		265,148

As a result of the acquisition of the Segall Bryant & Hamill Small Cap Value Dividend Fund (the “target fund”), the Segall Bryant & Hamill Small Cap Value Fund (the “acquiring” fund) acquired the capital loss carry forward balances from the target fund totaling $13,279,390 ($8,170,713 short term and $5,108,677 long-term). The acquiring fund is eligible to utilize these amounts to offset future capital gains subject to annual limitations under IRC Section 382 of $242,622.

The Funds recharacterize distributions received from Real Estate Investment Trust (“REIT”) investments based on information provided by the REIT into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be estimated based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.

As a result of several court cases in certain countries across the European Union (“EU”), some Funds may file European tax reclaims for previously withheld taxes on dividends earned in those countries. These additional filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the EU, as well as a number of related judicial proceedings. If any such reclaims are received, they are reflected as dividend income 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 Segall Bryant & Hamill, LLC (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 Fundamental International Small Cap Fund		1.00%
Segall Bryant & Hamill Global All Cap Fund		0.65%
Segall Bryant & Hamill Workplace Equality 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%

Ultimus Fund Solutions LLC (“Ultimus”) and the Adviser serve as the Funds’ co-administrators (“Co-Administrators”). Ultimus and the Adviser are entitled to receive a total fee from each Fund for their administrative services computed daily and payable monthly based on the average net assets of the Trust. The Adviser receives a portion that is calculated based on 0.01% on the average daily net assets of the Trust.

The administrative fees are allocated to each Fund based upon the Fund’s relative proportion of the Trust’s net assets, subject to certain minimums, and are disclosed in the Statements of Operations. During the six month ended June 30, 2022, the Adviser and Ultimus received $159,968 and $410,440, respectively, for their services to the Funds.

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Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

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 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.

Until at least April 30, 2023, 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, brokerage expenses, 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:

Fund	Retail Class	Institutional Class
Segall Bryant & Hamill Small Cap Value Fund	1.14%	0.99%
Segall Bryant & Hamill Small Cap Growth Fund	1.14%	0.99%
Segall Bryant & Hamill Small Cap Core Fund	1.14%	0.99%
Segall Bryant & Hamill All Cap Fund	0.99%	0.84%
Segall Bryant & Hamill Emerging Markets Fund	1.38%	1.23%
Segall Bryant & Hamill International Small Cap Fund	1.18%	1.03%
Segall Bryant & Hamill Fundamental International Small Cap Fund	1.25%	1.10%
Segall Bryant & Hamill Global All Cap Fund	0.89%	0.74%
Segall Bryant & Hamill Workplace Equality Fund	0.89%	0.74%
Segall Bryant & Hamill Short Term Plus Fund	0.49%	0.40%
Segall Bryant & Hamill Plus Bond Fund	0.55%	0.40%
Segall Bryant & Hamill Quality High Yield Fund	0.85%	0.70%
Segall Bryant & Hamill Municipal Opportunities Fund	0.65%	0.50%
Segall Bryant & Hamill Colorado Tax Free Fund	0.65%	0.50%

These amounts are not subject to recapture in future periods.

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 also the Treasurer of the Trust and an employee of the Adviser. The Trust agreed to have the Funds pay the portion of his compensation attributable for services rendered as the Trust’s Chief Compliance Officer.

The Trust has a Trustee Deferred Compensation Plan (the “Deferral Plan”) which allows the Trustees to defer the receipt of all or a portion of Trustees fees. Under the Deferral Plan, Trustee fees are paid and invested directly into shares of the Funds elected by the Trustees in the Deferral Plan. There is no future liability related to the balance in the Deferral Plan as such amounts are paid directly out of the respective capital accounts of the elected Funds. The amount paid to the Trustees under the Deferral Plan will be determined based upon the performance of the elected funds. The balance in the Deferral Plan as of June 30, 2022 is $681,190.

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.

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

141

Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

The three-tier hierarchy is summarized as follows:

Level 1 – Unadjusted Quoted Prices in active markets for identical investments

Level 2 – Other Significant Observable Inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments).

The following is a summary of each Fund’s investments and other financial instruments (if any) and the inputs used to value the investments and other financial instruments as of June 30, 2022:

Segall Bryant & Hamill Small Cap Value Fund

	Level 1		Level 2			Level 3			Total
Common Stocks	$	518,726,244	$	—		$	—		$	518,726,244
Total	$	518,726,244	$	—		$	—		$	518,726,244

Segall Bryant & Hamill Small Cap Growth Fund

	Level 1		Level 2			Level 3			Total
Common Stocks	$	155,235,891	$	—		$	—		$	155,235,891
Total	$	155,235,891	$	—		$	—		$	155,235,891

Segall Bryant & Hamill Small Cap Core Fund

	Level 1		Level 2			Level 3			Total
Common Stocks	$	45,042,716	$	—		$	—		$	45,042,716
Total	$	45,042,716	$	—		$	—		$	45,042,716

Segall Bryant & Hamill All Cap Fund

	Level 1		Level 2			Level 3			Total
Common Stocks	$	133,904,701	$	—		$	—		$	133,904,701
Total	$	133,904,701	$	—		$	—		$	133,904,701

Segall Bryant & Hamill Emerging Markets Fund

	Level 1		Level 2			Level 3			Total
Common Stocks	$	9,577,688	$	35,819,466		$	376,688	*	$	45,773,842
Preferred Stocks		461,836		179,752			—	*		641,588
Warrants		—		213			—			213
Total	$	10,039,524	$	35,999,431		$	376,688		$	46,415,643

Segall Bryant & Hamill International Small Cap Fund

	Level 1		Level 2			Level 3			Total
Common Stocks	$	9,849,793	$	102,648,264		$	—	*	$	112,498,057
Total	$	9,849,793	$	102,648,264		$	—		$	112,498,057

Segall Bryant & Hamill Fundamental International Small Cap Fund

	Level 1		Level 2			Level 3			Total
Common Stocks	$	19,057,128	$	35,123,625		$	—		$	54,180,753
Total	$	19,057,128	$	35,123,625		$	—		$	54,180,753
Other Financial Instruments**
Forward Foreign Currency Contracts, Unrealized Gain	$	—	$	645,933		$	—		$	645,933
Forward Foreign Currency Contracts, Unrealized Loss		—		(718,463	)		—			(718,463	)
Total	$	—	$	(72,530	)	$	—		$	(72,530	)

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Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

Segall Bryant & Hamill Global All Cap Fund

	Level 1		Level 2		Level 3		Total
Common Stocks	$	20,921,423	$	5,078,071	$	—	$	25,999,494
Total	$	20,921,423	$	5,078,071	$	—	$	25,999,494

Segall Bryant & Hamill Workplace Equality Fund

	Level 1		Level 2		Level 3		Total
Common Stocks	$	22,051,286	$	—	$	—	$	22,051,286
Total	$	22,051,286	$	—	$	—	$	22,051,286

Segall Bryant & Hamill Short Term Plus Fund

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	34,817,045	$	—	$	34,817,045
Municipal Bonds		—		2,458,179		—		2,458,179
Commercial Mortgage-Backed Securities		—		430,359		—		430,359
U.S. Treasury Bonds & Notes		—		4,781,863		—		4,781,863
Total	$	—	$	42,487,446	$	—	$	42,487,446

Includes securities that have been fair valued at $0.

Other financial instruments are derivative financial instruments not reflected in the Statements of Investments. These forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Segall Bryant & Hamill Plus Bond Fund

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	402,264,779	$	—	$	402,264,779
Municipal Bonds		—		70,922,515		—		70,922,515
Asset Backed Securities		—		28,746,474		—		28,746,474
Residential Mortgage-Backed Securities		—		2,577,188		—		2,577,188
Mortgage-Backed Securities Passthrough		—		171,825,056		—		171,825,056
U.S. Treasury Bonds & Notes		—		120,037,813		—		120,037,813
Total	$	—	$	796,373,825	$	—	$	796,373,825

Segall Bryant & Hamill Quality High Yield Fund

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	77,355,472	$	—	$	77,355,472
Total	$	—	$	77,355,472	$	—	$	77,355,472

Segall Bryant & Hamill Municipal Opportunities Fund

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	234,594,019	$	—	$	234,594,019
U.S. Treasury Bonds & Notes		—		9,264,277		—		9,264,277
Corporate Bonds		—		7,956,269		—		7,956,269
Total	$	—	$	251,814,565	$	—	$	251,814,565

Segall Bryant & Hamill Colorado Tax Free Fund

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	439,058,912	$	—	$	439,058,912
Total	$	—	$	439,058,912	$	—	$	439,058,912

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

143

Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

The following is a reconciliation of Level 3 instruments of the Funds for which significant unobservable inputs were used to determine fair value for the six month ended June 30, 2022:

Segall Bryant & Hamill Emerging Markets Fund

									Change in
	Balance as of								Unrealized							Balance as of
	December 31,		Net				Realized		Appreciation			Transfer Into		Transfer Out		June 30,
Asset Type	2021		Purchases		Net Sales		Losses		(Depreciation)			Level 3		of Level 3		2022
Common Stocks	$	398,320	$	—	$	—	$	—	$	(21,632	)	$	—	$	—	$	376,688

Segall Bryant & Hamill International Small Cap Fund

									Change in
	Balance as of								Unrealized						Balance as of
	December 31,		Net				Realized		Appreciation		Transfer Into		Transfer Out		June 30,
Asset Type	2021		Purchases		Net Sales		Losses		(Depreciation)		Level 3		of Level 3		2022
Common Stocks	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2022:

Impact to

Fair Value as of

Valuation

Unobservable

Valuation from an

June 30, 2022

Technique

Input⁽¹⁾

Value/Range

Increase in Input⁽²⁾

Segall Bryant & Hamill Emerging Markets Fund

376,688

Adjusted trade price

Discount Factor

21%

Decrease

Segall Bryant & Hamill International Small Cap Fund

—

Adjusted trade price

Discount Factor

100%

Decrease

⁽¹⁾

The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. The Fund’s use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

⁽²⁾

This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

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 Funds utilize 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 Adviser believes the price provided is not reliable, securities of the Funds may be valued in good faith as described above in Note 2. In these instances, the co-administrators will typically seek input from the investment team of the Fund since they are typically the most knowledgeable of the relevant factors in valuing

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Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

the securities. The Adviser 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).

At least quarterly, the Adviser receives a report on the pricing for all fair valued securities during the period along with any actual sales prices, broker quotes and/or pricing from the independent pricing service. The Adviser uses this information to analyze changes in fair value measurements over the period and as a back test of pricing methods.

Then on at least a quarterly basis, the Adviser presents the factors considered in determining the fair value measurements and presents that information to the Audit Committee of the Board of Trustees which meets at least quarterly. The Audit Committee of the Board of Trustees then will provide a recommendation to the Board of Trustees for approval of the fair value measurements.

8. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

The Segall Bryant & Hamill Fundamental International Small Cap Fund may purchase or sell foreign currencies on a “spot” or cash basis at the prevailing rate in the foreign currency exchange market to settle investment transactions in the proper currency. In addition, this Fund may purchase or sell forward currency contracts to adjust the portfolio’s exposure to different currencies consistent with the investment team’s targets, which consider the currency weightings within the Fund’s benchmark index.

When entering into a spot or forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed upon price on an agreed future date. These contracts are valued at each portfolio valuation, and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the contractual rates at the dates of entry into the contracts and the spot or forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized gains and losses and change in unrealized appreciation and depreciation are included in the Statements of Operations. These instruments involve credit risk and market risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency exchange rates.

The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board of Trustees, or otherwise cover its position in a permissible manner.

During the six month ended June 30, 2022, the Fund had average forward foreign currency contract values to buy and sell of $38,205,056 and $38,795,706, respectively.

The effect of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2022 is as follows:

Segall Bryant & Hamill Fundamental International Small Cap Fund

	Asset Derivatives			Liability Derivatives
	Statement of Assets and			Statement of Assets and
Risk Exposure	Liabilities Location	Fair Value		Liabilities Location	Fair Value
Forward Foreign Currency Contracts (Foreign Exchange Rate Risk)	Unrealized gain on forward foreign currency contracts	$	645,933	Unrealized loss on forward foreign currency contracts	$	(718,463	)
Total		$	645,933		$	(718,463	)

The effect of derivative instruments on the Statements of Operations for the six month ended June 30, 2022 is as follows:

Segall Bryant & Hamill Fundamental International Small Cap Fund

					Change in
					Unrealized
					Appreciation
		Realized Losses			(Depreciation)
		on Derivatives			on Derivatives
		Recognized in			Recognized in
Risk Exposure	Statement of Operations Location	Income			Income
Forward Foreign Currency Contracts (Foreign Exchange Rate Risk)	Realized and unrealized gains (losses) on forward foreign currency contracts	$	(892,395	)	$	127,122
Total		$	(892,395	)	$	127,122

Semi-Annual Report | June 30, 2022 | (SEGALL BRYANT & HAMILL LOGO)

145

Segall Bryant & Hamill Funds	Notes to Financial Statements
	June 30, 2022 (Unaudited)

9. PURCHASES AND SALES OF INVESTMENTS

Investment transactions for the six month ended June 30, 2022 excluding long-term U.S. government securities and short-term investments were as follows:

	Purchases of		Proceeds from Sales
Fund	Securities		of Securities
Segall Bryant & Hamill Small Cap Value Fund	$	120,475,642	$	75,501,772
Segall Bryant & Hamill Small Cap Growth Fund		49,998,434		58,058,753
Segall Bryant & Hamill Small Cap Core Fund		15,441,535		9,667,237
Segall Bryant & Hamill All Cap Fund		28,059,562		37,634,874
Segall Bryant & Hamill Emerging Markets Fund		23,054,540		25,099,091
Segall Bryant & Hamill International Small Cap Fund		73,447,266		86,265,294
Segall Bryant & Hamill Fundamental International Small Cap Fund		23,561,705		24,384,898
Segall Bryant & Hamill Global All Cap Fund		4,875,358		8,908,786
Segall Bryant & Hamill Workplace Equality Fund		6,239,662		5,808,403
Segall Bryant & Hamill Short Term Plus Fund		5,813,940		12,637,040
Segall Bryant & Hamill Plus Bond Fund		147,542,862		244,087,962
Segall Bryant & Hamill Quality High Yield Fund		5,934,160		13,051,090
Segall Bryant & Hamill Municipal Opportunities Fund		210,471,373		195,206,442
Segall Bryant & Hamill Colorado Tax Free Fund		81,970,419		133,533,200

	Purchase of		Proceeds from
	Long Term U.S.		Sales of Long Term
	Government		U.S. Government
Fund	Obligations		Obligations
Segall Bryant & Hamill Short Term Plus Fund	$	835,172	$	300,000
Segall Bryant & Hamill Plus Bond Fund		—		15,377,424
Segall Bryant & Hamill Municipal Opportunities Fund		17,681,269		8,231,387

10. INDEMNIFICATIONS

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

11. SUBSEQUENT EVENTS

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

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Intentionally Left Blank

Segall Bryant & Hamill Trustees and Officers:

Janice M. Teague, Chair

Thomas J. Abood, Trustee

John A. DeTore, Trustee

Rick A. Pederson, Trustee

James A. Smith, Trustee

Lloyd “Chip” Voneiff, Trustee

Philip L. Hildebrandt, President

Jasper R. Frontz, Treasurer & Chief Compliance Officer

Jennifer L. Leamer, Asst. Treasurer

Maggie Bull, Secretary

(SEGALL BRYANT & HAMILL LOGO)

A description of the policies and procedures that Segall Bryant & Hamill Funds uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling toll-free (800) 392-2673; (ii) on the Funds’ website, www.sbhfunds.com; and (iii) on the Securities and Exchange Commission website at www.sec.gov.

Each Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) as of the end of the first and third quarters of each fiscal year as an exhibit to Form N-PORT within 60 days after each fiscal quarter-end. Copies of the Segall Bryant & Hamill Funds exhibits to Form N-PORT are available without a charge, upon request, by contacting Segall Bryant & Hamill Funds toll-free at (800) 392-2673 and on the SEC’s website at www.sec.gov.

FOR MORE INFORMATION ABOUT SEGALL BRYANT & HAMILL FUNDS, PLEASE CONTACT:

Segall Bryant & Hamill Funds | 225 Pictoria Drive, Suite 450 | Cincinnati, Ohio 45246

Individual Investors: (800) 392-2673 | Financial Advisors: (800) 734-9738 | www.sbhfunds.com

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-SAR-22

(b)

Not applicable

Item 2.

Code of Ethics.

Not applicable to semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not applicable to semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not applicable to semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable

Item 6.

Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Reports to Stockholders filed under Item 1 of this form.

(b)

Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10.

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 11.

Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) (the “1940 Act”) (17 CFR 270.30a-3(e)) are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) of 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of a date within 90 days of the filing date of this report.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270-30a-3(d)) that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable

Item 13.

Exhibits.

(a)(1) Not applicable to semi-annual report.

(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) The certifications required by Rule 30a-2(b) of the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

Exhibit 99.CERT	Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT	Certifications required by Rule 30a-2(b) under the Act

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)*	/s/ Philip L. Hildebrandt
	Philip L. Hildebrandt, President/Principal Executive Officer
Date	September 07, 2022

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)*	/s/ Philip L. Hildebrandt
	Philip L. Hildebrandt, President/Principal Executive Officer

Date	September 07, 2022

By (Signature and Title)*	/s/ Jasper R. Frontz
	Jasper R. Frontz, Treasurer/Principal Financial Officer

Date	September 07, 2022

^* Print the name and title of each signing officer under his or her signature.

Segall Bryant & Hamill Trust N-CSRSCertified semi-annual shareholder report (management investment company)