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.

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Value Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Mark T. Dickherber, CFA, CPA Portfolio Manager

Shaun P. Nicholson Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Small Cap Value Fund – Retail Class returned 0.80% against a return of -0.85% for the Russell 2000^® Value Index and 13.56% for the Fund’s regulatory broad-based securities market index, the Russell 3000^® Index.

For the first half of 2024, the three sectors that contributed most to the Fund’s returns on an absolute basis were Industrials, Information Technology, and Health Care. The Industrial sector continued to benefit from fiscal stimulus programs, re-shoring/on-shoring demand and the surging demand for data center build outs. Modine Manufacturing Co. was among the largest contributors to performance on an absolute basis. Modine performed well as new leadership pivoted to capitalize on data center cooling demand, which has seen that part of the business grow over 500%.

The three sectors that detracted most from the Fund’s returns on an absolute basis over the first half of 2024 were Financials, Consumer Staples, and Materials. Financials was an underperformer as the Federal Reserve kept interest rates higher for longer. V.F. Corporation was among the largest detractors from performance on an absolute basis. V.F. underperformed due to a slower timeline of asset sales that were expected to deleverage balance sheet debt.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$55	1.10%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Small Cap Value - Retail	Russell 3000^® Total Return Index	Russell 2000^® Value Index
Dec-2019	$10,000	$10,000	$10,000
Jun-2020	$8,395	$9,945	$7,864
Jun-2021	$12,555	$14,337	$13,627
Jun-2022	$10,509	$12,349	$11,408
Jun-2023	$11,522	$14,689	$12,094
Jun-2024	$12,235	$18,086	$13,411

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Modine Manufacturing Co.	1.44	1.18
REV Group, Inc.	2.47	1.10
SPX Technologies, Inc.	2.66	0.88
AZZ, Inc.	2.34	0.65
Belden, Inc.	2.26	0.46
Bottom 5
Compass Minerals International, Inc.	0.42	-0.37
Papa John's International, Inc.	0.87	-0.41
V.F. Corp.	2.13	-0.59
Mercury Systems, Inc.	1.93	-0.60
Galapagos N.V.	1.37	-0.66

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (12/09/2019)
SBH Small Cap Value - Retail	0.80%	6.19%	4.96%	6.19%	6.99%
Russell 3000^® Total Return Index	13.56%	23.13%	14.14%	12.15%	12.84%
Russell 2000^® Value Index	- 0.85%	10.90%	7.07%	6.23%	7.06%

Performance data quoted represents past performance and does not guarantee future results. Performance information for the Retail Class shares prior to their inception date is based on the performance of the Institutional Class.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrials	25.8%
Financials	15.9%
Materials	11.1%
Consumer Discretionary	9.1%
Health Care	8.3%
Information Technology	6.9%
Real Estate	6.8%
Energy	6.6%
Utilities	4.3%
Consumer Staples	1.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Equity Commonwealth	3.8%
Valmont Industries, Inc.	2.9%
REV Group, Inc.	2.8%
SPX Technologies, Inc.	2.8%
AZZ, Inc.	2.5%
ICU Medical, Inc.	2.5%
Belden, Inc.	2.4%
VF Corp.	2.2%
Apogee Enterprises, Inc.	2.0%
Goodyear Tire & Rubber Co. (The)	1.8%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	91.3%
Canada	2.3%
Belgium	1.2%
Ireland	0.7%
Cayman Islands	0.6%

Fund Statistics

Net Assets	$513,397,550
Number of Portfolio Holdings	88
Portfolio Turnover	15%
Advisory Fee	$2,340,628
Fees Waived/Reimbursed	$(460)
Net Advisory Fee	$2,340,168
Advisory Fee %	0.80%
Adviser Waiver %	0.00%
Net %	0.80%

Sector classifications presented are based on the Global Industry Classification Standard (GICS) methodology. Percentages are based on Total Net Assets. The sector and country allocation tables above do not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Small Cap Value Fund

TSR-SAR 063024-SBRVX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Mark T. Dickherber, CFA, CPA Portfolio Manager

Shaun P. Nicholson Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Small Cap Value Fund – Institutional Class returned 0.87% against a return of -0.85% for the Russell 2000^® Value Index and 13.56% for the Fund’s regulatory broad-based securities market index, the Russell 3000^® Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$47	0.95%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Small Cap Value - Inst	Russell 3000^® Total Return Index	Russell 2000^® Value Index
Jun-2014	$250,000	$250,000	$250,000
Jun-2015	$263,029	$268,235	$251,939
Jun-2016	$250,706	$273,971	$245,434
Jun-2017	$295,999	$324,682	$306,442
Jun-2018	$342,277	$372,664	$346,583
Jun-2019	$360,515	$406,138	$324,972
Jun-2020	$315,316	$432,657	$268,177
Jun-2021	$472,458	$623,738	$464,696
Jun-2022	$395,619	$537,253	$389,041
Jun-2023	$434,157	$639,082	$412,413
Jun-2024	$461,864	$786,870	$457,349

Stock Performance

Top 5	Average Weight	Contribution To Return
Modine Manufacturing Co.	1.44	1.18
REV Group, Inc.	2.47	1.10
SPX Technologies, Inc.	2.66	0.88
AZZ, Inc.	2.34	0.65
Belden, Inc.	2.26	0.46
Bottom 5
Compass Minerals International, Inc.	0.42	-0.37
Papa John's International, Inc.	0.87	-0.41
V.F. Corp.	2.13	-0.59
Mercury Systems, Inc.	1.93	-0.60
Galapagos N.V.	1.37	-0.66

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (07/31/2013)
SBH Small Cap Value - Inst	0.87%	6.38%	5.08%	6.33%	7.14%
Russell 3000^® Total Return Index	13.56%	23.13%	14.14%	12.15%	12.84%
Russell 2000^® Value Index	- 0.85%	10.90%	7.07%	6.23%	7.06%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrials	25.8%
Financials	15.9%
Materials	11.1%
Consumer Discretionary	9.1%
Health Care	8.3%
Information Technology	6.9%
Real Estate	6.8%
Energy	6.6%
Utilities	4.3%
Consumer Staples	1.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Equity Commonwealth	3.8%
Valmont Industries, Inc.	2.9%
REV Group, Inc.	2.8%
SPX Technologies, Inc.	2.8%
AZZ, Inc.	2.5%
ICU Medical, Inc.	2.5%
Belden, Inc.	2.4%
VF Corp.	2.2%
Apogee Enterprises, Inc.	2.0%
Goodyear Tire & Rubber Co. (The)	1.8%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	91.3%
Canada	2.3%
Belgium	1.2%
Ireland	0.7%
Cayman Islands	0.6%

Fund Statistics

Net Assets	$513,397,550
Number of Portfolio Holdings	88
Portfolio Turnover	15%
Advisory Fee	$2,340,628
Fees Waived/Reimbursed	$(460)
Net Advisory Fee	$2,340,168
Advisory Fee %	0.80%
Adviser Waiver %	0.00%
Net %	0.80%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Small Cap Value Fund

TSR-SAR 063024-SBHVX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Growth Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Brian C. Fitzsimons, CFA Portfolio Manager

Mitch S. Begun, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Small Cap Growth Fund – Retail Class returned 4.82% against a return of 4.44% for the Russell 2000^® Growth Index and 13.56% for the Fund’s regulatory broad-based securities market index, the Russell 3000^® Index.

For the first half of 2024, the three sectors that contributed most to the Fund’s returns on an absolute basis were Health Care, Consumer Discretionary, and Financials. Health Care returns were primarily driven by solid company-specific results. The three individual securities that contributed the most on an absolute basis were TransMedics Group, Inc., Natera, Inc., and Insmed, Inc. Medical technology company TransMedics saw strong demand for its organ transplant services, which drove growth above expectations.

The three sectors that detracted most from the Fund’s returns on an absolute basis over the first half of 2024 were Information Technology, Materials, and Real Estate. Information Technology returns were impacted by weak software and services results as firms evaluated new artificial intelligence technologies. The three individual securities that detracted the most on an absolute basis were Endava PLC, Sprout Social, Inc., and Arcadium Lithium PLC. Information technology service provider Endava had poor results due to potential customers’ cautions with discretionary projects.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$51	1.03%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Small Cap Growth - Retail	Russell 3000^® Total Return Index	Russell 2000^® Growth Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$10,744	$10,729	$11,234
Jun-2016	$9,428	$10,959	$10,026
Jun-2017	$12,204	$12,987	$12,473
Jun-2018	$15,467	$14,907	$15,200
Jun-2019	$16,806	$16,246	$15,125
Jun-2020	$19,005	$17,306	$15,651
Jun-2021	$30,213	$24,950	$23,690
Jun-2022	$21,001	$21,490	$15,770
Jun-2023	$23,590	$25,563	$18,692
Jun-2024	$25,829	$31,475	$20,400

Stock Performance

Top 5	Average Weight	Contribution To Return
TransMedics Group, Inc.	1.57	1.18
Natera, Inc.	1.98	1.07
Insmed, Inc.	0.31	0.84
Boot Barn Holdings, Inc.	1.52	0.83
Comfort Systems USA, Inc.	1.94	0.78
Bottom 5
SiteOne Landscape Supply, Inc.	1.91	-0.51
Freshworks, Inc.	0.97	-0.53
Arcadium Lithium PLC	0.70	-0.55
Sprout Social, Inc.	1.45	-0.79
Endava PLC	0.70	-1.00

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (12/20/2013)
SBH Small Cap Growth - Retail	4.82%	9.49%	8.98%	9.95%	9.79%
Russell 3000^® Total Return Index	13.56%	23.13%	14.14%	12.15%	12.40%
Russell 2000^® Growth Index	4.44%	9.14%	6.17%	7.39%	7.40%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Health Care	22.6%
Industrials	20.6%
Information Technology	20.6%
Financials	11.0%
Consumer Discretionary	8.0%
Energy	6.0%
Consumer Staples	3.4%
Materials	2.9%
Real Estate	1.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Tetra Tech, Inc.	2.8%
Natera, Inc.	2.4%
Hamilton Lane, Inc.	2.3%
TransMedics Group, Inc.	2.3%
Houlihan Lokey, Inc.	2.2%
Novanta, Inc.	2.1%
Ensign Group, Inc. (The)	2.1%
TechnipFMC PLC	2.1%
Churchill Downs, Inc.	2.1%
Boot Barn Holdings, Inc.	1.9%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	85.8%
Canada	3.8%
United Kingdom	2.1%
Ireland	1.9%
Cayman Islands	1.9%
Luxembourg	0.6%
Jersey	0.5%

Fund Statistics

Net Assets	$252,227,374
Number of Portfolio Holdings	88
Portfolio Turnover	24%
Advisory Fee	$790,019
Fees Waived/Reimbursed	$-
Net Advisory Fee	$790,019
Advisory Fee %	0.65%
Adviser Waiver %	-%
Net %	0.65%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Small Cap Growth Fund

TSR-SAR 063024-WTSGX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Brian C. Fitzsimons, CFA Portfolio Manager

Mitch S. Begun, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Small Cap Growth Fund – Institutional Class returned 4.84% against a return of 4.44% for the Russell 2000^® Growth Index and 13.56% for the Fund’s regulatory broad-based securities market index, the Russell 3000^® Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$43	0.86%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Small Cap Growth - Inst	Russell 3000^® Total Return Index	Russell 2000^® Growth Index
Jun-2014	$250,000	$250,000	$250,000
Jun-2015	$270,270	$268,235	$280,851
Jun-2016	$237,897	$273,971	$250,655
Jun-2017	$308,421	$324,682	$311,819
Jun-2018	$391,142	$372,664	$379,989
Jun-2019	$426,192	$406,138	$378,127
Jun-2020	$482,817	$432,657	$391,280
Jun-2021	$768,285	$623,738	$592,242
Jun-2022	$535,086	$537,253	$394,250
Jun-2023	$602,097	$639,082	$467,312
Jun-2024	$660,062	$786,870	$510,008

Stock Performance

Top 5	Average Weight	Contribution To Return
TransMedics Group, Inc.	1.57	1.18
Natera, Inc.	1.98	1.07
Insmed, Inc.	0.31	0.84
Boot Barn Holdings, Inc.	1.52	0.83
Comfort Systems USA, Inc.	1.94	0.78
Bottom 5
SiteOne Landscape Supply, Inc.	1.91	-0.51
Freshworks, Inc.	0.97	-0.53
Arcadium Lithium PLC	0.70	-0.55
Sprout Social, Inc.	1.45	-0.79
Endava PLC	0.70	-1.00

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (12/20/2013)
SBH Small Cap Growth - Inst	4.84%	9.63%	9.14%	10.20%	10.03%
Russell 3000^® Total Return Index	13.56%	23.13%	14.14%	12.15%	12.40%
Russell 2000^® Growth Index	4.44%	9.14%	6.17%	7.39%	7.40%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Health Care	22.6%
Industrials	20.6%
Information Technology	20.6%
Financials	11.0%
Consumer Discretionary	8.0%
Energy	6.0%
Consumer Staples	3.4%
Materials	2.9%
Real Estate	1.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Tetra Tech, Inc.	2.8%
Natera, Inc.	2.4%
Hamilton Lane, Inc.	2.3%
TransMedics Group, Inc.	2.3%
Houlihan Lokey, Inc.	2.2%
Novanta, Inc.	2.1%
Ensign Group, Inc. (The)	2.1%
TechnipFMC PLC	2.1%
Churchill Downs, Inc.	2.1%
Boot Barn Holdings, Inc.	1.9%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	85.8%
Canada	3.8%
United Kingdom	2.1%
Ireland	1.9%
Cayman Islands	1.9%
Luxembourg	0.6%
Jersey	0.5%

Fund Statistics

Net Assets	$252,227,374
Number of Portfolio Holdings	88
Portfolio Turnover	24%
Advisory Fee	$790,019
Fees Waived/Reimbursed	$-
Net Advisory Fee	$790,019
Advisory Fee %	0.65%
Adviser Waiver %	-%
Net %	0.65%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Small Cap Growth Fund

TSR-SAR 063024-WISGX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Small Cap Core Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Jeffrey C. Paulis, CFA Portfolio Manager

Mark T. Dickherber, CFA CPA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Small Cap Core Fund – Retail Class returned 5.26% against a return of 1.73% for the Russell 2000^® Index and 13.56% for the Fund’s regulatory broad-based securities market index, the Russell 3000^® Index.

For the first half of 2024, the three sectors that contributed most to the Fund’s returns on an absolute basis were Industrials, Information Technology, and Consumer Discretionary. Industrials benefited from strong stock selection and the Fund’s weighting in the sector. The three individual securities that contributed the most on an absolute basis were Modine Manufacturing Co., EMCOR Group, Inc., and SPX Technologies, Inc. Modine demonstrated strong operational momentum due to management’s structural improvements to the business.

The three sectors that detracted most from the Fund’s returns on an absolute basis in the first half of 2024 were Financials, Materials, and Real Estate. The Financials sector underperformed the market, benefiting the Fund due to its smaller weighting while stock selection in the sector was a drag on performance. The three securities that detracted the most on an absolute basis were Five Below, Inc., Five9, Inc., and Fox Factory Holding Corp. Five Below battled multiple challenges during the period including weaker consumer spending and lagging strong prior results.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$57	1.14%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Small Cap Core - Retail	Russell 3000^® Total Return Index	Russell 2000^® Total Return Index
Dec-2019	$10,000	$10,000	$10,000
Jun-2020	$9,440	$9,652	$8,702
Jun-2021	$14,050	$13,915	$14,100
Jun-2022	$11,922	$11,986	$10,547
Jun-2023	$13,790	$14,258	$11,845
Jun-2024	$15,682	$17,555	$13,036

Stock Performance

Top 5	Average Weight	Contribution To Return
EMCOR Group, Inc.	1.64	1.83
Modine Manufacturing Co.	1.67	1.07
SPX Technologies, Inc.	1.75	0.61
Texas Roadhouse, Inc.	1.57	0.56
CACI International Inc.	1.78	0.54
Bottom 5
Allegiant Travel Co.	0.54	-0.25
Materion Corp.	1.17	-0.26
Fox Factory Holding Corp.	0.70	-0.27
Five9, Inc.	0.81	-0.47
Five Below, Inc.	0.74	-0.47

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (12/31/2019)
SBH Small Cap Core - Retail	5.26%	13.73%	10.98%	8.56%	9.06%
Russell 3000^® Total Return Index	13.56%	23.13%	14.14%	12.15%	10.10%
Russell 2000^® Total Return Index	1.73%	10.06%	6.94%	7.00%	8.00%

Performance data quoted represents past performance and does not guarantee future results. The quoted performance reflects the past performance of Lower Wacker Small Cap Investment Fund, LLC, an unregistered limited partnership managed by the portfolio managers of the Fund.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrials	30.6%
Information Technology	17.1%
Health Care	10.9%
Consumer Discretionary	9.6%
Materials	9.0%
Financials	6.1%
Energy	4.3%
Consumer Staples	3.2%
Real Estate	2.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
KBR, Inc.	2.3%
Descartes Systems Group, Inc. (The)	2.1%
CACI International, Inc.	2.1%
SPX Technologies, Inc.	2.0%
Agilysys, Inc.	2.0%
Casella Waste Systems, Inc.	1.9%
ITT, Inc.	1.8%
REV Group, Inc.	1.8%
Element Solutions, Inc.	1.7%
EMCOR Group, Inc.	1.7%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	88.8%
Canada	3.5%
Jersey	0.7%

Fund Statistics

Net Assets	$79,663,310
Number of Portfolio Holdings	94
Portfolio Turnover	18%
Advisory Fee	$305,283
Fees Waived/Reimbursed	$(39,583)
Net Advisory Fee	$265,700
Advisory Fee %	0.80%
Adviser Waiver %	-0.10%
Net %	0.70%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Small Cap Core Fund

TSR-SAR 063024-SBHCX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Jeffrey C. Paulis, CFA Portfolio Manager

Mark T. Dickherber, CFA CPA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Small Cap Core Fund – Institutional Class returned 5.31% against a return of 1.73% for the Russell 2000^® Index and 13.56% for the Fund’s regulatory broad-based securities market index, the Russell 3000^® Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$50	0.99%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Small Cap Core - Inst	Russell 3000^® Total Return Index	Russell 2000^® Total Return Index
Jun-2014	$250,000	$250,000	$250,000
Jun-2015	$251,827	$268,235	$266,214
Jun-2016	$237,573	$273,971	$248,296
Jun-2017	$280,702	$324,682	$309,379
Jun-2018	$326,023	$372,664	$363,724
Jun-2019	$340,278	$406,138	$351,687
Jun-2020	$345,395	$432,657	$328,387
Jun-2021	$514,985	$623,738	$532,072
Jun-2022	$437,684	$537,253	$398,003
Jun-2023	$506,893	$639,082	$446,984
Jun-2024	$577,765	$786,870	$491,934

Stock Performance

Top 5	Average Weight	Contribution To Return
EMCOR Group, Inc.	1.64	1.83
Modine Manufacturing Co.	1.67	1.07
SPX Technologies, Inc.	1.75	0.61
Texas Roadhouse, Inc.	1.57	0.56
CACI International Inc.	1.78	0.54
Bottom 5
Allegiant Travel Co.	0.54	-0.25
Materion Corp.	1.17	-0.26
Fox Factory Holding Corp.	0.70	-0.27
Five9, Inc.	0.81	-0.47
Five Below, Inc.	0.74	-0.47

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (12/15/2003)
SBH Small Cap Core - Inst	5.31%	13.98%	11.17%	8.74%	9.23%
Russell 3000^® Total Return Index	13.56%	23.13%	14.14%	12.15%	10.10%
Russell 2000^® Total Return Index	1.73%	10.06%	6.94%	7.00%	8.00%

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrials	30.6%
Information Technology	17.1%
Health Care	10.9%
Consumer Discretionary	9.6%
Materials	9.0%
Financials	6.1%
Energy	4.3%
Consumer Staples	3.2%
Real Estate	2.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
KBR, Inc.	2.3%
Descartes Systems Group, Inc. (The)	2.1%
CACI International, Inc.	2.1%
SPX Technologies, Inc.	2.0%
Agilysys, Inc.	2.0%
Casella Waste Systems, Inc.	1.9%
ITT, Inc.	1.8%
REV Group, Inc.	1.8%
Element Solutions, Inc.	1.7%
EMCOR Group, Inc.	1.7%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	88.8%
Canada	3.5%
Jersey	0.7%

Fund Statistics

Net Assets	$79,663,310
Number of Portfolio Holdings	94
Portfolio Turnover	18%
Advisory Fee	$305,283
Fees Waived/Reimbursed	$(39,583)
Net Advisory Fee	$265,700
Advisory Fee %	0.80%
Adviser Waiver %	-0.10%
Net %	0.70%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Small Cap Core Fund

TSR-SAR 063024-SBASX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill All Cap Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Ralph M. Segall, CFA, CIC Portfolio Manager

Suresh Rajagopal, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill All Cap Fund – Retail Class returned 10.67% against a return of 13.56% for the Fund’s regulatory broad-based securities market index, the Russell 3000^® Index.

For the first half of 2024, the three sectors that contributed most to the Fund’s returns on an absolute basis were Information Technology, Industrials, and Financials. Excitement around artificial intelligence drove strong performance for the Information Technology sector. The three individual securities that contributed the most on an absolute basis were Alphabet, Inc., Novo Nordisk A/S, and Microsoft Corp. Novo Nordisk delivered strong growth driven by robust demand for its GLP-1 franchises.

The three sectors that detracted most from the Fund’s returns on an absolute basis over the first half of 2024 were Real Estate, Energy, and Materials. As of June 30, the Fund remained underweight and highly selective in the Real Estate sector. The three individual securities that detracted the most on an absolute basis were Globe Life, Inc., Perrigo Co. PLC, and Baker Hughes Co. Globe Life was the subject of a series of attacks by short sellers and the company has been adamant that those claims are unfounded.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$49	0.99%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH All Cap - Retail	Russell 3000^® Total Return Index
Dec-2019	$10,000	$10,000
Jun-2020	$10,522	$9,945
Jun-2021	$14,989	$14,337
Jun-2022	$13,145	$12,349
Jun-2023	$14,694	$14,689
Jun-2024	$17,220	$18,086

Stock Performance

Top 5	Average Weight	Contribution To Return
Alphabet, Inc.	3.59	1.00
Novo Nordisk A/S	2.68	0.93
Microsoft Corp.	4.86	0.90
Reinsurance Group of America, Inc.	2.94	0.77
ASML Holding N.V.	1.79	0.61
Bottom 5
Zoetis, Inc.	1.38	-0.16
Vail Resorts, Inc.	0.98	-0.16
Baker Hughes Co.	0.31	-0.16
Perrigo Co. PLC	1.16	-0.18
Globe Life, Inc.	1.64	-0.71

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (12/09/2019)
SBH All Cap - Retail	10.67%	17.19%	12.50%	10.50%	10.92%
Russell 3000^® Total Return Index	13.56%	23.13%	14.14%	12.15%	12.84%

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Information Technology	27.3%
Financials	16.3%
Health Care	15.2%
Industrials	11.9%
Consumer Discretionary	9.9%
Consumer Staples	6.4%
Energy	4.1%
Communication Services	4.0%
Materials	2.0%
Real Estate	1.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Microsoft Corp.	5.0%
Alphabet, Inc.	4.0%
Reinsurance Group of America, Inc.	2.8%
Visa, Inc.	2.8%
JPMorgan Chase & Co.	2.6%
Novo Nordisk A/S	2.5%
ServiceNow, Inc.	2.5%
Quanta Services, Inc.	2.5%
Palo Alto Networks, Inc.	2.4%
Apple, Inc.	2.4%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	87.6%
United Kingdom	2.6%
Denmark	2.5%
Netherlands	2.1%
Ireland	1.9%
Canada	1.5%

Fund Statistics

Net Assets	$117,684,987
Number of Portfolio Holdings	65
Portfolio Turnover	14%
Advisory Fee	$393,915
Fees Waived/Reimbursed	$(47,478)
Net Advisory Fee	$346,437
Advisory Fee %	0.65%
Adviser Waiver %	-0.08%
Net %	0.57%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill All Cap Fund

TSR-SAR 063024-SBRAX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Ralph M. Segall, CFA, CIC Portfolio Manager

Suresh Rajagopal, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill All Cap Fund – Institutional Class returned 10.71% against a return of 13.56% for the Fund’s regulatory broad-based securities market index, the Russell 3000^® Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$42	0.84%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH All Cap - Inst	Russell 3000^® Total Return Index
Jun-2014	$250,000	$250,000
Jun-2015	$270,709	$268,235
Jun-2016	$270,901	$273,971
Jun-2017	$306,504	$324,682
Jun-2018	$340,246	$372,664
Jun-2019	$379,275	$406,138
Jun-2020	$418,114	$432,657
Jun-2021	$595,988	$623,738
Jun-2022	$522,703	$537,253
Jun-2023	$584,310	$639,082
Jun-2024	$685,290	$786,870

Stock Performance

Top 5	Average Weight	Contribution To Return
Alphabet, Inc.	3.59	1.00
Novo Nordisk A/S	2.68	0.93
Microsoft Corp.	4.86	0.90
Reinsurance Group of America, Inc.	2.94	0.77
ASML Holding N.V.	1.79	0.61
Bottom 5
Zoetis, Inc.	1.38	-0.16
Vail Resorts, Inc.	0.98	-0.16
Baker Hughes Co.	0.31	-0.16
Perrigo Co. PLC	1.16	-0.18
Globe Life, Inc.	1.64	-0.71

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (07/31/2013)
SBH All Cap - Inst	10.71%	17.28%	12.56%	10.61%	11.04%
Russell 3000^® Total Return Index	13.56%	23.13%	14.14%	12.15%	12.84%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Information Technology	27.3%
Financials	16.3%
Health Care	15.2%
Industrials	11.9%
Consumer Discretionary	9.9%
Consumer Staples	6.4%
Energy	4.1%
Communication Services	4.0%
Materials	2.0%
Real Estate	1.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Microsoft Corp.	5.0%
Alphabet, Inc.	4.0%
Reinsurance Group of America, Inc.	2.8%
Visa, Inc.	2.8%
JPMorgan Chase & Co.	2.6%
Novo Nordisk A/S	2.5%
ServiceNow, Inc.	2.5%
Quanta Services, Inc.	2.5%
Palo Alto Networks, Inc.	2.4%
Apple, Inc.	2.4%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	87.6%
United Kingdom	2.6%
Denmark	2.5%
Netherlands	2.1%
Ireland	1.9%
Canada	1.5%

Fund Statistics

Net Assets	$117,684,987
Number of Portfolio Holdings	65
Portfolio Turnover	14%
Advisory Fee	$393,915
Fees Waived/Reimbursed	$(47,478)
Net Advisory Fee	$346,437
Advisory Fee %	0.65%
Adviser Waiver %	-0.08%
Net %	0.57%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill All Cap Fund

TSR-SAR 063024-SBHAX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Emerging Markets Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Scott E. Decatur, Ph.D. Portfolio Manager

Nicholas C. Fedako, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Emerging Markets Fund – Retail Class returned 15.39% against a return of 7.49% for the MSCI Emerging Markets Index and 5.28% for the Fund’s regulatory broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

For the first half of 2024, the countries that contributed most to the Fund’s returns on an absolute basis were Taiwan, India, and China. Taiwan had the largest impact, driven almost entirely by the Information Technology sector as demand for artificial intelligence chips powered semiconductor stocks higher. India’s impact was powered by Financials, as political stability returned to the country following elections. China’s impact was concentrated in Communication Services and Financials as interactive media and banks performed well.

The countries that detracted most from the Fund’s returns on an absolute basis over the first half of 2024 were Brazil, Mexico, and Thailand. Brazil detracted the most as investors questioned the government’s ability to control the budget deficit. Mexico ended the period lower as the ruling party victory sparked concerns of increased control of the state economy. Thailand modestly detracted as Financials declined with banks facing higher funding costs.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$69	1.38%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Emerging Markets - Retail	MSCI Emerging Markets Index	MSCI ACWI ex-USA Investable Market Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$9,223	$9,487	$9,503
Jun-2016	$8,031	$8,344	$8,590
Jun-2017	$10,155	$10,325	$10,345
Jun-2018	$10,918	$11,172	$11,146
Jun-2019	$10,836	$11,307	$11,175
Jun-2020	$9,827	$10,924	$10,646
Jun-2021	$13,876	$15,392	$14,604
Jun-2022	$10,987	$11,500	$11,704
Jun-2023	$11,882	$11,701	$13,164
Jun-2024	$14,936	$13,170	$14,687

Stock Performance

Top 5	Average Weight	Contribution To Return
Taiwan Semiconductor Manufacturing Co., Ltd.	7.51	4.26
Hon Hai Precision Industry Co., Ltd.	1.49	1.10
Tencent Holdings, Ltd.	2.86	0.77
Hisense Home Appliances Group Co., Ltd.	0.88	0.59
Wasion Holdings, Ltd.	0.67	0.44
Bottom 5
SABIC Agri-Nutrients Co.	0.63	-0.17
Samsung SDS Co., Ltd.	0.89	-0.20
Xinyi Solar Holdings, Ltd.	0.20	-0.21
Vipshop Holdings, Ltd.	1.07	-0.27
Vale S.A.	0.88	-0.33

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (06/30/2014)
SBH Emerging Markets - Retail	15.39%	25.70%	6.63%	4.09%	3.26%
MSCI Emerging Markets Index	7.49%	12.55%	3.10%	2.79%	2.05%
MSCI ACWI ex-USA Investable Market Index	5.28%	11.57%	5.62%	3.92%	4.37%

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Information Technology	25.0%
Financials	22.3%
Consumer Discretionary	12.5%
Communication Services	8.7%
Materials	7.1%
Industrials	7.0%
Energy	5.2%
Consumer Staples	4.9%
Utilities	3.1%
Health Care	3.1%
Real Estate	1.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.	8.4%
Samsung Electronics Co., Ltd.	3.9%
Tencent Holdings, Ltd.	3.3%
Hon Hai Precision Industry Co., Ltd.	1.9%
Largan Precision Co., Ltd.	1.3%
Bank of China, Ltd.	1.1%
United Microelectronics Corp.	1.1%
Petroleo Brasileiro S.A.	1.0%
CTBC Financial Holding Co., Ltd.	1.0%
China Construction Bank Corp.	1.0%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
China	25.7%
Taiwan	19.4%
India	19.3%
South Korea	12.4%
Brazil	3.9%
Saudi Arabia	3.9%
South Africa	2.8%
Mexico	1.9%
Indonesia	1.6%
Thailand	1.5%
Other Countries	7.8%

Fund Statistics

Net Assets	$67,305,370
Number of Portfolio Holdings	497
Portfolio Turnover	38%
Advisory Fee	$250,988
Fees Waived/Reimbursed	$(175,134)
Net Advisory Fee	$75,854
Advisory Fee %	0.90%
Adviser Waiver %	-0.63%
Net %	0.27%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Emerging Markets Fund

TSR-SAR 063024-SBHEX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Scott E. Decatur, Ph.D. Portfolio Manager

Nicholas C. Fedako, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Emerging Markets Fund – Institutional Class returned 15.34% against a return of 7.49% for the MSCI Emerging Markets Index and 5.28% for the Fund’s regulatory broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$61	1.23%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Emerging Markets - Inst	MSCI Emerging Markets Index	MSCI ACWI ex-USA Investable Market Index
Jun-2014	$250,000	$250,000	$250,000
Jun-2015	$230,460	$237,187	$237,585
Jun-2016	$200,943	$208,594	$214,746
Jun-2017	$255,010	$258,125	$258,626
Jun-2018	$274,605	$279,298	$278,658
Jun-2019	$273,209	$282,672	$279,386
Jun-2020	$248,138	$273,096	$266,153
Jun-2021	$350,917	$384,803	$365,103
Jun-2022	$278,174	$287,504	$292,604
Jun-2023	$301,686	$292,536	$329,092
Jun-2024	$379,490	$329,242	$367,184

Stock Performance

Top 5	Average Weight	Contribution To Return
Taiwan Semiconductor Manufacturing Co., Ltd.	7.51	4.26
Hon Hai Precision Industry Co., Ltd.	1.49	1.10
Tencent Holdings, Ltd.	2.86	0.77
Hisense Home Appliances Group Co., Ltd.	0.88	0.59
Wasion Holdings, Ltd.	0.67	0.44
Bottom 5
SABIC Agri-Nutrients Co.	0.63	-0.17
Samsung SDS Co., Ltd.	0.89	-0.20
Xinyi Solar Holdings, Ltd.	0.20	-0.21
Vipshop Holdings, Ltd.	1.07	-0.27
Vale S.A.	0.88	-0.33

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (06/30/2011)
SBH Emerging Markets - Inst	15.34%	25.79%	6.79%	4.26%	3.45%
MSCI Emerging Markets Index	7.49%	12.55%	3.10%	2.79%	2.05%
MSCI ACWI ex-USA Investable Market Index	5.28%	11.57%	5.62%	3.92%	4.37%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Information Technology	25.0%
Financials	22.3%
Consumer Discretionary	12.5%
Communication Services	8.7%
Materials	7.1%
Industrials	7.0%
Energy	5.2%
Consumer Staples	4.9%
Utilities	3.1%
Health Care	3.1%
Real Estate	1.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.	8.4%
Samsung Electronics Co., Ltd.	3.9%
Tencent Holdings, Ltd.	3.3%
Hon Hai Precision Industry Co., Ltd.	1.9%
Largan Precision Co., Ltd.	1.3%
Bank of China, Ltd.	1.1%
United Microelectronics Corp.	1.1%
Petroleo Brasileiro S.A.	1.0%
CTBC Financial Holding Co., Ltd.	1.0%
China Construction Bank Corp.	1.0%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
China	25.7%
Taiwan	19.4%
India	19.3%
South Korea	12.4%
Brazil	3.9%
Saudi Arabia	3.9%
South Africa	2.8%
Mexico	1.9%
Indonesia	1.6%
Thailand	1.5%
Other Countries	7.8%

Fund Statistics

Net Assets	$67,305,370
Number of Portfolio Holdings	497
Portfolio Turnover	38%
Advisory Fee	$250,988
Fees Waived/Reimbursed	$(175,134)
Net Advisory Fee	$75,854
Advisory Fee %	0.90%
Adviser Waiver %	-0.63%
Net %	0.27%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Emerging Markets Fund

TSR-SAR 063024-SBEMX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill International Small Cap Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Scott E. Decatur, Ph.D. Portfolio Manager

Nicholas C. Fedako, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill International Small Cap Fund – Retail Class returned 6.09% against a return of 0.51% for the MSCI EAFE Small Cap Index and 5.28% for the Fund’s regulatory broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

For the first half of 2024, the countries that contributed most to the Fund’s returns on an absolute basis were Japan, the United Kingdom, and Norway. In Japan, Industrials and Financials were top contributing sectors on higher profits. In the United Kingdom, an improving economic growth outlook benefited companies in the cyclical Industrials and Consumer Discretionary sectors. Shipping companies in the Industrials and Energy sectors in Norway rose on increased demand and improved outlooks.

The countries that detracted most from the Fund’s returns on an absolute basis over the first half of 2024 were France, Israel, and Switzerland. French equities sold off in June following the announcement of a snap election that could result in a far-right majority in Parliament and a potential move away from the centrist, pro-business policies of the current government. Israeli stocks were down as fears grew that the war in Gaza could lead to a wider conflict in the Middle East. Switzerland ended lower due to analyst downgrades in the Information Technology sector.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$60	1.21%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH International Small Cap - Retail	MSCI EAFE Small Cap Index	MSCI ACWI ex-USA Investable Market Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$9,832	$9,923	$9,503
Jun-2016	$9,312	$9,559	$8,590
Jun-2017	$11,550	$11,775	$10,345
Jun-2018	$12,119	$13,241	$11,146
Jun-2019	$10,449	$12,401	$11,175
Jun-2020	$8,741	$11,964	$10,646
Jun-2021	$12,314	$16,867	$14,604
Jun-2022	$10,022	$12,823	$11,704
Jun-2023	$11,330	$14,128	$13,164
Jun-2024	$13,201	$15,228	$14,687

Stock Performance

Top 5	Average Weight	Contribution To Return
BPER Banca	1.04	0.51
Hoegh Autoliners A.S.A.	0.60	0.41
Koninklijke BAM Groep N.V.	0.85	0.41
Yangzijiang Shipbuilding Holdings, Ltd.	0.65	0.35
Keller Group PLC	0.75	0.32
Bottom 5
Siix Corp.	0.52	-0.14
SSAB A.B.	0.35	-0.16
u-blox Holding A.G.	0.31	-0.16
X-Fab Silicon Foundries S.E.	0.13	-0.17
Embracer Group A.B.	0.27	-0.17

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (06/30/2014)
SBH International Small Cap - Retail	6.09%	16.51%	4.79%	2.82%	4.88%
MSCI EAFE Small Cap Index	0.51%	7.78%	4.19%	4.29%	5.38%
MSCI ACWI ex-USA Investable Market Index	5.28%	11.57%	5.62%	3.92%	4.22%

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrials	23.6%
Consumer Discretionary	12.2%
Financials	12.2%
Real Estate	9.5%
Information Technology	9.5%
Materials	9.3%
Consumer Staples	6.0%
Health Care	5.8%
Communication Services	4.1%
Energy	3.5%
Utilities	2.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Sydbank A/S	1.2%
BPER Banca	1.2%
Marks & Spencer Group PLC	1.2%
Kobe Steel, Ltd.	1.2%
SANKYO Co., Ltd.	1.2%
Betsson A.B.	1.1%
Codan, Ltd.	1.1%
Deutz A.G.	1.1%
Koninklijke BAM Groep N.V.	1.0%
NRW Holdings, Ltd.	1.0%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
Japan	34.0%
United Kingdom	14.4%
Australia	9.4%
Sweden	5.7%
Germany	3.8%
Switzerland	3.7%
France	3.6%
Italy	3.5%
Norway	3.4%
Israel	2.6%
Other Countries	14.5%

Fund Statistics

Net Assets	$70,115,928
Number of Portfolio Holdings	259
Portfolio Turnover	51%
Advisory Fee	$418,329
Fees Waived/Reimbursed	$(172,264)
Net Advisory Fee	$246,065
Advisory Fee %	0.90%
Adviser Waiver %	-0.37%
Net %	0.53%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill International Small Cap Fund

TSR-SAR 063024-SBHSX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Scott E. Decatur, Ph.D. Portfolio Manager

Nicholas C. Fedako, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill International Small Cap Fund – Institutional Class returned 6.23% against a return of 0.51% for the MSCI EAFE Small Cap Index and 5.28% for the Fund’s regulatory broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$52	1.05%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH International Small Cap - Inst	MSCI EAFE Small Cap Index	MSCI ACWI ex-USA Investable Market Index
Jun-2014	$250,000	$250,000	$250,000
Jun-2015	$246,102	$248,086	$237,585
Jun-2016	$233,510	$238,985	$214,746
Jun-2017	$290,460	$294,378	$258,626
Jun-2018	$305,373	$331,024	$278,658
Jun-2019	$264,214	$310,017	$279,386
Jun-2020	$221,455	$299,105	$266,153
Jun-2021	$312,495	$421,686	$365,103
Jun-2022	$254,568	$320,576	$292,604
Jun-2023	$288,249	$353,194	$329,092
Jun-2024	$336,512	$380,688	$367,184

Stock Performance

Top 5	Average Weight	Contribution To Return
BPER Banca	1.04	0.51
Hoegh Autoliners A.S.A.	0.60	0.41
Koninklijke BAM Groep N.V.	0.85	0.41
Yangzijiang Shipbuilding Holdings, Ltd.	0.65	0.35
Keller Group PLC	0.75	0.32
Bottom 5
Siix Corp.	0.52	-0.14
SSAB A.B.	0.35	-0.16
u-blox Holding A.G.	0.31	-0.16
X-Fab Silicon Foundries S.E.	0.13	-0.17
Embracer Group A.B.	0.27	-0.17

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (05/31/2011)
SBH International Small Cap - Inst	6.23%	16.74%	4.96%	3.02%	5.10%
MSCI EAFE Small Cap Index	0.51%	7.78%	4.19%	4.29%	5.38%
MSCI ACWI ex-USA Investable Market Index	5.28%	11.57%	5.62%	3.92%	4.22%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrials	23.6%
Consumer Discretionary	12.2%
Financials	12.2%
Real Estate	9.5%
Information Technology	9.5%
Materials	9.3%
Consumer Staples	6.0%
Health Care	5.8%
Communication Services	4.1%
Energy	3.5%
Utilities	2.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Sydbank A/S	1.2%
BPER Banca	1.2%
Marks & Spencer Group PLC	1.2%
Kobe Steel, Ltd.	1.2%
SANKYO Co., Ltd.	1.2%
Betsson A.B.	1.1%
Codan, Ltd.	1.1%
Deutz A.G.	1.1%
Koninklijke BAM Groep N.V.	1.0%
NRW Holdings, Ltd.	1.0%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
Japan	34.0%
United Kingdom	14.4%
Australia	9.4%
Sweden	5.7%
Germany	3.8%
Switzerland	3.7%
France	3.6%
Italy	3.5%
Norway	3.4%
Israel	2.6%
Other Countries	14.5%

Fund Statistics

Net Assets	$70,115,928
Number of Portfolio Holdings	259
Portfolio Turnover	51%
Advisory Fee	$418,329
Fees Waived/Reimbursed	$(172,264)
Net Advisory Fee	$246,065
Advisory Fee %	0.90%
Adviser Waiver %	-0.37%
Net %	0.53%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill International Small Cap Fund

TSR-SAR 063024-SBSIX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill International Equity Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Scott E. Decatur, Ph.D. Portfolio Manager

Nicholas C. Fedako, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill International Equity Fund – Retail Class returned 4.87% against a return of 5.34% for the MSCI EAFE Index and 5.28% for the Fund’s regulatory broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

For the first half of 2024, the countries that contributed most to the Fund’s returns on an absolute basis were Japan, the United Kingdom, and the Netherlands. In Japan, Industrials and Financials were top contributing sectors on higher profits. The Netherlands benefited from strong performance of semiconductor manufacturers in the Information Technology sector, driven by demand for artificial intelligence chips. In the United Kingdom, stronger earnings boosted stocks in the Financials and Consumer Staples sectors.

The countries that detracted most from the Fund’s returns on an absolute basis over the first half of 2024 were France, Australia, and New Zealand. France finished the period lower after the announcement of a snap election that could result in a far-right majority in Parliament and a move away from the centrist, pro-business policies of the current government. Materials companies in Australia ended lower as a result of falling iron ore prices. In New Zealand, Industrials and Utilities fell as the government looked to address slower economic growth and rising unemployment.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$57	1.14%

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	SBH International Equity - Retail	MSCI EAFE Index	MSCI ACWI ex-USA Investable Market Index
Oct-2021	$10,000	$10,000	$10,000
Jun-2022	$8,364	$8,039	$7,997
Jun-2023	$9,957	$9,549	$8,994
Jun-2024	$11,403	$10,650	$10,035

Stock Performance

Top 5	Average Weight	Contribution To Return
Novo Nordisk A/S	1.51	0.53
Traton S.E.	1.05	0.45
Mitsubishi Corp.	0.85	0.42
Banco de Sabadell S.A.	0.68	0.40
ASML Holding N.V.	1.29	0.30
Bottom 5
Deutsche Lufthansa A.G.	0.50	-0.19
ONO Pharmaceutical Co., Ltd.	0.74	-0.19
JD Sports Fashion PLC	0.35	-0.21
STMicroelectronics N.V.	0.92	-0.21
Fortescue, Ltd.	0.89	-0.22

Average Annual Total Returns

	6 Months	1 Year	Since Inception (12/08/2023)
SBH International Equity - Retail	4.87%	14.52%	5.03%
MSCI EAFE Index	5.34%	11.54%	2.38%
MSCI ACWI ex-USA Investable Market Index	5.28%	11.57%	0.13%

Performance data quoted represents past performance and does not guarantee future results. The quoted performance reflects the past performance of Segall Bryant & Hamill International Fund LP, an unregistered limited partnership managed by the portfolio managers of the Fund.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Financials	19.6%
Industrials	16.1%
Health Care	13.1%
Consumer Discretionary	10.8%
Information Technology	9.0%
Consumer Staples	8.1%
Materials	6.6%
Energy	4.2%
Communication Services	3.9%
Utilities	3.2%
Real Estate	1.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Novartis A.G.	2.0%
Novo Nordisk A/S	1.8%
Shell PLC	1.7%
ASML Holding N.V.	1.4%
GSK PLC	1.4%
Volvo A.B.	1.2%
KDDI Corp.	1.2%
MS&AD Insurance Group Holdings, Inc.	1.2%
Roche Holding A.G.	1.2%
Honda Motor Co., Ltd.	1.1%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
Japan	22.0%
United Kingdom	14.2%
France	10.4%
Switzerland	8.9%
Germany	8.1%
Australia	6.9%
Netherlands	4.9%
Sweden	3.5%
Denmark	3.4%
Italy	2.8%
Other Countries	11.3%

Fund Statistics

Net Assets	$2,598,153
Number of Portfolio Holdings	344
Portfolio Turnover	57%
Advisory Fee	$8,639
Fees Waived/Reimbursed	$(179,924)
Net Advisory Fee	$(171,285)
Advisory Fee %	0.75%
Adviser Waiver %	-15.59%
Net %	-14.84%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill International Equity Fund

TSR-SAR 063024-CIQRX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Scott E. Decatur, Ph.D. Portfolio Manager

Nicholas C. Fedako, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill International Equity Fund – Institutional Class returned 4.97% against a return of 5.34% for the MSCI EAFE Index and 5.28% for the Fund’s regulatory broad-based securities market index, the MSCI ACWI ex-USA IMI Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$49	0.99%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH International Equity - Inst	MSCI EAFE Index	MSCI ACWI ex-USA Investable Market Index
Oct-2021	$250,000	$250,000	$250,000
Jun-2022	209,297	200,985	199,913
Jun-2023	249,516	238,713	224,842
Jun-2024	286,198	266,253	250,867

Stock Performance

Top 5	Average Weight	Contribution To Return
Novo Nordisk A/S	1.51	0.53
Traton S.E.	1.05	0.45
Mitsubishi Corp.	0.85	0.42
Banco de Sabadell S.A.	0.68	0.40
ASML Holding N.V.	1.29	0.30
Bottom 5
Deutsche Lufthansa A.G.	0.50	-0.19
ONO Pharmaceutical Co., Ltd.	0.74	-0.19
JD Sports Fashion PLC	0.35	-0.21
STMicroelectronics N.V.	0.92	-0.21
Fortescue, Ltd.	0.89	-0.22

Average Annual Total Returns

	6 Months	1 Year	Since Inception (10/27/2021)
SBH International Equity - Inst	4.97%	14.70%	5.19%
MSCI EAFE Index	5.34%	11.54%	2.38%
MSCI ACWI ex-USA Investable Market Index	5.28%	11.57%	0.13%

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Financials	19.6%
Industrials	16.1%
Health Care	13.1%
Consumer Discretionary	10.8%
Information Technology	9.0%
Consumer Staples	8.1%
Materials	6.6%
Energy	4.2%
Communication Services	3.9%
Utilities	3.2%
Real Estate	1.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Novartis A.G.	2.0%
Novo Nordisk A/S	1.8%
Shell PLC	1.7%
ASML Holding N.V.	1.4%
GSK PLC	1.4%
Volvo A.B.	1.2%
KDDI Corp.	1.2%
MS&AD Insurance Group Holdings, Inc.	1.2%
Roche Holding A.G.	1.2%
Honda Motor Co., Ltd.	1.1%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
Japan	22.0%
United Kingdom	14.2%
France	10.4%
Switzerland	8.9%
Germany	8.1%
Australia	6.9%
Netherlands	4.9%
Sweden	3.5%
Denmark	3.4%
Italy	2.8%
Other Countries	11.3%

Fund Statistics

Net Assets	$2,598,153
Number of Portfolio Holdings	344
Portfolio Turnover	57%
Advisory Fee	$8,639
Fees Waived/Reimbursed	$(179,924)
Net Advisory Fee	$(171,285)
Advisory Fee %	0.75%
Adviser Waiver %	-15.59%
Net %	-14.84%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill International Equity Fund

TSR-SAR 063024-CIEQX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Global All Cap Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Suresh Rajagopal, CFA Portfolio Manager

Ralph M. Segall, CFA, CIC Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Global All Cap Fund – Retail Class returned 10.29% against a return of 11.75% for the Fund’s regulatory broad-based securities market index, the MSCI World Index.

For the first half of 2024, the three sectors that contributed most to the Fund’s returns on an absolute basis were Information Technology, Industrials, and Financials. Excitement around artificial intelligence drove strong performance for the Information Technology sector. The three individual securities that contributed the most on an absolute basis were Microsoft Corp., Novo Nordisk A/S, and Alphabet, Inc. Novo Nordisk delivered strong growth driven by robust demand for its GLP-1 franchises.

The three sectors that detracted most from the Fund’s returns on an absolute basis over the first half of 2024 were Real Estate, Materials, and Energy. As of June 30, the Fund remained underweight and highly selective in the Real Estate sector. The three individual securities that detracted the most on an absolute basis were Global Life, Inc., Perrigo Co. PLC, and Partners Group Holding AG. Globe Life was the subject of a series of attacks by short sellers and the company has been adamant that those claims are unfounded.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$44	0.89%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Global All Cap - Retail	MSCI World Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,721	$10,143
Jun-2016	$10,400	$9,861
Jun-2017	$11,787	$11,655
Jun-2018	$12,127	$12,948
Jun-2019	$13,418	$13,767
Jun-2020	$12,979	$14,159
Jun-2021	$17,068	$19,687
Jun-2022	$14,715	$16,864
Jun-2023	$17,603	$19,986
Jun-2024	$20,687	$24,021

Stock Performance

Top 5	Average Weight	Contribution To Return
Microsoft Corp.	4.67	0.85
Novo Nordisk A/S	2.17	0.77
Alphabet, Inc.	2.46	0.69
Beazley PLC	1.72	0.58
Reinsurance Group of America, Inc.	2.14	0.56
Bottom 5
Zoetis, Inc.	1.22	-0.13
Oriental Land Co., Ltd.	0.54	-0.18
Partners Group Holding A.G.	1.90	-0.21
Perrigo Co. PLC	1.27	-0.21
Globe Life, Inc.	1.65	-0.69

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (06/01/1988)
SBH Global All Cap - Retail	10.29%	17.52%	9.04%	7.54%	8.53%
MSCI World Index	11.75%	20.19%	11.78%	9.16%	7.75%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Information Technology	26.2%
Financials	14.3%
Industrials	13.7%
Health Care	13.0%
Consumer Discretionary	11.8%
Consumer Staples	7.1%
Communication Services	4.7%
Energy	4.2%
Materials	1.6%
Real Estate	1.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Microsoft Corp.	4.9%
JPMorgan Chase & Co.	2.9%
Alphabet, Inc.	2.8%
Visa, Inc.	2.8%
Apple, Inc.	2.5%
ServiceNow, Inc.	2.5%
Marvell Technology, Inc.	2.5%
Quanta Services, Inc.	2.5%
Constellation Software, Inc.	2.4%
Novo Nordisk A/S	2.3%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	58.2%
Canada	8.3%
United Kingdom	7.8%
France	6.5%
Belgium	3.4%
Switzerland	2.9%
Denmark	2.3%
Ireland	2.0%
Japan	1.9%
Netherlands	1.8%
Other Countries	2.6%

Fund Statistics

Net Assets	$34,364,132
Number of Portfolio Holdings	66
Portfolio Turnover	11%
Advisory Fee	$108,612
Fees Waived/Reimbursed	$(73,174)
Net Advisory Fee	$35,438
Advisory Fee %	0.65%
Adviser Waiver %	-0.44%
Net %	0.21%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Global All Cap Fund

TSR-SAR 063024-WTMVX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Suresh Rajagopal, CFA Portfolio Manager

Ralph M. Segall, CFA, CIC Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Global All Cap Fund – Institutional Class returned 10.34% against a return of 11.75% for the Fund’s regulatory broad-based securities market index, the MSCI World Index.

For the first half of 2024, the three sectors that contributed most to the Fund’s returns on an absolute basis were Information Technology, Industrials, and Financials. Excitement around artificial intelligence drove strong performance for the Information Technology sector. The three individual securities that contributed the most on an absolute basis were Microsoft Corp., Novo Nordisk A/S, and Alphabet, Inc. Novo Nordisk delivered strong growth driven by robust demand for its GLP-1 franchises.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$37	0.74%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Global All Cap - Inst	MSCI World Index
Jun-2014	$250,000	$250,000
Jun-2015	$243,398	$253,574
Jun-2016	$260,769	$246,526
Jun-2017	$296,164	$291,383
Jun-2018	$305,036	$323,689
Jun-2019	$338,105	$344,181
Jun-2020	$327,049	$353,967
Jun-2021	$430,973	$492,171
Jun-2022	$372,183	$421,604
Jun-2023	$445,604	$499,644
Jun-2024	$524,557	$600,534

Stock Performance

Top 5	Average Weight	Contribution To Return
Microsoft Corp.	4.67	0.85
Novo Nordisk A/S	2.17	0.77
Alphabet, Inc.	2.46	0.69
Beazley PLC	1.72	0.58
Reinsurance Group of America, Inc.	2.14	0.56
Bottom 5
Zoetis, Inc.	1.22	-0.13
Oriental Land Co., Ltd.	0.54	-0.18
Partners Group Holding A.G.	1.90	-0.21
Perrigo Co. PLC	1.27	-0.21
Globe Life, Inc.	1.65	-0.69

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (09/28/2007)
SBH Global All Cap - Inst	10.34%	17.72%	9.18%	7.69%	8.61%
MSCI World Index	11.75%	20.19%	11.78%	9.16%	7.75%

Performance data quoted represents past performance and does not guarantee future results. Performance information for the Institutional Class shares prior to their inception date is based on the performance of the Retail Class.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Information Technology	26.2%
Financials	14.3%
Industrials	13.7%
Health Care	13.0%
Consumer Discretionary	11.8%
Consumer Staples	7.1%
Communication Services	4.7%
Energy	4.2%
Materials	1.6%
Real Estate	1.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Microsoft Corp.	4.9%
JPMorgan Chase & Co.	2.9%
Alphabet, Inc.	2.8%
Visa, Inc.	2.8%
Apple, Inc.	2.5%
ServiceNow, Inc.	2.5%
Marvell Technology, Inc.	2.5%
Quanta Services, Inc.	2.5%
Constellation Software, Inc.	2.4%
Novo Nordisk A/S	2.3%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	58.2%
Canada	8.3%
United Kingdom	7.8%
France	6.5%
Belgium	3.4%
Switzerland	2.9%
Denmark	2.3%
Ireland	2.0%
Japan	1.9%
Netherlands	1.8%
Other Countries	2.6%

Fund Statistics

Net Assets	$34,364,132
Number of Portfolio Holdings	66
Portfolio Turnover	11%
Advisory Fee	$108,612
Fees Waived/Reimbursed	$(73,174)
Net Advisory Fee	$35,438
Advisory Fee %	0.65%
Adviser Waiver %	-0.44%
Net %	0.21%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Global All Cap Fund

TSR-SAR 063024-WIMVX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Short Term Plus Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

James D. Dadura, CFA Portfolio Manager

Gregory C. Hosbein, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Short Term Plus Fund – Retail Class returned 2.11% against a return of 1.38% for the Bloomberg 1-3 Year US Government / Credit Index and -0.71% for the Fund’s regulatory broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

The Fund holds short maturity 0-3 year securities. Over the period, short assets outperformed all other maturities.

Sector selection had a positive impact on performance. The Fund was overweight corporate securities and underweight U.S. Treasury securities. Investment grade corporate securities had excess returns of 0.85%.

Security selection had a positive impact on performance. The Fund benefited from its holdings in BB-rated securities which had an excess return of 2.04% during the period. The Fund’s underweight to financials was a detractor from performance.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$24	0.49%

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	SBH Short Term Plus - Retail	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Year US Government/Credit Index
Dec-2018	$10,000	$10,000	$10,000
Jun-2019	$10,242	$10,708	$10,324
Jun-2020	$10,447	$11,644	$10,758
Jun-2021	$10,617	$11,605	$10,806
Jun-2022	$10,292	$10,411	$10,421
Jun-2023	$10,534	$10,313	$10,475
Jun-2024	$11,103	$10,585	$10,985

Fund Statistics

Net Assets	$16,606,364
Number of Portfolio Holdings	65
Portfolio Turnover	38%
Advisory Fee	$21,770
Fees Waived/Reimbursed	$(72,007)
Net Advisory Fee	$(50,237)
Advisory Fee %	0.25%
Fees Waived/Reimbursed %	-0.83%
Net Advisory Fee %	-0.58%
Average maturity (years)	1.72
30-day SEC yield (with waivers)	4.96%
30-day SEC yield (without waivers)	3.18%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	Since Inception (12/14/2018)
SBH Short Term Plus - Retail	2.11%	5.39%	1.63%	1.91%
Bloomberg U.S. Aggregate Bond Index	- 0.71%	2.63%	- 0.23%	1.03%
Bloomberg 1-3 Year US Government/Credit Index	1.38%	4.87%	1.25%	1.71%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrial	58.1%
Utility	21.3%
U.S. Treasury Obligations	10.3%
Asset Backed Securities	5.9%
Finance	2.7%
Municipal Bonds	0.1%

Top 10 Corporate Holdings

Holding Name	% of Net Assets
Georgia Power Co.	2.2%
Pacific Gas & Electric Co.	2.2%
Hewlett Packard Enterprise Co.	2.1%
Boardwalk Pipelines LP	2.1%
HCA, Inc.	2.1%
T-Mobile US, Inc.	2.0%
General Mills, Inc.	2.0%
Intel Corp.	2.0%
Kinder Morgan, Inc.	2.0%
Tyco Electronics Group S.A.	2.0%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	1.0
AAA	3.8
AA	13.7
A	12.0
BBB	61.5
BB	7.0
B	1.1

Duration Distribution

Duration	% Portfolio
0-1 yr	27.8
1-2 yrs	39.5
2-3 yrs	31.0
3-4 yrs	1.7
Effective duration (years)	1.5

The ratings allocation reflects the Standard & Poor's equivalent ratings category for the higher credit quality rating assigned by either Standard & Poor's or Moody's. The credit ratings range from AAA (highest) to D (lowest). Credit quality does not remove market risk. Totals may not sum to 100% due to rounding.

Duration measures how long it takes, in years, for an investor to be repaid the cost of a fixed income security by the bond's total cash flows. Duration can also measure the sensitivity of a fixed income security's price to changes in interest rates. Totals may not sum to 100% due to rounding.

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Short Term Plus Fund

TSR-SAR 063024-SBHPX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

James D. Dadura, CFA Portfolio Manager

Gregory C. Hosbein, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Short Term Plus Fund – Institutional Class returned 2.16% against a return of 1.38% for the Bloomberg 1-3 Year US Government / Credit Index and -0.71% for the Fund’s regulatory broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

The Fund holds short maturity 0-3 year securities. Over the period, short assets outperformed all other maturities.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$19	0.40%

How has the Fund performed since inception?

Total Return Based on $250,000 Investment

	SBH Short Term Plus - Inst	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Year US Government/Credit Index
Dec-2018	$250,000	$250,000	$250,000
Jun-2019	256,131	267,709	258,109
Jun-2020	261,582	291,106	268,958
Jun-2021	266,001	290,136	270,147
Jun-2022	258,112	260,275	260,519
Jun-2023	264,676	257,834	261,887
Jun-2024	279,179	264,617	274,631

Fund Statistics

Net Assets	$16,606,364
Number of Portfolio Holdings	65
Portfolio Turnover	38%
Advisory Fee	$21,770
Fees Waived/Reimbursed	$(72,007)
Net Advisory Fee	$(50,237)
Advisory Fee %	0.25%
Fees Waived/Reimbursed %	-0.83%
Net Advisory Fee %	-0.58%
Average maturity (years)	1.72
30-day SEC yield (with waivers)	5.05%
30-day SEC yield (without waivers)	3.65%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	Since Inception (12/14/2018)
SBH Short Term Plus - Inst	2.16%	5.48%	1.74%	2.01%
Bloomberg U.S. Aggregate Bond Index	- 0.71%	2.63%	- 0.23%	1.03%
Bloomberg 1-3 Year US Government/Credit Index	1.38%	4.87%	1.25%	1.71%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrial	58.1%
Utility	21.3%
U.S. Treasury Obligations	10.3%
Asset Backed Securities	5.9%
Finance	2.7%
Municipal Bonds	0.1%

Top 10 Corporate Holdings

Holding Name	% of Net Assets
Georgia Power Co.	2.2%
Pacific Gas & Electric Co.	2.2%
Hewlett Packard Enterprise Co.	2.1%
Boardwalk Pipelines LP	2.1%
HCA, Inc.	2.1%
T-Mobile US, Inc.	2.0%
General Mills, Inc.	2.0%
Intel Corp.	2.0%
Kinder Morgan, Inc.	2.0%
Tyco Electronics Group S.A.	2.0%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	1.0
AAA	3.8
AA	13.7
A	12.0
BBB	61.5
BB	7.0
B	1.1

Duration Distribution

Duration	% Portfolio
0-1 yr	27.8
1-2 yrs	39.5
2-3 yrs	31.0
3-4 yrs	1.7
Effective duration (years)	1.5

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Short Term Plus Fund

TSR-SAR 063024-SBAPX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Plus Bond Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Troy A. Johnson, CFA Portfolio Manager

Gregory M. Shea, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Plus Bond Fund – Retail Class returned 0.12% against a return of -0.71% for the Fund’s regulatory broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

Security selection positively impacted performance, driven by the Fund’s overweight exposure towards intermediate corporate bonds and high yield corporate bonds. The Fund's MBS holdings also performed better than those in the index. Higher coupon MBS outperformed lower coupon MBS. The Fund's U.S. Treasury holdings, due to their longer duration, performed worse than those in the index.

Sector selection had a positive impact on performance in response to the Fund’s overweight position in corporate securities and underweight position in U.S. Treasury securities

The Fund's overall duration was slightly shorter than the duration of the benchmark. This had a positive impact on performance as interest rates increased.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$27	0.55%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Plus Bond - Retail	Bloomberg U.S. Aggregate Bond Index
Jun-2014	$10,000	$10,000
Jun-2015	$10,162	$10,186
Jun-2016	$10,740	$10,797
Jun-2017	$10,861	$10,763
Jun-2018	$10,909	$10,720
Jun-2019	$11,713	$11,564
Jun-2020	$12,647	$12,575
Jun-2021	$12,910	$12,533
Jun-2022	$11,482	$11,243
Jun-2023	$11,600	$11,137
Jun-2024	$12,087	$11,430

Fund Statistics

Net Assets	$757,417,531
Number of Portfolio Holdings	154
Portfolio Turnover	13%
Advisory Fee	$1,289,390
Fees Waived/Reimbursed	$(444,190)
Net Advisory Fee	$845,200
Advisory Fee %	0.35%
Fees Waived/Reimbursed %	-0.12%
Net Advisory Fee %	0.23%
Average maturity (years)	8.17
30-day SEC yield (with waivers)	4.67%
30-day SEC yield (without waivers)	4.44%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (06/01/1988)
SBH Plus Bond - Retail	0.12%	4.20%	0.63%	1.91%	5.20%
Bloomberg U.S. Aggregate Bond Index	- 0.71%	2.63%	- 0.23%	1.35%	5.33%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Mortgage-Backed Securities Passthrough	30.8%
Industrial	23.1%
U.S. Treasury Obligations	23.1%
Finance	8.1%
Utility	6.4%
Municipal Bonds	3.3%
Asset Backed Securities	2.6%
CMO	0.0%

Top 10 Corporate Holdings

Holding Name	% of Net Assets
SBA Tower Trust	1.3%
Virginia Small Business Financing Authority	1.0%
Bank of America Corp.	1.0%
Ford Motor Credit Co. LLC	1.0%
Tennessee Gas Pipeline Co. LLC	1.0%
IIP Operating Partnership LP	1.0%
PG&E Corp.	0.9%
Oglethorpe Power Corp.	0.9%
Occidental Petroleum Corp.	0.9%
Masco Corp.	0.9%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	1.9
AAA	55.7
AA	1.2
A	8.8
BBB	18.3
BB	7.8
B	3.8
Not Rated	2.5

Duration Distribution

Duration	% Portfolio
0-1 yr	9.0
1-3 yrs	20.2
3-4 yrs	10.6
4-6 yrs	16.1
6-8 yrs	28.1
8+ yrs	15.9
Effective duration (years)	5.9

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Plus Bond Fund

TSR-SAR 063024-WTIBX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Troy A. Johnson, CFA Portfolio Manager

Gregory M. Shea, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Plus Bond Fund – Institutional Class returned 0.19% against a return of -0.71% for the Fund’s regulatory broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

Sector selection had a positive impact on performance in response to the Fund’s overweight position in corporate securities and underweight position in U.S. Treasury securities

The Fund's overall duration was slightly shorter than the duration of the benchmark. This had a positive impact on performance as interest rates increased.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$20	0.40%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Plus Bond - Inst	Bloomberg U.S. Aggregate Bond Index
Jun-2014	$250,000	$250,000
Jun-2015	$254,389	$254,645
Jun-2016	$269,129	$269,927
Jun-2017	$272,606	$269,077
Jun-2018	$274,221	$268,009
Jun-2019	$295,123	$289,099
Jun-2020	$318,809	$314,365
Jun-2021	$326,016	$313,317
Jun-2022	$290,319	$281,070
Jun-2023	$294,091	$278,435
Jun-2024	$306,697	$285,760

Fund Statistics

Net Assets	$757,417,531
Number of Portfolio Holdings	154
Portfolio Turnover	13%
Advisory Fee	$1,289,390
Fees Waived/Reimbursed	$(444,190)
Net Advisory Fee	$845,200
Advisory Fee %	0.35%
Fees Waived/Reimbursed %	-0.12%
Net Advisory Fee %	0.23%
Average maturity (years)	8.17
30-day SEC yield (with waivers)	4.82%
30-day SEC yield (without waivers)	4.58%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (09/28/2007)
SBH Plus Bond - Inst	0.19%	4.29%	0.77%	2.07%	5.27%
Bloomberg U.S. Aggregate Bond Index	- 0.71%	2.63%	- 0.23%	1.35%	5.33%

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Mortgage-Backed Securities Passthrough	30.8%
Industrial	23.1%
U.S. Treasury Obligations	23.1%
Finance	8.1%
Utility	6.4%
Municipal Bonds	3.3%
Asset Backed Securities	2.6%
CMO	0.0%

Top 10 Corporate Holdings

Holding Name	% of Net Assets
SBA Tower Trust	1.3%
Virginia Small Business Financing Authority	1.0%
Bank of America Corp.	1.0%
Ford Motor Credit Co. LLC	1.0%
Tennessee Gas Pipeline Co. LLC	1.0%
IIP Operating Partnership LP	1.0%
PG&E Corp.	0.9%
Oglethorpe Power Corp.	0.9%
Occidental Petroleum Corp.	0.9%
Masco Corp.	0.9%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	1.9
AAA	55.7
AA	1.2
A	8.8
BBB	18.3
BB	7.8
B	3.8
Not Rated	2.5

Duration Distribution

Duration	% Portfolio
0-1 yr	9.0
1-3 yrs	20.2
3-4 yrs	10.6
4-6 yrs	16.1
6-8 yrs	28.1
8+ yrs	15.9
Effective duration (years)	5.9

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Plus Bond Fund

TSR-SAR 063024-WIIBX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Quality High Yield Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Troy A. Johnson, CFA Portfolio Manager

Gregory M. Shea, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Quality High Yield Fund – Retail Class returned 1.98% against a return of 2.59% for the Bloomberg U.S. High Yield - 2% Issuer Cap Index and -0.71% for the Fund’s regulatory broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

The top three negative effects occurred in the wireline, cable & satellite, and chemical industries. The top three positive effects occurred in the mortgage banking, consumer, and retail industries. Credit quality positioning had limited impact on returns. Rating category returns for the first half were 1.15% for intermediate BBBs, 2.47% for BBs, 2.41% for Bs and 2.13% for CCCs. The Fund’s overweight to BBBs was a detractor, while the underweight to CCCs was a positive. The Fund’s duration was slightly long, which detracted from performance as interest rates rose.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$42	0.85%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Quality High Yield - Retail	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. High Yield - 2% Issuer Capped Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$10,240	$10,186	$9,961
Jun-2016	$10,677	$10,797	$10,126
Jun-2017	$11,611	$10,763	$11,411
Jun-2018	$11,719	$10,720	$11,710
Jun-2019	$12,578	$11,564	$12,586
Jun-2020	$12,847	$12,575	$12,585
Jun-2021	$14,210	$12,533	$14,516
Jun-2022	$12,642	$11,243	$12,655
Jun-2023	$13,603	$11,137	$13,802
Jun-2024	$14,851	$11,430	$15,242

Fund Statistics

Net Assets	$67,465,633
Number of Portfolio Holdings	64
Portfolio Turnover	3%
Advisory Fee	$152,570
Fees Waived/Reimbursed	$(39,238)
Net Advisory Fee	$113,332
Advisory Fee %	0.45%
Fees Waived/Reimbursed %	-0.12%
Net Advisory Fee %	0.33%
Average maturity (years)	4.57
30-day SEC yield (with waivers)	6.02%
30-day SEC yield (without waivers)	5.69%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (06/01/1988)
SBH Quality High Yield - Retail	1.98%	9.17%	3.38%	4.03%	6.71%
Bloomberg U.S. Aggregate Bond Index	- 0.71%	2.63%	- 0.23%	1.35%	5.33%
Bloomberg U.S. High Yield - 2% Issuer Capped Index	2.59%	10.43%	3.90%	4.31%	7.03%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrial	76.4%
Finance	13.4%
Utility	6.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Cedar Fair LP	2.9%
Lamar Media Corp.	2.9%
Provident Funding Associates LP/PFG Finance Corp.	2.8%
IIP Operating Partnership LP	2.8%
Vista Outdoor, Inc.	2.6%
Occidental Petroleum Corp.	2.6%
Summit Materials LLC	2.5%
Range Resources Corp.	2.5%
Outfront Media Capital LLC	2.5%
Apache Corp.	2.5%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	2.1
BBB	14.7
BB	57.6
B	22.8
Not Rated	2.8

Duration Distribution

Duration	% Portfolio
0-1 yr	9.4
1-3 yrs	46.8
3-4 yrs	21.0
4-6 yrs	14.7
6-8 yrs	4.8
8+ yrs	3.4
Effective duration (years)	3.3

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Quality High Yield Fund

TSR-SAR 063024-WTLTX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Troy A. Johnson, CFA Portfolio Manager

Gregory M. Shea, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Quality High Yield Fund – Institutional Class returned 2.07% against a return of 2.59% for the Bloomberg U.S. High Yield - 2% Issuer Cap Index and -0.71% for the Fund’s regulatory broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$35	0.70%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Quality High Yield - Inst	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. High Yield - 2% Issuer Capped Index
Jun-2014	$250,000	$250,000	$250,000
Jun-2015	$256,855	$254,645	$249,035
Jun-2016	$267,900	$269,927	$253,156
Jun-2017	$292,425	$269,077	$285,283
Jun-2018	$295,757	$268,009	$292,758
Jun-2019	$317,536	$289,099	$314,644
Jun-2020	$325,186	$314,365	$314,635
Jun-2021	$359,771	$313,317	$362,896
Jun-2022	$320,450	$281,070	$316,363
Jun-2023	$345,643	$278,435	$345,060
Jun-2024	$377,854	$285,760	$381,061

Fund Statistics

Net Assets	$67,465,633
Number of Portfolio Holdings	64
Portfolio Turnover	3%
Advisory Fee	$152,570
Fees Waived/Reimbursed	$(39,238)
Net Advisory Fee	$113,332
Advisory Fee %	0.45%
Fees Waived/Reimbursed %	-0.12%
Net Advisory Fee %	0.33%
Average maturity (years)	4.57
30-day SEC yield (with waivers)	6.13%
30-day SEC yield (without waivers)	6.07%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (09/28/2007)
SBH Quality High Yield - Inst	2.07%	9.32%	3.54%	4.22%	6.78%
Bloomberg U.S. Aggregate Bond Index	- 0.71%	2.63%	- 0.23%	1.35%	5.33%
Bloomberg U.S. High Yield - 2% Issuer Capped Index	2.59%	10.43%	3.90%	4.31%	7.03%

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrial	76.4%
Finance	13.4%
Utility	6.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Cedar Fair LP	2.9%
Lamar Media Corp.	2.9%
Provident Funding Associates LP/PFG Finance Corp.	2.8%
IIP Operating Partnership LP	2.8%
Vista Outdoor, Inc.	2.6%
Occidental Petroleum Corp.	2.6%
Summit Materials LLC	2.5%
Range Resources Corp.	2.5%
Outfront Media Capital LLC	2.5%
Apache Corp.	2.5%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	2.1
BBB	14.7
BB	57.6
B	22.8
Not Rated	2.8

Duration Distribution

Duration	% Portfolio
0-1 yr	9.4
1-3 yrs	46.8
3-4 yrs	21.0
4-6 yrs	14.7
6-8 yrs	4.8
8+ yrs	3.4
Effective duration (years)	3.3

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Quality High Yield Fund

TSR-SAR 063024-WILTX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Municipal Opportunities Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Nicholas J. Foley Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Municipal Opportunities Fund – Retail Class returned 0.84% against a return of -0.63% for the Bloomberg 1-15 Year Municipal Blend Index and -0.40% for the Fund’s regulatory broad-based securities market index, the Bloomberg Municipal Bond Index.

Our heavy barbell strategy has continued to deliver as anticipated. We continue to be focused on the 0-2 Year and 15-20 Year parts of the curve. We continue to maintain a significant yield advantage through this curve positioning and taking advantage of neglected sectors of the municipal market. We continued drift up in credit quality, not so much driven by underlying credit fundamentals but the fact that investors are not being paid enough additional spread for the additional risk.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$32	0.65%

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	SBH Municipal Opportunities - Retail	Bloomberg Municipal Bond Index	Bloomberg 1-15 Year Municipal Blend Index
Dec-2016	$10,000	$10,000	$10,000
Jun-2017	$10,649	$10,447	$10,394
Jun-2018	$11,024	$10,611	$10,499
Jun-2019	$11,662	$11,322	$11,142
Jun-2020	$12,232	$11,826	$11,608
Jun-2021	$12,971	$12,318	$11,965
Jun-2022	$11,713	$11,263	$11,184
Jun-2023	$11,792	$11,621	$11,495
Jun-2024	$12,300	$11,995	$11,805

Fund Statistics

Net Assets	$180,012,221
Number of Portfolio Holdings	121
Portfolio Turnover	47%
Advisory Fee	$309,200
Fees Waived/Reimbursed	$(93,012)
Net Advisory Fee	$216,188
Advisory Fee %	0.35%
Fees Waived/Reimbursed %	-0.11%
Net Advisory Fee %	0.24%
Average maturity (years)	8.70
30-day SEC yield (with waivers)	3.83%
30-day SEC yield (without waivers)	3.83%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	Since Inception (12/16/2016)
SBH Municipal Opportunities - Retail	0.84%	4.31%	1.07%	2.78%
Bloomberg Municipal Bond Index	- 0.40%	3.21%	1.16%	2.44%
Bloomberg 1-15 Year Municipal Blend Index	- 0.63%	2.69%	1.16%	2.23%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Revenue	61.0%
General Obligation	18.4%
U.S. Treasury Obligations	4.4%
Local Authority	4.3%
Industrial	4.3%
Local	1.7%
Variable Rate Demand Note	1.7%
Certificate Participation	0.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
City of Whiting Indiana Environmental Facilities	5.9%
Virginia Small Business Financing Authority	4.4%
Federal Home Loan Mortgage Corp.	4.3%
IPMI 3 LLC	4.3%
Texas Department of Housing & Community Affairs	3.4%
Burke County Georgia Development Authority Pollution Control	3.3%
Indiana Finance Authority Environmental Refunding	3.2%
Southern California Public Power Authority No. 1	3.1%
Public Finance Authority Taxable Educational Facilities Wisconsin	2.9%
Long Island Power Authority	2.8%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	3.6
AAA	17.5
AA	25.5
A	26.6
BBB	6.3
BB & Below	7.2
Not Rated	13.4

Duration Distribution

Duration	% Portfolio
0-1 yr	26.1
1-3 yrs	24.0
3-4 yrs	5.4
4-6 yrs	8.7
6-8 yrs	7.3
8+ yrs	28.6
Effective duration (years)	4.6

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Municipal Opportunities Fund

TSR-SAR 063024-WTTAX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Nicholas J. Foley Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Municipal Opportunities Fund – Institutional Class returned 0.81% against a return of -0.63% for the Bloomberg 1-15 Year Municipal Blend Index and -0.40% for the Fund’s regulatory broad-based securities market index, the Bloomberg Municipal Bond Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$25	0.50%

How has the Fund performed since inception?

Total Return Based on $250,000 Investment

	SBH Municipal Opportunities - Inst	Bloomberg Municipal Bond Index	Bloomberg 1-15 Year Municipal Blend Index
Dec-2016	$250,000	$250,000	$250,000
Jun-2017	266,599	261,179	259,860
Jun-2018	276,387	265,266	262,478
Jun-2019	292,591	283,055	278,560
Jun-2020	307,681	295,646	290,196
Jun-2021	326,455	307,962	299,129
Jun-2022	295,515	281,565	279,596
Jun-2023	297,953	290,537	287,375
Jun-2024	310,944	299,872	295,113

Fund Statistics

Net Assets	$180,012,221
Number of Portfolio Holdings	121
Portfolio Turnover	47%
Advisory Fee	$309,200
Fees Waived/Reimbursed	$(93,012)
Net Advisory Fee	$216,188
Advisory Fee %	0.35%
Fees Waived/Reimbursed %	-0.11%
Net Advisory Fee %	0.24%
Average maturity (years)	8.70
30-day SEC yield (with waivers)	3.80%
30-day SEC yield (without waivers)	3.52%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	Since Inception (12/16/2016)
SBH Municipal Opportunities - Inst	0.81%	4.36%	1.22%	2.94%
Bloomberg Municipal Bond Index	- 0.40%	3.21%	1.16%	2.44%
Bloomberg 1-15 Year Municipal Blend Index	- 0.63%	2.69%	1.16%	2.23%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Revenue	61.0%
General Obligation	18.4%
U.S. Treasury Obligations	4.4%
Local Authority	4.3%
Industrial	4.3%
Local	1.7%
Variable Rate Demand Note	1.7%
Certificate Participation	0.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
City of Whiting Indiana Environmental Facilities	5.9%
Virginia Small Business Financing Authority	4.4%
Federal Home Loan Mortgage Corp.	4.3%
IPMI 3 LLC	4.3%
Texas Department of Housing & Community Affairs	3.4%
Burke County Georgia Development Authority Pollution Control	3.3%
Indiana Finance Authority Environmental Refunding	3.2%
Southern California Public Power Authority No. 1	3.1%
Public Finance Authority Taxable Educational Facilities Wisconsin	2.9%
Long Island Power Authority	2.8%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	3.6
AAA	17.5
AA	25.5
A	26.6
BBB	6.3
BB & Below	7.2
Not Rated	13.4

Duration Distribution

Duration	% Portfolio
0-1 yr	26.1
1-3 yrs	24.0
3-4 yrs	5.4
4-6 yrs	8.7
6-8 yrs	7.3
8+ yrs	28.6
Effective duration (years)	4.6

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Municipal Opportunities Fund

TSR-SAR 063024-WITAX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Colorado Tax-Free Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

Nicholas J. Foley Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Colorado Tax Free Fund – Retail Class returned 0.92% against a return of -0.63% for the Bloomberg 1-15 Year Municipal Blend Index and -0.40% for the Fund’s regulatory broad-based securities market index, the Bloomberg Municipal Bond Index.

Issuance for Colorado has been low during the first half of this year and demand for bonds has so far outstripped supply. We continue to see broad strength in credit metrics across Colorado driven by rising incomes and home prices

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$32	0.65%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Colorado Tax Free - Retail	Bloomberg Municipal Bond Index	Bloomberg 1-15 Year Municipal Blend Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$10,268	$10,300	$10,221
Jun-2016	$10,944	$11,088	$10,848
Jun-2017	$10,870	$11,034	$10,831
Jun-2018	$11,048	$11,207	$10,940
Jun-2019	$11,673	$11,958	$11,610
Jun-2020	$12,125	$12,490	$12,095
Jun-2021	$12,682	$13,011	$12,468
Jun-2022	$11,664	$11,895	$11,654
Jun-2023	$11,583	$12,274	$11,978
Jun-2024	$12,070	$12,669	$12,300

Fund Statistics

Net Assets	$334,992,271
Number of Portfolio Holdings	158
Portfolio Turnover	13%
Advisory Fee	$601,568
Fees Waived/Reimbursed	$(56,939)
Net Advisory Fee	$544,629
Advisory Fee %	0.35%
Fees Waived/Reimbursed %	-0.03%
Net Advisory Fee %	0.32%
Average maturity (years)	10.49
30-day SEC yield (with waivers)	3.32%
30-day SEC yield (without waivers)	3.32%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (06/01/1991)
SBH Colorado Tax Free - Retail	0.92%	4.20%	0.67%	1.90%	3.94%
Bloomberg Municipal Bond Index	- 0.40%	3.21%	1.16%	2.39%	4.86%
Bloomberg 1-15 Year Municipal Blend Index	- 0.63%	2.69%	1.16%	2.09%	4.13%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Revenue	40.8%
General Obligation	16.6%
Certificate Participation	10.8%
Variable Rate Demand Note	9.2%
Local Authority	8.0%
Escrow to Maturity	2.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Colorado Housing & Finance Authority	13.2%
Colorado Health Facilities Authority	6.5%
Colorado Educational & Cultural Facilities Authority	4.8%
City of Colorado Springs Colorado Utilities System	4.8%
Denver Colorado City & County Airport System	4.5%
Rampart Range Colorado Metropolitan District No. 1, AGM	3.6%
Board of Trustees of the Colorado School of Mines, AGM	3.6%
University of Colorado Hospital Authority	3.0%
Berthoud Colorado COP	2.6%
Gunnison Watershed Colorado School District No. RE-1J COP	2.4%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	12.1
AAA	21.1
AA	41.9
A	13.9
BBB	3.8
BB & Below	0.9
Not Rated	6.3

Duration Distribution

Duration	% Portfolio
0-1 yr	27.9
1-3 yrs	19.8
3-4 yrs	5.3
4-6 yrs	7.5
6-8 yrs	5.5
8+ yrs	34.0
Effective duration (years)	4.7

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Colorado Tax-Free Fund

TSR-SAR 063024-WTCOX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

Fund Management

Nicholas J. Foley Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Colorado Tax Free Fund – Institutional Class returned 1.08% against a return of -0.63% for the Bloomberg 1-15 Year Municipal Blend Index and -0.40% for the Fund’s regulatory broad-based securities market index, the Bloomberg Municipal Bond Index.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$25	0.50%

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Colorado Tax Free - Inst	Bloomberg Municipal Bond Index	Bloomberg 1-15 Year Municipal Blend Index
Apr-2016	$250,000	$250,000	$250,000
Jun-2016	$254,124	$254,663	$253,211
Jun-2017	$252,785	$253,421	$252,826
Jun-2018	$257,255	$257,386	$255,374
Jun-2019	$272,286	$274,647	$271,020
Jun-2020	$283,135	$286,864	$282,342
Jun-2021	$296,756	$298,815	$291,033
Jun-2022	$273,185	$273,202	$272,028
Jun-2023	$271,686	$281,907	$279,597
Jun-2024	$283,736	$290,964	$287,126

Fund Statistics

Net Assets	$334,992,271
Number of Portfolio Holdings	158
Portfolio Turnover	13%
Advisory Fee	$601,568
Fees Waived/Reimbursed	$(56,939)
Net Advisory Fee	$544,629
Advisory Fee %	0.35%
Fees Waived/Reimbursed %	-0.03%
Net Advisory Fee %	0.32%
Average maturity (years)	10.49
30-day SEC yield (with waivers)	3.44%
30-day SEC yield (without waivers)	3.42%

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

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (04/29/2016)
SBH Colorado Tax Free - Inst	1.08%	4.44%	0.83%	2.02%	3.98%
Bloomberg Municipal Bond Index	- 0.40%	3.21%	1.16%	2.39%	4.86%
Bloomberg 1-15 Year Municipal Blend Index	- 0.63%	2.69%	1.16%	2.09%	4.13%

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Revenue	40.8%
General Obligation	16.6%
Certificate Participation	10.8%
Variable Rate Demand Note	9.2%
Local Authority	8.0%
Escrow to Maturity	2.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Colorado Housing & Finance Authority	13.2%
Colorado Health Facilities Authority	6.5%
Colorado Educational & Cultural Facilities Authority	4.8%
City of Colorado Springs Colorado Utilities System	4.8%
Denver Colorado City & County Airport System	4.5%
Rampart Range Colorado Metropolitan District No. 1, AGM	3.6%
Board of Trustees of the Colorado School of Mines, AGM	3.6%
University of Colorado Hospital Authority	3.0%
Berthoud Colorado COP	2.6%
Gunnison Watershed Colorado School District No. RE-1J COP	2.4%

Percentages are based on Total Net Assets. The sector allocation table above does not include any cash or cash equivalents and therefore the percentages may not add up to 100%.

Ratings Allocation

Rating	% Portfolio
Cash	12.1
AAA	21.1
AA	41.9
A	13.9
BBB	3.8
BB & Below	0.9
Not Rated	6.3

Duration Distribution

Duration	% Portfolio
0-1 yr	27.9
1-3 yrs	19.8
3-4 yrs	5.3
4-6 yrs	7.5
6-8 yrs	5.5
8+ yrs	34.0
Effective duration (years)	4.7

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Colorado Tax-Free Fund

TSR-SAR 063024-WICOX

Semi-Annual Shareholder Report - June 30, 2024

Barrett Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Barrett Growth Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

E. Wells Beck, CFA Portfolio Manager

Amy Kong, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Barrett Growth Fund returned 19.90% against a return of 15.29% for the Fund’s regulatory broad-based securities market index, the S&P 500^® Index.

For the first half of 2024, the three sectors that contributed most to the Fund’s returns on an absolute basis were Information Technology, Financials, and Communication Services. Market participants continued to prefer the largest growth stocks, which mostly fall in the Information Technology and Communication Services sectors. The three individual securities that contributed the most on an absolute basis were NVIDIA Corp., Alphabet, Inc., and Microsoft Corp. In the case of NVIDIA, the company continued to grow earnings beyond consensus expectations due to increasing demand for its AI (artificial intelligence) related chips.

The three sectors that detracted most from the Fund’s returns on an absolute basis were Materials, Industrials, and Health Care. The absolute contribution from these sectors was positive, but relatively lower than the outperforming sectors as mentioned above. The three individual securities that detracted the most on an absolute basis were Accenture PLC, Zoetis, Inc., and Starbucks Corp. The latter company has been encountering weaker economic trends in China and less pricing power.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$49	0.99%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Barrett Growth	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$11,040	$10,742
Jun-2016	$10,995	$11,171
Jun-2017	$12,574	$13,170
Jun-2018	$14,928	$15,064
Jun-2019	$16,972	$16,633
Jun-2020	$19,464	$17,881
Jun-2021	$26,241	$25,175
Jun-2022	$21,612	$22,503
Jun-2023	$26,055	$26,912
Jun-2024	$34,612	$33,521

Stock Performance

Top 5	Average Weight	Contribution To Return
NVIDIA Corp.	8.85	9.10
Alphabet, Inc.	4.95	1.46
Microsoft Corp.	7.04	1.31
Costco Wholesale Corp.	4.29	1.29
Progressive Corp. (The)	3.77	1.23
Bottom 5
Adobe, Inc.	1.48	-0.22
McDonald's Corp.	2.06	-0.30
Starbucks Corp.	1.78	-0.40
Zoetis, Inc.	2.54	-0.46
Accenture PLC	3.73	-0.53

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (12/29/1998)
Barrett Growth	19.90%	32.84%	15.32%	13.22%	6.62%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%	7.96%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Information Technology	30.1%
Financials	18.5%
Health Care	16.5%
Consumer Discretionary	14.4%
Communication Services	6.6%
Industrials	5.4%
Consumer Staples	4.2%
Materials	2.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
NVIDIA Corp.	9.1%
Microsoft Corp.	7.3%
Alphabet, Inc.	5.5%
Visa, Inc.	5.4%
Ares Management Corp.	5.1%
Apple, Inc.	4.9%
Amazon.com, Inc.	4.8%
TJX Cos., Inc. (The)	4.7%
Costco Wholesale Corp.	4.2%
Tetra Tech, Inc.	3.9%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	95.1%
Ireland	3.2%

Fund Statistics

Net Assets	$28,137,324
Number of Portfolio Holdings	41
Portfolio Turnover	3%
Advisory Fee	$87,271
Fees Waived/Reimbursed	$(52,086)
Net Advisory Fee	$35,185
Advisory Fee %	0.65%
Adviser Waiver %	-0.39%
Net %	0.26%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Barrett Growth Fund

TSR-SAR 063024-BGRWX

Semi-Annual Shareholder Report - June 30, 2024

Barrett Opportunity Fund

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Barrett Opportunity Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 392-2673.

Fund Management

E. Wells Beck, CFA Portfolio Manager

Amy Kong, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Barrett Opportunity Fund returned 12.78% against a return of 15.29% for the Fund’s regulatory broad-based securities market index, the S&P 500^® Index.

For the first half of 2024, the three sectors that contributed most to the Fund’s returns on an absolute basis were Financials, Communication Services, and Information Technology. Market participants continued to prefer the largest growth names, which mostly fall in the Information Technology and Communication Services sectors. The three individual securities that contributed the most on an absolute basis were Alphabet, Inc., Microsoft Corp., and Murphy USA, Inc. Microsoft has outperformed due to its ability to capitalize from a series of AI (artificial intelligence) enabled products.

The three sectors that detracted most from the Fund’s returns on an absolute basis over the first half of 2024 were Real Estate, Consumer Staples, and Health Care. In general, real estate stocks have underperformed in a higher interest rate environment. The three individual securities that detracted the most on an absolute basis were Rayonier, Inc., Murphy Oil Corp., and Corpay, Inc. Corpay has underperformed in part due to the moderation of the U.S. economy. As consumers shifted focus more towards services, freight fundamentals declined to a degree.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$49	0.99%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Barrett Opportunity	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,695	$10,742
Jun-2016	$10,365	$11,171
Jun-2017	$12,746	$13,170
Jun-2018	$13,801	$15,064
Jun-2019	$13,903	$16,633
Jun-2020	$13,310	$17,881
Jun-2021	$17,640	$25,175
Jun-2022	$17,875	$22,503
Jun-2023	$20,049	$26,912
Jun-2024	$24,997	$33,521

Stock Performance

Top 5	Average Weight	Contribution To Return
Alphabet, Inc.	7.90	2.26
Microsoft Corp.	11.57	2.12
Murphy USA, Inc.	7.01	2.08
Jefferies Financial Group, Inc.	7.23	1.68
General Dynamics Corp.	11.68	1.56
Bottom 5
PepsiCo, Inc.	2.41	-0.04
Home Depot, Inc. (The)	2.17	-0.04
Corpay, Inc.	1.21	-0.09
Murphy Oil Corp.	4.79	-0.12
Rayonier, Inc.	1.94	-0.25

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years	Since Inception (02/28/1979)
Barrett Opportunity	12.78%	24.68%	12.45%	9.59%	10.85%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%	12.21%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 392-2673 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Financials	21.1%
Information Technology	18.3%
Industrials	17.9%
Energy	15.0%
Communication Services	9.2%
Consumer Discretionary	9.1%
Health Care	5.9%
Consumer Staples	2.5%
Real Estate	1.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Microsoft Corp.	12.7%
General Dynamics Corp.	10.9%
Shell PLC	10.6%
Alphabet, Inc.	9.2%
Jefferies Financial Group, Inc.	9.0%
Automatic Data Processing, Inc.	6.9%
Murphy USA, Inc.	6.8%
Apple, Inc.	5.6%
Bank of New York Mellon Corp. (The)	5.3%
Murphy Oil Corp.	4.4%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	89.5%
United Kingdom	10.6%

Fund Statistics

Net Assets	$29,909,924
Number of Portfolio Holdings	28
Portfolio Turnover	0%
Advisory Fee	$105,990
Fees Waived/Reimbursed	$(55,413)
Net Advisory Fee	$50,577
Advisory Fee %	0.65%
Adviser Waiver %	-0.34%
Net %	0.31%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Barrett Opportunity Fund

TSR-SAR 063024-SAOPX

Semi-Annual Shareholder Report - June 30, 2024

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

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Segall Bryant & Hamill Select Equity ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at www.sbhfunds.com. You can also request this information by contacting us at (800) 836-4265.

Fund Management

Suresh Rajagopal, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

How did the Fund perform during the reporting period?

For the first six months of 2024, the Segall Bryant & Hamill Select Equity ETF returned 12.82% against a return of 14.24% for the Russell 1000^® Index and 13.56% for the Fund’s regulatory broad-based securities market index, the Russell 3000^® Index.

For the first half of 2024, the three sectors that contributed most to the Fund’s returns on an absolute basis were Information Technology, Financials, and Communication Services. Excitement around artificial intelligence drove strong performance for the Information Technology sector. The three individual securities that contributed the most on an absolute basis were Alphabet, Inc., Novo Nordisk A/S, and Microsoft Corp. Novo Nordisk delivered strong growth driven by robust demand for its GLP-1 franchises.

The three sectors that detracted most from the Fund’s returns on an absolute basis over the first half of 2024 were Consumer Staples, Energy, and Materials. The Fund did not have any exposure to the Energy sector in the first half of the year. The three individual securities that detracted the most on an absolute basis were Global Life, Inc., O’Reilly Automotive, Inc., and Marvell Technology, Inc. Globe Life was the subject of a series of attacks by short sellers and the company has been adamant that those claims are unfounded.

What were the Fund’s cost for the last six months?

(based on a hypothetical $10,000 investment)

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

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	SBH Select Equity ETF - NAV	SBH Select Equity ETF - Market Price	Russell 1000^® Total Return Index	Russell 3000^® Total Return Index
08/29/23	$10,000	$10,000	$10,000	$10,000
09/30/23	$9,636	$9,688	$9,562	$9,555
12/31/23	$10,557	$10,557	$10,706	$10,709
03/31/24	$11,423	$11,435	$11,808	$11,782
06/30/24	$11,911	$11,907	$12,230	$12,160

Stock Performance

Top 5	Average Weight	Contribution To Return
Alphabet, Inc.	7.06	2.03
Novo Nordisk A/S	5.39	1.86
Microsoft Corp.	9.64	1.80
Reinsurance Group of America, Inc.	5.87	1.55
Quanta Services, Inc.	6.43	1.26
Bottom 5
STERIS PLC	3.18	-0.20
Mondelez International, Inc.	3.14	-0.25
Marvell Technology, Inc.	1.97	-0.27
O'Reilly Automotive, Inc.	1.27	-0.27
Globe Life, Inc.	1.93	-0.29

Average Annual Total Returns

	6 Months	Since Inception (08/29/2023)
SBH Select Equity ETF - NAV	12.82%	19.11%
SBH Select Equity ETF - Market Price	12.78%	19.07%
Russell 1000^® Total Return Index	14.24%	22.30%
Russell 3000^® Total Return Index	13.56%	21.60%

Performance data quoted represents past performance and does not guarantee future results.

Past performance does not guarantee future results. Call (800) 836-4265 or visit www.sbhfunds.com for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Information Technology	31.3%
Financials	20.4%
Health Care	18.2%
Industrials	8.4%
Communication Services	7.9%
Consumer Discretionary	4.6%
Materials	3.8%
Consumer Staples	3.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Microsoft Corp.	9.6%
Alphabet, Inc.	7.9%
Reinsurance Group of America, Inc.	6.2%
Novo Nordisk A/S	5.8%
Visa, Inc.	5.4%
Quanta Services, Inc.	5.4%
Palo Alto Networks, Inc.	4.9%
TJX Cos., Inc. (The)	4.6%
UnitedHealth Group, Inc.	4.6%
Apple, Inc.	4.6%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change.

Country Weighting (% of net assets)

Value	Value
United States	85.1%
Denmark	5.8%
Ireland	3.8%
United Kingdom	3.8%

Fund Statistics

Net Assets	$177,224,520
Number of Portfolio Holdings	30
Portfolio Turnover	49%
Advisory Fee	$328,876
Fees Waived/Reimbursed	$(74,389)
Net Advisory Fee	$254,487
Advisory Fee %	0.55%
Adviser Waiver %	-0.12%
Net %	0.43%

Where can I find additional information about the Fund?

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

Prospectus/Statement of Additional Information
Financial information
Holdings
Proxy voting information
Fact sheets

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Segall Bryant & Hamill Select Equity ETF

TSR-SAR 063024-USSE

Semi-Annual Shareholder Report - June 30, 2024

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.

Interests in the Funds are represented by separate classes of beneficial interest of the Trust, which is organized as a Massachusetts business trust. All of the Funds offer Retail Class and Institutional Class Shares except Barrett Growth Fund and Barrett Opportunity Fund. Barrett Growth Fund and Barrett Opportunity Fund do not have a multi-class structure. All classes of shares have identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters solely affecting such class.

Each of the Segall Bryant & Hamill Small Cap Value Fund, Segall Bryant & Hamill Small Cap Growth Fund, Segall Bryant & Hamill Small Cap Core Fund, Segall Bryant & Hamill All Cap Fund, Segall Bryant & Hamill Emerging Markets Fund, Segall Bryant & Hamill International Small Cap Fund, Segall Bryant & Hamill International Equity Fund, Segall Bryant & Hamill Global All Cap, Barrett Growth Fund and Barrett Opportunity Fund seeks to achieve long-term capital appreciation. The Segall Bryant & Hamill Short Term Plus Fund seeks to provide current income and competitive total return. Each of the Segall Bryant & Hamill Plus Bond Fund and Segall Bryant & Hamill Quality High Yield Fund seeks to achieve long-term total rate of return consistent with preservation of capital. The Segall Bryant & Hamill Municipal Opportunities Fund seeks income exempt from Federal income taxes. The Segall Bryant & Hamill Colorado Tax Free Fund seeks income exempt from both federal and Colorado state personal income taxes.

The Funds (other than Segall Bryant & Hamill 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”).

Effective December 8, 2023, the Segall Bryant & Hamill International Fund, LP (the “Partnership”), an unregistered limited partnership managed by the portfolio managers of the Fund, was converted into the Segall Bryant & Hamill International Equity Fund. The Segall Bryant & Hamill International Equity Fund is a successor to the Partnership and has substantially the same investment objectives and strategies as did the Partnership. The net assets contributed resulting from the tax-free transaction were $626,704, including unrealized appreciation for tax purposes of $45,608. The Segall Bryant & Hamill International Equity Fund carried forward the historical cost basis of investments and cumulative unrealized gains and losses as reported to align ongoing financial reporting. The limited partners of the Partnership were issued shares in the Segall Bryant & Hamill International Equity Fund based on the December 8, 2023 opening net asset value (“NAV”) per share of the Segall Bryant & Hamill International Equity Fund. A total of 62,670 shares were issues at a NAV per share of $10.00.

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.

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, 2024, the cash equivalents balances reflected on the Statements of Assets and Liabilities represent the amounts participating in the BBH CMS.

Investment Valuation – All securities of the Funds are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”), currently 4:00 p.m. (Eastern Time), on each day that the NYSE is open, subject to provisions in the prospectus and/or Statement of Additional Information regarding pricing at other times in case of an emergency and optional pricing of the Funds in the event that the NYSE does not open for business because of an emergency.

Securities that are traded on a recognized domestic stock exchange are generally valued at the last sales price as of the valuation time on the principal stock exchange on which they are traded. Securities that are principally traded on the National Association of Securities Dealers Automated Quotation (“NASDAQ”) exchange are generally valued at the NASDAQ Official Closing Price (“NOCP”). Unlisted securities that are traded on the domestic over-the-counter market for which last sales prices are available, are generally valued at the last sales price as of the valuation time. In the absence of sales and NOCP, such securities are valued at the bid price.

Securities that are traded on a foreign stock exchange (and that are not listed on a recognized domestic stock exchange or traded on the NASDAQ exchange or the domestic over-the-counter market) are generally valued at the official closing price on the principal stock exchange on which they are traded. When an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value, the fair value of those securities are determined in good faith in accordance with procedures established by and under the general supervision of the Board of Trustees. The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. In the event that closing prices are not available for such foreign securities, such securities are generally valued at the last sales price occurring prior to the closing of its principal exchange.

Forward foreign currency contracts have a fair value determined by an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing vendor. Foreign currency exchange rates and forward foreign currency exchange rates may generally be obtained at the close of the NYSE. As of June 30, 2024, the Funds did not hold any forward foreign currency contracts.

Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value.

Fixed-income obligations, having a remaining maturity of greater than 60 days, are typically valued at the evaluated prices formulated by an independent pricing service.

Segall Bryant & Hamill, LLC (the “Adviser”) is the Funds’ valuation designee responsible for carrying out pricing and valuation duties in accordance with the Adviser’s Valuation Procedures (the “Procedures”) pursuant to Rule 2a-5 under 1940 Act.

When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the valuation designee with procedures utilized by the valuation designee. Factors which may be considered when determining the value of a security include (a) the fundamental data relating to the investment; (b) an evaluation of the forces which influence the market in which the security is sold, including the liquidity and depth of the market; (c) the market value at date of purchase; (d) information as to any transactions or offers with respect to the security or comparable securities; and (e) any other relevant matters.

Securities Traded on Foreign Exchanges – All of the Funds, except the Segall Bryant & Hamill Colorado Tax Free Fund, may invest at least a portion of their assets in foreign securities. As of June 30, 2024, all Funds were primarily invested in securities traded on U.S. exchanges, except Segall Bryant & Hamill Emerging Markets Fund, Segall Bryant & Hamill International Small Cap Fund, Segall Bryant & Hamill International Equity Fund and Segall Bryant & Hamill Global All Cap Fund. In the event that a Fund executes a security transaction on a foreign exchange, the Fund will generally enter into a foreign currency contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks. The accounting records of the Funds are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.

The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Federal Income Taxes – No provision for income taxes is included in the accompanying financial statements, as the Funds intend to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

As of and during the six months ended June 30, 2024, 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, 2024, 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.

Offering Costs – The Adviser advanced some of the initial offering costs for the Segall Bryant & Hamill International Equity Fund and was subsequently reimbursed by the Fund. Costs of $31,390 incurred in connection with the offering and initial registration have been deferred and are being amortized on straight-line basis over the first twelve months after commencement of operations. As of June 30, 2024, there was $22,570 in unamortized costs remaining for the Segall Bryant & Hamill International Equity Fund.

Allocation Between Classes – Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of a Fund based upon its proportionate share of total net assets of that Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses which are not attributable to a specific class are allocated daily to each class of shares of a Fund based upon its proportionate share of total net assets of that Fund.

Security Transactions and Related Investment Income – For financial reporting purposes, the Funds’ investment transactions and shareholder transactions are recorded on trade date. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Non-cash dividends, if any, included in dividend income, are recorded at the fair value of the security received. Withholding taxes on foreign dividends, net of reclaims, and foreign capital gains taxes, if any, have been recorded in accordance with the Funds’ understanding of the applicable country’s rules and tax rates. Interest income is accrued as earned. Discounts and premiums on fixed income securities are amortized using the effective interest method. Realized gains and losses from investment transactions and unrealized appreciation and depreciation of investments are reported on an identified cost basis.

Investments in Real Estate Investment Trusts (REITs) – With respect to each Fund, dividend income is recorded based on the income included in distributions received from its REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end and may differ from the estimated amounts.

In-Kind Redemptions – Net capital gains or losses resulting from in-kind redemptions are excluded from the Fund’s taxable gains and are not distributed to shareholders. A redemption-in-kind is the process of making a distribution to shareholders through assets and cash rather than cash alone. During the period ended June 30, 2024, the redemptions for securities redeemed in-kind were as follows:

ReFlow transactions – Barrett Growth Fund and Barrett Opportunity Fund may participate in ReFlow, a program designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares and/or large cash distributions. In order to pay cash to shareholders who redeem their shares on a given day or for cash distributions, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the fund’s net redemptions and/or cash distributions on a given day. ReFlow then either redeems those shares when the fund experiences net sales or redeems the shares in the form of in-kind redemptions. In return for this service, the fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The costs to a Fund for participating in ReFlow are generally expected to be influenced by and comparable to

the cost of other sources of liquidity, such as the Fund’s short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. ReFlow is prohibited from acquiring more than 2.95% of the total net assets of any Fund. Reflow expenses for the six months ended June 30, 2024 totaled $910 and $3,473 for the Barrett Growth Fund and Barrett Opportunity Fund, respectively.

For information regarding the risks associated with investments in the Funds, see the Funds’ Prospectus and Statement of Additional Information.

Country Risk – As of June 30, 2024, the Segall Bryant & Hamill Emerging Markets Fund invested a significant percentage of its assets in China; and the Segall Bryant & Hamill International Small Cap Fund and the Segall Bryant & Hamill International Equity Fund invested a significant percentage of their assets in Japan. Therefore, they may be more affected by economic developments and currency fluctuations in these countries.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds. As of June 30, 2024, the Segall Bryant & Hamill Emerging Markets Fund had investments in Russia. These investments are valued at zero.

On June 30, 2024, 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:

Distributions – Distributions of net investment income, if any, are generally made annually for the Segall Bryant & Hamill Small Cap Value Fund, Segall Bryant & Hamill Small Cap Growth Fund, Segall Bryant & Hamill Small Cap Core Fund, Segall Bryant & Hamill All Cap Fund, Segall Bryant & Hamill Emerging Markets Fund, Segall Bryant & Hamill International Equity Fund, Segall Bryant & Hamill Global All Cap Fund, Barrett Growth Fund and Barrett Opportunity Fund; quarterly for Segall Bryant & Hamill International Small Cap Fund; and monthly for the Segall Bryant & Hamill Short Term Plus Fund, Segall Bryant & Hamill Plus Bond Fund, Segall Bryant & Hamill Quality High Yield Fund, Segall Bryant & Hamill Municipal Opportunities Fund and Segall Bryant & Hamill Colorado Tax Free Fund. Distributions of net income were generally paid annually for Segall Bryant & Hamill International Small Cap Fund. Distributions of net realized capital gains, if any, are declared at least once each year for each of the Funds. Distributions to shareholders are recorded on the ex-dividend date.

The tax character of the distributions paid during the periods ended June 30, 2024 and December 31, 2023 were as follows:

As of June 30, 2024, net unrealized appreciation (depreciation) on investments based on federal tax cost was as follows:

The difference between book and tax basis cost of investments is attributable primarily to wash sales, passive foreign investment companies and the tax treatment of certain other investments.

As of December 31, 2023, the components of distributable earnings (deficit) on a tax basis were as follows:

Included in accumulated capital and other losses are other Temporary Differences primarily related to deferred Trustee compensation.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to future tax years without expiration. As of December 31, 2023, the following amounts are available as carry forwards to offset net capital gains realized in future tax years:

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 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.

Ultimus Fund Solutions LLC (“Ultimus”) and the Adviser serve as the Funds’ co-administrators (“Co-Administrators”). Ultimus and the Adviser are entitled to receive a total fee from each Fund for their administrative services computed daily and payable monthly based on the average net assets of the Trust. The Adviser receives a portion that is calculated based on 0.01% on the average daily net assets of the Trust.

The administrative fees are allocated to each Fund based upon the Fund’s relative proportion of the Trust’s net assets, subject to certain minimums, and are disclosed in the Statements of Operations. During the six months ended June 30, 2024, the Adviser and Ultimus received $130,604 and $366,597, respectively, for their services to the Funds.

Shareholder servicing agents provide non-distribution administrative and support services to their customers, which may include establishing and maintaining accounts and records relating to shareholders, processing dividend and distribution payments from the Funds on behalf of shareholders, forwarding communications from the Funds, providing sub-accounting with respect to Fund shares, and other similar services. The Retail Class of each Fund, shares of Barrett Growth Fund and Barrett Opportunity Fund, may pay a fee at an annual rate of up to 0.25% of its average daily net assets to shareholder servicing agents and the Institutional Class of each Fund may pay a fee at an annual rate of up to 0.10% of its average daily net assets to shareholder servicing agents. These fees are included in Shareholder Servicing Fees on the Statements of Operations.

The Adviser has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses (not including acquired fund fees and expenses, taxes, redemption in-kind processing fees, brokerage expenses, class action claim fees, tax reclaim fees, and extraordinary expenses), so that the ratio of expenses to average net assets as reported in each Fund’s Financial Highlights will be no more than the amounts as detailed below and are not subject to recapture in future periods:

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 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, 2024 is $941,600.

A three-tier hierarchy has been established to measure fair value based on the extent of use of “observable inputs” as compared to “unobservable inputs” for disclosure purposes and requires additional disclosures about these valuation measurements. Inputs refer broadly to the assumptions that market participants would use in pricing a security. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the security developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the security developed based on the best information available in the circumstances.

The 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, 2024:

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 months ended June 30, 2024:

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, 2024:

The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Fund in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia. As a result, management made the decision to value all Russian securities at zero.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For fair value measurements using significant other observable inputs (Level 2), the valuation designee utilizes an independent pricing service which utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information, and for structured securities also incorporate cash flow and, when available, loan performance data. The independent pricing service’s evaluated pricing models apply available market information through processes such as benchmark curves, benchmarking of similar

securities, and sector groupings. For certain securities, the independent pricing service uses model processes, such as the Option Adjusted Spread (benchmark driven) model, to assess interest rate impact and develop prepayment scenarios. With respect to trades and bids, the independent pricing service reviews the lot size to determine whether the information is representative of an orderly trading market. If the independent pricing service determines that trade or bid information is not consistent with other information available, the trade or bid will not be reflected in the evaluated price.

Corporate bonds, Municipal bonds and U.S. Treasury bonds & notes are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Forward foreign currency contracts are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services.

In the event the independent pricing service is unable to provide an evaluated price for a security or the valuation designee believes the price provided is not reliable, securities of the Funds may be valued in good faith as described above in Note 2. The valuation designee may seek to find an alternative independent source, such as a broker/dealer to provide a price quote, or by using evaluated pricing models similar to the techniques and models used by the independent pricing service. These fair value measurement techniques may utilize unobservable inputs (Level 3).

Investment transactions for the six months ended June 30, 2024 excluding in-kind redemptions, long-term U.S. government securities and short-term investments were as follows:

From time to time, the Funds may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs the Funds will incur borrowing costs charged by the custodian. Borrowing costs for each Fund, if any, for the six months ended June 30, 2024 can be found on the Statements of Operations.

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.

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.

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

Segall Bryant & Hamill Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company. The Segall Bryant & Hamill Select Equity ETF is represented by a single class of beneficial interest of the Trust, which is organized as a Massachusetts business trust. The Fund commenced operations on August 29, 2023. Other series of the Trust are not included in this report.

The Fund issues and redeems shares solely to certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the Fund’s distributor (“Authorized Participants” or “APs”) on a continuous basis at net asset value per share (“NAV”) in aggregations of a specified number of shares called “Creation Units.” Creation Units generally are issued in exchange for a basket of securities (“Deposit Securities”), together with the deposit of a specified cash payment (“Balancing Amount”). Shares are not individually redeemable, but are redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of the Fund consists of a block of 10,000 shares.

Shares are listed and traded on NYSE Arca, Inc. (“NYSE Arca” or the “Exchange”). Shares trade in the secondary market at market prices that may differ from the shares’ NAV. Other than Authorized Participants, investors will not be able to purchase or redeem shares directly with or from the Fund. Instead, most investors will buy and sell shares in the secondary market through a broker.

The Fund is a non-diversified portfolio of the Trust for the purposes of the 1940 Act.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company for financial reporting purposes. The following policies are in conformity with accounting principles generally accepted in the United States of America for investment companies, under Accounting Standards Codification Topic 946 – Financial Services – Investment Companies.

Cash Equivalents – The Fund subscribes to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight demand deposits with a branch of a pre-approved commercial bank. This fully automated program allows the Fund to earn interest on cash balances. As of June 30, 2024, the cash equivalents balance reflected on the Statement of Assets and Liabilities represents the amount participating in the BBH CMS.

Investment Valuation – All securities of the Fund are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”), currently 4:00 p.m. (Eastern Time), on each day that the NYSE is open, subject to provisions in the prospectus and/or Statement of Additional Information regarding pricing at other times in case of an emergency and optional pricing of the Fund in the event that the NYSE does not open for business because of an emergency.

Segall Bryant & Hamill, LLC (the “Adviser”) is the Fund’s valuation designee responsible for carrying out pricing and valuation duties in accordance with the Adviser’s Valuation Procedures (the “Procedures”) pursuant to Rule 2a-5 under 1940 Act.

When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the valuation designee with procedures approved by the Trust’s Board of Trustees (the “Board”) as noted above. Factors which may be considered when determining the value of a security include (a) the fundamental data relating to the investment; (b) an evaluation of the forces which influence the market in which the security is sold, including the liquidity and depth of the market; (c) the market value at date of purchase; (d) information as to any transactions or offers with respect to the security or comparable securities; and (e) any other relevant matters.

Federal Income Taxes – No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

As of and during the six months ended June 30, 2024, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years

have incorporated no uncertain tax positions that require a provision for income taxes. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended June 30, 2024, the Fund did not incur any interest or penalties.

Common Expenses – Expenses of the Trust not attributable solely to a specific fund of the Trust are allocated among the funds based on the relative net assets of the funds or based on the nature of the expense and its relative applicability to the funds.

Offering Costs – The Adviser advanced some of the Fund’s initial offering costs and was subsequently reimbursed by the Fund. Costs of $37,677 incurred in connection with the offering and initial registration have been deferred and are being amortized on a straight-line basis over the first twelve months after commencement of operations. As of June 30, 2024, there was $12,986 in unamortized costs remaining in the Fund.

Security Transactions and Related Investment Income – For financial reporting purposes, the Fund’s investment transactions are recorded on trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends, if any, included in dividend income, are recorded at the fair value of the security received. Withholding taxes on foreign dividends, net of reclaims, and foreign capital gains taxes, if any, have been recorded in accordance with the Fund’s understanding of the applicable country’s rules and tax rates. Interest income is accrued as earned. Realized gains and losses from investment transactions and unrealized appreciation and depreciation of investments are reported on an identified cost basis.

For information regarding the risks associated with investments in the Fund, see the Fund’s Prospectus and Statement of Additional Information.

On June 30, 2024 there was an unlimited number of no par value shares of beneficial interest authorized for the Fund. Transactions in shares of beneficial interest were as follows:

Distributions – The Fund will distribute any net investment income and any net capital gains, if any, at least annually typically during the month of December. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. The Fund may make additional distributions if it deems it desirable at another time during the year.

The tax character of the distributions paid during the periods ended June 30, 2024 and December 31, 2023 is as follows:

As of June 30, 2024, net unrealized appreciation (depreciation) on investments based on federal tax cost was as follows:

The difference between book and tax differences is attributable primarily to wash sales and tax treatment of real estate investments.

As of December 31, 2023 the components of distributable earnings on a tax basis was as follows:

The Fund recharacterizes distributions received from Real Estate Investment Trust (“REIT”) investments based on information provided by the REIT into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be estimated based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.

6. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER RELATED PARTY TRANSACTIONS

The Trust has entered into an advisory agreement with the Adviser for the Fund. The advisory agreement has been approved by the Board.

Pursuant to its advisory agreement with the Trust, the Adviser is entitled to management fees, based on the average net assets of the Fund, computed daily and payable monthly at the annual rate of 0.55% of average daily net assets.

Ultimus Fund Solutions LLC (“Ultimus”) and the Adviser serve as the Fund’s co-administrators (“Co-Administrators”). Ultimus and the Adviser are entitled to receive a total fee from the Fund for their administrative services computed daily and payable monthly based on the average net assets of the Trust. The Adviser receives a portion that is calculated based on 0.01% on the average daily net assets of the Trust.

The administrative fees are allocated to the Fund based upon the Fund’s relative proportion of the Trust’s net assets, subject to certain minimums, and are disclosed in the Statement of Operations. During the six months ended June 30, 2024, the Adviser and Ultimus received $1,378 and $26,102, respectively, for their services to the Fund.

Until at least April 30, 2025, the Adviser has contractually agreed to waive the management and/or administration fees and/or to reimburse other expenses (not including acquired fund fees and expenses, taxes, brokerage expenses, class action reclaim fees, tax reclaim fees and extraordinary expenses), so that the ratio of expense to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.65%. These amounts are not subject to recapture in future periods.

Under the terms of a Distribution Agreement with the Trust, Northern Lights Distributors, LLC (the “Distributor”) serves as the principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser for acting as principal underwriter.

The Trust has appointed a Chief Compliance Officer who is also an employee of the Adviser. The Trust has agreed to have the Fund pay the portion of his compensation attributable for services rendered as the Trust’s Chief Compliance Officer.

The Trust has a Trustee Deferred Compensation Plan (the “Deferral Plan”) which allows the Trustees to defer the receipt of all or a portion of Trustees fees. Under the Deferral Plan, Trustee fees are paid and invested directly into shares of funds that are series of the Trust that are selected 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 selected funds. The amount paid to the Trustees under the Deferral Plan will be determined based upon the performance of the selected funds. The balance in the Deferral Plan for the Trust as a whole as of June 30, 2024 is $941,600.

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units” of 10,000 shares. Only APs or transactions done through an AP are permitted to purchase or redeem Creation Units from the Fund. An AP is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

Realized gains (losses) resulting from in-kind redemption of shares, if any, are reflected separately on the Statement of Operations. The Fund charges APs standard creation and redemption transaction fees (“Transaction Fees”) to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation transaction fee is charged to the AP on the day such AP creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the AP on the applicable business day.

Similarly, the standard redemption transaction fee is charged to the AP on the day such AP redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the AP on the applicable business day. Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs). For the six months ended June 30, 2024, the Fund received $12,750 in transaction fees.

The following is a summary of the Fund’s investments and other financial instruments (if any) and the inputs used to value the investments and other financial instruments as of June 30, 2024:

The fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended June 30, 2024.

During the six months ended June 30, 2024 cost of purchases and proceeds from sales of investment securities, other than in-kind transactions and short-term investments, were $57,811,706 and $57,223,495, respectively. Purchases and sales of in-kind transactions for the six months ended June 30, 2024 were $157,303,251 and $0, respectively.

In the normal course of business, the Trust, on behalf of the Fund, enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated.

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

This report has been prepared for Segall Bryant & Hamill Select Equity ETF shareholders and may be distributed to others only if preceded or accompanied by a prospectus.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

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.

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

Date of fiscal year end:	December 31

Date of reporting period:	June 30, 2024

FINANCIAL STATEMENTS
Statements of Investments		1
Statements of Assets and Liabilities		52
Statements of Operations		56
Statements of Changes in Net Assets		61
Financial Highlights		67
Notes to Financial Statements		95

Segall Bryant & Hamill Small Cap Value Fund	Statement of Investments
	June 30, 2024 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.1%
Consumer Discretionary — 9.1%
Automobiles & Components — 2.7%
Gentherm, Inc. ^(a)		89,902	$	4,433,967
Goodyear Tire & Rubber Co. (The) ^(a)		834,823		9,475,241
				13,909,208
Consumer Durables & Apparel — 5.8%
Gildan Activewear, Inc. (Canada)		152,664		5,789,019
Polaris, Inc.		46,164		3,615,103
PVH Corp.		53,974		5,714,227
Steven Madden, Ltd.		73,201		3,096,402
VF Corp.		848,672		11,457,072
				29,671,823
Consumer Services — 0.6%
Papa John’s International, Inc.		69,090		3,245,848

Consumer Staples — 1.3%
Food, Beverage & Tobacco — 0.6%
Hain Celestial Group, Inc. (The) ^(a)		425,525		2,940,378

Household & Personal Products — 0.7%
Coty, Inc. - Class A ^(a)		366,585		3,673,181

Energy — 6.6%
Energy — 6.6%
Crescent Energy Co.		556,045		6,589,133
Dril-Quip, Inc. ^(a)		180,870		3,364,182
Helmerich & Payne, Inc.		136,744		4,941,928
Matador Resources Co.		78,280		4,665,488
Murphy Oil Corp.		189,107		7,798,773
Range Resources Corp.		193,826		6,498,986
				33,858,490
Financials — 15.9%
Banks — 15.9%
Ameris Bancorp		109,999		5,538,450
Cadence Bank		256,586		7,256,252
Columbia Banking System, Inc.		324,114		6,446,627
Community Bank System, Inc.		141,131		6,662,795
Glacier Bancorp, Inc.		169,727		6,334,212
Hancock Whitney Corp.		135,048		6,459,346
Lakeland Financial Corp.		35,818		2,203,523
National Bank Holdings Corp. - Class A		223,419		8,724,512
Pacific Premier Bancorp, Inc.		161,935		3,719,647
Seacoast Banking Corp. of Florida		293,218		6,931,674
SouthState Corp.		86,357		6,599,402
Texas Capital Bancshares, Inc. ^(a)		100,437		6,140,718
United Community Banks, Inc.		160,168		4,077,877
WesBanco, Inc.		168,429		4,700,853
				81,795,888
Health Care — 8.3%
Health Care Equipment & Services — 5.2%
Adapthealth Corp. ^(a)		706,723		7,067,230
ICU Medical, Inc. ^(a)		109,002		12,943,988
NeoGenomics, Inc. ^(a)		298,085		4,134,439
Pediatrix Medical Group, Inc. ^(a)		356,982		2,695,214
				26,840,871

	Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences — 3.1%
Alkermes PLC (Ireland) ^(a)		162,783	$	3,923,070
BioCryst Pharmaceuticals, Inc. ^(a)		329,032		2,033,418
Galapagos N.V. ADR (Belgium) ^(a)		239,967		5,946,382
Geron Corp. ^(a)		948,979		4,023,671
				15,926,541
Industrials — 25.8%
Capital Goods — 23.0%
AAR Corp. ^(a)		86,191		6,266,086
Apogee Enterprises, Inc.		161,011		10,117,126
Astec Industries, Inc.		120,835		3,583,966
AZZ, Inc.		169,343		13,081,747
Columbus McKinnon Corp.		87,647		3,027,328
Enerpac Tool Group Corp. - Class A		93,767		3,580,024
EnerSys		89,706		9,286,365
Mercury Systems, Inc. ^(a)		348,887		9,416,460
Quanex Building Products Corp.		251,019		6,940,675
Regal Rexnord Corp.		69,526		9,401,306
REV Group, Inc.		574,864		14,308,365
SPX Technologies, Inc. ^(a)		99,675		14,167,805
Valmont Industries, Inc.		53,503		14,683,898
				117,861,151
Commercial & Professional Services — 1.5%
KBR, Inc.		120,552		7,732,205

Transportation — 1.3%
ArcBest Corp.		62,562		6,699,139

Information Technology — 6.9%
Semiconductors & Semiconductor Equipment — 0.6%
Ichor Holdings, Ltd. (Cayman Islands) ^(a)		76,052		2,931,805

Software & Services — 1.1%
OneSpan, Inc. ^(a)		179,970		2,307,216
Progress Software Corp.		64,916		3,522,342
				5,829,558
Technology Hardware & Equipment — 5.2%
Belden, Inc.		132,961		12,471,742
Clearfield, Inc. ^(a)		62,583		2,413,200
Littelfuse, Inc.		23,506		6,007,898
Plexus Corp. ^(a)		54,031		5,574,919
				26,467,759
Materials — 11.1%
Materials — 11.1%
Alamos Gold, Inc. - Class A (Canada)		400,708		6,283,101
Element Solutions, Inc.		233,794		6,340,493
Ingevity Corp. ^(a)		179,294		7,836,941
Louisiana-Pacific Corp.		68,278		5,621,328
MP Materials Corp. ^(a)		249,841		3,180,476
Schnitzer Steel Industries, Inc. - Class A		206,641		3,155,408
Sensient Technologies Corp.		106,217		7,880,239
Silgan Holdings, Inc.		197,832		8,374,229
Summit Materials, Inc. - Class A ^(a)		221,764		8,118,780
				56,790,995

See Notes to Financial Statements.
Financial Statements \| June 30, 2024 \|		1

	Shares		Value
Real Estate — 6.8%
Equity Real Estate Investment Trusts (REITs) — 6.3%
Empire State Realty Trust, Inc. - Class A		326,823	$	3,065,599
Equity Commonwealth ^(a)		1,017,950		19,748,230
STAG Industrial, Inc.		142,864		5,151,676
Terreno Realty Corp.		75,816		4,486,791
				32,452,296
Real Estate Management & Development — 0.5%
DigitalBridge Group, Inc. - Class A		202,105		2,768,839

Utilities — 4.3%
Utilities — 4.3%
ALLETE, Inc.		93,911		5,855,351
New Jersey Resources Corp.		106,942		4,570,701
OGE Energy Corp.		163,870		5,850,159
PNM Resources, Inc.		158,785		5,868,693
				22,144,904
Investments at Value — 96.1%
(Cost $429,047,625)			$	493,540,879

Other Assets in Excess of Liabilities — 3.9%				19,856,671

Net Assets — 100.0%			$	513,397,550

	Shares		Value
COMMON STOCKS — 96.6%
Consumer Discretionary — 8.0%
Automobiles & Components — 1.0%
Modine Manufacturing Co. ^(a)		24,538	$	2,458,462

Consumer Discretionary Distribution & Retail — 1.9%
Boot Barn Holdings, Inc. ^(a)		37,715		4,862,595

Consumer Services — 5.1%
Bright Horizons Family Solutions, Inc. ^(a)		25,718		2,831,038
Churchill Downs, Inc.		37,042		5,171,063
Kura Sushi USA, Inc. - Class A ^(a)		19,134		1,207,164
Texas Roadhouse, Inc.		21,538		3,698,290
				12,907,555
Consumer Staples — 3.4%
Consumer Staples Distribution & Retail — 1.0%
Sprouts Farmers Market, Inc. ^(a)		29,261		2,447,975

Food, Beverage & Tobacco — 1.1%
Freshpet, Inc. ^(a)		22,361		2,893,290

Household & Personal Products — 1.3%
BellRing Brands, Inc. ^(a)		58,944		3,368,060

Energy — 6.0%
Energy — 6.0%
Cactus, Inc. - Class A		62,773		3,310,648
Matador Resources Co.		65,884		3,926,686
Range Resources Corp.		79,878		2,678,309
TechnipFMC PLC (United Kingdom)		197,798		5,172,418
				15,088,061
Financials — 11.0%
Banks — 0.8%
Bancorp, Inc. (The) ^(a)		55,045		2,078,499

Financial Services — 7.4%
Evercore, Inc. - Class A		15,811		3,295,487
Hamilton Lane, Inc. - Class A		47,024		5,811,226
Houlihan Lokey, Inc.		40,690		5,487,454
SoFi Technologies, Inc. ^(a)		153,630		1,015,494
StepStone Group, Inc. - Class A		66,115		3,034,017
				18,643,678
Insurance — 2.8%
Goosehead Insurance, Inc. - Class A ^(a)		27,743		1,593,558
Kinsale Capital Group, Inc.		8,065		3,107,283
Selective Insurance Group, Inc.		25,142		2,359,074
				7,059,915
Health Care — 22.6%
Health Care Equipment & Services — 7.6%
Ensign Group, Inc. (The)		42,846		5,299,622
Glaukos Corp. ^(a)		36,002		4,260,837
Globus Medical, Inc. - Class A ^(a)		35,789		2,451,189
HealthEquity, Inc. ^(a)		23,168		1,997,081
Option Care Health, Inc. ^(a)		99,069		2,744,211
Surgery Partners, Inc. ^(a)		103,113		2,453,058
				19,205,998

	Shares		Value
Health Care Equipment & Supplies — 3.2%
RadNet, Inc. ^(a)		39,207	$	2,310,077
TransMedics Group, Inc. ^(a)		38,265		5,763,474
				8,073,551
Pharmaceuticals, Biotechnology & Life Sciences — 11.8%
Alkermes PLC (Ireland) ^(a)		129,630		3,124,083
Azenta, Inc. ^(a)		35,563		1,871,325
Blueprint Medicines Corp. ^(a)		41,512		4,474,163
Cytokinetics, Inc. ^(a)		24,590		1,332,286
Insmed, Inc. ^(a)		48,039		3,218,613
Medpace Holdings, Inc. ^(a)		9,904		4,078,963
Natera, Inc. ^(a)		54,845		5,939,165
Springworks Therapeutic, Inc. (Ireland) ^(a)		46,326		1,745,101
Vaxcyte, Inc. ^(a)		53,112		4,010,487
				29,794,186
Industrials — 20.6%
Capital Goods — 12.4%
AAON, Inc.		32,415		2,827,884
Atkore, Inc.		20,001		2,698,735
AZEK Co., Inc. (The) ^(a)		98,377		4,144,623
Comfort Systems USA, Inc.		11,507		3,499,509
CSW Industrials, Inc.		7,358		1,952,151
John Bean Technologies Corp.		40,442		3,840,777
Limbach Holdings, Inc. ^(a)		24,757		1,409,416
Simpson Manufacturing Co., Inc.		16,218		2,733,219
SiteOne Landscape Supply, Inc. ^(a)		29,112		3,534,488
Sterling Infrastructure, Inc. ^(a)		21,940		2,596,380
Trex Co., Inc. ^(a)		27,268		2,021,104
				31,258,286
Commercial & Professional Services — 6.9%
Casella Waste Systems, Inc. - Class A ^(a)		33,351		3,309,086
CBIZ, Inc. ^(a)		42,170		3,124,797
Montrose Environmental Group, Inc. ^(a)		61,574		2,743,737
Tetra Tech, Inc.		34,510		7,056,605
Vestis Corp.		95,417		1,166,950
				17,401,175
Transportation — 1.3%
Saia, Inc. ^(a)		6,812		3,230,864

Information Technology — 20.6%
Semiconductors & Semiconductor Equipment — 8.7%
Credo Technology Group Holding, Ltd. (Cayman Islands) ^(a)		149,706		4,781,610
MACOM Technology Solutions Holdings, Inc. ^(a)		35,011		3,902,676
Onto Innovation, Inc. ^(a)		17,653		3,875,893
PDF Solutions, Inc. ^(a)		58,564		2,130,558
Power Integrations, Inc.		27,390		1,922,504
SiTime Corp. ^(a)		25,362		3,154,525
Veeco Instruments, Inc. ^(a)		46,025		2,149,828
				21,917,594
Software & Services — 9.3%
Alkami Technology, Inc. ^(a)		76,409		2,176,128
Box, Inc. - Class A ^(a)		131,954		3,488,864

	Shares		Value
Software & Services (continued)
Clearwater Analytics Holdings, Inc. - Class A ^(a)		113,112	$	2,094,834
Descartes Systems Group, Inc. (The) (Canada) ^(a)		44,040		4,264,834
Freshworks, Inc. - Class A ^(a)		135,503		1,719,533
Globant S.A. (Luxembourg) ^(a)		8,631		1,538,562
JFrog, Ltd. ^(a)		69,545		2,611,415
Procore Technologies, Inc. ^(a)		44,718		2,965,250
Sprout Social, Inc. - Class A ^(a)		69,820		2,491,178
				23,350,598
Technology Hardware & Equipment — 2.6%
Mirion Technologies, Inc. ^(a)		116,351		1,249,610
Novanta, Inc. (Canada) ^(a)		32,654		5,326,194
				6,575,804
Materials — 2.9%
Materials — 2.9%
Arcadium Lithium PLC (Jersey) ^(a)		383,521		1,288,631
Innospec, Inc.		28,971		3,580,526
Materion Corp.		23,262		2,515,320
				7,384,477
Real Estate — 1.5%
Equity Real Estate Investment Trusts (REITs) — 1.5%
Terreno Realty Corp.		63,250		3,743,135

Investments at Value — 96.6%
(Cost $191,786,090)			$	243,743,758

Other Assets in Excess of Liabilities — 3.4%				8,483,616

Net Assets — 100.0%			$	252,227,374

	Shares		Value
COMMON STOCKS — 93.0%
Consumer Discretionary — 9.6%
Automobiles & Components — 2.8%
Fox Factory Holding Corp. ^(a)		12,469	$	600,881
Gentex Corp.		25,772		868,774
Modine Manufacturing Co. ^(a)		7,829		784,388
				2,254,043
Consumer Discretionary Distribution & Retail — 0.5%
Five Below, Inc. ^(a)		3,471		378,235

Consumer Durables & Apparel — 3.4%
Gildan Activewear, Inc. (Canada)		28,480		1,079,961
Installed Building Products, Inc.		4,099		843,082
Steven Madden, Ltd.		18,759		793,506
				2,716,549
Consumer Services — 2.9%
Churchill Downs, Inc.		7,222		1,008,191
Texas Roadhouse, Inc.		7,550		1,296,411
				2,304,602
Consumer Staples — 3.2%
Food & Staples Retailing — 1.3%
Casey’s General Stores, Inc.		2,839		1,083,249

Food, Beverage & Tobacco — 1.2%
Coca-Cola Consolidated, Inc.		418		453,530
J & J Snack Foods Corp.		3,058		496,528
				950,058
Household & Personal Products — 0.7%
Inter Parfums, Inc.		4,615		535,478

Energy — 4.3%
Energy — 4.3%
Chord Energy Corp.		6,072		1,018,153
Civitas Resources, Inc.		15,625		1,078,125
Matador Resources Co.		21,645		1,290,042
				3,386,320
Financials — 6.1%
Banks — 6.1%
Ameris Bancorp		16,835		847,642
Glacier Bancorp, Inc.		19,529		728,822
Seacoast Banking Corp. of Florida		34,334		811,656
SouthState Corp.		14,064		1,074,771
United Bankshares, Inc.		24,239		786,313
United Community Banks, Inc.		23,377		595,179
				4,844,383
Health Care — 10.9%
Health Care Equipment & Services — 5.4%
Encompass Health Corp.		8,800		754,952
Ensign Group, Inc. (The)		8,908		1,101,830
Globus Medical, Inc. - Class A ^(a)		15,691		1,074,677
Insulet Corp. ^(a)		2,472		498,850
iRhythm Technologies, Inc. ^(a)		8,019		863,165
				4,293,474
Health Care Equipment & Supplies — 0.6%
Axonics, Inc. ^(a)		6,859		461,131

	Shares		Value
Technology Hardware & Equipment — 4.7%
Advanced Energy Industries, Inc.		6,623	$	720,318
Badger Meter, Inc.		2,558		476,683
Crane NXT Co.		17,345		1,065,330
Insight Enterprises, Inc. ^(a)		3,454		685,135
Littelfuse, Inc.		3,189		815,077
				3,762,543
Materials — 9.0%
Materials — 9.0%
Berry Global Group, Inc.		11,642		685,132
Eagle Materials, Inc.		3,644		792,424
Element Solutions, Inc.		49,832		1,351,444
Graphic Packaging Holding Co.		22,154		580,656
Ingevity Corp. ^(a)		13,436		587,288
Materion Corp.		8,302		897,695
Silgan Holdings, Inc.		28,161		1,192,055
Summit Materials, Inc. - Class A ^(a)		29,113		1,065,827
				7,152,521
Real Estate — 2.2%
Equity Real Estate Investment Trusts (REITs) — 2.2%
First Industrial Realty Trust, Inc.		17,508		831,805
STAG Industrial, Inc.		25,993		937,307
				1,769,112
Investments at Value — 93.0%
(Cost $55,316,221)			$	74,081,306

Other Assets in Excess of Liabilities — 7.0%				5,582,004

Net Assets — 100.0%			$	79,663,310

	Shares		Value
COMMON STOCKS — 98.1%
Communication Services — 4.0%
Media & Entertainment — 4.0%
Alphabet, Inc. - Class C		25,623	$	4,699,771

Consumer Discretionary — 9.9%
Consumer Discretionary Distribution & Retail — 7.0%
Amazon.com, Inc. ^(a)		11,490		2,220,442
Home Depot, Inc. (The)		3,652		1,257,164
O’Reilly Automotive, Inc. ^(a)		1,944		2,052,981
TJX Cos., Inc. (The)		24,947		2,746,665
				8,277,252
Consumer Services — 2.9%
InterContinental Hotels Group PLC ADR (United Kingdom)		10,542		1,116,925
Service Corp. International		15,548		1,105,929
Vail Resorts, Inc.		6,645		1,196,964
				3,419,818
Consumer Staples — 6.4%
Food, Beverage & Tobacco — 3.2%
Constellation Brands, Inc. - Class A		7,063		1,817,168
Mondelez International, Inc. - Class A		30,531		1,997,949
				3,815,117
Household & Personal Products — 3.2%
Church & Dwight Co., Inc.		17,717		1,836,899
Unilever PLC ADR (United Kingdom)		34,681		1,907,108
				3,744,007
Energy — 4.1%
Energy — 4.1%
Chevron Corp.		8,923		1,395,736
ConocoPhillips		14,534		1,662,399
Suncor Energy, Inc. (Canada)		46,100		1,756,410
				4,814,545
Financials — 16.3%
Banks — 2.6%
JPMorgan Chase & Co.		15,124		3,058,980

Financial Services — 6.5%
Ares Management Corp. - Class A		20,180		2,689,590
Berkshire Hathaway, Inc. - Class B ^(a)		4,199		1,708,153
Visa, Inc. - Class A		12,497		3,280,088
				7,677,831
Insurance — 7.2%
Berkley (W.R.) Corp.		24,003		1,886,156
Globe Life, Inc.		23,022		1,894,250
Marsh & McLennan Cos., Inc.		6,706		1,413,088
Reinsurance Group of America, Inc.		16,025		3,289,452
				8,482,946

	Shares		Value
Health Care — 15.2%
Health Care Equipment & Services — 7.9%
Becton, Dickinson & Co.		8,378	$	1,958,022
McKesson Corp.		4,068		2,375,875
STERIS PLC (Ireland)		10,004		2,196,278
UnitedHealth Group, Inc.		5,379		2,739,310
				9,269,485
Health Care Equipment & Supplies — 0.9%
Cooper Cos., Inc. (The) ^(a)		12,831		1,120,146

Pharmaceuticals, Biotechnology & Life Sciences — 6.4%
Bio-Techne Corp.		18,864		1,351,606
Novo Nordisk A/S ADR (Denmark)		20,866		2,978,413
Thermo Fisher Scientific, Inc.		2,793		1,544,529
Zoetis, Inc.		9,668		1,676,044
				7,550,592
Industrials — 11.9%
Capital Goods — 7.7%
Advanced Drainage Systems, Inc.		8,712		1,397,318
AZEK Co., Inc. (The) ^(a)		43,726		1,842,176
Dover Corp.		8,313		1,500,081
Quanta Services, Inc.		11,507		2,923,814
RTX Corp.		13,778		1,383,173
				9,046,562
Commercial & Professional Services — 4.2%
Jacobs Solutions, Inc.		11,518		1,609,180
Republic Services, Inc.		9,303		1,807,945
Tetra Tech, Inc.		7,477		1,528,897
				4,946,022
Information Technology — 27.3%
Semiconductors & Semiconductor Equipment — 6.8%
ASML Holding N.V. (Netherlands)		2,368		2,421,825
Marvell Technology, Inc.		33,946		2,372,825
Microchip Technology, Inc.		16,096		1,472,784
Monolithic Power Systems, Inc.		2,093		1,719,776
				7,987,210
Software & Services — 15.3%
Cadence Design Systems, Inc. ^(a)		6,692		2,059,463
Fair Isaac Corp. ^(a)		1,623		2,416,095
Microsoft Corp.		13,047		5,831,357
Palo Alto Networks, Inc. ^(a)		8,430		2,857,854
Roper Technologies, Inc.		3,249		1,831,331
ServiceNow, Inc. ^(a)		3,762		2,959,453
				17,955,553
Technology Hardware & Equipment — 5.2%
Apple, Inc.		13,418		2,826,099
Motorola Solutions, Inc.		4,743		1,831,035
Zebra Technologies Corp. - Class A ^(a)		4,748		1,466,800
				6,123,934
Materials — 2.0%
Materials — 2.0%
Avery Dennison Corp.		10,699		2,339,336

	Shares		Value
Real Estate — 1.0%
Real Estate Management & Development — 1.0%
CBRE Group, Inc. - Class A ^(a)		13,052	$	1,163,064

Investments at Value — 98.1%
(Cost $63,024,636)			$	115,492,171

Other Assets in Excess of Liabilities — 1.9%				2,192,816

Net Assets — 100.0%			$	117,684,987

	Shares		Value
COMMON STOCKS — 98.0%
Communication Services — 8.7%
Media & Entertainment — 4.9%
DB Corp., Ltd. (India)		9,882	$	37,444
Gamania Digital Entertainment Co., Ltd. (Taiwan)		12,000		30,658
International Games System Co., Ltd. (Taiwan)		1,000		41,551
JOYY, Inc. ADR (China)		3,100		93,279
Megacable Holdings S.A.B de C.V. (Mexico)		50,400		127,188
MPS, Ltd. (India) ^(a)		1,760		41,296
NetDragon Websoft Holdings, Ltd. (China)		214,000		323,042
NetEase, Inc. ADR (China)		1,000		95,580
Sun TV Network, Ltd. (India)		10,532		94,904
Tencent Holdings, Ltd. (China)		47,100		2,234,448
Webzen, Inc. (South Korea)		2,457		29,688
Xinhua Winshare Publishing and Media Co., Ltd. - H Shares (China)		115,222		142,730
Yandex N.V. - Class A (Russia) *^(a)(b)		810		0
				3,291,808
Telecommunication Services — 3.8%
APT Satellite Holdings, Ltd. (China)		615,553		168,850
China Tower Corp., Ltd. - H Shares (China) ^(c)		4,660,000		602,313
Empresa Nacional de Telecomunicaciones S.A. (Chile)		11,277		33,398
Etihad Etisalat Co. (Saudi Arabia)		30,401		432,424
Indus Towers, Ltd. (India) ^(a)		101,107		454,478
KT Corp. ADR (South Korea)		19,100		261,097
LG Uplus Corp. (South Korea)		29,898		212,484
Ooredoo Q.P.S.C. (Qatar)		67,798		189,957
PLDT, Inc. ADR (Philippines)		2,100		51,576
TIM S.A. ADR (Brazil)		9,200		131,744
				2,538,321
Consumer Discretionary — 12.5%
Automobiles & Components — 6.2%
AAPICO Hitech PCL (Thailand)		92,400		50,967
Apollo Tyres, Ltd. (India)		32,941		213,512
Astra Otoparts Tbk P.T. (Indonesia)		155,100		17,960
BAIC Motor Corp., Ltd. - H Shares (China) ^(c)		868,500		221,533
Banco Products India, Ltd. (India)		15,119		124,280
Brilliance China Automotive Holdings, Ltd. (China)		342,000		358,642
CEAT, Ltd. (India) ^(a)		5,185		175,211
Chaowei Power Holdings, Ltd. (China)		123,320		22,621
Cheng Shin Rubber Industry Co., Ltd. (Taiwan)		31,000		47,070
Ford Otomotiv Sanayi A/S (Turkey)		2,331		80,069
Geely Automobile Holdings, Ltd. (China)		29,000		32,608
Great Wall Motor Co., Ltd. - H Shares (China)		71,000		109,235
Hankook Tire & Technology Co., Ltd. (South Korea)		1,358		44,286

	Shares		Value
Automobiles & Components (continued)
Hero MotoCorp, Ltd. (India)		4,536	$	302,863
Huayu Automotive Systems Co., Ltd. - Class A (China)		118,700		267,299
Hyundai Motor Co. (South Korea)		1,387		295,171
JK Tyre & Industries, Ltd. (India)		35,056		180,045
Kia Corp. (South Korea)		4,750		443,536
Maruti Suzuki India, Ltd. (India) ^(a)		1,842		265,532
Minth Group, Ltd. (China) ^(a)		38,000		58,836
Nemak S.A.B. de C.V. (Mexico) ^(a)(c)		272,600		43,061
Sailun Group Co., Ltd. (China)		29,900		57,510
Samvardhana Motherson International, Ltd. (India)		62,346		141,918
SL Corp. (South Korea)		1,287		41,389
Tata Motors, Ltd. (India)		19,195		152,902
Thai Stanley Electric PCL (Thailand)		17,267		101,551
Tianneng Power International, Ltd. (China)		80,000		57,440
Tong Yang Industry Co., Ltd. (Taiwan)		24,000		79,599
TYC Brother Industrial Co., Ltd. (Taiwan)		20,000		43,934
Xingda International Holdings, Ltd. (China)		845,606		141,835
				4,172,415
Consumer Discretionary Distribution & Retail — 3.6%
Alibaba Group Holding, Ltd. ADR (China)		8,900		640,800
Bermaz Auto Bhd (Malaysia)		56,200		29,901
Dogan Sirketler Grubu Holdings A.S. (Turkey) ^(a)		88,473		45,558
Dogus Otomotiv Servis ve Ticaret A.S. (Turkey)		7,279		58,726
EEKA Fashion Holdings, Ltd. (China)		189,000		262,488
Hyundai Home Shopping Network Corp. (South Korea)		270		10,001
JD.com, Inc. (China)		21,600		280,526
MBM Resources Bhd (Malaysia)		34,500		38,685
Naspers, Ltd. - N Shares (South Africa)		1,167		228,796
Organizacion Terpel S.A. (Colombia)		14,496		31,452
PDD Holdings, Inc. ADR (China) ^(a)		1,000		132,950
Pou Sheng International Holdings, Ltd. (China)		718,000		56,087
Truworths International, Ltd. (South Africa)		10,960		56,373
Vipshop Holdings, Ltd. ADR (China)		36,600		476,532
Zhongsheng Group Holdings, Ltd. (China)		35,000		51,127
				2,400,002
Consumer Durables & Apparel — 2.2%
361 Degrees International, Ltd. (China)		500,000		257,483
Arvind, Ltd. (India) ^(a)		7,304		32,306
Best Pacific International Holdings, Ltd. (China)		346,000		95,705
Gree Electric Appliances, Inc. of Zhuhai - Class A (China)		116,400		627,894
Hisense Home Appliances Group Co., Ltd. - H Shares (China)		114,810		377,165

	Shares		Value
Consumer Durables & Apparel (continued)
MC Group PCL (Thailand)		70,900	$	20,463
Pou Chen Corp. (Taiwan)		24,000		25,780
Youngone Holdings Co., Ltd. (South Korea)		1,443		86,162
				1,522,958
Consumer Services — 0.5%
Alsea S.A.B. de C.V. (Mexico)		6,800		23,639
DigiPlus Interactive Corp. (Philippines)		696,979		164,613
EIH, Ltd. (India) ^(a)		5,013		25,767
Genting Bhd (Malaysia)		75,200		75,007
Gourmet Master Co., Ltd. (Taiwan)		10,000		26,447
Rainbow Tours S.A. (Poland)		1,180		35,019
				350,492
Consumer Staples — 4.9%
Food & Staples Retailing — 0.3%
Grupo Comercial Chedraui S.A. de C.V. (Mexico) ^(a)		8,500		59,036
Migros Ticaret A.S. (Turkey)		8,458		136,883
				195,919
Food, Beverage & Tobacco — 4.1%
Anhui Gujing Distillery Co., Ltd. - Class B (China)		4,700		69,815
Binggrae Co., Ltd. (South Korea)		671		47,346
BRF S.A. ADR (Brazil) ^(a)		8,000		32,560
China Feihe, Ltd. (China) ^(c)		572,000		263,876
China Foods, Ltd. (China)		656,455		239,582
Dharma Satya Nusantara Tbk P.T. (Indonesia)		817,600		30,975
Donwong F&B Co., Ltd. (South Korea)		2,496		79,440
GFPT Public Co., Ltd. (Thailand)		220,700		76,791
Godfrey Phillips India, Ltd. (India)		7,082		349,952
Hebei Yangyuan Zhihui Beverage Co., Ltd. - Class A (China)		8,100		23,668
Hey Song Corp. (Taiwan) ^(a)		50,000		68,698
Ichitan Group PCL (Thailand)		156,800		74,124
Indofood Sukses Makmur Tbk P.T. (Indonesia)		328,500		121,945
ITC, Ltd. (India)		37,468		190,659
JBS S.A. (Brazil) ^(a)		15,900		91,980
Kaveri Seed Co., Ltd. (India)		11,570		129,534
Kim Loong Resources Bhd (Malaysia)		132,800		61,928
Oceana Group, Ltd. (South Africa)		8,046		31,773
Perusahaan Perkebunan London Sumatra Tbk P.T. (Indonesia)		1,472,100		72,813
PT Salim Ivomas Pratama Tbk P.T. (Indonesia)		895,117		19,800
Samyang Corp. (South Korea)		1,298		49,378
Samyang Holdings Corp. (South Korea)		1,093		54,440
Sarawak Oil Palms Bhd (Malaysia)		150,600		89,905
Savola Group (The) (Saudi Arabia) ^(a)		19,592		243,574
Ta Ann Holdings Bhd (Malaysia)		89,800		72,524
Ulker Biskuvi Sanayi A.S. (Turkey) ^(a)		7,130		37,064
VST Industries, Ltd. (India)		2,460		117,843
				2,741,987

	Shares		Value
Household & Personal Products — 0.5%
Grape King Bio, Ltd. (Taiwan)		14,000	$	66,032
Kimberly-Clark de Mexico S.A.B. de C.V. (Mexico)		170,300		293,677
				359,709
Energy — 4.6%
Energy — 4.6%
Adaro Energy Indonesia Tbk P.T. (Indonesia)		322,800		55,033
Bharat Petroleum Corp., Ltd. (India)		18,906		68,771
China Coal Energy Co., Ltd. - H Shares (China) ^(a)		53,000		61,903
China Oilfield Services, Ltd. - H Shares (China)		30,000		28,765
China Shenhua Energy Co., Ltd. - H Shares (China)		35,500		163,630
Coal India, Ltd. (India)		71,469		404,833
COSCO SHIPPING Energy Transportation Co., Ltd. - H Shares (China)		24,000		31,134
Ecopetrol S.A. ADR (Colombia)		2,900		32,451
Exxaro Resources, Ltd. (South Africa)		3,012		29,679
Gazprom PJSC (Russia) *^(a)(b)		101,150		0
Hindustan Petroleum Corp., Ltd. (India) ^(a)		6,542		26,004
Indian Oil Corp., Ltd. (India)		35,503		70,326
Inner Mongolia Dian Tou Energy Corp., Ltd. (China)		12,400		35,991
Inner Mongolia Yitai Coal Co., Ltd. - Class B (China)		16,200		29,095
LUKOIL PJSC ADR (Russia) *^(a)(b)		2,253		0
Oil & Natural Gas Corp., Ltd. (India)		121,620		399,027
ORLEN S.A. (Poland)		6,699		112,564
PetroChina Co., Ltd. - Class A (China)		27,100		38,421
PetroChina Co., Ltd. - H Shares (China)		214,000		216,088
Petroleo Brasileiro S.A. ADR (Brazil)		22,300		323,127
Petronet LNG, Ltd. (India)		41,150		162,654
Pingdingshan Tianan Coal Mining Co., Ltd. (China)		20,800		32,056
PRIO S.A (Brazil)		7,500		58,828
PTT Exploration & Production PCL (Thailand)		23,400		96,652
PTT PCL (Thailand)		91,900		81,179
Reliance Industries, Ltd. 144A (India) ^(c)(d)		3,875		289,075
Rosneft Oil Co. PJSC (Russia) *^(a)(b)		16,950		0
Saudi Arabian Oil Co. (Saudi Arabia) ^(c)		5,197		38,297
Shanxi Lu’an Environmental Energy Development Co., Ltd. - Class A (China)		7,700		19,202
S-Oil Corp. (South Korea)		496		23,860
Thai Oil PCL (Thailand)		20,700		29,797
Turkiye Petrol Rafinerileri A.S. (Turkey)		14,721		74,455
United Tractors Tbk P.T. (Indonesia)		38,300		51,385
Yankuang Energy Group Co., Ltd. - H Shares (China)		23,400		33,377
				3,117,659

	Shares		Value
Financials — 22.2%
Banks — 17.4%
Agricultural Bank of China, Ltd. - H Shares (China)		304,000	$	129,759
Alior Bank S.A. (Poland)		2,317		58,931
AMMB Holdings Bhd (Malaysia)		82,900		75,282
Arab National Bank (Saudi Arabia)		64,669		349,960
Banco da Amazonia S.A. (Brazil)		2,200		35,024
Banco de Credito e Inversiones S.A. (Chile)		1,926		54,195
Banco del Bajio S.A. (Mexico) ^(c)		44,400		135,417
Banco do Brasil S.A. (Brazil)		108,700		519,351
BanColombia S.A. ADR (Colombia)		3,800		124,070
Bangkok Bank PCL (Thailand)		19,100		67,782
Bank CIMB Niaga Tbk P.T. (Indonesia)		1,626,600		174,913
Bank OCBC Nisp Tbk P.T. (Indonesia)		1,143,400		88,733
Bank of Baroda (India)		105,269		346,893
Bank of Beijing Co., Ltd. - Class A (China)		76,300		61,251
Bank of Chengdu Co., Ltd. - Class A (China)		18,000		37,608
Bank of China, Ltd. - H Shares (China)		1,527,000		752,519
Bank of Chongqing Co., Ltd. - H Shares (China)		45,000		29,045
Bank of Communications Co., Ltd. - H Shares (China)		99,000		77,605
Bank of Hangzhou Co., Ltd. - Class A (China)		45,600		81,807
Bank of India (India)		27,452		39,574
Bank of Jiangsu Co., Ltd. - Class A (China)		49,000		50,064
Bank of Maharashtra (India)		37,912		29,385
Bank of Nanjing Co., Ltd. - Class A (China)		44,600		63,718
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk P.T. (Indonesia)		412,500		24,450
Bank Polska Kasa Opieki S.A. (Poland)		4,693		195,298
Bank Saint Petersburg PJSC (Russia) *^(a)(b)		136,120		0
Bank Tabungan Negara Persero Tbk P.T. (Indonesia)		1,457,300		112,463
Banque Saudi Fransi (Saudi Arabia)		20,699		196,174
BNK Financial Group, Inc. (South Korea)		4,570		28,032
Canara Bank (India)		219,140		313,196
China CITIC Bank Corp., Ltd. - H Shares (China)		171,000		109,560
China Construction Bank Corp. - H Shares (China)		877,000		648,300
China Everbright Bank Co., Ltd. - H Shares (China) ^(a)		451,000		140,186
China Merchants Bank Co., Ltd. - Class A (China)		21,600		101,500
China Merchants Bank Co., Ltd. - H Shares (China) ^(a)		27,000		122,692
China Minsheng Banking Corp., Ltd. - H Shares (China)		68,000		23,499

	Shares		Value
Banks (continued)
China Zheshang Bank Co., Ltd. - Class A (China)		84,400	$	32,026
Chongqing Rural Commercial Bank Co., Ltd. - H Shares (China)		67,000		32,857
CIMB Group Holdings Bhd (Malaysia)		23,400		33,712
Commercial Bank P.S.Q.C. (The) (Qatar)		160,993		189,671
Credicorp, Ltd. (Peru)		1,200		193,596
Credit Agricole Egypt SAE (Egypt)		63,723		24,797
CTBC Financial Holding Co., Ltd. (Taiwan)		585,000		680,429
DGB Financial Group, Inc. (South Korea)		3,905		22,689
East West Banking Corp. (Philippines)		158,200		25,721
Emirates NBD Bank PJSC (United Arab Emirates)		81,957		368,131
Eurobank Ergasias Services and Holdings S.A. (Greece) ^(a)		38,930		84,442
Grupo Financiero Banorte S.A.B. de C.V. (Mexico)		8,000		62,258
Hong Leong Financial Group Bhd (Malaysia)		15,800		57,872
Huaxia Bank Co., Ltd. - Class A (China)		40,200		35,381
Huishang Bank Corp., Ltd. - H Shares (China)		75,384		23,168
Indian Bank (India)		41,510		271,255
Industrial & Commercial Bank of China, Ltd. - H Shares (China)		577,000		342,958
Industrial Bank of Korea (South Korea)		6,979		70,902
JB Financial Group Co., Ltd. (South Korea)		4,981		52,798
Karnataka Bank, Ltd. (The) (India)		12,175		32,680
Karur Vysya Bank, Ltd. (The) (India)		86,299		213,168
Kasikornbank PCL (Thailand)		15,100		51,448
King’s Town Bank Co., Ltd. (Taiwan)		93,000		174,252
Krung Thai Bank PCL (Thailand)		209,400		97,470
LIC Housing Finance, Ltd. (India) ^(a)		3,982		37,961
National Bank of Greece S.A. (Greece) ^(a)		9,438		78,699
National Bank of Kuwait S.A.K.P. (Kuwait)		112,452		315,737
Nedbank Group, Ltd. (South Africa)		23,277		329,507
OTP Bank Nyrt (Hungary)		556		27,580
Ping An Bank Co., Ltd. (China)		33,000		46,019
Piraeus Financial Holdings S.A. (Greece) ^(a)		34,084		124,067
Powszechna Kasa Oszczednosci Bank Polski S.A. (Poland)		7,989		124,648
Punjab National Bank (India)		35,100		51,773
Riyad Bank (Saudi Arabia)		33,809		235,043
Saudi Awwal Bank (Saudi Arabia)		39,363		406,387
Saudi Investment Bank (The) (Saudi Arabia)		86,082		294,665
Sberbank of Russia PJSC (Russia) *^(a)(b)		19,830		0
SCB X PCL (Thailand)		9,300		26,047
Shanghai Rural Commercial Bank Co., Ltd. (China)		33,800		31,224

	Shares		Value
Insurance (continued)
Hanwha General Insurance Co., Ltd. (South Korea)		8,465	$	30,596
Hanwha Life Insurance Co., Ltd. (South Korea)		10,610		22,975
Hyundai Marine & Fire Insurance Co., Ltd. (South Korea)		1,147		28,604
Korean Reinsurance Co. (South Korea)		4,819		27,856
Momentum Metropolitan Holdings (South Africa)		51,257		64,511
People’s Insurance Co. Group of China, Ltd. (The) - H Shares (China) ^(a)		97,000		33,237
Powszechny Zaklad Ubezpieczen S.A. (Poland) ^(a)		8,132		103,837
Taiwan Fire & Marine Insurance Co., Ltd. (Taiwan)		60,000		50,086
Tongyang Life Insurance Co., Ltd. (South Korea)		7,737		43,802
				1,030,791
Health Care — 3.1%
Health Care Equipment & Services — 0.2%
Sinopharm Group Co., Ltd. - H Shares (China)		57,200		152,124

Pharmaceuticals, Biotechnology & Life Sciences — 2.9%
Aurobindo Pharma, Ltd. (India)		12,068		174,537
Boryung (South Korea)		19,795		137,438
Changchun High-Tech Industry Group Co., Ltd. (China)		13,800		173,939
China Shineway Pharmaceutical Group, Ltd. (China)		230,000		226,457
Consun Pharmaceutical Group, Ltd. (China)		370,492		263,555
Dr. Reddy’s Laboratories, Ltd. ADR (India)		2,600		198,094
Genomma Lab Internacional S.A.B. de C.V. - Class B (Mexico)		69,800		65,659
Jubilant Pharmova, Ltd. (India)		5,664		50,170
JW Pharmaceutical Corp. (South Korea)		7,178		156,750
Livzon Pharmaceutical Group, Inc. - H Shares (China)		20,200		66,441
Natco Pharma, Ltd. (India)		11,785		164,206
Strides Pharma Science, Ltd. (India) ^(a)		10,705		121,639
Tempo Scan Pacific Tbk P.T. (Indonesia)		1,247,200		151,280
				1,950,165
Industrials — 6.9%
Capital Goods — 3.9%
Acter Group Corp., Ltd. (Taiwan)		6,000		48,674
AG Anadolu Grubu Holding A.S. (Turkey)		6,146		68,321
Amara Raja Energy & Mobility, Ltd. (India)		6,660		132,596
Astra International Tbk P.T. (Indonesia)		136,000		36,993
Balmer Lawrie & Co., Ltd. (India)		40,492		130,848
China Communications Services Corp., Ltd. - H Shares (China)		62,000		33,402

	Shares		Value
Capital Goods (continued)
China Railway Group, Ltd. - H Shares (China)		112,000	$	61,785
DMCI Holdings, Inc. (Philippines)		400,168		76,294
Doosan Bobcat, Inc. (South Korea)		3,862		142,681
Ferreycorp S.A.A. (Peru)		71,742		51,441
FSP Technology, Inc. (Taiwan)		47,000		87,861
GS Holdings Corp. (South Korea)		3,014		102,123
Hong Leong Industries Bhd (Malaysia)		12,400		29,228
Horizon Construction Development, Ltd. (China) ^(a)(c)		12,407		2,383
ITD Cementation India, Ltd. (India)		26,275		165,228
J. Kumar Infraprojects, Ltd. (India)		15,851		157,881
KCC Corp. (South Korea)		135		30,032
Korea Electric Terminal Co., Ltd. (South Korea)		966		48,036
LG Balakrishnan & Bros, Ltd. (India)		5,905		101,037
LT Group, Inc. (Philippines)		307,800		51,361
LX Hausys, Ltd. (South Korea)		1,809		58,938
Nava, Ltd. (India)		26,720		238,956
Raubex Group, Ltd. (South Africa)		31,196		68,624
Shanxi Coal International Energy Group Co. - Class A (China)		22,000		44,258
Sime Darby Bhd (Malaysia)		184,500		102,347
Sinopec Engineering Group Co., Ltd. - H Shares (China)		50,000		34,556
Sinotruk Hong Kong, Ltd. (China)		81,500		211,564
Thoresen Thai Agencies PCL (Thailand)		158,600		31,046
Tupy S.A. (Brazil)		5,900		25,065
Weichai Power Co., Ltd. - Class A (China)		27,800		62,102
Weichai Power Co., Ltd. - H Shares (China)		38,000		72,347
Wilson Bayly Holmes-Ovcon, Ltd. (South Africa)		7,100		62,201
Zhengzhou Coal Mining Machinery Group Co., Ltd. - H Shares (China)		20,000		27,404
				2,597,613
Commercial & Professional Services — 0.0% ^(e)
NICE Information Service Co., Ltd. (South Korea)		4,176		34,288

Transportation — 3.0%
Aegean Airlines S.A. (Greece)		2,319		29,015
Anhui Expressway Co., Ltd. - H Shares (China)		58,000		69,445
China Airlines, Ltd. (Taiwan) ^(a)		47,000		34,190
CJ Logistics Corp. (South Korea)		614		42,204
COSCO SHIPPING Holdings Co., Ltd. - Class A (China)		43,200		92,111
COSCO SHIPPING Holdings Co., Ltd. - H Shares (China)		68,500		119,561
EcoRodovias Infraestrutura e Logistica S.A. (Brazil)		45,800		53,907
Eva Airways Corp. (Taiwan)		103,000		120,598
Evergreen Marine Corp. Taiwan, Ltd. (Taiwan)		21,200		125,803

	Shares		Value
Transportation (continued)
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR (Mexico)		200	$	59,904
Gujarat Pipavav Port, Ltd. (India)		36,897		92,304
Hyundai Glovis Co., Ltd. (South Korea)		2,436		385,576
InterGlobe Aviation, Ltd. (India) ^(a)(c)		1,575		79,800
Korean Air Lines Co., Ltd. (South Korea)		18,160		305,234
Precious Shipping PCL (Thailand)		132,500		35,374
Qingdao Port International Co., Ltd. - H Shares (China) ^(c)		68,000		51,892
Qinhuangdao Port Co., Ltd. - H Shares (China)		156,500		38,928
Shenzhen International Holdings, Ltd. (China)		38,000		30,316
Sinotrans, Ltd. - H Shares (China)		66,000		32,098
SpiceJet, Ltd. (India) ^(a)		179,891		111,779
Tianjin Port Development Holdings, Ltd. (China)		210,471		16,945
Yang Ming Marine Transport Corp. (Taiwan) ^(a)		15,000		34,405
Zhejiang Expressway Co., Ltd. - H Shares (China)		44,160		29,719
				1,991,108
Information Technology — 23.7%
Semiconductors & Semiconductor Equipment — 11.9%
Flat Glass Group Co., Ltd. (China)		130,000		190,751
Foxsemicon Integrated Technology, Inc. (Taiwan)		4,000		37,871
Greatek Electronics, Inc. (Taiwan) ^(a)		23,000		44,440
King Yuan Electronics Co., Ltd. (Taiwan)		19,000		69,242
Powertech Technology, Inc. (Taiwan)		56,000		322,984
Realtek Semiconductor Corp. (Taiwan) ^(a)		11,000		184,125
SK Hynix, Inc. (South Korea)		1,642		278,080
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan)		32,380		5,627,968
United Microelectronics Corp. (Taiwan) ^(a)		433,000		746,990
Xinyi Solar Holdings, Ltd. (China)		1,002,000		503,206
				8,005,657
Software & Services — 2.4%
Arabian Internet & Communications Services Co. (Saudi Arabia)		582		45,319
HCL Technologies, Ltd. (India)		15,266		266,473
Samsung SDS Co., Ltd. (South Korea)		4,818		516,069
Tata Consultancy Services, Ltd. (India) ^(a)		9,010		420,803
Zensar Technologies, Ltd. (India)		40,316		360,387
				1,609,051
Technology Hardware & Equipment — 9.4%
Chicony Electronics Co., Ltd. (Taiwan)		8,000		41,983
Compal Electronics, Inc. (Taiwan) ^(a)		35,000		37,215
Compeq Manufacturing Co., Ltd. (Taiwan)		15,000		37,470
Elite Material Co., Ltd. (Taiwan) ^(a)		24,000		348,969
Genius Electronic Optical Co. (Taiwan) ^(a)		2,000		40,605

	Shares		Value
Technology Hardware & Equipment (continued)
Global Brands Manufacture, Ltd. (Taiwan) ^(a)		20,000	$	45,608
Hannstar Board Corp. (Taiwan)		23,000		39,384
Hon Hai Precision Industry Co., Ltd. (Taiwan)		194,000		1,274,041
Largan Precision Co., Ltd. (Taiwan)		10,000		841,755
LG Innotek Co., Ltd. (South Korea)		1,998		391,716
Mcnex Co., Ltd. (South Korea)		7,096		116,579
Redington, Ltd. (India)		136,419		349,851
Samsung Electronics Co., Ltd. (South Korea)		30,856		1,812,202
Sercomm Corp. (Taiwan)		12,000		43,440
Simplo Technology Co., Ltd. (Taiwan)		4,000		52,374
Sunrex Technology Corp. (Taiwan) ^(a)		18,000		33,214
Supreme Electronics Co., Ltd. (Taiwan)		25,827		64,866
Taiwan PCB Techvest Co., Ltd. (Taiwan) ^(a)		32,000		38,661
Taiwan Union Technology Corp. (Taiwan)		6,000		29,764
Thinking Electronic Industrial Co., Ltd. (Taiwan) ^(a)		9,000		49,245
TXC Corp. (Taiwan)		9,000		31,721
Wah Lee Industrial Corp. (Taiwan) ^(a)		8,000		34,879
Wasion Holdings, Ltd. (China)		532,000		465,924
Weikeng Industrial Co., Ltd. (Taiwan) ^(a)		28,000		31,667
Zhen Ding Technology Holdings, Ltd. (Taiwan)		16,000		63,589
				6,316,722
Materials — 7.1%
Materials — 7.1%
Afrimat, Ltd. (South Africa)		9,080		35,327
Aluminum Corp. of China, Ltd. - H Shares (China)		112,000		76,284
Asia Cement Co., Ltd. (South Korea)		6,620		50,966
ASIA Holdings Co., Ltd. (South Korea)		150		27,970
Baoshan Iron & Steel Co., Ltd. - Class A (China)		144,400		131,980
CAP S.A. (Chile) ^(a)		7,551		47,425
Cemex S.A.B. de C.V. ADR (Mexico)		31,900		203,841
Chambal Fertilisers and Chemicals, Ltd. (India)		9,463		57,433
China BlueChemical, Ltd. - H Shares (China)		116,000		32,982
China Hongqiao Group, Ltd. (China)		81,000		122,238
China Lumena New Materials Corp. (China) ^(a)(b)		1,700		0
CMOC Group, Ltd. - H Shares (China)		51,000		46,541
Dongkuk Holdings Co., Ltd. (South Korea)		10,287		62,763
Dongkuk Steel Mill Co., Ltd. (South Korea)		5,057		35,687
Egypt Aluminium (Egypt)		17,848		36,044
GCC S.A.B. de C.V. (Mexico) ^(c)		2,500		23,425
Goldsun Building Materials Co., Ltd. (Taiwan)		33,000		43,741
Gulf Oil Lubricants India, Ltd. (India)		4,999		72,808

	Shares		Value
Materials (continued)
Hanil Holdings Co., Ltd. (South Korea)		7,551	$	73,430
Harmony Gold Mining Co., Ltd. ADR (South Africa)		31,000		284,270
HDC Holdings Co., Ltd. (South Korea)		8,584		50,220
Henan Shenhuo Coal & Electricity Power Co., Ltd. - Class A (China)		29,600		82,193
Hindalco Industries, Ltd. (India) ^(a)		9,726		80,607
Hsin Kuang Steel Co., Ltd. (Taiwan)		17,000		33,418
Hume Cement Industries Bhd (Malaysia)		43,900		31,112
Jaya Tiasa Holdings Bhd (Malaysia)		89,600		20,488
Jiangxi Copper Co., Ltd. - H Shares (China)		26,000		51,752
Jinan Acetate Chemical Co., Ltd. (Taiwan)		2,000		54,640
Jindal Saw, Ltd. (India)		17,727		115,185
Jindal Stainless, Ltd. (India) ^(a)		3,858		37,993
JK Paper, Ltd. (India)		9,122		59,159
Kalyani Steels, Ltd. (India)		2,637		29,374
Kumba Iron Ore, Ltd. (South Africa)		10,764		260,081
Magnitogorsk Iron & Steel Works PJSC (Russia) *^(a)(b)		194,390		0
Maharashtra Seamless, Ltd. (India)		8,027		62,996
Malayan Cement Bhd (Malaysia)		31,600		33,357
National Fertilizers, Ltd. (India)		35,911		56,033
NMDC, Ltd. (India)		150,856		443,923
Novolipetsk Steel PJSC (Russia) *^(a)(b)(c)		2,870		0
OCI Holdings Co., Ltd. (South Korea)		449		28,670
Poongsan Corp. (South Korea)		776		35,498
Poongsan Holdings Corp. (South Korea)		1,441		28,526
Rashtriya Chemicals & Fertilizers, Ltd. (India)		21,227		49,065
Sahara International Petrochemical Co. (Saudi Arabia)		35,561		276,776
Saudi Aramco Base Oil Co. (Saudi Arabia)		2,509		87,996
SeAH Holdings Corp. (South Korea)		409		31,392
Shandong Nanshan Aluminum Co., Ltd. (China)		180,700		94,574
Shinkong Synthetic Fibers Corp. (Taiwan) ^(a)		54,000		27,639
Shougang Fushan Resources Group, Ltd. (China)		88,000		36,064
Suzano S.A. (Brazil)		14,700		150,040
Taiwan Hon Chuan Enterprise Co., Ltd. (Taiwan)		17,000		89,630
Tata Steel, Ltd. (India)		34,621		72,056
Tharisa PLC (South Africa)		30,632		32,341
Thye Ming Industrial Co., Ltd. (Taiwan) ^(a)		12,000		28,591
TPI Polene PCL (Thailand)		696,400		25,029
Tung Ho Steel Enterprise Corp. (Taiwan)		26,000		55,617
Unid Co., Ltd. (South Korea)		406		29,790
Vale S.A. ADR (Brazil)		34,974		390,660
Vedanta, Ltd. (India)		11,380		61,890

	Shares		Value
Utilities (continued)
Enel Chile S.A. (Chile)		537,050	$	30,304
GAIL India, Ltd. (India) ^(c)		6,384		100,229
Gas Malaysia Bhd (Malaysia)		45,000		34,339
GD Power Development Co., Ltd. - Class A (China) ^(a)		142,800		117,700
Huaneng Power International, Inc. - H Shares (China) ^(a)		60,000		44,342
Korea District Heating Corp. (South Korea) ^(a)		1,418		50,430
Mega First Corp. Bhd (Malaysia)		28,600		28,518
NTPC, Ltd. (India)		98,807		447,979
OGK-2 PJSC (Russia) ^(b)		5,740,000		—
Perusahaan Gas Negara Tbk P.T. (Indonesia)		314,700		29,580
Power Grid Corp. of India, Ltd. (India)		68,737		272,165
Rojana Industrial Park PCL (Thailand)		203,100		33,633
Shenergy Co., Ltd. - Class A (China)		195,000		236,839
SPCG PCL (Thailand)		120,000		28,263
Synergy Grid & Development Phils, Inc. (Philippines)		189,900		31,091
TTW PCL (Thailand)		135,500		32,651
				2,018,364
Total Common Stocks (Cost $52,774,863)				65,978,122

PREFERRED STOCKS — 2.2%
Energy — 0.6%
Energy — 0.6%
Petroleo Brasileiro S.A. ADR (Brazil)		27,100		369,644
Surgutneftegas PJSC, 18.99% (Russia) *^(a)(b)		541,500		0
				369,644
Financials — 0.1%
Banks — 0.1%
Banco ABC Brasil S.A. (Brazil)		7,575		30,000
Banco do Estado do Rio Grande do Sul S.A., 1.59% - Series B (Brazil) ^(c)		14,200		28,830
				58,830
Industrials — 0.1%
Capital Goods — 0.1%
Marcopolo S.A. (Brazil)		57,980		66,169
Randon S.A. Implementos e Participacoes (Brazil)		15,500		30,277
				96,446
Information Technology — 1.3%
Technology Hardware & Equipment — 1.3%
Samsung Electronics Co., Ltd., 2.28% (South Korea)		18,339		840,309

Materials — 0.0% ^(e)
Materials — 0.0% ^(e)
Bradespar S.A., 6.40% (Brazil)		5,400		17,880

	Shares		Value
Utilities — 0.1%
Utilities — 0.1%
Cia de Saneamento do Parana (Brazil)		60,000	$	59,996

Total Preferred Stocks (Cost $1,521,546)				1,443,105

Investments at Value — 100.2%
(Cost $54,296,409)			$	67,421,227

Liabilities in Excess of Other Assets — (0.2%)				(115,857	)

Net Assets — 100.0%			$	67,305,370

	*	Security has been suspended from trading due to the ongoing conflict in Russia and Ukraine. As result, management made the decision to value the security at $0.
	^(a)	Non-income producing security.
	^(b)	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.
	^(c)	Security is considered a restricted security however such restriction has not resulted in an illiquid classification. The total value of these securities is $1,867,167, which represents 2.8% of net assets as of June 30, 2024.
	^(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.
	^(e)	Percentage rounds to less than 0.1%.

Country	Value			% of Net Assets
China	$	17,294,443			25.7	%
Taiwan		13,092,193			19.4	%
India		12,960,251			19.3	%
South Korea		8,369,328			12.4	%
Brazil		2,650,903			3.9	%
Saudi Arabia		2,606,615			3.9	%
South Africa		1,858,472			2.8	%
Mexico		1,256,276			1.9	%
Indonesia		1,062,240			1.6	%
Thailand		998,254			1.5	%
Malaysia		965,558			1.4	%
United Arab Emirates		733,519			1.1	%
Turkey		632,905			0.9	%
Poland		630,297			0.9	%
Philippines		488,233			0.7	%
Qatar		445,254			0.7	%
Greece		316,223			0.5	%
Kuwait		315,737			0.5	%
Peru		245,037			0.4	%
Colombia		213,622			0.3	%
Chile		197,446			0.3	%
Egypt		60,841			0.1	%
Hungary		27,580			0.0	%
Russia		0			0.0	%
Total Investments	$	67,421,227			100.2	%
Liabilities in Excess of Other Assets		(115,857	)		(0.2	)%
Net Assets	$	67,305,370			100.0	%