SEGALL BRYANT & HAMILL TRUST

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 Fund

Segall Bryant & Hamill Short Term Plus Fund

Segall Bryant & Hamill Plus Bond Fund

Segall Bryant & Hamill Quality High Yield Fund

Segall Bryant & Hamill Municipal Opportunities Fund

Segall Bryant & Hamill Colorado Tax Free Fund

Barrett Growth Fund

Barrett Opportunity Fund

(the “Funds”)

Supplement dated December 3, 2024 to the

Summary Prospectus, Prospectus, and Statement of Additional Information (“SAI”),

each dated April 29, 2024, as supplemented

This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus, and SAI and should be read in conjunction with the Summary Prospectus, Prospectus and SAI for each Fund.

CI Financial Corp. (“CI”), the parent company of Segall Bryant & Hamill, LLC (“SBH”), the investment adviser to each Fund, entered into a definitive agreement with an affiliate of Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, to take CI private (the “Transaction”). Following the closing of the Transaction (the “Closing”), CI will continue to operate with its current structure and management team and will be independent of Mubadala Capital’s other portfolio businesses. In addition, there are no plans to make any changes to the Funds resulting from the Transaction. The Transaction is currently expected to close during the second quarter of 2025.

The Transaction could be deemed to result in a change of control of SBH under the Investment Company Act of 1940, as amended (the “1940 Act”), and consequently, result in the assignment and automatic termination, pursuant to the 1940 Act, of the current investment advisory agreement between the Trust, on behalf of each Fund, and SBH.

The Board of Trustees will be considering SBH’s request to enter into (i) an interim advisory agreement between the Trust, on behalf of each Fund, and SBH (the “Interim Agreement”) and (ii) a new investment advisory agreement between the Trust, on behalf of each Fund, and SBH (the “New Agreement”), which is subject to shareholder approval.

The Interim Agreement, if approved, would become effective immediately upon the Closing. The Adviser would continue to manage the Funds pursuant to the Interim Agreement, unless and until the New Agreement is approved by shareholders. The Interim Agreement will expire on the date that is 150 days after the Closing, if the New Agreement has not been approved by that date. The New Agreement will become effective with respect to a Fund

once approved by a “vote of a majority of the outstanding securities” of such Fund, as that phrase is defined in the 1940 Act.

The New Agreement will be submitted to shareholders of each Fund for approval at a Special Meeting of Shareholders (the “Meeting”) that is expected to be held in the second quarter of 2025. If you are a shareholder of record as of a to be determined record date (the “Record Date”), you will be eligible to vote at the Meeting. If you become a shareholder after the Record Date, you will not be eligible to vote at the Meeting. All shareholders of record as of the Record Date will receive a proxy statement further describing the Transaction and the proposal that such shareholders approve the New Agreement. The proxy statement will also provide shareholders with additional information regarding the Interim Agreement and the New Agreement, including the fact that each Fund’s advisory fee rate under the Interim Agreement and the New Agreement will be the same as the advisory fee rates currently in effect. The New Agreement will not become effective with respect to any particular Fund unless and until shareholder approval of the New Agreement has been obtained with respect to that Fund. If shareholder approval of the New Agreement is not obtained with respect to a particular Fund, the Board will consider other available options, including without limitation, liquidating such Fund.

The foregoing is not a solicitation of any proxy.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE