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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$55	1.14%

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the retail class of the Fund returned -2.63% against a return of -3.16% for the Russell 2000^® Value Index and 5.75% for the Fund’s broad-based securities market index, the Russell 3000^® Index.

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
REV Group, Inc.	3.34	1.59
MP Materials Corp.	1.56	1.17
Mercury Systems, Inc.	2.73	0.90
O-I Glass, Inc.	1.78	0.64
Alamos Gold, Inc.	1.83	0.61

Bottom 5
Crescent Energy Co.	1.63	-0.84
Apogee Enterprises, Inc.	1.53	-0.93
NeoGenomics, Inc.	1.19	-1.00
QuidelOrtho Corp.	2.28	-1.10
VF Corp.	2.50	-1.22

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Small Cap Value - Retail	Russell 2000^® Value Index	Russell 3000^® Index
Jun-2015	$10,000	$10,000	$10,000
Jun-2016	$9,517	$9,742	$10,214
Jun-2017	$11,220	$12,163	$12,104
Jun-2018	$12,955	$13,757	$13,893
Jun-2019	$13,625	$12,899	$15,141
Jun-2020	$11,909	$10,645	$16,130
Jun-2021	$17,809	$18,445	$23,253
Jun-2022	$14,907	$15,442	$20,029
Jun-2023	$16,344	$16,370	$23,825
Jun-2024	$17,355	$18,153	$29,335
Jun-2025	$19,001	$19,158	$33,822

Average Annual Total Returns

	1 Year	5 Years	10 Years
SBH Small Cap Value - Retail	9.48%	9.79%	6.63%
Russell 2000^® Value Index	5.54%	12.47%	6.72%
Russell 3000^® Index	15.30%	15.96%	12.96%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 392-2673 or visit www.cisbh.com/funds/literature for current month-end performance.

What did the Fund invest in?

Fund Statistics

Net Assets	$395,679,140
Number of Portfolio Holdings	75
Portfolio Turnover	14%
Total Advisory Fees Paid*	$1,715,955
Total Advisory Fees Paid %*	0.80%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

Value	Value
United States	94.3%
Canada	1.9%
Cayman Islands	1.6%
Belgium	0.8%

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

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

Material Fund Changes

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

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Small Cap Value Fund

TSR-SAR 063025-SBRVX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$47	0.97%

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the institutional class of the Fund returned -2.55% against a return of -3.16% for the Russell 2000^® Value Index and 5.75% for the Fund’s broad-based securities market index, the Russell 3000^® Index.

Contributors to Return

Detractors from Return

Stock Performance

Top 5	Average Weight	Contribution To Return
REV Group, Inc.	3.34	1.59
MP Materials Corp.	1.56	1.17
Mercury Systems, Inc.	2.73	0.90
O-I Glass, Inc.	1.78	0.64
Alamos Gold, Inc.	1.83	0.61

Bottom 5
Crescent Energy Co.	1.63	-0.84
Apogee Enterprises, Inc.	1.53	-0.93
NeoGenomics, Inc.	1.19	-1.00
QuidelOrtho Corp.	2.28	-1.10
VF Corp.	2.50	-1.22

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Small Cap Value - Inst	Russell 2000^® Value Index	Russell 3000^® Index
Jun-2015	$250,000	$250,000	$250,000
Jun-2016	$238,288	$243,545	$255,346
Jun-2017	$281,337	$304,083	$302,609
Jun-2018	$325,323	$343,916	$347,329
Jun-2019	$342,658	$322,471	$378,528
Jun-2020	$299,697	$266,113	$403,244
Jun-2021	$449,055	$461,120	$581,334
Jun-2022	$376,023	$386,047	$500,729
Jun-2023	$412,652	$409,239	$595,635
Jun-2024	$438,986	$453,829	$733,376
Jun-2025	$481,674	$478,950	$845,552

Average Annual Total Returns

	1 Year	5 Years	10 Years
SBH Small Cap Value - Inst	9.72%	9.95%	6.78%
Russell 2000^® Value Index	5.54%	12.47%	6.72%
Russell 3000^® Index	15.30%	15.96%	12.96%

What did the Fund invest in?

Fund Statistics

Net Assets	$395,679,140
Number of Portfolio Holdings	75
Portfolio Turnover	14%
Total Advisory Fees Paid	$1,715,955
Total Advisory Fees Paid %	0.80%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

Value	Value
United States	94.3%
Canada	1.9%
Cayman Islands	1.6%
Belgium	0.8%

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Small Cap Value Fund

TSR-SAR 063025-SBHVX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$52	1.06%

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the retail class of the Fund returned -2.79% against a return of -0.48% for the Russell 2000^® Growth Index and 5.75% for the Fund’s broad-based securities market index, the Russell 3000^® Index.

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Limbach Holdings, Inc.	1.58	1.12
Blueprint Medicines Corp.	1.70	1.08
Construction Partners, Inc.	1.92	0.67
Insmed, Inc.	1.70	0.66
VSE Corp.	1.95	0.56

Bottom 5
Sweetgreen, Inc.	0.66	-0.54
Saia, Inc.	1.12	-0.66
Glaukos Corp.	1.56	-0.67
Freshpet, Inc.	0.85	-0.68
Vaxcyte, Inc.	1.13	-1.12

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Small Cap Growth - Retail	Russell 2000^® Growth Index	Russell 3000^® Index
Jun-2015	$10,000	$10,000	$10,000
Jun-2016	$8,776	$8,925	$10,214
Jun-2017	$11,359	$11,103	$12,104
Jun-2018	$14,396	$13,530	$13,893
Jun-2019	$15,642	$13,464	$15,141
Jun-2020	$17,689	$13,932	$16,130
Jun-2021	$28,121	$21,087	$23,253
Jun-2022	$19,547	$14,038	$20,029
Jun-2023	$21,957	$16,639	$23,825
Jun-2024	$24,041	$18,159	$29,335
Jun-2025	$25,773	$19,926	$33,822

Average Annual Total Returns

	1 Year	5 Years	10 Years
SBH Small Cap Growth - Retail	7.21%	7.82%	9.93%
Russell 2000^® Growth Index	9.73%	7.42%	7.14%
Russell 3000^® Index	15.30%	15.96%	12.96%

What did the Fund invest in?

Fund Statistics

Net Assets	$250,321,118
Number of Portfolio Holdings	90
Portfolio Turnover	0%
Total Advisory Fees Paid	$789,845
Total Advisory Fees Paid %	0.65%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Small Cap Growth Fund

TSR-SAR 063025-WTSGX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$43	0.87%

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the institutional class of the Fund returned -2.71% against a return of -0.48% for the Russell 2000^® Growth Index and 5.75% for the Fund’s broad-based securities market index, the Russell 3000^® Index.

Contributors to Return

Detractors from Return

Stock Performance

Top 5	Average Weight	Contribution To Return
Limbach Holdings, Inc.	1.58	1.12
Blueprint Medicines Corp.	1.70	1.08
Construction Partners, Inc.	1.92	0.67
Insmed, Inc.	1.70	0.66
VSE Corp.	1.95	0.56

Bottom 5
Sweetgreen, Inc.	0.66	-0.54
Saia, Inc.	1.12	-0.66
Glaukos Corp.	1.56	-0.67
Freshpet, Inc.	0.85	-0.68
Vaxcyte, Inc.	1.13	-1.12

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Small Cap Growth - Inst	Russell 2000^® Growth Index	Russell 3000^® Index
Jun-2015	$250,000	$250,000	$250,000
Jun-2016	$220,055	$223,121	$255,346
Jun-2017	$285,289	$277,566	$302,609
Jun-2018	$361,806	$338,248	$347,329
Jun-2019	$394,228	$336,590	$378,528
Jun-2020	$446,605	$348,299	$403,244
Jun-2021	$710,664	$527,185	$581,334
Jun-2022	$494,954	$350,943	$500,729
Jun-2023	$556,940	$415,979	$595,635
Jun-2024	$610,557	$453,985	$733,376
Jun-2025	$655,806	$498,148	$845,552

Average Annual Total Returns

	1 Year	5 Years	10 Years
SBH Small Cap Growth - Inst	7.41%	7.99%	10.12%
Russell 2000^® Growth Index	9.73%	7.42%	7.14%
Russell 3000^® Index	15.30%	15.96%	12.96%

What did the Fund invest in?

Fund Statistics

Net Assets	$250,321,118
Number of Portfolio Holdings	90
Portfolio Turnover	0%
Total Advisory Fees Paid	$789,845
Total Advisory Fees Paid %	0.65%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Small Cap Growth Fund

TSR-SAR 063025-WISGX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$53	1.10%

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the retail class of the Fund returned -2.71% against a return of -1.78% for the Russell 2000^® Index and 5.75% for the Fund’s broad-based securities market index, the Russell 3000^® Index.

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
REV Group, Inc.	1.54	0.67
iRhythm Technologies, Inc.	1.08	0.61
RBC Bearings, Inc.	2.04	0.50
Crane Co.	1.79	0.44
Casey's General Stores, Inc.	1.51	0.38

Bottom 5
Azenta, Inc.	0.91	-0.44
Bio-Techne Corp.	1.53	-0.57
Globus Medical, Inc.	1.63	-0.57
Globant S.A.	0.75	-0.64
Columbus McKinnon Corp.	0.61	-0.66

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Small Cap Core - Retail	Russell 2000^® Index	Russell 3000^® Index
Jun-2015	$10,000	$10,000	$10,000
Jun-2016	$9,420	$9,327	$10,214
Jun-2017	$11,113	$11,621	$12,104
Jun-2018	$12,888	$13,663	$13,893
Jun-2019	$13,432	$13,211	$15,141
Jun-2020	$13,609	$12,335	$16,130
Jun-2021	$20,255	$19,987	$23,253
Jun-2022	$17,186	$14,951	$20,029
Jun-2023	$19,879	$16,790	$23,825
Jun-2024	$22,608	$18,479	$29,335
Jun-2025	$23,378	$19,898	$33,822

Average Annual Total Returns

	1 Year	5 Years	10 Years
SBH Small Cap Core - Retail	3.41%	11.43%	8.86%
Russell 2000^® Index	7.68%	10.04%	7.12%
Russell 3000^® Index	15.30%	15.96%	12.96%

What did the Fund invest in?

Fund Statistics

Net Assets	$92,915,370
Number of Portfolio Holdings	84
Portfolio Turnover	17%
Total Advisory Fees Paid*	$278,887
Total Advisory Fees Paid %*	0.69%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

Value	Value
United States	89.3%
Canada	2.7%
Jersey	1.0%
Luxembourg	0.3%

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Small Cap Core Fund

TSR-SAR 063025-SBHCX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$48	0.99%

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the institutional class of the Fund returned -2.69% against a return of -1.78% for the Russell 2000^® Index and 5.75% for the Fund’s broad-based securities market index, the Russell 3000^® Index.

Contributors to Return

Detractors from Return

Stock Performance

Top 5	Average Weight	Contribution To Return
REV Group, Inc.	1.54	0.67
iRhythm Technologies, Inc.	1.08	0.61
RBC Bearings, Inc.	2.04	0.50
Crane Co.	1.79	0.44
Casey's General Stores, Inc.	1.51	0.38

Bottom 5
Azenta, Inc.	0.91	-0.44
Bio-Techne Corp.	1.53	-0.57
Globus Medical, Inc.	1.63	-0.57
Globant S.A.	0.75	-0.64
Columbus McKinnon Corp.	0.61	-0.66

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Small Cap Core - Inst	Russell 2000^® Index	Russell 3000^® Index
Jun-2015	$250,000	$250,000	$250,000
Jun-2016	$235,849	$233,174	$255,346
Jun-2017	$278,665	$290,536	$302,609
Jun-2018	$323,657	$341,571	$347,329
Jun-2019	$337,808	$330,267	$378,528
Jun-2020	$342,888	$308,387	$403,244
Jun-2021	$511,248	$499,666	$581,334
Jun-2022	$434,508	$373,763	$500,729
Jun-2023	$503,214	$419,760	$595,635
Jun-2024	$573,572	$461,972	$733,376
Jun-2025	$593,092	$497,457	$845,552

Average Annual Total Returns

	1 Year	5 Years	10 Years
SBH Small Cap Core - Inst	3.40%	11.58%	9.02%
Russell 2000^® Index	7.68%	10.04%	7.12%
Russell 3000^® Index	15.30%	15.96%	12.96%

What did the Fund invest in?

Fund Statistics

Net Assets	$92,915,370
Number of Portfolio Holdings	84
Portfolio Turnover	17%
Total Advisory Fees Paid*	$278,887
Total Advisory Fees Paid %*	0.69%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

Value	Value
United States	89.3%
Canada	2.7%
Jersey	1.0%
Luxembourg	0.3%

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Small Cap Core Fund

TSR-SAR 063025-SBASX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the retail class of the Fund returned 2.46% against a return of 5.75% for the Fund’s broad-based securities market index, the Russell 3000^® Index.

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
ATI, Inc.	1.62	1.02
Microsoft Corp.	4.49	0.92
JPMorgan Chase & Co.	3.16	0.69
Quanta Services, Inc.	2.07	0.55
Intuit, Inc.	1.48	0.53

Bottom 5
Bio-Techne Corp.	1.19	-0.41
Apple, Inc.	2.39	-0.56
Zebra Technologies Corp.	0.73	-0.68
UnitedHealth Group, Inc.	1.50	-0.87
Marvell Technology, Inc.	2.15	-0.88

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH All Cap - Retail	Russell 3000^® Index
Jun-2015	$10,000	$10,000
Jun-2016	$9,992	$10,214
Jun-2017	$11,288	$12,104
Jun-2018	$12,512	$13,893
Jun-2019	$13,927	$15,141
Jun-2020	$15,334	$16,130
Jun-2021	$21,846	$23,253
Jun-2022	$19,158	$20,029
Jun-2023	$21,415	$23,825
Jun-2024	$25,096	$29,335
Jun-2025	$27,151	$33,822

Average Annual Total Returns

	1 Year	5 Years	10 Years
SBH All Cap - Retail	8.19%	12.10%	10.50%
Russell 3000^® Index	15.30%	15.96%	12.96%

What did the Fund invest in?

Fund Statistics

Net Assets	$93,732,613
Number of Portfolio Holdings	54
Portfolio Turnover	20%
Total Advisory Fees Paid*	$248,436
Total Advisory Fees Paid %*	0.52%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

Value	Value
United States	91.6%
Germany	2.2%
Ireland	1.8%
Canada	1.6%
United Kingdom	1.2%

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill All Cap Fund

TSR-SAR 063025-SBRAX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the institutional class of the Fund returned 2.46% against a return of 5.75% for the Fund’s broad-based securities market index, the Russell 3000^® Index.

Contributors to Return

Detractors from Return

Stock Performance

Top 5	Average Weight	Contribution To Return
ATI, Inc.	1.62	1.02
Microsoft Corp.	4.49	0.92
JPMorgan Chase & Co.	3.16	0.69
Quanta Services, Inc.	2.07	0.55
Intuit, Inc.	1.48	0.53

Bottom 5
Bio-Techne Corp.	1.19	-0.41
Apple, Inc.	2.39	-0.56
Zebra Technologies Corp.	0.73	-0.68
UnitedHealth Group, Inc.	1.50	-0.87
Marvell Technology, Inc.	2.15	-0.88

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH All Cap - Inst	Russell 3000^® Index
Jun-2015	$250,000	$250,000
Jun-2016	$250,177	$255,346
Jun-2017	$283,057	$302,609
Jun-2018	$314,217	$347,329
Jun-2019	$350,260	$378,528
Jun-2020	$386,128	$403,244
Jun-2021	$550,395	$581,334
Jun-2022	$482,716	$500,729
Jun-2023	$539,611	$595,635
Jun-2024	$632,865	$733,376
Jun-2025	$684,622	$845,552

Average Annual Total Returns

	1 Year	5 Years	10 Years
SBH All Cap - Inst	8.18%	12.14%	10.60%
Russell 3000^® Index	15.30%	15.96%	12.96%

What did the Fund invest in?

Fund Statistics

Net Assets	$93,732,613
Number of Portfolio Holdings	54
Portfolio Turnover	20%
Total Advisory Fees Paid*	$248,436
Total Advisory Fees Paid %*	0.52%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

Value	Value
United States	91.6%
Germany	2.2%
Ireland	1.8%
Canada	1.6%
United Kingdom	1.2%

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill All Cap Fund

TSR-SAR 063025-SBHAX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$70	1.30%

How did the Fund perform during the reporting period?

Fund Performance

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

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Taiwan Semiconductor Manufacturing Co., Ltd.	9.88	1.59
SK Hynix, Inc.	1.59	1.15
Alibaba Group Holding, Ltd.	2.74	1.14
Tencent Holdings, Ltd.	4.18	0.81
3SBio, Inc.	0.22	0.47

Bottom 5
Digital China Holdings, Ltd.	0.15	-0.08
Tianneng Power International, Ltd.	0.24	-0.08
NATCO Pharma, Ltd.	0.26	-0.10
REC, Ltd.	0.62	-0.15
Infosys, Ltd.	1.35	-0.26

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Emerging Markets - Retail	MSCI Emerging Markets Index	MSCI ACWI ex-USA IMI Index
Jun-2015	$10,000	$10,000	$10,000
Jun-2016	$8,708	$8,795	$9,039
Jun-2017	$11,011	$10,883	$10,886
Jun-2018	$11,837	$11,775	$11,729
Jun-2019	$11,749	$11,918	$11,759
Jun-2020	$10,654	$11,514	$11,202
Jun-2021	$15,044	$16,224	$15,367
Jun-2022	$11,912	$12,121	$12,316
Jun-2023	$12,883	$12,334	$13,852
Jun-2024	$16,194	$13,881	$15,455
Jun-2025	$18,607	$16,003	$18,210

Average Annual Total Returns

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

What did the Fund invest in?

Fund Statistics

Net Assets	$73,545,215
Number of Portfolio Holdings	461
Portfolio Turnover	38%
Total Advisory Fees Paid*	$98,979
Total Advisory Fees Paid %*	0.30%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Emerging Markets Fund

TSR-SAR 063025-SBHEX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$62	1.15%

How did the Fund perform during the reporting period?

Fund Performance

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

Contributors to Return

Detractors from Return

Stock Performance

Top 5	Average Weight	Contribution To Return
Taiwan Semiconductor Manufacturing Co., Ltd.	9.88	1.59
SK Hynix, Inc.	1.59	1.15
Alibaba Group Holding, Ltd.	2.74	1.14
Tencent Holdings, Ltd.	4.18	0.81
3SBio, Inc.	0.22	0.47

Bottom 5
Digital China Holdings, Ltd.	0.15	-0.08
Tianneng Power International, Ltd.	0.24	-0.08
NATCO Pharma, Ltd.	0.26	-0.10
REC, Ltd.	0.62	-0.15
Infosys, Ltd.	1.35	-0.26

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Emerging Markets - Inst	MSCI Emerging Markets Index	MSCI ACWI ex-USA IMI Index
Jun-2015	$250,000	$250,000	$250,000
Jun-2016	$217,981	$219,863	$225,968
Jun-2017	$276,632	$272,069	$272,141
Jun-2018	$297,889	$294,386	$293,220
Jun-2019	$296,374	$297,942	$293,985
Jun-2020	$269,178	$287,848	$280,062
Jun-2021	$380,671	$405,591	$384,182
Jun-2022	$301,760	$303,035	$307,895
Jun-2023	$327,266	$308,339	$346,289
Jun-2024	$411,667	$347,028	$386,372
Jun-2025	$473,896	$400,075	$455,247

Average Annual Total Returns

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

What did the Fund invest in?

Fund Statistics

Net Assets	$73,545,215
Number of Portfolio Holdings	461
Portfolio Turnover	38%
Total Advisory Fees Paid*	$98,979
Total Advisory Fees Paid %*	0.30%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Emerging Markets Fund

TSR-SAR 063025-SBEMX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$66	1.17%

How did the Fund perform during the reporting period?

Fund Performance

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

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Koninklijke BAM Groep N.V.	1.09	0.95
Implenia A.G.	0.94	0.82
Betsson A.B.	1.11	0.68
Lion Finance Group PLC	1.15	0.68
Vicat S.A.C.A.	0.84	0.66

Bottom 5
Cosmo Pharmaceuticals N.V.	0.24	-0.10
Accent Group, Ltd.	0.29	-0.13
Yangzijiang Shipbuilding Holdings, Ltd.	0.54	-0.14
Yue Yuen Industrial Holdings, Ltd.	0.46	-0.22
NRW Holdings, Ltd.	0.73	-0.24

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH International Small Cap - Retail	MSCI EAFE Small Cap Index	MSCI ACWI ex-USA IMI Index
Jun-2015	$10,000	$10,000	$10,000
Jun-2016	$9,471	$9,633	$9,039
Jun-2017	$11,747	$11,866	$10,886
Jun-2018	$12,326	$13,343	$11,729
Jun-2019	$10,627	$12,496	$11,759
Jun-2020	$8,891	$12,057	$11,202
Jun-2021	$12,524	$16,998	$15,367
Jun-2022	$10,193	$12,922	$12,316
Jun-2023	$11,524	$14,237	$13,852
Jun-2024	$13,427	$15,345	$15,455
Jun-2025	$17,310	$18,792	$18,210

Average Annual Total Returns

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

What did the Fund invest in?

Fund Statistics

Net Assets	$85,751,608
Number of Portfolio Holdings	317
Portfolio Turnover	53%
Total Advisory Fees Paid*	$180,166
Total Advisory Fees Paid %*	0.48%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill International Small Cap Fund

TSR-SAR 063025-SBHSX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$59	1.05%

How did the Fund perform during the reporting period?

Fund Performance

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

Contributors to Return

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Koninklijke BAM Groep N.V.	1.09	0.95
Implenia A.G.	0.94	0.82
Betsson A.B.	1.11	0.68
Lion Finance Group PLC	1.15	0.68
Vicat S.A.C.A.	0.84	0.66

Bottom 5
Cosmo Pharmaceuticals N.V.	0.24	-0.10
Accent Group, Ltd.	0.29	-0.13
Yangzijiang Shipbuilding Holdings, Ltd.	0.54	-0.14
Yue Yuen Industrial Holdings, Ltd.	0.46	-0.22
NRW Holdings, Ltd.	0.73	-0.24

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH International Small Cap - Inst	MSCI EAFE Small Cap Index	MSCI ACWI ex-USA IMI Index
Jun-2015	$250,000	$250,000	$250,000
Jun-2016	$237,209	$240,829	$225,968
Jun-2017	$295,061	$296,649	$272,141
Jun-2018	$310,211	$333,578	$293,220
Jun-2019	$268,399	$312,409	$293,985
Jun-2020	$224,963	$301,413	$280,062
Jun-2021	$317,445	$424,940	$384,182
Jun-2022	$258,600	$323,049	$307,895
Jun-2023	$292,815	$355,920	$346,289
Jun-2024	$341,842	$383,626	$386,372
Jun-2025	$440,726	$469,801	$455,247

Average Annual Total Returns

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

What did the Fund invest in?

Fund Statistics

Net Assets	$85,751,608
Number of Portfolio Holdings	317
Portfolio Turnover	53%
Total Advisory Fees Paid*	$180,166
Total Advisory Fees Paid %*	0.48%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill International Small Cap Fund

TSR-SAR 063025-SBSIX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$61	1.09%

How did the Fund perform during the reporting period?

Fund Performance

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

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Deutsche Bank A.G.	1.23	0.83
Novartis A.G.	2.18	0.57
Banco Bilbao Vizcaya Argentaria S.A.	1.07	0.57
Societe Generale S.A.	0.86	0.55
Engie S.A.	1.01	0.52

Bottom 5
Yue Yuen Industrial Holdings, Ltd.	0.15	-0.08
NRW Holdings, Ltd.	0.29	-0.11
Canon, Inc.	1.09	-0.13
Novo Nordisk A/S	0.45	-0.13
South32, Ltd.	0.56	-0.14

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	SBH International Equity - Retail	MSCI EAFE Index	MSCI ACWI ex-USA IMI 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
Jun-2025	$14,159	$12,538	$11,823

Average Annual Total Returns

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

What did the Fund invest in?

Fund Statistics

Net Assets	$9,576,188
Number of Portfolio Holdings	384
Portfolio Turnover	43%
Total Advisory Fees Paid*	$0
Total Advisory Fees Paid %*	0.00%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill International Equity Fund

TSR-SAR 063025-CIQRX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$52	0.93%

How did the Fund perform during the reporting period?

Fund Performance

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

Contributors to Return

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Deutsche Bank A.G.	1.23	0.83
Novartis A.G.	2.18	0.57
Banco Bilbao Vizcaya Argentaria S.A.	1.07	0.57
Societe Generale S.A.	0.86	0.55
Engie S.A.	1.01	0.52

Bottom 5
Yue Yuen Industrial Holdings, Ltd.	0.15	-0.08
NRW Holdings, Ltd.	0.29	-0.11
Canon, Inc.	1.09	-0.13
Novo Nordisk A/S	0.45	-0.13
South32, Ltd.	0.56	-0.14

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH International Equity - Inst	MSCI EAFE Index	MSCI ACWI ex-USA IMI 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
Jun-2025	$356,021	$313,452	$295,587

Average Annual Total Returns

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

What did the Fund invest in?

Fund Statistics

Net Assets	$9,576,188
Number of Portfolio Holdings	384
Portfolio Turnover	43%
Total Advisory Fees Paid*	$0
Total Advisory Fees Paid %*	0.00%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill International Equity Fund

TSR-SAR 063025-CIEQX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$43	0.84%

How did the Fund perform during the reporting period?

Fund Performance

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

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Nintendo Co., Ltd.	2.19	1.14
ATI, Inc.	1.56	0.89
Safran S.A.	2.15	0.85
Microsoft Corp.	4.07	0.82
D'leteren Group	2.50	0.73

Bottom 5
TFI International, Inc.	0.30	-0.35
Bio-Techne Corp.	1.13	-0.40
Apple, Inc.	2.27	-0.58
UnitedHealth Group, Inc.	1.09	-0.64
Marvell Technology, Inc.	2.03	-0.98

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Global All Cap - Retail	MSCI World Index
Jun-2015	$10,000	$10,000
Jun-2016	$10,698	$9,722
Jun-2017	$12,125	$11,491
Jun-2018	$12,475	$12,765
Jun-2019	$13,804	$13,573
Jun-2020	$13,352	$13,959
Jun-2021	$17,558	$19,409
Jun-2022	$15,137	$16,626
Jun-2023	$18,109	$19,704
Jun-2024	$21,281	$23,683
Jun-2025	$24,096	$27,533

Average Annual Total Returns

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

What did the Fund invest in?

Fund Statistics

Net Assets	$35,581,972
Number of Portfolio Holdings	56
Portfolio Turnover	13%
Total Advisory Fees Paid*	$15,835
Total Advisory Fees Paid %*	0.09%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Global All Cap Fund

TSR-SAR 063025-WTMVX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$40	0.77%

How did the Fund perform during the reporting period?

Fund Performance

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

Contributors to Return

Detractors from Return

Stock Performance

Top 5	Average Weight	Contribution To Return
Nintendo Co., Ltd.	2.19	1.14
ATI, Inc.	1.56	0.89
Safran S.A.	2.15	0.85
Microsoft Corp.	4.07	0.82
D'leteren Group	2.50	0.73

Bottom 5
TFI International, Inc.	0.30	-0.35
Bio-Techne Corp.	1.13	-0.40
Apple, Inc.	2.27	-0.58
UnitedHealth Group, Inc.	1.09	-0.64
Marvell Technology, Inc.	2.03	-0.98

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Global All Cap - Inst	MSCI World Index
Jun-2015	$250,000	$250,000
Jun-2016	$267,843	$243,051
Jun-2017	$304,198	$287,276
Jun-2018	$313,310	$319,127
Jun-2019	$347,276	$339,330
Jun-2020	$335,920	$348,978
Jun-2021	$442,663	$485,234
Jun-2022	$382,279	$415,662
Jun-2023	$457,691	$492,602
Jun-2024	$538,786	$592,070
Jun-2025	$610,283	$688,330

Average Annual Total Returns

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

What did the Fund invest in?

Fund Statistics

Net Assets	$35,581,972
Number of Portfolio Holdings	56
Portfolio Turnover	13%
Total Advisory Fees Paid*	$15,835
Total Advisory Fees Paid %*	0.09%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Global All Cap Fund

TSR-SAR 063025-WIMVX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$24	0.48%

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

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

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

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

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	SBH Short Term Plus - Retail	Bloomberg 1-3 Year US Government/Credit Index	Bloomberg U.S. Aggregate Bond Index
Dec-2018	$10,000	$10,000	$10,000
Jun-2019	$10,242	$10,324	$10,708
Jun-2020	$10,447	$10,758	$11,644
Jun-2021	$10,617	$10,806	$11,605
Jun-2022	$10,292	$10,421	$10,411
Jun-2023	$10,534	$10,475	$10,313
Jun-2024	$11,103	$10,985	$10,585
Jun-2025	$11,788	$11,638	$11,228

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets	$14,852,769
Number of Portfolio Holdings	72
Portfolio Turnover	19%
Total Advisory Fees Paid*	$0
Total Advisory Fees Paid %*	0.00%
Average maturity (years)	1.75
30-day SEC yield (with waivers)	4.15%
30-day SEC yield (without waivers)	2.61%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Short Term Plus Fund

TSR-SAR 063025-SBHPX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

How has the Fund performed since inception?

Total Return Based on $250,000 Investment

	SBH Short Term Plus - Inst	Bloomberg 1-3 Year US Government/Credit Index	Bloomberg U.S. Aggregate Bond Index
Dec-2018	$250,000	$250,000	$250,000
Jun-2019	$256,131	$258,109	$267,709
Jun-2020	$261,582	$268,958	$291,106
Jun-2021	$266,001	$270,147	$290,136
Jun-2022	$258,112	$260,519	$260,275
Jun-2023	$264,676	$261,887	$257,834
Jun-2024	$279,179	$274,631	$264,617
Jun-2025	$296,322	$290,941	$280,696

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets	$14,852,769
Number of Portfolio Holdings	72
Portfolio Turnover	19%
Total Advisory Fees Paid*	$0
Total Advisory Fees Paid %*	0.00%
Average maturity (years)	1.75
30-day SEC yield (with waivers)	4.19%
30-day SEC yield (without waivers)	3.13%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Short Term Plus Fund

TSR-SAR 063025-SBAPX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$28	0.55%

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Plus Bond - Retail	Bloomberg U.S. Aggregate Bond Index
Jun-2015	$10,000	$10,000
Jun-2016	$10,568	$10,600
Jun-2017	$10,687	$10,567
Jun-2018	$10,734	$10,525
Jun-2019	$11,526	$11,353
Jun-2020	$12,444	$12,345
Jun-2021	$12,704	$12,304
Jun-2022	$11,299	$11,038
Jun-2023	$11,414	$10,934
Jun-2024	$11,894	$11,222
Jun-2025	$12,596	$11,904

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets	$711,623,137
Number of Portfolio Holdings	149
Portfolio Turnover	21%
Total Advisory Fees Paid*	$801,559
Total Advisory Fees Paid %*	0.22%
Average maturity (years)	8.00
30-day SEC yield (with waivers)	4.30%
30-day SEC yield (without waivers)	4.17%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Plus Bond Fund

TSR-SAR 063025-WTIBX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

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

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

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Plus Bond - Inst	Bloomberg U.S. Aggregate Bond Index
Jun-2015	$250,000	$250,000
Jun-2016	$264,485	$265,003
Jun-2017	$267,902	$264,170
Jun-2018	$269,490	$263,120
Jun-2019	$290,031	$283,826
Jun-2020	$313,308	$308,631
Jun-2021	$320,391	$307,603
Jun-2022	$285,310	$275,944
Jun-2023	$289,016	$273,356
Jun-2024	$301,405	$280,548
Jun-2025	$319,528	$297,594

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets	$711,623,137
Number of Portfolio Holdings	149
Portfolio Turnover	21%
Total Advisory Fees Paid*	$801,559
Total Advisory Fees Paid %*	0.22%
Average maturity (years)	8.00
30-day SEC yield (with waivers)	4.45%
30-day SEC yield (without waivers)	4.30%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Plus Bond Fund

TSR-SAR 063025-WIIBX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$43	0.85%

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Quality High Yield - Retail	Bloomberg U.S. High Yield - 2% Issuer Capped Index	Bloomberg U.S. Aggregate Bond Index
Jun-2015	$10,000	$10,000	$10,000
Jun-2016	$10,426	$10,165	$10,600
Jun-2017	$11,339	$11,456	$10,567
Jun-2018	$11,445	$11,756	$10,525
Jun-2019	$12,283	$12,635	$11,353
Jun-2020	$12,546	$12,634	$12,345
Jun-2021	$13,877	$14,572	$12,304
Jun-2022	$12,345	$12,704	$11,038
Jun-2023	$13,284	$13,856	$10,934
Jun-2024	$14,502	$15,302	$11,222
Jun-2025	$15,658	$16,875	$11,904

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrial	78.7%
Finance	11.1%
Utility	7.2%

Fund Statistics

Net Assets	$64,094,643
Number of Portfolio Holdings	61
Portfolio Turnover	19%
Total Advisory Fees Paid*	$97,583
Total Advisory Fees Paid %*	0.30%
Average maturity (years)	3.62
30-day SEC yield (with waivers)	5.06%
30-day SEC yield (without waivers)	4.91%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Quality High Yield Fund

TSR-SAR 063025-WTLTX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

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

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

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Quality High Yield - Inst	Bloomberg U.S. High Yield - 2% Issuer Capped Index	Bloomberg U.S. Aggregate Bond Index
Jun-2015	$250,000	$250,000	$250,000
Jun-2016	$260,750	$254,137	$265,003
Jun-2017	$284,620	$286,388	$264,170
Jun-2018	$287,863	$293,892	$263,120
Jun-2019	$309,062	$315,863	$283,826
Jun-2020	$316,507	$315,854	$308,631
Jun-2021	$350,169	$364,303	$307,603
Jun-2022	$311,897	$317,589	$275,944
Jun-2023	$336,418	$346,397	$273,356
Jun-2024	$367,770	$382,538	$280,548
Jun-2025	$397,628	$421,878	$297,594

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Industrial	78.7%
Finance	11.1%
Utility	7.2%

Fund Statistics

Net Assets	$64,094,643
Number of Portfolio Holdings	61
Portfolio Turnover	19%
Total Advisory Fees Paid*	$97,583
Total Advisory Fees Paid %*	0.30%
Average maturity (years)	3.62
30-day SEC yield (with waivers)	5.22%
30-day SEC yield (without waivers)	5.12%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Quality High Yield Fund

TSR-SAR 063025-WILTX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

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

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	SBH Municipal Opportunities - Retail	Bloomberg 1-15 Year Municipal Blend Index	Bloomberg Municipal Bond Index
Dec-2016	$10,000	$10,000	$10,000
Jun-2017	$10,649	$10,394	$10,447
Jun-2018	$11,024	$10,499	$10,611
Jun-2019	$11,662	$11,142	$11,322
Jun-2020	$12,232	$11,608	$11,826
Jun-2021	$12,971	$11,965	$12,318
Jun-2022	$11,713	$11,184	$11,263
Jun-2023	$11,792	$11,495	$11,621
Jun-2024	$12,300	$11,805	$11,995
Jun-2025	$12,739	$12,115	$12,128

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets	$186,318,454
Number of Portfolio Holdings	159
Portfolio Turnover	44%
Total Advisory Fees Paid*	$214,989
Total Advisory Fees Paid %*	0.24%
Average maturity (years)	7.84
30-day SEC yield (with waivers)	3.24%
30-day SEC yield (without waivers)	3.06%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Municipal Opportunities Fund

TSR-SAR 063025-WTTAX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

How has the Fund performed since inception?

Total Return Based on $250,000 Investment

	SBH Municipal Opportunities - Inst	Bloomberg 1-15 Year Municipal Blend Index	Bloomberg Municipal Bond Index
Dec-2016	$250,000	$250,000	$250,000
Jun-2017	$266,599	$259,860	$261,179
Jun-2018	$276,387	$262,478	$265,266
Jun-2019	$292,591	$278,560	$283,055
Jun-2020	$307,681	$290,196	$295,646
Jun-2021	$326,455	$299,129	$307,962
Jun-2022	$295,515	$279,596	$281,565
Jun-2023	$297,953	$287,375	$290,537
Jun-2024	$310,944	$295,113	$299,872
Jun-2025	$322,505	$302,885	$303,208

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets	$186,318,454
Number of Portfolio Holdings	159
Portfolio Turnover	44%
Total Advisory Fees Paid*	$214,989
Total Advisory Fees Paid %*	0.24%
Average maturity (years)	7.84
30-day SEC yield (with waivers)	3.39%
30-day SEC yield (without waivers)	3.28%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Municipal Opportunities Fund

TSR-SAR 063025-WITAX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$32	0.64%

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	SBH Colorado Tax Free - Retail	Bloomberg 1-15 Year Municipal Blend Index	Bloomberg Municipal Bond Index
Jun-2015	$10,000	$10,000	$10,000
Jun-2016	$10,658	$10,613	$10,765
Jun-2017	$10,586	$10,596	$10,713
Jun-2018	$10,759	$10,703	$10,880
Jun-2019	$11,368	$11,359	$11,610
Jun-2020	$11,808	$11,833	$12,126
Jun-2021	$12,350	$12,198	$12,632
Jun-2022	$11,359	$11,401	$11,549
Jun-2023	$11,280	$11,718	$11,917
Jun-2024	$11,754	$12,034	$12,300
Jun-2025	$11,940	$12,351	$12,437

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets	$310,296,923
Number of Portfolio Holdings	145
Portfolio Turnover	49%
Total Advisory Fees Paid*	$463,045
Total Advisory Fees Paid %*	0.29%
Average maturity (years)	8.28
30-day SEC yield (with waivers)	3.27%
30-day SEC yield (without waivers)	3.25%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Colorado Tax-Free Fund

TSR-SAR 063025-WTCOX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

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

Factors Affecting Performance

How has the Fund performed over the last ten years?

Total Return Based on $250,000 Investment

	SBH Colorado Tax Free - Inst	Bloomberg 1-15 Year Municipal Blend Index	Bloomberg Municipal Bond Index
Jun-2015	$250,000	$250,000	$250,000
Jun-2016	$266,447	$265,313	$269,131
Jun-2017	$265,042	$264,909	$267,819
Jun-2018	$269,730	$267,579	$272,009
Jun-2019	$285,490	$283,973	$290,250
Jun-2020	$296,865	$295,835	$303,162
Jun-2021	$311,146	$304,942	$315,791
Jun-2022	$286,431	$285,029	$288,723
Jun-2023	$284,860	$292,960	$297,923
Jun-2024	$297,495	$300,848	$307,495
Jun-2025	$302,306	$308,771	$310,916

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets	$310,296,923
Number of Portfolio Holdings	145
Portfolio Turnover	49%
Total Advisory Fees Paid*	$463,045
Total Advisory Fees Paid %*	0.29%
Average maturity (years)	8.28
30-day SEC yield (with waivers)	3.45%
30-day SEC yield (without waivers)	3.37%

* Net of expenses waived by investment adviser

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

Ratings Allocation

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

Duration Distribution

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Colorado Tax-Free Fund

TSR-SAR 063025-WICOX

Semi-Annual Shareholder Report - June 30, 2025

Barrett Growth Fund (BGRWX)

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the Fund returned 0.24% against a return of 6.20% for the Fund’s broad-based securities market index, the S&P 500^® Index.

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
NVIDIA Corp.	7.10	1.62
Microsoft Corp.	6.62	1.23
JPMorgan Chase & Co.	4.26	0.95
Visa, Inc.	5.81	0.76
Progressive Corp. (The)	4.70	0.44

Bottom 5
Thermo Fisher Scientific, Inc.	1.67	-0.47
Accenture PLC	3.31	-0.51
Regeneron Pharmaceuticals, Inc.	1.99	-0.76
UnitedHealth Group, Inc.	1.82	-0.80
Apple, Inc.	5.41	-1.23

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Barrett Growth	S&P 500^® Index
Jun-2015	$10,000	$10,000
Jun-2016	$9,959	$10,399
Jun-2017	$11,389	$12,260
Jun-2018	$13,521	$14,023
Jun-2019	$15,373	$15,483
Jun-2020	$17,630	$16,645
Jun-2021	$23,769	$23,436
Jun-2022	$19,576	$20,948
Jun-2023	$23,600	$25,053
Jun-2024	$31,350	$31,204
Jun-2025	$33,642	$35,936

Average Annual Total Returns

	1 Year	5 Years	10 Years
Barrett Growth	7.31%	13.80%	12.90%
S&P 500^® Index	15.16%	16.64%	13.65%

What did the Fund invest in?

Fund Statistics

Net Assets	$24,759,854
Number of Portfolio Holdings	33
Portfolio Turnover	4%
Total Advisory Fees Paid*	$27,565
Total Advisory Fees Paid %*	0.21%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

Value	Value
United States	96.5%
Ireland	3.0%

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Barrett Growth Fund

TSR-SAR 063025-BGRWX

Semi-Annual Shareholder Report - June 30, 2025

Barrett Opportunity Fund (SAOPX)

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail	$48	0.99%

How did the Fund perform during the reporting period?

Fund Performance

For the first six months of 2025, the Fund returned -3.46% against a return of 6.20% for the Fund’s broad-based securities market index, the S&P 500^® Index.

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Microsoft Corp.	10.54	2.28
Bank of New York Mellon Corp. (The)	9.89	1.73
General Dynamics Corp.	11.83	1.55
Shell PLC	10.13	1.12
Automatic Data Processing, Inc.	5.67	0.29

Bottom 5
Alphabet, Inc.	8.87	-0.66
Murphy Oil Corp.	3.55	-1.08
Apple, Inc.	6.20	-1.33
Murphy USA, Inc.	7.82	-1.61
Jefferies Financial Group, Inc.	12.97	-5.11

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Barrett Opportunity	S&P 500^® Index
Jun-2015	$10,000	$10,000
Jun-2016	$10,691	$10,399
Jun-2017	$13,147	$12,260
Jun-2018	$14,235	$14,023
Jun-2019	$14,341	$15,483
Jun-2020	$13,728	$16,645
Jun-2021	$18,195	$23,436
Jun-2022	$18,438	$20,948
Jun-2023	$20,680	$25,053
Jun-2024	$25,783	$31,204
Jun-2025	$27,070	$35,936

Average Annual Total Returns

	1 Year	5 Years	10 Years
Barrett Opportunity	4.99%	14.54%	10.47%
S&P 500^® Index	15.16%	16.64%	13.65%

What did the Fund invest in?

Fund Statistics

Net Assets	$22,471,683
Number of Portfolio Holdings	19
Portfolio Turnover	2%
Total Advisory Fees Paid*	$33,906
Total Advisory Fees Paid %*	0.30%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

Value	Value
United States	89.3%
United Kingdom	9.6%

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Barrett Opportunity Fund

TSR-SAR 063025-SAOPX

Semi-Annual Shareholder Report - June 30, 2025

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

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

Fund Performance

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

Contributors to Return

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

Detractors from Return

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

Stock Performance

Top 5	Average Weight	Contribution To Return
Microsoft Corp.	7.19	1.31
JPMorgan Chase & Co.	4.56	1.02
Meta Platforms, Inc.	1.21	0.91
Visa, Inc.	6.83	0.68
Quanta Services, Inc.	3.16	0.52

Bottom 5
Zebra Technologies Corp.	1.32	-0.76
Chevron Corp.	0.56	-0.76
UnitedHealth Group, Inc.	2.87	-0.94
Apple, Inc.	5.96	-1.40
Marvell Technology, Inc.	3.34	-3.59

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	SBH Select Equity ETF - NAV	Russell 1000^® Index	Russell 3000^® Index
08/29/23	$10,000	$10,000	$10,000
06/30/24	$11,911	$12,230	$12,160
06/30/25	$12,886	$14,146	$14,021

Average Annual Total Returns

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 836-4265 or visit www.cisbh.com/funds/etfs for current month-end performance.

What did the Fund invest in?

Fund Statistics

Net Assets	$263,584,087
Number of Portfolio Holdings	20
Portfolio Turnover	72%
Total Advisory Fees Paid*	$650,177
Total Advisory Fees Paid %*	0.53%

* Net of expenses waived by investment adviser

Sector Weighting (% of net assets)

Value	Value
Information Technology	43.4%
Financials	25.7%
Communication Services	14.1%
Industrials	9.4%
Consumer Discretionary	5.3%

Top 10 Holdings (% of net assets)

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

Country Weighting (% of net assets)

Value	Value
United States	94.8%
Germany	3.1%

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

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.cisbh.com/funds/etfs), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Segall Bryant & Hamill Select Equity ETF

TSR-SAR 063025-USSE

Semi-Annual Shareholder Report - June 30, 2025

The Fund’s sector and industry classifications presented herein refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. For Fund compliance purposes, sector and industry classifications are based on the sector and industry categorization methodology of the Adviser to the Fund. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

Interests in the Funds are represented by separate classes of beneficial interest of the Trust, which is organized as a Massachusetts business trust. All of the Funds offer Retail Class and Institutional Class Shares except Barrett Growth Fund and Barrett Opportunity Fund. Barrett Growth Fund and Barrett Opportunity Fund each only have one class. All classes of shares have identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters solely affecting such class.

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

The Funds (other than Segall Bryant & Hamill Colorado Tax Free Fund and Barrett Opportunity Fund, which are non-diversified) are classified as diversified for the purposes of the Investment Company Act of 1940, as amended (the “1940 Act”).

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (“Topic 280”) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM, using the information presented in the financial statements and financial highlights.

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

New Accounting Pronouncement – In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is evaluating the impacts of these changes on the Funds’ financial statements.

Use of Estimates – The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities in the financial statements. The actual results could differ from those estimates.

Cash Equivalents – Each Fund subscribes to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight demand deposits with a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances reflected as interest income on the statement of operations. As of June 30, 2025, the interest rate was 3.68%, and the cash equivalents balances reflected on the Statements of Assets and Liabilities represent the amounts participating in the BBH CMS.

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

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

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

Forward foreign currency contracts have a fair value determined by an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing vendor. Foreign currency exchange rates and forward foreign currency exchange rates may generally be obtained at the close of the NYSE. As of June 30, 2025, the Funds did not hold any forward foreign currency contracts.

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

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

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

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

Securities Traded on Foreign Exchanges – All of the Funds, except the Segall Bryant & Hamill Colorado Tax Free Fund, may invest at least a portion of their assets in foreign securities. As of June 30, 2025, all Funds were primarily invested in securities traded on U.S. exchanges, except Segall Bryant & Hamill Emerging Markets Fund, Segall Bryant & Hamill International Small Cap Fund, Segall Bryant & Hamill International Equity Fund and Segall Bryant & Hamill Global All Cap Fund. In the event that a Fund executes a security transaction on a foreign exchange, the Fund will generally enter into a foreign currency contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks. The accounting records of the Funds are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.

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

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

As of and during the six months ended June 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2025, the Funds did not incur any interest or penalties.

When-Issued/Forward Commitment Securities – Each Fund may purchase or sell securities on a “when-issued” or “forward commitment” basis which involves a commitment by the Fund to purchase or sell particular securities with payment and delivery taking place at a future date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. In accordance with SEC guidance, each Fund segregates liquid assets in an amount sufficient to satisfy the purchase price. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of the Fund’s net asset value to the extent each Fund makes such purchases while remaining substantially fully invested. Settlements in the ordinary course of business, which may take substantially more than three business days for non-U.S. securities, are not treated by the Funds as “when-issued” or “forward commitment” transactions.

Common Expenses – Expenses of the Trust not attributable solely to one of the Funds are allocated among the Funds based on the relative net assets of each Fund or based on the nature of the expense and its relative applicability to each Fund.

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

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

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

In-Kind Redemptions – Net capital gains or losses resulting from in-kind redemptions are excluded from the Fund’s taxable gains and are not distributed to shareholders. A redemption-in-kind is the process of making a distribution to shareholders through assets and cash rather than cash alone. During the six months ended June 30, 2025 the redemptions for securities redeemed in-kind were as follows:

ReFlow transactions – Barrett Growth Fund and Barrett Opportunity Fund may participate in ReFlow, a program designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares and/or large cash distributions. In order to pay cash to shareholders who redeem their shares on a given day or for cash distributions, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the fund’s net redemptions and/or cash distributions on a given day. ReFlow then either redeems those shares when the fund experiences net sales or redeems the shares in the form of in-kind redemptions. In return for this service, the fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The costs to a Fund for participating in ReFlow are generally expected to be influenced by and comparable to the cost of other sources of liquidity, such as the Fund’s short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. ReFlow is prohibited from acquiring more than 2.95% of the total net assets of any Fund. During the six months ended June 30, 2025, the Barrett Growth Fund paid $1,864 for the service.

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

Country Risk – As of June 30, 2025, the Segall Bryant & Hamill Emerging Markets Fund invested a significant percentage of its assets in China; and the Segall Bryant & Hamill International Small Cap Fund and the Segall Bryant & Hamill International Equity Fund invested a significant percentage of their assets in Japan. Therefore, they may be more affected by economic developments and currency fluctuations in these countries.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds. As of June 30, 2025, the Segall Bryant & Hamill Emerging Markets Fund had investments in Russia and the Segall Bryant & Hamill International Equity Fund had one investment which is restricted due to partial ownership by Russian oligarchs. These investments are valued at zero.

On June 30, 2025, there was an unlimited number of no par value shares of beneficial interest authorized for each Fund. Transactions in shares of beneficial interest were as follows:

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

The tax character of the distributions paid during the periods ended June 30, 2025 and December 31, 2024 were as follows:

As of June 30, 2025 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 tax treatment of certain other investments.

As of December 31, 2024 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, 2024 the following amounts are available as carry forwards to offset net capital gains realized in future tax years:

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

As a result of several court cases in certain countries across the European Union (“EU”), some Funds may file European tax reclaims for previously withheld taxes on dividends earned in those countries. These additional filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the EU, as well as a number of related judicial proceedings. If any such reclaims are received, they are reflected as tax reclaims received in the Statements of Operations, and related receivables, if any, are reflected within foreign tax reclaims receivable in the Statements of Assets and Liabilities. If the associated cash is received, the Funds will follow, for tax purposes, IRS guidance in Notice 2016-10 and reduce the current year foreign taxes paid by the amount of the refund. When uncertainty exists as to the ultimate resolution of these proceedings and the likelihood of receipt of these EU reclaims, no amounts are reflected in the financial statements.

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

The Trust has entered into an advisory agreement with the Adviser for all Funds. The advisory agreement has been approved by the Trust’s Board of Trustees.

Pursuant to its advisory agreement with the Trust, the Adviser is entitled to investment advisory fees, based on the average net assets of each Fund, computed daily and payable monthly as shown in the table below.

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

The administrative fees are allocated to each Fund based upon the Fund’s relative proportion of the Trust’s net assets, subject to certain minimums, and are disclosed in the Statements of Operations. During the six months ended June 30, 2025, the Adviser and Ultimus received $118,918 and $382,140, respectively, for their services to the Funds.

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

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

The Adviser has agreed to voluntarily waive fees in certain classes as necessary so that waivers of common expenses are consistent between classes in the same Fund.

Ultimus, pursuant to a Transfer Agency Agreement, serves as Transfer Agent for each of the Funds. As Transfer Agent, Ultimus has, among other things, agreed to: (a) issue and redeem shares of the Funds; (b) make dividend and other distributions to shareholders of the Funds; (c) effect transfers of shares; (d) mail communications to shareholders of the Funds, including account statements, confirmations, and dividend

and distribution notices; (e) facilitate the electronic delivery of shareholder statements and reports and (f) maintain shareholder accounts. Under the Transfer Agency Agreement, Ultimus receives from the Trust an annual minimum fee per Fund, a fee based upon each shareholder account and is reimbursed for out-of-pocket expenses.

Certain officers of the Funds are also officers of the Adviser and Ultimus. All access persons of the Trust, as defined in the 1940 Act, and officers and employees of the Adviser, follow strict guidelines and policies on personal trading as outlined in the Trust’s and the Adviser’s respective Code of Ethics.

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

The Trust has a Trustee Deferred Compensation Plan (the “Deferral Plan”) which allows the Trustees to defer the receipt of all or a portion of Trustees fees. Under the Deferral Plan, Trustee fees are paid and invested directly into shares of the Funds elected by the Trustees in the Deferral Plan. There is no future liability related to the balance in the Deferral Plan as such amounts are paid directly out of the respective capital accounts of the elected Funds. The amount paid to the Trustees under the Deferral Plan will be determined based upon the performance of the elected funds. The balance in the Deferral Plan as of June 30, 2025 is $1,023,799.

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, 2025:

During the six months ended June 30, 2025, Segall Bryant & Hamill Emerging Markets Fund, Segall Bryant & Hamill International Small Cap Fund and Segall Bryant & Hamill International Equity Fund held common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0, $0 and $0, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.

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

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

For fair value measurements using significant other observable inputs (Level 2), the valuation designee utilizes an independent pricing service which utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information, and for structured securities also incorporate cash flow and, when available, loan performance data. The independent pricing service’s evaluated pricing models apply available market information through processes such as benchmark curves, benchmarking of similar securities, and sector groupings. For certain securities, the independent pricing service uses model processes, such as the Option Adjusted Spread (benchmark driven) model, to assess interest rate impact and develop prepayment scenarios. With respect to trades and bids, the independent pricing service reviews the lot size to determine whether the information is representative of an orderly trading market. If the independent pricing service determines that trade or bid information is not consistent with other information available, the trade or bid will not be reflected in the evaluated price.

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

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

Investment transactions for the six months ended June 30, 2025 excluding in-kind redemptions (See Note 2), long-term U.S. government securities and short-term investments were as follows:

From time to time, the Funds may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs the Funds will incur borrowing costs charged by the custodian. Borrowing costs for each Fund, if any, for the six months ended June 30, 2025 can be found on the Statements of Operations.

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 except as follows:

On August 12, 2025, MC Accelerate Co-Invest LP, an entity managed by Mubadala Capital Management UK LLP (“Mubadala Capital”), indirectly, via Accelerate Holdings Corp., acquired all the outstanding shares of CI Financial Corp. (“CI”), the parent company of the Adviser (the “Transaction”). CI will continue to operate with its current structure and management team and will be independent of Mubadala Capital’s other portfolio businesses. In addition, there are no plans to make any changes to the Funds resulting from the Transaction.

After the close of the fiscal period ended June 30, 2025, shareholders of the following Funds approved the new investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser, at the reconvened shareholder meetings indicated in the below table:

For a discussion of the approvals that occurred during the fiscal period ended June 30, 2025, see the information contained in the “Additional Information – Proxy Disclosures” section of this report.

There were no changes in and/or disagreements with accountants during the period covered by this report.

On May 30, 2025, Segall Bryant & Hamill Trust (the “Trust”) held a Special Meeting of shareholders of record as of April 7, 2025 (the “Shareholder Meeting”) of each series of the Trust (each a “Fund” and together, the “Funds”). The Shareholder Meeting was held for the purpose of approving a new investment advi\sory agreement by and between the Trust, on behalf of each Fund, and Segall Bryant & Hamill, LLC (the “Proposal”). The Meeting was adjourned until June 20, 2025 with respect to each Fund that had not reached quorum. The matter was voted on by the shareholders of record of each Fund that had reached quorum and the results of the vote are as follows:

The Shareholder Meeting was reconvened on June 20, 2025 at which time the Proposal was voted on by the shareholders of record of each remaining Fund as of the Record Date. The Shareholder Meeting was adjourned until July 11, 2025 with respect to each Fund that had not reached quorum. The matter was voted on by the shareholders of record of each Fund that had reached quorum and the results of the vote are as follows:

At its meeting on February 12-13, 2025 (the “Meeting”), the Board of Trustees of the Trust (the “Board”) evaluated, among other things, the proposed acquisition of CI Financial Corp. (“CI Financial”) the parent company of Segall Bryant & Hamill, LLC (“SBH”) by Accelerate Holdings, a company ultimately controlled by Mubadala Capital (the “Transaction”)(Mubadala and Accelerate Holdings collectively, the “Acquiror”), and discussed whether approving the new Investment Advisory Agreement between SBH and the Trust on behalf of each series of the Trust (each a “Fund” and collectively the “Funds”) (the “New Agreement”) would be in the best interests of that Fund’s shareholders. At the Meeting and throughout the consideration process, the Board, including a majority of the Independent Trustees, was advised by its independent legal counsel.

In their consideration of the New Agreement for each Fund, the Board of Trustees and its counsel reviewed materials furnished by SBH and communicated with senior representatives of SBH and CI Financial, the parent company of SBH, being taken private as part of the Transaction, regarding the personnel and operations of the Acquiror. The Board of Trustees also reviewed the material terms of the New Agreement and considered the possible effects of the Transaction and New Agreement on each Fund and its shareholders.

During the Meeting, representatives of SBH and CI Financial indicated their belief that the Transaction would not adversely affect the continued operation of any Fund and described the ability of SBH to provide the same level of advisory services to any Fund before and after the consummation of the Transaction. Those representatives indicated that they believed that the Transaction may provide certain benefits to one or more Funds but also indicated that there could be no assurance as to any particular benefits that may result.

In connection with the Board’s recommendation that shareholders of each Fund approve the New Agreement, the Board of Trustees considered, among others, the following factors, but without identifying any single factor as all-important or controlling:

It was noted that the 1940 Act requires that the Board review the Funds’ advisory contracts and consider whether to approve them and, as required, to recommend that shareholders approve them. It was also noted that SBH informed the Trustees via email on November 26, 2024, which was the day following the public announcement, that CI Financial had entered into a definitive agreement with Accelerate to take CI Financial private.

In anticipation of the Board’s Meeting, and as part of the process to consider the New Agreement with respect to each Fund, legal counsel to the Independent Trustees requested certain information from SBH. In response to these requests, the Independent Trustees received reports from SBH and CI Financial that addressed specific factors to be considered by the Board of Trustees. The Trustees took into consideration the materials provided in connection with its annual review of the Funds’ Current Agreement in the fourth quarter of 2024, as supplemented by additional information provided in connection with the Meeting. The Board also received from counsel a memorandum regarding the Board’s responsibilities pertaining to the approval of advisory contracts in general, as well as with respect to the New Agreement.

As part of its evaluation, the Trustees received and considered information from SBH regarding the general plans and intentions regarding each Fund. The Board also inquired about the plans for, and anticipated roles and responsibilities of, the employees and officers of SBH in connection with the Transaction, including the anticipated senior management structure following the closing date of the Transaction. The Independent Trustees met to consider SBH’s and CI Financial’s recommendations in favor of recommending shareholder approval of the New Agreement with respect to each Fund. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that, in each case, either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to approve the New Agreement. Based on its evaluation, the Board unanimously concluded that the terms of the New Agreement were reasonable and fair and that its approval was in the best interests of each Fund and its shareholders.

In approving SBH to continue serving as investment adviser to the Funds and the fees charged under the New Agreement, the Board concluded that no single factor reviewed by the Board was identified by the Board to be determinative as the principal factor in whether to approve the continuation of the New Agreement with respect to each Fund. The following summary does not identify all the matters considered by the Board but provides a summary of the principal matters the Board considered.

The Board received and considered information regarding the nature, extent and quality of services provided or to be provided to each Fund under the New Agreement. The Trustees reviewed, among other items, certain background materials supplied by SBH, including its Form ADV.

review, the Board noted that the Investment Review Committee reviews the performance of the Funds on a quarterly basis and the Board discussed with SBH the performance returns achieved over various time frames and the factors leading to that positive or negative, absolute and relative performance, as appropriate, including the approaches and techniques under consideration by SBH to seek to improve the performance of those underperforming Funds. The Board also reviewed accompanying compliance-related materials with respect to the Trust, and not a particular Fund, and noted that they received reports on these services and compliance issues from Trust officers and SBH periodically throughout the year. Taking into account the totality of the information considered, the Board concluded that the nature, extent, and quality of services to be rendered by SBH under the New Agreement were adequate.

The Board considered certain information provided regarding the gross investment advisory fee rate paid or to be paid by each Fund, including comparisons against the fee rates of funds in peer groups selected by an independent provider of investment company data. The Board noted that the gross investment advisory fee rate to be paid to SBH by each Fund under the New Agreement was lower than or within an acceptable range of its peer group median.

The Board noted the following information regarding each class of each Fund’s gross advisory fee quartile ranking relative to its peer group, where the first quartile includes the funds with the lowest advisory fees in the applicable peer group:

The Board considered certain information provided regarding the total net expense ratio of each Fund, including comparisons against the net expense ratios of funds in peer groups selected by an independent provider of investment company data. The Board noted that the total net expense ratio for each Fund was lower than or near its peer group median, with the exception of the Emerging Markets Fund, which, as compared to its peer group, was in the fourth quartile for the institutional class and third quartile for the retail class, and the institutional class of the International Equity Fund, which was in the fourth quartile of its peer group.

The Board noted the following information regarding each class of each Fund’s total net expense ratio quartile ranking relative to its peer group, where the first quartile includes the funds with the lowest total net expense ratios in the applicable peer group:

The Board reviewed performance information provided in connection with the Board’s September 30 and October 1, 2024, meeting (the “October Meeting”) for each Fund for the one-, three-, five- and ten-year (as applicable), and since inception periods ended June 30, 2024. The review included a comparison of each Fund’s performance to the performance of a group of comparable funds selected by an independent provider of research data. The Board also considered each of SBH’s performance and reputation generally and its investment techniques, risk management controls and decision-making processes.

The Board noted the following information regarding each class of each Fund’s average annual performance quartile ranking relative to its peer group for each applicable period, where the first quartile includes the Funds with the highest performance returns in the applicable peer group:

The Board received and considered certain information provided by SBH regarding fees charged and types of services provided to certain of its other clients utilizing strategies similar to those employed for the Funds. In particular, the Board received information regarding the typical fee rates and associated breakpoints used by SBH for its strategies.

The Board also noted the limitations of these comparisons given the differences in terms of strategy and processes but determined that, based on the information presented, the comparable account fee rates were not indicative of any unreasonableness with respect to the advisory fee rates to be paid by the Funds in question.

The Board received a detailed actual and projected profitability analysis with respect to the Funds prepared by SBH based on the fees payable under the New Agreement. The Board was also provided with CI Financial’s audited financial information. The Board also considered SBH’s statements regarding its commitment to the Funds. The Board determined that SBH’s profitability and projected profitability in connection with its management of the Funds is not unreasonable.

The Board considered whether economies of scale in the provision of services to each Fund are being or will be passed along to the shareholders. The Board noted SBH’s statements indicating that it has experienced economies of scale in connection with its management of the Funds in light of the expense limitation agreements in effect for certain of the Funds. To the extent available, the Board concluded that the Funds could be expected to share in economies of scale realized by SBH if Fund assets were to increase and potential methods for sharing those economies of scale.

The Board also reviewed and considered any other benefits derived or to be derived by SBH from its relationship with each Fund, including soft dollar arrangements and publicity related to the Funds.

Taking into account the information considered by the Board at its meetings, the Trustees, including all of the Independent Trustees, concluded that:

Based on its evaluation of the aforementioned considerations and taking into account the Transaction-specific factors enumerated above, the Board of Trustees unanimously voted to approve the New Agreement for each Fund, and to recommend to the shareholders of each Fund that they approve the New Agreement.

In approving the Interim Advisory Agreement between the Trust, on behalf of each Fund, and SBH (the “Interim Agreement”), which will become effective immediately upon the closing of the Transaction pending shareholder approval of the New Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Funds:

Compensation: The compensation to be received under the Interim Agreement is the same compensation as is being received under the Current Agreement; and

Scope and Quality of the Services: The scope and quality of services under the Interim Agreement are the same as those under the Current Agreement.

After further discussion and based upon all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Board unanimously determined that entering into the Interim Agreement was in the best interests of the applicable Fund and its shareholders.

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.

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.

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

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

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (“Topic 280”) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM using the information presented in the financial statements and financial highlights.

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, 2025, the interest rate was 3.68%, and the cash equivalents balance reflected on the Statement of Assets and Liabilities represents the amount participating in the BBH CMS.

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

The Adviser is the Fund’s valuation designee responsible for carrying out pricing and valuation duties in accordance with the Adviser’s Valuation Procedures pursuant to Rule 2a-5 under 1940 Act.

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

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

As of and during the six months ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended June 30, 2025, the Fund did not incur any interest or penalties.

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

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

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

On June 30, 2025 there was an unlimited number of no par value shares of beneficial interest authorized for the Fund. Transactions in shares of beneficial interest were as follows:

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

The tax character of the distributions paid during the periods ended June 30, 2025 and December 31, 2024 is as follows:

As of June 30, 2025, 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, 2024 the components of distributable earnings on a tax basis was as follows:

Under current law, capital losses maintain character as short-term or long-term and are carried forward to the next tax year without expiration. As of December 31, 2024, the following amounts are available as carry forwards to offset net capital gains realized in the current and future tax years:

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

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

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

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

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

The administrative fees are allocated to the Fund based upon the Fund’s relative proportion of the Trust’s net assets, subject to certain minimums, and are disclosed in the Statement of Operations. During the six months ended June 30, 2025, the Adviser and Ultimus received $12,331 and $52,135, respectively, for their services to the Fund.

Until at least April 30, 2026, the Adviser has contractually agreed to waive the management and/or administration fees and/or to reimburse other expenses (not including acquired fund fees and expenses, taxes, brokerage expenses, class action reclaim fees, tax reclaim fees and extraordinary expenses), so that the ratio of expense to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.65%. These amounts are not subject to recapture in future periods. During the six months ended June 30, 2025, the Adviser waived $28,017 of its management fees.

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

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

The Trust has a Trustee Deferred Compensation Plan (the “Deferral Plan”) which allows the Trustees to defer the receipt of all or a portion of Trustees fees. Under the Deferral Plan, Trustee fees are paid and invested directly into shares of funds that are series of the Trust that are elected by the Trustees in the Deferral Plan. There is no future liability related to the balance in the Deferral Plan as such amounts are paid directly out of the respective capital accounts of the elected funds. The amount paid to the Trustees under the Deferral Plan will be determined based upon the performance of the elected funds. The balance in the Deferral Plan for the Trust as a whole as of June 30, 2025 is $1,023,799.

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

The Fund charges APs standard creation and redemption transaction fees (“Transaction Fees”) to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation transaction fee is charged to the AP on the day such AP creates a Creation Unit and is the same regardless of the number of Creation Units purchased by the AP on the applicable business day. Similarly, the standard redemption transaction fee is charged to the AP on the day such AP redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the AP on the applicable business day.

Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs). For the six months ended June 30, 2025, the Fund received $8,000 in transaction fees.

The following is a summary of the Fund’s investments and other financial instruments (if any) and the inputs used to value the investments and other financial instruments as of June 30, 2025:

The fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended June 30, 2025.

During the six months ended June 30, 2025 cost of purchases and proceeds from sales of investment securities, other than in-kind transactions and short-term investments, were $177,504,201 and $177,189,827, respectively. Purchases and sales of in-kind transactions for the six months ended June 30, 2025 were $23,358,719 and $13,455,769, respectively. There were realized gains of $3,493,872 from in-kind transactions during the six months ended June 30, 2025.

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 except as follows:

There were no changes in and/or disagreements with accountants during the period covered by this report.

At its meeting on February 12-13, 2025 (the “Meeting”), the Board of Trustees of the Trust (the “Board”) evaluated, among other things, the proposed acquisition of CI Financial Corp. (“CI Financial”) the parent company of Segall Bryant & Hamill, LLC (“SBH”) by Accelerate Holdings, a company ultimately controlled by Mubadala Capital (the “Transaction”)(Mubadala and Accelerate Holdings collectively, the “Acquiror”), and discussed whether approving the new Investment Advisory Agreement between SBH and the Trust on behalf of Segall Bryant & Hamill Select Equity ETF (the “Fund”) (the “New Agreement”) would be in the best interests of the Fund’s shareholders. At the Meeting and throughout the consideration process, the Board, including a majority of the Independent Trustees, was advised by its independent legal counsel.

In their consideration of the New Agreement for the Fund, the Board of Trustees and its counsel reviewed materials furnished by SBH and communicated with senior representatives of SBH and CI Financial, the parent company of SBH, being taken private as part of the Transaction, regarding the personnel and operations of the Acquiror. The Board of Trustees also reviewed the material terms of the New Agreement and considered the possible effects of the Transaction and New Agreement on the Fund and its shareholders.

During the Meeting, representatives of SBH and CI Financial indicated their belief that the Transaction would not adversely affect the continued operation of the Fund and described the ability of SBH to provide the same level of advisory services to the Fund before and after the consummation of the Transaction. Those representatives indicated that they believed that the Transaction may provide certain benefits to the Fund but also indicated that there could be no assurance as to any particular benefits that may result.

In connection with the Board’s recommendation that shareholders of the Fund approve the New Agreement, the Board of Trustees considered, among others, the following factors, but without identifying any single factor as all-important or controlling:

It was noted that the 1940 Act requires that the Board review the Fund’s advisory contract and consider whether to approve it and, as required, to recommend that shareholders approve it. It was also noted that SBH informed the Trustees via email on November 26, 2024, which was the day following the public announcement, that CI Financial had entered into a definitive agreement with Accelerate to take CI Financial private.

In anticipation of the Board’s Meeting, and as part of the process to consider the New Agreement with respect to the Fund, legal counsel to the Independent Trustees requested certain information from SBH. In response to these requests, the Independent Trustees received reports from SBH and CI Financial that addressed specific factors to be considered by the Board of Trustees. The Trustees took into consideration the materials provided in connection with its annual review of the Fund’s Current Agreement in the fourth quarter of 2024, as supplemented by additional information provided in connection with the Meeting. The Board also received from counsel a memorandum regarding the Board’s responsibilities pertaining to the approval of advisory contracts in general, as well as with respect to the New Agreement.

As part of its evaluation, the Trustees received and considered information from SBH regarding the general plans and intentions regarding the Fund. The Board also inquired about the plans for, and anticipated roles and responsibilities of, the employees and officers of SBH in connection with the Transaction, including the anticipated senior management structure following the closing date of the Transaction. The Independent Trustees met to consider SBH’s and CI Financial’s recommendations in favor of recommending shareholder approval of the New Agreement with respect to the Fund. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that, in each case, either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to approve the New Agreement. Based on its evaluation, the Board unanimously concluded that the terms of the New Agreement were reasonable and fair and that its approval was in the best interests of the Fund and its shareholders.

In approving SBH to continue serving as investment adviser to the Fund and the fees charged under the New Agreement, the Board concluded that no single factor reviewed by the Board was identified by the Board to be determinative as the principal factor in whether to approve the continuation of the New Agreement with respect to the Fund. The following summary does not identify all the matters considered by the Board but provides a summary of the principal matters the Board considered.

The Board received and considered information regarding the nature, extent and quality of services provided or to be provided to the Fund under the New Agreement. The Trustees reviewed, among other items, certain background materials supplied by SBH, including its Form ADV.

The Board reviewed and considered SBH’s investment advisory personnel, its history as an asset manager, its performance and the amount of assets currently under management by SBH, and reviewed the qualifications, backgrounds and responsibilities of the management team to be primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments. The Board also reviewed the research and decision-making processes utilized by SBH, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Fund. As part of that review, the Board noted that the Investment Review Committee reviews the performance of the Fund on a quarterly basis and the Board discussed with SBH the performance returns achieved over various time frames and the factors leading to that positive or negative, absolute and relative performance, as appropriate. The Board also reviewed accompanying compliance-related materials with respect to the Trust, and not a particular series of the Trust, and noted that they received reports on these services and compliance issues from Trust officers and SBH periodically throughout the year. Taking into account the totality of the information considered, the Board concluded that the nature, extent, and quality of services to be rendered by SBH under the New Agreement were adequate.

The Board considered certain information provided regarding the gross investment advisory fee rate paid or to be paid by the Fund, including comparisons against the fee rates of funds in peer groups selected by an independent provider of investment company data. The Board noted that the gross investment advisory fee rate to be paid to SBH by the Fund under the New Agreement was within an acceptable range of its peer group median.

The Board noted the following information regarding the Fund’s gross advisory fee quartile ranking relative to its peer group, where the first quartile includes the funds with the lowest advisory fees in the applicable peer group:

The Board considered certain information provided regarding the total net expense ratio of the Fund, including comparisons against the net expense ratios of funds in peer groups selected by an independent provider of investment company data. The Board noted that the total net expense ratio for the Fund was near its peer group median.

The Board noted the following information regarding the Fund’s total net expense ratio quartile ranking relative to its peer group, where the first quartile includes the funds with the lowest total net expense ratios in the applicable peer group:

The Board considered each of SBH’s performance and reputation generally and its investment techniques, risk management controls and decision-making processes. The Board noted that as a result of the Fund not yet having a full year of performance as of June 30, 2024, the performance information in the report from the independent data provider included SBH’s composite performance for the associated strategy of the Fund over the one-, three-, five-, and ten-year periods and the period since the inception of the strategy utilized by SBH.

The Board received and considered certain information provided by SBH regarding fees charged and types of services provided to certain of its other clients utilizing strategies similar to those employed for the Fund. In particular, the Board received information regarding the typical fee rates and associated breakpoints used by SBH for its strategies.

The Board received a detailed actual and projected profitability analysis with respect to the Fund prepared by SBH based on the fees payable under the New Agreement. The Board was also provided with CI Financial’s audited financial information. The Board also considered SBH’s statements regarding its commitment to the Fund. The Board determined that SBH’s profitability and projected profitability in connection with its management of the Fund is not unreasonable.

The Board considered whether economies of scale in the provision of services to the Fund are being or will be passed along to the shareholders. The Board noted SBH’s statements indicating that it has experienced economies of scale in connection with its management of the Fund in light of the expense limitation agreements in effect for the Fund. To the extent available, the Board concluded that the Fund could be expected to share in economies of scale realized by SBH if Fund assets were to increase and potential methods for sharing those economies of scale.

The Board also reviewed and considered any other benefits derived or to be derived by SBH from its relationship with the Fund, including soft dollar arrangements and publicity related to the Fund.

Taking into account the information considered by the Board at its meetings, the Trustees, including all of the Independent Trustees, concluded that:

Based on its evaluation of the aforementioned considerations and taking into account the Transaction-specific factors enumerated above, the Board of Trustees unanimously voted to approve the New Agreement for the Fund, and to recommend to the shareholders of the Fund that they approve the New Agreement.

In approving the Interim Advisory Agreement between the Trust, on behalf of the Fund, and SBH (the “Interim Agreement”), which will become effective immediately upon the closing of the Transaction pending shareholder approval of the New Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Fund:

Compensation: The compensation to be received under the Interim Agreement is the same compensation as is being received under the Current Agreement; and

Scope and Quality of the Services: The scope and quality of services under the Interim Agreement are the same as those under the Current Agreement.

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.

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, 2025

FINANCIAL STATEMENTS
Statements of Investments		1
Statements of Assets and Liabilities		52
Statements of Operations		56
Statements of Changes in Net Assets		60
Financial Highlights		66
Notes to Financial Statements		94
ADDITIONAL INFORMATION		110

Segall Bryant & Hamill Small Cap Value Fund	Statement of Investments
	June 30, 2025 (Unaudited)

	Shares		Value
COMMON STOCKS — 98.6%
Consumer Discretionary — 9.9%
Automobiles & Components — 2.6%
Gentherm, Inc. ^(a)		101,834	$	2,880,884
Goodyear Tire & Rubber Co. (The) ^(a)		729,506		7,564,977
				10,445,861
Consumer Discretionary Distribution & Retail — 1.8%
Advance Auto Parts, Inc.		153,874		7,153,602

Consumer Durables & Apparel — 3.5%
Capri Holdings, Ltd. ^(a)		245,465		4,344,731
Steven Madden, Ltd.		67,783		1,625,436
VF Corp.		669,060		7,861,455
				13,831,622
Consumer Services — 2.0%
Papa John’s International, Inc.		161,054		7,881,983

Consumer Staples — 0.4%
Household & Personal Products — 0.4%
Coty, Inc. - Class A ^(a)		383,600		1,783,740

Energy — 3.8%
Energy — 3.8%
Crescent Energy Co. - Class A		595,565		5,121,859
Helmerich & Payne, Inc.		146,880		2,226,701
Murphy Oil Corp.		236,803		5,328,067
Valaris, Ltd. ^(a)		52,005		2,189,931
				14,866,558
Financials — 20.4%
Banks — 19.1%
Ameris Bancorp		82,547		5,340,791
Cadence Bank		215,986		6,907,232
Columbia Banking System, Inc.		283,949		6,638,728
Community Bank System, Inc.		97,692		5,555,744
Glacier Bancorp, Inc.		123,242		5,309,265
Hancock Whitney Corp.		97,524		5,597,878
National Bank Holdings Corp. - Class A		172,513		6,488,214
Pacific Premier Bancorp, Inc.		120,623		2,543,939
Peoples BanCorp, Inc. ^(a)		38,310		1,169,987
Seacoast Banking Corp. of Florida		232,099		6,410,574
SouthState Corp.		64,760		5,959,863
Texas Capital Bancshares, Inc. ^(a)		92,677		7,358,554
United Community Banks, Inc.		132,205		3,938,387
WesBanco, Inc.		203,264		6,429,240
				75,648,396
Financial Services — 1.3%
DigitalBridge Group, Inc. - Class A		495,594		5,129,398

Health Care — 10.2%
Health Care Equipment & Services — 8.2%
Adapthealth Corp. ^(a)		931,262		8,781,801
AngioDynamics, Inc. ^(a)		322,747		3,201,650
ICU Medical, Inc. ^(a)		59,520		7,865,568
NeoGenomics, Inc. ^(a)		434,839		3,178,673
Pediatrix Medical Group, Inc. ^(a)		126,134		1,810,023

	Shares		Value
Health Care Equipment & Services (Continued)
QuidelOrtho Corp. ^(a)		263,971	$	7,607,644
				32,445,359
Pharmaceuticals, Biotechnology & Life Sciences — 2.0%
BioCryst Pharmaceuticals, Inc. ^(a)		249,863		2,238,772
Galapagos N.V. ADR (Belgium) ^(a)		113,522		3,177,481
Geron Corp. ^(a)		1,661,763		2,343,086
				7,759,339
Industrials — 19.4%
Capital Goods — 18.2%
AAR Corp. ^(a)		52,326		3,599,505
Apogee Enterprises, Inc.		138,968		5,642,101
AZZ, Inc.		112,197		10,600,373
Columbus McKinnon Corp.		131,241		2,004,050
Enerpac Tool Group Corp. - Class A		45,040		1,826,822
EnerSys		78,109		6,699,409
Mercury Systems, Inc. ^(a)		221,666		11,938,931
Quanex Building Products Corp.		240,444		4,544,392
REV Group, Inc.		249,772		11,886,649
Valmont Industries, Inc.		40,666		13,280,296
				72,022,528
Transportation — 1.2%
ArcBest Corp.		38,636		2,975,358
Hub Group, Inc. - Class A		48,688		1,627,640
				4,602,998
Information Technology — 15.1%
Semiconductors & Semiconductor Equipment — 6.8%
Allegro MicroSystems, Inc. ^(a)		217,115		7,423,162
Ambarella, Inc. (Cayman Islands) ^(a)		68,227		4,507,417
Ichor Holdings, Ltd. (Cayman Islands) ^(a)		89,863		1,764,909
Rambus, Inc. ^(a)		48,812		3,124,944
Synaptics, Inc. ^(a)		97,613		6,327,275
Universal Display Corp.		23,735		3,666,108
				26,813,815
Software & Services — 2.5%
Five9, Inc. ^(a)		73,238		1,939,342
Progress Software Corp.		125,534		8,014,091
				9,953,433
Technology Hardware & Equipment — 5.8%
Belden, Inc.		76,149		8,818,054
Littelfuse, Inc.		30,204		6,848,153
nLight, Inc. ^(a)		124,144		2,443,154
Viavi Solutions, Inc. ^(a)		399,071		4,018,645
Vishay Precision Group, Inc. ^(a)		37,623		1,057,206
				23,185,212
Materials — 12.4%
Materials — 12.4%
Alamos Gold, Inc. - Class A (Canada)		292,399		7,766,117
Element Solutions, Inc.		225,564		5,109,025
Ingevity Corp. ^(a)		220,708		9,510,308
MP Materials Corp. ^(a)		202,701		6,743,862
O-I Glass, Inc. ^(a)		583,299		8,597,827
Sensient Technologies Corp.		62,579		6,165,283
Silgan Holdings, Inc.		99,399		5,385,438
				49,277,860

See Notes to Financial Statements.
Financial Statements \| June 30, 2025 \|		1

	Shares		Value
Real Estate — 3.4%
Equity Real Estate Investment Trusts (REITs) — 3.4%
CareTrust REIT, Inc.		123,662	$	3,784,057
Empire State Realty Trust, Inc. - Class A		201,801		1,632,570
STAG Industrial, Inc.		133,833		4,855,461
Terreno Realty Corp.		54,850		3,075,440
				13,347,528
Utilities — 3.6%
Utilities — 3.6%
New Jersey Resources Corp.		72,847		3,265,003
OGE Energy Corp.		104,617		4,642,902
TXNM Energy, Inc.		111,284		6,267,515
				14,175,420
Investments at Value — 98.6%
(Cost $337,089,977)			$	390,324,652

Other Assets in Excess of Liabilities — 1.4%				5,354,488

Net Assets — 100.0%			$	395,679,140

	Shares		Value
COMMON STOCKS — 97.4%
Consumer Discretionary — 8.9%
Automobiles & Components — 1.7%
Modine Manufacturing Co. ^(a)		42,834	$	4,219,149

Consumer Discretionary Distribution & Retail — 2.0%
Boot Barn Holdings, Inc. ^(a)		32,135		4,884,520

Consumer Durables & Apparel — 1.3%
Installed Building Products, Inc.		18,444		3,325,822

Consumer Services — 3.3%
Bright Horizons Family Solutions, Inc. ^(a)		23,995		2,965,542
Churchill Downs, Inc.		20,426		2,063,026
Kura Sushi USA, Inc. - Class A ^(a)		25,484		2,193,663
Sweetgreen, Inc. - Class A ^(a)		73,499		1,093,665
				8,315,896
Retailing — 0.6%
Revolve Group, Inc. ^(a)		79,944		1,602,877

Consumer Staples — 4.6%
Consumer Staples Distribution & Retail — 0.9%
Sprouts Farmers Market, Inc. ^(a)		12,919		2,126,984

Food, Beverage & Tobacco — 2.8%
Freshpet, Inc. ^(a)		20,862		1,417,781
Vita Coco Co., Inc. (The) ^(a)		66,788		2,411,047
Vital Farms, Inc. ^(a)		84,753		3,264,686
				7,093,514
Household & Personal Products — 0.9%
BellRing Brands, Inc. ^(a)		38,420		2,225,671

Energy — 4.8%
Energy — 4.8%
Matador Resources Co.		61,469		2,933,301
Range Resources Corp.		104,602		4,254,163
TechnipFMC PLC (United Kingdom)		140,482		4,838,200
				12,025,664
Financials — 10.6%
Banks — 1.8%
Bancorp, Inc. (The) ^(a)		76,650		4,366,751

Financial Services — 4.8%
Hamilton Lane, Inc. - Class A		28,808		4,094,193
Houlihan Lokey, Inc.		22,566		4,060,752
StepStone Group, Inc. - Class A		69,309		3,846,649
				12,001,594
Insurance — 4.0%
Goosehead Insurance, Inc. - Class A		25,884		2,731,021
Kinsale Capital Group, Inc.		4,809		2,327,075
Skyward Specialty Insurance Group, Inc. ^(a)		87,179		5,038,074
				10,096,170

	Shares		Value
Health Care — 18.4%
Health Care Equipment & Services — 10.0%
Ensign Group, Inc. (The)		30,387	$	4,687,499
Glaukos Corp. ^(a)		33,589		3,469,408
Globus Medical, Inc. - Class A ^(a)		33,390		1,970,678
Guardant Health, Inc. ^(a)		53,563		2,787,418
HealthEquity, Inc. ^(a)		45,959		4,814,665
Option Care Health, Inc. ^(a)		92,430		3,002,126
PROCEPT BioRobotics Corp. ^(a)		56,041		3,227,961
Surgery Partners, Inc. ^(a)		48,612		1,080,645
				25,040,400
Health Care Equipment & Supplies — 2.0%
RadNet, Inc. ^(a)		87,951		5,005,292

Pharmaceuticals, Biotechnology & Life Sciences — 6.4%
Alkermes PLC (Ireland) ^(a)		120,943		3,460,179
Crinetics Pharmaceuticals, Inc. ^(a)		48,724		1,401,302
Cytokinetics, Inc. ^(a)		22,942		758,004
Denali Therapeutics, Inc. ^(a)		138,802		1,941,840
Insmed, Inc. ^(a)		33,036		3,324,743
Krystal Biotech, Inc. ^(a)		12,485		1,716,188
Protagonist Therapeutics, Inc. ^(a)		33,270		1,838,833
Vaxcyte, Inc. ^(a)		49,553		1,610,968
				16,052,057
Industrials — 23.4%
Capital Goods — 14.1%
Construction Partners, Inc. - Class A ^(a)		56,566		6,011,835
CSW Industrials, Inc.		6,865		1,969,088
Everus Construction Group, Inc. ^(a)		58,599		3,722,794
FTAI Aviation, Ltd. (Bermuda)		23,032		2,649,601
John Bean Technologies Corp.		28,894		3,474,792
Limbach Holdings, Inc. ^(a)		27,838		3,900,104
Loar Holdings, Inc. ^(a)		21,424		1,846,106
McGrath RentCorp		19,772		2,292,761
Simpson Manufacturing Co., Inc.		15,131		2,349,996
SiteOne Landscape Supply, Inc. ^(a)		27,161		3,284,851
Sterling Infrastructure, Inc. ^(a)		16,823		3,881,571
				35,383,499
Commercial & Professional Services — 8.3%
Casella Waste Systems, Inc. - Class A ^(a)		42,601		4,915,303
CBIZ, Inc. ^(a)		55,620		3,988,510
CECO Environmental Corp. ^(a)		70,358		1,991,835
Parsons Corp. ^(a)		27,960		2,006,689
Tetra Tech, Inc.		58,962		2,120,274
VSE Corp.		44,776		5,864,761
				20,887,372
Transportation — 1.0%
Saia, Inc. ^(a)		8,705		2,385,083

	Shares		Value
Information Technology — 20.3%
Semiconductors & Semiconductor Equipment — 5.7%
Credo Technology Group Holding, Ltd. (Cayman Islands) ^(a)		29,903	$	2,768,719
MACOM Technology Solutions Holdings, Inc. ^(a)		33,192		4,756,082
Onto Innovation, Inc. ^(a)		13,157		1,327,936
PDF Solutions, Inc. ^(a)		54,639		1,168,182
SiTime Corp. ^(a)		14,351		3,057,911
Veeco Instruments, Inc. ^(a)		62,429		1,268,557
				14,347,387
Software & Services — 9.3%
Alkami Technology, Inc. ^(a)		71,289		2,148,650
Box, Inc. - Class A ^(a)		141,334		4,829,383
Clearwater Analytics Holdings, Inc. - Class A ^(a)		105,533		2,314,339
Descartes Systems Group, Inc. (The) (Canada) ^(a)		41,089		4,176,491
Globant S.A. (Luxembourg) ^(a)		8,053		731,535
JFrog, Ltd. ^(a)		95,858		4,206,249
Procore Technologies, Inc. ^(a)		51,357		3,513,846
Sprout Social, Inc. - Class A ^(a)		65,141		1,362,098
				23,282,591
Technology Hardware & Equipment — 5.3%
Itron, Inc. ^(a)		22,848		3,007,482
Mirion Technologies, Inc. ^(a)		301,781		6,497,345
Novanta, Inc. (Canada) ^(a)		28,067		3,618,678
				13,123,505

	Shares		Value
Materials — 5.1%
Materials — 5.1%
Hawkins, Inc.		31,227	$	4,437,357
Innospec, Inc.		32,576		2,739,316
Knife River Corp. ^(a)		40,755		3,327,238
Materion Corp.		27,413		2,175,770
				12,679,681
Equity Real Estate Investment Trusts (REITs) — 1.3%
Terreno Realty Corp.		59,012		3,308,803

Investments at Value — 97.4%
(Cost $207,253,058)			$	243,780,282

Other Assets in Excess of Liabilities — 2.6%				6,540,836

Net Assets — 100.0%			$	250,321,118

	Shares		Value
COMMON STOCKS — 93.3%
Consumer Discretionary — 8.0%
Automobiles & Components — 2.5%
Fox Factory Holding Corp. ^(a)		11,791	$	305,859
Gentex Corp.		34,158		751,134
Gentherm, Inc. ^(a)		21,009		594,345
Modine Manufacturing Co. ^(a)		6,621		652,168
				2,303,506
Consumer Discretionary Distribution & Retail — 0.8%
Bath & Body Works, Inc.		24,110		722,336

Consumer Durables & Apparel — 2.1%
Gildan Activewear, Inc. (Canada)		27,533		1,355,725
Steven Madden, Ltd.		23,768		569,956
				1,925,681
Consumer Services — 2.6%
Churchill Downs, Inc.		9,918		1,001,718
Texas Roadhouse, Inc.		7,836		1,468,545
				2,470,263
Consumer Staples — 2.1%
Consumer Staples Distribution & Retail — 1.5%
Casey’s General Stores, Inc.		2,762		1,409,366

Household & Personal Products — 0.6%
Inter Parfums, Inc.		3,720		488,473

Energy — 2.5%
Energy — 2.5%
Chord Energy Corp.		6,819		660,420
Civitas Resources, Inc.		9,833		270,604
Matador Resources Co.		29,593		1,412,178
				2,343,202
Financials — 9.3%
Banks — 9.3%
Ameris Bancorp		19,652		1,271,485
Cadence Bank		37,482		1,198,674
Glacier Bancorp, Inc.		27,740		1,195,039
Seacoast Banking Corp. of Florida		42,907		1,185,091
SouthState Corp.		18,487		1,701,359
United Bankshares, Inc.		30,627		1,115,742
United Community Banks, Inc.		34,005		1,013,009
				8,680,399
Health Care — 16.2%
Health Care Equipment & Services — 9.8%
Chemed Corp.		2,074		1,009,893
Encompass Health Corp.		10,292		1,262,108
Ensign Group, Inc. (The)		12,136		1,872,099
Globus Medical, Inc. - Class A ^(a)		20,520		1,211,090
Insulet Corp. ^(a)		4,876		1,531,942
iRhythm Technologies, Inc. ^(a)		8,254		1,270,786
LeMaitre Vascular, Inc.		11,205		930,575
				9,088,493

	Shares		Value
Software & Services (Continued)
Descartes Systems Group, Inc. (The) (Canada) ^(a)		11,794	$	1,198,801
Five9, Inc. ^(a)		15,163		401,516
Globant S.A. (Luxembourg) ^(a)		2,726		247,630
Procore Technologies, Inc. ^(a)		9,540		652,727
Q2 Holdings, Inc. ^(a)		12,757		1,193,928
				7,102,599
Technology Hardware & Equipment — 4.0%
Advanced Energy Industries, Inc.		10,400		1,378,000
Badger Meter, Inc.		1,853		453,892
Crane NXT Co.		16,418		884,930
Littelfuse, Inc.		4,368		990,357
				3,707,179
Materials — 8.7%
Materials — 8.7%
AptarGroup, Inc.		9,738		1,523,315
Eagle Materials, Inc.		5,033		1,017,220
Element Solutions, Inc.		74,978		1,698,252
Graphic Packaging Holding Co.		15,428		325,068
Ingevity Corp. ^(a)		21,163		911,914
Materion Corp.		10,971		870,768
Silgan Holdings, Inc.		32,597		1,766,105
				8,112,642
Real Estate — 2.2%
Equity Real Estate Investment Trusts (REITs) — 2.2%
First Industrial Realty Trust, Inc.		19,675		946,958
STAG Industrial, Inc.		30,335		1,100,554
				2,047,512
Investments at Value — 93.3%
(Cost $70,713,756)			$	86,729,574

Other Assets in Excess of Liabilities — 6.7%				6,185,796

Net Assets — 100.0%			$	92,915,370

	Shares		Value
COMMON STOCKS — 98.4%
Communication Services — 6.4%
Media & Entertainment — 6.4%
Alphabet, Inc. - Class C		17,500	$	3,104,325
Meta Platforms, Inc. - Class A		3,917		2,891,099
				5,995,424
Consumer Discretionary — 12.5%
Consumer Discretionary Distribution & Retail — 7.7%
Amazon.com, Inc. ^(a)		13,489		2,959,352
Home Depot, Inc. (The)		2,699		989,561
O’Reilly Automotive, Inc. ^(a)		18,210		1,641,267
TJX Cos., Inc. (The)		13,485		1,665,263
				7,255,443
Consumer Durables & Apparel — 1.1%
Deckers Outdoor Corp. ^(a)		10,214		1,052,757

Consumer Services — 3.7%
Chipotle Mexican Grill, Inc. ^(a)		24,890		1,397,574
InterContinental Hotels Group PLC ADR (United Kingdom)		9,745		1,123,988
Starbucks Corp.		9,781		896,233
				3,417,795
Consumer Staples — 3.8%
Food, Beverage & Tobacco — 1.3%
Mondelez International, Inc. - Class A		18,514		1,248,584

Household & Personal Products — 2.5%
BellRing Brands, Inc. ^(a)		18,437		1,068,056
Church & Dwight Co., Inc.		13,092		1,258,272
				2,326,328
Energy — 3.2%
Energy — 3.2%
Chevron Corp.		10,400		1,489,176
Suncor Energy, Inc. (Canada)		40,913		1,532,192
				3,021,368
Financials — 16.2%
Banks — 3.5%
JPMorgan Chase & Co.		11,176		3,240,034

Financial Services — 7.7%
Ares Management Corp. - Class A		10,153		1,758,500
Berkshire Hathaway, Inc. - Class B ^(a)		2,668		1,296,034
Nasdaq, Inc.		12,658		1,131,878
Visa, Inc. - Class A		8,466		3,005,853
				7,192,265
Insurance — 5.0%
Globe Life, Inc.		19,153		2,380,527
Reinsurance Group of America, Inc.		11,787		2,338,069
				4,718,596
Health Care — 11.2%
Health Care Equipment & Services — 5.1%
IDEXX Laboratories, Inc. ^(a)		2,859		1,533,396
McKesson Corp.		2,148		1,574,011
STERIS PLC (Ireland)		7,043		1,691,870
				4,799,277

	Shares		Value
Health Care Equipment & Supplies — 2.4%
Boston Scientific Corp. ^(a)		13,333	$	1,432,098
Cooper Cos., Inc. (The)		11,933		849,152
				2,281,250
Pharmaceuticals, Biotechnology & Life Sciences — 3.7%
Bio-Techne Corp.		21,425		1,102,316
Thermo Fisher Scientific, Inc.		2,514		1,019,326
Zoetis, Inc.		8,363		1,304,210
				3,425,852
Industrials — 13.5%
Capital Goods — 8.9%
3M Co.		8,078		1,229,795
ATI, Inc. ^(a)		25,060		2,163,681
Dover Corp.		6,143		1,125,582
Quanta Services, Inc.		6,214		2,349,389
RTX Corp.		9,812		1,432,748
				8,301,195
Commercial & Professional Services — 4.6%
Amentum Holdings, Inc. ^(a)		531		12,537
CACI International, Inc. - Class A ^(a)		2,874		1,370,036
Republic Services, Inc.		6,875		1,695,443
Tetra Tech, Inc.		35,705		1,283,952
				4,361,968
Information Technology — 28.9%
Semiconductors & Semiconductor Equipment — 5.3%
Analog Devices, Inc.		3,993		950,414
Marvell Technology, Inc.		28,020		2,168,748
Monolithic Power Systems, Inc.		2,584		1,889,886
				5,009,048
Software & Services — 18.1%
Cadence Design Systems, Inc. ^(a)		5,890		1,815,003
Fair Isaac Corp. ^(a)		1,021		1,866,347
Intuit, Inc.		2,589		2,039,174
Microsoft Corp.		8,963		4,458,286
Palo Alto Networks, Inc. ^(a)		11,242		2,300,563
SAP S.E. ADR (Germany)		6,701		2,037,774
ServiceNow, Inc. ^(a)		2,332		2,397,483
				16,914,630
Technology Hardware & Equipment — 5.5%
Apple, Inc.		9,915		2,034,261
Arista Networks, Inc. ^(a)		11,446		1,171,040
Motorola Solutions, Inc.		4,550		1,913,093
				5,118,394
Materials — 1.3%
Materials — 1.3%
Avery Dennison Corp.		6,920		1,214,252

	Shares		Value
Real Estate — 1.4%
Real Estate Management & Development — 1.4%
CBRE Group, Inc. - Class A ^(a)		9,644	$	1,351,317

Investments at Value — 98.4%
(Cost $52,001,428)			$	92,245,777

Other Assets in Excess of Liabilities — 1.6%				1,486,836

Net Assets — 100.0%			$	93,732,613

	Shares		Value
COMMON STOCKS —98.5%
Communication Services — 10.1%
Media & Entertainment — 5.3%
Autohome, Inc. ADR (China)		3,000	$	77,370
Just Dial, Ltd. (India) ^(a)		2,864		31,039
Navneet Education, Ltd. (India)		9,937		16,506
NetDragon Websoft Holdings, Ltd. (China)		238,500		327,032
Sun TV Network, Ltd. (India)		14,224		99,298
Taiwan Optical Platform Co., Ltd. (Taiwan)		6,000		16,544
Tencent Holdings, Ltd. (China)		46,300		2,983,365
Xinhua Winshare Publishing and Media Co., Ltd. - H Shares (China)		183,222		265,957
Zee Entertainment Enterprises, Ltd. (India)		24,187		41,270
				3,858,381
Telecommunication Services — 4.8%
America Movil S.A.B. de C.V. ADR (Mexico)		3,000		53,820
APT Satellite Holdings, Ltd. (China)		545,553		145,250
Bharti Airtel Ltd. (India)		4,525		106,125
China Tower Corp. Ltd. 144A (China) ^(b)		96,000		137,633
China United Network Communications, Ltd. - Class A (China)		666,200		496,903
Etihad Etisalat Co. (Saudi Arabia)		32,900		520,176
Indus Towers, Ltd. (India) ^(a)		97,471		478,253
KT Corp. ADR (South Korea)		19,100		396,898
LG Uplus Corp. (South Korea)		29,898		315,908
Mobile Telecommunications Co. KSCP (Kuwait)		23,134		36,585
Ooredoo Q.P.S.C. (Qatar)		67,798		238,310
Taiwan Mobile Co., Ltd. (Taiwan)		28,000		110,102
Telekom Malaysia Bhd (Malaysia)		38,300		59,585
Telkom S.A. SOC, Ltd. (South Africa)		93,115		284,638
TIM S.A. ADR (Brazil)		3,400		68,374
Turk Telekomunikasyon A.S. (Turkey) ^(a)		24,394		36,054
Turkcell Iletisim Hizmetleri A.S. ADR (Turkey)		11,000		66,550
				3,551,164
Consumer Discretionary — 13.3%
Automobiles & Components — 5.1%
Apollo Tyres, Ltd. (India)		11,613		60,795
Astra Otoparts Tbk P.T. (Indonesia)		268,800		34,119
Automotive Axles, Ltd. (India)		2,653		55,406
BYD Co., Ltd. - H Shares (China)		10,500		163,485
CEAT, Ltd. (India)		1,606		69,017
FIEM Industries, Ltd. (India)		9,297		208,910
Geely Automobile Holdings, Ltd. (China)		272,000		555,207
Great Wall Motor Co., Ltd. - H Shares (China)		47,500		73,343
Hankook Tire & Technology Co., Ltd. (South Korea)		1,358		39,818
Hero MotoCorp, Ltd. (India)		5,146		254,346

	Shares		Value
Automobiles & Components (Continued)
Hu Lane Associate, Inc. (Taiwan)		6,000	$	26,940
Huayu Automotive Systems Co., Ltd. - Class A (China)		42,400		104,431
Hyundai Mobis Co., Ltd. (South Korea)		675		142,918
Kia Corp. (South Korea)		4,750		339,215
Maharashtra Scooters, Ltd. (India)		316		53,449
Minth Group, Ltd. (China)		124,000		354,907
Nexteer Automotive Group, Ltd. (China)		51,000		37,098
Oriental Holdings Bhd (Malaysia)		21,500		34,855
Rane Holdings, Ltd. (India)		8,943		166,013
Samvardhana Motherson International, Ltd. (India)		28,566		51,588
SL Corp. (South Korea)		1,287		29,657
SNT Holdings Co., Ltd. (South Korea)		1,627		69,715
Tata Motors, Ltd. (India)		41,731		334,916
Thai Stanley Electric PCL (Thailand)		17,267		105,927
Tianneng Power International, Ltd. (China)		422,000		338,563
Tong Yang Industry Co., Ltd. (Taiwan)		8,000		26,859
				3,731,497
Consumer Discretionary Distribution & Retail — 4.5%
Alibaba Group Holding, Ltd. ADR (China)		14,870		1,686,407
Bermaz Auto Bhd (Malaysia)		192,700		35,462
China Yongda Automobiles Services Holdings, Ltd. (China)		129,000		37,015
Dogus Otomotiv Servis ve Ticaret A.S. (Turkey)		7,328		32,071
Italtile, Ltd. (South Africa)		83,545		47,191
JD.com, Inc. (China)		33,350		544,682
MBM Resources Bhd (Malaysia)		34,500		38,082
Naspers, Ltd. - N Shares (South Africa)		674		210,300
Organizacion Terpel S.A. (Colombia)		12,336		37,089
Padini Holdings Bhd (Malaysia)		77,200		38,481
Vipshop Holdings, Ltd. ADR (China)		35,300		531,265
Zhongsheng Group Holdings, Ltd. (China)		27,500		42,534
				3,280,579
Consumer Durables & Apparel — 3.1%
361 Degrees International, Ltd. (China)		602,000		383,440
AmTRAN Technology Co., Ltd. (Taiwan)		60,000		28,749
Coway Co., Ltd. (South Korea)		1,069		76,239
Cuckoo Holdings Co., Ltd. (South Korea)		2,227		48,830
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Brazil)		11,800		56,784
Gree Electric Appliances, Inc. of Zhuhai - Class A (China)		116,400		730,187
Pou Chen Corp. (Taiwan)		88,000		93,246
Q TECHNOLOGY (Group) Co., Ltd. (China)		37,000		39,239
Raymond, Ltd. (India) ^(a)		9,704		80,347
Siyaram Silk Mills, Ltd. (India)		16,179		133,337
TCL Electronics Holdings, Ltd. (China)		258,000		314,601

	Shares		Value
Consumer Durables & Apparel (Continued)
TCL Technology Group Corp. - Class A (China)		242,300	$	146,479
Topkey Corp. (Taiwan)		6,000		38,513
Welspun India, Ltd. (India)		41,219		68,948
Xtep International Holdings, Ltd. (China)		59,000		42,416
				2,281,355
Consumer Services — 0.7%
Cogna Educacao S.A. (Brazil)		78,000		40,191
DoubleUGames Co., Ltd. (South Korea)		971		40,917
Rainbow Tours S.A. (Poland)		6,089		230,609
Sports Toto Bhd (Malaysia)		114,300		35,271
Sun International, Ltd. (South Africa)		31,267		77,024
TravelSky Technology, Ltd. - H Shares (China)		31,000		41,551
YDUQS Participacoes S.A. (Brazil)		14,600		44,304
				509,867
Consumer Staples — 4.3%
Consumer Staples Distribution & Retail — 0.1%
Cosco Capital, Inc. (Philippines)		146,912		18,319
Puregold Price Club, Inc. (Philippines)		63,100		40,348
				58,667
Food, Beverage & Tobacco — 4.2%
Alicorp S.A.A. (Peru)		15,555		41,924
Anhui Gujing Distillery Co., Ltd. - Class B (China)		3,600		48,179
Avanti Feeds, Ltd. (India)		45,600		389,980
Binggrae Co., Ltd. (South Korea)		671		42,051
Bombay Burmah Trading Co. (India)		1,460		34,199
China Feihe, Ltd. 144A (China) ^(b)		835,000		609,084
China Foods, Ltd. (China)		80,000		31,303
China Mengniu Dairy Co., Ltd. (China)		60,000		123,673
CIA Cervecerias Unidas S.A. ADR (Chile)		2,600		33,592
Dalmia Bharat Sugar & Industries, Ltd. (India)		7,513		35,479
GFPT Public Co., Ltd. (Thailand)		119,800		32,513
Gruma S.A.B. de C.V. - Class B (Mexico)		7,375		127,174
Grupo Herdez S.A.B. de C.V. (Mexico)		66,600		199,433
Guan Chong Bhd (Malaysia)		102,900		30,282
Hap Seng Plantations Holdings Bhd (Malaysia)		71,100		30,377
Heineken Malaysia Bhd (Malaysia)		5,700		34,095
Hey Song Corp. (Taiwan)		50,000		68,326
Indofood Sukses Makmur Tbk P.T. (Indonesia)		142,600		71,417
Japfa Comfeed Indonesia Tbk P.T. (Indonesia)		279,200		26,065
JBS N.V. (Brazil) ^(a)		12,700		185,547
Kaveri Seed Co., Ltd. (India)		16,078		221,090
KRBL, Ltd. (India)		8,722		37,217
Orion Corp. / Republic of Korea (South Korea)		484		38,868
PT Salim Ivomas Pratama Tbk P.T. (Indonesia)		1,466,400		46,066
RCL Foods, Ltd. (South Africa)		83,639		51,969
RFG Holdings, Ltd. (South Africa)		48,750		46,708

	Shares		Value
Food, Beverage & Tobacco (Continued)
Samyang Holdings Corp. (South Korea)		1,820	$	117,331
Sarawak Oil Palms Bhd (Malaysia)		150,600		110,440
Thai Vegetable Oil PCL (Thailand)		125,100		82,133
Thaifoods Group PCL (Thailand)		793,500		111,192
Tingyi Holding Corp. (China)		44,000		64,593
				3,122,300
Energy — 3.4%
Energy — 3.4%
3R Petroleum Oleo e Gas S.A. (Brazil) ^(a)		1		2
Adaro Andalan Indonesia P.T. (Indonesia) ^(a)		73,547		30,584
Banpu PCL (Thailand)		264,700		32,836
Bharat Petroleum Corp., Ltd. (India)		28,005		108,486
Coal India, Ltd. (India)		71,469		326,941
COSCO SHIPPING Energy Transportation Co., Ltd. - H Shares (China)		24,000		19,930
E1 Corp. (South Korea)		666		38,850
Gazprom PJSC (Russia) *^(a)(c)		101,150		0
Hindustan Petroleum Corp., Ltd. (India)		23,540		120,342
Indian Oil Corp., Ltd. (India)		66,738		114,459
Indika Energy Tbk P.T. (Indonesia)		397,600		33,618
Indo Tambangraya Megah Tbk P.T. (Indonesia)		25,400		34,423
Inner Mongolia Dian Tou Energy Corp., Ltd. (China)		26,200		72,291
Inner Mongolia Yitai Coal Co., Ltd. - Class B (China)		32,400		64,209
LUKOIL PJSC ADR (Russia) *^(a)(c)		2,253		0
MOL Hungarian Oil & Gas plc (Hungary)		4,218		36,747
Oil & Natural Gas Corp., Ltd. (India)		121,620		346,522
ORLEN S.A. (Poland)		1,743		39,728
PetroChina Co., Ltd. - H Shares (China)		254,000		218,891
Petroleo Brasileiro S.A. ADR (Brazil)		24,700		308,997
Petronet LNG, Ltd. (India)		41,150		144,950
Reliance Industries, Ltd. 144A (India) ^(b)		2,435		169,797
Rosneft Oil Co. PJSC (Russia) *^(a)(c)		16,950		0
Saudi Arabian Oil Co. (Saudi Arabia) ^(d)		27,858		180,624
United Tractors Tbk P.T. (Indonesia)		64,600		85,358
				2,528,585
Financials — 24.3%
Banks — 18.9%
Absa Group, Ltd. (South Africa)		24,557		244,429
Agricultural Bank of China, Ltd. - H Shares (China)		304,000		217,243
Albaraka Turk Katilim Bankasi A.S. (Turkey)		184,875		37,994
Alior Bank S.A. (Poland)		2,317		60,920
Alpha Bank S.A. (Greece)		27,851		98,085
AMMB Holdings Bhd (Malaysia)		82,900		100,383
Arab National Bank (Saudi Arabia)		64,669		374,477
Banco Bradesco S.A. (Brazil)		19,500		52,068
Banco Bradesco S.A. ADR (Brazil)		49,200		152,028
Banco do Brasil S.A. (Brazil)		115,800		470,735

	Shares		Value
Banks (Continued)
Bangkok Bank PCL (Thailand)		19,100	$	81,892
Bank OCBC NISP Tbk P.T. (Indonesia)		1,143,400		94,753
Bank of Baroda (India)		105,269		305,572
Bank of China, Ltd. - H Shares (China)		1,527,000		888,960
Bank of Chongqing Co., Ltd. - H Shares (China)		45,000		46,766
Bank of Communications Co., Ltd. - H Shares (China)		99,000		92,253
Bank of Hangzhou Co., Ltd. - Class A (China)		45,600		107,085
Bank of India (India)		51,560		71,320
Bank of Maharashtra (India)		87,225		58,126
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk P.T. (Indonesia)		1,194,500		59,607
Bank Pembangunan Daerah Jawa Timur Tbk P.T. (Indonesia)		4,432,500		136,536
Bank Polska Kasa Opieki S.A. (Poland)		4,693		241,727
Bank Saint Petersburg PJSC (Russia) *^(a)(c)		136,120		0
Banque Saudi Fransi (Saudi Arabia)		42,931		204,402
BNK Financial Group, Inc. (South Korea)		4,570		41,980
BNPP Bank Polska S.A. (Poland)		2,454		72,477
Canara Bank (India)		219,140		291,990
China CITIC Bank Corp., Ltd. - H Shares (China)		171,000		163,028
China Construction Bank Corp. - H Shares (China)		877,000		887,476
China Everbright Bank Co., Ltd. - H Shares (China)		293,000		146,314
Chongqing Rural Commercial Bank Co., Ltd. - H Shares (China)		67,000		56,632
City Union Bank, Ltd. (India)		16,692		42,588
Commercial Bank P.S.Q.C. (The) (Qatar)		155,582		194,400
CTBC Financial Holding Co., Ltd. (Taiwan)		585,000		874,900
DCB Bank, Ltd. (India)		27,041		45,805
DGB Financial Group, Inc. (South Korea)		4,574		42,396
East West Banking Corp. (Philippines)		158,200		30,689
Emirates NBD Bank PJSC (United Arab Emirates)		59,352		368,445
Eurobank Ergasias Services and Holdings S.A. (Greece)		38,930		134,075
Faisal Islamic Bank of Egypt (Egypt)		46,711		29,733
Grupo Cibest S.A. ADR (Colombia)		3,800		175,522
Haci Omer Sabanci Holding A.S. (Turkey)		15,036		33,868
HDFC Bank, Ltd. ADR (India)		8,400		644,028
Hong Leong Financial Group Bhd (Malaysia)		25,200		99,306
Housing & Development Bank (Egypt)		32,964		41,836
Hua Nan Financial Holdings Co., Ltd. (Taiwan)		100,000		92,975
Huaxia Bank Co., Ltd. - Class A (China)		40,200		44,396
Huishang Bank Corp., Ltd. - H Shares (China)		75,384		37,068
ICICI Bank, Ltd. ADR (India)		1,200		40,368
IDBI Bank, Ltd. (India)		54,906		66,262

	Shares		Value
Financial Services (Continued)
Kyobo Securities Co., Ltd. (South Korea)		5,503	$	34,492
LIC Housing Finance, Ltd. (India)		8,032		58,034
Muthoot Finance, Ltd. (India)		3,924		120,207
Power Finance Corp., Ltd. (India)		91,849		458,421
Qifu Technology, Inc. ADR (China)		1,900		82,384
REC, Ltd. (India)		84,235		395,934
Samsung Securities Co., Ltd. (South Korea)		1,012		54,933
Shriram Finance, Ltd. (India)		20,635		170,223
Yuanta Securities Korea Co., Ltd. (South Korea)		15,541		42,446
				2,213,765
Insurance — 2.4%
Allianz Malaysia Bhd (Malaysia)		7,696		34,924
BB Seguridade Participacoes S.A. (Brazil)		13,500		89,112
Cathay Financial Holding Co., Ltd. (Taiwan)		100,000		215,100
China Life Insurance Co., Ltd. - H Shares (China)		39,000		94,106
China Pacific Insurance Co., Ltd. - H Shares (China)		25,000		86,009
China Taiping Insurance Holdings Co., Ltd. (China)		23,000		45,012
DB Insurance Co., Ltd. (South Korea)		2,249		204,823
Fubon Financial Holdings Co., Ltd. (Taiwan)		88,200		263,939
Hanwha General Insurance Co., Ltd. (South Korea) ^(a)		8,465		35,975
Momentum Metropolitan Holdings (South Africa)		39,273		76,068
New China Life Insurance Co., Ltd. - H Shares (China)		18,100		99,111
People’s Insurance Co. Group of China, Ltd. (The) - H Shares (China)		97,000		74,040
PICC Property & Casualty Co., Ltd. - H Shares (China)		28,000		54,409
Ping An Insurance Group Co. of China, Ltd. - H Shares (China)		43,000		274,482
Syarikat Takaful Malaysia Keluarga Bhd (Malaysia)		44,200		35,793
Taiwan Fire & Marine Insurance Co., Ltd. (Taiwan)		60,000		64,798
				1,747,701
Health Care — 3.0%
Health Care Equipment & Services — 0.4%
China Resources Medical Holdings Co., Ltd. (China)		321,500		168,117
Excelsior Medical Co., Ltd. (Taiwan)		17,000		49,207
Life Healthcare Group Hooldings, Ltd. (South Africa)		88,407		71,311
				288,635
Pharmaceuticals, Biotechnology & Life Sciences — 2.6%
Aarti Drugs, Ltd. (India)		28,767		153,783
Caplin Point Laboratories, Ltd. (India)		1,367		33,784

	Shares		Value
Transportation (Continued)
Eva Airways Corp. (Taiwan)		103,000	$	140,488
Evergreen Marine Corp. Taiwan, Ltd. (Taiwan)		21,200		144,261
Hyundai Glovis Co., Ltd. (South Korea)		4,872		484,106
InterGlobe Aviation, Ltd. 144A (India) ^(b)		3,331		232,406
JD Logistics, Inc. 144A (China) ^(a)(b)		32,600		54,806
Korean Air Lines Co., Ltd. (South Korea)		18,160		306,175
Latam Airlines Group S.A. ADR (Chile)		2,900		117,856
Promotora y Operadora de Infraestructura S.A.B. de C.V. (Mexico)		3,105		35,014
Regional Container Lines PCL (Thailand)		45,100		35,813
Tianjin Port Development Holdings, Ltd. (China)		210,471		17,461
Turk Hava Yollari AO (Turkey)		17,374		123,776
VRL Logistics, Ltd. (India)		11,070		74,594
Wan Hai Lines, Ltd. (Taiwan)		22,000		66,856
Yang Ming Marine Transport Corp. (Taiwan)		35,000		85,022
Zhejiang Expressway Co., Ltd. - H Shares (China)		44,160		40,670
				2,438,316
Information Technology — 23.3%
Semiconductors & Semiconductor Equipment — 14.3%
Ardentec Corp. (Taiwan)		28,000		72,679
Chipbond Technology Corp. (Taiwan)		33,000		60,314
DB HiTek Co., Ltd. (South Korea)		1,110		38,368
Everlight Electronics Co., Ltd. (Taiwan)		26,000		62,454
Fitipower Integrated Technology, Inc. (Taiwan)		10,000		74,730
Foxsemicon Integrated Technology, Inc. (Taiwan)		9,000		91,561
King Yuan Electronics Co., Ltd. (Taiwan)		22,000		76,749
LX Semicon Co., Ltd. (South Korea)		7,828		373,598
Pixart Imaging, Inc. (Taiwan)		10,000		78,554
Realtek Semiconductor Corp. (Taiwan)		16,000		310,513
Sino-American Silicon Products, Inc. (Taiwan)		11,000		34,392
SK Hynix, Inc. (South Korea)		7,564		1,626,697
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan)		32,180		7,288,448
United Microelectronics Corp. (Taiwan)		225,000		339,123
				10,528,180
Software & Services — 1.4%
Infosys, Ltd. ADR (India)		46,600		863,498
Wipro, Ltd. ADR (India)		53,800		162,476
				1,025,974
Technology Hardware & Equipment — 7.6%
Arcadyan Technology Corp. (Taiwan)		10,000		68,619
ASUSTek Computer, Inc. (Taiwan)		10,000		220,915
Catcher Technology Co., Ltd. (Taiwan)		15,000		108,841
CMC Magnetics Corp. (Taiwan)		221,000		60,604
Compeq Manufacturing Co., Ltd. (Taiwan)		33,000		65,371

	Shares		Value
Technology Hardware & Equipment (Continued)
Darfon Electronics Corp. (Taiwan)		57,000	$	65,639
Gemtek Technology Corp. (Taiwan)		80,000		71,771
IEI Integration Corp. (Taiwan)		25,000		66,868
Innolux Corp. (Taiwan)		220,000		88,057
Kingboard Holdings, Ltd. (China)		123,000		394,045
Largan Precision Co., Ltd. (Taiwan)		4,000		326,447
Lenovo Group, Ltd. (China)		290,000		350,375
Primax Electronics, Ltd. (Taiwan)		36,000		89,824
Redington, Ltd. (India)		136,419		517,884
Samsung Electronics Co., Ltd. (South Korea)		22,579		996,516
Sercomm Corp. (Taiwan)		20,000		65,017
Simplo Technology Co., Ltd. (Taiwan)		7,000		92,228
SKP Resources Bhd (Malaysia)		634,200		155,105
Sunrex Technology Corp. (Taiwan)		36,000		55,361
Taiwan Surface Mounting Technology Corp. (Taiwan)		24,000		85,489
Tong Hsing Electronic Industries, Ltd. (Taiwan)		20,000		73,289
Tripod Technology Corp. (Taiwan)		15,000		127,164
Wah Lee Industrial Corp. (Taiwan)		16,000		51,824
Wasion Holdings, Ltd. (China)		350,000		372,833
Weikeng Industrial Co., Ltd. (Taiwan)		88,000		100,328
Wistron Corp. (Taiwan)		47,000		197,599
Xiaomi Corp. 144A (China) ^(a)(b)		43,400		334,081
Yageo Corp. (Taiwan)		17,000		281,894
Zhen Ding Technology Holdings, Ltd. (Taiwan)		26,000		89,412
				5,573,400
Materials — 5.8%
Materials — 5.8%
Akcansa Cimento A/S (Turkey)		7,290		24,321
Aluminum Corp. of China, Ltd. - H Shares (China)		112,000		75,722
Anglogold Ashanti PLC (South Africa)		9,922		453,258
Anhui Conch Cement Co., Ltd. - H Shares (China)		19,000		48,403
Apex Mining Co., Inc. (Philippines)		307,000		33,875
Chambal Fertilisers and Chemicals, Ltd. (India)		9,463		62,409
China Hongqiao Group, Ltd. (China)		81,000		186,511
China Lumena New Materials Corp. (China) ^(a)(c)		1,700		0
China Metal Products Co., Ltd. (Taiwan)		36,000		32,537
China National Building Material Co., Ltd. - H Shares (China)		72,000		34,462
CMOC Group, Ltd. - H Shares (China)		51,000		52,049
Dongkuk Holdings Co., Ltd. (South Korea)		10,287		59,814
Dongyue Group, Ltd. (China)		30,000		40,094
Egypt Aluminium (Egypt)		12,176		38,872
Gloria Material Technology Corp. (Taiwan)		26,000		30,812
Gold Fields, Ltd. ADR (South Africa)		8,100		191,727
Grupo Mexico S.A.B de C.V. - Class B (Mexico)		58,200		352,466

	Shares		Value
Materials (Continued)
Gulf Oil Lubricants India, Ltd. (India)		4,999	$	73,648
Hanil Holdings Co., Ltd. (South Korea)		7,551		99,186
Harmony Gold Mining Co., Ltd. ADR (South Africa)		5,800		81,026
HDC Holdings Co., Ltd. (South Korea)		2,822		48,993
Hindalco Industries, Ltd. (India)		18,404		148,953
Insecticides India, Ltd. (India)		3,361		37,933
Jaya Tiasa Holdings Bhd (Malaysia)		89,600		23,418
Magnitogorsk Iron & Steel Works PJSC (Russia) *^(a)(c)		194,390		0
Malayan Cement Bhd (Malaysia)		31,300		37,315
Mineros S.A. (Colombia)		22,382		39,390
National Aluminium Co., Ltd. (India)		22,172		49,983
NMDC, Ltd. (India)		452,568		369,810
Novolipetsk Steel PJSC (Russia) *^(a)(c)(d)		2,870		0
SABIC Agri-Nutrients Co. (Saudi Arabia)		6,736		192,598
San Fang Chemical Industry Co., Ltd. (Taiwan)		24,000		31,187
Satellite Chemical Co., Ltd. (China)		13,300		32,207
Shandong Nanshan Aluminum Co., Ltd. (China)		180,700		96,629
Siam City Cement PCL (Thailand)		8,200		36,029
Sinofert Holdings, Ltd. (China)		228,000		37,256
SK Discovery Co., Ltd. (South Korea)		1,065		46,204
Steel Authority of India, Ltd. (India)		36,367		56,061
Styrenix Performance Materials, Ltd. (India)		1,259		47,308
Tata Steel, Ltd. (India)		92,723		173,003
Universal Cement Corp. (Taiwan)		37,000		35,256
UPL, Ltd. (India)		6,704		51,732
Vale S.A. ADR (Brazil)		25,974		252,208
Vedanta, Ltd. (India)		19,482		104,942
YC INOX Co., Ltd. (Taiwan)		51,000		38,683
Yem Chio Co., Ltd. (Taiwan)		46,000		24,802
YFY, Inc. (Taiwan)		44,000		34,472
Yung Chi Paint & Varnish Manufacturing Co., Ltd. (Taiwan)		12,000		31,942
Yunnan Aluminium Co., Ltd. - Class A (China)		16,100		35,948
Yunnan Yuntianhua Co., Ltd. - Class A (China)		39,300		120,559
Zhejiang NHU Co., Ltd. - Class A (China)		10,800		32,073
				4,238,086
Real Estate — 2.0%
Equity Real Estate Investment Trusts (REITs) — 0.2%
Investec PCL (South Africa)		73,886		33,889
Sinpas Gayrimenkul Yatirim Ortakligi A.S. (Turkey) ^(a)		334,915		36,505
Torunlar Gayrimenkul Yatirim Ortakligi A/S (Turkey)		23,823		39,996
Yeni Gimat Gayrimenkul Ortakligi A.S. (Turkey)		21,598		44,772
				155,162

	Shares		Value
PREFERRED STOCKS — 1.3%
Energy — 0.5%
Energy — 0.5%
Petroleo Brasileiro S.A. ADR, 4.81% (Brazil)		29,600	$	341,584
Surgutneftegas PJSC (Russia) *^(a)(c)		541,500		0
				341,584
Financials — 0.2%
Banks — 0.2%
Banco ABC Brasil S.A. (Brazil)		37,575		154,819

Information Technology — 0.4%
Technology Hardware & Equipment — 0.4%
Samsung Electronics Co., Ltd. (South Korea)		7,031		257,424

Materials — 0.1%
Materials — 0.1%
Bradespar S.A. (Brazil)		25,600		73,963

Utilities — 0.1%
Utilities — 0.1%
Cia de Saneamento do Parana (Brazil)		77,400		107,538

Total Preferred Stocks (Cost $1,069,701)				935,328

WARRANT — 0.0% ^(e)
Consumer Staples — 0.0% ^(e)
Food — 0.0% ^(e)
Guan Chong Bhd - Warrant (Malaysia) (Cost $0)		11,025		575

Investments at Value — 99.8%
(Cost $55,213,635)			$	73,403,850

Other Assets in Excess of Liabilities — 0.2%				141,365

Net Assets — 100.0%			$	73,545,215

	*	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)	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.
	^(c)	Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.0% of net assets. The total value of these securities is $0.
	^(d)	Security is considered a restricted security; however, such restriction has not resulted in an illiquid classification. The total value of these securities is $277,644, which represents 0.4% of net assets as of June 30, 2025.
	^(e)	Percentage rounds to less than 0.1%.

Country	Value		% of Net Assets
China	$	20,923,103		28.4	%
Taiwan		14,025,471		19.1	%
India		13,436,643		18.3	%
South Korea		8,101,750		11.0	%
Brazil		3,159,193		4.3	%
Saudi Arabia		2,379,808		3.2	%
South Africa		2,344,792		3.2	%
Mexico		1,301,070		1.8	%
Malaysia		1,044,640		1.4	%
Indonesia		996,489		1.4	%
United Arab Emirates		975,625		1.3	%
Poland		912,489		1.2	%
Thailand		715,015		1.0	%
Greece		569,780		0.8	%
Qatar		517,467		0.7	%
Turkey		507,667		0.7	%
Kuwait		387,485		0.5	%
Philippines		340,786		0.5	%
Chile		291,343		0.4	%
Colombia		252,001		0.3	%
Egypt		142,562		0.2	%
Peru		41,924		0.1	%
Hungary		36,747		0.0	%
Russia		0		0.0	%
Total Investments	$	73,403,850		99.8	%
Other Assets in Excess of Liabilities		141,365		0.2	%
Net Assets	$	73,545,215		100.0	%

	Shares		Value
COMMON STOCKS — 97.5%
Communication Services — 4.2%
Media & Entertainment — 2.4%
CyberAgent, Inc. (Japan)		12,100	$	138,225
Future PLC (United Kingdom)		20,798		208,763
ITV PLC (United Kingdom)		309,625		350,752
MFE-MediaForEurope N.V. - Class A (Italy)		80,904		277,530
MIXI, Inc. (Japan)		16,200		391,049
Nine Entertainment Co. Holdings, Ltd. (Australia)		82,131		87,826
Nippon Television Holdings, Inc. (Japan)		1,800		41,695
Reach PLC (United Kingdom)		249,483		250,661
SKY Perfect JSAT Holdings, Inc. (Japan)		21,800		218,388
TV Asahi Holdings Corp. (Japan)		2,562		49,624
				2,014,513
Telecommunication Services — 1.8%
Bezeq The Israeli Telecommunication Corp., Ltd. (Israel)		139,693		238,731
Gamma Communications PLC (United Kingdom)		2,531		39,534
Millicom International Cellular S.A. (Sweden)		14,222		532,898
Partner Communications Co., Ltd. (Israel)		13,066		99,231
Proximus S.A.D.P. (Belgium)		67,281		656,248
				1,566,642
Consumer Discretionary — 12.7%
Automobiles & Components — 3.9%
Aisan Industry Co., Ltd. (Japan)		14,400		167,741
CIE Automotive S.A. (Spain)		6,653		191,586
Eagle Industry Co., Ltd. (Japan)		14,600		194,363
Exedy Corp. (Japan)		6,800		194,485
FCC Co., Ltd. (Japan)		22,193		429,653
Gestamp Automocion S.A. 144A (Spain) ^(a)		50,772		175,357
G-Tekt Corp. (Japan)		22,211		272,521
Johnson Electric Holdings, Ltd. (Hong Kong)		49,500		136,582
NHK Spring Co., Ltd. (Japan)		25,400		276,518
NOK Corp. (Japan)		15,300		225,697
Pacific Industrial Co., Ltd. (Japan)		30,125		281,914
Schaeffler A.G. (Germany)		16,823		92,009
Sumitomo Riko Co., Ltd. (Japan)		29,200		337,549
Toyoda Gosei Co., Ltd. (Japan)		5,800		114,088
Toyota Boshoku Corp. (Japan)		8,000		109,043
Valeo SE (France)		10,594		116,279
				3,315,385
Consumer Discretionary Distribution & Retail — 3.5%
Accent Group, Ltd. (Australia)		175,071		160,836
AOKI Holdings, Inc. (Japan)		16,253		188,202
B&M European Value Retail S.A. (United Kingdom)		11,394		42,434
Belluna Co., Ltd. (Japan)		45,600		281,002
CECONOMY A.G. (Germany) ^(b)		121,280		517,591

	Shares		Value
Industrials — 22.8%
Capital Goods — 13.8%
Aker A.S.A. (Norway)		2,741	$	178,375
Central Glass Co., Ltd. (Japan)		11,100		228,694
Construcciones y Auxiliar de Ferrocarriles S.A. (Spain)		1,621		89,213
Deutz A.G. (Germany)		6,549		59,035
E-Commodities Holdings, Ltd. (Hong Kong)		1,261,426		149,444
Elco, Ltd. (Israel)		3,103		171,509
GS Yuasa Corp. (Japan)		17,200		320,891
Implenia A.G. (Switzerland)		14,326		1,003,940
Iveco Group N.V. (Italy)		26,770		527,146
Japan Pulp & Paper Co., Ltd. (Japan)		72,986		313,605
Kanadevia Corp. (Japan)		38,496		260,058
Kanamoto Co., Ltd. (Japan)		13,055		293,047
Kandenko Co., Ltd. (Japan)		2,000		46,154
Keller Group PLC (United Kingdom)		36,188		727,973
Kier Group PLC (United Kingdom)		247,560		709,190
Kitz Corp. (Japan)		35,300		289,749
Koninklijke BAM Groep N.V. (Netherlands)		113,311		1,010,692
Koninklijke Heijmans N.V. (Netherlands)		5,828		377,476
Kyokuto Kaihatsu Kogyo Co., Ltd. (Japan)		19,000		352,844
NCC A.B. - B Shares (Sweden)		4,687		87,714
NGK Insulators, Ltd. (Japan)		38,000		476,878
Nippon Densetsu Kogyo Co., Ltd. (Japan)		17,000		302,327
NRW Holdings, Ltd. (Australia)		283,526		558,086
OC Oerlikon Corp. A.G. (Switzerland)		31,925		148,745
PER Aarsleff Holdings A/S (Denmark)		1,408		146,244
Porr A.G. (Austria)		8,890		296,679
Raito Kogyo Co., Ltd. (Japan)		13,000		258,048
Sanki Engineering Co., Ltd. (Japan)		10,300		289,151
Strabag S.E. (Austria)		663		63,126
Sulzer A.G. (Switzerland)		2,175		393,077
Tadano Ltd. (Japan)		42,504		282,856
Takara Standard Co., Ltd. (Japan)		17,700		298,269
TOA Corp. (Japan)		33,700		353,051
Wakita & Co., Ltd. (Japan)		18,800		220,119
Yamabiko Corp. (Japan)		18,400		270,311
Yangzijiang Shipbuilding Holdings, Ltd. (Singapore)		197,600		344,821
				11,898,537
Commercial & Professional Services — 3.8%
Bilfinger S.E. (Germany)		6,460		621,773
Derichebourg S.A. (France)		19,721		134,012
IPH Ltd. (Australia)		109,273		329,227
ISS A/S (Denmark)		7,242		202,136
Loomis A.B. (Sweden)		7,292		306,594
Nomura Co., Ltd. (Japan)		26,600		169,932
Okamura Corp. (Japan)		9,700		149,336
Persol Holdings Co., Ltd. (Japan)		272,500		531,744