M/M = Month-over-month change; M/T = Muni-to-Treasury ratio; YTW = Yield to Worst; UST = U.S. Treasury. A basis point is a standard measure for interest rates and other percentages and represents one-hundredth of a percentage point (0.01%). Yield to Worst is the lowest return that can be received on a bond without the issuer defaulting.

Quality ratings are assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s or Moody’s. The credit ratings range from AAA (highest) to D (lowest). Credit quality does not remove market risk. As of May 29, 2026. Sources: Bloomberg, Ipreo Bond Fund Flows (BFF), Investment Company Institute (ICI), and Bond Buyer. TEY is calculated by adjusting municipal yields for a 40.8% assumed federal tax rate (37.0% income tax plus 3.8% Net Investment Income Tax). “Cross-sector pickup” reflects the difference between municipal TEY and comparable taxable yields, where positive values indicate relatively more attractive municipal valuations. Interest on municipal bonds is generally exempt from federal income tax. This update provides an overview of certain broad-based Fixed Income benchmarks and does not include performance of the Segall Bryant & Hamill LLC (dba CI Segall Bryant & Hamill Asset Management) Fixed Income styles. Past performance cannot guarantee future results. All investments involve risk, including the possible loss of capital. An investor cannot invest directly in an index. Indexes are unmanaged and do not incur fees and expenses. The manager’s statements and opinions are subject to change without notice, and Segall Bryant & Hamill is not under any obligation to update or correct any information provided in this material.

Muni 1–15 Yr Blend = Bloomberg U.S. 1–15 Year Municipal Bond Index, which measures the performance of the USD-denominated, long-term tax-exempt municipal bond market with maturities between 1 and 15 years. Muni Agg = Bloomberg US Municipal Bond Index, which measures the performance of the USD-denominated, long-term tax-exempt bond market. UST Bills 1–3M = Bloomberg US Treasury Bills 1–3 Month Index, which measures US dollar-denominated Treasury bills with maturities between 1 and 3 months. US Gov/Credit Int. = Bloomberg US Government/Credit Intermediate Index, which measures US dollar-denominated, fixed-rate, investment-grade government and corporate bonds with intermediate maturities. US Aggregate = Bloomberg US Aggregate Bond Index, which measures the investment-grade, US dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS. US Aggregate Long = Bloomberg US Aggregate Long Index, which measures the long-duration component of the Bloomberg US Aggregate Bond Index (typically maturities greater than 10 years). US MBS = Bloomberg US Mortgage-Backed Securities Index, which measures agency mortgage-backed pass-through securities issued by GNMA, FNMA, and FHLMC. US Corporate IG = Bloomberg US Corporate Investment Grade Index, which measures US dollar-denominated, investment-grade, fixed-rate corporate bonds. US Corporate HY = Bloomberg US Corporate High Yield Index, which measures US dollar-denominated, non-investment-grade, fixed-rate corporate bonds.

The funds of the Segall Bryant & Hamill Trust are distributed by Ultimus Fund Distributors, LLC. Separately managed accounts are not distributed by Ultimus Fund Distributors, LLC.

An investor should consider investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. To obtain the prospectus that contains this and other information about the Fund(s) please call (800) 392-2673 or visit us online at www.sbhfunds.com. Please read the prospectus carefully before investing. An investment in the Funds involves risk, including possible loss of principal.