Strategies for Institutional Investors

1“Bloomberg^®” and the following indices—Bloomberg U.S. 1-3 Year Government/Credit Bond Index, Bloomberg U.S. Intermediate Government/Credit Bond Index, Bloomberg U.S. 1-15 Year Municipal Bond Index, Bloomberg U.S. Money Market (MM) Short/Intermediate Bond Index, Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. High Yield 2% Issuer Capped Bond Index, and Bloomberg U.S. Aggregate Government/Credit Long Bond Index—are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by SBH. Bloomberg is not affiliated with SBH, and Bloomberg does not approve, endorse, review, or recommend SBH Short Term Fixed Income, SBH Short Term Plus Fixed Income, SBH Intermediate Fixed Income, SBH Enhanced Intermediate Municipal Fixed Income, SBH Short/Intermediate Municipal Fixed Income, SBH Core Fixed Income, SBH Core Plus Fixed Income, SBH Quality High Yield Fixed Income, and SBH Liability-Driven Investing Fixed Income strategies. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the previously listed SBH Fixed Income strategies.

Segall Bryant & Hamill acquired the International Small Cap and Emerging Markets portfolios and team from Philadelphia Investment Advisors on June 30, 2015.

Segall Bryant & Hamill acquired Denver Investment Advisors LLC on April 30, 2018. Selected strategies in the lists above were managed by portfolio managers at Denver Investment Advisors LLC prior to this date.

For information on mutual funds, please visit www.sbhfunds.com.

An investment in the Funds involves risk, including possible loss of principal. The principal risks of investing in Funds include equity, market, management and non-diversification risks. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.

Other risks include:

Micro-, Small- and Medium-Sized Company Risk: Investing in the securities of micro-, small- and medium-sized companies generally will be more volatile, and loss of principal could be greater than investing in the securities of larger, more established companies. Dividend Investment Risk: Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.

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

Fixed Income Risks: Fixed income funds are subject to additional risk in that they may invest in high-yield/high-risk bonds and may be subject to greater levels of liquidity risk. Additionally, investing in bonds entails interest rate risk and credit risk.

Municipal Securities Risk: Municipal bond fund income may be subject to state and local income taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax. Investments in municipal bonds are subject to interest rate risk, or the risk that the bonds will decline in value because of changes in market interest rates. Municipal bonds are also subject to call risk, credit risk, liquidity risk, below investment grade securities risk, and interest rate futures risk.

Single-State Investment Risk: A fund that invests primarily in instruments issued by or on behalf of one state will generally be more volatile and loss of principal could be greater due to state specific risk. Please refer to the prospectus for each fund’s specific risks.

Foreign investment and Emerging Markets Risk: Foreign investments can be riskier than U.S. investments. Potential risks include adverse political and legal developments affecting issuers located and/or doing business in foreign countries, currency risk that may result from unfavorable exchange rates, liquidity risk if decreased demand for a security makes it difficult to sell at the desired price, and risks that stem from substantially lower trading volume on foreign markets. These risks are generally greater for investments in emerging markets, which are also subject to greater price volatility, and custodial and regulatory risks.

Please consider the investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. To obtain a prospectus, which contains this and other important information about the Fund(s), is available at www.sbhfunds.com. Please read the prospectus carefully before investing.

The funds of the Segall Bryant & Hamill Trust are distributed by Ultimus Fund Distributors, LLC.

Ultimus Fund Distributors, LLC. is not affiliated with and does not distribute the separately managed accounts and CITs offered by SBH.