Exhibit (d)(4)

SEGALL BRYANT AND HAMILL LLC

AMENDMENT NO. 2 TO

INVESTMENT ADVISORY AGREEMENT

AMENDMENT NO. 2, effective September 26, 2025 (the “Amendment”) to the Investment Advisory Agreement made as of August 12, 2025, between SEGALL BRYANT & HAMILL TRUST, a Massachusetts business trust (the “Trust”), and SEGALL BRYANT AND HAMILL LLC, a Delaware limited liability company (the “Investment Adviser”), as amended (the “Agreement”).

WHEREAS, the Trust is registered as an open-end, management investment company under the Investment Company Act of 1940, as amended;

WHEREAS, the Trust has retained the Investment Adviser to furnish investment advisory and other services to the Trust for the series listed in Exhibit A and for other series of the Trust as agreed to by the parties from time to time (each, a “Fund” and collectively, the “Funds”);

WHEREAS, the parties seek to amend the Agreement to reflect a revised Exhibit A to reflect the addition of the Segall Bryant & Hamill Select Equity ETF;

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

1.       Amendment.

Exhibit A to the Agreement is deleted in its entirety and replaced by Exhibit A attached hereto.

2.       No Other Changes.

Except as amended by this Amendment, the Agreement remains in full force and effect.

3.       Miscellaneous.

The captions in this Amendment are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Amendment shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Amendment shall not be affected thereby. This Amendment shall be binding and shall inure to the benefit of the parties hereto and their respective successors and shall be governed by Colorado law.

(signature page follows)

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated below as of the day and year first above written.

SEGALL BRYANT & HAMILL TRUST

BY: /s/ Jennifer L. Leamer

NAME: Jennifer L. Leamer

TITLE: Treasurer

SEGALL BRYANT AND HAMILL LLC

BY: /s/ Carolyn Goldhaber

NAME: Carolyn Goldhaber

TITLE: President

Exhibit A