Trust for Professional Managers (APCB) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10401

Trust for Professional Managers
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202
(Name and address of agent for service)

(513) 520-5925

Registrant's telephone number, including area code

Date of fiscal year end: August 31, 2024

Date of reporting period: August 31, 2024

Item 1. Reports to Stockholders.

(a)

	Column Small Cap Select Fund
	CFSSX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Column Small Cap Select Fund for the period of December 11, 2023 (inception date), to  August 31, 2024. You can find additional information about the Fund at https://columnfunds.com/literature. You can also request this information by contacting us at 1-866-950-4644.

WHAT WERE THE FUND COSTS FOR THE PERIOD? (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
Column Small Cap Select Fund	$72*	0.66%

* Amount shown reflects the expenses of the Fund from inception date through August 31, 2024. Expenses would be higher if the Fund had been in operations for the full year.

HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

From its December 11, 2023 inception through August 31, 2024, the Column Small Cap Select Fund gained 19.20%, outperforming the 18.94% gain of the Russell 2000 Total Return Index, the benchmark we believe best represents the market in which the Fund invests due to its focus on small U.S. companies. The Fund lagged the 23.44% return of its broad-based benchmark index, the S&P 500 Total Return Index, as large companies outperformed small companies. Due to the Fund’s initial small size early in the period, expenses detracted notably from returns, a temporary headwind that was resolved when the Fund saw significant net inflows starting in mid-January 2024.

Relative to the Russell 2000 Total Return Index, the Fund’s stock selection across most sectors contributed to its outperformance during the period. Among the Fund’s sub-advisers, Driehaus Capital Management LLC was the largest contributor. In addition to benefiting from growth outperforming value, the Driehaus strategy was helped by strong stock selection—especially in industrials, health care, and information technology—and its exposure to the momentum risk factor, which outperformed other risk factors. Neuberger Berman Investment Advisers, LLC’s Small Cap Intrinsic Value strategy was the largest detractor due to both sector allocation—mainly an underweight to real estate and an overweight to information technology—and stock selection, where health care, consumer discretionary, and materials picks struggled.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Column Small Cap Select Fund  PAGE 1  TSR-AR-89834G620

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (12/11/2023)
Column Small Cap Select Fund	19.20
S&P 500 Total Return Index	23.44
Russell 2000 Total Return Index	18.94

Visit https://columnfunds.com/performance for more recent performance information.

* 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$1,062,775,442
Number of Holdings	373
Net Advisory Fee	$2,440,714
Portfolio Turnover	54%

WHAT DID THE FUND INVEST IN? (% of investments as of  August 31, 2024)

Sector Breakdown*

Top Holdings	(%)
First American Government Obligations Fund	3.2%
Arcosa, Inc.	1.8%
Kemper Corp.	1.6%
Gildan Activewear, Inc.	1.5%
BGC Group, Inc. - Class A	1.4%
Enovis Corp.	1.4%
Clarivate PLC	1.3%
Nomad Foods Ltd.	1.1%
Air Lease Corp.	1.0%
FirstCash Holdings, Inc.	1.0%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit  https://columnfunds.com/literature

Column Small Cap Select Fund  PAGE 2  TSR-AR-89834G620

11920123441189419.516.816.013.09.56.54.23.33.37.9

	Column Small Cap Fund
	CFSLX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Column Small Cap Fund for the period of December 11, 2023 (inception date), to  August 31, 2024. You can find additional information about the Fund at https://columnfunds.com/literature. You can also request this information by contacting us at 1-866-950-4644.

WHAT WERE THE FUND COSTS FOR THE PERIOD? (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
Column Small Cap Fund	$71*	0.66%

* Amount shown reflects the expenses of the Fund from inception date through August 31, 2024. Expenses would be higher if the Fund had been in operations for the full year.

HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

From its December 11, 2023 inception through August 31, 2024, the Column Small Cap Fund gained 16.30%, underperforming the 18.94% return of the Russell 2000 Total Return Index, the benchmark index we believe best represents the market in which the Fund invests due to its focus on small U.S. companies. The Fund also lagged the 23.44% return of its broad-based benchmark index, the S&P 500 Total Return Index, as large companies outperformed small companies. Due to the Fund’s initial small size early in the period, expenses detracted notably from returns, a temporary headwind that was resolved when the Fund saw significant net inflows starting in mid-January 2024.

Relative to the Russell 2000 Total Return Index, both the Fund’s stock selection, mainly in information technology, and sector allocation detracted from performance during the period. Kayne Anderson Rudnick Investment Management, LLC’s Small Cap Growth strategy trailed other Fund sub-advisers’ returns primarily due to stock selection struggles in a relatively concentrated portfolio. Technology services company Endava Plc was the largest individual detractor for the strategy and the Fund, as the company faced headwinds that resulted in a decline in revenues. Despite growth beating value over this stretch, the Small Cap Value strategy run by Boston Partners Global Investors, Inc. (WPG Partners division) was the top sub-adviser contributor, driven by strong stock selection across most sectors.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Column Small Cap Fund  PAGE 1  TSR-AR-89834G612

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (12/11/2023)
Column Small Cap Fund	16.30
S&P 500 Total Return Index	23.44
Russell 2000 Total Return Index	18.94

Visit https://columnfunds.com/performance for more recent performance information.

* 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$429,222,102
Number of Holdings	971
Net Advisory Fee	$977,408
Portfolio Turnover	36%

WHAT DID THE FUND INVEST IN? (% of investments as of  August 31, 2024)

Sector Breakdown*

Top Holdings	(%)
First American Government Obligations Fund	2.9%
AAON, Inc.	1.4%
Ryan Specialty Holdings, Inc.	1.3%
Morningstar, Inc.	1.1%
Auto Trader Group PLC	1.0%
ServisFirst Bancshares, Inc.	0.8%
Triumph Financial, Inc.	0.7%
SPS Commerce, Inc.	0.7%
nCino, Inc.	0.7%
Enerpac Tool Group Corp.	0.7%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit  https://columnfunds.com/literature

Column Small Cap Fund  PAGE 2  TSR-AR-89834G612

11630123441189420.520.513.411.98.85.95.72.82.87.7

	Column Mid Cap Select Fund
	CFMSX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Column Mid Cap Select Fund for the period of December 11, 2023 (inception date), to  August 31, 2024. You can find additional information about the Fund at https://columnfunds.com/literature. You can also request this information by contacting us at 1-866-950-4644.

WHAT WERE THE FUND COSTS FOR THE PERIOD? (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
Column Mid Cap Select Fund	$58*	0.54%

* Amount shown reflects the expenses of the Fund from inception date through August 31, 2024. Expenses would be higher if the Fund had been in operations for the full year.

HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

From its December 11, 2023 inception through August 31, 2024, the Column Mid Cap Select Fund returned 14.10%, underperforming the 17.63% return of the Russell Midcap Total Return Index, the benchmark index we believe best represents the market in which the Fund invests due to its focus on medium-sized U.S. companies. The Fund also lagged the 23.44% return of its broad-based benchmark index, the S&P 500 Total Return Index, as large companies outperformed medium-sized companies. Due to the Fund’s initial small size early in the period, expenses detracted notably from returns, a temporary headwind that was resolved when the Fund saw significant net inflows starting in mid-January 2024.

Relative to the Russell Midcap Total Return Index, the Fund’s stock selection was the primary detractor from performance, particularly in the consumer staples, consumer discretionary, and health care sectors. Sector allocation had a neutral impact, as an underweight to utilities, a sector that surged on optimism surrounding the growth of artificial intelligence, offset the benefits of the overweight to the strong-performing financials and industrials sectors. Each of the Fund’s sub-advisers underperformed the Russell Midcap Total Return Index during the period. Kayne Anderson Rudnick Investment Management, LLC’s Mid Cap Core strategy was the largest detractor primarily due to stock selection struggles in a relatively concentrated portfolio. Frozen potato producer Lamb Weston Holdings, Inc. was the largest individual detractor for the strategy and the Fund, as the company faced operational challenges that lowered its near-term financial outlook.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Column Mid Cap Select Fund  PAGE 1  TSR-AR-89834G596

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (12/11/2023)
Column Mid Cap Select Fund	14.10
S&P 500 Total Return Index	23.44
Russell Midcap Total Return Index	17.63

Visit https://columnfunds.com/performance for more recent performance information.

* 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$2,049,216,985
Number of Holdings	212
Net Advisory Fee	$4,124,279
Portfolio Turnover	16%

WHAT DID THE FUND INVEST IN? (% of investments as of  August 31, 2024)

Sector Breakdown*

Top Holdings	(%)
First American Government Obligations Fund	2.7%
Houlihan Lokey, Inc.	2.3%
AMETEK, Inc.	2.2%
Equifax, Inc.	1.7%
Ross Stores, Inc.	1.6%
Lennox International, Inc.	1.5%
Cooper Cos., Inc.	1.4%
HEICO Corp. - Class A	1.4%
Masco Corp.	1.4%
Broadridge Financial Solutions, Inc.	1.4%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit  https://columnfunds.com/literature

Column Mid Cap Select Fund  PAGE 2  TSR-AR-89834G596

11410123441176329.817.513.410.19.85.25.03.01.94.3

	Column Mid Cap Fund
	CFMCX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Column Mid Cap Fund for the period of December 11, 2023 (inception date), to  August 31, 2024. You can find additional information about the Fund at https://columnfunds.com/literature. You can also request this information by contacting us at 1-866-950-4644.

WHAT WERE THE FUND COSTS FOR THE PERIOD? (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
Column Mid Cap Fund	$56*	0.52%

* Amount shown reflects the expenses of the Fund from inception date through August 31, 2024. Expenses would be higher if the Fund had been in operations for the full year.

HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

From its December 11, 2023 inception through August 31, 2024, the Column Mid Cap Fund returned 15.70%, underperforming the 17.63% return of the Russell Midcap Total Return Index, the benchmark we believe best represents the market in which the Fund invests due to its focus on medium-sized U.S. companies. The Fund also lagged the 23.44% return of its broad-based benchmark index, the S&P 500 Total Return Index, as large companies outperformed medium-sized companies. Due to the Fund’s initial small size early in the period, expenses detracted notably from returns, a temporary headwind that was resolved when the Fund saw significant net inflows starting in mid-January 2024.

Relative to the Russell Midcap Total Return Index, both the Fund’s sector allocation and stock selection experienced headwinds during the period. A strategic underweight to utilities and real estate detracted from performance, as did stock selection in areas such as financials and consumer-related sectors. The Fund’s overweight to and stock selection within industrials was a strong contributor. Invesco Advisers, Inc.’s Mid Cap Growth strategy was the best performer driven by strong stock selection and a favorable climate for the momentum risk factor. Kayne Anderson Rudnick Investment Management, LLC’s Mid Cap Core strategy trailed other Fund sub-advisers’ returns primarily due to stock selection struggles in a relatively concentrated portfolio. One of its top positions, Lamb Weston Holdings, Inc., was the largest individual detractor for the strategy and the Fund, as the company faced operational challenges that lowered its near-term financial outlook.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Column Mid Cap Fund  PAGE 1  TSR-AR-89834G588

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (12/11/2023)
Column Mid Cap Fund	15.70
S&P 500 Total Return Index	23.44
Russell Midcap Total Return Index	17.63

Visit https://columnfunds.com/performance for more recent performance information.

* 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$921,893,354
Number of Holdings	705
Net Advisory Fee	$1,760,377
Portfolio Turnover	28%

WHAT DID THE FUND INVEST IN? (% of investments as of  August 31, 2024)

Sector Breakdown*

Top Holdings	(%)
First American Government Obligations Fund	2.2%
Monolithic Power Systems, Inc.	1.2%
Houlihan Lokey, Inc.	1.1%
AMETEK, Inc.	1.1%
Cooper Cos., Inc.	1.1%
Equifax, Inc.	1.0%
Westinghouse Air Brake Technologies Corp.	0.9%
Cencora, Inc.	0.8%
Lennox International, Inc.	0.8%
Ross Stores, Inc.	0.8%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit  https://columnfunds.com/literature

Column Mid Cap Fund  PAGE 2  TSR-AR-89834G588

11570123441176324.516.314.011.38.84.94.54.23.87.7

(b) Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Akers and Lisa Zúñiga Ramírez are the “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 8/31/2024	FYE 8/31/2023
(a) Audit Fees	$66,000	$0
(b) Audit-Related Fees	$0	$0
(c) Tax Fees	$12,000	$0
(d) All Other Fees	$0	$0

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 8/31/2024	FYE 8/31/2023
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

Non-Audit Related Fees	FYE 8/31/2024	FYE 8/31/2023
Registrant	$0	$0
Registrant’s Investment Adviser	$0	$0

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form.

(b) Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

 

Column Small Cap Select Fund

Column Small Cap Fund

Column Mid Cap Select Fund

Column Mid Cap Fund

Annual Report

August 31, 2024

Investment Adviser

Mason Street Advisors, LLC

720 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

TABLE OF CONTENTS

			Page
Schedules of Investments
Column Small Cap Select Fund			1
Column Small Cap Fund			7
Column Mid Cap Select Fund			21
Column Mid Cap Fund			25
Statements of Assets and Liabilities			36
Statements of Operations			37
Statements of Changes in Net Assets			38
Financial Highlights
Column Small Cap Select Fund			42
Column Small Cap Fund			43
Column Mid Cap Select Fund			44
Column Mid Cap Fund			45
Notes to Financial Statements			46
Report of Independent Registered Public Accounting Firm			56

Column Small Cap Select Fund

Schedule of Investments

August 31, 2024

			Shares			Value
COMMON STOCKS — 93.5%
Aerospace & Defense — 2.3%
AeroVironment, Inc.(a)			6,026			$  1,227,858
Axon Enterprise, Inc.(a)			13,259			4,839,137
BWX Technologies, Inc.			25,395			2,615,685
Curtiss-Wright Corp.			9,782			3,089,743
Embraer SA - ADR(a)			75,153			2,497,334
Leonardo DRS, Inc.(a)			71,110			2,029,479
Loar Holdings, Inc.(a)			14,485			1,074,208
Mercury Systems, Inc.(a)			52,097			1,974,476
Moog, Inc. - Class A			7,179			1,417,135
V2X, Inc.(a)			58,711			3,325,978
						24,091,033
Automobile Components — 0.4%
Fox Factory Holding Corp.(a)			9,061			366,789
Modine Manufacturing Co.(a)			29,568			3,593,991
						3,960,780
Banks — 6.9%
Banc of California, Inc.			133,770			1,902,209
Bank of Hawaii Corp.			8,794			583,658
Cadence Bank			106,790			3,447,181
Comerica, Inc.			88,630			5,061,659
Community Financial System, Inc.			19,651			1,201,855
Cullen/Frost Bankers, Inc.			9,069			1,017,814
Customers Bancorp, Inc.(a)			19,308			1,000,541
Dime Community Bancshares, Inc.			311,455			8,100,945
First Financial Bankshares, Inc.			22,486			822,313
Glacier Bancorp, Inc.			19,274			911,660
Huntington Bancshares, Inc./OH			208,217			3,117,008
Independent Bank Corp/MI			106,390			3,604,493
Lakeland Financial Corp.			7,311			498,245
National Bank Holdings Corp. - Class A			73,602			3,224,504
Popular, Inc.			88,230			9,043,575
Prosperity Bancshares, Inc.			134,381			9,887,754
Stock Yards Bancorp, Inc.			8,374			507,464
Texas Capital Bancshares, Inc.(a)			48,833			3,282,554
United Bankshares, Inc./WV			87,565			3,403,652
United Community Banks, Inc./GA			24,329			741,305
Western Alliance Bancorp			90,302			7,375,867
Zions Bancorp NA			96,620			4,788,487
						73,524,743
Beverages — 0.3%
Coca-Cola Consolidated, Inc.			2,628			3,527,827
Biotechnology — 3.8%
Apogee Therapeutics, Inc.(a)			44,922			2,298,659
Avidity Biosciences, Inc.(a)			22,649			996,556
Blueprint Medicines Corp.(a)			9,716			928,267
CareDx, Inc.(a)			162,734			5,000,816

			Shares			Value
Crinetics Pharmaceuticals, Inc.(a)			103,444			$  5,488,739
Halozyme Therapeutics, Inc.(a)			90,254			5,762,718
Insmed, Inc.(a)			3,578			273,610
Krystal Biotech, Inc.(a)			6,282			1,225,744
Kymera Therapeutics, Inc.(a)			40,110			1,939,719
Merus NV(a)			31,170			1,589,358
Natera, Inc.(a)			23,782			2,812,459
Nuvalent, Inc. - Class A(a)			19,401			1,651,607
Rhythm Pharmaceuticals, Inc.(a)			12,735			602,238
Ultragenyx Pharmaceutical, Inc.(a)			37,394			2,123,231
Vaxcyte, Inc.(a)			49,547			4,001,416
Xenon Pharmaceuticals, Inc.(a)			77,730			3,135,628
						39,830,765
Building Products — 1.8%
AAON, Inc.			67,620			6,458,386
Armstrong World Industries, Inc.			3,577			453,421
CSW Industrials, Inc.			6,056			2,044,688
Hayward Holdings, Inc.(a)			48,236			715,822
Janus International Group, Inc.(a)			326,495			3,588,180
JELD-WEN Holding, Inc.(a)			83,230			1,185,195
Resideo Technologies, Inc.(a)			207,076			4,174,652
Simpson Manufacturing Co., Inc.			2,999			548,997
						19,169,341
Capital Markets — 2.6%
Artisan Partners Asset Management, Inc. - Class A			79,390			3,301,830
BGC Group, Inc. - Class A			1,523,822			15,055,361
Evercore, Inc. - Class A			13,497			3,316,753
Hamilton Lane, Inc. - Class A			4,475			683,959
Houlihan Lokey, Inc.			6,204			971,670
Perella Weinberg Partners			227,965			4,456,716
						27,786,289
Chemicals — 3.7%
Ashland, Inc.			71,496			6,398,892
Aspen Aerogels, Inc.(a)			69,220			1,985,922
Axalta Coating Systems Ltd.(a)			96,565			3,524,622
Chemours Co.			157,410			3,060,050
Element Solutions, Inc.			355,208			9,498,262
Kronos Worldwide, Inc.			312,794			3,615,899
Rayonier Advanced Materials, Inc.(a)			1,357,446			10,832,419
						38,916,066
Commercial Services & Supplies — 1.3%
Casella Waste Systems, Inc. - Class A(a)			4,518			487,312
Clean Harbors, Inc.(a)			8,247			2,027,937
Enviri Corp.(a)			210,311			2,513,216
MSA Safety, Inc.			2,812			513,556
OPENLANE, Inc.(a)			144,560			2,505,225

The accompanying notes are an integral part of these financial statements.

1

Column Small Cap Select Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Commercial Services & Supplies — (Continued)
Rollins, Inc.			17,989			$    902,688
Tetra Tech, Inc.			21,529			5,118,304
						14,068,238
Communications Equipment — 1.2%
Ciena Corp.(a)			99,127			5,714,672
Ribbon Communications, Inc.(a)			641,423			2,187,252
Viasat, Inc.(a)			217,835			3,420,009
Viavi Solutions, Inc.(a)			141,595			1,219,133
						12,541,066
Construction & Engineering — 2.7%
Arcosa, Inc.			208,518			19,077,312
Comfort Systems USA, Inc.			6,205			2,193,592
EMCOR Group, Inc.			2,926			1,150,093
Sterling Infrastructure, Inc.(a)			13,111			1,567,158
Valmont Industries, Inc.			16,933			4,838,774
						28,826,929
Construction Materials — 0.4%
Eagle Materials, Inc.			7,816			2,014,574
Knife River Corp.(a)			31,302			2,468,789
						4,483,363
Consumer Finance — 1.2%
Bread Financial Holdings, Inc.			19,918			1,158,630
FirstCash Holdings, Inc.			91,985			11,046,479
						12,205,109
Consumer Staples Distribution & Retail — 0.7%
Grocery Outlet Holding Corp.(a)			212,653			4,027,648
Sprouts Farmers Market, Inc.(a)			30,561			3,179,872
						7,207,520
Containers & Packaging — 0.6%
AptarGroup, Inc.			7,527			1,153,061
Avery Dennison Corp.			22,941			5,089,461
						6,242,522
Distributors — 0.1%
Pool Corp.			4,000			1,406,480
Diversified Consumer Services — 0.7%
Bright Horizons Family Solutions, Inc.(a)			15,394			2,166,244
Stride, Inc.(a)			57,427			4,728,539
						6,894,783
Electric Utilities — 0.8%
ALLETE, Inc.			30,559			1,942,024
IDACORP, Inc.			4,734			482,442
Portland General Electric Co.			134,379			6,464,974
						8,889,440

			Shares			Value
Electrical Equipment — 0.2%
Babcock & Wilcox Enterprises, Inc.(a)			244,145			$    288,091
Bloom Energy Corp. - Class A(a)			80,579			959,696
Enovix Corp.(a)			110,045			1,047,628
						2,295,415
Electronic Equipment, Instruments & Components — 3.1%
Advanced Energy Industries, Inc.			5,932			629,326
Badger Meter, Inc.			6,806			1,408,434
Celestica, Inc.(a)			69,006			3,513,785
Coherent Corp.(a)			66,047			5,148,364
Fabrinet(a)			18,426			4,489,495
Innoviz Technologies Ltd.(a)			210,506			138,723
Insight Enterprises, Inc.(a)			18,730			4,065,721
IPG Photonics Corp.(a)			13,037			891,340
Itron, Inc.(a)			35,227			3,600,904
Littelfuse, Inc.			6,579			1,790,804
Napco Security Technologies, Inc.			25,700			1,191,966
nLight, Inc.(a)			50,248			599,961
Novanta, Inc.(a)			5,841			1,070,538
OSI Systems, Inc.(a)			17,010			2,549,289
Rogers Corp.(a)			4,879			523,321
Teledyne Technologies, Inc.(a)			3,772			1,632,522
						33,244,493
Energy Equipment & Services — 1.4%
Cactus, Inc. - Class A			11,624			691,861
Dril-Quip, Inc.(a)			35,711			582,446
Oceaneering International, Inc. (a)			31,717			856,042
Patterson-UTI Energy, Inc.			259,854			2,393,255
TechnipFMC PLC			202,581			5,437,274
TETRA Technologies, Inc.(a)			431,228			1,371,305
Tidewater, Inc.(a)			30,111			2,670,846
Transocean Ltd.(a)			81,120			384,509
						14,387,538
Entertainment — 0.2%
Lions Gate Entertainment Corp. - Class B(a)			299,342			2,071,447
Financial Services — 0.4%
Cannae Holdings, Inc.			29,974			600,080
Federal Agricultural Mortgage Corp. - Class C			10,518			2,076,989
Jack Henry & Associates, Inc.			4,189			724,823
Shift4 Payments, Inc. - Class A (a)			7,644			635,216
						4,037,108
Food Products — 1.8%
Freshpet, Inc.(a)			24,768			3,368,448
Hain Celestial Group, Inc.(a)			121,577			972,616
Nomad Foods Ltd.			634,005			11,919,294

The accompanying notes are an integral part of these financial statements.

2

Column Small Cap Select Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Food Products — (Continued)
TreeHouse Foods, Inc.(a)			52,085			$  2,140,173
Utz Brands, Inc.			26,199			442,501
						18,843,032
Gas Utilities — 0.5%
Atmos Energy Corp.			20,790			2,718,085
Chesapeake Utilities Corp.			540			63,947
New Jersey Resources Corp.			57,336			2,655,230
						5,437,262
Ground Transportation — 0.4%
RXO, Inc.(a)			128,872			3,667,697
Saia, Inc.(a)			2,147			806,907
						4,474,604
Health Care Equipment & Supplies — 4.6%
Accuray, Inc.(a)			295,047			643,202
AtriCure, Inc.(a)			45,888			1,202,725
Avanos Medical, Inc.(a)			49,781			1,205,696
CytoSorbents Corp.(a)			6,648			6,980
Enovis Corp.(a)			312,576			14,566,042
Glaukos Corp.(a)			28,489			3,814,392
Globus Medical, Inc. - Class A(a)			58,995			4,288,937
Haemonetics Corp.(a)			56,523			4,272,008
Integer Holdings Corp.(a)			15,719			2,044,570
Integra LifeSciences Holdings Corp.(a)			43,489			884,566
Lantheus Holdings, Inc.(a)			10,896			1,160,097
OraSure Technologies, Inc.(a)			180,879			810,338
QuidelOrtho Corp.(a)			3,589			151,635
RxSight, Inc.(a)			14,415			812,862
Tandem Diabetes Care, Inc.(a)			25,699			1,117,907
TransMedics Group, Inc.(a)			50,709			8,522,155
UFP Technologies, Inc.(a)			3,703			1,263,575
Varex Imaging Corp.(a)			62,884			784,792
Zimvie, Inc.(a)			65,507			1,135,891
						48,688,370
Health Care Providers & Services — 3.1%
Acadia Healthcare Co., Inc.(a)			107,080			8,773,064
AMN Healthcare Services, Inc. (a)			56,390			2,990,362
Chemed Corp.			3,104			1,819,472
CorVel Corp.(a)			1,817			582,766
HealthEquity, Inc.(a)			45,475			3,617,991
Molina Healthcare, Inc.(a)			7,660			2,679,391
Patterson Cos., Inc.			72,156			1,622,789
Tenet Healthcare Corp.(a)			63,741			10,570,808
						32,656,643
Hotels, Restaurants & Leisure — 2.7%
Cava Group, Inc.(a)			23,107			2,635,122
Dutch Bros, Inc. - Class A(a)			57,774			1,790,994
International Game Technology PLC			239,678			5,366,390

			Shares			Value
Krispy Kreme, Inc.			62,996			$    709,965
Life Time Group Holdings, Inc.(a)			81,222			1,910,342
PlayAGS, Inc.(a)			524,505			5,937,397
Red Rock Resorts, Inc. - Class A			60,930			3,551,000
Sweetgreen, Inc. - Class A(a)			66,749			2,109,936
Texas Roadhouse, Inc.			9,841			1,660,669
United Parks & Resorts, Inc.(a)			18,482			909,684
Wingstop, Inc.			5,844			2,256,427
						28,837,926
Household Durables — 1.5%
Champion Homes, Inc.(a)			67,681			6,322,083
Installed Building Products, Inc.			23,345			5,189,827
Meritage Homes Corp.			5,859			1,160,492
Tempur Sealy International, Inc.			43,977			2,305,714
Whirlpool Corp.			5,328			534,345
						15,512,461
Household Products — 0.1%
Church & Dwight Co., Inc.			4,164			424,228
WD-40 Co.			3,462			909,952
						1,334,180
Independent Power and Renewable Electricity Producers — 1.1%
Ormat Technologies, Inc.			72,759			5,422,728
Vistra Corp.			78,180			6,678,918
						12,101,646
Insurance — 4.3%
AMERISAFE, Inc.			12,143			608,607
Baldwin Insurance Group, Inc. - Class A(a)			54,114			2,537,405
Fidelis Insurance Holdings Ltd.			517,554			9,585,100
First American Financial Corp.			78,775			5,025,845
Hagerty, Inc. - Class A(a)			28,627			341,806
HCI Group, Inc.			13,042			1,249,815
Kemper Corp.			272,715			17,047,415
Oscar Health, Inc. - Class A(a)			79,759			1,459,590
Palomar Holdings, Inc.(a)			13,305			1,320,122
RLI Corp.			8,189			1,261,925
Selective Insurance Group, Inc.			36,115			3,285,743
Skyward Specialty Insurance Group, Inc.(a)			34,375			1,404,906
Stewart Information Services Corp.			8,063			595,936
White Mountains Insurance Group Ltd.			215			396,512
						46,120,727
Interactive Media & Services — 0.8%
Cars.com, Inc.(a)			388,136			6,924,346
MediaAlpha, Inc. - Class A(a)			49,082			873,660
QuinStreet, Inc.(a)			31,302			598,181
						8,396,187

The accompanying notes are an integral part of these financial statements.

3

Column Small Cap Select Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
IT Services — 1.0%
Kyndryl Holdings, Inc.(a)			230,674			$  5,464,667
Unisys Corp.(a)			259,950			1,437,524
Wix.com Ltd.(a)			23,065			3,843,090
						10,745,281
Life Sciences Tools & Services — 0.6%
Bio-Techne Corp.			22,465			1,662,185
Charles River Laboratories International, Inc.(a)			9,155			1,810,401
ICON PLC(a)			3,338			1,075,036
Standard BioTools, Inc.(a)			239,040			509,155
Stevanato Group SpA			25,480			557,503
West Pharmaceutical Services, Inc.			2,344			735,149
						6,349,429
Machinery — 3.2%
Alamo Group, Inc.			16,760			3,107,304
Allison Transmission Holdings, Inc.			16,321			1,513,773
Crane Co.			19,380			3,069,405
Enerpac Tool Group Corp.			12,043			496,653
Enpro, Inc.			2,918			469,302
Esab Corp.			11,877			1,246,729
ESCO Technologies, Inc.			6,280			753,035
Federal Signal Corp.			57,586			5,441,301
Franklin Electric Co., Inc.			20,155			2,093,298
Graco, Inc.			9,179			765,070
Helios Technologies, Inc.			24,307			1,074,126
Hillman Solutions Corp.(a)			53,333			530,663
Kadant, Inc.			5,440			1,746,947
Lindsay Corp.			5,233			649,154
Markforged Holding Corp.(a)			173,905			43,650
Nordson Corp.			2,941			754,543
Omega Flex, Inc.			2,582			121,870
RBC Bearings, Inc.(a)			6,795			2,023,891
SPX Technologies, Inc.(a)			25,267			4,122,058
Standex International Corp.			6,001			1,072,079
Stratasys Ltd.(a)			230,291			1,582,099
Toro Co.			13,072			1,210,467
						33,887,417
Marine Transportation — 0.6%
Kirby Corp.(a)			53,350			6,397,732
Media — 1.0%
Criteo SA - ADR(a)			160,336			7,604,736
Magnite, Inc.(a)			76,092			1,049,309
Nexstar Media Group, Inc.			9,200			1,572,096
TechTarget, Inc.(a)			9,495			253,042
						10,479,183
Metals & Mining — 1.7%
ATI, Inc.(a)			31,229			1,994,909
Carpenter Technology Corp.			8,509			1,231,848

			Shares			Value
Cleveland-Cliffs, Inc.(a)			192,457			$  2,513,488
ERO Copper Corp.(a)			348,729			7,166,381
Materion Corp.			30,720			3,564,749
Pan American Silver Corp.			101,454			2,050,385
						18,521,760
Multi-Utilities — 0.3%
Northwestern Energy Group, Inc.			48,530			2,639,547
Oil, Gas & Consumable Fuels — 2.8%
Antero Resources Corp.(a)			59,730			1,612,113
Cameco Corp.			60,901			2,487,197
CNX Resources Corp.(a)			124,377			3,441,512
Devon Energy Corp.			75,192			3,367,098
International Seaways, Inc.			64,357			3,335,623
Kosmos Energy Ltd.(a)			1,318,706			6,422,098
Matador Resources Co.			35,780			2,029,442
Murphy Oil Corp.			45,490			1,695,867
Permian Resources Corp.			160,305			2,282,743
Sitio Royalties Corp. - Class A			41,178			915,387
Texas Pacific Land Corp.			488			424,018
Uranium Energy Corp.(a)			292,845			1,531,579
Viper Energy, Inc.			12,607			600,093
						30,144,770
Personal Care Products — 0.4%
BellRing Brands, Inc.(a)			34,146			1,909,786
Coty, Inc. - Class A(a)			298,480			2,799,742
						4,709,528
Pharmaceuticals — 0.9%
Amneal Pharmaceuticals, Inc.(a)			195,796			1,695,593
Amphastar Pharmaceuticals, Inc.(a)			10,872			529,901
Edgewise Therapeutics, Inc.(a)			17,721			332,269
Innoviva, Inc.(a)			187,107			3,626,134
Intra-Cellular Therapies, Inc.(a)			16,662			1,220,991
Structure Therapeutics, Inc. - ADR(a)			45,229			1,724,582
						9,129,470
Professional Services — 3.2%
Alight, Inc. - Class A(a)			159,392			1,189,064
CBIZ, Inc.(a)			5,967			439,171
Clarivate PLC(a)			2,007,246			13,769,708
Conduent, Inc.(a)			616,400			2,354,648
CRA International, Inc.			3,969			669,173
Exponent, Inc.			15,631			1,692,368
FTI Consulting, Inc.(a)			4,117			939,952
KBR, Inc.			94,786			6,574,357
Kforce, Inc.			40,695			2,669,185
Korn Ferry			15,630			1,141,772
Parsons Corp.(a)			24,019			2,292,854
						33,732,252

The accompanying notes are an integral part of these financial statements.

4

Column Small Cap Select Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Real Estate Management & Development — 0.7%
Colliers International Group, Inc.			2,182			$    314,775
Compass, Inc. - Class A(a)			177,583			911,001
Cushman & Wakefield PLC(a)			363,865			4,730,245
FirstService Corp.			10,004			1,801,220
						7,757,241
Semiconductors & Semiconductor Equipment — 5.1%
Amkor Technology, Inc.			30,231			994,600
Camtek Ltd./Israel			13,418			1,221,306
CEVA, Inc.(a)			34,271			820,448
Credo Technology Group Holding Ltd.(a)			92,754			3,238,042
indie Semiconductor, Inc. - Class A(a)			127,425			528,814
Lattice Semiconductor Corp.(a)			28,768			1,362,452
MACOM Technology Solutions Holdings, Inc.(a)			34,699			3,790,172
MaxLinear, Inc.(a)			41,600			631,488
MKS Instruments, Inc.			6,937			827,099
Onto Innovation, Inc.(a)			16,603			3,540,092
Power Integrations, Inc.			22,304			1,496,598
Rambus, Inc.(a)			123,314			5,514,602
Semtech Corp.(a)			97,312			4,264,212
Silicon Motion Technology Corp. - ADR			48,566			3,087,341
SiTime Corp.(a)			7,087			1,025,205
SMART Global Holdings, Inc.(a)			149,476			3,097,143
Tower Semiconductor Ltd.(a)			240,899			10,645,327
Veeco Instruments, Inc.(a)			201,915			7,165,963
Wolfspeed, Inc.(a)			107,574			1,048,846
						54,299,750
Software — 6.4%
8x8, Inc.(a)			3,105,423			5,838,195
Adeia, Inc.			160,774			2,025,752
Alkami Technology, Inc.(a)			33,114			1,104,021
Appfolio, Inc. - Class A(a)			7,504			1,740,853
Aspen Technology, Inc.(a)			5,438			1,273,253
Box, Inc. - Class A(a)			45,048			1,468,565
Clearwater Analytics Holdings, Inc. - Class A(a)			50,521			1,251,910
Cognyte Software Ltd.(a)			263,533			2,018,663
CommVault Systems, Inc.(a)			21,166			3,289,196
Computer Modelling Group Ltd.			29,434			273,442
CyberArk Software Ltd.(a)			10,593			3,037,437
Elastic NV(a)			4,083			311,084
Fair Isaac Corp.(a)			1,354			2,342,785
Manhattan Associates, Inc.(a)			9,002			2,380,399
Monday.com Ltd.(a)			11,684			3,106,659
Nutanix, Inc. - Class A(a)			13,193			833,666
OneSpan, Inc.(a)			78,965			1,272,916

			Shares			Value
Ooma, Inc.(a)			306,600			$  3,188,640
Qualys, Inc.(a)			11,969			1,498,160
Radware Ltd.(a)			52,578			1,146,200
Silvaco Group, Inc.(a)			163,171			2,520,992
SPS Commerce, Inc.(a)			14,932			2,982,518
Teradata Corp.(a)			155,697			4,396,883
Terawulf, Inc.(a)			200,684			874,982
Tyler Technologies, Inc.(a)			2,323			1,365,622
UiPath, Inc. - Class A(a)			41,370			532,846
Varonis Systems, Inc.(a)			59,335			3,358,361
Verint Systems, Inc.(a)			305,754			9,646,539
Vertex, Inc. - Class A(a)			55,979			2,165,827
Xperi, Inc.(a)			127,238			1,122,239
						68,368,605
Specialty Retail — 2.5%
Abercrombie & Fitch Co. - Class A(a)			10,162			1,499,606
American Eagle Outfitters, Inc.			39,541			813,754
Asbury Automotive Group, Inc.(a)			6,961			1,709,900
Boot Barn Holdings, Inc.(a)			6,166			827,292
Caleres, Inc.			41,280			1,739,126
Carvana Co.(a)			19,506			2,937,994
Floor & Decor Holdings, Inc. - Class A(a)			9,432			1,060,534
Lithia Motors, Inc.			5,331			1,605,057
ODP Corp.(a)			42,772			1,319,516
Signet Jewelers Ltd.			17,845			1,500,765
Tractor Supply Co.			3,393			907,797
Valvoline, Inc.(a)			68,233			2,879,433
Warby Parker, Inc. - Class A(a)			122,505			1,827,775
Wayfair, Inc. - Class A(a)			119,585			5,088,342
Winmark Corp.			2,079			749,687
						26,466,578
Textiles, Apparel & Luxury Goods — 1.6%
Gildan Activewear, Inc.			346,695			15,819,693
Under Armour, Inc. - Class C(a)			184,066			1,373,132
						17,192,825
Trading Companies & Distributors — 3.8%
AerCap Holdings NV			62,441			6,083,002
Air Lease Corp.			239,640			11,088,143
Applied Industrial Technologies, Inc.			6,305			1,293,282
Beacon Roofing Supply, Inc.(a)			60,815			5,509,839
FTAI Aviation Ltd.			37,414			4,781,883
GATX Corp.			18,915			2,668,906
McGrath RentCorp			26,775			2,895,716
Richelieu Hardware Ltd.			14,317			416,625
Rush Enterprises, Inc. - Class A			64,775			3,413,643
SiteOne Landscape Supply, Inc.(a)			3,957			561,340

The accompanying notes are an integral part of these financial statements.

5

Column Small Cap Select Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Trading Companies & Distributors — (Continued)
Transcat, Inc.(a)			5,182			$     639,770
Watsco, Inc.			2,927			1,391,554
						40,743,703
Water Utilities — 0.0%(b)
American States Water Co.			3,100			252,402
TOTAL COMMON STOCKS (Cost $887,587,943)						993,828,806
REAL ESTATE INVESTMENT TRUSTS — 3.2%
AGNC Investment Corp.			344,485			3,517,192
Brixmor Property Group, Inc.			381,060			10,437,233
Equity Commonwealth(a)			500,539			10,145,926
MFA Financial, Inc.			233,310			2,921,041
NNN REIT, Inc.			77,450			3,639,375
STAG Industrial, Inc.			89,460			3,630,287
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $30,797,295)						34,291,054

			Shares			Value
SHORT-TERM INVESTMENTS — 3.2%
Money Market Funds — 3.2%
First American Government Obligations Fund - Class X, 5.22%(c)			34,096,025			$34,096,025
TOTAL SHORT-TERM INVESTMENTS (Cost $34,096,025)						34,096,025
TOTAL INVESTMENTS — 99.9% (Cost $952,481,263)						$1,062,215,885
Other Assets in Excess of Liabilities - 0.1%						559,557
TOTAL NET ASSETS — 100.0%						$1,062,775,442

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by the Adviser.

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)
Non-income producing security.

(b)
Represents less than 0.05% of net assets.

(c)
The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

6

Column Small Cap Fund

Schedule of Investments

August 31, 2024

			Shares			Value
COMMON STOCKS — 94.7%
Aerospace & Defense — 1.8%
AAR Corp.(a)			8,175			$   537,751
Babcock International Group PLC			109,043			751,710
BWX Technologies, Inc.			7,720			795,160
CAE, Inc.(a)			28,924			517,462
Embraer SA - ADR(a)			7,840			260,523
Hexcel Corp.			9,713			614,736
Leonardo DRS, Inc.(a)			19,608			559,612
Melrose Industries PLC			82,170			524,759
Mercury Systems, Inc.(a)			10,398			394,084
Moog, Inc. - Class A			1,519			299,851
QinetiQ Group PLC			286,900			1,821,873
Senior PLC			317,578			690,404
						7,767,925
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)			6,614			111,512
GXO Logistics, Inc.(a)			15,636			782,582
Hub Group, Inc. - Class A			6,893			324,867
						1,218,961
Automobile Components — 1.1%
American Axle & Manufacturing Holdings, Inc.(a)			13,181			84,754
Dana, Inc.			15,775			178,100
Fox Factory Holding Corp.(a)			51,169			2,071,321
Gentherm, Inc.(a)			8,784			443,943
Goodyear Tire & Rubber Co.(a)			28,326			249,835
Holley, Inc.(a)			143,835			464,587
LCI Industries			4,296			506,241
Motorcar Parts of America, Inc.(a)			1,574			10,436
Patrick Industries, Inc.			1,890			244,226
Phinia, Inc.			5,399			258,936
Standard Motor Products, Inc.			1,794			57,964
Stoneridge, Inc.(a)			2,330			33,412
Visteon Corp.(a)			2,226			225,338
						4,829,093
Automobiles — 0.3%
Harley-Davidson, Inc.			12,570			470,621
Thor Industries, Inc.			2,576			276,301
Winnebago Industries, Inc.			5,730			341,852
						1,088,774
Banks — 10.2%
1st Source Corp.			773			47,497
ACNB Corp.			668			28,069
Amalgamated Financial Corp.			1,815			59,877
Amerant Bancorp, Inc.			2,129			46,966
Ameris Bancorp			4,820			297,057
Arrow Financial Corp.			1,187			36,192
Associated Banc-Corp.			10,060			230,173

			Shares			Value
Atlantic Union Bankshares Corp.			10,948			$   434,417
Axos Financial, Inc.(a)			4,138			287,301
Banc of California, Inc.			36,994			526,055
BancFirst Corp.			25			2,660
Bancorp, Inc.(a)			8,563			448,701
Bank of Hawaii Corp.			4,950			328,531
Bank of Marin Bancorp			923			19,743
Bank of NT Butterfield & Son Ltd.			3,631			138,886
Bank OZK			8,659			375,368
BankUnited, Inc.			5,040			193,687
Banner Corp.			2,340			139,394
Bar Harbor Bankshares			953			30,553
BayCom Corp.			438			10,087
Berkshire Hills Bancorp, Inc.			2,711			74,661
BOK Financial Corp.			797			83,645
Bridgewater Bancshares, Inc.(a)			765			11,031
Brookline Bancorp, Inc.			5,515			56,418
Business First Bancshares, Inc.			1,960			47,863
Byline Bancorp, Inc.			2,079			57,692
C&F Financial Corp.			123			7,136
Cadence Bank			32,470			1,048,132
Camden National Corp.			10,757			430,065
Capital Bancorp, Inc.			382			9,772
Capital City Bank Group, Inc.			856			29,549
Carter Bankshares, Inc.(a)			1,424			24,635
Cathay General Bancorp			4,726			207,897
Central Pacific Financial Corp.			1,922			52,874
Chemung Financial Corp.			162			7,562
ChoiceOne Financial Services, Inc.			568			17,693
City Holding Co.			20			2,375
CNB Financial Corp./PA			1,526			37,097
Coastal Financial Corp./WA(a)			707			37,945
Colony Bankcorp, Inc.			628			9,426
Columbia Banking System, Inc.			74,272			1,870,169
Comerica, Inc.			26,950			1,539,114
Community Financial System, Inc.			3,975			243,111
Community Trust Bancorp, Inc.			1,100			55,550
Community West Bancshares			426			8,690
ConnectOne Bancorp, Inc.			2,576			64,400
CrossFirst Bankshares, Inc.(a)			2,964			51,574
Cullen/Frost Bankers, Inc.			1,821			204,371
Customers Bancorp, Inc.(a)			2,735			141,728
Dime Community Bancshares, Inc.			2,761			71,814
Eagle Bancorp, Inc.			1,978			43,061
Eastern Bankshares, Inc.			2,458			41,712
Enterprise Financial Services Corp.			7,806			413,015
Esquire Financial Holdings, Inc.			481			29,596
Evans Bancorp, Inc.			201			7,137
FB Financial Corp.			50			2,411

The accompanying notes are an integral part of these financial statements.

7

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Banks — (Continued)
Fidelity D&D Bancorp, Inc.			329			$    17,759
Financial Institutions, Inc.			1,179			30,678
First BanCorp/Puerto Rico			50,305			1,075,521
First Bancorp/Southern Pines NC			15,137			643,020
First Bancshares, Inc.			38			1,302
First Bank/Hamilton NJ			1,610			24,778
First Busey Corp.			3,646			98,624
First Business Financial Services, Inc.			559			25,362
First Commonwealth Financial Corp.			73,291			1,262,071
First Financial Bancorp			5,907			156,358
First Financial Bankshares, Inc.			4,507			164,821
First Financial Corp./IN			764			34,151
First Foundation, Inc.			66			465
First Interstate BancSystem, Inc. - Class A			45,210			1,403,770
First Merchants Corp.			4,030			157,170
First Mid Bancshares, Inc.			1,408			56,714
First of Long Island Corp.			696			8,888
Flushing Financial Corp.			1,703			24,864
FNB Corp./PA			24,141			361,632
FS Bancorp, Inc.			253			11,089
Fulton Financial Corp.			11,858			229,452
German American Bancorp, Inc.			13,825			554,521
Glacier Bancorp, Inc.			3,898			184,375
Great Southern Bancorp, Inc.			702			41,811
Hancock Whitney Corp.			6,700			359,991
Hanmi Financial Corp.			2,235			44,275
HarborOne Bancorp, Inc.			59			779
HBT Financial, Inc.			457			10,246
Heartland Financial USA, Inc.			2,566			143,080
Heritage Commerce Corp.			4,001			40,730
Heritage Financial Corp./WA			2,301			52,555
HomeStreet, Inc.			24			384
HomeTrust Bancshares, Inc.			999			36,424
Hope Bancorp, Inc.			7,690			98,355
Horizon Bancorp, Inc./IN			2,971			47,595
Huntington Bancshares, Inc./OH			41,747			624,953
Independent Bank Corp.			2,737			173,279
Independent Bank Corp./MI			1,675			56,749
International Bancshares Corp.			4,105			259,354
Kearny Financial Corp./MD			76			518
Lakeland Financial Corp.			1,478			100,726
Mercantile Bank Corp.			1,209			55,590
Metrocity Bankshares, Inc.			1,332			40,826
Metropolitan Bank Holding Corp.(a)			738			38,162
Mid Penn Bancorp, Inc.			976			29,485
Midland States Bancorp, Inc.			1,681			38,276

			Shares			Value
MidWestOne Financial Group, Inc.			651			$    19,022
MVB Financial Corp.			672			14,112
National Bank Holdings Corp. - Class A			10,942			479,369
National Bankshares, Inc.			209			6,312
Northeast Bank			475			33,730
Northfield Bancorp, Inc.			2,447			29,658
Northrim BanCorp, Inc.			428			29,519
Northwest Bancshares, Inc.			7,200			99,720
OceanFirst Financial Corp.			3,769			67,352
OFG Bancorp			3,977			182,902
Old National Bancorp/IN			22,819			452,957
Old Second Bancorp, Inc.			3,088			52,589
Orange County Bancorp, Inc.			178			10,226
Origin Bancorp, Inc.			1,997			66,840
Orrstown Financial Services, Inc.			1,120			40,096
Pathward Financial, Inc.			1,760			121,123
Peapack-Gladstone Financial Corp.			1,094			31,245
Penns Woods Bancorp, Inc.			73			1,640
Peoples Bancorp, Inc./OH			16,066			514,112
Peoples Financial Services Corp.			433			20,615
Popular, Inc.			8,531			874,427
Premier Financial Corp.			2,483			62,224
Primis Financial Corp.			1,683			20,448
Prosperity Bancshares, Inc.			22,753			1,674,166
QCR Holdings, Inc.			1,174			90,551
RBB Bancorp			1,252			28,746
Red River Bancshares, Inc.			162			8,604
Republic Bancorp, Inc./KY - Class A			583			37,254
S&T Bancorp, Inc.			2,499			107,382
Sandy Spring Bancorp, Inc.			14,664			458,983
Seacoast Banking Corp. of Florida			22,243			608,568
ServisFirst Bancshares, Inc.			41,554			3,368,367
Shore Bancshares, Inc.			1,871			26,568
Simmons First National Corp. - Class A			7,585			162,471
SmartFinancial, Inc.			996			29,113
South Plains Financial, Inc.			846			29,534
Southern First Bancshares, Inc.(a)			504			16,370
Southern Missouri Bancorp, Inc.			616			35,623
Southside Bancshares, Inc.			40			1,369
SouthState Corp.			16,230			1,575,771
Stellar Bancorp, Inc.			63			1,718
Stock Yards Bancorp, Inc.			1,728			104,717
Synovus Financial Corp.			5,217			240,608
Texas Capital Bancshares, Inc.(a)			10,540			708,499
Timberland Bancorp, Inc./WA			279			8,713
Towne Bank/Portsmouth VA			4,381			151,802

The accompanying notes are an integral part of these financial statements.

8

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Banks — (Continued)
TriCo Bancshares			16,462			$   748,363
Triumph Financial, Inc.(a)			37,700			3,166,046
TrustCo Bank Corp. NY			1,255			43,724
Trustmark Corp.			3,873			129,010
UMB Financial Corp.			2,859			296,164
United Bankshares, Inc./WV			26,625			1,034,914
United Community Banks, Inc./GA			4,919			149,882
Unity Bancorp, Inc.			290			9,840
Univest Financial Corp.			1,879			53,476
Valley National Bancorp			31,309			271,762
Veritex Holdings, Inc.			3,654			92,044
WaFd, Inc.			5,736			210,339
Washington Trust Bancorp, Inc.			1,171			38,409
Webster Financial Corp.			6,257			296,769
West BanCorp, Inc.			973			19,411
Westamerica BanCorp			1,868			96,744
Western Alliance Bancorp			21,175			1,729,574
Wintrust Financial Corp.			428			46,566
WSFS Financial Corp.			27,987			1,532,008
Zions Bancorp NA			29,510			1,462,516
						43,676,959
Beverages — 0.3%
Coca-Cola Consolidated, Inc.			800			1,073,920
MGP Ingredients, Inc.			3,385			303,262
						1,377,182
Biotechnology — 2.1%
ADMA Biologics, Inc.(a)			40,082			693,819
Alkermes PLC(a)			24,771			704,735
Arcutis Biotherapeutics, Inc.(a)			20,094			218,623
Biohaven Ltd.(a)			7,176			282,734
Blueprint Medicines Corp.(a)			4,893			467,477
Bridgebio Pharma, Inc.(a)			12,617			351,384
Celldex Therapeutics, Inc.(a)			5,848			241,698
Centessa Pharmaceuticals PLC - ADR(a)			16,055			216,743
Crinetics Pharmaceuticals, Inc.(a)			5,404			286,736
Cytokinetics, Inc.(a)			4,506			257,203
Emergent BioSolutions, Inc.(a)			6,562			54,530
Entrada Therapeutics, Inc.(a)			719			12,726
Halozyme Therapeutics, Inc.(a)			18,850			1,203,573
Insmed, Inc.(a)			9,918			758,430
Keros Therapeutics, Inc.(a)			4,061			184,166
Madrigal Pharmaceuticals, Inc.(a)			1,546			382,063
Mineralys Therapeutics, Inc.(a)			12,845			159,406
Natera, Inc.(a)			7,579			896,293
Puma Biotechnology, Inc.(a)			4,822			12,055
REVOLUTION Medicines, Inc.(a)			7,761			330,851
Twist Bioscience Corp.(a)			4,998			216,114

			Shares			Value
Vaxcyte, Inc.(a)			7,077			$   571,539
Vera Therapeutics, Inc.(a)			5,381			203,509
Viking Therapeutics, Inc.(a)			3,752			240,578
Voyager Therapeutics, Inc.(a)			334			2,191
XBiotech, Inc.(a)			876			5,606
						8,954,782
Broadline Retail — 0.9%
Dillard’s, Inc. - Class A			6			2,034
Kohl’s Corp.			14,506			281,271
Macy’s, Inc.			31,054			483,511
Nordstrom, Inc.			10,770			240,602
Ollie’s Bargain Outlet Holdings, Inc.(a)			28,771			2,576,730
Savers Value Village, Inc.(a)			33,020			292,227
						3,876,375
Building Products — 3.3%
AAON, Inc.			63,833			6,096,690
Apogee Enterprises, Inc.			2,374			158,536
Armstrong World Industries, Inc.			722			91,521
AZEK Co., Inc.(a)			21,403			912,410
CSW Industrials, Inc.			1,228			414,610
Fortune Brands Innovations, Inc.			9,680			768,689
Hayward Holdings, Inc.(a)			64,069			950,784
Insteel Industries, Inc.			7,490			257,656
Janus International Group, Inc.(a)			118,353			1,300,699
JELD-WEN Holding, Inc.(a)			73,809			1,051,040
Quanex Building Products Corp.			3,539			97,783
Resideo Technologies, Inc.(a)			41,772			842,123
Simpson Manufacturing Co., Inc.			604			110,568
UFP Industries, Inc.			7,468			908,631
						13,961,740
Capital Markets — 2.8%
Artisan Partners Asset Management, Inc. - Class A			24,140			1,003,983
BGC Group, Inc. - Class A			102,721			1,014,883
Donnelley Financial Solutions, Inc.(a)			11,784			785,521
Evercore, Inc. - Class A			2,080			511,139
FactSet Research Systems, Inc.			3,905			1,651,190
Hamilton Lane, Inc. - Class A			6,008			918,263
Houlihan Lokey, Inc.			1,254			196,401
Morningstar, Inc.			15,117			4,743,261
Oppenheimer Holdings, Inc. - Class A			365			19,236
Patria Investments Ltd. - Class A			51			588
StoneX Group, Inc.(a)			2,060			170,692
Victory Capital Holdings, Inc. - Class A			15,832			863,952
						11,879,109

The accompanying notes are an integral part of these financial statements.

9

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Chemicals — 2.5%
AdvanSix, Inc.			1,860			$    54,982
Ashland, Inc.			7,231			647,174
Aspen Aerogels, Inc.(a)			15,540			445,843
Avient Corp.			18,579			912,786
Axalta Coating Systems Ltd.(a)			29,365			1,071,822
Cabot Corp.			6,382			670,812
Chemours Co.			59,229			1,151,412
Core Molding Technologies, Inc.(a)			402			7,176
Element Solutions, Inc.			98,821			2,642,474
Elementis PLC			436,669			930,074
Hawkins, Inc.			2,353			298,055
Huntsman Corp.			18,100			399,105
Intrepid Potash, Inc.(a)			1,040			25,667
LSB Industries, Inc.(a)			5,554			44,043
Mativ Holdings, Inc.			5,663			107,370
NewMarket Corp.			10			5,738
Olin Corp.			1,360			59,391
Orion SA			6,551			122,176
Rayonier Advanced Materials, Inc.(a)			5,378			42,916
Stepan Co.			1,910			148,273
Tronox Holdings PLC			69,735			971,409
						10,758,698
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.			7,781			444,684
ACCO Brands Corp.			1,732			9,491
Acme United Corp.			469			20,678
Aris Water Solutions, Inc. - Class A			2,093			35,204
BrightView Holdings, Inc.(a)			27,017			431,462
Casella Waste Systems, Inc. - Class A(a)			8,845			954,022
Civeo Corp.			1,273			36,217
Clean Harbors, Inc.(a)			4,738			1,165,074
Driven Brands Holdings, Inc.(a)			9,738			139,643
Ennis, Inc.			2,615			62,525
Enviri Corp.(a)			44,254			528,835
HNI Corp.			16,971			913,888
Interface, Inc.			7,638			144,205
OPENLANE, Inc.(a)			29,034			503,159
Rollins, Inc.			3,636			182,455
Steelcase, Inc. - Class A			12,892			182,293
Stericycle, Inc.(a)			7,636			452,509
Tetra Tech, Inc.			1,817			431,974
UniFirst Corp./MA			2,371			449,755
Virco Mfg. Corp.			1,822			28,296
						7,116,369
Communications Equipment — 0.9%
Ciena Corp.(a)			19,996			1,152,769
Extreme Networks, Inc.(a)			25,121			395,656
Harmonic, Inc.(a)			41,201			595,354

			Shares			Value
Lumentum Holdings, Inc.(a)			5,906			$   340,245
NETGEAR, Inc.(a)			2,917			47,343
Ribbon Communications, Inc.(a)			129,407			441,278
Viasat, Inc.(a)			43,882			688,947
Viavi Solutions, Inc.(a)			28,929			249,079
						3,910,671
Construction & Engineering — 2.3%
Ameresco, Inc. - Class A(a)			4,088			124,479
Arcosa, Inc.			21,687			1,984,144
Argan, Inc.			1,629			129,196
Construction Partners, Inc. - Class A(a)			9,112			601,210
Fluor Corp.(a)			12,384			620,067
Great Lakes Dredge & Dock Corp.(a)			5,774			57,451
IES Holdings, Inc.(a)			841			156,872
Limbach Holdings, Inc.(a)			1,236			79,883
MasTec, Inc.(a)			5,155			583,185
MDU Resources Group, Inc.			21,081			541,571
MYR Group, Inc.(a)			2,499			251,899
Orion Group Holdings, Inc.(a)			4,051			30,625
Primoris Services Corp.			20,176			1,138,733
Tutor Perini Corp.(a)			3,612			86,580
Valmont Industries, Inc.			7,289			2,082,905
WillScot Holdings Corp.(a)			32,265			1,243,493
						9,712,293
Construction Materials — 0.4%
Eagle Materials, Inc.			1,590			409,822
Summit Materials, Inc. - Class A(a)			27,437			1,111,199
						1,521,021
Consumer Finance — 0.8%
Bread Financial Holdings, Inc.			16,764			975,162
EZCORP, Inc. - Class A(a)			3,639			44,469
FirstCash Holdings, Inc.			16,520			1,983,887
LendingClub Corp.(a)			5,572			67,700
Navient Corp.			5,925			100,310
OneMain Holdings, Inc.			177			8,746
PROG Holdings, Inc.			1,866			87,254
SLM Corp.			16,342			360,504
World Acceptance Corp.(a)			210			24,748
						3,652,780
Consumer Staples Distribution & Retail — 0.7%
Andersons, Inc.			4,169			212,494
Grocery Outlet Holding Corp.(a)			41,910			793,775
Ingles Markets, Inc. - Class A			1,638			121,212
Natural Grocers by Vitamin Cottage, Inc.			1,745			46,452
PriceSmart, Inc.			17,677			1,583,506
SpartanNash Co.			3,974			87,786
Sprouts Farmers Market, Inc.(a)			246			25,596
United Natural Foods, Inc.(a)			5,344			80,855

The accompanying notes are an integral part of these financial statements.

10

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Consumer Staples Distribution & Retail — (Continued)
Village Super Market, Inc. - Class A			945			$    30,382
Weis Markets, Inc.			1,459			98,599
						3,080,657
Containers & Packaging — 0.5%
AptarGroup, Inc.			3,394			519,927
Avery Dennison Corp.			4,629			1,026,944
Graphic Packaging Holding Co.			20,711			619,880
						2,166,751
Distributors — 0.1%
Pool Corp.			819			287,977
Diversified Consumer Services — 1.0%
ADT, Inc.			94,121			686,142
American Public Education, Inc.(a)			2,009			33,590
Bright Horizons Family Solutions, Inc.(a)			1,456			204,888
Duolingo, Inc.(a)			1,633			347,127
Frontdoor, Inc.(a)			2,625			126,210
Perdoceo Education Corp.			6,934			155,599
Stride, Inc.(a)			32,431			2,670,369
Universal Technical Institute, Inc.(a)			4,315			75,297
						4,299,222
Diversified Telecommunication Services — 0.0%(b)
ATN International, Inc.			1,084			29,008
Frontier Communications Parent, Inc.(a)			340			9,792
						38,800
Electric Utilities — 1.0%
ALLETE, Inc.			18,228			1,158,389
IDACORP, Inc.			7,779			792,758
Portland General Electric Co.			50,423			2,425,851
						4,376,998
Electrical Equipment — 0.6%
Atkore, Inc.			4,269			398,426
Babcock & Wilcox Enterprises, Inc.(a)			64,447			76,047
Bloom Energy Corp. - Class A(a)			16,459			196,027
EnerSys			4,022			407,549
LSI Industries, Inc.			937			14,908
Powell Industries, Inc.			1,232			206,286
Preformed Line Products Co.			12			1,439
Regal Rexnord Corp.			6,986			1,172,321
						2,473,003
Electronic Equipment, Instruments & Components — 3.3%
Advanced Energy Industries, Inc.			1,201			127,414

			Shares			Value
Avnet, Inc.			7,679			$   423,727
Bel Fuse, Inc. - Class B			1,187			80,514
Benchmark Electronics, Inc.			17,506			744,180
Celestica, Inc.(a)			15,955			812,429
Cognex Corp.			6,407			258,715
Coherent Corp.(a)			11,034			860,100
Daktronics, Inc.(a)			5,006			72,337
ePlus, Inc.(a)			2,718			260,819
Fabrinet(a)			3,310			806,481
Innoviz Technologies Ltd.(a)			43,004			28,340
Insight Enterprises, Inc.(a)			5,695			1,236,214
IPG Photonics Corp.(a)			2,618			178,993
Itron, Inc.(a)			3,522			360,019
Kimball Electronics, Inc.(a)			2,291			42,269
Knowles Corp.(a)			74,399			1,372,661
Littelfuse, Inc.			3,925			1,068,385
Methode Electronics, Inc.			2,110			21,986
Mirion Technologies, Inc.(a)			70,834			767,841
Napco Security Technologies, Inc.			7,815			362,460
nLight, Inc.(a)			10,266			122,576
Novanta, Inc.(a)			8,873			1,626,243
OSI Systems, Inc.(a)			3,468			519,749
PC Connection, Inc.			1,435			104,870
Plexus Corp.(a)			375			48,041
Rogers Corp.(a)			982			105,329
Sanmina Corp.(a)			12,516			868,360
ScanSource, Inc.(a)			3,281			167,134
Teledyne Technologies, Inc.(a)			772			334,122
TTM Technologies, Inc.(a)			11,589			225,406
Vishay Intertechnology, Inc.			12,073			243,271
Vishay Precision Group, Inc.(a)			1,019			28,135
						14,279,120
Energy Equipment & Services — 2.1%
Archrock, Inc.			19,219			388,800
Atlas Energy Solutions, Inc.			24,551			517,781
Bristow Group, Inc.(a)			2,610			103,904
Cactus, Inc. - Class A			2,350			139,872
Dril-Quip, Inc.(a)			7,296			118,998
Expro Group Holdings NV(a)			40,303			800,418
Geospace Technologies Corp.(a)			1,709			17,637
Helix Energy Solutions Group, Inc.(a)			16,121			180,878
Helmerich & Payne, Inc.			9,150			298,565
Hunting PLC			88,150			520,669
John Wood Group PLC(a)			226,902			391,109
KLX Energy Services Holdings, Inc.(a)			1,416			10,422
Kodiak Gas Services, Inc.			24,887			690,614
Liberty Energy, Inc.			19,194			395,204
Nabors Industries Ltd.(a)			597			44,996
Natural Gas Services Group, Inc.(a)			1,383			30,329

The accompanying notes are an integral part of these financial statements.

11

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Energy Equipment & Services — (Continued)
Newpark Resources, Inc.(a)			10,115			$    83,246
Oceaneering International, Inc.(a)			16,829			454,215
Oil States International, Inc.(a)			4,415			23,355
Patterson-UTI Energy, Inc.			103,074			949,312
ProFrac Holding Corp. - Class A(a)			1,642			11,248
ProPetro Holding Corp.(a)			8,962			71,158
Ranger Energy Services, Inc.			1,823			22,696
RPC, Inc.			10,137			65,080
Select Water Solutions, Inc.			11,380			131,211
Solaris Oilfield Infrastructure, Inc. - Class A			2,674			33,906
TechnipFMC PLC			37,662			1,010,848
TETRA Technologies, Inc.(a)			86,561			275,264
Tidewater, Inc.(a)			6,429			570,252
Transocean Ltd.(a)			170,204			806,767
						9,158,754
Entertainment — 0.1%
Lions Gate Entertainment Corp. - Class B(a)			60,419			418,100
Marcus Corp.			2,576			36,450
						454,550
Financial Services — 1.0%
AvidXchange Holdings, Inc.(a)			36,035			290,802
Cannae Holdings, Inc.			6,121			122,542
Enact Holdings, Inc.			1,112			39,532
Essent Group Ltd.			11,471			737,471
Federal Agricultural Mortgage Corp. - Class C			671			132,502
International Money Express, Inc.(a)			1,872			33,977
Jack Henry & Associates, Inc.			848			146,729
Jackson Financial, Inc. - Class A			8,431			758,537
Merchants Bancorp/IN			1,400			64,190
MGIC Investment Corp.			471			11,978
NMI Holdings, Inc. - Class A(a)			5,895			242,108
Payoneer Global, Inc.(a)			16,998			126,295
PennyMac Financial Services, Inc.			2,000			216,000
Radian Group, Inc.			10,232			369,887
Shift4 Payments, Inc. - Class A(a)			7,637			634,635
Walker & Dunlop, Inc.			2,441			261,333
						4,188,518
Food Products — 0.9%
B&G Foods, Inc.			5,743			48,643
Cal-Maine Foods, Inc.			5,347			385,198
Dole PLC			7,387			119,005
Fresh Del Monte Produce, Inc.			3,735			109,211
Glanbia PLC			30,101			533,827
Hain Celestial Group, Inc.(a)			24,780			198,240

			Shares			Value
John B Sanfilippo & Son, Inc.			743			$    70,488
Lamb Weston Holdings, Inc.			2,300			142,416
Nomad Foods Ltd.			55,372			1,040,994
Seaboard Corp.			27			83,980
TreeHouse Foods, Inc.(a)			21,510			883,846
Utz Brands, Inc.			5,296			89,449
WK Kellogg Co.			6,524			112,017
						3,817,314
Gas Utilities — 0.4%
Atmos Energy Corp.			4,211			550,546
Chesapeake Utilities Corp.			109			12,908
New Jersey Resources Corp.			11,617			537,983
Spire, Inc.			11,008			726,198
						1,827,635
Ground Transportation — 1.0%
ArcBest Corp.			2,471			262,667
Covenant Logistics Group, Inc.			622			32,761
Heartland Express, Inc.			3,945			48,839
Hertz Global Holdings, Inc.(a)			8,725			26,524
Knight-Swift Transportation Holdings, Inc.			29,369			1,538,348
Marten Transport Ltd.			6,237			108,836
RXO, Inc.(a)			34,175			972,620
Ryder System, Inc.			4,246			616,689
Schneider National, Inc. - Class B			19,907			539,679
Universal Logistics Holdings, Inc.			715			30,223
Werner Enterprises, Inc.			6,822			252,141
						4,429,327
Health Care Equipment & Supplies — 2.4%
Accuray, Inc.(a)			60,275			131,399
Alphatec Holdings, Inc.(a)			51,784			357,310
AtriCure, Inc.(a)			9,189			240,844
Avanos Medical, Inc.(a)			9,964			241,328
Bioventus, Inc. - Class A(a)			3,172			31,879
CytoSorbents Corp.(a)			2,059			2,162
Enovis Corp.(a)			23,883			1,112,948
Envista Holdings Corp.(a)			15,640			285,586
Globus Medical, Inc. - Class A(a)			17,940			1,304,238
Haemonetics Corp.(a)			11,409			862,292
Inari Medical, Inc.(a)			13,462			581,962
Integer Holdings Corp.(a)			6,749			877,842
Integra LifeSciences Holdings Corp.(a)			8,662			176,185
Lantheus Holdings, Inc.(a)			5,549			590,802
Neogen Corp.(a)			16,099			277,708
OraSure Technologies, Inc.(a)			46,772			209,539
QuidelOrtho Corp.(a)			4,714			199,167
SI-BONE, Inc.(a)			29,974			498,168
Teleflex, Inc.			2,697			661,223

The accompanying notes are an integral part of these financial statements.

12

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Supplies — (Continued)
TransMedics Group, Inc.(a)			5,030			$   845,342
UFP Technologies, Inc.(a)			752			256,605
Varex Imaging Corp.(a)			12,588			157,098
Zimvie, Inc.(a)			15,221			263,932
						10,165,559
Health Care Providers & Services — 3.1%
Acadia Healthcare Co., Inc.(a)			31,726			2,599,311
AMN Healthcare Services, Inc.(a)			21,738			1,152,766
Chemed Corp.			625			366,356
CorVel Corp.(a)			366			117,387
Cross Country Healthcare, Inc.(a)			3,374			50,340
Encompass Health Corp.			6,166			573,747
HealthEquity, Inc.(a)			21,120			1,680,307
Molina Healthcare, Inc.(a)			1,542			539,376
National Research Corp.			30,614			697,999
NeoGenomics, Inc.(a)			36,980			610,910
Option Care Health, Inc.(a)			15,479			495,638
Patterson Cos., Inc.			18,347			412,624
Premier, Inc. - Class A			10,166			207,082
R1 RCM, Inc.(a)			34,300			483,973
RadNet, Inc.(a)			5,728			379,709
Talkspace, Inc.(a)			3,695			7,390
Tenet Healthcare Corp.(a)			9,374			1,554,584
US Physical Therapy, Inc.			16,890			1,445,784
						13,375,283
Health Care Technology — 0.4%
Evolent Health, Inc. - Class A(a)			13,291			425,046
GoodRx Holdings, Inc. - Class A(a)			39,476			311,860
Phreesia, Inc.(a)			20,477			526,464
Waystar Holding Corp.(a)			13,277			361,400
						1,624,770
Hotels, Restaurants & Leisure — 1.9%
BJ’s Restaurants, Inc.(a)			2,133			65,334
Bowlero Corp.			17,781			196,480
Boyd Gaming Corp.			6,264			375,965
Brinker International, Inc.(a)			20,461			1,463,371
Cheesecake Factory, Inc.			4,697			184,639
Chuy’s Holdings, Inc.(a)			958			35,638
Cracker Barrel Old Country Store, Inc.			2,016			79,793
Dalata Hotel Group PLC			99,184			483,577
Dave & Buster’s Entertainment, Inc.(a)			8,778			275,103
Full House Resorts, Inc.(a)			2,886			14,748
Hilton Grand Vacations, Inc.(a)			27,015			1,042,239
International Game Technology PLC			48,446			1,084,706

			Shares			Value
Life Time Group Holdings, Inc.(a)			9,889			$   232,589
Monarch Casino & Resort, Inc.			1,392			105,681
Planet Fitness, Inc. - Class A(a)			5,416			439,833
Playa Hotels & Resorts NV(a)			9,056			71,361
RCI Hospitality Holdings, Inc.			10			456
Red Rock Resorts, Inc. - Class A			18,525			1,079,637
Super Group SGHC Ltd.			24,692			85,187
Target Hospitality Corp.(a)			1,214			11,764
Texas Roadhouse, Inc.			1,989			335,644
United Parks & Resorts, Inc.(a)			3,779			186,002
Wingstop, Inc.			776			299,621
						8,149,368
Household Durables — 2.5%
Century Communities, Inc.			3,026			302,812
Champion Homes, Inc.(a)			19,167			1,790,389
Cricut, Inc. - Class A			4,528			26,172
Dream Finders Homes, Inc. - Class A(a)			67,215			2,248,342
Ethan Allen Interiors, Inc.			2,137			67,273
Flexsteel Industries, Inc.			395			16,345
Hamilton Beach Brands Holding Co. - Class A			933			27,328
Hooker Furnishings Corp.			1,278			20,243
Hovnanian Enterprises, Inc. - Class A(a)			629			136,009
Installed Building Products, Inc.			5,511			1,225,150
KB Home			7,146			598,192
Landsea Homes Corp.(a)			1,694			20,175
La-Z-Boy, Inc.			4,317			175,141
Legacy Housing Corp.(a)			915			24,668
Lovesac Co.(a)			1,355			31,490
M/I Homes, Inc.(a)			5,438			866,654
Meritage Homes Corp.			1,845			365,439
Mohawk Industries, Inc.(a)			56			8,688
Smith Douglas Homes Corp.(a)			28,764			1,054,488
Taylor Morrison Home Corp.(a)			3,003			202,192
Tempur Sealy International, Inc.			8,871			465,106
TopBuild Corp.(a)			690			271,184
Tri Pointe Homes, Inc.(a)			9,213			409,426
Whirlpool Corp.			1,079			108,213
Worthington Enterprises, Inc.			3,322			152,148
						10,613,267
Household Products — 0.1%
Central Garden & Pet Co.(a)			1,067			42,115
Central Garden & Pet Co. - Class A(a)			5,850			200,070
Church & Dwight Co., Inc.			843			85,885
Oil-Dri Corp. of America			543			37,027
WD-40 Co.			699			183,725
						548,822

The accompanying notes are an integral part of these financial statements.

13

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Independent Power and Renewable Electricity Producers — 0.7%
Montauk Renewables, Inc.(a)			1,604			$     7,523
Ormat Technologies, Inc.			14,644			1,091,417
Talen Energy Corp.(a)			4,803			718,577
Vistra Corp.			15,666			1,338,346
						3,155,863
Insurance — 5.1%
Ambac Financial Group, Inc.(a)			3,097			36,235
AMERISAFE, Inc.			2,454			122,994
Assured Guaranty Ltd.			2,963			237,277
Axis Capital Holdings Ltd.			11,035			881,476
Brighthouse Financial, Inc.(a)			5,498			252,358
CNO Financial Group, Inc.			43,816			1,530,055
Crawford & Co. - Class A			1,199			12,673
Crawford & Co. - Class B			501			5,521
Employers Holdings, Inc.			1,650			79,117
Enstar Group Ltd.(a)			892			290,792
Fidelis Insurance Holdings Ltd.			49,691			920,277
First American Financial Corp.			28,129			1,794,630
Genworth Financial, Inc. - Class A(a)			31,554			220,247
Goosehead Insurance, Inc. - Class A(a)			35,624			3,004,528
Greenlight Capital Re Ltd. - Class A(a)			1,064			14,864
Hagerty, Inc. - Class A(a)			5,761			68,786
Hanover Insurance Group, Inc.			13,127			1,929,538
HCI Group, Inc.			606			58,073
Heritage Insurance Holdings, Inc.(a)			1,089			17,566
Horace Mann Educators Corp.			10,936			389,431
Kemper Corp.			20,152			1,259,702
Kinsale Capital Group, Inc.			1,556			764,136
Palomar Holdings, Inc.(a)			6,017			597,007
RLI Corp.			1,655			255,036
Ryan Specialty Holdings, Inc.			83,212			5,377,992
Selective Insurance Group, Inc.			10,980			998,960
SiriusPoint Ltd.(a)			8,968			134,430
Skyward Specialty Insurance Group, Inc.(a)			10,954			447,690
Stewart Information Services Corp.			1,624			120,030
TWFG, Inc.(a)			85			2,437
Universal Insurance Holdings, Inc.			1,992			42,609
White Mountains Insurance Group Ltd.			44			81,147
						21,947,614
Interactive Media & Services — 1.9%
Auto Trader Group PLC - ADR			1,558,573			4,348,419
Cargurus, Inc.(a)			15,584			451,624
Cars.com, Inc.(a)			6,615			118,011

			Shares			Value
QuinStreet, Inc.(a)			28,136			$   537,679
Rightmove PLC - ADR			178,561			2,637,346
						8,093,079
IT Services — 1.0%
DXC Technology Co.(a)			22,387			462,739
Endava PLC - ADR(a)			49,351			1,577,752
Globant SA(a)			1,759			355,740
Kyndryl Holdings, Inc.(a)			46,533			1,102,367
Unisys Corp.(a)			52,443			290,010
Wix.com Ltd.(a)			2,994			498,860
						4,287,468
Leisure Products — 0.7%
BRP, Inc.			6,110			443,135
Brunswick Corp./DE			4,039			319,283
Clarus Corp.			1,947			8,392
Escalade, Inc.			526			7,354
Funko, Inc. - Class A(a)			3,188			33,378
JAKKS Pacific, Inc.(a)			988			24,344
Latham Group, Inc.(a)			1,408			8,800
Malibu Boats, Inc. - Class A(a)			1,909			69,430
Marine Products Corp.			571			5,367
MasterCraft Boat Holdings, Inc.(a)			1,557			28,851
Mattel, Inc.(a)			76,444			1,450,907
Polaris, Inc.			3,778			319,808
Smith & Wesson Brands, Inc.			4,601			67,819
Vista Outdoor, Inc.(a)			6,947			278,158
						3,065,026
Life Sciences Tools & Services - 0.3%
Bio-Techne Corp.			4,543			336,137
Charles River Laboratories International, Inc.(a)			1,873			370,386
ICON PLC(a)			675			217,390
Standard BioTools, Inc.(a)			48,831			104,010
Stevanato Group SpA			5,148			112,638
West Pharmaceutical Services, Inc.			473			148,347
						1,288,908
Machinery — 3.7%
Alamo Group, Inc.			5,095			944,613
Allison Transmission Holdings, Inc.			4,106			380,831
Atmus Filtration Technologies, Inc.			5,113			183,301
Chart Industries, Inc.(a)			5,303			649,087
Columbus McKinnon Corp./NY			14,218			486,398
Commercial Vehicle Group, Inc.(a)			2,206			8,008
Crane Co.			954			151,094
Enerpac Tool Group Corp.			73,607			3,035,553
Enpro, Inc.			588			94,568
Esab Corp.			2,400			251,928
ESCO Technologies, Inc.			1,274			152,765
Federal Signal Corp.			7,745			731,825

The accompanying notes are an integral part of these financial statements.

14

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Machinery — (Continued)
Franklin Electric Co., Inc.			6,130			$   636,662
Gates Industrial Corp. PLC(a)			28,364			515,090
Graco, Inc.			2,193			182,787
Greenbrier Cos., Inc.			3,656			177,133
Helios Technologies, Inc.			4,933			217,989
Hillman Solutions Corp.(a)			10,833			107,788
Hyster-Yale, Inc.			938			59,056
Kadant, Inc.			1,108			355,812
Kennametal, Inc.			8,763			226,699
Lindsay Corp.			1,057			131,121
Luxfer Holdings PLC			2,811			31,539
Manitowoc Co., Inc.(a)			3,404			34,346
Markforged Holding Corp.(a)			36,027			9,043
Mueller Industries, Inc.			5,470			397,724
Mueller Water Products, Inc. - Class A			70,713			1,518,208
NN, Inc.(a)			5,887			23,195
Nordson Corp.			692			177,540
Omega Flex, Inc.			13,074			617,093
Park-Ohio Holdings Corp.			831			25,129
RBC Bearings, Inc.(a)			4,200			1,250,970
SPX Technologies, Inc.(a)			2,063			336,558
Standex International Corp.			1,215			217,060
Stratasys Ltd.(a)			46,041			316,302
Terex Corp.			6,949			394,495
Timken Co.			710			60,016
Toro Co.			2,642			244,649
Trinity Industries, Inc.			8,364			276,096
Wabash National Corp.			5,123			99,694
						15,709,765
Marine Transportation — 0.9%
Costamare, Inc.			4,460			63,288
Genco Shipping & Trading Ltd.			4,673			82,198
Kirby Corp.(a)			16,910			2,027,847
Matson, Inc.			4,270			590,541
Pangaea Logistics Solutions Ltd.			3,380			22,815
Safe Bulkers, Inc.			8,806			44,999
Star Bulk Carriers Corp.			41,247			881,448
						3,713,136
Media — 0.7%
AMC Networks, Inc. - Class A(a)			4,427			43,606
Cable One, Inc.			2,117			746,708
Criteo SA - ADR(a)			32,346			1,534,171
EchoStar Corp. - Class A(a)			11,790			218,587
Nexstar Media Group, Inc.			1,857			317,324
Scholastic Corp.			2,093			66,725
TechTarget, Inc.(a)			1,917			51,088
						2,978,209

			Shares			Value
Metals & Mining — 2.0%
Alcoa Corp.			7,858			$   252,242
Alpha Metallurgical Resources, Inc.			1,279			305,873
Arch Resources, Inc.			2,377			324,294
ATI, Inc.(a)			6,370			406,916
Caledonia Mining Corp. PLC			1,700			22,066
Capstone Copper Corp.(a)			65,749			471,779
Carpenter Technology Corp.			4,136			598,769
Century Aluminum Co.(a)			7,375			105,905
Cleveland-Cliffs, Inc.(a)			38,824			507,041
Coeur Mining, Inc.(a)			15,535			95,385
Commercial Metals Co.			14,335			768,213
Constellium SE(a)			31,313			525,119
ERO Copper Corp.(a)			29,203			600,122
Kaiser Aluminum Corp.			1,756			130,910
Materion Corp.			9,340			1,083,814
Metallus, Inc.(a)			3,276			53,268
Olympic Steel, Inc.			1,366			54,777
Radius Recycling, Inc. - Class A			2,996			45,359
Ramaco Resources, Inc.			3,507			42,750
Ramaco Resources, Inc. - Class B			676			7,659
Ryerson Holding Corp.			12,528			250,810
Stelco Holdings, Inc.			21,223			1,031,504
SunCoke Energy, Inc.			12,065			108,102
Tredegar Corp.(a)			1,709			10,476
Universal Stainless & Alloy Products, Inc.(a)			929			39,129
Warrior Met Coal, Inc.			13,766			843,993
						8,686,275
Multi-Utilities — 0.2%
Black Hills Corp.			4,464			263,912
Northwestern Energy Group, Inc.			9,832			534,762
						798,674
Oil, Gas & Consumable Fuels — 3.8%
Amplify Energy Corp.(a)			4,789			34,146
Antero Resources Corp.(a)			33,770			911,452
Ardmore Shipping Corp.			5,082			95,948
Berry Corp.			7,330			45,373
California Resources Corp.			7,895			414,251
CNX Resources Corp.(a)			44,933			1,243,296
Comstock Resources, Inc.			7,249			77,057
CONSOL Energy, Inc.			3,209			328,217
Crescent Energy Co. - Class A			10,209			121,793
CVR Energy, Inc.			3,756			95,478
Devon Energy Corp.			15,143			678,104
DHT Holdings, Inc.			73,021			790,817
Dorian LPG Ltd.			5,064			197,445
Gran Tierra Energy, Inc.(a)			3,835			28,264
Granite Ridge Resources, Inc.			7,912			50,241
Green Plains, Inc.(a)			17,239			244,277

The accompanying notes are an integral part of these financial statements.

15

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Oil, Gas & Consumable Fuels — (Continued)
Gulfport Energy Corp.(a)			2,039			$   295,777
Hallador Energy Co.(a)			2,810			18,855
HighPeak Energy, Inc.			2,712			43,609
International Seaways, Inc.			6,206			321,657
Kimbell Royalty Partners LP			7,199			115,040
Kosmos Energy Ltd.(a)			337,511			1,643,679
Magnolia Oil & Gas Corp. - Class A			19,556			500,829
Matador Resources Co.			10,157			576,105
Murphy Oil Corp.			13,830			515,582
Nordic American Tankers Ltd.			12,647			47,047
Northern Oil & Gas, Inc.			10,083			401,102
Par Pacific Holdings, Inc.(a)			6,722			150,842
PBF Energy, Inc. - Class A			6,218			211,785
Peabody Energy Corp.			16,492			386,078
Permian Resources Corp.			48,755			694,271
REX American Resources Corp.(a)			1,892			85,802
Riley Exploration Permian, Inc.			693			19,750
SandRidge Energy, Inc.			2,779			36,905
Scorpio Tankers, Inc.			17,430			1,246,942
SFL Corp. Ltd.			13,602			161,320
Sitio Royalties Corp. - Class A			8,335			185,287
SM Energy Co.			22,298			1,017,458
Talos Energy, Inc.(a)			13,092			150,165
Teekay Corp.(a)			7,521			62,499
Teekay Tankers Ltd. - Class A			3,633			206,645
Texas Pacific Land Corp.			99			86,020
VAALCO Energy, Inc.			12,937			84,220
Veren, Inc.			204,641			1,480,540
Viper Energy, Inc.			2,555			121,618
Vitesse Energy, Inc.			2,479			64,107
World Kinect Corp.			6,592			189,784
						16,477,479
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)			2,050			68,204
Louisiana-Pacific Corp.			6,365			617,723
Stella-Jones, Inc.			4,829			332,528
Sylvamo Corp.			2,078			164,349
						1,182,804
Passenger Airlines — 0.3%
Alaska Air Group, Inc.(a)			13,950			503,735
Allegiant Travel Co.			1,382			58,155
Frontier Group Holdings, Inc.(a)			65,769			238,741
JetBlue Airways Corp.(a)			31,638			160,721
SkyWest, Inc.(a)			4,808			372,812
Sun Country Airlines Holdings, Inc.(a)			4,006			43,986
						1,378,150

			Shares			Value
Personal Care Products — 0.5%
BellRing Brands, Inc.(a)			6,260			$   350,122
Coty, Inc. - Class A(a)			90,755			851,282
elf Beauty, Inc.(a)			1,594			238,765
Inter Parfums, Inc.			3,610			465,113
Medifast, Inc.			873			15,976
Nature’s Sunshine Products, Inc.(a)			1,484			20,479
Nu Skin Enterprises, Inc. - Class A			2,840			25,361
Olaplex Holdings, Inc.(a)			5,190			10,847
						1,977,945
Pharmaceuticals — 0.5%
Amneal Pharmaceuticals, Inc.(a)			39,990			346,313
Amphastar Pharmaceuticals, Inc.(a)			6,045			294,633
Edgewise Therapeutics, Inc.(a)			13,053			244,744
Harmony Biosciences Holdings, Inc.(a)			3,526			126,866
Innoviva, Inc.(a)			5,537			107,307
Intra-Cellular Therapies, Inc.(a)			3,361			246,294
Longboard Pharmaceuticals, Inc.(a)			7,865			283,769
Phibro Animal Health Corp. - Class A			2,503			52,563
SIGA Technologies, Inc.			5,726			51,706
Supernus Pharmaceuticals, Inc.(a)			5,989			210,573
Verona Pharma PLC - ADR(a)			12,074			331,794
						2,296,562
Professional Services — 1.6%
Alight, Inc. - Class A(a)			31,915			238,086
CBIZ, Inc.(a)			1,218			89,645
Clarivate PLC(a)			169,298			1,161,384
Conduent, Inc.(a)			125,235			478,398
CRA International, Inc.			801			135,049
Exponent, Inc.			3,163			342,458
FTI Consulting, Inc.(a)			2,818			643,377
ICF International, Inc.			3,548			588,116
KBR, Inc.			27,086			1,878,685
Kelly Services, Inc. - Class A			3,199			67,531
Kforce, Inc.			21,147			1,387,032
Resources Connection, Inc.			69			720
TrueBlue, Inc.(a)			3,188			25,408
						7,035,889
Real Estate Management & Development — 1.0%
Colliers International Group, Inc.			5,281			761,837
Cushman & Wakefield PLC(a)			110,640			1,438,320
DigitalBridge Group, Inc.			25,005			312,313
FirstService Corp.			2,022			364,061
FirstService Corp.			4,029			726,275

The accompanying notes are an integral part of these financial statements.

16

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Real Estate Management & Development — (Continued)
Forestar Group, Inc.(a)			1,980			$    61,261
Howard Hughes Holdings, Inc.(a)			1,628			122,458
Opendoor Technologies, Inc.(a)			73,808			158,687
Redfin Corp.(a)			31,552			294,696
						4,239,908
Semiconductors & Semiconductor Equipment — 2.9%
CEVA, Inc.(a)			7,000			167,580
Cohu, Inc.(a)			22,556			606,982
Credo Technology Group Holding Ltd.(a)			18,871			658,787
FormFactor, Inc.(a)			5,676			276,818
Impinj, Inc.(a)			3,008			505,645
indie Semiconductor, Inc. - Class A(a)			25,758			106,896
Lattice Semiconductor Corp.(a)			5,794			274,404
MACOM Technology Solutions Holdings, Inc.(a)			12,952			1,414,747
MaxLinear, Inc.(a)			12,650			192,027
MKS Instruments, Inc.			3,734			445,205
NVE Corp.			4,696			393,290
Onto Innovation, Inc.(a)			5,697			1,214,714
Photronics, Inc.(a)			7,677			198,527
Power Integrations, Inc.			4,503			302,151
Rambus, Inc.(a)			43,067			1,925,956
Semtech Corp.(a)			8,391			367,694
Silicon Laboratories, Inc.(a)			4,374			517,750
Silicon Motion Technology Corp. - ADR			7,305			464,379
SMART Global Holdings, Inc.(a)			5,063			104,905
Tower Semiconductor Ltd.(a)			22,411			990,342
Veeco Instruments, Inc.(a)			33,583			1,191,861
Wolfspeed, Inc.(a)			21,536			209,976
						12,530,636
Software — 5.3%
ACI Worldwide, Inc.(a)			38,943			1,961,169
Adeia, Inc.			32,299			406,967
Agilysys, Inc.(a)			4,434			501,485
Aspen Technology, Inc.(a)			7,571			1,772,674
BlackBerry Ltd.(a)			92,165			216,588
Box, Inc. - Class A(a)			9,204			300,050
Cognyte Software Ltd.(a)			53,307			408,332
CommVault Systems, Inc.(a)			1,995			310,023
Computer Modelling Group Ltd.			5,971			55,471
CoreCard Corp.(a)			9			131
CyberArk Software Ltd.(a)			1,738			498,354
Fair Isaac Corp.(a)			275			475,824
Guidewire Software, Inc.(a)			5,355			796,663
InterDigital, Inc.			2,934			406,535
JFrog Ltd.(a)			4,914			136,413
Klaviyo, Inc. - Class A(a)			11,927			375,223

			Shares			Value
LiveRamp Holdings, Inc.(a)			8,521			$   220,864
Manhattan Associates, Inc.(a)			3,845			1,016,733
Marathon Digital Holdings, Inc.(a)			12,478			208,383
nCino, Inc.(a)			101,492			3,040,700
NCR Voyix Corp.(a)			10,666			143,884
OneSpan, Inc.(a)			16,130			260,016
Onestream, Inc.(a)			43,550			1,350,050
Q2 Holdings, Inc.(a)			12,054			894,527
Qualys, Inc.(a)			2,417			302,536
Radware Ltd.(a)			10,739			234,110
SPS Commerce, Inc.(a)			15,516			3,099,166
Tenable Holdings, Inc.(a)			15,039			620,810
Teradata Corp.(a)			14,230			401,855
Tyler Technologies, Inc.(a)			468			275,123
UiPath, Inc. - Class A(a)			8,395			108,128
Varonis Systems, Inc.(a)			4,363			246,946
Verint Systems, Inc.(a)			34,801			1,097,972
Vertex, Inc. - Class A(a)			4,737			183,275
Xperi, Inc.(a)			25,996			229,285
						22,556,265
Specialty Retail — 2.3%
1-800-Flowers.com, Inc. - Class A(a)			3,064			24,604
Aaron’s Co., Inc.			2,008			20,261
Abercrombie & Fitch Co. - Class A(a)			2,561			377,927
Academy Sports & Outdoors, Inc.			8,732			484,451
Advance Auto Parts, Inc.			5,705			258,494
American Eagle Outfitters, Inc.			19,911			409,768
Arhaus, Inc.			12,703			156,374
Asbury Automotive Group, Inc.(a)			1,418			348,318
Boot Barn Holdings, Inc.(a)			5,206			698,489
Buckle, Inc.			3,225			135,128
Build-A-Bear Workshop, Inc.			1,208			40,323
Caleres, Inc.			12,475			525,572
Designer Brands, Inc. - Class A			3,789			25,159
Destination XL Group, Inc.(a)			4,409			12,125
Floor & Decor Holdings, Inc. - Class A(a)			1,906			214,311
Foot Locker, Inc.			8,172			254,476
Genesco, Inc.(a)			964			29,103
Group 1 Automotive, Inc.			1,224			461,154
Guess?, Inc.			3,652			75,669
Haverty Furniture Cos., Inc.			1,308			35,839
Lands’ End, Inc.(a)			1,611			24,954
ODP Corp.(a)			11,897			367,023
Revolve Group, Inc.(a)			72,285			1,656,772
Shoe Carnival, Inc.			2,062			83,387
Signet Jewelers Ltd.			9,568			804,669
Tile Shop Holdings, Inc.(a)			2,384			15,019
Tractor Supply Co.			686			183,539
Urban Outfitters, Inc.(a)			7,034			255,475
Valvoline, Inc.(a)			20,132			849,570

The accompanying notes are an integral part of these financial statements.

17

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Specialty Retail — (Continued)
Warby Parker, Inc. - Class A(a)			37,220			$   555,322
Wayfair, Inc. - Class A(a)			12,867			547,491
Winmark Corp.			421			151,813
						10,082,579
Technology Hardware, Storage & Peripherals — 0.0%(b)
Eastman Kodak Co.(a)			4,322			22,820
Immersion Corp.			3,373			31,706
						54,526
Textiles, Apparel & Luxury Goods — 1.1%
Carter’s, Inc.			3,533			232,825
Columbia Sportswear Co.			3,552			286,753
Crocs, Inc.(a)			2,711			396,267
Dr Martens PLC			183,397			174,280
G-III Apparel Group Ltd.(a)			5,445			144,129
Gildan Activewear, Inc.			59,722			2,725,115
Levi Strauss & Co. - Class A			10,537			203,048
Movado Group, Inc.			1,330			31,734
Oxford Industries, Inc.			1,591			138,385
PVH Corp.			1,542			152,180
Rocky Brands, Inc.			884			28,500
Superior Group of Cos., Inc.			1,445			20,924
Under Armour, Inc. - Class C(a)			37,089			276,684
Unifi, Inc.(a)			750			5,122
Vera Bradley, Inc.(a)			2,217			12,925
						4,828,871
Trading Companies & Distributors — 3.0%
AerCap Holdings NV			12,577			1,225,251
Air Lease Corp.			33,573			1,553,423
Applied Industrial Technologies, Inc.			4,009			822,326
Beacon Roofing Supply, Inc.(a)			14,425			1,306,905
BlueLinx Holdings, Inc.(a)			1,255			126,303
Boise Cascade Co.			3,563			483,214
DNOW, Inc.(a)			9,229			120,162
FTAI Aviation Ltd.			1,818			232,359
GATX Corp.			9,661			1,363,167
H&E Equipment Services, Inc.			13,789			663,940
Herc Holdings, Inc.			3,368			492,974
Hudson Technologies, Inc.(a)			104			855
Karat Packaging, Inc.			860			21,792
McGrath RentCorp			15,292			1,653,830
MRC Global, Inc.(a)			8,198			107,886
Richelieu Hardware Ltd.			2,893			84,186
Rush Enterprises, Inc. - Class A			19,710			1,038,717
SiteOne Landscape Supply, Inc.(a)			6,671			946,348
Transcat, Inc.(a)			1,045			129,016
Watsco, Inc.			590			280,498

			Shares			Value
Willis Lease Finance Corp.			383			$        41,437
						12,694,589
Water Utilities — 0.0%(b)
American States Water Co.			625			50,887
Wireless Telecommunication Services — 0.1%
Telephone and Data Systems, Inc.			13,767			325,176
United States Cellular Corp.(a)			1,872			104,121
						429,297
TOTAL COMMON STOCKS (Cost $368,115,859)						406,198,831
REAL ESTATE INVESTMENT TRUSTS — 2.4%
AGNC Investment Corp.			154,893			1,581,458
Alexander & Baldwin, Inc.			29,889			591,503
Brixmor Property Group, Inc.			45,955			1,258,707
Equity Commonwealth(a)			39,782			806,381
Getty Realty Corp.			26,137			830,634
Highwoods Properties, Inc.			22,174			714,446
Kite Realty Group Trust			13,661			356,279
MFA Financial, Inc.			70,945			888,231
NNN REIT, Inc.			23,550			1,106,615
Ryman Hospitality Properties, Inc.			3,153			327,786
Safehold, Inc.			12,482			312,799
STAG Industrial, Inc.			29,740			1,206,849
Sunstone Hotel Investors, Inc.			10,604			110,600
Terreno Realty Corp.			4,358			300,876
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,440,802)						10,393,164
CLOSED END FUNDS — 0.0%(b)
Medallion Financial Corp.			799			6,456
TOTAL CLOSED END FUNDS (Cost $7,725)						6,456
SHORT-TERM INVESTMENTS — 2.9%
Money Market Funds — 2.9%
First American Government Obligations Fund - Class X, 5.22% (c)			12,427,659			12,427,659
TOTAL SHORT-TERM INVESTMENTS (Cost $12,427,659)						12,427,659
TOTAL INVESTMENTS — 100.0% (Cost $389,992,045)						$429,026,110
Other Assets in Excess of Liabilities - 0.0%(b)						195,992
TOTAL NET ASSETS — 100.0%						$429,222,102

The accompanying notes are an integral part of these financial statements.

18

Column Small Cap Fund

Schedule of Investments

August 31, 2024(Continued)

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by the Adviser.

ADR - American Depositary Receipt

AMBAC - American Municipal Bond Assurance Corporation

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)
Non-income producing security.

(b)
Represents less than 0.05% of net assets.

(c)
The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

19

Column Small Cap Fund

Schedule of Forward Currency Contracts

August 31, 2024

Counterparty

Settlement Date

Currency Purchased

Currency Sold

Unrealized Appreciation (Depreciation)

Bank of America

09/27/2024

CAD

725,465

USD

528,285

$10,514

Bank of America

09/27/2024

USD

1,900,827

CAD

2,593,077

(25,038)

Total Unrealized Appreciation (Depreciation)

$(14,524)

CAD - Canadian Dollar

USD - United States Dollar

The accompanying notes are an integral part of these financial statements.

20

Column Mid Cap Select Fund

Schedule of Investments

August 31, 2024

			Shares			Value
COMMON STOCKS — 93.0%
Aerospace & Defense — 4.6%
BWX Technologies, Inc.			29,971			$  3,087,013
Curtiss-Wright Corp.			17,291			5,461,535
General Dynamics Corp.			35,962			10,765,584
HEICO Corp. - Class A			143,291			28,671,096
Hexcel Corp.			145,513			9,209,518
Howmet Aerospace, Inc.			105,587			10,206,039
L3Harris Technologies, Inc.			20,827			4,929,126
Textron, Inc.			102,164			9,317,357
Woodward, Inc.			79,027			13,169,850
						94,817,118
Air Freight & Logistics — 0.3%
Expeditors International of Washington, Inc.			44,680			5,513,959
Automobile Components — 0.3%
Gentex Corp.			137,744			4,315,519
Lear Corp.			21,438			2,500,743
						6,816,262
Automobiles — 0.2%
Harley-Davidson, Inc.			104,839			3,925,172
Banks — 1.6%
East West Bancorp, Inc.			35,012			2,943,459
Fifth Third Bancorp			222,963			9,518,290
Huntington Bancshares, Inc./OH			548,462			8,210,476
KeyCorp			656,093			11,192,947
						31,865,172
Beverages — 0.5%
Coca-Cola Europacific Partners PLC			55,215			4,444,255
Constellation Brands, Inc. - Class A			22,979			5,531,275
						9,975,530
Broadline Retail — 0.3%
eBay, Inc.			89,382			5,282,476
Building Products — 4.4%
Advanced Drainage Systems, Inc.			24,692			3,870,718
Allegion PLC			169,458			23,527,548
Builders FirstSource, Inc.(a)			15,023			2,614,002
Lennox International, Inc.			51,183			30,207,695
Masco Corp.			353,290			28,107,752
Masterbrand, Inc.(a)			4,004			64,224
Resideo Technologies, Inc.(a)			119,318			2,405,451
						90,797,390
Capital Markets — 8.5%
Affiliated Managers Group, Inc.			16,782			2,917,215
Ameriprise Financial, Inc.			29,202			13,124,547
Ares Management Corp. - Class A			14,973			2,192,047

			Shares			Value
Carlyle Group, Inc.			137,716			$  5,526,543
Evercore, Inc. - Class A			26,972			6,628,099
FactSet Research Systems, Inc.			31,971			13,518,618
Houlihan Lokey, Inc.			297,744			46,632,665
Intercontinental Exchange, Inc.			109,550			17,697,803
LPL Financial Holdings, Inc.			103,977			23,326,200
MSCI, Inc.			22,594			13,117,850
Raymond James Financial, Inc.			121,336			14,508,146
Stifel Financial Corp.			164,098			14,463,598
						173,653,331
Chemicals — 2.5%
Albemarle Corp.			87,942			7,936,766
CF Industries Holdings, Inc.			64,216			5,335,707
Corteva, Inc.			50,382			2,886,889
DuPont de Nemours, Inc.			33,709			2,839,983
Eastman Chemical Co.			109,097			11,168,260
Mosaic Co/The			126,685			3,619,391
Olin Corp.			75,457			3,295,207
PPG Industries, Inc.			25,317			3,284,374
Scotts Miracle-Gro Co.			148,535			10,543,014
						50,909,591
Commercial Services & Supplies — 1.4%
RB Global, Inc.			64,048			5,516,454
Republic Services, Inc.			106,226			22,117,316
						27,633,770
Consumer Finance — 0.8%
Ally Financial, Inc.			107,441			4,640,377
Discover Financial Services			19,961			2,768,790
SLM Corp.			150,697			3,324,376
Synchrony Financial			111,743			5,616,203
						16,349,746
Consumer Staples Distribution & Retail — 0.7%
Sysco Corp.			126,625			9,872,951
US Foods Holding Corp.(a)			88,938			5,266,019
						15,138,970
Containers & Packaging — 1.8%
Avery Dennison Corp.			17,956			3,983,539
Ball Corp.			115,860			7,393,027
Packaging Corp. of America			82,004			17,183,118
Sealed Air Corp.			213,056			7,446,307
						36,005,991
Distributors — 1.1%
Pool Corp.			63,164			22,209,726
Diversified Consumer Services — 0.4%
Frontdoor, Inc.(a)			99,380			4,778,191
H&R Block, Inc.			58,785			3,721,678
						8,499,869

The accompanying notes are an integral part of these financial statements.

21

Column Mid Cap Select Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Electric Utilities — 0.7%
American Electric Power Co., Inc.			37,006			$  3,710,962
Entergy Corp.			35,645			4,301,995
FirstEnergy Corp.			75,892			3,333,177
OGE Energy Corp.			81,620			3,228,887
						14,575,021
Electrical Equipment — 3.3%
AMETEK, Inc.			263,126			45,007,702
Atkore, Inc.			16,711			1,559,638
Generac Holdings, Inc.(a)			28,451			4,453,435
nVent Electric PLC			34,155			2,321,174
Sensata Technologies Holding PLC			364,416			14,048,237
						67,390,186
Electronic Equipment, Instruments & Components — 4.0%
Arrow Electronics, Inc.(a)			112,345			15,175,563
CDW Corp./DE			8,422			1,900,340
Flex Ltd.(a)			213,577			6,939,117
Keysight Technologies, Inc.(a)			120,258			18,534,163
TE Connectivity Ltd.			31,952			4,907,827
Teledyne Technologies, Inc.(a)			58,015			25,108,892
Zebra Technologies Corp. - Class A(a)			27,237			9,407,115
						81,973,017
Energy Equipment & Services — 1.2%
ChampionX Corp.			228,469			7,112,240
Halliburton Co.			158,756			4,935,724
Helmerich & Payne, Inc.			179,662			5,862,371
Tidewater, Inc.(a)			27,348			2,425,767
Weatherford International PLC			44,540			4,674,028
						25,010,130
Entertainment — 0.2%
Take-Two Interactive Software, Inc.(a)			22,113			3,575,893
Financial Services — 1.1%
Fidelity National Information Services, Inc.			39,572			3,262,711
Global Payments, Inc.			105,470			11,708,225
Rocket Cos., Inc. - Class A(a)			196,478			3,860,793
Voya Financial, Inc.			50,604			3,584,281
						22,416,010
Food Products — 0.2%
Lamb Weston Holdings, Inc.			56,896			3,523,000
Ground Transportation — 1.9%
CSX Corp.			347,085			11,894,603
Landstar System, Inc.			24,534			4,478,927

			Shares			Value
Norfolk Southern Corp.			35,029			$    8,973,029
Old Dominion Freight Line, Inc.			66,710			12,861,688
						38,208,247
Health Care Equipment & Supplies — 2.7%
Align Technology, Inc.(a)			71,689			17,006,065
Cooper Cos., Inc.(a)			272,178			28,777,380
DENTSPLY SIRONA, Inc.			239,046			6,045,473
Zimmer Biomet Holdings, Inc.			35,200			4,064,192
						55,893,110
Health Care Providers & Services — 2.9%
Cencora, Inc.			98,465			23,589,260
Centene Corp.(a)			201,233			15,863,198
Labcorp Holdings, Inc.			49,864			11,463,235
Molina Healthcare, Inc.(a)			25,975			9,085,795
						60,001,488
Hotels, Restaurants & Leisure — 2.4%
Boyd Gaming Corp.			47,832			2,870,877
Churchill Downs, Inc.			28,948			4,022,903
Darden Restaurants, Inc.			105,283			16,650,506
Domino's Pizza, Inc.			41,146			17,043,085
Expedia Group, Inc.(a)			20,256			2,817,407
Wyndham Hotels & Resorts, Inc.			60,198			4,737,583
						48,142,361
Household Durables — 1.8%
DR Horton, Inc.			107,737			20,336,436
Garmin Ltd.			16,884			3,094,669
Lennar Corp. - Class A			16,161			2,942,272
NVR, Inc.(a)			583			5,347,544
Tempur Sealy International, Inc.			101,047			5,297,894
						37,018,815
Insurance — 5.5%
Aon PLC - Class A			10,268			3,529,317
Brown & Brown, Inc.			203,760			21,421,289
Everest Group Ltd.			11,564			4,535,863
First American Financial Corp.			64,477			4,113,633
Markel Group, Inc.(a)			3,253			5,207,012
Progressive Corp.			82,200			20,730,840
Reinsurance Group of America, Inc.			83,862			18,513,375
RenaissanceRe Holdings Ltd.			64,736			16,494,085
Travelers Cos., Inc.			17,299			3,945,383
W R Berkley Corp.			247,481			14,774,616
						113,265,413
IT Services — 0.9%
Akamai Technologies, Inc.(a)			133,727			13,618,758
ASGN, Inc.(a)			28,104			2,702,480
Cognizant Technology Solutions Corp. - Class A			34,075			2,650,013
						18,971,251

The accompanying notes are an integral part of these financial statements.

22

Column Mid Cap Select Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Life Sciences Tools & Services — 4.5%
Agilent Technologies, Inc.			91,871			$   13,130,203
Avantor, Inc.(a)			170,218			4,398,433
Azenta, Inc.(a)			159,401			7,893,538
Bio-Rad Laboratories, Inc. - Class A(a)			33,393			11,264,127
ICON PLC(a)			27,269			8,782,254
IQVIA Holdings, Inc.(a)			51,677			12,999,349
QIAGEN NV			251,890			11,513,892
West Pharmaceutical Services, Inc.			69,199			21,702,882
						91,684,678
Machinery — 6.2%
Cummins, Inc.			38,229			11,959,943
Dover Corp.			112,795			20,983,254
Fortive Corp.			64,951			4,832,354
ITT, Inc.			18,007			2,506,934
Nordson Corp.			81,944			21,023,553
Otis Worldwide Corp.			26,052			2,466,864
Parker-Hannifin Corp.			12,125			7,277,425
Pentair PLC			221,629			19,656,276
Snap-on, Inc.			43,517			12,347,514
Watts Water Technologies, Inc. - Class A			3,723			732,314
Westinghouse Air Brake Technologies Corp.			137,360			23,292,135
						127,078,566
Metals & Mining — 0.7%
Commercial Metals Co.			71,338			3,823,003
Freeport-McMoRan, Inc.			91,749			4,062,646
Reliance, Inc.			13,840			3,967,236
Teck Resources Ltd. - Class B			51,587			2,471,017
						14,323,902
Multi-Utilities — 1.2%
CenterPoint Energy, Inc.			266,610			7,278,453
DTE Energy Co.			47,978			5,998,209
WEC Energy Group, Inc.			128,589			11,962,635
						25,239,297
Oil, Gas & Consumable Fuels — 1.8%
Chord Energy Corp.			35,400			5,254,422
Coterra Energy, Inc.			416,744			10,139,382
Diamondback Energy, Inc.			25,784			5,030,716
EnLink Midstream LLC			17,731			254,617
EQT Corp.			103,657			3,473,546
Murphy Oil Corp.			149,441			5,571,160
Phillips 66			22,802			3,199,349
Range Resources Corp.			154,493			4,616,251
						37,539,443
Passenger Airlines — 0.1%
Alaska Air Group, Inc.(a)			82,748			2,988,030

			Shares			Value
Professional Services — 5.8%
Broadridge Financial Solutions, Inc.			131,453			$  27,981,086
Equifax, Inc.			116,185			35,683,899
Exponent, Inc.			191,227			20,704,147
Jacobs Solutions, Inc.			23,910			3,607,541
Leidos Holdings, Inc.			24,980			3,959,580
Robert Half, Inc.			71,061			4,453,393
Science Applications International Corp.			39,490			5,156,999
Verisk Analytics, Inc.			66,372			18,107,609
						119,654,254
Real Estate Management & Development — 1.0%
CBRE Group, Inc. - Class A(a)			179,964			20,721,055
Semiconductors & Semiconductor Equipment — 4.3%
Applied Materials, Inc.			53,641			10,581,224
Entegris, Inc.			143,851			16,668,015
InterDigital, Inc.			20,315			2,814,846
Microchip Technology, Inc.			39,797			3,269,722
Monolithic Power Systems, Inc.			29,208			27,300,133
Skyworks Solutions, Inc.			114,990			12,601,754
Teradyne, Inc.			28,242			3,861,529
Universal Display Corp.			55,926			10,833,985
						87,931,208
Software — 3.9%
ANSYS, Inc.(a)			48,051			15,444,553
Aspen Technology, Inc.(a)			99,792			23,365,299
Bentley Systems, Inc. - Class B			415,120			21,366,226
Check Point Software Technologies Ltd.(a)			49,132			9,457,910
Gen Digital, Inc.			86,454			2,287,573
Synopsys, Inc.(a)			16,923			8,792,852
						80,714,413
Specialty Retail — 3.1%
AutoZone, Inc.(a)			3,296			10,486,158
Ross Stores, Inc.			211,234			31,813,953
TJX Cos., Inc.			103,657			12,155,856
Ulta Beauty, Inc.(a)			26,896			9,489,985
						63,945,952
Technology Hardware, Storage & Peripherals — 0.3%
Dell Technologies, Inc. - Class C			32,059			3,704,097
NetApp, Inc.			20,962			2,530,532
						6,234,629
Textiles, Apparel & Luxury Goods — 0.2%
Ralph Lauren Corp.			19,039			3,260,619

The accompanying notes are an integral part of these financial statements.

23

Column Mid Cap Select Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Trading Companies & Distributors — 1.7%
Air Lease Corp.			313,691			$14,514,483
Beacon Roofing Supply, Inc.(a)			44,612			4,041,847
Ferguson Enterprises, Inc.			20,892			4,297,693
GATX Corp.			73,436			10,361,820
MSC Industrial Direct Co, Inc. - Class A			27,762			2,283,147
						35,498,990
TOTAL COMMON STOCKS (Cost $1,725,368,921)						1,906,173,051
REAL ESTATE INVESTMENT TRUSTS — 4.2%
Americold Realty Trust, Inc.			349,654			10,139,966
Boston Properties, Inc.			158,356			11,911,538
EastGroup Properties, Inc.			16,332			3,044,285
Equity LifeStyle Properties, Inc.			57,547			4,184,242
Equity Residential			56,812			4,254,082
Essex Property Trust, Inc.			11,248			3,394,534
Extra Space Storage, Inc.			28,284			5,006,268
Invitation Homes, Inc.			67,433			2,484,232
Lamar Advertising Co. - Class A			45,552			5,729,531
Regency Centers Corp.			77,324			5,620,682
Rexford Industrial Realty, Inc.			60,577			3,084,581
SBA Communications Corp.			43,215			9,795,112
Simon Property Group, Inc.			48,504			8,117,144
VICI Properties, Inc.			159,956			5,355,327
Weyerhaeuser Co.			129,511			3,948,790
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $78,720,899)						86,070,314
SHORT-TERM INVESTMENTS — 2.7%
Money Market Funds — 2.7%
First American Government Obligations Fund - Class X, 5.22%(b)			55,900,268			55,900,268
TOTAL SHORT-TERM INVESTMENTS (Cost $55,900,268)						55,900,268
TOTAL INVESTMENTS — 99.9% (Cost $1,859,990,088)						$2,048,143,633
Other Assets in Excess of Liabilities - 0.1%						1,073,352
TOTAL NET ASSETS — 100.0%						$2,049,216,985

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by the Adviser.

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

24

Column Mid Cap Fund

Schedule of Investments

August 31, 2024

			Shares			Value
COMMON STOCKS — 94.2%
Aerospace & Defense — 3.7%
Axon Enterprise, Inc.(a)			6,069			$2,215,003
BWX Technologies, Inc.			9,332			961,196
Curtiss-Wright Corp.			8,690			2,744,823
General Dynamics Corp.			7,438			2,226,640
HEICO Corp. - Class A			33,052			6,613,375
Hexcel Corp.			32,106			2,031,989
Howmet Aerospace, Inc.			60,116			5,810,813
Huntington Ingalls Industries, Inc.			6,185			1,748,933
L3Harris Technologies, Inc.			4,851			1,148,086
Leonardo DRS, Inc.(a)			1,652			47,148
Textron, Inc.			29,226			2,665,411
TransDigm Group, Inc.			2,302			3,161,129
Woodward, Inc.			17,756			2,959,037
						34,333,583
Air Freight & Logistics — 0.2%
CH Robinson Worldwide, Inc.			1,519			157,232
Expeditors International of Washington, Inc.			14,619			1,804,131
GXO Logistics, Inc.(a)			2,287			114,464
						2,075,827
Automobile Components — 0.4%
Aptiv PLC(a)			11,360			812,581
Autoliv, Inc.			2,103			215,494
BorgWarner, Inc.			25,957			884,355
Gentex Corp.			38,301			1,199,970
Lear Corp.			6,315			736,645
						3,849,045
Automobiles — 0.1%
Harley-Davidson, Inc.			24,411			913,948
Lucid Group, Inc.(a)			5,496			22,094
Rivian Automotive, Inc. - Class A(a)			6,635			93,753
Thor Industries, Inc.			1,470			157,672
						1,187,467
Banks — 2.5%
Bank OZK			3,338			144,702
BOK Financial Corp.			642			67,378
Cadence Bank			5,841			188,548
Citizens Financial Group, Inc.			12,131			522,240
Columbia Banking System, Inc.			3,061			77,076
Comerica, Inc.			4,100			234,151
Commerce Bancshares, Inc./MO			23,751			1,519,114
Cullen/Frost Bankers, Inc.			1,549			173,844
East West Bancorp, Inc.			12,616			1,060,627
Fifth Third Bancorp			74,067			3,161,920
First Citizens BancShares, Inc./NC - Class A			279			566,565
First Hawaiian, Inc.			32,439			789,241
First Horizon Corp.			14,938			247,821

			Shares			Value
FNB Corp./PA			9,646			$  144,497
Home BancShares, Inc./AR			4,923			137,056
Huntington Bancshares, Inc./OH			165,852			2,482,804
KeyCorp			163,824			2,794,837
M&T Bank Corp.			4,440			764,168
Old National Bancorp/IN			8,019			159,177
Pinnacle Financial Partners, Inc.			2,133			212,383
PNC Financial Services Group, Inc.			4,619			854,931
Popular, Inc.			2,132			218,530
Prosperity Bancshares, Inc.			2,319			170,632
Regions Financial Corp.			26,037			609,787
SouthState Corp.			2,008			194,957
Synovus Financial Corp.			4,314			198,962
Truist Financial Corp.			41,776			1,857,361
United Bankshares, Inc./WV			3,736			145,218
US Bancorp			39,212			1,851,983
Webster Financial Corp.			4,761			225,814
Westamerica BanCorp			15,362			795,598
Western Alliance Bancorp			3,598			293,885
Wintrust Financial Corp.			1,730			188,224
Zions Bancorp NA			4,739			234,865
						23,288,896
Beverages — 0.6%
Celsius Holdings, Inc.(a)			3,743			142,346
Coca-Cola Consolidated, Inc.			197			264,453
Coca-Cola Europacific Partners PLC			12,856			1,034,780
Constellation Brands, Inc. - Class A			5,351			1,288,039
Heineken NV			12,663			1,141,861
Molson Coors Beverage Co. - Class B			2,463			132,928
Pernod Ricard SA			9,280			1,321,887
						5,326,294
Biotechnology — 0.9%
Alnylam Pharmaceuticals, Inc.(a)			5,718			1,502,061
Biogen, Inc.(a)			1,445			295,878
BioMarin Pharmaceutical, Inc.(a)			4,394			400,777
CRISPR Therapeutics AG(a)			914			43,616
Exelixis, Inc.(a)			7,917			206,079
Halozyme Therapeutics, Inc.(a)			26			1,660
Incyte Corp.(a)			4,651			305,385
Krystal Biotech, Inc.(a)			477			93,072
Madrigal Pharmaceuticals, Inc.(a)			297			73,398
Moderna, Inc.(a)			3,046			235,760
Natera, Inc.(a)			17,689			2,091,901
Neurocrine Biosciences, Inc.(a)			9,095			1,155,611
Roivant Sciences Ltd.(a)			8,968			109,679
Sarepta Therapeutics, Inc.(a)			5,756			781,550

The accompanying notes are an integral part of these financial statements.

25

Column Mid Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Biotechnology — (Continued)
United Therapeutics Corp.(a)			629			$  228,673
Vaxcyte, Inc.(a)			2,347			189,544
Viking Therapeutics, Inc.(a)			2,039			130,741
						7,845,385
Broadline Retail — 0.2%
Dillard's, Inc. - Class A			115			38,982
eBay, Inc.			29,153			1,722,942
Macy's, Inc.			10,045			156,401
						1,918,325
Building Products — 3.3%
A O Smith Corp.			3,336			279,290
Advanced Drainage Systems, Inc.			7,983			1,251,415
Allegion PLC			41,402			5,748,254
AZEK Co., Inc.(a)			3,872			165,063
Builders FirstSource, Inc.(a)			7,097			1,234,878
Carlisle Cos., Inc.			5,254			2,226,645
Fortune Brands Innovations, Inc.			3,295			261,656
Johnson Controls International PLC			10,581			770,826
Lennox International, Inc.			12,705			7,498,364
Masco Corp.			78,144			6,217,137
Masterbrand, Inc.(a)			930			14,918
Owens Corning			2,617			441,566
Resideo Technologies, Inc.(a)			27,742			559,279
Simpson Manufacturing Co., Inc.			1,344			246,033
Trane Technologies PLC			8,719			3,153,313
Trex Co., Inc.(a)			3,280			209,067
UFP Industries, Inc.			2,117			257,575
Zurn Elkay Water Solutions Corp.			3,476			112,727
						30,648,006
Capital Markets — 7.0%
Affiliated Managers Group, Inc.			4,696			816,306
AllianceBernstein Holding LP			16,277			560,580
Ameriprise Financial, Inc.			6,802			3,057,091
Ares Management Corp. - Class A			28,087			4,111,937
Bank of New York Mellon Corp.			40,324			2,750,903
Blue Owl Capital, Inc. - Class A			51,827			914,228
Carlyle Group, Inc.			39,082			1,568,361
Cboe Global Markets, Inc.			2,635			541,229
Coinbase Global, Inc. - Class A(a)			2,691			493,422
Evercore, Inc. - Class A			17,275			4,245,158
FactSet Research Systems, Inc.			8,409			3,555,662
Franklin Resources, Inc.			7,210			145,930

			Shares			Value
Freedom Holding Corp./NV(a)			361			$   32,649
Hamilton Lane, Inc. - Class A			1,053			160,940
Houlihan Lokey, Inc.			66,143			10,359,317
Intercontinental Exchange, Inc.			22,659			3,660,561
Invesco Ltd.			11,118			190,007
Jefferies Financial Group, Inc.			23,791			1,426,270
LPL Financial Holdings, Inc.			30,288			6,794,810
MarketAxess Holdings, Inc.			995			241,178
Morningstar, Inc.			664			208,343
MSCI, Inc.			5,281			3,066,096
Northern Trust Corp.			39,642			3,615,747
Raymond James Financial, Inc.			30,280			3,620,580
SEI Investments Co.			3,268			221,015
State Street Corp.			7,503			653,511
Stifel Financial Corp.			36,529			3,219,666
T Rowe Price Group, Inc.			19,723			2,091,427
Tradeweb Markets, Inc. - Class A			21,205			2,507,279
						64,830,203
Chemicals — 1.9%
Akzo Nobel NV			19,495			1,249,262
Albemarle Corp.			18,896			1,705,364
Axalta Coating Systems Ltd.(a)			5,600			204,400
CF Industries Holdings, Inc.			20,597			1,711,405
Corteva, Inc.			17,401			997,077
DuPont de Nemours, Inc.			16,386			1,380,520
Eastman Chemical Co.			25,949			2,656,399
FMC Corp.			723			46,691
International Flavors & Fragrances, Inc.			5,416			563,210
LyondellBasell Industries NV - Class A			7,538			744,001
Mosaic Co.			35,366			1,010,407
NewMarket Corp.			249			142,869
Olin Corp.			21,033			918,511
PPG Industries, Inc.			11,377			1,475,938
RPM International, Inc.			3,512			408,270
Scotts Miracle-Gro Co.			30,722			2,180,648
Westlake Corp.			971			141,222
						17,536,194
Commercial Services & Supplies — 1.1%
Clean Harbors, Inc.(a)			10,877			2,674,654
MSA Safety, Inc.			940			171,672
RB Global, Inc.			14,913			1,284,457
Republic Services, Inc.			24,785			5,160,485
Rollins, Inc.			7,442			373,440
Tetra Tech, Inc.			1,247			296,462
Veralto Corp.			2,173			244,310
						10,205,480
Communications Equipment — 0.7%
Ciena Corp.(a)			3,442			198,431
F5, Inc.(a)			9,512			1,932,363

The accompanying notes are an integral part of these financial statements.

26

Column Mid Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Communications Equipment — (Continued)
Juniper Networks, Inc.			22,623			$  879,582
Motorola Solutions, Inc.			7,248			3,203,906
						6,214,282
Construction & Engineering — 1.1%
AECOM			2,930			293,410
API Group Corp.(a)			5,044			179,314
Comfort Systems USA, Inc.			5,742			2,029,912
EMCOR Group, Inc.			4,474			1,758,550
Fluor Corp.(a)			5,195			260,114
MasTec, Inc.(a)			408			46,157
Quanta Services, Inc.			13,342			3,670,784
Vinci SA			14,426			1,725,816
WillScot Holdings Corp.(a)			4,527			174,471
						10,138,528
Construction Materials — 0.3%
CRH PLC			5,093			462,292
Eagle Materials, Inc.			996			256,719
Martin Marietta Materials, Inc.			1,663			888,308
Summit Materials, Inc. - Class A(a)			2,903			117,571
Vulcan Materials Co.			3,146			771,431
						2,496,321
Consumer Finance — 0.7%
Ally Financial, Inc.			34,351			1,483,620
Credit Acceptance Corp.(a)			144			67,180
Discover Financial Services			12,324			1,709,462
FirstCash Holdings, Inc.			970			116,487
OneMain Holdings, Inc.			3,794			187,462
SLM Corp.			35,087			774,019
SoFi Technologies, Inc.(a)			20,958			167,455
Synchrony Financial			38,166			1,918,223
						6,423,908
Consumer Staples Distribution & Retail — 1.2%
BJ's Wholesale Club Holdings, Inc.(a)			3,472			277,621
Casey's General Stores, Inc.			1,048			379,701
Dollar General Corp.			3,074			255,050
Dollar Tree, Inc.(a)			20,237			1,709,824
Koninklijke Ahold Delhaize NV			75,034			2,577,453
Kroger Co.			15,765			838,856
Performance Food Group Co.(a)			3,655			272,809
Sprouts Farmers Market, Inc.(a)			3,339			347,423
Sysco Corp.			35,925			2,801,072
US Foods Holding Corp.(a)			25,737			1,523,888
						10,983,697
Containers & Packaging — 2.0%
Amcor PLC			34,285			392,220
AptarGroup, Inc.			1,710			261,955
Avery Dennison Corp.			14,708			3,262,970
Ball Corp.			34,468			2,199,403

			Shares			Value
Berry Global Group, Inc.			2,699			$  185,853
Crown Holdings, Inc.			2,937			265,534
Graphic Packaging Holding Co.			53,888			1,612,868
International Paper Co.			9,327			451,613
Packaging Corp. of America			32,035			6,712,614
Sealed Air Corp.			45,125			1,577,119
Smurfit WestRock PLC			8,529			404,445
Sonoco Products Co.			16,419			928,823
						18,255,417
Distributors — 0.6%
Genuine Parts Co.			1,595			228,500
Pool Corp.			15,616			5,490,898
						5,719,398
Diversified Consumer Services — 0.3%
ADT, Inc.			8,058			58,743
Duolingo, Inc.(a)			3,946			838,801
Frontdoor, Inc.(a)			23,144			1,112,764
H&R Block, Inc.			13,687			866,524
Service Corp. International/US			3,549			277,780
						3,154,612
Diversified Telecommunication Services — 0.1%
BCE, Inc.			31,585			1,106,465
Frontier Communications Parent, Inc.(a)			8,632			248,601
Iridium Communications, Inc.			12			310
						1,355,376
Electric Utilities — 1.9%
Alliant Energy Corp.			3,097			180,462
American Electric Power Co., Inc.			8,620			864,414
Avangrid, Inc.			484			17,274
Duke Energy Corp.			13,404			1,527,386
Edison International			28,906			2,515,689
Entergy Corp.			13,563			1,636,919
Evergy, Inc.			34,304			2,028,739
Eversource Energy			34,362			2,320,466
Exelon Corp.			11,566			440,549
FirstEnergy Corp.			17,673			776,198
IDACORP, Inc.			6			611
NRG Energy, Inc.			4,988			424,030
OGE Energy Corp.			23,247			919,651
Pinnacle West Capital Corp.			5,085			445,039
PPL Corp.			13,879			442,879
Xcel Energy, Inc.			43,762			2,679,547
						17,219,853
Electrical Equipment — 2.5%
Acuity Brands, Inc.			985			250,880
AMETEK, Inc.			60,497			10,348,012
Atkore, Inc.			8,171			762,599
Emerson Electric Co.			24,100			2,539,899
Generac Holdings, Inc.(a)			7,114			1,113,554
Hubbell, Inc.			1,304			521,496

The accompanying notes are an integral part of these financial statements.

27

Column Mid Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Electrical Equipment — (Continued)
NEXTracker, Inc. - Class A(a)			1,430			$   58,158
nVent Electric PLC			7,882			535,661
Rockwell Automation, Inc.			2,082			566,366
Sensata Technologies Holding PLC			79,069			3,048,110
Vertiv Holdings Co. - Class A			36,778			3,053,677
						22,798,412
Electronic Equipment, Instruments & Components — 3.1%
Arrow Electronics, Inc.(a)			24,650			3,329,722
CDW Corp./DE			5,667			1,278,702
Cognex Corp.			1,052			42,480
Coherent Corp.(a)			21,623			1,685,513
Corning, Inc.			12,097			506,260
Fabrinet(a)			1,119			272,644
Flex Ltd.(a)			114,296			3,713,477
Insight Enterprises, Inc.(a)			1,049			227,706
IPG Photonics Corp.(a)			5			342
Jabil, Inc.			3,846			420,291
Keysight Technologies, Inc.(a)			29,166			4,495,064
Littelfuse, Inc.			309			84,110
Novanta, Inc.(a)			794			145,524
TD SYNNEX Corp.			1,367			165,981
TE Connectivity Ltd.			15,527			2,384,947
Teledyne Technologies, Inc.(a)			13,290			5,751,912
Trimble, Inc.(a)			3,964			224,719
Vontier Corp.			3,861			135,251
Zebra Technologies Corp. - Class A(a)			9,837			3,397,503
						28,262,148
Energy Equipment & Services — 1.2%
Baker Hughes Co.			76,873			2,703,623
ChampionX Corp.			49,164			1,530,475
Halliburton Co.			59,873			1,861,452
Helmerich & Payne, Inc.			37,160			1,212,531
NOV, Inc.			9,509			168,975
TechnipFMC PLC			74,617			2,002,720
Tidewater, Inc.(a)			6,393			567,059
Valaris Ltd.(a)			1,662			101,482
Weatherford International PLC			12,763			1,339,349
						11,487,666
Entertainment — 0.5%
Liberty Media Corp.-Liberty Formula One - Class A(a)			242			17,090
Liberty Media Corp.-Liberty Formula One - Class C(a)			2,097			163,671
Live Nation Entertainment, Inc. (a)			2,981			291,154
Roku, Inc.(a)			3,296			223,370
Spotify Technology SA(a)			7,380			2,530,454

			Shares			Value
Take-Two Interactive Software, Inc.(a)			5,145			$  831,998
Warner Bros Discovery, Inc.(a)			25,908			203,119
						4,260,856
Financial Services — 1.0%
Affirm Holdings, Inc.(a)			6,105			268,681
Corpay, Inc.(a)			1,606			506,773
Edenred SE			18,688			791,935
Equitable Holdings, Inc.			9,728			413,635
Essent Group Ltd.			2,889			185,734
Fidelity National Information Services, Inc.			9,206			759,035
Global Payments, Inc.			21,815			2,421,683
Jack Henry & Associates, Inc.			1,864			322,528
MGIC Investment Corp.			8,484			215,748
Rocket Cos., Inc. - Class A(a)			45,752			899,027
Shift4 Payments, Inc. - Class A(a)			1,355			112,601
Toast, Inc. - Class A(a)			36,554			908,732
Voya Financial, Inc.			14,428			1,021,935
WEX, Inc.(a)			1,070			204,391
						9,032,438
Food Products — 1.1%
Archer-Daniels-Midland Co.			10,829			660,461
Bunge Global SA			4,406			446,680
Campbell Soup Co.			3,481			173,075
Conagra Brands, Inc.			111,432			3,476,679
Darling Ingredients, Inc.(a)			1,173			48,949
General Mills, Inc.			40,185			2,904,974
Hormel Foods Corp.			2,224			72,391
Ingredion, Inc.			1,914			257,069
Kellanova			3,307			266,577
Lamb Weston Holdings, Inc.			16,874			1,044,838
McCormick & Co., Inc./MD			3,900			312,117
Pilgrim's Pride Corp.(a)			1,041			48,490
Post Holdings, Inc.(a)			1,070			123,874
Tyson Foods, Inc. - Class A			7,009			450,749
						10,286,923
Gas Utilities — 0.3%
Atmos Energy Corp.			2,933			383,460
ONE Gas, Inc.			18,531			1,277,527
Spire, Inc.			21,296			1,404,897
UGI Corp.			14			349
						3,066,233
Ground Transportation — 1.7%
CSX Corp.			94,384			3,234,540
JB Hunt Transport Services, Inc.			2,394			414,641
Knight-Swift Transportation Holdings, Inc.			4,143			217,010
Landstar System, Inc.			6,764			1,234,836
Norfolk Southern Corp.			17,259			4,421,065

The accompanying notes are an integral part of these financial statements.

28

Column Mid Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Ground Transportation — (Continued)
Old Dominion Freight Line, Inc.			15,748			$  3,036,214
Ryder System, Inc.			1,543			224,105
Saia, Inc.(a)			722			271,349
U-Haul Holding Co.			3,142			214,756
U-Haul Holding Co.(a)			282			20,028
XPO, Inc.(a)			20,330			2,330,225
						15,618,769
Health Care Equipment & Supplies — 3.4%
Align Technology, Inc.(a)			17,302			4,104,380
Baxter International, Inc.			7,989			303,103
Becton Dickinson & Co.			7,953			1,927,887
Cooper Cos., Inc.(a)			91,818			9,707,917
DENTSPLY SIRONA, Inc.			83,714			2,117,127
Envista Holdings Corp.(a)			44,006			803,550
GE HealthCare Technologies, Inc.			24,898			2,111,848
Globus Medical, Inc. - Class A(a)			940			68,338
Hologic, Inc.(a)			16,923			1,374,825
Lantheus Holdings, Inc.(a)			6			639
Masimo Corp.(a)			1,206			141,729
Medtronic PLC			13,787			1,221,252
ResMed, Inc.			2,878			705,168
STERIS PLC			2,083			502,211
Teleflex, Inc.			1,124			275,571
Zimmer Biomet Holdings, Inc.			51,679			5,966,857
						31,332,402
Health Care Providers & Services — 4.1%
Acadia Healthcare Co., Inc.(a)			2,267			185,735
Cardinal Health, Inc.			19,020			2,143,934
Cencora, Inc.			32,388			7,759,193
Centene Corp.(a)			62,747			4,946,346
Chemed Corp.			360			211,021
DaVita, Inc.(a)			1,254			189,254
Encompass Health Corp.			32,577			3,031,290
Ensign Group, Inc.			1,675			253,528
Henry Schein, Inc.(a)			42,321			2,985,747
Labcorp Holdings, Inc.			19,888			4,572,052
Molina Healthcare, Inc.(a)			7,786			2,723,465
Quest Diagnostics, Inc.			17,116			2,686,699
Tenet Healthcare Corp.(a)			24,445			4,053,959
Universal Health Services, Inc. - Class B			7,865			1,871,634
						37,613,857
Health Care Technology — 0.0%(b)
Doximity, Inc. - Class A(a)			639			23,502
Veeva Systems, Inc. - Class A(a)			1,891			409,288
						432,790

			Shares			Value
Hotels, Restaurants & Leisure — 2.4%
Aramark			3,170			$  116,117
Boyd Gaming Corp.			11,901			714,298
Caesars Entertainment, Inc.(a)			1,436			54,051
Carnival Corp.(a)			30,501			503,266
Cava Group, Inc.(a)			13,590			1,549,804
Choice Hotels International, Inc.			447			57,033
Churchill Downs, Inc.			8,547			1,187,777
Darden Restaurants, Inc.			31,266			4,944,718
Domino's Pizza, Inc.			9,519			3,942,865
Expedia Group, Inc.(a)			4,720			656,505
Hilton Worldwide Holdings, Inc.			14,490			3,182,584
Hyatt Hotels Corp. - Class A			1,023			155,414
Light & Wonder, Inc. - Class A(a)			2,215			243,251
MGM Resorts International(a)			4,187			157,389
Norwegian Cruise Line Holdings Ltd.(a)			11,884			212,605
Red Rock Resorts, Inc. - Class A			1,312			76,463
Texas Roadhouse, Inc.			15,542			2,622,712
Vail Resorts, Inc.			857			155,717
Wyndham Hotels & Resorts, Inc.			15,983			1,257,862
						21,790,431
Household Durables — 1.8%
DR Horton, Inc.			22,283			4,206,139
Garmin Ltd.			12,975			2,378,188
Installed Building Products, Inc.			745			165,621
Lennar Corp. - Class A			3,763			685,092
Meritage Homes Corp.			1,230			243,626
Mohawk Industries, Inc.(a)			5,704			884,919
NVR, Inc.(a)			226			2,072,976
PulteGroup, Inc.			19,056			2,508,722
Taylor Morrison Home Corp.(a)			3,371			226,969
Tempur Sealy International, Inc.			27,774			1,456,191
Toll Brothers, Inc.			3,488			502,516
TopBuild Corp.(a)			2,909			1,143,295
Whirlpool Corp.			502			50,346
						16,524,600
Household Products — 0.4%
Church & Dwight Co., Inc.			5,136			523,256
Clorox Co.			2,345			371,237
Kimberly-Clark Corp.			15,001			2,170,045
Reckitt Benckiser Group PLC			13,395			767,999
Reynolds Consumer Products, Inc.			1,304			41,076
						3,873,613
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp.			10,081			172,688
Clearway Energy, Inc. - Class A			381			10,238

The accompanying notes are an integral part of these financial statements.

29

Column Mid Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Independent Power and Renewable Electricity Producers — (Continued)
Clearway Energy, Inc. - Class C			991			$   28,699
Vistra Corp.			22,077			1,886,038
						2,097,663
Insurance — 5.1%
Aflac, Inc.			5,167			570,230
Allstate Corp.			14,774			2,791,400
American Financial Group, Inc./OH			2,037			272,184
Aon PLC - Class A			2,393			822,522
Arch Capital Group Ltd.(a)			24,916			2,817,750
Arthur J Gallagher & Co.			6,144			1,797,550
Assurant, Inc.			1,601			314,356
Axis Capital Holdings Ltd.			2,543			203,135
Brown & Brown, Inc.			62,199			6,538,981
Cincinnati Financial Corp.			3,918			536,884
CNA Financial Corp.			593			30,789
Erie Indemnity Co. - Class A			750			381,172
Everest Group Ltd.			3,892			1,526,598
First American Financial Corp.			17,603			1,123,071
Globe Life, Inc.			2,464			258,843
Hanover Insurance Group, Inc.			9,523			1,399,786
Hartford Financial Services Group, Inc.			9,394			1,090,643
Kinsale Capital Group, Inc.			274			134,559
Loews Corp.			5,022			411,503
Markel Group, Inc.(a)			1,078			1,725,533
Old Republic International Corp.			7,080			253,960
Primerica, Inc.			1,056			277,971
Principal Financial Group, Inc.			6,087			495,604
Progressive Corp.			17,002			4,287,904
Reinsurance Group of America, Inc.			22,685			5,007,941
RenaissanceRe Holdings Ltd.			15,050			3,834,589
RLI Corp.			1,093			168,431
Ryan Specialty Holdings, Inc.			1,629			105,282
Selective Insurance Group, Inc.			1,561			142,020
Travelers Cos., Inc.			4,030			919,122
Unum Group			3,390			188,111
W R Berkley Corp.			65,435			3,906,469
Willis Towers Watson PLC			9,442			2,758,103
						47,092,996
Interactive Media & Services — 0.1%
Pinterest, Inc. - Class A(a)			14,356			459,966
IT Services — 1.4%
Akamai Technologies, Inc.(a)			31,828			3,241,364
Amdocs Ltd.			23,504			2,044,143
ASGN, Inc.(a)			6,544			629,271

			Shares			Value
Cognizant Technology Solutions Corp. - Class A			24,608			$ 1,913,764
EPAM Systems, Inc.(a)			1,606			322,421
Gartner, Inc.(a)			3,167			1,558,037
GoDaddy, Inc. - Class A(a)			16,408			2,746,863
Twilio, Inc. - Class A(a)			4,740			297,482
						12,753,345
Leisure Products — 0.0%(b)
Brunswick Corp./DE			2,070			163,633
Hasbro, Inc.			961			65,502
Mattel, Inc.(a)			4,464			84,727
						313,862
Life Sciences Tools & Services — 2.8%
Agilent Technologies, Inc.			19,002			2,715,766
Avantor, Inc.(a)			39,668			1,025,021
Azenta, Inc.(a)			37,805			1,872,104
Bio-Rad Laboratories, Inc. - Class A(a)			7,056			2,380,130
Bio-Techne Corp.			3,151			233,142
Bruker Corp.			15,166			1,019,004
ICON PLC(a)			15,773			5,079,852
Illumina, Inc.(a)			1,198			157,417
IQVIA Holdings, Inc.(a)			10,689			2,688,818
Medpace Holdings, Inc.(a)			711			252,597
QIAGEN NV			52,100			2,381,491
Revvity, Inc.			1,899			232,703
Waters Corp.(a)			1,575			545,501
West Pharmaceutical Services, Inc.			17,390			5,454,026
						26,037,572
Machinery — 5.1%
AGCO Corp.			969			88,218
Allison Transmission Holdings, Inc.			2,215			205,441
Crane Co.			637			100,888
Cummins, Inc.			13,436			4,203,453
Donaldson Co., Inc.			3,347			243,427
Dover Corp.			29,416			5,472,258
Esab Corp.			1,481			155,461
Fortive Corp.			15,098			1,123,291
Graco, Inc.			4,391			365,990
IDEX Corp.			1,524			314,675
Ingersoll Rand, Inc.			21,098			1,929,412
ITT, Inc.			20,463			2,848,859
Lincoln Electric Holdings, Inc.			1,500			290,415
Middleby Corp.(a)			1,292			181,681
Mueller Industries, Inc.			3,703			269,245
Nordson Corp.			18,903			4,849,754
Oshkosh Corp.			17,884			1,929,862
Otis Worldwide Corp.			6,068			574,579
Parker-Hannifin Corp.			5,113			3,068,823
Pentair PLC			54,837			4,863,493
RBC Bearings, Inc.(a)			742			221,005

The accompanying notes are an integral part of these financial statements.

30

Column Mid Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Machinery — (Continued)
Snap-on, Inc.			10,400			$  2,950,896
Timken Co.			9,201			777,760
Toro Co.			2,551			236,223
Watts Water Technologies, Inc. - Class A			1,602			315,113
Weir Group PLC			9,418			249,950
Westinghouse Air Brake Technologies Corp.			47,952			8,131,221
Xylem, Inc./NY			5,043			693,564
						46,654,957
Marine Transportation — 0.1%
Kirby Corp.(a)			6,433			771,445
Media — 0.9%
Fox Corp. - Class A			4,214			174,333
Fox Corp. - Class B			19,293			741,430
Interpublic Group of Cos., Inc.			67,635			2,205,577
Liberty Broadband Corp. - Class A(a)			247			15,129
Liberty Broadband Corp. - Class C(a)			1,799			112,222
New York Times Co. - Class A			4,023			220,983
News Corp. - Class A			10,644			301,545
News Corp. - Class B			3,179			93,558
Nexstar Media Group, Inc.			345			58,954
Omnicom Group, Inc.			7,779			781,245
Paramount Global - Class A			226			5,010
Paramount Global - Class B			12,172			127,441
Trade Desk, Inc. - Class A(a)			30,623			3,201,022
						8,038,449
Metals & Mining — 0.7%
Alcoa Corp.			4,645			149,105
ATI, Inc.(a)			3,522			224,985
Cleveland-Cliffs, Inc.(a)			16,936			221,184
Commercial Metals Co.			18,631			998,435
Freeport-McMoRan, Inc.			21,365			946,042
Reliance, Inc.			4,843			1,388,246
Royal Gold, Inc.			1,705			238,990
Steel Dynamics, Inc.			18,055			2,157,753
Teck Resources Ltd. - Class B			12,015			575,519
United States Steel Corp.			52			1,971
						6,902,230
Multi-Utilities — 1.4%
Ameren Corp.			2,429			200,417
CenterPoint Energy, Inc.			70,071			1,912,938
CMS Energy Corp.			10,429			707,712
Consolidated Edison, Inc.			5,168			524,862
DTE Energy Co.			14,478			1,810,039
Northwestern Energy Group, Inc.			47,233			2,569,003

			Shares			Value
Public Service Enterprise Group, Inc.			8,929			$  721,017
WEC Energy Group, Inc.			51,966			4,834,397
						13,280,385
Oil, Gas & Consumable Fuels — 3.0%
Antero Midstream Corp.			9,335			138,811
Antero Resources Corp.(a)			6,133			165,530
APA Corp.			6,588			187,692
Chesapeake Energy Corp.			3,700			275,613
Chord Energy Corp.			9,511			1,411,718
Civitas Resources, Inc.			3,216			197,237
Coterra Energy, Inc.			152,574			3,712,125
Devon Energy Corp.			10,434			467,234
Diamondback Energy, Inc.			22,619			4,413,193
DT Midstream, Inc.			2,560			201,190
EnLink Midstream LLC			11,011			158,118
Enterprise Products Partners LP			100,064			2,935,878
EQT Corp.			69,990			2,345,365
Hess Midstream LP - Class A			1,866			69,695
HF Sinclair Corp.			5,097			250,467
Kinetik Holdings, Inc.			233			10,308
Marathon Oil Corp.			18,427			527,934
Matador Resources Co.			3,516			199,427
Murphy Oil Corp.			35,353			1,317,960
Occidental Petroleum Corp.			26,591			1,515,155
Ovintiv, Inc.			8,564			366,796
Permian Resources Corp.			15,979			227,541
Phillips 66			5,313			745,467
Range Resources Corp.			43,153			1,289,412
Southwestern Energy Co.(a)			312			1,991
Targa Resources Corp.			27,787			4,081,910
Texas Pacific Land Corp.			495			430,101
Viper Energy, Inc.			2,417			115,049
						27,758,917
Paper & Forest Products — 0.0%(b)
Louisiana-Pacific Corp.			531			51,534
Passenger Airlines — 0.4%
Alaska Air Group, Inc.(a)			19,271			695,876
Delta Air Lines, Inc.			11,806			501,637
Southwest Airlines Co.			65,460			1,893,103
United Airlines Holdings, Inc.(a)			2,944			129,654
						3,220,270
Personal Care Products — 0.4%
elf Beauty, Inc.(a)			4,642			695,325
Estee Lauder Cos., Inc. - Class A			2,567			235,291
Kenvue, Inc.			116,248			2,551,644
						3,482,260
Pharmaceuticals — 0.1%
Catalent, Inc.(a)			2,849			173,675
Elanco Animal Health, Inc.(a)			12,769			197,536

The accompanying notes are an integral part of these financial statements.

31

Column Mid Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals — (Continued)
Jazz Pharmaceuticals PLC(a)			1,157			$  134,189
Royalty Pharma PLC - Class A			4,374			126,977
Viatris, Inc.			33,435			403,895
						1,036,272
Professional Services — 3.5%
Booz Allen Hamilton Holding Corp.			3,164			502,380
Broadridge Financial Solutions, Inc.			32,222			6,858,775
Clarivate PLC(a)			10,595			72,682
Equifax, Inc.			29,769			9,142,953
ExlService Holdings, Inc.(a)			3,485			127,342
Exponent, Inc.			44,437			4,811,194
FTI Consulting, Inc.(a)			6			1,370
Genpact Ltd.			1,869			73,321
Jacobs Solutions, Inc.			5,549			837,233
KBR, Inc.			1,061			73,591
Leidos Holdings, Inc.			8,720			1,382,207
Parsons Corp.(a)			8,056			769,026
Paycom Software, Inc.			336			54,694
Paylocity Holding Corp.(a)			298			48,097
Robert Half, Inc.			19,751			1,237,795
Science Applications International Corp.			9,188			1,199,861
SS&C Technologies Holdings, Inc.			4,359			327,317
TriNet Group, Inc.			855			87,920
Verisk Analytics, Inc.			17,227			4,699,870
						32,307,628
Real Estate Management & Development — 1.0%
CBRE Group, Inc. - Class A(a)			43,638			5,024,479
CoStar Group, Inc.(a)			8,580			663,234
Jones Lang LaSalle, Inc.(a)			11,871			3,029,836
Zillow Group, Inc. - Class A(a)			842			44,988
Zillow Group, Inc. - Class C(a)			3,391			187,522
						8,950,059
Semiconductors & Semiconductor Equipment — 4.2%
Allegro MicroSystems, Inc.(a)			475			11,652
Amkor Technology, Inc.			4,189			137,818
Applied Materials, Inc.			11,095			2,188,600
Astera Labs, Inc.(a)			14,127			608,309
Cirrus Logic, Inc.(a)			257			37,442
Enphase Energy, Inc.(a)			3,234			391,443
Entegris, Inc.			32,798			3,800,304
First Solar, Inc.(a)			1,089			247,606
GLOBALFOUNDRIES, Inc.(a)			2,010			93,827
InterDigital, Inc.			4,726			654,835
Lattice Semiconductor Corp.(a)			872			41,298

			Shares			Value
MACOM Technology Solutions Holdings, Inc.(a)			24,293			$  2,653,524
Microchip Technology, Inc.			9,265			761,212
Monolithic Power Systems, Inc.			12,107			11,316,171
Nova Ltd.(a)			6,784			1,516,563
ON Semiconductor Corp.(a)			13,027			1,014,413
Onto Innovation, Inc.(a)			6,872			1,465,248
Qorvo, Inc.(a)			2,228			258,203
Skyworks Solutions, Inc.			28,253			3,096,246
Teradyne, Inc.			22,790			3,116,077
Tyler Technologies, Inc.(a)			3,684			2,165,713
Universal Display Corp.			14,213			2,753,342
Wolfspeed, Inc.(a)			11			107
						38,329,953
Software — 3.9%
ANSYS, Inc.(a)			9,938			3,194,272
AppLovin Corp. - Class A(a)			4,907			455,713
Aspen Technology, Inc.(a)			23,951			5,607,887
Aurora Innovation, Inc.(a)			6,700			31,289
Bentley Systems, Inc. - Class B			101,601			5,229,403
BILL Holdings, Inc.(a)			543			29,626
Check Point Software Technologies Ltd.(a)			11,441			2,202,392
CyberArk Software Ltd.(a)			7,350			2,107,539
Datadog, Inc. - Class A(a)			18,091			2,103,260
DocuSign, Inc.(a)			5,254			311,089
Dolby Laboratories, Inc. - Class A			1,452			103,615
Fair Isaac Corp.(a)			1,214			2,100,548
Gen Digital, Inc.			20,093			531,661
Guidewire Software, Inc.(a)			20,278			3,016,758
HubSpot, Inc.(a)			2,910			1,452,294
Manhattan Associates, Inc.(a)			7,031			1,859,207
MicroStrategy, Inc. - Class A(a)			3,240			429,041
PTC, Inc.(a)			4,272			765,072
Qualys, Inc.(a)			1,192			149,203
Samsara, Inc. - Class A(a)			43,634			1,792,048
SentinelOne, Inc. - Class A(a)			6,730			158,559
Synopsys, Inc.(a)			3,500			1,818,530
UiPath, Inc. - Class A(a)			10,204			131,428
Varonis Systems, Inc.(a)			1,322			74,825
Zoom Video Communications, Inc. - Class A(a)			5,495			379,595
						36,034,854
Specialty Retail — 2.3%
Abercrombie & Fitch Co. - Class A(a)			1,960			289,237
AutoNation, Inc.(a)			919			163,564
AutoZone, Inc.(a)			769			2,446,558
Best Buy Co., Inc.			4,773			479,209
Burlington Stores, Inc.(a)			1,870			501,609
CarMax, Inc.(a)			2,443			206,556
Chewy, Inc. - Class A(a)			646			18,443

The accompanying notes are an integral part of these financial statements.

32

Column Mid Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
COMMON STOCKS — (Continued)
Specialty Retail — (Continued)
Dick's Sporting Goods, Inc.			1,771			$  419,656
Floor & Decor Holdings, Inc. - Class A(a)			2,919			328,212
GameStop Corp. - Class A(a)			8,052			188,578
Gap, Inc.			9,155			205,347
Lithia Motors, Inc.			711			214,068
Murphy USA, Inc.			580			301,386
Penske Automotive Group, Inc.			458			77,906
Ross Stores, Inc.			48,695			7,333,954
TJX Cos., Inc.			21,440			2,514,269
Tractor Supply Co.			3,017			807,198
Ulta Beauty, Inc.(a)			6,935			2,446,945
Williams-Sonoma, Inc.			16,864			2,265,341
						21,208,036
Technology Hardware, Storage & Peripherals — 0.7%
Dell Technologies, Inc. - Class C			7,453			861,120
Hewlett Packard Enterprise Co.			32,071			621,215
HP, Inc.			50,319			1,820,542
NetApp, Inc.			10,295			1,242,812
Pure Storage, Inc. - Class A(a)			25,554			1,310,665
Super Micro Computer, Inc.(a)			383			167,639
						6,023,993
Textiles, Apparel & Luxury Goods — 0.7%
Birkenstock Holding PLC(a)			14,868			741,913
Columbia Sportswear Co.			6			485
Crocs, Inc.(a)			577			84,340
Deckers Outdoor Corp.(a)			3,017			2,894,178
Levi Strauss & Co. - Class A			2,594			49,986
PVH Corp.			1,980			195,406
Ralph Lauren Corp.			5,519			945,184
Skechers USA, Inc. - Class A(a)			18,160			1,243,597
Tapestry, Inc.			3,888			159,291
VF Corp.			8,709			158,591
						6,472,971
Trading Companies & Distributors — 1.9%
Air Lease Corp.			64,882			3,002,090
Applied Industrial Technologies, Inc.			1,152			236,298
Beacon Roofing Supply, Inc.(a)			31,685			2,870,661
Boise Cascade Co.			1,471			199,497
Bunzl PLC			32,999			1,540,870
Core & Main, Inc. - Class A(a)			5,532			265,702
Fastenal Co.			6,300			430,164
Ferguson Enterprises, Inc.			4,861			999,956
FTAI Aviation Ltd.			3,147			402,218
GATX Corp.			15,189			2,143,168

			Shares			Value
MSC Industrial Direct Co., Inc. - Class A			29,955			$ 2,463,499
SiteOne Landscape Supply, Inc.(a)			1,093			155,053
United Rentals, Inc.			2,643			1,959,150
Watsco, Inc.			825			392,222
WESCO International, Inc.			1,423			235,336
						17,295,884
Water Utilities — 0.0%(b)
American Water Works Co., Inc.			2,783			398,303
TOTAL COMMON STOCKS (Cost $775,316,022)						868,361,039
REAL ESTATE INVESTMENT TRUSTS — 3.5%
Agree Realty Corp.			18,283			1,334,842
Americold Realty Trust, Inc.			72,321			2,097,309
Boston Properties, Inc.			32,753			2,463,681
EastGroup Properties, Inc.			3,808			709,811
Equity LifeStyle Properties, Inc.			13,368			971,987
Equity Residential			39,290			2,942,035
Essex Property Trust, Inc.			5,668			1,710,546
Extra Space Storage, Inc.			6,579			1,164,483
Healthpeak Properties, Inc.			65,918			1,468,653
Invitation Homes, Inc.			15,700			578,388
Lamar Advertising Co. - Class A			10,611			1,334,651
Public Storage			4,599			1,580,768
Realty Income Corp.			38,634			2,399,558
Regency Centers Corp.			37,146			2,700,143
Rexford Industrial Realty, Inc.			14,105			718,227
SBA Communications Corp.			8,938			2,025,887
Simon Property Group, Inc.			11,294			1,890,051
Ventas, Inc.			14,735			915,191
VICI Properties, Inc.			68,419			2,290,668
Weyerhaeuser Co.			30,157			919,487
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $29,250,087)						32,216,366
PREFERRED STOCKS — 0.1%
Household Products — 0.1%
Henkel AG & Co. KGaA 0.00%,			12,075			1,104,546
TOTAL PREFERRED STOCKS (Cost $954,148)						1,104,546
SHORT-TERM INVESTMENTS — 2.3%
Money Market Funds — 2.3%
Dreyfus Treasury Securities Cash Management - Class Institutional, 5.14%(c)			330,000			330,000

The accompanying notes are an integral part of these financial statements.

33

Column Mid Cap Fund

Schedule of Investments

August 31, 2024(Continued)

			Shares			Value
SHORT-TERM INVESTMENTS — (Continued)
Money Market Funds — (Continued)
First American Government Obligations Fund - Class X, 5.22%(c)			20,650,934			$20,650,934
TOTAL SHORT-TERM INVESTMENTS (Cost $20,980,934)						20,980,934
TOTAL INVESTMENTS — 100.1% (Cost $826,501,191)						$922,662,885
Liabilities in Excess of Other Assets - (0.1)%						(769,531)
TOTAL NET ASSETS — 100.0%						$921,893,354

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by the Adviser.

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)
Non-income producing security.

(b)
Represents less than 0.05% of net assets.

(c)
The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

34

Column Mid Cap Fund

Schedule of Forward Currency Contracts

August 31, 2024

Counterparty

Settlement Date

Currency Purchased

Currency Sold

Unrealized Appreciation (Depreciation)

Bank of America

09/27/2024

CAD

88,619

USD

64,846

$970

Bank of America

09/27/2024

EUR

609,659

USD

664,532

​10,248

Bank of America

09/27/2024

GBP

77,495

USD

98,987

2,814

Bank of America

09/27/2024

USD

1,001,759

CAD

1,366,548

(13,169)

Bank of America

09/27/2024

USD

8,874,992

EUR

8,227,670

(231,524)

Bank of America

09/27/2024

USD

2,177,329

GBP

1,703,523

(60,492)

Total Unrealized Appreciation (Depreciation)

$(291,153)

CAD - Canadian Dollar

EUR - Euro

GBP - British Pound

USD - United States Dollar

The accompanying notes are an integral part of these financial statements.

35

Statements of Assets and Liabilities

August 31, 2024

			Column Small Cap Select Fund			Column Small Cap Fund			Column Mid Cap Select Fund			Column Mid Cap Fund
ASSETS
Investments, at fair value (Note 1)*			$1,062,215,885			$429,026,110			$2,048,143,633			$922,662,885
Foreign currency **			—			2,947			—			18,204
Receivable for Fund shares sold			249,001			150,668			330,950			141,516
Receivable for investments sold			852,623			313,635			1,404,762			1,016,800
Dividends and interest receivable			719,571			​443,485			1,839,470			814,653
Unrealized appreciation of forward currency exchange contracts			—			10,514			—			14,032
Prepaid expenses and other assets			55,450			24,599			68,967			32,999
Total assets			1,064,092,530			429,971,958			2,051,787,782			924,701,089
LIABILITIES
Payable for Fund shares redeemed			277,081			59,339			655,552			114,036
Payable for investments purchased			328,736			351,941			748,971			1,848,345
Payable for shareholder servicing fees (Note 5)			49,124			19,917			94,033			42,586
Payable for administrative services (Note 4)			17,217			7,036			33,150			15,060
Payable to Adviser (Note 4)			400,227			144,200			617,334			251,450
Payable to affiliates (Note 6)			69,920			56,210			103,184			73,640
Payable for federal registration fees			138,820			56,779			269,852			121,402
Unrealized depreciation of forward currency exchange contracts			—			25,038			—			305,185
Accrued expenses and other liabilities			35,963			29,396			48,721			36,031
Total liabilities			1,317,088			749,856			2,570,797			2,807,735
NET ASSETS			$1,062,775,442			$429,222,102			$2,049,216,985			$921,893,354
NET ASSETS CONSIST of
Paid-in capital			$959,165,259			$385,108,897			$1,861,718,744			$823,278,371
Total distributable earnings			103,610,183			44,113,205			187,498,241			98,614,983
TOTAL NET ASSETS			$1,062,775,442			$429,222,102			$2,049,216,985			$921,893,354
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)			89,193,496			36,916,808			179,572,403			79,673,654
Net asset value per share			$11.92			$11.63			$11.41			$11.57
* Cost of investments			$​952,481,263			$389,992,045			$1,859,990,088			$826,501,191
** Cost of foreign currency			$—			$3,228			$—			$18,253

The accompanying notes are an integral part of these financial statements.

36

STATEMENTS OF OPERATIONS

For the Period Ended August 31, 2024

			Column Small Cap Select Fund(1)			Column Small Cap Fund(1)			Column Mid Cap Select Fund(1)			Column Mid Cap Fund(1)
INVESTMENT INCOME
Income:
Dividends *			$​5,571,723			$​3,253,129			$​13,761,525			$​7,338,985
Interest income			1,172,508			468,939			2,202,607			801,967
Total income			​6,744,231			​3,722,068			​15,964,132			​8,140,952
Expenses:
Management fees (Note 4)			​3,970,428			​1,845,632			​7,358,121			​3,629,558
Shareholder servicing fees (Note 5)			314,519			143,277			649,293			312,078
Federal and state registration fees			185,438			90,268			339,675			164,445
Fund administration fees (Note 6)			133,075			74,303			259,352			136,816
Administrative services fee (Note 4)			104,840			47,759			216,431			104,026
Printing and mailing fees			98,788			25,052			113,155			33,538
Custodian fees (Note 6)			81,006			90,469			59,663			81,684
Transfer agent fees (Note 6)			25,357			21,417			32,895			25,335
Audit and tax fees			19,501			19,501			19,501			19,501
Trustees’ fees			17,645			17,645			17,645			17,645
Other fees			15,768			15,726			15,676			15,847
Legal fees			12,851			14,345			15,147			13,749
Pricing fees (Note 6)			12,802			26,822			11,811			21,149
Chief Compliance Officer fees (Note 6)			7,278			7,057			7,359			7,230
Total expenses			​4,999,296			​2,439,273			​9,115,724			​4,582,601
Less: Waiver by Adviser (Note 4)			(1,530,484)			(868,224)			(3,233,842)			(1,869,181)
Net expenses			3,469,582			1,571,049			5,881,882			2,713,420
Net investment income			​3,274,649			​2,151,019			​10,082,250			​5,427,532
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Investments			(9,399,088)			​2,913,344			(10,737,554)			(2,860,411)
​Forward currency exchange contracts			—			29,266			—			157,563
Foreign currency transactions			—			(209)			—			77
			(9,399,088)			​2,942,401			(10,737,554)			(2,702,771)
Change in net unrealized appreciation (depreciation) on:
Investments			​109,734,622			​39,034,065			​188,153,545			​96,161,693
Forward currency exchange contracts			—			(14,524)			—			​(291,153)
Foreign currency translations			—			244			—			​621
			​109,734,622			​39,019,785			​188,153,545			​95,871,161
Net gain on investments			​100,335,534			​41,962,186			​177,415,991			​93,168,390
NET INCREASE IN NET ASSETS FROM
OPERATIONS			$103,610,183			$44,113,205			$187,498,241			$98,595,922
* Net of foreign taxes and fees withheld of:			$57,036			$25,953			$14,584			$53,233

(1)
The Column Funds commenced operations on December 11, 2023.

The accompanying notes are an integral part of these financial statements.

37

Column Small Cap Select Fund

STATEMENT OF CHANGES IN NET ASSETS

			Period Ended August 31, 2024(1)
OPERATIONS
Net investment income			$​3,274,649
Net realized loss on investments sold			(9,399,088)
Net change in unrealized appreciation/depreciation of investments			​109,734,622
NET INCREASE IN NET ASSETS FROM OPERATIONS			103,610,183
CAPITAL TRANSACTIONS
Proceeds from shares sold			1,012,502,908
Cost of shares redeemed			(53,337,649)
Net INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS			959,165,259
TOTAL INCREASE IN NET ASSETS:			1,062,775,442
NET ASSETS
Beginning of period			—
End of period			$1,062,775,442
FUND SHARE TRANSACTIONS
Shares sold			93,938,070
Shares redeemed			(4,744,574)
NET INCREASE IN FUND SHARES			89,193,496

(1)
The Fund commenced operations on December 11, 2023.

The accompanying notes are an integral part of these financial statements.

38

Column Small Cap Fund

STATEMENT OF CHANGES IN NET ASSETS

			Period Ended August 31, 2024(1)
OPERATIONS
Net investment income			$​2,151,019
Net realized gain (loss) on:
Investments			​2,913,344
Forward currency exchange contracts			29,266
Foreign currency transactions			(209)
Net change in unrealized appreciation/depreciation on:
Investments			​39,034,065
​Forward currency exchange contracts			(14,524)
Foreign currency translations			244
NET INCREASE IN NET ASSETS FROM OPERATIONS			44,113,205
CAPITAL TRANSACTIONS
Proceeds from shares sold			424,530,251
Cost of shares redeemed			(39,421,354)
Net INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS			385,108,897
TOTAL INCREASE IN NET ASSETS:			429,222,102
NET ASSETS
Beginning of period			—
End of period			$429,222,102
FUND SHARE TRANSACTIONS
Shares sold			40,591,016
Shares redeemed			(3,674,208)
NET INCREASE IN FUND SHARES			36,916,808

(1)
The Fund commenced operations on December 11, 2023.

The accompanying notes are an integral part of these financial statements.

39

Column Mid Cap Select Fund

STATEMENT OF CHANGES IN NET ASSETS

			Period Ended August 31, 2024(1)
OPERATIONS
Net investment income			$​10,082,250
Net realized loss on investments sold			(10,737,554)
Net change in unrealized appreciation/depreciation of investments			​188,153,545
NET INCREASE IN NET ASSETS FROM OPERATIONS			187,498,241
CAPITAL TRANSACTIONS
Proceeds from shares sold			1,970,103,650
Cost of shares redeemed			(108,384,906)
Net INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS			1,861,718,744
TOTAL INCREASE IN NET ASSETS:			2,049,216,985
NET ASSETS
Beginning of period			—
End of period			$2,049,216,985
FUND SHARE TRANSACTIONS
Shares sold			189,600,315
Shares redeemed			(10,027,912)
NET INCREASE IN FUND SHARES			179,572,403

(1)
The Fund commenced operations on December 11, 2023.

The accompanying notes are an integral part of these financial statements.

40

Column Mid Cap Fund

STATEMENT OF CHANGES IN NET ASSETS

			Period Ended August 31, 2024(1)
OPERATIONS
Net investment income			$​5,427,532
Net realized gain (loss) on:
Investments			(2,860,411)
Forward currency exchange contracts			157,563
Foreign currency transactions			77
Net change in unrealized appreciation/depreciation on:
Investments			​96,161,693
Forward currency exchange contracts			​(291,153)
Foreign currency translations			​621
NET INCREASE IN NET ASSETS FROM OPERATIONS			98,595,922
CAPITAL TRANSACTIONS
Proceeds from shares sold			900,525,027
Cost of shares redeemed			(77,227,595)
Net INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS			823,297,432
TOTAL INCREASE IN NET ASSETS:			921,893,354
NET ASSETS
Beginning of period			—
End of period			$921,893,354
FUND SHARE TRANSACTIONS
Shares sold			86,773,289
Shares redeemed			(7,099,635)
NET INCREASE IN FUND SHARES			79,673,654

(1)
The Fund commenced operations on December 11, 2023.

The accompanying notes are an integral part of these financial statements.

41

Column Small Cap Select Fund

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout the period

			Period Ended August 31, 2024(1)
Net asset value, beginning of period			$10.00
Income from investment operations:
Net investment income(2)			0.05
Net realized and unrealized gain			1.87
Total from investment operations			1.92
Net asset value, end of period			$11.92
Total return(3)(4)			19.20%
Ratios/supplemental data:
Net assets, end of period (000’s)			$1,062,775
Ratio of expenses to average net assets before management fee waiver(5)			​0.95%
Ratio of expenses to average net assets after management fee waiver(5)			​0.66%
Ratio of net investment income to average net assets before management fee waiver(5)			​0.33%
Ratio of net investment income to average net assets after management fee waiver(5)			​0.62%
Portfolio turnover rate(4)			​54.21%

(1)
The Fund commenced investment operations on December 11, 2023.

(2)
Per share net investment income was calculated using average shares outstanding.

(3)
Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(4)
Not annualized for periods less than one year.

(5)
Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

42

Column Small Cap Fund

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout the period

			Period Ended August 31, 2024(1)
Net asset value, beginning of period			$10.00
Income from investment operations:
Net investment income(2)			0.07
Net realized and unrealized gain			1.56
Total from investment operations			1.63
Net asset value, end of period			$11.63
Total return(3)(4)			16.30%
Ratios/supplemental data:
Net assets, end of period (000’s)			$429,222
Ratio of expenses to average net assets before management fee waiver(5)			​1.02%
Ratio of expenses to average net assets after management fee waiver(5)			​0.66%
Ratio of net investment income to average net assets before management fee waiver(5)			​0.54%
Ratio of net investment income to average net assets after management fee waiver(5)			​0.90%
Portfolio turnover rate(4)			​36.01%

(1)
The Fund commenced investment operations on December 11, 2023.

(2)
Per share net investment income was calculated using average shares outstanding.

(3)
Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(4)
Not annualized for periods less than one year.

(5)
Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

43

Column Mid Cap Select Fund

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout the period

			Period Ended August 31, 2024(1)
Net asset value, beginning of period			$10.00
Income from investment operations:
Net investment income(2)			0.07
Net realized and unrealized gain			1.34
Total from investment operations			1.41
Net asset value, end of period			$11.41
Total return(3)(4)			14.10%
Ratios/supplemental data:
Net assets, end of period (000’s)			$2,049,217
Ratio of expenses to average net assets before management fee waiver(5)			​0.84%
Ratio of expenses to average net assets after management fee waiver(5)			​0.54%
Ratio of net investment income to average net assets before management fee waiver(5)			​0.63%
Ratio of net investment income to average net assets after management fee waiver(5)			​0.93%
Portfolio turnover rate(4)			​16.22%

(1)
The Fund commenced investment operations on December 11, 2023.

(2)
Per share net investment income was calculated using average shares outstanding.

(3)
Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(4)
Not annualized for periods less than one year.

(5)
Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

44

Column Mid Cap Fund

FINANCIAL HIGHLIGHTS

Per share data for a share outstanding throughout the period

			Period Ended August 31, 2024(1)
Net asset value, beginning of period			$10.00
Income from investment operations:
Net investment income(2)			0.08
Net realized and unrealized gain			1.49
Total from investment operations			1.57
Net asset value, end of period			$11.57
Total return(3)(4)			15.70%
Ratios/supplemental data:
Net assets, end of period (000’s)			$921,893
Ratio of expenses to average net assets before management fee waiver(5)			​0.88%
Ratio of expenses to average net assets after management fee waiver(5)			​0.52%
Ratio of net investment income to average net assets before management fee waiver(5)			​0.68%
Ratio of net investment income to average net assets after management fee waiver(5)			​1.04%
Portfolio turnover rate(4)			​28.20%

(1)
The Fund commenced investment operations on December 11, 2023.

(2)
Per share net investment income was calculated using average shares outstanding.

(3)
Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(4)
Not annualized for periods less than one year.

(5)
Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

45

Column Funds

Notes to Financial Statements

August 31, 2024

1. ORGANIZATION

Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Column Funds (the “Funds”) are comprised of the Column Small Cap Select Fund, the Column Small Cap Fund, the Column Mid Cap Select Fund, and the Column Mid Cap Fund, each representing a distinct, diversified series with its own investment objective and policies within the Trust. The investment objective of each Fund is long-term capital appreciation. Each Fund commenced operations on December 11, 2023. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. Costs incurred by the Funds in connection with the organization, registration and the initial public offering were paid by Mason Street Advisors, LLC (the “Adviser”), the Funds’ investment adviser. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services—Investment Companies”.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

(a) Investment Valuation. Each equity security owned by a Fund, including depositary receipts, that is listed on a national securities exchange, except for portfolio securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”) is valued at its last sale price or official closing price on that exchange on the close of that exchange on the date as of which assets are valued. If a security is listed on more than one exchange, the Funds will use the price on the exchange that the Funds generally consider to be the principal exchange on which the security is traded.

Portfolio securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the most recent quoted bid at the close of the exchange on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a “Pricing Service”).

Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at prices supplied by an approved Pricing Service. Where the price of a long-term debt security is not available from a Pricing Service, the most recent quotation from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the bid price. When a Fund buys a when-issued, new issue or delayed delivery debt security and the security is not yet being traded or priced by a Pricing Service, the security will be valued at cost. Thereafter, the security will be valued at its market value or its fair value if the security has not commenced trading or is not priced by a Pricing Service for longer than five days. Any discount or premium is accreted or amortized using the constant yield method until maturity.

Forward currency contracts are valued at the mean between the bid and asked prices.

Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset values (“NAVs”) of such companies for purchase and/or redemption orders placed on that day. All ETFs are valued at the last reported sale price on the exchange on which the security is principally traded.

Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time a Fund calculates its NAV, whichever is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as provided by an approved pricing service or reporting

46

Column Funds

Notes to Financial Statements

August 31, 2024(Continued)

agency. All assets denominated in foreign currencies will be converted into U.S. dollars using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern Time. Occasionally, events which affect the values of such securities may occur between the times at which the values are determined and the close of the New York Stock Exchange and will therefore not be reflected in the computation of the Fund’s net asset value. If events materially affecting the value of such securities occur during such period, then these securities will be valued at fair value in good faith as determined by the Adviser in accordance with its fair valuation procedures. If on any business day a change in the value of the equity markets exceeds a certain threshold as determined by reference to a broad-based index, then each foreign equity security held by a Fund (other than those traded in countries outside of Canada, Mexico, Central and South America) will be valued at its fair value by using a value determined by an independent pricing agent rather than using the last closing price of such foreign security on its principal overseas market. A value determined by an independent pricing agent will also be used to fair value foreign securities held by a Fund on any day when a foreign market is closed due to a local holiday or other scheduled closure, but the New York Stock Exchange is open.

If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser’s fair value pricing procedures, subject to oversight by the Trust’s Board of Trustees. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair value. The intended effect of using fair value pricing procedures is to ensure that a Fund is accurately priced. The Adviser will regularly evaluate whether a Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures.

FASB Accounting Standards Codification, “Fair Value Measurement” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosures regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:

Level 1 –

Quoted prices in active markets for identical securities.

Level 2 –

Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 –

Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value each Fund’s investments carried at fair value as of August 31, 2024:

Column Small Cap Select Fund

			Level 1			Level 2			Level 3			Total
Common Stocks*			$993,412,181			$416,625			$   —			$993,828,806
Real Estate Investment Trusts			34,291,054			—			—			34,291,054
Money Market Funds			34,096,025			—			—			34,096,025
Total Investments in Securities			$1,061,799,260			$416,625			$—			$1,062,215,885

*
For further information regarding industry classifications, see the Schedule of Investments.

47

Column Funds

Notes to Financial Statements

August 31, 2024(Continued)

Column Small Cap Fund

			Level 1			Level 2			Level 3			Total
Common Stocks*			$399,292,363			$6,906,468			$   —			$406,198,831
Real Estate Investment Trusts			10,393,164			—			—			10,393,164
Closed End Funds			6,456			—			—			6,456
Money Market Funds			$12,427,659			—			—			12,427,659
Total Investments in Securities			$422,119,642			$6,906,468			$—			$429,026,110
Other Financial Instruments**
Forward Currency Contracts			$—			$(14,524)			$—			$(14,524)

*
For further information regarding industry classifications, see the Schedule of Investments.

**
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts. Forward currency contracts are reflected as the net unrealized appreciation (depreciation) on the instrument.

Column Mid Cap Select Fund

			Level 1			Level 2			Level 3			Total
Common Stocks*			$1,906,173,051			$   —			$   —			$1,906,173,051
Real Estate Investment Trusts			86,070,314			—			—			86,070,314
Money Market Funds			55,900,268			—			—			55,900,268
Total Investments in Securities			$2,048,143,633			$—			$—			$2,048,143,633

*
For further information regarding industry classifications, see the Schedule of Investments.

Column Mid Cap Fund

			Level 1			Level 2			Level 3			Total
Common Stocks*			$856,994,005			$11,367,034			$   —			$868,361,039
Real Estate Investment Trusts			32,216,366			—			—			32,216,366
Preferred Stocks*			—			1,104,546			—			1,104,546
Money Market Funds			20,980,934			—			—			20,980,934
Total Investments in Securities			$ 910,191,305			$12,471,580			$—			$ 922,662,885
Other Financial Instruments**
Forward Currency Contracts			$—			$​(291,153)			$—			$​(291,153)

*
For further information regarding industry classifications, see the Schedule of Investments.

**
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts. Forward currency contracts are reflected as the net unrealized appreciation (depreciation) on the instrument.

(b) Foreign Securities and Currency Translations. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate the portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Realized foreign exchange gains or losses arising from sales of portfolio securities and sales and maturities of short-term securities are reported within realized gain (loss) on investments. Net unrealized foreign exchange gains and losses arising from changes in the values of investments in securities from fluctuations in exchange rates are reported within unrealized gain (loss) on investments.

48

Column Funds

Notes to Financial Statements

August 31, 2024(Continued)

Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of a Fund’s investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of a Fund’s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

(c) Federal Income Taxes. Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), necessary to qualify as a regulated investment company and makes the requisite distributions of income and capital gains to its shareholders sufficient to relieve it of all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

As of and during the period ended August 31, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended August 31, 2024, the Funds did not incur any interest or penalties. The Funds are subject to examination by U.S. taxing authorities.

(d) Distributions to Shareholders. The Funds will distribute any net investment income and any net realized long- or short-term capital gains at least annually. 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 Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Income and capital gains distributions may differ from GAAP, primarily due to timing differences in the recognition of income, gains and losses by the Funds. GAAP requires that certain components of net assets relating to permanent differences be reclassified between the components of net assets. These reclassifications have no effect on net assets or NAV per share.

(e) Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(f) Share Valuation. The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading.

(g) Expenses. Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.

(h) Other. Investment transactions are recorded on the trade date. The Funds determines the gain or loss from investment transactions using the specific identification method for the best tax relief order by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income, less foreign withholding tax, is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Distributions received from a Fund’s investments in Real Estate Investment Trusts (“REITs”) are comprised of ordinary income, capital gains and return of capital, as applicable. For financial statement purposes, the Funds use estimates to

49

Column Funds

Notes to Financial Statements

August 31, 2024(Continued)

characterize these distributions received as return of capital, capital gains or ordinary income. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received for the security after its tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of a Fund. Changes to estimates will be recorded in the period they are known. The distributions received from REIT securities that have been classified as income and capital gains are included in dividend income and net realized gain on investments, respectively, on the Statements of Operations. The distributions received that are classified as return of capital reduced the cost of investments on the Statements of Assets and Liabilities.

(i) Derivative Instruments. As a non-principal investment strategy, the Funds may enter into forward currency contracts. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward currency contracts are considered derivatives and the Adviser and sub-advisers intend to limit each Fund’s investments in forward currency contracts in order for each Fund to qualify as a limited derivatives user as defined in Rule 18f-4 under the 1940 Act. As of August 31, 2024, the fair value of derivative instruments in the Funds are described below:

Column Small Cap Fund

Statements of Assets and Liabilities—

Value of Derivative Instruments as of August 31, 2024:

Asset Derivatives

Liability Derivatives

Statements of Assets and Liabilities Location

Value

Statements of Assets and Liabilities Location

Value

Forward Currency Exchange Contracts

Unrealized appreciation on forward currency exchange contracts

$10,514

Unrealized depreciation on forward currency exchange contracts

$25,038

Total

$10,514

$25,038

The Effect of Derivative Instruments on the Statements of Operations for the period ended August 31, 2024:

Amount of Realized Gain (Loss) on Derivatives			Forward Currency Contracts			Change in Unrealized Appreciation (Depreciation) on Derivatives			Forward Currency Contracts
Forward Currency Exchange Contracts			$29,266			​Forward Currency Exchange  Contracts			$(14,524)
Total			$29,266			Total			$(14,524)

Column Mid Cap Fund

Statements of Assets and Liabilities—

Value of Derivative Instruments as of August 31, 2024:

Asset Derivatives

Liability Derivatives

Statements of Assets and Liabilities Location

Value

Statements of Assets and Liabilities Location

Value

Forward Currency Exchange Contracts

Unrealized appreciation on forward currency exchange contracts

$14,032

Unrealized depreciation on forward currency exchange contracts

$305,185

Total

$14,032

$305,185

50

Column Funds

Notes to Financial Statements

August 31, 2024(Continued)

The Effect of Derivative Instruments on the Statements of Operations for the period ended August 31, 2024:

Amount of Realized Gain (Loss) on Derivatives			Forward Currency Contracts			Change in Unrealized Appreciation (Depreciation) on Derivatives			Forward Currency Contracts
Forward Currency Exchange Contracts			$157,563			​Forward Currency Exchange  Contracts			$(291,153)
Total			$157,563			Total			$(291,153)

The Funds are not subject to any Master Netting Arrangements; therefore, the Funds do not offset any assets or liabilities.

Volume Disclosures

The average monthly notional amount outstanding of forward currency exchange contracts during the fiscal period ended August 31, 2024 was as follows:

Column Small Cap Fund			$1,788,991
Column Mid Cap Fund			$10,369,428

The Column Small Cap Select Fund and Column Mid Cap Select Fund did not invest in any derivatives during the fiscal period ended August 31, 2024.

3. Federal Tax Matters

The Funds did not pay any distributions during the fiscal period ended August 31, 2024.

As of August 31, 2024, the components of accumulated earnings on a tax basis were as follows:

			Column Small Cap Select Fund			Column Small Cap Fund
Cost basis of investments for federal income tax purposes			$959,813,439			$390,925,266
Gross tax unrealized appreciation			$145,315,928			$57,879,870
Gross tax unrealized depreciation			(42,913,482)			(19,779,026)
Net tax unrealized appreciation			102,402,446			38,100,844
Undistributed ordinary income			6,673,239			​5,996,418
Undistributed long-term capital gain			—			18,269
Distributable earnings			6,673,239			​6,014,687
Other accumulated earnings (losses)			(5,465,502)			​(2,326)
Total distributable earnings			$103,610,183			$​44,113,205

			Column Mid Cap Select Fund			Column Mid Cap Fund
Cost basis of investments for federal income tax purposes			$1,864,517,861			$828,393,988
Gross tax unrealized appreciation			​$228,490,656			$114,847,122
Gross tax unrealized depreciation			(44,864,884)			(20,578,225)
Net tax unrealized appreciation			183,625,772			94,268,897
Undistributed ordinary income			10,082,250			5,315,187
Undistributed long-term capital gain			—			—
Distributable earnings			10,082,250			5,315,187
Other accumulated losses			(6,209,781)			(969,101)
Total distributable earnings			$187,498,241			$98,614,983

51

Column Funds

Notes to Financial Statements

August 31, 2024(Continued)

Investments for federal income tax purposes in the above table include foreign currencies and derivatives. The difference between book-basis and tax-basis cost is attributable primarily to the tax deferral of losses on wash sale adjustments, PFIC mark-to-market adjustments, and forward contracts mark-to-market adjustments.

At August 31, 2024, the Funds had the following capital loss carryovers which will be carried forward indefinitely to offset future realized capital gains:

			Short-Term			Long-Term
Column Small Cap Select Fund			$(5,325,610)			$   —
Column Small Cap Fund			—			—
Column Mid Cap Select Fund			​(6,158,411)			—
Column Mid Cap Fund			​(950,014)			—

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal period ended August 31, 2024, the following reclassifications were made on the Statements of Asset and Liabilities due to permanent tax differences:

			Paid-in Capital			Total Distributable Earnings
Column Small Cap Select Fund			$—			$—
Column Small Cap Fund			—			—
Column Mid Cap Select Fund			—			—
Column Mid Cap Fund*			(19,061)			19,061

*
This reclassification is due to partnership adjustments.

4.
INVESTMENT ADVISER

The Trust has an Investment Advisory Agreement (the “Agreement”) with Mason Street Advisors, LLC (the “Adviser”) to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Adviser for its management services based on an annual rate equal to a percentage of each Fund’s average daily net assets, as set forth in the table below.

Column Small Cap Select Fund			0.78% on the first $250 million 0.76% on the next $250 million 0.74% on the next $500 million 0.72% over $1 billion
Column Small Cap Fund			0.78% on the first $250 million 0.76% on the next $250 million 0.74% on the next $500 million 0.72% over $1 billion
Column Mid Cap Select Fund			0.72% on the first $250 million 0.70% on the next $250 million 0.68% on the next $500 million 0.66% over $1 billion
Column Mid Cap Fund			0.72% on the first $250 million 0.70% on the next $250 million 0.68% on the next $500 million 0.66% over $1 billion

Pursuant to a Management Fee Waiver Agreement, the Adviser has contractually agreed, through at least December 31, 2025, to waive its management fees with respect to each Fund to the extent such

52

Column Funds

Notes to Financial Statements

August 31, 2024(Continued)

management fees exceed the management fees that the Adviser is required to pay to the Fund’s designated sub-adviser(s) for management of allocated portions of the Fund. The Adviser may not recoup these waivers in future periods.

Pursuant to an Administrative Services Agreement, the Adviser also provides or procures management of certain of the Funds’ administrative affairs, including review of shareholder reports and other regulatory filings prepared by the Funds’ administrator; oversight of the Funds’ primary service providers; periodic due diligence reviews of the Funds’ primary service providers; coordination and negotiation of contracts and pricing relating to the Funds’ primary service providers; and such other duties or services necessary for the appropriate operation of the Funds that are incidental to the foregoing services. For such administrative services, under the Administrative Services Agreement, each Fund pays the Adviser an administrative services fee computed daily and paid monthly, based on an annual rate equal to 0.02% of the Fund’s average daily net assets.

Sub-advisory services are provided to the Funds, pursuant to investment sub-advisory agreements between the Adviser and the below listed sub-advisers. Under the terms of these investment sub-advisory agreements, the Adviser compensates the sub-advisers based on each Fund’s average daily net assets.

Column Small Cap Select Fund

Boston Partners Global Investors, Inc. (WPG Partners division)

Driehaus Capital Management LLC

Neuberger Berman Investment Advisers LLC

Vaughan Nelson Investment Management, L.P.

Column Small Cap Fund

American Century Investment Management, Inc.

American Century Investment Management, Inc. (Avantis Investors division)

Boston Partners Global Investors, Inc. (WPG Partners division)

Franklin Mutual Advisers, LLC

Kayne Anderson Rudnick Investment Management, LLC

Neuberger Berman Investment Advisers LLC

Vaughan Nelson Investment Management, L.P.

Column Mid Cap Select Fund

Boston Partners Global Investors, Inc.

EARNEST Partners, LLC

Kayne Anderson Rudnick Investment Management, LLC

Column Mid Cap Fund

American Century Investment Management, Inc.

American Century Investment Management, Inc. (Avantis Investors division)

Boston Partners Global Investors, Inc.

EARNEST Partners, LLC

Invesco Advisers, Inc.

Kayne Anderson Rudnick Investment Management, LLC

5.
SHAREHOLDER SERVICING PLAN

The Trust has adopted a Shareholder Servicing Plan on behalf of the Funds to pay for shareholder support services from each Fund’s assets pursuant to a Shareholder Servicing Agreement at an annual rate not to exceed 0.10% of a Fund’s average daily net assets. Currently, the annual rate of shareholder servicing fee authorized for each Fund is up to 0.06% of the fund’s average daily net assets; however, the fee may be increased up to 0.10% of a Fund’s average daily net assets, at any time. Each Fund is responsible for paying a portion of shareholder servicing fees to each of the shareholder servicing agents who have written shareholder servicing agreements with a Fund and perform shareholder servicing functions and maintenance of shareholder accounts on behalf of shareholders. The following

53

Column Funds

Notes to Financial Statements

August 31, 2024(Continued)

table details the fees incurred by the Funds pursuant to the Shareholder Servicing Plan during the period ended August 31, 2024, as well as the fees owed as of August 31, 2024.

			Fees Incurred			Fees Owed
Column Small Cap Select Fund			$314,519			$49,124
Column Small Cap Fund			$143,277			$19,917
Column Mid Cap Select Fund			$649,293			$94,033
Column Mid Cap Fund			$312,078			$42,586

6.
RELATED PARTY TRANSACTIONS

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or the “Administrator”), acts as the Funds’ administrator under a Fund Servicing Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and fund accountant; coordinates the preparation and payment of the Funds’ expenses; and reviews the Funds’ expense accruals. Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank N.A. (“U.S. Bank” or the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian pursuant to a Custody Agreement. The Trust’s Chief Compliance Officer is also an employee of Fund Services. Expenses incurred by the Funds for the period ended August 31, 2024 and owed as of August 31, 2024 are as follows:

			Incurred			Owed
Administration
Column Small Cap Select Fund			$133,075			$40,393
Column Small Cap Fund			$74,303			$20,115
Column Mid Cap Select Fund			$259,352			$74,395
Column Mid Cap Fund			$136,816			$37,455
Pricing
Column Small Cap Select Fund			$12,802			$2,810
Column Small Cap Fund			$26,822			$5,787
Column Mid Cap Select Fund			$11,811			$2,697
Column Mid Cap Fund			$21,149			$4,630
Transfer Agent
Column Small Cap Select Fund			$25,357			$5,919
Column Small Cap Fund			$21,417			$4,773
Column Mid Cap Select Fund			$32,895			$8,040
Column Mid Cap Fund			$25,335			$5,695
Custody
Column Small Cap Select Fund			$81,006			$19,127
Column Small Cap Fund			$90,469			$23,870
Column Mid Cap Select Fund			$59,663			$16,387
Column Mid Cap Fund			$81,684			$24,194
Chief Compliance Officer
Column Small Cap Select Fund			$7,278			$1,671
Column Small Cap Fund			$7,057			$1,665
Column Mid Cap Select Fund			$7,359			$1,665
Column Mid Cap Fund			$7,230			$1,666

The Funds also have a line of credit with U.S. Bank (see Note 9).

Certain officers of the Funds are also employees of Fund Services. A Trustee of the Trust is affiliated with Fund Services and U.S. Bank.

54

Column Funds

Notes to Financial Statements

August 31, 2024(Continued)

7.
INVESTMENT TRANSACTIONS

The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the period ended August 31, 2024, are listed in the following table. There were no purchases or sales of U.S. government securities for the Funds.

			Purchases			Sales
Column Small Cap Select Fund			$1,339,585,937			$411,740,628
Column Small Cap Fund			$498,443,298			$123,732,220
Column Mid Cap Select Fund			$2,067,563,205			$252,427,971
Column Mid Cap Fund			$1,020,866,225			$212,113,082

8.
BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. At August 31, 2024, Pershing LLC, for the benefit of its customers, held 100% of each Fund’s shares outstanding. Pershing LLC is the financial intermediary used by Northwestern Mutual Wealth Management Company’s advisory programs that offer the Funds’ shares.

9.
LINE OF CREDIT

The Funds and U.S. Bank, N.A. entered into an umbrella line of credit agreement in the amount of up to $100,000,000, which matures on August 2, 2025. This unsecured line of credit agreement is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions from the Funds. The maximum borrowing cannot exceed 20% of the gross market value or 33.33% of the net market value of a Fund’s unencumbered assets. Interest on amounts borrowed under the line of credit will be accrued at the prime rate. On February 2, 2024, the Column Mid Cap Fund made a draw on the line of credit in the amount of $111,000. The total amount was repaid on February 5, 2024. The interest charged at the prime rate of 8.50% amounted to $79, which was paid by a sub-adviser to the Column Mid Cap Fund. There were no other draws on the line of credit during the period ended August 31, 2024. Interest expense incurred for the period ended August 31, 2024 is disclosed in the Statement of Operations within Other Fees.

10.
SUBSEQUENT EVENTS

The Funds have evaluated events and transactions that have occurred subsequent to August 31, 2024 through the date the financial statements were issued and determined there were no subsequent events that would require disclosure in the financial statements.

11.
RECENT MARKET EVENTS

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, and significant conflict between Israel and Hamas in the Middle East. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.

55

COLUMN FUNDS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Column Funds and

Board of Trustees of Trust for Professional Managers

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and open forward currency contracts (as applicable), of Column Funds comprising the funds listed below (the“Funds”), each a series of Trust for Professional Managers, as of August 31, 2024, the related statements of operations and changes in net assets, the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name			Statements of Operations			Statements of Changes in Net Assets			Financial Highlights
Column Small Cap Select Fund, Column Smal Cap Fund, Column Mid Cap Select Fund, and Column Mid Cap Fund			For the period from December 11, 2023 (commencement of operations) through August 31, 2024

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2023.

 

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

October 29, 2024

56

Investment Adviser

Mason Street Advisors, LLC

720 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, Wisconsin 53202

Legal Counsel

Godfrey & Kahn, S.C.

833 East Michigan Street, Suite 1800

Milwaukee, Wisconsin 53202

Custodian

U.S. Bank, National Association

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

Transfer Agent, Fund Accountant and Fund Administrator

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

Distributor

Northwestern Mutual Investment Services, LLC

720 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

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

Item 9. Proxy Disclosure for Open-End Investment Companies

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

This information is included within the financial statements filed under Item 7(a) of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable

Item 19. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

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.

(Registrant) Trust for Professional Managers

By (Signature and Title)*	/s/ John Buckel
	John Buckel, Principal Executive Officer

Date 10/30/2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ John Buckel
	John Buckel, Principal Executive Officer

Date 10/30/2024

By (Signature and Title)*	/s/ Jennifer Lima
	Jennifer Lima, Principal Financial Officer

Date 10/30/2024

* Print the name and title of each signing officer under his or her signature.