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:  February 29, 2024


Item 1. Reports to Stockholders.

(a)









Column Small Cap Select Fund

Column Small Cap Fund

Column Mid Cap Select Fund

Column Mid Cap Fund





Semi-Annual Report
 
February 29, 2024







Investment Adviser

Mason Street Advisors, LLC
720 East Wisconsin Avenue
Milwaukee, Wisconsin 53202

Table of Contents
LETTERS TO SHAREHOLDERS
3
EXPENSE EXAMPLES
6
INVESTMENT HIGHLIGHTS
8
SCHEDULES OF INVESTMENTS
16
STATEMENTS OF ASSETS AND LIABILITIES
86
STATEMENTS OF OPERATIONS
88
STATEMENTS OF CHANGES IN NET ASSETS
89
FINANCIAL HIGHLIGHTS
93
NOTES TO FINANCIAL STATEMENTS
97
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY
 
  AND INVESTMENT SUB-ADVISORY AGREEMENTS
109
NOTICE OF PRIVACY POLICY & PRACTICES
126
ADDITIONAL INFORMATION
127



Column Funds Management Discussion of Fund Performance
Six months ended February 29, 2024
 
Over the past six months, U.S. equities delivered strong gains, with the large cap S&P 500 Total Return Index (the “S&P 500 Index”) (up 13.93%) reaching record highs by the end of February 2024. Equities declined early in the period, as climbing bond yields and a continued hawkish stance from the Federal Reserve (the “Fed”) caused investors’ optimism to fade. But by late October 2023, softening economic data reinforced hopes that the Fed’s hiking cycle would soon end. A rapid decline in interest rates and pullback in inflation fears pushed equities significantly higher, led by several of the S&P 500 Index’s largest mega-cap constituents.
 
Mid- and small-cap equities lagged large-caps during the period but still posted healthy absolute returns, with the Russell Midcap Index up 11.53% and the small-cap Russell 2000 Index up 8.97%. Similar to large-caps, growth equities outperformed value. Small-cap equities experienced a rockier trajectory than large-caps over this stretch, though, suffering steeper declines in September 2023 and October 2023 before surging ahead in December 2023, only to give back some gains in January 2024. Russell 2000 Index sector returns saw some variation during the period: information technology (up 13.02%) and other sectors with large weights in the index gained over 10%, while some smaller sectors such as energy (down 5.60%) and utilities (down 6.48%) suffered losses. In the Russell Midcap Index, all sectors posted gains except for energy, which saw a modest 0.98% decline.
 
The Column Funds launched in the second half of this six-month period on December 11, 2023. The following discussion highlights performance drivers for each of the Funds over the relatively brief period from inception (December 11, 2023) through the end of February 2024. Because short-term performance can be volatile, our efforts remain focused on delivering on the Funds’ long-term objectives.
 
Column Funds Overviews
 
Column Mid Cap Select Fund
From its December 11, 2023 inception through February 29, 2024, the Column Mid Cap Select Fund returned 8.00%. That result underperformed the 10.61% return of the Fund’s broad-based benchmark index, the S&P 500 Index, mainly due to its focus on medium-sized companies, which lagged larger companies during the period. The Fund also underperformed the 9.18% gain of the Russell Midcap Index, the benchmark index we believe more appropriately represents the market in which the Fund invests. Early in the period, expenses detracted notably from Fund and underlying sub-adviser returns, a temporary headwind that was resolved when the Fund saw significant net inflows starting in mid-January 2024.
 
While the Fund’s sector positioning, mainly an overweight to industrials and underweight to utilities, helped its performance relative to the Russell Midcap Index during the period, stock selection, particularly in the information technology and industrials sectors, detracted. Each of the Fund’s sub-advisers underperformed the Russell Midcap Index over this stretch. EARNEST Partners, LLC was the largest detractor driven by stock selection, mainly in the information technology and consumer discretionary sectors.
 
Column Mid Cap Fund
From its December 11, 2023 inception through February 29, 2024, the Column Mid Cap Fund returned 8.90%. That result underperformed the 10.61% return of the Fund’s broad-based benchmark index, the S&P 500 Index, mainly due to its focus on medium-sized companies, which lagged larger companies during the period. The Fund also modestly underperformed the 9.18% gain of the Russell Midcap Index, the benchmark index we
 
 
3
believe more appropriately represents the market in which the Fund invests. Early in the period, the Fund’s expenses detracted notably from Fund and underlying sub-adviser returns, a temporary headwind that was resolved when the Fund saw significant net inflows starting in mid-January 2024.
 
The Fund’s overweight to the industrials sector and underweight to the real estate sector contributed to its performance relative to the Russell Midcap Index during the period. Stock selection was mixed, with relatively positive selection in the healthcare and industrials sectors offset by weak selection in the information technology and materials sectors. The Fund’s sub-advisers focused on growth companies generally outperformed the Russell Midcap Index during the period, while the sub-advisers focused on value stocks underperformed. Invesco Advisers, Inc.’s mid cap growth strategy was the best performer amid a favorable climate for growth and momentum risk factors as well as strong stock selection, while American Century Investment Management, Inc.’s mid cap value strategy trailed other Fund sub-advisers’ returns due to poor performance for its active stock picks on top of its value focus.
 
Column Small Cap Select Fund
From its December 11, 2023 inception through February 29, 2024, the Column Small Cap Select Fund gained 10.40%. That result slightly underperformed the 10.61% return of the Fund’s broad-based benchmark index, the S&P 500 Index, mainly due to its focus on small companies, which lagged larger companies during the period. However, the Fund outperformed the 9.40% gain of the Russell 2000 Index, the benchmark index we believe more appropriately represents the market in which the Fund invests. Early in the period, the Fund’s expenses detracted notably from Fund and underlying sub-adviser returns, a temporary headwind that was resolved when the Fund saw significant net inflows starting in mid-January.
 
The Fund’s advantage over the Russell 2000 Index was driven by strong performance by sub-adviser Driehaus Capital Management LLC, which focuses on small companies experiencing growth inflections. That strategy more than doubled the return of the Russell 2000 Index during the period, aided by a favorable climate for growth and momentum risk factors as well as strong security selection, especially in the information technology and industrials sectors. Other Fund sub-advisers lagged the Russell 2000 Index over this stretch.
 
Column Small Cap Fund
From its December 11, 2023 inception through February 29, 2024, the Column Small Cap Fund gained 7.80%. That result underperformed the 10.61% return of the Fund’s broad-based benchmark index, the S&P 500 Index, mainly due to its focus on small companies, which lagged larger companies during the period. The Fund also underperformed the 9.40% gain of the Russell 2000 Index, the benchmark index we believe more appropriately represents the market in which the Fund invests. Early in the period, the Fund’s expenses detracted notably from Fund and underlying sub-adviser returns, a temporary headwind that was resolved when the Fund saw significant net inflows starting in mid-January.
 
Both sector allocation and stock selection detracted from the Fund’s returns relative to the Russell 2000 Index during this period. An underweight to healthcare companies and an overweight to the financials sector hurt, as did stock selection largely in the information technology and healthcare sectors. American Century Investment Management, Inc.’s small cap growth strategy outperformed the Russell 2000 Index and other Fund sub-advisers amid a favorable climate for growth equities. Other Fund sub-advisers lagged the Russell 2000 Index during the period.
 
 
4
The Russell 2000® Index is an unmanaged, market capitalization-weighted, small cap index that measures the performance of the smallest 2000 companies in the Russell 3000® Index and represents approximately 10% of the total market capitalization of the Russell 3000® Index. The Russell MidCap® Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 25% of the total market capitalization of the Russell 1000® Index. The S&P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
 
Please remember that all investments carry some level of risk, including the potential loss of principal invested. Stocks of smaller or newer companies are more likely to realize more substantial growth as well as suffer more significant losses than larger or more established issuers. Investments in such companies can be both more volatile and more speculative. Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks. Investing in medium company stock involves a greater degree of risk than investing in large company stocks. Returns represent past performance, are not a guarantee of future performance. Diversification and strategic asset allocation do not assure profit or protect against loss.
 



5
Column Funds
Expense Examples
February 29, 2024 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, shareholder servicing plan fees and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds, and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period since commencement of operations (12/11/23 – 2/29/24).
 
Actual Expenses
 
The columns labeled Actual in the following table provide information about actual account values and actual expenses. To the extent the Funds invest in shares of exchange-traded funds or other investment companies as part of their investment strategies, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the expenses of the Funds. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the Examples. The Examples include, but are not limited to, management fees, fund administration fees and accounting, custody and transfer agent fees. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number within the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
 
Hypothetical Example for Comparison Purposes
 
The columns labeled Hypothetical in the following table provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the Hypothetical columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 



6
Column Funds
Expense Examples (Continued)
February 29, 2024 (Unaudited)

           
Hypothetical
           
(5% return
     
Actual
  
before expenses)
       
Expenses
    
Expenses
       
Paid
    
Paid
 
Fund’s
Beginning
Ending
During
  
Ending
During
 
Annualized
Account
Account
Period(1)
  
Account
Period(1)
 
Expense
Value
Value
(12/11/23(2) –
  
Value
(12/11/23(2) –
 
Ratio(1)
12/11/23(2)
2/29/24
2/29/24)
  
2/29/24
2/29/24)
Column Small Cap
              
  Select Fund
0.48%
$1,000.00
$1,104.00
$1.53
  
$1,013.70
$1.46
Column Small
              
  Cap Fund
0.49%
$1,000.00
$1,078.00
$1.54
  
$1,013.67
$1.49
Column Mid Cap
              
  Select Fund
0.39%
$1,000.00
$1,080.00
$1.23
  
$1,013.97
$1.19
Column Mid Cap Fund
0.38%
$1,000.00
$1,089.00
$1.20
  
$1,014.00
$1.16
 
(1)
Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value over the period, 80 days to reflect the period since inception, and divided by 264 to reflect the number of days in the first fiscal year.
(2)
Commencement of operations.







7
Column Small Cap Select Fund
Investment Highlights
February 29, 2024 (Unaudited)

The Fund seeks to achieve its investment objective of long-term capital appreciation by investing primarily in common stocks of small capitalization companies. The Fund incorporates a mix of investment styles and philosophies, targeting a balance of growth and value over time. Mason Street Advisors, LLC (the “Adviser”) uses a “manager of managers” approach by employing a select group of sub-advisory firms with distinct and complementary investment styles. The Adviser is responsible for developing, constructing, and monitoring the asset allocation and portfolio strategy for the Fund. The Adviser considers a number of factors when making allocation decisions, including sub-adviser experience and investment approach, expected risk and return potential, portfolio characteristics, and costs. The sub-advisers normally invest the Fund’s assets across different sectors, but from time-to-time a significant percentage of the Fund’s assets may be invested in issuers in a single sector or in a smaller number of issuers than other more diversified funds.
 
Sector Breakdown
(% of Investments)

 
 

Total Returns as of February 29, 2024
 
 
Since Inception
 
(12/11/23)
Column Small Cap Select Fund
10.40%
S&P 500 Total Return Index
10.61%
Russell 2000 Total Return Index
  9.41%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less
 

Continued
 
8
Column Small Cap Select Fund
Investment Highlights (Continued)
February 29, 2024 (Unaudited)

than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For the most current performance, please visit the Fund’s website at www.columnfunds.com.
 
Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.
 
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
 
The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The following chart illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on the Fund’s inception date. The graph does not reflect any future performance.
 
The S&P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. The Russell 2000® Total Return Index is an unmanaged, market capitalization-weighted, small cap index that measures the performance of the smallest 2000 companies in the Russell 3000® Index and represents approximately 10% of the total market capitalization of the Russell 3000® Index. It is not possible to invest directly in an index.
 
Growth of $10,000 Investment




9
Column Small Cap Fund
Investment Highlights
February 29, 2024 (Unaudited)

The Fund seeks to achieve its investment objective of long-term capital appreciation by investing primarily in common stocks of small capitalization companies. The Fund incorporates a mix of investment styles and philosophies, targeting a balance of growth and value over time. Mason Street Advisors, LLC (the “Adviser”) uses a “manager of managers” approach by employing multiple sub-advisory firms with distinct and complementary investment styles. The Adviser is responsible for developing, constructing, and monitoring the asset allocation and portfolio strategy for the Fund. The Adviser considers a number of factors when making allocation decisions, including sub-adviser experience and investment approach, expected risk and return potential, portfolio characteristics, and costs.
 
Sector Breakdown
(% of Investments)

          
 

 
Total Returns as of February 29, 2024
 
 
Since Inception
 
(12/11/23)
Column Small Cap Fund
  7.80%
S&P 500 Total Return Index
10.61%
Russell 2000 Total Return Index
  9.41%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For the most current performance, please visit the Fund’s website at www.columnfunds.com.
 

Continued

10
Column Small Cap Fund
Investment Highlights (Continued)
February 29, 2024 (Unaudited)

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.
 
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
 
The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The following chart illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on the Fund’s inception date. The graph does not reflect any future performance.
 
The S&P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. The Russell 2000® Total Return Index is an unmanaged, market capitalization-weighted, small cap index that measures the performance of the smallest 2000 companies in the Russell 3000® Index and represents approximately 10% of the total market capitalization of the Russell 3000® Index. It is not possible to invest directly in an index.
 
Growth of $10,000 Investment





11
Column Mid Cap Select Fund
Investment Highlights
February 29, 2024 (Unaudited)

The Fund seeks to achieve its investment objective of long-term capital appreciation by investing primarily in common stocks of mid capitalization companies. The Fund incorporates a mix of investment styles and philosophies, targeting a balance of growth and value over time. Mason Street Advisors, LLC (the “Adviser”) uses a “manager of managers” approach by employing a select group of sub-advisory firms with distinct and complementary investment styles. The Adviser is responsible for developing, constructing, and monitoring the asset allocation and portfolio strategy for the Fund. The Adviser considers a number of factors when making allocation decisions, including sub-adviser experience and investment approach, expected risk and return potential, portfolio characteristics, and costs. The sub-advisers normally invest the Fund’s assets across different sectors, but from time-to-time a significant percentage of the Fund’s assets may be invested in issuers in a single sector or in a smaller number of issuers than other more diversified funds.
 
Sector Breakdown
(% of Investments)

                        
 

 
Total Returns as of February 29, 2024
 
 
Since Inception
 
(12/11/23)
Column Mid Cap Select Fund
  8.00%
S&P 500 Total Return Index
10.61%
Russell Midcap Total Return Index
  9.18%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less
 

Continued

12
Column Mid Cap Select Fund
Investment Highlights (Continued)
February 29, 2024 (Unaudited)

than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For the most current performance, please visit the Fund’s website at www.columnfunds.com.
 
Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.
 
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
 
The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The following chart illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on the Fund’s inception date. The graph does not reflect any future performance.
 
The S&P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. The Russell MidCap® Total Return Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 25% of the total market capitalization of the Russell 1000® Index. It is not possible to invest directly in an index.
 
Growth of $10,000 Investment





13
Column Mid Cap Fund
Investment Highlights
February 29, 2024 (Unaudited)

The Fund seeks to achieve its investment objective of long-term capital appreciation by investing primarily in common stocks of mid-capitalization companies. The Fund incorporates a mix of investment styles and philosophies, targeting a balance of growth and value over time. Mason Street Advisors, LLC (the “Adviser”) uses a “manager of managers” approach by employing multiple sub-advisory firms with distinct and complementary investment styles. The Adviser is responsible for developing, constructing, and monitoring the asset allocation and portfolio strategy of the Fund. The Adviser considers a number of factors when making allocation decisions, including sub-adviser experience and investment approach, expected risk and return potential, portfolio characteristics, and costs.
 
Sector Breakdown
(% of Investments)

                              
 

 
Total Returns as of February 29, 2024
 
 
Since Inception
 
(12/11/23)
Column Mid Cap Fund
  8.90%
S&P 500 Total Return Index
10.61%
Russell Midcap Total Return Index
  9.18%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For the most current performance, please visit the Fund’s website at www.columnfunds.com.
 

Continued

14
Column Mid Cap Fund
Investment Highlights (Continued)
February 29, 2024 (Unaudited)

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.
 
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
 
The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The following chart illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on the Fund’s inception date. The graph does not reflect any future performance.
 
The S&P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. The Russell MidCap® Total Return Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 25% of the total market capitalization of the Russell 1000® Index. It is not possible to invest directly in an index.
 
Growth of $10,000 Investment





15
Column Small Cap Select Fund
Schedule of Investments
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
COMMON STOCKS – 93.4%
            
             
Aerospace & Defense – 1.2%
            
Axon Enterprise, Inc.(a)
    
10,336
    
$
3,176,977
  
BWX Technologies, Inc.
    
14,760
      
1,488,251
  
Curtiss-Wright Corp.
    
4,587
      
1,083,770
  
Leonardo DRS, Inc.(a)
    
63,982
      
1,453,031
  
Mercury Systems, Inc.(a)
    
24,875
      
743,016
  
Moog, Inc. – Class A
    
5,590
      
838,221
  
             
8,783,266
  
Automobile Components – 0.2%
                
Fox Factory Holding Corp.(a)
    
9,573
      
484,298
  
LCI Industries
    
1,797
      
226,386
  
Modine Manufacturing Co.(a)
    
12,129
      
1,088,093
  
             
1,798,777
  
Banks – 4.8%
                
Banc of California, Inc.
    
94,078
      
1,376,361
  
Bank of Hawaii Corp.
    
6,265
      
377,654
  
Cadence Bank
    
71,695
      
1,984,518
  
Comerica, Inc.
    
75,758
      
3,740,929
  
Community Bank System, Inc.
    
14,001
      
634,245
  
Cullen/Frost Bankers, Inc.
    
6,459
      
700,866
  
Customers Bancorp, Inc.(a)
    
14,002
      
760,449
  
First Financial Bankshares, Inc.
    
16,197
      
501,135
  
Glacier Bancorp, Inc.
    
13,730
      
513,777
  
Huntington Bancshares, Inc./OH
    
81,795
      
1,066,607
  
Lakeland Financial Corp.
    
5,210
      
331,877
  
National Bank Holdings Corp. – Class A
    
84,824
      
2,870,444
  
Old National Bancorp/IN
    
65,755
      
1,080,355
  
Popular, Inc.
    
47,583
      
3,981,745
  
Prosperity Bancshares, Inc.
    
40,940
      
2,555,065
  
Stock Yards Bancorp, Inc.
    
5,964
      
273,211
  
Texas Capital Bancshares, Inc.(a)
    
35,611
      
2,088,585
  
United Bankshares, Inc./WV
    
53,330
      
1,850,018
  
United Community Banks, Inc./GA
    
17,331
      
450,779
  
Webster Financial Corp.
    
52,421
      
2,497,336
  
Western Alliance Bancorp
    
60,522
      
3,493,935
  
Zions Bancorp NA
    
60,605
      
2,389,655
  
             
35,519,546
  
Beverages – 0.6%
                
Celsius Holdings, Inc.(a)
    
24,263
      
1,980,346
  
Coca-Cola Consolidated, Inc.
    
2,430
      
2,043,144
  
             
4,023,490
  


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

16
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Biotechnology – 3.2%
            
Apellis Pharmaceuticals, Inc.(a)
    
19,269
    
$
1,194,100
  
Apogee Therapeutics, Inc.(a)
    
30,929
      
1,076,948
  
Biomea Fusion, Inc.(a)
    
33,096
      
579,180
  
Blueprint Medicines Corp.(a)
    
7,909
      
739,650
  
Crinetics Pharmaceuticals, Inc.(a)
    
67,100
      
2,747,074
  
Cytokinetics, Inc.(a)
    
5,158
      
372,614
  
Halozyme Therapeutics, Inc.(a)
    
75,810
      
3,017,996
  
Iovance Biotherapeutics, Inc.(a)
    
28,530
      
453,912
  
Krystal Biotech, Inc.(a)
    
4,892
      
780,127
  
Merus NV(a)
    
30,276
      
1,467,780
  
Natera, Inc.(a)
    
26,019
      
2,250,383
  
Nuvalent, Inc. – Class A(a)
    
18,127
      
1,524,843
  
Ultragenyx Pharmaceutical, Inc.(a)
    
17,278
      
893,618
  
Vaxcyte, Inc.(a)
    
41,846
      
3,089,072
  
Xenon Pharmaceuticals, Inc.(a)
    
60,529
      
2,856,969
  
             
23,044,266
  
Broadline Retail – 0.1%
                
Ollie’s Bargain Outlet Holdings, Inc.(a)
    
7,466
      
598,549
  
                 
Building Products – 3.0%
                
AAON, Inc.
    
33,745
      
2,833,905
  
Advanced Drainage Systems, Inc.
    
10,520
      
1,717,285
  
AZEK Co., Inc.(a)
    
33,392
      
1,606,489
  
CSW Industrials, Inc.
    
4,939
      
1,137,896
  
Hayward Holdings, Inc.(a)
    
34,337
      
507,844
  
Janus International Group, Inc.(a)
    
598,732
      
8,591,805
  
Resideo Technologies, Inc.(a)
    
143,965
      
3,214,738
  
Simpson Manufacturing Co, Inc.
    
5,082
      
1,060,512
  
Zurn Elkay Water Solutions Corp.
    
32,648
      
1,036,574
  
             
21,707,048
  
Capital Markets – 2.6%
                
Artisan Partners Asset Management, Inc. – Class A
    
47,785
      
2,058,100
  
BGC Group, Inc. – Class A
    
994,610
      
6,912,539
  
Evercore, Inc. – Class A
    
19,365
      
3,622,804
  
Hamilton Lane, Inc. – Class A
    
3,189
      
366,257
  
Houlihan Lokey, Inc.
    
4,676
      
601,614
  
MarketAxess Holdings, Inc.
    
1,096
      
233,897
  
Moelis & Co. – Class A
    
18,815
      
1,016,763
  
Perella Weinberg Partners
    
288,724
      
3,943,970
  
             
18,755,944
  
Chemicals – 3.6%
                
Ashland, Inc.
    
22,544
      
2,111,020
  
Axalta Coating Systems Ltd.(a)
    
61,295
      
2,006,185
  


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

17
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Chemicals – 3.6% (Continued)
            
Chemours Co.
    
109,140
    
$
2,146,784
  
Ecovyst, Inc.(a)
    
114,521
      
1,105,128
  
Element Solutions, Inc.
    
211,213
      
4,963,505
  
Mativ Holdings, Inc.
    
59,035
      
1,025,438
  
Quaker Chemical Corp.
    
1,755
      
351,878
  
Rayonier Advanced Materials, Inc.(a)
    
1,175,544
      
3,985,094
  
Tronox Holdings PLC
    
553,441
      
8,135,583
  
             
25,830,615
  
Commercial Services & Supplies – 1.4%
                
Casella Waste Systems, Inc. – Class A(a)
    
2,980
      
268,498
  
Clean Harbors, Inc.(a)
    
6,013
      
1,094,967
  
Enviri Corp.(a)
    
154,425
      
1,213,781
  
MSA Safety, Inc.
    
4,007
      
737,889
  
OPENLANE, Inc.(a)
    
105,419
      
1,609,748
  
Rollins, Inc.
    
12,812
      
564,625
  
Stericycle, Inc.(a)
    
35,184
      
1,913,658
  
Tetra Tech, Inc.
    
15,847
      
2,809,990
  
             
10,213,156
  
Communications Equipment – 1.4%
                
Applied Optoelectronics, Inc.(a)
    
77,435
      
1,237,411
  
Ciena Corp.(a)
    
72,286
      
4,118,857
  
Infinera Corp.(a)
    
104,956
      
526,879
  
Ribbon Communications, Inc.(a)
    
467,729
      
1,398,510
  
Viasat, Inc.(a)
    
87,158
      
1,705,682
  
Viavi Solutions, Inc.(a)
    
103,255
      
986,085
  
             
9,973,424
  
Construction & Engineering – 3.0%
                
API Group Corp.(a)
    
33,803
      
1,184,795
  
Arcosa, Inc.
    
150,055
      
12,454,566
  
Comfort Systems USA, Inc.
    
8,110
      
2,479,470
  
EMCOR Group, Inc.
    
5,022
      
1,574,497
  
Fluor Corp.(a)
    
21,802
      
802,314
  
Sterling Infrastructure, Inc.(a)
    
6,844
      
729,844
  
Valmont Industries, Inc.
    
11,126
      
2,357,933
  
             
21,583,419
  
Construction Materials – 0.4%
                
Eagle Materials, Inc.
    
6,410
      
1,625,255
  
Knife River Corp.(a)
    
19,341
      
1,432,975
  
             
3,058,230
  


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

18
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Consumer Finance – 0.9%
            
Bread Financial Holdings, Inc.
    
14,525
    
$
556,017
  
EZCORP, Inc. – Class A(a)
    
304,047
      
3,189,453
  
FirstCash Holdings, Inc.
    
27,420
      
3,139,590
  
             
6,885,060
  
Consumer Staples Distribution & Retail – 0.2%
                
Grocery Outlet Holding Corp.(a)
    
9,582
      
247,120
  
Sprouts Farmers Market, Inc.(a)
    
19,157
      
1,196,163
  
             
1,443,283
  
Containers & Packaging – 1.0%
                
AptarGroup, Inc.
    
5,365
      
753,568
  
Avery Dennison Corp.
    
16,730
      
3,622,546
  
Crown Holdings, Inc.
    
35,375
      
2,710,433
  
             
7,086,547
  
Distributors – 0.2%
                
Pool Corp.
    
3,478
      
1,384,661
  
                 
Diversified Consumer Services – 0.4%
                
Bright Horizons Family Solutions, Inc.(a)
    
4,175
      
479,541
  
Duolingo, Inc.(a)
    
5,717
      
1,366,363
  
Grand Canyon Education, Inc.(a)
    
5,635
      
759,598
  
             
2,605,502
  
Diversified Telecommunication Services – 0.2%
                
Ooma, Inc.(a)
    
154,846
      
1,579,429
  
                 
Electric Utilities – 0.3%
                
ALLETE, Inc.
    
16,615
      
941,073
  
Portland General Electric Co.
    
23,427
      
941,063
  
             
1,882,136
  
Electrical Equipment – 0.4%
                
Babcock & Wilcox Enterprises, Inc.(a)
    
240,016
      
307,220
  
Bloom Energy Corp. – Class A(a)
    
58,761
      
515,334
  
Enovix Corp.(a)
    
65,578
      
639,386
  
NEXTracker, Inc. – Class A(a)
    
24,499
      
1,377,824
  
             
2,839,764
  
Electronic Equipment, Instruments & Components – 3.0%
                
Advanced Energy Industries, Inc.
    
8,791
      
889,649
  
Badger Meter, Inc.
    
3,433
      
544,783
  
Coherent Corp.(a)
    
25,127
      
1,494,554
  
Fabrinet(a)
    
19,231
      
4,145,627
  
Innoviz Technologies Ltd.(a)
    
153,506
      
244,075
  


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

19
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Electronic Equipment, Instruments &
            
  Components – 3.0% (Continued)
            
Insight Enterprises, Inc.(a)
    
28,495
    
$
5,357,060
  
Itron, Inc.(a)
    
15,680
      
1,453,222
  
Littelfuse, Inc.
    
4,687
      
1,116,631
  
nLight, Inc.(a)
    
36,643
      
484,787
  
Novanta, Inc.(a)
    
4,161
      
719,603
  
OSI Systems, Inc.(a)
    
12,534
      
1,644,210
  
Rogers Corp.(a)
    
2,045
      
229,183
  
SmartRent, Inc.(a)
    
726,649
      
2,107,282
  
Teledyne Technologies, Inc.(a)
    
2,751
      
1,175,420
  
             
21,606,086
  
Energy Equipment & Services – 1.6%
                
Cactus, Inc. – Class A
    
8,280
      
380,052
  
Dril-Quip, Inc.(a)
    
26,042
      
588,549
  
Oceaneering International, Inc.(a)
    
22,588
      
446,339
  
Oil States International, Inc.(a)
    
87,809
      
473,291
  
Patterson-UTI Energy, Inc.
    
189,664
      
2,194,412
  
TechnipFMC PLC
    
192,910
      
4,184,218
  
TETRA Technologies, Inc.(a)
    
193,292
      
753,839
  
Tidewater, Inc.(a)
    
12,403
      
868,582
  
Transocean Ltd.(a)
    
44,040
      
206,548
  
Weatherford International PLC(a)
    
11,564
      
1,186,582
  
             
11,282,412
  
Entertainment – 0.3%
                
Lions Gate Entertainment Corp. – Class B(a)
    
218,289
      
1,982,064
  
                 
Financial Services – 1.0%
                
Cannae Holdings, Inc.(a)
    
21,858
      
476,942
  
Federal Agricultural Mortgage Corp. – Class C
    
11,290
      
2,019,442
  
Flywire Corp.(a)
    
22,381
      
635,397
  
Jack Henry & Associates, Inc.
    
2,985
      
518,703
  
Pagseguro Digital Ltd. – Class A(a)
    
221,785
      
3,087,247
  
Remitly Global, Inc.(a)
    
21,577
      
444,918
  
Shift4 Payments, Inc. – Class A(a)
    
5,455
      
448,510
  
             
7,631,159
  
Food Products – 2.8%
                
Adecoagro SA
    
385,130
      
3,866,705
  
Freshpet, Inc.(a)
    
15,646
      
1,768,467
  
Hain Celestial Group, Inc.(a)
    
88,657
      
886,570
  
Nomad Foods Ltd.
    
472,295
      
8,704,398
  
Simply Good Foods Co.(a)
    
7,758
      
275,254
  
TreeHouse Foods, Inc.(a)
    
125,580
      
4,494,509
  
Utz Brands, Inc.
    
18,663
      
330,148
  
             
20,326,051
  


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

20
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Gas Utilities – 0.3%
            
Atmos Energy Corp.
    
9,131
    
$
1,030,981
  
New Jersey Resources Corp.
    
23,529
      
979,042
  
             
2,010,023
  
Ground Transportation – 1.2%
                
Landstar System, Inc.
    
12,980
      
2,468,796
  
Saia, Inc.(a)
    
10,429
      
6,000,847
  
             
8,469,643
  
Health Care Equipment & Supplies – 3.8%
                
Accuray, Inc.(a)
    
215,156
      
559,406
  
Alphatec Holdings, Inc.(a)
    
62,426
      
838,381
  
AtriCure, Inc.(a)
    
27,195
      
951,009
  
Atrion Corp.
    
835
      
307,272
  
Avanos Medical, Inc.(a)
    
28,926
      
537,156
  
CytoSorbents Corp.(a)
    
6,648
      
6,375
  
Enovis Corp.(a)
    
154,040
      
9,213,131
  
Glaukos Corp.(a)
    
16,945
      
1,501,158
  
Globus Medical, Inc. – Class A(a)
    
37,715
      
2,036,233
  
Haemonetics Corp.(a)
    
33,807
      
2,467,234
  
Inspire Medical Systems, Inc.(a)
    
3,883
      
695,212
  
Integer Holdings Corp.(a)
    
9,645
      
1,063,747
  
Integra LifeSciences Holdings Corp.(a)
    
21,959
      
810,507
  
LivaNova PLC(a)
    
7,965
      
436,562
  
OraSure Technologies, Inc.(a)
    
131,903
      
949,042
  
PROCEPT BioRobotics Corp.(a)
    
5,971
      
288,638
  
QuidelOrtho Corp.(a)
    
3,842
      
175,195
  
TransMedics Group, Inc.(a)
    
27,086
      
2,210,218
  
UFP Technologies, Inc.(a)
    
3,510
      
731,168
  
Varex Imaging Corp.(a)
    
34,948
      
601,106
  
Zimvie, Inc.(a)
    
47,768
      
809,668
  
             
27,188,418
  
Health Care Providers & Services – 2.6%
                
Acadia Healthcare Co., Inc.(a)
    
64,610
      
5,391,705
  
Chemed Corp.
    
2,182
      
1,366,216
  
CorVel Corp.(a)
    
1,112
      
271,328
  
HealthEquity, Inc.(a)
    
22,335
      
1,845,094
  
Molina Healthcare, Inc.(a)
    
5,585
      
2,199,987
  
Patterson Cos., Inc.
    
45,542
      
1,233,733
  
Pennant Group, Inc.(a)
    
56,038
      
1,045,109
  
Tenet Healthcare Corp.(a)
    
63,712
      
5,925,215
  
             
19,278,387
  
Health Care Technology – 0.0%(b)
                
Simulations Plus, Inc.
    
6,062
      
251,573
  


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

21
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Hotels, Restaurants & Leisure – 2.4%
            
Cava Group, Inc.(a)
    
21,414
    
$
1,250,792
  
Dutch Bros, Inc. – Class A(a)
    
43,877
      
1,278,137
  
International Game Technology PLC
    
193,808
      
5,265,763
  
PlayAGS, Inc.(a)
    
428,314
      
3,974,754
  
Red Rock Resorts, Inc. – Class A
    
38,015
      
2,204,490
  
Texas Roadhouse, Inc.
    
7,010
      
1,047,084
  
United Parks & Resorts, Inc.(a)
    
13,478
      
692,095
  
Wingstop, Inc.
    
5,940
      
2,085,237
  
             
17,798,352
  
Household Durables – 1.7%
                
Installed Building Products, Inc.
    
23,805
      
5,687,729
  
Meritage Homes Corp.
    
8,089
      
1,275,312
  
Skyline Champion Corp.(a)
    
42,115
      
3,528,816
  
Tempur Sealy International, Inc.
    
32,069
      
1,746,798
  
             
12,238,655
  
Household Products – 0.1%
                
Church & Dwight Co., Inc.
    
2,966
      
296,956
  
WD-40 Co.
    
2,466
      
661,850
  
             
958,806
  
Independent Power and Renewable
                
  Electricity Producers – 0.9%
                
Ormat Technologies, Inc.
    
36,062
      
2,349,439
  
Vistra Corp.
    
72,905
      
3,976,239
  
             
6,325,678
  
Insurance – 3.9%
                
AMERISAFE, Inc.
    
8,650
      
456,374
  
Axis Capital Holdings Ltd.
    
52,421
      
3,279,982
  
Fidelis Insurance Holdings Ltd.(a)
    
317,757
      
4,753,645
  
First American Financial Corp.
    
52,365
      
3,058,640
  
Hagerty, Inc. – Class A(a)
    
15,789
      
135,628
  
HCI Group, Inc.
    
11,292
      
1,102,325
  
Kemper Corp.
    
154,815
      
8,875,544
  
Kinsale Capital Group, Inc.
    
2,819
      
1,455,111
  
Oscar Health, Inc. – Class A(a)
    
36,918
      
600,287
  
RLI Corp.
    
5,835
      
854,536
  
Selective Insurance Group, Inc.
    
21,405
      
2,236,394
  
Skyward Specialty Insurance Group, Inc.(a)
    
27,633
      
1,011,091
  
Stewart Information Services Corp.
    
5,116
      
322,206
  
             
28,141,763
  
Interactive Media & Services – 0.8%
                
Cars.com, Inc.(a)
    
300,824
      
5,517,112
  


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

22
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
IT Services – 0.8%
            
Kyndryl Holdings, Inc.(a)
    
168,214
    
$
3,695,661
  
Unisys Corp.(a)
    
189,562
      
983,827
  
Wix.com Ltd.(a)
    
12,654
      
1,773,838
  
             
6,453,326
  
Life Sciences Tools & Services – 0.7%
                
Bio-Techne Corp.
    
16,003
      
1,177,341
  
Charles River Laboratories International, Inc.(a)
    
6,676
      
1,696,971
  
ICON PLC(a)
    
2,376
      
761,793
  
Standard BioTools, Inc.(a)
    
174,314
      
392,207
  
Stevanato Group SpA
    
15,385
      
510,013
  
West Pharmaceutical Services, Inc.
    
1,952
      
699,519
  
             
5,237,844
  
Machinery – 3.1%
                
Alamo Group, Inc.
    
12,440
      
2,516,488
  
Crane Co.
    
11,532
      
1,401,830
  
Enerpac Tool Group Corp.
    
41,073
      
1,384,571
  
Esab Corp.
    
8,459
      
838,456
  
ESCO Technologies, Inc.
    
4,098
      
417,545
  
Federal Signal Corp.
    
41,950
      
3,436,124
  
Franklin Electric Co., Inc.
    
13,820
      
1,436,727
  
Graco, Inc.
    
8,437
      
769,961
  
Hillman Solutions Corp.(a)
    
37,967
      
369,799
  
Kadant, Inc.
    
4,164
      
1,404,517
  
Lindsay Corp.
    
3,729
      
444,907
  
Markforged Holding Corp.(a)
    
129,691
      
86,893
  
Nordson Corp.
    
2,855
      
758,431
  
Omega Flex, Inc.
    
2,018
      
140,554
  
RBC Bearings, Inc.(a)
    
5,167
      
1,409,713
  
SPX Technologies, Inc.(a)
    
25,989
      
3,045,650
  
Standex International Corp.
    
4,172
      
721,756
  
Stratasys Ltd.(a)
    
139,685
      
1,725,110
  
Toro Co.
    
9,313
      
859,683
  
             
23,168,715
  
Marine Transportation – 0.6%
                
Kirby Corp.(a)
    
48,112
      
4,220,385
  
                 
Media – 0.7%
                
Cable One, Inc.
    
725
      
330,600
  
Criteo SA – ADR(a)
    
116,921
      
3,782,394
  
Nexstar Media Group, Inc. – Class A
    
6,550
      
1,088,414
  
TechTarget, Inc.(a)
    
6,764
      
214,486
  
             
5,415,894
  


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

23
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Metals & Mining – 1.5%
            
Cleveland-Cliffs, Inc.(a)
    
140,344
    
$
2,919,155
  
ERO Copper Corp.(a)
    
348,404
      
5,943,773
  
Materion Corp.
    
16,855
      
2,263,964
  
             
11,126,892
  
Multi-Utilities – 0.1%
                
Northwestern Energy Group, Inc.
    
20,737
      
993,717
  
                 
Oil, Gas & Consumable Fuels – 4.3%
                
Antero Resources Corp.(a)
    
43,680
      
1,122,576
  
Cameco Corp.
    
61,251
      
2,482,503
  
Chord Energy Corp.
    
13,740
      
2,232,063
  
CNX Resources Corp.(a)
    
60,597
      
1,269,507
  
Devon Energy Corp.
    
54,830
      
2,415,810
  
International Seaways, Inc.
    
87,907
      
4,652,918
  
Kosmos Energy Ltd.(a)
    
1,023,438
      
6,283,909
  
Matador Resources Co.
    
58,252
      
3,678,614
  
Murphy Oil Corp.
    
46,075
      
1,827,795
  
Permian Resources Corp.
    
156,810
      
2,439,964
  
Sitio Royalties Corp. – Class A
    
25,993
      
593,160
  
Southwestern Energy Co.(a)
    
81,908
      
570,899
  
Texas Pacific Land Corp.
    
184
      
289,877
  
Uranium Energy Corp.(a)
    
203,583
      
1,319,218
  
Viper Energy, Inc.
    
5,769
      
208,492
  
             
31,387,305
  
Passenger Airlines – 0.5%
                
Frontier Group Holdings, Inc.(a)
    
497,605
      
3,453,379
  
                 
Personal Care Products – 1.3%
                
BellRing Brands, Inc.(a)
    
55,054
      
3,135,325
  
Coty, Inc. – Class A(a)
    
129,195
      
1,622,689
  
elf Beauty, Inc.(a)
    
14,915
      
3,110,225
  
Inter Parfums, Inc.
    
8,754
      
1,284,387
  
             
9,152,626
  
Pharmaceuticals – 1.0%
                
Amneal Pharmaceuticals, Inc.(a)
    
142,780
      
788,146
  
Amphastar Pharmaceuticals, Inc.(a)
    
7,745
      
360,685
  
Axsome Therapeutics, Inc.(a)
    
9,086
      
739,419
  
Innoviva, Inc.(a)
    
273,400
      
4,177,551
  
Structure Therapeutics, Inc. – ADR(a)
    
32,969
      
1,337,552
  
             
7,403,353
  
Professional Services – 2.5%
                
ASGN, Inc.(a)
    
22,195
      
2,204,407
  
CBIZ, Inc.(a)
    
3,772
      
284,899
  


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

24
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Professional Services – 2.5% (Continued)
            
Clarivate PLC(a)
    
513,735
    
$
3,688,617
  
Conduent, Inc.(a)
    
452,438
      
1,556,387
  
CRA International, Inc.
    
2,829
      
374,956
  
Exponent, Inc.
    
11,417
      
923,521
  
FTI Consulting, Inc.(a)
    
3,010
      
622,709
  
KBR, Inc.
    
104,831
      
6,293,005
  
Kforce, Inc.
    
28,900
      
2,012,596
  
Korn Ferry
    
3,259
      
207,468
  
             
18,168,565
  
Real Estate Management & Development – 0.5%
                
Colliers International Group, Inc.
    
1,554
      
180,621
  
Cushman & Wakefield PLC(a)
    
197,595
      
1,973,975
  
FirstService Corp.
    
7,126
      
1,175,291
  
             
3,329,887
  
Semiconductors & Semiconductor Equipment – 4.5%
                
Camtek Ltd./Israel(a)
    
38,117
      
3,033,732
  
CEVA, Inc.(a)
    
24,991
      
565,796
  
Credo Technology Group Holding Ltd.(a)
    
76,072
      
1,638,591
  
indie Semiconductor, Inc. – Class A(a)
    
92,922
      
575,187
  
Lattice Semiconductor Corp.(a)
    
19,583
      
1,500,254
  
MACOM Technology Solutions Holdings, Inc.(a)
    
31,118
      
2,748,653
  
MKS Instruments, Inc.
    
4,392
      
539,162
  
Onto Innovation, Inc.(a)
    
21,878
      
4,029,052
  
Power Integrations, Inc.
    
14,110
      
1,008,301
  
Rambus, Inc.(a)
    
79,777
      
4,725,989
  
Semtech Corp.(a)
    
41,879
      
887,835
  
Tower Semiconductor Ltd.(a)
    
164,524
      
5,409,549
  
Ultra Clean Holdings, Inc.(a)
    
32,905
      
1,421,496
  
Veeco Instruments, Inc.(a)
    
121,634
      
4,404,367
  
Wolfspeed, Inc.(a)
    
13,335
      
346,977
  
             
32,834,941
  
Software – 6.8%
                
8x8, Inc.(a)
    
2,094,040
      
5,926,133
  
Adeia, Inc.
    
117,242
      
1,329,524
  
Appfolio, Inc. – Class A(a)
    
5,844
      
1,414,774
  
Aspen Technology, Inc.(a)
    
3,873
      
750,936
  
Box, Inc. – Class A(a)
    
32,852
      
847,253
  
Braze, Inc. – Class A(a)
    
36,232
      
2,061,601
  
Cognyte Software Ltd.(a)
    
176,807
      
1,311,908
  
CommVault Systems, Inc.(a)
    
7,026
      
672,458
  
Computer Modelling Group Ltd.
    
7,786
      
58,084
  
CyberArk Software Ltd.(a)
    
9,618
      
2,536,844
  
Elastic NV(a)
    
18,773
      
2,512,015
  


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

25
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Software – 6.8% (Continued)
            
Fair Isaac Corp.(a)
    
1,229
    
$
1,560,719
  
Freshworks, Inc. – Class A(a)
    
45,100
      
921,844
  
Gitlab, Inc. – Class A(a)
    
37,821
      
2,727,651
  
LiveRamp Holdings, Inc.(a)
    
203,236
      
7,109,194
  
Manhattan Associates, Inc.(a)
    
6,853
      
1,736,070
  
Marathon Digital Holdings, Inc.(a)
    
33,585
      
869,852
  
Model N, Inc.(a)
    
15,863
      
389,595
  
Monday.com Ltd.(a)
    
16,912
      
3,771,544
  
OneSpan, Inc.(a)
    
57,583
      
553,373
  
Qualys, Inc.(a)
    
8,524
      
1,464,935
  
Radware Ltd.(a)
    
38,342
      
680,954
  
SentinelOne, Inc. – Class A(a)
    
81,964
      
2,308,926
  
SPS Commerce, Inc.(a)
    
11,565
      
2,141,375
  
Tyler Technologies, Inc.(a)
    
1,656
      
723,904
  
Varonis Systems, Inc.(a)
    
15,576
      
791,261
  
Verint Systems, Inc.(a)
    
47,562
      
1,503,435
  
Vertex, Inc. – Class A(a)
    
16,691
      
560,484
  
Xperi, Inc.(a)
    
92,784
      
1,016,913
  
             
50,253,559
  
Specialty Retail – 2.2%
                
Academy Sports & Outdoors, Inc.
    
24,865
      
1,857,914
  
American Eagle Outfitters, Inc.
    
51,065
      
1,212,794
  
Asbury Automotive Group, Inc.(a)
    
5,301
      
1,107,008
  
Beyond, Inc.(a)
    
30,014
      
1,006,369
  
Caleres, Inc.
    
30,103
      
1,162,277
  
Carvana Co.(a)
    
7,252
      
550,644
  
Floor & Decor Holdings, Inc. – Class A(a)
    
6,720
      
813,926
  
Gap, Inc.
    
24,822
      
470,129
  
National Vision Holdings, Inc.(a)
    
40,456
      
946,670
  
ODP Corp.(a)
    
31,190
      
1,761,611
  
Signet Jewelers Ltd.
    
18,415
      
1,873,910
  
Tractor Supply Co.
    
2,417
      
614,691
  
Valvoline, Inc.(a)
    
43,220
      
1,842,901
  
Winmark Corp.
    
1,498
      
568,566
  
             
15,789,410
  
Technology Hardware, Storage & Peripherals – 0.9%
                
Super Micro Computer, Inc.(a)
    
7,336
      
6,353,856
  
                 
Textiles, Apparel & Luxury Goods – 1.4%
                
Gildan Activewear, Inc.
    
218,028
      
7,593,915
  
Skechers USA, Inc. – Class A(a)
    
29,275
      
1,809,487
  
Under Armour, Inc. – Class C(a)
    
134,227
      
1,146,299
  
             
10,549,701
  


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

26
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Trading Companies & Distributors – 4.5%
            
AerCap Holdings NV(a)
    
45,534
    
$
3,514,313
  
Air Lease Corp.
    
157,265
      
6,306,326
  
Applied Industrial Technologies, Inc.
    
9,828
      
1,866,239
  
Beacon Roofing Supply, Inc.(a)
    
30,975
      
2,660,443
  
Boise Cascade Co.
    
12,005
      
1,631,600
  
Core & Main, Inc. – Class A(a)
    
111,553
      
5,324,425
  
FTAI Aviation Ltd.
    
46,019
      
2,590,410
  
GATX Corp.
    
13,280
      
1,684,435
  
Herc Holdings, Inc.
    
8,748
      
1,388,133
  
McGrath RentCorp
    
15,705
      
1,954,958
  
Richelieu Hardware Ltd.(d)
    
10,198
      
327,152
  
Rush Enterprises, Inc. – Class A
    
40,060
      
1,950,922
  
SiteOne Landscape Supply, Inc.(a)
    
2,819
      
474,945
  
Transcat, Inc.(a)
    
3,120
      
328,099
  
Watsco, Inc.
    
2,084
      
821,346
  
             
32,823,746
  
TOTAL COMMON STOCKS (Cost $647,702,623)
            
679,719,395
  
                 
REAL ESTATE INVESTMENT TRUSTS – 3.2%
                
AGNC Investment Corp.
    
183,670
      
1,755,885
  
Brixmor Property Group, Inc.
    
263,722
      
5,962,754
  
Chatham Lodging Trust
    
39,393
      
401,809
  
Equity Commonwealth(a)
    
382,277
      
7,198,277
  
MFA Financial, Inc.
    
129,345
      
1,451,251
  
National Storage Affiliates Trust
    
45,325
      
1,623,088
  
NNN REIT, Inc.
    
54,615
      
2,222,284
  
RLJ Lodging Trust
    
38,872
      
461,410
  
STAG Industrial, Inc.
    
65,320
      
2,425,985
  
TOTAL REAL ESTATE INVESTMENT TRUSTS
                
  (Cost $24,090,355)
            
23,502,743
  


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

27
Column Small Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
SHORT-TERM INVESTMENTS – 2.9%
            
             
Money Market Funds – 2.9%
            
First American Government Obligations Fund –
            
  Class X, 5.23%(c)
    
21,227,695
    
$
21,227,695
  
TOTAL SHORT-TERM INVESTMENTS (Cost $21,227,695)
            
21,227,695
  
TOTAL INVESTMENTS – 99.5% (Cost $693,020,673)
            
724,449,833
  
Other Assets in Excess of Liabilities – 0.5%
            
3,879,208
  
TOTAL NET ASSETS – 100.0%
          
$
728,329,041
  

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Adviser.

ADR – American Depositary Receipt
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 effective yield as of February 29, 2024.
(d)
Illiquid security.



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

28
Column Small Cap Fund
Schedule of Investments
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
COMMON STOCKS – 94.0%
            
             
Aerospace & Defense – 1.2%
            
BWX Technologies, Inc.
    
5,850
    
$
589,855
  
CAE, Inc.(a)
    
13,445
      
251,038
  
Kaman Corp.
    
2,042
      
93,544
  
Leonardo DRS, Inc.(a)
    
19,909
      
452,133
  
Melrose Industries PLC
    
79,352
      
636,558
  
Mercury Systems, Inc.(a)
    
6,576
      
196,425
  
Moog, Inc. – Class A
    
2,228
      
334,089
  
QinetiQ Group PLC
    
259,808
      
1,219,136
  
Senior PLC
    
317,578
      
633,689
  
VirTra, Inc.(a)
    
1,301
      
12,659
  
             
4,419,126
  
Air Freight & Logistics – 0.3%
                
Air Transport Services Group, Inc.(a)
    
6,614
      
79,831
  
Cargojet, Inc.
    
5,630
      
459,352
  
GXO Logistics, Inc.(a)
    
9,672
      
500,623
  
Hub Group, Inc. – Class A(a)
    
6,893
      
293,159
  
             
1,332,965
  
Automobile Components – 1.6%
                
Adient PLC(a)
    
24,637
      
836,180
  
American Axle & Manufacturing Holdings, Inc.(a)
    
11,207
      
77,552
  
Atmus Filtration Technologies, Inc.(a)
    
20,058
      
478,784
  
Dana, Inc.
    
8,764
      
109,550
  
Fox Factory Holding Corp.(a)
    
42,412
      
2,145,624
  
Gentherm, Inc.(a)
    
7,024
      
399,385
  
Goodyear Tire & Rubber Co.(a)
    
47,781
      
567,638
  
Holley, Inc.(a)
    
134,835
      
578,442
  
LCI Industries
    
4,268
      
537,683
  
Motorcar Parts of America, Inc.(a)
    
1,574
      
14,150
  
Patrick Industries, Inc.
    
1,890
      
226,687
  
Phinia, Inc.
    
4,780
      
163,572
  
Standard Motor Products, Inc.
    
1,794
      
56,977
  
Stoneridge, Inc.(a)
    
2,330
      
40,938
  
             
6,233,162
  
Automobiles – 0.2%
                
Harley-Davidson, Inc.
    
12,570
      
455,914
  
Thor Industries, Inc.
    
49
      
6,281
  
Winnebago Industries, Inc.
    
4,115
      
295,169
  
             
757,364
  
Banks – 8.2%
                
1st Source Corp.
    
773
      
38,480
  
ACNB Corp.
    
668
      
23,540
  


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

29
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Banks – 8.2% (Continued)
            
Amalgamated Financial Corp.
    
1,815
    
$
41,890
  
Amerant Bancorp, Inc.
    
2,129
      
45,114
  
Ameris Bancorp
    
4,820
      
223,311
  
Arrow Financial Corp.
    
1,187
      
28,464
  
Associated Banc-Corp.
    
10,060
      
209,650
  
Atlantic Union Bankshares Corp.
    
5,590
      
185,923
  
Axos Financial, Inc.(a)
    
4,138
      
215,673
  
Banc of California, Inc.
    
24,854
      
363,614
  
BancFirst Corp.
    
25
      
2,194
  
Bancorp, Inc.(a)
    
8,563
      
382,252
  
Bank of Hawaii Corp.
    
4,841
      
291,815
  
Bank of Marin Bancorp
    
923
      
15,331
  
Bank of NT Butterfield & Son Ltd.
    
3,631
      
108,531
  
Bank OZK
    
8,659
      
379,264
  
BankUnited, Inc.
    
5,040
      
135,173
  
Banner Corp.
    
2,340
      
102,586
  
Bar Harbor Bankshares
    
953
      
24,035
  
BayCom Corp.
    
438
      
8,769
  
Berkshire Hills Bancorp, Inc.
    
2,711
      
58,259
  
BOK Financial Corp.
    
797
      
67,753
  
Bridgewater Bancshares, Inc.(a)
    
765
      
9,065
  
Brookline Bancorp, Inc.
    
5,515
      
53,882
  
Business First Bancshares, Inc.
    
1,960
      
44,002
  
Byline Bancorp, Inc.
    
2,079
      
43,326
  
C&F Financial Corp.
    
123
      
6,572
  
Cadence Bank
    
41,598
      
1,151,433
  
Cambridge Bancorp
    
496
      
31,377
  
Camden National Corp.
    
10,667
      
338,997
  
Capital Bancorp, Inc.
    
382
      
7,865
  
Capital City Bank Group, Inc.
    
856
      
24,268
  
Capstar Financial Holdings, Inc.
    
1,259
      
23,606
  
Carter Bankshares, Inc.(a)
    
1,424
      
18,797
  
Cathay General Bancorp
    
4,726
      
184,550
  
Central Pacific Financial Corp.
    
1,922
      
35,865
  
Central Valley Community Bancorp
    
426
      
7,962
  
Chemung Financial Corp.
    
162
      
6,901
  
ChoiceOne Financial Services, Inc.
    
568
      
15,114
  
City Holding Co.
    
20
      
2,010
  
CNB Financial Corp./PA
    
1,526
      
30,505
  
Coastal Financial Corp./WA(a)
    
707
      
27,142
  
Codorus Valley Bancorp, Inc.
    
343
      
7,896
  
Colony Bankcorp, Inc.
    
628
      
7,122
  
Columbia Banking System, Inc.
    
62,708
      
1,135,015
  
Comerica, Inc.
    
27,353
      
1,350,690
  
Community Bank System, Inc.
    
3,730
      
168,969
  
Community Trust Bancorp, Inc.
    
1,100
      
43,736
  


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

30
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Banks – 8.2% (Continued)
            
ConnectOne Bancorp, Inc.
    
2,576
    
$
50,979
  
CrossFirst Bankshares, Inc.(a)
    
2,964
      
38,147
  
Cullen/Frost Bankers, Inc.
    
1,710
      
185,552
  
Customers Bancorp, Inc.(a)
    
2,735
      
148,538
  
Dime Community Bancshares, Inc.
    
2,761
      
51,741
  
Eagle Bancorp, Inc.
    
1,978
      
47,116
  
Enterprise Financial Services Corp.
    
2,476
      
98,842
  
Equity Bancshares, Inc. – Class A
    
1,084
      
34,504
  
Esquire Financial Holdings, Inc.
    
481
      
24,425
  
Evans Bancorp, Inc.
    
201
      
5,970
  
FB Financial Corp.
    
50
      
1,782
  
Fidelity D&D Bancorp, Inc.
    
329
      
16,430
  
Financial Institutions, Inc.
    
1,179
      
21,646
  
First BanCorp/Puerto Rico
    
48,448
      
822,646
  
First Bancorp/Southern Pines NC
    
9,026
      
307,967
  
First Bancshares, Inc.
    
38
      
944
  
First Bank/Hamilton NJ
    
1,610
      
21,590
  
First Busey Corp.
    
3,646
      
84,077
  
First Business Financial Services, Inc.
    
559
      
19,722
  
First Commonwealth Financial Corp.
    
65,025
      
847,276
  
First Financial Bancorp
    
5,907
      
128,182
  
First Financial Bankshares, Inc.
    
4,281
      
132,454
  
First Financial Corp./IN
    
764
      
28,444
  
First Foundation, Inc.
    
66
      
523
  
First Hawaiian, Inc.
    
178
      
3,731
  
First Interstate BancSystem, Inc. – Class A
    
35,976
      
946,888
  
First Merchants Corp.
    
4,030
      
133,796
  
First Mid Bancshares, Inc.
    
1,408
      
42,662
  
First of Long Island Corp.
    
696
      
7,753
  
Flushing Financial Corp.
    
1,703
      
21,867
  
FNB Corp./PA
    
21,398
      
285,449
  
FS Bancorp, Inc.
    
253
      
8,443
  
Fulton Financial Corp.
    
11,858
      
182,613
  
German American Bancorp, Inc.
    
10,140
      
319,004
  
Glacier Bancorp, Inc.
    
3,658
      
136,882
  
Great Southern Bancorp, Inc.
    
702
      
36,602
  
Hancock Whitney Corp.
    
6,020
      
262,472
  
Hanmi Financial Corp.
    
2,235
      
33,771
  
HarborOne Bancorp, Inc.
    
59
      
601
  
HBT Financial, Inc.
    
457
      
8,710
  
Heartland Financial USA, Inc.
    
2,566
      
87,244
  
Heritage Commerce Corp.
    
4,001
      
33,168
  
Heritage Financial Corp./WA
    
2,301
      
42,223
  
HomeStreet, Inc.
    
24
      
335
  
HomeTrust Bancshares, Inc.
    
999
      
26,224
  
Hope Bancorp, Inc.
    
7,690
      
84,359
  


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

31
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Banks – 8.2% (Continued)
            
Horizon Bancorp, Inc./IN
    
2,971
    
$
35,771
  
Huntington Bancshares, Inc./OH
    
21,869
      
285,172
  
Independent Bank Corp.
    
2,737
      
142,789
  
Independent Bank Corp./MI
    
1,675
      
40,954
  
International Bancshares Corp.
    
4,105
      
213,008
  
Kearny Financial Corp./MD
    
76
      
483
  
Lakeland Bancorp, Inc.
    
4,028
      
47,047
  
Lakeland Financial Corp.
    
1,387
      
88,352
  
Macatawa Bank Corp.
    
2,377
      
23,295
  
Mercantile Bank Corp.
    
1,209
      
44,540
  
Metrocity Bankshares, Inc.
    
1,332
      
32,368
  
Metropolitan Bank Holding Corp.(a)
    
738
      
28,937
  
Mid Penn Bancorp, Inc.
    
976
      
20,525
  
Midland States Bancorp, Inc.
    
1,681
      
40,932
  
MidWestOne Financial Group, Inc.
    
651
      
14,921
  
MVB Financial Corp.
    
672
      
14,388
  
National Bank Holdings Corp. – Class A
    
16,322
      
552,336
  
National Bankshares, Inc.
    
209
      
6,535
  
Northeast Bank
    
475
      
25,360
  
Northfield Bancorp, Inc.
    
2,447
      
24,715
  
Northrim BanCorp, Inc.
    
428
      
21,284
  
OceanFirst Financial Corp.
    
3,769
      
57,289
  
OFG Bancorp
    
3,977
      
144,047
  
Old National Bancorp/IN
    
47,435
      
779,357
  
Old Second Bancorp, Inc.
    
3,088
      
41,472
  
Orange County Bancorp, Inc.
    
178
      
8,184
  
Origin Bancorp, Inc.
    
1,997
      
59,590
  
Orrstown Financial Services, Inc.
    
820
      
22,099
  
Pacific Premier Bancorp, Inc.
    
6,558
      
149,916
  
Pathward Financial, Inc.
    
1,760
      
89,478
  
Peapack-Gladstone Financial Corp.
    
1,094
      
26,508
  
Penns Woods Bancorp, Inc.
    
73
      
1,412
  
Peoples Bancorp, Inc./OH
    
16,084
      
451,478
  
Peoples Financial Services Corp.
    
433
      
17,472
  
Popular, Inc.
    
7,523
      
629,525
  
Preferred Bank/Los Angeles CA
    
988
      
70,988
  
Premier Financial Corp.
    
2,483
      
48,121
  
Primis Financial Corp.
    
1,683
      
20,785
  
Prosperity Bancshares, Inc.
    
15,036
      
938,397
  
Provident Financial Services, Inc.
    
4,789
      
72,218
  
QCR Holdings, Inc.
    
1,174
      
66,918
  
RBB Bancorp
    
1,252
      
21,559
  
Red River Bancshares, Inc.
    
162
      
8,068
  
Republic Bancorp, Inc./KY – Class A
    
583
      
28,719
  
S&T Bancorp, Inc.
    
2,499
      
77,944
  
Sandy Spring Bancorp, Inc.
    
2,934
      
64,489
  
Seacoast Banking Corp. of Florida
    
15,296
      
369,245
  


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

32
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Banks – 8.2% (Continued)
            
ServisFirst Bancshares, Inc.
    
39,632
    
$
2,504,345
  
Shore Bancshares, Inc.
    
1,871
      
21,255
  
Simmons First National Corp. – Class A
    
7,585
      
145,632
  
SmartFinancial, Inc.
    
996
      
21,434
  
South Plains Financial, Inc.
    
846
      
22,571
  
Southern First Bancshares, Inc.(a)
    
504
      
16,607
  
Southern Missouri Bancorp, Inc.
    
616
      
26,414
  
Southside Bancshares, Inc.
    
40
      
1,146
  
SouthState Corp.
    
14,189
      
1,192,443
  
Stellar Bancorp, Inc.
    
63
      
1,493
  
Stock Yards Bancorp, Inc.
    
1,626
      
74,487
  
Summit Financial Group, Inc.
    
1,016
      
27,412
  
Synovus Financial Corp.
    
5,217
      
197,933
  
Texas Capital Bancshares, Inc.(a)
    
9,467
      
555,240
  
Timberland Bancorp, Inc./WA
    
279
      
7,310
  
Towne Bank/Portsmouth VA
    
4,381
      
118,769
  
TriCo Bancshares
    
13,374
      
446,825
  
Triumph Financial, Inc.(a)
    
6,495
      
487,125
  
TrustCo Bank Corp. NY
    
1,255
      
34,249
  
Trustmark Corp.
    
3,873
      
104,029
  
UMB Financial Corp.
    
2,859
      
233,323
  
United Bankshares, Inc./WV
    
21,140
      
733,347
  
United Community Banks, Inc./GA
    
4,616
      
120,062
  
Unity Bancorp, Inc.
    
290
      
7,940
  
Univest Financial Corp.
    
1,879
      
37,618
  
Valley National Bancorp
    
31,309
      
256,421
  
Veritex Holdings, Inc.
    
3,654
      
71,728
  
WaFd, Inc.
    
4,442
      
121,000
  
Washington Trust Bancorp, Inc.
    
1,171
      
30,142
  
Webster Financial Corp.
    
12,662
      
603,218
  
West BanCorp, Inc.
    
973
      
16,930
  
Westamerica BanCorp
    
1,868
      
85,386
  
Western Alliance Bancorp
    
19,155
      
1,105,818
  
Wintrust Financial Corp.
    
103
      
9,924
  
WSFS Financial Corp.
    
24,603
      
1,042,921
  
Zions Bancorp NA
    
24,155
      
952,432
  
             
30,956,501
  
Beverages – 0.3%
                
Coca-Cola Consolidated, Inc.
    
965
      
811,372
  
MGP Ingredients, Inc.
    
3,385
      
288,334
  
             
1,099,706
  
Biotechnology – 1.8%
                
ADMA Biologics, Inc.(a)
    
55,353
      
296,692
  
Alkermes PLC(a)
    
11,279
      
334,873
  


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

33
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Biotechnology – 1.8% (Continued)
            
Arcturus Therapeutics Holdings, Inc.(a)
    
2,958
    
$
114,652
  
Arcutis Biotherapeutics, Inc.(a)
    
15,407
      
158,384
  
Biohaven Ltd.(a)
    
2,733
      
131,567
  
Blueprint Medicines Corp.(a)
    
4,392
      
410,740
  
Bridgebio Pharma, Inc.(a)
    
10,341
      
353,145
  
Celldex Therapeutics, Inc.(a)
    
2,358
      
113,325
  
Centessa Pharmaceuticals PLC – ADR(a)
    
13,622
      
143,167
  
Cytokinetics, Inc.(a)
    
5,813
      
419,931
  
Eagle Pharmaceuticals, Inc./DE(a)
    
21
      
123
  
Emergent BioSolutions, Inc.(a)
    
2,432
      
7,855
  
Entrada Therapeutics, Inc.(a)
    
2,622
      
34,689
  
Halozyme Therapeutics, Inc.(a)
    
18,209
      
724,900
  
Insmed, Inc.(a)
    
9,891
      
274,179
  
Keros Therapeutics, Inc.(a)
    
3,400
      
229,500
  
Madrigal Pharmaceuticals, Inc.(a)
    
1,392
      
328,790
  
Mineralys Therapeutics, Inc.(a)
    
10,103
      
155,384
  
Natera, Inc.(a)
    
11,043
      
955,110
  
Protagonist Therapeutics, Inc.(a)
    
6,003
      
182,371
  
Puma Biotechnology, Inc.(a)
    
4,822
      
29,993
  
Twist Bioscience Corp.(a)
    
8,307
      
326,382
  
Vaxcyte, Inc.(a)
    
6,207
      
458,201
  
Viking Therapeutics, Inc.(a)
    
6,013
      
463,302
  
Voyager Therapeutics, Inc.(a)
    
6,066
      
50,469
  
             
6,697,724
  
Broadline Retail – 1.0%
                
Big Lots, Inc.
    
2,101
      
11,387
  
Dillard’s, Inc. – Class A
    
6
      
2,488
  
Kohl’s Corp.
    
12,084
      
336,781
  
Macy’s, Inc.
    
21,996
      
383,610
  
Nordstrom, Inc.
    
6,763
      
141,820
  
Ollie’s Bargain Outlet Holdings, Inc.(a)
    
27,940
      
2,239,951
  
Savers Value Village, Inc.(a)
    
39,768
      
804,904
  
             
3,920,941
  
Building Products – 3.6%
                
AAON, Inc.
    
55,968
      
4,700,192
  
Advanced Drainage Systems, Inc.
    
4,170
      
680,711
  
Apogee Enterprises, Inc.
    
2,374
      
135,817
  
AZEK Co., Inc.(a)
    
24,891
      
1,197,506
  
CSW Industrials, Inc.
    
1,315
      
302,963
  
Fortune Brands Innovations, Inc.
    
5,480
      
445,743
  
Hayward Holdings, Inc.(a)
    
56,367
      
833,668
  
Insteel Industries, Inc.
    
7,490
      
272,711
  
Janus International Group, Inc.(a)
    
132,650
      
1,903,528
  
JELD-WEN Holding, Inc.(a)
    
48,797
      
888,105
  


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

34
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Building Products – 3.6% (Continued)
            
Masonite International Corp.(a)
    
4,220
    
$
549,613
  
Quanex Building Products Corp.
    
3,539
      
122,379
  
Resideo Technologies, Inc.(a)
    
38,013
      
848,830
  
UFP Industries, Inc.
    
9,680
      
1,109,618
  
             
13,991,384
  
Capital Markets – 3.6%
                
Artisan Partners Asset Management, Inc. – Class A
    
18,945
      
815,961
  
BGC Group, Inc. – Class A
    
95,904
      
666,533
  
Donnelley Financial Solutions, Inc.(a)
    
9,544
      
616,161
  
Evercore, Inc. – Class A
    
4,285
      
801,638
  
FactSet Research Systems, Inc.
    
3,775
      
1,746,240
  
Hamilton Lane, Inc. – Class A
    
4,477
      
514,183
  
Houlihan Lokey, Inc.
    
1,245
      
160,182
  
Interactive Brokers Group, Inc. – Class A
    
27,875
      
3,030,569
  
MarketAxess Holdings, Inc.
    
290
      
61,889
  
Moelis & Co. – Class A
    
7,460
      
403,138
  
Morningstar, Inc.
    
14,157
      
4,227,138
  
Oppenheimer Holdings, Inc. – Class A
    
365
      
13,980
  
Patria Investments Ltd. – Class A
    
80
      
1,192
  
Piper Sandler Cos.
    
2,455
      
462,203
  
StoneX Group, Inc.(a)
    
2,060
      
142,676
  
Virtu Financial, Inc. – Class A
    
109
      
1,967
  
             
13,665,650
  
Chemicals – 3.0%
                
AdvanSix, Inc.
    
1,860
      
52,043
  
Arcadium Lithium PLC(a)
    
702
      
3,854
  
Ashland, Inc.
    
8,011
      
750,150
  
Avient Corp.
    
21,067
      
852,792
  
Axalta Coating Systems Ltd.(a)
    
43,457
      
1,422,348
  
Cabot Corp.
    
6,382
      
542,151
  
Chemours Co.
    
43,285
      
851,416
  
Core Molding Technologies, Inc.(a)
    
402
      
7,385
  
Element Solutions, Inc.
    
107,358
      
2,522,914
  
Elementis PLC(a)
    
436,669
      
780,272
  
Hawkins, Inc.
    
2,353
      
165,298
  
Huntsman Corp.
    
9,399
      
240,614
  
Intrepid Potash, Inc.(a)
    
1,040
      
21,923
  
LSB Industries, Inc.(a)
    
5,554
      
40,877
  
Mativ Holdings, Inc.
    
29,103
      
505,519
  
NewMarket Corp.
    
10
      
6,417
  
Olin Corp.
    
5,806
      
312,363
  
Orion SA
    
6,551
      
147,660
  
Quaker Chemical Corp.
    
465
      
93,233
  
Rayonier Advanced Materials, Inc.(a)
    
5,378
      
18,231
  


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

35
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Chemicals – 3.0% (Continued)
            
Stepan Co.
    
1,216
    
$
108,467
  
Tronox Holdings PLC
    
123,884
      
1,821,094
  
             
11,267,021
  
Commercial Services & Supplies – 1.4%
                
ABM Industries, Inc.
    
8,710
      
359,810
  
ACCO Brands Corp.
    
247
      
1,378
  
Acme United Corp.
    
469
      
22,278
  
Aris Water Solutions, Inc. – Class A
    
2,093
      
25,200
  
Casella Waste Systems, Inc. – Class A(a)
    
793
      
71,449
  
Civeo Corp.
    
1,273
      
29,814
  
Clean Harbors, Inc.(a)
    
4,621
      
841,485
  
Driven Brands Holdings, Inc.(a)
    
32,958
      
454,491
  
Enviri Corp.(a)
    
41,291
      
324,547
  
HNI Corp.
    
10,797
      
483,814
  
Interface, Inc.
    
7,638
      
120,069
  
OPENLANE, Inc.(a)
    
27,712
      
423,162
  
Quad/Graphics, Inc.
    
1,583
      
9,482
  
Rollins, Inc.
    
3,412
      
150,367
  
Steelcase, Inc. – Class A
    
12,892
      
177,136
  
Stericycle, Inc.(a)
    
14,683
      
798,608
  
Tetra Tech, Inc.
    
1,706
      
302,508
  
UniFirst Corp./MA
    
1,936
      
326,642
  
Vestis Corp.
    
29,674
      
556,684
  
Virco Mfg. Corp.
    
1,822
      
19,204
  
             
5,498,128
  
Communications Equipment – 1.0%
                
Applied Optoelectronics, Inc.(a)
    
5,839
      
93,307
  
Ciena Corp.(a)
    
23,314
      
1,328,432
  
Harmonic, Inc.(a)
    
49,119
      
644,932
  
Infinera Corp.(a)
    
28,065
      
140,886
  
Lumentum Holdings, Inc.(a)
    
9,257
      
448,687
  
Ribbon Communications, Inc.(a)
    
123,498
      
369,259
  
Viasat, Inc.(a)
    
23,044
      
450,971
  
Viavi Solutions, Inc.(a)
    
27,612
      
263,695
  
             
3,740,169
  
Construction & Engineering – 1.5%
                
Arcosa, Inc.
    
19,606
      
1,627,297
  
Argan, Inc.
    
1,629
      
76,335
  
Construction Partners, Inc. – Class A(a)
    
8,688
      
417,719
  
Fluor Corp.(a)
    
11,806
      
434,461
  
Limbach Holdings, Inc.(a)
    
1,236
      
60,861
  
MasTec, Inc.(a)
    
3,270
      
246,754
  
MDU Resources Group, Inc.
    
21,081
      
457,036
  


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

36
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Construction & Engineering – 1.5% (Continued)
            
MYR Group, Inc.(a)
    
100
    
$
16,246
  
Primoris Services Corp.
    
23,198
      
916,553
  
Stantec, Inc.
    
314
      
26,219
  
Valmont Industries, Inc.
    
3,816
      
808,725
  
WillScot Mobile Mini Holdings Corp.(a)
    
15,941
      
761,183
  
             
5,849,389
  
Construction Materials – 0.5%
                
Eagle Materials, Inc.
    
3,421
      
867,395
  
Summit Materials, Inc. – Class A(a)
    
22,445
      
958,626
  
             
1,826,021
  
Consumer Finance – 0.5%
                
Bread Financial Holdings, Inc.
    
11,475
      
439,263
  
EZCORP, Inc. – Class A(a)
    
3,639
      
38,173
  
FirstCash Holdings, Inc.
    
7,715
      
883,367
  
LendingClub Corp.(a)
    
5,572
      
45,189
  
Navient Corp.
    
5,925
      
96,341
  
OneMain Holdings, Inc.
    
177
      
8,360
  
PROG Holdings, Inc.(a)
    
1,866
      
57,603
  
SLM Corp.
    
16,342
      
340,404
  
World Acceptance Corp.(a)
    
210
      
25,150
  
             
1,933,850
  
Consumer Staples Distribution & Retail – 0.5%
                
Andersons, Inc.
    
4,169
      
230,462
  
Grocery Outlet Holding Corp.(a)
    
2,551
      
65,790
  
Ingles Markets, Inc. – Class A
    
1,638
      
126,142
  
Natural Grocers by Vitamin Cottage, Inc.
    
1,745
      
28,915
  
PriceSmart, Inc.
    
15,147
      
1,274,469
  
SpartanNash Co.
    
3,974
      
83,732
  
Sprouts Farmers Market, Inc.(a)
    
246
      
15,360
  
United Natural Foods, Inc.(a)
    
5,344
      
83,420
  
Village Super Market, Inc. – Class A
    
945
      
25,846
  
             
1,934,136
  
Containers & Packaging – 0.6%
                
AptarGroup, Inc.
    
3,545
      
497,931
  
Avery Dennison Corp.
    
4,418
      
956,630
  
Crown Holdings, Inc.
    
9,341
      
715,707
  
Myers Industries, Inc.
    
3,817
      
73,401
  
             
2,243,669
  
Distributors – 0.1%
                
Pool Corp.
    
926
      
368,659
  


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

37
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Diversified Consumer Services – 0.6%
            
ADT, Inc.
    
38,665
    
$
280,708
  
American Public Education, Inc.(a)
    
925
      
9,666
  
Bright Horizons Family Solutions, Inc.(a)
    
1,111
      
127,609
  
Duolingo, Inc.(a)
    
342
      
81,738
  
European Wax Center, Inc. – Class A(a)
    
33,824
      
479,624
  
Frontdoor, Inc.(a)
    
6,129
      
192,205
  
Graham Holdings Co. – Class B
    
6
      
4,214
  
Mister Car Wash, Inc.(a)
    
35,354
      
293,085
  
Perdoceo Education Corp.
    
171
      
3,046
  
Stride, Inc.(a)
    
13,913
      
831,302
  
Universal Technical Institute, Inc.(a)
    
4,315
      
64,898
  
             
2,368,095
  
Diversified Telecommunication Services – 0.0%(b)
                
ATN International, Inc.
    
1,084
      
36,357
  
Frontier Communications Parent, Inc.(a)
    
340
      
8,051
  
IDT Corp. – Class B(a)
    
47
      
1,749
  
             
46,157
  
Electric Utilities – 0.6%
                
ALLETE, Inc.
    
16,187
      
916,831
  
IDACORP, Inc.
    
6,435
      
566,988
  
Portland General Electric Co.
    
21,992
      
883,419
  
             
2,367,238
  
Electrical Equipment – 0.9%
                
Atkore, Inc.
    
42
      
7,115
  
Babcock & Wilcox Enterprises, Inc.(a)
    
64,183
      
82,154
  
Bloom Energy Corp. – Class A(a)
    
15,709
      
137,768
  
Encore Wire Corp.
    
2,049
      
493,809
  
EnerSys
    
4,022
      
369,541
  
Generac Holdings, Inc.(a)
    
2,394
      
269,349
  
LSI Industries, Inc.
    
61
      
880
  
NEXTracker, Inc. – Class A(a)
    
14,097
      
792,815
  
Powell Industries, Inc.
    
1,232
      
228,216
  
Preformed Line Products Co.
    
12
      
1,650
  
Regal Rexnord Corp.
    
6,986
      
1,198,029
  
             
3,581,326
  
Electronic Equipment, Instruments & Components – 3.4%
                
Advanced Energy Industries, Inc.
    
2,945
      
298,034
  
Bel Fuse, Inc. – Class B
    
1,187
      
61,688
  
Benchmark Electronics, Inc.
    
15,409
      
473,210
  
Celestica, Inc.(a)
    
8,962
      
381,154
  
Climb Global Solutions, Inc.
    
418
      
28,411
  
Coherent Corp.(a)
    
24,818
      
1,476,175
  


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

38
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Electronic Equipment, Instruments &
            
  Components – 3.4% (Continued)
            
CTS Corp.
    
505
    
$
22,503
  
Daktronics, Inc.(a)
    
5,006
      
43,452
  
ePlus, Inc.(a)
    
796
      
65,582
  
Fabrinet(a)
    
8,292
      
1,787,507
  
Innoviz Technologies Ltd.(a)
    
41,046
      
65,263
  
Insight Enterprises, Inc.(a)
    
11,331
      
2,130,228
  
Itron, Inc.(a)
    
4,144
      
384,066
  
Kimball Electronics, Inc.(a)
    
2,291
      
51,570
  
Knowles Corp.(a)
    
66,616
      
1,088,505
  
Littelfuse, Inc.
    
2,773
      
660,640
  
Methode Electronics, Inc.
    
2,110
      
44,943
  
Mirion Technologies, Inc.(a)
    
59,796
      
584,805
  
nLight, Inc.(a)
    
9,799
      
129,641
  
Novanta, Inc.(a)
    
8,381
      
1,449,410
  
OSI Systems, Inc.(a)
    
3,310
      
434,206
  
PC Connection, Inc.
    
1,435
      
95,255
  
Rogers Corp.(a)
    
542
      
60,742
  
Sanmina Corp.(a)
    
1,595
      
100,804
  
ScanSource, Inc.(a)
    
3,281
      
141,838
  
Teledyne Technologies, Inc.(a)
    
737
      
314,898
  
TTM Technologies, Inc.(a)
    
10,330
      
153,401
  
Vishay Intertechnology, Inc.
    
12,073
      
262,588
  
             
12,790,519
  
Energy Equipment & Services – 2.1%
                
Archrock, Inc.
    
19,219
      
351,131
  
Atlas Energy Solutions, Inc.
    
15,927
      
300,383
  
Bristow Group, Inc.(a)
    
54
      
1,455
  
Cactus, Inc. – Class A
    
2,204
      
101,164
  
Dril-Quip, Inc.(a)
    
6,963
      
157,364
  
Expro Group Holdings NV(a)
    
70,470
      
1,260,708
  
Geospace Technologies Corp.(a)
    
1,709
      
21,055
  
Helix Energy Solutions Group, Inc.(a)
    
16,121
      
145,089
  
Helmerich & Payne, Inc.
    
9,150
      
351,269
  
KLX Energy Services Holdings, Inc.(a)
    
1,416
      
11,498
  
Kodiak Gas Services, Inc.
    
37,803
      
963,976
  
Liberty Energy, Inc.
    
19,194
      
410,368
  
Nabors Industries Ltd.(a)
    
597
      
46,787
  
Natural Gas Services Group, Inc.(a)
    
1,383
      
23,138
  
Newpark Resources, Inc.(a)
    
10,115
      
65,039
  
Oceaneering International, Inc.(a)
    
16,429
      
324,637
  
Oil States International, Inc.(a)
    
27,894
      
150,349
  
Patterson-UTI Energy, Inc.
    
66,793
      
772,794
  
ProFrac Holding Corp. – Class A(a)
    
1,642
      
13,432
  
ProPetro Holding Corp.(a)
    
8,962
      
66,319
  


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

39
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Energy Equipment & Services – 2.1% (Continued)
            
Ranger Energy Services, Inc.
    
1,823
    
$
19,123
  
RPC, Inc.
    
10,137
      
74,912
  
Select Water Solutions, Inc.
    
8,367
      
71,454
  
Solaris Oilfield Infrastructure, Inc. – Class A
    
2,674
      
22,649
  
TechnipFMC PLC
    
39,517
      
857,124
  
TETRA Technologies, Inc.(a)
    
51,684
      
201,568
  
Tidewater, Inc.(a)
    
8,898
      
623,127
  
Transocean Ltd.(a)
    
65,827
      
308,729
  
US Silica Holdings, Inc.(a)
    
7,222
      
83,053
  
Valaris Ltd.(a)
    
3,664
      
231,015
  
             
8,030,709
  
Entertainment – 0.2%
                
Eventbrite, Inc. – Class A(a)
    
38,350
      
214,760
  
Lions Gate Entertainment Corp. – Class B(a)
    
57,665
      
523,598
  
Marcus Corp.
    
2,576
      
37,790
  
             
776,148
  
Financial Services – 1.1%
                
Alerus Financial Corp.
    
1,062
      
23,162
  
AvidXchange Holdings, Inc.(a)
    
40,596
      
539,521
  
Cannae Holdings, Inc.(a)
    
5,843
      
127,494
  
Enact Holdings, Inc.
    
1,112
      
30,825
  
Essent Group Ltd.
    
10,913
      
584,609
  
Federal Agricultural Mortgage Corp. – Class C
    
671
      
120,022
  
International Money Express, Inc.(a)
    
1,872
      
36,878
  
Jack Henry & Associates, Inc.
    
795
      
138,147
  
Jackson Financial, Inc. – Class A
    
8,431
      
464,127
  
Merchants Bancorp/IN
    
1,400
      
60,004
  
MGIC Investment Corp.
    
471
      
9,368
  
NMI Holdings, Inc. – Class A(a)
    
5,895
      
177,322
  
Pagseguro Digital Ltd. – Class A(a)
    
41,805
      
581,926
  
PennyMac Financial Services, Inc.
    
1,646
      
139,795
  
Radian Group, Inc.
    
10,232
      
298,160
  
Shift4 Payments, Inc. – Class A(a)
    
6,584
      
541,336
  
Walker & Dunlop, Inc.
    
2,441
      
232,823
  
             
4,105,519
  
Food Products – 1.2%
                
B&G Foods, Inc.
    
5,743
      
66,332
  
Cal-Maine Foods, Inc.
    
5,347
      
307,399
  
Dole PLC
    
16,222
      
191,582
  
Fresh Del Monte Produce, Inc.
    
3,735
      
89,379
  
Glanbia PLC
    
62,534
      
1,131,828
  
Hain Celestial Group, Inc.(a)
    
23,652
      
236,520
  
J & J Snack Foods Corp.
    
1,497
      
217,185
  


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

40
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Food Products – 1.2% (Continued)
            
John B Sanfilippo & Son, Inc.
    
743
    
$
76,061
  
Maple Leaf Foods, Inc.
    
7,329
      
124,693
  
Nomad Foods Ltd.
    
55,336
      
1,019,842
  
Seaboard Corp.
    
27
      
88,765
  
Simply Good Foods Co.(a)
    
2,090
      
74,153
  
TreeHouse Foods, Inc.(a)
    
23,075
      
825,853
  
Utz Brands, Inc.
    
4,972
      
87,955
  
WK Kellogg Co.
    
21,081
      
308,626
  
             
4,846,173
  
Gas Utilities – 0.3%
                
Atmos Energy Corp.
    
2,411
      
272,226
  
New Jersey Resources Corp.
    
6,213
      
258,523
  
Spire, Inc.
    
10,114
      
599,962
  
             
1,130,711
  
Ground Transportation – 1.4%
                
ArcBest Corp.
    
2,471
      
353,007
  
Heartland Express, Inc.
    
3,945
      
50,417
  
Hertz Global Holdings, Inc.(a)
    
8,725
      
68,491
  
Knight-Swift Transportation Holdings, Inc.
    
22,903
      
1,290,356
  
Landstar System, Inc.
    
5,145
      
978,579
  
Marten Transport Ltd.
    
6,237
      
117,567
  
RXO, Inc.(a)
    
11,673
      
251,203
  
Ryder System, Inc.
    
4,246
      
484,469
  
Saia, Inc.(a)
    
1,690
      
972,426
  
Schneider National, Inc. – Class B
    
19,321
      
455,010
  
Universal Logistics Holdings, Inc.
    
715
      
24,188
  
Werner Enterprises, Inc.
    
6,822
      
273,835
  
             
5,319,548
  
Health Care Equipment & Supplies – 2.2%
                
Accuray, Inc.(a)
    
57,528
      
149,573
  
Alphatec Holdings, Inc.(a)
    
41,561
      
558,164
  
AtriCure, Inc.(a)
    
7,180
      
251,085
  
Atrion Corp.
    
223
      
82,062
  
Avanos Medical, Inc.(a)
    
7,738
      
143,695
  
CytoSorbents Corp.(a)
    
2,059
      
1,975
  
Enovis Corp.(a)
    
15,054
      
900,379
  
Envista Holdings Corp.(a)
    
40,827
      
843,077
  
Globus Medical, Inc. – Class A(a)
    
14,950
      
807,150
  
Haemonetics Corp.(a)
    
8,959
      
653,828
  
Inari Medical, Inc.(a)
    
8,810
      
406,317
  
Integer Holdings Corp.(a)
    
7,125
      
785,815
  
Integra LifeSciences Holdings Corp.(a)
    
5,804
      
214,226
  
Lantheus Holdings, Inc.(a)
    
6,144
      
401,695
  


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

41
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Health Care Equipment & Supplies – 2.2% (Continued)
            
OraSure Technologies, Inc.(a)
    
45,094
    
$
324,451
  
QuidelOrtho Corp.(a)
    
5,051
      
230,326
  
SI-BONE, Inc.(a)
    
23,131
      
401,323
  
Teleflex, Inc.
    
943
      
210,091
  
TransMedics Group, Inc.(a)
    
4,198
      
342,557
  
UFP Technologies, Inc.(a)
    
934
      
194,562
  
Varex Imaging Corp.(a)
    
9,344
      
160,717
  
Zimvie, Inc.(a)
    
12,773
      
216,502
  
             
8,279,570
  
Health Care Providers & Services – 3.0%
                
Acadia Healthcare Co., Inc.(a)
    
24,962
      
2,083,078
  
Chemed Corp.
    
581
      
363,782
  
CorVel Corp.(a)
    
296
      
72,224
  
Cross Country Healthcare, Inc.(a)
    
3,374
      
61,643
  
Encompass Health Corp.
    
5,879
      
437,398
  
HealthEquity, Inc.(a)
    
16,640
      
1,374,630
  
Molina Healthcare, Inc.(a)
    
1,472
      
579,836
  
National Research Corp.
    
30,614
      
1,234,356
  
NeoGenomics, Inc.(a)
    
35,258
      
550,025
  
Option Care Health, Inc.(a)
    
14,758
      
476,241
  
Patterson Cos., Inc.
    
12,413
      
336,268
  
Premier, Inc. – Class A
    
10,166
      
212,063
  
R1 RCM, Inc.(a)
    
41,622
      
584,789
  
RadNet, Inc.(a)
    
8,756
      
331,502
  
Tenet Healthcare Corp.(a)
    
10,496
      
976,128
  
US Physical Therapy, Inc.
    
15,400
      
1,636,558
  
             
11,310,521
  
Health Care Technology – 0.2%
                
Evolent Health, Inc. – Class A(a)
    
14,276
      
484,100
  
OptimizeRx Corp.(a)
    
1,662
      
26,309
  
Phreesia, Inc.(a)
    
9,379
      
232,130
  
Schrodinger, Inc./United States(a)
    
2,739
      
69,735
  
Simulations Plus, Inc.
    
1,614
      
66,981
  
             
879,255
  
Hotels, Restaurants & Leisure – 2.1%
                
BJ’s Restaurants, Inc.(a)
    
2,133
      
74,698
  
Bowlero Corp.
    
23,467
      
292,164
  
Boyd Gaming Corp.
    
7,184
      
475,078
  
Brinker International, Inc.(a)
    
16,933
      
784,675
  
Carrols Restaurant Group, Inc.
    
81
      
767
  
Cheesecake Factory, Inc.
    
3,933
      
139,150
  
Cracker Barrel Old Country Store, Inc.
    
2,016
      
133,318
  
Dalata Hotel Group PLC
    
76,639
      
373,460
  


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

42
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Hotels, Restaurants & Leisure – 2.1% (Continued)
            
Full House Resorts, Inc.(a)
    
2,886
    
$
14,805
  
Golden Entertainment, Inc.
    
2,030
      
75,232
  
Hilton Grand Vacations, Inc.(a)
    
25,559
      
1,147,088
  
International Game Technology PLC
    
59,852
      
1,626,179
  
Monarch Casino & Resort, Inc.
    
1,204
      
84,701
  
Planet Fitness, Inc. – Class A(a)
    
8,140
      
505,087
  
Playa Hotels & Resorts NV(a)
    
9,056
      
83,225
  
RCI Hospitality Holdings, Inc.
    
10
      
564
  
Red Rock Resorts, Inc. – Class A
    
15,070
      
873,909
  
Texas Roadhouse, Inc.
    
1,866
      
278,724
  
United Parks & Resorts, Inc.(a)
    
3,606
      
185,168
  
Wingstop, Inc.
    
1,692
      
593,977
  
             
7,741,969
  
Household Durables – 2.7%
                
Beazer Homes USA, Inc.(a)
    
2,790
      
87,411
  
Century Communities, Inc.
    
4,312
      
372,082
  
Cricut, Inc. – Class A
    
1,750
      
8,453
  
Dream Finders Homes, Inc. – Class A(a)
    
51,870
      
2,029,672
  
Ethan Allen Interiors, Inc.
    
2,137
      
71,440
  
Flexsteel Industries, Inc.
    
395
      
13,766
  
Green Brick Partners, Inc.(a)
    
2,944
      
172,224
  
Hamilton Beach Brands Holding Co. – Class A
    
933
      
16,458
  
Hooker Furnishings Corp.
    
1,278
      
31,324
  
Hovnanian Enterprises, Inc. – Class A(a)
    
629
      
98,539
  
Installed Building Products, Inc.
    
7,086
      
1,693,057
  
KB Home
    
7,146
      
474,709
  
Landsea Homes Corp.(a)
    
1,694
      
23,072
  
La-Z-Boy, Inc.
    
4,317
      
164,003
  
Legacy Housing Corp.(a)
    
915
      
23,534
  
Lovesac Co.(a)
    
1,355
      
31,219
  
M/I Homes, Inc.(a)
    
5,438
      
690,572
  
MDC Holdings, Inc.
    
3,478
      
218,071
  
Meritage Homes Corp.
    
1,845
      
290,883
  
Mohawk Industries, Inc.(a)
    
56
      
6,643
  
Skyline Champion Corp.(a)
    
12,335
      
1,033,549
  
Smith Douglas Homes Corp.(a)
    
16,947
      
488,751
  
Sonos, Inc.(a)
    
29,608
      
561,368
  
Taylor Morrison Home Corp.(a)
    
3,003
      
170,000
  
Tempur Sealy International, Inc.
    
8,468
      
461,252
  
TopBuild Corp.(a)
    
1,386
      
557,699
  
Tri Pointe Homes, Inc.(a)
    
9,213
      
325,956
  
Worthington Enterprises, Inc.
    
3,322
      
206,363
  
             
10,322,070
  


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

43
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Household Products – 0.1%
            
Central Garden & Pet Co. – Class A(a)
    
5,850
    
$
220,487
  
Central Garden & Pet Co.(a)
    
1,067
      
46,809
  
Church & Dwight Co., Inc.
    
790
      
79,095
  
Oil-Dri Corp. of America
    
543
      
38,710
  
WD-40 Co.
    
656
      
176,064
  
             
561,165
  
Independent Power and Renewable
                
  Electricity Producers – 0.4%
                
Ormat Technologies, Inc.
    
9,517
      
620,033
  
Vistra Corp.
    
19,250
      
1,049,895
  
             
1,669,928
  
Insurance – 4.9%
                
Ambac Financial Group, Inc.(a)
    
3,097
      
50,667
  
AMERISAFE, Inc.
    
2,303
      
121,506
  
Axis Capital Holdings Ltd.
    
12,676
      
793,138
  
Brighthouse Financial, Inc.(a)
    
5,498
      
255,932
  
CNO Financial Group, Inc.
    
40,053
      
1,069,015
  
Crawford & Co. – Class A
    
1,199
      
14,040
  
Crawford & Co. – Class B
    
501
      
5,506
  
Employers Holdings, Inc.
    
1,650
      
75,422
  
Enstar Group Ltd.(a)
    
892
      
274,682
  
Fidelis Insurance Holdings Ltd.(a)
    
41,517
      
621,095
  
First American Financial Corp.
    
24,774
      
1,447,049
  
Genworth Financial, Inc. – Class A(a)
    
29,453
      
181,136
  
Goosehead Insurance, Inc. – Class A(a)
    
24,564
      
1,858,267
  
Greenlight Capital Re Ltd. – Class A(a)
    
1,064
      
13,438
  
Hagerty, Inc. – Class A(a)
    
4,206
      
36,130
  
Hamilton Insurance Group Ltd. – Class B(a)
    
7,132
      
96,353
  
Hanover Insurance Group, Inc.
    
14,307
      
1,880,941
  
HCI Group, Inc.
    
13
      
1,269
  
Heritage Insurance Holdings, Inc.(a)
    
1,089
      
7,579
  
Horace Mann Educators Corp.
    
771
      
27,902
  
Kemper Corp.
    
16,700
      
957,411
  
Kinsale Capital Group, Inc.
    
1,250
      
645,225
  
Palomar Holdings, Inc.(a)
    
6,226
      
474,048
  
RLI Corp.
    
1,554
      
227,583
  
Ryan Specialty Holdings, Inc.(a)
    
99,505
      
5,212,072
  
Selective Insurance Group, Inc.
    
8,485
      
886,513
  
SiriusPoint Ltd.(a)
    
8,968
      
110,037
  
Skyward Specialty Insurance Group, Inc.(a)
    
10,597
      
387,744
  
Stewart Information Services Corp.
    
1,362
      
85,779
  
Universal Insurance Holdings, Inc.
    
1,992
      
40,218
  
White Mountains Insurance Group Ltd.
    
150
      
264,816
  
             
18,122,513
  


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

44
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Interactive Media & Services – 2.1%
            
Auto Trader Group PLC – ADR
    
1,478,573
    
$
3,459,860
  
Bumble, Inc. – Class A(a)
    
7,793
      
89,230
  
MediaAlpha, Inc. – Class A(a)
    
56,492
      
1,172,208
  
QuinStreet, Inc.(a)
    
17,585
      
257,269
  
Rightmove PLC – ADR
    
169,461
      
2,458,879
  
             
7,437,446
  
IT Services – 1.0%
                
DXC Technology Co.(a)
    
22,387
      
489,380
  
Endava PLC – ADR(a)
    
33,780
      
1,255,603
  
Globant SA(a)
    
902
      
201,299
  
Kyndryl Holdings, Inc.(a)
    
44,415
      
975,798
  
Perficient, Inc.(a)
    
2,551
      
165,483
  
Unisys Corp.(a)
    
50,053
      
259,775
  
Wix.com Ltd.(a)
    
3,328
      
466,519
  
             
3,813,857
  
Leisure Products – 0.5%
                
BRP, Inc.
    
1,410
      
93,068
  
Brunswick Corp./DE
    
8,402
      
734,334
  
Clarus Corp.
    
1,807
      
10,408
  
Escalade, Inc.
    
526
      
7,801
  
Funko, Inc. – Class A(a)
    
825
      
5,808
  
JAKKS Pacific, Inc.(a)
    
988
      
34,689
  
Johnson Outdoors, Inc. – Class A
    
10
      
460
  
Latham Group, Inc.(a)
    
1,408
      
4,773
  
Malibu Boats, Inc. – Class A(a)
    
1,909
      
83,309
  
Marine Products Corp.
    
571
      
6,544
  
MasterCraft Boat Holdings, Inc.(a)
    
1,064
      
23,334
  
Mattel, Inc.(a)
    
33,949
      
668,794
  
Polaris, Inc.
    
2,503
      
232,053
  
Smith & Wesson Brands, Inc.
    
3,990
      
54,783
  
Vista Outdoor, Inc.(a)
    
5,534
      
172,661
  
             
2,132,819
  
Life Sciences Tools & Services – 0.4%
                
Bio-Techne Corp.
    
4,263
      
313,629
  
Charles River Laboratories International, Inc.(a)
    
1,787
      
454,238
  
ICON PLC(a)
    
633
      
202,952
  
Inotiv, Inc.(a)
    
1,107
      
8,247
  
Standard BioTools, Inc.(a)
    
46,608
      
104,868
  
Stevanato Group SpA
    
4,098
      
135,849
  
West Pharmaceutical Services, Inc.
    
520
      
186,347
  
             
1,406,130
  


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

45
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Machinery – 2.9%
            
Alamo Group, Inc.
    
4,940
    
$
999,314
  
Allison Transmission Holdings, Inc.
    
6,770
      
509,984
  
ATS Corp.(a)
    
4,255
      
160,337
  
Columbus McKinnon Corp./NY
    
21,892
      
914,429
  
Commercial Vehicle Group, Inc.(a)
    
2,206
      
14,427
  
Crane Co.
    
605
      
73,544
  
Enerpac Tool Group Corp.
    
10,975
      
369,967
  
Esab Corp.
    
2,252
      
223,218
  
ESCO Technologies, Inc.
    
1,087
      
110,754
  
Federal Signal Corp.
    
6,947
      
569,029
  
Franklin Electric Co., Inc.
    
5,480
      
569,701
  
Graco, Inc.
    
2,246
      
204,970
  
Graham Corp.(a)
    
1,300
      
30,797
  
Greenbrier Cos., Inc.
    
91
      
4,709
  
Hillman Solutions Corp.(a)
    
45,988
      
447,923
  
Kadant, Inc.
    
1,108
      
373,728
  
Kennametal, Inc.
    
7,846
      
198,033
  
L B Foster Co. – Class A(a)
    
1,360
      
32,273
  
Lindsay Corp.
    
993
      
118,475
  
Manitowoc Co., Inc.(a)
    
3,404
      
47,452
  
Markforged Holding Corp.(a)
    
34,678
      
23,234
  
Mueller Industries, Inc.
    
5,470
      
281,049
  
Mueller Water Products, Inc. – Class A
    
57,482
      
893,845
  
NN, Inc.(a)
    
5,887
      
27,551
  
Nordson Corp.
    
760
      
201,894
  
Omega Flex, Inc.
    
11,944
      
831,900
  
Park-Ohio Holdings Corp.
    
28
      
752
  
RBC Bearings, Inc.(a)
    
3,067
      
836,770
  
SPX Technologies, Inc.(a)
    
2,122
      
248,677
  
Standex International Corp.
    
1,100
      
190,300
  
Stratasys Ltd.(a)
    
36,882
      
455,493
  
Terex Corp.
    
6,949
      
398,525
  
Timken Co.
    
710
      
59,633
  
Titan International, Inc.(a)
    
6,659
      
84,969
  
Toro Co.
    
2,479
      
228,836
  
Trinity Industries, Inc.
    
8,364
      
212,278
  
Wabash National Corp.
    
5,123
      
139,755
  
             
11,088,525
  
Marine Transportation – 0.8%
                
Eagle Bulk Shipping, Inc.
    
737
      
45,156
  
Genco Shipping & Trading Ltd.
    
4,673
      
95,329
  
Kirby Corp.(a)
    
17,174
      
1,506,503
  
Matson, Inc.
    
4,270
      
474,184
  
Pangaea Logistics Solutions Ltd.
    
3,380
      
28,324
  


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

46
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Marine Transportation – 0.8% (Continued)
            
Safe Bulkers, Inc.
    
8,806
    
$
40,860
  
Star Bulk Carriers Corp.
    
32,626
      
778,783
  
             
2,969,139
  
Media – 0.5%
                
AMC Networks, Inc. – Class A(a)
    
4,427
      
57,285
  
Cable One, Inc.
    
495
      
225,720
  
Criteo SA – ADR(a)
    
30,873
      
998,742
  
EchoStar Corp. – Class A(a)
    
156
      
2,045
  
Nexstar Media Group, Inc. – Class A
    
1,743
      
289,635
  
Scholastic Corp.
    
2,093
      
82,548
  
TechTarget, Inc.(a)
    
1,800
      
57,078
  
             
1,713,053
  
Metals & Mining – 1.8%
                
Alpha Metallurgical Resources, Inc.
    
1,279
      
482,503
  
Arch Resources, Inc.
    
2,377
      
392,894
  
Caledonia Mining Corp. PLC
    
1,700
      
16,813
  
Capstone Copper Corp.(a)
    
85,303
      
447,524
  
Century Aluminum Co.(a)
    
7,375
      
77,216
  
Cleveland-Cliffs, Inc.(a)
    
37,057
      
770,786
  
Commercial Metals Co.
    
13,314
      
718,956
  
Constellium SE(a)
    
23,265
      
451,108
  
ERO Copper Corp.(a)
    
44,582
      
760,569
  
Materion Corp.
    
6,685
      
897,930
  
Metallus, Inc.(a)
    
93
      
2,023
  
Olympic Steel, Inc.
    
1,366
      
92,915
  
Radius Recycling, Inc. – Class A
    
2,996
      
59,201
  
Ramaco Resources, Inc.(a)
    
3,507
      
61,653
  
Ramaco Resources, Inc. – Class B
    
676
      
8,112
  
Ryerson Holding Corp.
    
12,106
      
382,307
  
Stelco Holdings, Inc.
    
14,940
      
444,187
  
SunCoke Energy, Inc.
    
12,065
      
129,216
  
Tredegar Corp.
    
1,709
      
7,434
  
Universal Stainless & Alloy Products, Inc.(a)
    
929
      
18,942
  
Warrior Met Coal, Inc.
    
11,410
      
650,028
  
             
6,872,317
  
Multi-Utilities – 0.1%
                
Black Hills Corp.
    
3,995
      
207,860
  
Northwestern Energy Group, Inc.
    
5,475
      
262,362
  
             
470,222
  
Oil, Gas & Consumable Fuels – 5.0%
                
Antero Resources Corp.(a)
    
27,429
      
704,925
  
Ardmore Shipping Corp.
    
5,082
      
82,481
  


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

47
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Oil, Gas & Consumable Fuels – 5.0% (Continued)
            
Berry Corp.
    
7,330
    
$
51,677
  
California Resources Corp.
    
7,895
      
411,882
  
Callon Petroleum Co.(a)
    
192
      
5,983
  
Chord Energy Corp.
    
6,144
      
998,093
  
CNX Resources Corp.(a)
    
35,831
      
750,659
  
Comstock Resources, Inc.
    
7,249
      
61,979
  
CONSOL Energy, Inc.
    
3,209
      
275,396
  
Crescent Energy Co. – Class A
    
10,209
      
114,137
  
Crescent Point Energy Corp.
    
201,641
      
1,469,425
  
CVR Energy, Inc.
    
3,756
      
124,624
  
Devon Energy Corp.
    
14,454
      
636,843
  
DHT Holdings, Inc.
    
73,892
      
799,511
  
Dorian LPG Ltd.
    
5,064
      
183,064
  
Evolution Petroleum Corp.
    
1,870
      
10,958
  
Gran Tierra Energy, Inc.(a)
    
3,835
      
20,517
  
Granite Ridge Resources, Inc.
    
7,912
      
48,659
  
Green Plains, Inc.(a)
    
37,144
      
791,167
  
Gulfport Energy Corp.(a)
    
2,039
      
289,518
  
Hallador Energy Co.(a)
    
2,810
      
21,356
  
HighPeak Energy, Inc.
    
2,712
      
44,938
  
International Seaways, Inc.
    
6,206
      
328,484
  
Kimbell Royalty Partners LP
    
7,199
      
112,952
  
Kosmos Energy Ltd.(a)
    
314,145
      
1,928,851
  
Magnolia Oil & Gas Corp. – Class A
    
19,556
      
443,530
  
Matador Resources Co.
    
14,415
      
910,307
  
Murphy Oil Corp.
    
18,265
      
724,573
  
Nordic American Tankers Ltd.
    
5,617
      
22,861
  
Northern Oil & Gas, Inc.
    
10,083
      
360,266
  
Overseas Shipholding Group, Inc. – Class A
    
8,256
      
50,196
  
Par Pacific Holdings, Inc.(a)
    
6,722
      
242,799
  
PBF Energy, Inc. – Class A
    
5,784
      
270,113
  
Peabody Energy Corp.
    
16,492
      
408,507
  
Permian Resources Corp.
    
62,165
      
967,287
  
Riley Exploration Permian, Inc.
    
693
      
16,389
  
SandRidge Energy, Inc.
    
2,779
      
36,238
  
Scorpio Tankers, Inc.
    
20,590
      
1,382,206
  
SFL Corp. Ltd.
    
13,602
      
181,723
  
SilverBow Resources, Inc.(a)
    
2,459
      
69,811
  
Sitio Royalties Corp. – Class A
    
6,927
      
158,074
  
SM Energy Co.
    
25,367
      
1,110,314
  
Southwestern Energy Co.(a)
    
21,661
      
150,977
  
Talos Energy, Inc.(a)
    
13,092
      
172,683
  
Teekay Corp.(a)
    
7,521
      
56,934
  
Teekay Tankers Ltd. – Class A
    
3,633
      
199,161
  
Texas Pacific Land Corp.
    
49
      
77,196
  
VAALCO Energy, Inc.
    
12,937
      
57,699
  


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

48
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Oil, Gas & Consumable Fuels – 5.0% (Continued)
            
Viper Energy, Inc.
    
1,526
    
$
55,150
  
Vital Energy, Inc.(a)
    
3,559
      
179,124
  
World Kinect Corp.
    
6,592
      
160,581
  
             
18,732,778
  
Paper & Forest Products – 0.4%
                
Clearwater Paper Corp.(a)
    
2,050
      
80,545
  
Louisiana-Pacific Corp.
    
15,058
      
1,113,840
  
Stella-Jones, Inc.
    
7,923
      
445,437
  
             
1,639,822
  
Passenger Airlines – 0.5%
                
Alaska Air Group, Inc.(a)
    
11,485
      
429,424
  
Allegiant Travel Co.
    
1,103
      
80,276
  
Frontier Group Holdings, Inc.(a)
    
72,754
      
504,913
  
JetBlue Airways Corp.(a)
    
31,638
      
205,014
  
SkyWest, Inc.(a)
    
4,808
      
308,770
  
Sun Country Airlines Holdings, Inc.(a)
    
31,716
      
475,740
  
             
2,004,137
  
Personal Care Products – 0.5%
                
BellRing Brands, Inc.(a)
    
7,908
      
450,361
  
Coty, Inc. – Class A(a)
    
51,305
      
644,391
  
elf Beauty, Inc.(a)
    
3,359
      
700,452
  
Medifast, Inc.
    
873
      
34,999
  
Nature’s Sunshine Products, Inc.(a)
    
1,484
      
26,341
  
Nu Skin Enterprises, Inc. – Class A
    
2,840
      
35,500
  
Olaplex Holdings, Inc.(a)
    
5,190
      
9,653
  
             
1,901,697
  
Pharmaceuticals – 0.6%
                
Amneal Pharmaceuticals, Inc.(a)
    
38,169
      
210,693
  
Amphastar Pharmaceuticals, Inc.(a)
    
5,909
      
275,182
  
Amylyx Pharmaceuticals, Inc.(a)
    
5,296
      
99,830
  
Catalent, Inc.(a)
    
8,817
      
505,567
  
Edgewise Therapeutics, Inc.(a)
    
6,503
      
106,194
  
Harmony Biosciences Holdings, Inc.(a)
    
3,526
      
113,185
  
Intra-Cellular Therapies, Inc.(a)
    
7,566
      
525,987
  
Longboard Pharmaceuticals, Inc.(a)
    
3,860
      
85,615
  
Pacira BioSciences, Inc.(a)
    
6,926
      
205,841
  
Phibro Animal Health Corp. – Class A
    
1,493
      
19,304
  
Verona Pharma PLC – ADR(a)
    
8,014
      
138,001
  
             
2,285,399
  


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

49
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Professional Services – 1.9%
            
ASGN, Inc.(a)
    
8,800
    
$
874,016
  
Barrett Business Services, Inc.
    
15
      
1,830
  
CACI International, Inc. – Class A(a)
    
613
      
229,783
  
CBIZ, Inc.(a)
    
1,003
      
75,757
  
Clarivate PLC(a)
    
59,366
      
426,248
  
Conduent, Inc.(a)
    
120,984
      
416,185
  
CRA International, Inc.
    
753
      
99,803
  
Exponent, Inc.
    
3,041
      
245,986
  
First Advantage Corp.
    
10,535
      
164,978
  
FTI Consulting, Inc.(a)
    
1,881
      
389,141
  
IBEX Holdings Ltd.(a)
    
25
      
399
  
ICF International, Inc.
    
3,265
      
505,585
  
KBR, Inc.
    
28,204
      
1,693,087
  
Kelly Services, Inc. – Class A
    
3,199
      
78,471
  
Kforce, Inc.
    
20,232
      
1,408,956
  
Korn Ferry
    
6,709
      
427,095
  
Paycor HCM, Inc.(a)
    
14,249
      
300,939
  
Resources Connection, Inc.
    
69
      
954
  
TrueBlue, Inc.(a)
    
3,188
      
37,459
  
             
7,376,672
  
Real Estate Management & Development – 0.8%
                
Colliers International Group, Inc.
    
4,890
      
568,365
  
Cushman & Wakefield PLC(a)
    
78,465
      
783,865
  
DigitalBridge Group, Inc.
    
13,745
      
252,495
  
FirstService Corp.
    
1,897
      
312,872
  
FirstService Corp.
    
3,842
      
632,260
  
Forestar Group, Inc.(a)
    
1,980
      
66,766
  
Opendoor Technologies, Inc.(a)
    
73,808
      
227,328
  
RE/MAX Holdings, Inc. – Class A
    
1,215
      
10,364
  
Redfin Corp.(a)
    
21,072
      
149,717
  
RMR Group, Inc. – Class A
    
36
      
881
  
             
3,004,913
  
Semiconductors & Semiconductor Equipment – 3.2%
                
CEVA, Inc.(a)
    
6,681
      
151,258
  
Cohu, Inc.(a)
    
23,407
      
752,067
  
Credo Technology Group Holding Ltd.(a)
    
18,380
      
395,905
  
Diodes, Inc.(a)
    
4,104
      
278,990
  
FormFactor, Inc.(a)
    
9,890
      
425,567
  
Impinj, Inc.(a)
    
3,573
      
390,243
  
indie Semiconductor, Inc. – Class A(a)
    
24,585
      
152,181
  
Lattice Semiconductor Corp.(a)
    
8,035
      
615,561
  
MACOM Technology Solutions Holdings, Inc.(a)
    
13,270
      
1,172,139
  
MKS Instruments, Inc.
    
2,992
      
367,298
  
NVE Corp.
    
3,496
      
292,231
  


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

50
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Semiconductors & Semiconductor
            
  Equipment – 3.2% (Continued)
            
Onto Innovation, Inc.(a)
    
7,323
    
$
1,348,604
  
Photronics, Inc.(a)
    
7,677
      
221,021
  
Power Integrations, Inc.
    
3,758
      
268,547
  
Rambus, Inc.(a)
    
34,587
      
2,048,933
  
Semtech Corp.(a)
    
11,198
      
237,398
  
Silicon Laboratories, Inc.(a)
    
1,623
      
223,227
  
Silicon Motion Technology Corp. – ADR
    
5,518
      
390,619
  
SMART Global Holdings, Inc.(a)
    
3,579
      
76,125
  
Tower Semiconductor Ltd.(a)
    
20,339
      
668,747
  
Ultra Clean Holdings, Inc.(a)
    
13,045
      
563,544
  
Veeco Instruments, Inc.(a)
    
32,054
      
1,160,675
  
Wolfspeed, Inc.(a)
    
3,559
      
92,605
  
             
12,293,485
  
Software – 5.4%
                
ACI Worldwide, Inc.(a)
    
50,788
      
1,671,433
  
Adeia, Inc.
    
30,829
      
349,601
  
Aspen Technology, Inc.(a)
    
7,336
      
1,422,377
  
Blackbaud, Inc.(a)
    
3,463
      
239,570
  
BlackLine, Inc.(a)
    
24,293
      
1,378,142
  
Box, Inc. – Class A(a)
    
8,785
      
226,565
  
Cognyte Software Ltd.(a)
    
47,277
      
350,795
  
CommVault Systems, Inc.(a)
    
1,871
      
179,073
  
Computer Modelling Group Ltd.
    
2,070
      
15,442
  
CoreCard Corp.(a)
    
9
      
115
  
CyberArk Software Ltd.(a)
    
2,644
      
697,381
  
DoubleVerify Holdings, Inc.(a)
    
10,093
      
311,773
  
Fair Isaac Corp.(a)
    
328
      
416,530
  
Five9, Inc.(a)
    
9,269
      
565,409
  
Guidewire Software, Inc.(a)
    
5,823
      
694,917
  
InterDigital, Inc.
    
2,934
      
313,997
  
JFrog Ltd.(a)
    
3,650
      
163,484
  
Klaviyo, Inc. – Class A(a)
    
4,341
      
115,037
  
LiveRamp Holdings, Inc.(a)
    
28,419
      
994,097
  
Manhattan Associates, Inc.(a)
    
4,566
      
1,156,705
  
Model N, Inc.(a)
    
4,225
      
103,766
  
nCino, Inc.(a)
    
79,687
      
2,377,859
  
Olo, Inc. – Class A(a)
    
131,667
      
766,302
  
OneSpan, Inc.(a)
    
15,396
      
147,956
  
Qualys, Inc.(a)
    
2,269
      
389,950
  
Radware Ltd.(a)
    
10,250
      
182,040
  
SPS Commerce, Inc.(a)
    
16,729
      
3,097,541
  
Tenable Holdings, Inc.(a)
    
11,611
      
559,186
  
Tyler Technologies, Inc.(a)
    
441
      
192,779
  
Varonis Systems, Inc.(a)
    
4,164
      
211,531
  


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

51
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Software – 5.4% (Continued)
            
Verint Systems, Inc.(a)
    
12,558
    
$
396,958
  
Vertex, Inc. – Class A(a)
    
4,446
      
149,297
  
Xperi, Inc.(a)
    
24,812
      
271,940
  
             
20,109,548
  
Specialty Retail – 2.6%
                
1-800-Flowers.com, Inc. – Class A(a)
    
3,064
      
31,927
  
Aaron’s Co., Inc.
    
2,008
      
15,562
  
Abercrombie & Fitch Co. – Class A(a)
    
2,561
      
327,193
  
Academy Sports & Outdoors, Inc.
    
16,156
      
1,207,176
  
Advance Auto Parts, Inc.
    
4,000
      
270,160
  
American Eagle Outfitters, Inc.
    
19,911
      
472,886
  
Arhaus, Inc.(a)
    
3,318
      
43,864
  
Asbury Automotive Group, Inc.(a)
    
1,412
      
294,868
  
Big 5 Sporting Goods Corp.
    
996
      
4,781
  
Boot Barn Holdings, Inc.(a)
    
6,450
      
596,625
  
Buckle, Inc.
    
3,225
      
132,032
  
Build-A-Bear Workshop, Inc.
    
1,208
      
28,920
  
Caleres, Inc.
    
12,090
      
466,795
  
CarParts.com, Inc.(a)
    
3,044
      
7,762
  
Citi Trends, Inc.(a)
    
21
      
651
  
Designer Brands, Inc. – Class A
    
3,789
      
40,012
  
Destination XL Group, Inc.(a)
    
4,409
      
17,592
  
Floor & Decor Holdings, Inc. – Class A(a)
    
1,789
      
216,684
  
Foot Locker, Inc.
    
638
      
21,966
  
Genesco, Inc.(a)
    
964
      
30,771
  
Group 1 Automotive, Inc.
    
264
      
71,452
  
Guess?, Inc.
    
3,652
      
92,688
  
Haverty Furniture Cos., Inc.
    
1,308
      
44,864
  
Hibbett, Inc.
    
1,369
      
112,190
  
Lands’ End, Inc.(a)
    
1,165
      
11,335
  
LL Flooring Holdings, Inc.(a)
    
2,738
      
5,859
  
Murphy USA, Inc.
    
1,079
      
449,954
  
ODP Corp.(a)
    
11,503
      
649,689
  
Revolve Group, Inc.(a)
    
67,485
      
1,479,945
  
Shoe Carnival, Inc.
    
1,627
      
53,317
  
Signet Jewelers Ltd.
    
11,443
      
1,164,440
  
Tractor Supply Co.
    
643
      
163,528
  
Upbound Group, Inc.
    
3,826
      
129,166
  
Urban Outfitters, Inc.(a)
    
6,141
      
255,159
  
Valvoline, Inc.(a)
    
17,135
      
730,636
  
Wayfair, Inc. – Class A(a)
    
4,596
      
273,922
  
Winmark Corp.
    
399
      
151,440
  
             
10,067,811
  


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

52
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Technology Hardware, Storage & Peripherals – 0.0%(b)
            
Eastman Kodak Co.(a)
    
4,322
    
$
23,079
  
Immersion Corp.
    
3,205
      
21,634
  
Turtle Beach Corp.(a)
    
1,739
      
18,573
  
             
63,286
  
Textiles, Apparel & Luxury Goods – 1.3%
                
Carter’s, Inc.
    
3,101
      
251,026
  
Columbia Sportswear Co.
    
2,947
      
243,687
  
Crocs, Inc.(a)
    
2,828
      
345,723
  
Dr Martens PLC
    
250,563
      
301,128
  
G-III Apparel Group Ltd.(a)
    
5,445
      
181,155
  
Gildan Activewear, Inc.
    
46,914
      
1,634,015
  
Movado Group, Inc.
    
1,330
      
38,184
  
Oxford Industries, Inc.
    
1,368
      
138,702
  
PVH Corp.
    
2,161
      
295,344
  
Rocky Brands, Inc.
    
884
      
22,056
  
Skechers USA, Inc. – Class A(a)
    
11,625
      
718,540
  
Steven Madden Ltd.
    
7,019
      
300,554
  
Superior Group of Cos., Inc.
    
1,445
      
20,765
  
Under Armour, Inc. – Class C(a)
    
35,401
      
302,325
  
Unifi, Inc.(a)
    
750
      
4,410
  
Vera Bradley, Inc.(a)
    
2,217
      
17,293
  
             
4,814,907
  
Trading Companies & Distributors – 3.2%
                
AerCap Holdings NV(a)
    
12,004
      
926,469
  
Air Lease Corp.
    
28,625
      
1,147,863
  
Beacon Roofing Supply, Inc.(a)
    
12,280
      
1,054,729
  
BlueLinx Holdings, Inc.(a)
    
1,255
      
159,197
  
Boise Cascade Co.
    
1,873
      
254,559
  
Core & Main, Inc. – Class A(a)
    
30,780
      
1,469,129
  
DNOW, Inc.(a)
    
22,962
      
324,912
  
GATX Corp.
    
9,176
      
1,163,884
  
Global Industrial Co.
    
1,249
      
54,769
  
GMS, Inc.(a)
    
4,049
      
361,616
  
H&E Equipment Services, Inc.
    
3,419
      
193,139
  
Herc Holdings, Inc.
    
5,468
      
867,662
  
Hudson Technologies, Inc.(a)
    
104
      
1,524
  
Karat Packaging, Inc.
    
860
      
25,447
  
McGrath RentCorp
    
18,359
      
2,285,329
  
Richelieu Hardware Ltd.(d)
    
2,716
      
87,129
  
Rush Enterprises, Inc. – Class A
    
16,016
      
779,979
  
Rush Enterprises, Inc. – Class B
    
19
      
958
  
SiteOne Landscape Supply, Inc.(a)
    
4,121
      
694,306
  
Transcat, Inc.(a)
    
830
      
87,283
  
Watsco, Inc.
    
555
      
218,737
  
             
12,158,620
  


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

53
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Water Utilities – 0.1%
            
SJW Group
    
5,913
    
$
325,570
  
                 
Wireless Telecommunication Services – 0.1%
                
Telephone and Data Systems, Inc.
    
13,767
      
210,635
  
United States Cellular Corp.(a)
    
1,872
      
65,314
  
             
275,949
  
TOTAL COMMON STOCKS (Cost $343,530,538)
            
356,942,801
  
                 
REAL ESTATE INVESTMENT TRUSTS – 2.4%
                
AGNC Investment Corp.
    
120,483
      
1,151,817
  
Alexander & Baldwin, Inc.
    
31,329
      
509,410
  
Brixmor Property Group, Inc.
    
40,236
      
909,735
  
Chatham Lodging Trust
    
10,530
      
107,406
  
Equity Commonwealth(a)
    
40,995
      
771,936
  
Getty Realty Corp.
    
24,847
      
654,967
  
Highwoods Properties, Inc.
    
4,982
      
121,810
  
Kite Realty Group Trust
    
2,132
      
45,646
  
MFA Financial, Inc.
    
51,280
      
575,362
  
National Storage Affiliates Trust
    
17,975
      
643,685
  
NNN REIT, Inc.
    
21,650
      
880,939
  
RLJ Lodging Trust
    
10,392
      
123,353
  
Ryman Hospitality Properties, Inc.
    
4,861
      
575,931
  
STAG Industrial, Inc.
    
27,061
      
1,005,046
  
Sunstone Hotel Investors, Inc.
    
63,063
      
705,675
  
Terreno Realty Corp.
    
4,358
      
280,219
  
TOTAL REAL ESTATE INVESTMENT TRUSTS
                
  (Cost $9,262,523)
            
9,062,937
  
                 
CLOSED END FUNDS – 0.0%(b)
                
Medallion Financial Corp.
    
799
      
6,176
  
TOTAL CLOSED END FUNDS (Cost $7,725)
            
6,176
  


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

54
Column Small Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
SHORT-TERM INVESTMENTS – 3.4%
            
             
Money Market Funds – 3.4%
            
First American Government Obligations Fund –
            
  Class X, 5.23%(c)
    
12,718,833
    
$
12,718,833
  
TOTAL SHORT-TERM INVESTMENTS (Cost $12,718,833)
            
12,718,833
  
TOTAL INVESTMENTS – 99.8% (Cost $365,519,619)
            
378,730,747
  
Other Assets in Excess of Liabilities – 0.2%
            
925,279
  
TOTAL NET ASSETS – 100.0%
          
$
379,656,026
  

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Adviser.

ADR – American Depositary Receipt
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 effective yield as of February 29, 2024.
(d)
Illiquid security.




Column Small Cap Fund
Schedule of Forward Currency Contracts
February 29, 2024 (Unaudited)

                            
Value/Unrealized
  
Settlement
  
Currency
  
Currency
      
Appreciation
  
Date
  
Purchased
  
Sold
  
Counterparty
  
(Depreciation)
  
03/28/2024
  
CAD
224,288
    
USD
166,261
    
Bank of America Securities, Inc.
  
$
(927
)
03/28/2024
  
USD
1,894,731
    
CAD
2,547,594
    
Bank of America Securities, Inc.
    
16,768
  
                            
$
15,841
  




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

55
Column Mid Cap Select Fund
Schedule of Investments
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
COMMON STOCKS – 91.7%
            
             
Aerospace & Defense – 5.2%
            
BWX Technologies, Inc.
    
47,841
    
$
4,823,808
  
Curtiss-Wright Corp.
    
21,385
      
5,052,634
  
General Dynamics Corp.
    
37,967
      
10,374,483
  
HEICO Corp. – Class A
    
123,820
      
19,265,154
  
Hexcel Corp.
    
125,644
      
9,355,452
  
Howmet Aerospace, Inc.
    
121,851
      
8,109,184
  
L3Harris Technologies, Inc.
    
17,741
      
3,755,060
  
Spirit AeroSystems Holdings, Inc. – Class A(a)
    
355,015
      
10,153,429
  
Textron, Inc.
    
86,999
      
7,749,001
  
Woodward, Inc.
    
68,237
      
9,654,853
  
             
88,293,058
  
Air Freight & Logistics – 0.3%
                
Expeditors International of Washington, Inc.
    
38,051
      
4,550,900
  
                 
Automobile Components – 0.4%
                
Gentex Corp.
    
101,662
      
3,713,712
  
Lear Corp.
    
18,256
      
2,507,462
  
             
6,221,174
  
Automobiles – 0.2%
                
Harley-Davidson, Inc.
    
73,695
      
2,672,918
  
                 
Banks – 2.0%
                
East West Bancorp, Inc.
    
29,781
      
2,169,844
  
Fifth Third Bancorp
    
201,330
      
6,913,672
  
First Financial Bankshares, Inc.
    
332,554
      
10,289,220
  
Huntington Bancshares, Inc./OH
    
467,079
      
6,090,710
  
KeyCorp
    
566,510
      
8,084,098
  
             
33,547,544
  
Beverages – 0.5%
                
Coca-Cola Europacific Partners PLC
    
39,576
      
2,716,101
  
Constellation Brands, Inc. – Class A
    
17,355
      
4,313,065
  
             
7,029,166
  
Broadline Retail – 0.1%
                
eBay, Inc.
    
35,279
      
1,667,991
  
                 
Building Products – 4.2%
                
Advanced Drainage Systems, Inc.
    
22,726
      
3,709,792
  
Allegion PLC
    
146,335
      
18,711,857
  
Builders FirstSource, Inc.(a)
    
9,363
      
1,827,470
  
Lennox International, Inc.
    
44,300
      
20,874,603
  


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

56
Column Mid Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Building Products – 4.2% (Continued)
            
Masco Corp.
    
299,154
    
$
22,963,061
  
Resideo Technologies, Inc.(a)
    
102,054
      
2,278,866
  
             
70,365,649
  
Capital Markets – 6.9%
                
Ameriprise Financial, Inc.
    
27,578
      
11,234,174
  
Ares Management Corp. – Class A
    
34,937
      
4,633,694
  
Carlyle Group, Inc.
    
41,686
      
1,911,303
  
Evercore, Inc. – Class A
    
22,968
      
4,296,853
  
FactSet Research Systems, Inc.
    
21,337
      
9,870,069
  
Houlihan Lokey, Inc.
    
260,298
      
33,489,942
  
Intercontinental Exchange, Inc.
    
94,592
      
13,093,425
  
LPL Financial Holdings, Inc.
    
62,469
      
16,734,820
  
Raymond James Financial, Inc.
    
104,769
      
12,605,806
  
Stifel Financial Corp.
    
141,692
      
10,748,755
  
             
118,618,841
  
Chemicals – 2.4%
                
Albemarle Corp.
    
43,186
      
5,953,190
  
CF Industries Holdings, Inc.
    
54,738
      
4,418,451
  
Corteva, Inc.
    
53,247
      
2,849,779
  
DuPont de Nemours, Inc.
    
43,121
      
2,983,542
  
Eastman Chemical Co.
    
94,201
      
8,265,196
  
Olin Corp.
    
55,239
      
2,971,858
  
PPG Industries, Inc.
    
30,311
      
4,292,038
  
Scotts Miracle-Gro Co.
    
128,254
      
8,426,288
  
             
40,160,342
  
Commercial Services & Supplies – 1.7%
                
RB Global, Inc.
    
53,994
      
4,098,685
  
Republic Services, Inc.
    
103,986
      
19,091,830
  
Stericycle, Inc.(a)
    
115,337
      
6,273,179
  
             
29,463,694
  
Communications Equipment – 0.4%
                
Lumentum Holdings, Inc.(a)
    
134,516
      
6,519,991
  
                 
Consumer Finance – 0.5%
                
Discover Financial Services
    
21,474
      
2,591,912
  
SLM Corp.
    
128,332
      
2,673,156
  
Synchrony Financial
    
95,153
      
3,929,818
  
             
9,194,886
  
Consumer Staples Distribution & Retail – 0.8%
                
Sysco Corp.
    
109,335
      
8,852,855
  
US Foods Holding Corp.(a)
    
105,271
      
5,346,714
  
             
14,199,569
  


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

57
Column Mid Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Containers & Packaging – 1.7%
            
Avery Dennison Corp.
    
18,170
    
$
3,934,350
  
Ball Corp.
    
58,487
      
3,744,338
  
Crown Holdings, Inc.
    
17,176
      
1,316,025
  
Packaging Corp. of America
    
70,435
      
12,762,117
  
Sealed Air Corp.
    
183,965
      
6,414,860
  
             
28,171,690
  
Distributors – 1.5%
                
LKQ Corp.
    
82,369
      
4,307,075
  
Pool Corp.
    
55,051
      
21,916,904
  
             
26,223,979
  
Diversified Consumer Services – 0.3%
                
Frontdoor, Inc.(a)
    
84,629
      
2,653,965
  
H&R Block, Inc.
    
57,952
      
2,836,751
  
             
5,490,716
  
Electric Utilities – 0.8%
                
American Electric Power Co., Inc.
    
50,227
      
4,278,838
  
Entergy Corp.
    
40,303
      
4,093,576
  
FirstEnergy Corp.
    
64,628
      
2,366,031
  
OGE Energy Corp.
    
68,236
      
2,245,647
  
             
12,984,092
  
Electrical Equipment – 3.5%
                
AMETEK, Inc.
    
233,374
      
42,049,327
  
Atkore, Inc.
    
18,035
      
3,055,129
  
Eaton Corp. PLC
    
7,538
      
2,178,482
  
nVent Electric PLC
    
58,933
      
3,967,370
  
Sensata Technologies Holding PLC
    
217,627
      
7,490,721
  
             
58,741,029
  
Electronic Equipment, Instruments & Components – 2.9%
                
Arrow Electronics, Inc.(a)
    
70,585
      
8,293,738
  
CDW Corp./DE
    
9,750
      
2,400,548
  
Flex Ltd.(a)
    
142,057
      
3,998,905
  
Keysight Technologies, Inc.(a)
    
77,891
      
12,018,581
  
TE Connectivity Ltd.
    
27,202
      
3,905,119
  
Teledyne Technologies, Inc.(a)
    
30,110
      
12,865,099
  
Zebra Technologies Corp. – Class A(a)
    
19,618
      
5,482,839
  
             
48,964,829
  
Energy Equipment & Services – 1.4%
                
ChampionX Corp.
    
197,274
      
6,127,330
  
Halliburton Co.
    
152,271
      
5,340,144
  


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

58
Column Mid Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Energy Equipment & Services – 1.4% (Continued)
            
Helmerich & Payne, Inc.
    
155,131
    
$
5,955,479
  
Tidewater, Inc.(a)
    
31,817
      
2,228,145
  
Weatherford International PLC(a)
    
37,930
      
3,891,997
  
             
23,543,095
  
Entertainment – 0.2%
                
Take-Two Interactive Software, Inc.(a)
    
23,708
      
3,483,416
  
                 
Financial Services – 0.9%
                
Global Payments, Inc.
    
85,930
      
11,145,122
  
Rocket Cos., Inc. – Class A(a)
    
167,311
      
2,101,426
  
Voya Financial, Inc.
    
25,568
      
1,747,828
  
             
14,994,376
  
Food Products – 1.2%
                
Lamb Weston Holdings, Inc.
    
199,563
      
20,397,334
  
                 
Ground Transportation – 2.0%
                
CSX Corp.
    
299,694
      
11,370,390
  
Landstar System, Inc.
    
20,896
      
3,974,419
  
Norfolk Southern Corp.
    
23,389
      
5,926,305
  
Old Dominion Freight Line, Inc.
    
28,731
      
12,712,893
  
             
33,984,007
  
Health Care Equipment & Supplies – 2.0%
                
Cooper Cos., Inc.
    
239,404
      
22,408,214
  
DENTSPLY SIRONA, Inc.
    
206,407
      
6,745,381
  
Zimmer Biomet Holdings, Inc.
    
36,138
      
4,494,122
  
             
33,647,717
  
Health Care Providers & Services – 2.4%
                
Cencora, Inc.
    
78,683
      
18,537,714
  
Centene Corp.(a)
    
39,120
      
3,068,182
  
Henry Schein, Inc.(a)
    
21,182
      
1,619,788
  
Humana, Inc.
    
7,443
      
2,607,432
  
Laboratory Corp. of America Holdings
    
43,055
      
9,292,560
  
Molina Healthcare, Inc.(a)
    
14,150
      
5,573,827
  
             
40,699,503
  
Hotels, Restaurants & Leisure – 2.8%
                
Boyd Gaming Corp.
    
42,302
      
2,797,431
  
Churchill Downs, Inc.
    
15,237
      
1,856,933
  
Darden Restaurants, Inc.
    
94,939
      
16,207,038
  
Domino’s Pizza, Inc.
    
35,645
      
15,981,436
  
Expedia Group, Inc.(a)
    
31,617
      
4,325,838
  
Marriott International, Inc./MD – Class A
    
12,327
      
3,080,147
  
Wyndham Hotels & Resorts, Inc.
    
43,679
      
3,343,627
  
             
47,592,450
  


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

59
Column Mid Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Household Durables – 1.5%
            
DR Horton, Inc.
    
93,026
    
$
13,901,806
  
Garmin Ltd.
    
25,246
      
3,467,538
  
NVR, Inc.(a)
    
420
      
3,202,739
  
Tempur Sealy International, Inc.
    
86,831
      
4,729,685
  
Whirlpool Corp.
    
5,003
      
537,272
  
             
25,839,040
  
Insurance – 5.1%
                
Arthur J Gallagher & Co.
    
12,736
      
3,106,692
  
Brown & Brown, Inc.
    
178,540
      
15,034,854
  
Everest Group Ltd.
    
9,862
      
3,637,895
  
First American Financial Corp.
    
66,506
      
3,884,615
  
Globe Life, Inc.
    
27,670
      
3,512,153
  
Markel Group, Inc.(a)
    
2,298
      
3,429,719
  
Progressive Corp.
    
70,976
      
13,454,211
  
Reinsurance Group of America, Inc.
    
72,412
      
12,806,062
  
RenaissanceRe Holdings Ltd.
    
52,662
      
11,839,470
  
Travelers Cos., Inc.
    
17,329
      
3,829,016
  
W R Berkley Corp.
    
145,907
      
12,197,825
  
             
86,732,512
  
Interactive Media & Services – 0.1%
                
TripAdvisor, Inc.(a)
    
65,739
      
1,763,120
  
                 
IT Services – 1.0%
                
Akamai Technologies, Inc.(a)
    
115,468
      
12,807,711
  
Cognizant Technology Solutions Corp. – Class A
    
49,953
      
3,947,286
  
             
16,754,997
  
Life Sciences Tools & Services – 5.1%
                
Agilent Technologies, Inc.
    
79,327
      
10,896,357
  
Avantor, Inc.(a)
    
213,139
      
5,251,745
  
Azenta, Inc.(a)
    
330,120
      
21,507,318
  
Bio-Rad Laboratories, Inc. – Class A(a)
    
28,834
      
9,396,424
  
Fortrea Holdings, Inc.(a)
    
51,230
      
1,923,174
  
ICON PLC(a)
    
23,227
      
7,447,041
  
QIAGEN NV
    
198,187
      
8,480,421
  
West Pharmaceutical Services, Inc.
    
59,833
      
21,441,754
  
             
86,344,234
  
Machinery – 6.4%
                
Cummins, Inc.
    
33,009
      
8,866,547
  
Dover Corp.
    
104,877
      
17,344,558
  
Fortive Corp.
    
48,356
      
4,116,546
  
ITT, Inc.
    
15,348
      
1,935,997
  
Nordson Corp.
    
71,151
      
18,901,264
  


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

60
Column Mid Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Machinery – 6.4% (Continued)
            
Otis Worldwide Corp.
    
35,471
    
$
3,380,386
  
Parker-Hannifin Corp.
    
19,751
      
10,575,673
  
Pentair PLC
    
191,272
      
14,879,049
  
Snap-on, Inc.
    
37,576
      
10,358,200
  
Westinghouse Air Brake Technologies Corp.
    
119,989
      
16,953,246
  
             
107,311,466
  
Metals & Mining – 0.5%
                
Commercial Metals Co.
    
41,190
      
2,224,260
  
Freeport-McMoRan, Inc.
    
99,123
      
3,747,841
  
Teck Resources Ltd. – Class B
    
42,794
      
1,644,145
  
             
7,616,246
  
Multi-Utilities – 1.1%
                
CenterPoint Energy, Inc.
    
227,046
      
6,243,765
  
DTE Energy Co.
    
40,863
      
4,427,506
  
WEC Energy Group, Inc.
    
111,031
      
8,714,823
  
             
19,386,094
  
Oil, Gas & Consumable Fuels – 1.8%
                
Chord Energy Corp.
    
12,584
      
2,044,271
  
Coterra Energy, Inc.
    
359,842
      
9,276,727
  
Diamondback Energy, Inc.
    
19,213
      
3,506,757
  
EQT Corp.
    
53,368
      
1,982,621
  
Murphy Oil Corp.
    
129,037
      
5,118,898
  
Phillips 66
    
37,700
      
5,372,627
  
Range Resources Corp.
    
112,641
      
3,561,708
  
             
30,863,609
  
Passenger Airlines – 0.2%
                
Alaska Air Group, Inc.(a)
    
70,470
      
2,634,873
  
                 
Pharmaceuticals – 0.0%(b)
                
Perrigo Co. PLC
    
17,157
      
450,543
  
                 
Professional Services – 5.5%
                
ASGN, Inc.(a)
    
18,023
      
1,790,044
  
Broadridge Financial Solutions, Inc.
    
113,828
      
23,173,104
  
Equifax, Inc.
    
96,936
      
26,520,721
  
Exponent, Inc.
    
163,797
      
13,249,539
  
Jacobs Solutions, Inc.
    
20,601
      
3,021,137
  
Leidos Holdings, Inc.
    
17,359
      
2,219,522
  
Robert Half, Inc.
    
44,539
      
3,580,936
  
Science Applications International Corp.
    
28,874
      
4,041,205
  
TransUnion
    
19,561
      
1,518,520
  
Verisk Analytics, Inc.
    
58,159
      
14,068,662
  
             
93,183,390
  


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

61
Column Mid Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Real Estate Management & Development – 0.8%
            
CBRE Group, Inc. – Class A(a)
    
155,392
    
$
14,278,971
  
                 
Semiconductors & Semiconductor Equipment – 4.0%
                
Applied Materials, Inc.
    
53,885
      
10,864,294
  
Entegris, Inc.
    
124,209
      
16,688,720
  
Microchip Technology, Inc.
    
22,220
      
1,869,591
  
Monolithic Power Systems, Inc.
    
25,592
      
18,427,263
  
NXP Semiconductors NV
    
8,821
      
2,202,868
  
Qorvo, Inc.(a)
    
19,352
      
2,216,772
  
Skyworks Solutions, Inc.
    
99,289
      
10,417,402
  
Teradyne, Inc.
    
53,606
      
5,553,046
  
             
68,239,956
  
Software – 4.0%
                
ANSYS, Inc.(a)
    
36,532
      
12,207,898
  
Aspen Technology, Inc.(a)
    
85,866
      
16,648,559
  
Bentley Systems, Inc. – Class B
    
363,567
      
18,676,436
  
Check Point Software Technologies Ltd.(a)
    
42,080
      
6,750,474
  
Gen Digital, Inc.
    
178,844
      
3,843,358
  
Synopsys, Inc.(a)
    
18,135
      
10,404,594
  
             
68,531,319
  
Specialty Retail – 3.3%
                
AutoZone, Inc.(a)
    
2,728
      
8,200,423
  
Ross Stores, Inc.
    
191,410
      
28,512,433
  
TJX Cos., Inc.
    
89,504
      
8,873,427
  
Ulta Beauty, Inc.(a)
    
19,570
      
10,735,319
  
             
56,321,602
  
Technology Hardware, Storage & Peripherals – 0.5%
                
Dell Technologies, Inc. – Class C
    
62,193
      
5,887,189
  
NetApp, Inc.
    
21,832
      
1,945,668
  
             
7,832,857
  
Textiles, Apparel & Luxury Goods – 0.2%
                
Ralph Lauren Corp.
    
21,317
      
3,963,257
  
                 
Trading Companies & Distributors – 1.3%
                
Air Lease Corp.
    
237,590
      
9,527,359
  
Ferguson PLC
    
26,770
      
5,660,517
  
GATX Corp.
    
63,409
      
8,042,798
  
             
23,230,674
  
Water Utilities – 0.1%
                
American Water Works Co., Inc.
    
18,321
      
2,171,771
  
TOTAL COMMON STOCKS (Cost $1,476,134,041)
            
1,554,874,487
  


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

62
Column Mid Cap Select Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
REAL ESTATE INVESTMENT TRUSTS – 3.9%
            
American Homes 4 Rent – Class A
    
50,969
    
$
1,886,363
  
Americold Realty Trust, Inc.
    
301,912
      
7,638,374
  
Boston Properties, Inc.
    
136,735
      
8,849,489
  
EastGroup Properties, Inc.
    
17,128
      
3,009,218
  
Equity LifeStyle Properties, Inc.
    
50,495
      
3,399,323
  
Equity Residential
    
48,377
      
2,912,779
  
Essex Property Trust, Inc.
    
12,537
      
2,901,062
  
Invitation Homes, Inc.
    
57,417
      
1,956,197
  
Lamar Advertising Co. – Class A
    
45,874
      
5,071,371
  
Regency Centers Corp.
    
74,171
      
4,594,893
  
Rexford Industrial Realty, Inc.
    
51,578
      
2,624,289
  
SBA Communications Corp.
    
37,315
      
7,807,416
  
Simon Property Group, Inc.
    
41,304
      
6,118,775
  
VICI Properties, Inc.
    
153,564
      
4,596,171
  
Welltower, Inc.
    
31,067
      
2,863,135
  
TOTAL REAL ESTATE INVESTMENT TRUSTS
                
  (Cost $68,914,003)
            
66,228,855
  
                 
SHORT-TERM INVESTMENTS – 4.6%
                
                 
Money Market Funds – 4.6%
                
First American Government Obligations Fund –
                
  Class X, 5.23%(c)
    
77,657,280
      
77,657,280
  
TOTAL SHORT-TERM INVESTMENTS (Cost $77,657,280)
            
77,657,280
  
TOTAL INVESTMENTS – 100.2% (Cost $1,622,705,324)
            
1,698,760,622
  
Liabilities in Excess of Other Assets – (0.2)%
            
(3,669,793
)
TOTAL NET ASSETS – 100.0%
          
$
1,695,090,829
  

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Adviser.

PLC – Public Limited Company

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
The rate shown represents the 7-day effective yield as of February 29, 2024.



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

63
Column Mid Cap Fund
Schedule of Investments
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
COMMON STOCKS – 93.7%
            
             
Aerospace & Defense – 3.9%
            
Axon Enterprise, Inc.(a)
    
6,565
    
$
2,017,884
  
BWX Technologies, Inc.
    
14,838
      
1,496,116
  
Curtiss-Wright Corp.
    
6,517
      
1,539,772
  
General Dynamics Corp.
    
10,999
      
3,005,477
  
HEICO Corp. – Class A
    
32,188
      
5,008,130
  
Hexcel Corp.
    
31,338
      
2,333,427
  
Howmet Aerospace, Inc.
    
76,378
      
5,082,955
  
Huntington Ingalls Industries, Inc.
    
4,693
      
1,368,573
  
L3Harris Technologies, Inc.
    
4,620
      
977,869
  
Leonardo DRS, Inc.(a)
    
1,652
      
37,517
  
Spirit AeroSystems Holdings, Inc. – Class A(a)
    
82,871
      
2,370,111
  
Textron, Inc.
    
28,099
      
2,502,778
  
TransDigm Group, Inc.
    
2,791
      
3,287,072
  
Woodward, Inc.
    
17,339
      
2,453,295
  
             
33,480,976
  
Air Freight & Logistics – 0.2%
                
CH Robinson Worldwide, Inc.
    
1,519
      
112,528
  
Expeditors International of Washington, Inc.
    
14,127
      
1,689,589
  
GXO Logistics, Inc.(a)
    
2,287
      
118,375
  
             
1,920,492
  
Automobile Components – 0.6%
                
Aptiv PLC(a)
    
15,274
      
1,214,130
  
Autoliv, Inc.
    
2,103
      
244,011
  
BorgWarner, Inc.
    
40,189
      
1,251,084
  
Cie Generale des Etablissements Michelin SCA
    
14,417
      
534,436
  
Gentex Corp.
    
32,699
      
1,194,494
  
Lear Corp.
    
6,079
      
834,951
  
             
5,273,106
  
Automobiles – 0.1%
                
Harley-Davidson, Inc.
    
19,197
      
696,275
  
Lucid Group, Inc.(a)
    
5,496
      
18,137
  
Rivian Automotive, Inc. – Class A(a)
    
6,635
      
75,108
  
Thor Industries, Inc.
    
1,470
      
188,425
  
             
977,945
  
Banks – 2.5%
                
Bank OZK
    
3,338
      
146,204
  
BOK Financial Corp.
    
642
      
54,576
  
Cadence Bank
    
5,841
      
161,679
  
Citizens Financial Group, Inc.
    
12,131
      
380,792
  
Columbia Banking System, Inc.
    
3,061
      
55,404
  


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

64
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Banks – 2.5% (Continued)
            
Comerica, Inc.
    
4,100
    
$
202,458
  
Commerce Bancshares, Inc./MO
    
25,504
      
1,327,228
  
Cullen/Frost Bankers, Inc.
    
1,549
      
168,082
  
East West Bancorp, Inc.
    
12,219
      
890,276
  
Fifth Third Bancorp
    
74,560
      
2,560,390
  
First Citizens BancShares, Inc./NC – Class A
    
279
      
439,093
  
First Financial Bankshares, Inc.
    
87,440
      
2,705,393
  
First Hawaiian, Inc.
    
32,325
      
677,532
  
First Horizon Corp.
    
14,938
      
210,626
  
FNB Corp./PA
    
9,646
      
128,678
  
Home BancShares, Inc./AR
    
4,923
      
115,494
  
Huntington Bancshares, Inc./OH
    
159,802
      
2,083,818
  
KeyCorp
    
160,362
      
2,288,366
  
M&T Bank Corp.
    
4,440
      
620,446
  
Old National Bancorp/IN
    
8,019
      
131,752
  
Pinnacle Financial Partners, Inc.
    
2,133
      
176,442
  
PNC Financial Services Group, Inc.
    
4,739
      
697,581
  
Popular, Inc.
    
2,132
      
178,406
  
Prosperity Bancshares, Inc.
    
2,319
      
144,729
  
Regions Financial Corp.
    
26,037
      
485,069
  
SouthState Corp.
    
2,008
      
168,752
  
Synovus Financial Corp.
    
4,314
      
163,673
  
Truist Financial Corp.
    
50,034
      
1,750,189
  
United Bankshares, Inc./WV
    
3,736
      
129,602
  
US Bancorp
    
13,594
      
570,404
  
Valley National Bancorp
    
11,845
      
97,011
  
Webster Financial Corp.
    
4,761
      
226,814
  
Westamerica BanCorp
    
13,192
      
603,006
  
Western Alliance Bancorp
    
3,598
      
207,713
  
Wintrust Financial Corp.
    
1,730
      
166,686
  
Zions Bancorp NA
    
4,739
      
186,859
  
             
21,301,223
  
Beverages – 0.6%
                
Celsius Holdings, Inc.(a)
    
16,941
      
1,382,724
  
Coca-Cola Consolidated, Inc.
    
197
      
165,638
  
Coca-Cola Europacific Partners PLC
    
10,298
      
706,752
  
Constellation Brands, Inc. – Class A
    
4,523
      
1,124,056
  
Heineken NV
    
11,082
      
1,024,137
  
Molson Coors Beverage Co. – Class B
    
2,463
      
153,740
  
Pernod Ricard SA
    
3,974
      
667,909
  
             
5,224,956
  
Biotechnology – 0.6%
                
BioMarin Pharmaceutical, Inc.(a)
    
4,394
      
379,114
  
CRISPR Therapeutics AG(a)
    
914
      
76,977
  


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

65
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Biotechnology – 0.6% (Continued)
            
Exelixis, Inc.(a)
    
7,917
    
$
173,382
  
Halozyme Therapeutics, Inc.(a)
    
26
      
1,035
  
Incyte Corp.(a)
    
4,651
      
271,432
  
Karuna Therapeutics, Inc.(a)
    
840
      
263,735
  
Moderna, Inc.(a)
    
3,046
      
280,963
  
Natera, Inc.(a)
    
23,005
      
1,989,703
  
Neurocrine Biosciences, Inc.(a)
    
9,333
      
1,217,023
  
Roivant Sciences Ltd.(a)
    
8,968
      
102,594
  
United Therapeutics Corp.(a)
    
629
      
141,928
  
Vaxcyte, Inc.(a)
    
2,347
      
173,256
  
             
5,071,142
  
Broadline Retail – 0.1%
                
Dillard’s, Inc. – Class A
    
115
      
47,694
  
eBay, Inc.
    
9,189
      
434,456
  
Macy’s, Inc.
    
10,045
      
175,185
  
             
657,335
  
Building Products – 3.3%
                
A O Smith Corp.
    
3,336
      
276,554
  
Advanced Drainage Systems, Inc.
    
8,141
      
1,328,937
  
Allegion PLC
    
40,290
      
5,151,883
  
AZEK Co., Inc.(a)
    
3,872
      
186,282
  
Builders FirstSource, Inc.(a)
    
6,042
      
1,179,278
  
Carlisle Cos., Inc.
    
1,495
      
523,250
  
Cie de Saint-Gobain SA
    
14,152
      
1,090,316
  
Fortune Brands Innovations, Inc.
    
3,295
      
268,015
  
Johnson Controls International PLC
    
17,438
      
1,033,550
  
Lennox International, Inc.
    
12,627
      
5,949,969
  
Masco Corp.
    
74,460
      
5,715,550
  
Owens Corning
    
2,617
      
391,974
  
Resideo Technologies, Inc.(a)
    
26,574
      
593,397
  
Simpson Manufacturing Co., Inc.
    
1,344
      
280,466
  
Trane Technologies PLC
    
8,500
      
2,396,745
  
Trex Co., Inc.(a)
    
10,874
      
997,798
  
UFP Industries, Inc.
    
2,117
      
242,672
  
Zurn Elkay Water Solutions Corp.
    
3,476
      
110,363
  
             
27,716,999
  
Capital Markets – 6.3%
                
Affiliated Managers Group, Inc.
    
791
      
123,641
  
Ameriprise Financial, Inc.
    
7,184
      
2,926,474
  
Ares Management Corp. – Class A
    
29,894
      
3,964,841
  
Bank of New York Mellon Corp.
    
51,391
      
2,882,521
  
Carlyle Group, Inc.
    
17,836
      
817,781
  
Cboe Global Markets, Inc.
    
2,635
      
505,920
  


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

66
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Capital Markets – 6.3% (Continued)
            
Coinbase Global, Inc. – Class A(a)
    
4,341
    
$
883,654
  
Evercore, Inc. – Class A
    
7,087
      
1,325,836
  
FactSet Research Systems, Inc.
    
6,506
      
3,009,545
  
Franklin Resources, Inc.
    
7,210
      
197,915
  
Freedom Holding Corp./NV(a)
    
361
      
27,627
  
Hamilton Lane, Inc. – Class A
    
1,053
      
120,937
  
Houlihan Lokey, Inc.
    
65,144
      
8,381,426
  
Intercontinental Exchange, Inc.
    
22,080
      
3,056,314
  
Invesco Ltd.
    
11,118
      
171,328
  
Jefferies Financial Group, Inc.
    
3,834
      
160,338
  
KKR & Co., Inc.
    
25,820
      
2,537,073
  
LPL Financial Holdings, Inc.
    
22,033
      
5,902,420
  
MarketAxess Holdings, Inc.
    
995
      
212,343
  
Morningstar, Inc.
    
664
      
198,264
  
MSCI, Inc.
    
3,401
      
1,907,859
  
Nasdaq, Inc.
    
8,809
      
495,066
  
Northern Trust Corp.
    
39,283
      
3,226,313
  
Raymond James Financial, Inc.
    
29,640
      
3,566,285
  
SEI Investments Co.
    
3,268
      
219,773
  
State Street Corp.
    
7,503
      
553,196
  
Stifel Financial Corp.
    
35,663
      
2,705,395
  
T Rowe Price Group, Inc.
    
21,212
      
2,404,380
  
Tradeweb Markets, Inc. – Class A
    
16,467
      
1,742,538
  
             
54,227,003
  
Chemicals – 1.9%
                
Akzo Nobel NV
    
20,361
      
1,482,861
  
Albemarle Corp.
    
10,788
      
1,487,126
  
Axalta Coating Systems Ltd.(a)
    
5,600
      
183,288
  
CF Industries Holdings, Inc.
    
19,892
      
1,605,682
  
Corteva, Inc.
    
19,541
      
1,045,834
  
DuPont de Nemours, Inc.
    
19,787
      
1,369,063
  
Eastman Chemical Co.
    
25,373
      
2,226,227
  
FMC Corp.
    
723
      
40,770
  
International Flavors & Fragrances, Inc.
    
5,416
      
408,908
  
LyondellBasell Industries NV – Class A
    
7,538
      
755,911
  
Mosaic Co.
    
5,899
      
183,813
  
NewMarket Corp.
    
249
      
159,776
  
Olin Corp.
    
17,855
      
960,599
  
PPG Industries, Inc.
    
13,382
      
1,894,891
  
RPM International, Inc.
    
3,512
      
405,109
  
Scotts Miracle-Gro Co.
    
29,938
      
1,966,927
  
Westlake Corp.
    
971
      
134,687
  
             
16,311,472
  


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

67
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Commercial Services & Supplies – 1.4%
            
Clean Harbors, Inc.(a)
    
9,381
    
$
1,708,280
  
Copart, Inc.(a)
    
28,979
      
1,540,234
  
MSA Safety, Inc.
    
940
      
173,101
  
RB Global, Inc.
    
14,064
      
1,067,598
  
Republic Services, Inc.
    
28,455
      
5,224,338
  
Rollins, Inc.
    
7,442
      
327,969
  
Stericycle, Inc.(a)
    
26,923
      
1,464,342
  
Tetra Tech, Inc.
    
1,247
      
221,118
  
             
11,726,980
  
Communications Equipment – 0.6%
                
Ciena Corp.(a)
    
3,442
      
196,125
  
F5, Inc.(a)
    
10,479
      
1,961,879
  
Juniper Networks, Inc.
    
27,402
      
1,014,696
  
Lumentum Holdings, Inc.(a)
    
31,400
      
1,521,958
  
Motorola Solutions, Inc.
    
2,190
      
723,554
  
             
5,418,212
  
Construction & Engineering – 1.2%
                
AECOM
    
2,930
      
260,272
  
API Group Corp.(a)
    
5,044
      
176,792
  
Comfort Systems USA, Inc.
    
9,637
      
2,946,320
  
EMCOR Group, Inc.
    
5,977
      
1,873,909
  
Fluor Corp.(a)
    
5,195
      
191,176
  
MasTec, Inc.(a)
    
408
      
30,788
  
Quanta Services, Inc.
    
11,775
      
2,843,780
  
Vinci SA
    
12,688
      
1,624,356
  
WillScot Mobile Mini Holdings Corp.(a)
    
4,527
      
216,164
  
             
10,163,557
  
Construction Materials – 0.5%
                
Eagle Materials, Inc.
    
996
      
252,536
  
Martin Marietta Materials, Inc.
    
1,663
      
960,732
  
Summit Materials, Inc. – Class A(a)
    
2,903
      
123,987
  
Vulcan Materials Co.
    
10,686
      
2,840,873
  
             
4,178,128
  
Consumer Finance – 0.6%
                
Ally Financial, Inc.
    
9,368
      
346,522
  
Credit Acceptance Corp.(a)
    
144
      
79,718
  
Discover Financial Services
    
13,256
      
1,600,000
  
FirstCash Holdings, Inc.
    
970
      
111,065
  
OneMain Holdings, Inc.
    
3,794
      
179,191
  
SLM Corp.
    
33,429
      
696,326
  
SOFI TECHNOLOGIES INC COM(a)
    
20,958
      
188,203
  
Synchrony Financial
    
36,947
      
1,525,911
  
             
4,726,936
  


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

68
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Consumer Staples Distribution & Retail – 1.3%
            
BJ’s Wholesale Club Holdings, Inc.(a)
    
3,472
    
$
253,595
  
Casey’s General Stores, Inc.
    
1,048
      
319,106
  
Dollar General Corp.
    
3,074
      
446,683
  
Dollar Tree, Inc.(a)
    
18,088
      
2,653,147
  
Koninklijke Ahold Delhaize NV
    
87,542
      
2,604,266
  
Kroger Co.
    
15,765
      
782,102
  
Performance Food Group Co.(a)
    
3,655
      
280,594
  
Sprouts Farmers Market, Inc.(a)
    
3,339
      
208,487
  
Sysco Corp.
    
25,522
      
2,066,516
  
US Foods Holding Corp.(a)
    
32,478
      
1,649,558
  
             
11,264,054
  
Containers & Packaging – 1.8%
                
Amcor PLC
    
181,788
      
1,646,999
  
AptarGroup, Inc.
    
1,710
      
240,187
  
Avery Dennison Corp.
    
11,854
      
2,566,747
  
Ball Corp.
    
22,802
      
1,459,784
  
Berry Global Group, Inc.
    
2,699
      
157,109
  
Crown Holdings, Inc.
    
7,414
      
568,061
  
Graphic Packaging Holding Co.
    
8,264
      
214,451
  
International Paper Co.
    
9,327
      
329,803
  
Packaging Corp. of America
    
28,534
      
5,170,074
  
Sealed Air Corp.
    
44,001
      
1,534,315
  
Sonoco Products Co.
    
21,535
      
1,220,604
  
Westrock Co.
    
8,529
      
386,278
  
             
15,494,412
  
Distributors – 0.9%
                
Genuine Parts Co.
    
1,595
      
238,070
  
LKQ Corp.
    
21,457
      
1,121,987
  
Pool Corp.
    
15,369
      
6,118,706
  
             
7,478,763
  
Diversified Consumer Services – 0.2%
                
ADT, Inc.
    
8,058
      
58,501
  
Bright Horizons Family Solutions, Inc.(a)
    
1,220
      
140,129
  
Frontdoor, Inc.(a)
    
22,045
      
691,331
  
H&R Block, Inc.
    
15,098
      
739,048
  
Service Corp. International/US
    
3,549
      
259,751
  
             
1,888,760
  
Diversified Telecommunication Services – 0.1%
                
BCE, Inc.
    
29,525
      
1,095,589
  
Frontier Communications Parent, Inc.(a)
    
8,632
      
204,406
  
Iridium Communications, Inc.
    
12
      
347
  
             
1,300,342
  


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

69
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Electric Utilities – 1.7%
            
Alliant Energy Corp.
    
3,097
    
$
147,882
  
American Electric Power Co., Inc.
    
13,084
      
1,114,626
  
Avangrid, Inc.
    
484
      
15,067
  
Duke Energy Corp.
    
22,319
      
2,049,554
  
Edison International
    
31,911
      
2,170,586
  
Entergy Corp.
    
15,776
      
1,602,368
  
Evergy, Inc.
    
30,213
      
1,496,752
  
Eversource Energy
    
26,166
      
1,535,944
  
Exelon Corp.
    
5,740
      
205,722
  
FirstEnergy Corp.
    
16,835
      
616,329
  
IDACORP, Inc.
    
6
      
529
  
NRG Energy, Inc.
    
4,988
      
275,936
  
OGE Energy Corp.
    
22,016
      
724,547
  
Pinnacle West Capital Corp.
    
19,064
      
1,302,643
  
PPL Corp.
    
13,879
      
365,989
  
Xcel Energy, Inc.
    
11,480
      
604,881
  
             
14,229,355
  
Electrical Equipment – 2.6%
                
Acuity Brands, Inc.
    
985
      
247,471
  
AMETEK, Inc.
    
60,684
      
10,934,042
  
Atkore, Inc.
    
6,814
      
1,154,292
  
Eaton Corp. PLC
    
1,967
      
568,463
  
Emerson Electric Co.
    
19,269
      
2,058,893
  
Generac Holdings, Inc.(a)
    
491
      
55,242
  
Hubbell, Inc.
    
1,304
      
496,394
  
NEXTracker, Inc. – Class A(a)
    
1,430
      
80,423
  
nVent Electric PLC
    
15,351
      
1,033,429
  
Rockwell Automation, Inc.
    
2,082
      
593,537
  
Sensata Technologies Holding PLC
    
52,641
      
1,811,904
  
Vertiv Holdings Co. – Class A
    
40,503
      
2,738,813
  
             
21,772,903
  
Electronic Equipment, Instruments & Components – 2.1%
                
Arrow Electronics, Inc.(a)
    
17,100
      
2,009,250
  
CDW Corp./DE
    
6,248
      
1,538,320
  
Cognex Corp.
    
1,052
      
41,501
  
Corning, Inc.
    
12,097
      
390,007
  
Fabrinet(a)
    
1,119
      
241,223
  
Flex Ltd.(a)
    
48,840
      
1,374,846
  
Insight Enterprises, Inc.(a)
    
1,049
      
197,212
  
IPG Photonics Corp.(a)
    
5
      
432
  
Jabil, Inc.
    
3,846
      
554,170
  
Keysight Technologies, Inc.(a)
    
21,697
      
3,347,848
  
Littelfuse, Inc.
    
309
      
73,616
  
Novanta, Inc.(a)
    
794
      
137,314
  


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

70
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Electronic Equipment, Instruments &
            
  Components – 2.1% (Continued)
            
TD SYNNEX Corp.
    
1,367
    
$
142,031
  
TE Connectivity Ltd.
    
16,047
      
2,303,708
  
Teledyne Technologies, Inc.(a)
    
7,827
      
3,344,243
  
Vontier Corp.
    
3,861
      
166,023
  
Zebra Technologies Corp. – Class A(a)
    
5,111
      
1,428,422
  
             
17,290,166
  
Energy Equipment & Services – 1.1%
                
Baker Hughes Co.
    
72,371
      
2,141,458
  
ChampionX Corp.
    
47,959
      
1,489,607
  
Halliburton Co.
    
62,582
      
2,194,750
  
Helmerich & Payne, Inc.
    
36,212
      
1,390,179
  
NOV, Inc.
    
9,509
      
160,702
  
TechnipFMC PLC
    
12,403
      
269,021
  
Tidewater, Inc.(a)
    
8,290
      
580,549
  
Transocean Ltd.(a)
    
133
      
624
  
Valaris Ltd.(a)
    
1,662
      
104,789
  
Weatherford International PLC(a)
    
12,273
      
1,259,332
  
             
9,591,011
  
Entertainment – 0.5%
                
Electronic Arts, Inc.
    
3,035
      
423,322
  
Liberty Media Corp.-Liberty Formula One – Class C(a)
    
2,097
      
152,578
  
Liberty Media Corp.-Liberty Formula One – Class A(a)
    
242
      
15,863
  
Live Nation Entertainment, Inc.(a)
    
3,258
      
315,961
  
Roku, Inc.(a)
    
3,296
      
208,241
  
Spotify Technology SA(a)
    
6,388
      
1,637,947
  
Take-Two Interactive Software, Inc.(a)
    
6,176
      
907,440
  
Warner Bros Discovery, Inc.(a)
    
25,908
      
227,731
  
             
3,889,083
  
Financial Services – 0.9%
                
Affirm Holdings, Inc.(a)
    
6,105
      
229,060
  
Equitable Holdings, Inc.
    
9,728
      
333,087
  
Essent Group Ltd.
    
2,889
      
154,764
  
FleetCor Technologies, Inc.(a)
    
8,189
      
2,286,942
  
Global Payments, Inc.
    
20,405
      
2,646,528
  
Jack Henry & Associates, Inc.
    
1,864
      
323,907
  
MGIC Investment Corp.
    
8,484
      
168,747
  
Rocket Cos., Inc. – Class A(a)
    
43,584
      
547,415
  
Shift4 Payments, Inc. – Class A(a)
    
1,355
      
111,408
  
Voya Financial, Inc.
    
9,382
      
641,354
  
WEX, Inc.(a)
    
1,070
      
235,111
  
             
7,678,323
  


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

71
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Food Products – 1.4%
            
Archer-Daniels-Midland Co.
    
3,306
    
$
175,582
  
Bunge Global SA
    
4,406
      
415,794
  
Campbell Soup Co.
    
3,481
      
148,430
  
Conagra Brands, Inc.
    
111,611
      
3,134,037
  
Darling Ingredients, Inc.(a)
    
1,173
      
49,630
  
General Mills, Inc.
    
24,144
      
1,549,562
  
Hormel Foods Corp.
    
2,224
      
78,552
  
Ingredion, Inc.
    
1,914
      
225,144
  
J M Smucker Co.
    
1,023
      
122,934
  
Kellanova
    
3,307
      
182,381
  
Lamb Weston Holdings, Inc.
    
55,439
      
5,666,419
  
McCormick & Co., Inc./MD
    
1,588
      
109,350
  
Pilgrim’s Pride Corp.(a)
    
1,041
      
33,145
  
Post Holdings, Inc.(a)
    
1,070
      
111,451
  
Tyson Foods, Inc. – Class A
    
7,009
      
380,168
  
             
12,382,579
  
Gas Utilities – 0.4%
                
Atmos Energy Corp.
    
2,933
      
331,165
  
ONE Gas, Inc.
    
13,838
      
824,745
  
Spire, Inc.
    
30,960
      
1,836,547
  
UGI Corp.
    
14
      
343
  
             
2,992,800
  
Ground Transportation – 2.0%
                
CSX Corp.
    
69,958
      
2,654,207
  
Heartland Express, Inc.
    
44,741
      
571,790
  
JB Hunt Transport Services, Inc.
    
2,394
      
493,906
  
Knight-Swift Transportation Holdings, Inc.
    
4,143
      
233,417
  
Landstar System, Inc.
    
6,494
      
1,235,159
  
Norfolk Southern Corp.
    
14,285
      
3,619,532
  
Old Dominion Freight Line, Inc.
    
7,547
      
3,339,397
  
Ryder System, Inc.
    
1,543
      
176,056
  
Saia, Inc.(a)
    
4,873
      
2,803,924
  
U-Haul Holding Co.
    
3,142
      
199,737
  
U-Haul Holding Co.(a)
    
282
      
18,155
  
XPO, Inc.(a)
    
12,127
      
1,459,121
  
             
16,804,401
  
Health Care Equipment & Supplies – 3.2%
                
Align Technology, Inc.(a)
    
454
      
137,299
  
Baxter International, Inc.
    
7,989
      
326,910
  
Becton Dickinson & Co.
    
3,974
      
936,076
  
Cooper Cos., Inc.
    
74,932
      
7,013,634
  
DENTSPLY SIRONA, Inc.
    
74,723
      
2,441,948
  
Dexcom, Inc.(a)
    
19,168
      
2,205,662
  


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

72
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Health Care Equipment & Supplies – 3.2% (Continued)
            
Envista Holdings Corp.(a)
    
39,504
    
$
815,758
  
GE HealthCare Technologies, Inc.
    
18,821
      
1,717,981
  
Globus Medical, Inc. – Class A(a)
    
940
      
50,751
  
Hologic, Inc.(a)
    
18,482
      
1,363,972
  
IDEXX Laboratories, Inc.(a)
    
4,477
      
2,575,305
  
Lantheus Holdings, Inc.(a)
    
6
      
392
  
Masimo Corp.(a)
    
1,206
      
155,019
  
ResMed, Inc.
    
2,878
      
499,966
  
STERIS PLC
    
2,083
      
485,152
  
Teleflex, Inc.
    
1,124
      
250,416
  
Zimmer Biomet Holdings, Inc.
    
44,620
      
5,548,942
  
             
26,525,183
  
Health Care Providers & Services – 3.7%
                
Acadia Healthcare Co., Inc.(a)
    
2,267
      
189,181
  
Cardinal Health, Inc.
    
13,706
      
1,534,798
  
Cencora, Inc.
    
29,364
      
6,918,157
  
Centene Corp.(a)
    
22,853
      
1,792,361
  
Chemed Corp.
    
360
      
225,407
  
DaVita, Inc.(a)
    
1,254
      
159,220
  
Encompass Health Corp.
    
27,864
      
2,073,082
  
Ensign Group, Inc.
    
1,675
      
209,241
  
Henry Schein, Inc.(a)
    
41,448
      
3,169,529
  
Humana, Inc.
    
1,942
      
680,321
  
Laboratory Corp. of America Holdings
    
18,097
      
3,905,876
  
Molina Healthcare, Inc.(a)
    
8,379
      
3,300,572
  
Quest Diagnostics, Inc.
    
20,621
      
2,575,357
  
Tenet Healthcare Corp.(a)
    
23,435
      
2,179,455
  
Universal Health Services, Inc. – Class B
    
13,154
      
2,197,507
  
             
31,110,064
  
Health Care Technology – 0.0%(b)
                
Doximity, Inc. – Class A(a)
    
639
      
18,039
  
Veeva Systems, Inc. – Class A(a)
    
22
      
4,961
  
             
23,000
  
Hotels, Restaurants & Leisure – 3.0%
                
Boyd Gaming Corp.
    
11,785
      
779,342
  
Caesars Entertainment, Inc.(a)
    
1,436
      
62,423
  
Carnival Corp.(a)
    
30,501
      
483,746
  
Chipotle Mexican Grill, Inc.(a)
    
551
      
1,481,512
  
Choice Hotels International, Inc.
    
447
      
50,037
  
Churchill Downs, Inc.
    
5,774
      
703,677
  
Darden Restaurants, Inc.
    
28,127
      
4,801,560
  
Domino’s Pizza, Inc.
    
9,263
      
4,153,066
  
DoorDash, Inc. – Class A(a)
    
16,277
      
2,027,626
  


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

73
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Hotels, Restaurants & Leisure – 3.0% (Continued)
            
DraftKings, Inc. – Class A(a)
    
50,881
    
$
2,204,165
  
Expedia Group, Inc.(a)
    
8,183
      
1,119,598
  
Hilton Worldwide Holdings, Inc.
    
12,696
      
2,594,047
  
Hyatt Hotels Corp. – Class A
    
1,023
      
157,123
  
International Game Technology PLC
    
956
      
25,975
  
Light & Wonder, Inc. – Class A(a)
    
2,215
      
222,630
  
Marriott International, Inc./MD – Class A
    
3,212
      
802,582
  
Norwegian Cruise Line Holdings Ltd.(a)
    
11,884
      
230,431
  
Red Rock Resorts, Inc. – Class A
    
1,312
      
76,083
  
Royal Caribbean Cruises Ltd.(a)
    
7,740
      
954,729
  
Texas Roadhouse, Inc.
    
10,616
      
1,585,712
  
Vail Resorts, Inc.
    
857
      
197,376
  
Wyndham Hotels & Resorts, Inc.
    
13,346
      
1,021,636
  
             
25,735,076
  
Household Durables – 1.7%
                
DR Horton, Inc.
    
21,715
      
3,245,090
  
Garmin Ltd.
    
11,038
      
1,516,069
  
Installed Building Products, Inc.
    
745
      
178,003
  
Lennar Corp. – Class A
    
9,029
      
1,431,187
  
Meritage Homes Corp.
    
1,230
      
193,922
  
Mohawk Industries, Inc.(a)
    
7,511
      
890,955
  
NVR, Inc.(a)
    
199
      
1,517,488
  
PulteGroup, Inc.
    
7,385
      
800,386
  
Taylor Morrison Home Corp.(a)
    
3,371
      
190,832
  
Tempur Sealy International, Inc.
    
26,870
      
1,463,609
  
Toll Brothers, Inc.
    
3,488
      
399,864
  
TopBuild Corp.(a)
    
6,291
      
2,531,373
  
Whirlpool Corp.
    
1,818
      
195,235
  
             
14,554,013
  
Household Products – 0.4%
                
Church & Dwight Co., Inc.
    
5,136
      
514,216
  
Clorox Co.
    
974
      
149,324
  
Kimberly-Clark Corp.
    
21,326
      
2,584,072
  
Reynolds Consumer Products, Inc.
    
1,304
      
38,468
  
             
3,286,080
  
Independent Power and Renewable
                
  Electricity Producers – 0.1%
                
AES Corp.
    
10,081
      
153,231
  
Clearway Energy, Inc. – Class C
    
991
      
21,604
  
Clearway Energy, Inc. – Class A
    
381
      
7,719
  
Vistra Corp.
    
12,050
      
657,207
  
             
839,761
  


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

74
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Insurance – 4.7%
            
Aflac, Inc.
    
10,273
    
$
829,442
  
Allstate Corp.
    
13,846
      
2,208,714
  
American Financial Group, Inc./OH
    
2,037
      
260,064
  
Arch Capital Group Ltd.(a)
    
4,930
      
431,819
  
Arthur J Gallagher & Co.
    
8,819
      
2,151,219
  
Assurant, Inc.
    
1,601
      
290,501
  
Axis Capital Holdings Ltd.
    
2,543
      
159,116
  
Brown & Brown, Inc.
    
51,023
      
4,296,646
  
Cincinnati Financial Corp.
    
3,918
      
446,652
  
CNA Financial Corp.
    
593
      
26,062
  
Erie Indemnity Co. – Class A
    
750
      
305,160
  
Everest Group Ltd.
    
3,766
      
1,389,202
  
First American Financial Corp.
    
19,921
      
1,163,586
  
Globe Life, Inc.
    
9,671
      
1,227,540
  
Hanover Insurance Group, Inc.
    
8,402
      
1,104,611
  
Hartford Financial Services Group, Inc.
    
9,394
      
900,321
  
Kinsale Capital Group, Inc.
    
2,433
      
1,255,866
  
Loews Corp.
    
5,022
      
377,303
  
Markel Group, Inc.(a)
    
920
      
1,373,082
  
Old Republic International Corp.
    
7,080
      
205,037
  
Primerica, Inc.
    
1,056
      
258,995
  
Principal Financial Group, Inc.
    
6,087
      
492,195
  
Progressive Corp.
    
16,568
      
3,140,630
  
Reinsurance Group of America, Inc.
    
30,045
      
5,313,457
  
RenaissanceRe Holdings Ltd.
    
13,838
      
3,111,059
  
RLI Corp.
    
1,093
      
160,070
  
Ryan Specialty Holdings, Inc.(a)
    
1,629
      
85,327
  
Selective Insurance Group, Inc.
    
1,561
      
163,093
  
Travelers Cos., Inc.
    
4,521
      
998,960
  
Unum Group
    
3,390
      
167,636
  
W R Berkley Corp.
    
43,398
      
3,628,072
  
Willis Towers Watson PLC
    
6,576
      
1,792,683
  
             
39,714,120
  
Interactive Media & Services – 0.1%
                
Pinterest, Inc. – Class A(a)
    
14,356
      
526,866
  
TripAdvisor, Inc.(a)
    
17,164
      
460,338
  
             
987,204
  
IT Services – 1.8%
                
Akamai Technologies, Inc.(a)
    
31,122
      
3,452,052
  
Amdocs Ltd.
    
20,185
      
1,840,872
  
Cloudflare, Inc. – Class A(a)
    
14,044
      
1,383,896
  
Cognizant Technology Solutions Corp. – Class A
    
21,473
      
1,696,796
  
EPAM Systems, Inc.(a)
    
1,606
      
488,866
  
Gartner, Inc.(a)
    
2,276
      
1,059,615
  


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

75
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
IT Services – 1.8% (Continued)
            
Globant SA(a)
    
6,722
    
$
1,500,149
  
MongoDB, Inc.(a)
    
7,048
      
3,154,544
  
Twilio, Inc. – Class A(a)
    
4,740
      
282,457
  
             
14,859,247
  
Leisure Products – 0.0%(b)
                
Brunswick Corp./DE
    
2,070
      
180,918
  
Hasbro, Inc.
    
961
      
48,329
  
Mattel, Inc.(a)
    
4,464
      
87,941
  
Polaris, Inc.
    
417
      
38,660
  
             
355,848
  
Life Sciences Tools & Services – 3.5%
                
10X Genomics, Inc. – Class A(a)
    
1,400
      
65,296
  
Agilent Technologies, Inc.
    
18,517
      
2,543,495
  
Avantor, Inc.(a)
    
55,522
      
1,368,062
  
Azenta, Inc.(a)
    
85,669
      
5,581,335
  
Bio-Rad Laboratories, Inc. – Class A(a)
    
6,879
      
2,241,729
  
Bruker Corp.
    
20,024
      
1,732,877
  
Charles River Laboratories International, Inc.(a)
    
1,174
      
298,419
  
Fortrea Holdings, Inc.(a)
    
13,344
      
500,934
  
ICON PLC(a)
    
13,218
      
4,237,955
  
Illumina, Inc.(a)
    
1,198
      
167,516
  
Medpace Holdings, Inc.(a)
    
711
      
282,637
  
QIAGEN NV
    
46,263
      
1,979,594
  
Repligen Corp.(a)
    
6,340
      
1,229,897
  
Waters Corp.(a)
    
1,575
      
531,437
  
West Pharmaceutical Services, Inc.
    
20,507
      
7,348,888
  
             
30,110,071
  
Machinery – 4.6%
                
AGCO Corp.
    
969
      
106,299
  
Allison Transmission Holdings, Inc.
    
2,215
      
166,856
  
Crane Co.
    
637
      
77,434
  
Cummins, Inc.
    
13,797
      
3,706,012
  
Donaldson Co., Inc.
    
3,347
      
239,712
  
Dover Corp.
    
28,752
      
4,755,006
  
Esab Corp.
    
1,481
      
146,797
  
Fortive Corp.
    
12,597
      
1,072,383
  
Graco, Inc.
    
4,391
      
400,723
  
IMI PLC
    
2,099
      
45,965
  
Ingersoll Rand, Inc.
    
9,507
      
868,274
  
ITT, Inc.
    
16,091
      
2,029,719
  
Lincoln Electric Holdings, Inc.
    
1,500
      
384,900
  
Middleby Corp.(a)
    
1,292
      
196,591
  
Mueller Industries, Inc.
    
3,703
      
190,260
  


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

76
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Machinery – 4.6% (Continued)
            
Nordson Corp.
    
18,523
    
$
4,920,634
  
Oshkosh Corp.
    
9,122
      
1,011,265
  
Otis Worldwide Corp.
    
9,241
      
880,667
  
Parker-Hannifin Corp.
    
8,595
      
4,602,193
  
Pentair PLC
    
53,666
      
4,174,678
  
RBC Bearings, Inc.(a)
    
742
      
202,440
  
Snap-on, Inc.
    
10,170
      
2,803,462
  
Timken Co.
    
4,667
      
391,981
  
Toro Co.
    
2,551
      
235,483
  
Watts Water Technologies, Inc. – Class A
    
731
      
149,087
  
Westinghouse Air Brake Technologies Corp.
    
34,827
      
4,920,706
  
Xylem, Inc./NY
    
5,043
      
640,713
  
             
39,320,240
  
Media – 0.8%
                
Fox Corp. – Class B
    
45,614
      
1,248,911
  
Fox Corp. – Class A
    
4,214
      
125,535
  
Interpublic Group of Cos., Inc.
    
61,091
      
1,918,257
  
Liberty Broadband Corp. – Class C(a)
    
1,799
      
108,264
  
Liberty Broadband Corp. – Class A(a)
    
247
      
14,857
  
New York Times Co. – Class A
    
4,023
      
178,138
  
News Corp. – Class A
    
10,644
      
286,111
  
News Corp. – Class B
    
3,179
      
88,980
  
Nexstar Media Group, Inc. – Class A
    
345
      
57,329
  
Omnicom Group, Inc.
    
7,439
      
657,533
  
Paramount Global – Class B
    
12,172
      
134,379
  
Paramount Global – Class A
    
226
      
4,764
  
Trade Desk, Inc. – Class A(a)
    
24,383
      
2,083,041
  
             
6,906,099
  
Metals & Mining – 0.6%
                
Alcoa Corp.
    
4,645
      
126,390
  
Alpha Metallurgical Resources, Inc.
    
442
      
166,745
  
ATI, Inc.(a)
    
3,522
      
173,212
  
Cleveland-Cliffs, Inc.(a)
    
16,936
      
352,269
  
Commercial Metals Co.
    
12,774
      
689,796
  
Freeport-McMoRan, Inc.
    
25,821
      
976,291
  
Reliance, Inc.
    
1,616
      
519,092
  
Royal Gold, Inc.
    
1,705
      
174,984
  
Steel Dynamics, Inc.
    
5,090
      
681,144
  
Teck Resources Ltd. – Class B
    
11,142
      
428,076
  
United States Steel Corp.
    
52
      
2,462
  
             
4,290,461
  
Multi-Utilities – 1.4%
                
Ameren Corp.
    
2,429
      
172,921
  
CenterPoint Energy, Inc.
    
67,130
      
1,846,075
  


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

77
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Multi-Utilities – 1.4% (Continued)
            
CMS Energy Corp.
    
24,977
    
$
1,432,930
  
Consolidated Edison, Inc.
    
5,168
      
450,701
  
DTE Energy Co.
    
13,951
      
1,511,591
  
NiSource, Inc.
    
7,133
      
185,886
  
Northwestern Energy Group, Inc.
    
42,665
      
2,044,507
  
Public Service Enterprise Group, Inc.
    
8,929
      
557,170
  
WEC Energy Group, Inc.
    
45,667
      
3,584,402
  
             
11,786,183
  
Oil, Gas & Consumable Fuels – 3.0%
                
Antero Midstream Corp.
    
9,335
      
125,089
  
Antero Resources Corp.(a)
    
6,133
      
157,618
  
APA Corp.
    
6,588
      
196,257
  
Cameco Corp.
    
24,416
      
989,580
  
Chesapeake Energy Corp.
    
3,700
      
306,286
  
Chord Energy Corp.
    
4,576
      
743,371
  
Civitas Resources, Inc.
    
3,216
      
220,875
  
Coterra Energy, Inc.
    
132,405
      
3,413,401
  
Devon Energy Corp.
    
10,434
      
459,722
  
Diamondback Energy, Inc.
    
20,566
      
3,753,707
  
DT Midstream, Inc.
    
2,560
      
147,533
  
EnLink Midstream LLC
    
6,874
      
84,756
  
Enterprise Products Partners LP
    
97,019
      
2,663,172
  
EQT Corp.
    
54,524
      
2,025,567
  
Hess Midstream LP – Class A
    
1,866
      
63,612
  
HF Sinclair Corp.
    
5,097
      
282,884
  
Kinetik Holdings, Inc.
    
233
      
8,230
  
Marathon Oil Corp.
    
18,427
      
446,855
  
Matador Resources Co.
    
3,516
      
222,035
  
Murphy Oil Corp.
    
34,564
      
1,371,154
  
New Fortress Energy, Inc.
    
3,196
      
112,339
  
Occidental Petroleum Corp.
    
25,658
      
1,555,131
  
Ovintiv, Inc.
    
8,564
      
423,147
  
PBF Energy, Inc. – Class A
    
3,431
      
160,228
  
Permian Resources Corp.
    
15,979
      
248,633
  
Phillips 66
    
9,836
      
1,401,728
  
Range Resources Corp.
    
36,515
      
1,154,604
  
Southwestern Energy Co.(a)
    
312
      
2,175
  
Targa Resources Corp.
    
26,818
      
2,634,600
  
Texas Pacific Land Corp.
    
165
      
259,944
  
Viper Energy, Inc.
    
2,417
      
87,350
  
             
25,721,583
  
Paper & Forest Products – 0.0%(b)
                
Louisiana-Pacific Corp.
    
531
      
39,278
  


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

78
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Passenger Airlines – 0.4%
            
Alaska Air Group, Inc.(a)
    
18,355
    
$
686,293
  
Delta Air Lines, Inc.
    
6,306
      
266,555
  
Southwest Airlines Co.
    
60,536
      
2,074,568
  
United Airlines Holdings, Inc.(a)
    
2,944
      
133,923
  
             
3,161,339
  
Personal Care Products – 0.3%
                
elf Beauty, Inc.(a)
    
7,290
      
1,520,184
  
Kenvue, Inc.
    
71,622
      
1,360,818
  
             
2,881,002
  
Pharmaceuticals – 0.1%
                
Catalent, Inc.(a)
    
2,849
      
163,362
  
Elanco Animal Health, Inc.(a)
    
12,769
      
202,899
  
Intra-Cellular Therapies, Inc.(a)
    
1,932
      
134,313
  
Jazz Pharmaceuticals PLC(a)
    
1,157
      
137,567
  
Perrigo Co. PLC
    
4,529
      
118,932
  
Royalty Pharma PLC – Class A
    
4,374
      
132,707
  
Viatris, Inc.
    
33,435
      
413,591
  
             
1,303,371
  
Professional Services – 3.7%
                
ASGN, Inc.(a)
    
4,694
      
466,208
  
Booz Allen Hamilton Holding Corp.
    
15,536
      
2,294,823
  
Broadridge Financial Solutions, Inc.
    
31,515
      
6,415,824
  
Clarivate PLC(a)
    
10,595
      
76,072
  
Concentrix Corp.
    
1,309
      
94,837
  
Equifax, Inc.
    
28,261
      
7,731,926
  
ExlService Holdings, Inc.(a)
    
3,485
      
108,453
  
Exponent, Inc.
    
42,963
      
3,475,277
  
FTI Consulting, Inc.(a)
    
6
      
1,241
  
Genpact Ltd.
    
1,869
      
63,546
  
Jacobs Solutions, Inc.
    
5,365
      
786,777
  
KBR, Inc.
    
1,061
      
63,692
  
Leidos Holdings, Inc.
    
7,419
      
948,593
  
Paycom Software, Inc.
    
336
      
61,283
  
Paylocity Holding Corp.(a)
    
298
      
50,246
  
Robert Half, Inc.
    
14,811
      
1,190,804
  
Science Applications International Corp.
    
8,654
      
1,211,214
  
SS&C Technologies Holdings, Inc.
    
4,359
      
277,930
  
TransUnion
    
5,090
      
395,137
  
TriNet Group, Inc.(a)
    
855
      
109,449
  
Verisk Analytics, Inc.
    
22,523
      
5,448,314
  
             
31,271,646
  


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

79
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Real Estate Management & Development – 0.7%
            
CBRE Group, Inc. – Class A(a)
    
42,688
    
$
3,922,600
  
CoStar Group, Inc.(a)
    
8,580
      
746,717
  
Jones Lang LaSalle, Inc.(a)
    
6,930
      
1,318,363
  
Zillow Group, Inc. – Class C(a)
    
3,391
      
190,405
  
Zillow Group, Inc. – Class A(a)
    
842
      
45,519
  
             
6,223,604
  
Semiconductors & Semiconductor Equipment – 3.5%
                
Allegro MicroSystems, Inc.(a)
    
475
      
14,958
  
Amkor Technology, Inc.
    
4,189
      
129,943
  
Applied Materials, Inc.
    
12,578
      
2,535,976
  
Enphase Energy, Inc.(a)
    
873
      
110,880
  
Entegris, Inc.
    
49,857
      
6,698,787
  
First Solar, Inc.(a)
    
1,089
      
167,586
  
GLOBALFOUNDRIES, Inc.(a)
    
2,010
      
109,887
  
Lattice Semiconductor Corp.(a)
    
18,616
      
1,426,172
  
MACOM Technology Solutions Holdings, Inc.(a)
    
18,504
      
1,634,458
  
Microchip Technology, Inc.
    
5,788
      
487,002
  
Monolithic Power Systems, Inc.
    
11,963
      
8,613,839
  
NXP Semiconductors NV
    
2,298
      
573,879
  
ON Semiconductor Corp.(a)
    
3,516
      
277,483
  
Onto Innovation, Inc.(a)
    
1,390
      
255,982
  
Qorvo, Inc.(a)
    
7,269
      
832,664
  
Skyworks Solutions, Inc.
    
27,646
      
2,900,618
  
Teradyne, Inc.
    
27,711
      
2,870,582
  
Universal Display Corp.
    
1,206
      
210,351
  
Wolfspeed, Inc.(a)
    
11
      
286
  
             
29,851,333
  
Software – 5.1%
                
ANSYS, Inc.(a)
    
8,527
      
2,849,468
  
AppLovin Corp. – Class A(a)
    
4,907
      
293,046
  
Aspen Technology, Inc.(a)
    
23,084
      
4,475,757
  
Aurora Innovation, Inc.(a)
    
6,700
      
17,018
  
Bentley Systems, Inc. – Class B
    
100,140
      
5,144,191
  
BILL Holdings, Inc.(a)
    
543
      
34,388
  
Check Point Software Technologies Ltd.(a)
    
10,923
      
1,752,267
  
Crowdstrike Holdings, Inc. – Class A(a)
    
5,416
      
1,755,596
  
CyberArk Software Ltd.(a)
    
2,876
      
758,574
  
Datadog, Inc. – Class A(a)
    
16,023
      
2,106,384
  
DocuSign, Inc.(a)
    
5,254
      
279,881
  
Dolby Laboratories, Inc. – Class A
    
1,452
      
117,612
  
Fair Isaac Corp.(a)
    
1,189
      
1,509,923
  
Freshworks, Inc. – Class A(a)
    
2,409
      
49,240
  
Gen Digital, Inc.
    
46,457
      
998,361
  
Gitlab, Inc. – Class A(a)
    
27,838
      
2,007,677
  


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

80
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Software – 5.1% (Continued)
            
Guidewire Software, Inc.(a)
    
13,986
    
$
1,669,089
  
HubSpot, Inc.(a)
    
4,335
      
2,682,541
  
Manhattan Associates, Inc.(a)
    
13,031
      
3,301,143
  
MicroStrategy, Inc. – Class A(a)
    
190
      
194,340
  
Nutanix, Inc. – Class A(a)
    
25,727
      
1,624,917
  
Procore Technologies, Inc.(a)
    
15,869
      
1,238,258
  
PTC, Inc.(a)
    
8,685
      
1,589,442
  
Qualys, Inc.(a)
    
1,192
      
204,857
  
Roper Technologies, Inc.
    
2,633
      
1,434,274
  
Samsara, Inc. – Class A(a)
    
54,513
      
1,883,424
  
SentinelOne, Inc. – Class A(a)
    
6,730
      
189,584
  
Synopsys, Inc.(a)
    
4,233
      
2,428,599
  
UiPath, Inc. – Class A(a)
    
10,204
      
242,345
  
Varonis Systems, Inc.(a)
    
1,322
      
67,158
  
Zoom Video Communications, Inc. – Class A(a)
    
5,495
      
388,661
  
             
43,288,015
  
Specialty Retail – 2.7%
                
Abercrombie & Fitch Co. – Class A(a)
    
1,960
      
250,410
  
AutoNation, Inc.(a)
    
919
      
137,666
  
AutoZone, Inc.(a)
    
710
      
2,134,274
  
Best Buy Co., Inc.
    
4,773
      
386,040
  
Burlington Stores, Inc.(a)
    
1,870
      
383,537
  
CarMax, Inc.(a)
    
2,443
      
192,997
  
Chewy, Inc. – Class A(a)
    
646
      
11,395
  
Dick’s Sporting Goods, Inc.
    
1,771
      
315,043
  
Five Below, Inc.(a)
    
1,436
      
288,176
  
Floor & Decor Holdings, Inc. – Class A(a)
    
2,919
      
353,549
  
GameStop Corp. – Class A(a)
    
29
      
414
  
Gap, Inc.
    
9,155
      
173,396
  
Lithia Motors, Inc.
    
711
      
212,632
  
Murphy USA, Inc.
    
580
      
241,866
  
O’Reilly Automotive, Inc.(a)
    
1,411
      
1,534,350
  
Penske Automotive Group, Inc.
    
458
      
70,303
  
Ross Stores, Inc.
    
56,750
      
8,453,481
  
TJX Cos., Inc.
    
20,893
      
2,071,332
  
Tractor Supply Co.
    
3,017
      
767,283
  
Ulta Beauty, Inc.(a)
    
5,940
      
3,258,446
  
Williams-Sonoma, Inc.
    
7,395
      
1,741,744
  
             
22,978,334
  
Technology Hardware, Storage & Peripherals – 0.6%
                
Dell Technologies, Inc. – Class C
    
16,203
      
1,533,776
  
Hewlett Packard Enterprise Co.
    
32,071
      
488,441
  
HP, Inc.
    
48,036
      
1,360,860
  
NetApp, Inc.
    
11,104
      
989,588
  


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

81
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
Technology Hardware, Storage &
            
  Peripherals – 0.6% (Continued)
            
Pure Storage, Inc. – Class A(a)
    
4,821
    
$
253,826
  
Super Micro Computer, Inc.(a)
    
773
      
669,511
  
             
5,296,002
  
Textiles, Apparel & Luxury Goods – 0.7%
                
Birkenstock Holding PLC(a)
    
485
      
24,255
  
Columbia Sportswear Co.
    
6
      
496
  
Crocs, Inc.(a)
    
577
      
70,538
  
Deckers Outdoor Corp.(a)
    
3,763
      
3,370,105
  
Levi Strauss & Co. – Class A
    
2,594
      
47,133
  
PVH Corp.
    
1,980
      
270,607
  
Ralph Lauren Corp.
    
6,642
      
1,234,881
  
Skechers USA, Inc. – Class A(a)
    
4,188
      
258,860
  
Tapestry, Inc.
    
3,888
      
184,797
  
VF Corp.
    
8,709
      
142,305
  
             
5,603,977
  
Trading Companies & Distributors – 1.8%
                
Air Lease Corp.
    
55,461
      
2,223,986
  
Applied Industrial Technologies, Inc.
    
1,152
      
218,753
  
Beacon Roofing Supply, Inc.(a)
    
17,770
      
1,526,265
  
Boise Cascade Co.
    
1,471
      
199,924
  
Bunzl PLC
    
31,603
      
1,259,852
  
Core & Main, Inc. – Class A(a)
    
5,532
      
264,042
  
Ferguson PLC
    
6,974
      
1,474,652
  
GATX Corp.
    
14,801
      
1,877,359
  
MSC Industrial Direct Co., Inc. – Class A
    
10,744
      
1,084,499
  
SiteOne Landscape Supply, Inc.(a)
    
1,093
      
184,149
  
United Rentals, Inc.
    
3,709
      
2,571,339
  
Watsco, Inc.
    
825
      
325,149
  
WESCO International, Inc.
    
1,423
      
212,724
  
WW Grainger, Inc.
    
2,074
      
2,018,956
  
             
15,441,649
  
Water Utilities – 0.1%
                
American Water Works Co., Inc.
    
4,777
      
566,266
  
TOTAL COMMON STOCKS (Cost $751,950,999)
            
796,463,463
  


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

82
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
REAL ESTATE INVESTMENT TRUSTS – 3.0%
            
American Homes 4 Rent – Class A
    
13,421
    
$
496,711
  
Americold Realty Trust, Inc.
    
70,476
      
1,783,043
  
Boston Properties, Inc.
    
31,918
      
2,065,733
  
EastGroup Properties, Inc.
    
4,462
      
783,929
  
Equity LifeStyle Properties, Inc.
    
13,156
      
885,662
  
Equity Residential
    
12,604
      
758,887
  
Essex Property Trust, Inc.
    
9,834
      
2,275,587
  
Healthpeak Properties, Inc.
    
86,056
      
1,441,438
  
Invitation Homes, Inc.
    
14,956
      
509,551
  
Lamar Advertising Co. – Class A
    
11,950
      
1,321,073
  
Public Storage
    
5,088
      
1,444,331
  
Realty Income Corp.
    
39,177
      
2,041,513
  
Regency Centers Corp.
    
44,745
      
2,771,953
  
Rexford Industrial Realty, Inc.
    
13,434
      
683,522
  
SBA Communications Corp.
    
8,710
      
1,822,393
  
Simon Property Group, Inc.
    
10,759
      
1,593,838
  
VICI Properties, Inc.
    
67,989
      
2,034,911
  
Welltower, Inc.
    
8,094
      
745,943
  
TOTAL REAL ESTATE INVESTMENT TRUSTS
                
  (Cost $26,730,050)
            
25,460,018
  
                 
EXCHANGE TRADED FUNDS – 0.4%
                
iShares Russell Mid-Cap Value ETF
    
25,690
      
3,071,753
  
TOTAL EXCHANGE TRADED FUNDS (Cost $3,026,773)
            
3,071,753
  
                 
PREFERRED STOCKS – 0.1%
                
                 
Household Products – 0.1%
                
Henkel AG & Co. KGaA, 0.00%,
    
13,905
      
1,045,889
  
TOTAL PREFERRED STOCKS (Cost $1,099,980)
            
1,045,889
  


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

83
Column Mid Cap Fund
Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

   
Shares
    
Value
  
SHORT-TERM INVESTMENTS – 2.9%
            
Money Market Funds – 2.9%
            
First American Government Obligations Fund –
            
  Class X, 5.23%(c)
    
24,354,332
    
$
24,354,332
  
TOTAL SHORT-TERM INVESTMENTS (Cost $24,354,332)
            
24,354,332
  
TOTAL INVESTMENTS – 100.1% (Cost $807,162,134)
            
850,395,455
  
Liabilities in Excess of Other Assets – (0.1)%
            
(611,954
)
TOTAL NET ASSETS – 100.0%
          
$
849,783,501
  

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Adviser.

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 effective yield as of February 29, 2024.




Column Mid Cap Fund
Schedule of Forward Currency Contracts
February 29, 2024 (Unaudited)

                            
Value/Unrealized
  
Settlement
  
Currency
  
Currency
      
Appreciation
  
Date
  
Purchased
  
Sold
  
Counterparty
  
(Depreciation)
  
03/28/2024
  
CAD
83,145
    
USD
61,829
    
Bank of America Securities, Inc.
  
$
(539
)
03/28/2024
  
EUR
1,424
    
USD
1,564
    
Bank of America Securities, Inc.
    
(23
)
03/28/2024
  
GBP
468,517
    
USD
592,440
    
Bank of America Securities, Inc.
    
(927
)
03/28/2024
  
USD
1,015,430
    
CAD
1,365,061
    
Bank of America Securities, Inc.
    
9,173
  
03/28/2024
  
USD
8,549,476
    
EUR
7,869,952
    
Bank of America Securities, Inc.
    
33,636
  
03/28/2024
  
USD
1,698,792
    
GBP
1,341,899
    
Bank of America Securities, Inc.
    
4,616
  
                            
$
45,936
  


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

84









(This Page Intentionally Left Blank.)
 









85
Column Funds
Statements of Assets and Liabilities
February 29, 2024 (Unaudited)

   
Column
    
Column
    
Column
    
Column
  
   
Small Cap
    
Small Cap
    
Mid Cap
    
Mid Cap
  
   
Select Fund
    
Fund
    
Select Fund
    
Fund
  
ASSETS
                        
Investments, at fair
                        
  value (Note 2)*
  
$
724,449,833
    
$
378,730,747
    
$
1,698,760,622
    
$
850,395,455
  
Foreign currency, at fair value*
    
—
      
216
      
—
      
—
  
Receivable for
                                
  Fund shares sold
    
2,792,888
      
673,016
      
5,407,356
      
1,259,934
  
Receivable for
                                
  investments sold
    
5,495,554
      
1,751,546
      
1,003,964
      
802,469
  
Receivable for foreign
                                
  currency sold
    
—
      
—
      
—
      
46
  
Dividends and
                                
  interest receivable
    
510,564
      
322,193
      
2,056,446
      
941,634
  
Unrealized appreciation
                                
  of forward currency
                                
  exchange contracts
    
—
      
16,768
      
—
      
47,425
  
Prepaid expenses
                                
  and other assets
    
72,699
      
52,604
      
111,001
      
66,698
  

   
733,321,538
      
381,547,090
      
1,707,339,389
      
853,513,661
  
LIABILITIES
                                
Payable for
                               
  Fund shares redeemed
    
236,697
      
202,529
      
612,648
      
479,839
  
Payable for
                                
  investments purchased
    
4,390,378
      
1,488,383
      
10,934,775
      
2,903,385
  
Payable for foreign
                                
  currency purchased
    
—
      
157
      
—
      
—
  
Payable for shareholder
                                
  servicing fees (Note 4)
    
32,449
      
17,131
      
75,553
      
38,146
  
Payable for administrative
                                
  services (Note 3)
    
11,125
      
5,869
      
25,915
      
13,084
  
Payable to Adviser (Note 3)
    
259,906
      
120,291
      
497,692
      
222,860
  
Payable to affiliates (Note 5)
    
38,891
      
41,088
      
59,495
      
46,307
  
Unrealized depreciation
                                
  of forward currency
                                
  exchange contracts
    
—
      
927
      
—
      
1,489
  
Accrued expenses and
                                
  other liabilities
    
23,051
      
14,689
      
42,482
      
25,050
  

   
4,992,497
      
1,891,064
      
12,248,560
      
3,730,160
  
NET ASSETS
  
$
728,329,041
    
$
379,656,026
    
$
1,695,090,829
    
$
849,783,501
  



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

86
Column Funds
Statements of Assets and Liabilities (Continued)
February 29, 2024 (Unaudited)

   
Column
    
Column
    
Column
    
Column
  
   
Small Cap
    
Small Cap
    
Mid Cap
    
Mid Cap
  
   
Select Fund
    
Fund
    
Select Fund
    
Fund
  
NET ASSETS CONSIST OF:
                        
Paid-in capital
  
$
697,633,001
    
$
366,665,085
    
$
1,616,424,949
    
$
805,282,477
  
Total distributable earnings
    
30,696,040
      
12,990,941
      
78,665,880
      
44,501,024
  
TOTAL NET ASSETS
  
$
728,329,041
    
$
379,656,026
    
$
1,695,090,829
    
$
849,783,501
  
Shares of beneficial
                                
  interest outstanding
                                
  (unlimited shares of
                                
  $0.001 par value authorized)
    
65,948,929
      
35,222,744
      
156,964,403
      
78,028,446
  
Net asset value per share
  
$
11.04
    
$
10.78
    
$
10.80
    
$
10.89
  
                                 
*  Cost
                                
       Investments
  
$
693,020,673
    
$
365,519,619
    
$
1,622,705,324
    
$
807,162,134
  
       Foreign currency
  
$
—
    
$
216
    
$
—
    
$
—
  



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

87
Column Funds
Statements of Operations
For the Period Ended February 29, 2024 (Unaudited)

   
Column
    
Column
    
Column
    
Column
  
   
Small Cap
    
Small Cap
    
Mid Cap
    
Mid Cap
  
   
Select Fund(1)
    
Fund(1)
    
Select Fund(1)
    
Fund(1)
  
INVESTMENT INCOME
                        
Income:
                        
Dividends*
  
$
675,597
    
$
530,276
    
$
2,319,945
    
$
1,233,820
  
Interest income
    
256,801
      
120,711
      
605,066
      
239,925
  
TOTAL INCOME
    
932,398
      
650,987
      
2,925,011
      
1,473,745
  
Expenses:
                                
Management fees (Note 3)
    
862,281
      
451,402
      
1,743,328
      
864,993
  
Shareholder servicing fees
    
42,002
      
22,864
      
97,715
      
49,777
  
Federal and state registration fees
    
22,160
      
15,120
      
40,560
      
24,560
  
Fund administration fees (Note 5)
    
20,768
      
15,291
      
41,877
      
24,453
  
Administrative services fee (Note 3)
    
14,001
      
7,621
      
32,572
      
16,592
  
Transfer agent fees (Note 5)
    
6,940
      
6,621
      
7,869
      
7,070
  
Custodian fees (Note 5)
    
5,903
      
8,616
      
5,830
      
7,665
  
Audit and tax fees
    
5,760
      
5,760
      
5,760
      
5,760
  
Legal fees
    
4,000
      
4,000
      
4,000
      
4,000
  
Trustees’ fees
    
3,520
      
3,520
      
3,520
      
3,520
  
Pricing fees (Note 5)
    
3,040
      
8,320
      
1,680
      
4,880
  
Chief Compliance Officer fees (Note 5)
    
2,240
      
2,240
      
2,240
      
2,240
  
Printing and mailing fees
    
1,040
      
1,040
      
1,040
      
1,040
  
Other fees
    
4,480
      
4,000
      
5,680
      
4,558
  
TOTAL EXPENSES
    
998,135
      
556,415
      
1,993,671
      
1,021,108
  
Less: Waiver by Adviser (Note 3)
    
(534,701
)
    
(295,263
)
    
(1,114,807
)
    
(581,398
)
NET EXPENSES
    
463,434
      
261,152
      
878,864
      
439,710
  
NET INVESTMENT INCOME
    
468,964
      
389,835
      
2,046,147
      
1,034,035
  
REALIZED AND UNREALIZED
                                
  GAIN (LOSS)
                                
Net realized gain (loss):
                                
Investments
    
(1,202,084
)
    
(624,888
)
    
564,435
      
188,959
  
Foreign currency exchange contracts
    
—
      
(550
)
    
—
      
(1,194
)
Foreign currency transactions
    
—
      
(270
)
    
—
      
—
  
     
(1,202,084
)
    
(625,708
)
    
564,435
      
187,765
  
Change in net unrealized
                                
  appreciation (depreciation) on:
                                
Investments
    
31,429,160
      
13,211,128
      
76,055,298
      
43,233,321
  
Foreign currency exchange contracts
    
—
      
15,841
      
—
      
45,936
  
Foreign currency transactions
    
—
      
(155
)
    
—
      
(33
)
     
31,429,160
      
13,226,814
      
76,055,298
      
43,279,224
  
NET GAIN ON INVESTMENTS
    
30,227,076
      
12,601,106
      
76,619,733
      
43,466,989
  
NET INCREASE IN NET ASSETS
                                
  FROM OPERATIONS
  
$
30,696,040
    
$
12,990,941
    
$
78,665,880
    
$
44,501,024
  
*  Net of foreign taxes and
                                
     fees withheld of:
  
$
171
    
$
1,810
    
$
2,136
    
$
588
  

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


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

88
Column Small Cap Select Fund
Statement of Changes in Net Assets

   
Period Ended
  
   
February 29, 2024(1)
  
   
(Unaudited)
  
OPERATIONS
      
Net investment income
  
$
468,964
  
Net realized loss on investments sold
    
(1,202,084
)
Net change in unrealized appreciation/depreciation of investments
    
31,429,160
  
NET INCREASE IN NET ASSETS FROM OPERATIONS
    
30,696,040
  
         
CAPITAL TRANSACTIONS
        
Proceeds from shares sold
    
708,336,426
  
Cost of shares redeemed
    
(10,703,425
)
INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS
    
697,633,001
  
         
TOTAL INCREASE IN NET ASSETS
    
728,329,041
  
         
NET ASSETS
        
Beginning of period
    
—
  
End of period
  
$
728,329,041
  
         
FUND SHARE TRANSACTIONS
        
Shares sold
    
66,962,052
  
Shares redeemed
    
(1,013,123
)
NET INCREASE IN FUND SHARES
    
65,948,929
  

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


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

89
Column Small Cap Fund
Statement of Changes in Net Assets

   
Period Ended
  
   
February 29, 2024(1)
  
   
(Unaudited)
  
OPERATIONS
      
Net investment income
  
$
389,835
  
Net realized loss on:
        
Investments
    
(624,888
)
Foreign currency exchange contracts
    
(550
)
Foreign currency transactions
    
(270
)
Net change in unrealized appreciation/depreciation on:
        
Investments
    
13,211,128
  
Foreign currency exchange contracts
    
15,841
  
Foreign currency transactions
    
(155
)
NET INCREASE IN NET ASSETS FROM OPERATIONS
    
12,990,941
  
         
CAPITAL TRANSACTIONS
        
Proceeds from shares sold
    
381,351,250
  
Cost of shares redeemed
    
(14,686,165
)
INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS
    
366,665,085
  
         
TOTAL INCREASE IN NET ASSETS
    
379,656,026
  
         
NET ASSETS
        
Beginning of period
    
—
  
End of period
  
$
379,656,026
  
         
FUND SHARE TRANSACTIONS
        
Shares sold
    
36,645,222
  
Shares redeemed
    
(1,422,478
)
NET INCREASE IN FUND SHARES
    
35,222,744
  

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


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

90
Column Mid Cap Select Fund
Statement of Changes in Net Assets

   
Period Ended
  
   
February 29, 2024(1)
  
   
(Unaudited)
  
OPERATIONS
      
Net investment income
  
$
2,046,147
  
Net realized gain on investments sold
    
564,435
  
Net change in unrealized appreciation/depreciation of investments
    
76,055,298
  
NET INCREASE IN NET ASSETS FROM OPERATIONS
    
78,665,880
  
         
CAPITAL TRANSACTIONS
        
Proceeds from shares sold
    
1,634,130,107
  
Cost of shares redeemed
    
(17,705,158
)
INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS
    
1,616,424,949
  
         
TOTAL INCREASE IN NET ASSETS
    
1,695,090,829
  
         
NET ASSETS
        
Beginning of period
    
—
  
End of period
  
$
1,695,090,829
  
         
FUND SHARE TRANSACTIONS
        
Shares sold
    
158,658,063
  
Shares redeemed
    
(1,693,660
)
NET INCREASE IN FUND SHARES
    
156,964,403
  

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


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

91
Column Mid Cap Fund
Statement of Changes in Net Assets

   
Period Ended
  
   
February 29, 2024(1)
  
   
(Unaudited)
  
OPERATIONS
      
Net investment income
  
$
1,034,035
  
Net realized gain (loss) on:
        
Investments
    
188,959
  
Foreign currency exchange contracts
    
(1,194
)
Net change in unrealized appreciation/depreciation on:
        
Investments
    
43,233,321
  
Foreign currency exchange contracts
    
45,936
  
Foreign currency transactions
    
(33
)
NET INCREASE IN NET ASSETS FROM OPERATIONS
    
44,501,024
  
         
CAPITAL TRANSACTIONS
        
Proceeds from shares sold
    
823,588,570
  
Cost of shares redeemed
    
(18,306,093
)
INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS
    
805,282,477
  
         
TOTAL INCREASE IN NET ASSETS
    
849,783,501
  
         
NET ASSETS
        
Beginning of period
    
—
  
End of period
  
$
849,783,501
  
         
FUND SHARE TRANSACTIONS
        
Shares sold
    
79,780,679
  
Shares redeemed
    
(1,752,233
)
NET INCREASE IN FUND SHARES
    
78,028,446
  

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


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

92
Column Small Cap Select Fund
Financial Highlights

Per Share Data for a Share Outstanding Throughout the Period

   
Period Ended
  
   
February 29, 2024(1)
  
   
(Unaudited)
  
Net asset value, beginning of period
  
$
10.00
  
         
Income from investment operations:
        
Net investment income(2)
    
0.02
  
Net realized and unrealized gain
    
1.02
  
Total from investment operations
    
1.04
  
         
Net asset value, end of period
  
$
11.04
  
         
Total return(3)(4)
    
10.40
%
         
Ratios/supplemental data:
        
Net assets, end of period (000’s)
  
$
728,329
  
Ratio of expenses to average net assets before management fee waiver(5)
    
1.03
%
Ratio of expenses to average net assets after management fee waiver(5)
    
0.48
%
Ratio of net investment income to average net assets
        
  before management fee waiver(5)
    
(0.07
)%
Ratio of net investment income to average net assets
        
  after management fee waiver(5)
    
0.48
%
Portfolio turnover rate(4)
    
30.94
%

(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.

93
Column Small Cap Fund
Financial Highlights

Per Share Data for a Share Outstanding Throughout the Period

   
Period Ended
  
   
February 29, 2024(1)
  
   
(Unaudited)
  
Net asset value, beginning of period
  
$
10.00
  
         
Income from investment operations:
        
Net investment income(2)
    
0.02
  
Net realized and unrealized gain
    
0.76
  
Total from investment operations
    
0.78
  
         
Net asset value, end of period
  
$
10.78
  
         
Total return(3)(4)
    
7.80
%
         
Ratios/supplemental data:
        
Net assets, end of period (000’s)
  
$
379,656
  
Ratio of expenses to average net assets before management fee waiver(5)
    
1.05
%
Ratio of expenses to average net assets after management fee waiver(5)
    
0.49
%
Ratio of net investment income to average net assets
        
  before management fee waiver(5)
    
0.18
%
Ratio of net investment income to average net assets
        
  after management fee waiver(5)
    
0.74
%
Portfolio turnover rate(4)
    
19.52
%

(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.

94
Column Mid Cap Select Fund
Financial Highlights

Per Share Data for a Share Outstanding Throughout the Period

   
Period Ended
  
   
February 29, 2024(1)
  
   
(Unaudited)
  
Net asset value, beginning of period
  
$
10.00
  
         
Income from investment operations:
        
Net investment income(2)
    
0.03
  
Net realized and unrealized gain
    
0.77
  
Total from investment operations
    
0.80
  
         
Net asset value, end of period
  
$
10.80
  
         
Total return(3)(4)
    
8.00
%
         
Ratios/supplemental data:
        
Net assets, end of period (000’s)
  
$
1,695,091
  
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)
    
0.39
%
Ratio of net investment income to average net assets
        
  before management fee waiver(5)
    
0.41
%
Ratio of net investment income to average net assets
        
  after management fee waiver(5)
    
0.90
%
Portfolio turnover rate(4)
    
7.62
%

(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.

95
Column Mid Cap Fund
Financial Highlights

Per Share Data for a Share Outstanding Throughout the Period

   
Period Ended
  
   
February 29, 2024(1)
  
   
(Unaudited)
  
Net asset value, beginning of period
  
$
10.00
  
         
Income from investment operations:
        
Net investment income(2)
    
0.03
  
Net realized and unrealized gain
    
0.86
  
Total from investment operations
    
0.89
  
         
Net asset value, end of period
  
$
10.89
  
         
Total return(3)(4)
    
8.90
%
         
Ratios/supplemental data:
        
Net assets, end of period (000’s)
  
$
849,784
  
Ratio of expenses to average net assets before management fee waiver(5)
    
0.89
%
Ratio of expenses to average net assets after management fee waiver(5)
    
0.38
%
Ratio of net investment income to average net assets
        
  before management fee waiver(5)
    
0.39
%
Ratio of net investment income to average net assets
        
  after management fee waiver(5)
    
0.90
%
Portfolio turnover rate(4)
    
9.98
%

(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.

96
Column Funds
Notes to Financial Statements
February 29, 2024 (Unaudited)

(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

97
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
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 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 the Fund is accurately priced. The Adviser will regularly evaluate whether the 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

98
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
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 February 29, 2024:
   
 
Column Small Cap Select Fund

     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks*
  
$
679,392,243
    
$
327,152
    
$
—
    
$
679,719,395
  
 
Real Estate
                                
 
  Investment Trusts
    
23,502,743
      
—
      
—
      
23,502,743
  
 
Money Market Funds
    
21,227,695
      
—
      
—
      
21,227,695
  
 
Total Investments
                                
 
  in Securities
  
$
724,122,681
    
$
327,152
    
$
—
    
$
724,449,833
  

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

 
Column Small Cap Fund

     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks*
  
$
351,779,601
    
$
5,163,200
    
$
—
    
$
356,942,801
  
 
Real Estate
                                
 
  Investment Trusts
    
9,062,937
      
—
      
—
      
9,062,937
  
 
Closed End Funds
    
6,176
      
—
      
—
      
6,176
  
 
Money Market Funds
    
12,718,833
      
—
      
—
      
12,718,833
  
 
Total Investments
                                
 
  in Securities
  
$
373,567,547
    
$
5,163,200
    
$
—
    
$
378,730,747
  
 
Other Financial
                                
 
  Instruments**
                                
 
Forward Currency
                                
 
  Contracts
  
$
—
    
$
15,841
    
$
—
    
$
15,841
  

 
*
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 unrealized appreciation (depreciation) on the instrument.

99
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
Column Mid Cap Select Fund
                        
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks*
  
$
1,554,874,487
    
$
—
    
$
—
    
$
1,554,874,487
  
 
Real Estate
                                
 
  Investment Trusts
    
66,228,855
      
—
      
—
      
66,228,855
  
 
Money Market Funds
    
77,657,280
      
—
      
—
      
77,657,280
  
 
Total Investments
                                
 
  in Securities
  
$
1,698,760,622
    
$
—
    
$
—
    
$
1,698,760,622
  

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

 
Column Mid Cap Fund
                        
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks*
  
$
786,129,365
    
$
10,334,098
    
$
—
    
$
796,463,463
  
 
Real Estate
                                
 
  Investment Trusts
    
25,460,018
      
—
      
—
      
25,460,018
  
 
Exchange Traded Fund
    
3,071,753
      
—
      
—
      
3,071,753
  
 
Preferred Stocks*
    
—
      
1,045,889
      
—
      
1,045,889
  
 
Money Market Funds
    
24,354,332
      
—
      
—
      
24,354,332
  
 
Total Investments
                                
 
  in Securities
  
$
839,015,468
    
$
11,379,987
    
$
—
    
$
850,395,455
  
 
Other Financial
                                
 
  Instruments**
                                
 
Forward Currency
                                
 
  Contracts
  
$
—
    
$
45,936
    
$
—
    
$
45,936
  

 
*
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 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.

100
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
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
   
 
The Funds intend 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 February 29, 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 February 29, 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.

101
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
(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 Fund’s 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 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
   
 
The Funds may utilize derivative instruments such as forward currency contracts to the extent that they are consistent with the Funds’ investment objectives and limitations. The Funds have adopted derivative instrument disclosure standards, in order to enable the investor to understand how derivative instruments affect a Fund’s operations and financial position. As of February 29, 2024, the fair value of derivative instruments in the Funds are described below:

102
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
Column Small Cap Fund
   
 
Statements of Assets and Liabilities —
 
Value of Derivative Instruments as of February 29, 2024

   
Asset Derivatives
  
Liability Derivatives
  
    
Statements of Assets
      
Statements of Assets
      
    
and Liabilities Location
  
Value
  
and Liabilities Location
  
Value
  
 
Forward Currency
Unrealized appreciation
      
Unrealized depreciation
      
 
  Exchange Contracts
on futures contracts
  
$
16,768
  
on futures contracts
  
$
927
  
 
Total
    
$
16,768
      
$
927
  

 
The Effect of Derivative Instruments on the Statements of Operations for the period ended February 29, 2024

 
Amount of Realized Gain (Loss)
  
Change in Unrealized
  
 
on Derivatives
  
Appreciation (Depreciation) on Derivatives
  
      
Forward
      
Forward
  
      
Currency
      
Currency
  
      
Contracts
      
Contracts
  
 
Foreign Exchange Contracts
  
$
(550
)
Foreign Exchange Contracts
  
$
15,841
  
 
Total
  
$
(550
)
Total
  
$
15,841
  

 
Column Mid Cap Fund
   
 
Statements of Assets and Liabilities —
 
Value of Derivative Instruments as of February 29, 2024

   
Asset Derivatives
  
Liability Derivatives
  
    
Statements of Assets
      
Statements of Assets
      
    
and Liabilities Location
  
Value
  
and Liabilities Location
  
Value
  
 
Forward Currency
Unrealized appreciation
      
Unrealized depreciation
      
 
  Exchange Contracts
on futures contracts
  
$
47,425
  
on futures contracts
  
$
1,489
  
 
Total
    
$
47,425
      
$
1,489
  

 
The Effect of Derivative Instruments on the Statements of Operations for the period ended February 29, 2024

 
Amount of Realized Gain (Loss)
  
Change in Unrealized
  
 
on Derivatives
  
Appreciation (Depreciation) on Derivatives
  
      
Forward
      
Forward
  
      
Currency
      
Currency
  
      
Contracts
      
Contracts
  
 
Foreign Exchange Contracts
  
$
(1,194
)
Foreign Exchange Contracts
  
$
45,936
  
 
Total
  
$
(1,194
)
Total
  
$
45,936
  

103
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
Volume Disclosures
   
 
The average monthly notional amount outstanding of forward currency exchange contracts during the period ended February 29, 2024 was as follows:

 
Column Small Cap Fund
$1,238,147
  
 
Column Mid Cap Fund
$7,574,398
  

 
The Column Small Cap Select Fund and Column Mid Cap Select Fund did not invest in any derivatives during the period ended February 29, 2024.
   
(3)
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 10, 2025, to waive its management fees with respect to each Fund to the extent such 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;

104
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
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 agreements between the Adviser and the below listed sub-advisers. Under the terms of these 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
   
(4)
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 in an amount not to exceed 0.10% of a Fund’s average daily net assets. Currently, the shareholder servicing fee authorized for each Fund is up to 0.06%; however, the fee may be increased up to 0.10% of a Fund’s 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

105
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
of shareholder accounts on behalf of shareholders. The following table details the fees incurred by the Funds pursuant to the Shareholder Servicing Plan during the period ended February 29, 2024, as well as the fees owed as of February 29, 2024.

   
Fees Incurred
Fees Owed
 
Column Small Cap Select Fund
$42,002
$32,449
 
Column Small Cap Fund
$22,864
$17,131
 
Column Mid Cap Select Fund
$97,715
$75,553
 
Column Mid Cap Fund
$49,777
$38,146

(5)
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. (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 February 29, 2004 and owed as of February 29, 2024 are as follows:

 
Administration
Incurred
Owed
 
Column Small Cap Select Fund
$20,768
$20,768
 
Column Small Cap Fund
$15,291
$15,291
 
Column Mid Cap Select Fund
$41,877
$41,877
 
Column Mid Cap Fund
$24,453
$24,453
       
 
Pricing
Incurred
Owed
 
Column Small Cap Select Fund
$  3,040
$  3,040
 
Column Small Cap Fund
$  8,320
$  8,320
 
Column Mid Cap Select Fund
$  1,680
$  1,680
 
Column Mid Cap Fund
$  4,880
$  4,880
       
 
Transfer Agent
Incurred
Owed
 
Column Small Cap Select Fund
$  6,940
$  6,940
 
Column Small Cap Fund
$  6,621
$  6,621
 
Column Mid Cap Select Fund
$  7,869
$  7,868
 
Column Mid Cap Fund
$  7,070
$  7,069
       
 
Custody
Incurred
Owed
 
Column Small Cap Select Fund
$  5,903
$  5,903
 
Column Small Cap Fund
$  8,616
$  8,616
 
Column Mid Cap Select Fund
$  5,830
$  5,830
 
Column Mid Cap Fund
$  7,665
$  7,665

106
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

 
Chief Compliance Officer
Incurred
Owed
 
Column Small Cap Select Fund
$  2,240
$  2,240
 
Column Small Cap Fund
$  2,240
$  2,240
 
Column Mid Cap Select Fund
$  2,240
$  2,240
 
Column Mid Cap Fund
$  2,240
$  2,240

 
The Funds also have a line of credit with U.S. Bank (see Note 8).
   
 
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.
   
(6)
Investment Transactions
   
 
The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the period ended February 29, 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
  
$
778,094,336
    
$
105,099,274
  
 
Column Small Cap Fund
  
$
389,332,303
    
$
35,899,235
  
 
Column Mid Cap Select Fund
  
$
1,604,152,719
    
$
59,669,083
  
 
Column Mid Cap Fund
  
$
823,045,907
    
$
40,364,125
  

 
(7)
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 February 29, 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.
   
(8)
Line of Credit
   
 
The Funds and U.S. Bank, N.A. have entered into an umbrella line of credit agreement in the amount of up to $100,000,000, which matures on August 3, 2024. 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 February 29, 2024. Interest expense incurred for the period ended February 29, 2024 is disclosed in the Statement of Operations within Other Fees.

107
Column Funds
Notes to Financial Statements (Continued)
February 29, 2024 (Unaudited)

(9)
Subsequent Events
   
 
The Funds have evaluated events and transactions that have occurred subsequent to February 29, 2024 through the date the financial statements were issued and determined there were no subsequent events that would require disclosure in the financial statements.
   
(10)
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, significant conflict between Israel and Hamas in the Middle East, and the impact of the coronavirus (COVID-19) global pandemic. The impact of COVID-19 may last for an extended period of time. 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.








108
Column Funds
Basis for Trustees’ Approval of Investment Advisory Agreement
(Unaudited)

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on October 19, 2023 to consider the initial approval of the Investment Advisory Agreement (the “Agreement”) between the Trust, on behalf of the Column Small Cap Select Fund, Column Small Cap Fund, Column Mid Cap Select Fund, and Column Mid Cap Fund (each, a “Column Fund,” and together, the “Column Funds”), each a series of the Trust, and Mason Street Advisors, LLC, the Column Funds’ investment adviser (identified hereinafter as the “Adviser”). In advance of the meeting, the Trustees requested and received materials to assist them in considering the approval of the Agreement, including a memorandum provided by the Trust’s legal counsel, which outlined the Trustees’ responsibilities in considering the Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Agreement, detailed comparative information relating to the management fees and other expenses of the Column Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Column Funds by the Adviser, the Adviser’s Form ADV, select financial statements of the Adviser, biographical information of the Adviser’s key management and compliance personnel, comparative fee information for the Column Funds and a separate registered investment company managed by the Adviser, and a summary detailing key provisions of the Adviser’s written compliance program, including its code of ethics) and other pertinent information. In considering approval of the Agreement, the Trustees also reviewed the Trust’s post-effective amendment to its Form N-1A registration statement, including the prospectus and statement of additional information included therein, relating to the registration of the Column Funds.
 
In reviewing the Agreement, the Trustees considered certain matters, including, but not limited to, the following: (1) the nature, extent and quality of services to be provided to the Column Funds by the Adviser; (2) the investment performance of the Column Funds and the Adviser; (3) the cost of services to be provided and profits to be realized by the Adviser from its management of the Column Funds; (4) the extent to which economies of scale would be realized as the Column Funds grow and whether the proposed management fees for the Column Funds reflect these economies of scale for the Column Funds’ benefit; and (5) other financial benefits to the Adviser resulting from services rendered to the Column Funds. Based on their evaluation of the information provided by the Adviser, in conjunction with the Column Funds’ other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the Agreement for an initial term ending two years following the Column Funds’ commencement of operations pursuant to an effective registration statement.
 
1.  NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED TO THE COLUMN FUNDS
 
The Trustees considered the nature, extent and quality of services to be provided by the Adviser to the Column Funds and the amount of time to be devoted by the Adviser’s staff to the Column Funds’ operations. The Trustees considered the Adviser’s specific responsibilities in all aspects of day-to-day management of each Column Fund, including
 

109
Column Funds
Basis for Trustees’ Approval of Investment Advisory Agreement
(Continued) (Unaudited)

its recommendations with respect to the hiring, termination or replacement of one or more sub-advisers to the Column Funds and its oversight of investment strategies implemented by any such sub-advisers. The Trustees also considered the qualifications, experience and responsibilities of key personnel at the Adviser involved in the day-to-day activities of the Column Funds. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser’s compliance program and discussed the Adviser’s commitment to the growth of assets for each Column Fund. The Trustees also noted any services that extended beyond portfolio management, and they considered the overall capability of the Adviser. The Trustees discussed the Adviser’s compliance program, including a report from the Trust’s chief compliance officer to the Trustees regarding the effectiveness of the Adviser’s compliance program. The Trustees also considered the Adviser’s overall financial condition and support from its parent entity, The Northwestern Mutual Life Insurance Company, as well as the implementation and operational effectiveness of the Adviser’s business continuity plan. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Column Funds Advisory Agreement and that the nature, overall quality and extent of the management services to be provided to the Column Funds, as well as the Adviser’s compliance program, were satisfactory and reliable.
 
2.  INVESTMENT PERFORMANCE OF THE COLUMN FUNDS AND THE ADVISER
 
The Trustees noted that the Column Funds had not yet commenced operations and, therefore, that performance of the Column Funds was not a relevant factor for consideration. In assessing the portfolio management services to be provided by the Adviser, the Trustees considered the investment management experience of the Adviser with respect to the Northwestern Mutual Series Fund, Inc., a registered investment company with 27 series managed by the Adviser and 25 of which are sub-advised by a single third-party investment sub-adviser. The Trustees discussed the Adviser’s process for identifying, recommending, and monitoring one or more sub-advisers for each Column Fund, as applicable, and for allocating and reallocating assets among such sub-advisers consistent with each Column Fund’s investment objectives and strategies. The Trustees considered the Adviser’s role in assessing each sub-adviser’s investment style and historical performance and in allocating each Column Fund’s assets to such sub-adviser on the basis of the particular strategy assigned to it as well as the strategies assigned to other sub-advisers for such Column Fund, as applicable. The Trustees noted that the Adviser did not manage any other accounts with the same or similar investment strategies as the Column Funds that are being managed with allocations to multiple third-party investment sub-advisers. After considering all of the information, the Trustees determined that each Column Fund and its shareholders were likely to benefit from the Adviser’s management.
 
3.  COSTS OF SERVICES TO BE PROVIDED AND PROFITS TO BE REALIZED BY THE ADVISER
 
The Trustees considered the cost of services and the structure of the Adviser’s proposed management fee, including a review of the expense analyses and other pertinent material with respect to each Column Fund. The Trustees noted the proposed tiered management
 

110
Column Funds
Basis for Trustees’ Approval of Investment Advisory Agreement
(Continued) (Unaudited)

fee schedule for each of the Column Funds contained breakpoints and was computed daily and paid monthly, based on an annual rate equal to a percentage of each Column Fund’s average annual net assets as follows: (1) for each of the Column Small Cap Select Fund and 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 and 0.72% on amounts over $1 billion; and (2) for each of the Column Mid Cap Select Fund and 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 and 0.66% on amounts over $1 billion. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses, expense components and peer group selection. The Trustees also considered the cost structure of each Column Fund relative to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. small blend funds for the Column Small Cap Select Fund, a peer group of U.S. small blend funds for the Column Small Cap Fund, a peer group of U.S. mid-cap value and mid-cap blend funds for the Column Mid Cap Select Fund, and a peer group of U.S. mid-cap value and mid-cap blend funds for the Column Mid Cap Fund) (each, a “Barrington Cohort”). In reviewing each Column Fund’s proposed expense structure, the Trustees took into account each Column Fund’s “manager of managers” structure and noted that the Adviser has contractually agreed, through at least October 31, 2025, to waive its management fees with respect to each Column Fund to the extent such management fees exceed the management fees that the Adviser is required to pay to such Column Fund’s designated sub-advisers for management of allocated portions of such Column Fund and the Adviser may not recoup these waivers in future periods. The Trustees noted that each Column Fund is offered exclusively through advisory programs sponsored by Northwestern Mutual Wealth Management Company, an affiliate of the Adviser, and shareholders of each Column Fund may pay other fees, such as annual program or administrative fees, for participating in such advisory programs. The Trustees also noted that each Column Fund will pay the Adviser, under a separate administrative services agreement, an administrative services fee computed daily and paid monthly, based on an annual rate equal to 0.02% of each Column Fund’s average net assets, for providing or procuring management of certain of the Column Funds’ administrative affairs.
 
The Trustees noted that the Column Small Cap Select Fund’s proposed contractual management fee of 0.76% (which is a blended fee reflecting certain breakpoints for the Fund’s estimated net assets) was lower than the Barrington Cohort average of 0.78%. The Trustees further noted that the Fund’s total expense ratio (net of estimated management fee waivers) of 0.62% was below the Barrington Cohort average of 0.95%.
 
The Trustees noted that the Column Small Cap Fund’s proposed contractual management fee of 0.77% (which is a blended fee reflecting certain breakpoints for the Fund’s estimated net assets) was below the Barrington Cohort average of 0.79%. The Trustees further noted that the Fund’s total expense ratio (net of estimated management fee waivers) of 0.60% was below the Barrington Cohort average of 0.95%.
 
The Trustees noted that the Column Mid Cap Select Fund’s proposed contractual management fee of 0.68% (which is a blended fee reflecting certain breakpoints for the
 

111
Column Funds
Basis for Trustees’ Approval of Investment Advisory Agreement
(Continued) (Unaudited)

Fund’s estimated net assets) was below the Barrington Cohort average of 0.69%. The Trustees further noted that the Fund’s total expense ratio (net of estimated management fee waivers) of 0.52% was below the Barrington Cohort average of 0.85%.
 
The Trustees noted that the Column Mid Cap Fund’s proposed contractual management fee of 0.70% (which is a blended fee reflecting certain breakpoints for the Fund’s estimated net assets) was above the Barrington Cohort average of 0.65%. The Trustees further noted that the Fund’s total expense ratio (net of estimated management fee waivers) of 0.49% was below the Barrington Cohort average of 0.78%.
 
The Trustees considered the overall profitability that may result from the Adviser’s management of each Column Fund and reviewed the Adviser’s financial information. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the estimated fees payable under the Column Funds Advisory Agreement.
 
The Trustees concluded that the estimated expenses and the proposed management fees to be paid to the Adviser for each Column Fund were fair and reasonable in light of the comparative performance, expense and management fee information and the investment management services to be provided to each Column Fund by the Adviser.
 
4.  EXTENT OF ECONOMIES OF SCALE AS THE COLUMN FUNDS GROW
 
The Trustees compared each Column Fund’s estimated expenses relative to its peer group and discussed economies of scale. The Trustees reviewed all estimated management fee waivers and noted that each Column Fund’s proposed management fee structure contained breakpoint reductions as a Fund’s assets grow in size. With respect to the Adviser’s fee structure, the Trustees concluded that the potential economies of scale with respect to each Column Fund were acceptable.
 
5.  BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE COLUMN FUNDS
 
The Trustees considered the direct and indirect benefits that could be realized by the Adviser from its association with the Column Funds. The Trustees concluded that the benefits the Adviser may receive, including fees to be received under the administrative services agreement, potential improved fee rates charged by sub-advisers to the Column Funds that are also sub-advisers to other accounts of the Adviser or its affiliates, the Adviser’s relationships with sub-advisers to the Column Funds and the potential ability to leverage investment professionals of such sub-advisers, and the ability of the Adviser and its affiliates to market other platforms through which the Column Funds may be available, appear to be reasonable, and in many cases may benefit the Column Funds.
 
CONCLUSIONS
 
The Trustees considered all of the foregoing factors. In considering the approval of the Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Column Funds’ surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the proposed Agreement for an initial two-year term as being in the best interests of each Column Fund and its shareholders.
 


112
Column Small Cap Select Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Unaudited)

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on October 19, 2023 to consider the initial approval of the sub-advisory agreements (the “Sub-Advisory Agreements”) between Mason Street Advisors, LLC (identified hereinafter as “MSA” or the “Adviser”), on behalf of the Column Small Cap Select Fund (the “Fund”), a series of the Trust, and each of the Fund’s sub-advisers, Boston Partners Global Investors, Inc. (WPG Partners Division), Driehaus Capital Management LLC, Neuberger Berman Investment Advisers LLC, and Vaughan Nelson Investment Management, L.P. (each, a “Sub-Adviser,” and together, the “Sub-Advisers”).
 
Prior to this meeting, the Trustees requested and received materials to assist them in considering the approval of the Sub-Advisory Agreements. The materials provided contained information with respect to the factors enumerated below, including copies of the Sub-Advisory Agreements, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Sub-Advisory Agreements, due diligence materials relating to each Sub-Adviser (including a due diligence questionnaire, Form ADV, biographical information of key management and compliance personnel, and a summary detailing key provisions of the Sub-Adviser’s written compliance program, including its code of ethics) and other pertinent information. Based on their evaluation of the information provided by the Sub-Advisers, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved each Sub-Advisory Agreement for an initial two-year term.
 
1.  NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED BY THE SUB-ADVISERS TO THE FUND
 
The Trustees considered the nature, extent and quality of services to be provided by Boston Partners Global Investors, Inc. (WPG Partners Division) (“Boston Partners”), Driehaus Capital Management LLC (“Driehaus”), Neuberger Berman Investment Advisers LLC (“NBIA”), and Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”), to the Fund. The Trustees considered Boston Partners’ responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Eric Gandhi, who would serve as the portfolio manager for the segment of the Fund’s assets managed by Boston Partners, and other key personnel at Boston Partners. The Trustees also considered Driehaus’ responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Jeffrey James, Michael Buck, and Prakash Vijayan, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Driehaus, and other key personnel at Driehaus. The Trustees also considered NBIA’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Robert W. D’Alelio, Brett S. Reiner, Gregory G. Spiegel, Benjamin H. Nahum, James F. McAree, and Amit Solomon, Ph.D, who would serve as the portfolio managers for the segment of the Fund’s assets managed by NBIA, and other key personnel at NBIA. The Trustees also considered Vaughan Nelson’s responsibilities in its management of Fund assets, as well as the qualifications,
 

113
Column Small Cap Select Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Continued) (Unaudited)

experience and responsibilities of Chris D. Wallis and James Eisenman, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Vaughan Nelson, and other key personnel at Vaughan Nelson.
 
The Trustees also considered information provided by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson and included in a due diligence questionnaire and other related due diligence documentation relating to each of their investment strategies for the Fund, brokerage practices and compliance and risk management programs. The Trustees also noted any services that extended beyond portfolio management. The Trustees also considered the overall financial condition of each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson, as well as the implementation and operational effectiveness of each firm’s business continuity plan. The Trustees concluded that each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing their duties under each Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services to be provided by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson to the Fund were satisfactory.
 
2.  INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS
 
The Trustees did not consider the performance of the Fund, as it has no performance history. However, the Trustees reviewed the qualifications, backgrounds and experience of the personnel of Boston Partners, Driehaus, NBIA, and Vaughan Nelson, as well as information concerning the performance history of Boston Partners, Driehaus, NBIA, and Vaughan Nelson with respect to a composite of separately managed accounts that use a strategy similar to the strategy to be employed by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson with respect to its respective segment of Fund assets. After considering all of the information provided to them, the Trustees concluded that the Fund and its shareholders were likely to benefit from each of Boston Partners’, Driehaus’, NBIA’s, and Vaughan Nelson’s management of the Fund’s portfolio.
 
3.  COSTS OF SERVICES TO BE PROVIDED AND PROFITS TO BE REALIZED BY THE SUB-ADVISERS
 
The Trustees then considered the cost of services and the structure of the proposed sub-advisory fees schedules for each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson, under the respective Sub-Advisory Agreement. The Trustees noted that MSA had confirmed to the Trustees that the sub-advisory fees payable under each Sub-Advisory Agreement were reasonable in light of the quality of the services to be performed by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson and each Sub-Advisory Agreement included a “most favored nations” fee provision. The Trustees noted that the sub-advisory fees are paid by MSA, but the overall advisory fee paid by the Fund could be affected by the sub-advisory fees paid to each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson, absent MSA’s contractual agreement to waive its management fees with respect to the Fund to the extent such management fees exceed the management fees that MSA is required to pay to the Fund’s designated sub-advisers. However, the Trustees did not consider the costs of services to be provided by each of Boston Partners,
 

114
Column Small Cap Select Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Continued) (Unaudited)

Driehaus, NBIA, and Vaughan Nelson or their profitability from their relationship with the Fund to be material factors for such consideration given that each sub-adviser is not affiliated with MSA and, therefore, the sub-advisory fees were negotiated on an arm’s length basis. Based on all these factors, the Trustees concluded that the sub-advisory fees to be paid to each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson by MSA were reasonable in light of the services to be provided by Boston Partners, Driehaus, NBIA, and Vaughan Nelson.
 
4.  EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS
 
Since the sub-advisory fees payable to each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson are not paid by the Fund, the Trustees did not consider whether the sub-advisory fees should reflect any potential economies of scale that might be realized as the Fund’s assets increase. However, the Trustees noted that the proposed sub-advisory fee structure for NBIA did not contain breakpoint reductions but the fee structure for each of Boston Partners, Driehaus and Vaughan Nelson contained breakpoint reductions as the assets of the respective segment of the Fund managed by the sub-adviser grow in size.
 
5.  BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE FUND
 
The Trustees next considered the direct and indirect benefits that could be received by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson from its association with the Fund. The Trustees concluded that the benefits each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund.
 
CONCLUSIONS
 
In considering each of the Sub-Advisory Agreements, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances, including the recommendation of MSA with respect to each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson. Based on this review, the Trustees, including a majority of the Independent Trustees, approved each of the proposed Sub-Advisory Agreements with respect to the Fund for an initial two-year term as being in the best interests of the Fund and its shareholders.
 





115
Column Small Cap Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Unaudited)

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on October 19, 2023 to consider the initial approval of the sub-advisory agreements (the “Sub-Advisory Agreements”) between Mason Street Advisors, LLC (identified hereinafter as “MSA” or the “Adviser”), on behalf of the Column Small Cap Fund (the “Fund”), a series of the Trust, and each of the Fund’s sub-advisers, American Century Investment Management, Inc. and 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, and Vaughan Nelson Investment Management, L.P. (each, a “Sub-Adviser,” and together, the “Sub-Advisers”).
 
Prior to this meeting, the Trustees requested and received materials to assist them in considering the approval of the Sub-Advisory Agreements. The materials provided contained information with respect to the factors enumerated below, including copies of the Sub-Advisory Agreements, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Sub-Advisory Agreements, due diligence materials relating to each Sub-Adviser (including a due diligence questionnaire, Form ADV, biographical information of key management and compliance personnel, and a summary detailing key provisions of the Sub-Adviser’s written compliance program, including its code of ethics) and other pertinent information. Based on their evaluation of the information provided by the Sub-Advisers, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved each Sub-Advisory Agreement for an initial two-year term.
 
1.  NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED BY THE SUB-ADVISERS TO THE FUND
 
The Trustees considered the nature, extent and quality of services to be provided by American Century Investment Management, Inc. and American Century Investment Management, Inc. (Avantis Investors Division) (collectively, “American Century”), Boston Partners Global Investors, Inc. (WPG Partners Division) (“Boston Partners”), Franklin Mutual Advisers, LLC (“Franklin”), Kayne Anderson Rudnick Investment Management, LLC (“KAR”), Neuberger Berman Investment Advisers LLC (“NBIA”), and Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”), to the Fund. The Trustees considered American Century’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Jackie Wagner, Jeff Hoernemann, Daniel Ong, Eduardo Repetto, Mitchell Firestein, and Ted Randall, who would serve as the portfolio managers for the segments of the Fund’s assets managed by American Century and its Avantis Investors Division, as applicable, and other key personnel at American Century. The Trustees considered Boston Partners’ responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Eric A. Gandhi, Richard A. Shuster and Gregory N. Weiss, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Boston Partners, and other
 

116
Column Small Cap Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Continued) (Unaudited)

key personnel at Boston Partners. The Trustees considered Franklin’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Steven B. Raineri, Christopher Meeker, and Nicholas Karzon, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Franklin, and other key personnel at Franklin. The Trustees considered KAR’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Jon Christensen and Todd Beiley, who would serve as the portfolio managers for the segment of the Fund’s assets managed by KAR, and other key personnel at KAR. The Trustees also considered NBIA’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Robert W. D’Alelio, Brett S. Reiner, Gregory G. Spiegel, Benjamin H. Nahum, James F. McAree, and Amit Solomon, Ph.D, who would serve as the portfolio managers for the segment of the Fund’s assets managed by NBIA, and other key personnel at NBIA. The Trustees also considered Vaughan Nelson’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Chris D. Wallis and James Eisenman, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Vaughan Nelson, and other key personnel at Vaughan Nelson.
 
The Trustees also considered information provided by each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson and included in a due diligence questionnaire and other related due diligence documentation relating to each of their investment strategies for the Fund, brokerage practices and compliance and risk management programs. The Trustees also noted any services that extended beyond portfolio management. The Trustees also considered the overall financial condition of each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson, as well as the implementation and operational effectiveness of each firm’s business continuity plan. The Trustees concluded that each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing their duties under each Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services to be provided by each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson to the Fund were satisfactory.
 
2.  INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS
 
The Trustees did not consider the performance of the Fund, as it has no performance history. However, the Trustees reviewed the qualifications, backgrounds and experience of the personnel of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson, as well as information concerning the performance history of American Century, Boston Partners, KAR, NBIA, and Vaughan Nelson with respect to a composite of separately managed accounts that use a strategy similar to the strategy to be employed by each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson with respect to its respective segment of Fund assets. After considering all of the information provided to them, the Trustees concluded that the Fund and its shareholders were likely to benefit from each of American Century’s, Boston Partners’, Franklin’s, KAR’s, NBIA’s, and Vaughan Nelson’s management of the Fund’s portfolio.
 

117
Column Small Cap Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Continued) (Unaudited)

3.  COSTS OF SERVICES TO BE PROVIDED AND PROFITS TO BE REALIZED BY THE SUB-ADVISERS
 
The Trustees then considered the cost of services and the structure of the proposed sub-advisory fees schedules for each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson, under the respective Sub-Advisory Agreement. The Trustees noted that MSA had confirmed to the Trustees that the sub-advisory fees payable under each Sub-Advisory Agreement were reasonable in light of the quality of the services to be performed by each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson and each Sub-Advisory Agreement included a “most favored nations” fee provision. The Trustees noted that the sub-advisory fees are paid by MSA, but the overall advisory fee paid by the Fund could be affected by the sub-advisory fees paid to each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson, absent MSA’s contractual agreement to waive its management fees with respect to the Fund to the extent such management fees exceed the management fees that MSA is required to pay to the Fund’s designated sub-advisers. However, the Trustees did not consider the costs of services to be provided by each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson or their profitability from their relationship with the Fund to be material factors for consideration given that each sub-adviser is not affiliated with MSA and, therefore, the sub-advisory fees were negotiated on an arm’s length basis. Based on all these factors, the Trustees concluded that the sub-advisory fees to be paid to each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson by MSA were reasonable in light of the services to be provided by American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson.
 
4.  EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS
 
Since the sub-advisory fees payable to each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson are not paid by the Fund, the Trustees did not consider whether the sub-advisory fees should reflect any potential economies of scale that might be realized as the Fund’s assets increase. However, the Trustees noted that the proposed sub-advisory fee structure for NBIA did not contain breakpoint reductions but the fee structure for each of American Century, Boston Partners, Franklin, KAR and Vaughan Nelson contained breakpoint reductions as the assets of the respective segment of the Fund managed by the sub-adviser grow in size.
 
5.  BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE FUND
 
The Trustees next considered the direct and indirect benefits that could be received by each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson from its association with the Fund. The Trustees concluded that the benefits each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund.
 

118
Column Small Cap Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Continued) (Unaudited)

CONCLUSIONS
 
In considering each of the Sub-Advisory Agreements, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances, including the recommendation of MSA with respect to each of American Century, Boston Partners, Franklin, KAR, NBIA, and Vaughan Nelson. Based on this review, the Trustees, including a majority of the Independent Trustees, approved each of the proposed Sub-Advisory Agreements with respect to the Fund for an initial two-year term as being in the best interests of the Fund and its shareholders.
 









119
Column Mid Cap Select Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Unaudited)

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on October 19, 2023 to consider the initial approval of the sub-advisory agreements (the “Sub-Advisory Agreements”) between Mason Street Advisors, LLC (identified hereinafter as “MSA” or the “Adviser”), on behalf of the Column Mid Cap Select Fund (the “Fund”), a series of the Trust, and each of the Fund’s sub-advisers, Boston Partners Global Investors, Inc., EARNEST Partners, LLC, and Kayne Anderson Rudnick Investment Management, LLC (each, a “Sub-Adviser,” and together, the “Sub-Advisers”).
 
Prior to this meeting, the Trustees requested and received materials to assist them in considering the approval of the Sub-Advisory Agreements. The materials provided contained information with respect to the factors enumerated below, including copies of the Sub-Advisory Agreements, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Sub-Advisory Agreements, due diligence materials relating to each Sub-Adviser (including a due diligence questionnaire, Form ADV, biographical information of key management and compliance personnel, and a summary detailing key provisions of the Sub-Adviser’s written compliance program, including its code of ethics) and other pertinent information. Based on their evaluation of the information provided by the Sub-Advisers, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved each Sub-Advisory Agreement for an initial two-year term.
 
1.  NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED BY THE SUB-ADVISERS TO THE FUND
 
The Trustees considered the nature, extent and quality of services to be provided by Boston Partners Global Investors, Inc. (“Boston Partners”), EARNEST Partners, LLC (“EARNEST Partners”), and Kayne Anderson Rudnick Investment Management, LLC (“KAR”) to the Fund. The Trustees considered Boston Partners’ responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Steve Pollack and Tim Collard, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Boston Partners, and other key personnel at Boston Partners. The Trustees also considered EARNEST Partners’ responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Paul E. Viera, who would serve as the portfolio manager for the segment of the Fund’s assets managed by EARNEST Partners, and other key personnel at EARNEST Partners. The Trustees considered KAR’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Jon Christensen and Craig Stone, who would serve as the portfolio managers for the segment of the Fund’s assets managed by KAR, and other key personnel at KAR.
 
The Trustees also considered information provided by each of Boston Partners, EARNEST Partners, and KAR and included in a due diligence questionnaire and other related due diligence documentation relating to each of their investment strategies for the
 

120
Column Mid Cap Select Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Continued) (Unaudited)

Fund, brokerage practices and compliance and risk management programs. The Trustees also noted any services that extended beyond portfolio management. The Trustees also considered the overall financial condition of each of Boston Partners, EARNEST Partners, and KAR, as well as the implementation and operational effectiveness of each firm’s business continuity plan. The Trustees concluded that each of Boston Partners, EARNEST Partners, and KAR had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing their duties under each Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services to be provided by each of Boston Partners, EARNEST Partners, and KAR to the Fund were satisfactory.
 
2.  INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS
 
The Trustees did not consider the performance of the Fund, as it has no performance history. However, the Trustees reviewed the qualifications, backgrounds and experience of the personnel of Boston Partners, EARNEST Partners, and KAR, as well as information concerning the performance history of Boston Partners, EARNEST Partners, and KAR with respect to a composite of separately managed accounts that use a strategy similar to the strategy to be employed by each of Boston Partners, EARNEST Partners, and KAR with respect to its respective segment of Fund assets. After considering all of the information provided to them, the Trustees concluded that the Fund and its shareholders were likely to benefit from each of Boston Partners’, EARNEST Partners’, and KAR’s management of the Fund’s portfolio.
 
3.  COSTS OF SERVICES TO BE PROVIDED AND PROFITS TO BE REALIZED BY THE SUB-ADVISERS
 
The Trustees then considered the cost of services and the structure of the proposed sub-advisory fees schedules for each of Boston Partners, EARNEST Partners, and KAR, under the respective Sub-Advisory Agreement. The Trustees noted that MSA had confirmed to the Trustees that the sub-advisory fees payable under each Sub-Advisory Agreement were reasonable in light of the quality of the services to be performed by each of Boston Partners, EARNEST Partners, and KAR and each Sub-Advisory Agreement included a “most favored nations” fee provision. The Trustees noted that the sub-advisory fees are paid by MSA, but the overall advisory fee paid by the Fund could be affected by the sub-advisory fees paid to each of Boston Partners, EARNEST Partners, and KAR, absent MSA’s contractual agreement to waive its management fees with respect to the Fund to the extent such management fees exceed the management fees that MSA is required to pay to the Fund’s designated sub-advisers. However, the Trustees did not consider the costs of services to be provided by Boston Partners, EARNEST Partners, and KAR or their profitability from their relationship with the Fund to be material factors for consideration given that each sub-adviser is not affiliated with MSA and, therefore, sub-advisory fees were negotiated on an arm’s length basis. Based on all these factors, the Trustees concluded that the sub-advisory fees to be paid to each of Boston Partners, EARNEST Partners, and KAR by MSA were reasonable in light of the services to be provided by Boston Partners, EARNEST Partners, and KAR.
 

121
Column Mid Cap Select Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Continued) (Unaudited)

4.  EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS
 
Since the sub-advisory fees payable to each of Boston Partners, EARNEST Partners, and KAR are not paid by the Fund, the Trustees did not consider whether the sub-advisory fees should reflect any potential economies of scale that might be realized as the Fund’s assets increase. However, the Trustees noted that the proposed sub-advisory fee structure for each of Boston Partners, EARNEST Partners and KAR contained breakpoint reductions as the assets of the respective segments of the Fund managed by the sub-adviser grow in size.
 
5.  BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE FUND
 
The Trustees next considered the direct and indirect benefits that could be received by each of Boston Partners, EARNEST Partners, and KAR from its association with the Fund. The Trustees concluded that the benefits each of Boston Partners, EARNEST Partners, and KAR may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund.
 
CONCLUSIONS
 
In considering each of the Sub-Advisory Agreements, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances, including the recommendation of MSA with respect to each of Boston Partners, EARNEST Partners, and KAR. Based on this review, the Trustees, including a majority of the Independent Trustees, approved each of the proposed Sub-Advisory Agreements with respect to the Fund for an initial two-year term as being in the best interests of the Fund and its shareholders.
 








122
Column Mid Cap Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Unaudited)

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on October 19, 2023 to consider the initial approval of the sub-advisory agreements (the “Sub-Advisory Agreements”) between Mason Street Advisors, LLC (identified hereinafter as “MSA” or the “Adviser”), on behalf of the Column Mid Cap Fund (the “Fund”), a series of the Trust, and each of the Fund’s sub-advisers, American Century Investment Management, Inc. and American Century Investment Management, Inc. (Avantis Investors Division), Boston Partners Global Investors, Inc., EARNEST Partners, LLC, Invesco Advisers, Inc., and Kayne Anderson Rudnick Investment Management, LLC (each, a “Sub-Adviser,” and together, the “Sub-Advisers”).
 
Prior to this meeting, the Trustees requested and received materials to assist them in considering the approval of the Sub-Advisory Agreements. The materials provided contained information with respect to the factors enumerated below, including copies of the Sub-Advisory Agreements, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Sub-Advisory Agreements, due diligence materials relating to each Sub-Adviser (including a due diligence questionnaire, Form ADV, biographical information of key management and compliance personnel, and a summary detailing key provisions of the Sub-Adviser’s written compliance program, including its code of ethics) and other pertinent information. Based on their evaluation of the information provided by the Sub-Advisers, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved each Sub-Advisory Agreement for an initial two-year term.
 
1.  NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED BY THE SUB-ADVISERS TO THE FUND
 
The Trustees considered the nature, extent and quality of services to be provided by American Century Investment Management, Inc. and American Century Investment Management, Inc. (Avantis Investors Division) (collectively, “American Century”), Boston Partners Global Investors, Inc. (“Boston Partners”), EARNEST Partners, LLC (“EARNEST Partners”), Invesco Advisers, Inc. (“Invesco”), and Kayne Anderson Rudnick Investment Management, LLC (“KAR”), to the Fund. The Trustees considered American Century’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Kevin Toney, Michael Liss, Brian Woglom, Nathan Rawlins, Daniel Ong, Eduardo Repetto, Ph.D., Mitchell Firestein, and Ted Randall, who would serve as the portfolio managers for the segments of the Fund’s assets managed by American Century and its Avantis Investors Division, as applicable, and other key personnel at American Century. The Trustees also considered Boston Partners’ responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Steve Pollack and Tim Collard, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Boston Partners, and other key personnel at Boston Partners. The Trustees also considered EARNEST Partners’ responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities
 

123
Column Mid Cap Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Continued) (Unaudited)

of Paul E. Viera, who would serve as the portfolio manager for the segment of the Fund’s assets managed by EARNEST Partners, and other key personnel at EARNEST Partners. The Trustees also considered Invesco’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Ronald Zibelli, Jr. and Justin Livengood, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Invesco, and other key personnel at Invesco. The Trustees also considered KAR’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Jon Christensen and Craig Stone, who would serve as the portfolio managers for the segment of the Fund’s assets managed by KAR, and other key personnel at KAR.
 
The Trustees also considered information provided by each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR and included in a due diligence questionnaire and other related due diligence documentation relating to each of their investment strategies for the Fund, brokerage practices and compliance and risk management programs. The Trustees also noted any services that extended beyond portfolio management. The Trustees also considered the overall financial condition of each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR, as well as the implementation and operational effectiveness of each firm’s business continuity plan. The Trustees concluded that each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing their duties under each Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services to be provided by each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR to the Fund were satisfactory.
 
2.  INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS
 
The Trustees did not consider the performance of the Fund, as it has no performance history. However, the Trustees reviewed the qualifications, backgrounds and experience of the personnel of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR, as well as information concerning the performance history of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR with respect to a composite of separately managed accounts that use a strategy similar to the strategy to be employed by each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR with respect to its respective segment of Fund assets or other performance information, as applicable. After considering all of the information provided to them, the Trustees concluded that the Fund and its shareholders were likely to benefit from each of American Century’s, Boston Partners’, EARNEST Partners’, Invesco’s, and KAR’s management of the Fund’s portfolio.
 
3.  COSTS OF SERVICES TO BE PROVIDED AND PROFITS TO BE REALIZED BY THE SUB-ADVISERS
 
The Trustees then considered the cost of services and the structure of the proposed sub-advisory fees schedules for each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR, under the respective Sub-Advisory Agreement. The Trustees
 

124
Column Mid Cap Fund
Basis for Trustees’ Approval of Investment Sub-Advisory Agreements
(Continued) (Unaudited)

noted that MSA had confirmed to the Trustees that the sub-advisory fees payable under each Sub-Advisory Agreement were reasonable in light of the quality of the services to be performed by each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR and each Sub-Advisory Agreement included a “most favored nations” fee provision. The Trustees noted that the sub-advisory fees are paid by MSA, but the overall advisory fee paid by the Fund could be affected by the sub-advisory fees paid to each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR, absent MSA’s contractual agreement to waive its management fees with respect to the Fund to the extent such management fees exceed the management fees that MSA is required to pay to the Fund’s designated sub-advisers. However, the Trustees did not consider the costs of services to be provided by American Century, Boston Partners, EARNEST Partners, Invesco, and KAR or their profitability from their relationship with the Fund to be material factors for consideration given that each sub-adviser is not affiliated with MSA and, therefore, the sub-advisory fees were negotiated on an arm’s length basis. Based on all these factors, the Trustees concluded that the sub-advisory fees to be paid to each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR by MSA were reasonable in light of the services to be provided by American Century, Boston Partners, EARNEST Partners, Invesco, and KAR.
 
4.  EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS
 
Since the sub-advisory fees payable to each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR are not paid by the Fund, the Trustees did not consider whether the sub-advisory fees should reflect any potential economies of scale that might be realized as the Fund’s assets increase. However, the Trustees noted that the proposed sub-advisory fee structure for each of American Century, Boston Partners, EARNEST Partners, Invesco and KAR contained breakpoint reductions as the assets of the respective segments of the Fund managed by the sub-adviser grow in size.
 
5.  BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE FUND
 
The Trustees next considered the direct and indirect benefits that could be received by each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR from its association with the Fund. The Trustees concluded that the benefits each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund.
 
CONCLUSIONS
 
In considering each of the Sub-Advisory Agreements, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances, including the recommendation of MSA with respect to each of American Century, Boston Partners, EARNEST Partners, Invesco, and KAR. Based on this review, the Trustees, including a majority of the Independent Trustees, approved each of the proposed Sub-Advisory Agreements with respect to the Fund for an initial two-year term as being in the best interests of the Fund and its shareholders.
 



125
Column Funds
Notice of Privacy Policy & Practices
(Unaudited)

We collect non-public personal information about you from the following sources:
 
• information we receive about you on applications or other forms;
 
• information you give us orally; and
 
• information about your transactions with us or others.
 
The types of non-public personal information we collect and share can include:
 
• social security numbers;
 
• account balances;
 
• account transactions;
 
• transaction history;
 
• wire transfer instructions; and
 
• checking account information.
 
What Information We Disclose
We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility.
 
How We Protect Your Information
All shareholder records will be disposed of in accordance with applicable law. We maintain physical, electronic and procedural safeguards to protect your non-public person information and require third parties to treat your non-public personal information with the same high degree of confidentiality.
 
In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.
 






126
Column Funds
Additional Information
(Unaudited)

Indemnifications
 
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a Fund that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
 
 
Information about Trustees
 
The business and affairs of the Trust are managed under the direction of the Board of Trustees. Information pertaining to the Trustees of the Trust is set forth below. The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request by calling 1-866-950-4644.
 
         
Other
   
Term of
Number of
 
Directorships
   
Office and
Portfolios
Principal
Held by
Name,
Position(s)
Length
in Trust
Occupation(s)
Trustee
Address and
Held with
of Time
Overseen
During the
During the
Year of Birth
the Trust
Served
by Trustee
Past Five Years
Past Five Years
Independent Trustees
          
           
Michael D.
Trustee
Indefinite
31
Professor
Independent
Akers, Ph.D.
 
Term; Since
 
Emeritus,
Trustee, USA
615 E. Michigan St.
  
August 22,
  
Department of
MUTUALS
Milwaukee, WI 53202
 
2001
  
Accounting (June
(an open-end
Year of Birth: 1955
      
2019–Present),
investment
       
Professor,
company)
       
Department
(2001–2021).
       
of Accounting
  
       
(2004–2019),
  
       
Marquette
  
       
University.
  
           
Gary A. Drska
Trustee
Indefinite
31
Retired;
Independent
615 E. Michigan St.
 
Term; Since
 
Former Pilot,
Trustee, USA
Milwaukee, WI 53202
 
August 22,
  
Frontier/Midwest
MUTUALS
Year of Birth: 1956
  
2001
  
Airlines, Inc.
(an open-end
       
(airline company)
investment
       
(1986–2021).
company)
         
(2001–2021).






127
Column Funds
Additional Information (Continued)
(Unaudited)

         
Other
   
Term of
Number of
 
Directorships
   
Office and
Portfolios
Principal
Held by
Name,
Position(s)
Length
in Trust
Occupation(s)
Trustee
Address and
Held with
of Time
Overseen
During the
During the
Year of Birth
the Trust
Served
by Trustee
Past Five Years
Past Five Years
Vincent P. Lyles
Trustee
Indefinite
31
Executive Director,
Independent
615 E. Michigan St.
  
Term; Since
 
Milwaukee
Director, BMO
Milwaukee, WI 53202
  
April 6,
 
Succeeds
Funds, Inc.
Year of Birth: 1961
  
2022
  
(education
(an open-end
       
advocacy
investment
       
organization)
company)
       
(2023–present);
(2017–2022).
       
System Vice
  
       
President of
  
       
Community
  
       
Relations, Advocate
  
       
Aurora Health Care
  
       
(health care
  
       
provider) (2019–
  
       
2022).
  
           
Erik K. Olstein
Trustee
Indefinite
31
Retired; President
N/A
615 E. Michigan St.
  
Term; Since
 
and Chief
 
Milwaukee, WI 53202
  
April 6,
 
Operating Officer
 
Year of Birth: 1967
  
2022
  
(2000–2020),
  
       
Olstein Capital
  
       
Management, L.P.
  
       
(asset management
  
       
firm).
  
           
Lisa Zúñiga Ramírez
Trustee
Indefinite
31
Retired; Principal
Director, Peoples
615 E. Michigan St.
  
Term; Since
 
and Senior
Financial
Milwaukee, WI 53202
  
April 6,
 
Portfolio Manager,
Services Corp.
Year of Birth: 1969
  
2022
  
Segall, Bryant &
(a publicly-traded
       
Hamill, LLC (asset
bank holding
       
management firm)
company)
       
(2018–2020).
(2022–present);
         
Independent
         
Director, Century
         
Communities,
         
Inc. (a publicly-
         
traded
         
homebuilding
         
company)
         
(October
         
2023–present).



128
Column Funds
Additional Information (Continued)
(Unaudited)

         
Other
   
Term of
Number of
 
Directorships
   
Office and
Portfolios
Principal
Held by
Name,
Position(s)
Length
in Trust
Occupation(s)
Trustee
Address and
Held with
of Time
Overseen
During the
During the
Year of Birth
the Trust
Served
by Trustee
Past Five Years
Past Five Years
Gregory M. Wesley
Trustee
Indefinite
31
Senior Vice
N/A
615 E. Michigan St.
  
Term; Since
 
President of
  
Milwaukee, WI 53202
  
April 6,
 
Strategic Alliances
  
Year of Birth: 1969
  
2022
  
and Business
  
       
Development,
  
       
Medical College of
  
       
Wisconsin (2016–
  
       
present).
  
           
Interested Trustee and Officers
          
           
John P. Buckel*
Chair-
Indefinite
31
Vice President,
N/A
615 E. Michigan St.
person,
Term;
  
U.S. Bancorp
  
Milwaukee, WI 53202
Trustee,
Chairperson
 
Fund Services,
  
Year of Birth: 1957
President
and Trustee
 
LLC (2004–
  
 
and
(since January
 
present).
  
 
Principal
19, 2023);
      
 
Executive
President
      
 
Officer
and Principal
      
   
Executive
      
   
Officer (since
      
   
January 24,
      
   
2013)
      
           
Jennifer A. Lima
Vice
Indefinite
N/A
Vice President,
N/A
615 E. Michigan St.
President,
Term; Since
 
U.S. Bancorp
  
Milwaukee, WI 53202
Treasurer
January 24,
  
Fund Services,
  
Year of Birth: 1974
and
2013
  
LLC (2002–
  
 
Principal
   
present).
  
 
Financial
        
 
and
        
 
Accounting
        
 
Officer
        
           
Deanna B. Marotz
Chief
Indefinite
N/A
Senior Vice
N/A
615 E. Michigan St.
Compliance
Term; Since
  
President, U.S.
  
Milwaukee, WI 53202
Officer,
October 21,
  
Bancorp Fund
  
Year of Birth: 1965
Senior Vice
2021
  
Services, LLC
  
 
President
    
(2021–present);
  
 
and
    
Chief Compliance
  
 
Anti-Money
    
Officer,
  
 
Laundering
    
Keeley-Teton
  
 
Officer
    
Advisors, LLC and
  
       
Teton Advisors, Inc
  
       
(2017–2021).
  

*
Mr. Buckel is deemed to be an “interested person” of the Trust as defined by the 1940 Act due to his position and material business relationship with the Trust.



129
Column Funds
Additional Information (Continued)
(Unaudited)

         
Other
   
Term of
Number of
 
Directorships
   
Office and
Portfolios
Principal
Held by
Name,
Position(s)
Length
in Trust
Occupation(s)
Trustee
Address and
Held with
of Time
Overseen
During the
During the
Year of Birth
the Trust
Served
by Trustee
Past Five Years
Past Five Years
Jay S. Fitton
Secretary
Indefinite
N/A
Assistant Vice
N/A
615 E. Michigan St.
 
Term; Since
 
President, U.S.
  
Milwaukee, WI 53202
 
July 22,
  
Bancorp Fund
  
Year of Birth: 1970
  
2019
  
Services, LLC
  
       
(2019–present);
  
       
Partner, Practus,
  
       
LLP (2018–2019).
  
           
Kelly A. Strauss
Assistant
Indefinite
N/A
Assistant Vice
N/A
615 E. Michigan St.
Treasurer
Term; Since
 
President, U.S.
  
Milwaukee, WI 53202
 
April 23,
  
Bancorp Fund
  
Year of Birth: 1987
  
2015
  
Services, LLC
  
       
(2011–present).
  
           
Laura A. Carroll
Assistant
Indefinite
N/A
Assistant Vice
N/A
615 E. Michigan St.
Treasurer
Term; Since
 
President, U.S.
  
Milwaukee, WI 53202
 
August 20,
  
Bancorp Fund
  
Year of Birth: 1985
  
2018
  
Services, LLC
  
       
(2007–present).
  
           
Shannon Coyle
Assistant
Indefinite
N/A
Officer, U.S.
N/A
615 E. Michigan St.
Treasurer
Term; Since
 
Bancorp Fund
  
Milwaukee, WI 53202
 
August 26,
  
Services, LLC
  
Year of Birth: 1990
  
2022
  
(2015–present).
  
           
Marissa Pawlinski
Assistant
Indefinite
N/A
Assistant Vice
N/A
615 E. Michigan St.
Secretary
Term; Since
  
President, U.S.
  
Milwaukee, WI 53202
  
January 18,
  
Bancorp Fund
  
Year of Birth: 1996
  
2024
  
Services, LLC
  
       
(2023–present);
  
       
Regulatory
 
       
Administration
  
       
Attorney, U.S.
 
       
Bancorp Fund
 
       
Services, LLC
  
       
(2022–present);
 
       
Judicial Law Clerk,
 
       
Milwaukee County
 
       
Circuit Court (2021–
  
       
2022); Legal Intern,
 
       
City of Brookfield
 
       
(2020–2021);
 
       
Student, Marquette
 
       
University Law
  
       
School (2019–2021).
  



130

 
A NOTE ON FORWARD LOOKING STATEMENTS (Unaudited)
 
Except for historical information contained in this report for the Funds, the matters discussed in this report may constitute forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These include any Adviser or portfolio manager predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Funds in the current Prospectus, other factors bearing on this report include the accuracy of the Adviser’s or portfolio manager’s forecasts and predictions, and the appropriateness of the investment programs designed by the Adviser or portfolio manager to implement their strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Funds to differ materially as compared to benchmarks associated with a Fund.
 
 
ADDITIONAL INFORMATION (Unaudited)
 
The Funds have adopted proxy voting policies and procedures that delegate to the Adviser the authority to vote proxies. A description of each Fund’s proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at 866-950-4644. A description of these policies and procedures is also included in the Funds’ Statement of Additional Information, which is available on the SEC’s website at http://www.sec.gov.
 
The Funds’ proxy voting record for the most recent 12-month period ended June 30 will be available without charge, upon request, by calling toll free, 866-950-4644, or by accessing the SEC’s website at http://www.sec.gov.
 
The Funds will file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. Shareholders may view a Fund’s filings on the SEC’s website at http://www.sec.gov.
 









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)
Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

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 1 of this Form.

(b)
Not Applicable.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. 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 11. 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 have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. 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. Not Applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) 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 to open-end investment companies.

(1)
Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)
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    4/30/2024



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    4/30/2024

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

Date    4/30/2024

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














ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION 302

CERTIFICATION 906