# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001133228-25-011761
**Filing Date:** 2025-11
**Character Count:** 351282
**Document Hash:** 580731fe4a0a127dd86fe7dd113d264b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011761.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001133228-25-011761

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 251452531

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147655067

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZODIAC TRUST
- **DATE OF NAME CHANGE:** 20010601

## Series and Classes Contracts Data

### Column Small Cap Select Fund (Series ID: S000082920)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000246264 | Column Small Cap Select Fund | CFSSX           |

### Column Small Cap Fund (Series ID: S000082921)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000246265 | Column Small Cap Fund | CFSLX           |

### Column Mid Cap Select Fund (Series ID: S000082922)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000246266 | Column Mid Cap Select Fund | CFMSX           |

### Column Mid Cap Fund (Series ID: S000082923)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246267 | Column Mid Cap Fund | CFMCX           |

?xml version='1.0' encoding='ASCII'? 2025-07-30195050_ColumnSmallCapSelectFund_TF_TSRAnnual

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: **<u>August 31, 2025</u>**

Date of reporting period: **<u>August 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img132888_202409101209288.jpg) | **Column Small Cap Select Fund**  | ![image](img132884_202502281452552.jpg) |
| ![image](img132888_202409101209288.jpg) | CFSSX  | ![image](img132884_202502281452552.jpg) |
| ![image](img132888_202409101209288.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132884_202502281452552.jpg) |

---

This annual shareholder report contains important information about the Column Small Cap Select Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://columnfunds.com/literature. You can also request this information by contacting us at 1-866-950-4644.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Column Small Cap Select Fund | $66 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In the year ended August 31, 2025, the Fund gained 3.17%, underperforming the 8.17% gain of the Russell 2000 Total Return Index, the benchmark index we believe best represents the market in which the Fund invests due to its focus on small U.S. companies. The Fund lagged the 15.88% return of its broad-based benchmark index, the S&P 500 Total Return Index, as large companies outperformed small companies.

Relative to the Russell 2000 Total Return Index, the Fund's stock selection detracted overall while contributions from sector allocation offset a portion of the losses. Stock selection within communication services and health care hurt the most, although an underweight to the health care sector helped performance. Behavioral health services provider, Acadia Healthcare Company, Inc., was the largest individual detractor for the Fund, as the company faced some regulatory and operational headwinds. The Fund also benefited from an overweight to the well-performing information technology sector. In assessing Fund sub-adviser performance, Neuberger Berman Investment Advisers, LLC's Small Cap Intrinsic Value strategy was the sole contributor to performance primarily via long-term strategic overweights to the communication services and information technology sectors. The Small Cap Value strategy run by Boston Partners Global Investors, Inc. (WPG Partners division) was the greatest detractor, mostly owing to weak stock picks within the communication services and information technology sectors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

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

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5285img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/11/2023)** |
| **Column Small Cap Select Fund**  | 3.17 | 12.75 |
| **S&P 500 Total Return Index**  | 15.88 | 23.09 |
| **Russell 2000 Total Return Index**  | 8.17 | 15.74 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1436948002 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $5302878 |
| **Portfolio Turnover** | 94% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of August 31, 2025)

**Top Sectors** **\***

![image](ts5285img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  First American Government Obligations Fund - Class X  | 4.0% |
|  Prosperity Bancshares, Inc.  | 1.6% |
|  Teleflex, Inc.  | 1.4% |
|  NCR Voyix Corp.  | 1.2% |
|  Silicon Motion Technology Corp.  | 1.1% |
|  Northwestern Energy Group, Inc.  | 1.1% |
|  iShares Russell 2000 Value ETF  | 1.0% |
|  Vimeo, Inc.  | 0.9% |
|  Maximus, Inc.  | 0.9% |
|  Tri Pointe Homes, Inc.  | 0.8% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-950-4644, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

10610119201229810327123441430410774118941286523.317.314.110.49.65.35.04.02.68.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img132888_202409101209288.jpg) | **Column Small Cap Fund**  | ![image](img132884_202502281452552.jpg) |
| ![image](img132888_202409101209288.jpg) | CFSLX  | ![image](img132884_202502281452552.jpg) |
| ![image](img132888_202409101209288.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132884_202502281452552.jpg) |

---

This annual shareholder report contains important information about the Column Small Cap Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://columnfunds.com/literature. You can also request this information by contacting us at 1-866-950-4644.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Column Small Cap Fund | $63 | 0.62% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In the year ended August 31, 2025, the Fund gained 4.05%, underperforming the 8.17% return of the Russell 2000 Total Return Index, the benchmark index we believe best represents the market in which the Fund invests due to its focus on small U.S. companies. The Fund also lagged the 15.88% return of its broad-based benchmark index, the S&P 500 Total Return Index, as large companies outperformed small companies.

Relative to the Russell 2000 Total Return Index, the Fund's stock selection detracted overall while contributions from sector allocations offset a portion of the losses. Stock selection within the industrials, information technology, and materials sectors hurt the most, though overweighing those well-performing sectors was additive. Behavioral health services provider, Acadia Healthcare Company, Inc., was the largest individual detractor for the Fund, as the company faced some regulatory and operational headwinds. The Fund benefited from a modest overweight to the communication services sector's outstanding performance and a relative underweight to the losing health care sector. In assessing Fund sub-adviser performance, American Century Investment Management Inc.'s Small Cap Growth strategy positively contributed to returns through both sector allocation and their stock selection picks. Conversely, Kayne Anderson Rudnick Investment Management, LLC's Small Cap Growth strategy trailed other Fund sub-advisers' returns due to stock selection struggles, primarily in the financials and information technology sectors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

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

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5284img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/11/2023)** |
| **Column Small Cap Fund**  | 4.05 | 11.70 |
| **S&P 500 Total Return Index**  | 15.88 | 23.09 |
| **Russell 2000 Total Return Index**  | 8.17 | 15.74 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $479081656 |
| **Number of Holdings** | 951 |
| **Net Advisory Fee** | $1783260 |
| **Portfolio Turnover** | 57% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of August 31, 2025)

**Top Sectors** **\***

![image](ts5284img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  First American Government Obligations Fund - Class X  | 2.0% |
|  Auto Trader Group PLC  | 0.9% |
|  nCino, Inc.  | 0.9% |
|  Morningstar, Inc.  | 0.9% |
|  ServisFirst Bancshares, Inc.  | 0.8% |
|  Rightmove PLC  | 0.8% |
|  Appfolio, Inc. - Class A  | 0.8% |
|  iShares Russell 2000 Value ETF  | 0.7% |
|  Commercial Metals Co.  | 0.7% |
|  Enerpac Tool Group Corp.  | 0.7% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-950-4644, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

10620116301210110327123441430410774118941286521.220.615.611.57.25.55.43.02.97.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img132888_202409101209288.jpg) | **Column Mid Cap Select Fund**  | ![image](img132884_202502281452552.jpg) |
| ![image](img132888_202409101209288.jpg) | CFMSX  | ![image](img132884_202502281452552.jpg) |
| ![image](img132888_202409101209288.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132884_202502281452552.jpg) |

---

This annual shareholder report contains important information about the Column Mid Cap Select Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://columnfunds.com/literature. You can also request this information by contacting us at 1-866-950-4644.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Column Mid Cap Select Fund | $53 | 0.52% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In the year ended August 31, 2025, the Fund returned 5.10%, underperforming the 12.58% return of the Russell Midcap Total Return Index, the benchmark index we believe best represents the market in which the Fund invests due to its focus on medium-sized U.S. companies. The Fund also lagged the 15.88% return of its broad-based benchmark index, the S&P 500 Total Return Index, as large companies outperformed medium-sized companies.

Relative to the Russell Midcap Total Return Index, the Fund's stock selection was the primary detractor from performance, particularly in the health care and information technology sectors. Sector allocation had a neutral impact, as an overweight to the weakly-performing industrials sector and a modest underweight to the top-performing information technology sector offset gains from overweighting financials and underweighting real estate. Each of the Fund's sub-advisers underperformed the Russell Midcap Total Return Index during the fiscal year. In assessing Fund sub-adviser performance, Kayne Anderson Rudnick Investment Management, LLC's Mid Cap Core strategy and EARNEST Partners, LLC's Mid Cap Core were the largest detractors primarily due to stock selection struggles in a relatively concentrated portfolio and the omission of speculative AI-names, respectively. Palantir Technologies Inc. was the largest individual detractor on a relative basis as the top contributing company in the Russell Midcap Total Return Index over the trailing year was not held by the Fund.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

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

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5283img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/11/2023)** |
| **Column Mid Cap Select Fund**  | 5.10 | 11.12 |
| **S&P 500 Total Return Index**  | 15.88 | 23.09 |
| **Russell Midcap Total Return Index**  | 12.58 | 17.70 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2596311517 |
| **Number of Holdings** | 199 |
| **Net Advisory Fee** | $8307755 |
| **Portfolio Turnover** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of August 31, 2025)

**Top Sectors** **\***

![image](ts5283img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  First American Government Obligations Fund - Class X  | 3.4% |
|  Houlihan Lokey, Inc.  | 2.2% |
|  AMETEK, Inc.  | 1.7% |
|  Ross Stores, Inc.  | 1.7% |
|  HEICO Corp. - Class A  | 1.7% |
|  Broadridge Financial Solutions, Inc.  | 1.6% |
|  LPL Financial Holdings, Inc.  | 1.5% |
|  Monolithic Power Systems, Inc.  | 1.5% |
|  Teledyne Technologies, Inc.  | 1.5% |
|  Equifax, Inc.  | 1.4% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-950-4644, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

10430114101199210327123441430410490117631324329.418.712.311.48.84.84.03.22.15.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img132888_202409101209288.jpg) | **Column Mid Cap Fund**  | ![image](img132884_202502281452552.jpg) |
| ![image](img132888_202409101209288.jpg) | CFMCX  | ![image](img132884_202502281452552.jpg) |
| ![image](img132888_202409101209288.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132884_202502281452552.jpg) |

---

This annual shareholder report contains important information about the Column Mid Cap Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://columnfunds.com/literature. You can also request this information by contacting us at 1-866-950-4644.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Column Mid Cap Fund | $51 | 0.49% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In the year ended August 31, 2025, the Fund returned 7.67%, underperforming the 12.58% return of the Russell Midcap Total Return Index, the benchmark index we believe best represents the market in which the Fund invests due to its focus on medium-sized U.S. companies. The Fund also lagged the 15.88% return of its broad-based benchmark index, the S&P 500 Total Return Index, as large companies outperformed medium-sized companies.

Relative to the Russell Midcap Total Return Index, the Fund's stock selection was the primary detractor from performance during the fiscal year, particularly within the information technology sector. Sector allocation had a neutral impact as overweighing the underperforming industrials and health care sectors dragged on returns, while leaning into financials and away from real estate contributed positively to performance. Each of the Fund's sub-advisers underperformed the Russell Midcap Total Return Index during the fiscal year. In assessing Fund sub-adviser performance, Kayne Anderson Rudnick Investment Management, LLC's Mid Cap Core strategy and EARNEST Partners, LLC's Mid Cap Core were the largest detractors, primarily due to stock selection struggles in a relatively concentrated portfolio and the omission of speculative AI-names, respectively. Palantir Technologies Inc. was the largest individual detractor on a relative basis as the Fund was notably underweight the top contributing company in the Russell Midcap Total Return Index over the trailing year.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

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

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5282img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/11/2023)** |
| **Column Mid Cap Fund**  | 7.67 | 13.60 |
| **S&P 500 Total Return Index**  | 15.88 | 23.09 |
| **Russell Midcap Total Return Index**  | 12.58 | 17.70 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $996855498 |
| **Number of Holdings** | 700 |
| **Net Advisory Fee** | $3121195 |
| **Portfolio Turnover** | 49% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of August 31, 2025)

**Top Sectors** **\***

![image](ts5282img004.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  First American Government Obligations Fund - Class X  | 2.0% |
|  Monolithic Power Systems, Inc.  | 1.3% |
|  Houlihan Lokey, Inc.  | 1.2% |
|  LPL Financial Holdings, Inc.  | 1.2% |
|  Cencora, Inc.  | 0.9% |
|  AMETEK, Inc.  | 0.9% |
|  HEICO Corp. - Class A  | 0.8% |
|  Broadridge Financial Solutions, Inc.  | 0.8% |
|  CBRE Group, Inc. - Class A  | 0.8% |
|  Ross Stores, Inc.  | 0.8% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-950-4644, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

10400115701245810327123441430410490117631324324.517.212.311.510.64.24.24.13.87.6 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's Code of Ethics is incorporated by reference to the Registrant's Form N-CSR filed on November 4, 2024.

**<u>Item 3. Audit Committee Financial Expert.</u>**

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

**<u>Item 4. Principal Accountant Fees and Services.</u>**

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

---

| | | |
|:---|:---|:---|
| | FYE 8/31/2025 | FYE 8/31/2024 |
| (a) Audit Fees | $68200 | $66000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $12000 | $12000 |
| (d) All Other Fees | $0 | $0 |

---

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

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

---

| | | |
|:---|:---|:---|
| | FYE 8/31/2025 | FYE 8/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

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

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

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 8/31/2025 | FYE 8/31/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

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

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) Not applicable

(b) Not applicable

**<u>Item 6. Investments.</u>**

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

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](mutualfunds_column_efp-18131.jpg)

**Column Small Cap Select Fund** 

**Column Small Cap Fund** 

**Column Mid Cap Select Fund** 

**Column Mid Cap Fund** 

Annual Financial Statements and

Additional Information

August 31, 2025

**Investment Adviser** 

**Mason Street Advisors, LLC** 

**720 East Wisconsin Avenue** 

**Milwaukee, Wisconsin 53202**

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#a_002)<br>|  |
| &nbsp;&nbsp;&nbsp; [Column Small Cap Select Fund](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [Column Small Cap Fund](#tsoi2) | [7](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [Column Mid Cap Select Fund](#tsoi3) | [20](#tsoi3) |
| &nbsp;&nbsp;&nbsp; [Column Mid Cap Fund](#tsoi4) | [24](#tsoi4) |
| [Statements of Assets and Liabilities](#tsal) | [35](#tsal) |
| [Statements of Operations](#tsop) | [36](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [37](#tscna) |
| [Financial Highlights](#a_003)<br>|  |
| &nbsp;&nbsp;&nbsp; [Column Small Cap Select Fund](#tfihi1) | [39](#tfihi1) |
| &nbsp;&nbsp;&nbsp; [Column Small Cap Fund](#tfihi2) | [40](#tfihi2) |
| &nbsp;&nbsp;&nbsp; [Column Mid Cap Select Fund](#tfihi3) | [41](#tfihi3) |
| &nbsp;&nbsp;&nbsp; [Column Mid Cap Fund](#tfihi4) | [42](#tfihi4) |
| [Notes to Financial Statements](#tnotes) | [43](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#reports) | [55](#reports) |
| [Additional Information](#taddin) | [56](#taddin) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Small Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 93.9%** <br>|  |  |
| **Aerospace & Defense — 3.3%** <br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 15658 | $3779058  |
| &nbsp;&nbsp;&nbsp; Archer Aviation, Inc. - <br>Class A<sup>(a)</sup> | 59856 | 535711  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 5214 | 3896370  |
| Curtiss-Wright Corp. | 9835 | 4702605  |
| Embraer SA - ADR | 28676 | 1615319  |
| Hexcel Corp. | 82270 | 5195351  |
|  Huntington Ingalls Industries, Inc. | 26655 | 7217908  |
| Karman Holdings, Inc.<sup>(a)</sup> | 90101 | 4812295  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 60099 | 3956918  |
| Mercury Systems, Inc.<sup>(a)</sup> | 65369 | 4415676  |
| Rocket Lab Corp.<sup>(a)</sup> | 55347 | 2689864  |
| TAT Technologies Ltd.<sup>(a)</sup> | 84632 | 3084836  |
| VSE Corp. | 7031 | 1141834  |
|  |  | 47043745  |
| **Air Freight & Logistics — 0.3%** <br>|  |  |
| GXO Logistics, Inc.<sup>(a)</sup> | 93025 | 4897766  |
| **Automobile Components — 1.2%**  | **Automobile Components — 1.2%**  | **Automobile Components — 1.2%**  |
| Holley, Inc.<sup>(a)</sup> | 2414231 | 9825920  |
| Lear Corp. | 27488 | 3023680  |
| Modine Manufacturing Co.<sup>(a)</sup> | 22188 | 3020453  |
| Visteon Corp. | 16518 | 2047571  |
|  |  | 17917624  |
| **Automobiles — 0.1%** <br>|  |  |
| Thor Industries, Inc. | 16060 | 1760176  |
| **Banks — 7.5%** <br>|  |  |
| Banc of California, Inc. | 190880 | 3229690  |
| Cadence Bank | 211000 | 7942040  |
| Comerica, Inc. | 114780 | 8101172  |
|  Community Financial System, Inc. | 35249 | 2111063  |
| Cullen/Frost Bankers, Inc. | 72096 | 9302547  |
| First BanCorp/Puerto Rico | 326520 | 7258540  |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, <br>Inc. | 28838 | 1071908  |
| Glacier Bancorp, Inc. | 69362 | 3409142  |
| Huntington Bancshares, Inc. | 367016 | 6536555  |
| Lakeland Financial Corp. | 17483 | 1196711  |
| Prosperity Bancshares, Inc. | 325252 | 22484671  |
| Stock Yards Bancorp, Inc. | 14980 | 1209036  |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, <br>Inc.<sup>(a)</sup> | 61939 | 5362059  |
| UMB Financial Corp. | 16406 | 1999891  |
| United Community Banks, Inc. | 48685 | 1626079  |
| Webster Financial Corp. | 136154 | 8471502  |
| Western Alliance Bancorp | 92185 | 8255167  |
| Zions Bancorp NA | 137710 | 7988557  |
|  |  | 107556330  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Beverages — 0.3%** <br>|  |  |
| Coca-Cola Consolidated, Inc. | 38630 | $4528981  |
| **Biotechnology — 2.7%** <br>|  |  |
| Abivax SA - ADR<sup>(a)</sup> | 6936 | 562024  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 93840 | 1619678  |
| Alkermes PLC<sup>(a)</sup> | 44670 | 1294090  |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | 57576 | 2094039  |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 73525 | 1619756  |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 71396 | 3695457  |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 45583 | 1878020  |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 4844 | 2120945  |
| Merus NV<sup>(a)</sup> | 40496 | 2666257  |
| Natera, Inc.<sup>(a)</sup> | 19649 | 3305944  |
| Nuvalent, Inc. - Class A<sup>(a)</sup> | 11688 | 895067  |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics, <br>Inc.<sup>(a)</sup> | 38346 | 2264331  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 37952 | 1872172  |
| &nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 43740 | 4511781  |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 51808 | 1691531  |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | 20756 | 1404559  |
| Spyre Therapeutics, Inc.<sup>(a)</sup> | 53032 | 874498  |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, <br>Inc.<sup>(a)</sup> | 32814 | 983107  |
| &nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 83739 | 3241537  |
|  |  | 38594793  |
| **Broadline Retail — 0.2%** <br>|  |  |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 23944 | 3037057  |
| **Building Products — 1.5%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Armstrong World Industries, <br>Inc. | 8908 | 1743919  |
| CSW Industrials, Inc. | 13772 | 3767193  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 70799 | 1138448  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 315398 | 10739302  |
|  Simpson Manufacturing Co., Inc. | 6757 | 1291398  |
| Trex Co., Inc.<sup>(a)</sup> | 54862 | 3381145  |
|  |  | 22061405  |
| **Capital Markets — 1.8%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc. - <br>Class A | 164325 | 7688767  |
| BGC Group, Inc. - Class A | 1083606 | 10630175  |
| Hamilton Lane, Inc. - Class A | 5807 | 896252  |
| Houlihan Lokey, Inc. | 6020 | 1199485  |
| Perella Weinberg Partners | 182155 | 4031090  |
| StoneX Group, Inc.<sup>(a)</sup> | 13952 | 1425476  |
|  |  | 25871245  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Small Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Chemicals — 1.6%** <br>|  |  |
| Element Solutions, Inc. | 341924 | $8794285  |
| Hawkins, Inc. | 23925 | 4003370  |
| Ingevity Corp.<sup>(a)</sup> | 57559 | 3360294  |
| Kronos Worldwide, Inc. | 987962 | 6303198  |
|  |  | 22461147  |
| **Commercial Services & Supplies — 2.3%**  | **Commercial Services & Supplies — 2.3%**  | **Commercial Services & Supplies — 2.3%**  |
| Brady Corp. - Class A | 20275 | 1583072  |
| BrightView Holdings, Inc.<sup>(a)</sup> | 537304 | 7737177  |
|  Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 5787 | 570367  |
| Clean Harbors, Inc.<sup>(a)</sup> | 33072 | 8010369  |
| Enviri Corp.<sup>(a)</sup> | 414869 | 4688020  |
| OPENLANE, Inc.<sup>(a)</sup> | 234650 | 6786078  |
| Rollins, Inc. | 19232 | 1087377  |
| Tetra Tech, Inc. | 53423 | 1945666  |
|  |  | 32408126  |
| **Communications Equipment — 2.1%**  | **Communications Equipment — 2.1%**  | **Communications Equipment — 2.1%**  |
| Ciena Corp.<sup>(a)</sup> | 107826 | 10132409  |
| Harmonic, Inc.<sup>(a)</sup> | 28898 | 277999  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 30761 | 4085368  |
| &nbsp;&nbsp;&nbsp; Ribbon Communications, <br>Inc.<sup>(a)</sup> | 865261 | 3530265  |
| Viasat, Inc.<sup>(a)</sup> | 362446 | 11717879  |
|  |  | 29743920  |
| **Construction & Engineering — 3.3%**  | **Construction & Engineering — 3.3%**  | **Construction & Engineering — 3.3%**  |
| Arcosa, Inc. | 68242 | 6752546  |
|  Construction Partners, Inc. - Class A<sup>(a)</sup> | 28834 | 3457197  |
| Dycom Industries, Inc.<sup>(a)</sup> | 3336 | 842240  |
| &nbsp;&nbsp;&nbsp; Everus Construction Group, <br>Inc.<sup>(a)</sup> | 19177 | 1504244  |
| IES Holdings, Inc.<sup>(a)</sup> | 2321 | 810748  |
| Matrix Service Co.<sup>(a)</sup> | 278381 | 4211904  |
| MYR Group, Inc.<sup>(a)</sup> | 47917 | 8973417  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 15902 | 4429184  |
| Tutor Perini Corp.<sup>(a)</sup> | 135236 | 7970810  |
| Valmont Industries, Inc. | 21385 | 7850861  |
| WillScot Holdings Corp. | 19924 | 482958  |
|  |  | 47286109  |
| **Construction Materials — 0.5%**  | **Construction Materials — 0.5%**  | **Construction Materials — 0.5%**  |
| Eagle Materials, Inc. | 28951 | 6684786  |
| Knife River Corp.<sup>(a)</sup> | 4373 | 354213  |
|  |  | 7038999  |
| **Consumer Finance — 1.6%** <br>|  |  |
| Bread Financial Holdings, Inc. | 25264 | 1672224  |
| Dave, Inc.<sup>(a)</sup> | 8837 | 1884225  |
| FirstCash Holdings, Inc. | 42510 | 6260448  |
| LendingClub Corp.<sup>(a)</sup> | 126586 | 2174747  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SLM Corp. | 230817 | $7219956  |
| Upstart Holdings, Inc.<sup>(a)</sup> | 55763 | 4086313  |
|  |  | 23297913  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail — 0.4%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail — 0.4%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail — 0.4%**  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 35739 | 2256561  |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding <br>Corp.<sup>(a)</sup> | 194592 | 3524061  |
|  |  | 5780622  |
| **Containers & Packaging — 0.7%**  | **Containers & Packaging — 0.7%**  | **Containers & Packaging — 0.7%**  |
| AptarGroup, Inc. | 9765 | 1359972  |
| Avery Dennison Corp. | 29096 | 4994328  |
| Sealed Air Corp. | 19386 | 629463  |
| Silgan Holdings, Inc. | 60240 | 2826461  |
|  |  | 9810224  |
| **Diversified Consumer Services — 1.2%**  | **Diversified Consumer Services — 1.2%**  | **Diversified Consumer Services — 1.2%**  |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, <br>Inc.<sup>(a)</sup> | 17806 | 2331696  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 11918 | 1406801  |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, <br>Inc.<sup>(a)</sup> | 13830 | 2787713  |
|  Matthews International Corp. - Class A | 315446 | 7750508  |
| Stride, Inc.<sup>(a)</sup> | 20959 | 3420299  |
|  |  | 17697017  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services — 0.1%**  | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services — 0.1%**  | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services — 0.1%**  |
| AST SpaceMobile, Inc.<sup>(a)</sup> | 38404 | 1879492  |
| **Electric Utilities — 0.6%** <br>|  |  |
| ALLETE, Inc. | 33950 | 2177893  |
| IDACORP, Inc. | 10471 | 1309922  |
| Portland General Electric Co. | 109148 | 4669351  |
|  |  | 8157166  |
| **Electrical Equipment — 0.9%** <br>|  |  |
|  Babcock & Wilcox Enterprises, Inc.<sup>(a)</sup> | 371664 | 828811  |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp. - <br>Class A<sup>(a)</sup> | 135241 | 7159659  |
| Generac Holdings, Inc.<sup>(a)</sup> | 10997 | 2037194  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 41112 | 2765193  |
| NuScale Power Corp.<sup>(a)</sup> | 16019 | 555058  |
|  |  | 13345915  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 3.1%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 3.1%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 3.1%**  |
|  Advanced Energy Industries, Inc. | 8699 | 1302066  |
| Badger Meter, Inc. | 3315 | 606380  |
| Celestica, Inc.<sup>(a)</sup> | 11332 | 2206907  |
| Coherent Corp.<sup>(a)</sup> | 102347 | 9259333  |
| Fabrinet<sup>(a)</sup> | 13104 | 4341224  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Small Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — (Continued)**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — (Continued)**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — (Continued)**  |
| Innoviz Technologies Ltd.<sup>(a)</sup> | 217739 | $363624  |
| IPG Photonics Corp.<sup>(a)</sup> | 39049 | 3194989  |
| Itron, Inc.<sup>(a)</sup> | 24517 | 3014120  |
| Knowles Corp.<sup>(a)</sup> | 42591 | 909318  |
| Littelfuse, Inc. | 8624 | 2240774  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 105200 | 2156600  |
| nLight, Inc.<sup>(a)</sup> | 81878 | 2358087  |
| Novanta, Inc.<sup>(a)</sup> | 4542 | 528734  |
| OSI Systems, Inc.<sup>(a)</sup> | 27122 | 6239416  |
| Rogers Corp.<sup>(a)</sup> | 9028 | 708337  |
| Sanmina Corp.<sup>(a)</sup> | 23810 | 2798151  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 4786 | 2575682  |
|  |  | 44803742  |
| **Energy Equipment & Services — 1.7%**  | **Energy Equipment & Services — 1.7%**  | **Energy Equipment & Services — 1.7%**  |
| Cactus, Inc. - Class A | 2081 | 87298  |
| Expro Group Holdings NV<sup>(a)</sup> | 488343 | 6089637  |
| Innovex International, Inc.<sup>(a)</sup> | 45297 | 781826  |
| &nbsp;&nbsp;&nbsp; Oceaneering International, <br>Inc.<sup>(a)</sup> | 29913 | 729877  |
| Patterson-UTI Energy, Inc. | 162530 | 944300  |
|  Solaris Oilfield Infrastructure, Inc. - Class A | 85998 | 2716677  |
| TechnipFMC PLC | 163950 | 6026802  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 546988 | 2570844  |
| Tidewater, Inc.<sup>(a)</sup> | 29946 | 1802749  |
| Weatherford International PLC | 37983 | 2419707  |
|  |  | 24169717  |
| **Entertainment — 0.2%** <br>|  |  |
| Lionsgate Studios Corp.<sup>(a)</sup> | 378274 | 2432302  |
| Starz Entertainment Corp.<sup>(a)</sup> | 24588 | 313989  |
|  |  | 2746291  |
| **Financial Services — 0.4%** <br>|  |  |
| Jack Henry & Associates, Inc. | 5438 | 887808  |
|  Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | 88415 | 3441996  |
|  Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 9923 | 897337  |
|  |  | 5227141  |
| **Food Products — 0.1%** <br>|  |  |
| Hain Celestial Group, Inc.<sup>(a)</sup> | 150698 | 271256  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 75363 | 1382158  |
|  |  | 1653414  |
| **Gas Utilities — 1.4%** <br>|  |  |
| Atmos Energy Corp. | 30250 | 5025433  |
| Chesapeake Utilities Corp. | 9009 | 1113332  |
| New Jersey Resources Corp. | 100441 | 4749855  |
| Northwest Natural Holding Co. | 100850 | 4188300  |
| Spire, Inc. | 66500 | 5093900  |
|  |  | 20170820  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Ground Transportation — 0.4%**  | **Ground Transportation — 0.4%**  | **Ground Transportation — 0.4%**  |
| &nbsp;&nbsp;&nbsp; Proficient Auto Logistics, <br>Inc.<sup>(a)</sup> | 716021 | $5656566  |
| Saia, Inc.<sup>(a)</sup> | 2287 | 678004  |
|  |  | 6334570  |
|  **Health Care Equipment & Supplies — 3.6%** <br>|  |  |
| Accuray, Inc.<sup>(a)</sup> | 370022 | 562433  |
| AtriCure, Inc.<sup>(a)</sup> | 58208 | 2153114  |
| CONMED Corp. | 19584 | 1064586  |
| CytoSorbents Corp.<sup>(a)</sup> | 6741 | 6359  |
| Enovis Corp.<sup>(a)</sup> | 367649 | 11360354  |
| Glaukos Corp.<sup>(a)</sup> | 7926 | 759469  |
| Haemonetics Corp.<sup>(a)</sup> | 82482 | 4498568  |
|  Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 102556 | 1551672  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 11789 | 2003894  |
| Neogen Corp.<sup>(a)</sup> | 70594 | 405916  |
| OraSure Technologies, Inc.<sup>(a)</sup> | 234213 | 775245  |
| QuidelOrtho Corp.<sup>(a)</sup> | 19839 | 569181  |
| Teleflex, Inc. | 160509 | 20289943  |
| TransMedics Group, Inc.<sup>(a)</sup> | 20334 | 2337597  |
| UFP Technologies, Inc.<sup>(a)</sup> | 3023 | 635314  |
| Varex Imaging Corp.<sup>(a)</sup> | 93816 | 1083575  |
| Zimvie, Inc.<sup>(a)</sup> | 81069 | 1530583  |
|  |  | 51587803  |
|  **Health Care Providers & Services — 1.0%** <br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 86460 | 1985122  |
| Chemed Corp. | 4030 | 1845538  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 14932 | 1933545  |
| Guardant Health, Inc.<sup>(a)</sup> | 76372 | 5149000  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 16295 | 2946625  |
|  |  | 13859830  |
| **Hotels, Restaurants & Leisure — 2.4%**  | **Hotels, Restaurants & Leisure — 2.4%**  | **Hotels, Restaurants & Leisure — 2.4%**  |
| Cava Group, Inc.<sup>(a)</sup> | 10968 | 740888  |
| Denny's Corp.<sup>(a)</sup> | 1350585 | 6172174  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | 41918 | 3010970  |
|  International Game Technology PLC | 393639 | 6550153  |
|  Life Time Group Holdings, Inc.<sup>(a)</sup> | 79621 | 2223018  |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc. - <br>Class A<sup>(a)</sup> | 16308 | 1709078  |
|  Red Rock Resorts, Inc. - Class A | 47820 | 2958623  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 101715 | 2268245  |
|  Sportradar Group AG - Class A<sup>(a)</sup> | 121199 | 3749897  |
| Texas Roadhouse, Inc. | 11377 | 1963101  |
| Travel + Leisure Co. | 21113 | 1334553  |
| &nbsp;&nbsp;&nbsp; United Parks & Resorts, <br>Inc.<sup>(a)</sup> | 23441 | 1232528  |
|  |  | 33913228  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Small Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Household Durables — 2.2%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Installed Building Products, <br>Inc. | 25054 | $6559638  |
| Meritage Homes Corp. | 50473 | 3921248  |
| Somnigroup International, Inc. | 55780 | 4682731  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 29825 | 2009310  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 337082 | 11909107  |
| Whirlpool Corp. | 29271 | 2726594  |
|  |  | 31808628  |
| &nbsp;&nbsp;&nbsp; **Independent Power and Renewable** <br>**Electricity Producers — 0.8%**  | &nbsp;&nbsp;&nbsp; **Independent Power and Renewable** <br>**Electricity Producers — 0.8%**  | &nbsp;&nbsp;&nbsp; **Independent Power and Renewable** <br>**Electricity Producers — 0.8%**  |
| Ormat Technologies, Inc. | 92287 | 8480252  |
| Vistra Corp. | 13817 | 2612933  |
|  |  | 11093185  |
| **Insurance — 2.8%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Accelerant Holdings - <br>Class A<sup>(a)</sup> | 55362 | 1110008  |
|  American Integrity Insurance Group, Inc.<sup>(a)</sup> | 339234 | 6781288  |
| AMERISAFE, Inc. | 16231 | 749548  |
| Hagerty, Inc. - Class A<sup>(a)</sup> | 67196 | 769394  |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, <br>Inc. | 33015 | 5727442  |
| HCI Group, Inc. | 17770 | 2962437  |
| Kemper Corp. | 189116 | 10146073  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 12779 | 1572073  |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, <br>Inc. | 74555 | 5832438  |
|  Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 35501 | 1714698  |
| &nbsp;&nbsp;&nbsp; Slide Insurance Holdings, <br>Inc.<sup>(a)</sup> | 32775 | 438529  |
|  Stewart Information Services Corp. | 14511 | 1056981  |
|  White Mountains Insurance Group Ltd. | 946 | 1731350  |
|  |  | 40592259  |
| **Interactive Media & Services — 1.2%**  | **Interactive Media & Services — 1.2%**  | **Interactive Media & Services — 1.2%**  |
| Cars.com, Inc.<sup>(a)</sup> | 256489 | 3347182  |
| Vimeo, Inc.<sup>(a)</sup> | 3217096 | 13511803  |
|  |  | 16858985  |
| **IT Services — 0.9%** <br>|  |  |
| Core Scientific, Inc.<sup>(a)</sup> | 166365 | 2387338  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 240467 | 7644446  |
| Unisys Corp.<sup>(a)</sup> | 327316 | 1279805  |
| Wix.com Ltd.<sup>(a)</sup> | 16310 | 2301015  |
|  |  | 13612604  |
|  **Life Sciences Tools & Services — 0.6%** <br>|  |  |
| Bio-Techne Corp. | 19367 | 1058019  |
| Bruker Corp. | 118335 | 4021023  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 11609 | $1895866  |
| Standard BioTools, Inc.<sup>(a)</sup> | 295772 | 372673  |
| Stevanato Group SpA | 30552 | 703001  |
|  West Pharmaceutical Services, Inc. | 3043 | 751469  |
|  |  | 8802051  |
| **Machinery — 4.3%** <br>|  |  |
| Crane Co. | 27584 | 5111315  |
| Enerpac Tool Group Corp. | 32507 | 1376347  |
| Enpro, Inc. | 3964 | 867204  |
| Esab Corp. | 15120 | 1744395  |
| ESCO Technologies, Inc. | 22809 | 4582556  |
| Federal Signal Corp. | 31767 | 3907023  |
| Flowserve Corp. | 27165 | 1457674  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 155497 | 3974503  |
| Graco, Inc. | 11703 | 999319  |
| Helios Technologies, Inc. | 41268 | 2238376  |
| JBT Marel Corp. | 55757 | 7989421  |
| Kadant, Inc. | 4289 | 1386548  |
| Lincoln Electric Holdings, Inc. | 20385 | 4946013  |
| Lindsay Corp. | 9027 | 1238775  |
| Miller Industries, Inc. | 9637 | 405621  |
| Mueller Industries, Inc. | 34445 | 3304653  |
| RBC Bearings, Inc.<sup>(a)</sup> | 5282 | 2059769  |
| REV Group, Inc. | 13055 | 694657  |
| SPX Technologies, Inc.<sup>(a)</sup> | 24560 | 4595422  |
| Standex International Corp. | 8413 | 1716841  |
| Stratasys Ltd.<sup>(a)</sup> | 292102 | 3110886  |
| Toro Co. | 17985 | 1457864  |
|  Watts Water Technologies, Inc. - Class A | 10830 | 2998827  |
|  |  | 62164009  |
| **Marine Transportation — 0.2%** <br>|  |  |
| Kirby Corp.<sup>(a)</sup> | 29923 | 2908516  |
| **Media — 0.8%** <br>|  |  |
| Criteo SA - ADR<sup>(a)</sup> | 222050 | 5513502  |
|  John Wiley & Sons, Inc. - Class A | 28119 | 1141069  |
| Magnite, Inc.<sup>(a)</sup> | 95330 | 2473814  |
| Nexstar Media Group, Inc. | 10550 | 2157791  |
|  |  | 11286176  |
| **Metals & Mining — 2.5%** <br>|  |  |
| Alcoa Corp. | 30228 | 973039  |
| Carpenter Technology Corp. | 8092 | 1949201  |
| Century Aluminum Co.<sup>(a)</sup> | 499939 | 11163638  |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 316040 | 3397430  |
| Commercial Metals Co. | 60810 | 3506913  |
| Hudbay Minerals, Inc. | 110867 | 1330404  |
| MP Materials Corp.<sup>(a)</sup> | 30306 | 2155969  |
| Pan American Silver Corp. | 109287 | 3707015  |
| thyssenkrupp AG | 783857 | 8293586  |
|  |  | 36477195  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Small Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Multi-Utilities — 1.1%** <br>|  |  |
|  Northwestern Energy Group, Inc. | 267953 | $15409977  |
| **Oil, Gas & Consumable Fuels — 3.4%**  | **Oil, Gas & Consumable Fuels — 3.4%**  | **Oil, Gas & Consumable Fuels — 3.4%**  |
| Antero Resources Corp.<sup>(a)</sup> | 103840 | 3314573  |
| BKV Corp.<sup>(a)</sup> | 393003 | 9160900  |
| Cameco Corp. | 34647 | 2681331  |
|  Centrus Energy Corp. - Class A<sup>(a)</sup> | 4440 | 895681  |
| CNX Resources Corp.<sup>(a)</sup> | 162318 | 4739686  |
| Devon Energy Corp. | 95374 | 3443001  |
| Gulfport Energy Corp.<sup>(a)</sup> | 13990 | 2434680  |
| Matador Resources Co. | 57155 | 2878326  |
| Murphy Oil Corp. | 113295 | 2816514  |
| Permian Resources Corp. | 211555 | 3023121  |
| Uranium Energy Corp.<sup>(a)</sup> | 352599 | 3769283  |
| Viper Energy, Inc. - Class A | 227173 | 9051721  |
|  |  | 48208817  |
| **Personal Care Products — 0.1%**  | **Personal Care Products — 0.1%**  | **Personal Care Products — 0.1%**  |
| Oddity Tech Ltd. - Class A<sup>(a)</sup> | 25594 | 1541015  |
| **Pharmaceuticals — 1.7%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 248351 | 2374235  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 12058 | 1462394  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 17029 | 1187262  |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 135938 | 4212719  |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 62475 | 896516  |
| Innoviva, Inc.<sup>(a)</sup> | 459424 | 9386032  |
| Septerna, Inc.<sup>(a)</sup> | 109506 | 1325023  |
| &nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 24122 | 1413067  |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | 173647 | 1667011  |
|  |  | 23924259  |
| **Professional Services — 2.5%** <br>|  |  |
| Alight, Inc. - Class A | 461976 | 1792467  |
| Conduent, Inc.<sup>(a)</sup> | 766231 | 2130122  |
| CRA International, Inc. | 5513 | 1068199  |
| Exponent, Inc. | 12870 | 918660  |
| KBR, Inc. | 152041 | 7671989  |
| Maximus, Inc. | 145872 | 12825066  |
| Planet Labs PBC<sup>(a)</sup> | 512552 | 3633994  |
| TriNet Group, Inc. | 51415 | 3723474  |
| TrueBlue, Inc.<sup>(a)</sup> | 432479 | 2581900  |
|  |  | 36345871  |
|  **Real Estate Management & Development — 1.4%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Colliers International Group, <br>Inc. | 9260 | 1531141  |
| Cushman & Wakefield PLC<sup>(a)</sup> | 618145 | 9748147  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| FirstService Corp. | 11741 | $2362289  |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc. - <br>Class A | 331084 | 6029039  |
|  |  | 19670616  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 5.8%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 5.8%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 5.8%**  |
|  Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 396211 | 11398990  |
| Ambarella, Inc.<sup>(a)</sup> | 12714 | 1048651  |
| Astera Labs, Inc.<sup>(a)</sup> | 35976 | 6554827  |
| CEVA, Inc.<sup>(a)</sup> | 43470 | 965903  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 43760 | 5384887  |
| Impinj, Inc.<sup>(a)</sup> | 15895 | 2979836  |
|  indie Semiconductor, Inc. - Class A<sup>(a)</sup> | 329118 | 1490904  |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor <br>Corp.<sup>(a)</sup> | 31516 | 2092032  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 53638 | 6873710  |
| MKS, Inc. | 13837 | 1429916  |
| Power Integrations, Inc. | 37426 | 1687913  |
| Rambus, Inc.<sup>(a)</sup> | 85106 | 6278270  |
| Semtech Corp.<sup>(a)</sup> | 51161 | 2971942  |
|  Silicon Motion Technology Corp. - ADR | 197547 | 15740545  |
| SiTime Corp.<sup>(a)</sup> | 21439 | 5181163  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 103910 | 6111986  |
| Veeco Instruments, Inc.<sup>(a)</sup> | 233123 | 5716176  |
|  |  | 83907651  |
| **Software — 5.4%** <br>|  |  |
| 8x8, Inc.<sup>(a)</sup> | 2743536 | 5432201  |
| Adeia, Inc. | 203924 | 3067017  |
| AvePoint, Inc.<sup>(a)</sup> | 66989 | 1095940  |
| BlackLine, Inc.<sup>(a)</sup> | 13952 | 758570  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 461380 | 4567662  |
| Cognyte Software Ltd.<sup>(a)</sup> | 334267 | 2985004  |
| Commvault Systems, Inc.<sup>(a)</sup> | 33266 | 6208933  |
| &nbsp;&nbsp;&nbsp; Computer Modelling Group <br>Ltd. | 47037 | 213266  |
| D-Wave Quantum, Inc.<sup>(a)</sup> | 74661 | 1166205  |
| Fair Isaac Corp.<sup>(a)</sup> | 838 | 1275134  |
| InterDigital, Inc. | 11073 | 3008645  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 9503 | 2047326  |
| NCR Voyix Corp.<sup>(a)</sup> | 1281405 | 16888918  |
| OneSpan, Inc. | 100160 | 1514920  |
| Qualys, Inc.<sup>(a)</sup> | 9433 | 1281096  |
| Radware Ltd.<sup>(a)</sup> | 66690 | 1683256  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 16861 | 1507374  |
| SPS Commerce, Inc.<sup>(a)</sup> | 11394 | 1256758  |
| Teradata Corp.<sup>(a)</sup> | 494356 | 10371589  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 2616 | 1472494  |
| UiPath, Inc. - Class A<sup>(a)</sup> | 156268 | 1737700  |
| Varonis Systems, Inc.<sup>(a)</sup> | 85305 | 5034701  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Small Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Software — (Continued)** | **Software — (Continued)** | **Software — (Continued)** |
| Verint Systems, Inc.<sup>(a)</sup> | 81813 | $1668167  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 26905 | 694687  |
| Xperi, Inc.<sup>(a)</sup> | 161389 | 968334  |
|  |  | 77905897  |
| **Specialty Retail — 2.7%** <br>|  |  |
|  Academy Sports & Outdoors, Inc. | 73863 | 3955364  |
|  Asbury Automotive Group, Inc.<sup>(a)</sup> | 3735 | 939502  |
| Bath & Body Works, Inc. | 121464 | 3547963  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 17745 | 3154529  |
| Caleres, Inc. | 52357 | 785355  |
| Carvana Co.<sup>(a)</sup> | 8129 | 3023338  |
|  Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 11452 | 938148  |
| Murphy USA, Inc. | 1481 | 557596  |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, <br>Inc.<sup>(a)</sup> | 316207 | 7253789  |
| ODP Corp.<sup>(a)</sup> | 54252 | 1099145  |
| Tractor Supply Co. | 20429 | 1261695  |
| Valvoline, Inc.<sup>(a)</sup> | 181232 | 7028177  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 152780 | 4002836  |
| Winmark Corp. | 2700 | 1252368  |
|  |  | 38799805  |
|  **Textiles, Apparel & Luxury Goods — 0.4%** <br>|  |  |
| Gildan Activewear, Inc. | 64845 | 3540537  |
| PVH Corp. | 17220 | 1451990  |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. - <br>Class C<sup>(a)</sup> | 233469 | 1148668  |
|  |  | 6141195  |
| **Tobacco — 0.2%** <br>|  |  |
| Turning Point Brands, Inc. | 28255 | 2811372  |
|  **Trading Companies & Distributors — 4.3%** <br>|  |  |
| AerCap Holdings NV | 78623 | 9709940  |
| Air Lease Corp. | 140271 | 8445717  |
| &nbsp;&nbsp;&nbsp; Custom Truck One Source, <br>Inc.<sup>(a)</sup> | 1820266 | 11176433  |
| FTAI Aviation Ltd. | 22208 | 3416701  |
| GATX Corp. | 32690 | 5502054  |
| Herc Holdings, Inc. | 33135 | 4333727  |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. - <br>Class A | 84725 | 4863215  |
| &nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, <br>Inc.<sup>(a)</sup> | 19645 | 2813950  |
| Transcat, Inc.<sup>(a)</sup> | 7170 | 601921  |
| Watsco, Inc. | 3542 | 1425230  |
| WESCO International, Inc. | 32315 | 7104130  |
| Xometry, Inc. - Class A<sup>(a)</sup> | 41149 | 2036052  |
|  |  | 61429070  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Water Utilities — 0.1%** <br>|  |  |
| American States Water Co. | 16186 | $1206343  |
| Middlesex Water Co. | 5014 | 268449  |
|  |  | 1474792  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,175,956,120)** |  | 1349816273  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON — 1.2%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON — 1.2%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON — 1.2%**  |
| **Diversified REITs — 0.8%** <br>|  |  |
| Broadstone Net Lease, Inc. | 638376 | 11867410  |
| **Industrial REITs — 0.4%** <br>|  |  |
| STAG Industrial, Inc. | 132945 | 4899023  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $15,259,748)** |  | 16766433  |
| **EXCHANGE TRADED FUNDS — 1.0%**  | **EXCHANGE TRADED FUNDS — 1.0%**  | **EXCHANGE TRADED FUNDS — 1.0%**  |
|  iShares Russell 2000 Value ETF | 80632 | 14035612  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $13,253,601)** |  | 14035612  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS — 4.0%**  | **MONEY MARKET FUNDS — 4.0%**  | **MONEY MARKET FUNDS — 4.0%**  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 58177920 | 58177920  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $58,177,920)** |  | 58177920  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $1,262,647,389)** |  | $1438796238  |
|  Liabilities in Excess of Other Assets — (0.1)% |  | (1848236)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $1436948002 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of August 31, 2025.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 95.9%** <br>|  |  |
| **Aerospace & Defense — 2.3%** <br>|  |  |
| AAR Corp.<sup>(a)</sup> | 9602 | $726487  |
| Astronics Corp.<sup>(a)</sup> | 4046 | 147153  |
| ATI, Inc.<sup>(a)</sup> | 10952 | 849218  |
| &nbsp;&nbsp;&nbsp; Babcock International Group <br>PLC | 25217 | 346150  |
| Firefly Aerospace, Inc.<sup>(a)</sup> | 3931 | 178349  |
| Hexcel Corp. | 38038 | 2402100  |
| Huntington Ingalls Industries, Inc. | 6795 | 1840018  |
| Leonardo DRS, Inc. | 6041 | 251668  |
| Melrose Industries PLC | 153423 | 1219946  |
| Mercury Systems, Inc.<sup>(a)</sup> | 11236 | 758992  |
| QinetiQ Group PLC | 220353 | 1417511  |
| Senior PLC | 317578 | 861965  |
| VSE Corp. | 1211 | 196666  |
|  |  | 11196223  |
| **Air Freight & Logistics — 0.6%** <br>|  |  |
| Cargojet, Inc. | 5605 | 411554  |
| GXO Logistics, Inc.<sup>(a)</sup> | 43473 | 2288854  |
|  |  | 2700408  |
| **Automobile Components — 0.8%** <br>|  |  |
|  American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 13181 | 76713  |
| Dana, Inc. | 18333 | 369593  |
| Fox Factory Holding Corp.<sup>(a)</sup> | 10561 | 305530  |
| Gentex Corp. | 8665 | 242707  |
| Gentherm, Inc.<sup>(a)</sup> | 13998 | 514706  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 28326 | 240204  |
| LCI Industries | 2614 | 275568  |
| Lear Corp. | 11017 | 1211870  |
| &nbsp;&nbsp;&nbsp; Motorcar Parts of America, <br>Inc.<sup>(a)</sup> | 1574 | 23453  |
| Phinia, Inc. | 5156 | 301523  |
| Stoneridge, Inc.<sup>(a)</sup> | 2330 | 19339  |
| Strattec Security Corp.<sup>(a)</sup> | 100 | 6587  |
| Visteon Corp. | 3411 | 422828  |
|  |  | 4010621  |
| **Automobiles — 0.2%** <br>|  |  |
| Harley-Davidson, Inc. | 12570 | 366039  |
| Thor Industries, Inc. | 4414 | 483774  |
|  |  | 849813  |
| **Banks — 11.4%** <br>|  |  |
| 1st Source Corp. | 773 | 49797  |
| ACNB Corp. | 386 | 17493  |
| Amalgamated Financial Corp. | 1815 | 52435  |
| Ameris Bancorp | 4566 | 334596  |
| Arrow Financial Corp. | 1187 | 35289  |
| Associated Banc-Corp. | 7891 | 212820  |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares <br>Corp. | 31046 | 1109274  |
| Axos Financial, Inc.<sup>(a)</sup> | 5127 | 467634  |
| Banc of California, Inc. | 42089 | 712146  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| BancFirst Corp. | 25 | $3324  |
| Bancorp, Inc.<sup>(a)</sup> | 15936 | 1214961  |
| Bank First Corp. | 200 | 25984  |
| Bank of Hawaii Corp. | 2953 | 201158  |
| &nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son <br>Ltd. | 4322 | 195009  |
| Bank OZK | 8430 | 442322  |
| BankUnited, Inc. | 6167 | 241685  |
| Banner Corp. | 2340 | 156850  |
| Bar Harbor Bankshares | 953 | 30753  |
| BayCom Corp. | 438 | 13254  |
| Beacon Financial Corp. | 3752 | 98040  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 765 | 12531  |
| Brookline Bancorp, Inc. | 5515 | 60389  |
| &nbsp;&nbsp;&nbsp; Burke & Herbert Financial <br>Services Corp. | 1201 | 76336  |
| Business First Bancshares, Inc. | 1960 | 49020  |
| Byline Bancorp, Inc. | 2079 | 60104  |
| C&F Financial Corp. | 123 | 8854  |
| Cadence Bank | 53745 | 2022962  |
| Camden National Corp. | 13137 | 537172  |
| Capital Bancorp, Inc. | 382 | 12984  |
| Capital City Bank Group, Inc. | 856 | 37544  |
| Carter Bankshares, Inc.<sup>(a)</sup> | 1424 | 27711  |
| Cathay General Bancorp | 4726 | 235875  |
| Central Pacific Financial Corp. | 1922 | 60197  |
| &nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, <br>Inc. | 17 | 525  |
| City Holding Co. | 20 | 2570  |
| CNB Financial Corp./PA | 1526 | 40149  |
| Coastal Financial Corp./WA<sup>(a)</sup> | 4217 | 482846  |
| Colony Bankcorp, Inc. | 628 | 10789  |
| Columbia Banking System, Inc. | 72911 | 1951827  |
| Comerica, Inc. | 29295 | 2067641  |
| &nbsp;&nbsp;&nbsp; Community Financial System, <br>Inc. | 6006 | 359699  |
| Community Trust Bancorp, Inc. | 1100 | 64262  |
| Community West Bancshares | 106 | 2260  |
| ConnectOne Bancorp, Inc. | 2936 | 75162  |
| Cullen/Frost Bankers, Inc. | 17317 | 2234412  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 2735 | 196072  |
| &nbsp;&nbsp;&nbsp; Dime Community Bancshares, <br>Inc. | 2761 | 84928  |
| Eagle Bancorp, Inc. | 1978 | 38413  |
|  Enterprise Financial Services Corp. | 21859 | 1338645  |
| Esquire Financial Holdings, Inc. | 481 | 47186  |
| Fidelity D&D Bancorp, Inc. | 193 | 8424  |
| First BanCorp/Puerto Rico | 44318 | 985189  |
| &nbsp;&nbsp;&nbsp; First Bancorp/Southern <br>Pines NC | 21670 | 1182965  |
| First Bank/Hamilton NJ | 1610 | 27080  |
| First Busey Corp. | 5624 | 138913  |
|  First Business Financial Services, Inc. | 559 | 29247  |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Banks — (Continued)** | **Banks — (Continued)** | **Banks — (Continued)** |
|  First Commonwealth Financial Corp. | 90072 | $1598778  |
| First Financial Bankshares, Inc. | 4983 | 185218  |
| First Financial Corp. | 764 | 45076  |
|  First Interstate BancSystem, Inc. - Class A | 40979 | 1340833  |
| First Merchants Corp. | 1718 | 71331  |
| First Mid Bancshares, Inc. | 1408 | 56939  |
| FS Bancorp, Inc. | 253 | 10806  |
| Fulton Financial Corp. | 15073 | 296335  |
| German American Bancorp, Inc. | 17321 | 723671  |
| Glacier Bancorp, Inc. | 11769 | 578446  |
| Great Southern Bancorp, Inc. | 702 | 44430  |
| Hancock Whitney Corp. | 6247 | 393061  |
| Hanmi Financial Corp. | 2235 | 56233  |
| HarborOne Bancorp, Inc. | 59 | 759  |
| HBT Financial, Inc. | 457 | 12106  |
| Heritage Commerce Corp. | 4001 | 41330  |
| HomeTrust Bancshares, Inc. | 999 | 41319  |
| Hope Bancorp, Inc. | 7690 | 85590  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, <br>Inc./OH | 62695 | 1116598  |
| Independent Bank Corp./MI | 1675 | 55091  |
| International Bancshares Corp. | 4832 | 345681  |
| Investar Holding Corp. | 200 | 4688  |
| Kearny Financial Corp./MD | 76 | 513  |
| Lakeland Financial Corp. | 2975 | 203639  |
| Mechanics Bancorp - Class A<sup>(a)</sup> | 24 | 333  |
| Mercantile Bank Corp. | 1209 | 59543  |
| Metrocity Bankshares, Inc. | 1332 | 39880  |
| &nbsp;&nbsp;&nbsp; Metropolitan Bank Holding <br>Corp. | 933 | 74071  |
| Mid Penn Bancorp, Inc. | 976 | 29417  |
| Midland States Bancorp, Inc. | 1681 | 30964  |
| MVB Financial Corp. | 672 | 16397  |
|  National Bank Holdings Corp. - Class A | 18457 | 723884  |
| National Bankshares, Inc. | 209 | 6550  |
| Northeast Bank | 589 | 65120  |
| Northfield Bancorp, Inc. | 2447 | 28997  |
| Northpointe Bancshares, Inc. | 2093 | 37297  |
| Northrim BanCorp, Inc. | 428 | 40245  |
| OceanFirst Financial Corp. | 3769 | 69312  |
| OFG Bancorp | 3977 | 177971  |
| Old Second Bancorp, Inc. | 3680 | 67933  |
| Orange County Bancorp, Inc. | 356 | 9498  |
| Origin Bancorp, Inc. | 1997 | 77663  |
| &nbsp;&nbsp;&nbsp; Orrstown Financial Services, <br>Inc. | 1540 | 53669  |
| Pathward Financial, Inc. | 1834 | 145748  |
|  Peapack-Gladstone Financial Corp. | 1094 | 31737  |
| Peoples Bancorp, Inc./OH | 12228 | 378334  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Popular, Inc. | 6173 | $775576  |
| Preferred Bank/Los Angeles CA | 1174 | 110826  |
| Prosperity Bancshares, Inc. | 43615 | 3015105  |
| &nbsp;&nbsp;&nbsp; Provident Financial Services, <br>Inc. | 10399 | 206316  |
| QCR Holdings, Inc. | 1174 | 92018  |
| RBB Bancorp | 1252 | 25328  |
| Red River Bancshares, Inc. | 162 | 10595  |
|  Republic Bancorp, Inc./KY - Class A | 721 | 55330  |
| S&T Bancorp, Inc. | 2499 | 98735  |
| &nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of <br>Florida | 22014 | 684856  |
| ServisFirst Bancshares, Inc. | 44601 | 3931578  |
| Shore Bancshares, Inc. | 2487 | 42752  |
| Sierra Bancorp | 300 | 9198  |
| SmartFinancial, Inc. | 996 | 36703  |
| South Plains Financial, Inc. | 1102 | 44774  |
| &nbsp;&nbsp;&nbsp; Southern First Bancshares, <br>Inc.<sup>(a)</sup> | 504 | 22730  |
| Southern Missouri Bancorp, Inc. | 616 | 35442  |
| Southside Bancshares, Inc. | 40 | 1250  |
| SouthState Corp. | 14481 | 1477931  |
| Stellar Bancorp, Inc. | 822 | 25416  |
| Stock Yards Bancorp, Inc. | 2611 | 210734  |
| Synovus Financial Corp. | 3913 | 201950  |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, <br>Inc.<sup>(a)</sup> | 10645 | 921538  |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 838 | 33378  |
| Timberland Bancorp, Inc./WA | 279 | 9333  |
| Tompkins Financial Corp. | 341 | 23918  |
| TriCo Bancshares | 17744 | 805932  |
| Triumph Financial, Inc.<sup>(a)</sup> | 52309 | 3216480  |
| TrustCo Bank Corp. NY | 1255 | 49936  |
| UMB Financial Corp. | 2791 | 340223  |
| &nbsp;&nbsp;&nbsp; United Community Banks, <br>Inc./GA | 8286 | 276752  |
| Unity Bancorp, Inc. | 644 | 33713  |
| Univest Financial Corp. | 1879 | 59508  |
| Valley National Bancorp | 30607 | 320149  |
| Veritex Holdings, Inc. | 3654 | 125515  |
| WaFd, Inc. | 5736 | 180397  |
| Washington Trust Bancorp, Inc. | 4764 | 144492  |
| Webster Financial Corp. | 15266 | 949850  |
| WesBanco, Inc. | 17222 | 564882  |
| West BanCorp, Inc. | 973 | 19421  |
| Westamerica BanCorp | 2142 | 107121  |
| Western Alliance Bancorp | 23500 | 2104425  |
| Wintrust Financial Corp. | 428 | 58760  |
| WSFS Financial Corp. | 21705 | 1265184  |
| Zions Bancorp NA | 35205 | 2042242  |
|  |  | 54427033  |
| **Beverages — 0.5%** <br>|  |  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 754 | 166702  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 12251 | 770343  |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Beverages — (Continued)** | **Beverages — (Continued)** | **Beverages — (Continued)** |
| Coca-Cola Consolidated, Inc. | 9845 | $1154228  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 3336 | 119228  |
|  |  | 2210501  |
| **Biotechnology — 1.8%** <br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 69766 | 1204161  |
| Alkermes PLC<sup>(a)</sup> | 25259 | 731753  |
| Arcellx, Inc.<sup>(a)</sup> | 4541 | 315100  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 20094 | 311859  |
| Biohaven Ltd.<sup>(a)</sup> | 8034 | 123643  |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 12851 | 665168  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 10161 | 209215  |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | 8349 | 184346  |
|  Centessa Pharmaceuticals PLC - ADR<sup>(a)</sup> | 14054 | 235967  |
| Cytokinetics, Inc.<sup>(a)</sup> | 5265 | 186012  |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 8944 | 74235  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 5725 | 418784  |
| Insmed, Inc.<sup>(a)</sup> | 2334 | 317657  |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 2117 | 926928  |
| Metsera, Inc.<sup>(a)</sup> | 3702 | 130644  |
| Mineralys Therapeutics, Inc.<sup>(a)</sup> | 10719 | 165930  |
| &nbsp;&nbsp;&nbsp; Newamsterdam Pharma <br>Co. NV<sup>(a)</sup> | 4484 | 107840  |
| Nuvalent, Inc. - Class A<sup>(a)</sup> | 4541 | 347750  |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 5772 | 340837  |
| Puma Biotechnology, Inc.<sup>(a)</sup> | 4822 | 24303  |
| Revolution Medicines, Inc.<sup>(a)</sup> | 5356 | 203367  |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 8474 | 276676  |
| Twist Bioscience Corp.<sup>(a)</sup> | 10378 | 279895  |
| Vaxcyte, Inc.<sup>(a)</sup> | 4000 | 123160  |
| Vera Therapeutics, Inc.<sup>(a)</sup> | 8819 | 190843  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 3752 | 101492  |
| Xenon Pharmaceuticals, Inc.<sup>(a)</sup> | 8313 | 321796  |
|  |  | 8519361  |
| **Broadline Retail — 0.8%** <br>|  |  |
| Dillard's, Inc. - Class A | 6 | 3197  |
| Kohl's Corp. | 14506 | 218460  |
| Macy's, Inc. | 31054 | 410845  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc.<sup>(a)</sup> | 23584 | 2991395  |
|  |  | 3623897  |
| **Building Products — 2.3%** <br>|  |  |
| AAON, Inc. | 28591 | 2371623  |
| American Woodmark Corp.<sup>(a)</sup> | 3880 | 250532  |
| Apogee Enterprises, Inc. | 2374 | 104397  |
| Armstrong World Industries, Inc. | 1525 | 298549  |
| CSW Industrials, Inc. | 3192 | 873140  |
| Fortune Brands Innovations, Inc. | 12045 | 704873  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 85084 | 1368151  |
| Insteel Industries, Inc. | 2308 | 88581  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 9764 | 62392  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 48703 | $1658337  |
| Simpson Manufacturing Co., Inc. | 1152 | 220170  |
| Tecnoglass, Inc. | 1846 | 133983  |
| Trex Co., Inc.<sup>(a)</sup> | 27893 | 1719045  |
| UFP Industries, Inc. | 10035 | 1013234  |
|  |  | 10867007  |
| **Capital Markets — 2.7%** <br>|  |  |
|  Artisan Partners Asset Management, Inc. - Class A | 41900 | 1960501  |
| BGC Group, Inc. - Class A | 119302 | 1170353  |
|  Diamond Hill Investment Group, Inc. | 168 | 24488  |
| Etoro Group Ltd. - Class A<sup>(a)</sup> | 4118 | 182839  |
| FactSet Research Systems, Inc. | 1476 | 551020  |
| Hamilton Lane, Inc. - Class A | 6352 | 980368  |
| Houlihan Lokey, Inc. | 1026 | 204430  |
| Morningstar, Inc. | 15861 | 4162244  |
|  Oppenheimer Holdings, Inc. - Class A | 879 | 63789  |
| P10, Inc. - Class A | 32368 | 399421  |
| Piper Sandler Cos. | 3689 | 1231351  |
| StoneX Group, Inc.<sup>(a)</sup> | 4622 | 472230  |
|  Victory Capital Holdings, Inc. - Class A | 16785 | 1196435  |
| Virtus Investment Partners, Inc. | 616 | 124081  |
| WisdomTree, Inc. | 12889 | 175419  |
|  |  | 12898969  |
| **Chemicals — 2.0%** <br>|  |  |
| AdvanSix, Inc. | 2375 | 50968  |
| Ashland, Inc. | 13961 | 783910  |
| Aspen Aerogels, Inc.<sup>(a)</sup> | 8042 | 55007  |
| Avient Corp. | 34509 | 1290637  |
| Cabot Corp. | 6345 | 517498  |
| Chemours Co. | 11364 | 175006  |
| Core Molding Technologies, Inc.<sup>(a)</sup> | 402 | 7718  |
| Element Solutions, Inc. | 99185 | 2551038  |
| Elementis PLC | 436669 | 959002  |
| FMC Corp. | 2192 | 85707  |
| Hawkins, Inc. | 6095 | 1019876  |
| Huntsman Corp. | 15072 | 168204  |
| Ingevity Corp.<sup>(a)</sup> | 5094 | 297388  |
| Intrepid Potash, Inc.<sup>(a)</sup> | 1040 | 31647  |
| Koppers Holdings, Inc. | 1654 | 47933  |
| LSB Industries, Inc.<sup>(a)</sup> | 5554 | 46209  |
| Mativ Holdings, Inc. | 5663 | 71184  |
| Mosaic Co. | 14533 | 485402  |
| NewMarket Corp. | 200 | 165392  |
| Orion SA | 6551 | 69113  |
| &nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, <br>Inc.<sup>(a)</sup> | 5378 | 29956  |
| Sensient Technologies Corp. | 6335 | 718769  |
| Stepan Co. | 1910 | 95557  |
| Tronox Holdings PLC | 11561 | 49481  |
|  |  | 9772602  |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Commercial Services & Supplies — 2.1%**  | **Commercial Services & Supplies — 2.1%**  | **Commercial Services & Supplies — 2.1%**  |
| ABM Industries, Inc. | 19534 | $960487  |
| ACCO Brands Corp. | 7346 | 29531  |
| Acme United Corp. | 469 | 20176  |
| Brady Corp. - Class A | 3870 | 302170  |
| BrightView Holdings, Inc.<sup>(a)</sup> | 73013 | 1051387  |
|  Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 997 | 98264  |
| Civeo Corp. | 1273 | 30234  |
| Clean Harbors, Inc.<sup>(a)</sup> | 9998 | 2421616  |
| Driven Brands Holdings, Inc.<sup>(a)</sup> | 39818 | 733448  |
| Ennis, Inc. | 2615 | 47776  |
| Enviri Corp.<sup>(a)</sup> | 70495 | 796593  |
| &nbsp;&nbsp;&nbsp; Healthcare Services Group, <br>Inc.<sup>(a)</sup> | 7894 | 123225  |
| HNI Corp. | 13415 | 602870  |
| Interface, Inc. | 7638 | 204087  |
| OPENLANE, Inc.<sup>(a)</sup> | 68099 | 1969423  |
| Rollins, Inc. | 3318 | 187600  |
| Steelcase, Inc. - Class A | 12892 | 215812  |
| Tetra Tech, Inc. | 9447 | 344060  |
| Virco Mfg. Corp. | 1822 | 15687  |
|  |  | 10154446  |
| **Communications Equipment — 1.3%**  | **Communications Equipment — 1.3%**  | **Communications Equipment — 1.3%**  |
| Aviat Networks, Inc.<sup>(a)</sup> | 1398 | 32098  |
| Calix, Inc.<sup>(a)</sup> | 3076 | 182868  |
| Ciena Corp.<sup>(a)</sup> | 21398 | 2010770  |
| Extreme Networks, Inc.<sup>(a)</sup> | 27294 | 583546  |
| Harmonic, Inc.<sup>(a)</sup> | 4869 | 46840  |
| Ribbon Communications, Inc.<sup>(a)</sup> | 149902 | 611600  |
| Viasat, Inc.<sup>(a)</sup> | 78080 | 2524326  |
|  |  | 5992048  |
| **Construction & Engineering — 1.9%**  | **Construction & Engineering — 1.9%**  | **Construction & Engineering — 1.9%**  |
| Arcosa, Inc. | 17711 | 1752503  |
| Argan, Inc. | 873 | 199236  |
|  Construction Partners, Inc. - Class A<sup>(a)</sup> | 9739 | 1167706  |
| Granite Construction, Inc. | 4241 | 456968  |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock <br>Corp.<sup>(a)</sup> | 7625 | 88908  |
| Matrix Service Co.<sup>(a)</sup> | 2300 | 34799  |
| MYR Group, Inc.<sup>(a)</sup> | 2906 | 544207  |
| Northwest Pipe Co.<sup>(a)</sup> | 275 | 14564  |
| Primoris Services Corp. | 2580 | 305859  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 2658 | 740333  |
| Tutor Perini Corp.<sup>(a)</sup> | 3926 | 231398  |
| Valmont Industries, Inc. | 9154 | 3360616  |
| WillScot Holdings Corp. | 9625 | 233310  |
|  |  | 9130407  |
| **Construction Materials — 0.5%** <br>|  |  |
| Eagle Materials, Inc. | 6933 | 1600829  |
| Knife River Corp.<sup>(a)</sup> | 4567 | 369927  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Titan America SA | 29972 | $464866  |
|  |  | 2435622  |
| **Consumer Finance — 1.2%** <br>|  |  |
| Atlanticus Holdings Corp.<sup>(a)</sup> | 318 | 21211  |
| Bread Financial Holdings, Inc. | 24706 | 1635290  |
| Credit Acceptance Corp.<sup>(a)</sup> | 380 | 195597  |
| Dave, Inc.<sup>(a)</sup> | 1859 | 396376  |
| FirstCash Holdings, Inc. | 11948 | 1759582  |
| Green Dot Corp. - Class A<sup>(a)</sup> | 6314 | 87891  |
| LendingClub Corp.<sup>(a)</sup> | 8161 | 140206  |
| Medallion Financial Corp. | 799 | 8437  |
| Navient Corp. | 5925 | 81232  |
| Nelnet, Inc. - Class A | 1321 | 169894  |
| OneMain Holdings, Inc. | 5693 | 352169  |
| Regional Management Corp. | 372 | 16309  |
| SLM Corp. | 34568 | 1081287  |
| World Acceptance Corp.<sup>(a)</sup> | 210 | 36000  |
|  |  | 5981481  |
|  **Consumer Staples Distribution & Retail — 0.6%** <br>|  |  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 22240 | 402767  |
| Ingles Markets, Inc. - Class A | 1638 | 110876  |
| Maplebear, Inc.<sup>(a)</sup> | 7970 | 345659  |
|  Natural Grocers by Vitamin Cottage, Inc. | 1745 | 67095  |
| PriceSmart, Inc. | 15445 | 1656631  |
| SpartanNash Co. | 3974 | 106503  |
| United Natural Foods, Inc.<sup>(a)</sup> | 7919 | 223949  |
|  Village Super Market, Inc. - Class A | 945 | 34285  |
| Weis Markets, Inc. | 1459 | 104537  |
|  |  | 3052302  |
| **Containers & Packaging — 0.5%** <br>|  |  |
| AptarGroup, Inc. | 1673 | 232999  |
| Avery Dennison Corp. | 5002 | 858593  |
| Graphic Packaging Holding Co. | 21741 | 484172  |
| Sealed Air Corp. | 3280 | 106502  |
| Silgan Holdings, Inc. | 15360 | 720691  |
|  |  | 2402957  |
| **Diversified Consumer Services — 0.7%**  | **Diversified Consumer Services — 0.7%**  | **Diversified Consumer Services — 0.7%**  |
| ADT, Inc. | 63006 | 548782  |
| &nbsp;&nbsp;&nbsp; American Public Education, <br>Inc.<sup>(a)</sup> | 2009 | 60632  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 2040 | 240802  |
| &nbsp;&nbsp;&nbsp; Lincoln Educational Services <br>Corp.<sup>(a)</sup> | 3491 | 65666  |
| OneSpaWorld Holdings Ltd. | 31188 | 703913  |
| Perdoceo Education Corp. | 6934 | 227019  |
| Stride, Inc.<sup>(a)</sup> | 8331 | 1359536  |
| &nbsp;&nbsp;&nbsp; Universal Technical Institute, <br>Inc.<sup>(a)</sup> | 5304 | 141033  |
|  |  | 3347383  |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  **Diversified Telecommunication Services — 0.2%** <br>|  |  |
| ATN International, Inc. | 1084 | $18428  |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 340 | 12607  |
| Globalstar, Inc.<sup>(a)</sup> | 9976 | 298582  |
| Iridium Communications, Inc. | 7508 | 186874  |
| Liberty Global Ltd. - Class A<sup>(a)</sup> | 11555 | 135656  |
| Liberty Global Ltd. - Class C<sup>(a)</sup> | 10348 | 123658  |
|  Shenandoah Telecommunications Co. | 5679 | 75247  |
|  |  | 851052  |
| **Electric Utilities — 0.6%** <br>|  |  |
| ALLETE, Inc. | 6827 | 437952  |
| IDACORP, Inc. | 7165 | 896341  |
| Portland General Electric Co. | 33347 | 1426585  |
|  |  | 2760878  |
| **Electrical Equipment — 0.8%** <br>|  |  |
| Atkore, Inc. | 3667 | 213383  |
| &nbsp;&nbsp;&nbsp; Babcock & Wilcox Enterprises, <br>Inc.<sup>(a)</sup> | 66457 | 148199  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 12582 | 666091  |
| Fluence Energy, Inc.<sup>(a)</sup> | 7914 | 58563  |
| Generac Holdings, Inc.<sup>(a)</sup> | 807 | 149497  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 4170 | 280474  |
| Regal Rexnord Corp. | 16260 | 2428106  |
|  Shoals Technologies Group, Inc. - Class A<sup>(a)</sup> | 3480 | 22655  |
|  |  | 3966968  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 4.0%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 4.0%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 4.0%**  |
| Advanced Energy Industries, Inc. | 1486 | 222424  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 695 | 87799  |
| Avnet, Inc. | 9345 | 509957  |
| Badger Meter, Inc. | 570 | 104264  |
| Benchmark Electronics, Inc. | 30448 | 1235884  |
| Cognex Corp. | 10438 | 458646  |
| Coherent Corp.<sup>(a)</sup> | 26135 | 2364433  |
| Crane NXT Co. | 15437 | 922052  |
| Daktronics, Inc.<sup>(a)</sup> | 5006 | 86854  |
| ePlus, Inc. | 2718 | 196702  |
| Fabrinet<sup>(a)</sup> | 1345 | 445585  |
| Innoviz Technologies Ltd.<sup>(a)</sup> | 43422 | 72515  |
| IPG Photonics Corp.<sup>(a)</sup> | 8601 | 703734  |
| Itron, Inc.<sup>(a)</sup> | 7064 | 868448  |
| Kimball Electronics, Inc.<sup>(a)</sup> | 2291 | 66141  |
| Knowles Corp.<sup>(a)</sup> | 55651 | 1188149  |
| Littelfuse, Inc. | 4626 | 1201974  |
| Methode Electronics, Inc. | 2110 | 16310  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 31533 | 646427  |
| M-Tron Industries, Inc.<sup>(a)</sup> | 59 | 2654  |
| nLight, Inc.<sup>(a)</sup> | 14104 | 406195  |
| Novanta, Inc.<sup>(a)</sup> | 8974 | 1044663  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| OSI Systems, Inc.<sup>(a)</sup> | 3749 | $862457  |
| PC Connection, Inc. | 9 | 578  |
| Plexus Corp.<sup>(a)</sup> | 3036 | 415962  |
| Rogers Corp.<sup>(a)</sup> | 1565 | 122790  |
| Sanmina Corp.<sup>(a)</sup> | 16971 | 1994432  |
| ScanSource, Inc.<sup>(a)</sup> | 3281 | 143216  |
| TD SYNNEX Corp. | 3267 | 483745  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 834 | 448834  |
| TTM Technologies, Inc.<sup>(a)</sup> | 7607 | 339044  |
| Vishay Intertechnology, Inc. | 12073 | 186649  |
| Vontier Corp. | 35217 | 1511161  |
|  |  | 19360678  |
| **Energy Equipment & Services — 2.1%**  | **Energy Equipment & Services — 2.1%**  | **Energy Equipment & Services — 2.1%**  |
| Archrock, Inc. | 18990 | 470192  |
| &nbsp;&nbsp;&nbsp; Aris Water Solutions, Inc. - <br>Class A | 2093 | 50797  |
| Atlas Energy Solutions, Inc. | 29812 | 349099  |
| Bristow Group, Inc.<sup>(a)</sup> | 2610 | 100511  |
| Cactus, Inc. - Class A | 428 | 17955  |
| Expro Group Holdings NV<sup>(a)</sup> | 103553 | 1291306  |
| &nbsp;&nbsp;&nbsp; Forum Energy Technologies, <br>Inc.<sup>(a)</sup> | 1220 | 32269  |
| Geospace Technologies Corp.<sup>(a)</sup> | 904 | 17917  |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, <br>Inc.<sup>(a)</sup> | 16121 | 106237  |
| Helmerich & Payne, Inc. | 9150 | 191144  |
| Hunting PLC | 89924 | 399379  |
| Innovex International, Inc.<sup>(a)</sup> | 7883 | 136061  |
| Kodiak Gas Services, Inc. | 16479 | 589783  |
| Liberty Energy, Inc. | 64296 | 723330  |
| Nabors Industries Ltd.<sup>(a)</sup> | 597 | 22256  |
| &nbsp;&nbsp;&nbsp; Natural Gas Services Group, <br>Inc. | 1559 | 40784  |
| Noble Corp. PLC | 14003 | 403567  |
| NOV, Inc. | 43149 | 573450  |
| &nbsp;&nbsp;&nbsp; Oceaneering International, <br>Inc.<sup>(a)</sup> | 15735 | 383934  |
| Oil States International, Inc.<sup>(a)</sup> | 5223 | 29249  |
| Patterson-UTI Energy, Inc. | 61402 | 356746  |
| &nbsp;&nbsp;&nbsp; ProFrac Holding Corp. - <br>Class A<sup>(a)</sup> | 1642 | 6568  |
| ProPetro Holding Corp.<sup>(a)</sup> | 8962 | 45706  |
|  Ranger Energy Services, Inc. - Class A | 1823 | 26014  |
| RPC, Inc. | 10137 | 48354  |
| Seadrill Ltd.<sup>(a)</sup> | 3443 | 109866  |
| Select Water Solutions, Inc. | 35210 | 299989  |
| TechnipFMC PLC | 22132 | 813572  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 104067 | 489115  |
| Tidewater, Inc.<sup>(a)</sup> | 9602 | 578040  |
| Transocean Ltd.<sup>(a)</sup> | 244288 | 740193  |
| Valaris Ltd.<sup>(a)</sup> | 6357 | 315752  |
| Weatherford International PLC | 6392 | 407202  |
|  |  | 10166337  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Entertainment — 0.1%** <br>|  |  |
| Lionsgate Studios Corp.<sup>(a)</sup> | 65129 | $418780  |
| Marcus Corp. | 2576 | 39773  |
| Starz Entertainment Corp.<sup>(a)</sup> | 4283 | 54694  |
|  |  | 513247  |
| **Financial Services — 0.6%** <br>|  |  |
| Enact Holdings, Inc. | 1731 | 65172  |
| Essent Group Ltd. | 4852 | 304415  |
| &nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage <br>Corp. - Class C | 671 | 140621  |
| Finance Of America Cos., Inc.<sup>(a)</sup> | 560 | 14958  |
|  International Money Express, Inc.<sup>(a)</sup> | 1872 | 27144  |
| Jack Henry & Associates, Inc. | 932 | 152158  |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. - <br>Class A | 6156 | 608213  |
| Merchants Bancorp/IN | 1400 | 45388  |
| MGIC Investment Corp. | 471 | 13108  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 6481 | 255027  |
| Onity Group, Inc.<sup>(a)</sup> | 150 | 6206  |
| Payoneer Global, Inc.<sup>(a)</sup> | 16998 | 118136  |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, <br>Inc. | 2000 | 220200  |
| Radian Group, Inc. | 10892 | 379913  |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. - <br>Class A<sup>(a)</sup> | 5448 | 492663  |
| Velocity Financial, Inc.<sup>(a)</sup> | 968 | 18469  |
|  |  | 2861791  |
| **Food Products — 0.5%** <br>|  |  |
| Cal-Maine Foods, Inc. | 4518 | 522462  |
| Dole PLC | 6864 | 101038  |
| Fresh Del Monte Produce, Inc. | 4252 | 154263  |
| Freshpet, Inc.<sup>(a)</sup> | 2660 | 148481  |
| Hain Celestial Group, Inc.<sup>(a)</sup> | 26576 | 47837  |
| Mission Produce, Inc.<sup>(a)</sup> | 2907 | 36367  |
| Nomad Foods Ltd. | 29182 | 453488  |
| Seaboard Corp. | 27 | 107168  |
| &nbsp;&nbsp;&nbsp; Seneca Foods Corp. - <br>Class A<sup>(a)</sup> | 816 | 92371  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 13188 | 241868  |
| Vital Farms, Inc.<sup>(a)</sup> | 9294 | 474830  |
| WK Kellogg Co. | 6524 | 149530  |
|  |  | 2529703  |
| **Gas Utilities — 1.1%** <br>|  |  |
| Atmos Energy Corp. | 5205 | 864707  |
| Chesapeake Utilities Corp. | 1535 | 189695  |
| New Jersey Resources Corp. | 17272 | 816793  |
| Northwest Natural Holding Co. | 25700 | 1067321  |
| Spire, Inc. | 27942 | 2140357  |
|  |  | 5078873  |
| **Ground Transportation — 0.9%** <br>|  |  |
| ArcBest Corp. | 2471 | 182261  |
| Covenant Logistics Group, Inc. | 1804 | 43530  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Heartland Express, Inc. | 3945 | $33888  |
|  Knight-Swift Transportation Holdings, Inc. | 42034 | 1845293  |
| Marten Transport Ltd. | 6237 | 73846  |
| RXO, Inc.<sup>(a)</sup> | 26860 | 438624  |
| Ryder System, Inc. | 3850 | 721952  |
| Saia, Inc.<sup>(a)</sup> | 393 | 116509  |
| &nbsp;&nbsp;&nbsp; Schneider National, Inc. - <br>Class B | 25120 | 620966  |
| &nbsp;&nbsp;&nbsp; Universal Logistics Holdings, <br>Inc. | 715 | 18547  |
| Werner Enterprises, Inc. | 6822 | 196815  |
|  |  | 4292231  |
|  **Health Care Equipment & Supplies — 2.3%** <br>|  |  |
| Accuray, Inc.<sup>(a)</sup> | 64784 | 98472  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 77114 | 1226113  |
| AtriCure, Inc.<sup>(a)</sup> | 9927 | 367200  |
| CONMED Corp. | 3339 | 181508  |
| CytoSorbents Corp.<sup>(a)</sup> | 2079 | 1961  |
| Enovis Corp.<sup>(a)</sup> | 33921 | 1048159  |
| Envista Holdings Corp.<sup>(a)</sup> | 81433 | 1724751  |
| Haemonetics Corp.<sup>(a)</sup> | 19369 | 1056385  |
| Integer Holdings Corp.<sup>(a)</sup> | 4655 | 502135  |
|  Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 17288 | 261567  |
| Kewaunee Scientific Corp.<sup>(a)</sup> | 96 | 5442  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 6607 | 362724  |
| LivaNova PLC<sup>(a)</sup> | 3659 | 206258  |
| Neogen Corp.<sup>(a)</sup> | 12248 | 70426  |
| Novocure Ltd.<sup>(a)</sup> | 12035 | 148391  |
| OraSure Technologies, Inc.<sup>(a)</sup> | 41233 | 136481  |
| QuidelOrtho Corp.<sup>(a)</sup> | 9522 | 273186  |
| SI-BONE, Inc.<sup>(a)</sup> | 30295 | 505018  |
| Teleflex, Inc. | 10721 | 1355242  |
| UFP Technologies, Inc.<sup>(a)</sup> | 3749 | 787890  |
| Varex Imaging Corp.<sup>(a)</sup> | 16323 | 188531  |
| Zimvie, Inc.<sup>(a)</sup> | 14507 | 273892  |
|  |  | 10781732  |
| **Health Care Providers & Services — 2.0%**  | **Health Care Providers & Services — 2.0%**  | **Health Care Providers & Services — 2.0%**  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 14914 | 342426  |
| Brookdale Senior Living, Inc.<sup>(a)</sup> | 20812 | 160252  |
| Chemed Corp. | 687 | 314612  |
| &nbsp;&nbsp;&nbsp; Cross Country Healthcare, <br>Inc.<sup>(a)</sup> | 3 | 40  |
| Encompass Health Corp. | 6892 | 839170  |
| Ensign Group, Inc. | 6817 | 1171024  |
| HealthEquity, Inc.<sup>(a)</sup> | 7177 | 641122  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 4150 | 750445  |
| National Research Corp. | 30931 | 454376  |
| Nutex Health, Inc.<sup>(a)</sup> | 531 | 44493  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 21387 | 368070  |
| Premier, Inc. - Class A | 10166 | 263299  |
| RadNet, Inc.<sup>(a)</sup> | 14303 | 1026383  |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Health Care Providers & Services — (Continued)** | **Health Care Providers & Services — (Continued)** | **Health Care Providers & Services — (Continued)** |
| Talkspace, Inc.<sup>(a)</sup> | 79348 | $211066  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 825 | 152072  |
| US Physical Therapy, Inc. | 32709 | 2711249  |
|  |  | 9450099  |
| **Health Care Technology — 0.3%** <br>|  |  |
| Phreesia, Inc.<sup>(a)</sup> | 35745 | 1131687  |
| Schrodinger, Inc./United States<sup>(a)</sup> | 12813 | 249981  |
|  |  | 1381668  |
| **Hotels, Restaurants & Leisure — 1.8%**  | **Hotels, Restaurants & Leisure — 1.8%**  | **Hotels, Restaurants & Leisure — 1.8%**  |
| Accel Entertainment, Inc.<sup>(a)</sup> | 5974 | 69239  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 2621 | 87961  |
| Bloomin' Brands, Inc. | 5644 | 41483  |
| Boyd Gaming Corp. | 10801 | 927374  |
| Brinker International, Inc.<sup>(a)</sup> | 5064 | 789883  |
| Cheesecake Factory, Inc. | 4697 | 288678  |
|  Cracker Barrel Old Country Store, Inc. | 9277 | 554950  |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, <br>Inc.<sup>(a)</sup> | 4308 | 110586  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 23119 | 1098615  |
|  International Game Technology PLC | 67402 | 1121569  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 24424 | 681918  |
| Monarch Casino & Resort, Inc. | 1392 | 145227  |
| Planet Fitness, Inc. - Class A<sup>(a)</sup> | 5594 | 586251  |
| Potbelly Corp.<sup>(a)</sup> | 2325 | 30085  |
| RCI Hospitality Holdings, Inc. | 737 | 27424  |
| Red Rock Resorts, Inc. - Class A | 12155 | 752030  |
| Super Group SGHC Ltd. | 19211 | 223424  |
| Target Hospitality Corp.<sup>(a)</sup> | 1214 | 11011  |
| Texas Roadhouse, Inc. | 1963 | 338716  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 4083 | 214684  |
| Wyndham Hotels & Resorts, Inc. | 6254 | 541659  |
|  |  | 8642767 |
| **Household Durables — 2.2%** <br>|  |  |
| Century Communities, Inc. | 9030 | 594896  |
| Champion Homes, Inc.<sup>(a)</sup> | 8839 | 666991  |
| Cricut, Inc. - Class A | 4528 | 25810  |
|  Dream Finders Homes, Inc. - Class A<sup>(a)</sup> | 109175 | 3033973  |
| Ethan Allen Interiors, Inc. | 2619 | 77287  |
| Flexsteel Industries, Inc. | 395 | 18320  |
|  Hamilton Beach Brands Holding Co. - Class A | 226 | 3331  |
|  Hovnanian Enterprises, Inc. - Class A<sup>(a)</sup> | 198 | 27791  |
| Installed Building Products, Inc. | 2825 | 739641  |
| La-Z-Boy, Inc. | 14188 | 524530  |
| M/I Homes, Inc.<sup>(a)</sup> | 5405 | 795940  |
| Meritage Homes Corp. | 11220 | 871682  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 56 | 7431  |
| Smith Douglas Homes Corp.<sup>(a)</sup> | 29891 | 586163  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Somnigroup International, Inc. | 9584 | $804577  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 16445 | 1107900  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 9878 | 348990  |
| Whirlpool Corp. | 4942 | 460347  |
|  |  | 10695600  |
| **Household Products — 0.1%** <br>|  |  |
| Central Garden & Pet Co.<sup>(a)</sup> | 1067 | 38871  |
|  Central Garden & Pet Co. - Class A<sup>(a)</sup> | 5850 | 193225  |
| Oil-Dri Corp. of America | 1086 | 64487  |
|  |  | 296583  |
|  **Independent Power and Renewable Electricity Producers — 0.6%** <br>|  |  |
| Montauk Renewables, Inc.<sup>(a)</sup> | 4298 | 9241  |
| Ormat Technologies, Inc. | 15823 | 1453975  |
| Talen Energy Corp.<sup>(a)</sup> | 1815 | 687740  |
| TransAlta Corp. | 33286 | 408880  |
| Vistra Corp. | 2346 | 443652  |
| XPLR Infrastructure LP | 9249 | 98039  |
|  |  | 3101527  |
| **Insurance — 5.3%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; American Coastal Insurance <br>Corp. | 464 | 5127  |
| AMERISAFE, Inc. | 2796 | 129119  |
| Assured Guaranty Ltd. | 2963 | 243559  |
| Axis Capital Holdings Ltd. | 10590 | 1043962  |
|  Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 7271 | 225837  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 5498 | 259836  |
| CNO Financial Group, Inc. | 61606 | 2431589  |
| Crawford & Co. - Class A | 1199 | 12997  |
| Crawford & Co. - Class B | 501 | 5306  |
| Donegal Group, Inc. - Class A | 797 | 14258  |
| Employers Holdings, Inc. | 1650 | 71379  |
| F&G Annuities & Life, Inc. | 804 | 27794  |
| Fidelis Insurance Holdings Ltd. | 5389 | 94200  |
|  Genworth Financial, Inc. - Class A<sup>(a)</sup> | 31554 | 270418  |
|  Goosehead Insurance, Inc. - Class A | 37111 | 3143673  |
|  Greenlight Capital Re Ltd. - Class A<sup>(a)</sup> | 1064 | 13715  |
| Hagerty, Inc. - Class A<sup>(a)</sup> | 11491 | 131572  |
| Hanover Insurance Group, Inc. | 17394 | 3017511  |
| HCI Group, Inc. | 3610 | 601823  |
|  Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 2714 | 61798  |
| Horace Mann Educators Corp. | 36157 | 1662499  |
| Kemper Corp. | 21262 | 1140706  |
| Kingstone Cos., Inc. | 1027 | 13823  |
| Kinsale Capital Group, Inc. | 7420 | 3394279  |
| Mercury General Corp. | 3022 | 233691  |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | 21440 | 357190  |

---

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Insurance — (Continued)**<br>|  |  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 1957 | $240750  |
| Primerica, Inc. | 490 | 131977  |
| Root, Inc./OH<sup>(a)</sup> | 3520 | 324614  |
| Ryan Specialty Holdings, Inc. | 52090 | 2944648  |
| Selective Insurance Group, Inc. | 29371 | 2297693  |
| Selectquote, Inc.<sup>(a)</sup> | 304 | 687  |
| SiriusPoint Ltd.<sup>(a)</sup> | 12717 | 238062  |
|  Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 1935 | 93461  |
| Slide Insurance Holdings, Inc.<sup>(a)</sup> | 203 | 2716  |
| &nbsp;&nbsp;&nbsp; Stewart Information Services <br>Corp. | 2471 | 179988  |
| TWFG, Inc.<sup>(a)</sup> | 85 | 2248  |
| United Fire Group, Inc. | 1483 | 45588  |
| &nbsp;&nbsp;&nbsp; Universal Insurance Holdings, <br>Inc. | 1992 | 48585  |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance <br>Group Ltd. | 161 | 294659  |
|  |  | 25453337  |
| **Interactive Media & Services — 1.8%**  | **Interactive Media & Services — 1.8%**  | **Interactive Media & Services — 1.8%**  |
| Auto Trader Group PLC - ADR | 1622549 | 4332206  |
| Cargurus, Inc.<sup>(a)</sup> | 17431 | 603113  |
| Cars.com, Inc.<sup>(a)</sup> | 6615 | 86326  |
| Rightmove PLC - ADR | 182643 | 3663818  |
| Yelp, Inc.<sup>(a)</sup> | 5394 | 170558  |
|  |  | 8856021  |
| **IT Services — 0.9%** <br>|  |  |
| DXC Technology Co.<sup>(a)</sup> | 22387 | 323492  |
| Endava PLC - ADR<sup>(a)</sup> | 137613 | 2020159  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 41351 | 1314548  |
| Unisys Corp.<sup>(a)</sup> | 56664 | 221556  |
| Wix.com Ltd.<sup>(a)</sup> | 2784 | 392767  |
|  |  | 4272522  |
| **Leisure Products — 0.7%** <br>|  |  |
| BRP, Inc. | 3710 | 233484  |
| Brunswick Corp./DE | 15292 | 972418  |
| Clarus Corp. | 1947 | 7068  |
| Escalade, Inc. | 526 | 6628  |
| JAKKS Pacific, Inc. | 780 | 13860  |
| Malibu Boats, Inc. - Class A<sup>(a)</sup> | 1909 | 63379  |
| Marine Products Corp. | 571 | 4985  |
| &nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, <br>Inc.<sup>(a)</sup> | 1557 | 34160  |
| Mattel, Inc.<sup>(a)</sup> | 76394 | 1398010  |
| Polaris, Inc. | 5749 | 325278  |
| Sturm Ruger & Co., Inc. | 1895 | 65700  |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands <br>Corp.<sup>(a)</sup> | 15562 | 148773  |
| YETI Holdings, Inc.<sup>(a)</sup> | 6779 | 238350  |
|  |  | 3512093  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Life Sciences Tools & Services — 0.5%**  | **Life Sciences Tools & Services — 0.5%**  | **Life Sciences Tools & Services — 0.5%**  |
| Avantor, Inc.<sup>(a)</sup> | 18425 | $248185  |
| Bio-Techne Corp. | 3385 | 184923  |
| Bruker Corp. | 41636 | 1414791  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 2023 | 330376  |
| Standard BioTools, Inc.<sup>(a)</sup> | 52128 | 65681  |
| Stevanato Group SpA | 5231 | 120365  |
|  West Pharmaceutical Services, Inc. | 520 | 128414  |
|  |  | 2492735  |
| **Machinery — 4.3%** <br>|  |  |
| Alamo Group, Inc. | 1181 | 249734  |
|  Albany International Corp. - Class A | 14438 | 916957  |
| Astec Industries, Inc. | 2194 | 101560  |
| Blue Bird Corp.<sup>(a)</sup> | 2831 | 165302  |
| Crane Co. | 998 | 184929  |
| Enerpac Tool Group Corp. | 82014 | 3472473  |
| Enpro, Inc. | 674 | 147451  |
| Esab Corp. | 2642 | 304808  |
| ESCO Technologies, Inc. | 1267 | 254553  |
| Federal Signal Corp. | 2150 | 264428  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 68276 | 1745135  |
| Graco, Inc. | 2099 | 179234  |
| Greenbrier Cos., Inc. | 3656 | 170479  |
| Helios Technologies, Inc. | 9722 | 527321  |
| Hillman Solutions Corp.<sup>(a)</sup> | 71485 | 706272  |
| Hyster-Yale, Inc. | 938 | 35175  |
| JBT Marel Corp. | 9485 | 1359106  |
| Kadant, Inc. | 735 | 237611  |
| Kennametal, Inc. | 8763 | 187791  |
| Lincoln Electric Holdings, Inc. | 5200 | 1261676  |
| Lindsay Corp. | 1746 | 239604  |
| Luxfer Holdings PLC | 2811 | 37724  |
| Mayville Engineering Co., Inc.<sup>(a)</sup> | 1096 | 16002  |
| Microvast Holdings, Inc.<sup>(a)</sup> | 22411 | 59837  |
| Middleby Corp.<sup>(a)</sup> | 5925 | 810836  |
| Miller Industries, Inc. | 1656 | 69701  |
| Mueller Industries, Inc. | 8775 | 841873  |
|  Mueller Water Products, Inc. - Class A | 39181 | 1032811  |
| Omega Flex, Inc. | 18679 | 659369  |
| Park-Ohio Holdings Corp. | 831 | 16786  |
| &nbsp;&nbsp;&nbsp; Perma-Pipe International <br>Holdings, Inc.<sup>(a)</sup> | 600 | 17874  |
| RBC Bearings, Inc.<sup>(a)</sup> | 2924 | 1140243  |
| REV Group, Inc. | 3467 | 184479  |
| SPX Technologies, Inc.<sup>(a)</sup> | 1650 | 308732  |
| Standex International Corp. | 1438 | 293453  |
| Stratasys Ltd.<sup>(a)</sup> | 49746 | 529795  |
| Tennant Co. | 1795 | 147262  |
| Terex Corp. | 3475 | 173541  |
| Timken Co. | 4949 | 382211  |
| Toro Co. | 3098 | 251124  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Machinery — (Continued)** | **Machinery — (Continued)** | **Machinery — (Continued)** |
| Trinity Industries, Inc. | 8951 | $254387  |
| Wabash National Corp. | 2897 | 32128  |
|  Watts Water Technologies, Inc. - Class A | 2765 | 765628  |
| Worthington Enterprises, Inc. | 66 | 4343  |
|  |  | 20741738  |
| **Marine Transportation — 0.5%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Costamare Bulkers Holdings <br>Ltd.<sup>(a)</sup> | 892 | 9420  |
| Costamare, Inc. | 4460 | 51023  |
| Genco Shipping & Trading Ltd. | 4673 | 78693  |
| Kirby Corp.<sup>(a)</sup> | 11627 | 1130144  |
| Matson, Inc. | 4059 | 422339  |
| Safe Bulkers, Inc. | 2379 | 10111  |
| Star Bulk Carriers Corp. | 31671 | 590664  |
|  |  | 2292394  |
| **Media — 0.8%** <br>|  |  |
| AMC Networks, Inc. - Class A<sup>(a)</sup> | 4427 | 31255  |
| Cable One, Inc. | 555 | 89621  |
| Criteo SA - ADR<sup>(a)</sup> | 37918 | 941504  |
| EchoStar Corp. - Class A<sup>(a)</sup> | 11790 | 728504  |
| Gambling.com Group Ltd.<sup>(a)</sup> | 1617 | 14116  |
| &nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. - <br>Class A | 4826 | 195839  |
| Magnite, Inc.<sup>(a)</sup> | 37931 | 984310  |
| &nbsp;&nbsp;&nbsp; New York Times Co/The - <br>Class A | 7900 | 472736  |
| Nexstar Media Group, Inc. | 1845 | 377358  |
| Scholastic Corp. | 2093 | 53706  |
|  |  | 3888949  |
| **Metals & Mining — 2.4%** <br>|  |  |
| Alcoa Corp. | 20844 | 670968  |
| &nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, <br>Inc.<sup>(a)</sup> | 1279 | 190814  |
| Caledonia Mining Corp. PLC | 1700 | 43486  |
| Capstone Copper Corp.<sup>(a)</sup> | 107755 | 770491  |
| Carpenter Technology Corp. | 3769 | 907877  |
| Century Aluminum Co.<sup>(a)</sup> | 5017 | 112030  |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 53464 | 574738  |
| Coeur Mining, Inc.<sup>(a)</sup> | 11652 | 153224  |
| Commercial Metals Co. | 61867 | 3567870  |
|  Compass Minerals International, Inc.<sup>(a)</sup> | 4898 | 93307  |
| Constellium SE<sup>(a)</sup> | 51136 | 740961  |
| ERO Copper Corp.<sup>(a)</sup> | 35974 | 515867  |
| Ferroglobe PLC | 14130 | 59063  |
| Kaiser Aluminum Corp. | 1756 | 136740  |
| Materion Corp. | 1784 | 197667  |
| Metallus, Inc.<sup>(a)</sup> | 3276 | 53825  |
| Olympic Steel, Inc. | 1366 | 46048  |
| Ramaco Resources, Inc. | 3507 | 90936  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Ramaco Resources, Inc. - <br>Class B | 826 | $13422  |
| Ryerson Holding Corp. | 31182 | 710950  |
| SunCoke Energy, Inc. | 12065 | 93142  |
| thyssenkrupp AG | 65895 | 697201  |
| Warrior Met Coal, Inc. | 18885 | 1154629  |
| Worthington Steel, Inc. | 3731 | 124242  |
|  |  | 11719498  |
| **Multi-Utilities — 0.5%** <br>|  |  |
| Black Hills Corp. | 16392 | 980406  |
| Northwestern Energy Group, Inc. | 27377 | 1574451  |
|  |  | 2554857  |
| Rosebank Industries PLC<sup>(a)</sup> | 98211 | 443483  |
| **Oil, Gas & Consumable Fuels — 3.3%**  | **Oil, Gas & Consumable Fuels — 3.3%**  | **Oil, Gas & Consumable Fuels — 3.3%**  |
| Amplify Energy Corp.<sup>(a)</sup> | 4789 | 19491  |
| Antero Resources Corp.<sup>(a)</sup> | 43696 | 1394776  |
| Ardmore Shipping Corp. | 5082 | 59053  |
| Berry Corp. | 7330 | 24482  |
| BKV Corp.<sup>(a)</sup> | 34907 | 813682  |
| California Resources Corp. | 7895 | 392224  |
| &nbsp;&nbsp;&nbsp; Centrus Energy Corp. - <br>Class A<sup>(a)</sup> | 1443 | 291096  |
| Civitas Resources, Inc. | 9516 | 349999  |
| CNX Resources Corp.<sup>(a)</sup> | 44909 | 1311343  |
| Comstock Resources, Inc.<sup>(a)</sup> | 7249 | 116926  |
| Crescent Energy Co. - Class A | 19182 | 182996  |
| Devon Energy Corp. | 16361 | 590632  |
| DHT Holdings, Inc. | 69698 | 816861  |
| Dorian LPG Ltd. | 5064 | 161947  |
| Evolution Petroleum Corp. | 1128 | 5821  |
| Excelerate Energy, Inc. - Class A | 6000 | 146520  |
| Gran Tierra Energy, Inc.<sup>(a)</sup> | 3835 | 15762  |
| Granite Ridge Resources, Inc. | 7912 | 43991  |
| Hallador Energy Co.<sup>(a)</sup> | 2890 | 47136  |
| HighPeak Energy, Inc. | 2712 | 20882  |
| International Seaways, Inc. | 6146 | 279151  |
| Kimbell Royalty Partners LP | 9265 | 129432  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 268172 | 480028  |
|  Magnolia Oil & Gas Corp. - Class A | 19556 | 486553  |
| Matador Resources Co. | 14575 | 733997  |
| Murphy Oil Corp. | 43035 | 1069850  |
| Nordic American Tankers Ltd. | 17713 | 55087  |
| Northern Oil & Gas, Inc. | 10083 | 263771  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 6971 | 241476  |
| Peabody Energy Corp. | 15542 | 270431  |
| Permian Resources Corp. | 53955 | 771017  |
| &nbsp;&nbsp;&nbsp; REX American Resources <br>Corp.<sup>(a)</sup> | 1755 | 109810  |
| Riley Exploration Permian, Inc. | 1769 | 51761  |
| SandRidge Energy, Inc. | 2779 | 32903  |
| Scorpio Tankers, Inc. | 27143 | 1368007  |
| SFL Corp. Ltd. | 14626 | 118909  |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Oil, Gas & Consumable Fuels — (Continued)** | **Oil, Gas & Consumable Fuels — (Continued)** | **Oil, Gas & Consumable Fuels — (Continued)** |
| SM Energy Co. | 30866 | $881224  |
| Talos Energy, Inc.<sup>(a)</sup> | 17870 | 176556  |
| Teekay Corp. Ltd. | 7521 | 61672  |
| Teekay Tankers Ltd. | 3633 | 178635  |
| VAALCO Energy, Inc. | 12937 | 50196  |
| Viper Energy, Inc. - Class A | 16405 | 653645  |
| Vital Energy, Inc.<sup>(a)</sup> | 4168 | 74274  |
| Vitesse Energy, Inc. | 3642 | 96914  |
| Whitecap Resources, Inc. | 37633 | 283340  |
| World Kinect Corp. | 4811 | 128983  |
|  |  | 15853242  |
| **Paper & Forest Products — 0.1%** <br>|  |  |
| Louisiana-Pacific Corp. | 4752 | 451963  |
| Mercer International, Inc. | 1870 | 6227  |
| Sylvamo Corp. | 2078 | 95858  |
|  |  | 554048  |
| **Passenger Airlines — 0.4%** <br>|  |  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 10732 | 673755  |
| Allegiant Travel Co.<sup>(a)</sup> | 7527 | 471642  |
| SkyWest, Inc.<sup>(a)</sup> | 5283 | 641356  |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, <br>Inc.<sup>(a)</sup> | 5857 | 77605  |
|  |  | 1864358  |
| **Personal Care Products — 0.1%** <br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 7023 | 288294  |
| Medifast, Inc.<sup>(a)</sup> | 873 | 12248  |
| &nbsp;&nbsp;&nbsp; Nature's Sunshine Products, <br>Inc.<sup>(a)</sup> | 1484 | 25005  |
| &nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc. - <br>Class A | 6774 | 82440  |
|  |  | 407987  |
| **Pharmaceuticals — 0.3%** <br>|  |  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 43209 | 413078  |
| &nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 1376 | 42133  |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 8069 | 250058  |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 10059 | 144347  |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 4484 | 165415  |
| Innoviva, Inc.<sup>(a)</sup> | 7473 | 152673  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 5949 | 158660  |
| Verona Pharma PLC - ADR<sup>(a)</sup> | 2675 | 283309  |
|  |  | 1609673  |
| **Professional Services — 1.4%** <br>|  |  |
| Alight, Inc. - Class A | 77690 | 301437  |
| Clarivate PLC<sup>(a)</sup> | 14470 | 62944  |
| Conduent, Inc.<sup>(a)</sup> | 133937 | 372345  |
| CRA International, Inc. | 950 | 184072  |
| Exponent, Inc. | 2290 | 163460  |
| First Advantage Corp.<sup>(a)</sup> | 45082 | 737542  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Heidrick & Struggles International, Inc. | 1845 | $93744  |
| IBEX Holdings Ltd.<sup>(a)</sup> | 1278 | 37739  |
| KBR, Inc. | 25630 | 1293290  |
| Kelly Services, Inc. - Class A | 3199 | 45522  |
| Maximus, Inc. | 11623 | 1021894  |
| Paylocity Holding Corp.<sup>(a)</sup> | 2874 | 515107  |
| Resources Connection, Inc. | 69 | 353  |
| TriNet Group, Inc. | 13095 | 948340  |
| TrueBlue, Inc.<sup>(a)</sup> | 3188 | 19032  |
| Verra Mobility Corp.<sup>(a)</sup> | 27622 | 686407  |
|  |  | 6483228  |
|  **Real Estate Management & Development — 1.1%** <br>|  |  |
| Colliers International Group, Inc. | 5927 | 980029  |
| Cushman & Wakefield PLC<sup>(a)</sup> | 157780 | 2488191  |
| FirstService Corp. | 2702 | 543981  |
| FirstService Corp. | 2015 | 405418  |
| Forestar Group, Inc.<sup>(a)</sup> | 1980 | 54787  |
| &nbsp;&nbsp;&nbsp; Howard Hughes Holdings, <br>Inc.<sup>(a)</sup> | 3202 | 244216  |
| Newmark Group, Inc. - Class A | 23537 | 428609  |
| Opendoor Technologies, Inc.<sup>(a)</sup> | 39734 | 176816  |
|  |  | 5322047  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 3.1%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 3.1%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 3.1%**  |
| Amkor Technology, Inc. | 9460 | 228837  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 1209 | 96768  |
| CEVA, Inc.<sup>(a)</sup> | 7562 | 168028  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 9909 | 1219352  |
| Diodes, Inc.<sup>(a)</sup> | 7139 | 388611  |
| Impinj, Inc.<sup>(a)</sup> | 4698 | 880734  |
|  indie Semiconductor, Inc. - Class A<sup>(a)</sup> | 57129 | 258794  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 5383 | 357323  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 11796 | 1511657  |
| MKS, Inc. | 12276 | 1268602  |
| NVE Corp. | 4696 | 303268  |
| Onto Innovation, Inc.<sup>(a)</sup> | 1912 | 202672  |
| Penguin Solutions, Inc.<sup>(a)</sup> | 3024 | 72969  |
| Photronics, Inc.<sup>(a)</sup> | 7677 | 174038  |
| Power Integrations, Inc. | 11986 | 540569  |
| Rambus, Inc.<sup>(a)</sup> | 14570 | 1074829  |
| Semtech Corp.<sup>(a)</sup> | 14443 | 838994  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 6666 | 895577  |
|  Silicon Motion Technology Corp. - ADR | 21092 | 1680611  |
| SiTime Corp.<sup>(a)</sup> | 3170 | 766094  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 13229 | 778130  |
| Veeco Instruments, Inc.<sup>(a)</sup> | 39669 | 972684  |
|  |  | 14679141  |

---

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Software — 6.3%** <br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 61486 | $3034334  |
| Adeia, Inc. | 34898 | 524866  |
| Agilysys, Inc.<sup>(a)</sup> | 7663 | 836187  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 12956 | 3593735  |
| BlackBerry Ltd.<sup>(a)</sup> | 35374 | 135482  |
| BlackLine, Inc.<sup>(a)</sup> | 18353 | 997853  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 111813 | 1106949  |
| Cognyte Software Ltd.<sup>(a)</sup> | 57598 | 514350  |
| Commvault Systems, Inc.<sup>(a)</sup> | 1601 | 298819  |
| Computer Modelling Group Ltd. | 8031 | 36412  |
| CoreCard Corp.<sup>(a)</sup> | 9 | 249  |
| Elastic NV<sup>(a)</sup> | 4842 | 411860  |
| Fair Isaac Corp.<sup>(a)</sup> | 145 | 220638  |
| Klaviyo, Inc. - Class A<sup>(a)</sup> | 32074 | 1040481  |
| Life360, Inc.<sup>(a)</sup> | 2514 | 227379  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 1631 | 351383  |
| MARA Holdings, Inc.<sup>(a)</sup> | 18642 | 297899  |
| nCino, Inc.<sup>(a)</sup> | 134312 | 4312758  |
| NCR Voyix Corp.<sup>(a)</sup> | 89482 | 1179373  |
| OneSpan, Inc. | 17429 | 263614  |
| Onestream, Inc.<sup>(a)</sup> | 160451 | 3335776  |
|  Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 940 | 34667  |
| Pegasystems, Inc. | 12128 | 657459  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 12329 | 970662  |
| Qualys, Inc.<sup>(a)</sup> | 1613 | 219061  |
| Radware Ltd.<sup>(a)</sup> | 11605 | 292910  |
| SPS Commerce, Inc.<sup>(a)</sup> | 19553 | 2156696  |
| Teradata Corp.<sup>(a)</sup> | 40484 | 849354  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 451 | 253859  |
| UiPath, Inc. - Class A<sup>(a)</sup> | 26623 | 296048  |
| Varonis Systems, Inc.<sup>(a)</sup> | 10945 | 645974  |
| Verint Systems, Inc.<sup>(a)</sup> | 29301 | 597447  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 4712 | 121664  |
| Xperi, Inc.<sup>(a)</sup> | 28088 | 168528  |
|  |  | 29984726  |
| **Specialty Retail — 3.4%** <br>|  |  |
|  Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | 4205 | 393294  |
| Academy Sports & Outdoors, Inc. | 12344 | 661021  |
| Advance Auto Parts, Inc. | 13330 | 812997  |
| American Eagle Outfitters, Inc. | 19911 | 257648  |
| Arhaus, Inc.<sup>(a)</sup> | 3318 | 38920  |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, <br>Inc.<sup>(a)</sup> | 1859 | 467613  |
| Bath & Body Works, Inc. | 33429 | 976461  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 5945 | 1056843  |
| Buckle, Inc. | 3225 | 182503  |
| Build-A-Bear Workshop, Inc. | 1208 | 73458  |
| Caleres, Inc. | 13155 | 197325  |
| Designer Brands, Inc. - Class A | 3789 | 14057  |
| Five Below, Inc.<sup>(a)</sup> | 6864 | 995966  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 1954 | $160072  |
| Foot Locker, Inc.<sup>(a)</sup> | 7392 | 182582  |
| Gap Inc/The | 42841 | 942930  |
| Group 1 Automotive, Inc. | 693 | 322093  |
| Guess?, Inc. | 3652 | 61390  |
| Haverty Furniture Cos., Inc. | 1308 | 29495  |
| Lands' End, Inc.<sup>(a)</sup> | 1611 | 23134  |
| Murphy USA, Inc. | 251 | 94502  |
| National Vision Holdings, Inc.<sup>(a)</sup> | 31903 | 731855  |
| ODP Corp.<sup>(a)</sup> | 12593 | 255134  |
| Revolve Group, Inc.<sup>(a)</sup> | 108345 | 2423678  |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 9878 | 136909  |
| Shoe Carnival, Inc. | 2062 | 43096  |
| Signet Jewelers Ltd. | 4971 | 437697  |
| Sonic Automotive, Inc. - Class A | 1543 | 126819  |
| Tile Shop Holdings, Inc.<sup>(a)</sup> | 2384 | 14805  |
| Tractor Supply Co. | 3525 | 217704  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 11278 | 756528  |
| Valvoline, Inc.<sup>(a)</sup> | 44827 | 1738391  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 38915 | 1019573  |
| Wayfair, Inc. - Class A<sup>(a)</sup> | 4912 | 366435  |
| Winmark Corp. | 464 | 215222  |
|  |  | 16428150  |
|  **Technology Hardware, Storage & Peripherals — 0.0%<sup>(b)</sup>** <br>|  |  |
| Diebold Nixdorf, Inc.<sup>(a)</sup> | 2661 | 162614  |
|  **Textiles, Apparel & Luxury Goods — 0.9%** <br>|  |  |
| Carter's, Inc. | 3533 | 100903  |
| Columbia Sportswear Co. | 3552 | 197918  |
| Crocs, Inc.<sup>(a)</sup> | 7974 | 695333  |
| Dr Martens PLC | 387588 | 472169  |
| Ermenegildo Zegna NV | 3593 | 30325  |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 5445 | 147015  |
| Gildan Activewear, Inc. | 21715 | 1185639  |
| Movado Group, Inc. | 1330 | 24299  |
| Oxford Industries, Inc. | 1591 | 70084  |
| PVH Corp. | 9070 | 764782  |
| Rocky Brands, Inc. | 884 | 26900  |
| Superior Group of Cos., Inc. | 1445 | 18987  |
| Under Armour, Inc. - Class C<sup>(a)</sup> | 84833 | 417378  |
| Unifi, Inc.<sup>(a)</sup> | 750 | 3315  |
| Vera Bradley, Inc.<sup>(a)</sup> | 2217 | 4589  |
|  |  | 4159636  |
|  **Trading Companies & Distributors — 3.1%** <br>|  |  |
| AerCap Holdings NV | 13588 | 1678118  |
| Air Lease Corp. | 29415 | 1771077  |
|  Applied Industrial Technologies, Inc. | 2082 | 548773  |
| Boise Cascade Co. | 3687 | 320769  |
| DNOW, Inc.<sup>(a)</sup> | 9229 | 147664  |
| GATX Corp. | 11967 | 2014166  |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Trading Companies & Distributors — (Continued)** | **Trading Companies & Distributors — (Continued)** | **Trading Companies & Distributors — (Continued)** |
| Herc Holdings, Inc. | 15615 | $2042286  |
| Hudson Technologies, Inc.<sup>(a)</sup> | 4829 | 49062  |
| Karat Packaging, Inc. | 860 | 21741  |
| McGrath RentCorp | 7267 | 882868  |
| MRC Global, Inc.<sup>(a)</sup> | 8198 | 123626  |
| NPK International, Inc.<sup>(a)</sup> | 10115 | 105196  |
| Rush Enterprises, Inc. - Class A | 27595 | 1583953  |
| Rush Enterprises, Inc. - Class B | 897 | 52062  |
| &nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, <br>Inc.<sup>(a)</sup> | 8671 | 1242034  |
| Titan Machinery, Inc.<sup>(a)</sup> | 1310 | 26200  |
| Transcat, Inc.<sup>(a)</sup> | 1245 | 104518  |
| Watsco, Inc. | 615 | 247464  |
| WESCO International, Inc. | 8225 | 1808184  |
|  |  | 14769761  |
| **Water Utilities — 0.1%** <br>|  |  |
| American States Water Co. | 2754 | 205256  |
| Middlesex Water Co. | 854 | 45723  |
|  |  | 250979  |
|  **Wireless Telecommunication Services — 0.1%** <br>|  |  |
| Array Digital Infrastructure, Inc. | 1872 | 100770  |
| &nbsp;&nbsp;&nbsp; Telephone and Data Systems, <br>Inc. | 9935 | 398294  |
|  |  | 499064  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $417,122,551)** |  | 459561096  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON — 1.3%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON — 1.3%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON — 1.3%**  |
| **Diversified REITs — 0.3%** <br>|  |  |
| Alexander & Baldwin, Inc. | 24852 | 480638  |
| Broadstone Net Lease, Inc. | 41968 | 780185  |
|  |  | 1260823  |
| **Health Care REITs — 0.0%<sup>(b)</sup>** <br>|  |  |
| American Healthcare REIT, Inc. | 6776 | 289945  |
| **Industrial REITs — 0.3%** <br>|  |  |
| STAG Industrial, Inc. | 39284 | 1447615  |
| **Residential REITs — 0.1%** <br>|  |  |
| Independence Realty Trust, Inc. | 33744 | 611104  |
| **Retail REITs — 0.6%** <br>|  |  |
| Brixmor Property Group, Inc. | 43840 | 1227082  |
| Getty Realty Corp. | 35419 | 1012629  |
| Kite Realty Group Trust | 21531 | 491337  |
|  |  | 2731048  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS — COMMON** <br>**(Cost $5,895,621)** |  | 6340535  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS — 0.8%**  | **EXCHANGE TRADED FUNDS — 0.8%**  | **EXCHANGE TRADED FUNDS — 0.8%**  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Value <br>ETF | 20598 | $3585494  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $3,414,115)** |  | 3585494  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS — 2.0%**  | **MONEY MARKET FUNDS — 2.0%**  | **MONEY MARKET FUNDS — 2.0%**  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 9598605 | 9598605  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,598,605)** |  | 9598605  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $436,030,892)** |  | $479085730 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets — (0.0)%<sup>(b)</sup> |  | (4074)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $479081656 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of August 31, 2025.

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN SMALL CAP FUND** 

**SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**August 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | **Currency** <br>**Sold** | **Currency** <br>**Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Citibank Global Markets, Inc. | 09/26/2025 | CAD | 233531  | USD | 171158  | &nbsp;&nbsp;&nbsp; $(884)  |
| Citibank Global Markets, Inc. | 09/26/2025 | USD | 1412236  | CAD | 1936648  | &nbsp;&nbsp;&nbsp; 170  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(714) |

---

CAD - Canadian Dollar

USD - United States Dollar

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 92.9%** <br>|  |  |
| **Aerospace & Defense — 4.7%** <br>|  |  |
| General Dynamics Corp. | 43486 | $14114251  |
| HEICO Corp. - Class A | 175724 | 43054137  |
| Hexcel Corp. | 265304 | 16753948  |
| Howmet Aerospace, Inc. | 50872 | 8856815  |
| L3Harris Technologies, Inc. | 19712 | 5472446  |
| Textron, Inc. | 133852 | 10729576  |
| Woodward, Inc. | 95560 | 23586119  |
|  |  | 122567292  |
| **Air Freight & Logistics — 0.3%** <br>|  |  |
|  Expeditors International of Washington, Inc. | 67385 | 8122588  |
| **Automobile Components — 0.2%**  | **Automobile Components — 0.2%**  | **Automobile Components — 0.2%**  |
| Gentex Corp. | 153596 | 4302224  |
| **Automobiles — 0.1%** <br>|  |  |
| Harley-Davidson, Inc. | 104523 | 3043710  |
| **Banks — 2.2%** <br>|  |  |
| East West Bancorp, Inc. | 221633 | 23302494  |
| Fifth Third Bancorp | 138920 | 6358368  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, <br>Inc./OH | 563451 | 10035062  |
| Wintrust Financial Corp. | 117852 | 16179901  |
|  |  | 55875825  |
| **Beverages — 0.6%** <br>|  |  |
| Coca-Cola Consolidated, Inc. | 49353 | 5786146  |
|  Coca-Cola Europacific Partners PLC | 48869 | 4342499  |
| Primo Brands Corp. - Class A | 163783 | 4112591  |
|  |  | 14241236  |
| **Broadline Retail — 0.4%** <br>|  |  |
| eBay, Inc. | 114914 | 10412358  |
| **Building Products — 4.9%** <br>|  |  |
|  Advanced Drainage Systems, Inc. | 180478 | 25983418  |
| Allegion PLC | 178118 | 30244437  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 43496 | 6032025  |
| Lennox International, Inc. | 36993 | 20636915  |
| Masco Corp. | 433688 | 31828362  |
| Masterbrand, Inc.<sup>(a)</sup> | 179018 | 2275319  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 156340 | 5323377  |
| UFP Industries, Inc. | 48223 | 4869076  |
|  |  | 127192929  |
| **Capital Markets — 11.0%** <br>|  |  |
| Affiliated Managers Group, Inc. | 30123 | 6772253  |
| Ameriprise Financial, Inc. | 31104 | 16012650  |
| Carlyle Group, Inc. | 166879 | 10773708  |
| Evercore, Inc. - Class A | 32247 | 10369023  |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, <br>Inc. | 45769 | 17086483  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hamilton Lane, Inc. - Class A | &nbsp;&nbsp; 164661 | $25413779  |
| Houlihan Lokey, Inc. | &nbsp;&nbsp; 289584 | 57699612  |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 132469 | 23394025  |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 109171 | 39790646  |
| MSCI, Inc. | &nbsp;&nbsp; 42290 | 24008879  |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 146721 | 24860406  |
| Stifel Financial Corp. | &nbsp;&nbsp; 258050 | 29750585  |
|  |  | 285932049  |
| **Chemicals — 1.8%** <br>|  |  |
| Albemarle Corp. | &nbsp;&nbsp; 106341 | 9030478  |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 93523 | 8101898  |
| DuPont de Nemours, Inc. | &nbsp;&nbsp; 65402 | 5030722  |
| Eastman Chemical Co. | &nbsp;&nbsp; 131921 | 9279323  |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp; 261284 | 15995806  |
|  |  | 47438227  |
|  **Commercial Services & Supplies — 1.2%** <br>|  |  |
| RB Global, Inc. | &nbsp;&nbsp; 68716 | 7870731  |
| Republic Services, Inc. | &nbsp;&nbsp; 97387 | 22785636  |
|  |  | 30656367  |
| **Construction & Engineering — 0.9%**  | **Construction & Engineering — 0.9%**  | **Construction & Engineering — 0.9%**  |
| EMCOR Group, Inc. | &nbsp;&nbsp; 37449 | 23218380  |
| **Consumer Finance — 0.6%** <br>|  |  |
| Credit Acceptance Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2466 | 1269324  |
| SLM Corp. | &nbsp;&nbsp; 172553 | 5397458  |
| Synchrony Financial | &nbsp;&nbsp; 118544 | 9049649  |
|  |  | 15716431  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail — 1.4%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail — 1.4%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail — 1.4%**  |
| Maplebear, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 139526 | 6051243  |
| Sysco Corp. | &nbsp;&nbsp; 243030 | 19556624  |
| US Foods Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 133266 | 10341441  |
|  |  | 35949308  |
| **Containers & Packaging — 1.4%**  | **Containers & Packaging — 1.4%**  | **Containers & Packaging — 1.4%**  |
| Ball Corp. | &nbsp;&nbsp; 99382 | 5231468  |
| Packaging Corp. of America | &nbsp;&nbsp; 105783 | 23056463  |
| Sealed Air Corp. | &nbsp;&nbsp; 257630 | 8365246  |
|  |  | 36653177  |
| **Distributors — 1.1%** <br>|  |  |
| LKQ Corp. | &nbsp;&nbsp; 139464 | 4549316  |
| Pool Corp. | &nbsp;&nbsp; 78667 | 24442623  |
|  |  | 28991939  |
| **Diversified Consumer Services — 0.5%**  | **Diversified Consumer Services — 0.5%**  | **Diversified Consumer Services — 0.5%**  |
| Frontdoor, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 113980 | 6924285  |
| H&R Block, Inc. | &nbsp;&nbsp; 101001 | 5085400  |
|  |  | 12009685  |
| **Electric Utilities — 0.8%** <br>|  |  |
| Entergy Corp. | &nbsp;&nbsp; 63529 | 5596270  |
| FirstEnergy Corp. | &nbsp;&nbsp; 103257 | 4504070  |

---

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Electric Utilities — (Continued)** | **Electric Utilities — (Continued)** | **Electric Utilities — (Continued)** |
| NRG Energy, Inc. | 19851 | $2889512  |
| OGE Energy Corp. | 149740 | 6687388  |
|  |  | 19677240  |
| **Electrical Equipment — 2.5%** <br>|  |  |
| AMETEK, Inc. | 244841 | 45246617  |
| Generac Holdings, Inc.<sup>(a)</sup> | 48337 | 8954429  |
|  Sensata Technologies Holding PLC | 355201 | 11558241  |
|  |  | 65759287  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 4.5%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 4.5%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 4.5%**  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 149355 | 18868017  |
| CDW Corp./DE | 51655 | 8510678  |
| Flex Ltd.<sup>(a)</sup> | 115276 | 6181099  |
| Jabil, Inc. | 19538 | 4001969  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 163473 | 26716392  |
| TE Connectivity PLC | 32965 | 6807272  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 70894 | 38153024  |
|  Zebra Technologies Corp. - Class A<sup>(a)</sup> | 24643 | 7814049  |
|  |  | 117052500  |
| **Energy Equipment & Services — 0.8%**  | **Energy Equipment & Services — 0.8%**  | **Energy Equipment & Services — 0.8%**  |
| Helmerich & Payne, Inc. | 217250 | 4538353  |
| Schlumberger NV | 202998 | 7478446  |
| TechnipFMC Plc | 244096 | 8972969  |
|  |  | 20989768  |
| **Financial Services — 1.2%** <br>|  |  |
| Equitable Holdings, Inc. | 90929 | 4842879  |
| Global Payments, Inc. | 127536 | 11327747  |
| Rocket Cos., Inc. - Class A | 385978 | 6858829  |
| Voya Financial, Inc. | 69961 | 5253371  |
| WEX, Inc.<sup>(a)</sup> | 22742 | 3896842  |
|  |  | 32179668  |
| **Food Products — 0.1%** <br>|  |  |
| Lamb Weston Holdings, Inc. | 53948 | 3103628  |
| **Ground Transportation — 1.9%** <br>|  |  |
| CSX Corp. | 419700 | 13644447  |
| Landstar System, Inc. | 33344 | 4412412  |
| Old Dominion Freight Line, Inc. | 200060 | 30203058  |
|  |  | 48259917  |
|  **Health Care Equipment & Supplies — 2.1%** <br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 122370 | 17371645  |
| Cooper Cos., Inc.<sup>(a)</sup> | 334675 | 22555422  |
| DENTSPLY SIRONA, Inc. | 289057 | 4133515  |
| Solventum Corp.<sup>(a)</sup> | 108231 | 7910604  |
| STERIS PLC | 13167 | 3226705  |
|  |  | 55197891  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care Providers & Services — 2.7%** <br>|  |  |
| Cencora, Inc. | 91577 | $26704769  |
| Centene Corp.<sup>(a)</sup> | 342592 | 9948872  |
| Labcorp Holdings, Inc. | 60296 | 16761685  |
| McKesson Corp. | 5490 | 3769653  |
| Quest Diagnostics, Inc. | 29674 | 5389985  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 45875 | 8456139  |
|  |  | 71031103  |
| **Hotels, Restaurants & Leisure — 2.6%**  | **Hotels, Restaurants & Leisure — 2.6%**  | **Hotels, Restaurants & Leisure — 2.6%**  |
| Boyd Gaming Corp. | 74685 | 6412454  |
| Churchill Downs, Inc. | 32655 | 3387303  |
| Darden Restaurants, Inc. | 111487 | 23071120  |
| Domino's Pizza, Inc. | 59272 | 27164358  |
|  Marriott International, Inc./MD - Class A | 13043 | 3493698  |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, <br>Inc. | 48604 | 4209592  |
|  |  | 67738525  |
| **Household Durables — 2.3%** <br>|  |  |
| Cavco Industries, Inc.<sup>(a)</sup> | 7754 | 4113419  |
| DR Horton, Inc. | 167133 | 28325701  |
| NVR, Inc.<sup>(a)</sup> | 1160 | 9416474  |
| Somnigroup International, Inc. | 133290 | 11189696  |
| TopBuild Corp.<sup>(a)</sup> | 17840 | 7506358  |
|  |  | 60551648  |
| **Industrial Conglomerates — 0.2%**  | **Industrial Conglomerates — 0.2%**  | **Industrial Conglomerates — 0.2%**  |
| 3M Co. | 34976 | 5439817  |
| **Insurance — 3.7%** <br>|  |  |
| Brown & Brown, Inc. | 231645 | 22457983  |
| First American Financial Corp. | 88727 | 5855982  |
| Markel Group, Inc.<sup>(a)</sup> | 4938 | 9673838  |
| Progressive Corp. | 51526 | 12730014  |
|  Reinsurance Group of America, Inc. | 101407 | 19753069  |
| RenaissanceRe Holdings Ltd. | 78740 | 19133033  |
| Travelers Cos., Inc. | 18310 | 4971348  |
|  |  | 94575267  |
| **IT Services — 0.5%** <br>|  |  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 161704 | 12795638  |
| &nbsp;&nbsp;&nbsp; **Life Sciences Tools &** <br>**Services — 4.0%** <br>|  |  |
| Agilent Technologies, Inc. | 111091 | 13959695  |
|  Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 40380 | 12028394  |
| ICON PLC<sup>(a)</sup> | 4979 | 885963  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 139253 | 26570865  |
| QIAGEN NV | 478655 | 22257458  |
|  West Pharmaceutical Services, Inc. | 115767 | 28588661  |
|  |  | 104291036  |

---

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Machinery — 5.9%** <br>|  |  |
| Cummins, Inc. | 46227 | $18418686  |
| Dover Corp. | 114581 | 20493958  |
| ITT, Inc. | 18117 | 3084419  |
| Lincoln Electric Holdings, Inc. | 21979 | 5332765  |
| Nordson Corp. | 73348 | 16509901  |
| Parker-Hannifin Corp. | 5452 | 4139976  |
| Pentair PLC | 274828 | 29552255  |
| Snap-on, Inc. | 52622 | 17114779  |
|  Watts Water Technologies, Inc. - Class A | 23592 | 6532625  |
|  Westinghouse Air Brake Technologies Corp. | 167373 | 32386676  |
|  |  | 153566040  |
| **Metals & Mining — 0.7%** <br>|  |  |
| Commercial Metals Co. | 93460 | 5389838  |
| Freeport-McMoRan, Inc. | 82309 | 3654520  |
| Reliance, Inc. | 29322 | 8669342  |
|  |  | 17713700  |
| **Multi-Utilities — 1.1%** <br>|  |  |
| CenterPoint Energy, Inc. | 90423 | 3409851  |
| DTE Energy Co. | 66524 | 9090505  |
| WEC Energy Group, Inc. | 155491 | 16561346  |
|  |  | 29061702  |
| **Oil, Gas & Consumable Fuels — 2.3%**  | **Oil, Gas & Consumable Fuels — 2.3%**  | **Oil, Gas & Consumable Fuels — 2.3%**  |
| Chord Energy Corp. | 38827 | 4266699  |
| Coterra Energy, Inc. | 503932 | 12316098  |
| Diamondback Energy, Inc. | 36946 | 5496087  |
| EQT Corp. | 117532 | 6092859  |
| Marathon Petroleum Corp. | 57446 | 10323621  |
| Murphy Oil Corp. | 180706 | 4492351  |
| ONEOK, Inc. | 40742 | 3111874  |
| Permian Resources Corp. | 306871 | 4385186  |
| Phillips 66 | 29874 | 3990569  |
| Range Resources Corp. | 181941 | 6235118  |
|  |  | 60710462  |
| **Paper & Forest Products — 0.1%**  | **Paper & Forest Products — 0.1%**  | **Paper & Forest Products — 0.1%**  |
| Louisiana-Pacific Corp. | 29205  | 2777688  |
| **Professional Services — 5.2%** <br>|  |  |
|  Broadridge Financial Solutions, Inc. | 159602 | 40797463  |
|  CACI International, Inc. - Class A<sup>(a)</sup> | 13998 | 6715121  |
| Equifax, Inc. | 142267 | 35040362  |
| Exponent, Inc. | 231709 | 16539388  |
| Leidos Holdings, Inc. | 30017 | 5430676  |
|  SS&C Technologies Holdings, Inc. | 70866 | 6282980  |
| TriNet Group, Inc. | 25182 | 1823680  |
| Verisk Analytics, Inc. | 81039 | 21728177  |
|  |  | 134357847  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate Management & Development — 1.2%** <br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 188198 | $30510660  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 4.2%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 4.2%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 4.2%**  |
| Applied Materials, Inc. | 51343 | 8253901  |
| Entegris, Inc. | 227482 | 19049343  |
| Microchip Technology, Inc. | 131046 | 8517990  |
| Monolithic Power Systems, Inc. | 47513 | 39709465  |
| Skyworks Solutions, Inc. | 211951 | 15883608  |
| Universal Display Corp. | 130977 | 18152102  |
|  |  | 109566409  |
| **Software — 2.4%** <br>|  |  |
| Bentley Systems, Inc. - Class B | 324127 | 18037668  |
|  Check Point Software Technologies Ltd.<sup>(a)</sup> | 40754 | 7871228  |
| Gen Digital, Inc. | 218756 | 6606431  |
| InterDigital, Inc. | 22123 | 6011040  |
| Synopsys, Inc.<sup>(a)</sup> | 40197 | 24259693  |
|  |  | 62786060  |
| **Specialty Retail — 3.9%** <br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 3518 | 14770429  |
| Ross Stores, Inc. | 294703 | 43368493  |
| TJX Cos., Inc. | 93550 | 12779866  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 38005 | 18726204  |
| Valvoline, Inc.<sup>(a)</sup> | 105457 | 4089622  |
| Williams-Sonoma, Inc. | 33997 | 6397895  |
|  |  | 100132509  |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals — 0.7%**  | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals — 0.7%**  | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals — 0.7%**  |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. - <br>Class C | 33917 | 4142962  |
| NetApp, Inc. | 67871 | 7655170  |
|  Seagate Technology Holdings PLC | 35173 | 5887960  |
|  |  | 17686092  |
|  **Textiles, Apparel & Luxury Goods — 0.3%** <br>|  |  |
| Crocs, Inc.<sup>(a)</sup> | 24748 | 2158026  |
| Ralph Lauren Corp. | 18624 | 5530024  |
|  |  | 7688050  |
|  **Trading Companies & Distributors — 1.7%** <br>|  |  |
| Air Lease Corp. | 379319 | 22838797  |
| DNOW, Inc.<sup>(a)</sup> | 95642 | 1530272  |
| GATX Corp. | 88800 | 14945928  |
| MRC Global, Inc.<sup>(a)</sup> | 89031 | 1342587  |
|  MSC Industrial Direct Co., Inc. - Class A | 45908 | 4142279  |
|  |  | 44799863  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,142,663,560)** |  | 2412323740  |

---

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Select Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON — 3.6%** <br>|  |  |
| **Industrial REITs — 0.6%** <br>|  |  |
| Americold Realty Trust, Inc. | 600955 | $8677790  |
| EastGroup Properties, Inc. | 31332 | 5312654  |
|  |  | 13990444  |
| **Office REITs — 0.8%** <br>|  |  |
| BXP, Inc. | 282602 | 20491471  |
| **Residential REITs — 0.5%** <br>|  |  |
| Equity LifeStyle Properties, Inc. | 75411 | 4546529  |
| Equity Residential | 63290 | 4184735  |
| Essex Property Trust, Inc. | 16845 | 4551688  |
|  |  | 13282952  |
| **Retail REITs — 0.7%** <br>|  |  |
| Regency Centers Corp. | 91271 | 6617148  |
| Simon Property Group, Inc. | 63534 | 11478052  |
|  |  | 18095200  |
| **Specialized REITs — 1.0%** <br>|  |  |
| Extra Space Storage, Inc. | 26319 | 3778882  |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. - <br>Class A | 59672 | 7593262  |
| SBA Communications Corp. | 52256 | 10704641  |
| VICI Properties, Inc. | 116888 | 3948477  |
|  |  | 26025262  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS — COMMON** <br>**(Cost $94,706,082)** |  | 91885329  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **MONEY MARKET FUNDS — 3.4%**  | **MONEY MARKET FUNDS — 3.4%**  | **MONEY MARKET FUNDS — 3.4%**  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 88564470 | 88564470  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $88,564,470)** |  | 88564470  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.9%** <br>**(Cost $2,325,934,112)** |  | $2592773539 |
|  Other Assets in Excess of Liabilities — 0.1% |  | 3537978  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $2596311517 |

---

Percentages are stated as a percent of net assets.

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

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of August 31, 2025.

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 94.3%** <br>|  |  |
| **Aerospace & Defense — 4.4%** <br>|  |  |
| ATI, Inc.<sup>(a)</sup> | 3522 | $273096  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 6064 | 4531567  |
| BWX Technologies, Inc. | 2374 | 384683  |
| Curtiss-Wright Corp. | 6060 | 2897589  |
| General Dynamics Corp. | 7553 | 2451477  |
| HEICO Corp. | 8565 | 2672451  |
| HEICO Corp. - Class A | 34329 | 8410948  |
| Hexcel Corp. | 64817 | 4093194  |
| Howmet Aerospace, Inc. | 42208 | 7348413  |
|  Huntington Ingalls Industries, Inc. | 922 | 249668  |
| Karman Holdings, Inc.<sup>(a)</sup> | 17831 | 952354  |
| L3Harris Technologies, Inc. | 10841 | 3009679  |
| Leonardo DRS, Inc. | 1652 | 68822  |
| Textron, Inc. | 31930 | 2559509  |
| Woodward, Inc. | 18009 | 4444981  |
|  |  | 44348431  |
| **Air Freight & Logistics — 0.2%**<br>|  |  |
| CH Robinson Worldwide, Inc. | 1519 | 195495  |
|  Expeditors International of Washington, Inc. | 17551 | 2115597  |
| GXO Logistics, Inc.<sup>(a)</sup> | 2287 | 120411  |
|  |  | 2431503  |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| Aptiv PLC<sup>(a)</sup> | 5242 | 416896  |
| Autoliv, Inc. | 2103 | 260919  |
| BorgWarner, Inc. | 26733 | 1143103  |
|  Cie Generale des Etablissements Michelin SCA | 21855 | 790468  |
| Gentex Corp. | 65460 | 1833535  |
| Lear Corp. | 1324 | 145640  |
|  |  | 4590561  |
| **Automobiles — 0.2%**<br>|  |  |
| Ford Motor Co. | 73829 | 868967  |
| Harley-Davidson, Inc. | 20687 | 602406  |
| Lucid Group, Inc.<sup>(a)</sup> | 28004 | 55448  |
|  Rivian Automotive, Inc. - Class A<sup>(a)</sup> | 17606 | 238913  |
|  |  | 1765734  |
| **Banks — 3.4%**<br>|  |  |
| Bank OZK | 3338 | 175145  |
| BOK Financial Corp. | 642 | 71525  |
| Cadence Bank | 5841 | 219855  |
| Citizens Financial Group, Inc. | 10409 | 544183  |
| Columbia Banking System, Inc. | 3061 | 81943  |
| Comerica, Inc. | 4100 | 289378  |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, <br>Inc./MO | 44577 | 2761099  |
| Cullen/Frost Bankers, Inc. | 1549 | 199867  |
| East West Bancorp, Inc. | 44897 | 4720471  |
| Fifth Third Bancorp | 47149 | 2158010  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  First Citizens BancShares, Inc./NC - Class A | 279 | $553511  |
| First Hawaiian, Inc. | 36207 | 939572  |
| First Horizon Corp. | 14938 | 337599  |
| FNB Corp./PA | 9646 | 160992  |
| Home BancShares, Inc./AR | 4923 | 146508  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, <br>Inc./OH | 149652 | 2665302  |
| KeyCorp | 28121 | 544423  |
| M&T Bank Corp. | 4413 | 889926  |
| Old National Bancorp/IN | 8019 | 183555  |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, <br>Inc. | 2133 | 207370  |
|  PNC Financial Services Group, Inc. | 7626 | 1581937  |
| Popular, Inc. | 2132 | 267864  |
| Prosperity Bancshares, Inc. | 29433 | 2034703  |
| Regions Financial Corp. | 24686 | 676150  |
| SouthState Corp. | 2008 | 204936  |
| Synovus Financial Corp. | 4314 | 222646  |
| Truist Financial Corp. | 58618 | 2744495  |
| United Bankshares, Inc./WV | 3736 | 143238  |
| US Bancorp | 66467 | 3245584  |
| Webster Financial Corp. | 4761 | 296229  |
| Westamerica BanCorp | 13677 | 683987  |
| Western Alliance Bancorp | 3574 | 320052  |
| Wintrust Financial Corp. | 22200 | 3047838  |
| Zions Bancorp NA | 4739 | 274909  |
|  |  | 33594802  |
| **Beverages — 0.7%**<br>|  |  |
| Brown-Forman Corp. - Class A | 820 | 24887  |
| Brown-Forman Corp. - Class B | 5775 | 172903  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 3743 | 235360  |
| Coca-Cola Consolidated, Inc. | 11737 | 1376046  |
|  Coca-Cola Europacific Partners PLC | 9672 | 859454  |
|  Constellation Brands, Inc. - Class A | 3341 | 541042  |
| Heineken NV | 13410 | 1083377  |
|  Molson Coors Beverage Co. - Class B | 2463 | 124357  |
| Pernod Ricard SA | 13257 | 1506625  |
| Primo Brands Corp. - Class A | 37013 | 929396  |
|  |  | 6853447  |
| **Biotechnology — 0.7%**<br>|  |  |
| Alkermes PLC<sup>(a)</sup> | 3214 | 93110  |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 6535 | 2917943  |
| Avidity Biosciences, Inc.<sup>(a)</sup> | 276 | 12856  |
| Biogen, Inc.<sup>(a)</sup> | 1445 | 191058  |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, <br>Inc.<sup>(a)</sup> | 4394 | 256038  |
| Exelixis, Inc.<sup>(a)</sup> | 7917 | 296254  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 2886 | 211111  |
| Incyte Corp.<sup>(a)</sup> | 4651 | 393521  |

---

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Biotechnology — (Continued)** | **Biotechnology — (Continued)** | **Biotechnology — (Continued)** |
| Moderna, Inc.<sup>(a)</sup> | 3046 | $73378  |
| Natera, Inc.<sup>(a)</sup> | 11507 | 1936053  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 2846 | 397302  |
| Revolution Medicines, Inc.<sup>(a)</sup> | 2789 | 105898  |
| Roivant Sciences Ltd.<sup>(a)</sup> | 8968 | 106988  |
| United Therapeutics Corp.<sup>(a)</sup> | 1037 | 316036  |
|  |  | 7307546  |
| **Broadline Retail — 0.6%**<br>|  |  |
| Dillard's, Inc. - Class A | 115 | 61281  |
| eBay, Inc. | 34091 | 3088985  |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 18471 | 2342862  |
|  |  | 5493128  |
| **Building Products — 3.2%**<br>|  |  |
| A O Smith Corp. | 17259 | 1230394  |
| AAON, Inc. | 118 | 9788  |
|  Advanced Drainage Systems, Inc. | 37529 | 5403050  |
| Allegion PLC | 37180 | 6313164  |
| &nbsp;&nbsp;&nbsp; Armstrong World Industries, <br>Inc. | 844 | 165230  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 12228 | 1695779  |
| Carlisle Cos., Inc. | 1495 | 576906  |
| CSW Industrials, Inc. | 206 | 56349  |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, <br>Inc. | 3295 | 192823  |
| Lennox International, Inc. | 9729 | 5427420  |
| Masco Corp. | 92204 | 6766852  |
| Masterbrand, Inc.<sup>(a)</sup> | 35432 | 450341  |
| Owens Corning | 2617 | 392995  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 30944 | 1053643  |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., <br>Inc.  | 1344 | 256865  |
| Trex Co., Inc.<sup>(a)</sup> | 3280 | 202147  |
| UFP Industries, Inc. | 11662 | 1177512  |
|  Zurn Elkay Water Solutions Corp. | 3476 | 157671  |
|  |  | 31528929  |
| **Capital Markets — 8.6%**<br>|  |  |
| Affiliated Managers Group, Inc. | 6752 | 1517985  |
| Ameriprise Financial, Inc. | 6119 | 3150122  |
|  Ares Management Corp. - Class A | 18989 | 3402829  |
| Bank of New York Mellon Corp. | 6456 | 681754  |
| Carlyle Group, Inc. | 40135 | 2591116  |
| Cboe Global Markets, Inc. | 2635 | 621728  |
| Evercore, Inc. - Class A | 16419 | 5279529  |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, <br>Inc.  | 9835 | 3671602  |
| Franklin Resources, Inc. | 7210 | 185009  |
| Hamilton Lane, Inc. - Class A | 32239 | 4975767  |
| Houlihan Lokey, Inc. | 60096 | 11974128  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Intercontinental Exchange, Inc. | 23009 | $4063389  |
| Invesco Ltd. | 11118 | 243373  |
| Jefferies Financial Group, Inc. | 3834 | 248635  |
| LPL Financial Holdings, Inc. | 32681 | 11911571  |
| MarketAxess Holdings, Inc. | 995 | 182921  |
| Morningstar, Inc. | 664 | 174247  |
| MSCI, Inc. | 7954 | 4515645  |
| Nasdaq, Inc. | 30043 | 2846274  |
| Northern Trust Corp. | 23308 | 3059874  |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, <br>Inc. | 33784 | 5724361  |
|  Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 34752 | 3615250  |
| SEI Investments Co. | 3268 | 288499  |
| State Street Corp. | 7503 | 862620  |
| Stifel Financial Corp. | 48897 | 5637335  |
| T Rowe Price Group, Inc. | 15522 | 1670478  |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. - <br>Class A | 20752 | 2559967  |
|  |  | 85656008  |
| **Chemicals — 1.4%**<br>|  |  |
| Akzo Nobel NV | 10901 | 751017  |
| Albemarle Corp. | 19178 | 1628596  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 5600 | 175056  |
| CF Industries Holdings, Inc. | 24135 | 2090815  |
| DuPont de Nemours, Inc. | 21512 | 1654703  |
| Eastman Chemical Co. | 26298 | 1849801  |
| FMC Corp. | 723 | 28269  |
|  International Flavors & Fragrances, Inc. | 5416 | 365634  |
|  LyondellBasell Industries NV - Class A | 7538 | 424766  |
| Mosaic Co. | 5899 | 197027  |
| NewMarket Corp. | 187 | 154642  |
| PPG Industries, Inc. | 16073 | 1787800  |
| RPM International, Inc. | 3512 | 440089  |
| Scotts Miracle-Gro Co. | 45384 | 2778408  |
| Westlake Corp. | 971 | 85273  |
|  |  | 14411896  |
| **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |
| ABM Industries, Inc. | 23671 | 1163903  |
| Clean Harbors, Inc.<sup>(a)</sup> | 1308 | 316811  |
| MSA Safety, Inc. | 940 | 160364  |
| RB Global, Inc. | 13608 | 1558660  |
| Republic Services, Inc. | 16935 | 3962282  |
| Rollins, Inc. | 7442 | 420771  |
| Tetra Tech, Inc. | 6235 | 227079  |
| Veralto Corp. | 4282 | 454705  |
|  |  | 8264575  |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Ciena Corp.<sup>(a)</sup> | 3442 | 323445  |
| F5, Inc.<sup>(a)</sup> | 3441 | 1077515  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 6673 | 886241  |
|  |  | 2287201  |

---

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** |
| AECOM | 2930 | $365928  |
| API Group Corp.<sup>(a)</sup> | 7566 | 269955  |
| Comfort Systems USA, Inc. | 5549 | 3903056  |
| Dycom Industries, Inc.<sup>(a)</sup> | 719 | 181526  |
| EMCOR Group, Inc. | 12120 | 7514400  |
| Fluor Corp.<sup>(a)</sup> | 5195 | 213099  |
| MasTec, Inc.<sup>(a)</sup> | 10655 | 1935907  |
| Quanta Services, Inc. | 8786 | 3320756  |
| Valmont Industries, Inc. | 232 | 85172  |
| Vinci SA | 2623 | 355800  |
| WillScot Holdings Corp. | 4527 | 109734  |
|  |  | 18255333  |
| **Construction Materials — 0.3%**<br>|  |  |
| Eagle Materials, Inc. | 6666 | 1539180  |
| &nbsp;&nbsp;&nbsp; James Hardie Industries <br>PLC<sup>(a)</sup> | 4003 | 80580  |
| Martin Marietta Materials, Inc. | 1516 | 934463  |
| Vulcan Materials Co. | 3090 | 899684  |
|  |  | 3453907  |
| **Consumer Finance — 1.0%**<br>|  |  |
| Ally Financial, Inc. | 9368 | 384556  |
| Capital One Financial Corp. | 5193 | 1179953  |
| Credit Acceptance Corp.<sup>(a)</sup> | 634 | 326339  |
| OneMain Holdings, Inc. | 3794 | 234697  |
| SLM Corp. | 34153 | 1068306  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 27664 | 706539  |
| Synchrony Financial | 44717 | 3413696  |
|  Viking Holdings Ltd. Ordinary Shares<sup>(a)</sup> | 38428 | 2444789  |
|  |  | 9758875  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail — 1.5%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail — 1.5%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail — 1.5%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 3472 | 339145  |
| Casey's General Stores, Inc. | 4718 | 2333145  |
| Dollar General Corp. | 6927 | 753381  |
| Dollar Tree, Inc.<sup>(a)</sup> | 6509 | 710588  |
| Koninklijke Ahold Delhaize NV | 42468 | 1701935  |
| Maplebear, Inc.<sup>(a)</sup> | 32157 | 1394649  |
| &nbsp;&nbsp;&nbsp; Performance Food Group <br>Co.<sup>(a)</sup> | 3655 | 370617  |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, <br>Inc.<sup>(a)</sup> | 3339 | 469263  |
| Sysco Corp. | 55489 | 4465200  |
| US Foods Holding Corp.<sup>(a)</sup> | 31435 | 2439356  |
|  |  | 14977279  |
| **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** |
| Amcor PLC | 53852 | 464743  |
| AptarGroup, Inc. | 1710 | 238152  |
| Avery Dennison Corp. | 2048 | 351539  |
| Ball Corp. | 27226 | 1433177  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Crown Holdings, Inc. | 2937 | $291879  |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding <br>Co. | 106474 | 2371176  |
| International Paper Co. | 10217 | 507580  |
| Packaging Corp. of America | 31760 | 6922410  |
| Sealed Air Corp. | 44749 | 1453000  |
| Smurfit WestRock PLC | 8529 | 403933  |
|  |  | 14437589  |
| **Distributors — 0.6%**<br>|  |  |
| Genuine Parts Co. | 2926 | 407680  |
| LKQ Corp. | 32716 | 1067196  |
| Pool Corp. | 15957 | 4957999  |
|  |  | 6432875  |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| ADT, Inc. | 8058 | 70185  |
| Duolingo, Inc.<sup>(a)</sup> | 4646 | 1383858  |
| Frontdoor, Inc.<sup>(a)</sup> | 22559 | 1370459  |
| H&R Block, Inc. | 19991 | 1006547  |
| Service Corp. International/US | 3549 | 281258  |
|  |  | 4112307  |
|  **Diversified Telecommunication Services — 0.0%<sup>(b)</sup>** <br>|  |  |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 8632 | 320074  |
| Iridium Communications, Inc. | 12 | 299  |
|  |  | 320373  |
| **Electric Utilities — 1.9%**<br>|  |  |
| Alliant Energy Corp. | 3831 | 249283  |
| Duke Energy Corp. | 8064 | 987759  |
| Edison International | 5525 | 310118  |
| Entergy Corp. | 23048 | 2030298  |
| Evergy, Inc. | 36888 | 2628639  |
| Eversource Energy | 34553 | 2213811  |
| FirstEnergy Corp. | 27176 | 1185417  |
| IDACORP, Inc. | 6 | 751  |
| NRG Energy, Inc. | 20619 | 3001302  |
| OGE Energy Corp. | 33880 | 1513081  |
| PG&E Corp. | 38527 | 588692  |
| Pinnacle West Capital Corp. | 2502 | 223579  |
| PPL Corp. | 20783 | 757956  |
| Xcel Energy, Inc. | 45661 | 3305400  |
|  |  | 18996086  |
| **Electrical Equipment — 2.0%**<br>|  |  |
| Acuity, Inc. | 985 | 321573  |
| AMETEK, Inc. | 47759 | 8825863  |
| Emerson Electric Co. | 4044 | 533808  |
| Generac Holdings, Inc.<sup>(a)</sup> | 10058 | 1863245  |
| Hubbell, Inc. | 1304 | 562011  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 4361 | 293321  |
| nVent Electric PLC | 2559 | 231308  |
| Rockwell Automation, Inc. | 5197 | 1784806  |

---

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Electrical Equipment — (Continued)**  | **Electrical Equipment — (Continued)**  | **Electrical Equipment — (Continued)**  |
|  Sensata Technologies Holding PLC | 61697 | $2007620  |
| Vertiv Holdings Co. - Class A | 28042 | 3576757  |
|  |  | 20000312  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 3.3%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 3.3%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components — 3.3%** |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, <br>Inc. | 386 | 57776  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 27431 | 3465358  |
| CDW Corp./DE | 13921 | 2293624  |
| Cognex Corp. | 1052 | 46225  |
| Fabrinet<sup>(a)</sup> | 1119 | 370714  |
| Flex Ltd.<sup>(a)</sup> | 108939 | 5841309  |
| IPG Photonics Corp.<sup>(a)</sup> | 5 | 409  |
| Itron, Inc.<sup>(a)</sup> | 1215 | 149372  |
| Jabil, Inc. | 7677 | 1572480  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 33227 | 5430289  |
| Littelfuse, Inc. | 309 | 80287  |
| Ralliant Corp.<sup>(a)</sup> | 15548 | 650062  |
| TD SYNNEX Corp. | 1367 | 202412  |
| TE Connectivity PLC | 15851 | 3273231  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 13556 | 7295433  |
| Vontier Corp. | 3861 | 165676  |
|  Zebra Technologies Corp. - Class A<sup>(a)</sup> | 5593 | 1773484  |
|  |  | 32668141  |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| Baker Hughes Co. | 67112 | 3046885  |
| Halliburton Co. | 22911 | 520767  |
| Helmerich & Payne, Inc. | 37735 | 788284  |
| Schlumberger NV | 35269 | 1299310  |
| TechnipFMC PLC | 96657 | 3553111  |
|  |  | 9208357  |
| **Entertainment — 0.7%**<br>|  |  |
| Electronic Arts, Inc. | 5100 | 876945  |
|  Liberty Media Corp.-Liberty Formula One - Class A<sup>(a)</sup> | 389 | 35057  |
|  Liberty Media Corp.-Liberty Formula One - Class C<sup>(a)</sup> | 3130 | 312687  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc.<sup>(a)</sup> | 3582 | 596367  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 13574 | 1691185  |
| Roku, Inc.<sup>(a)</sup> | 3296 | 318262  |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 3558 | 829975  |
| TKO Group Holdings, Inc. | 8154 | 1545672  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 59710 | 695024  |
|  |  | 6901174  |
| **Financial Services — 1.1%**<br>|  |  |
| Corpay, Inc.<sup>(a)</sup> | 1606 | 523026  |
| Equitable Holdings, Inc. | 27725 | 1476633  |
| Essent Group Ltd. | 2889 | 181256  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Global Payments, Inc. | 22152 | $1967541  |
| Jack Henry & Associates, Inc. | 1864 | 304317  |
| MGIC Investment Corp. | 8484 | 236110  |
| Rocket Cos., Inc. - Class A | 76396 | 1357557  |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. - <br>Class A<sup>(a)</sup> | 1355 | 122533  |
| Toast, Inc. - Class A<sup>(a)</sup> | 49226 | 2220092  |
| Voya Financial, Inc. | 16501 | 1239060  |
| WEX, Inc.<sup>(a)</sup> | 5569 | 954248  |
|  |  | 10582373  |
| **Food Products — 0.8%**<br>|  |  |
| Archer-Daniels-Midland Co. | 10916 | 683778  |
| Bunge Global SA | 4406 | 371073  |
| Conagra Brands, Inc. | 60806 | 1163219  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 1173 | 39835  |
| General Mills, Inc. | 26132 | 1289092  |
| Hershey Co. | 2723 | 500351  |
| Hormel Foods Corp. | 5475 | 139284  |
| Ingredion, Inc. | 1914 | 247940  |
| Kellanova | 5192 | 412764  |
| Kraft Heinz Co. | 18942 | 529808  |
| Lamb Weston Holdings, Inc. | 14295 | 822391  |
|  Mondelez International, Inc. - Class A | 13373 | 821637  |
| Pilgrim's Pride Corp. | 1041 | 46272  |
| Post Holdings, Inc.<sup>(a)</sup> | 1011 | 114395  |
| The Campbell's Co. | 3481 | 111148  |
| Tyson Foods, Inc. - Class A | 7009 | 397971  |
|  |  | 7690958  |
| **Gas Utilities — 0.4%**<br>|  |  |
| Atmos Energy Corp. | 2933 | 487259  |
| National Fuel Gas Co. | 2171 | 188313  |
| ONE Gas, Inc. | 25188 | 1926882  |
| Southwest Gas Holdings, Inc. | 1404 | 112151  |
| Spire, Inc. | 18128 | 1388605  |
| UGI Corp. | 3999 | 138525  |
|  |  | 4241735  |
| **Ground Transportation — 1.7%**<br>|  |  |
| CSX Corp. | 148428 | 4825394  |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, <br>Inc. | 2394 | 347106  |
|  Knight-Swift Transportation Holdings, Inc. | 4143 | 181878  |
| Landstar System, Inc. | 6600 | 873378  |
| Norfolk Southern Corp. | 6416 | 1796352  |
| Old Dominion Freight Line, Inc. | 42809 | 6462875  |
| Ryder System, Inc. | 1543 | 289343  |
| Saia, Inc.<sup>(a)</sup> | 722 | 214044  |
| U-Haul Holding Co. | 3142 | 164138  |
| U-Haul Holding Co. - Series N<sup>(a)</sup> | 282 | 16229  |
| XPO, Inc.<sup>(a)</sup> | 13119 | 1701534  |
|  |  | 16872271  |

---

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  **Health Care Equipment & Supplies — 3.5%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 25429 | $3609901  |
| Baxter International, Inc. | 8763 | 216359  |
| Becton Dickinson & Co. | 12150 | 2344707  |
| Cooper Cos., Inc.<sup>(a)</sup> | 68378 | 4608335  |
| DENTSPLY SIRONA, Inc. | 50208 | 717974  |
| Dexcom, Inc.<sup>(a)</sup> | 9200 | 693128  |
| Envista Holdings Corp.<sup>(a)</sup> | 48865 | 1034961  |
|  GE HealthCare Technologies, Inc. | 35119 | 2589324  |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc. - <br>Class A<sup>(a)</sup> | 2160 | 132343  |
| Hologic, Inc.<sup>(a)</sup> | 28371 | 1904262  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 4125 | 2669246  |
| Insulet Corp.<sup>(a)</sup> | 10923 | 3712509  |
| Masimo Corp.<sup>(a)</sup> | 1206 | 168490  |
| Medtronic PLC | 16704 | 1550298  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 1213 | 109825  |
| ResMed, Inc. | 2878 | 790040  |
| Solventum Corp.<sup>(a)</sup> | 24465 | 1788147  |
| STERIS PLC | 4683 | 1147616  |
| Teleflex, Inc. | 1124 | 142085  |
| Zimmer Biomet Holdings, Inc. | 46062 | 4887178  |
|  |  | 34816728  |
|  **Health Care Providers & Services — 3.8%**<br>|  |  |
| Cencora, Inc. | 30658 | 8940179  |
| Centene Corp.<sup>(a)</sup> | 76808 | 2230504  |
| Chemed Corp. | 360 | 164862  |
| CorVel Corp.<sup>(a)</sup> | 213 | 18968  |
| DaVita, Inc.<sup>(a)</sup> | 1254 | 172751  |
| Encompass Health Corp. | 29922 | 3643303  |
| Ensign Group, Inc. | 1675 | 287731  |
| HealthEquity, Inc.<sup>(a)</sup> | 10463 | 934660  |
| Henry Schein, Inc.<sup>(a)</sup> | 45720 | 3181198  |
| Hims & Hers Health, Inc.<sup>(a)</sup> | 4303 | 182232  |
| Humana, Inc. | 2434 | 739108  |
| Labcorp Holdings, Inc. | 27959 | 7772322  |
| McKesson Corp. | 1087 | 746378  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 1734 | 313559  |
| Quest Diagnostics, Inc. | 13434 | 2440152  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 24435 | 4504104  |
|  Universal Health Services, Inc. - Class B | 8799 | 1597722  |
|  |  | 37869733  |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Doximity, Inc. - Class A<sup>(a)</sup> | 2127 | 144508  |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc. - <br>Class A<sup>(a)</sup> | 2703 | 727648  |
|  |  | 872156  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** |
| Aramark | 5364 | $209786  |
| Boyd Gaming Corp. | 15546 | 1334780  |
| Brinker International, Inc.<sup>(a)</sup> | 1265 | 197315  |
| Carnival Corp.<sup>(a)</sup> | 30501 | 972677  |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, <br>Inc. | 447 | 53452  |
| Churchill Downs, Inc. | 8267 | 857536  |
| Darden Restaurants, Inc. | 35782 | 7404727  |
| Domino's Pizza, Inc. | 11387 | 5218662  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 13327 | 3268447  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | 26107 | 1875266  |
| Expedia Group, Inc. | 2207 | 474064  |
| Hilton Worldwide Holdings, Inc. | 19843 | 5477859  |
| Las Vegas Sands Corp. | 8534 | 491814  |
| Light & Wonder, Inc.<sup>(a)</sup> | 2215 | 204821  |
|  Marriott International, Inc./MD - Class A | 2581 | 691347  |
| MGM Resorts International<sup>(a)</sup> | 4187 | 166182  |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 11884 | 295198  |
| Planet Fitness, Inc. - Class A<sup>(a)</sup> | 16236 | 1701533  |
| &nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. - <br>Class A | 1312 | 81173  |
| Royal Caribbean Cruises Ltd. | 6829 | 2480429  |
| Sodexo SA | 13339 | 800344  |
| Texas Roadhouse, Inc. | 4844 | 835832  |
| Vail Resorts, Inc. | 857 | 140377  |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, <br>Inc. | 11591 | 1003896  |
|  |  | 36237517  |
| **Household Durables — 2.0%**<br>|  |  |
| Cavco Industries, Inc.<sup>(a)</sup> | 1541 | 817485  |
| DR Horton, Inc. | 29891 | 5065927  |
| Garmin Ltd. | 4103 | 992188  |
| Installed Building Products, Inc. | 745 | 195056  |
| Lennar Corp. - Class A | 3860 | 513920  |
| Lennar Corp. - Class B | 140 | 17805  |
| Meritage Homes Corp. | 2460 | 191117  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 11791 | 1564548  |
| NVR, Inc.<sup>(a)</sup> | 320 | 2597648  |
| PulteGroup, Inc. | 17976 | 2373192  |
| Somnigroup International, Inc. | 30638 | 2572060  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 3371 | 227104  |
| Toll Brothers, Inc. | 3488 | 484832  |
| TopBuild Corp.<sup>(a)</sup> | 4463 | 1877852  |
|  |  | 19490734  |
| **Household Products — 0.5%**<br>|  |  |
| Church & Dwight Co., Inc. | 5136 | 478470  |
| Clorox Co. | 2528 | 298810  |
| Kimberly-Clark Corp. | 18552 | 2395805  |
| Reckitt Benckiser Group PLC | 17655 | 1320818  |
|  Reynolds Consumer Products, Inc. | 1304 | 30266  |
|  |  | 4524169  |

---

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

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| &nbsp;&nbsp;&nbsp; **Independent Power and Renewable** <br>**Electricity Producers — 0.3%**  | &nbsp;&nbsp;&nbsp; **Independent Power and Renewable** <br>**Electricity Producers — 0.3%**  | &nbsp;&nbsp;&nbsp; **Independent Power and Renewable** <br>**Electricity Producers — 0.3%**  |
| AES Corp. | 13961 | $189032  |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. - <br>Class A | 821 | 23144  |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. - <br>Class C | 2232 | 66536  |
| Talen Energy Corp.<sup>(a)</sup> | 1303 | 493733  |
| Vistra Corp. | 13930 | 2634302  |
|  |  | 3406747  |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| 3M Co. | 6920 | 1076268  |
| **Insurance — 3.4%**<br>|  |  |
| Allstate Corp. | 5196 | 1057126  |
|  American Financial Group, Inc./OH | 2037 | 276747  |
| Arch Capital Group Ltd. | 4930 | 451243  |
| Assurant, Inc. | 1601 | 345192  |
| Axis Capital Holdings Ltd. | 2543 | 250689  |
| Brown & Brown, Inc. | 45609 | 4421792  |
| Cincinnati Financial Corp. | 3918 | 601805  |
| CNA Financial Corp. | 593 | 29383  |
| Erie Indemnity Co. - Class A | 750 | 265785  |
| Everest Group Ltd. | 1199 | 409914  |
| First American Financial Corp. | 20164 | 1330824  |
| Globe Life, Inc. | 2464 | 344837  |
| Hanover Insurance Group, Inc. | 4131 | 716646  |
| Hartford Insurance Group, Inc. | 8939 | 1182719  |
| Kinsale Capital Group, Inc. | 274 | 125341  |
| Loews Corp. | 5022 | 486130  |
| Markel Group, Inc.<sup>(a)</sup> | 1297 | 2540901  |
| &nbsp;&nbsp;&nbsp; Old Republic International <br>Corp. | 7080 | 282988  |
| Primerica, Inc. | 1056 | 284423  |
| Principal Financial Group, Inc. | 6087 | 490064  |
| Progressive Corp. | 8967 | 2215387  |
| Prudential Financial, Inc. | 834 | 91456  |
|  Reinsurance Group of America, Inc. | 31954 | 6224320  |
| RenaissanceRe Holdings Ltd. | 15381 | 3737429  |
| RLI Corp. | 2186 | 148058  |
| Ryan Specialty Holdings, Inc. | 16843 | 952135  |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, <br>Inc. | 1561 | 122117  |
| Travelers Cos., Inc. | 3625 | 984224  |
| Unum Group | 3390 | 236825  |
| W R Berkley Corp. | 8227 | 589794  |
| Willis Towers Watson PLC | 8551 | 2794381  |
|  |  | 33990675  |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 14356 | 525860  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Services — 1.3%**<br>|  |  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 32256 | $2552417  |
| Amdocs Ltd. | 21146 | 1809463  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 20232 | 4222621  |
|  Cognizant Technology Solutions Corp. - Class A | 29975 | 2165694  |
| EPAM Systems, Inc.<sup>(a)</sup> | 1606 | 283234  |
| Gartner, Inc.<sup>(a)</sup> | 1442 | 362216  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 3417 | 506775  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 6943 | 220718  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 4349 | 459298  |
|  |  | 12582436  |
| **Leisure Products — 0.0%<sup>(b)</sup>** <br>|  |  |
| Hasbro, Inc. | 1451 | 117778  |
| Mattel, Inc.<sup>(a)</sup> | 4464 | 81691  |
|  |  | 199469  |
| **Life Sciences Tools & Services — 2.4%** | **Life Sciences Tools & Services — 2.4%** | **Life Sciences Tools & Services — 2.4%** |
| Agilent Technologies, Inc. | 25268 | 3175177  |
|  Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 7343 | 2187333  |
| Bio-Techne Corp. | 3151 | 172139  |
| Bruker Corp. | 2314 | 78630  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 1048 | 171149  |
| ICON PLC<sup>(a)</sup> | 5067 | 901622  |
| Illumina, Inc.<sup>(a)</sup> | 2883 | 288185  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 33628 | 6416559  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 711 | 338087  |
| QIAGEN NV | 85641 | 3982306  |
| Waters Corp.<sup>(a)</sup> | 1575 | 475335  |
|  West Pharmaceutical Services, Inc. | 23684 | 5848764  |
|  |  | 24035286  |
| **Machinery — 4.7%**<br>|  |  |
| AGCO Corp. | 969 | 104836  |
|  Allison Transmission Holdings, Inc. | 2215 | 193392  |
| Chart Industries, Inc.<sup>(a)</sup> | 459 | 91506  |
| Crane Co. | 637 | 118036  |
| Cummins, Inc. | 13434 | 5352643  |
| Donaldson Co., Inc. | 3347 | 266655  |
| Dover Corp. | 26189 | 4684165  |
| Esab Corp. | 1481 | 170863  |
| Flowserve Corp. | 928 | 49796  |
| Fortive Corp. | 11581 | 554267  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 5801 | 148274  |
| Graco, Inc. | 4391 | 374947  |
| ITT, Inc. | 20722 | 3527921  |
| JBT Marel Corp. | 1072 | 153607  |
| Lincoln Electric Holdings, Inc. | 5872 | 1424723  |
| Middleby Corp.<sup>(a)</sup> | 1292 | 176810  |
| Mueller Industries, Inc. | 3703 | 355266  |
| Nordson Corp. | 14161 | 3187500  |
| Oshkosh Corp. | 13236 | 1844701 |
| Parker-Hannifin Corp.  | 1080  | 820098  |

---

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Machinery — (Continued)** | **Machinery — (Continued)** | **Machinery — (Continued)** |
| Pentair PLC | 55764 | $5996303  |
| Snap-on, Inc. | 10539 | 3427704  |
| SPX Technologies, Inc.<sup>(a)</sup> | 8096 | 1514843  |
| Timken Co. | 17380 | 1342257  |
| Toro Co. | 16674 | 1351594  |
|  Watts Water Technologies, Inc. - Class A | 5401 | 1495537  |
|  Westinghouse Air Brake Technologies Corp. | 36285 | 7021148  |
| Xylem, Inc./NY | 5043 | 713887  |
|  |  | 46463279  |
| **Media — 0.5%**<br>|  |  |
|  Charter Communications, Inc. - Class A<sup>(a)</sup> | 1980 | 525849  |
| EchoStar Corp. - Class A<sup>(a)</sup> | 2173 | 134270  |
| Fox Corp. - Class A | 5310 | 317007  |
| Fox Corp. - Class B | 3277 | 178760  |
| Interpublic Group of Cos., Inc. | 8551 | 229509  |
|  Liberty Broadband Corp. - Class A<sup>(a)</sup> | 417 | 25299  |
|  Liberty Broadband Corp. - Class C<sup>(a)</sup> | 2919 | 177650  |
| New York Times Co. - Class A | 4023 | 240736  |
| News Corp. - Class A | 10644 | 313040  |
| News Corp. - Class B | 3179 | 107673  |
| Nexstar Media Group, Inc. | 721 | 147466  |
| Omnicom Group, Inc. | 15575 | 1219990  |
| Paramount Skydance Corp.<sup>(a)</sup> | 4757 | 69928  |
| Publicis Groupe SA | 9113 | 839810  |
|  |  | 4526987  |
| **Metals & Mining — 1.0%**<br>|  |  |
| Alcoa Corp. | 4645 | 149522  |
| Carpenter Technology Corp. | 9982 | 2404464  |
| Coeur Mining, Inc.<sup>(a)</sup> | 4442 | 58412  |
| Commercial Metals Co. | 20524 | 1183619  |
| Freeport-McMoRan, Inc. | 16444 | 730114  |
| MP Materials Corp.<sup>(a)</sup> | 314 | 22338  |
| Nucor Corp. | 5090 | 757036  |
| Reliance, Inc. | 12212 | 3610600  |
| Royal Gold, Inc. | 1705 | 306184  |
| Steel Dynamics, Inc. | 4718 | 617681  |
|  |  | 9839970  |
| **Multi-Utilities — 1.1%**<br>|  |  |
| Ameren Corp. | 4001 | 399220  |
| CenterPoint Energy, Inc. | 31795 | 1198989  |
| CMS Energy Corp. | 4159 | 297659  |
| Consolidated Edison, Inc. | 5168 | 507653  |
| DTE Energy Co. | 16457 | 2248849  |
| NiSource, Inc. | 7536 | 318547  |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, <br>Inc. | 40621 | 2336114  |
| WEC Energy Group, Inc. | 30983 | 3299999  |
|  |  | 10607030  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| Antero Midstream Corp. | 9335 | $166070  |
| Antero Resources Corp.<sup>(a)</sup> | 6133 | 195765  |
| APA Corp. | 6588 | 152973  |
| Cheniere Energy, Inc. | 9831 | 2377333  |
| Chord Energy Corp. | 8980 | 986812  |
| Coterra Energy, Inc. | 167134 | 4084755  |
| Devon Energy Corp. | 15492 | 559261  |
| Diamondback Energy, Inc. | 20151 | 2997663  |
| DT Midstream, Inc. | 2560 | 266701  |
| &nbsp;&nbsp;&nbsp; Enterprise Products Partners <br>LP | 83514 | 2684140  |
| EQT Corp. | 38955 | 2019427  |
| Expand Energy Corp. | 4394 | 425251  |
| Hess Midstream LP - Class A | 1866 | 76879  |
| HF Sinclair Corp. | 5097 | 259335  |
| Kinetik Holdings, Inc. | 233 | 9746  |
| Marathon Petroleum Corp. | 11363 | 2042045  |
| Matador Resources Co. | 3516 | 177066  |
| Murphy Oil Corp. | 31388 | 780306  |
| Occidental Petroleum Corp. | 27065 | 1288565  |
| ONEOK, Inc. | 18858 | 1440374  |
| Ovintiv, Inc. | 8564 | 360716  |
| Permian Resources Corp. | 76711 | 1096200  |
| Phillips 66 | 5913 | 789859  |
| Range Resources Corp. | 43186 | 1479984  |
| Targa Resources Corp. | 9025 | 1514034  |
| Texas Pacific Land Corp. | 495 | 462073  |
| Viper Energy, Inc. - Class A | 2417 | 96305  |
|  |  | 28789638  |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Louisiana-Pacific Corp. | 6296 | 598813  |
| **Passenger Airlines — 0.4%**<br>|  |  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 1167 | 73264  |
| Delta Air Lines, Inc. | 11806 | 729375  |
| Southwest Airlines Co. | 58914 | 1938270  |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, <br>Inc.<sup>(a)</sup> | 8069 | 847245  |
|  |  | 3588154  |
| **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
| elf Beauty, Inc.<sup>(a)</sup> | 1386 | 173250  |
|  Estee Lauder Cos., Inc. - Class A | 23930 | 2195099  |
| Kenvue, Inc. | 139684 | 2892856  |
|  |  | 5261205  |
| **Pharmaceuticals — 0.1%**<br>|  |  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 1670 | 116432  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 12769 | 234311  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 1744 | 222796  |
| Royalty Pharma PLC - Class A | 4374 | 157377  |
| Viatris, Inc. | 33435 | 352739  |
|  |  | 1083655  |

---

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

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Professional Services — 3.1%**<br>|  |  |
|  Booz Allen Hamilton Holding Corp. | 3164 | $343990  |
|  Broadridge Financial Solutions, Inc. | 32715 | 8362608  |
|  CACI International, Inc. - Class A<sup>(a)</sup> | 2770 | 1328824  |
| Equifax, Inc. | 30613 | 7539982  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 3485 | 152573  |
| Exponent, Inc. | 45015 | 3213171  |
| FTI Consulting, Inc.<sup>(a)</sup> | 6 | 1012  |
| Genpact Ltd. | 1869 | 84740  |
| KBR, Inc. | 1061 | 53538  |
| Leidos Holdings, Inc. | 8848 | 1600780  |
| Paycom Software, Inc. | 847 | 192396  |
| Paylocity Holding Corp.<sup>(a)</sup> | 298 | 53411  |
|  SS&C Technologies Holdings, Inc. | 14027 | 1243634  |
| TriNet Group, Inc. | 4987 | 361159  |
| Verisk Analytics, Inc. | 23541 | 6311813  |
|  |  | 30843631  |
|  **Real Estate Management & Development — 1.0%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 51436 | 8338805  |
| CoStar Group, Inc.<sup>(a)</sup> | 8580 | 767824  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1186 | 362406  |
| Zillow Group, Inc. - Class A<sup>(a)</sup> | 842 | 68606  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 3391 | 285895  |
|  |  | 9823536  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 3.9%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 3.9%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment — 3.9%** |
| Amkor Technology, Inc. | 4189 | 101332  |
| Applied Materials, Inc. | 8918 | 1433658  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 257 | 29347  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 11785 | 1450203  |
| Entegris, Inc. | 39512 | 3308735  |
| First Solar, Inc.<sup>(a)</sup> | 2215 | 432346  |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 2010 | 67114  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 28348 | 1881740  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 18054 | 2313620  |
| Microchip Technology, Inc. | 61023 | 3966495  |
| MKS, Inc. | 1352 | 139716  |
| Monolithic Power Systems, Inc. | 15683 | 13107224  |
| NXP Semiconductors NV | 3443 | 808589  |
| ON Semiconductor Corp.<sup>(a)</sup> | 10363 | 513901  |
| Onto Innovation, Inc.<sup>(a)</sup> | 1390 | 147340  |
| Qorvo, Inc.<sup>(a)</sup> | 2228 | 202080  |
| Rambus, Inc.<sup>(a)</sup> | 2785 | 205449  |
| Skyworks Solutions, Inc. | 41284 | 3093823  |
| Teradyne, Inc. | 19322 | 2284633  |
| Universal Display Corp. | 26365 | 3653925  |
|  |  | 39141270  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software — 2.8%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 2232 | $110149  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 358 | 99302  |
| &nbsp;&nbsp;&nbsp; Bentley Systems, Inc. - <br>Class B | 68012 | 3784868  |
|  Check Point Software Technologies Ltd.<sup>(a)</sup> | 8069 | 1558447  |
| Commvault Systems, Inc.<sup>(a)</sup> | 213 | 39755  |
| CyberArk Software Ltd.<sup>(a)</sup> | 3573 | 1619498  |
| Docusign, Inc.<sup>(a)</sup> | 5254 | 402772  |
|  Dolby Laboratories, Inc. - Class A | 1452 | 104079  |
| Gen Digital, Inc. | 43297 | 1307569  |
| Guidewire Software, Inc.<sup>(a)</sup> | 11005 | 2388305  |
| InterDigital, Inc. | 4686 | 1273233  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 1732 | 373142  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 13897 | 934017  |
|  Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 22972 | 3599942  |
| Qualys, Inc.<sup>(a)</sup> | 1192 | 161886  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 15617 | 1396160  |
| ServiceTitan, Inc. - Class A<sup>(a)</sup> | 10949 | 1174061  |
| Synopsys, Inc.<sup>(a)</sup> | 6984 | 4214984  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 2119 | 1192743  |
| UiPath, Inc. - Class A<sup>(a)</sup> | 10204 | 113468  |
|  Zoom Communications, Inc. - Class A<sup>(a)</sup> | 5495 | 447403  |
| Zscaler, Inc.<sup>(a)</sup> | 7378 | 2044075  |
|  |  | 28339858  |
| **Specialty Retail — 3.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, <br>Inc.<sup>(a)</sup> | 408 | 102628  |
| AutoNation, Inc.<sup>(a)</sup> | 919 | 201334  |
| AutoZone, Inc.<sup>(a)</sup> | 1218 | 5113810  |
| Best Buy Co., Inc. | 4773 | 351484  |
| Burlington Stores, Inc.<sup>(a)</sup> | 1870 | 543572  |
| CarMax, Inc.<sup>(a)</sup> | 2443 | 149878  |
| Carvana Co.<sup>(a)</sup> | 7722 | 2871966  |
| Chewy, Inc. - Class A<sup>(a)</sup> | 34140 | 1398374  |
| Dick's Sporting Goods, Inc. | 1771 | 376869  |
|  Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 2919 | 239124  |
| GameStop Corp. - Class A<sup>(a)</sup> | 8052 | 180445  |
| Gap, Inc. | 9155 | 201502  |
| Group 1 Automotive, Inc. | 265 | 123167  |
| Lithia Motors, Inc. | 711 | 239379  |
| Murphy USA, Inc. | 580 | 218370  |
| Penske Automotive Group, Inc. | 458 | 84460  |
| Ross Stores, Inc. | 54953 | 8086883  |
| TJX Cos., Inc. | 16249 | 2219776  |
| Tractor Supply Co. | 15085 | 931650  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 11488 | 5660482  |
| Valvoline, Inc.<sup>(a)</sup> | 20959 | 812790  |
| Williams-Sonoma, Inc. | 10720 | 2017397  |
|  |  | 32125340  |

---

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

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals — 0.8%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals — 0.8%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals — 0.8%** |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. - <br>Class C | 6726 | $821581  |
| Hewlett Packard Enterprise Co. | 32071 | 723842  |
| HP, Inc. | 65536 | 1870397  |
| NetApp, Inc. | 18850 | 2126091  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 4821 | 374158  |
|  Seagate Technology Holdings PLC | 6994 | 1170796  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 8881 | 368917  |
| Western Digital Corp. | 7096 | 570093  |
|  |  | 8025875  |
|  **Textiles, Apparel & Luxury Goods — 0.4%**<br>|  |  |
| Amer Sports, Inc.<sup>(a)</sup> | 3673 | 144422  |
| Birkenstock Holding PLC<sup>(a)</sup> | 485 | 25283  |
| Columbia Sportswear Co. | 6 | 334  |
| Crocs, Inc.<sup>(a)</sup> | 4924 | 429373  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 4902 | 586426  |
| Levi Strauss & Co. - Class A | 2594 | 58028  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 2743 | 554635  |
| Ralph Lauren Corp. | 4778 | 1418732  |
| Skechers USA, Inc. - Class A<sup>(a)</sup> | 4188 | 264179  |
| Tapestry, Inc. | 5965 | 607356  |
| VF Corp. | 8709 | 131767  |
|  |  | 4220535  |
|  **Trading Companies & Distributors — 2.0%**<br>|  |  |
| Air Lease Corp. | 68788 | 4141726  |
|  Applied Industrial Technologies, Inc. | 1152 | 303644  |
| Ashtead Group PLC | 13857 | 1019127  |
| Bunzl PLC | 72768 | 2462314  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 19516 | 1263076  |
| DNOW, Inc.<sup>(a)</sup> | 18958 | 303328  |
| Fastenal Co. | 74349 | 3692171  |
| FTAI Aviation Ltd. | 2017 | 310316  |
| GATX Corp. | 15424 | 2596013  |
| MRC Global, Inc.<sup>(a)</sup> | 17623 | 265755  |
|  MSC Industrial Direct Co., Inc. - Class A | 30943 | 2791987  |
| QXO, Inc.<sup>(a)</sup> | 14124 | 284316  |
| &nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, <br>Inc.<sup>(a)</sup> | 1093 | 156561  |
| Watsco, Inc. | 825 | 331964  |
| WESCO International, Inc. | 1423 | 312832  |
|  |  | 20235130  |
|  **Wireless Telecommunication Services — 0.0%<sup>(b)</sup>** <br>|  |  |
| Array Digital Infrastructure, Inc. | 347 | 18679  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $811,158,121)** |  | 940604069  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON — 3.2%**<br>|  |  |
| **Health Care REITs — 0.3%**<br>|  |  |
| Healthpeak Properties, Inc. | 78146 | $1401939  |
| Ventas, Inc. | 18758 | 1277045  |
|  |  | 2678984  |
| **Industrial REITs — 0.3%**<br>|  |  |
| Americold Realty Trust, Inc. | 104383 | 1507290  |
| EastGroup Properties, Inc. | 6201 | 1051442  |
|  |  | 2558732  |
| **Office REITs — 0.4%**<br>|  |  |
| BXP, Inc. | 51292 | 3719183  |
| **Residential REITs — 0.5%**<br>|  |  |
| Equity LifeStyle Properties, Inc. | 14925 | 899828  |
| Equity Residential | 44816 | 2963234  |
| Essex Property Trust, Inc. | 4866 | 1314842  |
|  |  | 5177904  |
| **Retail REITs — 0.7%**<br>|  |  |
| Agree Realty Corp. | 7229 | 525837  |
| Realty Income Corp. | 42532 | 2499180  |
| Regency Centers Corp. | 25109 | 1820403  |
| Simon Property Group, Inc. | 12576 | 2271980  |
|  |  | 7117400  |
| **Specialized REITs — 1.0%**<br>|  |  |
| American Tower Corp. | 7545 | 1538048  |
| Extra Space Storage, Inc. | 5209 | 747908  |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. - <br>Class A | 11810 | 1502823  |
| Public Storage | 6024 | 1774610  |
| SBA Communications Corp. | 9076 | 1859219  |
| VICI Properties, Inc. | 91364 | 3086276  |
|  |  | 10508884  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $31,536,147)** |  | 31761087  |
| **EXCHANGE TRADED FUNDS — 0.3%** | **EXCHANGE TRADED FUNDS — 0.3%** | **EXCHANGE TRADED FUNDS — 0.3%** |
|  iShares Russell Mid-Cap Value ETF | 22401 | 3104555  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $3,024,480)** |  | 3104555  |
| **PREFERRED STOCKS — 0.1%**<br>|  |  |
| **Household Products — 0.1%**<br>|  |  |
| Henkel AG & Co. KGaA, 0.00% | 15357 | 1296072  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,222,338)** |  | 1296072  |

---

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

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** |
|  Dreyfus Treasury Securities Cash Management - Institutional Class, 4.12%<sup>(c)</sup> | 925 | $925  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 19565138 | 19565138  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $19,566,063)** |  | 19566063  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.9%** <br>**(Cost $866,507,149)** |  | $996331846  |
|  Other Assets in Excess of Liabilities — 0.1% |  | 523652  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $996855498 |

---

Percentages are stated as a percent of net assets.

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

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of August 31, 2025.

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

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**Schedule of Forward Currency Contracts** 

**August 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency**<br>**Purchased** | **Currency**<br>**Purchased** | **Currency**<br>**Sold** | **Currency**<br>**Sold** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| Bank of America | 09/26/2025 | GBP | 225973  | USD | 299745  | $5760  |
| Bank of America | 09/26/2025 | USD | 4373360  | GBP | 3257313  | (30392)  |
| Morgan Stanley | 09/26/2025 | EUR | 799638  | USD | 925826  | 11354 |
| Morgan Stanley | 09/26/2025 | USD | 8720766  | EUR | 7532682  | (107578) |
| **Net Unrealized Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) |  |  |  |  |  | $(120856) |

---

EUR - Euro

GBP - British Pound

USD - United States Dollar

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

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN FUNDS** 

**Statements of Assets and Liabilities** 

**August 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Column**<br>**Small Cap**<br>**Select Fund**  | **Column**<br>**Small Cap**<br>**Fund** | **Column**<br>**Mid Cap**<br>**Select Fund** | **Column**<br>**Mid Cap**<br>**Fund** |
| **ASSETS:** <br>|  |  |  |  |
| Investments, at value (Note 2)\* | $1438796238  | $479085730 | $2592773539 | $996331846 |
| Receivable for investments sold | 1858160  | 498687 | 2866458 | 902763 |
| Dividends receivable | 967675  | 417886 | 2124910 | 802429 |
| Receivable for fund shares sold | 916840  | 179558 | 1719998 | 477263 |
| Cash | —  |  |  | 50000 |
|  Receivable for open forward currency contracts | —  | 170 |  | 17114 |
| Dividend tax reclaims receivable | 15947  | 4660 | 16144 | 16505 |
| Foreign currency, at value\*\* | —  | 231 |  |  |
| Prepaid expenses and other assets | 17501  | 9410 | 24539 | 9469 |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1442572362  | 480196331 | 2599525587 | 998607389 |
| **LIABILITIES:** <br>|  |  |  |  |
| Payable for investments purchased | 4261179  | 576461 | 1104497 | 684214 |
| Payable for capital shares redeemed | 465411  | 239530 | 813121 | 467019 |
| Payable to adviser (Note 4) | 530222  | 159686 | 795441 | 276133 |
| &nbsp;&nbsp;&nbsp; Payable for open forward currency <br>contracts | —  | 884 |  | 137970 |
|  Payable for fund administration and accounting fees (Note 6) | 59774  | 28933 | 105616 | 46648 |
| Payable for administrative services (Note 4) | 23496  | 7890  | 43304  | 16721  |
|  Payable for distribution and shareholder servicing fees (Note 5) | 67413  | 22378 | 123411 | 47290 |
| Payable for custodian fees (Note 6) | 20665  | 15925 | 15794 | 14774 |
|  Payable for transfer agent fees and expenses (Note 6) | 6631  | 4970 | 8799 | 5940 |
| Payable for compliance fees (Note 6) | 1670  | 1663 | 1665 | 1664 |
| Payable for expenses and other liabilities | 187899  | 56356 | 202423 | 53518 |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5624360  | 1114675 | 3214070 | 1751891 |
| **NET ASSETS** | $1436948002  | $479081656 | $2596311517 | $996855498 |
| **Net Assets Consists of:** <br>|  |  |  |  |
| Paid-in capital | $1272664271  | $424832636 | $2295054713 | $836767064 |
| Total distributable earnings | 164283731  | 54249020 | 301256804 | 160088434 |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1436948002  | $479081656 | $2596311517 | $996855498 |
| Net assets | $1436948002  | $479081656 | $2596311517 | $996855498 |
| Shares issued and outstanding<sup>(a)</sup> | 117737678  | 40555663 | 218101894 | 80792449 |
| Net asset value per share | $12.20  | $11.81 | $11.90 | $12.34 |
| **Cost:** <br>|  |  |  |  |
| \* Investments, at cost | $1262647389  | $436030892 | $2325934112 | $866507149 |
| \*\* Foreign currency, at cost | $— | $229 | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized with par value of $0.001. 

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

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended August 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Column**<br>**Small Cap**<br>**Select Fund**  | **Column**<br>**Small Cap**<br>**Fund** | **Column**<br>**Mid Cap**<br>**Select Fund** | **Column**<br>**Mid Cap**<br>**Fund** |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $15022717  | $6613239 | $32249228 | $13818700 |
| Less: Issuance fees | (15679)  | (23775) | (601) | (330) |
| Less: Dividend withholding taxes | (67239)  | (25701) | (27556) | (58889) |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 14939799  | 6563763 | 32221071 | 13759481 |
| **EXPENSES:** <br>|  |  |  |  |
| Investment advisory fee (Note 4) | 8735427  | 3375587 | 15174954 | 6547865 |
| Shareholder service costs (Note 5) | 698819  | 262546 | 1347723 | 564519 |
| Reports to shareholders | 530955  | 103718 | 508677 | 99899  |
|  Fund administration and accounting fees (Note 6) | 313659  | 173438 | 557301 | 274128  |
| Administrative service fees (Note 4) | 232940  | 87516  | 449241  | 188173  |
| Federal and state registration fees | 164170  | 73748 | 209824 | 83954 |
| Custodian fees (Note 6) | 118237  | 93124 | 90527 | 81862 |
| Transfer agent fees (Note 6) | 38024  | 29653 | 50111 | 35431 |
| Legal fees | 35788  | 30330 | 38311 | 31472 |
| Trustees' fees | 29097  | 29097 | 29097 | 29097 |
| Audit fees | 20044  | 20044 | 20044 | 20044 |
| Compliance fees (Note 6) | 10187  | 10186 | 10187 | 10186 |
| Other expenses and fees | 29207  | 22529 | 40421 | 28218 |
| &nbsp;&nbsp;&nbsp; Total expenses | 10956554  | 4311516 | 18526418 | 7994848 |
| &nbsp;&nbsp;&nbsp; Waiver by Adviser (Note 4)  | (3432549)  | (1592327) | (6867199) | (3426670) |
| &nbsp;&nbsp;&nbsp; Net expenses | 7524005  | 2719189 | 11659219 | 4568178 |
| **NET INVESTMENT INCOME** | 7415794  | 3844574 | 20561852 | 9191303 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3762278)  | 13313108 | 31402029 | 28140772 |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | —  | 17632 |  | (538590) |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies | —  |  |  | 4670 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (6694)  | (6486) |  | (1716) |
| Net realized gain (loss) | (3768972)  | 13324254 | 31402029 | 27605136 |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 66414227  | 4020773 | 78685882 | 33663004 |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | —  | 13810 |  | 170297 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (173)  | (122) |  | 537 |
|  Net change in unrealized appreciation (depreciation) | 66414054  | 4034461 | 78685882 | 33833838 |
| **Net realized and unrealized gain (loss)** | 62645082  | 17358715 | 110087911 | 61438974 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $70060876 | $21203289 | $130649763 | $70630277 |

---

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

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Column Small Cap Select Fund**  | **Column Small Cap Select Fund**  | **Column Small Cap Fund**  | **Column Small Cap Fund**  |
|  | **Year Ended** <br>**August 31, 2025**  | **Period Ended** <br>**August 31, 2024<sup>(a)</sup>**  | **Year Ended** <br>**August 31, 2025**  | **Period Ended** <br>**August 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $7415794  | $3274649  | $3844574  | &nbsp;&nbsp; $2151019  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (3768972)  | (9399088)  | 13324254  | &nbsp;&nbsp; 2942401  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 66414054  | 109734622  | 4034461  | &nbsp;&nbsp; 39019785  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations**  | 70060876  | 103610183  | 21203289  | &nbsp;&nbsp; 44113205  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (9387328)  | —  | (11067474)  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders**  | (9387328)  | —  | (11067474)  | &nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 461852796  | 1012502908  | 95972604  | &nbsp;&nbsp; 424530251  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 9387328  | —  | 11067474  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (157741112)  | (53337649)  | (67316339)  | &nbsp;&nbsp; (39421354)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions**  | 313499012  | 959165259  | 39723739  | &nbsp;&nbsp; 385108897  |
| **Net increase (decrease) in net assets**  | 374172560  | 1062775442  | 49859554  | &nbsp;&nbsp; 429222102  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 1062775442  | —  | 429222102  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period  | $1436948002  | $1062775442  | $479081656  | &nbsp;&nbsp; $429222102  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 42035361  | 93938070  | 8793606  | &nbsp;&nbsp; 40591016  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 756432  | —  | 922289  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (14247611)  | (4744574)  | (6077040)  | &nbsp;&nbsp; (3674208)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding**  | 28544182  | 89193496  | 3638855  | &nbsp;&nbsp; 36916808 |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2023.

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

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Column Mid Cap Select Fund**  | **Column Mid Cap Select Fund**  | **Column Mid Cap Fund** | **Column Mid Cap Fund** |
|  | **Year Ended**<br>**August 31, 2025** | **Period Ended**<br>**August 31, 2024<sup>(a)</sup>**  | **Year Ended**<br>**August 31, 2025** | **Period Ended**<br>**August 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $20561852 | $10082250  | $9191303 | &nbsp;&nbsp; $5427532 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 31402029 | (10737554)  | 27605136 | &nbsp;&nbsp; (2702771) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 78685882 | 188153545  | 33833838 | &nbsp;&nbsp; 95871161 |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 130649763 | 187498241  | 70630277 | &nbsp;&nbsp; 98595922 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (16891200) | —  | (9161719) | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (16891200) | —  | (9161719) | &nbsp;&nbsp; — |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 695938689 | 1970103650  | 154059500 | &nbsp;&nbsp; 900525027 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 16891200 | —  | 9161719 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (279493920) | (108384906)  | (149727633) | &nbsp;&nbsp; (77227595) |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 433335969 | 1861718744  | 13493586 | &nbsp;&nbsp; 823297432 |
| **Net increase (decrease) in net assets** | 547094532 | 2049216985  | 74962144 | &nbsp;&nbsp; 921893354 |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 2049216985 | —  | 921893354 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; End of the period | $2596311517 | $2049216985  | $996855498 | &nbsp;&nbsp; $921893354 |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 62156959 | 189600315  | 13338748 | &nbsp;&nbsp; 86773289 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1458653 | —  | 762207 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (25086121) | (10027912)  | (12982160) | &nbsp;&nbsp; (7099635) |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 38529491 | 179572403 | 1118795 | &nbsp;&nbsp; 79673654 |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2023.

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

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Column Small Cap Select Fund** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025**  | **Period Ended** <br>**August 31, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period  | &nbsp;&nbsp; $11.92  | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:** <br>|  |  |
| Net investment income<sup>(b)</sup> | 0.07  | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.31  | &nbsp;&nbsp;&nbsp;&nbsp;1.87  |
| **Total from investment operations**  | 0.38  | &nbsp;&nbsp;&nbsp;&nbsp;1.92  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income  | &nbsp;&nbsp; (0.10)  | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions**  | &nbsp;&nbsp; (0.10)  | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period**  | &nbsp;&nbsp; $12.20  | &nbsp;&nbsp;&nbsp; $11.92  |
| Total return<sup>(d)</sup>  | &nbsp;&nbsp; 3.17%  | &nbsp;&nbsp;&nbsp; 19.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** <br>|  |  |
| Net assets, end of period (in thousands)  | &nbsp;&nbsp; $1436948  | &nbsp;&nbsp;&nbsp; $1062775  |
| Ratio of expenses to average net assets: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Before management fee waiver<sup>(f)</sup> | &nbsp;&nbsp; 0.94%  | &nbsp;&nbsp;&nbsp; 0.95%  |
| &nbsp;&nbsp;&nbsp; After management fee waiver<sup>(f)</sup> | &nbsp;&nbsp; 0.65%  | &nbsp;&nbsp;&nbsp; 0.66%  |
|  Ratio of net investment income to average net assets after management fee waiver<sup>(f)</sup> | &nbsp;&nbsp; 0.64%  | &nbsp;&nbsp;&nbsp; 0.62%  |
| Portfolio turnover rate<sup>(d)</sup>  | &nbsp;&nbsp; 94%  | &nbsp;&nbsp;&nbsp; 54% |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

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

39<br>

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**Column Small Cap Fund** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025**  | **Period Ended** <br>**August 31, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period  | &nbsp;&nbsp;&nbsp; $11.63  | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:** <br>|  |  |
| Net investment income<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; 0.10  | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; 0.37  | &nbsp;&nbsp;&nbsp;&nbsp;1.56  |
| **Total from investment operations**  | &nbsp;&nbsp;&nbsp;&nbsp;0.47  | &nbsp;&nbsp;&nbsp;&nbsp;1.63  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income  | &nbsp;&nbsp;&nbsp; (0.12)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains  | &nbsp;&nbsp;&nbsp; (0.17)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions**  | &nbsp;&nbsp;&nbsp; (0.29)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period**  | &nbsp;&nbsp;&nbsp; $11.81  | &nbsp;&nbsp;&nbsp;&nbsp; $11.63  |
| Total return<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; 4.05%  | &nbsp;&nbsp;&nbsp;&nbsp; 16.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** <br>|  |  |
| Net assets, end of period (in thousands)  | &nbsp;&nbsp;&nbsp; $479082  | &nbsp;&nbsp;&nbsp;&nbsp; $429222  |
| Ratio of expenses to average net assets: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Before management fee waiver<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.99%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.02%  |
| &nbsp;&nbsp;&nbsp; After management fee waiver<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.62%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.66%  |
|  Ratio of net investment income to average net assets after management fee waiver<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.88%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.90%  |
| Portfolio turnover rate<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; 57%  | &nbsp;&nbsp;&nbsp;&nbsp; 36% |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

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

40<br>

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**Column Mid Cap Select Fund** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025**  | **Period Ended** <br>**August 31, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period  | &nbsp;&nbsp; $11.41  | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:** <br>|  |  |
| Net investment income<sup>(b)</sup>  | 0.10  | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.48  | &nbsp;&nbsp;&nbsp;&nbsp;1.34  |
| **Total from investment operations**  | 0.58  | &nbsp;&nbsp;&nbsp;&nbsp;1.41  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income  | &nbsp;&nbsp; (0.09)  | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions**  | &nbsp;&nbsp; (0.09)  | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period**  | &nbsp;&nbsp; $11.90  | &nbsp;&nbsp;&nbsp; $11.41  |
| Total return<sup>(d)</sup>  | &nbsp;&nbsp; 5.10%  | &nbsp;&nbsp;&nbsp; 14.10%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |
| Net assets, end of period (in thousands)  | &nbsp;&nbsp; $2596312  | &nbsp;&nbsp;&nbsp; $2049217  |
| Ratio of expenses to average net assets: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Before management fee waiver<sup>(e)</sup> | &nbsp;&nbsp; 0.82%  | &nbsp;&nbsp;&nbsp; 0.84%  |
| &nbsp;&nbsp;&nbsp; After management fee waiver<sup>(e)</sup> | &nbsp;&nbsp; 0.52%  | &nbsp;&nbsp;&nbsp; 0.54%  |
|  Ratio of net investment income to average net assets after management fee waiver<sup>(e)</sup> | &nbsp;&nbsp; 0.92%  | &nbsp;&nbsp;&nbsp; 0.93%  |
| Portfolio turnover rate<sup>(d)</sup>  | &nbsp;&nbsp; 26%  | &nbsp;&nbsp;&nbsp; 16% |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

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

41<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Column Mid Cap Fund** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025** | **Period Ended** <br>**August 31, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:** <br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.57  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp;&nbsp; $11.57  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 7.67% | &nbsp;&nbsp;&nbsp;&nbsp; 15.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>** <br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $996855 | &nbsp;&nbsp;&nbsp;&nbsp; $921893  |
| Ratio of expenses to average net assets: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Before management fee waiver<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88%  |
| &nbsp;&nbsp;&nbsp; After management fee waiver<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.52%  |
|  Ratio of net investment income to average net assets after management fee waiver<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 28% |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(g)</sup> Annualized for periods less than one year.

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

42<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025** 

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").

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

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

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

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

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

43<br>

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

Foreign securities will be priced in their local currencies. 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 New York Stock Exchange ("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 a 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. Each foreign equity security held by a Fund (other than those traded in countries outside of Canada, Mexico, Central and South America) will be valued at its fair value by using a value determined by an independent pricing agent rather than using the last closing price of such foreign security on its principal overseas market. A value determined by an independent pricing agent will also be used to fair value foreign securities held by a Fund on any day when a foreign market is closed due to a local holiday or other scheduled closure, but the New York Stock Exchange is open.

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

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

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value each Fund's investments carried at fair value as of August 31, 2025:

**Column Small Cap Select Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks\* | $1341522687 | $8293586 | $—  | $1349816273  |
| Real Estate Investment Trusts | 16766433 |  |  | 16766433  |
| Exchange Traded Funds  | 14035612 |  |  | 14035612  |
| Money Market Funds | 58177920 |  |  | 58177920  |
| **Total Investments in Securities** | $1430502652 | $8293586 | $— | $1438796238 |

---

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

**Column Small Cap Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3** | **Total**  |
| Common Stocks\*  | $452744291 | $6816805 | $— | $459561096  |
| Real Estate Investment Trusts  | 6340535 |  |  | 6340535  |
| Exchange Traded Funds | 3585494 |  |  | 3585494  |
| Money Market Funds  | 9598605 |  |  | 9598605  |
| **Total Investments in Securities**  | $472268925 | $6816805 | $— | $479085730  |
| **Other Financial Instruments\*\***<br>|  |  |  |  |
| Forward Currency Contracts | $— | $714 | $— | $714 |

---

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

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

**Column Mid Cap Select Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks\*  | $2412323740 | $— | $— | $2412323740  |
| Real Estate Investment Trusts | 91885329 |  |  | 91885329  |
| Money Market Funds | 88564470 |  |  | 88564470  |
| **Total Investments in Securities** | $2592773539 | $— | $— | $2592773539 |

---

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

45<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

**Column Mid Cap Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks\* | $927972432 | $12631637 | $—  | $940604069  |
| Real Estate Investment Trusts  | 31761087 |  | —  | 31761087  |
| Preferred Stocks\* |  | 1296072 |  | 1296072  |
| Exchange Traded Funds | 3104555 |  | —  | 3104555  |
| Money Market Funds | 19566063 |  |  | 19566063  |
| **Total Investments in Securities** | $982404137 | $13927709 | $— | $996331846  |
| **Other Financial Instruments\*\***<br>|  |  |  |  |
| Forward Currency Contracts | $— | $(120856) | $— | $(120856) |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds' books, and the U.S. dollar equivalent of the amounts actually received or paid. 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.

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.

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

As of and during the year ended August 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended August 31, 2025, the Funds did not incur any interest or penalties. The Funds are subject to examination by U.S. taxing authorities for the year ended August 31, 2025, and the period ended August 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(I) *Derivative Instruments.* As a non-principal investment strategy, the Funds may enter into forward currency contracts. This strategy is intended to minimize
 the risk of loss due to a decline in the value of the hedged currency, although it could also limit any potential gain from an increase
 in the value of the currency. A forward currency contract is an obligation to

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward currency contracts are considered derivatives and the Adviser and sub-advisers intend to limit each Fund's investments in forward currency contracts in order for each Fund to qualify as a limited derivatives user as defined in Rule 18f-4 under the 1940 Act. As of August 31, 2025, the fair value of derivative instruments in the Funds is described below:

**Column Small Cap Fund** 

Statements of Assets and Liabilities—

Value of Derivative Instruments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statements of Assets** <br>**and Liabilities Location** | **Value** | **Statements of Assets** <br>**and Liabilities Location** | **Value**  |
|  Forward Currency Exchange Contracts | Unrealized appreciation <br>on forward currency <br>exchange contracts | $170 | Unrealized depreciation <br>on forward currency <br>exchange contracts | $884  |
| **Total**  |  | $170 |  | $884 |

---

The Effect of Derivative Instruments on the Statements of Operations for the year ended August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss)** <br>**on Derivatives** | **Forward** <br>**Currency** <br>**Contracts** | **Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives | **Forward** <br>**Currency** <br>**Contracts**  |
|  Forward Currency Exchange Contracts | $17632 | Forward Currency Exchange <br>Contracts | $13810  |
| **Total** | $17632 | **Total** | $13810 |

---

**Column Mid Cap Fund** 

Statements of Assets and Liabilities—

Value of Derivative Instruments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statements of Assets** <br>**and Liabilities Location** | **Value** | **Statements of Assets** <br>**and Liabilities Location** | **Value**  |
|  Forward Currency Exchange Contracts | Unrealized appreciation <br>on forward currency <br>exchange contracts | $17114 | Unrealized depreciation <br>on forward currency <br>exchange contracts | $137970  |
| **Total**  |  | $17114 |  | $137970 |

---

The Effect of Derivative Instruments on the Statements of Operations for the year ended August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss)** <br>**on Derivatives** | **Forward** <br>**Currency** <br>**Contracts** | **Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives | **Forward** <br>**Currency** <br>**Contracts**  |
| &nbsp;&nbsp;&nbsp; Forward Currency Exchange <br>Contracts | $(538590) | Forward Currency Exchange <br>Contracts | $170297  |
| **Total** | $(538590) | **Total** | $170297 |

---

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

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

**Volume Disclosures** 

The average monthly notional amount outstanding of forward currency exchange contracts during the fiscal year ended August 31, 2025, was as follows:

---

| | |
|:---|:---|
| Column Small Cap Fund  | $2209895  |
| Column Mid Cap Fund | $12885745 |

---

The Column Small Cap Select Fund and Column Mid Cap Select Fund did not invest in any derivatives during the fiscal year ended August 31, 2025.

3. FEDERAL TAX MATTERS

The tax character of distributions paid during the fiscal years ended August 31, 2025, and August 31, 2024, was as follows:

**Column Small Cap Select Fund**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025** | **Period Ended** <br>**August 31, 2024**  |
| Ordinary Income | $9387328 | &nbsp;&nbsp;&nbsp; $—  |
| Long Term Capital gain |  | &nbsp;&nbsp;&nbsp; —  |
| Total | $9387328 | &nbsp;&nbsp;&nbsp; $— |

---

**Column Small Cap Fund**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025** | **Period Ended** <br>**August 31, 2024**  |
| Ordinary Income | $11046164 | &nbsp;&nbsp;&nbsp; $—  |
| Long Term Capital gain | 21310 | &nbsp;&nbsp;&nbsp; —  |
| Total | $11067474 | &nbsp;&nbsp;&nbsp; $— |

---

**Column Mid Cap Select Fund** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025** | **Period Ended** <br>**August 31, 2024**  |
| Ordinary Income | $16891200 | &nbsp;&nbsp;&nbsp; $—  |
| Long Term Capital gain |  | &nbsp;&nbsp;&nbsp; — |
| Total | $16891200 | &nbsp;&nbsp;&nbsp; $— |

---

**Column Mid Cap Fund**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025** | **Period Ended** <br>**August 31, 2024**  |
| Ordinary Income | $9140919 | &nbsp;&nbsp;&nbsp; $—  |
| Long Term Capital gain | 20800 | &nbsp;&nbsp;&nbsp; — |
| Total | $9161719 | &nbsp;&nbsp;&nbsp; $— |

---

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

As of August 31, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Column** <br>**Small Cap** <br>**Select Fund** | **Column** <br>**Small Cap** <br>**Fund**  |
| Cost basis of investments for federal income tax purposes | $1278341312 | $439664880  |
| Gross tax unrealized appreciation | $248757823 | $75832398  |
| Gross tax unrealized depreciation | (88302897) | (36411548)  |
| Net tax unrealized appreciation | 160454926 | 39420850  |
| Undistributed ordinary income | 4757403 | 5597805  |
| Undistributed long-term capital gain |  | 9240577  |
| Distributable earnings | 4757403 | 14838382  |
| Other accumulated losses | (928598) | (10212)  |
| Total distributable earnings | $164283731 | $54249020 |

---

---

| | | |
|:---|:---|:---|
|  | **Column** <br>**Mid Cap** <br>**Select Fund** | **Column** <br>**Mid Cap** <br>**Fund**  |
| Cost basis of investments for federal income tax purposes | $2334292841 | $871065957  |
| Gross tax unrealized appreciation | $395047899 | $172019776  |
| Gross tax unrealized depreciation | (136567201) | (46753887)  |
| Net tax unrealized appreciation | 258480698 | 125265889  |
| Undistributed ordinary income | 13752902 | 4833298  |
| Undistributed long-term capital gain | 29061972 | 30042386  |
| Distributable earnings | 42814874 | 34875684  |
| Other accumulated losses | (38768) | (53139)  |
| Total distributable earnings | $301256804 | $160088434 |

---

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

At August 31, 2025, the Funds had the following capital loss carryovers which will be carried forward indefinitely to offset future realized capital gains:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  | **Total** |
| Column Small Cap Select Fund | $(894330) | $—  | $(894330) |
| Column Small Cap Fund |  | —  |  |
| Column Mid Cap Select Fund |  | —  |  |
| Column Mid Cap Fund |  |  |  |

---

During the year ended August 31, 2025, the Funds utilized the following capital loss carryovers to offset realized capital gains:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  | **Total** |
| Column Small Cap Select Fund | $4440482 | $—  | $4440482 |
| Column Small Cap Fund |  |  | —  |
| Column Mid Cap Select Fund | 6231497 |  | 6231497  |
| Column Mid Cap Fund | 951744 |  | 951744 |

---

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal year ended August 31, 2025, the following reclassifications were made on the Statements of Assets and Liabilities due to permanent tax differences:

---

| | | |
|:---|:---|:---|
|  | **Paid-in Capital** | **Total** <br>**Distributable** <br>**Earnings**  |
| Column Small Cap Select Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $—  |
| Column Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Column Mid Cap Select Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Column Mid Cap Fund\* | &nbsp;&nbsp;&nbsp;&nbsp; (4893) | &nbsp;&nbsp;&nbsp; 4893 |

---

\* This reclassification is due to spin off and partnership adjustments.

4. INVESTMENT ADVISER

The Trust has an Investment Advisory Agreement (the "Agreement") with Mason Street Advisors, LLC 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<br>0.76% on the next $250 million <br>0.74% on the next $500 million <br>0.72% over $1 billion  |
| Column Small Cap Fund | 0.78% on the first $250 million <br>0.76% on the next $250 million <br>0.74% on the next $500 million <br>0.72% over $1 billion  |
| Column Mid Cap Select Fund | 0.72% on the first $250 million <br>0.70% on the next $250 million <br>0.68% on the next $500 million <br>0.66% over $1 billion  |
| Column Mid Cap Fund | 0.72% on the first $250 million <br>0.70% on the next $250 million <br>0.68% on the next $500 million <br>0.66% over $1 billion |

---

Pursuant to a Management Fee Waiver Agreement, the Adviser has contractually agreed, through at least December 31, 2026, 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; 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.

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

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

<u>Column Small Cap Select Fund</u>

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

Driehaus Capital Management LLC

Neuberger Berman Investment Advisers LLC

Vaughan Nelson Investment Management, L.P.

<u>Column Small Cap Fund</u>

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.

<u>Column Mid Cap Select Fund</u>

Boston Partners Global Investors, Inc.

EARNEST Partners, LLC

Kayne Anderson Rudnick Investment Management, LLC

<u>Column Mid Cap Fund</u>

American Century Investment Management, Inc.

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

Boston Partners Global Investors, Inc.

EARNEST Partners, LLC

Invesco Advisers, Inc.

Kayne Anderson Rudnick Investment Management, LLC

5. SHAREHOLDER SERVICING PLAN

The Trust has adopted a Shareholder Servicing Plan on behalf of the Funds to pay for shareholder support services from each Fund's assets pursuant to a Shareholder Servicing Agreement at an annual rate not to exceed 0.10% of a Fund's average daily net assets. Currently, the annual rate of the shareholder servicing fee being charged for each Fund is 0.06% of the Fund's average daily net assets; however, the fee may be increased up to 0.10% of a Fund's average daily net assets, at any time. Each Fund is responsible for paying a portion of shareholder servicing fees to each of the shareholder servicing agents who have written shareholder servicing agreements with a Fund and perform shareholder servicing functions and maintenance of shareholder accounts on behalf of shareholders. The following table details the fees incurred by the Funds pursuant to the Shareholder Servicing Plan during the year ended August 31, 2025, as well as the fees owed as of August 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Fees Incurred** | **Fees Owed**  |
| Column Small Cap Select Fund | $698819 | $67413  |
| Column Small Cap Fund | $262546 | $22378  |
| Column Mid Cap Select Fund | $1347723 | $123411  |
| Column Mid Cap Fund | $564519 | $47290 |

---

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

6. RELATED PARTY TRANSACTIONS

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator"), acts as the Funds' administrator under a Fund Servicing Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds' custodian, transfer agent and fund accountant; coordinates the preparation and payment of the Funds' expenses; and reviews the Funds' expense accruals. Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank N.A. ("U.S. Bank" or the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian pursuant to a Custody Agreement. The Trust's Chief Compliance Officer is also an employee of Fund Services. Expenses incurred by the Funds for the year ended August 31, 2025, and owed as of August 31, 2025, are included in the Statements of Operations and Statements of Assets and Liabilities.

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

Certain officers of the Funds are also employees of Fund Services. During the year ended August 31, 2025, a Trustee of the Trust was affiliated with Fund Services and U.S. Bank.

7. INVESTMENT TRANSACTIONS

The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the year ended August 31, 2025, are listed in the following table. For the year ended August 31, 2025, there were no purchases or sales of U.S. government securities for the Funds.

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Column Small Cap Select Fund | $1352089728 | $1061790265  |
| Column Small Cap Fund | $279149614 | $241871485  |
| Column Mid Cap Select Fund | $981380288 | $567394370  |
| Column Mid Cap Fund | $465465622 | $449317381 |

---

8. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. At August 31, 2025, Pershing LLC, for the benefit of its customers, held 100% of each Fund's shares outstanding. Pershing LLC is the financial intermediary used by Northwestern Mutual Wealth Management Company's advisory programs that offer the Funds' shares.

9. LINE OF CREDIT

The Funds and U.S. Bank, N.A. entered into an umbrella line of credit agreement in the amount of up to $100,000,000, which matures on August 1, 2026. 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 total 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, which as of August 31, 2025, was 7.50%. During the year ended August 31, 2025, the Funds did not utilize the line of credit.

10. SUBSEQUENT EVENTS

The Funds have evaluated events and transactions that have occurred subsequent to August 31, 2025, through the date the financial statements were issued and determined there were no subsequent events that would require disclosure in the financial statements.

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**COLUMN FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

11. RECENT MARKET EVENTS

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. 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 the performance of the Funds.

12. NEW ACCOUNTING PRONOUNCEMENT

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by Paul Mikelson, President, and Brent Schutte, Chief Investment Officer, each of Mason Street Advisors, the Funds' investment adviser, who each serve as the chief operating decision makers, using the information presented in the financial statements and financial highlights.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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**COLUMN FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Column Funds and

Board of Trustees of Trust for Professional Managers

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and forward currency contracts (as applicable), of Column Funds comprising the funds listed below (the "Funds"), each a series of Trust for Professional Managers, as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations**  | **Statements of** <br>**Changes in** <br>**Net Assets** | **Financial** <br>**Highlights**  |
| Column Small Cap Select Fund, Column Small Cap Fund, Column Mid Cap Select Fund, and Column Mid Cap Fund | For the year ended August 31, 2025 | For the year ended August 31, 2025 and for the period from December 11, 2023 (commencement of operations) through August 31, 2024 | For the year ended August 31, 2025 and for the period from December 11, 2023 (commencement of operations) through August 31, 2024 |

---

<u>Basis for Opinion</u> 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](kempf-cc_efp-18131.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

October 29, 2025

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**ADDITIONAL INFORMATION (Unaudited)** 

**The below information is required disclosure for Form N-CSR** 

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

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

**Item 9. Proxy Disclosure for Open-End Investment Companies** 

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

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

Information regarding remuneration paid by the Funds is disclosed within the financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Agreements.** 

**BASIS FOR TRUSTEES' APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Column Funds)** 

The Board of Trustees (the "Trustees") of Trust for Professional Managers (the "Trust") met on August 27, 2025 to consider the renewal 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"). The Trustees also met at a prior meeting held on June 18, 2025 (the "June 18, 2025 meeting") to review materials related to the renewal of the Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Agreement, 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 renewal of the Agreement, detailed comparative information relating to the Funds' performance, as well as the management fees and other expenses of the Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the 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 Funds and a summary detailing key provisions of the Adviser's written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Agreement renewal process, including performance, management fee and other expense information. Based on their evaluation of the information provided by the Adviser, in conjunction with the 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 continuation of the Agreement for an additional one-year term ending August 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED TO THE FUNDS

The Trustees considered the nature, extent and quality of services provided by the Adviser to the Funds and the amount of time devoted to the Funds' operations by the Adviser's staff. The Trustees considered the Adviser's specific responsibilities in all aspects of day-to-day management of each of the Funds, including its recommendations with respect to the hiring, termination or replacement of one or more sub-advisers to the 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 Funds. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser's compliance program. The Trustees noted that during the course of the prior year the Adviser had participated in a Trust board meeting to discuss the Funds' performance and outlook, along with the compliance efforts made by the Adviser, including reports provided by the Adviser in its role as the Funds' valuation designee. The Trustees also noted any services that extended beyond portfolio management,

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

and they considered the overall capability of the Adviser. The Trustees discussed the Adviser's handling of compliance matters, including the reports of the Trust's chief compliance officer to the Trustees on the effectiveness of the Adviser's compliance program and oversight of the compliance program of each Fund's sub-advisers, as applicable. 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 Advisory Agreement and managing each Fund under the "manager of managers" structure and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser's compliance program, were satisfactory and reliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER

The Trustees discussed the performance of the Column Mid Cap Fund, Column Mid Cap Select Fund, Column Small Cap Fund and Column Small Cap Select Fund for the quarter, one-year and since inception periods ended March 31, 2025. In assessing the quality of the portfolio management services delivered by the Adviser, the Trustees also compared the short-term and longer-term performance of the Funds on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Index for the Column Small Cap Fund and the Column Small Cap Select Fund and the Russell Midcap Index for the Column Mid Cap Fund and the Column Mid Cap Select Fund) and in comparison 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. open-end mid-cap blend funds for the Column Mid Cap Fund and the Column Mid Cap Select Fund and a peer group of U.S. open-end small-cap blend funds for the Column Small Cap Fund and the Column Small Cap Select Fund) (each, a "Barrington Cohort"). The Trustees noted that the Adviser did not manage any other accounts with the same or similar investment strategies as any of the Funds.

The Trustees noted the Column Mid Cap Fund's performance for the one-year period ended March 31, 2025 was below the Barrington Cohort average. The Trustees further noted that for each of the quarter, one-year and since inception periods ended March 31, 2025, the Column Mid Cap Fund had underperformed the Russell Midcap Index.

The Trustees noted the Column Mid Cap Select Fund's performance for the one-year period ended March 31, 2025 was below the Barrington Cohort average. The Trustees further noted that for each of the one-year and since inception periods ended March 31, 2025, the Column Mid Cap Select Fund had underperformed the Russell Midcap Index. The Trustees noted that for the quarter period ended March 31, 2025, the Column Mid Cap Select Fund had outperformed the Russell Midcap Index.

The Trustees noted the Column Small Cap Fund's performance for the one-year period ended March 31, 2025 was in-line but slightly below the Barrington Cohort average. The Trustees further noted that for each of the one-year and since inception periods ended March 31, 2025, the Column Small Cap Fund had underperformed the Russell 2000 Index. The Trustees noted that for the quarter ended

March 31, 2025, the Column Small Cap Fund had outperformed the Russell 2000 Index.

The Trustees noted the Column Small Cap Select Fund's performance for the one-year period ended March 31, 2025 was below the Barrington Cohort average. The Trustees further noted that for each of the quarter, one-year and since inception periods ended March 31, 2025, the Column Small Cap Select Fund had underperformed the Russell 2000 Index.

The Trustees noted the Adviser's position that each Fund's track record is too short to draw meaningful conclusions about the Adviser's ability to meet each Fund's long-term objectives. After considering all of the information, the Trustees concluded that the performance obtained by the Adviser for each Fund was satisfactory under current market conditions and that the Adviser has developed the necessary expertise and resources in selecting and managing the sub-advisers to each of the Column Mid Cap Fund, Column Mid Cap Select Fund, Column Small Cap Fund and Column Small Cap Select

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

Fund and providing investment advisory services in accordance with each Fund's investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Trustees determined that each Fund and its shareholders were likely to benefit from the Adviser's continued management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE ADVISER

The Trustees considered the cost of services and the structure of the Adviser's fees, including a review of the expense analyses and other pertinent material with respect to the Funds. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses and Barrington Cohort comparisons. In reviewing each of the Column Mid Cap Fund, Column Mid Cap Select Fund, Column Small Cap Fund and Column Small Cap Select Fund fees and total expense structure, the Trustees took into account each Fund's "manager of managers" structure, noting that the Adviser pays each Fund's sub-advisory fees out of its own management fees, and that the Funds were not directly responsible for payment of any sub-advisory fees. The Trustees considered the cost structure of each Fund relative to its Barrington Cohort, as well as any management fee waivers of the Adviser. The Trustees noted that the Adviser had contractually agreed to waive its management fees to the extent such management fees exceed the management fees that the Adviser is required to pay to each Fund's designated sub-advisers for management of allocated portions of each Fund and such waivers are not subject to recoupment by the Adviser.

The Trustees also considered the overall profitability of the Adviser and reviewed the Adviser's financial information, noting that the Adviser had waived management fees for each Fund since inception and such waivers were not subject to recoupment by the Adviser. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the fees payable under the Advisory Agreement, as well as the Funds' brokerage practices and the Adviser's oversight of the brokerage and trading practices of each Fund's designated sub-advisers. These considerations were based on materials requested by the Trustees and the Funds' administrator specifically for the June 18, 2025 meeting and the August 27, 2025 meeting at which the Advisory Agreement was formally considered, as well as the reports prepared by the Adviser over the course of the year.

The Trustees noted that the Column Mid Cap Fund's contractual management fee of 0.70% (this is a blended fee reflecting the Fund's management fee breakpoint schedule at current Fund asset levels) was above the Barrington Cohort average of 0.65%. The Trustees noted that the Column Mid Cap Fund was operating pursuant to a contractual management fee waiver. The Trustees observed that the Column Mid Cap Fund's total expense ratio of 0.52% (net of fee waivers) was below the Barrington Cohort average of 0.87%.

The Trustees noted that the Column Mid Cap Select Fund's contractual management fee of 0.68% (this is a blended fee reflecting the Fund's management fee breakpoint schedule at current Fund asset levels) was slightly above the Barrington Cohort average of 0.67%. The Trustees noted that the Column Mid Cap Select Fund was operating pursuant to a contractual management fee waiver. The Trustees observed that the Column Mid Cap Select Fund's total expense ratio of 0.54% (net of fee waivers) was below the Barrington Cohort average of 0.85%.

The Trustees noted that the Column Small Cap Fund's contractual management fee of 0.77% (this is a blended fee reflecting the Fund's management fee breakpoint schedule at current Fund asset levels) was above the Barrington Cohort average of 0.62%. The Trustees noted that the Column Small Cap Fund was operating pursuant to a contractual management fee waiver. The Trustees observed that the Column Small Cap Fund's total expense ratio of 0.66% (net of fee waivers) was below the Barrington Cohort average of 0.78%.

The Trustees noted that the Column Small Cap Select Fund's contractual management fee of 0.76% (this is a blended fee reflecting the Fund's management fee breakpoint schedule at current Fund asset levels) was above the Barrington Cohort average of 0.72%. The Trustees noted that the Column

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Small Cap Select Fund was operating pursuant to a contractual management fee waiver. The Trustees observed that the Column Small Cap Select Fund's total expense ratio of 0.66% (net of fee waivers) was below the Barrington Cohort average of 0.89%.

The Trustees concluded that each Fund's expenses and the management fees paid to the Adviser were fair and reasonable in light of the comparative performance, expense and management fee information and, with respect to each of the Column Mid Cap Fund, Column Mid Cap Select Fund, Column Small Cap Fund and Column Small Cap Select Fund, considering each Fund's "manager-of-managers" structure. The Trustees further concluded, based on a profitability analysis prepared by the Adviser, that the Funds were not profitable to the Adviser in light of the Adviser's management fee waiver that reduces each Fund's management fee to an amount equal to the sub-advisory fees paid to the respective Fund's underlying sub-advisers, and that the Adviser maintained adequate profit levels to support the services to the Funds from the revenues of its overall investment advisory business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXTENT OF ECONOMIES OF SCALE AS THE FUNDS GROW

The Trustees compared each Fund's expenses relative to its peer group and discussed realized and potential economies of scale. The Trustees also reviewed the structure of each Fund's management fee, all management fee waivers, and noted that each Fund's management fee structure contained breakpoint reductions as each Fund's assets grow in size. With respect to the Adviser's fee structure, the Trustees concluded that the current fee structure was reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUNDS

The Trustees considered the direct and indirect benefits that could be received by the Adviser from its association with the Funds. The Trustees concluded that the benefits the Adviser may receive, including fees received by the Adviser under an administrative services agreement for administrative services provided to the Funds, potential improved fee rates charged by sub-advisers to the Funds that are also sub-advisers to other accounts of the Adviser or its affiliates, the Adviser's relationships with sub-advisers to the 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 Funds may be available, appear to be reasonable, and in many cases may benefit the Funds.

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of the Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Funds' surrounding circumstances. Based on this review, the Trustees, all of whom are Independent Trustees, unanimously approved the continuation of the Advisory Agreement for an additional one-year term ending August 31, 2026 as being in the best interests of each Fund and its shareholders.

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**BASIS FOR TRUSTEES' APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENTS (Column Small Cap Select Fund)**

The Board of Trustees (the "Trustees") of Trust for Professional Managers (the "Trust") met on August 27, 2025 to consider the renewal of the sub-advisory agreements (each, a "Sub-Advisory Agreement," and together, the "Sub-Advisory Agreements") between Mason Street Advisors, LLC (identified hereinafter as 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) ("Boston Partners"), Driehaus Capital Management LLC ("Driehaus"), Neuberger Berman Investment Advisers LLC ("NBIA"), and Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson") (each, a "Sub-Adviser," and together, the "Sub-Advisers"). The Trustees also met at a prior meeting held on June 18, 2025 (the "June 18, 2025 meeting") to review materials related to the renewal of each Sub-Advisory Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal 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 renewal of the Sub-Advisory Agreements, detailed comparative information relating to the performance of the segment of the Fund's portfolio managed by each Sub-Adviser, as well as the sub-advisory fees and other expenses of the Fund, due diligence materials relating to each Sub-Adviser (including a due diligence questionnaire, Form ADV, select financial statements from each Sub-Adviser, 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 comparative fee information for the sub-advisory fees and the respective Sub-Adviser's other separately-managed accounts, as applicable) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Sub-Advisory Agreement renewal process, including performance and fees and expenses 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 the continuation of each Sub-Advisory Agreement for an additional one-year term ending August 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY THE SUB-ADVISERS TO THE FUND

The Trustees considered the nature, extent and quality of services provided by Boston Partners, Driehaus, NBIA, and 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 A. Gandhi, who serves as the portfolio manager for the segment of the Fund's portfolio managed by Boston Partners, and other key personnel at Boston Partners. The Trustees next 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 serve as the portfolio managers for the segment of the Fund's assets managed by Driehaus, and other key personnel at Driehaus. The Trustees next 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 and Gregory G. Spiegel, who serve as the portfolio managers for the small cap strategy segment of the Fund's assets managed by NBIA, Benjamin H. Nahum, James F. McAree, and Amit Solomon, who serve as the portfolio managers for the small cap intrinsic value strategy segment of the Fund's assets managed by NBIA, and other key personnel at NBIA. The Trustees next 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 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 at the June 18, 2025 meeting and the August 27, 2025 meeting at which each respective Sub-Advisory Agreement was formally considered, relating to the investment objective and

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strategies for the Fund, brokerage practices and compliance and risk management. The Trustees also noted any services provided by each sub-adviser that extended beyond portfolio management. The Trustees also considered the overall financial condition, as well as the implementation and operational effectiveness of the business continuity plan for each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson. 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 its duties under each respective Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services provided by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson to the Fund were satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS

The Trustees discussed the Fund's performance, including the gross of fee performance relating specifically to the segment of the Fund's portfolio managed by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson, respectively.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Boston Partners for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Boston Partners on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Value Index) and in comparison to a composite with similar investment strategies to that utilized by Boston Partners in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Boston Partners underperformed the benchmark index for the quarter, one-year and since inception periods ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Driehaus for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Driehaus on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Growth Index) and in comparison to a separate composite of separately-managed accounts of Driehaus with similar investment strategies to that utilized by Driehaus in managing its segment of the Fund's portfolio. The Trustees noted that the segment of the Fund's portfolio managed by Driehaus underperformed the benchmark index for the quarter and one-year periods ended March 31, 2025, but outperformed the benchmark index for the since inception period ended March 31, 2025.

The Trustees discussed the performance of the segments of the Fund's portfolio managed by NBIA for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the small cap strategy segment and small cap intrinsic value strategy segment of the Fund's portfolio managed by NBIA on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Index and Russell 2000 Value Index, respectively) and in comparison to applicable registered mutual funds with similar investment strategies to that utilized by NBIA in managing its segment of the Fund's portfolio. The Trustees noted that the small cap strategy segment of the Fund's portfolio managed by NBIA underperformed the benchmark index for the one-year and since inception periods ended March 31, 2025, but outperformed the benchmark index for the quarter ended March 31, 2025. The Trustees noted that the small cap intrinsic value strategy segment of the Fund's portfolio managed by NBIA underperformed the benchmark index for the quarter, one-year and since inception periods.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Vaughan Nelson for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Vaughan Nelson on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Value Index) and in comparison to a composite with similar investment strategies to that utilized by Vaughan Nelson in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Vaughan Nelson underperformed the benchmark index for the one-year period ended March 31, 2025, but outperformed the benchmark index for the quarter and since inception period ended March 31, 2025.

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After considering all the information, the Trustees concluded that the performance obtained by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson for the Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that the Fund and its shareholders were likely to benefit from the continued management of Fund assets by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE SUB-ADVISERS

The Trustees reviewed and considered the cost of services and the sub-advisory fees payable by Mason Street to each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson under the respective Sub-Advisory Agreement. The Trustees noted that Mason Street had previously 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 performed by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson. Since the sub-advisory fees are paid by Mason Street, the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fees paid to each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson. Consequently, the Trustees did not consider the costs of services provided by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson or the profitability of each relationship with the Fund to be material factors for consideration given that Boston Partners, Driehaus, NBIA, and Vaughan Nelson are not affiliated with Mason Street 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 paid to Boston Partners, Driehaus, NBIA, and Vaughan Nelson by Mason Street were reasonable in light of the services provided by each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUND

The Trustees 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 that each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson may receive, such as greater name recognition and increased ability to obtain research or broker services or attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund.

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of the respective Sub-Advisory Agreement with each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson, 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. Based on this review, the Trustees, all of whom are Independent Trustees, unanimously approved the continuation of the respective Sub-Advisory Agreement with each of Boston Partners, Driehaus, NBIA, and Vaughan Nelson for an additional one-year term ending August 31, 2026 as being in the best interests of the Fund and its shareholders.

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**COLUMN FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**BASIS FOR TRUSTEES' APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENTS (Column Small Cap Fund)**

The Board of Trustees (the "Trustees") of Trust for Professional Managers (the "Trust") met on August 27, 2025 to consider the renewal of the sub-advisory agreements (each, a "Sub-Advisory Agreement," and together, the "Sub-Advisory Agreements") between Mason Street Advisors, LLC (identified hereinafter as 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) (together, "American Century"), Boston Partners Global Investors, Inc. (WPG Partners Division) ("Boston Partners"), Franklin Mutual Advisers, LLC ("Franklin"), Kayne Anderson Rudnick Investment Management ("Kayne Anderson"), Neuberger Berman Investment Advisers LLC ("NBIA"), and Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson") (each, a "Sub- Adviser," and together, the "Sub-Advisers"). The Trustees also met at a prior meeting held on June 18, 2025 (the "June 18, 2025 meeting") to review materials related to the renewal of each Sub-Advisory Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal 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 renewal of the Sub-Advisory Agreements, detailed comparative information relating to the performance of the segment of the Fund's portfolio managed by each Sub-Adviser, as well as the sub-advisory fees and other expenses of the Fund, due diligence materials relating to each Sub-Adviser (including a due diligence questionnaire, Form ADV, select financial statements from each Sub-Adviser, 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 comparative fee information for the sub-advisory fees and the respective Sub-Adviser's other separately-managed accounts, as applicable) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Sub-Advisory Agreement renewal process, including performance and fees and expenses 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 the continuation of each Sub-Advisory Agreement for an additional one-year term ending August 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY SUB-ADVISORS TO THE FUND

The Trustees considered the nature, extent and quality of services provided by American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and 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, Ted Randall and Matthew Dubin, who serve as the portfolio managers for the segment of the Fund's portfolio managed by American Century, and other key personnel at American Century. The Trustees next 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 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 next considered Franklin's responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Steven Raineri, Christopher Meeker, and Nicholas Karzon, who serve as the portfolio managers for the segment of the Fund's assets managed by Franklin, and other key personnel at Franklin. The Trustees next considered Kayne Anderson's responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Todd Beiley, and Jon Christensen, who serve as the portfolio managers for the segment of the Fund's assets managed by Kayne Anderson, and other key personnel at Kayne Anderson. The Trustees next considered NBIA's responsibilities in its

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management of Fund assets, as well as the qualifications, experience and responsibilities of Robert W. D'Alelio, Brett S. Reiner and Gregory G. Spiegel, who serve as the portfolio managers for the small cap strategy segment of the Fund's assets by NBIA, Benjamin H. Nahum, James F. McAree, and Amit Solomon, who serve as the portfolio managers for the small cap intrinsic value strategy segment of the Fund's assets managed by NBIA, and other key personnel at NBIA. The Trustees next 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 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, Kayne Anderson, NBIA, and Vaughan Nelson at the June 18, 2025 meeting and the August 27, 2025 meeting at which each respective Sub-Advisory Agreement was formally considered, relating to the investment objective and strategies for the Fund, brokerage practices and compliance and risk management. The Trustees also noted any services provided by each sub-adviser that extended beyond portfolio management. The Trustees also considered the overall financial condition, as well as the implementation and operational effectiveness of the business continuity plan for each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson. The Trustees concluded that each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing its duties under each respective Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services provided by each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson to the Fund were satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS

The Trustees discussed the Fund's performance, including the gross of fee performance relating specifically to the segment of the Fund's portfolio managed by each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson, respectively.

The Trustees discussed the performance of the segments of the Fund's portfolio managed by American Century for the quarter, one-year and since inception periods ended March 31, 2025, noting that American Century manages the Fund in two separate strategies. The Trustees compared the short-term and longer-term performance of each segment of the Fund's portfolio managed by American Century on both an absolute basis and in comparison to an applicable benchmark index (the Russell 2000 Value Index and the Russell 2000 Growth Index) and in comparison to applicable composites with similar investment strategies to those utilized by American Century in managing its segments of the Fund's portfolio. The Trustees noted the applicable segments of the Fund's portfolio managed by American Century underperformed the Russell 2000 Value Index and outperformed that Russell 2000 Growth Index for the quarter, one-year and since inception periods ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Boston Partners for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Boston Partners on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Value Index) and in comparison to a composite of separately-managed accounts of Boston Partners with similar investment strategies to that utilized by Boston Partners in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Boston Partners underperformed the benchmark index for the one-year period ended March 31, 2025, but outperformed the benchmark index for the quarter and since inception period ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Franklin for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Franklin on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Value Index) and in comparison to a composite of separately-managed accounts of Franklin and a registered

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mutual fund with similar investment strategies to that utilized by Franklin in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Franklin outperformed the benchmark index for the quarter, one-year and since inception periods ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Kayne Anderson for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Kayne Anderson on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Growth Index) and in comparison to certain institutional accounts with similar investment strategies to that utilized by Kayne Anderson in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Kayne Anderson outperformed the benchmark index for the quarter and one-year period ended March 31, 2025, but underperformed the benchmark index for the since inception period ended March 31, 2025.

The Trustees discussed the performance of the segments of the Fund's portfolio managed by NBIA for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the small cap strategy segment and small cap intrinsic value strategy segment of the Fund's portfolio managed by NBIA on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Index and Russell 2000 Value Index, respectively) and in comparison to applicable registered mutual funds with similar investment strategies to that utilized by NBIA in managing its segments of the Fund's portfolio. The Trustees noted that the small cap strategy segment of the Fund's portfolio managed by NBIA underperformed the benchmark index for the one-year and since inception periods ended March 31, 2025, but outperformed the benchmark index for the quarter ended March 31, 2025. The Trustees noted that the small cap intrinsic value strategy segment of the Fund's portfolio managed by NBIA underperformed the benchmark index for the quarter, one-year and since inception periods ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Vaughan Nelson for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Vaughan Nelson on both an absolute basis and in comparison to a benchmark index (the Russell 2000 Value Index) and in comparison to a composite of accounts with similar investment strategies to that utilized by Vaughan Nelson in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Vaughan Nelson underperformed the benchmark index for the one-year period ended March 31, 2025, but outperformed the benchmark index for the quarter and since inception period ended March 31, 2025.

After considering all the information, the Trustees concluded that the performance obtained by each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson for the Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that the Fund and its shareholders were likely to benefit from the continued management of Fund assets by each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE SUB-ADVISERS

The Trustees reviewed and considered the cost of services and the sub-advisory fees payable by Mason Street to each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson under the respective Sub-Advisory Agreement. The Trustees noted that Mason Street had previously 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 performed by each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson. Since the sub-advisory fees are paid by Mason Street, the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fees paid to each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson. Consequently, the Trustees did not consider the costs of services provided by each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson or the

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profitability of each relationship with the Fund to be material factors for consideration given that American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson are not affiliated with Mason Street 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 paid to American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson by Mason Street were reasonable in light of the services provided by each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS

Since the sub-advisory fees payable to each of American Century, Boston Partners, Franklin, Kayne Anderson, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUND

The Trustees considered the direct and indirect benefits that could be received by each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson from its association with the Fund. The Trustees concluded that the benefits that each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson may receive, such as greater name recognition and increased ability to obtain research or brokerage services or attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund.

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of the respective Sub-Advisory Agreement with each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson, 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. Based on this review, the Trustees, all of whom are Independent Trustees, unanimously approved the continuation of the respective Sub-Advisory Agreement with each of American Century, Boston Partners, Franklin, Kayne Anderson, NBIA, and Vaughan Nelson for an additional one-year term ending August 31, 2026 as being in the best interests of the Fund and its shareholders.

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**COLUMN FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**BASIS FOR TRUSTEES' APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENTS (Column Mid Cap Select Fund)**

The Board of Trustees (the "Trustees") of Trust for Professional Managers (the "Trust") met on August 27, 2025 to consider the renewal of the sub-advisory agreements (each, a "Sub-Advisory Agreement," and together, the "Sub-Advisory Agreements") between Mason Street Advisors, LLC (identified hereinafter as 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. ("Boston Partners"), EARNEST Partners, LLC ("EARNEST"), and Kayne Anderson Rudnick Investment Management, LLC ("Kayne Anderson") (each, a "Sub-Adviser," and together, the "Sub-Advisers). The Trustees also met at a prior meeting held on June 18, 2025 (the "June 18, 2025 meeting") to review materials related to the renewal of each Sub-Advisory Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal 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 renewal of the Sub-Advisory Agreements, detailed comparative information relating to the performance of the segment of the Fund's portfolio managed by each Sub-Adviser, as well as the sub-advisory fees and other expenses of the Fund, due diligence materials relating to each Sub-Adviser (including a due diligence questionnaire, Form ADV, select financial statements from each Sub-Adviser, 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 comparative fee information for the sub-advisory fees and the respective Sub-Adviser's other separately-managed accounts, as applicable) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Sub-Advisory Agreement renewal process, including performance and fees and expenses 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 the continuation of each Sub-Advisory Agreement for an additional one-year term ending August 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY THE SUB-ADVISERS TO THE FUND

The Trustees considered the nature, extent and quality of services provided by Boston Partners, EARNEST, and Kayne Anderson 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 serve as the portfolio managers for the segment of the Fund's portfolio managed by Boston Partners, and other key personnel at Boston Partners. The Trustees next considered EARNEST's responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Paul E. Viera, who serves as the portfolio manager for the segment of the Fund's assets managed by EARNEST, and other key personnel at EARNEST. The Trustees next considered Kayne Anderson's responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Jon Christensen, and Craig Stone, who serve as the portfolio managers for the segment of the Fund's assets managed by Kayne Anderson, and other key personnel at Kayne Anderson.

The Trustees also considered information provided by each of Boston Partners, EARNEST, and Kayne Anderson at the June 18, 2025 meeting and the August 27, 2025 meeting at which each respective Sub-Advisory Agreement was formally considered, relating to the investment objective and strategies for the Fund, brokerage practices and compliance and risk management. The Trustees also noted any services provided by each sub-adviser that extended beyond portfolio management. The Trustees also considered the overall financial condition, as well as the implementation and operational effectiveness of the business continuity plan for each of Boston Partners, EARNEST, and Kayne Anderson. The Trustees concluded that each of Boston Partners, EARNEST, and Kayne Anderson had sufficient quality and depth

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

of personnel, resources, investment methods and compliance programs essential to performing its duties under each respective Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services provided by each of Boston Partners, EARNEST, and Kayne Anderson to the Fund were satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS

The Trustees discussed the Fund's performance, including the gross of fee performance relating specifically to the segment of the Fund's portfolio managed by each of Boston Partners, EARNEST, and Kayne Anderson, respectively.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Boston Partners for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Boston Partners on both an absolute basis and in comparison to a benchmark index (the Russell Mid Cap Value Index) and in comparison to a separate composite of separately-managed accounts of Boston Partners with similar investment strategies to that utilized by Boston Partners in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Boston Partners outperformed the benchmark index for the quarter ended March 31, 2025, but underperformed the benchmark index for the one-year and since inception periods ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by EARNEST for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by EARNEST on both an absolute basis and in comparison to a benchmark index (the Russell Mid Cap Index) and in comparison to a composite of other separately-managed accounts of EARNEST with similar investment strategies to that utilized by EARNEST in managing its segment of the Fund's portfolio. The Trustees noted that the segment of the Fund's portfolio managed by EARNEST underperformed the benchmark index for the one-year and since inception periods ended March 31, 2025, but outperformed the benchmark index for the quarter ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Kayne Anderson for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Kayne Anderson on both an absolute basis and in comparison to a benchmark index (the Russell Mid Cap Index) and in comparison to certain institutional accounts with similar investment strategies to that utilized by Kayne Anderson in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Kayne Anderson underperformed the benchmark index for the one-year and since inception periods ended March 31, 2025, but outperformed the benchmark index for the quarter ended March 31, 2025.

After considering all the information, the Trustees concluded that the performance obtained by each of Boston Partners, EARNEST, and Kayne Anderson for the Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that the Fund and its shareholders were likely to benefit from the continued management of Fund assets by each of Boston Partners, EARNEST, and Kayne Anderson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE SUB-ADVISERS

The Trustees reviewed and considered the cost of services and the sub-advisory fees payable by Mason Street to each of Boston Partners, EARNEST, and Kayne Anderson under the respective Sub-Advisory Agreement. The Trustees noted that Mason Street had previously 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 performed by each of Boston Partners, EARNEST, and Kayne Anderson. Since the sub-advisory fees are paid by Mason Street, the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fees paid to each of Boston Partners, EARNEST, and Kayne Anderson. Consequently, the Trustees did not consider the costs of services provided by each of Boston Partners,

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

EARNEST, and Kayne Anderson or the profitability of each relationship with the Fund to be material factors for consideration given that Boston Partners, EARNEST, and Kayne Anderson are not affiliated with Mason Street 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 paid to Boston Partners, EARNEST, and Kayne Anderson by Mason Street were reasonable in light of the services provided by each of Boston Partners, EARNEST, and Kayne Anderson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS

Since the sub-advisory fees payable to each of Boston Partners, EARNEST, and Kayne Anderson 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUND

The Trustees considered the direct and indirect benefits that could be received by each of Boston Partners, EARNEST, and Kayne Anderson from its association with the Fund. The Trustees concluded that the benefits that each of Boston Partners, EARNEST, and Kayne Anderson may receive, such as greater name recognition and increased ability to obtain research or brokerage services or attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund.

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of the respective Sub-Advisory Agreement with each of Boston Partners, EARNEST, and Kayne Anderson, 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. Based on this review, the Trustees, all of whom are Independent Trustees, unanimously approved the continuation of the respective Sub-Advisory Agreement with each of Boston Partners, EARNEST, and Kayne Anderson for an additional one-year term ending August 31, 2026 as being in the best interests of the Fund and its shareholders.

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**COLUMN FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**BASIS FOR TRUSTEES' APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENTS (Column Mid Cap Fund)**

The Board of Trustees (the "Trustees") of Trust for Professional Managers (the "Trust") met on August 27, 2025 to consider the renewal of the sub-advisory agreements (each, a "Sub-Advisory Agreement," and together, the "Sub-Advisory Agreements") between Mason Street Advisors, LLC (identified hereinafter as 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) (together, "American Century"), Boston Partners Global Investors, Inc. ("Boston Partners"), EARNEST Partners, LLC ("EARNEST"), Invesco Advisers, Inc. ("Invesco"), and Kayne Anderson Rudnick Investment Management, LLC ("Kayne Anderson") (each, a "Sub-Adviser," and together, the "Sub-Advisers"). The Trustees also met at a prior meeting held on June 18, 2025 (the "June 18, 2025 meeting") to review materials related to the renewal of each Sub-Advisory Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal 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 renewal of the Sub-Advisory Agreements, detailed comparative information relating to the performance of the segment of the Fund's portfolio managed by each Sub-Adviser, as well as the sub-advisory fees and other expenses of the Fund, due diligence materials relating to each Sub-Adviser (including a due diligence questionnaire, Form ADV, select financial statements from each Sub-Adviser, 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 comparative fee information for the sub-advisory fees and the respective Sub-Adviser's other separately-managed accounts, as applicable) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Sub-Advisory Agreement renewal process, including performance and fees and expenses 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 the continuation of each Sub-Advisory Agreement for an additional one-year term ending August 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY THE SUB-ADVISERS TO THE FUND

The Trustees considered the nature, extent and quality of services provided by American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson 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, Mitchell Firestein, Ted Randall and Matthew Dubin, who serve as the portfolio managers for the segment of the Fund's portfolio managed by American Century, and other key personnel at American Century. The Trustees next 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 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 next considered EARNEST's responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Paul E. Viera, who serves as the portfolio manager for the segment of the Fund's assets managed by EARNEST, and other key personnel at EARNEST. The Trustees next 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 serve as the portfolio managers for the segment of the Fund's assets managed by Invesco, and other key personnel at Invesco. The Trustees next considered Kayne Anderson's responsibilities in its management of Fund assets, as well as the

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

qualifications, experience and responsibilities of Jon Christensen, and Craig Stone, who serve as the portfolio managers for the segment of the Fund's assets managed by Kayne Anderson, and other key personnel at Kayne Anderson.

The Trustees also considered information provided by each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson at the June 18, 2025 meeting and the August 27, 2025 meeting at which each respective Sub-Advisory Agreement was formally considered, relating to the investment objective and strategies for the Fund, brokerage practices and compliance and risk management. The Trustees also noted any services provided by each sub-adviser that extended beyond portfolio management. The Trustees also considered the overall financial condition, as well as the implementation and operational effectiveness of the business continuity plan for each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson. The Trustees concluded that each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing its duties under each respective Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services provided by each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson to the Fund were satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS

The Trustees discussed the Fund's performance, including the gross of fee performance relating specifically to the segment of the Fund's portfolio managed by each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson, respectively.

The Trustees discussed the performance of the segments of the Fund's portfolio managed by American Century for the quarter, one-year and since inception periods ended March 31, 2025, noting that American Century manages the Fund in two separate strategies. The Trustees compared the short-term and longer-term performance of each segment of the Fund's portfolio managed by American Century on both an absolute basis and in comparison to an applicable benchmark index (the Russell Mid Cap Index and the Russell Mid Cap Value Index) and in comparison to applicable composites with similar investment strategies to those utilized by American Century in managing its segments of the Fund's portfolio. The Trustees noted the applicable segments of the Fund's portfolio managed by American Century underperformed the Russell Mid Cap Index and outperformed that Russell Mid Cap Value Index for the quarter and one-year period ended March 31, 2025, but underperformed the respective benchmark index for the since inception period ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Boston Partners for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Boston Partners on both an absolute basis and in comparison to a benchmark index (the Russell Mid Cap Value Index) and in comparison to a separate composite of separately-managed accounts of Boston Partners with similar investment strategies to that utilized by Boston Partners in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Boston Partners outperformed the benchmark index for the quarter ended March 31, 2025, but underperformed the benchmark index for the one-year and since inception periods ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by EARNEST for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by EARNEST on both an absolute basis and in comparison to a benchmark index (the Russell Mid Cap Index) and in comparison to a composite of other separately-managed accounts of EARNEST with similar investment strategies to that utilized by EARNEST in managing its segment of the Fund's portfolio. The Trustees noted that the segment of the Fund's portfolio managed by EARNEST underperformed the benchmark index for the one-year and since inception periods ended March 31, 2025, but outperformed the benchmark index for the quarter ended March 31, 2025.

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Invesco for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Invesco on both an absolute basis and in comparison to a benchmark index (the Russell Mid Cap Growth Index) and in comparison to a composite with similar investment strategies to that utilized by Invesco in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Invesco underperformed the benchmark index for the quarter, one-year and since inception periods ended March 31, 2025.

The Trustees discussed the performance of the segment of the Fund's portfolio managed by Kayne Anderson for the quarter, one-year and since inception periods ended March 31, 2025. The Trustees compared the short-term and longer-term performance of the segment of the Fund's portfolio managed by Kayne Anderson on both an absolute basis and in comparison to a benchmark index (the Russell Mid Cap Index) and in comparison to separate accounts with similar investment strategies to that utilized by Kayne Anderson in managing its segment of the Fund's portfolio. The Trustees noted the segment of the Fund's portfolio managed by Kayne Anderson outperformed the benchmark index for the quarter ended March 31, 2025, but underperformed the benchmark index for the one-year and since inceptions periods ended March 31, 2025.

After considering all the information, the Trustees concluded that the performance obtained by each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson for the Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that the Fund and its shareholders were likely to benefit from the continued management of Fund assets by each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE SUB-ADVISERS

The Trustees reviewed and considered the cost of services and the sub-advisory fees payable by Mason Street to each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson under the respective Sub-Advisory Agreement. The Trustees noted that Mason Street had previously 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 performed by each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson. Since the sub-advisory fees are paid by Mason Street, the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fees paid to each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson. Consequently, the Trustees did not consider the costs of services provided by each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson or the profitability of each relationship with the Fund to be material factors for consideration given that American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson are not affiliated with Mason Street 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 paid to American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson by Mason Street were reasonable in light of the services provided by each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS

Since the sub-advisory fees payable to each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUND

The Trustees considered the direct and indirect benefits that could be received by each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson from its association with the Fund. The Trustees concluded that the benefits that each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson may receive, such as greater name recognition and increased

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ability to obtain research or brokerage services or attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund.

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of the respective Sub-Advisory Agreement with each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson, 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. Based on this review, the Trustees, all of whom are Independent Trustees, unanimously approved the continuation of the respective Sub-Advisory Agreement with each of American Century, Boston Partners, EARNEST, Invesco, and Kayne Anderson for an additional one-year term ending August 31, 2026 as being in the best interests of the Fund and its shareholders.

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**ADDITIONAL INFORMATION (Unaudited) (Continued)** 

**TAX INFORMATION**

For the fiscal year ended August 31, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| Column Small Cap Select Fund  | 0.00%  |
| Column Small Cap Fund  | 58.74%  |
| Column Mid Cap Select Fund  | 0.00%  |
| Column Mid Cap Fund  | 0.00% |

---

For the fiscal year ended August 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

---

| | |
|:---|:---|
| Column Small Cap Select Fund  | 71.52%  |
| Column Small Cap Fund | 46.02%  |
| Column Mid Cap Select Fund  | 100.00%  |
| Column Mid Cap Fund  | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2025 were as follows:

---

| | |
|:---|:---|
| Column Small Cap Select Fund  | 61.14%  |
| Column Small Cap Fund | 40.28%  |
| Column Mid Cap Select Fund  | 100.00%  |
| Column Mid Cap Fund | 100.00% |

---

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**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** 

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

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

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

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies</u>**

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

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

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

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

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

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* Incorporated by reference to the Registrant's Form N-CSR filed November 4, 2024.](https://www.sec.gov/Archives/edgar/data/1141819/000113322824010058/tpmcf-efp10194_ex99code.htm)

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

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[*(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](tpmcfar-efp18131_ex99cert.htm)

 

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

 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](tpmcfar-efp18131_ex99906cert.htm)

**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/ Jennifer Lima |
|  | Jennifer Lima, Principal Executive Officer |

---

Date <u>11/4/2025</u>

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/ Jennifer Lima |
|  | Jennifer Lima, Principal Executive Officer |

---

Date <u>11/4/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kelly Strauss |
|  | Kelly Strauss, Principal Financial Officer |

---

Date <u>11/4/2025</u>

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

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jennifer Lima, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Trust for Professional Managers;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/4/2025 | /s/ Jennifer Lima |
|  |  | Jennifer Lima, Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Kelly Strauss, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Trust for Professional Managers;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/4/2025 | /s/ Kelly Strauss |
|  |  | Kelly Strauss, Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Trust for Professional Managers (the "Trust"), does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for the year ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Jennifer Lima | /s/ Kelly Strauss |
| Jennifer Lima | Kelly Strauss |
| Principal Executive Officer, Trust for Professional Managers | Principal Financial Officer, Trust for Professional Managers |

---

Dated: <u>11/4/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the Trust for purposes of Section 18 of the Securities Exchange Act of 1934.