| Common Stocks 98.5% | ||
| Issuer | Shares | Value ($) |
| Communication Services 5.7% | ||
| Entertainment 5.7% | ||
| Madison Square Garden Co. (The), Class A(a) Sports, entertainment and media | 8,494 | 2,238,339 |
| Zynga, Inc., Class A(a) Social gaming company | 661,722 | 3,851,222 |
| Total | 6,089,561 | |
| Total Communication Services | 6,089,561 | |
| Consumer Discretionary 12.7% | ||
| Auto Components 3.5% | ||
| Dorman Products, Inc.(a) Automotive products and home hardware | 46,430 | 3,693,042 |
| Diversified Consumer Services 0.1% | ||
| Grand Canyon Education, Inc.(a) Online post secondary education | 1,768 | 173,618 |
| Internet & Direct Marketing Retail 3.7% | ||
| Wayfair, Inc., Class A(a) Retails household goods online | 35,167 | 3,942,924 |
| Specialty Retail 5.4% | ||
| Five Below, Inc.(a) Specialty value retailer | 27,702 | 3,493,222 |
| Ulta Beauty, Inc.(a) Chain of beauty stores | 8,900 | 2,230,785 |
| Total | 5,724,007 | |
| Total Consumer Discretionary | 13,533,591 | |
| Consumer Staples 2.4% | ||
| Personal Products 2.4% | ||
| Inter Parfums, Inc. Fragrances and related products | 37,244 | 2,605,963 |
| Total Consumer Staples | 2,605,963 | |
| Financials 9.7% | ||
| Banks 3.9% | ||
| SVB Financial Group(a) Holding company for Silicon Valley Bank | 19,742 | 4,125,091 |
| Capital Markets 2.9% | ||
| Ares Management Corp., Class A Asset management firm | 114,918 | 3,080,952 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Thrifts & Mortgage Finance 2.9% | ||
| Walker & Dunlop, Inc. Commercial real estate financial services | 55,326 | 3,094,383 |
| Total Financials | 10,300,426 | |
| Health Care 27.7% | ||
| Biotechnology 5.0% | ||
| Agios Pharmaceuticals, Inc.(a) Therapeutics in the field of cancer metabolism | 43,606 | 1,412,835 |
| Seattle Genetics, Inc.(a) Monoclonal antibody-based drugs to treat cancer and related diseases | 30,858 | 2,635,273 |
| Ultragenyx Pharmaceutical, Inc.(a) Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases | 29,986 | 1,282,801 |
| Total | 5,330,909 | |
| Health Care Equipment & Supplies 10.8% | ||
| AxoGen, Inc.(a) Technologies for peripheral nerve reconstruction and regeneration | 179,041 | 2,234,432 |
| Masimo Corp.(a) Medical signal processing and sensor technology for non-invasive monitoring of physiological parameters | 30,809 | 4,584,071 |
| Penumbra, Inc.(a) Peripheral vascular & neurovascular devices | 15,767 | 2,120,504 |
| Tactile Systems Technology, Inc.(a) Technology for treating lymphedema, chronic swelling & venous ulcers | 59,773 | 2,529,593 |
| Total | 11,468,600 | |
| Health Care Providers & Services 8.1% | ||
| Chemed Corp. Hospice and palliative care services | 9,233 | 3,855,424 |
| Encompass Health Corp. Inpatient rehabilitative healthcare services | 74,970 | 4,744,101 |
| Total | 8,599,525 | |
| Life Sciences Tools & Services 2.4% | ||
| Pra Health Sciences, Inc.(a) Global contract research organization | 26,211 | 2,600,917 |
| Pharmaceuticals 1.4% | ||
| Optinose, Inc.(a),(b) Health care services | 212,056 | 1,484,392 |
| Total Health Care | 29,484,343 | |
| Wanger Select | Quarterly Report 2019 | 1 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Industrials 12.0% | ||
| Construction & Engineering 3.4% | ||
| Comfort Systems U.S.A., Inc. Heating, ventilation and air conditioning systems | 81,133 | 3,588,513 |
| Machinery 5.5% | ||
| ITT, Inc. Engineered components & customized technology solutions | 58,397 | 3,573,312 |
| SPX Corp.(a) Engineered products and technologies | 58,000 | 2,320,580 |
| Total | 5,893,892 | |
| Trading Companies & Distributors 3.1% | ||
| Air Lease Corp. Aircraft leasing company | 78,327 | 3,275,635 |
| Total Industrials | 12,758,040 | |
| Information Technology 25.1% | ||
| Electronic Equipment, Instruments & Components 2.4% | ||
| Cognex Corp. Machine vision systems | 53,043 | 2,606,003 |
| IT Services 11.7% | ||
| Black Knight, Inc.(a) Integrated technology, work flow automation, data and analytic solutions | 75,883 | 4,633,416 |
| Booz Allen Hamilton Holdings Corp. Technology consulting services to the U.S. government in the defense, intelligence, and civil markets | 17,456 | 1,239,725 |
| Gartner, Inc.(a) Research and analysis on computer hardware, software, communications, and information technology | 18,076 | 2,584,687 |
| GoDaddy, Inc., Class A(a) Cloud-based web platform for small businesses, web design professionals and individuals | 61,183 | 4,036,855 |
| Total | 12,494,683 | |
| Semiconductors & Semiconductor Equipment 3.5% | ||
| MKS Instruments, Inc. Instruments and components used to control and analyze gases in semiconductor manufacturing | 40,192 | 3,708,918 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Software 7.5% | ||
| Cadence Design Systems, Inc.(a) Software technology, design and consulting services and technology | 40,047 | 2,646,305 |
| New Relic, Inc.(a) Cloud based application performance management solutions | 41,791 | 2,568,057 |
| Qualys, Inc.(a) Information technology security risk and compliance management solutions | 35,991 | 2,719,840 |
| Total | 7,934,202 | |
| Total Information Technology | 26,743,806 | |
| Real Estate 3.2% | ||
| Equity Real Estate Investment Trusts (REITS) 3.2% | ||
| UMH Properties, Inc. Real estate investment trust | 242,026 | 3,407,726 |
| Total Real Estate | 3,407,726 | |
| Total Common Stocks (Cost: $96,789,175) | 104,923,456 | |
| Securities Lending Collateral 0.6% | ||
| Shares | Value ($) | |
| Dreyfus Government Cash Management Fund, Institutional Shares, 1.854%(c),(d) | 597,277 | 597,277 |
| Total Securities Lending Collateral (Cost: $597,277) | 597,277 | |
| Money Market Funds 1.1% | ||
| Columbia Short-Term Cash Fund, 2.073%(c),(e) | 1,208,566 | 1,208,445 |
| Total Money Market Funds (Cost: $1,208,445) | 1,208,445 | |
| Total Investments in Securities (Cost $98,594,897) | 106,729,178 | |
| Obligation to Return Collateral for Securities Loaned | (597,277) | |
| Other Assets & Liabilities, Net | 364,912 | |
| Net Assets | $106,496,813 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan at September 30, 2019. The total market value of securities on loan at September 30, 2019 was $557,907. |
| (c) | The rate shown is the seven-day current annualized yield at September 30, 2019. |
| (d) | Investment made with cash collateral received from securities lending activity. |
| 2 | Wanger Select | Quarterly Report 2019 |
| (e) | As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended September 30, 2019 are as follows: |
| Issuer | Beginning shares | Shares purchased | Shares sold | Ending shares | Realized gain (loss) — affiliated issuers ($) | Net change in unrealized appreciation (depreciation) — affiliated issuers ($) | Dividend — affiliated issuers ($) | Value — affiliated issuers at end of period ($) |
| Columbia Short-Term Cash Fund, 2.073% | ||||||||
| 3,395,951 | 65,102,210 | (67,289,595) | 1,208,566 | (299) | — | 44,765 | 1,208,445 | |
| Wanger Select | Quarterly Report 2019 | 3 |
