| Common Stocks 96.5% | ||
| Issuer | Shares | Value ($) |
| Consumer Discretionary 16.7% | ||
| Auto Components 3.9% | ||
| Dorman Products, Inc.(a) Automotive products and home hardware | 145,454 | 11,569,411 |
| LCI Industries Recreational vehicles and equipment | 54,467 | 5,002,794 |
| Visteon Corp.(a) Automotive systems, modules and components | 84,462 | 6,971,494 |
| Total | 23,543,699 | |
| Diversified Consumer Services 0.1% | ||
| Adtalem Global Education, Inc.(a) Higher education institutions | 20,529 | 781,950 |
| Hotels, Restaurants & Leisure 6.0% | ||
| Churchill Downs, Inc. Horse racing company, home of the Kentucky Derby | 64,682 | 7,985,316 |
| Dave & Buster’s Entertainment, Inc. Venues that combine dining and entertainment for adults and families | 171,912 | 6,695,972 |
| Extended Stay America, Inc. Hotels and motels | 651,891 | 9,543,684 |
| Red Rock Resorts, Inc., Class A Casino & entertainment properties | 356,666 | 7,242,103 |
| Wendy’s Co. (The) Fast-food restaurants | 276,375 | 5,521,973 |
| Total | 36,989,048 | |
| Household Durables 4.6% | ||
| Cavco Industries, Inc.(a) Designs and manufactures systems-built structures | 22,854 | 4,390,025 |
| Helen of Troy Ltd.(a) Brand-name hair and comfort products | 48,068 | 7,578,401 |
| iRobot Corp.(a),(b) Manufactures robots for cleaning | 109,498 | 6,752,741 |
| Skyline Champion Corp.(a) Factory-built housing | 174,464 | 5,249,622 |
| TopBuild Corp.(a) Insulation installation services | 45,462 | 4,383,901 |
| Total | 28,354,690 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Leisure Products 1.1% | ||
| Brunswick Corp. Consumer products serving the outdoor and indoor active recreation markets | 68,841 | 3,587,993 |
| MasterCraft Boat Holdings, Inc.(a) Recreational powerboats | 213,514 | 3,186,696 |
| Total | 6,774,689 | |
| Specialty Retail 1.0% | ||
| Boot Barn Holdings, Inc.(a) Western and work gear | 171,410 | 5,982,209 |
| Total Consumer Discretionary | 102,426,285 | |
| Consumer Staples 4.7% | ||
| Beverages 0.7% | ||
| Cott Corp. Route based service provider | 321,174 | 4,005,040 |
| Food & Staples Retailing 0.8% | ||
| BJ’s Wholesale Club Holdings, Inc.(a) Warehouse club | 195,638 | 5,061,155 |
| Food Products 0.5% | ||
| Calavo Growers, Inc. Avocados and other perishable foods | 33,870 | 3,223,747 |
| Household Products 1.5% | ||
| WD-40 Co. Multi-purpose lubricant products and heavy-duty hand cleaners | 48,192 | 8,845,160 |
| Personal Products 1.2% | ||
| Inter Parfums, Inc. Fragrances and related products | 106,017 | 7,418,009 |
| Total Consumer Staples | 28,553,111 | |
| Energy 0.9% | ||
| Energy Equipment & Services 0.6% | ||
| Core Laboratories NV Reservoir description, production enhancement, and reservoir management services | 84,820 | 3,954,308 |
| Oil, Gas & Consumable Fuels 0.3% | ||
| Callon Petroleum Co.(a) Independent energy company | 398,575 | 1,729,816 |
| Total Energy | 5,684,124 | |
| Wanger USA | Quarterly Report 2019 | 1 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Financials 12.0% | ||
| Banks 3.9% | ||
| Bank of NT Butterfield & Son Ltd. (The) Community bank and specialized international financial services | 156,020 | 4,624,433 |
| First Busey Corp. Multi-bank holding company | 197,015 | 4,980,539 |
| Great Southern Bancorp, Inc. Real estate, commercial real estate, commercial business, consumer, and construction loans | 99,753 | 5,680,933 |
| Lakeland Financial Corp. Bank holding company | 104,326 | 4,588,258 |
| Trico Bancshares Holding company for Tri Counties Bank | 105,844 | 3,842,137 |
| Total | 23,716,300 | |
| Capital Markets 3.1% | ||
| Ares Management Corp., Class A Asset management firm | 226,918 | 6,083,671 |
| Hamilton Lane, Inc., Class A Private market investment solutions | 96,208 | 5,480,008 |
| Houlihan Lokey, Inc. Investment bank | 159,808 | 7,207,341 |
| Total | 18,771,020 | |
| Consumer Finance 1.1% | ||
| FirstCash, Inc. Owns and operates pawn stores | 77,260 | 7,082,424 |
| Insurance 1.1% | ||
| Palomar Holdings, Inc.(a) Insurance services | 167,928 | 6,619,722 |
| Thrifts & Mortgage Finance 2.8% | ||
| Merchants Bancorp Bank holding company | 442,261 | 7,314,997 |
| Walker & Dunlop, Inc. Commercial real estate financial services | 177,499 | 9,927,519 |
| Total | 17,242,516 | |
| Total Financials | 73,431,982 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Health Care 23.4% | ||
| Biotechnology 9.4% | ||
| Agios Pharmaceuticals, Inc.(a) Therapeutics in the field of cancer metabolism | 152,893 | 4,953,733 |
| Amicus Therapeutics, Inc.(a) Orally-administered, small molecule drugs to treat human genetic diseases | 683,804 | 5,484,108 |
| Anika Therapeutics, Inc.(a) Integrated orthopedic medicines company | 119,088 | 6,536,740 |
| Argenx SE, ADR(a) Anitbody based therapies | 40,997 | 4,672,018 |
| Fate Therapeutics, Inc.(a) Biotechnology services | 219,579 | 3,410,062 |
| Genomic Health, Inc.(a) Development and commercialization of genomic-based clinical diagnostic tests for cancer | 94,315 | 6,396,443 |
| Immunomedics, Inc.(a) Diagnostic imaging and therapeutic products | 384,077 | 5,092,861 |
| Intercept Pharmaceuticals, Inc.(a) Biopharmaceutical products | 99,587 | 6,608,594 |
| Kiniksa Pharmaceuticals Ltd., Class A(a) Clinical-stage biopharmaceutical company | 448,011 | 3,812,574 |
| MacroGenics, Inc.(a) Treatments for autoimmune disorders, cancer and infectious diseases | 393,743 | 5,024,161 |
| Ultragenyx Pharmaceutical, Inc.(a) Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases | 124,609 | 5,330,773 |
| Total | 57,322,067 | |
| Health Care Equipment & Supplies 5.8% | ||
| Atrion Corp. Medical products and components | 9,934 | 7,740,275 |
| AxoGen, Inc.(a) Technologies for peripheral nerve reconstruction and regeneration | 491,708 | 6,136,516 |
| iRhythm Technologies, Inc.(a) Medical instruments | 46,831 | 3,470,645 |
| Penumbra, Inc.(a) Peripheral vascular & neurovascular devices | 45,122 | 6,068,458 |
| SI-BONE, Inc.(a) Medical devices | 307,762 | 5,438,154 |
| Tactile Systems Technology, Inc.(a) Technology for treating lymphedema, chronic swelling & venous ulcers | 161,508 | 6,835,019 |
| Total | 35,689,067 | |
| 2 | Wanger USA | Quarterly Report 2019 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Health Care Providers & Services 5.4% | ||
| Chemed Corp. Hospice and palliative care services | 14,644 | 6,114,895 |
| Hanger, Inc.(a) Orthotics and prosthetics | 199,421 | 4,064,200 |
| HealthEquity, Inc.(a) Technology-enabled services platforms for consumers to make healthcare saving and spending decisions | 148,678 | 8,496,204 |
| National Research Corp., Class A Survey-based healthcare performance, analysis and tracking | 177,132 | 10,229,373 |
| Tivity Health, Inc.(a) Health fitness solutions | 245,589 | 4,084,145 |
| Total | 32,988,817 | |
| Life Sciences Tools & Services 0.8% | ||
| NanoString Technologies, Inc.(a) Translational research and molecular diagnostics | 237,809 | 5,134,296 |
| Pharmaceuticals 2.0% | ||
| GW Pharmaceuticals PLC, ADR(a) Cannabinoid prescription medicines | 33,042 | 3,800,821 |
| Optinose, Inc.(a),(b) Health care services | 468,810 | 3,281,670 |
| Theravance Biopharma, Inc.(a) Small molecule medicines | 271,604 | 5,290,846 |
| Total | 12,373,337 | |
| Total Health Care | 143,507,584 | |
| Industrials 15.9% | ||
| Aerospace & Defense 1.5% | ||
| BWX Technologies, Inc. Nuclear components and fuel | 156,725 | 8,966,237 |
| Commercial Services & Supplies 3.5% | ||
| Brink’s Co. (The) Provides security services globally | 76,732 | 6,364,920 |
| Knoll, Inc. Branded office furniture products and textiles | 247,581 | 6,276,178 |
| Unifirst Corp. Workplace uniforms and protective clothing | 45,524 | 8,882,643 |
| Total | 21,523,741 | |
| Construction & Engineering 1.2% | ||
| Comfort Systems U.S.A., Inc. Heating, ventilation and air conditioning systems | 170,707 | 7,550,371 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Electrical Equipment 1.1% | ||
| Atkore International Group, Inc.(a) Metal products and electrical raceway solutions | 216,462 | 6,569,622 |
| Machinery 2.5% | ||
| ITT, Inc. Engineered components & customized technology solutions | 156,220 | 9,559,102 |
| SPX Corp.(a) Engineered products and technologies | 146,145 | 5,847,261 |
| Total | 15,406,363 | |
| Professional Services 2.4% | ||
| Exponent, Inc. Science and engineering consulting firm | 116,435 | 8,138,807 |
| ICF International, Inc. Management, technology, policy consulting, and implementation services | 80,669 | 6,814,110 |
| Total | 14,952,917 | |
| Road & Rail 1.6% | ||
| Saia, Inc.(a) Trucking transportation | 106,723 | 9,999,945 |
| Trading Companies & Distributors 2.1% | ||
| Air Lease Corp. Aircraft leasing company | 175,416 | 7,335,897 |
| SiteOne Landscape Supply, Inc.(a) Landscape supplies | 73,218 | 5,419,596 |
| Total | 12,755,493 | |
| Total Industrials | 97,724,689 | |
| Information Technology 17.3% | ||
| Electronic Equipment, Instruments & Components 2.7% | ||
| Badger Meter, Inc. Flow measurement and control solutions | 110,260 | 5,920,962 |
| ePlus, Inc.(a) Provides IT hardware, software and services | 70,570 | 5,369,671 |
| Rogers Corp.(a) Specialty materials and components for applications | 37,890 | 5,179,942 |
| Total | 16,470,575 | |
| IT Services 2.2% | ||
| Endava PLC, ADR(a) IT services | 172,316 | 6,522,161 |
| Science Applications International Corp. Scientific, Engineering and technology consulting services | 76,728 | 6,702,191 |
| Total | 13,224,352 | |
| Wanger USA | Quarterly Report 2019 | 3 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Semiconductors & Semiconductor Equipment 5.5% | ||
| Advanced Energy Industries, Inc.(a) Engineered precision power conversion, measurement and control solutions | 136,356 | 7,828,198 |
| Impinj, Inc.(a),(b) Radio-frequency identification solutions | 90,447 | 2,788,481 |
| Inphi Corp.(a) Analog semiconductor solutions | 83,673 | 5,108,237 |
| MKS Instruments, Inc. Instruments and components used to control and analyze gases in semiconductor manufacturing | 57,499 | 5,306,008 |
| Rudolph Technologies, Inc.(a) Systems and software used by semiconductor device manufacturers worldwide | 182,067 | 4,799,286 |
| Semtech Corp.(a) Analog and mixed-signal semiconductors | 165,263 | 8,033,434 |
| Total | 33,863,644 | |
| Software 6.9% | ||
| Blackline, Inc.(a) Develops and markets enterprise software | 98,511 | 4,709,811 |
| CyberArk Software Ltd.(a) IT security solutions | 63,076 | 6,296,246 |
| j2 Global, Inc. Cloud-based communications and storage messaging services | 84,048 | 7,633,239 |
| Manhattan Associates, Inc.(a) Information technology solutions for distribution centers | 94,210 | 7,599,921 |
| Mimecast Ltd.(a) Cloud security and risk management services for corporate information and email | 135,615 | 4,837,387 |
| Q2 Holdings, Inc.(a) Secure, cloud-based virtual banking solutions | 67,650 | 5,335,556 |
| Qualys, Inc.(a) Information technology security risk and compliance management solutions | 79,190 | 5,984,388 |
| Total | 42,396,548 | |
| Total Information Technology | 105,955,119 | |
| Materials 2.0% | ||
| Chemicals 2.0% | ||
| Ingevity Corp.(a) Specialty chemicals | 65,641 | 5,568,982 |
| PolyOne Corp. International polymer services company | 205,480 | 6,708,922 |
| Total | 12,277,904 | |
| Total Materials | 12,277,904 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Real Estate 3.6% | ||
| Equity Real Estate Investment Trusts (REITS) 1.9% | ||
| Coresite Realty Corp. Develops, owns & operates data centers | 36,628 | 4,463,122 |
| UMH Properties, Inc. Real estate investment trust | 517,802 | 7,290,652 |
| Total | 11,753,774 | |
| Real Estate Management & Development 1.7% | ||
| Colliers International Group, Inc.(b) Commercial real estate, residential property management and property services | 63,304 | 4,750,965 |
| FirstService Corp. Real estate services | 55,088 | 5,650,376 |
| Total | 10,401,341 | |
| Total Real Estate | 22,155,115 | |
| Total Common Stocks (Cost: $525,799,369) | 591,715,913 | |
| Limited Partnerships 2.2% | ||
| Consumer Discretionary 2.2% | ||
| Hotels, Restaurants & Leisure 2.2% | ||
| Cedar Fair LP Owns and operates amusement parks | 227,635 | 13,284,779 |
| Total Consumer Discretionary | 13,284,779 | |
| Total Limited Partnerships (Cost: $11,958,222) | 13,284,779 | |
| Securities Lending Collateral 0.6% | ||
| Shares | Value ($) | |
| Dreyfus Government Cash Management Fund, Institutional Shares, 1.854%(c),(d) | 3,537,815 | 3,537,815 |
| Total Securities Lending Collateral (Cost: $3,537,815) | 3,537,815 | |
| Money Market Funds 0.6% | ||
| Columbia Short-Term Cash Fund, 2.073%(c),(e) | 4,068,390 | 4,067,984 |
| Total Money Market Funds (Cost: $4,067,984) | 4,067,984 | |
| Total Investments in Securities (Cost $545,363,390) | 612,606,491 | |
| Obligation to Return Collateral for Securities Loaned | (3,537,815) | |
| Other Assets & Liabilities, Net | 4,334,988 | |
| Net Assets | $613,403,664 | |
| 4 | Wanger USA | Quarterly Report 2019 |
| (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 $3,369,801. |
| (c) | The rate shown is the seven-day current annualized yield at September 30, 2019. |
| (d) | Investment made with cash collateral received from securities lending activity. |
| (e) | As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended September 30, 2019 are as follows: |
| Issuer | Beginning shares | Shares purchased | Shares sold | Ending shares | Realized gain (loss) — affiliated issuers ($) | 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% | ||||||||
| 26,682,465 | 226,122,596 | (248,736,671) | 4,068,390 | (506) | — | 276,126 | 4,067,984 | |
| ADR | American Depositary Receipt |
| Wanger USA | Quarterly Report 2019 | 5 |
