| Common Stocks 98.7% | ||
| Issuer | Shares | Value ($) |
| Australia 4.6% | ||
| carsales.com Ltd. Automotive & related industry websites | 499,148 | 5,156,979 |
| Cleanaway Waste Management Ltd. Waste management services | 1,931,565 | 2,544,778 |
| Evolution Mining Ltd. Gold exploration | 1,453,000 | 4,433,082 |
| National Storage REIT Owns self storage facilities | 3,224,531 | 3,907,546 |
| Star Entertainment Group Ltd. (The) Casinos and hotels | 1,369,950 | 4,034,448 |
| Total | 20,076,833 | |
| Belgium 0.7% | ||
| Melexis NV Advanced integrated semiconductors, sensor ICs, and programmable sensor IC systems | 43,729 | 3,032,885 |
| Brazil 1.9% | ||
| Sul America SA Full service insurance company | 364,600 | 4,188,343 |
| TOTVS SA Software solutions | 305,000 | 4,239,955 |
| Total | 8,428,298 | |
| Cambodia 1.3% | ||
| NagaCorp Ltd. Leisure and tourism company | 3,698,000 | 5,783,969 |
| Canada 3.4% | ||
| AG Growth International, Inc. Manufacturer of Augers & Grain Handling Equipment | 96,308 | 3,236,315 |
| CES Energy Solutions Corp.(a) Oil and natural gas industry | 1,313,590 | 2,032,577 |
| Osisko Gold Royalties Ltd. Precious metal royalty and stream company | 209,719 | 1,948,629 |
| Parex Resources, Inc.(b) Oil and gas exploration and production | 144,500 | 2,214,100 |
| Seven Generations Energy Ltd.(b) Oil and gas resources | 470,645 | 2,991,154 |
| Winpak Ltd. Packaging materials and machines for the protection of perishables | 71,113 | 2,355,851 |
| Total | 14,778,626 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| China 0.4% | ||
| Xiabuxiabu Catering Management China Holdings Co., Ltd. Chain of restaurants in China | 1,249,000 | 1,654,595 |
| Cyprus 0.1% | ||
| TCS Group Holding PLC, GDR(c) Online retail financial services | 34,786 | 608,755 |
| Denmark 2.2% | ||
| SimCorp AS Global provider of highly specialised software for the investment management industry | 106,485 | 9,352,426 |
| France 2.1% | ||
| Akka Technologies High-technology engineering consulting services | 98,079 | 6,754,500 |
| Robertet SA Liquid flavorings, perfumes and associated natural aromatic ingredients | 2,930 | 2,344,069 |
| Total | 9,098,569 | |
| Germany 5.9% | ||
| Corestate Capital Holding SA(b) Real estate investment company | 66,700 | 2,457,249 |
| Deutsche Beteiligungs AG Private equity company, investing in domestic medium-sized companies | 56,779 | 2,147,454 |
| Eckert & Ziegler Strahlen- und Medizintechnik AG Equipment for the pharmaceutical industry | 16,936 | 2,872,943 |
| Hypoport AG(b) Technology service provider | 9,996 | 2,488,196 |
| Stroeer SE & Co. KGaA Digital multi-channel media company | 55,616 | 4,234,577 |
| Varta AG(b) Manufactures and markets a wide range of industrial, commercial and miniaturized batteries | 79,706 | 7,863,431 |
| Washtec AG Car, truck and railroad car washing systems | 66,430 | 3,421,155 |
| Total | 25,485,005 | |
| Wanger International | Quarterly Report 2019 | 1 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Hong Kong 2.2% | ||
| ASM Pacific Technology Ltd. Machines, tools & materials used in the semiconductor industry | 228,600 | 2,789,243 |
| Stella International Holdings Ltd. Footwear products | 1,359,500 | 2,116,169 |
| Value Partners Group Ltd. Independent, value oriented asset management group | 2,913,000 | 1,469,294 |
| Vitasoy International Holdings Ltd. Food and beverages | 838,000 | 3,396,785 |
| Total | 9,771,491 | |
| India 2.4% | ||
| Cholamandalam Investment and Finance Co., Ltd. Financial services provider | 1,200,905 | 5,220,529 |
| GRUH Finance Ltd. Provides a range of home loans as well as insurance products | 680,255 | 2,589,493 |
| PI Industries Ltd. Agricultural and fine chemicals and polymers | 151,732 | 2,798,429 |
| Total | 10,608,451 | |
| Indonesia 1.2% | ||
| PT Link Net Tbk High-speed internet connection through fiber optic lines | 7,519,100 | 2,171,773 |
| PT Tower Bersama Infrastructure Tbk Telecommunication infrastructure services to Indonesian wireless carriers | 7,184,800 | 3,101,664 |
| Total | 5,273,437 | |
| Ireland 1.2% | ||
| UDG Healthcare PLC Commercialisation solutions for health care companies | 553,372 | 5,103,249 |
| Italy 4.1% | ||
| Amplifon SpA Hearing aids | 121,827 | 2,988,866 |
| Carel Industries SpA Control solutions for HVAC and humidification systems | 290,013 | 4,292,635 |
| Freni Brembo SpA Braking systems and components | 545,320 | 5,316,474 |
| Industria Macchine Automatiche SpA Packaging machinery for the food, pharmaceuticals, and cosmetics industries | 76,508 | 5,353,914 |
| Total | 17,951,889 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Japan 22.7% | ||
| Aeon Credit Service Co., Ltd. Credit card company | 126,100 | 1,906,607 |
| Aeon Mall Co., Ltd. Large-scale shopping malls | 309,600 | 4,898,280 |
| Aica Kogyo Co., Ltd. Manufactures adhesives, melamine boards, and housing materials | 70,100 | 2,076,026 |
| Aruhi Corp.(a) Finance services | 125,700 | 2,814,705 |
| Azbil Corp. Provides measurement and control technologies | 178,028 | 4,781,099 |
| CyberAgent, Inc. Operates websites, internet advertising agency and creates PC and mobile contents | 117,700 | 4,537,012 |
| Daiseki Co., Ltd. Waste Disposal & Recycling | 97,900 | 2,518,535 |
| Fuji Oil Holdings, Inc. Specialty vegetable oils and fats | 162,500 | 4,726,537 |
| Fuso Chemical Co., Ltd. Manufactures fruit acid and its salts | 152,000 | 3,391,744 |
| Glory Ltd. Vending machines, coin-operated lockers, money handling machines, and data processing terminals | 120,100 | 3,375,596 |
| Hoshizaki Corp. Commercial Kitchen Equipment | 34,600 | 2,727,396 |
| Invesco Office J-REIT, Inc. Commercial and office buildings | 13,850 | 2,755,567 |
| KH Neochem Co., Ltd. Manufactures and sells petroleum chemical products | 133,600 | 2,927,854 |
| Mandom Corp. Cosmetic products for men and women | 172,900 | 4,306,117 |
| Milbon Co., Ltd. Hair Products for Salons | 90,700 | 4,487,199 |
| Miura Co., Ltd. Industrial boilers and related equipment | 94,500 | 2,650,812 |
| Nakanishi, Inc. Dental Tools & Machinery | 118,500 | 1,872,852 |
| Nihon Unisys Ltd. Computers and peripheral equipment | 83,800 | 2,708,662 |
| NSD Co., Ltd. Computer software development | 165,700 | 4,776,656 |
| Persol Holdings Co., Ltd. Human resource solutions | 114,100 | 2,168,683 |
| SCSK Corp. IT services | 45,500 | 2,141,228 |
| 2 | Wanger International | Quarterly Report 2019 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Seiren Co., Ltd. Advertising services | 387,600 | 4,477,708 |
| Seria Co., Ltd. Operates 100 yen chain stores | 142,400 | 3,465,145 |
| Sohgo Security Services Co., Ltd. Around the clock security services | 71,600 | 3,765,805 |
| Solasto Corp. Medical related contract services | 484,800 | 5,481,492 |
| TechnoPro Holdings, Inc. Medical & electronic design and IT & software development | 52,800 | 3,150,737 |
| Ushio, Inc. Lamps and optical equipment | 185,100 | 2,628,509 |
| Valqua Ltd. Rubber, fiber and resin products | 230,400 | 4,658,149 |
| Yokogawa Electric Corp. Information technology solutions | 139,000 | 2,554,225 |
| Total | 98,730,937 | |
| Malta 1.3% | ||
| Kindred Group PLC Online gambling services | 933,758 | 5,449,961 |
| Mexico 1.1% | ||
| Corporación Inmobiliaria Vesta SAB de CV Real estate owner, developer and asset administrator | 1,587,600 | 2,436,026 |
| Qualitas Controladora SAB de CV Insurance holding company | 675,266 | 2,409,660 |
| Total | 4,845,686 | |
| Netherlands 2.2% | ||
| Aalberts NV Industrial services and flow control systems | 83,574 | 3,309,611 |
| Argenx SE, ADR(b) Anitbody based therapies | 27,000 | 3,076,920 |
| IMCD NV Specialty chemicals and food ingredients | 43,000 | 3,177,720 |
| Total | 9,564,251 | |
| New Zealand 1.1% | ||
| Restaurant Brands New Zealand Ltd.(b) Fast food restaurant chains | 655,864 | 4,640,815 |
| Norway 0.2% | ||
| Atea ASA(b) Nordic and Baltic supplier of IT infrastructure | 65,230 | 838,888 |
| Philippines 0.5% | ||
| Security Bank Corp. Financial products & services | 618,000 | 2,349,705 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Poland 1.0% | ||
| KRUK SA Debt collection services | 111,655 | 4,215,498 |
| Russian Federation 0.8% | ||
| TCS Group Holding PLC, GDR Online retail financial services | 208,302 | 3,645,285 |
| Singapore 1.6% | ||
| Mapletree Commercial Trust Singapore-focused real estate investment trust | 4,271,107 | 7,080,229 |
| South Africa 1.4% | ||
| Clicks Group Ltd. Owns and operates chains of retail stores | 160,000 | 2,271,271 |
| Famous Brands Ltd. Food and beverage company | 411,869 | 2,215,853 |
| PSG Group Ltd. Diversified financial services | 127,192 | 1,773,491 |
| Total | 6,260,615 | |
| South Korea 3.3% | ||
| DoubleUGames Co., Ltd. Online and mobile games | 75,420 | 3,481,587 |
| Koh Young Technology, Inc. 3D measurement and inspection equipment for testing various machineries | 72,324 | 5,374,394 |
| Korea Investment Holdings Co., Ltd. Financial holding company | 85,759 | 5,387,773 |
| Total | 14,243,754 | |
| Spain 0.5% | ||
| Befesa SA Waste recycling services | 65,711 | 2,347,737 |
| Sweden 5.2% | ||
| AddTech AB, Class B High-tech industrial components and systems | 189,091 | 4,914,943 |
| Dustin Group AB IT products and related services | 131,692 | 1,052,854 |
| Sectra AB, Class B(a) Medical and communication systems | 88,693 | 2,922,696 |
| Sweco AB, Class B Consulting company specializing in engineering, environmental technology, and architecture | 339,847 | 9,649,447 |
| Trelleborg AB, Class B Manufactures and distributes industrial products | 285,936 | 4,008,971 |
| Total | 22,548,911 | |
| Wanger International | Quarterly Report 2019 | 3 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Switzerland 2.6% | ||
| Belimo Holding AG, Registered Shares Manufactures heating, ventilation and air conditioning equipment | 1,025 | 5,638,786 |
| Inficon Holding AG Vacuum instruments used to monitor and control production processes | 4,257 | 2,760,209 |
| Kardex AG Storage, warehouse and materials handling systems | 20,939 | 2,891,192 |
| Total | 11,290,187 | |
| Taiwan 4.9% | ||
| Basso Industry Corp. Pneumatic nailers and staplers | 1,191,000 | 1,880,404 |
| Getac Technology Corp. Laptops | 375,000 | 564,836 |
| Gourmet Master Co., Ltd. Coffee & bakery cafes | 474,960 | 2,189,332 |
| Grape King Bio Ltd. Beverages, nutrition, pharmaceuticals, syrups and hair care products | 336,000 | 2,002,951 |
| Parade Technologies Ltd. Fabless semiconductor company | 244,000 | 4,242,486 |
| Silergy Corp. High performance analog integrated circuits | 96,000 | 2,380,787 |
| Sinbon Electronics Co., Ltd. Cable, connectors & modems | 1,001,000 | 3,885,199 |
| Voltronic Power Technology Corp. Uninterruptible power supply products, inverters, multiple surface mounted devices and other power products | 213,565 | 4,405,054 |
| Total | 21,551,049 | |
| Thailand 0.6% | ||
| Muangthai Capital PCL, Foreign Registered Shares Commercial lending company | 1,503,100 | 2,804,281 |
| Turkey 0.4% | ||
| Logo Yazilim Sanayi Ve Ticaret AS(b) Enterprise resource planning software | 214,865 | 1,525,422 |
| United Kingdom 11.9% | ||
| Abcam PLC Research-grade antibodies via an online catalog | 180,000 | 2,536,545 |
| Ascential PLC Media and consultancy services | 1,302,520 | 6,072,677 |
| Dechra Pharmaceuticals PLC International veterinary pharmaceuticals | 211,921 | 7,213,716 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Genus PLC Cattle breeding and agricultural consultancy services | 84,000 | 2,890,840 |
| GW Pharmaceuticals PLC, ADR(b) Cannabinoid prescription medicines | 19,248 | 2,214,097 |
| Intermediate Capital Group PLC Private equity firm | 388,857 | 6,953,369 |
| Rightmove PLC Website that lists properties across Britain | 1,220,999 | 8,261,564 |
| Safestore Holdings PLC Self storage facilities | 560,499 | 4,607,043 |
| Spectris PLC Products for electronic control and process instrumentation sectors | 110,000 | 3,301,958 |
| WH Smith PLC Retails books, magazines, newspapers, and periodicals | 236,284 | 5,773,625 |
| Zotefoams PLC Cross-linked polyethylene block foams | 283,000 | 1,875,518 |
| Total | 51,700,952 | |
| United States 1.7% | ||
| Inter Parfums, Inc. Fragrances and related products | 59,136 | 4,137,746 |
| Ultragenyx Pharmaceutical, Inc.(b) Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases | 79,713 | 3,410,122 |
| Total | 7,547,868 | |
| Total Common Stocks (Cost: $369,641,573) | 430,190,509 | |
| Securities Lending Collateral 0.8% | ||
| Shares | Value ($) | |
| Dreyfus Government Cash Management Fund, Institutional Shares, 1.854%(d),(e) | 3,308,366 | 3,308,366 |
| Total Securities Lending Collateral (Cost: $3,308,366) | 3,308,366 | |
| 4 | Wanger International | Quarterly Report 2019 |
| Money Market Funds 0.8% | ||
| Shares | Value ($) | |
| Columbia Short-Term Cash Fund, 2.073%(d),(f) | 3,646,985 | 3,646,620 |
| Total Money Market Funds (Cost: $3,646,620) | 3,646,620 | |
| Total Investments in Securities (Cost: $376,596,559) | 437,145,495 | |
| Obligation to Return Collateral for Securities Loaned | (3,308,366) | |
| Other Assets & Liabilities, Net | 1,925,951 | |
| Net Assets | $435,763,080 | |
| (a) | 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 $3,134,626. |
| (b) | Non-income producing security. |
| (c) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At September 30, 2019, the total value of these securities amounted to $608,755, which represents 0.14% of total net assets. |
| (d) | The rate shown is the seven-day current annualized yield at September 30, 2019. |
| (e) | Investment made with cash collateral received from securities lending activity. |
| (f) | As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended September 30, 2019 are as follows: |
| Issuer | Beginning shares | Shares purchased | Shares sold | Ending shares | Realized gain (loss) — affiliated issuers ($) | 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% | ||||||||
| 10,107,748 | 86,669,736 | (93,130,499) | 3,646,985 | 68 | — | 158,781 | 3,646,620 | |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Wanger International | Quarterly Report 2019 | 5 |
