Portfolio of Investments
Wanger USA, March 31, 2020 (Unaudited)
Wanger USA, March 31, 2020 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 90.9% | ||
| Issuer | Shares | Value ($) |
| Consumer Discretionary 7.6% | ||
| Auto Components 0.3% | ||
| LCI Industries | 23,028 | 1,538,961 |
| Diversified Consumer Services 1.3% | ||
| Chegg, Inc.(a) | 95,200 | 3,406,256 |
| Grand Canyon Education, Inc.(a) | 37,000 | 2,822,545 |
| Total | 6,228,801 | |
| Hotels, Restaurants & Leisure 0.6% | ||
| Extended Stay America, Inc. | 363,491 | 2,657,119 |
| Household Durables 2.7% | ||
| Helen of Troy Ltd.(a) | 60,563 | 8,722,889 |
| Skyline Champion Corp.(a) | 251,326 | 3,940,792 |
| Total | 12,663,681 | |
| Leisure Products 1.1% | ||
| Brunswick Corp. | 140,291 | 4,962,093 |
| Specialty Retail 0.6% | ||
| Boot Barn Holdings, Inc.(a) | 199,854 | 2,584,112 |
| Textiles, Apparel & Luxury Goods 1.0% | ||
| Carter’s, Inc. | 73,200 | 4,811,436 |
| Total Consumer Discretionary | 35,446,203 | |
| Consumer Staples 5.0% | ||
| Beverages 0.9% | ||
| Primo Water Corp. | 460,806 | 4,174,902 |
| Food & Staples Retailing 1.3% | ||
| BJ’s Wholesale Club Holdings, Inc.(a) | 240,158 | 6,116,824 |
| Household Products 1.8% | ||
| WD-40 Co. | 42,849 | 8,606,222 |
| Personal Products 1.0% | ||
| Inter Parfums, Inc. | 101,647 | 4,711,339 |
| Total Consumer Staples | 23,609,287 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Financials 10.0% | ||
| Banks 2.7% | ||
| Lakeland Financial Corp. | 175,731 | 6,458,114 |
| OFG Bancorp | 48,077 | 537,501 |
| Trico Bancshares | 185,889 | 5,543,210 |
| Total | 12,538,825 | |
| Capital Markets 1.2% | ||
| Houlihan Lokey, Inc. | 105,424 | 5,494,699 |
| Consumer Finance 1.8% | ||
| FirstCash, Inc. | 116,005 | 8,322,198 |
| Insurance 1.3% | ||
| Palomar Holdings, Inc.(a) | 104,332 | 6,067,949 |
| Thrifts & Mortgage Finance 3.0% | ||
| Merchants Bancorp | 492,119 | 7,470,367 |
| Walker & Dunlop, Inc. | 170,468 | 6,864,746 |
| Total | 14,335,113 | |
| Total Financials | 46,758,784 | |
| Health Care 31.4% | ||
| Biotechnology 11.4% | ||
| ACADIA Pharmaceuticals, Inc.(a) | 110,000 | 4,647,500 |
| Acceleron Pharma, Inc.(a) | 61,904 | 5,563,312 |
| Agios Pharmaceuticals, Inc.(a) | 11,283 | 400,321 |
| Enanta Pharmaceuticals, Inc.(a) | 69,000 | 3,548,670 |
| Fate Therapeutics, Inc.(a) | 113,351 | 2,517,526 |
| Immunomedics, Inc.(a) | 578,939 | 7,804,098 |
| Insmed, Inc.(a) | 315,069 | 5,050,556 |
| Intercept Pharmaceuticals, Inc.(a) | 100,946 | 6,355,560 |
| Kiniksa Pharmaceuticals Ltd., Class A(a) | 422,312 | 6,537,390 |
| MacroGenics, Inc.(a) | 469,294 | 2,731,291 |
| Natera, Inc.(a) | 271,719 | 8,113,529 |
| Total | 53,269,753 | |
| Health Care Equipment & Supplies 7.1% | ||
| Atrion Corp. | 7,262 | 4,720,300 |
| AxoGen, Inc.(a) | 611,441 | 6,358,986 |
| Globus Medical, Inc., Class A(a) | 168,889 | 7,182,849 |
| Haemonetics Corp.(a) | 22,300 | 2,222,418 |
| Wanger USA | Quarterly Report 2020 | 1 |
Portfolio of Investments (continued)
Wanger USA, March 31, 2020 (Unaudited)
Wanger USA, March 31, 2020 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Penumbra, Inc.(a) | 19,435 | 3,135,449 |
| SI-BONE, Inc.(a) | 431,651 | 5,158,229 |
| Tactile Systems Technology, Inc.(a) | 115,922 | 4,655,428 |
| Total | 33,433,659 | |
| Health Care Providers & Services 6.1% | ||
| Amedisys, Inc.(a) | 30,800 | 5,653,032 |
| Chemed Corp. | 16,497 | 7,146,500 |
| Corvel Corp.(a) | 75,377 | 4,108,800 |
| LHC Group, Inc.(a) | 20,200 | 2,832,040 |
| National Research Corp., Class A | 193,014 | 8,778,277 |
| Total | 28,518,649 | |
| Health Care Technology 2.5% | ||
| Livongo Health, Inc.(a),(b) | 208,980 | 5,962,200 |
| Teladoc Health, Inc.(a) | 38,500 | 5,967,885 |
| Total | 11,930,085 | |
| Life Sciences Tools & Services 1.9% | ||
| NanoString Technologies, Inc.(a) | 163,041 | 3,921,136 |
| Repligen Corp.(a) | 50,300 | 4,855,962 |
| Total | 8,777,098 | |
| Pharmaceuticals 2.4% | ||
| Reata Pharmaceuticals, Inc., Class A(a) | 20,200 | 2,915,668 |
| Theravance Biopharma, Inc.(a) | 367,282 | 8,487,887 |
| Total | 11,403,555 | |
| Total Health Care | 147,332,799 | |
| Industrials 14.2% | ||
| Aerospace & Defense 0.8% | ||
| BWX Technologies, Inc. | 81,321 | 3,961,146 |
| Commercial Services & Supplies 2.4% | ||
| Brink’s Co. (The) | 92,402 | 4,809,524 |
| Healthcare Services Group, Inc. | 100,600 | 2,405,346 |
| Unifirst Corp. | 25,538 | 3,858,537 |
| Total | 11,073,407 | |
| Construction & Engineering 1.5% | ||
| Comfort Systems U.S.A., Inc. | 186,097 | 6,801,845 |
| Electrical Equipment 1.1% | ||
| Atkore International Group, Inc.(a) | 243,204 | 5,124,308 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Machinery 3.3% | ||
| ITT, Inc. | 98,864 | 4,484,471 |
| SPX Corp.(a) | 226,218 | 7,383,756 |
| Watts Water Technologies, Inc., Class A | 42,700 | 3,614,555 |
| Total | 15,482,782 | |
| Professional Services 3.4% | ||
| Exponent, Inc. | 146,971 | 10,568,684 |
| ICF International, Inc. | 80,324 | 5,518,259 |
| Total | 16,086,943 | |
| Road & Rail 0.9% | ||
| Saia, Inc.(a) | 59,763 | 4,394,971 |
| Trading Companies & Distributors 0.8% | ||
| SiteOne Landscape Supply, Inc.(a) | 49,663 | 3,656,190 |
| Total Industrials | 66,581,592 | |
| Information Technology 17.3% | ||
| Electronic Equipment, Instruments & Components 2.6% | ||
| Badger Meter, Inc. | 119,950 | 6,429,320 |
| ePlus, Inc.(a) | 91,086 | 5,703,805 |
| Total | 12,133,125 | |
| IT Services 1.3% | ||
| Endava PLC, ADR(a) | 60,905 | 2,141,420 |
| LiveRamp Holdings, Inc.(a) | 126,263 | 4,156,578 |
| Total | 6,297,998 | |
| Semiconductors & Semiconductor Equipment 2.6% | ||
| Advanced Energy Industries, Inc.(a) | 75,369 | 3,654,643 |
| Inphi Corp.(a) | 56,219 | 4,450,858 |
| Onto Innovation, Inc.(a) | 133,472 | 3,960,114 |
| Total | 12,065,615 | |
| Software 10.8% | ||
| Alteryx, Inc., Class A(a) | 36,430 | 3,467,043 |
| Blackline, Inc.(a) | 154,797 | 8,143,870 |
| CyberArk Software Ltd.(a) | 37,483 | 3,207,046 |
| j2 Global, Inc. | 125,629 | 9,403,331 |
| Manhattan Associates, Inc.(a) | 162,079 | 8,074,776 |
| 2 | Wanger USA | Quarterly Report 2020 |
Portfolio of Investments (continued)
Wanger USA, March 31, 2020 (Unaudited)
Wanger USA, March 31, 2020 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Mimecast Ltd.(a) | 210,388 | 7,426,696 |
| Qualys, Inc.(a) | 123,918 | 10,779,627 |
| Total | 50,502,389 | |
| Total Information Technology | 80,999,127 | |
| Materials 1.1% | ||
| Chemicals 1.1% | ||
| PolyOne Corp. | 262,345 | 4,976,685 |
| Total Materials | 4,976,685 | |
| Real Estate 4.3% | ||
| Equity Real Estate Investment Trusts (REITS) 1.4% | ||
| UMH Properties, Inc. | 581,809 | 6,318,446 |
| Real Estate Management & Development 2.9% | ||
| Colliers International Group, Inc. | 65,917 | 3,164,675 |
| FirstService Corp. | 105,025 | 8,099,528 |
| Redfin Corp.(a) | 157,000 | 2,420,940 |
| Total | 13,685,143 | |
| Total Real Estate | 20,003,589 | |
| Total Common Stocks (Cost: $438,007,865) | 425,708,066 | |
| Limited Partnerships 0.4% | ||
| Consumer Discretionary 0.4% | ||
| Hotels, Restaurants & Leisure 0.4% | ||
| Cedar Fair LP | 107,127 | 1,964,709 |
| Total Consumer Discretionary | 1,964,709 | |
| Total Limited Partnerships (Cost: $5,501,650) | 1,964,709 | |
| Securities Lending Collateral 0.3% | ||
| Shares | Value ($) | |
| Dreyfus Government Cash Manangement Fund, Institutional Shares 0.285%(c),(d) | 1,279,275 | 1,279,275 |
| Total Securities Lending Collateral (Cost: $1,279,275) | 1,279,275 | |
| Money Market Funds 8.1% | ||
| Columbia Short-Term Cash Fund, 0.787%(c),(e) | 37,851,409 | 37,832,484 |
| Total Money Market Funds (Cost: $37,845,158) | 37,832,484 | |
| Total Investments in Securities (Cost $482,633,948) | 466,784,534 | |
| Obligation to Return Collateral for Securities Loaned | (1,279,275) | |
| Other Assets & Liabilities, Net | 2,908,597 | |
| Net Assets | $468,413,856 | |
At March 31, 2020, securities and/or cash totaling $3,287,300 were pledged as collateral.
| Long futures contracts | ||||||
| Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
| Russell 2000 Index E-mini | 463 | 06/2020 | USD | 26,566,940 | 1,818,504 | — |
Notes to Portfolio of Investments
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan at March 31, 2020. The total market value of securities on loan at March 31, 2020 was $1,315,233. |
| (c) | The rate shown is the seven-day current annualized yield at March 31, 2020. |
| (d) | Investment made with cash collateral received from securities lending activity. |
| Wanger USA | Quarterly Report 2020 | 3 |
Portfolio of Investments (continued)
Wanger USA, March 31, 2020 (Unaudited)
Wanger USA, March 31, 2020 (Unaudited)
Notes to Portfolio of Investments (continued)
| (e) | As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended March 31, 2020 are as follows: |
| Issuer | Beginning shares | Shares purchased | Shares sold | Ending shares | Realized gain (loss) — affiliated issuers ($) | Net change in unrealized appreciation (depreciation) — affiliated issuers ($) | Dividend — affiliated issuers ($) | Value — affiliated issuers at end of period ($) |
| Columbia Short-Term Cash Fund, 0.787% | ||||||||
| 30,588,894 | 133,089,979 | (125,827,464) | 37,851,409 | (1,400) | (12,674) | 116,856 | 37,832,484 | |
Abbreviation Legend
| ADR | American Depositary Receipt |
Currency Legend
| USD | US Dollar |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
| 4 | Wanger USA | Quarterly Report 2020 |