Portfolio of Investments
Wanger International, March 31, 2020 (Unaudited)
Wanger International, March 31, 2020 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 94.9% | ||
| Issuer | Shares | Value ($) |
| Australia 3.8% | ||
| carsales.com Ltd. | 488,748 | 3,511,851 |
| Cleanaway Waste Management Ltd. | 2,312,318 | 2,438,859 |
| Evolution Mining Ltd. | 1,422,725 | 3,325,106 |
| National Storage REIT | 3,157,343 | 3,062,303 |
| Total | 12,338,119 | |
| Belgium 0.5% | ||
| Melexis NV | 32,461 | 1,692,976 |
| Brazil 1.5% | ||
| Ez Tec Empreendimentos e Participacoes SA | 264,000 | 1,508,978 |
| Sul America SA | 258,100 | 1,690,333 |
| TOTVS SA | 178,700 | 1,599,190 |
| Total | 4,798,501 | |
| Cambodia 0.4% | ||
| NagaCorp Ltd. | 1,398,000 | 1,415,188 |
| Canada 3.4% | ||
| CCL Industries, Inc. | 171,000 | 5,199,382 |
| Osisko Gold Royalties Ltd. | 221,357 | 1,651,566 |
| Parex Resources, Inc.(a) | 126,590 | 1,070,433 |
| Pason Systems, Inc. | 229,900 | 1,021,015 |
| Winpak Ltd. | 71,279 | 2,203,252 |
| Total | 11,145,648 | |
| China 1.5% | ||
| A-Living Services Co., Ltd. | 738,000 | 3,539,309 |
| Minth Group Ltd. | 666,000 | 1,416,014 |
| Total | 4,955,323 | |
| Cyprus 0.1% | ||
| TCS Group Holding PLC, GDR(b) | 33,075 | 382,347 |
| Denmark 2.3% | ||
| SimCorp AS | 91,267 | 7,609,675 |
| France 1.6% | ||
| Akka Technologies(c) | 89,325 | 2,486,136 |
| Robertet SA | 3,248 | 2,756,273 |
| Total | 5,242,409 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Germany 7.1% | ||
| Corestate Capital Holding SA(a) | 80,411 | 2,349,410 |
| Deutsche Beteiligungs AG | 55,596 | 1,575,080 |
| Eckert & Ziegler Strahlen- und Medizintechnik AG | 16,584 | 2,575,684 |
| Hypoport AG(a) | 14,688 | 4,205,925 |
| Nemetschek SE | 101,000 | 4,923,518 |
| Stroeer SE & Co. KGaA | 54,458 | 2,798,319 |
| Varta AG(a),(c) | 26,033 | 1,831,752 |
| Washtec AG | 73,746 | 2,918,235 |
| Total | 23,177,923 | |
| Hong Kong 1.9% | ||
| Stella International Holdings Ltd. | 1,638,500 | 1,720,992 |
| Value Partners Group Ltd. | 3,847,000 | 1,634,442 |
| Vitasoy International Holdings Ltd. | 920,000 | 2,768,636 |
| Total | 6,124,070 | |
| India 1.8% | ||
| Cholamandalam Investment and Finance Co., Ltd. | 567,882 | 1,146,196 |
| PI Industries Ltd. | 108,571 | 1,684,363 |
| TeamLease Services Ltd.(a) | 67,800 | 1,454,658 |
| Zee Entertainment Enterprises Ltd. | 956,632 | 1,556,822 |
| Total | 5,842,039 | |
| Ireland 1.7% | ||
| UDG Healthcare PLC | 694,442 | 5,403,153 |
| Israel 0.6% | ||
| CyberArk Software Ltd.(a) | 23,000 | 1,967,880 |
| Italy 4.2% | ||
| Amplifon SpA | 79,110 | 1,606,981 |
| Carel Industries SpA | 374,971 | 4,807,328 |
| Freni Brembo SpA | 324,301 | 2,404,655 |
| Industria Macchine Automatiche SpA | 80,914 | 4,745,213 |
| Total | 13,564,177 | |
| Japan 21.4% | ||
| Aeon Credit Service Co., Ltd. | 179,500 | 1,917,793 |
| Aeon Mall Co., Ltd. | 210,000 | 2,650,483 |
| Aica Kogyo Co., Ltd. | 54,700 | 1,560,726 |
| Aruhi Corp.(c) | 252,800 | 2,857,192 |
| Wanger International | Quarterly Report 2020 | 1 |
Portfolio of Investments (continued)
Wanger International, March 31, 2020 (Unaudited)
Wanger International, March 31, 2020 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Azbil Corp. | 104,028 | 2,688,332 |
| CyberAgent, Inc. | 136,300 | 5,282,428 |
| Daiseki Co., Ltd. | 95,900 | 2,030,636 |
| Elecom Co., Ltd. | 57,000 | 1,977,707 |
| Freee KK(a) | 66,000 | 2,121,548 |
| Fuji Oil Holdings, Inc. | 159,200 | 3,831,323 |
| Fuso Chemical Co., Ltd. | 148,900 | 4,175,510 |
| Glory Ltd. | 110,600 | 2,541,206 |
| Invesco Office J-REIT, Inc. | 13,562 | 1,796,463 |
| KH Neochem Co., Ltd. | 19,600 | 275,318 |
| Koei Tecmo Holdings Co., Ltd. | 99,200 | 2,550,827 |
| Lasertec Corp. | 70,200 | 3,255,151 |
| Mandom Corp. | 169,300 | 3,235,246 |
| Nihon M&A Center, Inc. | 39,400 | 1,073,093 |
| Nihon Unisys Ltd. | 133,200 | 3,552,879 |
| NSD Co., Ltd. | 135,500 | 1,805,898 |
| Persol Holdings Co., Ltd. | 160,800 | 1,608,982 |
| Seiren Co., Ltd. | 255,800 | 3,063,814 |
| Seria Co., Ltd. | 82,100 | 2,374,490 |
| Solasto Corp. | 431,000 | 3,998,693 |
| TechnoPro Holdings, Inc. | 42,700 | 1,992,838 |
| Ushio, Inc. | 214,300 | 2,039,411 |
| Valqua Ltd. | 225,600 | 3,642,647 |
| Total | 69,900,634 | |
| Malta 0.6% | ||
| Kindred Group PLC | 508,841 | 1,864,274 |
| Mexico 0.5% | ||
| Corporación Inmobiliaria Vesta SAB de CV | 721,600 | 834,680 |
| Qualitas Controladora SAB de CV | 307,266 | 785,441 |
| Total | 1,620,121 | |
| Netherlands 3.1% | ||
| Aalberts NV | 81,833 | 1,960,523 |
| Argenx SE, ADR(a) | 15,438 | 2,033,648 |
| BE Semiconductor Industries NV | 57,700 | 1,767,169 |
| IMCD NV | 58,505 | 4,198,176 |
| Total | 9,959,516 | |
| New Zealand 0.7% | ||
| Restaurant Brands New Zealand Ltd.(a) | 461,198 | 2,227,163 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Philippines 0.4% | ||
| Security Bank Corp. | 672,130 | 1,410,840 |
| Russian Federation 0.5% | ||
| TCS Group Holding PLC, GDR | 150,010 | 1,734,116 |
| Singapore 0.9% | ||
| Mapletree Commercial Trust | 2,412,207 | 3,093,845 |
| South Africa 0.7% | ||
| Pepkor Holdings Ltd. | 2,030,000 | 1,229,467 |
| PSG Group Ltd. | 156,542 | 1,127,398 |
| Total | 2,356,865 | |
| South Korea 3.8% | ||
| DoubleUGames Co., Ltd. | 142,849 | 5,063,591 |
| Koh Young Technology, Inc. | 54,328 | 3,441,660 |
| Korea Investment Holdings Co., Ltd. | 98,873 | 3,986,240 |
| Total | 12,491,491 | |
| Spain 1.4% | ||
| Befesa SA | 96,442 | 2,801,871 |
| Vidrala SA | 20,000 | 1,781,459 |
| Total | 4,583,330 | |
| Sweden 7.3% | ||
| AddTech AB, Class B | 185,151 | 4,518,490 |
| Dometic Group AB | 366,069 | 1,621,989 |
| Dustin Group AB | 436,170 | 2,065,425 |
| Munters Group AB(a) | 571,208 | 1,584,133 |
| Sectra AB, Class B(a) | 117,693 | 4,382,143 |
| Sweco AB, Class B | 233,966 | 6,643,303 |
| Trelleborg AB, Class B(a) | 279,979 | 2,978,588 |
| Total | 23,794,071 | |
| Switzerland 3.2% | ||
| Belimo Holding AG, Registered Shares | 701 | 4,467,520 |
| Inficon Holding AG | 5,059 | 3,214,387 |
| Kardex AG | 20,503 | 2,819,513 |
| Total | 10,501,420 | |
| 2 | Wanger International | Quarterly Report 2020 |
Portfolio of Investments (continued)
Wanger International, March 31, 2020 (Unaudited)
Wanger International, March 31, 2020 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Taiwan 5.6% | ||
| Getac Technology Corp. | 2,100,000 | 2,926,620 |
| Grape King Bio Ltd. | 329,000 | 2,139,083 |
| Parade Technologies Ltd. | 186,000 | 3,931,245 |
| Silergy Corp. | 60,000 | 1,946,142 |
| Sinbon Electronics Co., Ltd. | 918,000 | 3,779,009 |
| Voltronic Power Technology Corp. | 178,564 | 3,710,886 |
| Total | 18,432,985 | |
| Thailand 0.5% | ||
| Muangthai Capital PCL, Foreign Registered Shares | 1,471,800 | 1,559,821 |
| United Kingdom 10.9% | ||
| Abcam PLC | 223,020 | 3,166,261 |
| Auto Trader Group PLC | 311,000 | 1,680,580 |
| Dechra Pharmaceuticals PLC | 139,506 | 4,022,995 |
| Diploma PLC | 90,000 | 1,801,990 |
| Genus PLC | 41,250 | 1,666,878 |
| Intermediate Capital Group PLC | 318,755 | 3,518,151 |
| Rightmove PLC | 1,025,558 | 6,185,101 |
| RWS Holdings PLC | 515,000 | 2,913,543 |
| Safestore Holdings PLC | 259,256 | 2,050,096 |
| Spectris PLC | 107,708 | 3,245,127 |
| Vivo Energy PLC | 1,499,000 | 1,256,788 |
| WH Smith PLC | 253,361 | 3,558,690 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Zotefoams PLC | 265,406 | 525,809 |
| Total | 35,592,009 | |
| United States 1.0% | ||
| Inter Parfums, Inc. | 72,904 | 3,379,100 |
| Total Common Stocks (Cost: $327,499,196) | 310,161,029 | |
| Securities Lending Collateral 0.9% | ||
| Shares | Value ($) | |
| Dreyfus Government Cash Manangement Fund, Institutional Shares 0.285%(d),(e) | 2,888,047 | 2,888,047 |
| Total Securities Lending Collateral (Cost: $2,888,047) | 2,888,047 | |
| Money Market Funds 3.7% | ||
| Columbia Short-Term Cash Fund, 0.787%(d),(f) | 12,114,233 | 12,108,176 |
| Total Money Market Funds (Cost: $12,110,446) | 12,108,176 | |
| Total Investments in Securities (Cost: $342,497,689) | 325,157,252 | |
| Obligation to Return Collateral for Securities Loaned | (2,888,047) | |
| Other Assets & Liabilities, Net | 4,410,598 | |
| Net Assets | $326,679,803 | |
At March 31, 2020, securities and/or cash totaling $184,100 were pledged as collateral.
| Long futures contracts | ||||||
| Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
| MSCI EAFE Index | 123 | 06/2020 | USD | 9,589,695 | 245,653 | — |
| MSCI Emerging Markets Index | 49 | 06/2020 | USD | 2,065,105 | 6,276 | — |
| Total | 251,929 | — | ||||
Notes to Portfolio of Investments
| (a) | Non-income producing security. |
| (b) | 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 March 31, 2020, the total value of these securities amounted to $382,347, which represents 0.12% of total net assets. |
| (c) | 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 $2,632,690. |
| (d) | The rate shown is the seven-day current annualized yield at March 31, 2020. |
| (e) | Investment made with cash collateral received from securities lending activity. |
| Wanger International | Quarterly Report 2020 | 3 |
Portfolio of Investments (continued)
Wanger International, March 31, 2020 (Unaudited)
Wanger International, March 31, 2020 (Unaudited)
Notes to Portfolio of Investments (continued)
| (f) | As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended March 31, 2020 are as follows: |
| Issuer | Beginning shares | Shares purchased | Shares sold | Ending shares | Realized gain (loss) — affiliated issuers ($) | 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% | ||||||||
| 10,894,163 | 38,364,436 | (37,144,366) | 12,114,233 | (2,530) | (2,270) | 54,370 | 12,108,176 | |
Abbreviation Legend
| ADR | American Depositary Receipt |
| GDR | Global 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 International | Quarterly Report 2020 |