| Common Stocks 96.2% | ||
| Issuer | Shares | Value ($) |
| Consumer Discretionary 12.6% | ||
| Auto Components 2.2% | ||
| Dorman Products, Inc.(a) | 84,425 | 8,665,382 |
| LCI Industries | 53,000 | 7,010,840 |
| Total | 15,676,222 | |
| Hotels, Restaurants & Leisure 4.8% | ||
| Choice Hotels International, Inc. | 55,979 | 6,005,987 |
| Churchill Downs, Inc. | 46,872 | 10,659,630 |
| Planet Fitness, Inc., Class A(a) | 78,100 | 6,037,130 |
| Wendy’s Co. (The) | 214,000 | 4,335,640 |
| Wingstop, Inc. | 61,550 | 7,827,314 |
| Total | 34,865,701 | |
| Household Durables 0.9% | ||
| Skyline Champion Corp.(a) | 148,128 | 6,704,273 |
| Internet & Direct Marketing Retail 0.4% | ||
| Poshmark, Inc., Class A(a),(b) | 76,860 | 3,120,516 |
| Leisure Products 0.9% | ||
| Brunswick Corp. | 69,423 | 6,620,871 |
| Specialty Retail 3.4% | ||
| Boot Barn Holdings, Inc.(a) | 145,062 | 9,038,813 |
| Five Below, Inc.(a) | 53,558 | 10,218,331 |
| Vroom, Inc.(a) | 126,944 | 4,949,547 |
| Total | 24,206,691 | |
| Total Consumer Discretionary | 91,194,274 | |
| Consumer Staples 2.7% | ||
| Food & Staples Retailing 1.1% | ||
| BJ’s Wholesale Club Holdings, Inc.(a) | 180,158 | 8,081,888 |
| Household Products 1.1% | ||
| WD-40 Co. | 26,414 | 8,087,438 |
| Personal Products 0.5% | ||
| Inter Parfums, Inc. | 49,201 | 3,489,827 |
| Total Consumer Staples | 19,659,153 | |
| Financials 7.4% | ||
| Banks 0.8% | ||
| Lakeland Financial Corp. | 75,581 | 5,229,450 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Capital Markets 3.9% | ||
| Foresight Acquisition Corp.(a) | 999,623 | 9,936,253 |
| GCM Grosvenor, Inc., Class A | 340,000 | 4,046,000 |
| Hamilton Lane, Inc., Class A | 63,873 | 5,656,593 |
| Houlihan Lokey, Inc. | 129,958 | 8,643,506 |
| Total | 28,282,352 | |
| Consumer Finance 1.9% | ||
| FirstCash, Inc. | 87,430 | 5,741,528 |
| Upstart Holdings, Inc.(a),(b) | 62,557 | 8,061,095 |
| Total | 13,802,623 | |
| Thrifts & Mortgage Finance 0.8% | ||
| Merchants Bancorp | 140,519 | 5,893,367 |
| Total Financials | 53,207,792 | |
| Health Care 32.3% | ||
| Biotechnology 14.0% | ||
| ACADIA Pharmaceuticals, Inc.(a) | 195,101 | 5,033,606 |
| Acceleron Pharma, Inc.(a) | 87,772 | 11,902,761 |
| Anika Therapeutics, Inc.(a) | 189,907 | 7,746,306 |
| Arcus Biosciences, Inc.(a) | 207,544 | 5,827,835 |
| CRISPR Therapeutics AG(a) | 50,569 | 6,161,833 |
| Fate Therapeutics, Inc.(a) | 161,762 | 13,337,277 |
| Immunogen, Inc.(a) | 1,253,000 | 10,149,300 |
| Insmed, Inc.(a) | 313,998 | 10,694,772 |
| Kiniksa Pharmaceuticals Ltd., Class A(a) | 272,453 | 5,043,105 |
| Kura Oncology, Inc.(a) | 356,018 | 10,064,629 |
| Mirati Therapeutics, Inc.(a) | 45,106 | 7,726,658 |
| Natera, Inc.(a) | 75,101 | 7,625,756 |
| Total | 101,313,838 | |
| Health Care Equipment & Supplies 5.9% | ||
| Atrion Corp. | 9,619 | 6,168,761 |
| Eargo, Inc.(a),(b) | 206,402 | 10,309,780 |
| Globus Medical, Inc., Class A(a) | 158,667 | 9,784,994 |
| Haemonetics Corp.(a) | 78,873 | 8,755,692 |
| SI-BONE, Inc.(a) | 236,586 | 7,525,800 |
| Total | 42,545,027 | |
| Wanger USA | Quarterly Report 2021 | 1 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Health Care Providers & Services 6.6% | ||
| Amedisys, Inc.(a) | 33,632 | 8,905,417 |
| Chemed Corp. | 22,348 | 10,276,057 |
| Corvel Corp.(a) | 86,530 | 8,877,113 |
| LHC Group, Inc.(a) | 53,175 | 10,167,592 |
| National Research Corp., Class A(a) | 202,640 | 9,489,631 |
| Total | 47,715,810 | |
| Health Care Technology 0.5% | ||
| American Well Corp., Class A(a) | 235,906 | 4,097,687 |
| Life Sciences Tools & Services 3.0% | ||
| NanoString Technologies, Inc.(a) | 125,759 | 8,263,624 |
| Pacific Biosciences of California, Inc.(a) | 285,100 | 9,496,681 |
| Repligen Corp.(a) | 19,533 | 3,797,410 |
| Total | 21,557,715 | |
| Pharmaceuticals 2.3% | ||
| Nektar Therapeutics(a) | 235,000 | 4,700,000 |
| Nuvation Bio, Inc.(a),(b) | 502,000 | 5,245,900 |
| Reata Pharmaceuticals, Inc., Class A(a) | 67,450 | 6,724,765 |
| Total | 16,670,665 | |
| Total Health Care | 233,900,742 | |
| Industrials 14.9% | ||
| Aerospace & Defense 2.2% | ||
| BWX Technologies, Inc. | 131,500 | 8,671,110 |
| Curtiss-Wright Corp. | 59,144 | 7,014,478 |
| Total | 15,685,588 | |
| Commercial Services & Supplies 0.6% | ||
| Unifirst Corp. | 18,738 | 4,191,878 |
| Construction & Engineering 0.2% | ||
| Comfort Systems U.S.A., Inc. | 13,746 | 1,027,788 |
| Electrical Equipment 3.8% | ||
| Atkor, Inc.(a) | 100,478 | 7,224,368 |
| Plug Power, Inc.(a) | 284,300 | 10,189,312 |
| Shoals Technologies Group, Inc., Class A(a) | 297,915 | 10,361,484 |
| Total | 27,775,164 | |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Machinery 2.3% | ||
| ITT, Inc. | 119,777 | 10,888,927 |
| SPX Corp.(a) | 17,285 | 1,007,197 |
| Watts Water Technologies, Inc., Class A | 41,450 | 4,924,675 |
| Total | 16,820,799 | |
| Professional Services 3.1% | ||
| Exponent, Inc. | 153,972 | 15,004,571 |
| ICF International, Inc. | 86,210 | 7,534,754 |
| Total | 22,539,325 | |
| Road & Rail 1.5% | ||
| Saia, Inc.(a) | 47,643 | 10,985,523 |
| Trading Companies & Distributors 1.2% | ||
| SiteOne Landscape Supply, Inc.(a) | 51,386 | 8,773,646 |
| Total Industrials | 107,799,711 | |
| Information Technology 22.4% | ||
| Communications Equipment 0.9% | ||
| Calix, Inc.(a) | 181,699 | 6,297,687 |
| Electronic Equipment, Instruments & Components 2.1% | ||
| Badger Meter, Inc. | 92,008 | 8,563,185 |
| ePlus, Inc.(a) | 69,442 | 6,919,201 |
| Total | 15,482,386 | |
| IT Services 1.9% | ||
| DigitalOcean Holdings, Inc.(a) | 155,359 | 6,545,275 |
| Endava PLC, ADR(a) | 75,599 | 6,402,479 |
| LiveRamp Holdings, Inc.(a) | 16,713 | 867,070 |
| Total | 13,814,824 | |
| Semiconductors & Semiconductor Equipment 1.8% | ||
| Advanced Energy Industries, Inc. | 56,822 | 6,203,258 |
| Inphi Corp.(a) | 39,069 | 6,970,300 |
| Total | 13,173,558 | |
| Software 15.7% | ||
| Blackline, Inc.(a) | 89,189 | 9,668,088 |
| CyberArk Software Ltd.(a) | 28,366 | 3,668,858 |
| Elastic NV(a) | 41,064 | 4,566,317 |
| j2 Global, Inc.(a) | 89,625 | 10,742,452 |
| JFrog Ltd.(a) | 154,415 | 6,851,393 |
| Manhattan Associates, Inc.(a) | 119,429 | 14,018,576 |
| 2 | Wanger USA | Quarterly Report 2021 |
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| Medallia, Inc.(a) | 208,848 | 5,824,771 |
| Mimecast Ltd.(a) | 162,454 | 6,532,275 |
| Olo, Inc., Class A(a) | 230,194 | 6,074,820 |
| ON24, Inc.(a),(b) | 114,300 | 5,544,693 |
| Q2 Holdings, Inc.(a) | 72,250 | 7,239,450 |
| Qualys, Inc.(a) | 114,365 | 11,983,165 |
| Sprout Social, Inc., Class A(a) | 251,022 | 14,499,031 |
| Voyager Digital Ltd.(a) | 245,278 | 6,342,889 |
| Total | 113,556,778 | |
| Total Information Technology | 162,325,233 | |
| Materials 1.2% | ||
| Chemicals 1.2% | ||
| Avient Corp. | 190,147 | 8,988,249 |
| Total Materials | 8,988,249 | |
| Real Estate 2.7% | ||
| Real Estate Management & Development 2.7% | ||
| Colliers International Group, Inc.(b) | 78,000 | 7,662,720 |
| FirstService Corp. | 30,840 | 4,570,180 |
| Redfin Corp.(a) | 111,876 | 7,449,823 |
| Total | 19,682,723 | |
| Total Real Estate | 19,682,723 | |
| Total Common Stocks (Cost $476,078,503) | 696,757,877 | |
| Limited Partnerships 0.8% | ||
| Issuer | Shares | Value ($) |
| Consumer Discretionary 0.8% | ||
| Hotels, Restaurants & Leisure 0.8% | ||
| Cedar Fair LP(a) | 121,000 | 6,011,280 |
| Total Consumer Discretionary | 6,011,280 | |
| Total Limited Partnerships (Cost $3,172,492) | 6,011,280 | |
| Securities Lending Collateral 2.7% | ||
| Dreyfus Government Cash Management Fund, Instutional Shares, 0.030%(c),(d) | 19,714,120 | 19,714,120 |
| Total Securities Lending Collateral (Cost $19,714,120) | 19,714,120 | |
| Money Market Funds 3.8% | ||
| Shares | Value ($) | |
| Columbia Short-Term Cash Fund, 0.067%(c),(e) | 27,217,487 | 27,214,766 |
| Total Money Market Funds (Cost $27,213,890) | 27,214,766 | |
| Total Investments in Securities (Cost: $526,179,005) | 749,698,043 | |
| Obligation to Return Collateral for Securities Loaned | (19,714,120) | |
| Other Assets & Liabilities, Net | (5,560,540) | |
| Net Assets | 724,423,383 | |
| Long futures contracts | ||||||
| Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
| Russell 2000 Index E-mini | 105 | 06/2021 | USD | 11,668,125 | 273,177 | — |
| (a) | Non-income producing investment. |
| (b) | All or a portion of this security was on loan at March 31, 2021. The total market value of securities on loan at March 31, 2021 was $20,385,612. |
| (c) | The rate shown is the seven-day current annualized yield at March 31, 2021. |
| (d) | Investment made with cash collateral received from securities lending activity. |
| Wanger USA | Quarterly Report 2021 | 3 |
| (e) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2021 are as follows: |
| Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
| Columbia Short-Term Cash Fund, 0.067% | ||||||||
| 3,273,726 | 106,138,449 | (82,197,409) | — | 27,214,766 | — | 4,376 | 27,217,487 | |
| ADR | American Depositary Receipt |
| USD | US Dollar |
| 4 | Wanger USA | Quarterly Report 2021 |
