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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08748
Wanger Advisors Trust
(Exact name of registrant as specified in charter)
227 W. Monroe Street
Suite 3000
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mary C. Moynihan
Perkins Coie LLP
700 13th Street, NW
Suite 600
Washington, DC 20005
Paul B. Goucher, Esq.
Columbia Management Investment Advisers, LLC
100 Park Avenue
New York, New York 10017
P. Zachary Egan
Columbia Acorn Trust
227 West Monroe Street, Suite 3000
Chicago, Illinois 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 634-9200
Date of fiscal year end: December 31
Date of reporting period: December 31, 2016
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
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Item 1. Reports to Stockholders.
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December 31, 2016
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Average annual total returns (%) (for the period ended December 31, 2016) | ||||||
Inception | 1 Year | 5 Years | 10 Years | Life | ||
Wanger USA | 05/03/95 | 13.69 | 13.71 | 7.42 | 11.51 | |
Russell 2000 Index | 21.31 | 14.46 | 7.07 | 9.27 |
Wanger USA | Annual Report 2016 | 3 |
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Top ten holdings (%) (at December 31, 2016) | |
Toro Co. (The) Turf Maintenance Equipment | 2.2 |
LCI Industries RV & Manufactured Home Components | 2.1 |
Camping World Holdings, Inc., Class A RV-centric Retail Stores & Services | 2.1 |
LegacyTexas Financial Group, Inc. Texas Thrift | 1.9 |
Dorman Products, Inc. Aftermarket Auto Parts Distributor | 1.9 |
j2 Global, Inc. Communication Technology & Digital Media | 1.9 |
Papa John’s International, Inc. Franchisor of Pizza Restaurants | 1.8 |
AMN Healthcare Services, Inc. Temporary Healthcare Staffing | 1.8 |
Lakeland Financial Corp. Indiana Bank | 1.7 |
ANSYS, Inc. Simulation Software for Engineers & Designers | 1.7 |
Portfolio breakdown (%) (at December 31, 2016) | |
Common Stocks | 94.8 |
Money Market Funds | 2.8 |
Securities Lending Collateral | 2.4 |
Total | 100.0 |
Equity sector breakdown (%) (at December 31, 2016) | |
Consumer Discretionary | 19.5 |
Consumer Staples | 1.4 |
Energy | 2.5 |
Financials | 15.3 |
Health Care | 25.1 |
Industrials | 15.9 |
Information Technology | 18.0 |
Real Estate | 2.3 |
Total | 100.0 |
4 | Wanger USA | Annual Report 2016 |
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Wanger USA | Annual Report 2016 | 5 |
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July 1, 2016 — December 31, 2016 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Wanger USA | 1,000.00 | 1,000.00 | 1,117.50 | 1,020.05 | 5.24 | 5.00 | 0.99 |
6 | Wanger USA | Annual Report 2016 |
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December 31, 2016
Common Stocks 97.8% | ||
Issuer | Shares | Value ($) |
Consumer Discretionary 19.0% | ||
Auto Components 4.8% | ||
Dorman Products, Inc.(a) Aftermarket Auto Parts Distributor | 170,554 | 12,460,675 |
Gentex Corp. Manufacturer of Auto Parts | 287,392 | 5,658,749 |
LCI Industries RV & Manufactured Home Components | 129,308 | 13,932,937 |
Total | 32,052,361 | |
Distributors 0.9% | ||
Pool Corp. Swimming Pool Supplies & Equipment Distributor | 58,527 | 6,106,707 |
Diversified Consumer Services 1.6% | ||
Bright Horizons Family Solutions, Inc.(a) Child Care/Preschool Services | 97,884 | 6,853,838 |
ServiceMaster Global Holdings, Inc.(a) Pest & Termite Control, Home Warranty & Other Home Services | 99,675 | 3,754,757 |
Total | 10,608,595 | |
Hotels, Restaurants & Leisure 4.4% | ||
Papa John’s International, Inc. Franchisor of Pizza Restaurants | 138,112 | 11,819,625 |
Texas Roadhouse, Inc. Rural-focused Full Service Steakhouse | 204,154 | 9,848,389 |
Vail Resorts, Inc. Ski Resort Operator & Developer | 21,236 | 3,425,579 |
Zoe’s Kitchen, Inc.(a),(b) Fast, Casual Mediterranean Food | 168,746 | 4,048,217 |
Total | 29,141,810 | |
Household Durables 2.6% | ||
Cavco Industries, Inc.(a) Manufactured Homes | 88,486 | 8,835,327 |
iRobot Corp.(a) Home Robots (Vacuums, Pool Cleaners) & Battlefield Reconnaissance Robots | 139,396 | 8,147,696 |
Total | 16,983,023 | |
Leisure Products 1.5% | ||
Brunswick Corp. Boats, Boat Engines, Exercise & Bowling Equipment | 188,043 | 10,255,865 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Specialty Retail 3.2% | ||
Camping World Holdings, Inc., Class A RV-centric Retail Stores & Services | 412,498 | 13,443,310 |
Five Below, Inc.(a) Low-price Specialty Retailer Targeting Pre-Teens, Teens & Parents | 106,908 | 4,272,044 |
Monro Muffler Brake, Inc. Automotive Services | 63,662 | 3,641,466 |
Total | 21,356,820 | |
Total Consumer Discretionary | 126,505,181 | |
Consumer Staples 1.4% | ||
Household Products 1.4% | ||
WD-40 Co. Manufacturer of Industrial Lubrications | 78,157 | 9,136,553 |
Total Consumer Staples | 9,136,553 | |
Energy 2.5% | ||
Energy Equipment & Services 1.3% | ||
Core Laboratories NV Oil & Gas Reservoir Consulting | 43,178 | 5,183,087 |
Frank’s International NV(b) Global Provider of Casing Running Services Post Drilling of Wells | 287,113 | 3,534,361 |
Total | 8,717,448 | |
Oil, Gas & Consumable Fuels 1.2% | ||
Carrizo Oil & Gas, Inc.(a) Oil & Gas Producer | 95,787 | 3,577,645 |
PDC Energy, Inc.(a) Oil & Gas Producer in the United States | 54,785 | 3,976,295 |
Total | 7,553,940 | |
Total Energy | 16,271,388 | |
Financials 14.9% | ||
Banks 11.7% | ||
Associated Banc-Corp. Midwest Bank | 328,176 | 8,105,947 |
First Busey Corp. Illinois Bank | 335,458 | 10,325,397 |
Great Southern Bancorp, Inc. Heartland Bank | 93,635 | 5,117,153 |
Lakeland Financial Corp. Indiana Bank | 240,070 | 11,369,715 |
LegacyTexas Financial Group, Inc. Texas Thrift | 291,787 | 12,564,348 |
Wanger USA | Annual Report 2016 | 7 |
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December 31, 2016
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
MB Financial, Inc. Chicago Bank | 198,433 | 9,371,991 |
Sandy Spring Bancorp, Inc. Baltimore & Washington, D.C. Bank | 175,120 | 7,003,049 |
SVB Financial Group(a) Bank to Venture Capitalists | 56,463 | 9,692,439 |
Trico Bancshares California Central Valley Bank | 122,157 | 4,175,326 |
Total | 77,725,365 | |
Capital Markets 2.7% | ||
MarketAxess Holdings, Inc. Bond Exchange | 21,187 | 3,112,794 |
OM Asset Management PLC Asset Manager Holding Company | 671,153 | 9,731,719 |
SEI Investments Co. Mutual Fund Administration & Investment Management | 109,429 | 5,401,415 |
Total | 18,245,928 | |
Insurance 0.5% | ||
Allied World Assurance Co. Holdings AG Commercial Lines Insurance/Reinsurance | 61,337 | 3,294,410 |
Total Financials | 99,265,703 | |
Health Care 24.6% | ||
Biotechnology 4.6% | ||
Agios Pharmaceuticals, Inc.(a),(b) Biotech Focused on Cancer & Orphan Diseases | 94,140 | 3,928,462 |
Clovis Oncology, Inc.(a),(b) Pre-commercial Biotech Company | 81,891 | 3,637,598 |
Exact Sciences Corp.(a),(b) Molecular Diagnostics | 373,827 | 4,994,329 |
Genomic Health, Inc.(a) Cancer Diagnostics | 138,767 | 4,078,362 |
Ligand Pharmaceuticals, Inc.(a) Royalties from Licensing Drug Delivery Technology | 38,426 | 3,904,466 |
Repligen Corp.(a) Supplier to Biopharma Industry | 128,384 | 3,956,795 |
Seattle Genetics, Inc.(a) Antibody-based Therapies for Cancer | 53,606 | 2,828,788 |
Ultragenyx Pharmaceutical, Inc.(a) Biotech Focused on "Ultra-Orphan" Drugs | 45,480 | 3,197,699 |
Total | 30,526,499 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care Equipment & Supplies 7.5% | ||
ABIOMED, Inc.(a) Medical Devices for Cardiac Conditions | 29,362 | 3,308,510 |
Endologix, Inc.(a) Minimally Invasive Treatment of Abdominal Aortic Aneurysm | 660,630 | 3,778,804 |
iRhythm Technologies, Inc.(a) Cardiac Arrhythmia Monitoring Devices & Services | 238,034 | 7,141,020 |
LeMaitre Vascular, Inc. Medical Devices for Peripheral Vascular Disease | 383,293 | 9,712,645 |
Masimo Corp.(a) Pulse Oximetry Monitors (Blood Oxygen Levels) | 100,543 | 6,776,598 |
Natus Medical, Inc.(a) Neuro-diagnostic & Newborn Care Products | 254,144 | 8,844,211 |
West Pharmaceutical Services, Inc. Components & Systems for Injectable Drug Delivery | 68,349 | 5,798,046 |
Zeltiq Aesthetics, Inc.(a) Systems & Consumables for Aesthetics | 107,124 | 4,662,036 |
Total | 50,021,870 | |
Health Care Providers & Services 6.7% | ||
AMN Healthcare Services, Inc.(a) Temporary Healthcare Staffing | 304,163 | 11,695,067 |
HealthSouth Corp. Inpatient Rehabilitation Facilities & Home Health Care | 192,634 | 7,944,226 |
Mednax, Inc.(a) Physician Management for Pediatric & Anesthesia Practices | 151,538 | 10,101,523 |
Team Health Holdings, Inc.(a) Healthcare Professionals Outsourcing | 163,632 | 7,109,811 |
VCA, Inc.(a) Animal Hospitals & Laboratory Services | 112,079 | 7,694,223 |
Total | 44,544,850 | |
Health Care Technology 2.1% | ||
Computer Programs & Systems, Inc.(b) IT Systems & Services for Health Care Providers | 216,377 | 5,106,497 |
Evolent Health, Inc., Class A(a) IT & Services Vendor for Hospitals | 198,658 | 2,940,138 |
Medidata Solutions, Inc.(a) Cloud-based Software for Drug Studies | 112,104 | 5,568,206 |
Total | 13,614,841 |
8 | Wanger USA | Annual Report 2016 |
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December 31, 2016
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Life Sciences Tools & Services 3.0% | ||
Bio-Techne Corp. Maker of Consumables & Systems for the Life Science Market | 97,609 | 10,037,134 |
Cambrex Corp.(a) Active Pharmaceutical Ingredients for Small Molecule Drugs | 116,759 | 6,299,148 |
VWR Corp.(a) Distributor of Lab Supplies | 133,837 | 3,349,940 |
Total | 19,686,222 | |
Pharmaceuticals 0.7% | ||
Akorn, Inc.(a) Developer, Manufacturer & Distributor of Specialty Generic Drugs | 216,967 | 4,736,390 |
Total Health Care | 163,130,672 | |
Industrials 15.6% | ||
Aerospace & Defense 2.8% | ||
Astronics Corp.(a) Designer & Manufacturer of Aircraft Electrical Components & Testing Equipment | 126,858 | 4,292,875 |
Astronics Corp., Class B(a) Designer & Manufacturer of Aircraft Electrical Components & Testing Equipment | 19,028 | 641,243 |
HEICO Corp., Class A FAA-Approved Aircraft Replacement Parts | 105,800 | 7,183,820 |
Taser International, Inc.(a) Manufacturer of Electrical Weapons & Body Cameras | 263,326 | 6,383,022 |
Total | 18,500,960 | |
Commercial Services & Supplies 4.8% | ||
Copart, Inc.(a) Auto Salvage Services | 103,414 | 5,730,170 |
Healthcare Services Group, Inc. Outsourced Services to Long-term Care Industry | 87,487 | 3,426,866 |
Knoll, Inc. Office & Residential Furniture | 262,702 | 7,337,267 |
Ritchie Bros. Auctioneers, Inc. Heavy Equipment Auctioneer | 151,423 | 5,148,382 |
Unifirst Corp. Uniform Rental | 72,993 | 10,485,444 |
Total | 32,128,129 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Machinery 4.9% | ||
ESCO Technologies, Inc. Industrial Filtration & Advanced Measurement Equipment | 61,760 | 3,498,704 |
Middleby Corp. (The)(a) Manufacturer of Cooking Equipment | 34,778 | 4,479,754 |
Nordson Corp. Dispensing Systems for Adhesives & Coatings | 55,659 | 6,236,591 |
Oshkosh Corp. Specialty Truck Manufacturer | 58,696 | 3,792,349 |
Toro Co. (The) Turf Maintenance Equipment | 255,118 | 14,273,852 |
Total | 32,281,250 | |
Professional Services 2.2% | ||
ICF International, Inc.(a) Professional Service Company | 73,767 | 4,071,938 |
Wageworks, Inc.(a) Healthcare Consumer Directed Benefits & Commuter Account Management | 144,995 | 10,512,138 |
Total | 14,584,076 | |
Trading Companies & Distributors 0.9% | ||
Watsco, Inc. HVAC Distribution | 42,031 | 6,225,632 |
Total Industrials | 103,720,047 | |
Information Technology 17.6% | ||
Electronic Equipment, Instruments & Components 1.0% | ||
IPG Photonics Corp.(a) Fiber Lasers | 65,168 | 6,432,733 |
Internet Software & Services 6.9% | ||
CoStar Group, Inc.(a) Commercial Real Estate Data Aggregator & Web Marketing for Retail Landlords | 56,419 | 10,634,417 |
j2 Global, Inc. Communication Technology & Digital Media | 147,349 | 12,053,148 |
Mimecast Ltd.(a) Cyber Security, Continuity & Archiving Software | 276,722 | 4,953,324 |
NIC, Inc. Government Web Portal Development & Management Outsourcing | 289,260 | 6,913,314 |
Nutanix, Inc., Class A(a),(b) Software Company Selling Hyper-converged Infrastructure Appliances | 120,000 | 3,187,200 |
Wanger USA | Annual Report 2016 | 9 |
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December 31, 2016
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Q2 Holdings, Inc.(a) Online & Mobile Banking Software | 126,637 | 3,653,478 |
SPS Commerce, Inc.(a) Supply Chain Management Software Delivered via the Web | 63,646 | 4,448,219 |
Total | 45,843,100 | |
IT Services 3.0% | ||
CoreLogic, Inc.(a) Data Processing Services for Real Estate, Insurance & Mortgages | 85,048 | 3,132,318 |
ExlService Holdings, Inc.(a) Business Process Outsourcing | 65,532 | 3,305,434 |
MAXIMUS, Inc. Outsourcer for Government Program Administration | 157,928 | 8,810,803 |
WNS Holdings Ltd., ADR(a) Offshore Business Process Outsourcing Services | 183,040 | 5,042,752 |
Total | 20,291,307 | |
Semiconductors & Semiconductor Equipment 1.2% | ||
Monolithic Power Systems, Inc. High Performance Analog & Mixed Signal Integrated Circuits | 97,373 | 7,977,770 |
Software 5.5% | ||
ANSYS, Inc.(a) Simulation Software for Engineers & Designers | 120,020 | 11,100,650 |
Apptio, Inc., Class A(a) Software for Managing IT Spending | 171,584 | 3,179,452 |
Blackline, Inc.(a) Accounting Software | 112,789 | 3,116,360 |
Guidewire Software, Inc.(a) Software for Global Property & Casualty Insurance Carriers | 65,907 | 3,251,192 |
Manhattan Associates, Inc.(a) Supply Chain Management Software & Services | 117,592 | 6,235,904 |
Qualys, Inc.(a) Security Software Delivered Via the Cloud | 204,090 | 6,459,448 |
Tyler Technologies, Inc.(a) Financial, Tax, Court & Document Management Systems for Local Governments | 22,417 | 3,200,475 |
Total | 36,543,481 | |
Total Information Technology | 117,088,391 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Real Estate 2.2% | ||
Equity Real Estate Investment Trusts (REITS) 0.8% | ||
UMH Properties, Inc. Owner & Operator of Manufactured Home Parks | 357,422 | 5,379,201 |
Real Estate Management & Development 1.4% | ||
Colliers International Group, Inc. Real Estate Services | 124,397 | 4,571,590 |
FirstService Corp. Residential Property Management & Housing Related Services | 102,106 | 4,847,993 |
Total | 9,419,583 | |
Total Real Estate | 14,798,784 | |
Total Common Stocks (Cost: $469,962,479) | 649,916,719 | |
Securities Lending Collateral 2.4% | ||
Shares | Value ($) | |
Dreyfus Government Cash Management Fund, Institutional Shares, (7 day yield of 0.450%)(c) | 16,178,846 | 16,178,846 |
Total Securities Lending Collateral (Cost: $16,178,846) | 16,178,846 | |
Money Market Funds 3.0% | ||
JPMorgan U.S. Government Money Market Fund, Agency Shares, (7 day yield of 0.345%) | 19,564,974 | 19,564,974 |
Total Money Market Funds (Cost: $19,564,974) | 19,564,974 | |
Total Investments (Cost $505,706,299) | 685,660,539 | |
Obligation to Return Collateral for Securities Loaned | (16,178,846) | |
Other Assets & Liabilities, Net | (5,245,976) | |
Net Assets | $664,235,717 |
(a) | Non-income producing security. |
(b) | All or a portion of this security was on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $15,694,712. |
(c) | Investment made with cash collateral received from securities lending activity. |
10 | Wanger USA | Annual Report 2016 |
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December 31, 2016
ADR | American Depositary Receipt |
• | Level 1 – quoted prices in active markets for identical securities |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) |
• | Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment) |
Level 1 quoted prices in active markets for identical assets ($) | Level 2 other significant observable inputs ($) | Level 3 significant unobservable inputs ($) | Investments measured at net asset value ($) | Total ($) | |
Investments | |||||
Common Stocks | |||||
Consumer Discretionary | 126,505,181 | — | — | — | 126,505,181 |
Consumer Staples | 9,136,553 | — | — | — | 9,136,553 |
Energy | 16,271,388 | — | — | — | 16,271,388 |
Financials | 99,265,703 | — | — | — | 99,265,703 |
Health Care | 163,130,672 | — | — | — | 163,130,672 |
Industrials | 103,720,047 | — | — | — | 103,720,047 |
Information Technology | 117,088,391 | — | — | — | 117,088,391 |
Real Estate | 14,798,784 | — | — | — | 14,798,784 |
Total Common Stocks | 649,916,719 | — | — | — | 649,916,719 |
Securities Lending Collateral | 16,178,846 | — | — | — | 16,178,846 |
Money Market Funds | 19,564,974 | — | — | — | 19,564,974 |
Total Investments | 685,660,539 | — | — | — | 685,660,539 |
Wanger USA | Annual Report 2016 | 11 |
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December 31, 2016
Assets | |
Investments, at cost | |
Unaffiliated issuers, at cost | $505,706,299 |
Total investments, at cost | 505,706,299 |
Investments, at value | |
Unaffiliated issuers, at value (including securities on loan: $15,694,712) | 685,660,539 |
Total investments, at value | 685,660,539 |
Receivable for: | |
Investments sold | 15,156,752 |
Capital shares sold | 131,331 |
Dividends | 225,876 |
Securities lending income | 60,580 |
Foreign tax reclaims | 1,836 |
Prepaid expenses | 13,803 |
Trustees’ deferred compensation plan | 187,169 |
Total assets | 701,437,886 |
Liabilities | |
Due upon return of securities on loan | 16,178,846 |
Payable for: | |
Investments purchased | 19,742,841 |
Capital shares purchased | 984,775 |
Investment advisory fee | 15,789 |
Transfer agent fees | 2 |
Administration fees | 911 |
Trustees’ fees | 1,651 |
Chief compliance officer expenses | 930 |
Other expenses | 89,255 |
Trustees’ deferred compensation plan | 187,169 |
Total liabilities | 37,202,169 |
Net assets applicable to outstanding capital stock | $664,235,717 |
Represented by | |
Paid in capital | 379,976,837 |
Excess of distributions over net investment income | (168,676) |
Accumulated net realized gain | 104,473,316 |
Unrealized appreciation (depreciation) on: | |
Investments - unaffiliated issuers | 179,954,240 |
Total - representing net assets applicable to outstanding capital stock | $664,235,717 |
Shares outstanding | 25,035,093 |
Net asset value per share | 26.53 |
12 | Wanger USA | Annual Report 2016 |
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Year Ended December 31, 2016
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $5,118,923 |
Income from securities lending — net | 262,646 |
Foreign taxes withheld | (42,836) |
Total income | 5,338,733 |
Expenses: | |
Investment advisory fee | 5,542,406 |
Transfer agent fees | 587 |
Administration fees | 319,517 |
Trustees’ fees | 51,091 |
Custodian fees | 21,882 |
Printing and postage fees | 198,942 |
Audit fees | 37,725 |
Legal fees | 104,969 |
Chief compliance officer expenses | 65,953 |
Other | 18,749 |
Total expenses | 6,361,821 |
Net investment loss | (1,023,088) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 107,626,627 |
Net realized gain | 107,626,627 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (26,013,693) |
Net change in unrealized appreciation (depreciation) | (26,013,693) |
Net realized and unrealized gain | 81,612,934 |
Net increase in net assets resulting from operations | $80,589,846 |
Wanger USA | Annual Report 2016 | 13 |
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Year Ended December 31, 2016 | Year Ended December 31, 2015 | |
Operations | ||
Net investment loss | $(1,023,088) | $(2,618,992) |
Net realized gain | 107,626,627 | 176,459,137 |
Net change in unrealized appreciation (depreciation) | (26,013,693) | (175,148,605) |
Net increase (decrease) in net assets resulting from operations | 80,589,846 | (1,308,460) |
Distributions to shareholders | ||
Net realized gains | (177,478,615) | (125,247,249) |
Total distributions to shareholders | (177,478,615) | (125,247,249) |
Increase in net assets from capital stock activity | 68,519,737 | 18,227,675 |
Total decrease in net assets | (28,369,032) | (108,328,034) |
Net assets at beginning of year | 692,604,749 | 800,932,783 |
Net assets at end of year | $664,235,717 | $692,604,749 |
Excess of distributions over net investment income | $(168,676) | $(140,539) |
Year Ended | Year Ended | |||
December 31, 2016 | December 31, 2015 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Subscriptions | 358,725 | 9,663,627 | 393,619 | 13,842,692 |
Distributions reinvested | 7,321,725 | 177,478,615 | 3,591,834 | 125,247,249 |
Redemptions | (4,460,294) | (118,622,505) | (3,411,642) | (120,862,266) |
Total net increase | 3,220,156 | 68,519,737 | 573,811 | 18,227,675 |
14 | Wanger USA | Annual Report 2016 |
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Year Ended December 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | |
Per share data | |||||
Net asset value, beginning of period | $31.75 | $37.71 | $41.13 | $33.84 | $29.80 |
Income from investment operations: | |||||
Net investment income (loss) | (0.04) | (0.12) | (0.06) | (0.05) | 0.15 |
Net realized and unrealized gain | 3.56 | 0.45 | 1.70 | 10.79 | 5.63 |
Total from investment operations | 3.52 | 0.33 | 1.64 | 10.74 | 5.78 |
Less distributions to shareholders from: | |||||
Net investment income | — | — | — | (0.06) | (0.11) |
Net realized gains | (8.74) | (6.29) | (5.06) | (3.39) | (1.63) |
Total distributions to shareholders | (8.74) | (6.29) | (5.06) | (3.45) | (1.74) |
Net asset value, end of period | $26.53 | $31.75 | $37.71 | $41.13 | $33.84 |
Total Return | 13.69% | (0.61)% | 4.78% | 33.75% | 20.02% (a) |
Ratios to average net assets | |||||
Total gross expenses(b) | 1.00% | 1.01% | 0.96% | 0.96% | 0.96% |
Total net expenses(b) | 1.00% | 1.01% | 0.96% | 0.96% | 0.96% (c) |
Net investment income (loss) | (0.16)% | (0.34)% | (0.15)% | (0.12)% | 0.45% |
Supplemental data | |||||
Portfolio turnover | 118% | 45% | 14% | 15% | 12% |
Net assets, end of period (in thousands) | $664,236 | $692,605 | $800,933 | $912,143 | $782,222 |
Notes to Financial Highlights | |
(a) | Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced. |
(b) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(c) | The benefits derived from custody fees paid indirectly had an impact of less than 0.01%. |
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16 | Wanger USA | Annual Report 2016 |
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Overnight and continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | |
Wanger USA | |||||
Securities lending transactions | |||||
Equity securities | $15,694,712 | $— | $— | $— | $15,694,712 |
Gross amount of recognized liabilities for securities lending (collateral received) | 16,178,846 | ||||
Amounts due to counterparty | $484,134 |
Goldman Sachs ($) | |||||||
Liabilities | |||||||
Collateral on Securities loaned | 16,178,846 | ||||||
Total Liabilities | 16,178,846 | ||||||
Total Financial and Derivative Net Assets | (16,178,846) | ||||||
Financial Instruments | 15,694,712 | ||||||
Net Amount (a) | (484,134) |
(a) | Represents the net amount due from/(to) counterparties in the event of default. |
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18 | Wanger USA | Annual Report 2016 |
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Average daily net assets | Annual fee rate |
Up to $100 million | 0.940% |
$100 million to $250 million | 0.890% |
$250 million to $2 billion | 0.840% |
$2 billion and over | 0.800% |
Aggregate average daily net assets of the Trust | Annual fee rate |
Up to $4 billion | 0.050% |
$4 billion to $6 billion | 0.040% |
$6 billion to $8 billion | 0.030% |
$8 billion and over | 0.020% |
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December 31, 2016
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
994,951 | 10,425 | (1,005,376) |
December 31, 2016 | December 31, 2015 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income (S) | Long-term capital gains ($) | Total ($) |
— | 177,478,615 | 177,478,615 | 210,772 | 125,036,477 | 125,247,249 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 107,909,281 | — | 176,518,275 |
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December 31, 2016
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
509,142,264 | 186,067,896 | (9,549,621) | 176,518,275 |
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22 | Wanger USA | Annual Report 2016 |
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Wanger USA | Annual Report 2016 | 23 |
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(Unaudited)
Capital gain dividend | |
$113,409,835 |
24 | Wanger USA | Annual Report 2016 |
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Shareholder Services Group
227 W. Monroe, Suite 3000
800.922.6769
Name and age at December 31, 2016 | Year first appointed or elected to a Board in the Columbia Funds Complex | Principal occupation(s) during the past five years | Number of Funds in the Columbia Funds Complex overseen (1) | Other directorships held by the Trustee during the past five years in addition to Columbia Acorn Trust and Wanger Advisors Trust |
Laura M. Born, 51, Chair | 2007 | Adjunct Associate Professor of Finance, University of Chicago Booth School of Business since 2007; Director, Carlson Inc. (private global hospitalities and travel company) since 2015; Managing Director – Investment Banking, JP Morgan Chase & Co. (broker-dealer) 2002-2007. | 11 | None. |
Maureen M. Culhane, 68 | 2007 | Retired. Formerly, Vice President, Goldman Sachs Asset Management, L.P. (investment adviser), 2005-2007; Vice President (Consultant) – Strategic Relationship Management, Goldman, Sachs & Co., 1999-2005. | 11 | None. |
Margaret M. Eisen, 63 | 2002 | Trustee, Smith College since 2012; Chief Investment Officer, EAM International LLC (corporate finance and asset management), 2003-2013; Managing Director, CFA Institute, 2005-2008. | 11 | RMB Investors Trust (formerly Burnham Investors Trust) (3 series). |
Thomas M. Goldstein, 57 | 2014 | Retired. Formerly, Chief Financial Officer, Allstate Protection Division, 2011-2014; Founding Partner, The GRG Group LLC, 2009-2011; Managing Director and Chief Financial Officer, Madison Dearborn Partners, 2007-2009. | 11 | Federal Home Loan Bank – Chicago; Federal Home Loan Mortgage Corporation. |
John C. Heaton, 57 | 2010 | Deputy Dean for Faculty, University of Chicago Booth School of Business; Joseph L. Gidwitz Professor of Finance, University of Chicago Booth School of Business since July 2000. | 11 | None. |
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Name and age at December 31, 2016 | Year first appointed or elected to a Board in the Columbia Funds Complex | Principal occupation(s) during the past five years | Number of Funds in the Columbia Funds Complex overseen (1) | Other directorships held by the Trustee during the past five years in addition to Columbia Acorn Trust and Wanger Advisors Trust |
Charles R. Phillips, 60 | 2015 | Retired. Director, University of North Carolina School of Law Foundation since 2010. Formerly, Vice Chairman, J.P. Morgan Private Bank, 2011-2014; Managing Director, J.P. Morgan Private Bank, 2001-2011. | 11 | None. |
David J. Rudis, 63, Vice Chair | 2010 | Retired. Formerly, National Checking and Debit Executive, and Illinois President, Bank of America, 2007-2009; President, Consumer Banking Group, LaSalle National Bank, 2004-2007. | 11 | None. |
Name and age at December 31, 2016 | Year first appointed or elected to a Board in the Columbia Funds Complex | Principal occupation(s) during the past five years | Number of Funds in the Columbia Funds Complex overseen (1) | Other directorships held by the Trustee during the past five years in addition to Columbia Acorn Trust and Wanger Advisors Trust |
P. Zachary Egan, 48 (2) | 2015 | President, CWAM and President, Columbia Acorn Trust and Wanger Advisors Trust since April 2014; Global Chief Investment Officer, CWAM since October 2015; International Chief Investment Officer, CWAM, April 2014-September 2015; Director of International Research, CWAM, December 2004-March 2014; Vice President of Columbia Acorn Trust, 2003-2014, and Wanger Advisors Trust, 2007-2014; portfolio manager and analyst, CWAM or its predecessors, since 1999. | 11 | None. |
Ralph Wanger, 82 (3) | 1970 (4) | Founder, CWAM. Formerly, President, Chief Investment Officer and portfolio manager, CWAM or its predecessors, July 1992-September 2003; Director, Wanger Investment Company PLC; Consultant to CWAM or its predecessors, September 2003-September 2005. | 11 | None. |
(1) | The Trustees oversee the series of Wanger Advisors Trust and Columbia Acorn Trust. |
(2) | Mr. Egan is an "interested person" of Wanger Advisors Trust and Columbia Acorn Trust, and of CWAM, as defined in the 1940 Act, because he is an officer of each Trust and an employee of CWAM. |
(3) | As permitted under the Trust’s Bylaws, Mr. Wanger serves as a non-voting Trustee Emeritus of Columbia Acorn Trust and Wanger Advisors Trust. |
(4) | Dates prior to 1992 relate to the Acorn Fund, Inc., the predecessor trust to Columbia Acorn Trust. |
26 | Wanger USA | Annual Report 2016 |
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Name and age at December 31, 2016 | Position held with Columbia Acorn Trust and Wanger Advisors Trust | Year first appointed or elected to office | Principal occupation(s) during the past five years |
Alan G. Berkshire, 56 | Vice President | 2015 | Chief Operating Officer, CWAM since April 2015. Formerly, Independent Director, ValueQuest India Moat Fund Limited (Mauritius), April 2014-March 2015; President – North America, Religare Global Asset Management, Inc., June 2011-November 2013; Partner, Estancia Capital Management LLC, September 2009-June 2011. |
Michael G. Clarke, 47 | Assistant Treasurer | 2004 | Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; Senior officer of Columbia funds and affiliated funds since 2002. |
William J. Doyle, 52 | Vice President | 2014 | Portfolio manager and/or analyst, CWAM or its predecessors since 2006; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014. |
P. Zachary Egan, 48 | President | 2007 | President, CWAM and President, Columbia Acorn Trust and Wanger Advisors Trust since April 2014; Global Chief Investment Officer, CWAM since October 2015; International Chief Investment Officer, CWAM, April 2014-September 2015; Director of International Research, CWAM, December 2004-March 2014; Vice President of Columbia Acorn Trust, 2003-2014, and Wanger Advisors Trust, 2007-2014; portfolio manager and analyst, CWAM or its predecessors, since 1999. |
David L. Frank, 53 | Vice President | 2014 | Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014. |
Paul B. Goucher, 48 | Assistant Secretary | 2015 | Senior Vice President and Assistant General Cousel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively, and Chief Counsel, January 2010 - January 2013); Vice President, Chief Legal Counsel and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010. |
Fritz Kaegi, 45 | Vice President | 2011 | Portfolio manager and/or analyst, CWAM or its predecessors since 2004; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011. |
John Kunka, 46 | Vice President, Treasurer and Principal Accounting and Financial Officer | 2006 | Treasurer and Principal Accounting and Financial Officer, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Vice President of Accounting and Operations, CWAM since May 2006; formerly, Assistant Treasurer, Columbia Acorn Trust and Wanger Advisors Trust 2006-2014. |
Stephen Kusmierczak, 49 | Vice President | 2011 | Portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011. |
Joseph C. LaPalm, 47 | Vice President | 2006 | Chief Compliance Officer, CWAM since 2005. |
Ryan C. Larrenaga, 46 | Assistant Secretary | 2015 | Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011 (previously, Counsel, May 2010-August 2011); Assistant General Counsel, Bank of America, 2005-April 2010; officer of Columbia funds and affiliated funds since 2005. |
Matthew A. Litfin, 45 | Vice President | 2016 | Director of Research (U.S.) and portfolio manager, CWAM since December 2015; formerly, portfolio manager, William Blair & Company 1993-2015; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2016. |
Satoshi Matsunaga, 45 | Vice President | 2015 | Portfolio manager and/or analyst, CWAM or its predecessors since 2005; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015. |
Wanger USA | Annual Report 2016 | 27 |
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Name and age at December 31, 2016 | Position held with Columbia Acorn Trust and Wanger Advisors Trust | Year first appointed or elected to office | Principal occupation(s) during the past five years |
Thomas P. McGuire, 44 | Chief Compliance Officer | 2015 | Chief Compliance Officer of the Columbia family of mutual funds for which Columbia Management Investment Advisers, LLC serves as investment adviser since 2012; Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-April 2010. |
Louis J. Mendes III, 52 | Vice President | 2003 | International Director of Research, CWAM, since 2015; portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust since 2003 and Wanger Advisors Trust since 2005. |
Julian Quero, 49 | Assistant Treasurer | 2015 | Vice President – Tax, Columbia Management Investment Advisers, LLC since 2009. |
Martha A. Skinner, 42 | Assistant Treasurer | 2016 | Vice President of Financial Reporting and Administration, Columbia Management since November 2015; Director of Financial Reporting, Columbia Management, April 2013-November 2015; Manager of Financial Reporting, Columbia Management, August 2010-April 2013. |
Matthew S. Szafranski, 39 | Vice President | 2015 | Portfolio manager and/or analyst, CWAM or its predecessors since 2008; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015. |
Andreas Waldburg-Wolfegg, 51 | Vice President | 2011 | Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011. |
Linda Roth-Wiszowaty, 47 | Secretary | 2006 | Business support analyst, CWAM since April 2007; Secretary, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Assistant Secretary, Columbia Acorn Trust and Wanger Advisors Trust, 2006-2014. |
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Average annual total returns (%) (for the period ended December 31, 2016) | ||||||
Inception | 1 Year | 5 Years | 10 Years | Life | ||
Wanger Select | 02/01/99 | 13.31 | 13.32 | 6.07 | 9.99 | |
S&P MidCap 400 Index | 20.74 | 15.33 | 9.16 | 10.11 |
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Top ten holdings (%) (at December 31, 2016) | |
HealthSouth Corp. Inpatient Rehabilitation Facilities & Home Health Care | 4.9 |
Liberty Global PLC, Class A Cable TV Franchises Outside of the United States | 4.7 |
JB Hunt Transport Services, Inc. Truck & Intermodal Carrier | 4.6 |
Middleby Corp. (The) Manufacturer of Cooking Equipment | 4.5 |
LKQ Corp. Alternative Auto Parts Distribution | 4.4 |
Vail Resorts, Inc. Ski Resort Operator & Developer | 4.2 |
AMERCO North American Moving & Storage | 3.9 |
Education Realty Trust, Inc. Student Housing | 3.8 |
Robert Half International, Inc. Temporary & Permanent Staffing in Finance, Accounting & Other Professions | 3.7 |
Jones Lang LaSalle, Inc. Real Estate Services | 3.7 |
Portfolio breakdown (%) (at December 31, 2016) | |
Common Stocks | 97.9 |
Money Market Funds | 2.1 |
Total | 100.0 |
Equity sector breakdown (%) (at December 31, 2016) | |
Consumer Discretionary | 20.3 |
Financials | 8.9 |
Health Care | 16.6 |
Industrials | 29.7 |
Information Technology | 11.6 |
Materials | 3.5 |
Real Estate | 9.4 |
Total | 100.0 |
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the Fund.
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July 1, 2016 — December 31, 2016 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Wanger Select | 1,000.00 | 1,000.00 | 1,135.40 | 1,021.25 | 4.00 | 3.79 | 0.75 |
Wanger Select | Annual Report 2016 | 7 |
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December 31, 2016
Common Stocks 97.2% | ||
Issuer | Shares | Value ($) |
Consumer Discretionary 19.8% | ||
Distributors 4.3% | ||
LKQ Corp.(a) Alternative Auto Parts Distribution | 175,840 | 5,389,496 |
Hotels, Restaurants & Leisure 6.1% | ||
Papa John’s International, Inc. Franchisor of Pizza Restaurants | 28,367 | 2,427,648 |
Vail Resorts, Inc. Ski Resort Operator & Developer | 31,977 | 5,158,210 |
Total | 7,585,858 | |
Household Durables 3.1% | ||
iRobot Corp.(a) Home Robots (Vacuums, Pool Cleaners) & Battlefield Reconnaissance Robots | 66,700 | 3,898,615 |
Media 4.5% | ||
Liberty Global PLC, Class A(a) Cable TV Franchises Outside of the United States | 186,038 | 5,690,902 |
Textiles, Apparel & Luxury Goods 1.8% | ||
Hanesbrands, Inc. Apparel Wholesaler | 104,872 | 2,262,089 |
Total Consumer Discretionary | 24,826,960 | |
Financials 8.7% | ||
Banks 3.1% | ||
SVB Financial Group(a) Bank to Venture Capitalists | 23,019 | 3,951,442 |
Capital Markets 5.6% | ||
Eaton Vance Corp. Specialty Mutual Funds | 62,697 | 2,625,750 |
Lazard Ltd., Class A Corporate Advisory & Asset Management | 105,676 | 4,342,227 |
Total | 6,967,977 | |
Total Financials | 10,919,419 | |
Health Care 16.1% | ||
Biotechnology 0.6% | ||
Ultragenyx Pharmaceutical, Inc.(a) Biotech Focused on "Ultra-Orphan" Drugs | 10,521 | 739,731 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care Equipment & Supplies 5.3% | ||
Align Technology, Inc.(a) Invisalign System to Correct Malocclusion (Crooked Teeth) | 43,064 | 4,139,743 |
LivaNova PLC(a) Neuromodulation & Cardiac Devices | 57,459 | 2,583,931 |
Total | 6,723,674 | |
Health Care Providers & Services 7.3% | ||
HealthSouth Corp. Inpatient Rehabilitation Facilities & Home Health Care | 143,926 | 5,935,508 |
VCA, Inc.(a) Animal Hospitals & Laboratory Services | 48,000 | 3,295,200 |
Total | 9,230,708 | |
Life Sciences Tools & Services 2.9% | ||
VWR Corp.(a) Distributor of Lab Supplies | 143,287 | 3,586,474 |
Total Health Care | 20,280,587 | |
Industrials 28.8% | ||
Electrical Equipment 2.6% | ||
Generac Holdings, Inc.(a) Standby Power Generators | 79,992 | 3,258,874 |
Machinery 14.3% | ||
Middleby Corp. (The)(a) Manufacturer of Cooking Equipment | 42,873 | 5,522,471 |
Nordson Corp. Dispensing Systems for Adhesives & Coatings | 21,024 | 2,355,739 |
Oshkosh Corp. Specialty Truck Manufacturer | 48,250 | 3,117,433 |
Snap-On, Inc. Tools | 15,000 | 2,569,050 |
Wabtec Corp. Freight & Transit Component Supplier | 53,093 | 4,407,781 |
Total | 17,972,474 | |
Professional Services 3.6% | ||
Robert Half International, Inc. Temporary & Permanent Staffing in Finance, Accounting & Other Professions | 93,647 | 4,568,100 |
8 | Wanger Select | Annual Report 2016 |
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Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Road & Rail 8.3% | ||
AMERCO North American Moving & Storage | 12,857 | 4,751,819 |
JB Hunt Transport Services, Inc. Truck & Intermodal Carrier | 58,262 | 5,655,492 |
Total | 10,407,311 | |
Total Industrials | 36,206,759 | |
Information Technology 11.3% | ||
Internet Software & Services 6.1% | ||
GoDaddy, Inc., Class A(a) Website Management for Small- & Medium-sized Companies | 119,338 | 4,170,863 |
SPS Commerce, Inc.(a) Supply Chain Management Software Delivered via the Web | 49,824 | 3,482,200 |
Total | 7,653,063 | |
Software 5.2% | ||
ANSYS, Inc.(a) Simulation Software for Engineers & Designers | 45,468 | 4,205,335 |
Ultimate Software Group, Inc. (The)(a) Human Capital Management Systems | 12,479 | 2,275,546 |
Total | 6,480,881 | |
Total Information Technology | 14,133,944 | |
Materials 3.4% | ||
Chemicals 3.4% | ||
Axalta Coating Systems Ltd.(a) Global Manufacturer of High Performance Coatings | 156,176 | 4,247,987 |
Total Materials | 4,247,987 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Real Estate 9.1% | ||
Equity Real Estate Investment Trusts (REITS) 5.5% | ||
Crown Castle International Corp. Communications Towers | 26,512 | 2,300,446 |
Education Realty Trust, Inc. Student Housing | 109,921 | 4,649,659 |
Total | 6,950,105 | |
Real Estate Management & Development 3.6% | ||
Jones Lang LaSalle, Inc. Real Estate Services | 44,159 | 4,461,825 |
Total Real Estate | 11,411,930 | |
Total Common Stocks (Cost: $103,400,299) | 122,027,586 | |
Money Market Funds 2.1% | ||
Shares | Value ($) | |
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.445%) | 2,611,885 | 2,611,885 |
Total Money Market Funds (Cost: $2,611,885) | 2,611,885 | |
Total Investments (Cost $106,012,184) | 124,639,471 | |
Other Assets & Liabilities, Net | 860,256 | |
Net Assets | $125,499,727 |
(a) | Non-income producing security. |
• | Level 1 – quoted prices in active markets for identical securities |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) |
• | Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment) |
Wanger Select | Annual Report 2016 | 9 |
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December 31, 2016
The Committee is responsible for applying the Wanger Advisors Trust’s Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustess.
Level 1 quoted prices in active markets for identical assets ($) | Level 2 other significant observable inputs ($) | Level 3 significant unobservable inputs ($) | Investments measured at net asset value ($) | Total ($) | |
Investments | |||||
Common Stocks | |||||
Consumer Discretionary | 24,826,960 | — | — | — | 24,826,960 |
Financials | 10,919,419 | — | — | — | 10,919,419 |
Health Care | 20,280,587 | — | — | — | 20,280,587 |
Industrials | 36,206,759 | — | — | — | 36,206,759 |
Information Technology | 14,133,944 | — | — | — | 14,133,944 |
Materials | 4,247,987 | — | — | — | 4,247,987 |
Real Estate | 11,411,930 | — | — | — | 11,411,930 |
Total Common Stocks | 122,027,586 | — | — | — | 122,027,586 |
Money Market Funds | 2,611,885 | — | — | — | 2,611,885 |
Total Investments | 124,639,471 | — | — | — | 124,639,471 |
10 | Wanger Select | Annual Report 2016 |
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December 31, 2016
Assets | |
Investments, at cost | |
Unaffiliated issuers, at cost | $106,012,184 |
Total investments, at cost | 106,012,184 |
Investments, at value | |
Unaffiliated issuers, at value | 124,639,471 |
Total investments, at value | 124,639,471 |
Receivable for: | |
Investments sold | 1,797,695 |
Capital shares sold | 15 |
Dividends | 67,541 |
Prepaid expenses | 2,629 |
Total assets | 126,507,351 |
Liabilities | |
Payable for: | |
Investments purchased | 884,013 |
Capital shares purchased | 40,646 |
Investment advisory fee | 2,064 |
Transfer agent fees | 1 |
Administration fees | 172 |
Trustees’ fees | 50,223 |
Chief compliance officer expenses | 178 |
Other expenses | 30,327 |
Total liabilities | 1,007,624 |
Net assets applicable to outstanding capital stock | $125,499,727 |
Represented by | |
Paid in capital | 89,301,912 |
Excess of distributions over net investment income | (49,893) |
Accumulated net realized gain | 17,620,421 |
Unrealized appreciation (depreciation) on: | |
Investments - unaffiliated issuers | 18,627,287 |
Total - representing net assets applicable to outstanding capital stock | $125,499,727 |
Shares outstanding | 6,570,929 |
Net asset value per share | 19.10 |
Wanger Select | Annual Report 2016 | 11 |
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Year Ended December 31, 2016
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $1,129,806 |
Income from securities lending — net | 1,913 |
Foreign taxes withheld | (1,890) |
Total income | 1,129,829 |
Expenses: | |
Investment advisory fee | 1,000,558 |
Transfer agent fees | 230 |
Administration fees | 62,535 |
Trustees’ fees | 11,088 |
Printing and postage fees | 30,157 |
Audit fees | 28,100 |
Legal fees | 20,589 |
Chief compliance officer expenses | 12,949 |
Total expenses | 1,166,206 |
Advisory fee waiver | (250,140) |
Total net expenses | 916,066 |
Net investment income | 213,763 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 17,764,281 |
Foreign currency translations | (531) |
Net realized gain | 17,763,750 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (2,720,674) |
Foreign currency translations | (245) |
Net change in unrealized appreciation (depreciation) | (2,720,919) |
Net realized and unrealized gain | 15,042,831 |
Net increase in net assets resulting from operations | $15,256,594 |
12 | Wanger Select | Annual Report 2016 |
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Year Ended December 31, 2016 | Year Ended December 31, 2015 | |
Operations | ||
Net investment income (loss) | $213,763 | $(90,805) |
Net realized gain | 17,763,750 | 39,598,727 |
Net change in unrealized appreciation (depreciation) | (2,720,919) | (38,165,251) |
Net increase in net assets resulting from operations | 15,256,594 | 1,342,671 |
Distributions to shareholders | ||
Net investment income | (209,776) | (17,514) |
Net realized gains | (39,392,500) | (46,251,052) |
Total distributions to shareholders | (39,602,276) | (46,268,566) |
Increase (decrease) in net assets from capital stock activity | 14,004,583 | (10,879,803) |
Total decrease in net assets | (10,341,099) | (55,805,698) |
Net assets at beginning of year | 135,840,826 | 191,646,524 |
Net assets at end of year | $125,499,727 | $135,840,826 |
Excess of distributions over net investment income | $(49,893) | $(43,785) |
Year Ended | Year Ended | |||
December 31, 2016 | December 31, 2015 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Subscriptions | 122,251 | 2,468,559 | 107,262 | 2,861,649 |
Distributions reinvested | 2,263,039 | 39,602,276 | 1,795,481 | 46,268,566 |
Redemptions | (1,433,386) | (28,066,252) | (2,093,759) | (60,010,018) |
Total net increase (decrease) | 951,904 | 14,004,583 | (191,016) | (10,879,803) |
Wanger Select | Annual Report 2016 | 13 |
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Year Ended December 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | |
Per share data | |||||
Net asset value, beginning of period | $24.18 | $32.99 | $36.41 | $27.54 | $23.35 |
Income from investment operations: | |||||
Net investment income | 0.03 | (0.02) | (0.07) | (0.05) | 0.16 |
Net realized and unrealized gain | 2.48 | 0.69 | 1.07 | 9.46 | 4.15 |
Total from investment operations | 2.51 | 0.67 | 1.00 | 9.41 | 4.31 |
Less distributions to shareholders from: | |||||
Net investment income | (0.03) | (0.00) (a) | — | (0.09) | (0.12) |
Net realized gains | (7.56) | (9.48) | (4.42) | (0.45) | — |
Total distributions to shareholders | (7.59) | (9.48) | (4.42) | (0.54) | (0.12) |
Net asset value, end of period | $19.10 | $24.18 | $32.99 | $36.41 | $27.54 |
Total Return | 13.31% | 0.26% (b) | 3.17% | 34.58% | 18.46% |
Ratios to average net assets | |||||
Total gross expenses(c) | 0.93% (d) | 0.98% | 0.93% (e) | 0.93% | 0.92% |
Total net expenses(c) | 0.73% (d) | 0.85% | 0.93% (e) | 0.93% | 0.91% (f) |
Net investment income | 0.17% | (0.06)% | (0.20)% | (0.15)% | 0.60% |
Supplemental data | |||||
Portfolio turnover | 93% | 59% | 18% | 24% | 20% |
Net assets, end of period (in thousands) | $125,500 | $135,841 | $191,647 | $257,911 | $235,155 |
Notes to Financial Highlights | |
(a) | Rounds to zero. |
(b) | Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced. |
(c) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(d) | Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by 0.03%. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving effect to this third party reimbursement. |
(e) | Ratios include line of credit interest expense which is less than 0.01%. |
(f) | The benefits derived from custody fees paid indirectly had an impact of less than 0.01%. |
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Average daily net assets | Annual fee rate |
Up to $500 million | 0.800% |
$500 million and over | 0.780% |
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Aggregate average daily net assets of the Trust | Annual fee rate |
Up to $4 billion | 0.050% |
$4 billion to $6 billion | 0.040% |
$6 billion to $8 billion | 0.030% |
$8 billion and over | 0.020% |
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Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(10,095) | 10,095 | — |
December 31, 2016 | December 31, 2015 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income (S) | Long-term capital gains ($) | Total ($) |
5,992,230 | 33,610,046 | 39,602,276 | 17,514 | 46,251,052 | 46,268,566 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 17,749,587 | — | 18,498,121 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
106,141,350 | 19,851,056 | (1,352,935) | 18,498,121 |
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(Unaudited)
Dividends received deduction | Capital gain dividend |
19.82% | $18,672,977 |
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Shareholder Services Group
227 W. Monroe, Suite 3000
800.922.6769
Name and age at December 31, 2016 | Year first appointed or elected to a Board in the Columbia Funds Complex | Principal occupation(s) during the past five years | Number of Funds in the Columbia Funds Complex overseen (1) | Other directorships held by the Trustee during the past five years in addition to Columbia Acorn Trust and Wanger Advisors Trust |
Laura M. Born, 51, Chair | 2007 | Adjunct Associate Professor of Finance, University of Chicago Booth School of Business since 2007; Director, Carlson Inc. (private global hospitalities and travel company) since 2015; Managing Director – Investment Banking, JP Morgan Chase & Co. (broker-dealer) 2002-2007. | 11 | None. |
Maureen M. Culhane, 68 | 2007 | Retired. Formerly, Vice President, Goldman Sachs Asset Management, L.P. (investment adviser), 2005-2007; Vice President (Consultant) – Strategic Relationship Management, Goldman, Sachs & Co., 1999-2005. | 11 | None. |
Margaret M. Eisen, 63 | 2002 | Trustee, Smith College since 2012; Chief Investment Officer, EAM International LLC (corporate finance and asset management), 2003-2013; Managing Director, CFA Institute, 2005-2008. | 11 | RMB Investors Trust (formerly Burnham Investors Trust) (3 series). |
Thomas M. Goldstein, 57 | 2014 | Retired. Formerly, Chief Financial Officer, Allstate Protection Division, 2011-2014; Founding Partner, The GRG Group LLC, 2009-2011; Managing Director and Chief Financial Officer, Madison Dearborn Partners, 2007-2009. | 11 | Federal Home Loan Bank – Chicago; Federal Home Loan Mortgage Corporation. |
John C. Heaton, 57 | 2010 | Deputy Dean for Faculty, University of Chicago Booth School of Business; Joseph L. Gidwitz Professor of Finance, University of Chicago Booth School of Business since July 2000. | 11 | None. |
24 | Wanger Select | Annual Report 2016 |
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Name and age at December 31, 2016 | Year first appointed or elected to a Board in the Columbia Funds Complex | Principal occupation(s) during the past five years | Number of Funds in the Columbia Funds Complex overseen (1) | Other directorships held by the Trustee during the past five years in addition to Columbia Acorn Trust and Wanger Advisors Trust |
Charles R. Phillips, 60 | 2015 | Retired. Director, University of North Carolina School of Law Foundation since 2010. Formerly, Vice Chairman, J.P. Morgan Private Bank, 2011-2014; Managing Director, J.P. Morgan Private Bank, 2001-2011. | 11 | None. |
David J. Rudis, 63, Vice Chair | 2010 | Retired. Formerly, National Checking and Debit Executive, and Illinois President, Bank of America, 2007-2009; President, Consumer Banking Group, LaSalle National Bank, 2004-2007. | 11 | None. |
Name and age at December 31, 2016 | Year first appointed or elected to a Board in the Columbia Funds Complex | Principal occupation(s) during the past five years | Number of Funds in the Columbia Funds Complex overseen (1) | Other directorships held by the Trustee during the past five years in addition to Columbia Acorn Trust and Wanger Advisors Trust |
P. Zachary Egan, 48 (2) | 2015 | President, CWAM and President, Columbia Acorn Trust and Wanger Advisors Trust since April 2014; Global Chief Investment Officer, CWAM since October 2015; International Chief Investment Officer, CWAM, April 2014-September 2015; Director of International Research, CWAM, December 2004-March 2014; Vice President of Columbia Acorn Trust, 2003-2014, and Wanger Advisors Trust, 2007-2014; portfolio manager and analyst, CWAM or its predecessors, since 1999. | 11 | None. |
Ralph Wanger, 82 (3) | 1970 (4) | Founder, CWAM. Formerly, President, Chief Investment Officer and portfolio manager, CWAM or its predecessors, July 1992-September 2003; Director, Wanger Investment Company PLC; Consultant to CWAM or its predecessors, September 2003-September 2005. | 11 | None. |
(1) | The Trustees oversee the series of Wanger Advisors Trust and Columbia Acorn Trust. |
(2) | Mr. Egan is an “interested person” of Wanger Advisors Trust and Columbia Acorn Trust, and of CWAM, as defined in the 1940 Act, because he is an officer of each Trust and an employee of CWAM. |
(3) | As permitted under the Trust’s Bylaws, Mr. Wanger serves as a non-voting Trustee Emeritus of Wanger Advisors Trust and Columbia Acorn Trust. |
(4) | Dates prior to 1992 relate to The Acorn Fund, Inc., the predecessor trust to Columbia Acorn Trust. |
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Name and age at December 31, 2016 | Position held with Columbia Acorn Trust and Wanger Advisors Trust | Year first appointed or elected to office | Principal occupation(s) during the past five years |
Alan G. Berkshire, 56 | Vice President | 2015 | Chief Operating Officer, CWAM since April 2015. Formerly, Independent Director, ValueQuest India Moat Fund Limited (Mauritius), April 2014-March 2015; President – North America, Religare Global Asset Management, Inc., June 2011-November 2013; Partner, Estancia Capital Management LLC, September 2009-June 2011. |
Michael G. Clarke, 47 | Assistant Treasurer | 2004 | Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; Senior officer of Columbia funds and affiliated funds since 2002. |
William J. Doyle, 52 | Vice President | 2014 | Portfolio manager and/or analyst, CWAM or its predecessors since 2006; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014. |
P. Zachary Egan, 48 | President | 2007 | President, CWAM and President, Columbia Acorn Trust and Wanger Advisors Trust since April 2014; Global Chief Investment Officer, CWAM since October 2015; International Chief Investment Officer, CWAM, April 2014-September 2015; Director of International Research, CWAM, December 2004-March 2014; Vice President of Columbia Acorn Trust, 2003-2014, and Wanger Advisors Trust, 2007-2014; portfolio manager and analyst, CWAM or its predecessors, since 1999. |
David L. Frank, 53 | Vice President | 2014 | Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014. |
Paul B. Goucher, 48 | Assistant Secretary | 2015 | Senior Vice President and Assistant General Cousel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively, and Chief Counsel, January 2010 - January 2013); Vice President, Chief Legal Counsel and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010. |
Fritz Kaegi, 45 | Vice President | 2011 | Portfolio manager and/or analyst, CWAM or its predecessors since 2004; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011. |
John Kunka, 46 | Vice President, Treasurer and Principal Accounting and Financial Officer | 2006 | Treasurer and Principal Accounting and Financial Officer, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Vice President of Accounting and Operations, CWAM since May 2006; formerly, Assistant Treasurer, Columbia Acorn Trust and Wanger Advisors Trust 2006-2014. |
Stephen Kusmierczak, 49 | Vice President | 2011 | Portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011. |
Joseph C. LaPalm, 47 | Vice President | 2006 | Chief Compliance Officer, CWAM since 2005. |
Ryan C. Larrenaga, 46 | Assistant Secretary | 2015 | Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011 (previously, Counsel, May 2010-August 2011); Assistant General Counsel, Bank of America, 2005-April 2010; officer of Columbia funds and affiliated funds since 2005. |
Matthew A. Litfin, 45 | Vice President | 2016 | Director of Research (U.S.) and portfolio manager, CWAM since December 2015; formerly, portfolio manager, William Blair & Company 1993-2015; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2016. |
Satoshi Matsunaga, 45 | Vice President | 2015 | Portfolio manager and/or analyst, CWAM or its predecessors since 2005; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015. |
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Name and age at December 31, 2016 | Position held with Columbia Acorn Trust and Wanger Advisors Trust | Year first appointed or elected to office | Principal occupation(s) during the past five years |
Thomas P. McGuire, 44 | Chief Compliance Officer | 2015 | Chief Compliance Officer of the Columbia family of mutual funds for which Columbia Management Investment Advisers, LLC serves as investment adviser since 2012; Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-April 2010. |
Louis J. Mendes III, 52 | Vice President | 2003 | International Director of Research, CWAM, since 2015; portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust since 2003 and Wanger Advisors Trust since 2005. |
Julian Quero, 49 | Assistant Treasurer | 2015 | Vice President – Tax, Columbia Management Investment Advisers, LLC since 2009. |
Martha A. Skinner, 42 | Assistant Treasurer | 2016 | Vice President of Financial Reporting and Administration, Columbia Management since November 2015; Director of Financial Reporting, Columbia Management, April 2013-November 2015; Manager of Financial Reporting, Columbia Management, August 2010-April 2013. |
Matthew S. Szafranski, 39 | Vice President | 2015 | Portfolio manager and/or analyst, CWAM or its predecessors since 2008; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015. |
Andreas Waldburg-Wolfegg, 51 | Vice President | 2011 | Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011. |
Linda Roth-Wiszowaty, 47 | Secretary | 2006 | Business support analyst, CWAM since April 2007; Secretary, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Assistant Secretary, Columbia Acorn Trust and Wanger Advisors Trust, 2006-2014. |
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Average annual total returns (%) (for the period ended December 31, 2016) | ||||||
Inception | 1 Year | 5 Years | 10 Years | Life | ||
Wanger International | 05/03/95 | -1.41 | 7.01 | 3.56 | 11.39 | |
MSCI ACWI ex USA Small Cap Index (Net) | 3.91 | 7.74 | 2.90 | 5.53 | ||
S&P Global ex-U.S. Between $500M and $5B Index | 6.73 | 7.89 | 3.57 | 7.16 |
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Top ten holdings (%) (at December 31, 2016) | |
CCL Industries, Inc. (Canada) Global Label Converter | 2.2 |
Vitasoy International Holdings Ltd. (Hong Kong) Hong Kong Soy Food Brand | 1.8 |
SimCorp AS (Denmark) Software for Investment Managers | 1.7 |
AURELIUS Equity Opportunities SE & Co. KGaA (Germany) European Turnaround Investor | 1.6 |
Elior Group (France) Contract Caterer & Travel Concessionary | 1.6 |
Big Yellow Group PLC (United Kingdom) UK Self Storage | 1.5 |
Domino’s Pizza Enterprises Ltd. (Australia) Domino’s Pizza Operator in Australia & New Zealand | 1.4 |
Amara Raja Batteries Ltd. (India) Indian Maker of Auto & Industrial Batteries, Mostly for the Replacement Market | 1.4 |
Tikkurila OYJ (Finland) Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe | 1.3 |
AG Growth International, Inc. (Canada) Manufacturer of Augers & Grain Handling Equipment | 1.3 |
Equity sector breakdown (%) (at December 31, 2016) | |
Consumer Discretionary | 21.3 |
Consumer Staples | 4.8 |
Energy | 2.3 |
Financials | 8.4 |
Health Care | 10.1 |
Industrials | 23.5 |
Information Technology | 15.1 |
Materials | 6.7 |
Real Estate | 6.1 |
Telecommunication Services | 1.1 |
Utilities | 0.6 |
Total | 100.0 |
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Country breakdown (%) (at December 31, 2016) | |
Australia | 2.5 |
Belgium | 0.8 |
Cambodia | 0.9 |
Canada | 8.0 |
China | 1.6 |
Denmark | 2.5 |
Finland | 2.2 |
France | 2.1 |
Germany | 7.4 |
Hong Kong | 2.3 |
India | 3.4 |
Indonesia | 0.9 |
Italy | 2.1 |
Japan | 20.2 |
Malta | 1.2 |
Mexico | 1.2 |
Netherlands | 1.9 |
New Zealand | 0.6 |
Norway | 1.0 |
Philippines | 1.2 |
Singapore | 1.2 |
South Africa | 1.0 |
South Korea | 4.1 |
Spain | 2.6 |
Sweden | 4.1 |
Switzerland | 0.6 |
Taiwan | 2.6 |
Thailand | 0.5 |
Turkey | 0.5 |
United Kingdom | 13.4 |
United States(a) | 5.4 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds. |
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year end.
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July 1, 2016 — December 31, 2016 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Wanger International | 1,000.00 | 1,000.00 | 987.50 | 1,019.40 | 5.57 | 5.65 | 1.12 |
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December 31, 2016
Common Stocks 98.8% | ||
Issuer | Shares | Value ($) |
Australia 2.6% | ||
Domino’s Pizza Enterprises Ltd. Domino’s Pizza Operator in Australia & New Zealand | 146,615 | 6,856,199 |
Sirtex Medical Ltd. Selective Internal Radiation Therapy Biotech Company | 117,266 | 1,195,302 |
TFS Corp., Ltd.(a) Indian Sandalwood Plantation | 3,974,881 | 4,754,260 |
Total | 12,805,761 | |
Belgium 0.8% | ||
Melexis NV Analog & Custom Integrated Circuit Designer | 62,000 | 4,154,074 |
Cambodia 0.9% | ||
NagaCorp Ltd. Casino & Entertainment Complex in Cambodia | 7,976,000 | 4,597,178 |
Canada 8.2% | ||
AG Growth International, Inc. Manufacturer of Augers & Grain Handling Equipment | 163,976 | 6,414,196 |
Boardwalk Real Estate Investment Trust(a) Canadian Residential REIT | 102,200 | 3,703,147 |
CAE, Inc. Flight Simulator Equipment & Training Centers | 215,516 | 3,014,479 |
CCL Industries, Inc. Global Label Converter | 55,716 | 10,946,919 |
PrairieSky Royalty Ltd.(a) Canadian Owner of Oil & Gas Mineral Interests | 159,000 | 3,782,415 |
ShawCor Ltd. Oil & Gas Pipeline Products | 111,000 | 2,962,976 |
Tahoe Resources, Inc. Silver & Gold Projects in Guatemala, Canada & Peru | 289,255 | 2,725,264 |
Uni-Select, Inc. Distribution of Automotive Paint & Replacement Parts in North America | 120,000 | 2,635,683 |
Vermilion Energy, Inc. Canadian Exploration & Production Company | 108,947 | 4,583,783 |
Total | 40,768,862 | |
China 1.6% | ||
51job, Inc., ADR(a),(b) Integrated Human Resource Services | 116,227 | 3,928,473 |
China Everbright Water Ltd. Waste Water Treatment Operator | 3,119,000 | 1,073,617 |
China Medical System Holdings Ltd. Pharmaceutical & Medical Products | 1,938,000 | 3,059,683 |
Total | 8,061,773 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Denmark 2.6% | ||
SimCorp AS Software for Investment Managers | 165,722 | 8,076,674 |
William Demant Holding AS(b) Manufacture & Distribution of Hearing Aids & Diagnostic Equipment | 278,825 | 4,848,101 |
Total | 12,924,775 | |
Finland 2.3% | ||
Konecranes OYJ Manufacture & Service of Industrial Cranes & Port Handling Equipment | 85,354 | 3,035,063 |
Munksjo OYJ Specialty Paper Maker | 106,069 | 1,764,126 |
Tikkurila OYJ Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe | 332,599 | 6,585,578 |
Total | 11,384,767 | |
France 2.2% | ||
Elior Group(c) Contract Caterer & Travel Concessionary | 337,514 | 7,716,774 |
Eurofins Scientific SE Food, Pharmaceuticals & Materials Screening & Testing | 7,529 | 3,209,789 |
Total | 10,926,563 | |
Germany 7.6% | ||
AURELIUS Equity Opportunities SE & Co. KGaA European Turnaround Investor | 136,750 | 7,995,364 |
Deutsche Beteiligungs AG Private Equity Investment Management | 170,000 | 5,500,573 |
Fielmann AG Retail Optician Chain | 34,700 | 2,289,933 |
MTU Aero Engines AG Airplane Engine Components & Services | 53,781 | 6,203,631 |
Norma Group SE Clamps for Automotive & Industrial Applications | 91,367 | 3,891,917 |
Rational AG Commercial Ovens | 5,803 | 2,588,095 |
Stroeer SE & Co. KGaA(a) Out of Home & Online Advertising | 92,700 | 4,063,232 |
Wirecard AG(a) Online Payment Processing & Risk Management | 123,100 | 5,281,915 |
Total | 37,814,660 |
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December 31, 2016
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Hong Kong 2.4% | ||
Value Partners Group Ltd. Mutual Fund Management | 3,615,000 | 2,855,682 |
Vitasoy International Holdings Ltd. Hong Kong Soy Food Brand | 4,401,000 | 8,817,869 |
Total | 11,673,551 | |
India 3.6% | ||
Amara Raja Batteries Ltd. Indian Maker of Auto & Industrial Batteries, Mostly for the Replacement Market | 527,518 | 6,752,047 |
Credit Analysis & Research Ltd. Credit Rating Agency in India | 123,000 | 2,363,234 |
GRUH Finance Ltd. Rural & Small Town Mortgage & Home Equity Lending in India | 513,016 | 2,435,805 |
TVS Motor Co., Ltd. Indian Maker of Scooters, Mopeds, Motorcycles & Three-wheelers | 603,779 | 3,197,199 |
United Breweries Ltd. Indian Brewer | 245,385 | 2,813,841 |
Total | 17,562,126 | |
Indonesia 0.9% | ||
PT Link Net Tbk Fixed Broadband & CATV Service Provider | 5,415,000 | 2,069,939 |
PT Media Nusantara Citra Tbk Media Company in Indonesia | 19,954,000 | 2,588,636 |
Total | 4,658,575 | |
Italy 2.2% | ||
Brembo SpA High Performance Auto Braking Systems Supplier | 96,664 | 5,850,820 |
Industria Macchine Automatiche SpA Food & Drugs Packaging & Machinery | 84,000 | 5,093,144 |
Total | 10,943,964 | |
Japan 21.0% | ||
Aeon Credit Service Co., Ltd. Diversified Consumer-related Finance Company in Japan | 221,500 | 3,923,238 |
Aeon Mall Co., Ltd. Suburban Shopping Mall Developer, Owner & Operator | 447,500 | 6,288,635 |
Aica Kogyo Co., Ltd. Laminated Sheets, Building Materials & Chemical Adhesives | 131,400 | 3,459,115 |
Asahi Intecc Co., Ltd. Medical Guidewires for Surgery | 88,000 | 3,556,931 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
ASKUL Corp. Online & Mail Order Distribution to Businesses and Consumers | 68,500 | 2,338,338 |
CyberAgent, Inc. Mobile Advertising, Gaming & Media | 132,000 | 3,250,064 |
Daiseki Co., Ltd. Waste Disposal & Recycling | 148,000 | 3,028,550 |
DIP Corp. Mobile Temporary Job Information Provider | 182,000 | 3,750,300 |
Disco Corp. Semiconductor Dicing & Grinding Equipment | 31,900 | 3,856,745 |
Glory Ltd. Currency Handling Systems & Related Equipment | 123,600 | 3,894,924 |
Hikari Tsushin, Inc. Office IT/Mobiles/Insurance Distribution | 60,500 | 5,631,831 |
Istyle, Inc.(a) Cosmetics Review Portal & Retailer | 585,900 | 4,146,836 |
Japan Airport Terminal Co., Ltd. Airport Terminal Operator at Haneda | 56,300 | 2,034,347 |
Kintetsu World Express, Inc. Airfreight Logistics | 180,600 | 2,498,711 |
Milbon Co., Ltd. Hair Products for Salons | 65,020 | 2,456,938 |
MonotaRO Co., Ltd(a) Online Maintenance, Repair & Operations Goods Distributor in Japan | 115,000 | 2,345,015 |
Nakanishi, Inc. Dental Tools & Machinery | 86,600 | 3,347,197 |
NGK Spark Plug Co., Ltd. Automobile Parts | 165,300 | 3,663,833 |
Nippon Shinyaku Co., Ltd. Pharmaceutical & Orphan Drug Provider | 83,000 | 4,085,294 |
NOF Corp. Specialty Chemicals, Life Science & Rocket Fuels | 379,000 | 3,635,698 |
OSG Corp.(a) Consumable Cutting Tools | 118,000 | 2,316,926 |
Otsuka Corp. One-stop IT Services & Office Supplies Provider | 62,000 | 2,891,944 |
Santen Pharmaceutical Co., Ltd. Specialty Pharma (Ophthalmic Medicine) | 228,600 | 2,789,222 |
Seria Co., Ltd. 100 Yen Discount Stores | 72,200 | 4,903,964 |
Seven Bank Ltd. ATM Processing Services | 1,197,000 | 3,422,672 |
Sohgo Security Services Co., Ltd. Home & Office Security Services in Japan | 87,000 | 3,339,384 |
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Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Temp Holdings Co., Ltd. Temporary Staffing & Recruiting Agency Services in Japan | 189,200 | 2,925,926 |
Ushio, Inc. Industrial Light Sources | 308,700 | 3,926,269 |
Yonex Co., Ltd.(a) Branded Sporting Goods Manufacturer | 130,800 | 6,074,099 |
Total | 103,782,946 | |
Malta 1.3% | ||
Kindred Group PLC European Online Gaming Operator | 673,803 | 6,327,119 |
Mexico 1.3% | ||
Grupo Aeroportuario del Centro Norte SAB de CV Northern Mexican Airport Operator | 661,000 | 2,845,250 |
Grupo Aeroportuario del Sureste SAB de CV, ADR(a) Mexican Airport Operator | 23,506 | 3,382,278 |
Total | 6,227,528 | |
Netherlands 1.9% | ||
Aalberts Industries NV Flow Control & Heat Treatment | 175,987 | 5,709,491 |
Gemalto NV Digital Security Solutions | 66,960 | 3,871,062 |
Total | 9,580,553 | |
New Zealand 0.6% | ||
SKYCITY Entertainment Group Ltd. Casino & Entertainment Complex | 1,150,200 | 3,138,298 |
Norway 1.0% | ||
Atea ASA Nordic IT Hardware/Software Reseller & Integrator | 537,507 | 4,948,474 |
Philippines 1.3% | ||
Melco Crown Philippines Resorts Corp.(b) Integrated Resort Operator in Manila | 51,759,300 | 3,927,137 |
Puregold Price Club, Inc. Supermarket Operator in the Philippines | 2,998,900 | 2,352,670 |
Total | 6,279,807 | |
Singapore 1.3% | ||
Mapletree Commercial Trust Retail & Office Property Landlord | 4,718,227 | 4,545,058 |
SIIC Environment Holdings Ltd.(b) Waste Water Treatment Operator | 4,386,800 | 1,772,108 |
Total | 6,317,166 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
South Africa 1.1% | ||
Coronation Fund Managers Ltd. South African Fund Manager | 524,352 | 2,682,088 |
Famous Brands Ltd. Quick Service Restaurant & Cafe Franchise System in Africa | 231,106 | 2,633,687 |
Total | 5,315,775 | |
South Korea 4.3% | ||
KEPCO Plant Service & Engineering Co., Ltd. Power Plant & Grid Maintenance | 48,100 | 2,155,387 |
Koh Young Technology, Inc. Inspection Systems for Printed Circuit Boards | 143,008 | 5,346,397 |
Korea Investment Holdings Co., Ltd. Brokerage & Asset Management | 101,272 | 3,509,571 |
Medy-Tox, Inc. Botulinum Toxin ("Botox") & Dermal Fillers | 9,885 | 2,909,100 |
Modetour Network, Inc. Travel Services | 198,900 | 4,756,858 |
Yuhan Corp. Pharmaceutical Manufacturing & Distribution | 14,781 | 2,438,986 |
Total | 21,116,299 | |
Spain 2.7% | ||
Bolsas y Mercados Españoles SHMSF SA Spanish Stock Markets | 83,000 | 2,445,923 |
Distribuidora Internacional de Alimentacion SA Discount Retailer in Spain & Latin America | 523,000 | 2,568,251 |
Prosegur Cia de Seguridad SA, Registered Shares Security Guards | 932,536 | 5,830,908 |
Viscofan SA Sausage Casings Maker | 53,000 | 2,613,784 |
Total | 13,458,866 | |
Sweden 4.2% | ||
Byggmax Group AB Nordic Discount DIY Retail Chain | 376,000 | 2,600,048 |
Millicom International Cellular SA, SDR Telecoms Operator in Latin America & Africa | 74,809 | 3,196,622 |
Recipharm AB, B Shares(a) Contract Development Manufacturing Organization | 389,377 | 5,171,407 |
Sweco AB, Class B Engineering Consultants | 264,923 | 5,239,954 |
Trelleborg AB, Class B Manufacturer of Sealing, Dampening & Protective Solutions for Industry | 238,154 | 4,686,959 |
Total | 20,894,990 |
Wanger International | Annual Report 2016 | 11 |
Table of Contents
December 31, 2016
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Switzerland 0.6% | ||
Inficon Holding AG Gas Detection Instruments | 7,961 | 2,869,181 |
Taiwan 2.7% | ||
Advantech Co., Ltd. Industrial PC & Components | 302,349 | 2,384,171 |
PChome Online, Inc. Taiwanese E-commerce Company | 217,181 | 1,900,956 |
Silergy Corp. Chinese Provider of Analog & Mixed Digital Integrated Circuits | 400,000 | 5,603,307 |
St. Shine Optical Co., Ltd. Disposable Contact Lens Original Equipment Manufacturer | 44,000 | 839,933 |
Voltronic Power Technology Corp. Uninterruptible Power Supply Products & Solar Inverters | 192,395 | 2,659,467 |
Total | 13,387,834 | |
Thailand 0.5% | ||
Home Product Center PCL, Foreign Registered Shares Home Improvement Retailer | 8,645,000 | 2,456,928 |
Turkey 0.6% | ||
Logo Yazilim Sanayi Ve Ticaret AS(b) Enterprise Resource Planning (ERP) Software for Small-midsized Companies | 177,655 | 2,737,687 |
United Kingdom 13.9% | ||
Abcam PLC Online Sales of Antibodies | 558,316 | 5,271,122 |
Assura PLC UK Primary Health Care Property REIT | 3,732,468 | 2,635,476 |
Big Yellow Group PLC UK Self Storage | 869,737 | 7,370,684 |
Connect Group PLC Newspaper & Magazine Distributor | 1,210,014 | 2,277,840 |
Domino’s Pizza Group PLC Pizza Delivery in the UK, Ireland & Switzerland | 690,000 | 3,062,021 |
DS Smith PLC Packaging | 508,087 | 2,551,405 |
Halma PLC Health & Safety Sensor Technology | 535,093 | 5,919,992 |
Hastings Group Holdings PLC(c) General Insurance Provider | 1,223,613 | 3,724,712 |
LivaNova PLC(b) Neuromodulation & Cardiac Devices | 86,000 | 3,867,420 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Ocado Group PLC(a),(b) Online Grocery Retailer | 875,673 | 2,850,112 |
Polypipe Group PLC Manufacturer of Plastic Piping & Fittings | 916,825 | 3,659,730 |
PureCircle Ltd.(b) Natural Sweeteners | 609,228 | 1,877,031 |
Rentokil Initial PLC Pest Control, Washroom & Workwear Service Provider | 1,900,000 | 5,197,984 |
Rightmove PLC Internet Real Estate Listings | 122,000 | 5,860,441 |
Shaftesbury PLC London Prime Retail REIT | 460,000 | 5,150,022 |
Spirax-Sarco Engineering PLC Steam Systems & Pumps for Manufacturing & Process Industries | 56,865 | 2,926,524 |
WH Smith PLC Newsprint, Books & General Stationery Retailer | 229,513 | 4,397,655 |
Total | 68,600,171 | |
United States 0.6% | ||
Ultragenyx Pharmaceutical, Inc.(b) Biotech Focused on "Ultra-Orphan" Drugs | 42,000 | 2,953,020 |
Total Common Stocks (Cost: $415,899,344) | 488,669,271 | |
Securities Lending Collateral 4.1% | ||
Shares | Value ($) | |
Dreyfus Government Cash Management Fund, Institutional Shares, (7 day yield of 0.450%)(d) | 20,185,794 | 20,185,795 |
Total Securities Lending Collateral (Cost: $20,185,795) | 20,185,795 | |
Money Market Funds 0.9% | ||
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.445%) | 4,716,415 | 4,716,415 |
Total Money Market Funds (Cost: $4,716,415) | 4,716,415 | |
Total Investments (Cost: $440,801,554) | 513,571,481 | |
Obligation to Return Collateral for Securities Loaned | (20,185,795) | |
Other Assets & Liabilities, Net | 1,409,128 | |
Net Assets | $494,794,814 |
12 | Wanger International | Annual Report 2016 |
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December 31, 2016
(a) | All or a portion of this security was on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $19,287,402. |
(b) | Non-income producing security. |
(c) | Represents privately placed and other securities and instruments exempt from SEC 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 December 31, 2016, the value of these securities amounted to $11,441,486 or 2.31% of net assets. |
(d) | Investment made with cash collateral received from securities lending activity. |
ADR | American Depositary Receipt |
SDR | Swedish Depositary Receipt |
• | Level 1 – quoted prices in active markets for identical securities |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) |
• | Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment) |
Level 1 quoted prices in active markets for identical assets ($) | Level 2 other significant observable inputs ($) | Level 3 significant unobservable inputs ($) | Investments measured at net asset value ($) | Total ($) | |
Investments | |||||
Common Stocks | |||||
Australia | — | 12,805,761 | — | — | 12,805,761 |
Belgium | — | 4,154,074 | — | — | 4,154,074 |
Cambodia | — | 4,597,178 | — | — | 4,597,178 |
Canada | 40,768,862 | — | — | — | 40,768,862 |
China | 3,928,473 | 4,133,300 | — | — | 8,061,773 |
Denmark | — | 12,924,775 | — | — | 12,924,775 |
Wanger International | Annual Report 2016 | 13 |
Table of Contents
December 31, 2016
Level 1 quoted prices in active markets for identical assets ($) | Level 2 other significant observable inputs ($) | Level 3 significant unobservable inputs ($) | Investments measured at net asset value ($) | Total ($) | |
Finland | — | 11,384,767 | — | — | 11,384,767 |
France | — | 10,926,563 | — | — | 10,926,563 |
Germany | — | 37,814,660 | — | — | 37,814,660 |
Hong Kong | — | 11,673,551 | — | — | 11,673,551 |
India | — | 17,562,126 | — | — | 17,562,126 |
Indonesia | — | 4,658,575 | — | — | 4,658,575 |
Italy | — | 10,943,964 | — | — | 10,943,964 |
Japan | — | 103,782,946 | — | — | 103,782,946 |
Malta | — | 6,327,119 | — | — | 6,327,119 |
Mexico | 6,227,528 | — | — | — | 6,227,528 |
Netherlands | — | 9,580,553 | — | — | 9,580,553 |
New Zealand | — | 3,138,298 | — | — | 3,138,298 |
Norway | — | 4,948,474 | — | — | 4,948,474 |
Philippines | — | 6,279,807 | — | — | 6,279,807 |
Singapore | — | 6,317,166 | — | — | 6,317,166 |
South Africa | — | 5,315,775 | — | — | 5,315,775 |
South Korea | — | 21,116,299 | — | — | 21,116,299 |
Spain | — | 13,458,866 | — | — | 13,458,866 |
Sweden | — | 20,894,990 | — | — | 20,894,990 |
Switzerland | — | 2,869,181 | — | — | 2,869,181 |
Taiwan | — | 13,387,834 | — | — | 13,387,834 |
Thailand | — | 2,456,928 | — | — | 2,456,928 |
Turkey | — | 2,737,687 | — | — | 2,737,687 |
United Kingdom | 3,867,420 | 64,732,751 | — | — | 68,600,171 |
United States | 2,953,020 | — | — | — | 2,953,020 |
Total Common Stocks | 57,745,303 | 430,923,968 | — | — | 488,669,271 |
Securities Lending Collateral | 20,185,795 | — | — | — | 20,185,795 |
Money Market Funds | 4,716,415 | — | — | — | 4,716,415 |
Total Investments | 82,647,513 | 430,923,968 | — | — | 513,571,481 |
14 | Wanger International | Annual Report 2016 |
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December 31, 2016
Assets | |
Investments, at cost | |
Unaffiliated issuers, at cost | $440,801,554 |
Total investments, at cost | 440,801,554 |
Investments, at value | |
Unaffiliated issuers, at value (including securities on loan: $19,287,402) | 513,571,481 |
Total investments, at value | 513,571,481 |
Foreign currency (identified cost $17,996) | 17,997 |
Receivable for: | |
Investments sold | 445,061 |
Capital shares sold | 466,940 |
Dividends | 626,185 |
Securities lending income | 40,974 |
Foreign tax reclaims | 330,714 |
Prepaid expenses | 11,501 |
Trustees’ deferred compensation plan | 195,627 |
Total assets | 515,706,480 |
Liabilities | |
Due upon return of securities on loan | 20,185,795 |
Payable for: | |
Investments purchased | 340,403 |
Capital shares purchased | 19,669 |
Investment advisory fee | 12,876 |
Transfer agent fees | 2 |
Administration fees | 674 |
Trustees’ fees | 1,380 |
Chief compliance officer expenses | 740 |
Other expenses | 154,500 |
Trustees’ deferred compensation plan | 195,627 |
Total liabilities | 20,911,666 |
Net assets applicable to outstanding capital stock | $494,794,814 |
Represented by | |
Paid in capital | 418,780,082 |
Undistributed net investment income | 1,437,848 |
Accumulated net realized gain | 1,839,025 |
Unrealized appreciation (depreciation) on: | |
Investments - unaffiliated issuers | 72,769,927 |
Foreign currency translations | (32,068) |
Total - representing net assets applicable to outstanding capital stock | $494,794,814 |
Shares outstanding | 20,931,772 |
Net asset value per share | 23.64 |
Wanger International | Annual Report 2016 | 15 |
Table of Contents
Year Ended December 31, 2016
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $12,967,771 |
Interest | 67 |
Income from securities lending — net | 823,978 |
Foreign taxes withheld | (1,290,012) |
Total income | 12,501,804 |
Expenses: | |
Investment advisory fee | 5,101,567 |
Transfer agent fees | 629 |
Administration fees | 270,579 |
Trustees’ fees | 44,052 |
Printing and postage fees | 224,489 |
Audit fees | 76,903 |
Legal fees | 91,463 |
Chief compliance officer expenses | 57,439 |
Total expenses | 5,867,121 |
Net investment income | 6,634,683 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 6,191,192 |
Foreign currency translations | (56,245) |
Net realized gain | 6,134,947 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (19,669,907) |
Foreign currency translations | 4,602 |
Net change in unrealized appreciation (depreciation) | (19,665,305) |
Net realized and unrealized loss | (13,530,358) |
Net decrease in net assets resulting from operations | $(6,895,675) |
16 | Wanger International | Annual Report 2016 |
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Year Ended December 31, 2016 | Year Ended December 31, 2015 | |
Operations | ||
Net investment income | $6,634,683 | $7,165,545 |
Net realized gain | 6,134,947 | 50,062,926 |
Net change in unrealized appreciation (depreciation) | (19,665,305) | (55,089,693) |
Net increase (decrease) in net assets resulting from operations | (6,895,675) | 2,138,778 |
Distributions to shareholders | ||
Net investment income | (6,158,671) | (9,178,114) |
Net realized gains | (44,383,757) | (56,072,696) |
Total distributions to shareholders | (50,542,428) | (65,250,810) |
Decrease in net assets from capital stock activity | (34,395,890) | (17,413,960) |
Proceeds from regulatory settlements (Note 6) | — | 131,912 |
Total decrease in net assets | (91,833,993) | (80,394,080) |
Net assets at beginning of year | 586,628,807 | 667,022,887 |
Net assets at end of year | $494,794,814 | $586,628,807 |
Undistributed (excess of distributions over) net investment income | $1,437,848 | $(1,515,320) |
Year Ended | Year Ended | |||
December 31, 2016 | December 31, 2015 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Subscriptions | 374,135 | 9,287,190 | 431,818 | 12,302,455 |
Distributions reinvested | 2,014,153 | 50,542,428 | 2,291,751 | 65,250,810 |
Redemptions | (3,745,214) | (94,225,508) | (3,377,227) | (94,967,225) |
Total net decrease | (1,356,926) | (34,395,890) | (653,658) | (17,413,960) |
Wanger International | Annual Report 2016 | 17 |
Table of Contents
Year Ended December 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | |
Per share data | |||||
Net asset value, beginning of period | $26.32 | $29.07 | $34.55 | $31.19 | $28.79 |
Income from investment operations: | |||||
Net investment income | 0.31 | 0.31 | 0.36 | 0.39 | 0.46 |
Net realized and unrealized gain (loss) | (0.56) | (0.09) | (1.56) | 6.18 | 5.27 |
Total from investment operations | (0.25) | 0.22 | (1.20) | 6.57 | 5.73 |
Less distributions to shareholders from: | |||||
Net investment income | (0.29) | (0.41) | (0.48) | (0.88) | (0.38) |
Net realized gains | (2.14) | (2.57) | (3.80) | (2.33) | (2.95) |
Total distributions to shareholders | (2.43) | (2.98) | (4.28) | (3.21) | (3.33) |
Proceeds from regulatory settlements | — | 0.01 | — | — | — |
Net asset value, end of period | $23.64 | $26.32 | $29.07 | $34.55 | $31.19 |
Total Return | (1.41)% | 0.10% (a) | (4.40)% | 22.37% | 21.56% (b) |
Ratios to average net assets | |||||
Total gross expenses(c) | 1.08% (d) | 1.12% | 1.05% | 1.07% | 1.08% |
Total net expenses(c) | 1.08% (d) | 1.12% | 1.05% | 1.07% | 1.05% (e) |
Net investment income | 1.23% | 1.11% | 1.10% | 1.19% | 1.51% |
Supplemental data | |||||
Portfolio turnover | 56% | 53% | 28% | 44% | 34% |
Net assets, end of period (in thousands) | $494,795 | $586,629 | $667,023 | $784,977 | $702,667 |
Notes to Financial Highlights | |
(a) | The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%. |
(b) | Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced. |
(c) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(d) | Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by 0.05%. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving effect to this third party reimbursement. |
(e) | The benefits derived from custody fees paid indirectly had an impact of less than 0.01%. |
18 | Wanger International | Annual Report 2016 |
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December 31, 2016
Wanger International | Annual Report 2016 | 19 |
Table of Contents
December 31, 2016
Overnight and continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | |
Wanger International | |||||
Securities lending transactions | |||||
Equity securities | $19,287,402 | $— | $— | $— | $19,287,402 |
Gross amount of recognized liabilities for securities lending (collateral received) | 20,185,795 | ||||
Amounts due to counterparty | $898,393 |
20 | Wanger International | Annual Report 2016 |
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December 31, 2016
Goldman Sachs ($) | |||||||
Liabilities | |||||||
Collateral on securities loaned | 20,185,795 | ||||||
Total liabilities | 20,185,795 | ||||||
Total financial and derivative net assets | (20,185,795) | ||||||
Financial instruments | 19,287,402 | ||||||
Net amount (a) | (898,393) |
(a) | Represents the net amount due from/(to) counterparties in the event of default. |
Wanger International | Annual Report 2016 | 21 |
Table of Contents
December 31, 2016
Average daily net assets | Annual fee rate |
Up to $100 million | 1.100% |
$100 million to $250 million | 0.950% |
$250 million to $500 million | 0.900% |
$500 million to $1 billion | 0.800% |
$1 billion and over | 0.720% |
Aggregate average daily net assets of the Trust | Annual fee rate |
Up to $4 billion | 0.050% |
$4 billion to $6 billion | 0.040% |
$6 billion to $8 billion | 0.030% |
$8 billion and over | 0.020% |
22 | Wanger International | Annual Report 2016 |
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December 31, 2016
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
2,477,156 | (2,477,156) | — |
Wanger International | Annual Report 2016 | 23 |
Table of Contents
December 31, 2016
December 31, 2016 | December 31, 2015 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income (S) | Long-term capital gains ($) | Total ($) |
6,158,671 | 44,383,757 | 50,542,428 | 9,178,114 | 56,072,696 | 65,250,810 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
3,378,443 | 3,964,687 | — | 68,896,685 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
444,674,796 | 95,680,652 | (26,783,967) | 68,896,685 |
24 | Wanger International | Annual Report 2016 |
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Wanger International | Annual Report 2016 | 25 |
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December 31, 2016
26 | Wanger International | Annual Report 2016 |
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Wanger International | Annual Report 2016 | 27 |
Table of Contents
(Unaudited)
Capital gain dividend | Foreign taxes paid | Foreign taxes paid per share | Foreign source income | Foreign source income per share |
$4,217,549 | $1,072,631 | $0.05 | $11,857,160 | $0.57 |
28 | Wanger International | Annual Report 2016 |
Table of Contents
Shareholder Services Group
227 W. Monroe, Suite 3000
800.922.6769
Name and age at December 31, 2016 | Year first appointed or elected to a Board in the Columbia Funds Complex | Principal occupation(s) during the past five years | Number of Funds in the Columbia Funds Complex overseen (1) | Other directorships held by the Trustee during the past five years in addition to Columbia Acorn Trust and Wanger Advisors Trust |
Laura M. Born, 51, Chair | 2007 | Adjunct Associate Professor of Finance, University of Chicago Booth School of Business since 2007; Director, Carlson Inc. (private global hospitalities and travel company) since 2015; Managing Director – Investment Banking, JP Morgan Chase & Co. (broker-dealer) 2002-2007. | 11 | None. |
Maureen M. Culhane, 68 | 2007 | Retired. Formerly, Vice President, Goldman Sachs Asset Management, L.P. (investment adviser), 2005-2007; Vice President (Consultant) – Strategic Relationship Management, Goldman, Sachs & Co., 1999-2005. | 11 | None. |
Margaret M. Eisen, 63 | 2002 | Trustee, Smith College since 2012; Chief Investment Officer, EAM International LLC (corporate finance and asset management), 2003-2013; Managing Director, CFA Institute, 2005-2008. | 11 | RMB Investors Trust (formerly Burnham Investors Trust) (3 series). |
Thomas M. Goldstein, 57 | 2014 | Retired. Formerly, Chief Financial Officer, Allstate Protection Division, 2011-2014; Founding Partner, The GRG Group LLC, 2009-2011; Managing Director and Chief Financial Officer, Madison Dearborn Partners, 2007-2009. | 11 | Federal Home Loan Bank – Chicago; Federal Home Loan Mortgage Corporation. |
John C. Heaton, 57 | 2010 | Deputy Dean for Faculty, University of Chicago Booth School of Business; Joseph L. Gidwitz Professor of Finance, University of Chicago Booth School of Business since July 2000. | 11 | None. |
Wanger International | Annual Report 2016 | 29 |
Table of Contents
Name and age at December 31, 2016 | Year first appointed or elected to a Board in the Columbia Funds Complex | Principal occupation(s) during the past five years | Number of Funds in the Columbia Funds Complex overseen (1) | Other directorships held by the Trustee during the past five years in addition to Columbia Acorn Trust and Wanger Advisors Trust |
Charles R. Phillips, 60 | 2015 | Retired. Director, University of North Carolina School of Law Foundation since 2010. Formerly, Vice Chairman, J.P. Morgan Private Bank, 2011-2014; Managing Director, J.P. Morgan Private Bank, 2001-2011. | 11 | None. |
David J. Rudis, 63, Vice Chair | 2010 | Retired. Formerly, National Checking and Debit Executive, and Illinois President, Bank of America, 2007-2009; President, Consumer Banking Group, LaSalle National Bank, 2004-2007. | 11 | None. |
Name and age at December 31, 2016 | Year first appointed or elected to a Board in the Columbia Funds Complex | Principal occupation(s) during the past five years | Number of Funds in the Columbia Funds Complex overseen (1) | Other directorships held by the Trustee during the past five years in addition to Columbia Acorn Trust and Wanger Advisors Trust |
P. Zachary Egan, 48 (2) | 2015 | President, CWAM and President, Columbia Acorn Trust and Wanger Advisors Trust since April 2014; Global Chief Investment Officer, CWAM since October 2015; International Chief Investment Officer, CWAM, April 2014-September 2015; Director of International Research, CWAM, December 2004-March 2014; Vice President of Columbia Acorn Trust, 2003-2014, and Wanger Advisors Trust, 2007-2014; portfolio manager and analyst, CWAM or its predecessors, since 1999. | 11 | None. |
Ralph Wanger, 82 (3) | 1970 (4) | Founder, CWAM. Formerly, President, Chief Investment Officer and portfolio manager, CWAM or its predecessors, July 1992-September 2003; Director, Wanger Investment Company PLC; Consultant to CWAM or its predecessors, September 2003-September 2005. | 11 | None. |
(1) | The Trustees oversee the series of Wanger Advisors Trust and Columbia Acorn Trust. |
(2) | Mr. Egan is an "interested person" of Wanger Advisors Trust and Columbia Acorn Trust, and of CWAM, as defined in the 1940 Act, because he is an officer of each Trust and an employee of CWAM. |
(3) | As permitted under the Trust’s Bylaws, Mr. Wanger serves as a non-voting Trustee Emeritus of Columbia Acorn Trust and Wanger Advisors Trust. |
(4) | Dates prior to 1992 relate to the Acorn Fund, Inc., the predecessor trust to Columbia Acorn Trust. |
30 | Wanger International | Annual Report 2016 |
Table of Contents
Name and age at December 31, 2016 | Position held with Columbia Acorn Trust and Wanger Advisors Trust | Year first appointed or elected to office | Principal occupation(s) during the past five years |
Alan G. Berkshire, 56 | Vice President | 2015 | Chief Operating Officer, CWAM since April 2015. Formerly, Independent Director, ValueQuest India Moat Fund Limited (Mauritius), April 2014-March 2015; President – North America, Religare Global Asset Management, Inc., June 2011-November 2013; Partner, Estancia Capital Management LLC, September 2009-June 2011. |
Michael G. Clarke, 47 | Assistant Treasurer | 2004 | Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; Senior officer of Columbia funds and affiliated funds since 2002. |
William J. Doyle, 52 | Vice President | 2014 | Portfolio manager and/or analyst, CWAM or its predecessors since 2006; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014. |
P. Zachary Egan, 48 | President | 2007 | President, CWAM and President, Columbia Acorn Trust and Wanger Advisors Trust since April 2014; Global Chief Investment Officer, CWAM since October 2015; International Chief Investment Officer, CWAM, April 2014-September 2015; Director of International Research, CWAM, December 2004-March 2014; Vice President of Columbia Acorn Trust, 2003-2014, and Wanger Advisors Trust, 2007-2014; portfolio manager and analyst, CWAM or its predecessors, since 1999. |
David L. Frank, 53 | Vice President | 2014 | Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014. |
Paul B. Goucher, 48 | Assistant Secretary | 2015 | Senior Vice President and Assistant General Cousel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively, and Chief Counsel, January 2010 - January 2013); Vice President, Chief Legal Counsel and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010. |
Fritz Kaegi, 45 | Vice President | 2011 | Portfolio manager and/or analyst, CWAM or its predecessors since 2004; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011. |
John Kunka, 46 | Vice President, Treasurer and Principal Accounting and Financial Officer | 2006 | Treasurer and Principal Accounting and Financial Officer, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Vice President of Accounting and Operations, CWAM since May 2006; formerly, Assistant Treasurer, Columbia Acorn Trust and Wanger Advisors Trust 2006-2014. |
Stephen Kusmierczak, 49 | Vice President | 2011 | Portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011. |
Joseph C. LaPalm, 47 | Vice President | 2006 | Chief Compliance Officer, CWAM since 2005. |
Ryan C. Larrenaga, 46 | Assistant Secretary | 2015 | Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011 (previously, Counsel, May 2010-August 2011); Assistant General Counsel, Bank of America, 2005-April 2010; officer of Columbia funds and affiliated funds since 2005. |
Matthew A. Litfin, 45 | Vice President | 2016 | Director of Research (U.S.) and portfolio manager, CWAM since December 2015; formerly, portfolio manager, William Blair & Company 1993-2015; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2016. |
Satoshi Matsunaga, 45 | Vice President | 2015 | Portfolio manager and/or analyst, CWAM or its predecessors since 2005; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015. |
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Name and age at December 31, 2016 | Position held with Columbia Acorn Trust and Wanger Advisors Trust | Year first appointed or elected to office | Principal occupation(s) during the past five years |
Thomas P. McGuire, 44 | Chief Compliance Officer | 2015 | Chief Compliance Officer of the Columbia family of mutual funds for which Columbia Management Investment Advisers, LLC serves as investment adviser since 2012; Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-April 2010. |
Louis J. Mendes III, 52 | Vice President | 2003 | International Director of Research, CWAM, since 2015; portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust since 2003 and Wanger Advisors Trust since 2005. |
Julian Quero, 49 | Assistant Treasurer | 2015 | Vice President – Tax, Columbia Management Investment Advisers, LLC since 2009. |
Martha A. Skinner, 42 | Assistant Treasurer | 2016 | Vice President of Financial Reporting and Administration, Columbia Management since November 2015; Director of Financial Reporting, Columbia Management, April 2013-November 2015; Manager of Financial Reporting, Columbia Management, August 2010-April 2013. |
Matthew S. Szafranski, 39 | Vice President | 2015 | Portfolio manager and/or analyst, CWAM or its predecessors since 2008; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015. |
Andreas Waldburg-Wolfegg, 51 | Vice President | 2011 | Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011. |
Linda Roth-Wiszowaty, 47 | Secretary | 2006 | Business support analyst, CWAM since April 2007; Secretary, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Assistant Secretary, Columbia Acorn Trust and Wanger Advisors Trust, 2006-2014. |
32 | Wanger International | Annual Report 2016 |
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Wanger International | Annual Report 2016 | 35 |
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![](https://capedge.com/proxy/N-CSR/0001193125-17-067981/g354692imgff04e3b82.jpg)
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Item 2. Code of Ethics.
(a) | The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(b) | During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above. |
(c) | During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that Thomas Goldstein, a member of the registrant’s Board of Trustees and Audit Committee, qualifies as an audit committee financial expert. Mr. Goldstein is an independent trustee, as defined in paragraph (a)(2) of this item’s instructions.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended December 31, 2016 and December 31, 2015 are approximately as follows:
2016 | 2015 | |||
$81,800 | $ | 99,800 |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended December 31, 2016 and December 31, 2015 are approximately as follows:
2016 | 2015 | |||
$6,500 | $ | 16,900 |
Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above. In both fiscal years 2016 and 2015, Audit-Related Fees consist of agreed-upon procedures performed for other audit-related additional testing.
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During the fiscal years ended December 31, 2016 and December 31, 2015, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2016 and December 31, 2015 are approximately as follows:
2016 | 2015 | |||
$44,000 | $ | 34,700 |
Tax Fees incurred in both fiscal years 2016 and 2015 relate to the review of annual tax returns, the review of required shareholder distribution calculations and include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal year 2016 also includes Tax Fees for agreed upon procedures related to a fund merger and review of a final tax return.
During the fiscal years ended December 31, 2016 and December 31, 2015, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2016 and December 31, 2015 are as follows:
2016 | 2015 | |||
$0 | $ | 0 |
All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended December 31, 2016 and December 31, 2015 are approximately as follows:
2016 | 2015 | |||
$225,000 | $ | 225,000 |
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In both fiscal years 2016 and 2015, All Other Fees primarily consist of professional services rendered for internal control reviews.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The policy of the registrant’s Audit Committee is to specifically pre-approve (i) all audit and non-audit (including audit related, tax and all other) services provided by the registrant’s independent auditor to the registrant and individual funds (collectively “Fund Services”) and (ii) all non-audit services provided by the registrant’s independent auditor to the funds’ adviser or a control affiliate of the adviser, that relate directly to the funds’ operations and financial reporting (collectively “Fund-related Adviser Services”). A “control affiliate” is an entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the funds, and the term “adviser” is deemed to exclude any unaffiliated sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser.
If such Fund Services or Fund-related Adviser Services are required during the period between the Audit Committee’s regularly scheduled meetings, the Chairman of the Audit Committee has the authority to pre-approve the service, with reporting to the full Audit Committee at the next regularly scheduled meeting.
The Audit Committee will waive pre-approval of Fund Services or Fund-related Adviser Services provided that the requirements under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are met.
(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item approved pursuant to the “de minimis” exception under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during both fiscal years ended December 31, 2016 and December 31, 2015 was zero.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended December 31, 2016 and December 31, 2015 are approximately as follows:
2016 | 2015 | |||
$275,500 | $ | 276,600 |
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(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a) | The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR. |
(b) | Not applicable |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
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Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. |
(b) | There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) | Wanger Advisors Trust |
By (Signature and Title) | /s/ P. Zachary Egan | |
P. Zachary Egan, President and Principal Executive Officer |
Date | February 21, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ P. Zachary Egan | |
P. Zachary Egan, President and Principal Executive Officer |
Date | February 21, 2017 |
By (Signature and Title) | /s/ John M. Kunka | |
John M. Kunka, Treasurer and Principal Accounting and Financial Officer |
Date | February 21, 2017 |