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)
71 S Wacker Dr.
Suite 2500
Chicago, IL 60606,USA
(Address of principal executive offices) (Zip code)
Ryan C. Larrenaga
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, Massachusetts 02210
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, Massachusetts 02210
Mary C. Moynihan
Perkins Coie LLP
700 13th Street, NW
Suite 800
Washington, DC 20005
(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: June 30, 2023
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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
June 30, 2023 (Unaudited)
3 | |
5 | |
6 | |
10 | |
11 | |
12 | |
13 | |
14 | |
26 | |
26 |
(Unaudited)
Average annual total returns (%) (for the period ended June 30, 2023) | |||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | Life of Fund | ||
Wanger International | 05/03/95 | 11.67 | 14.29 | 1.71 | 4.53 | 10.03 | |
MSCI ACWI ex USA Small Cap Growth Index (Net) | 7.56 | 10.60 | 2.41 | 6.01 | - | ||
MSCI ACWI ex USA Small Cap Index (Net) | 6.84 | 10.93 | 2.62 | 5.75 | - |
Wanger International | Semiannual Report 2023 | 3 |
(Unaudited)
Equity sector breakdown (%) (at June 30, 2023) | |
Communication Services | 5.8 |
Consumer Discretionary | 3.5 |
Consumer Staples | 3.3 |
Financials | 4.5 |
Health Care | 19.1 |
Industrials | 31.0 |
Information Technology | 22.2 |
Materials | 4.8 |
Real Estate | 5.8 |
Total | 100.0 |
Country breakdown (%) (at June 30, 2023) | |
Australia | 5.3 |
Brazil | 1.4 |
Canada | 3.5 |
China | 1.3 |
Denmark | 2.7 |
Finland | 1.9 |
France | 1.4 |
Germany | 7.7 |
Italy | 5.2 |
Japan | 15.5 |
Mexico | 4.2 |
Netherlands | 4.0 |
New Zealand | 1.2 |
Norway | 0.5 |
South Korea | 2.7 |
Sweden | 9.0 |
Switzerland | 4.4 |
Taiwan | 6.4 |
United Kingdom | 14.1 |
United States(a) | 6.1 |
Vietnam | 1.5 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds. |
4 | Wanger International | Semiannual Report 2023 |
(Unaudited)
January 1, 2023 — June 30, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Wanger International | 1,000.00 | 1,000.00 | 1,116.70 | 1,018.85 | 6.44 | 6.14 | 1.22 |
Wanger International | Semiannual Report 2023 | 5 |
June 30, 2023 (Unaudited)
Common Stocks 96.1% | ||
Issuer | Shares | Value ($) |
Australia 5.3% | ||
carsales.com Ltd. | 218,250 | 3,490,165 |
IDP Education Ltd. | 516,580 | 7,649,939 |
Pro Medicus Ltd. | 142,970 | 6,292,214 |
Total | 17,432,318 | |
Brazil 1.4% | ||
TOTVS SA | 722,157 | 4,541,194 |
Canada 3.5% | ||
Altus Group Ltd. | 141,425 | 4,689,791 |
Osisko Gold Royalties Ltd. | 317,520 | 4,879,945 |
Richelieu Hardware Ltd. | 58,160 | 1,839,520 |
Total | 11,409,256 | |
China 1.4% | ||
China Meidong Auto Holdings Ltd. | 1,392,000 | 1,613,058 |
Silergy Corp. | 223,000 | 2,777,954 |
Total | 4,391,012 | |
Denmark 2.7% | ||
ALK-Abello A/S(a) | 306,888 | 3,353,132 |
Netcompany Group AS(a),(b) | 130,106 | 5,390,078 |
Total | 8,743,210 | |
Finland 1.9% | ||
Valmet OYJ | 226,505 | 6,305,107 |
France 1.4% | ||
Robertet SA | 5,178 | 4,712,295 |
Germany 7.8% | ||
Amadeus Fire AG | 23,121 | 2,820,971 |
Eckert & Ziegler Strahlen- und Medizintechnik AG | 80,858 | 3,212,613 |
Hypoport SE(a) | 24,182 | 4,419,081 |
Jenoptik AG | 112,720 | 3,872,540 |
Nemetschek SE | 72,912 | 5,443,374 |
Washtec AG | 141,954 | 5,547,897 |
Total | 25,316,476 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Italy 5.2% | ||
Amplifon SpA | 245,973 | 9,022,243 |
Carel Industries SpA | 233,001 | 7,020,629 |
GVS SpA(a) | 164,075 | 991,908 |
Total | 17,034,780 | |
Japan 15.5% | ||
Aruhi Corp. | 447,000 | 3,069,854 |
Avant Group Corp. | 975,300 | 9,598,836 |
Daiseki Co., Ltd. | 303,180 | 8,571,408 |
Fuso Chemical Co., Ltd. | 177,400 | 5,579,926 |
Hoshizaki Corp. | 213,700 | 7,672,399 |
Insource Co., Ltd. | 267,600 | 2,209,505 |
Milbon Co., Ltd. | 70,000 | 2,396,138 |
Simplex Holdings, Inc. | 243,200 | 4,457,352 |
Solasto Corp. | 1,525,200 | 7,065,860 |
Total | 50,621,278 | |
Mexico 4.2% | ||
Corporación Inmobiliaria Vesta SAB de CV | 2,750,440 | 8,927,642 |
Grupo Aeroportuario del Centro Norte SAB de CV | 306,064 | 3,254,288 |
La Comer SAB de CV | 727,154 | 1,576,060 |
Total | 13,757,990 | |
Netherlands 4.0% | ||
BE Semiconductor Industries NV | 40,068 | 4,345,541 |
IMCD NV | 60,303 | 8,678,265 |
Total | 13,023,806 | |
New Zealand 1.2% | ||
Fisher & Paykel Healthcare Corp., Ltd. | 249,833 | 3,761,922 |
Norway 0.5% | ||
AutoStore Holdings Ltd.(a),(c) | 774,282 | 1,694,897 |
South Korea 2.7% | ||
Jeisys Medical, Inc.(a) | 618,378 | 4,872,125 |
KEPCO Plant Service & Engineering Co., Ltd. | 93,280 | 2,369,512 |
Koh Young Technology, Inc. | 128,383 | 1,512,190 |
Total | 8,753,827 |
6 | Wanger International | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Sweden 9.0% | ||
AddTech AB, B Shares | 464,140 | 10,122,169 |
Dometic Group AB | 276,738 | 1,824,985 |
Munters Group AB | 520,213 | 5,907,270 |
Sectra AB, Class B(a) | 596,557 | 10,008,944 |
Sweco AB, Class B | 140,549 | 1,548,612 |
Total | 29,411,980 | |
Switzerland 4.4% | ||
Belimo Holding AG, Registered Shares | 13,700 | 6,847,433 |
Inficon Holding AG | 3,859 | 4,662,909 |
Kardex Holding AG | 13,078 | 2,941,364 |
Total | 14,451,706 | |
Taiwan 6.4% | ||
Parade Technologies Ltd. | 201,000 | 6,967,692 |
Sinbon Electronics Co., Ltd. | 478,000 | 5,678,824 |
Universal Vision Biotechnology Co., Ltd.(a) | 205,800 | 2,810,924 |
Voltronic Power Technology Corp. | 86,495 | 5,470,117 |
Total | 20,927,557 | |
United Kingdom 14.2% | ||
Abcam PLC, ADR(a) | 200,379 | 4,903,274 |
Auto Trader Group PLC | 748,811 | 5,814,162 |
Diploma PLC | 154,367 | 5,859,278 |
Genus PLC | 170,353 | 4,694,659 |
Intermediate Capital Group PLC | 286,489 | 5,021,803 |
Porvair PLC | 810,678 | 6,527,417 |
Rightmove PLC | 1,352,453 | 8,984,689 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Safestore Holdings PLC | 407,276 | 4,408,397 |
Total | 46,213,679 | |
United States 1.9% | ||
Inter Parfums, Inc. | 46,932 | 6,346,614 |
Vietnam 1.5% | ||
Asia Commercial Bank JSC | 1,830,426 | 1,717,963 |
FPT Corp. | 880,740 | 3,217,110 |
Total | 4,935,073 | |
Total Common Stocks (Cost $260,909,103) | 313,785,977 | |
Securities Lending Collateral 0.7% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.997%(d),(e) | 2,352,000 | 2,352,000 |
Total Securities Lending Collateral (Cost $2,352,000) | 2,352,000 | |
Money Market Funds 3.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.323%(d),(f) | 11,404,990 | 11,400,428 |
Total Money Market Funds (Cost $11,399,203) | 11,400,428 | |
Total Investments in Securities (Cost $274,660,306) | 327,538,405 | |
Obligation to Return Collateral for Securities Loaned | (2,352,000) | |
Other Assets & Liabilities, Net | 1,422,806 | |
Net Assets | $326,609,211 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
MSCI Emerging Markets Index | 165 | 09/2023 | USD | 8,232,675 | — | (98,893) |
Wanger International | Semiannual Report 2023 | 7 |
June 30, 2023 (Unaudited)
(a) | Non-income producing investment. |
(b) | All or a portion of this security was on loan at June 30, 2023. The total market value of securities on loan at June 30, 2023 was $2,317,179. |
(c) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At June 30, 2023, the total value of these securities amounted to $1,694,897, which represents 0.52% of total net assets. |
(d) | The rate shown is the seven-day current annualized yield at June 30, 2023. |
(e) | Investment made with cash collateral received from securities lending activity. |
(f) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2023 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.323% | ||||||||
3,493,914 | 35,424,565 | (27,518,355) | 304 | 11,400,428 | (1,365) | 218,365 | 11,404,990 |
ADR | American Depositary Receipt |
USD | US Dollar |
■ | 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) |
8 | Wanger International | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2023:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | — | 17,432,318 | — | 17,432,318 |
Brazil | 4,541,194 | — | — | 4,541,194 |
Canada | 11,409,256 | — | — | 11,409,256 |
China | — | 4,391,012 | — | 4,391,012 |
Denmark | — | 8,743,210 | — | 8,743,210 |
Finland | — | 6,305,107 | — | 6,305,107 |
France | — | 4,712,295 | — | 4,712,295 |
Germany | — | 25,316,476 | — | 25,316,476 |
Italy | — | 17,034,780 | — | 17,034,780 |
Japan | — | 50,621,278 | — | 50,621,278 |
Mexico | 13,757,990 | — | — | 13,757,990 |
Netherlands | — | 13,023,806 | — | 13,023,806 |
New Zealand | — | 3,761,922 | — | 3,761,922 |
Norway | — | 1,694,897 | — | 1,694,897 |
South Korea | — | 8,753,827 | — | 8,753,827 |
Sweden | — | 29,411,980 | — | 29,411,980 |
Switzerland | — | 14,451,706 | — | 14,451,706 |
Taiwan | — | 20,927,557 | — | 20,927,557 |
United Kingdom | 4,903,274 | 41,310,405 | — | 46,213,679 |
United States | 6,346,614 | — | — | 6,346,614 |
Vietnam | — | 4,935,073 | — | 4,935,073 |
Total Common Stocks | 40,958,328 | 272,827,649 | — | 313,785,977 |
Securities Lending Collateral | 2,352,000 | — | — | 2,352,000 |
Money Market Funds | 11,400,428 | — | — | 11,400,428 |
Total Investments in Securities | 54,710,756 | 272,827,649 | — | 327,538,405 |
Investments in Derivatives | ||||
Liability | ||||
Futures Contracts | (98,893) | — | — | (98,893) |
Total | 54,611,863 | 272,827,649 | — | 327,439,512 |
Wanger International | Semiannual Report 2023 | 9 |
June 30, 2023 (Unaudited)
Assets | |
Investments in securities, at value* | |
Unaffiliated issuers (cost $263,261,103) | $316,137,977 |
Affiliated issuers (cost $11,399,203) | 11,400,428 |
Foreign currency (cost $308) | 307 |
Margin deposits on: | |
Futures contracts | 233,483 |
Receivable for: | |
Capital shares sold | 451,978 |
Dividends | 503,519 |
Securities lending income | 1,721 |
Foreign tax reclaims | 601,316 |
Variation margin for futures contracts | 62,700 |
Expense reimbursement due from Investment Manager | 499 |
Prepaid expenses | 3,199 |
Total assets | 329,397,127 |
Liabilities | |
Due upon return of securities on loan | 2,352,000 |
Payable for: | |
Capital shares redeemed | 57,422 |
Investment advisory fee | 8,714 |
Service fees | 49,017 |
Administration fees | 442 |
Trustees’ fees | 263,738 |
Other expenses | 56,583 |
Total liabilities | 2,787,916 |
Net assets applicable to outstanding capital stock | $326,609,211 |
Represented by | |
Paid in capital | 283,562,862 |
Total distributable earnings (loss) | 43,046,349 |
Total - representing net assets applicable to outstanding capital stock | $326,609,211 |
Shares outstanding | 16,728,523 |
Net asset value per share | 19.52 |
* Includes the value of securities on loan | 2,317,179 |
10 | Wanger International | Semiannual Report 2023 |
Six Months Ended June 30, 2023 (Unaudited)
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $3,118,014 |
Dividends — affiliated issuers | 218,365 |
Income from securities lending — net | 4,334 |
Foreign taxes withheld | (214,255) |
Total income | 3,126,458 |
Expenses: | |
Investment advisory fee | 1,612,100 |
Service fees | 180,327 |
Administration fees | 81,943 |
Trustees’ fees | 61,731 |
Custodian fees | 29,904 |
Printing and postage fees | 31,402 |
Accounting services fees | 16,664 |
Legal fees | 37,973 |
Compensation of chief compliance officer | 1,020 |
Other | 13,943 |
Total expenses | 2,067,007 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (68,257) |
Total net expenses | 1,998,750 |
Net investment income | 1,127,708 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 2,045,772 |
Investments — affiliated issuers | (1,365) |
Foreign currency translations | (54,618) |
Futures contracts | 379,532 |
Net realized gain | 2,369,321 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 32,351,466 |
Investments — affiliated issuers | 304 |
Foreign currency translations | 6,397 |
Futures contracts | (76,970) |
Net change in unrealized appreciation (depreciation) | 32,281,197 |
Net realized and unrealized gain | 34,650,518 |
Net increase in net assets resulting from operations | $35,778,226 |
Wanger International | Semiannual Report 2023 | 11 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |
Operations | ||
Net investment income | $1,127,708 | $2,454,448 |
Net realized gain (loss) | 2,369,321 | (11,818,365) |
Net change in unrealized appreciation (depreciation) | 32,281,197 | (155,846,052) |
Net increase (decrease) in net assets resulting from operations | 35,778,226 | (165,209,969) |
Distributions to shareholders | ||
Net investment income and net realized gains | — | (65,112,945) |
Total distributions to shareholders | — | (65,112,945) |
Increase (decrease) in net assets from capital stock activity | (18,378,258) | 46,788,818 |
Total increase (decrease) in net assets | 17,399,968 | (183,534,096) |
Net assets at beginning of period | 309,209,243 | 492,743,339 |
Net assets at end of period | $326,609,211 | $309,209,243 |
Six Months Ended | Year Ended | |||
June 30, 2023 (Unaudited) | December 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Shares sold | 130,221 | 2,507,478 | 772,674 | 15,474,342 |
Distributions reinvested | — | — | 3,465,298 | 65,112,945 |
Shares redeemed | (1,095,637) | (20,885,736) | (1,649,271) | (33,798,469) |
Total net increase (decrease) | (965,416) | (18,378,258) | 2,588,701 | 46,788,818 |
12 | Wanger International | Semiannual Report 2023 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Per share data | ||||||
Net asset value, beginning of period | $17.48 | $32.62 | $28.03 | $26.00 | $22.20 | $30.84 |
Income from investment operations: | ||||||
Net investment income | 0.08 | 0.15(a) | 0.02 | 0.07 | 0.24 | 0.29 |
Net realized and unrealized gain (loss) | 1.96 | (10.88) | 5.21 | 3.31 | 6.08 | (4.93) |
Total from investment operations | 2.04 | (10.73) | 5.23 | 3.38 | 6.32 | (4.64) |
Less distributions to shareholders from: | ||||||
Net investment income | — | (0.22) | (0.17) | (0.48) | (0.20) | (0.60) |
Net realized gains | — | (4.19) | (0.47) | (0.87) | (2.32) | (3.40) |
Total distributions to shareholders | — | (4.41) | (0.64) | (1.35) | (2.52) | (4.00) |
Net asset value, end of period | $19.52 | $17.48 | $32.62 | $28.03 | $26.00 | $22.20 |
Total return | 11.67%(b) | (33.84%) | 18.81% | 14.36% | 29.99%(b) | (17.70%)(b) |
Ratios to average net assets | ||||||
Total gross expenses(c) | 1.26% | 1.22%(d) | 1.20% | 1.25% | 1.23% | 1.19% |
Total net expenses(c) | 1.22% | 1.22%(d) | 1.20% | 1.25% | 1.20% | 1.13% |
Net investment income | 0.69% | 0.71% | 0.06% | 0.34% | 1.01% | 1.03% |
Supplemental data | ||||||
Portfolio turnover | 14% | 31% | 36% | 60% | 42% | 47% |
Net assets, end of period (in thousands) | $326,609 | $309,209 | $492,743 | $467,811 | $475,562 | $426,359 |
Notes to Financial Highlights | |
(a) | Net investment income per share includes European Union tax reclaims. The effect of these reclaims amounted to $0.02 per share. |
(b) | Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced. |
(c) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(d) | Ratios include Trustees’ fees deferred and any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations. If these had been excluded, expenses would have been higher by 0.02%. |
Wanger International | Semiannual Report 2023 | 13 |
June 30, 2023 (Unaudited)
14 | Wanger International | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Wanger International | Semiannual Report 2023 | 15 |
June 30, 2023 (Unaudited)
16 | Wanger International | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 98,893* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Equity risk | 379,532 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Equity risk | (76,970) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 6,381,100 |
* | Based on the ending quarterly outstanding amounts for the six months ended June 30, 2023. |
Wanger International | Semiannual Report 2023 | 17 |
June 30, 2023 (Unaudited)
Overnight and continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | |
Wanger International | |||||
Securities lending transactions | |||||
Equity securities | $2,317,179 | $— | $— | $— | $2,317,179 |
Gross amount of recognized liabilities for securities lending (collateral received) | 2,352,000 | ||||
Amounts due to counterparty in the event of default | $34,821 |
Goldman Sachs ($) | |
Liabilities | |
Collateral on Securities Loaned | 2,352,000 |
Total Liabilities | 2,352,000 |
Total Financial and Derivative Net Assets | (2,352,000) |
Financial Instruments | 2,317,179 |
Net Amount (a) | (34,821) |
(a) | Represents the net amount due from/(to) counterparties in the event of default. |
18 | Wanger International | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Wanger International | Semiannual Report 2023 | 19 |
June 30, 2023 (Unaudited)
Average daily net assets | Annual fee rate |
Up to $100 million | 1.10% |
$100 million to $250 million | 0.95% |
$250 million to $500 million | 0.90% |
$500 million to $1 billion | 0.80% |
$1 billion and over | 0.72% |
Aggregate average daily net assets of the Trust | Annual fee rate |
Up to $4 billion | 0.05% |
$4 billion to $6 billion | 0.04% |
$6 billion to $8 billion | 0.03% |
$8 billion and over | 0.02% |
20 | Wanger International | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
274,660,000 | 80,988,000 | (28,208,000) | 52,780,000 |
Wanger International | Semiannual Report 2023 | 21 |
June 30, 2023 (Unaudited)
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
(9,175,545) | (2,459,865) | (11,635,410) |
22 | Wanger International | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Wanger International | Semiannual Report 2023 | 23 |
June 30, 2023 (Unaudited)
24 | Wanger International | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Wanger International | Semiannual Report 2023 | 25 |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the Fund’s strategy continued to be effective for an open-end mutual fund; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; |
• | the Fund did not require a highly liquid investment minimum; and |
• | the Program operated adequately during the period. |
26 | Wanger International | Semiannual Report 2023 |
Wanger International | Semiannual Report 2023 | 27 |
28 | Wanger International | Semiannual Report 2023 |
Wanger International | Semiannual Report 2023 | 29 |
June 30, 2023 (Unaudited)
3 | |
5 | |
6 | |
11 | |
12 | |
13 | |
14 | |
15 | |
24 | |
24 |
(Unaudited)
Average annual total returns (%) (for the period ended June 30, 2023) | |||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | Life of Fund | ||
Wanger Acorn | 05/03/95 | 16.26 | 21.47 | 3.18 | 8.60 | 10.61 | |
Russell 2500 Growth Index | 13.38 | 18.58 | 7.00 | 10.38 | - |
Wanger Acorn | Semiannual Report 2023 | 3 |
(Unaudited)
Portfolio breakdown (%) (at June 30, 2023) | |
Common Stocks | 95.8 |
Money Market Funds | 4.0 |
Securities Lending Collateral | 0.2 |
Total | 100.0 |
Equity sector breakdown (%) (at June 30, 2023) | |
Communication Services | 2.2 |
Consumer Discretionary | 18.2 |
Consumer Staples | 2.5 |
Energy | 2.9 |
Financials | 7.1 |
Health Care | 19.5 |
Industrials | 20.8 |
Information Technology | 19.3 |
Materials | 4.6 |
Real Estate | 2.9 |
Total | 100.0 |
4 | Wanger Acorn | Semiannual Report 2023 |
(Unaudited)
January 1, 2023 — June 30, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Wanger Acorn | 1,000.00 | 1,000.00 | 1,162.60 | 1,020.04 | 5.28 | 4.94 | 0.98 |
Wanger Acorn | Semiannual Report 2023 | 5 |
June 30, 2023 (Unaudited)
Common Stocks 95.0% | ||
Issuer | Shares | Value ($) |
Communication Services 2.1% | ||
Entertainment 1.3% | ||
Take-Two Interactive Software, Inc.(a) | 46,096 | 6,783,488 |
Media 0.8% | ||
Trade Desk, Inc. (The), Class A(a) | 56,878 | 4,392,119 |
Total Communication Services | 11,175,607 | |
Consumer Discretionary 17.3% | ||
Auto Components 0.8% | ||
Dorman Products, Inc.(a) | 57,597 | 4,540,372 |
Broadline Retail 0.5% | ||
Etsy, Inc.(a) | 35,187 | 2,977,172 |
Distributors 2.1% | ||
Pool Corp. | 30,414 | 11,394,301 |
Diversified Consumer Services 2.5% | ||
Bright Horizons Family Solutions, Inc.(a) | 145,002 | 13,405,435 |
Hotels, Restaurants & Leisure 4.7% | ||
Churchill Downs, Inc. | 91,079 | 12,675,464 |
Planet Fitness, Inc., Class A(a) | 54,636 | 3,684,652 |
Wingstop, Inc. | 31,487 | 6,302,438 |
Xponential Fitness, Inc., Class A(a) | 134,189 | 2,314,760 |
Total | 24,977,314 | |
Household Durables 2.6% | ||
Skyline Champion Corp.(a) | 135,391 | 8,861,341 |
TopBuild Corp.(a) | 18,102 | 4,815,494 |
Total | 13,676,835 | |
Specialty Retail 4.1% | ||
Boot Barn Holdings, Inc.(a) | 30,795 | 2,608,029 |
Five Below, Inc.(a) | 47,646 | 9,364,345 |
Williams-Sonoma, Inc. | 78,051 | 9,767,302 |
Total | 21,739,676 | |
Total Consumer Discretionary | 92,711,105 | |
Consumer Staples 2.3% | ||
Consumer Staples Distribution & Retail 1.7% | ||
BJ’s Wholesale Club Holdings, Inc.(a) | 146,651 | 9,240,479 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Household Products 0.6% | ||
WD-40 Co. | 17,452 | 3,292,320 |
Total Consumer Staples | 12,532,799 | |
Energy 2.8% | ||
Energy Equipment & Services 0.4% | ||
ChampionX Corp. | 35,725 | 1,108,904 |
Helix Energy Solutions Group, Inc.(a) | 130,021 | 959,555 |
Total | 2,068,459 | |
Oil, Gas & Consumable Fuels 2.4% | ||
Antero Resources Corp.(a) | 162,710 | 3,747,211 |
Diamondback Energy, Inc. | 62,158 | 8,165,075 |
HF Sinclair Corp. | 20,715 | 924,096 |
Total | 12,836,382 | |
Total Energy | 14,904,841 | |
Financials 6.7% | ||
Banks 1.6% | ||
Lakeland Financial Corp. | 50,827 | 2,466,126 |
Pinnacle Financial Partners, Inc. | 52,867 | 2,994,916 |
Western Alliance Bancorp | 83,749 | 3,054,326 |
Total | 8,515,368 | |
Capital Markets 3.2% | ||
Ares Management Corp., Class A | 54,570 | 5,257,819 |
GCM Grosvenor, Inc., Class A | 723,072 | 5,451,963 |
Houlihan Lokey, Inc., Class A | 65,774 | 6,466,242 |
Total | 17,176,024 | |
Insurance 1.9% | ||
Ryan Specialty Holdings, Inc., Class A(a) | 231,896 | 10,409,811 |
Total Financials | 36,101,203 | |
Health Care 18.5% | ||
Biotechnology 4.3% | ||
Exact Sciences Corp.(a) | 110,946 | 10,417,830 |
Natera, Inc.(a) | 183,738 | 8,940,691 |
Sarepta Therapeutics, Inc.(a) | 29,829 | 3,416,017 |
Total | 22,774,538 |
6 | Wanger Acorn | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care Equipment & Supplies 3.0% | ||
Glaukos Corp.(a) | 31,766 | 2,262,057 |
Inspire Medical Systems, Inc.(a) | 22,205 | 7,208,631 |
Insulet Corp.(a) | 8,165 | 2,354,296 |
Outset Medical, Inc.(a) | 189,676 | 4,148,214 |
Total | 15,973,198 | |
Health Care Providers & Services 2.4% | ||
Amedisys, Inc.(a) | 61,707 | 5,642,488 |
Chemed Corp. | 11,435 | 6,193,996 |
P3 Health Partners, Inc., Class A(a),(b) | 375,751 | 1,123,496 |
Total | 12,959,980 | |
Life Sciences Tools & Services 8.1% | ||
Bio-Techne Corp. | 182,447 | 14,893,149 |
DNA Script(a),(c),(d),(e) | 2,550 | 728,418 |
Maravai LifeSciences Holdings, Inc., Class A(a) | 262,213 | 3,259,307 |
Repligen Corp.(a) | 71,291 | 10,084,825 |
Stevanato Group SpA | 69,561 | 2,252,385 |
West Pharmaceutical Services, Inc. | 32,176 | 12,306,355 |
Total | 43,524,439 | |
Pharmaceuticals 0.7% | ||
Catalent, Inc.(a) | 82,997 | 3,598,750 |
Total Health Care | 98,830,905 | |
Industrials 19.8% | ||
Aerospace & Defense 3.1% | ||
Axon Enterprise, Inc.(a) | 41,995 | 8,194,064 |
Curtiss-Wright Corp. | 46,024 | 8,452,768 |
Total | 16,646,832 | |
Building Products 0.9% | ||
Simpson Manufacturing Co., Inc. | 32,828 | 4,546,678 |
Commercial Services & Supplies 1.3% | ||
Casella Waste Systems, Inc., Class A(a) | 79,024 | 7,147,721 |
Construction & Engineering 1.9% | ||
WillScot Mobile Mini Holdings Corp.(a) | 214,342 | 10,243,404 |
Electrical Equipment 3.1% | ||
AMETEK, Inc. | 19,154 | 3,100,649 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Atkore, Inc.(a) | 53,671 | 8,369,456 |
Generac Holdings, Inc.(a) | 32,941 | 4,912,491 |
Total | 16,382,596 | |
Machinery 2.5% | ||
Middleby Corp. (The)(a) | 39,537 | 5,844,755 |
SPX Technologies, Inc.(a) | 87,704 | 7,452,209 |
Total | 13,296,964 | |
Professional Services 5.6% | ||
Exponent, Inc. | 45,823 | 4,276,202 |
ICF International, Inc. | 57,512 | 7,153,918 |
KBR, Inc. | 104,913 | 6,825,640 |
Paycom Software, Inc. | 36,035 | 11,575,883 |
Total | 29,831,643 | |
Trading Companies & Distributors 1.4% | ||
SiteOne Landscape Supply, Inc.(a) | 46,213 | 7,734,208 |
Total Industrials | 105,830,046 | |
Information Technology 18.3% | ||
Communications Equipment 1.4% | ||
Calix, Inc.(a) | 145,237 | 7,248,779 |
Electronic Equipment, Instruments & Components 1.0% | ||
CDW Corp. | 29,743 | 5,457,840 |
IT Services 3.3% | ||
Endava PLC, ADR(a) | 56,083 | 2,904,538 |
Globant SA(a) | 21,980 | 3,950,246 |
MongoDB, Inc.(a) | 10,610 | 4,360,604 |
VeriSign, Inc.(a) | 27,906 | 6,305,919 |
Total | 17,521,307 | |
Semiconductors & Semiconductor Equipment 2.9% | ||
Lattice Semiconductor Corp.(a) | 65,877 | 6,328,803 |
Marvell Technology, Inc. | 63,388 | 3,789,335 |
Monolithic Power Systems, Inc. | 5,844 | 3,157,104 |
Wolfspeed, Inc.(a) | 43,908 | 2,440,846 |
Total | 15,716,088 |
Wanger Acorn | Semiannual Report 2023 | 7 |
June 30, 2023 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Software 9.1% | ||
Atlassian Corp., Class A(a) | 41,241 | 6,920,652 |
Bentley Systems, Inc., Class B | 124,943 | 6,775,659 |
DoubleVerify Holdings, Inc.(a) | 78,982 | 3,073,979 |
HubSpot, Inc.(a) | 13,824 | 7,355,612 |
Sprout Social, Inc., Class A(a) | 217,708 | 10,049,401 |
Workiva, Inc., Class A(a) | 65,657 | 6,674,691 |
Zscaler, Inc.(a) | 54,406 | 7,959,598 |
Total | 48,809,592 | |
Technology Hardware, Storage & Peripherals 0.6% | ||
Super Micro Computer, Inc.(a) | 12,306 | 3,067,271 |
Total Information Technology | 97,820,877 | |
Materials 4.4% | ||
Chemicals 2.2% | ||
Albemarle Corp. | 20,703 | 4,618,632 |
Avient Corp. | 174,596 | 7,140,977 |
Total | 11,759,609 | |
Construction Materials 0.7% | ||
Vulcan Materials Co. | 16,239 | 3,660,920 |
Containers & Packaging 1.5% | ||
Avery Dennison Corp. | 46,716 | 8,025,809 |
Total Materials | 23,446,338 | |
Real Estate 2.8% | ||
Real Estate Management & Development 2.8% | ||
Colliers International Group, Inc. | 102,403 | 10,054,951 |
CoStar Group, Inc.(a) | 22,125 | 1,969,125 |
FirstService Corp. | 17,883 | 2,755,591 |
Total | 14,779,667 | |
Total Real Estate | 14,779,667 | |
Total Common Stocks (Cost $434,240,008) | 508,133,388 | |
Securities Lending Collateral 0.1% | ||
Issuer | Shares | Value ($) |
Dreyfus Government Cash Management Fund, Institutional Shares, 4.997%(f),(g) | 755,650 | 755,650 |
Total Securities Lending Collateral (Cost $755,650) | 755,650 | |
Money Market Funds 4.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.323%(f),(h) | 21,332,760 | 21,324,227 |
Total Money Market Funds (Cost $21,321,994) | 21,324,227 | |
Total Investments in Securities (Cost: $456,317,652) | 530,213,265 | |
Obligation to Return Collateral for Securities Loaned | (755,650) | |
Other Assets & Liabilities, Net | 5,401,570 | |
Net Assets | 534,859,185 |
(a) | Non-income producing investment. |
(b) | All or a portion of this security was on loan at June 30, 2023. The total market value of securities on loan at June 30, 2023 was $645,541. |
(c) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2023, the total value of these securities amounted to $728,418, which represents 0.14% of total net assets. |
8 | Wanger Acorn | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
(d) | Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At June 30, 2023, the total market value of these securities amounted to $728,418, which represents 0.14% of total net assets. Additional information on these securities is as follows: |
Security | Acquisition Dates | Shares | Cost ($) | Value ($) |
DNA Script | 10/01/2021 | 2,550 | 2,223,535 | 728,418 |
(e) | Valuation based on significant unobservable inputs. |
(f) | The rate shown is the seven-day current annualized yield at June 30, 2023. |
(g) | Investment made with cash collateral received from securities lending activity. |
(h) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2023 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.323% | ||||||||
13,126,511 | 80,068,204* | (71,870,893) | 405 | 21,324,227 | (3,977) | 410,803 | 21,332,760 |
* | Includes the effect of affiliated issuers acquired in the fund reorganization. |
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) |
Wanger Acorn | Semiannual Report 2023 | 9 |
June 30, 2023 (Unaudited)
The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2023:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 11,175,607 | — | — | 11,175,607 |
Consumer Discretionary | 92,711,105 | — | — | 92,711,105 |
Consumer Staples | 12,532,799 | — | — | 12,532,799 |
Energy | 14,904,841 | — | — | 14,904,841 |
Financials | 36,101,203 | — | — | 36,101,203 |
Health Care | 98,102,487 | — | 728,418 | 98,830,905 |
Industrials | 105,830,046 | — | — | 105,830,046 |
Information Technology | 97,820,877 | — | — | 97,820,877 |
Materials | 23,446,338 | — | — | 23,446,338 |
Real Estate | 14,779,667 | — | — | 14,779,667 |
Total Common Stocks | 507,404,970 | — | 728,418 | 508,133,388 |
Securities Lending Collateral | 755,650 | — | — | 755,650 |
Money Market Funds | 21,324,227 | — | — | 21,324,227 |
Total Investments in Securities | 529,484,847 | — | 728,418 | 530,213,265 |
10 | Wanger Acorn | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Assets | |
Investments in securities, at value* | |
Unaffiliated issuers (cost $434,995,658) | $508,889,038 |
Affiliated issuers (cost $21,321,994) | 21,324,227 |
Receivable for: | |
Investments sold | 10,864,907 |
Capital shares sold | 147,528 |
Dividends | 204,176 |
Securities lending income | 86,120 |
Foreign tax reclaims | 4,510 |
Expense reimbursement due from Investment Manager | 5,891 |
Prepaid expenses | 4,957 |
Total assets | 541,531,354 |
Liabilities | |
Due upon return of securities on loan | 755,650 |
Payable for: | |
Investments purchased | 4,921,205 |
Capital shares redeemed | 469,499 |
Investment advisory fee | 10,760 |
Service fees | 87,045 |
Administration fees | 727 |
Trustees’ fees | 340,571 |
Compensation of chief compliance officer | 121 |
Other expenses | 86,591 |
Total liabilities | 6,672,169 |
Net assets applicable to outstanding capital stock | $534,859,185 |
Represented by | |
Paid in capital | 554,918,173 |
Total distributable earnings (loss) | (20,058,988) |
Total - representing net assets applicable to outstanding capital stock | $534,859,185 |
Shares outstanding | 42,011,132 |
Net asset value per share | 12.73 |
* Includes the value of securities on loan | 645,541 |
Wanger Acorn | Semiannual Report 2023 | 11 |
Six Months Ended June 30, 2023 (Unaudited)
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $1,261,710 |
Dividends — affiliated issuers | 410,803 |
Income from securities lending — net | 107,571 |
Foreign taxes withheld | (6,461) |
Total income | 1,773,623 |
Expenses: | |
Investment advisory fee | 1,741,816 |
Service fees | 257,318 |
Administration fees | 117,690 |
Trustees’ fees | 67,881 |
Custodian fees | 4,285 |
Printing and postage fees | 40,102 |
Accounting services fees | 15,158 |
Legal fees | 54,207 |
Compensation of chief compliance officer | 1,406 |
Other | 19,609 |
Total expenses | 2,319,472 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (21,660) |
Total net expenses | 2,297,812 |
Net investment loss | (524,189) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (2,217,079) |
Investments — affiliated issuers | (3,977) |
Net realized loss | (2,221,056) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 73,437,881 |
Investments — affiliated issuers | 405 |
Net change in unrealized appreciation (depreciation) | 73,438,286 |
Net realized and unrealized gain | 71,217,230 |
Net increase in net assets resulting from operations | $70,693,041 |
12 | Wanger Acorn | Semiannual Report 2023 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |
Operations | ||
Net investment loss | $(524,189) | $(1,927,196) |
Net realized loss | (2,221,056) | (91,533,245) |
Net change in unrealized appreciation (depreciation) | 73,438,286 | (131,691,257) |
Net increase (decrease) in net assets resulting from operations | 70,693,041 | (225,151,698) |
Distributions to shareholders | ||
Net investment income and net realized gains | — | (169,551,478) |
Total distributions to shareholders | — | (169,551,478) |
Increase in net assets from capital stock activity | 46,023,995 | 127,291,724 |
Total increase (decrease) in net assets | 116,717,036 | (267,411,452) |
Net assets at beginning of period | 418,142,149 | 685,553,601 |
Net assets at end of period | $534,859,185 | $418,142,149 |
Six Months Ended | Year Ended | |||
June 30, 2023 (Unaudited) | December 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Shares sold | 191,562 | 2,281,901 | 709,236 | 10,684,583 |
Fund reorganization | 5,916,758 | 70,883,229 | — | — |
Distributions reinvested | — | — | 14,516,393 | 169,551,478 |
Shares redeemed | (2,267,140) | (27,141,135) | (3,685,184) | (52,944,337) |
Total net increase | 3,841,180 | 46,023,995 | 11,540,445 | 127,291,724 |
Wanger Acorn | Semiannual Report 2023 | 13 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Per share data | ||||||
Net asset value, beginning of period | $10.95 | $25.74 | $24.63 | $22.26 | $20.70 | $26.74 |
Income from investment operations: | ||||||
Net investment income (loss) | (0.01) | (0.06) | (0.19) | (0.12) | (0.02) | (0.02) |
Net realized and unrealized gain (loss) | 1.79 | (8.14) | 2.36 | 4.78 | 5.93 | 0.75 |
Total from investment operations | 1.78 | (8.20) | 2.17 | 4.66 | 5.91 | 0.73 |
Less distributions to shareholders from: | ||||||
Net investment income | — | — | (0.20) | — | (0.07) | (0.03) |
Net realized gains | — | (6.59) | (0.86) | (2.29) | (4.28) | (6.74) |
Total distributions to shareholders | — | (6.59) | (1.06) | (2.29) | (4.35) | (6.77) |
Net asset value, end of period | $12.73 | $10.95 | $25.74 | $24.63 | $22.26 | $20.70 |
Total return | 16.26%(a) | (33.46%) | 8.90% | 24.23% | 31.10%(a) | (1.46%)(a) |
Ratios to average net assets | ||||||
Total gross expenses(b) | 0.99% | 1.01%(c) | 1.08% | 1.10% | 1.09% | 1.05% |
Total net expenses(b) | 0.98% | 1.01%(c) | 1.08% | 1.10% | 1.06% | 1.00% |
Net investment loss | (0.22)% | (0.40)% | (0.71)% | (0.61)% | (0.08)% | (0.09)% |
Supplemental data | ||||||
Portfolio turnover | 41% | 119% | 70% | 92% | 90% | 81% |
Net assets, end of period (in thousands) | $534,859 | $418,142 | $685,554 | $708,343 | $666,953 | $581,991 |
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) | Ratios include Trustees’ fees deferred and any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations. If these had been excluded, expenses would have been higher by 0.01%. |
14 | Wanger Acorn | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Wanger Acorn | Semiannual Report 2023 | 15 |
June 30, 2023 (Unaudited)
Overnight and continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | |
Wanger Acorn | |||||
Securities lending transactions | |||||
Equity securities | $645,541 | $— | $— | $— | $645,541 |
Gross amount of recognized liabilities for securities lending (collateral received) | 755,650 | ||||
Amounts due to counterparty in the event of default | $110,109 |
Goldman Sachs ($) | |
Liabilities | |
Collateral on Securities Loaned | 755,650 |
Total Liabilities | 755,650 |
Total Financial and Derivative Net Assets | (755,650) |
Financial Instruments | 645,541 |
Net Amount (a) | (110,109) |
(a) | Represents the net amount due from/(to) counterparties in the event of default. |
16 | Wanger Acorn | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Wanger Acorn | Semiannual Report 2023 | 17 |
June 30, 2023 (Unaudited)
Average daily net assets | Annual fee rate |
Up to $700 million | 0.74% |
$700 million to $2 billion | 0.69% |
$2 billion to $6 billion | 0.64% |
$6 billion and over | 0.63% |
18 | Wanger Acorn | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Aggregate average daily net assets of the Trust | Annual fee rate |
Up to $4 billion | 0.05% |
$4 billion to $6 billion | 0.04% |
$6 billion to $8 billion | 0.03% |
$8 billion and over | 0.02% |
Wanger Acorn | Semiannual Report 2023 | 19 |
June 30, 2023 (Unaudited)
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
456,318,000 | 98,775,000 | (24,880,000) | 73,895,000 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
(87,085,291) | — | (87,085,291) |
20 | Wanger Acorn | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
($) | |
Net investment loss | (553,000) |
Net realized loss | (4,828,000) |
Net change in unrealized appreciation/(depreciation) | 82,391,000 |
Net increase in net assets from operations | 77,010,000 |
Wanger Acorn | Semiannual Report 2023 | 21 |
June 30, 2023 (Unaudited)
22 | Wanger Acorn | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Wanger Acorn | Semiannual Report 2023 | 23 |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the Fund’s strategy continued to be effective for an open-end mutual fund; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; |
• | the Fund did not require a highly liquid investment minimum; and |
• | the Program operated adequately during the period. |
24 | Wanger Acorn | Semiannual Report 2023 |
Wanger Acorn | Semiannual Report 2023 | 25 |
26 | Wanger Acorn | Semiannual Report 2023 |
Wanger Acorn | Semiannual Report 2023 | 27 |
28 | Wanger Acorn | Semiannual Report 2023 |
Item 2. Code of Ethics.
Not applicable for semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semiannual reports.
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.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officers, 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 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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.
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/ Daniel J. Beckman |
| Daniel J. Beckman, Co-President and Principal Executive Officer |
|
|
Date | August 22, 2023 |
|
|
|
|
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/ Daniel J. Beckman |
| Daniel J. Beckman, Co-President and Principal Executive Officer |
|
|
Date | August 22, 2023 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Treasurer and Principal Accounting |
| and Financial Officer |
|
|
Date | August 22, 2023 |