N-Q 1 d572453dnq.htm WANGER ADVISORS TRUST WANGER ADVISORS TRUST

OMB APPROVAL

OMB Number:   3235-0578
Expires:   March 31, 2019
Estimated average burden
hours per response   10.5

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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: March 31, 2018

 

 

 

Item 1. Schedule of Investments.

 

Portfolio of Investments
Wanger USA, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.9%
Issuer Shares Value ($)
Consumer Discretionary 18.0%
Auto Components 3.9%
Cooper-Standard Holding, Inc.(a)
Sealing, fuel and brake delivery, fluid transfer systems, anti-vibration systems components, subsystems, and modules 		60,779 7,464,269
Dorman Products, Inc.(a)
Automotive products and home hardware 		107,967 7,148,495
LCI Industries
Recreational vehicles and equipment 		56,836 5,919,470
Tenneco, Inc.
Emission control and ride control products and systems 		112,498 6,172,765
Total   26,704,999
Distributors 0.7%
Pool Corp.
Swimming pool supplies, equipment and leisure products 		33,429 4,887,988
Diversified Consumer Services 1.9%
Adtalem Global Education, Inc.(a)
Higher education institutions 		131,785 6,266,376
Bright Horizons Family Solutions, Inc.(a)
Child care and early education services 		64,733 6,455,175
Total   12,721,551
Hotels, Restaurants & Leisure 6.1%
Dave & Buster’s Entertainment, Inc.(a)
Venues that combine dining and entertainment for adults and families 		193,647 8,082,826
Extended Stay America, Inc.
Hotels and motels 		430,763 8,516,184
Papa John’s International, Inc.(b)
Pizza delivery and carry-out restaurants 		83,190 4,766,787
Red Robin Gourmet Burgers, Inc.(a)
Chain of specialty restaurants 		57,933 3,360,114
Red Rock Resorts, Inc., Class A
Casino & entertainment properties 		103,000 3,015,840
Texas Roadhouse, Inc.
Moderately priced, full service restaurant chain 		143,277 8,278,545
Wingstop, Inc.
Cooked-to-order chicken wings 		112,885 5,331,559
Total   41,351,855
Common Stocks (continued)
Issuer Shares Value ($)
Household Durables 1.5%
Cavco Industries, Inc.(a)
Designs and manufactures systems-built structures 		23,032 4,001,810
iRobot Corp.(a),(b)
Manufactures robots for cleaning 		96,826 6,215,261
Total   10,217,071
Leisure Products 1.4%
Brunswick Corp.
Consumer products serving the outdoor and indoor active recreation markets 		82,501 4,899,734
MCBC Holdings, Inc.(a)
Sport boats 		180,293 4,543,384
Total   9,443,118
Specialty Retail 2.5%
Camping World Holdings, Inc., Class A
Recreational vehicles and accessories 		81,586 2,631,149
Five Below, Inc.(a)
Specialty value retailer 		144,544 10,600,857
Monro, Inc.
Automotive undercar repair and tire services 		75,262 4,034,043
Total   17,266,049
Total Consumer Discretionary 122,592,631
Consumer Staples 3.4%
Beverages 0.6%
MGP Ingredients, Inc.
Distillery ingredients and products 		45,505 4,076,793
Food Products 0.5%
Hostess Brands, Inc.(a)
Packaged baked sweet goods 		261,986 3,874,773
Household Products 1.5%
Central Garden & Pet Co.(a)
Lawn, garden & pet supply products 		130,000 5,590,000
WD-40 Co.
Multi-purpose lubricant products and heavy-duty hand cleaners 		33,824 4,454,621
Total   10,044,621
Personal Products 0.8%
Inter Parfums, Inc.
Fragrances and related products 		117,035 5,518,200
Total Consumer Staples 23,514,387
Wanger USA  | Quarterly Report 2018
 1

Portfolio of Investments   (continued)
Wanger USA, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Energy 1.6%
Energy Equipment & Services 0.8%
Core Laboratories NV
Reservoir description, production enhancement, and reservoir management services 		48,984 5,301,049
Oil, Gas & Consumable Fuels 0.8%
PDC Energy, Inc.(a)
Petroleum products 		111,637 5,473,562
Total Energy 10,774,611
Financials 13.4%
Banks 6.0%
First Busey Corp.
Multi-bank holding company 		329,325 9,787,539
Great Southern Bancorp, Inc.
Real estate, commercial real estate, commercial business, consumer, and construction loans 		108,845 5,436,808
Lakeland Financial Corp.
Bank holding company 		173,877 8,038,334
LegacyTexas Financial Group, Inc.
Bank holding company 		99,383 4,255,580
Sandy Spring Bancorp, Inc.
Holding company for Sandy Spring Bank 		174,469 6,762,418
Trico Bancshares
Holding company for Tri Counties Bank 		175,934 6,548,263
Total   40,828,942
Capital Markets 4.1%
Ares Management LP
Asset management firm 		192,130 4,111,582
BrightSphere Investment Group PLC
Asset management company 		495,376 7,807,126
Hamilton Lane, Inc., Class A
Private market investment solutions 		182,639 6,799,650
Houlihan Lokey, Inc.
Investment bank 		202,632 9,037,387
Total   27,755,745
Consumer Finance 1.2%
FirstCash, Inc.
Owns and operates pawn stores 		101,281 8,229,081
Common Stocks (continued)
Issuer Shares Value ($)
Thrifts & Mortgage Finance 2.1%
Merchants Bancorp
Bank holding company 		160,460 3,449,890
OceanFirst Financial Corp.
New Jersey banks 		218,766 5,851,991
Walker & Dunlop, Inc.
Commercial real estate financial services 		85,360 5,072,091
Total   14,373,972
Total Financials 91,187,740
Health Care 27.0%
Biotechnology 7.9%
Agios Pharmaceuticals, Inc.(a)
Therapeutics in the field of cancer metabolism 		88,339 7,224,363
Amicus Therapeutics, Inc.(a)
Orally-administered, small molecule drugs to treat human genetic diseases 		286,000 4,301,440
Clovis Oncology, Inc.(a)
Pre-commercial Biotech Company 		102,528 5,413,478
Genomic Health, Inc.(a)
Development and commercialization of genomic-based clinical diagnostic tests for cancer 		140,418 4,393,679
Ligand Pharmaceuticals, Inc.(a)
Drugs that regulate hormone activated intracellular receptors 		54,898 9,066,954
Loxo Oncology, Inc.(a)
Researches and develops cancer drugs 		41,307 4,765,589
MacroGenics, Inc.(a)
Treatments for autoimmune disorders, cancer and infectious diseases 		228,655 5,752,960
Repligen Corp.(a)
Supplier to Biopharma Industry 		148,000 5,354,640
Sarepta Therapeutics(a)
RNA-based therapeutics for treatment of rare & infectious diseases 		59,100 4,378,719
Ultragenyx Pharmaceutical, Inc.(a)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases 		61,392 3,130,378
Total   53,782,200
 
 
2 Wanger USA  | Quarterly Report 2018

Portfolio of Investments   (continued)
Wanger USA, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 10.6%
Anika Therapeutics, Inc.(a)
Integrated orthopedic medicines company 		149,150 7,415,738
Atrion Corp.
Medical products and components 		14,059 8,875,447
AxoGen, Inc.(a)
Technologies for peripheral nerve reconstruction and regeneration 		190,361 6,948,177
Haemonetics Corp.(a)
Automated blood processing systems 		77,519 5,671,290
iRhythm Technologies, Inc.(a)
Medical instruments 		124,685 7,848,921
LeMaitre Vascular, Inc.
Medical devices for vascular surgeons and interventionists 		93,801 3,398,410
Masimo Corp.(a)
Medical signal processing and sensor technology for non-invasive monitoring of physiological parameters 		93,758 8,246,016
Orthofix International NV(a)
Spine fixation and other orthopedic & spine solutions 		80,101 4,708,337
Penumbra, Inc.(a)
Peripheral vascular & neurovascular devices 		55,000 6,360,750
Sientra, Inc.(a),(b)
Plastic surgery implantable devices 		514,485 4,969,925
Tactile Systems Technology, Inc.(a)
Technology for treating lymphedema, chronic swelling & venous ulcers 		111,839 3,556,480
Varex Imaging Corp.(a)
X-ray imaging components 		115,800 4,143,324
Total   72,142,815
Health Care Providers & Services 6.4%
Amedisys, Inc.(a)
Provider of alternate-site health care services 		77,108 4,652,697
AMN Healthcare Services, Inc.(a)
Temporary healthcare staffing 		142,144 8,066,672
Chemed Corp.
Hospice and palliative care services 		19,600 5,348,056
HealthEquity, Inc.(a)
Technology-enabled services platforms for consumers to make healthcare saving and spending decisions 		145,956 8,836,176
HealthSouth Corp.
Inpatient rehabilitative healthcare services 		170,545 9,750,057
Tivity Health, Inc.(a)
Health fitness solutions 		171,581 6,803,187
Total   43,456,845
Common Stocks (continued)
Issuer Shares Value ($)
Life Sciences Tools & Services 1.3%
Cambrex Corp.(a)
Products, services, and technologies for the Life Sciences and fine chemicals industry 		178,038 9,311,387
Pharmaceuticals 0.8%
Optinose, Inc.(a),(b)
Health care services 		268,563 5,376,631
Total Health Care 184,069,878
Industrials 11.0%
Building Products 0.8%
American Woodmark Corp.(a)
Kitchen cabinets and vanities 		58,593 5,768,481
Commercial Services & Supplies 4.0%
Brink’s Co. (The)
Provides security services globally 		129,679 9,252,597
Healthcare Services Group, Inc.
Housekeeping, laundry, linen, facility maintenance, and food services 		113,127 4,918,762
Knoll, Inc.
Branded office furniture products and textiles 		303,766 6,133,035
Unifirst Corp.
Workplace uniforms and protective clothing 		43,111 6,968,893
Total   27,273,287
Machinery 2.2%
Barnes Group, Inc.
International industrial and aerospace manufacturer and service provider 		91,670 5,490,116
ESCO Technologies, Inc.
Engineered products and solutions 		106,469 6,233,760
Toro Co. (The)
Turf equipment 		52,903 3,303,793
Total   15,027,669
Professional Services 2.2%
Exponent, Inc.
Science and engineering consulting firm 		45,500 3,578,575
ICF International, Inc.
Management, technology, policy consulting, and implementation services 		135,235 7,904,486
Wageworks, Inc.(a)
Tax-advantaged programs for consumer-directed health, commuter, and other employee spending account benefits 		72,242 3,265,338
Total   14,748,399
 
 
Wanger USA  | Quarterly Report 2018
 3

Portfolio of Investments   (continued)
Wanger USA, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Road & Rail 1.0%
Saia, Inc.(a)
Trucking transportation 		94,015 7,065,227
Trading Companies & Distributors 0.8%
SiteOne Landscape Supply, Inc.(a)
Landscape supplies 		70,950 5,465,988
Total Industrials 75,349,051
Information Technology 19.5%
Electronic Equipment, Instruments & Components 0.9%
II-VI, Inc.(a)
Optical and optoelectronic devices 		144,110 5,894,099
Internet Software & Services 5.7%
Alteryx, Inc., Class A(a)
Data storage, retrieval, management, reporting, and analytics solutions 		322,702 11,017,046
Apptio, Inc., Class A(a)
Cloud-based business management solutions 		201,888 5,721,506
Mimecast Ltd.(a)
Cloud security and risk management services for corporate information and email 		244,231 8,653,104
MINDBODY, Inc., Class A(a)
Business management software 		144,314 5,613,815
Q2 Holdings, Inc.(a)
Secure, cloud-based virtual banking solutions 		96,516 4,396,304
Web.com Group, Inc.(a)
Web site solutions to small businesses 		180,000 3,258,000
Total   38,659,775
IT Services 1.9%
CoreLogic, Inc.(a)
Consumer, financial and property information, analytics and services to business and government 		82,609 3,736,405
MAXIMUS, Inc.
Program management and consulting services to state and local governments 		77,964 5,203,317
WNS Holdings Ltd., ADR(a)
Business process outsourcing services 		96,109 4,356,621
Total   13,296,343
Common Stocks (continued)
Issuer Shares Value ($)
Semiconductors & Semiconductor Equipment 6.7%
Advanced Energy Industries, Inc.(a)
Engineered precision power conversion, measurement and control solutions 		112,740 7,204,086
Ambarella, Inc.(a)
High definition video compression and image processing semiconductors 		118,024 5,781,996
Brooks Automation, Inc.
Automation solutions for the global semiconductor and related industries 		183,199 4,961,029
Cabot Microelectronics Corp.
slurries used in chemical mechanical planarization 		91,232 9,771,860
Inphi Corp.(a),(b)
Analog semiconductor solutions 		160,222 4,822,682
Monolithic Power Systems, Inc.
Power management solutions 		71,575 8,286,238
Semtech Corp.(a)
Analog and mixed-signal semiconductors 		125,650 4,906,632
Total   45,734,523
Software 4.3%
Aspen Technology, Inc.(a)
Process optimization software, products and services 		93,014 7,337,874
Blackline, Inc.(a)
Develops and markets enterprise software 		143,372 5,621,616
CyberArk Software Ltd.(a)
IT security solutions 		109,631 5,593,374
Qualys, Inc.(a)
Information technology security risk and compliance management solutions 		100,018 7,276,309
Zscaler, Inc.(a)
Cloud-based internet security platform 		139,579 3,917,983
Total   29,747,156
Total Information Technology 133,331,896
Materials 1.8%
Chemicals 1.8%
Orion Engineered Carbons SA
Global supplier of Carbon Black 		307,637 8,336,963
Quaker Chemical Corp.
Custom-formulated chemical specialty products 		29,199 4,325,248
Total   12,662,211
Total Materials 12,662,211
 
 
4 Wanger USA  | Quarterly Report 2018

Portfolio of Investments   (continued)
Wanger USA, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 2.6%
Equity Real Estate Investment Trusts (REITS) 1.8%
CoreCivic, Inc.
Detention and corrections services 		180,716 3,527,576
Coresite Realty Corp.
Develops, owns & operates data centers 		47,238 4,736,082
UMH Properties, Inc.
Real estate investment trust 		290,198 3,891,555
Total   12,155,213
Real Estate Management & Development 0.8%
Colliers International Group, Inc.
Commercial real estate, residential property management and property services 		80,342 5,579,752
Total Real Estate 17,734,965
Telecommunication Services 0.6%
Wireless Telecommunication Services 0.6%
Boingo Wireless, Inc.(a)
Mobile internet services 		158,000 3,913,660
Total Telecommunication Services 3,913,660
Total Common Stocks
(Cost: $528,912,127) 		675,131,030
Securities Lending Collateral 2.6%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 1.570%(c),(d)
 17,409,375 17,409,375
Total Securities Lending Collateral
(Cost: $17,409,375) 		17,409,375
Money Market Funds 1.2%
JPMorgan U.S. Government Money Market Fund, Agency Shares, 1.479%(c) 8,355,828 8,355,828
Total Money Market Funds
(Cost: $8,355,828) 		8,355,828
Total Investments in Securities
(Cost $554,677,330) 		700,896,233
Obligation to Return Collateral for Securities Loaned   (17,409,375)
Other Assets & Liabilities, Net   (1,086,914)
Net Assets $682,399,944
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2018. The total market value of securities on loan at March 31, 2018 was $17,294,998.
(c) The rate shown is the seven-day current annualized yield at March 31, 2018.
(d) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
ADR American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Fair value measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
■ 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)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Wanger USA  | Quarterly Report 2018
 5

Portfolio of Investments   (continued)
Wanger USA, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Wanger Advisors Trust 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 Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Consumer Discretionary 122,592,631 — — 122,592,631
Consumer Staples 23,514,387 — — 23,514,387
Energy 10,774,611 — — 10,774,611
Financials 91,187,740 — — 91,187,740
Health Care 184,069,878 — — 184,069,878
Industrials 75,349,051 — — 75,349,051
Information Technology 133,331,896 — — 133,331,896
Materials 12,662,211 — — 12,662,211
Real Estate 17,734,965 — — 17,734,965
Telecommunication Services 3,913,660 — — 3,913,660
Total Common Stocks 675,131,030 — — 675,131,030
Securities Lending Collateral 17,409,375 — — 17,409,375
Money Market Funds 8,355,828 — — 8,355,828
Total Investments in Securities 700,896,233 — — 700,896,233
There were no transfers of financial assets between levels during the period.
6 Wanger USA  | Quarterly Report 2018

Portfolio of Investments
Wanger Select, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.5%
Issuer Shares Value ($)
Consumer Discretionary 20.1%
Auto Components 4.5%
LCI Industries
Recreational vehicles and equipment 		58,456 6,088,192
Distributors 4.6%
LKQ Corp.(a)
Automotive products and services 		163,002 6,185,926
Hotels, Restaurants & Leisure 5.1%
Vail Resorts, Inc.
Operates resorts globally 		31,142 6,904,182
Household Durables 3.2%
Cavco Industries, Inc.(a)
Designs and manufactures systems-built structures 		25,112 4,363,210
Media 2.7%
Liberty Global PLC, Class A(a)
Broadband, distribution, and content companies 		115,852 3,627,326
Total Consumer Discretionary 27,168,836
Financials 17.0%
Banks 4.6%
SVB Financial Group(a)
Holding company for Silicon Valley Bank 		25,748 6,179,777
Capital Markets 8.8%
Ares Management LP
Asset management firm 		127,968 2,738,515
Eaton Vance Corp.
Creates, markets, and manages mutual funds 		94,577 5,265,102
Lazard Ltd., Class A
Corporate Advisory & Asset Management 		74,046 3,891,858
Total   11,895,475
Consumer Finance 3.6%
FirstCash, Inc.
Owns and operates pawn stores 		60,880 4,946,500
Total Financials 23,021,752
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 13.1%
Biotechnology 3.5%
Genomic Health, Inc.(a)
Development and commercialization of genomic-based clinical diagnostic tests for cancer 		110,231 3,449,128
Ultragenyx Pharmaceutical, Inc.(a)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases 		23,523 1,199,438
Total   4,648,566
Health Care Equipment & Supplies 4.2%
Masimo Corp.(a)
Medical signal processing and sensor technology for non-invasive monitoring of physiological parameters 		65,000 5,716,750
Health Care Providers & Services 5.4%
HealthSouth Corp.
Inpatient rehabilitative healthcare services 		127,747 7,303,296
Total Health Care 17,668,612
Industrials 20.2%
Machinery 12.2%
Middleby Corp. (The)(a)
Equipment for use in cooking and preparing food 		27,775 3,438,267
Nordson Corp.
Systems that apply adhesives, sealants, and coatings to products during manufacturing 		30,453 4,151,962
Oshkosh Corp.
Fire and emergency apparatuses and specialty commercial, and military trucks 		82,877 6,403,906
Snap-On, Inc.
Tool and equipment solutions 		16,919 2,496,229
Total   16,490,364
Road & Rail 4.7%
JB Hunt Transport Services, Inc.
Logistics services 		54,019 6,328,326
Trading Companies & Distributors 3.3%
SiteOne Landscape Supply, Inc.(a)
Landscape supplies 		57,100 4,398,984
Total Industrials 27,217,674
Wanger Select  | Quarterly Report 2018
 1

Portfolio of Investments   (continued)
Wanger Select, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 20.9%
Electronic Equipment, Instruments & Components 5.7%
CDW Corp.
IT products and services 		74,300 5,224,033
Coherent, Inc.(a)
Laser-based photonic products 		13,484 2,526,901
Total   7,750,934
Internet Software & Services 10.8%
GoDaddy, Inc., Class A(a)
Cloud-based web platform for small businesses, web design professionals and individuals 		97,146 5,966,707
SPS Commerce, Inc.(a)
On-demand supply chain management solutions through an online hosted software suite 		44,476 2,849,577
VeriSign, Inc.(a)
Domain names and Internet security services 		49,233 5,837,065
Total   14,653,349
Software 4.4%
ANSYS, Inc.(a)
Software solutions for design analysis and optimization 		37,514 5,878,069
Total Information Technology 28,282,352
Materials 2.9%
Chemicals 2.9%
Celanese Corp., Class A
Global integrated producer of chemicals and advanced materials 		38,811 3,889,250
Total Materials 3,889,250
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 4.3%
Equity Real Estate Investment Trusts (REITS) 4.3%
Coresite Realty Corp.
Develops, owns & operates data centers 		14,300 1,433,718
Education Realty Trust, Inc.
Self-managed and self-advised real estate investment trust 		134,745 4,412,899
Total   5,846,617
Total Real Estate 5,846,617
Total Common Stocks
(Cost: $102,904,868) 		133,095,093
Money Market Funds 1.7%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.581%(b) 2,278,533 2,278,533
Total Money Market Funds
(Cost: $2,278,533) 		2,278,533
Total Investments in Securities
(Cost $105,183,401) 		135,373,626
Other Assets & Liabilities, Net   (218,564)
Net Assets $135,155,062
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) The rate shown is the seven-day current annualized yield at March 31, 2018.
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Fair value measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
■ 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)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
2 Wanger Select  | Quarterly Report 2018

Portfolio of Investments   (continued)
Wanger Select, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Wanger Advisors Trust 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 Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Consumer Discretionary 27,168,836 — — 27,168,836
Financials 23,021,752 — — 23,021,752
Health Care 17,668,612 — — 17,668,612
Industrials 27,217,674 — — 27,217,674
Information Technology 28,282,352 — — 28,282,352
Materials 3,889,250 — — 3,889,250
Real Estate 5,846,617 — — 5,846,617
Total Common Stocks 133,095,093 — — 133,095,093
Money Market Funds 2,278,533 — — 2,278,533
Total Investments in Securities 135,373,626 — — 135,373,626
There were no transfers of financial assets between levels during the period.
Wanger Select  | Quarterly Report 2018
 3

Portfolio of Investments
Wanger International, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.2%
Issuer Shares Value ($)
Australia 1.3%
carsales.com Ltd.
Automotive & related industry websites 		420,000 4,389,380
Domino’s Pizza Enterprises Ltd.
Pizza delivery stores 		94,541 3,046,332
Total 7,435,712
Belgium 1.1%
Melexis NV
Advanced integrated semiconductors, sensor ICs, and programmable sensor IC systems 		64,423 6,420,810
Brazil 0.7%
Odontoprev SA
Dental benefits company 		932,600 4,223,105
Cambodia 2.3%
NagaCorp Ltd.
Leisure and tourism company 		12,690,000 13,209,811
Canada 3.5%
AG Growth International, Inc.
Manufacturer of Augers & Grain Handling Equipment 		129,289 5,394,944
Boardwalk Real Estate Investment Trust
Real estate company 		30,705 1,055,079
CAE, Inc.
Training solutions based on simulation technology and integrated training services 		349,134 6,498,415
ShawCor Ltd.
Energy services company 		217,847 4,125,794
Winpak Ltd.
Packaging materials and machines for the protection of perishables 		75,070 2,823,101
Total 19,897,333
Cayman Islands 3.3%
Gourmet Master Co., Ltd.
Coffee & bakery cafes 		319,000 4,190,124
Netshoes Cayman Ltd.(a),(b)
Online sports goods and apparel 		281,221 1,664,829
Parade Technologies Ltd.
Fabless semiconductor company 		254,000 4,992,580
Silicon Motion Technology Corp., ADR
Semiconductor products 		77,269 3,718,184
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)
Chain of restaurants in China 		2,160,000 4,120,545
Total 18,686,262
Common Stocks (continued)
Issuer Shares Value ($)
China 1.6%
51job, Inc., ADR(a)
Integrated human resource services 		68,751 5,915,336
China Medical System Holdings Ltd.
Pharmaceutical and medical products 		1,419,000 3,250,762
Total 9,166,098
Denmark 2.2%
SimCorp AS
Global provider of highly specialised software for the investment management industry 		179,628 12,554,378
Finland 0.7%
Ahlstrom-Munksjo Oyj(b)
Industrial paper 		198,618 4,139,957
France 1.3%
Akka Technologies
High-technology engineering consulting services 		66,433 4,038,078
Elior Group SA(b)
Provides catering, cleaning, and facility management services 		157,654 3,425,780
Total 7,463,858
Germany 8.7%
AURELIUS Equity Opportunities SE & Co. KGaA
Loans to distressed companies 		82,620 5,753,942
CTS Eventim AG & Co. KGaA
Online ticket sales 		119,398 5,591,518
Deutsche Beteiligungs AG
Private equity company, investing in domestic medium-sized companies 		131,386 6,361,473
Nemetschek SE
Standard software for designing, constructing and managing buildings and real estate 		120,626 13,506,604
Norma Group SE
Plastic and metal-based components and systems in connecting technology 		65,512 4,901,041
Stroeer SE & Co. KGaA
Digital multi-channel media company 		103,923 7,256,737
Vapiano SE(a),(b)
Chain of restaurants 		233,117 6,296,110
Total 49,667,425
Wanger International  | Quarterly Report 2018
 1

Portfolio of Investments   (continued)
Wanger International, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Hong Kong 2.6%
ASM Pacific Technology Ltd.
Machines, tools & materials used in the semiconductor industry 		240,300 3,385,427
Value Partners Group Ltd.
Independent, value oriented asset management group 		3,556,000 3,350,596
Vitasoy International Holdings Ltd.
Food and beverages 		3,140,000 8,103,455
Total 14,839,478
India 2.3%
Care Ratings Ltd.
Credit rating services 		291,290 5,426,542
GRUH Finance Ltd.
Provides a range of home loans as well as insurance products 		584,522 5,205,418
TVS Motor Co., Ltd.
Motorcycles, mopeds and scooters 		268,933 2,574,484
Total 13,206,444
Indonesia 1.6%
PT Link Net Tbk
High-speed internet connection through fiber optic lines 		8,983,400 3,409,353
PT Media Nusantara Citra Tbk
Integrated media company in Southeast Asia 		27,843,300 2,878,566
PT Tower Bersama Infrastructure Tbk
Telecommunication infrastructure services to Indonesian wireless carriers 		7,263,800 2,946,119
Total 9,234,038
Ireland 1.2%
UDG Healthcare PLC
Commercialisation solutions for health care companies 		551,082 6,711,102
Italy 3.1%
Brembo SpA
Braking systems and components 		672,214 10,372,154
Industria Macchine Automatiche SpA
Packaging machinery for the food, pharmaceuticals, and cosmetics industries 		75,225 7,316,914
Total 17,689,068
Common Stocks (continued)
Issuer Shares Value ($)
Japan 20.4%
Aeon Credit Service Co., Ltd.
Credit card company 		193,100 4,477,456
Aeon Mall Co., Ltd.
Large-scale shopping malls 		302,900 6,370,667
Aica Kogyo Co., Ltd.
Manufactures adhesives, melamine boards, and housing materials 		166,500 6,130,238
Amano Corp.
Electronic time recorders and information systems 		108,000 2,886,323
Asahi Intecc Co., Ltd.
Manufactures medical tools and stainless wire rope 		111,800 4,502,184
cocokara fine, Inc.
Drug chain stores 		94,100 6,532,111
CyberAgent, Inc.
Operates websites, internet advertising agency and creates PC and mobile contents 		75,900 3,943,652
Daiseki Co., Ltd.
Waste Disposal & Recycling 		175,100 4,890,175
Fuji Oil Holdings, Inc.
Specialty vegetable oils and fats 		199,900 6,077,460
Glory Ltd.
Vending machines, coin-operated lockers, money handling machines, and data processing terminals 		153,000 5,490,397
Istyle, Inc.(b)
Cosmetics Review Portal & Retailer 		180,100 2,546,115
Mandom Corp.
Cosmetic products for men and women 		164,500 5,755,099
Milbon Co., Ltd.
Hair Products for Salons 		68,100 3,025,026
Miura Co., Ltd.
Industrial boilers and related equipment 		134,700 4,365,947
MonotaRO Co., Ltd
Machine tools, engine parts, and factory consumable goods 		126,700 4,484,165
Nabtesco Corp.
Aircraft and hydraulic products 		79,800 3,108,078
Nakanishi, Inc.
Dental Tools & Machinery 		273,900 5,553,186
Nippon Shinyaku Co., Ltd.
Pharmaceutical & Orphan Drug Provider 		42,600 2,883,755
OSG Corp.
Manufactures machine tool equipment 		150,700 3,442,307
Otsuka Corp.
Computer information system and software 		61,200 3,120,147
Persol Holdings Co., Ltd.
Human resource solutions 		115,300 3,350,239
 
 
2 Wanger International  | Quarterly Report 2018

Portfolio of Investments   (continued)
Wanger International, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Seiren Co., Ltd.
Advertising services 		151,400 2,790,808
Seria Co., Ltd.
Operates 100 yen chain stores 		59,900 2,961,735
Seven Bank Ltd.
Banking services through Automated Teller Machine (ATM) 		1,222,400 3,921,509
Sohgo Security Services Co., Ltd.
Around the clock security services 		73,000 3,587,478
TechnoPro Holdings, Inc.
Medical & electronic design and IT & software development 		72,000 4,345,678
Ushio, Inc.
Lamps and optical equipment 		447,600 6,009,832
Total 116,551,767
Malta 1.7%
Kindred Group PLC
Online gambling services 		689,167 9,455,083
Mexico 0.5%
Grupo Aeroportuario del Sureste SAB de CV, ADR
Operates airports in Mexico 		15,404 2,627,460
Netherlands 1.2%
Aalberts Industries NV
Industrial services and flow control systems 		138,649 7,056,042
New Zealand 1.2%
Restaurant Brands New Zealand Ltd.
Fast food restaurant chains 		1,363,908 7,078,418
Norway 2.1%
Atea ASA
Nordic and Baltic supplier of IT infrastructure 		546,392 8,869,707
XXL ASA
Multi-sports retail store 		291,000 3,000,915
Total 11,870,622
Russian Federation 0.5%
TCS Group Holding PLC, GDR
Online retail financial services 		127,000 2,787,650
Singapore 0.9%
Mapletree Commercial Trust
Singapore-focused real estate investment trust 		4,198,407 5,036,462
Common Stocks (continued)
Issuer Shares Value ($)
South Africa 2.3%
Clicks Group Ltd.
Owns and operates chains of retail stores 		281,348 4,327,846
Famous Brands Ltd.(a),(b)
Food and beverage company 		420,122 3,977,740
PSG Group Ltd.
Diversified financial services 		269,530 5,124,115
Total 13,429,701
South Korea 4.4%
CJ Logistics Corp.(a)
Logistics services 		29,339 3,804,251
GS Retail Co., Ltd.
Chain of retail stores 		163,001 4,716,422
Koh Young Technology, Inc.
3D measurement and inspection equipment for testing various machineries 		70,432 6,654,864
Korea Investment Holdings Co., Ltd.
Financial holding company 		57,744 4,532,711
Modetour Network, Inc.
Travel services 		156,945 5,757,257
Total 25,465,505
Spain 0.9%
Prosegur Cia de Seguridad SA, Registered Shares
Security and transportation services 		682,272 5,238,489
Sweden 3.5%
Byggmax Group AB
Discount provider of building materials 		648,019 3,222,734
NetEnt AB
Computer gaming software 		781,116 3,943,089
Recipharm AB, B Shares(b)
Contract development and manufacture of pharmaceuticals 		360,586 4,134,073
Sweco AB, Class B
Consulting company specializing in engineering, environmental technology, and architecture 		289,263 5,992,753
Trelleborg AB, Class B
Manufactures and distributes industrial products 		111,509 2,809,819
Total 20,102,468
 
 
Wanger International  | Quarterly Report 2018
 3

Portfolio of Investments   (continued)
Wanger International, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Switzerland 2.4%
Bossard Holding AG, Class A, Registered Shares
Fastening devices, industrial adhesives & tools 		27,300 5,597,071
Inficon Holding AG
Vacuum instruments used to monitor and control production processes 		13,100 8,050,471
Kardex AG
Storage, warehouse and materials handling systems 		1,077 145,778
Total 13,793,320
Taiwan 2.9%
Basso Industry Corp.
Pneumatic nailers and staplers 		1,714,000 3,101,596
Silergy Corp.
High performance analog integrated circuits 		331,000 7,515,771
Voltronic Power Technology Corp.
Uninterruptible power supply products, inverters, multiple surface mounted devices and other power products 		316,395 6,147,525
Total 16,764,892
Thailand 1.4%
Beauty Community PCL
Cosmetic and beauty products 		6,172,600 4,210,225
Home Product Center PCL, Foreign Registered Shares
Building materials and home improvement products 		940,500 419,097
Tisco Financial Group PCL
Bank holding company 		1,270,600 3,582,582
Total 8,211,904
Turkey 0.5%
Logo Yazilim Sanayi Ve Ticaret AS(a)
Enterprise resource planning software 		216,917 2,677,580
United Kingdom 12.2%
Ascential PLC
Media and consultancy services 		1,280,563 7,488,357
Assura PLC
Primary healthcare property group 		6,023,571 5,011,487
Big Yellow Group PLC
Self-storage company 		262,626 3,143,002
Domino’s Pizza Group PLC
Pizza delivery stores 		1,458,814 6,764,400
Halma PLC
Products that detect hazards and protect assets and people in public and commercial buildings 		369,715 6,115,596
Hastings Group Holdings PLC
General insurance services to the automobile and home insurance products 		2,253,047 8,269,246
Common Stocks (continued)
Issuer Shares Value ($)
Intermediate Capital Group PLC
Private equity firm 		248,698 3,426,429
Polypipe Group PLC
Plastic piping systems 		1,086,763 5,306,058
PureCircle Ltd.(a)
Natural Sweeteners 		331,602 1,712,075
Rightmove PLC
Website that lists properties across Britain 		115,396 7,037,822
Spirax-Sarco Engineering PLC
Consultation, service and products for the control and efficient management of steam and industrial fluids 		79,227 6,397,001
WH Smith PLC
Retails books, magazines, newspapers, and periodicals 		334,071 9,130,312
Total 69,801,785
United States 0.7%
Ultragenyx Pharmaceutical, Inc.(a)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases 		78,495 4,002,460
Total Common Stocks
(Cost: $405,439,285) 		556,496,487
Securities Lending Collateral 1.5%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 1.570%(c),(d)
 8,454,127 8,454,127
Total Securities Lending Collateral
(Cost: $8,454,127) 		8,454,127
Money Market Funds 3.6%
JPMorgan U.S. Government Money Market Fund, Agency Shares, 1.479%(c)
 2,608,454 2,608,454
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.581%(c)
 18,000,000 18,000,000
Total Money Market Funds
(Cost: $20,608,454) 		20,608,454
Total Investments in Securities
(Cost: $434,501,866) 		585,559,068
Obligation to Return Collateral for Securities Loaned   (8,454,127)
Other Assets & Liabilities, Net   (4,470,073)
Net Assets $572,634,868
 
 
4 Wanger International  | Quarterly Report 2018

Portfolio of Investments   (continued)
Wanger International, March 31, 2018 (Unaudited)
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2018. The total market value of securities on loan at March 31, 2018 was $8,039,004.
(c) The rate shown is the seven-day current annualized yield at March 31, 2018.
(d) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
ADR American Depositary Receipt
GDR Global Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Fair value measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
■ 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)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Wanger Advisors Trust 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 Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Australia — 7,435,712 — 7,435,712
Belgium — 6,420,810 — 6,420,810
Brazil 4,223,105 — — 4,223,105
Cambodia — 13,209,811 — 13,209,811
Canada 19,897,333 — — 19,897,333
Cayman Islands 5,383,013 13,303,249 — 18,686,262
China 5,915,336 3,250,762 — 9,166,098
Denmark — 12,554,378 — 12,554,378
Finland — 4,139,957 — 4,139,957
Wanger International  | Quarterly Report 2018
 5

Portfolio of Investments   (continued)
Wanger International, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
France — 7,463,858 — 7,463,858
Germany — 49,667,425 — 49,667,425
Hong Kong — 14,839,478 — 14,839,478
India — 13,206,444 — 13,206,444
Indonesia — 9,234,038 — 9,234,038
Ireland — 6,711,102 — 6,711,102
Italy — 17,689,068 — 17,689,068
Japan — 116,551,767 — 116,551,767
Malta — 9,455,083 — 9,455,083
Mexico 2,627,460 — — 2,627,460
Netherlands — 7,056,042 — 7,056,042
New Zealand — 7,078,418 — 7,078,418
Norway — 11,870,622 — 11,870,622
Russian Federation — 2,787,650 — 2,787,650
Singapore — 5,036,462 — 5,036,462
South Africa — 13,429,701 — 13,429,701
South Korea — 25,465,505 — 25,465,505
Spain — 5,238,489 — 5,238,489
Sweden — 20,102,468 — 20,102,468
Switzerland — 13,793,320 — 13,793,320
Taiwan — 16,764,892 — 16,764,892
Thailand — 8,211,904 — 8,211,904
Turkey — 2,677,580 — 2,677,580
United Kingdom — 69,801,785 — 69,801,785
United States 4,002,460 — — 4,002,460
Total Common Stocks 42,048,707 514,447,780 — 556,496,487
Securities Lending Collateral 8,454,127 — — 8,454,127
Money Market Funds 20,608,454 — — 20,608,454
Total Investments in Securities 71,111,288 514,447,780 — 585,559,068
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board of Trustees, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no transfers of financial assets between levels during the period.
6 Wanger International  | Quarterly Report 2018

Item 2. 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 information required to be disclosed by the registrant in Form N-Q 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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

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.

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  

                                             May 21, 2018

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  

                                             May 21, 2018

 

By (Signature and Title)  

            /s/ John M. Kunka

  John M. Kunka, Treasurer and Principal Accounting and Financial Officer

 

Date  

                                             May 21, 2018