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OMB APPROVAL | ||
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OMB Number: |
3235-0578 | |
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Expires: |
January 16, 2016 | |
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UNITED STATES |
Estimated average burden hours per response . . . . . .10.5 | ||
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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-08748 | |||||||
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Wanger Advisors Trust | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
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227 W. Monroe Street, Suite 3000, Chicago, IL |
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60606 | ||||||
(Address of principal executive offices) |
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(Zip code) | ||||||
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Mary C. Moynihan Perkins Coie LLP 700 13th Street, NW Suite 600 Washington, DC 20005 | ||||||||
(Name and address of agent for service) | ||||||||
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Registrants telephone number, including area code: |
312-634-9200 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
September 30, 2013 |
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Item 1. Schedule of Investments.
|
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Wanger International Report |
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|
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Wanger International |
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Statement of Investments (Unaudited), September 30, 2013 |
Number of Shares |
|
|
|
Value |
| |
|
|
Equities 98.3% |
|
|
| |
|
|
|
|
|
| |
|
|
Asia 44.6% |
|
|
| |
|
|
|
|
|
| |
|
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Japan 19.8% |
|
|
| |
443,589 |
|
Kansai Paint Paint Producer in Japan, India, China & Southeast Asia |
|
$ |
5,894,948 |
|
247,000 |
|
NGK Spark Plug Automobile Parts |
|
5,481,916 |
| |
537,000 |
|
Wacom Computer Graphic Illustration Devices |
|
5,165,645 |
| |
3,420 |
|
Orix JREIT Diversified REIT |
|
4,345,039 |
| |
121,700 |
|
Hoshizaki Electric Commercial Kitchen Equipment |
|
4,205,403 |
| |
139,900 |
|
Start Today Online Japanese Apparel Retailer |
|
3,951,705 |
| |
216,000 |
|
Park24 Parking Lot Operator |
|
3,843,662 |
| |
144,000 |
|
Ariake Japan Manufacturer of Soup/Sauce Extracts for Business-to-business Use |
|
3,570,781 |
| |
25,500 |
|
Nakanishi Dental Tools & Machinery |
|
3,559,639 |
| |
152,000 |
|
Japan Airport Terminal Airport Terminal Operator at Haneda |
|
3,517,804 |
| |
47,000 |
|
Rinnai Gas Appliances for Household & Commercial Use |
|
3,492,756 |
| |
22,400 |
|
Hirose Electric Electrical Connectors |
|
3,448,034 |
| |
1,004,000 |
|
Seven Bank ATM Processing Services |
|
3,363,284 |
| |
131,000 |
|
Glory Currency Handling Systems & Related Equipment |
|
3,300,704 |
| |
226,000 |
|
Nippon Kayaku Functional Chemicals, Pharmaceuticals & Auto Safety Systems |
|
3,261,774 |
| |
214,000 |
|
NGK Insulators Ceramic Products for Auto, Power & Electronics |
|
3,260,380 |
| |
85,000 |
|
Omron Electric Components for Factory Automation |
|
3,079,025 |
| |
620 |
|
Kenedix Realty Investment Tokyo Mid-size Office REIT |
|
3,049,576 |
| |
84,000 |
|
Kintetsu World Express Airfreight Logistics |
|
3,022,755 |
| |
100,900 |
|
Toyo Suisan Kaisha Instant Noodle Manufacturer |
|
2,962,514 |
| |
121,000 |
|
Nabtesco Machinery Components |
|
2,957,252 |
| |
157,000 |
|
Daiseki Waste Disposal & Recycling |
|
2,899,935 |
| |
280 |
|
Nippon Prologis REIT Logistics REIT in Japan |
|
2,805,793 |
| |
220,500 |
|
Ushio Industrial Light Sources |
|
2,746,232 |
| |
56,500 |
|
Santen Pharmaceutical Specialty Pharma (Ophthalmic Medicine) |
|
2,743,747 |
| |
136,000 |
|
Aica Kogyo Laminated Sheets, Building Materials & Chemical Adhesives |
|
2,713,960 |
| |
59,536 |
|
Miraca Holdings Outsourced Lab Testing, Diagnostic Equipment & Reagents |
|
2,660,790 |
| |
45,300 |
|
Disco Semiconductor Dicing & Grinding Equipment |
|
2,602,284 |
| |
70,000 |
|
Benesse Education Service Provider |
|
2,546,028 |
| |
65,500 |
|
Hamamatsu Photonics Optical Sensors for Medical & Industrial Applications |
|
2,473,819 |
| |
141,000 |
|
Suruga Bank Regional Bank |
|
2,430,661 |
| |
250 |
|
Industrial & Infrastructure Fund Industrial REIT in Japan |
|
2,373,338 |
| |
55,711 |
|
Ain Pharmaciez Dispensing Pharmacy/Drugstore Operator |
|
2,360,395 |
| |
340 |
|
Mori Hills REIT Investment Tokyo-centric Diversified REIT |
|
2,353,939 |
| |
134,000 |
|
OSG Consumable Cutting Tools |
|
2,347,324 |
| |
54,000 |
|
FamilyMart Convenience Store Operator |
|
2,338,930 |
| |
191,900 |
|
Kuraray Special Resin, Fine Chemical, Fibers & Textures |
|
2,306,534 |
| |
30,100 |
|
FP Corporation Disposable Food Trays & Containers |
|
2,263,622 |
| |
109,039 |
|
Nihon Parkerizing Metal Surface Treatment Agents & Processing Service |
|
2,235,168 |
| |
76,000 |
|
Misumi Group Industrial Components Distributor |
|
2,209,442 |
| |
35,000 |
|
Sanrio Character Goods & Licensing |
|
2,157,349 |
| |
360 |
|
Global One Real Estate Office REIT |
|
2,156,134 |
| |
150,000 |
|
Doshisha Wholesaler of Household Products |
|
2,146,817 |
| |
676,000 |
|
Aozora Bank Commercial Bank |
|
2,007,558 |
| |
124,000 |
|
Nippon Paint Paints for Automotive, Decorative & Industrial Usage |
|
1,985,187 |
| |
48,200 |
|
Milbon Manufacturer of Hair Products for Business-to-business Use |
|
1,977,395 |
| |
197,000 |
|
Asahi Diamond Industrial Consumable Diamond Tools |
|
1,957,765 |
| |
80,000 |
|
Icom Two Way Radio Communication Equipment |
|
1,895,690 |
| |
49,000 |
|
Itochu Techno-Science IT Network Equipment Sales & Services |
|
1,743,721 |
| |
16,000 |
|
Shimano Bicycle Components & Fishing Tackle |
|
1,430,892 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Japan 19.8% (cont) |
|
|
| |
147,900 |
|
Sintokogio Automated Casting Machines, Surface Treatment System & Consumables |
|
$ |
1,112,369 |
|
155,000 |
|
Lifenet Insurance (a) (b) Online Life Insurance Company in Japan |
|
1,027,911 |
| |
34,600 |
|
MonotaRO Online MRO (Maintenance, Repair, Operations) Goods Distributor in Japan |
|
1,016,504 |
| |
22,400 |
|
JIN Eyeglasses Retailer |
|
844,534 |
| |
86,000 |
|
NOF Specialty Chemicals, Life Science & Rocket Fuels |
|
554,077 |
| |
12,800 |
|
OBIC Computer Software |
|
414,011 |
| |
|
|
|
|
150,574,451 |
| |
|
|
Taiwan 6.4% |
|
|
| |
3,709,000 |
|
Far EasTone Telecom Taiwans Third Largest Mobile Operator |
|
9,240,891 |
| |
213,000 |
|
St. Shine Optical Worlds Leading Disposable Contact Lens OEM (Original Equipment Manufacturer) |
|
5,869,590 |
| |
1,480,000 |
|
Taiwan Mobile Taiwans Second Largest Mobile Operator |
|
5,249,435 |
| |
749,000 |
|
Delta Electronics Industrial Automation, Switching Power Supplies & Passive Components |
|
3,637,151 |
| |
181,000 |
|
Ginko International Largest Contact Lens Maker in China |
|
3,348,855 |
| |
2,032,000 |
|
CTCI Corp International Engineering Firm |
|
3,284,291 |
| |
506,000 |
|
Advantech Industrial PC & Components |
|
2,832,670 |
| |
1,341,835 |
|
Lite-On Technology Mobile Device, LED & PC Server Component Supplier |
|
2,287,211 |
| |
1,080,829 |
|
Chipbond Semiconductor Back-end Packaging Services |
|
2,231,788 |
| |
602,523 |
|
Flexium Interconnect Flexible Printed Circuit for Mobile Electronics |
|
2,077,116 |
| |
262,000 |
|
President Chain Store Convenience Chain Store Operator |
|
1,892,445 |
| |
806,000 |
|
Taiwan Hon Chuan Beverage Packaging (Bottles, Caps, Labels) Manufacturer |
|
1,749,948 |
| |
695,000 |
|
Chroma Ate Automatic Test Systems, Testing & Measurement Instruments |
|
1,563,438 |
| |
391,000 |
|
Radiant Opto-Electronics LCD Back Light Units & Modules |
|
1,394,545 |
| |
196,000 |
|
PC Home Taiwanese Internet Retail Company |
|
1,127,718 |
| |
287,000 |
|
Lung Yen Funeral Services & Columbaria |
|
872,465 |
| |
26,933 |
|
CHC Healthcare Medical Device Distributor |
|
86,557 |
| |
|
|
|
|
48,746,114 |
| |
|
|
Hong Kong 4.8% |
|
|
| |
290,000 |
|
Melco Crown Entertainment - ADR (a) Macau Casino Operator |
|
9,230,700 |
| |
1,835,000 |
|
Melco International Macau Casino Operator |
|
4,931,665 |
| |
2,888,000 |
|
Sa Sa International Cosmetics Retailer |
|
3,260,890 |
| |
917,800 |
|
MGM China Holdings Macau Casino Operator |
|
3,052,522 |
| |
1,400,000 |
|
Lifestyle International Mid to High-end Department Store Operator in Hong Kong & China |
|
2,979,215 |
| |
2,000,000 |
|
Vitasoy International Hong Kong Soy Food Brand |
|
2,525,528 |
| |
893,450 |
|
LOccitane International Skin Care & Cosmetics Producer |
|
2,335,829 |
| |
848,000 |
|
Kingboard Chemicals Paper & Glass Laminates, PCB, Specialty Chemicals & Properties |
|
2,183,437 |
| |
3,000,000 |
|
Mapletree Greater China Commercial Trust (a) Retail & Office Property Landlord |
|
2,141,004 |
| |
454,000 |
|
AAC Technologies Miniature Acoustic Components |
|
2,069,888 |
| |
176,000 |
|
ASM Pacific Semi Back-end & Surface Mounting Equipment |
|
1,787,908 |
| |
|
|
|
|
36,498,586 |
| |
|
|
Korea 3.5% |
|
|
| |
66,570 |
|
Coway Household Appliance Rental Service Provider |
|
3,691,413 |
| |
138,377 |
|
Paradise Co Korean Foreigner Only Casino Operator |
|
3,153,829 |
| |
50,000 |
|
LS Industrial Systems Manufacturer of Electrical & Automation Equipment |
|
3,024,517 |
| |
6,865 |
|
KCC Paint & Housing Material Manufacturer |
|
2,884,956 |
| |
23,800 |
|
CJ Corp Holding Company of Korean Consumer Conglomerate |
|
2,569,947 |
| |
46,952 |
|
Kepco Plant Service & Engineering Power Plant & Grid Maintenance |
|
2,375,012 |
| |
1,495 |
|
Lotte Chilsung Beverage Beverages & Liquor Manufacturer |
|
2,360,143 |
| |
53,000 |
|
Samsung Securities Brokerage & Wealth Management |
|
2,319,482 |
| |
58,950 |
|
Handsome High-end Apparel Company |
|
1,578,853 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Korea 3.5% (cont) |
|
|
| |
50,494 |
|
iMarketKorea Procurement, Distribution of MRO (Maintenance, Repair, Operations) Goods |
|
$ |
1,178,420 |
|
74,000 |
|
Nexen Tire Tire Manufacturer |
|
1,101,508 |
| |
|
|
|
|
26,238,080 |
| |
|
|
Singapore 2.4% |
|
|
| |
3,850,000 |
|
Mapletree Commercial Trust Retail & Office Property Landlord |
|
3,731,046 |
| |
1,878,000 |
|
CDL Hospitality Trust Hotel Owner/Operator |
|
2,437,785 |
| |
700,000 |
|
Super Group Instant Food & Beverages in Southeast Asia |
|
2,367,440 |
| |
1,239,000 |
|
Ascendas REIT Industrial Property Landlord |
|
2,254,349 |
| |
2,000,000 |
|
Mapletree Industrial Trust Industrial Property Landlord |
|
2,151,347 |
| |
2,500,000 |
|
Mapletree Logistics Trust Industrial Property Landlord |
|
2,134,211 |
| |
360,000 |
|
Singapore Exchange Singapore Equity & Derivatives Market Operator |
|
2,085,294 |
| |
473,000 |
|
Petra Foods Cocoa Processor & Chocolate Manufacturer |
|
1,305,771 |
| |
107,000 |
|
Goodpack Limited International Bulk Container Leasing |
|
147,551 |
| |
|
|
|
|
18,614,794 |
| |
|
|
China 1.7% |
|
|
| |
229,000 |
|
WuXi PharmaTech - ADR (a) Largest Contract Research Organization Business in China |
|
6,274,600 |
| |
439,000 |
|
Biostime Pediatric Nutrition & Baby Care Products Provider |
|
3,318,940 |
| |
1,067,000 |
|
Want Want Chinese Branded Consumer Food Company |
|
1,622,563 |
| |
3,022,000 |
|
AMVIG Holdings Chinese Tobacco Packaging Material Supplier |
|
1,302,630 |
| |
435,000 |
|
Digital China IT Distribution & Systems Integration Services |
|
533,530 |
| |
|
|
|
|
13,052,263 |
| |
|
|
Indonesia 1.5% |
|
|
| |
3,249,542 |
|
Archipelago Resources (c) (d) (e) Gold Mining Projects in Indonesia, Vietnam & the Philippines |
|
2,976,291 |
| |
4,579,000 |
|
Tower Bersama Infrastructure (a) Communications Towers |
|
2,313,051 |
| |
23,000,000 |
|
Ace Indonesia Home Improvement Retailer |
|
1,391,789 |
| |
509,000 |
|
Mayora Indah Consumer Branded Food Manufacturer |
|
1,390,286 |
| |
5,300,000 |
|
Surya Citra Media Free to Air TV Station in Indonesia |
|
1,167,358 |
| |
1,043,500 |
|
Matahari Department Store (a) Largest Department Store Chain in Indonesia |
|
946,484 |
| |
4,681,000 |
|
MNC Skyvision (a) Largest Satellite Pay TV Operator in Indonesia |
|
723,473 |
| |
6,358,000 |
|
Arwana Citramulia Ceramic Tiles for Home Decoration |
|
467,053 |
| |
165,500 |
|
Mitra Adiperkasa Operator of Department Store & Specialty Retail Stores |
|
88,612 |
| |
601,500 |
|
Southern Arc Minerals (a) Gold & Copper Exploration in Indonesia |
|
52,556 |
| |
|
|
|
|
11,516,953 |
| |
|
|
India 1.5% |
|
|
| |
329,424 |
|
Asian Paints Indias Largest Paint Company |
|
2,418,628 |
| |
161,000 |
|
United Breweries Indias Largest Brewer |
|
2,212,923 |
| |
91,100 |
|
Colgate Palmolive India Consumer Products in Oral Care |
|
1,804,548 |
| |
694,809 |
|
Adani Ports & Special Economic Zone Indian West Coast Shipping Port |
|
1,533,609 |
| |
8,620 |
|
Bosch Automotive Parts |
|
1,245,815 |
| |
1,217,418 |
|
Redington India Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets |
|
1,064,252 |
| |
12,300 |
|
TTK Prestige Branded Cooking Equipment |
|
654,356 |
| |
199,131 |
|
SKIL Ports and Logistics (a) Indian Container Port Project |
|
277,241 |
| |
|
|
|
|
11,211,372 |
| |
|
|
Thailand 1.2% |
|
|
| |
10,000,000 |
|
Home Product Center Home Improvement Retailer |
|
3,911,580 |
| |
412,900 |
|
Airports of Thailand Airport Operator of Thailand |
|
2,492,361 |
| |
1,500,000 |
|
Robinsons Department Store Department Store Operator in Thailand |
|
2,282,875 |
| |
1,000,000 |
|
Samui Airport Property Fund Thai Airport Operator |
|
539,873 |
| |
|
|
|
|
9,226,689 |
| |
|
|
Philippines 0.8% |
|
|
| |
650,000 |
|
Intl Container Terminal Container Handling Terminals & Port Management |
|
1,449,411 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Philippines 0.8% (cont) |
|
|
| |
5,500,000 |
|
Melco Crown Resorts (Philippines) (a) Integrated Resort Operator in Manila |
|
$ |
1,389,527 |
|
3,760,000 |
|
SM Prime Holdings Shopping Mall Operator |
|
1,381,601 |
| |
435,670 |
|
Security Bank Commercial Bank in Philippines |
|
1,313,160 |
| |
411,800 |
|
Puregold Price Club Supermarket Operator in Philippines |
|
394,882 |
| |
|
|
|
|
5,928,581 |
| |
|
|
Cambodia 0.6% |
|
|
| |
5,774,000 |
|
Nagacorp Casino/Entertainment Complex in Cambodia |
|
4,871,647 |
| |
|
|
Mongolia 0.3% |
|
|
| |
6,061,500 |
|
Mongolian Mining (a) Coking Coal Mining in Mongolia |
|
1,087,128 |
| |
118,952 |
|
Turquoise Hill Resources (a) |
|
525,442 |
| |
108,951 |
|
Turquoise Hill Resources (a) (b) (f) Copper Mine Project in Mongolia |
|
481,563 |
| |
|
|
|
|
2,094,133 |
| |
|
|
Malaysia 0.1% |
|
|
| |
191,800 |
|
Aeon Shopping Center & Department Store Operator |
|
906,188 |
| |
|
|
Total Asia |
|
339,479,851 |
| |
|
|
|
|
|
| |
|
|
Europe 33.9% |
|
|
| |
|
|
|
|
|
| |
|
|
United Kingdom 10.2% |
|
|
| |
448,000 |
|
Jardine Lloyd Thompson Group International Business Insurance Broker |
|
6,853,779 |
| |
2,000,000 |
|
Charles Taylor Insurance Services |
|
6,799,384 |
| |
117,847 |
|
Spirax Sarco Steam Systems for Manufacturing & Process Industries |
|
5,752,096 |
| |
381,000 |
|
Telecity European Data Center Provider |
|
5,119,451 |
| |
314,043 |
|
WH Smith (b) Newsprint, Books & General Stationery Retailer |
|
4,204,506 |
| |
215,829 |
|
Babcock International Public Sector Outsourcer |
|
4,178,893 |
| |
93,000 |
|
Croda Oleochemicals & Industrial Chemicals |
|
3,997,310 |
| |
1,086,000 |
|
Smiths News Newspaper & Magazine Distributor |
|
3,604,159 |
| |
356,000 |
|
Shaftesbury London Prime Retail REIT |
|
3,400,340 |
| |
270,000 |
|
Smith & Nephew Medical Equipment & Supplies |
|
3,370,066 |
| |
353,326 |
|
Dominos Pizza UK & Ireland Pizza Delivery in UK, Ireland & Germany |
|
3,340,479 |
| |
360,000 |
|
Abcam Online Sales of Antibodies |
|
2,948,990 |
| |
451,000 |
|
Halfords The UKs Leading Retailer for Leisure Goods & Auto Parts |
|
2,873,770 |
| |
715,966 |
|
Elementis Clay-based Additives |
|
2,778,310 |
| |
63,000 |
|
Rightmove Internet Real Estate Listings |
|
2,416,161 |
| |
55,603 |
|
AVEVA Engineering Software |
|
2,338,609 |
| |
3,455,000 |
|
Cable and Wireless Leading Telecoms Service Provider in the Caribbean |
|
2,216,626 |
| |
68,000 |
|
Fidessa Group Software for Financial Trading Systems |
|
2,188,495 |
| |
45,000 |
|
Whitbread The UKs Leading Hotelier & Coffee Shop |
|
2,159,290 |
| |
80,731 |
|
Aggreko Temporary Power & Temperature Control Services |
|
2,096,356 |
| |
274,715 |
|
PureCircle (a) (b) Natural Sweeteners |
|
1,512,104 |
| |
189,615 |
|
Ocado (a) Leading Online Grocery Retailer |
|
1,215,593 |
| |
16,000 |
|
Intertek Group Testing, Inspection, Certification Services |
|
856,075 |
| |
36,815 |
|
Tullow Oil Oil & Gas Producer |
|
610,302 |
| |
132,000 |
|
Foxtons (a) London-centric Residential Real Estate Broker |
|
576,976 |
| |
5,783 |
|
Telecom Plus UK Multi Utility |
|
118,524 |
| |
|
|
|
|
77,526,644 |
| |
|
|
France 3.7% |
|
|
| |
32,020 |
|
Eurofins Scientific Food, Pharmaceuticals & Materials Screening & Testing |
|
8,070,194 |
| |
110,000 |
|
Neopost (b) Postage Meter Machines |
|
8,010,633 |
| |
51,200 |
|
Gemalto Digital Security Solutions |
|
5,497,638 |
| |
30,533 |
|
Norbert Dentressangle Leading European Logistics & Transport Group |
|
3,263,220 |
| |
96,450 |
|
Saft Niche Battery Manufacturer |
|
2,660,537 |
| |
220,933 |
|
Hi-Media (a) Online Advertiser in Europe |
|
538,001 |
| |
|
|
|
|
28,040,223 |
| |
|
|
Netherlands 3.5% |
|
|
| |
291,319 |
|
Aalberts Industries Flow Control & Heat Treatment |
|
7,762,017 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Netherlands 3.5% (cont) |
|
|
| |
145,741 |
|
UNIT4 Business Software Development |
|
$ |
5,707,949 |
|
113,383 |
|
TKH Group Dutch Industrial Conglomerate |
|
3,396,060 |
| |
51,818 |
|
Fugro Subsea Oilfield Services |
|
3,160,900 |
| |
98,582 |
|
Arcadis Engineering Consultants |
|
2,819,372 |
| |
14,197 |
|
Core Labs Oil & Gas Reservoir Consulting |
|
2,402,274 |
| |
27,926 |
|
Vopak Worlds Largest Operator of Petroleum & Chemical Storage Terminals |
|
1,600,159 |
| |
2,000 |
|
Franks International (a) Global Provider of Casing Running Services Post Drilling of Wells |
|
59,860 |
| |
|
|
|
|
26,908,591 |
| |
|
|
Germany 2.9% |
|
|
| |
159,092 |
|
Wirecard Online Payment Processing & Risk Management |
|
5,442,032 |
| |
14,270 |
|
Rational Commercial Ovens |
|
4,256,791 |
| |
71,333 |
|
NORMA Group Clamps for Automotive & Industrial Applications |
|
3,436,468 |
| |
250,000 |
|
TAG Immobilien Owner of Residential Properties in Germany |
|
3,102,424 |
| |
57,000 |
|
Elringklinger Automobile Components |
|
2,564,761 |
| |
77,179 |
|
Aurelius European Turnaround Investor |
|
2,500,659 |
| |
26,200 |
|
Deutsche Beteiligungs Private Equity Investment Management |
|
678,766 |
| |
|
|
|
|
21,981,901 |
| |
|
|
Switzerland 2.6% |
|
|
| |
29,041 |
|
Partners Group Private Markets Asset Management |
|
7,119,356 |
| |
17,080 |
|
Geberit Plumbing Supplies |
|
4,612,082 |
| |
1,560 |
|
Sika Chemicals for Construction & Industrial Applications |
|
4,547,089 |
| |
5,291 |
|
INFICON Provider of Analysis, Measurement & Control Products for Gas Leak Detection |
|
1,696,677 |
| |
37,840 |
|
Zehnder Radiators & Heat Recovery Ventilation Systems |
|
1,686,241 |
| |
|
|
|
|
19,661,445 |
| |
|
|
Sweden 2.0% |
|
|
| |
265,727 |
|
Hexagon Design, Measurement & Visualization Software & Equipment |
|
8,013,116 |
| |
315,345 |
|
Sweco Engineering Consultants |
|
4,072,640 |
| |
83,593 |
|
Unibet European Online Gaming Operator |
|
3,355,843 |
| |
|
|
|
|
15,441,599 |
| |
|
|
Denmark 1.8% |
|
|
| |
158,797 |
|
SimCorp Software for Investment Managers |
|
5,343,064 |
| |
128,911 |
|
Novozymes Industrial Enzymes |
|
4,931,405 |
| |
76,503 |
|
Jyske Bank (a) Danish Bank |
|
3,799,409 |
| |
|
|
|
|
14,073,878 |
| |
|
|
Finland 1.4% |
|
|
| |
59,200 |
|
Vacon Leading Independent Manufacturer of Variable Speed Alternating Current Drives |
|
4,661,165 |
| |
143,206 |
|
Tikkurila Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe |
|
3,816,605 |
| |
74,000 |
|
Konecranes Manufacture & Service of Industrial Cranes & Port Handling Equipment |
|
2,491,761 |
| |
|
|
|
|
10,969,531 |
| |
|
|
Spain 1.4% |
|
|
| |
587,190 |
|
Dia Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean |
|
5,091,183 |
| |
54,000 |
|
Viscofan Sausage Casings Maker |
|
3,087,989 |
| |
68,058 |
|
Bolsas y Mercados Españoles Spanish Stock Markets |
|
2,159,556 |
| |
|
|
|
|
10,338,728 |
| |
|
|
Norway 1.1% |
|
|
| |
324,911 |
|
Atea |
|
|
| |
|
|
Leading Nordic IT Hardware/Software Reseller & Installation Company |
|
3,417,556 |
| |
126,000 |
|
Subsea 7 Offshore Subsea Contractor |
|
2,619,216 |
| |
275,404 |
|
Orkla Food & Brands, Aluminum, Chemicals Conglomerate |
|
2,006,019 |
| |
|
|
|
|
8,042,791 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Russia 0.8% |
|
|
| |
112,297 |
|
Yandex (a) Search Engine for Russian & Turkish Languages |
|
$ |
4,089,857 |
|
43,200 |
|
QIWI - ADR Electronic Payments Network Serving Russia & the Commonwealth of Independent States |
|
1,350,432 |
| |
412,671 |
|
Moscow Exchange Russias Main Exchange for Stocks, Bonds, Derivatives, Currencies & Repo |
|
790,279 |
| |
|
|
|
|
6,230,568 |
| |
|
|
Italy 0.6% |
|
|
| |
289,000 |
|
Pirelli Global Tire Supplier |
|
3,763,123 |
| |
447,768 |
|
Geox (b) Apparel & Shoe Maker |
|
1,223,641 |
| |
|
|
|
|
4,986,764 |
| |
|
|
Kazakhstan 0.5% |
|
|
| |
494,896 |
|
Halyk Savings Bank of Kazakhstan - GDR Largest Retail Bank & Insurer in Kazakhstan |
|
3,909,678 |
| |
|
|
Iceland 0.5% |
|
|
| |
1,700,000 |
|
Marel (g) |
|
1,807,759 |
| |
2,404,301 |
|
Marel (g) Largest Manufacturer of Poultry & Fish Processing Equipment |
|
1,757,741 |
| |
|
|
|
|
3,565,500 |
| |
|
|
Belgium 0.4% |
|
|
| |
42,093 |
|
EVS Broadcast Equipment Digital Live Mobile Production Software & Systems |
|
2,715,733 |
| |
|
|
Turkey 0.3% |
|
|
| |
172,830 |
|
Bizim Toptan Cash & Carry Stores in Turkey |
|
2,233,045 |
| |
|
|
Portugal 0.2% |
|
|
| |
408,217 |
|
Redes Energéticas Nacionais Portuguese Power Transmission & Gas Transportation |
|
1,220,487 |
| |
|
|
Total Europe |
|
257,847,106 |
| |
|
|
|
|
|
| |
|
|
Other Countries 14.6% |
|
|
| |
|
|
|
|
|
| |
|
|
South Africa 4.2% |
|
|
| |
1,305,381 |
|
Coronation Fund Managers South African Fund Manager |
|
8,919,015 |
| |
75,713 |
|
Naspers Media in Africa, China, Russia & Other Emerging Markets |
|
7,001,318 |
| |
1,872,183 |
|
Rand Merchant Insurance Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
|
4,989,877 |
| |
218,654 |
|
Massmart Holdings General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary |
|
3,661,274 |
| |
835,245 |
|
Northam Platinum (a) Platinum Mining in South Africa |
|
3,527,242 |
| |
254,433 |
|
Mr. Price South African Retailer of Apparel, Household & Sporting Goods |
|
3,523,708 |
| |
|
|
|
|
31,622,434 |
| |
|
|
Canada 4.0% |
|
|
| |
120,663 |
|
CCL Industries Largest Global Label Converter |
|
8,004,371 |
| |
106,322 |
|
ShawCor Oil & Gas Pipeline Products |
|
4,483,887 |
| |
313,128 |
|
CAE Flight Simulator Equipment & Training Centers |
|
3,429,041 |
| |
62,856 |
|
Onex Capital Private Equity |
|
3,301,305 |
| |
164,817 |
|
DeeThree Exploration (a) |
|
1,462,480 |
| |
158,516 |
|
DeeThree Exploration (a) (c) Canadian Oil & Gas Producer |
|
1,378,438 |
| |
59,424 |
|
AG Growth (b) Leading Manufacturer of Augers & Grain Handling Equipment |
|
2,241,272 |
| |
65,101 |
|
Black Diamond Group (b) Provides Accommodations/Equipment for Oil Sands Development |
|
1,556,028 |
| |
202,168 |
|
Horizon North Logistics (b) Provides Diversified Oil Service Offering in Northern Canada |
|
1,424,921 |
| |
79,213 |
|
Alliance Grain Traders Global Leader in Pulse Processing & Distribution |
|
1,142,765 |
| |
26,123 |
|
Baytex (b) Oil & Gas Producer in Canada |
|
1,078,092 |
| |
53,000 |
|
Athabasca Oil Sands (a) Oil Sands & Unconventional Oil Development |
|
403,912 |
| |
195,271 |
|
Pan Orient (a) Growth-oriented, Return-focused Asian Explorer |
|
392,419 |
| |
|
|
|
|
30,298,931 |
| |
|
|
Australia 2.9% |
|
|
| |
970,000 |
|
IAG General Insurance Provider |
|
5,317,393 |
| |
1,030,000 |
|
Challenger Financial Largest Annuity Provider |
|
5,289,827 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Australia 2.9% (cont) |
|
|
| |
314,850 |
|
Dominos Pizza Enterprises Dominos Pizza Operator in Australia/New Zealand & France/Benelux |
|
$ |
4,006,439 |
|
945,867 |
|
SAI Global Publishing, Certification, Compliance Services |
|
3,921,471 |
| |
2,347,629 |
|
Commonwealth Property Office Fund Australia Prime Office REIT |
|
2,500,754 |
| |
118,395 |
|
Austbrokers Local Australian Small Business Insurance Broker |
|
1,235,944 |
| |
|
|
|
|
22,271,828 |
| |
|
|
United States 2.5% |
|
|
| |
91,616 |
|
Atwood Oceanics (a) Offshore Drilling Contractor |
|
5,042,545 |
| |
124,722 |
|
Textainer Group Holdings (b) Top International Container Leaser |
|
4,723,222 |
| |
96,621 |
|
Rowan (a) Contract Offshore Driller |
|
3,547,923 |
| |
57,853 |
|
FMC Technologies (a) Oil & Gas Well Head Manufacturer |
|
3,206,213 |
| |
43,084 |
|
Hornbeck Offshore (a) Supply Vessel Operator in U.S. Gulf of Mexico |
|
2,474,745 |
| |
|
|
|
|
18,994,648 |
| |
|
|
New Zealand 0.5% |
|
|
| |
1,200,000 |
|
Auckland International Airport Auckland Airport |
|
3,303,345 |
| |
162,286 |
|
Sky City Entertainment Casino/Entertainment Complex |
|
540,485 |
| |
|
|
|
|
3,843,830 |
| |
|
|
Israel 0.5% |
|
|
| |
78,000 |
|
Caesarstone (a) Quartz Countertops |
|
3,563,040 |
| |
|
|
Total Other Countries |
|
110,594,711 |
| |
|
|
|
|
|
| |
|
|
Latin America 5.2% |
|
|
| |
|
|
|
|
|
| |
|
|
Brazil 1.9% |
|
|
| |
370,000 |
|
Localiza Rent A Car Car Rental |
|
5,542,571 |
| |
5,105,219 |
|
Beadell Resources (a) Gold Mining in Brazil |
|
4,424,997 |
| |
600,000 |
|
Odontoprev Dental Insurance |
|
2,650,363 |
| |
100,000 |
|
Linx Retail Management Software in Brazil |
|
1,680,729 |
| |
|
|
|
|
14,298,660 |
| |
|
|
Mexico 1.8% |
|
|
| |
1,784,220 |
|
Genomma Lab Internacional (a) Develops, Markets & Distributes Consumer Products |
|
|
4,075,647 |
|
601,000 |
|
Gruma (a) Tortilla Producer & Distributor |
|
3,351,770 |
| |
1,305,000 |
|
Qualitas Leading Auto Insurer in Mexico & Central America |
|
3,175,389 |
| |
20,000 |
|
Grupo Aeroportuario del Sureste - ADR Mexican Airport Operator |
|
2,177,200 |
| |
290,256 |
|
Bolsa Mexicana de Valores Mexicos Stock Exchange |
|
693,847 |
| |
|
|
|
|
13,473,853 |
| |
|
|
Chile 0.6% |
|
|
| |
80,000 |
|
Sociedad Quimica y Minera de Chile - ADR Producer of Specialty Fertilizers, Lithium & Iodine |
|
2,444,000 |
| |
2,300,000 |
|
Empresas Hites Mass Retailer for the Lower Income Strata |
|
2,105,429 |
| |
|
|
|
|
4,549,429 |
| |
|
|
Guatemala 0.3% |
|
|
| |
149,268 |
|
Tahoe Resources (a) Silver Project in Guatemala |
|
2,686,694 |
| |
|
|
Uruguay 0.3% |
|
|
| |
230,870 |
|
Union Agriculture Group (a) (c) (d) Farmland Operator in Uruguay |
|
2,474,926 |
| |
|
|
Colombia 0.3% |
|
|
| |
1,503,000 |
|
Isagen (a) Leading Colombian Electricity Provider |
|
2,302,252 |
| |
|
|
Total Latin America |
|
39,785,814 |
| |
|
|
|
|
|
| |
Total Equities |
|
747,707,482 |
(h) | |||
|
|
|
|
|
| |
|
|
Short-Term Investments 2.3% |
|
|
| |
|
|
|
|
|
| |
17,517,986 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
17,517,986 |
| |
|
|
|
|
|
| |
Total Short-Term Investments |
|
17,517,986 |
|
Number of Shares |
|
|
|
Value |
| |
Securities Lending Collateral 0.8% |
|
|
| |||
6,439,408 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (i) |
|
$ |
6,439,408 |
|
|
|
|
|
|
| |
Total Securities Lending Collateral |
|
6,439,408 |
| |||
|
|
|
|
|
| |
Total Investments |
|
771,664,876 |
(k) | |||
|
|
|
|
|
| |
Obligation to Return Collateral for Securities Loaned (0.8)% |
|
(6,439,408 |
) | |||
|
|
|
|
|
| |
Cash and Other Assets Less Liabilities (0.6)% |
|
(3,842,944 |
) | |||
|
|
|
|
|
| |
Net Assets 100.0% |
|
$ |
761,382,524 |
|
ADR American Depositary Receipts
GDR Global Depositary Receipts
REIT Real Estate Investment Trust
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at September 30, 2013. The total market value of securities on loan at September 30, 2013 was $6,130,074.
(c) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At September 30, 2013, the market value of these securities amounted to $6,829,655, which represented 0.90% of total net assets. Additional information on these securities is as follows:
Security |
|
Acquisition |
|
Shares/Units |
|
Cost |
|
Value |
| ||
Archipelago Resources |
|
2/23/10 - 9/26/13 |
|
3,249,542 |
|
$ |
1,512,012 |
|
$ |
2,976,291 |
|
Union Agriculture Group |
|
12/8/10 - 6/27/12 |
|
230,870 |
|
2,649,999 |
|
2,474,926 |
| ||
DeeThree Exploration |
|
9/7/10 |
|
158,516 |
|
413,939 |
|
1,378,438 |
| ||
|
|
|
|
|
|
$ |
4,575,950 |
|
$ |
6,829,655 |
|
(d) Illiquid security.
(e) Units represent shares of security and related put options received through company restructuring. Additional information on the purchased options received is as follows:
Security |
|
Option |
|
Exercise |
|
Expiration Date(1) |
| |
Archipelago Resources |
|
3,249,542 |
|
GBP |
0.58 |
|
October 31, 2014 |
|
GBP - British Pound
(1)Archipelago Resources is expected to restructure into a new company during 2014. From January 31, 2014, the option is exercisable until the earlier of (i) the date the company is restructured and prices the shares for its initial public offering or (ii) August 13, 2014, subject to extension until the date the company is restructured and prices the shares for its initial public offering (but not later than September 26, 2016). After August 13, 2014, the valuation of the option will fluctuate based upon its fair market value as determined in accordance with the put option agreement.
(f) Security is traded on a U.S. exchange.
(g) The common stock equity holdings of Marel are stated separately on the Statement of Investments due to the application of the onshore or offshore foreign currency exchange rate. The appropriate exchange rate is applied to each purchased security lot based on the applicable registration obtained from Marels regulatory governing body, the Icelandic Central Bank.
(h) On September 30, 2013, the Funds total investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage of |
| |
Japanese Yen |
|
$ |
150,574,451 |
|
19.8 |
|
Euro |
|
104,699,824 |
|
13.8 |
| |
British Pound |
|
80,780,176 |
|
10.6 |
| |
United States Dollar |
|
58,243,057 |
|
7.7 |
| |
Taiwan Dollar |
|
48,746,114 |
|
6.4 |
| |
Hong Kong Dollar |
|
37,863,320 |
|
5.0 |
| |
Other currencies less than 5% of total net assets |
|
266,800,540 |
|
35.0 |
| |
Total Equities |
|
$ |
747,707,482 |
|
98.3 |
|
(i) Investment made with cash collateral received from securities lending activity.
(j) At September 30, 2013, for federal income tax purposes, the cost of investments was $548,875,116 and net unrealized appreciation was $222,789,760 consisting of gross unrealized appreciation of $246,768,392 and gross unrealized depreciation of $23,978,632.
(k) Securities 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 Funds 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 managements 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 NAVs 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 the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) 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.
Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.
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 the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. 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; and circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default. 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 Funds 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 summarizes the inputs used, as of September 30, 2013, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
16,564,861 |
|
$ |
319,938,699 |
|
$ |
2,976,291 |
|
$ |
339,479,851 |
|
Europe |
|
7,902,423 |
|
249,944,683 |
|
|
|
257,847,106 |
| ||||
Other Countries |
|
51,478,181 |
|
59,116,530 |
|
|
|
110,594,711 |
| ||||
Latin America |
|
32,885,891 |
|
4,424,997 |
|
2,474,926 |
|
39,785,814 |
| ||||
Total Equities |
|
108,831,356 |
|
633,424,909 |
|
5,451,217 |
|
747,707,482 |
| ||||
Total Short-Term Investments |
|
17,517,986 |
|
|
|
|
|
17,517,986 |
| ||||
Total Securities Lending Collateral |
|
6,439,408 |
|
|
|
|
|
6,439,408 |
| ||||
Total Investments |
|
$ |
132,788,750 |
|
$ |
633,424,909 |
|
$ |
5,451,217 |
|
$ |
771,664,876 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys 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, 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. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment managers experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
There were no transfers of financial assets between levels 1 and 2 during the period.
The Fund does not hold any significant investments categorized as Level 3.
Certain common stock classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to, trades of similar securities, estimated earnings of the company, market multiples derived from a set of comparable companies, and the position of the security within the companys capital structure. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
|
Wanger International Select Report |
|
|
Wanger International Select |
Statement of Investments (Unaudited), September 30, 2013 |
Number of Shares |
|
|
|
Value |
| |
|
|
Equities 96.3% |
|
|
| |
|
|
|
|
|
| |
|
|
Asia 47.8% |
|
|
| |
|
|
|
|
|
| |
|
|
Japan 21.5% |
|
|
| |
55,000 |
|
NGK Spark Plug |
|
$ |
1,220,670 |
|
26,500 |
|
Start Today |
|
748,536 |
| |
8,600 |
|
Rinnai |
|
639,100 |
| |
179,000 |
|
Seven Bank |
|
599,629 |
| |
11,000 |
|
Dentsu |
|
419,620 |
| |
40 |
|
Nippon Prologis REIT (a) |
|
400,828 |
| |
10,800 |
|
Toyo Suisan Kaisha |
|
317,098 |
| |
220 |
|
Orix JREIT |
|
279,505 |
| |
29,000 |
|
Wacom |
|
278,964 |
| |
6,400 |
|
FamilyMart |
|
277,207 |
| |
14,000 |
|
Park24 |
|
249,126 |
| |
|
|
|
|
5,430,283 |
| |
|
|
Taiwan 9.2% |
|
|
| |
645,000 |
|
Far EasTone Telecom |
|
1,607,003 |
| |
200,000 |
|
Taiwan Mobile |
|
709,383 |
| |
|
|
|
|
2,316,386 |
| |
|
|
Singapore 8.5% |
|
|
| |
618,000 |
|
Ascendas REIT |
|
1,124,445 |
| |
704,001 |
|
Mapletree Logistics Trust |
|
600,994 |
| |
384,000 |
|
Mapletree Industrial Trust |
|
413,059 |
| |
|
|
|
|
2,138,498 |
| |
|
|
Korea 4.1% |
|
|
| |
9,948 |
|
Kepco Plant Service & Engineering |
|
503,208 |
| |
2,700 |
|
CJ Corp |
|
291,549 |
| |
4,350 |
|
Coway |
|
241,214 |
| |
|
|
|
|
1,035,971 |
| |
|
|
Indonesia 2.8% |
|
|
| |
783,000 |
|
Archipelago Resources (b) (c) (d) |
|
717,159 |
| |
|
|
|
|
|
| |
|
|
Hong Kong 1.7% |
|
|
| |
157,000 |
|
Melco International |
|
421,946 |
| |
|
|
Total Asia |
|
12,060,243 |
| |
|
|
|
|
|
| |
|
|
Europe 23.0% |
|
|
| |
|
|
|
|
|
| |
|
|
United Kingdom 9.5% |
|
|
| |
63,000 |
|
Jardine Lloyd Thompson Group |
|
963,813 |
| |
28,662 |
|
Babcock International |
|
554,955 |
| |
31,000 |
|
Smith & Nephew |
|
386,934 |
| |
19,200 |
|
Telecity |
|
257,988 |
| |
5,000 |
|
Whitbread |
|
239,921 |
| |
|
|
|
|
2,403,611 |
| |
|
|
Denmark 3.4% |
|
|
| |
9,341 |
|
SimCorp |
|
314,298 |
| |
5,500 |
|
Jyske Bank (e) |
|
273,150 |
| |
7,000 |
|
Novozymes |
|
267,780 |
| |
|
|
|
|
855,228 |
| |
|
|
France 3.1% |
|
|
| |
10,600 |
|
Neopost (a) |
|
771,934 |
| |
|
|
|
|
|
| |
|
|
Switzerland 2.1% |
|
|
| |
2,150 |
|
Partners Group |
|
527,069 |
| |
|
|
|
|
|
| |
|
|
Norway 1.9% |
|
|
| |
12,000 |
|
Subsea 7 |
|
249,449 |
| |
30,108 |
|
Orkla |
|
219,304 |
| |
|
|
|
|
468,753 |
| |
|
|
Spain 1.1% |
|
|
| |
5,000 |
|
Viscofan |
|
285,925 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Germany 1.0% |
|
|
| |
7,400 |
|
Wirecard |
|
$ |
253,130 |
|
|
|
|
|
|
| |
|
|
Sweden 0.9% |
|
|
| |
7,700 |
|
Hexagon |
|
232,197 |
| |
|
|
Total Europe |
|
5,797,847 |
| |
|
|
|
|
|
| |
|
|
Other Countries 18.2% |
|
|
| |
|
|
|
|
|
| |
|
|
Australia 7.1% |
|
|
| |
137,000 |
|
IAG |
|
751,014 |
| |
118,000 |
|
Challenger Financial |
|
606,019 |
| |
117,000 |
|
Regis Resources (e) |
|
442,790 |
| |
|
|
|
|
1,799,823 |
| |
|
|
Canada 5.6% |
|
|
| |
14,000 |
|
CCL Industries |
|
928,712 |
| |
19,000 |
|
Goldcorp |
|
494,190 |
| |
|
|
|
|
1,422,902 |
| |
|
|
South Africa 2.8% |
|
|
| |
55,451 |
|
Coronation Fund Managers |
|
378,869 |
| |
3,400 |
|
Naspers |
|
314,404 |
| |
|
|
|
|
693,273 |
| |
|
|
United States 2.7% |
|
|
| |
4,600 |
|
SM Energy |
|
355,074 |
| |
6,000 |
|
Atwood Oceanics (e) |
|
330,240 |
| |
|
|
|
|
685,314 |
| |
|
|
Total Other Countries |
|
4,601,312 |
| |
|
|
|
|
|
| |
|
|
Latin America 7.3% |
|
|
| |
|
|
|
|
|
| |
|
|
Guatemala 3.0% |
|
|
| |
42,000 |
|
Tahoe Resources (e) |
|
755,963 |
| |
|
|
|
|
|
| |
|
|
Brazil 2.7% |
|
|
| |
797,500 |
|
Beadell Resources (e) Gold Mining in Brazil |
|
691,241 |
| |
|
|
|
|
|
| |
|
|
Mexico 1.0% |
|
|
| |
16,000 |
|
Fresnillo |
|
252,030 |
| |
|
|
|
|
|
| |
|
|
Uruguay 0.6% |
|
|
| |
13,068 |
|
Union Agriculture Group (b) (c) (e) |
|
140,089 |
| |
|
|
Total Latin America |
|
1,839,323 |
| |
|
|
|
|
|
| |
Total Equities |
|
24,298,725 |
(f) | |||
|
|
|
| |||
|
|
Short-Term Investments 6.5% |
|
|
| |
1,650,467 |
|
JPMorgan U.S. Government Money Market Fund, Capital Shares (7 day yield of 0.01%) |
|
1,650,467 |
| |
|
|
|
| |||
Total Short-Term Investments |
|
1,650,467 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral 0.5% |
|
|
| |||
138,800 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
138,800 |
| |
|
|
|
| |||
Total Securities Lending Collateral |
|
138,800 |
| |||
|
|
|
| |||
Total Investments |
|
26,087,992 |
(i) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned (0.5)% |
|
(138,800 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities (2.8)% |
|
(703,837 |
) | |||
|
|
|
| |||
Net Assets 100.0% |
|
$ |
25,245,355 |
|
REIT Real Estate Investment Trust
> Notes to Statement of Investments
(a) All or a portion of this security was on loan at September 30, 2013. The total market value of securities on loan at September 30, 2013 was $131,604.
(b) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At September 30, 2013, the market value of these securities amounted to $857,248, which represented 3.40% of total net assets. Additional information on these securities is as follows:
Security |
|
Acquisition |
|
Shares/Units |
|
Cost |
|
Value |
| ||
Archipelago Resources |
|
12/20/10 - 9/26/13 |
|
783,000 |
|
$ |
810,985 |
|
$ |
717,159 |
|
Union Agriculture Group |
|
12/8/10 - 6/27/12 |
|
13,068 |
|
150,000 |
|
140,089 |
| ||
|
|
|
|
|
|
$ |
960,985 |
|
$ |
857,248 |
|
(c) Illiquid security.
(d) Units represent shares of security and related put options received through company restructuring. Additional information on the purchased options received is as follows:
Security |
|
Option |
|
Exercise Price |
|
Expiration Date(1) |
| |
Archipelago Resources |
|
783,000 |
|
GBP |
0.58 |
|
October 31, 2014 |
|
GBP - British Pound
(1)Archipelago Resources is expected to restructure into a new company during 2014. From January 31, 2014, the option is exercisable until the earlier of (i) the date the company is restructured and prices the shares for its initial public offering or (ii) August 13, 2014, subject to extension until the date the company is restructured and prices the shares for its initial public offering (but not later than September 26, 2016). After August 13, 2014, the valuation of the option will fluctuate based upon its fair market value as determined in accordance with the put option agreement.
(e) Non-income producing security.
(f) On September 30, 2013, the Funds total investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage of |
| |
Japanese Yen |
|
$ |
5,430,283 |
|
21.5 |
|
British Pound |
|
3,372,800 |
|
13.3 |
| |
Australian Dollar |
|
2,491,063 |
|
9.9 |
| |
Taiwan Dollar |
|
2,316,386 |
|
9.2 |
| |
Singapore Dollar |
|
2,138,498 |
|
8.5 |
| |
Canadian Dollar |
|
1,684,676 |
|
6.7 |
| |
United States Dollar |
|
1,319,593 |
|
5.2 |
| |
Euro |
|
1,310,989 |
|
5.2 |
| |
Other currencies less than 5% of total net assets |
|
4,234,437 |
|
16.8 |
| |
Total Equities |
|
$ |
24,298,725 |
|
96.3 |
|
(g) Investment made with cash collateral received from securities lending activity.
(h) At September 30, 2013, for federal income tax purposes, the cost of investments was $21,162,898 and net unrealized appreciation was $4,925,094 consisting of gross unrealized appreciation of $5,370,557 and gross unrealized depreciation of $445,463.
(i) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At September 30, 2013, the Fund had entered into the following forward foreign currency exchange contracts:
Forward Foreign |
|
Forward Foreign |
|
Principal |
|
Principal |
|
Settlement |
|
Unrealized |
| ||
USD |
|
ZAR |
|
6,000,840 |
|
$ |
600,000 |
|
10/15/13 |
|
$ |
3,540 |
|
The counterparty for all forward foreign currency exchange contracts is State Street Bank and Trust Company.
USD - United States Dollar
ZAR - South African Rand
Fair Value Measurements
Various inputs are used in determining the value of the Funds 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 managements 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 NAVs 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 the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) 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.
Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.
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 the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. 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; and circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default. 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 Funds 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 summarizes the inputs used, as of September 30, 2013, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
|
|
$ |
11,343,084 |
|
$ |
717,159 |
|
$ |
12,060,243 |
|
Europe |
|
|
|
5,797,847 |
|
|
|
5,797,847 |
| ||||
Other Countries |
|
2,108,216 |
|
2,493,096 |
|
|
|
4,601,312 |
| ||||
Latin America |
|
755,963 |
|
943,271 |
|
140,089 |
|
1,839,323 |
| ||||
Total Equities |
|
2,864,179 |
|
20,577,298 |
|
857,248 |
|
24,298,725 |
| ||||
Total Short-Term Investments |
|
1,650,467 |
|
|
|
|
|
1,650,467 |
| ||||
Total Securities Lending Collateral |
|
138,800 |
|
|
|
|
|
138,800 |
| ||||
Total Investments |
|
$ |
4,653,446 |
|
$ |
20,577,298 |
|
$ |
857,248 |
|
$ |
26,087,992 |
|
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts |
|
|
|
3,540 |
|
|
|
3,540 |
| ||||
Total |
|
$ |
4,653,446 |
|
$ |
20,580,838 |
|
$ |
857,248 |
|
$ |
26,091,532 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys 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, 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. Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.
There were no transfers of financial assets between levels 1 and 2 during the period.
The following table reconciles asset balances for the period ending September 30, 2013, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:
Investments in |
|
Balance as of |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance as of |
| ||||||||
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Asia |
|
$ |
|
|
$ |
|
|
$ |
(45,589 |
) |
$ |
52,798 |
|
$ |
|
|
$ |
709,950 |
|
$ |
|
|
$ |
717,159 |
|
Latin America |
|
133,816 |
|
|
|
6,273 |
|
|
|
|
|
|
|
|
|
140,089 |
| ||||||||
|
|
$ |
133,816 |
|
$ |
|
|
$ |
(39,316 |
) |
$ |
52,798 |
|
$ |
|
|
$ |
709,950 |
|
$ |
|
|
$ |
857,248 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized depreciation attributed to securities owned at September 30, 2013, which were valued using significant unobservable inputs (Level 3), amounted to $(39,316).
Quantitative information pertaining to Level 3 unobservable fair value measurements
|
|
Fair Value |
|
Valuation Technique(s) |
|
Unobservable Input(s) |
|
Range (Weighted |
| |
Equities |
|
$ |
717,159 |
|
Discounted cash flow |
|
Enterprise valuation and illiquid discount |
|
5% 22.7% |
|
Certain common stock classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to, trades of similar securities, estimated earnings of the company, market multiples derived from a set of comparable companies, and the position of the security within the companys capital structure. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
Wanger Select Report
Wanger Select |
Statement of Investments (Unaudited), September 30, 2013 |
Number of Shares |
|
|
|
Value |
| |
|
|
Equities 98.6% |
|
|
| |
|
|
|
|
|
| |
|
|
Industrial Goods & Services 25.4% |
|
|
| |
|
|
|
|
|
| |
|
|
Machinery 19.4% |
|
|
| |
336,000 |
|
Ametek |
|
$ |
15,462,720 |
|
260,000 |
|
Donaldson |
|
9,913,800 |
| |
108,000 |
|
Pall |
|
8,320,320 |
| |
173,000 |
|
Kennametal |
|
7,888,800 |
| |
84,000 |
|
Nordson |
|
6,184,920 |
| |
|
|
|
|
47,770,560 |
| |
|
|
Outsourcing Services 2.5% |
|
|
| |
221,000 |
|
Quanta Services (a) |
|
6,079,710 |
| |
|
|
|
|
|
| |
|
|
Industrial Materials & Specialty Chemicals 2.0% |
|
|
| |
70,000 |
|
FMC Corporation |
|
5,020,400 |
| |
|
|
|
|
|
| |
|
|
Industrial Distribution 1.0% |
|
|
| |
24,149 |
|
Airgas |
|
2,561,001 |
| |
|
|
|
|
|
| |
|
|
Other Industrial Services 0.5% |
|
|
| |
30,000 |
|
Forward Air |
|
1,210,500 |
| |
|
|
Total Industrial Goods & Services |
|
62,642,171 |
| |
|
|
|
|
|
| |
|
|
Information 24.3% |
|
|
| |
|
|
|
|
|
| |
|
|
Mobile Communications 5.5% |
|
|
| |
99,000 |
|
SBA Communications (a) |
|
7,965,540 |
| |
78,000 |
|
Crown Castle International (a) |
|
5,696,340 |
| |
|
|
|
|
13,661,880 |
| |
|
|
Computer Services 4.9% |
|
|
| |
573,112 |
|
WNS - ADR (India) (a) |
|
12,161,437 |
| |
|
|
|
|
|
| |
|
|
Instrumentation 4.6% |
|
|
| |
30,000 |
|
Mettler-Toledo International (a) |
|
7,202,700 |
| |
140,000 |
|
Trimble Navigation (a) |
|
4,159,400 |
| |
|
|
|
|
11,362,100 |
| |
|
|
Computer Hardware & Related Equipment 3.9% |
|
|
| |
125,000 |
|
Amphenol |
|
9,672,500 |
| |
|
|
|
|
|
| |
|
|
Telecommunications Equipment 2.0% |
|
|
| |
57,000 |
|
F5 Networks (a) |
|
4,888,320 |
| |
|
|
|
|
|
| |
|
|
Contract Manufacturing 1.5% |
|
|
| |
210,000 |
|
Sanmina-SCI (a) |
|
3,672,900 |
| |
|
|
|
|
|
| |
|
|
Business Software 1.4% |
|
|
| |
40,000 |
|
Ansys (a) |
|
3,460,800 |
| |
|
|
|
|
|
| |
|
|
Semiconductors & Related Equipment 0.5% |
|
|
| |
150,000 |
|
Atmel (a) |
|
1,116,000 |
| |
|
|
Total Information |
|
59,995,937 |
| |
|
|
|
|
|
| |
|
|
Finance 16.5% |
|
|
| |
|
|
|
|
|
| |
|
|
Banks 5.1% |
|
|
| |
126,000 |
|
City National |
|
8,399,160 |
| |
275,000 |
|
Associated Banc-Corp |
|
4,259,750 |
| |
|
|
|
|
12,658,910 |
| |
|
|
Insurance 4.8% |
|
|
| |
830,000 |
|
CNO Financial Group |
|
11,952,000 |
| |
|
|
|
|
|
| |
|
|
Credit Cards 4.0% |
|
|
| |
194,000 |
|
Discover Financial Services |
|
9,804,760 |
| |
|
|
|
|
|
| |
|
|
Brokerage & Money Management 2.6% |
|
|
| |
205,000 |
|
SEI Investments |
|
6,336,550 |
| |
|
|
Total Finance |
|
40,752,220 |
| |
|
|
|
|
|
| |
|
|
Consumer Goods & Services 16.4% |
|
|
| |
|
|
|
|
|
| |
|
|
Travel 7.2% |
|
|
| |
465,000 |
|
Hertz (a) |
|
10,304,400 |
| |
68,000 |
|
Vail Resorts |
|
4,717,840 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Travel 7.2% (cont) |
|
|
| |
63,000 |
|
Choice Hotels |
|
$ |
2,720,970 |
|
|
|
|
|
17,743,210 |
| |
|
|
Retail 4.2% |
|
|
| |
36,000 |
|
ULTA (a) |
|
4,300,560 |
| |
48,000 |
|
Caseys General Stores |
|
3,528,000 |
| |
66,000 |
|
Best Buy |
|
2,475,000 |
| |
|
|
|
|
10,303,560 |
| |
|
|
Other Consumer Services 3.0% |
|
|
| |
77,000 |
|
Lifetime Fitness (a) |
|
3,963,190 |
| |
125,000 |
|
Blackhawk Network (a) (b) |
|
3,003,750 |
| |
234,665 |
|
IFM Investments (Century 21 China RE) - ADR (China) (a) |
|
422,397 |
| |
|
|
|
|
7,389,337 |
| |
|
|
Apparel 1.2% |
|
|
| |
26,000 |
|
PVH |
|
3,085,940 |
| |
|
|
|
|
|
| |
|
|
Educational Services 0.7% |
|
|
| |
52,625 |
|
ITT Educational Services (a) (b) |
|
1,631,375 |
| |
|
|
|
|
|
| |
|
|
Food & Beverage 0.1% |
|
|
| |
307,000 |
|
GLG Life Tech (Canada) (a) |
|
250,357 |
| |
|
|
Total Consumer Goods & Services |
|
40,403,779 |
| |
|
|
|
|
|
| |
|
|
Energy & Minerals 7.2% |
|
|
| |
|
|
|
|
|
| |
|
|
Oil & Gas Producers 4.2% |
|
|
| |
967,259 |
|
Canacol (Colombia) (a) |
|
4,141,170 |
| |
6,150,000 |
|
Shamaran Petroleum (Iraq) (a) |
|
2,298,675 |
| |
114,000 |
|
Pacific Rubiales Energy (Colombia) |
|
2,251,114 |
| |
3,600,000 |
|
Canadian Overseas Petroleum (United Kingdom) (a) (c) |
|
1,045,871 |
| |
184,000 |
|
Canadian Overseas Petroleum (United Kingdom) (a) |
|
56,269 |
| |
1,800,000 |
|
Canadian Overseas Petroleum - Warrants (United Kingdom) (a) (c) (d) |
|
1,795 |
| |
8,714,000 |
|
Petrodorado Energy (Colombia) (a) |
|
338,391 |
| |
2,575,000 |
|
Petromanas (Canada) (a) |
|
337,484 |
| |
|
|
|
|
10,470,769 |
| |
|
|
Agricultural Commodities 1.1% |
|
|
| |
261,363 |
|
Union Agriculture Group (Uruguay) (a) (c) (d) |
|
2,801,811 |
| |
|
|
|
|
|
| |
|
|
Oil Services 1.1% |
|
|
| |
75,000 |
|
Rowan (a) |
|
2,754,000 |
| |
|
|
|
|
|
| |
|
|
Mining 0.6% |
|
|
| |
425,000 |
|
Kirkland Lake Gold (Canada) (a) |
|
1,431,727 |
| |
|
|
|
|
|
| |
|
|
Alternative Energy 0.2% |
|
|
| |
535,000 |
|
Synthesis Energy Systems (China) (a) |
|
396,970 |
| |
|
|
Total Energy & Minerals |
|
17,855,277 |
| |
|
|
|
|
|
| |
|
|
Health Care 6.0% |
|
|
| |
|
|
|
|
|
| |
|
|
Medical Supplies 4.1% |
|
|
| |
136,000 |
|
Cepheid (a) |
|
5,309,440 |
| |
46,000 |
|
Henry Schein (a) |
|
4,770,200 |
| |
|
|
|
|
10,079,640 |
| |
|
|
Biotechnology & Drug Delivery 1.9% |
|
|
| |
106,000 |
|
Seattle Genetics (a) |
|
4,645,980 |
| |
|
|
Total Health Care |
|
14,725,620 |
| |
|
|
|
|
|
| |
|
|
Other Industries 2.8% |
|
|
| |
|
|
|
|
|
| |
|
|
Real Estate 2.8% |
|
|
| |
125,000 |
|
Post Properties |
|
5,627,500 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Real Estate 2.8% (cont) |
|
|
| |
75,000 |
|
Biomed Realty Trust |
|
$ |
1,394,250 |
|
|
|
|
|
7,021,750 |
| |
|
|
Total Other Industries |
|
7,021,750 |
| |
|
|
|
|
|
| |
Total Equities |
|
243,396,754 |
(e) | |||
|
|
|
|
|
| |
|
|
Short-Term Investments 1.1% |
|
|
| |
1,864,233 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
1,864,233 |
| |
683,458 |
|
JPMorgan U.S. Government Money Market Fund, Capital Shares (7 day yield of 0.01%) |
|
683,458 |
| |
Total Short-Term Investments |
|
2,547,691 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral 0.3% |
|
|
| |||
783,425 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (f) |
|
|
783,425 |
|
Total Securities Lending Collateral |
|
783,425 |
| |||
|
|
|
|
|
| |
Total Investments |
|
246,727,870 |
(h) | |||
|
|
|
| |||
Obligation to Return Collateral for |
|
(783,425 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities 0.3% |
|
858,803 |
| |||
|
|
|
| |||
Net Assets 100.0% |
|
$ |
246,803,248 |
|
ADR American Depositary Receipts
> Notes to Statement of Investments
(a) |
|
Non-income producing security. | |||||||||||||||||
(b) |
|
All or a portion of this security was on loan at September 30, 2013. The total market value of securities on loan at September 30, 2013 was $764,160. | |||||||||||||||||
(c) |
|
Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At September 30, 2013, the market value of these securities amounted to $3,849,477, which represented 1.56% of total net assets. Additional information on these securities is as follows: | |||||||||||||||||
|
|
| |||||||||||||||||
|
Security |
|
Acquisition |
|
Shares/Units |
|
Cost |
|
Value |
| |||||||||
|
Union Agriculture Group |
|
12/8/10 - 6/27/12 |
|
261,363 |
|
$ |
2,999,999 |
|
$ |
2,801,811 |
| |||||||
|
Canadian Overseas Petroleum |
|
11/24/10 |
|
3,600,000 |
|
1,539,065 |
|
1,045,871 |
| |||||||||
|
Canadian Overseas Petroleum - Warrants |
|
11/24/10 |
|
1,800,000 |
|
225,295 |
|
1,795 |
| |||||||||
|
|
|
|
|
|
|
$ |
4,764,359 |
|
$ |
3,849,477 |
| |||||||
|
|
| |||||||||||||||||
(d) |
|
Illiquid security. | |||||||||||||||||
(e) |
|
On September 30, 2013, the market value of foreign securities represented 11.32% of total net assets. The Funds foreign portfolio was diversified as follows: | |||||||||||||||||
|
|
| |||||||||||||||||
|
Country |
|
Value |
|
Percentage |
| |||||||||||||
|
India |
|
$ |
12,161,437 |
|
4.93 |
| ||||||||||||
|
Colombia |
|
6,730,675 |
|
2.73 |
| |||||||||||||
|
Uruguay |
|
2,801,811 |
|
1.13 |
| |||||||||||||
|
Iraq |
|
2,298,675 |
|
0.93 |
| |||||||||||||
|
Canada |
|
2,019,567 |
|
0.82 |
| |||||||||||||
|
United Kingdom |
|
1,103,935 |
|
0.45 |
| |||||||||||||
|
China |
|
819,367 |
|
0.33 |
| |||||||||||||
|
Total Foreign Portfolio |
|
$ |
27,935,467 |
|
11.32 |
| ||||||||||||
|
|
| |||||||||||||||||
(f) |
|
Investment made with cash collateral received from securities lending activity. | |||||||||||||||||
(g) |
|
At September 30, 2013, for federal income tax purposes, the cost of investments was $162,717,660 and net unrealized appreciation was $84,010,210 consisting of gross unrealized appreciation of $96,011,873 and gross unrealized depreciation of $12,001,663. | |||||||||||||||||
(h) |
|
Securities 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 Funds 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 managements 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 NAVs 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 the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) 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.
Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.
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 the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. 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; and circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default. 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 Funds 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 summarizes the inputs used, as of September 30, 2013, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Industrial Goods & Services |
|
$ |
62,642,171 |
|
$ |
|
|
$ |
|
|
$ |
62,642,171 |
|
Information |
|
59,995,937 |
|
|
|
|
|
59,995,937 |
| ||||
Finance |
|
40,752,220 |
|
|
|
|
|
40,752,220 |
| ||||
Consumer Goods & Services |
|
40,403,779 |
|
|
|
|
|
40,403,779 |
| ||||
Energy & Minerals |
|
14,005,800 |
|
1,047,666 |
|
2,801,811 |
|
17,855,277 |
| ||||
Health Care |
|
14,725,620 |
|
|
|
|
|
14,725,620 |
| ||||
Other Industries |
|
7,021,750 |
|
|
|
|
|
7,021,750 |
| ||||
Total Equities |
|
239,547,277 |
|
1,047,666 |
|
2,801,811 |
|
243,396,754 |
| ||||
Total Short-Term Investments |
|
2,547,691 |
|
|
|
|
|
2,547,691 |
| ||||
Total Securities Lending Collateral |
|
783,425 |
|
|
|
|
|
783,425 |
| ||||
Total Investments |
|
$ |
242,878,393 |
|
$ |
1,047,666 |
|
$ |
2,801,811 |
|
$ |
246,727,870 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment managers experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price. Warrants which do not trade are valued as a percentage of the actively trading common stock using a model, based on Black Scholes.
The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:
Transfers In |
|
Transfers Out |
| ||||||||
Level 1 |
|
Level 2 |
|
Level 1 |
|
Level 2 |
| ||||
$ |
80,127 |
|
$ |
|
|
$ |
|
|
$ |
80,127 |
|
Financial assets were transferred from Level 2 to Level 1 as trading resumed during the period.
The following table reconciles asset balances for the period ending September 30, 2013, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:
Investments in |
|
Balance as of |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance as of |
| ||||||||
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Energy & Minerals |
|
$ |
2,676,357 |
|
$ |
|
|
$ |
125,454 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
2,801,811 |
|
|
|
$ |
2,676,357 |
|
$ |
|
|
$ |
125,454 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
2,801,811 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized appreciation depreciation attributed to securities owned at September 30, 2013, which were valued using significant unobservable inputs (Level 3), amounted to $125,454.
Quantitative information pertaining to Level 3 unobservable fair value measurements
|
|
Fair Value |
|
Valuation Technique(s) |
|
Unobservable Input(s) |
|
Range (Weighted |
| |
Equities |
|
$ |
2,801,811 |
|
Market comparable companies |
|
Discount for lack of marketability |
|
0% to 5% (-8%) |
|
Certain common stock classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to, trades of similar securities, estimated earnings of the company, market multiples derived from a set of comparable companies, and the position of the security within the companys capital structure. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
Wanger USA Report
Wanger USA |
Statement of Investments (Unaudited), September 30, 2013 |
Number of Shares |
|
|
|
Value |
| |
|
|
Equities 99.8% |
|
|
| |
|
|
|
|
|
| |
|
|
Information 28.5% |
|
|
| |
|
|
|
|
|
| |
|
|
Business Software 10.1% |
|
|
| |
448,000 |
|
Informatica (a) Enterprise Data Integration Software |
|
$ |
17,458,560 |
|
198,000 |
|
Ansys (a) Simulation Software for Engineers & Designers |
|
17,130,960 |
| |
237,000 |
|
Micros Systems (a) Information Systems for Hotels, Restaurants & Retailers |
|
11,835,780 |
| |
163,000 |
|
SPS Commerce (a) Supply Chain Management Software Delivered Via the Web |
|
10,907,960 |
| |
95,000 |
|
NetSuite (a) End-to-end IT Systems Solution Delivered Over the Web |
|
10,254,300 |
| |
83,000 |
|
Concur Technologies (a) Web Enabled Cost & Expense Management Software |
|
9,171,500 |
| |
165,000 |
|
RealPage (a) (b) Software for Managing Rental Properties Delivered Via the Web |
|
3,821,400 |
| |
150,000 |
|
Exa (a) Simulation Software |
|
2,323,500 |
| |
42,000 |
|
DemandWare (a) E-Commerce Website Solution for Retailers & Apparel Manufacturers |
|
1,945,860 |
| |
69,000 |
|
E2Open (a) (b) Supply Chain Management Software & Supplier/Partner Network |
|
1,545,600 |
| |
44,099 |
|
Webgroup.com (a) Website Creation & Management for Small Businesses |
|
1,426,162 |
| |
43,000 |
|
Envestnet (a) Technology Platform for Investment Advisors |
|
1,333,000 |
| |
146,000 |
|
InContact (a) Call Center Systems Delivered Via the Web & Telco Services |
|
1,207,420 |
| |
|
|
|
|
90,362,002 |
| |
|
|
Instrumentation 4.7% |
|
|
| |
109,750 |
|
Mettler-Toledo International (a) Laboratory Equipment |
|
26,349,877 |
| |
277,000 |
|
IPG Photonics (b) Fiber Lasers |
|
15,597,870 |
| |
|
|
|
|
41,947,747 |
| |
|
|
Telephone & Data Services 2.9% |
|
|
| |
830,000 |
|
tw telecom (a) Fiber Optic Telephone/Data Services |
|
24,787,950 |
| |
197,000 |
|
Boingo Wireless (a) Wholesale & Retail Wi-Fi Networks |
|
1,379,000 |
| |
|
|
|
|
26,166,950 |
| |
|
|
Semiconductors & Related Equipment 2.1% |
|
|
| |
281,000 |
|
Monolithic Power Systems High Performance Analog & Mixed Signal Integrated Circuits |
|
8,508,680 |
| |
740,000 |
|
Atmel (a) Microcontrollers, Radio Frequency & Memory Semiconductors |
|
5,505,600 |
| |
86,000 |
|
Ultratech (a) Semiconductor Equipment |
|
2,605,800 |
| |
25,000 |
|
Hittite Microwave (a) Radio Frequency, Microwave & Millimeterwave Semiconductors |
|
1,633,750 |
| |
|
|
|
|
18,253,830 |
| |
|
|
Computer Services 2.0% |
|
|
| |
333,000 |
|
ExlService Holdings (a) Business Process Outsourcing |
|
9,483,840 |
| |
175,000 |
|
WNS - ADR (India) (a) Offshore Business Process Outsourcing Services |
|
3,713,500 |
| |
405,000 |
|
RCM Technologies Technology & Engineering Services |
|
2,442,150 |
| |
297,522 |
|
Hackett Group IT Integration & Best Practice Research |
|
2,121,332 |
| |
|
|
|
|
17,760,822 |
| |
|
|
Gaming Equipment & Services 2.0% |
|
|
| |
240,000 |
|
Bally Technologies (a) Slot Machines & Software |
|
17,294,400 |
| |
|
|
|
|
|
| |
|
|
Telecommunications Equipment 1.3% |
|
|
| |
275,800 |
|
Finisar (a) Optical Subsystems & Components |
|
6,241,354 |
| |
235,000 |
|
Ixia (a) Telecom Network Test Equipment |
|
3,682,450 |
| |
135,000 |
|
Infinera (a) Optical Networking Equipment |
|
1,526,850 |
| |
|
|
|
|
11,450,654 |
| |
|
|
Computer Hardware & Related Equipment 1.1% |
|
|
| |
397,000 |
|
II-VI (a) Laser Optics & Specialty Materials |
|
7,471,540 |
| |
41,000 |
|
Rogers (a) Printed Circuit Materials & High-performance Foams |
|
2,438,680 |
| |
|
|
|
|
9,910,220 |
| |
|
|
Financial Processors 0.8% |
|
|
| |
91,000 |
|
Global Payments Credit Card Processor |
|
4,648,280 |
| |
80,000 |
|
Liquidity Services (a) (b) E-Auctions for Surplus & Salvage Goods |
|
2,684,800 |
| |
|
|
|
|
7,333,080 |
| |
|
|
Contract Manufacturing 0.7% |
|
|
| |
97,000 |
|
Plexus (a) Electronic Manufacturing Services |
|
3,608,400 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Contract Manufacturing 0.7% (cont) |
|
|
| |
165,000 |
|
Sanmina-SCI (a) Electronic Manufacturing Services |
|
$ |
2,885,850 |
|
|
|
|
|
6,494,250 |
| |
|
|
Business Information & Marketing Services 0.5% |
|
|
| |
291,200 |
|
Navigant Consulting (a) Financial Consulting Firm |
|
4,501,952 |
| |
|
|
Internet Related 0.3% |
|
|
| |
76,847 |
|
RetailMeNot (a) Digital Coupon Marketplace |
|
2,733,448 |
| |
|
|
Total Information |
|
254,209,355 |
| |
|
|
|
|
|
| |
|
|
Industrial Goods & Services 19.4% |
|
|
| |
|
|
|
|
|
| |
|
|
Machinery 15.5% |
|
|
| |
457,200 |
|
Nordson Dispensing Systems for Adhesives & Coatings |
|
33,663,636 |
| |
640,000 |
|
Ametek Aerospace/Industrial Instruments |
|
29,452,800 |
| |
580,000 |
|
Donaldson Industrial Air Filtration |
|
22,115,400 |
| |
187,000 |
|
Moog (a) Motion Control Products for Aerospace, Defense & Industrial Markets |
|
10,971,290 |
| |
297,300 |
|
ESCO Technologies Automatic Electric Meter Readers |
|
9,879,279 |
| |
124,000 |
|
HEICO FAA Approved Aircraft Replacement Parts |
|
6,217,360 |
| |
124,000 |
|
Kennametal Consumable Cutting Tools |
|
5,654,400 |
| |
24,000 |
|
Middleby (a) Manufacturer of Cooking Equipment |
|
5,013,840 |
| |
100,000 |
|
Oshkosh Corporation (a) Specialty Truck Manufacturer |
|
4,898,000 |
| |
88,736 |
|
Toro Turf Maintenance Equipment |
|
4,822,802 |
| |
80,000 |
|
Generac Standby Power Generators |
|
3,411,200 |
| |
48,000 |
|
Dorman Products Aftermarket Auto Parts Distributor |
|
2,378,400 |
| |
|
|
|
|
138,478,407 |
| |
|
|
Industrial Materials & Specialty Chemicals 1.7% |
|
|
| |
234,000 |
|
Drew Industries RV & Manufactured Home Components |
|
10,656,360 |
| |
157,000 |
|
Polyone Intermediate Stage Chemicals Producer |
|
4,821,470 |
| |
|
|
|
|
15,477,830 |
| |
|
|
Electrical Components 1.0% |
|
|
| |
64,000 |
|
Acuity Brands Commercial Lighting Fixtures |
|
5,889,280 |
| |
134,000 |
|
Thermon (a) Global Engineered Thermal Solutions |
|
3,096,740 |
| |
|
|
|
|
8,986,020 |
| |
|
|
Other Industrial Services 0.5% |
|
|
| |
80,000 |
|
KAR Auction Services Auto Auctions |
|
2,256,800 |
| |
47,000 |
|
Forward Air Freight Transportation Between Airports |
|
1,896,450 |
| |
5,625 |
|
TrueBlue (a) Temporary Industrial Labor |
|
135,056 |
| |
|
|
|
|
4,288,306 |
| |
|
|
Industrial Distribution 0.4% |
|
|
| |
26,000 |
|
WESCO International (a) Industrial Distributor |
|
1,989,780 |
| |
60,000 |
|
MRC Global (a) Industrial Distributor |
|
1,608,000 |
| |
|
|
|
|
3,597,780 |
| |
|
|
Construction 0.3% |
|
|
| |
58,000 |
|
Fortune Brands Home & Security Home Building Supplies & Small Locks |
|
2,414,540 |
| |
|
|
Total Industrial Goods & Services |
|
173,242,883 |
| |
|
|
|
|
|
| |
|
|
Consumer Goods & Services 14.5% |
|
|
| |
|
|
|
|
|
| |
|
|
Travel 4.7% |
|
|
| |
659,500 |
|
Avis Budget Group (a) Second Largest Car Rental Company |
|
19,013,385 |
| |
400,000 |
|
Hertz (a) Largest U.S. Rental Car Operator |
|
8,864,000 |
| |
253,000 |
|
Ryman Hospitality Properties (b) Convention Hotels |
|
8,731,030 |
| |
85,000 |
|
Choice Hotels Franchisor of Budget Hotel Brands |
|
3,671,150 |
| |
72,000 |
|
HomeAway (a) Vacation Rental Online Marketplace |
|
2,016,000 |
| |
|
|
|
|
42,295,565 |
| |
|
|
Retail 2.9% |
|
|
| |
382,000 |
|
Pier 1 Imports Home Furnishing Retailer |
|
7,456,640 |
| |
120,500 |
|
Shutterfly (a) Internet Photo-centric Retailer |
|
6,733,540 |
| |
74,000 |
|
Caseys General Stores Owner/Operator of Convenience Stores |
|
5,439,000 |
| |
75,000 |
|
Abercrombie & Fitch Teen Apparel Retailer |
|
2,652,750 |
| |
70,000 |
|
Fifth & Pacific Companies (a) Global Lifestyle Brand |
|
1,759,100 |
| |
25,000 |
|
Restoration Hardware Holdings (a) Specialty Home Furnishing Retailer |
|
1,583,750 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Retail 2.9% (cont) |
|
|
| |
116,229 |
|
Gaiam (a) Healthy Living Catalogs & E-Commerce, Non-theatrical Media |
|
$ |
582,307 |
|
|
|
|
|
26,207,087 |
| |
|
|
Furniture & Textiles 2.3% |
|
|
| |
178,561 |
|
Caesarstone (Israel) (a) Quartz Countertops |
|
8,156,667 |
| |
474,000 |
|
Knoll Office Furniture |
|
8,029,560 |
| |
135,000 |
|
Interface Modular Carpet |
|
2,678,400 |
| |
65,000 |
|
Herman Miller Office Furniture |
|
1,896,700 |
| |
|
|
|
|
20,761,327 |
| |
|
|
Other Consumer Services 1.5% |
|
|
| |
194,000 |
|
Lifetime Fitness (a) Sport & Fitness Club Operator |
|
9,985,180 |
| |
132,500 |
|
Blackhawk Network (a) Third Party Distributer of Prepaid Content, Mostly Gift Cards |
|
3,183,975 |
| |
|
|
|
|
13,169,155 |
| |
|
|
Consumer Goods Distribution 1.4% |
|
|
| |
194,000 |
|
Pool Swimming Pool Supplies & Equipment Distributor |
|
10,889,220 |
| |
28,000 |
|
United Natural Foods (a) Natural/Organic Food Distributor |
|
1,882,160 |
| |
|
|
|
|
12,771,380 |
| |
|
|
Food & Beverage 0.5% |
|
|
| |
142,725 |
|
Boulder Brands (a) Healthy Food Products |
|
2,289,309 |
| |
53,000 |
|
B&G Foods Acquirer of Small Food Brands |
|
1,831,150 |
| |
|
|
|
|
4,120,459 |
| |
|
|
Other Durable Goods 0.4% |
|
|
| |
156,000 |
|
Select Comfort (a) Specialty Mattresses |
|
3,798,600 |
| |
|
|
|
|
|
| |
|
|
Nondurables 0.4% |
|
|
| |
70,000 |
|
Helen of Troy (a) Personal Care, Housewares, Healthcare & Home Environment Products |
|
3,094,000 |
| |
|
|
|
|
|
| |
|
|
Restaurants 0.2% |
|
|
| |
49,000 |
|
Fiesta Restaurant Group (a) Owns/Operates Two Restaurant Chains: Pollo Tropical & Taco Cabana |
|
1,845,340 |
| |
|
|
|
|
|
| |
|
|
Apparel 0.2% |
|
|
| |
250,000 |
|
Quiksilver (a) Action Sports Lifestyle Branded Apparel & Footwear |
|
1,757,500 |
| |
|
|
Total Consumer Goods & Services |
|
129,820,413 |
| |
|
|
|
|
|
| |
|
|
Finance 14.4% |
|
|
| |
|
|
|
|
|
| |
|
|
Banks 7.6% |
|
|
| |
373,000 |
|
MB Financial Chicago Bank |
|
10,533,520 |
| |
107,000 |
|
SVB Financial Group (a) Bank to Venture Capitalists |
|
9,241,590 |
| |
253,000 |
|
Lakeland Financial Indiana Bank |
|
8,260,450 |
| |
485,000 |
|
Associated Banc-Corp Midwest Bank |
|
7,512,650 |
| |
103,000 |
|
City National Bank & Asset Manager |
|
6,865,980 |
| |
368,000 |
|
TCF Financial Great Lakes Bank |
|
5,255,040 |
| |
161,194 |
|
Hancock Holding Gulf Coast Bank |
|
5,058,268 |
| |
504,000 |
|
Valley National Bancorp (b) New Jersey/New York Bank |
|
5,014,800 |
| |
666,200 |
|
First Busey Illinois Bank |
|
3,470,902 |
| |
400,000 |
|
First Commonwealth Western Pennsylvania Bank |
|
3,036,000 |
| |
97,700 |
|
Sandy Spring Bancorp Baltimore & Washington, D.C. Bank |
|
2,272,502 |
| |
100,890 |
|
Guaranty Bancorp Colorado Bank |
|
1,381,184 |
| |
|
|
|
|
67,902,886 |
| |
|
|
Finance Companies 3.6% |
|
|
| |
91,000 |
|
World Acceptance (a) (b) Personal Loans |
|
8,182,720 |
| |
339,400 |
|
CAI International (a) International Container Leasing |
|
7,897,838 |
| |
174,900 |
|
McGrath Rentcorp Temporary Space & IT Rentals |
|
6,243,930 |
| |
195,040 |
|
H & E Equipment Services (a) Heavy Equipment Leasing |
|
5,180,262 |
| |
115,000 |
|
Textainer Group Holdings (b) Top International Container Leaser |
|
4,355,050 |
| |
|
|
|
|
31,859,800 |
| |
|
|
Savings & Loans 1.2% |
|
|
| |
326,600 |
|
ViewPoint Financial Texas Thrift |
|
6,750,822 |
| |
142,000 |
|
Berkshire Hills Bancorp Northeast Thrift |
|
3,565,620 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Savings & Loans 1.2% (cont) |
|
|
| |
52,011 |
|
Simplicity Bancorp Los Angeles Savings & Loan |
|
$ |
808,771 |
|
|
|
|
|
11,125,213 |
| |
|
|
Brokerage & Money Management 0.9% |
|
|
| |
206,000 |
|
SEI Investments Mutual Fund Administration & Investment Management |
|
6,367,460 |
| |
109,000 |
|
Kennedy-Wilson Holdings Global Distressed Real Estate |
|
2,023,040 |
| |
|
|
|
|
8,390,500 |
| |
|
|
Insurance 0.6% |
|
|
| |
27,000 |
|
Allied World Holdings Commercial Lines Insurance/Reinsurance |
|
2,683,530 |
| |
19,000 |
|
Enstar Group (a) Insurance/Reinsurance & Related Services |
|
2,595,400 |
| |
|
|
|
|
5,278,930 |
| |
|
|
Diversified Financial Companies 0.5% |
|
|
| |
146,500 |
|
Leucadia National Holding Company |
|
3,990,660 |
| |
|
|
Total Finance |
|
128,547,989 |
| |
|
|
|
|
|
| |
|
|
Health Care 11.5% |
|
|
| |
|
|
|
|
|
| |
|
|
Biotechnology & Drug Delivery 6.5% |
|
|
| |
290,000 |
|
Seattle Genetics (a) Antibody-based Therapies for Cancer |
|
12,710,700 |
| |
171,800 |
|
Synageva Biopharma (a) Biotech Focused on Orphan Diseases |
|
10,876,658 |
| |
299,000 |
|
NPS Pharmaceuticals (a) Orphan Drugs & Healthy Royalties |
|
9,511,190 |
| |
87,804 |
|
BioMarin Pharmaceutical (a) Biotech Focused on Orphan Diseases |
|
6,341,205 |
| |
81,483 |
|
Alnylam Pharmaceuticals (a) Biotech Developing Drugs for Rare Diseases |
|
5,215,727 |
| |
261,000 |
|
ARIAD Pharmaceuticals (a) Biotech Focused on Cancer |
|
4,802,400 |
| |
80,000 |
|
Sarepta Therapeutics (a) (b) Biotech Focused on Rare Diseases |
|
3,778,400 |
| |
201,000 |
|
InterMune (a) Drugs for Pulmonary Fibrosis & Hepatitis C |
|
3,089,370 |
| |
136,000 |
|
Coronado Biosciences (a) (b) Development-stage Biotech |
|
954,720 |
| |
16,591 |
|
Ophthotech (a) Biotech Focused on Ophthalmic Drugs |
|
492,918 |
| |
|
|
|
|
57,773,288 |
| |
|
|
Medical Supplies 1.8% |
|
|
| |
314,600 |
|
Cepheid (a) Molecular Diagnostics |
|
12,281,984 |
| |
47,000 |
|
Techne Cytokines, Antibodies & Other Reagents for Life Science |
|
3,762,820 |
| |
|
|
|
|
16,044,804 |
| |
|
|
Health Care Services 1.3% |
|
|
| |
486,000 |
|
Allscripts Healthcare Solutions (a) Health Care IT |
|
7,226,820 |
| |
83,000 |
|
HealthSouth Inpatient Rehabilitation Facilities |
|
2,861,840 |
| |
70,000 |
|
Envision Healthcare Holdings (a) Provider of Health Care Outsourcing Services |
|
1,822,100 |
| |
|
|
|
|
11,910,760 |
| |
|
|
Pharmaceuticals 1.0% |
|
|
| |
424,000 |
|
Akorn (a) Develops, Manufactures & Sells Specialty Generic Drugs |
|
8,344,320 |
| |
175,100 |
|
Alimera Sciences (a) (b) Ophthalmology-focused Pharmaceutical Company |
|
658,376 |
| |
|
|
|
|
9,002,696 |
| |
|
|
Medical Equipment & Devices 0.9% |
|
|
| |
121,000 |
|
Sirona Dental Systems (a) Manufacturer of Dental Equipment |
|
8,098,530 |
| |
|
|
Total Health Care |
|
102,830,078 |
| |
|
|
|
|
|
| |
|
|
Other Industries 5.8% |
|
|
| |
|
|
|
|
|
| |
|
|
Real Estate 5.2% |
|
|
| |
503,000 |
|
Extra Space Storage Self Storage Facilities |
|
23,012,250 |
| |
935,000 |
|
Kite Realty Group Community Shopping Centers |
|
5,544,550 |
| |
119,000 |
|
Coresite Realty Data Centers |
|
4,038,860 |
| |
213,600 |
|
Biomed Realty Trust Life Science-focused Office Buildings |
|
3,970,824 |
| |
411,900 |
|
EdR Student Housing |
|
3,748,290 |
| |
341,000 |
|
DCT Industrial Trust Industrial Properties |
|
2,451,790 |
| |
91,000 |
|
St. Joe (a) (b) Florida Panhandle Landowner |
|
1,785,420 |
| |
119,000 |
|
Associated Estates Realty (b) Multifamily Properties |
|
1,774,290 |
| |
22,500 |
|
American Residential Properties (a) Single-family Rental Properties |
|
396,225 |
| |
|
|
|
|
46,722,499 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
Transportation 0.6% |
|
|
| |
184,487 |
|
Rush Enterprises, Class A (a) Truck Sales & Service |
|
$ |
4,890,751 |
|
|
|
Total Other Industries |
|
51,613,250 |
| |
|
|
|
|
|
| |
|
|
Energy & Minerals 5.7% |
|
|
| |
|
|
|
|
|
| |
|
|
Oil & Gas Producers 2.6% |
|
|
| |
89,000 |
|
SM Energy Oil & Gas Producer |
|
6,869,910 |
| |
94,000 |
|
Rosetta Resources (a) Oil & Gas Producer Exploring in Texas |
|
5,119,240 |
| |
120,000 |
|
Laredo Petroleum (a) Permian Basin Oil Producer |
|
3,561,600 |
| |
58,000 |
|
PDC Energy (a) Oil & Gas Producer in U.S. |
|
3,453,320 |
| |
68,334 |
|
Bill Barrett Corporation (a) (b) Oil & Gas Producer in U.S. Rockies |
|
1,715,867 |
| |
47,000 |
|
Approach Resources (a) Oil & Gas Producer in West Texas Permian |
|
1,235,160 |
| |
21,444 |
|
Carrizo Oil & Gas (a) Oil & Gas Producer |
|
800,075 |
| |
10,308 |
|
Matador Resources (a) Oil & Gas Producer in Texas & Louisiana |
|
168,330 |
| |
|
|
|
|
22,923,502 |
| |
|
|
Oil Services 2.1% |
|
|
| |
250,100 |
|
Atwood Oceanics (a) Offshore Drilling Contractor |
|
13,765,504 |
| |
58,000 |
|
Hornbeck Offshore (a) Supply Vessel Operator in U.S. Gulf of Mexico |
|
3,331,520 |
| |
36,000 |
|
Gulfmark Offshore Operator of Offshore Supply Vessels |
|
1,832,040 |
| |
|
|
|
|
18,929,064 |
| |
|
|
Mining 1.0% |
|
|
| |
56,000 |
|
Core Labs (Netherlands) Oil & Gas Reservoir Consulting |
|
9,475,760 |
| |
|
|
Total Energy & Minerals |
|
51,328,326 |
| |
|
|
|
|
|
| |
Total Equities (Cost: $447,741,362) 99.8% |
|
891,592,294 |
(c) | |||
|
|
|
|
|
| |
|
|
Short-Term Investments 0.3% |
|
|
| |
2,613,584 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
2,613,584 |
| |
|
|
|
|
|
| |
Total Short-Term Investments (Cost: $2,613,584) 0.3% |
|
2,613,584 |
| |||
|
|
|
| |||
Securities Lending Collateral 3.1% |
|
|
| |||
27,508,610 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d) |
|
27,508,610 |
| |
|
|
|
|
|
| |
Total Securities Lending Collateral (Cost: $27,508,610) |
|
27,508,610 |
| |||
|
|
|
|
|
| |
Total Investments (Cost: $477,863,556)(e) 103.2% |
|
921,714,488 |
(f) | |||
|
|
|
|
|
| |
Obligation to Return Collateral for Securities Loaned (3.1)% |
|
(27,508,610 |
) | |||
|
|
|
|
|
| |
Cash and Other Assets Less Liabilities (0.1)% |
|
(1,052,008 |
) | |||
|
|
|
|
|
| |
Net Assets 100.0% |
|
$ |
893,153,870 |
|
ADR American Depositary Receipts
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at September 30, 2013. The total market value of securities on loan at September 30, 2013 was $26,814,077.
(c) On September 30, 2013, the market value of foreign securities represented 2.39% of total net assets. The Funds foreign portfolio was diversified as follows:
Country |
|
Value |
|
Percentage |
| |
Netherlands |
|
$ |
9,475,760 |
|
1.06 |
|
Israel |
|
8,156,666 |
|
0.91 |
| |
India |
|
3,713,500 |
|
0.42 |
| |
Total Foreign Portfolio |
|
$ |
21,345,926 |
|
2.39 |
|
(d) Investment made with cash collateral received from securities lending activity.
(e) At September 30, 2013, for federal income tax purposes, the cost of investments was $477,863,556 and net unrealized appreciation was $443,850,932 consisting of gross unrealized appreciation of $452,997,313 and gross unrealized depreciation of $9,146,381.
(f) Securities 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 Funds 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 managements 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 NAVs 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 the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) 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.
Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.
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 the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. 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; and circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default. 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 Funds 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 summarizes the inputs used, as of September 30, 2013, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Information |
|
$ |
254,209,355 |
|
$ |
|
|
$ |
|
|
$ |
254,209,355 |
|
Industrial Goods & Services |
|
173,242,883 |
|
|
|
|
|
173,242,883 |
| ||||
Consumer Goods & Services |
|
129,820,413 |
|
|
|
|
|
129,820,413 |
| ||||
Finance |
|
128,547,989 |
|
|
|
|
|
128,547,989 |
| ||||
Health Care |
|
102,830,078 |
|
|
|
|
|
102,830,078 |
| ||||
Other Industries |
|
51,613,250 |
|
|
|
|
|
51,613,250 |
| ||||
Energy & Minerals |
|
51,328,326 |
|
|
|
|
|
51,328,326 |
| ||||
Total Equities |
|
891,592,294 |
|
|
|
|
|
891,592,294 |
| ||||
Total Short-Term Investments |
|
2,613,584 |
|
|
|
|
|
2,613,584 |
| ||||
Total Securities Lending Collateral |
|
27,508,610 |
|
|
|
|
|
27,508,610 |
| ||||
Total Investments |
|
$ |
921,714,488 |
|
$ |
|
|
$ |
|
|
$ |
921,714,488 |
|
There were no transfers of financial assets between levels 1 and 2 during the period.
Item 2. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officers, based on their evaluation of the registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants 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/ Charles P. McQuaid |
| ||
|
|
Charles P. McQuaid, President |
| ||
|
|
| |||
|
|
| |||
Date |
|
November 25, 2013 |
| ||
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/ Charles P. McQuaid |
| |
|
Charles P. McQuaid, President |
| ||
|
|
| ||
|
|
| ||
Date |
|
November 25, 2013 |
| |
|
|
|
| |
|
|
|
| |
By (Signature and Title) |
|
/s/ Bruce H. Lauer |
| |
|
|
Bruce H. Lauer, Treasurer |
| |
|
|
| ||
|
|
| ||
Date |
|
November 25, 2013 |
| |
Exhibit 99.CERT
I, Bruce H. Lauer, certify that:
1. I have reviewed this report on Form N-Q of Wanger Advisors Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: November 25, 2013 |
/s/ Bruce H. Lauer |
|
|
|
Bruce H. Lauer, Treasurer |
I, Charles P. McQuaid, certify that:
1. I have reviewed this report on Form N-Q of Wanger Advisors Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: November 25, 2013 |
/s/ Charles P. McQuaid |
|
|
|
Charles P. McQuaid, President |