<PAGE> PAGE 1
000 B000000 12/31/96
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002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5016
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 WANGER US SMALL CAP ADVISOR
007 C030100 N
007 C010200 2
007 C020200 WANGER INTERNATIONAL SMALL CAP ADVISOR
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 WANGER ASSET MANAGEMENT, L.P.
008 B00AA01 A
008 C00AA01 801-41391
008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60606
008 D04AA01 5016
011 A00AA01 WAM BROKERAGE SERVICES, LLC
011 B00AA01 8-48510
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
011 C04AA01 5016
012 A00AA01 STATE STREET BANK AND TRUST CO. BOSTON
<PAGE> PAGE 2
012 B00AA01 85-05003
012 C01AA01 NORTH QUINCY
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 WAM BROKERAGE SERVICES, L.L.C
014 B00AA01 8-48510
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
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015 C02AA01 MA
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015 A00AA02 CITIBANK NA - BUENOS AIRES
015 B00AA02 S
015 C01AA02 BUENOS AIRES
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015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORP.
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015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIRO CREDIT BANK AKTIENGELLSCHAFT
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015 A00AA05 STANDARD CHARTERED BANK
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015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 GENERALE BANK
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015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
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015 A00AA07 BARCLAY'S BANK OF BOTSWANA LTD.
015 B00AA07 S
015 C01AA07 GABARONE
015 D01AA07 BOTSWANA
015 E04AA07 X
015 A00AA08 CITIBANK, N.A., BRAZIL
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<PAGE> PAGE 3
015 A00AA09 CANADA TRUSTCO MORTGAGE CO.
015 B00AA09 S
015 C01AA09 TORONTO
015 D01AA09 CANADA
015 E04AA09 X
015 A00AA10 CITIBANK, NA, CHILE
015 B00AA10 S
015 C01AA10 SANTIAGO
015 D01AA10 CHILE
015 E04AA10 X
015 A00AA11 HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA11 S
015 C01AA11 SHANGHAI,SHENZHEN
015 D01AA11 CHINA
015 E04AA11 X
015 A00AA12 CITIBANK COLUMBIA S.A.
015 B00AA12 S
015 C01AA12 BOGOTA
015 D01AA12 COLUMBIA
015 E04AA12 X
015 A00AA13 BARCLAYS BANK PLC
015 B00AA13 S
015 C01AA13 NICOSIA
015 D01AA13 CYPRUS
015 E04AA13 X
015 A00AA14 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA14 S
015 C01AA14 PRAGUE
015 D01AA14 CZECH REPUBLIC
015 E04AA14 X
015 A00AA15 DEN DANSKE BANK
015 B00AA15 S
015 C01AA15 COPENHAGEN
015 D01AA15 DENMARK
015 E04AA15 X
015 A00AA16 CITIBANK, N.A., ECUADOR
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015 C01AA16 QUITO
015 D01AA16 ECUADOR
015 E04AA16 X
015 A00AA17 NATIONAL BANK OF EGYPT
015 B00AA17 S
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015 D01AA17 EGYPT
015 E04AA17 X
015 A00AA18 MERITA BANK LIMITED
015 B00AA18 S
015 C01AA18 HELSINKI
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015 E04AA18 X
015 A00AA19 BANQUE PARIBAS
<PAGE> PAGE 4
015 B00AA19 S
015 C01AA19 PARIS
015 D01AA19 FRANCE
015 E04AA19 X
015 A00AA20 DRESDNER BANK AG
015 B00AA20 S
015 C01AA20 FRANKFURT
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015 A00AA21 BARCLAY'S BANK OF GHANA LIMITED
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015 A00AA22 NATIONAL BANK OF GREECE S.A.
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015 A00AA23 STANDARD CHARTERED BANK - HONG KONG
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015 E04AA23 X
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015 C01AA24 BUDAPEST
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015 E04AA24 X
015 A00AA25 HONGKONG AND SHANGHAI BANKING CORP. LTD.
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<PAGE> PAGE 5
015 C01AA29 MILAN
015 D01AA29 ITALY
015 E04AA29 X
015 A00AA30 SUMITOMO TRUST & BANKING CO., LTD.
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015 D01AA30 JAPAN
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015 A00AA31 BRITISH BANK OF THE MIDDLE EAST, JORDAN
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015 A00AA32 BARCLAY'S BANK OF KENYA LTD.
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<PAGE> PAGE 6
015 D01AA39 NORWAY
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015 A00AA45 DEVELOPMENT BANK OF SINGAPORE LTD.
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015 C01AA47 MADRID
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015 A00AA48 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B00AA48 S
015 C01AA48 COLOMBO
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015 A00AA49 BARCLAY'S BANK OF SWAZILAND LTD.
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<PAGE> PAGE 7
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015 A00AA50 SKANDINAVISKA ENSKILDA BANKEN
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
040 00AA00 N
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
SIGNATURE BRUCE H. LAUER
TITLE TREASURER
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