<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000929521
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 WANGER ADVISORS TRUST
001 B000000 811-8748
001 C000000 3126349200
002 A000000 227 W MONROE, SUITE 3000
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
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 CITIBANK NA - BUENOS AIRES
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORP.
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIRO CREDIT BANK AKTIENGELLSCHAFT
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
015 B00AA05 S
015 C01AA05 DHAKA
015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 GENERALE BANK
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
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
015 B00AA08 S
015 C01AA08 SAO PAULO
015 D01AA08 BRAZIL
015 E04AA08 X
<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
015 B00AA16 S
015 C01AA16 QUITO
015 D01AA16 ECUADOR
015 E04AA16 X
015 A00AA17 NATIONAL BANK OF EGYPT
015 B00AA17 S
015 C01AA17 CAIRO
015 D01AA17 EGYPT
015 E04AA17 X
015 A00AA18 MERITA BANK LIMITED
015 B00AA18 S
015 C01AA18 HELSINKI
015 D01AA18 FINLAND
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
015 D01AA20 GERMANY
015 E04AA20 X
015 A00AA21 BARCLAY'S BANK OF GHANA LIMITED
015 B00AA21 S
015 C01AA21 ACCRA
015 D01AA21 GHANA
015 E04AA21 X
015 A00AA22 NATIONAL BANK OF GREECE S.A.
015 B00AA22 S
015 C01AA22 ATHENS
015 D01AA22 GREECE
015 E04AA22 X
015 A00AA23 STANDARD CHARTERED BANK - HONG KONG
015 B00AA23 S
015 C01AA23 HONG KONG
015 D01AA23 HONG KONG
015 E04AA23 X
015 A00AA24 CITIBANK BUDAPEST RT
015 B00AA24 S
015 C01AA24 BUDAPEST
015 D01AA24 HUNGARY
015 E04AA24 X
015 A00AA25 HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA25 S
015 C01AA25 BOMBAY
015 D01AA25 INDIA
015 E04AA25 X
015 A00AA26 STANDARD CHARTERED BANK
015 B00AA26 S
015 C01AA26 JAKARTA
015 D01AA26 INDONESIA
015 E04AA26 X
015 A00AA27 BANK OF IRELAND
015 B00AA27 S
015 C01AA27 DUBLIN
015 D01AA27 IRELAND
015 E04AA27 X
015 A00AA28 BANK HAPOALIM B.M.
015 B00AA28 S
015 C01AA28 TEL AVIV
015 D01AA28 ISRAEL
015 E04AA28 X
015 A00AA29 BANQUE PARIBAS
015 B00AA29 S
<PAGE> PAGE 5
015 C01AA29 MILAN
015 D01AA29 ITALY
015 E04AA29 X
015 A00AA30 SUMITOMO TRUST & BANKING CO., LTD.
015 B00AA30 S
015 C01AA30 TOKYO
015 D01AA30 JAPAN
015 E04AA30 X
015 A00AA31 BRITISH BANK OF THE MIDDLE EAST, JORDAN
015 B00AA31 S
015 C01AA31 AMMAN
015 D01AA31 JORDAN
015 E04AA31 X
015 A00AA32 BARCLAY'S BANK OF KENYA LTD.
015 B00AA32 S
015 C01AA32 NAIROBI
015 D01AA32 KENYA
015 E04AA32 X
015 A00AA33 SEOULBANK
015 B00AA33 S
015 C01AA33 SEOUL
015 D01AA33 KOREA
015 E04AA33 X
015 A00AA34 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B00AA34 S
015 C01AA34 KUALA-LUMPUR
015 D01AA34 MALAYSIA
015 E04AA34 X
015 A00AA35 CITIBANK MEXICO, S.A.
015 B00AA35 S
015 C01AA35 MEXICO CITY
015 D01AA35 MEXICO
015 E04AA35 X
015 A00AA36 BANQUE COMMERCIALE DU MAROC
015 B00AA36 S
015 C01AA36 CASABLANCA
015 D01AA36 MOROCCO
015 E04AA36 X
015 A00AA37 MEESPIERSON N.V.
015 B00AA37 S
015 C01AA37 AMSTERDAM
015 D01AA37 NETHERLANDS
015 E04AA37 X
015 A00AA38 ANZ BANKING GROUP LTD.
015 B00AA38 S
015 C01AA38 WELLINGTON
015 D01AA38 NEW ZEALAND
015 E04AA38 X
015 A00AA39 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA39 S
015 C01AA39 OSLO
<PAGE> PAGE 6
015 D01AA39 NORWAY
015 E04AA39 X
015 A00AA40 DEUTSCHE BANK AG, PAKISTAN
015 B00AA40 S
015 C01AA40 KARACHI
015 D01AA40 PAKISTAN
015 E04AA40 X
015 A00AA41 CITIBANK, N.A., PERU
015 B00AA41 S
015 C01AA41 LIMA
015 D01AA41 PERU
015 E04AA41 X
015 A00AA42 STANDARD CHARTERED BANK - MANILA
015 B00AA42 S
015 C01AA42 MANILA
015 D01AA42 PHILIPPINES
015 E04AA42 X
015 A00AA43 CITIBANK POLAND, S.A.
015 B00AA43 S
015 C01AA43 WARSAW
015 D01AA43 POLAND
015 E04AA43 X
015 A00AA44 BANCO COMERCIAL PORTUGUES - LISBON
015 B00AA44 S
015 C01AA44 LISBON
015 D01AA44 PORTUGAL
015 E04AA44 X
015 A00AA45 DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA45 S
015 C01AA45 SINGAPORE
015 D01AA45 SINGAPORE
015 E04AA45 X
015 A00AA46 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA46 S
015 C01AA46 JOHANNESBURG
015 D01AA46 SOUTH AFRICA
015 E04AA46 X
015 A00AA47 BANCO SANTANDER, S.A.
015 B00AA47 S
015 C01AA47 MADRID
015 D01AA47 SPAIN
015 E04AA47 X
015 A00AA48 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B00AA48 S
015 C01AA48 COLOMBO
015 D01AA48 SRI LANKA
015 E04AA48 X
015 A00AA49 BARCLAY'S BANK OF SWAZILAND LTD.
015 B00AA49 S
015 C01AA49 MBABANE
015 D01AA49 SWAZILAND
<PAGE> PAGE 7
015 E04AA49 X
015 A00AA50 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA50 S
015 C01AA50 STOCKHOLM
015 D01AA50 SWEDEN
015 E04AA50 X
015 A00AA51 UNION BANK OF SWITZERLAND
015 B00AA51 S
015 C01AA51 ZURICH
015 D01AA51 SWITZERLAND
015 E04AA51 X
015 A00AA52 CENTRAL TRUST OF CHINA
015 B00AA52 S
015 C01AA52 TAIPEI
015 D01AA52 TAIWAN
015 E04AA52 X
015 A00AA53 STANDARD CHARTERED BANK - BANGKOK
015 B00AA53 S
015 C01AA53 BANGKOK
015 D01AA53 THAILAND
015 E04AA53 X
015 A00AA54 CITIBANK, N.A., TURKEY
015 B00AA54 S
015 C01AA54 ISTANBUL
015 D01AA54 TURKEY
015 E04AA54 X
015 A00AA55 STATE STREET LONDON LIMITED
015 B00AA55 S
015 C01AA55 LONDON
015 D01AA55 UNITED KINGDOM
015 E04AA55 X
015 A00AA56 HONG KONG AND SHANGHAI BANKING CORP LTD
015 B00AA56 S
015 C01AA56 PORT LOUIS
015 D01AA56 MAURITIUS
015 E04AA56 X
015 A00AA57 CITIBANK, N.A., URAGUAY
015 B00AA57 S
015 C01AA57 MONTEVIDEO
015 D01AA57 URAGUAY
015 E04AA57 X
015 A00AA58 CITIBANK, N.A., VENEZUELA
015 B00AA58 S
015 C01AA58 CARACAS
015 D01AA58 VENEZUELA
015 E04AA58 X
015 A00AA59 BARCLAY'S BANK OF ZAMBIA LTD.
015 B00AA59 S
015 C01AA59 LUSAKA
015 D01AA59 ZAMBIA
015 E04AA59 X
<PAGE> PAGE 8
015 A00AA60 BARCLAY'S BANK OF ZIMBABWE LTD.
015 B00AA60 S
015 C01AA60 HARARE
015 D01AA60 ZIMBABWE
015 E04AA60 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
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020 C000001 38
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020 C000002 33
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020 B000004 04-2455153
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020 C000005 14
020 A000006 DAIWA SECURITIES
020 B000006 13-5680329
020 C000006 13
020 A000007 PRUDENTIAL BACHE
020 B000007 22-2347336
020 C000007 13
020 A000008 WILSHIRE ASSOCIATES
020 B000008 95-2755361
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020 A000009 CREDIT LYONNAIS
020 B000009 UNKNOWN
020 C000009 12
020 A000010 HOARE GOVETT
020 B000010 UNKNOWN
020 C000010 12
021 000000 449
022 A000001 STATE STREET BANK
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022 C000002 5810
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<PAGE> PAGE 9
022 A000004 ALEX BROWN
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022 A000008 HAMBRECHT & QUEST
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022 C000010 1806
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026 D000000 Y
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026 G020000 N
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<PAGE> PAGE 10
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
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044 00AA00 0
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050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
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<PAGE> PAGE 11
062 F00AA00 0.0
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024 000100 N
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<PAGE> PAGE 12
028 C020100 3530
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<PAGE> PAGE 13
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
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069 000100 N
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070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
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070 M010100 Y
070 M020100 N
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070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
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070 Q010100 N
070 Q020100 N
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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
070 F020200 N
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<PAGE> PAGE 18
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SIGNATURE BRUCE H. LAUER
TITLE TREASURER
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The following information is extracted from and qualified by reference to
registrant's report on form N-SAR for the period ended June 30, 1997 and the
financial statements included in registrant's semi-annual reports to
shareholders.
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<NAME> WANGER US SMALL CAP ADVISOR
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The following information is extracted from and qualified by reference to
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financial statements included in registrant's semi-annual reports to
shareholders.
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<SERIES>
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