Item 77D

	Effective May 1, 2008, each series of Wanger Advisors
Trust (the "Trust") changed its investment objective from seeking
long-term growth of capital to seeking long-term capital
appreciation.

      Effective May 1, 2008, the principal investment strategies
of Wanger International Select were revised by (i) changing the
Fund's principal investment strategy market capitalization range
from "$2-25 billion" to "under $25 billion," (ii) changing its
limitation on investments in securities of U.S. issuers from 15% to
25% of total assets and (iii) eliminating its 15% limitation
on investments in securities of emerging market countries.  Also
effective May 1, 2008, Wanger International Select must invest the
majority of its assets in companies with market capitalizations under
$25 billion at the time of investment, as specified in its prospectus.

      Effective May 1, 2008, Wanger Select must invest the majority
of its assets in companies with market capitalizations under $20
billion at the time of investment, as specified in its prospectus.

      Effective June 1, 2008, the name of Wanger U.S. Smaller Companies
was changed to "Wanger USA," a non-fundamental policy was eliminated
which previously required the Fund to invest, under normal
circumstances, no less than 80% of its nets assets (plus any borrowings
for investment purposes) in companies with market capitalizations under
$5 billion at the time of initial purchase.  Effective June 1, 2008,
Wanger USA must invest the majority of its assets in companies with market
capitalizations under $5 billion at the time of investment, as specified
in the prospectus.

      Effective June 1, 2008, the name of Wanger International Small Cap
was changed to "Wanger International," a non-fundamental policy was
eliminated which previously required the Fund to invest, under normal
circumstances, no less than 80% of its nets assets (plus any borrowings
for investment purposes) in companies with market capitalizations under
$5 billion at the time of initial purchase.  Effective June 1, 2008, the
Fund must invest the majority of its assets in companies with market
capitalizations under $5 billion at the time of investment, as specified
in its prospectus.

      These changes did not require shareholder approval and were
incorporated into the amendment to the Trust's registration statement
filed with the Commission on April 29, 2008.