UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-08748

Wanger Advisors Trust
(Exact name of registrant as specified in charter)

227 W. Monroe Street Suite 3000 Chicago, IL					60606
(Address of principal executive offices)					(Zip code)

Mary C. Moynihan Perkins Coie LLP 700 13th Street, NW Suite 600 Washington, DC 20005 Paul B. Goucher, Esq. Columbia Management Investment Advisers, LLC 100 Park Avenue New York, New York 10017 P. Zachary Egan Columbia Acorn Trust 227 West Monroe Street, Suite 3000 Chicago, Illinois 60606
(Name and address of agent for service)

Registrant’s telephone number, including area code:				(312) 634-9200

Date of fiscal year end:	December 31

Date of reporting period:		December 31, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Columbia Wanger Asset Management, LLC (CWAM) is one of the leading global small- and mid-cap equity managers in the United States with over 40 years of small- and mid-cap investment experience. As of December 31, 2015, CWAM managed $20 billion in assets. CWAM is the investment manager to Wanger USA, Wanger International, Wanger Select and Wanger International Select (together, the Columbia Wanger Funds) and the Columbia Acorn Family of Funds.

An important note: Columbia Wanger Funds are available only through variable annuity contracts and variable life insurance policies issued by participating insurance companies or certain eligible retirement plans. Columbia Wanger Funds are not offered directly to the public and are not available in all contracts, policies or plans. Contact your financial advisor or insurance representative for more information. Columbia Wanger Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and are managed by CWAM.

Investors should carefully consider investment objectives, risks and expenses of the Fund before investing. For variable fund and variable contract prospectuses, which contain this and other important information, including the fees and expenses imposed under your contract, investors should contact their financial advisor or insurance representative. Read the prospectus for the Fund and your variable contract carefully before investing.

The views expressed in "Behavioral Economics" and in the Performance Review reflect the current views of the respective authors. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger Fund. References to specific company securities should not be construed as a recommendation or investment advice.

As a shareholder, you incur three types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees and other expenses for Wanger International (the Fund). Lastly, there may be additional fees or charges imposed by the insurance company that sponsors your variable annuity and/or variable life insurance product. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The actual and hypothetical information in the table below is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing cost of investing in a fund only and do not reflect any transaction costs, such as sales charges, redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

July 1, 2015 – December 31, 2015

Account value at the
beginning of the period ($)

Account value at the
end of the period ($)

Expenses paid during
period ($)

Fund's annualized
expense ratio (%)*

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Wanger International

1,000.00

951.80

1,019.41

5.66

5.85

1.15

* Expenses paid during the period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, then multiplied by the number of days in the Fund's most recent fiscal half-year and divided by 365.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the Fund. Expenses paid during the period do not include any insurance charges imposed by your insurance company's separate account. The hypothetical example provided is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Kahneman identified an availability bias. People base their knowledge, opinions and actions on small samples of information readily available to them. Estimates of causes of death are warped by media coverage. For example, strokes cause almost twice as many deaths as all accidents combined, but 80% of respondents said accidental deaths were more likely.³

Kahneman and Tversky did many behavioral studies, and their largest contribution to behavioral economics is their work on decision making in risky situations. Subjects were asked to make the following two choices concurrently:

Choose between:

A. a sure gain of $240

B. 25% chance to win $1,000 and a 75% chance to gain nothing

Choose between:

C. a sure loss of $750

D. 75% chance to lose $1,000 and a 25% chance to lose nothing

People are risk averse with respect to gains; 84% of subjects chose A, accepting a lower expected value than B.⁴ However, people are risk seeking with respect to losses. People hate to lose and will take a chance of a greater loss in exchange for a chance not to lose; 87% chose D.⁵

Despite the instructions, subjects appeared to make these choices sequentially rather than concurrently. They framed the exercise as two separate choices. Choosing A and D provides a net result of a 75% chance to lose $760 and a 25% chance of gaining $240. People solving the problems concurrently and rationally would have chosen C and B, which provides a net result of a 75% chance to lose $750 and a 25% chance to gain $250. Choosing C and B together results in the same odds, yet $10 more under either scenario.

Given our biases, how a choice is framed heavily influences our decisions. Would you accept a gamble that offers a 10% chance to win $95 and a 90% chance to lose $5? Would you pay $5 to participate in a lottery that offers a 10% chance to win $100 and a 90% chance to win nothing?

Many more people accept the second opportunity than the first, even though the choices are identical. The first clearly frames the $5 as a loss, while the second suggests the $5 is a sunk cost. ⁶

Kahneman and Tversky also did a study to determine values people assign to probabilities, what they called decision weights. People provided zero value to a zero probability and a value of 100 to a sure thing, but the values in between were interesting:⁷

Probability					1	%			10	%			50	%			90	%			99	%
Decision Weight					5.5				18.6				42.1				71.2				91.2

What the data shows is that people are often willing to overpay for small probabilities, a tendency known as the possibility effect. That is why lotteries exist. Yet people underpay relatively more for large but not certain probabilities. To eliminate those last bits of uncertainty, people are willing to pay a lot, a tendency known as the certainty effect.

Richard Thaler, a University of Chicago professor of behavioral science and economics, worked with Kahneman and Tversky on several studies. Jointly, they defined the endowment effect, which states that once someone owns something, he tends to place an irrationally high value on it. Thaler and Kahneman experimented by giving some subjects coffee mugs decorated with university insignia. Participants were asked to provide the prices at which they would sell. Other subjects were not given mugs and were asked what prices they would bid for the mugs. The average selling price was about double the average buying price!⁸

Thaler agrees with Kahneman's findings that people are risk seeking with respect to losses, both prospectively and retrospectively. People who are losing money at a racetrack tend to bet on longshots for the last race of the day, hoping to recoup losses, effectively driving the expected return of the last race even more against them!⁹ Financial institutions need to watch losing traders very closely, as rogue traders repeatedly double down in hopes of recouping losses.

Thaler's work indicates that people create mental accounts, treating some money differently depending on its intended use. Cash accounts are for spending, other funds are for savings, and retirement accounts are sacrosanct.¹⁰ People may borrow at high interest rates on their charge cards while receiving low interest rates on savings, which appears irrational.

Thaler notes that Economics 101 classes typically teach that prices should rationally rise when there is an unanticipated increase in demand. I remember learning that it would be rational for merchants to raise the price of snow shovels after a blizzard and plywood before a hurricane. The products would be rationed by price to those most in need and capable of paying, and additional revenues would induce costly special increases in supply. Thaler's work, however, indicates that most people would consider such increases as unfair price gouging, and would later penalize those merchants.

Policy Implications

Public policies are often impacted by people's emotional reaction under the availability bias. Former Administrator of the White House Office of Information and Regulatory Affairs, Cass Sunstein, has analyzed resulting regulations and notes that poor regulations waste time and money. Rational weighting of costs and benefits would result in better regulations and improved outcomes.¹¹

Kahneman points out that as an extension of the possibility effect, people tend to be confounded by exceptionally small probabilities,¹² and either ignore them or give them way too much attention. The precautionary principle, which prohibits any action that might cause harm, is the result. Sunstein believes that many innovations including airplanes, antibiotics, automobiles, chlorination, vaccinations and x-rays would have not passed strict interpretation of the precautionary principle.¹³

Thaler's work explains one of the reasons why policy makers prefer modest inflation. People consider outright wage cuts as unfair, even when unemployment is high and the employer is

earning only a small profit. But a flat wage when there is inflation is not considered unfair, even though real wages drop.¹⁴ Therefore, the economy can more easily rationalize costs in a recession with some inflation rather than none.

Thaler devised a plan to induce people to contribute more to 401K plans called "Save More Tomorrow." Many people don't contribute to their 401K plan because that would mean an immediate take-home pay cut, frowned on by the endowment effect. Instead, the plan has people sign up now to contribute upon their next raise in pay. They then forgo some or the entire raise, but save for retirement without taking a pay cut. Employees of the first company that adopted the plan nearly quadrupled their savings rate after four annual raises.¹⁵

Thaler and Sunstein's book Nudge cites numerous ways that individuals can be "nudged" to make better decisions. For example, default options are considered standard and most people don't extend the effort to make a different choice. Germans need to opt in for organ donations, and only 12% do. Austrians need to opt out of organ donations, and 99% allow their organs to be donated.¹⁶

Investment Implications

Kahneman notes that experienced traders in financial markets tend to more rationally deal with risk aversion than individual investors. Most people weight losses twice as much as gains,¹⁷ and if each transaction is framed individually, irrational risk aversion results. By framing gains and losses over longer periods rather than individually, traders can accept individual rational risks. To mitigate this bias, Kahneman suggests that individual investors view the market prices of their investments less frequently.¹⁸

Thaler agrees, as he conducted an experiment simulating endowment management. Some subjects were shown results eight times per simulated calendar year, while others were shown results once per simulated year. Those seeing results more frequently chose to invest 41% in stocks and those seeing results just

The information and data provided in this analysis are derived from sources that we deem to be reliable and accurate. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. The views/opinions expressed here are those of the author and not of the Wanger Advisors Trust Board of Trustees, are subject to change at any time based upon economic, market or other conditions, may differ from views expressed by other Columbia Management associates and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger Fund.

The author would like to thank Colin Moore, Global Chief Investment Officer of Columbia Threadneedle Investments, for suggesting Beyond Greed and Fear, which summarizes behavioral economics for investors. He would also like to thank recently retired Wanger Advisors Trust Chief Compliance Officer Robert Scales for suggesting Thinking, Fast and Slow.

1 Daniel Kahneman, Thinking, Fast and Slow (New York, Farrar, Straus and Giroux, 2011), p. 81.

2 Ibid., p. 125.

3 Ibid., p. 138.

4 Expected value is the sum of probabilities times dollars.

5 Kahneman, op. cit., p. 437.

6 Ibid., p. 364.

7 Ibid., p. 315.

8 Ibid., p. 295.

9 Richard H. Thaler, Misbehaving: The Making of Behavioral Economics (New York, W. W. Norton & Company, Inc., 2015), p. 80.

10 Ibid., p. 76.

11 Kahneman, op. cit., p. 141.

12 Somehow this one is not labelled as a particular bias or effect.

13 Kahneman, op. cit., p. 351.

14 Thaler, op. cit., p. 132.

15 Ibid., p. 318.

16 Richard H. Thaler and Cass R. Sunstein, Nudge: Improving Decisions About Health, Wealth, and Happiness (New Haven, Connecticut, Yale University Press, 2008), p. 178-179.

17 Kahneman, op. cit., p. 349.

18 Ibid., p. 339.

19 Thaler, op. cit., p. 197.

20 Hersh Shefrin, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing (New York, Oxford University Press, 2002), p. 37.

21 Thaler, op. cit., p. 192.

22 In Beyond Greed and Fear, Shefrin labels this as "Get-evenitis."

23 Kahneman, op. cit., p. 213-214.

24 Thaler, op. cit., p. 83.

25 If interested, please see Columbia Thermostat Fund's prospectus, which can be found at columbiathreadneedle.com/us.

Wanger International ended the year up 0.10%, slightly behind the 0.21% gain of the Fund's primary benchmark, the S&P Global ex-U.S. Between $500M and $5B® Index.

Looking back on 2015, one of the major changes to the portfolio was the movement of assets from some emerging markets to Europe. At December 31, 2015, the Fund had a 30% exposure to Europe (excluding the UK), up about 10 percentage points from the end of 2014. Meanwhile, the Fund's emerging markets exposure was scaled back from 22% to 14%. There were several considerations behind these moves: European gross domestic product (GDP) growth remains positive, if anemic, while certain emerging markets, such as Brazil, are experiencing contraction and credit rating downgrades. Moreover, ongoing monetary easing policies in Europe support both credit expansion and equity valuations, which are above long-term historical levels, but that we believe are warranted by the long-term outlook for interest rates. Emerging market countries that export commodities, on the other hand, are suffering from slumping commodity prices, which is exerting pressure on their fiscal situations and currencies, with the latter effect raising borrowing costs for companies that fund themselves in U.S. dollars.

Notwithstanding the Fund's general reduction in emerging markets exposure, this is a heterogeneous space and, over the last year, the Fund has maintained its weight in India, and increased its weight in China. India remains largely insulated from commodity price turmoil and is a beneficiary of cheap oil, which was previously stressing both its current account and, through consumer fuel subsidies, its fiscal position. While we have concerns about China's slowdown and its impact on the global economy, we now see a reasonably clear policy framework in China that we believe is supportive of companies addressing the energy and environmental challenges that have accompanied the country's rise to a US$10 trillion economy, as well as companies addressing increasing demand for health care. Our increased exposure to China is focused in these sectors.

Stock selection in Europe was positive for Fund performance in the year. SimCorp, a Danish company that produces software for the financial services sector, and the Fund's largest position at the end of the year, was a top contributor to performance in an environment of improving demand from large asset managers. An investment initiated in 2010, SimCorp fits into our "regulation" theme. Under this theme, we have worked to identify companies benefiting from increasingly stringent regulatory standards, typically around health, safety and the environment, but extending to the

financial realm in the wake of the 2008 financial crisis. SimCorp's products help investment managers meet new compliance requirements in a cost-effective way. Its stock gained 117% for the year.

The Fund's single largest country weight at the end of 2015 was Japan. At 21% of assets at year end, this weighting is up slightly year over year. As with Europe, loose Japanese monetary policy is supportive of valuations, and we are encouraged by increasing sensitivity among corporates in general toward capital efficiency, which is underpinned by explicit financial sector regulation. Ariake Japan, a maker of commercial soup and sauce extracts, was a top contributor for the year, gaining 130%.

As part of our repositioning of the Fund regionally, we have taken the opportunity to reduce the number of names in the portfolio in order to ensure that our highest conviction ideas have a meaningful impact on returns. At the end of 2015, Wanger International had 174 positions, down from 240 at the end of 2014.

Detractors for the year included South African fund manager Coronation Fund Managers, down 64%. Poor performance and asset outflows significantly reduced the firm's performance-based fees and negatively impacted its stock. Spotless, an Australian facility management and catering company, was hurt by an earnings downgrade, as integration of new acquisitions has taken longer than expected and new business growth has slowed. Its stock was down 45% for the year.

2015 was a challenging year for international investors. The bifurcation of performance between developed and emerging markets was more pronounced than it has been in recent years, and was compounded by currency weakness against the strong U.S. dollar. As the second-largest economy in the world and with a contribution to global GDP of around 15%, China's slowdown raised concerns and cast a shadow over many emerging economies. In developed markets, investors were willing to pay more for companies showing growth in anticipation of higher earnings in the future. But these names were few and far between.

*Effective January 1, 2016, P. Zachary Egan replaced Christopher J. Olson as co-portfolio manager of Wanger International. Mr. Mendes continues in his role as co-portfolio manager of the Fund. Mr. Egan is the President and Global Chief Investment Officer of CWAM, and also serves as a co-portfolio manager on two of the largest Columbia Acorn Funds. Mr. Egan did not serve as a co-portfolio manager of the Fund during 2015.

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Top 5 Countries

As a percentage of net assets, as of 12/31/15

Japan	20.9	%
United Kingdom	13.0
Germany	5.6
Sweden	5.4
Canada	4.8

Results as of December 31, 2015

	4th quarter*			1 year			5 years			10 years
Wanger International		5.52	%		0.10	%		3.98	%		7.03	%
S&P Global Ex-U.S. Between $500M and $5B Index**		4.87			0.21			2.63			5.36
MSCI EAFE Index (Net)		4.71			-0.81			3.60			3.03

NAV as of 12/31/15: $26.32

* Not annualized.

** The Fund's primary benchmark as of December 31, 2015. Effective January 1, 2016, the primary benchmark for Wanger International was changed to the MSCI ACWI Ex USA Small Cap Index (Net).

Number of Shares			Value
		Equities – 97.2%
		Europe – 43.3%
		United Kingdom – 13.0%
	124,807	Rightmove Internet Real Estate Listings	$	7,584,524
	1,862,635	Charles Taylor Insurance Services		7,139,331
	1,277,005	Polypipe Manufacturer of Plastic Piping & Fittings		6,570,137
	223,482	WH Smith Newsprint, Books & General Stationery Retailer		5,806,940
	1,164,000	Regus Rental of Office Space in Full Service Business Centers		5,719,398
	105,487	Spirax Sarco Steam Systems for Manufacturing & Process Industries		5,101,643
	369,000	Halma Health & Safety Sensor Technology		4,698,731
	254,860	Domino's Pizza UK & Ireland Pizza Delivery in the UK, Ireland & Germany		3,950,077
	1,365,000	Rentokil Initial Pest Control, Washroom & Workwear Service Provider		3,202,619
	201,000	Babcock International Public Sector Outsourcer		3,007,996
	1,210,014	Connect Group Newspaper & Magazine Distributor		2,995,104
	3,545,000	Assura UK Primary Health Care Property Developer		2,890,000
	491,000	DS Smith (a) Packaging		2,872,137
	264,067	Abcam Online Sales of Antibodies		2,586,748
	521,400	Halfords UK Retailer of Leisure Goods & Auto Parts		2,569,149
	170,000	Shaftesbury London Prime Retail REIT		2,290,225
	1,676,773	Cable and Wireless Telecommunications Service Provider in the Caribbean		1,834,421
	396,510	Ocado (a) Online Grocery Retailer		1,771,499
	474,031	Elementis Specialty Chemicals		1,596,407

Number of Shares			Value
		Sweden – 5.4% (cont)
	108,000	Trelleborg Manufacturer of Sealing, Dampening & Protective Solutions for Industry	$	2,096,044
				31,495,981
		Denmark – 3.7%
	169,227	SimCorp Software for Investment Managers		9,541,934
	136,724	Novozymes Industrial Enzymes		6,546,193
	59,000	William Demant Holding (a) Manufacture & Distribution of Hearing Aids & Diagnostic Equipment		5,620,016
				21,708,143
		Netherlands – 3.5%
	181,144	Aalberts Industries Flow Control & Heat Treatment		6,241,451
	54,000	Gemalto (b) Digital Security Solutions		3,240,110
	161,387	Brunel Temporary Specialist & Energy Staffing		2,939,316
	26,669	Core Labs (b) Oil & Gas Reservoir Consulting		2,899,987
	130,843	Arcadis Engineering Consultants		2,630,380
	60,905	Vopak Operator of Petroleum & Chemical Storage Terminals		2,622,863
				20,574,107
		Spain – 3.0%
	1,430,718	Distribuidora Internacional de Alimentación Discount Retailer in Spain & Latin America		8,438,508
	716,279	Prosegur Security Guards		3,298,747
	53,000	Viscofan Sausage Casings Maker		3,197,097
	83,000	Bolsas y Mercados Españoles Spanish Stock Markets		2,797,054
				17,731,406

Number of Shares			Value
		France – 2.3%
	333,000	Elior Contract Catering & Concession Services	$	6,976,557
	127,392	Eutelsat Fixed Satellite Services		3,814,174
	8,328	Eurofins Scientific Food, Pharmaceuticals & Materials Screening & Testing		2,904,975
				13,695,706
		Switzerland – 2.2%
	18,384	Partners Group (b) Private Markets Asset Management		6,611,515
	10,581	INFICON Gas Detection Instruments		3,373,451
	26,700	Panalpina Welttransport Holding Air & Sea Freight Forwarding		2,980,971
				12,965,937
		Finland – 1.9%
	325,189	Tikkurila Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe		5,693,259
	116,251	Konecranes (b) Manufacture & Service of Industrial Cranes & Port Handling Equipment		2,877,296
	651,561	Sponda Office, Retail & Logistics Properties		2,767,573
				11,338,128
		Norway – 1.3%
	610,594	Atea Nordic IT Hardware/Software Reseller & Integrator		5,042,974
	336,507	Orkla Food & Brands, Aluminum, Chemicals Conglomerate		2,654,677
				7,697,651
		Italy – 0.9%
	59,000	Industria Macchine Automatiche (b) Food & Drugs Packaging & Machinery		3,062,561
	750,000	Hera Northern Italian Utility		1,987,648
				5,050,209

Number of Shares			Value
		Kazakhstan – 0.4%
	432,778	Halyk Savings Bank of Kazakhstan – GDR Retail Bank & Insurer in Kazakhstan	$	2,142,251
		Belgium – 0.1%
	22,378	EVS Broadcast Equipment Digital Live Mobile Production Software & Systems		705,259
		Total Europe		254,203,507
		Asia – 41.2%
		Japan – 20.9%
	157,520	Milbon Hair Products for Salons		6,431,532
	120,400	FamilyMart Convenience Store Operator		5,602,799
	281,100	Aeon Mall Suburban Shopping Mall Developer, Owner & Operator		4,821,462
	153,000	Glory Currency Handling Systems & Related Equipment		4,697,360
	229,000	Doshisha Consumer Goods Wholesaler		4,619,046
	90,700	Seria 100 Yen Discount Stores		4,393,593
	305,000	Ushio Industrial Light Sources		4,205,916
	71,240	Ariake Japan Commercial Soup & Sauce Extracts		3,941,258
	230,000	Daiseki Waste Disposal & Recycling		3,666,466
	1,320,000	IHI Industrial Conglomerates		3,643,858
	89,000	Nakanishi Dental Tools & Machinery		3,468,836
	208,200	Santen Pharmaceutical Specialty Pharma (Ophthalmic Medicine)		3,427,684
	25,150	Hirose Electric Electrical Connectors		3,044,966
	66,000	Asahi Intecc Medical Guidewires for Surgery		3,032,964

Number of Shares			Value
	123,000	Park24	$	2,979,974
		Parking Lot Operator
	244,000	Yamaguchi Financial Group Regional Bank in Yamaguchi, Fukuoka & Hiroshima		2,890,719
	78,000	JIN (b) Eyeglasses Retailer		2,876,963
	821,000	Aozora Bank Commercial Bank		2,865,145
	602,000	Ebara Pumps, Compressors, Turbines & Related Products & Services		2,860,792
	362,000	NOF Specialty Chemicals, Life Science & Rocket Fuels		2,784,774
	28,900	Disco Semiconductor Dicing & Grinding Equipment		2,721,556
	119,000	NGK Insulators Ceramic Products for Auto, Power & Electronics		2,682,283
	99,300	NGK Spark Plug Automobile Parts		2,614,417
	47,400	OBIC Computer Software		2,509,102
	515	Kenedix Office Investment Tokyo Mid-size Office REIT		2,407,640
	544,000	Seven Bank ATM Processing Services		2,385,711
	105,000	Aeon Financial Service Diversified Consumer-related Finance Company in Japan		2,345,566
	33,200	Nippon Shokubai Producer of Acrylic Acid & Super Absorbent Polymers Used in Disposable Diapers		2,310,224
	130,200	Kintetsu World Express Airfreight Logistics		2,291,157
	63,500	Toto Toilets & Bathroom Fittings		2,230,884
	90,692	Capcom Packaged, Online & Mobile Games		2,186,926
	432	Industrial & Infrastructure Fund Industrial REIT in Japan		2,061,426
	102,700	OSG Consumable Cutting Tools		1,941,545

Number of Shares			Value
		Japan – 20.9% (cont)
	74,300	Yonex (b) Branded Sporting Goods Manufacturer	$	1,909,523
	219,900	Relia Call Center Operator		1,886,780
	95,100	Aica Kogyo Laminated Sheets, Building Materials & Chemical Adhesives		1,868,754
	27,000	Hoshizaki Electric Commercial Kitchen Equipment		1,678,463
	37,000	Japan Airport Terminal Airport Terminal Operator at Haneda		1,637,955
	92,700	iStyle Cosmetics Review Portal & Retailer		1,637,783
	174,000	Sega Sammy Holdings Gaming Software/Hardware & Leisure Facilities		1,627,482
	23,600	Hikari Tsushin Office IT/Mobiles/Insurance Distribution		1,607,156
	70,800	Tamron Camera Lenses		1,306,192
	36,300	Icom Two Way Radio Communication Equipment		754,485
				122,859,117
		China – 3.6%
	2,284,000	CAR Inc (a) (b) Consolidator of Chinese Auto Rental Sector		3,763,676
	107,039	BitAuto – ADR (a) Automotive Information Website for Buyers & Dealers		3,027,063
	1,804,000	TravelSky Technology Chinese Air Travel Transaction Processor		2,953,690
	7,180,000	Sihuan Pharmaceutical Holdings Group (c) Chinese Generic Drug Manufacturer		2,776,146
	93,000	51job – ADR (a) (b) Integrated Human Resource Services		2,739,780
	4,536,000	NewOcean Energy Southern China Liquefied Petroleum Gas Distributor		1,767,107
	8,300,000	Jiangnan Group Cable & Wire Manufacturer		1,621,744

Number of Shares			Value
	3,188,000	AMVIG Holdings	$	1,324,554
		Chinese Tobacco Packaging Material Supplier
	945,000	Phoenix Healthcare Group Private Hospital Management Group		1,100,441
				21,074,201
		Taiwan – 3.5%
	400,203	Voltronic Power Uninterruptible Power Supply Products		5,935,369
	1,900,000	Far EasTone Telecom Mobile Operator in Taiwan		3,904,890
	320,000	Silergy Chinese Provider of Analog & Mixed Digital Integrated Circuits		3,275,760
	160,000	St. Shine Optical Disposable Contact Lens Original Equipment Manufacturer		3,202,276
	170,000	Ginko International Contact Lens Maker in China		2,239,811
	302,349	Advantech Industrial PC & Components		1,936,180
				20,494,286
		Korea – 3.1%
	191,600	Koh Young Technology Inspection Systems for Printed Circuit Boards		6,263,456
	11,707	KCC Paint & Housing Material Manufacturer		4,129,872
	16,771	CJ Corp Holding Company of Korean Consumer Conglomerate		3,562,282
	72,398	Korea Investment Holdings Brokerage & Asset Management		3,025,390
	51,770	LF Corp Apparel Design & Retail		1,186,032
				18,167,032
		India – 2.6%
	1,150,794	Zee Entertainment Enterprises Indian Programmer of Pay Television Content		7,586,015
	129,000	Container Corporation of India Railway Cargo Services		2,556,783
	158,970	United Breweries Indian Brewer		2,270,317

Number of Shares			Value
		India – 2.6% (cont)
	152,560	Colgate Palmolive India Consumer Products in Oral Care	$	2,238,398
	43,941	Amara Raja Indian Maker of Auto & Industrial Batteries, Mostly for the Replacement Market		570,438
				15,221,951
		Hong Kong – 2.5%
	3,000,000	Vitasoy International Hong Kong Soy Food Brand		6,154,799
	5,000,000	Value Partners Mutual Fund Management		5,811,747
	994,000	Samsonite International Mass Market Luggage & Travel Accessories		2,978,997
				14,945,543
		Singapore – 2.5%
	950,000	Singapore Exchange Singapore Equity & Derivatives Market Operator		5,137,998
	8,400,000	China Everbright Water (a) Waste Water Treatment Operator		3,632,581
	3,300,000	Mapletree Commercial Trust Retail & Office Property Landlord		3,021,333
	2,900,000	SIIC Environment (a) Waste Water Treatment Operator		1,561,574
	707,000	Petra Foods Chocolate Manufacturer in Southeast Asia		1,046,151
				14,399,637
		Indonesia – 0.9%
	1,260,900	Matahari Department Store Department Store Chain in Indonesia		1,596,216
	4,169,000	Link Net (a) Fixed Broadband & Cable TV Service Provider		1,200,611
	5,185,021	Surya Citra Media Free to Air TV Station in Indonesia		1,156,182
	2,431,000	Tower Bersama Infrastructure (a) Communications Towers		1,028,356
	4,859,200	MNC Sky Vision (a) Satellite Pay TV Operator in Indonesia		470,586
				5,451,951

Number of Shares			Value
		Thailand – 0.6%
	357,000	Airports of Thailand Airport Operator of Thailand	$	3,413,152
		Philippines – 0.6%
	2,504,000	Puregold Price Club Supermarket Operator in the Philippines		1,846,537
	812,000	Robinsons Retail Holdings Multi-format Retailer in the Philippines		1,087,903
	7,468,300	Melco Crown (Philippines) Resorts (a) Integrated Resort Operator in Manila		361,485
				3,295,925
		Cambodia – 0.4%
	3,946,000	Nagacorp Casino & Entertainment Complex in Cambodia		2,485,580
		Total Asia		241,808,375
		Other Countries – 11.0%
		Canada – 4.8%
	53,446	CCL Industries Global Label Converter		8,666,387
	129,000	Vermilion Energy (b) Canadian Exploration & Production Company		3,506,316
	268,267	CAE Flight Simulator Equipment & Training Centers		2,976,005
	101,000	Keyera (b) Integrated Supply of Hydrocarbon Processing, Transport & Storage		2,938,686
	41,250	Onex Capital Private Equity		2,528,601
	159,000	PrairieSky Royalty (b) Canadian Owner of Oil & Gas Mineral Interests		2,518,812
	104,849	ShawCor Oil & Gas Pipeline Products		2,126,987
	190,995	Rona Canadian Home Improvement Retailer		1,704,696
	46,170	Ag Growth Manufacturer of Augers & Grain Handling Equipment		1,109,455
				28,075,945

Number of Shares			Value
		Australia – 3.8%
	190,000	Domino's Pizza Enterprises Domino's Pizza Operator in Australia & New Zealand	$	7,927,454
	5,300,000	Spotless Facility Management & Catering Company		4,152,780
	1,001,381	IAG General Insurance Provider		4,021,558
	279,000	Amcor Global Leader in Flexible & Rigid Packaging		2,710,551
	340,000	Estia Health Residential Aged Care Operator		1,795,401
	230,000	Challenger Financial Annuity Provider in Australia		1,449,548
				22,057,292
		South Africa – 0.8%
	710,581	Coronation Fund Managers South African Fund Manager		2,433,696
	935,177	Rand Merchant Insurance Directly Sold Property & Casualty Insurance; Holdings in other Insurers		2,337,749
				4,771,445
		New Zealand – 0.6%
	900,000	Auckland International Airport Auckland Airport Operator		3,530,797
		Egypt – 0.5%
	627,736	Commercial International Bank of Egypt Private Universal Bank in Egypt		3,053,680
		United States – 0.5%
	110,000	Bladex Latin American Trade Financing House		2,852,300
		Total Other Countries		64,341,459
		Latin America – 1.7%
		Mexico – 0.9%
	25,000	Grupo Aeroportuario del Sureste – ADR Mexican Airport Operator		3,516,750
	1,121,000	Qualitas (a) Auto Insurer in Mexico & Central America		1,412,755
				4,929,505

Number of Shares			Value
		Brazil – 0.3%
	300,000	Localiza Rent a Car Car Rental	$	1,882,085
		Guatemala – 0.3%
	195,010	Tahoe Resources Silver & Gold Projects in Guatemala & Peru		1,686,977
		Uruguay – 0.2%
	230,870	Union Agriculture Group (a) (c) (d) Farmland Operator in Uruguay		1,172,819
		Total Latin America		9,671,386
Total Equities (Cost: $477,584,893) – 97.2%				570,024,727	(e)
Short-Term Investments – 2.9%
	17,415,390	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		17,415,390
Total Short-Term Investments (Cost: $17,415,390) – 2.9%				17,415,390
Securities Lending Collateral – 3.9%
	22,917,951	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.03%) (f)		22,917,951
Total Securities Lending Collateral (Cost: $22,917,951) – 3.9%				22,917,951
Total Investments (Cost: $517,918,234) (g) – 104.0%				610,358,068
Obligation to Return Collateral for Securities Loaned – (3.9)%				(22,917,951	)
Cash and Other Assets Less Liabilities – (0.1)%				(811,310	)
Net Assets – 100.0%			$	586,628,807

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 December 31, 2015. The total market value of securities on loan at December 31, 2015 was $21,850,755.

(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security is valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At December 31, 2015, the market value of this security amounted to $1,172,819, which represented 0.20% of total net assets. Additional information on this security is as follows:

Security				Acquisition Dates				Shares				Cost				Value
Union Agriculture Group				12/8/10 - 6/27/12					230,870			$	2,649,999			$	1,172,819

(e) On December 31, 2015, the Fund's total equity investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	122,859,117		20.9
Euro		99,133,140		16.9
British Pound		76,160,417		13.0
Hong Kong Dollar		32,738,481		5.6
Swedish Krona		31,495,981		5.4
Canadian Dollar		29,762,922		5.1
Other currencies less than 5% of total net assets		177,874,669		30.3
Total Equities	$	570,024,727		97.2

(f) Investment made with cash collateral received from securities lending activity.

(g) At December 31, 2015, for federal income tax purposes, the cost of investments was $522,809,006 and net unrealized appreciation was $87,549,062 consisting of gross unrealized appreciation of $129,446,972 and gross unrealized depreciation of $41,897,910.

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

• Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management's own assumptions about the factors market participants would use in pricing an investment)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose 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 CWAM's Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant uunobservable inputs.

The Committee is responsible for applying the Trust's Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of 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. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund's investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.

For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund's securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.

The following table summarizes the inputs used, as of December 31, 2015, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Europe	$	2,899,987	$	251,303,520	$	—	$	254,203,507
Asia		5,766,843		233,265,386		2,776,146		241,808,375
Other Countries		30,928,245		33,413,214		—		64,341,459
Latin America		8,498,567		—		1,172,819		9,671,386
Total Equities		48,093,642		517,982,120		3,948,965		570,024,727
Total Short-Term Investments		17,415,390		—		—		17,415,390
Total Securities Lending Collateral		22,917,951		—		—		22,917,951
Total Investments	$	88,426,983	$	517,982,120	$	3,948,965	$	610,358,068

The Fund's assets assigned to the Level 2 input category are generally valued using a market approach, in which a security's value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.

There were no transfers of financial assets between Levels 1 and 2 during the period.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

Financial assets were transferred from Level 2 to Level 3 as trading halted during the period. As a result, as of period end, the Committee determined to value the security(s) under consistently applied procedures established by and under the general supervision of the Board.

The following table shows transfers between Level 2 and Level 3 of the fair value hierarchy:

Transfers In				Transfers Out
Level 2		Level 3		Level 2		Level 3
$	—	$	4,496,473	$	4,496,473	$	—

Transfers into and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Certain securities classified as Level 3 are fair valued by the Committee 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 estimated earnings of the company and the position of the security within the company's capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market

	Value		Percentage of Net Assets
Industrial Goods & Services
Machinery	$	38,227,630		6.5
Industrial Materials & Specialty Chemicals		34,362,823		5.9
Other Industrial Services		32,392,244		5.5
Outsourcing Services		22,320,857		3.8
Conglomerates		19,502,082		3.3
Electrical Components		11,554,909		2.0
Construction		6,570,137		1.1
Water		5,194,155		0.9
		170,124,837		29.0
Consumer Goods & Services
Retail		42,956,825		7.3
Food & Beverage		21,036,932		3.6
Restaurants		18,854,087		3.2
Nondurables		15,097,919		2.6
Casinos & Gaming		12,811,432		2.2
Consumer Goods Distribution		11,459,704		2.0
Travel		5,645,761		1.0
Leisure Products		4,888,519		0.8
Other Durable Goods		3,184,855		0.5
Consumer Electronics		1,306,192		0.2
Apparel		1,186,032		0.2
		138,428,258		23.6
Information
Business Software		18,946,567		3.2
Financial Processors		14,176,292		2.4
Internet Related		13,351,367		2.3
Computer Hardware & Related Equipment		11,816,919		2.0
Instrumentation		10,962,186		1.9
Entertainment Programming		7,586,015		1.3
Semiconductors & Related Equipment		5,997,316		1.0
Mobile Communications		5,687,730		1.0
Computer Services		5,042,974		0.9
Satellite Broadcasting & Services		4,284,760		0.7
TV Broadcasting		3,435,224		0.6
Consumer Software		2,186,925		0.4
Business Information & Marketing Services		1,886,780		0.3
Telephone & Data Services		1,834,421		0.3
Cable TV		1,200,611		0.2
		108,396,087		18.5

	Value			Percentage of Net Assets
Finance
Banks	$	18,535,372			3.2
Insurance		16,360,942			2.8
Brokerage & Money Management		14,856,958			2.5
Diversified Financial Companies		3,025,390			0.5
Financial Processors		2,797,053			0.5
Finance Companies		2,528,601			0.4
		58,104,316			9.9
Other Industries
Real Estate		20,259,658			3.5
Transportation		14,655,437			2.5
Containers & Packaging		2,872,137			0.5
Regulated Utilities		1,987,648			0.3
		39,774,880			6.8
Health Care
Medical Equipment & Devices		12,121,816			2.0
Pharmaceuticals		10,909,301			1.9
Medical Supplies		8,028,834			1.4
Health Care Services		1,795,402			0.3
Hospital Management		1,100,441			0.2
		33,955,794			5.8
Energy & Minerals
Oil Refining, Marketing & Distribution		7,328,657			1.2
Oil & Gas Producers		6,025,128			1.0
Mining		4,586,964			0.8
Oil Services		2,126,987			0.4
Agricultural Commodities		1,172,819			0.2
		21,240,555			3.6
Total Equities:		570,024,727			97.2
Short-Term Investments:		17,415,390			2.9
Securities Lending Collateral:		22,917,951			3.9
Total Investments:		610,358,068			104.0
Obligation to Return Collateral for Securities Loaned:		(22,917,951	)		(3.9	)
Cash and Other Assets Less Liabilities:		(811,310	)		(0.1	)
Net Assets:	$	586,628,807			100.0	%

Statement of Assets and Liabilities
December 31, 2015

Assets:
Investments, at cost	$	517,918,234
Investments, at value (including securities on loan of $21,850,755)	$	610,358,068
Foreign currency (cost of $262,041)		261,777
Receivable for:
Investments sold		415,459
Fund shares sold		52,867
Securities lending income		25,629
Dividends		612,531
Foreign tax reclaims		371,153
Regulatory Settlements (Note 8)		131,912
Trustees' deferred compensation plan		161,437
Prepaid expenses		9,877
Total Assets		612,400,710
Liabilities:
Collateral on securities loaned		22,917,951
Payable for:
Investments purchased		322,974
Fund shares redeemed		2,149,917
Investment advisory fee		15,097
Administration fee		811
Transfer agent fee		2
Trustees' fees		2,682
Custody fee		66,493
Reports to shareholders		61,261
Chief compliance officer expenses		5,690
Trustees' deferred compensation plan		161,437
Other liabilities		67,588
Total Liabilities		25,771,903
Net Assets	$	586,628,807
Composition of Net Assets:
Paid-in capital	$	453,175,972
Overdistributed net investment income		(1,515,320	)
Accumulated net realized gain		42,564,991
Net unrealized appreciation (depreciation) on:
Investments		92,439,834
Foreign currency translations		(36,670	)
Net Assets	$	586,628,807
Fund Shares Outstanding		22,288,698
Net asset value, offering price and redemption price per share	$	26.32

Statement of Operations
For the Year Ended December 31, 2015

Investment Income:
Dividends (net foreign taxes withheld of $1,569,158)	$	14,023,167
Interest		113,574
Income from securities lending—net		221,271
Total Investment Income		14,358,012
Expenses:
Investment advisory fee		5,931,518
Transfer agent fees		520
Administration fee		322,282
Trustees' fees		48,828
Custody fees		264,957
Reports to shareholders		351,278
Audit fees		71,031
Legal fees		111,432
Chief compliance officer expenses		29,572
Commitment fee for line of credit (Note 5)		15,900
Other expenses		45,149
Total Expenses		7,192,467
Net Investment Income		7,165,545
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments		50,409,289
Foreign currency translations		(346,363	)
Net realized gain		50,062,926
Net change in unrealized appreciation (depreciation) on:
Investments		(55,119,081	)
Foreign currency translations		29,388
Net change in unrealized depreciation		(55,089,693	)
Net realized and unrealized loss		(5,026,767	)
Net Increase in Net Assets from Operations	$	2,138,778

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2015			2014
Operations:
Net investment income	$	7,165,545		$	8,213,120
Net realized gain (loss) on:
Investments		50,409,289			63,453,238
Foreign currency translations		(346,363	)		(389,212	)
Net change in unrealized appreciation (depreciation) on:
Investments		(55,119,081	)		(101,516,032	)
Foreign currency translations		29,388			(90,874	)
Options		—			(269,054	)
Net Increase (Decrease) in Net Assets from Operations		2,138,778			(30,598,814	)
Distributions to Shareholders From:
Net investment income		(9,178,114	)		(10,651,101	)
Net realized gains		(56,072,696	)		(82,758,323	)
Total Distributions to Shareholders		(65,250,810	)		(93,409,424	)
Share Transactions:
Subscriptions		12,302,455			23,205,601
Distributions reinvested		65,250,810			93,409,424
Redemptions		(94,967,225	)		(110,560,733	)
Net Increase (Decrease) from Share Transactions		(17,413,960	)		6,054,292
Proceeds from regulatory settlements (Note 8)		131,912			—
Total Decrease in Net Assets		(80,394,080	)		(117,953,946	)
Net Assets:
Beginning of period		667,022,887			784,976,833
End of period	$	586,628,807		$	667,022,887
Overdistributed net investment income	$	(1,515,320	)	$	(5,231,819	)

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of the expenses that apply to the variable accounts or contract charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Year Ended December 31,
Selected data for a share outstanding throughout each period	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Period	$	29.07		$	34.55		$	31.19		$	28.79		$	36.16
Income from Investment Operations:
Net investment income		0.31			0.36			0.39			0.46			0.42
Net realized and unrealized gain (loss)		(0.09	)		(1.56	)		6.18			5.27			(5.31	)
Reimbursement from affiliate		—			—			—			—			0.00	(a)
Total from Investment Operations		0.22			(1.20	)		6.57			5.73			(4.89	)
Less Distributions to Shareholders:
Net investment income		(0.41	)		(0.48	)		(0.88	)		(0.38	)		(1.64	)
Net realized gains		(2.57	)		(3.80	)		(2.33	)		(2.95	)		(0.84	)
Total Distributions to Shareholders		(2.98	)		(4.28	)		(3.21	)		(3.33	)		(2.48	)
Proceeds from regulatory settlements		0.01			—			—			—			—
Net Asset Value, End of Period	$	26.32		$	29.07		$	34.55		$	31.19		$	28.79
Total Return		0.10	%(c)		(4.40	)%		22.37	%		21.56	%(b)		(14.62	)%(b)
Ratios to Average Net Assets/Supplemental Data:
Total gross expenses (d)		1.12	%		1.05	%		1.07	%		1.08	%		1.06	%
Total net expenses (d)		1.12	%		1.05	%		1.07	%		1.05	%(e)		1.00	%(e)
Net investment income		1.11	%		1.10	%		1.19	%		1.51	%		1.25	%
Portfolio turnover rate		53	%		28	%		44	%		34	%		36	%
Net assets, end of period (000s)	$	586,629		$	667,023		$	784,977		$	702,667		$	682,217

Notes to Financial Highlights

(a) Rounds to zero.

(b) Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.

(e) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

1. Nature of Operations

Wanger International (the Fund), a series of Wanger Advisors Trust (the Trust), is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The investment objective of the Fund is to seek long-term capital appreciation. The Fund is available only for allocation to certain life insurance company separate accounts established for the purpose of funding participating variable annuity contracts and variable life insurance policies and may also be offered directly to certain qualified pension and retirement plans.

2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services—Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Securities of the Fund are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at its fair value determined in good faith under consistently applied procedures established by the Board of Trustees (the Board). A security traded on a securities exchange or in an over-the-counter market in which transaction prices are reported is valued at the last sales price at the time of valuation. A security traded principally on NASDAQ is valued at the NASDAQ official closing price. Exchange traded funds (ETFs) are valued at their closing net asset value as reported on the applicable exchange. A security for which there is no reported sale on the valuation date is valued at the mean of the latest bid and ask quotations.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

The Trust has retained an independent statistical fair value pricing service that employs a systematic methodology to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign market and the time as of which the securities are to be valued. If a security is valued at a fair value, that value may be different from the last quoted market price for the security.

Foreign currency translations

Values of investments denominated in foreign currencies are converted into U.S. dollars using the New York spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate.

Restricted securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the

secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board.

Security transactions and investment income

Security transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Fund. Interest income is recorded on the accrual basis and includes amortization of discounts on debt obligations when required for federal income tax purposes. Realized gains and losses from security transactions are recorded on an identified cost basis.

Awards, if any, from class action litigation related to securities owned may be recorded as a reduction of cost of those securities. If the applicable securities are no longer owned, the proceeds are recorded as realized gains.

The Fund may receive distributions from holdings in equity securities, ETFs, other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital may be made by the Fund's management. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Expenses

General expenses of the Trust are allocated to the Fund and the other series of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund.

Fund share valuation

Fund shares are sold and redeemed on a continuing basis at net asset value. Net asset value per share is determined daily as of the close of trading on the New York Stock Exchange (the Exchange) on each day the Exchange is open for trading by dividing the total value of the Fund's investments and other assets, less liabilities, by the number of Fund shares outstanding.

Securities lending

The Fund may lend securities up to one-third of the value of its total assets to certain approved brokers, dealers and other financial institutions to earn additional income. The Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Fund also receives a fee for the loan. The Fund has the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that exceeded the value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of the Fund and any additional required collateral is delivered to each Fund on the next business day. The Fund has elected to invest the cash collateral in the Dreyfus Government Cash Management Fund. The income earned from the securities lending program is paid to the Fund, net of any fees remitted to Goldman Sachs Agency Lending, the Fund's lending agent, and borrower rebates. The Fund's investment manager, Columbia Wanger Asset Management, LLC (CWAM), does not retain any fees earned by the lending program. Generally, in the event of borrower default, the Fund has the right to use the collateral to offset any losses incurred. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of loss with respect to the investment of collateral. The net lending income earned by the Fund as of December 31, 2015, is included in the Statement of Operations.

Offsetting of assets and liabilities

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting agreements and under a securities lending agreement as well as the related collateral received by the Fund as of December 31, 2015:

	Goldman Sachs
Liabilities
Collateral on securities loaned	$	22,917,951
Total liabilities		22,917,951
Total financial and derivative net assets		(22,917,951	)
Financial instruments		21,850,755
Net amount (a)	$	(1,067,196	)

(a) Represents the net amount due from/(to) counterparties in the event of default.

Securities lending transactions

The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of December 31, 2015:

	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions
Equity securities	$	21,850,755	$	—	$	—	$	—	$	21,850,755
Gross amount of recognized liabilities for securities lending (collateral received)										22,917,951
Amounts due to counterparty									$	1,067,196

Federal income taxes

The Fund has complied with the provisions of the Internal Revenue Code available to regulated investment companies and, in the manner provided therein, distributes substantially all its taxable income, as well as any net realized gain on sales of investments and foreign currency transactions reportable for federal income tax purposes. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.

Foreign capital gains taxes

Gains in certain countries may be subject to foreign taxes at the fund level. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date.

Indemnification

In the normal course of business, the Trust on behalf of the Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund. Also under the Trust's organizational documents, the trustees and officers of the Trust are indemnified against certain liabilities that may arise out of their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

3. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended December 31, 2015, permanent book and tax basis differences resulting primarily from foreign currency transactions, passive foreign investment company (PFIC) holdings, former PFIC holdings and proceeds from regulatory settlements were identified and reclassified among the components of the Fund's net assets as follows:

Accumulated Net Investment Income				Accumulated Net Realized Gain (Loss)				Paid-In Capital
$	5,729,068			$	(5,597,156	)		$	(131,912	)

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended December 31, 2015 and December 31, 2014 were as follows:

	December 31, 2015		December 31, 2014
Ordinary Income*	$	9,178,114	$	15,292,314
Long-Term Capital Gains		56,072,696		78,117,110

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income				Undistributed Long-Term Capital Gains				Net Unrealized Appreciation (Depreciation)*
$	1,779,830			$	44,331,731			$	87,549,062

* The differences between book-basis and tax-basis net unrealized appreciation (depreciation) are primarily due to deferral of losses from wash sales, PFIC adjustments and former PFIC holdings.

positions in the Fund for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

4. Transactions with Affiliates

CWAM is a wholly owned subsidiary of Columbia Management Investment Advisers, LLC (Columbia Management), which in turn is a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). CWAM furnishes continuing investment supervision to the Fund and is responsible for the overall management of the Fund's business affairs.

CWAM receives a monthly advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
Up to $100 million		1.10	%
$100 million to $250 million		0.95	%
$250 million to $500 million		0.90	%
$500 million to $1 billion		0.80	%
$1 billion and over		0.72	%

For the year ended December 31, 2015, the effective investment advisory fee rate was 0.92% of the Fund's average daily net assets.

CWAM provides administrative services and receives an administration fee from the Fund at the following annual rates:

Wanger Advisors Trust Aggregate Average Daily Net Assets of the Trust	Annual Fee Rate
Up to $4 billion		0.05	%
$4 billion to $6 billion		0.04	%
$6 billion to $8 billion		0.03	%
$8 billion and over		0.02	%

For the year ended December 31, 2015, the effective administration fee rate was 0.05% of the Fund's average daily net assets. CWAM has delegated to Columbia Management responsibility to provide certain sub-administrative services to the Fund.

Columbia Management Investment Distributors, Inc. (CMID), a wholly owned subsidiary of Ameriprise Financial, serves as the Fund's distributor and principal underwriter.

Columbia Management Investment Services Corp. (CMIS), a wholly owned subsidiary of Ameriprise Financial, is the transfer agent to the Fund. For its services, the Fund pays CMIS a monthly fee at the annual rate of $21.00 per open account. CMIS also receives reimbursement from the Fund for certain out-of-pocket expenses.

Certain officers and trustees of the Trust are also officers of CWAM. The Trust makes no direct payments to its officers and trustees who are affiliated with CWAM.

The Board has appointed a Chief Compliance Officer of the Trust in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the office of the Chief Compliance Officer.

The Trust offers a deferred compensation plan for its independent trustees. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust and may represent an unfunded obligation of the Trust. The value of amounts deferred is determined by reference to the change in value of Class Z shares of one or more series of Columbia Acorn Trust or a money market fund as specified by the trustee. Benefits under the deferred compensation plan are payable in accordance with the plan.

purchase and sale transactions complied with provisions of Rule 17a-7 under the Investment Company Act of 1940 and were $29,633,840 and $17,496,926, respectively. The sale transactions resulted in a net realized gain of $3,762,976.

5. Borrowing Arrangements

During the period January 1, 2015 through April 29, 2015, the Trust participated in a credit facility with JPMorgan Chase Bank, N.A., along with Columbia Acorn Trust, another trust managed by CWAM, in the amount of $150 million. Effective April 30, 2015, the first facility was terminated and the Trust entered into a revolving credit facility in the amount of $400 million with a syndicate of banks led by JPMorgan Chase Bank, N.A. to facilitate portfolio liquidity. Under each facility, interest is charged to each participating Fund based on its borrowings at a rate per annum equal to the Federal Funds Rate plus 1.00%. In addition, a commitment fee of 0.08% per annum of the unutilized line of credit is accrued and apportioned among the participating Funds based on their relative net assets. The commitment fee is disclosed as a part of "Other expenses" in the Statement of Operations. The Trust expects to renew this line of credit for one year durations each April at then current market rates and terms.

No amounts were borrowed for the benefit of the Fund under the line of credit during the year ended December 31, 2015.

6. Fund Share Transactions

Proceeds and payments on Fund shares as shown in the Statement of Changes in Net Assets are in respect of the following numbers of shares:

	Year Ended December 31, 2015			Year Ended December 31, 2014
Shares sold		431,818			720,170
Shares issued in reinvestment of dividend distributions		2,291,751			2,952,780
Less shares redeemed		(3,377,227	)		(3,448,109	)
Net increase (decrease) in shares outstanding		(653,658	)		224,841

7. Investment Transactions

The aggregate cost of purchases and proceeds from sales other than short-term obligations for the year ended December 31, 2015, were $330,578,466 and $384,848,092, respectively. The amount of purchase and sales activity impacts the portfolio turnover rate reported in the Financial Highlights.

8. Regulatory Settlements with Third Parties

During the year ended December 31, 2015, the Fund recorded a receivable of $131,912 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against third parties relating to market timing and/or late trading of mutual funds. This amount represented the Fund's portion of the proceeds from the settlement (neither the Fund nor the Investment Manager were a party to the proceeding). The payments have been included in "Proceeds from regulatory settlements" in the Statement of Changes in Net Assets.

9. Shareholder Concentration

At December 31, 2015, two unaffiliated shareholder accounts owned an aggregate of 29.1% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Affiliated shareholder accounts owned 60.4% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Name and Age at
December 31, 2015

Year First
Appointed or
Elected to a
Board in the
Columbia
Funds
Complex

Principal Occupation(s) During
the Past Five Years

Number of
Funds in the
Columbia
Funds
Complex
Overseen ⁽¹⁾

Other Directorships
Held by the Trustee
During the Past Five
Years in Addition to
Columbia Acorn
Trust and Wanger
Advisors Trust

Independent Trustees:

Laura M. Born, 50,
Chair

2007

Adjunct Associate Professor of Finance, University of Chicago Booth School of Business since 2007; Director, Carlson Inc. (private global hospitalities and travel company) since 2015; Managing Director—Investment Banking, JP Morgan Chase & Co. (broker-dealer) 2002-2007.

None.

Maureen M. Culhane, 67

2007

Retired. Formerly, Vice President, Goldman Sachs Asset Management, L.P. (investment adviser), 2005-2007; Vice President (Consultant)—Strategic Relationship Management, Goldman, Sachs & Co., 1999-2005.

None.

Margaret M. Eisen, 62

2002

Trustee, Smith College since 2012; Chief Investment Officer, EAM International LLC (corporate finance and asset management), 2003-2013; Managing Director, CFA Institute, 2005-2008.

Burnham Investors Trust (3 series).

Thomas M. Goldstein, 56

2014

Retired. Formerly, Chief Financial Officer, Allstate Protection Division, 2011-2014; Founding Partner, The GRG Group LLC, 2009-2011; Managing Director and Chief Financial Officer, Madison Dearborn Partners, 2007-2009.

Federal Home Loan Bank—Chicago; Federal Home Loan Mortgage Corporation.

John C. Heaton, 56

2010

Deputy Dean for Faculty, University of Chicago Booth School of Business; Joseph L. Gidwitz Professor of Finance, University of Chicago Booth School of Business since July 2000.

None.

Steven N. Kaplan, 56

1999

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business; faculty member of the University of Chicago Booth School of Business since 1988.

Accretive Health, Inc. (healthcare management services provider); Morningstar, Inc. (provider of independent investment research).

Charles R. Phillips, 59

2015

Retired. Director, University of North Carolina School of Law Foundation since 2010. Formerly, Vice Chairman, J.P. Morgan Private Bank, 2011-2014; Managing Director, J.P. Morgan Private Bank, 2001-2011.

None.

Name and Age at
December 31, 2015

Year First
Appointed or
Elected to a
Board in the
Columbia
Funds
Complex

Principal Occupation(s) During
the Past Five Years

Number of
Funds in the
Columbia
Funds
Complex
Overseen ⁽¹⁾

Other Directorships
Held by the Trustee
During the Past Five
Years in Addition to
Columbia Acorn
Trust and Wanger
Advisors Trust

David J. Rudis, 62,
Vice Chair

2010

Retired. Formerly, National Checking and Debit Executive, and Illinois President, Bank of America, 2007-2009; President, Consumer Banking Group, LaSalle National Bank, 2004-2007.

None.

Interested Trustees:

P. Zachary Egan, 47 ⁽²⁾

2015

President, CWAM and President, Wanger Advisors Trust and Columbia Acorn Trust since April 2014; Global Chief Investment Officer, CWAM since October 2015; International Chief Investment Officer, CWAM, April 2014-September 2015; Director of International Research, CWAM, December 2004-March 2014; Vice President of Columbia Acorn Trust, 2003-2014, and Wanger Advisors Trust, 2007-2014; portfolio manager and analyst, CWAM or its predecessors, since 1999.

None.

Ralph Wanger, 81 ⁽³⁾

1970

⁽⁴⁾

Founder, CWAM. Formerly, President, Chief Investment Officer and portfolio manager, CWAM or its predecessors, July 1992-September 2003; Director, Wanger Investment Company PLC; Consultant to CWAM or its predecessors, September 2003-September 2005.

None.

* * * * *

Name at Age at
December 31, 2015

Position
Held with
Columbia Acorn
Trust and Wanger
Advisors Trust

Year First
Appointed or
Elected to
Office

Principal Occupation(s) During
the Past Five Years

Officers:

Alan G. Berkshire, 55

Vice President

2015

Chief Operating Officer, CWAM since April 2015. Formerly, Independent Director, ValueQuest India Moat Fund Limited (Mauritius), April 2014-March 2015; President—North America, Religare Global Asset Management, Inc., June 2011-November 2013; Partner, Estancia Capital Management LLC, September 2009-June 2011.

Michael G. Clarke, 46

Assistant Treasurer

2004

Vice President—Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; Senior officer of Columbia funds and affiliated funds since 2002.

William J. Doyle, 51

Vice President

2014

Portfolio manager and/or analyst, CWAM or its predecessors since 2006; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014.

P. Zachary Egan, 47 ⁽²⁾

President

2007

David L. Frank, 52

Vice President

2014

Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014.

Paul B. Goucher, 47

Assistant Secretary

2015

Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (previously Chief Counsel, January 2010-January 2013 and Group Counsel, November 2008-January 2010).

Fritz Kaegi, 44

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2004; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Name at Age at
December 31, 2015

Position
Held with
Columbia Acorn
Trust and Wanger
Advisors Trust

Year First
Appointed or
Elected to
Office

Principal Occupation(s) During
the Past Five Years

John Kunka, 45

Treasurer

2006

Treasurer and Principal Accounting and Financial Officer, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Director of Accounting and Operations, CWAM since May 2006; formerly, Assistant Treasurer, Columbia Acorn Trust and Wanger Advisors Trust 2006-2014.

Stephen Kusmierczak, 48

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Joseph C. LaPalm, 46

Vice President

2006

Chief Compliance Officer, CWAM since 2005.

Ryan C. Larrenaga, 45

Assistant Secretary

2015

Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011 (previously, Counsel, May 2010-August 2011); Assistant General Counsel, Bank of America, 2005-April 2010; officer of Columbia funds and affiliated funds since 2005.

Satoshi Matsunaga, 44

Vice President

2015

Portfolio manager and/or analyst, CWAM or its predecessors since 2005; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015.

Thomas P. McGuire, 43

Chief Compliance Officer

2015

Chief Compliance Officer of the Columbia family of mutual funds for which Columbia Management Investment Advisers, LLC serves as investment adviser since 2012; Vice President—Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-April 2010.

Charles P. McQuaid, 62

Vice President

1992

⁽⁴⁾

Portfolio manager and/or analyst, CWAM or its predecessors since 1978; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since April 2014; President and Chief Investment Officer, CWAM or its predecessors, October 2003-March 2014, and President, Columbia Acorn Trust and Wanger Advisors Trust, October 2003-March 2014.

Louis J. Mendes III, 51

Vice President

2003

International Director of Research, CWAM, since 2015; portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust since 2003 and Wanger Advisors Trust since 2005.

Christopher J. Olson, 51

Vice President

2001

Portfolio manager and/or analyst, CWAM or its predecessors since January 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2001.

Julian Quero, 48

Assistant Treasurer

2015

Vice President—Tax, Columbia Management Investment Advisers, LLC since 2009.

Matthew S. Szafranski, 38

Vice President

2015

Portfolio manager and/or analyst, CWAM or its predecessors since 2008; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015.

Andreas Waldburg-Wolfegg, 50

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Linda Roth-Wiszowaty, 46

Secretary

2006

Business support analyst, CWAM since April 2007; Secretary, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Assistant Secretary, Columbia Acorn Trust and Wanger Advisors Trust, 2006-2014.

(1) The Trustees oversee the series of Wanger Advisors Trust and Columbia Acorn Trust.

(2) Mr. Egan is an "interested person" of Wanger Advisors Trust, Columbia Acorn Trust, and CWAM, as defined in the 1940 Act, because he is an officer of each Trust and an employee of CWAM.

(3) As permitted under the Trust's Bylaws, Mr. Wanger serves as a non-voting Trustee Emeritus of Wanger Advisors Trust and Columbia Acorn Trust.

(4) Dates prior to 1992 relate to The Acorn Fund, Inc., the predecessor trust to Columbia Acorn Trust.

Investment Manager

Columbia Wanger Asset Management, LLC
227 West Monroe Street, Suite 3000
Chicago, Illinois 60606
1-888-4-WANGER
(1-888-492-6437)

Transfer Agent,
Dividend Disbursing Agent

Columbia Management Investment Services Corp.
P.O. Box 8081
Boston, Massachusetts
02266-8081

Distributor

Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, Massachusetts
02110

Legal Counsel to the Funds

Perkins Coie LLP
Washington, DC

Legal Counsel to the Independent Trustees

Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Chicago, Illinois

This document contains Global Industry Classification Standard data. The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P") and is licensed for use by Columbia Wanger Asset Management, LLC ("CWAM"). Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

This report, including the schedules of investments and financial statements, is submitted for the general information of the shareholders of the Wanger Advisors Trust.

A description of the Fund's proxy voting policies and procedures and a copy of the Fund's voting record for the most recent 12-month period ended June 30 are available (i) on our website, columbiathreadneedle.com/us, (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 888-492-6437.

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Pubic Reference Room may be obtained by calling 800-SEC-0330. The Fund's complete portfolio holdings are disclosed at www.columbiathreadneedle.com/us approximately 30 to 40 days after each month-end.

As a shareholder, you incur three types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees and other expenses for Wanger International Select (the Fund). Lastly, there may be additional fees or charges imposed by the insurance company that sponsors your variable annuity and/or variable life insurance product. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

Compare with other funds

July 1, 2015 – December 31, 2015

Account value at the
beginning of the period ($)

Account value at the
end of the period ($)

Expenses paid during
period ($)

Fund's annualized
expense ratio (%)*

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Wanger International Select

1,000.00

953.10

1,017.90

7.14

7.37

1.45

Had the investment manager and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced. See Note 4 to the Financial Statements.

Choose between:

A. a sure gain of $240

B. 25% chance to win $1,000 and a 75% chance to gain nothing

Choose between:

C. a sure loss of $750

D. 75% chance to lose $1,000 and a 25% chance to lose nothing

Many more people accept the second opportunity than the first, even though the choices are identical. The first clearly frames the $5 as a loss, while the second suggests the $5 is a sunk cost. ⁶

Probability					1	%			10	%			50	%			90	%			99	%
Decision Weight					5.5				18.6				42.1				71.2				91.2

Richard Thaler, a University of Chicago professor of behavioral science and economics, worked with Kahneman and Tversky on several studies. Jointly, they defined the endowment effect, which states that once someone owns something, he tends to place an irrationally high value on it. Thaler and Kahneman experimented by giving some subjects coffee mugs decorated with university insignia. Participants were asked to provide the prices at which they would sell. Other subjects were not given mugs and were asked what prices they would bid for the mugs. The average selling price was about double the average buying price!⁸

Policy Implications

Thaler's work explains one of the reasons why policy makers prefer modest inflation. People consider outright wage cuts as unfair, even when unemployment is high and the employer is

Investment Implications

1 Daniel Kahneman, Thinking, Fast and Slow (New York, Farrar, Straus and Giroux, 2011), p. 81.

2 Ibid., p. 125.

3 Ibid., p. 138.

4 Expected value is the sum of probabilities times dollars.

5 Kahneman, op. cit., p. 437.

6 Ibid., p. 364.

7 Ibid., p. 315.

8 Ibid., p. 295.

9 Richard H. Thaler, Misbehaving: The Making of Behavioral Economics (New York, W. W. Norton & Company, Inc., 2015), p. 80.

10 Ibid., p. 76.

11 Kahneman, op. cit., p. 141.

12 Somehow this one is not labelled as a particular bias or effect.

13 Kahneman, op. cit., p. 351.

14 Thaler, op. cit., p. 132.

15 Ibid., p. 318.

16 Richard H. Thaler and Cass R. Sunstein, Nudge: Improving Decisions About Health, Wealth, and Happiness (New Haven, Connecticut, Yale University Press, 2008), p. 178-179.

17 Kahneman, op. cit., p. 349.

18 Ibid., p. 339.

19 Thaler, op. cit., p. 197.

20 Hersh Shefrin, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing (New York, Oxford University Press, 2002), p. 37.

21 Thaler, op. cit., p. 192.

22 In Beyond Greed and Fear, Shefrin labels this as "Get-evenitis."

23 Kahneman, op. cit., p. 213-214.

24 Thaler, op. cit., p. 83.

25 If interested, please see Columbia Thermostat Fund's prospectus, which can be found at columbiathreadneedle.com/us.

Wanger International Select ended the year down 1.03%, underperforming the 3.96% gain of the Fund's primary benchmark, the S&P Developed Ex-U.S. Between $2B and $10B® Index. Fund underperformance for the year was largely due to poor relative performance in the financials and materials sectors. Over the course of the year, we reduced Fund exposure in each sector.

We also repositioned the Fund to be more mid- to large-cap oriented during the year. As we reviewed Fund holdings and added new positions to the Fund, we focused on names that have a market capitalization of $5 billion or more. While there is overlap between the Fund's holdings and Wanger International, another mid-cap international fund that we manage, Wanger International Select has substantially fewer holdings and is more concentrated.

Three Japanese stocks ranked among the top-contributing names in the Fund for the year. Japanese markets outperformed most world markets, as loosening monetary policy and improving corporate governance proved relatively attractive amidst a slowing global economy. KDDI, a mobile and fixed-line communication service provider in Japan, gained 27% for the year and Secom, a provider of security services, was up 20%. Both KDDI and Secom have enjoyed steady growth, as their businesses are not affected by the global economic slowdown. Japan Tobacco, a maker of cigarettes, gained 37%. Japan Tobacco's profit growth exceeded expectations, as strong pricing power offset market fears of volume contraction.

On the downside, laggards for the year came largely from the materials, energy and financial sectors. Weak gold and oil prices were to blame for much of the material and energy sector declines. Gold miners Tahoe Resources and Goldcorp were sold in the second half of the year but ranked among the Fund's largest detractors for the annual period with losses of 41% and 31%, respectively. Oil exploration and production companies Vermillion Energy and Anadarko Petroleum were added to the Fund in the year and both traded down with the dramatic fall in oil prices, ending the year among the Fund's largest detractors. We bought these stocks because we believe they are well-positioned to benefit when oil prices return to

Top 5 Countries

As a percentage of net assets, as of 12/31/15

Japan	18.2	%
United Kingdom	10.9
Germany	7.4
Canada	6.2
Sweden	5.1

Results as of December 31, 2015

	4th quarter*			1 year			5 years			10 years
Wanger International Select		4.77	%		-1.03	%		2.86	%		5.59	%
S&P Developed Ex-U.S. Between $2B and $10B Index**		5.52			3.96			4.46			4.71
MSCI EAFE Index (Net)		4.71			-0.81			3.60			3.03

NAV as of 12/31/15: $16.40

* Not annualized.

** The Fund's primary benchmark as of December 31, 2015. Effective January 1, 2016, the primary benchmark for Wanger International Select was changed to the MSCI ACWI Ex USA Index (Net).

Number of Shares			Value
		Equities – 88.8%
		Europe – 40.1%
		United Kingdom – 10.9%
	19,000	WH Smith Newsprint, Books & General Stationery Retailer	$	493,695
	24,000	Babcock International Public Sector Outsourcer		359,164
	20,000	Smith & Nephew Medical Equipment & Supplies		356,441
	5,000	Whitbread UK Hotelier & Coffee Shop		324,083
	2,000	Next Clothes & Home Retailer in the UK		214,742
	11,000	Compass Group Catering & Support Services		190,610
				1,938,735
		Germany – 7.4%
	96,900	Telefonica Deutschland Mobile & Fixed-line Communications in Germany		511,117
	9,000	Wirecard Online Payment Processing & Risk Management		449,865
	3,700	MTU Aero Engines Airplane Engine Components & Services		360,621
				1,321,603
		Sweden – 5.1%
	10,000	Hennes & Mauritz Discount Fashion Retailer		355,703
	9,906	Swedish Match Swedish Snus		350,052
	5,270	Hexagon Design, Measurement & Visualization Software & Equipment		194,952
				900,707
		Switzerland – 5.0%
	1,500	Partners Group (a) Private Markets Asset Management		539,451
	1,060	Geberit Plumbing Systems		359,025
				898,476
		Denmark – 3.8%
	14,121	Novozymes Industrial Enzymes		676,098

Number of Shares			Value
		Spain – 2.9%
	87,000	Distribuidora Internacional de Alimentación Discount Retailer in Spain & Latin America	$	513,134
		France – 2.8%
	12,427	Eutelsat Fixed Satellite Services		372,070
	1,000	Essilor International Eyeglass Lenses		124,636
				496,706
		Netherlands – 2.2%
	9,000	Vopak Operator of Petroleum & Chemical Storage Terminals		387,583
		Total Europe		7,133,042
		Asia – 33.9%
		Japan – 18.2%
	20,100	Recruit Holdings Recruitment & Media Services		590,815
	30,000	Sony Financial Holdings Life Insurance, Assurance & Internet Banking		536,617
	5,500	Secom Security Services		372,734
	10,000	Japan Tobacco Cigarettes		367,138
	14,000	KDDI Mobile & Fixed Line Communication Service Provider in Japan		363,583
	21,000	Santen Pharmaceutical Specialty Pharma (Ophthalmic Medicine)		345,732
	20,000	Aeon Mall Suburban Shopping Mall Developer, Owner & Operator		343,042
	8,000	Hoya Corp Opto-electrical Components & Eyeglass Lenses		327,140
				3,246,801
		Korea – 4.4%
	2,900	KT&G Tobacco & Ginseng Products		257,709
	1,108	CJ Corp Holding Company of Korean Consumer Conglomerate		235,347

Number of Shares			Value
		Korea – 4.4% (cont)
	700	Samsung Fire and Marine	$	182,985
	665	Samsung Fire & Marine Preferred Non-life Insurance		106,768
				782,809
		Taiwan – 3.9%
	170,000	Far EasTone Telecom Mobile Operator in Taiwan		349,385
	5,000	Largan Precision Mobile Device Camera Lenses & Modules		342,124
				691,509
		China – 3.8%
	2,000	NetEase.com – ADR Chinese Online Gaming Services		362,480
	240,000	China Everbright International Municipal Waste Operator		306,883
				669,363
		Singapore – 2.0%
	67,000	Singapore Exchange Singapore Equity & Derivatives Market Operator		362,364
		Hong Kong – 1.6%
	11,245	Hong Kong Exchanges and Clearing Hong Kong Equity & Derivatives Market Operator		286,464
		Total Asia		6,039,310
		Other Countries – 14.4%
		Canada – 6.2%
	4,500	CCL Industries Global Label Converter		729,685
	14,000	Vermilion Energy (a) Canadian Exploration & Production Company		380,530
				1,110,215
		Australia – 4.1%
	38,000	Amcor Global Leader in Flexible & Rigid Packaging		369,179
	91,035	IAG General Insurance Provider		365,598
				734,777

Number of Shares			Value
		United States – 2.2%
	8,000	Anadarko Petroleum Worldwide Production of Oil & Gas	$	388,640
		South Africa – 1.9%
	2,400	Naspers Media in Africa, China, Russia & other Emerging Markets		328,043
		Total Other Countries		2,561,675
		Latin America – 0.4%
		Uruguay – 0.4%
	13,068	Union Agriculture Group (b) (c) (d) Farmland Operator in Uruguay		66,385
		Total Latin America		66,385
Total Equities (Cost: $14,180,668) – 88.8%				15,800,412	(e)
Short-Term Investments – 11.4%
	2,029,382	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		2,029,382
Total Short-Term Investments (Cost: $2,029,382) – 11.4%				2,029,382
Securities Lending Collateral – 2.4%
	424,733	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.03%) (f)		424,733
Total Securities Lending Collateral (Cost: $424,733) – 2.4%				424,733
Total Investments (Cost: $16,634,783) (g) – 102.6%				18,254,527
Obligation to Return Collateral for Securities Loaned – (2.4)%				(424,733	)
Cash and Other Assets Less Liabilities – (0.2)%				(34,454	)
Net Assets – 100.0%			$	17,795,340

ADR – American Depositary Receipts

Notes to Statement of Investments

(a) All or a portion of this security was on loan at December 31, 2015. The total market value of securities on loan at December 31, 2015 was $403,067.

(b) Non-income producing security.

(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security is valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At December 31, 2015, the market value of this security amounted to $66,385, which represented 0.37% of total net assets. Additional information on this security is as follows:

Security				Acquisition Dates				Shares				Cost				Value
Union Agriculture Group				12/8/10 - 6/27/12					13,068			$	150,000			$	66,385

(e) On December 31, 2015, the Fund's total equity investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	3,246,801		18.2
Euro		2,719,026		15.3
British Pound		1,938,735		10.9
Canadian Dollar		1,110,215		6.2
Swedish Krona		900,707		5.1
Swiss Franc		898,476		5.1
Other currencies less than 5% of total net assets		4,986,452		28.0
Total Equities	$	15,800,412		88.8

(f) Investment made with cash collateral received from securities lending activity.

(g) At December 31, 2015, for federal income tax purposes, the cost of investments was $16,644,670 and net unrealized appreciation was $1,609,857 consisting of gross unrealized appreciation of $2,556,638 and gross unrealized depreciation of $946,781.

Fair Value Measurements

• 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)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Committee is responsible for applying the Trust's Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of the Board.

The following table summarizes the inputs used, as of December 31, 2015, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Europe	$	—	$	7,133,042	$	—	$	7,133,042
Asia		362,480		5,676,830		—		6,039,310
Other Countries		1,498,855		1,062,820		—		2,561,675
Latin America		—		—		66,385		66,385
Total Equities		1,861,335		13,872,692		66,385		15,800,412
Total Short-Term Investments		2,029,382		—		—		2,029,382
Total Securities Lending Collateral		424,733		—		—		424,733
Total Investments	$	4,315,450	$	13,872,692	$	66,385	$	18,254,527

There were no transfers of financial assets between levels during the period.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

Certain securities classified as Level 3 are valued by the Committee 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 estimated earnings of the company and the position of the security within the company's capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.

	Value		Percentage of Net Assets
Information
Financial Processors	$	1,098,694		6.2
Mobile Communications		712,968		4.0
Internet Related		690,522		3.9
Advertising		590,815		3.3
Telephone & Data Services		511,117		2.9
Satellite Broadcasting & Services		372,070		2.1
Telecommunications Equipment		342,124		1.9
Semiconductors & Related Equipment		327,140		1.8
Business Software		194,952		1.1
		4,840,402		27.2
Consumer Goods & Services
Retail		1,577,274		8.8
Nondurables		1,354,532		7.6
Restaurants		514,693		2.9
Food & Beverage		350,052		2.0
		3,796,551		21.3
Industrial Goods & Services
Industrial Materials & Specialty Chemicals		1,045,277		5.9
Other Industrial Services		733,354		4.1
Outsourcing Services		359,164		2.0
Construction		359,025		2.0
Waste Management		306,883		1.8
Conglomerates		235,347		1.3
		3,039,050		17.1

	Value			Percentage of Net Assets
Finance
Insurance	$	1,191,968			6.7
Brokerage & Money Management		539,451			3.0
		1,731,419			9.7
Energy & Minerals
Oil & Gas Producers		769,171			4.3
Oil Refining, Marketing & Distribution		387,583			2.2
Agricultural Commodities		66,385			0.4
		1,223,139			6.9
Health Care
Medical Equipment & Devices		481,077			2.7
Pharmaceuticals		345,732			2.0
		826,809			4.7
Other Industries
Real Estate		343,042			1.9
		343,042			1.9
Total Equities:		15,800,412			88.8
Short-Term Investments:		2,029,382			11.4
Securities Lending Collateral:		424,733			2.4
Total Investments:		18,254,527			102.6
Obligation to Return Collateral for Securities Loaned:		(424,733	)		(2.4	)
Cash and Other Assets Less Liabilities:		(34,454	)		(0.2	)
Net Assets:	$	17,795,340			100.0

Statement of Assets and Liabilities
December 31, 2015

Assets:
Investments, at cost	$	16,634,783
Investments, at value (including securities on loan of $403,067)	$	18,254,527
Foreign currency (cost of $5)		5
Receivable for:
Investments sold		334,440
Fund shares sold		7,034
Securities lending income		45
Dividends		20,376
Foreign tax reclaims		10,965
Regulatory Settlements (Note 8)		10,826
Expense reimbursement due from investment advisor		81
Prepaid expenses		291
Total Assets		18,638,590
Liabilities:
Collateral on securities loaned		424,733
Payable for:
Investments purchased		351,800
Fund shares redeemed		8,856
Investment advisory fee		461
Administration fee		25
Trustees' fees		10,377
Custody fee		3,249
Reports to shareholders		8,252
Chief compliance officer expenses		170
Other liabilities		35,327
Total Liabilities		843,250
Net Assets	$	17,795,340
Composition of Net Assets:
Paid-in capital	$	16,941,052
Undistributed net investment income		94,881
Accumulated net realized loss		(858,938	)
Net unrealized appreciation (depreciation) on:
Investments		1,619,744
Foreign currency translations		(1,399	)
Net Assets	$	17,795,340
Fund Shares Outstanding		1,085,065
Net asset value, offering price and redemption price per share	$	16.40

Statement of Operations
For the Year Ended December 31, 2015

Investment Income:
Dividends (net foreign taxes withheld of $36,081)	$	379,665
Interest		27,181
Income from securities lending—net		6,068
Total Investment Income		412,914
Expenses:
Investment advisory fee		182,489
Transfer agent fees		168
Administration fee		9,707
Trustees' fees		5,163
Custody fees		16,349
Reports to shareholders		41,922
Audit fees		43,578
Legal fees		3,313
Chief compliance officer expenses		880
Commitment fee for line of credit (Note 5)		508
Other expenses		14,705
Total Expenses		318,782
Less reimbursement of expenses by Investment Manager		(37,284	)
Net Expenses		281,498
Net Investment Income		131,416
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments		(252,313	)
Foreign currency translations		(15,294	)
Forward foreign currency exchange contracts		83,928
Net realized loss		(183,679	)
Net change in unrealized appreciation (depreciation) on:
Investments		(119,478	)
Foreign currency translations		139
Forward foreign currency exchange contracts		6,479
Net change in unrealized depreciation		(112,860	)
Net realized and unrealized loss		(296,539	)
Net Decrease in Net Assets from Operations	$	(165,123	)

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2015			2014
Operations:
Net investment income	$	131,416		$	257,118
Net realized gain (loss) on:
Investments		(252,313	)		1,432,817
Foreign currency translations		(15,294	)		(12,926	)
Forward foreign currency exchange contracts		83,928			31,269
Net change in unrealized appreciation (depreciation) on:
Investments		(119,478	)		(3,148,383	)
Foreign currency translations		139			(1,653	)
Forward foreign currency exchange contracts		6,479			(10,867	)
Options		—			(64,830	)
Net Decrease in Net Assets from Operations		(165,123	)		(1,517,455	)
Distributions to Shareholders From:
Net investment income		(289,467	)		(328,166	)
Net realized gains		(1,261,912	)		(1,083,089	)
Total Distributions to Shareholders		(1,551,379	)		(1,411,255	)
Share Transactions:
Subscriptions		993,256			2,223,810
Distributions reinvested		1,551,379			1,411,255
Redemptions		(3,409,004	)		(5,267,340	)
Net Decrease from Share Transactions		(864,369	)		(1,632,275	)
Proceeds from regulatory settlements (Note 8)		10,826			3,626
Total Decrease in Net Assets		(2,570,045	)		(4,557,359	)
Net Assets:
Beginning of period		20,365,385			24,922,744
End of period	$	17,795,340		$	20,365,385
Undistributed (Overdistributed) net investment income	$	94,881		$	(358,209	)

	Year Ended December 31,
Selected data for a share outstanding throughout each period	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Period	$	17.93		$	20.45		$	19.83		$	16.44		$	18.57
Income from Investment Operations:
Net investment income		0.12			0.22			0.21			0.29			0.14
Net realized and unrealized gain (loss)		(0.22	)		(1.51	)		2.37			3.32			(1.99	)
Total from Investment Operations		(0.10	)		(1.29	)		2.58			3.61			(1.85	)
Less Distributions to Shareholders:
Net investment income		(0.27	)		(0.29	)		(1.22	)		(0.22	)		(0.28	)
Net realized gains		(1.17	)		(0.94	)		(0.74	)		—			—
Total Distributions to Shareholders		(1.44	)		(1.23	)		(1.96	)		(0.22	)		(0.28	)
Proceeds from regulatory settlements		0.01			0.00	(a)		—			—			—
Net Asset Value, End of Period	$	16.40		$	17.93		$	20.45		$	19.83		$	16.44
Total Return		(1.03	)%(b)(c)		(6.96	)%(c)		14.04	%(b)		22.00	%		(10.11	)%(b)
Ratios to Average Net Assets/Supplemental Data:
Total gross expenses (d)		1.64	%		1.42	%		1.51	%		1.43	%		1.45	%
Total net expenses (d)		1.45	%		1.42	%		1.45	%		1.42	%(e)		1.40	%(e)
Net investment income		0.68	%		1.06	%		1.05	%		1.57	%		0.77	%
Portfolio turnover rate		72	%		61	%		74	%		58	%		44	%
Net assets, end of period (000s)	$	17,795		$	20,365		$	24,923		$	24,816		$	24,019

Notes to Financial Highlights

(a) Rounds to zero.

(b) Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.05%.

(e) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

1. Nature of Operations

Wanger International Select (the Fund), a series of Wanger Advisors Trust (the Trust), is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The investment objective of the Fund is to seek long-term capital appreciation. The Fund is available only for allocation to certain life insurance company separate accounts established for the purpose of funding participating variable annuity contracts and variable life insurance policies and may also be offered directly to certain qualified pension and retirement plans.

2. Summary of Significant Accounting Policies

Basis of Preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Foreign currency translations

Restricted securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the

issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board.

Derivative instruments

The Fund invests in forward foreign currency exchange contracts on a very limited basis, as detailed below. Forward foreign currency exchange contracts are derivative instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, in this case, currencies. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities. These instruments may be used for other purposes in the future. The Fund's use of forward foreign currency exchange contracts was not material to the net assets of the Fund.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contracts is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized gains or losses and unrealized gains or losses. The derivative schedules following the Statement of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

At December 31, 2015, the Fund had no outstanding derivatives.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Risk Exposure Category				Forward Foreign Currency Exchange Contracts
Foreign exchange risk				$	83,928

Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income

Risk Exposure Category				Forward Foreign Currency Exchange Contracts
Foreign exchange risk				$	6,479

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended December 31 , 2015:

Derivative Instrument				Average unrealized appreciation*				Average unrealized depreciation*
Forward foreign currency exchange contracts				$	3,173			$	(5,505	)

* Based on the ending quarterly outstanding amounts for the year ended December 31, 2015.

Security transactions and investment income

Expenses

Fund share valuation

Securities lending

loaned securities is determined daily at the close of business of the Fund and any additional required collateral is delivered to each Fund on the next business day. The Fund has elected to invest the cash collateral in the Dreyfus Government Cash Management Fund. The income earned from the securities lending program is paid to the Fund, net of any fees remitted to Goldman Sachs Agency Lending, the Fund's lending agent, and borrower rebates. The Fund's investment manager, Columbia Wanger Asset Management, LLC (CWAM), does not retain any fees earned by the lending program. Generally, in the event of borrower default, the Fund has the right to use the collateral to offset any losses incurred. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of loss with respect to the investment of collateral. The net lending income earned by the Fund as of December 31, 2015, is included in the Statement of Operations.

Offsetting of assets and liabilities

Liabilities	Goldman Sachs
Collateral on securities loaned	$	424,733
Total liabilities		424,733
Total financial and derivative net assets		(424,733	)
Financial instruments		403,067
Net amount (a)	$	(21,666	)

(a) Represents the net amount due from/(to) counterparties in the event of default.

Securities lending transactions

The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of December 31, 2015:

	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions
Equity securities	$	403,067	$	—	$	—	$	—	$	403,067
Gross amount of recognized liabilities for securities lending (collateral received)										424,733
Amounts due to counterparty									$	21,666

Federal income taxes

Foreign capital gains taxes

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date.

Indemnification

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

3. Federal Tax Information

For the year ended December 31, 2015, permanent book and tax basis differences resulting primarily from proceeds from regulatory settlements, foreign currency transactions, passive foreign investment company (PFIC) holdings, former PFIC holdings, investments in partnerships and distribution reclassifications were identified and reclassified among the components of the Fund's net assets as follows:

Accumulated Net Investment Income				Accumulated Net Realized Gain (Loss)				Paid-In Capital
$	611,141			$	(600,318	)		$	(10,823	)

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended December 31, 2015 and December 31, 2014 were as follows:

	December 31, 2015		December 31, 2014
Ordinary Income*	$	304,469	$	328,166
Long-Term Capital Gains		1,246,910		1,083,089

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income				Capital Loss Carryforwards				Net Unrealized Appreciation (Depreciation)*
$	105,176			$	(849,051	)		$	1,609,857

* The differences between book-basis and tax-basis net unrealized appreciation (depreciation) are primarily due to deferral of losses from wash sales and PFIC adjustments.

The following capital loss carryforward, determined as of December 31, 2015, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration				Amount
No expiration—short-term				$	849,051

Management is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized by the Fund is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management is not aware of any tax positions in the Fund for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

4. Transactions with Affiliates

CWAM receives a monthly advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.94	%
$500 million and over		0.89	%

For the year ended December 31, 2015, the effective investment advisory fee rate, net of fee waivers, was 0.94% of the Fund's average daily net assets.

Through April 30, 2016, CWAM has contractually agreed to bear a portion of the Fund's expenses so that its ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund's investment in other investment companies, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 1.45% of the Fund's average daily net assets. The reimbursement to the Fund for the year ended December 31, 2015, was $37,284.

CWAM provides administrative services and receives an administration fee from the Fund at the following annual rates:

Wanger Advisors Trust Aggregate Average Daily Net Assets of the Trust	Annual Fee Rate
Up to $4 billion		0.05	%
$4 billion to $6 billion		0.04	%
$6 billion to $8 billion		0.03	%
$8 billion and over		0.02	%

Columbia Management Investment Distributors, Inc. (CMID), a wholly owned subsidiary of Ameriprise Financial, serves as the Fund's distributor and principal underwriter.

Certain officers and trustees of the Trust are also officers of CWAM. The Trust makes no direct payments to its officers and trustees who are affiliated with CWAM.

For the year ended December 31, 2015, the Fund engaged in purchase and sales transactions with funds that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase and sale transactions complied with provisions of Rule 17a-7 under the Investment Company Act of 1940 and were $530,431 and $312,512, respectively. The sale transactions resulted in a net realized gain of $23,356.

5. Borrowing Arrangements

No amounts were borrowed for the benefit of the Fund under the line of credit during the year ended December 31, 2015.

6. Fund Share Transactions

Proceeds and payments on Fund shares as shown in the Statement of Changes in Net Assets are in respect of the following numbers of shares:

	Year Ended December 31, 2015			Year Ended December 31, 2014
Shares sold		55,516			109,349
Shares issued in reinvestment of dividend distributions		88,217			69,611
Less shares redeemed		(194,679	)		(261,572	)
Net decrease in shares outstanding		(50,946	)		(82,612	)

7. Investment Transactions

The aggregate cost of purchases and proceeds from sales other than short-term obligations for the year ended December 31, 2015, were $12,660,224 and $13,953,413, respectively. The amount of purchase and sales activity impacts the portfolio turnover rate reported in the Financial Highlights.

8. Regulatory Settlements with Third Parties

During the year ended December 31, 2015, the Fund recorded a receivable of $10,826 and during the year ended December 31, 2014, the Fund received $3,626 as a result of a regulatory settlement proceedings brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. These amounts represented the Fund's portion of the proceeds from the settlement (neither the Fund nor the Investment Manager were

a party to the proceeding). The payments have been included in "Proceeds from regulatory settlements" in the Statement of Changes in Net Assets.

9. Shareholder Concentration

At December 31, 2015, three unaffiliated shareholder accounts owned an aggregate of 100.0% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted below, there were no items requiring adjustment of the financial statements or additional disclosure.

The Board of Trustees of Wanger Advisors Trust has approved a Plan of Liquidation and Termination (the Plan) pursuant to which the Fund will be liquidated and terminated. Under the terms of the Plan, it is anticipated that the liquidation of the Fund will occur on or about April 29, 2016.

11. Information Regarding Pending and Settled Legal Proceedings

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Name and Age at
December 31, 2015

Year First
Appointed or
Elected to a
Board in the
Columbia
Funds
Complex

Principal Occupation(s) During
the Past Five Years

Number of
Funds in the
Columbia
Funds
Complex
Overseen ⁽¹⁾

Other Directorships
Held by the Trustee
During the Past Five
Years in Addition to
Columbia Acorn
Trust and Wanger
Advisors Trust

Independent Trustees:

Laura M. Born, 50,
Chair

2007

None.

Maureen M. Culhane, 67

2007

None.

Margaret M. Eisen, 62

2002

Trustee, Smith College since 2012; Chief Investment Officer, EAM International LLC (corporate finance and asset management), 2003-2013; Managing Director, CFA Institute, 2005-2008.

Burnham Investors Trust (3 series).

Thomas M. Goldstein, 56

2014

Federal Home Loan Bank—Chicago; Federal Home Loan Mortgage Corporation.

John C. Heaton, 56

2010

Deputy Dean for Faculty, University of Chicago Booth School of Business; Joseph L. Gidwitz Professor of Finance, University of Chicago Booth School of Business since July 2000.

None.

Steven N. Kaplan, 56

1999

Accretive Health, Inc. (healthcare management services provider); Morningstar, Inc. (provider of independent investment research).

Charles R. Phillips, 59

2015

None.

Name and Age at
December 31, 2015

Year First
Appointed or
Elected to a
Board in the
Columbia
Funds
Complex

Principal Occupation(s) During
the Past Five Years

Number of
Funds in the
Columbia
Funds
Complex
Overseen ⁽¹⁾

Other Directorships
Held by the Trustee
During the Past Five
Years in Addition to
Columbia Acorn
Trust and Wanger
Advisors Trust

David J. Rudis, 62,
Vice Chair

2010

Retired. Formerly, National Checking and Debit Executive, and Illinois President, Bank of America, 2007-2009; President, Consumer Banking Group, LaSalle National Bank, 2004-2007.

None.

Interested Trustees:

P. Zachary Egan, 47 ⁽²⁾

2015

None.

Ralph Wanger, 81 ⁽³⁾

1970

⁽⁴⁾

None.

* * * * *

Name at Age at
December 31, 2015

Position
Held with
Columbia Acorn
Trust and Wanger
Advisors Trust

Year First
Appointed or
Elected to
Office

Principal Occupation(s) During
the Past Five Years

Officers:

Alan G. Berkshire, 55

Vice President

2015

Michael G. Clarke, 46

Assistant Treasurer

2004

William J. Doyle, 51

Vice President

2014

Portfolio manager and/or analyst, CWAM or its predecessors since 2006; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014.

P. Zachary Egan, 47 ⁽²⁾

President

2007

David L. Frank, 52

Vice President

2014

Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014.

Paul B. Goucher, 47

Assistant Secretary

2015

Fritz Kaegi, 44

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2004; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Name at Age at
December 31, 2015

Position
Held with
Columbia Acorn
Trust and Wanger
Advisors Trust

Year First
Appointed or
Elected to
Office

Principal Occupation(s) During
the Past Five Years

John Kunka, 45

Treasurer

2006

Stephen Kusmierczak, 48

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Joseph C. LaPalm, 46

Vice President

2006

Chief Compliance Officer, CWAM since 2005.

Ryan C. Larrenaga, 45

Assistant Secretary

2015

Satoshi Matsunaga, 44

Vice President

2015

Portfolio manager and/or analyst, CWAM or its predecessors since 2005; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015.

Thomas P. McGuire, 43

Chief Compliance Officer

2015

Charles P. McQuaid, 62

Vice President

1992

⁽⁴⁾

Louis J. Mendes III, 51

Vice President

2003

Christopher J. Olson, 51

Vice President

2001

Portfolio manager and/or analyst, CWAM or its predecessors since January 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2001.

Julian Quero, 48

Assistant Treasurer

2015

Vice President—Tax, Columbia Management Investment Advisers, LLC since 2009.

Matthew S. Szafranski, 38

Vice President

2015

Portfolio manager and/or analyst, CWAM or its predecessors since 2008; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015.

Andreas Waldburg-Wolfegg, 50

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Linda Roth-Wiszowaty, 46

Secretary

2006

Business support analyst, CWAM since April 2007; Secretary, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Assistant Secretary, Columbia Acorn Trust and Wanger Advisors Trust, 2006-2014.

(1) The Trustees oversee the series of Wanger Advisors Trust and Columbia Acorn Trust.

(2) Mr. Egan is an "interested person" of Wanger Advisors Trust, Columbia Acorn Trust, and CWAM, as defined in the 1940 Act, because he is an officer of each Trust and an employee of CWAM.

(3) As permitted under the Trust's Bylaws, Mr. Wanger serves as a non-voting Trustee Emeritus of Wanger Advisors Trust and Columbia Acorn Trust.

(4) Dates prior to 1992 relate to The Acorn Fund, Inc., the predecessor trust to Columbia Acorn Trust.

This report, including the schedules of investments and financial statements, is submitted for the general information of the shareholders of the Wanger Advisors Trust.

As a shareholder, you incur three types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees and other expenses for Wanger Select (the Fund). Lastly, there may be additional fees or charges imposed by the insurance company that sponsors your variable annuity and/or variable life insurance product. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

Compare with other funds

July 1, 2015 – December 31, 2015

Account value at the
beginning of the period ($)

Account value at the
end of the period ($)

Expenses paid during
period ($)

Fund's annualized
expense ratio (%)*

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Wanger Select

1,000.00

946.10

1,021.17

3.92

4.08

0.80

Choose between:

A. a sure gain of $240

B. 25% chance to win $1,000 and a 75% chance to gain nothing

Choose between:

C. a sure loss of $750

D. 75% chance to lose $1,000 and a 25% chance to lose nothing

Many more people accept the second opportunity than the first, even though the choices are identical. The first clearly frames the $5 as a loss, while the second suggests the $5 is a sunk cost. ⁶

Probability					1	%			10	%			50	%			90	%			99	%
Decision Weight					5.5				18.6				42.1				71.2				91.2

Richard Thaler, a University of Chicago professor of behavioral science and economics, worked with Kahneman and Tversky on several studies. Jointly, they defined the endowment effect, which states that once someone owns something, he tends to place an irrationally high value on it. Thaler and Kahneman experimented by giving some subjects coffee mugs decorated with university insignia. Participants were asked to provide the prices at which they would sell. Other subjects were not given mugs and were asked what prices they would bid for the mugs. The average selling price was about double the average buying price!⁸

Policy Implications

Thaler's work explains one of the reasons why policy makers prefer modest inflation. People consider outright wage cuts as unfair, even when unemployment is high and the employer is

Investment Implications

1 Daniel Kahneman, Thinking, Fast and Slow (New York, Farrar, Straus and Giroux, 2011), p. 81.

2 Ibid., p. 125.

3 Ibid., p. 138.

4 Expected value is the sum of probabilities times dollars.

5 Kahneman, op. cit., p. 437.

6 Ibid., p. 364.

7 Ibid., p. 315.

8 Ibid., p. 295.

9 Richard H. Thaler, Misbehaving: The Making of Behavioral Economics (New York, W. W. Norton & Company, Inc., 2015), p. 80.

10 Ibid., p. 76.

11 Kahneman, op. cit., p. 141.

12 Somehow this one is not labelled as a particular bias or effect.

13 Kahneman, op. cit., p. 351.

14 Thaler, op. cit., p. 132.

15 Ibid., p. 318.

16 Richard H. Thaler and Cass R. Sunstein, Nudge: Improving Decisions About Health, Wealth, and Happiness (New Haven, Connecticut, Yale University Press, 2008), p. 178-179.

17 Kahneman, op. cit., p. 349.

18 Ibid., p. 339.

19 Thaler, op. cit., p. 197.

20 Hersh Shefrin, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing (New York, Oxford University Press, 2002), p. 37.

21 Thaler, op. cit., p. 192.

22 In Beyond Greed and Fear, Shefrin labels this as "Get-evenitis."

23 Kahneman, op. cit., p. 213-214.

24 Thaler, op. cit., p. 83.

25 If interested, please see Columbia Thermostat Fund's prospectus, which can be found at columbiathreadneedle.com/us.

For the year ended December 31, 2015, Wanger Select gained 0.26% versus a 2.18% drop in the Fund's primary benchmark, the S&P MidCap 400 Index. An increase in takeout activity drove Fund relative outperformance in the health care and materials sectors for the year, and was a strong contributor to the Fund's outperformance overall. Seven of the Fund's holdings were acquired during the year, equal to roughly 18% of the number of portfolio holdings at year end. In the fourth quarter, industrial gas distributor Airgas was added to the list of acquisitions after announcing that it was being acquired by Air Liquide. We sold the position on the news, capturing a 21% gain for the annual period.

Other winners included ski resort operator and developer Vail Resorts, which gained 44% for the year. Vail's stock has benefited from strong pass sales leading into the 2015-2016 ski season. The company's strategy of bundling its resorts into one unlimited season-long lift ticket (called EPIC pass) has set Vail apart from its competitors. Extra Space Storage, a self-storage facility operator, was also a top contributor for the year, gaining 55%. The company enjoyed same-store operating income growth driven by limited new storage space development across the industry, record occupancies and increasing rents.

Top contributors in the health care sector for the annual period included orphan drug developers Synageva BioPharma and Ultragenyx Pharmaceutical, up 120% and 132%, respectively. Synageva gained on its acquisition announcement at mid-year, and Ultragenyx reported favorable news for several of its pipeline drugs over the course of the year. We sold Synageva following its takeout announcement, but continued to hold Ultragenyx at year end. Following the strong run in Fund health care names, we believed valuations were getting high, so we reduced the Fund's weighting in biotechnology and drug delivery names in the second half of the year.

Detractors for the year included watch designer and retailer Fossil. Off 54% for the year, the company missed its earnings and lowered guidance, citing declines in overseas sales and a shift in interest toward wearable technology. Specialty food retailer The Fresh Market came back in the fourth quarter of the year, but was the top

detractor from performance for the annual period, falling 46%. The company was negatively impacted by increased competition and lower produce prices, but rebounded following reports that The Fresh Market's founder and chairman was considering a bid to take the company private. Cepheid, a provider of medical diagnostic supplies, was also a detractor for the year, falling 32% on disappointing quarterly results and reduced 2015 financial guidance. We took advantage of the downturn and added to the Fund's position in the stock during the fourth quarter. Union Agriculture Group, a farmland operator in Uruguay, was down 44% for the year, hurt by the slowdown in commodities and weakness in emerging markets, among other factors.

Across the portfolio, we have lowered Fund weightings in manufacturers of industrial goods and have further trimmed emerging market resource plays. Strategically, we reduced the number of holdings in the Fund to concentrate on our highest-conviction ideas. At year end, the Fund had 39 holdings. These moves are intended to bring the Fund back to its focus at inception: high quality, unique companies with good returns on capital and long-term secular growth drivers. We were pleased with the Fund's performance amid turbulent markets in 2015 and are working hard to continue that success in 2016.

It is with great sadness that we report the November 2015 death of the Fund's former lead portfolio manager, Robert Chalupnik. Rob's approach to investing included exhaustive research and detailed analysis that were driven by his strong work ethic and deep intellectual curiosity. He always acted with integrity, generosity and humility. Rob was an esteemed colleague, a highly successful investor and a cherished friend, and he is greatly missed by all of us at CWAM.

*Effective December 2, 2015, David L. Frank became a co-portfolio manager for the Fund, joining Mr. Szafranski. Mr. Frank also serves as co-portfolio manager of one of the Columbia Acorn Funds.

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Top 5 Industries

As a percentage of net assets, as of 12/31/15

Industrial Goods & Services	26.3	%
Information	21.1
Consumer Goods & Services	19.8
Finance	10.9
Health Care	7.6

Results as of December 31, 2015

	4th quarter*			1 year			5 years			10 years
Wanger Select		3.39	%		0.26	%		6.30	%		6.65	%
S&P MidCap 400 Index**		2.60			-2.18			10.68			8.18
S&P 500 Index		7.04			1.38			12.57			7.31

* Not annualized.

** The Fund's primary benchmark.

NAV as of 12/31/15: $24.18

Number of Shares			Value
		Equities – 95.0%
		Industrial Goods & Services – 26.3%
		Machinery – 12.5%
	102,030	Ametek Aerospace/Industrial Instruments	$	5,467,788
	82,915	Nordson Dispensing Systems for Adhesives & Coatings		5,318,997
	108,940	Generac (a) (b) Standby Power Generators		3,243,144
	104,450	Donaldson Industrial Air Filtration		2,993,537
				17,023,466
		Other Industrial Services – 11.0%
	232,170	LKQ (a) Alternative Auto Parts Distribution		6,879,197
	102,510	Expeditors International of Washington International Freight Forwarder		4,623,201
	72,740	Robert Half International Temporary & Permanent Staffing in Finance, Accounting & other Professions		3,428,964
				14,931,362
		Industrial Materials & Specialty Chemicals – 2.0%
	103,876	Axalta Coating Systems (a) Global Manufacturer of High Performance Coatings		2,768,295
		Outsourcing Services – 0.8%
	51,190	Quanta Services (a) Electrical Transmission & Pipeline Contracting Services		1,036,597
		Total Industrial Goods & Services		35,759,720
		Information – 21.1%
		Business Software – 4.6%
	38,390	Ansys (a) Simulation Software for Engineers & Designers		3,551,075
	13,660	Ultimate Software (a) Human Capital Management Systems		2,670,667
				6,221,742
		Mobile Communications – 3.6%
	56,865	Crown Castle International Communications Towers		4,915,979
		Business Information & Marketing Services – 3.1%
	316,900	Bankrate (a) Internet Advertising for the Insurance, Credit Card & Banking Markets		4,214,770

Number of Shares			Value
		Telecommunications Equipment – 2.9%
	40,740	F5 Networks (a) Internet Traffic Management Equipment	$	3,950,150
		Computer Hardware & Related Equipment – 2.7%
	69,420	Amphenol Electronic Connectors		3,625,807
		Computer Services – 2.3%
	100,427	WNS – ADR (a) Offshore Business Process Outsourcing Services		3,132,318
		Internet Related – 1.9%
	447,150	Vonage (a) Business & Consumer Internet Telephony		2,566,641
		Total Information		28,627,407
		Consumer Goods & Services – 19.8%
		Travel – 4.6%
	49,264	Vail Resorts Ski Resort Operator & Developer		6,305,299
		Retail – 4.4%
	147,615	The Fresh Market (a) Specialty Food Retailer		3,457,143
	69,300	Fossil (a) (b) Watch Designer & Retailer		2,533,608
				5,990,751
		Other Durable Goods – 3.3%
	196,345	Gentex Manufacturer of Auto Parts		3,143,484
	63,000	Select Comfort (a) Specialty Mattresses		1,348,830
				4,492,314
		Leisure Products – 3.0%
	47,500	Polaris Industries Leisure Vehicles & Related Products		4,082,625
		Other Consumer Services – 2.6%
	80,300	Blackhawk Network (a) Third-party Distributor of Prepaid Content, Mostly Gift Cards		3,550,063
		Restaurants – 1.9%
	44,800	Papa John's International Franchisor of Pizza Restaurants		2,502,976
		Total Consumer Goods & Services		26,924,028

Number of Shares			Value
		Finance – 10.9%
		Brokerage & Money Management – 4.0%
	94,160	Eaton Vance Specialty Mutual Funds	$	3,053,609
	47,100	SEI Investments Mutual Fund Administration & Investment Management		2,468,040
				5,521,649
		Insurance – 3.1%
	219,340	CNO Financial Group Life, Long-term Care & Medical Supplement Insurance		4,187,200
		Banks – 2.8%
	200,320	Associated Banc-Corp Midwest Bank		3,756,000
		Credit Cards – 1.0%
	15,000	WEX (a) Card Processor		1,326,000
		Total Finance		14,790,849
		Health Care – 7.6%
		Medical Supplies – 3.7%
	68,690	Cepheid (a) Molecular Diagnostics		2,509,246
	87,400	VWR (a) Distributor of Lab Supplies		2,474,294
				4,983,540
		Medical Equipment & Devices – 3.3%
	69,142	Align Technology (a) Invisalign System to Correct Malocclusion (Crooked Teeth)		4,553,001
		Biotechnology & Drug Delivery – 0.6%
	6,895	Ultragenyx Pharmaceutical (a) Biotech Focused on "Ultra-Orphan" Drugs		773,481
		Total Health Care		10,310,022
		Other Industries – 6.5%
		Real Estate – 5.8%
	123,977	EdR Student Housing		4,696,249
	35,770	Extra Space Storage Self Storage Facilities		3,155,272
				7,851,521

Number of Shares			Value
		Transportation – 0.7%
	61,000	Heartland Express Regional Trucker	$	1,038,220
		Total Other Industries		8,889,741
		Energy & Minerals – 2.8%
		Mining – 1.8%
	22,910	Core Labs (Netherlands) (b) Oil & Gas Reservoir Consulting		2,491,233
		Agricultural Commodities – 1.0%
	261,363	Union Agriculture Group (Uruguay) (a) (c) (d) Farmland Operator in Uruguay		1,327,724
		Total Energy & Minerals		3,818,957
Total Equities (Cost: $107,772,763) — 95.0%				129,120,724	(e)
Short-Term Investments – 5.0%
	6,767,769	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		6,767,769
Total Short-Term Investments (Cost: $6,767,769) — 5.0%				6,767,769
Securities Lending Collateral – 4.5%
	6,065,375	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.03%) (f)		6,065,375
Total Securities Lending Collateral (Cost: $6,065,375) – 4.5%				6,065,375
Total Investments (Cost: $120,605,907) (g) – 104.5%				141,953,868
Obligation to Return Collateral for Securities Loaned – (4.5)%				(6,065,375	)
Cash and Other Assets Less Liabilities – —%				(47,667	)
Net Assets – 100.0%			$	135,840,826

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 December 31, 2015. The total market value of securities on loan at December 31, 2015 was $5,876,542.

(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security is valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At December 31, 2015, the market value of this security amounted to $1,327,724, which represented 0.98% of total net assets. Additional information on this security is as follows:

Security				Acquisition Dates				Shares				Cost				Value
Union Agriculture Group				12/8/10 - 6/27/12					261,363			$	2,999,999			$	1,327,724

(e) On December 31, 2015, the market value of foreign securities represented 2.81% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Netherlands	$	2,491,233		1.83
Uruguay		1,327,724		0.98
Total Foreign Portfolio	$	3,818,957		2.81

(f) Investment made with cash collateral received from securities lending activity.

(g) At December 31, 2015, for federal income tax purposes, the cost of investments was $120,733,235 and net unrealized appreciation was $21,220,633 consisting of gross unrealized appreciation of $30,552,471 and gross unrealized depreciation of $9,331,838.

Fair Value Measurements

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

• Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management's own assumptions about the factors market participants would use in pricing an investment)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Committee is responsible for applying the Trust's Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of the Board.

The following table summarizes the inputs used, as of December 31, 2015, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Industrial Goods & Services	$	35,759,720	$	—	$	—	$	35,759,720
Information		28,627,407		—		—		28,627,407
Consumer Goods & Services		26,924,028		—		—		26,924,028
Finance		14,790,849		—		—		14,790,849
Health Care		10,310,022		—		—		10,310,022
Other Industries		8,889,741		—		—		8,889,741
Energy & Minerals		2,491,233		—		1,327,724		3,818,957
Total Equities		127,793,000		—		1,327,724		129,120,724
Total Short-Term Investments		6,767,769		—		—		6,767,769
Total Securities Lending Collateral		6,065,375		—		—		6,065,375
Total Investments	$	140,626,144	$	—	$	1,327,724	$	141,953,868

There were no transfers of financial assets between levels during the period.

The following table reconciles asset balances for the period ending December 31, 2015, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2014		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers Into Level 3		Transfers out of Level 3		Balance as of December 31, 2015
Equities
Energy & Minerals	$	2,386,244	$	—	$	(1,058,520	)	$	—	$	—	$	—	$	—	$	1,327,724

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 December 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to $1,058,520.

Quantitative information pertaining to Level 3 unobservable fair value measurements

Fair Value
at December 31, 2015

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

Equities

Energy & Minerals

1,327,724

Market comparable companies

Discount for lack of marketability

% to 40%

Statement of Assets and Liabilities

December 31, 2015

Assets:
Investments, at cost	$	120,605,907
Investments, at value (including securities on loan of $5,876,542)	$	141,953,868
Receivable for:
Investments sold		2,062,450
Fund shares sold		94,658
Securities lending income		1,051
Dividends		74,399
Prepaid expenses		2,413
Total Assets		144,188,839
Liabilities:
Collateral on securities loaned		6,065,375
Payable for:
Investments purchased		1,985,211
Fund shares redeemed		190,227
Investment advisory fee		2,255
Administration fee		188
Transfer agent fee		1
Trustees' fees		44,429
Custody fee		1,917
Reports to shareholders		20,066
Chief compliance officer expenses		1,405
Other liabilities		36,939
Total Liabilities		8,348,013
Net Assets	$	135,840,826
Composition of Net Assets:
Paid-in capital	$	75,297,329
Overdistributed net investment income		(43,785	)
Accumulated net realized gain		39,239,076
Net unrealized appreciation (depreciation) on:
Investments		21,347,961
Foreign currency translations		245
Net Assets	$	135,840,826
Fund Shares Outstanding		5,619,025
Net asset value, offering price and redemption price per share	$	24.18

Statement of Operations

For the Year Ended December 31, 2015

Investment Income:
Dividends (net foreign taxes withheld of $5,273)	$	1,259,044
Income from securities lending—net		15,307
Total Investment Income		1,274,351
Expenses:
Investment advisory fee		1,282,443
Transfer agent fees		230
Administration fee		80,153
Trustees' fees		13,957
Custody fees		8,343
Reports to shareholders		93,498
Audit fees		33,308
Legal fees		28,019
Chief compliance officer expenses		7,363
Commitment fee for line of credit (Note 5)		3,953
Other expenses		20,197
Total Expenses		1,571,464
Less advisory fee waiver		(206,308	)
Net Expenses		1,365,156
Net Investment loss		(90,805	)
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments		39,599,660
Foreign currency translations		(933	)
Net realized gain		39,598,727
Net change in unrealized appreciation (depreciation) on:
Investments		(38,165,496	)
Foreign currency translations		245
Net change in unrealized depreciation		(38,165,251	)
Net realized and unrealized gain		1,433,476
Net Increase in Net Assets from Operations	$	1,342,671

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2015			2014
Operations:
Net investment loss	$	(90,805	)	$	(444,641	)
Net realized gain (loss) on:
Investments		39,599,660			47,154,484
Foreign currency translations		(933	)		(1,001	)
Net change in unrealized appreciation (depreciation) on:
Investments		(38,165,496	)		(41,047,938	)
Foreign currency translations		245			—
Net Increase in Net Assets from Operations		1,342,671			5,660,904
Distributions to Shareholders From:
Net investment income		(17,514	)		—
Net realized gains		(46,251,052	)		(27,182,215	)
Total Distributions to Shareholders		(46,268,566	)		(27,182,215	)
Share Transactions:
Subscriptions		2,861,649			3,027,845
Distributions reinvested		46,268,566			27,182,215
Redemptions		(60,010,018	)		(74,952,830	)
Net Decrease from Share Transactions		(10,879,803	)		(44,742,770	)
Total Decrease in Net Assets		(55,805,698	)		(66,264,081	)
Net Assets:
Beginning of period		191,646,524			257,910,605
End of period	$	135,840,826		$	191,646,524
Overdistributed net investment income	$	(43,785	)	$	(39,494	)

	Year Ended December 31,
Selected data for a share outstanding throughout each period	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Period	$	32.99		$	36.41		$	27.54		$	23.35		$	28.99
Income from Investment Operations:
Net investment income (loss)		(0.02	)		(0.07	)		(0.05	)		0.16			(0.06	)
Net realized and unrealized gain (loss)		0.69			1.07			9.46			4.15			(4.99	)
Total from Investment Operations		0.67			1.00			9.41			4.31			(5.05	)
Less Distributions to Shareholders:
Net investment income		(0.00	)(a)		—			(0.09	)		(0.12	)		(0.59	)
Net realized gains		(9.48	)		(4.42	)		(0.45	)		—			—
Total Distributions to Shareholders		(9.48	)		(4.42	)		(0.54	)		(0.12	)		(0.59	)
Net Asset Value, End of Period	$	24.18		$	32.99		$	36.41		$	27.54		$	23.35
Total Return		0.26	%(b)		3.17	%		34.58	%		18.46	%		(17.68	)%
Ratios to Average Net Assets/Supplemental Data:
Total gross expenses (c)		0.98	%		0.93	%(d)		0.93	%		0.92	%		0.93	%
Total net expenses (c)		0.85	%		0.93	%(d)		0.93	%		0.91	%(e)		0.93	%(e)
Net investment income (loss)		(0.06	)%		(0.20	)%		(0.15	)%		0.60	%		(0.24	)%
Portfolio turnover rate		59	%		18	%		24	%		20	%		23	%
Net assets, end of period (000s)	$	135,841		$	191,647		$	257,911		$	235,155		$	242,543

Notes to Financial Highlights

(a) Rounds to zero.

(b) Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.

(d) Ratios include line of credit interest expense which is less than 0.01%.

(e) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

1. Nature of Operations

Wanger Select (the Fund), a series of Wanger Advisors Trust (the Trust), is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The investment objective of the Fund is to seek long-term capital appreciation. The Fund is available only for allocation to certain life insurance company separate accounts established for the purpose of funding participating variable annuity contracts and variable life insurance policies and may also be offered directly to certain qualified pension and retirement plans.

2. Summary of Significant Accounting Policies

Basis of Preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Foreign currency translations

Restricted securities

secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board.

Security transactions and investment income

Expenses

Fund share valuation

Securities lending

Offsetting of assets and liabilities

	Goldman Sachs
Liabilities
Collateral on securities loaned	$	6,065,375
Total liabilities		6,065,375
Total financial and derivative net assets		(6,065,375	)
Financial instruments		5,876,542
Net amount (a)	$	(188,833	)

(a) Represents the net amount due from/(to) counterparties in the event of default.

Securities lending transactions

The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of December 31, 2015:

	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions
Equity securities	$	5,876,542	$	—	$	—	$	—	$	5,876,542
Gross amount of recognized liabilities for securities lending (collateral received)										6,065,375
Amounts due to counterparty									$	188,833

Federal income taxes

Foreign capital gains taxes

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date.

Indemnification

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

3. Federal Tax Information

For the year ended December 31, 2015, permanent book and tax basis differences resulting primarily from foreign currency transactions, passive foreign investment company (PFIC), re-characterization of distributions from investments, distribution reclassifications and net operating loss reclassification were identified and reclassified among the components of the Fund's net assets as follows:

Accumulated Net Investment Income				Accumulated Net Realized Gain (Loss)				Paid-In Capital
$	104,028			$	(104,028	)		$	—

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended December 31, 2015 and December 31, 2014 were as follows:

	December 31, 2015		December 31, 2014
Ordinary Income*	$	17,514	$	—
Long-Term Capital Gains		46,251,052		27,182,215

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income				Undistributed Long-Term Capital Gains				Net Unrealized Appreciation (Depreciation)*
$	5,790,559			$	33,575,845			$	21,220,633

* The differences between book-basis and tax-basis net unrealized appreciation (depreciation) are primarily due to deferral of losses from wash sales.

based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

4. Transactions with Affiliates

CWAM receives a monthly advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.80	%
$500 million and over		0.78	%

For the year ended December 31, 2015, the effective investment advisory fee rate, net of fee waivers, was 0.67% of the Fund's average daily net assets.

Effective May 1, 2015, CWAM has contractually agreed to waive 0.20% of the advisory fee through April 30, 2016. When determining whether the Fund's total expenses exceed the voluntary expense cap provided below, the Fund's net advisory fee, reflecting application of the 0.20% waiver, will be used to calculate the Fund's total expenses. This arrangement may be modified or amended with approval from all parties to the arrangement.

Through April 30, 2016, CWAM has contractually agreed to bear a portion of the Fund's expenses so that its ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund's investment in other investment companies, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 1.35% of the Fund's average daily net assets. For the year ended December 31, 2015, the Fund was not reimbursed any expenses by CWAM.

CWAM provides administrative services and receives an administration fee from the Fund at the following annual rates:

Wanger Advisors Trust Aggregate Average Daily Net Assets of the Trust	Annual Fee Rate
Up to $4 billion		0.05	%
$4 billion to $6 billion		0.04	%
$6 billion to $8 billion		0.03	%
$8 billion and over		0.02	%

Columbia Management Investment Distributors, Inc. (CMID), a wholly owned subsidiary of Ameriprise Financial, serves as the Fund's distributor and principal underwriter.

Certain officers and trustees of the Trust are also officers of CWAM. The Trust makes no direct payments to its officers and trustees who are affiliated with CWAM.

The Trust offers a deferred compensation plan for its independent trustees. Under that plan, a trustee may elect to defer all or a portion of his or her compensation.

Amounts deferred are retained by the Trust and may represent an unfunded obligation of the Trust. The value of amounts deferred is determined by reference to the change in value of Class Z shares of one or more series of Columbia Acorn Trust or a money market fund as specified by the trustee. Benefits under the deferred compensation plan are payable in accordance with the plan.

For the year ended December 31, 2015, the Fund engaged in purchase and sales transactions with funds that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase and sale transactions complied with provisions of Rule 17a-7 under the Investment Company Act of 1940 and were $86,119 and $470,195, respectively. The sale transactions resulted in a net realized loss of $2,213,920.

5. Borrowing Arrangements

During the period January 1, 2015 through April 29, 2015, the Trust participated in a credit facility with JPMorgan Chase Bank, N.A., along with Columbia Acorn Trust, another trust managed by CWAM, in the amount of $150 million. Effective April 30, 2015, the first facility was terminated the Trust entered into a revolving credit facility in the amount of $400 million with a syndicate of banks led by JPMorgan Chase Bank, N.A. to facilitate portfolio liquidity. Under each facility, interest is charged to each participating Fund based on its borrowings at a rate per annum equal to the Federal Funds Rate plus 1.00%. In addition, a commitment fee of 0.08% per annum of the unutilized line of credit is accrued and apportioned among the participating Funds based on their relative net assets. The commitment fee is disclosed as a part of "Other expenses" in the Statement of Operations. The Trust expects to renew this line of credit for one year durations each April at then current market rates and terms.

No amounts were borrowed for the benefit of the Fund under the line of credit during the year ended December 31, 2015.

6. Fund Share Transactions

Proceeds and payments on Fund shares as shown in the Statement of Changes in Net Assets are in respect of the following numbers of shares:

	Year Ended December 31, 2015			Year Ended December 31, 2014
Shares sold		107,262			89,274
Shares issued in reinvestment of dividend distributions		1,795,481			852,642
Less shares redeemed		(2,093,759	)		(2,214,780	)
Net decrease in shares outstanding		(191,016	)		(1,272,864	)

7. Investment Transactions

The aggregate cost of purchases and proceeds from sales other than short-term obligations for the year ended December 31, 2015, were $90,793,077 and $149,419,629, respectively. The amount of purchase and sales activity impacts the portfolio turnover rate reported in the Financial Highlights.

8. Shareholder Concentration

At December 31, 2015, two unaffiliated shareholder accounts owned an aggregate of 89.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

9. Subsequent Events

10. Information Regarding Pending and Settled Legal Proceedings

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation,

Name and Age at
December 31, 2015

Year First
Appointed or
Elected to a
Board in the
Columbia
Funds
Complex

Principal Occupation(s) During
the Past Five Years

Number of
Funds in the
Columbia
Funds
Complex
Overseen ⁽¹⁾

Other Directorships
Held by the Trustee
During the Past Five
Years in Addition to
Columbia Acorn
Trust and Wanger
Advisors Trust

Independent Trustees:

Laura M. Born, 50,
Chair

2007

None.

Maureen M. Culhane, 67

2007

None.

Margaret M. Eisen, 62

2002

Trustee, Smith College since 2012; Chief Investment Officer, EAM International LLC (corporate finance and asset management), 2003-2013; Managing Director, CFA Institute, 2005-2008.

Burnham Investors Trust (3 series).

Thomas M. Goldstein, 56

2014

Federal Home Loan Bank—Chicago; Federal Home Loan Mortgage Corporation.

John C. Heaton, 56

2010

Deputy Dean for Faculty, University of Chicago Booth School of Business; Joseph L. Gidwitz Professor of Finance, University of Chicago Booth School of Business since July 2000.

None.

Steven N. Kaplan, 56

1999

Accretive Health, Inc. (healthcare management services provider); Morningstar, Inc. (provider of independent investment research).

Charles R. Phillips, 59

2015

None.

Name and Age at
December 31, 2015

Year First
Appointed or
Elected to a
Board in the
Columbia
Funds
Complex

Principal Occupation(s) During
the Past Five Years

Number of
Funds in the
Columbia
Funds
Complex
Overseen ⁽¹⁾

Other Directorships
Held by the Trustee
During the Past Five
Years in Addition to
Columbia Acorn
Trust and Wanger
Advisors Trust

David J. Rudis, 62,
Vice Chair

2010

Retired. Formerly, National Checking and Debit Executive, and Illinois President, Bank of America, 2007-2009; President, Consumer Banking Group, LaSalle National Bank, 2004-2007.

None.

Interested Trustees:

P. Zachary Egan, 47 ⁽²⁾

2015

None.

Ralph Wanger, 81 ⁽³⁾

1970

⁽⁴⁾

None.

* * * * *

Name at Age at
December 31, 2015

Position
Held with
Columbia Acorn
Trust and Wanger
Advisors Trust

Year First
Appointed or
Elected to
Office

Principal Occupation(s) During
the Past Five Years

Officers:

Alan G. Berkshire, 55

Vice President

2015

Michael G. Clarke, 46

Assistant Treasurer

2004

William J. Doyle, 51

Vice President

2014

Portfolio manager and/or analyst, CWAM or its predecessors since 2006; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014.

P. Zachary Egan, 47 ⁽²⁾

President

2007

David L. Frank, 52

Vice President

2014

Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014.

Paul B. Goucher, 47

Assistant Secretary

2015

Fritz Kaegi, 44

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2004; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Name at Age at
December 31, 2015

Position
Held with
Columbia Acorn
Trust and Wanger
Advisors Trust

Year First
Appointed or
Elected to
Office

Principal Occupation(s) During
the Past Five Years

John Kunka, 45

Treasurer

2006

Stephen Kusmierczak, 48

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Joseph C. LaPalm, 46

Vice President

2006

Chief Compliance Officer, CWAM since 2005.

Ryan C. Larrenaga, 45

Assistant Secretary

2015

Satoshi Matsunaga, 44

Vice President

2015

Portfolio manager and/or analyst, CWAM or its predecessors since 2005; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015.

Thomas P. McGuire, 43

Chief Compliance Officer

2015

Charles P. McQuaid, 62

Vice President

1992

⁽⁴⁾

Louis J. Mendes III, 51

Vice President

2003

Christopher J. Olson, 51

Vice President

2001

Portfolio manager and/or analyst, CWAM or its predecessors since January 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2001.

Julian Quero, 48

Assistant Treasurer

2015

Vice President—Tax, Columbia Management Investment Advisers, LLC since 2009.

Matthew S. Szafranski, 38

Vice President

2015

Portfolio manager and/or analyst, CWAM or its predecessors since 2008; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015.

Andreas Waldburg-Wolfegg, 50

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Linda Roth-Wiszowaty, 46

Secretary

2006

Business support analyst, CWAM since April 2007; Secretary, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Assistant Secretary, Columbia Acorn Trust and Wanger Advisors Trust, 2006-2014.

(1) The Trustees oversee the series of Wanger Advisors Trust and Columbia Acorn Trust.

(2) Mr. Egan is an "interested person" of Wanger Advisors Trust, Columbia Acorn Trust, and CWAM, as defined in the 1940 Act, because he is an officer of each Trust and an employee of CWAM.

(3) As permitted under the Trust's Bylaws, Mr. Wanger serves as a non-voting Trustee Emeritus of Wanger Advisors Trust and Columbia Acorn Trust.

(4) Dates prior to 1992 relate to The Acorn Fund, Inc., the predecessor trust to Columbia Acorn Trust.

This report, including the schedules of investments and financial statements, is submitted for the general information of the shareholders of the Wanger Advisors Trust.

As a shareholder, you incur three types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees and other expenses for Wanger USA (the Fund). Lastly, there may be additional fees or charges imposed by the insurance company that sponsors your variable annuity and/or variable life insurance product. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

Compare with other funds

July 1, 2015 – December 31, 2015

Account value at the
beginning of the period ($)

Account value at the
end of the period ($)

Expenses paid during
period ($)

Fund's annualized
expense ratio (%)*

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Wanger USA

1,000.00

921.40

1,019.96

5.04

5.30

1.04

Choose between:

A. a sure gain of $240

B. 25% chance to win $1,000 and a 75% chance to gain nothing

Choose between:

C. a sure loss of $750

D. 75% chance to lose $1,000 and a 25% chance to lose nothing

Many more people accept the second opportunity than the first, even though the choices are identical. The first clearly frames the $5 as a loss, while the second suggests the $5 is a sunk cost. ⁶

Probability					1	%			10	%			50	%			90	%			99	%
Decision Weight					5.5				18.6				42.1				71.2				91.2

Richard Thaler, a University of Chicago professor of behavioral science and economics, worked with Kahneman and Tversky on several studies. Jointly, they defined the endowment effect, which states that once someone owns something, he tends to place an irrationally high value on it. Thaler and Kahneman experimented by giving some subjects coffee mugs decorated with university insignia. Participants were asked to provide the prices at which they would sell. Other subjects were not given mugs and were asked what prices they would bid for the mugs. The average selling price was about double the average buying price!⁸

Policy Implications

Thaler's work explains one of the reasons why policy makers prefer modest inflation. People consider outright wage cuts as unfair, even when unemployment is high and the employer is

Investment Implications

1 Daniel Kahneman, Thinking, Fast and Slow (New York, Farrar, Straus and Giroux, 2011), p. 81.

2 Ibid., p. 125.

3 Ibid., p. 138.

4 Expected value is the sum of probabilities times dollars.

5 Kahneman, op. cit., p. 437.

6 Ibid., p. 364.

7 Ibid., p. 315.

8 Ibid., p. 295.

9 Richard H. Thaler, Misbehaving: The Making of Behavioral Economics (New York, W. W. Norton & Company, Inc., 2015), p. 80.

10 Ibid., p. 76.

11 Kahneman, op. cit., p. 141.

12 Somehow this one is not labelled as a particular bias or effect.

13 Kahneman, op. cit., p. 351.

14 Thaler, op. cit., p. 132.

15 Ibid., p. 318.

16 Richard H. Thaler and Cass R. Sunstein, Nudge: Improving Decisions About Health, Wealth, and Happiness (New Haven, Connecticut, Yale University Press, 2008), p. 178-179.

17 Kahneman, op. cit., p. 349.

18 Ibid., p. 339.

19 Thaler, op. cit., p. 197.

20 Hersh Shefrin, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing (New York, Oxford University Press, 2002), p. 37.

21 Thaler, op. cit., p. 192.

22 In Beyond Greed and Fear, Shefrin labels this as "Get-evenitis."

23 Kahneman, op. cit., p. 213-214.

24 Thaler, op. cit., p. 83.

25 If interested, please see Columbia Thermostat Fund's prospectus, which can be found at columbiathreadneedle.com/us.

Wanger USA ended the year 380 basis points† ahead of the Russell 2000 Index, its primary benchmark. While the benchmark declined 4.41%, the Fund was down 0.61%. Strong stock selection in the health care, information technology and financial sectors contributed to the Fund's relative outperformance.

Increased acquisition activity also boosted Fund performance in 2015. Within the health care sector, biotech Synageva BioPharma's mid-year acquisition announcement drove a 120% gain in its stock. In the fourth quarter, HomeAway, a vacation rental online marketplace, announced that it was being acquired by Expedia, making it the twelfth Fund holding acquired during the year. We sold HomeAway on the news, capturing an 18% gain for the annual period.

We reduced the Fund's exposure to the industrial sector in the last few months of the year, although we maintained an overweight position relative to the benchmark. The strong U.S. dollar has created a headwind for global industrials, and falling oil prices have hurt companies tied to the energy market. We reduced our weighting in underperforming names like Donaldson, a manufacturer of industrial air filtration equipment, and Nordson, a provider of dispensing systems for adhesives and coatings, which are exposed to these macroeconomic factors. We focused the majority of the Fund's industrial weighting in more U.S.-oriented companies that we believe are well positioned in the current economic environment. HEICO, a manufacturer of aircraft replacement parts, was the Fund's largest position at year end. Up 4% for the year, HEICO's replacement part business is less economically sensitive and its management has been a creator of value over a multi-year period. Benefiting from a continued recovery in demand for recreational vehicles, Drew Industries, a provider of RV and manufactured home components, was a top contributor within the industrial sector, up 23% for the year.

Other winners for the annual period included orphan drug developers Ultragenyx Pharmaceutical and Sarepta Therapeutics, which gained over 150% each in Wanger USA for the year. As a real estate investment trust, the strong performance of Extra Space Storage contributed to the

Number of Shares			Value
		Equities – 93.9%
		Information – 26.6%
		Business Software – 8.5%
	166,946	Ansys (a) Simulation Software for Engineers & Designers	$	15,442,505
	178,330	SPS Commerce (a) Supply Chain Management Software Delivered via the Web		12,520,549
	152,484	DemandWare (a) E-Commerce Website Platform for Retailers & Apparel Manufacturers		8,229,562
	329,006	Textura (a) (b) Construction Vendor Management Software		7,099,949
	184,062	Cvent (a) Software for Corporate Event Planners & Marketing Platform for Hotels		6,425,604
	71,169	NetSuite (a) (b) Enterprise Software Delivered via the Web		6,022,321
	491,228	Amber Road (a) (b) Global Trade Management Software Delivered via the Web		2,500,351
	95,611	inContact (a) Call Center Systems Delivered via the Web & Telco Services		912,129
				59,152,970
		Computer Services – 4.2%
	300,619	ExlService Holdings (a) Business Process Outsourcing		13,506,812
	168,038	Virtusa (a) Offshore IT Outsourcing		6,946,691
	198,749	WNS – ADR (a) Offshore Business Process Outsourcing Services		6,198,981
	159,482	Hackett Group IT Integration & Best Practice Research		2,562,876
				29,215,360
		Instrumentation – 3.0%
	136,106	IPG Photonics (a) Fiber Lasers		12,135,211
	25,787	Mettler-Toledo International (a) Laboratory Equipment		8,745,145
				20,880,356

Number of Shares			Value
		Semiconductors & Related Equipment – 2.1%
	100,336	Monolithic Power Systems High Performance Analog & Mixed Signal Integrated Circuits	$	6,392,406
	37,379	Littelfuse Little Fuses		3,999,927
	48,996	MA-COM Technology Solutions Holdings (a) Radio Frequency, Microwave & Millimeterwave Semiconductors		2,003,446
	114,600	Knowles (a) (b) Microphones & Speakers for Mobile Devices & other Electronics		1,527,618
	848,754	Rubicon Technology (a) (b) Producer of Sapphire for the Lighting, Electronics & Automotive Industries		967,580
				14,890,977
		Financial Processors – 1.6%
	172,325	CoreLogic (a) Data Processing Services for Real Estate, Insurance, & Mortgages		5,834,925
	81,294	Global Payments Credit Card Processor		5,244,276
				11,079,201
		Business Information & Marketing Services – 1.5%
	490,631	Bankrate (a) Internet Advertising for the Insurance, Credit Card & Banking Markets		6,525,392
	259,558	Navigant Consulting (a) Financial Consulting Firm		4,168,502
				10,693,894
		Telephone & Data Services – 1.4%
	505,623	Lumos Networks Telephone & Fiber Optic Data Services		5,662,978
	450,759	Boingo Wireless (a) Wi-Fi & Cellular Communications Networks		2,984,024
	69,835	GTT Communications (a) Provider of High Capacity Data Transit		1,191,385
				9,838,387

Number of Shares			Value
		Mobile Communications – 1.1%
	232,878	Gogo (a) (b) Provider of Wi-Fi on Airplanes	$	4,145,228
	1,303,148	Globalstar (a) Satellite Mobile Voice & Data Carrier		1,876,533
	128,333	Global Eagle Entertainment (a) Provider of Entertainment & Wi-Fi on Airplanes		1,266,647
				7,288,408
		Telecommunications Equipment – 1.0%
	256,543	Infinera (a) Optical Networking Equipment		4,648,559
	104,398	CalAmp (a) Machine-to-machine Communications		2,080,652
				6,729,211
		Contract Manufacturing – 0.8%
	254,633	Sanmina (a) Electronic Manufacturing Services		5,240,347
		Internet Related – 0.8%
	599,618	Vonage (a) Business & Consumer Internet Telephony		3,441,808
	181,148	RetailMeNot (a) Digital Coupon Marketplace		1,796,988
				5,238,796
		Computer Hardware & Related Equipment – 0.6%
	79,202	Rogers (a) Printed Circuit Materials & High Performance Foams		4,084,447
		Total Information		184,332,354
		Industrial Goods & Services – 20.8%
		Machinery – 17.6%
	476,003	HEICO FAA-approved Aircraft Replacement Parts		23,419,348
	381,268	Ametek Aerospace/Industrial Instruments		20,432,152
	301,077	Nordson Dispensing Systems for Adhesives & Coatings		19,314,089
	440,547	Donaldson Industrial Air Filtration		12,626,077
	161,139	Toro Turf Maintenance Equipment		11,774,427

Number of Shares			Value
	217,153	Generac (a) (b) Standby Power Generators	$	6,464,645
	132,163	Dorman Products (a) Aftermarket Auto Parts Distributor		6,273,778
	99,758	Moog (a) Motion Control Products for Aerospace, Defense & Industrial Markets		6,045,335
	154,153	ESCO Technologies Industrial Filtration & Advanced Measurement Equipment		5,571,089
	51,024	Middleby (a) Manufacturer of Cooking Equipment		5,503,959
	120,889	Oshkosh Corporation Specialty Truck Manufacturer		4,719,506
				122,144,405
		Industrial Materials & Specialty Chemicals – 2.4%
	265,757	Drew Industries RV & Manufactured Home Components		16,181,944
		Construction – 0.6%
	374,160	PGT (a) Wind Resistant Windows & Doors		4,261,682
		Electrical Components – 0.2%
	83,344	Thermon (a) Global Engineered Thermal Solutions		1,410,181
		Total Industrial Goods & Services		143,998,212
		Consumer Goods & Services – 16.1%
		Retail – 3.9%
	291,179	The Fresh Market (a) Specialty Food Retailer		6,819,412
	153,318	Blue Nile (a) Online Jewelry Retailer		5,692,698
	152,962	Cato Women's Apparel Retailing, Focusing on Private Labels & Low Prices		5,632,061
	38,807	Casey's General Stores Owner/Operator of Convenience Stores		4,674,303
	59,016	Fossil (a) (b) Watch Designer & Retailer		2,157,625
	34,551	Five Below (a) Low-price Specialty Retailer Targeting Pre-teens, Teens & Parents		1,109,087

Number of Shares			Value
		Retail – 3.9% (cont)
	125,272	Gaiam (a) Promoter of Healthy Living through Catalogs, E-Commerce & Gaiam TV	$	781,697
				26,866,883
		Travel – 3.0%
	58,408	Vail Resorts Ski Resort Operator & Developer		7,475,640
	116,003	Liberty TripAdvisor Holdings Class A (a) Holdings Company for Trip Advisor		3,519,531
	245,048	Hertz (a) U.S. Rental Car Operator		3,487,033
	95,677	Avis Budget Group (a) Car Rental Company		3,472,118
	51,755	Choice Hotels Franchisor of Budget Hotel Brands		2,608,970
				20,563,292
		Other Durable Goods – 2.9%
	114,199	Cavco Industries (a) Manufactured Homes		9,513,919
	273,965	Select Comfort (a) Specialty Mattresses		5,865,591
	289,963	Gentex Manufacturer of Auto Parts		4,642,307
				20,021,817
		Restaurants – 1.9%
	136,071	Papa John's International Franchisor of Pizza Restaurants		7,602,287
	171,930	Fiesta Restaurant Group (a) Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana		5,776,848
				13,379,135
		Other Consumer Services – 1.7%
	216,998	Blackhawk Network (a) Third-party Distributor of Prepaid Content, Mostly Gift Cards		9,593,481
	362,929	Quotient Technology (a) (b) Allows CPGs to Digitally Distribute Coupons, Advertising & Trade Promotion		2,475,176
				12,068,657

Number of Shares			Value
		Furniture & Textiles – 0.8%
	278,046	Knoll Office Furniture	$	5,227,265
		Nondurables – 0.8%
	381,507	HRG Group (a) Holding Company		5,173,235
		Consumer Goods Distribution – 0.5%
	33,904	Pool Swimming Pool Supplies & Equipment Distributor		2,738,765
	49,408	The Chefs' Warehouse (a) Distributor of Specialty Foods to Fine Dining Restaurants		824,125
				3,562,890
		Leisure Products – 0.4%
	187,645	Arctic Cat Manufacturer of ATVs & Snowmobiles		3,073,625
		Consumer Electronics – 0.2%
	44,100	iRobot (a) (b) Home Robots (Vacuums, Pool Cleaners) & Battlefield Reconnaissance Robots		1,561,140
		Total Consumer Goods & Services		111,497,939
		Health Care – 12.8%
		Medical Supplies – 3.9%
	354,562	Cepheid (a) Molecular Diagnostics		12,952,150
	232,077	VWR (a) Distributor of Lab Supplies		6,570,100
	53,062	Bio-Techne Maker of Consumables & Systems for the Life Science Market		4,775,580
	234,539	Fluidigm (a) Life Sciences Equipment & Consumables		2,535,366
				26,833,196
		Biotechnology & Drug Delivery – 3.8%
	85,708	Ultragenyx Pharmaceutical (a) Biotech Focused on "Ultra-Orphan" Drugs		9,614,723
	106,846	Seattle Genetics (a) Antibody-based Therapies for Cancer		4,795,249

Number of Shares			Value
		Biotechnology & Drug Delivery – 3.8% (cont)
	280,766	Celldex Therapeutics (a) (b) Biotech Developing Drugs for Cancer	$	4,402,411
	97,486	Sarepta Therapeutics (a) (b) Biotech Focused on Rare Diseases		3,761,010
	35,769	Agios Pharmaceuticals (a) (b) Biotech Focused on Cancer & Orphan Diseases		2,322,123
	9,183	Intercept Pharmaceuticals (a) Biotech Developing Drugs for Several Diseases		1,371,481
				26,266,997
		Medical Equipment & Devices – 2.2%
	299,074	Wright Medical Group (a) Foot & Ankle Replacement		7,231,609
	45,935	Sirona Dental Systems (a) Manufacturer of Dental Equipment		5,033,098
	56,586	Abaxis Instruments & Tests for Vet & Medical Markets		3,150,709
				15,415,416
		Health Care Services – 1.8%
	158,918	Medidata Solutions (a) Cloud-based Software for Drug Studies		7,833,068
	101,215	Envision Healthcare Holdings (a) Provider of Health Care Outsourcing Services		2,628,554
	64,224	HealthSouth Inpatient Rehabilitation Facilities & Home Health Care		2,235,637
				12,697,259
		Pharmaceuticals – 1.1%
	208,790	Akorn (a) Developer, Manufacturer & Distributor of Specialty Generic Drugs		7,789,955
		Total Health Care		89,002,823
		Finance – 10.7%
		Banks – 7.3%
	384,431	MB Financial Chicago Bank		12,444,032
	233,336	Lakeland Financial Indiana Bank		10,878,124
	551,511	Associated Banc-Corp Midwest Bank		10,340,831

Number of Shares			Value
	83,370	SVB Financial Group (a) Bank to Venture Capitalists	$	9,912,693
	133,203	First Busey Illinois Bank		2,747,978
	76,931	Sandy Spring Bancorp Baltimore & Washington, D.C. Bank		2,074,060
	112,858	Guaranty Bancorp Colorado Bank		1,866,671
				50,264,389
		Savings & Loans – 1.1%
	298,928	LegacyTexas Texas Thrift		7,479,178
		Brokerage & Money Management – 0.8%
	105,957	SEI Investments Mutual Fund Administration & Investment Management		5,552,147
		Insurance – 0.5%
	97,919	Allied World Assurance Company Holdings Commercial Lines Insurance/Reinsurance		3,641,608
		Diversified Financial Companies – 0.4%
	177,102	Leucadia National Holding Company		3,079,804
		Credit Cards – 0.4%
	32,000	WEX (a) Card Processor		2,828,800
		Finance Companies – 0.2%
	52,649	McGrath Rentcorp Mini-rental Conglomerate		1,326,228
		Total Finance		74,172,154
		Other Industries – 5.0%
		Real Estate – 3.9%
	232,049	Extra Space Storage Self Storage Facilities		20,469,042
	165,980	EdR Student Housing		6,287,323
				26,756,365

Number of Shares			Value
		Transportation – 1.1%
	231,684	Heartland Express (b) Regional Trucker	$	3,943,262
	100,296	Rush Enterprises, Class A (a)		2,195,479
	71,600	Rush Enterprises, Class B (a) Truck Sales & Service		1,568,040
				7,706,781
		Total Other Industries		34,463,146
		Energy & Minerals – 1.9%
		Oil & Gas Producers – 1.2%
	71,089	PDC Energy (a) Oil & Gas Producer in the United States		3,794,731
	100,336	Carrizo Oil & Gas (a) Oil & Gas Producer		2,967,939
	73,742	SM Energy (b) Oil & Gas Producer		1,449,767
				8,212,437
		Mining – 0.6%
	36,263	Core Labs (Netherlands) (b) Oil & Gas Reservoir Consulting		3,943,239
		Oil Services – 0.1%
	96,709	Hornbeck Offshore (a) (b) Supply Vessel Operator in Gulf of Mexico		961,288
		Total Energy & Minerals		13,116,964
Total Equities (Cost: $444,615,659) – 93.9%				650,583,592	(c)
Short-Term Investments – 5.6%
	38,398,305	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.04%)		38,398,305
Total Short-Term Investments (Cost: $38,398,305) – 5.6%				38,398,305

Number of Shares			Value
Securities Lending Collateral – 5.0%
	34,971,750	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.03%) (d)	$	34,971,750
Total Securities Lending Collateral (Cost: $34,971,750) – 5.0%				34,971,750
Total Investments (Cost: $517,985,714) (e) – 104.5%				723,953,647
Obligation to Return Collateral for Securities Loaned – (5.0)%				(34,971,750	)
Cash and Other Assets Less Liabilities – 0.5%				3,622,852
Net Assets – 100.0%			$	692,604,749

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 December 31, 2015. The total market value of securities on loan at December 31, 2015 was $33,794,208.

(c) On December 31, 2015, the market value of foreign securities represented 0.57% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country				Value				Percentage of Net Assets
Netherlands				$	3,943,239				0.57

(d) Investment made with cash collateral received from securities lending activity.

(e) At December 31, 2015, for federal income tax purposes, the cost of investments was $521,049,364 and net unrealized appreciation was $202,904,283 consisting of gross unrealized appreciation of $238,436,278 and gross unrealized depreciation of $35,531,995.

Fair Value Measurements

• 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)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Committee is responsible for applying the Trust's Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of the Board.

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 December 31, 2015, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Information	$	184,332,354	$	—	$	—	$	184,332,354
Industrial Goods & Services		143,998,212		—		—		143,998,212
Consumer Goods & Services		111,497,939		—		—		111,497,939
Health Care		89,002,823		—		—		89,002,823
Finance		74,172,154		—		—		74,172,154
Other Industries		34,463,146		—		—		34,463,146
Energy & Minerals		13,116,964		—		—		13,116,964
Total Equities		650,583,592		—		—		650,583,592
Total Short-Term Investments		38,398,305		—		—		38,398,305
Total Securities Lending Collateral		34,971,750		—		—		34,971,750
Total Investments	$	723,953,647	$	—	$	—	$	723,953,647

There were no transfers of financial assets between levels during the period.

Statement of Assets and Liabilities
December 31, 2015

Assets:
Investments, at cost	$	517,985,714
Investments, at value (including securities on loan of $33,794,208)	$	723,953,647
Receivable for:
Investments sold		4,148,605
Fund shares sold		134,601
Securities lending income		16,199
Dividends		354,848
Trustees' deferred compensation plan		148,972
Prepaid expenses		12,292
Total Assets		728,769,164
Liabilities:
Collateral on securities loaned		34,971,750
Payable for:
Fund shares redeemed		881,506
Investment advisory fee		16,606
Administration fee		960
Transfer agent fee		2
Trustees' fees		3,214
Custody fee		3,252
Reports to shareholders		62,721
Chief compliance officer expenses		7,001
Trustees' deferred compensation plan		148,972
Other liabilities		68,431
Total Liabilities		36,164,415
Net Assets	$	692,604,749
Composition of Net Assets:
Paid-in capital	$	312,462,476
Overdistributed net investment income		(140,539	)
Accumulated net realized gain		174,314,879
Net unrealized appreciation (depreciation) on:
Investments		205,967,933
Net Assets	$	692,604,749
Fund Shares Outstanding		21,814,937
Net asset value, offering price and redemption price per share	$	31.75

Statement of Operations
For the Year Ended December 31, 2015

Investment Income:
Dividends (net foreign taxes withheld of $10,129)	$	4,910,686
Income from securities lending—net		262,768
Total Investment Income		5,173,454
Expenses:
Investment advisory fee		6,645,234
Transfer agent fees		588
Administration fee		385,133
Trustees' fees		52,252
Custody fees		17,776
Reports to shareholders		416,528
Audit fees		45,708
Legal fees		133,797
Chief compliance officer expenses		35,650
Commitment fee for line of credit (Note 5)		19,048
Other expenses		40,732
Total Expenses		7,792,446
Net Investment Loss		(2,618,992	)
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments		176,459,137
Net realized gain		176,459,137
Net change in unrealized appreciation (depreciation) on:
Investments		(175,148,605	)
Net change in unrealized depreciation		(175,148,605	)
Net realized and unrealized gain		1,310,532
Net Decrease in Net Assets from Operations	$	(1,308,460	)

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2015			2014
Operations:
Net investment loss	$	(2,618,992	)	$	(1,263,876	)
Net realized gain (loss) on:
Investments		176,459,137			126,938,117
Net change in unrealized appreciation (depreciation) on:
Investments		(175,148,605	)		(89,118,632	)
Net Increase (Decrease) in Net Assets from Operations		(1,308,460	)		36,555,609
Distributions to Shareholders From:
Net realized gains		(125,247,249	)		(104,323,181	)
Total Distributions to Shareholders		(125,247,249	)		(104,323,181	)
Share Transactions:
Subscriptions		13,842,692			7,982,236
Distributions reinvested		125,247,249			104,323,181
Redemptions		(120,862,266	)		(155,747,913	)
Net Increase (Decrease) from Share Transactions		18,227,675			(43,442,496	)
Total Decrease in Net Assets		(108,328,034	)		(111,210,068	)
Net Assets:
Beginning of period		800,932,783			912,142,851
End of period	$	692,604,749		$	800,932,783
Overdistributed net investment income	$	(140,539	)	$	(136,344	)

	Year Ended December 31,
Selected data for a share outstanding throughout each period	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Period	$	37.71		$	41.13		$	33.84		$	29.80		$	33.86
Income from Investment Operations:
Net investment income (loss)		(0.12	)		(0.06	)		(0.05	)		0.15			(0.13	)
Net realized and unrealized gain (loss)		0.45			1.70			10.79			5.63			(0.82	)
Total from Investment Operations		0.33			1.64			10.74			5.78			(0.95	)
Less Distributions to Shareholders:
Net investment income		—			—			(0.06	)		(0.11	)		—
Net realized gains		(6.29	)		(5.06	)		(3.39	)		(1.63	)		(3.11	)
Total Distributions to Shareholders		(6.29	)		(5.06	)		(3.45	)		(1.74	)		(3.11	)
Net Asset Value, End of Period	$	31.75		$	37.71		$	41.13		$	33.84		$	29.80
Total Return		(0.61	)%		4.78	%		33.75	%		20.02	%(a)		(3.49	)%(a)
Ratios to Average Net Assets/Supplemental Data:
Total gross expenses (b)		1.01	%		0.96	%		0.96	%		0.96	%		0.94	%
Total net expenses (b)		1.01	%		0.96	%		0.96	%		0.96	%(c)		0.93	%(c)
Net investment income (loss)		(0.34	)%		(0.15	)%		(0.12	)%		0.45	%		(0.40	)%
Portfolio turnover rate		45	%		14	%		15	%		12	%		10	%
Net assets, end of period (000s)	$	692,605		$	800,933		$	912,143		$	782,222		$	757,562

Notes to Financial Highlights

(a) Had the Investment Manager and/or its affiliates not waived a portion of expenses, total return would have been reduced.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.

1. Nature of Operations

Wanger USA (the Fund), a series of Wanger Advisors Trust (the Trust), is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The investment objective of the Fund is to seek long-term capital appreciation. The Fund is available only for allocation to certain life insurance company separate accounts established for the purpose of funding participating variable annuity contracts and variable life insurance policies and may also be offered directly to certain qualified pension and retirement plans.

2. Summary of Significant Accounting Policies

Basis of Preparation

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Security transactions and investment income

distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital may be made by the Fund's management. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Expenses

Fund share valuation

Securities lending

Offsetting of assets and liabilities

	Goldman Sachs
Liabilities
Collateral on securities loaned	$	34,971,750
Total liabilities		34,971,750
Total financial and derivative net assets		(34,971,750	)
Financial instruments		33,794,208
Net amount (a)	$	(1,177,542	)

(a) Represents the net amount due from/(to) counterparties in the event of default.

Securities lending transactions

The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of December 31, 2015:

	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions
Equity securities	$	33,794,208	$	—	$	—	$	—	$	33,794,208
Gross amount of recognized liabilities for securities lending (collateral received)										34,971,750
Amounts due to counterparty									$	1,177,542

Federal income taxes

Foreign capital gains taxes

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date.

Indemnification

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

3. Federal Tax Information

income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended December 31, 2015, permanent book and tax basis differences resulting primarily from net operating loss reclassification and re-characterization of distributions from investments were identified and reclassified among the components of the Fund's net assets as follows:

Accumulated Net Investment Income				Accumulated Net Realized Gain (Loss)				Paid-In Capital
$	2,614,797			$	(422,309	)		$	(2,192,488	)

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended December 31, 2015 and December 31, 2014 were as follows:

	December 31, 2015		December 31, 2014
Ordinary Income*	$	210,772	$	1,514,705
Long-Term Capital Gains		125,036,477		102,808,476

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed Long-Term Capital Gains				Net Unrealized Appreciation (Depreciation)*
$	177,378,529			$	202,904,283

* The differences between book-basis and tax-basis net unrealized appreciation (depreciation) are primarily due to deferral of losses from wash sales.

4. Transactions with Affiliates

CWAM receives a monthly advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
Up to $100 million		0.94	%
$100 million to $250 million		0.89	%
$250 million to $2 billion		0.84	%
$2 billion and over		0.80	%

For the year ended December 31, 2015, the effective investment advisory fee rate was 0.86% of the Fund's average daily net assets.

CWAM provides administrative services and receives an administration fee from the Fund at the following annual rates:

Wanger Advisors Trust Aggregate Average Daily Net Assets of the Trust	Annual Fee Rate
Up to $4 billion		0.05	%
$4 billion to $6 billion		0.04	%
$6 billion to $8 billion		0.03	%
$8 billion and over		0.02	%

Columbia Management Investment Distributors, Inc. (CMID), a wholly owned subsidiary of Ameriprise Financial, serves as the Fund's distributor and principal underwriter.

Certain officers and trustees of the Trust are also officers of CWAM. The Trust makes no direct payments to its officers and trustees who are affiliated with CWAM.

For the year ended December 31, 2015, the Fund engaged in purchase transactions with funds that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase transactions complied with provisions of Rule 17a-7 under the Investment Company Act of 1940 and were $24,185,266.

5. Borrowing Arrangements

No amounts were borrowed for the benefit of the Fund under the line of credit during the year ended December 31, 2015.

6. Fund Share Transactions

Proceeds and payments on Fund shares as shown in the Statement of Changes in Net Assets are in respect of the following numbers of shares:

	Year Ended December 31, 2015			Year Ended December 31, 2014
Shares sold		393,619			208,916
Shares issued in reinvestment of dividend distributions		3,591,834			2,944,487
Less shares redeemed		(3,411,642	)		(4,090,881	)
Net increase (decrease) in shares outstanding		573,811			(937,478	)

7. Investment Transactions

The aggregate cost of purchases and proceeds from sales other than short-term obligations for the year ended December 31, 2015, were $322,607,261 and $448,419,365, respectively. The amount of purchase and sales activity impacts the portfolio turnover rate reported in the Financial Highlights.

8. Shareholder Concentration

At December 31, 2015, two unaffiliated shareholder accounts owned 32.8% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Affiliated shareholder accounts owned 60.4% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

9. Subsequent Events

10. Information Regarding Pending and Settled Legal Proceedings

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

Name and Age at
December 31, 2015

Year First
Appointed or
Elected to a
Board in the
Columbia
Funds
Complex

Principal Occupation(s) During
the Past Five Years

Number of
Funds in the
Columbia
Funds
Complex
Overseen ⁽¹⁾

Other Directorships
Held by the Trustee
During the Past Five
Years in Addition to
Columbia Acorn
Trust and Wanger
Advisors Trust

Independent Trustees:

Laura M. Born, 50,
Chair

2007

None.

Maureen M. Culhane, 67

2007

None.

Margaret M. Eisen, 62

2002

Trustee, Smith College since 2012; Chief Investment Officer, EAM International LLC (corporate finance and asset management), 2003-2013; Managing Director, CFA Institute, 2005-2008.

Burnham Investors Trust (3 series).

Thomas M. Goldstein, 56

2014

Federal Home Loan Bank—Chicago; Federal Home Loan Mortgage Corporation.

John C. Heaton, 56

2010

Deputy Dean for Faculty, University of Chicago Booth School of Business; Joseph L. Gidwitz Professor of Finance, University of Chicago Booth School of Business since July 2000.

None.

Steven N. Kaplan, 56

1999

Accretive Health, Inc. (healthcare management services provider); Morningstar, Inc. (provider of independent investment research).

Charles R. Phillips, 59

2015

None.

Name and Age at
December 31, 2015

Year First
Appointed or
Elected to a
Board in the
Columbia
Funds
Complex

Principal Occupation(s) During
the Past Five Years

Number of
Funds in the
Columbia
Funds
Complex
Overseen ⁽¹⁾

Other Directorships
Held by the Trustee
During the Past Five
Years in Addition to
Columbia Acorn
Trust and Wanger
Advisors Trust

David J. Rudis, 62,
Vice Chair

2010

Retired. Formerly, National Checking and Debit Executive, and Illinois President, Bank of America, 2007-2009; President, Consumer Banking Group, LaSalle National Bank, 2004-2007.

None.

Interested Trustees:

P. Zachary Egan, 47 ⁽²⁾

2015

None.

Ralph Wanger, 81 ⁽³⁾

1970

⁽⁴⁾

None.

* * * * *

Name at Age at
December 31, 2015

Position
Held with
Columbia Acorn
Trust and Wanger
Advisors Trust

Year First
Appointed or
Elected to
Office

Principal Occupation(s) During
the Past Five Years

Officers:

Alan G. Berkshire, 55

Vice President

2015

Michael G. Clarke, 46

Assistant Treasurer

2004

William J. Doyle, 51

Vice President

2014

Portfolio manager and/or analyst, CWAM or its predecessors since 2006; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014.

P. Zachary Egan, 47 ⁽²⁾

President

2007

David L. Frank, 52

Vice President

2014

Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2014.

Paul B. Goucher, 47

Assistant Secretary

2015

Fritz Kaegi, 44

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2004; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Name at Age at
December 31, 2015

Position
Held with
Columbia Acorn
Trust and Wanger
Advisors Trust

Year First
Appointed or
Elected to
Office

Principal Occupation(s) During
the Past Five Years

John Kunka, 45

Treasurer

2006

Stephen Kusmierczak, 48

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Joseph C. LaPalm, 46

Vice President

2006

Chief Compliance Officer, CWAM since 2005.

Ryan C. Larrenaga, 45

Assistant Secretary

2015

Satoshi Matsunaga, 44

Vice President

2015

Portfolio manager and/or analyst, CWAM or its predecessors since 2005; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015.

Thomas P. McGuire, 43

Chief Compliance Officer

2015

Charles P. McQuaid, 62

Vice President

1992

⁽⁴⁾

Louis J. Mendes III, 51

Vice President

2003

Christopher J. Olson, 51

Vice President

2001

Portfolio manager and/or analyst, CWAM or its predecessors since January 2001; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2001.

Julian Quero, 48

Assistant Treasurer

2015

Vice President—Tax, Columbia Management Investment Advisers, LLC since 2009.

Matthew S. Szafranski, 38

Vice President

2015

Portfolio manager and/or analyst, CWAM or its predecessors since 2008; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2015.

Andreas Waldburg-Wolfegg, 50

Vice President

2011

Portfolio manager and/or analyst, CWAM or its predecessors since 2002; Vice President, Columbia Acorn Trust and Wanger Advisors Trust since 2011.

Linda Roth-Wiszowaty, 46

Secretary

2006

Business support analyst, CWAM since April 2007; Secretary, Columbia Acorn Trust and Wanger Advisors Trust since 2014; Assistant Secretary, Columbia Acorn Trust and Wanger Advisors Trust, 2006-2014.

(1) The Trustees oversee the series of Wanger Advisors Trust and Columbia Acorn Trust.

(2) Mr. Egan is an "interested person" of Wanger Advisors Trust, Columbia Acorn Trust, and CWAM, as defined in the 1940 Act, because he is an officer of each Trust and an employee of CWAM.

(3) As permitted under the Trust's Bylaws, Mr. Wanger serves as a non-voting Trustee Emeritus of Wanger Advisors Trust and Columbia Acorn Trust.

(4) Dates prior to 1992 relate to The Acorn Fund, Inc., the predecessor trust to Columbia Acorn Trust.

This report, including the schedules of investments and financial statements, is submitted for the general information of the shareholders of the Wanger Advisors Trust.

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Thomas Goldstein, a member of the registrant’s Board of Trustees and Audit Committee, qualifies as an audit committee financial expert. Mr. Goldstein is an independent trustee, as defined in paragraph (a)(2) of this item’s instructions.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended December 31, 2015 and December 31, 2014 are approximately as follows:

2015		2014
$	99,800	$	110,900

Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended December 31, 2015 and December 31, 2014 are approximately as follows:

2015		2014
$	16,900	$	22,700

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above. In both fiscal years 2015 and 2014, Audit-Related Fees consist of agreed-upon procedures performed for other audit-related additional testing.

During the fiscal years ended December 31, 2015 and December 31, 2014, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2015 and December 31, 2014 are approximately as follows:

2015		2014
$	34,700	$	26,800

Tax Fees incurred in both fiscal years 2015 and 2014 relate to the review of annual tax returns, the review of required shareholder distribution calculations and include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.

During the fiscal years ended December 31, 2015 and December 31, 2014, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2015 and December 31, 2014 are as follows:

2015		2014
$	0	$	0

All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended December 31, 2015 and December 31, 2014 are approximately as follows:

2015		2014
$	225,000	$	325,000

In both fiscal years 2015 and 2014, All Other Fees primarily consist of professional services rendered for internal control reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The policy of the registrant’s Audit Committee is to specifically pre-approve (i) all audit and non-audit (including audit related, tax and all other) services provided by the registrant’s independent auditor to the registrant and individual funds (collectively “Fund Services”) and (ii) all non-audit services provided by the registrant’s independent auditor to the funds’ adviser or a control affiliate of the adviser, that relate directly to the funds’ operations and financial reporting (collectively “Fund-related Adviser Services”). A “control affiliate” is an entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the funds, and the term “adviser” is deemed to exclude any unaffiliated sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser.

If such Fund Services or Fund-related Adviser Services are required during the period between the Audit Committee’s regularly scheduled meetings, the Chairman of the Audit Committee has the authority to pre-approve the service, with reporting to the full Audit Committee at the next regularly scheduled meeting.

The Audit Committee will waive pre-approval of Fund Services or Fund-related Adviser Services provided that the requirements under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are met.

(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item approved pursuant to the “de minimis” exception under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during both fiscal years ended December 31, 2015 and December 31, 2014 was zero.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is

subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended December 31, 2015 and December 31, 2014 are approximately as follows:

2015		2014
$	276,600	$	374,500

(h) The registrant’s Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a) The registrant’s “Schedule I — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)				Wanger Advisors Trust


By (Signature and Title)				/s/ P. Zachary Egan
				P. Zachary Egan, President


Date				February 19, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)			/s/ P. Zachary Egan
			P. Zachary Egan, President


Date			February 19, 2016


By (Signature and Title)			/s/ John M. Kunka
			John M. Kunka, Treasurer


Date			February 19, 2016

Number of Shares			Value
	262,952	PureCircle (a)	$	1,561,235
		Natural Sweeteners
	13,956	Fidessa Group Software for Financial Trading Systems		412,096
				76,160,417
		Germany – 5.6%
	180,820	Wirecard Online Payment Processing & Risk Management		9,038,294
	135,696	Aurelius European Turnaround Investor		7,043,671
	58,205	MTU Aero Engines Airplane Engine Components & Services		5,672,951
	89,629	NORMA Group Clamps for Automotive & Industrial Applications		4,953,928
	130,083	Elringklinger Automobile Components		3,302,191
	6,449	Rational Commercial Ovens		2,927,277
				32,938,312
		Sweden – 5.4%
	81,762	Unibet European Online Gaming Operator		8,336,885
	314,000	Recipharm (b) Contract Development Manufacturing Organization		4,705,471
	275,730	Sweco (b) Engineering Consultants		4,058,479
	177,076	Mekonomen (b) Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service		3,624,238
	95,417	Hexagon Design, Measurement & Visualization Software & Equipment		3,529,745
	81,106	Swedish Match Swedish Snus		2,866,076
	89,256	Modern Times Group Nordic TV Broadcaster		2,279,043

Tax Designations
Dividends Received Deduction		0.08	%
Capital Gain Dividend	$	46,648,195
Foreign Taxes Paid	$	1,142,111
Foreign Taxes Paid Per Share	$	0.05
Foreign Source Income	$	14,724,616
Foreign Source Income Per Share	$	0.66

	2			Understanding Your Expenses
	3			Behavioral Economics
	6			Performance Review
	8			Statement of Investments
	17			Statement of Assets and Liabilities
	17			Statement of Operations
	18			Statement of Changes in Net Assets
	19			Financial Highlights
	20			Notes to Financial Statements
	24			Report of Independent Registered Public Accounting Firm
	25			Federal Income Tax Information (Unaudited)
	26			Board of Trustees and Management of Wanger Advisors Trust


P. Zachary Egan Co-Portfolio Manager*				Louis J. Mendes Co-Portfolio Manager

1. SimCorp (Denmark) Software for Investment Managers	1.6	%
2. Wirecard (Germany) Online Payment Processing & Risk Management	1.5
3. CCL Industries (Canada) Global Label Converter	1.5
4. Distribuidora Internacional de Alimentación (Spain) Discount Retailer in Spain & Latin America	1.4
5. Unibet (Sweden) European Online Gaming Operator	1.4
6. Domino's Pizza Enterprises (Australia) Domino's Pizza Operator in Australia & New Zealand	1.4
7. Zee Entertainment Enterprises (India) Indian Programmer of Pay Television Content	1.3
8. Rightmove (United Kingdom) Internet Real Estate Listings	1.3
9. Charles Taylor (United Kingdom) Insurance Services	1.2
10. Aurelius (Germany) European Turnaround Investor	1.2


Stephen Kusmierczak Co-Portfolio Manager*				Andreas Waldburg-Wolfegg Co-Portfolio Manager

1. CCL Industries (Canada) Global Label Converter	4.1	%
2. Novozymes (Denmark) Industrial Enzymes	3.8
3. Recruit Holdings (Japan) Recruitment & Media Services	3.3
4. Partners Group (Switzerland) Private Markets Asset Management	3.0
5. Sony Financial Holdings (Japan) Life Insurance, Assurance & Internet Banking	3.0
6. Distribuidora Internacional de Alimentación (Spain) Discount Retailer in Spain & Latin America	2.9
7. Telefonica Deutschland (Germany) Mobile & Fixed-line Communications in Germany	2.9
8. WH Smith (United Kingdom) Newsprint, Books & General Stationery Retailer	2.8
9. Wirecard (Germany) Online Payment Processing & Risk Management	2.5
10. Anadarko Petroleum (United States) Worldwide Production of Oil & Gas	2.2

Tax Designations
Dividends Received Deduction		1.28	%
Foreign Taxes Paid	$	23,604
Foreign Taxes Paid Per Share	$	0.02
Foreign Source Income	$	451,250
Foreign Source Income Per Share	$	0.42


David L. Frank Co-Portfolio Manager*				Matthew S. Szafranski Co-Portfolio Manager

1. LKQ Alternative Auto Parts Distribution	5.1	%
2. Vail Resorts Ski Resort Operator & Developer	4.6
3. Ametek Aerospace/Industrial Instruments	4.0
4. Nordson Dispensing Systems for Adhesives & Coatings	3.9
5. Crown Castle International Communications Towers	3.6
6. EdR Student Housing	3.5
7. Expeditors International of Washington International Freight Forwarder	3.4
8. Align Technology Invisalign System to Correct Malocclusion (Crooked Teeth)	3.4
9. Bankrate Internet Advertising for the Insurance, Credit Card & Banking Markets	3.1
10. CNO Financial Group Life, Long-term Care & Medical Supplement Insurance	3.1

Tax Designations
Dividends Received Deduction		17.03	%
Capital Gain Dividend	$	35,279,832


Matthew A. Litfin Lead Portfolio Manager*				William J. Doyle Co-Portfolio Manager

1. HEICO FAA-approved Aircraft Replacement Parts	3.4	%
2. Extra Space Storage Self Storage Facilities	3.0
3. Ametek Aerospace/Industrial Instruments	3.0
4. Nordson Dispensing Systems for Adhesives & Coatings	2.8
5. Drew Industries RV & Manufactured Home Components	2.3
6. Ansys Simulation Software for Engineers & Designers	2.2
7. ExlService Holdings Business Process Outsourcing	2.0
8. Cepheid Molecular Diagnostics	1.9
9. Donaldson Industrial Air Filtration	1.8
10. SPS Commerce Supply Chain Management Software Delivered via the Web	1.8

Information	26.6	%
Industrial Goods & Services	20.8
Consumer Goods & Services	16.1
Health Care	12.8
Finance	10.7

Tax Designations
Dividends Received Deduction		100.00	%
Capital Gain Dividend	$	186,341,950