WANGER ADVISORS TRUST
                                  Wanger Twenty
                              Wanger Foreign Forty
                               Wanger US Small Cap
                         Wanger International Small Cap

                         Supplement to Prospectuses and
                       Statement of Additional Information


On November 1, 2001,  Fleet National Bank completed its acquisition of the asset
management business of Liberty Financial  Companies,  Inc., including the Funds'
investment advisor.  Fleet National Bank is a direct, wholly owned subsidiary of
FleetBoston Financial  Corporation,  a U.S. financial holding company. Under the
rules for mutual funds,  the transaction  resulted in a change of control of the
Funds'  investment  advisor and,  therefore,  an  assignment  of its  investment
advisory  contract with the Funds. At a meeting of shareholders  held on October
24, 2001, shareholders of the Funds approved a new investment advisory contract.
The new contract is  substantially  identical in all respects to the contract in
effect prior to November 1, 2001 except for its effective and termination  dates
and other non-material changes.

As of  November  1,  2001,  the  Funds'  investment  advisor  is a wholly  owned
subsidiary  of  Fleet/Liberty  Holdings,  Inc.,  which in turn is a wholly owned
subsidiary of Fleet National Bank, which in turn is a wholly owned subsidiary of
FleetBoston Financial  Corporation.  Each of FleetBoston Financial  Corporation,
Fleet National Bank and Fleet/Liberty  Holdings,  Inc. is located at 100 Federal
Street, Boston, MA 02110.

The Funds' investment  advisor is a limited  partnership  managed by its general
partner, WAM Acquisition G.P. ("WAM GP"). WAM GP is a wholly owned subsidiary of
Fleet/Liberty  Holdings,  Inc. and is located at 227 West Monroe  Street,  Suite
3000, Chicago, IL 60606.

                                                                November 2, 2001