Wanger Advisors Trust

                         Supplement dated March 11, 2004
                      to Prospectuses dated May 1, 2003 of
                          Wanger U.S. Smaller Companies
                                  Wanger Twenty
                              Wanger Foreign Forty

Portfolio Manager/Title Changes. Effective immediately, Ben Andrews has been
named co-portfolio manager of Wanger Twenty, with John Park continuing as lead
portfolio manager. Effective April 30, 2004, Mr. Andrews will become the sole
lead portfolio manager of that Fund.

Mr. Andrews is a vice president of Wanger Advisors Trust and has been part of
the Columbia Wanger Asset Management, L.P. ("CWAM") investment team since 1998,
most recently as a senior technology analyst. His analytical experience includes
covering a broad range of industries and special situations. Effective
immediately, Mr. Andrews is also a co-portfolio manager of Columbia Acorn Select
and effective April 30, 2004, Mr. Andrews will become the lead portfolio manager
of Columbia Acorn Select, a series of the Columbia Acorn Trust. Prior to joining
CWAM, Mr. Andrews was a senior analyst at Rothschild Investment Corporation. He
has an MBA from Loyola University and a BSEE from the University of Florida.

Effective immediately, Robert A. Mohn, lead portfolio manager of Wanger U.S.
Smaller Companies, has been named director of domestic research for CWAM.

Fund Name Changes. Effective May 1, 2004, the name of Wanger Twenty will be
changed to Wanger Select, and the name of Wanger Foreign Forty will be changed
to Wanger International Select.

Wanger Twenty. Effective May 1, 2004, Wanger Twenty will invest in between 20
and 40 companies.